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HomeMy Public PortalAbout2016A Final Official Statement 100516 New Issue Rating: Moody's Investor's Service "Aaa" ADDENDUM DATED OCTOBER 5, 2016 TO PRELIMINARY OFFICIAL STATEMENT DATED SEPTEMBER 23, 2016 $15,560,000 General Obligation Refunding Bonds, Series 2016A VILLAGE OF GLENVIEW, ILLINOIS (Cook County) Schedule of Maturity Dates, Principal Amounts, Interest Rates and Yields Maturity (December 1) Amount Interest Rate Yield CUSIP BASE 378892 2019 $1,100,000 5.000% 1.080% UC5 2020 $1,150,000 5.000% 1.190% UD3 2021 $1,210,000 5.000% 1.300% UE1 2022 $1,270,000 5.000% 1.400% UF8 2023 $1,335,000 5.000% 1.520% UG6 2024 $1,405,000 5.000% 1.650% UH4 2025 $1,475,000 5.000% 1.780% UJ0 2026 $1,545,000 5.000% 1.900% UK7 2027 $1,625,000 4.000% 2.020%* UL5 2028 $1,695,000 3.000% 2.230%* UM3 2029 $1,750,000 3.000% 2.350%* UN1 *Priced to call J.P. Morgan Securities LLC, Syndicate Manager, has agreed to purchase the Bonds from the Village for an aggregate price of $18,298,015.08 plus accrued interest to the date of delivery. It is expected that the Bonds will be available for delivery on or about October 27, 2016. Book-Entry-Only: This offering will be issued as fully registered Bonds and will be registered in the name of Cede & Co., as nominee of The Depository Trust Company, New York, New York, to which principal and interest payments on the Bonds will be made. Paying Agent: Wells Fargo Bank, N.A., Denver, Colorado This Addendum updates the following sections of the Preliminary Official Statement to reflect final pricing terms of the security:  Sources and Uses (Page 3)  Rating (Page 3)  Debt – Direct General Obligation Debt (Page 18)  Debt -- Schedule of Bonded Indebtedness (Pages 19-20)  Debt Ratios (Page 22)  Legal Opinion (Pages B2-B3) Accordingly, such sections of the Preliminary Official Statement with respect to the Bonds are amended and restated to read as shown on the following pages. THIS ADDENDUM, TOGETHER WITH THE PRELIMINARY OFFICIAL STATEMENT DATED SEPTEMBER 23, 2016, SHALL CONSTITUTE A “FINAL OFFICIAL STATEMENT” OF THE VILLAGE WITH RESPECT TO THE BONDS AS THAT TERM IS DEFINED IN RULE 15C2-12 OF THE SECURITIES AND EXCHANGE COMMISSION. J.P. Morgan Securities LLC New York, New York ORIGINAL ISSUE PREMIUM To the extent that the initial offering price of certain of the Bonds is more than the principal amount payable at maturity, such Bonds ("Premium Bonds") will be considered to have bond premium. Any Premium Bond purchased in the initial offering at the issue price will have "amortizable bond premium" within the meaning of Section 171 of the Code. The amortizable bond premium of each Premium Bond is calculated on a daily basis from the issue date of such Premium Bond until its stated maturity date (or call date, if any) on the basis of a constant interest rate compounded at each accrual period (with straight line interpolation between the compounding dates). An owner of a Premium Bond that has amortizable bond premium is not allowed any deduction for the amortizable bond premium; rather the amortizable bond premium attributable to a taxable year is applied against (and operates to reduce) the amount of tax-exempt interest payments on the Premium Bonds. During each taxable year, such an owner must reduce his or her tax basis in such Premium Bond by the amount of the amortizable bond premium that is allocable to the portion of such taxable year during which the holder held such Premium Bond. The adjusted tax basis in a Premium Bond will be used to determine taxable gain or loss upon a disposition (including the sale, exchange, redemption, or payment at maturity) of such Premium Bond. Owners of Premium Bonds who did not purchase such Premium Bonds in the initial offering at the issue price should consult their own tax advisors with respect to the tax consequences of owning such Premium Bonds. Owners of Premium Bonds should consult their own tax advisors with respect to the state and local tax consequences of owning the Premium Bonds. SOURCES AND USES Sources Par Amount of Bonds $15,560,000 Reoffering Premium 2,804,740 Transfers from Prior Issue Debt Service Funds 335,556 Total Sources $18,700,296 Uses Deposit to Escrow Fund $18,554,616 Contingency 5,675 Underwriter’s Discount 66,725 Finance Related Expenses 73,280 Total Uses $18,700,296 RATING This issue was rated "Aaa" by Moody’s Investors Service (“Moody’s). The rating applies to all of the Village’s outstanding general obligation debt. Such rating reflects only the views of such organization and explanations of the significance of such rating may be obtained from Moody's. Generally, a rating agency bases its rating on the information and materials furnished to it and on investigations, studies and assumptions of its own. There is no assurance that such rating will continue for any given period of time or that it will not be revised downward or withdrawn entirely by such rating agency, if in the judgement of such rating agency circumstances so warrant. Any such downward revision or withdrawal of such rating may have an adverse effect on the market price of the Bonds. Such rating is not to be construed as a recommendation of the rating agency to buy, sell or hold the Bonds, and the rating assigned by the rating agency should be evaluated independently. Except as may be required by the Disclosure Undertaking described under the heading "CONTINUING DISCLOSURE" neither the Village nor the underwriter undertake responsibility to bring to the attention of the owner of the Bonds any proposed changes in or withdrawal of such rating or to oppose any such revision or withdrawal. 3 DEBT DIRECT GENERAL OBLIGATION DEBT (see schedules following) (includes the Bonds) Total G.O. Bonds $ 78,000,000 Total General Obligation Debt $ 78,000,000 18 VILLAGE OF GLENVIEWSCHEDULE OF BONDED INDEBTEDNESS(As of October 27, 2016)Series 2007A Series 2007B Series 2009A Series 2009D Series 2012A Series 2012BDated12/15/2007 12/15/2007 5/1/2009 10/15/2009 6/14/2012 12/18/2012 12/18/2012Amount$5,000,000$1,200,000$26,300,000$11,290,000$18,090,000$14,575,000$7,730,000Maturity12/112/112/112/112/112/112/1Fiscal YearEnding 12/31 Principal Interest Principal Interest Principal Interest Principal Interest Principal Interest Principal Interest Principal Interest2016635,000 11,906 130,000 3,250 1,175,000 121,175 1,365,000 68,0750 302,400 1,245,000 258,750 1,540,000 73,87520171,210,000 85,925 1,360,000 95,2000 604,800 1,295,000 467,700 1,650,000 101,55020181,245,000 43,575 1,360,000 54,4000 604,800 1,365,000 415,900 1,735,000 52,05020195,850,000 604,800 1,410,000 361,30020206,030,000 429,300 1,475,000 304,90020216,210,000 248,400 1,540,000 245,90020221,605,000 184,30020231,690,000 120,10020241,750,000 52,500202520262027202820292030203120322033635,000 11,906 130,000 3,250 3,630,000 250,675 4,085,000 217,675 18,090,000 2,794,500 13,375,000 2,411,350 4,925,000 227,475continued on next page …Series 2012CPrepared by Ehlers Associates, Inc.Current Debt19 VILLAGE OF GLENVIEWSCHEDULE OF BONDED INDEBTEDNESS(As of October 27, 2016)12/19/201312/19/20137/30/201510/27/2016$6,065,000$4,385,000$10,000,000$15,560,00012/112/112/112/1Total Total Total PrincipalFiscal YearPrincipal Interest Principal Interest Principal Interest Principal Interest Principal Interest P & I Outstanding % Paid Ending 12/31245,000 92,5410 58,041 2,505,000 31,1298,840,000 1,021,142 9,861,142 69,160,000 11.33%2016245,000 180,183 585,000 116,083 2,535,000 48,480758,286 8,880,000 2,458,206 11,338,206 60,280,000 22.72%2017250,000 175,283 595,000 107,308 2,565,000 26,933692,850 9,115,000 2,173,098 11,288,098 51,165,000 34.40%2018260,000 170,283 605,000 95,4081,100,000 692,850 9,225,000 1,924,640 11,149,640 41,940,000 46.23%2019265,000 165,083 620,000 81,1901,150,000 637,850 9,540,000 1,618,323 11,158,323 32,400,000 58.46%2020270,000 157,133 640,000 64,4501,210,000 580,350 9,870,000 1,296,233 11,166,233 22,530,000 71.12%2021280,000 149,033 660,000 45,2501,270,000 519,850 3,815,000 898,433 4,713,433 18,715,000 76.01%2022285,000 140,633 680,000 23,8001,335,000 456,350 3,990,000 740,883 4,730,883 14,725,000 81.12%2023295,000 132,0831,405,000 389,600 3,450,000 574,183 4,024,183 11,275,000 85.54%2024305,000 123,2331,475,000 319,350 1,780,000 442,583 2,222,583 9,495,000 87.83%2025315,000 113,6251,545,000 245,600 1,860,000 359,225 2,219,225 7,635,000 90.21%2026325,000 102,6001,625,000 168,350 1,950,000 270,950 2,220,950 5,685,000 92.71%2027340,000 89,6001,695,000 103,350 2,035,000 192,950 2,227,950 3,650,000 95.32%2028350,000 76,0001,750,000 52,500 2,100,000 128,500 2,228,500 1,550,000 98.01%2029365,000 62,000365,000 62,000 427,000 1,185,000 98.48%2030380,000 47,400380,000 47,400 427,400 805,000 98.97%2031395,000 32,200395,000 32,200 427,200 410,000 99.47%2032410,000 16,400410,000 16,400 426,4000 100.00%20335,580,000 2,025,309 4,385,000 591,529 7,605,000 106,541 15,560,000 5,617,136 78,000,000 14,257,346 92,257,346Series 2013ASeries 2015 Series 2016ASeries 2013BPrepared by Ehlers Associates, Inc.Current Debt20 DEBT RATIOS G.O. Debt Debt/Estimated Market Value $6,038,703,159 Debt/ Per Capita Pop. 47,446 Total General Obligation Debt $78,000,000 1.29% $1,644 Village's Share of Total Overlapping Debt $182,961,090 3.03%$3,856 Total $260,961,090 4.32% $5,500 DEBT PAYMENT HISTORY The Village has no record of default in the payment of principal and interest on its debt. FUTURE FINANCING The Village has no current plans for additional financing in the next 12 months. 22 APPENDIX B FORM OF LEGAL OPINION (See following pages) B-1 AUSTIN CENTURY CITY CHARLOTTE CHICAGO HOUSTON IRVING LOS ANGELES NEW YORK ORANGE COUNTY SAN FRANCISCO BAY AREA SHANGHAI WASHINGTON, DC LONDON: KATTEN MUCHIN ROSENMAN UK LLP A limited liability partnership including professional corporations 525 W. Monroe Street Chicago, IL 60661-3693 312.902.5200 tel 312.902.1061 fax www.kattenlaw.com October 27, 2016 The President and Board of Trustees of the Village of Glenview, Illinois Dear Members: We have examined a record of proceedings relating to the issuance of $15,560,000 principal amount of General Obligation Refunding Bonds, Series 2016A (the “Bonds”), of the Village of Glenview, a municipal corporation and a home rule unit of the State of Illinois situate in the County of Cook. The Bonds are authorized and issued pursuant to the provisions of Section 6 of Article VII of the Illinois Constitution of 1970, and by virtue of an ordinance adopted by the President and Board of Trustees of the Village on October 4, 2016 and entitled: “Ordinance Authorizing the Issuance of General Obligation Refunding Bonds, Series 2016A, of the Village of Glenview, Illinois” (the “Bond Ordinance”). The Bonds are issuable in the form of fully registered bonds in the denominations of $5,000 or any integral multiple thereof. Bonds delivered on original issuance are dated October 27, 2016. The Bonds mature on December 1 in each of the following years in the respective principal amount set opposite each such year in the following table, and the Bonds maturing in each such year bear interest from their date payable on June 1, 2017 and semiannually thereafter on each June 1 and December 1, at the respective rate of interest per annum set forth opposite such year: Year Principal Amount Interest Rate 2019 $1,100,000 5.00% 2020 1,150,000 5.00 2021 1,210,000 5.00 2022 1,270,000 5.00 2023 1,335,000 5.00 2024 1,405,000 5.00 2025 1,475,000 5.00 2026 1,545,000 5.00 2027 1,625,000 4.00 2028 1,695,000 3.00 2029 1,750,000 3.00 The Bonds maturing on or after December 1, 2027 are subject to redemption prior to maturity at the option of the Village, in such principal amounts and from such maturities as the Village shall determine, and by lot within a single maturity, on December 1, 2026 and on any date thereafter, at a redemption price equal to the principal amount thereof to be redeemed. B-2 121121836v3_387122-00002 In our opinion, the Bonds are valid and legally binding general obligations of the Village of Glenview and the Village is obligated to levy ad valorem taxes upon all the taxable property within the Village for the payment of the Bonds and the interest thereon without limitation as to rate or amount. However, the enforceability of rights or remedies with respect to the Bonds may be limited by bankruptcy, insolvency or other laws affecting creditors’ rights and remedies heretofore or hereafter enacted. We are of the opinion that under existing law, interest on the Bonds is not includable in the gross income of the owners thereof for Federal income tax purposes. If there is continuing compliance with the requirements of the Internal Revenue Code of 1986 (the “Code”), we are of the opinion that interest on the Bonds will continue to be excluded from the gross income of the owners thereof for Federal income tax purposes. We are further of the opinion that the Bonds are not “private activity bonds” within the meaning of Section 141(a) of the Code. Accordingly, interest on the Bonds is not an item of tax preference for purposes of computing individual or corporate alternative minimum taxable income. However, interest on the Bonds is includable in corporate earnings and profits and therefore must be taken into account when computing corporate alternative minimum taxable income for purposes of the corporate alternative minimum tax. The Code contains certain requirements that must be satisfied from and after the date hereof in order to preserve the exclusion from gross income for Federal income tax purposes of interest on the Bonds. These requirements relate to the use and investment of the proceeds of the Bonds, the payment of certain amounts to the United States, the security and source of payment of the Bonds and the use of the property financed with the proceeds of the Bonds. The Village has covenanted in the Bond Ordinance to comply with these requirements. With respect to the exclusion from gross income for Federal income tax purposes of interest on the Bonds we have relied on the verification report of Barthe and Wahrman, certified public accountants, regarding the computation of the arbitrage yield on the Bonds and of certain investments made with the proceeds of the Bonds. Interest on the Bonds is not exempt from Illinois income taxes. Very truly yours, LG:be B-3 The delivery of the Bonds is subject to the opinion of Katten Muchin Rosenman LLP, Bond Counsel, to the effect that under existing law, interest on the Bonds is not includable in the gross income of the owners thereof for federal income tax purposes and that, assuming continuing compliance with the applicable requirements of the Internal Revenue Code of 1986, interest on the Bonds will continue to be excluded from the gross income of the owners thereof for federal income tax purposes. Interest on the Bonds is not an item of tax preference for purposes of computing individual or corporate alternative minimum taxable income, but must be taken into account as earnings and profits of a corporation when computing, for example, corporate minimum taxable income for purposes of the corporate alternative minimum tax. See "TAX MATTERS" herein. Interest on the Bonds is not exempt from present Illinois income taxes. The Village will not designate the Bonds as "qualified tax-exempt obligations" pursuant to Section 265 of the Internal Revenue Code of 1986, as amended.. New Issue Rating Application Made: Moody's Investors Service PRELIMINARY OFFICIAL STATEMENT DATED SEPTEMBER 21, 2016 VILLAGE OF GLENVIEW, COOK COUNTY, ILLINOIS $18,410,000* GENERAL OBLIGATION REFUNDING BONDS, SERIES 2016A BID OPENING: October 4, 2016, 10:00 A.M., C.T.CONSIDERATION: October 4, 2016, 7:30 P.M., C.T. PURPOSE/AUTHORITY/SECURITY: The $18,410,000* General Obligation Refunding Bonds, Series 2016A (the "Bonds" or "Obligations") are being issued by the Village of Glenview, Cook County, Illinois (the "Village") pursuant to its home rule powers under Section 6 of Article VII of the 1970 Constitution of the State of Illinois. Proceeds of the Bonds will provide funds to refund the Series 2009A Bonds of the Village. The Bonds are general obligations of the Village, for which its full faith and credit has been irrevocably pledged, and are payable from ad valorem taxes levied upon all the taxable property in the Village without limitation as to rate or amount, except that the rights of the owner of the Bonds and the enforceability of the Bonds may be limited by bankruptcy, insolvency, other laws affecting creditors' rights and remedies heretofore hereafter enacted. Delivery is subject to receipt of an approving legal opinion of Katten Muchin Rosenman LLP, Chicago, Illinois. DATE OF BONDS: October 27, 2016 MATURITY: December 1 as follows: Year Amount* Year Amount* Year Amount* 2017 $190,000 2022 $1,565,000 2027 $1,725,000 2018 220,000 2023 1,590,000 2028 1,765,000 2019 1,515,000 2024 1,620,000 2029 1,815,000 2020 1,525,000 2025 1,650,000 2021 1,545,000 2026 1,685,000 MATURITY ADJUSTMENTS: * The Village reserves the right to increase or decrease the amount of any individual maturity of the Bonds in increments of $5,000 on the day of sale. If individual maturities are increased or decreased, the purchase price proposed will be adjusted to maintain the same gross spread per $1,000. TERM BONDS: See "Term Bond Option" herein. INTEREST: June 1, 2017 and semiannually thereafter. OPTIONAL REDEMPTION: Bonds maturing December 1, 2027 and thereafter are subject to call for prior redemption on December 1, 2026 and any date thereafter, at a price of par plus accrued interest. MINIMUM BID: $18,317,950. GOOD FAITH DEPOSIT: A cashier's check in the amount of $368,200 may be submitted contemporaneously with the bid or, alternatively, a good faith deposit shall be made by the winning bidder by wire transfer of funds. PAYING AGENT: Wells Fargo Bank, National Association, Minneapolis, Minnesota. BOOK-ENTRY-ONLY:See "Book-Entry-Only System" herein (unless otherwise specified by the purchaser). This Preliminary Official Statement will be further supplemented by an addendum specifying the offering prices, interest rates, aggregate principal amount, principal amount per maturity, anticipated delivery date, and Syndicate Manager and Syndicate Members, together with any other information required by law, and, as supplemented, shall constitute a "Final Official Statement" of the Village with respect to the Bonds, as defined in S.E.C. Rule 15c2-12. REPRESENTATIONS No dealer, broker, salesperson or other person has been authorized by the Village to give any information or to make any representation other than those contained in this Official Statement and, if given or made, such other information or representations must not be relied upon as having been authorized by the Village. This Official Statement does not constitute an offer to sell or a solicitation of an offer to buy any of the Bonds in any jurisdiction to any person to whom it is unlawful to make such an offer or solicitation in such jurisdiction. This Official Statement is not to be construed as a contract with the Syndicate Manager or Syndicate Members. Statements contained herein which involve estimates or matters of opinion are intended solely as such and are not to be construed as representations of fact. Ehlers & Associates, Inc. prepared this Official Statement and any addenda thereto relying on information of the Village and other sources for which there is reasonable basis for believing the information is accurate and complete. Katten Muchin Rosenman LLP will serve as Disclosure Counsel to the Village with respect to the Obligations. Compensation of Ehlers & Associates, Inc., payable entirely by the Village, is contingent upon the sale of the issue. COMPLIANCE WITH S.E.C. RULE 15c2-12 Certain municipal obligations (issued in an aggregate amount over $1,000,000) are subject to Rule 15c2-12 promulgated by the Securities and Exchange Commission pursuant to the Securities Exchange Act of 1934, as amended (the "Rule"). Official Statement: This Official Statement was prepared for the Village for dissemination to potential investors. Its primary purpose is to disclose information regarding the Bonds to prospective underwriters in the interest of receiving competitive proposals in accordance with the sale notice contained herein. Unless an addendum is posted prior to the sale, this Official Statement shall be deemed nearly final for purposes of the Rule subject to completion, revision and amendment in a Final Official Statement as defined below. Review Period: This Official Statement has been distributed to prospective bidders for review. Comments or requests for the correction of omissions or inaccuracies must be submitted to Ehlers & Associates, Inc. at least two business days prior to the sale. Requests for additional information or corrections in the Official Statement received on or before this date will not be considered a qualification of a proposal received from an underwriter. If there are any changes, corrections or additions to the Official Statement, interested bidders will be informed by an addendum prior to the sale. Final Official Statement: Upon award of sale of the Bonds, the Official Statement together with any previous addendum of corrections or additions will be further supplemented by an addendum specifying the offering prices, interest rates, aggregate principal amount, principal amount per maturity, anticipated delivery date, and Syndicate Manager and Syndicate Members, together with any other information required by law, and, as supplemented, shall constitute a "Final Official Statement" of the Village with respect to the Bonds, as defined in the Rule. Copies of the Final Official Statement will be delivered to the underwriter (Syndicate Manager) within seven business days following the proposal acceptance. Continuing Disclosure: Subject to certain exemptions, issues in an aggregate amount over $1,000,000 may be required to comply with provisions of the Rule which require that underwriters obtain from the issuers of municipal securities (or other obligated party) an agreement for the benefit of the owners of the securities to provide continuing disclosure with respect to those securities. This Official Statement describes the conditions under which the Bonds are required to comply with the Rule. CLOSING CERTIFICATES Upon delivery of the Bonds, the underwriter (Syndicate Manager) will be furnished with the following items: (1) a certificate of the appropriate officials to the effect that at the time of the sale of the Bonds and all times subsequent thereto up to and including the time of the delivery of the Bonds, this Official Statement did not and does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading; (2) a receipt signed by the appropriate officer evidencing payment for the Bonds; (3) a certificate evidencing the due execution of the Bonds, including statements that (a) no litigation of any nature is pending, or to the knowledge of signers, threatened, restraining or enjoining the issuance and delivery of the Bonds, (b) neither the corporate existence or boundaries of the Village nor the title of the signers to their respective offices is being contested, and (c) no authority or proceedings for the issuance of the Bonds have been repealed, revoked or rescinded; and (4) a certificate setting forth facts and expectations of the Village which indicates that the Village does not expect to use the proceeds of the Bonds in a manner that would cause them to be arbitrage bonds within the meaning of Section 148 of the Internal Revenue Code of 1986, as amended, or within the meaning of applicable Treasury Regulations. ii TABLE OF CONTENTS INTRODUCTORY STATEMENT .....................1 THE BONDS ......................................1 GENERAL....................................1 OPTIONAL REDEMPTION ......................1 TERM BOND OPTION ..........................2 AUTHORITY; PURPOSE........................2 ESTIMATED SOURCES AND USES ..............3 SECURITY ...................................3 RATING......................................3 CONTINUING DISCLOSURE ....................3 TAX MATTERS ...............................5 CERTAIN LEGAL MATTERS ....................7 NON-QUALIFIED TAX-EXEMPT OBLIGATIONS . . . 8 MUNICIPAL ADVISOR .........................8 MUNICIPAL ADVISOR AFFILIATED COMPANIES . 8 INDEPENDENT AUDITORS .....................8 RISK FACTORS ...............................8 ILLINOIS PROPERTY VALUATIONS................10 CURRENT PROPERTY VALUATIONS ...........16 TREND OF VALUATIONS .....................16 LARGER TAXPAYERS ........................17 DEBT...........................................18 DIRECT GENERAL OBLIGATION DEBT.........18 OTHER OBLIGATIONS........................18 GENERAL OBLIGATION DEBT LIMIT...........18 SCHEDULE OF BONDED INDEBTEDNESS .......19 OVERLAPPING DEBT.........................21 DEBT RATIOS ...............................22 DEBT PAYMENT HISTORY....................22 FUTURE FINANCING .........................22 TAX LEVIES, COLLECTIONS, AND TAX RATES ......23 TAX LEVIES AND COLLECTIONS ..............23 REPRESENTATIVE TAX RATES................23 THE VILLAGE ...................................24 EMPLOYEES; PENSIONS AND UNIONS .........35 POST EMPLOYMENT BENEFITS ...............35 FUNDS ON HAND ............................35 LITIGATION.................................36 SUMMARY FINANCIAL INFORMATION ........37 GENERAL INFORMATION.........................44 LOCATION ..................................44 LARGER EMPLOYERS ........................44 U.S. CENSUS DATA...........................45 EMPLOYMENT/UNEMPLOYMENT DATA .......46 BUILDING PERMITS..........................46 FINANCIAL STATEMENTS .......................A-1 FORM OF LEGAL OPINION.......................B-1 BOOK-ENTRY-ONLY SYSTEM ....................C-1 NOTICE OF SALE ...............................D-1 iii BOARD OF TRUSTEES Term Expires James R. Patterson, Jr.President 2017 Scott R. Britton Trustee 2019 John Hinkamp Trustee 2017 Paul Detlefs Trustee 2017 Deborah Karton Trustee 2017 Michael Jenny Trustee 2019 Philip O’C. White Trustee 2019 ADMINISTRATION Todd Hileman, Village Manager, Village Clerk and Village Treasurer Donald K. Owen, Deputy Village Manager Amy L. Ahner, Director of Administrative Services Ron Amen, Chief Financial Officer PROFESSIONAL SERVICES Eric G. Patt, Esq., Village Attorney, Glenview, Illinois Katten Muchin Rosenman LLP, Bond Counsel and Disclosure Counsel, Chicago, Illinois Ehlers & Associates, Inc., Municipal Advisors, Chicago, Illinois (Other offices located in Roseville, Minnesota, Pewaukee, Wisconsin and Denver, Colorado) Barthe and Wahrman - P.A., Verification Agent, Bloomington, Minnesota iv INTRODUCTORY STATEMENT This Preliminary Official Statement contains certain information regarding the Village of Glenview, Illinois (the "Village") and the issuance of its $18,410,000 (approximate amount) General Obligation Refunding Bonds, Series 2016A (the "Bonds"). Any descriptions or summaries of the Bonds, statutes, or documents included herein are not intended to be complete and are qualified in their entirety by reference to such statutes and documents and the form of the Bonds to be included in the ordinance awarding the sale of the Bonds (the "Award Ordinance") to be adopted by the Board of Trustees on October 4, 2016. Inquiries may be directed to Ehlers & Associates, Inc. ("Ehlers" or the "Municipal Advisor"), Chicago, Illinois, (312) 638-5250, the Village's Municipal Advisor. A copy of this Official Statement may be downloaded from Ehlers’ web site at www.ehlers-inc.com by connecting to the link to the Bond Sales and following the directions at the top of the site. References to web site addresses herein are for informational purposes only and may be in the form of a hyperlink solely for the reader’s convenience. Unless specified otherwise, such web sites and the information or links contained therein are not incorporated into and are not a part of this Official Statement. THE BONDS GENERAL The Bonds will be issued in fully registered form as to both principal and interest in denominations of $5,000 each or any integral multiple thereof, and will be dated, as originally issued, as of October 27, 2016. The Bonds will mature on December 1 in the years and amounts set forth on the cover of this Preliminary Official Statement. Interest will be payable on June 1 and December 1 of each year, commencing June 1, 2017, to the registered owners of the Bonds appearing of record in the bond register as of the close of business on the 15th day (whether or not a business day) of the immediately preceding month. Interest will be computed upon the basis of a 360-day year of twelve 30- day months and will be rounded pursuant to rules of the Municipal Securities Rulemaking Board ("MSRB"). The rate for any maturity may not exceed 5.00% nor be more than 2.00% less than the rate for any preceding maturity. (For example, if a rate of 4.50% is proposed for the 2019 maturity, then the lowest rate that may be proposed for any later maturity is 2.50%.) All Bonds of the same maturity must bear interest from the date of issue until paid at a single, uniform rate. Each rate must be expressed in an integral multiple of 5/100 or 1/8 of 1%. Unless otherwise specified by the purchaser, the Bonds will be registered in the name of Cede & Co., as nominee for The Depository Trust Company, New York, New York ("DTC"). (See "Book-Entry-Only System" herein.) As long as the Bonds are held under the book-entry system, beneficial ownership interests in the Bonds may be acquired in book-entry form only, and all payments of principal of, premium, if any, and interest on the Bonds shall be made through the facilities of DTC and its participants. If the book-entry system is terminated, principal of, premium, if any, and interest on the Bonds shall be payable as provided in the Award Resolution. The Village has selected Wells Fargo Bank, National Association, Minneapolis, Minnesota, to act as paying agent (the "Paying Agent"). The Village will pay the charges for Paying Agent services. The Village reserves the right to remove the Paying Agent and to appoint a successor. OPTIONAL REDEMPTION At the option of the Village, the Bonds maturing on or after December 1, 2027 shall be subject to optional redemption prior to maturity on December 1, 2026 and on any date thereafter, at a price of par plus accrued interest. 1 Redemption may be in whole or in part of the Bonds subject to prepayment. If redemption is in part, the selection of the amounts and maturities of the Bonds to be redeemed shall be at the discretion of the Village. If only part of the Bonds having a common maturity date are called for redemption, then the Village or Paying Agent, if any, will notify DTC of the particular amount of such maturity to be redeemed. DTC will determine by lot the amount of each participant's interest in such maturity to be redeemed and each participant will then select by lot the beneficial ownership interest in such maturity to be redeemed. Notice of redemption shall be sent by mail not more than 60 days and not less than 30 days prior to the date fixed for redemption to the registered owner of each Bond to be redeemed at the address shown on the registration books. TERM BOND OPTION Bids for the Bonds may contain a maturity schedule providing for any combination of serial bonds and term bonds, subject to mandatory redemption, so long as the amount of principal maturing or subject to mandatory redemption in each year conforms to the maturity schedule set forth above. All dates are inclusive. AUTHORITY; PURPOSE The Bonds are being issued by the Village pursuant to its home rule powers under Section 6 of Article VII of the 1970 Constitution of the State of Illinois. Proceeds of the Bonds will provide funds to refund certain obligations of the Village as follows: Issue Being Refunded Date of Refunded Issue Call Date Call Price Maturities Being Refunded Interest Rates Principal to be Refunded CUSIP Base 378892 Series 2009A Bonds 5/1/09 12/1/18 Par 2019 3.500% $ 1,290,000 RC9 2020 3.750% 1,330,000 RD7 2021 3.750% 1,380,000 RE5 2022 3.750% 1,430,000 RF2 2023 3.750% 1,485,000 RG0 2024 4.000% 1,545,000 RH8 2025 4.000% 1,605,000 RJ4 2026 4.000% 1,670,000 RK1 2027 4.000% 1,740,000 RL9 2028 4.125% 1,810,000 RM7 2029 4.125% 1,890,000 RN5 Total Maturities Being Refunded $17,175,000 The Bonds are being sold in advance of the call date of the 2009A Bonds and proceeds of the Bonds will be invested in accordance with the Internal Revenue Code of 1986, as amended. Acceptance of a bid is dependent upon a satisfactory escrow account being established in an amount sufficient to pay interest on the callable portion of the 2009A Bonds from October 27, 2016 through December 1, 2018 and to pay the principal being refunded on the 2009A Bonds on December 1, 2018. The Village will establish an escrow account with direct obligations of the U.S. Government with Wells Fargo Bank, National Association, Minneapolis, Minnesota. Actuarial services necessary to ensure adequacy of the escrow account to provide timely payment of the 2009A Bonds to be refunded on the call date will be performed by a certified public accountant. The Village will continue to pay the principal of and interest due on the non-callable 2009A Bonds through December 1, 2018. 2 ESTIMATED SOURCES AND USES* Sources Par Amount of Bonds $18,410,000 Transfers from Prior Issue Debt Service Funds 335,556 Total Sources $18,745,556 Uses Deposit to Escrow Fund $18,576,902 Contingency 1,604 Estimated Discount 92,050 Finance Related Expenses 75,000 Total Uses $18,745,556 *Preliminary, subject to change. SECURITY The Bonds are general obligations of the Village, for which its full faith and credit has been irrevocably pledged, and are payable from ad valorem taxes levied upon all the taxable property in the Village without limitation as to rate or amount. RATING General obligation debt of the Village is currently rated "Aaa" by Moody’s Investors Service. The Village has requested a rating on this issue from Moody's Investors Service, and bidders will be notified as to the assigned rating prior to the sale. Such rating reflects only the views of such organization and explanations of the significance of such rating may be obtained from Moody's Investors Service. Generally, a rating agency bases its rating on the information and materials furnished to it and on investigations, studies and assumptions of its own. There is no assurance that such rating will continue for any given period of time or that it will not be revised downward or withdrawn entirely by such rating agency, if in the judgement of such rating agency circumstances so warrant. Any such downward revision or withdrawal of such rating may have an adverse effect on the market price of the Bonds. Such rating is not to be construed as a recommendation of the rating agency to buy, sell or hold the Bonds, and the rating assigned by the rating agency should be evaluated independently. Except as may be required by the Disclosure Undertaking described under the heading "CONTINUING DISCLOSURE" neither the Village nor the underwriter undertake responsibility to bring to the attention of the owner of the Bonds any proposed changes in or withdrawal of such rating or to oppose any such revision or withdrawal. CONTINUING DISCLOSURE In order to assist the Underwriters in complying with SEC Rule 15c2-12 promulgated by the Securities and Exchange Commission, pursuant to the Securities Exchange Act of 1934 (hereinafter the "Rule"), the Village shall covenant to take certain actions pursuant to a Bond Ordinance adopted by the Board by entering into a Continuing Disclosure Undertaking (the “Disclosure Undertaking”) for the benefit of holders, including beneficial holders. The Disclosure Undertaking requires the Village to provide electronically or in the manner otherwise prescribed certain financial information annually and to provide notices of the occurrence of certain events enumerated in the Rule. 3 In the Bond Ordinance, the Village has covenanted and agreed, for the benefit of the beneficial owners of the Bonds, to provide certain financial information and operating data relating to the Village within 210 days after the close of the Village’s fiscal year (the "Annual Report"); and, in a timely manner not in excess of ten (10) business days after the occurrence of the event, to provide notices of the occurrence of certain enumerated events. The Annual Report will be filed by the Village with the Municipal Securities Rulemaking Board (the "MSRB") through the Electronic Municipal Market Access ("EMMA") system. All documents provided to the MSRB shall be accompanied by identifying information as prescribed by the MSRB. The information contained in the Annual Report will consist of the annual audited financial statement (if the audited financial statement is not available, unaudited statements will be provided and the audited statements will be filed promptly after they become available) of the Village. Each annual audited financial statement will conform to generally accepted accounting principles applicable to governmental units and will be prepared in accordance with standards of the Governmental Accounting Standards Board. The Village, in a timely manner not in excess of ten business days after the occurrence of the event, shall provide notice to the MSRB for disclosure on EMMA of any failure of the Village to provide any such annual report within the 210 day period and of the occurrence of any of the following events with respect to the bonds: (1) principal and interest payment delinquencies; (2) non payment related defaults, if material; (3) unscheduled draws on debt service reserves reflecting financial difficulties; (4) unscheduled draws on credit enhancements reflecting financial difficulties; (5) substitution of credit or liquidity providers, or their failure to perform; (6) adverse tax opinions, the issuance by the Internal Revenue Service of proposed or final determinations of taxability, Notices of Proposed Issue (IRS Form 5701-TEB) or other material notices or determinations with respect to the tax-exempt status of the bonds, or other events affecting the tax-exempt status of the bonds; (7) modifications to rights of bondholders, if material; (8) bond calls, if material; (9) defeasances; (10) release, substitution or sale of property securing repayment of the bonds, if material; (11) rating changes; (12) tender offers; (13) bankruptcy, insolvency, receivership or similar event of the Village; (14) the consummation of a merger, consolidation, or acquisition involving the Village or the sale of all or substantially all of the assets of the Village, other than in the ordinary course of business, the entry into a definitive agreement to undertake such an action or the termination of a definitive agreement relating to any such actions, other than pursuant to its terms, if material; and (15) appointment of a successor or additional trustee or the change of name of a trustee, if material. For the purposes of the event identified in clause (13), the event is considered to occur when any of the following occur: the appointment of a receiver, fiscal agent or similar officer for the Village in a proceeding under the U.S. Bankruptcy Code or in any other proceeding under state or federal law in which a court or governmental authority has assumed jurisdiction over substantially all of the assets or business of the Village, or if such jurisdiction has been assumed by leaving the existing governing body and officials or officers in possession but subject to the supervision and orders of a court or governmental authority, or the entry of an order confirming a plan or reorganization, arrangement or liquidation by a court or governmental authority having supervision or jurisdiction over substantially all of the assets or business of the Village. In the previous five years, the Village believes it has not failed to comply in all material respects with its prior undertakings under the Rule. 4 A failure by the Village to comply with any Disclosure Undertaking will not constitute an event of default on this issue or any issue outstanding. However, such a failure may adversely affect the transferability and liquidity of the Bonds and their market price. The Village will file its continuing disclosure information using the Electronic Municipal Market Access ("EMMA") system or any system that may be prescribed in the future. Investors will be able to access continuing disclosure information filed with the MSRB at www.emma.msrb.org. Ehlers is currently engaged as disclosure dissemination agent for the Village. TAX MATTERS Upon issuance of the Bonds, an opinion as to the validity of the Bonds and the exemption from federal taxation of the interest thereon will be furnished by Katten Muchin Rosenman LLP, bond counsel to the Village, and will accompany the Bonds. The legal opinion will be issued on the basis of existing law and will state that the Bonds are valid and binding general obligations of the Village enforceable in accordance with their terms, except to the extent to which enforceability may be limited by Illinois or United States laws relating to bankruptcy, insolvency, or other similar laws affecting creditors' rights and remedies heretofore or hereafter enacted. Summary of Bond Counsel's Opinion Bond Counsel is of the opinion that under existing law, interest on the Bonds is not includable in the gross income of the owners thereof for Federal income tax purposes. If there is continuing compliance with the applicable requirements of the Internal Tax Code of 1986, as amended (the "Code"), Bond Counsel is of the opinion that interest on the Bonds will continue to be excluded from the gross income of the owners thereof for Federal income tax purposes. Bond Counsel is further of the opinion that the Bonds are not "private activity bonds" within the meaning of Section 141(a) of the Code. Accordingly, interest on the Bonds is not an item of tax preference for purposes of computing individual or corporate alternative minimum taxable income; however, interest on the Bonds is includable in the earnings and profits of corporations, and, therefore, must be taken into account, for example, when computing corporate alternative taxable income for purpose of the corporate alternative minimum tax. The Code contains certain requirements that must be satisfied from and after the date of issuance of the Bonds in order to preserve the exclusion from gross income for Federal income tax purposes of interest on the Bonds. These requirements relate to the use and investment of the proceeds of the Bonds, the payment of certain amounts to the United States, the security and source of payment of the Bonds and the ownership and use of the property financed or refinanced with the proceeds of the Bonds. The Village has covenanted in the Ordinance to comply with these requirements. Interest on the Bonds is not exempt from Illinois income taxes. 5 Bond Purchased at a Premium or a Discount The difference (if any) between the initial price at which a substantial amount of the Bonds of a maturity are sold to the public (the "Offering Price") and the principal amount payable at maturity of such Bonds is given special treatment for Federal income tax purposes. If the Offering Price is higher than the maturity value of a Bond, the difference between the two is known as "bond premium;" if the Offering Price is lower than the maturity value of a Bond, the difference between the two is known as "original issue discount." Bond premium and original issue discount are amortized over the term of a Bond on the basis of the owner's yield from the date of purchase to the date of maturity, compounded at the end of each accrual period of one year or less with straight line interpolation between compounding dates, as provided more specifically in the Income Tax Regulations. The amount of bond premium accruing during each period is subtracted from the owner's tax basis in the Bond. The amount of original issue discount accruing during each period is treated as interest that is excludable from the gross income of the owner of such Bond for Federal income tax purposes, to the same extent and with the same limitations as current interest, and is added to the owner's tax basis in the Bond. A Bond’s adjusted tax basis is used to determine whether, and to what extent, the owner realizes taxable gain or loss upon disposition of the Bond (whether by reason of sale, acceleration, redemption prior to maturity or payment at maturity of the Bond). Owners who purchase Bonds at a price other than the Offering Price, after the termination of the initial public offering or at a market discount should consult their tax advisors with respect to the tax consequences of their ownership of the Bonds. In addition, owners of Bonds should consult their tax advisors with respect to the state and local tax consequences of owning the Bonds; under the applicable provisions of state or local income tax law, bond premium and original issue discount may give rise to taxable income at different times and in different amounts than they do for Federal income tax purposes. Exclusion from Gross Income: Requirements The Code sets forth certain requirements that must be satisfied on a continuing basis in order to preserve the exclusion from gross income for Federal income tax purposes of interest on the Bonds. Among these requirements are the following: Limitations on Private Use. The Code includes limitations on the amount of bond proceeds that may be used in the trade or business of, or used to make or finance loans to, persons other than governmental units. Investment Restrictions. Except during certain "temporary periods," proceeds of the Bonds and investment earnings thereon (other than amounts held in a reasonably required reserve or replacement fund, if any, or as part of a "minor portion") may generally not be invested in investments having a yield that is "materially higher" (1/8 of one percent) than the yield on the Bonds. Rebate of Permissible Arbitrage Profit. Unless the Village qualifies for one of several exemptions, earnings from the investment of the "gross proceeds" of the Bonds in excess of the earnings that would have been realized if such investments had been made at a yield equal to the yield on the Bonds are required to be paid to the United States at periodic intervals. For this purpose, the term "gross proceeds" includes the original proceeds of the Bonds, amounts received as a result of investing such proceeds and amounts to be used to pay debt service on the Bonds. Covenants to Comply The Village has covenanted in the Bond Ordinance to comply with the requirements of the Code relating to the exclusion from gross income for Federal income tax purposes of interest on the Bonds. 6 Risks of Non-Compliance In the event that the Village fails to comply with the requirements of the Code, interest on the Bonds may become includable in the gross income of the owners thereof for Federal income tax purposes retroactive to the date of issue. In such event, the Bond Ordinance requires neither acceleration of payment of principal of, or interest on, the Bonds nor payment of any additional interest or penalties to the owners of the Bonds. Federal Income Tax Consequences Pursuant to Section 103 of the Code, interest on the Bonds is not includable in the gross income of the owners thereof for Federal income tax purposes. However, the Code contains a number of other provisions relating to the treatment of interest on the Bonds which may affect the taxation of certain types of owners, depending on their particular tax situations. Prospective purchasers should consult their tax advisors concerning the particular Federal income tax consequences of their ownership of the Bonds. •Cost of Carry. Owners of the Bonds will generally be denied a deduction for otherwise deductible interest on any debt that is treated for Federal income tax purposes as having been incurred or continued to purchase or carry the Bonds. As discussed below, special allocation rules apply to financial institutions. •Individual Owner. Receipt of interest on the Bonds may increase the amount of social security and railroad retirement benefits included in the gross income of the recipients thereof for federal income tax purposes. •Certain Blue Cross or Blue Shield Organizations. Receipt of interest on the Bonds may reduce a special deduction otherwise available to certain Blue Cross or Blue Shield organizations. •Property or Casualty Insurance Companies. Receipt of interest on the Bonds may reduce otherwise deductible underwriting losses of a property or casualty insurance company. •Corporate Owners. Interest on the Bonds is generally taken into account in computing the earnings and profits of a corporation and consequently may be subject to federal income taxes based thereon. Thus, for example, interest on the Bonds is taken into account not only in computing the corporate alternative minimum tax but also the branch profits tax imposed on certain foreign corporations, the passive investment income tax imposed on certain S corporations, and the accumulated earnings tax •Financial Institutions. Financial institutions may be denied a deduction for their otherwise allowable interest expense in an amount determined by reference, in part, to their adjusted basis in the Bonds.. •Foreign Personal Holding Company Income. A United States shareholder of a foreign personal holding company may realize taxable income to the extent that interest on the Bonds held by such a company is properly allocable to the shareholder. CERTAIN LEGAL MATTERS Certain legal matters incident to the authorization, issuance and sale of the Bonds are subject to the approving legal opinion of Katten Muchin Rosenman LLP, Chicago, Illinois, as Bond Counsel (the "Bond Counsel") who has been retained by, and acts as, Bond Counsel to the Village. Katten Muchin Rosenman LLP, Chicago, Illinois, is also serving as Disclosure Counsel to the Village. 7 NON-QUALIFIED TAX-EXEMPT OBLIGATIONS The Village will not designate the Bonds as "qualified tax-exempt obligations" for purposes of Section 265(b)(3) of the Internal Revenue Code of 1986, as amended, relating to the ability of financial institutions to deduct from income for federal income tax purposes, interest expense that is allocable to carrying and acquiring tax-exempt obligations. MUNICIPAL ADVISOR Ehlers has served as municipal advisor to the Village in connection with the issuance of the Bonds. The Municipal Advisor cannot participate in the underwriting of the Bonds. The financial information included in this Official Statement has been compiled by the Municipal Advisor. Such information does not purport to be a review, audit or certified forecast of future events and may not conform with accounting principles applicable to compilations of financial information. Ehlers is not a firm of certified public accountants. Ehlers is registered with the Securities and Exchange Commission and the MSRB as a Municipal Advisor. MUNICIPAL ADVISOR AFFILIATED COMPANIES Bond Trust Services Corporation ("BTSC") and Ehlers Investment Partners, LLC ("EIP") are affiliate companies of Ehlers. BTSC is chartered by the State of Minnesota and authorized in Minnesota, Wisconsin and Illinois to transact the business of a limited purpose Trust Company. BTSC provides paying agent services to debt issuers. EIP is a Registered Investment Advisor with the Securities and Exchange Commission. EIP assists issuers with the investment of bond proceeds or investing other issuer funds. This includes escrow bidding agent services. Issuers, such as the Village, have or may retain BTSC and/or EIP to provide these services. If hired, BTSC and/or EIP would be retained by the Village under an agreement separate from Ehlers. INDEPENDENT AUDITORS The basic financial statements of the Village for the fiscal year ended December 31, 2015 have been audited by RSM US LLP, Schaumburg, Illinois, independent auditors (the "Auditor"). The Auditor has not been engaged to perform and has not performed, since the date of its report included herein, any procedures on the financial statements addressed in that report. The Auditor also has not performed any procedures relating to the Official Statement. The Village’s Comprehensive Annual Financial Report for fiscal year ended December 31, 2015 is attached hereto as “APPENDIX A”. RISK FACTORS Following is a description of possible risks to holders of the Bonds without weighting as to probability. This description of risks is not intended to be all-inclusive, and there may be other risks not now perceived or listed here. Taxes: The Bonds are general obligations of the Village, the ultimate payment of which rests in the Village's ability to levy and collect sufficient taxes to pay debt service. In the event of delayed billing, collection or distribution of property taxes, sufficient funds may not be available to the Village in time to pay debt service when due. State Actions: Many elements of local government finance, including the issuance of debt and the levy of property taxes, are controlled by State government. Future actions of the State may affect the overall financial condition of the Village, the taxable value of property within the Village, and the ability of the Village to levy and collect property taxes. 8 Future Changes in Law: Various State and federal laws, regulations and constitutional provisions apply to the Village and to the Bonds. The Village can give no assurance that there will not be a change in or interpretation of any such applicable laws, regulations and provisions which would have a material effect on the Village or the taxing authority of the Village. Ratings; Interest Rates: In the future, the Village's credit rating may be reduced or withdrawn, or interest rates for this type of obligation may rise generally, either possibility resulting in a reduction in the value of the Bonds for resale prior to maturity. Tax Exemption: If the federal government taxes all or a portion of the interest on municipal bonds or notes or if the State government increases its tax on interest on bonds and notes, directly or indirectly, or if there is a change in federal or state tax policy, then the value of these Bonds may fall for purposes of resale. Noncompliance by the Village with the covenants in the Award Ordinance relating to certain continuing requirements of the Code may result in inclusion of interest to be paid on the Bonds in gross income of the recipient for United States income tax purposes, retroactive to the date of issuance. Continuing Disclosure: A failure by the Village to comply with the Disclosure Undertaking for continuing disclosure (see "CONTINUING DISCLOSURE") will not constitute an event of default on the Bonds. Any such failure must be reported in accordance with the Rule and must be considered by any broker, dealer, or municipal securities dealer before recommending the purchase or sale of the Bonds in the secondary market. Such a failure may adversely affect the transferability and liquidity of the Bonds and their market price. State Economy; Local Government Aids: State cash flow problems could affect local governments and possibly increase property taxes. Book-Entry-Only System: The timely credit of payments for principal and interest on the Bonds to the accounts of the Beneficial Owners of the Bonds may be delayed due to the customary practices, standing instructions or for other unknown reasons by DTC participants or indirect participants. Since the notice of redemption or other notices to holders of these obligations will be delivered by the Village to DTC only, there may be a delay or failure by DTC, DTC participants or indirect participants to notify the Beneficial Owners of the Bonds. Economy: A combination of economic, climatic, political or civil disruptions or terrorist actions outside of the control of the Village, including loss of major taxpayers or major employers, could affect the local economy and result in reduced tax collections and/or increased demands upon local government. Real or perceived threats to the financial stability of the Village may have an adverse affect on the value of the Bonds in the secondary market. Secondary Market for the Bonds: No assurance can be given that a secondary market will develop for the purchase and sale of the Bonds or, if a secondary market exists, that such Bonds can be sold for any particular price. The underwriters are not obligated to engage in secondary market trading or to repurchase any of the Bonds at the request of the owners thereof. Prices of the Bonds as traded in the secondary market are subject to adjustment upward and downward in response to changes in the credit markets and other prevailing circumstances. No guarantee exists as to the future market value of the Bonds. Such market value could be substantially different from the original purchase price. Bankruptcy: The rights and remedies of the holders may be limited by and are subject to the provisions of federal bankruptcy laws, to other laws, or equitable principles that may affect the enforcement of creditors’ rights, to the exercise of judicial discretion in appropriate cases and to limitations on legal remedies against local governments. The opinion of Bond Counsel to be delivered with respect to the Bonds will be similarly qualified. 