HomeMy Public PortalAboutFY 2006 Certified Comprehensive Annual Financial ReportVILLAGE OF GLENVIEW, ILLINOIS
COMPREHENSIVE ANNUAL
FINANCIAL REPORT
For the Year Ended
December 31, 2006
Prepared by Finance Department
Daniel P. Wiersma
Director of Finance
Michael T. Solvig
Assistant Director of Finance
VILLAGE OF GLENVIEW, ILLINOIS
TABLE OF CONTENTS
Page(s)
INTRODUCTORY SECTION
Principal Officials......................................................................................................i
Organization Chart....................................................................................................ii
Certificate of Achievement for Excellence in Financial Reporting ..............................iii
Director of Finance’s Letter of Transmittal................................................................iv-vii
FINANCIAL SECTION
INDEPENDENT AUDITOR’S REPORT.................................................................1-2
GENERAL PURPOSE EXTERNAL FINANCIAL STATEMENTS
Management’s Discussion and Analysis................................................................MD&A 1-14
Basic Financial Statements
Government-Wide Financials Statements
Statement of Net Assets ..............................................................................3
Statement of Activities................................................................................4-5
Fund Financial Statements
Governmental Funds
Balance Sheet.........................................................................................6-7
Reconciliation of Fund Balances of Governmental Funds to
the Governmental Activities in the Statement of Net Assets ..................8
Statement of Revenues, Expenditures and Changes in
Fund Balances ......................................................................................9-10
Reconciliation of the Governmental Funds Statement of Revenues,
Expenditures and Changes in Fund Balances to the Governmental
Activities in the Statement of Activities ................................................11
VILLAGE OF GLENVIEW, 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 Funds
Statement of Net Assets .........................................................................12
Statement of Revenues, Expenses and Changes in Net Assets .................13
Statement of Cash Flows........................................................................14-15
Fiduciary Funds
Statement of Fiduciary Net Assets ..........................................................16
Statement of Changes in Fiduciary Net Assets ........................................17
Notes to Financial Statements..........................................................................18-59
Required Supplementary Information
Schedule of Revenues, Expenditures and Changes
in Fund Balance -Budget and Actual
General Fund ..............................................................................................60
Special Tax Allocation Fund .......................................................................61
Escrow Deposit Fund..................................................................................62
Schedule of Funding Progress
Illinois Municipal Retirement Fund ..............................................................63
Police Pension Fund....................................................................................64
Firefighters’ Pension Fund...........................................................................65
Schedule of Employer Contributions
Illinois Municipal Retirement Fund ..............................................................66
Police Pension Fund....................................................................................67
Firefighters’ Pension Fund...........................................................................68
Notes to Required Supplementary Information.................................................69
VILLAGE OF GLENVIEW, ILLINOIS
TABLE OF CONTENTS (Continued)
Page(s)
FINANCIAL SECTION (Continued)
COMBINING AND INDIVIDUAL FUND FINANCIAL STATEMENTS
AND SCHEDULES
MAJOR GOVERNMENTAL FUNDS
Schedule of Revenues, Expenditures and Changes
in Fund Balance -Budget and Actual
Village Permanent Fund ..............................................................................70
Glen Land Sales Fund .................................................................................71
General Obligation Bond Series 2006B Fund...............................................72
General Fund
Schedule of Revenues -Budget and Actual .................................................73-74
Schedule of Expenditures -Budget and Actual............................................75
Schedule of Detailed Expenditures -Budget and Actual..............................76-81
NONMAJOR GOVERNMENTAL FUNDS
Combining Balance Sheet ................................................................................82-85
Combining Statement of Revenues, Expenditures and
Changes in Fund Balances..............................................................................86-89
Schedule of Revenues, Expenditures and Changes
in Fund Balance -Budget and Actual
Foreign Fire Insurance Fund........................................................................90
Motor Fuel Tax Fund..................................................................................91
Refuse and Recycling Fund .........................................................................92
911 Communications Fund..........................................................................93
GNAS Redevelopment Fund.......................................................................94
Schedule of Expenditures -Budget and Actual
GNAS Redevelopment Fund -Administration Department ..........................95
Schedule of Revenues, Expenditures and Changes
in Fund Balance -Budget and Actual
GNAS Caretaker Fund................................................................................96
Schedule of Expenditures -Budget and Actual
GNAS Caretaker Fund................................................................................97-99
VILLAGE OF GLENVIEW, ILLINOIS
TABLE OF CONTENTS (Continued)
Page(s)
FINANCIAL SECTION (Continued)
COMBINING AND INDIVIDUAL FUND FINANCIAL STATEMENTS
AND SCHEDULES (Continued)
NONMAJOR GOVERNMENTAL FUNDS (Continued)
Schedule of Revenues, Expenditures and Changes
in Fund Balance -Budget and Actual
Deposit Fund ..............................................................................................100
Police Department Special Account Fund....................................................101
Corporate Purpose Bond Series of 2000 Fund.............................................102
Corporate Purpose Bond Series of 2004 Fund.............................................103
Capital Projects Fund..................................................................................104
2000 Project Fund.......................................................................................105
2003 Project Fund.......................................................................................106
GNAS Bond Fund Series 1995....................................................................107
2004 Glen Bond Fund.................................................................................108
Police Department Headquarters Fund ........................................................109
Schedule of Detailed Expenditures -Budget and Actual
GNAS Bond Fund Series 1995....................................................................110
MAJOR ENTERPRISE FUNDS
Waterworks Fund
Schedule of Revenues, Expenses and Changes in
Net Assets -Budget and Actual ................................................................111
Schedule of Operating Expenses -Budget and Actual .................................112-113
Schedule of Capital Assets and Depreciation...............................................114
North Maine Water and Sewer Fund
Schedule of Revenues, Expenses and Changes in
Net Assets -Budget and Actual ................................................................115
Schedule of Operating Expenses -Budget and Actual .................................116
Schedule of Capital Assets and Depreciation...............................................117
NONMAJOR ENTERPRISE FUNDS
Combining Statement of Net Assets.................................................................118
Combining Statement of Revenues, Expenses and Changes in
Net Assets .....................................................................................................119
Combining Statement of Cash Flows................................................................120
VILLAGE OF GLENVIEW, ILLINOIS
TABLE OF CONTENTS (Continued)
Page(s)
FINANCIAL SECTION (Continued)
COMBINING AND INDIVIDUAL FUND FINANCIAL STATEMENTS
AND SCHEDULES (Continued)
NONMAJOR ENTERPRISE FUNDS (Continued)
Wholesale Water Fund
Schedule of Revenues, Expenses and Changes in
Net Assets -Budget and Actual ................................................................121
Schedule of Operating Expenses -Budget and Actual .................................122
Schedule of Capital Assets and Depreciation...............................................123
Sewerage Fund
Schedule of Revenues, Expenses and Changes in
Net Assets -Budget and Actual ................................................................124
Schedule of Operating Expenses -Budget and Actual .................................125
Schedule of Capital Assets and Depreciation...............................................126
Commuter Parking Lot Fund
Schedule of Revenues,Expenses and Changes in
Net Assets -Budget and Actual ................................................................127
Schedule of Operating Expenses -Budget and Actual .................................128
Schedule of Capital Assets and Depreciation...............................................129
INTERNAL SERVICE FUNDS
Combining Statement of Net Assets.................................................................130
Combining Statement of Revenues, Expenses and Changes in
Net Assets .....................................................................................................131
Combining Statement of Cash Flows................................................................132
Municipal Equipment Repair Fund
Schedule of Revenues, Expenses and Changes in
Net Assets -Budget and Actual ................................................................133
Schedule of Operating Expenses -Budget and Actual .................................134
Schedule of Capital Assets and Depreciation...............................................135
Schedule of Revenues, Expenses and Changes in
Net Assets -Budget and Actual
Insurance Fund ...........................................................................................136
Capital Equipment Replacement Fund .........................................................137
Facilities Replacement Fund........................................................................138
VILLAGE OF GLENVIEW, ILLINOIS
TABLE OF CONTENTS (Continued)
Page(s)
FINANCIAL SECTION (Continued)
COMBINING AND INDIVIDUAL FUND FINANCIAL STATEMENTS
AND SCHEDULES (Continued)
FIDUCIARY FUNDS
PENSION TRUST FUNDS
Combining Statement of Plan Net Assets............................................................139
Combining Statement of Changes in Plan Net Assets..........................................140
Schedule of Changes in Plan Net Assets -Budget and Actual
Police Pension Fund .......................................................................................141
Firefighters’ Pension Fund..............................................................................142
AGENCY FUNDS
Statement of Changes in Assets and Liabilities -
Agency Funds ...........................................................................................143
COMPONENT UNIT
Library Fund
Statement of Net Assets and Balance Sheet .....................................................144
Schedule of Revenues, Expenditures and Changes in
Fund Balance -Budget and Actual.................................................................145
Schedule of Expenditures -Budget and Actual.................................................146
SUPPLEMENTAL DATA
Long-Term Debt Requirements
Corporate Purpose Bond Series of 1997 ..........................................................147
Corporate Purpose Notes of 1997....................................................................148
General Obligation Bond Series of 1998B........................................................149
General Obligation Bond Series of 2000 ..........................................................150
General Obligation Bond Series of 2001 ..........................................................151
General Obligation Refunding Bond Series of 2003A.......................................152
General Obligation Refunding Bond Series of 2003B.......................................153
General Obligation Bond Series of 2004A........................................................154
General Obligation Bond Series of 2004B........................................................155
General Obligation Refunding Bond Series of 2005..........................................156
General Obligation Bond Series of 2006A........................................................157
General Obligation Bond Taxable Series of 2006B...........................................158
VILLAGE OF GLENVIEW, ILLINOIS
TABLE OF CONTENTS (Continued)
Page(s)
SUPPLEMENTAL DATA (Continued)
GNAS Funds
Combining Balance Sheet ................................................................................159-160
Combining Schedule of Revenues, Expenditures and
Changes in Fund Balances..............................................................................161-162
STATISTICAL SECTION
Financial Trends
Net Assets by Component -Last Four Fiscal Years ..............................................163
Change in Net Assets -Last Four Fiscal Years .....................................................164-165
Fund Balances of Governmental Funds -Last Ten Fiscal Years ............................166
Changes in Fund Balances of Governmental Funds -
Last Ten Fiscal Years.........................................................................................167
Revenue Capacity
Assessed and Estimated Actual Value of Taxable Property -
Last Ten Levy Years ..........................................................................................168
Property Tax Rates -Direct and Overlapping Governments -
Last Ten Fiscal Years.........................................................................................169-170
Principal Property Taxpayers -Current Year and Nine Years Ago ........................171
Property Tax Levies and Collections -Last Ten Levy Years .................................172
Debt Capacity
Ratios of Outstanding Debt by Type -Last Ten Fiscal Years ................................173
Ratios of General Bonded Debt Outstanding -
Last Ten Fiscal Years.........................................................................................174
Direct and Overlapping Governmental Activities Debt ..........................................175
Legal Debt Margin Information ............................................................................176
Demographic and Economic Information
Demographic and Economic Information -
Last Ten Fiscal Years.........................................................................................177
Principal Employers -Current Year and Nine Years Ago......................................178
Operating Information
Full-Time Equivalent Employees -Last Ten Fiscal Years......................................179
Operating Indicators -Last Ten Fiscal Years ........................................................180
Capital Asset Statistics -Last Ten Fiscal Years.....................................................181
VILLAGE OF GLENVIEW, ILLINOIS
TABLE OF CONTENTS (Continued)
Page(s)
STATISTICAL SECTION (Continued)
ADDITIONAL DISCLOSURES REQUIRED BY SEC RULE 15c2-12
Statement of Indebtedness (as of December 31, 2006)..........................................182
Retirement Schedule of Outstanding Village General
Obligation Debt..................................................................................................182-183
Detailed Overlapping Bonded Indebtedness Payable from
Property Taxes at December 31, 2006................................................................183
Debt Ratios and Per Capita Debt -Last Ten Bond Sales.......................................184
Total Village Tax Rates........................................................................................184
Equalized Assessed Valuation for Taxing Purposes ..............................................185
Property Tax Extended and Collected...................................................................185
Ten Largest Taxpayers.........................................................................................186
1999 and 2004 Tax Base Distribution by Property Classification...........................186
General Fund
Summary Statement of Revenues, Expenditures, and Changes in
Fund Balance (2003 -2006)..........................................................................187
Balance Sheets (2003 -2006)..........................................................................188
Combined Statement -All Funds
Fund Balances 2003-2006................................................................................189-190
Capital Assets at December 31, 2006....................................................................191
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VILLAGE OF GLENVIEW, ILLINOIS
PRINCIPAL OFFICIALS
December 31, 2006
LEGISLATIVE
Village Board of Trustees
Kerry D. Cummings, Village President
Paul Detlefs James R. Patterson, Jr.
Francis Cuisinier Debby Karton
Philip O•C. White Kimball Woodrow
Todd Hileman
Village Clerk/Treasurer
EXECUTIVE
Todd Hileman, Village Manager
FINANCE DEPARTMENT
Daniel P. Wiersma, Director of Finance
Michael T. Solvig, Assistant Director of Finance
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Finance Department 1225 Waukegan Road Glenview, IL 60025
Ph. 847.904-4350 Fax 847.724.0916 www.glenview.il.us
June 25, 2007
Honorable President and
Members of the Board of Trustees
Citizens of the Village of Glenview
State law requires that every general-purpose local government publish, within six months of the
close of each fiscal year, a complete set of audited financial statements. This report is published to
fulfill that requirement for the fiscal year ended December 31, 2006.
Management assumes full responsibility for the completeness and reliability of the information
contained in this report, based upon a comprehensive framework of internal control that is
established for this purpose. Because the cost of internal control should not exceed anticipated
benefits, the objective is to provide reasonable, rather than absolute, assurance that the financial
statements are free of any material misstatements.
Sikich LLP, Certified Public Accountants, has issued an unqualified (“clean”) opinion on the
Village of Glenview’s (the “Village”) financial statements for the year ended December 31,
2006. The independent auditor’s report is located at the front of the financial section of this
report.
Management’s discussion and analysis (MD&A) immediately follows the independent auditor’s
report and provides a narrative introduction, overview, and analysis of the basic financial
statements. MD&A complements this letter of transmittal and should be read in conjunction with
it.
Profile of the Village of Glenview
The Village, incorporated in 1899, is located in northern Cook County and is 20 miles north of the
City of Chicago. The Village serves a population of approximately 44,600. The Village is
considered to be a primary government and provides a full range of general governmental services.
The Village is empowered to levy a property tax on both real and personal property located within
its boundaries. It also is empowered by state statute to extend its corporate limits by annexation,
which it has done from time to time.
The Village’s legislative body consists of the Village President and Board of six Trustees, all
elected on an at-large basis to overlapping four-year terms. The Village Manager is responsible for
the day-to-day operation of the Village. The Village of Glenview is a home rule municipality as
defined by the Illinois Constitution.
- v -
The Village provides a full range of services, including police and fire protection, health services,
water and sewer utilities, street construction and maintenance, code enforcement, planning and
zoning and general administrative services. In addition to serving Village residents, the Fire
Department also provides fire protection and ambulance service to the Village of Golf as well as
the Glenbrook Fire Protection District which is comprised of approximately 20,000 residents
located in unincorporated Cook County. Both of these entities have long term intergovernmental
agreements with the Village to pay for these services. Likewise, the Village operates the North
Maine utilities system which provides water and sewer service to 5,100 customers also primarily
located in unincorporated Cook County.
The Comprehensive Annual Financial Report includes all funds of governmental operations, its
pension trust funds (the Glenview Police Pension Fund and the Glenview Firefighters’ Pension
Fund) and component unit (the Glenview Public Library and its subsidiary funds), based on
financial accountability. The accompanying financial statements include only those funds of the
Village, as there are no other organizations for which it has financial accountability. The pension
funds are determined to be pension trust funds due to their fiduciary and fiscal relationships with
the Village as their sole purpose is to provide retirement benefits to the Village’s sworn police
officers and firefighters. The Public Library is included as a discrete presentation since a separately
elected board of trustees governs it.
The annual budget serves as the foundation for the Village’s financial planning and control. State
law requires that a municipality operating under the budget system adopt its annual budget prior to
the start of its fiscal year. Through the budget, spending authority is conveyed by the expenditure
object. The legal level of budgetary control is the department level, or, where no departmental
segregation of a fund exists, the fund level.
Local Economy
The Glenview community has a well-established reputation as a preeminent community, located in
the northern corridor of the Chicago metropolitan area. The area encompassing the Village of
Glenview is an outstanding community in which to live and work. It is an area that has an ideal
mix of residential and multifamily housing, excellent schools and municipal services.
Retail sales within the Village totaled $1.329 billion for 2006. This represents an increase of $96
million or 7.84% from 2005. While the growth in retail sales has been significant, the Village is
pleased to note that its retail base has in fact become more diversified.
All of these amenities make the area encompassing the Village of Glenview an attractive
community in which to live and work, as evidenced by a high rate of growth in both residential and
commercial development. In 2006, there was moderate commercial and residential construction
activity. During 2006, the Village issued 2,759 total permits with a total construction value of
$108.0 million.
Median family income figures from the 2000 Census demonstrate that the average income of
Glenview residents far exceeds county and state averages. According to the Census Bureau,
Glenview’s 2000 median family income was $96,552, compared to $53,874 for Cook County,
$55,545 for the State of Illinois and $50,046 for the United States. This ranked the Village as the
fifth wealthiest community in the State of Illinois amongst communities with populations over
25,000. The Village of Glenview also ranked fifth in terms of median household income.
- vi -
Long-Term Financial Planning
The Village utilizes a 5-year Capital Improvement Program (“CIP”) to address major capital and
infrastructure improvements. For a project to be included in the CIP, it must involve the creation
or purchase of a tangible asset with an original cost of at least $25,000 and a useful life of more
than one year. The Village has primarily followed a “pay-as-you-go” funding strategy for
maintenance and replacement of assets and has issued debt for new projects.
Major Initiatives and Accomplishments
Communitywide Survey - In 2006, the Village of Glenview completed its second
communitywide survey. In general, results (95.4%) showed residents generally feel that the Village
is a good place to live as well as a safe place to live. Most residents also felt that they received the
right amount of information and that staff was efficient and courteous. Based upon the results of
the survey, the Village Board of Trustees adopted goals and the following initiatives, in accordance
with its mission and objectives.
Village Board Goals and Initiatives – The Board developed 2006-2007 goals which provide for
continuing and/or improving quality services to the community through the improvement of
administrative and management systems, using the Village’s resources wisely, identifying
additional methods of communication and developing appropriate implementation plan and to
facilitate expedient decision making by providing quality information and analysis to the Board of
Trustees.
Downtown Revitalization Plan – Following a two year study, the Village Board adopted a
Downtown Revitalization Plan. The process involved participants from all elements of the
community and resulted in a Downtown Master Plan which provides a roadmap of how change
should occur. The recommended uses in the Plan reflect sound planning principles and serve as an
appropriate guide for evaluating proposed developments within the Downtown area.
Maintenance of Facilities - The Village is committed to maintaining the high quality of its
existing facilities. To that end, the Village has hired a Facilities Manager to oversee the
maintenance and repair of all Village facilities.
Library Intergovernmental Agreement – The Village entered into an Intergovernmental
Agreement with the Village Public Library in which the Village agreed issue general obligation
debt to provide the Library with up to $26.3 million to fund a building expansion program at its
current location in downtown Glenview. In addition, the Village has indicated it will contribute up
to $1.0 million in addition for green construction or related technology.
Strategic Plan – Begun in 2005, a strategic plan for retirement of the Village’s Redevelopment
Tax Increment Finance District (TIF) was completed and presented to the Board of Trustees and
the community in 2006. The Strategic Plan calls for the Redevelopment TIF to be closed as soon
as possible and also establishes a methodology to absorb the costs which will remain following the
closure.
Land Acquisition/Debt Issuance – In December, the Village issued two series of bonds. The $10
million Series 2006A General Obligation Bonds were issued to finance additional infrastructure
(See independent auditor’s report)
MD&A 1
VILLAGE OF GLENVIEW, ILLINOIS
MANAGEMENT’S DISCUSSION AND ANALYSIS
DECEMBER 31, 2006
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, 2006) by $237.7 million. Of this amount, $79.8 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 $26.3 million.
• As of the close of December 31, 2006, the Village of Glenview governmental funds
reported a combined ending fund balances of $109.0 million.
• At the end of the fiscal year, unreserved fund balance for the general fund was $23.5
million, 55.0% of total general fund expenditures, or 49.4% of total general fund
expenditures and uses.
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)
(See independent auditor’s report)
MD&A 2
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.
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, governmental 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
Funds Total column requires 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).
(See independent auditor’s report)
MD&A 3
The Village maintains twenty-five (25) 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, Special Tax
Allocation Fund, Escrow Deposit Fund, Village Permanent Fund, the Glen Land Sales Fund and
the 2006B Bond 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 and 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 - 59 of this report.
(See independent auditor’s report)
MD&A 4
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 60 - 69 of this report.
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 82 through 110 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.
(See independent auditor’s report)
MD&A 5
GOVERNMENT-WIDE STATEMENT FINANCIAL ANALYSIS
Statement of Net Assets
The following table reflects the condensed Statement of Net Assets:
Statement of Net Assets
The following table reflects the condensed Statement of Net Assets:
Table 1
Statement of Net Assets
As of December 31, 2006 and 2005
(in millions)
Total
Governmental Business-Type Primary
Activities Activities Government
2006 2005 2006 2005 2006 2005
Current and Other
Assets $145.6 $105.3 $11.0 $13.4 $156.6 $118.7
Capital Assets 209.7198.250.738.1260.4 236.3
Total Assets 355.3 303.5 61.7 51.5 417.0 355.0
Long-Term Liabilities 149.6120.98.39.0157.9 129.9
Other Liabilities 18.019.53.40.821.4 20.3
Total Liabilities 167.6 140.4 11.7 9.8 179.3 150.2
Net Assets:
Invested in Capital
Assets,
Net of Debt 61.878.842.529.1104.3 107.9
Restricted 53.626.30.00.053.6 26.3
Unrestricted 72.358.07.512.679.8 70.6
Total Net Assets $187.7 $163.1 $50.0 $41.7 $237.7 $204.8
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 $237.7 million as of
December 31, 2006.
By far the largest portion 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
(See independent auditor’s report)
MD&A 6
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 $53.6 million of restricted assets, $46.7 is restricted for capital development.
The final component of the net assets of the Village is the unrestricted assets in the amount of
$79.8 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 $26.3 million, 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.
Change in Net Assets
Governmental activities increased the Village of Glenview’s net assets by $24.6 million;
Business-type activities increased the Village’s net assets by $8.3 million.
The following chart shows the revenue and expenses of the Village’s activities:
(See independent auditor’s report)
MD&A 7
Table 2
Changes in Net Assets
For the Fiscal Year Ended December 31, 2006 and 2005
(in millions)
Total
Governmental Business-Type Primary
Activities Activities Government
2006 2005 2006 2005 2006 2005
Revenues
Program Revenues:
Charges for Services $14.2 $13.4 $17.1 $18.3 $31.3 $31.7
Operating Grants 1.61.70.00.0 1.6 1.7
Capital Grants 0.72.60.00.0 0.7 2.6
General Revenues:
Property Taxes 31.427.40.00.0 31.4 27.4
Other Taxes 28.828.90.00.0 28.8 8.2
Other Revenues 23.54.20.40.3 29.3 25.2
Total Revenues 100.2 78.1 17.5 18.6 117.7 96.8
Expenses
General Government 13.916.50.00.0 13.9 16.5
Public Safety 28.425.30.00.0 28.4 25.3
Highways and Streets 27.617.30.00.0 27.6 17.3
Interest 4.85.10.00.0 4.8 5.1
Waterworks 0.00.08.29.9 8.2 9.9
North Maine Water & Sewer 0.00.05.44.9 5.4 4.9
Nonmajor Enterprise 0.00.03.02.7 3.0 2.7
Total Expenses 74.7 64.2 16.6 17.5 91.3 81.7
Excess or deficiency before transfers
and contributions to term and
permanent endowments $25.5 $13.8 $0.9 $1.1 $21.7 $15.1
Transfers (4.7) 0.2 4.7 (0.2) 0.0 (0.0)
Contributions 0.0 0.0 0.0 3.7 0.0 3.7
Change in Net Assets $20.8 $14.0 $5.6 $4.6 $26.4 $18.6
Net Assets January 1 $163.1$145.8$41.6$38.3 $204.7 $184.1
Prior Period Adjustment 3.7 3.3 2.8 (1.3) 6.5 2.0
Net Assets January 1 Restated 166.8 149.1 44.4 37.0 211.2 186.1
Net Assets December 31 $187.6 $163.1 $50.0 $41.6 $237.6 $204.7
(See independent auditor’s report)
MD&A 8
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 fees, home
rule sales tax, etc.)
Changing patterns in Intergovernmental and Grant Revenue (both recurring and
nonrecurring) – 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 80% of the Village’s General Fund and approximately
13% 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 9
CURRENT YEAR IMPACTS
Governmental Activities
Revenues:
Total revenues for Governmental Activities increased from $78.1 million in 2005 to
$100.2 million in 2006. The Village benefits from a diversified revenue base. Other
Taxes, which include Sales Tax and income tax distributions was $28.8 million, or
28.77% of the total. Property Tax generated $31.3 million in 2006. Of the Property Tax
amount, $9.0 million was levied for by the Village while the balance, $22.3 million, was
generated through the Village’s TIF Redevelopment Project. Charges for Services,
which generated $14.2 million, or 14.16% of the total is primarily comprised of charges
for services provided by the Village, such as Development charges, Refuse and Recycling
charges and E-911 Communications. Other Revenue and Transfers at $23.5 million, or
23.48% of the total, is comprised of investment income and miscellaneous income. In
2006, one-time revenue of $18.9 million associated with the sale of property within the
TIF Redevelopment Project, is contained in this category.
2006 Governmental Fund Activities
Revenue by Source
Property Taxes
31.31%
Other Revenue
and Transfers
23.48%
Operating Grants
1.57%
Capital Grants
0.70%
Charges for
Services
14.16%
Other Taxes
28.77%
(See independent auditor’s report)
MD&A 10
Expenses:
For the year ended December 31, 2006, Governmental Activities expenditures increased
from $64.2 million in 2005 to $74.7 million in 2006.
Increased expenses are attributable to a number of issues including: personal services
annual adjustments, actuarial required pension funding increases for police and
firefighters, and the TIF Redevelopment Project. With regard to the TIF related
expenditures, it should be noted that the General Government category includes $8.7
million in Make-Whole payments made to the Core Jurisdictions affected by the
Village’s Redevelopment Project.
2006 Governmental Fund Activities
Expenditures by Source
General
Government
18.64%
Highways and
Streets
36.91%
Public Safety
38.00%
Interest
6.44%
Business-Type Activities
Revenues:
For the fiscal year ended December 31, 2006, net revenues, including transfers in, from
Business-Type Activities totaled $22.2 million. The Village’s various water and sewer
utilities generated $17.1 million in Charges for Services.
Expenses:
For the current ended fiscal year, the Business-Type Funds reflect combined net assets of
$50.0 million. Expenses from Business-Type Activities totaled $16.6 million.
(See independent auditor’s report)
MD&A 11
FINANCIAL ANALYSIS OF THE VILLAGE’S FUNDS
Government Funds
At December 31, 2006, the Governmental Funds (as presented on pages 6 to 10) reported a
combined fund balance of $109.0 million, an increase of $37.8 million from the beginning of the
year. Of the total fund balance, $40.6 million is unreserved for continuing Village services.
Reserved fund balance of $68.4 includes $46.7 million for capital development and $4.6 million
for debt service.
The General Fund is the Village’s primary operating fund and the largest source of day-to-day
service delivery. Municipal Sales Tax receipts increased nearly $1.0 million and was the largest
dollar value increase in the fund in 2006. There were no significant one-time revenues, but
Telecommunications receipts were down approximately $500,000. Due to technological
advances, it is anticipated that the Telecommunications Tax receipts will continue to trend down
in the future.
At the end of the current fiscal year, the unreserved fund balance of the General Fund was $23.5
million, down from $28.9 at the close of the last fiscal year. The Village determined to draw
down fund balance in 2006 and increase its investment in infrastructure, which it did. 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 55.0% of total
general fund expenditures, while total fund balance represents 55.6% of that same amount.
Proprietary Funds
At December 31, 2006, the Proprietary Funds (as presented on pages 12 - 15) total net assets
increased by $5.5 million. The increase is mainly attributable to the operations of the Village’s
Waterworks and North Maine utility funds. A cost of service study was conducted in 2006 and a
new rate structure, with a consumption and fixed rate component (the later based on meter size)
were implemented in the second half of the year. The additional revenues generated will be
invested in the respective systems.
(See independent auditor’s report)
MD&A 12
GENERAL FUND BUDGETARY HIGHLIGHTS
Table 3
General Fund Budgetary Highlights
For the Fiscal Year Ended December 31, 2006
(in millions)
Original Amended Actual
Budget Budget
Revenues
Taxes $15.6 $15.6 $17.8
Intergovernmental 20.9 20.9 20.5
Other 4.4 4.4 9.6
Total Revenues 40.9 40.9 47.9
Expenses
Expenditures (43.6) (43.6) (42.8)
Transfers Out (6.5) (6.5) (4.9)
Transfers In 1.3 1.3 0.0
Total Expenses & Transfers (48.8) (48.8) (47.7)
Net Change in Fund Balance (7.9) (7.9) (5.3)
The following revenues performed very
well in the fiscal year:
2005 2006 Change
Municipal Sales Tax $12.30 $13.30 $1.00
Investment Income 0.40 0.80 0.40
General Fund revenues were $1.5 million greater than the original and final budget amount. The
most significant amounts are attributable to increased Municipal Sales Tax and Investment
Income.
The Special Tax Allocation Fund, also a major governmental fund, received $22.2 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 two to four 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.
(See independent auditor’s report)
MD&A 13
CAPITAL ASSETS
The following schedule reflects the Village’s capital asset balances as of December 31, 2006.
Table 4
Capital Assets
As of December 31, 2006 and 2005
(in millions)
Total
Business-
Governmental Type Primary
Activities Activities Government
2006 2005 2006 2005 2006 2005
Land and Land Right of Way $67.0 $66.9 $0.3 $0.3 $67.3 $67.2
Buildings and Improvements 71.4 33.0 1.4 0.4 72.8 33.4
Machinery and Equipment 9.8 11.0 0.0 0.0 9.8 11.0
Infrastructure 121.2 109.6 0.0 0.0 121.2 109.6
Water System 0.0 0.0 48.2 37.0 48.2 37.0
Sewer System 0.0 0.0 15.6 13.8 15.6 13.8
Equipment and Vehicles 0.0 0.0 3.8 2.9 3.8 2.9
Construction in Progress 0.0 31.2 0.0 1.0 0.0 32.2
Less:
Accumulated Depreciation (59.7)(53.4)(18.7)(17.4) (78.4) (70.8)
Total $209.7 $198.3 $50.6 $38.0 $260.3 $236.3
At year end, the Village’s investment in capital assets for both its Governmental and Business-
Type Activities was $260.3 million, an increase of 10.2% from year ending December 31, 2005.
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 2006, the Village issued two series of bonds. The $10 million Series 2006A were
issued to provide funding for the infrastructure improvements for the Village’s TIF
Redevelopment Project. The $27.94 million Taxable Series 2006B were issued to purchase
excess property from the US Navy. It is anticipated that the debt service associated with the
Series 2006A Bonds will be annually abated with the property tax increment generated from the
Project area, while the debt associated with the Series 2006B Bonds will be abated with the
capital interest built into the issue, and retired with the revenue generated from the sale of a
portion of the property being purchased.
(See independent auditor’s report)
MD&A 14
The Village currently has eleven general obligation bond series and one note series. The Notes
were used to acquire the North Maine utility system outstanding. Total outstanding general
obligation debt is $154.3 million. Of that amount $122.5 is associated with the Village’s TIF
Redevelopment Project and $6.6 million is associated with Village water and sewer funds. The
debt service associated with the above is annually abated from Project and utility revenues. The
Project related debt was 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 utility related debt was issued as well for system infrastructure improvements.
General Obligation debt was used to keep the cost of borrowing as low as possible to utility
customers. The balance of the Village’s debt, $25.2 million, is paid for through property taxes
which are level at approximately $1.96 million per year through 2024.
The Village, under its home rule authority, does not have a legal debt limit. During Fiscal Year
2006, 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 - 43.
ECONOMIC FACTORS AND NEXT YEAR’S BUDGET
The following factors were considered in preparing the Village’s budget for Fiscal Year 2007:
• Draw down fund balance in the General Fund to the target range (of 33% to 40%) by
increasing the Village’s investment in infrastructure;
• A Revenue Handbook, identifying all revenue sources was compiled. This document will
be continually updated and provide the Village with revenue assumptions upon which
multi-year operating budgeting will be based;
• Impact of the new water and sewer rate structure for customers of all Village systems-
Waterworks, Sewerage and North Maine Utility systems;
• A commitment to review and analyze new sources of revenue to enable the Village to
fund an aggressive on-going capital improvement program that meets minimum standards
as established by Board of Trustees;
• A commitment to continue to work to attract a diversified retail sales tax base as well as
retain the current base of retail businesses.
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.
Component
Unit
Governmental Business-Type Glenview
Activities Activities Total Public Library
ASSETS
Cash and investments 120,969,111$ 8,475,517$ 129,444,628$ 3,900,948$
Receivables, net of allowance
where applicable
Property taxes 8,763,040 - 8,763,040 5,179,922
Utility customers 889,332 2,421,779 3,311,111 -
Income taxes 223,159 - 223,159 -
Sales taxes 4,719,634 - 4,719,634 -
Notes 1,640,500 - 1,640,500 -
Interest - - - -
Accounts 1,034,619 - 1,034,619 -
Miscellaneous 530,953 13,478 544,431 -
Deposits 2,016,469 - 2,016,469 -
Inventories 230,394 70,002 300,396 -
Prepaid expenses 568,130 - 568,130 -
Due from other governments 3,335,603 - 3,335,603 -
Due from component unit 2,460 - 2,460 -
Due from/(to) other funds 198,881 (198,881) - -
Advance (to)/from other funds (229,856) 229,856 - -
Deferred charges 337,157 16,241 353,398 -
Net pension asset 388,709 - 388,709 -
Capital assets, not being depreciated 66,995,717 302,851 67,298,568 500,000
Capital assets, (net of
accumulated depreciation)142,661,397 50,382,850 193,044,247 2,096,989
Total assets 355,275,409 61,713,693 416,989,102 11,677,859
LIABILITIES
Accounts payable 3,288,821 3,332,536 6,621,357 160,550
Accrued payroll 318,992 5,752 324,744 42,935
Accrued interest payable 499,670 50,920 550,590 -
Claims payable 381,882 - 381,882 -
Other payables 50,735 - 50,735 -
Deferred property taxes 8,763,040 - 8,763,040 5,179,922
Other unearned revenue 388,966 - 388,966 -
Due to primary government - - - 2,460
Refundable deposits 4,291,496 5,300 4,296,796 -
Noncurrent liabilities
Due within one year 10,146,521 784,890 10,931,411 178,938
Due in more than one year 139,512,012 7,492,910 147,004,922 -
Total liabilities 167,642,135 11,672,308 179,314,443 5,564,805
NET ASSETS
Invested in capital assets, net of related debt 61,856,418 42,488,713 104,345,131 2,596,989
Restricted for
Street improvements 1,126,135 - 1,126,135 -
Debt service 4,606,278 - 4,606,278 -
Employee benefits 388,709 - 388,709 -
Public safety 671,794 - 671,794 -
Capital development 46,725,608 - 46,725,608 -
Culture and recreation - - - 3,516,065
Unrestricted 72,258,332 7,552,672 79,811,004 -
TOTAL NET ASSETS 187,633,274$ 50,041,385$ 237,674,659$ 6,113,054$
VILLAGE OF GLENVIEW, ILLINOIS
STATEMENT OF NET ASSETS
December 31, 2006
Primary Government
See accompanying notes to financial statements.
- 3 -
Charges Operating Capital
FUNCTIONS/PROGRAMS Expenses for Services Grants Grants
PRIMARY GOVERNMENT
Governmental Activities
General government 13,929,198$ 10,124,924$ 19,100$ 702,691$
Public safety 28,395,261 4,059,578 247,871 -
Highways and streets 27,582,335 - 1,309,623 -
Interest 4,813,795 - - -
Total governmental activities 74,720,589 14,184,502 1,576,594 702,691
Business-Type Activities
Waterworks 8,168,894 7,654,017 - -
North Maine Water and Sewer 5,396,165 5,928,523 - -
Nonmajor enterprise
Wholesale water 1,146,800 1,692,776 - -
Sewerage 1,544,514 1,430,401 - -
Commuter parking 433,318 415,687 - -
Total business-type activities 16,689,691 17,121,404 - -
TOTAL PRIMARY GOVERNMENT 91,410,280$ 31,305,906$ 1,576,594$ 702,691$
COMPONENT UNIT
Glenview Public Library 5,278,664$ 138,291$ 54,732$ -$
VILLAGE OF GLENVIEW, ILLINOIS
STATEMENT OF ACTIVITIES
For the Year Ended December 31, 2006
Program Revenues
- 4 -
Glenview
Public Library
Governmental Business-Type Component
Activities Activities Total Unit
(3,082,483)$ -$ (3,082,483)$ -$
(24,087,812) - (24,087,812) -
(26,272,712) - (26,272,712) -
(4,813,795) - (4,813,795) -
(58,256,802) - (58,256,802) -
- (514,877) (514,877) -
- 532,358 532,358 -
- 545,976 545,976 -
- (114,113) (114,113) -
- (17,631) (17,631) -
- 431,713 431,713 -
(58,256,802) 431,713 (57,825,089) -
- - - (5,085,641)
General revenues
Taxes
Property tax 31,368,247 - 31,368,247 5,260,794
Personal Property Replacement Tax 229,116 - 229,116 -
Sales tax 17,797,774 - 17,797,774 -
Local use tax 582,153 - 582,153 -
Income tax 3,342,154 - 3,342,154 -
Telecommunications tax 2,542,954 - 2,542,954 -
Utility tax 3,230,343 - 3,230,343 -
Other 1,090,070 - 1,090,070 29,000
Intergovernmental 801,157 - 801,157 489,507
Investment income 3,553,730 427,441 3,981,171 141,193
Special items - Glen Land Sales 18,899,176 - 18,899,176 -
Miscellaneous 271,124 18,166 289,290 36,104
Gain on sale of capital assets - (48,424) (48,424) -
Transfers (4,697,721) 4,697,721 - -
Total 79,010,277 5,094,904 84,105,181 5,956,598
CHANGE IN NET ASSETS 20,753,475 5,526,617 26,280,092 870,957
NET ASSETS, JANUARY 1 163,149,618 41,690,018 204,839,636 5,486,757
Prior period adjustments 3,730,181 2,824,750 6,554,931 (244,660)
NET ASSETS, JANUARY 1, RESTATED 166,879,799 44,514,768 211,394,567 5,242,097
NET ASSETS, DECEMBER 31 187,633,274$ 50,041,385$ 237,674,659$ 6,113,054$
Net (Expense) Revenue and Change in Net Assets
Primary Government
See accompanying notes to financial statements.
- 5 -
Special
Tax Escrow
General Allocation Deposit
Cash 5,316,700$ 76,707$ 690,056$
Investments 13,160,045 - 3,104,660
Receivables
Property taxes 6,675,380 - -
Accounts 128,335 - -
Utility taxes 889,332 - -
Income taxes 223,159 - -
Sales taxes 4,719,634 - -
Interest - - -
Other 362,913 - -
Note receivable 130,500 1,510,000 -
Inventory 120,474 - -
Due from other governments 588,237 - -
Due from other funds 396,713 150,000 1,000
Due from component unit 1,764 - -
Advance to other funds - - -
TOTAL ASSETS 32,713,186$ 1,736,707$ 3,795,716$
LIABILITIES
Accounts payable 827,443$ 300$ 39,031$
Accrued payroll 316,337 - -
Accrued interest - - -
Refundable deposits - - 3,455,101
Other payables 50,735 - -
Due to other funds 838,509 - -
Advance to other funds - - -
Deferred property taxes 6,675,380 - -
Deferred revenues 210,363 - -
Total liabilities 8,918,767 300 3,494,132
FUND BALANCES
Reserved for street improvements - - -
Reserved for advance from other funds - - -
Reserved for debt service - - -
Reserved for public safety - - -
Reserved for capital development - - -
Reserved for long-term receivable 130,500 800,000 -
Reserved for inventory 120,474 - -
Unreserved
Undesignated for General Fund 23,543,445 - -
Undesignated (deficit) for Special Revenue Fund - 936,407 301,584
Undesignated for Debt Service Fund - - -
Undesignated (deficit) for Capital Projects Fund - - -
Total fund balances (deficit)23,794,419 1,736,407 301,584
TOTAL LIABILITIES AND
FUND BALANCES 32,713,186$ 1,736,707$ 3,795,716$
ASSETS
LIABILITIES AND FUND BALANCES
VILLAGE OF GLENVIEW, ILLINOIS
COMBINING BALANCE SHEET
GOVERNMENTAL FUNDS
December 31, 2006
- 6 -
Glen
Village Land Nonmajor
Permanent Sales 2006B Bond Governmental Total
4,351,498$ 1,358,270$ 51,980$ 4,018,842$ 15,864,053$
30,022,072 2,000,000 23,887,284 17,075,730 89,249,791
- - - 2,087,660 8,763,040
- 750,000 - 141,896 1,020,231
- - - - 889,332
- - - - 223,159
- - - - 4,719,634
- - - - -
- - - 168,040 530,953
- - - - 1,640,500
- - - - 120,474
- 1,229,102 - 1,518,264 3,335,603
- - - 1,151,227 1,698,940
- - - - 1,764
14,170,780 - - - 14,170,780
48,544,350$ 5,337,372$ 23,939,264$ 26,161,659$ 142,228,254$
-$ -$ 45,108$ 2,293,207$ 3,205,089$
- - - 2,655 318,992
- - - 56,273 56,273
- - - 836,395 4,291,496
- - - - 50,735
428,855 - - 492,156 1,759,520
- 14,170,780 - 229,856 14,400,636
- - - 2,087,660 8,763,040
- 21,750 - 156,853 388,966
428,855 14,192,530 45,108 6,155,055 33,234,747
- - - 1,126,135 1,126,135
14,170,780 - - - 14,170,780
- - - 4,606,278 4,606,278
- - - 671,794 671,794
33,944,715 - - 12,780,893 46,725,608
- - - - 930,500
- - - - 120,474
- - - - 23,543,445
- - - 1,860,785 3,098,776
- - - 37,589 37,589
- (8,855,158) 23,894,156 (1,076,870) 13,962,128
48,115,495 (8,855,158) 23,894,156 20,006,604 108,993,507
48,544,350$ 5,337,372$ 23,939,264$ 26,161,659$ 142,228,254$
See accompanying notes to financial statements.
