HomeMy Public PortalAbout2013B Final Official Statement 121013ADDENDUM DATED DECEMBER 10, 2013
TO PRELIMINARY OFFICIAL STATEMENT DATED NOVEMBER 26, 2013
New Issue Rating: Moody’s Investors Service "Aaa"
$4,385,000
TAXABLE GENERAL OBLIGATION BONDS, SERIES 2013B
VILLAGE OF GLENVIEW, COOK COUNTY, ILLINOIS
Schedule of Maturity Dates, Principal Amounts, Interest Rates and Yields
Serial Bonds
Maturity
(December 1)Amount
Interest
Rate Yield
CUSIP
Base
378892
2017
2018
2019
2020
2021
2022
2023
$585,000
$595,000
$605,000
$620,000
$640,000
$660,000
$680,000
1.500%
2.000%
2.350%
2.700%
3.000%
3.250%
3.500%
1.500%
2.000%
2.350%
2.700%
3.000%
3.250%
3.500%
TT0
TU7
TV5
TW3
TX1
TY9
TZ6
Raymond James & Associates, Inc. has agreed to purchase the Bonds from the Village for an aggregate price of
$4,373,460.98 plus accrued interest, if any, to the date of delivery. It is expected that the Bonds will be available for
delivery on or about December 19, 2013.
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, National Association, Minneapolis, Minnesota.
THIS ADDENDUM TOGETHER WITH THE OFFICIAL STATEMENT DATED NOVEMBER 26, 2013, SHALL
CONSTITUTE A "FINAL OFFICIAL STATEMENT" OF THE ISSUER WITH RESPECT TO THE BONDS AS
THAT TERM IS DEFINED IN RULE 15c2-12 OF THE SECURITIES AND EXCHANGE COMMISSION.
RAYMOND JAMES & ASSOCIATES, INC.
Memphis, Tennessee
Interest on the 2013B Bonds is includible in gross income of the owners thereof for federal income tax purposes. Interest on the 2013B Bonds is not exempt from present State
of Illinois income taxes. See “TAX MATTERS” herein for a more complete discussion.
New Issue Rating Application Made: Moody's Investors Service
(Current Underlying Rating: Aaa)
PRELIMINARY OFFICIAL STATEMENT DATED NOVEMBER 26, 2013
VILLAGE OF GLENVIEW
COOK COUNTY, ILLINOIS
$4,440,000* TAXABLE GENERAL OBLIGATION BONDS, SERIES 2013B
BID OPENING: December 10, 2013, 10:00 A.M., C.T.CONSIDERATION: December 10, 2013, 7:30 P.M., C.T.
PURPOSE/AUTHORITY/SECURITY: The $4,440,000* Taxable General Obligation Bonds, Series 2013B (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 finance
(i) costs associated with the Waukegan Road/Golf Road Tax Increment Finance ("TIF") District, (ii) capitalized interest and (iii)
costs of issuance. 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,
reorganization, moratorium, and other similar laws affecting creditors' rights and by equitable principles, whether considered at
law or in equity, including the exercise of judicial discretion. Delivery is subject to receipt of an approving legal opinion of
Chapman and Cutler LLP, Chicago, Illinois.
* Preliminary, subject to change.
DATE OF BONDS: December 19, 2013
MATURITY: December 1 as follows:
Year Amount* Year Amount* Year Amount*
2017 $595,000 2020 $630,000 2023 $690,000
2018 600,000 2021 645,000
2019 615,000 2022 665,000
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, 2014 and semiannually thereafter.
OPTIONAL REDEMPTION: The Bonds are being offered without option of prior redemption.
MINIMUM BID: $4,395,600.
MAXIMUM BID: $4,528,800.
GOOD FAITH DEPOSIT: $88,800.
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.
ii
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 Preliminary 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 Preliminary Official Statement does not constitute an offer to sell or a solicitation of
an offer to buy any of these Obligations in any jurisdiction to any person to whom it is unlawful to make such an offer or solicitation in
such jurisdiction.
This Preliminary 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 prepared this Preliminary 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. Bond Counsel has not participated in the preparation
of this Preliminary Official Statement except as described herein and is not expressing any opinion as to the completeness or accuracy of the
information contained therein. Compensation of Ehlers, 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 General Rules and Regulations, Securities
Exchange Act of 1934, Rule 15c2-12 Municipal Securities Disclosure (the "Rule").
Preliminary Official Statement: This Preliminary Official Statement was prepared for the Village for dissemination to potential customers.
Its primary purpose is to disclose information regarding these Obligations 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 Preliminary 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 Preliminary Official Statement has been distributed to members of the legislative body and other public officials of
the Village as well as to prospective bidders for an objective review of its disclosure. Comments or requests for the correction of omissions
or inaccuracies must be submitted to Ehlers at least two business days prior to the sale. Requests for additional information or corrections in
the Preliminary 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 Preliminary Official Statement, interested bidders will be informed by
an addendum at least one business day prior to the sale.
Final Official Statement: Upon award of sale of these Obligations, the Preliminary 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 Obligations,
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 Preliminary Official
Statement describes the conditions under which these Obligations are exempt or required to comply with the Rule.
CLOSING CERTIFICATES
Upon delivery of these Obligations, the purchaser (underwriter) 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 these Obligations and all times subsequent thereto up to and including the time of the delivery
of these Obligations, this Preliminary 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 these Obligations; and (3) a certificate evidencing the due execution of these
Obligations, 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 these Obligations, (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 these Obligations have been
repealed, revoked or rescinded.
iii
TABLE OF CONTENTS
INTRODUCTORY STATEMENT ................................................................................ 1
THE BONDS ................................................................................................. 1
GENERAL........................................................................................... 1
TERM BOND OPTION ................................................................................. 1
OPTIONAL REDEMPTION ............................................................................. 2
AUTHORITY; PURPOSE ............................................................................... 2
ESTIMATED SOURCES AND USES ..................................................................... 2
SECURITY .......................................................................................... 2
RATING............................................................................................. 2
CONTINUING DISCLOSURE ........................................................................... 3
LEGAL OPINION ..................................................................................... 3
TAX MATTERS ...................................................................................... 3
NOT QUALIFIED TAX-EXEMPT OBLIGATIONS .......................................................... 4
FINANCIAL ADVISOR ................................................................................ 4
RISK FACTORS ...................................................................................... 4
ILLINOIS PROPERTY VALUATIONS............................................................................ 5
CURRENT PROPERTY VALUATIONS .................................................................. 11
TREND OF VALUATIONS ............................................................................ 11
LARGER TAXPAYERS ............................................................................... 12
DEBT...................................................................................................... 13
STATEMENT OF INDEBTEDNESS ..................................................................... 13
DIRECT GENERAL OBLIGATION DEBT ................................................................ 13
OTHER OBLIGATIONS............................................................................... 14
SCHEDULE OF BONDED INDEBTEDNESS .............................................................. 15
OVERLAPPING DEBT................................................................................ 17
DEBT PAYMENT HISTORY........................................................................... 18
FUTURE FINANCING ................................................................................ 18
TAX LEVIES, COLLECTIONS, AND TAX RATES ................................................................. 19
TAX LEVIES AND COLLECTIONS ..................................................................... 19
REPRESENTATIVE TAX RATES....................................................................... 19
THE VILLAGE .............................................................................................. 20
VILLAGE INFORMATION ............................................................................ 20
EMPLOYEES AND UNIONS ........................................................................... 30
LIABILITIES FOR OTHER POST EMPLOYMENT BENEFITS ............................................... 30
LITIGATION........................................................................................ 30
SUMMARY FINANCIAL INFORMATION ................................................................ 31
GENERAL INFORMATION.................................................................................... 38
LARGER EMPLOYERS ............................................................................... 38
RETAIL ACTIVITY .................................................................................. 39
U.S. CENSUS DATA.................................................................................. 40
EMPLOYMENT/UNEMPLOYMENT DATA .............................................................. 41
BUILDING PERMITS................................................................................. 41
EXCERPTS FROM FINANCIAL STATEMENTS .................................................................. A-1
FORM OF LEGAL OPINION.................................................................................. B-1
BOOK-ENTRY-ONLY SYSTEM ............................................................................... C-1
FORM OF CONTINUING DISCLOSURE UNDERTAKING ......................................................... D-1
NOTICE OF SALE .......................................................................................... E-1
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PRESIDENT AND BOARD OF TRUSTEES
Term Expires
James R. Patterson, Jr. President April 2017
Scott R. Britton Trustee April 2015
Paul Detlefs Trustee April 2017
John Hinkamp Trustee April 2017
Michael Jenny Trustee April 2015
Deborah Karton Trustee April 2017
Philip O’C. White Trustee April 2015
OFFICIALS
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
Chapman and Cutler LLP, Bond Counsel, Chicago, Illinois
Ehlers & Associates, Inc., Financial Advisors, Lisle, Illinois
(Other offices located in Roseville, Minnesota and Brookfield, Wisconsin)
1
INTRODUCTORY STATEMENT
This Preliminary Official Statement contains certain information regarding the Village of Glenview, Cook County,
Illinois (the "Village") and the issuance of its $4,440,000* Taxable General Obligation Bonds, Series 2013B (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 authorizing the sale of the Bonds ("Bond Ordinance") to be adopted by the Board of
Trustees on December 10, 2013.
Inquiries may be directed to Ehlers & Associates, Inc. ("Ehlers" or the "Financial Advisor"), Lisle, Illinois, (630) 271-
3330, the Village's Financial Advisor. A copy of this Preliminary 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.
* Preliminary, subject to change.
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 the date of issuance thereof. 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, 2014, 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 MSRB. The rate for any maturity may not be more than 1.00% less
than the rate for any preceding maturity. (For example, if a rate of 4.50% is proposed for the 2017 maturity,
then the lowest rate that may be proposed for any later maturity is 3.50%.) 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%.
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 ordinance awarding the sale of the Bonds.
The Village has selected Wells Fargo Bank, National Association, Minneapolis, Minnesota, to act as bond registrar
and 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.
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 on the cover page. All dates are inclusive.
1 Preliminary, subject to change.
2
OPTIONAL REDEMPTION
The Bonds are being offered without option of prior redemption.
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 finance (i) costs associated with the
Waukegan Road/Golf Road Tax Increment Finance ("TIF") District, (ii) capitalized interest and (iii) costs of issuance.
ESTIMATED SOURCES AND USES1
Sources
Par Amount of Bonds $4,440,000
Total Sources $4,440,000
Uses
Deposit to TIF Project Fund $4,000,000
Contingency 1,614
Finance Related Expenses 74,400
Capitalized Interest 363,986
Total Uses $4,440,000
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, except that the rights of the owner 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, whether considered at law or in equity, including the exercise of judicial discretion.
RATING
General obligation debt of the Village, with the exception of any outstanding credit enhanced issues, 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 a rating, if and when received, will reflect only the view of the rating agency
and any explanation of the significance of such rating may only be obtained from Moody's Investors Service. There
is no assurance that such rating, if and when received, will continue for any period of time or that it will not be revised
or withdrawn. Any revision or withdrawal of the rating may have an effect on the market price of the Bonds.
3
CONTINUING DISCLOSURE
The Village will enter into a Continuing Disclosure Undertaking (the "Undertaking") for the benefit of the beneficial
owners of the Bonds to send certain information annually and to provide notice of certain events to certain information
repositories pursuant to the requirements of Section (b)(5) of Rule 15c2-12 (the "Rule") adopted by the Securities and
Exchange Commission under the Securities Exchange Act of 1934. The information to be provided on an annual
basis, the events which will be noticed on an occurrence basis and other terms of the Undertaking, including
termination, amendment and remedies, are set forth in "THE UNDERTAKING" in Appendix D.
The Village has previously been required to deliver an undertaking pursuant to the Rule. The Village is in
compliance with each and every undertaking previously entered into by it pursuant to the Rule. A failure by the
Village to comply with the Undertaking will not constitute a default under the Bond Ordinance and beneficial owners
of the Bonds are limited to the remedies described in the Undertaking. A failure by the Village to comply with the
Undertaking 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. Consequently, such
a failure may adversely affect the transferability and liquidity of the Bonds and their market price.
Bond Counsel expresses no opinion as to whether the Undertaking complies with the requirements of Section(b)(5)
of the Rule.
LEGAL OPINION
An opinion as to the validity of the Bonds will be furnished by Chapman and Cutler LLP, Chicago, Illinois, bond
counsel to the District, and will accompany the Bonds. The legal opinion will state that the Bonds are valid and
binding general obligations of the District enforceable in accordance with their terms, except that the rights of the
owners of the Bonds and the enforceability of the Bonds may be limited by bankruptcy, reorganization, moratorium
and other similar laws affecting creditors’ rights and by equitable principles, whether considered at law or in equity,
including the exercise of judicial discretion.
TAX MATTERS
Interest on the Bonds is includible in gross income for federal income purposes. Ownership of the Bonds may result
in other federal income tax consequences to certain taxpayers. Bondholders should consult their tax advisors with
respect to the inclusion of interest on the Bonds in gross income for federal income tax purposes and any collateral
tax consequences. Interest on the Bonds is not exempt from present State of Illinois income taxes. Ownership of the
Bonds may result in other state and local tax consequences to certain taxpayers, and Bond Counsel expresses no
opinion regarding any such consequences arising with respect to the Bonds.
The Village may deposit moneys or securities in escrow in such amount and manner as to cause the Bonds to be
deemed to be no longer outstanding under the Bond Ordinance (a "defeasance"). A defeasance of the Bonds may be
treated as an exchange of the Bonds by the holders thereof and may therefore result in gain or loss to the holders.
Bond holders should consult their own tax advisors about the consequences if any of such a defeasance. The Village
is required to provide notice of defeasance of the Bonds as a reportable event under its Continuing Disclosure
Undertaking.
4
NOT 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.
FINANCIAL ADVISOR
Ehlers has served as Financial Advisor to the Village in connection with the issuance of the Bonds. The Financial
Advisor will not participate in the underwriting of the Bonds. The financial information included in this Preliminary
Official Statement has been compiled by the Financial 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 Municipal Securities Rulemaking Board as a Municipal Advisor.
RISK FACTORS
Following is a description of possible risks to holders of these 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 of this offering 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 should other revenue be insufficient.
State Actions: Many elements of local government finance, including the issuance of debt and the levy of property
taxes, are controlled by state government. Past and 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
property taxes.
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 Obligations
for resale prior to maturity.
Continuing Disclosure: A failure by the Village to comply with the 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 could affect the local
economy and result in reduced tax collections and/or increased demands upon local government.
5
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 2010 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
residential and unimproved property to 25% for not-for-profit, 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.
6
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 and 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
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 additional assessment classifications are as follows:
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.
Also, property owners 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.
7
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
2003 2.4598
2004 2.5757
2005 2.7320
2006 2.7076
2007 2.8439
2008 2.9786
2009 3.3701
2010 3.3000
2011 2.9706
2012 2.8056
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 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 $6,000
for assessment year 2009 and thereafter.
8
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
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 $4,000. 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.
Two 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
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 75% and (ii) $2,500 to those veterans with a
service-connected disability of less than 75%, but at least 50%.
9
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.
10
SECOND INSTALLMENT
TAX LEVY YEAR PENALTY DATE
2003 November 15, 2004
2004 November 1, 2005
2005 September 1, 2006
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
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.
TRUTH IN TAXATION LAW
Legislation known as the Truth in Taxation Law (the "Law") limits the aggregate amount of certain taxes which can
be levied by, and extended for, a taxing district to 105% of the amount of taxes extended in the preceding year unless
specified notice, hearing and certification requirements are met by the taxing body. The express purpose of the Law
is to require published disclosure of, and hearing upon, an intention to adopt a levy in excess of the specified levels.
1 Includes $373,356,083 incremental valuation in the Village’s tax increment financing district.
2 Local assessors set the fair market value for all real property and railroad property not used for
transportation purposes. Railroad property used for transportation purposes is assessed by the Illinois
Department of Revenue.
11
2008 2009 2010 2011 2012
Property Class:
Residential 2,026,139,779$ 2,198,443,085$ 2,298,836,300$ 1,763,765,871$ 1,637,952,132$
Commercial 638,159,198 595,701,792 388,096,316 499,476,841 481,487,771
Industrial 248,243,038 207,259,989 27,515,890 184,570,112 171,866,548
Railroad 221,084 266,417 333,270 354,177 400,750
Farm 589 368 368 - -
Net EAV for General Taxing Purposes 2,912,763,688$ 3,001,671,651$ 2,714,782,144$ 2,448,167,001$ 2,291,707,201$
Percent Change 8.15% 3.05% -9.56% -9.82% -6.39%
TIF EAV 529,827,769$ 523,900,898$ 484,429,894$ 435,312,537$ 400,238,908$
Frozen Valuation 26,882,825 26,882,825 26,882,825 26,882,825 26,882,825
TIF Net EAV 502,944,944$ 497,018,073$ 457,547,069$ 408,429,712$ 373,356,083$
Total EAV for All Taxing Purposes 3,415,708,632$ 3,498,689,724$ 3,172,329,213$ 2,856,596,713$ 2,665,063,284$
Levy Years 2
CURRENT PROPERTY VALUATIONS
Valuation
2012 Estimated Market Value $ 7,995,189,852
2012 Equalized Assessed Value1 $ 2,665,063,284
TREND OF VALUATIONS2
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.
12
LARGER TAXPAYERS 1
Taxpayer Description
2012 Equalized
Assessed Value
Percent
of Village
CLF (formerly Grubb & Ellis) Aon Insurance $33,655,907 1.26%
Kraft Foods Corporate Headquarters, Research Campus 32,435,474 1.22%
Oliver McMillan LLC Real Property 26,025,093 0.98%
Astellas US Holdings Commercial Property 23,755,871 0.89%
Mid America Asset Management Commercial Property 21,264,770 0.80%
Thomson Reuters Pts (formerly
Cole Real Estate)
Commercial Property 16,471,341 0.62%
Abt Electronics Retailer/Consumer Electronics & Household
Appliances
15,234,484 0.57%
ITW/Signode Corporate Headquarters/Commercial Tools 14,081,073 0.53%
Vi (Classic Residence Hyatt) Senior Residential 13,893,875 0.52%
Anixter, Inc.Corporate HQ/Wire & Cable Distributor 13,734,590 0.52%
$210,552,478 7.90%
Note: Total Village 2012 valuation of $2,665,063,284 (includes incremental valuation in the Village’s tax increment
financing districts).
Source:Property Valuations and Larger Taxpaying Parcels provided by Cook County.
13
Per Capita
Amount Applicable Assessed Estimated 2010 Census Pop.
as of Dec. 2013 Value True Value 44,692
Assessed Valuation of Taxable Real Property, 2012 (1) 2,665,063,284$ 100.00% 33.33% 59,631.77$
Estimated True Value of Taxable Real Property, 2012 7,995,189,852 300.00% 100.00% 178,895.32
Direct General Obligation Bonded Debt (2):
Payable from Property Taxes 38,505,000$ 1.44% 0.48% 861.56$
Self-Supporting Debt (3)55,525,000 2.08% 0.69% 1,242.39
Total Direct Debt 94,030,000$ 3.53% 1.18% 2,103.96$
Overlapping Bonded Debt Payable from Property Taxes (4)
Schools 59,000,473$ 2.21% 0.74% 1,320.16$
Other Than Schools 119,264,557 4.48% 1.49% 2,668.59
Total Overlapping Bonded Debt 178,265,030$ 6.69% 2.23% 3,988.75$
Total Direct and Overlapping Bonded Debt 272,295,030$ 10.22% 3.41% 6,092.70$
Total Direct and Overlapping Excluding Self-Supporting 216,770,030$ 8.13% 2.71% 4,850.31$
As Percent of
DEBT
STATEMENT OF INDEBTEDNESS (includes 2013A Bonds and 2013B Bonds being issued on the same date)
Notes:
1. Includes $373,356,083 incremental valuation in the Village's tax increment finance district.
2. The Village is a home-rule unit under the Illinois Constitution and as such has no debt limit, nor is it required to seek
referendum approval for the issuance of general obligation debt.
3. The Village has chosen to fund certain projects with general obligation bonds and abate the taxes thereon from
non-property tax sources.
4. See "Detailed Overlapping Bonded Indebtedness Payable From Property Taxes".
DIRECT GENERAL OBLIGATION DEBT (see schedules following) (includes the Obligations of this offering)
Total General Obligation Debt $ 94,030,000
Notes:
1. Includes the Bonds of this offering, excludes Other Obligations.
2. Of the Village's outstanding general obligation bonds, $38,505,000 are payable from property taxes (2004B, 2009A and
2012B) and the remainder are self-supporting from water revenues, sewer revenues, tax increment revenues and other revenues.
14
OTHER OBLIGATIONS
$1,095,199 Corporate Purpose Notes, Series 1997 (final payment date: September 1, 2019)
$28,125,000 Short-term Loan to pay off Series 2009E Bonds (loan to be repaid from land sale proceeds) - See below
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) in The Glen (formerly the 1,121-acre Glenview Naval Air
Station). 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.
The Village has entered into a short-term (up to one year) Business Loan Agreement and Promissory Note, dated
November 25, 2013, with Glenview State Bank, Glenview, IL, to provide funds to pay the December 1, 2013 maturity
of the Series 2009E Bonds. The Village is in the process of selling Parcel 24 and anticipates $22.1 million in land
sale proceeds to be used in early 2014 to repay all but approximately $6 million of the bank loan. The Village will
finance the $6 million remaining portion of the bank loan over five years, either through an extension of the bank
agreement or through a sale of general obligation bonds.
SCHEDULE OF BONDED INDEBTEDNESS(As of December 19, 2013)Series 2004B Series 2006A Series 2007A Series 2007B Series 2009A Series 2009D Series 2012ADated8/1/2004 12/15/2006 12/15/2007 12/15/2007 5/1/2009 10/15/2009 6/14/2012Amount$22,315,000 $10,000,000 $5,000,000 $1,200,000 $26,300,000 $11,290,000 $18,090,000Maturity12/1 12/1 12/1 12/1 12/1 12/1 12/1Fiscal YearEnding 12/31 Principal Interest Principal Interest Principal Interest Principal Interest Principal Interest Principal Interest Principal Interest20141,225,000 49,0000 375,000 600,000 66,338 130,000 19,370 1,095,000 846,732 1,380,000 211,7500 604,80020152,350,000 375,000 615,000 45,338 130,000 12,934 1,125,000 813,882 1,370,000 177,2500 604,80020162,450,000 286,876 635,000 23,812 130,000 6,500 1,155,000 780,132 1,365,000 136,1500 604,80020172,550,000 195,0001,190,000 745,482 1,360,000 95,2000 604,80020182,650,000 99,3761,225,000 703,832 1,360,000 54,4000 604,80020191,270,000 660,9565,850,000 604,80020201,310,000 616,5066,030,000 429,30020211,360,000 567,3826,210,000 248,40020221,410,000 516,38220231,460,000 463,50620241,520,000 408,75620251,580,000 347,95620261,645,000 284,75620271,715,000 218,95620281,785,000 150,35620291,860,000 76,72620302031203220331,225,000 49,000 10,000,000 1,331,252 1,850,000 135,488 390,000 38,804 22,705,000 8,202,298 6,835,000 674,750 18,090,000 4,306,500continued on next page …Prepared by Ehlers Associates, Inc.Current Debt15
Series 2012B12/18/201212/18/201212/19/201312/19/2013$14,575,000$7,730,000$6,190,000$4,440,00012/112/112/112/1EstimatedEstimatedTotal Total Total PrincipalFiscal YearPrincipal Interest Principal Interest Principal* Interest* Principal* Interest* Principal* Interest* P & I* Outstanding % Paid Ending 12/310 565,500 1,365,000 203,850 260,000 179,6330 117,216 6,055,000 3,239,189 9,294,189 87,975,000 6.44%20141,200,000 565,500 1,440,000 176,550 250,000 187,7880 123,385 8,480,000 3,082,427 11,562,427 79,495,000 15.46%20151,245,000 517,500 1,540,000 147,750 250,000 185,6630 123,385 8,770,000 2,812,568 11,582,568 70,725,000 24.78%20161,295,000 467,700 1,650,000 101,550 255,000 182,913 595,000 123,385 8,895,000 2,516,030 11,411,030 61,830,000 34.24%20171,365,000 415,900 1,735,000 52,050 260,000 179,215 600,000 114,460 9,195,000 2,224,033 11,419,033 52,635,000 44.02%20181,410,000 361,300265,000 174,535 615,000 102,460 9,410,000 1,904,051 11,314,051 43,225,000 54.03%20191,475,000 304,900270,000 168,838 630,000 87,085 9,715,000 1,606,629 11,321,629 33,510,000 64.36%20201,540,000 245,900275,000 162,223 645,000 69,445 10,030,000 1,293,350 11,323,350 23,480,000 75.03%20211,605,000 184,300280,000 154,660 665,000 48,805 3,960,000 904,147 4,864,147 19,520,000 79.24%20221,690,000 120,100290,000 146,540 690,000 25,530 4,130,000 755,676 4,885,676 15,390,000 83.63%20231,750,000 52,500300,000 137,5503,570,000 598,806 4,168,806 11,820,000 87.43%2024310,000 127,8001,890,000 475,756 2,365,756 9,930,000 89.44%2025320,000 117,2601,965,000 402,016 2,367,016 7,965,000 91.53%2026330,000 105,9002,045,000 324,856 2,369,856 5,920,000 93.70%2027345,000 93,6902,130,000 244,046 2,374,046 3,790,000 95.97%2028355,000 80,4082,215,000 157,134 2,372,134 1,575,000 98.33%2029370,000 66,208370,000 66,208 436,208 1,205,000 98.72%2030385,000 51,038385,000 51,038 436,038 820,000 99.13%2031400,000 35,060400,000 35,060 435,060 420,000 99.55%2032420,000 18,060420,000 18,060 438,0600 100.00%203314,575,000 3,801,100 7,730,000 681,750 6,190,000 2,554,978 4,440,000 935,156 94,030,000 22,711,076 116,741,076* Preliminary, subject to change.Series 2013A Series 2013B(This Issue)(This Issue)Series 2012CPrepared by Ehlers Associates, Inc.Current Debt16
1 Only those taxing jurisdictions with general obligation debt outstanding are included in this section.
Village's share based on 2012 real property valuations. Excludes "alternate bonds" considered to be
self-supporting from pledged non-property tax revenue sources.
17
as of Nov. 2013
Gross
SCHOOL DISTRICTS: Bonded Debt Percent Amount
Elementary Districts:
Northbrook SD No. 30 380,201$ 33.90% 128,888$
West Northfield SD No. 31 1,645,000 46.04% 757,358
Glenview SD No. 34 16,430,000 89.23% 14,660,489
Avoca SD No. 37 2,031,277 8.48% 172,252
Wilmette SD No. 39 14,900,000 5.11% 761,390
East Maine SD No. 63 13,770,000 4.33% 596,241
Golf SD No. 67 12,615,470 8.99% 1,134,131
High School Districts:
New Trier Township No. 203 16,111,456 2.48% 399,564
Maine Township No. 207 11,000,000 1.03% 113,300
Niles Township No. 219 156,868,952 0.77% 1,207,891
Northfield Township No. 225 87,802,885 41.41% 36,359,175
Community College:
Oakton No. 535 25,540,000 10.61% 2,709,794
Total Schools 59,000,473$
OTHER THAN SCHOOL DISTRICTS:
Cook County 3,616,435,000$ 1.80% 65,095,830$
Cook County Forest Preserve District 187,950,000 1.80% 3,383,100
Metropolitan Water Reclamation District 2,177,297,899 1.84% 40,062,281
Park Districts:
Glenview 12,145,000 84.93% 10,314,749
Northbrook 7,990,000 0.32% 25,568
Glenview Special Service Areas 383,029 100.00% 383,029
Total Other Than Schools 119,264,557$
Total All Overlapping District 178,265,030$
Paid From Property Taxes
Village's Applicable Share
of Gross Debt to be
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.
OVERLAPPING DEBT1
18
DEBT PAYMENT HISTORY
The Village has never defaulted in the payment of principal and interest on its debt.
FUTURE FINANCING
The Village continuously reviews its debt service obligation and market conditions in conjunction with its financial
advisor. At this time, however, the Village has no plans for additional financing in the next three months.
1 Includes Northfield Township, General Assistance, and Road and Bridge.
19
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
2008/09 $15,858,539 $15,517,945 97.85%
2009/10 17,136,858 16,833,867 98.23%
2010/11 17,919,376 17,731,566 98.95%
2011/12 18,561,309 18,294,554 98.56%
2012/13* 18,977,508 18,516,716 97.57%
* In Process of Collection
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 2008 2009 2010 2011 2012
Corporate 0.1736 0.1481 0.1620 0.1765 0.1881
Bond and Interest 0.0681 0.0680 0.0760 0.0844 0.0829
Police Pension 0.0395 0.0603 0.0650 0.0744 0.0725
Fire Pension 0.0682 0.0851 0.1050 0.1204 0.1385
Total Village Rates $0.3494 $0.3615 $0.4080 $0.4557 $0.4820
Cook County $0.4150 $0.3940 $0.4230 $0.4620 $0.5310
Consolidated Elections 0.0000 0.0210 0.0000 0.0250 0.0000
Cook County Forest Preserve District 0.0510 0.0490 0.0510 0.0580 0.0630
Metropolitan Water Reclamation District 0.2520 0.2610 0.2740 0.3200 0.3700
North Shore Mosquito Abatement District 0.0080 0.0080 0.0090 0.0100 0.0100
Suburban TB Sanitarium 0.0000 0.0000 0.0000 0.0000 0.0000
Northfield Township1 0.0480 0.0510 0.0600 0.0690 0.0790
Glenview Public Library 0.1950 0.2100 0.2530 0.3030 0.3470
Glenview Park District 0.4290 0.4220 0.4830 0.5380 0.5790
School District Number 34 1.9090 1.8760 2.1600 2.4290 2.7060
High School District Number 225 1.3830 1.3950 1.6090 1.8190 2.0280
Community College District Number 535 0.1400 0.1400 0.1600 0.1960 0.2190
Total Tax Rate $5.1794 $5.1885 $5.8900 $6.6847 $7.4140
Source: Tax Collections and Tax Rates have been furnished by Cook County
20
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
2009-2011 American Community Survey (ACS) which reported that the average income of Glenview residents
exceeded the county and state averages. According to ACS, Glenview's 2009-2011 median family income was
$119,089, compared to $63,810 for Cook County, $67,892 for the State of Illinois, and $62,735 for the United States.
Economic Development
Of the Village's total 2012 equalized assessed valuation, 71.5% was classified as residential and 28.5% was
commercial/industrial. The Village is primarily residential in character, though it has a significant commercial,
corporate, and light industrial tax base, including the Corporate Headquarters of Illinois Tool Works (ITW), a Fortune
200 company which is expanding its corporate presence to include a 47-acre campus formerly occupied by Kraft
USA; Signode Corporation, a division of ITW; the U.S. Headquarters of Astellas; Corporate Headquarters for Anixter
Corporation, which took occupancy in April 2013 of a 62,000 s.f. addition to its corporate campus - a product of
intergovernmental cooperation resulting in a Cook County 7b incentive; Corporate Headquarters for Beltone;
Corporate Headquarters for Mead Johnson; Corporate Headquarters for North American Paper; Corporate
Headquarters for Scott Foresman/Pearson Education; a large retail store and distribution facility for Abt Electronics
with a 94,450 square foot warehouse addition proposed for construction in 2014; and the Kraft General Foods
Technology Center, which occupies an 18-acre campus in downtown Glenview. In addition, the American College
of Chest Physicians (ACCP) is constructing, on 5.25 acres, a new 48,000 s.f. Corporate Headquarters and educational
facility which is on schedule for completion in early 2014; adjacent lots of 4.02 acres and 3.62 acres, in the Prairie
Glen Corporate Campus are being marketed for similar developments.
Significant corporate and commercial areas in the Village include the North Shore Corporate Park, developed in 1996
to include 85 acres of light industrial buildings, which houses five-owner occupied and four multi-tenant
office/warehouse buildings. Adjacent to the Corporate Park is the Heatherfield Commercial development, which
includes a 70,000 square foot Jewel-Osco in a 115,000 square foot building with supporting retail, and the Willow
Creek Center with a 135,510 square foot Target store, a 92,800 square foot Kohl's Department Store and between
these stores an Office Max, Michael's Arts & Crafts and several outlots including a Pier One, eight national chain
restaurants and a bank.
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The Village has encouraged and approved substantial development along the Sanders Road corridor adjacent to the
Illinois Tri State Tollway. In 2004, the Village annexed the 14 acre SBC (now AT&T) building site which houses a
regional switching facility. In 2007, the Village annexed a 15.75 acre site housing the Caremark/CVS Corporation
in two office buildings totaling 312,417 square feet. In 2008, the Village annexed the 40 acre site of the former
Culligan Corporation and approved a redevelopment plan for the site. Construction of a headquarters office building
(418,941 sq.ft.) on this site for anchor user, Astellas Pharma, US Inc., was completed in May 2012 and occupancy
now exceeds 1000 employees. Other approved uses (revised from the 2008 Plan) include a 90,000 square foot
Mariano's grocery store (construction to begin Spring 2014), a 40,000 square foot health club and a 16,000 square
foot daycare - both currently under construction, 17,000 square feet of general retail facilities of which fewer than
5,000 square feet remain available, along with 290 multi-family rental residential units in a 483,359 square foot
complex which are under construction with intended occupancy in Spring 2015. In May 2011, the Village annexed
a 10-acre site and approved rezoning, preliminary subdivision and a variation for future use as a medical office
development by owner Northwestern Memorial Hospital. While a facility has not yet been built on this site,
Northwestern Memorial Hospital has opened a Glenview Outpatient Center in an existing 134,000 square foot
building at 2701 Patriot Boulevard, which it purchased and partially occupies with 20-30 physicians providing
primary care and specialty clinical services.