9 ILLINOIS PROPERTY VALUATIONS REAL PROPERTY ASSESSMENT, TAX LEVY AND COLLECTION PROCEDURES REAL PROPERTY ASSESSMENT The County Assessor (the "Assessor") is responsible for the assessment of all taxable real property within Cook County (the "County"), including such property located within the boundaries of the Issuer, except for certain railroad property, pollution control facilities and low sulfur dioxide emission coal-fueled devices, which are assessed directly by the Illinois Department of Revenue (the "Department of Revenue"). For triennial reassessment purposes, Cook County is divided into three districts: west and south suburbs (the "South Tri"), north and northwest suburbs (the "North Tri"), and the City of Chicago (the "City Tri"). The Village is located in the North Tri and was reassessed for the 2013 tax levy year. In response to the downturn of the real estate market, the Assessor reduced the 2009 assessed value on suburban residential properties (specifically, those properties located in the South Tri and the North Tri) not originally scheduled for reassessment in 2009. For tax year 2009, each suburban township received an adjustment percentage, lowering the existing assessed values of all residential properties in such township within a range of 4% to 15%, beginning with the second-installment tax bills payable in the fall of 2010. Real property in the County is separated into classes for assessment purposes. After the Assessor establishes the fair market value of a parcel of property, that value is multiplied by the appropriate classification percentage to arrive at the assessed valuation (the "Assessed Valuation") for the parcel. Such classification percentages range from 10% for certain residential, commercial and industrial property to 25% for other industrial and commercial property. Property is classified for assessment into six basic categories, each of which is assessed (beginning with the 2009 tax levy year) at various percentages of fair market value as follows: Class 1 - unimproved real estate (10%); Class 2 - residential (10%); Class 3 - rental-residential (16% in tax year 2009, 13% in tax year 2010, and 10% in tax year 2011 and subsequent years); Class 4 - not-for-profit (25%); Class 5a - commercial (25%); and Class 5b - industrial (25%). In addition, property may be temporarily classified into one of eight additional assessment classification categories. Upon expiration of such classification, property so classified will revert to one of the basic six assessment classifications described above. 10 Class Description of Qualifying Property Assessment Percentage Reverts to Class 6b Newly constructed industrial properties or substantially rehabilitated sections of existing industrial properties 10% for first 10 years and any 10 year renewal; If not renewed, 15% in year 11, 20% in year 12 5b C Industrial Property that has undergone environmental testing and remediation 10% for first 10 years, 15% in year 11, 20% in year 12 5a Commercial property that has undergone environmental testing remediation 10% for first 10 years, 15% in year 11, 20% in year 12 5b 7a/7b Newly constructed or substantially rehabilitated commercial properties in an area in need of commercial development 10% for first 10 years, 15% in year 11, 20% in year 12 5a 7c Newly constructed or rehabilitated commercial buildings and acquisition of abandoned property and rehabilitation of buildings thereon including the land upon which the buildings are situated and the land related to the rehabilitation. 10% for first 3 years and any 3 year renewal; if not renewed, 15% in year 4, 20% in year 5 5a 8 Industrial properties in enterprise communities or zones in need of substantial revitalization 10% for first 10 years and any 10-year renewal; If not renewed, 15% in year 11, 20% in year 12 5a Commercial properties in enterprise communities or zones in need of substantial revitalization 10% for first 10 years, 15% in year 11, 20% in year 12 5b 9 New or substantially rehabilitated multi- family residential properties in target areas, empowerment or enterprise zones. 10% for first 10 years and any 10 year renewal As Applicable S Class 3 properties subject to Section 8 contracts renewed under the Mark to Market option 10% for term of Section 8 contract renewal and any subsequent renewal 3 L Substantially rehabilitated Class 3, 4 or 5b properties qualifying as “Landmark” or “Contributing” buildings 10% for first 10 years and any 10-year renewal; If not renewed, 15% in year 11, 20% in year 12 3,4, or 5b Substantially rehabilitated Class 5a properties qualifying as “Landmark” or “Contributing” buildings 10% for first 10 years, 15% in year 11, 20% in year 12 5a The Assessor has established procedures enabling taxpayers to contest their proposed Assessed Valuations. Once the Assessor certifies its final Assessed Valuations, a taxpayer can seek review of its assessment by appealing to the Cook County Board of Review, which consists of three commissioners elected by the voters of the County. The Board of Review has the power to adjust the Assessed Valuations set by the Assessor. Owners of both residential property having six or fewer units and owners of real estate other than residential property with six or fewer units are able to appeal decisions of the Board of Review to the Illinois Property Tax Appeal Board (the "PTAB"), a statewide administrative body. The PTAB has the power to determine the Assessed Valuation of real property based on equity and the weight of the evidence. Taxpayers may appeal the decision of PTAB to either the Circuit Court of Cook County or the Illinois Appellate Court under the Illinois Administrative Review Law. 11 As an alternative to seeking review of Assessed Valuations by PTAB, taxpayers who have first exhausted their remedies before the Board of Review may file an objection in the Circuit Court of Cook County similar to the previous judicial review procedure but with a different standard of proof than previously required. In addition, in cases where the Assessor agrees that an assessment error has been made after tax bills have been issued, the Assessor can correct any factual error, and thus reduce the amount of taxes due, by issuing a Certificate of Error. Certificates of Error are not issued in cases where the only issue is the opinion of the valuation of the property. EQUALIZATION After the Assessor has established the Assessed Valuation for each parcel for a given year, and following any revisions by the Board of Review or PTAB, the Illinois Department of Revenue is required by statute to review the Assessed Valuations. The Illinois Department of Revenue establishes an equalization factor (the "Equalization Factor"), commonly called the "multiplier," for each county to make all valuations uniform among the 102 counties in the State. Under State law, the aggregate of the assessments within each county is equalized at 33-1/3% of the estimated fair cash value of real property located within the county prior to any applicable exemptions. One multiplier is applied to all property in the County, regardless of its assessment category, except for certain farmland property and wind energy assessable property, which are not subject to equalization. Once the Equalization Factor is established, the Assessed Valuation, as revised by the Board of Review or PTAB, is multiplied by the Equalization Factor to determine the equalized assessed valuation (the "EAV") of that parcel. The EAV for each parcel is the final property valuation used for determination of tax liability. The aggregate EAV for all parcels in any taxing body's jurisdiction, plus the valuation of property assessed directly by the State, constitutes the total real estate tax base for the taxing body and is the figure used to calculate tax rates (the "Assessment Base"). The following table sets forth the Equalization Factor for the County for the last 10 tax levy years. TAX LEVY YEAR EQUALIZATION FACTOR 2006 2.7076 2007 2.8439 2008 2.9786 2009 3.3701 2010 3.3000 2011 2.9706 2012 2.8056 2013 2.6621 2014 2.7253 2015 2.6685 EXEMPTIONS The Illinois Property Tax Code, as amended (the "Property Tax Code"), provides that certain property is exempt from taxation. Certain property is exempt from taxation on the basis of ownership and/or use, including, but not limited to, use as public parks, not-for-profit schools and public schools, churches, and not-for-profit hospitals and public hospitals. In addition, the Property Tax Code provides a variety of homestead exemptions, which are discussed in this below. An annual General Homestead Exemption provides that the EAV of certain property owned and used for residential purposes may be reduced by the amount of any increase over the 1977 EAV, up to a maximum reduction of $7,000 for assessment year 2012 and thereafter. The Alternative General Homestead Exemption limits EAV increases for homeowners (who also reside on the property as their principal place of residence) to 7% a year, up to a certain maximum dollar amount each year as 12 defined by the statute. Any amount of increase that exceeds the maximum exemption as defined is added to the 7% increase and is part of that property's taxable EAV. Homes that do not increase by at least 7% a year are entitled, in the alternative, to the General Homestead Exemption as discussed above. For properties in the City Tri, the Alternative General Homestead Exemption cannot exceed $20,000 for assessment year 2009, $16,000 for assessment year 2010 and $12,000 for assessment year 2011. For properties in the North Tri, the Alternative General Homestead Exemption cannot exceed $20,000 for assessment years 2009 and 2010, $16,000 for assessment year 2011 and $12,000 for assessment year 2012. For properties in the South Tri, the Alternative General Homestead Exemption cannot exceed $26,000 for assessment year 2009, $20,000 for assessment year 2010 and 2011 and $12,000 for assessment year 2012. The Long-Time Occupant Homestead Exemption limits the increase in EAV of a taxpayer's homestead property to 10% per year if such taxpayer has owned the property for at least 10 years as of January 1 of the assessment year (or 5 years if purchased with certain government assistance) and has a household income of $100,000 or less ("Qualified Homestead Property"). If the taxpayer's annual income is $75,000 or less, the EAV of the Qualified Homestead Property may increase by no more than 7% per year. There is no exemption limit for Qualified Homestead Properties. The Homestead Improvement Exemption applies to residential properties that have been improved and to properties that have been rebuilt in the two years following a catastrophic event, as defined in the Property Tax Code. The exemption is limited to $75,000 per year, to the extent the assessed value is attributable solely to such improvements or rebuilding. Additional exemptions exist for senior citizens. The Senior Citizens Homestead Exemption annually reduces the EAV on residences owned and occupied by senior citizens. The maximum reduction is $5,000. Furthermore, property that is first occupied as a residence after January 1 of any assessment year by a person who is eligible for the Senior Citizens Homestead Exemption may be granted a pro-rata exemption for such assessment year based on the number of days during the assessment year that the property is so occupied. A Senior Citizens Assessment Freeze Homestead Exemption freezes property tax assessments for homeowners who are 65 and older, reside in their property as their principal place of residence and receive a household income not in excess of $55,000. In general, this exemption limits the annual real property tax bill of such property by granting to qualifying senior citizens an exemption as to a portion of the valuation of their property. The exempt amount is the difference between (i) the current EAV of the residence and (ii) the base amount, which is the EAV of a senior citizen's residence for the year prior to the year in which he or she first qualifies and applies for the exemption, plus the EAV of improvements since such year. The Natural Disaster Homestead Exemption (the “Natural Disaster Exemption”) applies to homestead properties containing a residential structure that has been rebuilt following a natural disaster occurring in taxable year 2012 or any taxable year thereafter. A natural disaster is an occurrence of widespread or severe damage or loss of property resulting from any catastrophic cause including but not limited to fire, flood, earthquake, wind, or storm. The Natural Disaster Exemption is equal to the equalized assessed value of the residence in the first taxable year for which the taxpayer applies for the exemption minus the base amount. To be eligible for the Natural Disaster Exemption, the residential structure must be rebuilt within two years after the date of the natural disaster, and the square footage of the rebuilt residential structure may not be more than 110% of the square footage of the original residential structure as it existed immediately prior to the natural disaster. The Natural Disaster Exemption remains at a constant amount until the taxable year in which the property is sold or transferred. Three exemptions are available to disabled veterans of the armed forces. Specifically, the Disabled Veterans' Exemption, may be applied annually to exempt up to $70,000 of the Assessed Valuation of property owned and used exclusively by veterans, their spouses or unmarried surviving spouses. Qualification for this exemption requires the veteran's disability to be of such a nature that the federal government has authorized payment for purchase of specially adapted housing under the U.S. Code as certified to annually by the Illinois Department of Veterans Affairs. In 13 addition, the Disabled Veterans' Standard Homestead Exemption, provides an annual homestead exemption of (i) $5,000 to those veterans with a service-connected disability of 70% and (ii) $2,500 to those veterans with a service-connected disability of less than 70%, but at least 50%. Also, the Returning Veterans' Homestead Exemption is available for property owned and occupied as the principal residence of a veteran in the assessment year the veteran returns from an armed conflict while on active duty in the United States armed forces. This provision grants a one-time homestead exemption of $5,000. Finally, the Disabled Persons' Homestead Exemption provides an annual homestead exemption in the amount of $2,000 for property that is owned and occupied by certain disabled persons who meet State-mandated guidelines. TAX LEVY As part of the annual budgetary process of governmental units (the "Units") with power to levy taxes in the County, proceedings are adopted by the designated body for each Unit each year in which it determines to levy real estate taxes. The administration and collection of real estate taxes is statutorily assigned to the County Clerk and the County Treasurer. After the Units file their annual tax levies, the County Clerk computes the annual tax rate for each Unit. The County Clerk computes the Unit's maximum allowable levy by multiplying the maximum tax rate for that Unit by the prior year's EAV for all property currently in the Village. The prior year's EAV includes the EAV of any new property, the current year value of any annexed property, and any recovered tax increment value, minus any disconnected property for the current year under the Property Tax Extension Limitation Law (the "Limitation Law"). The tax rate for a Unit is computed by dividing the lesser of the maximum allowable levy or the actual levy by the current year's EAV. EXTENSIONS The County Clerk then computes the total tax rate applicable to each parcel of real property by aggregating the tax rates of all of the Units having jurisdiction over the particular parcel. The County Clerk extends the tax by entering the tax (determined by multiplying the total tax rate by the EAV of that parcel for the current assessment year) in the books prepared for the County Collector (the "Warrant Books") along with the tax rates, the Assessed Valuation and the EAV. The Warrant Books are the County Collector's authority for the collection of taxes and are used by the County Collector as the basis for issuing tax bills to all property owners. COLLECTIONS Property taxes are collected by the County Collector, who is also the County Treasurer, who remits to each Unit its share of the collections. Taxes levied in one year become payable during the following year in two installments, the first due on March 1 and the second on the later of August 1 or 30 days after the mailing of the tax bills. A payment due is deemed to be paid on time if the payment is postmarked on the due date. Beginning with the first installment payable in 2010, the first installment is equal to 55% of the prior year's tax bill. However, if a Certificate of Error is approved by a court or certified on or before November 30 of the preceding year and before the estimated tax bills are prepared, then the first installment is instead based on the certain percentage of the corrected prior year's tax bill. The second installment covers the balance of the current year's tax bill, and is based on the then current tax year levy, assessed value and Equalization Factor, and reflects any changes from the prior year in those factors. The following table sets forth the second installment penalty date for the last 10 tax levy years in the County; the first installment penalty date has been the first business day in March for all such years. 14 SECOND INSTALLMENT TAX LEVY YEAR PENALTY DATE 2006 December 3, 2007 2007 November 3, 2008 2008 December 1, 2009 2009 December 13, 2010 2010 November 1, 2011 2011 August 1, 2012 2012 August 1, 2013 2013 August 1, 2014 2014 August 3, 2015 2015 August 1, 2016 It is possible that the changes to the assessment appeals process described above will cause delays similar to those experienced in past years in preparation and mailing of the second installment in future years. During the periods of peak collections, tax receipts are forwarded to each Unit on a weekly basis. Upon receipt of taxes from the County Collector, the Issuer promptly credits the taxes received to the funds for which they were levied. Within 90 days of the second installment due date, the County Collector presents the Warrant Books to the Circuit Court and applies for a judgment for all unpaid taxes. The court orders resulting from the application for judgment provides for an Annual Tax Sale (the "Annual Tax Sale") of unpaid taxes shown on that year's Warrant Books. A public sale is held, at which time successful tax buyers pay the unpaid taxes plus penalties. In each such public sale, the collector can use any "automated means." Unpaid taxes accrue penalties at the rate of 1.5% per month from their due date until the date of sale. Taxpayers can redeem their property by paying the amount paid at the sale, plus a maximum of 12% for each six-month period after the sale. If no redemption is made within the applicable redemption period (ranging from six months to two and a half years depending on the type and occupancy of the property) and the tax buyer files a petition in the Circuit Court, notifying the necessary parties in accordance with the applicable law, the tax buyer receives a deed to the property. In addition, there are miscellaneous statutory provisions for foreclosure of tax liens. If there is no sale of the tax lien on a parcel of property at the Annual Tax Sale, the taxes are forfeited and the property becomes eligible to be purchased at any time thereafter at an amount equal to all delinquent taxes and interest accrued to the date of purchase. Redemption periods and procedures are the same as applicable to the Annual Tax Sale. The Scavenger Sale (the "Scavenger Sale"), like the Annual Tax Sale, is a sale of unpaid taxes. The Scavenger Sale is held every two years on all property on which two or more years' taxes are delinquent. The sale price of the unpaid taxes is the amount bid at such sale, which may be less than the amount of delinquent taxes. Redemption periods vary from six months to two and a half years depending upon the type and occupancy of the property. 15 2011 2012 2013 2014 2015 Property Class: Residential 1,763,765,871$ 1,637,952,132$ 1,409,769,224$ 1,528,673,674$ 1,495,671,114$ Commercial 499,476,841 481,487,771 450,231,431 432,810,794 420,439,314 Industrial 184,570,112 171,866,548 165,239,212 86,468,650 96,170,413 Railroad 354,177 400,750 495,230 516,425 620,212 Farm - - - - - Net EAV for General Taxing Purposes 2,448,167,001$ 2,291,707,201$ 2,025,735,097$ 2,048,469,543$ 2,012,901,053$ Percent Change -9.82% -6.39% -11.61%1.12% -1.74% TIF EAV - Glen TIF 435,312,537$ 400,238,908$ 385,383,867$ 400,207,876$ 390,812,768$ Frozen Valuation 26,882,825 26,882,825 26,882,825 26,882,825 26,882,825 Glen TIF Net EAV 408,429,712$ 373,356,083$ 358,501,042$ 373,325,051$ 363,929,943$ TIF EAV - Waukegan Rd/Golf Rd TIF ---- 13,320,373$ Frozen Valuation ---- 4,967,054 Waukegan Rd/Golf Rd TIF Net EAV 8,353,319$ Total EAV for All Taxing Purposes 2,856,596,713$ 2,665,063,284$ 2,384,236,139$ 2,421,794,594$ 2,385,184,315$ CURRENT PROPERTY VALUATIONS Valuation 2015 Estimated Market Value $ 6,038,703,159 2015 Equalized Assessed Value $ 2,012,901,053 TREND OF VALUATIONS (Levy Years) Year Estimated Market Value Equalized Assessed Value Percent Increase/Decrease In Equalized Value 2011 $7,344,501,003 $2,448,167,001 -9.82% 2012 6,875,121,603 2,291,707,201 -6.39% 2013 6,077,205,291 2,025,735,097 -11.61% 2014 6,145,408,629 2,048,469,543 1.12% 2015 6,038,703,159 2,012,901,053 -1.74% 16 LARGER TAXPAYERS 1 Taxpayer Business Type of Property 2015 Equalized Assessed Value Percent of Village's Total Equalized Assessed Value Illinois Tool Works Inc.Commercial tools Office / R & D $ 30,670,289 1.29% CLF (formerly Grubb & Ellis) Former Aon Site Office 28,098,453 1.18% Oliver McMillan LLC Property Mgmt. Commercial 24,732,855 1.04% Astella US Holdings Pharmaceuticals Office 19,371,092 0.81% Mid America Asset Property Mgmt. Commercial 19,239,403 0.81% Northshore University Health Care Medical 14,555,149 0.61% Abt Electronics Retail Electronics & Appliances Commercial 14,289,124 0.60% Anixter, Inc.Wire & Cable Dist. Office 13,691,828 0.57% Thomson Reuters Pts (formerly Cole Real Estate) Tax & Accounting Office 12,832,898 0.54% AGF Sanders Office CVS Health Care Office 12,479,920 0.52% Total $189,961,011 7.96% Village's Total 2015 EAV $2,385,184,3152 Source:Property Valuations and Larger Taxpaying Parcels provided by Cook County. 1 Some of the taxpayers listed above may own multiple parcels. The valuations stated above for some of the taxpayers may not include all parcels or all classifications of property. 2 Includes TIF EAV in the amount of $372,283,262. 17 DEBT DIRECT GENERAL OBLIGATION DEBT (see schedules following) (includes the Bonds)* Total G.O. Bonds $ 80,850,000 Total General Obligation Debt*$ 80,850,000 *Preliminary, subject to change. OTHER OBLIGATIONS Issue Issue Date Final Maturity Amount Outstanding $7,333,416 Draw/Term Note (Advanced Metering Infrastructure) 5/1/15 12/1/25 $ 6,876,024 $633,827 Illinois Environmental Protection Agency Loan 1/22/10 4/14/31 377,746 $6,529,688 5-Year Loan (Parcel 24) 12/1/14 12/1/19 5,223,750 $2,183,495 20-Year Loan (SSA Capital Projects) 9/7/16 12/1/36 2,183,495 GENERAL OBLIGATION DEBT LIMIT Pursuant to its population being in excess of 25,000, the Village became a home rule unit when the 1970 Illinois Constitution was adopted. As a home rule unit, the Village has no tax rate or debt limits, nor is it required to conduct a referendum to authorize the issuance of debt or to increase property taxes. 18 VILLAGE OF GLENVIEWSCHEDULE OF BONDED INDEBTEDNESS(As of October 27, 2016)Series 2007ASeries 2007B Series 2009ASeries 2009D Series 2012ASeries 2012BDated12/15/2007 12/15/2007 5/1/2009 10/15/2009 6/14/2012 12/18/2012 12/18/2012Amount$5,000,000 $1,200,000 $26,300,000 $11,290,000 $18,090,000 $14,575,000 $7,730,000Maturity12/112/112/112/112/112/112/1Fiscal YearEnding 12/31 Principal Interest Principal Interest Principal Interest Principal Interest Principal Interest Principal Interest Principal Interest2016635,000 11,906 130,000 3,250 1,175,000 121,175 1,365,000 68,0750 302,400 1,245,000 258,750 1,540,000 73,87520171,210,000 85,925 1,360,000 95,2000 604,800 1,295,000 467,700 1,650,000 101,55020181,245,000 43,575 1,360,000 54,4000 604,800 1,365,000 415,900 1,735,000 52,05020195,850,000 604,800 1,410,000 361,30020206,030,000 429,300 1,475,000 304,90020216,210,000 248,400 1,540,000 245,90020221,605,000 184,30020231,690,000 120,10020241,750,000 52,500202520262027202820292030203120322033635,000 11,906 130,000 3,250 3,630,000 250,675 4,085,000 217,675 18,090,000 2,794,500 13,375,000 2,411,350 4,925,000 227,475Series 2012Ccontinued on next page …Prepared by Ehlers Associates, Inc.Current Debt19 VILLAGE OF GLENVIEWSCHEDULE OF BONDED INDEBTEDNESS(As of October 27, 2016)12/19/201312/19/20137/30/201510/27/2016$6,065,000$4,385,000$10,000,000$18,410,000*12/112/112/112/1Total Total Total PrincipalFiscal YearPrincipal Interest Principal Interest Principal Interest Principal* Interest* Principal* Interest* P & I* Outstanding* % Paid Ending 12/31245,000 92,5410 58,041 2,505,000 31,1298,840,000 1,021,142 9,861,142 72,010,000 10.93%2016245,000 180,183 585,000 116,083 2,535,000 48,480 190,000 371,597 9,070,000 2,071,517 11,141,517 62,940,000 22.15%2017250,000 175,283 595,000 107,308 2,565,000 26,933 220,000 337,972 9,335,000 1,818,220 11,153,220 53,605,000 33.70%2018260,000 170,283 605,000 95,4081,515,000 335,904 9,640,000 1,567,694 11,207,694 43,965,000 45.62%2019265,000 165,083 620,000 81,1901,525,000 319,391 9,915,000 1,299,863 11,214,863 34,050,000 57.88%2020270,000 157,133 640,000 64,4501,545,000 300,481 10,205,000 1,016,363 11,221,363 23,845,000 70.51%2021280,000 149,033 660,000 45,2501,565,000 279,005 4,110,000 657,588 4,767,588 19,735,000 75.59%2022285,000 140,633 680,000 23,8001,590,000 254,591 4,245,000 539,124 4,784,124 15,490,000 80.84%2023295,000 132,0831,620,000 227,561 3,665,000 412,144 4,077,144 11,825,000 85.37%2024305,000 123,2331,650,000 197,915 1,955,000 321,148 2,276,148 9,870,000 87.79%2025315,000 113,6251,685,000 164,090 2,000,000 277,715 2,277,715 7,870,000 90.27%2026325,000 102,6001,725,000 127,020 2,050,000 229,620 2,279,620 5,820,000 92.80%2027340,000 89,6001,765,000 86,828 2,105,000 176,428 2,281,428 3,715,000 95.41%2028350,000 76,0001,815,000 44,468 2,165,000 120,468 2,285,468 1,550,000 98.08%2029365,000 62,000365,000 62,000 427,000 1,185,000 98.53%2030380,000 47,400380,000 47,400 427,400 805,000 99.00%2031395,000 32,200395,000 32,200 427,200 410,000 99.49%2032410,000 16,400410,000 16,400 426,4000 100.00%20335,580,000 2,025,309 4,385,000 591,529 7,605,000 106,541 18,410,000 3,046,821 80,850,000 11,687,030 92,537,030*Preliminary, subject to change.Series 2013BSeries 2013ASeries 2015 Series 2016APrepared by Ehlers Associates, Inc.Current Debt20 OVERLAPPING DEBT1 Taxing Body % In Village Total G.O. Debt2 Village's Proportionate Share Cook County 1.80% $3,213,141,750 57,836,552 Cook County Forest Preserve District 1.80% 163,117,000 2,936,106 Metropolitan Water Reclamation District 1.83% 2,629,938,992 48,127,884 West Northfield School District No. 31 48.80% 3,360,000 1,639,680 Glenview School District No. 34 100.00% 16,835,000 16,835,000 Avoca School District No. 37 8.22% 3,727,093 306,367 Wilmette School District No. 39 4.72% 27,114,172 1,279,789 East Main School District No. 63 4.20% 14,420,000 605,640 Golf School District No. 67 7.85% 11,290,470 886,302 New Trier Township No. 203 2.31% 99,110,000 2,289,441 Maine Township No. 207 1.00% 7,310,000 73,100 Niles Township No. 219 0.96% 140,848,952 1,352,150 Northfield Township No. 225 50.29% 69,106,457 34,753,637 Oakton No. 535 12.76% 32,175,000 4,105,530 Glenview Park District 100.00% 9,930,000 9,930,000 Northbrook Park District 0.25% 1,565,000 3,913 Village’s Share of Total Overlapping Debt $ 182,961,090 1 Overlapping debt is as of the dated date of the Bonds. Only those taxing jurisdictions with general obligation debt outstanding are included in this section. Excludes Alternate Revenue Source Bonds and Debt Certificates. 2 Outstanding debt is based on information in official statements obtained on EMMA and the Municipal Advisor's records. 21 DEBT RATIOS G.O. Debt Debt/Estimated Market Value $6,038,703,159 Debt/ Per Capita Pop. 47,446 Total General Obligation Debt* $80,850,000 1.34% $1,704 Village's Share of Total Overlapping Debt $182,961,090 3.03%$3,856 Total*$263,811,090 4.37%$5,560 *Preliminary, subject to change. DEBT PAYMENT HISTORY The Village has no record of default in the payment of principal and interest on its debt. FUTURE FINANCING The Village has no current plans for additional financing in the next 12 months. 22 TAX LEVIES, COLLECTIONS, AND TAX RATES TAX LEVIES AND COLLECTIONS Tax Year Tax Extension Collections to Date and Back Taxes Percent of Current and Back Taxes Collected to Date 2011/12 $18,561,309 $18,355,566 98.89% 2012/13 18,977,508 18,915,829 99.67% 2013/14 19,213,934 19,206,962 99.96% 2014/15 19,401,830 19,017,834 98.02% 2015/16 20,129,011 In process of collection Source: Village’s Annual Financial Statements REPRESENTATIVE TAX RATES Following is a typical tax bill for a taxpayer living in Northfield Township tax code 25038 of the Village. Property tax rates are expressed in dollars per $100 of Equalized Assessed Value. Fund 2011 2012 2013 2014 2015 Corporate $0.177 $0.188 $0.203 $0.176 $0.162 Bond and Interest 0.084 0.083 0.095 0.091 0.092 Police Pension 0.074 0.073 0.098 0.098 0.127 Fire Pension 0.120 0.139 0.157 0.188 0.203 Total Village Rates $0.455 $0.482 $0.554 $0.554 $0.585 Cook County 0.462 0.531 0.560 0.568 0.552 Consolidated Elections 0.025 0.000 0.031 0.000 0.034 Cook County Forest Preserve 0.058 0.063 0.069 0.069 0.069 Metropolitan Water Reclamation 0.320 0.370 0.417 0.430 0.426 North Shore Mosquito Abatement 0.010 0.010 0.007 0.011 0.012 Northfield Township 0.068 0.079 0.092 0.093 0.092 Glenview Public Library 0.303 0.347 0.396 0.394 0.415 Glenview Park District 0.538 0.579 0.662 0.661 0.684 School District No. 34 2.429 2.706 3.129 3.173 3.291 High School District No. 225 1.819 2.028 2.341 2.367 2.493 Community College District No. 535 0.196 0.219 0.256 0.258 0.271 Total Tax Rate $6.684 $7.414 $8.514 $8.578 $8.924 23 THE VILLAGE VILLAGE INFORMATION The Village of Glenview (the "Village") is located in northern Cook County 20 miles from downtown Chicago in the second tier of communities west of Lake Michigan. Its immediate neighboring communities include Wilmette, Northfield, Northbrook, Golf, Morton Grove and Skokie. In 1872, the Milwaukee Railroad (the "Milwaukee Road") laid a single track through the area primarily to haul timber and supplies in connection with the reconstruction of Chicago after the Great Fire of 1872. A parallel track was constructed in 1892 in anticipation of increased travel to the 1893 Columbian Exposition in Chicago. Village residents adopted the name Glenview four years prior to the 1899 incorporation. Today, the Glenview railroad station offers METRA commuter service and serves the entire north and northwest suburban area as the only regular AMTRAK stop between Chicago and Wisconsin. A second commuter station opened in 2001 serving "The Glen" (former Glenview Naval Air Station) and other north suburban residents. Population growth occurred slowly up to 1950 when the Census recorded 6,142 residents. Spurred by the opening of the Edens Expressway (Chicagoland's first expressway to the northern suburbs) along the eastern boundary of the Village, the population increased to 18,132 at the 1960 Census and to 37,093 at the 1990 Census. The 2000 Census recorded a population of 41,847 up 12.8% from the 1990 Census within the Village's 13.5 square miles. A Special Census was conducted in 2005 to account for growth within The Glen resulting in a population of 44,443. The Village’s population at the 2010 Census was 44,692. The strength of the Village of Glenview's local economy is apparent in the median family income figures from the 2010-2014 American Community Survey (ACS) which reported that the average income of Glenview residents exceeded the county and state averages. According to ACS, Glenview's 2010-2014 median family income was $124,143, compared to $66,712 for Cook County, $70,967 for the State of Illinois, and $65,443 for the United States. Economic Development Of the Village's total 2014 equalized assessed valuation, 74.6% was classified as residential and 25.4% was commercial/industrial. The Village is primarily residential in character, though it has a significant commercial, corporate, and light industrial tax base, including numerous corporate headquarters such as: o Anixter Corporation: Fortune 500 company, supplier communication and security products. o Astellas Pharmaceuticals: North and South American Headquarters for Japanese pharmaceutical company. o Beltone: Hearing aid manufacturer and distributor. o CVS Health: Provider of prescriptions and related health services. o Guarantee Trust Life Insurance Company: Portfolio of health, accident, and life insurance. o Illinois Tool Works: Fortune 200 company, produces engineered fasteners and components, equipment and consumable systems, and specialty products. o Mead Johnson Nutrition: Infant formula manufacturer. o North American Paper Company: Paper cleaning and packaging products distributor. o Pearson Education: Educational materials publisher. o Signode Corporation: An industry leader in packaging solutions. In addition to corporate facilities, the Village features numerous other commercial and industrial operations including: o Abt Electronics: Independent retailer of electronics and other household items. Large retail and distribution center which is nationally renowned for its customer service. o American College of Chest Physicians: Conference and training center for medical professionals. o The Glen Town Center: A mixed-use retail and residential development with nearly 500,000 s.f. of retail space anchored by Von Maur, Dick’s Sporting Goods, and Arclight Theater. o Kraft Heinz Technology Center: Primary R&D facility for Kraft Heinz Foods which occupies an 18-acre campus in downtown Glenview. o North Shore Corporate Park: Constructed in 1996, this development is comprised of 85 acres of office/industrial uses. 24 o Patriot Market Place: Regional shopping center anchored by Costco, Home Depot, Harley Davidson Chicago, and Fields Auto Group. o Prairie Glen Corporate Park: Constructed in 2004, as part of the Glenview Naval Air Station Redevelopment, this park is comprised of 85 acres of office/industrial uses. o Willow Creek Retail Center: Regional shopping center anchored by Target and Kohl’s with numerous restaurant outlots. The Village of Glenview’s Downtown is served by Metra and Amtrak rail, accessible via Waukegan Road, and features a diverse stock of commercial, residential and public properties. In 2008, the Village created a form-based code to create a vibrant and welcoming space for new development. Several projects have been constructed in recent years in Downtown Glenview. o Midtown Square: Mixed-use building featuring 138 high-end apartment units and approximately 8,000 square feet of first floor commercial/retail space. o Riverforest: Apartment building on Waukegan Road featuring 36 large apartment units. o Ten-Ninety Brewing: 11,000 square foot brewery and taproom located at Waukegan and Glenview Roads with seating for approximately 100 patrons. Three (3) major state route corridors cross the Village of Glenview. Each corridor has its own character and redevelopment patterns. Redevelopment of vacant or underutilized sites in these areas has been ongoing for the past several years. o Milwaukee Avenue Corridor: In 2006, the Village conducted a corridor planning exercise and several significant commercial developments have proceeded as a result of that planning project, including: o Retail Centers: Three commercial shopping centers including 611 Milwaukee Avenue, 1615 Milwaukee Avenue, and Glenview Commons at Lake and Milwaukee. o LifeStorage: Former office building, retrofitted for use as self-storage and incubator offices for small businesses. o David Weekley Homes: Forty-eight (48) high-end single-family homes geared toward active seniors (Under Construction). o Waukegan Road Corridor: In 2009, the Village conducted another corridor planning exercise which focused on roadway improvements, traffic study concerns and several vacant commercial properties. Below is a summary of the redevelopment of these sites: o Avon Distribution Center (Golf and Waukegan): Redeveloped in 2013/2014, now features a Mariano’s grocery store, retail stores, and multiple outlots. Off-site traffic and intersection improvements paid for via a TIF district. o Former Dominick’s Site (Glenview and Waukegan): Redeveloped in 2014, now occupied by Heinen’s Finer Foods grocery store. o Former Matty’s Site (Chestnut and Waukegan): Currently in development approval process to allow a Culver’s Restaurant and other retail space. o Willow Road Corridor: No formal corridor plan exists for the corridor along the Village’s northern boundary, but several redevelopments have occurred in the past several years o GlenPointe Shopping Center (Willow and Sanders): Redeveloped in 2013/2014, now features a Mariano’s grocery store, retail stores, fitness center, high-end residential apartment units and multiple outlots with specialty uses and restaurants. o Multiple Retail Center Projects: Glenbrook Marketplace remodeling, Plaza Del Prado façade upgrade, Dunkin Donuts renovation of former restaurant. 25 The Former Glenview Naval Air Station In 1993, the Department of Defense ("D.o.D.") announced the closure of the 1,121-acre Glenview Naval Air Station ("GNAS") which was entirely within the Village corporate limits. To ensure that the property was expeditiously redeveloped, D.o.D. designated the Village as the Local Redevelopment Authority. In anticipation of a possible base closure, the Village Board adopted a Comprehensive Plan in 1990 which included a conceptual development scenario for GNAS that served as the basis for initial discussions regarding the redevelopment of GNAS. All flight operations ceased on March 1, 1995 and GNAS officially was closed on September 30, 1995. A 93-acre site was retained by the Navy to house military personnel and their families who were stationed at the Great Lakes Naval Training Center in North Chicago, Illinois. The 93-acre site originally contained 400 housing units (140 constructed since 1994). The Navy has studied and reduced its housing needs over the past several years and recently determined that the number of units will decrease to 112. These units are now privatized (turned the maintenance and leasing responsibility for the units over to a private-sector firm). As a result of the reduction in units, 41 of the 93 acres were declared surplus to the needs of the Navy and were sold to the Village in 2007 for mixed use development. Proceeds of the General Obligation Bonds, Taxable Series 2006B provided funds for the land purchase. A Request for Proposals (RFP) was issued by the Village in July 2012 for a sale of the entire 41 acres. The Village received strong response to the RFP for various uses including senior, single family, and multi-family market rate housing, as well as educational, institutional, and office uses. The Village approved a Purchase and Sale Agreement with two parties for the combined sale of the 41 acres. Their development proposals - for a 72,000 square foot/1527 seat church and 173 units of rowhomes/townhomes - are currently being constructed. Prior to the Village's purchase of the 41 acres in 2007, another 25 acres was purchased by Pulte Homes which received Village approval to construct 40 duplexes, 109 rowhomes, and 2 single family homes ("Regency at the Glen"), which are now constructed and fully occupied. Due in part to the strength of the housing market in Glenview and the particular success enjoyed at Regency at the Glen, Pulte also committed to building 9 single family homes on a 2-acre site on Lake Avenue in Glenview (not part of the GNAS) which are completed and occupied. Toll Brothers is completing the final phase of its development, Patriot Commons at the Glen, also part of the former GNAS - 9.7 acres developed with 70 condominium units, 30 townhomes, and 20 flats. The retail development north of Willow Road, also part of the former GNAS, has experienced significant new investment in 2012 and 2013. Costco Wholesale, formerly a tenant, opened in 2002, purchased its 148,663 square foot facility in 2012 for $12.7 million, indicating a long-term commitment to Glenview. An adjacent 40,000 square foot auto dealership (Chrysler/Jeep/Dodge/Ram) opened in Spring 2014. GNAS Redevelopment Procedure As the Local Redevelopment Authority, the Village's GNAS Land Use Committee conducted a series of public hearings in November and December, 1997 to consider certain land use refinements and on February 3, 1998 the Comprehensive Plan amendment incorporating the final Master Plan for GNAS was adopted. The Village acted as the Master Developer of the entire site (hereinafter "The Glen") and was assisted by a real estate development/management firm (Mesirow Stein Real Estate, Inc., a division of Mesirow Financial), who served as development advisor. Additionally, the Village had the full cooperation of the elementary school districts, the high school district, the Glenview Park District and the Glenview Public Library (collectively the "core" governmental jurisdictions). A key step in the implementation phase was to establish a tax increment financing ("TIF") district for The Glen. Unlike the then existing general tax increment financing statutes in Illinois, the Economic Development Project Area Tax Increment Allocation Act of 1995 (effective January 1, 1996) automatically qualified closed military installations of 500 acres or more for establishing a TIF and allowed specific agreements for reimbursement of governmental costs from incremental revenues of the TIF. In Glenview's case, the incremental revenues include incremental property taxes and 80% of the proceeds of all land sales (20% has been retained by the Village as a developer fee). In April 1998, intergovernmental agreements were executed with the core jurisdictions to reimburse them for their operating costs attributable to the redevelopment. The 2015 core jurisdiction payments totaled $18,622,041 which represents approximately 61% of the total TIF property tax revenue received in 2015 in the 26 amount of $30,480,000. Additionally, the Village has agreed to and is paying $225,000 per year to the Metropolitan Water Reclamation District of Greater Chicago (not a core jurisdiction) during the life of the TIF. The Redevelopment Plan - Infrastructure Improvements In January, 1998, the Village awarded construction contracts in the amount of $22.8 million for the purpose of constructing the on-site Phase I infrastructure improvements which included the removal of some 300 acres of concrete and/or asphalt runways/aprons, the construction of the east collector road (Chestnut Avenue) and half of the north south collector road (Patriot Boulevard) with attendant underground utilities and the excavation of the 45 acre lake site which, in addition to providing recreational amenities for the entire Village, also serves as a centralized storm water detention area for the development and offers long needed, overbank flooding protection for two downstream residential areas in the Village. On-site Phase II through V improvements included the demolition of some 1,000,000 square feet of buildings and completion of roads and utilities to serve the entire site. The Village constructed off-site infrastructure improvements which will also serve The Glen. On April 21, 1998, the Village awarded a $7.3 million contract for the construction of a 6 million gallon off-site water reservoir which was completed in 2001. The total on- site and off-site improvement cost is projected at approximately $181 million and approximately $38 million is attributable to off-site improvements directly relating to the development. In conjunction with the redevelopment of Parcel 24, the Village, in cooperation with the developers, will be completing infrastructure improvements including construction of a regional storm sewer and two traffic signalizations at nearby intersections. The Redevelopment Plan - Public Development The GNAS Redevelopment Plan included 472 acres of public lands including: the previously discussed 93 acres of Navy Housing; Gallery Park, a 141.8-acre great park which includes the 45-acre Lake Glenview and a 56.1-acre public use campus which includes the $25 million Attea Middle School (opened in August, 2003) and the Glenview Park District's $25 million community center (opened in January 2001); a $3.4 million Metra Commuter Station with 1,500 parking spaces; a 39.3-acre nine hole golf course for the Glenview Park District; 58.6 acres for road right of way and drainage; a 20-acre fire and police training academy; a 32-acre prairie preserve; a 12-acre Village services campus; 2 acres of homeless housing; a fire station; a police station; a U.S. Post Office and approximately 50 acres of miscellaneous public related development. As stated earlier, the Navy Housing area is now only 27 acres. The Redevelopment Plan - Private Development On April 15, 1998, the Village issued its Request for Proposals for development of 649 acres of non-public use lands which were divided into 23 separate parcels designated as single family residential (205.8 acres), multiple family residential (50.6 acres), retail (46.8 acres), mixed use retail (33.1 acres), office/warehouse/light industrial (85.7 acres), senior housing (38.1 acres), an 18-hole championship golf course (180.0 acres) and sports/leisure/entertainment (8.9 acres). Total contractual land sales to date are approximately $220.2 million. The Village's projections, assuming moderate growth of the TIF, call for build-out within the next three years and complete payment and/or provision for payment of all redevelopment costs (including debt service) by 2022. A key project within The Glen is a 45-acre parcel called The Glen Town Center. It was developed by Oliver- McMillan, of San Diego, and is a $135 million mixed use retail center consisting of 470,000 square feet of upscale retail including a 160,000 square foot Von Maur Department store, an 80,000 square foot Dick's Sporting Goods, a 10 screen Arclight cinema, 154 townhomes, 181 luxury apartments and several restaurants. The focal point of The Glen Town Center is a adaptive reuse of historic "Hangar One", which includes the retention of the control tower and portions of the north and south facades of the hangar. Adaptive uses include a Von Maur store on one end, Dick’s on another end and multiple retail in the middle. Hangar One fronts the new Main Street and backs up to The Glen Club, an 18-hole "Fazio" golf course owned by Kemper Sports. The Village funded certain infrastructure improvements for The Glen Town Center including two parking decks (approximately 1,600 spaces) and public streets. The project opened in the third quarter of calendar year 2003. Approximately 265,000 square feet of retail space was purchased by the Tahani Group in 2014, and the three owners have consistently achieved over 95% occupancy of the center. 27 There are three other retail areas including a 388,000 sf power center anchored by Costco, Home Depot, and Harley Davidson, a 114,300 square foot neighborhood center anchored by a Jewel's grocery store and a 32,900 square foot convenience retail center anchored by Egg Harbor and D'Agostino's restaurants. The sale of 85.7 acres of office and light industrial land to ProLogis/Catellus, now known as the Prairie Glen Corporate Campus, has resulted in the development of several large office buildings, including two multi-tenant buildings of 123,000 and 134,000 square feet respectively, the latter housing the Northwestern Memorial Outpatient Center. Other key buildings within the Prairie Glen campus include the headquarters buildings of Anixter International Corporation (170,000 square feet original + 62,000 square foot addition occupied by 150 additional employees in 2013) and Beltone (48,900 square feet), as well as a 120 unit Staybridge Suites extended stay hotel, two large daycare facilities and many smaller office buildings. Additionally in 2014, the American College of Chest Physicians completed construction of its new 48,000 sq ft corporate headquarters and training facilities in the campus. There are 2,137 residential units, including 635 single-family homes, 826 multi-family units, and three senior housing developments containing 676 units. The Redevelopment Financing In 1995, the Village sold $60,000,000 General Obligation Bond Anticipation Bonds. Maturities of the Bond Anticipation Bonds were scheduled for December 1, 1996-1999, based on the expectation that title to the land would be transferred to the Village from the U.S. Government within one year or by early in calendar year 1996. Land sales by the Village and tax revenues were expected to produce sufficient cash flow to pay the Bond Anticipation Bonds as they matured. Bond proceeds were used to capitalize interest on each maturity and to provide funds for the proposed infrastructure projects and/or the purchase of land from the U.S. Government. The December 1, 1996 Bond Anticipation Bond maturity was paid from the proceeds of the $8,435,000 General Obligation Bonds, Series 1996. The December 1, 1997 Bond Anticipation Bond maturity was paid from cash on hand. The December 1, 1998 Bond Anticipation Bond maturity was paid from cash on hand and bond proceeds [2009D refunding]. The December 1, 1999 Bond Anticipation Bond issue's final maturity was paid from land sale proceeds. These bonds are fully paid off. Proceeds of the $34,400,000 General Obligation Bonds, Series 1998 [2005 refunding and 2012C refunding] provided supplemental funds to complete the construction of Phase I infrastructure and to advance certain Phase II construction costs. The demolition of approximately one million square feet of buildings was funded from land sale proceeds. Bond proceeds included an amount equal to a one year's debt service reserve plus capitalized interest for approximately 36 months. The $41.8 million Series 2001 Bonds [2011 refunding] were issued for infrastructure projects at The Glen. The $25 million Series 2004A Bonds [2012A refunding] were issued for additional infrastructure projects at The Glen. The $10 million Series 2006A [Series 2015 refunding] was issued for additional infrastructure improvements at The Glen. The Village issued $27,940,000 General Obligation Bonds, Taxable Series 2006B for the purpose of acquiring 41 acres of land from the Navy (also known as Parcel 24). The Village acquired Parcel 24 with the intention of reselling the property when appropriate redevelopment opportunities were available. The 2006B Bonds were paid at their maturity on December 1, 2009 from proceeds of the $28,125,000 General Obligation Refunding Bonds, Taxable Series 2009E, which had a balloon payment of $28.125 million due on December 1, 2013. Since the resale of Parcel 24 was scheduled for the spring of 2014, the Village entered into an agreement with Glenview State Bank dated November 25, 2013 for a short-term business loan to make the December 1, 2013 payment on the Series 2009E bonds. The Parcel 24 land sales closed in May 2014. The net land sale proceeds of $21,595,312 were used to pay down the bulk of the loan, leaving a balance of $6,529,688 to be financed. On November 18, 2014, the Village of Glenview Board adopted a Resolution approving an agreement for a loan from Glenview State Bank to finance the remaining balance. This agreement converted the remaining $6,529,688 balance of the November 25, 2013 loan to a new 5-year loan agreement dated December 1, 2014. 28 In addition to the net proceeds of the Series 1995 Bond Anticipation Bonds, the Village has received approximately $18 million in Federal/State/County grants. The Village has approximately $39,928,750 of Glen related debt outstanding which is scheduled to be fully retired in 2021. The Glen Tax Increment Financing District On May 5, 1998 the Village adopted: (1) an ordinance approving the Glenview Naval Air Station Economic Development Plan; (2) an ordinance establishing the Glenview Naval Air Station Economic Development Project Area; and (3) an ordinance authorizing tax increment financing for the Glenview Naval Air Station Economic Development Project Area of the Village. The TIF totals 1,360 acres and includes the 1,121 acres that previously encompassed GNAS plus 239 acres of largely underdeveloped/undeveloped industrial acreage adjacent to The Glen on the east side. The 1,360 acres had a certified initial equalized assessed valuation of $26,882,825. The TIF 2015 equalized assessed valuation was $390,812,768. The incremental property tax revenues are the product of the current tax rate times the incremental valuation, and are deposited into the Special Tax Allocation Fund (the "STAF"). The Village has determined that it will make available 80% of the land sale proceeds from The Glen (the Village has received title to all 1,121 acres except approximately 52-acres in the Navy Housing area and then resold approximately 650 acres) for purposes of the STAF. If the TIF District remained in place for the entire 23 year period permitted by the authorizing statute and the build-out occurs within the projected 15 years, approximately $540 million would be generated in incremental tax revenues. The Waukegan Road/Golf Road Tax Increment Financing District On December 11, 2012, the Village of Glenview approved a Memorandum of Understanding (“MOU”) with Regency Centers (“Regency” - Glenview-REG, LLC) regarding redevelopment of the former Avon/Baker Development 20.98 acre property at 1601 Overlook Drive and 3 Waukegan Road. Regency, a national shopping center developer, proposed an approximately 75,000 sf Mariano’s Fresh Market grocery store, 24,000 sf of additional retail and a 238 unit apartment building (to be developed by Focus Acquisitions LLC). Regency requested assistance from the Village as extraordinary off-site infrastructure improvements were needed, most of which were roadway improvements to address current and projected traffic, related utilities, sidewalks, traffic signal and lighting improvements. In accordance with the MOU, the Village agreed to fund up to $3,500,000 of the off-site infrastructure costs by taking the appropriate steps to establish a redevelopment project area, a redevelopment plan, and to adopt tax increment financing, provided that all legal requirements and findings are satisfied, pursuant to the Illinois Tax Increment Financing Act (65 ILCS 5/11- 74.4) (the “Act”). Ordinances required to establish the Waukegan Road/Golf Road Tax Increment Finance (“WG TIF”) District were approved at the Board of Trustees meeting on April 16, 2013: a) An Ordinance of the Village of Glenview, Cook County, Illinois, approving a Tax Increment Redevelopment Plan and Redevelopment Project for the Waukegan Road/Golf Road Redevelopment Project Area; b) An Ordinance of the Village of Glenview, Cook County, Illinois, Designating the Waukegan Road/Golf Road Redevelopment Project Area a Redevelopment Project Area Pursuant to the Tax Increment Allocation Redevelopment Act; c) An Ordinance of the Village of Glenview, Cook County, Illinois, Adopting Tax Increment Allocation Financing for the Waukegan Road/Golf Road Redevelopment Project Area. The $4,440,000 Taxable General Obligation Bonds, Series 2013B, was issued to provide funds to finance costs associated with the WG TIF, which included, $3,500,000 for the off-site infrastructure costs, $500,000 for other project costs, $363,986 for three years (2014-2016) of capitalized interest and $76,014 for costs of issuance. 