- 7 -
FUND BALANCES OF GOVERNMENTAL FUNDS 108,993,507$
Amounts reported for governmental activities in the
statement of net assets are different because:
Capital assets used in governmental activities are
not financial resources and, therefore, are not
reported in the governmental funds 209,657,114
Less internal service funds capital assets (65,819)
The net pension asset is not a current financial resource
and is therefore not reported in the governmental funds 388,709
The unamortized bond premium is not a current financial resource
and is therefore not reported in the governmental funds (49,649)
The unamortized bond discount and unamortized bond
issuance cost is not a current financial resource and
is therefore not reported in the governmental funds 610,833
Interest payable is not due and payable in the current period
and, therefore, not reported in the governmental funds (443,397)
Long-term liabilities, including bonds payable and accrued
compensated absences are not due and payable in the current
period and therefore, are not reported in the governmental funds (149,882,560)
The unrestricted net assets of the internal service funds are
included in the governmental activities in the
statement of net assets 18,424,536
NET ASSETS OF GOVERNMENTAL ACTIVITIES 187,633,274$
VILLAGE OF GLENVIEW, ILLINOIS
RECONCILIATION OF FUND BALANCES OF GOVERNMENTAL FUNDS TO THE
GOVERNMENTAL ACTIVITIES IN THE STATEMENT OF NET ASSETS
December 31, 2006
See accompanying notes to financial statements.
- 8 -
Special
Tax Escrow
General Allocation Deposit
REVENUES
Taxes 16,376,232$ 22,249,199$ -$
Intergovernmental 21,771,071 - -
Charges for services 1,345,987 - -
Licenses and permits 1,444,631 - -
Fines and forfeitures 223,430 - -
Investment income 755,729 219,845 168,501
Contributions - - -
Miscellaneous
Land sales - - -
Other 474,465 - -
Total revenues 42,391,545 22,469,044 168,501
EXPENDITURES
Current
General government 6,796,392 8,787,762 51,500
Public safety 24,306,364 - -
Highways and streets 11,667,955 - -
Debt service
Principal - 7,740,000 -
Interest and fiscal charges - 3,733,049 -
Bond issuance costs - - -
Capital outlay - - -
Total expenditures 42,770,711 20,260,811 51,500
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES (379,166) 2,208,233 117,001
OTHER FINANCING SOURCES (USES)
Bonds issued - - -
Premium on bonds issued - - -
Discount on bonds issued - - -
Sale of capital assets - - -
Transfers in - 6,000,000 -
Transfers (out)(4,897,009) (3,350,000) -
Total other financing sources (uses)(4,897,009) 2,650,000 -
NET CHANGE IN FUND BALANCES (5,276,175) 4,858,233 117,001
FUND BALANCES (DEFICIT), JANUARY 1 29,070,594 (3,121,826) 184,583
FUND BALANCES (DEFICIT), DECEMBER 31 23,794,419$ 1,736,407$ 301,584$
For the Year Ended December 31, 2006
VILLAGE OF GLENVIEW, ILLINOIS
STATEMENT OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCES
GOVERNMENTAL FUNDS
- 9 -
Glen
Village Land Nonmajor
Permanent Sales 2006B Bond Governmental Total
-$ -$ -$ 1,604,799$ 40,230,230$
- - - 4,049,844 25,820,915
- - - 1,779,302 3,125,289
- - - - 1,444,631
- - - - 223,430
1,832,138 82,712 468 706,996 3,766,389
- - - 136,862 136,862
- 18,899,176 - - 18,899,176
- 5,710 - 115,369 595,544
1,832,138 18,987,598 468 8,393,172 94,242,466
- 180 - 3,703,120 19,338,954
- - - 604,042 24,910,406
- - - - 11,667,955
- - - 1,750,000 9,490,000
- 895,334 - 1,135,675 5,764,058
- - 70,108 39,991 110,099
- 755,105 - 17,696,836 18,451,941
- 1,650,619 70,108 24,929,664 89,733,413
1,832,138 17,336,979 (69,640) (16,536,492) 4,509,053
- - 27,940,000 10,000,000 37,940,000
- - - 11,371 11,371
- - (87,732) - (87,732)
- - - 5,035 5,035
3,781,800 - - 22,774,873 32,556,673
- (9,781,800) (3,888,472) (15,244,781) (37,162,062)
3,781,800 (9,781,800) 23,963,796 17,546,498 33,263,285
5,613,938 7,555,179 23,894,156 1,010,006 37,772,338
42,501,557 (16,410,337) - 18,996,598 71,221,169
48,115,495$ (8,855,158)$ 23,894,156$ 20,006,604$ 108,993,507$
See accompanying notes to financial statements.
- 10 -
NET CHANGE IN FUND BALANCES -
TOTAL GOVERNMENTAL FUNDS 37,772,338$
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 30,871,951
The change in net pension asset is not a current financial resource and, therefore, is not
reported in the governmental funds (46,939)
The issuance of long-term debt is reported as an other financing source in governmental
funds but as an increase of principal outstanding in the statement of activities (37,940,000)
The repayment of long-term debt is reported as an expenditure when due in governmental
funds but as a reduction of principal outstanding in the statement of assets 9,499,807
The loss on disposal of capital assets is reported as an expense on the statement of
activities (18,106,914)
The premium on bonds issued is reported as an other financing source in governmental
funds, but as a decrease in principal outstanding on the statement of activities (11,371)
The amortization of premium on long-term debt is reported as an expense on the
statement of activities 3,190
The discount on bonds issued is reported as an other financing use in governmental
funds, but as a decrease in principal outstanding on the statement of activities 87,732
The amortization of discount on long-term debt is reported as an expense on the
statement of activities (14,798)
Bond issuance costs are reported as expenditures in governmental funds, but as a
deferred charge on the statement of activities 110,099
The amortization of bond issuance costs is reported as an expense on the
statement of activities (21,280)
The change in accrual of interest on long-term debt is reported as an expense on the
statement of activities 9,708
The change in accrual of compensated absences payable is reported as an expense
on the statement of activities (404,942)
Some expenses in the statement of activities (e.g. depreciation) do not require the
use of current financial resources and, therefore, are not reported as expenditures
in governmental funds
Governmental funds (5,074,939)
Internal service fund depreciation addback 8,806
The net revenue (loss) of certain activities of internal service funds is reported with
governmental activities 4,011,027
CHANGE IN NET ASSETS OF GOVERNMENTAL ACTIVITIES 20,753,475$
For the Year Ended December 31, 2006
VILLAGE OF GLENVIEW, ILLINOIS
RECONCILIATION OF THE GOVERNMENTAL FUNDS STATEMENT OF REVENUES,
EXPENDITURES AND CHANGES IN FUND BALANCES TO THE
GOVERNMENTAL ACTIVITIES IN THE STATEMENT OF ACTIVITIES
See accompanying notes to financial statements.
- 11 -
PROPRIETARY FUNDS
December 31, 2006
Governmental
North Maine Activities
Water and Nonmajor Internal
Waterworks Sewer Enterprise Total Service
CURRENT ASSETS
Cash 519,187$ 562,734$ 1,280,845$ 2,362,766$ 1,420,760$
Investments 2,890,834 944,291 2,277,626 6,112,751 14,434,507
Receivables
Accounts 896,566 737,064 788,149 2,421,779 14,388
Other 11,578 1,900 - 13,478 -
Advance to other funds 229,856 - - 229,856 -
Due from other funds 112,180 308,875 717,092 1,138,147 267,899
Due from component unit - - - - 696
Deposits - - - - 2,016,469
Prepaid expenses - - - - 568,130
Inventory 70,002 - - 70,002 109,920
Deferred bond issuance costs - 3,456 12,785 16,241 -
Total current assets 4,730,203 2,558,320 5,076,497 12,365,020 18,832,769
CAPITAL ASSETS
Capital assets not being depreciated 67,851 235,000 - 302,851 -
Capital assets being depreciated 43,434,979 7,400,339 18,264,568 69,099,886 94,469
Accumulated depreciation (12,532,250) (2,022,878) (4,161,908) (18,717,036) (28,650)
Net capital assets 30,970,580 5,612,461 14,102,660 50,685,701 65,819
Total assets 35,700,783 8,170,781 19,179,157 63,050,721 18,898,588
CURRENT LIABILITIES
Accounts payable 2,372,954 330,790 628,792 3,332,536 83,732
Accrued payroll 3,496 2,105 151 5,752 -
Interest payable - 47,526 3,394 50,920 -
Compensated absences payable 100,252 - - 100,252 -
Claims payable - - - - 381,882
Due to other funds 566,275 10,334 760,419 1,337,028 8,438
Deposits - - 2,300 2,300 -
Refundable deposits - - 3,000 3,000 -
Current portion of notes payable - 109,621 - 109,621 -
Current portion of general obligation bonds payable - 390,017 185,000 575,017 -
Total current liabilities 3,042,977 890,393 1,583,056 5,516,426 474,052
NONCURRENT LIABILITIES
Notes payable - 1,920,582 - 1,920,582 -
General obligation bonds payable - 4,531,768 1,040,560 5,572,328 -
Total noncurrent liabilities - 6,452,350 1,040,560 7,492,910 -
Total liabilities 3,042,977 7,342,743 2,623,616 13,009,336 474,052
NET ASSETS
Invested in capital assets, net of related debt 30,970,580 (1,339,527) 12,857,660 42,488,713 65,819
Unrestricted 1,687,226 2,167,565 3,697,881 7,552,672 18,358,717
TOTAL NET ASSETS 32,657,806$ 828,038$ 16,555,541$ 50,041,385$ 18,424,536$
Business-Type Activities
VILLAGE OF GLENVIEW, ILLINOIS
STATEMENT OF NET ASSETS
See accompanying notes to financial statements.
- 12 -
Governmental
North Maine Activities
Water and Nonmajor Eliminate Internal
Waterworks Sewer Enterprise Interfund Total Service
OPERATING REVENUES
Charges for services
Water and sewer charges 7,280,915$ 5,861,735$ 3,087,734$ -$ 16,230,384$ -$
Water and sewer connection charges 59,670 - 10,998 - 70,668 -
Parking decals and meter fees 169,900 2,765 409,087 - 581,752 -
Late payment fees 86,944 62,617 24,445 - 174,006 -
Internal services - - - - - 11,731,096
Miscellaneous 56,588 1,406 6,600 - 64,594 109,573
Total operating revenues 7,654,017 5,928,523 3,538,864 - 17,121,404 11,840,669
OPERATING EXPENSES
Administration 6,771,457 4,939,124 1,638,135 - 13,348,716 -
Operations 558,472 345 1,065,622 - 1,624,439 8,799,478
Depreciation and amortization 838,965 160,716 375,286 - 1,374,967 8,806
Capital outlay - - 865 - 865 -
Total operating expenses 8,168,894 5,100,185 3,079,908 - 16,348,987 8,808,284
OPERATING INCOME (LOSS)(514,877) 828,338 458,956 - 772,417 3,032,385
NONOPERATING REVENUES (EXPENSES)
Investment income 227,209 50,767 149,465 - 427,441 739,504
Interest and fiscal charges - (295,980) (44,724) - (340,704) -
Gain (loss) on sale of fixed assets (48,424) - - - (48,424) 331,040
Miscellaneous - - 18,166 - 18,166 -
Total nonoperating revenues (expenses)178,785 (245,213) 122,907 - 56,479 1,070,544
NET INCOME (LOSS) BEFORE TRANSFERS (336,092) 583,125 581,863 - 828,896 4,102,929
TRANSFERS
Transfers in 4,570,388 - 1,179,516 (871,561) 4,878,343 8,649,511
Transfers (out)(721,561) - (330,622) 871,561 (180,622) (8,741,843)
Total transfers 3,848,827 - 848,894 - 4,697,721 (92,332)
CHANGE IN NET ASSETS 3,512,735 583,125 1,430,757 - 5,526,617 4,010,597
NET ASSETS, JANUARY 1 26,353,227 212,007 15,124,784 - 41,690,018 14,413,939
Prior period adjustments 2,791,844 32,906 - - 2,824,750 -
NET ASSETS, JANUARY 1, RESTATED 29,145,071 244,913 15,124,784 - 44,514,768 14,413,939
NET ASSETS, DECEMBER 31 32,657,806$ 828,038$ 16,555,541$ -$ 50,041,385$ 18,424,536$
For the Year Ended December 31, 2006
Business-Type Activities
VILLAGE OF GLENVIEW, ILLINOIS
STATEMENT OF REVENUES, EXPENSES
AND CHANGES IN NET ASSETS
PROPRIETARY FUNDS
See accompanying notes to financial statements.
- 13 -
Governmental
North Maine Activities
Water and Nonmajor Internal
Waterworks Sewer Enterprise Total Service
CASH FLOWS FROM OPERATING ACTIVITIES
Receipts from customers and users 7,819,919$ 6,007,537$ 3,490,231$ 17,317,687$ 11,841,713$
Payments to suppliers (3,214,132) (4,817,470) (1,747,623) (9,779,225) (9,133,476)
Payments to employees (1,539,541) (287,499) (509,771) (2,336,811) (521,385)
Net cash from operating activities 3,066,246 902,568 1,232,837 5,201,651 2,186,852
CASH FLOWS FROM NONCAPITAL
FINANCING ACTIVITIES
Miscellaneous nonoperating receipts - - 18,166 18,166 -
Interfund transfers in 4,570,388 - 1,179,516 5,749,904 8,649,511
Interfund transfers (out)(721,561) - (330,622) (1,052,183) (8,741,843)
Net cash from noncapital financing activities 3,848,827 - 867,060 4,715,887 (92,332)
CASH FLOWS FROM CAPITAL AND RELATED
FINANCING ACTIVITIES
Proceeds from sale of capital assets (48,424) (8,770) - (57,194) 322,664
Purchase of capital assets (9,185,240) - (1,984,149) (11,169,389) -
Principal payments - (480,116) (185,000) (665,116) -
Interest and fiscal charges - (291,595) (45,033) (336,628) -
Net cash from capital and related
financing activities (9,233,664) (780,481) (2,214,182) (12,228,327) 322,664
CASH FLOWS FROM INVESTING ACTIVITIES
Interest received 227,209 50,767 149,465 427,441 739,504
Sale of investments - (402,723) (502,626) (905,349) 5,103,773
Purchases of investments 198,258 - - 198,258 (7,688,540)
Net cash from investing activities 425,467 (351,956) (353,161) (279,650) (1,845,263)
NET INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS (1,893,124) (229,869) (467,446) (2,590,439) 571,921
CASH AND CASH EQUIVALENTS, JANUARY 1 2,412,311 792,603 1,748,291 4,953,205 848,839
CASH AND CASH EQUIVALENTS, DECEMBER 31 519,187$ 562,734$ 1,280,845$ 2,362,766$ 1,420,760$
Business-Type Activities
VILLAGE OF GLENVIEW, ILLINOIS
STATEMENT OF CASH FLOWS
PROPRIETARY FUNDS
For the Year Ended December 31, 2006
(This statement is continued on the following page.)
- 14 -
Governmental
North Maine Activities
Water and Nonmajor Internal
Waterworks Sewer Enterprise Total Service
RECONCILIATION OF OPERATING
INCOME TO NET CASH FLOWS FROM
OPERATING ACTIVITIES
Operating income (loss)(514,877)$ 828,338$ 458,956$ 772,417$ 3,032,385$
Adjustments to reconcile operating income
(loss) to net cash from operating activities
Depreciation and amortization (838,965) (160,716) 375,286 (624,395) 8,806
Changes in current assets and liabilities
Accounts receivable 165,902 79,014 (48,633) 196,283 1,044
Due from other funds 315,351 (129,514) (677,668) (491,831) 147,993
Due from component unit - - - - -
Advances from other funds - - - - -
Inventory (9,622) - - (9,622) (29,772)
Prepaid expenses - - - - (55,363)
Deferred bond charges - 1,928 - 1,928 -
Accounts payable 2,063,776 11,021 509,493 2,584,290 (21,315)
Accrued payroll (9,531) (5,516) (1,132) (16,179) (131)
Compensated absences payable (8,198) (11,268) - (19,466) -
Claims payable - - - - (100,935)
Deposits 1,677,930 323,576 (35,814) 1,965,692 (118,278)
Other payables - - - - -
Due to other funds 224,480 (34,295) 652,349 842,534 (677,582)
NET CASH FROM OPERATING ACTIVITIES 3,066,246$ 902,568$ 1,232,837$ 5,201,651$ 2,186,852$
NONCASH CONTRIBUTIONS
Contributions of capital assets -$ -$ -$ -$ -$
Business-Type Activities
VILLAGE OF GLENVIEW, ILLINOIS
STATEMENT OF CASH FLOWS (Continued)
PROPRIETARY FUNDS
For the Year Ended December 31, 2006
See accompanying notes to financial statements.
- 15 -
VILLAGE OF GLENVIEW, ILLINOIS
STATEMENT OF FIDUCIARY NET ASSETS
FIDUCIARY FUNDS
December 31, 2006
Pension
Trust Agency
Cash and cash equivalents 6,575,838$ 41,266$
Investments
U.S. Government and agency obligations 63,236,864 -
Mutual funds 18,113,823 -
Insurance contracts 1,201,848 -
Receivables
Property taxes - 135,362
Total assets 89,128,373 176,628$
LIABILITIES
Accounts payable 14,325 -$
Due to bondholders - 176,628
Total liabilities - 176,628$
NET ASSETS HELD IN TRUST FOR
PENSION BENEFITS 89,114,048$
ASSETS
See accompanying notes to financial statements.
- 16 -
VILLAGE OF GLENVIEW, ILLINOIS
STATEMENT OF CHANGES IN FIDUCIARY NET ASSETS
PENSION TRUST FUNDS
ADDITIONS
Contributions - employer 2,012,425$
Contributions - plan members 1,283,050
Total contributions 3,295,475
Investment income
Net appreciation in fair value
of investments (473,796)
Interest earned on investments 5,152,101
Total investment income 4,678,305
Less investment expense (65,855)
Net investment income 4,612,450
Total additions 7,907,925
DEDUCTIONS
Pensions and refunds 4,054,662
Total deductions 4,054,662
NET INCREASE 3,853,263
NET ASSETS HELD IN TRUST FOR
PENSION BENEFITS
January 1 85,260,785
December 31 89,114,048$
For the Year Ended December 31, 2006
See accompanying notes to financial statements.
- 17 -
-18 -
VILLAGE OF GLENVIEW, ILLINOIS
NOTES TO FINANCIAL STATEMENTS
December 31, 2006
1.SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The financial statements of the Village of Glenview, 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 is a municipal corporation governed by an elected seven-member board.
As required by generally accepted accounting principles, these financial statements
present the Village (the primary government) and its component units.
The Village’s financial statements include pension trust funds:
Police Pension Employees Retirement System
The Village’s police sworn employees participate in the Police Pension
Employees Retirement System (PPERS). PPERS functions for the benefit of
these employees and is governed by a five-member pension board consisting of
two members appointed by the Village’s President, one elected pension
beneficiary and two elected police. The Village and PPERS participants are
obligated to fund all PPERS costs based upon actuarial valuations. 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 contribution
levels. Although it possesses many of the characteristics of a legally separate
government, PPERS is reported as if it were part of the primary government
because its sole purpose is to finance and administer the pensions of the
Village’s police employees and because of the fiduciary nature of such
activities. PPERS is reported as a pension trust fund.
VILLAGE OF GLENVIEW, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
-19 -
1.SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
a.Reporting Entity (Continued)
Firefighters’ Pension Employees Retirement System
The Village’s firefighters participate in the Firefighters’ Pension Employees
Retirement System (FPERS). FPERS functions for the benefit of these
employees and is governed by a five-member pension board. Two members
appointed by the Village’s President, one elected pension beneficiary, and two
elected fire employees constitute the pension board.The Village and FPERS
participants are obligated to fund all FPERS costs based upon actuarial
valuations. 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 contribution levels. Although it possesses many of the
characteristics of a legally separate government, FPERS is reported as if it were
part of the primary government because its sole purpose is to finance and
administer the pensions of the Village’s firefighters and because of the fiduciary
nature of such activities. FPERS is reported as a pension trust fund.
Discretely Presented Component Unit -Village of Glenview Public Library (the
Library)
The Library has a separately elected seven-member board, which annually
determines its budget and resulting tax levy. Upon approval of the Village, the
levy is submitted to the County. All debt of the Library is secured by the full
faith and credit of the Village, which is wholly liable for the debt. Because the
Library possesses the characteristics of a legally separate government and does
not service the primary government, the Library is being reported as a discrete
presentation. Separate financial statements are disclosed in the component unit
portion of this report; the Library does not issue separate financial statements.
b.Fund Accounting
The Village uses funds to report on its financial position, changes in its financial
position, and cash flows. Fund accounting is designed to demonstrate legal
compliance and to aid financial management by segregating transactions related to
certain government functions or activities.
Funds are classified into the following categories: governmental, proprietary and
fiduciary.
VILLAGE OF GLENVIEW, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
-20 -
1.SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
b.Fund Accounting (Continued)
Governmental funds are used to account for all or most of a government’s general
activities, including the collection and disbursement of earmarked monies (special
revenue funds), the acquisition or construction of capital assets (capital projects
funds), and 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. Goods or services from such activities can be provided either
to outside parties (enterprise funds) or to other departments or agencies primarily
within the Village (internal service funds).
Fiduciary funds are used to account for assets held on behalf of outside parties,
including other governments, or on behalf of other funds within the Village. When
these assets are held under the terms of a formal trust agreement, a pension trust fund
is used. Agency funds generally are used to account for assets that the Village holds
on behalf of others as their agent.
c.Government-Wide and Fund Financial Statements
The government-wide financial statements (i.e., the statement of net assets and the
statement of activities) report information on all of the nonfiduciary activities of the
Village. The effect of material interfund activity has been eliminated from these
statements. Governmental activities, which normally are supported by taxes and
intergovernmental revenues, are reported separately from business-type activities,
which rely to a significant extent on fees and charges for support.
The statement of activities demonstrates the degree to which the direct expenses of a
given function, segment or program are offset by program revenues. Direct expenses
are those that are clearly identifiable with a specific function or segment. Program
revenues include 1) charges to customers or applicants who purchase, use, or directly
benefit from goods, services, or privileges provided by a given function or segment,
and 2) grants and standard revenues 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.
VILLAGE OF GLENVIEW, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
-21 -
1.SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
c.Government-Wide and Fund Financial Statements (Continued)
Separate financial statements are provided for governmental funds, proprietary funds,
and fiduciary funds, even though the latter are excluded from the government-wide
financial statements. Major individual governmental funds and major individual
enterprise funds are reported as separate columns in the fund financial statements.
The Village reports the following major governmental funds:
The General Fund, also referred to as the Corporate Fund, is the Village’s
primary operating fund. It accounts for all financial resources of the general
government, except those required to be accounted for in another fund.
Special Tax Allocation Fund, a Special Revenue Fund,accounts for the
incremental property tax revenue that is generated through the growth of the
assessed valuation at The Glen (formerly referred to as Glenview Naval Air
Station).
The Escrow Deposit Fund, a Special Revenue Fund, accounts for deposits
placed with the Village by building contractors.
The Village Permanent Fund, a Capital Projects Fund,is used to accumulate
20% of the land sales proceeds of The Glen for village-wide improvements as
well as short-term liquidity to the Village’s TIF projects encompassing The
Glen.
The Glen Land Sales Fund, a Capital Projects Fund,accounts for land sales
related to The Glen.
The 2006B Bond Fund, a Capital Projects Fund, accounts for the $27,940,000
bond issued to acquire land in the Glenview Naval Air Station Economic
Development Area.
The Village reports the following major proprietary funds:
The Waterworks Fund accounts for the provision of water service to the
residents of Glenview. All activity necessary to provide such services is
accounted for in this fund including, but not limited to, administration (Director
of Public Works), operation, maintenance, financing and related debt service
and billing and collection.
VILLAGE OF GLENVIEW, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
-22 -
1.SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
c.Government-Wide and Fund Financial Statements (Continued)
The North Maine Water and Sewerage Fund accounts for all financial activity
related to the Village providing water and Sewerage service to an
unincorporated area southwest of the Village. This area was formerly served by
the North Suburban Public Utilities Company.
The Village reports pension trust funds as fiduciary funds to account for the Police
and Firefighters’ Pension Funds,and an Agency Fund for noncommitment debt for
special service area funds.
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 (agency funds have no measurement focus).
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/expenses include all revenues/expenses directly
related to providing enterprise fund services. Incidental revenues/expenses are
reported as non-operating.
Governmental fund financial statements are reported using the current financial
resources measurement focus. With this measurement focus, only current assets and
current liabilities generally are included on the balance sheet. Operating statements of
these funds present increases (i.e., revenues and other financing sources) and
decreases (i.e., expenditures and other financing uses) in net current assets.
All proprietary funds,pension trust funds and agency funds are accounted for on a
flow of economic resources measurement focus. With this measurement focus, all
assets and all liabilities associated with the operation of these funds are included on
the balance sheet. Proprietary fund operating statements present increases (i.e.,
revenues) and decreases (i.e., expenses) in net total assets.
VILLAGE OF GLENVIEW, 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)
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. The Village recognizes property taxes
when they become both measurable and available in the period intended to finance on
a cash basis in a manner consistent with the adopted budget. Expenditures are
recorded when the related fund liability is incurred. Principal and interest on general
long-term debt are recorded as fund liabilities when due or when amounts have been
accumulated in the debt service fund for payments to be made early in the following
year.
Those revenues susceptible (within 60 days except sales and telecommunication tax
which use 90 days) to accrual are franchise taxes, licenses, interest revenue and
charges for services. Sales taxes owed to and fines collected and held by the
state/county court at year end on behalf of the Village also are recognized as revenue.
Permit revenues are not susceptible to accrual because, generally, they are not
measurable until received in cash.
The Village reports deferred revenue on its financial statements. Deferred revenues
arise when a potential revenue does not meet both the “measurable” and “available”
or earned criteria for recognition in the current period. Deferred revenues also 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 liability for deferred revenue is removed
from the combined balance sheet and revenue is recognized.
e.Cash and Investments
For purposes of the statement of cash flows, the Village’s proprietary funds consider
all highly liquid investments with an original maturity of three months or less when
purchased to be cash equivalents.
f.Investments
Investments with a maturity of less than one year when purchased and non-negotiable
certificates of deposit are stated at cost or amortized cost. Investments with a
maturity of greater than one year when purchased and all investments of the pension
trust funds are stated at fair value. Fair value is based on prices listed on national
exchanges as of December 31, 2006 for debt and equity securities. Mutual funds,
investment funds and insurance separate accounts are valued at contract value as of
December 31, 2006.
VILLAGE OF GLENVIEW, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
-24 -
1.SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
g.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 from other funds” or “due to other funds” on the balance sheet.
Short-term interfund loans, if any, are classified as “interfund receivables/payables.”
Long-term loans between funds are reported as “advances to/from other fund”.
h.Inventories
Inventories are valued at cost, which approximates market, using the first-in/first-out
(FIFO) method. The costs of governmental fund type inventories are recorded as
expenditures when consumed rather than when purchased.
i.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.
j.Capital Assets
Capital assets, which include property, plant, equipment and infrastructure assets (e.g.,
roads, bridges, sidewalks and similar items), 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 in excess of
$25,000 and an estimated useful life in excess of one year.
Such assets are recorded at historical cost or estimated historical cost if purchased or
constructed. Donated capital assets are recorded at estimated fair market value at the date
of donation.
The costs of normal maintenance and repairs that do not add to the value of the asset
or materially extend asset lives are not capitalized. Improvements are capitalized and
depreciated over the remaining useful lives of the related capital assets, as applicable.
Major outlays for capital assets and improvements are capitalized as projects are
constructed. Interest incurred during the construction phase of capital assets of business-
type activities is included as part of the capitalized value of the assets constructed.
Property, plant and equipment is depreciated using the straight line method over the
following estimated useful lives:
VILLAGE OF GLENVIEW, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
-25 -
1.SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
j.Capital Assets (Continued)
Assets Years
Buildings, improvements and infrastructure 25-80
Machinery and equipment 5-10
Water system 50
Sewerage system 50
Interest is capitalized on proprietary fund assets acquired with tax-exempt debt. The
amount of interest to be capitalized is calculated by offsetting interest expense
incurred from the date of the borrowing until completion of the project with interest
earned on invested proceeds over the same period.
k.Compensated Absences
The Village accrues a liability for vacation benefits as these benefits are earned. At
December 31, 2006, the liabilities for these accumulated unpaid benefits are
accounted for in the proprietary funds at all levels and in the governmental activities
column in the government-wide financial statements. In the governmental fund
financial statements a liability has been accrued for amounts owed to employees who
have retired or terminated employment by the end of the year.
l.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, business-type activities or proprietary fund type
financial statements. Bond premiums and discounts, as well as loss on refundings and
issuance costs, are deferred and amortized over the life of the bonds. Bonds payable are
reported net of the applicable bond premium or discount and loss on refunding. Bond
issuance costs are reported as deferred charges and amortized over the term of the related
debt.
In the fund financial statements, governmental funds recognize bond premiums and
discounts,as well as loss on refundings and bond issuance costs, during the current period.
The face amount of debt issued is reported as other financing sources. Premiums
received on debt issuances are reported as other financing sources while discounts and loss
on refunding on debt issuances are reported as other financing uses. Issuance costs,
whether or not withheld from the actual debt proceeds received, are reported as
expenditures.
VILLAGE OF GLENVIEW, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
-26 -
1.SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
m.Net Assets/Fund Balances
In the fund financial statements, governmental funds report reservations of fund
balance for amounts that are not available for appropriation or are legally restricted by
outside parties for use for a specific purpose. Designations of fund balance represent
tentative management plans that are subject to change. In the government-wide
financial statements, restricted net assets are legally restricted by outside parties for a
specific purpose. Invested in capital assets, net of related debt is the book value of
capital assets less any long-term debt outstanding that was issued to construct or
acquire the capital assets.
n.Glen Development Fees
Glen development fees of $134,266 were received in fiscal year 2006. These fees are
reserved for capital development and other projects.
o.Interfund Transactions
Interfund services 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 services transactions and
reimbursements, are reported as transfers.
Advances between funds, if any, are offset by a fund balance reserve account in
applicable governmental funds to indicate they are not available for appropriation and
are not expendable available financial resources.
p.Operating and Nonoperating Revenues and Expenses
Proprietary operating revenues and expenses are revenues and expenses earned on the
sale of goods or services by the Proprietary Fund. Nonoperating revenues and
expenses are any other revenue not attributable to the sale of goods or services.
VILLAGE OF GLENVIEW, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
-27 -
1.SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
q.GASB Pronouncements
The Village has elected, under the provisions of GASB Statement 20, titled
“Accounting and Financial Reporting for Proprietary Funds and Other
Governmental Entities That Use Proprietary Fund Accounting,” to apply all
applicable GASB pronouncements and all FASB Statements and Interpretations,
Accounting Principles Board (APB) Opinions, and Accounting Research Bulletins
(ARB) issued on or before November 30, 1989, unless they conflict with or
contradict GASB pronouncements.
2.LEGAL COMPLIANCE AND ACCOUNTABILITY
Deficit Fund Balances/Net Assets of Individual Funds
The following funds had a deficit in fund balance/net assets as of the date of this report:
Fund
Deficit
Balance
Major Governmental Funds
Glen Land Sales $8,855,158
Nonmajor Governmental Funds
Capital Projects 1,019,013
Police Department Headquarters 57,857
3.DEPOSITS AND INVESTMENTS
a.Village Deposits and Investments
The Village’s investment policy authorizes the Village to invest in all investments
allowed by Illinois Compiled Statutes. These include deposits/investments 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 or agreements to
repurchase these same obligations, repurchase agreements, short-term commercial
paper rated within the three highest classifications by at least two standard rating
services and Illinois Funds
Illinois Funds is an investment pool managed by the State of Illinois, Office of the
Treasurer, which allows governments within the State to pool their funds for
investment purposes. Illinois Funds is not registered with the SEC as an investment
company, but does operate in a manner consistent with Rule 2a7 of the Investment
Company Act of 1940. Investments in Illinois Funds are valued at Illinois Fund’s
share price, the price for which the investment could be sold.
VILLAGE OF GLENVIEW, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
-28 -
3.DEPOSITS AND INVESTMENTS (Continued)
a.Village Deposits and Investments (Continued)
The Village’s investment policy does limit its deposits to financial institutions that are
members of the FDIC system and are capable of posting collateral for amounts in
excess of FDIC insurance. Additionally the Village will not invest in any institution in
which the Village’s funds on deposit are in excess of 75% of the institutions capital
stock and surplus.
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
of principal, liquidity and rate of return.
The Village maintains a cash and investment pool that is available for use by all funds,
except the pension trust funds. In addition, investments are separately held by several
of the Village’s funds. The deposits and investments of the pension trust funds are
held separately from those of other funds.
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 pledging of collateral for all bank balances in excess of
federal depository insurance, at an amount not less than 110% of the fair market
value of the funds secured, with the collateral held by the Village, an independent
third party or the Federal Reserve Bank of Chicago.
Investments
The following table presents the investments and maturities of the Village’s debt
securities as of December 31, 2006:
Investment Maturities in Years
Investment Type Fair Value Less Than 1 1-5 6-10 Greater than 10
U.S. Treasury obligations $6,882,807 $6,882,807 $-$-$-
U.S. Agency obligations 99,815,027 98,205,099 640,553 969,375 -
Municipal bonds 633,390 -444,436 188,954 -
Illinois Funds 14,634,472 14,634,472 ---
TOTAL $121,965,696 $119,722,378 $1,084,989 $1,158,329 $-
VILLAGE OF GLENVIEW, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
-29 -
3.DEPOSITS AND INVESTMENTS (Continued)
a.Village Deposits and Investments (Continued)
Investments (Continued)
In accordance with its investment policy, the Village limits its exposure to interest
rate risk by structuring the portfolio to provide liquidity for short and long-term cash
flow needs while providing a reasonable rate of return based on the current market.
The Village limits its exposure to credit risk, the risk that the issuer of a debt security
will not pay its par value upon maturity, by investing in external investment pools.
Illinois Funds is rated AAA.The U.S. Agency Obligations are all rated AAA.
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 investments be limited to the safest types of
securities invested with pre-qualified institutions, broker/dealers, intermediaries, and
advisors and soundly diversified. Illinois Funds is not subject to custodial credit risk.
Concentration of credit risk is the risk that the Village has a high percentage of their
investments invested in one type of investment. At December 31, 2006, the Village
had greater than five percent of its overall portfolio invested in U.S. Agency
Obligations and Illinois Funds. The Village’s investment policy requires
diversification of investment to avoid unreasonable risk but has no set percentage
limits.
b.Police Pension Deposits and Investments
The Police Pension Fund’s investment policy authorizes the Police Pension Fund to
invest in all investments allowed by the Illinois Pension Code contained in Chapter 40
of Illinois Compiled Statutes. These include deposits/investments in insured
commercial banks, savings and loan institutions, interest bearing obligations of the
U.S. Treasury and U.S. Agencies, interest bearing bonds of the State of Illinois or any
county, township or municipal corporation of the State of Illinois, direct obligations
of the State of Israel, money market mutual funds whose investments consist of
obligations of the U.S. Treasury or U.S. Agencies, separate accounts managed by life
insurance companies, Mutual Funds, common and preferred stock and Illinois Funds
(created by the Illinois State Legislature under the control of the State Treasurer that
maintains a $1 per share value which is equal to the participants fair value).
VILLAGE OF GLENVIEW, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
-30 -
3.DEPOSITS AND INVESTMENTS (Continued)
b.Police Pension Deposits and Investments (Continued)
It is the policy of the Police Pension Fund to invest its funds in a manner which will
provide the highest investment return with the maximum security while meeting the
cash flow demands of the Police Pension Fund 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 of principal, rate of return, public trust and liquidity.
Deposits with Financial Institutions
Custodial credit risk for deposits with financial institutions is the risk that in the event
of bank failure, the Police Pension Fund’s deposits may not be returned to it.The
Fund’s investment policy requires pledging of collateral for all investments in excess
of federal depository insurance, at an amount not less than 110% of the fair market
value of the funds secured, with the collateral held by the Village, an independent
third party or the Federal Reserve Bank of Chicago.
Investments
The following table presents the investments and maturities of the Police Pension
Fund’s debt securities as of December 31, 2006:
Investment Maturities in Years
Investment Type Fair Value Less Than 1 1-5 6-10 Greater than 10
U.S. Treasury obligations $15,954,422 $400,000 $1,694,150 $10,235,724 $3,624,548
U.S.Agency obligations 4,051,844 ---4,051,844
Municipal Bonds 78,486 --78,486 -
Money Market Mutual Funds 15,165,604 15,165,604 ---
Illinois Funds 5,721,554 5,721,554 ---
TOTAL $40,971,910 $21,287,158 $1,694,150 $10,314,210 $7,676,392
In accordance with its investment policy, the Police Pension Fund limits its exposure
to interest rate risk by structuring the portfolio to provide liquidity for all reasonably
anticipated operating requirements while providing a reasonable rate of return based
on the current market.
The Police Pension Fund limits its exposure to credit risk, the risk that the issuer of a
debt security will not pay its par value upon maturity, by primarily investing U.S
Agency Obligations and other highly rated Obligations. Illinois Funds is rated AAA.
The Money Market Mutual Funds range in rating from 3-star to 5-star.
VILLAGE OF GLENVIEW, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
-31 -
3.DEPOSITS AND INVESTMENTS (Continued)
b.Police Pension 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 Police Pension Fund will not be able to recover
the value of its investments that are in possession of an outside party. To limit its
exposure, the Police Pension Fund’s investment policy requires all security
transactions that are exposed to custodial credit risk to be held by a third party agent.
Concentration of credit risk is the risk that the Police Pension Fund has a high
percentage of their investments invested in one type of investment. The Police
Pension Fund’s investment policy requires diversification of investment to avoid
unreasonable risk. At December 31, 2006, the Police Pension Fund had greater than
five percent of its overall portfolio invested in U.S. Agency Obligations and Money
Market Mutual Funds.The Police Pension Fund’s investment policy requires
diversification of investment to avoid unreasonable risk but has no set percentage
limits.
c.Firefighters’Pension Deposits and Investments
The Firefighters’Pension Fund’s investment policy authorizes the Firefighters’
Pension Fund to invest in all investments allowed by Illinois Compiled Statutes.
These include deposits/investments 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 or agreements to repurchase these same obligations, repurchase
agreements, short-term commercial paper rated within the three highest classifications
by at least two standard rating services and the Illinois Funds (created by the Illinois
State Legislature under the control of the State Treasurer that maintains a $1 per
share value which is equal to the participants fair value). The Fund’s investment
policy does limit its deposits to financial institutions that are members of the FDIC
system and are capable of posting collateral for amounts in excess of FDIC insurance.
Additionally the Firefighters’Pension Fund will not invest in any institution in which
the Firefighters’Pension Fund’s funds on deposit are in excess of 75% of the
institutions capital stock and surplus.
It is the policy of the Firefighters’Pension Fund 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 Firefighters’Pension Fund 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 of principal, liquidity and rate of return.
VILLAGE OF GLENVIEW, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
-32 -
3.DEPOSITS AND INVESTMENTS (Continued)
c.Firefighters’Pension 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 Firefighters’Pension Fund’s deposits may not be returned to it.
The Firefighters’Pension Fund policy does not require collateralization. However, all
deposits at December 31, 2006 are covered by Federal Depository Insurance.
Investments
The following table presents the investments and maturities of the Firefighters’
Pension Fund’s debt securities as of December 31, 2006:
Investment Maturities in Years
Investment Type Fair Value Less Than 1 1-5 6-10 Greater than 10
U.S.Treasury obligations $2,489,972 $-$2,489,972 $-$-
U.S.Agency obligations 39,836,732 22,615,453 9,046,529 7,215,690 959,060
Municipal bonds 709,254 -429,340 216,960 62,954
Money Market Mutual Funds 2,948,926 2,948,926 ---
Insurance Contracts 1,201,848 1,201,848 ---
Illinois Funds 477,605 477,605 ---
TOTAL $47,664,337 $27,243,832 $11,965,841 $7,432,650 $1,022,014
In accordance with its investment policy, the Firefighters’Pension Fund limits its
exposure to interest rate risk by structuring the portfolio to provide liquidity for short
and long-term cash flow needs while providing a reasonable rate of return based on
the current market.
The Firefighters’Pension Fund limits its exposure to credit risk, the risk that the
issuer of a debt security will not pay its par value upon maturity, by investing in
external investment pools. Illinois Funds is rated AAA.The U.S. Agency
Obligations are all rated AAA.
Custodial credit risk for investments is the risk that, in the event of the failure of the
counterparty to the investment, the Firefighters’Pension Fund will not be able to
recover the value of its investments that are in possession of an outside party. To
limit its exposure, the Firefighters’Pension Fund’s investment policy requires all
investments be limited to the safest types of securities invested with pre-qualified
institutions, broker/dealers, intermediaries, and advisors and soundly diversified.
Illinois Funds is not subject to custodial credit risk.
VILLAGE OF GLENVIEW, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
-33 -
3.DEPOSITS AND INVESTMENTS (Continued)
c.Firefighters’Pension Deposits and Investments (Continued)
Investments (Continued)
Concentration of credit risk is the risk that the Firefighters’Pension Fund has a high
percentage of their investments invested in one type of investment. At December 31,
2006, the Firefighters’Pension Fund had greater than five percent of its overall
portfolio invested in U.S. Agency Obligations and Money Market Mutual Funds. The
Firefighters’Pension Fund’s investment policy requires diversification of investment
to avoid unreasonable risk but has no set percentage limits.
4.RECEIVABLES
Property taxes for 2006 attach as an enforceable lien on January 1, 2006 on property values
assessed as of the same date. Taxes are levied by December of the fiscal year (by passage
of a Tax Levy Ordinance). Tax bills are prepared by the County and issued on or about
February 1, 2007 and August 1, 2007 and are payable in two installments, on or about
March 1, 2007 and September 1, 2007. The County collects such taxes and remits them
periodically. The allowance for uncollectible taxes has been stated at 2% of the tax levy, to
reflect actual collection experience.Since the 2006 levy is intended to fund the 2007 fiscal
year, the levy has been recorded as a receivable and deferred revenue.
The following receivables are included in Miscellaneous Receivables on the Statement of
Net Assets:
GOVERNMENTAL ACTIVITIES
Franchise tax $99,959
Hotel/motel tax 60,043
Local use tax 159,724
Amusement tax 12,418
Court fines 29,019
Disposal fees 79,905
911 surcharge fees 88,135
Other 1,750
TOTAL $530,953
VILLAGE OF GLENVIEW, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
-34 -
4.RECEIVABLES (Continued)
The following receivables are included in due from other governments on the Statement of
Net Assets:
GOVERNMENTAL ACTIVITIES
Department of the Navy $1,229,102
Village of Wilmette 343,404
State of Illinois 120,493
Cook County 946,277
Glenbrook Fire Protection Services 511,754
Village of Golf Fire Protection Services 76,483
Motor fuel tax 108,090
TOTAL $3,335,603
5.CAPITAL ASSETS
Capital asset activity for the year ended December 31, 2006 was as follows:
Primary Government
Beginning
Balance,
Restated Increases Decreases
Ending
Balance
GOVERNMENTAL ACTIVITIES
Capital assets not being depreciated
Land $11,860,698 $-$-$11,860,698
Land right of way 54,923,895 211,124 -55,135,019
Construction in progress 17,871,342 -17,871,342 -
Total capital assets not being depreciated 84,655,935 211,124 17,871,342 66,995,717
Capital assets being depreciated
Buildings and improvements 53,446,895 17,926,417 -71,373,312
Machinery and equipment 9,832,371 586,432 659,143 9,759,660
Infrastructure 109,617,592 12,147,978 523,266 121,242,304
Total capital assets being depreciated 172,896,858 30,660,827 1,182,409 202,375,276
Less accumulated depreciation for
Buildings and land improvements 7,663,743 1,339,608 -9,003,351
Machinery and equipment 5,496,777 1,100,284 636,755 5,960,306
Infrastructure 42,434,063 2,626,241 310,082 44,750,222
Total accumulated depreciation 55,594,583 5,066,133 946,837 59,713,879
Total capital assets being depreciated, net 117,302,275 25,594,694 235,572 142,661,397
GOVERNMENTAL ACTIVITIES
CAPITAL ASSETS, NET $201,958,210 $25,805,818 $18,106,914 $209,657,114
VILLAGE OF GLENVIEW, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
-36 -
5.CAPITAL ASSETS (Continued)
Component Unit
Beginning
Balance Increases Decreases
Ending
Balance
GOVERNMENTAL ACTIVITIES
Capital assets not being depreciated
Land $500,000 $-$-$500,000
Total capital assets not being depreciated 500,000 --500,000
Capital assets being depreciated
Buildings and improvements 4,116,088 --4,116,088
Equipment and vehicles 14,044 16,500 14,044 16,500
Total capital assets being depreciated 4,130,132 16,500 14,044 4,132,588
Less accumulated depreciation for
Buildings and improvements 1,941,227 77,872 -2,019,099
Equipment and vehicles 14,044 16,500 14,044 16,500
Total accumulated depreciation 1,955,271 94,372 14,044 2,035,599
Total capital assets being depreciated, net 2,174,861 (77,872)-2,096,989
GOVERNMENTAL ACTIVITIES
CAPITAL ASSETS, NET $2,674,861 $(77,872)$-$2,596,989
Depreciation expense was charged to functions of the governmental activities as follows:
GOVERNMENTAL ACTIVITIES
Culture and recreation $94,372
6.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; illnesses of employees;
and natural disasters. The Village is self-insured (and participates in two public employee
risk pools for health claims)for general liability,auto, property and workers’ compensation
risks and has established a risk-financing fund, Insurance Fund (the Fund), for all risks. It is
accounted for as an internal service fund where assets are set aside for claim settlements.
Under this program, the Fund provides coverage up to a maximum of $1,000,000 for each
general liability claim, $450,000 for each workers’ compensation claim and $100,000 for
each property damage claim. The Village purchases commercial insurance for claims in
excess of the coverages provided by the Fund. Settled claims have not exceeded this
commercial coverage in any of the past three fiscal years.
VILLAGE OF GLENVIEW, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
-37 -
6.RISK MANAGEMENT (Continued)
All funds of the Village participate and make payments to the Fund based upon actuarial
estimates of the amounts needed to pay prior and current year claims. Liabilities of the
Fund are reported when it is probable that a loss has occurred and the amount of the loss
can be reasonably estimated. Liabilities include an amount for claims that have been
incurred but not reported (IBNR). Claim liabilities are calculated considering the effects of
inflation, recent claim settlement trends including frequency and amount of payouts and
other economic and societal factors. Changes in the balances of claims liabilities during the
past two fiscal years are as follows:
2006 2005
CLAIMS PAYABLE, JANUARY 1 $482,817 $167,669
Add claims incurred 671,561 809,029
Less claims paid 772,496 493,881
CLAIMS PAYABLE, DECEMBER 31 $381,882 $482,817
Intergovernmental Personnel Benefit Cooperative (IPBC)
The Village participates in the Intergovernmental Personnel Benefit Cooperative (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 (primarily medical, dental and
life insurance coverage) offered by its members to their officers and employees and to the
officers and employees of certain other governmental, quasi-governmental and nonprofit
public service entities. Risk of loss is retained by the Village, except that IPBC purchases
excess coverage policies.
Management consists of a Board of Directors comprised of one appointed representative
from each member. In addition, there are three officers, a Benefit Administrator, and a
Treasurer. The Village does not exercise any control over activities of IPBC beyond its
representation on the Board of Directors.
High-Level Excess Liability Pool (HELP)
The Village participates in the High-Level Excess Liability Pool (HELP). HELP is a public
entity risk pool established by certain municipalities in Illinois to provide excess liability
coverage ($10,000,000 of coverage after a $2,000,000 self-insurance retention). The
Village’s payments to HELP are displayed on the financial statements as expenses in the
Insurance Fund.
HELP was organized on April 1, 1987. The purpose of HELP is to act as a joint self-
insurance pool for the purpose of seeking the prevention or lessening of liability claims for
injuries to persons or property or claims for errors and omissions made against the members
and other parties included within the scope of coverage of HELP.
VILLAGE OF GLENVIEW, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
-38 -
6.RISK MANAGEMENT (Continued)
High-Level Excess Liability Pool (HELP) (Continued)
HELP is governed by a Board of Directors, which consists of one appointed representative
from each member municipality. Each director has an equal vote. The officers of HELP are
appointed by the Board of Directors. The Board of Directors determines the general policy
of HELP; makes all appropriations; approves contracts; adopts resolutions providing for the
issuance of debt by HELP; adopts bylaws, rules and regulations; and exercises such powers
and performs such duties as may be prescribed in the Agency Agreement or the bylaws.
The Village does not exercise any control over the activities of HELP beyond its
representation on the Board of Directors.
7.LONG-TERM DEBT
a.Changes in Long-Term Liabilities
During the fiscal year, the following changes occurred in liabilities reported for long-
term liabilities:
January 1 Additions Reductions December 31
Current
Portion
GOVERNMENTAL ACTIVITIES
General obligation bonds $119,275,000 $37,940,000 $9,490,000 $147,725,000 $9,885,450
Special service area 85,503 -9,807 75,696 9,533
Unamortized bond discount (200,742)(87,732)(14,798)(273,676)-
Unamortized bond premium 41,468 11,371 3,190 49,649 -
*Compensated absences 1,676,922 2,081,864 1,676,922 2,081,864 251,538
TOTAL GOVERNMENTAL
ACTIVITIES $120,878,151 $39,945,503 $11,165,121 $149,658,533 $10,146,521
BUSINESS-TYPE ACTIVITIES
General obligation bonds $7,039,497 $-$560,193 $6,479,304 $580,017
Note payable 2,139,824 -109,621 2,030,203 115,039
#Compensated absences 119,718 100,252 119,718 100,252 89,834
Unamortized discount (18,359)-(3,586)(14,773)-
Unamortized loss on refunding (321,205)-(4,020)(317,185)-
TOTAL BUSINESS-TYPE
ACTIVITIES $8,959,475 $100,252 $781,926 $8,277,801 $784,890
* Compensated absences are typically liquidated by the General Fund.
# Compensated absences are typically liquidated by the Waterworks and North Maine
Water and Sewerage Funds.
VILLAGE OF GLENVIEW, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
-39 -
7.LONG-TERM DEBT (Continued)
b.General Obligation Bonds
The Village issues general obligation bonds to provide funds for the acquisition and
construction of major capital facilities. General obligation bonds have been issued for
both general government and proprietary activities. These bonds therefore are
reported in the proprietary funds if they are expected to be repaid from proprietary
revenues.
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
January 1 Additions Reductions
Balances
December 31
Current
Amount
$6,175,000 Corporate Purpose
Bond Series of 1997 dated
August 15, 1997, due in
annual installments of
$100,000 to $495,000 plus
interest at 4.875% to 5.00%
through December 1, 2017.
North
Maine
Water
and
Sewerage $955,000 $-$275,000 $680,000 $290,000
$24,400,000 General
Obligation Bond Series of
1998B dated January1, 1999,
due in annual installments of
$1,000,000 to $2,050,000 plus
interest at 4.25% to 4.50%
through December 1, 2018.
Debt
Service 18,470,000 -1,640,000 16,830,000 1,715,000
$4,970,000 General
Obligation Bond Series of
2000 dated December 15,
2000, due in annual
installments of $345,000 to
$1,875,000 plus interest at
4.30% to 4.5% through
December 1, 2008.
Debt
Service 4,625,000 -1,750,000 2,875,000 1,875,000
$41,800,000 General
Obligation Bond Series of
2001 dated August 1, 2001,
due in annual installments of
$500,000 to $5,500,000 plus
interest at 3.50% to 4.35%
through December 1, 2012.
Debt
Service 36,000,000 -5,000,000 31,000,000 5,000,000
VILLAGE OF GLENVIEW, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
-40 -
7.LONG-TERM DEBT (Continued)
b.General Obligation Bonds (Continued)
Issue
Fund Debt
Retired By
Balances
January 1 Additions Reductions
Balances
December 31
Current
Amount
$9,990,000 General
Obligation Refunding Bond
Series of 2003A dated
April 1, 2003, due in annual
installments of $185,000 to
$1,130,000 plus interest at
2.05% to 3.10% through
December 1, 2017.
SSA #36
SSA #37
North
Maine
Water and
Sewerage
Debt
Service
$58,527
26,976
4,654,497
2,990,000
$-
-
-
-
$6,713
3,094
100,193
975,000
$51,814
23,882
4,554,304
2,015,000
$6,833
3,150
100,017
995,000
$1,995,000 General
Obligation Refunding Bond
Series of 2003B dated
April 1, 2003, due in annual
installments of $160,000 to
$225,000 plus interest at
1.3% to 3.85% through
December 1, 2012.
Whole-
sale
Water 1,430,000 -185,000 1,245,000 190,000
$25,000,000 General
Obligation Bond Series of
2004A dated August 1, 2004,
due in annual installments of
$125,000 to $8,250,000 plus
interest at 2.00% to 4.00%
through December 1, 2014.
GNAS
Redevelop-
ment 24,875,000 -125,000 24,750,000 300,000
$22,315,000 General
Obligation Bond Series of
2004B dated August 1, 2004,
due in annual installments of
$1,015,000 to $1,900,000
plus interest at 3.50% to
4.70% through December 1,
2024.
Debt
Service 22,315,000 --22,315,000 -
$10,000,000 General
Obligation Refunding Bond
Series of 2005 dated
November 1, 2005, due in
annual installments of
$25,000 to $1,825,000 plus
interest at 3.50% to 3.75%
through December 1, 2018.
Debt
Service 10,000,000 --10,000,000 -
VILLAGE OF GLENVIEW, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
-41 -
7.LONG-TERM DEBT (Continued)
b.General Obligation Bonds (Continued)
Issue
Fund Debt
Retired By
Balances
January 1 Additions Reductions
Balances
December 31
Current
Amount
$10,000,000 General
Obligation Bond Series of
2006A dated December 1,
2006, due in annual
installments of $2,350,000
to $2,650,000 plus interest
at 3.75% through December
1, 2018.
Debt
Service $-$10,000,000 $-$10,000,000 $-
$27,940,000 General
Obligation Taxable Bond
Series of 2006B dated
December 1, 2006, due on
December 1, 2009.Interest
accrues at 4.70%.
Debt
Service -27,940,000 -27,940,000 -
TOTAL $126,400,000 $37,940,000 $10,060,000 $154,280,000 $10,475,000
c.Notes Payable
The Village enters into notes payable to provide funds for the acquisition of capital
assets. Notes payable have been issued for proprietary activities. The proprietary
liabilities are therefore reported in the proprietary funds.
Note payable currently outstanding is as follows:
Issue
Fund Debt
Retired By
Balances
January 1 Additions Reductions
Balances
December 31
Current
Amount
$2,850,000 Corporate
Purpose Note of 1997 dated
September 2, 1997, due in
annual installments of
$215,377 including interest
paid at 4.942% through
September 1, 2019.
North
Maine
Water
and
Sewerage $2,139,824 $-$109,621 $2,030,203 $115,039
VILLAGE OF GLENVIEW, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
-42 -
7.LONG-TERM DEBT (Continued)
d.Debt Service Requirements to Maturity
Annual debt service requirements to maturity are as follows:
Fiscal
Year
Ending General Obligation Bonds Special Service Area Bonds
December 31 Principal Interest Principal Interest
2007 $9,335,000 $4,651,774 $9,983 $2,347
2008 37,600,000 4,634,118 10,183 2,147
2009 10,055,000 2,806,799 10,427 1,903
2010 10,475,000 2,460,888 10,719 1,611
2011 10,925,000 2,083,700 11,062 1,268
2012 11,375,000 2,389,900 11,449 881
2013 11,850,000 1,956,863 11,873 457
2014 6,100,000 1,481,301 --
2015 6,375,000 1,241,863 --
2016 6,650,000 988,237 --
2017 6,925,000 730,302 --
2018 1,500,000 456,588 --
2019 1,575,000 392,838 --
2020 1,650,000 323,931 --
2021 1,725,000 251,331 --
2022 1,825,000 173,706 --
2023 1,900,000 89,300 --
2024 9,885,000 5,294,818 --
TOTAL $147,725,000 $32,408,257 $75,696 $10,614
Fiscal
Year
Ending
General Obligation Bonds
Carried as Enterprise Fund
Liabilities
Corporate Purpose Notes
Carried as Enterprise Fund
Liabilities
December 31 Principal Interest Principal Interest
2007 $580,017 $209,692 $115,039 $100,338
2008 599,817 188,445 120,725 94,652
2009 624,573 165,610 126,691 88,686
2010 654,281 146,142 132,952 82,425
2011 678,938 125,485 139,523 75,854
2012 698,551 103,632 146,419 68,958
2013 488,127 80,843 153,655 61,722
2014 505,000 66,300 161,249 54,128
2015 525,000 51,150 169,219 46,158
2016 545,000 34,875 177,582 37,795
2017 580,000 17,980 186,359 29,018
2018 --195,569 19,808
2019 --205,221 10,143
TOTAL $6,479,304 $1,190,154 $2,030,203 $769,685
VILLAGE OF GLENVIEW, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
-43 -
7.LONG-TERM DEBT (Continued)
e.Legal Debt Margin
The Government is a home rule municipality.
Article VII, Section 6(k) of the 1970 Illinois Constitution governs computation of the
legal debt margin.
“The General Assembly may limit by law the amount and require referendum
approval of debt to be incurred by home rule municipalities, payable from ad
valorem property tax receipts, only in excess of the following percentages of the
assessed value of its taxable property . . . (2) if its population is more than
25,000 and less than 500,000 an aggregate of one percent: . . . indebtedness
which is outstanding on the effective date (July 1, 1971) of this constitution or
which is thereafter approved by referendum . . . shall not be included in the
foregoing percentage amounts.”
To date, the General Assembly has set no limits for home rule municipalities.
f.Noncommitment Debt
Special Service Area Bonds
Special service area bonds (other than No. 36 and No. 37) outstanding as of the date
of this report totaled $462,774. These bonds are not an obligation of the Village and
are secured by the levy of special service on the real property within the special
service area. The Village is in no way liable for repayment but is only acting as the
agent for the property owners in levying and collecting the assessments and
forwarding the collections to the bondholders.
Conduit Debt
The Village has issued Industrial Development Revenue Bonds (IDRBs) to provide
financial assistance to private organizations for the construction and acquisition of
industrial and commercial improvements deemed to be in the public interest. The
bonds are secured solely by the property financed and are payable solely from the
payments received on the underlying mortgage loans on the property. The Village is
not obligated in any manner for the repayment of the bonds. Accordingly, the bonds
outstanding are not reported as a liability in these financial statements. As of
December 31, 2006, there was one series of IDRBs outstanding. The aggregate
principal amount payable for the IDRBs outstanding was $8,525,000.
VILLAGE OF GLENVIEW, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
-44 -
8.CONTRACTUAL COMMITMENTS
a.High-Level Excess Liability Pool (HELP)
The Village has committed to purchase excess liability insurance from the High-Level
Excess Liability Pool (HELP), a public entity risk pool for certain Illinois
municipalities through April 30, 2008.
These amounts have been calculated using the Village’s current allocation percentage
of 8.67%. In future years, this allocation percentage will be subject to change
because the HELP Agreement provides that each year members will be assessed
based upon a formula that specifies the following four criteria for allocating premium
costs:
Miles of Streets
Full-Time Equivalent Employees
Number of Motor Vehicles
Operating Revenues
b.Solid Waste Agency of Northern Cook County (SWANCC)
The Village has committed to pay its share of the annual operating costs and fixed
costs of the SWANCC. The Village’s share of costs is expected to be funded
through tipping fees paid by refuse haulers. The Village began delivering refuse to
SWANCC in May of 1995.
SWANCC has entered into solid waste disposal contracts with the twenty-three
member municipalities. The contracts are irrevocable and may not be terminated or
amended except as provided in the contract. Each member is obligated, on a “take or
pay” basis, to purchase, or in any event, to pay for a minimum annual cost of the
system.
The obligation of the Village to make all payments as required by this contract is
unconditional and irrevocable, without regard to performance or nonperformance by
SWANCC of its obligations under this contract.
VILLAGE OF GLENVIEW, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
-45 -
9.INTERFUND TRANSACTIONS
Due From/To Other Funds
Primary Government
Receivable Fund Payable Fund Amount
Major Governmental Funds
General Fund 2000 Project $310,309
Police Department Headquarters 26,687
Waterworks 3,521
Sewerage 47,758
Insurance 8,438
396,713
Special Tax Allocation GNAS Redevelopment 75,000
GNAS Caretaker 75,000
150,000
Escrow Deposit General 1,000
Total major governmental funds 547,713
Nonmajor Governmental Funds
Motor Fuel Tax General 40,000
Waterworks 108,236
GNAS Caretaker General 183,607
Waterworks 13,616
North Maine Water and Sewerage 7,744
Sewerage 42,294
Wholesale Water 2,349
Refuse and Recycling Village Permanent 405,855
Deposit General 875
Corporate Purpose Bond Series 2000 Village Permanent 23,000
Capital Projects General 323,651
Total nonmajor governmental funds 1,151,227
Total governmental funds 1,698,940
VILLAGE OF GLENVIEW, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
-46 -
9.INTERFUND TRANSACTIONS (Continued)
Due From/To Other Funds (Continued)
Primary Government (Continued)
Receivable Fund Payable Fund Amount
Major Enterprise Funds
Waterworks General $112,174
Sewerage 6
112,180
North Maine Water and Sewerage General 44,959
Waterworks 263,916
308,875
Total major governmental funds 421,055
Nonmajor Enterprise Funds
Wholesale Water Waterworks 17,141
Sewerage General 2,818
Waterworks 1,196
Wholesale Water 650,000
Commuter Parking Lot General 7,350
Waterworks 34,905
Sewerage 3,682
Total Nonmajor Enterprise Funds 717,092
Internal Service
Municipal Equipment Repair General 98,686
GNAS Redevelopment 642
GNAS Caretaker 4,518
Waterworks 123,744
North Maine Water and Sewerage 2,590
Sewerage 14,330
Capital Equipment Replacement General 23,389
Total Internal Service 267,899
TOTAL $3,104,986
VILLAGE OF GLENVIEW, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
-47 -
9.INTERFUND TRANSACTIONS (Continued)
Due From/To Other Funds (Continued)
Primary Government (Continued)
The purpose of the significant due from/to other funds is as follows:
•$310,309 due to the General Fund from the 2000 Project Fund is for capital projects
payment reallocation. Repayment is expected within one year.
•$108,236 due to the Motor Fuel Tax Fund from the Waterworks Fund is for capital
projects payment reallocation. Repayment is expected within one year.
•$183,607 due to the GNAS Caretaker Fund from the General Fund is for payroll
reallocation. Repayment is expected within one year.
•$323,651 due to the Capital Projects Fund from the General Fund is to fund various
Corporate Capital Projects. Repayment is expected within one year.
•$405,855 due to the Refuse and Recycling Fund from the Village Permanent Fund is
for correction of investment entry. Repayment is expected within one year.
•$112,174 due to the Waterworks Fund from the General Fund is for payroll
allocation. Repayment is expected within one year.
•$263,916 due to the North Maine Water and Sewerage Fund from the Waterworks
Fund is for payroll allocation. Repayment is expected within one year.
•$123,744 due to the MERF Fund from the Waterworks Fund is for interfund
operations. Repayment is expected within one year.
•$650,000 due to the Sewerage Fund from the Wholesale Water Fund is for correction
of investment entry. Repayment is expected within one year.
Component Unit
Receivable Fund Payable Fund Amount
Primary Government Component Unit $2,460
VILLAGE OF GLENVIEW, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
-48 -
9.INTERFUND TRANSACTIONS (Continued)
Advances To/From Other Funds
Receivable Fund Payable Fund Amount
Government
Waterworks Capital Projects $229,856
The Glen Land Sales Village Permanent 14,170,780
TOTAL $14,400,636
The purpose of the significant advances to/from other funds is as follows:
•$229,856 advanced to the Capital Projects Fund from the Waterworks Fund for
infrastructure improvements. Repayment is expected in more than one year.
•The $14,170,780 due to the Village Permanent Fund from the Glen Land Sales Fund
is for interfund operations. Repayment will be completed at the end of the Tax
Increment Financing District.
Interfund Transfers
Primary Government
Transfers In Transfers Out Amount
Major Governmental Funds
Special Tax Allocation The Glen Land Sales $6,000,000
Village Permanent The Glen Land Sales 3,781,800
Total Major Governmental Funds 9,781,800
Nonmajor Governmental Funds
Motor Fuel Tax General 27,009
GNAS Redevelopment Special Tax Allocation 1,200,000
GNAS Caretaker Special Tax Allocation 2,150,000
Capital Projects General 2,510,000
Refuse and Recycling 530,000
Waterworks 721,561
Wholesale Water 150,000
Sewerage 180,622
VILLAGE OF GLENVIEW, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
-49 -
9.INTERFUND TRANSACTIONS (Continued)
Interfund Transfers (Continued)
Primary Government (Continued)
Transfers In Transfers Out Amount
Corporate Purpose Bonds of 2006B 2006B Bond $3,888,472
GNAS Bond Fund Series 1995 Capital Projects 343,404
2004 Glen Bond 9,703,805
Police Department Headquarters General 1,370,000
Total Nonmajor Governmental Funds 22,774,873
Major Business-Type Funds
Waterworks General 567,000
GNAS Bond Fund Series 1995 3,637,752
Capital Projects 365,636
Total Waterworks 4,570,388
Sewerage General 423,000
GNAS Bond Fund Series 1995 124,000
Capital Equipment Replacement 92,332
2000 Bond Project 540,184
Total Sewerage 1,179,516
Total Major Business-Type Funds 990,000
TOTAL $33,519,664
The purpose of the significant interfund transfers are as follows:
•$6,000,000 transfer to Special Tax Allocation Fund from Glen Land Sales Fund to
cover make-whole payments.
•$3,781,800 transfer to Village Permanent Fund from Glen Land Sales Fund per
redevelopment agreement for land sales.
•$1,200,000 transfer to GNAS Redevelopment Fund from the Special Tax Allocation
Fund to fund operations.
VILLAGE OF GLENVIEW, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
-50 -
9.INTERFUND TRANSACTIONS (Continued)
Interfund Transfers (Continued)
Primary Government (Continued)
•$2,510,000 transfer to Capital Projects Fund from the General Fund to fund various
projects.
•$9,703,805 transfer to GNAS Bond Fund Series 1995 from the 2004 Glen Bond Fund
to fund the capital improvement program.
•$2,150,000 transfer to GNAS Caretaker Fund from the Special Tax Allocation Fund
to fund operations.
•$530,000 transfer to the Capital Projects Fund from Refuse and Recycling Fund to
fund various projects.
•$721,561 transfer to Capital Projects Fund from the Waterworks Fund to fund
various projects.
•$150,000 transfer to Capital Projects Fund from the Wholesale Water Fund to fund
various projects.
•$180,622 transfer to Capital Projects Fund from the Sewerage Fund to fund various
projects.
•$343,404 transfer to the GNAS Bond Fund Series 1995 from the Capital Projects
Fund to reclassify Glen Capital Projects receivable.
•$1,370,000 transfer to the Police Department Headquarters Fund from the General
Fund to fund the police headquarters project.
•$3,888,472 transfer to the Corporate Purpose Bonds of 2006B Fund from the 2006B
Bond Fund to fund for capitalized interest.
•$567,000 transfer to the Waterworks Fund from the General Fund to fund various
projects.
•$3,637,752 transfer to the Waterworks Fund from the GNAS Bond Fund Series 1995
to transfer capital assets.
•$365,636 transfer to the Waterworks Fund from the Capital Projects Fund to transfer
capital assets.
•$423,000 transfer to the Sewerage Fund from the General Fund to fund various
projects.
VILLAGE OF GLENVIEW, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
-51 -
9.INTERFUND TRANSACTIONS (Continued)
Interfund Transfers (Continued)
Primary Government (Continued)
•$124,000 transfer to the Sewerage Fund from the GNAS Bond Fund Series 1995 to
transfer capital assets.
•$540,184 transfer to the Sewerage Fund from the 2000 Project Fund to transfer
capital assets.
10.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 Attorney, the
resolution of these matters will not have a material adverse effect on the financial
condition of the Village.
b.Grants
Amounts received or receivable from grantor agencies are subject to audit and
adjustment by grantor agencies, principally the federal government. Any disallowed
claims, including amounts already collected, may constitute a liability of the applicable
funds. The amount, if any, of expenditures that may be disallowed by the grantor
cannot be determined at this time although the Village expects such amounts, if any,
to be immaterial.
c.High-Level Excess Liability Pool (HELP)
The Village has committed to purchase excess liability insurance from the High-level
Excess Liability Pool (HELP) through April 30, 2008. The Village expects to make
the following payments to HELP:
Year Ending
December 31 Amount
2007 $87,664
2008 87,664
VILLAGE OF GLENVIEW, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
-52 -
10.CONTINGENT LIABILITIES (Continued)
d.Solid Waste Agency of Northern Cook County (SWANCC)
The Village has committed to make payments to SWANCC for solid waste refuse
disposal and expects to pay the following amounts:
Year Ending
December 31 Amount
2007 $216,016
2008 216,016
2009 216,016
2010 216,016
2011 216,016
2012-2022 1,079,647
These amounts have been estimated based upon the Village’s commitment for 2006.
In future years, the annual expense will be subject to change based upon the actual
tonnage of refuse disposed of and current SWANCC costs.
11.JOINT VENTURES
Solid Waste Agency of Northern Cook County (SWANCC)
Description of Joint Venture
The Village is a member of the Solid Waste Agency of Northern Cook County (SWANCC)
which consists of twenty-three municipalities. SWANCC is a municipal corporation and
public body politic and corporate established pursuant to the Constitution of the State of
Illinois and the Intergovernmental Cooperation Act of the State of Illinois, as amended (the
Act). SWANCC is empowered under the Act to plan, construct, finance, operate and
maintain a solid waste disposal system to serve its members.
SWANCC is governed by a Board of Directors which consists of one appointed mayor or
president from each member municipality. Each director has an equal vote. The officers of
SWANCC are appointed by the Board of Directors. The Board of Directors determines the
general policy of SWANCC; makes all appropriations; approves contracts; adopts
resolutions providing for the issuance of bonds or notes by SWANCC; adopts bylaws, rules
and regulations; and exercises such powers and performs such duties as may be prescribed
in the SWANCC Agreement or the bylaws.
Complete financial statements for SWANCC can be obtained from the SWANCC’s
administrative office at 2700 Patriot Boulevard, Suite 110, Glenview, Illinois 60026 or
available on the web at www.swancc.com.
VILLAGE OF GLENVIEW, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
-53 -
11.JOINT VENTURES (Continued)
Solid Waste Agency of Northern Cook County (SWANCC) (Continued)
Description of Joint Venture (Continued)
SWANCC’s outstanding bonds are revenue obligations. They are limited obligations of
SWANCC with a claim for payment solely from and secured by a pledge of the revenues of
SWANCC and amounts in various funds and accounts established by agency resolutions.
The bonds are not the debt of any member. SWANCC has no power to levy taxes.
Revenues of SWANCC consist of (1) all receipts derived from solid waste disposal
contracts or any other contracts for the disposal of waste; (2) all income derived from the
investment of monies; and (3) all income, fees, and service charges and all grants, rents and
receipts derived by SWANCC from the ownership and operation of the system. SWANCC
covenants to establish fees and charges sufficient to provide revenues to meet all its
requirements.
In accordance with the contract, the Village made $745,265 in payments to SWANCC for
the year ended December 31,2006. The payments are recorded in the Refuse and Recycling
Fund. The Village does not have an equity interest in SWANCC at December 31, 2006.
12.POSTEMPLOYMENT BENEFITS
In addition to providing the pension benefits described, the Village provides post-
employment health care benefits for retired public safety employees. Substantially all of the
Village’s public safety employees may become eligible for those benefits if they reach
normal retirement age while working for the Village. The cost of retiree health care
benefits is recognized as an expenditure as claims are paid. For the fiscal year, those costs
total $417,009 for the 69 participants. The retirees pay an annual premium, which is equal
to the actuarially determined cost for each plan year. Accordingly, no liability has been
recorded for post-retirement health care benefits.
VILLAGE OF GLENVIEW, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
-54 -
13.EMPLOYEE RETIREMENT SYSTEMS
a.Plan Descriptions and Provisions
The Village contributes to three defined benefit pension plans, the Illinois Municipal
Retirement Fund (IMRF), an agent-multiple-employer public employee retirement
system; the Police Pension Plan which is a single-employer pension plan; and, the
Firefighters’ Pension Plan which is also a single-employer pension plan. The benefits,
benefit levels, employee contributions and employer contributions for all three plans
are governed by Illinois Compiled Statutes and can only be amended by the Illinois
General Assembly. None 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 from IMRF, 2211 York Road,
Suite 500, Oak Brook, Illinois 60523.
Illinois Municipal Retirement Fund
All employees (other than those covered by the Police or Firefighters’ plans) hired in
positions that meet or exceed the prescribed annual hourly standard must be enrolled
in IMRF as participating members. Pension benefits vest after eight years of service.
Participating members who retire at or after age 60 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. IMRF also provides death
and disability benefits. These benefit provisions and all other requirements are
established by state statute. Participating members are required to contribute 4.5% of
their annual salary to IMRF. The Village is required to contribute the remaining
amounts necessary to fund the IMRF as specified by statute. The employer
contribution for the year ended December 31, 2006 was 10.26% of covered payroll.
Police Pension
Police sworn personnel are covered by the Police Pension Plan. Although this is a
single-employer pension plan, the defined benefits and employee and employer
contributions levels are governed by Illinois Compiled Statutes (Chapter 40
Article 5/3) and may be amended only by the Illinois legislature. The Village accounts
for the plan as a pension trust fund. At December 31, 2006, the Police Pension Plan
membership consisted of:
Retirees and beneficiaries currently receiving benefits 35
Terminated employees entitled to benefits but not yet
receiving them -
Current employees
Vested 55
Nonvested 23
TOTAL 113
VILLAGE OF GLENVIEW, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
-55 -
13.EMPLOYEE RETIREMENT SYSTEMS (Continued)
a.Plan Descriptions and Provisions (Continued)
Police Pension (Continued)
The Police Pension Plan provides retirement benefits as well as death and disability
benefits. Covered employees attaining the age of 50 or more with 20 or more years
of creditable service are entitled to receive an annual retirement benefit of 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 75.00% of such salary. Employees with at least eight years but less than
20 years of credited service may retire at or after age 60 and receive a reduced
benefit. The monthly pension 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 3.00% of the original pension and 3.00% compounded annually thereafter.
Employees are required to contribute 9.91% of their base salary to the Police Pension
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 as actuarially determined by an enrolled actuary. Effective July 1, 1993, the
Village’s contributions must accumulate to the point where the past service cost for
the Police Pension Plan is fully funded by the year 2033. For the year ended
December 31, 2006, the Village’s contribution was 16.21% of covered payroll.
Firefighters’ Pension
Fire sworn personnel are covered by the Firefighters’ Pension Plan, which is a defined
benefit single-employer pension plan. Although this is a single-employer pension
plan, the defined benefits as well as the employee and employer contributions levels
are mandated by Illinois Compiled Statutes (Chapter 40 Article 5/4) and may be
amended only by the Illinois legislature. The Village accounts for the plan as a
pension trust fund. At December 31, 2006, the Firefighters’ Pension Plan
membership consisted of:
Retirees and beneficiaries currently receiving benefits 57
Terminated employees entitled to benefits but not yet
receiving them -
Current employees
Vested 49
Nonvested 35
TOTAL 141
VILLAGE OF GLENVIEW, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
-56 -
13.EMPLOYEE RETIREMENT SYSTEMS (Continued)
a.Plan Descriptions and Provisions (Continued)
Firefighters’ Pension (Continued)
The Firefighters’ Pension Plan provides retirement benefits as well as death and
disability benefits. Employees attaining the age of 50 or more with 20 or more years
of creditable service are entitled to receive a monthly retirement benefit of one-half of
the monthly salary attached to the rank held in the fire service at the date of
retirement. The monthly pension shall be increased by 1/12 of 2.50% of such monthly
salary for each additional month over 20 years of service through 30 years of service
to a maximum of 75.00% of such monthly salary. Employees with at least 10 years
but less than 20 years of credited service may retire at or after age 60 and receive a
reduced retirement benefit. The monthly pension of a covered employee 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 paid upon reaching at least the
age 55, by 3.00% of the original pension and 3.00% compounded annually thereafter.
Covered employees are required to contribute 9.455% of their salary to the
Firefighters’ Pension 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 as actuarially determined by an enrolled actuary.
Effective July 1, 1993, the Village’s contributions must accumulate to the point where
the past service cost for the Firefighters’ Pension Plan is fully funded by the year
2033. For the year ended December 31, 2006, the Village’s contribution was 15.03%
of covered payroll.
b.Summary of Significant Accounting Policies
The pension trust funds use the accrual basis of accounting. Contributions and
benefits are recognized when due. Administrative costs are financed by investment
income.
There are no investments (other than U.S. government and U.S. government
guaranteed obligations) in any one organization that represent 5.00% or more of net
assets for either the Police or the Firefighter’s Pension Plans. Information for IMRF
is not available.
VILLAGE OF GLENVIEW, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
-57 -
13.EMPLOYEE RETIREMENT SYSTEMS (Continued)
c.Annual Pension Costs
Employer contributions have been determined as follows:
Illinois
Municipal
Retirement
Police
Pension
Firefighters’
Pension
Actuarial Valuation Date December 31,
2004
January 1,
2006
January 1,
2006
Actuarial Cost Method Entry-age
Normal
Entry-age
Normal
Entry-age
Normal
Asset Valuation Method 5 Year
Smoothed
Market
Market Market
Amortization Method Level
Percentage of
Payroll
Level
Percentage of
Payroll
Level
Percentage of
Payroll
Amortization Period 10 Years,
Closed
29 Years,
Closed
30 Years,
Closed
Significant Actuarial Assumptions
a)Rate of Return on 7.50%7.50%7.50%
Present and Future Assets Compounded Compounded Compounded
Annually Annually Annually
b)Projected Salary Increase -4.00%3.00%3.00%
Attributable to Inflation Compounded Compounded Compounded
Annually Annually Annually
c)Additional Projected .40 to 11.60%2.50%2.50%
Salary Increases -
Seniority/Merit
d)Post-Retirement Benefit 3.00%3.00%3.00%
Increases
Employer annual required contribution (ARC), actual contributions and the net
pension obligation (asset) (NPO) are as follows. The NPO (asset) is the cumulative
difference between the (ARC)and the contributions actually made.
VILLAGE OF GLENVIEW, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
-58 -
13.EMPLOYEE RETIREMENT SYSTEMS (Continued)
c.Annual Pension Costs (Continued)
Year
Illinois
Municipal
Retirement*Year
Police
Pension*
Firefighters’
Pension*
Annual Pension Cost 2004 $1,246,673 2003 $674,729 $578,576
(APC)2005 1,445,393 2004 741,074 687,347
2006 1,618,642 2005 935,612 898,388
Actual Contribution 2004 $1,246,673 2003 $680,190 $581,665
2005 1,445,393 2004 758,954 715,994
2006 1,618,642 2005 906,158 880,903
Percentage of APC 2004 100.00%2003 100.81%100.53%
Contributed 2005 100.00 2004 102.41 104.17
2006 100.00 2005 96.85 98.05
NPO (Asset)2004 $-2003 $(216,688)$(172,433)
2005 -2004 (234,568)(201,080)
2006 -2005 (205,114)(183,595)
*Information presented for IMRF is for the fiscal years ending December 31,
2004, 2005 and 2006 and for police and fire pension is for December 31, 2003,
2004 and 2005.
The net pension obligation (asset) has been calculated as follows:
Police
Pension
Firefighters’
Pension
Annual required contributions $940,502 $904,808
Interest on net pension obligation (18,179)(16,086)
Adjustment to annual required contribution 13,289 9,666
Annual pension cost 935,612 898,388
Contributions made 906,158 880,903
(Increase) decrease in net pension obligation (asset)29,454 17,485
Net pension obligation (asset) beginning of year (234,568)(201,080)
NET PENSION OBLIGATION (ASSET),
END OF YEAR $(205,114)$(183,595)
VILLAGE OF GLENVIEW, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
-59 -
14.ECONOMIC DEVELOPMENT AGREEMENT
In 2000, the Village entered into an economic development agreement with a local retailer
who wished to relocate their operations to the Village. Under the terms of the agreement,
the Village agreed to rebate sales tax receipts to the retailer at a rate of 50% of the Village's
local sales tax (1.0%) above a base amount of $1,000,000.The agreement is contingent on
the retailer’s agreement to maintain their facility within the Village for a period of at least
15 years from the effective date of the agreement. The Village made payments to the retailer
totaling $1,305,372 for sales tax receipts in 2006.
15.RESTATEMENTS
In 2006, the Village restated beginning net assets for governmental activities for $3,730,181
and business-type activities for $2,824,750 to correct prior year capital asset inventories.
The Library’s beginning net assets were restated by ($244,660) to correct a prior period
error in recording compensated absences payable.
Original and
Final 2006 2005
Budget Actual Actual
REVENUES
Taxes 15,594,910$ 16,376,232$ 17,841,805$
Intergovernmental 20,893,395 21,771,071 20,465,575
Charges for services 1,410,625 1,345,987 6,442,824
Licenses and permits 1,827,500 1,444,631 1,935,601
Fines and forfeits 190,000 223,430 223,917
Investment income 235,000 755,729 394,846
Miscellaneous 712,955 474,465 593,278
Total revenues 40,864,385 42,391,545 47,897,846
EXPENDITURES
General government 7,416,080 6,796,392 9,283,332
Public safety 24,342,434 24,306,364 18,895,113
Highways and streets 11,943,323 11,667,955 7,380,427
Total expenditures 43,701,837 42,770,711 35,558,872
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES (2,837,452) (379,166) 12,338,974
OTHER FINANCING SOURCES (USES)
Transfers in 1,303,490 - 1,903,718
Transfers (out)(6,500,000) (4,897,009) -
Sale of capital assets 100,000 - 83,999
Total other financing sources (uses)(5,096,510) (4,897,009) 1,987,717
NET CHANGE IN FUND BALANCE (7,933,962)$ (5,276,175) 9,914,298
FUND BALANCE, JANUARY 1 29,070,594 19,156,296
FUND BALANCE, DECEMBER 31 23,794,419$ 29,070,594$
For the Year Ended December 31, 2006
(with comparative actual for 2005)
VILLAGE OF GLENVIEW, ILLINOIS
SCHEDULE OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCE - BUDGET AND ACTUAL
GENERAL FUND
(See independent auditor's report.)
- 60 -
Original and
Final 2006 2005
Budget Actual Actual
REVENUES
Taxes
Property taxes 21,250,000$ 22,249,199$ 19,032,283$
Investment income 2,000 219,845 120,112
Total revenues 21,252,000 22,469,044 19,152,395
EXPENDITURES
General government
Contractual services 10,953,280 8,787,762 7,095,832
Debt service
Principal 7,740,000 7,740,000 7,455,000
Interest and fiscal charges 3,713,307 3,733,049 3,971,552
Bond issuance costs - - 104,718
Total expenditures 22,406,587 20,260,811 18,627,102
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES (1,154,587) 2,208,233 525,293
OTHER FINANCING SOURCES (USES)
Bond proceeds - - 10,000,000
Bond premium - - 44,658
Payment to refunded bond escrow - - (10,000,000)
Transfers in 12,000,000 6,000,000 -
Transfers (out)(3,350,000) (3,350,000) (3,772,187)
Total other financing sources (uses)8,650,000 2,650,000 (3,727,529)
NET CHANGE IN FUND BALANCE 7,495,413$ 4,858,233 (3,202,236)
FUND BALANCE, JANUARY 1 (3,121,826) 80,410
FUND BALANCE, DECEMBER 31 1,736,407$ (3,121,826)$
For the Year Ended December 31, 2006
(with comparative actual for 2005)
VILLAGE OF GLENVIEW, ILLINOIS
SCHEDULE OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCE - BUDGET AND ACTUAL
SPECIAL TAX ALLOCATION FUND
(See independent auditor's report.)
- 61 -
Final 2006 2005
Budget Actual Actual
REVENUES
Investment income 51,500$ 168,501$ 100,492$
Total revenues 51,500 168,501 100,492
EXPENDITURES
Administrative fee - General Fund 51,500 51,500 -
Total expenditures 51,500 51,500 -
NET CHANGE IN FUND BALANCE -$ 117,001 48,747
FUND BALANCE, JANUARY 1 184,583 136,091
FUND BALANCE, DECEMBER 31 301,584$ 184,838$
VILLAGE OF GLENVIEW, ILLINOIS
(with comparative actual for 2005)
For the Year Ended December 31, 2006
ESCROW DEPOSIT FUND
CHANGES IN FUND BALANCE - BUDGET AND ACTUAL
SCHEDULE OF REVENUES, EXPENDITURES AND
(See independent auditor's report.)