The Village completed a corridor study of Milwaukee Avenue in 2006 and several significant commercial
developments have proceeded as a result of that planning project, including a 14,000 square foot building at 611
Milwaukee which was completed in 2009; a 28,000 square foot commercial center at 1615 Milwaukee which was also
completed in 2009; and a 25,000 square foot commercial center at 1701 Milwaukee, which was completed earlier this
year and now houses tenants including fast casual restaurants, a bank, and service uses; an adjacent hotel is also
proposed for redevelopment into an extended stay hotel property. A former Marriott Fairfield Inn at 4514 West Lake
Avenue, closed since June 2012, has been renovated and is reopening in December 2013 as a 130-room Best Western
hotel property. At 600 Milwaukee Avenue, a 48,000 square foot international grocery store and nearly 30,000 square
feet of additional retail, originally approved in 2008 and partially constructed, are proposed to resume construction
beginning in 2014.
In 2009, the Village conducted a similar planning project for the Waukegan Road corridor. While focusing primarily
on roadway improvements and traffic study concerns, several commercial properties, which had been available for
redevelopment, including a vacant Avon distribution facility at Waukegan Road/Golf Road and a former Dominick's
grocery store site, and a vacant former gas station site facility were identified and are now being redeveloped.
Roadway improvements surrounding the intersection at Chestnut and Waukegan are on schedule for completion in
2013, using local and federal funds, as well as sales tax revenue from a new Business District which is providing
partial funding for the private property improvements necessary for the intersection reconstruction to occur. Public
and private cooperation has been key to this project which improves traffic flow and public safety as well as
enhancing the redevelopment potential of adjacent properties which gain new access to a traffic signal.
In 2011, plans were submitted by Regency Centers, a national shopping center developer, for the 20-acre site formerly
occupied by a 300,000 square foot Avon Corporation distribution facility near the intersection of Waukegan and Golf
Roads. After revisions to address traffic concerns, it was determined that extraordinary off-site infrastructure
improvements were needed, most of which are roadway improvements to address current and projected traffic.
Regency requested financial assistance for the project and the Village agreed to support up to $3,500,000 of the off-
site infrastructure costs by taking the appropriate steps to establish a Tax Increment Finance ("TIF") District. The
Waukegan Road/Golf Road TIF District was established in April 2013. Regency has received Village of Glenview
approval for a 75,245 square foot Mariano's grocery store, 25,400 square feet of additional retail, a 4,500 square foot
Chase bank, as well as 238 units of multifamily rental residential. Retail components are scheduled for completion
in Spring 2015 and the apartments in Fall 2015.
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In downtown Glenview, major projects under construction include a 44,000 square foot independent grocery store,
Heinen's, based in Cleveland, Ohio, on the site of a vacant Dominick's grocery store; and a mixed-use project by
Trammell Crow, comprised of 138 apartments and 9,000 square feet of retail being constructed on the site of two
former office buildings, a vacant bank, and the Village's former headquarters Fire Station. Fire Department
headquarters and operations, currently in temporary quarters, will remain in downtown Glenview in a new 14,116
square foot state-of-the-art facility to be constructed in 2014 at 1215 Waukegan Road, adjacent to the current Village
Hall. Plans are under review for Village Hall operations to be relocated to the Glenview Police Station at 2500 E.
Lake Avenue which would result in the current Village Hall site being offered for redevelopment in 2014/15.
Between 2010 and 2012, several other significant construction projects were completed including a 162,600 square
foot addition to the Glenbrook Hospital; complete teardown and rebuilds for 2 McDonald’s restaurants; a new 85,000
square foot Glenview Public Library; a 71,500 square foot expansion of Midwest Palliative Care's hospice pavilion
designed to serve 1,000 patients per year, and a new 109,000 square foot office building for the General Board of
Pension and Health Benefits of United Methodist Church.
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 recently 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 undergoing regulatory review and is expected to
sell in early 2014.
Subsequent 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 largely 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 also largely 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) is under construction with targeted completion in Spring 2014.
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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 2012 core jurisdiction payments totaled
$16,694,295 which represents approximately 64% of the total TIF property tax revenue received in 2012 in the
amount of $26,283,659. 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 $185.5 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 1,121-acre site includes 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.
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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 $226.1 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 Regal 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, an18-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.
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 Dominick's grocery store (intended to become
a Jewel Food Store in late December 2013), 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 67,000 square foot corporate
headquarters of Mead Johnson and 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 2013, the American College of Chest Physicians began construction and is nearing completion 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
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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.
In addition to the net proceeds of the Series 1995 Bond Anticipation Bonds, the Village has received approximately
$20 million in Federal/State/County grants.
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 and $27,940,000 Series 2006B [2009E refunding] were issued for additional
infrastructure improvements at The Glen and for the 41-acre land acquisition from the Navy, respectively.
The Village has approximately $70,780,000 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 2012 equalized assessed valuation was $400,238,908.
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 $600 million would be generated in incremental tax revenues.
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 Administration Building constructed in
1972-1973 was replaced in June 2006 by a building constructed from the proceeds of the Series 2004B. The Fire
Headquarters was constructed in 1974 and is scheduled to be replaced with new construction in 2014. 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 Village
Hall was constructed in 1980 and is planned for relocation in 2014. 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
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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. The Public Works complex and
the Police Headquarters building are adjacent to The Glen.
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. The Village's "enhanced" 911 emergency dispatch system became operational on March 1, 1992.
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 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.
After two-and-a-half 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. The center has become
a model for what cooperation between Police and Fire Departments can accomplish by working together. This
consolidation has made both departments stronger in service delivery and has been a significant step forward towards
management of finite economic resources. GPSD is the first point of connection to Glenview citizens when help is
needed. GPSD is now prepared better than ever to provide high level support to Police and Fire operations on a 24
hour, seven-day-a-week basis.
Since 2009, the Village has entered into several intergovernmental agreements to provide police dispatch services.
The initial agreement occurred in February 2009 as the Village entered into a 7-year agreement with the Village of
Grayslake ("Grayslake") beginning in October 2009. By expanding existing technology currently used by both
municipalities and making one-time capital investments, this cross-county intergovernmental initiative will provide
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.
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. In an effort to improve on these cost
savings, the Village will continue to seek additional agencies that would benefit from consolidation.
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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, extends through 2020. The 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. In addition to the 44,000 Village residents served by the system,
the Village also sells water to approximately 83,000 persons outside the Village (including a population of 20,000
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 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
benefited 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 (proceeds came from $6,175,000 General
Obligation Bonds, Series 1997 [2003A refunding] and $2,850,000 1997 Note) which serves a population of
approximately 40,000 in a primarily unincorporated area of Maine Township adjacent to the Village. The Village has
abated and intends to continue to abate taxes levied for the bonds and note issued for the acquisition with water and
sewer revenues from the acquired service area.
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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, 2012, CERF had a cash and
investment balance of $4,270,406. The Village created a similar Facilities Replacement Fund in fiscal year 2006 (total
cash and investments of $4,887,935 at December 31, 2012).
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 Transfers Out. The audited Fund Balance in the General Fund was $25,760,086 at
December 31, 2012. Total Expenditures including Transfers Out for Fiscal Year 2012 were $54,504,280. The Fund
Balance was therefore 47% of Total Expenditures including Transfers Out.
Excellence of the Village's financial reporting has been recognized for thirty consecutive years (1982 to 2011) 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 - 2013 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. As of December 31, 2011, the
Firefighters' Pension Fund actuarial value of assets was $53,317,305 which was 67.24% of the actuarial accrued
liability ("AAL"). The Police Pension Fund actuarial value of assets was $53,944,719 and was 85.12% of the "AAL".
Per Illinois legislation signed into law in January 2011, by the year 2040, the Village's contributions for the Police
and Fire Pension Systems must accumulate to the point where past service cost for the systems is 90% funded. Other
full-time municipal employees are covered by the Illinois Municipal Retirement Fund (IMRF). As of December 31,
2012, the IMRF actuarial requirements were 65.56% funded (liabilities exceeded assets by $15,199,892). 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.
29
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 and located in the 142 acre great park.
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; 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
Center and Air Station Prairie, a 3,000 square foot educational building which is a showcase for green technology
situated on 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
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.
30
EMPLOYEES AND UNIONS
The Village employs a staff of 293.95 full-time equivalent employees.
Other recognized and certified bargaining units include:
Bargaining Unit (No. of Employees) Contract Status
Firefighters (75) expires 12/31/2014
Police (51) expires 12/31/2015
Public Works (33) expires 12/31/2014
Public Safety Dispatch (19) expires 12/31/2014
LIABILITIES FOR OTHER 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 12 of the Village’s Annual Financial Report in
Appendix A for full details.
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 or payments of the Bonds.
31
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. Copies of the complete
statements are available upon request. See Appendix A for excerpts from the Village's 2012 financial statements,
including the Notes to Financial Statements for fiscal year 2012.
Statement of Net Position
Governmental Activities
FISCAL YEAR ENDING DECEMBER 31
2008 2009 2010 2011 2012
ASSETS:
Current Assets:
Cash and Investments $ 84,247,024 $ 77,454,638 $ 71,296,420 $ 68,866,619 $ 68,518,240
Receivables, net of allowances:
Tax 16,073,405 17,039,444 19,330,065 18,348,850 18,478,299
Account 10,443 50,775 37,857 65,213 465,919
Other 2,390,619 2,449,097 2,992,475 2,283,377 705,294
Deposits 1,397,791 0 0 0 0
Prepaid Expenses 211,512 282,739 210,517 172,910 1,161,354
Inventory 324,287 313,825 419,173 399,371 519,397
Land Held for Resale 30,530,693 30,391,262 30,391,262 30,391,262 30,391,262
Internal Balances 141,249 60,378 0 3,684,298 3,211,647
Due from Pension Trusts 1,377 0 0 0 0
Due from Other Governments 2,269,909 2,317,691 899,185 94,002 92,513
Advance (to)/from Other Funds 0 7,710 0 0 0
Total Current Assets: $137,598,309 $130,367,559 $ 125,576,954 $124,305,902 $123,543,925
Non Current Assets:
Deferred Charges $ 241,195 $ 231,212 $ 197,099 $ 201,804 $ 171,772
Notes Receivable 894,386 188,199 3,619,134 22,628 1,958,667
Net Pensions Asset 605,085 960,193 2,008,434 3,076,062 3,025,402
Capital Assets:
Not Being Depreciated 67,941,223 68,006,271 62,802,555 62,081,489 62,174,496
Net of Accumulated Depreciation 138,896,699 139,219,904 140,865,855 139,486,826 138,193,470
Total Non Current Assets 208,578,588 208,605,779 209,493,077 204,868,809 205,523,807
Total Assets $346,176,897 $338,973,338 $ 335,070,031 $329,174,711 $329,067,732
32
FISCAL YEAR ENDING DECEMBER 31
LIABILITIES: 2008 2009 2010 2011 2012
Current:
Accounts Payable $ 7,138,195 $ 6,341,204 $ 16,764,090 $ 17,092,583 $ 18,269,637
Accrued Payroll 162,309 215,792 193,803 345,955 621,394
Accrued Interest Payable 446,098 363,420 314,402 277,602 225,057
Claims Payable 1,304,140 2,011,679 3,195,069 3,188,986 1,802,990
Other Payables 77,607 1,304,085 256,406 586,483 5,464,877
Unearned Revenues/Deferred Prop. Taxes 9,876,401 10,609,573 11,146,614 11,011,917 10,975,566
Other Unearned Revenues 0 0 0 0 0
Due to Other Governments 0 0 0 0 0
Due to Component Unit - Library 218,198 0 0 0 0
Refundable Deposits 154,443 0 0 0 0
Total Current Liabilities: $ 19,377,391 $ 20,845,753 $ 31,870,384 $ 32,503,526 $ 37,359,521
Non Current:
Other Non Current Liabilities
Due Within One Year $ 37,793,076 $ 9,810,013 $ 10,871,305 $ 10,680,754 $ 31,275,945
Due in More than One Year 92,894,672 111,820,537 101,714,284 91,133,698 62,245,045
Total Non Current Liabilities 130,687,748 121,630,550 112,585,589 101,814,452 93,520,990
Total Liabilities $150,065,139 $142,476,303 $ 144,455,973 $134,317,978 $130,880,511
NET POSITION:
Invested in Capital Assets,
net of Related Debt $ 78,477,141 $ 87,607,488 $ 93,936,562 $102,217,913 $109,488,722
Restricted:
Street Improvements 762,480 867,940 1,146,003 952,726 1,084,042
Debt Service 1,203,743 0 0 0 139,678
Economic Development 0 0 0 0 3,046,893
Public Safety 656,144 461,711 383,098 360,811 341,136
Capital Development 46,452,165 38,551,361 28,394,262 22,398,114 41,366,405
Unrestricted 68,560,085 69,018,535 66,754,133 68,927,169 42,720,345
Total Net Assets $196,111,758 $196,507,035 $ 190,614,058 $194,856,733 $198,187,221
Source: Audited Financial Statements of the Village.
33
Statement of Activities
Governmental Activities
FISCAL YEAR ENDING DECEMBER 31
2008 2009 2010 2011 2012
Functions/Programs (1):
Primary Government:
Governmental Activities:
General Government $(23,965,424) $(27,455,891) $(28,404,284) $(30,135,082) $(36,577,722)
Public Works (12,803,090) (11,575,243) (12,323,048) (6,768,555) (3,927,432)
Public Safety (23,340,325) (21,175,439) (25,125,712) (20,553,161) (22,095,508)
Development (5,285,484) (3,981,279) (5,841,641) (5,575,033) (4,773,393)
Interest (6,068,865) (6,001,886) (4,085,152) (3,353,913) (2,984,565)
Total Governmental Activities $(71,463,188) $(70,189,738) $(75,779,837) $(66,385,744) $(70,358,620)
General Revenues:
Taxes:
Property $ 37,030,734 $ 33,863,907 $ 34,759,914 $ 40,146,639 $ 37,275,705
Home Rule Sales 5,531,093 5,920,742 6,177,391 6,354,394 6,709,580
Telecommunication 2,562,607 2,583,457 2,547,946 2,763,469 2,771,970
Utility 3,541,338 3,313,218 3,373,568 3,300,850 3,177,929
Other 1,109,982 841,658 863,580 838,358 836,019
Taxes:
Sales 13,118,090 11,943,633 12,336,353 12,792,723 13,091,218
Income 4,207,152 3,612,282 3,497,759 3,823,315 3,962,313
Other Taxes (including Local Use) 1,214,842 2,161,536 2,284,506 2,502,500 2,614,374
Other 271,803 357,770 488,069 0 0
Investment Income 2,234,453 975,360 731,839 397,478 860,108
Miscellaneous 3,301,455 611,793 470,187 464,084 1,562,876
Transfers - Internal Activity 287,180 4,399,659 1,777,004 (2,755,391) 827,016
Total General Revenues and Transfers $ 74,410,729 $ 70,585,015 $ 69,308,116 $ 70,628,419 $ 73,689,108
Change in Net Assets $ 2,947,541 $ 395,277 $ (6,471,721) $ 4,242,675 $ 3,330,488
Net Assets, Beginning 193,164,217 196,111,758 196,507,035 190,614,058 194,856,733
Prior Period Adjustments 0 0 578,744 0 0
Net Assets, Ending $196,111,758 $196,507,035 $ 190,614,058 $194,856,733 $ 198,187,221
Notes:
(1) Expenses less program revenues of charges for services and operating and capital grants and contributions.
Source: Audited Financial Statements of the Village.
34
Assets:2008 2009 2010 2011 2012
Cash & Investments 9,076,054$ 14,458,627$ 13,671,121$ 18,010,545$ 20,019,156$
Taxes Receivable 14,317,523 17,039,444 19,330,065 18,348,850 18,478,299
Other Receivables 181,816 256,254 400,872 397,910 296,480
Due From Other Funds 1,976,836 290,570 61,331 80,975 -
Due From Other Governments 837,233 733,159 793,612 - -
All Other Assets 267,584 88,164 187,752 131,424 580,013
Total Assets 26,657,046$ 32,866,218$ 34,444,753$ 36,969,704$ 39,373,948$
Liabilities and Fund Balance:
Accounts Payable 2,012,400$ 806,112$ 946,060$ 1,362,421$ 1,668,985$
Accrued Payroll 145,559 198,491 150,453 343,773 601,799
Due to Other Funds 170,832 155,686 613,577 127,750 32,789
Unearned Revenues 7,894,209 10,324,599 10,551,384 10,818,379 10,785,967
All Other Liabilities 232,050 1,253,965 105,795 99,355 524,322
Total Liabilities 10,455,050$ 12,738,853$ 12,367,269$ 12,751,678$ 13,613,862$
Fund Balance:
Reserved 236,776$ 82,583$ 82,583$ 131,424$ 195,280$
Unreserved/Undesignated 15,965,220 20,044,782 21,994,901 24,086,602 25,564,806
Total Fund Balance 16,201,996$ 20,127,365$ 22,077,484$ 24,218,026$ 25,760,086$
Total Liabilities & Fund Balance 26,657,046$ 32,866,218$ 34,444,753$ 36,969,704$ 39,373,948$
FISCAL YEAR ENDING DECEMBER 31
General Fund
Balance Sheet
Source: Audited Financial Statements of the Village.
35
2008 2009 2010 2011 2012
Revenues:
Taxes
Property taxes 7,817,757$ 9,966,422$ 10,677,217$ 10,864,987$ 10,992,046$
Other taxes 12,745,020 12,659,075 12,962,075 13,257,071 13,495,498
Licenses and permits 1,491,256 2,437,355 3,190,826 1,859,161 1,923,238
Charges for services 1,945,626 3,889,279 5,174,848 5,868,744 6,346,445
Fines and forfeitures 174,506 189,433 134,783 181,361 224,198
Intergovernmental
Sales taxes 13,118,090 11,943,633 12,336,353 12,792,723 13,091,218
Other 9,516,899 8,428,686 8,532,747 9,114,910 9,120,591
Other revenues 124,045 137,977 11,028 3,660 28,674
Investment income 248,005 130,383 265,705 67,220 115,402
Total revenues 47,181,204$ 49,782,243$ 53,285,582$ 54,009,837$ 55,337,310$
Expenditures:
Current:
General government 11,750,763$ 12,351,001$ 11,298,997$ 13,673,525$ 15,147,824$
Public works 6,645,819 6,544,623 6,587,639 7,883,609 7,036,995
Public safety 24,814,972 23,685,387 25,451,021 25,605,994 26,266,737
Development 3,618,555 2,734,243 2,607,595 2,448,822 967,029
Highways and streets - - - - -
Capital outlay 388,350 - - - -
Total expenditures 47,218,459$ 45,315,254$ 45,945,252$ 49,611,950$ 49,418,585$
Excess (deficiency) of revenues
over expenditures (37,255)$ 4,466,989$ 7,340,330$ 4,397,887$ 5,918,725$
Other financing sources (uses), net (2,588,383)$ (541,620)$ (5,390,211)$ (2,257,345)$ (4,376,665)$
Net change in fund balance (2,625,638)$ 3,925,369$ 1,950,119$ 2,140,542$ 1,542,060$
Fund balance - beginning 18,827,634$ 16,201,996$ 20,127,365$ 22,077,484$ 24,218,026$
Prior period adjustment - - - - -
Fund balance - ending 16,201,996$ 20,127,365$ 22,077,484$ 24,218,026$ 25,760,086$
FISCAL YEAR ENDING DECEMBER 31
General Fund
Revenues and Expenditures
Source: Audited Financial Statements of the Village.
36
2013 Budget
2013 Projected
Actuals
REVENUES:
Local taxes 38,399,028$ 39,063,729$
Licenses and permits 1,838,000 3,776,957
Fines and forfeitures 140,000 232,000
Charges for services 4,547,450 5,120,369
Intergovernmental 9,891,077 10,719,580
Investment income 47,000 48,702
Other/miscellaneous 674,609 3,437,403
Transfers in 1,736,622 3,277,991
Total Revenues 57,273,786$ 65,676,731$
EXPENSES:
Personnel 30,847,267$ 31,051,397$
Contractual 9,682,792 10,049,177
Commodities 1,717,611 1,716,063
Other 5,111,029 5,140,095
Capital outlay 368,250 368,488
Interfund Charges 3,271,991 3,282,344
Transfers 6,948,862 9,345,992
Total Expenditure 57,947,802$ 60,953,556$
Revenues and other sources
over (under) expenditures (674,016)$ 4,723,175$
General Fund
2013 Budget and Projected Actuals
As of the date of this Official Statement, the Village projects that Revenues will exceed Expenditures by
$4,723,175 for the fiscal year ending December 31, 2013.
37
Governmental Business Type
Activities Activities
Capital Assets Not Being Depreciated Capital Assets Not Being Depreciated
Land and Land Right of Way 62,174,496$ Land 802,851$
Construction in Progress - Construction in Progress -
Total Assets Not Being Depreciated 62,174,496$ Total Assets Not Being Depreciated 802,851$
Capital Assets Being Depreciated Capital Assets Being Depreciated
Buildings and Improvements 76,699,878$ Buildings and Improvements 2,613,425$
Machinery and Equipment 11,773,462 Water System 57,055,211
Infrastructure 133,571,810 Sanitary Sewer System 22,973,764
Total Capital Assets Being Depreciated 222,045,150$ Equipment and Vehicles 4,377,298
Total Capital Assets Being Depreciated 87,019,698$
Less Accumulated Depreciation 83,851,680
Less Accumulated Depreciation 27,465,461
Total Capital Assets Being Depreciated, Net 138,193,470$
Total Capital Assets Being Depreciated, Net 59,554,237$
Net Assets 200,367,966$
Net Assets 60,357,088$
Village of Glenview
Capital Assets
(as of December 31, 2012)
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.
38
GENERAL INFORMATION
LARGER EMPLOYERS
Larger employers within the Village include the following:
Firm Type of Business/Product
Estimated No.
of Employees
Kraft Foods, Inc. and Kraft Technology Center North American Headquarters / Food Products
Research
1,440
Astellas U.S. Headquarters/Pharmaceuticals 1,010
Glenbrook Hospital Health Care 1,000
Abt Electronics, Inc.Retail Consumer Electronics and Major
Household Appliances
919
Illinois Tool Works Corporate Headquarters / Commercial Tools 750
Anixter, Inc.Corp. HQ, Wire and Cable Distributor 680
Glenview School District 34 Public Education - elementary 646
Glenbrook South High School District 225 Public Education - high school 393
Glenview Terrace Nursing Home Health Care 350
Pearson Education (Scott Foresman)Corporate Headquarters / Commercial Tools 325
North American Corporation of Illinois Printing Brokers & Wholesaler of Industrial
Paper Products
300
Source: Village of Glenview Planning and Economic Development Department, 2013
39
Annual Home Rule Annual
Year Ended Municipal Percent Sales Percent
Dec. 31 Tax (1) Change Tax (2) Change Total
2003 10,830,776 23.57% - - $10,830,776
2004 11,632,306 7.40% 1,955,257 - 13,587,563
2005 12,325,158 5.96% 4,078,664 108.60% 16,403,822
2006 13,291,472 7.84% 4,502,099 10.38% 17,793,571
2007 13,600,730 2.33% 4,622,609 2.68% 18,223,339
2008 13,118,090 -3.55% 5,513,663 19.28% 18,631,753
2009 11,943,633 -8.95% 5,915,817 7.29% 17,859,450
2010 12,336,353 3.29% 6,174,935 4.38% 18,511,288
2011 12,792,145 3.69% 6,350,277 2.84% 19,142,422
2012 13,091,218 2.34% 6,709,580 5.66% 19,800,798
Percent change from 2003 to 2012 82.82%
RETAIL ACTIVITY
Following is a summary of the Village’s sales tax receipts as collected and disbursed by the State of Illinois.
General Sales and Home Rule Sales Tax
(1) Tax distributions are based on records of the Illinois Department of Revenue relating to the 1% municipal portion of the
Retailers' Occupation and Service Occupation collected on behalf of the Village less a State administration fee. The municipal
1% includes tax receipts from the sale of food and drugs which are not taxed by the State.
(2) The home-rule sales tax rate is 0.75%.
Source: Illinois Department of Revenue.
40
U.S. CENSUS DATA
Estimated Population Trend: Village of Glenview
2000 Estimated Population 41,847
2010 Estimated Population 44,692
Percent of Change 2000 - 2010 6.80%
Housing Statistics
Village of Glenview
2000 2010 Percent of Change
All Housing Units 15,810 17,746 12.25%
Source:2000 and 2010 Census of Population and Housing.
Income and Age Statistics
Village of
Glenview
Cook
County
State of
Illinois
United
States
2009-2011 per capita income $50,615 $29,012 $28,553 $27,158
2009-2011 median household income $90,037 $52,844 $55,044 $51,484
2009-2011 median family income $119,089 $63,810 $67,892 $62,735
2009-2011 median gross rent $1,506 $937 $866 $878
2009-2011 median value owner occupied housing $495,200 $243,300 $191,100 $179,500
2009-2011 median age 45.3 yrs. 35.3 yrs. 36.6 yrs. 37.2 yrs.
State of Illinois United States
Village % of 2009-2011 per capita income 177.27%186.37%
Village % of 2009-2011 median family income 175.41%189.83%
Source: 2009-2011 American Community Survey
41
EMPLOYMENT/UNEMPLOYMENT DATA
Average Employment Average Unemployment
Year
Village of
Glenview
Cook
County
Village of
Glenview
Cook
County
State of
Illinois
2008 23,285 2,461,017 4.2%6.4% 6.4%
2009 22,098 2,325,536 6.9%10.4% 10.0%
2010 21,540 2,309,021 7.0%10.8% 10.4%
2011 21,611 2,316,502 6.8%10.3% 9.7%
2012 22,084 2,367,143 6.2%9.3% 8.9%
2013, Aug* 22,170 2,375,424 6.7%9.8% 9.0%
* not seasonally adjusted
Source:Employment/Unemployment data was furnished by the Illinois Department of Labor.
BUILDING PERMITS
2008 2009 2010 2011 2012
Village of Glenview
Permits Issued 2,837 2,376 2,535 2,552 2,952
Value of Construction (000's)$106,000 $133,737 $110,191 $98,541 $39,693
Source: Financial Statements of the Village.
A-1
APPENDIX A
EXCERPTS FROM FINANCIAL STATEMENTS
Reproduced on the following pages are excerpts from the Village's audited Financial Statements for the fiscal year
ending December 31, 2012. The Financial Statements have been prepared by the Village and audited by a certified
public accountant. The Management’s Discussion and Analysis and the Notes to Financial Statements are an integral
part of the audit and any judgment of the Financial Statements should be based on the Financial Statements as a
whole.
Copies of the complete audited financial statements for the past three years and the current budget are available upon
request from Ehlers.
McGladreyI
--
It<Gladray l{-F
lndependent Auditor's Report
The Honorable Village President and
Members of the Board of Trustees
Village of Glenview, lllinois
Report on the Financial Statements
We have audited the accompanying financial statements of the governmental activities, the business-$pe
activities, the discretely presented component unit, each major fund, and the aggregate remaining fund
information of the Village of Glenview, lllinois, as of and for the year ended December 31 ,2012, and the
related notes to the flnancial 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 ís 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 auditods judgment, including the
assessment of the risks of material misstatement of the financial statements, whether due to fraud or
error. ln making those risk assessments, the auditor considers internal control relevant to the entity's
preparation and fair presentation of the financial statements in order to design audit procedures that are
appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of
the entity's internal control. Accordingly, we express no such opinion. An audit also includes evaluating
the appropriateness of accounting policies used and the reasonableness of significant accounting
estimates made by management, as well as evaluating the overall presentation of the financial
statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for
our audit opinions.
Opinions
ln 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, lllinois, as of December 31, 2012, 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.
tr{emb.r ûf üis85l*lñÞmüþßd lrtuofhof hdeperúntae.oÍfi$î9,tãiÐd{aflaolüng fvmrA-2
Other Matters
Req u i re d S u pp I e me nta ry I nfo rm ation :
Accounting principles generally accepted in the United States of America require that the management's
discussion and analysis (pages 3 - 20), budgetary comparison information (pages 92 - 93), and pension
and OPEB information (pages 89 - 91) be presented to supplement the basic financial statements. Such
information, although not a part of the basic financial statements, is required by the Governmental
Accounting Standards Board who considers it to be an essential part of financial reporting for placing the
basic flnancial 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 lnformation:
Our audit was conducted for the purpose of forming opinions on the financial statements that collectively
comprise the Village's basic financial statements. The Supplemental lnformation (pages 95 - 164) and
Other Supplemental lnformation (pages 165 - 178), and the lntroductory and Statistical sections are
presented for purposes of additional analysis and are not a required part of the basic financial statements.
The Supplemental lnformation and Other Supplemental lnformation 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. Such information has been subjected to the auditing procedures applied in
the audit of the basic financial statements 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. ln
our opinion, the Supplemental lnformation and Other Supplemental lnformation is fairly stated, in all
material respects, in relation to the basic financial statements as a whole.
The lntroductory 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 them.
,%e¿â/"7 ¿¿-?
Schaumburg, lllinois
June 12,2013
A-3
Villag6 of GlenYiew lllinoisManagoments D¡scussion and Analys¡sDecemb€r 31, 20'l 2Our disess¡on and analysis of tìe Village of GlenvieWs fnanc¡al performance provides an overview oftheVillage'sfinancialactv¡tìesforthefis€lyearendedDecember31,2012 Pleasereadìt¡ncon¡rnctionwith the bansmittal letter, lvhich begins on page viii and thê Village's basìc fnancial statements, wtÌichb€g¡n on page 21.FlNAtlclAL HIGHLIGHTS. The Village's net position ofgovernmental activities and business-type activities ¡ncreased by$3,330,488, or 1 7% and $2,866,765, ot 4.7%, respectively, result¡ng in total ending net positionforheyearof$261,994,202 Thenetpos¡lionincreasedpr¡marilyasaresultofreceivingl6T%more of a maþr governmental revenue source than budgeted coupled with overall govemmentalepenses being lorer than ant¡c¡pated. Dur¡ng the year, government-v/ide revenues before transfers for the governmental and bus¡ness-type activjties totaled $1 1 0,667,796, vvhile expenses totaled $1 04,470,543, resulling in theincrease ìn net pos¡t¡on of $6,1 97,253.. The Mllage's net posìtion lotaled $261,994,202 on Decembel 31, 2O'12, vrfìich ¡ncludes a$1 65,820,320 net ¡nvestment in cãp¡ tal assets, 945,978,1 54 subject to external restrictions, and$50,1 95,728 unrestr¡cted net pos¡tion that may be used to meet the ongoing obligations tocitzens and cred¡tors. TheGeneralFundreportedasurplusfortheyearofgl.542,060 Theoperat¡ngsurplusenæmpasses higher than anticipated increases in income tax tipping fees and other fnescombined with savings realized through the continued cost conta¡nment efiorts by the VillageTh¡s surplus ê¡sts after budgeted transfers to he Debt Service Fund of92,030,409 and to theCap¡tal Proþcts Fund of $2,806,909 were mâde during the yea(USING THIS ANNUAL REPORTThis annual report ænsists of a series of financjal statements, The Statement of Net Posi[on and theStatement of Activities (on pages 21 -24) provide informat¡on about the activilies of the Village as a wholeand present a longer-term view of the Village's fnanæs Fund fnancial statements begin on page 25. Fotgovernmental activjt¡es, these statements tell how these services rere finanæd ¡n the short term as wellas what rema¡ns flr future spending Fund fnancìal statements also report the Village's operations inmore detail than the govemment-wide ståtements by prov¡d¡ng ¡nfurmatjon about be Village's mosts¡gnifcantfunds Theremainingstatementsprovidefinanc¡alìnformat¡onaboutfduciaryactivitiesfor*iìich the Mllage acts solely as a trustee or agent for ûìe beneft of those outs¡de of the govemmentGovsrnment-Wd€ F¡nancial StatemontsThe government-wide financial statements provide readers with a broad overv¡ew of the Village'sfinances, in a manner similar to a pr¡vate-sector business The government-wide fnanc¡al statements €nbe found on pages 21 - 24 of th¡s reportVillage of Glenview lll¡no¡sManagômenf s D¡scuss¡on and Analys¡s (Continu€d)December 31, 2012USING THIS ANNUAL REPORT - ConlinuedGovsrnment-t/lride Financ¡al Statoments - Cont¡nuedThe Statement of Net Position reports ¡nformation on all of thê Mllage's assets ad l¡ab¡l¡ües, with thêd¡fference between the trc reported as net position. Over tme, ¡nq€ases or decfeases in net posilionmay serve as a useful ¡ndicator of vrhether the financial posìlion of tle Mllâge is ¡mproving ordeter¡oraling Cons¡derationofothernonfinanc¡alfactors,sucheschagesintheV¡llage'spropertylaxbase and the condit¡on of the Village's ¡nfrastructure, is needed to assess the overall health ofthe VillageThe Statement of Activities presents infurmalion shoúing how he government's net pos¡tion changedduring he most recent fiscal year Al changes in net posilion are reported as soon as lhe underlyingeventg¡v¡ngrisetothechangeoccurs,regardlessoflhetmingofrelated€shlows Thus,revenuesandexpenses are reported ¡n this statement for some ¡tems hat will only result in æsh f ore ¡n futur€ fiscalperiods (e g , unæliected taxes and eaned but unused vacation leave).Both of the government-wide financiâl statements d¡stinguish functions of the Village that âre pr¡ncipa¡lysupported by taxes and intergovernmental rêvenues (governmenial activities) tom other functions thatare ¡ntended to recover all or a sign¡ficant portion of the¡r costs through user fees and charges (business-type activities) The governmental act¡vities of the Village include general government publ¡c wrks,public safety, and development The bus¡ness{ype acliv¡tiês of the Mllage ¡ndude Mter and san¡târysewer operaüons, Nortì Maine Mter and sanitary serer operations, wñolesele Mter operal¡ons, andcommuter parking operationsThe Village includes one separate legal ent¡ty ¡n ¡ts report The Glenview Publ¡c L¡brary ¡s presented as adisqetely presented æmponent unit Altlough legâlly separate, this "æmponent unit" ¡s ¡mportantbecause the Village is financ¡ally accountable for ¡t F¡nanc¡al ¡nformation for the æmponent unit ¡sreported separately from the fnancial information presented br the pr¡mary government ¡tselfFund F¡nanc¡al StatjementsA fund is a grouping of related accounts that is used to maintain contol over resouræs that have beensegregated for specifc activitíes or obþct¡ves. The Village, l¡ke other loæl govemments, uses fundaæounting to ensure and demonstrate complianæ with financeJelated legal requ¡rements. Al of tlìefunds of the V¡llage æn be divided ¡nto three categories: governmenta¡ funds, proprietay funds, andfduciary fundsGovernmental funds are used to acæunt for êssenlially he same funclions reported as governmentalactjvities in the governmenlwide financjal statements Horever, governmental fund fnancìal statementsfocus on neer-term infore and outlom of spendable resouræs, as v,€ll es on balances of spendableresouræs ava¡lable at the end of the fiscal year Such infurmation may be useful in evalualing ttìeVillage's near-term f nancing requirementsBeÉuse the lcæs of governmental funds is narrorer than that of the government-wide financ¡dsÌatements, ¡t ¡s useful to compare the information presented for governmental funds witì similar¡nformat¡on presented for governmental activites in h€ government-v¡de fnanc¡al statements By doingso, readers may better understand the long-term impact of the government's near-term financ¡ngdec¡sions Both the governmental tunds balance sheet end the governmental funds statement ofrevenues, expend¡tures, end chânges ¡n fund balanæs provide a reænciliation to fac¡litate thecomparison betreen governmenlal funds and governmentd aclivitiesA-4
Villag€ of Glsnview' lllino¡sManagsm€nf s Discussion and Analysis (Continued)December 3'l2012USING'IHIS AÌ.lNUAL REPORT- ConünuedGovsrnmental Funds - Cont¡nuedTheVillagema¡ntainsn¡ne¡ndiv¡dualgovernmentalfunds lnformat¡onispresentedseparatelyinthegovemmental funds balance sheet and in the governmental funds statement of revenues, expenditures,and changes ¡n fund balances for the General Fund, Specjal Tax Alocation Fund and the VillagePermanent Fund, all of which are ænsidered to be maþr tunds. Data Í"om the other six governmentalfunds are comb¡ned into a sìngle, aggregated presentat¡on lndividual fund data fur each ofthesenonmaþr governmental funds ¡s provided ¡n the form of combining statements elsewhere in this reporlTheVillageadoptsanannualbudgetforallofthegovernmentalfunds Budgetarycomparisonschedulesfor all budgeted funds have been provided to demonstrate compliance wìth th¡s budge! The basicgovernmental fund fnanc¡al statements æn be found on pages 25-28 of this reportProprietary FundsThe Village ma¡ntains two propr¡etary fund types: enterprise and internal service Enterprise funds areused to report tìe same funcüons presented as bus¡nesslype activities ¡n the government-wide fnancìalstatements The Village utilizes enterprise funds to aæount for its water and san¡tary sewer operations,North Maìne Mtef and sanitary sewer operations, wholesale water operations, and commuter parkingoperations lntemal serviæ funds afe an accounting devìce used to accumulate ând allocate @sts¡nternally among the Mllage's var¡ous tunctionsThe V¡llage uses internal serviæ funds to account for ¡ts capital equipment replacement program,municipal equipment repa¡r program, facìlities replacement program and health ¡nsurance and dskmanagement progrms, Th€se serv¡ces predom¡nanüy beneft governmental rather than business-typefunctions, and therefore, have been ¡ncluded within governmental acliv¡ties in the governmenlwidePropr¡etary fund financ¡al statements prov¡de the same type of informatjon as the government-widefinancjal statements, only in more detail The proprietary fund fnancial statements provide separateinformation for the Glenv¡ew Water Fund, the North Ma¡ne Water and Sewer Fund, and the GlenviewSan¡tary Serer Fund, all of s,hich are considered to be major tunds of the Village Data f om he othertuD proprietary funds are æmbìned into a s¡ngle, aggregated presentation. Conversely, he internalservice fund is presented ¡n the propr¡etary tund fnancìal statements in a single column lndividual tunddata fcr the intemal serv¡ce funds is provided elsewhere in this reportThe basic proprietary fund financial statements can be found on pages 29-36 of this reportMllag€ of Glenvisw, lll¡noisManagemenf s Discussion and Analys¡s (Conlinuod)Decomber 31.2012USING THIS AtINU AL REPORT - ContinuedF¡duc¡ary FundsF¡duc¡ary funds are used to aæount for resources held fur h€ beneft of parties outs¡de the governmentFìduciary funds are not reîected ¡n the government-sìde fnancjal statements because the resouræs oflhose tunds are not available to support the Village's ovrl programs. The aæounting used for fiduciaryfunds ¡s much like tìat used for propr¡etary funds The basic fduciary fund financ¡el stetements can bel3und on pages 37-38 of this reportNotes to the F¡nilcial StatementsThe notes prov¡de add¡tional infomat¡on that ¡s essenlial lo a full understand¡ng oflhe data provided ¡nt¡ìe governmenlwide ãnd fund fnanciâi stâtements The notes to lhe financiai statements €n be foundon pages 39-88 of this reportOther lnformationln add¡lion to the basic financ¡al statements ild aæompenying notes, h¡s report elso presenls ærtainrequ¡red supplementary ¡nformat¡on ænærning he Village's lll¡nois Mun¡cjpal Relirement Fund, policeand fre pension tunds, and other post-employment benefit employeÊ pens¡on obligat¡ons The r€qu¡redsupplemenlary infurmat¡on also contains budget to actual æmpar¡son sch€dules þr lhe General Fundand maþr spec¡al revenue funds Requ¡red supplementary ¡nfomat¡on cil be found on pages 8994 ofthis report The æmb¡n¡ng statements referred lo eari¡er in ænnection wilh nonmaþr governmental fundsand ¡nlernal serviæ funds are presented immed¡ately following ûìe required supplementary information onpensions Combining and ¡nd¡vidual fund statements and scfìedules for the Mllage Én be found on pages9+1 47 of this report Add¡lionally, the combin¡ng and ¡ndiv¡dual tund stat€ments for the component unitcan be found on pages I 4&1 64GOVERNMENT.WDE FINAI.ICIAL ANALYSISNet pos¡tion may serve over üme as a useful indicalor of a govêrnmsnl s fnanc¡altables show that in the case of the Village of Glenview assets exceeded l¡ab¡l¡üesDecember 31, 201 2, compared to $255,796,949 at December 31, 201 '1.posit¡on. Ths followingby $261,994,202 atA-5
Village of Glonview lll¡no¡sManagemenf s D¡scussion and Arìal ys¡s (Continqed)Docsmber 3'l2012Âs ôl Dêclmh¿r3l 2012 ^âð 2D11GOVERNMENT-WDE FINAÌ.lClAL ANALYSIS - Continuedlabt. IVillage of Glenviow lll¡no¡sManagemsnf s D¡scussion and AnalysisDecombor 3120't2GOVERNMENT-WDE FINAÀICIAL ANALYSIS - ContinuedNormal lmpactsThere are six basic (normal) transact¡ons that will afüct the comparab¡l¡ty of tle Statement of Net Posilionsummary Pfesentalion:I ) Net Resu/fs o¡Ác{Mifies - $hich will ¡mpact (inqease/deqease) current assets and unrestr¡clednet position,2) Borrcw¡ng for Caprfal - wtìich will increase current assets and long-term debt outstanding.3) Spending Borcwed Prcæds on New Caplal - wfrich will reducê orrent assels trd ¡ncreasscapital assets There ¡s a seænd impact an inqease in invested in æpital assets and anincrease in rdated net debt wh¡ch will not change the investment in capital assets, net of relateddebt total.4) Spendíng Nonborcwad Çuîent Assets on New Çapital - wh¡ch will (a) reduæ urrenl assets andincrease cap¡tal assets and (b) will reduce unresticted net pos¡lion and increase ¡nvesbnent incap¡tal assets, net of related debt5) Pr¡ncipal Paynenf or Debl - whicfì will (a) reduc€ arrent ass€ts and reduce long-term debt and(b) reduce unrestricted net position end increese investment ¡n capital assets, net of related debL6) Reduct¡onofCapÉalAssetst¡¡rcuglrÐaøeciafior-rhichwill r€duæcap¡tal assetsandreduceinvestment in æpital assets, nel of related debtTotal Primary201220112012201120122011429 î67 73t72q 17t 71170 5¡l 6nn71 tt1 7A'62,215,045 101,750,302 3,197,609 5,097,736 65,142,851 106,848,03E32 567 676I 5?6 81n 5 'nq Â30 7U 1â) r7^130,880,5fi 134,317,978 6,724,619 10,307,s66 137,605,'t30 144,625,544GovernmentalBusiness-TypeActivitíêsCurrent and olh6r assêbCapital assetsTot¡l assrtst 128.699.766 $'t27.606,396200.367.966 201.568.315î 10,174,512 t 10,633,534 $ 138,874.27860 357 088 60 614 248 260725051s t3E,239,930262 182 563Long-term l¡abilit¡esOlher l¡abilitiesTd¡l l¡¿b¡lit¡êrNet PosilionNet investment ¡ncapihl assèbR€sb¡ctedlJ nrestrictêdfot¡l nct pgsit¡on109,488,72245.978,154t? 720 xts102,217,91352,257.800¿0 381 02056,331,5987 ¿75 1Â155,566.2985 371 qlÂ165,820,320,{5,978,15450 1q5 7rÂ157 ,784,21152,257,800$ t9s,187,221 $ 194,856,733 t 63,806,981 I 60,940,216 $ 26't.994,202 $ 255,796.949A large porlion of the Villâge's net pos¡tion, $1 65,820,320 or 63 3%, rel ects its ¡nvestment in æpitalassets (fcr example, infrast¡ucture, land, bu¡ldings and ¡mprovements, machinery, and equipment), lessany related debt used to acquire those âssets that ¡s still outstanding The Village uses these capitalassets to prov¡de services to citizens; consequenly, these assets are not available for future spendingAthough the Mllage's investment in its cap¡ta¡ assets is reported net of related debt, it should be notedthat lhe resouræs needed to repay th¡s debt must be provided ftom other souræs, sjnce he capitalassets themse¡ves cannot be used to liquidate tlìese liab¡l¡tiesAn additjonal porlion, $45,978,1 54 ot 17 5%, of the Village's net posilion represents resources ttat aresubþct to extemal reshiclions on how they may be used, ¡ncluding restriclions for future street¡mprovements, debt servìce payments, public safety, and future capital development The remaining1 9 2%, or $50,1 95,728, represents unr€stricted net position and may be used to meet the governmenfsongoing obligalions to cil¡zens and cred¡torsAt tìe end of tìe current fscal year, the V¡llege is able to report positjve balances in âll three categories ofnet pos¡tion, both lor the government as a wtìole, as ÌEll as for its separate governmental and bus¡ness-type aclivjties. The same sittation held tue for the prevjous fscal year, as relected ¡n the table aboveA-6
Village of Glenview, lll¡nolsManag€menf s D¡scusslon and Analys¡s (Continued)D€cember 3l2012Mllaga of Glenview, lllinoisManagemenf s Discussion and Analysls (Continu€d)Dec€mb€r 31. 201 2GOVERNMENT-V\IIDE FINAT.¡CIAL ANALYSIS - ContinuedNomal lmpactsThere are eight bas¡c (normal) ¡mpacts on revenues and expenses as refectêd belowRevenues:1 ) Eænom¡c Cond¡t¡o, - [ôich €n relect a decl¡n¡ng, stable, or growing eænom¡c env¡ronmentand has a substantal impact on stat€ inæme, sales, and ulil¡ty lax revenue as wBll as publ¡cspending habits for building permits, elective user fees, and levds of ænsumplion2) lncreaselÐecrease in Villag*Apptoyed Rates - wtìile certain tax rates are set by statute, lheV¡llage Board has significant author¡ty to ¡mpose and period¡cally inqease/deqease rates(property taxes, water, serer, impact fêes, build¡ng fees, home ruls sales tax, €tc )3) Changing Pattems in lntergovemmental and Grent Revenue (both Recufüng and Nonrecuning) -cerla¡n recurr¡ng revenues (state-shtred revenues, etc) may experience s¡gn¡ñcant changesperiodically, while nonreilrring (or one-time) grants are less predictable and ofren distorting dueto the¡r impact on year-to-year comparìsons.4) Market lmpacts on lnvestment lncome - the Village's ¡nvestnent pol¡cy ¡s managed us¡ng as¡m¡lat average mahJrity to most governments Market condilions may c¡use investnent inæmeto luctuate-Expensesl5) lntrcduct¡on of New PngËms - vlith¡n the funct¡onal e)pense cat€gories (general govemment,publ¡c works, public safety, etq), individual programs may be added or deleted to meet changingcommun¡ty needs6) Change in Authoized Peñnnel - d\anges in service demand may cause the Village Board toincrease/decrease authorizsd staffng Personnel costs (salary and related benefts) representapprox¡mately 60 9% of tìe Village's Gen€ral Fund €xpenditur€s and approximately 16.3./" o1enterprise operaüng costs at Oeæmber 31, 201 27) Salarylncreases(Annual AdjJstmentsandMer¡t)-theabil¡tytoatûactandretainhumanandintellectual resouræs requires the Vlllage to strive to approac¡ a æmpeätive salary rangeposition in the marketplaæ8) lnflation-w¡\ileoverall inlat¡onappearstobereasonablymodest,heVillage¡samaþrconsumer of ærtain æmmod¡t¡es such as supplies, fuels, and parts Some funclions mayexper¡enæ unusual commodity-spec¡f c increas€sT¡ble 2Changes ¡n Ncl Po!¡t¡onForthe Fisc¡l Yeaß End.d D.c.mb.r31,2012.nd 2011Governmenfål Bus¡ness-Type Total Primarylêvonueslorseryices t 10,328,337 S 11,065,323Gmnb 8nd contribulionsOperat¡ngcapitalG6nêral RevenueTaxesPropertyHome ruleTelecomnun¡cationUtil¡tyOherlntergovernmenlalsãlesStete incomeLocal useRoad and bridgeProperty replacementOherlnvestment ¡ncomeo$er general revenuesTot¡l rcvênuêsExpansaaGeneÊl govemmentPubl¡cworksPublic safetyDevelopmentlnterest on long-term debtWater servicesNorth Maine wter andSan¡tary sewerageWhol6sale MterCommuter park¡ngTot¡l.xprns.¡Ch¡ng. ¡n nct politionbêlorc tnnsf.FTranslersCh¡ng. in n.t pos¡t¡onl¡êt position - bcg¡nni¡gNet po¡ition -.nd¡ng$ 24,694,550 $ 22,866,295- 27 ,851$ 35,022,687 I 33,933,61833,989,2308,581,36025,769,097f0,029,E903,353,9138,795,4666,197,253255 796,94911,627,591244,169 3581,960,093716,9871,832,8052,439,6181,960,093746,9871,660,6592,439,61837,275,7056,709,5802,771,9103,177,929836,0't940,146,6396.354,3942,763,4693,300,850838,35837,275,7056,709,5002,171,9703,177,92s636,01940,'t46,6396,354,3942,763,4693,300,850638,356't3,091,2183,962.313702.009379,563211,116't,31ô,686E60,10612,792,7233,823,315655.076391,336214,89E1,211,190397,47813,091,2183,962,313702,009379,563214,1161,318,686893,E9812,792,723655,076391,336214,8961,241,190397,47E40,172,1926,670,42827,145,54ø6,421,3042,984,56533,989,2306,5E1,36025,769,09710,029,8903,353,91340,172,1926,670,42827,145,5486,421,3042,984,56510,339,73933,79010,339,7398,795,4667,399,7491,729,5091,157,8356,197,7521,801,4s41,'t19,99{7,399,7491,729,5091,157,8356,197 ,7521,801,4541,119,9942,503,472827 0166,998,066f2 755 39ll3,330,48E194,656,7331,242,675190.614.0583,693,781 1,629,525 6,197,253 11,627,591t827 0t6ì2 755 3912,866,76560.940,2167,384,91653,555,300t 198.187.221 $ 194.856.733 S 63.E06.98't S 60 940 216 S 261 994 202 S 255 796 949A-7
Villag€ of Glenview, lll¡no¡sManagem€nt's Discuss¡on and Analysis (Continued)D€cember 31, 201 2GOVERNMENT-WDE FINANCIAL ANALYSIS - ContinuedNet pos¡t¡on of the Village's governmental activities inqeased by 1 7%, or $3,330,488 ($1 98,1 87,221 ìn20l2comparedto$194856,733,¡n2011) ln20ll,thenetposit¡onincreasedforgovernmentalactivitiesby54,242,675 Unresbictednetposition,thepartofnetpositionthatcanbeusedtofnanceday-to-dayoperations without constraìnts, lolaled$42,720,345 at Oecember 31, 201 2, an jncrease of $2,339,325fom 201 1. Net pos¡tion of businesslype act¡vilies increased by 4 7!o, or $2,866,765 ($63,806,981 ¡n20l2comparedto$60,940,216in2011) ln20ll,Ûlenetposit¡onincreasedforbusjness-typeactiviliesby $7,384,916 Unrestr¡cted netpositìon totaled $7,475,383 at December 31, 2012, an incÍease of$21 01,465Gov€rnm€ntal Acti vitiesRevenuesiRevenues for governmental activities totaled $85,897,509 at December 31, 201 2 and $88,721,556 atDecember 31, 201 1, a decrease oÍ $2,824,047 Some key changes during the year for the governmentalacüvity revenues are described below. Charges for Serviæs revenues decreased by $736,986 or 6 7% due in part to a æmbinaüon ofan inqease ¡n dispatch serv¡ce revenue ot $702,767, an increase in licenses and perm¡ts of$64,077, and a deqease ¡n revenues received tom he Glenbrook Fìre Protect¡on Distr¡ct of$1 1 0,934 and a decrease ìn lease fees of $21 5,587. Property Taxes decreasedT 2Vo, or $2,870,934, primar¡ly as a result of the Special Tâx AllocatìonFund reæiv¡ng $2,081,652 less in ¡ncremental property tax d¡stributions from the County in 201 2thanin2011. Th¡sditferenceisduetotlìemoretimelydisfibutionin20l2@upledwith20l1¡ncludìng a portion of previous year's tax disfibution. HomeRuleSalesTax¡ncreasedfrom$6,354,394atDecember31,2011to$6,709.580atOecember 31, 201 2, reiecting a 5 6% ¡nctease due to the general jncrease in the retail salesduring the year. lntergovernmental taxes increased $549,367 oî Z9%, which included an increase in Sales Tax of$298,495, an ¡ncrease in I ncome Tax of $1 38,998 and an increase in Other Taxes of $1 1 1.874The increase in Sales Tax ¡s due to the general ¡ncrease ¡n retaìl sales dur¡ng the year while thelncome Tax increase represents the current posit¡ve hend in income tax increaseMllage of Glenview, lllinoisManagomonf s Discuss¡on and Analysls (Conlinued)December 31, 201 2GOVERNMENT-WDE FINÆ.lClAL ANALYSIS - ConlinuedGovernmental Activiti€s - ContinuedThe following table graphically dep¡cts the maþr revenu€ sources of the Mllage. lt depicts very dearly $ìereliance of property taxes and sales taxes to fund governmental act¡vit¡es lt also deârly ¡dent¡fes he lesss¡gnitcant peræntage the Village receives from income texes, telecommunicat¡on taxes, and ut¡lity taxesRevenues by Source - Governmental ActivitiesDecember 31, 2012Other Gener¿lRevenueCharges forServic*Utility Taxes4V"t2%Telecotm Taxes3%7%OperatingGrants/Contri b1%IncomeCåpibl5Yo0%Sâles TaxsTaxes43%A-8
Mllage of Gl€nvi€w, lllino¡sManagemsnf s Discussion and Analys¡sDecember 3'l2012Mllage of Gl€nview, lll¡noisManagemsnf s Discussion and Analysls (Conf nued)D€cember 31, 201 2FINANCIAL ANALYSIS OF IHE GOVERNMENTS FUNDSAs noted eerlier, tìe Village uses fund a@unting to ensure and demonstate complianæ witl finanæ-related legai requ¡rementsGovernmental FundsThe focus of the Village's governmental funds is to prov¡de ¡nformalion on near-term ¡nlom, outlows,and balances ofspendable resources ln particular, unreserved fund balance may servê as a usefulmeasure of a government s net resources available for spending at th€ end of the fscal yeanThe Village's govemmental funds reported æmÞ¡ning end¡ng fund balances of 971,802,748, which is$4673,078, or 6.'1%, lorer than last year's total of 576,475,a26. Of the $71,802,74€i total, 925,564,806,or approx¡mately 35 6%, of the fund balææ ænstitutes unassignêd fund belance.Generâl FundTheGeneralFundreportedasurplusfortheyearof$'l,542,060,anincreeseof6.4% Thear€sultofoperations res primarily the effect of rêce¡ving higher than antic¡pated property md inæme tax revenues,refuse and recycl¡ng charges, and other fines combined wih reduced epend¡tures as a result of costcontainment efforts and some ependitJres thal rere not incurr€d or delayed Specifically, totalelpenditures wre $774,125 lowr than budgetThe General Fund ¡s the chief operat¡ng fund of úìe Mllage At December 31, 201 Z unass¡gned tundbalance ¡n the General Fund ms $25,564,806, wh¡ch represents 99.2% oftìe total fund balance oftheGenerai Fund As a measure of tìe General Fund's liqu¡d¡ty, it is useful to compde unassigned fundbalance to total fund expenditures Unass¡gned fund balence in the General Fund representsapprox¡mately 46 9% of total General Fund epend¡tures (¡ndudtng transfBrs)Other Maþr FundsThe Special Tax Alloætion Fund ¡s used to a@unt for ltìe inqementd property tax revenu€ that isgenerated through lhe growth of the assessed valuat¡on at The Glen, (formally refered to as GlenviewNaval Air Station) and the'Make-Vvhole'payments to ære iirisdiclions wih¡n lhe boundil¡es of the TlFDistrict The ære irrisdìclions consist ot he Village of Glenview School D¡strict 34 Schod District 225,the GlenviewParkD¡str¡ct, and theGlenviêwPublicLibrary, ad¡s*eldypresentedæmponentun¡tof tleVillage Th¡s fund also acæunts fcr the serv¡ce and incent¡ve Êes wiûì¡n lhe Tax lnq€ment F¡nilc¡ngD¡stict At Deæmber 31, 201 2 the Speq'al Tax Alocalion Fund reported €xpend¡tures in excess ofrevenues by $6,283,705, wh¡ch res anticjpated due to the tim¡ng of lhe expend¡tures and is on târget withthe inancial proÞctjon of the FundGOVERNMENT-WDE FlNAl.lClAL ANALYSIS - ConlinuedGovernmental Aclivilíos - ContinuedFor the year ended Deæmber 31, 201 2, governmental act¡vit¡es expenses totaled 983,394037, an¡ncreaseof $'l,670,547,ot2OVoovetlf,e 2011 expensesof $8'1,723,490 Aportionof h¡sincreaseresan inqease of $1,831 ,678 br Make-Whole payments to the core þrisdictions withìn tìe boundaries ofThe Glen, a Tax lncrement F¡nancing (TlF) D¡str¡ct Addit¡onally, dur¡ng 201 2 the Village ¡ncurred a one-tìme expense of $4,300,000 to a €r dealership f3r an economic inæntive fee coupled \ryith addit¡onalfunds to facilitat€ the ænstruction of a new dealership These increases rere offset by a reduction of$983,557 in development elpenses ãs the V¡llage æntributed to the Library debt service obligation ¡n201 1 and here Ms no contr¡bulion in 201 2, $369,348 reductjon jn interest expense on outstanding bond¡ssuanæs, an approxjmate $400,000 reduction ¡n self insured claim expenses and approximately a$475,000 reduct¡on in snow and ice removal costs (includes salt) due to the mild winter climate the lastquatlet ol 2O1ZBusiness-Typo activiliesBusiness-Type activities posted total revenues of $24,770,287, while the cost of all busìness-typeactiviliestotaled$21,076,506 Th¡sresultsinasurplusof$3,693,781 priortonettransfersoutof$827,016 ln20ll,revenuesof$22,930,¿t35exceededexpensesof$18,300,910,resulting¡nasurplusof$4,629,525 prior to net tansfers ìn of $2,755,391RevenuesFor the fis€l yêar ended Decembet 31 , 2O12, revenues for the business-type âctivit¡es totaled524,770,287, an increase of $1,839,852, or I 0%, due primar¡ly to incfeâsed charges for serv¡ces($24694550 ¡n 201 2 compared to $22 868,295 In 201 1 )ExpersesExpenses for the year ended Deæmber 31 , 2O1 2 lotaled $21,076,506, an ìncrease of 92775,596, or1 5 2%, primarily as a result of a comb¡ned ¡ncrease of $1,91 9,1 32 ¡n operational expenses ¡n theEnterprise Funds of Glenview Water Fund, North N4aine Water and Sewer Fund, Glenv¡ew SanitaryS€rer Fund and Commuter Parking FundA-9
Village of Glenview, lll¡noisManagemenf s D¡scuss¡on and Arìalys¡s (Conlinued)Docsmbor 31, 201 2FINANCIAL ANALYSIS OF THE GOVERNMENT'S FUNDS - ContinuedGovernmental Funds - Cont¡nuedOther Maþr Funds - ContinuedThe Mllage Permanent Fund, reported as a €pital projects fund, res formed from 20% of the land salesproc€eds ofThe Glen Ongoing, the resources are used for Vl¡lage-wide improvements and econom¡cdevelopment ¡n¡tiatives âs well as short-term liquidity for the Village's .tlF Distict projects at The Glen Forthe year ended December 3.1, 201 2 he Village Permanent Fund reported expenditures ¡n excess ofrevenues by $65,21 3, pr¡maril y tìe result of a budge ted tansfer to the Cap¡tal P rojects Fund of $269,204icr æp¡tâl projects induding slorm reter cap¡tal projects and a transfer to the Glenview Sanitary SewerFund for $74555Propr¡etary FundsThe Village's propr¡etary funds provide the same type of information bund in the governmenFwidefnancial statements, but in more detailThe Village reports the GlenviewWater, tìe North Ma¡ne Water and Serer, and the Glenv¡ew San¡tarySerer Funds as maþr propr¡etary funds The Vllage also reports trc nonmaþr proprietary tunds, the\Mìolesale Wâter Fund and the Commuter Parking Fund The Glenview Water Fund accounts for tlìeprovision of Mter services to the property omers ìn the Village The North Maine Water Fund accountsfor fìe provision of water and sewer services to the property omers in an uninærporated area southwestof the Village. The Glenview Sani tary Sewer Fund accounts for the provision of sanitary serer serv¡ces toproperty omers in both incorporated and unincorporated areas of bìe VillageTh€ Vil¡age purchases Lake M¡chigan reter fom neighboring Wlmette The spread betreen purchaseand sale rates is ¡ntended to fnance the operations of the utility system; ¡ncluding labor costs, suppl¡es,and infiashucture maìntenânceThe surplus ¡n the Glenv¡ew Water Fund dur¡ng the current ñscal year was 91 ,021,709, the prev¡ous fsca¡yearalsoreportedasurplusof$1,874179 Thesurplusinthisfundistheresultofmanagementandstaffcontjnu¡ng to reviewall revenue and expense components ofthe Water Fund Charges for sales andservices of $1 1,'l 01 ,792 were $1,588,332 ot 16 7%, higher than last year uñ¡le operat¡ng expenses were$1,557,025,or209%,h¡gherthanlastyeat UnresbictednetpositionintheGlenv¡ewWaterFundtotaled$3,594 596 at December 31, 201 2Village of Glenview lllinolsManag€m€nf s D¡scussion and Analysis (Conlinued)Dec€mber 3120'12FINAI..ICIAL ANALYSIS OF THE GOVERNMENT'S FUNDS _ ContinuedProprietary Funds - ConünuedThe North Maine Water and Sewer Fund reported a surplus for lhe drrent year of$725,971 and alsoreported a surplus in the pr¡or yeâr of $1,929,840 The maþrity of the errent year surplus ¡s due to lorerthan anticipated operating €penses. Operating revenues of $8,229,828 rere $1 09,793 h¡gher than lastyear and operat¡ng e)penses of $7,206,929 wre $1,220,095 h¡gher than last year Total net pos¡lion atDecember 31, 201 2 Ms $4,836,420The surplus in the drrent year ¡n the Glenview San¡tary Serer Fund res $895,776, resulling ¡n endìngnet position of $1 7,059,096. ln the pr¡or yea the Glenv¡ew San¡tary Serer Fund also rêported a surplusof$2074,968 ThecurrentyearsurpluslEsdueinlargeparttolorerthaant¡c¡patedoperatjngexpensesGENERAL FUND BUDGETARY HIGHLIGHTSDuring 2012 the Village Board approved fuur budget amendments. The first amendment Ms to ¡nqeasethe Corporate Fund Transfer to Capital Projects Fund in the amount of $350,000 to provide for add¡tionalstreet resurfacing. The second amendment Ms approved by the Board for $1 79,000 to undertakeadditional ænqete services Spec¡fcally, $75,000 ms used lor additional s¡demlk replacement and$1 04,000 for additjonal concrete mìnor trea resurfac¡ng uDrk The th¡rd and fourth amendmentsincreased Corporate Fund 201 2 e)pend¡hires by $669,446 due to the Board approv¡ng a fve yearcontract with the Village ofNiles and Villagê ofMorton Grove for publ¡c safety d¡spatch serv¡æs TheVillage of Niles provìded offsett¡ng revenues of $377,81 5 and he Village of Morton Grove prov¡dedoffsetling revenues of $291,631, which resulted in $0 ¡mpact to tìe Village of Glenview Corporate Fundtotal budgetThe General Fund ach¡al revenues (including tansfers) for the year totaled $56,046,340 æmptred tobudgeted amounts of $5471 5,342 ân overage of $1,330,998 The exæss of acfual rev€nues overbudgeted revenues is due to an inqease in several revenue sources The largest ænt¡butor to lhisoverage wãs ¡n the ¡ncome taxes ællected being $570,000 higher than budget lncome tax is dishibutedby the state and the orig¡nal ¡ncome tax proÞction for tìe year was lorer tìan lhe increasing trendreal¡zed throughout 201 2 Additionally, property tax revenue ms $1 38,500 h¡ghêr than budget ãs taxcollectionswereslightyh¡gherthananlic¡pated Asohigherthanbudgetby$161,000restheüppingfees received dur¡ng the year as the budgeted amount ms too low The budget amount br 201 3 hasbeenestabl¡shêd$170,000hìgherthan¡n2012 Lasty,fnesandforfeituresrere$101,000h¡gherthanbudget particulady wih¡n oher fnes wh¡ch capture the court ordered property related fines. Local usetax was $l 02,000 over budget due to an inc¡sase ¡n the efbrts by he state to collect use taxes.A-10
Villags of Gl€nYiow, lllinoisManag€menf s Discussion and Arialys¡s (Continued)D€cembsr 31, 201 2FlNAl.¡ClAL ANALYSIS OF THE GOVERNMENT'S FUNDS - ContinuedGENERAL FUND BUDGETARY HIGHLIGHTS - Cont¡nuedThe General Fund actral epend¡tures (including transfers) tur the year of $54,504,280 rere $755,234lorer than budgeted amounts of $55,259,51 4 Personnel costs were hìgher than budget by only $41,1 82which is only . l % of budget Contractual expenditures were $507,448 lorer than budget due to acomb¡nat-onofbudgetedexpend¡tureseithernotinerredordelayed Someoftheexpendituresnotincurred, such as snow and ¡ce maintenance and vehide maintenance rere due to the very m¡ld reathereperienced ¡n November and Decembel2O'l2vt¡rlle rccycling costs were lorer than anlic¡pated $h¡chms ænsistent with other communites ¡n northern Cook County. The commodibes expenditures rere$41 6,090 lou€r than budget partjally due to the very m¡ld November and December resul ting in lowerttìan anlicipated natural gas usage in facilitjes Another contr¡buting factor Ms lorer elechìcityelpend¡tures ¡ncurred as electrical costs and usage rere lower than budgeted Other charges were$21 4,1 69 higher than budget due pr¡marìly to the public safety pension expenditure be¡ng close to$1 1 0,000 over the budget amountVillag€ of Gl€nview llllnolsManagemenf s D¡scuss¡on and Arialysis (Conünued)December 312012CAPITAL ASSETS AND DEBT ADMINIS.IRATION - ContinuedCapital Assets - ContinuedTablo 4Capital Ass.t¡ ¡t Yo¡r EndGovemmentalBus¡ness-TypeTotal Primary20121,166,75975,113,6682012$ 802,85í1,861,023541,30039,298,08s17 850 8312011$ 802,85í1,935,068611,38639,682,255l7 552 6882012$ 7,738,51955,238,79860,177,066201 1¡ 7,736,s1s55,145,79'l60.889,0962011Table 3General Fund Budoetaru HiohliohtsLandLand right of MyBuild¡ngs and improvementsMãch¡nery, equipment andveh¡cleslnfrastuctureWater systemSan¡tary sewer systemlotel6,935,69855,238,79858,313,013$ 6,935,69855,'t15,79'l58,951,0283,369,11277,'163,3865,008,05975,113,6€839,298,083l7 850 8314,010,79877,163,38639,682,255l7 552 688OriginalBudqet$ 24,276,58421,516,2457,544,037(49,592,650)709.030(4,468,426)$ 24,276,58421,516,2454,213,483(50,1 92,71 0)709,030(5,065,804)Actual24,487,54422,211,8098,637,957(49,41 8,585)709,030(5,085,695)F¡nalBudqetRevenuesTaxeslntergovemmentalOtherTotal revenuesExpend¡turesTrânsfers ¡nTransfers out$ 200.367.966 $ 201.568.315 t 60,357.088 S 60.6í1,248 $ 260.725.051 $ 262.182 56353,336,866 54,006,312 55,337,310This year's maþr additions induded:Buìlding and improvemenlslnfrastructure, lncluding roadways, etcMachinery, equipment and vehiclesSanitary sewêr systemWater systemAdd¡tions1,011,0901,400,6751,953,855751,260457 C79ùTotâl expend¡tures andnet transfersNet chango ln fund balance(53,352,046) (54,550,484) (53,795.250)t15 180ì $ (544 172\ S 1 5¿' 0ê0Total$ 5.974.859Additional ¡nfurmaüon on the Village's cap¡tal assets can be found in Note 5 on pages 55-58 of this reportCAPITAL ASSETS AND DEBT ADMINISTRATIONCapital AssetsThe Village's ¡nvestment in capital assets br ¡ts governmental and bus¡ness type act¡vities as ofDecember31,2012ms$260,725,054(netofaccumulateddepreciatìon) Th¡s¡nvestnent¡ncapìtalassets indudes land, build¡ngs and ¡mprovements, mach¡nery, equipment, and vehicles, Mter andsan¡tary sev€r system improvements, and other ¡nfrastucture improvements.A-11
Mllage of Glonvi€w, lll¡no¡sManagemonf s D¡scussion and Analysis (Continued)Dscember 312012?012?ú1CAPITAL ASSETS AI.¡D DEBT ADMINISTRATION - ContinuedD€bt AdministralionGovemmentalActìv¡tiesAt year-end, the Village had total outstand¡ng debt of $93,6'1 3,854 as compared to $1 04,370,273 theprev¡ous year, a decrease of $1 0,756,41 9, or 1 0 3% v!òich included advance retundings of Series 2004420048 and 2005 General Obligat¡on Bonds during the yeâr coupled with principal retirements tlìatreducedtheoutstandinglìabilityonthebonds Thefollowing¡sacomparatjvestatementofoutstandingdebtV¡llage of Glenview lll¡noisManagemenf s D¡scuss¡on and Analysls (Conlínuod)December 31, 2012REQUEST FOR INFORMATIONThis fnanc¡al report ¡s des¡gned to provide a generel overv¡ew of lhe Village of Glenvie!y's fnanæs fcr allthose with an interest in th€ governmenfs f nanæs Queslions ænærning any of ttìe ¡nfurmation providedin th¡s report or requests icr addìlional ¡nflrmation should be directed to the Administativ€ ServicesDeparùnent Mllage of Glenview I 225 Waukegan Road, G¡enview lll¡nois 60025.Business-TypeActivitiesTotal PrimaryGovemmenlGeneral oþl¡getion bonds $ 89,415,000Corporate purpose notesto19$ 99,115.000 $ 2.950.000- 1,248,854)o11$ 3,860,0001 395 273tolt$ 92,365,0001 2488542011$ 102,975,000I 395 273Tot.l ¡sots$ 89,t'15000 S 99'115000 $4198854 S 525521s $ 9361385¿ s1o437o273The Mllage maintains an Aaa rating fom Moody's for general obligat¡on debt This rating has notchanged in the past eight years. As the Village is a home rule æmmun¡ty, there ¡s no legal limìt foroutstand¡ng d€btAdd¡tional ¡nformalion on the Mllage's long-term debt €n be found ìn Note 7 on pages 61 €8 of th¡sreportECONOMIC FACTORS AND NEXT YEAR'S BUDGET AND RATESThe Village's elected and appointed otfic¡als considered many factors uhen setting tìe fscal-year 201 3budge( tâx rates, and fees that will be charged for ¡ts governmental and bus¡ness-type activities One ofthose factors ¡s the eænomy. Vlhile some economic ¡nd¡cators are poinling to a slow recovery out of the2008/2009 recess¡on such as the unemployment rates for the Village droppìng slightly from 6 B% in 20111o6.2%in2O1Z interestrateshaveremainedverylowandshowno¡mmed¡ates¡gnsofincreasing Also,ãs stated ead¡er the Mllage revenues have shom some signs of stabililng, but are st¡ll slighüy lorerthan 2008 ¡evds Al of thes€ indiætors rere taken into account when adopling tìe budget tur 201 3 Atthe lim€ of prepar¡ng he budgel it Ms projected hat the Village rculd conlinue to experience lit{e or nogrowtì in revenues The goals remained to m¡nimize the fnanc¡al burden on Glenview taxpayers, idenlifyæst cutt¡ng strategies and opportunities, responsibly utilize Village reserves vrôen neæssary, andproacl¡vely struclure tlìe Village ¡n a way that will maimize the level of service than €n be provided withastagnantlevelofresources Plansforbeyond20l3arealsocontinuallybeinganalyzedtoensuretheVillage's long term economic susta¡nability.A-12
Village of Glenview, lllinois
Statement of Net Position
December 31,2012
Primary Government
Component
Unit
Governmental
Activities
Business-type
Activities Total
Glenview
Library
Assets
Cash and cash equivalents
lnvestments
Receivables, net of allowances
Taxes
Accounts
Other
Prepaid expenses
lnventory
Land held for resale
lnternal balances - advances
Due from other governments
Total current assets
Noncurent assets
Deferred charges
Notes receivable
Net pension asset
Capital assets
Not being depreciated
Net of accumulated
depreciation
Total noncurrent assets
Total assets
See Notes to Financial Statements.
$ 20,590,329 $
47,927,911
4,993,516 $
4,606,975
25,583,845
52,534,886
$ 1,160,017
3,216,948
7,429,51718,478,299
465,919
705,294
1,161,354
519,397
30,391,262
3,211,647
92.513
3,727,191
55,004
(3,211,647)
3.473
18,478,299
4,193,110
705,294
1 , 161 ,354
574,401
30,391,262
95,986
123,543,925 10,174.512 133.718,437 11,806,482
171,772
1,958,667
3,O25,402
62j74,496
171,772
1,958,667
3,025,402
802,851 62,977,347 5,426,987
138,193,470 7 197.747.707 26,955,799
205.523,807 60,357.088 265.880.895 32,382,786
329.067.732 1.600 399.599.332 44,189,268
(Continued)
A-13
Village of Glenview, lllinois
Statement of Net Position (Continued)
December 31,2012
Primary Government
Component
Unit
Glenview
Library
Governmental
Activities
Business-type
Activities Total
Liabilities
Accounts payable
Accrued payroll
Accrued interest payable
Claims payable
Other payables
Unearned revenues
Due to pension trusts
Current portion of long-term
liabilities
Total current liabilities
Noncurrent liabilities
Long-term liabilities -
due in more than one year
Total liabilities
Net Position
Net investment in capital assets
Restricted
Street improvements
Debt service
Public safety
Economic development
Capital projects
Culture and recreation
Unrestricted
Total net position
See Notes to Financial Statements.
$$
443
18,269,637 $
621,394
225,O57
1,802,990
5,464,877
10,975,566
23,114
2,556,456 $
67,319
29,944
20,826,093
688,713
255,001
1,802,990
5,465,320
10,975,566
23,114
357,900
97,353
73,236
7,392,863
31,252,831 872.648 32.125.479 1,125,829
68,635,466 3,526,810 72,162,276 9,047,181
62,245,045 3,197,809 65,442,854 22,928,318
130,880,51 I 6,724.619 137.605.130 31,975,499
109,488,722 56,331,598 165,820,320 8,607,786
1,084,042
139,678
341,'136
3,046,893
41,366,405
1,084,042
139,678
341j36
3,046,893
41,366,405
1,018,829
42,720,345 7,475.383 50.195.728 2 587 154
$ 198,187,221 $ 63,806,981 $ 261,994,202 $ 12,213,769
A-14
Village of Glenview, lllinois
Statement of Activities
For the Year Ended December 31 ,2012
Program Revenues
Expenses
Charges for
Services
Operating
Grants and
Contributions
Capital
Grants and
Contributions
FunctionslProgram
Pr¡mary government
Governmental activities
General government
Public works
Public safety
Development
lnterest
Total governmental activ¡ties
Business-type activities
Water services
North Maine water and sewer
Sanitary sewerage
Wholesale water
Commuter parking
Total business{ype activities
Total primary govemment
Component Unit
Public library
$40,'172,192
6,670,428
27,145,548
6,421,304
2,984,565
$ 3,564,720 $ 29,750 $
945,812 ',l,704,177
4,967,056 82,984
850,749 143,182
93,007
653,980
83,394,037 10,328,337 1.960.093 746.587
10,339,739
7,399,749
1,729,509
1,157,835
449,674
11,351,729
8,229,828
2,523,022
2,063,759
526,212
21,076,506 24,694,550
$ 104,470,543 $ 35,022,887 $ 1,960,093 $ 746,987
$ 9,105,470 $ 249,741 $ 894,964 $
Gene¡al revenues and t¡ansfers
,Taxes
Property
Home rule sales
Telecom m unication
Utility
Other
lntergovernmental revenues - unrestricted
Taxes
Sales
lncome
Local use
Other taxes
lnvestment income
Miscellaneous
Transfers - internal activity
Total general revenues and transfers
Change in net position
Net position - beginning of year
See Notes to Financial Statements.
Net position - end of year
A-15
Net (Exoense) Revenue Chanoes in Net Position
Primary Component Unit
Govemmental
Activities
Business-type
Activities Total
Glenview
Librarv
$ (36,577,722) $
(3,927,432)
(22,095,508)
(4,773,3s3)
t2.984.565)
$ (36,577,722)
(3,927,432)
(22,095,508)
(4,773,393)
12.984.5651
$
í0.358.620)t70.358.620)
1,01 1,990
830,079
793,513
905,924
76.538
1,01r,990
830,079
793,513
905,924
7Â 538
3,618,044 3,618,044
(70,358,620)3,618,044 (66,740,576)
$(7 765)
37,275,705
6,709,580
2,771,970
3,177,929
836,019
37,275,705
6,709,580
2,771,970
3,177,929
836,019
13,091,218
3,962,313
702,009
1 ,912,365
893,898
1,604,823
7,317,670
31,601
13,091 ,218
3,962,313
702,009
1,912,365
860,1 08
1,562,876
827.016
33,790
4',1,947
0161
73,689,108 1.279\72.937.829 7,349,271
3,330,488
194,856,733
2,866,765
6
6,197,253
255.796.949
(61 1,494)
12,825,263
$ 198,187,221 $1 $ 261.994.202 $12,213,769
A-16
Village of Glenview, lllinois
Governmental Funds
Balance Sheet
December 31, 2012
Assets
General
Fund
Special Tax
Allocation
Fund
Village
Permanent
Fund
Nonmajor
Governmental
Funds
Total
Govemmental
Funds
Cash and cash equivalents
lnvestments
Receivables, net of allowances
Taxes
Accounts
Other
Prepaid items
lnventory
Due from other funds
Due from other governments
Land held for resale
Notes receivable
Advance to other funds
Total assets
Líabilities and Fund Balances
Liabilities
Accounts payable
Accrued payroll
Other payables
Due to other funds
Due to pension trusts
Deferred revenue
Advances from other funds
Total liabilities
Fund balances
Nonspendable
Restricted
Unassigned
Total fund balances
Total liabilities and
fund balances
See Notes to Financial Statements.
s 39.373.948 $ 38.000,292 $ 30.537.484 $13.886.
$ 3,207,103
16,812,053
$ 9,4'12,185 $
2,758,050
1,826,861 $
3,772,834
3,447,495 $
9,939,403
77,377
319,767
9,675
92,513
17,893,644
33,282,340
18,478,299
377,',!10
617,655
79,508
180,280
9,675
92,513
30,391,262
1,958,667
't8,478,299
299,733
296,480
15,000
180,280
85,000
620
64,508
23,891,262
1,873,667
788
6,500,000
230 121 .797.954
$ 1,668,985
601,799
524,322
9,675
23,114
10,785,967
$ 15,362,250 $
7,950
4,300,000
$844,205
483,091
1 65,1 57
$ 17,875,440
609,749
5,307,413
9,675
23,114
10,954,874
15 214.941
3,750
15,214.941
13.613,862 34,888,891 't.492.453 49.995.206
195,280
30,537,484 '12,393,777
25.564.806
25,760,086 3,111,401 30,537.484 12.393.777 71.802.748
$ 39,373,948 $ 38,000,292 $ 30,537 .484 $ 13.886.230 S 121 .797 .954
64,508
3,046,893
259,788
45,978,154
25.564 806
A-17
Village of Glenview, lllinois
Reconciliation of the Governmental Funds Balance Sheet
to the Statement of Net Position
December 31 2012
Total fund balances - governmental funds
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.
Unamortized bond issuance costs are not considered to represent a financial
resource and, therefore, are not reported in the funds.
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. lnternal service fund net
assets are:
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:
Com pensated absences payable
Net other postemployment benefit obligation payable
Net pension asset
General obligation bond payable, net of unamortized items
Accrued interest payable
Total long-term liabilities not reported in governmental funds
Net position of governmental activities
See Notes to Financial Statements.
(1,464,154)
(1,154,478)
3,025,402
(90,879,244)
(225,057)
$ 71,802,748
200,367,966
171,772
16,542,266
(90,697,531)
s 198,187,221
A-18
Village of Glenview, lllinois
Governmental Funds
Statement of Revenues, Expenditures, and Changes in Fund Balances
For the Year Ended December 31, 2O'12
Special Tax
Allocation
Village
Permanent
Fund
Nonmajor
Governmental
Funds
Total
Governmental
Funds
General
Fund
Revenues
Taxes
Property
Other
Licenses and permits
Charges for services
Fines and forfeitures
lntergovernmental
lnvestment income
Other revenues
Total revenues
Expenditures
Cunent
General government
Public works
Public safety
Development
Capital outlay
Debt service
Bond issuance costs
Principal
lnterest and fìscal charges
Total expenditures
Excess (deficiency) of revenues
over expenditures
Other financing sources (uses)
Payment to bond escrow agent
Proceeds from bond issuance
Premium on bond issuance
Transfers in
ïransfers (out)
Iotal other financing sources
(uses)
Net change in fund balances
Fund balances - beginning ofyear
Fund balances - end of year
$ 26,283,659 $
17j80 156,000
143,182
133,801 122,546
$ 10,992,046
13,495,498
1,923,238
6,346,445
224,'.198
22,211,809
't15,402
28,674
$
2,441,'.141
51,002
681.324
$ 37,275,705
13,495,498
1,923,238
6,5'19,625
224,'t98
24,796,132
422,751
709,998
55.337,310 26,577,822 278.546 3.173.467 85.367.145
15,147,824
7,036,995
26,266,737
967,029
23,263,828
92, I 60
7,045,000
2,460,539
102,936
294,299
6,060,977
46,884
1,'t63,235
818,925
38,411,652
7,036,995
26,369,673
1,261,328
6,060,977
139,044
8,208,235
3,279,464
49,418,585 32,861 ,527 8.487.256 90.767.368
5.918.725 (6.283.705)t5 313 7891 (5 400 223\
(27,796,231)
25,820,000
2,075,642
(16,882,653)
14,575,000
2,356,749
5,572,441
(44,678,884)
40,395,000
4,432,391
6,281,471
(5,702,833)
709,030
(5,085,695)(273,379) (343,759)
(4,376,665) (173,968)759)5.621 .537 727.145
1,542,060
24,218,026
(6,457,673)
9,569,074
(65,213)307,748
12.086.029
(4,673,078)
76.475.82630,602 .697
See Notes to Financial Statements.
$ 25,760,086 $ 3,111,401 $ 30,537 .484 s '12.393.777 $ 7't.802.748
A-19
Village of Glenview, lllinois
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 2012
Net changes in fund balances-total governmentalfunds
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
Depreciation expense
Loss on disposal of capital assets
Depreciation and loss expense over capital outlays
A net pension asset is considered to represent a financial resource and,
therefore, is not reported in the funds.
The issuance of long{erm debt provides current financial resources to
governmental funds, while the repayment of the principal on long{erm
debt consumes the current financial resources of the governmental funds
Reductions to compensated absences payable
Retirement of debt
lssuance of bonds, including premium
Debt issuance costs incurred
Am ortization of unam ortized prem ium/discou nt
Amortization of unamortized bond issuance costs
Change in deferred charges
Change in other postemployment benefits
Net affect of long{erm debt
Changes to accrued interest on long{erm 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
lnternal service funds are used by the Village to charge the cost of
vehicle and equipment management and insurance to individual
funds. A portion of the net revenue of the internal service fund is
reported with governmental activities.
Change in net position of governmental activities - statement of activities
4,264,990
(5,431,452)
(33,887)
$ (4,673,078)
(1,200,349)
(50,660)
8,222,393
52,545
979,637
18,868
50,095,000
(44,827,391)
27,848
338,508
(57,880)
2,865,040
(237,600)
$ 3,330,488
See Notes to Financial Statements.
A-20
Village of Glenview, lllinois
Proprietary Funds
Statement of Net Position
December 31,2012 Business-type Activities
Assets
Glenview
Water
Fund
North Maine
Water and
Sewer Fund
Glenview
Sanitary
Sewer Fund
Current assets
Cash and cash equivalents
lnvestments
Receivables
Accounts, net
lnterest
Other
Prepaid items
lnventory
Due from other governments
Total cunent assets
Noncurrent assets
Cepital assets, not being depreciated
Capital assets being depreciated - net
Total noncurrent assets
Total assets
Liabilities
Current liabilities
Accounts payable
Accrued payroll
Accrued interest payable
Accrued expenses
Claims payable
Unearned revenues
Advances from other funds
Current portion of long{erm liabilities
Total cunent liabilities
Noncurrent liabilities
Long{erm liabilities due in more than
one year
Total liabilities
Net Position
Net investment in capital assets
Unrestricted
Total net position
$ 951,691 $
1,833,229
2,184,028 $
1,456,724
423,516
835,67'l
'1,805,257 1,074,063 678,779
55,004
4,645,181 4,714,815 1,937,966
67,851
34,142,753
235,000
5,901 ,123 16,458,40'l
34,210,604 6,136,123 16,458,401
38,855,785 10,938 18.396 367
961,323
40,260
4,035
'l ,174,757
17,397
22,739
253,462
8,134
3,170
330,993
3,2'11,647
288,655 253,000
1,336,61 '.l 4,715,195 517,766
1,078,981 1,299,323 819,505
2,415,592 6,014,518 1,337,271
32,845,597
3,594,596
4,548,145 15,385,896
275 1.673.200
See Notes to Financial Statements.
$ 36,440,193 $ 4,836.420 $ 17.059.096
A-21
Nonmajor
Enterprise
Funds
Total
Enterprise
Funds
Governmental
Activities
lnternal Service
Funds
$'t,434,281
48't,351
$ 4,993,5'16
4,606,975
$ 2,696,685
14,645,571
88,809
37,227
40,000
1,081,846
339,117
169,092 3,727 ,19'l
55,004
3.4733,473
2,088,1 97 'l 3,386,1 59 18,
500,000
3,05'1,960
802,851
59,554,237
3,551,960 60,357,088
5,640,157 73,743,247 18,929,255
166,914
't,528
2,556,456
67,319
29,944
443
394,197
11,645
443 157,464
1,802,990
20,692
3,211,647
872,648
168,885 6,738,457 2,386,988
- 3,197,809
168,885 9,936,266 2,386,988
3,551,960 56,331,598
't,919,3',12 7,475,383 16,542,267
$ 5,47',t,272 $ 63,806,98r $16,542,267
A-22
Village of Glenview, lllinois
Proprietary Funds
Statement of Revenues, Expenses, and Changes in Fund Net Position
For the Year Ended December 31,2012
Business-tvoe Activities -
Glenview
Water
Fund
North Maine
Water and
Sewer Fund
Glenview
Sanitary
Sewer Fund
Operating revenues
Charges for sales and services
Miscellaneous
Total operating revenues
Operating expenses
Operations and maintenance
lnsurance services
Parking services
Water services
Sewerage services
North Maine water and sewer distribution
Capital asset repair and replacement
Depreciation and amortization
Total operating expenses
Operating income
Nonoperating revenues (expenses)
Other income
lnvestment income
Gain (loss) on sale of capital assets
Reassignment of capital assets
lnterest and fiscal charges
Total nonoperating revenues
(expenses)
lncome before transfers
Transfers in
Transfers out
Change in net position
Net position - beginning of year
Net position - end of year
11,351,729 2.523.022
9,01 9,1 93
1,259,552
7,001,061
1 ,138,308 205,868 412,806
1 0,157,501 7 ,206,929 1,672,?58
1.194,228 1 850.664
$ 11,101,792
249,937
$ 8,130,434 $2,449,622
73.400
9,719
(123,657)
12,780
18,763
23,184
4,524
(11,123)
(58,581) ((46.028)
(172,519) (161,277) (29,443)
1,021,709 861,622 821,221
74,555
n
192 820\
1,021,709
35,418,484
725,971
4,110,449
895,776
16,163,320
See Notes to Financial Statements.
$ 36,440,193 $$ 17,059,096
A-23
Enterprise Funds
Nonmajor
Enterprise
Funds
Total
Enterprise
Funds
Governmental
Activities
lnternal Service
$ 2,580,971
9,000
ç 24,262,819
43',t.731
$ 11,181,828
534,O22
2.589,971 24,694,550 11,715,850
6,351,141
382,089
1,079,893
382,089
10,099,086
1,259,552
7,001,061
2,206,492
137,287 1,894,269
1,599,269 20,636,057 8,557,633
990,702 4.058.493 3,158,217
6,767
23,184
33,790
(116,017)
(8,240) (305,669)
(1,4731 (364,712)
437,357
(2,864,315)
(2,426,958)
989,229 3,693,781
74,555
(e01,571)
731,259
248,378
(765,920)
223,309
5,247,963
2,866,765
60,940,216
979,637
15,562,630
$ 5,471,272 $ 63,806,981 $ 16,542,267
A-24
Village of Glenview, lllinois
Proprietary Funds
Statement of Cash Flows
Forthe Year Ended December 31,2012
Business{voe Activities -
Glenview
Water
Fund
North Maine
Water and
Sewer Fund
Glenview
Sanitary
Sewer Fund
Cash flows from operating activities
Cash received from customers and users
Cash received from other sources
Cash payments for goods and services
Cash payments to employees
Net cash provided by (used in) operating activities
Cash flows from noncapital financing activities
Transfers in
Transfers out
Net cash provided by (used in) noncapital
financing activities
Cash flows from capital and related financing activities
Purchases of capital assets
Proceeds from sales of capital assets
Principal payments
lnterest payments
Net cash used in capital and related financing
activities
Cash flows from investing activities
Purchase of investments
Sale of investments
lnterest received
Net cash provided by (used in) investing activities
Net increase (decrease) in cash and cash equivalents
Cash and cash equivalents - beginning of year
Cash and cash equivalents - end of year
(1,230,516) (554,007) (1,039,993)
(215,174)(4,450)(2,53e)
9,719 12,780 4,524
(205,455)8,330 '1,985
453,512 (2,071,473) 13,834
498,179 4,255.501 409.682
$ 951,691 $ 2,184,028 $ 423,516
$ 10,929,245 $
30,650
(7,070,840)
(1,999,572)
8,325,369
(8,418,938)
g 2,411,414
95,213
(1,114,446)
Á14.894\(823.925)
1,889,483 (e17.494\ 977.287
74,555
302)
302)74.555
(863,037)(95,573)
18,763
(281,41e)
195.778)
(751,259)
(242,0O0)
u6.734],
(308,000)
(59,479)
See Notes to Financial Statements
A-25
Enterprise Funds Governmental
ActivitiesNonmajor
Enterprise
Funds
Total
Enterprise
Funds
lnternal Service
Funds
$ 2,735,6s7
(1,373,136)
(76,831)
$24,401,685 $
125,863
(17,977,360)
(3,315,222)
11,712,946
(10,392,000)
(848,604)
1,285,690 3,234,966 472,342
694 75,249
(765,920) (1,374,222)
248,378
(765,226) (1,298,973)248,378
(225,000)
(8,e62)
(1,70s,86e)
18,763
(1,056,419)
(310.953)
(2,864,315)
(233,962) (3,058,478) (2,864,315)
(1,744)
200,000
6,767
(223,907)
200,000
33,790
(8,730,260)
11,070,497
409,206
205,023 9,883
491,525 (1,112,602)
942,756 6,106,118
2,749,443
605,848
2,O90,837
$ 1,434,281 $ 4,993,5'16 $ 2,696,685
(Continued)
A-26
Village of Glenview, lllinois
Proprietary Funds
Statement of Cash Flows (Continued)
For the Year Ended Decem ber 31 , 2012
Business-type Activities -
Glenview
Water
Fund
North Maine
Water and
Sewer Fund
Glenview
Sanitary
Sewer Fund
Reconciliation of operating income to net cash
provided by operating activities:
Operating income
Adjustments to reconcile operating income to
net cash provided by (used in) operating activities
Depreciation and amortization
Other income
Changes in assets and liabilities
Accounts receivable
Other receivable
Prepaid expense
lnventory
Accounts payable
Accrued payroll
Accrued expenses
Compensated absences
Claims payable
Unearned revenue
Total adjustments
Net cash provided by (used in)
operating activities
See Notes to Financial Statements.
$ 1,194,228 $ 1,022,899 $ 850,664
1,138,308 205,868 412,806
23,184
(403,520)
1 1,686
4,409
(86,s2e)
35,720
93,641
'1,900
(2,256,s2O)
'1 5,1 '1 8
(60,067)
20,488
(277,401)
7,613
(4,81e)
695,255 (1,940,393)126,623
$ 1,88e,483 $ (e17.49q $ 977,287
A-27
Enterprise Funds Governmental
ActivitiesNonmajor
Enterprise
Funds
Total
Enterprise
Funds
lnternal Service
Funds
$ 990,702 $ 4,058,493 $ 3,158,217
137,287 1,894,269
23,184
145,686 (224,260)
34,074
(23,5e6)
(e98,261)
(57,570)
(36e,e64)
78,674
50,146
(1,385,996)
20.692
294,988 (823.527\(2,685,875)
$ 1,285,690 $ 3.234,966 $472,342
10,193
1,379
443
4,409
(2,610,657)
59,830
443
(4,81e)
A-28
Village of Glenview, lllinois
Fiduciary Funds
Statement of Fiduciary Net Position
December 31,2012
Assets
Pension
Trust
Funds
Agency
Fund
Cash and cash equivalents
lnvestments
U.S. government and agency obligations
Municipal obligations
Corporate obligations
Equity mutualfunds
Money market funds and certificates of deposits
Receivables
Property taxes
Accrued interest receivable
Due from other funds
Prepaid expenses
Total assets
Liabilities
Accounts payable
Refundable deposits
Accrued expenses
Advances from other funds
Due to bond holders
Total liabilities
Net Position
Held in trust for pension benefits
See Notes to Financial Statements.
$ 3,055,068 $ 536,013
51,059,880
2,675,912
2,040,756
52,495,O32
3,295,776
232,189
23,114
1,962
273,008
5,749
1 11,583,913 4,110,546
123,480
3,583,298
16,021
10,413
393.355
16,021 4,110,546
$ 111 567 892 $
A-29
Village of Glenview, lllinois
Pension Trust Funds
Statement of Changes in Plan Net Position
For the Year Ended December 31,2012
Additions
Contributions
Employer
Participant
Total contributions
Deductions
Retirement pension
Widow pensions
Disabilig pensions
Total deductions
Change in net position
Net position held in trust for pension benefits
Beginning
Ending
See Notes to Financial Statements
lnvestment income
Net appreciation in fair value of investments
lnterest income
Less investment expenses
Net investment income
Totaladditions
$ 4,738,702
1,386,791
6,125,493
6,213,709
2,899,490
(227,O14)
8,886,185
15,011,678
6,006,618
511,767
503 696
7,022,081
7,989,597
103,578,295
$ 111,567,892
A-30
Mllage of Glenview, lllinoisNotes to Financ¡al StatementsDecember 31, 201 2Note 1. Summary ofS¡gn¡ficant Accounting Pol¡ciesThe Village of Glenview, lllinois, (Village) was inærporated in I 899 The Village operates under aCouncil-Manager form of government and provides serviæs vthìch include: police and f re safety, mterut¡lity, sanitary sewer ut¡l¡ty, stormMter management, streel ma¡ntenance, community development andgeneral adm¡nistrat¡ve serv¡æsThe fnancial statements of the Village have been prepared in conformity with accounling princìplesgenerallyaæeptedintheUnìtedStatesofAmerica(GAAP),asappliedtogovernmentunits TheGovernmentâl Accounling Standards Board (GASB) ¡s the accepted standard setting body forestabl¡shing governmental accounting and f nanc¡al report¡ng pr¡nciples,The following ¡s a summary of the Village's more s¡gnifcant accounting policies:Repofting EntityAs defined by aæounling principles generally accepted ìn the United States of Amer¡ca established byGASB, the fnâncial reporting enlity ænsists of the pr¡mary governmen{ as well as its component units,!üìich are legally sepârâte organ¡äüons for wh¡ch the elected officials of the primary government arefinanc¡ally accountable F¡nanc¡al accountability is defined as:(a) Appo¡nfnent of a voting maþrity of lhe æmponent unit's board, and e¡ther (1 ) the ability to¡mpose will by tìe prìmary government, or (2) the poss¡b¡lity that the æmponent un¡t will provide afinanc¡al beneft to or impose a fnancial burden on the primary government or(b) Fiscal dependency on the primary governmentBased on the above qiteria, he Glenv¡ew L¡brary (Library) ¡s a æmponent un¡t to tiìe Village of Glenviewln the govemmenlwide fnancial statements, the L¡brary ¡s presented in a separate column to emphasizethat ¡t is legâlly separãte from fìe VillageThe Library operates and maintains he public library within the Village, The Library's seven-memberboard is separately elected by lhe voters of the Village and annuall y determines its budget and resultingtax levy, rvh¡clì ¡s ¡ev¡ed by the Village. The Library may not ¡ssue bonded debt wìthout the approval of theVillageSeparate financiâl statements are disdosed ¡n he component un¡t portion of th¡s report The Library doesnot issue sepaÍate fnancial statementsMllage of Glenvisw lllinolsNotes to Financ¡al StatementsDecember 312012Note 1, Summily of S¡gnlficant Accounting Pollciss (ContinuodlGovemment-wide and Fund Financial SlalemenlsThe government-wide financjal statements (i e , the statement of net pos¡lion and he statemsnt ofactivities) report informat¡on on ail of the nonf duciary aclivit¡es of the Villâge For tìe most pat tìe effectof¡nterfund activ¡ty has been removed from trese statements. Governmentel activilies, wlrich normallyare supported by taxes and intergovernmental ravenu€s, are reported separately fiom bus¡ness-typaactiv¡tìes, [ôich rely to a sign¡fcant exent on fees and charges f3r seru¡æsThe statement of net pos¡ton presents tìe Village's nonfiducjary assets and liabil¡ties wih the d¡fferenæreported in three categories:lnvestment in cap¡ta/ assets consists of æp¡tal assets, net of acomulated deprecialion and reduædby outstand¡ng balances tur bonds and olher debt that arê atk¡butable to the ecquisilion, construction,or ¡mprovement ofthose assetsRestr¡cted net æs¡t¡on resulls wlìen conskaints tre plaæd on net pos¡tion uss, €¡h€r externally¡mposed by cred¡tors, grantors, cont¡butors, and the like, or ìmposed by law ttrrough conslitutonalprovis¡ons or enabling leg¡slatior!Unrestricted net psilior cons¡sts of net posit¡on that does not meet the qiter¡a of the trc preced¡ngcategoriesThe Village generally applies restr¡cted resources frst wtìen an expense ¡s ¡nflrred fcr purposes forrvtìich Þoth reskicted and unrestricted net resources are available See add¡lional informalion b€ginningon page 43The statemenl of activ¡ties demonstrates the degree to which the direct expenses of a g¡ven funct¡on orsegment are ofüet by program revenues D¡rect e&enses are those that âre dearly idenlifiable with aspecifc function or segmenI Progrâm revenues indude: 1 ) charges to customers or appl¡ænts wtìopurchase, use, or direcüy beneft fom goods, seÍvices, or privileges provided by a given funclion orsegment and 2) grants and contr¡butions thal are resbicted to meeling the operalional needs of tìeVillage or 3) cap¡tal requiremenls of a partiolar tunction or segmenL Taxes and other items propedy not¡ncluded among program revenues ae reported instead ãs gsneral revenuesSeparate fnanciai statements are provided for governmental funds, proprietary funds, æd fduc¡aryfunds, even though the latter are exduded fom the govemment-widê fnanc¡al statements. Maþrindividual governmentâl ând bus¡ness-type funds ile reported as separate columns in he fund financialstatements Details for nonmaþr funds are reported ¡n be supplemêntary infomat¡onFund Accounl¡ngThe V¡llage uses tunds lo report on ¡ts fnancial position and he results of¡b operalions Fundaccount¡ng is designed to demonstrate legal compliance and to a¡d fnanc¡al management by segregat¡ngtransaclions related to certa¡n governmental funclions or act¡v¡t¡es. Afund is a separate aæounting enlitywitl a self-balancing set of accountsA-31
Village of Glonview, lll¡no¡sNotes to F¡nancial StatementsD€æmber 312012Note 1, Summary of S¡gn¡ficant Accounting Pol¡cies (Continqed)Fu nd kcounaing (Continued )Funds are dass¡fed into three broad €tegories: governmental, proprietary, and fducjãry Each category,in turn, is divided ¡nto separate "fund types "Governmental FundsGovernmental funds are used to acæunt fur all or most of a government's general act¡vilies, includ¡ng hecolleclion and d¡sbursement of earmarked monies (specìal revenue funds), the acquis¡üon or constructionof capital assets (câpital proÞcis funds), and serv¡c¡ng of general long-tem debt (debt service tunds) TheGeneral Fund is used to acæunt br all act¡v¡ües of the general government not accounted for ¡n anotherfund The fullowing are lhe Vil¡age's governmental fund types and funds:GeneralFund¡sthegeneraloperatingfundoftìeVillage lt¡susedtoaccountforallfnâncjalresources except those not accounted fur jn oher fundsSoecial Revenue Funds are used to accounl for the proceeds of specifc revenue sources (other thanexpendable trusts or maþr capital projects) that are restricted, committed, or assigned to expendituresfor spec¡fed purposes The Village has the following special revenue funds:Spec¡al Tax Allocation Fund - a maþr fundMotor Fuel Tax FundForeign Fire lnsurance FundPol¡æ Department Spec¡al Acæunt FundsDebt Serviæ Funds are used for the servic¡ng ofgeneral long-term debL The Village has the followingdebt serv¡ce fund:Corporate Purpose Debt Service FundCaDital Proþct Funds are used to account fur financial resources lo be used for the acquisition orconstructionofmaþrcap¡talassets(ot¡ìerthanthosefinancedbyproprietaryfunds) TheVillagehasthe following cap¡tal proþct funds:Village Permanent Fund - a major fundCapital Projects FundG¡en Cap¡tal Proþcts FundProor¡etarv FundsProprietary funds are used to account for activities ¡n a similar manner as those found in the pr¡vatesector. The measurement fucus ¡s on the determination of net income Acliv¡ties of fìese funds includeserv¡ces prov¡ded to res¡dents of the Mllage (such as Mter and san¡tary serer services) and serv¡cesprovided to other funds (such as self-¡nsurance and vehicle maintenance) The following are the Vlllage'sProPrietary fund types and funds:Mllage of Glonviow, lllinoisNotes to Financ¡al StatementsDeæmber 312012Note 1. Summüy of S¡gnifcanl Accounling Policlos (Conlinued)Fu nd Accou nlin g (Co nli n uod )E-EþIp¡SeLU¡d!. are used to amunt for operalions (e) tìat are finanæd and operated in a mannersimilar to privatê business enterprises where fìe ¡ntent of the goveming body is that thê æsts(expenses, including deprec¡ation) of provid¡ng goods or serv¡ces to the residents of the Villaga on aæntinu¡ng basis be financed or recovered pr¡marily through user charges; or (b) shers ths governingbody has decided that periodìc determ¡nation of revenuss earned, expenses ¡narr€d, ild/or netincome js appropr¡ate tur capital ma¡ntenance, publ¡c pol¡cy, menagement æntd, aæountability, orother purposes. The Vìllage has he following enterprise funds:Glenview Water Fund - a maþr tundNorth Ma¡ne \ /ater and Sewer Fund - a maÞr fundGlenview San¡tary Serer Fund - a maþr fundV\rholesale Water FundCommuter Parking Lot Fundlntemal Servìce Funds are used to aæount for the fnancing of goods or serviæs provided by onedepartment to other departments of the Mllage on a æst{eimbursement bas¡s. The Village has thefollowing ¡nternal service funds:Cap¡tal Equipment Replacement FundMunicipal Equ¡pment Repair Fundlnsurance and Risk FundFac¡lilies Replacement FundF¡duc¡arv FundsFiduc¡ary funds are used to aæount for assets held on behalf of outside part¡es, ¡nduding otìergovernments, Vvhen these assets are held under the terms of a fcrmal fust agreement a tust fund isused The following are he Mllage's fduciâry fund types ild funds:Trust Funds are used to account þr and report pension plans. The Mllage has the following pensiontrust funds:Police Pens¡on FundFiref ghters' Pension FundAqencv Funds arg¡n the assets Theused to acæunl for and reporl assels held on behalf of other parlies and changesMllage has the lollowing agency tunds:SpecÌal Service Area (SSA) Bond FundEscrow Deposit FundA-32
Village of Glenview, lll¡noisNotes to F¡nanc¡al StatementsnÃÊêñhê¡ ?l ,n1,Note l. Summary ofS¡gn¡ficant Accounting Polic¡es (Continued)Fund BalanceThe Governmental Aæount¡ng Standards Board (GASB) has issued StatemenlNo 54, Fund BalanæRepoftíng and Govemmental Fund Type Dei'mlt¡ons (GASB 54), lvhich ws adopted by the Mllage for theyear ended Deæmbet 31 , 2011 ln the fund únanc¡al statements, governmental tunds now report fvecomponents of fund balance: nonspendable, restricted, committed, assigned, and unassignedNonsF-ndable -indudes amounts that cannot be spent because they are eiher not in spendableform or legally or contractrally required to be ma¡ntained ìntact The nonspendable in form criteria¡ndudes items that are not expected to be converted to cash such as prepaid items or inventoriesRestncÍed - ¡ncludes amounts that are resbicted to spec¡fc purposes, that is, when ænstra¡ntsplaæd on the use of the resources are e¡ther a) externally imposed by creditors (such as throughdebt covenants), grantors, contributots, or laffi or regulations of other goveÍnments, or b) imposed bylaw through consttutional provìsions or enabl¡ng leg¡slation.Comm¡tted - rcÍeß to âmounts that can only be used for specific purposes pursuant to constraintsimposed by formal aclion of he Mllage's highest level of decjs¡on making author¡ty (the Board ofTrustees) The Board ofTrustees commits tund balance by passing a resolut¡on Amounts committed€nnot be used for any otrer purpose unless the Village removes or changes the specifc use bytaking the sâme type of formal actìon it employed to previously commit those fundsAssigned - refers to amounts tlìat ãre constrained by the Village's intent to be used for a spec¡fcpurpose, but are ne¡ther rest¡cted or committed lntent may be expressed by the Board of Trustees orthe ¡ndiv¡dual the Board ofTrustees delegates the authority to assign amounts to be used for specifcpurposes. The Board of Trustees delegated this authorìty to the Village ManagerUnassigned - refers to all spendable amounts not contaìned ¡n the other four classifcat¡ons dess¡bedabove, ln funds other than the general fund, the unass¡gned dassifcation is used only to report adefc¡t baltræ resulting from overspending for specjfc purposes tur wtì¡ch amounts had beenrestricted, comm¡tted, or assignedln the General Fund, the Village considers restricted amounts to have been spent frst $hen expenditureis ¡ncurred fur purposes for wtì¡ch both resticted and unrestricted fund balance is available, follored byæmmitted amounts, then ass¡gned amounts Unassigned amounts are used only after the othercategories of fund balance have been fully utllizedln govemmental funds other than he General Fund, the Mllage considers restricted amounts to havebeen spent last Vvhen an expend¡ture is ¡ncurred for purposes for \+lich both restr¡cted and unrestr¡ctedfund balance ¡s ava¡lable, the Village will f rst use assigned amounts, follored by committed amountsthen restricted amountsSêe Note 1 4 fur add¡tonal detaìl on the components of the General Fund's fund balance at December 31,2012Mllage of Glenvi€w lll¡noisNotes to Financial StatementsDecember 312012Nots 1. Summily ofSign¡ficant Accounting Policiss (Conlinued)Measurement Focus, Basis of Accounting, and Financial Staaemant PrcsntationThe government-wide financial statements are reported us¡ng the eænomic resouræs measur€mentfocus and the accrual basis of aæounling, as are the proprietary fund statements R€venues arerecorded when earned and expenses are recorded s/tìen a liabil¡ty is ¡ndtred, regardess of he t¡m¡ng ofrelated cãsh lows Property taxes are reægnized as revenues in the year fur wh¡ch ûìey are leviedProperty taxes are lev¡ed ¡n December 2012 to finance th€ Village's 2013 cdendar year. Grants andsìmilar items are recognized as revenue as soon as all el¡g¡b¡l¡ty requirements ¡mposed by the prov¡derhave been metGovernmental fund fnancial statements are reported us¡ng the current ñnanc¡al resourc€s measurementfocusandthemodifedacflalbas¡sofaccounling Earnêdrêvenuesarerecogn¡zedassoonastheyareboth measurable and availabls Revenues are ænsidered to b€ available wtìen they are ælleclible wifìinthecurrentper¡odorsoonenoughthereafrertopayliabilitiesofthecurrentper¡od As¡xtydayavajlab¡lityperiod is used for revenue recognilion of property tax revenues and a n¡nety day period is generally usedfor all other governmental fund revenues E;penditures generally are reærded when a liability is¡ncurred, as under aøual account¡ng Horever, debt serviæ expenditures, as rell as e)pend¡turesrelated lo compensated absenæs ând claims and ¡rdgments, are reærded when payment ¡s due.General €pital asset acquisit¡ons are reported as ependÌturês ¡n governmental funds.Sìgnìficant revenue sources wiìich are susceptible to aøud indude property taxes, otìer taxes, chargesfor serv¡ces, grants, franchise taxes, l¡censes, and ¡nterest Al other revenue items are ænsidered to bemeasurâble and available only when cash is rece¡ved by the VillageThe Village reports the following maþr governmental funds:fhe General Fundis tle general operal¡ng fund of the Village. lt ¡s used to amunt îor all f nanc¡alresouræs not aæounted for in other funds.Tne SpecialTax Allocation Fund, a speciai revenue fund, ¡s used to amunt lcr tìe ¡ncrem€ntalproperty tax revenue that ¡s generated lhrough he growtì of tìe assêssed valualion at The Glen,(furmerly referred to as Glenview Naval Ajr Stât¡on) and tiìe "Make-\ /tìole" payments to ær€¡rr¡sd¡ctjons with¡n the boundarjes of the lax lnqement D¡st¡ct The core iirisd¡ctions consist oi theMllage of Glenview School Dist¡ct 34, H¡gh School D¡stict 225, the Glenview Park D¡stict and theGlenview PuÞlic Library, a component unit of the Village. Th¡s fund elso e@unts for fìe service endincentive fees with¡n the Tax lnqement Distr¡ctfheV¡llage Pemanent Fund, a capild proþcts fund used to aæumulate and aæount for a specìficport¡on of the land sâles proæeds of The Glen. Trenty percent of the land sale rêvenues arêrestricted fur Épital epend¡tures hroughout the Village (outside of tle GIen). Addit¡onally,Permment Fund assets can be loaned for shorl-term l¡quid¡ty to other Village funds as a result ofexhâustion of cash reservesA-33
V¡llage of Gl€nvi€w, llllno¡sNotes to F¡nanc¡al StatementsDeæmber 31, 2012Note 1. Summary of S¡gn¡ficant Accounting Polic¡es (Conlinued)Measurêmenl Focus, Basis ot kcount¡ng, and F¡nancial Statement PreæntaaionThe Villâge reports lhe following maþr proprietary tunds:Ihe Glenview Water Fund (fornedy called theWateworks Fund) aæounts for he provision of waterserv¡æs to the property owners in the Village, AII activitjes necessary to provide such serv¡ces areaæounted br in tiìis fund induding, but not lim¡ted to, administration, operat¡ons, maintenance,fnanc¡ng and related debt service, and b¡lling and ællections.fhe Nofth Ma¡ne Water and Sewer Fund aæounts for he provision of Mler ând serer services tothe property oMers in an un¡ncorporated area southrest of the Vìllage Th¡s area was formerlyserved by the North Suburban Public Utili[es Company. Ail actjvilies necessâry to provide suchsêrvices are acæunted fur ¡n his fund includ¡ng, but not limited to, administration, operâtions,ma¡ntenanæ, fnancing and related debt serv¡ce, and billing and collectionsThe Glenv¡il San¡tary Sewer Fund (formerly called the Sewerage Fund) accounls for the prov¡s¡on ofsan¡tary serer serv¡æs to property omers in both inærporated and un¡ncorporated areas of theV¡llage All activities necessary to provide such serv¡ces are accounted for ìn this fund includ¡ng, butnot l¡mited to, adm¡n¡stration, hansmiss¡ons, maintenance, fnancing and related debt service, andb¡lling and ællections Treahnent is performed by another agency.As a gen€ral rule, the effect of interfund activity has been eliminated from the government-wide fnancialstatements Horever, ¡nterfund services provided and used are not eliminated in the process ofconsolidationAmounts reported as program revenues indude: 1 ) charges to customers for goods, services, orpriv¡leges provided, 2) operating grants and conk¡butjons, and 3) capital grants and contr¡butions,including essessments lnternally dedicated resources are reported as general revenue rather than asprogram revenue, L¡kewise, general revenues include all taxesProprietary funds d¡slingu¡sh operat¡ng revenues and expenses from nonoperat¡ng items Operatingrevenues ad expenses generally result from providing servìæs and producing and delivering goods ¡nconnection wittì a propr¡etary tund's pr¡ncìpal ongoing operations The princìpal operat¡ng revenues oftheenterprise fund and ofthe Village's internal service fund are charges to customers ior sales and servjæsOperating expenses for an enterprise fund and an internal service fund ¡nclude the cost of sales andservices, âdministrat¡vE expenses, and depreciation on capital assets Al revenues and expenses notmeetjng th¡s defn¡tjon are reported as nonoperat¡ng revenues and expensesThe Mllage reports deferred and unearned revenues on its fnanc¡al statements Deferred revenues arisewhen a potenlial revenue does not meet both the "measurable" and "available" criteria for recognition inthe arrent period for the governmental funds, Unearned revenues also arise when resources arereæ¡ved by ths Village before ¡t has a legal daim to them, as when grant monies are rece¡ved prior to theinatrence of qual¡fying expenditures ln subsequent per¡ods, when revenue recognit¡on criter¡a are metor v'/hen the Mllage has a Iegal daim to the resources, the liab¡lity for unearned revenues ¡s removed fomthe financial statements and revenue ¡s reægnizedMllagE of Gl€nview, lll¡noisNotes to Financial StatementsDecember 312012Note 1. Summay of Sígnificanl Accounling Policies (ConlinuodlCash EquivalontsFor purposes of he stâtement of €sh iore, lhê proprietary fund types æns¡der all highly l¡qu¡d¡nvestments wih maturit¡es of three months or less, at tìE date of purchase, to be cash equ¡vâlentslnvestmentslnveshnents are ærried at fa¡r vaiue besed on quoted markel pricesReceivablesThe recognition of receivables ãssoc¡ated with nonexchange ûansact¡ons is as follom:. Derived taxreceÌvables (such as sales, ¡ncome, and motor fuel taxes) are reægn¡zed when theundeding exchange has occurred. lmposed nonexchange receivâbles (sucfì as property taxes and fnes) are recognized when anenforceable Iegal claim has erisen. Government-mandated or voluntary nonexchange transacton reæ¡vables (such as mandates orgrants) are reægn¡zed u,hen all el¡g¡b¡l¡ty requirements have been meIlnventory and Prqpaid ltamsI nventory ¡s aæounted for at cost, using the frstin, first{ut method lnventor¡es of governmental fundsare accounted for under the consumption method, whereby acquisitions are reærded in inventoryacæunts in¡üa¡ly and charged to epend¡tures wtlen usedCerta¡n payments to vendors relect æsts appl¡câble to futJre aæounling periods and are reærded asprepaid items in both government-wide and tund fnanc¡al statements usìng thê consumpüon m€thodUnbillød SøruicesUnb¡lled revenue in the proprietary funds ¡s recognized as earned when the serv¡æs are providedCapifa, AssofsCapital assets, uhich include property, bu¡ld¡ngs, vehides, equipment and infastructure assets (e g.roads, bridges, and similar items), are reported in the appl¡cable governmentâl or bus¡ness-type activiliescolumns in the government-wide financial siatements and in ths proprietary funds statemenls Cap¡talassets are defined as those havjng an estimated useful l¡fe greater tiìan one year vúûì an ¡nil¡al, individualcost of more fÌan $25,000 Add¡tjonally, the L¡brary reports ¡ls collection of books ând meteriels as aæp¡tal asset Capital assets are recorded at h¡stor¡cal cost, or est¡mated histor¡cai æsl ¡f purchasod orconsfucted Donated capital assets ae recorded at eslimated fair market value at he date of donationThe costs ofnormal ma¡ntenance and repa¡rs that do not add to the value oflhê assets or mater¡allyextend asset l¡ves are not €p¡tal¡zed lmprovements are cap¡tal¡zed and deprecjated over the remain¡ngusetul lives ofthe related cap¡tal assets, as applicableA-34
Villags of Gl€nvi€w, lllino¡sNotes to Financial StatementsDecBmber 3l2012Not€ 1. Summary of S¡gnificant Accounting Polic¡es (Continued)Capifa, Ass€as (Continued)Maþr ouüays for caPital assets and improvements are capitalized as projects are consFucted lnterestinurred during the construction phasê of capital assets of businesslype activities is included as pârt ofthe capita¡ized cost of the assets constructedCap¡tâl assets are depreciated using the straight-line method over the following usetul lives:Bu¡ldings and ¡mprovements 1 O - 80 yearslnfrastructure* 25 - 80 yearsWater system 50 yearsSaniiary serer system 50 yearsMachinery and equipment, and veh¡cles 5 - 1 0 yearsLibrary books and materials 7 yearslnfasbucture ¡ncludes roads, curbs, gutters, storm sewers, recreational paths, street lights, feld lights,bridges, and haffc æntrol signals,Accrued Vacaaion and Sick Leave (Compansaled Absønces)Compensated Absences ¡nclude aæumulated vacation and compensatory time as employees are notpaid flr sick lime ¡n the event of termÌnatjon. Employees are required to use one-halfofthe vacationdays they earn each year or they lose it and the remã¡nìng days can be used, saved, or carried over intothe nêxt yeil ¡n the employee's vacation "bank" Employees may not accumulate more tìan 30 daysrcrlh of unused vacat¡on time ¡n their vacation'bank". Employees are allowed to accumulatecompensatory lime to a maxjmum amount spec¡fed ¡n their union contracts or Mllage personnel manualas follore:Mllag€ of Glenview, lll¡no¡sNotes to F¡nanc¡al StatementsDecember3l 2012Note'1. Summily of Slgnlficant Accounling Pol¡cles (Conlinued)Lo n g-T e rm O bl i gaaiors (Contínusd)Debt service funds are specif cally established to a@unt br and service he long-lerm obl¡galions lor thegovernmental funds' debt Enterpr¡se funds individually âcæunt for and service tìe eppl¡cable debt thatbenefts those funds Long{erm debt is reægn¡zed as a liabil¡ty ¡n a governmental fund wlì€n due orwhen resources have been accumulated for payment early ¡n the folloì¡ling year.Cla¡ms and JudgmentsLiabilities resultjng from da¡ms and ildgments, ¡nclud¡ng da¡ms incurred but not report€d, have beenrelected ¡n the fnancial statementsCapital ContributionsCapital æntibut¡ons, ¡f any, reported ¡n the Statemênt of Aclivit¡es and proprietary funds represent capitalassets donated from outside part¡es, pr¡ncipally developerslnlør'Íu nd T rc n sac tio nsThe Village has tìe following types of tansact¡ons betreen tunds:Loars - amounts provided wilh a requirement for repayment lnterfund loans are reported as due fomother funds in lender funds and due to other funds in borrorer funds for short-tem borrowings.Advances to other funds are reported ¡n lender funds and advances fom other funds in borrouÊrfunds for long-term borrowings Amounts are reported as internal balances ¡n tle governmenÞwidestatement of net pos¡tion.Sev¡ces prcv¡ded and used - sales and purchases of goods and serviæs Þstween funds for a pr¡cêapproxjmating the¡r external exchange value lnterfund services provided and used are reportêd esrevenues ¡n seller funds and expendifur€s or epenses ¡n purclìaser funds Unpaid amounts arereported as due to/fom oher funds ¡n the fund balanæ sheêts or fund statements of net posilion.Re¡mbußements - repayments from the funds responsible for parb-@lar êxpend¡tures or €)penses tothe funds that ìnitially paid fcr tiìem Re¡mbursements are reported as expenditures ¡n the rê¡mburs¡ngfund and as a reduclion of expenditures in the re¡mbursed fundfrârslers - îom of assets (sudì as cash or goods) without equ¡valent lows of assets in refum andwithout a requ¡rement lor repayrnent ln governmentel funds, tasfers are reported as olher financ¡nguses in the funds making transfers and as other fnflc¡ng sources in ûìe funds reæ¡ving transfBrs lnproprietary funds, transfers are reported as a separate category after nonop€rating revenues andexpenses.Us€ of Esfirrafssln preparing financial stat€ments, management ¡s requirêd to makg estimates and assumptions that affectthe reported amounts of assets and l¡abil¡ties, thê djsdosure of ænt¡ngent assets and liabil¡lies at the dateof the financial statements, and the reported amounts ofrevenues, ep€nditJres, ild expenses duringthe reporting per¡od Actual resu¡ts could d¡ffer from those est¡malesNon-Union PersonnelPublic Vl/orks UnionD¡spatch UnionPolice Un¡onFìrefghter Union80 hours1 20 hours84 hours84 hoursN/ALong-Tem Obligationsln tlìe government-wide financial statements and propdetary fund types in the fund fnancial statements,long-term debt and oher long-term obl¡gations, induding compensated absences, are reported asliabil¡ties in the aPplicable governmental actjvilies or busìnesslype activities statement of net positionBond Premiums and discounts are reported net of the associated debt and are deferred and amortizedoverthelifeofthebondsonastra¡ght-linebas¡s Bondissuancecostsarereportedasdeferredchargesand amortzed over the tem of the related debtln lhe fund ñnancial statements, governmental funds recognize bond prem¡ums and discounts, as well asbond ¡ssuanc€ æsts, dur¡ng the errent per¡od The face amount ofdebt issued is reported as ollìerfnanc¡ng souræs Prem¡ums reæived on debt ¡ssuances are reported as other fnanc¡ng sources, wh¡led¡scounts on debt issuanæs are repoded as other fnanc¡ng uses lssuance æsts, whether or notwithheld fTom he actuâl debt proceeds received, are reported as epend¡turesA-35
Mllage of Glenvi€w, lll¡no¡sNotes to F¡nanc¡al StatemêntsDecember 312012Noto 2 D€pos¡ls and lnvestnsntsThe V¡llage mainta¡ns a æsh and ¡nvêstment pool that is available þr use by most funds Each tund'sportjon of th¡s pool is d¡splayed on the balanæ sheet/statement of net posilion as "cash and cashequivalents" and "¡nvestnents " ln add¡tion, ¡nvestrnents are separately held by several of the Village'sfunds The Village's investnent pol¡cy and state statutes allow the Village to invest ¡n the lcllowing:- lnterest-bear¡ng acæunts of Þanks and savings and loan associations insured by the FederalDepos¡t lnsurance Corporatjon- Obl¡galionsoftheU.S. TreasuryandUS agencies- lnsured accounts ofan lllinois credit unÌon chartered under Un¡ted States or lllinois law- Money market mutual funds with portfol¡os of securities ¡ssued or guaranteed by the Un¡tedStates or agreements to repurctìase these same types of obligalions- Repurchase agreements $tì¡ch meet insbument transact¡on requirements oflllino¡s law.- Short-termobl¡gatìonsofUS corporatjonsratedinthethreehighestdass¡f€t¡onsbyatleasttwo standard rating agencies- The lll¡nois Funds- lllinois Mefopolitan lnvestnent FundThe V¡llagê's ¡nvestment policy l¡m¡ts the Village from investing in any fnanc¡al institution in lvh¡ch theVillage's funds on depos¡l are ¡n excess of 75% of the ìnstitution's capìtal stock and surplusTh€ depos¡ts and invesbnents of the Pol¡ce Pension Fund and the Firefghters' Fund are held separatelyfiom each other and from those ofother Mllage tunds ln addition to the aforementioned ¡nvestments,these pens¡on funds arê also perm¡tted to invest ¡n the following instruments:Bonds issued by any county, c¡ty, tounsh¡p. vìllage, ¡ncorporated toM, mun¡c¡pal corporation, orschool dishict in lllino¡sD¡rect obl¡gations of the State of lsrael.Separate acæunts of lllinois-licensed insurance companresCommon and preferred stockAs of December 3'1, 201 2, €sh and ¡nvesùnents consisted of the followìng:Fidu ciâry ActivìtjesPension Agency ComponentVillage$ 25,791,32'lf9,977,039201,49923,980,9978,167.875$ 78,118,731Trust FundsTotalî 30,117,20721,673,471596,71 12A,797,28928,926,17730,301,5782,675,9122,O40,75652 195 D32Mllage of Glenview, lll¡no¡slnrestmenl TheTotalsNotes to Financial StatementsDecember 31. 201 2UñfrNote 2 Depos¡ts and lnvsstnents (Conlinued)The lllinois Fundslll¡no¡s Funds is an investment pool managed by the State of lllinois, Offæ of the Treasurer, which allomgovernments within he State to pool he¡r funds for ¡nvestnent purposes lllino¡s Funds is not reg¡steredwith the SEC as a invesfnent company, but does operate ¡n a manner consistent with Rule 2a7 of helnvestmentCompanyActofl940 lnvesínentsìnll¡¡noisFundsarevaluedatlllinoisFunds'shareprice,wh¡ch is the pr¡ce he invesbnenl could be sold fur.lllino¡s Metropolitan lnvesbnent FundThelllinoisMetropol¡tanlnvestmentFund(IMET) isnotregisteredwitìheSEC. OversightlorlMETisprov¡ded by the IMET Board The Board ¡s respons¡ble for pol¡cy infcrmalion, as rr'ell as pol¡cy andadm¡nisfation oversight The fa¡r value of the pos¡tions in the pool ¡s the sama as th€ value of he poolshares.Custodial Credit Risk - DepositsCustodial Credit Risk ìs the r¡sk that in the event of a bank failure, the Village's depos¡ts may not bereturned The Village's investnent policy requires that depos¡ts that exceed he amount ¡nsured by theFDIC ¡nsurance protect¡on be secured by some form of collateral at tìe rate of I 1 0% of such depos¡ts byU S Government Sear¡ti€s, obligations ofFederal ¡nstrumentalilies, obl¡gaüons of the State oflllino¡s, orgeneral obligationmun¡c¡pal bondsrated"AA"orbetter. AsofDeæmber3'1,2012úìeVillagemsnoteposed to custodial cred¡t risk on depos¡tslnterest Rate R¡sklnterest rate rìsk ¡s lhe r¡sk that the fair value of ¡nvestnents will decrease as a result of an ¡nsease in¡nterest rates. ln accordance with its investnenl pol¡cy, lhe Village lim¡ts its eposure to ¡nlerest rate r¡skby sbucturing the portfclio so that securilies or oher ellowable investments matur€ to meet cashrequirements for ongo¡ng operations, thereby avo¡d¡ng the need to sell secur¡lies or other alloMbleinvestments on the open market prior to matur¡ty and by ¡nvesling operaling funds primarily ¡n shortetrterm securit¡es or olher allomble investnents The policy Ms put ¡n place lo provide l¡qu¡d¡ty for shortand long-term æsh low needs wfìile providing a r€asonabl€ rate of retirn based on he orrent marketAs of December 31, 201 2 the Vlllage and the Library (component unit) had the fullowing ¡nvestnents andmatur¡lies (exduding the pension tunds):lñú.{ñ.ñl Mrl"ñi.< 6ñ v¡.^lDemand depos¡tsCedifcatæ ofdepos¡tThe lll¡no¡s Fundslllìnois Mebopolibn lnvesthent FundU S bea6ury obl¡galion6U.S agency obl¡gationsMun¡cìpâl obligationsCorporatc obligatonsMstual funds - equ¡tyToiá¡I 2,664,335390,73320,758,30230,301,5782,675,5122,040,75652 195 032¡ 536,0131.696,432$ 1,155,5384,4793,21 6,948Fa¡Losslhân 1s 8,167,875Greaterlhâñ 51 599,344s 3 a3l 7aqU S treesury obl¡get¡onslllinois Metropolitan lnvestment Funds 8,167,875s 36 q65 16¿l-5ss Á7117rıs 1) 1Ae U¿s 1ll 32664As 4,376,965 ¡ 't97.654,133A-36
Mllage of Glenvlew lllino¡sNotes to F¡nanc¡al StatementsDecember 3120't2Noto Z D€pos¡ts and lnvestments (Conlinued)lnterest Rate R¡sk (continued)ln acærdance with their investment pol¡c¡es, the pens¡on funds l¡mìt the¡r exposure to ¡nterest rate r¡sk bystructur¡ng the portfolios to provide liqu¡dity for shorfand long-term €sh low needs nhile providing areasonable rate of rehlrn based on the current marketAs of Deæmber 31, 201 Z the Police Pension Fund had the l]llowing ¡nvestments and maturìties:lnvestmenl Mâturfies fin veårs)Mllage of Glenviev lll¡nolsNotes to F¡nancial StatementsDecember 31. 201 2Note Z Deposits and lnwstn€nts (Continued)Credit Risk (Conlinued)The lll¡no¡s Funds Money Market Fund and PrÍme Fund ar€ rated AAA by Staldard and Poor's. U STreasury obl¡gations are backed by the full ia¡tiì ând qedit of he U. S. Government and a€ notcons¡dered to have crêd¡t riskAs of December 3 1, 201 2, the Pens¡on Funds had he following fxed income ¡nvestrnents lvh¡ch are ratedby Standard and Poor's are as folloreFeÍFatLessthãn 1Lessthãn 1Greãterthan l0Ferlnvesûhen( -[ypeVâlue1-56¡0TotalsAs of December 31, 201 2, tìe Firefghters' Pension Fund had the following investrnents and maturities:U.S. treasury obl¡gaûonsUS agencyobl¡gationsl\4ún¡cipal obligat¡onsCorporate obl¡get¡ons$ 14,602,846 $ 62s,833 $ '10,483,773 $ 3,102,958 $ 390,28213,160,964 964,967 2,277,447 4,122p58 5,796,492196,048 - 143,751 52,2972,040,756 220,137 809,485 1,011,134$ 30,000,614 $ 1,810,937 $ 13,714,456 $ 8,288,447 S 6,186,774U S egency obl¡gat¡onsl\¡unic¡pal obligations$ 30.301.5782,675,912? o40756t 30,301,578 ¡ -1 51,835 2,524,077E¿710 A5 6¿qCorporate ob¡igâtionsTota¡sAqo 5¿qi onå ß52$35018246 S30508123 $ 2610726 $ 8905¡15 S 1008852Custodial Credit RiskFor an ¡nvesfnent, custod¡al cred¡t r¡sk is the risk that ¡n the event of tìe fa¡lure of tìe counterperty, theVillage will not be able to re@ver he value of ¡ts ¡nveskn€nts or collateral seer¡lies lhat are in thepossession of an outside party. To lìmit ¡ts exposure, lhe Village's investnent pol¡cy requ¡res allinvestments to be l¡mited to thê safest types of secur¡lies invested with pre-qualifed ¡nslitutions,broker/dealers, ¡ntermedides, and edvisors, and soundly diversifed. The lll¡nois Funds and lllinoisMetropol¡tan lnvestment Fund are not subþct to dstod¡al qed¡t r¡sk The bðk baiance of tìe Mllage'sdeposits with fnanc¡al ¡nslitut¡ons Ms not eposed to custod¡e¡ qed¡t risk as it ¡s fully insured orællateralized as of D eæmbet 31 , 2012The Police Pension Fund's investment pol¡cy requires dl securilies tìat are exposed to ostodial cred¡trisktobeheldbyathird-partyagent TheFirefghters'PensionFund'sinvestnentpolicyrequ¡resallinvestments to be limited to the safest types of securitês invested wifì pre{ualified ¡nstitutions,broker/dealers, intermediaries, and advisors, ãnd soundly d¡versifed The lllino¡s Funds ¡s not subÞct tocustodial credìt riskConcentrat¡on of Cred¡t RiskConcentrat¡on of credit r¡sk ¡s the risk of Ioss atfibutêd to fìe magn¡tude of investmenl ¡n any on€ s¡ngleissuer lt¡sthepol¡cyoftìeVillagetodivers¡titsinvestrnentportfolio lnvêstnentsshâll bediversifedtoel¡minate the risk of loss resultng in an overæncenûalion in a security, mahJrity, ¡ssuer, or dass ofsecur¡t¡es The Village Ms not exposed to concentratjon ofqed¡t r¡sk as ofDecember 31, 2012The Pension Funds' investment policies require divers¡fcaton of ¡nvestnent to avoid unreasonable riskAs of December 31, 201 2, the Poliæ Pensìon Fund and the Firefghters' Pens¡on Fund hâd the following¡nvestments (other han those expl¡c¡üy guaranteed by he U.S government) that exæeded 5% of Plannet position:U.S. treasury obligåûonsU S. ågency obligationsMun¡cipal obligat¡onsGreeter1 09 2055 6,155,45617 ,140,6142,479,864$ 101,64125'1,6534,453,8457,768,091544 930s 1,599,970 $9,'t20,8701 a25 129Totalst 2s77S9s!353 29¿s 12 766 8663 1?q¿656q tñq rn4Cred¡t RiskCredit r¡sk is he risk that tlîe Village, Pensìon Funds or Library will not recover the¡r investments due totlìe ab¡lity of the counterparty to tulfll ¡ts obl¡gationThe Mllage l¡mits its exposure to sed¡t r¡sk, by investjng ma¡nly in external ¡nvestment pools The lll¡no¡sFunds Money Market Fund and Prime Fund are rated AAA by Standard and Poor's The lllinoisMetopol¡tan lnvestment Fund (l MET) 1 -3 Yeâr Ser¡es and Conven¡ence Fund are depository vehicleslhat are 1 00 percent ællateralized wih obl¡gations of the United States Treasury and its agencies Allcollateral searilies are held in tlìe name of t¡ìe Illinois Metropolitan lnvestrnent Fund at tiìe FederalReserve Bank of New York llVlET hâs been rated Aaa by Moody'sThe Pension Funds gêneral investment policies follow the prudent peÍson rule subject to the specìfcresbictions ofthe lllino¡s Pension Code and the Pens¡on Funds' asset alloca[on policy, Under theprudent person rule, investments shall be made with the care, skill, prudenæ and d¡l¡gence under theciramstilces then prevailing that a prudent person acting in like capac¡ty and familiar with such matterswuld use ¡n the ¡nvestnent of a fund or l¡ke character and with l¡ke aimsA-37
Mllage of Glsnviow lll¡noisNotes to Financial StatementsDecember 312012Note Z D€posits and lnv€stments (Continued)Concentration of Cred¡t R¡sk (Continued)Mllage of Gl€nvisw, lll¡no¡sNotes to F¡nanc¡al StiatementsDecember 312012Note 3. Recs¡vablos (Conlínuod)Other ReceivablesThe following receivables are ¡nduded in Receivables - Otìêr on ths Gov€rnmental Funds Belance Sheetand Statement of Net Posilion - Governmental Aclivilies:Fêderâl Homê Loân BenkFederål Fam crèdit BankNote 3. Roc€¡EblesP rc perl y T a x Receiv ab le sThe Village's property taxes are levied in December of each calendar year on all taxable real propertyI ocated ln the Vi¡ I age P roperty tax€s attâch as an enforceabl e lien on January 1 of the same levy yearTaxbillsarepreparedbytheCountyand¡ssuedonoraboutFebruaryl andSeptemberl ofthefollowingcalendar year, and are payable in trc ìnstallments on or about March 1 and October 1 in that followingcalendar year The County collects such taxes and remits them periodìcally. An allomnce foruncollectible taxes has been established based on historical experienæ Taxes levied in December 2012are intended to finanæ the Village's subsequent fscal yeâr and have been reærded as unearnedr€venue. The Mllage has recogniæd the 201 1 tax levy as revenue in fscal year 201 2faÆs Rêce¡vabreThe fullowing rece¡vables are ¡nduded in Receivables - Taxes on the Governmental Funds BalanceSheet and Statement of Net Position - Governmental Actv¡ties:Poliæ Pensìon Fire Pension$ 3,838,288 $ 11,181,172- 4,69't,650_t_-3.!!!!!!_ _!__j_!¡t?.9??_$ 18,20142,489126,1 1 3334,84733,'12921,22241,654617,65587,639$ 705,294Court fnesTipping fees91 1 surcharge feesGranlslnterestLiænsesOtherTotal other reæivebles - Govemmental Fundslntemal Seruice Funds and other adjustmentsTotal other rece¡vables - Govemmental ActivitiesPropertySalesUtilityln@meUseFranchiseHotelAmusementTotal taes reæ¡vable10,382,8495,472,355985,4201,243,244174,360162,17044,764$ 18,478,299137Due Frcm Other GovarnmenasThe following amount due fom anoher government is induded in Oue From Other Governments on theGovernmental Funds Balance Sheet and the Stâtement of Net Posit¡on - Governmentd Aclivit¡es:lllinois Department ofTransportat¡on - motor fuel laxes $ 92,513Not€ 4 Land Held for RssaleThe Village reports land held for resale total¡ng $30,391 ,262 wfìicfì consists of two parcels. The firslparcel reported at $23,A91 ,262, cons¡sts of 41-aqes of Villag+oMed property in The Glen llF, in anarea near West Lake Avenue and Shermer Roâd This land uÊs dedared surplus to he neêds of tìe USNavy and was sold to tìe V¡llage in 2007 for development purposes Proce€ds of the General ObligationBonds, Taxable Series 20068, provided funds for th¡s land purchase; the V¡llage is errenüy evaluatingpurchase proposals lcr the property wih dos¡ng ant¡cipated by October 2013 The second parcdreported at $6,500,000 ¡s i3r lhs former Dom¡n¡ck's leased properv (1 020 \ /aukegan Road) The Villagepurchased th¡s property ¡n 2007 and continued to lease this property to Dom¡n¡ck's tìrough lhe l€as€expiration date of Deæmber 31, 2012 The Villagê entered ¡nto an agr€emenl ¡n Deæmbêr 2012 tolease the land over a ten year period to a high quality, full-servic€ groær. This agreement ænta¡ns acont¡ngency period dur¡ng which the grocer æuld terminate the agrêement for reasons ¡ndud¡ng inabil¡tyto seare satisÊctory easements and lack of proþct feas¡bility. Additionally, under he agreement theVillage is responsible for demolishing the e¡stng Domin¡cKs store and site preparat¡on. The or¡g¡nalagreement was aÎended in February 201 3 to extend the æntingency per¡od through March 1 5, 201 3. lt¡s anticìpated that tìe lease will commence on November 1, 2013 ad will qual¡fy as a €p¡td lease at thattimeA-38
Village of Glenview, lll¡no¡sNotes to Financial StatementsDeæmber 312012Note 5, Cap¡tal AssetsGove mme nta I Activiaie sA summary of changes in €p¡tal assets l]r governmental acliv¡ties of the Village is as follow:Balance BalanceJanuary 1, December 31,2A1) Addiliôns nêlêliôñc )ı1tMllage of Glsnvi€W lll¡noisNotes to F¡nancial StatementsDecember 31 20'12Note 5. Capital Assets (Conlinuêd)B u sines rt yF Acaiv it¡e sA summary of changes in Ép¡tal assets for bus¡ness-type activilies of the Village ¡s as follore:BalanæCap¡tal assets not be¡ng depreciatedLandLand right of wayTotal æp¡tal assets not beingdepreciatedCapitel essets be¡ng deprec¡atedBuild¡ngs and imprcvementsMach¡nery and equipmentI nfrestructurêTotal capital assets beingdepreciatedLess accumulated deprecÌat¡onBuild¡ngs and ¡mprcvementsMechinery and equ¡pmentI nfrastructureTotal accumulated depreciationTotal æpital assets beingdepreciated, netGovemmental act¡v¡tjes, cap¡talassets, net74,941,327 5,431.452139,486,826 (1,259,469)s 201 568 315 S t,1 166 ¿6rì521,09983.851 ,68033,887138,193,470$ 6,935,698 S55,145.79't62 081 4897s,688,78810,396,904132342 461,14 4)AíS316,734,7607,027,49255.1 79,0756,935,69855 238 79893 007s3 0071,01 1,0901,853,2251,307,6684 171 9831,652,075721,991,3 057 386476,66778,31955¿ CAÂât 17^ ¿9â76,699,87811,773,462133,571,8'10tt) o¿q 1\ã1 8,386,8357,306,70358 158 142Add¡t¡ons857,979751,260.t00 630I 709 869234,45234,186316 567eo2 Rs1Rn2 Rql2,613,42557,O55,21122,973,76487 019 698Capital assets not being depreciatedLendTotal capital assets not be¡ngdeprecìatedCapital assets being depreciatedBuìldìngs and ¡mprovementsWater systemSan¡tary sewer systemEqu¡pment and veh¡clesdepreciatedLess accumulated deprec¡ationBuildings and improvementsWater systemSanitary sewer systemEquipment and vehiclesTotal accumulated depreciationTotal capital asseG beingdeprec¡ated, netBusiness-type activit¡es, capitalassets¡ net678,357'16,749,4294,704,0023Ê43 tl171,O4s1,118,494441,995)na 71ãI 10,79523,064Á7 9)9749,40217,757,1245,122,9333 ¡35 CCaJanuary 1,201)$ an? aslgô, ß512,613,4255ô,431,68422,256,6904 3)4 59785 626 396DêletiônsBalancaDecember 31201)s442,78078 319I A3t )50lal 7aa27 ß5 ß1(1t) 341\134 779 59 65¿ r37s 60614248 S t1223A1\ S 134779 ß 60357088A-39
Vif lage of Glsnviow lll¡noisNotes to Financial StatementsDecember 31, 201 2Noto 5. Capital Assets (Continuscf)Depreciat¡on ExænæDeprec¡alion expense was charged to funclions/programs of the primary government's governmentalactiv¡ties as follouÃ:Mllag€ of Gl€nview, llllnolsNotes to Financ¡al StatementsDeæmber 312012Note 5, Capital Assets (Conlinu€d)Com ænent U nia - Gtenviøw UbtaryA summary of changes in cap¡tal assets lcr tìê Library is as follore:BalanceJanuary 1,2012 Add¡tìonsCap¡tal assets not be¡ng deprecialed:Land $ 5,426,987 $General govemmenlPubl¡ç safetyPubl¡c worksDevelopmentTolal govemmental actjvity depreciation expenseDeprec¡âtion expense for the business-type activities aE as follows:Glenview Water FundNorth Maine Water and Sewer FundGlenview Sanitary Sewer FundWholêsale Water FundCommuter Parking FundTotal bus¡ness-type act¡v¡ty deprec¡ation expense0 3,'164,4061,065,003/oo,/ /J433,270BalanceDecember 31)o12sDêlêliôns343 042343 082u 7)âsa 7)63ra 3s3?a 3565 Át6 94733 787 588$ 5,431,4521,1 30,51 2'167,415403,92262,81667,585Capìtal assets be¡ng depreciated:Buildings and improvementsEquipment and veh¡clesL¡brary books and materialsdeprec¡atedLess accumulated depEc¡ation:Bu¡ld¡ngs and improvementsEqu¡pment and vehiclesLibEry books and materialsTotal accumulated deprec¡ationTotal capital assets beingdeprec¡ated, netTotal €pital assets, net5 30¿ ,157I 58' 3582A 3¿S SA1fi 061 ¿2âìs 33 772 SAst1 ôâl ¿rêJ26,901,546113,4026 63¿ 7Sô1,026,98743,1s3! 234 ı1726,901,546113,4026 nt ã¿î5)î 932520 932538,03122,0811 A)) t¿6s 1 A3) )5ı1,565,0'1865,2UÊtı1\7s6 R3l 7CC, 964 7CC92 ae) aR6A-40
Mllage of Glenvi€W lllino¡sNotes to F¡nancial StâtementsDecember 31, 201 2Note 6. Rlsk Managem€ntThe Village ¡s exposed to various risks of loss related to tortsi theft of, damage to, and destruction ofassets; errors and om¡ssions; natural disasters; and ¡llnesses of and injuries to the Village's employeesThe Village is self-¡nsured (and participates in two public employee risk pools for health claims) forgeneral liab¡l¡ty, auto, property, and rcrkers'compensatjon risks. Commercial insurance is car¡ed foramountsinexcessoftheself-insuredamounts Forallinsuredprograms,settlemenlamountshavenotexæeded ¡nsurance coverage for the current or three prior yearsSølf-lnsunnceThe Mllage establ¡shed the lnsurance and R¡sk Fund (an internal serv¡ce fund) to report self-insuranæactivit¡es The V¡llage's polìcy ¡s to fnance errenüy in h¡s fund all claims pa¡d, estimated futurepâyments with respect to claims made, and estimated claims incurred but not reported The lnsuranceand R¡sk Fund provides æverage up to â maxjmum of $200,000 for each general liabil¡ty claim, $550,000for each rcrkers' compensatjon daim, and $.100,000 for each property damage claim Such paymentsare displayed on the fund fnancial statements as insurance services expensesL¡abilities are r€ported when it is probable that a loss has occurred and the amount of the loss can bereasonably estimaled. Liab¡l¡ties ¡nclude an amount for cla¡ms that have been incurred but not reported(IBNR). The total estimated cla¡m liab¡lity as of December 31, 2012 ws $1,802,990A reconciliât¡on of the cla¡ms liabil¡ty for the errent year and that of the preæd¡ng year is reported belowUnpa¡dcla¡msl¡ability-Janusry1.2oll $ 3,195,0ô9Claims incu.red - calendalyeat2'll 800,32ôClaims pa¡d - calendar year20l'1 (806,409)Unpá¡d cla¡ms l¡ab¡lity- December 31,2011 3,188,986Claims inourred - @lendatyea¡2'12' (312,207,Cla¡ms paid - calendar year 20 1 2 (1 ,073,789)Unpã¡dclaimsl¡ability-December3'1.2012 $ 1,802,S90'The Village ohanged lheir policy relating to the IBNR estimãte in 2012 whìch led to a decrease ¡n the estimâte for 201 2lntørgovernmental PeÍsonnel Bensfit Cooperclivø (IPBC )ThêV¡llagepârlicjpatesinthelntergovernmentalPersonnelBeneftCooperative(IPBC) lPBCisapubl¡centity risk pool with a membership of thirteen local governments in lll¡nois to admÌnister some or all of thepersonnel benefit programs (such as med¡cal, dental, and life insurance coverage) offered by itsmembers to he¡r offærs and employees and to th€ oflcers and employees of certa¡n othergovemmental, quas¡{overnmental, and nonproft public serv¡ce ent¡ties R¡sk ofloss is reta¡ned by theVillage, exæpt that ¡PBC purchases excess ¡nsurance coverageVillage of Glenview, lll¡noisNotes to F¡nancial StatementsDecember 312012Nots6. R¡skManagsm€nt(Continu€d)lnaergovanmentat Perennet Bønøfit Coo Frativø (IPBC ) (Conainued )Management consists of a board of d¡rectors, æmprised of one representalive fiom eâch membe¿ lnaddìtion, there are three offcers, a Benefit Admin¡stator and a Treasuref, The Mllage does not exerciseany control over the activites ofthe IPBC beyond its representalion on the Board ofD¡rectorsHigh-Lovel Ercess Liahiliay Pool (HEL-P)The Village participates in the High-Level Excess Liab¡lity Pool (HELP) HELP is a pool wih amembersh¡p of thirteen municipalities in lllinois to prov¡de excess liabil¡ly @verage ($10,000,000 ofcoverage after a $2,000,000 self-¡nsurance retenlion). The Village's payments to HELP are displayed onthe fnanc¡ãl statements as expenses in the lnsuranæ FundThe Hìgh-Level Excess Liability Pool Ms organized on April 1, 1 987 The Term ll agreement exp¡red onApril 30, 2008, and Ms extended for another ten-year term (Term lll), with en exp¡rat¡on date of þril 30,201 I The purpose of HELP ¡s to act es a þint selfinsuranæ pool for the purpose of seek¡ng theprevention or Iessening ofl¡ab¡l¡ty da¡ms for ¡niur¡es lo persons or property or da¡ms for êrrors andom¡ssions and employers'l¡abil¡ty made against th€ members end other parties induded within the s@peof its æverageEach mun¡cipality has one member on the HELP Board of D¡rectors and all budget¡ng and financedecisions are approved by the Board Each director has en equal vota The offiærs ofHELP areappointed by the Board of Dir€ctors The Board of Directors determines he g€neral policy of HELP,makes all appropriations, approves contacts, adopts resolutions providing for hê issuanæ of âny debt byHELP, adopts bylare, rules and regulatons, and exercjses such porers and performs suc¡ì dut¡es asmay be prescribed in the Agency Agreement or the bylavÆ The V¡llage does nol exerc¡se any conkolover the activities of HELP beyond its representalion on the Board of DirectorsA-41
Notes to Financial StatementsDecember 31. 201 2Village of Glenview, lll¡no¡sGeneral obl¡gation bondsCompensated absencesTotal component unit -Glenview LibÉryVillag€ of Gl€nview llllnoisNotes to F¡nanc.¡al StatementsDecember 312012Note 7. Long-Term Debt (Conlinued)Changes ln Long-Term Liabiliaies (Continued)The following changes in the Village's general obligation bonded debt ocarred in 201 2Beginning EndinglssueBâlãñæRet¡rêmentsBâlenæNote 7. Long-Term DebtChanges in Long-Tem LiahilitiøsThe following ¡s a summary of changes ìn the Vllage's Iong-term liabilit¡es in 201 2:BalanceJanuary'1,BâlanceDecember 31Amounlsdue withinDue Wlh¡nOne Yêarlssue 2012 Additions Ded@Govêmmênt¡l act¡v¡t¡es:GeneEl obl¡gation bondsUnamortizedBond d¡scountBond premiumLoss on refund¡ngCompensalgd absences$ 9S,115,000 $ 40,335,000 $ 50,095,000 $ E9,415,000 $ 30,360,000(75,s38)4,405,2221A83,022292,831Other postemployment benef¡ß 9'16,878 237,600 - 1,154,478Total govommental activitiesBua¡ness-llPe act¡vitiês:Geneml obligation bondsNotes payable[J na mortizedBond d¡scountBond premiumLoss on refund¡ngCompensated absencesTotal bus¡ness-type acüvit¡esTotal V¡liage long-teml¡abilit¡es$ 106.E4E.03E S 42.1E9.264 $ 51.468969 $ 97568.333 532125479Component Un¡t - clenview L¡bEry(200 5s1)435 9534l32,391(2,9E9,17'1)99,71868.626(124,613)463,122(124,131)1 18,586'18,090,00014,575,000't,175,000't,275,000385,00028,125,000(2,86s,040)1,464,154(1,293)12,512(184,583)279 147t r40s¿1¿7910,000146,4192,950,0001,24E,854710,000153,655Governmentâl ed¡vities$25,000,000 General Obl¡gât¡onBond Ser¡es 20044$22,3'15,000 Generãl ObligationBond Series 20048$1 0,000,000 General Obligat¡onRefunding Bond Series 2005S10,000,000 General Obl¡get¡onBond Series 20064S'1 1,290,000 General Obligat¡onBond Ser¡es 2009D$26,125,000 General ObligationBond Series 20098$1 1,035,000 Generâl Obl¡gât¡onRefunding Bond Series 20'l I51 8,090,000 Gen€ral Obl¡gâtionRefund¡ng Bond Series 2012A$14,575,000 General Obl¡gâtionRefund¡ng Bond seriès 20128$7,730,000 General ObligâûonRetunding Bond sedès 2012cTotal governmental generalobligaûon bonded debt18,300,00019,150,000s,975,00010,000,0008,105,0002A,12S,OOO5,460,000$ 18,300,000 s16,7s0,000E,700.0002,400,000I,27s,000't0,000,0007 ,220,OOO28,125,0003,860,0001,395,273885,0005,460,000(3,6EE)15,994(21s,62e)(2,395)3,482(3s,046)I 086 82618,090,00014,575,0000 24,E20,000 $252 347$ 1,04s,00041 426$ 23,775,000 $ 1,070,000$ 99 115 000 S 40.395 000 S 50 095 000 3 89.,115 000$ 30,960,000s55 8291 125 A29A-42
Mllage of Glenvlew, lllino¡sNotes to F¡nanc¡al StatementsDêæmbêr 31 201 2Note 7. Long-T€rm Dsbt (Conlinued)Changøs ¡n Long,Tem L¡abil¡t¡ss (Continued)Beg¡nn¡ngBus¡ness-lYDe ac't¡vit¡esS1,995,000 GeneEl Obl¡gations225 AiOMllags of Gl€nview, lll¡no¡sNotes to F¡nancial StatementsDecember 312012Note 7. Long-Term Dsbt (Continued)Geneâl Long-Tem DebaAt December 31, 2012, geneEl oblìgation bonded debt is comprised ofthe following:$22,315,000 GeneEl obligaÍon Bond Series 20048Dated August 1, 2004 and parlially deleased on De@mbe||8,20'12.The remaining debt seNìæ is due ìn annual installments of $1,'175,000 to$1,225,000 plus ¡nterest at 4.0% through December 1, 2014Debt is retired by proæeds from a property tax levy.9'10,000,000 General Obligat¡on Refunding Bond Series 2005Dated November 1, 2005 ãnd partìãlly deleased on December 1E, 2012.The remain¡ng debt sed¡ce ¡s due in one annua¡ ìnstallment of t1,275,000plus ¡nteresl at 3 75% thrcugh December 1, 201 3. Debt ¡s ret¡redby the Special Tãx Allo€tion Fund$10,000,000 General Obligation Refunding Bond Series 20064Dated Decembe|l, 2006 Due in annual ¡nstallments of $2,350,000 to$2,650,000 plus interest at 3.75% lhrough O€cember 1, 2018 Debt¡s retired by the Spec¡al Tq Allo€lion Fund.$5,000,000 ceneral obl¡gation Bond series 20074Deted Deæmber 15, 2007 Ouê ¡n annual installments of $475,000 to$635,000 plus interest al 3 50% to 3 75% through Deæmber 1, 2016.Debt ¡s ret¡red by the Glenv¡ewWater Fund and the Glenview Sân¡tarySerer Fund.$1,200,000 GeneEl Obligat¡on Bond Ser¡es 20078Oaled December 15, 2007. Due ¡n annual ¡nstallments of $130,000 to$135,000 plus ¡nlerest at 4 80% to 5.00% lhrough Deæmber 1, 2016.Debt is ret¡red by the North Maine Water and Sewr Fund$26,300,000 GeneEl Ob¡igat¡on Bond Tãxable Series 20094Dated Mey 5, 2009 Due ¡n annual installments of $4ô0,000 to 9'1,860,000plus interest at 3 00% to 4 125% through Deæmber 1, 2029. Debt¡s retìred by proæêds from a L¡bEry proporty tax levy.$'1 1,290,000 GeneÉl Obl¡gation Refund¡ng Ser¡es 2009DDated October 21. 2009. Due in annual installments of $385,000 to$1,640,000 plus interest at 2.0% to 4 0% thrcugh December 1, 2018,Debl is retired by the Speciãl Tax Allo@t¡on Fund.95,000,000 GeneGl obl¡gat¡onBond Series 20074Debt retìred by:Gl€nv¡ew Sewer FundGlênvi6w Water Fund1,309,0001,0ô7,000Ending225 nOO242,000Due WfhinOne Year$.253.000322,000575,000Rema¡n¡ng Balanca$ 2,400,0001,275,O0010,000,0002,42s,OOO525,00023,775,OO07,220,000$1,200,000 G€neral Ob¡igat¡onBond series 20078'135,000710,000153,655$ E63,6555 1,070,000_!__9?.!_9!,65_9_Total general obl¡gatìonbonds$2,850,00 Corporâte PurposeNote Series 1997Totål bus¡nesetypegeneEl obligation bondeddebtComoonênl Unit-clenview Library$26,300,000 G€neral Obl¡gationBond Tdable Series 20094Totel gonoEl obl¡getionbônded debt2 C75 00n550 000 2 425 000135 000525 0003,860,000910,000 2,950,000$ 24,820,000 t$ 1,045,000 $ 23,775,000A-43
Mllago of GlenYiew lll¡noisNot€s to F¡nancial StatementsDecember 312012Noto 7. Long-Tsrm Debt (Continu€d)General Lo ng-Term Debt (Cona¡nusd )$28,'f25,000 General obl¡gation Bond series 2009EDeted October2l, 2009 Due in one ¡nslãllmentof $28,125,000 onDeæmber 1, 20'13, plus interest at 2 0% to 4 0%. Debt ¡sr€tjred by the Special Tax Allocation Fund$'t8,090,000 General Obl¡gation Refund¡ng Bond Series 20'12ADated June 14, 2012 Due in annual installments of 95,E50,000to$6,210,000 plus interest at3 0% to 4 0% through December 1,2021.Debt is relired by lhe Special Tsx Allocat¡on FundS'14,575,000 General Obl¡gat¡on Refunding Bond S€ries 20128Dated Deæmber 18, 2012. Due in annual Ìnstallments of $1,200,000to $'1,750,000 plus ìnterest at 3 0% to 4 0% through December '1, 2024Dêbt is ret¡red by proæeds from ã propedy tax levy$7,730,000 Generâl Obligat¡on Refunding Bond Series 2012CDatod De€mber'18, 2012 Due ¡n annual installments of $'1,365,000 toS'1,735,000 plus ¡nterest at 2 0% to 3 0% through December '1, 20'1 IDebt ¡s retired by the Special Tax Allocatìon FundAt December 31, 20'12, notes payable is @mprised of the following:$2,850,000 Corporate Purpose Notes Series 1997Dâted September2, 1997 Due in annual ¡nstallments of $215,377 ìncludinginterest of4 94270 through September 1, 2019 Debt is retired byth€ North Maine Water and Serer FundTolal general obl¡gâtion bonded debtRemaining Balence$ 28,'125,0001E,090,00014,575,0007,730,0001 24A A54$ 'l'17.3EE.E54Mllage of Glenview, lll¡no¡sNotes to F¡nancial StatementsDecember 31, 201 2Note 7, Long-Torm D€bt (Conlinuod)Mvance RefundingOn June I 4, 201 2, he V¡llage issued $1 8,090,000 in generd obligalion retundìng bonds, Series 201 2Awit) a varlng interest rate of 3 0 to 40 percent in order lo advance retund $l 8,300,000 of outstand¡nggeneral obl¡galion bonds, Series 20044 with an averagê intêrêst rete of 4.0 perænt The net proæeds of$1 9,508,726 (indudes premium of $1,852,772 less issuance costs of $434,047) v¡ere deposited ¡n anirrevo€ble trust with an essow agentOn December 1 8, 201 2 the V¡llâge ¡ssued $1 4575,000 in general obligalion retunding bonds, Series201 28, witì varying interest rates of 3 0 to 4 0 percent in order to advance refund $1 5,600,000 ofoutstanding general obligation bonds, Serìes 20048, with an average interest rate of43 percent The netproceeds of $16,882,653 (ìnduding premium of $2,¿155,059, less issuaæ æsts of $147,406) wrsdeposited ìn an irrevoæble tust with an essow agentOn December 1 8, 201 2 the Mllage issued $7,730,000 in general obligalion refunding bonds, Ser¡es2012C, with varlng ¡nterest rates of 20 to 3 0 perænt ¡n order to advaæ refund $8,000,000 ofoutstandinggeneralobl¡gat¡onbonds,Series2005,s,ithanaverageinterestrateof3.T5percent Thenetproceeds of $8,287,505 (induding premium of $620,71 1, less issuanæ æsts of $63,206) rere depositedin an ìrrevocable bust with an esqow agenLAs a result tìe Series 20044 20048 and 2005 bonds are ænsidered to be defeased and the l¡ability turthose bonds has been removed fom he Statement ofNet Posit¡o The Village defeased thB Ser¡€s2004Abonds ¡n order to defer æsh lom to future fscd years. The Vlllage def€as€d the Series 200zlBand 2005 bonds in order to take advantage ofmore favorable interesl rates wtrich provide he Mllage wittcost sav¡ngs The Mllagê reduced its lotal debt serviæ payments for 200¿18 and 2005 over the next 1 2years by approxjmately $2,764534 and ech¡eved an economic gain of approximately $2,531,333(difference between the net present value of tìe debt serv¡æ palments on he old and th€ new debt),Debt SøNice Requirements ao MaauriayGovernm€ntal ActivìtyAnnual general obligation bond debl seruice requirements to maturity lor the Village's gov€rnmentâlactiv¡lies are as follore:FÌscal Yeâr End¡ngDecember 31,201320142015201620172018-20222023-2024TotalsPrinc¡pal lnterest$ 30,960,000 i 2,737,0203,970,000 2,009,9006,360,000 1,899,1006,600,000 1,693,0766,655,000 1,464,25031,230,000 3,605,4263,440,000 172,600_!___q4!9o s 13s8r 3?,A-44
Mllage of Glsnvisw, lll¡noisNotes to Financ¡al StatemenlsDecember 31. 201 2Note 7. Long-Tsrm Debt (Conlinu€d)Deba Sev¡ce Røquiremqnts to Maturiay (continued )Business-type AcliviVAnnual general obligaton bond and corporate purpose notes payable debt servjce requirements tomatur¡ty for ûìe Village's business-type activ¡l¡es are as follows:Mllags of Glenview lll¡noisNotes to Financial StatementsDecember 312012Note 7. Long-Torm Debt(Continuod)Compensated AÞs€nces and Other Postemplolmønt BoneÍitsThe General Fund ìs used to l¡quidate any Iìabìl¡ty lor æmpensated absences or other postemploymentbenef ts of governmental act¡vities.Revolving Une ot CrâdiaThe Village hâs ava¡lable a $1 5,000,000 l¡ne of qed¡t with Glenview State Bank stìich exp¡res onOctober 31, 201 3 The line ofcredit was not used during 201 2, and trere was no outstanding balance asof Deæmber 31. 201 2Note L lnterfund Balancos and Trtrsfgrslnterlund BalancesThe outstand¡ng balanæs between funds result meinly fTom ttìe time lag betreen tìe dates that (1)interfund goods and services are prov¡ded or reimbursable expenditures o@r, (2) transactions arorecorded in the accounting system, and (3) paym€nts betv,€€n funds ere madê. lnterfund bdanæs areintended to be repaìd currenüy tom oher resources of respectve funds. lnd¡vidud ¡nterfund balances atDecember 31. 2012 are shosrì as follom:Due lolfrom Ofher FundsYoar EndingDecember 3'1,201220132014201520162017-2015Gênêrål Ohlidãtiôn BôñdsCôñôrâiê Prrrññçê Nôtê.Prinoipal lnterest Principal lnterest$ 710,000730,000745,000705,000112,44685,70858,27230,312$ 153,655161,249'169,219177,5ø2I 86,359400,790ç 61,72254,1284ô,1 sE37,19s29,0'f I29,951_s__2s8ll2_Totals $2,950,000 $ 2E6,73E $1,248,854Component Un¡t - Glenview LibraryÆrnual general obl¡galion bond debt service requirements to matur¡ty for the V¡llage's component un¡t areas follore:Yeâr EndingDeæmber 31Princìpallnterest$1,070,0001,095,000'1,125,000'1,'t 55,0001,1 90,0006,575,0007,920,0003 6¿5 000$ 878,83'l446,731813,881780,131745,4813,065,0551,723,930227,081$ 9,081,121Totalss 23.775 000Receivable FundNonmajor Governmental FundsPens¡on Trust FundsTotalNvancês aolrom Other FundsGeneEl FundGeneE¡ FundDue From/IoOther FundsPavable Fund$$9,67523'1143) 7A91A 437 0i1'15,2't4,9413,21't,64710 41320't32014201520'1620172018-20222023-20272028-2029Advanæ From/ToOthêr FundsNoncomm¡tmêna D€bf - SpecE, S€ryicø AÍea BondsThespec¡alserviceareabondsoutstandingasofDecember3l,20l2totaled$417,996 Thesebondsare not an obligation of the Village and are secured by the levy of special debt serv¡ce on the realproperty lvithin each specjal seruice area The Mllâge is in no rey l¡able for repaymenl but is only actingas the agent for the property omers ìn levying and collecting the assessments and forwarding thecollections to th€ bondholdersNorth Mâine Water and Serer FundF¡duciary FundVillage Pemanent FundV¡llage P€msnent FundVillagc Pêmanent FundTotalA-45
V¡llage of Glonviôw, lll¡no¡sNotes to F¡nanc¡al StatementsDecember31 2012Not€ 8. lnt€rfund Balances and Transfers (Cont¡nued)lntaúund TnnsfersTransfers are used to (1 ) move revenues from the fund with col¡ect¡on author¡zatjon to the capital proþctfund or enterpr¡se fund as debt service and interest payments become due, or (2) move restricted generalfund revenues to finanæ var¡ous programs that the government must account for in other funds inaæordance with budgetary authoriätjon lnterfund transfers are recorded for permânent transþrsbetreenfundsuh¡charenotexpectedtoberepaid lnd¡vidualinterfundtransfersdur¡ngfìefscalyearended December 31. 201 2 were as follom:Primarv GovernmentV¡llago of Glenviow lllinoisNotes to F¡nanc¡al StatementsDecember 3120'12Note 9. Contractual CommitmentsHigh-Lêvel b<cess Liabil¡ay Poot (HELP)The Village ¡s a member of a þìnt venture, the High-Level Exæss L¡ability Pool (HELP). The æntractwith HELP provjdes exæss liab¡l¡ty insuranæ (sse Note 10)Sol¡d WasÍe Agsncy oÍ Nofthem Cook County (SWA¡ICC)The Mllage is a member of a þ¡nt venture, the Sol¡d Waste Agency of Norllìern Cook County (SWANCC)The conbact with SWANCC provides that each m€mber ¡s liable for its proportionate share ofany costsar¡sing fiom defaults in payment obl¡gat¡ons by other members (see Note I 0).Eco no m ic Develo pment AgÍee mentln 2000, the Village entered ¡nto m econom¡c development agreement wilh a local retailêr wiìo wished torelocate its operations to he V¡llag€. Under tì6 terms ofthe agreement, he V¡llage will rebate a port¡on oflocal sales tax rece¡pts generated Þy the reta¡ler over a base amount The agr€ement ¡s conlingent on theretailer ma¡nta¡ning the¡r fac¡lity within the Village for a period of at least fifreen years from the effectivedate of the agreement ln fiscal yea( 20'12, the Village made payments to tìe reta¡ler totaling $1,225,662in aæordance with the terms of tì¡s agreementC o n stru ctio n C o ñ miamentsThe Village has certain contacts in various funds for construction proÞcts wtì¡cfì rere in progress atDecember 31, 201 2 Remaining commitnênts under these æntracts approximated $3,00ONote 10. Joint VenturesHigh-Levêl Ercess Liability Pool (HELP)The V¡llage has comm¡tted to purchase excess l¡ãbil¡ty ¡nsurance from the High+evel Exæss Liabil¡tyPool (HELP) The amount owed has been calelated us¡ng the Village's orrent allo€lion peræntage of9 51% ln future years, thìs alloætion percentage will be subÞct to chânge b€æuse the HELP agreementprovides that each member will be assessed an amount based upon â lormula thât uses ttìe úllowingq¡ter¡a for allocaling prem¡um costs- Miles of sheets - Numbêr of motor veh¡cles- Number offulli¡me equ¡valent employees - Operaling rev€nuesThe Villag€'s agreement with HELP also provides that each member ¡s l¡able lcr its proport¡onate share ofany costs arising from defaults in paym€nt obligalions by oher members (Seê NotE 6 for more deta¡lregard¡ng HELP )GeneralGeneralGeneralNonmajor GovemmentalNonmajor GovemmentalNonmajor GovemmentalGlenviewSan¡tary Sererlnternal Sery¡æComponent Un¡tComponent Un¡tTEnsfers IñL¡b¡ary New Build¡ngL¡brãry Debt Serv¡ceSpec¡al T¿x Allo€tionNonmajor EnterpriseNorth Ma¡ne Water and SererGeneralVillago PermanenlNonmajor EnterpriseVillage PermanentGêneEl$ 6,604,404$s273,379300,000135,65'r4,837,317269,204465,92074,555)¿A a7RLìbrary Watson GiftLirbary operat¡ng65,154488 795553 949A-46
Mllage of Glenviaw, lll¡no¡sNotes to F¡nancid StatementsDecember 312012Nots 10. Jo¡nt Vêntures (Continued)Solid Waste Agency of Notthøn Cook CountyThe Village is a member of Sol¡d Waste Agency of Northern Cook County (SWANCC), which consists oftwenty-three munic.ipaiìlies SWANCC is â mun¡cipal @rporation and publ¡c body politic establishedpursuant to he Const¡tut¡on of the State of lllino¡s and the I ntergovernmental Cooperation Act of the Stateof lll¡no¡s, as amended, (tìe Act) SWA ICC is emporered under the Act to plan, consbuct, fnance,operate, and ma¡ntain a solid mste d¡sposal system to serve ¡ts membersThe members torm a contiguous geograph¡c servjce area, wtìich ¡s located northwest of doMtowtChicago Under the SWANCC Agreement additional members may þin SWANCC upon he approval ofeach member.SWANCC ¡s govemed by a Board of D¡rectors, lvhich consists of one appointed Mayor or President fiomeach member munic¡pal¡ty. Each D¡rector has an equal vote The seven-member Exeat¡ve Committee ofSWAI.ICC is elected by the Board of Directors The Board of DÌrectors determ¡nes he general policy ofSWA ¡CC, makes all appropdations, approves contracts, adopts resolutjons provid¡ng for the issuance ofbonds or notes by SWANCC, adopts byiam, rules and regulations, and exerc¡ses such porers andperforms such dutjes as may be prescribed in the agreement or the bylawsln âæordance with the jo¡nt venture agreement, lhe V¡llage rem¡tted 9544367 to SWANCC tur the yearended December 31, 2O1Z Trc paments are recorded in the General Fund The Vlllage does not havean equity interest ¡n SWANCC at December 31, 201 2Completê fnanc¡al statements for SWANCC can be obta¡ned from SWANCC'S administrative office at2700 Patriot Boulevard, Su¡te 1 10, Glenview, lllinois 60026, or from SWANCC's reb site,wsMnccorgNote 11, Employes Retirement Systemslllinois Municipal Relirement FundPlan Oesqiot¡onThe Village's defined beneft pension plan, for regular employees, prov¡des retirement and disabìlitybenefts. posbetirement inqeases, and death benefts to plan members and benefc¡ar¡es The employerplan is affiliated wih the lllino¡s Mun¡cipal Retirement Fund (IMRF), an agent multiple-employer planBenefit provis¡ons ae establ¡shed by statute and may only be chânged by the General Assembly of theStateoflll¡nois lMRFissuesapubl¡dyavailablefnancialreporthat¡ncludesfnancialstatementsandrequjred supplementary ¡nformalion That report may be obta¡ned online at w.imrlorgMllage of Glsnview, lllino¡sNotes to F¡nancial StatementsDecember 31, 201 2Noto 11. Employes Relirement Systems (Continued)lllino¡s Mun ici pal Retirement Fu nd (Contlnue.I )Fundino PolicvAs set by state statute, th€ Village's regular plan members are required to ænb¡bute 450 perænt of tlìe¡rannual ævered salary, The stafute requires the Village to conb¡bute the amount neæssary, in addition tomember conbibulions, to finance the reüremenl coverage of its om employees. The Village annualrequ¡red contributjon rate for Élendar yeat 2012 Ms 13 67 percent The Mllage also ænfibutes fordisability benefts, deah benefts, and supplementa¡ retjrement benefts, all of wtìich arê pooled ât thelMRFlevel Contibutionratesfordisabilityanddeaûìbeneitsar€setbythelMRFBoardofTrustees,while the supplemental relirement benefits rate is set by state statuteAnnual Pension CoslThe Village's required ænh¡but¡on and annual pension cost fot cdendar yea( 2012 was $Z 004351.Fisæl Annual PercentageYear Pension ofAPCEnding Cost (APC) Contributed12131t12 $ 2,004,351 100 %1431t1't 2,073,818 1001A31hO 1,988,818 100NetPensionObligations-The requ¡red æntribut¡on fur 201 2 was determin€d as part of the DeæmÞer 31, 2010 actuarial valualionus¡ng the entry age normal actuarjal cost method The acfuar¡al assumplions at Deæmber 31 , 201 0¡nduded (a) 7 5 perænt ¡nvestrnent rate of return (net of administatjve and d¡rect investnent expenses),(b) projected salary increases of 40 perænt a year, attributable to inîalion, (c) additional proþcted salaryincreases ranging from O4 percent to I O0 percent per year depending on age and service, attributable tosenior¡ty/mer¡t, and (d) postetirement benefit ¡nqeases of 3 percent annuelly. The actuar¡al value of theVillage regular plan assets ms delermined using techniques that spread the effects of shorl-termvolatility ìn he market value of investments over a fiv+year per¡od with a 20 perænt ærridor between tiìeactuarial and market value of assets The employer regular plan's unfunded actuarial accrued liability atDecember 31 , 201 0 Ìs being amorlized as a level percentage of proþcted payroll on an open 3oyearbãsisA-47
Mllagê of Glenview, lllinoisNotes to F¡nancial StatementsDecember 31, 201 2Note 11. Employea R€tirement Systems (Continued)illinois Mun',cipal Retiremant Fu nd (Continued )Funded StatJs and Fund¡no ProoressAs of December 31, 201 2 the most recent actuar¡al valuation date, lhe regular plan ms 65 56 percentfunded The actuariai aærued liabil¡ty for benef ts MS $44,133,853 and the actuarial value of assets Ms$28,933,961, resulling ¡n an underfunded ac¡tarial accrued liabÌlity (UAAL) of $1 5,'1 99,892 The coveredpayroll fur calendar yeaî 2012 (annual payroll of active employees covêred by the plan) was 91 4,662 408,and tlìe ratio of the UAAL to covered payroll was 1 04 percenLThe schedule of fund¡ng progress, presented as Required Supplementary lnformâtion following the notesto the financial statements, presents multiyear trend information about whether the actuarial value of planâssets ¡s inqeasing or decreasing over time relat¡ve to the actuarial accrued liability for beneftsPolice Pension FundPlan DescriotionPol¡æ-srcrn personnel are covered by the Police Pens¡on Plan, which is â defned beneft single-employer pens¡on plan Athough th¡s is a single-employer pension plan, the defned benefts andemployee and employer æntribuhon Ievels are governed by lllino¡s State Statutes and may be amendedonly by he lll¡nois leg¡slature Admin¡strat¡ve æsts are fnanced through ¡nvestment earn¡ngs The Vllagea@unts for he plan as a pens¡on trust fund An actuar¡al valuation was perlcrmed as of December 31,2O'12, aîd, aæord¡ngly, tìe most recent ava¡lable information has been presentedAt December 3'1, 201 2, the Police Pension Plan membersh¡p consisted of[¡em bershipRet¡rees and benefc¡aries Gutrently receiving benefitsTeminated employees entitled to benefits but not yet rece¡ving hemCurrent employees:VesledNonvested45Village of Gl€nview, lll¡noisNotes to Financial StatementsDecember 31, 201 2Not€ 1 1. Employee Relirement Syst€ms (Continuod)Police Pension Funct (Conlinuød)Plan Descr¡olion lContinuedìThe monthly beneft of a pol¡ce officer who relired with 20 or mor€ years of serviæ afler January '1, 'l 977shall be ¡ncreased annually following the frst ann¡versary datê of retirement, and be pâid upon r€achingthe age ofatleast 55 years, by 3% ofthe original pension and 3% s¡mple ¡nterest annualiy tlereaft€r.Etfective January 1, 1 993, the second and subsequent pens¡on ¡ncfeases (other tìan d¡sabil¡ty pens¡onincreases) will be computed on the current pens¡on rather han the original pensionFundino PolicvState-mandated pol¡ce employees are required to @ntibute 9 91 % of tìeir base salary to the plan. lf ilemployee leaves covered employment wìth less than 20 years of serviæ, accumulated employeecontributions may be refunded without aæumuleted ¡nterest The Village is required to contribute theremain¡ng amounts neæssary to fnance the plan as actuariaily determ¡ned by en enrolled actuary. By th€year 2033, the Village's æntributions must aæumulats to the point wtìere the past serv¡æ cost f3r hêplan is fully funded. This calculation ¡s based upon a level percent amortization flr a dosed p€riodSummarv of Sìonìficãnl Acæuntino PoliciesBas¡s of Aæount¡ngThe fnancial statements are prepared using the ecquãl basis ofacæunling Employee and employercontr¡bulions are reægnized as revenues in the period ¡n wiì¡ch employee services are performedBenefts and retunds are recognized when due and payable in a@rdance with the terms of the plan. Nosland-alone statements are issued fur the defined b€neft pens¡on planMethod Used to Value lnvestmentslnvestments are reported at fa¡r value, Short-term investments are reported at æst wñich approximâtesfairvalue. Seariliestradedonanationalorinternalionalexchangearevaluedatthelaslreporledsalespr¡ce at current exchânge rates I nvestnents that do not have an establ¡shed market are reported aleslimated fa¡r valueTotalmembeßhip117ThefollowingisasummaryofthePolicePensionPlanasprovidedfor¡nlll¡no¡sStateStatutes. ThePolice Pens¡on Plan provides relirement benefits as well as death and disab¡l¡ty benefts Coveredemployees attaining the age of50 or more with 20 or more years ofqeditable service are entiled toreæ¡ve an annual ret¡rement beneft equal to one half of the salary attached to the rank held on the lastday ofserv¡c€, or for one year pr¡or to the last day. wtìichever is greaìer The annual beneft shall be¡nüeased by 2 5% of such salary for each additjonal year of serv¡ce over 20 years up to 30 years, and1%of suchsalaryforeachadd¡lional yearof servjæover30years, toama¡mumofT5/o of suchsalary.EmPloyees wilh at least e¡ght years but less than 20 years of credited service may retire at or after age 60and rece¡ve a reduced beneftA-48
Mllago of Glsnvisw lllino¡sNotes to Finânciâl StatementsDeæmber 31, 201 2Note 11. Employe€ Relirement Systsms (Continuêd)Potice Pension Fund (Conainued)Methods and AssumptionsValualion datêAcfuarial æst methodActuarial vâlue of assetsAmorliætion melhodRema¡n¡ng amort¡zation per¡odActuar¡al assumptions:lnvestnent rate of returnProþcted salary intreasesPayroll growtirI ni ation rateCost of l¡ving indeasesAssumed mortal¡tyJaîuaty 1,2012Projected Unit Cred¡t (Effect¡ve 1 í /201 1 )Smoothed l\4arket ValueLevel Percentage of Payroll Closed21.5 Years7 25% per yeatTCG Basic Salary Table prov¡ding graded¡ncreases fom 1 12'/o lo 4.860/. uatyingby age, plus ¡nlation rate shown below4.5Vo Pet yeat2,Yo peî yea(3 OVo Pet YeaÍRP-2000 Comb¡ned Healthy Mortality Table(male) with blue collar adþstment and witha20O% load,lol patt¡c¡pants under age 50and125% for participants ege 50 and overVillag€ of Glsnview, lllinoisNotes to F¡nanc.¡al StatementsDecember 312012Not€ 1 1. Employoe Reliromont Systems (Conünuod)Police Pens¡on Fund (Conl¡nued)Fundino Status and Fund¡nq ProoressValuaüon datePerænt tundedActuarial aøued liability þr benefitsActuar¡al valu€ of assetsJanuary 1,201285.12%$ 63,376,0s0$ s3,944,71 9Unfunded actuarialacqued liab¡l¡ty (UAAL)$ 9;¿ß1,331Coverêd payroll (annuel payroll ofactive employees ævered bythe Plan$ 6,7¿tO,053Ratio of UAAL ævered payroll 139.93%The schedule of tunding progr€ss presented ¡n he Required Supplementary lnformation (RSl) fClowingthe notes the fnanc¡al statements, presents multiyear trend information about wfìsûìer he âctuarial valueofplan assets ere increas¡ng or deqeasing over time relative lo the acûarial acqued liabil¡ty for benefitsSignif¡canú /nvestmenf slnformalion on s¡gn¡f €nt invesbnents ¡s presented in Note 2 under 'Conæntat¡on of Credit R¡sk-A-49
Villagâ of Gl6nviêw lll¡no¡sNotes to Financial StatementsDecember 312012Note 11. Employee Retirsment Syst€ms (Continued)Police Pension Fund (Conlinuød)Annual Pens¡on Cost and Net Pens¡on BeneftThe Mllage's most recent acluarial valuaüon res performed as of January 1 , 2012 fot frscal year endingDeæmber 31, 201 2 The Vllage's annual pension cost and net pensìon benefit to tìe Police PensionFund rere as follom:V¡llag€ of Gl€nview lll¡noisNotes to Financial Statementsnê¡êmhér1l rn1?Note 11. Employ€e Retirement Systems (Conlínued)Firefighaø'c Pension FundPlan DescriptionSrcrn firefghter personnel are covered by tìe Firefghters'Pension Plan, vvñich is a defin€d ben€fitsingle-employer pension plan. AJthough ûtis ¡s a single-employer pension plan, tìe defined benefils andemployee and employer æntribution levels ar€ governed by lllinois State Statrtes and may be amendedonly by the lll¡no¡s leg¡slatJre Adminishative costs ile f nanæd tìrough investment eiln¡ngs Th€ Villageaccounts for he plan as a pens¡on trust fund The Village's most recenl achraria¡ valuat¡on ms performedas of December 31, 2012, and, accordingly, the most reænt available ¡nlcrmalion has be€n presentedAt December 31, 201 2, tìe F¡refghters' Pension Plan membership consisted ofMembeßh¡pAnnual requ¡red contributionlnterest on net pens¡on obligationAdjustment to annual required contdbutionAnnual penslon costContributions madelnqease in net pens¡on assetNel pensìon asset at January 1,2012Net penslon assct at December 31, 2012Trend lnformationThree-Year Trend lnfomat¡on - Police Pension Trust Fund$ 1,812,s56(74,77e)70,1731,807,9501,812,6924,742Retirees and beneficiaries curently receiving benefitsTeminated employees ent¡tled to beneits but not yet reæ¡ving themCurrent employees:VestedNonvested5626PercentageofAPCContributed1,437,391$ 1,442,133Net PensionAssetTotal membership _________l_99_The following is a summary of the Firefghters' Pens¡on Plan as provided for ¡n lllino¡s State Stâtutgs TheFirefghters' Pension Plan provides retirement benefts as rell as death and dìsab¡l¡ty beneñts Coveredemployees atta¡n¡ng the age of 50 or more with 20 or more years of sed¡table serviæ are ent¡Xed toreceive m annual retjrement beneft equal to one hãlf of the salary attached to lhe rank hdd on the lastday of serv¡ce, or lcr one year pr¡or to the last day, vrhichever is greater. The annual beneft shall be¡ncreased by 2 5% of such salãry for each add¡lionai year of serv¡æ over 20 years up to 30 years, and1 % of such salary for each addìtonãl year of serviæ over 30 years, to a maximum of 75Vo of such salary.Employees with at least eight yeers but less lhan 20 years of qedited service may relire at or after age 60and rece¡ve a reduced beneftThe monthly beneft of a F¡refghters' officer wtìo retired with 20 or more yêars of s€rv¡æ afier January 1 ,I 977 shall be ¡nqeased annually following lhe first ann¡versary date of ret¡rement and be paid uponreach¡ng the age of at leest 55 years, by 3% of th€ or¡g¡nal pension and 3% simple interest annuallythereafier. Effect¡ve January 1, 1 993, the seænd and subsequent pension inqeases (otrer than disab¡l¡typension ¡ncreases) will be @mputed on tìs current pension rather than ttìe originel pensionCoverêd frefighter employees are requ¡red to æntr¡bute 9.455% of h€¡r base salary to he plan lf anemployee leaves covered employment with Iess than 20 years of serviæ, aæumulated €mployeecontribulions may be refunded wihout acdmulated ¡nterest The Village ¡s rêquired to æntribute tì€remaining amounts neæssary to finance the plan as acùJar¡ally detem¡ned by en ênrollEd actuary. By theyear 2033, the Village's æntr¡but¡ons must acdmulate to the po¡nt wlìere the past service @sl for heplan ¡s fully funded This calcu¡âtion ¡s based upon a level perænt amort¡ätion for a closed per¡od.Fisæl AnnualYear PensionEnd¡ng Cost (APC)12r311',t2 $ 'r,807,9s0121311',t1 1,342,2791A31hO I,340,760AciualContribut¡on'1,812,6921,767,9861,A02,629100 26134 45%$ 1,442,1331,437,3911,01 I,683A-50
Mllags of Glenvieu lllinoisNotes to F¡nenciai StatementsDecember 312012Note 11. Employss Retirement Systems (Continued)Firef¡ghtørg Pens¡on Fund (Cona¡nued )Summarv of S¡onifi€nt Acæunt¡no PoliciesBas¡s of AæountingTh€ fnancjal statements are prepared us¡ng the acqual bas¡s ofaccounting Employee and emp¡oyercontributions are recognized âs revenues ¡n the period in uò¡ch employee serv¡ces are performed,Benefiß and refunds ãre recognized when due and payable ¡n a@rdance with the terms of the p¡an Nostand-alone statements are ¡ssued for the deñned beneft pens¡on plânMethod Used to value lnvestmentslnvestments are reported at fair value. Short-term investments are reported at cost, lvtl¡ch approximatesfairvalue. Securiliestrãdedonanationalorinternat¡onalêxchangearevaluedatthelastreportêdsâlesprice at current êxc¡ange rates lnvestrnents that do not have an established market are reported ateslimated fa¡r value.Village of Glenvi€w, lllinoisNotes to F¡nanc¡el StatementsDecember 31, 201 2Note l l. Employe€ R€liromentSystems (Conlinued)Fircfigh'€rg Pens¡on Fund (Continuocl )Fundino Status and Fundino ProoressValuat¡on date Januaty 1, 2012Percent tunded 67.24%Actuar¡al accrued l¡ability for benefts $79,294,776Actuar¡ai valueofassets $53,317,305Unfunded actuarialaærued l¡ab¡l¡ty (UAAL) $ 25,977,471Covered payroll (annual payroll ofactive employees covered bythe Plan $ 7,639,169Ratjo ofUAAL Covered Payroll 34006%The schedule of fund¡ng progress presented in the Required Supplementary lnformation (RSl) þllowingthe notes the fnancial statements, presents multiyeer hend infcrmat¡on about whethêr tìe actuarial valueofplan assets are increasing or deøeasing over t¡me relat¡ve lo the actlarial acsued liability for benefits.S ¡ g n¡f ¡can t I nv e stme ntslnformalion on sign¡f ænt investnents is presented ¡n Note 2 und€r "Conænhation of Cr€dit Risk'Methods and AssumptionsValuation dateActuer¡al cost methodActuar¡al value of assetsAmortization methodRemain¡ng amortiætion periodAcluarial assumptions:lnv€stment rate of returnProþcted salary ìncreases(seniority and merit)Payroll growlhlnfation rateCost of l¡ving ìnqeasesAssumed mortalityJaîuaty 1, 2O12Projected Unit Credit (Efieclive 1i1201'l )Smoothed Market ValueLevel Percentage of Payroll Closed21 5 Years7 25% pet yeatTCG Basìc Salâry Table provid¡ng gradedincreases from 1.1 2% lo 4 86% varying byage, plus ¡nlaton rate shom below4.5o/o pet leat25Yo Per yeat3 0% per yearRP-2000 Comb¡ned Healhy Mortality Table(male) with blue collar adirstrnent and with a200% load for participants under age 50 and125% lot patttcipaîts age 50 and overA-51
V¡llage of Glenvi€w lll¡no¡sNotes to F¡nancial StatementsOeæmbel 31, 2012Noto 11. Employee R€lirement Systems (Cont¡nued)Firefighløtg Ponsion Fund (Cont¡nued)Annual Pensìon Cost and Net Pens¡on BeneftThe Mllage's most recent actuarial valuat¡on ms performed as of Decemb er 31, 2O1Z The Village'sannual pension cost and n€t pension beneft to the Firefghters' Pension Fund \ære as follows:V¡llag€ of Gl€nview lllinoisNotes to Financ¡al StâtementsDecember 31, 201 2Note'12, Othor Postemploym€nt Benefits (OPEB)PIan Descr¡pûionThe Village prov¡des postemployment health ær€ and l¡fe ¡nsurance benefits (OPEB) for reliredemployees through a single-employer defined beneft plan The benefts, benefit levels, employ€econtributions, and employer ænt¡butions are governed by lhe Village and can be amênded by the Villagethrough its personnel manual and union contacts. The plan is not accounted for as a tust fund, as an¡rrevocable trust has not been established to acæunt for the plan The plan does not issue a ssparatereportTo be eligible for benefits under the plan, an employee must qual¡ry for ret¡rement under one of heVillage's retirement plans Elected offc¡als are el¡gible for benefits if they qualit for ret¡rement hrough tìelllino¡s Municjpal Retirement FundAII health care benefts are provided through the V¡llage's sêlHnsured heelh plan The beneft levels arslhe same as ûìose affrrded to active êmployees Benefits indude general ¡npatient and ouþatiêntmedical services; mental, nervous, and substanæ abuse €rq vision €re; dental care; and presq¡ptionsUpon a retiree reaching Medìcare elig¡bl€ age, Med¡ære beæmes the primily ¡nsurer and ûìe Mllage'splan becomes secondary.At December 3l , 201 2, membersh¡p ¡n the Plan consisled of he following:MembershipRetirees and benef¡ciar¡es receiving benef¡tsTermìnatêd employees entitled to but not yet receiving benefitsActive vested plan membersActive nonvested plan membersAnnual requ¡red contributionlnterest on net pens¡on obl¡gat¡onAdjusùnent to annual required contribut¡onAnnual pension costContribut¡ons medeDeqease ¡n net pens¡on assetNet pens¡on asset at January 1,2012Net penslon asset at December 31, 2012Trend lnformationThree-Year Trend lnformation - Firefghters' Pens¡on Trust FundF¡scal AnnualYear Pension ActualEnd¡ng Cost (APC) Contr¡butlon't2t31t12 S 2,981,412 $2,926,010'12J31111 2j65,041 2,806,96112131110 2,'159,245 2,541,870$ 2,985,212(61,684)57,8842,981,4122,926,0'lO(55,402)1,638,671$ 1,583,269Net PensionAsset% $ 1,583,2691,638,671ôôÂ 7Ãr64Percentageof APCContr¡buted207a735898 14129 65102 31Totâl membershipFunding PolicyThê Village negotiates the contribulion peræntages betreen the Village and employees through theun¡on conbacts ãnd personnel policy. Al relirees æntibute 1 00% of the actuar¡ally det€rmined prem¡umto the plan and the Village ænt¡butes the remainder to cover the cost of prov¡ding tle benefits to theret¡rees v¡a the self-insurance plan (pay-as-you-go) Since he Village is selfìnsur€d, th¡s amounlluctuates on an annual basis. Active employees do not æntr¡bute to the plan until retrementA-52
Mllage of Glonview lllinoisNotes to Finilc¡al StatementsDecember 31, 201 2Note 1Z Other Postemployment Benefits (OPEB) (Cont¡nued)Annuat OPEB Cosl anct Nea OPEB ObligationThs Mllage's most recent actuer¡al valuation ms performed for the plan as of December 31, ZO|Z fheVillage's annual other postemployment beneft (OPEB) cost ¡s calculated based on the annual requiredæntribution (ARC) of the employer The contr¡bulion represents a level of funding tìat ¡f paid on anongoing basis, is proþcted to cover he normal cost each year and to amortize any unfunded actuârialliab¡lilies or fund¡ng exæss over a per¡od not to exceed thirty years The following table shore thecomponents of the Village's annual OPEB cost for the year, he amount actually contr¡buted to the plan,and changes ¡n the Village's net OPEB obligat¡on for retired employees as of December 31, 2O1 2.Village of Glenview, lllinoisNotes to F¡nânc¡al StatementsDecember 3120't2Note 12. Othor Postsmploym€ntB€nefts (OPEB) (Continued)Funding Policy and Actuarial Assumpfions (conlínusd)Proþclions of benefts for fnancjal r€portng purposes are based on lhe substanlive plan (the plan esunderstood by the employer and tìe plan members) and indude tìe types ofbenefts prov¡ded at the t¡meof each valuat¡on and the historicai pattern of shar¡ng of beneft æsts betÌ/€en tìe employer and he planmembers to that point The acluar¡al metìods and assumplions used ¡ndude tecJìniques lhat aredes¡gned to reduce the €fÞcts of short-term volatil¡ty ¡n actuarial aqued liabiliües and the actuar¡al valueof assets, cons¡stent witiì tìe long-term perspective of he ælfllalionsThe fo¡lowing simpl¡fy¡ng assumptions rere mad€:Contr¡bution rates:VillagePlan membersAnnual required contributionInteresl on net pension obl¡gationAdjustment to annual requ¡red contr¡butìonAnnual OPEB costContribut¡ons madelnsease in net OPÊB Obligation$ 563,68545,844(30,563)578,966341,366237,60091 6,878I ,t,154,478Actuarial valuation dateActuarial cost methodArnortiälion per¡odArnortiäton periodAsset valuat¡on melhodActuarial assumplions:lnvestment rate of return'Proþcted salary ¡ncreasesHealthcare ¡nlation rateMortal¡ty, Turnover, Disability,Retirement agesPercentage of active employeesAssumed to elect beneftEmployer provided beneftlndudes ¡nlât¡on at 3.00%1.17%Deæmber31,2011Enky AgeLevel percentagê ofpay, open30 yearsMarketNet OPEB obligat¡on al January 1, 2012Net OPEB obllgatlon at December 31, 20'12Tha Village's annual OPEB Cost, the percentage of annual OPEB cost contributed to the Plan, and thenet OPEB obligation for fscal year 201 2 ¡s as follows:FÌsca¡ Annual Percentage NetYear OPEB of OPEB OPEBEnding Cost Contr¡buted Obligat¡on1213'112 $ 578,966 59 00 o/o g 1,154,478'12131111 571 ,999 59 70 91 6,87812t31t10 568,219 60.10 686,245Fund¡ng Policy and Actuar¡al Assumfi¡onsActuar¡al valuetions of an ongoing plan involve estimates of the value of reported amounts andâssumplions about the probab¡l¡ty ofoccurrence ofevents far into the future. Eremples indudeassumptions about fufure employmênt, mortal¡ty, and the healthcare cost trend Amounts deteminedregarding the funded status of t¡ìe Plan and the annual requ¡red contributions ofthe employer are subjectto continual rev¡s¡on as actual results are compared with past expectations and newest¡mates are madeabout the tuture5.00%500%I 00% ¡nitial6.00% ultimateSame rates ulilized for IMRF, Police andFirefghter Pens¡on Funds7s%Explicit (elig¡ble disabled pensioners): 1 00% ofpremium for l¡lelmplic¡t 40% of prem¡um to agê 65 (50% of$620/mo + 50% of $1,2351mo)A-53
Mllago of Glsnview, lll¡nolsNotes to Financial StatementsDecember 312012Noto'lZ Other Postsmployment Bsnefits (OPEB) (Continued)Funding Stalus and Funding PrcgressThêfundedstatusof theplanasof December31,2011, thedateof thelatestvaluation, msasbllows:Actuarial Aærued Liabili$ (A¡¡¡ $ 9,556,094Actuarial Value ofPlan Assets $ -Untunded Actrar¡al Accrued L¡ability (UAAL) $ 9,556,094Funded ratìo (actuarial value ofplan assets/AAl) 0 00%Covered payroll (active plan members) $29,228,867UAAL as a percentage ofævered pafoll 3270%The schedule offunding progress presented ¡n the Requ¡red Supplementary lnl3rmat¡on (RSl) followingthe notes to the financial statements, presents mu¡tiyear trend lnformat¡on about whether the actuarìalvalue ofPlan asssts is ¡ncreas¡ng or detreasìng over tjme relat¡ve to the âctuarial accrued liability forbenefts.Note 1 3. Pension Trust Funds - F¡nanc¡al Dat¿Schedule ot F¡duciary Nøt Plan Posia¡on as ol Døcemher 31 ,2t12Mllage of Glenview, lll¡noisNotes to F¡nanc¡d StatementsDecember 312012Note 13. P€nsion Trust Funds - F¡ndclal Data (Conlínued)Schedule of Changes in Fiduciaty Net Plan Posiaion as ol Døcembü 31 , 201 2AdditionsContributonsEmployerParticipanlTotal cont¡ibut¡onslnvestment ¡n@moNet epprec¡aüon in fairvaluêof investmentslnterest ¡ncomeNet ¡nvestment ¡n@meTotal âdd¡t¡onsDeducl¡onsRetirement pensionsWidow pensionsD¡sability ponsionsTotal deduct¡gnsChanOes ¡n net pos¡t¡onNet posit¡on held in trust for pension benefitsBeginningEnd¡ngF¡refig hteF'P€ns¡ons 1,812,692 $ 2,926,010 I 4,738,702663.702 723 089 1 385 7912,476,394 3,649,0996,125,493PoliæPens¡onFuñdTotalPens¡onTrusl2,440,2741,406,963¿88 69613,733,431't,492,527¿138 318ì6,213,7092.E99.490(227 011\3 7S8 5456 274 q3q5 047 6¿0B 736 73q aÂ6 1a5lq nll Â7ACåsh ðnd €sh equ¡ElentslnwstmenßU,S. govemmenl and ågency obligat¡onsMun¡cìpal obl¡gåt¡onsCorIÐÍate obl¡gat¡onsEquity mutuål fundsAccrued ¡nterest receivableDue from otherfundsPrepaid epensesTotal assebPo¡¡cePens¡onFundFìrefighteß'Pens¡onTotâlPensionTrust27,763,811196,0482,040,75623,618,884'111,1448,s5928,876,14A121,045'14,5551,96223,296,0692,479,8642,300,'t9E246,43848 5933,706,420265,329¿55 I ô16,006,6'1651'l,767603 6qÂ$ 2,646,456 $ 408,612 $ 3,055,06851,059,8802,675,9122,040,75652,495,032232,18923,1141,9622 S9S t29¿ ¿2â R\t7 itt ıa13,679,710 4,309,887 7,989,59752,691,61s 50,886.680 103,578,295$ 56,s71,325 $ 55,196,567 $ 1'11,567,892Liabilit¡esAccrued expensesNel PosilonHèld ¡n trust for pens¡on benefß56,385,65814 33355,f98,2551 68811'1,583,9'1316 0t1$ 56.371.325 S 55 196.567 S ll1 567 892A-54
Village of Glenviow, lll¡noisNotes to Financial StatementsDecembêr31,2012Note 14 Fund Balancs ReporlingAs of December 31 , 201 2, the Village's fund balances rere classif ed as tullow:Mllage of Glenvi€W lll¡no¡sNotes to F¡nâncial StatementsDecember 3120't2Note 16. Nsw Accounting PronouncomsntsGASB Statement No 61 , The F¡nancial Repft¡ng Ent¡ty Onnibus+n amendment of GASB StatementsNo 14 and No 34, will be efÞctive for tìe Village beg¡nn¡ng with its year ending D€æmÞer 31, 2O'l4.Theobjective of this Stâtement is to ¡mprovê fnanciai reporling fur a govemmental fnancjal reporling €nt¡ty.The requìrements of Statement No. 1 4, The F¡nancial Re'/lft¡ng Entity, and the related fnanc¡al reportingrequirements of Statement No 34, Bas¡c Fínancial Statementsand Managemenls D¡sæssíon andAnalysls-forSlafe and Local GovernmertE tære amended to better meet user needs and to addressreporting entity ¡ssues tlet have ar¡sen since the ¡ssuance of those StatementsGASB Statement No 65, /¡eøs Previously Reærded as ,Assets and Liab¡l¡t¡es redassifi€s, as deferedoutloÆ of resources or deferred inlore of resources, ærlain ¡tems that vÉre previously reported asassets and liab¡lities and recognìzes, as outfore of resouræs (elpenses) or inlou/s of resouræs(revenues), ¡tems that rere prev¡ously reported as assets or liabililies This will be etfective þr the Villageicr the year ênd¡ng Deæmber 31, 201 3GASB Statement No 66, fecàr¡cal Conections-2o12-an amendment of GASB Statements No 10 andNo 62 resolves conlicting gu¡dance that resulted from ttìe issuanæ of GA.SB Statement No 54 FundBalanæ Repoft¡ng and Governmental Fund TyÊ Def¡nitíons, and No. 62, Cod¡ficatíon of Account¡ng andF¡nanc¡al Repd¡ng Gu¡dance Conta¡ned in Pre-November 30, 1 989 FASB and AICPA PrcnouncementsTh¡s Statement removes the provisions tìat limits fund based reporting of risk financjng acliv¡l¡ês. ThisStatement also mod¡fes specifc guidance on eæount¡ng for certaìn operaling leases and certain loansThis will be effective for the Mllage tur the year end¡ng Deæmber 31, 2013.GASBStatementNo 6T,FinanciâlRepd¡ngtorPens¡onPlans,wi¡l beeffectiveforth€Villagebeginningwith its year €nded Deæmber 31, 2014 Th¡s statement bu¡lds upon he exisling tamewrk for f nanc¡alreports of defned beneft pension plans, lvhich indudes a statement of fduc¡ary net pos¡t¡on (the amountheld ¡n â trust for paing retirement benefts) and a statement of changes in fduciary net pos¡tion. Th¡sstatement enhances nole disdosures ând RSI for both defned benefit and defined contibution pensionplans and requ¡res the presentat¡on of new ¡nformalion about annual money-reighted rates of return inthe notes to the financjal statements and in I Gyear RSI schedulesGASBStatementNo 68,Acæunt¡ngandF¡nancíalRepftíngforPens:þns,will beeffectivefortìeVillegebeginn¡ng with ¡ts year ended December 31, 201 5 This statement r€quires governments providingdefned beneft pensions to recognize their long-term oÞl¡gation for pension benefts as a l¡ab¡lity br tìsfirst time, and to more comprehens¡vely and comparably meâsure he annual costs of pens¡on beneftsTh¡s slatement also enhanæs acæuntab¡l¡ty and tansparency through revised and new note d¡sdosuresand requ¡red supplementary inbrmation (RSl)Management has not currenty determ¡ned \¡\tìat ¡mpact, ¡f any, ûìese Shtements may have on ¡tsfinancial statementsSpecial Tax Village NonmajorAllocat¡on Pemanent GovernmentalGeneral Fund Fund Fund Funds TotalsNonspendable:Prepa¡dslnventoryTotal NonspendableRestr¡cted purpose:Debt Sery¡cePubl¡c SafetyStreet lmprovementsEænomic DevelopmentCapital PrcjectsTotal Restricted$ 15,000 $ 64,508 $$ 79,508'139,678341,1 361,084,0423,046,893180,280195,280 64,5081 80,280259,788139,678341,1361,084,0423,046,893- _ 30,537,484 10,828,921 41,366,405Total Unassigned 25,564,80625,564,806rotar Fund Baranæs _9_?ïqqpq6 _q__9¡!91_ _g_gg.Þgz¡94 v23s3llL _slJ_Eo2l_48_Note 15. Contingenc¡€sGÍantsArnounts received or rece¡vable fTom grantor agencies are subÞct to audit and ad¡lstment by grantoragenc¡es, principally the federal governmenI Any disallowed claims, ¡nclud¡ng amounts already ællected,may consütute a l¡abìlity of the appl¡€ble funds The amounl if any, of expend¡tures $h¡ch may bedìsallored by lhe grantor €nnot be determined at this time The Village believes such amounts, if any, tobe immaterialLitígationThe Village has several pendìng legal proceedings that, jn the op¡n¡on of management, are ord¡naryrout¡n€ matters ¡ncidental to the normai business conducted by the Villâge ln the op¡n¡on ofmanagement,the outcome ¡s ne¡ther probable nor estmable, and the ultimate dispositions of such proceed¡ngs are notexpecled to have a material adverse effect on the Village's net positjon or activitiesA-55
Vill¡go ol Glenvicw, lll¡noisRequired Supplementary lnfomat¡on -Schedules of Fund¡ng ProgressLast Six F¡scal Yêarslllìnois lllun¡c¡pal Ret¡rementFund:1A31t2012 $ 28,933.9611U31t2011 25,605,00412131t2010 25,016,54s12r'312009 22,392,29912J31n008 17,094,53412/31n007 32,021,095Pol¡æ Pens¡on Plan:1t1t2012' $ 53,944,71911112011 53,788,0601t1n010 49,768,ô251t112009 46,437,5391t1n008 41,723,97911112007 30,840,397F¡r€f¡ghteË' Pension Plan:1t1t2012' $ 53,317,305il1n011 57,176,5671nn010 54,396,082111t2009 52,055,111111n008 48,s36,292111n007 47,854,287Vill¡ge ol Glonv¡ew ¡llinoisRequ¡red Supplementary lnlomation -Schedules of Funding Progre$ (Cont¡nued)Last Six F¡scal YearsActuarialValuatìonDateActuarialValue ofAssets(a)FundedRatiolalb)ActuãrialAccruedLiab¡l¡ty (ML)EntryAge(b)$ 44,133,85341,668,64640,760,60337,187,80733,814,18739,682.349$ 79,294,77675,563,24613,324,30268,871,88765,958,67461,763,243Unfunded(assets i¡excess oDruAqL)(Þa)I 15,199,89216,063,64215,744,054'10,392,18s16,719,6537,661,2549,431,3315,647,1798,655,8288,807,3095,786,3696,684,494s 2s,971 ,47118,386,67918p28,22016,816,74317,422382't3,908,956CoveredPayrolllc)$ 14,662,40815,430,'19715,393,32515,460,20316,344,00016,761,5E0PercentageofCoveredPayrollllb-al/c)AciuarialAquedLiab¡l¡ty (AAL)Entry Age$ 9.556.0949,55ô,0948,695,6688,695,668NA12,39't,000Untund€d(assets ¡n€xcess o0AAL(UAqL)$ 9,556,0949,556,0948,695,6688,695,668NA't2,39 1,000FundedRatioPercentageof CoveredPayrollActuarialValuat¡onDãfeActuarialValue ofAssetsCoveredPafolloh $ 29,228,86729,228,86726,967,070NANA24,911,6023269 %32.693225NANA49.746556 %61.4560.2150.55E0,69'103 67 %104 1110228102.304571Other Postemployment Benefrt Plan:2012t S -201120't0200920082007Onamarketwluebas¡s,lheactuarialvalueofassetsasofDecember3'1,2012is$30,434,491. Onamarketbasis,thetunded ratio would be 68 96%.NAThe Village implemented GASB Statement No. 45 for the fiscal year ended December 31, 2007. lnformâl¡on for pr¡oryears ¡s not available.' Results from prioryears 63,376,05059,435,23958,424,45355,244,84847,510,34845,524,891E5.12 Vo90 5085 1884 0687 8285 32139.93 %85.52137 1798 86119,54$ 6,740,0536,603,5096,310,5206,584,9505,853,0465,591,810$ 7,639,1697,195,1627,049,3746,589,2766,550,5956,184,54867 24 0h74.1s75 5877.48340.06 %268.51255.21224 90A-56
Vll¡age of Glenvlsw lllinolsRequired Supplementary lnfomationSchedules of Employer ContribuûonsLast S¡x F¡sæl YeersPollcê Pêns¡on PlãnVlllage of Glenvlew, llllnolsGeneral FundRequired Supplementary lnfomat¡onSchedule of Revenues, Expend¡tures, and Changes ¡n Fund Balance - Budg€t and AclualFor the Year Ended Deæmber 3'1, 2012BudoetOrio¡nalF¡nalAcluelRevenuesTaxesPropertyOtherLicenses and pem¡tsCharges for serv¡cesFines and forfeitureslntergovemmentâllnvestment inæmeOther revenuesTotal revenuesF¡s€lYearF¡scelY€âr201220't12010200920082007Flreflshters' Pension PlanEmployerContributions$ 1,812,6921,767,986'1,802,6291,1 68,9331,393,6281 157 437EmployerContrìbutiôñs2,926,0102,806,9612,541,8701,985,871'1,805,0261 416 463AnnualRequ¡redCôntribùtiôn$ 1,8'12,5561,347,5871,370,885933,4771,081,786clâ 552AnnuâlRequiredCôntrih'fiôñPercentageCôntribrfe.l100.01 %131 20131 49125.22128 8312â î1$ 10,853,538'13,423,0462,014,0005,323,23'l'122,80621,516,24584,000$ 10,853,53813,423,0462,014,0005,992,677'122,80621,516,24584,00010,992,046 S13,495,4981,923,2386,346,445224,19822,211,809115,402Varianæ13E,50872,452(90,762)353,768101,392695,56431,402I 330 998(114,327'tø22,23320,058¿6 lâ153.336.866 54 006.312 55 337 3'10PercentageCôñtrihutêdExpend¡turesCurentGeneEl govemmentPubl¡c worksPubl¡c safetyDevelopmentTotal expend¡turesExcess of revenuesover expendituresOther financing sources (uses)Trânsfers inTEnsfers outTotal other financingsources (uses)Net change in fund balanæFund balance - beginning of yearFund balance - end of year49 592 650 50't92710 49 418 585? 7Áà 21^q Âl? Ân,qalaTtq709,030 709,030 709,030(4357 774\ t¿ 376 6651s t15 180ì S ß44 172\20122011201 02009200820072,985,2122,160,'1051,94'1,0601,987,5481,712,540I 556 6549802 0h129 95130 95105 4090 cc'14,9'12,5007,654,98426,124,56A900 59A15,033,4977,859,22826,2A6,795I Ol3 190'15,'147,8247,036,99526,266,737967 0)C24,21A,026$ 25,760.086774 125a anq a)atí8 aclì1,542,060 $ 2,086,232A-57
Mllage of Glenv¡ow, lll¡noisRequired Supplementary lnformatjonSchedule of Revenues, Expend¡tures, and Chãnges in Fund Balanæ - Budget and ActualFor the Year Ended December 31. 2012OrioinalFinalRevenuesTaesPropertyCharges for sery¡ceslntergovernmentallnvestment ¡ncomeTotal revenuesMllage of Glenview, llllnolsRequ¡red Supplementff y lnformalion (Unaudited)Notes to Required Supplementary lnlcrmationDecember 312012Not€ 1. Legal Compl¡ancs - BudgetsA BudgetsThe Village follom the budget act and implements the bllowing procedures noled below ¡n establ¡shingthe budgetary data relected in the fnancial statements.$ 27,200,00014,180$ 27,200,00014,180Actual$ 26,283,659'17,180143,182133 801Ver¡ánce$ (s1ô,341)3,000143,182108 801(s2,1 60)2,125,00057.761(27,796,231\25,820,0002,075,642Al departments of the Mllage submit requests for budget to tìe Mllage's managerbudget may be prepared The budget ¡s prepared by fund and indudes inbrmatonyear, current eslimates, and requested budgets for tìe next fscal yearso that aon the past25 00025 00027 239 1AO)7 '39 1AO2ê,577 A)21661 35âì20,435,45A 20,435,458 23,263,A28 (2,828,370)2 The proposed budgetis presented to the govern¡ng body, the Village Board, for r€view TheVillage Board holds public hear¡ngs and may add to, subtract f'om, or chânge budgets, but maynot change the fum oflhe budget3 The budget is legally enacted by tìe Board of Trustees.4 Th€ Village Manager ¡s author¡zed to bansfer budgeted amounts betreen departnents witìin anyfund: horever, any revisions that elter the total expend¡fures/epenses of âny fund must beapproved by tle Village Board5. The level of æntrol (the level at which expenditures may not exceed the budget) ¡s at the fundlevel Expenditures may not legally exæed budgets at fì€ fund level The Mllage adopted thebudget on Decembet 20, 2O12 and amended the budget at various limes hroughout tìe yearBudgets are generally adopted on a basis consistent with generally aæpted a@unting princ¡ples.Annual budgets are adopted for the General Fund, spec¡ai revenue funds, debt serviæ funds, and tì€cap¡tal project funds on the modifed aærual besis The entêrprise, internal serviæ, and pens¡on trustfunds on the acc¡ual bas¡s, exæpt princ¡pal epense and Ép¡td expend¡tures are budgsted, anddeprecìalion expense ¡s not budgeted Al annual budgets lapss at the end of the fscal yearB. Exc€ss ofActual E4csnditur€sÆxponsss ov€r Budget¡n lndividual FundsThe following funds had an excess of actral €:psnditJres and tansfers out over finâl budgetFundExpend¡turesGeneral governmentDêbt sêryiceBond ¡ssuance costsPrjnc¡pallnterest and fiscal chargesTotal expend¡turesDefciency of revenuesover expend¡turesOther f¡nanc¡ng sources (uses)Payment to bond escrow agentProceeds from bond ¡ssuancaPremium on bond issuâncêTransfers outTotal other f¡nancing sources (uses)Net change in fund balanceFund balance - beginning of yearFund balance - end of year9,170,0002.518,30092,1607,045,0002,460.5399,170,0002.518.300Q73.379\(273 379\32,123,754 32,123,754 32,8ı1,527 (737,769)(27,7e6,231)25,820,0002,075,642(273379\ t173 368ìs 15 157 95¡ $ {5 157 957)99 411(6,457,673) $ (1,2s9,716)9,569,074$ 3,'111,401I 737,76946,88354,861193,214174,980Special Tex AllocationCorporate Purpose Debt SeruiceCap¡tal Equipment ReplacementPolice Pens¡onF¡refighters' Pens¡onA-58
B-1
APPENDIX B
FORM OF LEGAL OPINION
PROPOSED FORM OF OPINION OF BOND COUNSEL
[LETTERHEAD OF CHAPMAN AND CUTLER LLP]
[TO BE DATED CLOSING DATE]
We hereby certify that we have examined certified copy of the proceedings (the
“Proceedings”) of the President and Board of Trustees of the Village of Glenview, Cook
County, Illinois (the “Village”), passed preliminary to the issue by the Village of its fully
registered Taxable General Obligation Bonds, Series 2013B (the “Bonds”) to the amount of
$_________, dated the date hereof, of the denomination of $5,000 or authorized integral
multiples thereof, and due serially on December 1 of the years and in the amounts and bearing
interest at the rates percent per annum as follows:
YEAR AMOUNT ($) RATE (%)
2017
2018
2019
2020
2021
2022
2023
Each Bond bears interest from the later of the dated date as stated above or from the most recent
interest payment date to which interest has been paid or duly provided for, until the principal
amount of each Bond, respectively, is paid or duly provided for, such interest (computed upon
the basis of a 360-day year of twelve 30-day months) being payable on June 1 and December 1
of each year, commencing on June 1, 2014.
The Bonds have been issued generally for the purpose of _________________________.
From such examination, we are of the opinion that the Proceedings show lawful authority
for the issuance of the Bonds under the laws of the State of Illinois now in force.
We further certify that we have examined the form of Bond prescribed and find the same
in due form of law, and in our opinion the Bonds, to the amount named, are valid and legally
binding obligations of the Village, and all taxable property in the Village is subject to the levy of
taxes to pay the same without limitation as to rate or amount, except that the rights of the owners
B-2
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, whether considered at law or in equity, including the exercise of judicial discretion.
It is our opinion that, under present law, interest on the Bonds is includible in gross
income of the owners thereof for federal income tax purposes. Ownership of the Bonds may
result in other federal income tax consequences to certain taxpayers. Bondholders should
consult their own tax advisors concerning tax consequences of ownership of the Bonds.
We express no opinion herein as to the accuracy, adequacy or completeness of the
Official Statement relating to the Bonds.
In rendering this opinion, we have relied upon certifications of the Village with respect to
certain material facts within the Village’s knowledge. Our opinion represents our legal judgment
based upon our review of the law and the facts that we deem relevant to render such opinion and
is not a guarantee of a result. This opinion is given as of the date hereof and we assume no
obligation to revise or supplement this opinion to reflect any facts or circumstances that may
hereafter come to our attention or any changes in law that may hereafter occur.
C-1
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 and www.dtc.org.
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-2
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.
D-1
APPENDIX D
FORM OF CONTINUING DISCLOSURE UNDERTAKING
CONTINUING DISCLOSURE UNDERTAKING
FOR THE PURPOSE OF PROVIDING
CONTINUING DISCLOSURE INFORMATION
UNDER SECTION (b)(5) OF RULE 15c2-12
This Continuing Disclosure Undertaking (the “Agreement”) is executed and delivered by
Village of Glenview, Cook County, Illinois (the “Village”) in connection with the issuance of
$_______ Taxable General Obligation Bonds, Series 2013B (the “Bonds”). The Bonds are
being issued pursuant to an Ordinance adopted by the President and Board of Trustees of the
Village (the “Board”) on December 10, 2013, relating to the Bonds (the “Ordinance”).
In consideration of the issuance of the Bonds by the Village and the purchase of such
Bonds by the beneficial owners thereof, the Village covenants and agrees as follows:
1. PURPOSE OF THIS AGREEMENT. This Agreement is executed and delivered by the
Village as of the date set forth below, for the benefit of the beneficial owners of the Bonds and in
order to assist the Participating Underwriters in complying with the requirements of the Rule (as
defined below). The Village represents that it will be the only obligated person with respect to
the Bonds at the time the Bonds are delivered to the Participating Underwriters and that no other
person is expected to become so committed at any time after issuance of the Bonds.
2. DEFINITIONS. The terms set forth below shall have the following meanings in this
Agreement, unless the context clearly otherwise requires.
Annual Financial Information means the financial information and operating data
described in Exhibit I.
Annual Financial Information Disclosure means the dissemination of disclosure
concerning Annual Financial Information and the dissemination of the Audited Financial
Statements as set forth in Section 4.
Audited Financial Statements means the audited financial statements of the Village
prepared pursuant to the standards and as described in Exhibit I.
Commission means the Securities and Exchange Commission.
Dissemination Agent means any agent designated as such in writing by the Village and
which has filed with the Village a written acceptance of such designation, and such agent’s
successors and assigns.
D-2
EMMA means the MSRB through its Electronic Municipal Market Access system for
municipal securities disclosure or through any other electronic format or system prescribed by
the MSRB for purposes of the Rule.
Exchange Act means the Securities Exchange Act of 1934, as amended.
MSRB means the Municipal Securities Rulemaking Board.
Participating Underwriter means each broker, dealer or municipal securities dealer
acting as an underwriter in the primary offering of the Bonds.
Reportable Event means the occurrence of any of the Events with respect to the Bonds set
forth in Exhibit II.
Reportable Events Disclosure means dissemination of a notice of a Reportable Event as
set forth in Section 5.
Rule means Rule 15c2-12 adopted by the Commission under the Exchange Act, as the
same may be amended from time to time.
State means the State of Illinois.
Undertaking means the obligations of the Village pursuant to Sections 4 and 5.
3. CUSIP NUMBER/FINAL OFFICIAL STATEMENT. The CUSIP Numbers of the Bonds
as set forth in Exhibit III. The Final Official Statement relating to the Bonds is dated December
10, 2013 (the “Final Official Statement”). The Village will include the CUSIP Number in all
disclosure described in Sections 4 and 5 of this Agreement.
4. ANNUAL FINANCIAL INFORMATION DISCLOSURE. Subject to Section 8 of this
Agreement, the Village hereby covenants that it will disseminate its Annual Financial
Information and its Audited Financial Statements (in the form and by the dates set forth in
Exhibit I) to EMMA in such manner and format and accompanied by identifying information as
is prescribed by the MSRB or the Commission at the time of delivery of such information and by
such time so that such entities receive the information by the dates specified. MSRB Rule G-32
requires all EMMA filings to be in word-searchable PDF format. This requirement extends to all
documents to be filed with EMMA, including financial statements and other externally prepared
reports.
If any part of the Annual Financial Information can no longer be generated because the
operations to which it is related have been materially changed or discontinued, the Village will
disseminate a statement to such effect as part of its Annual Financial Information for the year in
which such event first occurs.
If any amendment or waiver is made to this Agreement, the Annual Financial Information
for the year in which such amendment or waiver is made (or in any notice or supplement
D-3
provided to EMMA) shall contain a narrative description of the reasons for such amendment or
waiver and its impact on the type of information being provided.
5. REPORTABLE EVENTS DISCLOSURE. Subject to Section 8 of this Agreement, the
Village hereby covenants that it will disseminate in a timely manner (not in excess of ten
business days after the occurrence of the Reportable Event) Reportable Events Disclosure to
EMMA in such manner and format and accompanied by identifying information as is prescribed
by the MSRB or the Commission at the time of delivery of such information. MSRB Rule G-32
requires all EMMA filings to be in word-searchable PDF format. This requirement extends to all
documents to be filed with EMMA, including financial statements and other externally prepared
reports. Notwithstanding the foregoing, notice of optional or unscheduled redemption of any
Bonds or defeasance of any Bonds need not be given under this Agreement any earlier than the
notice (if any) of such redemption or defeasance is given to the Bondholders pursuant to the
Ordinance.
6. CONSEQUENCES OF FAILURE OF THE VILLAGE TO PROVIDE INFORMATION. The
Village shall give notice in a timely manner to EMMA of any failure to provide Annual
Financial Information Disclosure when the same is due hereunder.
In the event of a failure of the Village to comply with any provision of this Agreement,
the beneficial owner of any Bond may seek mandamus or specific performance by court order, to
cause the Village to comply with its obligations under this Agreement. The beneficial owners of
25% or more in principal amount of the Bonds outstanding may challenge the adequacy of the
information provided under this Agreement and seek specific performance by court order to
cause the Village to provide the information as required by this Agreement. A default under this
Agreement shall not be deemed a default under the Ordinance, and the sole remedy under this
Agreement in the event of any failure of the Village to comply with this Agreement shall be an
action to compel performance.
7. AMENDMENTS; WAIVER. Notwithstanding any other provision of this Agreement,
the Village by ordinance authorizing such amendment or waiver, may amend this Agreement,
and any provision of this Agreement may be waived, if:
(a) (i) The amendment or waiver is made in connection with a change in
circumstances that arises from a change in legal requirements, including without
limitation, pursuant to a “no-action” letter issued by the Commission, a change in law, or
a change in the identity, nature, or status of the Village, or type of business conducted; or
(ii) This Agreement, as amended, or the provision, as waived, would
have complied with the requirements of the Rule at the time of the primary
offering, after taking into account any amendments or interpretations of the Rule,
as well as any change in circumstances; and
(b) The amendment or waiver does not materially impair the interests of the
beneficial owners of the Bonds, as determined either by parties unaffiliated with the
Village (such as the Bond Counsel).
D-4
In the event that the Commission or the MSRB or other regulatory authority shall
approve or require Annual Financial Information Disclosure or Reportable Events Disclosure to
be made to a central post office, governmental agency or similar entity other than EMMA or in
lieu of EMMA, the Village shall, if required, make such dissemination to such central post
office, governmental agency or similar entity without the necessity of amending this Agreement.
8. TERMINATION OF UNDERTAKING. The Undertaking of the Village shall be
terminated hereunder if the Village shall no longer have any legal liability for any obligation on
or relating to repayment of the Bonds under the Ordinance. The Village shall give notice to
EMMA in a timely manner if this Section is applicable.
9. DISSEMINATION AGENT. The Village may, from time to time, appoint or engage a
Dissemination Agent to assist it in carrying out its obligations under this Agreement, and may
discharge any such Dissemination Agent, with or without appointing a successor Dissemination
Agent.
10. ADDITIONAL INFORMATION. Nothing in this Agreement shall be deemed to
prevent the Village from disseminating any other information, using the means of dissemination
set forth in this Agreement or any other means of communication, or including any other
information in any Annual Financial Information Disclosure or notice of occurrence of a
Reportable Event, in addition to that which is required by this Agreement. If the Village chooses
to include any information from any document or notice of occurrence of a Reportable Event in
addition to that which is specifically required by this Agreement, the Village shall have no
obligation under this Agreement to update such information or include it in any future disclosure
or notice of occurrence of a Reportable Event. If the Village is changed, the Village shall
disseminate such information to EMMA.
11. BENEFICIARIES. This Agreement has been executed in order to assist the
Participating Underwriters in complying with the Rule; however, this Agreement shall inure
solely to the benefit of the Village, the Dissemination Agent, if any, and the beneficial owners of
the Bonds, and shall create no rights in any other person or entity.
12. RECORDKEEPING. The Village shall maintain records of all Annual Financial
Information Disclosure and Reportable Events Disclosure, including the content of such
disclosure, the names of the entities with whom such disclosure was filed and the date of filing
such disclosure.
13. ASSIGNMENT. The Village shall not transfer its obligations under the Ordinance
unless the transferee agrees to assume all obligations of the Village under this Agreement or to
execute an Undertaking under the Rule.
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14. GOVERNING LAW. This Agreement shall be governed by the laws of the State.
VILLAGE OF GLENVIEW
COOK COUNTY, ILLINOIS
______________________________________
By: Todd Hileman
Its: Village Manager/Treasurer/Clerk
Address: 1225 Waukegan Road
Glenview, Illinois 60025
Date: December 19, 2013
EXHIBIT I
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EXHIBIT I
ANNUAL FINANCIAL INFORMATION AND TIMING AND AUDITED
FINANCIAL STATEMENTS
“Annual Financial Information” means financial information and operating data of the
type contained in the Official Statement under the following captions:
TREND OF VALUATIONS
LARGER TAXPAYERS
STATEMENT OF INDEBTEDNESS
SCHEDULE OF BONDED INDEBTEDNESS
OVERLAPPING DEBT
TAX LEVIES, COLLECTIONS AND TAX RATES
SUMMARY FINANCIAL INFORMATION
All or a portion of the Annual Financial Information and the Audited Financial
Statements as set forth below may be included by reference to other documents which have been
submitted to EMMA or filed with the Commission. If the information included by reference is
contained in a Final Official Statement, the Final Official Statement must be available on
EMMA; the Final Official Statement need not be available from the Commission. The Village
shall clearly identify each such item of information included by reference.
Annual Financial Information exclusive of Audited Financial Statements will be
submitted to EMMA by 210 days after the last day of the Village’s fiscal year. Audited
Financial Statements as described below should be filed at the same time as the Annual Financial
Information. If Audited Financial Statements are not available when the Annual Financial
Information is filed, unaudited financial statements shall be included.
Audited Financial Statements will be prepared according to Generally Accepted
Accounting Principles as applicable to governmental units (i.e., as subject to the pronouncements
of the Governmental Standards Accounting Board and subject to any express requirements of
State law). Audited Financial Statements will be submitted to EMMA within 30 days after
availability to Village.
If any change is made to the Annual Financial Information as permitted by Section 4 of
the Agreement, the Village will disseminate a notice of such change as required by Section 4.
EXHIBIT II
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EXHIBIT II
EVENTS WITH RESPECT TO THE BONDS
FOR WHICH REPORTABLE EVENTS DISCLOSURE IS REQUIRED
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 status of the security, or other
material events affecting the tax status of the security
7. Modifications to the rights of security holders, if material
8. Bond calls, if material, and tender offers
9. Defeasances
10. Release, substitution or sale of property securing repayment of the securities, if material
11. Rating changes
12. Bankruptcy, insolvency, receivership or similar event of the Village
13. 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
14. Appointment of a successor or additional trustee or the change of name of a trustee, if
material
This event is considered to occur when any of the following occur: the appointment of a receiver, fiscal
agent or similar officer for the Issuer 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 of
reorganization, arrangement or liquidation by a court or governmental authority having supervision or
jurisdiction over substantially all of the assets or business of the Issuer.
EXHIBIT III
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EXHIBIT III
CUSIP NUMBERS
BASE NUMBER IS 378892
YEAR SUFFIX
2017
2018
2019
2020
2021
2022
2023
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APPENDIX E
NOTICE OF SALE
$4,440,000* TAXABLE GENERAL OBLIGATION BONDS, SERIES 2013B
VILLAGE OF GLENVIEW, COOK COUNTY, ILLINOIS
Bids for the purchase of $4,440,000* Taxable General Obligation Bonds, Series 2013B (the "Bonds") of the Village
of Glenview, Cook County, Illinois (the "Village") will be received at the offices of Ehlers & Associates, Inc.
("Ehlers"), 3060 Centre Pointe Drive, Roseville, Minnesota 55113-1105, Financial 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 December 10, 2013, 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.
* Preliminary, subject to change.
PURPOSE
Proceeds of the Bonds will provide funds to finance (i) costs associated with the Waukegan Road/Golf Road Tax
Increment Finance (“TIF”) District, (ii) capitalized interest and (iii) costs of issuance.
DATES AND MATURITIES
The Bonds will be dated December 19, 2013, 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 $595,000 2020 $630,000 2023 $690,000
2018 600,000 2021 645,000
2019 615,000 2022 665,000
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.
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INTEREST PAYMENT DATES AND RATES
Interest will be payable on June 1 and December 1 of each year, commencing June 1, 2014, 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 MSRB. The rate for any maturity may not be
more than 1.00% less than the rate for any preceding maturity. (For example, if a rate of 4.50% is proposed
for the 2017 maturity, then the lowest rate that may be proposed for any later maturity is 3.50%.) 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%. The rate or rates named shall not exceed the greater of 9%
per annum or 125% of the rate for the most recent date shown in the 20-Year G.O. Bond Index of average municipal
bond yields as published in the most recent edition of the Bond Buyer at the time of the sale of the Bonds.
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 bond registrar
and 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
The Bonds are being offered without option of prior redemption.
DELIVERY
On December 19, 2013, 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 will be furnished by Chapman and Cutler LLP, Chicago, Illinois, bond
counsel to the District, and will accompany the Bonds. The legal opinion will state that the Bonds are valid and
binding general obligations of the District enforceable in accordance with their terms, except that the rights of the
owners of the Bonds and the enforceability of the Bonds may be limited by bankruptcy, reorganization, moratorium
and other similar laws affecting creditors’ rights and by equitable principles, whether considered at law or in equity,
including the exercise of judicial discretion.
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SUBMISSION OF BIDS
Bids must not be for less than $4,395,600 nor more than 4,528,800 plus accrued interest on the principal sum of
$4,440,000 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 good faith deposit (the "Deposit") in the amount of $88,800, complying with the provisions below, must be
submitted with each bid. The Deposit must be in the form of a certified or cashier's check, or a financial surety bond
or a wire transfer of funds to KleinBank, 1550 Audubon Road, Chaska, Minnesota, ABA No. 091915654 for
credit: Ehlers & Associates Good Faith Account No. 3208138. The Deposit will be retained by the Village as
liquidated damages if the bid is accepted and the bidder fails to comply therewith. The Deposit will be returned to
the winning bidder at the closing for the Bonds.
The Deposit, payable to the Village, shall be retained in the offices of Ehlers with the same effect as if delivered to
the Village. Alternatively, bidders may wire the Deposit to KleinBank, 1550 Audubon Road, Chaska, Minnesota,
ABA No. 091915654 for credit: Ehlers & Associates Good Faith Account No. 3208138. The Village and any
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 losing 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 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.
If a financial surety bond is used, it must be from an insurance company licensed to issue such a bond in the State of
Illinois, and preapproved by the Village. Such bond must be submitted to Ehlers prior to the opening of the bids.
Such bond must identify each bidder whose Deposit is guaranteed by such financial surety bond. If the Bonds are
awarded to a bidder using a financial surety bond, then that bidder is required to submit its Deposit to Ehlers in the
form of a certified or cashier's check or wire transfer as instructed by Ehlers not later than 3:00 P.M., Central Time,
on the next business day following the award. If such Deposit is not received by that time, the financial surety bond
may be drawn by the Village to satisfy the Deposit requirement. The amount securing the successful bid will be
retained as liquidated damages if the bid is accepted and the bidder fails to comply therewith. 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.
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By submitting a bid, any bidder makes the representation that it understands Bond Counsel represents the Village in
the Bond transaction and, if such bidder has retained Bond Counsel in an unrelated matter, such bidder consents to
and waives any conflict of interest arising from any adverse position to the Village in this matter; such consent and
waiver shall supersede any formalities otherwise required in any separate understandings, guidelines or contractual
arrangements between the bidder and Bond Counsel.
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.
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.
NOT 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 (the
"Undertaking") for the benefit of the holders of the Bonds. A description of the details and terms of the Undertaking
is set forth in the Preliminary Official Statement. There have been no instances in the previous five years in which
the Village has failed to comply, in all material respects, with any undertaking previously entered into by it
pursuant to the Rule.
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.
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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 Clerk and Village Treasurer
Village of Glenview, Cook County, Illinois
BID FORM
The Board of Trustees December 10, 2013
Village of Glenview, Cook County, Illinois
RE: $4,440,000* Taxable General Obligation Bonds, Series 2013B
DATED: December 19, 2013
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 Preliminary Official Statement, we will pay you
$__________________ (not less than $4,395,600 nor more than $4,528,800) plus accrued interest to date of delivery
for fully registered Bonds bearing interest rates and maturing December 1 in the stated years as follows:
% due 2017 % due 2020 % due 2023
% due 2018 % due 2021
% due 2019 % due 2022
* 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 1.00% less than the rate for any preceding maturity. (For
example, if a rate of 4.50% is proposed for the 2017 maturity, then the lowest rate that may be proposed for
any later maturity is 3.50%.) 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 $88,800, to be held by you pending delivery and payment.
Alternatively, we have provided a financial surety bond or have wired our good faith deposit to the KleinBank, 1550
Audubon Road, Chaska, Minnesota, ABA No. 091915654 for credit: Ehlers & Associates Good Faith Account
No. 3208138. 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 Preliminary Official Statement dated November 26, 2013. This bid is for
prompt acceptance and is conditional upon deposit 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 December 19, 2013.
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 Preliminary 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
December 19, 2013 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, Cook
County, Illinois, on December 10, 2013.
By:By:
Title:Title: