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
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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.
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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.
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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.
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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.
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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.
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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