- 62 -
(4)UAAL
(2)Unfunded (OAAL)
Actuarial (Overfunded)As a
Actuarial (1)Accrued (3)AAL Percentage
Valuation Actuarial Liability Funded (UAAL)(5)of Covered
Date Value of (AAL)Ratio (OAAL)Covered Payroll
December 31,Assets Entry-Age (1) / (2) (2) - (1)Payroll (4) / (5)
2001 26,203,617$ 23,785,832$ 110.16%(2,417,785)$ 11,708,708$ (20.65%)
2002 25,950,441 25,778,690 100.67%(171,751) 12,325,643 (1.39%)
2003 26,365,710 28,168,552 93.60%1,802,842 13,089,903 13.77%
2004 28,593,034 32,641,895 87.60%4,048,861 14,379,158 28.16%
2005 30,882,404 35,627,751 86.68%4,745,347 15,425,749 30.76%
2006 35,302,566 39,555,254 89.25%4,252,688 15,776,237 26.96%
December 31, 2006
VILLAGE OF GLENVIEW, ILLINOIS
SCHEDULE OF FUNDING PROGRESS
ILLINOIS MUNICIPAL RETIREMENT FUND
(See independent auditor's report.)
- 63 -
UAAL
(2)(OAAL)
Actuarial (4)As a
Actuarial (1)Accrued (3)Unfunded Percentage
Valuation Actuarial Liability Funded AAL (5)of Covered
Date Value of (AAL)Ratio (UAAL)Covered Payroll
December 31 Assets Entry-Age (1) / (2) (2) - (1)Payroll (4) / (5)
2000 29,157,173$ 30,130,881$ 96.77%973,708$ 4,309,083$ 22.60%
2001 29,380,377 31,728,241 92.60%2,347,864 4,583,354 51.23%
2002 31,060,435 34,312,189 90.52%3,251,754 4,731,354 68.73%
2003 31,723,999 37,716,603 84.11%5,992,604 5,050,308 118.66%
2004 36,515,447 41,086,401 88.87%4,570,954 5,311,550 86.06%
2005 38,840,397 45,524,891 85.32%6,684,494 5,591,810 119.54%
December 31, 2006
VILLAGE OF GLENVIEW, ILLINOIS
SCHEDULE OF FUNDING PROGRESS
POLICE PENSION FUND
(See independent auditor's report.)
- 64 -
(4)UAAL
(2)Unfunded (OAAL)
Actuarial (Overfunded)As a
Actuarial (1)Accrued (3)AAL Percentage
Valuation Actuarial Liability Funded (UAAL)(5)of Covered
Date Value of (AAL)Ratio (OAAL)Covered Payroll
December 31 Assets Entry-Age (1) / (2) (2) - (1)Payroll (4) / (5)
2000 40,166,889$ 38,856,179$ 103.37%(1,310,710)$ 4,760,709$ (27.53%)
2001 41,979,483 40,548,063 103.53%(1,431,420) 5,148,997 (27.80%)
2002 44,326,852 44,164,653 100.37%(162,199) 5,074,146 (3.20%)
2003 46,389,363 48,832,548 95.00%2,443,185 5,530,644 44.18%
2004 45,951,188 52,181,007 88.06%6,229,819 5,701,005 109.28%
2005 46,420,388 58,999,107 78.68%12,578,719 5,861,889 214.58%
December 31, 2006
VILLAGE OF GLENVIEW, ILLINOIS
SCHEDULE OF FUNDING PROGRESS
FIREFIGHTERS' PENSION FUND
(See independent auditor's report.)
- 65 -
Annual
Required
Calendar Employer Contribution Percentage
Year Contributions (ARC)Contributed
2001 796,191$ 796,191$ 100.00%
2002 706,259 706,259 100.00%
2003 849,534 849,534 100.00%
2004 1,246,673 1,246,673 100.00%
2005 1,445,393 1,445,393 100.00%
2006 1,618,642 1,618,642 100.00%
December 31, 2006
VILLAGE OF GLENVIEW, ILLINOIS
SCHEDULE OF EMPLOYER CONTRIBUTIONS
ILLINOIS MUNICIPAL RETIREMENT FUND
(See independent auditor's report.)
- 66 -
Annual
Required
Calendar Employer Contribution Percentage
Year Contributions (ARC)Contributed
2000 427,503$ 186,505$ 229.22%
2001 388,310 444,665 87.33%
2002 540,072 549,860 98.22%
2003 680,190 681,930 99.74%
2004 758,954 748,235 101.43%
2005 906,158 940,502 96.35%
December 31, 2006
VILLAGE OF GLENVIEW, ILLINOIS
SCHEDULE OF EMPLOYER CONTRIBUTIONS
POLICE PENSION FUND
(See independent auditor's report.)
- 67 -
Annual
Required
Calendar Employer Contribution Percentage
Year Contributions (ARC)Contributed
2000 173,821$ 52,523$ 330.94%
2001 257,224 415,254 61.94%
2002 527,906 536,220 98.45%
2003 581,665 584,350 99.54%
2004 715,994 693,046 103.31%
2005 880,903 904,808 97.36%
December 31, 2006
VILLAGE OF GLENVIEW, ILLINOIS
SCHEDULE OF EMPLOYER CONTRIBUTIONS
FIREFIGHTERS' PENSION FUND
(See independent auditor's report.)
- 68 -
-69 -
VILLAGE OF GLENVIEW, ILLINOIS
NOTES TO REQUIRED SUPPLEMENTARY INFORMATION
December 31, 2006
1.BUDGETS
Budgets are adopted on a basis consistent with generally accepted accounting principles.
Annual appropriated budgets are adopted (at the fund level) for the General, Special
Revenue, Debt Service (except the Corporate Purpose Bond Fund Series of 2003) and
Capital Projects Funds (except the 2003 Projects Fund) on the modified accrual basis and
for the Enterprise, Internal Service and Pension Trust Funds on the accrual basis. 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.
All departments of the Village submit requests for appropriation to the Village Manager so
that a budget may be prepared. The budget is prepared by fund and includes information
on the past year, current year estimates and requested appropriations for the next fiscal
year.
The proposed budget is presented to the governing body for review. The governing body
holds public hearings and may add to, subtract from, or change appropriations, but may not
change the form of the budget.
The Village Manager is authorized to transfer budgeted amounts between departments
within any fund; however, any revisions that alter the total expenditures of any fund must
be approved by the governing body.
Expenditures may not legally exceed budgeted appropriations at the fund level. During the
year, a supplementary appropriation was necessary.
2.EXCESS OF ACTUAL EXPENDITURES/EXPENSES OVER BUDGET IN
INDIVIDUAL FUNDS
The following funds had an excess of actual expenditures/expenses (exclusive of
depreciation and amortization) over budget for the fiscal year:
Fund Excess
Glen Land Sales $641,092
Insurance 4,127,585
MAJOR GOVERNMENTAL FUNDS
Village Permanent Fund -to accumulate 20% of the land sales proceeds of The Glen for village-
wide improvements as well as short-term liquidity to the Village’s TIF projects encompassing The
Glen.
Glen Land Sales Fund -to account for land sales related to The Glen.
General Obligation Bond Series of 2006B -to account for the $27,940,000 bond issued to
acquire land in the Glenview Naval Air Station Economic Development Project Area.
Final 2006 2005
Budget Actual Actual
REVENUES
Investment income 150,500$ 1,832,138$ 1,689,609$
Total revenues 150,500 1,832,138 1,689,609
EXPENDITURES
None - - -
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES 150,500 1,832,138 1,689,609
OTHER FINANCING SOURCES (USES)
Transfers in 2,824,494 3,781,800 -
Transfers (out)(4,500,000) - -
Total other financing sources (uses)(1,675,506) 3,781,800 -
NET CHANGE IN FUND BALANCE (1,525,006)$ 5,613,938 1,689,609
FUND BALANCE, JANUARY 1 42,501,557 40,811,948
FUND BALANCE, DECEMBER 31 48,115,495$ 42,501,557$
For the Year Ended December 31, 2006
(with comparative actual for 2005)
VILLAGE OF GLENVIEW, ILLINOIS
SCHEDULE OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCE - BUDGET AND ACTUAL
VILLAGE PERMANENT FUND
(See independent auditor's report.)
- 70 -
Final 2006 2005
Budget Actual Actual
REVENUES
Investment income 1,500$ 82,712$ 11,759$
Miscellaneous
Lease fees 2,700 5,710 5,710
Land sales 10,500,000 18,899,176 -
Total revenues 10,504,200 18,987,598 17,469
EXPENDITURES
General government
Contractual services - 180 328
Debt service
Interest and fiscal charges - 895,334 942,804
Capital outlay 1,009,527 755,105 781,837
Total expenditures 1,009,527 1,650,619 1,724,969
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES 9,494,673 17,336,979 (1,707,500)
OTHER FINANCING SOURCES (USES)
Transfers (out)(11,300,000)(9,781,800) (3,750,000)
Total other financing sources (uses)(11,300,000)(9,781,800) (3,750,000)
NET CHANGE IN FUND BALANCE (1,805,327)$ 7,555,179 (5,457,500)
FUND BALANCE (DEFICIT), JANUARY 1 (16,410,337) (10,952,837)
FUND BALANCE (DEFICIT), DECEMBER 31 (8,855,158)$ (16,410,337)$
For the Year Ended December 31, 2006
(with comparative actual for 2005)
VILLAGE OF GLENVIEW, ILLINOIS
SCHEDULE OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCE - BUDGET AND ACTUAL
GLEN LAND SALES FUND
(See independent auditor's report.)
- 71 -
Final 2006
Budget Actual
REVENUES
Investment income -$ 468$
Total revenues - 468
EXPENDITURES
Debt service
Bond issuance costs 105,750 70,108
Total expenditures 105,750 70,108
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES (105,750) (69,640)
OTHER FINANCING SOURCES (USES)
Bonds issued - 27,940,000
Discount on bonds issued - (87,732)
Transfers (out)- (3,888,472)
Total other financing sources (uses)- 23,963,796
NET CHANGE IN FUND BALANCE (105,750)$ 23,894,156
FUND BALANCE, JANUARY 1 -
FUND BALANCE, DECEMBER 31 23,894,156$
For the Year Ended December 31, 2006
VILLAGE OF GLENVIEW, ILLINOIS
SCHEDULE OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCE - BUDGET AND ACTUAL
GENERAL OBLIGATION BOND SERIES OF 2006B FUND
(See independent auditor's report.)
- 72 -
Original and
Final 2006 2005
Budget Actual Actual
TAXES
Property taxes - current 7,424,910$ 7,263,640$ 6,492,176$
Property taxes - prior 25,000 67,840 169,998
Utility tax - N. I. Gas 800,000 1,135,483 1,104,279
Utility tax - Commonwealth Edison 2,025,000 2,094,860 2,161,810
Utility tax - telecommunications 3,200,000 2,542,954 4,013,607
Amusement tax 100,000 115,388 106,816
Hotel room tax 725,000 919,765 757,542
Home rule sales tax 1,295,000 2,236,302 3,035,577
Total taxes 15,594,910 16,376,232 17,841,805
INTERGOVERNMENTAL
Glenbrook Fire Protection District 2,575,000 2,654,850 2,543,096
Replacement taxes 195,000 229,116 207,969
Sales tax 13,175,000 13,291,472 12,325,158
Illinois income tax 3,100,000 3,342,154 3,521,197
Photo use tax 450,000 582,153 516,223
Road and bridge 215,000 234,361 216,628
Road and bridge - prior 1,000 3,323 2,320.00
Village of Golf Fire Protection Services 150,000 152,968 148,503
Miscellaneous intergovernmental 250,000 479,517 244,723
Make-whole payment 775,000 801,157 739,758
Maintenance of highways 7,395 - -
Total intergovernmental 20,893,395 21,771,071 20,465,575
CHARGES FOR SERVICES
Fire communications 290,000 380,991 287,281
Plan review fees 95,000 42,571 76,833
Reinspection fees 20,000 20,125 25,313
Elevator inspection fees 40,000 50,994 46,712
Planning fees 10,000 6,547 3,964
Electrical inspection 60,000 55,248 81,382
Engineering fees 110,000 239,132 124,862
Other service charges 50,000 74,770 85,244
Lease fees 225,000 324,976 270,847
Dog impounding fees 1,250 2,367 1,930
Administration fees - Library 14,000 14,000 14,000
Development fees 495,375 134,266 5,424,456
Total charges for services 1,410,625 1,345,987 6,442,824
(with comparative actual for 2005)
VILLAGE OF GLENVIEW, ILLINOIS
SCHEDULE OF REVENUES - BUDGET AND ACTUAL
GENERAL FUND
For the Year Ended December 31, 2006
(This schedule is continued on the following page.)
- 73 -
Original and
Final 2006 2005
Budget Actual Actual
LICENSES AND PERMITS
Business 90,000$ 72,827$ 95,542$
Liquor 190,000 176,790 188,090
Pet 2,500 2,430 5,661
Building permits 1,350,000 1,046,317 1,470,839
Certificate of occupancy 42,000 20,525 31,525
Contractors fees 65,000 63,017 63,195
Plumbing and sewer 75,000 54,409 67,806
Driveway permits 13,000 8,316 12,943
Total licenses and permits 1,827,500 1,444,631 1,935,601
FINES AND FORFEITS 190,000 223,430 223,917
INVESTMENT INCOME
Investment income 235,000 755,729 394,846
Total investment income 235,000 755,729 394,846
OTHER REVENUES
Franchise tax - cable TV 307,500 386,251 330,774
Nicor franchise tax 47,455 58,713 45,522
Map sales 500 236 156
Land sales 250,000 - -
Miscellaneous 107,500 29,265 216,826
Total other revenues 712,955 474,465 593,278
TOTAL REVENUES 40,864,385$ 42,391,545$ 47,897,846$
(with comparative actual for 2005)
For the Year Ended December 31, 2006
GENERAL FUND
SCHEDULE OF REVENUES - BUDGET AND ACTUAL (Continued)
VILLAGE OF GLENVIEW, ILLINOIS
(See independent auditor's report.)
- 74 -
Original and
Final 2006 2005
Budget Actual Actual
GENERAL GOVERNMENT
Board of Trustees 37,164$ 27,340$ 57,587$
Special board appropriations 535,030 259,253 1,426,966
Legal 306,500 274,829 576,045
Emergency Service Disaster Agency 5,750 5,195 3,945
Village Manager 1,239,043 958,396 752,106
Finance 2,539,730 2,711,472 2,210,980
Information systems management 1,124,396 1,150,073 621,994
Human resources 429,817 503,278 319,083
Cable TV 103,267 106,146 102,625
Capital projects and planning administration 783,273 481,362 -
Interfund charges 1,480,600 1,487,538 4,628,645
Less administrative fees (1,168,490) (1,168,490) (699,547)
Total general government 7,416,080 6,796,392 9,283,332
PUBLIC SAFETY
Police department 11,344,777 11,400,348 9,522,091
Fire department 11,771,799 11,597,615 9,495,444
Printing 16,300 13,418 11,560
Interfund charges 1,344,558 1,429,983 1,421,515
Less administrative fees (135,000) (135,000) (135,225)
Total public safety 24,342,434 24,306,364 18,895,113
HIGHWAYS AND STREETS
Development and public services
Administration 489,646 458,306 503,552
Planning and zoning 624,216 532,869 436,499
Engineering 1,500,587 1,388,107 1,108,654
Public health 434,313 434,301 353,309
Buildings and grounds 1,010,194 786,690 262,373
Building inspection 1,333,891 1,283,984 1,193,167
Total development and public services 5,392,847 4,884,257 3,857,554
Public works
Administration 3,854,466 4,096,980 121,885
Overhead 332,000 276,122 2,145,920
Street maintenance - - 518,046
Traffic - - 379,661
Storm water management - - 130,021
Snow and ice control - - 468,014
Forestry - - 581,888
Grounds - - 165,256
Total public works 4,186,466 4,373,102 4,510,691
Interfund charges 2,364,010 2,410,596 590,758
Total highways and streets 11,943,323 11,667,955 7,380,427
TOTAL EXPENDITURES 43,701,837$ 42,770,711$ 35,558,872$
(with comparative actual for 2005)
VILLAGE OF GLENVIEW, ILLINOIS
SCHEDULE OF EXPENDITURES - BUDGET AND ACTUAL
GENERAL FUND
For the Year Ended December 31, 2006
(See independent auditor's report.)
- 75 -
Original and
Final 2006 2005
Budget Actual Actual
GENERAL GOVERNMENT
Board of Trustees
Personal services 9,689$ 10,064$ 9,826$
Contractual services 5,100 6,650 10,467
Material and supplies 21,375 9,118 37,294
Other 1,000 1,508 -
Total Board of Trustees 37,164 27,340 57,587
Special Board Appropriations
Contractual services 285,030 256,414 251,245
Material and supplies - - 30
Other - 2,839 -
Capital outlay 250,000 - 1,175,691
Total special appropriations 535,030 259,253 1,426,966
Legal
Contractual services 305,500 273,737 573,427
Material and supplies 1,000 1,092 2,618
Total legal 306,500 274,829 576,045
Emergency Service Disaster Agency
Contractual services 5,250 5,195 3,945
Other charges 500 - -
Total Emergency Service Disaster Agency 5,750 5,195 3,945
Village Manager
Personal services 664,520 699,996 581,228
Contractual services 119,871 152,602 51,702
Material and supplies - 73 3,476
Other 454,652 105,725 92,200
Capital outlay - - 23,500
Total Village Manager 1,239,043 958,396 752,106
Finance
Personal services 1,201,515 1,214,940 917,759
Contractual services 1,278,965 1,435,235 1,214,222
Material and supplies 51,000 50,168 74,786
Other 8,250 11,129 4,213
Total finance 2,539,730 2,711,472 2,210,980
VILLAGE OF GLENVIEW, ILLINOIS
SCHEDULE OF DETAILED EXPENDITURES -
BUDGET AND ACTUAL
GENERAL FUND
For the Year Ended December 31, 2006
(with comparative actual for 2005)
(This schedule is continued on the following pages.)
- 76 -
Original and
Final 2006 2005
Budget Actual Actual
GENERAL GOVERNMENT (Continued)
Information systems management
Personal services 317,019$ 282,377$ 158,839$
Contractual services 431,492 465,821 221,430
Material and supplies 61,700 81,456 60,037
Other 179,785 148,869 72,707
Capital outlay 134,400 171,550 108,981
Total information systems management 1,124,396 1,150,073 621,994
Human resources
Personal services 212,337 173,385 110,260
Contractual services 92,380 219,069 109,850
Other 125,100 110,824 98,973
Total human resources 429,817 503,278 319,083
Cable TV department
Personal services 70,507 70,467 65,930
Contractual services 5,890 7,276 5,764
Material and supplies 4,500 9,694 6,862
Other 17,370 13,417 16,390
Capital outlay 5,000 5,292 7,679
Total cable TV department 103,267 106,146 102,625
Capital projects and planning administration
Personal services 265,141 241,908 -
Contractual services 7,152 9,262 -
Material and supplies 7,380 11,157 -
Capital outlay 503,600 219,035 -
Total capital projects and planning administration 783,273 481,362 -
Interfund charges
Capital Equipment Replacement Fund 521,600 521,600 6,075
Municipal Equipment Repair Fund 9,000 15,938 377,523
Insurance Fund 950,000 950,000 4,245,047
Total interfund charges 1,480,600 1,487,538 4,628,645
Less administrative fees
GNAS Redevelopment Fund (2,000) (2,000) -
GNAS Caretaker Fund (2,000) (2,000) -
Escrow Deposit Fund (51,500) (51,500) -
911 Communications Fund (45,000) (45,000) (45,075)
Waterworks Fund (558,472) (558,472) (555,000)
Wholesale Water Fund (86,807) (86,807) -
VILLAGE OF GLENVIEW, ILLINOIS
SCHEDULE OF DETAILED EXPENDITURES -
BUDGET AND ACTUAL (Continued)
(with comparative actual for 2005)
GENERAL FUND
For the Year Ended December 31, 2006
(This schedule is continued on the following pages.)
- 77 -
Original and
Final 2006 2005
Budget Actual Actual
VILLAGE OF GLENVIEW, ILLINOIS
SCHEDULE OF DETAILED EXPENDITURES -
BUDGET AND ACTUAL (Continued)
(with comparative actual for 2005)
GENERAL FUND
For the Year Ended December 31, 2006
GENERAL GOVERNMENT (Continued)
Less administrative fees (Continued)
North Maine Utility Fund (307,500)$ (307,500)$ -$
Sewerage Fund (87,111) (87,111) (77,350)
Commuter Parking Lot Fund (28,100) (28,100) (22,122)
Total administrative fees (1,168,490) (1,168,490) (699,547)
TOTAL GENERAL GOVERNMENT 7,416,080$ 6,796,392$ 10,000,429$
PUBLIC SAFETY
Police department
Personal services 10,301,638$ 10,516,194$ 8,965,555$
Contractual services 271,478 260,540 294,269
Material and supplies 194,375 181,646 233,840
Other 551,586 416,957 1,382,686
Capital outlay 25,700 25,011 31,534
Total police department 11,344,777 11,400,348 10,907,884
Fire department
Personal services 10,700,732 10,711,009 8,692,693
Contractual services 532,912 493,604 516,322
Material and supplies 96,125 106,049 165,665
Other 442,030 286,953 365,352
Total fire department 11,771,799 11,597,615 9,740,032
Printing
Contractual services 300 30 30
Material and supplies 16,000 13,388 11,530
Total printing 16,300 13,418 11,560
Interfund charges
Capital Equipment Replacement Fund 864,558 864,558 875,199
Municipal Equipment Repair Fund 480,000 565,425 546,316
Total interfund charges 1,344,558 1,429,983 1,421,515
Less administrative fees - General Fund
911 Communications Fund (135,000) (135,000) (135,225)
TOTAL PUBLIC SAFETY 24,342,434$ 24,306,364$ 21,945,766$
(This schedule is continued on the following pages.)
- 78 -
Original and
Final 2006 2005
Budget Actual Actual
VILLAGE OF GLENVIEW, ILLINOIS
SCHEDULE OF DETAILED EXPENDITURES -
BUDGET AND ACTUAL (Continued)
(with comparative actual for 2005)
GENERAL FUND
For the Year Ended December 31, 2006
HIGHWAYS AND STREETS
Development and public service
Administration
Personal services 365,281$ 425,891$ 466,938$
Contractual services 122,365 29,425 34,692
Material and supplies - - 84
Other 2,000 2,990 1,838
Total administration 489,646 458,306 503,552
Planning and zoning
Personal services 379,911 321,225 168,564
Contractual services 178,995 159,044 238,439
Material and supplies - - 335
Other 65,310 52,600 29,161
Total planning and zoning 624,216 532,869 436,499
Engineering
Personal services 1,210,902 1,119,066 926,072
Contractual services 52,560 21,787 17,251
Material and supplies 10,070 14,607 8,922
Other 211,255 194,060 151,358
Capital outlay 15,800 38,587 5,051
Total engineering 1,500,587 1,388,107 1,108,654
Public health
Personal services 365,737 370,867 288,607
Contractual services 5,225 2,908 828
Material and supplies 3,250 832 2,962
Other 60,101 59,694 47,356
Capital outlay - - 13,556
Total public health 434,313 434,301 353,309
Buildings and grounds
Personal services 175,869 130,215 47,731
Contractual services 425,525 323,767 102,830
Material and supplies 118,800 150,404 43,874
Capital outlay 5,000 21,135 4,550
Other 285,000 161,169 63,388
Total buildings and grounds 1,010,194 786,690 262,373
(This schedule is continued on the following pages.)
- 79 -
Original and
Final 2006 2005
Budget Actual Actual
VILLAGE OF GLENVIEW, ILLINOIS
SCHEDULE OF DETAILED EXPENDITURES -
BUDGET AND ACTUAL (Continued)
(with comparative actual for 2005)
GENERAL FUND
For the Year Ended December 31, 2006
HIGHWAYS AND STREETS (Continued)
Development and public service (Continued)
Building inspection
Personal services 1,095,864$ 1,057,406$ 973,588$
Contractual services 39,845 46,366 44,415
Material and supplies 2,875 4,244 9,699
Other 195,307 175,968 165,465
Total building inspection 1,333,891 1,283,984 1,193,167
Total development and public service 5,392,847 4,884,257 3,857,554
Public works
Administration
Personal services 3,091,371 3,366,921 72,300
Contractual services 315,170 354,868 35,097
Material and supplies 398,725 339,817 10,457
Capital outlay 42,000 24,941 -
Other 7,200 10,433 4,031
Total administration 3,854,466 4,096,980 121,885
Overhead
Personal services - - 1,187,867
Contractual services - - 109,465
Material and supplies - - 108,550
Capital outlay 332,000 276,122 378,854
Other - - 361,184
Total overhead 332,000 276,122 2,145,920
Street maintenance
Personal services - - 426,215
Contractual services - - 4,820
Material and supplies - - 87,011
Total street maintenance - - 518,046
Traffic
Personal services - - 152,529
Contractual services - - 121,847
Material and supplies - - 105,285
Total traffic - - 379,661
(This schedule is continued on the following page.)
- 80 -
Original and
Final 2006 2005
Budget Actual Actual
VILLAGE OF GLENVIEW, ILLINOIS
SCHEDULE OF DETAILED EXPENDITURES -
BUDGET AND ACTUAL (Continued)
(with comparative actual for 2005)
GENERAL FUND
For the Year Ended December 31, 2006
HIGHWAYS AND STREETS (Continued)
Public works (Continued)
Storm water management
Personal services -$ -$ 82,827$
Contractual services - - 9,713
Material and supplies - - 37,481
Total storm water management - - 130,021
Snow and ice control
Personal services - - 170,798
Contractual services - - 53,050
Material and supplies - - 244,166
Total snow and ice control - - 468,014
Forestry
Personal services - - 557,599
Contractual services - - 7,351
Material and supplies - - 16,938
Total forestry - - 581,888
Grounds
Personal services - - 37,798
Contractual services - - 127,458
Total grounds - - 165,256
Total public works 4,186,466 4,373,102 4,510,691
Interfund charges
Capital Equipment Replacement Fund 1,975,410 1,975,410 544,682
Municipal Equipment Repair Fund 388,600 435,186 46,076
Total interfund charges 2,364,010 2,410,596 590,758
TOTAL HIGHWAYS AND STREETS 11,943,323$ 11,667,955$ 8,959,003$
(See independent auditor's report.)
- 81 -
NONMAJOR GOVERNMENTAL FUNDS
Foreign Fire Insurance Fund -to account for a tax on insurance premiums assessed on insurance
companies located outside of the State of Illinois that provide coverage to homes and businesses
within the Village.
Motor Fuel Tax Fund -to account for the activities involved with street maintenance and
construction. Financing is provided by the Village’s share of state gasoline taxes. State law
requires these gasoline taxes to be used to maintain streets.
Refuse and Recycling Fund -to account for the financial activity of the community wide recycling
program. The program is designed to license and monitor prime scavenger services operating in
the residential areas of the Village. Their activities will mainly be involved with the collection and
disposition of recyclable items.
911 Communications Fund -to account for the activity of the 911 emergency service system.
Financial activity began in 1990 and the system became operational in 1992.
GNAS Redevelopment Fund -to account for the resources and expenditures incurred in the
development of The Glen.
GNAS Caretaker Fund -to account for the resources and expenditures related to the Village's
caretaking of The Glen.
Deposit Fund -to account for money on deposit with the Village being held on a temporary basis,
such as security deposits for use of the Village’s equipment.
Police Department Special Account Fund -to account for funds received from the Illinois State
Police office to be used in various types of investigations.
Corporate Purpose Bond Series of 2000 Fund -This issue in the amount of $4,970,000 was sold
to finance various capital improvements throughout the Village.
Corporate Purpose Bond Series of 2004 Fund -These issues in the amount of $25,000,000 and
$22,315,000 were to complete projects at The Glen and to build a new police department
headquarters.
Corporate Purpose Bond Series of 2006A Fund -to account for revenues and expenditures
associated with infrastructure improvements within the Glenview Naval Air Station Economic
Development Project Area.
Corporate Purpose Bond Series of 2006B Fund -to account for the $27,940,000 bond issued to
acquire land in the Glenview Naval Air station Economic Development Project Area.
Capital Projects Fund -to account for revenues and expenditures involved with all other capital
improvements throughout the Village.
2000 Project Fund -to account for the funds derived from the 2000 General Obligation Bond
issue.
2003 Project Fund -to account for the funds derived from the 2003 General Obligation Bond
issue.
GNAS Bond Fund Series 1995 -to account for various development and other projects related to
the Glen.
2004 Glen Bond Fund -to account for development projects funded by the 2004 General
Obligation Bond issue.
2006A Bond Project Fund -to account for the funds to construct infrastructure improvements in
the Glenview Naval Air Station Economic Development Project Area.
Police Department Headquarters Fund -to account for the funds to build a new police department
headquarters.
Foreign Motor Refuse
Fire Fuel and 911
Insurance Tax Recycling Communications
Cash 230,530$ 164,953$ 24,744$ 328,448$
Investments - 721,016 733,353 -
Receivables
Property taxes - - - -
Accounts - - - -
Other - - 79,905 88,135
Due from other governments - 108,090 - -
Due from other funds - 148,236 405,855 -
TOTAL ASSETS 230,530$ 1,142,295$ 1,243,857$ 416,583$
LIABILITIES
Accounts payable -$ 16,160$ -$ 11,469$
Accrued payroll - - - 1,034
Accrued interest - - - -
Refundable deposits - - - -
Due to other funds - - - -
Advance to other funds - - - -
Deferred property taxes - - - -
Deferred revenues - - - 18,558
Total liabilities - 16,160 - 31,061
FUND BALANCES
Reserved for street improvements - 1,126,135 - -
Reserved for debt service - - - -
Reserved for public safety 230,530 - - 385,522
Reserved for capital development - - - -
Unreserved - undesignated
Special Revenue Funds - - 1,243,857 -
Debt Service Funds - - - -
Total fund balances (deficit)230,530 1,126,135 1,243,857 385,522
TOTAL LIABILITIES AND
FUND BALANCES 230,530$ 1,142,295$ 1,243,857$ 416,583$
VILLAGE OF GLENVIEW, ILLINOIS
COMBINING BALANCE SHEET
NONMAJOR GOVERNMENTAL FUNDS
December 31, 2006
ASSETS
LIABILITIES AND FUND BALANCES
Special Revenue
- 82 -
Police Corporate Corporate Corporate Corporate
Department Purpose Purpose Purpose Purpose
GNAS GNAS Special Bond Series Bond Series Bond Series Bond Series
Redevelopment Caretaker Deposit Account of 2000 of 2004 of 2006A of 2006B
249,833$ 290,715$ 141,787$ 10,742$ 14,589$ -$ 12,500$ 2,016,928$
- - 803,550 45,000 - 734,597 - 1,898,526
- - - - 2,087,660 - - -
- - 3,065 - - - - -
- - - - - - - -
- - - - - - - -
- 249,610 875 - 23,000 - - -
249,833$ 540,325$ 949,277$ 55,742$ 2,125,249$ 734,597$ 12,500$ 3,915,454$
18,870$ 101,461$ 9,000$ -$ -$ -$ -$ -$
271 1,350 - - - - - -
- - - - - - 12,500 43,773
- - 836,395 - - - - -
75,642 79,518 - - - - - -
- - - - - - - -
- - - - 2,087,660 - - -
- - - - - - - -
94,783 182,329 845,395 - 2,087,660 - 12,500 43,773
- - - - - - - -
- - - - - 734,597 - 3,871,681
- - - 55,742 - - - -
- - - - - - - -
155,050 357,996 103,882 - - - - -
- - - - 37,589 - - -
155,050 357,996 103,882 55,742 37,589 734,597 - 3,871,681
249,833$ 540,325$ 949,277$ 55,742$ 2,125,249$ 734,597$ 12,500$ 3,915,454$
Special Revenue Debt Service
(This statement is continued on the following pages.)
- 83 -
GNAS
Capital 2000 2003 Bond Fund
Projects Project Project Series 1995
Cash 330,766$ 7,583$ 3,243$ 145,863$
Investments - 465,000 290,000 -
Receivables
Property taxes - - - -
Accounts 123,224 - - 15,607
Other - - - -
Due from other governments - - - 1,410,174
Due from other funds 323,651 - - -
TOTAL ASSETS 777,641$ 472,583$ 293,243$ 1,571,644$
LIABILITIES
Accounts payable 1,431,641$ 126,896$ -$ 513,406$
Accrued payroll - - - -
Accrued interest - - - -
Refundable deposits - - - -
Due to other funds - 310,309 - -
Advance to other funds 229,856 - - -
Deferred property taxes - - - -
Deferred revenues 135,157 - - 3,138
Total liabilities 1,796,654 437,205 - 516,544
FUND BALANCES
Reserved for street improvements - - - -
Reserved for debt service - - - -
Reserved for public safety - - - -
Reserved for capital development - 35,378 293,243 1,055,100
Unreserved - undesignated
Special Revenue Funds - - - -
Debt Service Funds - - - -
Capital Project Funds (1,019,013) - - -
Total fund balances (deficit)(1,019,013) 35,378 293,243 1,055,100
TOTAL LIABILITIES AND
FUND BALANCES 777,641$ 472,583$ 293,243$ 1,571,644$
VILLAGE OF GLENVIEW, ILLINOIS
COMBINING BALANCE SHEET (Continued)
NONMAJOR GOVERNMENTAL FUNDS
December 31, 2006
ASSETS
LIABILITIES AND FUND BALANCES
Capital Projects
- 84 -
2004 Police
Glen 2006A Bond Department
Bond Project Headquarters Total
11,212$ 16,263$ 18,143$ 4,018,842$
1,414,382 9,970,306 - 17,075,730
- - - 2,087,660
- - - 141,896
- - - 168,040
- - - 1,518,264
- - - 1,151,227
1,425,594$ 9,986,569$ 18,143$ 26,161,659$
-$ 14,991$ 49,313$ 2,293,207$
- - - 2,655
- - - 56,273
- - - 836,395
- - 26,687 492,156
- - - 229,856
- - - 2,087,660
- - - 156,853
- 14,991 76,000 6,155,055
- - - 1,126,135
- - - 4,606,278
- - - 671,794
1,425,594 9,971,578 - 12,780,893
- - - 1,860,785
- - - 37,589
- - (57,857) (1,076,870)
1,425,594 9,971,578 (57,857) 20,006,604
1,425,594$ 9,986,569$ 18,143$ 26,161,659$
Capital Projects
See accompanying notes to financial statements.
- 85 -
Foreign Motor Refuse
Fire Fuel and 911
Insurance Tax Recycling Communications
REVENUES
Taxes 54,916$ -$ -$ -$
Intergovernmental - 1,309,623 - -
Charges for services - - 1,131,962 647,340
Investment income 4,467 56,734 19,831 12,422
Contributions - - - -
Miscellaneous
Land sales - - - -
Other - - - -
Total revenues 59,383 1,366,357 1,151,793 659,762
EXPENDITURES
Current
General government - - 786,455 -
Public safety 6,881 - - 595,559
Debt service
Principal - - - -
Interest and fiscal charges - - - -
Bond issuance costs - - - -
Capital outlay - 1,380,596 - 10,844
Total expenditures 6,881 1,380,596 786,455 606,403
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES 52,502 (14,239) 365,338 53,359
OTHER FINANCING SOURCES (USES)
Bond proceeds
Premium on bonds issued
Sale of capital assets - - - -
Transfers in - 27,009 - -
Transfers (out)- - (530,000) -
Total other financing sources (uses)- 27,009 (530,000) -
NET CHANGE IN FUND BALANCES 52,502 12,770 (164,662) 53,359
FUND BALANCES (DEFICIT), JANUARY 1 178,028 1,113,365 1,408,519 332,163
FUND BALANCES (DEFICIT), DECEMBER 31 230,530$ 1,126,135$ 1,243,857$ 385,522$
NONMAJOR GOVERNMENTAL FUNDS
Special Revenue
For the Year Ended December 31, 2006
VILLAGE OF GLENVIEW, ILLINOIS
COMBINING STATEMENT OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCES
- 86 -
Police Corporate Corporate Corporate Corporate
Department Purpose Purpose Purpose Purpose
GNAS GNAS Special Bond Series Bond Series Bond Series Bond Series
Redevelopment Caretaker Deposit Account of 2000 of 2004 of 2006A of 2006B
-$ -$ -$ -$ 1,549,883$ -$ -$ -$
- - - - - - - -
- - - - - - - -
355 566 28,325 908 41,866 (9,271) - (16,791)
- - - - - - - -
- - - - - - - -
887 140 - 737 - - - -
1,242 706 28,325 1,645 1,591,749 (9,271) - (16,791)
980,097 1,936,568 - - - - - -
- - - 1,602 - - - -
- - - - 1,750,000 - - -
- - - - 205,100 930,575 - -
- - - - - - - -
- - - - - - - -
980,097 1,936,568 - 1,602 1,955,100 930,575 - -
(978,855) (1,935,862) 28,325 43 (363,351) (939,846) - (16,791)
- - - 5,035 - - - -
1,200,000 2,150,000 - - - - - 3,888,472
- - - - - - - -
1,200,000 2,150,000 - 5,035 - - - 3,888,472
221,145 214,138 28,325 5,078 (363,351) (939,846) - 3,871,681
(66,095) 143,858 75,557 50,664 400,940 1,674,443 - -
155,050$ 357,996$ 103,882$ 55,742$ 37,589$ 734,597$ -$ 3,871,681$
Special Revenue Debt Service
(This statement is continued on the following pages.)
- 87 -
GNAS
Capital 2000 2003 Bond Fund
Projects Project Project Series 1995
REVENUES
Taxes -$ -$ -$ -$
Intergovernmental 2,496,123 - - 244,098
Charges for services - - - -
Investment income 119,100 31,240 6,918 448
Contributions - - - 136,862
Miscellaneous
Land sales - - - -
Other - 5,703 - 107,902
Total revenues 2,615,223 36,943 6,918 489,310
EXPENDITURES
Current
General government - - - -
Public safety - - - -
Debt service
Principal - - - -
Interest and fiscal charges - - - -
Bond issuance costs - - - -
Capital outlay 7,716,537 331,819 - 5,649,407
Total expenditures 7,716,537 331,819 - 5,649,407
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES (5,101,314) (294,876) 6,918 (5,160,097)
OTHER FINANCING SOURCES (USES)
Bond proceeds - - - -
Premium on bonds issued - - - -
Sale of capital assets - - - -
Transfers in 4,092,183 - - 10,047,209
Transfers (out)(709,040) (540,184) - (3,761,752)
Total other financing sources (uses)3,383,143 (540,184) - 6,285,457
NET CHANGE IN FUND BALANCES (1,718,171) (835,060) 6,918 1,125,360
FUND BALANCES (DEFICIT), JANUARY 1 699,158 870,438 286,325 (70,260)
FUND BALANCES (DEFICIT), DECEMBER 31 (1,019,013)$ 35,378$ 293,243$ 1,055,100$
NONMAJOR GOVERNMENTAL FUNDS
For the Year Ended December 31, 2006
Capital Projects
VILLAGE OF GLENVIEW, ILLINOIS
COMBINING STATEMENT OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCES (Continued)
- 88 -
2004 Police
Glen 2006A Bond Department
Bond Project Headquarters Total
-$ -$ -$ 1,604,799$
- - - 4,049,844
- - - 1,779,302
381,710 198 27,970 706,996
- - - 136,862
- - - -
- - - 115,369
381,710 198 27,970 8,393,172
- - - 3,703,120
- - - 604,042
- - - 1,750,000
- - - 1,135,675
- 39,991 - 39,991
- - 2,607,633 17,696,836
- 39,991 2,607,633 24,929,664
381,710 (39,793) (2,579,663) (16,536,492)
- 10,000,000 - 10,000,000
- 11,371 - 11,371
- - - 5,035
- - 1,370,000 22,774,873
(9,703,805) - - (15,244,781)
(9,703,805) 10,011,371 1,370,000 17,546,498
(9,322,095) 9,971,578 (1,209,663) 1,010,006
10,747,689 - 1,151,806 18,996,598
1,425,594$ 9,971,578$ (57,857)$ 20,006,604$
Capital Projects
See accompanying notes to financial statements.
- 89 -
Final 2006 2005
Budget Actual Actual
REVENUES
Foreign fire insurance tax 60,000$ 54,916$ 64,583$
Investment income 750 4,467 1,213
Total revenues 60,750 59,383 65,796
EXPENDITURES
Public safety
Contractual services 163,100 6,881 22,462
Total expenditures 163,100 6,881 22,462
NET CHANGE IN FUND BALANCE (102,350)$ 52,502 43,334
FUND BALANCE, JANUARY 1 178,028 134,694
FUND BALANCE, DECEMBER 31 230,530$ 178,028$
VILLAGE OF GLENVIEW, ILLINOIS
(with comparative actual for 2005)
For the Year Ended December 31, 2006
FOREIGN FIRE INSURANCE FUND
CHANGES IN FUND BALANCE - BUDGET AND ACTUAL
SCHEDULE OF REVENUES, EXPENDITURES AND
(See independent auditor's report.)
- 90 -
Final 2006 2005
Budget Actual Actual
REVENUES
Intergovernmental 1,300,000$ 1,309,623$ 1,300,789$
Investment income 27,000 56,734 55,844
Total revenues 1,327,000 1,366,357 1,356,633
EXPENDITURES
Capital outlay 1,609,230 1,380,596 2,832,966
Total expenditures 1,609,230 1,380,596 2,832,966
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES (282,230) (14,239) (1,476,333)
OTHER FINANCING SOURCES (USES)
Transfers in - 27,009 -
Total other financing sources (uses)- 27,009 -
NET CHANGE IN FUND BALANCE (282,230)$ 12,770 (1,476,333)
FUND BALANCE, JANUARY 1 1,113,365 2,589,698
FUND BALANCE, DECEMBER 31 1,126,135$ 1,113,365$
VILLAGE OF GLENVIEW, ILLINOIS
(with comparative actual for 2005)
For the Year Ended December 31, 2006
MOTOR FUEL TAX FUND
CHANGES IN FUND BALANCE - BUDGET AND ACTUAL
SCHEDULE OF REVENUES, EXPENDITURES AND
(See independent auditor's report.)
- 91 -
Final 2006 2005
Budget Actual Actual
REVENUES
Charges for services 1,131,250$ 1,131,962$ 1,130,441$
Investment income 11,000 19,831 55,893
Total revenues 1,142,250 1,151,793 1,186,334
EXPENDITURES
General government
Contractual services 100,000 13,228 202,103
Materials and supplies 56,000 24,885 18,854
Other 800,000 748,342 743,910
Total expenditures 956,000 786,455 964,867
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES 186,250 365,338 221,467
OTHER FINANCING SOURCES (USES)
Transfers (out)(530,000) (530,000) (1,175,000)
Total other financing sources (uses)(530,000) (530,000) (1,175,000)
NET CHANGE IN FUND BALANCE (343,750)$ (164,662) (953,533)
FUND BALANCE, JANUARY 1 1,408,519 2,362,052
FUND BALANCE, DECEMBER 31 1,243,857$ 1,408,519$
For the Year Ended December 31, 2006
(with comparative actual for 2005)
VILLAGE OF GLENVIEW, ILLINOIS
SCHEDULE OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCE - BUDGET AND ACTUAL
REFUSE AND RECYCLING FUND
(See independent auditor's report.)
- 92 -
Final 2006 2005
Budget Actual Actual
REVENUES
Charges for services 612,500$ 647,340$ 624,198$
Intergovernmental - - 354,795
Investment income 3,000 12,422 8,666
Total revenues 615,500 659,762 987,659
EXPENDITURES
Public safety
Personal services 286,104 286,556 222,049
Contractual services 149,550 80,940 107,271
Materials and supplies 9,950 1,350 3,896.00
Other charges 48,816 46,713 66,410
Administrative fees - General Fund 180,000 180,000 180,300
Capital outlay 32,775 10,844 576,367
Total expenditures 707,195 606,403 1,156,293
NET CHANGE IN FUND BALANCE (91,695)$ 53,359 (168,634)
FUND BALANCE, JANUARY 1 332,163 500,797
FUND BALANCE, DECEMBER 31 385,522$ 332,163$
For the Year Ended December 31, 2006
(with comparative actual for 2005)
VILLAGE OF GLENVIEW, ILLINOIS
SCHEDULE OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCE - BUDGET AND ACTUAL
911 COMMUNICATIONS FUND
(See independent auditor's report.)
- 93 -
Final 2006 2005
Budget Actual Actual
REVENUES
Investment income 100$ 355$ 401$
Miscellaneous - 887 21,474
Total revenues 100 1,242 21,875
EXPENDITURES
General government 1,121,333 980,097 1,564,896
Total expenditures 1,121,333 980,097 1,564,896
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES (1,121,233) (978,855) (1,543,021)
OTHER FINANCING SOURCES (USES)
Transfers in 1,200,000 1,200,000 1,550,000
Transfers (out)- - (2,000)
Total other financing sources (uses)1,200,000 1,200,000 1,548,000
NET CHANGE IN FUND BALANCE 78,767$ 221,145 4,979
FUND BALANCE (DEFICIT), JANUARY 1 (66,095) (71,074)
FUND BALANCE (DEFICIT), DECEMBER 31 155,050$ (66,095)$
VILLAGE OF GLENVIEW, ILLINOIS
(with comparative actual for 2005)
For the Year Ended December 31, 2006
GNAS REDEVELOPMENT FUND
CHANGES IN FUND BALANCE - BUDGET AND ACTUAL
SCHEDULE OF REVENUES, EXPENDITURES AND
(See independent auditor's report.)
- 94 -
Final 2006 2005
Budget Actual Actual
GENERAL GOVERNMENT
Administration
Personal service 687,295$ 674,279$ 846,500$
Contractual services 291,363 170,273 431,809
Material and supplies 40,595 39,487 53,700
Administrative fees 2,000 2,000 -
Other charges 77,055 75,832 183,326
Capital outlay 23,025 18,226 49,561
TOTAL EXPENDITURES 1,121,333$ 980,097$ 1,564,896$
SCHEDULE OF EXPENDITURES -
VILLAGE OF GLENVIEW, ILLINOIS
For the Year Ended December 31, 2006
(with comparative actual for 2005)
ADMINISTRATION DEPARTMENT
GNAS REDEVELOPMENT FUND
BUDGET AND ACTUAL
(See independent auditor's report.)
- 95 -
Final 2006 2005
Budget Actual Actual
REVENUES
Investment income 100$ 566$ 454$
Miscellaneous - 140 51,729
Total revenues 100 706 52,183
EXPENDITURES
General government 2,121,974 1,936,568 2,017,878
Total expenditures 2,121,974 1,936,568 2,017,878
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES (2,121,874) (1,935,862) (1,965,695)
OTHER FINANCING SOURCES (USES)
Transfers in 2,150,000 2,150,000 2,175,000
Transfers (out)- - (2,000)
Total other financing sources (uses)2,150,000 2,150,000 2,173,000
NET CHANGE IN FUND BALANCE 28,126$ 214,138 207,305
FUND BALANCE (DEFICIT), JANUARY 1 143,858 (63,447)
FUND BALANCE, DECEMBER 31 357,996$ 143,858$
For the Year Ended December 31, 2006
(with comparative actual for 2005)
VILLAGE OF GLENVIEW, ILLINOIS
SCHEDULE OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCE - BUDGET AND ACTUAL
GNAS CARETAKER FUND
(See independent auditor's report.)
- 96 -
Final 2006 2005
Budget Actual Actual
GENERAL GOVERNMENT
Public works division
Personal service 576,844$ 327,079$ -$
Contractual services 476,000 567,265 -
Material and supplies 182,540 218,903 -
Capital outlay 9,000 9,000 -
Total public works division 1,244,384 1,122,247 -
Overhead
Personal service 92,109 89,267 19,380
Contractual services 462,220 416,259 24,717
Material and supplies 121,505 98,693 2,534
Administrative fees 2,000 2,000 -
Capital outlay - - 27,597
Other 199,756 208,102 313,383
Total overhead 877,590 814,321 387,611
Street maintenance
Personal service - - 10,498
Contractual services - - 19,060
Material and supplies - - 11,594
Total street maintenance - - 41,152
Traffic
Personal service - - 48,147
Contractual services - - 17,641
Material and supplies - - 92,039
Total traffic - - 157,827
Storm water management
Personal service - - 28,671
Contractual services - - -
Material and supplies - - 10,580
Total storm water management - - 39,251
For the Year Ended December 31, 2006
(with comparative actual for 2005)
VILLAGE OF GLENVIEW, ILLINOIS
SCHEDULE OF EXPENDITURES -
BUDGET AND ACTUAL
GNAS CARETAKER FUND
(This schedule is continued on the following pages.)
- 97 -
Final 2006 2005
Budget Actual Actual
GENERAL GOVERNMENT (Continued)
Snow and ice control
Personal service -$ -$ 20,545$
Contractual services - - 31,238
Material and supplies - - 45,245
Total snow and ice control - - 97,028
Forestry
Personal service - - 11,246
Contractual services - - 1,211
Material and supplies - - 3,667
Total forestry - - 16,124
Grounds
Personal service - - 4,298
Contractual services - - 186,371
Material and supplies - - 4,221
Total grounds - - 194,890
Great park maintenance
Personal service - - 36,524
Contractual services - - 214,072
Material and supplies - - 89,713
Total great park maintenance - - 340,309
Lake management
Personal service - - 21,149
Contractual services - - 1,690
Material and supplies - - 1,114
Total lake management - - 23,953
BUDGET AND ACTUAL (Continued)
GNAS CARETAKER FUND
For the Year Ended December 31, 2006
(with comparative actual for 2005)
VILLAGE OF GLENVIEW, ILLINOIS
SCHEDULE OF EXPENDITURES -
(This schedule is continued on the following page.)
- 98 -
Final 2006 2005
Budget Actual Actual
BUDGET AND ACTUAL (Continued)
GNAS CARETAKER FUND
For the Year Ended December 31, 2006
(with comparative actual for 2005)
VILLAGE OF GLENVIEW, ILLINOIS
SCHEDULE OF EXPENDITURES -
GENERAL GOVERNMENT (Continued)
Prairie management
Personal service -$ -$ 33,974$
Contractual services - - 2,517
Material and supplies - - 1,385
Total prairie management - - 37,876
Water distribution system
Personal service - - 58,384
Contractual services - - 9,647
Material and supplies - - 152,058
Total water distribution system - - 220,089
Sanitary sewer system
Personal service - - 8,517
Total sanitary sewer system - - 8,517
Parking deck system
Contractual services - - 379,281
Material and supplies - - 73,970
Total parking deck system - - 453,251
TOTAL EXPENDITURES 2,121,974$ 1,936,568$ 2,017,878$
(See independent auditor's report.)
- 99 -
Final 2006 2005
Budget Actual Actual
REVENUES
Investment income -$ 28,325$ 10,737$
Total revenues - 28,325 10,737
EXPENDITURES
None - - -
Total expenditures - - -
NET CHANGE IN FUND BALANCE -$ 28,325 10,737
FUND BALANCE, JANUARY 1 75,557 64,820
FUND BALANCE, DECEMBER 31 103,882$ 75,557$
VILLAGE OF GLENVIEW, ILLINOIS
(with comparative actual for 2005)
For the Year Ended December 31, 2006
DEPOSIT FUND
CHANGES IN FUND BALANCE - BUDGET AND ACTUAL
SCHEDULE OF REVENUES, EXPENDITURES AND
(See independent auditor's report.)
- 100 -
Final 2006 2005
Budget Actual Actual
REVENUES
Investment income 100$ 908$ 216$
Miscellaneous - 737 5,432
Total revenues 100 1,645 5,648
EXPENDITURES
Public safety
Other charges 7,500 1,602 1,730
Total expenditures 7,500 1,602 1,730
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES (7,400) 43 3,918
OTHER FINANCING SOURCES (USES)
Sale of capital assets 2,000 5,035 7,505
Total other financing sources (uses)2,000 5,035 7,505
NET CHANGE IN FUND BALANCE (5,400)$ 5,078 11,423
FUND BALANCE, JANUARY 1 50,664 39,241
FUND BALANCE, DECEMBER 31 55,742$ 50,664$
For the Year Ended December 31, 2006
(with comparative actual for 2005)
VILLAGE OF GLENVIEW, ILLINOIS
SCHEDULE OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCE - BUDGET AND ACTUAL
POLICE DEPARTMENT SPECIAL ACCOUNT FUND
(See independent auditor's report.)
- 101 -
Final 2006 2005
Budget Actual Actual
REVENUES
Taxes
Property 1,954,500$ 1,549,883$ 544,199$
Investment income 300 41,866 2,833
Total revenues 1,954,800 1,591,749 547,032
EXPENDITURES
Debt service
Principal 1,750,000 1,750,000 345,000
Interest and fiscal charges 205,500 205,100 219,935
Total expenditures 1,955,500 1,955,100 564,935
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES (700) (363,351) (17,903)
OTHER FINANCING SOURCES (USES)
Transfers in - - 423,106
Total other financing sources (uses)- - 423,106
NET CHANGE IN FUND BALANCE (700)$ (363,351) 405,203
FUND BALANCE (DEFICIT), JANUARY 1 400,940 (4,263)
FUND BALANCE, DECEMBER 31 37,589$ 400,940$
VILLAGE OF GLENVIEW, ILLINOIS
(with comparative actual for 2005)
For the Year Ended December 31, 2006
CORPORATE PURPOSE BOND SERIES OF 2000 FUND
CHANGES IN FUND BALANCE - BUDGET AND ACTUAL
SCHEDULE OF REVENUES, EXPENDITURES AND
(See independent auditor's report.)
- 102 -
Final 2006 2005
Budget Actual Actual
REVENUES
Investment income -$ (9,271)$ 122,067$
Total revenues - (9,271) 122,067
EXPENDITURES
Debt service
Interest and fiscal charges 931,775 930,575 907,311
Total expenditures 931,775 930,575 907,311
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES (931,775) (939,846) (785,244)
OTHER FINANCING SOURCES (USES)
None - - -
Total other financing sources (uses)- - -
NET CHANGE IN FUND BALANCE (931,775)$ (939,846) (785,244)
FUND BALANCE, JANUARY 1 1,674,443 2,459,687
FUND BALANCE, DECEMBER 31 734,597$ 1,674,443$
For the Year Ended December 31, 2006
(with comparative actual for 2005)
VILLAGE OF GLENVIEW, ILLINOIS
SCHEDULE OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCE - BUDGET AND ACTUAL
GENERAL OBLIGATION BOND SERIES OF 2004 FUND
(See independent auditor's report.)
- 103 -
Final 2006 2005
Budget Actual Actual
REVENUES
Intergovernmental 3,259,699$ 2,496,123$ 3,498,052$
Investment income 11,000 119,100 163,228
Total revenues 3,270,699 2,615,223 3,661,280
EXPENDITURES
Capital outlay 9,997,541 7,716,537 8,556,219
Total expenditures 9,997,541 7,716,537 8,556,219
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES (6,726,842) (5,101,314) (4,894,939)
OTHER FINANCING SOURCES (USES)
Transfers in 3,190,000 4,092,183 250,000
Transfers (out)- (709,040) (261,238)
Total other financing sources (uses)3,190,000 3,383,143 (11,238)
NET CHANGE IN FUND BALANCE (3,536,842)$ (1,718,171) (4,906,177)
FUND BALANCE, JANUARY 1 699,158 4,811,066
Prior period adjustment - 794,269
FUND BALANCE, JANUARY 1, RESTATED 699,158 5,605,335
FUND BALANCE (DEFICIT), DECEMBER 31 (1,019,013)$ 699,158$
For the Year Ended December 31, 2006
(with comparative actual for 2005)
VILLAGE OF GLENVIEW, ILLINOIS
SCHEDULE OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCE - BUDGET AND ACTUAL
CAPITAL PROJECTS FUND
(See independent auditor's report.)
- 104 -
Final 2006 2005
Budget Actual Actual
REVENUES
Investment income -$ 31,240$ 65,547$
Miscellaneous income - 5,703 -
Total revenues - 36,943 65,547
EXPENDITURES
Capital outlay 954,281 331,819 1,949,241
Total expenditures 954,281 331,819 1,949,241
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES (954,281) (294,876) (1,883,694)
OTHER FINANCING SOURCES (USES)
Transfers (out)- (540,184) (261,238)
Total other financing sources (uses)- (540,184) (261,238)
NET CHANGE IN FUND BALANCE (954,281)$ (835,060) (2,144,932)
FUND BALANCE, JANUARY 1 870,438 2,874,151
Prior period adjustment - (120,019)
FUND BALANCE, JANUARY 1, RESTATED 870,438 2,754,132
FUND BALANCE, DECEMBER 31 35,378$ 870,438$
For the Year Ended December 31, 2006
(with comparative actual for 2005)
VILLAGE OF GLENVIEW, ILLINOIS
SCHEDULE OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCE - BUDGET AND ACTUAL
2000 PROJECT FUND
(See independent auditor's report.)
- 105 -
Final 2006 2005
Budget Actual Actual
REVENUES
Investment income 600$ 6,918$ 5,786$
Total revenues 600 6,918 5,786
EXPENDITURES
Capital outlay - - 25,500
Total expenditures - - 25,500
NET CHANGE IN FUND BALANCE 600$ 6,918 (19,714)
FUND BALANCE, JANUARY 1 286,325 306,039
FUND BALANCE, DECEMBER 31 293,243$ 286,325$
For the Year Ended December 31, 2006
(with comparative actual for 2005)
VILLAGE OF GLENVIEW, ILLINOIS
SCHEDULE OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCE - BUDGET AND ACTUAL
2003 PROJECT FUND
(See independent auditor's report.)
- 106 -
Final 2006 2005
Budget Actual Actual
REVENUES
Intergovernmental 236,000$ 244,098$ 2,420$
Investment income 100 448 84,807
Contributions 100 136,862 -
Miscellaneous - 107,902 18,757
Total revenues 236,200 489,310 105,984
EXPENDITURES
Capital outlay 12,053,675 5,649,407 14,642,296
Total expenditures 12,053,675 5,649,407 14,642,296
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES (11,817,475) (5,160,097) (14,536,312)
OTHER FINANCING SOURCES (USES)
Transfers in 7,817,814 10,047,209 15,536,783
Transfers (out)- (3,761,752) (272,000)
Total other financing sources (uses)7,817,814 6,285,457 15,264,783
NET CHANGE IN FUND BALANCE (3,999,661)$ 1,125,360 728,471
FUND BALANCE (DEFICIT), JANUARY 1 (70,260) (798,731)
FUND BALANCE (DEFICIT), DECEMBER 31 1,055,100$ (70,260)$
For the Year Ended December 31, 2006
(with comparative actual for 2005)
VILLAGE OF GLENVIEW, ILLINOIS
SCHEDULE OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCE - BUDGET AND ACTUAL
GNAS BOND FUND SERIES 1995
(See independent auditor's report.)
- 107 -
Final 2006 2005
Budget Actual Actual
REVENUES
Investment income 1,500$ 381,710$ 560,660$
EXPENDITURES
None - - -
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES 1,500 381,710 560,660
OTHER FINANCING SOURCES (USES)
Bonds issued 10,000,000 - -
Premium on bonds issued - - -
Transfers (out)(7,817,814) (9,703,805) (11,786,783)
Total other financing sources (uses)2,182,186 (9,703,805) (11,786,783)
NET CHANGE IN FUND BALANCE 2,183,686$ (9,322,095) (11,226,123)
FUND BALANCE, JANUARY 1 10,747,689 21,973,812
FUND BALANCE, DECEMBER 31 1,425,594$ 10,747,689$
For the Year Ended December 31, 2006
(with comparative actual for 2005)
VILLAGE OF GLENVIEW, ILLINOIS
SCHEDULE OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCE - BUDGET AND ACTUAL
2004 GLEN BOND FUND
(See independent auditor's report.)
- 108 -
Final 2006 2005
Budget Actual Actual
REVENUES
Investment income -$ 27,970$ 372,816$
Total revenues - 27,970 372,816
EXPENDITURES
Debt service
Interest and fiscal charges - - -
Capital outlay 4,900,000 2,607,633 17,012,125
Total expenditures 4,900,000 2,607,633 17,012,125
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES (4,900,000) (2,579,663) (16,639,309)
OTHER FINANCING SOURCES (USES)
Transfers in 3,000,000 1,370,000 -
Total other financing sources (uses)3,000,000 1,370,000 -
NET CHANGE IN FUND BALANCE (1,900,000)$ (1,209,663) (16,639,309)
FUND BALANCE, JANUARY 1 1,151,806 17,791,115
FUND BALANCE (DEFICIT), DECEMBER 31 (57,857)$ 1,151,806$
For the Year Ended December 31, 2006
(with comparative actual for 2005)
VILLAGE OF GLENVIEW, ILLINOIS
SCHEDULE OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCE - BUDGET AND ACTUAL
POLICE DEPARTMENT HEADQUARTERS FUND
(See independent auditor's report.)
- 109 -
Final 2006 2005
Budget Actual Actual
PROJECT COSTS
Village of Glenview Development
Department fees 495,375$ 134,266$ 5,434,046$
Surveys, plats, and maps 305,000 13,817 18,116
East Lake Ave. construction 4,000,000 500,000 24,929
Engineering 600,000 315,738 625,867
Sidewalks 130,000 8,535 -
Sanitary sewer construction - - 8,077
SCADA system 62,000 64,487 32,474
Lehigh Avenue roadways - 259,947 217,381
Chestnut/Patriot Blvd. to golf course - - 1,502
Traffic signals - Lehigh - - (1,107)
Drainage - Lehigh - - 39,176
East Lake Ave. Engineering/
Construction management - 8,894 161,375
Water source improvements - - 46,301
Fire department building - - 31,523
Bike paths - - 10,951
Youth services - - 1,626
Gallery Park landscape and amenities 434,500 4,494 119,255
Roadway median and parkway landscape 220,000 193,652 119,381
Prairie/wetland management and mitigation 3,056,800 2,928,726 170,438
Patriot Blvd./W Lake to Chestnut - - 22,865
Street lighting and traffic signals 20,000 - 369,393
Lake outlet and culvert enhancements - - 213,176
W Side reservoir and pump construction - 32,264 -
Rugen engineering - 1,961 139,361
Rugen reservoir and pump construction - 115,282 2,382,547
Utility allowance 50,000 144,084 6,596
Potable water construction - - (1,558)
Stormwater piping construction 2,280,000 7,365 -
Construction fence - 2,191 5,517
Public works campus - 9,999 581,634
Rugen Road 400,000 369,807 -
Lake construction and management - - 70,487
Miscellaneous restoration - 45,059 8,898
Shermer Road public works - 160,765 32,069
Post office - - 3,750,000
Miscellaneous improvements - 328,074 -
TOTAL EXPENDITURES 12,053,675$ 5,649,407$ 14,642,296$
For the Year Ended December 31, 2006
(with comparative actual for 2005)
VILLAGE OF GLENVIEW, ILLINOIS
SCHEDULE OF DETAILED EXPENDITURES -
BUDGET AND ACTUAL
GNAS BOND FUND SERIES 1995
(See independent auditor's report.)
- 110 -
MAJOR ENTERPRISE FUNDS
Waterworks Fund -to account for the provision of water service to the residents of Glenview.
All activity necessary to provide such services is accounted for in this fund including, but not
limited to, administration (Director of Public Works), operation, maintenance, financing and
related debt service and billing and collection.
North Maine Water and Sewer Fund -to account for all financial activity related to the Village
providing water and sewer service to an unincorporated area southwest of the Village. This area
was formerly served by the North Suburban Public Utilities Company.
Final 2006 2005
Budget Actual Actual
OPERATING REVENUES
Charges for services
Water charges 8,200,000$ 7,280,915$ 8,237,575$
Water connection charges 105,000 59,670 82,178
Water meters and remote readers 75,000 169,900 254,634
Miscellaneous
Late payment fees 65,000 86,944 59,231
Water for construction 25,000 24,419 33,138
Recapture agreements 10,000 25,375 48,368
Other 50,000 6,794 10,993
Total operating revenues 8,530,000 7,654,017 8,726,117
OPERATING EXPENSES
Administration 7,673,670 6,771,457 2,448,377
Operations
Supply and metering - - 3,779,682
Pumping station - east - - 356,780
Pumping station - west - - 185,897
Distribution system - - 1,076,300
Overhead 558,472 558,472 1,379,455
Depreciation - 838,965 647,908
Total operating expenses 8,232,142 8,168,894 9,874,399
OPERATING INCOME (LOSS)297,858 (514,877) (1,148,282)
NONOPERATING REVENUES (EXPENSES)
Investment income 88,000 227,209 140,667
Loss on sale of fixed assets - (48,424) (4,142)
Total non operating revenues (expenses)88,000 178,785 136,525
NET INCOME (LOSS) BEFORE TRANSFERS 385,858 (336,092) (1,011,757)
TRANSFERS
Transfers in 567,000 4,570,388 170,359
Transfers (out)- (721,561) -
Total transfers 567,000 3,848,827 170,359
CHANGE IN NET ASSETS 952,858$ 3,512,735 (841,398)
NET ASSETS, JANUARY 1 26,353,227 28,873,259
Prior period adjustment 2,791,844 (1,678,634)
NET ASSETS, JANUARY 1, RESTATED 29,145,071 27,194,625
NET ASSETS, DECEMBER 31 32,657,806$ 26,353,227$
For the Year Ended December 31, 2006
(with comparative actual for 2005)
VILLAGE OF GLENVIEW, ILLINOIS
SCHEDULE OF REVENUES, EXPENSES AND CHANGES
IN NET ASSETS - BUDGET AND ACTUAL
WATERWORKS FUND
(See independent auditor's report.)
- 111 -
Final 2006 2005
Budget Actual Actual
ADMINISTRATION
Personal services 8,000$ 1,889,536$ 20,294$
Contractual services 3,328,920 3,150,448 48,744
Materials and supplies 489,125 643,261 44,491
Capital outlay 3,337,824 555,762 1,628,519
Other 509,801 532,450 706,329
Total administration 7,673,670 6,771,457 2,448,377
OPERATIONS
Supply and metering
Personal services - - 239,959
Contractual services - - 66,849
Water purchase - - 3,301,220
Materials and supplies - - 171,654
Total supply and metering - - 3,779,682
Pumping station - east
Personal services - - 126,147
Contractual services - - 65,727
Materials and supplies - - 12,425
Capital outlay - - 25,082.00
Other - - 127,399
Total pumping station - east - - 356,780
Pumping station - west
Personal services - - 84,939
Contractual services - - 5,775
Materials and supplies - - 14,751
Capital outlay - - 21,608
Other - - 58,824
Total pumping station - west - - 185,897
Distribution system
Personal services - - 589,590
Contractual services - - 197,361
Materials and supplies - - 272,256
Capital outlay - - 13,236
Other - - 3,857
Total distribution system - - 1,076,300
For the Year Ended December 31, 2006
(with comparative actual for 2005)
VILLAGE OF GLENVIEW, ILLINOIS
SCHEDULE OF OPERATING EXPENSES -
BUDGET AND ACTUAL
WATERWORKS FUND
(This schedule is continued on the following page.)
- 112 -
Final 2006 2005
Budget Actual Actual
OPERATIONS (Continued)
Overhead
Personal services -$ -$ 532,618$
Contractual services - - 22,835
Materials and supplies - - 19,406
Capital outlay - - 53,224
Other - - 196,372
Administrative fees - General Fund 558,472 558,472 555,000
Total overhead 558,472 558,472 1,379,455
TOTAL OPERATING EXPENSES
EXCLUDING DEPRECIATION 8,232,142$ 7,329,929$ 9,226,491$
For the Year Ended December 31, 2006
(with comparative actual for 2005)
SCHEDULE OF OPERATING EXPENSES -
VILLAGE OF GLENVIEW, ILLINOIS
BUDGET AND ACTUAL (Continued)
WATERWORKS FUND
(See independent auditor's report.)
- 113 -
VILLAGE OF GLENVIEW, ILLINOIS
SCHEDULE OF CAPITAL ASSETS AND DEPRECIATION
WATERWORKS FUND
For the Year Ended December 31, 2006
Assets Accumulated Depreciation
Restated Restated Net
Balances Balances Balances Balances Asset
January1 Additions Retirements December 31 January 1 Provisions Retirements December 31 Value
Land and improvements 67,851$ -$ -$ 67,851$ -$ -$ -$ -$ 67,851$
Buildings 243,645 - - 243,645 133,878 4,873 - 138,751 104,894
Northfield Woods
System - acquisition
cost 2,239,534 - - 2,239,534 1,301,197 44,792 - 1,345,989 893,545
Illinois Municipal Water
Company System -
acquisition cost 1,415,017 - - 1,415,017 772,501 28,300 - 800,801 614,216
Transmission lines 11,666,586 7,687,380 101,250 19,252,716 4,124,812 294,518 79,532 4,339,798 14,912,918
Water storage facilities 688,211 1,132,317 10,044 1,810,484 508,203 24,164 7,608 524,759 1,285,725
Water mains 15,554,431 - - 15,554,431 2,897,468 276,787 - 3,174,255 12,380,176
Machinery and
equipment 1,471,230 421,283 5,808 1,886,705 1,433,301 28,786 18,951 1,443,136 443,569
Automotive equipment 1,187,743 - 163,333 1,024,410 739,100 136,488 118,606 756,982 267,428
Office furniture and
equipment 8,036 - - 8,036 7,520 258 - 7,778 258
TOTAL 34,542,284$ 9,240,980$ 280,435$ 43,502,829$ 11,917,980$838,966$ 224,697$ 12,532,249$30,970,580$
(See independent auditor's report.)
- 114 -
Final 2006 2005
Budget Actual Actual
OPERATING REVENUES
Charges for services
Water charges 5,523,800$ 5,549,704$ 5,516,713$
Sewer charges 310,000 312,031 314,541
Miscellaneous
New water meters 1,000 2,765 4,170
Late payment fees 30,000 62,617 34,916
Other 500 1,406 2,317
Total operating revenues 5,865,300 5,928,523 5,872,657
OPERATING EXPENSES
Administration 5,310,313 4,939,124 332,449
Operations
Supply and metering - - 3,657,928
Pumping station - - 81,660
Distribution system - 345 306,810
Collection system - - 53,909
Depreciation and amortization - 160,716 189,290
Total operating expenses 5,310,313 5,100,185 4,622,046
OPERATING INCOME 554,987 828,338 1,250,611
NONOPERATING REVENUES (EXPENSES)
Investment income 12,500 50,767 40,220
Interest expense (776,109) (295,980) (301,098)
Total nonoperating revenues (expenses)(763,609) (245,213) (260,878)
NET INCOME BEFORE TRANSFERS
AND CONTRIBUTIONS (208,622) 583,125 989,733
TRANSFERS
Transfers (out)- - (557,500)
Total transfers - - (557,500)
CONTRIBUTIONS - - 144,300
CHANGE IN NET ASSETS (208,622)$ 583,125 576,533
NET ASSETS, JANUARY 1 212,007 (364,526)
Prior period adjustment 32,906 -
NET ASSETS (DEFICIT), JANUARY 1, RESTATED 244,913 (364,526)
NET ASSETS, DECEMBER 31 828,038$ 212,007$
(with comparative actual for 2005)
VILLAGE OF GLENVIEW, ILLINOIS
SCHEDULE OF REVENUES, EXPENSES AND CHANGES
IN NET ASSETS - BUDGET AND ACTUAL
NORTH MAINE WATER AND SEWER FUND
For the Year Ended December 31, 2006
(See independent auditor's report.)
- 115 -
Final 2006 2005
Budget Actual Actual
ADMINISTRATION
Personal services 816,491$ 441,318$ 153,991$
Contractual services 3,608,913 3,640,512 26,338
Material and supplies 370,825 332,564 40,928
Bond and note principal - - 459,807
Capital outlay 12,850 14,189 (226,153)
Other 501,234 510,541 337,345
5,310,313 4,939,124 792,256
Less nonoperating expenses
Bond and note principal paid - - (459,807)
Total administration 5,310,313 4,939,124 332,449
OPERATIONS
Supply and metering
Personal services - - 92,074
Contractual services - - 3,524,990
Material and supplies - - 1,987
Capital outlay - - 71,503
- - 3,690,554
Less nonoperating expenses
Assets capitalized - - (32,626.00)
Total supply and metering - - 3,657,928
Pumping station
Personal services - - 48,088
Contractual services - - 24,828
Material and supplies - - 1,867
Other - - 6,877
Total pumping station - - 81,660
Distribution system
Personal services - - 91,958
Contractual services - 345 117,397
Material and supplies - - 90,830
Capital outlay - - 5,750
Other - - 875
Total distribution system - 345 306,810
Collection system
Personal services - - 31,823
Contractual services - - 10,083
Material and supplies - - 12,003
Total collection system - - 53,909
Total operations - 345 4,100,307
TOTAL OPERATING EXPENSES
EXCLUDING DEPRECIATION 5,310,313$ 4,939,469$ 4,432,756$
For the Year Ended December 31, 2006
(with comparative actual for 2005)
VILLAGE OF GLENVIEW, ILLINOIS
SCHEDULE OF OPERATING EXPENSES -
BUDGET AND ACTUAL
NORTH MAINE WATER AND SEWER FUND
(See independent auditor's report.)
- 116 -
VILLAGE OF GLENVIEW, ILLINOIS
SCHEDULE OF CAPITAL ASSETS AND DEPRECIATION
NORTH MAINE WATER AND SEWER FUND
For the Year Ended December 31, 2006
Assets Accumulated Depreciation Net
Balances Balances Balances Balances Asset
January 1 Additions Retirements December 31 January 1 Provisions Retirements December 31 Value
Land and land
improvements 235,000$ -$ -$ 235,000$ -$ -$ -$ -$ 235,000$
Water storage
facility 244,058 - - 244,058 35,491 4,989 - 40,480 203,578
Water mains 5,209,114 - - 5,209,114 1,094,758 106,072 - 1,200,830 4,008,284
Sewer mains 1,427,560 - - 1,427,560 284,112 26,661 - 310,773 1,116,787
Machinery and
equipment 191,338 - - 191,338 191,338 - - 191,338 -
Automotive
equipment 317,633 - - 317,633 252,453 16,368 - 268,821 48,812
Office furniture
and fixtures 10,636 - - 10,636 10,636 - - 10,636 -
TOTAL 7,635,339$ -$ -$ 7,635,339$ 1,868,788$ 154,090$ -$ 2,022,878$ 5,612,461$
(See independent auditor's report.)
- 117 -
NONMAJOR ENTERPRISE FUNDS
Wholesale Water Fund -to account for the provision of water service to the Illinois American
Water Company enabling the private utility to receive Lake Michigan water.
Sewerage Fund -to account for the funds necessary to provide sanitary sewer service to both
incorporated and unincorporated Village of Glenview customers.
Commuter Parking Lot Fund -to account for the activity involved with, but not limited to, the
administration (Finance Director), sale of permits and maintenance of the commuter parking
facilities within the Village.
VILLAGE OF GLENVIEW, ILLINOIS
COMBINING STATEMENT OF NET ASSETS
NONMAJOR ENTERPRISE FUNDS
December 31, 2006
Wholesale Commuter
Water Sewerage Parking Lot Total
CURRENT ASSETS
Cash 296,411$ 806,300$ 178,134$ 1,280,845$
Investments 1,890,598 - 387,028 2,277,626
Receivables
Accounts (net)283,302 504,847 - 788,149
Due from other funds 17,141 654,014 45,937 717,092
Deferred bond issuance costs 12,785 - - 12,785
Total current assets 2,500,237 1,965,161 611,099 5,076,497
CAPITAL ASSETS
Capital assets being depreciated 2,512,633 14,535,343 1,216,592 18,264,568
Accumulated depreciation (865,722) (3,000,962) (295,224) (4,161,908)
Net capital assets 1,646,911 11,534,381 921,368 14,102,660
Total assets 4,147,148 13,499,542 1,532,467 19,179,157
CURRENT LIABILITIES
Accounts payable 74,419 505,460 48,913 628,792
Accrued payroll 4 147 - 151
Interest payable 3,394 - - 3,394
Due to other funds 652,349 108,070 - 760,419
Deposits - - 2,300 2,300
Refundable deposits - - 3,000 3,000
Current portion of general
obligation bonds payable 185,000 - - 185,000
Total current liabilities 915,166 613,677 54,213 1,583,056
NONCURRENT LIABILITIES
Unamortized bond discount (9,338) - - (9,338)
Unamortized loss on refunding (10,102) - - (10,102)
General obligation bonds payable 1,060,000 - - 1,060,000
Total noncurrent liabilities 1,040,560 - - 1,040,560
Total liabilities 1,955,726 613,677 54,213 2,623,616
NET ASSETS
Invested in capital assets, net of related debt 401,911 11,534,381 921,368 12,857,660
Unrestricted 1,789,511 1,351,484 556,886 3,697,881
TOTAL NET ASSETS 2,191,422$ 12,885,865$ 1,478,254$ 16,555,541$
See accompanying notes to financial statements.
- 118 -
VILLAGE OF GLENVIEW, ILLINOIS
COMBINING STATEMENT OF REVENUES, EXPENSES
AND CHANGES IN NET ASSETS
NONMAJOR ENTERPRISE FUNDS
For the Year Ended December 31, 2006
Wholesale Commuter
Water Sewerage Parking Lot Total
OPERATING REVENUES
Charges for services
Water and sewer charges 1,692,776$ 1,394,958$ -$ 3,087,734$
Water and sewer connection charges - 10,998 - 10,998
Parking decals and meter fees - - 409,087 409,087
Late payment fees - 24,445 - 24,445
Miscellaneous - - 6,600 6,600
.
Total operating revenues 1,692,776 1,430,401 415,687 3,538,864
OPERATING EXPENSES
Administration - 1,275,750 362,385 1,638,135
Operations 1,034,428 9,258 21,936 1,065,622
Depreciation and amortization 67,648 259,506 48,132 375,286
Capital outlay - - 865 865
Total operating expenses 1,102,076 1,544,514 433,318 3,079,908
OPERATING INCOME 590,700 (114,113) (17,631) 458,956
NONOPERATING REVENUES (EXPENSES)
Investment income 69,702 63,596 16,167 149,465
Interest and fiscal charges (44,724) - - (44,724)
Miscellaneous - 18,166 - 18,166
Total nonoperating revenues (expenses)24,978 81,762 16,167 122,907
NET INCOME BEFORE TRANSFERS 615,678 (32,351) (1,464) 581,863
TRANSFERS
Transfers in - 1,179,516 - 1,179,516
Transfers (out)(150,000) (180,622) - (330,622)
Total transfers (150,000) 998,894 - 848,894
CHANGE IN NET ASSETS 465,678 966,543 (1,464) 1,430,757
NET ASSETS, JANUARY 1 1,725,744 11,919,322 1,479,718 15,124,784
NET ASSETS, DECEMBER 31 2,191,422$ 12,885,865$ 1,478,254$ 16,555,541$
See accompanying notes to financial statements.
- 119 -
VILLAGE OF GLENVIEW, ILLINOIS
COMBINING STATEMENT OF CASH FLOWS
NONMAJOR ENTERPRISE FUNDS
For the Year Ended December 31, 2006
Wholesale Commuter
Water Sewerage Parking Lot Total
CASH FLOWS FROM OPERATINGACTIVITIES
Receipts from customers and users 1,548,036$ 1,526,508$ 415,687$ 3,490,231$
Payments to suppliers (374,810) (1,025,526) (347,287) (1,747,623)
Payments to employees (15,255) (448,483) (46,033) (509,771)
Net cash from operating activities 1,157,971 52,499 22,367 1,232,837
CASH FLOWS FROM NONCAPITAL
FINANCINGACTIVITIES
Miscellaneous nonoperating receipts - 18,166 - 18,166
Interfund transfers in - 1,179,516 - 1,179,516
Interfund transfers (out)(150,000) (180,622) - (330,622)
Net cash from noncapital financing activities (150,000) 1,017,060 - 867,060
CASH FLOWS FROM CAPITAL AND RELATED
FINANCINGACTIVITIES
Purchase of capital assets - (1,984,149) - (1,984,149)
Principal payments (185,000) - - (185,000)
Interest payments (45,033) - - (45,033)
Net cash from capital and related financing activities (230,033) (1,984,149) - (2,214,182)
CASH FLOWS FROM INVESTINGACTIVITIES
Interest received 69,702 63,596 16,167 149,465
Sale of investments (1,090,598) 500,000 87,972 (502,626)
Net cash from investing activities (1,020,896) 563,596 104,139 (353,161)
NET INCREASE (DECREASE) IN CASH
AND CASH EQUIVALENTS (242,958) (350,994) 126,506 (467,446)
CASH AND CASH EQUIVALENTS, JANUARY 1 539,369 1,157,294 51,628 1,748,291
CASH AND CASH EQUIVALENTS, DECEMBER 31 296,411$ 806,300$ 178,134$ 1,280,845$
RECONCILIATION OF OPERATING INCOME TO NET
CASH FLOWS FROM OPERATING ACTIVITIES
Operating income (loss)590,700$ (114,113)$ (17,631)$ 458,956$
Adjustments to reconcile operating income (loss) to net
cash from operating activities
Depreciation and amortization 67,648 259,506 48,132 375,286
Changes in current assets and liabilities
Accounts receivable (144,740) 96,107 - (48,633)
Due from other funds (2,471) (654,014) (21,183) (677,668)
Accounts payable (5,519) 503,252 11,760 509,493
Accrued payroll 4 (625) (511) (1,132)
Due to other funds 652,349 - - 652,349
Deposits - (37,614) 1,800 (35,814)
NET CASH FROM OPERATING ACTIVITIES 1,157,971$ 52,499$ 22,367$ 1,232,837$
See accompanying notes to financial statements.
- 120 -
Final 2006 2005
Budget Actual Actual
OPERATING REVENUES
Water sales 1,675,000$ 1,692,776$ 1,707,316$
OPERATING EXPENSES
Operations
Supply and metering 1,012,452 1,034,428 950,068
Pumping station - - 113,747
Depreciation and amortization - 67,648 67,648
Total operating expenses 1,012,452 1,102,076 1,131,463
OPERATING INCOME 662,548 590,700 575,853
NONOPERATING REVENUES (EXPENSES)
Investment income 11,000 69,702 27,007
Interest expense (230,433) (44,724) (47,485)
Total nonoperating revenues (expenses)(219,433) 24,978 (20,478)
NET INCOME BEFORE TRANSFERS
AND CONTRIBUTIONS 443,115 615,678 555,375
TRANSFERS
Transfers (out)(150,000) (150,000) (106,500)
Total transfers (150,000) (150,000) (106,500)
CHANGE IN NET ASSETS 293,115$ 465,678 448,875
NET ASSETS, JANUARY 1 1,725,744 1,276,869
NET ASSETS, DECEMBER 31 2,191,422$ 1,725,744$
(with comparative actual for 2005)
VILLAGE OF GLENVIEW, ILLINOIS
SCHEDULE OF REVENUES, EXPENSES AND CHANGES
IN NET ASSETS - BUDGET AND ACTUAL
WHOLESALE WATER FUND
For the Year Ended December 31, 2006
(See independent auditor's report.)
- 121 -
Final 2006 2005
Budget Actual Actual
OPERATIONS
Supply and metering
Personal services 40,555$ 27,095$ -$
Contractual services 798,890 834,961 934,239
Material and supplies 73,600 73,261 300
Capital outlay 2,600 2,304 2,427
Administrative fees - General Fund 86,807 86,807 -
Other 10,000 10,000 13,102
Total supply and metering 1,012,452 1,034,428 950,068
Pumping station
Personal services - - 21,490
Contractual services - - 84,286
Material and supplies - - 2,809
Other charges - - 5,162
Total pumping station - - 113,747
TOTAL OPERATING EXPENSES
EXCLUDING DEPRECIATION 1,012,452$ 1,034,428$ 1,063,815$
For the Year Ended December 31, 2006
(with comparative actual for 2005)
VILLAGE OF GLENVIEW, ILLINOIS
SCHEDULE OF OPERATING EXPENSES -
BUDGET AND ACTUAL
WHOLESALE WATER FUND
(See independent auditor's report.)
- 122 -
VILLAGE OF GLENVIEW, ILLINOIS
SCHEDULE OF CAPITAL ASSETS AND DEPRECIATION
WHOLESALE WATER FUND
For the Year Ended December 31, 2006
Net
Balances Balances Balances Balances Asset
January 1 Additions Retirements December 31 January 1 Provisions Retirements December 31 Value
Citizens utility
transmission line 2,512,633$ -$ -$ 2,512,633$ 802,906$ 62,816$ -$ 865,722$ 1,646,911$
Assets Accumulated Depreciation
(See independent auditor's report.)
- 123 -
Final 2006 2005
Budget Actual Actual
OPERATING REVENUES
Charges for services
Sewer charges 1,175,000$ 1,394,958$ 1,542,575$
Sewer connection charges 5,000 10,998 12,690
Late payment fees - 24,445 21,254
Total operating revenues 1,180,000 1,430,401 1,576,519
OPERATING EXPENSES
Administration 2,321,843 1,275,750 516,604
Operations
Pumping station - - 22,176
Collection - 9,258 318,180
Depreciation - 259,506 226,977
Total operating expenses 2,321,843 1,544,514 1,083,937
OPERATING INCOME (LOSS)(1,141,843) (114,113) 492,582
NONOPERATING REVENUES (EXPENSES)
Investment income 11,000 63,596 39,541
Miscellaneous income - 18,166 75,102
Total nonoperating revenues (expenses)11,000 81,762 114,643
NET INCOME BEFORE TRANSFERS (1,130,843) (32,351) 607,225
TRANSFERS
Transfers in 423,000 1,179,516 438,964
Transfer (out)- (180,622) (113,085)
Total transfers 423,000 998,894 325,879
CHANGE IN NET ASSETS BEFORE CONTRIBUTIONS (707,843) 966,543 933,104
CONTRIBUTIONS - - 3,530,842
CHANGE IN NET ASSETS (707,843)$ 966,543 4,463,946
NET ASSETS, JANUARY 1 11,919,322 7,049,530
Prior period adjustment - 405,846
NET ASSETS, JANUARY 1, RESTATED 11,919,322 7,455,376
NET ASSETS, DECEMBER 31 12,885,865$ 11,919,322$
For the Year Ended December 31, 2006
(with comparative actual for 2005)
VILLAGE OF GLENVIEW, ILLINOIS
SCHEDULE OF REVENUES, EXPENSES AND CHANGES
IN NET ASSETS - BUDGET AND ACTUAL
SEWERAGE FUND
(See independent auditor's report.)
- 124 -
Final 2006 2005
Budget Actual Actual
ADMINISTRATION
Personal services 413,657$ 477,858$ 30,848$
Contractual services 69,180 58,525 7,440
Materials and supplies 21,400 16,441 865
Insurance 39,000 39,000 59,910
Capital equipment replacement 1,654,495 1,702,603 951,054
Municipal equipment repair 37,000 46,521 35,837
Administrative fees - General Fund 87,111 87,111 77,350
2,321,843 2,428,059 1,163,304
Less nonoperating expenses
Assets capitalized - (1,152,309) (646,700)
Total administration 2,321,843 1,275,750 516,604
OPERATIONS
Heatherfield Lift Station
General
Personal services - - 4,697
Total general - - 4,697
Pumping station
Personal services - - 15,310
Contractual services - - 267
Material and supplies - - 1,902
Total pumping station - - 17,479
Collection system
Personal services - - 291,031
Contractual services - 9,258 8,337
Material and supplies - - 18,491
Other - - 321
Total collection system - 9,258 318,180
TOTAL OPERATING EXPENSES 2,321,843$ 1,285,008$ 856,960$
For the Year Ended December 31, 2006
(with comparative actual for 2005)
VILLAGE OF GLENVIEW, ILLINOIS
SCHEDULE OF OPERATING EXPENSES -
BUDGET AND ACTUAL
SEWERAGE FUND
(See independent auditor's report.)
- 125 -
VILLAGE OF GLENVIEW, ILLINOIS
SCHEDULE OF CAPITAL ASSETS AND DEPRECIATION
SEWERAGE FUND
For the Year Ended December 31, 2006
Assets Accumulated Depreciation Net
Balances Balances Balances Balances Asset
January 1 Additions Retirements December 31 January 1 Provisions Retirements December 31 Value
Lift station 512,132$ -$ -$ 512,132$ 189,029$ 10,243$ -$ 199,272$ 312,860$
Equipment and
vehicles 193,144 132,487 - 325,631 193,144 40,638 - 233,782 91,849.00
Sewer mains 11,818,013 1,879,567 - 13,697,580 2,331,378 236,530 - 2,567,908 11,129,672
TOTAL 12,523,289$ 2,012,054$ -$ 14,535,343$ 2,713,551$ 287,411$ -$ 3,000,962$ 11,534,381$
(See independent auditor's report.)
- 126 -
Final 2006 2005
Budget Actual Actual
OPERATING REVENUES
Charges for services
Meter fees 95,000$ 101,603$ 92,802$
Parking decals 360,000 307,484 351,224
Miscellaneous 8,000 6,600 6,000
Total operating revenues 463,000 415,687 450,026
OPERATING EXPENSES
Administration 348,277 362,385 274,145
Operations - 21,936 90,182
Depreciation - 48,132 48,132
Capital outlay 550,575 865 -
Total operating expenses 898,852 433,318 412,459
OPERATING INCOME (LOSS)(435,852) (17,631) 37,567
NONOPERATING REVENUES (EXPENSES)
Investment income 3,000 16,167 4,765
Total nonnoperating revenues (expenses)3,000 16,167 4,765
CHANGE IN NET ASSETS (432,852)$ (1,464) 42,332
NET ASSETS, JANUARY 1 1,479,718 1,437,386
NET ASSETS, DECEMBER 31 1,478,254$ 1,479,718$
For the Year Ended December 31, 2006
(with comparative actual for 2005)
VILLAGE OF GLENVIEW, ILLINOIS
SCHEDULE OF REVENUES, EXPENSES AND CHANGES
IN NET ASSETS - BUDGET AND ACTUAL
COMMUTER PARKING LOT FUND
(See independent auditor's report.)
- 127 -
Final 2006 2005
Budget Actual Actual
ADMINISTRATION
Personal services 86,332$ 46,033$ 19,150$
Contractual services 129,860 106,891 87,509
Material and supplies 101,060 178,436 4,773
Other charges 2,925 2,925 140,591
Administrative fees - General Fund 28,100 28,100 22,122
Total administration 348,277 362,385 274,145
OPERATIONS
Personal services - - 17,118
Contractual services - 21,936 58,323
Material and supplies - - 14,741
Total operations - 21,936 90,182
CAPITAL OUTLAY 550,575 865 -
TOTAL OPERATING EXPENSES
EXCLUDING DEPRECIATION 898,852$ 385,186$ 364,327$
VILLAGE OF GLENVIEW, ILLINOIS
(with comparative actual for 2005)
For the Year Ended December 31, 2006
COMMUTER PARKING LOT FUND
BUDGET AND ACTUAL
SCHEDULE OF OPERATING EXPENSES -
(See independent auditor's report.)
- 128 -
VILLAGE OF GLENVIEW, ILLINOIS
SCHEDULE OF CAPITAL ASSETS AND DEPRECIATION
COMMUTER PARKING LOT FUND
For the Year Ended December 31, 2006
Assets Accumulated Depreciation Net
Balances Balances Balances Balances Asset
January 1 Additions Retirements December 31 January 1 Provisions Retirements December 31 Value
Leasehold
improvements 1,203,309$ -$ -$ 1,203,309$ 233,809$ 48,132$ -$ 281,941$ 921,368$
Equipment and
vehicles 13,283 - - 13,283 13,283 - - 13,283 -
Construction in
progress - - - - - - - - -
TOTAL 1,216,592$ -$ - 1,216,592$ 247,092$ 48,132$ -$ 295,224$ 921,368$
(See independent auditor's report.)
- 129 -
INTERNAL SERVICE FUNDS
Municipal Equipment Repair Fund -to account for the costs of repairing and maintaining all
vehicles of the Village. These costs include labor, material, fuel and fixed overhead of the
Village’s repair facility.
Insurance Fund -to account for the financial activity of the Village’s entire insurance program. In
addition to conventional primary insurance, the Village is a member of the High-Level Excess
Liability Pool (HELP), which provides excess liability coverage. Also, the Village provides health
and life insurance by participating in the Intergovernmental Personnel Benefit Cooperative
(IPBC).
Capital Equipment Replacement Fund -to account for the funds annually set aside for the
eventual replacement of certain capital equipment.
Facilities Replacement Fund –to account for the funds annually set aside for the eventual
replacement of the Village’s various facilities
VILLAGE OF GLENVIEW, ILLINOIS
COMBINING STATEMENT OF NET ASSETS
INTERNAL SERVICE FUNDS
December 31, 2006
Municipal Capital
Equipment Equipment Facilities
Repair Insurance Replacement Replacement Total
CURRENT ASSETS
Cash 275,472$ 413,838$ 665,363$ 66,087$ 1,420,760$
Investments 250,000 2,913,493 3,832,474 7,438,540 14,434,507
Receivables
Accounts, net 14,388 - - - 14,388
Due from other funds 244,510 - 23,389 - 267,899
Due from component unit 696 - - - 696
Deposits - 2,016,469 - - 2,016,469
Prepaid expenses - 568,130 - - 568,130
Inventory 109,920 - - - 109,920
Total current assets 894,986 5,911,930 4,521,226 7,504,627 18,832,769
CAPITAL ASSETS
Cost 94,469 - - - 94,469
Accumulated depreciation (28,650) - - - (28,650)
Net capital assets 65,819 - - - 65,819
Total assets 960,805 5,911,930 4,521,226 7,504,627 18,898,588
CURRENT LIABILITIES
Accounts payable 51,729 8,371 23,632 - 83,732
Due to other funds - 8,438 - - 8,438
Claims payable - 381,882 - - 381,882
Total current liabilities 51,729 398,691 23,632 - 474,052
NET ASSETS
Invested in capital assets,
net of related debt 65,819 - - - 65,819
Unrestricted 843,257 5,513,239 4,497,594 7,504,627 18,358,717
TOTAL NET ASSETS 909,076$ 5,513,239$ 4,497,594$ 7,504,627$ 18,424,536$
See accompanying notes to financial statements.
- 130 -
VILLAGE OF GLENVIEW, ILLINOIS
COMBINING STATEMENT OF REVENUES, EXPENSES
AND CHANGES IN NET ASSETS
INTERNAL SERVICE FUNDS
For the Year Ended December 31, 2006
Municipal Capital
Equipment Equipment Facilities
Repair Insurance Replacement Replacement Total
OPERATING REVENUES
Charges for services 1,345,548$ 6,583,198$ 3,802,350$ -$ 11,731,096$
Miscellaneous 109,573 - - - 109,573
Total operating revenues 1,455,121 6,583,198 3,802,350 - 11,840,669
OPERATING EXPENSES
Operations 1,378,105 6,118,585 22,119 - 7,518,809
Depreciation 8,806 - - - 8,806
Capital outlay - - 1,194,899 85,770 1,280,669
Total operating expenses 1,386,911 6,118,585 1,217,018 85,770 8,808,284
OPERATING INCOME (LOSS)68,210 464,613 2,585,332 (85,770) 3,032,385
NONOPERATING REVENUES (EXPENSES)
Investment income 787 241,685 486,543 10,489 739,504
Gain on sale of capital assets - - 331,040 - 331,040
Total nonoperating revenues (expenses)787 241,685 817,583 10,489 1,070,544
NET INCOME BEFORE TRANSFERS 68,997 706,298 3,402,915 (75,281) 4,102,929
TRANSFERS
Transfers in 1,069,603 - - 7,579,908 8,649,511
Transfers (out)- - (8,741,843) - (8,741,843)
Total transfers 1,069,603 - (8,741,843) 7,579,908 (92,332)
CHANGE IN NET ASSETS 1,138,600 706,298 (5,338,928) 7,504,627 4,010,597
NET ASSETS (DEFICIT), JANUARY 1 (229,524) 4,806,941 9,836,522 - 14,413,939
NET ASSETS, DECEMBER 31 909,076$ 5,513,239$ 4,497,594$ 7,504,627$ 18,424,536$
See accompanying notes to financial statements.
- 131 -
VILLAGE OF GLENVIEW, ILLINOIS
COMBINING STATEMENT OF CASH FLOWS
INTERNAL SERVICE FUNDS
For the Year Ended December 31, 2006
Municipal Capital
Equipment Equipment Facilities
Repair Insurance Replacement Replacement Total
CASH FLOWS FROM OPERATING ACTIVITIES
Receipts from customers and users 1,456,165$ 6,583,198$ 3,802,350$ -$ 11,841,713$
Payments to suppliers (1,659,091) (6,383,000) (1,005,615) (85,770) (9,133,476)
Payments to employees (521,385) - - - (521,385)
Net cash from operating activities (724,311) 200,198 2,796,735 (85,770) 2,186,852
CASH FLOWS FROM NONCAPITAL
FINANCING ACTIVITIES
Transfers in 1,069,603 - - 7,579,908 8,649,511
Transfers (out)- - (8,741,843) - (8,741,843)
Net cash from noncapital financing activities 1,069,603 - (8,741,843) 7,579,908 (92,332)
CASH FLOWS FROM CAPITAL AND
RELATED FINANCING ACTIVITIES
Proceeds from the sale of capital assets (8,376) - 331,040 - 322,664
Net cash from capital and related
financing activities (8,376) - 331,040 - 322,664
CASH FLOWS FROM INVESTING ACTIVITIES
Interest received 787 241,685 486,543 10,489 739,504
Sale of investments - (363,784) 5,467,557 - 5,103,773
Purchase of investments (250,000) - - (7,438,540) (7,688,540)
Net cash from investing activities (249,213) (122,099) 5,954,100 (7,428,051) (1,845,263)
NET INCREASE (DECREASE) IN
CASH AND CASH EQUIVALENTS 87,703 78,099 340,032 66,087 571,921
CASH AND CASH EQUIVALENTS, JANUARY 1 187,769 335,739 325,331 - 848,839
CASH AND CASH EQUIVALENTS, DECEMBER 31 275,472$ 413,838$ 665,363$ 66,087$ 1,420,760$
RECONCILIATION OF OPERATING INCOME
TO NET CASH FROM OPERATING ACTIVITIES
Operating income (loss)68,210$ 464,613$ 2,585,332$ (85,770)$ 3,032,385$
Adjustments to reconcile operating income
to net cash from operating activities
Depreciation and amortization 8,806 - - - 8,806
Changes in assets and liabilities
Accounts receivable 1,044 - - - 1,044
Due from other funds (59,312) - 207,305 - 147,993
Deposits - (118,278) - - (118,278)
Prepaid expenses - (55,363) - - (55,363)
Inventory (29,772) - - - (29,772)
Accounts payable (33,220) 7,807 4,098 - (21,315)
Due to other funds (679,936) 2,354 - (677,582)
Accrued payroll (131) - - - (131)
Claims payable - (100,935) - - (100,935)
NET CASH FROM OPERATING ACTIVITIES (724,311)$ 200,198$ 2,796,735$ (85,770)$ 2,186,852$
See accompanying notes to financial statements.
- 132 -
Final 2006 2005
Budget Actual Actual
OPERATING REVENUES
Charges for services 2,000$ 1,345,548$ 1,260,032$
Miscellaneous
Insurance recoveries 10,000 2,485 31,550
Other 75,000 107,088 119,382
Total operating revenues 87,000 1,455,121 1,410,964
OPERATING EXPENSES
Operations 1,486,273 1,378,105 1,469,178
Depreciation - 8,806 9,180
Total operating expenses 1,486,273 1,386,911 1,478,358
OPERATING INCOME (LOSS)(1,399,273) 68,210 (67,394)
NONOPERATING REVENUES (EXPENSES)
Investment income - 787 460
Total nonoperating revenues (expenses)- 787 460
NET INCOME BEFORE TRANSFERS (1,399,273) 68,997 (66,934)
TRANSFERS
Transfers in - 1,069,603 -
CHANGE IN NET ASSETS (1,399,273)$ 1,138,600 (66,934)
NET ASSETS, JANUARY 1 (229,524) (162,590)
NET ASSETS (DEFICIT), DECEMBER 31 909,076$ (229,524)$
For the Year Ended December 31, 2006
(with comparative actual for 2005)
VILLAGE OF GLENVIEW, ILLINOIS
SCHEDULE OF REVENUES, EXPENSES AND
CHANGES IN NET ASSETS - BUDGET AND ACTUAL
MUNICIPAL EQUIPMENT REPAIR FUND
(See independent auditor's report.)
- 133 -
Final 2006 2005
Budget Actual Actual
OPERATIONS
Personnel
Regular salaries 421,347$ 332,872$ 347,532$
Overtime salaries 15,000 10,867 33,725
Temporary salaries 1,000 4,076 3,384
Longevity pay 5,265 5,448 4,906
Health insurance 83,560 83,560 -
Deferred compensation 250 146 -
FICA expense 33,879 36,047 28,235
IMRF expense 41,379 48,239 41,401
Contractual services
Contractual professional services 55,565 147,638 98,824
Insurance 29,250 29,250 88,253
Dues subscription membership 50 25 75
Maintenance of equipment - - (270)
Maintenance of buildings 12,000 890 14,423
Accident repairs 25,000 17,128 35,818
Telephone 2,520 1,504 139
Training 2,500 15,275 2,883
Materials and supplies
Uniform allowance 1,950 7,379 4,332
Fuel 525,000 397,944 442,646
Office and other supplies/tools 192,628 192,687 339,774
Maintenance supplies 8,000 876 11,793
Capital outlay
Vehicles - - 1,465
Capital equipment and replacement 11,620 11,620 (57,933)
Village wide info systems 2,100 18,224 1,575
Machinery and equipment 16,410 16,410 26,198
TOTAL OPERATING EXPENSES
EXCLUDING DEPRECIATION 1,486,273$ 1,378,105$ 1,469,178$
For the Year Ended December 31, 2006
(with comparative actual for 2005)
VILLAGE OF GLENVIEW, ILLINOIS
SCHEDULE OF OPERATING EXPENSES -
BUDGET AND ACTUAL
MUNICIPAL EQUIPMENT REPAIR FUND
(See independent auditor's report.)
- 134 -
VILLAGE OF GLENVIEW, ILLINOIS
SCHEDULE OF CAPITAL ASSETS AND DEPRECIATION
MUNICIPAL EQUIPMENT REPAIR FUND
Assets Accumulated Depreciation Net
Balances Balances Balances Balances Asset
January 1 Additions Retirements December 31 January 1 Provisions Retirements December 31 Value
Automotive
equipment 103,408$ 47,019$ 55,958$ 94,469$ 37,159$ 31,461$ 39,970$ 28,650$ 65,819$
For the Year Ended December 31, 2006
(See independent auditor's report.)
- 135 -
Final 2006 2005
Budget Actual Actual
REVENUES
Charges for services
Fund charges 455,000$ 6,583,198$ 6,175,468$
Miscellaneous - - (8,645)
Total revenues 455,000 6,583,198 6,166,823
EXPENSES
Operations
Contractual professional services 15,000 24,539 29,288
General insurance program 525,000 386,698 348,298
Dental insurance 175,000 167,235 152,009
Excess liability 165,000 165,891 164,378
Unemployment benefits 30,000 23,710 20,978
Health and life insurance 425,000 4,677,216 4,280,984
VM disability policy 6,000 1,736 -
Property/casualty claims 525,000 662,156 760,735
Workers' compensation insurance 125,000 9,404 78,460
Total expenses 1,991,000 6,118,585 5,835,130
OPERATING INCOME (LOSS)(1,536,000) 464,613 331,693
NONOPERATING REVENUES
Investment income 31,500 241,685 557,232
CHANGE IN NET ASSETS (1,504,500)$ 706,298 888,925
NET ASSETS, JANUARY 1 4,806,941 3,918,016
NET ASSETS, DECEMBER 31 5,513,239$ 4,806,941$
For the Year Ended December 31, 2006
(with comparative actual for 2005)
VILLAGE OF GLENVIEW, ILLINOIS
SCHEDULE OF REVENUES, EXPENSES AND
CHANGES IN NET ASSETS - BUDGET AND ACTUAL
INSURANCE FUND
(See independent auditor's report.)
- 136 -
Final 2006 2005
Budget Actual Actual
REVENUES
Charges for services 3,802,350$ 3,802,350$ 1,626,838$
Miscellaneous
Auto reimbursements - - 15,247
Total revenues 3,802,350 3,802,350 1,642,085
EXPENSES
Contractual services 12,000 22,119 -
Capital outlay 3,010,360 1,194,899 1,197,492
Total expenses 3,022,360 1,217,018 1,197,492
OPERATING INCOME 779,990 2,585,332 444,593
NONOPERATING REVENUES
Investment income 160,000 486,543 232,360
Gain on sale of capital assets - 331,040 -
Total nonoperating revenues 160,000 817,583 232,360
NET INCOME BEFORE TRANSFERS 939,990 3,402,915 676,953
TRANSFERS
Transfers (out)- (8,741,843) (511,624)
Total transfers - (8,741,843) (511,624)
CHANGE IN NET ASSETS 939,990$ (5,338,928) 165,329
NET ASSETS, JANUARY 1 9,836,522 9,671,193
NET ASSETS, DECEMBER 31 4,497,594$ 9,836,522$
For the Year Ended December 31, 2006
(with comparative actual for 2005)
VILLAGE OF GLENVIEW, ILLINOIS
SCHEDULE OF REVENUES, EXPENSES AND
CHANGES IN NET ASSETS - BUDGET AND ACTUAL
CAPITAL EQUIPMENT REPLACEMENT FUND
(See independent auditor's report.)
- 137 -
Final 2006
Budget Actual
REVENUES
None -$ -$
Total revenues - -
EXPENSES
Capital outlay 200,000 85,770
Total expenses 200,000 85,770
OPERATING INCOME (200,000) (85,770)
NONOPERATING REVENUES
Investment income - 10,489
Total nonoperating revenues - 10,489
NET INCOME BEFORE TRANSFERS (200,000) (75,281)
TRANSFERS
Transfers in - 7,579,908
CHANGE IN NET ASSETS (200,000)$ 7,504,627
NET ASSETS, JANUARY 1 -
NET ASSETS, DECEMBER 31 7,504,627$
For the Year Ended December 31, 2006
VILLAGE OF GLENVIEW, ILLINOIS
SCHEDULE OF REVENUES, EXPENSES AND
CHANGES IN NET ASSETS - BUDGET AND ACTUAL
FACILITIES REPLACEMENT FUND
(See independent auditor's report.)
- 138 -
FIDUCIARY FUNDS
Pension Trust
Police Pension Fund -to account for the resources necessary to provide disability and retirement
benefits to personnel of the Glenview Police Department.
Firefighters' Pension Fund -to account for the resources necessary to provide disability and
retirement benefits to personnel of the Glenview Fire Department.
Agency
Special Service Areas Fund -to account for various special service area bond issues.
VILLAGE OF GLENVIEW, ILLINOIS
PENSION TRUST FUNDS
December 31, 2006
Police Firefighters'
Pension Pension Totals
ASSETS
Cash and cash equivalents 5,908,284$ 667,554$ 6,575,838$
Investments
U.S. Government and agency obligations 20,200,905 43,035,959 63,236,864
Mutual funds 15,164,897 2,948,926 18,113,823
Insurance contracts - 1,201,848 1,201,848
Total investments 35,365,802 47,186,733 82,552,535
Total assets 41,274,086 47,854,287 89,128,373
LIABILITIES
Accounts payable 14,325 - 14,325
NET ASSETS HELD IN TRUST FOR
PENSION BENEFITS 41,259,761$ 47,854,287$ 89,114,048$
COMBINING STATEMENT OF PLAN NET ASSETS
See accompanying notes to financial statements.
- 139 -
VILLAGE OF GLENVIEW, ILLINOIS
COMBINING STATEMENT OF CHANGES IN PLAN NET ASSETS
PENSION TRUST FUNDS
For the Year Ended December 31, 2006
Police Firefighters'
Pension Pension Total
ADDITIONS
Contributions - employer 930,687$ 1,081,738$ 2,012,425$
Contributions - plan members 708,716 574,334 1,283,050
Total contributions 1,639,403 1,656,072 3,295,475
Investment income
Net appreciation (depreciation) in fair
value of investments 680,148 (1,153,944) (473,796)
Interest earned on investments 1,767,685 3,384,416 5,152,101
Total investment income 2,447,833 2,230,472 4,678,305
Less investment expense (53,455) (12,400) (65,855)
Net investment income 2,394,378 2,218,072 4,612,450
Total additions 4,033,781 3,874,144 7,907,925
DEDUCTIONS
Pensions and refunds 1,614,417 2,440,245 4,054,662
Total deductions 1,614,417 2,440,245 4,054,662
NET INCREASE 2,419,364 1,433,899 3,853,263
NET ASSETS HELD IN TRUST FOR
PENSION BENEFITS
January 1 38,840,397 46,420,388 85,260,785
December 31 41,259,761$ 47,854,287$ 89,114,048$
See accompanying notes to financial statements.
- 140 -
Final 2006 2005
Budget Actual Actual
ADDITIONS
Contributions - employer 945,000$ 930,687$ 906,158$
Contributions - employees 600,000 708,716 569,006
Total contributions 1,545,000 1,639,403 1,475,164
Investment income
Net appreciation (depreciation) in
fair value of investments - 680,148 996,197
Interest earned on investments 201,500 1,767,685 1,377,374
Total investment income 201,500 2,447,833 2,373,571
Less investment expense (40,000) (53,455) (35,984)
Net investment income 161,500 2,394,378 2,337,587
Total additions 1,706,500 4,033,781 3,812,751
DEDUCTIONS
Retirement pension 1,616,639 1,385,083 1,227,965
Widow pension 182,732 193,322 180,568
Contribution refund - 1,793 45,050
Disability pension 34,220 34,219 34,219
Total deductions 1,833,591 1,614,417 1,487,802
NET INCREASE (127,091)$ 2,419,364 2,324,949
NET ASSETS HELD IN TRUST FOR
PENSION BENEFITS
January 1 38,840,397 36,515,448
December 31 41,259,761$ 38,840,397$
For the Year Ended December 31, 2006
(with comparative actual for 2005)
VILLAGE OF GLENVIEW, ILLINOIS
SCHEDULE OF CHANGES IN PLAN NET ASSETS -
BUDGET AND ACTUAL
POLICE PENSION FUND
(See independent auditor's report.)
- 141 -
Final 2006 2005
Budget Actual Actual
ADDITIONS
Contributions - employer 1,085,000$ 1,081,738$ 880,903$
Contributions - employees 600,000 574,334 587,446
Contributions - miscellaneous - - 25
Total contributions 1,685,000 1,656,072 1,468,374
Investment income
Net appreciation (depreciation) in
fair value of investments - (1,153,944) (2,040,826)
Interest earned on investments 2,001,600 3,384,416 3,357,915
Total investment income 2,001,600 2,230,472 1,317,089
Less investment expense (40,000) (12,400) (9,900)
Net investment income 1,961,600 2,218,072 1,307,189
Total additions 3,646,600 3,874,144 2,775,563
DEDUCTIONS
Retirement pension 2,137,782 1,992,391 1,867,653
Widow pension 63,604 63,604 63,604
Contribution refunds - 4,505 -
Disability pension 376,359 379,745 375,106
Total deductions 2,577,745 2,440,245 2,306,363
NET INCREASE 1,068,855$ 1,433,899 469,200
NET ASSETS HELD IN TRUST FOR
PENSION BENEFITS
January 1 46,420,388 45,951,188
December 31 47,854,287$ 46,420,388$
For the Year Ended December 31, 2006
(with comparative actual for 2005)
VILLAGE OF GLENVIEW, ILLINOIS
SCHEDULE OF CHANGES IN PLAN NET ASSETS -
BUDGET AND ACTUAL
FIREFIGHTERS' PENSION FUND
(See independent auditor's report.)
- 142 -
VILLAGE OF GLENVIEW, ILLINOIS
STATEMENT OF CHANGES IN ASSETS AND LIABILITIES
AGENCY FUNDS
For the Year Ended December 31, 2006
Balances Balances
January 1 Additions Deductions December 31
Cash 37,874$ 143,347$ 139,955$ 41,266$
Receivables - property taxes 135,362 - - 135,362
TOTAL ASSETS 173,236$ 143,347$ 139,955$ 176,628$
Due to bondholders 173,236$ 143,347$ 139,955$ 176,628$
ASSETS
LIABILITIES
Special Service Areas Fund
See accompanying notes to financial statements.
- 143 -
COMPONENT UNIT
Component Unit (Library Fund) -to account for the resources necessary to provide the
educational, cultural and recreational activities of the Glenview Public Library.
VILLAGE OF GLENVIEW, ILLINOIS
STATEMENT OF NET ASSETS AND BALANCE SHEET
COMPONENT UNIT - LIBRARY FUND
December 31, 2006
Balance Statement
Sheet Adjustments of Net Assets
ASSETS
Cash 240,642$ -$ 240,642$
Investments 3,660,306 - 3,660,306
Receivables
Property taxes 5,179,922 - 5,179,922
Capital assets not being depreciated - 500,000 500,000
Capital assets net of accumulated
depreciation - 2,096,989 2,096,989
TOTAL ASSETS 9,080,870$ 2,596,989$ 11,677,859$
LIABILITIES
Accounts payable 160,550$ -$ 160,550$
Accrued payroll 42,935 - 42,935
Accrued compensated absences - 178,938 178,938
Deferred property taxes 5,179,922 - 5,179,922
Due to primary government 2,460 - 2,460
Total liabilities 5,385,867 178,938 5,564,805
FUND BALANCE/NET ASSETS
Net assets
Invested in capital assets - 2,596,989 2,596,989
Restricted for culture and recreation 3,695,003 (178,938) 3,516,065
Total fund balance/net assets 3,695,003 2,418,051 6,113,054
TOTAL LIABILITIES AND
FUND BALANCE/NET ASSETS 9,080,870$ 2,596,989$ 11,677,859$
LIABILITIES AND FUND BALANCE/
NET ASSETS
See accompanying notes to financial statements.
- 144 -
VILLAGE OF GLENVIEW, ILLINOIS
SCHEDULE OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCE - BUDGET AND ACTUAL
COMPONENT UNIT - LIBRARY FUND
For the Year Ended December 31, 2006
Original and
Final Statement
Budget Actual Adjustments of Activities
REVENUES
Taxes
Property taxes - current 5,322,403$ 5,260,794$ -$ 5,260,794$
Replacement taxes 29,000 29,000 - 29,000
Intergovernmental
Per capita grant 55,000 54,732 - 54,732
Make-whole payment 463,261 489,507 - 489,507
Charges for services 148,500 138,291 - 138,291
Investment income 27,000 141,193 - 141,193
Miscellaneous
Donations - 2,405 - 2,405
Other 10,000 33,699 - 33,699
Total revenues 6,055,164 6,149,621 - 6,149,621
EXPENDITURES
Culture and recreation 6,619,534 5,266,514 12,150 5,278,664
Total expenditures 6,619,534 5,266,514 12,150 5,278,664
NET CHANGE IN FUND BALANCE (564,370)$ 883,107 (12,150) 870,957
FUND BALANCE, JANUARY 1 2,811,896 2,674,861 5,486,757
Prior period adjustment - (244,660) (244,660)
FUND BALANCE, JANUARY 1,
AS RESTATED 2,811,896 2,430,201 5,242,097
FUND BALANCE, DECEMBER 31 3,695,003$ 2,418,051$ 6,113,054$
(See independent auditor's report.)
- 145 -
Original
and Final 2006 2005
Budget Actual Actual
CULTURE AND RECREATION
Regular salaries 1,813,029$ 1,735,045$ 1,638,718$
Part time salaries 1,040,651 917,159 892,307
Overtime salaries 83,032 87,073 71,755
F.I.C.A. payments 220,549 206,045 198,292
IMRF 295,792 247,161 216,657
Health Insurance 371,136 371,136 387,000
Selection and promotion 5,000 1,678 -
Legal and professional fees 42,000 25,459 23,437
Public information 38,650 2,325 18,611
Electronic resources 146,350 126,097 88,129
Printing, binding and publication 47,175 28,465 14,913
Utilities 30,000 16,519 17,763
Postage 25,100 19,722 19,850
Telephone 25,000 29,157 22,392
Dues and subscriptions 7,120 7,674 5,596
Maintenance of equipment and vehicles 45,975 43,417 44,989
Maintenance of buildings 82,000 78,702 80,189
Maintenance supplies 12,500 14,913 6,004
General insurance 72,000 44,192 48,876
Training 44,650 35,025 24,147
Employee welfare 5,000 2,096 2,478
Trustee expenditures 5,000 5,417 3,050
Director expenditures 2,000 805 1,733
Library programs 35,100 44,292 32,003
ADA compliance 500 - -
Office supplies 18,450 16,428 15,401
Computer supplies 11,750 10,280 6,250
Processing supplies 13,550 10,859 9,705
Circulation supplies 12,500 9,997 5,063
Audio visual supplies 10,000 7,973 9,545
Books, pamphlets and materials 451,750 414,704 433,343
Periodicals 52,975 41,616 50,073
Audiovisual 80,500 82,037 77,483
Micro-form 49,475 37,892 33,988
Uniforms 1,000 1,122 1,154
Cataloging 35,000 31,759 30,499
Contingencies 5,000 21,664 -
Other operating expenses 17,350 12,625 9,082
Machinery and equipment 24,950 31,765 70,477
Municipal equipment repair 2,000 3,552 2,079
Insurance 4,700 7,648 7,180
Building improvements - - 13,463
Village wide information system 77,300 78,792 73,947
Miscellaneous 18,100 6,794 5,466
Automation project 183,875 182,286 43,604
Capital building project 1,040,000 153,147 51,779
Administrative charge - General Fund 14,000 14,000 14,000
TOTAL EXPENDITURES 6,619,534$ 5,266,514$ 4,822,470$
VILLAGE OF GLENVIEW, ILLINOIS
SCHEDULE OF EXPENDITURES -
BUDGET AND ACTUAL
COMPONENT UNIT - LIBRARY FUND
(with comparative actual for 2005)
For the Year Ended December 31, 2006
(See independent auditor's report.)
- 146 -
Date of Issue
Date of Maturity
Authorized Issue 6,175,000$
Denomination of Bonds 5,000$
Interest Rates Bonds Rate
001-717 4.875%
718-792 4.900%
793-1235 5.000%
Interest Dates
Principal Maturity Date
Payable at American National Bank and
Trust Company of Chicago
Fiscal Bond
Year Numbers Principal Interest Totals June 1 Amount December 1 Amount
2007 396-453 290,000$ 111,660$ 401,660$ 2007 55,830$ 2007 55,830$
2008 454-514 305,000 19,014 324,014 2008 9,507 2008 9,507
2009 515-543 85,000 4,144 89,144 2009 2,072 2009 2,072
680,000$ 134,818$ 814,818$ 67,409$ 67,409$
NOTE:Debt service is payable from the North Maine Water and Sewer Fund.
Bonds numbered 544 through 1,235 were refunded with the proceeds of the 2003B G. O. Bonds
VILLAGE OF GLENVIEW, ILLINOIS
LONG-TERM DEBT REQUIREMENTS
CORPORATE PURPOSE BOND SERIES OF 1997
December 31, 2006
FUTURE PRINCIPAL AND INTEREST REQUIREMENTS
Tax Levy Interest Due on
August 15, 1997
December 1, 2017
June 1 and December 1
December 1
(See independent auditor's report.)
- 147 -
Date of Issue
Date of Maturity
Authorized Issue 2,850,000$
Actual Issue 1,425,000$
Interest Rates 4.942%
Interest Dates
Principal Maturity Date
Payable at North Suburban Public Utility
Overland Park, Kansas
Fiscal
Year Principal Interest Totals
2007 115,039$ 100,338$ 215,377$
2008 120,725 94,652 215,377
2009 126,691 88,686 215,377
2010 132,952 82,425 215,377
2011 139,523 75,854 215,377
2012 146,419 68,958 215,377
2013 153,655 61,722 215,377
2014 161,249 54,128 215,377
2015 169,219 46,158 215,377
2016 177,582 37,795 215,377
2017 186,359 29,018 215,377
2018 195,569 19,808 215,377
2019 205,221 10,143 215,364
2,030,203$ 769,685$ 2,799,888$
NOTE:Debt service is payable from the North Maine Water and Sewer Fund.
VILLAGE OF GLENVIEW, ILLINOIS
LONG-TERM DEBT REQUIREMENTS
CORPORATE PURPOSE NOTES OF 1997
December 31, 2006
Requirements
FUTURE PRINCIPAL AND INTEREST REQUIREMENTS
September 2, 1997
September 1, 2019
September 1
September 1
(See independent auditor's report.)
- 148 -
Date of Issue
Date of Maturity
Authorized Issue
Denomination of Bonds
Interest Rates Bonds Rate
1-154 4.250%
155-2215 4.375%
2216-2589 4.400%
2590-4880 4.500%
Interest Dates
Principal Maturity Date
Payable at American National Bank and
Trust Company of Chicago
Fiscal
Year Principal Interest Totals June 1 Amount December 1 Amount
2007 1,715,000$ 751,099$ 2,466,099$ 2007 375,550$ 2007 375,550$
2008 1,790,000 676,068 2,466,068 2008 338,034 2008 338,034
2009 1,870,000 597,755 2,467,755 2009 298,878 2009 298,878
2010 1,955,000 515,475 2,470,475 2010 257,737 2010 257,737
2011 2,050,000 427,500 2,477,500 2011 213,750 2011 213,750
2012 1,450,000 335,250 1,785,250 2012 167,625 2012 167,625
2013 1,000,000 270,000 1,270,000 2013 135,000 2013 135,000
2014 1,000,000 225,000 1,225,000 2014 112,500 2014 112,500
2015 1,000,000 180,000 1,180,000 2015 90,000 2015 90,000
2016 1,000,000 135,000 1,135,000 2016 67,500 2016 67,500
2017 1,000,000 90,000 1,090,000 2017 45,000 2017 45,000
2018 1,000,000 45,000 1,045,000 2018 22,500 2018 22,500
16,830,000$ 4,248,147$ 21,078,147$ 2,124,074$ 2,124,074$
NOTE:
VILLAGE OF GLENVIEW, ILLINOIS
LONG-TERM DEBT REQUIREMENTS
GENERAL OBLIGATION BOND SERIES OF 1998B
December 31, 2006
January 1, 1999
December 1, 2018
24,400,000$
5,000$
Debt service is payable from the Debt Service Fund using monies transferred from the GNAS
Redevelopment Fund.
June 1 and December 1
December 1
FUTURE PRINCIPAL AND INTEREST REQUIREMENTS
Tax Levy Interest Due on
(See independent auditor's report.)
- 149 -
Date of Issue
Date of Maturity
Authorized Issue 4,970,000$
Denomination of Bonds 5,000$
Interest Rates Bonds Rate
1-69 4.30%
70-795 4.40%
796-994 4.50%
Interest Dates
Principal Maturity Date
Payable at American National Bank and
Trust Company of Chicago
Fiscal Bond
Year Numbers Principal Interest Totals June 1 Amount December 1 Amount
2007 420-795 1,875,000$ 127,500$ 2,002,500$ 2007 63,750$ 2007 63,750$
2008 796-994 1,000,000 45,000 1,045,000 2008 22,500 2008 22,500
2,875,000$ 172,500$ 3,047,500$ 86,250$ 86,250$
NOTE:
VILLAGE OF GLENVIEW, ILLINOIS
LONG-TERM DEBT REQUIREMENTS
GENERAL OBLIGATION BOND SERIES OF 2000
December 31, 2006
December 15, 2000
December 1, 2008
June 1 and December 1
December 1
FUTURE PRINCIPAL AND INTEREST REQUIREMENTS
Tax Levy Interest Due on
Principal and interest will be paid from a property tax levy. The bond proceeds will be used for infrastructure
improvements throughout the Village.
(See independent auditor's report.)
- 150 -
Date of Issue
Date of Maturity
Authorized Issue 41,800,000$
Denomination of Bonds 5,000$
Interest Rates Bonds Rate
1-200 3.50%
201-1160 3.75%
1161-5160 4.00%
5161-6160 4.125%
6161-7260 4.25%
7261-8360 4.35%
Interest Dates
Principal Maturity Date
Payable at American National Bank and
Trust Company of Chicago
Fiscal Bond
Year Numbers Principal Interest Totals June 1 Amount December 1 Amount
2007 2161-3160 5,000,000$ 1,279,250$ 6,279,250$ 2007 639,625$ 2007 639,625$
2008 3161-4160 5,000,000 1,079,250 6,079,250 2008 539,625 2008 539,625
2009 4161-5160 5,000,000 879,250 5,879,250 2009 439,625 2009 439,625
2010 5161-6160 5,000,000 679,250 5,679,250 2010 339,625 2010 339,625
2011 6161-7260 5,500,000 473,000 5,973,000 2011 236,500 2011 236,500
2012 7261-8360 5,500,000 239,250 5,739,250 2012 119,625 2012 119,625
31,000,000$ 4,629,250$ 35,629,250$ 2,314,625$ 2,314,625$
NOTE:
FUTURE PRINCIPAL AND INTEREST REQUIREMENTS
Tax Levy Interest Due on
Debt service is payable from the Debt Service Fund using monies transferred from the GNAS Redevelopment
Fund.
August 1, 2001
December 1, 2012
June 1 and December 1
December 1
VILLAGE OF GLENVIEW, ILLINOIS
LONG-TERM DEBT REQUIREMENTS
GENERAL OBLIGATION BOND SERIES OF 2001
December 31, 2006
(See independent auditor's report.)
- 151 -
GENERAL OBLIGATION REFUNDING BOND SERIES OF 2003A
December 31, 2006
Date of Issue
Date of Maturity
Authorized Issue 9,990,000$
Denomination of Bonds 5,000$
Interest Rates Bonds Rate
1-37 2.05%
38-240 2.45%
241-1116 2.50%
1117-1185 2.65%
1186-1668 3.00%
1669-1998 3.10%
Interest Dates June 1 and December 1
Principal Maturity Date December 1
Payable at American National Bank and Trust Co.
Chicago, IL
Fiscal
Year Principal Interest Totals June 1 Amount December 1 Amount
2007 1,105,000$ 188,532$ 1,293,532$ 2007 94,266$ 2007 94,266$
2008 1,130,000 160,906 1,290,906 2008 80,453 2008 80,453
2009 345,000 132,656 477,656 2009 66,328 2009 66,328
2010 455,000 123,600 578,600 2010 61,800 2010 61,800
2011 470,000 109,950 579,950 2011 54,975 2011 54,975
2012 485,000 95,850 580,850 2012 47,925 2012 47,925
2013 500,000 81,300 581,300 2013 40,650 2013 40,650
2014 505,000 66,300 571,300 2014 33,150 2014 33,150
2015 525,000 51,150 576,150 2015 25,575 2015 25,575
2016 545,000 34,876 579,876 2016 17,438 2016 17,438
2017 580,000 17,980 597,980 2017 8,990 2017 8,990
6,645,000$ 1,063,100$ 7,708,100$ 531,550$ 531,550$
NOTE:
Interest Due OnTax Levy
The proceeds of the 2003-A General Obligation Bonds were used to establish escrows to redeem portions
of the Series 1996 and 1997 Bonds and to provide new funds for the North Maine utility system and storm
water improvements. Principal and interest will be paid from Glen Redevelopment project revenues, the
North Maine utility system and Special Service Areas Number 36 and Number 37.
VILLAGE OF GLENVIEW, ILLINOIS
LONG-TERM DEBT REQUIREMENTS
April 1, 2003
December 1, 2017
FUTURE PRINCIPAL AND INTEREST REQUIREMENTS
(See independent auditor's report.)
- 152 -
LONG-TERM DEBT REQUIREMENTS
GENERAL OBLIGATION REFUNDING BOND SERIES OF 2003B
December 31, 2006
Date of Issue
Date of Maturity
Authorized Issue 1,955,000$
Denomination of Bonds 5,000$
Interest Rates Bonds Rate
1-32 1.300%
33-68 1.600%
69-105 1.800%
106-142 2.000%
143-180 2.400%
181-219 2.800%
220-260 3.200%
261-302 3.500%
303-346 3.800%
347-391 3.850%
Interest Dates June 1 and December 1
Principal Maturity Date December 1
Payable at American National Bank and Trust Co.
Chicago, IL
Fiscal
Year Principal Interest Totals June 1 Amount December 1 Amount
2007 190,000$ 40,732$ 230,732$ 2007 20,366$ 2007 20,366$
2008 195,000 36,172 231,172 2008 18,086 2008 18,086
2009 205,000 30,712 235,712 2009 15,356 2009 15,356
2010 210,000 24,152 234,152 2010 12,076 2010 12,076
2011 220,000 16,802 236,802 2011 8,401 2011 8,401
2012 225,000 8,662 233,662 2012 4,331 2012 4,331
1,245,000$ 157,232$ 1,402,232$ 78,616$ 78,616$
NOTE:
The proceeds of the 2003B General Obligation Bonds were used to fully refund the Series 1992 Bonds.
Principal and interest will be paid from the Wholesale Water Fund.
VILLAGE OF GLENVIEW, ILLINOIS
Tax Levy Interest Due On
April 1, 2003
December 1, 2012
CURRENT AND FUTURE PRINCIPAL AND INTEREST REQUIREMENTS
(See independent auditor's report.)
- 153 -
LONG-TERM DEBT REQUIREMENTS
GENERAL OBLIGATION BOND SERIES OF 2004A
December 31, 2006
Date of Issue
Date of Maturity
Authorized Issue 25,000,000$
Denomination of Bonds 5,000$
Interest Rates Bonds Rate
1-25 2.000%
26-50 2.125%
51-110 2.500%
111-215 2.750%
216-570 3.000%
571-980 3.250%
981-1340 3.375%
1341-3350 3.700%
3351-5000 4.000%
Interest Dates June 1 and December 1
Principal Maturity Date December 1
Payable at Wells Fargo Bank, N.A.
Chicago, IL
Fiscal
Year Principal Interest Totals June 1 Amount December 1 Amount
2007 300,000$ 904,412$ 1,204,412$ 2007 452,206$ 2007 452,206$
2008 525,000 896,912 1,421,912 2008 448,456 2008 448,456
2009 1,775,000 882,476 2,657,476 2009 441,238 2009 441,238
2010 2,050,000 829,226 2,879,226 2010 414,613 2010 414,613
2011 1,800,000 762,600 2,562,600 2011 381,300 2011 381,300
2012 2,125,000 701,850 2,826,850 2012 350,925 2012 350,925
2013 7,925,000 623,226 8,548,226 2013 311,613 2013 311,613
2014 8,250,000 330,000 8,580,000 2014 165,000 2014 165,000
24,750,000$ 5,930,702$ 30,680,702$ 2,965,351$ 2,965,351$
NOTE:
Tax Levy Interest Due On
Principal and interest will be paid from Glen Redevelopment project revenues.
VILLAGE OF GLENVIEW, ILLINOIS
August 1, 2004
December 1, 2014
CURRENT AND FUTURE PRINCIPAL AND INTEREST REQUIREMENTS
(See independent auditor's report.)
- 154 -
LONG-TERM DEBT REQUIREMENTS
GENERAL OBLIGATION BOND SERIES OF 2004B
December 31, 2006
Date of Issue
Date of Maturity
Authorized Issue 22,315,000$
Denomination of Bonds 5,000$
Interest Rates Bonds Rate
1-413 3.500%
414-633 3.625%
634-863 3.875%
864-1863 4.000%
1864-2138 4.100%
2139-2428 4.200%
2429-2728 4.250%
2729-3043 4.375%
3044-3373 4.400%
3374-3718 4.500%
3719-4083 4.625%
4084-4463 4.700%
Interest Dates June 1 and December 1
Principal Maturity Date December 1
Payable at Wells Fargo Bank, N.A.
Chicago, IL
Fiscal
Year Principal Interest Totals June 1 Amount December 1 Amount
2007 -$ 930,576$ 930,576$ 2007 465,288$ 2007 465,288$
2008 - 930,576 930,576 2008 465,288 2008 465,288
2009 1,015,000 930,576 1,945,576 2009 465,288 2009 465,288
2010 1,050,000 895,050 1,945,050 2010 447,525 2010 447,525
2011 1,100,000 858,300 1,958,300 2011 429,150 2011 429,150
2012 1,150,000 818,426 1,968,426 2012 409,213 2012 409,213
2013 1,175,000 773,862 1,948,862 2013 386,931 2013 386,931
2014 1,225,000 726,862 1,951,862 2014 363,431 2014 363,431
2015 1,275,000 677,862 1,952,862 2015 338,931 2015 338,931
2016 1,325,000 626,862 1,951,862 2016 313,431 2016 313,431
2017 1,375,000 573,862 1,948,862 2017 286,931 2017 286,931
2018 1,450,000 517,488 1,967,488 2018 258,744 2018 258,744
2019 1,500,000 456,588 1,956,588 2019 228,294 2019 228,294
2020 1,575,000 392,838 1,967,838 2020 196,419 2020 196,419
2021 1,650,000 323,932 1,973,932 2021 161,966 2021 161,966
2022 1,725,000 251,332 1,976,332 2022 125,666 2022 125,666
2023 1,825,000 173,706 1,998,706 2023 86,853 2023 86,853
2024 1,900,000 89,300 1,989,300 2024 44,650 2024 44,650
22,315,000$ 10,947,998$ 33,262,998$ 5,473,999$ 5,473,999$
NOTE:
Tax Levy Interest Due On
Principal and interest will be paid from a property tax levy.
VILLAGE OF GLENVIEW, ILLINOIS
August 1, 2004
December 1, 2024
CURRENT AND FUTURE PRINCIPAL AND INTEREST REQUIREMENTS
(See independent auditor's report.)
- 155 -
Date of Issue
Date of Maturity
Authorized Issue 10,000,000$
Denomination of Bonds 5,000$
Interest Rates Bonds Rate
1-5 3.500%
6-145 3.750%
146-400 3.750%
401-675 3.750%
676-970 3.750%
971-1290 3.750%
1291-1635 3.750%
1636-2000 3.750%
Interest Dates June 1 and December 1
Principal Maturity Date December 1
Payable at Wells Fargo Bank, N.A. Chicago, Illinois
Fiscal
Year Principal Interest Totals June 1 Amount December 1 Amount
2007 -$ 374,938$ 374,938$ 2007 187,469$ 2007 187,469$
2008 - 374,938 374,938 2008 187,469 2008 187,469
2009 - 374,938 374,938 2009 187,469 2009 187,469
2010 - 374,938 374,938 2010 187,469 2010 187,469
2011 25,000 374,938 399,938 2011 187,469 2011 187,469
2012 700,000 374,062 1,074,062 2012 187,031 2012 187,031
2013 1,275,000 347,812 1,622,812 2013 173,906 2013 173,906
2014 1,375,000 300,000 1,675,000 2014 150,000 2014 150,000
2015 1,475,000 248,438 1,723,438 2015 124,219 2015 124,219
2016 1,600,000 193,124 1,793,124 2016 96,562 2016 96,562
2017 1,725,000 133,124 1,858,124 2017 66,562 2017 66,562
2018 1,825,000 68,438 1,893,438 2018 34,219 2018 34,219
10,000,000$ 3,539,688$ 13,539,688$ 1,769,844$ 1,769,844$
November 1, 2005
VILLAGE OF GLENVIEW, ILLINOIS
LONG-TERM DEBT REQUIREMENTS
GENERAL OBLIGATION REFUNDING BOND SERIES OF 2005
December 31, 2006
December 1, 2018
CURRENT AND FUTURE PRINCIPAL AND INTEREST REQUIREMENTS
Tax Levy Interest Due On
(See independent auditor's report.)
- 156 -
Date of Issue
Date of Maturity
Authorized Issue 10,000,000$
Denomination of Bonds 5,000$
Interest Rates 3.750%
Interest Dates June 1 and December 1
Principal Maturity Date December 1
Payable at Wells Fargo Bank, N.A. Chicago, Illinois
Fiscal
Year Principal Interest Totals June 1 Amount December 1 Amount
2007 -$ 390,625$ 390,625$ 2007 203,125$ 2007 187,500$
2008 - 375,000 375,000 2008 187,500 2008 187,500
2009 - 375,000 375,000 2009 187,500 2009 187,500
2010 - 375,000 375,000 2010 187,500 2010 187,500
2011 - 375,000 375,000 2011 187,500 2011 187,500
2012 - 375,000 375,000 2012 187,500 2012 187,500
2013 - 375,000 375,000 2013 187,500 2013 187,500
2014 - 375,000 375,000 2014 187,500 2014 187,500
2015 2,350,000 375,000 2,725,000 2015 187,500 2015 187,500
2016 2,450,000 286,876 2,736,876 2016 143,438 2016 143,438
2017 2,550,000 191,250 2,741,250 2017 95,625 2017 95,625
2018 2,650,000 99,376 2,749,376 2018 49,688 2018 49,688
10,000,000$ 3,968,127$ 13,968,127$ 1,991,876$ 1,976,251$
December 1, 2006
December 1, 2018
CURRENT AND FUTURE PRINCIPAL AND INTEREST REQUIREMENTS
Tax Levy Interest Due On
VILLAGE OF GLENVIEW, ILLINOIS
LONG-TERM DEBT REQUIREMENTS
GENERAL OBLIGATION BOND SERIES OF 2006A
December 31, 2006
(See independent auditor's report.)
- 157 -
Date of Issue
Date of Maturity
Authorized Issue 27,940,000$
Denomination of Bonds 5,000$
Interest Rates 4.700%
Interest Dates June 1 and December 1
Principal Maturity Date December 1
Payable at Wells Fargo Bank, N.A. Chicago, Illinois
Fiscal
Year Principal Interest Totals June 1 Amount December 1 Amount
2007 -$ 1,367,896$ 1,367,896$ 2007 711,306$ 2007 656,590$
2008 - 1,313,180 1,313,180 2008 656,590 2008 656,590
2009 27,940,000 1,313,180 29,253,180 2009 656,590 2009 656,590
27,940,000$ 3,994,256$ 31,934,256$ 2,024,486$ 1,969,770$
December 1, 2006
December 1, 2009
CURRENT AND FUTURE PRINCIPAL AND INTEREST REQUIREMENTS
Tax Levy Interest Due On
VILLAGE OF GLENVIEW, ILLINOIS
LONG-TERM DEBT REQUIREMENTS
GENERAL OBLIGATION BOND TAXABLE SERIES OF 2006B
December 31, 2006
(See independent auditor's report.)
- 158 -
GNAS
GNAS GNAS Bond Fund
Redevelopment Caretaker Series 1995
Cash 249,833$ 290,715$ 145,863$
Investments - - -
Receivables
Accounts - - 15,607
Other - - -
Note receivable - - -
Due from other governments - - 1,410,174
Due from other funds - 249,610 -
TOTAL ASSETS 249,833$ 540,325$ 1,571,644$
LIABILITIES
Accounts payable 18,870$ 101,461$ 513,406$
Accrued payroll 271 1,350 -
Due to other funds 75,642 79,518 -
Advance to other funds - - -
Deferred property taxes - - -
Deferred revenues - - 3,138
Total liabilities 94,783 182,329 516,544
FUND BALANCES
Reserved for capital development - - -
Reserved for long-term receivable - - -
Unreserved
Undesignated for Special Revenue Fund 155,050 357,996 -
Undesignated (deficit) for Capital Projects Fund - - 1,055,100
Total fund balances (deficit)155,050 357,996 1,055,100
TOTAL LIABILITIES AND
FUND BALANCES 249,833$ 540,325$ 1,571,644$
ASSETS
LIABILITIES AND FUND BALANCES
VILLAGE OF GLENVIEW, ILLINOIS
COMBINING BALANCE SHEET
GNAS FUNDS
December 31, 2006
- 159 -
Special 2004 Glen
Tax Glen Land
Allocation Bond Sales 2006A Bond 2006B Bond Total
76,707$ 11,212$ 1,358,270$ 16,263$ 51,980$ 2,200,843$
- 1,414,382 2,000,000 9,970,306 23,887,284 37,271,972
- - - - 15,607
- - 1,979,102 - 1,979,102
1,510,000 - - - 1,510,000
- - - - 1,410,174
150,000 - - - 399,610
1,736,707$ 1,425,594$ 5,337,372$ 9,986,569$ 23,939,264$ 44,787,308$
300$ -$ -$ 14,991$ 45,108$ 694,136$
- - - - 1,621
- - - - 155,160
- - 14,170,780 - 14,170,780
- - - - -
- - 21,750 - 24,888
300 - 14,192,530 14,991 45,108 15,046,585
- 1,425,594 - 9,971,578 23,894,156 35,291,328
800,000 - - - - 800,000
936,407 - - - - 1,449,453
- - (8,855,158) - - (7,800,058)
1,736,407 1,425,594 (8,855,158) 9,971,578 23,894,156 29,740,723
1,736,707$ 1,425,594$ 5,337,372$ 9,986,569$ 23,939,264$ 44,787,308$
(See independent auditor's report.)
- 160 -
GNAS
GNAS GNAS Bond Fund
Redevelopment Caretaker Series 1995
REVENUES
Taxes -$ -$ -$
Intergovernmental - - 244,098
Charges for services 355 566 -
Investment income - - 448
Contributions - - 136,862
Miscellaneous
Land sales - - -
Other 887 140 107,902
Total revenues 1,242 706 489,310
EXPENDITURES
Current
General government 980,097 1,936,568 -
Debt service
Principal - - -
Interest and fiscal charges - - -
Bond issuance costs - - -
Capital outlay - - 5,649,407
Total expenditures 980,097 1,936,568 5,649,407
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES (978,855) (1,935,862) (5,160,097)
OTHER FINANCING SOURCES (USES)
Bonds issued - - -
Premium on bonds issued - - -
Transfers in 1,200,000 2,150,000 10,047,209
Transfers (out)- - (3,761,752)
Total other financing sources (uses)1,200,000 2,150,000 6,285,457
NET CHANGE IN FUND BALANCES 221,145 214,138 1,125,360
FUND BALANCES (DEFICIT), JANUARY 1 (66,095) 143,858 (70,260)
FUND BALANCES (DEFICIT), DECEMBER 31 155,050$ 357,996$ 1,055,100$
For the Year Ended December 31, 2006
VILLAGE OF GLENVIEW, ILLINOIS
COMBINING SCHEDULE OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCES
GNAS FUNDS
- 161 -
Special 2004 Glen
Tax Glen Land
Allocation Bond Sales 2006A Bond 2006B Bond Total
22,249,199$ -$ -$ -$ -$ 22,249,199$
- - - - - 244,098
- - - - - 921
219,845 381,710 82,712 198 468 685,381
- - - - - 136,862
-
- - 18,899,176 - - 18,899,176
- - 5,710 - - 114,639
22,469,044 381,710 18,987,598 198 468 42,330,276
8,787,762 - 180 - - 11,704,607
7,740,000 - - - - 7,740,000
3,733,049 - 895,334 - - 4,628,383
- - - 39,991 70,108 110,099
- - 755,105 - - 6,404,512
20,260,811 - 1,650,619 39,991 70,108 30,587,601
2,208,233 381,710 17,336,979 (39,793) (69,640) 11,742,675
- - - 10,000,000 27,940,000 37,940,000
- - - 11,371 (87,732) (76,361)
6,000,000 - - - - 19,397,209
(3,350,000) (9,703,805) (9,781,800) - (3,888,472) (30,485,829)
2,650,000 (9,703,805) (9,781,800) 10,011,371 23,963,796 26,775,019
4,858,233 (9,322,095) 7,555,179 9,971,578 23,894,156 38,517,694
(3,121,826) 10,747,689 (16,410,337) - - (8,776,971)
1,736,407$ 1,425,594$ (8,855,158)$ 9,971,578$ 23,894,156$ 29,740,723$
(See independent auditor's report.)
- 162 -
STATISTICAL SECTION
This part of the Village’s comprehensive annual financial report presents detailed information as
a context for understanding what the information in the financial statements, note disclosures and
required supplementary information displays 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.
163-167
Revenue Capacity
These schedules contain information to help the reader assess the Village’s
most significant local revenue source, the property tax.
168-172
Debt Capacity
The 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.
173-176
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.
177-178
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.
179-181
Sources: Unless otherwise noted, the information in these schedules is derived from the
comprehensive annual financial reports for the relevant year. The Village implemented GASB
Statement No. 34 in 2003; schedules presenting government-wide information include
information beginning in that year.
VILLAGE OF GLENVIEW, ILLINOIS
NET ASSETS BY COMPONENT
Last Four Fiscal Years
Fiscal Year 2003 2004 2005 2006
GOVERNMENTAL ACTIVITIES
Invested in capital assets
net of related debt 47,651,206$ 28,587,161$ 78,806,902$ 61,856,418$
Restricted 57,086,081 82,555,054 26,303,618 53,518,524
Unrestricted 23,515,126 34,693,402 58,039,098 72,258,332
TOTAL GOVERNMENTAL ACTIVITIES 128,252,413$ 145,835,617$ 163,149,618$ 187,633,274$
BUSINESS-TYPE ACTIVITIES
Invested in capital assets
net of related debt 25,625,660$ 25,037,005$ 29,095,596$ 42,488,713$
Restricted - - - -
Unrestricted 15,802,389 13,235,513 12,594,422 7,552,672
TOTAL BUSINESS-TYPE ACTIVITIES 41,428,049$ 38,272,518$ 41,690,018$ 50,041,385$
PRIMARY GOVERNMENT
Invested in capital assets
net of related debt 73,276,866$ 53,624,166$ 107,902,498$ 104,345,131$
Restricted 57,086,081 82,555,054 26,303,618 53,518,524
Unrestricted 39,317,515 47,928,915 70,633,520 79,811,004
TOTAL PRIMARY GOVERNMENT 169,680,462$ 184,108,135$ 204,839,636$ 237,674,659$
Data Source
Audited Financial Statements
- 163 -
VILLAGE OF GLENVIEW, ILLINOIS
CHANGE IN NET ASSETS
Last Four Fiscal Years
Fiscal Year 2003 2004 2005 2006
EXPENSES
Governmental Activities
General government 16,286,886$ 20,361,570$ 20,282,723$ 13,929,198$
Public safety 19,048,844 19,521,633 25,343,033 28,395,261
Highways and streets 79,331,667 8,916,140 13,493,770 27,582,335
Economic development - - - -
Interest 3,724,873 4,446,952 5,066,331 4,813,795
Total governmental activities expenses 118,392,270 53,246,295 64,185,857 74,720,589
Business-Type Activities
Water 6,160,140 7,514,285 9,874,399 8,168,894
North Maine water and sewer 5,042,768 5,021,042 4,923,144 5,396,165
Sewer 635,561 921,736 1,083,937 1,544,514
Wholesale water 1,038,073 935,242 1,178,948 1,146,800
Commuter parking 196,475 335,308 412,459 433,318
Total business-type activities expenses 13,073,017 14,727,613 17,472,887 16,689,691
TOTAL PRIMARY GOVERNMENT EXPENSES 131,465,287$ 67,973,908$ 81,658,744$ 91,410,280$
PROGRAM REVENUES
Governmental Activities
Charges for services
General government 1,825,112$ 4,838,852$ 9,613,146$ 10,124,924$
Public safety 184,334 3,751,639 3,826,995 4,059,578
Other activities - 5,546 - -
Operating grants and contributions - 1,323,171 1,684,597 1,576,594
Capital grants and contributions 2,628,122 4,188,201 2,603,905 702,691
Total governmental activities program revenues 4,637,568 14,107,409 17,728,643 16,463,787
Business-Type Activities
Charges for services
Water 8,739,735 7,446,294 8,726,117 7,654,017
North Maine water and sewer 6,806,352 5,532,457 5,872,657 5,928,523
Sewer 1,252,398 1,054,923 1,576,519 1,430,401
Wholesale water 1,709,155 1,655,339 1,707,316 1,692,776
Commuter parking 300,717 374,653 450,026 415,687
Operating grants and contributions - - - -
Capital grants and contributions - - - -
Total business-type activities program revenues 18,808,357 16,063,666 18,332,635 17,121,404
TOTAL PRIMARY GOVERNMENT
PROGRAM REVENUES 23,445,925$ 30,171,075$ 36,061,278$ 33,585,191$
- 164 -
VILLAGE OF GLENVIEW, ILLINOIS
CHANGE IN NET ASSETS (Continued)
Last Four Fiscal Years
Fiscal Year 2003 2004 2005 2006
NET (EXPENSE) REVENUE
Governmental activities (113,754,702)$ (39,138,886)$ (46,457,214)$ (58,256,802)$
Business-type activities 5,735,340 1,336,053 859,748 431,713
TOTAL PRIMARY GOVERNMENT
NET (EXPENSE) REVENUE (108,019,362)$ (37,802,833)$ (45,597,466)$ (57,825,089)$
GENERAL REVENUES AND OTHER
CHANGES IN NET ASSETS
Governmental Activities
Taxes
Property 14,983,339$ 20,500,281$ 27,379,366$ 31,368,247$
Other 6,354,530 865,343 8,932,829 7,674,636
Sales 10,830,776 13,588,877 16,410,735 17,797,774
Income 2,593,235 2,659,483 3,521,197 3,342,154
Intergovernmental 7,154,252 6,385,543 739,758 801,157
Investment income 2,941,206 1,093,764 2,911,937 3,553,730
Miscellaneous 1,012,998 1,637,093 367,096 271,124
Gain on sale of capital assets 8,844,386 2,829,367 91,504 18,899,176
Transfers 2,817,860 958,460 167,762 (4,697,721)
Contributions - 6,088,573 12,330 -
Total governmental activities 57,532,582 56,606,784 60,534,514 79,010,277
Business-Type Activities
Investment income 93,243 97,800 252,200 427,441
Miscellaneous 1,165,984 - 75,102 18,166
Gain on sale of capital assets - - (4,142) (48,424)
Transfers (2,708,503) - (167,762) 4,697,721
Contributions 2,137,129 (958,460) 3,675,142 -
Total business-type activities 687,853 (860,660) 3,830,540 5,094,904
TOTAL PRIMARY GOVERNMENT 58,220,435$ 55,746,124$ 64,365,054$ 84,105,181$
CHANGE IN NET ASSETS
Governmental activities (56,222,120)$ 17,467,898$ 14,077,300$ 20,753,475$
Business-type activities 6,423,193 475,393 4,690,288 5,526,617
TOTAL PRIMARY GOVERNMENT
CHANGE IN NET ASSETS (49,798,927)$ 17,943,291$ 18,767,588$ 26,280,092$
Data Source
Audited Financial Statements
- 165 -
VILLAGE OF GLENVIEW, ILLINOIS
FUND BALANCES OF GOVERNMENTAL FUNDS
Last Ten Fiscal Years
Fiscal Year 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006
GENERAL FUND
Reserved 22,283$ 15,641$ 19,867$ 10,000$ 10,000$ 10,000$ -$ 30,860$ 150,800$ 250,974$
Unreserved 9,760,173 11,956,021 13,482,285 12,179,197 13,928,713 15,888,842 17,873,812 19,125,436 28,919,794 23,543,445
TOTAL GENERAL FUND 9,782,456$ 11,971,662$ 13,502,152$ 12,189,197$ 13,938,713$ 15,898,842$ 17,873,812$ 19,156,296$ 29,070,594$ 23,794,419$
ALL OTHER GOVERNMENTAL FUNDS
Reserved
Street improvements -$ -$ -$ -$ -$ -$ 305,514$ 2,589,698$ 1,113,365$ 1,126,135$
Deposits - - - - - - 186,780 - - -
Prepaids 79,893 77,599 70,216 54,725 140,363 - - 19,350 - -
Advance from other funds 458,420 476,344 476,344 - - 11,182,129 - 12,752,705 17,658,009 14,170,780
Debt service 4,416,466 2,388,599 3,651,914 2,431,244 2,811,524 1,048,923 1,067,757 3,293,488 1,674,443 4,606,278
Employee benefits - - - - - - 460,141 201,060 - -
Public safety - - - - - - 661,661 674,732 560,855 671,794
Capital development 47,571,360 25,434,852 83,933,871 107,673,236 163,137,816 105,209,110 54,591,008 75,796,076 38,598,964 46,725,608
Long-term receivable - - - - - - - - 800,000 800,000
Unreserved, reported in
Special Revenue Funds 943,920 732,645 407,898 2,191,399 2,382,204 3,764,779 2,394,290 2,508,852 (2,175,404) 3,098,776
Debt Service Funds - - - - - - (2,557,215) (51,450) 400,940 37,589
Capital Project Funds - - - - (4,845,694) (3,553,126) (5,172,490) (11,871,587) (16,480,597) 13,962,128
TOTAL ALL OTHER
GOVERNMENTAL FUNDS 53,470,059$ 29,110,039$ 88,540,243$ 112,350,604$ 163,626,213$ 117,651,815$ 51,937,446$ 85,912,924$ 42,150,575$ 85,199,088$
Data Source
Audited Financial Statements
- 166 -
VILLAGE OF GLENVIEW, ILLINOIS
CHANGES IN FUND BALANCES OF GOVERNMENTAL FUNDS
Last Ten Fiscal Years
Fiscal Year 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006
REVENUES
Taxes 19,540,761$ 12,013,364$ 11,726,935$ 12,930,782$ 13,450,855$ 15,725,219$ 21,337,869$ 28,087,345$ 38,404,632$ 40,230,230$
Intergovernmental 5,111,944 12,720,078 13,429,473 14,352,351 14,933,624 16,344,483 20,578,263 25,352,795 25,621,631 25,820,915
Charges for services 2,262,631 3,172,590 2,216,921 2,739,354 3,002,705 2,754,026 2,757,078 3,184,513 8,197,463 3,125,289
Licenses and permits 1,687,114 1,325,782 1,233,680 1,737,399 2,810,000 2,415,483 1,671,554 2,128,826 1,935,601 1,444,631
Fines and forfeitures 258,230 232,855 281,525 224,431 215,284 207,720 208,936 249,956 223,917 223,430
Investment income 4,449,875 3,262,767 3,667,513 6,053,910 8,188,234 4,431,745 2,941,206 1,814,903 3,863,413 3,766,389
Miscellaneous
Land sales - - - - - - 8,919,398 2,893,460 - 18,899,176
Other 783,224 1,322,960 86,879,638 46,853,339 36,515,857 7,998,164 1,012,998 741,306 696,380 732,406
Total revenues 34,093,779 34,050,396 119,435,685 84,891,566 79,116,559 49,876,840 59,427,302 64,453,104 78,943,037 94,242,466
EXPENDITURES
General government 9,384,744 9,799,371 9,338,895 12,789,380 10,273,327 10,999,766 16,342,726 20,690,822 17,362,221 19,338,954
Public safety 11,468,103 12,156,617 12,608,278 13,564,127 15,879,536 16,314,536 18,536,695 19,439,605 24,629,821 24,910,406
Highways and streets 5,285,087 4,389,248 5,764,447 5,382,953 5,895,520 6,133,143 7,083,597 7,380,427 10,227,675 11,667,955
Debt service
Principal 16,645,700 19,424,500 22,660,850 2,690,000 2,590,000 4,180,000 4,700,000 4,762,700 9,124,652 9,490,000
Interest and fiscal charges 3,975,674 3,165,948 3,561,141 2,379,881 2,888,366 3,905,655 3,726,545 4,986,212 6,075,973 5,764,058
Bond issuance costs - - - - - - - - 104,718 110,099
Capital outlay 3,776,024 18,623,503 29,042,321 33,147,088 33,170,259 54,651,582 70,331,142 19,988,453 46,376,551 18,451,941
Pension 1,387,120 1,440,061 1,356,790 1,403,581 - - - - - -
Miscellaneous - - - - 806,182 717,910 - - - -
Total expenditures 51,922,452 68,999,248 84,332,722 71,357,010 71,503,190 96,902,592 120,720,705 77,248,219 113,901,611 89,733,413
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES (17,828,673) (34,948,852) 35,102,963 13,534,556 7,613,369 (47,025,752) (61,293,403) (12,795,115) (34,958,574) 4,509,053
OTHER FINANCING SOURCES (USES)
Transfers in 22,621,718 26,126,894 67,402,456 58,242,095 48,345,379 38,551,596 38,815,909 23,756,688 21,885,794 32,556,673
Transfers (out)(20,508,765) (23,658,318) (65,271,154) (54,249,245) (45,104,660) (35,579,379) (35,975,800) (22,798,228) (21,718,032) (37,162,062)
Bonds issued - 10,309,462 23,726,429 4,970,000 41,800,000 6,885,000 6,150,000 47,315,000 10,000,000 37,940,000
Discount on bonds issued - - - - - - (79,919) (164,724) - (87,732)
Premium on bonds issued - - - - - - - 65,614 44,658 11,371
Payment to escrow agent - - - - - (6,891,305) (4,767,130) - (10,000,000) -
Sale of capital assets - - - - - - - 37,801 91,504 5,035
Total other financing sources (uses)2,112,953 12,778,038 25,857,731 8,962,850 45,040,719 2,965,912 4,143,060 48,212,151 303,924 33,263,285
NET CHANGE IN FUND BALANCES (15,715,720)$ (22,170,814)$ 60,960,694$ 22,497,406$ 52,654,088$ (44,059,840)$ (57,150,343)$ 35,417,036$ (34,654,650)$ 37,772,338$
DEBT SEVICE AS A PERCENTAGE
OF NONCAPITAL EXPENDITURES 42.83%44.84%47.43%13.27%14.29%19.14%16.34%12.43%22.51%21.40%
Data Source
Audited Financial Statements
- 167 -
VILLAGE OF GLENVIEW, ILLINOIS
ASSESSED AND ACTUAL VALUE OF TAXABLE PROPERTY
Last Ten Levy Years
Total Estimated Estimated
Total Taxable Direct Actual Actual
Levy Residential Commercial Industrial Assessed Tax Taxable Taxable
Year Property Property Property Railroad Farm Value Rate Value Value
1996 736,006,587$ 216,553,501$ 97,478,454$ 155,106$ 115,075$ 1,050,308,723$ 6.87$ 3,150,926,169$ 33.333%
1997 735,518,370 214,905,081 96,143,443 137,766 73,166 1,046,777,826 7.35 3,140,333,478 33.333%
1998 817,802,199 238,830,264 103,587,007 126,876 24,695 1,160,371,041 6.60 3,481,113,123 33.333%
1999 852,044,883 258,894,779 132,903,672 123,644 24,695 1,243,991,673 6.52 3,731,975,019 33.333%
2000 840,920,128 255,475,255 131,113,682 122,766 24,369 1,227,656,200 6.71 3,682,968,600 33.333%
2001 1,085,082,229 296,071,283 130,332,102 134,910 22,175 1,511,642,699 5.44 4,534,928,097 33.333%
2002 1,150,749,328 316,958,308 139,565,768 160,583 80,255 1,607,514,242 5.12 4,822,542,726 33.333%
2003 1,168,628,313 320,373,025 141,049,675 154,176 52,653 1,630,257,842 5.04 4,890,773,526 33.333%
2004 1,583,440,346 462,293,352 202,403,525 196,030 589 2,248,333,842 4.27 6,745,001,526 33.333%
2005 N/A N/A N/A N/A N/A 2,516,205,666 4.21 7,548,616,998 33.333%
Note : Property in the Village is reassessed each year. Property is assessed at 33% of actual value.
Data Source
Office of the County Clerk - Information available as of the date of this report.
- 168 -
VILLAGE OF GLENVIEW, ILLINOIS
PROPERTY TAX RATES - DIRECT AND OVERLAPPING GOVERNMENTS
Last Ten Fiscal Years
Assessed Value Percent in
in Village of Village of
Tax Levy Year Glenview, 2005 Glenview 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006**
Village of Glenview 2,141,980,698$ 100.00 0.735 0.660 0.652 0.671 0.545 0.512 0.505 0.427 0.421 N/A
Glenview Public Library 2,141,980,698 100.00 0.304 0.269 0.251 0.269 0.228 0.270 0.293 0.259 0.249 N/A
County of Cook 2,141,980,698 1.59 0.919 0.911 0.854 0.824 0.746 0.680 0.630 0.593 0.533 N/A
Forest Preserve District 2,141,980,698 1.59 0.074 0.072 0.070 0.069 0.067 0.061 0.059 0.060 0.060 N/A
Suburban T.B. Sanitarium 2,141,980,698 2.91 0.008 0.008 0.008 0.008 0.007 0.006 0.004 0.001 0.008 N/A
Metropolitan Water Reclamation
District 2,141,980,698 1.620 0.451 0.444 0.419 0.415 0.401 0.371 0.361 0.347 0.315 N/A
County Consolidated Elections 2,141,980,698 2.91 - - 0.023 - 0.032 - 0.029 - 0.014 N/A
North Shore Mosquito Abatement 1,469,623,534 10.76 0.011 0.011 0.011 0.011 0.010 0.010 0.009 0.008 0.008 N/A
Glenview Park District 1,916,620,946 99.20 0.498 0.587 0.578 0.612 0.511 0.492 0.516 0.505 0.490 N/A
Oakton Community College #535 2,141,980,698 9.81 0.216 0.205 0.203 0.213 0.186 0.179 0.186 0.161 0.158 N/A
Glenview School District #34 1,348,336,654 70.10 3.188 2.991 2.839 3.030 2.623 2.509 2.552 2.330 2.259 N/A
New Trier High School #203 102,950,591 5.20 1.932 1.871 1.845 1.936 1.611 1.611 1.799 1.621 1.577 N/A
Wilmette School District #39 74,932,504 4.93 3.314 3.087 3.193 3.454 2.742 2.742 2.707 2.238 2.151 N/A
Avoca School District #37 36,448,367 7.62 2.766 2.635 2.602 2.732 2.420 2.420 2.362 1.991 1.934 N/A
Niles High School #219 44,175,268 2.20 2.016 1.925 1.903 2.068 1.860 1.860 2.090 2.013 2.007 N/A
Golf School District #67 39,126,647 13.44 2.582 2.484 2.430 2.512 2.272 2.272 2.338 2.129 2.041 N/A
Northfield High School #225 1,736,566,066 90.10 1.932 1.840 1.870 1.992 1.740 1.682 1.736 1.516 1.475 N/A
Northbrook School District #30 214,805,420 11.00 3.260 3.119 2.850 3.223 2.765 2.659 2.745 2.416 2.331 N/A
West Northfield School District #31 181,317,784 9.50 2.025 1.910 1.894 2.040 1.813 1.631 1.811 1.605 1.542 N/A
East Maine School District #63 47,484,591 1.80 3.163 3.078 3.027 3.129 2.694 2.694 2.609 2.624 2.542 N/A
Maine High School #207 120,672,533 2.50 2.352 2.234 2.198 2.298 2.026 2.026 2.012 1.795 1.757 N/A
Maine Township - General 126,026,329 2.77 0.089 0.085 0.084 0.089 0.079 0.079 0.079 0.071 0.070 N/A
Maine Township - Road and Bridge 126,026,329 2.77 0.044 0.042 0.042 0.044 0.039 0.039 0.040 0.036 0.036 N/A
Maine Township - General Assistance 126,026,329 2.77 0.016 0.015 0.015 0.016 0.015 0.015 0.016 0.015 0.015 N/A
New Trier Township - General 108,785,919 2.55 0.057 0.054 0.054 0.056 0.044 0.044 0.045 0.037 0.037 N/A
New Trier Township - Road and Bridge 108,785,919 2.55 - - - - - - - - - N/A
New Trier Township - General Assistance 108,785,919 2.55 0.003 0.003 0.003 0.002 0.002 0.002 0.003 0.002 0.002 N/A
Niles Township - General 116,159,641 2.60 0.041 0.036 0.037 0.037 0.033 0.033 0.033 0.030 0.029 N/A
Niles Township - Road and Bridge 116,159,641 2.60 - - - - - - - - - N/A
Niles Township - General Assistance 116,159,641 2.60 0.005 0.003 0.003 0.003 0.003 0.003 0.003 0.003 0.002 N/A
Northfield Township - General 1,789,135,621 32.33 0.022 0.020 0.019 0.021 0.014 0.015 0.009 0.012 0.011 N/A
Northfield Township - Road and Bridge 1,789,135,621 32.33 0.041 0.039 0.038 0.041 0.036 0.035 0.037 0.033 0.033 N/A
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Assessed Value Percent in
in Village of Village of
Tax Levy Year Glenview, 2005 Glenview 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006**
Northfield Township - General Assistance 1,789,135,621$ 32.33 0.009 0.009 - - - 0.002 0.010 0.006 0.008 N/A
Northfield Woods Sanitary District 191,941,577 39.87 0.188 0.170 0.167 0.074 0.007 0.007 0.062 0.055 0.053 N/A
North Maine Fire Protection District 7,378,038 2.12 1.224 1.189 1.161 1.205 1.030 1.030 0.862 0.717 0.785 N/A
Northbrook Park District 7,785,842 0.40 0.486 0.458 0.453 0.562 0.469 0.449 0.459 0.410 0.385 N/A
Glenview Special Service Area #5 646,018 100.00 2.112 1.980 1.916 0.970 - - - - - N/A
Glenview Special Service Area #6 17,257,821 100.00 0.121 - - - - - - - - N/A
Glenview Special Service Area #9 4,540,476 100.00 1.140 1.054 1.025 0.771 0.588 0.588 0.487 0.406 0.402 N/A
Glenview Special Service Area #10 4,344,393 100.00 1.235 1.144 1.112 0.819 0.628 0.628 0.511 0.427 0.421 N/A
Glenview Special Service Area #11 6,775,449 100.00 0.369 0.325 0.291 0.304 0.239 0.239 0.214 0.169 0.160 N/A
Glenview Special Service Area #12 3,938,611 100.00 0.691 0.639 0.608 0.624 0.511 0.511 0.365 0.285 0.252 N/A
Glenview Special Service Area #16 1,423,155 100.00 0.951 0.881 0.858 - - - - - - N/A
Glenview Special Service Area #17 3,882,343 100.00 0.830 0.740 0.715 0.719 0.588 0.588 0.550 0.374 0.317 N/A
Glenview Special Service Area #18 1,411,514 100.00 0.698 0.626 0.602 0.616 0.521 0.521 0.461 0.388 0.363 N/A
Glenview Special Service Area #20 8,481,621 100.00 0.414 0.371 0.359 0.366 0.294 0.294 0.275 0.236 0.219 N/A
Glenview Special Service Area #22 2,838,958 100.00 0.572 0.437 0.399 0.401 0.304 0.304 0.290 0.214 0.196 N/A
Glenview Special Service Area #24 884,657 100.00 1.000 0.611 0.717 0.712 0.570 0.570 0.535 0.538 0.507 N/A
Glenview Special Service Area #27 254,743 100.00 1.498 1.232 1.193 1.610 1.622 1.622 - - - N/A
Glenview Special Service Area #31 839,866 100.00 0.790 0.687 0.664 0.669 0.486 0.486 0.237 - - N/A
Glenview Special Service Area #32 5,703,910 100.00 0.127 0.139 0.134 0.136 0.115 0.115 0.095 0.086 0.081 N/A
Glenview Special Service Area #33 3,723,885 100.00 0.813 0.747 0.729 0.739 0.630 0.630 0.590 0.456 0.427 N/A
Glenview Special Service Area #35 1,911,385 100.00 - 0.494 0.477 0.482 0.394 0.394 0.370 0.313 0.284 N/A
Glenview Special Service Area #36 4,355,238 100.00 - - - - - - - 0.233 0.200 N/A
Glenview Special Service Area #37 2,289,606 100.00 - - - - - - - 0.207 0.176 N/A
Oak Meadow Sanitary District 84,387,248 39.09 - 0.120 0.116 0.124 0.009 0.009 0.059 0.048 0.045 N/A
Northwest Mosquito Abatement 51,399,258 0.21 - 0.010 0.010 0.011 0.010 0.010 0.010 0.009 0.009 N/A
*Property tax rates are per $100 of assessed valuation.
**2006 rates not available.
Data Source
Office of the County Clerk
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VILLAGE OF GLENVIEW, ILLINOIS
PRINCIPAL PROPERTY TAXPAYERS
Current Year and Nine Years Ago
Percentage Percentage
of Total of Total
Village Village
Taxable Taxable Taxable Taxable
Assessed Assessed Assessed Assessed
Taxpayer Value Rank Valuation Taxpayer Value Rank Valuation
Kraft General Foods 49,361,311$ 1 2.30%Kraft General Foods 34,468,650$ 1 3.28%
Grubb & Ellis 28,037,101 2 1.31%Zenith Electronics 16,793,080 2 1.60%
Classic Residence - Hyatt 21,259,426 3 0.99%Signode, Division of ITW 15,263,383 3 1.45%
Illinois Tool Works (Signode)20,743,352 4 0.97%Harper Collins 9,950,846 4 0.95%
Anixter, Inc.17,284,676 5 0.81%RREEF Mid-America 7,705,276 5 0.73%
Pearson Tax Dept.15,443,037 6 0.72%Glenview Hospitality 6,012,886 6 0.57%
Mid American Asset 14,397,930 7 0.67%Avon Products 5,111,893 7 0.49%
Abt Electronics 14,130,530 8 0.66%St. Andrews Properties 4,522,342 8 0.43%
Bays Hospitality 13,496,075 9 0.63%Baxter Management Corp.4,492,451 9 0.43%
Heatherfield Center, LLC 13,435,891 10 0.63%Wm. Seawall 4,054,874 10 0.39%
207,589,329$ 9.69%108,375,681$ 10.32%
NOTE:
Every effort has been made to seek out and report the largest taxpayers. However, many of the taxpayers contain multiple parcels, and it is possible that some
parcels and their valuations have been overlooked.
Data Source
Office of the County Clerk
2006 1997
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VILLAGE OF GLENVIEW, ILLINOIS
PROPERTY TAX LEVIES AND COLLECTIONS
Last Ten Levy Years
Collections
Levy Percentage in Subsequent Percentage
Year Tax Levied Amount of Levy Years Amount of Levy
1997 10,876,343$ 10,768,639$ 99.01%-$ 10,768,639$ 99.01%
1998 10,733,670 10,633,824 99.07%- 10,633,824 99.07%
1999 11,215,498 11,134,514 99.28%- 11,134,514 99.28%
2000 11,525,245 11,375,966 98.70%- 11,375,966 98.70%
2001 11,664,605 11,518,964 98.75%- 11,518,964 98.75%
2002 12,562,794 12,520,624 99.66%- 12,520,624 99.66%
2003 13,000,619 12,445,914 95.73%- 12,445,914 95.73%
2004 13,218,991 13,094,363 99.06%172,392 13,266,755 100.36%
2005 13,885,406 11,957,340 86.11%2,012,424 13,969,764 100.61%
2006 14,142,156 - 0.00%- - 0.00%
Note: Property in the Village is reassessed each year. Property is assessed at 33% of actual value.
Data Source
Office of the County Clerk
Collected within the
Fiscal Year of the Levy Total Collections to Date
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RATIOS OF OUTSTANDING DEBT BY TYPE
Last Ten Fiscal Years
Governmental Activities Business-Type Activities Percentage
Fiscal General Special General Total of
Year Obligation Service Obligation Notes Primary Personal Per
Ended Bonds Area Bonds Payable Government Income*Capita*
1997 60,495,350$ -$ 9,344,650$ 2,850,000$ 72,690,000$ 5.42%1,891.15$
1998 51,070,850 - 8,784,150 2,775,477 62,630,477 4.58%1,629.43
1999 52,810,000 - 8,170,000 2,697,270 63,677,270 4.56%1,656.67
2000 55,090,000 - 7,840,000 2,615,192 65,545,192 4.17%1,566.31
2001 94,300,000 - 7,500,000 2,529,058 104,329,058 6.49%2,493.11
2002 90,195,000 - 7,145,000 2,438,674 99,778,674 6.12%2,384.37
2003 86,980,000 - 7,030,000 2,343,822 96,353,822 5.80%2,302.53
2004 128,485,155 - 7,579,845 2,244,283 138,309,283 7.17%3,112.06
2005 119,275,000 85,503 6,699,933 2,139,824 128,200,260 6.65%2,884.60
2006 147,725,000 75,696 6,479,304 2,030,203 156,310,203 8.07%3,500.40
Note: Details of the Village's outstanding debt can be found in the notes to the financial statements.
* See the Schedule of Demographic and Economic Statistics on page 177 for personal income and population data.
VILLAGE OF GLENVIEW, ILLINOIS
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VILLAGE OF GLENVIEW, ILLINOIS
RATIOS OF GENERAL BONDED DEBT OUTSTANDING
Last Ten Fiscal Years
Percentage of
Less: Amounts Estimated
General Available Actual Taxable
Fiscal Obligation In Debt Value of Per
Year Bonds Service Fund Total Property*Capita
1997 69,840,000$ 4,416,466$ 65,423,534$ 6.23%1,869.24$
1998 59,855,000 2,388,599 57,466,401 5.49%1,641.90
1999 60,980,000 3,651,914 57,328,086 4.94%1,637.95
2000 62,930,000 2,431,244 60,498,756 4.86%1,728.54
2001 101,800,000 2,811,524 98,988,476 8.06%2,828.24
2002 97,340,000 1,048,923 96,291,077 6.37%2,751.17
2003 94,010,000 (1,489,458) 95,499,458 5.94%2,728.56
2004 136,065,000 3,242,038 132,822,962 8.15%3,794.94
2005 125,974,933 2,075,383 123,899,550 7.08%3,539.99
2006 154,204,304 4,643,867 149,560,437 N/A 4,273.16
Note: Details of the City's outstanding debt can be found in the notes to the financial statements.
* See the Schedule of Assessed and Actual Value of Taxable Property on
page 168 for property value data.
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VILLAGE OF GLENVIEW, ILLINOIS
DIRECT AND OVERLAPPING GOVERNMENTAL ACTIVITIES DEBT
December 31, 2006
Percentage Village of
Debt Applicable Glenview
Gross to the Village of Share
Governmental unit Debt Glenview (1)of Debt
Village of Glenview 154,280,000$ 100.00%154,280,000$
Cook County, including Forest Preserve District 3,203,465,000 1.6%51,448,392
Metropolitan Water Reclamation District 1,257,000,000 1.6%20,618,219
Glenview Park District 21,475,000 84.9%18,224,386
Northbrook Park District 15,130,000 0.3%49,987
Glenview Special Service Areas 509,920 100.0%509,920
Schools
Elementary
Glenview School District No. 34 25,090,000 89.0%22,333,530
Northbrook School District No. 30 5,428,067 35.3%1,915,111
West Northfield School District No. 31 512,500 28.8%1,503,864
Wilmette School District No. 39 10,885,000 4.9%534,109
East Maine School District No. 63 16,125,000 4.3%693,479
Golf School District No. 67 5,968,512 13.2%788,726
River Trails District No. 26 2,522,972 7.7%195,189
Avoca School District No. 38 5,945,000 0.3%19,093
High School
Northfield Township District No. 225 19,107,635 37.7%7,202,974
New Trier Township District No. 203 20,013,637 2.4%473,923
Niles Township District No. 219 80,254,514 1.1%901,740
Maine Township District No. 207 15,185,000 1.1%165,503
Oakton Community College No. 535 - 9.9%-
4,704,617,757 127,578,145
4,858,897,757$ 281,858,145$
(1) Determined by ratio of assessed valuation of property subject to taxation in the Village of
Glenview to valuation of property subject to taxation in overlapping unit.
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VILLAGE OF GLENVIEW, ILLINOIS
LEGAL DEBT MARGIN INFORMATION
December 31, 2006
"The General Assembly may limit by law the amount and require referendum approval
of debt to be incurred by home rule municipalities, payable from ad valorem property
tax receipts, only in excess of the following percentages of the assessed value of its
taxable property . . . (2) if its population is more than 25,000 and less than 500,000 an
aggregate of one per cent: . . . Indebtedness which is outstanding on the effective date
(July 1, 1971) of this constitution or which is thereafter approved by referendum . . .
shall not be included in the foregoing percentage amounts"
To date, the General Assembly has set no limits for home rule municipalities.
Under the 1970 Illinois Constitution, there is no legal limit for home rule municipalities except
as set by the General Assembly.
- 176 -
Per
Capita
Fiscal Personal Personal Unemployment
Year Population Income Income Rate
1997 38,437 1,340,913,182$ 34,886$ 2.6%
1998 38,437 1,367,511,586 35,578 2.5%
1999 38,437 1,395,839,655 36,315 2.3%
2000 41,847 1,572,024,402 37,566 2.5%
2001 41,847 1,608,180,210 38,430 3.7%
2002 41,847 1,629,103,710 38,930 4.5%
2003 41,847 1,661,660,676 39,708 4.6%
2004 44,443 1,928,115,112 43,384 4.6%
2005 44,443 1,928,115,112 43,384 4.6%
2006 44,655 1,937,312,520 43,384 4.6%
VILLAGE OF GLENVIEW, ILLINOIS
DEMOGRAPHIC AND ECONOMIC INFORMATION
Last Ten Fiscal Years
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VILLAGE OF GLENVIEW, ILLINOIS
PRINCIPAL EMPLOYERS
Current Year and Nine Years Ago
% of % of
Number of Total City Number of Total City
Employer Rank Employees Population Employer Rank Employees Population
Kraft General Foods 1 2,120 4.77%Kraft General Foods 1 2,315 6.24%
AON Insurance 2 1,200 2.70%Signode, Division of ITW 2 1,200 3.24%
Abt Electronics 3 1,000 2.25%Zenith Electronics 3 900 2.43%
Signode, Division of ITW 4 850 1.91%Glenbrook Hospital 4 600 1.62%
Glenbrook Hospital 5 600 1.35%Scott Foresman 5 500 1.35%
Scott Foresman 6 575 1.29%Glenview School District #34 6 400 1.08%
Glenview School District #34 7 540 1.22%Avon Products 7 369 0.99%
Anixter, Inc.8 500 1.13%Omni-Circuits, Inc.8 350 0.94%
Glenbrook South High School 9 427 0.96%Glenbrook South High School 9 312 0.84%
Village of Glenview 10 335 0.75%Guarantee Trust Life Insurance 10 295 0.80%
18.33%19.52%
2006 1997
- 178 -
Function/Program 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006
GENERAL GOVERNMENT
Management services 8 8 8 9 9 9 10 10 12 12
Finance 11 12 12 12 13 13 14 14 15 16
Planning 2 2 2 2 2 2 2 2 2 2
Code enforcement 13 13 15 16 16 16 16 16 16 16
Community development 8 9 11 13 13 13 13 13 14 14
PUBLIC SAFETY
Police
Officers 69 69 75 75 78 76 78 78 78 78
Civilians 18 19 19 20 19 20 19 19 18 18
Fire
Firefighters and officers 84 84 82 82 82 83 83 85 85 85
Civilians 12 12 13 13 12 12 13 12 12 11
PUBLIC WORKS
Administration 5 5 6 6 6 6 6 6 6 6
Engineering 6 8 8 8 8 8 8 8 8 8
Street maintenance 39 42 44 45 44 44 44 44 45 45
Water maintenance 17 19 21 21 20 20 20 21 21 21
292 302 316 322 322 322 326 328 332 332
Data Source
Village Budget Office
VILLAGE OF GLENVIEW, ILLINOIS
FULL-TIME EQUIVALENT EMPLOYEES
Last Ten Fiscal Years
- 179 -
Function/Program 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006
PUBLIC SAFETY
Police
Physical arrests 838 971 1,030 1,014 924 935 848 910 1,063 976
Parking violations 5,673 5,738 6,124 5,396 3,909 4,234 3,536 4,345 2,561 2,695
Traffic violations 7,286 7,447 7,418 7,467 6,551 6,847 5,916 5,360 6,998 6,266
Fire
Emergency responses
Emergency medical 2,886 2,991 3,262 3,375 3,610 3,833 4,007 4,035 4,297 4,487
Other responses 2,643 2,905 2,789 2,745 2,875 2,843 2,733 2,626 2,872 2,734
Fires extinguished 234 222 144 96 132 156 188 123 144 93
PUBLIC WORKS
Street resurfacing (miles)N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A
Pothole repairs (hours)N/A N/A N/A 1,035 4,177 2,777 4,785 4,632 5,201 1,311
WATER
Metered water customers 13,561 13,675 13,675 14,953 14,987 15,015 15,478 15,478 15,853 15,247
Water main breaks 105 92 160 67 107 163 148 101 210 99
Water purchased (gallons)3,070,950,000 3,129,780,000 3,109,820,000 3,033,150,000 2,990,810,000 3,200,685,000 3,321,375,000 3,321,375,000 3,625,336,000 3,122,184,000
Average daily consumption 219 223 222 199 196 210 217 205 223 192
BUILDING
Permits issued 1,400 1,670 1,749 2,109 N/A N/A 2,991 3,100 3,282 2,759
Value of construction 48,871,393$ 82,901,841$ 97,784,655$ 343,039,232$ N/A N/A 206,573,285$ 178,545,926$ 168,418,399$ 108,004,538$
Data Source
Various Village Departments
VILLAGE OF GLENVIEW, ILLINOIS
OPERATING INDICATORS
Last Ten Fiscal Years
- 180 -
Function/Program 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006
PUBLIC SAFETY
Police
Police stations 1 1 1 1 1 1 1 1 1 1
Marked patrol units 17 17 17 17 17 17 17 17 18 18
Unmarked patrol units 9 9 9 9 9 9 9 9 9 9
Motorcycles - - - - - - 2 2 2 3
Fire
Fire stations 3 3 3 3 3 3 5 5 5 5
Ambulances 3 3 3 3 3 3 3 3 3 3
Fire engines 4 4 4 4 4 4 4 4 4 4
Aerial ladder truck 1 1 1 1 1 1 1 1 1 1
PUBLIC WORKS
Arterial streets (miles)7 7 7 7 7 7 7 7 7 7
Residential streets (miles)123 123 123 123 123 123 123 138 138 126
Streetlights 465 465 465 465 465 465 465 1,300 1,700 1,800
Traffic signals
WATER
Water mains (miles)216 223 224 241 246 248 255 261 262 262
Fire hydrants 2,300 2,300 2,300 2,300 2,300 2,300 2,300 2,300 2,668 2,668
Storage capacity (gallons)9,500,000 9,500,000 9,500,000 9,500,000 9,500,000 9,500,000 15,000,000 15,000,000 18,000,000 18,000,000
WASTEWATER
Sanitary sewers (miles)81 81 81 81 81 81 81 128 128 128
Storm sewers (miles)74 74 74 74 74 74 74 175 175 175
PARKING FACILITIES
Number of parking spaces 666 666 668 1,168 1,168 1,168 1,168 1,168 1,450 1,450
Data Source
Various Village Departments
VILLAGE OF GLENVIEW, ILLINOIS
CAPITAL ASSET STATISTICS
Last Ten Fiscal Years
- 181 -
-182 -
VILLAGE OF GLENVIEW
Cook County,Illinois
ANNUAL FINANCIAL INFORMATION
STATEMENT OF INDEBTEDNESS
As Per Cent of Per Capita
Amount Applicable
as of Dec. 31, 2006
Assessed
Value
Estimated
True Value
(2000 Census
Pop.41,847)
Assessed Valuation of Taxable Real Property, 2005...................$ 2,516,205,666(3)100.00%33.33%$ 60,128.70
Estimated True Value of Taxable Real Property, 2005 ...............7,548,616,998 300.00%99.99%$ 180,386.10
Direct General Obligation Bonded Debt(1):
Payable From Property Taxes ......................................................$ 25,190,000 1.00%0.33%$ 601.95
Self-Supporting Debt...................................................................... 129,090,000 5.13%1.71% 3,084.81
Total Direct Bonded Debt.............................................................$ 154,280,000 6.13%2.04%$ 3,686.76
Overlapping Bonded Debt Payable from Property Taxes(2):
Schools...............................................................................................$ 36,727,241 1.46%0.49%$ 877.65
Other than Schools.......................................................................... 90,850,904 3.61%1.20%2,171.03
Total Overlapping Bonded Debt ................................................$ 127,578,145 5.07%1.69%$ 3,048.68
Total Direct and Overlapping Bonded Debt..................................$ 281,858,145 11.20%3.73%$ 6,735.44
Total Direct and Overlapping Excl. Self-Supporting..................$ 152,768,145 6.07%2.02%$ 3,650.63
Notes:1.The Village is a home rule unit under the 1970 Illinois Constitution and as such has no debt limit nor is it
required to seek referendum approval for the issuance of general obligation debt. See “Retirement Schedule of
Outstanding Village General Obligation Debt”for a listing of the Village’s non-general obligation debt and
currently outstanding general obligation debt.
2.See “Detailed Overlapping Bonded Indebtedness Payable From Property Taxes at December 31, 2006”.
3.Includes incremental valuation in the Village’s tax increment financing districts.
RETIREMENT SCHEDULE OF OUTSTANDING VILLAGE GENERAL OBLIGATION DEBT (Note 1)
(As of December 31, 2006)
From
Due Paid From Series Series 2003 Pre-Series Series Cumul.Levy Property
12-1 Prop Taxes (4)1997 A(5)/B(6)2006 2006 A/B Amount Percent Year Taxes
2007 1,875,000$ 290,000$ 300,000$ 8,010,000$ $ 0 10,475,000$ 6.8%2006 2,002,974$
2008 1,000,000 305,000 305,000 8,335,000 0 9,945,000 13.2%2007 1,975,575
2009 1,015,000 85,000 550,000 8,645,000 27,940,000 38,235,000 38.0%2008 1,945,575
2010 1,050,000 0 665,000 9,005,000 0 10,720,000 43.0%2009 1,945,575
2011 1,100,000 690,000 9,375,000 0 11,165,000 52.2%2010 1,958,300
2012 1,150,000 710,000 9,775,000 0 11,635,000 59.7%2011 1,968,425
2013 1,175,000 500,000 10,200,000 0 11,875,000 67.4%2012 1,948,863
2014 1,225,000 505,000 10,625,000 0 12,355,000 75.5%2013 1,951,863
2015 1,275,000 525,000 2,475,000 2,350,000 6,625,000 79.7%2014 1,952,863
2016 1,325,000 545,000 2,600,000 2,450,000 6,920,000 84.2%2015 1,951,863
2017 1,375,000 580,000 2,725,000 2,550,000 7,230,000 88.9%2016 1,948,863
2018 1,450,000 0 2,825,000 2,650,000 6,925,000 93.4%2017 1,967,488
2019 1,500,000 0 0 1,500,000 94.4%2018 1,956,588
2020 1,575,000 1,575,000 95.4%2019 1,967,838
2021 1,650,000 1,650,000 96.5%2020 1,973,931
2022 1,725,000 1,725,000 97.6%2021 1,976,331
2023 1,825,000 1,825,000 98.8%2022 1,998,706
2024 1,900,000 1,900,000 100.0%2023 1,989,300
25,190,000$ 680,000$ 5,875,000$ 84,595,000$ 37,940,000$ 154,280,000$
Debt Service
Tax Levies
Principal Amounts
Tax Increment Revs. (3)Water & Sewer Funds (2)
Self Supporting With Projected Abatement From:
Total
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Notes:1.Excludes note payable in annual principal and interest payments of $215,377 through 2019 to the sellers of the utility company that
was acquired in September, 1997. The remaining principal amount of special service area bonds, the proceeds of which have been
used for various neighborhood local improvements and which are secured by property taxes to be levied in the applicable special
service areas, is shown as overlapping debt in the table “Detailed Overlapping Bonded Indebtedness Payable From Property Taxes.”
2.As a home rule unit under the 1970 Illinois Constitution, the Village has no debt limit and it can issue general obligation bonds
without referendum. The Village has chosen to fund various water/sewer improvements with general obligation bonds and abate
taxes from user charges. The Village’s water system serves a population of approximately 125,000 of which approximately 83,000
are outside the Village limits (63,000 in unincorporated areas and 20,000 in the Citizens Utilities service area).
3.The Series 1998B, Series 2001, a portion of the 2003A, Series 2004A, Series 2005 Bonds and the Series 2006 Bonds are expected to
be paid from incremental property taxes at the Glenview Naval Air Station Economic Development Project Area plus 80% of the
land sale proceeds derived from the Village’s sale of land at the Project Area.
4.Includes remaining maturities of the Village’s Series 2000 and Series 2004B Bonds.
5.Includes bonds payable from Special Services Areas #36 and #37.
6.The Series 2003B Bonds (which refunded the Series 1992) are payable primarily from revenues of the service area of a private water
company (Illinois-American Water Company) outside the Village limits.
DETAILED OVERLAPPING BONDED INDEBTEDNESS PAYABLE FROM PROPERTY TAXES
AT DECEMBER 31, 2006
Percent of Village’s Applicable
Village’s Share (Note 1)
2005 Real of Gross Debt To Be Paid
Property in Gross From Real Property Taxes
SCHOOL DISTRICTS:Taxing Body Bonded Debt Percent Amount
Elementary Districts:
Glenview School District No. 34 .................................................70.1%$25,090,000 89.0%$ 22,333,530
Northbrook School District No. 30 .............................................11.0%5,428,067 35.3%1,915,111
West Northfield School District No. 31 .....................................9.5%5,215,000 28.8%1,503,864
Wilmette School District No. 39 ..................................................3.5%10,885,000 4.9%534,109
East Maine School District No. 63 ..............................................2.4%16,125,000 4.3%693,479
Golf School District No. 67 ...........................................................1.8%5,968,512 13.2%788,726
Avoca School District No. 37 .......................................................1.7%2,522,972 7.7%195,189
River Trails District No. 26............................................................ 0.1%5,945,000 0.3%19,093
100.0%
High School Districts:
Northfield Township High School District No. 225 ................90.1%19,107,635(2)37.7%7,202,974
New Trier Township High School District No. 203..................5.2%20,013,637(2)2.4%473,923
Niles Township High School District No. 219 ..........................2.2%80,254,514 1.1%901,740
Maine Township High School District No. 207 ........................ 2.5%15,185,000 1.1%165,503
100.0%
Community College District:
Oakton Community College No. 535 ........................................100.0%0 9.9% 0
Total School Districts ...................................................................................................................................................................................$ 36,727,241
OTHER THAN SCHOOL DISTRICTS:
Cook County, Including Forest Preserve District ...................100.0%$3,203,465,000 1.6%$ 51,448,392
Metropolitan Water Reclamation District .................................100.0% 1,257,000,000 1.6%20,618,219
Glenview Park District ..................................................................99.2%21,475,000(2)84.9%18,224,386
Northbrook Park District ..............................................................0.4%15,130,000 0.3%49,987
Glenview Special Service Areas ..................................................Various 509,920 100.0% 509,920
Total Other Than School Districts ................................................................................................................................................................$ 90,850,904
Notes:1.Village’s share based upon 2005 Real Property valuations.
2.Excludes the following “Alternate Bonds”issued pursuant to Public Act 85-1419, which are
considered to be self-supporting since they are payable from user fees or other pledged non-property
tax sources: Northfield Township High School District No. 225 -$20,770,000; New Trier High
School District No. 203 -$2,705,000 and Glenview Park District-$25,070,000.
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DEBT RATIOS AND PER CAPITA DEBT—LAST TEN BOND SALES (Note 1)
Ratio to Estimated Actual Value(1) Per Capita(1)
Direct Debt Direct & Overlapping Debt Direct & Overlapping Debt
Including Excluding Including Excluding Including Excluding
Village Issue Self-Self-Self-Self-Self-Self-
Sale Date Amount Supporting Supporting(2)Supporting Supporting(2)Supporting Supporting(2)
October 15, 1996 .......................$ 8,435,000(3)1.01%.45%3.18%2.62%$2,590.75 $2,134.53
August 5, 1997 ..........................6,175,000 1.13%.42%3.15%2.44%2,544.13 1,969.57
October 20, 1998 .......................34,400,000(4)2.12%.37%3.98%2.23%3,125.64 1,752.00
December 5, 2000.....................4,970,000 1.68%.33%3.28%1.93%3,109.34 1,831.83
August 7, 2001 ..........................41,800,000 2.47%.33%4.90%2.43%4,377.57 2,172.83
February 5, 2002 .......................6,885,000(5)2.75%.30%4.92%2.47%4,353.97 2,185.71
March 4, 2003............................11,945,000(6)2.14%.21%4.35%2.42%4,834.24 2,686.75
July 20, 2004...............................47,315,000 2.71%.58%4.79%2.66%5,958.11 3,304.34
October 19, 2005 .......................10,000,000(7)2.13%.45%4.02%2.34%6,140.14 3,572.09
December 5, 2006.....................37,940,000 2.04%.33%3.73%2.02%6,733.33 3,648.52
Notes:1.Ratios and per capita information as set out in applicable Official Statements.
2.Excluding the Village’s self-supporting general obligation bonded debt.
3.Proceeds used to refund the December 1, 1996 maturity of the Bond Anticipation Bonds (“BABS”).
4.A portion of the proceeds of the Series 1998 Bonds was used to refund the December 1, 1998 maturity of the
BABS.
5.Proceeds used to redeem the Series 1993 and 1994.
6.Proceeds used to advance refund the callable maturities of the Series 1996 and 1997, to current refund the
Series 1992 and to provide approximately $1,900,000 for water and sewer projects.
7.Final issue amount was $10,000,000 (after a proposed advanced refunding was not undertaken). Proceeds
were used to current refund the Series 1998A Bonds.
TOTAL VILLAGE TAX RATES
(Per $100 Assessed Valuation)
Levy Year
Village Tax Rate:2001 2002 2003 2004 2005
Bonds and Interest $0.117 $0.113 $0.112 $0.075 $0.074
Pensions (Police, Fire, IMRF
& Social Security)0.105 0.111 0.133 0.137 0.095
Corporate 0.322 0.288 0.259 0.214 0.252
Total Village(1)$0.544 $0.512 $0.504 $0.426 $0.421
Cook County, (including
Forest Preserve)$0.813 0.751 0.689 0.653 0.593
Metropolitan Water Reclamation
District 0.401 0.371 0.361 0.347 0.315
Glenview S.D. Number 34 2.623 2.509 2.552 2.330 2.259
Northfield Township H.S.D.
Number 225 1.740 1.682 1.736 1.516 1.475
Oakton Community College Dist.
Number 535 0.186 0.179 0.186 0.161 0.158
Glenview Park District 0.511 0.492 0.516 0.505 0.490
Glenview Public Library 0.228 0.270 0.293 0.259 0.249
Northfield Township and
All Other 0.099 0.067 0.098 0.060 0.079
Total(2)$7.145 $6.833 $6.935 $6.257 $6.039
Village as % of Total 7.6%7.5%7.3%6.8%7.0%
Notes:1. As a home rule unit under the 1970 Illinois Constitution, the Village has no statutory tax rate limitations.
2. Tax rate applicable to the largest tax code in the Village.
Source: Cook County Clerk
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EQUALIZED ASSESSED VALUATION FOR TAXING PURPOSES (Note 1)
Tax Net For Plus Total For All Increase
Levy General Taxing Incremental Taxing Over
Year(2)Purposes (3)Valuation Purposes(3)Prior Year
2001 $1,511,642,699 $ 39,650,935 $1,551,293,634 25.8%
2002 1,627,042,822 106,894,229 1,733,937,051 11.8%
2003 1,630,257,841 195,634,725 1,825,892,566 5.3%
2004 1,931,176,516 317,157,326 2,248,333,842 23.1%
2005 2,141,980,698 374,224,968 2,516,205,666 11.9%
Notes:1.Property in Cook County is separated into eight classifications for assessment purposes (ranging from
16% for residential to 40% for commercial property). After the assessor establishes the fair market value
of a parcel of land, that value is multiplied by one of the classification percentages to arrive at the assessed
valuation for that parcel. The Illinois Department of Revenue furnishes each county with an adjustment
factor (the equalization factor) to equalize the level of assessment between counties. After the equalization
factor is applied, the valuation of the property for taxing purposes has been established—tax rates are
applied to the equalized valuation. Excludes four categories of exemptions: the Senior Citizens'
Homestead Exemption; the General Homestead Exemption; the Senior Citizens Tax Freeze Homestead
Exemption and the Long-Term Homeowner Exemption.
2.Under the current triennial reassessment system in Cook County, one third of the County is reassessed
each year. The Village was reassessed in 2001 and 2004.
3.The Village’s tax rate is calculated based on the Village’s Net Equalized Assessed Valuation (shown in
this table as “Net For General Taxing Purposes”) and is extended against its entire Equalized Assessed
Valuation (shown in this table as “Total for All Taxing Purposes”) excluding only the statutory
exemptions. Of the taxes collected, that portion applicable to incremental valuation (valuation of tax
increment districts) is remitted to the Village by the County Collector for deposit in the applicable tax
allocation fund. The Equalized Assessed Valuation for which the Village receives its portion of the total
tax rate for all non-TIF purposes is shown in the table as “Net for General Taxing Purposes.”
PROPERTY TAXES EXTENDED AND COLLECTED (Note 1)
Levy Current
Year Extended Collections(2)% Collected
2001 $8,238,452 $8,441,291 102.46%
2002 8,230,473 8,346,033 101.40%
2003 8,232,795 8,231,850 99.99%
2004 8,244,953 8,225,926 99.77%
2005 7,925,156 7,899,980 99.68%
Notes:1.Source: Cook County Treasurer’s Office. Taxes collected, including late payments, are shown
as collections in the year when due regardless of when the collection occurs. The “Amount
Collected”is not the same as distributions to the Village as collections include taxes paid under
protest. When the taxes are paid under protest are remitted, they are not included as taxes
collected as they have already been considered “collected”.
2.Cook County property taxes are payable in two installments: the first on March 1, and the
second on the latter of August 1 or 30 days after the mailing of the tax bills. The first
installment is an estimated bill and is one-half of the prior year’s bill. The second installment is
based on the current levy, assessment and equalization and reflects any changes from the prior
year in those factors.
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TEN LARGEST TAXPAYERS
Equalized
Assessed Percent of
Rank Taxpayer Properties Valuation(1)Village (2)
1 Kraft General Foods Corporate Headquarters/Research Campus $ 49,361,311 2.0%
2 Grubb & Ellis AON Insurance 28,037,101 1.1%
3 Classic Residence -Hyatt Senior Residential 21,259,426 0.8%
4 Illinois Tool Works Corporate Headquarters 20,743,352 0.8%
5 Anixter Commercial Property 17,284,676 0.7%
6 Pearson Tax Department Corporate Headquarters 15,443,037 0.6%
7 Mid American Asset Commercial Property 14,397,930 0.6%
8 Abt Electronics Electronics 14,130,530 0.6%
9 Bays Hospitality Hotel 13,496,075 0.5%
10 Heatherfield Center LLC Shopping Center 13,435,891 0.5%
Total Ten Largest Taxpayers $207,589,329 7.7%
Notes:1.Valuations as of January 1, 2005 for 2006 taxing purposes.
2.Total 2005 Village valuation of $2,516,205,666 (includes incremental valuation).
1999 AND 2004 TAX BASE DISTRIBUTION BY PROPERTY CLASSIFICATION
Village of Glenview
Taxable Valuation* Percent of Total
Property Classification:1999 2004 1999 2004
Residential $ 853,818,367 $1,583,440,346 68.5%70.4%
Commercial 259,116,465 462,293,352 20.8%20.6%
Industrial 133,126,358 202,403,525 10.7%9.0%
Railroad 123,644 196,030 NIL NIL
Farm 24,695 589 NIL NIL
Total $1,246,209,529 $2,248,333,842 100.0%100.0%
* Includes incremental valuation in the Village’s tax increment financing districts.
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GENERAL CORPORATE FUND
Statement of Revenues, Expenditures and Changes in Fund Balance (1)
(Fiscal Years Ending December 31)
Actual (Note 1)
Revenues/Transfers: 2003 2004 2005 2006
Property Taxes $ 5,876,466 $ 5,517,792 $ 6,662,174 $ 7,331,480
Property Taxes-Fire Protection District(2)2,245,157 2,535,012 2,543,096 2,654,850
Sales Taxes 10,830,776 11,632,246 12,325,158 13,291,472
Home Rule Sales Tax (3)0 1,106,632 3,035,577 2,236,302
Utility Taxes 5,787,142 5,948,422 7,279,696 5,773,297
State Income Tax/Photo Use Tax 2,970,258 3,096,604 4,037,420 3,924,307
Franchise Taxes 308,138 337,969 376,296 444,964
Hotel Room/Amusement Tax(4)717,486 799,918 864,358 1,035,153
Building Permits/Cert. Of Occup. 1,399,853 1,782,460 1,502,364 1,066,842
Other Licenses and Permits 271,701 346,366 433,237 377,789
Charges For Services 1,021,693 1,489,994 6,442,824 1,345,987
Fines and Forfeits 181,384 249,956 223,917 223,430
Interest 155,307 145,992 394,846 755,729
Transfers-In 1,277,845 506,602 1,903,718 0
All Other Revenues 1,577,050 1,537,629 1,860,882 1,929,943
Total Revenues/Transfers $34,620,256 $37,033,594 $49,885,563 $42,391,545
Expenditures/Transfers:
General Government $ 7,834,675 $ 9,273,332 $5,717,887 $10,636,970
Public Safety 18,243,047 18,895,113 24,025,703 22,876,381
Highways and Streets 7,083,597 7,380,427 10,227,675 9,257,360
Transfers-Out 1,260,335 0 0 4,897,009
Total Expenditures/Transfers (5)$34,421,654 $35,548,872 $39,971,265 $47,667,720
Revenues Over (Under) Expenditures $ 198,602 $ 1,484,722 $ 9,914,298 $(5,276,175)
Adjustments to Fund Balance $1,776,368 $ (202,238)$ 0 $ 0
Fund Balance at December 31 $17,873,812 $19,156,296 $29,070,594 $23,794,419
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Balance Sheet at December 31
Assets: 2003 2004 2005 2006
Cash and Investments $14,186,090 $12,249,112 $23,232,149 $18,476,745
Receivables:
Property Taxes 5,606,072 5,776,698 7,255,917 6,675,380
Sales Tax 2,951,743 4,071,065 4,137,393 4,719,634
Utility Taxes 1,014,754 1,083,105 1,107,245 889,332
Other Receivables 333,924 577,374 885,996 714,407
Due From Other Funds 656,538 2,940,605 711,056 396,713
All Other Assets 292,814 923,470 300,789 840,975
Total Assets $25,041,935 $27,621,429 $37,630,545 $32,713,186
Liabilities and Fund Balance:
Accounts Payable $ 422,066 $ 622,975 $ 416,237 $ 827,443
Other Payables 979,516 1,001,860 47,325 50,735
Due To Other Funds 56,610 780,827 586,674 838,509
Deferred Revenues 5,636,411 5,927,203 7,437,517 6,885,743
All Other Liabilities 73,520 132,268 72,198 316,337
Fund Balance:
Reserved $ 0 $ 30,860 $ 150,800 $ 250,974
Designated for Surcharge Receipts 0 0 0 0
Undesignated 17,873,812 19,125,436 28,919,794 23,543,445
Total Fund Balance $17,873,812 $19,156,296 $29,070,594 $23,794,419
Total Liabilities & Fund Balance $25,041,935 $27,621,429 $37,630,545 $32,713,186
Notes:1.This condensed financial information for the General Fund for the years ending December 31, 2003-2006 has been prepared from the
full Comprehensive Annual Financial Reports of the Village of Glenview. The full financial statements, together with the report of
the Village's independent accountants, are available upon request. See Note 1 to “Combined Statement--All Funds”.
2.On September 1, 1992 the Glenbrook Fire Protection District was merged into the Glenview Fire Department. The Fire Protection
District continues to levy property taxes on that part of its tax base outside the Village limits and remits those tax receipts to the
Village for services in the unincorporated area that now represents its tax base.
3.The Village adopted a ½ of 1% sales tax effective July 1, 2004.
4.Effective May 6, 1985, the Village adopted a 5% hotel room tax. The Village adopted a 4% Amusement Tax effective January 1,
1998.
5.A Capital Equipment Replacement Fund (CERF)was established by ordinance in 1979 with the stated purpose of evening out the
annual expenditures for major capital expenditures. All of the Village’s on-road and off-road equipment, fire, public works, etc., is
included. Each Department is charged with the equivalent of a depreciation charge which is remitted in cash to the CERF (an
Internal Service Fund). As of December 31, 2006, cash and investments in the CERF totaled $4,497,837.The Village created a
similar Facilities Replacement Fund in fiscal year 2006 (total cash and investments of $7,504,627 at December 31, 2006).
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COMBINED STATEMENT –ALL FUNDS
(Fiscal Years Ending December 31)
Fund Balances (Note 1)
Governmental Fund Types:2003 2004 2005 2006
General Fund* .............................................$ 17,873,812 $ 19,156,296 $ 29,070,594 $ 23,794,419
Special Revenue Funds:.............................
IMRF ......................................................$ 460,141 $ 201,060 $ 0 $ 0
Motor Fuel Tax ....................................305,514 2,589,698 1,113,365 1,126,135
Refuse and Recycling .........................2,117,344 2,362,052 1,408,519 1,243,857
911 Communications ..........................542,395 500,797 332,163 385,522
GNAS Redevelopment(2) ..................(72,378)(71,074)(66,095)155,050
GNAS Caretaker .................................(164,915)(63,447)143,858 357,996
Foreign Fire Insurance .......................72,849 134,694 178,028 230,530
Special Tax Allocation* ......................276,946 80,410 (3,121,826)1,736,407
Escrow Deposit ....................................127,344 136,091 184,583 301,584
Deposit ..................................................59,436 64,820 75,557 103,882
Police Dept Special Account ............. 46,417 39,241 50,664 55,742
Total Special Revenue ......................$ 3,771,093 $ 5,974,342 $ 298,816 $ 5,696,705
Debt Service Funds ....................................1,023,902 3,292,038 2,075,383 4,643,867
Capital Project Funds* .............................. 47,142,451 76,696,544 39,776,376 74,858,516
Total Governmental Funds ............$ 69,811,258 $105,119,220 $ 71,221,169 $108,993,507
Proprietary Fund Type(3):
Enterprise Funds:........................................
Waterworks*(4)...................................$ 30,780,983 $ 28,873,259 $ 26,353,227 $32,657,806
Sewerage(4)..........................................7,342,484 7,049,530 11,919,322 12,885,865
Wholesale Water(4)............................853,635 1,276,869 1,725,744 2,191,422
No. Maine Water and Sewer*(4).........1,057,360 (364,526)212,007 828,038
Commuter Parking Lot ...................... 1,393,587 1,437,386 1,479,718 1,478,254
Total Enterprise Funds ....................$ 41,428,049 $ 38,272,518 $ 41,690,018 $ 50,041,385
Internal Service Funds:..............................
Municipal Equipment Repair(5)......$ (103,789)$ (162,590)$ (229,524)$ 909,076
Insurance ...............................................3,218,414 3,918,016 4,806,941 5,513,239
Capital Equipment Repl....................8,928,887 9,671,193 9,836,522 4,497,594
Facilities Replacement ........................ 0 0 0 7,504,627
Total Internal Service Funds ..........$ 12,043,512 $ 13,426,619 $ 14,413,939 $ 18,424,536
Total Proprietary Funds ..................$ 53,471,561 $ 51,699,137 $ 56,103,957 $ 68,465,921
Fiduciary Fund Types(6):
Police Pension .............................................$ 34,194,129 $ 36,515,448 $ 38,840,397 $ 41,259,761
Firefighters' Pension .................................. 45,190,062 45,951,188 46,420,388 47,854,287
Total Fiduciary Funds .....................$ 79,384,191 $ 82,466,636 $ 85,260,785 $ 89,114,048
Component Unit:
Library Fund................................................$ 1,403,462 $ 1,923,311 $ 2,811,896 $ 3,695,003
Total All Funds(7) ..............................$204,070,472 $241,208,304 $215,397,807 $270,268,479
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Cash and Investments at Dec. 31:2003 2004 2005 2006
General Fund............................................$14,186,090 $ 12,249,112 $ 23,232,149 $18,476,745
Special Revenue Funds...........................8,107,921 10,683,611 8,069,925 25,993,870
Debt Service Funds..................................1,076,796 3,322,896 2,075,383 4,677,140
Capital Project Funds..............................58,987,834 80,855,481 37,473,901 74,343,865
Proprietary Funds....................................18,611,655 24,353,331 23,057,444 24,330,784
Fiduciary Funds(6)..................................78,727,243 82,471,552 85,260,785 89,128,373
Component Unit -Library Fund.......... 1,582,815 2,114,602 2,963,097 3,900,948
Total Cash & Investments ............$181,280,354 $216,050,585 $182,132,684 $240,851,725
*Designated as major funds under GASB Statement 34. Within the Capital Funds, the following funds are major funds:
Village Permanent Fund, GNAS Bond Fund Series 1995 Fund, Glen Land Sales Fund, 2004 Glen Bond Fund, and Police
Department Headquarters Fund.
Notes:1.This condensed financial information for the years ending December 31, 2003-2006 has been prepared from the full
Comprehensive Annual Financial Reports of the Village of Glenview. The full financial statements, together with the
report of the Village's independent accountants, are available upon request. The accounting policies of the Village conform
to generally accepted accounting principles as applicable to governmental units. The accounts of the Village are organized
on the basis of funds and account groups, each of which is considered a separate accounting entity. The various funds are
grouped into the three broad categories of Governmental Funds, Fiduciary Funds and Proprietary Funds. Within the
Governmental Funds are the General Fund (the general operation fund) which is used to account for all financial resources
except those required to be accounted for in another fund; Special Revenue Funds which are used to account for the
proceeds of specific revenue sources that are legally restricted to expenditures for specified purposes; Debt Service Funds;
and Capital Project Funds. The modified accrual basis of accounting is followed for all Governmental Fund Types and
Expendable Trust Funds (in the Fiduciary Funds category). All remaining Fiduciary Funds (Pension Trust Funds) and
Proprietary Funds are accounted for using the accrual basis of accounting. The “Report of Independent Auditors”in the
Village's general purpose financial statements for its fiscal year ended December 31, 2006 included the following language
(comparable “clean”opinions were included in the Village's 2003-2005 audits.
“In our opinion, the basic financial statements referred to above present fairly, in all material respects, the financial
position of the Village of Glenview, Illinois, as of December 31, 2006, and the results of its operations and the cash
flows of its proprietary fund types for the year then ended and conformity with accounting principles generally
accepted in the United States of America. Also, in our opinion, the combining and individual fund financial
statements referred to above present fairly, in all material respects, the financial position of each of the individual
funds of the Village of Glenview, Illinois, as of December 31, 2006, and the results of operations of such funds and
the cash flows of individual proprietary funds for the year then ended in conformity with accounting principles
generally accepted in the United States of America.”
2.The Glenview Naval Air Station Redevelopment Fund was created to account for the resources and expenditures incurred
in the development of the Glenview Naval Air Base land which was vacated by the Navy on September 9, 1995.
3.The amounts shown as fund balances for the Proprietary Funds are net assets.
4.The Wholesale Water Fund accounts for the sale of water to Citizens Utility Company for its service area outside the
Village of Glenview. The North Maine Water and Sewer Fund accounts for all financial activity related to the Village
providing water and sewer service to an unincorporated area southwest of the Village (formerly served by the North
Suburban Public Utilities Company).
5.The Municipal Equipment Repair Fund is used to account for the costs of repairing and maintaining all Village vehicles.
6.Excludes the Village's Agency Funds.
7.As of January 1, 2003 (for fiscal years ending December 31, 2003 and thereafter), the Village adopted the provisions of:
Governmental Accounting Standards Board Statements No. 34, Basic Financial Statements –and Management’s
Discussion and Analysis –For State and Local Governments;Statement No. 37, Basic Financial Statements and
Management’s Discussion and Analysis –For State and Local Governments: Omnibus;Statement No. 38, Certain
Financial Statement Note Disclosures;and GASB Interpretation No. 6, Recognition and Measurement of Certain
Liabilities and Expenditures in Governmental Fund Financial Statements. This resulted in a change in the Village’s
method of accounting and a change in the format and content of the basic financial statements including notes to financial
statements. As a result, direct comparisons with certain results from prior fiscal years are not possible.
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CAPITAL ASSETS (Note)
(At December 31, 2006)
Governmental Business Type
Activities Activities
Capital Assets Not Being Depreciated:Capital Assets Not Being Depreciated:
Land $ 11,860,698 Land $ 302,851
Land Right of Way 55,135,019 Construction in Progress 0
Construction in Progress 0 Total Capital Assets Not Being
Total Capital Assets Not Being Depreciated $ 302,851
Depreciated $ 66,995,717
Capital Assets Being Depreciated:
Capital Assets Being Depreciated:Buildings and Improvements $ 1,446,954
Buildings and Improvements $ 71,373,312 Water System 48,237,985
Equipment and Vehicles 9,759,660 Sewer System 15,637,272
Infrastructure 121,242,304 Equipment and Vehicles 3,777,672
Total Capital Assets Being Total Capital Assets Being
Depreciated $202,375,276 Depreciated $ 69,099,883
Less: Accumulated Depreciation (59,713,879)Less: Accumulated Depreciation (18,717,033)
Total Capital Assets Being Total Capital Assets Being
Depreciated, Net $142,661,397 Depreciated, Net $ 50,382,850
Governmental Activities Capital Assets, Net $209,657,114 Business-Type Activities Capital Assets, Net $ 50,685,701
Note:Capital assets, which include property, plant, equipment and infrastructure assets (e.g., roads, bridges, sidewalks and
similar items), 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 in excess of
$25,000 and an estimated useful life in excess of one year. Such assets are recorded at historical cost or estimated
historical cost if purchased or constructed. Donated capital assets are recorded at estimated fair market value at the date
of donation. The costs of normal maintenance and repairs that do not add to the value of the asset or materially extend
asset lives are not capitalized. Major outlays for capital assets and improvements are capitalized as projects are
constructed. Interest incurred during the construction phase of capital assets of business-type activities is included as
part of the capitalized value of the assets constructed. Capital assets are depreciated using the straight-line method over
the estimated useful lives.