29 Mariano's opened in October 2014, and currently 93% of the retail and commercial space is leased. By May 2015 the residential apartments were fully constructed (75% in 2014) with current occupancy of 80%. The Village funded improvements are complete. The 21 acres had a certified initial equalized assess valuation of $4,967,054. The WG TIF 2015 equalized assessed valuation was $13,320,373. The Village anticipates the WG TIF to be open 10 of the 23 years permitted by statute. Municipal Government and Services The Village is a home rule unit under the 1970 Illinois Constitution. The Village has operated under the Council- Manager form of government since 1931. The governing and legislative body consists of a President and a Board of six Trustees all elected on an at-large basis. The appointed Village Manager is responsible for the day-to-day operations of the Village. The Village has a modern complement of public buildings. The Police Department Building constructed in 1972-1973 was replaced in June 2006 by a building constructed at 2500 E. Lake Avenue from the proceeds of the Series 2004B (refunded by 2012B). After a thorough analysis of options to replace or repair an aging Village Hall, located at 1225 Waukegan Road, the Village decided to construct a 16,000 square foot addition to the Police Department Building and repurpose 19,230 square feet of the interior space to consolidate Police and Village Hall functions into one building at 2500 E. Lake Avenue. The $9.4 million addition and redesign was funded partially by proceeds from the Series 2013A Bonds and partially by fund balance. The new facility opened in December 2015. The Public Works complex and the Police Department and Village Hall building referred to as the Municipal Center, are adjacent to The Glen. The 1225 Waukegan Road property (former Village Hall 2.31 acre site) is currently under a residential development Purchase and Sale Agreement for $2.62 million. The Fire Headquarters, originally constructed in 1974, was relocated and replaced with a newly constructed station in 2014 funded by funds on hand. Two additional stations (Fire Stations Nos. 13 and 14) were completed in 2004. Fire Station No. 7 was completed in mid-year 2009 ($2.9 million total cost paid from funds on hand). Lastly, Fire Station No. 8 was rehabilitated in 2012. The Public Library was constructed in 1955, doubled in size in 1967-1968 and again doubled in size in 1984-1986. The Village entered into an intergovernmental agreement with the Library in which the Village agreed to issue general obligation debt to provide the Library with up to $26.3 million to fund a building program at its current location in downtown Glenview. This 85,000 s.f. project was funded with proceeds of the Series 2009A Bonds and was completed in 2011. In 1993, the Village annexed a site on its extreme southwestern edge upon which the Solid Waste Agency of Northern Cook County (a consortium of 23 member municipalities including the Village) constructed a $17.5 million transfer station for residential refuse disposal purposes. The transfer station serves the Village and 12 of the member municipalities. The solid waste transfer station is separated from Village residential areas by Cook County Forest Preserve lands and the Illinois Tollroad. As host community, the Village receives certain financial benefits. On September 1, 1992 the Village and the Glenbrook Fire Protection District completed an agreement to merge the District into the Village. As a result, the Village's fire department provides fire related protective services to residents both within the corporate boundaries and adjacent unincorporated areas including a combined service area of 22 square miles. The Village is compensated for serving the unincorporated areas by revenues generated from a real estate tax imposed specifically on that unincorporated area. The Fire department is also responsible for the Village's paramedic program which uses mobile intensive care units. On July 1, 2008, the Village started collecting Ambulance Fees. The excellence of the fire department and the Village's water system is evidenced by the Village's very favorable Class 3 "ISO" fire insurance rating, which was reaffirmed in 2012. During 2006 and 2007, the Village undertook a complex consolidation of its separate Police and Fire dispatching operations to improve service and generate efficiencies. Additionally during this time period, the 30 Village Board invested in and deployed technology upgrades to the Village's Computer Aided Dispatching (CAD) system, Police and Fire records management databases, and Police and Fire mobile computing with the objective of providing the departments with modern communications, improved data management capabilities, and measurement tools for performance accountability. This consolidation made both departments stronger in service delivery and was a significant step forward towards management of finite economic resources, GPSD is the first point of connection to Glenview citizens when help is needed. After a few years of significant work effort and investment, Glenview Public Safety Dispatch (GPSD) has become one of the leading independent dispatching centers in the Chicago metropolitan area. Since 2009, the Village has entered into several intergovernmental agreements to provide dispatch services to other municipalities. The initial agreement occurred in 2009 as the Village entered into a 7-year agreement with the Village of Grayslake ("Grayslake"). By expanding existing technology currently used by both municipalities and making one- time capital investments, this cross-county intergovernmental initiative provided an improved service level to Grayslake residents and the Grayslake Police Department, while maximizing the capital investments already made by the Village. In July 2010, the agreement with Grayslake was enhanced by adding services to the Village of Hainesville, a residential community south of Grayslake. In 2012, the Village of Morton Grove and the Village of Niles entered into 5-year agreements with the Village to dispatch their police departments. In 2014, the Cities of Highland Park, Highwood and Lake Forest and the Village of Lake Bluff entered into 7-year agreements with the Village to provide dispatch services for both their police and fire departments and GPSD opened a secondary redundant dispatch center out of the Highland Park Police Department facility. The GPSD model has continued to prove successful; in 2015, the Village of Grayslake with Hainesville renewed their agreement and in 2016, the Village of Morton Grove and Village of Niles renewed their agreements. This intergovernmental solution is highly cost-effective. Technology innovations, such as radio equipment improvements and Next Generation 911 (which in the future will allow citizens to text message and e-mail 911 centers), reflect the rapidly-rising costs of delivering high-quality, state-of-the-art public safety dispatch services—making it increasingly difficult for single-agency public safety answering points (PSAPs) to shoulder the cost burden. By regionalizing 911 PSAPs, the Village and contracting agencies listed above will share the costs of providing 911 dispatch services, rather than burdening each agency's taxpayers. The Northeastern Illinois Public Safety Training Academy was created in 1997 as a joint venture of municipalities and public agencies. It operates a multiregional public safety training facility located on a 20 acre site at The Glen which it has leased from the Village. The Agency has 25 member communities primarily from Chicagoland's north and northwest suburbs. Water System The Village has purchased Lake Michigan water from neighboring Wilmette since 1938 and the present contract for water, which was amended in 1999 and again in 2014, extends through 2050. The first amendment to the Wilmette contract provides that Wilmette will supply the water needs of The Glen and in consideration thereof the Village funded a $6.26 million improvement project at the Wilmette water plant. The second amendment to the contract extends the term of the contract 30 years from 2020 to 2050 and permits the addition of Aqua Illinois as a new wholesale water customer to be supplied water by Glenview. This new wholesale customer is the result of the sale of the North Maine Water Utility from the Village to Aqua Illinois in 2015 – see below. In addition to the approximately 48,000 residents (incorporated and unincorporated residents) served by the system, the Village also sells water to approximately 20,000 persons outside the Village served by Illinois American Water Company previously known as Citizens Utilities of Illinois – see below. In the late 1970's, the Village purchased two private water companies serving parts of the Village that had been annexed and under development since the early 1970's and a significant unincorporated area, the latter of which, for all practical purposes, was fully developed. The Village's agreement with Wilmette was amended to enable the Village to substitute Lake Michigan water for the poor quality well water of the new service area. The funding of the acquisition and upgrading of the two private water 31 companies and the construction of the transmission main to bring lake water from Wilmette came from General Obligation Bonds, the debt service of which was paid with revenues from the benefitted areas. Upon the acquisition of the private water companies, the Village adopted a water policy that required a new customer to annex if contiguous to the Village and if not contiguous to sign an agreement to annex when contiguous. This policy has required the development of all properties that inevitably would be in the Village to be built to the Village's life- safety codes. Subdivision-type developments in this area are required to construct their infrastructure comparable to Village design standards. Other potential customers along Sanders Road also in unincorporated Northfield Township (now using well water) include the Allstate Insurance Company. It includes all of Allstate's Corporate offices, the Headquarters for its Life Insurance and Property and Casualty subsidiaries and data processing for all of Allstate. The campus consists of 1,878,000 square feet of office space along both sides of Sanders Road. In late 2000, Allstate expanded into an adjacent 361,071 square foot office building on a 65-acre site previously owned and operated by Accenture. The Allstate complex is contiguous to the Village. These unincorporated properties along with the former corporate headquarters of Household International are also included in the area which now receives fire protection services from the Village. In the early 1980's Citizens Utilities Company of Illinois (now known as Illinois American Water Company) obtained an allocation of Lake Michigan water from the Illinois Department of Natural Resources and requested that the Village sell it Lake Michigan water for distribution to its service area west of Glenview. That area includes approximately 4,953 customers (population of approximately 20,000) in a 4 square mile service area including parts of Mount Prospect, Prospect Heights, and certain unincorporated areas. The Village and Illinois American Water Company entered into an agreement (the Water Supply Agreement) dated March 1, 1984 (subsequently amended) for Illinois American Water Company to purchase its total supply of Lake Michigan water from the Village through September 30, 2020. The Agreement provided for the Village to design and construct the water transmission line and appurtenances and to fund the cost thereof with a 20 year bond issue. In 1997, the Village purchased the assets of a private water company, which served a population of approximately 27,000 in a primarily unincorporated area of Maine Township adjacent to the Village. As stated above, the Village sold this North Maine Water Utility to Aqua Illinois in 2015 for a sale price of $22M. The Village deposited $12M of the sale proceeds in to the Glenview Police Pension Fund and the Glenview Fire Pension Fund (see Pension Fund Obligations). The remaining $10M of sale proceeds was transferred to the Village Permanent Fund to partially reimburse the fund for prior capital project expenditures. The associated outstanding Village debt has been or will be paid by December 1, 2016, as per debt service schedule, with available fund balance. In the asset purchase agreement, Aqua Illinois agreed to purchase their water supply from Glenview starting in 2020 upon the termination of the existing North Maine Water Utility water supply agreement with the Village of Niles. The Village of Golf requested that the Village sell it Lake Michigan water for distribution to its service area on the southeast border of Glenview. That area includes approximately 160 customers (population of approximately 451) and approximately 2.83 miles of roads. The Village and the Village of Golf entered into an agreement (the Wholesale Water Supply Agreement) dated June 6, 2016 for the Village of Golf to purchase its total supply of Lake Michigan water from the Village through June 6, 2021 with two successive five-year renewal periods. The Agreement provides for the Village to design and construct the water transmission line at the Village of Golf’s expense. It is anticipated that Glenview will begin to supply the Village of Golf the water in October 2016. In March 2015, the Village Board of Trustees approved the Village-wide installation of new automated water meters to replace aging meter inventory. The purpose of the project was to obtain more accurate water consumption data, reduce operational costs, and to provide better customer service. The project was financed through a two-phased bank loan; the first phase was a Construction Draw Loan at a rate of the 30-day LIBOR plus 60 basis points with a draw period ending at the project substantial completion date of July 31, 2016. On August 1, 2016, the loan was converted to a Term Loan with a rate of 2% for the remaining duration. The final amount of the loan was $6,876,024. Between September 2015 and August 2016, 99.18% of all 16,000 meters have been changed out and the project had been substantially completed. 32 Home Rule and Village Finances Pursuant to its population being in excess of 25,000, the Village became a home rule unit when the 1970 Illinois Constitution was adopted. As a home rule unit, the Village has no tax rate or debt limits, nor is it required to conduct a referendum to increase property taxes or to authorize the issuance of debt. In 1979, the Village created its Capital Equipment Replacement Fund ("CERF") to serve as a funded depreciation account for all capital equipment having a useful life of more than one year and having a value of $5,000 or more at the time of purchase. Current replacement cost of each item is used in determining the charge to each department and a cash interfund transfer is made monthly. The creation of CERF has served to eliminate surges in expenditures funded from current revenues to cover major equipment purchases. As of December 31, 2015, CERF had a cash and investment balance of $4,405,608. The Village created a similar Facilities Repair Replacement Fund (“FRRF”) in fiscal year 2006 (total cash and investments of $2,012,901 at December 31, 2015). Staff is currently developing a formal policy for the dedicated and sustainable funding source for this fund. When FRRF was initially established, it had a cash balance of $7,504,627. Since that time, governmental facility repair and replacement expenditures have drawn down the fund balance. On February 21, 1983 (revised March 1985, January 1990, March 1996, January 2000, February 2005 and May 2009), the Village adopted a Cash Control and Investment Policy that, among other things, provides that all cash and investments must have security in the form of either insurance or collateral (U.S. Governments, Federal Instrumentalities, Federal Agencies, obligations of the State of Illinois or the Village) with pledged collateral either held by the Village or in safekeeping and evidenced by safekeeping documentation. The Village has never resorted to tax anticipation financing and to ensure against same and at the same time protect against unforeseen expenditures, the Village maintains a Fund Balance in the General Fund between 30% and 40% of Total Expenditures including the recurring annual Transfer Out to the Capital Projects Fund. The audited Fund Balance in the General Fund was $26,238,872 at December 31, 2015. Total Expenditures including Transfer Out to the Capital Projects Fund for Fiscal Year 2015 were $65,847,184. The Fund Balance was therefore 39% of Total Expenditures including Transfer Out to the Capital Projects Fund. Excellence of the Village's financial reporting has been recognized for thirty-three consecutive years (1982 to 2014) by having received the Government Finance Officers' Association's (GFOA) Certificate of Achievement. The significance of the GFOA's award is emphasized by their statement . . . "The Certificate of Achievement is the highest form of recognition in the area of governmental accounting and financial reporting and its attainment represents a significant accomplishment by a governmental unit and its management." The Village also received the Distinguished Budget Presentation Award for its fiscal year 2008 - 2016 budget documents. Pension Fund Obligations The Village is required by State law to annually provide funds sufficient to accumulate the actuarial requirements of its pension fund obligations. The amounts necessary to fund the Police and Fire obligations have been determined for the Village by a qualified actuary, as described in the Illinois Pension Code. In June 2012, GASB voted to approve two new statements relating to the accounting and financial reporting for public employee pension plans by state and local governments. Statement No. 67, Financial Reporting for Pension Plans ("GASB 67"), was effective for reporting periods beginning after June 15, 2013. GASB 67 requires enhanced pension disclosures in notes and required supplementary information for financial reports of pension plans. Statement No. 68, Accounting and Financial Reporting for Pensions ("GASB 68"), was effective for fiscal years beginning after June 15, 2014. GASB 68 requires governments providing defined benefit pension plans to recognize pension obligations as balance sheet liabilities (as opposed to footnote disclosures), require more immediate recognition of certain changes in liabilities, require use of the entry age normal actuarial cost method for reporting purposes, and limit the smoothing of differences between actual and expected investment returns on pension assets. In certain cases, a lower discount rate will be required for 33 valuing pension liabilities. The Village implemented GASB 67 in 2014 and GASB 68 in 2015. Like most public employers, the Village reflected pension liabilities directly on its Statement of Net Position, which resulted in a reduction in the Village’s reported net assets. As of December 31, 2015, the Firefighters’ Pension Fund Total Pension Liability (“TPL”) was $113,224,508 and the Plan Fiduciary Net Position (“FNP”) was $71,793,553, resulting in a plan Net Pension Liability (“NPL”) of $41,431,955. As of December 31, 2015, the Police Pension Fund TPL was $92,318,605 and the FNP was $68,756,535, resulting in a plan NPL of $23,562,070. Other full-time municipal employees are covered by the Illinois Municipal Retirement Fund (IMRF). As of December 31, 2015, the IMRF TPL was $99,288,770, and the FNP was $89,229,484, resulting in a plan NPL of $10,058,286. The IMRF annually determines the contribution rate necessary to provide full funding of the unfunded prior service costs, including interest, over a 30-year period. Pension tax rates are set out in the table of tax rates herein. In 2015, the Village of Glenview Board of Trustees directed $12M of the $22M proceeds from the sale of North Maine Utility into the Police and Firefighters’ Pension Funds; $5,491,200 was deposited into the Police Pension Fund and $6,508,800 was deposited into the Firefighters’ Pension Fund. The purpose of this additional $12M Village contribution was to lower the NPL for each of the Pension Funds. Schools and Other Governmental Services Within the Village limits are seven elementary public schools, two middle schools, and a senior high school (Glenbrook South). The majority (69.5% by valuation) of the Village is served by Glenview Elementary (K-8) School District No. 34. The District operates three primary grade schools (K-2), three intermediate schools (3-5) and two middle schools (6-8). In 2003, the District completed construction of a $25.0 million new middle school on a 17.3 acre site at The Glen. Northfield Township High School District Number 225 serves 91.02% of the Village's valuation. The District's two high schools are in Glenview and in neighboring Northbrook. Three parochial elementary schools are in the Village and the campus of Loyola Academy, a parochial coed high school, is within one-half mile of the Village with its athletic practice fields at a 60 acre site in the Village. Public recreational needs in the Village are provided by the Glenview Park District (separate Municipal Corporation established in 1927). The District's impressive array of facilities and programs has earned it two National Gold Medal Awards for Excellence in the Field of Parks and Recreation Management in the national competition approved by the National Recreation and Park Association and the Sports Foundation, Inc. These Awards cite the District's "continued pursuit of excellence" and the "professionalism which distinguishes its management". The District maintains close to 800 acres including more than 606 acres owned by the District and 165 acres of leased school grounds. The District's special facilities include: a 110-acre, 18-hole golf course with a restaurant offering daily food service and a banquet facility; a 39 acre, 9-hole golf course and platform tennis facility; an ice center with a full size 85 foot by 200 foot rink (plus an instructional rink) with a concession area and spectator seating for 800 persons; an 8-court indoor tennis facility and two outdoor swimming pools. The District also operates several historical, nature and interpretive centers including The Grove, a 123 acre nature preserve of woods, ponds and trails with four restored buildings including a replica of a school that served the area in 1853 all of which form this National Historic Landmark; Wagner Farm, an 18.8 acre farm dating from the 1840's and converted into a demonstration working farm for educational purposes; Evelyn Tyner Interpretive Center, a 3,000 square foot educational building which is a showcase for green technology situated on Kent Fuller Air Station Prairie, a 32.5 acre native prairie, and Schram Memorial Museum, the former Navy chapel of the Glenview Naval Air Station. In January 2001, the District's 165,000 square foot ($25.0 million) community building was opened at The Glen's 142 acre great park (Gallery Park). The community building includes a health club, an indoor aquatic complex, large and small gymnasiums, senior program space, banquet facilities, an early childhood wing, a cultural arts wing and a 10,000 square foot healthcare facility operated by North Shore University Healthcare. The recreational efforts of the District are supplemented by a total of 1,131 acres of Cook County Forest Preserves in and adjacent to the Village with both bridle and bicycle paths, picnic areas, etc. along both the eastern and western 34 edges of the Village. In addition to the Park District's two golf courses (an 18-hole and a 9-hole) and the 18-hole "Glen Club" course, within the Village there is one private 18-hole country club, and one private 18-hole executive golf course as a part of a sports club which also includes a clubhouse, tennis courts, paddle tennis courts, an indoor swimming pool and a beach at the 38-acre lake. EMPLOYEES; PENSIONS AND UNIONS The Village employs 291 full-time, 18 part-time and 8 seasonal employees. Employees who meet prescribed annual hourly standards are members of IMRF. See the Notes to Financial Statements in Appendix A for a detailed description of the plans. Other recognized and certified bargaining units include: Bargaining Unit Current Contract Expires Glenview Professional Firefighter Local 4186 IAFF December 31, 2019 Glenview Patrol Officers IL FOP December 31, 2018 Glenview Operating Engineers Local 150 December 31, 2019 Glenview Telecommunicators FOP December 31, 2019 POST EMPLOYMENT BENEFITS The Village provides post employment 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. See Note 11 of the Village’s Annual Financial Report in Appendix A for full details. FUNDS ON HAND (As of December 31, 2015) Fund Amount General Fund $21,318,078 Special Revenue 21,053,492 Debt Service 319,694 Capital Projects 21,330,874 Enterprise Funds 6,471,075 Internal Service Funds 13,725,642 Total Cash and Investments $84,218,855 35 LITIGATION There is no litigation threatened or pending questioning the organization or boundaries of the Village or the right of any of its officers to their respective offices or in any manner questioning their rights and power to execute and deliver the Bonds or otherwise questioning the validity of the Bonds. The Village‘s Attorney reports that any litigation and claims currently pending against the Village are being handled by the Village‘s insurance carrier or outside counsel and will not affect the issuance of the Bonds. 36 SUMMARY FINANCIAL INFORMATION Following are summaries of revenues and expenditures for the Village's Governmental Activities for the past five fiscal years. These summaries are not purported to be the complete audited financial statements of the Village. The audits have been prepared in accordance with generally accepted accounting principles. Statement of Net PositionGovernmental Activities FISCAL YEAR ENDING DECEMBER 31 2011 2012 2013 2014 2015 ASSETS: Current Assets: Cash and Investments $ 68,866,619 $68,518,240 $ 87,482,978 $ 83,262,539 $ 77,747,781 Receivables, net of allowances: Tax 18,348,850 18,478,299 18,603,522 19,163,892 19,685,281 Account 65,213 465,919 575,889 384,101 127,896 Other 2,283,377 705,294 888,522 4,517,372 3,669,891 Prepaid Expenses 172,910 1,161,354 163,735 141,512 359,898 Inventory 399,371 519,397 432,054 562,326 572,562 Land Held for Resale 30,391,262 30,391,262 22,698,200 0 287,500 Internal Balances 3,684,298 3,211,647 1,136,404 609,182 0 Due from Other Governments 94,002 92,513 147,041 736,760 100,865 Total Current Assets: $ 124,305,902 $123,543,925 $ 132,128,345 $109,377,684 $ 102,551,674 Non Current Assets: Deferred Charges $ 201,804 $ 171,772 $0 $0 $0 Notes Receivable 22,628 1,958,667 1,998,667 2,058,667 2,118,667 Leases Receivable 0 0 1,534,000 1,378,000 1,222,000 Net Pensions Asset 3,076,062 3,025,402 3,801,783 4,235,085 0 Capital Assets: Not Being Depreciated 62,081,489 62,174,496 63,560,588 68,029,966 76,438,903 Net of Accumulated Depreciation 139,486,826 138,193,470 135,396,745 147,741,154 166,945,432 Total Non Current Assets 204,868,809 205,523,807 206,291,783 223,442,872 246,725,002 Total Assets $ 329,174,711 $ 329,067,732 $ 338,420,128 $ 332,820,556 $ 349,276,676 Deferred Outflow of Resources Deferred loss on refunding $0 $0 $ 2,568,793 $ 2,272,546 $ 1,976,299 Deferred outflows due to pensions 0 0 0 0 17,392,244 Total deferred outflows of resources $0 $0 $ 2,568,793 $ 2,272,546 $ 19,368,543 Source: Audited Financial Statements of the Village. 37 2011 2012 2013 2014 2015 LIABILITIES: Current: Accounts Payable $ 17,092,583 $ 18,269,637 $ 18,896,950 $ 27,577,388 $ 24,457,675 Accrued Payroll 345,955 621,394 901,321 915,099 1,132,541 Accrued Interest Payable 277,602 225,057 202,965 183,755 155,656 Claims Payable 3,188,986 1,802,990000 Other Payables 586,483 5,464,877 1,813,141 3,412,174 2,431,037 Unearned Revenues/Deferred Prop. Taxes 11,011,917 10,975,566 579,917 599,397 510,466 Other Unearned Revenues 00000 Due to Pension Trusts 0 0 25,588 5,616 22,117 Due to Component Unit - Library 0 0 0 28,963 0 Current Portion of Long-Term Liabilities 0 0 33,358,934 8,983,977 9,411,022 Total Current Liabilities: $ 32,503,526 $37,359,521 $ 55,778,816 $ 41,706,369 $ 38,120,514 Non Current: Other Non Current Liabilities Due Within One Year 10,680,754 31,275,945000 Due in More than One Year 91,133,698 62,245,045 72,926,562 71,765,145 135,084,466 Total Non Current Liabilities 101,814,452 93,520,990 72,926,562 71,765,145 135,084,466 Total Liabilities $ 134,317,978 $ 130,880,511 $ 128,705,378 $ 113,471,514 $ 173,204,980 Deferred Inflows of Resources Deferred property taxes 0 0 10,481,916 10,602,163 11,010,235 Deferred interest revenue 0 0 222,474 181,554 144,430 Deferred inflows due to pensions 00003,452,330 Total deferred inflows of resources $0 $0 $ 10,704,390 $ 10,783,717 $ 14,606,995 NET POSITION: Invested in Capital Assets, net of Related Debt 102,217,913 109,488,722 139,233,309 149,950,065 190,234,952 Restricted: Street Improvements 952,726 1,084,042 1,454,090 1,252,349 1,193,343 Debt Service 0 139,678000 Economic Development 0 3,046,893 9,473,182 912,647 737,124 Public Safety 360,811 341,136 304,797 242,008 264,020 Capital Projects 22,398,114 41,366,405 252,173 409 0 Unrestricted 68,927,169 42,720,345 50,861,602 58,480,393 (11,596,195) Total Net Position $ 194,856,733 $ 198,187,221 $ 201,579,153 $ 210,837,871 $ 180,833,244 Source: Audited Financial Statements of the Village. 38 Statement of Activities Governmental Activities FISCAL YEAR ENDING DECEMBER 31 2011 2012 2013 2014 2015 Functions/Programs: Primary Government: Governmental Activities: General Government $ (30,135,082) $ (36,577,722) $ (31,254,200) $ (29,423,424) $ (27,602,488) Public Works (6,768,555) (3,927,432) (5,102,549) (19,680,008) (23,981,601) Public Safety (20,553,161) (22,095,508) (21,718,686) (15,217,997) (12,504,174) Development (5,575,033) (4,773,393) (13,737,201) (5,848,769) 13,711,532 Interest (3,353,913) (2,984,565)(2,547,042) (2,231,704) (2,087,567) Total Governmental Activities $ (66,385,744) $ (70,358,620) $ (74,359,678)$ (72,401,902) $ (52,464,298) General Revenues: Taxes: Property $ 40,146,639 $ 37,275,705 $ 37,383,036 $ 40,785,102 $ 41,564,097 Home Rule Sales 6,354,394 6,709,580 7,054,260 7,468,617 7,821,912 Telecommunication 2,763,469 2,771,970 2,526,231 2,175,833 2,271,699 Utility 3,300,850 3,177,929 3,470,078 3,759,715 3,308,469 Other 838,358 836,019 893,484 1,002,599 1,058,897 Taxes: Sales 12,792,723 13,091,218 13,833,697 14,972,367 15,635,705 Local Use Tax 0 702,009 800,511 873,126 4,832,506 Income 3,823,315 3,962,313 4,309,714 4,232,425 994,035 Other Taxes 2,502,500 1,912,365 1,939,266 1,966,113 1,956,146 Investment Income 397,478 860,108 785,925 1,407,626 667,765 Miscellaneous 464,084 1,562,876 4,104,857 1,703,769 1,701,143 Transfers - Internal Activity (2,755,391) 827,016 822,322 1,313,328 11,000,896 Total General Revenues and Transfers $ 70,628,419 $ 73,689,108 $ 77,923,381 $ 81,660,620 $ 92,813,270 Change in Net Position $ 4,242,675 $ 3,330,488 $ 3,563,703 $ 9,258,718 $ 40,348,972 Net Position, Beginning, as restated1 190,614,058 194,856,733 198,187,221 201,579,153 140,484,272 Prior Period Adjustments 0 0 (171,771) 0 0 Net Position, Ending $ 194,856,733 $198,187,221 $ 201,579,153 $210,837,871 $ 180,833,244 Source: Audited Financial Statements of the Village. 1 Restatement of the 2015 Beginning Net Position is a result of Government Accounting Standards Board (GASB) Statement No. 68, Accounting and Financial Reporting for Pensions and GASB Statement No. 71, Pension Transition for Contributions Made Subsequent to the Measurement Date - an amendment of GASB Statement No. 68. 39 Assets:2011 2012 2013 2014 2015 Cash & Investments 18,010,545$ 20,019,156$ 26,522,821$ 25,617,436$ 21,318,078$ Taxes Receivable 18,348,850 18,478,299 18,603,522 19,163,892 19,685,281 Other Receivables 397,910 296,480 568,752 643,472 366,670 Due From Other Funds 80,975 - - - 639,809 All Other Assets 131,424 580,013 142,738 221,110 534,800 Total Assets 36,969,704$ 39,373,948$ 45,837,833$ 45,645,910$ 42,544,638$ Liabilities, Deferred Inflows of Resources, and Fund Balance: Accounts Payable 1,362,421$ 1,668,985$ 1,885,948$ 1,719,812$ 2,319,810$ Accrued Payroll 343,773 601,799 879,449 888,934 1,103,290 Due to Other Funds 127,750 32,789 11,958 13,666 - Unearned Revenues 10,818,379 10,785,967 430,890 446,938 363,167 All Other Liabilities 99,355 524,322 328,851 1,277,535 1,509,264 Total Liabilities 12,751,678$ 13,613,862$ 3,537,096$ 4,346,885$ 5,295,531$ Deferred Inflows of Resources Deferred property taxes -$ -$ 10,481,916$ 10,602,163$ 11,010,235$ -$ -$ 10,481,916$ 10,602,163$ 11,010,235$ Fund Balance: Nonspendable 131,424$ 195,280$ 87,738$ 176,110$ 499,800$ Committed - - 1,700,000 850,000 - Assigned - - 3,208,020 5,364,276 - Unassigned 24,086,602 25,564,806 26,823,063 24,306,476 25,739,072 Total Fund Balance 24,218,026$ 25,760,086$ 31,818,821$ 30,696,862$ 26,238,872$ Total Liabilities, Deferred inflows, and Fund Balance 36,969,704$ 39,373,948$ 45,837,833$ 45,645,910$ 42,544,638$ Total Deferred Inflows of Resources FISCAL YEAR ENDING DECEMBER 31 General FundBalance Sheet Source: Audited Financial Statements of the Village. 40 2011 2012 2013 2014 2015 Revenues: Taxes Property taxes 10,864,987$ 10,992,046$ 10,777,918$ 11,042,492$ 11,084,181$ Other taxes 13,257,071 13,495,498 13,944,053 14,406,764 14,460,977 Licenses and permits 1,859,161 1,923,238 4,461,768 5,103,571 3,208,298 Charges for services 5,868,744 6,346,445 8,065,705 9,766,184 11,759,058 Fines and forfeitures 181,361 224,198 228,419 255,899 164,673 Intergovernmental 21,907,633 22,211,809 23,234,196 24,457,327 25,793,250 Other revenues 3,660 28,674 3,045 1,056 7,055 Investment income 67,220 115,402 115,809 129,489 71,411 Total revenues 54,009,837$ 55,337,310$ 60,830,913$ 65,162,782$ 66,548,903$ Expenditures: Current: General government 13,673,525$ 15,147,824$ 16,147,986$ 14,702,918$ 17,294,427$ Public works 7,883,609 7,036,995 7,489,675 9,523,902 9,260,772 Public safety 25,605,994 26,266,737 26,529,039 27,077,366 28,324,828 Development 2,448,822 967,029 950,689 3,819,364 3,900,326 Capital outlay - - - 1,127,240 2,066,831 Total expenditures 49,611,950$ 49,418,585$ 51,117,389$ 56,250,790$ 60,847,184$ Excess (deficiency) of revenues over expenditures 4,397,887$ 5,918,725$ 9,713,524$ 8,911,992$ 5,701,719$ Other financing sources (uses), net (2,257,345)$ (4,376,665)$ (3,654,789)$ (10,033,951)$ (10,159,709)$ Net change in fund balance 2,140,542$ 1,542,060$ 6,058,735$ (1,121,959)$ (4,457,990)$ Fund balance - beginning 22,077,484$ 24,218,026$ 25,760,086$ 31,818,821$ 30,696,862$ Prior period adjustment - - - - - Fund balance - ending 24,218,026$ 25,760,086$ 31,818,821$ 30,696,862$ 26,238,872$ FISCAL YEAR ENDING DECEMBER 31 General FundRevenues and Expenditures Source: Audited Financial Statements of the Village. 41 General Fund 2016 Budget 2016 Budget 2016 Projected Actual REVENUES Local taxes $ 43,777,729 $42,424,414 Licenses and permits 2,356,000 2,361,262 Fines and forfeitures 174,377 160,977 Charges for services 4,338,559 4,510,234 Intergovernmental 14,413,713 14,537,281 Investment income 64,010 157,800 Other/miscellaneous 776,614 815,447 Transfers in 828,288 984,788 Total Revenues $ 66,729,289 $65,952,203 EXPENSES: Personnel $ 32,568,052 $32,904,850 Contractual 13,335,310 13,260,894 Commodities 1,881,097 1,879,652 Other 7,353,672 7,125,409 Capital outlay 275,000 282,815 Interfund Charges 4,648,103 4,655,448 Transfers 7,192,582 7,114,635 Total Expenditure $ 67,253,816 $67,223,703 Revenues and other sources over (under) expenditures $ (470,298) $(1,271,500) Note: The Projected deficit for 2016 includes a budgeted use of fund balance of $645,910. Also contributing to the deficit is a negative variance of budgeted revenues to projected actual revenues. The two revenues that are primarily contributing to this variance are sales tax and gas use tax. The 2016 sales tax budget was developed with a higher growth than actually experienced in 2015. However, the current sales tax growth is projected at 3.5%. The gas use tax had been declining due to the historically low price of natural gas. As a response to the declining revenue, the Village Board, using its home rule authority, adopted a Straight Municipal Gas Use Tax in August 2016. This tax will charge a tax on the number of therms used by Glenview natural gas consumers and will take the price per therm out of the calculation. The result is a more stable revenue stream which will be beneficial for budgeting purposes. It is important to note that the projected ending fund balance of December 31, 2016 is at 37.5% of expenditures which is within fund balance policy of 30%-40%. 42 Governmental Business Type Activities Activities Capital Assets Not Being Depreciated Capital Assets Not Being Depreciated Land and Land Right of Way 76,358,647$ Land 567,851$ Construction in Progress 80,256 Construction in Progress - Total Assets Not Being Depreciated 76,438,903$ Total Assets Not Being Depreciated 567,851$ Capital Assets Being Depreciated Capital Assets Being Depreciated Buildings and Improvements 94,980,275$ Buildings and Improvements 2,796,294$ Machinery and Equipment 17,419,339 Water System 55,974,179 Infrastructure 154,026,622 Sanitary Sewer System 24,262,598 Total Capital Assets Being Depreciated 266,426,236$ Equipment and Vehicles 4,591,084 Total Capital Assets Being Depreciated 87,624,155$ Less Accumulated Depreciation 99,480,804 Less Accumulated Depreciation 29,547,694 Total Capital Assets Being Depreciated, Net 166,945,432$ Total Capital Assets Being Depreciated, Net 58,076,461$ Net Assets 243,384,335$ Net Assets 58,644,312$ Village of GlenviewCapital Assets(as of December 31, 2015) Note: 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. 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. Such assets are recorded at historical cost, or estimated historical cost if purchased or constructed. Donated capital assets are recorded at estimated fair market value at the date of donation. The costs of normal maintenance and repairs that do not add to the value of the asset or materially extend asset lives are not capitalized. Major outlays for capital assets and improvements are capitalized as projects are constructed. Interest incurred during the construction phase of capital assets of business-type activities is included as part of the capitalized value of the assets constructed. Capital assets are depreciated using the straight line method over the estimated useful lives. Source: Audited Financial Statements of the Village. 43 GENERAL INFORMATION LOCATION The Village of Glenview, with a 2010 U.S. Census population of 44,692, and a current population estimate of 47,446, comprising an area of 13.99 square miles, is located approximately 20 miles north of the City of Chicago. LARGER EMPLOYERS Larger employers within the Village include the following: Firm Type of Business/Product No. of Employees Abt Electronics, Inc. Retail consumer electronics and major household appliances 1,160 Astellas U.S. headquarters/pharmaceuticals 1,150 Glenbrook Hospital Healthcare 1,099 Anixter, Inc. Corp. HQ, wire and cable distributor 850 Glenview Community School District 34 Public education - elementary 739 ITW/Signode Engineered fasteners and components 553 Kraft Foods Technology Center Food products research 550 Glenbrook South High School District 225 Public education - high school 429 Signode Packaging 390 Glenview Terrace Nursing Home Healthcare 375 Source: 2015 Village of Glenview CAFR 44 U.S. CENSUS DATA Estimated Population Trend: Village of Glenview 2000 Estimated Population 41,847 2010 Estimated Population 44,692 2016 Estimated Population 47,446 Percent of Change 2000 - 2010 6.80% Housing Statistics Village of Glenview 2000 2014 Percent of Change All Housing Units 15,853 17,544 10.67% Source: 2000 and 2014 Census of Population and Housing. Income and Age Statistics Village of Glenview Cook County State of Illinois United States 2014 per capita income $52,326 $30,468 $30,019 $28,555 2014 median household income $92,304 $54,828 $57,166 $53,482 2014 median family income $124,143 $66,712 $70,967 $65,443 2014 median gross rent $1,732 $976 $903 $920 2014 median value owner occupied units $469,200 $222,200 $175,700 $175,700 2014 median age 45.5 yrs. 35.7 yrs. 37.0 yrs. 37.4 yrs. State of Illinois United States Village % of 2014 per capita income 174.31%183.25% Village % of 2014 median family income 174.93%189.70% Source: 2014 American Community Survey (Based on a five-year estimate) 45 EMPLOYMENT/UNEMPLOYMENT DATA Average Employment Average Unemployment Year Village of Glenview Cook County Village of Glenview Cook County State of Illinois 2012 20,213 2,399,964 7.1% 9.7%9.7% 2013 20,464 2,413,294 6.9% 9.7%9.0% 2014 21,404 2,454,003 5.1% 7.5%9.1% 2015 21,702 2,488,170 4.4% 6.1%7.1% 2016, June 22,403 2,568,513 4.8% 6.4%6.0% Source:Employment/Unemployment data was furnished by the Illinois Department of Labor. BUILDING PERMITS 2012 2013 2014 2015 Village of Glenview Permits Issued 1,471 1,918 3,503 3,433 Value of Construction ($000s) $39,693 $164,556 $193,829 $119,447 Source: Village’s 2015 Comprehensive Annual Financial Report 46 APPENDIX A FINANCIAL STATEMENTS Potential purchasers should read the included financial statements in their entirety for more complete information concerning the Village’s financial position. Such financial statements have been audited by the Auditor, to the extent and for the periods indicated thereon. The Village has not requested the Auditor to perform any additional examination, assessments or evaluation with respect to such financial statements since the date thereof, nor has the Village requested that the Auditor consent to the use of such financial statements in this Official Statement. Although the inclusion of the financial statements in this Official Statement is not intended to demonstrate the fiscal condition of the Village since the date of the financial statements, in connection with the issuance of the Bonds, the Village represents that there have been no material adverse change in the financial position or results of operations of the Village, nor has the Village incurred any material liabilities, which would make such financial statements misleading. Audited financial statements and budgets are available on the Village’s website at: http://www.glenview.il.us/Transparency/Finance A-1 Village of Glenview, Illinois Comprehensive Annual Financial Report For the Fiscal Year Ended December 31, 2015 Prepared by: Administrative Services - Finance Division A-2 Village of Glenview, IllinoisComprehensive Annual Financial ReportFor the Year Ended December 31, 2015 Table of ContentsPageTable of Contentsi- v INTRODUCTORY SECTIONOfficers and Officials viCertificate of Achievement for Excellence in Financial Reporting viiOrganizational Chart viiiLetter of Transmittal ix - xiii FINANCIAL SECTIONIndependent Auditor’s Report 1 – 3 Management's Discussion and Analysis 4 - 21 Basic Financial StatementsGovernment-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 - 100Required Supplementary Information (Unaudited)Schedule of Funding Progress Other Postemployment Benefit Plan 101 Schedule of Changes in Net Pension Liability, Total Pension Liability and Related Ratios and Investment ReturnsIllinois Municipal Retirement Fund 102Police Pension Plan103 Firefighters’ Pension Plan 104(Continued)Village of Glenview, IllinoisComprehensive Annual Financial ReportFor the Year Ended December 31, 2015 Table of ContentsPageFINANCIAL SECTION (Continued)Required Supplementary Information (Unaudited) (Continued)Schedules of Contributions Illinois Municipal Retirement Fund 105 Police Pension Plan, Firefighters’ Pension Plan 106 - 107 Schedule of Revenues, Expenditures, and Changes in Fund Balance – Budget and Actual General Fund 108 Special Tax Allocation Fund 109Notes to Required Supplementary Information 110 - 111 Supplemental InformationGovernmental FundsMajor Funds Schedule of Detailed Revenues and Other Financing Sources - Budget and Actual General Fund 112 - 115 Schedule of Detailed Expenditures and Other Financing Uses - Budget and Actual General Fund 116 - 122 Schedules of Detailed Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual Special Tax Allocation Fund 123 Village Permanent Fund 124 Capital Projects Fund125 Nonmajor Governmental FundsCombining Balance Sheet 126 Combining Statement of Revenues, Expenditures, and Changes in Fund Balances 127 Nonmajor Special Revenue Funds Combining Balance Sheet 128 Combining Statement of Revenues, Expenditures, and Changes in Fund Balances 129 Schedules of Revenues, Expenditures, and Changes in Fund Balance – Budget and Actual Motor Fuel Tax Fund 130 Foreign Fire Insurance Fund 131 Police Department Special Account Fund 132 Waukegan Golf TIF Fund 133 Nonmajor Debt Service Fund Schedule of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual - Corporate Purpose Bonds Fund 134 (Continued)A-3 Village of Glenview, IllinoisComprehensive Annual Financial ReportFor the Year Ended December 31, 2015 Table of ContentsPageFINANCIAL 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 135 Proprietary FundsMajor Enterprise Funds Schedules of Revenues, Expenses, and Changes in Net Position – Budget and Actual (Budgetary Basis) Glenview Water Fund 136 - 137 North Maine Water and Sewer Fund 138 - 139 Glenview Sanitary Sewer Fund 140 - 141 Nonmajor Enterprise Funds Combining Statement of Net Position 142 Combining Statement of Revenues, Expenses, and Changes in Net Position 143 Combining Statement of Cash Flows 144 - 145 Schedules of Revenues, Expenses, and Changes in Net Position – Budget and Actual (Budgetary Basis) Wholesale Water Fund 146 Commuter Parking Lot Fund 147 Internal Service Funds Combining Statement of Net Position 148 - 149 Combining Statement of Revenues, Expenses, and Changes in Fund Net Position 150 - 151 Combining Statement of Cash Flows 152 - 153 Schedules of Revenues, Expenses, and Changes in Net Position – Budget and Actual (Budgetary Basis) Capital Equipment Replacement Fund (CERF) 154 Municipal Equipment Repair Fund (MERF) 155 Insurance and Risk Fund 156 Facilities Repair and Replacement Fund (FRRF) 157 (Continued)Village of Glenview, IllinoisComprehensive Annual Financial ReportFor the Year Ended December 31, 2015 Table of ContentsPageFINANCIAL SECTION (Continued)Supplemental Information (Continued)Trust and Agency FundsPension Trust Funds Combining Statement of Fiduciary Net Position 158 Combining Statement of Changes in Fiduciary Net Position 159 Schedule of Changes in Plan Net Position - Budget and Actual Police Pension Fund 160 Firefighters' Pension Fund 161 Agency Funds Statements of Changes in Assets and Liabilities 162 - 163 Glenview Library - Component Unit Combining Balance Sheet and Statement of Net Position 164 - 167 Combining Statement of Revenues, Expenditures, and Changes in Fund Balances and Statement of Activities 168 - 169Schedule of Revenues, Expenditures, and Changes in Fund Balance Library General Fund 170 - 173 Library General Obligation Bond Series of 2009A 174 Library Nonmajor Funds Combining Balance Sheet 175 - 176 Combining Statement of Revenues, Expenditures, and Changes in Fund Balances 177 - 178 Schedules of Revenues, Expenditures, and Changes in Fund Balance (Deficit) - Budget and Actual Library Special Reserve Fund 179Other Supplemental InformationLong-Term Debt RequirementsGeneral Obligation Bond Series 2007A 180 General Obligation Bond Series 2007B 181 General Obligation Bond Series 2009A 182 General Obligation Bond Series 2009D 183 Illinois Environment Protection Agency Loan 184 General Obligation Refunding Bond Series 2012A 185 General Obligation Refunding Bond Series 2012B 186 General Obligation Refunding Bond Series 2012C 187 General Obligation Bond Series 2013A 188 General Obligation Bond Series 2013B 189 5-Year Loan190 Draw-down Loan191 (Continued)A-4 Village of Glenview, IllinoisComprehensive Annual Financial ReportFor the Year Ended December 31, 2015 Table of ContentsPageOther Supplemental Information (Continued)Glenview Naval Air Station (GNAS) Redevelopment Area FundsCombining Balance Sheet 192 Combining Schedule of Revenues, Expenditures, and Changes in Fund Balances193 STATISTICAL SECTION (UNAUDITED)Index to Statistical Section194 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 InformationDemographic and Economic Statistics, Last Ten Fiscal Years 217 Principal Employers, Current Year and Ten Years Ago 218 Operating InformationFull-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 Village of Glenview, IllinoisOfficers and OfficialsDecember 31, 2015LEGISLATIVEJames R. Patterson, Jr.Village PresidentPaul Detlefs, Trustee Michael Jenny, TrusteePhilip O’C. White, Trustee Deborah Karton, TrusteeJohn Hinkamp, Trustee Scott Britton,TrusteeTodd HilemanVillage Clerk/TreasurerADMINISTRATIVETodd Hileman, Village ManagerA-5 A-6 GlefiView June 14, 2016 Honorable Village President Patterson Members of the Board of Trustees Residents of the Village of Glenview State law requires that every general-purpose local government publish, within six months of the close of each fiscal year, a complete set of audited financial statements. The Comprehensive Annual Financial Report of the Village of Glenview. illinois, for the fiscal year ended December 31 , 2015 is published to fulfill that requirement. Management assumes full responsibility for the completeness and reliability of the infonnation contained in this report, based upon a comprehensive framework of internal controls that are established for this purpose. Because the cost of internal controls should not exceed the anticipated benefits, the objective is to provide reasonable, rather than absolute, assurance that the financial statements are free of any material misstatements. RSM US LLP, Certified Public Accountants, has issued an unmodified ("clean") opinion on the Village of Glenview's '(the "Village") financial statements for the year ended December 31,2015. The independent auditor's report is located at the front of the financial section of this report. Management's Discussion and Analysis (MD&A) immediately follows the independent auditor's report and provides a narrative introduction, overview, and analysis of the basic financial statements. MD&A complements this letter of transmittal and should be read in conjunction with it. Profile of the Village of Glenview The Village of GlenView, incorporated in 1899, is located in northern Cook County and is 20 miles north of the City of Chicago. The Village serves a population of approximately 46,000 and is considered to be a primary government providing a full range of general governmental services. The Village Is empowered to levy a property tax on real property located within its boundaries. It also is empowered by state statute to extend its corporate limits by annexation, which it has done from time to time. The Village's legislative body consists of the Village President and a Board of six Trustees, all elected on an at~large basis to overlapping four~year terms. The Village Manager is responsible for the day-t<rday operations of the Village. As defined by the illinois Constitution, the Village of Glenview is a home ru.le municipality. The Village provides comprehensive governmental services, including police and fire protection, health services, water and sewer utilities, street construction and maintenance, code enforcements, planning and zoning and general administrative services. In addition to serving Village residents, the Fire Department also provides fire protection and ambulance service to the Village of Golf as well as the Glenbrook Fire Protection District which is comprised of approximately 20,000 residents located in unincorporated Cook County. Both of these entities have long-term intergovemmental agreements with the Village to pay for these services. Ix 2500 East Lake Avenue -Glenview, lL 60026· (847) 904-4370· Fax (847) 72441518. www.g!enview.il.us A-7 Long-Term Financial Plann;ng The Village of Glenview Comprehensive Annual Financial Report includes aU of its governmental and business-type operation funds, pension trust funds (the Glenview Police Pension Fund and the Glenview Firefighters' Pension Fund), agency funds, and component unit (the Glenview Public library) funds, based on financial accountability. The accompanying financial statements Include only those funds of the Village and library, as there are no other organizations for which it has financial accountability. The pension funds are determined to be pension trust funds due to their fiduciary and fiscal relationships with the Village as their sale purpose is to provide retirement benefits to the Village's sworn police officers and firefighters. The Public library is discretely presented since it is governed by a separately elected Board of Trustees. The annual budget serves as the foundation for the Village's financial planning and controL State law requires that a municipality operating under the budget system adopt its annual budget prior to the start of its fiscal year. Through the budget, spending authority is conveyed by the expenditure object. The legal level of budgetary control is the fund level. The Village utilizes a 5-year Capital Improvement Program ("CIP-) to address major capital and infrastructure improvements. For a project to be included in the CIP, it must involve the creation or purchase of a tangible asset with an original cost of at feast $25,000 and a useful life of more than one year. The Village has primarily followed a "pay-as-you-go~ funding strategy for maintenance and replacement of assets and has issued debt for new projects. Local Economy The Village of Glenview has a well-established reputation as a preeminent community, located in the northern corridor of the Chicago metropolitan area. Glenview is an outstanding place to live and work, with an ideal mix of single family and multi-family residential housing, corporate headquarters and commerciaVindustrial businesses, excellent schools and municipal services. Of the Village's 2014 assessed valuation, 74.6% was classified as residential, and 25.4% was commercial/industriaL A number of revenue sources had been showing significant growth over the past several years, but in 2015 while still increasing, their growth has slowed down. For example, during 2015, the annual sales tax revenue amount of $15,635,705 was 4.43% higher than the sales tax revenue received in 2014 while last year the sales tax growth from 2013 to 2014 was 8.23%. Accordingly, the growth in home rule sales tax is following the sales tax pattern as the 2015 revenue increased 4.73% from $7,468,617 in 2014 to $7,821,912 in 2015. In conjunction to the retail sales continuing to increase, the Village is also pleased to report that its retail base continues to become more diversified. This diversification is evidenced by a comparison of the retail sales tax mix from 2001 to 2015. Specifically, in 2001 , sales tax revenue related to the Illinois Department of Revenue's automotive sales tax category (Automobile and Filling Stations) accounted for 45% of the Village's total tax receipts. While this component is still very critical to the Village and generated $4.6 million or 29% of sales tax receipts in 2015, the Furniture and Electronics sales tax category, which in 2001 generated approximately 1% of sales tax receipts, in 2015 generated $4.3 million, or 27% of sales tax receipts for the year. This gro'Nth in the Furniture and Electronics sales tax category is due to the 2002 relocation of a major retail electronics store into Glenview, which is still growing and has recently completed an expansion of new warehouse/distribution space to their facility. Major Initiatives and Accomplishments Village Board Goals and Initiatives -The Board of Trustees' 2015 strategic goals remained much the same as they have over the last several years which continue to provide the overarching framework to promote the Village Board's vision of providing outstanding services and programs in a fiscally prudent environment. The strategic goals included guiding the analysis, design and implementation of the infonnation technology assets; continuing to improve the operating budget and financial practices to promote efficient service delivery, fiscal responsibility and transparency; continuing to improve operations, x A-8 staffing and programs to maximize quality of service and efficiency; enhancing the Village's community planning and economic development efforts; continuing to develop intergovernmental relationships; enhancing the Village communication program to promote expedient and effective dissemination of information to internal and external customers of the Village; and improving the capital improvement program in an effective and fiscally·responsibJe manner. The Village Board, management and staff are pleased to report that a primary goal of maintaining service levels while not increasing the burden to the taxpayers has been substantially achieved. However, there is reason to be cautious about the economy and the impact it has on the Village's finances. The Village will continue to monitor the political uncertainty regarding the financial position of the State of Illinois, which continues to explore opportunities to both shift costs to local governments and reduce local governments' share of tax revenues. Within thIs context, the Village Board, management, and staff have engaged in regular re--evaluation of every aspect of the Village's operations to identify opportunities for cost containment and new revenues. Positive cost containment results have been due to the Village Board and managements' efforts to ~right size" the organization and develop a staffing model that is flexible and adaptable to changing workload demands. The Municipal Partnering Initiative (MPI) that was established in 2010 has also presented opportunities to collaborate and improve the Village's economies of scale when going to bid and to leverage shared service opportunities. The Village has also woric:ed to contain costs of our workforce through managed competition of services, implementing two-tier wage structures, and offering a Voluntary Separation Program in 2015. The Voluntary Separation Program along with attrition and reorganization efforts resu lted in the reduction of 7 full·time equivalent positions by the end of 2015. Also in 2015, the Village sold North Maine Water Utility for $22M; a water system serving mostly unincorporated areas outside of Glenview's incorporated boundaries. The Village Board directed $12M of the sale proceeds to the Police and Fire Pension funds to help mitigate risk by contributing funds above the annually actuarially calculated contributions and directed the remaining $10M of the sale proceeds to tile Permanent Fund to reimburse capital expenditures and allow for further financial flexibility. During 2015, the Village continued to adhere to their General Fund Balance (Reserve) policy of maintaining 30%-40% of total expenditures by developing a planned use of $6,412,476 of the General Fund Balance. Development Initiatives In 2015, several significant redevelopment projects were approved or constructed, resulting in the one-time revenues associated with building permit fees as well as long-term revenues provided via additional property, sales, and utility tax base for the community. It is Villa.ge policy to match these one--time revenues to one-time expenditures. The one--time expenditures have primarily been capital projects which include neighborhood infrastructure improvements, localized stormwater detention projects, and major roadway reconstructions. • The Vi llage of Glenview annexed approximately 21 .0 acres in 2015 along Milwaukee Avenue adjacent to the Grove. This area has since been approved for 48 high-end single--famiiy cluster residences to be constructed by David Weekley Homes of Texas. As part of the development process, the applicant has agreed to donate an 8.0 acre buffer of natural area to the Pari< District for future preservation with The Grove, a National Historic Landmaric:. Construction began in the summer of 2015. • A new 4-story residential apartment building at 1160 Waukegan Road was approved and began construction in 2014. The project will add 36 lUXUry apartments to Glenview's downtown and is expected to finish construction in 2016. xl A-9 • The Glen Town Center Streetscape is being reconstructed with a more sustainable design. The revised design includes zones for outdoor dining, pedestrian walkways, and a landscaped area separating the pedestrians from the adjacent angled public parking spaces. Additionally, colored stamped concrete will be added along the street edges, as well as the installation of new irrigation and electrical systems. • Anthem Memory Care, a senior memory care facility, was approved at 1879 Chestnut Avenue to include 66 beds. The project is expected to finish construction in 2016. • The Village granted approval for a number of new commercial projects and expansions of current uses including: o Development approvals for a new two tenant retail building on the last outlot in the Glen Pointe development at Willow and Sanders Roads. o Expansion of the Astellas parking lot next to the Glen Pointe development for additional employee and visitor parking. o Life Storage on Milwaukee Avenue received approval for additional free-standing storage units east of the principal bUilding. o Approval of the Village's first brewery and tasting room, Ten Ninety Brewing Company opened on Waukegan Road in the Downtown District. The owner moved their existing manufacturing operation from Zion to Glenview and added the tasting room into a renovated building. o Kraft Heinz went through a merger and remodeled some of the space in the existing research and development building to include additional test kitchens. • A number of previously approved projects were completed and occupied during 2015, induding: o The Glen Gate shopping center was completed in 2014 but fully occupied in 2015. o Occupancy of several large apartment buildings including Midtown Square, The Reserve at Glenview, and the Tapestry of Glenview adding almost 1,000 new residential units to the Glenview housing stock. o The consolidated Municipal Center at 2500 East Lake Avenue was occupied December 2015 to house Village Hall staff, Police and Dispatch Services under one roof. Awards and Acknowledgements The Government Finance Officers Association of the United States and Canada awarded the Certificate of Achievement for Excellence in Financial Reporting to the Village for the year ended December 31, 2014. The Certificate of Achievement is a prestigious national award recognizing conformance with the highest standards for preparation of state and local government financial reports. In order to be awarded the Certificate of Achievement, the Village had to publish an easily readable and efficiently organized CAFR that satisfied both generally accepted accounting principles and applicable legal requirements. A Certificate of Achievement is only valid for a period of one year. The Village of Glenview has received a Certificate of Achievement for thirty-three consecutive years (fiscal years ended 1982 through 2014). We believe that our current report continues to conform to the Certificate of Achievement Program requirements and we are submitting it to the GFOA to determine its eligibility for another certificate. The preparation of this report could not be accomplished without the dedicated services of the entire staff of the Finance Division within the Administrative Services Department and the cooperation and assistance rendered by the staff of other operating departments of the Village. I would like to express our appreciation to all of those employees who assisted and contributed to its preparation. xii A-10 Finally, appreciation is expressed to the Village President, Board of Trustees and the Village Manager for their leadership and support in planning and conducting the fiscal affairs of the Village. Respectfully submitted, Ronald J. Amen, CPA Chief Financial Officer Lauterbach and Amen, LLP xiii A-11 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 (the “Village”), as of and for the year ended December 31, 2015, 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. A-12 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, 2015, 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. Emphasis of Matter As discussed in Note 18 to the financial statements, during the year ended December 31, 2015, the Village implemented the provisions of Governmental Accounting Standards Board (GASB) Statement No. 68, Accounting and Financial Reporting for Pension – An Amendment of GASB Statement No. 27 and Statement No. 71, Pension Transition for Contributions Made Subsequent to the Measurement Date – An Amendment of GASB Statement No 68. The implementation of GASB Statement No. 68 and No. 71 resulted in a restatement of opening January 1, 2015 net position. 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 109–110), and pension and OPEB information (pages 101–108), and the related note (pages 111 - 112) be presented to supplement the basic financial statements. Such information, although not a part of the basic financial statements, is required by the GASB 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, 2015 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, 2015, 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, 2015 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, 2015. A-13 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, 2014 (not presented herein), and have issued our report thereon dated June 12, 2015, 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, 2014 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 2014 financial statements. The combining and individual fund statements and schedules have been subjected to the auditing procedures applied in the audit of the 2014 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, 2014. 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 14, 2016 A-14 Village of Glenview, IllinoisManagement’s Discussion and AnalysisDecember 31, 2015 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, 2015. 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 HIGHLIGHTSThe Village’s net position of governmental activities increased by $40,348,972, or 28.7% whereas the net position of business-type activities decreased by $8,389,314, or 12.1%, resulting in total ending net position for the year of $242,050,117. The net position increased primarily as a result of the increase in capital assets including expansion of the Municipal Center and significant storm water infrastructure improvements coupled with the effects of the implementation of GASB 68 which revised the reporting requirements for the Village’s pension liabilities.During the year, government-wide revenues before transfers for the governmental and business-type activities totaled $154,520,749, while expenses totaled $122,561,091, resulting in the increase in net position of $31,959,658.The Village’s net position totaled $242,050,117 on December 31, 2015, an increase of $31,959,658 from the prior fiscal year. The ending fund balance for the General Fund equaled $26,238,872, a decrease of $4,457,990due to a planned use of fund balance. There was an operating surplus of $5,701,719 before other financing uses. The operating surplus is primarily the result of higher than anticipated receipts in building permits and related fees, income, hotel and local use taxes as well as unbudgeted revenue received from the Escrow and Capital Projects Funds.USING THIS ANNUAL REPORTThis 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. Forgovernmental 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 StatementsThe 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.Village of Glenview, IllinoisManagement’s Discussion and Analysis (Continued)December 31, 2015USING THIS ANNUAL REPORT – ContinuedGovernment-Wide Financial Statements - ContinuedThe Statement of Net Position reports information on all of the Village’s assets and liabilities, 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 StatementsA 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 FundsGovernmental 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.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.A-15 Village of Glenview, IllinoisManagement’s Discussion and Analysis (Continued)December 31, 2015USING THIS ANNUAL REPORT – ContinuedGovernmental Funds - ContinuedThe 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 FundsThe 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.Village of Glenview, IllinoisManagement’s Discussion and Analysis (Continued)December 31, 2015USING THIS ANNUAL REPORT – ContinuedFiduciary 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 use 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 StatementsThe 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 40-100 of this report.Other InformationIn 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 101-111 ofthis 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 on pensions. Combining and individual fund statements and schedules for the Village can be found on pages 112-163 of this report. Additionally, the combining and individual fund statements for the component unit can be found on pages 164-179. GOVERNMENT-WIDE FINANCIAL ANALYSISNet position may serve over time as a useful indicator of a government’s financial position. The following table shows that in the case of the Village of Glenview, total assets/deferred outflows exceeded liabilities/deferred inflows by $242,050,117 at December 31, 2015, compared to $210,090,459 as restated at December 31, 2014. In fiscal year 2015, the Village implemented the provisions of Governmental Accounting Standards Board (GASB) Statement No. 68 and No. 71 related to the reporting of the Village’s participation with the Illinois Municipal Retirement Fund (IMRF), Police Officers’ and Firefighters’ Pension Plans. The provisions of the statement require that the Village report on the face of the Statement of Net Position the net pension liabilities related to the three pension plans in which the Village participates. This implementation led to a restatement of opening net position, see note 18 in the notes to the financial statements for more details on the restatement. The Village’s total net pension liability at December 31, 2015 is $72,958,839 which includes is made up of $7,964,813, $23,562,070 and $41,431,955, respectively. The provisions of the Statement also provide for the recording of items called deferred outflows (future expenses) and deferred inflows (future revenues) related to the pension plans. At December 31, 2015, the Village has offset the total net pension liabilities of $72,958,839 with deferred outflows of $18,407,709 and deferred inflows of $3,462,274. The net result of the transactions for the implementation of GASB Statement No. 68 Accounting and Financial Reporting for Pension – an amendment of GASB Statement No. 27is an overall net liability of $58,013,404 related to the Village’s future pension obligations for their participation with the IMRF, the Police Officers’ and the Firefighters’ Pension Plans.A-16 Village of Glenview, IllinoisManagement’s Discussion and Analysis (Continued)December 31, 2015GOVERNMENT-WIDE FINANCIAL ANALYSIS – Continued201520142015201420152014Current and other assets105,892,341 $112,814,351 $9,890,814 $12,045,199 $115,783,155 $124,859,550 $Capital assets243,384,335 215,771,120 58,644,312 63,226,029 302,028,647 278,997,149 Total assets349,276,676 328,585,471 68,535,126 75,271,228 417,811,802 403,856,699 Deferred Outflow of Resources 19,368,543 4,966,245 1,015,465 446,350 20,384,008 5,412,595 Total deferred outflows19,368,543 4,966,245 1,015,465 446,350 20,384,008 5,412,595 Long-term liabilities135,084,466 140,577,358 4,545,497 2,398,358 139,629,963 142,975,716 Other liabilities38,120,514 41,706,369 3,778,277 3,713,033 41,898,791 45,419,402 Total liabilities173,204,980 182,283,727 8,323,774 6,111,391 181,528,754 188,395,118 Deferred Inflows of Resources 14,606,995 10,783,717 9,944 - 14,616,939 10,783,717 Total deferred inflows14,606,995 10,783,717 9,944 - 14,616,939 10,783,717 Net Position Net investment incapital assets190,234,952 149,950,065 55,002,443 60,891,686 245,237,395 210,841,751 Restricted2,194,487 2,407,413 -- 2,194,487 2,407,413 Unrestricted (11,596,195) (11,873,206) 6,214,430 8,714,501 (5,381,765) (3,158,705) Total net position, as restated180,833,244 $140,484,272 $61,216,873 $69,606,187 $242,050,117 $210,090,459 $ActivitiesActivitiesGovernmentTable 1Statement of Net PositionAs of December 31, 2015 and 2014Governmental Business-TypeTotal PrimaryA large portion of the Village’s net position, $245,237,395, reflects its investment in capital assets (for example, infrastructure, land, buildings and improvements, machinery, and equipment), less any related debt used to acquire those assets that is still outstanding. The Village uses these capital assets to provide services to citizens; consequently, these assets are not available for future spending. Although the Village’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, $2,194,487, 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 ($5,381,765), representsunrestricted net position.Village of Glenview, IllinoisManagement’s Discussion and AnalysisDecember 31, 2015GOVERNMENT-WIDE FINANCIAL ANALYSIS – ContinuedNormal ImpactsThere are six basic (normal) transactions that will affect the comparability of the Statement of Net Positionsummary 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.A-17 Village of Glenview, IllinoisManagement’s Discussion and Analysis (Continued)December 31, 2015Revenue2015 2014 2015 2014 2015 2014Program revenuesCharges for services 15,943,280 $ 16,643,432 $ 20,427,770 $ 24,270,983 $ 36,371,050 $ 40,914,415 $Grants and contributionsOperating 1,740,265 2,079,987 - - 1,740,265 2,079,987 Capital 18,639,549 5,162,690 - - 18,639,549 5,162,690 General RevenueTaxesProperty41,564,097 40,785,102 -- 41,564,097 40,785,102 Home rule7,821,912 7,468,617 -- 7,821,912 7,468,617 Telecommunication2,271,699 2,175,833 -- 2,271,699 2,175,833 Utility3,308,469 3,759,715 -- 3,308,469 3,759,715 Other1,058,897 1,002,599 -- 1,058,897 1,002,599 IntergovernmentalSales15,635,705 14,972,367 -- 15,635,705 14,972,367 State income4,832,506 4,232,425 -- 4,832,506 4,232,425 Local use994,035 873,126 --994,035 873,126 Road and bridge391,761 389,133 --391,761 389,133 Property replacement211,495 247,806 --211,495 247,806 Other1,352,890 1,329,174 -- 1,352,890 1,329,174 Investment income667,765 1,407,626 15,093 (153,614) 682,858 1,254,012 Gain on legal settlement------Other general revenues1,701,143 1,703,769 15,942,418 21,553 17,643,561 1,725,322 Total revenues118,135,468 104,233,401 36,385,281 24,138,922 154,520,749 128,372,323 ExpensesGeneral government34,403,572 36,586,774 -- 34,403,572 36,586,774 Public works26,550,936 22,535,067 -- 26,550,936 22,535,067 Public safety20,638,161 23,105,414 -- 20,638,161 23,105,414 Development5,107,156 11,829,052 -- 5,107,156 11,829,052 Interest on long-term debt2,087,567 2,231,704 -- 2,087,567 2,231,704 Water services-- 15,164,208 10,634,065 15,164,208 10,634,065 North Maine water and sewer-- 14,915,126 7,547,458 14,915,126 7,547,458 Sanitary sewerage-- 2,034,331 2,051,642 2,034,331 2,051,642 Wholesale water-- 1,172,689 1,064,737 1,172,689 1,064,737 Commuter parking-- 487,345 409,584 487,345 409,584 Total expenses88,787,392 96,288,011 33,773,699 21,707,486 122,561,091 117,995,497 Change in net positionbefore transfers29,348,076 7,945,390 2,611,582 2,431,436 31,959,658 10,376,826 Transfers11,000,896 1,313,328 (11,000,896) (1,313,328) --Change in net position40,348,972 9,258,718 (8,389,314) 1,118,108 31,959,658 10,376,826 Net position - beginning210,837,871 201,579,153 70,084,841 68,966,733 280,922,712 270,545,886 Restatement of beginning of year net position(70,353,599) - (478,654) - (70,832,253) -Net position - beginning, as restated140,484,272 201,579,153 69,606,187 68,966,733 210,090,459 270,545,886 Net position - ending, as restated180,833,244 $210,837,871 $61,216,873 $70,084,841 $242,050,117 $280,922,712 $ ActivitiesActivitiesGovernmentTable 2Changes in Net PositionFor the Fiscal Years Ended December 31, 2015 and 2014Governmental Business-TypeTotal PrimaryVillage of Glenview, IllinoisManagement’s Discussion and Analysis (Continued)December 31, 2015GOVERNMENT-WIDE FINANCIAL ANALYSIS – ContinuedNormal ImpactsThere 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, 2015. 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.A-18 Village of Glenview, IllinoisManagement’s Discussion and Analysis (Continued)December 31, 2015GOVERNMENT-WIDE FINANCIAL ANALYSIS – ContinuedNet position of the Village’s governmental activities decreased by 14.2%, or $30,004,627 ($180,833,244in 2015 compared to $210,837,871 in 2014). The implementation of GASB 68 resulted in a negative $70,353,599 restatement of the governmental activities net position. Net position of business-type activities decreased 12.7% or $8,867,968 ($61,216,873 in 2015 compared to $70,084,841 in 2014). The implementation of GASB 68 resulted in negative $478,654 restatement of the business-type activities net position.Governmental ActivitiesRevenues:Revenues for governmental activities totaled $118,135,468 at December 31, 2015 and $104,233,401 at December 31, 2014, an increase of $13,902,067. Some key changes during the year for the governmental activity revenues are described below:Grants and contribution revenues increased by $13,137,137 or 181.4% mainly due to grant revenue received for the purchase of floodway homes for a total of $11,000,000 combined with other stormwater grant revenue received during the year. Home rule sales tax increased from $7,468,617 at December 31, 2014 to $7,821,912 at December 31, 2015, reflecting a 4.7% increase due to a general increase in retail sales and sales generated by new retailers located in the Village.Intergovernmental revenues increased $1,374,361 or 6.2%, which included an increase in sales tax of $663,338, an increase in income tax of $600,081 and increases in local use tax of $120,909, road and bridge tax of $2,628 and other income of $23,716; coupled with a decrease in personal property replacement taxes of $36,311. The increase in sales tax is also due to a general increase in retail sales during the year.Village of Glenview, IllinoisManagement’s Discussion and Analysis (Continued)December 31, 2015 GOVERNMENT-WIDE FINANCIAL ANALYSIS – ContinuedGovernmental Activities – ContinuedThe 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 lesssignificant percentage the Village receives from income taxes, telecommunication taxes, and utility taxes.Charges for Services13%Operating Grants/Contrib.1%Capital Grants/Contrib.16%Property Taxes35%Sales Taxes20%Income Taxes4%Telecomm Taxes2%Utility Taxes3%Other General Revenues5%Revenues by Source - Governmental ActivitiesDecember 31, 2015A-19 Village of Glenview, IllinoisManagement’s Discussion and Analysis (Continued)December 31, 2015GOVERNMENT-WIDE FINANCIAL ANALYSIS – ContinuedGovernmental Activities – ContinuedFor the year ended December 31, 2015, governmental activities expenses totaled $88,787,392, a decrease of $7,500,619, or 7.8% from the 2014 expenses of $96,288,011. The implementation of GASB 68 resulted in a decrease of $8,637,392 in expenses. This decrease was offset by general increases in operating expenses. Business-Type activities Business-Type activities posted total revenues of $36,385,281, while the cost of all business-type activities totaled $33,773,699. This results in a surplus of $2,611,582 prior to net transfers out of $11,000,896. In 2014, revenues of $24,138,922 exceeded expenses of $21,707,486, resulting in a surplus of $2,431,436 prior to net transfers out of $1,313,328. RevenuesFor the fiscal year ended December 31, 2015, revenues for the business-type activities totaled $36,385,281, an increase of $12,246,359, or 50.7%, due primarily to the sale of the North Maine Utility. The net gain on this sale was $15,825,645. This increase was offset by decreases in water and sewer charges in the North Maine Fund due to sale being finalized April 30, 2015.ExpensesExpenses for the year ended December 31, 2015 totaled $33,773,699 an increase of $12,066,213, or 55.6% over the 2014 expenses of $21,707,486. Upon the sale of the North Maine Utility, the Village utilized $12,000,000 of sale proceeds to help fund police and fire pension liabilities. Village of Glenview, IllinoisManagement’s Discussion and Analysis (Continued)December 31, 2015FINANCIAL ANALYSIS OF THE GOVERNMENT’S FUNDSAs noted earlier, the Village uses fund accounting to ensure and demonstrate compliance with finance-related legal requirements.Governmental FundsThe 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 $51,047,822, which is $860,930, or 1.7%, lower than last year’s total of $51,908,752. Of the $51,047,822 total, $14,166,801, or approximately 28.3%, of the fund balance constitutes unassigned fund balance.General FundThe General Fund reported a decrease in fund balance for the year of $4,457,990 or 14.5%. Planned use of fund balance in the amount of $6,412,476 was offset by transfers from the Escrow and Capital Projects funds and higher than anticipated building permit and related fees and income, hotel and local use taxes.The General Fund is the chief operating fund of the Village. At December 31, 2015, unassigned fund balance in the General Fund was $25,739,072, which represents 99.2% 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 34.8% 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, 2015, the Special Tax Allocation Fund reported revenues in excess of expenditures by $1,587,830, due in large part to contractual expenditures coming in under budget by $1,238,565. 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, 2015, the Capital Projects Fund reported expenditures in excess of revenues by $1,987,483, which was a planned use of fund balance.A-20 Village of Glenview, IllinoisManagement’s Discussion and Analysis (Continued)December 31, 2015FINANCIAL ANALYSIS OF THE GOVERNMENT’S FUNDS – ContinuedGovernmental Funds – ContinuedOther Major Funds – ContinuedThe 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, 2015, the Village Permanent Fund reported revenues in excess of expenditures by $4,556,333. During the year, a total of $10,000,000 was transferred to the Permanent Fund from the North Maine Fund upon the sale of the North Maine Utility. Transfers out to the Capital Projects Fund in the amount of $5,525,020 offset this revenue.Proprietary FundsThe 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. This utility was sold to Aqua Illinois on April 30, 2015. 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 deficit in the Glenview Water Fund during the current fiscal year was $2,140,188; the previous fiscal year reported a surplus of $728,393. The deficit in this fund is largely the result of the Village implementing an Automated Metering Program during the year; a total of $3,471,771 was expensed for this project. This overage was offset by capital projects being under budget by $1,905,677 due to a combination of project savings and delays. Additionally, charges for sales and services of $12,035,977 were $126,256 higher than budget. Unrestricted net position in the Glenview Water Fund totaled $2,338,522 at December 31, 2015.Village of Glenview, IllinoisManagement’s Discussion and Analysis (Continued)December 31, 2015FINANCIAL ANALYSIS OF THE GOVERNMENT’S FUNDS – ContinuedProprietary Funds – ContinuedThe North Maine Water and Sewer Fund reported a deficit for the current year of $6,989,161; the previous fiscal year reported a surplus of $326,125. The North Maine Utility was sold to Aqua Illinois on April 30, 2015. During the year, a gain on the disposal of capital assets for $15,825,645 was recorded. This gain was offset by a reduction in operating revenues compared to budget in the amount of $6,263,595. Additionally, due to the sale of the North Maine Utility, operating expenses were under budget by $7,004,696. Unrestricted net position at December 31, 2015 was $826,861. The surplus in the current year in the Glenview Sanitary Sewer Fund was $577,233, resulting in ending net position of $19,232,902. In the prior year the Glenview Sanitary Sewer Fund also reported a surplus of $1,020,411. The current year surplus was due in large part to lower than anticipated capital expenses. GENERAL FUND BUDGETARY HIGHLIGHTSDuring 2015, the Village Board approved four budget amendments. The first amendment was to increase contractual services for concrete flatwork repairs in the amount of $115,600 and was funded through available fund balance. The second amendment was to increase professional services for inspectional and code enforcement services in the combined amount of $146,925 and was offset by an increase in permit fee revenues. The third amendment was to increase contractual services and equipment in the combined amount of $323,636 and was funded through available fund balance. The fourth amendment was to increase contractual services for scheduling and time and attendance software in the amount of $136,224 and was funding through available fund balance. General Fund actual revenues (including other financing sources) for the year totaled $70,363,673compared to budgeted revenues of $65,043,493, an overage of $5,320,180. 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 contributors to this overage were miscellaneous revenue received from the Escrow Fund of $1,300,000 and a transfer in of $1,800,000 from the Capital Projects Fund for grant money received from Cook County. Additionally, building permit and related annexation and engineering review fees were a combined $886,575 over budget. This is due to a number of large developments beginning construction during the year. State revenues of income tax and local use tax exceeded budget by $436,598 and $223,662, respectively. Also, hotel room taxes were $154,049 over budget. These increases were offset by decreases in electric utility tax, municipal use tax on gas and sales taxes for a combined total of $1,335,136.A-21 Village of Glenview, IllinoisManagement’s Discussion and Analysis (Continued)December 31, 2015FINANCIAL ANALYSIS OF THE GOVERNMENT’S FUNDS – ContinuedGENERAL FUND BUDGETARY HIGHLIGHTS - ContinuedThe General Fund actual expenditures (including transfers) for the year of $74,821,663 were $2,417,109higher than budgeted expenditures of $72,404,554. Personnel costs were higher than budget by $465,507, or 1.4%. This is mainly due to expenses related to a Voluntary Separation Program offered during the year. Contractual services were higher than budget by $697,108, or 5.7%. This is due to the outsourcing of crossing guard services and Economic Development Agreements that were in place for an entire year triggering higher than expected actuals for property, sales and utility tax sharing. Other charges were over budget by $146,742 which included an adjustment to the accounts receivable allowance for doubtful accounts and higher pension expenses due to an increased collection of property taxes. Transfers out were over budget by $366,621 as budget amendments utilizing fund balance were adopted during the year. Interfund charges were higher than budget by $23,119 as the Corporate Fund’s share of risk management charges were increased due to the sale of the North Maine Utility. Additionally,commodities and capital outlay were a combined $263,439 lower than budget due to expenses budgeted but not incurred. For instance, savings totaling $134,997 were realized in calcium chloride, salt and natural gas due to mild weather at the end of the year and a total of $55,633 in capital project savings were realized when completing the Dispatch Center upgrades. OriginalFinalBudgetBudgetActualRevenuesTaxes25,747,059 $25,747,059 $25,545,158 $Intergovernmental26,046,196 26,046,196 25,793,250 Other12,384,478 12,384,478 16,191,946 Total revenues64,177,733 64,177,733 67,530,354 Expenditures(57,848,111) (58,796,696) (60,847,184) Transfers in865,760 865,760 2,833,319 Transfers out(13,595,382) (13,607,858) (13,974,479) Total expenditures andnet transfers(70,577,733) (71,538,794) (71,988,344) Net change in fund balance(6,400,000) $(7,361,061) $(4,457,990) $Table 3General Fund Budgetary HighlightsVillage of Glenview, IllinoisManagement’s Discussion and Analysis (Continued)December 31, 2015CAPITAL ASSETS AND DEBT ADMINISTRATIONCapital AssetsThe Village’s investment in capital assets for its governmental and business type activities as of December 31, 2015 was $302,028,647 (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.201520142015201420152014Construction in progress80,256 $4,005,984 $-$114,700 $80,256 $4,120,684 $Land21,076,696 8,779,220 567,851 805,851 21,644,547 9,585,071 Land right of way55,281,951 55,244,762 -- 55,281,951 55,244,762 Buildings and improvements 72,496,858 61,001,489 1,826,443 1,721,933 74,323,301 62,723,422 Machinery, equipment andvehicles8,011,118 5,699,729 782,083 553,905 8,793,201 6,253,634 Infrastructure86,437,456 81,039,936 -- 86,437,456 81,039,936 Water system-- 37,156,813 40,800,132 37,156,813 40,800,132 Sanitary sewer system-- 18,311,122 19,232,508 18,311,122 19,232,508 Total243,384,335 $ 215,771,120 $ 58,644,312 $63,229,029 $302,028,647 $ 279,000,149 $ ActivitiesActivitiesGovernmentGovernmental Table 4Capital Assets at Year EndNet of DepreciationBusiness-TypeTotal PrimaryThis year’s major additions included:AdditionsConstruction in progress 7,786,572 $Land12,334,665 Building and improvements 13,732,834 Infrastructure, including roadways, etc. 8,987,176 Machinery, equipment and vehicles 4,024,430 Sanitary sewer system853,151 Water system2,379,112 Total50,097,940 $Additional information on the Village’s capital assets can be found in Note 4 on pages 57-60 of this report. A-22 Village of Glenview, IllinoisManagement’s Discussion and Analysis (Continued)December 31, 2015CAPITAL ASSETS AND DEBT ADMINISTRATION - ContinuedDebt AdministrationAt year-end, the Village had total outstanding debt of $67,415,088 as compared to $74,065,755 the previous year, a decrease of $6,650,667, or 8.98% which included the issuance of a loan in the amount of $3,003,592, coupled with principal retirements that reduced the outstanding liability on the bonds. The following is a comparative statement of outstanding debt:201520142015 201420152014General obligation bonds 58,045,000 $64,690,000 $765,000 $1,510,000 $58,810,000 $66,200,000 $Corporate purpose notes-- 3,003,592 933,950 3,003,592 933,950 Loans payable5,601,496 6,931,805 -- 5,601,496 6,931,805 Total debt63,646,496 $71,621,805 $3,768,592 $ 2,443,950 $67,415,088 $74,065,755 $Governmental Business-TypeTotal PrimaryActivitiesActivitiesGovernmentThe Village maintains an Aaa rating from Moody’s for general obligation debt. This rating has not changed in the past ten 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 thisreport.ECONOMIC FACTORS AND NEXT YEAR’S BUDGET AND RATES The Village’s elected and appointed officials considered many factors when setting the fiscal-year 2016 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 no growth in various revenues. Additionally, for the first time in seven years, the Village increased the tax levy by a total of $300,000, which was intended to partially offset increased pension costs for Police and Fire. 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 2016 are also continually being analyzed through three to five year models to ensure the Village’s long term sustainability.Village of Glenview, IllinoisManagement’s Discussion and Analysis (Continued)December 31, 2015 REQUEST FOR INFORMATIONThis 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, 2500 East Lake Avenue, Glenview, Illinois 60026. A-23 Village of Glenview, Illinois Statement of Net Position December 31, 2015 Component Primary Government Unit Governmental Business-type Glenview Activities Activities Total Library Assets Cash and cash equivalents 56,339,021 $ 6,471,075 $ 62,810,096 $ 4,761,749 $ Investments 21,408,760 - 21,408,760 246,800 Receivables, net of allowances Taxes 19,685,281 - 19,685,281 7,741,916 Accounts 127,896 2,731,978 2,859,874 - Other 3,669,891 - 3,669,891 115 Prepaid expenses 359,898 - 359,898 - Inventory 572,562 687,761 1,260,323 - Due from other governments 100,865 - 100,865 - Land held for resale 287,500 - 287,500 - Total current assets 102,551,674 9,890,814 112,442,488 12,750,580 Noncurrent assets Notes receivable 2,118,667 - 2,118,667 - Lease receivable 1,222,000 - 1,222,000 - Capital assets Not being depreciated 76,438,903 567,851 77,006,754 5,426,987 Net of accumulated depreciation 166,945,432 58,076,461 225,021,893 25,699,819 Total noncurrent assets 246,725,002 58,644,312 305,369,314 31,126,806 Total assets 349,276,676 68,535,126 417,811,802 43,877,386 Deferred Outflows of Resources Deferred loss on refunding 1,976,299 - 1,976,299 - Deferred outflows due to pensions 17,392,244 1,015,465 18,407,709 1,381,433 Total deferred outflows of resources 19,368,543 1,015,465 20,384,008 1,381,433 (Continued) See Notes to Financial Statements. A-24 Village of Glenview, Illinois Statement of Net Position (Continued) December 31, 2015 Component Primary Government Unit Governmental Business-type Glenview Activities Activities Total Library Liabilities Accounts payable 24,457,675 $ 2,833,845 $ 27,291,520 $ 475,175 $ Accrued payroll 1,132,541 97,370 1,229,911 150,977 Accrued interest payable 155,656 6,546 162,202 65,011 Other payables 2,431,037 1,500 2,432,537 - Refundable deposits - 11,230 11,230 - Unearned revenues 510,466 - 510,466 - Due to pension trusts 22,117 - 22,117 - Current portion of long-term liabilities 9,411,022 827,786 10,238,808 1,208,839 Total current liabilities 38,120,514 3,778,277 41,898,791 1,900,002 Noncurrent liabilities Long-term liabilities - due in more than one year 135,084,466 4,545,497 139,629,963 21,639,830 Total liabilities 173,204,980 8,323,774 181,528,754 23,539,832 Deferred Inflows of Resources Deferred property taxes 11,010,235 - 11,010,235 7,778,561 Deferred interest revenue 144,430 - 144,430 - Deferred inflows due to pensions 3,452,330 9,944 3,462,274 35,431 Total deferred inflows of resources 14,606,995 9,944 14,616,939 7,813,992 Net Position Net investment in capital assets 190,234,952 55,002,443 245,237,395 10,641,806 Restricted Street improvements 1,193,343 - 1,193,343 - Public safety 264,020 - 264,020 - Economic development 737,124 - 737,124 - Capital projects - - - - Culture and recreation - - - 1,116,025 Unrestricted (11,596,195) 6,214,430 (5,381,765) 2,147,164 Total net position 180,833,244 $ 61,216,873 $ 242,050,117 $ 13,904,995 $ See Notes to Financial Statements. A-25 Village of Glenview, Illinois Statement of Activities For the Year Ended December 31, 2015 Program Revenues Operating Capital Charges for Grants and Grants and Expenses Services Contributions Contributions Functions/Program Primary government Governmental activities General government 34,403,572 $ 6,776,652 $ 24,432 $ -$ Public works 26,550,936 1,011,433 1,557,902 - Public safety 20,638,161 8,017,412 116,575 - Development 5,107,156 137,783 41,356 18,639,549 Interest 2,087,567 - - - Total governmental activities 88,787,392 15,943,280 1,740,265 18,639,549 Business-type activities Water services 15,164,208 12,738,153 - - North Maine water and sewer 14,915,126 2,549,981 - - Sanitary sewerage 2,034,331 2,523,041 - - Wholesale water 1,172,689 1,996,831 - - Commuter parking 487,345 619,764 - - Total business-type activities 33,773,699 20,427,770 - - Total primary government 122,561,091 $ 36,371,050 $ 1,740,265 $ 18,639,549 $ Component Unit Public library 8,337,588 $ 250,382 $ 1,167,510 $ -$ General revenues and transfers General revenues Taxes Property Home rule sales Telecommunication Utility Other Intergovernmental revenues - unrestricted Taxes Sales Income Local use Other taxes Investment income Miscellaneous Transfers Total general revenues and transfers Change in net position Net position – beginning of year, as restated Net position – end of year See Notes to Financial Statements. A-26 Net (Expense) Revenue and Changes in Net Position Primary Government Component Unit Governmental Business-type Glenview Activities Activities Total Library (27,602,488) $ -$ (27,602,488) $ -$ (23,981,601) - (23,981,601) - (12,504,174) - (12,504,174) - 13,711,532 - 13,711,532 - (2,087,567) - (2,087,567) - (52,464,298) - (52,464,298) - - (2,426,055) (2,426,055) - - (12,365,145) (12,365,145) - - 488,710 488,710 - - 824,142 824,142 - - 132,419 132,419 - - (13,345,929) (13,345,929) - (52,464,298) (13,345,929) (65,810,227) (6,919,696) $ 41,564,097 - 41,564,097 7,898,664 7,821,912 - 7,821,912 - 2,271,699 - 2,271,699 - 3,308,469 - 3,308,469 - 1,058,897 - 1,058,897 - 15,635,705 - 15,635,705 - 4,832,506 - 4,832,506 - 994,035 - 994,035 - 1,956,146 - 1,956,146 - 667,765 15,093 682,858 21,673 1,701,143 15,942,418 17,643,561 - 11,000,896 (11,000,896) - - 92,813,270 4,956,615 97,769,885 7,920,337 40,348,972 (8,389,314) 31,959,658 1,000,641 140,484,272 69,606,187 210,090,459 12,904,354 180,833,244 $ 61,216,873 $ 242,050,117 $ 13,904,995 $ A-27 Village of Glenview, Illinois Governmental Funds Balance Sheet December 31, 2015 Special Tax Village Capital Nonmajor Total General Allocation Permanent Projects Governmental Governmental Fund Fund Fund Fund Funds Funds Cash and cash equivalents 19,340,380 $ 18,837,769 $ 5,498,904 $ 2,073,918 $ 3,636,270 $ 49,387,241 $ Investments 1,977,698 - 7,928,221 - 4,728,979 14,634,898 Receivables, net of allowances Taxes 19,685,281 - - - - 19,685,281 Accounts 5,100 - 46,472 560 - 52,132 Other 361,570 464,294 17,588 2,741,982 14 3,585,448 Prepaid items - 30,851 - - - 30,851 Inventory 212,300 - - - - 212,300 Due from other funds 639,809 - 1,500,000 3,426,890 - 5,566,699 Due from other governments - - - - 100,865 100,865 Land held for resale 287,500 - - - - 287,500 Notes receivable 35,000 2,083,667 - - - 2,118,667 Lease receivable - - 1,222,000 - - 1,222,000 Advance to other funds - - 15,227,345 - - 15,227,345 Total assets 42,544,638 $ 21,416,581 $ 31,440,530 $ 8,243,350 $ 8,466,128 $ 112,111,227 $ Liabilities Liabilities Accounts payable 2,319,810 $ 17,168,505 $ -$ 4,370,626 $ 194,372 $ 24,053,313 $ Accrued payroll 1,103,290 9,951 - - - 1,113,241 Other payables 1,487,147 552,200 - 269,771 82,184 2,391,302 Due to other funds - - 3,426,890 2,124,757 377 5,552,024 Due to pension trusts 22,117 - - - - 22,117 Unearned revenue 363,167 - - 127,657 - 490,824 Advances from other funds - 15,227,345 - - - 15,227,345 Total liabilities 5,295,531 32,958,001 3,426,890 6,892,811 276,933 48,850,166 Deferred Inflows of Resources Deferred property taxes 11,010,235 - - - - 11,010,235 Deferred interest revenue - - 144,430 - - 144,430 Unavailable grant revenue - - - 1,058,574 - 1,058,574 Total deferred inflows of resources 11,010,235 - 144,430 1,058,574 - 12,213,239 Fund balances Fund balances Nonspendable 499,800 30,851 - - - 530,651 Restricted - - - - 2,194,487 2,194,487 Assigned - - 27,869,210 291,965 5,994,708 34,155,883 Unassigned 25,739,072 (11,572,271) - - - 14,166,801 Total fund balances 26,238,872 (11,541,420) 27,869,210 291,965 8,189,195 51,047,822 Total liabilities, deferred inflows of resources and fund balances 42,544,638 $ 21,416,581 $ 31,440,530 $ 8,243,350 $ 8,466,128 $ 112,111,227 $ See Notes to Financial Statements. Deferred Inflows of Resources Assets A-28 Village of Glenview, Illinois Reconciliation of the Governmental Funds Balance Sheet to the Statement of Net Position December 31, 2015 Total fund balances – governmental funds 51,047,822 $ 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. 243,384,335 Deferred loss on refunding of debt is not considered to represent a financial resource and, therefore, are not reported in the funds.1,976,299 Deferred outflows and deferred inflows of resources related to pensions, which will be recognized as an increase or reduction to pension expense in future reporting periods. Deferred outflows for contributions subsequent to measurement date 1,385,931 $ Deferred outflows due to pensions 16,006,313 Total deferred outflows due to pensions 17,392,244 Deferred inflows due to pensions (3,452,330) Revenues in the Statement of Activities that do not provide current financial resources are deferred inflows of resources in the funds.1,058,574 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:12,496,344 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 (1,541,159) Net other postemployment benefit obligation payable (2,635,519) Net pension liability (71,421,036) Capital lease (730,833) General obligation bond payable, net of unamortized items (60,984,345) Loan payable (5,601,496) Accrued interest payable (155,656) Total long-term liabilities not reported in governmental funds (143,070,044) Net position of governmental activities 180,833,244 $ See Notes to Financial Statements. A-29 Village of Glenview, Illinois Governmental Funds Statement of Revenues, Expenditures, and Changes in Fund Balances For the Year Ended December 31, 2015 Special Tax Village Capital Nonmajor Total General Allocation Permanent Projects Governmental Governmental Fund Fund Fund Fund Funds Funds Taxes Property 11,084,181 $ 30,479,916 $ -$ -$ -$ 41,564,097 $ Other 14,460,977 - - - - 14,460,977 Licenses and permits 3,208,298 - - - - 3,208,298 Charges for services 11,759,058 24,945 - - - 11,784,003 Fines and forfeitures 164,673 - - - - 164,673 Intergovernmental 25,793,250 41,356 - 20,364,975 1,674,477 47,874,058 Investment income 71,411 130,933 81,353 5,617 17,047 306,361 Other revenues 7,055 - - 109,689 3,859 120,603 Total revenues 66,548,903 30,677,150 81,353 20,480,281 1,695,383 119,483,070 Current General government 17,294,427 20,874,482 - - - 38,168,909 Public works 9,260,772 - - - - 9,260,772 Public safety 28,324,828 - - - 96,522 28,421,350 Development 3,900,326 - - 33,681 13,125 3,947,132 Capital outlay 2,066,831 - - 38,961,818 2,101,478 43,130,127 Debt service Bond issuance costs - 20,250 - - - 20,250 Principal - 16,510,938 - 24,371 1,440,000 17,975,309 Interest and fiscal charges - 1,389,472 - - 873,714 2,263,186 Total expenditures 60,847,184 38,795,142 - 39,019,870 4,524,839 143,187,035 Excess (deficiency) of revenues over (under) expenditures 5,701,719 (8,117,992) 81,353 (18,539,589) (2,829,456) (23,703,965) Other financing sources (uses) Proceeds from capital lease 981,451 - - - - 981,451 Issuance of debt - 10,000,000 - - - 10,000,000 Transfers in 2,833,319 - 10,000,000 18,352,106 2,269,836 33,455,261 Transfers (out)(13,974,479) (294,178) (5,525,020) (1,800,000) - (21,593,677) Total other financing sources (uses)(10,159,709) 9,705,822 4,474,980 16,552,106 2,269,836 22,843,035 Net change in fund balances (4,457,990) 1,587,830 4,556,333 (1,987,483) (559,620) (860,930) Fund balances – beginning of year 30,696,862 (13,129,250) 23,312,877 2,279,448 8,748,815 51,908,752 Fund balances – end of year 26,238,872 $ (11,541,420) $ 27,869,210 $ 291,965 $ 8,189,195 $ 51,047,822 $ See Notes to Financial Statements. Revenues Expenditures A-30 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, 2015 Net changes in fund balances—total governmental funds (860,930) $ 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 34,643,130 $ Depreciation expense (7,010,806) Loss on disposal of capital assets (56,298) Depreciation and loss expense over capital outlays 27,576,026 Contributions of capital assets are not reported in governmental funds. However in the statement of activities, contributions of capital assets are recognized as revenue. Contributions from external parties 37,189 Capital lease proceeds are reported as financing sources in governmental funds and thus contribute to the change in fund balance. In the Statement of Net Position entering a capital lease increases long-term liabilities and does not impact the State of Activities. Similarly, principal payments are an expenditure in governmental funds but reduce the liability in the Statement of Net Position. Capital lease proceeds (981,451) Payment of principal on lease 250,618 Revenue in the Statement of Activities that do not provide current financial resources are not reported as revenues in the funds.(1,725,426) 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: Change in net pension liability and related pension amounts 8,637,392 Change in net other postemployement benefit obligation (341,878) Change in compensated absenses 50,652 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 17,975,309 Issuance of bonds (10,000,000) Amortization of premium/discount 464,256 Amortization of deferred loss on refunding (296,247) Net affect of long-term debt 8,143,318 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.28,099 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.(464,637) Change in net position of governmental activities – statement of activities 40,348,972 $ See Notes to Financial Statements. A-31 Village of Glenview, Illinois Proprietary Funds Statement of Net Position December 31, 2015 Business-type Activities - Glenview North Maine Glenview Water Water and Sanitary Fund Sewer Fund Sewer Fund Current assets Cash and cash equivalents 2,670,189 $ 956,694 $ 1,035,253 $ Investments - - - Receivables Accounts, net 1,937,368 2,369 632,635 Interest - - - Other - - - Prepaid items - - - Inventory 687,761 - - Total current assets 5,295,318 959,063 1,667,888 Noncurrent assets Capital assets, not being depreciated 67,851 - - Capital assets being depreciated - net 36,929,028 - 18,311,122 Total noncurrent assets 36,996,879 - 18,311,122 Total assets 42,292,197 959,063 19,979,010 Deferred Outflows of Resources Deferred outflows due to pensions 831,649 - 183,816 Liabilities Current liabilities Accounts payable 2,359,634 1,980 355,087 Accrued payroll 76,929 - 17,337 Accrued interest payable 5,864 542 140 Accrued expenses - - - Refundable deposits 11,230 - - Due to other funds - - - Claims payable - - - Unearned revenues - - - Current portion of long-term liabilities 418,386 130,000 279,400 Total current liabilities 2,872,043 132,522 651,964 Noncurrent liabilities Claims payable - - - Long-term liabilities due in more than one year 4,267,857 (320) 277,960 Total noncurrent liabilities 4,267,857 (320) 277,960 Total liabilities 7,139,900 132,202 929,924 Deferred Inflows of Resources Deferred inflows due to pensions 9,944 - - Net Position Net investment in capital assets 33,635,480 - 18,030,652 Unrestricted 2,338,522 826,861 1,202,250 Total net position 35,974,002 $ 826,861 $ 19,232,902 $ See Notes to Financial Statements. Assets A-32 Enterprise Funds Governmental Nonmajor Total Activities Enterprise Enterprise Internal Service Funds Funds Funds 1,808,939 $ 6,471,075 $ 6,951,780 $ - - 6,773,862 159,606 2,731,978 75,764 - - 24,443 - - 60,000 - - 329,047 - 687,761 360,262 1,968,545 9,890,814 14,575,158 500,000 567,851 - 2,836,311 58,076,461 - 3,336,311 58,644,312 - 5,304,856 68,535,126 14,575,158 - 1,015,465 - 117,144 2,833,845 404,362 3,104 97,370 19,300 - 6,546 - 1,500 1,500 39,735 - 11,230 - - - 14,675 - - 632,440 - - 19,642 - 827,786 - 121,748 3,778,277 1,130,154 - - 948,660 - 4,545,497 - - 4,545,497 948,660 121,748 8,323,774 2,078,814 - 9,944 - 3,336,311 55,002,443 - 1,846,797 6,214,430 12,496,344 5,183,108 $ 61,216,873 $ 12,496,344 $ A-33 Village of Glenview, Illinois Proprietary Funds Statement of Revenues, Expenses, and Changes in Fund Net Position For the Year Ended December 31, 2015 Business-type Activities - Glenview North Maine Glenview Water Water and Sanitary Fund Sewer Fund Sewer Fund Operating revenues Charges for sales and services 12,035,977 $ 2,518,296 $ 2,286,741 $ Miscellaneous 702,176 31,685 236,300 Total operating revenues 12,738,153 2,549,981 2,523,041 Operating expenses Operations and maintenance Insurance services - - - Parking services - - - Water services 13,859,081 - - Sewerage services - - 1,546,429 North Maine water and sewer distribution - 14,449,301 - Capital asset repair and replacement - - - Depreciation and amortization 1,275,710 184,462 469,256 Total operating expenses 15,134,791 14,633,763 2,015,685 Operating income (loss)(2,396,638) (12,083,782) 507,356 Nonoperating revenues (expenses) Other income - 113,267 9,719 Investment income (loss)4,601 9,249 707 Gain (loss) on sale of assets (4,336) 15,825,645 (1,877) Reassignment of capital assets - - - Interest and fiscal charges (29,417) (281,363) (18,646) Total nonoperating revenues (expenses)(29,152) 15,666,798 (10,097) Income (loss) before transfers (2,425,790) 3,583,016 497,259 Transfers in 285,602 - 79,974 Transfers out - (10,572,177) - Change in net position (2,140,188) (6,989,161) 577,233 Net position – beginning of year, as restated 38,114,190 7,816,022 18,655,669 Net position – end of year 35,974,002 $ 826,861 $ 19,232,902 $ See Notes to Financial Statements. A-34 Enterprise Funds Governmental Nonmajor Total Activities Enterprise Enterprise Internal Service Funds Funds Funds 2,607,145 $ 19,448,159 $ 10,309,111 $ 9,450 979,611 210,091 2,616,595 20,427,770 10,519,202 - - 6,614,829 349,629 349,629 - 1,172,689 15,031,770 - - 1,546,429 - - 14,449,301 - - - 2,277,411 137,716 2,067,144 - 1,660,034 33,444,273 8,892,240 956,561 (13,016,503) 1,626,962 - 122,986 - 536 15,093 361,404 - 15,819,432 35,529 - - (1,627,844) - (329,426) - 536 15,628,085 (1,230,911) 957,097 2,611,582 396,051 - 365,576 9,425 (794,295) (11,366,472) (870,113) 162,802 (8,389,314) (464,637) 5,020,306 69,606,187 12,960,981 5,183,108 $ 61,216,873 $ 12,496,344 $ A-35 Village of Glenview, Illinois Proprietary Funds Statement of Cash Flows For the Year Ended December 31, 2015 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 12,506,592 $ 2,783,251 $ 2,427,436 $ Cash received from other sources 29,127 - 80,019 Cash payments for goods and services (10,894,544) (2,709,764) (1,268,005) Cash payments to employees (2,280,201) (12,326,035) (505,293) Net cash provided by (used in) operating activities (639,026) (12,252,548) 734,157 Cash flows from noncapital financing activities Transfers in 285,602 - 79,974 Transfers out - (11,181,359) - Net cash provided by (used in) noncapital financing activities 285,602 (11,181,359) 79,974 Cash flows from capital and related financing activities Purchases of capital assets (2,632,110) - (853,201) Proceeds from sales of assets - 22,816,393 - Principal payments (344,400) (1,063,950) (270,600) Interest payments (25,669) (297,285) (20,168) Proceeds from sale of notes 3,003,592 - - Net cash provided by (used in) capital and related financing activities 1,413 21,455,158 (1,143,969) Cash flows from investing activities Sale of investments 248,700 - - Loss on investments - - - Interest received 4,642 9,247 707 Net cash provided by investing activities 253,342 9,247 707 Net increase (decrease) in cash and cash equivalents (98,669) (1,969,502) (329,131) Cash and cash equivalents – beginning of year 2,768,858 2,926,196 1,364,384 Cash and cash equivalents – end of year 2,670,189 $ 956,694 $ 1,035,253 $ See Notes to Financial Statements A-36 Enterprise Funds Governmental Nonmajor Total Activities Enterprise Enterprise Internal Service Funds Funds Funds 2,616,495 $ 20,333,774 $ 10,529,276 $ - 109,146 - (1,445,249) (16,317,562) (8,449,963) (88,413) (15,199,942) (1,059,162) 1,082,833 (11,074,584) 1,020,151 - 365,576 9,425 (794,295) (11,975,654) (870,113) (794,295) (11,610,078) (860,688) (68,169) (3,553,480) (1,627,844) - 22,816,393 35,529 - (1,678,950) - - (343,122) - - 3,003,592 - (68,169) 20,244,433 (1,592,315) - 248,700 931,832 - - - 1,203 15,799 374,840 1,203 264,499 1,306,672 221,572 (2,175,730) (126,180) 1,587,367 8,646,805 7,077,960 1,808,939 $ 6,471,075 $ 6,951,780 $ (Continued) A-37 Village of Glenview, Illinois Proprietary Funds Statement of Cash Flows (Continued) For the Year Ended December 31, 2015 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 (used in) operating activities: Operating income (2,396,638) $ (12,083,782) $ 507,356 $ Adjustments to reconcile operating income to net cash provided by (used in) operating activities Depreciation and amortization 1,275,710 184,462 469,256 Other income - - 9,719 Changes in assets, liabilities, deferred inflows of resources, deferred outflows of resources Accounts receivable (206,685) 229,867 (29,401) Other receivable 4,251 3,403 4,096 Prepaid expense - - - Inventory (590,079) - - Accounts payable 1,215,530 (564,177) (242,843) Accrued payroll 20,126 (22,321) 5,454 Refundable deposits (1,743) - - Due to other funds - - - Compensated absences (2,607) - - Claims payable - - - Unearned revenue - - - Deferred outflows pension contributions 43,109 - 10,520 Total adjustments 1,757,612 (168,766) 226,801 Net cash provided by (used in) operating activities (639,026) $ (12,252,548) $ 734,157 $ See Notes to Financial Statements. A-38 Enterprise Funds Governmental Nonmajor Total Activities Enterprise Enterprise Internal Service Funds Funds Funds 956,561 $ (13,016,503) $ 1,626,962 $ 137,716 2,067,144 - - 9,719 - (100) (6,319) 10,234 - 11,750 - - - (229,605) - (590,079) 25,954 (12,191) 396,319 (184,497) 847 4,106 4,754 - (1,743) 8,998 - - 14,675 - (2,607) - - - (257,164) - - (160) - 53,629 - 126,272 1,941,919 (606,811) 1,082,833 $ (11,074,584) $ 1,020,151 $ A-39 Village of Glenview, Illinois Pension Trust Agency Funds Funds Cash and cash equivalents 2,652,305 $ 336,508 $ Investments U.S. government and agency obligations 43,000,576 - Municipal obligations 5,238,309 - Corporate obligations 10,724,801 - Equity mutual funds 78,613,910 - Certificates of deposit - 1,031,575 Receivables Property taxes - 235,855 Other - Accrued interest receivable 338,436 11,177 Due from other funds 22,117 - Prepaid expenses 10,575 - Total assets 140,601,029 1,615,115 Accounts payable - 6,300 Refundable deposits - 1,201,685 Accrued expenses 51,941 - Due to bond holders - 407,130 Total liabilities 51,941 1,615,115 Restricted for pensions 140,549,088 $ -$ See Notes to Financial Statements. Net Position Statement of Fiduciary Net Position Fiduciary Funds December 31, 2015 Assets Liabilities A-40 Village of Glenview, Illinois Additions Contributions Employer 17,803,893 $ Participant 1,527,900 Total contributions 19,331,793 Investment income Net depreciation in fair value of investments (4,365,928) Interest income 5,375,036 Less investment expenses (194,338) Net investment income 814,770 Total additions 20,146,563 Deductions Administration 133,927 Retirement pension 7,729,711 Widow pensions 629,718 Disability pensions 632,406 Contribution refunds 1,343 Total deductions 9,127,105 Change in net position 11,019,458 Net position restricted for pensions Beginning 129,529,630 Ending 140,549,088 $ See Notes to Financial Statements. Statement of Changes in Plan Net Position Pension Trust Funds For the Year Ended December 31, 2015 A-41 Village of Glenview, IllinoisNotes to Financial StatementsDecember 31, 2015Note 1. Summary of Significant Accounting PoliciesThe 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 EntityAs 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.Village of Glenview, IllinoisNotes to Financial StatementsDecember 31, 2015Note 1. Summary of Significant Accounting Policies (Continued)Government-wide and Fund Financial StatementsThe 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 andreduced 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 positionresults 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 positionconsists 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 AccountingThe 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. A-42 Village of Glenview, IllinoisNotes to Financial StatementsDecember 31, 2015Note 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 FundsGovernmental 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 fundMotor Fuel Tax FundForeign Fire Insurance FundPolice Department Special Account Funds Waukegan Golf TIF FundDebt 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 fundCapital Projects Fund – a major fundGlen Capital Projects Fund Proprietary FundsProprietary 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:Village of Glenview, IllinoisNotes to Financial StatementsDecember 31, 2015Note 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 fundNorth Maine Water and Sewer Fund - a major fundGlenview Sanitary Sewer Fund - a major fundWholesale Water FundCommuter Parking Lot FundInternal 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 FundMunicipal Equipment Repair FundInsurance and Risk FundFacilities Repair and Replacement FundFiduciary FundsFiduciary 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 FundFirefighters' Pension FundAgency 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 FundEscrow Deposit FundA-43 Village of Glenview, IllinoisNotes to Financial StatementsDecember 31, 2015Note 1. Summary of Significant Accounting Policies (Continued)Fund BalanceThe 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 nor 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, 2015.Village of Glenview, IllinoisNotes to Financial StatementsDecember 31, 2015Note 1. Summary of Significant Accounting Policies (Continued)Measurement Focus, Basis of Accounting, and Financial Statement PresentationThe 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 2015 to finance the Village's 2016 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.A-44 Village of Glenview, IllinoisNotes to Financial StatementsDecember 31, 2015Note 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. Village of Glenview, IllinoisNotes to Financial StatementsDecember 31, 2015Note 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 EquivalentsFor 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.InvestmentsInvestments are carried at fair value based on quoted market prices.ReceivablesThe 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 ItemsInventory 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 ServicesUnbilled revenue in the proprietary funds is recognized as earned when the services are provided.A-45 Village of Glenview, IllinoisNotes to Financial StatementsDecember 31, 2015Note 1. Summary of Significant Accounting Policies (Continued)Capital AssetsCapital 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:Land improvements 25 - 50 yearsBridges50 yearsBuildings and improvements 10 - 50 yearsInfrastructure*25 - 60 yearsStormsewer system40 yearsWater mains 50 yearsSanitary mains 50 yearsMachinery and equipment, and vehicles 4 - 30 yearsLibrary books and materials 7 years*Infrastructure includes roads, curbs, gutters, recreational paths, street lights, field lights, 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 hoursPublic Works Union 120 hoursDispatch Union84 hoursPolice Union84 hoursFirefighter UnionN/AVillage of Glenview, IllinoisNotes to Financial StatementsDecember 31, 2015Note 1. Summary of Significant Accounting Policies (Continued)Long-Term ObligationsIn 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 thegovernmental 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 JudgmentsLiabilities resulting from claims and judgments, including claims incurred but not reported, have been reflected in the financial statements.Capital ContributionsCapital contributions, if any, reported in the statement of activities and proprietary funds represent capital assets donated from outside parties, principally developers.Interfund TransactionsThe 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. A-46 Village of Glenview, IllinoisNotes to Financial StatementsDecember 31, 2015Note 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 EstimatesIn 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 InvestmentsThe 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.Village of Glenview, IllinoisNotes to Financial StatementsDecember 31, 2015Note 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, 2015, cash and investments consisted of the following:Pension Agency ComponentVillage Trust Funds Funds Unit TotalDemand deposits 55,211,677 $ 2,642,906$ 336,508 $ 4,759,980 $ 62,951,071 $Certificates of deposit 15,840,064 - 1,031,575 246,800 17,118,439 The Illinois Funds 8,438,136 9,399 - 1,769 8,449,304 U.S. treasury obligations 4,728,979 16,171,930 - - 20,900,909 U.S. agency obligations - 26,828,646 - - 26,828,646 Municipal obligations - 5,238,309 - - 5,238,309 Corporate obligations - 10,724,801 - - 10,724,801 Mutual funds - equity - 78,613,910 - - 78,613,910 Total 84,218,856 $ 140,229,901 $1,368,083 $5,008,549 $230,825,389 $Fiduciary ActivitiesThe Illinois FundsIllinois 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 - DepositsCustodial 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, 2015, the Village was not exposed to custodial credit risk on deposits.A-47 Village of Glenview, IllinoisNotes to Financial StatementsDecember 31, 2015Note 2. Deposits and Investments (Continued)Interest Rate RiskInterest 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, 2015 the Village had the following investments and maturities: FairLessGreaterInvestment TypeValue than 11-5than 5U.S. treasury obligations4,728,979 $4,728,979 $-$-$Totals4,728,979 $4,728,979 $-$-$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, 2015, the Police Pension Fund had the following investments and maturities:FairLessGreaterInvestment TypeValue than 11-56-10 than 10U.S. treasury obligations12,095,328 $2,649,344 $8,572,640 $873,344 $-$U.S. agency obligations6,750,089 - 1,990,137 4,044,733 715,219 Municipal obligations366,981 85,033 256,128 25,820 -Corporate obligations10,724,801 490,440 6,977,487 3,214,328 42,546 Totals29,937,199 $3,224,817 $17,796,392 $8,158,225 $757,765 $Investment Maturities (in years)Village of Glenview, IllinoisNotes to Financial StatementsDecember 31, 2015Note 2. Deposits and Investments (Continued)Interest Rate Risk (Continued)As of December 31, 2015, the Firefighters’ Pension Fund had the following investments and maturities:FairLessGreaterInvestment TypeValue than 11-56-10 than 10U.S. treasury obligations4,076,602 $554,000 $2,766,391 $756,211 $-$U.S. agency obligations20,078,557 494,124 6,905,779 12,429,056 249,598 Municipal obligations4,871,328 50,378 2,027,402 1,713,396 1,080,152 Totals29,026,487 $1,098,502 $11,699,572 $14,898,663 $1,329,750 $Investment Maturities (in years)Credit RiskCredit 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, 2015, the Pension Funds had the following fixed income investments which are rated by Standard & Poor’s as follows:Standard & Poor's:FairValue AAAAAABBB Not RatedU.S. agency obligations 26,828,646 $ -$25,779,493 $ -$-$1,049,153 $ Municipal obligations 5,238,309 869,340 2,611,719 272,373 - 1,484,877 Corporate obligations 10,724,801 161,381 1,058,436 5,131,968 4,324,290 48,726 Totals42,791,756 $ 1,030,721 $29,449,648 $ 5,404,341 $ 4,324,290 $ 2,582,756 $ A-48 Village of Glenview, IllinoisNotes to Financial StatementsDecember 31, 2015Note 2. Deposits and Investments (Continued)Credit Risk (Continued)As of December 31, 2015, the Pension Funds had the following fixed income investments which are rated by Moody’s as follows:Moody's:FairValueAaaAaABaa Not RatedU.S. agency obligations 26,828,646 $ 25,530,663 $ -$-$-$1,297,983 $ Municipal obligations 5,238,309 895,161 2,046,363 272,373 - 2,024,412 Corporate obligations 10,724,801 161,381 1,052,605 4,041,559 5,377,983 91,273 Totals42,791,756 $ 26,587,205 $ 3,098,968 $4,313,932 $ 5,377,983 $ 3,413,668 $ Custodial Credit RiskFor 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 RiskConcentration 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, 2015. Village of Glenview, IllinoisNotes to Financial StatementsDecember 31, 2015Note 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, 2015, 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 PensionFederal Home Loan Bank 9,833,241 $Federal Farm Credit Bank 8,894,327 18,727,568 $The Police Pension Fund did not have any such investments as of December 31, 2015. Note 3. ReceivablesProperty Tax ReceivablesThe 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 2015 are intended to finance the Village’s subsequent fiscal year and have been recorded as deferred inflows of resources. The Village has recognized the 2014 tax levy as revenue in fiscal year 2015. Taxes ReceivableThe following receivables are included in Receivables - Taxes on the Governmental Funds Balance Sheet and Statement of Net Position - Governmental Activities: Property10,946,648 $Sales6,185,110 Utility885,278 Income977,011 Use381,871 Franchise200,006 Hotel96,014 Amusement13,343 Total taxes receivable 19,685,281 $A-49 Village of Glenview, IllinoisNotes to Financial StatementsDecember 31, 2015Note 3. Receivables (Continued)Other ReceivablesThe following receivables are included in Receivables - Other on the Governmental Funds Balance Sheet and Statement of Net Position – Governmental Activities: Court fines9,363 $Tipping fees44,604 911 surcharge fees180,666 Grants2,741,982 Interest18,530 Licenses120,609 Other469,694 Total other receivables - Governmental Funds 3,585,448 Internal Service Funds and other adjustments 84,443 Total other receivables - Governmental Activities 3,669,891 $Due From Other GovernmentsThe 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 taxes100,865 $Total due from other governments100,865 $Village of Glenview, IllinoisNotes to Financial StatementsDecember 31, 2015Note 4. Capital AssetsGovernmental ActivitiesA summary of changes in capital assets for governmental activities of the Village is as follows:BalanceBalanceJanuary 1,December 31, 2015 Additions Deletions2015Capital assets not being depreciated Construction in progress4,005,984 $7,718,403 $11,644,131 $80,256 $Land8,779,220 12,297,476 - 21,076,696 Land right of way55,244,762 37,189 - 55,281,951 Total capital assets not being depreciated68,029,966 20,053,068 11,644,131 76,438,903 Capital assets being depreciated Buildings and improvements 81,430,310 13,549,965 - 94,980,275 Machinery and equipment14,146,652 3,771,430 498,743 17,419,339 Infrastructure145,274,338 8,949,987 197,703 154,026,622 Total capital assets beingdepreciated240,851,300 26,271,382 696,446 266,426,236 Less accumulated depreciation Buildings and improvements 20,428,821 2,054,596 - 22,483,417 Machinery and equipment8,446,923 1,403,743 442,445 9,408,221 Infrastructure64,234,402 3,552,467 197,703 67,589,166 Total accumulated depreciation 93,110,146 7,010,806 640,148 99,480,804 Total capital assets beingdepreciated, net147,741,154 19,260,576 56,298 166,945,432 Governmental activities, capitalassets, net215,771,120 $39,313,644 $11,700,429 $243,384,335 $A-50 Village of Glenview, IllinoisNotes to Financial StatementsDecember 31, 2015Note 4. Capital Assets (Continued)Business-type ActivitiesA summary of changes in capital assets for business-type activities of the Village is as follows:BalanceBalanceJanuary 1,December 31, 2015 Additions Deletions2015Capital assets not being depreciated Land802,851 $-$235,000 $567,851 $Construction in progress114,700 68,169 182,869 -Total capital assets not being depreciated917,551 68,169 417,869 567,851 Capital assets being depreciated Buildings and improvements 2,613,425 182,869 -2,796,294 Water system60,533,986 2,379,112 6,938,919 55,974,179 Sanitary sewer system25,346,021 853,151 1,936,574 24,262,598 Equipment and vehicles4,909,945 253,000 571,861 4,591,084 Total capital assets beingdepreciated93,403,377 3,668,132 9,447,354 87,624,155 Less accumulated depreciation Buildings and improvements891,492 78,359 -969,851 Water system19,902,960 1,172,241 2,257,835 18,817,366 Sanitary sewer system6,137,842 485,723 672,089 5,951,476 Equipment and vehicles4,162,605 218,257 571,861 3,809,001 Total accumulated depreciation 31,094,899 1,954,580 3,501,785 29,547,694 Total capital assets beingdepreciated, net62,308,478 1,713,552 5,945,569 58,076,461 Business-type activities, capitalassets, net63,226,029 $1,781,721 $6,363,438 $58,644,312 $Village of Glenview, IllinoisNotes to Financial StatementsDecember 31, 2015Note 4. Capital Assets (Continued)Depreciation ExpenseDepreciation expense was charged to functions/programs of the primary government's governmental activities as follows:General government4,130,659 $Public safety1,621,077Public works825,799 Development433,271 Total governmental activity depreciation expense 7,010,806 $Depreciation expense for the business-type activities are as follows:Glenview Water Fund1,277,487 $North Maine Water and Sewer Fund 68,725 Glenview Sanitary Sewer Fund 470,652 Wholesale Water Fund62,816 Commuter Parking Fund74,900 Total business-type activity depreciation expense 1,954,580 $A-51 Village of Glenview, IllinoisNotes to Financial StatementsDecember 31, 2015Note 4. Capital Assets (Continued)Component Unit – Glenview LibraryA summary of changes in capital assets for the Library is as follows:BalanceBalanceJanuary 1,December 31, 2015 Additions Deletions2015Capital assets not being depreciated:Land5,426,987 $-$-$5,426,987 $Capital assets being depreciated:Buildings and improvements 26,901,546 -- 26,901,546 Equipment and vehicles128,107 --128,107 Library books and materials7,092,412 660,564 547,713 7,205,263 Total capital assets beingdepreciated34,122,065 660,564 547,713 34,234,916 Less accumulated depreciation:Buildings and improvements 2,641,080 538,031 -3,179,111 Equipment and vehicles109,942 3,678 -113,620 Library books and materials5,247,331 542,748 547,713 5,242,366 Total accumulated depreciation7,998,353 1,084,457 547,713 8,535,097 Total capital assets beingdepreciated, net26,123,712 (423,893) - 25,699,819 Total capital assets, net31,550,699 $(423,893) $-$31,126,806 $Village of Glenview, IllinoisNotes to Financial StatementsDecember 31, 2015Note 5. Risk ManagementThe 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 insuredprograms, settlement amounts have not exceeded insurance coverage for the current or three prior years.Self-InsuranceThe 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, 2015 was $1,581,100. A reconciliation of the claims liability for the current year and that of the preceding year is reported below:Unpaid claims liability - January 1, 20141,696,121 $Claims incurred - calendar year 20141,245,412 Claims paid - calendar year 2014(1,103,269) Unpaid claims liability - December 31, 20141,838,264 Claims incurred - calendar year 2015239,502 Claims paid - calendar year 2015(496,666) Unpaid claims liability - December 31, 20151,581,100 $A-52 Village of Glenview, IllinoisNotes to Financial StatementsDecember 31, 2015Note 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 ($11,000,000 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.Village of Glenview, IllinoisNotes to Financial StatementsDecember 31, 2015Note 6. Long-Term DebtChanges in Long-Term LiabilitiesThe following is a summary of changes in the Village's long-term liabilities in 2015: BalanceBalance AmountsJanuary 1,December 31, due within2015 Additions Deductions 2015 one yearGovernmental activities:General obligation bonds64,690,000 $10,000,000 $16,645,000 $58,045,000 $6,900,000 $Loan payable6,931,805 - 1,330,309 5,601,496 1,330,309 Capital lease payable- 981,451 250,618 730,833 240,041 UnamortizedBond discount(59,857) -(13,810) (46,047) -Bond premium3,463,458 - 478,066 2,985,392 -Compensated absences1,591,811 318,362 369,014 1,541,159 308,232 Claims payable1,838,264 239,502 496,666 1,581,100 632,440 Net pension liability68,812,213 27,790,596 25,181,773 71,421,036 -Other postemployment benefits 2,293,641 740,015 398,137 2,635,519 -Total governmental activities 149,561,335 40,069,926 45,135,773 144,495,488 9,411,022 Business-type activities:General obligation bonds1,510,000 - 745,000 765,000 765,000 Notes payable933,950 3,003,592 933,950 3,003,592 50,000 UnamortizedBond discount(640) -(320) (320) -Bond premium6,450 -3,173 3,277 -Compensated absences66,538 13,308 15,916 63,930 12,786 Net pension liability809,587 1,970,204 1,241,988 1,537,803 -Total business-type activities 2,516,298 3,016,900 1,697,719 5,373,282 827,786 Total Village long-termliabilities152,077,633 $43,086,826 $46,833,492 $149,868,770 $10,238,808 $Component Unit - Glenview LibraryGeneral obligation bonds21,610,000 $-$1,125,000 $20,485,000 $1,155,000 $Compensated absences275,400 55,080 61,284 269,196 53,839 Net pension liability1,133,499 2,683,399 1,722,425 2,094,473 -Total component unit -Glenview Library23,018,899 $2,738,479 $2,908,709 $22,848,669 $1,208,839 $A-53 Village of Glenview, IllinoisNotes to Financial StatementsDecember 31, 2015Note 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 2015: BeginningEnding Due WithinIssueBalance Issuances Retirements Balance One YearGovernmental activities$10,000,000 General ObligationBond Series 2006A10,000,000 $-$10,000,000 $-$-$$11,290,000 General ObligationBond Series 2009D5,455,000 - 1,370,000 4,085,000 1,365,000 $18,090,000 General ObligationRefunding Bond Series 2012A 18,090,000 -- 18,090,000 -$14,575,000 General ObligationRefunding Bond Series 2012B 14,575,000 - 1,200,000 13,375,000 1,245,000 $7,730,000 General ObligationRefunding Bond Series 2012C 6,365,000 - 1,440,000 4,925,000 1,540,000 $6,065,000 General ObligationBond Series 2013A5,820,000 - 240,000 5,580,000 245,000 $4,385,000 General ObligationBond Taxable Series 2013B4,385,000 -- 4,385,000 -$10,000,000 General ObligationBond Taxable Series 2015- 10,000,000 2,395,000 7,605,000 2,505,000 Total governmental generalobligation bonded debt64,690,000 $10,000,000 $16,645,000 $58,045,000 $6,900,000 $$633,827 Illinois EnvironmentalProtection Agency Loan402,117 - 24,371 377,746 24,371 $6,529,688 Taxable Term Loan6,529,688 - 1,305,938 5,223,750 1,305,938 Total loans payable6,931,805 - 1,330,309 5,601,496 1,330,309 Total governmental debt71,621,805 $10,000,000 $17,975,309 $63,646,496 $8,230,309 $Village of Glenview, IllinoisNotes to Financial StatementsDecember 31, 2015Note 6. Long-Term Debt (Continued)Changes in Long-Term Liabilities (Continued)BeginningEnding Due WithinIssueBalance Issuances Retirements Balance One YearBusiness-type activities$5,000,000 General ObligationBond Series 2007ADebt retired by:Glenview Sanitary Sewer Fund 550,000 $-$270,600 $279,400 $279,400 $Glenview Water Fund700,000 - 344,400 355,600 355,600 1,250,000 - 615,000 635,000 635,000 $1,200,000 General ObligationBond Taxable Series 2007B260,000 - 130,000 130,000 130,000 Total business-type general obligation bonded debt1,510,000 - 745,000 765,000 765,000 $7,333,416 Draw/Term Note- 3,003,592 - 3,003,592 50,000 $2,850,000 Corporate PurposeNote Series 1997933,950 - 933,950 --Total business-type notes payable 933,950 3,003,592 933,950 3,003,592 50,000 Total business-type debt2,443,950 $3,003,592 $1,678,950 $3,768,592 $815,000 $Component Unit-Glenview Library$26,300,000 General ObligationBond Series 2009A21,610,000 - 1,125,000 20,485,000 1,155,000 Total component-unit debt21,610,000 $-$1,125,000 $20,485,000 $1,155,000 $Total debt95,675,755 $13,003,592 $20,779,259 $87,900,088 $10,200,309 $A-54 Village of Glenview, IllinoisNotes to Financial StatementsDecember 31, 2015Note 6. Long-Term Debt (Continued)General Long-Term DebtThe Village issues general obligation bonded debt to finance capital projects. At December 31, 2015, general obligation bonded debt is comprised of the following:Remaining Balance$5,000,000 General Obligation Bond Series 2007ADated 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.635,000 $$1,200,000 General Obligation Bond Taxable Series 2007BDated 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. 130,000 $26,300,000 General Obligation Bond Series 2009ADated May 5, 2009. Due in annual installments of $460,000 to $1,860,000plus interest at 3.00% to 4.125% through December 1, 2029. Debt is retired by proceeds from a Library property tax levy. 20,485,000 $11,290,000 General Obligation Refunding Series 2009DDated 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. 4,085,000 $18,090,000 General Obligation Refunding Bond Series 2012ADated 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 2012BDated December 18, 2012. Due in annual installments of $1,200,000to $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. 13,375,000 $7,730,000 General Obligation Refunding Bond Series 2012CDated 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. 4,925,000 $6,065,000 General Obligation Bond Series 2013ADated 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. 5,580,000 Village of Glenview, IllinoisNotes to Financial StatementsDecember 31, 2015Note 6. Long-Term Debt (Continued)General Long-Term Debt (Continued)Remaining Balance$4,385,000 General Obligation Bond Taxable Series 2013BDated 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 $$10,000,000 General Obligation Refunding Bond Series 2015Dated July 30, 2015. Due in annual installments of $2,395,000to $2,565,000 plus interest at 0.44% to 1.05% through December 1, 2018.Debt is retired by the Special Tax Allocation Fund. 7,605,000 Total general obligation bonded debt 79,295,000 At December 31, 2015, notes payable is comprised of the following:$7,333,416 Draw/Term NoteDated May 1, 2015. Due in annual installments of $50,000 to $1,200,000plus interest at a rate using the LIBOR rate through conversion date (August 1, 2016) and 2.0% thereafter on June 1 and December 1 each year through December 1, 2025. Debt is retired by the Water Fund. The note proceeds wereutilized for capital improvements. 3,003,592 At December 31, 2015, loans payable is comprised of the following:$633,827 Illinois Environmental Protection Agency LoanDated January 22, 2010. Due in semi-annual installments of $6,617 to $12,185with no interest due through April 14, 2031. Debt is retired by the Capital Projects Fund. The loan proceeds were utilized for a capital project.377,746 $6,529,688 5 Year LoanDated December 1, 2014. Due in 5 installments of $1,305,938 andinterest 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 purchaseland held for resale.5,223,750 Total loans payable5,601,496 Total debt87,900,088 $A-55 Village of Glenview, IllinoisNotes to Financial StatementsDecember 31, 2015Note 6. Long-Term Debt (Continued)Loan PayableOn May 1, 2015, the Village agreed to borrow up to $7,333,416 from Glenview State Bank in a draw-loan in order to finance water capital improvements for Advanced Metering Infrastructure (AMI) for the Glenview Water System. This is a Bank Qualified Tax Exempt loan and the Village has drawn $3,003,592 as of December 31, 2015. The remaining amount is expected to be drawn by July 31, 2016.Current RefundingOn July 30, 2015, the Village issued $10,000,000 in general obligation refunding bonds, Series 2015, with varying interest rates of 0.44 to 1.05 percent in order to refund $10,000,000 of outstanding general obligation bonds, Series 2006A, with an average interest rate of 4.6 percent. The net proceeds of $10,088,542 (including issuer equity contributions of $108,792, less issuance costs of $20,250) were transferred to the paying agent in order to refund the Series 2006A on the call date of August 25, 2015. The Village refunded the Series 2006A in order to take advantage of more favorable interest rates which provide the Village with cost savings. The Village reduced its total debt service payments for 2006A fouryears by approximately $497,821 and achieved an economic gain of approximately $488,737 (difference between the net present value of the debt service payments on the old and the new debt).Debt Service Requirements to MaturityGovernmental ActivityAnnual general obligation bond debt and loans payable debt service requirements to maturity for the Village’s governmental activities are as follows:Fiscal Year EndingDecember 31, Principal Interest Principal Interest2016 6,900,000 $ 1,994,241 $ 1,330,308 $ 98,250 $2017 7,670,000 1,760,515 1,330,308 73,486 2018 7,870,000 1,509,117 1,330,308 48,991 2019 8,125,000 1,231,791 1,330,308 24,495 2020 8,390,000 980,472 24,371 -2021-2025 16,210,000 1,686,810 121,854 -2026-2030 1,695,000 443,826 121,854 -2031-2033 1,185,000 96,000 12,185 -Totals 58,045,000 $ 9,702,772 $ 5,601,496 $ 245,222 $General Obligation Bonds Loans PayableVillage of Glenview, IllinoisNotes to Financial StatementsDecember 31, 2015Note 6. Long-Term Debt (Continued)Debt Service Requirements to Maturity (Continued) Business-type ActivityAnnual general obligation bond and corporate purpose notes payable debt service requirements to maturity for the Village's business-type activities are as follows:Year EndingDecember 31, Principal Interest Principal Interest2016 765,000 $ 30,312 $ 50,000 $ 93,178 $2017 - - 300,000 145,668 2018 - - 500,000 139,668 2019 - - 700,000 129,668 2020 - - 900,000 115,668 2021-2025 - - 553,592 268,740 Totals 765,000 $ 30,312 $ 3,003,592 $ 892,590 $General Obligation Bonds Corporate Purpose NotesComponent Unit – Glenview LibraryAnnual general obligation bond debt service requirements to maturity for the Village's component unit are as follows:Year EndingDecember 31, Principal Interest2016 1,155,000 $ 780,131 $2017 1,190,000 745,481 2018 1,225,000 703,831 2019 1,270,000 660,956 2020 1,310,000 616,506 2021-2025 7,330,000 2,303,980 2026-2029 7,005,000 730,793 Totals 20,485,000 $ 6,541,678 $Noncommitment Debt – Special Service Area BondsThe special service area bonds outstanding as of December 31, 2015 totaled $329,706. 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.A-56 Village of Glenview, IllinoisNotes to Financial StatementsDecember 31, 2015Note 6. Long-Term Debt (Continued)Compensated Absences and Other Postemployment BenefitsThe General Fund is used to liquidate any liability for compensated absences and other postemployment benefits of governmental activities.Note 7. Interfund Balances and TransfersInterfund BalancesThe 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, 2015 are shown as follows:Due to/from Other FundsDue From/ToReceivable Fund Payable Fund Other FundsGeneral Fund Capital Projects Fund 624,757 $Capital Projects Fund Permanent Fund 1,926,890 General Fund Nonmajor Governmental Funds 377General Fund Internal Service Fund 14,675 Pension Trust Funds General Fund 22,117 Total2,588,816 $Advances to/from Other FundsAdvance From/ToAdvance FromAdvance ToOther FundsSpecial Tax Allocation Fund Village Permanent Fund15,227,345 $Village of Glenview, IllinoisNotes to Financial StatementsDecember 31, 2015Note 7. Interfund Balances and Transfers (Continued)Interfund TransfersTransfers 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, 2015 were as follows:Transfers InTransfers OutAmountGeneralSpecial Tax Allocation294,178 $GeneralCapital Projects1,800,000 GeneralNonmajor Enterprise300,000 GeneralNorth Maine Water and Sewer206,601 GeneralInternal Service232,540 Nonmajor GovernmentalGeneral2,269,836 Capital ProjectsGeneral11,704,642 Capital ProjectsVillage Permanent5,515,596 Capital ProjectsNonmajor Enterprise494,295 Capital ProjectsInternal Service637,573 Village PermanentNorth Maine Water and Sewer10,000,000 Nonmajor GovernmentalVillage Permanent9,425 Glenview WaterNorth Maine Water and Sewer285,602 Glenview SewerNorth Maine Water and Sewer79,974 33,830,262 $A-57 Village of Glenview, IllinoisNotes to Financial StatementsDecember 31, 2015Note 8. Contractual CommitmentsHigh-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 AgreementIn 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 2015, the Village made payments to the retailer totaling $2,048,537 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 2015 is the first year sales tax rebates have been earned and they approximate $285,000.Construction CommitmentsThe Village has certain contracts in various funds for construction projects which were in progress at December 31, 2015. Remaining commitments under these contracts approximated $1,025,966. Note 9. Joint VenturesHigh-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 revenuesThe 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.)Village of Glenview, IllinoisNotes to Financial StatementsDecember 31, 2015Note 9. Joint Ventures (Continued)Solid Waste Agency of Northern Cook CountyThe 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 $606,909 to SWANCC for the year ended December 31, 2015. The payments are recorded in the General Fund. The Village does not have an equity interest in SWANCC at December 31, 2015. 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 website, www.swancc.org.Note 10. Employee Retirement Systems Illinois Municipal Retirement FundPlan DescriptionThe 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 Village’splan is managed by the Illinois Municipal Retirement Fund (IMRF), the administrator of an agent multiple-employer public pension fund. A summary of IMRF’s pension benefits is provided in the “Benefits Provided” section of this document. Details of all benefits are available from IMRF. 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 Comprehensive Annual Financial Report that includes financial statements, detailed information about the pension plan’s fiduciary net position, and required supplementary information. The report is available for download at www.imrf.org.A-58 Village of Glenview, IllinoisNotes to Financial StatementsDecember 31, 2015Note 10. Employee Retirement Systems (Continued)Illinois Municipal Retirement Fund (Continued)Benefits ProvidedIMRF has three benefit plans. The vast majority of IMRF members participate in the Regular Plan (RP). The Sheriff’s Law Enforcement Personnel (SLEP) plan is for sheriffs, deputy sheriffs, and selected police chiefs. Counties could adopt the Elected County Official (ECO) plan for officials elected prior to August 8, 2011 (the ECO plan was closed to new participants after that date). All three IMRF benefit plans have two tiers. Employees hired beforeJanuary 1, 2011, are eligible for Tier 1 benefits. Tier 1 employees are vested for pension benefits when they have at least eight years of qualifying service credit. Tier 1 employees who retire at age 55 (at reduced benefits) or after age 60 (at full benefits) with eight years of service are entitled to an annual retirement benefit, payable monthly for life, in an amount equal to 1-2/3% of the final rate of earnings for the first 15 years of service credit, plus 2% for each year of service credit after 15 years to a maximum of 75% of their final rate of earnings. Final rate of earnings is the highest total earnings during any consecutive 48 months within the last 10 years of service, divided by 48. Under Tier 1, the pension is increased by 3% of the original amount on January 1 every year after retirement.Employees hired on or afterJanuary 1, 2011, are eligible for Tier 2 benefits. For Tier 2 employees, pension benefits vest after ten years of service. Participating employees who retire at age 62 (at reduced benefits) or after age 67 (at full benefits) with ten years of service are entitled to an annual retirement benefit, payable monthly for life, in an amount equal to 1-2/3% of the final rate of earnings for the first 15 years of service credit, plus 2% for each year of service credit after 15 years to a maximum of 75% of their final rate of earnings. Final rate of earnings is the highest total earnings during any 96 consecutive months within the last 10 years of service, divided by 96. Under Tier 2, the pension is increased on January 1 every year after retirement, upon reaching age 67, by the lesserof:3% of the original pension amount, or 1/2 of the increase in the Consumer Price Index of the original pension amount.Employees Covered by Benefit TermsAs of December 31, 2015, the following employees were covered by the benefit terms:MembershipRetirees or beneficiaries currently receiving benefits 237Inactive Plan members entitled to but not yet receiving benefits 154Active Plan members209Total membership600Village of Glenview, IllinoisNotes to Financial StatementsDecember 31, 2015Note 10. Employee Retirement Systems (Continued)Illinois Municipal Retirement Fund (Continued)ContributionsAs set by statute, the Village’s Regular Plan Members are required to contribute 4.5% of their annual covered salary. The statute requires employers to contribute the amount necessary, in addition to member contributions, to finance the retirement coverage of its own employees. The Village’s annual contribution rate for calendar year 2015 was 12.62%. For the fiscal year ended 2015, the Villagecontributed $2,146,493 to the plan. 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 IMRF’s Board of Trustees, while the supplemental retirement benefits rate is set by statuteNet Pension LiabilityThe Village’s net pension liability was measured as of December 31, 2014. The total pension liability used to calculate the net pension liability was determined by an actuarial valuation as of that date.Actuarial AssumptionsThe following are the methods and assumptions used to determine total pension liability at December 31, 2014: The Actuarial Cost Methodused was Entry Age Normal.The Asset Valuation Methodused was Market Value of Assets.The Inflation Ratewas assumed to be 3.5%.Salary Increaseswere expected to be 3.75% to 14.50%, including inflation.The Investment Rate of Returnwas assumed to be 7.50%.Projected Retirement Agewas from the Experience-based Table of Rates, specific to the type of eligibility condition, last updated for the 2014 valuation according to an experience study from years 2011 to 2013. The IMRF-specific rates for Mortality(for non-disabled retirees) were developed from the RP-2014 Blue Collar Health Annuitant Mortality Table with adjustments to match current IMRF experience. For Disabled Retirees, an IMRF-specific mortality table was used with fully generational projection scale MP-2014 (base year 2014). The IMRF-specific rates were developed from the RP-2014 Disabled Retirees Mortality Table, applying the same adjustments that were applied for non-disabled lives.For Active Members, an IMRF-specific mortality table was used with fully generational projection scale MP-2014 (base year 2014). The IMRF-specific rates were developed from the RP-2014 Employee Mortality Table with adjustments to match current IMRF experience.A-59 Village of Glenview, IllinoisNotes to Financial StatementsDecember 31, 2015Note 10. Employee Retirement Systems (Continued)Illinois Municipal Retirement Fund (Continued)Actuarial Assumptions (Continued)The long-term expected rate of return on pension plan investments was determined using a building-block method in which best-estimate ranges of expected future real rates of return (expected returns, net of pension plan investment expense, and inflation) are developed for each major asset class. These ranges are combined to produce the long-term expected rate of return by weighting the expected future real rates of return to the target asset allocation percentage and adding expected inflation. The target allocation and best estimates of geometric real rates of return for each major asset class are summarized in the following table:Long-TermTarget Expected RealAsset ClassAsset Allocation Rate of ReturnDomestic Equity38.00%7.60%International Equity17.00%7.80%Fixed Income27.00%3.00%Real Estate8.00%6.15%Alternative Investments9.00% 5.25 - 8.50%Cash Equivalents1.00%2.25%Total100.00%Single Discount RateA Single Discount Rate of 7.50% was used to measure the total pension liability. The projection of cash flow used to determine this Single Discount Rate assumed that the plan members’ contributions will be made at the current contribution rate, and that employer contributions will be made at rates equal to the difference between actuarially determined contribution rates and the member rate. The Single Discount Rate reflects:1. The long-term expected rate of return on pension plan investments (during the period in which the fiduciary net position is projected to be sufficient to pay benefits), and 2. The tax-exempt municipal bond rate based on an index of 20-year general obligation bonds with an average AA credit rating (which is published by the Federal Reserve) as of the measurement date (to the extent that the contributions for use with the long-term expected rate of return are not met). For the purpose of the most recent valuation, the expected rate of return on plan investments is 7.50%, the municipal bond rate is 3.56%, and the resulting single discount rate is 7.50%.Village of Glenview, IllinoisNotes to Financial StatementsDecember 31, 2015Note 10. Employee Retirement Systems (Continued)Illinois Municipal Retirement Fund (Continued)Changes in Net Pension LiabilityTotal Pension Plan Fiduciary Net PensionLiability Net Position Liability(a) (b) (a) - (b)Balances at beginning of year measurement date90,338,854 $ 85,118,217 $ 5,220,637 $Changes for the year:Service cost 1,820,396 - 1,820,396 Interest 6,687,409 - 6,687,409 Differences between expected and actual experience 1,332,409 - 1,332,409 Changes of assumptions 3,276,901 - 3,276,901 Contributions - employer - 2,164,748 (2,164,748) Contributions - employee - 730,940 (730,940) Net investment income - 5,153,430 (5,153,430) Benefit payments, including refunds of employee contributions (4,167,199) (4,167,199) -Other changes - 229,348 (229,348) Net changes 8,949,916 4,111,267 4,838,649 Balances at end of year measurement date99,288,770 $ 89,229,484 $ 10,059,286 $Increase (Decrease)Sensitivity of the Net Pension Liability to Changes in the Discount RateThe following presents the plan’s net pension liability, calculated using a Single Discount Rate of 7.50%, as well as what the plan’s net pension liability would be if it were calculated using a Single Discount Rate that is 1% lower or 1% higher: 1% Decrease (6.50%)Current Discount Rate (7.50%)1% Increase (8.50%)Village's net pension liability (Asset) 24,413,791 $ 10,059,286 $ (1,611,655) $The net pension liability of $10,059,286 as of December 31, 2015 is reported on the financial statements as follows:TotalNet Pension Liability 6,427,010 $ 1,260,913 $ 276,890 $ 1,537,803 $ 2,094,473 $ 10,059,286 $Governmental ActivitiesComponent Unit - LibraryTotal Business-Type Activties Business-Type ActivitiesGlenview Water FundGlenview Sanitary Sewer FundA-60 Village of Glenview, IllinoisNotes to Financial StatementsDecember 31, 2015Note 10. Employee Retirement Systems (Continued)Illinois Municipal Retirement Fund (Continued)Pension Expense, Deferred Outflows of Resources, and Deferred Inflows of Resources Related to PensionsFor the year ended December 31, 2015, the Village recognized pension expense of $2,537,883. At December 31, 2015, the Village reported deferred outflows or resources and deferred inflows of resources related to pensions from the following sources: Deferred Outflows Deferred Inflowsof Resources of ResourcesDifferences between expected and actualexperience 1,015,335 $-$Changes of assumptions 2,497,095 -Net differences between projected and actualearnings on pension plan investments 953,084 -Changes in component proportion between governmental, business and component unit 45,375 45,375 Total deferred amounts to be recognized inpension expense in future periods 4,510,889 $ 45,375 $The deferred inflows of resources and deferred outflows of resources as of December 31, 2015 are reported on the financial statements as follows:TotalDeferred Outflowsof Resources 2,897,261 $ 559,744 $ 124,107 $ 683,851 $ 929,777 $ 4,510,889 $Deferred Inflows ofResources - 9,944 - 9,944 35,431 45,375 Governmental ActivitiesBusiness-Type ActivitiesTotal Business-Type Activties Component Unit - LibraryGlenview Water FundGlenview Sanitary Sewer FundAmounts reported as deferred outflows of resources and deferred inflows of resources related topensions will be recognized in pension expense in future periods as follows: Year ended December 31:20161,335,151 $20171,335,151 20181,335,151 2019460,061 2020-Thereafter-4,465,514 $Village of Glenview, IllinoisNotes to Financial StatementsDecember 31, 2015Note 10. Employee Retirement Systems (Continued)The Districts contributions to IMRF subsequent to the measurement date of the net pension liability (December 31, 2014) amounted to $2,169,201 which is made up of and are reported as deferred outflows of resources as follows:TotalDeferred Outflowsof Resources 1,385,931 $ 271,905 $ 59,709 $ 331,614 $ 451,656 $ 2,169,201 $Governmental ActivitiesBusiness-Type ActivitiesTotal Business-Type Activties Component Unit - LibraryGlenview Water FundGlenview Sanitary Sewer FundThese amounts will be included in pension expense in fiscal year 2016.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.Police Pension FundSummary of Significant Accounting PoliciesBasis 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.Plan DescriptionPlan 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, 2015, 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 2015. Plan Membership: At December 31, 2015, the Police Pension Plan membership consisted of:MembershipRetirees or beneficiaries currently receiving benefits 57Inactive Plan members entitled to but not yet receiving benefits -Active Plan members68Total membership125A-61 Village of Glenview, IllinoisNotes to Financial StatementsDecember 31, 2015Note 10. Employee Retirement Systems (Continued)Police Pension Fund (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, 2015, the statutory minimum which the Village was required to contribute was $1,722,541, or 24.50% of member payroll, to the Police Pension Fund.InvestmentsInvestment 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.Village of Glenview, IllinoisNotes to Financial StatementsDecember 31, 2015Note 10. Employee Retirement Systems (Continued)Police Pension Fund (Continued) Investments (Continued)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, 2015:Long-TermTarget Expected RealAsset Class Asset Allocation Rate of ReturnCash and Cash equivalents 0.50% 0.50%US Fixed Income 45.00% 2.10%Large Cap 27.50% 7.31%Mid Cap 4.80% 8.60%Small Cap 5.10% 9.41%International Equities 11.70% 7.56%Equity Long/Short 3.80% 4.70%Infrastructure 1.60% 5.90%Total 100.00%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 InvestmentsInformation on significant investments is presented in Note 2 under “Concentration of Credit Risk.”Rate of return:For the year ended December 31, 2015, the annual money-weighted rate of return on pension plan investments, net of pension plan investment expense, was 0.06 percent. The money-weighted rate of return expresses investment performance, net of investment expense, adjusted for the changing amounts actually invested.A-62 Village of Glenview, IllinoisNotes to Financial StatementsDecember 31, 2015Note 10. Employee Retirement Systems (Continued)Police Pension Fund (Continued) Net Pension Liability of the VillageThe components of the net pension liability of the Village at December 31, 2015, are as follows:Total pension liability92,318,605 $Plan fiduciary net position 68,756,535 Village's net pension liability23,562,070 $Plan fiduciary net position as a percentage of the total pension liability 74.48%The total pension liability was determined by an actuarial valuation as of December 31, 2015, using the following methods and actuarial assumptions, applied to all periods included in the measurement:Methods and AssumptionsValuation dateDecember 31, 2015Actuarial cost method Entry Age NormalAmortization method Level Percentage of Payroll ClosedDiscount Rate used for the Total Pension Liability7.00%Long-Term Expected Rate of Return on Plan Assets7.00%High Quality 20-Year Tax-Exempt G.O. Bond Rate(based on the Bond Buyer 20-Bond GO Index)3.56%Projected Individual Salary Increases3.62 - 7.36%Projected Increase in Total Payroll0.00%Inflation2.50%Mortality TablePercent Married85%RP-2000 Combined Healthy Mortality with blue collar adjustment, projected to valuation date using Scale BBThe actuarial assumptions used in the December 31, 2015 valuation were based on the results of an actuarial experience study performed by the State of Illinois Department of Insurance in 2012. Village of Glenview, IllinoisNotes to Financial StatementsDecember 31, 2015Note 10. Employee Retirement Systems (Continued)Police Pension Fund (Continued) Net Pension Liability of the Village (Continued)Discount rate:The discount rate used to measure the total pension liability is 7.00 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. Based on those assumptions, the Police Pension Plan’s fiduciary net position was projected to be available to make all projected future benefit payments of current plan members. Therefore, the long-term expected rate of return on pension plan investments was applied to all periods of projected benefit payments to determine the total pension liability.Changes in the Village’s Net Pension LiabilityTotal Pension Plan Fiduciary Net PensionLiability Net Position Liability(a) (b) (a) - (b)Balances at beginning of year measurement date90,784,088 $ 64,203,613 $ 26,580,475 $Changes for the year:Service cost 2,025,748 2,025,748 Interest 6,368,405 6,368,405 Differences between expected and actual experience (4,142,795) (4,142,795) Changes of assumptions 898,895 898,895 Contributions - employer - 7,494,545 (7,494,545) Contributions - employee - 728,210 (728,210) Contributions - Buy Back 49,495 49,495 -Net investment income - (2,979) 2,979 Benefit payments, including refunds of employee contributions (3,665,231) (3,665,231) -Administrative expense - (51,118) 51,118 Other changes - -Net changes 1,534,517 4,552,922 (3,018,405) Balances at end of year measurement date92,318,605 $ 68,756,535 $ 23,562,070 $Increase (Decrease)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 7.00percent, 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 or 1-percentage-point higher than the current rate. 1% Decrease (6.00%)Current Discount Rate (7.00%)1% Increase (8.00%)Village's net pension liability36,626,080 $23,562,070 $12,856,228 $A-63 Village of Glenview, IllinoisNotes to Financial StatementsDecember 31, 2015Note 10. Employee Retirement Systems (Continued)Police Pension Fund (Continued) Pension Expense, Deferred Outflows of Resources, and Deferred Inflows of Resources Related to Pensions: For the year ended December 31, 2015, the Village recognized pension expense of $3,454,038. At December 31, 2015, the Village reported deferred outflows or resources and deferred inflows of resources related to pensions from the following sources:Deferred Outflows Deferred Inflowsof Resources of ResourcesDifferences between expected and actualexperience -$ 3,452,330 $Changes of assumptions 749,080 -Net differences between projected and actualearnings on pension plan investments 4,621,508 -Total deferred amounts to be recognized inpension expense in future periods 5,370,588 $ 3,452,330 $Amounts reported as deferred outflows of resources and deferred inflows of resources related to pensions will be recognized in pension expense in future periods as follows: Year ended December 31:2016689,407 $2017689,407 2018689,407 2019390,688 2020(540,651) Thereafter-1,918,258 $The schedule of changes in total pension liability, net 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.Village of Glenview, IllinoisNotes to Financial StatementsDecember 31, 2015Note 10. Employee Retirement Systems (Continued)Firefighters’ Pension Fund Summary of Significant Accounting PoliciesBasis 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. Plan DescriptionPlan 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, 2015, 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 2015. Plan Membership: At December 31, 2015, the Firefighters’ Pension Plan membership consisted of:MembershipRetirees or beneficiaries currently receiving benefits 86Inactive Plan members entitled to but not yet receiving benefits 2Active Plan members80Total membership168Benefits 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. A-64 Village of Glenview, IllinoisNotes to Financial StatementsDecember 31, 2015Note 10. Employee Retirement Systems (Continued)Firefighters’ Pension Fund (Continued)Plan Description (Continued)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, 2015, the statutory minimum which the Village was required to contribute was $2,692,956, or 33.67% of member payroll, to the Firefighters’ Pension Fund.InvestmentsInvestment 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 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, 2015: Village of Glenview, IllinoisNotes to Financial StatementsDecember 31, 2015Note 10. Employee Retirement Systems (Continued)Firefighters’ Pension Fund (Continued)Investments (Continued)TargetLong-Term Long-Term Long-TermAsset Allocation Expected Rate Inflation Expected RealAsset Classin Asset Class of Return Expectations Rate of ReturnFixed Income45.00%5.30%3.08%2.22%US Large-Cap Equities38.50%10.10%3.08%7.02%US Small-Cap Equities11.00%12.20%3.08%9.12%International Equities5.50%10.30%3.08%7.22%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 InvestmentsInformation on significant investments is presented in Note 2 under “Concentration of Credit Risk.”Rate of return:For the year ended December 31, 2015, the annual money-weighted rate of return on pension plan investments, net of pension plan investment expense, was 1.19 percent. The money-weighted rate of return expresses investment performance, net of investment expense, adjusted for the changing amounts actually invested.The components of the net pension liability of the Village at December 31, 2015, are as follows:Total pension liability113,224,508 $Plan fiduciary net position 71,792,553 Village's net pension liability41,431,955 $Plan fiduciary net position as a percentage of the total pension liability 63.41%A-65 Village of Glenview, IllinoisNotes to Financial StatementsDecember 31, 2015Note 10. Employee Retirement Systems (Continued)Firefighters’ Pension Fund (Continued)Net Pension Liability of the Village (Continued)The total pension liability was determined by an actuarial valuation as of December 31, 2015, using the following methods and actuarial assumptions, applied to all periods included in the measurement:Methods and AssumptionsValuation dateDecember 31, 2015Actuarial cost method Entry Age NormalAmortization method Level Percentage of Payroll ClosedDiscount Rate used for the Total Pension Liability7.25%Long-Term Expected Rate of Return on Plan Assets7.25%High Quality 20-Year Tax-Exempt G.O. Bond Rate(based on the Bond Buyer 20-Bond GO Index)3.57%Projected Individual Salary Increases4.25 - 7.50%Projected Increase in Total Payroll3.50%Consumer Price Index (Utilities)2.50%Inflation Rate Included2.50%Mortality TableLauterbach & Amen (L&A) 2016 Illinois Firefighters'Retirement RatesL&A 2016 Illinois Firefighters' Capped at age 62Disability RatesL&A 2012 Illinois Firefighters' 90%Termination RatesL&A 2012 Illinois Firefighters' 80%Percent Married85%The actuarial assumptions used in the December 31, 2015 valuation were based on the results of an actuarial assumption study for the period including various municipal fiscal years ending 2006 – 2011. 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. Discount rate: The discount rate used to measure the total pension liability is 7.00 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. Based on those assumptions, the Police Pension Plan’s fiduciary net position was projected to be available to make all projected future benefit payments of current plan members. Therefore, the long-term expected rate of return on pension plan investments was applied to all periods of projected benefit payments to determine the total pension liability.Village of Glenview, IllinoisNotes to Financial StatementsDecember 31, 2015Note 10. Employee Retirement Systems (Continued)Firefighters’ Pension Fund (Continued)Net Pension Liability of the Village (Continued)Changes in the Village’s Net Pension Liability Total Pension Plan Fiduciary Net PensionLiability Net Position Liability(a) (b) (a) - (b)Balances at beginning of year measurement date104,280,202 $ 65,326,017 $ 38,954,185 $Changes for the year:Service cost 1,761,875 - 1,761,875 Interest 7,367,177 - 7,367,177 Differences between expected and actual experience 2,444,216 - 2,444,216 Changes of assumptions 2,698,985 - 2,698,985 Contributions - employer - 10,309,348 (10,309,348) Contributions - employee - 750,195 (750,195) Net investment income - 817,749 (817,749) Benefit payments, including refunds of employee contributions (5,327,947) (5,327,947) -Administrative expense - (82,809) 82,809 Net changes 8,944,306 6,466,536 2,477,770 Balances at end of year measurement date113,224,508 $ 71,792,553 $ 41,431,955 $Increase (Decrease)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 7.25percent, 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 or 1-percentage-point higher than the current rate. 1% Decrease (6.25%)Current Discount Rate (7.25%)1% Increase (8.25%)Village's net pension liability56,577,661 $41,431,955 $28,913,427 $A-66 Village of Glenview, IllinoisNotes to Financial StatementsDecember 31, 2015Note 10. Employee Retirement Systems (Continued)Firefighters’ Pension Fund (Continued)Pension Expense, Deferred Outflows of Resources, and Deferred Inflows of Resources Related to Pensions: For the year ended December 31, 2015, the Village recognized pension expense of $5,135,454. At December 31, 2015, the Village reported deferred outflows or resources and deferred inflows of resources related to pensions from the following sources:Deferred Outflows Deferred Inflowsof Resources of ResourcesDifferences between expected and actualexperience 2,087,395 $-$Changes of assumptions2,304,973 -Net differences between projected and actualearnings on pension plan investments3,346,099 -Total deferred amounts to be recognized inpension expense in future periods7,738,467 $-$Amounts reported as deferred outflows of resources and deferred inflows of resources related to pensions will be recognized in pension expense in future periods as follows: Year ended December 31:20161,594,591 $20171,594,591 20181,594,591 20191,565,656 2020750,832 Thereafter 638,206 7,738,467 $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.Village of Glenview, IllinoisNotes to Financial StatementsDecember 31, 2015Note 11. Other Postemployment Benefits (OPEB)Plan DescriptionThe 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, 2015, membership in the Plan consisted of the following:MembershipRetirees and beneficiaries receiving benefits 108Active Participants288Total membership396Funding PolicyThe 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. A-67 Village of Glenview, IllinoisNotes to Financial StatementsDecember 31, 2015Note 11. Other Postemployment Benefits (OPEB) (Continued)Annual OPEB Cost and Net OPEB ObligationThe Village's most recent actuarial valuation was performed for the plan as of December 31, 2015. 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, 2015. Annual required contribution771,549 $Interest on net OPEB obligation103,213 Adjustment to annual required contribution(134,747) Annual OPEB cost740,015 Contributions made398,137 Increase in net OPEB Obligation341,878 Net OPEB obligation at January 1, 20152,293,641 Net OPEB obligation at December 31, 20152,635,519 $Trend InformationThe Village's annual OPEB Cost, the percentage of annual OPEB cost contributed to the Plan, and the net OPEB obligation for fiscal year 2015 is as follows:FiscalAnnual PercentageNetYearOPEBof OPEBOPEBEndingCostContributed Obligation12/31/15740,015 $53.80 % 2,635,519 12/31/14977,226 40.74 2,293,641 12/31/13949,225 41.00 1,714,494 Funding Policy and Actuarial AssumptionsActuarial 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.Village of Glenview, IllinoisNotes to Financial StatementsDecember 31, 2015Note 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, 2015Actuarial cost method Entry Age NormalAmortization method Level dollar, openAmortization period 30 yearsAsset valuation method MarketActuarial assumptions:Investment rate of return*Projected salary increasesHealthcare inflation rate4.50%3.50%8.50% initial4.50% ultimateAssumed Mortality RP – 2000 Mortality Table Blue Collar table projected to 2015 using scale AA for Police and Fire. For all others the RP 2014 base rates projected to 2015 using scape MP 2015 was used.Percentage of active employeesAssumed to elect benefit 75%Employer provided benefit Explicit (eligible disabled pensioners): 100% ofpremium for lifeImplicit: Age adjust at every age*Includes inflation at 2.50%A-68 Village of Glenview, IllinoisNotes to Financial StatementsDecember 31, 2015Note 11. Other Postemployment Benefits (OPEB) (Continued)Funding Status and Funding ProgressThe funded status of the plan as of December 31, 2015, the date of the latest valuation, was as follows:Actuarial Accrued Liability (AAL) $ 8,204,677Actuarial Value of Plan Assets $ -Unfunded Actuarial Accrued Liability (UAAL) $ 8,204,677Funded ratio (actuarial value of plan assets/AAL) 0.00%Covered payroll (active plan members) $ 24,702,850UAAL as a percentage of covered payroll 33.2%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, 2015TotalPolice Firefighters' PensionPension Pension TrustFund Fund FundsAssetsCash and cash equivalents 1,736,202 $ 916,103 $ 2,652,305 $InvestmentsU.S. government and agency obligations 18,845,417 24,155,159 43,000,576 Municipal obligations 366,982 4,871,327 5,238,309 Corporate obligations 10,724,801 - 10,724,801 Equity mutual funds 36,926,382 41,687,528 78,613,910 Accrued interest receivable 152,496 185,940 338,436 Due from other funds 9,192 12,925 22,117 Prepaid expenses 6,103 4,472 10,575 Total assets 68,767,575 71,833,454 140,601,029 LiabilitiesAccrued expenses 11,040 40,901 51,941 Net PositionRestricted for pensions 68,756,535 $ 71,792,553 $ 140,549,088 $ Village of Glenview, IllinoisNotes to Financial StatementsDecember 31, 2015Note 12. Pension Trust Funds – Financial Data (Continued)Schedule of Changes in Fiduciary Plan Net Position as of December 31, 2015 TotalPolice Firefighters' PensionPension Pension TrustFund Fund FundsAdditionsContributionsEmployer 7,494,545 $ 10,309,348 $ 17,803,893 $Participant 777,705 750,195 1,527,900 Total contributions 8,272,250 11,059,543 19,331,793 Investment incomeNet depreciation in fair valueof investments (2,648,641) (1,717,287) (4,365,928) Interest income 2,713,029 2,662,007 5,375,036 Less investment expense (67,367) (126,971) (194,338) Net investment income (2,979) 817,749 814,770 Total additions 8,269,271 11,877,292 20,146,563 DeductionsAdministrative expenses 51,118 82,809 133,927 Retirement pensions 3,194,414 4,535,297 7,729,711 Widow pensions 297,558 332,160 629,718 Disability pensions 171,916 460,490 632,406 Contribution refunds 1,343 - 1,343 Total deductions 3,716,349 5,410,756 9,127,105 Change in net position 4,552,922 6,466,536 11,019,458 Net position restricted for pensionsBeginning 64,203,613 65,326,017 129,529,630 Ending 68,756,535 $71,792,553 $140,549,088 $A-69 Village of Glenview, IllinoisNotes to Financial StatementsDecember 31, 2015Note 13. Fund Balance ReportingAs of December 31, 2015, the Village’s fund balances were classified as follows:General FundSpecial Tax Allocation FundVillage Permanent FundCapital Projects FundNonmajor Governmental FundsTotalsNonspendable:Prepaids-$30,851 $-$-$-$30,851 $Land held for resale287,500 ----287,500 Inventory212,300 ----212,300 Total Nonspendable499,800 30,851 ---530,651 Restricted purpose:Public Safety---- 264,020 264,020 Street Improvements---- 1,193,343 1,193,343 Economic Development---- 737,124 737,124 Total Restricted---- 2,194,487 2,194,487 Assigned purpose:Debt Service---- 319,317 319,317 Capital Projects-- 27,869,210 291,965 5,675,391 33,836,566 Total Assigned-- 27,869,210 291,965 5,994,708 34,155,883 Total Unassigned 25,739,072 (11,572,271) --- 14,166,801 Total Fund Balances 26,238,872 $(11,541,420) $27,869,210 $291,965 $8,189,195 $ 51,047,822 $Note 14. Deficit Fund BalanceThe Special Tax Allocation Fund (TIF) has a deficit fund balance of $11,541,420 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 15. ContingenciesGrantsAmounts 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.LitigationThe 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.Village of Glenview, IllinoisNotes to Financial StatementsDecember 31, 2015Note 16. New Accounting PronouncementsGASB 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.GASB Statement No. 73, Accounting and Financial Reporting for Pensions and Related Assets That are Not within the Scope of GASB 68 and Amendments to Certain Provisions of GASB 67 and 68. The objective of this Statement is to improve the usefulness of information about pensions included in the general purpose external financial reports of state and local governments for making decisions and assessing accountability. The Village does not fall within the scope of Statement 73, therefore no material impact is expected on the financial statements.GASB Statement No. 74, Financial Reporting for Postemployment Benefit Plans Other Than PensionPlans. The objective of this statement is to improve the usefulness of information about postemployment benefits other than pensions (other postemployment benefits (OPEB)) included in the general purpose external financial reports of state and local government OPEB plans for making decisions and assessing accountability. This Village has not yet determined the impact of this Statement. It is required to be adopted with the December 31, 2017 financial statements.GASB Statement No. 75, Accounting and Financial Reporting for Postemployment Benefit Other Than Pension Plans. The primary objective of this Statement is to improve accounting and financial reporting by state and local governments for postemployment benefits other than pensions (other postemployment benefits (OPEB)). It also improves information provided by state and local governmental employers about financial support for OPEB that is provided by other entities. The Village has not yet determined the impact of this Statement. It is required to be adopted with the December 31, 2018 financial statements.GASB Statement No. 76, The Hierarchy of Generally Accepted Accounting Principles for State and Local Governments. The objective of this Statement is to identify – in the context of the current governmental financial reporting environment – the hierarchy of generally accepted accounting principles (GAAP). The “GAAP Hierarchy” consists of the sources of accounting principles used to prepare financial statements of state and local governmental entities in conformity with GAAP and the framework for selecting those principles. This Statement reduces the GAAP Hierarchy to two categories of authoritative GAAP and addresses the use of authoritative and non-authoritative literature in the event that the accounting treatment for a transaction or other event is not specified within a source of authoritative GAAP. The Village will adopt this Statement for its December 31, 2016 financial statements.GASB issued Statement No. 77, Tax Abatement Disclosures. Financial statements prepared by state and local governments in conformity with generally accepted accounting principles provide citizens and taxpayers, legislative and oversight bodies, municipal bond analysts, and others with information they need to evaluate the financial health of governments, make decisions, and assess accountability. This information is intended, among other things, to assist these users of financial statements in assessing (1) whether a government’s current-year revenues were sufficient to pay for current-year services (known as interperiod equity), (2) whether a government complied with finance-related legal and contractual obligations, (3) where a government’s financial resources come from and how it uses them, and (4) a A-70 Village of Glenview, IllinoisNotes to Financial StatementsDecember 31, 2015Note 16. New Accounting Pronouncements (Continued)government’s financial position and economic condition and how they have changed over time. The Village has not yet determined the impact of this Statement. The Village will adopt this Statement for its December 31, 2016 financial statements. GASB issued Statement No. 78, Pensions Provided through Certain Multiple Employer Defined Benefit Pension Plans. The objective of this Statement is to address a practice issue regarding the scope and applicability of Statement No. 68, Accounting and Financial Reporting for Pensions. This issue is associated with pensions provided through certain multiple-employer defined benefit pension plans and to state or local governmental employers whose employees are provided with such pensions. The Village does not fall within the scope of Statement 78, therefore no material impact is expected on the financial statements.GASB issued Statement No. 79, Certain External Investment Pools and Pool Participants. This Statement addresses accounting and financial reporting for certain external investment pools and pool participants. Specifically, it establishes criteria for an external investment pool to qualify for making the election to measure all of its investments at amortized cost for financial reporting purposes. The Village has not yet determined the impact of this Statement. The Village will adopt this Statement for its December 31, 2016 financial statements. GASB issued Statement No. 80, Blending Requirements for Certain Component Units. The objective of this Statement is to improve financial reporting by clarifying the financial statement presentation requirements for certain component units. The Village has not yet determined the impact of this Statement. The Village will adopt this Statement for its December 31, 2016 financial statements. GASB issued Statement No. 81, Irrevocable Split-Interest Agreements. The objective of this Statement is to improve accounting and financial reporting for irrevocable split-interest agreements by providing recognition and measurement guidance for situations in which a government is a beneficiary of the agreement. The Village has not yet determined the impact of this Statement. The Village will adopt this Statement for its December 31, 2016 financial statements. GASB issued Statement No. 82, Pension Issues. The objective of this Statement is to address certain issues that have been raised with respect to Statements No. 67, Financial Reporting for Pension Plans,No. 68, Accounting and Financial Reporting for Pensions, and No. 73, Accounting and Financial Reporting for Pensions and Related Assets That Are Not within the Scope of GASB Statement 68, and Amendments to Certain Provisions of GASB Statements 67 and 68. Specifically, this Statement addresses issues regarding (1) the presentation of payroll-related measures in required supplementary information, (2) the selection of assumptions and the treatment of deviations from the guidance in an Actuarial Standard of Practice for financial reporting purposes, and (3) the classification of payments made by employers to satisfy employee (plan member) contribution requirements. The Village has not yet determined the impact of this Statement. The Village will adopt this Statement for its December 31, 2016 financial statements.Village of Glenview, IllinoisNotes to Financial StatementsDecember 31, 2015Note 17. Capital Leases Lease ReceivableThe 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 $1,222,000 lease receivable as of fiscal year-end and recognizes the activity as follows:Year EndingDecember 31, Payments PrincipalInterest2016156,000 $122,797 $33,203 $2017156,000 126,848 29,152 2018156,000 131,033 24,967 2019156,000 135,355 20,645 2020156,000 139,821 16,179 2021-2023442,000 421,715 20,285 Totals1,222,000 $1,077,569 $144,431 $Future Minimum Lease PaymentsLease PayableThe Village of Glenview entered into a lease agreement as lessee for financing public safety equipment. The lease is due in installments through its maturity on October 1, 2018 at an annual rate of 1.48 percent. The lease agreement qualifies as a capital lease for accounting purposes and, therefore, has been recorded at the present value of the future minimum lease payments as of the inception date. The assets acquired through the capital lease have been added to equipment at the cost of $981,451 and are subject to depreciation in accordance with the capital asset policy. The net present value of the minimum lease payments as of December 31, 2015 is $730,833 and the future minimum lease obligations are as follows:Year EndingDecember 31, Payments Principal Interest2016 250,857 $ 240,041 $ 10,816 $2017 250,857 243,593 7,264 2018 250,857 247,199 3,658 Totals 752,571 $ 730,833 $ 21,738 $Future ObligationsA-71 Village of Glenview, IllinoisNotes to Financial StatementsDecember 31, 2015Note 18. Restatement for Implementation of New Accounting StandardThe Village’s net position has been restated as of December 31, 2014. The restatement is a result of Governmental Accounting Standards Board (GASB) Statement No. 68, Accounting and Financial Reporting for Pensions – an amendment of GASB Statement No. 27 and GASB Statement No. 71, Pension Transition for Contributions Made Subsequent to the Measurement Date – an amendment of GASB Statement No. 68. The restatement is to record the effect of the net pension liability, deferred inflows of resources and deferred outflows of resources. The effect of the restatement on December 31, 2014 is shown below:Governmental ActivitiesBusiness-Type Activities Water Fund Sewer FundGlenview LibraryNet Position, December 31, 2014, aspreviously reported 210,837,871 $ 70,084,841 $ 38,510,290 $ 18,738,223 $13,587,125 $Implementation of GASB Statement No. 68 and 71:Beginning deferred outflows of resourcespension contributions subsequent to themeasurement date1,383,087 330,933 271,347 59,586 450,728 Beginning net pension liability(68,812,213) (809,587) (667,447) (142,140) (1,133,499) Beginning deferred outflows of resources 1,310,612 ----Write-off the net pension asset(4,235,085) ----Net Position, December 31, 2014 as restated 140,484,272 $69,606,187 $38,114,190 $18,655,669 $12,904,354 $The restatement of the beginning net position adjusts the beginning deferred outflow of resources for pension contributions made subsequent to the measurement date of the beginning net pension liability. Restatement of the beginning balances for deferred outflows of resources related to pensions was not done because it was not practical to determine all such amounts.Note 19. Subsequent EventsThe Village reports land held for resale totaling $287,500 that was obtained during fiscal year 2015 through a court ordered judgment. On April 20, 2016, the Village sold the land held for resale (3825 Chester Drive) for a purchase price of $287,500.REQUIRED SUPPLEMENTARY INFORMATION(Unaudited)A-72 Village of Glenview, IllinoisRequired Supplementary Information – GASB Statement No. 45Schedule of Funding ProgressLast Six Fiscal YearsUnfundedActuarial (assets inActuarial Accrued excess of) PercentageActuarial Value of Liability (AAL) AAL Funded Covered of CoveredValuation Assets Entry Age (UAAL) Ratio Payroll PayrollDate (a) (b) (b-a) (a/b) (c) ((b-a)/c)Other Postemployment Benefit Plan:2015 -$ 8,204,677 $ 8,204,677 $ - % 24,702,850 $ 33.21 %2014 - 10,130,708 10,130,708 - 25,641,149 39.512013 - 10,130,708 10,130,708 - 25,641,149 39.51 2012 - 9,556,094 9,556,094 - 29,228,867 32.692011 - 9,556,094 9,556,094 - 29,228,867 32.692010 - 8,695,668 8,695,668 - 26,967,070 32.25Village of Glenview, IllinoisRequired Supplementary Information - Illinois Municipal Retirement Fund (IMRF)Schedule of Changes in Net Pension Liability, Total Pension Liability and Related RatiosFiscal years ending December 31, 2014Total pension liabilityService cost1,820,396 $Interest on the total pension liability 6,687,409 Changes in benefit terms -Differences between expected and actual experience 1,332,409 Changes in assumptions 3,276,901 Benefit payments (4,167,199) Net change in total pension liability8,949,916 Total pension liability—beginning90,338,854 Total pension liability—ending (a)99,288,770 $Plan fiduciary net position Contributions - Employer 2,164,748 $Contributions - Member 730,940 Pension plan net investment income 5,153,430 Benefit payments (4,167,199) Pension plan administrative expense 229,348 Net change in plan fiduciary net position4,111,267 Plan fiduciary net position—beginning85,118,217 Plan fiduciary net position—ending (b)89,229,484 $Net pension liability - ending (a) - (b)10,059,286 $Plan fiduciary net position as a percentage of the total pension liability89.87%Covered-Employee Payroll16,154,258 $Employer net pension liability as a percentage of covered-employee payroll62.27%Note to Schedule:The Village implemented GASB 68 in FY 2015. Information is not available prior to 2014. Additionalyears will be added to future reports as schedules are required to show 10 years of historical data.A-73 Village of Glenview, IllinoisRequired Supplementary Information - Police Pension Plan Schedule of Changes in Net Pension Liability, Total Pension Liability and Related Ratios and Investment ReturnsFiscal years ending December 31, 2015 2014Total pension liabilityService cost 2,025,748 $ 1,674,658 $Interest on the total pension liability 6,368,405 5,490,500 Changes in benefit terms - -Differences between expected and actual experience (4,142,795) -Changes in assumptions 898,895 -Contributions - Buy Back 49,495 -Benefit payments (3,665,231) (3,274,551) Net change in total pension liability1,534,517 3,890,607 Total pension liability—beginning90,784,088 86,893,481 Total pension liability—ending (a)92,318,605 $ 90,784,088 $Plan fiduciary net position Contributions - Employer 7,494,545 $ 1,953,494 $Contributions - Member 728,210 686,942 Contributions - Buy Back 49,495 -Pension plan net investment income (2,979) 2,799,434 Benefit payments (3,665,231) (3,274,551) Pension plan administrative expense (51,118) (45,490) Net change in plan fiduciary net position4,552,922 2,119,829 Plan fiduciary net position—beginning64,203,613 62,083,784 Plan fiduciary net position—ending (b)68,756,535 $ 64,203,613 $Net pension liability - ending (a) - (b)23,562,070 $ 26,580,475 $Plan fiduciary net position as a percentage of the total pension liability74.48% 70.72%Covered-Employee Payroll6,985,724 $7,055,218 $Employer net pension liability as a percentage of covered-employee payroll337.29% 376.75%Annual money-weighted rate of return, net of investment expense0.06%4.58%Note to Schedule:The Village implemented GASB 67 in FY 2014 and GASB 68 in FY 2015. Information is not available prior to 2014. Additional years will be added to future reports as schedules are required to show 10 years of historical data.104Village of Glenview, IllinoisRequired Supplementary Information - Firefighters' Pension Plan Schedule of Changes in Net Pension Liability, Total Pension Liability and Related Ratios and Investment ReturnsFiscal years ending December 31, 2015 2014Total pension liabilityService cost 1,761,875 $ 1,977,800 $Interest on the total pension liability 7,367,177 7,079,887 Changes in benefit terms - -Differences between expected and actual experience 2,444,216 -Changes in assumptions 2,698,985 -Benefit payments (5,327,947) (4,862,207) Net change in total pension liability8,944,306 4,195,480 Total pension liability—beginning104,280,202 100,084,722 Total pension liability—ending (a)113,224,508 $ 104,280,202 $Plan fiduciary net position Contributions - Employer 10,309,348 $ 3,134,768 $Contributions - Member 750,195 751,554 Pension plan net investment income 817,749 4,274,117 Benefit payments (5,327,947) (4,862,207) Pension plan administrative expense (82,809) (44,601) Net change in plan fiduciary net position6,466,536 3,253,631 Plan fiduciary net position—beginning65,326,017 62,072,386 Plan fiduciary net position—ending (b)71,792,553 $ 65,326,017 $Net pension liability - ending (a) - (b)41,431,955 $ 38,954,185 $Plan fiduciary net position as a percentage of the total pension liability63.41% 62.64%Covered-Employee Payroll7,926,515 $ 7,058,973 $Employer net pension liability as a percentage of covered-employee payroll522.70% 551.84%Annual money-weighted rate of return, net of investment expense 1.19% 6.95%Note to Schedule:The Village implemented GASB 67 in FY 2014 and GASB 68 in FY 2015. Information is not available prior to 2014. Additional years will be added to future reports as schedules are required to show 10 years of historical data.A-74 Village of Glenview, IllinoisRequired Supplementary Information Schedule of ContributionsIllinois Municipal Retirement Fund (IMRF) 2014Actuarially Determined Contribution 2,154,978 $Contributions in Relation to the Actuarial Determined Contribution 2,164,748 Contribution Deficiency (excess) (9,770) $Covered-Employee Payroll 16,154,258 $Contributions as a Percentage of Covered-Employee Payroll 13.40%Note to Schedule:The Village implemented GASB 68 in FY 2015. Information is not available prior to 2014. Additionalyears will be added to future reports as schedules are required to show 10 years of historical data.Village of Glenview, IllinoisRequired Supplementary Information Schedule of ContributionsPolice Pension Plan 2015 2014 2013 2012Actuarially Determined Contribution 1,957,880 $ 1,921,637 $ 1,812,556 $ 1,569,531 $Contributions in Relation to the Actuarial Determined Contribution 7,494,545 1,953,494 1,632,373 1,812,692 Contribution Deficiency (excess) (5,536,665) $ (31,857) $ 180,183 $ (243,161) $Covered-Employee Payroll 6,985,724 $ 7,055,218 $ 6,359,627 $ 6,136,593 $Contributions as a Percentage of Covered-Employee Payroll 107.28% 27.69% 25.67% 29.54%Firefighters' Pension Plan 2015 2014 2013 2012Actuarially Determined Contribution 3,739,508 $ 2,733,414 $ 2,985,212 $ 2,420,075 $Contribtuions in Relation to the Actuarial Determined Contribution 10,309,348 3,134,768 3,116,164 2,926,010 Contribution Deficiency (excess) (6,569,840) $ (401,354) $ (130,952) $ (505,935) $Covered-Employee Payroll 7,926,515 $ 7,058,973 $ 6,737,119 $ 6,439,694 $Contributions as a Percentage of Covered-Employee Payroll 130.06% 44.41% 46.25% 45.44% A-75 2011201020092008200720061,347,587 $1,370,885 $933,477 $1,151,490 $1,081,786 $918,552 $1,767,986 1,802,629 1,168,933 1,393,628 1,157,437 930,687 (420,399) $(431,744) $(235,456) $(242,138) $(75,651) $(12,135) $6,091,656 $5,855,973 $5,847,732 $6,112,516 $5,684,695 $5,677,276 $29.02% 30.78% 19.99% 22.80% 20.36% 16.39%2011201020092008200720062,160,105 $1,941,060 $1,987,548 $1,712,540 $1,556,654 $899,549 $2,806,961 2,541,870 1,985,871 1,805,026 1,416,463 1,081,738 (646,856) $(600,810) $1,677 $(92,486) $140,191 $(182,189) $6,926,020 $6,621,473 $6,519,762 $6,109,904 $5,893,686 $5,082,045 $40.53% 38.39% 30.46% 29.54% 24.03% 21.29%Village of Glenview, IllinoisGeneral FundFor the Year Ended December 31, 2015Original Final Actual Variance Revenues TaxesProperty 10,966,469 $ 10,966,469 $ 11,084,181 $ 117,712 $Other 14,780,590 14,780,590 14,460,977 (319,613) Licenses and permits 2,359,365 2,359,365 3,208,298 848,933 Charges for services 9,807,033 9,807,033 11,759,058 1,952,025 Fines and forfeitures 145,570 145,570 164,673 19,103 Intergovernmental 26,046,196 26,046,196 25,793,250 (252,946) Investment income 72,510 72,510 71,411 (1,099) Other revenues - - 7,055 7,055 Total revenues 64,177,733 64,177,733 66,548,903 2,371,170 Expenditures General government16,352,448 16,144,134 17,294,427 (1,150,293) Public works9,254,546 9,407,532 9,260,772 146,760 Public safety27,757,382 28,315,720 28,324,828 (9,108) Development3,591,397 3,788,296 3,900,326 (112,030) Capital outlay892,338 1,141,014 2,066,831 (925,817) Total expenditures57,848,111 58,796,696 60,847,184 (2,050,488) Excess of revenuesover expenditures6,329,622 5,381,037 5,701,719 320,682 Other financing sources (uses)Proceeds from capital lease-- 981,451 981,451 Transfers in865,760 865,760 2,833,319 1,967,559 Transfers out(13,595,382) (13,607,858) (13,974,479) (366,621) Total other financing sources (uses)(12,729,622) (12,742,098) (10,159,709) 2,582,389 Net change in fund balance (6,400,000) $(7,361,061) $(4,457,990) 2,903,071 $Fund balance – beginning of year30,696,862 Fund balance – end of year26,238,872 $Required Supplementary InformationSchedule of Revenues, Expenditures, and Changes in Fund Balance – Budget and ActualBudgetA-76 Village of Glenview, IllinoisSpecial Tax Allocation FundSchedule of Revenues, Expenditures, and Changes in Fund Balance – Budget and ActualFor the Year Ended December 31, 2015Original Final Actual Variance Revenues Taxes Property 30,852,192 $ 30,852,192 $ 30,479,916 $ (372,276) $Charges for services 24,945 24,945 24,945 -Intergovernmental - - 41,356 41,356 Investment income 19,000 19,000 130,933 111,933 Total revenues30,896,137 30,896,137 30,677,150 (218,987) Expenditures General government22,155,502 22,155,502 20,874,482 1,281,020 Debt serviceBond issuance costs--20,250 (20,250) Principal6,476,414 6,476,414 16,510,938 (10,034,524) Interest and fiscal charges1,461,100 1,461,100 1,389,472 71,628 Total expenditures30,093,016 30,093,016 38,795,142 (8,702,126) Deficiency of revenuesover expenditures803,121 803,121 (8,117,992) (8,921,113) Other financing sources (uses) Issuance of debt-- 10,000,000 10,000,000 (294,178) (294,178) (294,178) -Total other financing sources (uses) (294,178) (294,178) 9,705,822 10,000,000 Net change in fund balance508,943 $508,943 $1,587,830 1,078,887 $Fund balance – beginning of year(13,129,250) Fund balance – end of year(11,541,420) $Required Supplementary InformationTransfers outBudgetVillage of Glenview, IllinoisRequired Supplementary Information (Unaudited)Notes to Required Supplementary InformationDecember 31, 2015Note 1. Legal Compliance – BudgetsA. BudgetsThe 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 9, 2014 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 FundsThe following funds had an excess of actual expenditures and transfers out over final budget:FundExcessSpecial Tax Allocation Fund8,702,126 $Police Pension Fund273,569 Fire Pension Fund336,674 Corporate Fund2,050,488 Foreign Fire Insurance Fund6,522 Capital Projects Fund9,867,652 Water Fund630,900 A-77 Village of Glenview, IllinoisRequired Supplementary Information (Unaudited)Notes to Required Supplementary InformationDecember 31, 2015Note 2. Pension ContributionsThe 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 AssumptionsValuation DateJanuary 1, 2014Actuarial cost method Entry Age NormalActuarial Value of Assets 5 Year Smoothed Market ValueAmortization method Level Percentage of Payroll ClosedRemaining Amortization Period 26 YearsInvestment rate of return7.00%Projected Individual Salary Increases 1.12% to 4.86% varying by age net of inflationProjected Increase in Total Payroll None, Level Dollar AmortizationConsumer Price Index (Utilities) 2.50%Inflation Rate Included2.50%Mortality Table RP-2000 Combined Healthy Mortality Table (male)with blue collar adjustment and with a 200% loadfor participants under age 50 and 125% forparticipants age 50 and overFire Pension Plan: Methods and AssumptionsValuation DateJanuary 1, 2014Actuarial cost methodEntry Age NormalActuarial Value of Assets 5 Year Smoothed Market ValueAmortization method Level Percentage of Payroll ClosedRemaining Amortization Period 26 YearsInvestment rate of return7.25%Projected Individual Salary Increases 4.25% to 10.00% varying by age net of inflationProjected Increase in Total Payroll 4.50%Consumer Price Index (Utilities)3.00%Inflation Rate Included3.00%Mortality Table Lauterbach & Amen (L&A) 2012 Illinois Firefighters'SUPPLEMENTAL INFORMATIONA-78 GOVERNMENTAL FUND DESCRIPTIONSMAJOR FUNDSNote 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.20152014Original FinalActual ActualLocal taxesProperty taxes for Village Current year1,802,441 $1,802,441 $1,831,910 $2,254,132 $Prior year-- (31,351) (28,004) Property taxes - debt serviceCurrent year1,765,500 1,765,500 1,827,597 1,919,762 Prior year-- (14,877) (14,263) Property taxes - police and firefighters' pension5,697,388 5,697,388 5,755,971 5,088,261 Property taxes - other Village pensions 1,701,140 1,701,140 1,714,931 1,822,604 Total property taxes10,966,469 10,966,469 11,084,181 11,042,492 Other taxesUtility taxesNatural gas1,356,833 1,356,833 1,118,639 1,529,097 Electricity2,395,441 2,395,441 2,189,830 2,230,618 Telecommunications2,199,395 2,199,395 2,271,699 2,175,833 Hotel room tax785,000 785,000 939,049 880,887 Amusement tax96,823 96,823 90,947 87,591 Home rule sales tax7,915,423 7,915,423 7,821,912 7,468,617 Business district tax30,000 30,000 28,901 30,517 Miscellaneous taxes1,675 1,675 -3,604 Total other taxes14,780,590 14,780,590 14,460,977 14,406,764 Total local taxes25,747,059 25,747,059 25,545,158 25,449,256 Licenses and permitsBusiness licenses90,000 90,000 80,880 101,153 Liquor licenses195,000 195,000 203,817 194,301 Building permits2,000,000 2,000,000 2,543,724 4,511,915 Contractors' fees46,365 46,365 55,263 58,628 Engineering fees-- 298,110 200,383 Oversized vehicle permits12,000 12,000 18,680 21,155 Plan fees16,000 16,000 7,824 16,036 Total licenses and permits2,359,365 2,359,365 3,208,298 5,103,571 (Continued)Village of Glenview, IllinoisGeneral FundSchedule of Detailed Revenues and Other Financing Sources - Budget and ActualFor the Year Ended December 31, 2015(With comparative totals for the year ended December 31, 2014)BudgetA-79 20152014Original FinalActual ActualFees, fines, and service chargesCharges for servicesDog impound fees2,200 $2,200 $1,410 $2,320 $Lease fees733,098 733,098 790,622 740,135 Natural gas franchise fees41,021 41,021 42,739 41,021 Cable franchise fees690,030 690,030 785,341 734,391 Bidder fees4,000 4,000 9003,600 Development fees87,000 87,000 88,700 7,074 Insurance reimbursements1,587,720 1,587,720 1,676,958 1,640,716 Copies3,750 3,750 3,529 4,248 Special event fees1,200 1,200 675975Map sales---10Inspection fees3,000 3,000 18,020 1,495 Refuse and recycling chargesBin sales1,000 1,000 3538,328 Yard waste sticker sales6,000 6,000 4,676 5,259 Tipping fees800,000 800,000 877,449 832,462 SWANCC recycling incentive24,500 24,500 34,361 10,140 Joint dispatch charges911 surcharge283,051 283,051 277,837 279,580 Wireless 911 surcharge342,001 342,001 368,607 333,016 Fire communication sub. service--15,889 -Dispatch services4,696,278 4,696,278 4,627,904 4,396,240 Other service chargesPolice extra duty175,100 175,100 209,891 181,820 Reimbursements58,000 58,000 30,592 54,315 Supervision7,384 7,384 6,104 7,363 Annexation fee--36,000 171,578 Miscellaneous40,000 40,000 1,629,907 85,181 Administrative fees for governmental fundsLibrary Fund135,700 135,700 136,000 136,000 SWANCC host community fees85,000 85,000 94,594 88,917 Total charges for services9,807,033 9,807,033 11,759,058 9,766,184 (Continued)Village of Glenview, IllinoisGeneral FundSchedule of Detailed Revenues and Other Financing Sources - Budget and Actual (Continued)For the Year Ended December 31, 2015(With comparative totals for the year ended December 31, 2014)Budget20152014Original FinalActual ActualFees, fines, and service charges (continued)Fines and forfeituresTraffic fines101,938 $101,938 $105,432 $101,908 $Other fines43,632 43,632 59,241 153,991 Total fines and forfeitures145,570 145,570 164,673 255,899 Total fees, fines, and service charges9,952,603 9,952,603 11,923,731 10,022,083 IntergovernmentalGlenbrook Fire Protection District2,200,000 2,200,000 2,192,514 2,189,062 Village of Golf fire protection services151,840 151,840 157,912 151,840 Road and bridge taxesCurrent year389,500 389,500 394,501 387,884 Prior year--(2,740) 1,249 Sales tax16,574,462 16,574,462 15,635,705 14,972,367 Property replacement tax229,215 229,215 211,495 247,806 Illinois income tax4,395,908 4,395,908 4,832,506 4,232,425 Local use tax770,373 770,373 994,035 873,126 Make-whole payment1,334,898 1,334,898 1,352,890 1,329,174 Other intergovernmentalGrant proceeds--24,432 72,394 Total intergovernmental26,046,196 26,046,196 25,793,250 24,457,327 Investment incomeInterest - savings11,010 11,010 25,821 14,646 Interest - investments61,500 61,500 45,590 114,843 Total investment income72,510 72,510 71,411 129,489 (Continued)Village of Glenview, IllinoisGeneral FundSchedule of Detailed Revenues and Other Financing Sources - Budget and Actual (Continued)For the Year Ended December 31, 2015(With comparative totals for the year ended December 31, 2014)BudgetA-80 20152014Original FinalActual ActualOther revenuesMiscellaneous-$-$7,055 $1,056 $Total other revenues--7,055 1,056 Total revenues before other financing sources64,177,733 64,177,733 66,548,903 65,162,782 Other financing sourcesSale of land held for resale---50,000 Proceeds from capital lease-- 981,451 -Transfers in North Maine Water and Sewer Fund 139,042 139,042 206,601 139,042 Wholesale Water Fund300,000 300,000 300,000 300,000 Special Tax Allocation Fund294,178 294,178 294,178 281,580 Insurance and Risk Fund132,540 132,540 232,540 -Capital Projects Fund-- 1,800,000 -Total other financing sources865,760 865,760 3,814,770 770,622 Total revenues and other financing sources65,043,493 $65,043,493 $70,363,673 $65,933,404 $Schedule of Detailed Revenues and Other Financing Sources - Budget and Actual (Continued)For the Year Ended December 31, 2015(With comparative totals for the year ended December 31, 2014)BudgetVillage of Glenview, IllinoisGeneral Fund20152014Original FinalActual ActualGeneral governmentVillage Board of TrusteesPresident and BoardPersonnel8,720 $8,720 $8,740 $8,989 $Contractual services47,900 47,900 40,604 48,831 Commodities400400--Other charges900900-553Total President and Board57,920 57,920 49,344 58,373 Special board appropriationsPersonnel39,692 39,692 45,620 28,648 Contractual services290,446 290,446 284,843 235,218 Other charges---560Total special board appropriations 330,138 330,138 330,463 264,426 Total Village Board of Trustees388,058 388,058 379,807 322,799 Village Manager's officeAdministration divisionPersonnel799,666 833,168 1,031,086 941,973 Contractual services27,869 76,219 68,189 64,480 Other charges8,800 8,800 9,083 10,187 Total administration division836,335 918,187 1,108,358 1,016,640 Human resources divisionPersonnel214,459 217,153 230,964 218,097 Contractual services41,051 41,051 59,433 73,551 Commodities1,500 1,500 1,276 1,859 Other charges1,408,390 1,408,390 1,430,210 1,466,761 Total human resources division 1,665,400 1,668,094 1,721,883 1,760,268 (Continued)BudgetVillage of Glenview, IllinoisGeneral FundSchedule of Detailed Expenditures and Other Financing Uses - Budget and ActualFor the Year Ended December 31, 2015(With comparative totals for the year ended December 31, 2014)A-81 20152014Original FinalActual ActualGeneral government (continued)Village Manager's office (continued)Communications divisionPersonnel146,949 $149,134 $150,258 $146,638 $Contractual services84,201 84,201 72,896 123,968 Commodities2,410 2,410 1,357 1,325 Other charges1,900 1,900 405275Total communications division235,460 237,645 224,916 272,206 LegalContractual services462,925 626,343 572,621 484,769 Total legal462,925 626,343 572,621 484,769 Records divisionPersonnel--- 334,350 Contractual services---156Commodities---1,249 Other charges---1,751 Total records division--- 337,506 Joint Dispatch divisionPersonnel4,520,437 4,529,860 4,440,539 3,550,318 Contractual services125,547 149,017 141,337 89,011 Commodities28,299 28,299 28,939 26,460 Other charges178,141 178,141 164,375 151,431 Total joint dispatch division4,852,424 4,885,318 4,775,190 3,817,220 Total Village Manager's office8,052,544 8,335,586 8,402,968 7,688,609 Administration servicesAdministration divisionPersonnel329,122 343,863 376,810 368,933 Contractual services3,084 3,084 3,157 2,353 Other charges3,150 3,150 1,949 7,784 Total administration division335,356 350,097 381,916 379,070 (Continued)Schedule of Detailed Expenditures and Other Financing Uses - Budget and Actual (Continued)For the Year Ended December 31, 2015(With comparative totals for the year ended December 31, 2014)BudgetVillage of Glenview, IllinoisGeneral Fund20152014Original FinalActual ActualGeneral government (continued)Administration services (continued)FinancePersonnel678,956 $687,695 $719,878 $166,081 $Contractual services1,034,970 1,028,935 1,203,381 914,981 Commodities1,780 1,838 1,839 -Other charges20,460 20,402 11,814 7,126 Total finance1,736,166 1,738,870 1,936,912 1,088,188 General governmentPersonnel396,815 79,749 --Contractual services2,053,481 2,053,481 2,679,417 2,049,274 Commodities36,075 41,075 30,283 29,216 Other charges501,673 93,436 224,243 306,951 Total general government2,988,044 2,267,740 2,933,943 2,385,441 Resolution centerPersonnel459,168 463,215 489,457 434,051 Contractual services-6,035 5,358 -Other charges1,195 1,195 -300Total resolution center460,363 470,445 494,815 434,351 CADD operations Personnel96,966 96,966 93,994 95,161 Contractual services198,320 198,320 198,165 192,402 Other charges175175737-Total CADD operations295,461 295,461 292,896 287,563 Information technology (IT)Contractual services1,723,789 1,902,513 2,055,196 1,828,553 Commodities89,486 112,183 141,062 72,593 Other charges275,981 275,981 262,426 215,751 Total information technology2,089,256 2,290,677 2,458,684 2,116,897 Total administration services7,904,646 7,413,290 8,499,166 6,691,510 (Continued)Schedule of Detailed Expenditures and Other Financing Uses - Budget and Actual (Continued)General FundFor the Year Ended December 31, 2015(With comparative totals for the year ended December 31, 2014)BudgetVillage of Glenview, IllinoisA-82 20152014Original FinalActual ActualGeneral government (continued)Capital projects departmentFacilities division Personnel7,200 $7,200 $12,458 $-$Other charges--28-Total facilities division7,200 7,200 12,486 -Total general government16,352,448 $16,144,134 $17,294,427 $14,702,918 $ (Continued)Budget(With comparative totals for the year ended December 31, 2014)General FundSchedule of Detailed Expenditures and Other Financing Uses - Budget and Actual (Continued)For the Year Ended December 31, 2015Village of Glenview, Illinois20152014Original FinalActual ActualPublic works departmentPersonnel3,363,901 $3,403,044 $3,606,085 $3,561,978 $Contractual services3,371,971 3,338,219 3,180,845 3,622,641 Commodities1,282,152 1,431,402 1,277,908 1,164,112 Other charges884,522 882,765 843,950 828,045 Capital outlay352,000 352,103 351,984 347,126 Total public works department9,254,546 9,407,532 9,260,772 9,523,902 Public safetyPolice departmentPersonnel9,437,419 9,511,912 9,541,097 9,436,510 Contractual services162,211 319,997 412,949 149,638 Commodities130,830 142,168 114,251 186,780 Other charges2,577,459 2,588,559 2,499,986 2,433,864 Total police department12,307,919 12,562,635 12,568,283 12,206,792 Fire departmentPersonnel10,371,715 10,418,064 10,397,532 10,494,241 Contractual services175,935 354,638 214,195 106,290 Commodities268,410 346,980 314,522 198,244 Other charges4,633,403 4,633,403 4,830,296 4,071,799 Total fire department15,449,463 15,753,085 15,756,545 14,870,574 Total public safety27,757,382 28,315,720 28,324,828 27,077,366 (Continued)BudgetVillage of Glenview, IllinoisGeneral FundSchedule of Detailed Expenditures and Other Financing Uses - Budget and Actual (Continued)For the Year Ended December 31, 2015(With comparative totals for the year ended December 31, 2014)A-83 20152014Original FinalActual ActualCommunity Development departmentAdministrationPersonnel235,705 $249,866 $393,336 $237,740 $Contractual services37,332 37,332 38,465 43,225 Commodities7,525 7,525 4,155 4,151 Other charges26,596 26,596 13,228 15,914 Total administration307,158 321,319 449,184 301,030 Inspection servicesPersonnel847,439 862,349 804,776 888,738 Contractual services772,600 919,525 861,169 777,852 Commodities11,558 11,558 5,584 6,781 Other charges39,659 39,659 34,591 39,898 Total inspection services1,671,256 1,833,091 1,706,120 1,713,269 PlanningPersonnel394,253 399,735 416,545 601,969 Contractual services284,900 291,400 235,859 156,989 Commodities400400428400Other charges27,350 27,350 24,789 25,872 Total planning706,903 718,885 677,621 785,230 (Continued)Budget(With comparative totals for the year ended December 31, 2014)Village of Glenview, IllinoisGeneral FundSchedule of Detailed Expenditures and Other Financing Uses - Budget and Actual (Continued)For the Year Ended December 31, 201520152014Original FinalActual ActualCommunity Development department (continued)EngineeringPersonnel276,689 $276,689 $280,792 $260,223 $Contractual services400,000 400,000 534,284 495,762 Other charges--10,407 8,443 Total engineering676,689 676,689 825,483 764,428 Capital projectsPersonnel229,391 238,312 241,918 255,407 Total capital projects229,391 238,312 241,918 255,407 Total community development3,591,397 3,788,296 3,900,326 3,819,364 Total current expenditures56,955,773 57,655,682 58,780,353 55,123,550 Capital outlayMachinery and equipment892,338 1,141,014 2,066,831 1,127,240 Total expenditures57,848,111 58,796,696 60,847,184 56,250,790 Other financing usesTransfers outInternal service funds---7Corporate Purpose Debt Service Fund 2,195,382 2,195,382 2,269,836 2,339,912 Capital Projects Fund11,400,000 11,412,476 11,704,643 8,464,654 Total other financing uses13,595,382 13,607,858 13,974,479 10,804,573 Total expenditures andother financing uses71,443,493 $72,404,554 $74,821,663 $67,055,363 $ BudgetVillage of Glenview, IllinoisGeneral FundSchedule of Detailed Expenditures and Other Financing Uses - Budget and Actual (Continued)For the Year Ended December 31, 2015(With comparative totals for the year ended December 31, 2014)A-84 20152014OriginalFinalActualActualRevenuesLocal taxesProperty taxes - incremental30,852,192 $30,852,192 $30,479,916 $29,742,610 $Intergovernmental - miscellaneous--41,356 -Charges for services24,945 24,945 24,945 23,004 Investment income19,000 19,000 130,933 126,881 Other revenues--- 607,393 Total revenues30,896,137 30,896,137 30,677,150 30,499,888 ExpendituresGeneral governmentPersonnel415,965 415,965 411,752 413,034 Contractual services21,599,257 21,599,257 20,360,692 20,779,103 Commodities130,848 130,848 92,845 102,186 Other charges9,432 9,432 9,193 394,003 Capital outlay--- 3,111,289 Debt serviceBond issuance costs--20,250 -Principal6,476,414 6,476,414 16,510,938 30,870,000 Interest and fiscal charges1,461,100 1,461,100 1,389,472 1,476,312 Total expenditures30,093,016 30,093,016 38,795,142 57,145,927 Excess (deficiency) of revenues over expenditures803,121 803,121 (8,117,992) (26,646,039) Other financing sources (uses)Proceeds from sale of assets--- 2,033,991 Issuance of debt-- 10,000,000 6,529,688 Transfers outGeneral Fund(294,178) (294,178) (294,178) (281,580) Total other financing sources (uses) (294,178) (294,178) 9,705,822 8,282,099 Net change in fund balance 508,943 $508,943 $1,587,830 (18,363,940) Fund balance - beginning(13,129,250) 5,234,690 Fund balance - ending(11,541,420) $(13,129,250) $BudgetVillage of Glenview, IllinoisSpecial Tax Allocation Fund - Major FundSchedule of Detailed Revenues, Expenditures, and Changes in Fund Balance - Budget and ActualFor the Year Ended December 31, 2015(With comparative totals for the year ended December 31, 2014)20152014Original FinalActual ActualRevenuesCharges for services156,000 $156,000 $-$-$Investment income15,000 15,000 81,353 95,497 Total revenues171,000 171,000 81,353 95,497 ExpendituresDevelopmentOther charges--- 100,609 Total expenditures--- 100,609 Excess (deficiency) of revenues over expenditures171,000 171,000 81,353 (5,112) Other financing sources (uses)Transfers inNorth Maine Water and Sewer Fund- 10,000,000 10,000,000 -Transfers outFacility Replacement Fund--(9,424) (193,504) Capital Projects Fund(3,350,141) (3,350,141) (5,515,596) (599,237) Glenview Sanitary Fund(700,000) (700,000) - (805,612) Total other financing sources (uses) (4,050,141) 5,949,859 4,474,980 (1,598,353) Net change in fund balance(3,879,141) $6,120,859 $4,556,333 (1,603,465) Fund balance - beginning23,312,877 24,916,342 Fund balance - ending27,869,210 $23,312,877 $BudgetVillage of Glenview, IllinoisVillage Permanent Fund - Major FundSchedule of Revenues, Expenditures, and Changes in Fund Balance - Budget and ActualFor the Year Ended December 31, 2015(With comparative totals for the year ended December 31, 2014)A-85 20152014Original FinalActual ActualRevenuesIntergovernmental - grants and loans 6,678,468 $6,678,468 $20,364,975 $2,378,690 $Other revenue104,951 104,951 109,689 183,812 Investment income10,000 10,000 5,617 28,378 Total revenues6,793,419 6,793,419 20,480,281 2,590,880 ExpendituresDevelopmentContractual 401,565 520,452 33,681 4,287 Other charges--- 132,647 Capital outlay24,899,937 28,607,395 38,961,818 22,758,567 Debt servicePrincipal24,371 24,371 24,371 24,371 Total expenditures25,325,873 29,152,218 39,019,870 22,919,872 Deficiency of revenues over expenditures(18,532,454) (22,358,799) (18,539,589) (20,328,992) Other financing sources (uses)Transfers inGeneral Fund11,400,000 11,400,000 11,704,642 8,464,654 Village Permanent Fund3,350,141 3,350,141 5,515,596 599,237 Wholesale Water Fund494,295 494,295 494,295 1,179,898 Commuter Parking Lot Fund--- 500,000 Municipal Equipment Repair Fund--- 100,000 Insurance and Risk Fund-- 450,000 1,403,670 Facility Replacement Fund-- 187,573 1,250,000 Transfers outGeneral Fund-- (1,800,000) -Total other financing sources (uses) 15,244,436 15,244,436 16,552,106 13,497,459 Net change in fund balance(3,288,018) $(7,114,363) $(1,987,483) (6,831,533) Fund balance - beginning2,279,448 9,110,981 Fund balance - ending291,965 $2,279,448 $Village of Glenview, IllinoisCapital Projects Fund - Major FundSchedule of Revenues, Expenditures, and Changes in Fund Balance - Budget and ActualFor the Year Ended December 31, 2015(With comparative totals for the year ended December 31, 2014)BudgetGOVERNMENTAL FUND DESCRIPTIONSNONMAJOR FUNDSNONMAJOR SPECIAL REVENUE FUNDSMotor 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 generatedthrough 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 FUNDCorporate 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 FUNDGlen Capital Projects Fund – (formerly called the “1995 GNAS Bond Projects Fund”) – to account for expenditures related to various development projects related to The Glen.A-86 Village of Glenview, IllinoisNonmajor Governmental FundsCombining Balance SheetDecember 31, 2015TotalSpecial Debt Capital NonmajorRevenue Service Projects Governmental Funds Fund Fund FundsCash and cash equivalents 2,215,723 $ 319,694 $ 1,100,853 $ 3,636,270 $Investments - - 4,728,979 4,728,979 Receivables Other - - 14 14Due from other governments 100,865 - - 100,865 Total assets2,316,588 $319,694 $5,829,846 $8,466,128 $LiabilitiesAccounts payable122,101 $-$72,271 $194,372 $Other payables--82,184 82,184 Due to other funds-377-377Total liabilities122,101 377 154,455 276,933 Fund balancesRestricted2,194,487 -- 2,194,487 Assigned- 319,317 5,675,391 5,994,708 Total fund balances2,194,487 319,317 5,675,391 8,189,195 Total liabilities and fund balances2,316,588 $319,694 $5,829,846 $8,466,128 $Liabilities and Fund BalancesAssetsVillage of Glenview, IllinoisNonmajor Governmental FundsCombining Statement of Revenues, Expenditures, and Changes in Fund BalancesFor the Year Ended December 31, 2015TotalSpecial Debt Capital NonmajorRevenue Service Projects Governmental Funds Fund Fund FundsRevenuesIntergovernmental 1,674,477 $-$-$1,674,477 $Investment income10,788 5,385 874 17,047 Other revenue710-3,149 3,859 Total revenues1,685,975 5,385 4,023 1,695,383 Expenditures CurrentPublic safety96,522 --96,522 Development13,125 --13,125 Capital outlay1,672,013 - 429,465 2,101,478 Debt service Principal- 1,440,000 - 1,440,000 Interest and fiscal charges116,832 756,882 - 873,714 Total expenditures1,898,492 2,196,882 429,465 4,524,839 Deficiency of revenues over expenditures(212,517) (2,191,497) (425,442) (2,829,456) Transfers in- 2,269,836 - 2,269,836 Total other financing sources- 2,269,836 - 2,269,836 Net change in fund balances(212,517) 78,339 (425,442) (559,620) Fund balances – beginning2,407,004 240,978 6,100,833 8,748,815 Fund balances – ending2,194,487 $319,317 $5,675,391 $8,189,195 $Other financing sourcesA-87 Village of Glenview, IllinoisNonmajor Special Revenue FundsCombining Balance SheetDecember 31, 2015PoliceForeign Department TotalMotor Fire Special Waukegan NonmajorFuel Tax Insurance Account Golf TIF Special RevenueFund Fund Fund Fund FundsCash and cash equivalents 1,163,079 $ 231,009 $ 33,011 $ 788,624 $ 2,215,723 $Due from other governments 100,865 - - - 100,865 Total assets 1,263,944 $ 231,009 $ 33,011 $ 788,624 $ 2,316,588 $LiabilitesAccounts payable 70,601 $-$-$ 51,500 $ 122,101 $Total liabilities 70,601 - - 51,500 122,101 Fund balances Restricted 1,193,343 231,009 33,011 737,124 2,194,487 Total fund balances 1,193,343 231,009 33,011 737,124 2,194,487 Total liabilities and fund balances 1,263,944 $ 231,009 $ 33,011 $ 788,624 $ 2,316,588 $Liabilities and Fund BalancesAssetsVillage of Glenview, IllinoisNonmajor Special Revenue FundsCombining Statement of Revenues, Expenditures, and Changes in Fund BalancesFor the Year Ended December 31, 2015PoliceForeign Department TotalMotor Fire Special Waukegan NonmajorFuel Tax Insurance Account Golf TIF Special RevenueFund Fund Fund Fund FundsRevenuesIntergovernmental 1,557,902 $ 116,575 $-$-$ 1,674,477 $Investment income 3,605 1,034 215 5,934 10,788 Other revenue - - 710 - 710Total revenues 1,561,507 117,609 925 5,934 1,685,975 Expenditures Public safety - 96,522 - - 96,522 Development - - - 13,125 13,125 Capital outlay 1,620,513 - - 51,500 1,672,013 Debt serviceInterest and other charges - - - 116,832 116,832 Total expenditures 1,620,513 96,522 - 181,457 1,898,492 Excess (deficiency) of revenues over (under) expenditures (59,006) 21,087 925 (175,523) (212,517) Net change in fund balances (59,006) 21,087 925 (175,523) (212,517) Fund balances – beginning 1,252,349 209,922 32,086 912,647 2,407,004 Fund balances – ending 1,193,343 $ 231,009 $ 33,011 $ 737,124 $ 2,194,487 $A-88 Original and 20152014Final Budget Actual ActualRevenuesIntergovernmentalMotor fuel tax1,449,673 $1,557,902 $1,909,953 $Investment income5,000 3,605 6,553 Total revenues1,454,673 1,561,507 1,916,506 ExpendituresDevelopmentOther charges-- 19,855 Capital outlay1,647,672 1,620,513 2,098,392 Total expenditures1,647,672 1,620,513 2,118,247 Net change in fund balance(192,999) $(59,006) (201,741) Fund balance - beginning1,252,349 1,454,090 Fund balance - ending1,193,343 $1,252,349 $Village of Glenview, IllinoisMotor Fuel Tax FundSchedule of Revenues, Expenditures, and Changes in Fund Balance - Budget and ActualFor the Year Ended December 31, 2015(With comparative totals for the year ended December 31, 2014)Original and 20152014Final Budget Actual ActualRevenuesIntergovernmentalForeign fire insurance tax83,000 $116,575 $97,640 $Investment income8001,034 922Total revenues83,800 117,609 98,562 ExpendituresPublic safetyContractual services10,330 11,181 9,245 Commodities79,670 85,341 125,485 Total expenditures90,000 96,522 134,730 Net change in fund balance(6,200) $21,087 (36,168) Fund balance - beginning209,922 246,090 Fund balance - ending231,009 $209,922 $For the Year Ended December 31, 2015(With comparative totals for the year ended December 31, 2014)Village of Glenview, IllinoisForeign Fire Insurance FundSchedule of Revenues, Expenditures, and Changes in Fund Balance - Budget and ActualA-89 Original and 20152014Final Budget Actual ActualRevenuesInvestment income95$215$170$Other revenue-710709Total revenues95925879ExpendituresCapital outlay32,119 - 27,500 Total expenditures32,119 - 27,500 Net change in fund balance(32,024) $925 (26,621) Fund balance - beginning32,086 58,707 Fund balance - ending33,011 $32,086 $Village of Glenview, IllinoisPolice Department Special Account FundSchedule of Revenues, Expenditures, and Changes in Fund Balance - Budget and ActualFor the Year Ended December 31, 2015(With comparative totals for the year ended December 31, 2014)Original and 20152014Final Budget Actual ActualRevenuesInvestment income4,000 $5,934 $6,950 $Total revenues4,000 5,934 6,950 ExpendituresDevelopmentContractual10,000 13,125 2,220 Debt serviceInterest and other charges116,083 116,832 111,028 Capital outlay175,000 51,500 3,272,836 Total expenditures301,083 181,457 3,386,084 Net change in fund balance(297,083) $(175,523) (3,379,134) Fund balance - beginning912,647 4,291,781 Fund balance - ending737,124 $912,647 $Village of Glenview, IllinoisWaukegan Golf TIF FundSchedule of Revenues, Expenditures, and Changes in Fund Balance - Budget and ActualFor the Year Ended December 31, 2015(With comparative totals for the year ended December 31, 2014)A-90 Originaland Final 2015 2014Budget Actual ActualRevenuesInvestment income 2,500 $ 5,385 $ 3,672 $Total revenues 2,500 5,385 3,672 ExpendituresDebt servicePrincipal 1,440,000 1,440,000 1,470,000 Interest and fiscal charges 756,882 756,882 801,543 Total expenditures 2,196,882 2,196,882 2,271,543 Deficiency of revenues over expenditures (2,194,382) (2,191,497) (2,267,871) Other financing sourcesTransfers in from other fundsGeneral Fund 2,195,382 2,269,836 2,339,912 Total other financing sources 2,195,382 2,269,836 2,339,912 Net change in fund balance 1,000 $ 78,339 72,041 Fund balance - beginning 240,978 168,937 Fund balance - ending 319,317 $ 240,978 $Village of Glenview, IllinoisCorporate Purpose Bonds FundSchedule of Revenues, Expenditures, and Changes in Fund Balance - Budget and ActualFor the Year Ended December 31, 2015(With comparative totals for the year ended December 31, 2014)20152014Original Final Actual ActualRevenuesInvestment income3,125 $3,125 $874$1,459 $Other revenue2,894 2,894 3,149 3,384 Total revenues6,019 6,019 4,023 4,843 ExpendituresCapital outlay1,048,080 1,076,479 429,465 2,235,378 Total expenditures1,048,080 1,076,479 429,465 2,235,378 Net change in fund balance(1,042,061) $(1,070,460) $(425,442) (2,230,535) Fund balance - beginning6,100,833 8,331,368 Fund balance - ending5,675,391 $6,100,833 $Glen Capital Projects FundSchedule of Revenues, Expenditures, and Changes in Fund Balance - Budget and ActualFor the Year Ended December 31, 2015(With comparative totals for the year ended December 31, 2014)BudgetVillage of Glenview, IllinoisA-91 ENTERPRISE FUND DESCRIPTIONSEnterprise 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 FUNDSGlenview Water FundFormerly 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 FundThis enterprise fund accounts for the provision of water and sewer services to the property owners in anunincorporated 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 FundFormerly 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 FUNDSWholesale 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)2015 2014Original Final Actual ActualOperating revenuesCharges for sales and servicesWater charges 11,757,721 $ 11,757,721 $ 11,708,720 $ 10,894,274 $Water connection charges 150,000 150,000 323,965 250,582 Water meter and remote readers 2,000 2,000 3,292 5,006 Total charges for sales and services 11,909,721 11,909,721 12,035,977 11,149,862 Miscellaneous revenueLate payment fees 155,000 155,000 145,040 133,781 Water for construction 20,000 20,000 38,363 56,146 Other 44,106 44,106 518,773 91,972 Total miscellaneous revenue 219,106 219,106 702,176 281,899 Total operating revenues 12,128,827 12,128,827 12,738,153 11,431,761 Operating expensesWater servicesPersonnel 2,090,432 2,090,432 2,340,829 2,180,411 Contractual services 5,148,257 5,130,595 6,374,484 4,285,141 Commodities 914,671 929,336 2,626,590 834,430 Other charges 509,021 509,021 445,767 518,684 Capital outlay 4,405,428 4,568,797 4,703,523 3,799,429 Total operating expenses 13,067,809 13,228,181 16,491,193 11,618,095 Operating income (loss) (938,982) (1,099,354) (3,753,040) (186,334) (Continued)BudgetVillage of Glenview, IllinoisGlenview Water Fund - Major FundSchedule of Revenues, Expenses, and Changes in Net Position - For the Year Ended December 31, 2015(With comparative totals for the year ended December 31, 2014)A-92 Budget and Actual (Budgetary Basis) (Continued)2015 2014Original Final Actual ActualNonoperating revenues (expenses)Investment income (loss) 7,900 $ 7,900 $ 4,601 $ (69,303) $Loss on sale of capital assets - - (4,336) (110,880) Debt servicePrincipal (344,400) (344,400) (344,400) (322,000) Interest and fiscal charges (25,389) (25,389) (29,417) (36,449) Total nonoperating revenues (expenses) (361,889) (361,889) (373,552) (538,632) Net loss before transfers (1,300,871) (1,461,243) (4,126,592) (724,966) Transfers in North Maine Water and Sewer Fund - - 285,602 -Change in net position - budgetary basis (1,300,871) $ (1,461,243) $ (3,840,990) (724,966) GAAP basis adjustmentsAcquisition of capital assets 2,632,112 2,344,622 Depreciation and amortization (1,275,710) (1,213,263) Principal expense 344,400 322,000 Change in net position - GAAP basis (2,140,188) 728,393 Net position - beginning of year 38,510,290 37,781,897 Restatement of beginning of year net position(396,100) -Net position - beginning of year, as restated 38,114,190 37,781,897 Net position - end of year 35,974,002 $ 38,510,290 $BudgetGlenview Water Fund - Major FundSchedule of Revenues, Expenses, and Changes in Net Position -For the Year Ended December 31, 2015(With comparative totals for the year ended December 31, 2014)Village of Glenview, IllinoisBudget and Actual (Budgetary Basis)2015 2014Original Final Actual ActualOperating revenuesCharges for sales and servicesWater charges 8,092,374 $ 8,092,374 $ 2,387,962 $ 7,534,395 $Water meter and remote readers 200 200 - 469Sewer charges 619,852 619,852 130,334 454,624 Total charges for sales and services 8,712,426 8,712,426 2,518,296 7,989,488 Miscellaneous revenueLate payment fees 100,000 100,000 26,298 77,124 Other 1,150 1,150 5,387 2,100 Total miscellaneous revenue 101,150 101,150 31,685 79,224 Total operating revenues 8,813,576 8,813,576 2,549,981 8,068,712 Operating expensesWater and sewer distributionPersonnel 830,603 830,603 303,714 867,231 Contractual services 7,031,764 7,035,367 2,054,357 6,046,040 Commodities 184,790 181,362 35,561 103,336 Other 670,778 12,670,778 12,055,669 121,948 Capital outlay 735,887 735,887 - 71,836 Total operating expenses 9,453,822 21,453,997 14,449,301 7,210,391 Operating income (loss) (640,246) (12,640,421) (11,899,320) 858,321 (Continued)BudgetVillage of Glenview, IllinoisNorth Maine Water and Sewer Fund - Major FundSchedule of Revenues, Expenses, and Changes in Net Position - For the Year Ended December 31, 2015(With comparative totals for the year ended December 31, 2014)A-93 Budget and Actual (Budgetary Basis) (Continued)2015 2014Original Final Actual ActualNonoperating revenues (expenses)Other income -$-$ 113,267 $-$Investment income (loss) 9,000 9,000 9,249 (56,087) Gain on disposal of capital assets - - 15,825,645 -Debt servicePrincipal (299,219) (299,219) (1,063,950) (291,249) Interest and fiscal charges (59,892) (59,892) (281,363) (95,154) Total nonoperating revenues (expenses) (350,111) (350,111) 14,602,848 (442,490) Net income (loss) before transfers (990,357) (12,990,532) 2,703,528 415,831 Transfers outGeneral Fund(139,042) (139,042) (206,601) (139,042) Village Permanent Fund- (10,000,000) (10,000,000) -Glenview Water Fund-- (285,602) -Glenview Sanitary Sewer Fund-- (79,974) -Total transfers in(139,042) (10,139,042) (10,572,177) (139,042) Change in net position - budgetary basis (1,129,399) $(23,129,574) $(7,868,649) 276,789 GAAP basis adjustmentsDepreciation and amortization(184,462) (241,913) Principal expense1,063,950 291,249 Change in net position - GAAP basis(6,989,161) 326,125 Net position - beginning of year7,816,022 7,489,897 Net position - end of year826,861 $7,816,022 $Village of Glenview, IllinoisBudgetNorth Maine Water and Sewer Fund - Major FundSchedule of Revenues, Expenses, and Changes in Net Position - For the Year Ended December 31, 2015(With comparative totals for the year ended December 31, 2014)Budget and Actual (Budgetary Basis)2015 2014Original Final Actual ActualOperating revenuesCharges for sales and servicesSewer charges 2,217,964 $ 2,217,964 $ 2,248,484 $ 2,178,144 $Sewer connection charges 6,000 6,000 38,257 10,060 Total charges for sales and services 2,223,964 2,223,964 2,286,741 2,188,204 Miscellaneous revenueOther 70,644 70,644 236,300 74,821 Total operating revenues 2,294,608 2,294,608 2,523,041 2,263,025 Operating expensesSewerage servicesPersonnel 446,677 446,677 521,268 455,397 Contractual services 81,850 80,850 95,583 48,702 Commodities 29,706 30,706 37,152 53,489 Other charges 141,315 141,315 118,059 140,838 Capital outlay 2,435,822 2,587,758 1,627,518 2,486,757 Total operating expenses 3,135,370 3,287,306 2,399,580 3,185,183 Operating income (loss) (840,762) (992,698) 123,461 (922,158) (Continued)BudgetVillage of Glenview, IllinoisGlenview Sanitary Sewer Fund - Major FundSchedule of Revenues, Expenses, and Changes in Net Position - For the Year Ended December 31, 2015(With comparative totals for the year ended December 31, 2014)A-94 Budget and Actual (Budgetary Basis) (Continued)2015 2014Original Final Actual ActualNonoperating revenues (expenses)Fines and feesHeatherfield7,000 $7,000 $9,719 $21,553 $Investment income (loss)3,500 3,500 707 (18,137) Loss on disposal of capital assets--(1,877) -Debt servicePrincipal(270,600) (270,600) (270,600) (264,000) Interest and fiscal charges(19,949) (19,949) (18,646) (28,639) Total nonoperating revenues (expenses) (280,049) (280,049) (280,697) (289,223) Net income (loss) before transfers(1,120,811) (1,272,747) (157,236) (1,211,381) Transfers inVillage Permanent Fund700,000 700,000 - 805,612 North Maine Water and Sewer Fund--79,974 -Total transfers in700,000 700,000 79,974 805,612 Change in net position - budgetary basis(420,811) $(572,747) $(77,262) (405,769) GAAP basis adjustmentsAcquisition of capital assets853,151 1,614,035 Depreciation and amortization(469,256) (451,855) Principal expense270,600 264,000 Change in net position - GAAP basis577,233 1,020,411 Net position - beginning of year18,738,223 17,717,812 Restatement of beginning of year net position(82,554) -Net position - beginning of year, as restated18,655,669 17,717,812 Net position - end of year19,232,902 $18,738,223 $BudgetGlenview Sanitary Sewer Fund - Major FundSchedule of Revenues, Expenses, and Changes in Net Position - For the Year Ended December 31, 2015(With comparative totals for the year ended December 31, 2014)Village of Glenview, IllinoisVillage of Glenview, IllinoisNonmajor Enterprise FundsCombining Statement of Net PositionDecember 31, 2015TotalWholesale Commuter NonmajorWater Parking Lot EnterpriseFund Fund FundsCurrent assetsCash and cash equivalents 638,760 $ 1,170,179 $ 1,808,939 $ReceivablesAccounts receivable, net of uncollectibles 159,606 - 159,606 Total current assets 798,366 1,170,179 1,968,545 Noncurent assetsCapital assets not being depreciatedLand - 500,000 500,000 Capital assets being depreciatedLand improvements - parking facilities - 2,552,649 2,552,649 Machinery and equipment - 13,283 13,283 Water distribution system 2,512,633 - 2,512,633 Accumulated depreciation (1,431,064) (811,190) (2,242,254) Total noncurrent assets 1,081,569 2,254,742 3,336,311 Total assets 1,879,935 3,424,921 5,304,856 Accounts payable 92,085 25,059 117,144 Accrued payroll 3,104 - 3,104 Accrued expenses - 1,500 1,500 Total liabilities 95,189 26,559 121,748 Net investment in capital assets 1,081,569 2,254,742 3,336,311 Unrestricted 703,177 1,143,620 1,846,797 Total net position 1,784,746 $ 3,398,362 $ 5,183,108 $LiabilitiesNet PositionAssetsA-95 Village of Glenview, IllinoisNonmajor Enterprise FundsCombining Statement of Revenues, Expenses, and Changes in Net PositionFor the Year Ended December 31, 2015TotalWholesale Commuter NonmajorWater Parking Lot EnterpriseFund Fund FundsOperating revenuesCharges for sales and servicesWater sales 1,996,831 $-$ 1,996,831 $Parking meter fees - 226,264 226,264 Parking decals - 384,050 384,050 Total charges for sales and services 1,996,831 610,314 2,607,145 Miscellaneous revenues - 9,450 9,450 Total operating revenues 1,996,831 619,764 2,616,595 Operating expensesOperations 1,172,689 349,629 1,522,318 Depreciation and amortization 62,816 74,900 137,716 Total operating expenses 1,235,505 424,529 1,660,034 Operating income 761,326 195,235 956,561 Nonoperating revenues Investment income 157 379 536Total nonoperating revenues 157 379 536Net income before transfers 761,483 195,614 957,097 Transfers out (794,295) - (794,295) Changes in net position (32,812) 195,614 162,802 Net position - beginning 1,817,558 3,202,748 5,020,306 Net position - ending 1,784,746 $ 3,398,362 $ 5,183,108 $Village of Glenview, IllinoisNonmajor Enterprise FundsCombining Statement of Cash FlowsFor the Year Ended December 31, 2015TotalWholesale Commuter NonmajorWater Parking Lot EnterpriseFund Fund FundsCash flows from operating activities Cash received from customers and users 1,996,731 $ 619,764 $ 2,616,495 $Cash payments for goods and services (1,072,624) (372,625) (1,445,249) Cash payments to employees (88,413) - (88,413) Net cash provided by operating activities 835,694 247,139 1,082,833 Cash flows from noncapital financing activitiesTransfers out (794,295) - (794,295) Net cash used in noncapitalfinancing activities (794,295) - (794,295) Cash flows from capital and related financing activitiesPurchases and disposals of capital assets - (68,169) (68,169) Net cash used in capital and relatedfinancing activities - (68,169) (68,169) Cash flows from investing activities Purchase of investments - - -Sale of investments - - -Loss on investments - - -Interest received 545 658 1,203 Net cash provided by investing activities 545 658 1,203 Decrease in cash and cash equivalents 41,944 179,628 221,572 Cash and cash equivalents – beginning of year 596,816 990,551 1,587,367 Cash and cash equivalents – end of year 638,760 $ 1,170,179 $ 1,808,939 $(Continued)A-96 Village of Glenview, IllinoisNonmajor Enterprise FundsCombining Statement of Cash Flows (Continued)For the Year Ended December 31, 2015TotalWholesale Commuter NonmajorWater Parking Lot EnterpriseFund Fund FundsReconciliation of operating income to net cash provided by operating activitiesOperating income761,326 $195,235 $956,561 $Adjustments to reconcile operating incometo net cash provided by operating activitiesDepreciation and amortization62,816 74,900 137,716 Changes in assets and liabilitiesAccounts receivable(100) -(100) Accounts payable10,805 (22,996) (12,191) Accrued payroll847-847Total adjustments74,368 51,904 126,272 Net cash provided by operating activities835,694 $247,139 $1,082,833 $20152014Original Final Actual ActualOperating revenuesCharges for sales and servicesWater sales1,977,744 $1,977,744 $1,996,831 $1,891,731 $Total operating revenues1,977,744 1,977,744 1,996,831 1,891,731 Operating expensesPersonnel81,332 81,332 88,413 84,247 Contractual services1,073,075 1,073,075 1,051,074 880,423 Commodities16,650 16,650 10,107 22,407 Other charges21,675 21,675 23,095 14,844 Total operating expenses 1,192,732 1,192,732 1,172,689 1,001,921 Operating income785,012 785,012 824,142 889,810 Nonoperating revenues (expenses)Investment income (loss)2,000 2,000 157 (5,997) Total nonoperating revenues (expenses)2,000 2,000 157 (5,997) Net income before transfers787,012 787,012 824,299 883,813 Transfers out to other fundsGeneral Fund(300,000) (300,000) (300,000) (300,000) Capital Projects Fund(494,295) (494,295) (494,295) (1,179,898) Total transfers out(794,295) (794,295) (794,295) (1,479,898) Change in net position - budgetary basis(7,283) $(7,283) $30,004 (596,085) GAAP Basis adjustmentsDepreciation and amortization(62,816) (62,816) Change in net position - GAAP Basis(32,812) (658,901) Net position - beginning of year1,817,558 2,476,459 Net position - end of year1,784,746 $1,817,558 $Village of Glenview, IllinoisWholesale Water FundSchedule of Revenues, Expenses, and Changes in Net Position - Budget and Actual (Budgetary Basis)For the Year Ended December 31, 2015(With comparative totals for the year ended December 31, 2014)BudgetA-97 20152014Original Final Actual ActualOperating revenuesCharges for sales and servicesParking meter fees160,000 $160,000 $226,264 $220,840 $Parking decals376,000 376,000 384,050 386,164 Total charges for sales and services536,000 536,000 610,314 607,004 Miscellaneous revenuesVendor lease rental fee10,125 10,125 9,450 8,750 Total operating revenues546,125 546,125 619,764 615,754 Operating expenses Contractual services222,495 224,545 241,567 281,712 Commodities71,241 69,191 48,874 53,127 Other charges10,142 10,142 34,289 3,160 Capital outlay222,000 301,639 104,538 118,700 Total operating expenses 525,878 605,517 429,268 456,699 Operating income20,247 (59,392) 190,496 159,055 Nonoperating revenues (expenses)Investment income (loss)1,950 1,950 379 (4,090) Total nonoperating revenues (expenses)1,950 1,950 379 (4,090) Net income before transfers22,197 (57,442) 190,875 154,965 Transfers out to other fundsCapital Projects Fund--- (500,000) Change in net position - budgetary basis22,197 $(57,442) $190,875 (345,035) GAAP basis adjustmentsAcquisition of capital assets79,639 114,700 Depreciation and amortization(74,900) (67,585) Change in net position - GAAP basis195,614 (297,920) Net position - beginning of year3,202,748 3,500,668 Net position - end of year3,398,362 $3,202,748 $BudgetVillage of Glenview, IllinoisCommuter Parking Lot FundSchedule of Revenues, Expenses, and Changes in Net Position - Budget and Actual (Budgetary Basis)For the Year Ended December 31, 2015(With comparative totals for the year ended December 31, 2014)INTERNAL SERVICE FUND DESCRIPTIONSInternal 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. A-98 Village of Glenview, IllinoisInternal Service FundsCombining Statement of Net PositionDecember 31, 2015Capital MunicipalEquipment EquipmentReplacement RepairFund FundCurrent assetsCash and cash equivalents 1,925,462 $ 175,542 $Investments 2,480,146 -Accounts receivable, net of uncollectible amounts - 17,933 Accrued interest receivable 10,883 -Other receivables - -Prepaid expenses 241,675 -Inventory- 360,262 Total assets 4,658,166 553,737 Current liabilitiesAccounts payable176,260 85,206 Accrued payroll- 12,900 Accrued expenses37,657 55Due to other funds--Claims payable--Unearned revenues--Total current liabilities213,917 98,161 Noncurrent liabilitiesClaims payable--Total liabilities213,917 98,161 Unrestricted4,444,249 455,576 Total net position 4,444,249 $455,576 $LiabilitiesNet PositionAssetsFacilities TotalInsurance Repair and Internaland Replacement ServiceRisk Fund Fund Funds2,837,875 $ 2,012,901 $ 6,951,780 $4,293,716 - 6,773,862 48,406 9,425 75,764 13,560 -24,443 60,000 -60,000 87,372 - 329,047 -- 360,262 7,340,929 2,022,326 14,575,158 26,513 116,383 404,362 6,400 -19,300 232,000 39,735 14,675 -14,675 632,440 - 632,440 19,642 -19,642 699,693 118,383 1,130,154 948,660 - 948,660 1,648,353 118,383 2,078,814 5,692,576 1,903,943 12,496,344 5,692,576 $1,903,943 $12,496,344 $A-99 Village of Glenview, IllinoisInternal Service FundsCombining Statement of Revenues, Expenses, and Changes in Fund Net PositionFor the Year Ended December 31, 2015Capital MunicipalEquipment EquipmentReplacement RepairFund FundOperating revenues Charges for services 1,603,995 $ 1,399,708 $Miscellaneous - 120,164 Total operating revenues 1,603,995 1,519,872 Operating expenses Personnel- 465,145 Contractual services - 444,542 Commodities 209,776 231,190 Other charges - 394,642 Capital outlay 199,695 -Total operating expenses 409,471 1,535,519 Operating income (loss)1,194,524 (15,647) Nonoperating revenues Investment income (loss)18,664 15Gain on sale of capital assets35,529 -Reassignment of capital assets(1,627,844) -Total nonoperating revenues(1,573,651) 15Income (loss) before transfers(379,127) (15,632) Transfers in--Transfers out--Total transfers--Change in net position (379,127) (15,632) Net position – beginning of year4,823,376 471,208 Net position – end of year4,444,249 $455,576 $Facilities TotalInsurance Repair and Internaland Risk Replacement ServiceFund Fund Funds7,210,061 $ 95,347 $ 10,309,111 $80,502 9,425 210,091 7,290,563 104,772 10,519,202 594,017 - 1,059,162 6,020,812 114,305 6,579,659 - - 440,966 - - 394,642 - 218,116 417,811 6,614,829 332,421 8,892,240 675,734 (227,649) 1,626,962 340,439 2,286 361,404 -- 35,529 -- (1,627,844) 340,439 2,286 (1,230,911) 1,016,173 (225,363) 396,051 -9,425 9,425 (682,540) (187,573) (870,113) (682,540) (178,148) (860,688) 333,633 (403,511) (464,637) 5,358,943 2,307,454 12,960,981 5,692,576 $1,903,943 $12,496,344 $A-100 Village of Glenview, IllinoisInternal Service FundsCombining Statement of Cash FlowsFor the Year Ended December 31, 2015Capital MunicipalEquipment EquipmentReplacement RepairFund FundCash flows from operating activities Cash received from customers and users 1,603,995 $ 1,533,049 $Cash payments for goods and services (802,104) (1,028,521) Cash payments to employees- (465,145) Net cash provided by (used in) operating activities 801,891 39,383 Cash flows from noncapital financing activitiesTransfers in--Transfers out--Net cash provided by (used in) noncapital financing activities - -Cash flows from capital and related financing activities Purchases of capital assets (1,627,844) -Proceeds from sales of capital assets 35,529 -Net cash used in capital and relatedfinancing activities (1,592,315) -Cash flows from investing activities Purchase of investments--Sale of investments8,109 -Interest received12,319 20Net cash provided by (used in) investing activities 20,428 20Increase (decrease) in cash and cash equivalents (769,996) 39,403 Cash and cash equivalents – beginning of year2,695,458 136,139 Cash and cash equivalents – end of year1,925,462 $175,542 $Reconciliation of operating income (loss) to net cash provided by (used in) operating activities:Operating income (loss)1,194,524 $(15,647) $Adjustments to reconcile operating income (loss)to net cash provided by (used in) operating activitiesChanges in assets and liabilities:Accounts receivable- 13,177 Prepaid expenses(241,675) -Inventory- 25,954 Accounts payable(178,408) 17,265 Accrued payroll-972Accrued expenses27,450 (2,338) Due to other funds--Claims payable--Unearned revenues--Total adjustments(392,633) 55,030 Facilities TotalInsurance Repair and Internaland Risk Replacement ServiceFund Fund Funds7,296,885 $ 95,347 $ 10,529,276 $(6,227,248) (392,090) (8,449,963) (594,017) - (1,059,162) 475,620 (296,743) 1,020,151 - 9,425 9,425 (682,540) (187,573) (870,113) (682,540) (178,148) (860,688) - - (1,627,844) - - 35,529 - - (1,592,315) --523,723 400,000 931,832 356,151 6,350 374,840 879,874 406,350 1,306,672 672,954 (68,541) (126,180) 2,164,921 2,081,442 7,077,960 2,837,875 $2,012,901 $6,951,780 $675,734 $(227,649) $1,626,962 $6,482 (9,425) 10,234 12,070 - (229,605) -- 25,954 20,201 (43,555) (184,497) 3,782 -4,754 - (16,114) 8,998 14,675 - 14,675 (257,164) - (257,164) (160) -(160) (200,114) (69,094) (606,811) A-101 Budget and Actual (Budgetary Basis)2015 2014Original Final Actual ActualOperating revenuesCharges for servicesCERF charges1,604,817 $1,604,817 $1,603,995 $1,513,935 $Total charges for services1,604,817 1,604,817 1,603,995 1,513,935 Operating expensesCommodities160,424 230,676 209,776 153,113 Capital outlayMachinery and equipment60,782 52,392 57,494 -Computer servers87,390 57,390 29,982 9,979 Vehicles6,973 5,322 3,190 275,065 System Improvements-92,836 109,029 -Total operating expenses315,569 438,616 409,471 438,157 Operating income 1,289,248 1,166,201 1,194,524 1,075,778 Nonoperating revenues (expenses)Investment income17,000 17,000 18,664 2,445 Gain on sale of capital assets107,910 107,910 35,529 104,195 Reassignment of capital assets(2,301,942) (2,183,467) (1,627,844) (1,252,357) Total nonoperating revenue (expenses) (2,177,032) (2,058,557) (1,573,651) (1,145,717) Change in net position(887,784) $(892,356) $(379,127) (69,939) Net position - beginning4,823,376 4,893,315 Net position - ending4,444,249 $4,823,376 $Village of Glenview, IllinoisCapital Equipment Replacement Fund (CERF)Schedule of Revenues, Expenses, and Changes in Net Position - For the Year Ended December 31, 2015(With comparative totals for the year ended December 31, 2014)BudgetBudget and Actual (Budgetary Basis)2015 2014Original Final Actual ActualOperating revenuesCharges for servicesVillage 1,542,768 $ 1,542,768 $ 1,398,600 $ 1,448,703 $Library 5,000 5,000 1,108 591Total charges for services 1,547,768 1,547,768 1,399,708 1,449,294 Miscellaneous revenuesOther charges 155,000 155,000 120,164 184,650 Total miscellaneous revenues 155,000 155,000 120,164 184,650 Total operating revenues 1,702,768 1,702,768 1,519,872 1,633,944 Operating expensesFleet managementPersonnel 455,969 455,969 465,145 456,932 Contractual services 393,300 481,300 444,542 413,446 Commodities 241,865 273,315 231,190 222,114 Other charges 612,044 492,594 394,642 567,520 Total operating expenses 1,703,178 1,703,178 1,535,519 1,660,012 Operating loss (410) (410) (15,647) (26,068) Nonoperating revenuesInvestment income 410 410 15 34Total nonoperating revenues 410 410 15 34Income (loss) before transfers - - (15,632) (26,034) Transfer outCapital Projects Fund - - - (100,000) Change in net position -$-$ (15,632) (126,034) Net position - beginning 471,208 597,242 Net position - ending 455,576 $ 471,208 $Budget (With comparative totals for the year ended December 31, 2014)Village of Glenview, IllinoisMunicipal Equipment Repair Fund (MERF)Schedule of Revenues, Expenses, and Changes in Net Position - For the Year Ended December 31, 2015A-102 Budget and Actual (Budgetary Basis)Original and 2015 2014Final Budget Actual ActualOperating revenuesCharges for servicesInsurance premiumsEmployees 789,697 $ 738,330 $ 814,592 $Village 3,356,441 3,390,888 3,657,889 Retirees 856,749 909,543 858,264 Component unit - Library 525,545 514,689 570,864 Other 1,655,138 1,656,611 1,727,699 Total charges for services 7,183,570 7,210,061 7,629,308 MiscellaneousInsurance recoveries 50,000 74,872 56,502 Other - 5,630 327Total miscellaneous revenues 50,000 80,502 56,829 Total operating revenues 7,233,570 7,290,563 7,686,137 Operating expensesPersonnel 525,272 594,017 592,460 Contractual services 7,154,795 6,020,812 7,087,040 Total operating expenses 7,680,067 6,614,829 7,679,500 Operating income (loss) (446,497) 675,734 6,637 Nonoperating revenue Investment income 310,750 340,439 1,039,980 Total nonoperating revenue 310,750 340,439 1,039,980 Income (loss) before transfers (135,747) 1,016,173 1,046,617 Transfers in (out)General Fund - - 7Capital Projects Fund (132,540) (682,540) (1,403,670) Total transfers (132,540) (682,540) (1,403,663) Change in net position (268,287) $ 333,633 (357,046) Net position - beginning 5,358,943 5,715,989 For the Year Ended December 31, 2015Village of Glenview, IllinoisInsurance and Risk Fund(With comparative totals for the year ended December 31, 2014)Schedule of Revenues, Expenses, and Changes in Net Position - Budget and Actual (Budgetary Basis)2015 2014Original Final Actual ActualOperating revenuesCharges for servicesFacilities charges 95,025 $ 95,025 $ 95,347 $-$Total charges for services 95,025 95,025 95,347 -MiscellaneousIntergovernmental - - - -Other income - - 9,425 -Total miscellaneous revenues - - 9,425 -Total operating revenues 95,025 95,025 104,772 -Operating expensesContractual services - - 114,305 136,930 Capital outlayFurniture and fixtures - - - -Vehicles and equipment - - - -Building improvements 684,500 512,160 218,116 124,535 Other operating expenses 684,500 512,160 332,421 261,465 Total operating loss (589,475) (417,135) (227,649) (261,465) Nonoperating revenuesInvestment income (loss) 14,000 14,000 2,286 (34,804) Reassignment of capital assets - - - (545,012) Total nonoperating revenues 14,000 14,000 2,286 (579,816) Loss before transfers (575,475) (403,135) (225,363) (841,281) Transfers in (out)Village Permanent Fund - - 9,425 193,504 Capital Projects Fund - (187,573) (187,573) (1,250,000) Total transfers - (187,573) (178,148) (1,056,496) Change in net position(575,475) $(590,708) $(403,511) (1,897,777) Net position - beginning2,307,454 4,205,231 Net position - ending1,903,943 $2,307,454 $BudgetFacilities Repair and Replacement Fund (FRRF)Schedule of Revenues, Expenses, and Changes in Net Position - For the Year Ended December 31, 2015(With comparative totals for the year ended December 31, 2014)Village of Glenview, IllinoisA-103 TRUST AND AGENCY FUND DESCRIPTIONSTrust 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 FundsPolice 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 FundsSpecial 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 FundsCombining Statement of Fiduciary Net PositionDecember 31, 2015Police Firefighters'Pension PensionFund Fund Total AssetsCash and cash equivalents 1,736,202 $916,103 $2,652,305 $InvestmentsU.S. government and agency obligations18,845,417 24,155,159 43,000,576 Municipal obligations366,982 4,871,327 5,238,309 Corporate obligations10,724,801 - 10,724,801 Equity mutual funds36,926,382 41,687,528 78,613,910 Accrued interest receivable152,496 185,940 338,436 Due from other funds9,192 12,925 22,117 Prepaid expenses6,103 4,472 10,575 Total assets68,767,575 71,833,454 140,601,029 LiabilitiesAccrued expenses11,040 40,901 51,941 Net PositionRestricted for pensions68,756,535 $71,792,553 $140,549,088 $ A-104 Village of Glenview, IllinoisPension Trust FundsCombining Statement of Changes in Fiduciary Net PositionFor the Year Ended December 31, 2015Police Firefighters'Pension PensionFund Fund Total Additions Contributions Employer 7,494,545 $ 10,309,348 $ 17,803,893 $Participant 777,705 750,195 1,527,900 Total contributions 8,272,250 11,059,543 19,331,793 Investment incomeNet appreciation in fair value of investments (2,648,641) (1,717,287) (4,365,928) Interest income 2,713,029 2,662,007 5,375,036 Less investment expenses (67,367) (126,971) (194,338) Net investment income (2,979) 817,749 814,770 Total additions 8,269,271 11,877,292 20,146,563 Deductions Administration 51,118 82,809 133,927 Retirement pensions 3,194,414 4,535,297 7,729,711 Widow pensions 297,558 332,160 629,718 Disability pensions 171,916 460,490 632,406 Contribution refunds 1,343 - 1,343 Total deductions 3,716,349 5,410,756 9,127,105 Change in net position 4,552,922 6,466,536 11,019,458 Net position restricted for pensions at beginning of year 64,203,613 65,326,017 129,529,630 Net position restricted for pensions at end of year 68,756,535 $ 71,792,553 $ 140,549,088 $ Original and 20152014Final Budget Actual ActualAdditions ContributionsEmployer1,957,880 $ 7,494,545 $1,953,494 $Participant709,035 777,705 686,942 Total contributions2,666,915 8,272,250 2,640,436 Investment incomeNet appreciationin fair value of investments2,900,000 (2,648,641) 135,576 Interest income800,000 2,713,029 2,725,018 Less investment expense(89,862) (67,367) (61,160) Net investment income 3,610,138 (2,979) 2,799,434 Total additions 6,277,053 8,269,271 5,439,870 DeductionsAdministration54,000 51,118 45,490 Retirement pensions2,921,080 3,194,414 2,864,823 Widow pensions294,743 297,558 290,353 Disability pensions122,957 171,916 119,375 Contribution refunds50,000 1,343 -Total deductions3,442,780 3,716,349 3,320,041 Change in net position2,834,273 $ 4,552,922 2,119,829 Net position restricted for pensionsBeginning64,203,613 62,083,784 Ending68,756,535 $ 64,203,613 $ Village of Glenview, IllinoisPolice Pension FundSchedule of Changes in Plan Net Position - Budget and ActualFor the Year Ended December 31, 2015(With comparative totals for the year ended December 31, 2014)A-105 Original and 20152014Final Budget Actual ActualAdditionsContributionsEmployer3,739,508 $10,309,348 $3,134,768 $Participant755,182 750,195 751,554 Total contributions4,494,690 11,059,543 3,886,322 Investment incomeNet appreciation (depreciation) in fair value of investments3,100,000 (1,717,287) 1,889,523 Interest income800,000 2,662,007 2,528,436 Less investment expense(178,866) (126,971) (143,842) Net investment income 3,721,134 817,749 4,274,117 Total additions 8,215,824 11,877,292 8,160,439 DeductionsAdministration45,210 82,809 44,601 Retirement pensions4,250,528 4,535,297 4,107,403 Widow pensions275,564 332,160 298,993 Disability pensions452,780 460,490 453,447 Contribution refunds50,000 -2,364 Total deductions5,074,082 5,410,756 4,906,808 Change in net position3,141,742 $6,466,536 3,253,631 Net position restricted for pensionsBeginning65,326,017 62,072,386 Ending71,792,553 $65,326,017 $Village of Glenview, IllinoisFirefighters' Pension FundSchedule of Changes in Plan Net Position - Budget and ActualFor the Year Ended December 31, 2015(With comparative totals for the year ended December 31, 2014)Village of Glenview, IllinoisAgency FundsStatements of Changes in Assets and LiabilitiesFor the Year Ended December 31, 2015Balances, Balances,January 1 Additions Subtractions December 31COMBINING STATEMENT - ALL AGENCY FUNDSAssetsCash and cash equivalents 995,686 $ 2,914,757 $ 3,573,935 $ 336,508 $Investments 2,903,249 - 1,871,674 1,031,575 Receivables-Property taxes 208,595 235,855 208,595 235,855 Interest 19,030 - 7,853 11,177 Other 949 - 949 -Total assets 4,127,509 $ 3,150,612 $ 5,663,006 $ 1,615,115 $LiabilitiesAccounts payable 169,250 $ 737,096 $ 900,046 $ 6,300 $Refundable deposits 3,597,799 4,706,651 7,102,765 1,201,685 Due to bond holders 360,460 1,263,340 1,216,670 407,130 Total liabilities 4,127,509 $ 6,707,087 $ 9,219,481 $ 1,615,115 $INDIVIDUAL AGENCY FUND STATEMENTSSpecial Service Area (SSA) Bond FundAssetsCash and cash equivalents 151,671 $ 271,991 $ 252,387 $ 171,275 $Receivables - property taxes 208,595 235,855 208,595 235,855 Receivables - other 194 - 194 -Total assets 360,460 $ 507,846 $ 461,176 $ 407,130 $LiabilitiesDue to bond holders 360,460 $ 1,263,340 $ 1,216,670 $ 407,130 $Total liabilities360,460 $ 1,263,340 $ 1,216,670 $ 407,130 $(Continued)A-106 Village of Glenview, IllinoisStatements of Changes in Assets and Liabilities (Continued)Agency FundsFor the Year Ended December 31, 2015Balances,Balances,January 1 Additions Subtractions December 31INDIVIDUAL AGENCY FUND STATEMENTS (CONTINUED)Escrow Deposit FundAssetsCash and cash equivalents844,015 $2,642,766 $3,321,548 $165,233 $Investments2,903,249 - 1,871,674 1,031,575 Receivables - interest19,030 -7,853 11,177 Receivables - other755-755-Total assets3,767,049 $2,642,766 $5,201,830 $1,207,985 $LiabilitiesAccounts payable169,250 $737,096 $900,046 $6,300 $Refundable deposits3,597,799 4,706,651 7,102,765 1,201,685 Total liabilities3,767,049 $5,443,747 $8,002,811 $1,207,985 $GLENVIEW LIBRARYCOMPONENT UNITThe 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, andrecreational activities of the Glenview Public Library.A-107 Village of Glenview, IllinoisGlenview Library - Component UnitCombining Balance Sheet and Statement of Net PositionDecember 31, 2015LibraryGeneralLibrary Obligation NonmajorGeneral Bond Series Library TotalFund of 2009A Funds LibraryAssetsCurrent assetsCash and cash equivalents 3,832,662 $ 356,133 $ 572,954 $ 4,761,749 $Investments - - 246,800 246,800 Receivables, net of allowancesProperty taxes 5,908,929 1,832,987 - 7,741,916 Interest - - 115 115Due from other funds 31,206 - - 31,206 Total current assets 9,772,797 2,189,120 819,869 12,781,786 Noncurrent assetsCapital assets not depreciated - - - -Capital assets depreciated (net) - - - -Total noncurrent assets - - - -Total assets 9,772,797 2,189,120 819,869 12,781,786 Deferred Outflows of ResourcesDeferred outflows due to pensions - - - -Combining Balance SheetTotalComponentAdjustments Unit-$ 4,761,749 $- 246,800 - 7,741,916 - 115(31,206) -(31,206) 12,750,580 5,426,987 5,426,987 25,699,819 25,699,819 31,126,806 31,126,806 31,095,600 43,877,386 1,381,433 1,381,433 (Continued)Statement of Net PositionA-108 Village of Glenview, IllinoisGlenview Library - Component UnitCombining Balance Sheet and Statement of Net PositionDecember 31, 2015LibraryGeneralLibrary Obligation NonmajorGeneral Bond Series Library TotalFund of 2009A Funds LibraryLiabilitiesCurrent liabilitiesAccounts payable 451,792 $-$ 23,383 $ 475,175 $Accrued payroll 150,977 - - 150,977 Accrued interest - - - -Current portion of bonds payable - - - -Current portion of compensated absences - - - -Due to other funds - - 31,206 31,206 Total current liabilities 602,769 - 54,589 657,358 Noncurrent liabilitiesBond payable - - - -Net pension liability - - - -Compensated absences - - - -Total noncurrent liabilities - - - -Total liabilities 602,769 - 54,589 657,358 Deferred Inflows of ResourcesDeferred property taxes 5,940,186 1,838,375 - 7,778,561 Deferred inflows due to pensions - - - -Total deferred inflows of resources 5,940,186 1,838,375 - 7,778,561 Net investment in capital assets----Restricted- 350,745 765,280 1,116,025 Unassigned/unrestricted3,229,842 -- 3,229,842 Total fund balance/net position3,229,842 350,745 765,280 4,345,867 Total liabilities, deferred inflowsof resources and fund balance/net position9,772,797 $2,189,120 $819,869 $12,781,786 $Fund Balance/Net PositionCombining Balance SheetTotalComponentAdjustments Unit-$ 475,175 $- 150,977 65,011 65,011 1,155,000 1,155,000 53,839 53,839 (31,206) -1,242,644 1,900,002 19,330,000 19,330,000 2,094,473 2,094,473 215,357 215,357 21,639,830 21,639,830 22,882,474 23,539,832 - 7,778,561 35,431 35,431 35,431 7,813,992 10,641,806 10,641,806 - 1,116,025 (1,082,678) 2,147,164 9,559,128 13,904,995 32,441,602 $45,223,388 $Statement of Net PositionA-109 Village of Glenview, IllinoisGlenview Library - Component UnitCombining Statement of Revenues, Expenditures, and Changes inFund Balances and Statement of ActivitiesYear Ended December 31, 2015LibraryGeneralLibrary Obligation NonmajorGeneral Bond Series Library TotalFund of 2009A Funds LibraryRevenuesProperty taxes 5,891,846 $ 2,006,818 $-$ 7,898,664 $Charges for services 64,536 - - 64,536 Fines and forfeitures 78,679 - - 78,679 Intergovernmental 1,167,510 - - 1,167,510 Other revenue 48,405 - 58,762 107,167 Investment income 11,751 7,243 2,679 21,673 Total revenues 7,262,727 2,014,061 61,441 9,338,229 ExpendituresCurrentCulture and recreation6,703,644 -39,474 6,743,118 Debt servicePrincipal- 1,125,000 - 1,125,000 Interest and other- 814,381 - 814,381 Capital outlay254,099 -45,414 299,513 Total expenditures6,957,743 1,939,381 84,888 8,982,012 Net change in fund balances/net position304,984 74,680 (23,447) 356,217 Fund balances/net positionBeginning, as restated2,924,858 276,065 788,727 3,989,650 Ending3,229,842 $350,745 $765,280 $4,345,867 $and Changes in Fund BalancesStatement of Revenues, Expenditures,TotalComponentAdjustments Unit-$ 7,898,664 $-64,536 -78,679 - 1,167,510 - 107,167 -21,673 - 9,338,229 782,902 7,526,020 (1,125,000) -(2,813) 811,568 (299,513) -(644,424) 8,337,588 644,424 1,000,641 8,914,704 12,904,354 9,559,128 $13,904,995 $Statement of ActivitiesA-110 2015 2014Original Final Actual ActualRevenuesLocal taxesProperty taxes for LibraryCurrent year 5,936,578 $ 5,936,578 $ 5,942,531 $ 5,931,531 $Prior year - - (50,685) (45,474) Total local taxes 5,936,578 5,936,578 5,891,846 5,886,057 Charges for servicesNonresident fee 18,000 18,000 20,656 16,019 Personal books 1,250 1,250 2,160 1,249 Copying fees 10,000 10,000 15,915 14,115 Circular collection fees - - 390 8Video fees 27,500 27,500 23,331 25,315 Rental fees 2,000 2,000 2,084 2,084 Total charges for services 58,750 58,750 64,536 58,790 Fines and forfeituresLibrary fines 64,000 64,000 67,737 63,280 Lost and paid 11,000 11,000 10,942 12,236 Total fines and forfeitures 75,000 75,000 78,679 75,516 IntergovernmentalProperty replacement tax 29,000 29,000 142,511 29,000 Make-whole TIF area taxes 959,538 959,538 969,134 959,619 Grant proceeds 50,000 50,000 55,865 55,865 Total intergovernmental 1,038,538 1,038,538 1,167,510 1,044,484 Investment incomeInterest 11,500 11,500 11,751 14,706 Other revenueEmployee dental contribution 15,500 15,500 16,451 14,896 Miscellaneous 24,000 24,000 31,954 27,299 Total other revenues 39,500 39,500 48,405 42,195 Total revenues 7,159,866 7,159,866 7,262,727 7,121,748 (Continued)Village of Glenview, IllinoisGlenview Library - Component Unit - Library General FundSchedule of Revenues, Expenditures, and Changes in Fund BalanceFor the Year Ended December 31, 2015Budget2015 2014Original Final Actual ActualExpendituresCulture and recreationLibrary administrationPersonnel 1,128,610 $ 1,128,610 $ 1,065,037 $ 1,115,693 $Contractual services 311,800 311,800 323,028 299,257 Commodities 8,100 8,100 7,649 8,124 Other charges 80,300 80,300 47,253 150,843 Total library administration 1,528,810 1,528,810 1,442,967 1,573,917 Readers' servicesPersonnel 818,088 818,088 800,196 781,015 Contractual services 38,700 38,700 36,337 36,291 Commodities 251,650 251,650 251,562 240,953 Other charges 4,300 4,300 2,770 1,847 Total readers' services 1,112,738 1,112,738 1,090,865 1,060,106 Buildings and grounds maintenancePersonnel 198,082 198,082 199,299 195,898 Contractual services 104,700 104,700 124,480 118,498 Commodities 67,250 67,250 63,137 77,405 Other charges 1,000 1,000 187 149Total building and grounds maintenance 371,032 371,032 387,103 391,950 CirculationPersonnel 877,945 877,945 844,441 845,765 Contractual services 14,165 14,165 11,288 12,367 Commodities 18,350 18,350 11,211 10,005 Other charges 4,175 4,175 2,245 2,594 Total circulation 914,635 914,635 869,185 870,731 (Continued)Village of Glenview, IllinoisGlenview Library - Component Unit - Library General FundSchedule of Revenues, Expenditures, and Changes in Fund Balance (Continued)For the Year Ended December 31, 2015BudgetA-111 2015 2014Original Final Actual ActualExpenditures (continued)Public informationPersonnel 170,641 $ 170,641 $ 166,147 $ 157,569 $Contractual services 52,425 52,425 46,917 48,810 Commodities 3,700 3,700 4,431 3,722 Other charges 400 400 329 281Total public information 227,166 227,166 217,824 210,382 Technical servicesPersonnel 803,257 568,931 570,116 813,503 Contractual services 184,500 9,500 7,169 161,819 Commodities 23,450 17,000 13,181 27,444 Other charges 6,600 3,100 3,166 2,610 Total technical services 1,017,807 598,531 593,632 1,005,376 Youth servicesPersonnel 688,533 688,533 632,459 654,325 Contractual services 53,500 53,500 54,217 47,744 Commodities 116,100 116,100 121,223 117,530 Other charges 4,400 4,400 1,941 1,997 Total youth services 862,533 862,533 809,840 821,596 ReferencePersonnel 656,591 656,591 632,093 624,961 Contractual services 181,400 181,400 175,356 174,988 Commodities 165,945 165,945 83,819 135,847 Other charges 4,390 4,390 179 1,320 Total reference 1,008,326 1,008,326 891,447 937,116 (Continued)Glenview Library - Component Unit - Library General FundVillage of Glenview, IllinoisSchedule of Revenues, Expenditures, and Changes in Fund Balance (Continued)For the Year Ended December 31, 2015Budget2015 2014Original Final Actual ActualExpenditures (continued)Information technologyPersonnel -$ 234,326 $ 226,280 $ -$ Contractual services- 175,000 164,678 - Commodities- 6,450 8,278 - Other charges- 3,500 1,545 - Total information technology- 419,276 400,781 - Total culture and recreation7,043,048 7,043,048 6,703,644 6,871,174 Capital outlayFurniture and fixtures1,350 1,350 1,419 597 Machinery and equipment6,500 6,500 3,789 2,250 Information system235,600 235,600 248,891 215,826 Total capital outlay243,450 243,450 254,099 218,673 Total expenditures7,286,498 7,286,498 6,957,743 7,089,847 Net change in fund balance(126,632) $ (126,632) $ 304,984 31,901 Fund balance - beginning2,924,858 2,892,957 Fund balance - ending3,229,842 $ 2,924,858 $BudgetVillage of Glenview, IllinoisGlenview Library - Component Unit - Library General FundSchedule of Revenues, Expenditures, and Changes in Fund Balance (Continued)For the Year Ended December 31, 2015A-112 Originaland Final 2015 2014Budget Actual ActualRevenuesProperty taxes 1,958,270 $ 2,006,818 $ 2,024,197 $Investment income 4,000 7,243 4,494 Total revenues 1,962,270 2,014,061 2,028,691 ExpendituresDebt servicePrincipal 1,125,000 1,125,000 1,095,000 Interest and other 814,131 814,381 847,231 Total expenditures 1,939,131 1,939,381 1,942,231 Net change in fund balance 23,139 $ 74,680 86,460 Fund balance - beginning 276,065 189,605 Fund balance - ending 350,745 $ 276,065 $Village of Glenview, IllinoisGlenview Library - Component Unit - Library General Obligation Bond Series of 2009ASchedule of Revenues, Expenditures, and Changes in Fund Balance - Budget and ActualFor the Year Ended December 31, 2015Village of Glenview, IllinoisGlenview Library - Component Unit - Library Nonmajor FundsCombining Balance SheetDecember 31, 2015Friends Totalof the SpecialLibrary Gift RevenueCash and cash equivalents 100,853 $ 118,458 $ 219,311 $Investments - - -Interest receivable - - -Total assets100,853 $118,458 $219,311 $LiabilitiesAccounts payable13,964 $-$13,964 $Due to other funds---Total liabilities13,964 -13,964 Fund balancesRestricted86,889 118,458 205,347 Total fund balances86,889 118,458 205,347 Total liabilities and fund balances100,853 $118,458 $219,311 $Special Revenue FundsLiabilities and Fund BalancesAssetsA-113 Library Library TotalTotalCapital Special Capital NonmajorContribution Reserve Project Library57,009 $296,634 $353,643 $572,954 $- 246,800 246,800 246,800 -11511511557,009 $543,549 $600,558 $819,869 $195$9,224 $9,419 $23,383 $-31,206 31,206 31,206 195 40,430 40,625 54,589 56,814 503,119 559,933 765,280 56,814 503,119 559,933 765,280 57,009 $543,549 $600,558 $819,869 $Capital Project FundsVillage of Glenview, IllinoisGlenview Library - Component Unit - Library Nonmajor FundsCombining Statement of Revenues, Expenditures, and Changes in Fund BalancesFor the Year Ended December 31, 2015Friends Totalof the SpecialLibrary Gift RevenueRevenuesOther revenueDonations 40,000 $-$ 40,000 $Investment income 449 748 1,197 Total revenues 40,449 748 41,197 ExpendituresCulture and recreationMiscellaneous 24,202 - 24,202 Capital outlay - - -Total expenditures24,202 -24,202 Net change in fund balances16,247 748 16,995 Fund balances - beginning70,642 117,710 188,352 Fund balances - ending86,889 $118,458 $205,347 $Special Revenue FundsA-114 Library Library TotalTotalCapital Special Capital NonmajorContribution Reserve Project Library18,762 $-$18,762 $58,762 $3761,106 1,482 2,679 19,138 1,106 20,244 61,441 10,866 4,406 15,272 39,474 -45,414 45,414 45,414 10,866 49,820 60,686 84,888 8,272 (48,714) (40,442) (23,447) 48,542 551,833 600,375 788,727 56,814 $503,119 $559,933 $765,280 $Capital Project Funds2015 2014Original Final Actual ActualRevenuesInvestment income 2,500 $ 2,500 $ 1,106 $ 2,974 $Total revenues2,500 2,500 1,106 2,974 ExpendituresMiscellaneous31,500 66,366 4,406 102,958 Capital outlay-- 45,414 -Total expenditures31,500 66,366 49,820 102,958 Net change in fund balance(29,000) $(63,866) $(48,714) (99,984) Fund balance - beginning551,833 651,817 Fund balance - ending503,119 $551,833 $BudgetVillage of Glenview, IllinoisGlenview Library - Component Unit - Library Special Reserve FundSchedule of Revenues, Expenditures, and Changes in Fund Balance - Budget and ActualFor the Year Ended December 31, 2015A-115 OTHER SUPPLEMENTAL INFORMATIONVillage of Glenview, IllinoisGeneral Obligation Bond Series 2007ALong-term Debt RequirementsDecember 31, 2015Date of issue: December 15, 2007Date of maturity: December 1, 2016Authorized issue: 5,000,000$Denomination of bonds: 5,000$Interest rate: 3.50% - 3.75%Interest dates: June 1 and December 1Principal maturity date: December 1Payable at: Wells Fargo Bank, N.A., Chicago, ILFiscalYearEndingDecember 31 Principal Interest Total June 1 Amount December 1 Amount2016635,000 $23,812 $658,812 $201611,906 $201611,906 $Note: Principal and interest is payable from the Glenview Water Fund and the Glenview Sanitary Sewer Fund.FUTURE PRINCIPAL AND INTEREST REQUIREMENTSRequirementsInterest Due onA-116 Village of Glenview, IllinoisGeneral Obligation Bond Series 2007BLong-term Debt RequirementsDecember 31, 2015Date of issue: December 15, 2007Date of maturity: December 1, 2016Authorized issue: 1,200,000$Denomination of bonds: 5,000$Interest rate: 4.80% - 5.00%Interest dates: June 1 and December 1Principal maturity date: December 1Payable at: Wells Fargo Bank, N.A., Chicago, ILFiscalYearEndingDecember 31 Principal Interest Total June 1 Amount December 1 Amount2016 130,000 $ 6,500 $ 136,500 $ 2016 3,250 $ 2016 3,250 $Note: Principal and interest is payable from the North Maine Water and Sewer Fund.FUTURE PRINCIPAL AND INTEREST REQUIREMENTSRequirements Interest Due onVillage of Glenview, IllinoisGeneral Obligation Bond Series 2009ALong-term Debt RequirementsDecember 31, 2015Date of issue: May 5, 2009Date of maturity: December 1, 2029Authorized issue: 26,300,000$Denomination of bonds: 5,000$Interest rates: 3.000 - 4.125%Interest dates: June 1 and December 1Principal maturity date: December 1Payable at: Wells Fargo Bank, N.A., Chicago, ILFiscalYearEndingDecember 31 Principal Interest Total June 1 Amount December 1 Amount2016 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 372,7412018 1,225,000 703,831 1,928,831 2018 351,916 2018 351,9162019 1,270,000 660,956 1,930,956 2019 330,478 2019 330,4782020 1,310,000 616,506 1,926,506 2020 308,253 2020 308,2532021 1,360,000 567,381 1,927,381 2021 283,691 2021 283,6912022 1,410,000 516,381 1,926,381 2022 258,191 2022 258,1912023 1,460,000 463,506 1,923,506 2023 231,753 2023 231,7532024 1,520,000 408,756 1,928,756 2024 204,378 2024 204,3782025 1,580,000 347,956 1,927,956 2025 173,978 2025 173,9782026 1,645,000 284,756 1,929,756 2026 142,378 2026 142,3782027 1,715,000 218,956 1,933,956 2027 109,478 2027 109,4782028 1,785,000 150,356 1,935,356 2028 75,178 2028 75,1782029 1,860,000 76,725 1,936,725 2029 38,363 2029 38,363 20,485,000 $ 6,541,678 $ 27,026,678 $ 3,270,842 $ 3,270,842 $Note: Principal and interest is payable from proceeds of the library property tax levy.FUTURE PRINCIPAL AND INTEREST REQUIREMENTSRequirements Interest Due on A-117 Village of Glenview, IllinoisGeneral Obligation Bond Series 2009DLong-term Debt RequirementsDecember 31, 2015Date of issue:October 21, 2009Date of maturity:December 1, 2018Authorized issue:11,290,000 $Denomination of bonds:5,000 $Interest rates:2.00 - 4.00%Interest dates:June 1 and December 1Principal maturity date:December 1Payable at:Wells Fargo Bank, N.A., Chicago, ILFiscalYearEndingDecember 31 Principal Interest Total June 1 Amount December 1 Amount2016 1,365,000 $136,150 $1,501,150 $201668,075 $201668,075 $2017 1,360,000 95,200 1,455,200 201747,600 201747,6002018 1,360,000 54,400 1,414,400 201827,200 201827,200 4,085,000 $285,750 $4,370,750 $142,875 $142,875 $Note: Principal and interest is payable from the Special Tax Allocation Fund.FUTURE PRINCIPAL AND INTEREST REQUIREMENTSRequirementsInterest Due onVillage of Glenview, IllinoisIllinois Environmental Protection Agency LoanLong-term Debt RequirementsDecember 31, 2015Date of issue: October 1, 2010Date of maturity: April 14, 2031Authorized issue: 633,827 $Interest rates: 0.00%Principal maturity date: April 14 and October 14Payable at: Illinois Environmental Protection AgencyLoan Number: L17-4483FiscalYearEndingDecember 31 April 14 October 14 Total2016 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 - 12,185 194,966 $ 182,780 $ 377,746 $Note: Principal will be paid by the Capital Projects FundRequirementsFUTURE PRINCIPAL REQUIREMENTSA-118 Village of Glenview, IllinoisGeneral Obligation Refunding Bond, Series 2012ALong-term Debt RequirementsDecember 31, 2015Date of issue: June 14, 2012Date of maturity:December 1, 2021Authorized issue:18,090,000 $Denomination of bonds:5,000 $Interest rates:3.00% - 4.00%Interest dates:June 1 and December 1Principal maturity date:December 1Payable at:Wells Fargo Bank, N.A., Chicago, ILFiscalYearEndingDecember 31 Principal Interest Total June 1 Amount December 1 Amount2016-$604,800 $604,800 $2016 302,400 $2016302,400 $2017- 604,800 604,800 2017 302,400 2017302,4002018- 604,800 604,800 2018 302,400 2018302,4002019 5,850,000 604,800 6,454,800 2019 302,400 2019302,4002020 6,030,000 429,300 6,459,300 2020 214,650 2020214,6502021 6,210,000 248,400 6,458,400 2021 124,200 2021124,200 18,090,000 $3,096,900 $21,186,900 $1,548,450 $1,548,450 $Note: Principal and interest is payable from the Special Tax Allocation Fund.FUTURE PRINCIPAL AND INTEREST REQUIREMENTSRequirementsInterest Due onVillage of Glenview, IllinoisGeneral Obligation Refunding Bond, Series 2012BLong-term Debt RequirementsDecember 31, 2015Date of issue: December 18, 2012Date of maturity: December 1, 2024Authorized issue: 14,575,000 $Denomination of bonds:5,000 $Interest rates:3.00% - 4.00%Interest dates:June 1 and December 1Principal maturity date:December 1Payable at:Wells Fargo Bank, N.A., Chicago, ILFiscalYearEndingDecember 31 Principal Interest Total June 1 Amount December 1 Amount2016 1,245,000 $517,500 $1,762,500 $2016 258,750 $2016258,750 $2017 1,295,000 467,700 1,762,700 2017 233,850 2017233,8502018 1,365,000 415,900 1,780,900 2018 207,950 2018207,9502019 1,410,000 361,300 1,771,300 2019 180,650 2019180,6502020 1,475,000 304,900 1,779,900 2020 152,450 2020152,4502021 1,540,000 245,900 1,785,900 2021 122,950 2021122,9502022 1,605,000 184,300 1,789,300 202292,150 202292,1502023 1,690,000 120,100 1,810,100 202360,050 202360,0502024 1,750,000 52,500 1,802,500 202426,250 202426,250 13,375,000 $2,670,100 $16,045,100 $1,335,050 $1,335,050 $Note: Principal and interest is payable from a property tax levy.FUTURE PRINCIPAL AND INTEREST REQUIREMENTSRequirementsInterest Due onA-119 Village of Glenview, IllinoisGeneral Obligation Refunding Bond, Series 2012CLong-term Debt RequirementsDecember 31, 2015Date of issue: December 18, 2012Date of maturity: December 1, 2018Authorized issue: 7,730,000 $Denomination of bonds: 5,000 $Interest rates: 2.00% - 3.00%Interest dates: June 1 and December 1Principal maturity date: December 1Payable at: Wells Fargo Bank, N.A., Chicago, ILFiscalYearEndingDecember 31 Principal Interest Total June 1 Amount December 1 Amount2016 1,540,000 $ 147,750 $ 1,687,750 $ 2016 73,875 $ 2016 73,875 $2017 1,650,000 101,550 1,751,550 201750,775 201750,7752018 1,735,000 52,050 1,787,050 201826,025 201826,025 4,925,000 $301,350 $5,226,350 $150,675 $150,675 $Note: Principal and interest is payable from the Special Tax Allocation Fund.FUTURE PRINCIPAL AND INTEREST REQUIREMENTSRequirementsInterest Due onVillage of Glenview, IllinoisGeneral Obligation Bonds, Series 2013ALong-term Debt RequirementsDecember 31, 2015Date of issue: December 19, 2013Date of maturity: December 1, 2033Authorized issue: 6,065,000 $Denomination of bonds: 5,000 $Interest rates: 2.00% - 4.00%Interest dates: June 1 and December 1Principal maturity date: December 1Payable at: Wells Fargo Bank, N.A., Chicago, ILFiscalYearEndingDecember 31 Principal Interest Total June 1 Amount December 1 Amount2016 245,000 $ 185,082 $ 430,082 $ 2016 92,541 $ 2016 92,541 $2017 245,000 180,182 425,182 2017 90,091 2017 90,0912018 250,000 175,282 425,282 2018 87,641 2018 87,6412019 260,000 170,282 430,282 2019 85,141 2019 85,1412020 265,000 165,082 430,082 2020 82,541 2020 82,5412021 270,000 157,132 427,132 2021 78,566 2021 78,5662022 280,000 149,032 429,032 2022 74,516 2022 74,5162023 285,000 140,632 425,632 2023 70,316 2023 70,3162024 295,000 132,082 427,082 2024 66,041 2024 66,0412025 305,000 123,232 428,232 2025 61,616 2025 61,6162026 315,000 113,626 428,626 2026 56,813 2026 56,8132027 325,000 102,600 427,600 2027 51,300 2027 51,3002028 340,000 89,600 429,600 2028 44,800 2028 44,8002029 350,000 76,000 426,000 2029 38,000 2029 38,0002030 365,000 62,000 427,000 2030 31,000 2030 31,0002031 380,000 47,400 427,400 2031 23,700 2031 23,7002032 395,000 32,200 427,200 2032 16,100 2032 16,1002033 410,000 16,400 426,400 2033 8,200 2033 8,200 5,580,000 $ 2,117,846 $ 7,697,846 $ 1,058,923 $ 1,058,923 $Note: Principal and interest will be paid by the Debt Service Fund via a transfer from the Corporate Fund.FUTURE PRINCIPAL AND INTEREST REQUIREMENTSRequirements Interest Due on A-120 Village of Glenview, IllinoisGeneral Obligation Bonds, Series 2013BLong-term Debt RequirementsDecember 31, 2015Date of issue: December 19, 2013Date of maturity: December 1, 2023Authorized issue: 4,385,000 $Denomination of bonds: 5,000 $Interest rates: 1.50% - 3.50%Interest dates: June 1 and December 1Principal maturity date: December 1Payable at: Wells Fargo Bank, N.A., Chicago, ILFiscalYearEndingDecember 31 Principal Interest Total June 1 Amount December 1 Amount2016 -$ 116,082 $ 116,082 $ 2016 58,041 $ 2016 58,041 $2017 585,000 116,082 701,082 2017 58,041 2017 58,0412018 595,000 107,308 702,308 2018 53,654 2018 53,6542019 605,000 95,408 700,408 2019 47,704 2019 47,7042020 620,000 81,190 701,190 2020 40,595 2020 40,5952021 640,000 64,450 704,450 2021 32,225 2021 32,2252022 660,000 45,250 705,250 2022 22,625 2022 22,6252023 680,000 23,800 703,800 2023 11,900 2023 11,900 4,385,000 $ 649,570 $ 5,034,570 $ 324,785 $ 324,785 $Note: Principal and interest will be paid by the Waukegan/Golf TIF Fund FUTURE PRINCIPAL AND INTEREST REQUIREMENTSRequirements Interest Due onVillage of Glenview, Illinois5 Year LoanLong-term Debt RequirementsDecember 31, 2015Date of issue:December 1, 2014Date of maturity:December 1, 2019Authorized issue:6,529,688$Interest rate:1.85%Interest dates:June 1 and December 1Principal maturity date:December 1Payable at:Glenview State BankFiscalYearEndingDecember 31 Principal InterestTotal June 1 Amount December 1 Amount20161,305,938 $98,250 $1,404,188 $2016 49,125 $ 201649,125 $20171,305,937 73,486 1,379,423 2017 36,642 201736,84420181,305,938 48,991 1,354,929 2018 24,428 201824,56320191,305,937 24,495 1,330,432 2019 12,214 201912,281 5,223,750 $245,222 $5,468,972 $122,409 $122,813 $Note: Principal and interest will be paid by the Special Tax Allocation Fund.FUTURE PRINCIPAL AND INTEREST REQUIREMENTSRequirementsInterest Due on A-121 Village of Glenview, IllinoisDraw-down LoanLong-term Debt RequirementsDecember 31, 2015Date of issue: July 30, 2015Date of maturity:December 1, 2018Authorized issue: 7,605,000$Interest rates: 0.44% - 1.05%Interest dates: June 1 and December 1Principal maturity date: December 1Payable at: Glenview State BankFiscalYearEndingDecember 31 Principal Interest Total June 1 Amount December 1 Amount2016 2,505,000 $ 62,258 $ 2,567,258 $ 2016 31,129 $ 2016 31,129 $2017 2,535,000 48,480 2,583,480 2017 24,240 2017 24,2402018 2,565,000 26,932 2,591,932 2018 13,466 2018 13,4667,605,000 $137,670 $7,742,670 $68,835 $68,835 $Note: Principal and interest is payable from the Special Tax Allocation Fund.FUTURE PRINCIPAL AND INTEREST REQUIREMENTSRequirementsInterest Due onVillage of Glenview, IllinoisCombining Balance SheetGlenview Naval Air Station (GNAS) Redevelopment Area FundsDecember 31, 2015Special Revenue Capital ProjectsFund Fund TotalSpecial Glen GNASTax Capital RedevelopmentAllocation Projects AreaCash and cash equivalents 18,837,769 $ 1,100,853 $ 19,938,622 $Investments - 4,728,979 4,728,979 Receivables, net of allowanceOther receivables 464,294 14 464,308 Prepaid items 30,851 - 30,851 Notes receivable 2,083,667 - 2,083,667 Total assets 21,416,581 $ 5,829,846 $ 27,246,427 $LiabilitiesAccounts payable 17,168,505 $ 72,271 $ 17,240,776 $Accrued payroll 9,951 - 9,951 Other payables 552,200 82,184 634,384 Advances from other funds 15,227,345 - 15,227,345 Total liabilities 32,958,001 154,455 33,112,456 Fund balances(11,541,420) 5,675,391 (5,866,029) Total liabilities and fund balances21,416,581 $5,829,846 $27,246,427 $AssetsLiabilities and Fund BalancesA-122 Village of Glenview, IllinoisCombining Schedule of Revenues, Expenditures, and Changes in Fund BalancesGlenview Naval Air Station (GNAS) Redevelopment Area FundsFor the Year Ended December 31, 2015Special Revenue Capital ProjectsFund Fund TotalSpecial Glen GNASTax Capital RedevelopmentAllocation Projects AreaRevenuesLocal taxesProperty taxes - incremental 30,479,916 $-$ 30,479,916 $Charges for services 24,945 - 24,945 Intergovernmental 41,356 - 41,356 Other revenues - 3,149 3,149 Investment income 130,933 874 131,807 Total revenues 30,677,150 4,023 30,681,173 ExpendituresCurrentGeneral government20,874,482 - 20,874,482 Capital outlay-429,465 429,465 Debt serviceBond issuance costs20,250 -20,250 Principal16,510,938 - 16,510,938 Interest and fiscal charges1,389,472 - 1,389,472 Total expenditures38,795,142 429,465 39,224,607 Deficiency of revenues over expenditures(8,117,992) (425,442) (8,543,434) Other financing sources (uses)Proceeds from bond issuance10,000,000 - 10,000,000 Transfers (out)(294,178) - (294,178) Total other financing sources (uses)9,705,822 - 9,705,822 Net change in fund balances1,587,830 (425,442) 1,162,388 Fund balancesBeginning(13,129,250) 6,100,833 (7,028,417) Ending(11,541,420) $5,675,391 $(5,866,029) $Village of Glenview, IllinoisIndex to Statistical SectionDecember 31, 2015This 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.PageFinancial TrendsThese 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 CapacityThese schedules contain information to help the reader assess the Village's mostsignificant local revenue sources. 205 - 212Debt CapacityThese schedules present information to help the reader assess the affordability of theVillage's current levels of outstanding debt and the Village's ability to issue additionaldebt in the future. 213 - 216 Demographic and Economic InformationThese schedules offer demographic and economic indicators to help the readerunderstand the environment within which the Village's financial activities take place. 217 - 218 Operating InformationThese schedules contain service and infrastructure data to help the reader understandhow the information in the Village's financial report relates to the services the Villageprovides and the activities it performs. 219 - 224 Sources: Unless otherwise noted, the information in these schedules is derived from the comprehensiveannual financial reports for the relevant year. A-123 Village of Glenview, IllinoisNet PositionLast Ten Fiscal Years2006 2007 2008 2009Governmental activitiesNet investment in capital assets95,946,179$83,298,383$78,477,141$87,607,488$Restricted53,518,524 54,229,537 49,074,532 39,881,012Unrestricted38,168,571 55,636,297 68,560,085 69,018,535Total governmental activities187,633,274$ 193,164,217$196,111,758$196,507,035$Business-type activitiesNet investment in capital assets42,488,713$40,143,214$43,348,719$45,206,019$Unrestricted7,552,672 12,344,058 10,612,213 7,860,336Total business-type activities50,041,385$52,487,272$53,960,932$53,066,355$Total primary governmentNet investment in capital assets138,434,892$ 123,441,597$121,825,860$132,813,507$Restricted53,518,524 54,229,537 49,074,532 39,881,012Unrestricted45,721,243 67,980,355 79,172,298 76,878,871Total primary government237,674,659$ 245,651,489$250,072,690$249,573,390$Source: The Village of Glenview's Comprehensive Annual Financial Report20102011201220132014201593,936,562$102,217,913$109,488,722$139,233,309$149,950,065$190,234,952$29,923,363 23,711,651 45,978,154 11,484,242 2,407,413 2,194,48766,754,133 68,927,169 42,720,345 50,861,602 (11,873,206) (11,596,195)190,614,058$194,856,733$198,187,221$201,579,153$140,484,272$180,833,244$51,450,402$55,566,298$56,331,598$58,075,392$60,891,686$55,002,443$2,104,898 5,373,918 7,475,383 10,891,341 8,714,501 6,214,43053,555,300$60,940,216$63,806,981$68,966,733$69,606,187$61,216,873$145,386,964$157,784,211$165,820,320$197,308,701$210,841,751$245,237,395$29,923,363 23,711,651 45,978,154 11,484,242 2,407,413 2,194,48768,859,031 74,301,087 50,195,728 61,752,943 (3,158,705) (5,381,765)244,169,358$255,796,949$261,994,202$270,545,886$210,090,459$242,050,117$Fiscal YearA-124 Village of Glenview, IllinoisChanges in Net PositionLast Ten Fiscal Years2006 2007 2008 2009ExpensesGovernmental activities General government 13,929,198 $ 24,038,572 $ 27,195,744 $ 29,780,621 $Public safety 28,395,261 25,405,356 27,622,472 26,456,771 Highways and streets 27,582,335 21,897,066 - -Public works - - 13,998,908 12,741,129 Development - - 7,306,324 8,467,340 Interest on long-term debt 4,813,795 6,751,793 6,068,865 6,001,886 Total governmental activities expenses 74,720,589 78,092,787 82,192,313 83,447,747 Business-type activitiesWater services 8,168,894 8,241,841 8,254,541 7,733,048 North Maine water and sewer services 5,396,165 5,822,693 6,148,151 5,782,216 Sanitary sewer services 1,544,514 1,221,484 1,473,318 1,238,383 Wholesale water 1,146,800 1,675,442 1,110,176 1,074,812 Commuter parking 433,318 458,586 381,133 476,940 Total business-type activities expenses 16,689,691 17,420,046 17,367,319 16,305,399 Total primary gvernment expenses 91,410,280 $ 95,512,833 $ 99,559,632 $ 99,753,146 $Program revenuesGovernmental activitiesCharges for servicesGeneral government 10,124,924 $ 5,088,121 $ 3,230,320 $ 2,324,730 $Public safety 4,059,578 4,104,495 4,076,188 5,274,319 Public works ----Development - - 2,020,840 3,218,677 Operating grants and contributions 1,576,594 2,644,741 1,401,777 1,172,899 Capital grants and contributions 702,691 1,473,479 - 1,267,384 Total governmental activities program revenues 16,463,787 13,310,836 10,729,125 13,258,009 Business-type activitiesCharges for services - water and sewerWater services 7,654,017 8,251,413 8,135,293 8,370,780 North Maine water and sewer services 5,928,523 6,418,577 6,824,636 7,206,186 Sanitary sewer services 1,430,401 1,762,694 1,570,372 1,831,857 Wholesale water 1,692,776 1,522,626 1,863,483 1,782,495 Commuter parking 415,687 484,393 466,356 529,886 Operating grants and contributions----Capital grants and contributions - 73,908 - -Total business-type activities program revenues 17,121,40418,513,611 18,860,140 19,721,204 Total primary government program revenues 33,585,191 $ 31,824,447 $ 29,589,265 $ 32,979,213 $Net (expense) revenueGovernmental activities (58,256,802) $ (64,781,951) $ (71,463,188) $ (70,189,738) $Business-type activities 431,713 1,093,565 1,492,821 3,415,805 Total primary government net (expense) revenue (57,825,089) $ (63,688,386) $ (69,970,367) $ (66,773,933) $20102011201220132014201532,335,971 $33,989,230 $40,172,192 $38,505,592 $36,586,774 $34,403,572 $30,475,113 25,769,097 27,145,548 27,152,669 23,105,414 20,638,161 ------13,981,277 8,581,360 6,670,428 7,743,333 22,535,067 26,550,936 12,198,120 10,029,890 6,421,304 14,486,953 11,829,052 5,107,156 4,085,152 3,353,913 2,984,565 2,547,042 2,231,704 2,087,567 93,075,633 81,723,490 83,394,037 90,435,589 96,288,011 88,787,392 9,265,407 8,795,466 10,339,739 9,880,585 10,634,065 15,164,208 6,267,880 6,197,752 7,399,749 7,399,181 7,547,458 14,915,126 1,948,357 1,801,454 1,729,509 1,789,883 2,051,642 2,034,331 1,083,206 1,119,994 1,157,835 1,129,077 1,064,737 1,172,689 383,196 386,244 449,674 364,679 409,584 487,345 18,948,046 18,300,910 21,076,506 20,563,405 21,707,486 33,773,699 112,023,679 $100,024,400 $104,470,543 $110,998,994 $117,995,497 $122,561,091 $3,931,687 $3,854,148 $3,564,720 $7,242,189 $7,090,956 $6,776,652 $5,345,151 5,195,936 4,967,056 5,339,032 7,789,777 8,017,412 --945,812 945,521 945,106 1,011,433 3,993,971 2,015,239 850,749 469,771 817,593 137,783 1,662,479 1,832,805 1,960,093 1,875,489 2,079,987 1,740,265 2,362,508 2,439,618 746,987 203,909 5,162,690 18,639,549 17,295,796 15,337,746 13,035,417 16,075,911 23,886,109 36,323,094 9,045,480 9,751,605 11,351,729 11,213,172 11,431,761 12,738,153 7,473,673 8,120,035 8,229,828 8,611,294 8,068,712 2,549,981 2,114,548 2,314,028 2,523,022 2,355,451 2,263,025 2,523,041 1,997,367 2,156,636 2,063,759 2,190,544 1,891,731 1,996,831 524,244 525,991 526,212 570,670 615,754 619,764 -27,854 ----------21,155,312 22,896,149 24,694,550 24,941,131 24,270,983 20,427,770 38,451,108 $38,233,895 $37,729,967 $41,017,042 $48,157,092 $56,750,864 $(75,779,837) $(66,385,744) $(70,358,620) $(74,359,678) $(72,401,902) $(52,464,298) $2,207,266 4,595,239 3,618,044 4,377,726 2,563,497 (13,345,929) (73,572,571) $(61,790,505) $(66,740,576) $(69,981,952) $(69,838,405) $(65,810,227) $Fiscal YearA-125 Village of Glenview, IllinoisChanges in Net Position (Continued)Last Ten Fiscal Years2006 2007 2008 2009General revenues and other changes in net positionGovernmental activitiesTaxesProperty taxes 31,368,247 $ 29,533,794 $ 37,030,734 $ 33,863,907 $Other taxes 7,674,636 7,938,804 7,213,927 12,659,075 Sales taxes 17,797,774 18,238,196 18,649,183 11,943,633 Income taxes 3,342,154 3,933,680 4,207,152 3,612,282 Intergovernmental 801,157 959,789 1,486,645 2,519,306 Investment income 3,553,730 7,202,556 2,234,453 975,360 Miscellaneous 271,124 2,473,480 3,301,455 611,793 Gain on sale of capital assets 18,899,176 467,801 - -Transfers (4,697,121) (989,499) 287,180 4,399,659 Contributions - - - -Total governmental activities 79,010,877 69,758,601 74,410,729 70,585,015 Business-type activitiesInvestment income 427,441 351,186 232,871 60,349 Miscellaneous 18,166 33,313 35,148 28,928 Gain (loss) on sale of capital assets (48,424) (21,676) - -Gain (loss) on legal settlement - - - -Transfers 4,697,721 989,499 (287,180) (4,399,659) Total Business-type activities 5,094,904 1,352,322 (19,161) (4,310,382) Total primary government 84,105,781 $ 71,110,923 $ 74,391,568 $ 66,274,633 $Change in net positionGovernmental activities 20,753,475 $ 4,977,650 $ 2,947,541 $ 395,277 $Business-type activities 5,526,617 2,445,887 1,473,660 (894,577) Total primary government change in net position 26,280,092 $ 7,423,537 $ 4,421,201 $ (499,300) $Source: The Village of Glenview's Comprehensive Annual Financial Report.20102011201220132014201534,759,914 $40,146,639 $37,275,705 $37,383,036 $40,785,102 $41,564,097 $12,962,485 13,257,071 13,495,498 13,944,053 14,406,764 14,460,977 12,336,353 12,792,723 13,091,218 13,833,697 14,972,367 15,635,705 3,497,759 3,823,315 3,962,313 4,309,714 4,232,425 4,832,506 2,772,575 2,502,500 2,614,374 2,739,777 2,839,239 2,950,181 731,839 397,478 860,108 785,925 1,407,626 667,765 470,187 464,084 1,562,876 4,104,857 1,703,769 1,701,143 ------1,777,004 (2,755,391) 827,016 822,322 1,313,328 11,000,896 ------69,308,116 70,628,419 73,689,108 77,923,381 81,660,620 92,813,270 24,419 26,807 33,790 27,046 (153,614) 15,093 (18,808) 7,479 41,947 6,290 21,553 15,942,418 --------- 1,571,012 --(1,723,932) 2,755,391 (827,016) (822,322) (1,313,328) (11,000,896) (1,718,321) 2,789,677 (751,279) 782,026 (1,445,389) 4,956,615 67,589,795 $73,418,096 $72,937,829 $78,705,407 $80,215,231 $97,769,885 $(6,471,721) $4,242,675 $3,330,488 $3,563,703 $9,258,718 $40,348,972 $488,945 7,384,916 2,866,765 5,159,752 1,118,108 (8,389,314) (5,982,776) $11,627,591 $6,197,253 $8,723,455 $10,376,826 $31,959,658 $Fiscal YearA-126 Village of Glenview, IllinoisFund Balances of Governmental FundsLast Ten Fiscal Years2006 2007 2008 2009General FundReserved 250,974 $ 202,583 $ 236,776 $ 82,583 $Unreserved 23,543,445 18,625,051 15,965,220 20,044,782 Nonspendable - - - -Committed - - - -Assigned - - - -Unassigned - - - -Total General Fund 23,794,419 18,827,634 16,201,996 20,127,365 All other governmental fundsReserved 68,100,595 70,662,782 66,882,660 59,293,215 Unreserved, reported inSpecial revenue funds 3,098,776 (2,172,942) 1,495,858 1,832,064 Capital project funds 37,589 (33,701) 14,453,200 10,053,987 Debt service funds 13,962,128 14,513,477 (77,170) 15,676 Nonspendable - - - -Restricted - - - -Assigned - - - -Unassigned - - - -Total all other governmental funds 85,199,088 82,969,616 82,754,548 71,194,942 Total fund balances -governmental funds 108,993,507 $ 101,797,250 $ 98,956,544 $ 91,322,307 $Source: The Village of Glenview's Comprehensive Annual Financial Report.The Village implemented GASB Statement No. 54 in 201120102011201220132014201582,583 $-$-$-$-$-$21,994,901 ------ 131,424 195,280 87,738 176,110 499,800 --- 1,700,000 850,000 ---- 3,208,020 5,364,276 -- 24,086,602 25,564,806 26,823,063 24,306,476 25,739,072 22,077,484 24,218,026 25,760,086 31,818,821 30,696,862 26,238,872 49,720,439 -----(921,028) -----10,057,895 -----30,942 -------64,508 53,289 42,070 30,851 - 52,257,800 45,978,154 11,484,242 2,407,413 2,194,487 --- 42,275,455 31,933,727 34,155,883 ----(13,171,320) (11,572,271) 58,888,248 52,257,800 46,042,662 53,812,986 21,211,890 24,808,950 80,965,732 $76,475,826 $71,802,748 $85,631,807 $51,908,752 $51,047,822 $Fiscal YearA-127 Village of Glenview, IllinoisChanges in Fund Balances of Governmental FundsLast Ten Fiscal Years2006 2007 2008 2009RevenuesTaxes 40,230,230 $ 40,995,097 $ 49,775,754 $ 46,522,982 $Intergovernmental 25,820,915 26,398,055 23,994,061 23,236,550 Charges for services 3,125,289 3,347,415 3,879,939 5,787,188 Licenses and permits 1,444,631 1,317,359 1,492,506 2,441,730 Fines and forfeitures 223,430 242,596 174,506 189,433 Investment income 3,766,390 6,139,481 2,234,453 975,370 Miscellaneous Land sales 18,899,176 1,003,082 3,126,283 -Other 732,406 1,892,301 175,172 46,804 Total revenues 94,242,467 81,335,386 84,852,674 79,200,057 ExpendituresGeneral government 23,179,532 24,981,918 26,494,899 27,133,683 Public safety 23,480,423 25,418,302 26,685,166 25,745,800 Highways and streets 9,257,360 12,229,547 - -Public works - - 7,656,205 7,918,533 Development - - 3,892,684 6,058,864 Debt servicePrincipal 9,490,000 9,885,000 9,335,000 9,660,000 Interest and fiscal charges 5,764,058 6,678,361 6,011,806 5,304,081 Bond issuance costs 110,099 - - 37,153 Capital outlay 18,451,941 8,918,984 9,593,304 8,858,147 Miscellaneous - - - -Total expenditures 89,733,413 88,112,112 89,669,064 90,716,261 Excess of revenues over (under)expenditures 4,509,054 (6,776,726) (4,816,390) (11,516,204) Other financing sources (uses)Transfers in 32,556,673 34,081,992 20,474,754 19,116,695 Transfers out (37,162,062) (35,071,491) (18,499,070) (15,420,632) Bonds issued 37,940,000 - - 39,838,247 Discounts on bonds issued (87,732) - - -Premium on bonds issued 11,371 - - -Payment to escrow agent - - - (39,652,343) Proceeds from capital lease - - - -Sale of capital assets 5,035 15,675 - -Total other financing sources (uses) 33,263,285 (973,824) 1,975,684 3,881,967 Net change in fund balances 37,772,339 $ (7,750,550) $ (2,840,706) $ (7,634,237) $Debt service as a percentage of noncapital expenditures 0.1828 0.2092 0.1787 0.1833Source: The Village of Glenview's Comprehensive Annual Financial Report.20102011201220132014201547,721,989 $53,403,710 $50,771,203 $51,327,089 $55,191,866 $56,025,074 $25,493,952 26,342,403 24,796,132 25,747,882 28,843,610 47,874,058 6,892,913 6,111,175 6,519,625 8,082,885 9,789,188 11,784,003 3,190,826 1,859,161 1,923,238 4,461,768 5,103,571 3,208,298 134,783 181,361 224,198 228,419 255,899 164,673 731,839 397,478 422,751 341,472 399,971 306,361 ---- --219,046 205,014 709,998 486,493 796,354 120,603 84,385,348 88,500,302 85,367,145 90,676,008 100,380,459 119,483,070 29,090,926 31,153,019 38,411,652 35,582,816 36,391,244 38,168,909 27,884,435 25,710,435 26,369,673 26,687,294 27,212,096 28,421,350 ---- --7,811,605 7,883,609 7,036,995 7,489,675 9,523,902 9,260,772 5,723,642 4,293,220 1,261,328 1,016,437 4,078,982 3,947,132 9,740,000 10,051,617 8,208,235 30,983,776 32,364,371 17,975,309 4,246,896 3,762,159 3,279,464 2,761,174 2,388,883 2,263,186 -38,818 139,044 61,176 -20,250 12,030,923 8,336,649 6,060,977 8,253,623 34,631,202 43,130,127 ---- --96,528,427 91,229,526 90,767,368 112,835,971 146,590,680 143,187,035 (12,143,079) (2,729,224) (5,400,223) (22,159,963) (46,210,221) (23,703,965) 15,678,978 31,368,232 6,281,471 13,052,864 16,557,993 33,455,261 (13,901,974) (33,163,914) (5,702,833) (11,837,724) (12,684,506) (21,593,677) - 11,035,000 40,395,000 38,575,000 6,529,688 10,000,000 --- (11,539) ---- 4,432,391 69,535 --- (11,000,000) (44,678,884) -------- 981,451 9,500 -- (3,859,114) 2,083,991 -1,786,504 (1,760,682) 727,145 35,989,022 12,487,166 22,843,035 (10,356,575) $(4,489,906) $(4,673,078) $13,829,059 $(33,723,055) $(860,930) $0.1655 0.1571 0.1328 0.3121 0.2834 0.2089Fiscal YearA-128 Village of Glenview, IllinoisAssessed Value and Actual Value of Taxable PropertyLast Ten Levy YearsLevy Residential Commercial IndustrialYear Property Property Property Railroad Farm20051,753,091,650 $ 507,205,734 $ 255,723,046 $ 184,075 $ 589$2006 1,478,823,650 477,703,360 213,822,559 184,075 5892007 1,878,422,371 572,300,107 242,310,888 202,163 5892008 2,026,139,779 638,159,198 248,243,038 221,084 5892009 2,198,443,085 595,701,792 207,259,989 266,417 3682010 2,298,836,300 388,196,316 27,515,890 333,270 3682011 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 -2014 1,528,673,674 432,810,794 86,468,650 516,425 -Data SourceOffice of the County ClerkNote : Property in the Village is reassesed each year. Property is assessed at 33% of actual value.Total Estimated EstimatedTotal Taxable Direct Actual ActualAssessed Tax Taxable TaxableValue Rate Value Value2,516,205,094$4.217,548,615,282$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 3.5 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%2,048,469,543 5.54 6,145,408,629 33.333% A-129 Village of Glenview, IllinoisDirect and Overlapping Property Tax RatesLast Ten Levy Years2005 2006 2007 2008Village of GlenviewCorporate 0.252 0.184 0.184 0.174Bonds and interest 0.074 0.099 0.072 0.068Police pension 0.045 0.060 0.049 0.040Fire pension 0.051 0.072 0.064 0.068Total direct tax rate 0.422 0.415 0.369 0.350Glenview Public Library 0.249 0.246 0.149 0.195Glenview Special Service Area #9 0.402 0.284 0.227 0.200Glenview Special Service Area #10 0.421 0.293 0.238 0.209Glenview Special Service Area #11 0.160 0.160 0.127 0.175Glenview Special Service Area #12 0.252 0.242 0.172 0.159Glenview Special Service Area #17 0.317 0.324 0.192 0.192Glenview Special Service Area #18 0.363 0.363 0.269 0.242Glenview Special Service Area #20 0.219 0.217 0.180 0.160Glenview Special Service Area #22 0.196 0.193 0.137 0.129Glenview Special Service Area #24 0.507 - - -Glenview Special Service Area #27 - - - -Glenview Special Service Area #31 - - - -Glenview Special Service Area #32 0.081 0.082 0.075 0.068Glenview Special Service Area #33 0.427 0.440 0.349 0.308Glenview Special Service Area #35 0.284 0.292 0.243 0.207Glenview Special Service Area #36 0.200 0.191 0.143 0.127Glenview Special Service Area #37 0.176 0.163 0.122 0.118Glenview 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 - - - -2009 2010 2011 2012 2013 20140.148 0.162 0.177 0.188 0.203 0.1760.068 0.076 0.084 0.083 0.095 0.0910.060 0.065 0.074 0.073 0.098 0.0980.085 0.105 0.120 0.139 0.157 0.1880.361 0.408 0.455 0.482 0.553 0.5530.210 0.253 0.303 0.347 0.396 0.3940.093-----0.100-----------------0.177 0.210 0.115 - - -0.221 0.280 0.148 - - -0.155 0.165 - - - -0.117 0.142 - - - -------------------0.073 0.074 0.082 0.087 0.066 -0.287 0.333 0.370 0.391 0.422 -0.204 0.223 0.233 0.248 0.344 0.3280.108 0.138 0.153 0.162 0.181 -0.102 0.117 0.133 0.1410.159 --0.844 0.894 0.854 1.250 1.210- - 0.079 0.085 0.094 0.094- - 0.079 0.086 0.094 0.079- 0.406 0.440 0.470 0.586 0.575- - 0.122 0.130 0.138 0.138- - 0.168 0.191 0.221 0.212- - 0.444 0.446 0.477 0.467- - 0.598 0.550 0.553 0.581- 0.546 0.568 0.605 0.775 0.713- - 0.241 0.261 0.312 0.312- - 0.130 0.140 0.153 0.150- - 0.279 0.297 0.354 0.349- - 0.141 0.151 0.170 0.168- - 1.035 1.206 1.296 1.263- - 0.695 0.739 0.796 0.751- 0.423 0.410 0.378 0.430 0.379- 0.903 0.971 1.022 1.185 1.090- 0.538 0.566 0.586 0.677 0.668- - 0.188 0.201 0.232 0.2280.165 0.213 0.228 0.239 0.280 0.2720.183 0.232 0.245 0.257 0.273 0.271(Continued)Tax Levy YearA-130 Village of Glenview, IllinoisDirect and Overlapping Property Tax Rates (Continued)Last Ten Levy Years2005 2006 2007 2008Avoca School District #37 1.934 2.008 1.594 1.755County Consolidated Elections 0.014 - 0.012 -County of Cook 0.533 0.500 0.446 0.415East Maine School District #63 2.542 2.617 2.276 2.233Forest Preserve District 0.060 0.057 0.053 0.051Glenview Park District 0.490 0.511 0.429 0.429Glenview School District #34 2.259 2.334 1.953 1.909Golf School District #67 2.041 2.094 1.859 1.807Maine High School #207 1.757 1.826 1.602 1.577Maine Township - General 0.070 0.073 0.065 0.064Maine Township - General Assistance 0.015 0.016 0.002 0.015Maine Township - Road and Bridge 0.036 0.038 0.034 0.033Metropolitan Water Reclamation Dist. 0.315 0.284 0.263 0.252New Trier High School #203 1.577 1.662 1.299 1.290New Trier Township - General 0.037 0.073 0.031 0.031New Trier Township - General Assistance 0.002 0.003 0.003 0.003Niles High School #219 2.007 2.374 2.114 2.120Niles Township - General 0.029 0.031 0.027 0.027Niles Township - General Assistance 0.002 0.003 0.003 0.003North Shore Mosquito Abatement 0.008 0.009 0.008 0.008Northbrook School District #30 2.331 2.471 2.138 2.089Northfield High School #225 1.475 1.623 1.403 1.383Northfield Township - General 0.011 0.011 0.010 0.009Oakton Community College #535 0.158 0.166 0.141 0.140Suburban T.B. Sanitarium 0.005 0.005 - -West Northfield School District #31 1.542 1.624 1.405 1.402Wilmette School District #39 2.151 2.261 1.848 1.812Northfield Township - Road and Bridge 0.033 0.035 0.030 0.030Northfield Township - General Assistance 0.008 0.008 0.008 0.009Northfield Woods Sanitary District 0.053 0.056 0.049 0.049North Maine Fire Protection District 0.7850.914 0.882 0.986Northbrook Park District 0.385 0.406 0.342 0.332Oak Meadow Sanitary District 0.045 0.045 0.004 0.037Northwest Mosquito Abatement 0.009 0.009 0.008 0.008Data SourceOffice of the County Clerk * Property tax rates are per $100 of assessed valuation2009 2010 2011 2012 2013 20141.698 2.022 2.281 2.557 2.762 2.9570.021 - 0.025 - 0.031 -0.394 0.423 0.462 0.531 0.560 0.5682.235 2.499 2.775 3.100 3.864 3.8110.049 0.051 0.058 0.063 0.069 0.0690.422 0.483 0.538 0.579 0.662 0.6611.876 2.160 2.429 2.706 3.129 3.1731.943 2.203 2.449 2.961 3.497 3.4271.617 1.782 1.995 2.215 2.722 2.7390.067 0.075 0.085 0.096 0.120 0.1190.016 0.018 0.021 0.023 0.029 0.0290.034 0.038 0.043 0.049 0.061 0.0620.261 0.274 0.320 0.370 0.417 0.4301.237 1.474 1.674 1.864 2.111 2.2680.030 0.037 0.042 0.047 0.054 0.0550.003 0.004 0.005 0.006 0.007 0.0072.267 2.538 2.904 3.256 3.707 3.6500.029 0.032 0.037 0.042 0.049 0.0500.003 0.004 0.005 0.006 0.007 0.0070.008 0.009 0.010 0.010 0.007 0.0112.089 2.327 2.641 2.999 3.381 3.2721.395 1.609 1.819 2.028 2.341 2.3670.010 0.013 0.020 0.024 0.031 0.0320.140 0.160 0.196 0.219 0.256 0.258------1.494 1.730 2.018 2.525 2.946 2.9111.716 2.314 2.620 2.922 3.229 3.3560.031 0.036 0.041 0.046 0.053 0.0540.010 0.011 0.008 0.009 0.008 0.0070.054 0.067 0.079 0.082 0.098 0.0991.112 1.254 1.366 1.452 1.814 1.8150.334 0.375 0.424 0.471 0.536 0.5370.038 0.045 0.051 0.056 0.066 0.0670.008 0.009 0.010 0.011 0.013 0.013Tax Levy YearA-131 Village of Glenview, IllinoisPercentage Percentageof Total of TotalVillage VillageTaxable Taxable Taxable TaxableAssessed Assessed Assessed AssessedTaxpayer Value Rank Valuation Value Rank ValuationITW 19,556,608 $ 5 0.90% 30,670,289 $ 1 1.50%CLF (formerly Grubb & Ellis) 28,098,453 2 1.37%Oliver McMillan LLC 24,732,855 3 1.21%Astella US Holdings 19,371,092 4 0.95%Mid America Asset 19,239,403 5 0.94%Northshore University 14,555,149 6 0.71%Abt Electronics 14,289,124 7 0.70%Anixter, Inc. 13,691,828 8 0.67%Thomson Reuters Pts (formerly Cole Real Estate) 12,832,898 9 0.63%AGF Sanders Office 12,479,920 10 0.61%Kraft USA 46,537,310 1 2.10%Jewel Property LLC 28,152,398 2 1.20%Mid American Asset 25,447,779 3 1.10%Catellus Development 24,125,930 4 1.10%Pearson Tax Dept. 14,559,528 6 0.60%CC Lake, Inc. 13,418,374 7 0.60%Bay Hospitality 12,723,953 8 0.60%Heatherfield Cen LLC 12,667,213 9 0.60%Von Maur Inc 11,485,621 10 0.50% 208,674,714 $ 9.30% 189,961,011 $ 9.29%Principal Property TaxpayersCurrent Year and Ten Years Ago2005 2015Village of Glenview, IllinoisProperty Tax Levies and CollectionsLast Ten Tax Levy YearsProperty SubsequentLevy Fiscal Taxes Taxes Percentage Year Taxes PercentageYear Year Levied Received of Levy Collections Received of Levy2005 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 19,213,934 18,997,309 98.87% 209,653 19,206,962 99.96%2014 2015 19,401,830 19,017,834 98.02% - 19,017,834 98.02%Source: Office of the County ClerkNote: 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 theFiscal Year after the LevyTotal CollectionsPer LevyA-132 Village of Glenview, IllinoisRatios of Outstanding Debt by TypeLast Ten Fiscal YearsGovernmental Activities Business-Type Activities Percentage TotalFiscal General Special General of OutstandingYear Obligation Loans Service Obligation Notes Total Personal Debt PerEnded Bonds Payable Area Bonds Payable Village Income* Capita*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 2015 60,984,345 5,601,496 - 767,957 3,003,592 70,357,390 3.01% 1,549 Source: The Village of Glenview's Comprehensive Annual Financial Report.* Additional demographic information is available in the schedule of Demographic and Economic Statistics.Village of Glenview, IllinoisRatios of General Bonded Debt OutstandingLast Ten Fiscal YearsPercentage ofAssessedGeneral Less Taxable DebtFiscal Obligation Debt Value of PerYear Bonds Service Funds Total Property (1) Capita (2)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 2015 61,752,302 - 61,752,302 3.01% 1,360 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.(2) See the Schedule of Demographics and Economic Statistics.A-133 Village of Glenview, IllinoisDirect and Overlapping Governmental Activities DebtAs of December 31, 2015Percentage Village ofDebt Applicable Glenviewto the Village of ShareGovernmental unitDebtGlenview (1) of DebtDirect bonded debtVillage of Glenview61,752,302 $100.00%61,752,302 $Overlapping Bonded DebtGlenview Special Service Areas329,706 100.00% 329,706 Glenview Park District11,250,000 84.84% 9,544,500 Northbrook Park District1,565,000 0.24%3,756 Cook County, including Forest Preserve District3,474,771,750 1.60% 55,596,348 Metropolitan Water Reclamation District2,493,400,742 1.60% 39,894,412 School Districts Elementary School Districts Avoca School District No. 373,727,093 8.13% 303,013 East Maine School District No. 6311,335,000 4.21% 477,204 Glenview School District No. 3416,835,000 89.54% 15,074,059 Golf School District No. 6711,290,470 8.33% 940,496 Northbrook School District No. 30-32.64%- West Northfield School District No. 314,350,000 47.14% 2,050,590 Wilmette School District No. 3912,425,000 4.75% 590,188 High School Districts Maine Township District No. 2078,570,000 1.00% 85,700 New Trier Township District No. 203104,109,313 2.31% 2,404,925 Niles Township District No. 219139,728,954 0.63% 880,292 Northfield Township District No. 22574,015,378 41.37% 30,620,162 Community College District Oakton Community College No. 53532,175,000 10.67% 3,433,073 Total overlapping bonded debt6,399,878,406 162,228,423 Total direct and overlapping bonded debt6,461,630,708 $223,980,725 $Source: Cook County Clerk as of 12/31/14(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 2013 real property valuations.Village of Glenview, IllinoisLegal Debt Margin InformationAs of December 31, 2015The 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.A-134 Village of Glenview, IllinoisPerPersonal CapitaFiscal Income Personal UnemploymentYear Population (in Thousands) Income Rate2006 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%2015 45,400 2,375,600 52,326 4.4%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 StatisticsLast Ten Fiscal YearsVillage of Glenview, Illinois% of % ofNumber of Total Village Number of Total VillageEmployer Rank Employees Population Rank Employees PopulationAbt Electronics 1 1,160 2.56% 1 2,100 5.66%Astellas 2 1,150 2.53%Glenbrook Hospital 3 1,099 2.42% 4 600 1.62%Anixter, Inc. 4 850 1.87% Glenview Comm. School Dist 34 5 739 1.63% 6 400 1.08%ITW/Signode 6 553 1.22% 2 1,200 3.24%Kraft Foods Technology Center 7 550 1.21%Glenbrook South High School 8 429 0.94% 8 330 0.89%Signode 9 390 0.86%Glenview Terrace Nursing Home 10 375 0.83% Zenith Electronics3 900 2.43%Scott Foresman (Pearson) 5 475 1.28%Avon Products7 369 0.99%Guarantee Trust Life Ins 9 310 0.84%Omni-Circuits, Inc.10 280 0.75%16.07% 18.78%Source: Illinois Manufacturers Services Directory, Illinois Services Directory and Employer ContactPrincipal EmployersCurrent Year and Ten Years Ago2015 2005 A-135 Village of Glenview, IllinoisFull-Time Equivalent EmployeesLast Ten Fiscal YearsFunction/Program 2006 2007 2008 2009General GovernmentManagement services (1) 12 12 13 10Finance 16 16 - -Administrative services (1) - - 22 14Planning and economic (2) development (1) - - 32 21Planning 2 2 --Code enforcement 16 16 - -Community development (3) 14 14 - -Capital projects (3) - - 17 13Total general government 60 60 84 58Public safetyPoliceOfficers 78 78 77 74Civilians 18 18 19 18FireFirefighters and officers 85 85 84 82Civilians 11 11 - -Joint dispatch - - 15 20Total public safety192 192 195 194Public worksAdministration6 6 66Engineering8 8 --Facilities maintenance (4)----Street maintenance45 45 22 21Water maintenance21 21 29 28Fleet maintenance--66Natural resources--21Total public works80 80 65 62Total full-time equivalent employees332 332 344 314(1) Records division previously included in Management Services is included in Administrative Services as of 2015.(2) Planning and Economic Development, previously its own department, is included in Community Development as of 2014.(3) Capital Projects is renamed Community Development as of 2014.(4) Facilities division previously included in Capital Projects is included in Public Works as of 2014.Data source: Village Budget Office2010 2011 2012 2013 2014 201510 11 15 15 159------16 13 13 12 13 16--23555 ------------------21 2011 25 25 20 --60 54 58 52 49 4573 71 70 70 70 7017 16 12 12 11584 80 80 80 80 8022221120 19 21 27 40 40196 188 185 191 202 196466665---------- 4421 20 21 21 21 2129 21 18 19 19 1653444411111160 51 50 50 55 51316 293 293 293 306 292 A-136 Village of Glenview, IllinoisOperating Indicators Last Ten Fiscal YearsFunction/Program 2006 2007 2008 2009Public SafetyPolicePhysical arrests 976 1,003 1,677 1,475 Parking violations 2,695 2,206 2,962 3,518 Traffic violations 6,266 5,800 4,101 3,024 FireEmergency responsesEmergency medical 4,487 4,707 4,873 4,588 Other responses 2,734 3,148 2,885 2,561 Fires extinguished 93 100 - -Fires extinguished (structures) - - 39 11Public worksPothole repairs (hours)1,311 1,062 2,425 5,910 WaterMetered water customers15,247 15,663 15,754 15,769 Water main breaks99 130 9396Water purchases(in ten-thousands of gallons)312,218 318,381 306,164 301,349 Average daily consumption192 196 186 183BuildingPermits issued2,759 2,739 2,837 2,376 Value of construction(in thousands of dollars)108,005 $ 108,455 $ 106,000 $ 133,737 $Data SourceVarious Village departments.2010 2011 2012 2013 2014 20151,088 571 544 570 506 5512,998 2,243 1,125 2,272 1,922 2,388 2,301 2,446 2,511 2,646 2,352 2,198 4,653 4,948 4,832 4,495 4,860 4,925 2,249 2,359 2,327 2,835 2,821 2,898 52 28 63 47 39 4121 26 27 26 32 454,444 3,453 4,267 4,390 5,182 5,519 15,781 15,786 15,894 15,889 16,050 16,053 134 114 171 146 102 59292,882 285,877 306,706 289,550 273,095 272,568 141 133 138 129 120 1112,535 2,552 1,471 1,918 3,503 3,433 110,191 $98,541 $39,693 $164,556 $193,829 $119,447 $A-137 Village of Glenview, IllinoisCapital Asset StatisticsLast Ten Fiscal YearsFunction/Program 2006 2007 2008 2009Public SafetyPolicePolice stations 1 1 1 1Marked patrol units 18 18 18 18Unmarked patrol units 9 9 9 12Motorcycles 3 3 3 4Civilian vehicles N/A N/A N/A N/AFireFire stations 5 5 5 5Ambulances 3 4 4 4Fire engines 4 4 4 6Aerial ladder truck 1 1 1 1Passenger vehicles N/A N/A N/A N/APublic worksStreets and highwaysArterial street miles777 18Residential street miles126 126 126 158Streetlights1,800 1,800 1,800 1,800WaterWater main miles230 230 230 230Fire hydrants2,668 2,668 2,668 2,713Storage capacity(in millions of gallons)18,000 18,000 18,000 16,050WastewaterSanitary sewer miles128 128 128 128Storm sewer miles175 175 165 165Parking facilitiesParking spaces1,450 1,450 1,450 1,450Data Source:Various Village departments, data varies due to improved GIS capabilities.N/A - Information is not available2010 2011 2012 2013 2014 201511111118 18 18 18 18 1812 12 12 11 11 11444444N/A N/A3333555555444444666666111222N/AN/A665518 18 18 18 18 20158 158 158 158 167 1671,800 1,800 1,800 1,800 1,800 1,800230 230 230 230 247 2302,733 2,733 2,733 2,733 2,823 2,86616,050 16,050 16,050 16,050 16,300 16,300150 150 150 150 150 150262 262 262 262 262 2621,450 1,450 2,048 2,153 2,153 2,153 A-138 APPENDIX B FORM OF LEGAL OPINION (See following pages) B-1 AUSTIN CENTURY CITY CHARLOTTE CHICAGO HOUSTON IRVING LOS ANGELES NEW YORK ORANGE COUNTY SAN FRANCISCO BAY AREA SHANGHAI WASHINGTON, DC LONDON: KATTEN MUCHIN ROSENMAN UK LLP A limited liability partnership including professional corporations 525 W. Monroe Street Chicago, IL 60661-3693 312.902.5200 tel 312.902.1061 fax www.kattenlaw.com October 27, 2016 The President and Board of Trustees of the Village of Glenview, Illinois Dear Members: We have examined a record of proceedings relating to the issuance of $____________ principal amount of General Obligation Refunding Bonds, Series 2016A (the “Bonds”), of the Village of Glenview, a municipal corporation and a home rule unit of the State of Illinois situate in the County of Cook. The Bonds are authorized and issued pursuant to the provisions of Section 6 of Article VII of the Illinois Constitution of 1970, and by virtue of an ordinance adopted by the President and Board of Trustees of the Village on October 4, 2016 and entitled: “Ordinance Authorizing the Issuance of General Obligation Refunding Bonds, Series 2016A, of the Village of Glenview, Illinois” (the “Bond Ordinance”). The Bonds are issuable in the form of fully registered bonds in the denominations of $5,000 or any integral multiple thereof. Bonds delivered on original issuance are dated October 27, 2016. The Bonds mature on December 1 in each of the following years in the respective principal amount set opposite each such year in the following table, and the Bonds maturing in each such year bear interest from their date payable on June 1, 2017 and semiannually thereafter on each June 1 and December 1, at the respective rate of interest per annum set forth opposite such year: Year Principal Amount Interest Rate 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 The Bonds maturing on or after December 1, 2027 are subject to redemption prior to maturity at the option of the Village, in such principal amounts and from such maturities as the Village shall determine, and by lot within a single maturity, on December 1, 2026 and on any date thereafter, at a redemption price equal to the principal amount thereof to be redeemed. B-2 US_121121836v2_387122-00002 In our opinion, the Bonds are valid and legally binding general obligations of the Village of Glenview and the Village is obligated to levy ad valorem taxes upon all the taxable property within the Village for the payment of the Bonds and the interest thereon without limitation as to rate or amount. However, the enforceability of rights or remedies with respect to the Bonds may be limited by bankruptcy, insolvency or other laws affecting creditors’ rights and remedies heretofore or hereafter enacted. We are of the opinion that under existing law, interest on the Bonds is not includable in the gross income of the owners thereof for Federal income tax purposes. If there is continuing compliance with the requirements of the Internal Revenue Code of 1986 (the “Code”), we are of the opinion that interest on the Bonds will continue to be excluded from the gross income of the owners thereof for Federal income tax purposes. We are further of the opinion that the Bonds are not “private activity bonds” within the meaning of Section 141(a) of the Code. Accordingly, interest on the Bonds is not an item of tax preference for purposes of computing individual or corporate alternative minimum taxable income. However, interest on the Bonds is includable in corporate earnings and profits and therefore must be taken into account when computing corporate alternative minimum taxable income for purposes of the corporate alternative minimum tax. The Code contains certain requirements that must be satisfied from and after the date hereof in order to preserve the exclusion from gross income for Federal income tax purposes of interest on the Bonds. These requirements relate to the use and investment of the proceeds of the Bonds, the payment of certain amounts to the United States, the security and source of payment of the Bonds and the use of the property financed with the proceeds of the Bonds. The Village has covenanted in the Bond Ordinance to comply with these requirements. With respect to the exclusion from gross income for Federal income tax purposes of interest on the Bonds we have relied on the verification report of Barthe and Wahrman, certified public accountants, regarding the computation of the arbitrage yield on the Bonds and of certain investments made with the proceeds of the Bonds. Interest on the Bonds is not exempt from Illinois income taxes. Very truly yours, LG:be B-3 APPENDIX C BOOK-ENTRY-ONLY SYSTEM 1. The Depository Trust Company ("DTC"), New York, New York, will act as securities depository for the securities (the "Securities"). The Securities will be issued as fully-registered securities registered in the name of Cede & Co. (DTC's partnership nominee) or such other name as may be requested by an authorized representative of DTC. One fully-registered Security certificate will be issued for [each issue of] the Securities, [each] in the aggregate principal amount of such issue, and will be deposited with DTC. [If, however, the aggregate principal amount of [any] issue exceeds $500 million, one certificate will be issued with respect to each $500 million of principal amount, and an additional certificate will be issued with respect to any remaining principal amount of such issue.] 2. DTC, the world's largest securities depository, is a limited-purpose trust company organized under the New York Banking Law, a "banking organization" within the meaning of the New York Banking Law, a member of the Federal Reserve System, a "clearing corporation" within the meaning of the New York Uniform Commercial Code, and a "clearing agency" registered pursuant to the provisions of Section 17A of the Securities Exchange Act of 1934. DTC holds and provides asset servicing for over 3.5 million issues of U.S. and non-U.S. equity issues, corporate and municipal debt issues, and money market instruments (from over 100 countries) that DTC's participants ("Direct Participants") deposit with DTC. DTC also facilitates the post-trade settlement among Direct Participants of sales and other securities transactions in deposited securities, through electronic computerized book-entry transfers and pledges between Direct Participants' accounts. This eliminates the need for physical movement of securities certificates. Direct Participants include both U.S. and non-U.S. securities brokers and dealers, banks, trust companies, clearing corporations, and certain other organizations. DTC is a wholly-owned subsidiary of The Depository Trust & Clearing Corporation ("DTCC"). DTCC is the holding company for DTC, National Securities Clearing Corporation and Fixed Income Clearing Corporation, all of which are registered clearing agencies. DTCC is owned by the users of its regulated subsidiaries. Access to the DTC system is also available to others such as both U.S. and non-U.S. securities brokers and dealers, banks, trust companies, and clearing corporations that clear through or maintain a custodial relationship with a Direct Participant, either directly or indirectly ("Indirect Participants"). DTC has a Standard & Poor's rating of AA+. The DTC Rules applicable to its Participants are on file with the Securities and Exchange Commission. More information about DTC can be found at www.dtcc.com. 3. Purchases of Securities under the DTC system must be made by or through Direct Participants, which will receive a credit for the Securities on DTC's records. The ownership interest of each actual purchaser of each Security ("Beneficial Owner") is in turn to be recorded on the Direct and Indirect Participants' records. Beneficial Owners will not receive written confirmation from DTC of their purchase. Beneficial Owners are, however, expected to receive written confirmations providing details of the transaction, as well as periodic statements of their holdings, from the Direct or Indirect Participant through which the Beneficial Owner entered into the transaction. Transfers of ownership interests in the Securities are to be accomplished by entries made on the books of Direct and Indirect Participants acting on behalf of Beneficial Owners. Beneficial Owners will not receive certificates representing their ownership interests in Securities, except in the event that use of the book-entry system for the Securities is discontinued. 4. To facilitate subsequent transfers, all Securities deposited by Direct Participants with DTC are registered in the name of DTC's partnership nominee, Cede & Co., or such other name as may be requested by an authorized representative of DTC. The deposit of Securities with DTC and their registration in the name of Cede & Co. or such other DTC nominee do not effect any change in beneficial ownership. DTC has no knowledge of the actual Beneficial Owners of the Securities; DTC's records reflect only the identity of the Direct Participants to whose accounts such Securities are credited, which may or may not be the Beneficial Owners. The Direct and Indirect Participants will remain responsible for keeping account of their holdings on behalf of their customers. C-1 5. Conveyance of notices and other communications by DTC to Direct Participants, by Direct Participants to Indirect Participants, and by Direct Participants and Indirect Participants to Beneficial Owners will be governed by arrangements among them, subject to any statutory or regulatory requirements as may be in effect from time to time. [Beneficial Owners of Securities may wish to take certain steps to augment the transmission to them of notices of significant events with respect to the Securities, such as redemptions, tenders, defaults, and proposed amendments to the Security documents. For example, Beneficial Owners of Securities may wish to ascertain that the nominee holding the Securities for their benefit has agreed to obtain and transmit notices to Beneficial Owners. In the alternative, Beneficial Owners may wish to provide their names and addresses to the registrar and request that copies of notices be provided directly to them.] 6. Redemption notices shall be sent to DTC. If less than all of the Securities within an issue are being redeemed, DTC's practice is to determine by lot the amount of the interest of each Direct Participant in such issue to be redeemed. 7. Neither DTC nor Cede & Co. (nor any other DTC nominee) will consent or vote with respect to Securities unless authorized by a Direct Participant in accordance with DTC's MMI Procedures. Under its usual procedures, DTC mails an Omnibus Proxy to Village as soon as possible after the record date. The Omnibus Proxy assigns Cede & Co.'s consenting or voting rights to those Direct Participants to whose accounts Securities are credited on the record date (identified in a listing attached to the Omnibus Proxy). 8. Redemption proceeds, distributions, and dividend payments on the Securities will be made to Cede & Co., or such other nominee as may be requested by an authorized representative of DTC. DTC's practice is to credit Direct Participants' accounts upon DTC's receipt of funds and corresponding detail information from the Village or Agent, on payable date in accordance with their respective holdings shown on DTC's records. Payments by Participants to Beneficial Owners will be governed by standing instructions and customary practices, as is the case with securities held for the accounts of customers in bearer form or registered in "street name," and will be the responsibility of such Participant and not of DTC, Agent, or the Village, subject to any statutory or regulatory requirements as may be in effect from time to time. Payment of redemption proceeds, distributions, and dividend payments to Cede & Co. (or such other nominee as may be requested by an authorized representative of DTC) is the responsibility of the Village or Agent, disbursement of such payments to Direct Participants will be the responsibility of DTC, and disbursement of such payments to the Beneficial Owners will be the responsibility of Direct and Indirect Participants. 9. A Beneficial Owner shall give notice to elect to have its Securities purchased or tendered, through its Participant, to [Tender/Remarketing] Agent, and shall effect delivery of such Securities by causing the Direct Participant to transfer the Participant's interest in the Securities, on DTC's records, to [Tender/Remarketing] Agent. The requirement for physical delivery of Securities in connection with an optional tender or a mandatory purchase will be deemed satisfied when the ownership rights in the Securities are transferred by Direct Participants on DTC's records and followed by a book-entry credit of tendered Securities to [Tender/Remarketing] Agent's DTC account. 10. DTC may discontinue providing its services as depository with respect to the Securities at any time by giving reasonable notice to the Village or Agent. Under such circumstances, in the event that a successor depository is not obtained, Security certificates are required to be printed and delivered. 11. The Village may decide to discontinue use of the system of book-entry-only transfers through DTC (or a successor securities depository). In that event, Security certificates will be printed and delivered to DTC. 12. The information in this section concerning DTC and DTC's book-entry system has been obtained from sources that the Village believes to be reliable, but the Village takes no responsibility for the accuracy thereof. C-2 APPENDIX D NOTICE OF SALE $18,410,000* GENERAL OBLIGATION REFUNDING BONDS, SERIES 2016A VILLAGE OF GLENVIEW, ILLINOIS Bids for the purchase of $18,410,000* General Obligation Refunding Bonds, Series 2016A (the "Bonds") of the Village of Glenview, Illinois (the "Village") will be received at the offices of Ehlers & Associates, Inc. ("Ehlers"), 3060 Centre Pointe Drive, Roseville, Minnesota 55113-1105, Municipal Advisors to the Village, until 10:00 A.M., Central Time, and ELECTRONIC PROPOSALS will be received via PARITY, in the manner described below, until 10:00 A.M. Central Time, on October 4, 2016, at which time they will be opened, read and tabulated. The bids will be presented to the Board of Trustees for consideration for award by ordinance at a meeting to be held at 7:30 P.M., Central Time, on the same date. The bid offering to purchase the Bonds upon the terms specified herein and most favorable to the Village will be accepted unless all bids are rejected. PURPOSE The Bonds are being issued by the Village pursuant to its home rule powers under Section 6 of Article VII of the 1970 Constitution of the State of Illinois. Proceeds of the Bonds will provide funds to refund certain obligations of the Village. DATES AND MATURITIES The Bonds will be dated October 27, 2016, will be issued as fully registered Bonds in the denomination of $5,000 each, or any integral multiple thereof, and will mature on December 1 as follows: Year Amount* Year Amount* Year Amount* 2017 $190,000 2022 $1,565,000 2027 $1,725,000 2018 220,000 2023 1,590,000 2028 1,765,000 2019 1,515,000 2024 1,620,000 2029 1,815,000 2020 1,525,000 2025 1,650,000 2021 1,545,000 2026 1,685,000 ADJUSTMENT OPTION * The Village reserves the right to increase or decrease the amount of any individual maturity of the Bonds in increments of $5,000 on the day of sale. If individual maturities are increased or decreased, the purchase price proposed will be adjusted to maintain the same gross spread per $1,000. TERM BOND OPTION Bids for the Bonds may contain a maturity schedule providing for any combination of serial bonds and term bonds, subject to mandatory redemption, so long as the amount of principal maturing or subject to mandatory redemption in each year conforms to the maturity schedule set forth above. All dates are inclusive. INTEREST PAYMENT DATES AND RATES Interest will be payable on June 1 and December 1 of each year, commencing June 1, 2017, to the registered owners of the Bonds appearing of record in the bond register as of the close of business on the 15th day (whether or not a business day) of the immediately preceding month. Interest will be computed upon the basis of a 360-day year of twelve 30-day months and will be rounded pursuant to rules of the Municipal Securities Rulemaking Board. The rate for any maturity may not be more than 5.00% nor 2.00% less than the rate for any preceding maturity. (For D-1 example, if a rate of 4.50% is proposed for the 2019 maturity, then the lowest rate that may be proposed for any later maturity is 2.50%.) All Bonds of the same maturity must bear interest from date of issue until paid at a single, uniform rate. Each rate must be expressed in an integral multiple of 5/100 or 1/8 of 1%. BOOK-ENTRY-ONLY FORMAT Unless otherwise specified by the purchaser, the Bonds will be designated in the name of Cede & Co., as nominee for The Depository Trust Company, New York, New York ("DTC"). DTC will act as securities depository for the Bonds, and will be responsible for maintaining a book-entry system for recording the interests of its participants and the transfers of interests between its participants. The participants will be responsible for maintaining records regarding the beneficial interests of the individual purchasers of the Bonds. So long as Cede & Co. is the registered owner of the Bonds, all payments of principal and interest will be made to the depository which, in turn, will be obligated to remit such payments to its participants for subsequent disbursement to the beneficial owners of the Bonds. PAYING AGENT The Village has selected Wells Fargo Bank, National Association, Minneapolis, Minnesota, to act as paying agent (the "Paying Agent"). The Village will pay the charges for Paying Agent services. The Village reserves the right to remove the Paying Agent and to appoint a successor. OPTIONAL REDEMPTION At the option of the Village, the Bonds maturing on or after December 1, 2027 shall be subject to optional redemption prior to maturity on December 1, 2026 and on any date thereafter, at a price of par plus accrued interest. Redemption may be in whole or in part of the Bonds subject to prepayment. If redemption is in part, the selection of the amounts and maturities of the Bonds to be redeemed shall be at the discretion of the Village. If only part of the Bonds having a common maturity date are called for redemption, then the Village or Paying Agent, if any, will notify DTC of the particular amount of such maturity to be redeemed. DTC will determine by lot the amount of each participant's interest in such maturity to be redeemed and each participant will then select by lot the beneficial ownership interest in such maturity to be redeemed. Notice of redemption shall be sent by mail not more than 60 days and not less than 30 days prior to the date fixed for redemption to the registered owner of each Bond to be redeemed at the address shown on the registration books. DELIVERY On or about October 27, 2016, the Bonds will be delivered without cost to the winning bidder at DTC. On the day of closing, the Village will furnish to the winning bidder the opinion of bond counsel hereinafter described, an arbitrage certification, and certificates verifying that no litigation in any manner questioning the validity of the Bonds is then pending or, to the best knowledge of officers of the Village, threatened. Payment for the Bonds must be received by the Village at its designated depository on the date of closing in immediately available funds. LEGAL OPINION An opinion as to the validity of the Bonds and the exemption from federal taxation of the interest thereon will be furnished by Katten Muchin Rosenman LLP, Chicago, Illinois, Bond Counsel and Disclosure Counsel to the Village, and will be available at the time of delivery of the Bonds. The legal opinion will be issued on the basis of existing law and will state that the Bonds are valid and binding general obligations of the Village; provided that the rights of the owners of the Bonds and the enforceability of the Bonds may be limited by bankruptcy, insolvency, reorganization, moratorium, and other similar laws affecting creditors' rights and by equitable principles (which may be applied in either a legal or equitable proceeding). D-2 SUBMISSION OF BIDS Bids must not be for less than $18,317,950 plus accrued interest on the principal sum of $18,410,000 from date of original issue of the Bonds to date of delivery. A signed bid form must be submitted to Ehlers prior to the time established above for the opening of bids as follows: 1) In a sealed envelope as described herein; or 2) A facsimile submission to Ehlers, Facsimile Number (651) 697-8555; or 3) Electronically via PARITY in accordance with this Notice of Sale until 10:00 A.M. Central Time, but no bid will be received after the time for receiving bids specified above. To the extent any instructions or directions set forth in PARITY conflict with this Notice of Sale, the terms of this Notice of Sale shall control. For further information about PARITY, potential bidders may contact Ehlers or i-Deal LLC at 1359 Broadway, 2nd Floor, New York, New York 10018, Telephone (212) 849-5021. Bids must be submitted to Ehlers via one of the methods described above and must be received prior to the time established above for the opening of bids. Each bid must be unconditional except as to legality. Neither the Village nor Ehlers shall be responsible for any failure to receive a facsimile submission. A cashier’s check in the amount of $368,200 may be submitted contemporaneously with the bid or, alternatively, a good faith deposit in the amount of $368,200 shall be made by the winning bidder by wire transfer of funds to KleinBank, 1550 Audubon Road, Chaska, Minnesota, ABA No. 091915654 for credit: Ehlers & Associates Good Faith Account No. 3208138. Such good faith deposit ("Deposit") shall be received by Ehlers no later than two hours after the bid opening time. The Village reserves the right to award the Bonds to a winning bidder whose wire transfer is initiated but not received by such time provided that such winning bidder’s federal wire reference number has been received by such time. In the event the Deposit is not received as provided above, the Village may award the Bonds to the bidder submitting the next best bid provided such bidder agrees to such award. The Deposit will be retained by the Village as liquidated damages if the bid is accepted and the Purchaser fails to comply therewith. The Deposit will be returned to the Purchaser at the closing for the Bonds. The Village and the winning bidder who chooses to so wire the Deposit hereby agree irrevocably that Ehlers shall be the escrow holder of the Deposit wired to such account subject only to these conditions and duties: 1) All income earned thereon shall be retained by the escrow holder as payment for its expenses; 2) If the bid is not accepted, Ehlers shall, at its expense, promptly return the Deposit amount to the winning bidder; 3) If the bid is accepted, the Deposit shall be returned to the winning bidder at the closing; 4) Ehlers shall bear all costs of maintaining the escrow account and returning the funds to the winning bidder; 5) Ehlers shall not be an insurer of the Deposit amount and shall have no liability hereunder except if it willfully fails to perform or recklessly disregards, its duties specified herein; and 6) FDIC insurance on deposits within the escrow account shall be limited to $250,000 per bidder. No bid can be withdrawn after the time set for receiving bids unless the meeting of the Village scheduled for award of the Bonds is adjourned, recessed, or continued to another date without award of the Bonds having been made. AWARD The Bonds will be awarded to the bidder offering the lowest interest rate to be determined on a True Interest Cost (TIC) basis. The Village’s computation of the interest rate of each bid, in accordance with customary practice, will be controlling. In the event of a tie, the sale of the Bonds will be awarded by lot. The Village reserves the right to reject any and all bids and to waive any informality in any bid. D-3 BOND INSURANCE If the Bonds are qualified for any bond insurance policy, the purchase of such policy shall be at the sole option and expense of the winning bidder. Any cost for such insurance policy is to be paid by the winning bidder, except that, if the Village requested and received a rating on the Bonds from a rating agency, the Village will pay that rating fee. Any rating agency fees not requested by the Village are the responsibility of the winning bidder. Failure of the municipal bond insurer to issue the policy after the Bonds are awarded to the winning bidder shall not constitute cause for failure or refusal by the winning bidder to accept delivery of the Bonds. CUSIP NUMBERS The Village will assume no obligation for the assignment or printing of CUSIP numbers on the Bonds or for the correctness of any numbers printed thereon, but will permit such numbers to be printed at the expense of the winning bidder, if the winning bidder waives any delay in delivery occasioned thereby. NON-QUALIFIED TAX-EXEMPT OBLIGATIONS The Village will not designate the Bonds as qualified tax-exempt obligations for purposes of Section 265(b)(3) of the Internal Revenue Code of 1986, as amended. CONTINUING DISCLOSURE In order to assist the Underwriters in complying with the provisions of Rule 15c2-12 promulgated by the Securities and Exchange Commission under the Securities Exchange Act of 1934 the Village will enter into an undertaking for the benefit of the holders of the Bonds. A description of the details and terms of the undertaking is set forth herein. INFORMATION FROM WINNING BIDDER The winning bidder will be required to provide, in a timely manner, certain information relating to the initial offering prices of the Bonds necessary to compute the yield on the Bonds pursuant to the provisions of the Internal Revenue Code of 1986, as amended. PRELIMINARY OFFICIAL STATEMENT Bidders may obtain a copy of the Preliminary Official Statement relating to the Bonds prior to the bid opening by request from Ehlers at www.ehlers-inc.com by connecting to the link to the Bond Sales. The Syndicate Manager will be provided with an electronic copy and up to 10 printed copies upon request of the Final Official Statement within seven business days of the bid acceptance. Additional copies of the Final Official Statement will be available at a cost of $10.00 per copy. Information for bidders and bid forms may be obtained from Ehlers at 3060 Centre Pointe Drive, Roseville, Minnesota 55113-1105, Telephone (651) 697-8500. By Order of the Board of Trustees ___________________________________ Todd Hileman, Village Manager Village of Glenview, Illinois D-4 BID FORM The Board of Trustees October 4, 2016 Village of Glenview, Illinois RE: $18,410,000*General Obligation Refunding Bonds, Series 2016A DATED: October 27, 2016 For all or none of the above Bonds, in accordance with the Notice of Sale and terms of the Global Book-Entry System (unless otherwise specified by the Purchaser) as stated in this Official Statement, we will pay you $__________________ (not less than $18,317,950) plus accrued interest to date of delivery for fully registered Bonds bearing interest rates and maturing in the stated years as follows: % due 2017 % due 2022 % due 2027 % due 2018 % due 2023 % due 2028 % due 2019 % due 2024 % due 2029 % due 2020 % due 2025 % due 2021 % due 2026 * The Village reserves the right to increase or decrease the amount of any individual maturity of the Bonds in increments of $5,000 on the day of sale. If individual maturities are increased or decreased, the purchase price proposed will be adjusted to maintain the same gross spread per $1,000. The rate for any maturity may not be more than 5.00% nor 2.00% less than the rate for any preceding maturity. (For example, if a rate of 4.50% is proposed for the 2019 maturity, then the lowest rate that may be proposed for any later maturity is 2.50%.) All Bonds of the same maturity must bear interest from date of issue until paid at a single, uniform rate. Each rate must be expressed in an integral multiple of 5/100 or 1/8 of 1%. We enclose our good faith deposit in the amount of $368,200, to be held by you pending delivery and payment. Alternatively, if we are the winning bidder, we will wire our good faith deposit to KleinBank, 1550 Audubon Road, Chaska, Minnesota, ABA No. 091915654 for credit: Ehlers & Associates Good Faith Account No. 3208138. Such good faith deposit shall be received by Ehlers & Associates no later than two hours after the bid opening time. The Village reserves the right to award the Bonds to a winning bidder whose wire transfer is initiated but not received by such time provided that such winning bidder’s federal wire reference number has been received. In the event the Deposit is not received as provided above, the Village may award the Bonds to the bidder submitting the next best bid provided such bidder agrees to such award. If our bid is not accepted, said deposit shall be promptly returned to us. If the good faith deposit is wired to such escrow account, we agree to the conditions and duties of Ehlers & Associates, Inc., as escrow holder of the good faith deposit, pursuant to the Notice of Sale. This bid is for prompt acceptance and is conditional upon delivery of said Bonds to The Depository Trust Company, New York, New York, in accordance with the Notice of Sale. Delivery is anticipated to be on or about October 27, 2016. This bid is subject to the Village’s agreement to enter into a written undertaking to provide continuing disclosure under Rule 15c2- 12 promulgated by the Securities and Exchange Commission under the Securities Exchange Act of 1934 as described in the Preliminary Official Statement for this Issue. We have received and reviewed the Official Statement and have submitted our requests for additional information or corrections to the Final Official Statement. As Syndicate Manager, we agree to provide the Village with the reoffering price of the Bonds within 24 hours of the bid acceptance. Account Manager:By: Account Members: Award will be on a true interest cost basis. According to our computations (the correct computation being controlling in the award), the total dollar interest cost (including any discount or less any premium) computed from October 27, 2016 of the above bid is $_______________and the true interest cost (TIC) is __________%. The foregoing offer is hereby accepted by and on behalf of the Board of Trustees of the Village of Glenview, Illinois, on October 4, 2016. By:By: Title:Title: