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HomeMy Public PortalAboutFY 2014 Certified Comprehensive Annual Financial ReportVillage of Glenview, Illinois Comprehensive Annual Financial Report For the Fiscal Year Ended December 31, 2014 Prepared by: Administrative Services - Finance Division Village of Glenview, Illinois Comprehensive Annual Financial Report For the Year Ended December 31, 2014 Table of Contents Page Table of Contents i - v INTRODUCTORY SECTION Officers and Officials vi Certificate of Achievement for Excellence in Financial Reporting vii Organizational Chart viii Letter of Transmittal ix - xiii FINANCIAL SECTION Independent Auditor’s Report 1 – 3 Management's Discussion and Analysis 4 - 21 Basic Financial Statements Government-wide Financial Statements Statement of Net Position 22 - 23 Statement of Activities 24 - 25 Fund Financial Statements Balance Sheet – Governmental Funds 26 Reconciliation of the Governmental Funds Balance Sheet to the Statement of Net Position 27 Statement of Revenues, Expenditures, and Changes in Fund Balances – Governmental Funds 28 Reconciliation of the Governmental Funds Statement of Revenues, Expenditures, and Changes in Fund Balances to the Statement of Activities 29 Statement of Net Position – Proprietary Funds 30 - 31 Statement of Revenues, Expenses, and Changes in Fund Net Position – Proprietary Funds 32 - 33 Statement of Cash Flows – Proprietary Funds 34 - 37 Statement of Fiduciary Net Position – Fiduciary Funds 38 Statement of Changes in Plan Net Position – Pension Trust Funds 39 Notes to Financial Statements 40 - 98 Required Supplementary Information (Unaudited) Schedules of Funding Progress Illinois Municipal Retirement Fund 99 Police Pension Plan 99 Firefighters' Pension Plan 99 Other Postemployment Benefit Plan 100 (Continued) i Village of Glenview, Illinois Comprehensive Annual Financial Report For the Year Ended December 31, 2014 Table of Contents Page FINANCIAL SECTION (Continued) Required Supplementary Information (Unaudited) (Continued) Schedules of Employer Contributions Police Pension Plan 101 Firefighters' Pension Plan 101 Schedule of Changes in Net Pension Liability, Total Pension Liability and Related Ratios and Investment Returns Police Pension Plan 102 Firefighters’ Pension Plan 103 Schedule of Contributions – Police Pension Plan and Firefighters’ Pension Plan 104 - 105 Schedule of Revenues, Expenditures, and Changes in Fund Balance – Budget and Actual General Fund 106 Special Tax Allocation Fund 107 Notes to Required Supplementary Information 108 - 109 Supplemental Information Governmental Funds Major Funds Schedule of Detailed Revenues and Other Financing Sources - Budget and Actual General Fund 110 - 113 Schedule of Detailed Expenditures and Other Financing Uses - Budget and Actual General Fund 114 - 120 Schedules of Detailed Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual Special Tax Allocation Fund 121 Village Permanent Fund 122 Capital Projects Fund 123 Nonmajor Governmental Funds Combining Balance Sheet 124 Combining Statement of Revenues, Expenditures, and Changes in Fund Balances 125 Nonmajor Special Revenue Funds Combining Balance Sheet 126 Combining Statement of Revenues, Expenditures, and Changes in Fund Balances 127 Schedules of Revenues, Expenditures, and Changes in Fund Balance – Budget and Actual Motor Fuel Tax Fund 128 Foreign Fire Insurance Fund 129 Police Department Special Account Fund 130 Waukegan Golf TIF Fund 131 Nonmajor Debt Service Fund Schedule of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual - Corporate Purpose Bonds Fund 132 (Continued) ii Village of Glenview, Illinois Comprehensive Annual Financial Report For the Year Ended December 31, 2014 Table of Contents Page FINANCIAL SECTION (Continued) Supplemental Information (Continued) Nonmajor Governmental Funds (Continued) Nonmajor Capital Project Fund Schedule of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual – Glen Capital Projects Fund 133 Proprietary Funds Major Enterprise Funds Schedules of Revenues, Expenses, and Changes in Net Position – Budget and Actual (Budgetary Basis) Glenview Water Fund 134 - 135 North Maine Water and Sewer Fund 136 - 137 Glenview Sanitary Sewer Fund 138 - 139 Nonmajor Enterprise Funds Combining Statement of Net Position 140 Combining Statement of Revenues, Expenses, and Changes in Net Position 141 Combining Statement of Cash Flows 142 - 143 Schedules of Revenues, Expenses, and Changes in Net Position – Budget and Actual (Budgetary Basis) Wholesale Water Fund 144 Commuter Parking Lot Fund 145 Internal Service Funds Combining Statement of Net Position 146 - 147 Combining Statement of Revenues, Expenses, and Changes in Fund Net Position 148 - 149 Combining Statement of Cash Flows 150 - 151 Schedules of Revenues, Expenses, and Changes in Net Position – Budget and Actual (Budgetary Basis) Capital Equipment Replacement Fund (CERF) 152 Municipal Equipment Repair Fund (MERF) 153 Insurance and Risk Fund 154 Facilities Repair and Replacement Fund (FRRF) 155 (Continued) iii Village of Glenview, Illinois Comprehensive Annual Financial Report For the Year Ended December 31, 2014 Table of Contents Page FINANCIAL SECTION (Continued) Supplemental Information (Continued) Trust and Agency Funds Pension Trust Funds Combining Statement of Fiduciary Net Position 156 Combining Statement of Changes in Fiduciary Net Position 157 Schedule of Changes in Plan Net Position - Budget and Actual Police Pension Fund 158 Firefighters' Pension Fund 159 Agency Funds Statements of Changes in Assets and Liabilities 160 - 161 Glenview Library - Component Unit Combining Balance Sheet and Statement of Net Position 162 - 165 Combining Statement of Revenues, Expenditures, and Changes in Fund Balances and Statement of Activities 166 - 167 Schedule of Revenues, Expenditures, and Changes in Fund Balance Library General Fund 168 - 171 Library General Obligation Bond Series of 2009A 172 Library Nonmajor Funds Combining Balance Sheet 173 - 174 Combining Statement of Revenues, Expenditures, and Changes in Fund Balances 175 - 176 Schedules of Revenues, Expenditures, and Changes in Fund Balance (Deficit) - Budget and Actual Library New Building Fund 177 Library Special Reserve Fund 178 Other Supplemental Information Long-Term Debt Requirements Corporate Purpose Note Series 1997 179 General Obligation Bond Series 2006A 180 General Obligation Bond Series 2007A 181 General Obligation Bond Series 2007B 182 General Obligation Bond Series 2009A 183 General Obligation Bond Series 2009D 184 Illinois Environment Protection Agency Loan 185 General Obligation Refunding Bond Series 2012A 186 General Obligation Refunding Bond Series 2012B 187 General Obligation Refunding Bond Series 2012C 188 General Obligation Bond Series 2013A 189 General Obligation Bond Series 2013B 190 Taxable Term Loan 191 (Continued) iv Village of Glenview, Illinois Comprehensive Annual Financial Report For the Year Ended December 31, 2014 Table of Contents Page Other Supplemental Information (Continued) Glenview Naval Air Station (GNAS) Redevelopment Area Funds Combining Balance Sheet 192 Combining Schedule of Revenues, Expenditures, and Changes in Fund Balances 193 STATISTICAL SECTION (UNAUDITED) Index to Statistical Section 194 Financial Trends Net Position, Last Ten Fiscal Years 195 - 196 Changes in Net Position, Last Ten Fiscal Years 197 - 200 Fund Balances of Governmental Funds, Last Ten Fiscal Years 201 - 202 Changes in Fund Balances of Governmental Funds, Last Ten Fiscal Years 203 - 204 Revenue Capacity Property Tax Information Assessed Value and Actual Value of Taxable Property, Last Ten Levy Years 205 - 206 Direct and Overlapping Property Tax Rates, Last Ten Levy Years 207 - 210 Principal Property Tax Payers, Current Year and Ten Years Ago 211 Property Tax Levies and Collections, Last Ten Tax Levy Years 212 Debt Capacity Ratios of Outstanding Debt by Type, Last Ten Fiscal Years 213 Ratios of General Bonded Debt Outstanding, Last Ten Fiscal Years 214 Direct and Overlapping Governmental Activities Debt 215 Legal Debt Margin Information 216 Demographic and Economic Information Demographic and Economic Statistics, Last Ten Fiscal Years 217 Principal Employers, Current Year and Ten Years Ago 218 Operating Information Full-time Equivalent Employees by Function/Program, Last Ten Fiscal Years 219 - 220 Operating Indicators by Function/Program, Last Ten Fiscal Years 221 - 222 Capital Asset Statistics by Function/Program, Last Ten Fiscal Years 223 - 224 v Village of Glenview, Illinois Officers and Officials December 31, 2014 LEGISLATIVE James R. Patterson, Jr. Village President Paul Detlefs, Trustee Michael Jenny, Trustee Philip O’C. White, Trustee Deborah Karton, Trustee John Hinkamp, Trustee Scott Britton,Trustee Todd Hileman Village Clerk/Treasurer ADMINISTRATIVE Todd Hileman, Village Manager vi vii viii FINANCIAL SECTION INDEPENDENT AUDITOR’S REPORT Citizens of Glenview Independent Auditor’s Report To the Honorable Village President and Members of the Board of Trustees Village of Glenview, Illinois Report on the Financial Statements We have audited the accompanying financial statements of the governmental activities, the business-type activities, the discretely presented component unit, each major fund, and the aggregate remaining fund information of the Village of Glenview, Illinois, as of and for the year ended December 31, 2014, and the related notes to the financial statements, which collectively comprise the Village’s basic financial statements as listed in the table of contents. Management’s Responsibility for the Financial Statements Management is responsible for the preparation and fair presentation of these financial statements in accordance with accounting principles generally accepted in the United States of America; this includes the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error. Auditor’s Responsibility Our responsibility is to express opinions on these financial statements based on our audit. We conducted our audit in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity’s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinions. Opinions In our opinion, the financial statements referred to above present fairly, in all material respects, the respective financial position of the governmental activities, the business-type activities, the discretely presented component unit, each major fund, and the aggregate remaining fund information of the Village of Glenview, Illinois, as of December 31, 2014, and the respective changes in financial position, and, where applicable, cash flows thereof for the year then ended in accordance with accounting principles generally accepted in the United States of America. 1 Emphasis of Matter As discussed in Note 10 to the financial statements, during the year ended December 31, 2014 the Village’s Police Pension Plan and Firefighters’ Pension Plan implemented the provisions of GASB Statement No. 67, Financial Reporting for Pension Plans – An Amendment of GASB Statement No. 25. Our opinion is not modified with respect to this matter. Other Matters Required Supplementary Information Accounting principles generally accepted in the United States of America require that management’s discussion and analysis (pages 4–21), budgetary comparison information (pages 106–107), and pension and OPEB information (pages 99–105) be presented to supplement the basic financial statements. Such information, although not a part of the basic financial statements, is required by the Governmental Accounting Standards Board who considers it to be an essential part of financial reporting for placing the basic financial statements in an appropriate operational, economic, or historical context. We have applied certain limited procedures to the required supplementary information in accordance with auditing standards generally accepted in the United States of America, which consisted of inquiries of management about the methods of preparing the information and comparing the information for consistency with management’s responses to our inquiries, the basic financial statements, and other knowledge we obtained during our audit of the basic financial statements. We do not express an opinion or provide any assurance on the information because the limited procedures do not provide us with sufficient evidence to express an opinion or provide any assurance. Other Information: Our audit for the year ended December 31, 2014 was conducted for the purpose of forming opinions on the financial statements that collectively comprise the Village’s basic financial statements. The Supplemental Information consisting of combining and individual fund statements and schedules and debt requirement schedules for the year ended December 31, 2014, and the Introductory and Statistical sections are presented for purposes of additional analysis and are not a required part of the basic financial statements. The Supplemental Information is the responsibility of management and was derived from and relates directly to the underlying accounting and other records used to prepare the basic financial statements. The combining and individual fund statements and schedules and debt requirement schedules have been subjected to the auditing procedures applied in the audit of the basic financial statements for the year ended December 31, 2014 and certain additional procedures, including comparing and reconciling such information directly to the underlying accounting and other records used to prepare the basic financial statements or to the basic financial statements themselves, and other additional procedures in accordance with auditing standards generally accepted in the United States of America. In our opinion, the combining and individual fund statements and schedules and debt requirement schedules are fairly stated, in all material respects, in relation to the basic financial statements as a whole for the year ended December 31, 2014. 2 We also previously audited, in accordance with auditing standards generally accepted in the United States of America, the basic financial statements of the Village of Glenview, Illinois as of and for the year ended December 31, 2013 (not presented herein), and have issued our report thereon dated June 9, 2014, which contained unmodified opinions on the respective financial statements of the governmental activities, the business-type activities, the discretely presented component unit, each major fund, and the aggregate remaining fund information. The combining and individual fund statements and schedules for the year ended December 31, 2013 are presented for purposes of additional analysis and are not a required part of the basic financial statements. Such information is the responsibility of management and was derived from and relates directly to the underlying accounting and other records used to prepare the 2013 financial statements. The combining and individual fund statements and schedules have been subjected to the auditing procedures applied in the audit of the 2013 basic financial statements and certain additional procedures, including comparing and reconciling such information directly to the underlying accounting and other records used to prepare those financial statements or to those financial statements themselves, and other additional procedures in accordance with auditing standards generally accepted in the United States of America. In our opinion, the combining and individual fund statements and schedules are fairly stated in all material respects in relation to the basic financial statements as a whole for the year ended December 31, 2013. The Introductory Section and Statistical Section have not been subjected to the auditing procedures applied in the audit of the basic financial statements, and accordingly, we do not express an opinion or provide any assurance on it. Schaumburg, Illinois June 12, 2015 3 Village of Glenview, Illinois Management’s Discussion and Analysis December 31, 2014 Our discussion and analysis of the Village of Glenview’s financial performance provides an overview of the Village’s financial activities for the fiscal year ended December 31, 2014. Please read it in conjunction with the transmittal letter, which begins on page ix and the Village’s basic financial statements, which begin on page 22. FINANCIAL HIGHLIGHTS • The Village’s net position of governmental activities and business-type activities increased by $9,258,718, or 4.6%, and $1,118,108, or 1.6%, respectively, resulting in total ending net position for the year of $280,922,712. The net position increased primarily as a result of receiving 6.0% more of a major governmental revenue source than budgeted coupled with overall governmental expenses being lower than anticipated. • During the year, government-wide revenues before transfers for the governmental and business-type activities totaled $128,372,323, while expenses totaled $117,995,497, resulting in the increase in net position of $10,376,826. • The Village’s net position totaled $280,922,712 on December 31, 2014, which includes $210,841,751 net investment in capital assets, $2,407,413 subject to external restrictions, and $67,673,548 unrestricted net position that may be used to meet the ongoing obligations to citizens and creditors. • The ending fund balance for the General Fund equaled $30,696,862, a decrease of $1,121,959 due to a planned use of fund balance. There was an operating surplus of $8,911,992 before other financing uses. The operating surplus is primarily the result of higher than anticipated receipts in building permits and related fees, sales tax and home rule sales tax. USING THIS ANNUAL REPORT This annual report consists of a series of financial statements. The Statement of Net Position and the Statement of Activities (on pages 22-25) provide information about the activities of the Village as a whole and present a longer-term view of the Village’s finances. Fund financial statements begin on page 26. For governmental activities, these statements tell how these services were financed in the short term as well as what remains for future spending. Fund financial statements also report the Village’s operations in more detail than the government-wide statements by providing information about the Village’s most significant funds. The remaining statements provide financial information about fiduciary activities for which the Village acts solely as a trustee or agent for the benefit of those outside of the government. Government-Wide Financial Statements The government-wide financial statements provide readers with a broad overview of the Village’s finances, in a manner similar to a private-sector business. The government-wide financial statements can be found on pages 22- 25 of this report. 4 Village of Glenview, Illinois Management’s Discussion and Analysis (Continued) December 31, 2014 USING THIS ANNUAL REPORT – Continued Government-Wide Financial Statements - Continued The Statement of Net Position reports information on all of the Village’s assets deferred outflows, liabilities, and deferred inflows with the difference between the two reported as net position. Over time, increases or decreases in net position may serve as a useful indicator of whether the financial position of the Village is improving or deteriorating. Consideration of other nonfinancial factors, such as changes in the Village’s property tax base and the condition of the Village’s infrastructure, is needed to assess the overall health of the Village. The Statement of Activities presents information showing how the government’s net position changed during the most recent fiscal year. All changes in net position are reported as soon as the underlying event giving rise to the change occurs, regardless of the timing of related cash flows. Thus, revenues and expenses are reported in this statement for some items that will only result in cash flows in future fiscal periods (e.g., uncollected taxes and earned but unused vacation leave). Both of the government-wide financial statements distinguish functions of the Village that are principally supported by taxes and intergovernmental revenues (governmental activities) from other functions that are intended to recover all or a significant portion of their costs through user fees and charges (business-type activities). The governmental activities of the Village include general government, public works, public safety, and development. The business-type activities of the Village include water and sanitary sewer operations, North Maine water and sanitary sewer operations, wholesale water operations, and commuter parking operations. The Village includes one separate legal entity in its report. The Glenview Public Library is presented as a discretely presented component unit. Although legally separate, this “component unit” is important because the Village is financially accountable for it. Financial information for the component unit is reported separately from the financial information presented for the primary government itself. 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 Village, like other local governments, uses fund accounting to ensure and demonstrate compliance with finance-related legal requirements. All of the funds of the Village can be divided into three categories: governmental funds, proprietary funds, and fiduciary funds. Governmental Funds Governmental funds are used to account for essentially the same functions reported as governmental activities in the government-wide financial statements. However, governmental fund financial statements focus on near-term inflows and outflows of spendable resources, as well as on balances of spendable resources available at the end of the fiscal year. Such information may be useful in evaluating the Village’s near-term financing requirements. 5 Village of Glenview, Illinois Management’s Discussion and Analysis (Continued) December 31, 2014 USING THIS ANNUAL REPORT – Continued Governmental Funds - Continued Because the focus of governmental funds is narrower than that of the government-wide financial statements, it is useful to compare the information presented for governmental funds with similar information presented for governmental activities in the government-wide financial statements. By doing so, readers may better understand the long-term impact of the government’s near-term financing decisions. Both the governmental funds balance sheet and the governmental funds statement of revenues, expenditures, and changes in fund balances provide a reconciliation to facilitate the comparison between governmental funds and governmental activities. The Village maintains ten individual governmental funds. Information is presented separately in the governmental funds balance sheet and in the governmental funds statement of revenues, expenditures, and changes in fund balances for the General Fund, Special Tax Allocation Fund, Village Permanent Fund, and Capital Projects all of which are considered to be major funds. Data from the other six 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 adopts an annual budget for all of the governmental funds. Budgetary comparison schedules for all budgeted funds have been provided to demonstrate compliance with this budget. The basic governmental fund financial statements can be found on pages 26-29 of this report. Proprietary Funds The Village maintains two proprietary fund types: enterprise and internal service. Enterprise funds are used to report the same functions presented as business-type activities in the government–wide financial statements. The Village utilizes enterprise funds to account for its water and sanitary sewer operations, North Maine water and sanitary sewer operations, wholesale water operations, and commuter parking operations. 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 capital equipment replacement program, municipal equipment repair program, facilities replacement program and health insurance and risk management programs. These services predominantly benefit governmental rather than business-type functions, and therefore, have been included within governmental activities in the government-wide financial statements. Proprietary fund financial statements 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 Glenview Water Fund, the North Maine Water and Sewer Fund, and the Glenview Sanitary Sewer Fund, all of which are considered to be major funds of the Village. Data from the other two proprietary funds are combined into a single, aggregated presentation. Conversely, the internal service funds are presented in the proprietary fund financial statements in a single column. Individual fund data for the internal service funds is provided elsewhere in this report. The basic proprietary fund financial statements can be found on pages 30-37 of this report. 6 Village of Glenview, Illinois Management’s Discussion and Analysis (Continued) December 31, 2014 USING THIS ANNUAL REPORT – Continued Fiduciary Funds Fiduciary funds are used to account for resources held for the benefit of parties outside the government. Fiduciary funds are not reflected in the government-wide financial statements because the resources of those funds are not available to support the Village’s own programs. The accounting used for fiduciary funds is much like that used for proprietary funds. The basic fiduciary fund financial statements can be found on pages 38-39 of this report. 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 and fund financial statements. The notes to the financial statements can be found on pages 40- 98 of this report. Other Information In addition to the basic financial statements and accompanying notes, this report also presents certain required supplementary information concerning the Village’s Illinois Municipal Retirement Fund, police and fire pension funds, and other post-employment benefit employee pension obligations. The required supplementary information also contains budget to actual comparison schedules for the General Fund and major special revenue funds. Required supplementary information can be found on pages 99-109 of this report. The combining statements referred to earlier in connection with nonmajor governmental funds and internal service funds are presented immediately following the required supplementary information. Combining and individual fund statements and schedules for the Village can be found on pages 110-161 of this report. Additionally, the combining and individual fund statements for the component unit can be found on pages 162-178. GOVERNMENT-WIDE FINANCIAL ANALYSIS Net position may serve over time as a useful indicator of a government’s financial position. The following tables show that in the case of the Village of Glenview, assets and deferred outflows exceeded liabilities and deferred inflows by $280,922,712 at December 31, 2014, compared to $270,545,886 at December 31, 2013. 7 Village of Glenview, Illinois Management’s Discussion and Analysis (Continued) December 31, 2014 GOVERNMENT-WIDE FINANCIAL ANALYSIS – Continued 2014 2013 2014 2013 2014 2013 Current and other assets 117,049,436 $ 139,462,795 $ 12,045,199 $ 13,819,222 $ 129,094,635 $ 153,282,017 $ Capital assets 215,771,120 198,957,333 63,226,029 61,268,343 278,997,149 260,225,676 Total assets 332,820,556 338,420,128 75,271,228 75,087,565 408,091,784 413,507,693 Deferred Outflow of Resources 2,272,546 2,568,793 115,417 150,833 2,387,963 2,719,626 Total deferred outflows 2,272,546 2,568,793 115,417 150,833 2,387,963 2,719,626 Long-term liabilities 71,765,145 72,926,562 1,588,771 2,499,865 73,353,916 75,426,427 Other liabilities 41,706,369 55,778,816 3,713,033 3,771,800 45,419,402 59,550,616 Total liabilities 113,471,514 128,705,378 5,301,804 6,271,665 118,773,318 134,977,043 Deferred Inflows of Resources 10,783,717 10,704,390 - - 10,783,717 10,704,390 Total deferred inflows 10,783,717 10,704,390 - - 10,783,717 10,704,390 Net Position Net investment in capital assets 149,950,065 139,233,309 60,891,686 58,075,392 210,841,751 197,308,701 Restricted 2,407,413 11,484,242 - - 2,407,413 11,484,242 Unrestricted 58,480,393 50,861,602 9,193,155 10,891,341 67,673,548 61,752,943 Total net position 210,837,871 $ 201,579,153 $ 70,084,841 $ 68,966,733 $ 280,922,712 $ 270,545,886 $ Activities Activities Government Table 1 Statement of Net Position As of December 31, 2014 and 2013 Governmental Business-Type Total Primary A large portion of the Village’s net position, $210,841,751 or 75.1%, reflects its investment in capital assets (for example, infrastructure, land, buildings and improvements, machinery, and equipment), less any related debt and deferrals 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’s investment in its capital assets is reported net of related debt, it should be noted that the resources needed to repay this debt must be provided from other sources, since the capital assets themselves cannot be used to liquidate these liabilities. An additional portion, $2,407,413 or 0.9%, of the Village’s net position represents resources that are subject to external restrictions on how they may be used, including restrictions for future street improvements, debt service payments, public safety, and future capital development. The remaining 24.1%, or $67,673,548, represents unrestricted net position and may be used to meet the government’s ongoing obligations to citizens and creditors. At the end of the current fiscal year, the Village is able to report positive balances in all three categories of net position, 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 previous fiscal year, as reflected in the table above. 8 Village of Glenview, Illinois Management’s Discussion and Analysis December 31, 2014 GOVERNMENT-WIDE FINANCIAL ANALYSIS – Continued Normal Impacts There are six basic (normal) transactions that will affect the comparability of the Statement of Net Position summary presentation: 1) Net Results of Activities – which will impact (increase/decrease) current assets and unrestricted net position. 2) Borrowing for Capital – which will increase current assets and long-term debt outstanding. 3) Spending Borrowed Proceeds on New Capital – which will reduce current assets and increase capital assets. There is a second impact, an increase in investment in capital assets and an increase in related net debt, which will not change the investment in capital assets, net of related debt total. 4) Spending Nonborrowed Current Assets on New Capital – which will (a) reduce current assets and increase capital assets and (b) will reduce unrestricted net position and increase investment in capital assets, net of related debt. 5) Principal Payment on Debt – which will (a) reduce current assets and reduce long-term debt and (b) reduce unrestricted net position and increase investment in capital assets, net of related debt. 6) Reduction of Capital Assets through Depreciation – which will reduce capital assets and reduce investment in capital assets, net of related debt. 9 Village of Glenview, Illinois Management’s Discussion and Analysis (Continued) December 31, 2014 Revenue 2014 2013 2014 2013 2014 2013 Program revenues Charges for services 16,643,432 $ 13,996,513 $ 24,270,983 $ 24,941,131 $ 40,914,415 $ 38,937,644 $ Grants and contributions Operating 2,079,987 1,875,489 - - 2,079,987 1,875,489 Capital 5,162,690 203,909 - - 5,162,690 203,909 General Revenue Taxes Property 40,785,102 37,383,036 - - 40,785,102 37,383,036 Home rule 7,468,617 7,054,260 - - 7,468,617 7,054,260 Telecommunication 2,175,833 2,526,231 - - 2,175,833 2,526,231 Utility 3,759,715 3,470,078 - - 3,759,715 3,470,078 Other 1,002,599 893,484 - - 1,002,599 893,484 IntergovernmentalSales 14,972,367 13,833,697 - - 14,972,367 13,833,697 State income 4,232,425 4,309,714 - - 4,232,425 4,309,714 Local use 873,126 800,511 - - 873,126 800,511 Road and bridge 389,133 370,156 - - 389,133 370,156 Property replacement 247,806 238,011 - - 247,806 238,011 Other 1,329,174 1,331,099 - - 1,329,174 1,331,099 Investment income 1,407,626 785,925 (153,614) 27,046 1,254,012 812,971 Gain on legal settlement - - - 1,571,012 - 1,571,012 Other general revenues 1,703,769 4,104,857 21,553 6,290 1,725,322 4,111,147 Total revenues 104,233,401 93,176,970 24,138,922 26,545,479 128,372,323 119,722,449 Expenses General government 36,586,774 38,505,592 - - 36,586,774 38,505,592 Public works 22,535,067 7,743,333 - - 22,535,067 7,743,333 Public safety 23,105,414 27,152,669 - - 23,105,414 27,152,669 Development 11,829,052 14,486,953 - - 11,829,052 14,486,953 Interest on long-term debt 2,231,704 2,547,042 - - 2,231,704 2,547,042 Water services - - 10,634,065 9,880,585 10,634,065 9,880,585 North Maine water and sewer - - 7,547,458 7,399,181 7,547,458 7,399,181 Sanitary sewerage - - 2,051,642 1,789,883 2,051,642 1,789,883 Wholesale water - - 1,064,737 1,129,077 1,064,737 1,129,077 Commuter parking - - 409,584 364,679 409,584 364,679 Total expenses 96,288,011 90,435,589 21,707,486 20,563,405 117,995,497 110,998,994 Change in net positionbefore transfers 7,945,390 2,741,381 2,431,436 5,982,074 10,376,826 8,723,455 Transfers 1,313,328 822,322 (1,313,328) (822,322) - - Change in net position 9,258,718 3,563,703 1,118,108 5,159,752 10,376,826 8,723,455 Net position - beginning 201,579,153 198,015,450 68,966,733 63,806,981 270,545,886 261,822,431 Net position - ending 210,837,871 $ 201,579,153 $ 70,084,841 $ 68,966,733 $ 280,922,712 $ 270,545,886 $ Activities Activities Government Table 2Changes in Net PositionFor the Fiscal Years Ended December 31, 2014 and 2013 Governmental Business-Type Total Primary 10 Village of Glenview, Illinois Management’s Discussion and Analysis (Continued) December 31, 2014 GOVERNMENT-WIDE FINANCIAL ANALYSIS – Continued Normal Impacts There are eight basic (normal) impacts on revenues and expenses as reflected below: Revenues: 1) 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. 2) 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.). 3) 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 due to their impact on year-to-year comparisons. 4) Market Impacts on Investment Income – the Village’s investment policy is managed using a similar average maturity to most governments. Market conditions may cause investment income to fluctuate. Expenses: 5) Introduction of New Programs – within the functional expense categories (general government, public works, public safety, etc.), individual programs may be added or deleted to meet changing community needs. 6) Change in Authorized Personnel – changes in service demand may cause the Village Board to increase/decrease authorized staffing. Personnel costs (salary and related benefits) represent approximately 47.7% of the Village’s General Fund expenditures (including transfers) and approximately 15.0% of enterprise operating costs at December 31, 2014. 7) 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. 8) 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. 11 Village of Glenview, Illinois Management’s Discussion and Analysis (Continued) December 31, 2014 GOVERNMENT-WIDE FINANCIAL ANALYSIS – Continued Net position of the Village’s governmental activities increased by 4.6%, or $9,258,718 ($210,837,871 in 2014 compared to $201,579,153, in 2013). In 2013, the net position increased for governmental activities by $3,563,703. Unrestricted net position, the part of net position that can be used to finance day-to-day operations without constraints, totaled $58,480,393 at December 31, 2014, an increase of $7,618,791 from 2013. Net position of business-type activities increased by 1.6%, or $1,118,108 ($70,084,841 in 2014 compared to $68,966,733 in 2013). In 2013, the net position increased for business-type activities by $5,159,752. Unrestricted net position totaled $9,193,155 at December 31, 2014, a decrease of $1,698,186. Governmental Activities Revenues: Revenues for governmental activities totaled $104,233,401 at December 31, 2014 and $93,176,970 at December 31, 2013, an increase of $11,056,431. Some key changes during the year for the governmental activity revenues are described below: • Charges for services revenues increased by $2,646,919 or 18.9% due in part to a combination of an increase in dispatch service revenue of $2,467,244 and an increase in building permits and engineering fees of $603,944; coupled with a decrease in annexation fees of $425,788. • Home rule sales tax increased from $7,054,260 at December 31, 2013 to $7,468,617 at December 31, 2014, reflecting a 5.9% increase due to a general increase in retail sales and sales generated by new retailers located in the Village. • Intergovernmental revenues increased $1,160,843 or 5.6%, which included an increase in sales tax of $1,138,670, an increase in all other income of $99,462; coupled with a decrease in income tax of $77,289. The increase in sales tax is also due to a general increase in retail sales during the year. 12 Village of Glenview, Illinois Management’s Discussion and Analysis (Continued) December 31, 2014 GOVERNMENT-WIDE FINANCIAL ANALYSIS – Continued Governmental Activities – Continued The following table graphically depicts the major revenue sources of the Village. It depicts very clearly the reliance of property taxes and sales taxes to fund governmental activities. It also clearly identifies the less significant percentage the Village receives from income taxes, telecommunication taxes, and utility taxes. 13 Village of Glenview, Illinois Management’s Discussion and Analysis (Continued) December 31, 2014 GOVERNMENT-WIDE FINANCIAL ANALYSIS – Continued Governmental Activities – Continued For the year ended December 31, 2014, governmental activities expenses totaled $96,288,011, an increase of $5,852,422, or 6.5% over the 2013 expenses of $90,435,589. A large portion of this increase occurred when the Village expanded its joint dispatch services by entering into new contracts with Highland Park, Highwood, Lake Forest and Lake Bluff; additional costs were incurred in machinery and equipment, personnel, and software licensing in the amounts of $1,065,288, $798,605 and $177,862, respectively. These costs were offset by additional revenue from the four communities. Additionally, increases in contractual services in the amount of $3,333,433 included make whole payments related to the Glen TIF District ($1,754,616), snow and ice maintenance for the extremely harsh winter in 2014 ($713,706), additional removal of diseased trees ($333,246), consolidated contract ($183,596) and the outsourcing contract for permitting services ($348,269), which was partially offset by increases in permit revenue. Business-Type activities Business-Type activities posted total revenues of $24,138,922, while the cost of all business-type activities totaled $21,707,486. This results in a surplus of $2,431,436 prior to net transfers out of $1,313,328. In 2013, revenues of $26,545,479 exceeded expenses of $20,563,405, resulting in a surplus of $5,982,074 prior to net transfers out of $822,322. Revenues For the fiscal year ended December 31, 2014, revenues for the business-type activities totaled $24,138,922, a decrease of $2,406,557, or 9.1%, due primarily to legal settlement receipts in the amount of $1,571,012 in 2013. Expenses Expenses for the year ended December 31, 2014 totaled $21,707,486, an increase of $1,144,081, or 5.6% over the 2013 expenses of $20,563,405. During 2014, the Village incurred $554,219 more in capital outlay costs than in 2013. Additionally, contractual costs and other charges increased by $424,068 and $263,370, respectively. These increases were offset by a decrease of $120,768 in interfund charges. 14 Village of Glenview, Illinois Management’s Discussion and Analysis (Continued) December 31, 2014 FINANCIAL ANALYSIS OF THE GOVERNMENT’S FUNDS As noted earlier, the Village uses fund accounting to ensure and demonstrate compliance with finance-related legal requirements. Governmental Funds The focus of the Village’s governmental funds is to provide information on near-term inflows, outflows, and balances of spendable resources. In particular, unreserved fund balance may serve as a useful measure of a government’s net resources available for spending at the end of the fiscal year. The Village’s governmental funds reported combining ending fund balances of $51,908,752, which is $33,723,055, or 39.3%, lower than last year’s total of $85,631,807. Of the $51,908,752 total, $11,135,156, or approximately 21.5%, of the fund balance constitutes unassigned fund balance. General Fund The General Fund reported a decrease in fund balance for the year of $1,121,959 or 3.5%. Planned use of fund balance in the amount of $3,366,196 was offset by higher than anticipated building permit and related fees, sales tax, and home rules sales taxes. The General Fund is the chief operating fund of the Village. At December 31, 2014, unassigned fund balance in the General Fund was $24,306,476, which represents 79.2% of the total fund balance of the General Fund. As a measure of the General Fund’s liquidity, it is useful to compare unassigned fund balance to total fund expenditures. Unassigned fund balance in the General Fund represents approximately 36.2% of total General Fund expenditures (including transfers). Other Major Funds The Special Tax Allocation Fund is used to account for the incremental property tax revenue that is generated through the growth of the assessed valuation at The Glen (formally referred to as Glenview Naval Air Station), and the ‘Make-Whole’ payments to core jurisdictions within the boundaries of the Tax Increment Financing District. The core jurisdictions consist of: the Village of Glenview, School District 34, School District 225, the Glenview Park District, and the Glenview Public Library, a discretely presented component unit of the Village. This fund also accounts for the service and incentive fees within the Tax Increment Financing District. At December 31, 2014 the Special Tax Allocation Fund reported expenditures in excess of revenues by $18,363,940. During 2014, 41-acres of Village-owned property in The Glen TIF was sold and proceeds from the sale were used to pay the principal on a loan. Net proceeds of $21,542,929 were recorded as a reduction in assets (property held for resale) and not as a revenue. Additionally, capital outlay in the amount of $3,111,289 was expended using fund balance from bonds sold in a previous year. The Capital Projects Fund is used to account for revenues and expenditures involved with improvements throughout the Village which are not included in other capital projects funds. For the year ended December 31, 2014, the Capital Projects Fund reported expenditures in excess of revenues by $6,831,533. This is partially due to the fact that capital expenditures for both Fire Station 6 and the New Village Hall included $3,388,170 in 2014 whereas the revenue to fund these expenditures was received in 2013. Accordingly, the excess expenditures over revenues were funded through available fund balance. The remaining amount is for capital money spent which will be reimbursed by grant revenue in the subsequent year. 15 Village of Glenview, Illinois Management’s Discussion and Analysis (Continued) December 31, 2014 FINANCIAL ANALYSIS OF THE GOVERNMENT’S FUNDS – Continued Governmental Funds – Continued Other Major Funds – Continued The Village Permanent Fund, reported as a capital projects fund, was formed from 20% of the land sales proceeds of The Glen. Ongoing, the resources are used for Village-wide improvements and economic development initiatives as well as short-term liquidity for the Village’s Tax Increment Financing (TIF) projects at The Glen. For the year ended December 31, 2014 the Village Permanent Fund reported expenditures in excess of revenues by $1,603,465, primarily the result of transfers out. Proprietary Funds The Village’s proprietary funds provide the same type of information found in the government-wide financial statements, but in more detail. The Village reports the Glenview Water, the North Maine Water and Sewer, and the Glenview Sanitary Sewer Funds as major proprietary funds. The Village also reports two nonmajor proprietary funds, the Wholesale Water Fund and the Commuter Parking Fund. The Glenview Water Fund accounts for the provision of water services to the property owners in the Village. The North Maine Water Fund accounts for the provision of water and sewer services to the property owners in an unincorporated area southwest of the Village. The Glenview Sanitary Sewer Fund accounts for the provision of sanitary sewer services to property owners in both incorporated and unincorporated areas of the Village. The Village purchases Lake Michigan water from neighboring Wilmette. The spread between purchase and sale rates is intended to finance the operations of the utility system; including labor costs, supplies, and infrastructure maintenance. The surplus in the Glenview Water Fund during the current fiscal year was $728,393; the previous fiscal year also reported a surplus of $1,341,074. The surplus in this fund is the result of management and staff continuing to review all revenue and expense components of the Water Fund. Charges for sales and services of $11,149,862 were $182,391, or 1.6%, higher than last year while operating expenses were $674,866, or 6.9%, higher than last year. Unrestricted net position in the Glenview Water Fund totaled $3,567,682 at December 31, 2014. 16 Village of Glenview, Illinois Management’s Discussion and Analysis (Continued) December 31, 2014 FINANCIAL ANALYSIS OF THE GOVERNMENT’S FUNDS – Continued Proprietary Funds – Continued The North Maine Water and Sewer Fund reported a surplus for the current year of $326,125 and also reported a surplus in the prior year of $2,653,477. The majority of the prior year surplus is due to legal settlement receipts of $1,571,012 coupled with lower than budgeted expenses for water purchases and capital outlay. Operating revenues of $8,068,712 were $542,582 lower than last year and operating expenses of $7,452,304 were $201,489 higher than last year. Unrestricted net position at December 31, 2014 was $2,650,835. The surplus in the current year in the Glenview Sanitary Sewer Fund was $1,020,411, resulting in ending net position of $18,738,223. In the prior year the Glenview Sanitary Sewer Fund also reported a surplus of $658,716. The current year surplus was due in large part to lower than anticipated capital expenses. GENERAL FUND BUDGETARY HIGHLIGHTS During 2014, the Village Board approved five budget amendments. The first amendment was to increase personnel, contractual services and supplies for snow removal activities in the combined amount of $708,020 and was funded through available fund balance. The second amendment was to increase personnel, supplies and capital outlay related to joint dispatch services in the combined amount of $2,298,181. The Village entered into contractual agreements with the Cities of Highland Park, Highwood, Lake Forest and the Village of Lake Bluff and received offsetting revenues, resulting in a $0 impact to the Village of Glenview General Fund total budget. The third amendment was to increase contractual services for private plan review and inspectional services in the combined amount of $385,300, which was significantly offset by an increase in permit fee revenues. The fourth amendment was to increase contractual services for concrete flatwork repairs in the amount of $75,000. The Fifth Amendment was to increase the General Fund transfer to the Capital Projects Fund in the amount of $171,540 to further fund the 2014 Capital Improvement Program. General Fund actual revenues (including transfers) for the year totaled $65,933,404 compared to budgeted revenues of $60,274,718, an overage of $5,658,686. The excess of actual revenues over budgeted revenues is due to an increase in several revenue sources as well as unbudgeted revenue received during the year. The largest contributor to this overage was dispatch revenue received from agreements with the four new communities listed above, which was a combined $2,341,748 of unbudgeted revenue received. Additionally, building permit and related annexation and engineering review fees were a combined $1,889,331 over budget. This is due to a number of large developments beginning construction during the year. State revenues of sales tax and home rule sales tax exceeded budget by $800,741 and $212,206, respectively. Also, utility taxes received from Nicor were a combined $293,947 over budget. Local use tax was $146,976 over budget, related to continued increased efforts by the state to collect these taxes. 17 Village of Glenview, Illinois Management’s Discussion and Analysis (Continued) December 31, 2014 FINANCIAL ANALYSIS OF THE GOVERNMENT’S FUNDS – Continued GENERAL FUND BUDGETARY HIGHLIGHTS - Continued The General Fund actual expenditures (including transfers) for the year of $67,055,363 were $223,593 lower than budgeted expenditures of $67,278,956. Personnel costs were higher than budget by $326,140, or 1.0%. This is due to a combination of variances in personal line items including overtime and retiree payouts. Other charges were over budget by $309,041 which included an unbudgeted investment expenditure incurred during the year. Additionally, contractual services, commodities and capital outlay were a combined $840,985 lower than budget due to a combination of budgeted expenditures either not incurred or delayed. For instance, savings were realized in building maintenance and outside litigation as the actual expenditures were lower than anticipated. Additionally, salt supplies purchased in the early part of the year during the extremely harsh winter were not completely used eliminating the need to purchase additional quantities near year end. Also, capital outlay costs in the amount of $248,676 related to the expansion of the Village’s dispatch operations resulting from contracts with four new communities were unexpended and carried over to 2015. Original Final Budget Budget Actual Revenues Taxes 25,473,270 $ 25,473,270 $ 25,449,256 $ Intergovernmental 23,412,862 23,412,862 24,457,327 Other 10,667,964 10,667,964 15,306,199 Total revenues 59,554,096 59,554,096 65,212,782 Expenditures (53,011,785) (56,478,283) (56,250,790) Transfers in 720,622 720,622 720,622 Transfers out (10,629,133) (10,800,673) (10,804,573) Total expenditures and net transfers (62,920,296) (66,558,334) (66,334,741) Net change in fund balance (3,366,200) $ (7,004,238) $ (1,121,959) $ Table 3 General Fund Budgetary Highlights CAPITAL ASSETS AND DEBT ADMINISTRATION Capital Assets The Village’s investment in capital assets for its governmental and business type activities as of December 31, 2014 was $278,997,149 (net of accumulated depreciation). This investment in capital assets includes land, buildings and improvements, machinery, equipment, and vehicles, water and sanitary sewer system improvements, and other infrastructure improvements. 18 Village of Glenview, Illinois Management’s Discussion and Analysis (Continued) December 31, 2014 CAPITAL ASSETS AND DEBT ADMINISTRATION - Continued Capital Assets - Continued 2014 2013 2014 2013 2014 2013 Construction in progress 4,005,984 $ 1,379,319 $ 114,700 $ 256,801 $ 4,120,684 $ 1,636,120 $ Land 8,779,220 6,935,698 802,851 802,851 9,582,071 7,738,549 Land right of way 55,244,762 55,245,571 - - 55,244,762 55,245,571 Buildings and improvements 61,001,489 56,336,357 1,721,933 1,792,978 62,723,422 58,129,335 Machinery, equipment and vehicles 5,699,729 4,992,937 553,905 533,529 6,253,634 5,526,466 Infrastructure 81,039,936 74,067,451 - - 81,039,936 74,067,451 Water system - - 40,800,132 39,764,911 40,800,132 39,764,911 Sanitary sewer system - - 19,232,508 18,117,273 19,232,508 18,117,273 Total 215,771,120 $ 198,957,333 $ 63,226,029 $ 61,268,343 $ 278,997,149 $ 260,225,676 $ Activities Activities Government Governmental Table 4 Capital Assets at Year End Net of Depreciation Business-Type Total Primary This year’s major additions included: Additions Construction in progress 3,657,044 $ Land 1,843,522 Building and improvements 6,445,345 Infrastructure, including roadways, etc.10,315,735 Machinery, equipment and vehicles 2,063,534 Sanitary sewer system 1,614,035 Water system 2,372,249 Total 28,311,464 $ Additional information on the Village’s capital assets can be found in Note 4 on pages 57-60 of this report. 19 Village of Glenview, Illinois Management’s Discussion and Analysis (Continued) December 31, 2014 CAPITAL ASSETS AND DEBT ADMINISTRATION - Continued Debt Administration At year-end, the Village had total outstanding debt of $74,065,755 as compared to $100,791,687 the previous year, a decrease of $26,725,932, or 26.52% which included the payoff of a short-term loan in the amount of $28,125,000 as well as the issuance of a short-term loan in the amount of $6,529,688, coupled with principal retirements that reduced the outstanding liability on the bonds. The following is a comparative statement of outstanding debt: 2014 2013 2014 2013 2014 2013 General obligation bonds 64,690,000 $ 68,905,000 $ 1,510,000 $ 2,240,000 $ 66,200,000 $ 71,145,000 $ Corporate purpose notes - - 933,950 1,095,199 933,950 1,095,199 Loans payable 6,931,805 28,551,488 - - 6,931,805 28,551,488 Total debt 71,621,805 $ 97,456,488 $ 2,443,950 $ 3,335,199 $ 74,065,755 $ 100,791,687 $ Governmental Business-Type Total Primary Activities Activities Government The Village maintains an Aaa rating from Moody’s for general obligation debt. This rating has not changed in the past nine years. As the Village is a home rule community, there is no legal limit for outstanding debt. Additional information on the Village’s long-term debt can be found in Note 6 on pages 63-70 of this report. ECONOMIC FACTORS AND NEXT YEAR’S BUDGET AND RATES The Village’s elected and appointed officials considered many factors when setting the fiscal-year 2015 budget, tax rates, and fees that will be charged for its governmental and business-type activities. One of those factors is the economy. The economic downturn beginning in 2008 brought significant declines in many key revenues that had not surpassed 2008 levels until 2013. Recent trending has shown continued improvement, with general and home rule sales tax showing steady growth over the last few years with growth trend expected to continue from recent new commercial developments. There is reason to be cautiously optimistic about the economy and the impact it has on the Village’s finances. Because of this, the Village budgeted for slight growth in many revenues. The goals remained to minimize the financial burden on Glenview taxpayers, to continue identifying cost cutting strategies and opportunities, responsibly utilize Village reserves when necessary, and proactively structure the Village in a way that will maximize the level of service than can be provided with the current level of resources. Plans for beyond 2015 are also continually being analyzed through three to five year models to ensure the Village’s long term sustainability. 20 Village of Glenview, Illinois Management’s Discussion and Analysis (Continued) December 31, 2014 REQUEST FOR INFORMATION This financial report is designed to provide a general overview of the Village of Glenview’s finances for all those with an interest in the government’s finances. Questions concerning any of the information provided in this report or requests for additional information should be directed to the Administrative Services Department, Village of Glenview, 1225 Waukegan Road, Glenview, Illinois 60025. 21 BASIC FINANCIAL STATEMENTS Village of Glenview, Illinois Statement of Net Position December 31, 2014 Component Primary Government Unit Governmental Business-type Glenview Activities Activities Total Library Assets Cash and cash equivalents 52,378,068 $ 8,646,805 $ 61,024,873 $ 4,521,392 $ Investments 30,884,471 248,700 31,133,171 - Receivables, net of allowances Taxes 19,163,892 - 19,163,892 7,534,461 Accounts 384,101 3,648,785 4,032,886 - Other 4,517,372 12,409 4,529,781 6,079 Prepaid expenses 141,512 - 141,512 - Inventory 562,326 97,682 660,008 - Due from primary government - - - 28,963 Due from other governments 736,760 - 736,760 - Internal balances - advances 609,182 (609,182) - - Total current assets 109,377,684 12,045,199 121,422,883 12,090,895 Noncurrent assets Notes receivable 2,058,667 - 2,058,667 - Lease receivable 1,378,000 - 1,378,000 - Net pension asset 4,235,085 - 4,235,085 - Capital assets Not being depreciated 68,029,966 917,551 68,947,517 5,426,987 Net of accumulated depreciation 147,741,154 62,308,478 210,049,632 26,123,712 Total noncurrent assets 223,442,872 63,226,029 286,668,901 31,550,699 Total assets 332,820,556 75,271,228 408,091,784 43,641,594 Deferred Outflows of Resources Deferred loss on refunding 2,272,546 115,417 2,387,963 - (Continued) See Notes to Financial Statements. 22 Village of Glenview, Illinois Statement of Net Position (Continued) December 31, 2014 Component Primary Government Unit Governmental Business-type Glenview Activities Activities Total Library Liabilities Accounts payable 27,577,388 $ 2,437,528 $ 30,014,916 $ 434,843 $ Accrued payroll 915,099 93,263 1,008,362 140,798 Accrued interest payable 183,755 20,242 203,997 67,824 Other payables 3,412,174 1,500 3,413,674 - Refundable deposits - 232,973 - - Unearned revenues 599,397 - 599,397 - Due to pension trusts 5,616 - 5,616 - Due to component unit 28,963 - 28,963 - Current portion of long-term liabilities 8,983,977 927,527 9,911,504 1,180,080 Total current liabilities 41,706,369 3,713,033 45,419,402 1,823,545 Noncurrent liabilities Long-term liabilities - due in more than one year 71,765,145 1,588,771 73,353,916 20,705,320 Total liabilities 113,471,514 5,301,804 118,773,318 22,528,865 Deferred Inflows of Resources Deferred property taxes 10,602,163 - 10,602,163 7,525,604 Deferred interest revenue 181,554 - 181,554 - Total deferred inflows of resources 10,783,717 - 10,783,717 7,525,604 Net Position Net investment in capital assets 149,950,065 60,891,686 210,841,751 9,940,699 Restricted Street improvements 1,252,349 - 1,252,349 - Public safety 242,008 - 242,008 - Economic development 912,647 - 912,647 - Capital projects 409 - 409 - Culture and recreation - - - 1,064,792 Unrestricted 58,480,393 9,193,155 67,673,548 2,581,634 Total net position 210,837,871 $ 70,084,841 $ 280,922,712 $ 13,587,125 $ See Notes to Financial Statements. 23 Village of Glenview, Illinois Statement of Activities For the Year Ended December 31, 2014 Program Revenues Operating Capital Charges for Grants and Grants and Expenses Services Contributions Contributions Functions/Program Primary government Governmental activities General government 36,586,774 $ 7,090,956 $ 72,394 $ -$ Public works 22,535,067 945,106 1,909,953 - Public safety 23,105,414 7,789,777 97,640 - Development 11,829,052 817,593 - 5,162,690 Interest 2,231,704 - - - Total governmental activities 96,288,011 16,643,432 2,079,987 5,162,690 Business-type activities Water services 10,634,065 11,431,761 - - North Maine water and sewer 7,547,458 8,068,712 - - Sanitary sewerage 2,051,642 2,263,025 - - Wholesale water 1,064,737 1,891,731 - - Commuter parking 409,584 615,754 - - Total business-type activities 21,707,486 24,270,983 - - Total primary government 117,995,497 $ 40,914,415 $ 2,079,987 $ 5,162,690 $ Component Unit Public library 8,376,071 $ 219,859 $ 1,044,484 $ -$ General revenues and transfers General revenues G Taxes Property Home rule sales Telecommunication Utility Other Intergovernmental revenues - unrestricted Taxes Sales Income Local use Other taxes Investment income (loss) Miscellaneous Transfers Total general revenues and transfers Change in net position Net position – beginning of year Net position – end of year See Notes to Financial Statements. 24 Net (Expense) Revenue and Changes in Net Position Primary Government Component Unit Governmental Business-type Glenview Activities Activities Total Library (29,423,424) $ -$ (29,423,424) $ -$ (19,680,008) - (19,680,008) - (15,217,997) - (15,217,997) - (5,848,769) - (5,848,769) - (2,231,704) - (2,231,704) - (72,401,902) - (72,401,902) - - 797,696 797,696 - - 521,254 521,254 - - 211,383 211,383 - - 826,994 826,994 - - 206,170 206,170 - - 2,563,497 2,563,497 - (72,401,902) 2,563,497 (69,838,405) (7,111,728) $ 40,785,102 - 40,785,102 7,910,254 7,468,617 - 7,468,617 - 2,175,833 - 2,175,833 - 3,759,715 - 3,759,715 - 1,002,599 - 1,002,599 - 14,972,367 - 14,972,367 - 4,232,425 - 4,232,425 - 873,126 - 873,126 - 1,966,113 - 1,966,113 - 1,407,626 (153,614) 1,254,012 23,183 1,703,769 21,553 1,725,322 - 1,313,328 (1,313,328) - - 81,660,620 (1,445,389) 80,215,231 7,933,437 9,258,718 1,118,108 10,376,826 821,709 201,579,153 68,966,733 270,545,886 12,765,416 210,837,871 $ 70,084,841 $ 280,922,712 $ 13,587,125 $ 25 Village of Glenview, Illinois Governmental Funds Balance Sheet December 31, 2014 Special Tax Village Capital Nonmajor Total General Allocation Permanent Projects Governmental Governmental Fund Fund Fund Fund Funds Funds Assets Cash and cash equivalents 12,651,749 $ 16,774,835 $ 5,782,260 $ 4,121,351 $ 5,969,913 $ 45,300,108 $ Investments 12,965,687 - 496,700 4,987,390 4,729,000 23,178,777 Receivables, net of allowances Taxes 19,163,892 - - - - 19,163,892 Accounts 295,442 - - - 2,661 298,103 Other 348,030 245,291 6,805 3,817,918 1,449 4,419,493 Prepaid items - 42,070 - - - 42,070 Inventory 176,110 - - - - 176,110 Due from other funds - - - - 13,666 13,666 Due from other governments - 624,215 - - 112,545 736,760 Notes receivable 45,000 2,013,667 - - - 2,058,667 Lease receivable - - 1,378,000 - - 1,378,000 Advance to other funds - - 15,830,666 - - 15,830,666 Total assets 45,645,910 $ 19,700,078 $ 23,494,431 $ 12,926,659 $ 10,829,234 $ 112,596,312 $ Liabilities Liabilities Accounts payable 1,719,812 $ 17,278,294 $ -$ 6,341,018 $ 1,649,405 $ 26,988,529 $ Accrued payroll 888,934 11,619 - - - 900,553 Other payables 1,242,956 317,931 - 1,389,536 431,014 3,381,437 Due to other funds 13,666 - - - - 13,666 Due to pension trusts 5,616 - - - - 5,616 Due to component unit 28,963 - - - - 28,963 Unearned revenue 446,938 - - 132,657 - 579,595 Advances from other funds - 15,221,484 - - - 15,221,484 Total liabilities 4,346,885 32,829,328 - 7,863,211 2,080,419 47,119,843 Deferred property taxes 10,602,163 - - - - 10,602,163 Deferred interest revenue - - 181,554 - - 181,554 Unavailable grant revenue - - - 2,784,000 - 2,784,000 Total deferred inflows of resources 10,602,163 - 181,554 2,784,000 - 13,567,717 Fund balances Fund balances Nonspendable 176,110 42,070 - - - 218,180 Restricted - - - - 2,407,413 2,407,413 Committed 850,000 - - - - 850,000 Assigned 5,364,276 - 23,312,877 2,279,448 6,341,402 37,298,003 Unassigned 24,306,476 (13,171,320) - - - 11,135,156 Total fund balances 30,696,862 (13,129,250) 23,312,877 2,279,448 8,748,815 51,908,752 Total liabilities, deferred inflows of resources and fund balances 45,645,910 $ 19,700,078 $ 23,494,431 $ 12,926,659 $ 10,829,234 $ 112,596,312 $ See Notes to Financial Statements. Deferred Inflows of Resources 26 Village of Glenview, Illinois Reconciliation of the Governmental Funds Balance Sheet to the Statement of Net Position December 31, 2014 Total fund balances – governmental funds 51,908,752 $ Amounts reported for governmental activities in the Statement of Net Position are different because: Capital assets used in governmental activities are not financial resources and therefore are not reported in the funds. 215,771,120 Deferred loss on refunding of debt is not considered to represent a financial resource and, therefore, are not reported in the funds.2,272,546 Revenues in the Statement of Activities that do not provide current financial resources are deferred inflows of resources in the funds.2,784,000 An internal service fund is used by the Village to charge the costs of vehicle and equipment management and insurance to individual funds. The assets and liabilities of the internal service funds are included in governmental activities in the Statement of Net Position. Internal service fund net assets are:12,960,981 Some liabilities reported in the Statement of Net Position do not require the use of current financial resources and, therefore, are not reported as liabilities in governmental funds. These liabilities consist of: Compensated absences payable (1,591,811) Net other postemployment benefit obligation payable (2,293,641) Net pension asset 4,235,085 General obligation bond payable, net of unamortized items (68,093,601) Loan payable (6,931,805) Accrued interest payable (183,755) Total long-term liabilities not reported in governmental funds (74,859,528) Net position of governmental activities 210,837,871 $ See Notes to Financial Statements. 27 Village of Glenview, Illinois Governmental Funds Statement of Revenues, Expenditures, and Changes in Fund Balances For the Year Ended December 31, 2014 Special Tax Village Capital Nonmajor Total General Allocation Permanent Projects Governmental Governmental Fund Fund Fund Fund Funds Funds Taxes Property 11,042,492 $ 29,742,610 $ -$ -$ -$ 40,785,102 $ Other 14,406,764 - - - - 14,406,764 Licenses and permits 5,103,571 - - - - 5,103,571 Charges for services 9,766,184 23,004 - - - 9,789,188 Fines and forfeitures 255,899 - - - - 255,899 Intergovernmental 24,457,327 - - 2,378,690 2,007,593 28,843,610 Investment income 129,489 126,881 95,497 28,378 19,726 399,971 Other revenues 1,056 607,393 - 183,812 4,093 796,354 Total revenues 65,162,782 30,499,888 95,497 2,590,880 2,031,412 100,380,459 Current General government 14,702,918 21,688,326 - - - 36,391,244 Public works 9,523,902 - - - - 9,523,902 Public safety 27,077,366 - - - 134,730 27,212,096 Development 3,819,364 - 100,609 136,934 22,075 4,078,982 Capital outlay 1,127,240 3,111,289 - 22,758,567 7,634,106 34,631,202 Debt service Principal - 30,870,000 - 24,371 1,470,000 32,364,371 Interest and fiscal charges - 1,476,312 - - 912,571 2,388,883 Total expenditures 56,250,790 57,145,927 100,609 22,919,872 10,173,482 146,590,680 Excess (deficiency) of revenues over expenditures 8,911,992 (26,646,039) (5,112) (20,328,992) (8,142,070) (46,210,221) Other financing sources (uses) Proceeds from sale of assets 50,000 2,033,991 - - - 2,083,991 Issuance of debt - 6,529,688 - - - 6,529,688 Transfers in 720,622 - - 13,497,459 2,339,912 16,557,993 Transfers (out)(10,804,573) (281,580) (1,598,353) - - (12,684,506) Total other financing sources (uses)(10,033,951) 8,282,099 (1,598,353) 13,497,459 2,339,912 12,487,166 Net change in fund balances (1,121,959) (18,363,940) (1,603,465) (6,831,533) (5,802,158) (33,723,055) Fund balances – beginning of year 31,818,821 5,234,690 24,916,342 9,110,981 14,550,973 85,631,807 Fund balances – end of year 30,696,862 $ (13,129,250) $ 23,312,877 $ 2,279,448 $ 8,748,815 $ 51,908,752 $ See Notes to Financial Statements. Revenues Expenditures 28 Village of Glenview, Illinois Reconciliation of the Governmental Funds Statement of Revenues, Expenditures, and Changes in Fund Balances to the Statement of Activities For the Year Ended December 31, 2014 Net changes in fund balances—total governmental funds (33,723,055) $ Amounts reported for governmental activities in the Statement of Activities are different because: Governmental funds report capital outlays as expenditures while governmental activities report depreciation expense to allocate those expenditures over the lives of the assets. Capital outlays 23,065,626 $ Depreciation expense (6,158,931) Loss on disposal of capital assets (92,908) Depreciation and loss expense over capital outlays 16,813,787 Revenue in the Statement of Activities that do not provide current financial resources are not reported as revenues in the funds.2,784,000 Some expenses reported in the Statement of Activities do not require the use of current financial resources and, therefore, are not reported as expenditures in governmental fund. These activities consist of: Decrease in net pension asset 433,302 Increase in net other postemployment benefit obligation (579,147) Increase in compensated absences (11,235) The issuance of long-term debt provides current financial resources to governmental funds, while the repayment of the principal on long-term debt consumes the current financial resources of the governmental funds. Retirement of debt 32,364,371 Issuance of bonds (6,529,688) Amortization of premium/discount 434,216 Amortization of deferred loss on refunding (296,247) Net affect of long-term debt 25,972,652 Changes to accrued interest on long-term debt in the Statement of Activities does not require the use of current financial resources and, therefore, are not reported as expenditures in the governmental funds.19,210 Internal service funds are used by the Village to charge the cost of vehicle and equipment management and insurance to individual funds. Net revenue of the internal service fund is reported with governmental activities.(2,450,796) Change in net position of governmental activities – statement of activities 9,258,718 $ See Notes to Financial Statements. 29 Village of Glenview, Illinois Proprietary Funds Statement of Net Position December 31, 2014 Business-type Activities - Glenview North Maine Glenview Water Water and Sanitary Fund Sewer Fund Sewer Fund Assets Current assets Cash and cash equivalents 2,768,858 $ 2,926,196 $ 1,364,384 $ Investments 248,700 - - Receivables Accounts, net 1,730,683 1,155,362 603,234 Interest 41 - - Other 4,251 3,403 4,046 Prepaid items - - - Inventory 97,682 - - Total current assets 4,850,215 4,084,961 1,971,664 Noncurrent assets Capital assets, not being depreciated 67,851 235,000 - Capital assets being depreciated - net 35,578,741 6,008,080 17,930,500 Total noncurrent assets 35,646,592 6,243,080 17,930,500 Total assets 40,496,807 10,328,041 19,902,164 Deferred Outflows of Resources Deferred loss on refunding - 115,417 - Liabilities Current liabilities Accounts payable 1,144,103 566,159 597,931 Accrued payroll 56,803 22,321 11,882 Accrued interest payable 2,116 16,464 1,662 Accrued expenses - - - Refundable deposits 12,973 220,000 - Claims payable - - - Unearned revenues - - - Advances from other funds - 609,182 - Current portion of long-term liabilities 357,708 299,219 270,600 Total current liabilities 1,573,703 1,733,345 882,075 Noncurrent liabilities Claims payable - - - Long-term liabilities due in more than one year 412,814 894,091 281,866 Total noncurrent liabilities 412,814 894,091 281,866 Total liabilities 1,986,517 2,627,436 1,163,941 Net Position Net investment in capital assets 34,942,608 5,165,187 17,378,034 Unrestricted 3,567,682 2,650,835 1,360,189 Total net position 38,510,290 $ 7,816,022 $ 18,738,223 $ See Notes to Financial Statements. 30 Enterprise Funds Governmental Nonmajor Total Activities Enterprise Enterprise Internal Service Funds Funds Funds 1,587,367 $ 8,646,805 $ 7,077,960 $ - 248,700 7,705,694 159,506 3,648,785 85,998 - 41 30,651 668 12,368 67,228 - - 99,442 - 97,682 386,216 1,747,541 12,654,381 15,453,189 614,700 917,551 - 2,791,157 62,308,478 - 3,405,857 63,226,029 - 5,153,398 75,880,410 15,453,189 - 115,417 - 129,335 2,437,528 588,859 2,257 93,263 14,546 - 20,242 - 1,500 1,500 30,737 - 232,973 - - - 735,306 - - 19,802 - 609,182 - - 927,527 - 133,092 4,322,215 1,389,250 - - 1,102,958 - 1,588,771 - - 1,588,771 1,102,958 133,092 5,910,986 2,492,208 3,405,857 60,891,686 - 1,614,449 9,193,155 12,960,981 5,020,306 $ 70,084,841 $ 12,960,981 $ 31 Village of Glenview, Illinois Proprietary Funds Statement of Revenues, Expenses, and Changes in Fund Net Position For the Year Ended December 31, 2014 Business-type Activities - Glenview North Maine Glenview Water Water and Sanitary Fund Sewer Fund Sewer Fund Operating revenues Charges for sales and services 11,149,862 $ 7,989,488 $ 2,188,204 $ Miscellaneous 281,899 79,224 74,821 Total operating revenues 11,431,761 8,068,712 2,263,025 Operating expenses Operations and maintenance Insurance services - - - Parking services - - - Water services 9,273,473 - - Sewerage services - - 1,571,148 North Maine water and sewer distribution - 7,210,391 - Capital asset repair and replacement - - - Depreciation and amortization 1,213,263 241,913 451,855 Total operating expenses 10,486,736 7,452,304 2,023,003 Operating income 945,025 616,408 240,022 Nonoperating revenues (expenses) Other income - - 21,553 Investment income (loss)(69,303) (56,087) (18,137) Loss on sale of capital assets (110,880) - - Reassignment of capital assets - - - Interest and fiscal charges (36,449) (95,154) (28,639) Total nonoperating revenues (expenses)(216,632) (151,241) (25,223) Income before transfers 728,393 465,167 214,799 Transfers in - - 805,612 Transfers out - (139,042) - Change in net position 728,393 326,125 1,020,411 Net position – beginning of year 37,781,897 7,489,897 17,717,812 Net position – end of year 38,510,290 $ 7,816,022 $ 18,738,223 $ See Notes to Financial Statements. 32 Enterprise Funds Governmental Nonmajor Total Activities Enterprise Enterprise Internal Service Funds Funds Funds 2,498,735 $ 23,826,289 $ 10,592,537 $ 8,750 444,694 241,479 2,507,485 24,270,983 10,834,016 - - 7,679,500 341,999 341,999 - 1,001,921 10,275,394 - - 1,571,148 - - 7,210,391 - - - 2,359,634 130,401 2,037,432 - 1,474,321 21,436,364 10,039,134 1,033,164 2,834,619 794,882 - 21,553 - (10,087) (153,614) 1,007,655 - (110,880) 104,195 - - (1,797,369) - (160,242) - (10,087) (403,183) (685,519) 1,023,077 2,431,436 109,363 - 805,612 193,511 (1,979,898) (2,118,940) (2,753,670) (956,821) 1,118,108 (2,450,796) 5,977,127 68,966,733 15,411,777 5,020,306 $ 70,084,841 $ 12,960,981 $ 33 Village of Glenview, Illinois Proprietary Funds Statement of Cash Flows For the Year Ended December 31, 2014 Business-type Activities – Glenview North Maine Glenview Water Water and Sanitary Fund Sewer Fund Sewer Fund Cash flows from operating activities Cash received from customers and users 11,373,459 $ 8,047,577 $ 2,279,957 $ Cash received from other sources 31,696 - 21,553 Cash payments for goods and services (7,409,361) (6,506,731) (696,293) Cash payments to employees (2,166,859) (865,375) (454,792) Net cash provided by operating activities 1,828,935 675,471 1,150,425 Cash flows from noncapital financing activities Transfers in - - 805,612 Transfers out - (666,264) - Net cash provided by (used in) noncapital financing activities - (666,264) 805,612 Cash flows from capital and related financing activities Purchases of capital assets (2,344,623) - (1,614,035) Proceeds from sales of capital assets - - - Principal payments (336,000) (291,249) (264,000) Interest payments (35,469) (98,348) (29,409) Net cash used in capital and related financing activities (2,716,092) (389,597) (1,907,444) Cash flows from investing activities Purchase of investments (1,257,677) (1,007,009) (2,601) Sale of investments 3,348,091 2,468,735 841,088 Loss on investments (81,200) (64,992) (21,423) Interest received 5,708 5,502 2,165 Net cash provided by investing activities 2,014,922 1,402,236 819,229 Net increase (decrease) in cash and cash equivalents 1,127,765 1,021,846 867,822 Cash and cash equivalents – beginning of year 1,641,093 1,904,350 496,562 Cash and cash equivalents – end of year 2,768,858 $ 2,926,196 $ 1,364,384 $ See Notes to Financial Statements 34 Enterprise Funds Governmental Nonmajor Total Activities Enterprise Enterprise Internal Service Funds Funds Funds 2,708,354 $ 24,409,347 $ 10,817,238 $ - 53,249 - (1,310,521) (15,922,906) (8,653,982) (84,247) (3,571,273) (1,049,392) 1,313,586 4,968,417 1,113,864 - 805,612 193,511 (1,979,898) (2,646,162) (2,753,670) (1,979,898) (1,840,550) (2,560,159) (114,700) (4,073,358) (1,797,369) - - 104,195 - (891,249) - - (163,226) - (114,700) (5,127,833) (1,693,174) (1,558) (2,268,845) (6,121,439) 484,562 7,142,476 12,890,063 (12,756) (180,371) (138,064) 2,001 15,376 1,163,488 472,249 4,708,636 7,794,048 (308,763) 2,708,670 4,654,579 1,896,130 5,938,135 2,423,381 1,587,367 $ 8,646,805 $ 7,077,960 $ (Continued) 35 Village of Glenview, Illinois Proprietary Funds Statement of Cash Flows (Continued) For the Year Ended December 31, 2014 Business-type Activities – Glenview North Maine Glenview Water Water and Sanitary Fund Sewer Fund Sewer Fund Reconciliation of operating income to net cash provided by operating activities: Operating income 945,025 $ 616,408 $ 240,022 $ Adjustments to reconcile operating income to net cash provided by operating activities Depreciation and amortization 1,213,263 241,913 451,855 Other income - - 21,553 Changes in assets and liabilities Accounts receivable (26,606) (21,135) 19,857 Other receivable - - (2,925) Prepaid expense - - - Inventory (24,354) - - Accounts payable (295,878) (383,571) 419,458 Accrued payroll 6,176 1,856 605 Refundable deposits 3,933 220,000 - Compensated absences 7,376 - - Claims payable - - - Unearned revenue - - - Total adjustments 883,910 59,063 910,403 Net cash provided by operating activities 1,828,935 $ 675,471 $ 1,150,425 $ See Notes to Financial Statements. 36 Enterprise Funds Governmental Nonmajor Total Activities Enterprise Enterprise Internal Service Funds Funds Funds 1,033,164 $ 2,834,619 $ 794,882 $ 130,401 2,037,432 - - 21,553 - 200,869 172,985 4,040 - (2,925) (20,000) - - (4,842) - (24,354) (26,054) (51,219) (311,210) 379,623 371 9,008 2,018 - 223,933 (157,128) - 7,376 - - - 142,143 - - (818) 280,422 2,133,798 318,982 1,313,586 $ 4,968,417 $ 1,113,864 $ 37 Village of Glenview, Illinois Pension Trust Agency Funds Funds Cash and cash equivalents 2,549,811 $ 995,686 $ Investments U.S. government and agency obligations 44,658,806 - Municipal obligations 4,767,007 - Corporate obligations 8,238,002 - Equity mutual funds 69,072,372 - Certificates of deposit - 2,903,249 Receivables Property taxes - 208,595 Other 949 Accrued interest receivable 270,884 19,030 Due from other funds 5,616 - Prepaid expenses 12,491 - Total assets 129,574,989 4,127,509 Accounts payable - 169,250 Refundable deposits - 3,597,799 Accrued expenses 45,359 - Due to bond holders - 360,460 Total liabilities 45,359 4,127,509 Restricted for pensions 129,529,630 $ -$ See Notes to Financial Statements. Net Position Statement of Fiduciary Net Position Fiduciary Funds December 31, 2014 Assets Liabilities 38 Village of Glenview, Illinois Additions Contributions Employer 5,088,262 $ Participant 1,438,496 Total contributions 6,526,758 Investment income Net appreciation in fair value of investments 2,025,099 Interest income 5,253,454 Less investment expenses (205,002) Net investment income 7,073,551 Total additions 13,600,309 Deductions Administration 90,091 Retirement pension 6,972,226 Widow pensions 589,346 Disability pensions 572,822 Contribution refunds 2,364 Total deductions 8,226,849 Change in net position 5,373,460 Net position restricted for pensions Beginning 124,156,170 Ending 129,529,630 $ See Notes to Financial Statements. Statement of Changes in Plan Net Position Pension Trust Funds For the Year Ended December 31, 2014 39 Village of Glenview, Illinois Notes to Financial Statements December 31, 2014 Note 1. Summary of Significant Accounting Policies The Village of Glenview, Illinois, (Village) was incorporated in 1899. The Village operates under a Council-Manager form of government and provides services which include: police and fire safety, water utility, sanitary sewer utility, stormwater management, street maintenance, community development, and general administrative services. The financial statements of the Village have been prepared in conformity with accounting principles generally accepted in the United States of America (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 following is a summary of the Village’s more significant accounting policies: Reporting Entity As defined by accounting principles generally accepted in the United States of America established by GASB, the financial reporting entity consists of the primary government, as well as its component units, which are legally separate organizations for which the elected officials of the primary government are financially accountable. Financial accountability is defined as: (a) Appointment of a voting majority of the organization’s board, and either (1) the ability to impose will by the primary government, or (2) the possibility that the organization will provide a financial benefit to or impose a financial burden on the primary government; or (b) Fiscal dependency on the primary government and there is a potential for the organization to provide a financial benefit to or impose a financial burden on the primary government. Based on the above criteria, the Glenview Library (Library) is a component unit to the Village of Glenview. In the government-wide financial statements, the Library is presented in a separate column to emphasize that it is legally separate from the Village. The Library operates and maintains the public library within the Village. The Library's seven-member board is separately elected by the voters of the Village and annually determines its budget and resulting tax levy, which is levied by the Village. The Library may not issue bonded debt without the approval of the Village. Separate financial statements are disclosed in the component unit portion of this report. The Library does not issue separate financial statements. 40 Village of Glenview, Illinois Notes to Financial Statements December 31, 2014 Note 1. Summary of Significant Accounting Policies (Continued) Government-wide and Fund Financial Statements The government-wide financial statements (i.e., the statement of net position and the statement of activities) report information on all of the nonfiduciary activities of the Village. For the most part, the effect of interfund activity has been removed 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 services. The statement of net position presents the Village’s nonfiduciary assets and liabilities with the difference reported in three categories: Net investment in capital assets consists of capital assets, net of accumulated depreciation and reduced by outstanding balances for bonds and other debt (and deferred outflows of resources) that are attributable to the acquisition, construction, or improvement of those assets. Restricted net position results when constraints are placed on net position use, either externally imposed by creditors, grantors, contributors, and the like, or imposed by law through constitutional provisions or enabling legislation. Unrestricted net position consists of net position that does not meet the criteria of the two preceding categories. The Village generally applies restricted resources first when an expense is incurred for purposes for which both restricted and unrestricted net resources are available. See additional information beginning on page 44. The statement of activities demonstrates the degree to which the direct expenses of a given function or segment are offset by program revenues. Direct expenses are those that are clearly identifiable with a specific function or segment. Program revenues include: 1) charges to customers or applicants who purchase, use, or directly benefit from goods, services, or privileges provided by a given function or segment and 2) grants and contributions that are restricted to meeting the operational needs of the Village or 3) capital requirements of a particular function or segment. Taxes and other items properly not included among program revenues are reported instead as general revenues. Separate financial statements are provided for governmental funds, proprietary funds, and fiduciary funds, even though the latter are excluded from the government-wide financial statements. Major individual governmental and business-type funds are reported as separate columns in the fund financial statements. Details for nonmajor funds are reported in the supplementary information. Fund Accounting The Village uses funds to report on its financial position and the results of its operations. Fund accounting is designed to demonstrate legal compliance and to aid financial management by segregating transactions related to certain governmental functions or activities. A fund is a separate accounting entity with a self-balancing set of accounts. 41 Village of Glenview, Illinois Notes to Financial Statements December 31, 2014 Note 1. Summary of Significant Accounting Policies (Continued) Fund Accounting (Continued) Funds are classified into three broad categories: governmental, proprietary, and fiduciary. Each category, in turn, is divided into separate “fund types.” Governmental Funds 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 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 another fund. The following are the Village's governmental fund types and funds: General Fund is the general operating fund of the Village. It is used to account for all financial resources except those not accounted for in other funds. Special Revenue Funds are used to account for the proceeds of specific revenue sources that are restricted, committed, or assigned to expenditures for specified purposes other than debt service or capital projects. The Village has the following special revenue funds: Special Tax Allocation Fund - a major fund Motor Fuel Tax Fund Foreign Fire Insurance Fund Police Department Special Account Funds Waukegan Golf TIF Fund Debt Service Funds are used for the servicing of general long-term debt. The Village has the following debt service fund: Corporate Purpose Bonds Fund Capital Project Funds are used to account for financial resources to be used for the acquisition or construction of major capital assets (other than those financed by proprietary funds). The Village has the following capital project funds: Village Permanent Fund – a major fund Capital Projects Fund – a major fund Glen Capital Projects Fund Proprietary Funds Proprietary funds are used to account for activities in a similar manner as those found in the private sector. The measurement focus is on the determination of net income. Activities of these funds include services provided to residents of the Village (such as water and sanitary sewer services) and services provided to other funds (such as self-insurance and vehicle maintenance). The following are the Village’s proprietary fund types and funds: 42 Village of Glenview, Illinois Notes to Financial Statements December 31, 2014 Note 1. Summary of Significant Accounting Policies (Continued) Fund Accounting (Continued) Enterprise Funds are used to account for operations (a) that are financed and operated in a manner similar to private business enterprises where the intent of the governing body is that the costs (expenses, including depreciation) of providing goods or services to the residents of the Village on a continuing basis be financed or recovered primarily through user charges; or (b) where the governing body has decided that periodic determination of revenues earned, expenses incurred, and/or net income is appropriate for capital maintenance, public policy, management control, accountability, or other purposes. The Village has the following enterprise funds: Glenview Water Fund - a major fund North Maine Water and Sewer Fund - a major fund Glenview Sanitary Sewer Fund - a major fund Wholesale Water Fund Commuter Parking Lot Fund Internal Service Funds are used to account for the financing of goods or services provided by one department to other departments of the Village on a cost-reimbursement basis. The Village has the following internal service funds: Capital Equipment Replacement Fund Municipal Equipment Repair Fund Insurance and Risk Fund Facilities Repair and Replacement Fund Fiduciary Funds Fiduciary funds are used to account for assets held on behalf of outside parties, including other governments. When these assets are held under the terms of a formal trust agreement, a trust fund is used. The following are the Village's fiduciary fund types and funds: Trust Funds are used to account for and report pension plans. The Village has the following pension trust funds: Police Pension Fund Firefighters' Pension Fund Agency Funds are used to account for and report assets held on behalf of other parties and changes in the assets. The Village has the following agency funds: Special Service Area (SSA) Bond Fund Escrow Deposit Fund 43 Village of Glenview, Illinois Notes to Financial Statements December 31, 2014 Note 1. Summary of Significant Accounting Policies (Continued) Fund Balance The Governmental Accounting Standards Board (GASB) has issued Statement No. 54, Fund Balance Reporting and Governmental Fund Type Definitions (GASB 54), which was adopted by the Village for the year ended December 31, 2011. In the fund financial statements, governmental funds now report five components of fund balance: nonspendable, restricted, committed, assigned, and unassigned. Nonspendable - includes amounts that cannot be spent because they are either not in spendable form or legally or contractually required to be maintained intact. The nonspendable in form criteria includes items that are not expected to be converted to cash such as prepaid items or inventories. Restricted – includes amounts that are restricted to specific purposes, that is, when constraints placed on the use of the resources are either a) externally imposed by creditors (such as through debt covenants), grantors, contributors, or laws or regulations of other governments, or b) imposed by law through constitutional provisions or enabling legislation. Committed - refers to amounts that can only be used for specific purposes pursuant to constraints imposed by formal action of the Village's highest level of decision making authority (the Board of Trustees). The Board of Trustees commits fund balance by passing a resolution. Amounts committed cannot be used for any other purpose unless the Village removes or changes the specific use by taking the same type of formal action it employed to previously commit those funds. Assigned - refers to amounts that are constrained by the Village's intent to be used for a specific purpose, but are neither restricted or committed. Intent may be expressed by the Board of Trustees or the individual the Board of Trustees delegates the authority to assign amounts to be used for specific purposes. The Board of Trustees delegated this authority to the Village Manager. Unassigned - refers to all spendable amounts not contained in the other four classifications described above. In funds other than the General Fund, the unassigned classification is used only to report a deficit balance resulting from overspending for specific purposes for which amounts had been restricted, committed, or assigned. In the General Fund, the Village considers restricted amounts to have been spent first when expenditure is incurred for purposes for which both restricted and unrestricted fund balance is available, followed by committed amounts, and then assigned amounts. Unassigned amounts are used only after the other categories of fund balance have been fully utilized. In governmental funds other than the General Fund, the Village considers restricted amounts to have been spent last. When an expenditure is incurred for purposes for which both restricted and unrestricted fund balance is available, the Village will first use assigned amounts, followed by committed amounts then restricted amounts. See Note 13 for additional detail on the components of the General Fund’s fund balance at December 31, 2014. 44 Village of Glenview, Illinois Notes to Financial Statements December 31, 2014 Note 1. Summary of Significant Accounting Policies (Continued) 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 statements. Revenues are recorded when earned and expenses are recorded when a liability is incurred, regardless of the timing of related cash flows. Property taxes are recognized as revenues in the year for which they are levied. Property taxes are levied in December 2014 to finance the Village's 2015 calendar year. Grants and similar items are recognized as revenue as soon as all eligibility requirements imposed by the provider have been met. Governmental fund financial statements are reported using the current financial resources measurement focus and the modified accrual basis of accounting. Earned revenues are recognized as soon as they are both measurable and available. Revenues are considered to be available when they are collectible within the current period or soon enough thereafter to pay liabilities of the current period. A sixty day availability period is used for revenue recognition of property tax revenues and a ninety day period is generally used for all other governmental fund revenues. Expenditures generally are recorded when a liability is incurred, as under accrual accounting. However, debt service expenditures, as well as expenditures related to compensated absences and claims and judgments, are recorded when payment is due. General capital asset acquisitions are reported as expenditures in governmental funds. Significant revenue sources which are susceptible to accrual include property taxes, other taxes, charges for services, grants, franchise taxes, licenses, and interest. All other revenue items are considered to be measurable and available only when cash is received by the Village. The Village reports the following major governmental funds: The General Fund is the general operating fund of the Village. It is used to account for all financial resources not accounted for in other funds. The Special Tax Allocation Fund, a special revenue fund, is used to account 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) and the "Make-Whole" payments to core jurisdictions within the boundaries of the Tax Increment District. The core jurisdictions consist of: the Village of Glenview, School District 34, High School District 225, the Glenview Park District, and the Glenview Public Library, a component unit of the Village. This fund also accounts for the service and incentive fees within the Tax Increment District. The Village Permanent Fund, a capital projects fund used to accumulate and account for a specific portion of the land sales proceeds of The Glen. Twenty percent of the land sale revenues are assigned for capital and economic development expenditures throughout the Village (outside of the Glen). Additionally, Permanent Fund assets can be loaned for short-term liquidity to other Village funds as a result of exhaustion of cash reserves. The Capital Project Fund, a capital projects fund used to account for revenue and expenditures involved with improvements throughout the Village which are not included in other capital project funds. 45 Village of Glenview, Illinois Notes to Financial Statements December 31, 2014 Note 1. Summary of Significant Accounting Policies (Continued) Measurement Focus, Basis of Accounting, and Financial Statement Presentation (Continued) The Village reports the following major proprietary funds: The Glenview Water Fund (formerly called the Waterworks Fund) accounts for the provision of water services to the property owners in the Village. All activities necessary to provide such services are accounted for in this fund including, but not limited to, administration, operations, maintenance, financing and related debt service, and billing and collections. The North Maine Water and Sewer Fund accounts for the provision of water and sewer services to the property owners in an unincorporated area southwest of the Village. This area was formerly served by the North Suburban Public Utilities Company. All activities necessary to provide such services are accounted for in this fund including, but not limited to, administration, operations, maintenance, financing and related debt service, and billing and collections. The Glenview Sanitary Sewer Fund (formerly called the Sewerage Fund) accounts for the provision of sanitary sewer services to property owners in both incorporated and unincorporated areas of the Village. All activities necessary to provide such services are accounted for in this fund including, but not limited to, administration, transmissions, maintenance, financing and related debt service, and billing and collections. Treatment is performed by another agency. As a general rule, the effect of interfund activity has been eliminated from the government-wide financial statements. However, interfund services provided and used are not eliminated in the process of consolidation. Amounts reported as program revenues include: 1) charges to customers for goods, services, or privileges provided, 2) operating grants and contributions, and 3) capital grants and contributions, including assessments. Internally dedicated resources are reported as general revenue rather than as program revenue. Likewise, general revenues include all taxes. Proprietary funds distinguish operating revenues and expenses from nonoperating items. Operating revenues and expenses generally result from providing services and producing and delivering goods in connection with a proprietary fund's principal ongoing operations. The principal operating revenues of the enterprise fund and of the Village’s internal service fund are charges to customers for sales and services. Operating expenses for an enterprise fund and an internal service fund include the cost of sales and services, administrative expenses, and depreciation on capital assets. All revenues and expenses not meeting this definition are reported as nonoperating revenues and expenses. The Governmental Accounting Standards Board (GASB) has issued Statement No. 65, Items previously Recorded as Assets and Liabilities (GASB 65), which was adopted by the Village for the year ended December 31, 2013. GASB 65 now establishes accounting and financial reporting standards that reclassify, as deferred outflows of resources or deferred inflows of resources, certain items that were previously reported as assets and liabilities and recognizes, as outflows of resources or inflows of resources, certain items that were previously reported as assets and liabilities. In accordance with GASB 65 the Village now reports both deferred inflows of resources and deferred outflows of resources on its financial statements. 46 Village of Glenview, Illinois Notes to Financial Statements December 31, 2014 Note 1. Summary of Significant Accounting Policies (Continued) Measurement Focus, Basis of Accounting, and Financial Statement Presentation (Continued) The Village reports both deferred inflows of resources and unearned revenues on its financial statements. Deferred inflows of resources arise when a potential revenue does not meet both the "measurable" and "available" criteria for recognition in the current period for the governmental funds. Deferred inflows of resources also result when timing requirements relating to imposed tax revenues are not met, as in when property tax receivables are recorded prior to the period the levy is intended to finance. Unearned 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 revenue recognition criteria are met or when the Village has a legal claim to the resources, the liability for unearned revenues is removed from the financial statements and revenue is recognized. Cash Equivalents For purposes of the statement of cash flows, the proprietary fund types consider all highly liquid investments with maturities of three months or less, at the date of purchase, to be cash equivalents. Investments Investments are carried at fair value based on quoted market prices. Receivables The recognition of receivables associated with nonexchange transactions is as follows: • Derived tax receivables (such as sales, income, and motor fuel taxes) are recognized when the underlying exchange has occurred. • Imposed nonexchange receivables (such as property taxes and fines) are recognized when an enforceable legal claim has arisen. • Government-mandated or voluntary nonexchange transaction receivables (such as mandates or grants) are recognized when all eligibility requirements have been met. Inventory and Prepaid Items Inventory is accounted for at cost, using the first-in, first-out method. Inventories of governmental funds are accounted for under the consumption method, whereby acquisitions are recorded in inventory accounts initially and charged to expenditures when used. Certain payments to vendors reflect costs applicable to future accounting periods and are recorded as prepaid items in both government-wide and fund financial statements using the consumption method. Unbilled Services Unbilled revenue in the proprietary funds is recognized as earned when the services are provided. 47 Village of Glenview, Illinois Notes to Financial Statements December 31, 2014 Note 1. Summary of Significant Accounting Policies (Continued) Capital Assets Capital assets, which include property, buildings, vehicles, equipment, and infrastructure assets (e.g. roads, bridges, and similar items), are reported in the applicable governmental or business-type activities columns in the government-wide financial statements and in the proprietary funds statements. Capital assets are defined as those having an estimated useful life greater than one year with an initial, individual cost of more than $25,000. Additionally, the Library reports its collection of books and materials as a capital asset. Capital 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 assets 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 cost of the assets constructed. Capital assets are depreciated using the straight-line method over the following useful lives: Buildings and improvements 10 - 80 years Infrastructure* 25 - 80 years Water system 50 years Sanitary sewer system 50 years Machinery and equipment, and vehicles 5 - 10 years Library books and materials 7 years *Infrastructure includes roads, curbs, gutters, storm sewers, recreational paths, street lights, field lights, bridges, and traffic control signals. Accrued Vacation and Sick Leave (Compensated Absences) Compensated Absences include accumulated vacation and compensatory time as employees are not paid for sick time in the event of termination. Employees are required to use one-half of the vacation days they earn each year or they lose it and the remaining days can be used, saved, or carried over into the next year in the employee’s vacation “bank”. Employees may not accumulate more than 30 days worth of unused vacation time in their vacation “bank”. Employees are allowed to accumulate compensatory time to a maximum amount specified in their union contracts or Village personnel manual as follows: Non-Union Personnel 80 hours Public Works Union 120 hours Dispatch Union 84 hours Police Union 84 hours Firefighter Union N/A 48 Village of Glenview, Illinois Notes to Financial Statements December 31, 2014 Note 1. Summary of Significant Accounting Policies (Continued) Long-Term Obligations In the government-wide financial statements and proprietary fund types in the fund financial statements, long-term debt and other long-term obligations, including compensated absences, are reported as liabilities in the applicable governmental activities or business-type activities statement of net position. Bond premiums and discounts are reported net of the associated debt and are deferred and amortized over the life of the bonds on a straight-line basis. Bond issuance costs are expensed when incurred. In the fund financial statements, governmental funds recognize bond premiums and discounts, as well as bond issuance costs, during the current period. The face amount of debt issued is reported as other financing sources. Premiums received on debt issuances are reported as other financing sources, while discounts 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. Debt service funds are specifically established to account for and service the long-term obligations for the governmental funds' debt. Enterprise funds individually account for and service the applicable debt that benefits those funds. Long-term debt is recognized as a liability in a governmental fund when due or when resources have been accumulated for payment early in the following year. Claims and Judgments Liabilities resulting from claims and judgments, including claims incurred but not reported, have been reflected in the financial statements. Capital Contributions Capital contributions, if any, reported in the Statement of Activities and proprietary funds represent capital assets donated from outside parties, principally developers. Interfund Transactions The Village has the following types of transactions between funds: Loans - amounts provided with a requirement for repayment. Interfund loans are reported as due from other funds in lender funds and due to other funds in borrower funds for short-term borrowings. Advances to other funds are reported in lender funds and advances from other funds in borrower funds for long-term borrowings. Amounts are reported as internal balances in the government-wide statement of net position. Services provided and used - sales and purchases of goods and services between funds for a price approximating their external exchange value. Interfund services provided and used are reported as revenues in seller funds and expenditures or expenses in purchaser funds. Unpaid amounts are reported as due to/from other funds in the fund balance sheets or fund statements of net position. 49 Village of Glenview, Illinois Notes to Financial Statements December 31, 2014 Note 1. Summary of Significant Accounting Policies (Continued) Interfund Transactions (Continued) Reimbursements - repayments from the funds responsible for particular expenditures or expenses to the funds that initially paid for them. Reimbursements are reported as expenditures in the reimbursing fund and as a reduction of expenditures in the reimbursed fund. Transfers - flows of assets (such as cash or goods) without equivalent flows of assets in return and without a requirement for repayment. In governmental funds, transfers are reported as other financing uses in the funds making transfers and as other financing sources in the funds receiving transfers. In proprietary funds, transfers are reported as a separate category after nonoperating revenues and expenses. Use of Estimates In preparing financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues, expenditures, and expenses during the reporting period. Actual results could differ from those estimates. Note 2. Deposits and Investments The Village maintains a cash and investment pool that is available for use by most funds. Each fund’s portion of this pool is displayed on the balance sheet/statement of net position as "cash and cash equivalents" and "investments." In addition, investments are separately held by several of the Village's funds. The Village's investment policy and state statutes allow the Village to invest in the following: - Interest-bearing accounts of banks and savings and loan associations insured by the Federal Deposit Insurance Corporation. - Obligations of the U.S. Treasury and U.S. agencies. - Insured accounts of an Illinois credit union chartered under United States or Illinois law. - Money market mutual funds with portfolios of securities issued or guaranteed by the United States or agreements to repurchase these same types of obligations. - Repurchase agreements which meet instrument transaction requirements of Illinois law. - Short-term obligations of U.S. corporations rated in the three highest classifications by at least two standard rating agencies. - The Illinois Funds. - Illinois Metropolitan Investment Fund. 50 Village of Glenview, Illinois Notes to Financial Statements December 31, 2014 Note 2. Deposits and Investments (Continued) The Village’s investment policy limits the Village from investing in any financial institution in which the Village’s funds on deposit are in excess of 75% of the institution’s capital stock and surplus. The deposits and investments of the Police Pension Fund and the Firefighters' Pension Fund are held separately from each other and from those of other Village funds. In addition to the aforementioned investments, these pension funds are also permitted to invest in the following instruments: - Bonds issued by any county, city, township, village, incorporated town, municipal corporation, or school district in Illinois. - Direct obligations of the State of Israel. - Separate accounts of Illinois-licensed insurance companies. - Common and preferred stock. As of December 31, 2014, cash and investments consisted of the following: Pension Agency Component Village Trust Funds Funds Unit Total Demand deposits 53,580,943 $ 2,540,414 $ 995,686 $ 4,506,506 $ 61,623,549 $ Certificates of deposit 25,073,231 - 2,903,249 - 27,976,480 The Illinois Funds 8,774,870 9,397 - 14,886 8,799,153 U.S. treasury obligations 4,729,000 18,730,130 - - 23,459,130 U.S. agency obligations - 25,928,676 - - 25,928,676 Municipal obligations - 4,767,007 - - 4,767,007 Corporate obligations - 8,238,002 - - 8,238,002 Mutual funds - equity - 69,072,372 - - 69,072,372 Total 92,158,044 $ 129,285,998 $ 3,898,935 $ 4,521,392 $ 229,864,369 $ Fiduciary Activities The 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 Funds’ share price, which is the price the investment could be sold for. Custodial Credit Risk - Deposits Custodial Credit Risk is the risk that in the event of a bank failure, the Village’s deposits may not be returned. The Village’s investment policy requires that deposits that exceed the amount insured by the FDIC insurance protection be secured by some form of collateral at the rate of 110% of such deposits by U.S. Government Securities, obligations of Federal instrumentalities, obligations of the State of Illinois, or general obligation municipal bonds rated “AA” or better. As of December 31, 2014, the Village was not exposed to custodial credit risk on deposits. 51 Village of Glenview, Illinois Notes to Financial Statements December 31, 2014 Note 2. Deposits and Investments (Continued) Interest Rate Risk Interest rate risk is the risk that the fair value of investments will decrease as a result of an increase in interest rates. In accordance with its investment policy, the Village limits its exposure to interest rate risk by structuring the portfolio so that securities or other allowable investments mature to meet cash requirements for ongoing operations, thereby avoiding the need to sell securities or other allowable investments on the open market prior to maturity and by investing operating funds primarily in shorter- term securities or other allowable investments. The policy was put in place to provide liquidity for short and long-term cash flow needs while providing a reasonable rate of return based on the current market. As of December 31, 2014 the Village had the following investments and maturities: Fair Less Greater Investment Type Value than 1 1-5 than 5 U.S. treasury obligations 4,729,000 $ 4,729,000 $ -$ -$ Totals 4,729,000 $ 4,729,000 $ -$ -$ Investment Maturities (in years) In accordance with their investment policies, the pension funds limit their exposure to interest rate risk by structuring the portfolios to provide liquidity for short-and long-term cash flow needs while providing a reasonable rate of return based on the current market. As of December 31, 2014, the Police Pension Fund had the following investments and maturities: Fair Less Greater Investment Type Value than 1 1-5 6-10 than 10 U.S. treasury obligations 14,112,130 $ 2,131,120 $ 10,321,380 $ 1,659,630 $ -$ U.S. agency obligations 5,398,190 - 2,016,971 2,666,033 715,186 Municipal obligations 228,397 40,394 161,749 26,254 - Corporate obligations 8,238,002 495,581 4,733,333 2,958,775 50,313 Totals 27,976,719 $ 2,667,095 $ 17,233,433 $ 7,310,692 $ 765,499 $ Investment Maturities (in years) 52 Village of Glenview, Illinois Notes to Financial Statements December 31, 2014 Note 2. Deposits and Investments (Continued) Interest Rate Risk (Continued) As of December 31, 2014, the Firefighters’ Pension Fund had the following investments and maturities: Fair Less Greater Investment Type Value than 1 1-5 6-10 than 10 U.S. treasury obligations 4,618,000 $ 1,010,000 $ 3,102,531 $ 505,469 $ -$ U.S. agency obligations 20,530,486 354,964 11,814,558 8,360,964 - Municipal obligations 4,538,610 178,881 1,365,822 2,438,839 555,068 Totals 29,687,096 $ 1,543,845 $ 16,282,911 $ 11,305,272 $ 555,068 $ Investment Maturities (in years) Credit Risk Credit risk is the risk that the Village, Pension Funds or Library will not recover their investments due to the ability of the counterparty to fulfill its obligation. U.S. Treasury obligations are backed by the full faith and credit of the U.S. Government and are not considered to have credit risk. The Village limits its exposure to credit risk, by investing mainly in external investment pools. The Illinois Funds Money Market Fund and Prime Fund are rated AAA by Standard & Poor's. The Pension Funds’ general investment policies follow the prudent person rule subject to the specific restrictions of the Illinois Pension Code and the Pension Funds’ asset allocation policy. Under the prudent person rule, investments shall be made with the care, skill, prudence and diligence under the circumstances then prevailing that a prudent person acting in like capacity and familiar with such matters would use in the investment of a fund or like character and with like aims. The Illinois Funds Money Market Fund and Prime Fund are rated AAA by Standard & Poor's. As of December 31, 2014, the Pension Funds had the following fixed income investments which are rated by Standard & Poor’s as follows: Standard & Poor's:Fair Value AAA AA A BBB Not Rated U.S. agency obligations 25,928,676 $ -$ 24,014,423 $ -$ -$ 1,914,253 $ Municipal obligations 4,767,007 293,412 2,071,220 280,646 - 2,121,729 Corporate obligations 8,238,002 92,800 856,557 3,638,337 3,178,263 472,045 Totals 38,933,685 $ 386,212 $ 26,942,200 $ 3,918,983 $ 3,178,263 $ 4,508,027 $ 53 Village of Glenview, Illinois Notes to Financial Statements December 31, 2014 Note 2. Deposits and Investments (Continued) Credit Risk (Continued) As of December 31, 2014, the Pension Funds had the following fixed income investments which are rated by Moody’s as follows: Moody's:Fair Value Aaa Aa A Baa Not Rated U.S. agency obligations 25,928,676 $ 24,525,326 $ -$ -$ -$ 1,403,350 $ Municipal obligations 4,767,007 418,446 1,559,439 851,827 - 1,937,295 Corporate obligations 8,238,002 147,486 988,737 3,019,294 3,927,882 154,603 Totals 38,933,685 $ 25,091,258 $ 2,548,176 $ 3,871,121 $ 3,927,882 $ 3,495,248 $ Custodial Credit Risk For an investment, custodial credit risk is the risk that, in the event of the failure of the counterparty, the Village will not be able to recover the value of its investments or collateral securities that are in the possession of an outside party. To limit its exposure, the Village's investment policy requires all investments to be limited to the safest types of securities invested with pre-qualified institutions, broker/dealers, intermediaries, and advisors, soundly diversified and held by a third-party custodian. The Illinois Funds are not subject to custodial credit risk. The Police Pension Fund’s investment policy requires all securities that are exposed to custodial credit risk to be held by a third-party custodian. The Firefighters’ Pension Fund’s investment policy requires all investments to be limited to the safest types of securities invested with pre-qualified institutions, broker/dealers, intermediaries, and advisors, soundly diversified and held by a third-party custodian. The Illinois Funds is not subject to custodial credit risk. Concentration of Credit Risk Concentration of credit risk is the risk of loss attributed to the magnitude of investment in any one single issuer. It is the policy of the Village to diversify its investment portfolio. Investments shall be diversified to eliminate the risk of loss resulting in an overconcentration in a security, maturity, issuer, or class of securities. The Village was not exposed to concentration of credit risk as of December 31, 2014. 54 Village of Glenview, Illinois Notes to Financial Statements December 31, 2014 Note 2. Deposits and Investments (Continued) Concentration of Credit Risk (Continued) The Pension Funds' investment policies require diversification of investment to avoid unreasonable risk. As of December 31, 2014, the Firefighters' Pension Fund had the following investments (other than those explicitly guaranteed by the U.S. government) that exceeded 5% of Plan net position: Fire Pension Federal Home Loan Bank 13,291,708 $ Federal Farm Credit Bank 5,376,349 18,668,057 $ The Police Pension Fund did not have any such investments as of December 31, 2014. Note 3. Receivables Property Tax Receivables The Village's property taxes are levied in December of each calendar year on all taxable real property located in the Village. Property taxes attach as an enforceable lien on January 1 of the same levy year. Tax bills are prepared by the County and issued on or about February 1 and September 1 of the following calendar year, and are payable in two installments on or about March 1 and October 1 in that following calendar year. The County collects such taxes and remits them periodically. An allowance for uncollectible taxes has been established based on historical experience. Taxes levied in December 2014 are intended to finance the Village’s subsequent fiscal year and have been recorded as deferred inflows of resources. The Village has recognized the 2013 tax levy as revenue in fiscal year 2014. Taxes Receivable The following receivables are included in Receivables - Taxes on the Governmental Funds Balance Sheet and Statement of Net Position - Governmental Activities: Property 10,610,794 $ Sales 6,220,673 Utility 945,426 Income 864,692 Use 271,953 Franchise 186,155 Hotel 49,880 Amusement 14,319 Total taxes receivable 19,163,892 $ 55 Village of Glenview, Illinois Notes to Financial Statements December 31, 2014 Note 3. Receivables (Continued) Other Receivables The following receivables are included in Receivables - Other on the Governmental Funds Balance Sheet and Statement of Net Position – Governmental Activities: Court fines 16,079 $ Tipping fees 45,945 911 surcharge fees 138,904 Grants 3,690,201 Interest 60,517 Licenses 75,593 IMET 45,558 Other 346,696 Total other receivables - Governmental Funds 4,419,493 Internal Service Funds and other adjustments 97,879 Total other receivables - Governmental Activities 4,517,372 $ Due From Other Governments The following amount due from other governments is included in Due From Other Governments on the Governmental Funds Balance Sheet and the Statement of Net Position - Governmental Activities: Illinois Department of Transportation - motor fuel taxes 112,545 $ United States Navy - soil remediation settlement 624,215 Total due from other governments 736,760 $ 56 Village of Glenview, Illinois Notes to Financial Statements December 31, 2014 Note 4. Capital Assets Governmental Activities A summary of changes in capital assets for governmental activities of the Village is as follows: Balance Balance January 1, December 31, 2014 Additions Deletions 2014 Capital assets not being depreciated Construction in progress 1,379,319 $ 3,542,344 $ 915,679 $ 4,005,984 $ Land 6,935,698 1,843,522 - 8,779,220 Land right of way 55,245,571 - 809 55,244,762 Total capital assets not being depreciated 63,560,588 5,385,866 916,488 68,029,966 Capital assets being depreciated Buildings and improvements 74,984,965 6,445,345 - 81,430,310 Machinery and equipment 12,785,176 1,834,359 472,883 14,146,652 Infrastructure 135,165,789 10,315,735 207,186 145,274,338 Total capital assets being depreciated 222,935,930 18,595,439 680,069 240,851,300 Less accumulated depreciation Buildings and improvements 18,648,608 1,780,213 - 20,428,821 Machinery and equipment 7,792,239 1,035,468 380,784 8,446,923 Infrastructure 61,098,338 3,343,250 207,186 64,234,402 Total accumulated depreciation 87,539,185 6,158,931 587,970 93,110,146 Total capital assets being depreciated, net 135,396,745 12,436,508 92,099 147,741,154 Governmental activities, capital assets, net 198,957,333 $ 17,822,374 $ 1,008,587 $ 215,771,120 $ 57 Village of Glenview, Illinois Notes to Financial Statements December 31, 2014 Note 4. Capital Assets (Continued) Business-type Activities A summary of changes in capital assets for business-type activities of the Village is as follows: Balance Balance January 1, December 31, 2014 Additions Deletions 2014 Capital assets not being depreciated Land 802,851 $ -$ -$ 802,851 $ Construction in progress 256,801 114,700 256,801 114,700 Total capital assets not being depreciated 1,059,652 114,700 256,801 917,551 Capital assets being depreciated Buildings and improvements 2,613,425 - - 2,613,425 Water system 58,605,907 2,372,249 239,572 60,738,584 Sanitary sewer system 23,714,442 1,614,035 10,601 25,317,876 Equipment and vehicles 4,521,405 229,175 17,088 4,733,492 Total capital assets being depreciated 89,455,179 4,215,459 267,261 93,403,377 Less accumulated depreciation Buildings and improvements 820,447 71,045 - 891,492 Water system 18,840,996 1,226,147 128,691 19,938,452 Sanitary sewer system 5,597,169 498,800 10,601 6,085,368 Equipment and vehicles 3,987,876 208,799 17,088 4,179,587 Total accumulated depreciation 29,246,488 2,004,791 156,380 31,094,899 Total capital assets being depreciated, net 60,208,691 2,210,668 110,881 62,308,478 Business-type activities, capital assets, net 61,268,343 $ 2,325,368 $ 367,682 $ 63,226,029 $ 58 Village of Glenview, Illinois Notes to Financial Statements December 31, 2014 Note 4. Capital Assets (Continued) Depreciation Expense Depreciation expense was charged to functions/programs of the primary government's governmental activities as follows: General government 3,544,179 $ Public safety 1,378,535 Public works 818,568 Development 417,649 Total governmental activity depreciation expense 6,158,931 $ Depreciation expense for the business-type activities are as follows: Glenview Water Fund 1,214,625 $ North Maine Water and Sewer Fund 206,176 Glenview Sanitary Sewer Fund 453,589 Wholesale Water Fund 62,816 Commuter Parking Fund 67,585 Total business-type activity depreciation expense 2,004,791 $ 59 Village of Glenview, Illinois Notes to Financial Statements December 31, 2014 Note 4. Capital Assets (Continued) Component Unit – Glenview Library A summary of changes in capital assets for the Library is as follows: Balance Balance January 1, December 31, 2014 Additions Deletions 2014 Capital assets not being depreciated: Land 5,426,987 $ -$ -$ 5,426,987 $ Capital assets being depreciated: Buildings and improvements 26,901,546 - - 26,901,546 Equipment and vehicles 128,107 - - 128,107 Library books and materials 6,864,752 699,375 471,715 7,092,412 Total capital assets being depreciated 33,894,405 699,375 471,715 34,122,065 Less accumulated depreciation: Buildings and improvements 2,103,049 538,031 - 2,641,080 Equipment and vehicles 86,390 23,552 - 109,942 Library books and materials 5,270,664 448,382 471,715 5,247,331 Total accumulated depreciation 7,460,103 1,009,965 471,715 7,998,353 Total capital assets being depreciated, net 26,434,302 (310,590) - 26,123,712 Total capital assets, net 31,861,289 $ (310,590) $ -$ 31,550,699 $ 60 Village of Glenview, Illinois Notes to Financial Statements December 31, 2014 Note 5. Risk Management The Village is exposed to various risks of loss related to torts; theft of, damage to, and destruction of assets; errors and omissions; natural disasters; and illnesses of and injuries to the Village's employees. The Village is self-insured for general liability, auto, property, and workers' compensation risks. Commercial insurance is carried for amounts in excess of the self-insured amounts. For all insured programs, settlement amounts have not exceeded insurance coverage for the current or three prior years. Self-Insurance The Village established the Insurance and Risk Fund (an internal service fund) to report self-insurance activities. The Village's policy is to finance currently in this fund all claims paid, estimated future payments with respect to claims made, and estimated claims incurred but not reported. The Insurance and Risk Fund provides coverage up to a maximum of $200,000 for each general liability claim, $500,000 for Village employees and $600,000 for police officers and firefighters for each workers' compensation claim, and $100,000 for each property damage claim. Such payments are displayed on the fund financial statements as insurance services expenses. Liabilities 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). The total estimated claim liability as of December 31, 2014 was $1,838,264. A reconciliation of the claims liability for the current year and that of the preceding year is reported below: Unpaid claims liability - January 1, 2013 1,802,990 $ Claims incurred - calendar year 2013 722,208 Claims paid - calendar year 2013 (829,077) Unpaid claims liability - December 31, 2013 1,696,121 Claims incurred - calendar year 2014 1,245,412 Claims paid - calendar year 2014 (1,103,269) Unpaid claims liability - December 31, 2014 1,838,264 $ 61 Village of Glenview, Illinois Notes to Financial Statements December 31, 2014 Note 5. Risk Management (Continued) 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 (such as medical, dental, and life insurance coverage) offered by its members to their employees and to the employees of certain other governmental, quasi-governmental, and nonprofit public service entities. Management consists of a Board of Directors, comprised of one representative from each member or sub-ped. Additionally, there is an Executive Board that sets the strategic direction of IPBC. The Village does not exercise any control over the activities of the 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 pool with a membership of thirteen municipalities in Illinois that provide excess liability coverage ($10,000,000 of coverage after a $2,000,000 self-insurance retention). The purpose of HELP is to act as a joint self-insurance pool for the purpose of providing excess liability insurance to municipalities. The Village's payments to HELP are displayed on the financial statements as expenses in the Insurance Fund. The High-Level Excess Liability Pool was organized on April 1, 1987 with members committing to ten-year terms. The Term II agreement expired on April 30, 2008, and was extended for another ten-year term (Term III), with an expiration date of April 30, 2018. Each municipality has one member on the HELP Board of Directors and all budgeting and finance decisions are approved by the Board. 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 any 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. 62 Village of Glenview, Illinois Notes to Financial Statements December 31, 2014 Note 6. Long-Term Debt Changes in Long-Term Liabilities The following is a summary of changes in the Village's long-term liabilities in 2014: Balance Balance Amounts January 1,December 31, due within 2014 Additions Deductions 2014 one year Governmental activities: General obligation bonds 68,905,000 $ -$ 4,215,000 $ 64,690,000 $ 6,600,000 $ Loan payable 28,551,488 6,529,688 28,149,371 6,931,805 1,330,309 Unamortized Bond discount (73,667) - (13,810) (59,857) - Bond premium 3,911,484 - 448,026 3,463,458 - Compensated absences 1,580,576 96,752 85,517 1,591,811 318,362 Claims payable 1,696,121 1,245,412 1,103,269 1,838,264 735,306 Other postemployment benefits 1,714,494 977,226 398,079 2,293,641 - Total governmental activities 106,285,496 8,849,078 34,385,452 80,749,122 8,983,977 Business-type activities: General obligation bonds 2,240,000 - 730,000 1,510,000 745,000 Notes payable 1,095,199 - 161,249 933,950 169,219 Unamortized Bond discount (960) - (320) (640) - Bond premium 9,545 - 3,095 6,450 - Compensated absences 59,163 24,335 16,960 66,538 13,308 Total business-type activities 3,402,947 24,335 910,984 2,516,298 927,527 Total Village long-term liabilities 109,688,443 $ 8,873,413 $ 35,296,436 $ 83,265,420 $ 9,911,504 $ Component Unit - Glenview Library General obligation bonds 22,705,000 $ -$ 1,095,000 $ 21,610,000 $ 1,125,000 $ Compensated absences 291,454 9,639 25,693 275,400 55,080 Total component unit - Glenview Library 22,996,454 $ 9,639 $ 1,120,693 $ 21,885,400 $ 1,180,080 $ 63 Village of Glenview, Illinois Notes to Financial Statements December 31, 2014 Note 6. Long-Term Debt (Continued) Changes in Long-Term Liabilities (Continued) The following changes in the Village’s general obligation bonded debt, notes and loans payable occurred in 2014: Beginning Ending Due Within Issue Balance Issuances Retirements Balance One Year Governmental activities $22,315,000 General Obligation Bond Series 2004B 1,225,000 $ -$ 1,225,000 $ -$ -$ $10,000,000 General Obligation Bond Series 2006A 10,000,000 - - 10,000,000 2,350,000 $11,290,000 General Obligation Bond Series 2009D 6,835,000 - 1,380,000 5,455,000 1,370,000 $18,090,000 General Obligation Refunding Bond Series 2012A 18,090,000 - - 18,090,000 - $14,575,000 General Obligation Refunding Bond Series 2012B 14,575,000 - - 14,575,000 1,200,000 $7,730,000 General Obligation Refunding Bond Series 2012C 7,730,000 - 1,365,000 6,365,000 1,440,000 $6,065,000 General Obligation Bond Series 2013A 6,065,000 - 245,000 5,820,000 240,000 $4,385,000 General Obligation Bond Taxable Series 2013B 4,385,000 - - 4,385,000 - Total governmental general obligation bonded debt 68,905,000 - 4,215,000 64,690,000 6,600,000 $633,827 Illinois Environmental Protection Agency Loan 426,488 - 24,371 402,117 24,371 $28,125,000 Taxable Term Loan 28,125,000 - 28,125,000 - - $6,529,688 Taxable Term Loan - 6,529,688 - 6,529,688 1,305,938 Total Loans Payable 28,551,488 6,529,688 28,149,371 6,931,805 1,330,309 Total governmental debt 97,456,488 $ 6,529,688 $ 32,364,371 $ 71,621,805 $ 7,930,309 $ 64 Village of Glenview, Illinois Notes to Financial Statements December 31, 2014 Note 6. Long-Term Debt (Continued) Changes in Long-Term Liabilities (Continued) Beginning Ending Due Within Issue Balance Issuances Retirements Balance One Year Business-type activities $5,000,000 General Obligation Bond Series 2007A Debt retired by: Glenview Sanitary Sewer Fund 814,000 $ -$ 264,000 $ 550,000 $ 270,600 $ Glenview Water Fund 1,036,000 - 336,000 700,000 344,400 1,850,000 - 600,000 1,250,000 615,000 $1,200,000 General Obligation Bond Taxable Series 2007B 390,000 - 130,000 260,000 130,000 Total business-type general obligation bonded debt 2,240,000 - 730,000 1,510,000 745,000 $2,850,00 Corporate Purpose Note Series 1997 1,095,199 - 161,249 933,950 169,219 Total business-type debt 3,335,199 $ -$ 891,249 $ 2,443,950 $ 914,219 $ Component Unit-Glenview Library $26,300,000 General Obligation Bond Series 2009A 22,705,000 $ -$ 1,095,000 $ 21,610,000 $ 1,125,000 $ Total component-unit debt 22,705,000 $ -$ 1,095,000 $ 21,610,000 $ 1,125,000 $ Total debt 123,496,687 $ 6,529,688 $ 34,350,620 $ 95,675,755 $ 9,969,528 $ 65 Village of Glenview, Illinois Notes to Financial Statements December 31, 2014 Note 6. Long-Term Debt (Continued) General Long-Term Debt The Village issues general obligation bonded debt to finance capital projects. At December 31, 2014, general obligation bonded debt is comprised of the following: Remaining Balance $10,000,000 General Obligation Refunding Bond Series 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 is retired by the Special Tax Allocation Fund.10,000,000 $ $5,000,000 General Obligation Bond Series 2007A Dated December 15, 2007. Due in annual installments of $475,000 to $635,000 plus interest at 3.50% to 3.75% through December 1, 2016. Debt is retired by the Glenview Water Fund and the Glenview Sanitary Sewer Fund.1,250,000 $1,200,000 General Obligation Bond Taxable Series 2007B Dated December 15, 2007. Due in annual installments of $130,000 to $135,000 plus interest at 4.80% to 5.00% through December 1, 2016. Debt is retired by the North Maine Water and Sewer Fund.260,000 $26,300,000 General Obligation Bond Series 2009A Dated May 5, 2009. Due in annual installments of $460,000 to $1,860,000 plus interest at 3.00% to 4.125% through December 1, 2029. Debt is retired by proceeds from a Library property tax levy.21,610,000 $11,290,000 General Obligation Refunding Series 2009D Dated October 21, 2009. Due in annual installments of $385,000 to $1,640,000 plus interest at 2.0% to 4.0% through December 1, 2018. Debt is retired by the Special Tax Allocation Fund.5,455,000 $18,090,000 General Obligation Refunding Bond Series 2012A Dated June 14, 2012. Due in annual installments of $5,850,000 to $6,210,000 plus interest at 3.0% to 4.0% through December 1, 2021. Debt is retired by the Special Tax Allocation Fund.18,090,000 $14,575,000 General Obligation Refunding Bond Series 2012B Dated December 18, 2012. Due in annual installments of $1,200,000 to $1,750,000 plus interest at 3.0% to 4.0% through December 1, 2024. Debt is retired by proceeds from a property tax levy.14,575,000 $7,730,000 General Obligation Refunding Bond Series 2012C Dated December 18, 2012. Due in annual installments of $1,365,000 to $1,735,000 plus interest at 2.0% to 3.0% through December 1, 2018. Debt is retired by the Special Tax Allocation Fund.6,365,000 66 Village of Glenview, Illinois Notes to Financial Statements December 31, 2014 Note 6. Long-Term Debt (Continued) General Long-Term Debt (Continued) Remaining Balance $6,065,000 General Obligation Bond Series 2013A Dated December 19, 2013. Due in annual installments of $245,000 to $410,000 plus interest at 2.0% to 4.0% through December 1, 2033. Debt is retired by the Corporate Purpose Debt Service Fund.5,820,000 $ $4,385,000 General Obligation Bond Taxable Series 2013B Dated December 19, 2013. Due in annual installments of $585,000 to $680,000 plus interest at 1.5% to 3.5% through December 1, 2023. Debt is retired by the Waukegan Golf TIF Fund.4,385,000 Total general obligation bonded debt 87,810,000 The Village issued a note in order to finance a capital project. At December 31, 2014, notes payable is comprised of the following: $2,850,000 Corporate Purpose Notes Series 1997 Dated September 2, 1997. Due in annual installments of $215,377 including interest of 4.942% through September 1, 2019. Debt is retired by the North Maine Water and Sewer Fund.933,950 At December 31, 2014, loans payable is comprised of the following: $633,827 Illinois Environmental Protection Agency Loan Dated January 22, 2010. Due in semi-annual installments of $6,617 to $12,185 with no interest due through April 14, 2031. Debt is retired by the Capital Projects Fund. The loan proceeds were utilized for a capital project.402,117 $6,529,688 5 Year Loan Dated December 1, 2014. Due in 5 installments of $1,305,938 and interest of 1.850% on June 1 and December 1 each year through December 1, 2019. Debt is retired by the Special Tax Allocation Fund. The loan proceeds were utilized to pay off debt issued to finance the purchase land held for resale.6,529,688 Total loans payable 6,931,805 Total debt 95,675,755 $ 67 Village of Glenview, Illinois Notes to Financial Statements December 31, 2014 Note 6. Long-Term Debt (Continued) Loan Payable On December 1, 2014, the Village agreed to borrow $6,529,688 from Glenview State Bank in order to retire the remaining balance from the $28,125,000 loan dated November 25, 2013 and due on December 1, 2014. This is a taxable unsecured term loan. Debt Service Requirements to Maturity Governmental Activity Annual general obligation bond debt and loans payable debt service requirements to maturity for the Village’s governmental activities are as follows: Fiscal Year Ending December 31,Principal Interest Principal Interest 2015 6,600,000 $ 2,205,064 $ 1,330,309 $ 122,477 $ 2016 6,845,000 1,994,240 1,330,309 98,250 2017 7,685,000 1,760,514 1,330,309 73,486 2018 7,955,000 1,509,116 1,330,309 48,991 2019 8,125,000 1,231,790 1,330,309 24,495 2020-2024 24,295,000 2,544,050 121,854 - 2025-2029 1,635,000 505,058 121,854 - 2030-2033 1,550,000 158,000 36,554 - Totals 64,690,000 $ 11,907,832 $ 6,931,805 $ 367,699 $ General Obligation Bonds Loans Payable 68 Village of Glenview, Illinois Notes to Financial Statements December 31, 2014 Note 6. Long-Term Debt (Continued) Debt Service Requirements to Maturity (Continued) Business-type Activity Annual general obligation bond and corporate purpose notes payable debt service requirements to maturity for the Village's business-type activities are as follows: Year Ending December 31,Principal Interest Principal Interest 2015 745,000 $ 58,272 $ 169,219 $ 46,158 $ 2016 765,000 30,312 177,582 37,795 2017 - - 186,359 29,018 2018 - - 195,569 19,808 2019 - - 205,221 10,143 Totals 1,510,000 $ 88,584 $ 933,950 $ 142,922 $ General Obligation Bonds Corporate Purpose Notes Component Unit – Glenview Library Annual general obligation bond debt service requirements to maturity for the Village's component unit are as follows: Year Ending December 31,Principal Interest 2015 1,125,000 $ 813,881 $ 2016 1,155,000 780,131 2017 1,190,000 745,481 2018 1,225,000 703,831 2019 1,270,000 660,956 2020-2024 7,060,000 2,572,530 2025-2029 8,585,000 1,078,749 Totals 21,610,000 $ 7,355,559 $ Noncommitment Debt – Special Service Area Bonds The special service area bonds outstanding as of December 31, 2014 totaled $349,215. These bonds are not an obligation of the Village and are secured by the levy of special debt service on the real property within each 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. 69 Village of Glenview, Illinois Notes to Financial Statements December 31, 2014 Note 6. Long-Term Debt (Continued) Compensated Absences and Other Postemployment Benefits The General Fund is used to liquidate any liability for compensated absences or other postemployment benefits of governmental activities. Note 7. Interfund Balances and Transfers Interfund Balances The outstanding balances between funds result mainly from the time lag between the dates that (1) interfund goods and services are provided or reimbursable expenditures occur, (2) transactions are recorded in the accounting system, and (3) payments between funds are made. Interfund balances are intended to be repaid currently from other resources of respective funds. Individual interfund balances at December 31, 2014 are shown as follows: Due to/from Other Funds Primary Government Due From/To Receivable Fund Payable Fund Other Funds Nonmajor Governmental Funds General Fund 13,666 $ Pension Trust Funds General Fund 5,616 Component Unit General Fund 28,963 Total 48,245 $ Component Unit Due From/To Receivable Fund Payable Fund Other Funds Friends of Library Library - General Fund 2,981 $ Advances to/from Other Funds Advance From/To Advance From Advance To Other Funds Special Tax Allocation Fund Village Permanent Fund 15,221,484 $ North Maine Water and Sewer Fund Village Permanent Fund 609,182 Total 15,830,666 $ 70 Village of Glenview, Illinois Notes to Financial Statements December 31, 2014 Note 7. Interfund Balances and Transfers (Continued) Interfund Transfers Transfers are used to (1) move revenues from the fund with collection authorization to the capital project fund or enterprise fund as debt service and interest payments become due, or (2) move restricted general fund revenues to finance various programs that the government must account for in other funds in accordance with budgetary authorization. Interfund transfers are recorded for permanent transfers between funds which are not expected to be repaid. Individual interfund transfers during the fiscal year ended December 31, 2014 were as follows: Primary Government Transfers In Transfers Out Amount General Special Tax Allocation 281,580 $ General Nonmajor Enterprise 300,000 General North Maine Water and Sewer 139,042 Nonmajor Governmental General 2,339,912 Internal Service Village Permanent 193,504 Glenview Sanitary Sewer Village Permanent 805,612 Capital Projects General 8,464,654 Capital Projects Village Permanent 599,237 Capital Projects Nonmajor Enterprise 1,679,898 Capital Projects Internal Service 2,753,670 Internal Service General 7 17,557,116 $ 71 Village of Glenview, Illinois Notes to Financial Statements December 31, 2014 Note 8. Contractual Commitments High-Level Excess Liability Pool (HELP) The Village is a member of a joint venture, the High-Level Excess Liability Pool (HELP). The contract with HELP provides excess liability insurance (see Note 9). Solid Waste Agency of Northern Cook County (SWANCC) The Village is a member of a joint venture, the Solid Waste Agency of Northern Cook County (SWANCC) The contract with SWANCC provides that each member is liable for its proportionate share of any costs arising from defaults in payment obligations by other members (see Note 9). Economic Development Agreement In 2000, the Village entered into an economic development agreement with a local retailer who wished to relocate its operations to the Village. Under the terms of the agreement, the Village will rebate a portion of local sales tax receipts generated by the retailer over a base amount. The agreement is contingent on the retailer maintaining their facility within the Village for a period of at least fifteen years from the effective date of the agreement. In fiscal year 2014, the Village made payments to the retailer totaling $1,545,607 in accordance with the terms of this agreement. In June 2014, a retailer finished construction of a new multi-vehicle brand dealership and opened its operation in the Village. Under an economic incentive agreement entered into by the Village and the retailer, every year upon the generation of a minimum amount of gross revenue through sales a portion of the local sales tax receipts received by the Village is rebated back to the retailer. Fiscal year 2014 is the first year sales tax rebates have been earned and they approximate $235,000. Construction Commitments The Village has certain contracts in various funds for construction projects which were in progress at December 31, 2014. Remaining commitments under these contracts approximated $6,388,596. Note 9. Joint Ventures High-Level Excess Liability Pool (HELP) The Village has committed to purchase excess liability insurance from the High-Level Excess Liability Pool (HELP). The amount owed has been calculated using the Village's current allocation percentage of 9.19%. In future years, this allocation percentage will be subject to change because the HELP agreement provides that each member will be assessed an amount based upon a formula that uses the following criteria for allocating premium costs. - Miles of streets - Number of motor vehicles - Number of full-time equivalent employees - Operating revenues The Village's agreement with HELP also provides that each member is liable for its proportionate share of any costs arising from defaults in payment obligations by other members. (See Note 5 for more detail regarding HELP.) 72 Village of Glenview, Illinois Notes to Financial Statements December 31, 2014 Note 9. Joint Ventures (Continued) Solid Waste Agency of Northern Cook County The Village is a member of Solid Waste Agency of Northern Cook County (SWANCC), which consists of twenty-three municipalities. SWANCC is a municipal corporation and public body politic 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. The members form a contiguous geographic service area, which is located northwest of downtown Chicago. Under the SWANCC Agreement, additional members may join SWANCC upon the approval of each member. 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 seven-member Executive Committee of SWANCC is elected 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 by-laws, rules and regulations, and exercises such powers and performs such duties as may be prescribed in the agreement or the by-laws. In accordance with the joint venture agreement, the Village remitted $622,731 to SWANCC for the year ended December 31, 2014. The payments are recorded in the General Fund. The Village does not have an equity interest in SWANCC at December 31, 2014. Complete financial statements for SWANCC can be obtained from SWANCC's administrative office at 2700 Patriot Boulevard, Suite 110, Glenview, Illinois 60026, or from SWANCC's web site, www.swancc.org. Note 10. Employee Retirement Systems Illinois Municipal Retirement Fund Plan Description The Village's defined benefit pension plan, for regular employees, provides retirement and disability benefits, postretirement increases, and death benefits to plan members and beneficiaries. The employer plan is affiliated with the Illinois Municipal Retirement Fund (IMRF), an agent multiple-employer plan. Benefit provisions are established by statute and may only be changed by the General Assembly of the State of Illinois. IMRF issues a publicly available financial report that includes financial statements and required supplementary information. That report may be obtained online at www.imrf.org. 73 Village of Glenview, Illinois Notes to Financial Statements December 31, 2014 Note 10. Employee Retirement Systems (Continued) Illinois Municipal Retirement Fund (Continued) Funding Policy As set by state statute, the Village's regular plan members are required to contribute 4.50 percent of their annual covered salary. The statute requires the Village to contribute the amount necessary, in addition to member contributions, to finance the retirement coverage of its own employees. The Village’s annual required contribution rate for calendar year 2014 was 13.96 percent. The Village also contributes for disability benefits, death benefits, and supplemental retirement benefits, all of which are pooled at the IMRF level. Contribution rates for disability and death benefits are set by the IMRF Board of Trustees, while the supplemental retirement benefits rate is set by state statute. Annual Pension Cost The Village’s required contribution and annual pension cost for calendar year 2014 was $2,255,134. Three-Year Trend Information for the Regular Plan – Illinois Municipal Retirement Fund Fiscal Annual Percentage Net Year Pension of APC Pension Ending Cost (APC)Contributed Obligation 12/31/14 2,255,134 $ 100 %-$ 12/31/13 2,243,915 100 - 12/31/12 2,004,351 100 - The required contribution for 2014 was determined as part of the December 31, 2012 actuarial valuation using the entry age normal actuarial cost method. The actuarial assumptions at December 31, 2012 included (a) 7.5 percent investment rate of return (net of administrative and direct investment expenses), (b) projected salary increases of 4.0 percent a year, attributable to inflation, (c) additional projected salary increases ranging from 0.4 percent to 10.0 percent per year depending on age and service, attributable to seniority/merit, and (d) postretirement benefit increases of 3 percent annually. The actuarial value of the Village regular plan assets was determined using techniques that spread the effects of short-term volatility in the market value of investments over a five-year period with a 20 percent corridor between the actuarial and market value of assets. The employer regular plan's unfunded actuarial accrued liability at December 31, 2012 is being amortized as a level percentage of projected payroll on an open 29-year basis. Funded Status and Funding Progress As of December 31, 2014, the most recent actuarial valuation date, the regular plan was 72.15 percent funded. The actuarial accrued liability for benefits was $50,100,683 and the actuarial value of assets was $36,146,903, resulting in an underfunded actuarial accrued liability (UAAL) of $13,953,780. The covered payroll for calendar year 2014 (annual payroll of active employees covered by the plan) was $16,154,258, and the ratio of the UAAL to covered payroll was 86 percent. 74 Village of Glenview, Illinois Notes to Financial Statements December 31, 2014 Note 10. Employee Retirement Systems (Continued) Illinois Municipal Retirement Fund (Continued) Funded Status and Funding Progress (Continued) The schedule of funding progress, presented as Required Supplementary Information following the notes to the financial statements, presents multiyear trend information about whether the actuarial value of plan assets is increasing or decreasing over time relative to the actuarial accrued liability for benefits. Police Pension Fund – GASB Statement No. 67 Disclosures Summary of Significant Accounting Policies Basis of Accounting: The financial statements are prepared using the accrual basis of accounting. Employee and employer contributions are recognized as revenues in the period in which employee services are performed. Benefits and refunds are recognized when due and payable in accordance with the terms of the plan. Administrative costs are financed through investment earnings. No stand-alone statements are issued for the defined benefit pension plan. Due to the fact that the Police Pension Plan does not issue stand-alone statements, the Village is required to report the implementation requirements related to GASB Statement No. 67, Financial Reporting for Pension Plans, for the year ending December 31, 2014. Plan Description Plan administration: Police-sworn personnel are covered by the Police Pension Plan, which is a defined benefit single-employer pension plan administered by the Village of Glenview. Although this is a single-employer pension plan, the defined benefits and employee and employer contribution levels are governed by Article 3 of the Illinois Pension Code and may be amended only by the Illinois legislature. The Village accounts for the plan as a pension trust fund. An actuarial valuation was performed as of December 31, 2014, and, accordingly, the most recent available information has been presented. Management of the Police Pension Plan is vested in the Police Pension Board which consists of five members, two members are elected from and by the active police, one is elected from and by the beneficiaries and two are appointed by the Village President with the approval of the Village Board of Trustees. There have been no changes in the makeup of the Board during fiscal year 2014. Plan Membership: At December 31, 2014, the Police Pension Plan membership consisted of: Membership Inactive Plan members or beneficiaries currently receiving benefits 53 Inactive Plan members entitled to but not yet receiving benefits - Active Plan members 72 Total membership 125 75 Village of Glenview, Illinois Notes to Financial Statements December 31, 2014 Note 10. Employee Retirement Systems (Continued) Police Pension Fund – GASB Statement No. 67 Disclosures (Continued) Plan Description (Continued) Benefits provided: The Illinois Pension Code (40 ILCS 5/Art. 3) is the authority under which pension benefit terms are established. The Police Pension Plan provides retirement benefits as well as death and disability benefits. Covered employees hired before January 1, 2011 attaining the age of 50 or more with 20 or more years of creditable service are entitled to receive an annual retirement benefit equal to one half of the salary attached to the rank held on the last day of service, or for one year prior to the last day, whichever is greater. The annual benefit shall be increased by 2.5% of such salary for each additional year of service over 20 years up to 30 years, and 1% of such salary for each additional year of service over 30 years, to a maximum of 75% of such salary. Covered employees hired on or after January 1, 2011 attaining the age of 55 or more with 10 or more years of creditable service are entitled to receive an annual retirement benefit of 2.5% of final average salary for each year of service, with a maximum salary cap of $106,800 as of January 1, 2011. The maximum salary cap increases each year thereafter. The monthly benefit of a police officer hired before January 1, 2011, who retired with 20 or more years of services after January 1, 1977 shall be increased annually, following the first anniversary date of retirement and be paid upon reaching the age of at least 55 years, by 3% of the original pension and 3% compounded annually thereafter. The monthly pension of a police officer hired on or after January 1, 2011, shall be increased annually, following the later of the first anniversary date of retirement or the month following the attainment of age 60, but the lessor of 3% or one half of the consumer price index. 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 benefit. Contributions: Covered employees are required to contribute 9.91% of their base salary to the plan. If an employee leaves covered employment with less than 20 years of service, accumulated employee contributions may be refunded without accumulated interest. The Illinois Pension Code (40 ILCS 5/Art. 3) establishes the contribution requirements of the Village. The annual requirement is equal to (1) the normal cost of the pension fund for the year plus (2) an amount sufficient to bring the total assets of the pension fund up to 90% of the actuarial liabilities of the pension fund by December 31, 2040. Only the State legislature can amend the contribution requirements. For the year ended December 31, 2014, the statutory minimum which the Village was required to contribute was $1,741,128, or 25.21% of member payroll, to the Police Pension Fund. Investments Investment policy: The pension plan’s policy in regard to the allocation of invested assets is established and may be amended by the Police Pension Board by a majority vote of its members. It is the policy of the Police Pension Board to pursue an investment strategy that minimizes risk through the prudent diversification of the portfolio across a broad selection of distinct asset classes. The pension plan’s investment policy discourages the use of cash equivalents, except for liquidity purposes, and aims to refrain from dramatically shifting asset class allocations over short time spans. See Note 2 for more details on the Police Pension’s investment policy. The following is the Board’s adopted asset allocation policy as of December 31, 2014: 76 Village of Glenview, Illinois Notes to Financial Statements December 31, 2014 Note 10. Employee Retirement Systems (Continued) Police Pension Fund – GASB Statement No. 67 Disclosures (Continued) Investments (Continued) Target Asset Class Asset Allocation Cash and Cash equivalents 0% Fixed Income 55% Equities 45% 100% The long-term expected rate of return on pension plan investments was determined using a building-block method. The best estimate of future real rates of return are developed for each of the major asset classes. Future real rates of return are weighted based on the target asset allocation as adopted by the Board within the investment policy. Expected inflation is added back in. Adjustment is made to reflect geometric returns. The following are the expected long-term expected arithmetic real rates of return by asset class as of December 31, 2014: Target Long-Term Long-Term Long-Term Asset Allocation Expected Rate Inflation Expected Real Asset Class in Asset Class of Return Expectations Rate of Return Cash and Cash equivalents N/A 2.00%2.00%0.00% Fixed Income: US Treasury Bills N/A 2.70%2.00%0.70% US Short-Term Obligations N/A 3.60%2.00%1.60% US Long-Term Obligations N/A 4.20%2.00%2.20% Municipal Obligations N/A 3.10%2.00%1.10% Equities: International Equities 15% - 30%8.40%2.00%6.40% US Large-Cap Equities 30% - 70%8.50%2.00%6.50% US Mid-Cap Equities 15% - 45%9.10%2.00%7.10% US Small-Cap Equities 15% - 45%9.70%2.00%7.70% Method used to value investments: Investments are reported at fair value. Short-term investments are reported at cost, which approximates fair value. Securities traded on a national or international exchange are valued at the last reported sales price at current exchange rates. Investments that do not have an established market are reported at estimated fair value. Significant Investments Information on significant investments is presented in Note 2 under “Concentration of Credit Risk.” 77 Village of Glenview, Illinois Notes to Financial Statements December 31, 2014 Note 10. Employee Retirement Systems (Continued) Police Pension Fund – GASB Statement No. 67 Disclosures (Continued) Investments (Continued) Rate of return: For the year ended December 31, 2014, the annual money-weighted rate of return on pension plan investments, net of pension plan investment expense, was 4.58 percent. The money-weighted rate of return expresses investment performance, net of investment expense, adjusted for the changing amounts actually invested. Net Pension Liability of the Village The components of the net pension liability of the Village at December 31, 2014, are as follows: Total pension liability 90,784,088 $ Plan fiduciary net position 64,203,613 Village's net pension liability 26,580,475 $ Plan fiduciary net position as a percentage of the total pension liability 70.72% The total pension liability was determined by an actuarial valuation as of December 31, 2014, using the following methods and actuarial assumptions, applied to all periods included in the measurement: Methods and Assumptions Valuation date December 31, 2014 Actuarial cost method Entry Age Normal Amortization method Level Percentage of Payroll Closed Discount Rate used for the Total Pension Liability 6.44% Long-Term Expected Rate of Return on Plan Assets 7.00% High Quality 20-Year Tax-Exempt G.O. Bond Rate (based on the Bond Buyer 20-Bond GO Index)3.56% Projected Individual Salary Increases 5.00 - 8.00% Projected Increase in Total Payroll 4.00% Consumer Price Index (Utilities)2.50% Inflation Rate Included 2.50% Mortality Table Lauterbach & Amen (L&A) 2012 Illinois Police Retirement Rates L&A 2012 Illinois Police 100% Capped at age 65 Disability Rates L&A 2012 Illinois Police 100% Termination Rates L&A 2012 Illinois Police 100% Percent Married 80% The actuarial assumptions used in the December 31, 2014 valuation were based on the results of an actuarial assumption study for the period including various municipal fiscal years ending 2005 – 2010. 78 Village of Glenview, Illinois Notes to Financial Statements December 31, 2014 Note 10. Employee Retirement Systems (Continued) Police Pension Fund – GASB Statement No. 67 Disclosures (Continued) Net Pension Liability of the Village (Continued) The study was performed by Lauterbach and Amen LLP (L&A), which provides a variety of actuarial and other services to Police and Firefighter Pension Funds across the State of Illinois. Discount rate: The discount rate used to measure the total pension liability is 6.44 percent. The projection of cash flows used to determine the discount rate assumed that plan member contributions will be made at the current contribution rate and that Village contributions will be made at rates equal to the difference between actuarially determined contribution rates and the member rate. Cash flow projections are used to determine the extent to which the Plan’s future net position will be able to cover future benefit payments. To the extent future benefit payments are covered by the Plan’s projected net position, the expected long-term rate of return on plan assets is used to determine the portion of the net pension liability associated with those payments. To the extent future benefit payments are not covered by the Plan’s projected net position, the municipal bond rate is used to determine the portion of the net pension liability associated with those payments. The Plan’s projected net position is expected to cover future benefit payments in full for the current members for the next 43 years. Therefore, the long-term expected rate of return on pension plan assets was applied only to those years and for the remaining years the municipal bond rate was used. Sensitivity of the net pension liability to changes in the discount rate: The following presents the net pension liability of the Village, calculated using the discount rate of 6.44 percent, as well as what the Villages net pension liability would be if it were calculated using a discount rate that is 1-percentage-point lower (5.44 percent) or 1-percentage-point higher (7.44 percent) than the current rate. 1% Decrease (5.44%) Current Discount Rate (6.44%) 1% Increase (7.44%) Village's net pension liability 39,483,199 $ 26,580,475 $ 15,950,850 $ The schedule of changes in net pension liability, total pension liability and related ratios and investment returns and the schedule of contributions are presented as Required Supplementary Information (RSI) following the notes to the financial statements. 79 Village of Glenview, Illinois Notes to Financial Statements December 31, 2014 Note 10. Employee Retirement Systems (Continued) Police Pension Fund – GASB Statement No. 27 Disclosures The following discussions are specific to the Village’s current year financial statements and differ, in certain respects, from those presented on previous pages, which were included as part of the implementation of GASB 67 at the Pension Plan level. Effective for fiscal years ending on or after December 31, 2015, the following disclosures will no longer apply to the Village’s financial statements, due to the required implementation of GASB Statement No. 68, Accounting and Financial Reporting for Pensions, as discussed in Note 15. Annual Pension Cost and Net Pension Benefit The Village's most recent actuarial valuation done in accordance with GASB Statement No. 27 was performed as of January 1, 2014 for fiscal year ending December 31, 2014. The Village's annual pension cost and net pension asset were as follows: Annual required contribution 1,921,637 $ Interest on net pension obligation (105,875) Adjustment to annual required contribution 72,579 Annual pension cost 1,888,341 Contributions made 1,953,494 Increase in net pension asset 65,153 Net pension asset at January 1, 2014 1,512,500 Net pension asset at December 31, 2014 1,577,653 $ Trend Information Three-Year Trend Information – Police Pension Trust Fund Fiscal Annual Percentage Year Pension Actual of APC Net Pension Ending Cost (APC)Contribution Contributed Asset 12/31/14 1,888,341 $ 1,953,494 $ 103.45 %1,577,653 $ 12/31/13 1,562,006 1,632,373 104.50 1,512,500 12/31/12 1,564,925 1,812,692 115.83 1,442,133 80 Village of Glenview, Illinois Notes to Financial Statements December 31, 2014 Note 10. Employee Retirement Systems (Continued) Police Pension Fund – GASB Statement No. 27 Disclosures (Continued) Funding Status and Funding Progress Valuation date January 1, 2014 Percent funded 82.02% Actuarial accrued liability for benefits $73,926,134 Actuarial value of assets $60,632,931 Unfunded actuarial accrued liability (UAAL) $13,293,203 Covered payroll (annual payroll of active employees covered by the Plan $6,760,629 Ratio of UAAL covered payroll 196.63% The schedule of funding progress presented in the Required Supplementary Information (RSI) following the notes the financial statements, presents multiyear trend information about whether the actuarial value of plan assets are increasing or decreasing over time relative to the actuarial accrued liability for benefits. 81 Village of Glenview, Illinois Notes to Financial Statements December 31, 2014 Note 10. Employee Retirement Systems (Continued) Police Pension Fund – GASB Statement No. 27 Disclosures (Continued) Methods and Assumptions Valuation date January 1, 2014 Actuarial cost method Projected Unit Credit (Effective 1/1/2011) Actuarial value of assets 5 Year Smoothed Market Value Amortization method Level Percentage of Payroll Closed Remaining amortization period 27 Years Actuarial assumptions: Investment rate of return 7.00% per year Projected salary increases TCG Basic Salary Table providing graded increases from 1.12% to 4.86% varying by age, plus inflation rate shown below Payroll growth 4.0% per year Inflation rate 2.5% per year Cost of living increases 2.5% per year Assumed mortality RP-2000 Combined Healthy Mortality Table (male) with blue collar adjustment and with a 200% load for participants under age 50 and 125% for participants age 50 and over. 82 Village of Glenview, Illinois Notes to Financial Statements December 31, 2014 Note 10. Employee Retirement Systems (Continued) Firefighters’ Pension Fund – GASB Statement No. 67 Disclosures Summary of Significant Accounting Policies Basis of Accounting: The financial statements are prepared using the accrual basis of accounting. Employee and employer contributions are recognized as revenues in the period in which employee services are performed. Benefits and refunds are recognized when due and payable in accordance with the terms of the plan. Administrative costs are financed through investment earnings. No stand-alone statements are issued for the defined benefit pension plan. Due to the fact that the Firefighters’ Pension Plan does not issue stand-alone statements, the Village is required to report the implementation requirements related to GASB Statement No. 67, Financial Reporting for Pension Plans, for the year ending December 31, 2014. Plan Description Plan administration: Sworn firefighter personnel are covered by the Firefighters' Pension Plan, which is a defined benefit single-employer pension plan administered by the Village of Glenview. Although this is a single-employer pension plan, the defined benefits and employee and employer contribution levels are governed by Article 4 of the Illinois Pension Code and may be amended only by the Illinois legislature. The Village accounts for the plan as a pension trust fund. The Village's most recent actuarial valuation was performed as of December 31, 2014, and, accordingly, the most recent available information has been presented. Management of the Firefighters’ Pension Plan is vested in the Firefighters’ Pension Board which consists of five members, two members are elected from and by active firefighters, one elected from and by the beneficiaries and two appointed by the Village President. There have been no changes in the makeup of the Board during fiscal year 2014. Plan Membership: At December 31, 2014, the Firefighters’ Pension Plan membership consisted of: Membership Inactive Plan members or beneficiaries currently receiving benefits 82 Inactive Plan members entitled to but not yet receiving benefits 2 Active Plan members 80 Total membership 164 83 Village of Glenview, Illinois Notes to Financial Statements December 31, 2014 Note 10. Employee Retirement Systems (Continued) Firefighters’ Pension Fund – GASB Statement No. 67 Disclosures (Continued) Plan Description (Continued) Benefits provided: The Illinois Pension Code (40 ILCS 5/Art. 4) is the authority under which pension benefit terms are established. The Firefighters' Pension Plan provides retirement benefits as well as death and disability benefits. Covered employees hired before January 1, 2011 attaining the age of 50 or more with 20 or more years of creditable service are entitled to receive an annual retirement benefit equal to one half of the salary attached to the rank held on the last day of service, or for one year prior to the last day, whichever is greater. The annual benefit shall be increased by 2.5% of such salary for each additional year of service over 20 years up to 30 years, and 1% of such salary for each additional year of service over 30 years, to a maximum of 75% of such salary. Covered employees hired on or after January 1, 2011 attaining the age of 55 or more with 10 or more years of creditable service are entitled to receive an annual retirement benefit of 2.5% of final average salary for each year of service, with a maximum salary cap of $106,800 as of January 1, 2011. The maximum salary cap increases each year thereafter. The monthly benefit of a police officer hired before January 1, 2011, who retired with 20 or more years of service after January 1, 1977 shall be increased annually, following the first anniversary date of retirement and be paid upon reaching the age of at least 55 years, by 3% of the original pension and 3% compounded annually thereafter. The monthly pension of a police officer hired on or after January 1, 2011, shall be increased annually, following the later of the first anniversary date of retirement or the month following the attainment of age 60, but the lessor of 3% or one half of the consumer price index. 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 benefit. Contributions: Covered firefighter employees are required to contribute 9.455% of their base salary to the plan. If an employee leaves covered employment with less than 20 years of service, accumulated employee contributions may be refunded without accumulated interest. The Illinois Pension Code (40 ILCS 5/Art. 4) establishes the contribution requirements of the Village. The annual requirement is equal to (1) the normal cost of the pension fund or 7.5% of the salaries and wages to be paid to firefighters for the year involved, whichever is greater, plus (2) an annual amount sufficient to bring the total assets of the pension fund up to 90% of the total actuarial liabilities of the pension fund by December 31, 2040. Only the State legislature can amend the contribution requirements. For the year ended December 31, 2014, the statutory minimum which the Village was required to contribute was $2,308,767, or 29.36% of member payroll, to the Firefighters’ Pension Fund. Investments Investment policy: The pension plan’s policy in regard to the allocation of invested assets is established and may be amended by the Firefighters’ Pension Board by a majority vote of its members. It is the policy of the Firefighters’ Pension Board to pursue an investment strategy that minimizes risk through the prudent diversification of the portfolio across a broad selection of distinct asset classes. The pension plan’s investment policy discourages the use of cash equivalents, except for liquidity purposes, and aims to refrain from dramatically shifting asset class allocations over short time spans. See Note 2 for more details on the Firefighters’ Pension’s investment policy. The following is the Board’s adopted asset allocation policy as of December 31, 2014: 84 Village of Glenview, Illinois Notes to Financial Statements December 31, 2014 Note 10. Employee Retirement Systems (Continued) Firefighters’ Pension Fund – GASB Statement No. 67 Disclosures (Continued) Investments (Continued) Target Asset Class Asset Allocation Cash and Cash equivalents 0% Fixed Income 50% Equities 50% 100% The long-term expected rate of return on pension plan investments was determined using a building-block method. The best estimate of future real rates of return are developed for each of the major asset classes. Future real rates of return are weighted based on the target asset allocation as adopted by the Board within the investment policy. Expected inflation is added back in. Adjustment is made to reflect geometric returns. The following are the expected long-term expected arithmetic real rates of return by asset class as of December 31, 2014: Target Long-Term Long-Term Long-Term Asset Allocation Expected Rate Inflation Expected Real Asset Class in Asset Class of Return Expectations Rate of Return Cash and Cash equivalents N/A 3.18%3.18%0.00% Fixed Income N/A 5.30%3.18%2.12% Equities US Large-Cap Equities 70%10.10%3.18%6.92% US Small-Cap Equities 20%11.70%3.18%8.52% International Equities 10%10.80%3.18%7.62% Method used to value investments: Investments are reported at fair value. Short-term investments are reported at cost, which approximates fair value. Securities traded on a national or international exchange are valued at the last reported sales price at current exchange rates. Investments that do not have an established market are reported at estimated fair value. Significant Investments Information on significant investments is presented in Note 2 under “Concentration of Credit Risk.” Rate of return: For the year ended December 31, 2014, the annual money-weighted rate of return on pension plan investments, net of pension plan investment expense, was 6.95 percent. The money-weighted rate of return expresses investment performance, net of investment expense, adjusted for the changing amounts actually invested. 85 Village of Glenview, Illinois Notes to Financial Statements December 31, 2014 Note 10. Employee Retirement Systems (Continued) Firefighters’ Pension Fund – GASB Statement No. 67 Disclosures (Continued) Net Pension Liability of the Village The components of the net pension liability of the Village at December 31, 2014, are as follows: Total pension liability 104,280,202 $ Plan fiduciary net position 65,326,017 Village's net pension liability 38,954,185 $ Plan fiduciary net position as a percentage of the total pension liability 62.64% The total pension liability was determined by an actuarial valuation as of December 31, 2014, using the following methods and actuarial assumptions, applied to all periods included in the measurement: Methods and Assumptions Valuation date December 31, 2014 Actuarial cost method Entry Age Normal Amortization method Level Percentage of Payroll Closed Discount Rate used for the Total Pension Liability 7.25% Long-Term Expected Rate of Return on Plan Assets 7.25% High Quality 20-Year Tax-Exempt G.O. Bond Rate (based on the Bond Buyer 20-Bond GO Index)3.56% Projected Individual Salary Increases 4.25 - 10.00% Projected Increase in Total Payroll 4.50% Consumer Price Index (Utilities)3.00% Inflation Rate Included 3.00% Mortality Table Lauterbach & Amen (L&A) 2012 Illinois Firefighters' Retirement Rates L&A 2012 Illinois Firefighters' Capped at age 65 Disability Rates L&A 2012 Illinois Firefighters' 100% Termination Rates L&A 2012 Illinois Firefighters' 100% Percent Married 80% The actuarial assumptions used in the December 31, 2014 valuation were based on the results of an actuarial assumption study for the period including various municipal fiscal years ending 2005 – 2010. The study was performed by Lauterbach and Amen LLP (L&A), which provides a variety of accounting and actuarial services to Police and Firefighter Pension Funds across the State of Illinois. 86 Village of Glenview, Illinois Notes to Financial Statements December 31, 2014 Note 10. Employee Retirement Systems (Continued) Firefighters’ Pension Fund – GASB Statement No. 67 Disclosures (Continued) Net Pension Liability of the Village (Continued) Discount rate: The discount rate used to measure the total pension liability is 7.25 percent. The projection of cash flows used to determine the discount rate assumed that plan member contributions will be made at the current contribution rate and that Village contributions will be made at rates equal to the difference between actuarially determined contribution rates and the member rate. Cash flow projections are used to determine the extent to which the Plan’s future net position will be able to cover future benefit payments. To the extent future benefit payments are covered by the Plan’s projected net position, the expected long- term rate of return on plan assets is used to determine the portion of the net pension liability associated with those payments. To the extent future benefit payments are not covered by the Plan’s projected net position, the municipal bond rate is used to determine the portion of the net pension liability associated with those payments. The Plan’s projected net position is expected to cover future benefit payments in full for the current members. Therefore, the long-term expected rate of return on pension plan assets was applied to all periods of projected benefit payments to determine the total pension liability. Sensitivity of the net pension liability to changes in the discount rate: The following presents the net pension liability of the Village, calculated using the discount rate of 7.25 percent, as well as what the Villages net pension liability would be if it were calculated using a discount rate that is 1-percentage-point lower (6.25 percent) or 1-percentage-point higher (8.25 percent) than the current rate. 1% Decrease (6.25%) Current Discount Rate (7.25%) 1% Increase (8.25%) Village's net pension liability 52,347,298 $ 38,954,185 $ 27,813,818 $ The schedule of changes in net pension liability, total pension liability and related ratios and investment returns and the schedule of contributions are presented as Required Supplementary Information (RSI) following the notes to the financial statements. 87 Village of Glenview, Illinois Notes to Financial Statements December 31, 2014 Note 10. Employee Retirement Systems (Continued) Firefighters’ Pension Fund – GASB Statement No. 27 Disclosures The following discussions are specific to the Village’s current year financial statements and differ, in certain respects, from those presented on previous pages, which were included as part of the implementation of GASB 67 at the Firefighters’ Pension Plan level. Effective for fiscal years ending on or after December 31, 2015, the following disclosures will no longer apply to the Village’s financial statements, due to the required implementation of GASB Statement No. 68, Accounting and Financial Reporting for Pensions, as discussed in Note 15. Annual Pension Cost and Net Pension Benefit The Village's most recent actuarial valuation in accordance with GASB Statement No. 27 was performed as of January 1, 2013. The Village's annual pension cost and net pension asset were as follows: Annual required contribution 2,786,566 $ Interest on net pension obligation (165,973) Adjustment to annual required contribution 146,026 Annual pension cost 2,766,619 Contributions made 3,134,768 Decrease in net pension asset 368,149 Net pension asset at January 1, 2014 2,289,283 Net pension asset at December 31, 2014 2,657,432 $ Trend Information Three-Year Trend Information - Firefighters' Pension Trust Fund Fiscal Annual Percentage Year Pension Actual of APC Net Pension Ending Cost (APC)Contribution Contributed Asset 12/31/14 2,766,619 $ 3,134,768 $ 113.31 %2,657,432 $ 12/31/13 2,410,150 3,116,164 129.29 2,289,283 12/31/12 2,416,275 2,926,010 121.10 1,583,269 88 Village of Glenview, Illinois Notes to Financial Statements December 31, 2014 Note 10. Employee Retirement Systems (Continued) Firefighters’ Pension Fund-GASB Statement No. 27 Disclosures (Continued) Funding Status and Funding Progress Valuation date January 1, 2013 Percent funded 72.53% Actuarial accrued liability for benefits $ 77,020,861 Actuarial value of assets $ 55,863,978 Unfunded actuarial accrued liability (UAAL) $ 21,156,883 Covered payroll (annual payroll of active employees covered by the Plan) $ 7,775,957 Ratio of UAAL Covered Payroll 272.08% The schedule of funding progress presented in the Required Supplementary Information (RSI) following the notes to the financial statements, presents multiyear trend information about whether the actuarial value of plan assets are increasing or decreasing over time relative to the actuarial accrued liability for benefits. 89 Village of Glenview, Illinois Notes to Financial Statements December 31, 2014 Note 10. Employee Retirement Systems (Continued) Firefighters’ Pension Fund – GASB Statement No. 27 Disclosures (Continued) Methods and Assumptions Valuation date January 1, 2013 Actuarial cost method Projected Unit Credit Actuarial value of assets 5 Year Smoothed Market Value Amortization method Level Percentage of Payroll Closed Remaining amortization period 27 Years Actuarial assumptions: Investment rate of return 7.25% per year Projected salary increases (seniority and merit) TCG Basic Salary Table providing graded increases from 1.12% to 4.86% varying by age, plus inflation rate shown below Payroll growth 4.5% per year Inflation rate 2.5% per year Cost of living increases 2.5% per year Assumed mortality RP-2000 Combined Healthy Mortality Table (male) with blue collar adjustment and with a 200% load for participants under age 50 and 125% for participants age 50 and over. 90 Village of Glenview, Illinois Notes to Financial Statements December 31, 2014 Note 11. Other Postemployment Benefits (OPEB) Plan Description The Village provides postemployment health care and life insurance benefits (OPEB) for retired employees through a single-employer defined benefit plan. The benefits, benefit levels, employee contributions, and employer contributions are governed by the Village and can be amended by the Village through its personnel manual and union contracts. The plan is not accounted for as a trust fund, as an irrevocable trust has not been established to account for the plan. The plan does not issue a separate report. To be eligible for benefits under the plan, an employee must qualify for retirement under one of the Village's retirement plans. Elected officials are eligible for benefits if they qualify for retirement through the Illinois Municipal Retirement Fund. All health care benefits are provided through the Village's self-insured health plan. The benefit levels are the same as those afforded to active employees. Benefits include general inpatient and outpatient medical services; mental, nervous, and substance abuse care; vision care; dental care; and prescriptions. Upon a retiree reaching Medicare eligible age, Medicare becomes the primary insurer and the Village's plan becomes secondary. At December 31, 2014, membership in the Plan consisted of the following: Membership Retirees and beneficiaries receiving benefits 104 Active Participants 307 Total membership 411 Funding Policy The Village negotiates the contribution percentages between the Village and employees through the union contracts and personnel policy. All retirees contribute 100% of the actuarially determined premium to the plan and the Village contributes the remainder to cover the cost of providing the benefits to the retirees via the self-insurance plan (pay-as-you-go). Since the Village is self-insured, this amount fluctuates on an annual basis. Active employees do not contribute to the plan until retirement. 91 Village of Glenview, Illinois Notes to Financial Statements December 31, 2014 Note 11. Other Postemployment Benefits (OPEB) (Continued) Annual OPEB Cost and Net OPEB Obligation The Village's most recent actuarial valuation was performed for the plan as of December 31, 2013. The Village's annual other postemployment benefit (OPEB) cost is calculated based on the annual required contribution (ARC) of the employer. The contribution represents a level of funding that, if paid on an ongoing basis, is projected to cover the normal cost each year and to amortize any unfunded actuarial liabilities or funding excess over a period not to exceed thirty years. The following table shows the components of the Village's annual OPEB cost for the year, the amount actually contributed to the plan, and changes in the Village's net OPEB obligation for retired employees as of December 31, 2014. Annual required contribution 963,025 $ Interest on net pension obligation 85,725 Adjustment to annual required contribution (71,524) Annual OPEB cost 977,226 Contributions made 398,079 Increase in net OPEB Obligation 579,147 Net OPEB obligation at January 1, 2014 1,714,494 Net OPEB obligation at December 31, 2014 2,293,641 $ Trend Information The Village's annual OPEB Cost, the percentage of annual OPEB cost contributed to the Plan, and the net OPEB obligation for fiscal year 2014 is as follows: Fiscal Annual Percentage Net Year OPEB of OPEB OPEB Ending Cost Contributed Obligation 12/31/14 977,226 $ 40.74 %2,293,641 $ 12/31/13 949,225 41.00 1,714,494 12/31/12 578,966 59.00 1,154,478 Funding Policy and Actuarial Assumptions Actuarial valuations of an ongoing plan involve estimates of the value of reported amounts and assumptions about the probability of occurrence of events far into the future. Examples include assumptions about future employment, mortality, and the healthcare cost trend. Amounts determined regarding the funded status of the Plan and the annual required contributions of the employer are subject to continual revision as actual results are compared with past expectations and new estimates are made about the future. 92 Village of Glenview, Illinois Notes to Financial Statements December 31, 2014 Note 11. Other Postemployment Benefits (OPEB) (Continued) Funding Policy and Actuarial Assumptions (continued) Projections of benefits for financial reporting purposes are based on the substantive plan (the plan as understood by the employer and the plan members) and include the types of benefits provided at the time of each valuation and the historical pattern of sharing of benefit costs between the employer and the plan members to that point. The actuarial methods and assumptions used include techniques that are designed to reduce the effects of short-term volatility in actuarial accrued liabilities and the actuarial value of assets, consistent with the long-term perspective of the calculations. The following simplifying assumptions were made: Actuarial valuation date December 31, 2013 Actuarial cost method Entry Age Normal Amortization method Level dollar, open Amortization period 30 years Asset valuation method Market Actuarial assumptions: Investment rate of return* Projected salary increases Healthcare inflation rate 5.00% 3.50% 9.00% initial 5.00% ultimate Assumed Mortality RP – 2000 Mortality Table - Projected to 2013 Combined Table Percentage of active employees Assumed to elect benefit 75% Employer provided benefit Explicit (eligible disabled pensioners): 100% of premium for life Implicit: Age adjust at every age *Includes inflation at 2.50% 93 Village of Glenview, Illinois Notes to Financial Statements December 31, 2014 Note 11. Other Postemployment Benefits (OPEB) (Continued) Funding Status and Funding Progress The funded status of the plan as of December 31, 2013, the date of the latest valuation, was as follows: Actuarial Accrued Liability (AAL) $ 10,130,708 Actuarial Value of Plan Assets $ - Unfunded Actuarial Accrued Liability (UAAL) $ 10,130,708 Funded ratio (actuarial value of plan assets/AAL) 0.00% Covered payroll (active plan members) $ 25,641,149 UAAL as a percentage of covered payroll 39.51% The schedule of funding progress presented in the Required Supplementary Information (RSI) following the notes to the financial statements, presents multiyear trend information about whether the actuarial value of plan assets is increasing or decreasing over time relative to the actuarial accrued liability for benefits. Note 12. Pension Trust Funds – Financial Data Schedule of Fiduciary Plan Net Position as of December 31, 2014 Total Police Firefighters'Pension Pension Pension Trust Fund Fund Funds Assets Cash and cash equivalents 1,841,452 $ 708,359 $ 2,549,811 $ Investments U.S. government and agency obligations 19,510,320 25,148,486 44,658,806 Municipal obligations 228,397 4,538,610 4,767,007 Corporate obligations 8,238,002 - 8,238,002 Equity mutual funds 34,263,480 34,808,892 69,072,372 Accrued interest receivable 125,106 145,778 270,884 Due from other funds 2,172 3,444 5,616 Prepaid expenses 7,338 5,153 12,491 Total assets 64,216,267 65,358,722 129,574,989 Liabilities Accrued expenses 12,654 32,705 45,359 Net Position Restricted for pensions 64,203,613 $ 65,326,017 $ 129,529,630 $ 94 Village of Glenview, Illinois Notes to Financial Statements December 31, 2014 Note 12. Pension Trust Funds – Financial Data (Continued) Schedule of Changes in Fiduciary Plan Net Position as of December 31, 2014 Total Police Firefighters'Pension Pension Pension Trust Fund Fund Funds Additions Contributions Employer 1,953,494 $ 3,134,768 $ 5,088,262 $ Participant 686,942 751,554 1,438,496 Total contributions 2,640,436 3,886,322 6,526,758 Investment income Net appreciation in fair value of investments 135,576 1,889,523 2,025,099 Interest income 2,725,018 2,528,436 5,253,454 Less investment expense (61,160) (143,842) (205,002) Net investment income 2,799,434 4,274,117 7,073,551 Total additions 5,439,870 8,160,439 13,600,309 Deductions Administrative expenses 45,490 44,601 90,091 Retirement pensions 2,864,823 4,107,403 6,972,226 Widow pensions 290,353 298,993 589,346 Disability pensions 119,375 453,447 572,822 Contribution refunds - 2,364 2,364 Total deductions 3,320,041 4,906,808 8,226,849 Change in net position 2,119,829 3,253,631 5,373,460 Net position restricted for pensions Beginning 62,083,784 62,072,386 124,156,170 Ending 64,203,613 $ 65,326,017 $ 129,529,630 $ 95 Village of Glenview, Illinois Notes to Financial Statements December 31, 2014 Note 13. Fund Balance Reporting As of December 31, 2014, the Village’s fund balances were classified as follows: General Fund Special Tax Allocation Fund Village Permanent Fund Capital Projects Fund Nonmajor Governmental Funds Totals Nonspendable: Prepaids -$ 42,070$ -$ -$ -$ 42,070$ Inventory 176,110 - - - - 176,110 Total Nonspendable 176,110 42,070 - - - 218,180 Restricted purpose: Public Safety - - - - 242,008 242,008 Street Improvements - - - - 1,252,349 1,252,349 Economic Development - - - - 912,647 912,647 Capital Projects - - - - 409 409 Total Restricted - - - - 2,407,413 2,407,413 Committed purpose: Capital Project 850,000 - - - - 850,000 Total Committed 850,000 - - - - 850,000 Assigned purpose: Debt Service - - - - 240,978 240,978 Operations 364,276 - - - - 364,276 Capital Projects 5,000,000 - 23,312,877 2,279,448 6,100,424 36,692,749 Total Assigned 5,364,276 - 23,312,877 2,279,448 6,341,402 37,298,003 Total Unassigned 24,306,476 (13,171,320) - - - 11,135,156 Total Fund Balances 30,696,862$ (13,129,250)$ 23,312,877$ 2,279,448$ 8,748,815$ 51,908,752$ Note 14. Contingencies Grants Amounts received or receivable from grantor agencies are subject to audit and adjustment by grantor agencies, principally the federal government. Any disallowed claims, including amounts already collected, may constitute a liability of the applicable funds. The amount, if any, of expenditures which may be disallowed by the grantor cannot be determined at this time. The Village believes such amounts, if any, to be immaterial. Litigation The Village has several pending legal proceedings that, in the opinion of management, are ordinary routine matters incidental to the normal business conducted by the Village. In the opinion of management, the outcome is neither probable nor estimable, and the ultimate dispositions of such proceedings are not expected to have a material adverse effect on the Village's net position or activities. 96 Village of Glenview, Illinois Notes to Financial Statements December 31, 2014 Note 15. New Accounting Pronouncements GASB Statement No. 68, Accounting and Financial Reporting for Pensions, will be effective for the Village beginning with its year ended December 31, 2015. This statement requires governments providing defined benefit pensions to recognize their long-term obligation for pension benefits as a liability for the first time, and to more comprehensively and comparably measure the annual costs of pension benefits. This statement also enhances accountability and transparency through revised and new note disclosures and required supplementary information (RSI). GASB Statement No. 71, Pension Transition for Contributions Made Subsequent to the Measurement Date – an amendment of GASB Statement No. 68. This statement is to improve accounting and financial reporting by addressing an issue in Statement No. 68, Accounting and Financial Reporting for Pensions, concerning transition provisions related to certain pension contributions made to defined benefit pension plans prior to implementation of that Statement by employers and nonemployer contributing entities. The provisions of this Statement should be applied simultaneously with the provisions of GASB Statement No. 68 (FY15). GASB Statement No. 72, Fair Value Measurement and Application, will be effective for the Village beginning with its year ended December 31, 2016. This statement addresses accounting and financial reporting issues related to fair value measurements. The definition of fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. This statement provides guidance for determining a fair value measurement for financial reporting purposes. This statement also provides guidance for applying fair value to certain investments and disclosures related to all fair value measurements. As discussed in Note 10, GASB 68 and 71 will have a material impact on the Village’s financial statements. Management has not currently determined what impact, which GASB Statement No. 72 may have on its financial statements. 97 Village of Glenview, Illinois Notes to Financial Statements December 31, 2014 Note 16. Capital Lease The Village of Glenview owns a parcel of land valued at $1,560,000 which is for the former Dominick’s leased property (1020 Waukegan Road). The Village purchased this property in 2007 and continued to lease this property to Dominick’s through the lease expiration date of December 31, 2012. The Village entered into an agreement in December 2012 to lease the land over a ten year period to a high quality, full-service grocer. The lease commenced on November 1, 2013 and qualifies as a capital lease. Therefore the Village recorded a $1,378,000 lease receivable as of fiscal year end and recognizes the activity as follows: Year Ending December 31,Payments Principal Interest 2015 156,000 $ 118,876 $ 37,124 $ 2016 156,000 122,797 33,203 2017 156,000 126,848 29,152 2018 156,000 131,033 24,967 2019 156,000 135,355 20,645 2020-2023 598,000 561,536 36,464 Totals 1,378,000 $ 1,196,445 $ 181,555 $ Future Minimum Lease Payments Note 17. Deficit Fund Balance The Special Tax Allocation Fund (TIF) has a deficit fund balance of $13,129,250 as of the date of this report. This deficit balance was anticipated as the existing advances in the fund will be paid off towards the end of the life of the TIF as increments from the TIF increase. Note 18. Subsequent Events On April 30, 2015, the Village sold the North Maine utilities system for $22,000,000 to Aqua, Illinois, Inc. The Village had owned and operated the utility system since 1997 and provided water and sewer services to 5,000 customers primarily in unincorporated Cook County. 98 REQUIRED SUPPLEMENTARY INFORMATION (Unaudited) Village of Glenview, Illinois Required Supplementary Information – GASB Statement No. 27 Schedules of Funding Progress Last Six Fiscal Years Unfunded Actuarial (assets in Actuarial Accrued excess of)Percentage Actuarial Value of Liability (AAL)AAL Funded Covered of Covered Valuation Assets Entry Age (UAAL)Ratio Payroll Payroll Date (a)(b)(b-a)(a/b)(c)((b-a)/c) Illinois Municipal Retirement Fund: 12/31/2014 36,146,903 $ 50,100,683 $ 13,953,780 $ 72.15 %16,154,258 $ 86.38 % 12/31/2013 35,120,801 47,085,269 11,964,468 74.59 15,518,088 77.10 12/31/2012 28,933,961 44,133,853 15,199,892 65.56 14,662,408 103.67 On a market value basis, the actuarial value of assets as of December 31, 2014 is $44,307,674. On a market basis, the funded ratio would be 88.44%. Police Pension Plan: 1/1/2014*60,632,931 $ 73,926,134 $ 13,293,203 $ 82.02 %6,760,629 $ 196.63 % 1/1/2013 57,270,922 70,049,957 12,779,035 81.76 6,831,467 187.06 1/1/2012 53,944,719 63,376,050 9,431,331 85.12 6,740,053 139.93 1/1/2011 53,788,060 59,435,239 5,647,179 90.50 6,603,509 85.52 1/1/2010 49,768,625 58,424,453 8,655,828 85.18 6,310,520 137.17 1/1/2009 46,437,539 55,244,848 8,807,309 84.06 6,584,950 133.75 * Most recent actuarial valuation date. Firefighters' Pension Plan: 1/1/2014^55,863,978 $ 77,020,861 $ 21,156,883 $ 72.53 %7,775,957 $ 272.08 % 1/1/2013 55,863,978 77,020,861 21,156,883 72.53 7,775,957 272.08 1/1/2012 53,317,305 79,294,776 25,977,471 67.24 7,639,169 340.06 1/1/2011 57,176,567 75,563,246 18,386,679 75.67 7,195,162 255.54 1/1/2010 54,396,082 73,324,302 18,928,220 74.19 7,049,374 268.51 1/1/2009 52,055,144 68,871,887 16,816,743 75.58 6,589,276 255.21 ^ Results from prior year 99 100 Village of Glenview, Illinois Required Supplementary Information – GASB Statement No. 45 Schedules of Funding Progress (Continued) Last Six Fiscal Years Unfunded Actuarial(assets in Actuarial Accruedexcess of)Percentage ActuarialValue ofLiability (AAL)AALFundedCoveredof Covered ValuationAssetsEntry Age(UAAL)RatioPayrollPayroll Date(a)(b)(b-a)(a/b)(c)((b-a)/c) Other Postemployment Benefit Plan: 2014^-$ 10,130,708 $ 10,130,708 $ -%25,641,149 $ 39.51% 2013- 10,130,708 10,130,708 - 25,641,149 39.51 2012 - 9,556,094 9,556,094 - 29,228,867 32.69 2011- 9,556,094 9,556,094 - 29,228,867 32.69 2010- 8,695,668 8,695,668 -26,967,070 32.25 2009- 8,695,668 8,695,668 -NANA ^ Results from prior year Village of Glenview, Illinois Required Supplementary Information - GASB Statement No. 27 Schedules of Employer Contributions Last Six Fiscal Years Police Pension Plan Annual Fiscal Employer Required Percentage Year Contributions Contribution Contributed 2014 1,953,494 $ 1,921,637 $ 101.66 % 2013 1,632,373 1,812,556 90.06 2012 1,812,692 1,569,531 115.49 2011 1,767,986 1,347,587 131.20 2010 1,802,629 1,370,885 131.49 2009 1,168,933 933,477 125.22 Firefighters' Pension Plan Annual Fiscal Employer Required Percentage Year Contributions Contribution Contributed 2014 3,134,768 $ 2,786,566 $ 112.50 % 2013 3,116,164 2,985,212 104.39 2012 2,926,010 2,420,075 120.91 2011 2,806,961 2,160,105 129.95 2010 2,541,870 1,941,060 130.95 2009 1,985,871 1,987,548 99.92 101 Village of Glenview, Illinois Required Supplementary Information - Police Pension Plan - GASB Statement No. 67 Schedule of Changes in Net Pension Liability, Total Pension Liability and Related Ratios and Investment Returns Fiscal year ending December 31,2014 Total pension liability Service cost 1,674,658 $ Interest on the total pension liability 5,490,500 Changes in benefit terms - Differences between expected and actual experience - Changes in assumptions - Benefit payments (3,274,551) Net change in total pension liability 3,890,607 Total pension liability—beginning 86,893,481 Total pension liability—ending (a)90,784,088 $ Plan fiduciary net position Contributions - Employer 1,953,494 $ Contributions - Member 686,942 Pension plan net investment income 2,799,434 Benefit payments (3,274,551) Pension plan administrative expense (45,490) Net change in plan fiduciary net position 2,119,829 Plan fiduciary net position—beginning 62,083,784 Plan fiduciary net position—ending (b)64,203,613 $ Net pension liability - ending (a) - (b)26,580,475 $ Plan fiduciary net position as a percentage of the total pension liability 70.72% Covered-Employee Payroll 7,055,218 $ Employer net pension liability as a percentage of covered-employee payroll 376.75% Annual money-weighted rate of return, net of investment expense 4.58% The Village implemented GASB 67 in FY 2014. 102 Village of Glenview, Illinois Required Supplementary Information - Fire Pension Plan - GASB Statement No. 67 Schedule of Changes in Net Pension Liability, Total Pension Liability and Related Ratios and Investment Returns Fiscal year ending December 31,2014 Total pension liability Service cost 1,977,800 $ Interest on the total pension liability 7,079,887 Changes in benefit terms - Differences between expected and actual experience - Changes in assumptions - Benefit payments (4,862,207) Net change in total pension liability 4,195,480 Total pension liability—beginning 100,084,722 Total pension liability—ending (a)104,280,202 $ Plan fiduciary net position Contributions - Employer 3,134,768 $ Contributions - Member 751,554 Pension plan net investment income 4,274,117 Benefit payments (4,862,207) Pension plan administrative expense (44,601) Net change in plan fiduciary net position 3,253,631 Plan fiduciary net position—beginning 62,072,386 Plan fiduciary net position—ending (b)65,326,017 $ Net pension liability - ending (a) - (b)38,954,185 $ Plan fiduciary net position as a percentage of the total pension liability 62.64% Covered-Employee Payroll 7,058,973 $ Employer net pension liability as a percentage of covered-employee payroll 551.84% Annual money-weighted rate of return, net of investment expense 6.95% The Village implemented GASB 67 in FY 2014. 103 Village of Glenview, Illinois Required Supplementary Information - GASB Statement No. 67 Schedule of Contributions Police Pension Plan 2014 2013 2012 2011 Actuarially Determined Contribution 1,921,637 $ 1,812,556 $ 1,569,531 $ 1,347,587 $ Contributions in Relation to the Actuarial Determined Contribution 1,953,494 1,632,373 1,812,692 1,767,986 Contribution Deficiency (excess)(31,857) $ 180,183 $ (243,161) $ (420,399) $ Covered-Employee Payroll 7,055,218 $ 6,359,627 $ 6,136,593 $ 6,091,656 $ Contributions as a Percentage of Covered-Employee Payroll 27.69%25.67%29.54%29.02% Firefighters' Pension Plan 2014 2013 2012 2011 Actuarially Determined Contribution 2,733,414 $ 2,985,212 $ 2,420,075 $ 2,160,105 $ Contribtuions in Relation to the Actuarial Determined Contribution 3,134,768 3,116,164 2,926,010 2,806,961 Contribution Deficiency (excess)(401,354) $ (130,952) $ (505,935) $ (646,856) $ Covered-Employee Payroll 7,058,973 $ 6,737,119 $ 6,439,694 $ 6,926,020 $ Contributions as a Percentage of Covered-Employee Payroll 44.41%46.25%45.44%40.53% 104 2010 2009 2008 2007 2006 2005 1,370,885 $ 933,477 $ 1,151,490 $ 1,081,786 $ 918,552 $ 940,502 $ 1,802,629 1,168,933 1,393,628 1,157,437 930,687 906,158 (431,744) $ (235,456) $ (242,138) $ (75,651) $ (12,135) $ 34,344 $ 5,855,973 $ 5,847,732 $ 6,112,516 $ 5,684,695 $ 5,677,276 $ 5,433,244 $ 30.78%19.99%22.80%20.36%16.39%16.68% 2010 2009 2008 2007 2006 2005 1,941,060 $ 1,987,548 $ 1,712,540 $ 1,556,654 $ 899,549 $ 904,808 $ 2,541,870 1,985,871 1,805,026 1,416,463 1,081,738 880,903 (600,810) $ 1,677 $ (92,486) $ 140,191 $ (182,189) $ 23,905 $ 6,621,473 $ 6,519,762 $ 6,109,904 $ 5,893,686 $ 5,082,045 $ 4,883,004 $ 38.39%30.46%29.54%24.03%21.29%18.04% 105 Village of Glenview, Illinois General Fund For the Year Ended December 31, 2014 Original Final Actual Variance Revenues Taxes Property 10,934,202 $ 10,934,202 $ 11,042,492 $ 108,290 $ Other 14,539,068 14,539,068 14,406,764 (132,304) Licenses and permits 3,191,933 3,191,933 5,103,571 1,911,638 Charges for services 7,283,526 7,283,526 9,766,184 2,482,658 Fines and forfeitures 135,000 135,000 255,899 120,899 Intergovernmental 23,412,862 23,412,862 24,457,327 1,044,465 Investment income 57,505 57,505 129,489 71,984 Other revenues - - 1,056 1,056 Total revenues 59,554,096 59,554,096 65,162,782 5,608,686 Expenditures General government 13,897,706 14,494,867 14,702,918 (208,051) Public works 8,940,821 9,830,657 9,523,902 306,755 Public safety 26,814,802 26,943,153 27,077,366 (134,213) Development 3,358,456 3,800,226 3,819,364 (19,138) Capital outlay - 1,409,380 1,127,240 282,140 Total expenditures 53,011,785 56,478,283 56,250,790 227,493 Excess of revenues over expenditures 6,542,311 3,075,813 8,911,992 5,836,179 Other financing sources (uses) Proceeds from sales of assets - - 50,000 50,000 Transfers in 720,622 720,622 720,622 - Transfers out (10,629,133) (10,800,673) (10,804,573) (3,900) Total other financing sources (uses)(9,908,511) (10,080,051) (10,033,951) 46,100 Net change in fund balance (3,366,200) $ (7,004,238) $ (1,121,959) 5,882,279 $ Fund balance – beginning of year 31,818,821 Fund balance – end of year 30,696,862 $ Required Supplementary Information Schedule of Revenues, Expenditures, and Changes in Fund Balance – Budget and Actual Budget 106 Village of Glenview, Illinois Special Tax Allocation Fund Schedule of Revenues, Expenditures, and Changes in Fund Balance – Budget and Actual For the Year Ended December 31, 2014 Original Final Actual Variance Revenues Taxes Property 28,621,880 $ 28,621,880 $ 29,742,610 $ 1,120,730 $ Charges for services 22,254 22,254 23,004 750 Investment income 23,000 23,000 126,881 103,881 Other - - 607,393 607,393 Total revenues 28,667,134 28,667,134 30,499,888 1,832,754 Expenditures General government 21,828,262 21,828,262 21,688,326 139,936 Debt service Principal 24,867,578 24,867,578 30,870,000 (6,002,422) Interest and fiscal charges 1,511,073 1,511,073 1,476,312 34,761 Capital outlay - - 3,111,289 (3,111,289) Total expenditures 48,206,913 48,206,913 57,145,927 (8,939,014) Deficiency of revenues over expenditures (19,539,779) (19,539,779) (26,646,039) (7,106,260) Other financing sources (uses) Proceeds from sale of assets 22,122,578 22,122,578 2,033,991 (20,088,587) Issuance of debt - - 6,529,688 6,529,688 (281,580) (281,580) (281,580) - Total other financing sources (uses)21,840,998 21,840,998 8,282,099 (13,558,899) Net change in fund balance 2,301,219 $ 2,301,219 $ (18,363,940) (20,665,159) $ Fund balance – beginning of year 5,234,690 Fund balance – end of year (13,129,250) $ Required Supplementary Information Transfers out Budget 107 Village of Glenview, Illinois Required Supplementary Information (Unaudited) Notes to Required Supplementary Information December 31, 2014 Note 1. Legal Compliance – Budgets A. Budgets The Village follows the budget act and implements the following procedures noted below in establishing the budgetary data reflected in the financial statements. 1. All departments of the Village submit requests for budget to the Village's manager so that a budget may be prepared. The budget is prepared by fund and includes information on the past year, current estimates, and requested budgets for the next fiscal year. 2. The proposed budget is presented to the governing body, the Village Board, for review. The Village Board holds public hearings and may add to, subtract from, or change budgets, but may not change the form of the budget. 3. The budget is legally enacted by the Board of Trustees. 4. The Village Manager is authorized to transfer budgeted amounts between departments within any fund; however, any revisions that alter the total expenditures/expenses of any fund must be approved by the Village Board. 5. The level of control (the level at which expenditures may not exceed the budget) is at the fund level. Expenditures may not legally exceed budgets at the fund level. The Village adopted the budget on December 10, 2013 and amended the budget at various times throughout the year. Budgets are generally adopted on a basis consistent with generally accepted accounting principles. Annual budgets are adopted for the General Fund, special revenue funds, debt service funds, and the capital project funds on the modified accrual basis. The enterprise, internal service, and pension trust funds are adopted on the accrual basis, except principal expense and capital expenditures are budgeted, and depreciation expense is not budgeted. All annual budgets lapse at the end of the fiscal year. B. Excess of Actual Expenditures/Expenses over Budget in Individual Funds The following funds had an excess of actual expenditures and transfers out over final budget: Fund Excess Special Tax Allocation Fund 8,939,014 $ Motor Fuel Tax Fund 9,072 Waukegan Golf TIF Fund 3,041,564 Glen Capital Projects Fund 1,467,219 Police Pension Fund 172,864 Fire Pension Fund 147,782 108 Village of Glenview, Illinois Required Supplementary Information (Unaudited) Notes to Required Supplementary Information December 31, 2014 Note 2. Pension Contributions The Schedule of Contributions shows the difference between the actual contributions and the actuarially determined contributions (ADC). The actuarial valuation and assumptions utilized to measure the ADC differ from those disclosed within Note 10 of the Financial Statements and reflects the Village’s informal funding policy, which results in a contribution greater than the State’s statutory minimum contribution. The following methods and assumptions were utilized to measure the ADC for each applicable pension plan. Police Pension Plan Methods and Assumptions Valuation Date January 1, 2013 Actuarial cost method Entry Age Normal Actuarial Value of Assets 5 Year Smoothed Market Value Amortization method Level Percentage of Payroll Closed Remaining Amortization Period 27 Years Investment rate of return 7.25% Projected Individual Salary Increases 1.12% to 4.86% varying by age net of inflation Projected Increase in Total Payroll 4.00% Consumer Price Index (Utilities)2.50% Inflation Rate Included 2.50% Mortality Table RP-2000 Combined Healthy Mortality Table (male) with blue collar adjustment and with a 200% load for participants under age 50 and 125% for participants age 50 and over Fire Pension Plan Methods and Assumptions Valuation Date January 1, 2013 Actuarial cost method Entry Age Normal Actuarial Value of Assets 5 Year Smoothed Market Value Amortization method Level Percentage of Payroll Closed Remaining Amortization Period 27 Years Investment rate of return 7.25% Projected Individual Salary Increases 1.12% to 4.86% varying by age net of inflation Projected Increase in Total Payroll 4.00% Consumer Price Index (Utilities)2.50% Inflation Rate Included 2.50% Mortality Table RP-2000 Combined Healthy Mortality Table (male) with blue collar adjustment and with a 200% load for participants under age 50 and 125% for participants age 50 and over 109 SUPPLEMENTAL INFORMATION GOVERNMENTAL FUND DESCRIPTIONS MAJOR FUNDS Note that summaries of the General Fund and the major special revenue funds are provided in the required supplementary information section. The details for all major funds are presented first in the Supplemental Information section due to their materiality. General Fund - a governmental fund used to account for the acquisition and use of resources which are not accounted for in other fund types. Special Tax Allocation Fund - a special revenue fund used to account 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) and the 'Make-Whole' payments to core jurisdictions within the boundaries of the Tax Increment District. The core jurisdictions consist of: the Village of Glenview, School District 34, School District 225, the Glenview Park District, and the Glenview Public Library, a component unit of the Village. This fund also accounts for the service and incentive fees within the Tax Increment District. Village Permanent Fund - a capital projects fund used to accumulate and account for a specific portion of the land sales proceeds of The Glen. Twenty percent of the land sale revenues are assigned for capital and economic development expenditures throughout the Village (outside of the Glen). Additionally, Permanent Fund assets can be loaned for short-term liquidity to other Village funds as a result of exhaustion of cash reserves. Capital Projects Fund – to account for revenues and expenditures involved with improvements throughout the Village which are not included in other capital project funds. 2014 2013 Original Final Actual Actual Local taxes Property taxes for Village Current year 2,272,180 $ 2,272,180 $ 2,254,132 $ 2,452,900 $ Prior year 10,000 10,000 (28,004) (40,503) Property taxes - debt service Current year 1,809,045 1,809,045 1,919,762 1,861,962 Prior year - - (14,263) (23,597) Property taxes - police and firefighters' pension 5,003,477 5,003,477 5,088,261 4,748,537 Property taxes - other Village pensions 1,839,500 1,839,500 1,822,604 1,778,619 Total property taxes 10,934,202 10,934,202 11,042,492 10,777,918 Other taxes Utility taxes Natural gas 1,235,150 1,235,150 1,529,097 1,211,932 Electricity 2,505,000 2,505,000 2,230,618 2,258,146 Telecommunications 2,627,446 2,627,446 2,175,833 2,526,231 Hotel room tax 785,000 785,000 880,887 762,755 Amusement tax 96,823 96,823 87,591 95,889 Home rule sales tax 7,256,411 7,256,411 7,468,617 7,054,260 Business district tax 33,238 33,238 30,517 33,218 Miscellaneous taxes - - 3,604 1,622 Total other taxes 14,539,068 14,539,068 14,406,764 13,944,053 Total local taxes 25,473,270 25,473,270 25,449,256 24,721,971 Licenses and permits Business licenses 85,000 85,000 101,153 84,805 Liquor licenses 180,000 180,000 194,301 174,017 Building permits 2,852,933 2,852,933 4,511,915 3,928,749 Contractors' fees 50,000 50,000 58,628 42,730 Engineering fees - - 200,383 179,605 Oversized vehicle permits 8,000 8,000 21,155 23,174 Plan fees 16,000 16,000 16,036 28,688 Total licenses and permits 3,191,933 3,191,933 5,103,571 4,461,768 (Continued) Village of Glenview, Illinois General Fund Schedule of Detailed Revenues and Other Financing Sources - Budget and Actual For the Year Ended December 31, 2014 (With comparative totals for the year ended December 31, 2013) Budget 110 2014 2013 Original Final Actual Actual Fees, fines, and service charges Charges for services Dog impound fees 2,000 $ 2,000 $ 2,320 $ 2,520 $ Lease fees 719,440 719,440 740,135 783,294 Natural gas franchise fees 41,695 41,695 41,021 42,985 Cable franchise fees 650,000 650,000 734,391 685,369 Bidder fees 4,000 4,000 3,600 3,660 Development fees 87,000 87,000 7,074 8,015 Insurance reimbursements 1,639,724 1,639,724 1,640,716 1,601,797 Copies - - 4,248 3,245 Special event fees - - 975 975 Map sales - - 10 69 Village of Golf inspection fees 3,000 3,000 1,495 4,165 Refuse and recycling charges Bin sales 1,000 1,000 8,328 82 Yard waste sticker sales 6,000 6,000 5,259 7,119 Tipping fees 800,000 800,000 832,462 829,335 SWANCC recycling incentive 24,500 24,500 10,140 20,690 Joint dispatch charges 911 surcharge 283,051 283,051 279,580 292,007 Wireless 911 surcharge 335,295 335,295 333,016 334,244 Fire communication sub. service - - - 150 Dispatch services 2,056,509 2,056,509 4,396,240 1,928,996 Other service charges Police extra duty 170,000 170,000 181,820 180,034 Reimbursements 58,000 58,000 54,315 247,426 Supervision - - 7,363 7,208 Annexation fee 141,612 141,612 171,578 597,366 Miscellaneous 40,000 40,000 85,181 262,305 Administrative fees for governmental funds Library Fund 135,700 135,700 136,000 134,354 SWANCC host community fees 85,000 85,000 88,917 88,295 Total charges for services 7,283,526 7,283,526 9,766,184 8,065,705 (Continued) Village of Glenview, Illinois General Fund Schedule of Detailed Revenues and Other Financing Sources - Budget and Actual (Continued) For the Year Ended December 31, 2014 (With comparative totals for the year ended December 31, 2013) Budget 111 2014 2013 Original Final Actual Actual Fees, fines, and service charges (continued) Fines and forfeitures Traffic fines 110,000 $ 110,000 $ 101,908 $ 93,877 $ Other fines 25,000 25,000 153,991 134,542 Total fines and forfeitures 135,000 135,000 255,899 228,419 Total fees, fines, and service charges 7,418,526 7,418,526 10,022,083 8,294,124 Intergovernmental Glenbrook Fire Protection District 2,200,000 2,200,000 2,189,062 2,195,805 Village of Golf fire protection services 151,838 151,838 151,840 146,000 Road and bridge taxes Current year 389,500 389,500 387,884 372,315 Prior year 5,000 5,000 1,249 (2,159) Sales tax 14,171,626 14,171,626 14,972,367 13,833,697 Property replacement tax 220,420 220,420 247,806 238,011 Illinois income tax 4,203,618 4,203,618 4,232,425 4,309,714 Local use tax 726,150 726,150 873,126 800,511 Make-whole payment 1,344,710 1,344,710 1,329,174 1,331,099 Other intergovernmental Grant proceeds - - 72,394 9,203 Total intergovernmental 23,412,862 23,412,862 24,457,327 23,234,196 Investment income Interest - savings 11,005 11,005 14,646 14,129 Interest - investments 46,500 46,500 114,843 101,680 Total investment income 57,505 57,505 129,489 115,809 (Continued) Village of Glenview, Illinois General Fund Schedule of Detailed Revenues and Other Financing Sources - Budget and Actual (Continued) For the Year Ended December 31, 2014 (With comparative totals for the year ended December 31, 2013) Budget 112 2014 2013 Original Final Actual Actual Other revenues Miscellaneous -$ -$ 1,056 $ 3,045 $ Total other revenues - - 1,056 3,045 Total revenues before other financing sources 59,554,096 59,554,096 65,162,782 60,830,913 Other financing sources Sale of land held for resale - - 50,000 2,500,000 Transfers in North Maine Water and Sewer Fund 139,042 139,042 139,042 139,042 Wholesale Water Fund 300,000 300,000 300,000 300,000 Special Tax Allocation Fund 281,580 281,580 281,580 281,580 Insurance and Risk Fund - - - 1,000,000 Capital Projects Fund - - - 1,500,000 Waukegan Golf TIF - - - 45,017 Total other financing sources 720,622 720,622 770,622 5,765,639 Total revenues and other financing sources 60,274,718 $ 60,274,718 $ 65,933,404 $ 66,596,552 $ Village of Glenview, Illinois General Fund Schedule of Detailed Revenues and Other Financing Sources - Budget and Actual (Continued) For the Year Ended December 31, 2014 (With comparative totals for the year ended December 31, 2013) Budget 113 2014 2013 Original Final Actual Actual General government Village Board of Trustees President and Board Personnel 8,720 $ 8,720 $ 8,989 $ 8,721 $ Contractual services 48,024 53,024 48,831 42,129 Commodities 400 400 - - Other charges 900 900 553 188 Total President and Board 58,044 63,044 58,373 51,038 Special board appropriations Personnel 40,132 38,532 28,648 30,891 Contractual services 250,160 251,760 235,218 228,037 Other charges - - 560 - Total special board appropriations 290,292 290,292 264,426 258,928 Total Village Board of Trustees 348,336 353,336 322,799 309,966 Village Manager's office Administration division Personnel 767,210 794,621 941,973 849,675 Contractual services 28,409 66,409 64,480 40,583 Other charges 7,850 7,850 10,187 14,754 Total administration division 803,469 868,880 1,016,640 905,012 Human resources division Personnel 193,542 196,697 218,097 225,643 Contractual services 48,251 48,251 73,551 42,533 Commodities - - 1,859 168 Other charges 1,426,427 1,452,927 1,466,761 892,641 Total human resources division 1,668,220 1,697,875 1,760,268 1,160,985 (Continued) Budget Village of Glenview, Illinois General Fund Schedule of Detailed Expenditures and Other Financing Uses - Budget and Actual For the Year Ended December 31, 2014 (With comparative totals for the year ended December 31, 2013) 114 2014 2013 Original Final Actual Actual General government (continued) Village Manager's office (continued) Communications division Personnel 140,989 $ 140,989 $ 146,638 $ 143,546 $ Contractual services 85,535 132,435 123,968 52,371 Commodities 2,410 2,410 1,325 1,753 Other charges 1,900 1,900 275 50 Total communications division 230,834 277,734 272,206 197,720 Legal Personnel 2,691 191 - - Contractual services 527,923 570,423 484,769 491,688 Total legal 530,614 570,614 484,769 491,688 Records division Personnel 299,026 306,145 334,350 367,437 Contractual services 25 25 156 4,750 Commodities 1,350 930 1,249 999 Other charges 1,750 2,170 1,751 2,381 Total records division 302,151 309,270 337,506 375,567 Joint Dispatch division Personnel 3,183,975 3,818,750 3,550,318 2,720,673 Contractual services 108,564 135,972 89,011 94,995 Commodities 18,749 25,674 26,460 16,831 Other charges 161,273 184,927 151,431 91,958 Total joint dispatch division 3,472,561 4,165,323 3,817,220 2,924,457 Total Village Manager's office 7,007,849 7,889,696 7,688,609 6,055,429 Administration services Administration division Personnel 297,777 309,600 368,933 210,688 Contractual services 2,360 2,360 2,353 1,834 Other charges 4,030 7,530 7,784 2,200 Total administration division 304,167 319,490 379,070 214,722 (Continued) Schedule of Detailed Expenditures and Other Financing Uses - Budget and Actual (Continued) For the Year Ended December 31, 2014 (With comparative totals for the year ended December 31, 2013) Budget Village of Glenview, Illinois General Fund 115 2014 2013 Original Final Actual Actual General government (continued) Administration services (continued) Finance Personnel 147,066 $ 152,399 $ 166,081 $ 319,015 $ Contractual services 998,763 998,763 914,981 958,866 Other charges 7,350 7,350 7,126 5,102 Total finance 1,153,179 1,158,512 1,088,188 1,282,983 General government Personnel 288,000 16,509 - - Contractual services 1,786,746 1,786,746 2,049,274 1,768,307 Commodities 36,075 36,075 29,216 38,607 Other charges 402,092 42,076 306,951 71,991 Total general government 2,512,913 1,881,406 2,385,441 1,878,905 Total finance department 3,970,259 3,359,408 3,852,699 3,376,610 Resolution center Personnel 437,792 440,327 434,051 402,186 Other charges 1,195 1,195 300 160 Total resolution center 438,987 441,522 434,351 402,346 CADD operations Personnel 98,945 98,945 95,161 95,006 Contractual services 193,976 193,976 192,402 207,763 Other charges 290 290 - - Total CADD operations 293,211 293,211 287,563 302,769 Information technology (IT) Contractual services 1,513,778 1,834,208 1,828,553 1,740,021 Commodities 94,512 92,712 72,593 71,817 Other charges 230,774 230,774 215,751 212,611 Total information technology 1,839,064 2,157,694 2,116,897 2,024,449 Total administration services 6,541,521 6,251,835 6,691,510 6,106,174 (Continued) Schedule of Detailed Expenditures and Other Financing Uses - Budget and Actual (Continued) General Fund Village of Glenview, Illinois For the Year Ended December 31, 2014 (With comparative totals for the year ended December 31, 2013) Budget 116 2014 2013 Original Final Actual Actual General government (continued) Capital projects department Administration Personnel -$ -$ -$ 623,889 $ Contractual services - - - 35,346 Commodities - - - 5,172 Other charges - - - 23,364 Total administration - - - 687,771 Facilities division Personnel - - - 297,609 Contractual services - - - 480,847 Commodities - - - 192,950 Other charges - - - 14,528 Total facilities division - - - 985,934 Inspections division Personnel - - - 1,268,792 Contractual services - - - 692,891 Commodities - - - 3,504 Other charges - - - 37,525 Total inspections division - - - 2,002,712 Total capital projects department - - - 3,676,417 Total general government 13,897,706 14,494,867 14,702,918 16,147,986 (Continued) (With comparative totals for the year ended December 31, 2013) Village of Glenview, Illinois Budget General Fund Schedule of Detailed Expenditures and Other Financing Uses - Budget and Actual (Continued) For the Year Ended December 31, 2014 117 2014 2013 Original Final Actual Actual Public works department Personnel 3,391,505 $ 3,472,381 $ 3,561,978 $ 3,129,882 $ Contractual services 3,298,508 3,833,954 3,622,641 2,290,216 Commodities 1,085,564 1,357,078 1,164,112 994,820 Other charges 813,244 815,244 828,045 705,635 Capital outlay 352,000 352,000 347,126 369,122 Total public works department 8,940,821 9,830,657 9,523,902 7,489,675 Public safety Police department Personnel 9,371,062 9,465,993 9,436,510 9,568,278 Contractual services 164,005 155,321 149,638 139,415 Commodities 175,030 188,118 186,780 122,291 Other charges 2,506,744 2,502,340 2,433,864 2,102,278 Total police department 12,216,841 12,311,772 12,206,792 11,932,262 Fire department Personnel 10,273,034 10,306,454 10,494,241 10,167,622 Contractual services 144,842 146,712 106,290 224,242 Commodities 213,023 211,153 198,244 207,147 Other charges 3,967,062 3,967,062 4,071,799 3,997,766 Total fire department 14,597,961 14,631,381 14,870,574 14,596,777 Total public safety 26,814,802 26,943,153 27,077,366 26,529,039 (Continued) (With comparative totals for the year ended December 31, 2013) Budget Village of Glenview, Illinois General Fund Schedule of Detailed Expenditures and Other Financing Uses - Budget and Actual (Continued) For the Year Ended December 31, 2014 118 2014 2013 Original Final Actual Actual Community Development department Administration Personnel 145,677 $ 161,630 $ 237,740 $ 257,989 $ Contractual services 38,332 53,332 43,225 2,623 Commodities 8,025 7,025 4,151 603 Other charges 26,500 27,500 15,914 3,835 Total administration 218,534 249,487 301,030 265,050 Economic development Personnel - - - 94,616 Contractual services - - - 76,355 Other charges - - - 285 Total economic development - - - 171,256 Inspection services Personnel 1,068,615 921,143 888,738 - Contractual services 444,750 792,550 777,852 - Commodities 5,258 5,758 6,781 - Other charges 36,680 33,780 39,898 - Total inspection services 1,555,303 1,753,231 1,713,269 - Planning Personnel 530,209 537,071 601,969 416,038 Contractual services 264,065 180,745 156,989 69,326 Commodities 400 400 400 - Other charges 24,685 20,485 25,872 29,019 Total planning 819,359 738,701 785,230 514,383 (Continued) Budget (With comparative totals for the year ended December 31, 2013) Village of Glenview, Illinois General Fund Schedule of Detailed Expenditures and Other Financing Uses - Budget and Actual (Continued) For the Year Ended December 31, 2014 119 2014 2013 Original Final Actual Actual Community Development department (continued) Engineering Personnel 291,053 $ 260,760 $ 260,223 $ -$ Contractual services 215,000 542,000 495,762 - Other charges - - 8,443 - Total engineering 506,053 802,760 764,428 - Capital projects Personnel 259,207 256,047 255,407 - Total capital projects 259,207 256,047 255,407 - Total community development 3,358,456 3,800,226 3,819,364 950,689 Total current expenditures 53,011,785 55,068,903 55,123,550 51,117,389 Capital outlay Machinery and equipment - 1,409,380 1,127,240 - Total expenditures 53,011,785 56,478,283 56,250,790 51,117,389 Other financing uses Transfers out Internal service funds - - 7 120,641 Corporate Purpose Debt Service Fund 2,279,133 2,279,133 2,339,912 1,838,365 Capital Projects Fund 8,350,000 8,521,540 8,464,654 7,461,422 Total other financing uses 10,629,133 10,800,673 10,804,573 9,420,428 Total expenditures and other financing uses 63,640,918 $ 67,278,956 $ 67,055,363 $ 60,537,817 $ Budget Village of Glenview, Illinois General Fund Schedule of Detailed Expenditures and Other Financing Uses - Budget and Actual (Continued) For the Year Ended December 31, 2014 (With comparative totals for the year ended December 31, 2013) 120 2014 2013 Original Final Actual Actual Revenues Local taxes Property taxes - incremental 28,621,880 $ 28,621,880 $ 29,742,610 $ 26,605,118 $ Intergovernmental - miscellaneous - - - 82,845 Charges for services 22,254 22,254 23,004 17,180 Investment income 23,000 23,000 126,881 104,276 Other revenues - - 607,393 8,470 Total revenues 28,667,134 28,667,134 30,499,888 26,817,889 Expenditures General government Personnel 413,890 413,890 413,034 403,455 Contractual services 21,270,702 21,262,131 20,779,103 18,935,446 Commodities 134,098 138,598 102,186 86,055 Other charges 9,572 13,643 394,003 9,874 Capital outlay - - 3,111,289 - Debt service Principal 24,867,578 24,867,578 30,870,000 29,785,000 Interest and fiscal charges 1,511,073 1,511,073 1,476,312 2,125,128 Total expenditures 48,206,913 48,206,913 57,145,927 51,344,958 Deficiency of revenues over expenditures (19,539,779) (19,539,779) (26,646,039) (24,527,069) Other financing sources (uses) Proceeds from sale of assets 22,122,578 22,122,578 2,033,991 (1,193,062) Issuance of debt - - 6,529,688 28,125,000 Transfers out General Fund (281,580) (281,580) (281,580) (281,580) Total other financing sources (uses)21,840,998 21,840,998 8,282,099 26,650,358 Net change in fund balance 2,301,219 $ 2,301,219 $ (18,363,940) 2,123,289 Fund balance - beginning 5,234,690 3,111,401 Fund balance - ending (13,129,250) $ 5,234,690 $ Village of Glenview, Illinois Special Tax Allocation Fund - Major Fund Schedule of Detailed Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual For the Year Ended December 31, 2014 (With comparative totals for the year ended December 31, 2013) Budget 121 Original and Final 2014 2013 Budget Actual Actual Revenues Charges for services 156,000 $ -$ -$ Investment income 13,000 95,497 100,992 Total revenues 169,000 95,497 100,992 Expenditures Development Contractual services - - 46,802 Other charges - 100,609 - Total expenditures - 100,609 46,802 Excess (deficiency) of revenues over expenditures 169,000 (5,112) 54,190 Other financing uses Provisions for loss on land held for resale - - (5,166,052) Transfers out Facility Replacement Fund - (193,504) (486,541) Capital Projects Fund (744,600) (599,237) (21,518) Glenview Sanitary Fund (1,700,000) (805,612) (1,221) Total other financing uses (2,444,600) (1,598,353) (5,675,332) Net change in fund balance (2,275,600) $ (1,603,465) (5,621,142) Fund balance - beginning 24,916,342 30,537,484 Fund balance - ending 23,312,877 $ 24,916,342 $ Village of Glenview, Illinois Village Permanent Fund - Major Fund Schedule of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual For the Year Ended December 31, 2014 (With comparative totals for the year ended December 31, 2013) 122 2014 2013 Original Final Actual Actual Revenues Intergovernmental - grants and loans 7,941,140 $ 10,105,140 $ 2,378,690 $ 633,986 $ Other revenue 104,951 104,951 183,812 441,684 Investment income 8,000 8,000 28,378 9,549 Total revenues 8,054,091 10,218,091 2,590,880 1,085,219 Expenditures Development Contractual 134,484 135,344 4,287 9,447 Other charges - - 132,647 - Capital outlay 28,053,178 30,175,768 22,758,567 6,716,364 Debt service Bond issuance costs - - - 33,548 Principal 24,371 24,371 24,371 23,776 Total expenditures 28,212,033 30,335,483 22,919,872 6,783,135 Deficiency of revenues over expenditures (20,157,942) (20,117,392) (20,328,992) (5,697,916) Other financing sources (uses) Proceeds from bond issuance - - - 6,065,000 Premium on bond issuance - - - 69,535 Transfers in General Fund 8,350,000 8,521,540 8,464,654 7,461,422 Village Permanent Fund 744,600 744,600 599,237 21,518 Wholesale Water Fund 1,179,898 1,179,898 1,179,898 465,920 Commuter Parking Lot Fund 500,000 500,000 500,000 - Municipal Equipment Repair Fund 100,000 100,000 100,000 - Insurance and Risk Fund 1,403,670 1,403,670 1,403,670 - Facility Replacement Fund 1,250,000 1,250,000 1,250,000 - Transfers out General Fund - - - (1,500,000) Glenview Sanitary Sewer Fund - - - (81,419) Total other financing sources (uses)13,528,168 13,699,708 13,497,459 12,501,976 Net change in fund balance (6,629,774) $ (6,417,684) $ (6,831,533) 6,804,060 Fund balance - beginning 9,110,981 2,306,921 Fund balance - ending 2,279,448 $ 9,110,981 $ Village of Glenview, Illinois Capital Projects Fund - Major Fund Schedule of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual For the Year Ended December 31, 2014 (With comparative totals for the year ended December 31, 2013) Budget 123 GOVERNMENTAL FUND DESCRIPTIONS NONMAJOR FUNDS NONMAJOR SPECIAL REVENUE FUNDS Motor Fuel Tax Fund - to account for revenues received from the state of Illinois for the local share of the motor fuel tax collections and used for street maintenance and construction. State law requires that these gasoline taxes be used to maintain streets. Foreign Fire Insurance Fund - to account for a 2% charge imposed by the state on insurance premiums received from companies not incorporated in the state of Illinois but that are engaged in providing fire insurance in the Village. These special revenues are restricted to fire department expenditures approved by the Foreign Fire Insurance Board. Police Department Special Account Fund - to account for revenues received from the office of the Illinois State Police, which are restricted to various types of investigations. Waukegan Golf TIF Fund – to account for the incremental property tax revenue that is generated through the growth of the assessed valuations at the redeveloped area near the northeast corner of the Waukegan Road and Golf road intersection. NONMAJOR DEBT SERVICE FUND Corporate Purpose Bonds Fund - to account for the accumulation of monies for payment of principal and interest on bonded debt paid from governmental fund resources. NONMAJOR CAPITAL PROJECTS FUND Glen Capital Projects Fund – (formerly called the “1995 GNAS Bond Projects Fund”) – to account for expenditures related to various development projects related to The Glen. Village of Glenview, Illinois Nonmajor Governmental Funds Combining Balance Sheet December 31, 2014 Total Special Debt Capital Nonmajor Revenue Service Projects Governmental Funds Fund Fund Funds Cash and cash equivalents 3,953,912 $ 228,812 $ 1,787,189 $ 5,969,913 $ Investments - - 4,729,000 4,729,000 Receivables Accounts, net 2,661 - - 2,661 Other 1,040 - 409 1,449 Due from other funds - 13,666 - 13,666 Due from other governments 112,545 - - 112,545 Total assets 4,070,158 $ 242,478 $ 6,516,598 $ 10,829,234 $ Liabilities Accounts payable 1,523,575 $ 1,500 $ 124,330 $ 1,649,405 $ Other payables 139,579 - 291,435 431,014 Total liabilities 1,663,154 1,500 415,765 2,080,419 Fund balances Restricted 2,407,004 - 409 2,407,413 Assigned - 240,978 6,100,424 6,341,402 Total fund balances 2,407,004 240,978 6,100,833 8,748,815 Total liabilities and fund balances 4,070,158 $ 242,478 $ 6,516,598 $ 10,829,234 $ Liabilities and Fund Balances Assets 124 Village of Glenview, Illinois Nonmajor Governmental Funds Combining Statement of Revenues, Expenditures, and Changes in Fund Balances For the Year Ended December 31, 2014 Total Special Debt Capital Nonmajor Revenue Service Projects Governmental Funds Fund Fund Funds Revenues Intergovernmental 2,007,593 $ -$ -$ 2,007,593 $ Investment income 14,595 3,672 1,459 19,726 Other revenue 709 - 3,384 4,093 Total revenues 2,022,897 3,672 4,843 2,031,412 Expenditures Current Public safety 134,730 - - 134,730 Development 22,075 - - 22,075 Capital outlay 5,398,728 - 2,235,378 7,634,106 Debt service Principal - 1,470,000 - 1,470,000 Interest and fiscal charges 111,028 801,543 - 912,571 Total expenditures 5,666,561 2,271,543 2,235,378 10,173,482 Deficiency of revenues over expenditures (3,643,664) (2,267,871) (2,230,535) (8,142,070) Transfers in - 2,339,912 - 2,339,912 Total other financing sources - 2,339,912 - 2,339,912 Net change in fund balances (3,643,664) 72,041 (2,230,535) (5,802,158) Fund balances – beginning 6,050,668 168,937 8,331,368 14,550,973 Fund balances – ending 2,407,004 $ 240,978 $ 6,100,833 $ 8,748,815 $ Other financing sources 125 Village of Glenview, Illinois Nonmajor Special Revenue Funds Combining Balance Sheet December 31, 2014 Police Foreign Department Total Motor Fire Special Waukegan Nonmajor Fuel Tax Insurance Account Golf TIF Special Revenue Fund Fund Fund Fund Funds Cash and cash equivalents 1,391,881 $ 207,261 $ 32,086 $ 2,322,684 $ 3,953,912 $ Receivables Net - 2,661 - - 2,661 Other 1,040 - - - 1,040 Due from other governments 112,545 - - - 112,545 Total assets 1,505,466 $ 209,922 $ 32,086 $ 2,322,684 $ 4,070,158 $ Liabilites Accounts payable 253,117 $ -$ -$ 1,270,458 $ 1,523,575 $ Other payables - - - 139,579 139,579 Total liabilities 253,117 - - 1,410,037 1,663,154 Fund balances Restricted 1,252,349 209,922 32,086 912,647 2,407,004 Total fund balances 1,252,349 209,922 32,086 912,647 2,407,004 Total liabilities and fund balances 1,505,466 $ 209,922 $ 32,086 $ 2,322,684 $ 4,070,158 $ Liabilities and Fund Balances Assets 126 Village of Glenview, Illinois Nonmajor Special Revenue Funds Combining Statement of Revenues, Expenditures, and Changes in Fund Balances For the Year Ended December 31, 2014 Police Foreign Department Total Motor Fire Special Waukegan Nonmajor Fuel Tax Insurance Account Golf TIF Special Revenue Fund Fund Fund Fund Funds Revenues Intergovernmental 1,909,953 $ 97,640 $ -$ -$ 2,007,593 $ Investment income 6,553 922 170 6,950 14,595 Other revenue - - 709 - 709 Total revenues 1,916,506 98,562 879 6,950 2,022,897 Expenditures Public safety - 134,730 - - 134,730 Development 19,855 - - 2,220 22,075 Capital outlay 2,098,392 - 27,500 3,272,836 5,398,728 Debt service - Interest and other charges - - - 111,028 111,028 Total expenditures 2,118,247 134,730 27,500 3,386,084 5,666,561 Net change in fund balances (201,741) (36,168) (26,621) (3,379,134) (3,643,664) Fund balances – beginning 1,454,090 246,090 58,707 4,291,781 6,050,668 Fund balances – ending 1,252,349 $ 209,922 $ 32,086 $ 912,647 $ 2,407,004 $ 127 2014 2013 Original Final Actual Actual Revenues Intergovernmental Motor fuel tax 1,439,488 $ 1,439,488 $ 1,909,953 $ 1,688,490 $ Investment income 4,700 4,700 6,553 4,801 Total revenues 1,444,188 1,444,188 1,916,506 1,693,291 Expenditures Development Other charges - - 19,855 - Capital outlay 2,068,980 2,109,175 2,098,392 1,323,243 Total expenditures 2,068,980 2,109,175 2,118,247 1,323,243 Net change in fund balance (624,792) $ (664,987) $ (201,741) 370,048 Fund balance - beginning 1,454,090 1,084,042 Fund balance - ending 1,252,349 $ 1,454,090 $ Village of Glenview, Illinois Motor Fuel Tax Fund Schedule of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual For the Year Ended December 31, 2014 (With comparative totals for the year ended December 31, 2013) Budget 128 Original and 2014 2013 Final Budget Actual Actual Revenues Intergovernmental Foreign fire insurance tax 83,000 $ 97,640 $ 94,951 $ Investment income 800 922 755 Total revenues 83,800 98,562 95,706 Expenditures Public safety Contractual services 10,815 9,245 8,549 Commodities 129,500 125,485 148,957 Other charges - - 749 Total expenditures 140,315 134,730 158,255 Net change in fund balance (56,515) $ (36,168) (62,549) Fund balance - beginning 246,090 308,639 Fund balance - ending 209,922 $ 246,090 $ For the Year Ended December 31, 2014 (With comparative totals for the year ended December 31, 2013) Village of Glenview, Illinois Foreign Fire Insurance Fund Schedule of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual 129 Original and 2014 2013 Final Budget Actual Actual Revenues Investment income 90 $ 170 $ 108 $ Other revenue - 709 30,857 Total revenues 90 879 30,965 Expenditures Capital outlay 27,500 27,500 4,755 Total expenditures 27,500 27,500 4,755 Net change in fund balance (27,410) $ (26,621) 26,210 Fund balance - beginning 58,707 32,497 Fund balance - ending 32,086 $ 58,707 $ Village of Glenview, Illinois Police Department Special Account Fund Schedule of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual For the Year Ended December 31, 2014 (With comparative totals for the year ended December 31, 2013) 130 Original and 2014 2013 Final Budget Actual Actual Revenues Investment income -$ 6,950 $ 464 $ Total revenues - 6,950 464 Expenditures Development Contractual 220,000 2,220 9,499 Debt service Bond issuance costs - - 27,628 Interest and other charges 124,520 111,028 - Capital Outlay - 3,272,836 - Total expenditures 344,520 3,386,084 37,127 Deficiency of revenues over expenditures (344,520) (3,379,134) (36,663) Other financing sources (uses) Proceeds from bond issuance - - 4,385,000 Discount on bond issuance - - (11,539) Transfers out General Fund - - (45,017) Total other financing sources (uses)- - 4,328,444 Net change in fund balance (344,520) $ (3,379,134) 4,291,781 Fund balance - beginning 4,291,781 - Fund balance - ending 912,647 $ 4,291,781 $ Village of Glenview, Illinois Waukegan Golf TIF Fund Schedule of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual For the Year Ended December 31, 2014 (With comparative totals for the year ended December 31, 2013) 131 Original and Final 2014 2013 Budget Actual Actual Revenues Investment income 1,700 $ 3,672 $ 1,940 $ Total revenues 1,700 3,672 1,940 Expenditures Debt service Principal 1,485,000 1,470,000 1,175,000 Interest and fiscal charges 795,633 801,543 636,046 Total expenditures 2,280,633 2,271,543 1,811,046 Deficiency of revenues over expenditures (2,278,933) (2,267,871) (1,809,106) Other financing sources Transfers in from other funds General Fund 2,279,133 2,339,912 1,838,365 Total other financing sources 2,279,133 2,339,912 1,838,365 Net change in fund balance 200 $ 72,041 29,259 Fund balance - beginning 168,937 139,678 Fund balance - ending 240,978 $ 168,937 $ Village of Glenview, Illinois Corporate Purpose Bonds Fund Schedule of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual For the Year Ended December 31, 2014 (With comparative totals for the year ended December 31, 2013) 132 2014 2013 Original Final Actual Actual Revenues Intergovernmental - grant revenue -$ -$ -$ 13,414 $ Investment income 3,125 3,125 1,459 2,778 Other revenue 2,894 2,894 3,384 2,437 Total revenues 6,019 6,019 4,843 18,629 Expenditures Capital outlay 758,576 768,159 2,235,378 209,261 Total expenditures 758,576 768,159 2,235,378 209,261 Net change in fund balance (752,557) $ (762,140) $ (2,230,535) (190,632) Fund balance - beginning 8,331,368 8,522,000 Fund balance - ending 6,100,833 $ 8,331,368 $ Glen Capital Projects Fund Schedule of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual For the Year Ended December 31, 2014 (With comparative totals for the year ended December 31, 2013) Budget Village of Glenview, Illinois 133 ENTERPRISE FUND DESCRIPTIONS Enterprise funds are proprietary funds established to account for the financing of self-supporting activities of government units which render services on a user-charge basis to the general public. MAJOR ENTERPRISE FUNDS Glenview Water Fund Formerly called the Glenview Waterworks Fund, this fund accounts for the provision of water services to the property owners in the Village. All activities necessary to provide such services are accounted for in this fund including, but not limited to, administration, operations, maintenance, financing and related debt service, and billing and collections. North Maine Water and Sewer Fund This enterprise fund accounts for the provision of water and sewer services to the property owners in an unincorporated area southwest of the Village. This area was formerly served by the North Suburban Public Utilities Company. All activities necessary to provide such services are accounted for in this fund including, but not limited to, administration, operations, maintenance, financing and related debt service, and billing and collections. Glenview Sanitary Sewer Fund Formerly call the Sewerage Fund, this fund accounts for the provision of sanitary sewer services to property owners in both incorporated and unincorporated areas of the Village. All activities necessary to provide such services are accounted for in this fund including, but not limited to, administration, operations, maintenance, financing and related debt service, and billing and collections. 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. Commuter Parking Lot Fund - to account for the operation of the Village's commuter parking facilities, including administration, sale of permits, and maintenance of the lots. Budget and Actual (Budgetary Basis) 2014 2013 Original Final Actual Actual Operating revenues Charges for sales and services Water charges 11,106,081 $ 11,106,081 $ 10,894,274 $ 10,639,952 $ Water connection charges 150,000 150,000 250,582 323,745 Water meter and remote readers 1,600 1,600 5,006 3,774 Total charges for sales and services 11,257,681 11,257,681 11,149,862 10,967,471 Miscellaneous revenue Late payment fees 155,000 155,000 133,781 154,071 Water for construction 15,000 15,000 56,146 50,383 Other 44,106 44,106 91,972 41,247 Total miscellaneous revenue 214,106 214,106 281,899 245,701 Total operating revenues 11,471,787 11,471,787 11,431,761 11,213,172 Operating expenses Water services Personnel 2,145,581 2,166,381 2,180,411 2,115,912 Contractual services 4,644,211 4,688,664 4,285,141 4,181,813 Commodities 912,122 936,337 834,430 802,931 Other charges 499,369 499,369 518,684 569,197 Capital outlay 4,228,526 4,309,532 3,799,429 2,581,503 Total operating expenses 12,429,809 12,600,283 11,618,095 10,251,356 Operating income (loss)(958,022) (1,128,496) (186,334) 961,816 (Continued) Budget Village of Glenview, Illinois Glenview Water Fund - Major Fund Schedule of Revenues, Expenses, and Changes in Net Position - For the Year Ended December 31, 2014 (With comparative totals for the year ended December 31, 2013) 134 Budget and Actual (Budgetary Basis) (Continued) 2014 2013 Original Final Actual Actual Nonoperating revenues (expenses) Investment income (loss)8,000 $ 8,000 $ (69,303) $ 9,117 $ Loss on sale of capital assets - - (110,880) (20,955) Debt service Principal (336,000) (336,000) (322,000) (322,000) Interest and fiscal charges (37,749) (37,749) (36,449) (47,760) Total nonoperating revenues (expenses)(365,749) (365,749) (538,632) (381,598) Net income (loss) before transfers (1,323,771) (1,494,245) (724,966) 580,218 Change in net position - budgetary basis (1,323,771) $ (1,494,245) $ (724,966) 580,218 GAAP basis adjustments Acquisition of capital assets 2,344,622 1,575,775 Depreciation and amortization (1,213,263) (1,136,289) Principal expense 322,000 322,000 Change in net position - GAAP basis 728,393 1,341,704 Net position - beginning of year 37,781,897 36,440,193 Net position - end of year 38,510,290 $ 37,781,897 $ Village of Glenview, Illinois Budget Glenview Water Fund - Major Fund Schedule of Revenues, Expenses, and Changes in Net Position - For the Year Ended December 31, 2014 (With comparative totals for the year ended December 31, 2013) 135 Budget and Actual (Budgetary Basis) 2014 2013 Original Final Actual Actual Operating revenues Charges for sales and services Water charges 7,655,874 $ 7,655,874 $ 7,534,395 $ 8,069,858 $ Water meter and remote readers 200 200 469 913 Sewer charges 625,602 625,602 454,624 456,148 Total charges for sales and services 8,281,676 8,281,676 7,989,488 8,526,919 Miscellaneous revenue Late payment fees 100,000 100,000 77,124 82,887 Other 1,150 1,150 2,100 1,488 Total miscellaneous revenue 101,150 101,150 79,224 84,375 Total operating revenues 8,382,826 8,382,826 8,068,712 8,611,294 Operating expenses Water and sewer distribution Personnel 849,511 857,511 867,231 863,258 Contractual services 6,056,993 6,023,689 6,046,040 5,693,744 Commodities 184,325 179,275 103,336 167,262 Other 711,137 711,137 121,948 152,258 Capital outlay 735,887 803,265 71,836 653,344 Total operating expenses 8,537,853 8,574,877 7,210,391 7,529,866 Operating income (loss)(155,027) (192,051) 858,321 1,081,428 (Continued) Budget Village of Glenview, Illinois North Maine Water and Sewer Fund - Major Fund Schedule of Revenues, Expenses, and Changes in Net Position - For the Year Ended December 31, 2014 (With comparative totals for the year ended December 31, 2013) 136 Budget and Actual (Budgetary Basis) (Continued) 2014 2013 Original Final Actual Actual Nonoperating revenues (expenses) Investment income (loss)10,000 $ 10,000 $ (56,087) $ 9,394 $ Gain on legal settlement - - - 1,571,012 Debt service Principal (291,249) (291,249) (291,249) (135,000) Interest and fiscal charges (74,298) (74,298) (95,154) (148,366) Total nonoperating revenues (expenses)(355,547) (355,547) (442,490) 1,297,040 Net income (loss) before transfers (510,574) (547,598) 415,831 2,378,468 Transfers out General Fund (139,042) (139,042) (139,042) (139,042) Change in net position - budgetary basis (649,616) $ (686,640) $ 276,789 2,239,426 GAAP basis adjustments Acquisition of capital assets - 521,348 Depreciation and amortization (241,913) (242,297) Principal expense 291,249 135,000 Change in net position - GAAP basis 326,125 2,653,477 Net position - beginning of year 7,489,897 4,836,420 Net position - end of year 7,816,022 $ 7,489,897 $ Village of Glenview, Illinois Budget North Maine Water and Sewer Fund - Major Fund Schedule of Revenues, Expenses, and Changes in Net Position - For the Year Ended December 31, 2014 (With comparative totals for the year ended December 31, 2013) 137 Budget and Actual (Budgetary Basis) 2014 2013 Original Final Actual Actual Operating revenues Charges for sales and services Sewer charges 2,229,346 $ 2,229,346 $ 2,178,144 $ 2,273,391 $ Sewer connection charges 6,000 6,000 10,060 12,758 Total charges for sales and services 2,235,346 2,235,346 2,188,204 2,286,149 Miscellaneous revenue Other 70,644 70,644 74,821 69,302 Total operating revenues 2,305,990 2,305,990 2,263,025 2,355,451 Operating expenses Sewerage services Personnel 453,657 458,457 455,397 422,960 Contractual services 81,415 81,380 48,702 67,023 Commodities 48,396 48,431 53,489 27,792 Other charges 135,477 135,477 140,838 122,834 Capital outlay 3,412,182 3,472,766 2,486,757 1,424,706 Total operating expenses 4,131,127 4,196,511 3,185,183 2,065,315 Operating income (loss)(1,825,137) (1,890,521) (922,158) 290,136 (Continued) Budget Village of Glenview, Illinois Glenview Sanitary Sewer Fund - Major Fund Schedule of Revenues, Expenses, and Changes in Net Position - For the Year Ended December 31, 2014 (With comparative totals for the year ended December 31, 2013) 138 Budget and Actual (Budgetary Basis) (Continued) 2014 2013 Original Final Actual Actual Nonoperating revenues (expenses) Fines and fees Heatherfield 7,000 $ 7,000 $ 21,553 $ 6,290 $ Investment income (loss)3,700 3,700 (18,137) 4,218 Debt service Principal (264,000) (264,000) (264,000) (253,000) Interest and fiscal charges (29,689) (29,689) (28,639) (37,526) Total nonoperating revenues (expenses)(282,989) (282,989) (289,223) (280,018) Net income (loss) before transfers (2,108,126) (2,173,510) (1,211,381) 10,118 Transfers in Village Permanent Fund 1,700,000 1,700,000 805,612 1,221 Capital Projects Fund - - - 81,419 Total transfers in 1,700,000 1,700,000 805,612 82,640 Change in net position - budgetary basis (408,126) $ (473,510) $ (405,769) 92,758 GAAP basis adjustments Acquisition of capital assets 1,614,035 740,678 Depreciation and amortization (451,855) (427,720) Principal expense 264,000 253,000 Change in net position - GAAP basis 1,020,411 658,716 Net position - beginning of year 17,717,812 17,059,096 Net position - end of year 18,738,223 $ 17,717,812 $ Village of Glenview, Illinois Budget Glenview Sanitary Sewer Fund - Major Fund Schedule of Revenues, Expenses, and Changes in Net Position - For the Year Ended December 31, 2014 (With comparative totals for the year ended December 31, 2013) 139 Village of Glenview, Illinois Nonmajor Enterprise Funds Combining Statement of Net Position December 31, 2014 Total Wholesale Commuter Nonmajor Water Parking Lot Enterprise Fund Fund Funds Current assets Cash and cash equivalents 596,816 $ 990,551 $ 1,587,367 $ Receivables Accounts receivable, net of uncollectibles 159,506 - 159,506 Other 389 279 668 Total current assets 756,711 990,830 1,747,541 Noncurent assets Capital assets not being depreciated Land - 500,000 500,000 Construction in progress - 114,700 114,700 Capital assets being depreciated Land improvements - parking facilities - 2,369,780 2,369,780 Machinery and equipment - 13,283 13,283 Water distribution system 2,512,633 - 2,512,633 Accumulated depreciation (1,368,249) (736,290) (2,104,539) Total noncurrent assets 1,144,384 2,261,473 3,405,857 Total assets 1,901,095 3,252,303 5,153,398 Accounts payable 81,280 48,055 129,335 Accrued payroll 2,257 - 2,257 Accrued expenses - 1,500 1,500 Total liabilities 83,537 49,555 133,092 Net investment in capital assets 1,144,384 2,261,473 3,405,857 Unrestricted 673,174 941,275 1,614,449 Total net position 1,817,558 $ 3,202,748 $ 5,020,306 $ Liabilities Net Position Assets 140 Village of Glenview, Illinois Nonmajor Enterprise Funds Combining Statement of Revenues, Expenses, and Changes in Net Position For the Year Ended December 31, 2014 Total Wholesale Commuter Nonmajor Water Parking Lot Enterprise Fund Fund Funds Operating revenues Charges for sales and services Water sales 1,891,731 $ -$ 1,891,731 $ Parking meter fees - 220,840 220,840 Parking decals - 386,164 386,164 Total charges for sales and services 1,891,731 607,004 2,498,735 Miscellaneous revenues - 8,750 8,750 Total operating revenues 1,891,731 615,754 2,507,485 Operating expenses Operations 1,001,921 341,999 1,343,920 Depreciation and amortization 62,816 67,585 130,401 Total operating expenses 1,064,737 409,584 1,474,321 Operating income 826,994 206,170 1,033,164 Nonoperating revenues Investment income (loss)(5,997) (4,090) (10,087) Total nonoperating revenues (5,997) (4,090) (10,087) Net income before transfers 820,997 202,080 1,023,077 Transfers out (1,479,898) (500,000) (1,979,898) Changes in net position (658,901) (297,920) (956,821) Net position - beginning 2,476,459 3,500,668 5,977,127 Net position - ending 1,817,558 $ 3,202,748 $ 5,020,306 $ 141 Village of Glenview, Illinois Nonmajor Enterprise Funds Combining Statement of Cash Flows For the Year Ended December 31, 2014 Total Wholesale Commuter Nonmajor Water Parking Lot Enterprise Fund Fund Funds Cash flows from operating activities Cash received from customers and users 2,092,600 $ 615,754 $ 2,708,354 $ Cash payments for goods and services (1,001,102) (309,419) (1,310,521) Cash payments to employees (84,247) - (84,247) Net cash provided by operating activities 1,007,251 306,335 1,313,586 Cash flows from noncapital financing activities Transfers out (1,479,898) (500,000) (1,979,898) Net cash used in noncapital financing activities (1,479,898) (500,000) (1,979,898) Cash flows from capital and related financing activities Purchases and disposals of capital assets - (114,700) (114,700) Net cash used in capital and related financing activities - (114,700) (114,700) Cash flows from investing activities Purchase of investments (903) (655) (1,558) Sale of investments 282,424 202,138 484,562 Loss on investments (7,435) (5,321) (12,756) Interest received 1,049 952 2,001 Net cash provided by investing activities 275,135 197,114 472,249 Decrease in cash and cash equivalents (197,512) (111,251) (308,763) Cash and cash equivalents – beginning of year 794,328 1,101,802 1,896,130 Cash and cash equivalents – end of year 596,816 $ 990,551 $ 1,587,367 $ (Continued) 142 Village of Glenview, Illinois Nonmajor Enterprise Funds Combining Statement of Cash Flows (Continued) For the Year Ended December 31, 2014 Total Wholesale Commuter Nonmajor Water Parking Lot Enterprise Fund Fund Funds Reconciliation of operating income to net cash provided by operating activities Operating income 826,994 $ 206,170 $ 1,033,164 $ Adjustments to reconcile operating income to net cash provided by operating activities Depreciation and amortization 62,816 67,585 130,401 Changes in assets and liabilities Accounts receivable 200,869 - 200,869 Accounts payable (83,799) 32,580 (51,219) Accrued payroll 371 - 371 Total adjustments 180,257 100,165 280,422 Net cash provided by operating activities 1,007,251 $ 306,335 $ 1,313,586 $ 143 2014 2013 Original Final Actual Actual Operating revenues Charges for sales and services Water sales 2,001,407 $ 2,001,407 $ 1,891,731 $ 2,190,544 $ Total operating revenues 2,001,407 2,001,407 1,891,731 2,190,544 Operating expenses Personnel 83,358 84,158 84,247 81,433 Contractual services 967,668 967,668 880,423 954,588 Commodities 16,650 16,650 22,407 12,911 Other charges 14,844 14,844 14,844 17,329 Total operating expenses 1,082,520 1,083,320 1,001,921 1,066,261 Operating income 918,887 918,087 889,810 1,124,283 Nonoperating revenues (expenses) Investment income (loss)2,000 2,000 (5,997) 2,181 Total nonoperating revenues (expenses)2,000 2,000 (5,997) 2,181 Net income before transfers 920,887 920,087 883,813 1,126,464 Transfers out to other funds General Fund (300,000) (300,000) (300,000) (300,000) Capital Projects Fund (1,179,898) (1,179,898) (1,179,898) (465,920) Total transfers out (1,479,898) (1,479,898) (1,479,898) (765,920) Change in net position - budgetary basis (559,011) $ (559,811) $ (596,085) 360,544 GAAP Basis adjustments Depreciation and amortization (62,816) (62,816) Change in net position - GAAP Basis (658,901) 297,728 Net position - beginning of year 2,476,459 2,178,731 Net position - end of year 1,817,558 $ 2,476,459 $ Village of Glenview, Illinois Wholesale Water Fund Schedule of Revenues, Expenses, and Changes in Net Position - Budget and Actual (Budgetary Basis) For the Year Ended December 31, 2014 (With comparative totals for the year ended December 31, 2013) Budget 144 2014 2013 Original Final Actual Actual Operating revenues Charges for sales and services Parking meter fees 156,750 $ 156,750 $ 220,840 $ 195,533 $ Parking decals 375,550 375,550 386,164 367,637 Total charges for sales and services 532,300 532,300 607,004 563,170 Miscellaneous revenues Vendor lease rental fee 9,675 9,675 8,750 7,500 Total operating revenues 541,975 541,975 615,754 570,670 Operating expenses Contractual services 218,886 213,669 281,712 220,765 Commodities 66,241 71,459 53,127 45,935 Other charges 3,159 3,159 3,160 6,942 Capital outlay 209,000 209,000 118,700 23,452 Total operating expenses 497,286 497,287 456,699 297,094 Operating income 44,689 44,688 159,055 273,576 Nonoperating revenues (expenses) Investment income (loss)1,950 1,950 (4,090) 2,136 Total nonoperating revenues (expenses)1,950 1,950 (4,090) 2,136 Net income before transfers 46,639 46,638 154,965 275,712 Transfers out to other funds Capital Projects Fund (500,000) (500,000) (500,000) - Change in net position - budgetary basis (453,361) $ (453,362) $ (345,035) 275,712 GAAP basis adjustments Acquisition of capital assets 114,700 - Depreciation and amortization (67,585) (67,585) Change in net position - GAAP basis (297,920) 208,127 Net position - beginning of year 3,500,668 3,292,541 Net position - end of year 3,202,748 $ 3,500,668 $ Village of Glenview, Illinois Commuter Parking Lot Fund Schedule of Revenues, Expenses, and Changes in Net Position - Budget and Actual (Budgetary Basis) For the Year Ended December 31, 2014 (With comparative totals for the year ended December 31, 2013) Budget 145 INTERNAL SERVICE FUND DESCRIPTIONS Internal service funds are proprietary funds that are used to provide an enterprise-like accounting of the Village's costs of delivering certain services to departments within the Village. The revenues include transfers from other funds to these funds for services provided and, as such, are recognized as charges for services. Such transfers are recognized as expenditures/expenses for services in the other funds, not as other financing uses. Capital Equipment Replacement Fund (CERF) - to account for the funds annually set aside for the eventual replacement of certain capital equipment. Municipal Equipment Repair Fund (MERF) - to account for the cost of repairing and maintaining Village vehicles. These costs include labor, material, fuel, fixed overhead of the Village's repair facility, and depreciation. Insurance and Risk Fund - to account for the financial activity of the Village's insurance program including employee health and life insurance. In addition to conventional primary insurance, the Village is a member of the High-Level Excess Liability Pool (HELP), which provides excess liability coverage. The Village also provides health and life insurance by participating in the Intergovernmental Personnel Benefit Cooperative (IPBC). Facilities Repair and Replacement Fund (FRRF) - to account for the funds annually set aside for the eventual replacement of the Village's various facilities. Village of Glenview, Illinois Internal Service Funds Combining Statement of Net Position December 31, 2014 Capital Municipal Equipment Equipment Replacement Repair Fund Fund Current assets Cash and cash equivalents 2,695,458 $ 136,139 $ Investments 2,488,255 - Accounts receivable, net of uncollectible amounts - 31,110 Accrued interest receivable 3,729 - Other receivables 809 5 Prepaid expenses - - Inventory - 386,216 Total assets 5,188,251 553,470 Current liabilities Accounts payable 354,668 67,941 Accrued payroll - 11,928 Accrued expenses 10,207 2,393 Claims payable - - Unearned revenues - - Total current liabilities 364,875 82,262 Noncurrent liabilities Claims payable - - Total liabilities 364,875 82,262 Unrestricted 4,823,376 471,208 Total net position 4,823,376 $ 471,208 $ Liabilities Net Position Assets 146 Facilities Total Insurance Repair and Internal and Replacement Service Risk Fund Fund Funds 2,164,921 $ 2,081,442 $ 7,077,960 $ 4,817,439 400,000 7,705,694 54,888 - 85,998 25,201 1,721 30,651 64,071 2,343 67,228 99,442 - 99,442 - - 386,216 7,225,962 2,485,506 15,453,189 6,312 159,938 588,859 2,618 - 14,546 23 18,114 30,737 735,306 - 735,306 19,802 - 19,802 764,061 178,052 1,389,250 1,102,958 - 1,102,958 1,867,019 178,052 2,492,208 5,358,943 2,307,454 12,960,981 5,358,943 $ 2,307,454 $ 12,960,981 $ 147 Village of Glenview, Illinois Internal Service Funds Combining Statement of Revenues, Expenses, and Changes in Fund Net Position For the Year Ended December 31, 2014 Capital Municipal Equipment Equipment Replacement Repair Fund Fund Operating revenues Charges for services 1,513,935 $ 1,449,294 $ Miscellaneous - 184,650 Total operating revenues 1,513,935 1,633,944 Operating expenses Personnel - 456,932 Contractual services - 413,446 Commodities 153,113 222,114 Other charges - 567,520 Capital outlay 285,044 - Total operating expenses 438,157 1,660,012 Operating income (loss)1,075,778 (26,068) Nonoperating revenues Investment income (loss)2,445 34 Gain on sale of capital assets 104,195 - Reassignment of capital assets (1,252,357) - Total nonoperating revenues (1,145,717) 34 Income (loss) before transfers (69,939) (26,034) Transfers in - - Transfers out - (100,000) Total transfers - (100,000) Change in net position (69,939) (126,034) Net position – beginning of year 4,893,315 597,242 Net position – end of year 4,823,376 $ 471,208 $ 148 Facilities Total Insurance Repair and Internal and Risk Replacement Service Fund Fund Funds 7,629,308 $ -$ 10,592,537 $ 56,829 - 241,479 7,686,137 - 10,834,016 592,460 - 1,049,392 7,087,040 136,930 7,637,416 - - 375,227 - - 567,520 - 124,535 409,579 7,679,500 261,465 10,039,134 6,637 (261,465) 794,882 1,039,980 (34,804) 1,007,655 - - 104,195 - (545,012) (1,797,369) 1,039,980 (579,816) (685,519) 1,046,617 (841,281) 109,363 7 193,504 193,511 (1,403,670) (1,250,000) (2,753,670) (1,403,663) (1,056,496) (2,560,159) (357,046) (1,897,777) (2,450,796) 5,715,989 4,205,231 15,411,777 5,358,943 $ 2,307,454 $ 12,960,981 $ 149 Village of Glenview, Illinois Internal Service Funds Combining Statement of Cash Flows For the Year Ended December 31, 2014 Capital Municipal Equipment Equipment Replacement Repair Fund Fund Cash flows from operating activities Cash received from customers and users 1,513,935 $ 1,642,855 $ Cash payments for goods and services (92,531) (1,264,967) Cash payments to employees - (456,932) Net cash provided by (used in) operating activities 1,421,404 (79,044) Cash flows from noncapital financing activities Transfers in - - Transfers out - (100,000) Net cash provided by (used in) noncapital financing activities - (100,000) Cash flows from capital and related financing activities Purchases of capital assets (1,252,357) - Proceeds from sales of capital assets 104,195 - Net cash used in capital and related financing activities (1,148,162) - Cash flows from investing activities Purchase of investments (1,991,041) (26) Sale of investments 3,369,651 3,276 Loss on investments (15,461) (86) Interest received 31,058 115 Net cash provided by (used in) investing activities 1,394,207 3,279 Increase (decrease) in cash and cash equivalents 1,667,449 (175,765) Cash and cash equivalents – beginning of year 1,028,009 311,904 Cash and cash equivalents – end of year 2,695,458 $ 136,139 $ Reconciliation of operating income (loss) to net cash provided by (used in) operating activities: Operating income (loss)1,075,778 $ (26,068) $ Adjustments to reconcile operating income (loss) to net cash provided by (used in) operating activities Changes in assets and liabilities: Accounts receivable - 8,911 Other receivables - - Prepaid expenses - - Inventory - (26,054) Accounts payable 335,719 (36,496) Accrued payroll - 1,532 Accrued expenses 9,907 (869) Claims payable - - Unearned revenues - - Total adjustments 345,626 (52,976) Net cash provided by (used in) operating activities 1,421,404 $ (79,044) $ 150 Facilities Total Insurance Repair and Internal and Risk Replacement Service Fund Fund Funds 7,660,448 $ -$ 10,817,238 $ (6,946,873) (349,611) (8,653,982) (592,460) - (1,049,392) 121,115 (349,611) 1,113,864 7 193,504 193,511 (1,403,670) (1,250,000) (2,753,670) (1,403,663) (1,056,496) (2,560,159) - (545,012) (1,797,369) - - 104,195 - (545,012) (1,693,174) (4,125,839) (4,533) (6,121,439) 6,092,315 3,424,821 12,890,063 (77,755) (44,762) (138,064) 1,118,156 14,159 1,163,488 3,006,877 3,389,685 7,794,048 1,724,329 1,438,566 4,654,579 440,592 642,876 2,423,381 2,164,921 $ 2,081,442 $ 7,077,960 $ 6,637 $ (261,465) $ 794,882 $ (4,871) - 4,040 (20,000) (20,000) (4,842) - (4,842) - - (26,054) 2,380 78,020 379,623 486 - 2,018 - (166,166) (157,128) 142,143 - 142,143 (818) - (818) 114,478 (88,146) 318,982 121,115 $ (349,611) $ 1,113,864 $ 151 Budget and Actual (Budgetary Basis) 2014 2013 Original Final Actual Actual Operating revenues Charges for services CERF charges 1,513,936 $ 1,513,936 $ 1,513,935 $ 1,281,384 $ Total charges for services 1,513,936 1,513,936 1,513,935 1,281,384 Operating expenses Commodities 150,567 164,964 153,113 119,328 Capital outlay Machinery and equipment - - - 24,108 Computer servers 14,458 12,725 9,979 5,656 Vehicles 248,821 260,813 275,065 22,574 Total operating expenses 413,846 438,502 438,157 171,666 Operating income 1,100,090 1,075,434 1,075,778 1,109,718 Nonoperating revenues (expenses) Investment income 17,000 17,000 2,445 24,412 Gain on sale of capital assets 106,290 106,290 104,195 114,069 Reassignment of capital assets (1,001,866) (1,031,065) (1,252,357) (1,437,858) Total nonoperating revenue (expenses)(878,576) (907,775) (1,145,717) (1,299,377) Net income (loss) before transfers 221,514 167,659 (69,939) (189,659) Transfer from other funds Transfers in from General Fund - - - 75,231 Change in net position 221,514 $ 167,659 $ (69,939) (114,428) Net position - beginning 4,893,315 5,007,743 Net position - ending 4,823,376 $ 4,893,315 $ Village of Glenview, Illinois Capital Equipment Replacement Fund (CERF) Schedule of Revenues, Expenses, and Changes in Net Position - For the Year Ended December 31, 2014 (With comparative totals for the year ended December 31, 2013) Budget 152 Budget and Actual (Budgetary Basis) 2014 2013 Original Final Actual Actual Operating revenues Charges for services Village 1,463,344 $ 1,463,344 $ 1,448,703 $ 1,462,934 $ Library 5,000 5,000 591 4,884 Total charges for services 1,468,344 1,468,344 1,449,294 1,467,818 Miscellaneous revenues Other charges 155,000 155,000 184,650 168,583 Total miscellaneous revenues 155,000 155,000 184,650 168,583 Total operating revenues 1,623,344 1,623,344 1,633,944 1,636,401 Operating expenses Fleet management Personnel 446,308 451,908 456,932 435,239 Contractual services 353,833 423,033 413,446 416,604 Commodities 220,125 284,425 222,114 213,082 Other charges 675,824 542,324 567,520 572,939 Total operating expenses 1,696,090 1,701,690 1,660,012 1,637,864 Operating loss (72,746) (78,346) (26,068) (1,463) Nonoperating revenues Investment income 410 410 34 434 Total nonoperating revenues 410 410 34 434 Income (loss) before transfers (72,336) (77,936) (26,034) (1,029) Transfer out Capital Projects Fund (100,000) (100,000) (100,000) - Change in net position (172,336) $ (177,936) $ (126,034) (1,029) Net position - beginning 597,242 598,271 Net position - ending 471,208 $ 597,242 $ (With comparative totals for the year ended December 31, 2013) Village of Glenview, Illinois Municipal Equipment Repair Fund (MERF) Schedule of Revenues, Expenses, and Changes in Net Position - For the Year Ended December 31, 2014 Budget 153 Budget and Actual (Budgetary Basis) Original and 2014 2013 Final Budget Actual Actual Operating revenues Charges for services Insurance premiums Employees 799,352 $ 814,592 $ 813,307 $ Village 3,669,150 3,657,889 3,473,190 Retirees 866,516 858,264 889,565 Component unit - Library 528,819 570,864 553,123 Other 1,727,698 1,727,699 1,250,124 Total charges for services 7,591,535 7,629,308 6,979,309 Miscellaneous Insurance recoveries 55,000 56,502 67,218 Other - 327 - Total miscellaneous revenues 55,000 56,829 67,218 Total operating revenues 7,646,535 7,686,137 7,046,527 Operating expenses Personnel 481,788 592,460 386,386 Contractual services 7,615,101 7,087,040 6,612,719 Total operating expenses 8,096,889 7,679,500 6,999,105 Operating income (loss)(450,354) 6,637 47,422 Nonoperating revenue Investment income 310,750 1,039,980 398,481 Total nonoperating revenue 310,750 1,039,980 Income (loss) before transfers (139,604) 1,046,617 445,903 Transfers in (out) General Fund - 7 - Capital Projects Fund (1,403,670) (1,403,670) (954,590) Total transfers (1,403,670) (1,403,663) (954,590) Change in net position (1,543,274) $ (357,046) (508,687) Net position - beginning 5,715,989 6,224,676 Net position - ending 5,358,943 $ 5,715,989 $ (With comparative totals for the year ended December 31, 2013) Schedule of Revenues, Expenses, and Changes in Net Position - For the Year Ended December 31, 2014 Village of Glenview, Illinois Insurance and Risk Fund 154 Budget and Actual (Budgetary Basis) 2014 2013 Original Final Actual Actual Operating revenues Charges for services Facilities charges 44,450 $ 44,450 $ -$ -$ Total charges for services 44,450 44,450 - - Miscellaneous Intergovernmental 176,400 176,400 - - Other income - - - 4,775 Total miscellaneous revenues 176,400 176,400 - 4,775 Total operating revenues 220,850 220,850 - 4,775 Operating expenses Contractual services - 56,466 136,930 767,345 Capital outlay Furniture and fixtures - - - 17,809 Vehicles and equipment - - - 4,525 Building improvements 119,597 160,509 124,535 79,190 Other operating expenses 119,597 216,975 261,465 868,869 Total operating income (loss)101,253 3,875 (261,465) (864,094) Nonoperating revenues Investment income (loss)15,200 15,200 (34,804) 21,126 Reassignment of capital assets (523,403) (702,449) (545,012) (149,919) Total nonoperating revenues (508,203) (687,249) (579,816) (128,793) Loss before transfers (406,950) (683,374) (841,281) (992,887) Transfers in (out) Village Permanent Fund - - 193,504 486,541 Capital Projects Fund (1,250,000) (1,250,000) (1,250,000) - Total transfers (1,250,000) (1,250,000) (1,056,496) 486,541 Change in net position (1,656,950) $ (1,933,374) $ (1,897,777) (506,346) Net position - beginning 4,205,231 4,711,577 Net position - ending 2,307,454 $ 4,205,231 $ Budget Facilities Repair and Replacement Fund (FRRF) Schedule of Revenues, Expenses, and Changes in Net Position - For the Year Ended December 31, 2014 (With comparative totals for the year ended December 31, 2013) Village of Glenview, Illinois 155 TRUST AND AGENCY FUND DESCRIPTIONS Trust and agency funds are fiduciary funds used to account for assets held by the Village in a trustee capacity for individuals, private organizations, and/or other governments. Pension Trust Funds Police Pension Fund - to account for the accumulation of resources to be used for retirement annuity payments to Police Department personnel at appropriate amounts and times in the future. Resources are contributed by police employees at rates fixed by state law, and by the Village at amounts determined by an annual actuarial study through an annual property tax levy. Firefighters' Pension Fund - to account for the accumulation of resources to be used for retirement annuity payments to Fire Department personnel at appropriate amounts and times in the future. Resources are contributed by firefighter employees at rates fixed by state law, and by the Village at amounts determined by an annual actuarial study through an annual property tax levy. Agency Funds Special Service Area (SSA) Bond Fund - to account for the non-commitment debt service activities of the Village related to the special service areas. Escrow Deposit Fund - to account for the deposits placed with the Village by building contractors. In 2007 and prior years, this fund was reported as a special revenue fund. The fund balance was used to reduce payables and the fund was reclassified as an agency fund at the end of fiscal year 2007. Village of Glenview, Illinois Pension Trust Funds Combining Statement of Fiduciary Net Position December 31, 2014 Police Firefighters' Pension Pension Fund Fund Total Assets Cash and cash equivalents 1,841,452 $ 708,359 $ 2,549,811 $ Investments U.S. government and agency obligations 19,510,320 25,148,486 44,658,806 Municipal obligations 228,397 4,538,610 4,767,007 Corporate obligations 8,238,002 - 8,238,002 Equity mutual funds 34,263,480 34,808,892 69,072,372 Accrued interest receivable 125,106 145,778 270,884 Due from other funds 2,172 3,444 5,616 Prepaid expenses 7,338 5,153 12,491 Total assets 64,216,267 65,358,722 129,574,989 Liabilities Accrued expenses 12,654 32,705 45,359 Net Position Restricted for pensions 64,203,613 $ 65,326,017 $ 129,529,630 $ 156 Village of Glenview, Illinois Pension Trust Funds Combining Statement of Changes in Fiduciary Net Position For the Year Ended December 31, 2014 Police Firefighters' Pension Pension Fund Fund Total Additions Contributions Employer 1,953,494 $ 3,134,768 $ 5,088,262 $ Participant 686,942 751,554 1,438,496 Total contributions 2,640,436 3,886,322 6,526,758 Investment income Net appreciation in fair value of investments 135,576 1,889,523 2,025,099 Interest income 2,725,018 2,528,436 5,253,454 Less investment expenses (61,160) (143,842) (205,002) Net investment income 2,799,434 4,274,117 7,073,551 Total additions 5,439,870 8,160,439 13,600,309 Deductions Administration 45,490 44,601 90,091 Retirement pensions 2,864,823 4,107,403 6,972,226 Widow pensions 290,353 298,993 589,346 Disability pensions 119,375 453,447 572,822 Contribution refunds - 2,364 2,364 Total deductions 3,320,041 4,906,808 8,226,849 Change in net position 2,119,829 3,253,631 5,373,460 Net position restricted for pensions at beginning of year 62,083,784 62,072,386 124,156,170 Net position restricted for pensions at end of year 64,203,613 $ 65,326,017 $ 129,529,630 $ 157 Original and 2014 2013 Final Budget Actual Actual Additions Contributions Employer 1,921,637 $ 1,953,494 $ 1,632,373 $ Participant 697,492 686,942 677,024 Total contributions 2,619,129 2,640,436 2,309,397 Investment income Net appreciation in fair value of investments 2,900,000 135,576 4,406,988 Interest income 800,000 2,725,018 2,092,307 Less investment expense (67,000) (61,160) (56,224) Net investment income 3,633,000 2,799,434 6,443,071 Total additions 6,252,129 5,439,870 8,752,468 Deductions Administration 54,000 45,490 52,685 Retirement pensions 2,648,478 2,864,823 2,592,949 Widow pensions 250,820 290,353 261,800 Disability pensions 143,879 119,375 132,575 Contribution refunds 50,000 - - Total deductions 3,147,177 3,320,041 3,040,009 Change in net position 3,104,952 $ 2,119,829 5,712,459 Net position restricted for pensions Beginning 62,083,784 56,371,325 Ending 64,203,613 $ 62,083,784 $ Village of Glenview, Illinois Police Pension Fund Schedule of Changes in Plan Net Position - Budget and Actual For the Year Ended December 31, 2014 (With comparative totals for the year ended December 31, 2013) 158 Original and 2014 2013 Final Budget Actual Actual Additions Contributions Employer 3,081,840 $ 3,134,768 $ 3,116,164 $ Participant 773,502 751,554 758,222 Total contributions 3,855,342 3,886,322 3,874,386 Investment income Net appreciation in fair value of investments 3,100,000 1,889,523 6,242,163 Interest income 800,000 2,528,436 1,442,145 Less investment expense (130,000) (143,842) (104,205) Net investment income 3,770,000 4,274,117 7,580,103 Total additions 7,625,342 8,160,439 11,454,489 Deductions Administration 45,210 44,601 47,756 Retirement pensions 3,961,545 4,107,403 3,849,481 Widow pensions 275,563 298,993 275,563 Disability pensions 426,708 453,447 405,870 Contribution refunds 50,000 2,364 - Total deductions 4,759,026 4,906,808 4,578,670 Change in net position 2,866,316 $ 3,253,631 6,875,819 Net position restricted for pensions Beginning 62,072,386 55,196,567 Ending 65,326,017 $ 62,072,386 $ Village of Glenview, Illinois Firefighters' Pension Fund Schedule of Changes in Plan Net Position - Budget and Actual For the Year Ended December 31, 2014 (With comparative totals for the year ended December 31, 2013) 159 Village of Glenview, Illinois Agency Funds Statements of Changes in Assets and Liabilities For the Year Ended December 31, 2014 Balances,Balances, January 1 Additions Subtractions December 31 COMBINING STATEMENT - ALL AGENCY FUNDS Assets Cash and cash equivalents 562,880 $ 3,839,669 $ 3,406,863 $ 995,686 $ Investments 3,272,822 2,383,494 2,753,067 2,903,249 Receivables - Property taxes 269,699 208,595 269,699 208,595 Interest 9,737 9,293 - 19,030 Other - 15,367 14,418 949 Total assets 4,115,138 $ 6,456,418 $ 6,444,047 $ 4,127,509 $ Liabilities Accounts payable 6,678 $ 408,868 $ 246,296 $ 169,250 $ Refundable deposits 3,703,097 323,792 429,090 3,597,799 Due to bond holders 405,363 787,290 832,193 360,460 Total liabilities 4,115,138 $ 1,519,950 $ 1,507,579 $ 4,127,509 $ INDIVIDUAL AGENCY FUND STATEMENTS Special Service Area (SSA) Bond Fund Assets Cash and cash equivalents 135,664 $ 287,100 $ 271,093 $ 151,671 $ Receivables - property taxes 269,699 208,595 269,699 208,595 Receivables - other - 194 - 194 Total assets 405,363 $ 495,889 $ 540,792 $ 360,460 $ Liabilities Due to bond holders 405,363 787,290 832,193 360,460 Total liabilities 405,363 $ 787,290 $ 832,193 $ 360,460 $ (Continued) 160 Village of Glenview, Illinois Statements of Changes in Assets and Liabilities (Continued) Agency Funds For the Year Ended December 31, 2014 Balances,Balances, January 1 Additions Subtractions December 31 INDIVIDUAL AGENCY FUND STATEMENTS (CONTINUED) Escrow Deposit Fund Assets Cash and cash equivalents 427,216 $ 3,552,569 $ 3,135,770 $ 844,015 $ Investments 3,272,822 2,383,494 2,753,067 2,903,249 Receivables - interest 9,737 9,293 - 19,030 Receivables - other - 15,173 14,418 755 Total assets 3,709,775 $ 5,960,529 $ 5,903,255 $ 3,767,049 $ Liabilities Accounts payable 6,678 $ 408,868 $ 246,296 $ 169,250 $ Refundable deposits 3,703,097 323,792 429,090 3,597,799 Total liabilities 3,709,775 $ 732,660 $ 675,386 $ 3,767,049 $ 161 GLENVIEW LIBRARY COMPONENT UNIT The Glenview Library (Library) is a discretely presented component unit of the Village of Glenview. The following fund descriptions provide information on the governmental funds used within the Village's component unit, the Library. The Glenview Library Funds account for the resources necessary to provide the educational, cultural, and recreational activities of the Glenview Public Library. Village of Glenview, Illinois Glenview Library - Component Unit Combining Balance Sheet and Statement of Net Position December 31, 2014 Library General Library Obligation Nonmajor General Bond Series Library Total Fund of 2009A Funds Library Assets Current assets Cash and cash equivalents 3,439,057 $ 271,893 $ 810,442 $ 4,521,392 $ Receivables, net of allowances Property taxes 5,688,352 1,846,109 - 7,534,461 Other 5,637 - 442 6,079 Due from other funds - - 2,981 2,981 Due from primary government 28,963 - - 28,963 Total current assets 9,162,009 2,118,002 813,865 12,093,876 Noncurrent assets Capital assets not depreciated - - - - Capital assets depreciated (net)- - - - Total noncurrent assets - - - - Total assets 9,162,009 $ 2,118,002 $ 813,865 $ 12,093,876 $ Combining Balance Sheet 162 Total Component Adjustments Unit -$ 4,521,392 $ - 7,534,461 - 6,079 (2,981) - - 28,963 (2,981) 12,090,895 5,426,987 5,426,987 26,123,712 26,123,712 31,550,699 31,550,699 31,547,718 $ 43,641,594 $ (Continued) Statement of Net Position 163 Village of Glenview, Illinois Glenview Library - Component Unit Combining Balance Sheet and Statement of Net Position December 31, 2014 Library General Library Obligation Nonmajor General Bond Series Library Total Fund of 2009A Funds Library Liabilities Current liabilities Accounts payable 409,705 $ -$ 25,138 $ 434,843 $ Accrued payroll 140,798 - - 140,798 Accrued interest - - - - Current portion of bonds payable - - - - Current portion of compensated absences - - - - Due to other funds 2,981 - - 2,981 Total current liabilities 553,484 - 25,138 578,622 Noncurrent liabilities Bond payable - - - - Compensated absences - - - - Total noncurrent liabilities - - - - Total liabilities 553,484 - 25,138 578,622 Deferred Inflows of Resources Deferred property taxes 5,683,667 1,841,937 - 7,525,604 Net investment in capital assets - - - - Restricted - 276,065 788,727 1,064,792 Unassigned/unrestricted 2,924,858 - - 2,924,858 Total fund balance/net position 2,924,858 276,065 788,727 3,989,650 Total liabilities, deferred inflows or resources and fund balance/ net position 9,162,009 $ 2,118,002 $ 813,865 $ 12,093,876 $ Fund Balance/Net Position Combining Balance Sheet 164 Total Component Adjustments Unit -$ 434,843 $ - 140,798 67,824 67,824 1,125,000 1,125,000 55,080 55,080 (2,981) - 1,244,923 1,823,545 20,485,000 20,485,000 220,320 220,320 20,705,320 20,705,320 21,950,243 22,528,865 - 7,525,604 9,940,699 9,940,699 - 1,064,792 (343,224) 2,581,634 9,597,475 13,587,125 31,547,718 $ 43,641,594 $ Statement of Net Position 165 Village of Glenview, Illinois Glenview Library - Component Unit Combining Statement of Revenues, Expenditures, and Changes in Fund Balances and Statement of Activities Year Ended December 31, 2014 Library General Library Obligation Nonmajor General Bond Series Library Total Fund of 2009A Funds Library Revenues Property taxes 5,886,057 $ 2,024,197 $ -$ 7,910,254 $ Charges for services 58,790 - - 58,790 Fines and forfeitures 75,516 - - 75,516 Intergovernmental 1,044,484 - - 1,044,484 Other revenue 42,195 - 43,358 85,553 Investment income 14,706 4,494 3,983 23,183 Total revenues 7,121,748 2,028,691 47,341 9,197,780 Expenditures Current Culture and recreation 7,087,000 - 147,194 7,234,194 Debt service Principal - 1,095,000 - 1,095,000 Interest and other - 847,231 - 847,231 Capital outlay 2,847 - - 2,847 Total expenditures 7,089,847 1,942,231 147,194 9,179,272 Net change in fund balances/ net position 31,901 86,460 (99,853) 18,508 Fund balances/net position Beginning 2,892,957 189,605 888,580 3,971,142 Ending 2,924,858 $ 276,065 $ 788,727 $ 3,989,650 $ and Changes in Fund Balances Statement of Revenues, Expenditures, 166 Total Component Adjustments Unit -$ 7,910,254 $ - 58,790 - 75,516 - 1,044,484 - 85,553 - 23,183 - 9,197,780 297,383 7,531,577 (1,095,000) - (2,737) 844,494 (2,847) - (803,201) 8,376,071 803,201 821,709 8,794,274 12,765,416 9,597,475 $ 13,587,125 $ Statement of Activities 167 2014 2013 Original Final Actual Actual Revenues Local taxes Property taxes for Library Current year 5,838,589 $ 5,838,589 $ 5,931,531 $ 5,828,274 $ Prior year - - (45,474) (67,653) Total local taxes 5,838,589 5,838,589 5,886,057 5,760,621 Charges for services Nonresident fee 18,000 18,000 16,019 15,549 Personal books 1,250 1,250 1,249 1,060 Copying fees 10,000 10,000 14,115 11,525 Circular collection fees - - 8 1 Video fees 27,500 27,500 25,315 27,866 Rental fees 2,000 2,000 2,084 2,033 Total charges for services 58,750 58,750 58,790 58,034 Fines and forfeitures Library fines 64,000 64,000 63,280 64,233 Lost and paid 11,000 11,000 12,236 11,322 Total fines and forfeitures 75,000 75,000 75,516 75,555 Intergovernmental Property replacement tax 29,000 29,000 29,000 29,000 Make-whole TIF area taxes 963,762 963,762 959,619 886,124 Grant proceeds 45,000 45,000 55,865 45,928 Total intergovernmental 1,037,762 1,037,762 1,044,484 961,052 Investment income Interest 11,500 11,500 14,706 13,400 Other revenue Employee dental contribution 15,500 15,500 14,896 15,616 Miscellaneous 24,000 24,000 27,299 21,906 Total other revenues 39,500 39,500 42,195 37,522 Total revenues 7,061,101 7,061,101 7,121,748 6,906,184 (Continued) Village of Glenview, Illinois Glenview Library - Component Unit - Library General Fund Schedule of Revenues, Expenditures, and Changes in Fund Balance For the Year Ended December 31, 2014 Budget 168 2014 2013 Original Final Actual Actual Expenditures Culture and recreation Library administration Personnel 1,126,691 $ 1,126,691 $ 1,118,690 $ 1,088,295 $ Contractual services 329,528 329,528 299,257 329,201 Commodities 16,700 16,700 8,124 7,369 Other charges 77,000 77,000 147,846 76,169 Total library administration 1,549,919 1,549,919 1,573,917 1,501,034 Readers' services Personnel 798,190 798,190 781,015 768,464 Contractual services 38,100 38,100 36,291 34,485 Commodities 251,600 251,600 240,953 247,123 Other charges 4,750 4,750 1,847 1,607 Total readers' services 1,092,640 1,092,640 1,060,106 1,051,679 Buildings and grounds maintenance Personnel 192,695 192,695 195,898 196,701 Contractual services 104,600 104,600 118,498 106,585 Commodities 67,200 67,200 77,405 51,746 Other charges 950 950 149 530 Total building and grounds maintenance 365,445 365,445 391,950 355,562 Circulation Personnel 872,969 872,969 845,765 857,144 Contractual services 13,920 13,920 12,367 12,100 Commodities 18,505 18,505 10,005 7,453 Other charges 4,040 4,040 2,594 1,733 Total circulation 909,434 909,434 870,731 878,430 (Continued) Village of Glenview, Illinois Glenview Library - Component Unit - Library General Fund Schedule of Revenues, Expenditures, and Changes in Fund Balance (Continued) For the Year Ended December 31, 2014 Budget 169 2014 2013 Original Final Actual Actual Expenditures (continued) Public information Personnel 166,756 $ 166,756 $ 157,569 $ 157,494 $ Contractual services 53,200 53,200 48,810 49,876 Commodities 2,825 2,825 3,722 3,382 Other charges 500 500 281 764 Total public information 223,281 223,281 210,382 211,516 Technical services Personnel 795,731 795,731 813,503 776,173 Contractual services 399,460 399,460 377,645 374,741 Commodities 23,450 23,450 27,444 23,857 Other charges 4,100 4,100 2,610 4,228 Total technical services 1,222,741 1,222,741 1,221,202 1,178,999 Youth services Personnel 677,271 677,271 654,325 662,508 Contractual services 51,800 51,800 47,744 50,339 Commodities 117,200 117,200 117,530 117,411 Other charges 4,500 4,500 1,997 3,744 Total youth services 850,771 850,771 821,596 834,002 Reference Personnel 643,289 643,289 624,961 617,321 Contractual services 176,700 176,700 174,988 170,833 Commodities 170,295 170,295 135,847 150,181 Other charges 4,740 4,740 1,320 571 Total reference 995,024 995,024 937,116 938,906 Total culture and recreation 7,209,255 7,209,255 7,087,000 6,950,128 (Continued) Village of Glenview, Illinois Glenview Library - Component Unit - Library General Fund Schedule of Revenues, Expenditures, and Changes in Fund Balance (Continued) For the Year Ended December 31, 2014 Budget 170 2014 2013 Original Final Actual Actual Expenditures (continued) Capital outlay Furniture and fixtures 750 $ 750 $ 597 $ -$ Machinery and equipment 7,000 7,000 2,250 7,636 Total capital outlay 7,750 7,750 2,847 7,636 Total expenditures 7,217,005 7,217,005 7,089,847 6,957,764 Net change in fund balance (155,904) $ (155,904) $ 31,901 (51,580) Fund balance - beginning 2,892,957 2,944,537 Fund balance - ending 2,924,858 $ 2,892,957 $ Budget Village of Glenview, Illinois Glenview Library - Component Unit - Library General Fund Schedule of Revenues, Expenditures, and Changes in Fund Balance (Continued) For the Year Ended December 31, 2014 171 Original and Final 2014 2013 Budget Actual Actual Revenues Property taxes 1,961,148 $ 2,024,197 $ 2,020,860 $ Investment income 2,820 4,494 2,919 Total revenues 1,963,968 2,028,691 2,023,779 Expenditures Debt service Principal 1,095,000 1,095,000 1,070,000 Interest and other 846,981 847,231 879,331 Total expenditures 1,941,981 1,942,231 1,949,331 Net change in fund balance 21,987 $ 86,460 74,448 Fund balance - beginning 189,605 115,157 Fund balance - ending 276,065 $ 189,605 $ Village of Glenview, Illinois Glenview Library - Component Unit - Library General Obligation Bond Series of 2009A Schedule of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual For the Year Ended December 31, 2014 172 Village of Glenview, Illinois Glenview Library - Component Unit - Library Nonmajor Funds Combining Balance Sheet December 31, 2014 Friends Total of the Special Library Gift Revenue Cash and cash equivalents 92,799 $ 117,710 $ 210,509 $ Other receivables - - - Due from other funds 2,981 - 2,981 Total assets 95,780 $ 117,710 $ 213,490 $ Liabilities Accounts payable 25,138 $ -$ 25,138 $ Total liabilities 25,138 - 25,138 Fund balances Restricted 70,642 117,710 188,352 Total fund balances 70,642 117,710 188,352 Total liabilities and fund balances 95,780 $ 117,710 $ 213,490 $ Special Revenue Funds Liabilities and Fund Balances Assets 173 Library Library Total Total Capital Special Capital Nonmajor Contribution Reserve Project Library 48,542 $ 551,391 $ 599,933 $ 810,442 $ - 442 442 442 - - - 2,981 48,542 $ 551,833 $ 600,375 $ 813,865 $ -$ -$ -$ 25,138 $ - - - 25,138 48,542 551,833 600,375 788,727 48,542 551,833 600,375 788,727 48,542 $ 551,833 $ 600,375 $ 813,865 $ Capital Project Funds 174 Village of Glenview, Illinois Glenview Library - Component Unit - Library Nonmajor Funds Combining Statement of Revenues, Expenditures, and Changes in Fund Balances For the Year Ended December 31, 2014 Friends Total of the Special Library Gift Revenue Revenues Other revenue Donations 40,000 $ 1,300 $ 41,300 $ Investment income 277 522 799 Total revenues 40,277 1,822 42,099 Expenditures Culture and recreation Miscellaneous 43,658 578 44,236 Total expenditures 43,658 578 44,236 Net change in fund balances (3,381) 1,244 (2,137) Fund balances - beginning 74,023 116,466 190,489 Fund balances - ending 70,642 $ 117,710 $ 188,352 $ Special Revenue Funds 175 Library Library Total Total Capital Special Capital Nonmajor Contribution Reserve Project Library 2,058 $ -$ 2,058 $ 43,358 $ 210 2,974 3,184 3,983 2,268 2,974 5,242 47,341 - 102,958 102,958 147,194 - 102,958 102,958 147,194 2,268 (99,984) (97,716) (99,853) 46,274 651,817 698,091 888,580 48,542 $ 551,833 $ 600,375 $ 788,727 $ Capital Project Funds 176 Original and Final 2014 2013 Budget Actual Actual Revenues Total revenues -$ -$ -$ Expenditures Capital outlay - - 27,739 Total expenditures - - 27,739 Deficiency of revenues over expenditures - - (27,739) Other financing sources Transfer in - - 32,739 Total other financing sources - - 32,739 Net change in fund balance -$ - 5,000 Fund balance (deficit) - beginning - (5,000) Fund balance (deficit) - ending -$ -$ Village of Glenview, Illinois Glenview Library - Component Unit - Library New Building Fund Schedule of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual For the Year Ended December 31, 2014 177 Original and Final 2014 2013 Budget Actual Actual Revenues Investment income 1,500 $ 2,974 $ 1,601 $ Total revenues 1,500 2,974 1,601 Expenditures Miscellaneous 200,000 102,958 - Total expenditures 200,000 102,958 - Net change in fund balance (198,500) $ (99,984) 1,601 Fund balance - beginning 651,817 650,216 Fund balance - ending 551,833 $ 651,817 $ Village of Glenview, Illinois Glenview Library - Component Unit - Library Special Reserve Fund Schedule of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual For the Year Ended December 31, 2014 178 OTHER SUPPLEMENTAL INFORMATION Village of Glenview, Illinois Corporate Purpose Notes Series 1997 Long-term Debt Requirements December 31, 2014 Date of issue:September 2, 1997 Date of maturity:September 1, 2019 Authorized issue:$2,850,000 Interest rate:4.942% Interest dates:September 1 Principal maturity date:September 1 Payable at:North Suburban Public Utility, Overland Park, Kansas FUTURE PRINCIPAL AND INTEREST REQUIREMENTS Fiscal Year Ending December 31 Principal Interest Total 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 10,143 215,364 933,950 $ 142,922 $ 1,076,872 $ Note: Debt service is payable from the North Maine Water and Sewer Fund. Requirements 179 Village of Glenview, Illinois General Obligation Bond Series 2006A Long-term Debt Requirements December 31, 2014 Date of issue:December 1, 2006 Date of maturity:December 1, 2018 Authorized issue:10,000,000$ Denomination of bonds:5,000$ Interest rate:3.750% Interest dates:June 1 and December 1 Principal maturity date:December 1 Payable at:Wells Fargo Bank, N.A., Chicago, IL Fiscal Year Ending December 31 Principal Interest Total June 1 Amount December 1 Amount 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 2,550,000 195,000 2,745,000 2017 97,500 2017 97,500 2018 2,650,000 99,376 2,749,376 2018 49,688 2018 49,688 10,000,000 $ 956,252 $ 10,956,252 $ 478,126 $ 478,126 $ Note: Principal and interest is payable from the Special Tax Allocation Fund. FUTURE PRINCIPAL AND INTEREST REQUIREMENTS Requirements Interest Due on 180 Village of Glenview, Illinois General Obligation Bond Series 2007A Long-term Debt Requirements December 31, 2014 Date of issue:December 15, 2007 Date of maturity:December 1, 2016 Authorized issue:5,000,000$ Denomination of bonds:5,000$ Interest rate:3.50% - 3.75% Interest dates:June 1 and December 1 Principal maturity date:December 1 Payable at:Wells Fargo Bank, N.A., Chicago, IL Fiscal Year Ending December 31 Principal Interest Total June 1 Amount December 1 Amount 2015 615,000 $ 45,338 $ 660,338 $ 2015 22,669 $ 2015 22,669 $ 2016 635,000 23,812 658,812 2016 11,906 2016 11,906 1,250,000 $ 69,150 $ 1,319,150 $ 34,575 $ 34,575 $ Note: Principal and interest is payable from the Glenview Water Fund and the Glenview Sanitary Sewer Fund. FUTURE PRINCIPAL AND INTEREST REQUIREMENTS Requirements Interest Due on 181 Village of Glenview, Illinois General Obligation Bond Series 2007B Long-term Debt Requirements December 31, 2014 Date of issue:December 15, 2007 Date of maturity:December 1, 2016 Authorized issue:1,200,000$ Denomination of bonds:5,000$ Interest rate:4.80% - 5.00% Interest dates:June 1 and December 1 Principal maturity date:December 1 Payable at:Wells Fargo Bank, N.A., Chicago, IL Fiscal Year Ending December 31 Principal Interest Total June 1 Amount December 1 Amount 2015 130,000 $ 12,934 $ 142,934 $ 2015 6,467 $ 2015 6,467 $ 2016 130,000 6,500 136,500 2016 3,250 2016 3,250 260,000 $ 19,434 $ 279,434 $ 9,717 $ 9,717 $ Note: Principal and interest is payable from the North Maine Water and Sewer Fund. FUTURE PRINCIPAL AND INTEREST REQUIREMENTS Requirements Interest Due on 182 Village of Glenview, Illinois General Obligation Bond Series 2009A Long-term Debt Requirements December 31, 2014 Date of issue:May 5, 2009 Date of maturity:December 1, 2029 Authorized issue:26,300,000$ Denomination of bonds:5,000$ Interest rates:3.000 - 4.125% Interest dates:June 1 and December 1 Principal maturity date:December 1 Payable at:Wells Fargo Bank, N.A., Chicago, IL Fiscal Year Ending December 31 Principal Interest Total June 1 Amount December 1 Amount 2015 1,125,000 $ 813,881 $ 1,938,881 $ 2015 406,941 $ 2015 406,941 $ 2016 1,155,000 780,131 1,935,131 2016 390,066 2016 390,066 2017 1,190,000 745,481 1,935,481 2017 372,741 2017 372,741 2018 1,225,000 703,831 1,928,831 2018 351,916 2018 351,916 2019 1,270,000 660,956 1,930,956 2019 330,478 2019 330,478 2020 1,310,000 616,506 1,926,506 2020 308,253 2020 308,253 2021 1,360,000 567,381 1,927,381 2021 283,691 2021 283,691 2022 1,410,000 516,381 1,926,381 2022 258,191 2022 258,191 2023 1,460,000 463,506 1,923,506 2023 231,753 2023 231,753 2024 1,520,000 408,756 1,928,756 2024 204,378 2024 204,378 2025 1,580,000 347,956 1,927,956 2025 173,978 2025 173,978 2026 1,645,000 284,756 1,929,756 2026 142,378 2026 142,378 2027 1,715,000 218,956 1,933,956 2027 109,478 2027 109,478 2028 1,785,000 150,356 1,935,356 2028 75,178 2028 75,178 2029 1,860,000 76,725 1,936,725 2029 38,363 2029 38,363 21,610,000 $ 7,355,559 $ 28,965,559 $ 3,677,783 $ 3,677,783 $ Note: Principal and interest is payable from proceeds of the library property tax levy. FUTURE PRINCIPAL AND INTEREST REQUIREMENTS Requirements Interest Due on 183 Village of Glenview, Illinois General Obligation Bond Series 2009D Long-term Debt Requirements December 31, 2014 Date of issue:October 21, 2009 Date of maturity:December 1, 2018 Authorized issue:11,290,000$ Denomination of bonds:5,000$ Interest rates:2.00 - 4.00% Interest dates:June 1 and December 1 Principal maturity date:December 1 Payable at:Wells Fargo Bank, N.A., Chicago, IL Fiscal Year Ending December 31 Principal Interest Total June 1 Amount December 1 Amount 2015 1,370,000 $ 177,250 $ 1,547,250 $ 2015 88,625 $ 2015 88,625 $ 2016 1,365,000 136,150 1,501,150 2016 68,075 2016 68,075 2017 1,360,000 95,200 1,455,200 2017 47,600 2017 47,600 2018 1,360,000 54,400 1,414,400 2018 27,200 2018 27,200 5,455,000 $ 463,000 $ 5,918,000 $ 231,500 $ 231,500 $ Note: Principal and interest is payable from the Special Tax Allocation Fund. FUTURE PRINCIPAL AND INTEREST REQUIREMENTS Requirements Interest Due on 184 Village of Glenview, Illinois Illinois Environmental Protection Agency Loan Long-term Debt Requirements December 31, 2014 Date of issue:October 1, 2010 Date of maturity:April 14, 2031 Authorized issue:633,827$ Interest rates:0.00% Principal maturity date:April 14 and October 14 Payable at:Illinois Environmental Protection Agency Loan Number: L17-4483 Fiscal Year Ending December 31 April 14 October 14 Total 2015 12,185 $ 12,185 $ 24,371 $ 2016 12,185 12,185 24,371 2017 12,185 12,185 24,371 2018 12,185 12,185 24,371 2019 12,185 12,185 24,371 2020 12,185 12,185 24,371 2021 12,185 12,185 24,371 2022 12,185 12,185 24,371 2023 12,185 12,185 24,371 2024 12,185 12,185 24,371 2025 12,185 12,185 24,371 2026 12,185 12,185 24,371 2027 12,185 12,185 24,371 2028 12,185 12,185 24,371 2029 12,185 12,185 24,371 2030 12,185 12,185 24,371 2031 12,185 - 12,185 207,151 $ 194,966 $ 402,117 $ Note: Principal will be paid by the Capital Projects Fund Requirements FUTURE PRINCIPAL REQUIREMENTS 185 Village of Glenview, Illinois General Obligation Refunding Bond, Series 2012A Long-term Debt Requirements December 31, 2014 Date of issue:June 14, 2012 Date of maturity:December 1, 2021 Authorized issue:18,090,000$ Denomination of bonds:5,000$ Interest rates:3.00% - 4.00% Interest dates:June 1 and December 1 Principal maturity date:December 1 Payable at:Wells Fargo Bank, N.A., Chicago, IL Fiscal Year Ending December 31 Principal Interest Total June 1 Amount December 1 Amount 2015 -$ 604,800 $ 604,800 $ 2015 302,400 $ 2015 302,400 $ 2016 - 604,800 604,800 2016 302,400 2016 302,400 2017 - 604,800 604,800 2017 302,400 2017 302,400 2018 - 604,800 604,800 2018 302,400 2018 302,400 2019 5,850,000 604,800 6,454,800 2019 302,400 2019 302,400 2020 6,030,000 429,300 6,459,300 2020 214,650 2020 214,650 2021 6,210,000 248,400 6,458,400 2021 124,200 2021 124,200 18,090,000 $ 3,701,700 $ 21,791,700 $ 1,850,850 $ 1,850,850 $ Note: Principal and interest is payable from the Special Tax Allocation Fund. FUTURE PRINCIPAL AND INTEREST REQUIREMENTS Requirements Interest Due on 186 Village of Glenview, Illinois General Obligation Refunding Bond, Series 2012B Long-term Debt Requirements December 31, 2014 Date of issue:December 18, 2012 Date of maturity:December 1, 2024 Authorized issue:14,575,000$ Denomination of bonds:5,000$ Interest rates:3.00% - 4.00% Interest dates:June 1 and December 1 Principal maturity date:December 1 Payable at:Wells Fargo Bank, N.A., Chicago, IL Fiscal Year Ending December 31 Principal Interest Total June 1 Amount December 1 Amount 2015 1,200,000 $ 565,500 $ 1,765,500 $ 2015 282,750 $ 2015 282,750 $ 2016 1,245,000 517,500 1,762,500 2016 258,750 2016 258,750 2017 1,295,000 467,700 1,762,700 2017 233,850 2017 233,850 2018 1,365,000 415,900 1,780,900 2018 207,950 2018 207,950 2019 1,410,000 361,300 1,771,300 2019 180,650 2019 180,650 2020 1,475,000 304,900 1,779,900 2020 152,450 2020 152,450 2021 1,540,000 245,900 1,785,900 2021 122,950 2021 122,950 2022 1,605,000 184,300 1,789,300 2022 92,150 2022 92,150 2023 1,690,000 120,100 1,810,100 2023 60,050 2023 60,050 2024 1,750,000 52,500 1,802,500 2024 26,250 2024 26,250 14,575,000 $ 3,235,600 $ 17,810,600 $ 1,617,800 $ 1,617,800 $ Note: Principal and interest is payable from a property tax levy. FUTURE PRINCIPAL AND INTEREST REQUIREMENTS Requirements Interest Due on 187 Village of Glenview, Illinois General Obligation Refunding Bond, Series 2012C Long-term Debt Requirements December 31, 2014 Date of issue:December 18, 2012 Date of maturity:December 1, 2018 Authorized issue:7,730,000$ Denomination of bonds:5,000$ Interest rates:2.00% - 3.00% Interest dates:June 1 and December 1 Principal maturity date:December 1 Payable at:Wells Fargo Bank, N.A., Chicago, IL Fiscal Year Ending December 31 Principal Interest Total June 1 Amount December 1 Amount 2015 1,440,000 $ 176,550 $ 1,616,550 $ 2015 88,275 $ 2015 88,275 $ 2016 1,540,000 147,750 1,687,750 2016 73,875 2016 73,875 2017 1,650,000 101,550 1,751,550 2017 50,775 2017 50,775 2018 1,735,000 52,050 1,787,050 2018 26,025 2018 26,025 6,365,000 $ 477,900 $ 6,842,900 $ 238,950 $ 238,950 $ Note: Principal and interest is payable from the Special Tax Allocation Fund. FUTURE PRINCIPAL AND INTEREST REQUIREMENTS Requirements Interest Due on 188 Village of Glenview, Illinois General Obligation Bonds, Series 2013A Long-term Debt Requirements December 31, 2014 Date of issue:December 19, 2013 Date of maturity:December 1, 2033 Authorized issue:6,065,000$ Denomination of bonds:5,000$ Interest rates:2.00% - 4.00% Interest dates:June 1 and December 1 Principal maturity date:December 1 Payable at:Wells Fargo Bank, N.A., Chicago, IL Fiscal Year Ending December 31 Principal Interest Total June 1 Amount December 1 Amount 2015 240,000 $ 189,882 $ 429,882 $ 2015 94,941 $ 2015 94,941 $ 2016 245,000 185,082 430,082 2016 92,541 2016 92,541 2017 245,000 180,182 425,182 2017 90,091 2017 90,091 2018 250,000 175,282 425,282 2018 87,641 2018 87,641 2019 260,000 170,282 430,282 2019 85,141 2019 85,141 2020 265,000 165,082 430,082 2020 82,541 2020 82,541 2021 270,000 157,132 427,132 2021 78,566 2021 78,566 2022 280,000 149,032 429,032 2022 74,516 2022 74,516 2023 285,000 140,632 425,632 2023 70,316 2023 70,316 2024 295,000 132,082 427,082 2024 66,041 2024 66,041 2025 305,000 123,232 428,232 2025 61,616 2025 61,616 2026 315,000 113,626 428,626 2026 56,813 2026 56,813 2027 325,000 102,600 427,600 2027 51,300 2027 51,300 2028 340,000 89,600 429,600 2028 44,800 2028 44,800 2029 350,000 76,000 426,000 2029 38,000 2029 38,000 2030 365,000 62,000 427,000 2030 31,000 2030 31,000 2031 380,000 47,400 427,400 2031 23,700 2031 23,700 2032 395,000 32,200 427,200 2032 16,100 2032 16,100 2033 410,000 16,400 426,400 2033 8,200 2033 8,200 5,820,000 $ 2,307,728 $ 8,127,728 $ 1,153,864 $ 1,153,864 $ Note: Principal and interest will be paid by the Debt Service Fund via a transfer from the Corporate Fund. FUTURE PRINCIPAL AND INTEREST REQUIREMENTS Requirements Interest Due on 189 Village of Glenview, Illinois General Obligation Bonds, Series 2013B Long-term Debt Requirements December 31, 2014 Date of issue:December 19, 2013 Date of maturity:December 1, 2023 Authorized issue:4,385,000$ Denomination of bonds:5,000$ Interest rates:1.50% - 3.50% Interest dates:June 1 and December 1 Principal maturity date:December 1 Payable at:Wells Fargo Bank, N.A., Chicago, IL Fiscal Year Ending December 31 Principal Interest Total June 1 Amount December 1 Amount 2015 -$ 116,082 $ 116,082 $ 2015 58,041 $ 2015 58,041 $ 2016 - 116,082 116,082 2016 58,041 2016 58,041 2017 585,000 116,082 701,082 2017 58,041 2017 58,041 2018 595,000 107,308 702,308 2018 53,654 2018 53,654 2019 605,000 95,408 700,408 2019 47,704 2019 47,704 2020 620,000 81,190 701,190 2020 40,595 2020 40,595 2021 640,000 64,450 704,450 2021 32,225 2021 32,225 2022 660,000 45,250 705,250 2022 22,625 2022 22,625 2023 680,000 23,800 703,800 2023 11,900 2023 11,900 4,385,000 $ 765,652 $ 5,150,652 $ 382,826 $ 382,826 $ Note: Principal and interest will be paid by the Waukegan/Golf TIF Fund FUTURE PRINCIPAL AND INTEREST REQUIREMENTS Requirements Interest Due on 190 Village of Glenview, Illinois 5 Year Loan Long-term Debt Requirements December 31, 2014 Date of issue:December 1, 2014 Date of maturity:December 1, 2019 Authorized issue:6,529,688$ Interest rate:1.850% Interest dates:June 1 and December 1 Principal maturity date:December 1 Payable at:Glenview State Bank Fiscal Year Ending December 31 Principal Interest Total June 1 Amount December 1 Amount 2015 1,305,938 $ 122,477 $ 1,428,415 $ 2015 61,071 $ 2015 61,406 $ 2016 1,305,938 98,250 1,404,188 2016 49,125 2016 49,125 2017 1,305,938 73,486 1,379,424 2017 36,642 2017 36,844 2018 1,305,938 48,991 1,354,928 2018 24,428 2018 24,563 2019 1,305,938 24,495 1,330,433 2019 12,214 2019 12,281 6,529,688 $ 367,699 $ 6,897,388 $ 183,481 $ 184,219 $ Note: Principal and interest will be paid by the Special Tax Allocation Fund. CURRENT AND FUTURE PRINCIPAL AND INTEREST REQUIREMENTS Requirements Interest Due on 191 Village of Glenview, Illinois Combining Balance Sheet Glenview Naval Air Station (GNAS) Redevelopment Area Funds December 31, 2014 Special Revenue Capital Projects Fund Fund Total Special Glen GNAS Tax Capital Redevelopment Allocation Projects Area Cash and cash equivalents 16,774,835 $ 1,787,189 $ 18,562,024 $ Investments - 4,729,000 4,729,000 Receivables, net of allowance Other receivables 245,291 409 245,700 Prepaid items 42,070 - 42,070 Due from other governments 624,215 - 624,215 Notes receivable 2,013,667 - 2,013,667 Total assets 19,700,078 $ 6,516,598 $ 26,216,676 $ Liabilities Accounts payable 17,278,294 $ 124,330 $ 17,402,624 $ Accrued payroll 11,619 - 11,619 Other payables 317,931 291,435 609,366 Deferred revenues - - - Advances from other funds 15,221,484 - 15,221,484 Total liabilities 32,829,328 415,765 33,245,093 Fund balances (13,129,250) 6,100,833 (7,028,417) Total liabilities and fund balances 19,700,078 $ 6,516,598 $ 26,216,676 $ Assets Liabilities and Fund Balances 192 Village of Glenview, Illinois Combining Schedule of Revenues, Expenditures, and Changes in Fund Balances Glenview Naval Air Station (GNAS) Redevelopment Area Funds For the Year Ended December 31, 2014 Special Revenue Capital Projects Fund Fund Total Special Glen GNAS Tax Capital Redevelopment Allocation Projects Area Revenues Local taxes Property taxes - incremental 29,742,610 $ -$ 29,742,610 $ Charges for services 23,004 - 23,004 Other revenues 607,393 3,384 610,777 Investment income 126,881 1,459 128,340 Total revenues 30,499,888 4,843 30,504,731 Expenditures Current General government 21,688,326 - 21,688,326 Capital outlay 3,111,289 2,235,378 5,346,667 Debt service Principal 30,870,000 - 30,870,000 Interest and fiscal charges 1,476,312 - 1,476,312 Total expenditures 57,145,927 2,235,378 59,381,305 Deficiency of revenues over expenditures (26,646,039) (2,230,535) (28,876,574) Other financing sources (uses) Provisions for loss on land held for resale 2,033,991 - 2,033,991 Proceeds from bond issuance 6,529,688 - 6,529,688 Transfers (out)(281,580) - (281,580) Total other financing sources (uses)8,282,099 - 8,282,099 Net change in fund balances (18,363,940) (2,230,535) (20,594,475) Fund balances Beginning 5,234,690 8,331,368 13,566,058 Ending (13,129,250) $ 6,100,833 $ (7,028,417) $ 193 Village of Glenview, Illinois Index to Statistical Section December 31, 2014 This part of the Village of Glenview'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 says about the Village's overall financial health. Page Financial Trends These schedules contain trend information to help the reader understand how the Village's financial performance and well-being have changed over time. 195 - 204 Revenue Capacity These schedules contain information to help the reader assess the Village's most significant local revenue sources. 205 - 212 Debt Capacity These schedules present information to help the reader assess the affordability of the Village's current levels of outstanding debt and the Village's ability to issue additional debt in the future. 213 - 216 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. 217 - 218 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. 219 - 224 Sources: Unless otherwise noted, the information in these schedules is derived from the comprehensive annual financial reports for the relevant year. 194 Village of Glenview, Illinois Net Position Last Ten Fiscal Years 2005 2006 2007 2008 Governmental activities Invested in capital assets, net of related debt 78,806,902$ 95,946,179$ 83,298,383$ 78,477,141$ Restricted 26,303,618 53,518,524 54,229,537 49,074,532 Unrestricted 58,039,098 38,168,571 55,636,297 68,560,085 Total governmental activities 163,149,618$ 187,633,274$ 193,164,217$ 196,111,758$ Business-type activities Invested in capital assets, net of related debt 29,095,596$ 42,488,713$ 40,143,214$ 43,348,719$ Unrestricted 12,594,422 7,552,672 12,344,058 10,612,213 Total business-type activities 41,690,018$ 50,041,385$ 52,487,272$ 53,960,932$ Total primary government Invested in capital assets, net of related debt 107,902,498$ 138,434,892$ 123,441,597$ 121,825,860$ Restricted 26,303,618 53,518,524 54,229,537 49,074,532 Unrestricted 70,633,520 45,721,243 67,980,355 79,172,298 Total primary government 204,839,636$ 237,674,659$ 245,651,489$ 250,072,690$ Source: The Village of Glenview's Comprehensive Annual Financial Report 195 2009 2010 2011 2012 2013 2014 87,607,488$ 93,936,562$ 102,217,913$ 109,488,722$ 139,233,309$ 149,950,065$ 39,881,012 29,923,363 23,711,651 45,978,154 11,484,242 2,407,413 69,018,535 66,754,133 68,927,169 42,720,345 50,861,602 58,480,393 196,507,035$ 190,614,058$ 194,856,733$ 198,187,221$ 201,579,153$ 210,837,871$ 45,206,019$ 51,450,402$ 55,566,298$ 56,331,598$ 58,075,392$ 60,891,686$ 7,860,336 2,104,898 5,373,918 7,475,383 10,891,341 9,193,155 53,066,355$ 53,555,300$ 60,940,216$ 63,806,981$ 68,966,733$ 70,084,841$ 132,813,507$ 145,386,964$ 157,784,211$ 165,820,320$ 197,308,701$ 210,841,751$ 39,881,012 29,923,363 23,711,651 45,978,154 11,484,242 2,407,413 76,878,871 68,859,031 74,301,087 50,195,728 61,752,943 67,673,548 249,573,390$ 244,169,358$ 255,796,949$ 261,994,202$ 270,545,886$ 280,922,712$ Fiscal Year 196 Village of Glenview, Illinois Changes in Net Position Last Ten Fiscal Years 2005 2006 2007 2008 Expenses Governmental activities General government 20,282,723 $ 13,929,198 $ 24,038,572 $ 27,195,744 $ Public safety 25,343,033 28,395,261 25,405,356 27,622,472 Highways and streets 13,493,770 27,582,335 21,897,066 - Public works - - - 13,998,908 Development - - - 7,306,324 Interest on long-term debt 5,066,331 4,813,795 6,751,793 6,068,865 Total governmental activities expenses 64,185,857 74,720,589 78,092,787 82,192,313 Business-type activities Water services 9,874,399 8,168,894 8,241,841 8,254,541 North Maine water and sewer services 4,923,144 5,396,165 5,822,693 6,148,151 Sanitary sewer services 1,083,937 1,544,514 1,221,484 1,473,318 Wholesale water 1,178,948 1,146,800 1,675,442 1,110,176 Commuter parking 412,459 433,318 458,586 381,133 Total business-type activities expenses 17,472,887 16,689,691 17,420,046 17,367,319 Total primary gvernment expenses 81,658,744 $ 91,410,280 $ 95,512,833 $ 99,559,632 $ Program revenues Governmental activities Charges for services General government 9,613,146 $ 10,124,924 $ 5,088,121 $ 3,230,320 $ Public safety 3,826,995 4,059,578 4,104,495 4,076,188 Public works - - - - Development - - - 2,020,840 Operating grants and contributions 1,684,597 1,576,594 2,644,741 1,401,777 Capital grants and contributions 2,603,905 702,691 1,473,479 - Total governmental activities program revenues 17,728,643 16,463,787 13,310,836 10,729,125 Business-type activities Charges for services - water and sewer Water services 8,726,117 7,654,017 8,251,413 8,135,293 North Maine water and sewer services 5,872,657 5,928,523 6,418,577 6,824,636 Sanitary sewer services 1,576,519 1,430,401 1,762,694 1,570,372 Wholesale water 1,707,316 1,692,776 1,522,626 1,863,483 Commuter parking 450,026 415,687 484,393 466,356 Operating grants and contributions - - - - Capital grants and contributions - - 73,908 - Total business-type activities program revenues 18,332,635 17,121,404 18,513,611 18,860,140 Total primary government program revenues 36,061,278 $ 33,585,191 $ 31,824,447 $ 29,589,265 $ Net (expense) revenue Governmental activities (46,457,214) $ (58,256,802) $ (64,781,951) $ (71,463,188) $ Business-type activities 859,748 431,713 1,093,565 1,492,821 Total primary government net (expense) revenue (45,597,466) $ (57,825,089) $ (63,688,386) $ (69,970,367) $ 197 2009 2010 2011 2012 2013 2014 29,780,621 $ 32,335,971 $ 33,989,230 $ 40,172,192 $ 38,505,592 $ 36,586,774 $ 26,456,771 30,475,113 25,769,097 27,145,548 27,152,669 23,105,414 - - - - - - 12,741,129 13,981,277 8,581,360 6,670,428 7,743,333 22,535,067 8,467,340 12,198,120 10,029,890 6,421,304 14,486,953 11,829,052 6,001,886 4,085,152 3,353,913 2,984,565 2,547,042 2,231,704 83,447,747 93,075,633 81,723,490 83,394,037 90,435,589 96,288,011 7,733,048 9,265,407 8,795,466 10,339,739 9,880,585 10,634,065 5,782,216 6,267,880 6,197,752 7,399,749 7,399,181 7,547,458 1,238,383 1,948,357 1,801,454 1,729,509 1,789,883 2,051,642 1,074,812 1,083,206 1,119,994 1,157,835 1,129,077 1,064,737 476,940 383,196 386,244 449,674 364,679 409,584 16,305,399 18,948,046 18,300,910 21,076,506 20,563,405 21,707,486 99,753,146 $ 112,023,679 $ 100,024,400 $ 104,470,543 $ 110,998,994 $ 117,995,497 $ 2,324,730 $ 3,931,687 $ 3,854,148 $ 3,564,720 $ 7,242,189 $ 7,090,956 $ 5,274,319 5,345,151 5,195,936 4,967,056 5,339,032 7,789,777 - - - 945,812 945,521 945,106 3,218,677 3,993,971 2,015,239 850,749 469,771 817,593 1,172,899 1,662,479 1,832,805 1,960,093 1,875,489 2,079,987 1,267,384 2,362,508 2,439,618 746,987 203,909 5,162,690 13,258,009 17,295,796 15,337,746 13,035,417 16,075,911 23,886,109 8,370,780 9,045,480 9,751,605 11,351,729 11,213,172 11,431,761 7,206,186 7,473,673 8,120,035 8,229,828 8,611,294 8,068,712 1,831,857 2,114,548 2,314,028 2,523,022 2,355,451 2,263,025 1,782,495 1,997,367 2,156,636 2,063,759 2,190,544 1,891,731 529,886 524,244 525,991 526,212 570,670 615,754 - - 27,854 - - - - - - - - - 19,721,204 21,155,312 22,896,149 24,694,550 24,941,131 24,270,983 32,979,213 $ 38,451,108 $ 38,233,895 $ 37,729,967 $ 41,017,042 $ 48,157,092 $ (70,189,738) $ (75,779,837) $ (66,385,744) $ (70,358,620) $ (74,359,678) $ (72,401,902) $ 3,415,805 2,207,266 4,595,239 3,618,044 4,377,726 2,563,497 (66,773,933) $ (73,572,571) $ (61,790,505) $ (66,740,576) $ (69,981,952) $ (69,838,405) $ Fiscal Year 198 Village of Glenview, Illinois Changes in Net Position (Continued) Last Ten Fiscal Years 2005 2006 2007 2008 General revenues and other changes in net position Governmental activities Taxes Property taxes 27,379,366 $ 31,368,247 $ 29,533,794 $ 37,030,734 $ Other taxes 8,932,829 7,674,636 7,938,804 7,213,927 Sales taxes 16,410,735 17,797,774 18,238,196 18,649,183 Income taxes 3,521,197 3,342,154 3,933,680 4,207,152 Intergovernmental 739,758 801,157 959,789 1,486,645 Investment income 2,911,937 3,553,730 7,202,556 2,234,453 Miscellaneous 367,096 271,124 2,473,480 3,301,455 Gain on sale of capital assets 91,504 18,899,176 467,801 - Transfers 167,762 (4,697,121) (989,499) 287,180 Contributions 3,687,472 - - - Total governmental activities 64,209,656 79,010,877 69,758,601 74,410,729 Business-type activities Investment income 252,200 427,441 351,186 232,871 Miscellaneous 75,102 18,166 33,313 35,148 Gain (loss) on sale of capital assets (4,142) (48,424) (21,676) - Gain (loss) on legal settlement - - - - Transfers (167,762) 4,697,721 989,499 (287,180) Total Business-type activities 155,398 5,094,904 1,352,322 (19,161) Total primary government 64,365,054 $ 84,105,781 $ 71,110,923 $ 74,391,568 $ Change in net position Governmental activities 14,077,300 $ 20,753,475 $ 4,977,650 $ 2,947,541 $ Business-type activities 4,690,288 5,526,617 2,445,887 1,473,660 Total primary government change in net position 18,767,588 $ 26,280,092 $ 7,423,537 $ 4,421,201 $ Source: The Village of Glenview's Comprehensive Annual Financial Report. 199 2009 2010 2011 2012 2013 2014 33,863,907 $ 34,759,914 $ 40,146,639 $ 37,275,705 $ 37,383,036 $ 40,785,102 $ 12,659,075 12,962,485 13,257,071 13,495,498 13,944,053 14,406,764 11,943,633 12,336,353 12,792,723 13,091,218 13,833,697 14,972,367 3,612,282 3,497,759 3,823,315 3,962,313 4,309,714 4,232,425 2,519,306 2,772,575 2,502,500 2,614,374 2,739,777 2,839,239 975,360 731,839 397,478 860,108 785,925 1,407,626 611,793 470,187 464,084 1,562,876 4,104,857 1,703,769 - - - - - - 4,399,659 1,777,004 (2,755,391) 827,016 822,322 1,313,328 - - - - - - 70,585,015 69,308,116 70,628,419 73,689,108 77,923,381 81,660,620 60,349 24,419 26,807 33,790 27,046 (153,614) 28,928 (18,808) 7,479 41,947 6,290 21,553 - - - - - - - - - - 1,571,012 - (4,399,659) (1,723,932) 2,755,391 (827,016) (822,322) (1,313,328) (4,310,382) (1,718,321) 2,789,677 (751,279) 782,026 (1,445,389) 66,274,633 $ 67,589,795 $ 73,418,096 $ 72,937,829 $ 78,705,407 $ 80,215,231 $ 395,277 $ (6,471,721) $ 4,242,675 $ 3,330,488 $ 3,563,703 $ 9,258,718 $ (894,577) 488,945 7,384,916 2,866,765 5,159,752 1,118,108 (499,300) $ (5,982,776) $ 11,627,591 $ 6,197,253 $ 8,723,455 $ 10,376,826 $ Fiscal Year 200 Village of Glenview, Illinois Fund Balances of Governmental Funds Last Ten Fiscal Years 2005 2006 2007 2008 General Fund Reserved 150,800 $ 250,974 $ 202,583 $ 236,776 $ Unreserved 28,919,794 23,543,445 18,625,051 15,965,220 Nonspendable - - - - Committed - - - - Assigned - - - - Unassigned - - - - Total General Fund 29,070,594 23,794,419 18,827,634 16,201,996 All other governmental funds Reserved 60,405,636 68,100,595 70,662,782 66,882,660 Unreserved, reported in Special revenue funds (2,175,404) 3,098,776 (2,172,942) 1,495,858 Capital project funds 400,940 37,589 (33,701) 14,453,200 Debt service funds (16,480,597) 13,962,128 14,513,477 (77,170) Nonspendable - - - - Restricted - - - - Assigned - - - - Unassigned - - - - Total all other governmental funds 42,150,575 85,199,088 82,969,616 82,754,548 Total fund balances - governmental funds 71,221,169 $ 108,993,507 $ 101,797,250 $ 98,956,544 $ Source: The Village of Glenview's Comprehensive Annual Financial Report. The Village implemented GASB Statement No. 54 in 2011 201 2009 2010 2011 2012 2013 2014 82,583 $ 82,583 $ -$ -$ -$ -$ 20,044,782 21,994,901 - - - - - - 131,424 195,280 87,738 176,110 - - - - 1,700,000 850,000 - - - - 3,208,020 5,364,276 - - 24,086,602 25,564,806 26,823,063 24,306,476 20,127,365 22,077,484 24,218,026 25,760,086 31,818,821 30,696,862 59,293,215 49,720,439 - - - - 1,832,064 (921,028) - - - - 10,053,987 10,057,895 - - - - 15,676 30,942 - - - - - - - 64,508 53,289 42,070 - - 52,257,800 45,978,154 11,484,242 2,407,413 - - - - 42,275,455 31,933,727 - - - - - (13,171,320) 71,194,942 58,888,248 52,257,800 46,042,662 53,812,986 21,211,890 91,322,307 $ 80,965,732 $ 76,475,826 $ 71,802,748 $ 85,631,807 $ 51,908,752 $ Fiscal Year 202 Village of Glenview, Illinois Changes in Fund Balances of Governmental Funds Last Ten Fiscal Years 2005 2006 2007 2008 Revenues Taxes 38,404,632 $ 40,230,230 $ 40,995,097 $ 49,775,754 $ Intergovernmental 25,621,631 25,820,915 26,398,055 23,994,061 Charges for services 8,197,463 3,125,289 3,347,415 3,879,939 Licenses and permits 1,935,601 1,444,631 1,317,359 1,492,506 Fines and forfeitures 223,917 223,430 242,596 174,506 Investment income 3,863,413 3,766,390 6,139,481 2,234,453 Miscellaneous Land sales - 18,899,176 1,003,082 3,126,283 Other 696,380 732,406 1,892,301 175,172 Total revenues 78,943,037 94,242,467 81,335,386 84,852,674 Expenditures General government 17,362,221 23,179,532 24,981,918 26,494,899 Public safety 24,629,821 23,480,423 25,418,302 26,685,166 Highways and streets 10,227,675 9,257,360 12,229,547 - Public works - - - 7,656,205 Development - - - 3,892,684 Debt service Principal 9,124,652 9,490,000 9,885,000 9,335,000 Interest and fiscal charges 6,075,973 5,764,058 6,678,361 6,011,806 Bond issuance costs 104,718 110,099 - - Capital outlay 46,376,551 18,451,941 8,918,984 9,593,304 Miscellaneous - - - - Total expenditures 113,901,611 89,733,413 88,112,112 89,669,064 Excess of revenues over (under) expenditures (34,958,574) 4,509,054 (6,776,726) (4,816,390) Other financing sources (uses) Transfers in 21,885,794 32,556,673 34,081,992 20,474,754 Transfers out (21,718,032) (37,162,062) (35,071,491) (18,499,070) Bonds issued 10,000,000 37,940,000 - - Discounts on bonds issued - (87,732) - - Premium on bonds issued 44,658 11,371 - - Payment to escrow agent (10,000,000) - - - Sale of capital assets 91,504 5,035 15,675 - Total other financing sources (uses)303,924 33,263,285 (973,824) 1,975,684 Net change in fund balances (34,654,650) $ 37,772,339 $ (7,750,550) $ (2,840,706) $ Debt service as a percentage of noncapital expenditures 22.51%18.28%20.92%17.87% Source: The Village of Glenview's Comprehensive Annual Financial Report. 203 2009 2010 2011 2012 2013 2014 46,522,982 $ 47,721,989 $ 53,403,710 $ 50,771,203 $ 51,327,089 $ 55,191,866 $ 23,236,550 25,493,952 26,342,403 24,796,132 25,747,882 28,843,610 5,787,188 6,892,913 6,111,175 6,519,625 8,082,885 9,789,188 2,441,730 3,190,826 1,859,161 1,923,238 4,461,768 5,103,571 189,433 134,783 181,361 224,198 228,419 255,899 975,370 731,839 397,478 422,751 341,472 399,971 - - - - - - 46,804 219,046 205,014 709,998 486,493 796,354 79,200,057 84,385,348 88,500,302 85,367,145 90,676,008 100,380,459 27,133,683 29,090,926 31,153,019 38,411,652 35,582,816 36,391,244 25,745,800 27,884,435 25,710,435 26,369,673 26,687,294 27,212,096 - - - - - - 7,918,533 7,811,605 7,883,609 7,036,995 7,489,675 9,523,902 6,058,864 5,723,642 4,293,220 1,261,328 1,016,437 4,078,982 9,660,000 9,740,000 10,051,617 8,208,235 30,983,776 32,364,371 5,304,081 4,246,896 3,762,159 3,279,464 2,761,174 2,388,883 37,153 - 38,818 139,044 61,176 - 8,858,147 12,030,923 8,336,649 6,060,977 8,253,623 34,631,202 - - - - - - 90,716,261 96,528,427 91,229,526 90,767,368 112,835,971 146,590,680 (11,516,204) (12,143,079) (2,729,224) (5,400,223) (22,159,963) (46,210,221) 19,116,695 15,678,978 31,368,232 6,281,471 13,052,864 16,557,993 (15,420,632) (13,901,974) (33,163,914) (5,702,833) (11,837,724) (12,684,506) 39,838,247 - 11,035,000 40,395,000 38,575,000 6,529,688 - - - - (11,539) - - - - 4,432,391 69,535 - (39,652,343) - (11,000,000) (44,678,884) - - - 9,500 - - (3,859,114) 2,083,991 3,881,967 1,786,504 (1,760,682) 727,145 35,989,022 12,487,166 (7,634,237) $ (10,356,575) $ (4,489,906) $ (4,673,078) $ 13,829,059 $ (33,723,055) $ 18.33%16.55%15.71%13.28%31.21%28.34% Fiscal Year 204 Village of Glenview, Illinois Assessed Value and Actual Value of Taxable Property Last Ten Levy Years Levy Residential Commercial Industrial Year Property Property Property Railroad Farm 2004 1,583,440,346$ 462,293,352$ 202,403,525$ 196,030$ 589$ 2005 1,753,091,650 507,205,734 255,723,046 184,075 589 2006 1,478,823,650 477,703,360 213,822,559 184,075 589 2007 1,878,422,371 572,300,107 242,310,888 202,163 589 2008 2,026,139,779 638,159,198 248,243,038 221,084 589 2009 2,198,443,085 595,701,792 207,259,989 266,417 368 2010 2,298,836,300 388,196,316 27,515,890 333,270 368 2011 1,763,765,871 499,476,841 184,570,112 354,177 - 2012 1,637,952,132 481,487,771 171,866,548 400,750 - 2013 1,409,769,224 450,231,431 165,239,212 495,230 - Data Source Office of the County Clerk Note : Property in the Village is reassesed each year. Property is assessed at 33% of actual value. 205 Total Estimated Estimated Total Taxable Direct Actual Actual Assessed Tax Taxable Taxable Value Rate Value Value 2,248,333,842$ 4.27 6,745,001,526$ 33.333% 2,516,205,094 4.21 7,548,615,282 33.333% 2,170,534,233 4.15 6,511,602,699 33.333% 2,693,236,118 3.69 8,079,708,354 33.333% 2,912,763,688 3.50 8,738,291,064 33.333% 3,001,671,651 3.62 9,005,014,953 33.333% 2,714,882,144 4.08 8,144,646,432 33.333% 2,448,167,001 4.56 7,344,501,003 33.333% 2,291,707,201 4.82 6,875,121,603 33.333% 2,025,735,097 5.53 6,077,205,291 33.333% 206 Village of Glenview, Illinois Direct and Overlapping Property Tax Rates Last Ten Levy Years 2004 2005 2006 2007 Village of Glenview Corporate 0.214 0.252 0.184 0.184 Bonds and interest 0.076 0.074 0.099 0.072 Police pension 0.048 0.045 0.060 0.049 Fire pension 0.047 0.051 0.072 0.064 IMRF 0.043 - - - Total direct tax rate 0.428 0.422 0.415 0.369 Glenview Public Library 0.259 0.249 0.246 0.149 Glenview Special Service Area #9 0.406 0.402 0.284 0.227 Glenview Special Service Area #10 0.427 0.421 0.293 0.238 Glenview Special Service Area #11 0.169 0.160 0.160 0.127 Glenview Special Service Area #12 0.285 0.252 0.242 0.172 Glenview Special Service Area #17 0.374 0.317 0.324 0.192 Glenview Special Service Area #18 0.388 0.363 0.363 0.269 Glenview Special Service Area #20 0.236 0.219 0.217 0.180 Glenview Special Service Area #22 0.214 0.196 0.193 0.137 Glenview Special Service Area #24 0.538 0.507 - - Glenview Special Service Area #27 - - - - Glenview Special Service Area #31 - - - - Glenview Special Service Area #32 0.086 0.081 0.082 0.075 Glenview Special Service Area #33 0.456 0.427 0.440 0.349 Glenview Special Service Area #35 0.313 0.284 0.292 0.243 Glenview Special Service Area #36 0.233 0.200 0.191 0.143 Glenview Special Service Area #37 0.207 0.176 0.163 0.122 Glenview Special Service Area #38 - - - - Glenview Special Service Area #40 - - - - Glenview Special Service Area #41 - - - - Glenview Special Service Area #42 - - - - Glenview Special Service Area #43 - - - - Glenview Special Service Area #44 - - - - Glenview Special Service Area #45 - - - - Glenview Special Service Area #46 - - - - Glenview Special Service Area #47 - - - - Glenview Special Service Area #49 - - - - Glenview Special Service Area #50 - - - - Glenview Special Service Area #51 - - - - Glenview Special Service Area #52 - - - - Glenview Special Service Area #53 - - - - Glenview Special Service Area #54 - - - - Glenview Special Service Area #55 - - - - Glenview Special Service Area #56 - - - - Glenview Special Service Area #57 - - - - Glenview Special Service Area #61 - - - - Glenview Special Service Area #62 - - - - Glenview Special Service Area #63 - - - - 207 2008 2009 2010 2011 2012 2013 0.174 0.148 0.162 0.177 0.188 0.203 0.068 0.068 0.076 0.084 0.083 0.095 0.040 0.060 0.065 0.074 0.073 0.098 0.068 0.085 0.105 0.120 0.139 0.157 - - - - - - 0.350 0.361 0.408 0.455 0.482 0.553 0.195 0.210 0.253 0.303 0.347 0.396 0.200 0.093 - - - - 0.209 0.100 - - - - 0.175 - - - - - 0.159 - - - - - 0.192 0.177 0.210 0.115 - - 0.242 0.221 0.280 0.148 - - 0.160 0.155 0.165 - - - 0.129 0.117 0.142 - - - - - - - - - - - - - - - - - - - - - 0.068 0.073 0.074 0.082 0.087 0.066 0.308 0.287 0.333 0.370 0.391 0.422 0.207 0.204 0.223 0.233 0.248 0.344 0.127 0.108 0.138 0.153 0.162 0.181 0.118 0.102 0.117 0.133 0.141 0.159 - - 0.844 0.894 0.854 1.250 - - - 0.079 0.085 0.094 - - - 0.079 0.086 0.094 - - 0.406 0.440 0.470 0.586 - - - 0.122 0.130 0.138 - - - 0.168 0.191 0.221 - - - 0.444 0.446 0.477 - - - 0.598 0.550 0.553 - - 0.546 0.568 0.605 0.775 - - - 0.241 0.261 0.312 - - - 0.130 0.140 0.153 - - - 0.279 0.297 0.354 - - - 0.141 0.151 0.170 - - - 1.035 1.206 1.296 - - - 0.695 0.739 0.796 - - 0.423 0.410 0.378 0.430 - - 0.903 0.971 1.022 1.185 - - 0.538 0.566 0.586 0.677 - - - 0.188 0.201 0.232 - 0.165 0.213 0.228 0.239 0.280 - 0.183 0.232 0.245 0.257 0.273 (Continued) 208 Village of Glenview, Illinois Direct and Overlapping Property Tax Rates (Continued) Last Ten Levy Years 2004 2005 2006 2007 Avoca School District #37 1.991 1.934 2.008 1.594 County Consolidated Elections - 0.014 - 0.012 County of Cook 0.593 0.533 0.500 0.446 East Maine School District #63 2.624 2.542 2.617 2.276 Forest Preserve District 0.060 0.060 0.057 0.053 Glenview Park District 0.505 0.490 0.511 0.429 Glenview School District #34 2.330 2.259 2.334 1.953 Golf School District #67 2.129 2.041 2.094 1.859 Maine High School #207 1.795 1.757 1.826 1.602 Maine Township - General 0.071 0.070 0.073 0.065 Maine Township - General Assistance 0.015 0.015 0.016 0.002 Maine Township - Road and Bridge 0.036 0.036 0.038 0.034 Metropolitan Water Reclamation Dist.0.347 0.315 0.284 0.263 New Trier High School #203 1.621 1.577 1.662 1.299 New Trier Township - General 0.037 0.037 0.073 0.031 New Trier Township - General Assistance 0.002 0.002 0.003 0.003 Niles High School #219 2.013 2.007 2.374 2.114 Niles Township - General 0.030 0.029 0.031 0.027 Niles Township - General Assistance 0.003 0.002 0.003 0.003 North Shore Mosquito Abatement 0.008 0.008 0.009 0.008 Northbrook School District #30 2.416 2.331 2.471 2.138 Northfield High School #225 1.516 1.475 1.623 1.403 Northfield Township - General 0.012 0.011 0.011 0.010 Oakton Community College #535 0.161 0.158 0.166 0.141 Suburban T.B. Sanitarium 0.001 0.005 0.005 - West Northfield School District #31 1.605 1.542 1.624 1.405 Wilmette School District #39 2.238 2.151 2.261 1.848 Northfield Township - Road and Bridge 0.033 0.033 0.035 0.030 Northfield Township - General Assistance 0.006 0.008 0.008 0.008 Northfield Woods Sanitary District 0.055 0.053 0.056 0.049 North Maine Fire Protection District 0.717 0.785 0.914 0.882 Northbrook Park District 0.410 0.385 0.406 0.342 Oak Meadow Sanitary District 0.048 0.045 0.045 0.004 Northwest Mosquito Abatement 0.009 0.009 0.009 0.008 Data Source Office of the County Clerk *Property tax rates are per $100 of assessed valuation 209 2008 2009 2010 2011 2012 2013 1.755 1.698 2.022 2.281 2.557 2.762 - 0.021 - 0.025 - 0.031 0.415 0.394 0.423 0.462 0.531 0.560 2.233 2.235 2.499 2.775 3.100 3.864 0.051 0.049 0.051 0.058 0.063 0.069 0.429 0.422 0.483 0.538 0.579 0.662 1.909 1.876 2.160 2.429 2.706 3.129 1.807 1.943 2.203 2.449 2.961 3.497 1.577 1.617 1.782 1.995 2.215 2.722 0.064 0.067 0.075 0.085 0.096 0.120 0.015 0.016 0.018 0.021 0.023 0.029 0.033 0.034 0.038 0.043 0.049 0.061 0.252 0.261 0.274 0.320 0.370 0.417 1.290 1.237 1.474 1.674 1.864 2.111 0.031 0.030 0.037 0.042 0.047 0.054 0.003 0.003 0.004 0.005 0.006 0.007 2.120 2.267 2.538 2.904 3.256 3.707 0.027 0.029 0.032 0.037 0.042 0.049 0.003 0.003 0.004 0.005 0.006 0.007 0.008 0.008 0.009 0.010 0.010 0.007 2.089 2.089 2.327 2.641 2.999 3.381 1.383 1.395 1.609 1.819 2.028 2.341 0.009 0.010 0.013 0.020 0.024 0.031 0.140 0.140 0.160 0.196 0.219 0.256 - - - - - - 1.402 1.494 1.730 2.018 2.525 2.946 1.812 1.716 2.314 2.620 2.922 3.229 0.030 0.031 0.036 0.041 0.046 0.053 0.009 0.010 0.011 0.008 0.009 0.008 0.049 0.054 0.067 0.079 0.082 0.098 0.986 1.112 1.254 1.366 1.452 1.814 0.332 0.334 0.375 0.424 0.471 0.536 0.037 0.038 0.045 0.051 0.056 0.066 0.008 0.008 0.009 0.010 0.011 0.013 210 Village of Glenview, Illinois Percentage Percentage of Total of Total Village Village Taxable Taxable Taxable Taxable Assessed Assessed Assessed Assessed Taxpayer Value Rank Valuation Value Rank Valuation CLF (formerly Grubb & Ellis)27,446,847$ 1 1.35%21,615,202$ 2 1.17% Oliver McMillan LLC 24,159,298 2 1.19% Kraft USA 23,994,692 3 1.18%47,640,910 1 2.57% Astella US Holdings 18,921,874 4 0.93% Mid America Asset 18,793,239 5 0.93%10,671,803 8 0.58% Northshore University 14,278,474 6 0.70% Abt Electronics 13,957,758 7 0.69% Anixter, Inc.13,374,313 8 0.66% Illinois Tool Corp 13,198,580 9 0.65% Thomson Reuters Pts (formerly Cole Real Estate)12,289,507 10 0.61% Signode, Division of ITW 17,258,616 3 0.93% Cattellus Development 14,189,757 4 0.77% Pearson Tax Dept.12,236,515 5 0.66% Wyndham International 12,087,720 6 0.65% CC Lake, Inc.10,942,243 7 0.59% Parkside Senior Services 10,219,886 9 0.55% Heatherfield Cen LLC 8,494,956 10 0.46% 180,414,582$ 8.89%165,357,608$ 8.93% Principal Property Taxpayers Current Year and Ten Years Ago 2014 2004 211 Village of Glenview, Illinois Property Tax Levies and Collections Last Ten Tax Levy Years Property Subsequent Levy Fiscal Taxes Taxes Percentage Year Taxes Percentage Year Year Levied Received of Levy Collections Received of Levy 2004 2005 13,218,991$ 13,094,363$ 99.06%(103,057)$ 12,991,306$ 98.28% 2005 2006 14,322,402 11,957,340 83.49%2,112,389 14,069,729 98.24% 2006 2007 14,322,403 12,857,920 89.77%1,258,740 14,116,660 98.56% 2007 2008 13,919,457 13,398,159 96.25%128,078 13,526,237 97.18% 2008 2009 15,858,539 15,345,443 96.76%141,829 15,487,272 97.66% 2009 2010 17,136,858 16,810,757 98.10%(78,896)16,731,861 97.64% 2010 2011 17,919,376 17,269,565 96.37%323,978 17,593,543 98.18% 2011 2012 18,561,309 18,202,205 98.07%153,361 18,355,566 98.89% 2012 2013 18,977,508 18,647,991 98.26%267,838 18,915,829 99.67% 2013 2014 18,818,587 18,075,004 96.05%- 18,075,004 96.05% Source: Office of the County Clerk Note: Property in the Village is assessed annually. Property is assessed at approximately 33% of the actual value on January 1 and property taxes are levied in December of the tax levy year. Collected within the Fiscal Year after the Levy Total Collections Per Levy 212 Village of Glenview, Illinois Ratios of Outstanding Debt by Type Last Ten Fiscal Years Governmental Activities Business-Type Activities Percentage Total Fiscal General Special General of Outstanding Year Obligation Loans Service Obligation Notes Total Personal Debt Per Ended Bonds Payable Area Bonds Payable Village Income*Capita* 2004 128,485,155$ -$ -$ 7,579,845$ 2,244,283$ 138,309,283$ 7.17%3,112 $ 2005 119,275,000 - 85,503 6,699,933 2,139,824 128,200,260 6.65%2,884 2006 147,725,000 - 75,696 6,479,304 2,030,203 156,310,203 8.07%3,500 2007 137,840,000 - 65,713 12,099,287 1,915,164 151,920,164 7.84%3,402 2008 128,505,000 - - 10,889,470 1,794,439 141,188,909 7.32%3,177 2009 118,865,000 - - 9,629,897 1,667,748 130,162,645 6.75%2,996 2010 109,125,000 - - 4,750,000 1,534,796 115,409,796 4.96%2,582 2011 99,115,000 - - 3,860,000 1,395,273 104,370,273 4.39%2,335 2012 89,415,000 - - 2,950,000 1,248,854 93,613,854 4.03%2,095 2013 72,742,817 28,551,488 - 2,248,585 1,095,199 104,638,089 4.51%2,341 2014 68,093,601 6,931,805 - 1,515,810 933,950 77,475,166 3.32%1,734 Source: The Village of Glenview's Comprehensive Annual Financial Report. * Additional demographic information is available in the schedule of Demographic and Economic Statistics . 213 Village of Glenview, Illinois Ratios of General Bonded Debt Outstanding Last Ten Fiscal Years Percentage of Assessed General Less Taxable Debt Fiscal Obligation Debt Value of Per Year Bonds Service Funds Total Property (1)Capita (2) 2004 136,065,000$ 3,242,038$ 132,822,962$ 8.15%3,795 $ 2005 125,974,933 2,075,383 123,899,550 7.08%3,540 2006 154,204,304 4,643,867 149,560,437 6.89%4,273 2007 149,939,287 2,870,654 147,068,633 5.46%4,202 2008 139,394,470 1,649,841 137,744,629 4.73%3,099 2009 128,494,897 15,676 128,479,221 4.28%2,890 2010 113,875,000 - 113,875,000 3.79%2,548 2011 102,975,000 - 102,975,000 3.79%2,304 2012 92,365,000 - 92,365,000 3.77%2,067 2013 74,991,402 - 74,991,402 3.27%1,566 2014 69,609,411 - 69,609,411 3.44%1,558 Source: The Village of Glenview's Comprehensive Annual Financial Report. (1) See the Schedule of Assessed Value and Actual Value of Taxable Property for property value data. 214 Village of Glenview, Illinois Direct and Overlapping Governmental Activities Debt As of December 31, 2014 Percentage Village of Debt Applicable Glenview Gross to the Village of Share Governmental unit Debt Glenview (1)of Debt Direct bonded debt Village of Glenview 71,621,805$ 100.00%71,621,805$ Overlapping bonded debt Glenview Special Service Areas 349,215 100.00%349,215 Glenview Park District 10,940,000 84.86%9,283,684 Northbrook Park District 8,610,000 0.30%25,830 Cook County, including Forest Preserve 3,585,445,000 1.94%69,557,633 District 2,033,461,649 1.98%40,262,541 Metropolitan Water Reclamation District School Districts Elementary school districts Avoca School District No. 37 1,798,873 8.08%145,349 East Maine School District No. 63 10,764,394 4.30%462,869 Glenview School District No. 34 14,635,000 89.53%13,102,716 Golf School District No. 67 12,885,041 7.09%913,549 Northbrook School District No. 30 933,049 33.43%311,918 West Northfield School District No. 31 1,194,873 47.23%564,339 Wilmette School District No. 39 13,315,000 16.06%2,138,389 High school districts - Maine Township District No. 207 9,800,000 0.83%81,340 New Trier Township District No. 203 20,724,201 2.31%478,729 Niles Township District No. 219 152,889,468 0.63%963,204 Northfield Township District No. 225 95,885,463 41.44%39,734,936 Community College District Oakton Community College No. 535 35,370,000 10.71%3,788,127 Total overlapping bonded debt 6,009,001,226 182,164,367 Total direct and overlapping bonded debt 6,080,623,031$ 253,786,172$ Source: Cook County Clerk as of 12/31/13 (1) Determined by the ratio of assessed valuation of property subject to taxation in the Village of Glenview to the valuation of property subject to taxation in overlapping unit. Based on 2012 real property valuations. 215 Village of Glenview, Illinois Legal Debt Margin Information As of December 31, 2014 The Village of Glenview is a home rule municipality in the State of Illinois. Article VII, Section 6(k) of the 1970 Illinois Constitution governs computation of the legal debt margin and reads as follows: “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 50,000 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 amount.” To date, the Illinois General Assembly has not set limits for home rule municipalities. 216 Village of Glenview, Illinois Per Personal Capita Fiscal Income Personal Unemployment Year Population (in Thousands)Income Rate 2005 44,443 1,928,115 $ 43,384 $ 4.2% 2006 44,443 1,928,115 43,384 2.9% 2007 44,443 1,928,115 43,384 3.1% 2008 44,443 1,928,115 43,384 4.2% 2009 44,443 1,928,115 43,384 6.9% 2010 44,692 2,331,179 52,161 6.8% 2011 44,692 2,379,670 53,246 6.8% 2012 44,692 2,321,883 51,953 6.2% 2013 44,692 2,334,129 52,227 6.3% 2014 45,417 2,336,932 51,455 6.1% Source: Population information provided by the U.S. Census Bureau Per capita information provided by the American Community Survey Unemployment data provided by Illinois Department of Employment Security (IDES) Demographic and Economic Statistics Last Ten Fiscal Years 217 Village of Glenview, Illinois % of % of Number of Total Village Number of Total Village Employer Rank Employees Population Rank Employees Population Abt Electronics 1 1,111 2.45%1 2,100 5.66% Astellas 2 1,048 2.31% Anixter, Inc.3 1,023 2.25% Glenbrook Hospital 4 973 2.14%4 600 1.62% Glenview Comm. School Dist 34 5 690 1.52%6 400 1.08% ITW/Signode 6 433 0.95%2 1,200 3.24% Kraft Foods Technology Center 7 400 0.88% Glenview Terrace Nursing Home 8 375 0.83% Glenbrook South High School 9 338 0.74%8 330 0.89% North American Corporation of Illinois 10 300 0.66% Zenith Electronics 3 900 2.43% Scott Foresman (Pearson)5 475 1.28% Avon Products 7 369 0.99% Guarantee Trust Life Ins 9 310 0.84% Omni-Circuits, Inc.10 280 0.75% 14.73%18.78% Source: Illinois Manufacturers Services Directory, Illinois Services Directory and Employer Contact Principal Employers Current Year and Ten Years Ago 2014 2004 218 Village of Glenview, Illinois Full-Time Equivalent Employees Last Ten Fiscal Years Function/Program 2005 2006 2007 2008 General Government Management services 12 12 12 13 Finance 15 16 16 - Administrative services - - - 22 Planning and economic development (1)- - - 32 Planning 2 2 2 - Code enforcement 16 16 16 - Community development (2)14 14 14 - Capital projects (2)- - - 17 Total general government 59 60 60 84 Public safety Police Officers 78 78 78 77 Civilians 18 18 18 19 Fire Firefighters and officers 85 85 85 84 Civilians 12 11 11 - Joint dispatch - - - 15 Total public safety 193 192 192 195 Public works Administration 6 6 6 6 Engineering 8 8 8 - Facilities maintenance (3)- - - - Street maintenance 45 45 45 22 Water maintenance 21 21 21 29 Fleet maintenance - - - 6 Natural resources - - - 2 Total public works 80 80 80 65 Total full-time equivalent employees 332 332 332 344 (1) Planning and Economic Development is included in Community Development as of 2014. (2) Capital Projects is renamed Community Development as of 2014. (3) Facilities division previously included in Capital Projects is included in Public Works as of 2014 Data source: Village Budget Office 219 2009 2010 2011 2012 2013 2014 10 10 11 15 15 15 - - - - - - 14 16 13 13 12 13 - 21 23 5 5 5 - - - - - - - - - - - - - - - - - - 21 13 11 25 25 20 - 58 60 54 58 52 49 74 73 71 70 70 70 18 17 16 12 12 11 82 84 80 80 80 80 - 2 2 2 2 1 20 20 19 21 27 40 194 196 188 185 191 202 6 4 6 6 6 6 - - - - - - - - - - - 4 21 21 20 21 21 21 28 29 21 18 19 19 6 5 3 4 4 4 1 1 1 1 1 1 62 60 51 50 50 55 314 316 293 293 293 306 220 Village of Glenview, Illinois Operating Indicators Last Ten Fiscal Years Function/Program 2005 2006 2007 2008 Public Safety Police Physical arrests 1,063 976 1,003 1,677 Parking violations 2,561 2,695 2,206 2,962 Traffic violations 6,998 6,266 5,800 4,101 Fire Emergency responses Emergency medical 4,297 4,487 4,707 4,873 Other responses 2,872 2,734 3,148 2,885 Fires extinguished 144 93 100 - Fires extinguished (structures)- - - 39 Public works Pothole repairs (hours)5,201 1,311 1,062 2,425 Water Metered water customers 15,853 15,247 15,663 15,754 Water main breaks 210 99 130 93 Water purchases (in ten-thousands of gallons)362,534 312,218 318,381 306,164 Average daily consumption 223 192 196 186 Building Permits issued 3,282 2,759 2,739 2,837 Value of construction (in thousands of dollars)168,418 $ 108,005 $ 108,455 $ 106,000 $ Data Source Various Village departments. 221 2009 2010 2011 2012 2013 2014 1,475 1,088 571 544 570 506 3,518 2,998 2,243 1,125 2,272 1,922 3,024 2,301 2,446 2,511 2,646 2,352 4,588 4,653 4,948 4,832 4,495 4,860 2,561 2,249 2,359 2,327 2,835 2,821 - 52 28 63 47 39 11 21 26 27 26 32 5,910 4,444 3,453 4,267 4,390 5,182 15,769 15,781 15,786 15,894 15,889 16,050 96 134 114 171 146 102 301,349 292,882 285,877 306,706 289,550 273,095 183 141 133 138 129 120 2,376 2,535 2,552 1,471 1,918 3,503 133,737 $ 110,191 $ 98,541 $ 39,693 $ 164,556 $ 193,829 $ 222 Village of Glenview, Illinois Capital Asset Statistics Last Ten Fiscal Years Function/Program 2005 2006 2007 2008 Public Safety Police Police stations 1 1 1 1 Marked patrol units 18 18 18 18 Unmarked patrol units 9 9 9 9 Motorcycles 2 3 3 3 Civilian vehicles N/A N/A N/A N/A Fire Fire stations 5 5 5 5 Ambulances 3 3 4 4 Fire engines 4 4 4 4 Aerial ladder truck 1 1 1 1 Passenger vehicles N/A N/A N/A N/A Public works Streets and highways Arterial street miles 7 7 7 7 Residential street miles 138 126 126 126 Streetlights 1,700 1,800 1,800 1,800 Water Water main miles 230 230 230 230 Fire hydrants 2,668 2,668 2,668 2,668 Storage capacity (in millions of gallons)18,000 18,000 18,000 18,000 Wastewater Sanitary sewer miles 128 128 128 128 Storm sewer miles 175 175 175 165 Parking facilities Parking spaces 1,450 1,450 1,450 1,450 Data Source: Various Village departments, data varies due to improved GIS capabilities. N/A - Information is not available 223 2009 2010 2011 2012 2013 2014 1 1 1 1 1 1 18 18 18 18 18 18 12 12 12 12 11 11 4 4 4 4 4 4 N/A N/A N/A 3 3 3 5 5 5 5 5 5 4 4 4 4 4 4 6 6 6 6 6 6 1 1 1 1 2 2 N/A N/A N/A 6 6 5 18 18 18 18 18 18 158 158 158 158 158 167 1,800 1,800 1,800 1,800 1,800 1,800 230 230 230 230 230 247 2,713 2,733 2,733 2,733 2,733 2,823 16,050 16,050 16,050 16,050 16,050 16,300 128 150 150 150 150 150 165 262 262 262 262 262 1,450 1,450 1,450 2,048 2,153 2,153 224