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HomeMy Public PortalAboutFY 2016 Certified Comprehensive Annual Financial ReportVillage of Glenview, Illinois Comprehensive Annual Financial Report For the Fiscal Year Ended December 31, 2016 Prepared by: Admin istrative Services - Finance Division i Village of Glenview, Illinois Comprehensive Annual Financial Report For the Year Ended December 31, 2016 Table of Contents Page Table of Contents i - v INTRODUCTORY SECTION Officers and Officials vi Certificate of Achievement for Excellence in Financial Reporting vii Organizational Chart viii Letter of Transmittal ix - xiii FINANCIAL SECTION Independent Auditor’s Report 1 – 3 Management's Discussion and Analysis 4 - 19 Basic Financial Statements Government-wide Financial Statements Statement of Net Position 20 - 21 Statement of Activities 22 - 23 Fund Financial Statements Balance Sheet – Governmental Funds 24 Reconciliation of the Governmental Funds Balance Sheet to the Statement of Net Position 25 Statement of Revenues, Expenditures, and Changes in Fund Balances – Governmental Funds 26 Reconciliation of the Governmental Funds Statement of Revenues, Expenditures, and Changes in Fund Balances to the Statement of Activities 27 Statement of Net Position – Proprietary Funds 28 - 29 Statement of Revenues, Expenses, and Changes in Fund Net Position – Proprietary Funds 30 - 31 Statement of Cash Flows – Proprietary Funds 32 - 35 Statement of Fiduciary Net Position – Fiduciary Funds 36 Statement of Changes in Plan Net Position – Pension Trust Funds 37 Notes to Financial Statements 38 - 99 Required Supplementary Information (Unaudited) Schedule of Funding Progress Other Postemployment Benefit Plan 100 Schedule of Changes in Net Pension Liability, Total Pension Liability and Related Ratios and Investment Returns Illinois Municipal Retirement Fund 101 Police Pension Plan 102 Firefighters’ Pension Plan 103 (Continued) ii Village of Glenview, Illinois Comprehensive Annual Financial Report For the Year Ended December 31, 2016 Table of Contents Page FINANCIAL SECTION (Continued) Required Supplementary Information (Unaudited) (Continued) Schedules of Contributions Illinois Municipal Retirement Fund 104 Police Pension Plan, Firefighters’ Pension Plan 105 - 106 Schedule of Revenues, Expenditures, and Changes in Fund Balance – Budget and Actual General Fund 107 Special Tax Allocation Fund 108 Notes to Required Supplementary Information 109 - 110 Supplemental Information Governmental Funds Major Funds Schedule of Detailed Revenues and Other Financing Sources - Budget and Actual General Fund 111 - 114 Schedule of Detailed Expenditures and Other Financing Uses - Budget and Actual General Fund 115 - 120 Schedules of Detailed Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual Special Tax Allocation Fund 121 Village Permanent Fund 122 Nonmajor Governmental Funds Combining Balance Sheet 123 Combining Statement of Revenues, Expenditures, and Changes in Fund Balances 124 Nonmajor Special Revenue Funds Combining Balance Sheet 125 Combining Statement of Revenues, Expenditures, and Changes in Fund Balances 126 Schedules of Revenues, Expenditures, and Changes in Fund Balance – Budget and Actual Motor Fuel Tax Fund 127 Foreign Fire Insurance Fund 128 Police Department Special Account Fund 129 Waukegan Golf TIF Fund 130 Nonmajor Debt Service Fund Schedule of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual - Corporate Purpose Bonds Fund 131 (Continued) iii Village of Glenview, Illinois Comprehensive Annual Financial Report For the Year Ended December 31, 2016 Table of Contents Page FINANCIAL SECTION (Continued) Supplemental Information (Continued) Nonmajor Governmental Funds (Continued) Nonmajor Capital Project Fund Combining Balance Sheet 132 Combining Statement of Revenues, Expenditures, and Changes in Fund Balances 133 Schedule of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual Capital Projects Fund 134 Glen Capital Projects Fund 135 Proprietary Funds Major Enterprise Funds Schedules of Revenues, Expenses, and Changes in Net Position – Budget and Actual (Budgetary Basis) Glenview Water Fund 136 - 137 North Maine Water and Sewer Fund 138 - 139 Glenview Sanitary Sewer Fund 140 - 141 Nonmajor Enterprise Funds Combining Statement of Net Position 142 Combining Statement of Revenues, Expenses, and Changes in Net Position 143 Combining Statement of Cash Flows 144 - 145 Schedules of Revenues, Expenses, and Changes in Net Position – Budget and Actual (Budgetary Basis) Wholesale Water Fund 146 Commuter Parking Lot Fund 147 Internal Service Funds Combining Statement of Net Position 148 - 149 Combining Statement of Revenues, Expenses, and Changes in Fund Net Position 150 - 151 Combining Statement of Cash Flows 152 - 153 Schedules of Revenues, Expenses, and Changes in Net Position – Budget and Actual (Budgetary Basis) Capital Equipment Replacement Fund (CERF) 154 Municipal Equipment Repair Fund (MERF) 155 Insurance and Risk Fund 156 Facilities Repair and Replacement Fund (FRRF) 157 (Continued) iv Village of Glenview, Illinois Comprehensive Annual Financial Report For the Year Ended December 31, 2016 Table of Contents Page FINANCIAL SECTION (Continued) Supplemental Information (Continued) Trust and Agency Funds Pension Trust Funds Combining Statement of Fiduciary Net Position 158 Combining Statement of Changes in Fiduciary Net Position 159 Schedule of Changes in Plan Net Position - Budget and Actual Police Pension Fund 160 Firefighters' Pension Fund 161 Agency Funds Statements of Changes in Assets and Liabilities 162 - 163 Glenview Library - Component Unit Combining Balance Sheet and Statement of Net Position 164 - 167 Combining Statement of Revenues, Expenditures, and Changes in Fund Balances and Statement of Activities 168 - 169 Schedule of Revenues, Expenditures, and Changes in Fund Balance Library General Fund 170 - 173 Library Debt Service 174 Library Nonmajor Funds Combining Balance Sheet 175 - 176 Combining Statement of Revenues, Expenditures, and Changes in Fund Balances 177 - 178 Schedules of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual Library Special Reserve Fund 179 Other Supplemental Information Long-Term Debt Requirements General Obligation Bond Series 2009A 180 General Obligation Bond Series 2009D 181 Illinois Environment Protection Agency Loan 182 General Obligation Refunding Bond Series 2012A 183 General Obligation Refunding Bond Series 2012B 184 General Obligation Refunding Bond Series 2012C 185 General Obligation Bond Series 2013A 186 General Obligation Bond Series 2013B 187 5-Year Loan 188 General Obligation Bonds, Series 2015 189 General Obligation Refunding Bond, Series 2016A 190 Advanced Metering Infrastructure Loan 191 (Continued) v Village of Glenview, Illinois Comprehensive Annual Financial Report For the Year Ended December 31, 2016 Table of Contents Page Other Supplemental Information (Continued) Glenview Naval Air Station (GNAS) Redevelopment Area Funds Combining Balance Sheet 192 Combining Schedule of Revenues, Expenditures, and Changes in Fund Balances 193 STATISTICAL SECTION (UNAUDITED) Index to Statistical Section 194 Financial Trends Net Position, Last Ten Fiscal Years 195 - 196 Changes in Net Position, Last Ten Fiscal Years 197 - 200 Fund Balances of Governmental Funds, Last Ten Fiscal Years 201 - 202 Changes in Fund Balances of Governmental Funds, Last Ten Fiscal Years 203 - 204 Revenue Capacity Property Tax Information Assessed Value and Actual Value of Taxable Property, Last Ten Levy Years 205 - 206 Direct and Overlapping Property Tax Rates, Last Ten Levy Years 207 - 210 Principal Property Tax Payers, Current Year and Ten Years Ago 211 Property Tax Levies and Collections, Last Ten Tax Levy Years 212 Debt Capacity Ratios of Outstanding Debt by Type, Last Ten Fiscal Years 213 Ratios of General Bonded Debt Outstanding, Last Ten Fiscal Years 214 Direct and Overlapping Governmental Activities Debt 215 Legal Debt Margin Information 216 Demographic and Economic Information Demographic and Economic Statistics, Last Ten Fiscal Years 217 Principal Employers, Current Year and Ten Years Ago 218 Operating Information Full-time Equivalent Employees by Function/Program, Last Ten Fiscal Years 219 - 220 Operating Indicators by Function/Program, Last Ten Fiscal Years 221 - 222 Capital Asset Statistics by Function/Program, Last Ten Fiscal Years 223 - 224 vi Village of Glenview, Illinois Officers and Officials December 31, 2016 LEGISLATIVE James R. Patterson, Jr. Village President Paul Detlefs, Trustee Michael Jenny, Trustee Philip O’C. White, Trustee Deborah Karton, Trustee John Hinkamp, Trustee Scott Britton,Trustee Matthew J. Formica Village Clerk/Treasurer ADMINISTRATIVE Matthew J. Formica, Village Manager vii viii ix June 14, 2017 Honorable Village President Patterson Members of the Board of Trustees Residents of the Village of Glenview State law requires that every general-purpose local government publish, within six months of the close of each fiscal year, a complete set of audited financial statements. The Comprehensive Annual Financial Report of the Village of Glenview, Illinois, for the fiscal year ended December 31, 2016 is published to fulfill that requirement. Management assumes full responsibility for the completeness and reliability of the information contained in this report, based upon a comprehensive framework of internal controls that are established for this purpose. Because the cost of internal controls should not exceed the anticipated benefits, the objective is to provide reasonable, rather than absolute, assurance that the financial statements are free of any material misstatements. RSM US LLP, Certified Public Accountants, has issued an unmodified (“clean”) opinion on the Village of Glenview’s (the “Village”) financial statements for the year ended December 31, 2016. The independent auditor’s report is located at the front of the financial section of this report. Management’s Discussion and Analysis (MD&A) immediately follows the independent auditor’s report and provides a narrative introduction, overview, and analysis of the basic financial statements. MD&A complements this letter of transmittal and should be read in conjunction with it. Profile of the Village of Glenview The Village of Glenview, incorporated in 1899, is located in northern Cook County and is 20 miles north of the City of Chicago. The Village serves a population of approximately 46,000 and is considered to be a primary government providing a full range of general governmental services. The Village is empowered to levy a property tax on real property located within its boundaries. It also is empowered by state statute to extend its corporate limits by annexation, which it has done from time to time. The Village’s legislative body consists of the Village President and a Board of six Trustees, all elected on an at-large basis to overlapping four-year terms. The Village Manager is responsible for the day-to-day operations of the Village. As defined by the Illinois Constitution, the Village of Glenview is a home rule municipality. The Village provides comprehensive governmental services, including police and fire protection, health services, water and sewer utilities, street construction and maintenance, code enforcements, planning and zoning and general administrative services. In addition to serving Village residents, the Fire Department also provides fire protection and ambulance service to the Village of Golf as well as the Glenbrook Fire Protection District which is comprised of approximately 15,000 residents located in unincorporated Cook County. Both of these entities have long-term intergovernmental agreements with the Village to pay for these services. 2500 East Lake Avenue  Glenview, IL 60026  (847) 904-4370  Fax (847) 724-1518  www.glenview.il.us x Long-Term Financial Planning The Village of Glenview Comprehensive Annual Financial Report includes all of its governmental and business-type operation funds, pension trust funds (the Glenview Police Pension Fund and the Glenview Firefighters’ Pension Fund), agency funds, and component unit (the Glenview Public Library) funds, based on financial accountability. The accompanying financial statements include only those funds of the Village and Library, as there are no other organizations for which it has financial accountability. The pension funds are determined to be pension trust funds due to their fiduciary and fiscal relationships with the Village as their sole purpose is to provide retirement benefits to the Village’s sworn police officers and firefighters. The Public Library is discretely presented as a component unit of the Village since it is governed by a separately elected Board of Trustees. The annual budget serves as the foundation for the Village’s financial planning and control. State law requires that a municipality operating under the budget system adopt its annual budget prior to the start of its fiscal year. Through the budget, spending authority is conveyed by the expenditure object. The legal level of budgetary control is the fund level. The Village utilizes a 5-year Capital Improvement Program (“CIP”) to address major capital and infrastructure improvements. For a project to be included in the CIP, it must involve the creation or purchase of a tangible asset with an original cost of at least $25,000 and a useful life of more than one year. The Village has primarily followed a “pay-as-you-go” funding strategy for maintenance and replacement of assets but on occasion has issued debt for new projects. Local Economy The Village of Glenview has a well-established reputation as a preeminent community, located in the northern corridor of the Chicago metropolitan area. Glenview is an outstanding place to live and work, with an ideal mix of single family and multi-family residential housing, corporate headquarters and commercial/industrial businesses, excellent schools and municipal services. Of the Village’s 2015 assessed valuation, 74.3% was classified as residential, and 25.7% was commercial/industrial. A number of revenue sources in 2016 have continued to show a stabilization in growth after a few years of significant growth. For example, during 2016, the annual sales tax revenue amount of $16,189,240 was 3.54% higher than the sales tax revenue received in 2015 while the growth year to year for the past two years was 4.43% and 8.23%. In conjunction to the retail sales continuing to increase, the Village is also pleased to report that its retail base continues to become more diversified. This diversification is evidenced by a comparison of the retail sales tax mix from 2001 to 2015. Specifically, in 2001, sales tax revenue related to the Illinois Department of Revenue’s automotive sales tax category (Automobile and Filling Stations) accounted for 45% of the Village’s total tax receipts. While this component is still very critical to the Village and generated $4.5 million or 28% of sales tax receipts in 2016, the Furniture and Electronics sales tax category, which in 2001 generated approximately 1% of sales tax receipts, in 2016 generated $4.5 million, or 28% of sales tax receipts for the year. This growth in the Furniture and Electronics sales tax category is due to the 2002 relocation of a major retail electronics store into Glenview, which is still growing and has recently completed an expansion of new warehouse/distribution space to their facility. Major Initiatives and Accomplishments Village Board Goals and Initiatives – The Board of Trustees’ 2016 strategic goals remained much the same as they have over the last several years which are to continue to provide the overarching framework to promote the Village Board’s vision of providing outstanding services and programs in a fiscally prudent environment. The strategic goals included guiding the analysis, design and implementation of the information technology assets; continuing to improve the operating budget and financial practices to promote efficient service delivery, fiscal responsibility and transparency; continuing to improve operations, staffing and programs to maximize quality of service and efficiency; enhancing the Village’s community xi planning and economic development efforts; continuing to develop intergovernmental relationships; enhancing the Village communication program to promote expedient and effective dissemination of information to internal and external customers of the Village; and improving the capital improvement program in an effective and fiscally-responsible manner. The Village Board, management and staff are pleased to report that a primary goal of maintaining service levels while not increasing the burden to the taxpayers has been substantially achieved. However, there is reason to be cautious about the economy and the impact it has on the Village’s finances. The Village will continue to monitor the political uncertainty regarding the financial position of the State of Illinois, which continues to explore opportunities to both shift costs to local governments and reduce local governments’ share of tax revenues. Within this context, the Village Board, management, and staff have engaged in regular re-evaluation of every aspect of the Village’s operations to identify opportunities for cost containment and revenue generating initiatives. Positive cost containment efforts include the Village Board and managements’ efforts to develop a staffing model that is flexible and adaptable to changing workload demands. The Municipal Partnering Initiative (MPI) that was established in 2010 has also presented opportunities to collaborate and improve the Village’s economies of scale when going to bid and to leverage shared service opportunities. The Village has also worked to contain costs of our workforce through managed competition of services, implementing two-tier wage structures, and offering a Voluntary Separation Program in 2015. The Voluntary Separation Program along with attrition and reorganization efforts resulted in the reduction of 7 full-time equivalent positions by the end of 2015. Another accomplishment for the Village is their success in obtaining outside funding for capital projects. From 2005 to 2015, the Village received over $20,364,975 in state and federal funds to support a number of capital projects. Additionally, the Village has secured $16,600,000 in state and federal funds for projects scheduled through 2021. During 2016, the Village continued to adhere to their General Fund Balance (Reserve) policy of maintaining 30%-40% of total expenditures by developing a planned use of $614,895 of the General Fund Balance. Development Initiatives In 2016, several significant redevelopment projects were approved or constructed, resulting in the one-time revenues associated with building permit fees as well as long-term revenues provided via additional property, sales, and utility tax base for the community. It is Village policy to match these one-time revenues to one-time expenditures. The one-time expenditures have primarily been capital projects which include neighborhood infrastructure improvements, localized stormwater detention projects, and major roadway reconstructions. • The Village of Glenview annexed approximately 21.0 acres in 2015 along Milwaukee Avenue adjacent to the Grove. This area has since been approved for 48 high-end single-family cluster residences to be constructed by David Weekley Homes of Texas. As part of the development process, the applicant has agreed to donate an 8.0 acre buffer of natural area to the Park District for future preservation with The Grove, a National Historic Landmark. All the infrastructure for the development was installed in 2016 prior to the construction of the first homes on the property. Completion of the project is expected in 2017. • A new 4-story residential apartment building at 1160 Waukegan Road was approved in 2014. Construction was completed in 2016 adding 36 luxury apartments to Glenview’s downtown. • The Glen Town Center Streetscape was reconstructed in 2016 with a more sustainable design. The revised design includes zones for outdoor dining, pedestrian walkways, and a landscaped area separating the pedestrians from the adjacent angled public parking spaces. Other improvements include colored stamped concrete added along the street edges and the installation of new irrigation and electrical systems. xii • Anthem Memory Care, a 43,000 square foot senior memory care facility, was approved in 2016 at 1879 Chestnut Avenue. The 66 bed project began construction that same year with occupancy of the building expected in late 2017. • An 11,900 square foot addition to the Kohl Children’s Museum was approved in 2016. The addition includes a gross motor skills play area for all ages, additional program rooms and events space, and 195 new parking stalls. The museum is consistently ranked as one of the top 20 destinations in total visitors in Illinois. Construction will begin following a multi-year fundraising campaign. • Illinois Tool Works, a Fortune 500 company, purchased the 40 acre former Kraft Foods campus and undertook a significant remodeling of the two office towers in 2016 prior to consolidating over 600 employees into the office and lab space. • The Kensington School, a 15,000 square foot daycare for up to 140 children, was approved in 2016 and is currently under construction. • Approvals were granted in 2016 for the redevelopment of the former Matty’s Roadside Inn site at 1727 Waukegan Road. A 5,000 square foot Culver’s drive-thru restaurant was approved, as well as a 3,500 square foot retail outlot building. Permits are almost complete and construction is anticipated to begin in the summer of 2017. • The Village’s second brewery and tasting room, Machusla Brewing Company, was approved in 2016. The site is currently under construction and anticipates opening on East Lake Avenue next to Hackney’s in 2017. • Several projects began the preliminary development review process in 2016 and received development approvals in 2017: o Park Place Glenview, a 26 unit residential development consisting of 14 rowhomes, 4 duplexes, and 8 small-lot single-family homes on the former Village Hall site. o Capital Senior Housing development at 4700 West Lake Avenue which is a proposed 73,000 square foot assisted living and memory care facility with 83 units. • Crafted in 2016 by a 16-member committee, the Village’s Comprehensive Plan updates the 2004 Comprehensive Plan to become the latest “road map” for future development decisions. The Plan Commission held public hearings on the final draft during the fall of 2016 and was approved by the Glenview Village Board of Trustees in 2017. The Comprehensive Plan is intended to guide the Village in its planning efforts for the next 10 to 20 years. Awards and Acknowledgements The Government Finance Officers Association of the United States and Canada awarded the Certificate of Achievement for Excellence in Financial Reporting to the Village for the year ended December 31, 2015. The Certificate of Achievement is a prestigious national award recognizing conformance with the highest standards for preparation of state and local government financial reports. In order to be awarded the Certificate of Achievement, the Village had to publish an easily readable and efficiently organized CAFR that satisfied both generally accepted accounting principles and applicable legal requirements. A Certificate of Achievement is only valid for a period of one year. The Village of Glenview has received a Certificate of Achievement for thirty-four consecutive years (fiscal years ended 1982 through 2015). We believe that our current report continues to conform to the Certificate of Achievement Program requirements and we are submitting it to the GFOA to determine its eligibility for another certificate. The preparation of this report could not be accomplished without the dedicated services of the entire staff of the Finance Division within the Administrative Services Department and the cooperation and assistance rendered by the staff of other operating departments of the Village. I would like to express our appreciation to all of those employees who assisted and contributed to its preparation . Finally, appreciation is expressed to the Village President, Board of Trustees and the Village Manager for their leadership and support in planning and conducting the fiscal affairs of the Village. Respectfully submitted, ~J~ Ronald J. Amen, CPA Chief Financial Officer Lauterbach and Amen, LLP xiii FINANCIAL SECTION INDEPENDENT AUDITOR’S REPORT 1 Citizens of Glenview Independent Auditor’s Report To the Honorable Village President and Members of the Board of Trustees Village of Glenview, Illinois Report on the Financial Statements We have audited the accompanying financial statements of the governmental activities, the business-type activities, the discretely presented component unit, each major fund, and the aggregate remaining fund information of the Village of Glenview, Illinois (the “Village”), as of and for the year ended December 31, 2016, and the related notes to the financial statements, which collectively comprise the Village’s basic financial statements as listed in the table of contents. Management’s Responsibility for the Financial Statements Management is responsible for the preparation and fair presentation of these financial statements in accordance with accounting principles generally accepted in the United States of America; this includes the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error. Auditor’s Responsibility Our responsibility is to express opinions on these financial statements based on our audit. We conducted our audit in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity’s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinions. 2 Opinions In our opinion, the financial statements referred to above present fairly, in all material respects, the respective financial position of the governmental activities, the business-type activities, the discretely presented component unit, each major fund, and the aggregate remaining fund information of the Village of Glenview, Illinois, as of December 31, 2016, 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. Other Matters Required Supplementary Information Accounting principles generally accepted in the United States of America require that management’s discussion and analysis (pages 4–19), budgetary comparison information (pages 107–108), and pension and OPEB information (pages 100–106), and the related note (pages 109 - 110) be presented to supplement the basic financial statements. Such information, although not a part of the basic financial statements, is required by the GASB who considers it to be an essential part of financial reporting for placing the basic financial statements in an appropriate operational, economic, or historical context. We have applied certain limited procedures to the required supplementary information in accordance with auditing standards generally accepted in the United States of America, which consisted of inquiries of management about the methods of preparing the information and comparing the information for consistency with management’s responses to our inquiries, the basic financial statements, and other knowledge we obtained during our audit of the basic financial statements. We do not express an opinion or provide any assurance on the information because the limited procedures do not provide us with sufficient evidence to express an opinion or provide any assurance. Other Information: Our audit for the year ended December 31, 2016 was conducted for the purpose of forming opinions on the financial statements that collectively comprise the Village’s basic financial statements. The Supplemental Information consisting of combining and individual fund statements and schedules and debt requirement schedules for the year ended December 31, 2016, and the other information, such as the Introductory and Statistical sections are presented for purposes of additional analysis and are not a required part of the basic financial statements. The Supplemental Information is the responsibility of management and was derived from and relates directly to the underlying accounting and other records used to prepare the basic financial statements. The combining and individual fund statements and schedules and debt requirement schedules have been subjected to the auditing procedures applied in the audit of the basic financial statements for the year ended December 31, 2016 and certain additional procedures, including comparing and reconciling such information directly to the underlying accounting and other records used to prepare the basic financial statements or to the basic financial statements themselves, and other additional procedures in accordance with auditing standards generally accepted in the United States of America. In our opinion, the combining and individual fund statements and schedules and debt requirement schedules are fairly stated, in all material respects, in relation to the basic financial statements as a whole for the year ended December 31, 2016. 3 We also previously audited, in accordance with auditing standards generally accepted in the United States of America, the basic financial statements of the Village of Glenview, Illinois as of and for the year ended December 31, 2015 (not presented herein), and have issued our report thereon dated June 14, 2016, which contained unmodified opinions on the respective financial statements of the governmental activities, the business-type activities, the discretely presented component unit, each major fund, and the aggregate remaining fund information. The combining and individual fund statements and schedules for the year ended December 31, 2015 are presented for purposes of additional analysis and are not a required part of the basic financial statements. Such information is the responsibility of management and was derived from and relates directly to the underlying accounting and other records used to prepare the 2015 financial statements. The combining and individual fund statements and schedules have been subjected to the auditing procedures applied in the audit of the 2015 basic financial statements and certain additional procedures, including comparing and reconciling such information directly to the underlying accounting and other records used to prepare those financial statements or to those financial statements themselves, and other additional procedures in accordance with auditing standards generally accepted in the United States of America. In our opinion, the combining and individual fund statements and schedules are fairly stated in all material respects in relation to the basic financial statements as a whole for the year ended December 31, 2015. The Introductory Section and Statistical Section have not been subjected to the auditing procedures applied in the audit of the basic financial statements, and accordingly, we do not express an opinion or provide any assurance on it. Schaumburg, Illinois June 14, 2017 4 Village of Glenview, Illinois Management’s Discussion and Analysis December 31, 2016 Our discussion and analysis of the Village of Glenview’s financial performance provides an overview of the Village’s financial activities for the fiscal year ended December 31, 2016. Please read it in conjunction with the transmittal letter, which begins on page ix and the Village’s basic financial statements, which begin on page 20. FINANCIAL HIGHLIGHTS • The Village’s net position of governmental activities increased by $1,561,984, or 0.8% whereas the net position of business-type activities decreased by $1,819,592, or 2.97%, resulting in total ending net position for the year of $241,792,509. • During the year, government-wide revenues before transfers for the governmental and business- type activities totaled $122,931,179, while expenses totaled $123,188,787, resulting in the decrease in net position of $257,608. • The Village’s net position totaled $241,792,509 on December 31, 2016, a decrease of $257,608 from the prior fiscal year. • The ending fund balance for the General Fund equaled $25,490,346, a decrease of $748,526 due to a planned use of fund balance. USING THIS ANNUAL REPORT This annual report consists of a series of financial statements. The Statement of Net Position and the Statement of Activities (on pages 20-23) provide information about the activities of the Village as a whole and present a longer-term view of the Village’s finances. Fund financial statements begin on page 24. For governmental activities, these statements tell how these services were financed in the short term as well as what remains for future spending. Fund financial statements also report the Village’s operations in more detail than the government-wide statements by providing information about the Village’s most significant funds. The remaining statements provide financial information about fiduciary activities for which the Village acts solely as a trustee or agent for the benefit of those outside of the government. Government-Wide Financial Statements The government-wide financial statements provide readers with a broad overview of the Village’s finances, in a manner similar to a private-sector business. The government-wide financial statements can be found on pages 20-23 of this report. The Statement of Net Position reports information on all of the Village’s assets, deferred outflows of resources, liabilities and deferred inflows of resources, with the difference between the these items reported as net position. Over time, increases or decreases in net position may serve as a useful indicator of whether the financial position of the Village is improving or deteriorating. Consideration of other nonfinancial factors, such as changes in the Village’s property tax base and the condition of the Village’s infrastructure, is needed to assess the overall health of the Village. 5 Village of Glenview, Illinois Management’s Discussion and Analysis (Continued) December 31, 2016 USING THIS ANNUAL REPORT – Continued Government-Wide Financial Statements – Continued The Statement of Activities presents information showing how the government’s net position changed during the most recent fiscal year. All changes in net position are reported as soon as the underlying event giving rise to the change occurs, regardless of the timing of related cash flows. Thus, revenues and expenses are reported in this statement for some items that will only result in cash flows in future fiscal periods (e.g., uncollected taxes and earned but unused vacation leave). Both of the government-wide financial statements distinguish functions of the Village that are principally supported by taxes and intergovernmental revenues (governmental activities) from other functions that are intended to recover all or a significant portion of their costs through user fees and charges (business- type activities). The governmental activities of the Village include general government, public works, public safety, and development. The business-type activities of the Village include water and sanitary sewer operations, North Maine water and sanitary sewer operations, wholesale water operations, and commuter parking operations. The Village includes one separate legal entity in its report. The Glenview Public Library is presented as a discretely presented component unit. Although legally separate, this “component unit” is important because the Village is financially accountable for it. Financial information for the component unit is reported separately from the financial information presented for the primary government itself. Fund Financial Statements A fund is a grouping of related accounts that is used to maintain control over resources that have been segregated for specific activities or objectives. The Village, like other local governments, uses fund accounting to ensure and demonstrate compliance with finance-related legal requirements. All of the funds of the Village can be divided into three categories: governmental funds, proprietary funds, and fiduciary funds. Governmental Funds Governmental funds are used to account for essentially the same functions reported as governmental activities in the government-wide financial statements. However, governmental fund financial statements focus on near-term inflows and outflows of spendable resources, as well as on balances of spendable resources available at the end of the fiscal year. Such information may be useful in evaluating the Village’s near-term financing requirements. Because the focus of governmental funds is narrower than that of the government-wide financial statements, it is useful to compare the information presented for governmental funds with similar information presented for governmental activities in the government-wide financial statements. By doing so, readers may better understand the long-term impact of the government’s near-term financing decisions. Both the governmental funds balance sheet and the governmental funds statement of revenues, expenditures, and changes in fund balances provide a reconciliation to facilitate the comparison between governmental funds and governmental activities. 6 Village of Glenview, Illinois Management’s Discussion and Analysis (Continued) December 31, 2016 USING THIS ANNUAL REPORT – Continued Governmental Funds – Continued The Village maintains ten individual governmental funds. Information is presented separately in the governmental funds balance sheet and in the governmental funds statement of revenues, expenditures, and changes in fund balances for the General Fund, Special Tax Allocation Fund, and Village Permanent Fund, all of which are considered to be major funds. Data from the other seven governmental funds are combined into a single, aggregated presentation. Individual fund data for each of these nonmajor governmental funds is provided in the form of combining statements elsewhere in this report. The Village adopts an annual budget for all of the governmental funds. Budgetary comparison schedules for all budgeted funds have been provided to demonstrate compliance with this budget. The basic governmental fund financial statements can be found on pages 24-27 of this report. Proprietary Funds The Village maintains two proprietary fund types: enterprise and internal service. Enterprise funds are used to report the same functions presented as business-type activities in the government–wide financial statements. The Village utilizes enterprise funds to account for its water and sanitary sewer operations, North Maine water and sanitary sewer operations, wholesale water operations, and commuter parking operations. Internal service funds are an accounting device used to accumulate and allocate costs internally among the Village’s various functions. The Village uses internal service funds to account for its capital equipment replacement program, municipal equipment repair program, facilities replacement program and health insurance and risk management programs. These services predominantly benefit governmental rather than business-type functions, and therefore, have been included within governmental activities in the government-wide financial statements. Proprietary fund financial statements provide the same type of information as the government-wide financial statements, only in more detail. The proprietary fund financial statements provide separate information for the Glenview Water Fund, the North Maine Water and Sewer Fund, and the Glenview Sanitary Sewer Fund, all of which are considered to be major funds of the Village. Data from the other two proprietary funds are combined into a single, aggregated presentation. Conversely, the internal service funds are presented in the proprietary fund financial statements in a single column. Individual fund data for the internal service funds is provided elsewhere in this report. The basic proprietary fund financial statements can be found on pages 28-35 of this report. 7 Village of Glenview, Illinois Management’s Discussion and Analysis (Continued) December 31, 2016 USING THIS ANNUAL REPORT – Continued Fiduciary Funds Fiduciary funds are used to account for resources held for the benefit of parties outside the government. Fiduciary funds are not reflected in the government-wide financial statements because the resources of those funds are not available to support the Village’s own programs. The accounting use for fiduciary funds is much like that used for proprietary funds. The basic fiduciary fund financial statements can be found on pages 36-37 of this report. Notes to the Financial Statements The notes provide additional information that is essential to a full understanding of the data provided in the government-wide and fund financial statements. The notes to the financial statements can be found on pages 38-99 of this report. Other Information In addition to the basic financial statements and accompanying notes, this report also presents certain required supplementary information concerning the Village’s Illinois Municipal Retirement Fund, police and fire pension funds, and other post-employment benefit employee pension obligations. The required supplementary information also contains budget to actual comparison schedules for the General Fund and major special revenue funds. Required supplementary information can be found on pages 100-110 of this report. The combining statements referred to earlier in connection with nonmajor governmental funds and internal service funds are presented immediately following the required supplementary information on pensions. Combining and individual fund statements and schedules for the Village can be found on pages 111-163 of this report. Additionally, the combining and individual fund statements for the component unit can be found on pages 164-179. GOVERNMENT-WIDE FINANCIAL ANALYSIS Net position may serve over time as a useful indicator of a government’s financial position. The following table shows that in the case of the Village of Glenview, total assets/deferred outflows exceeded liabilities/deferred inflows by $241,792,509 at December 31, 2016, compared to $242,050,117 at December 31, 2015. In fiscal year 2015, the Village implemented the provisions of Governmental Accounting Standards Board (GASB) Statement No.68 and No. 71, related to the reporting of the Village’s participation with the Illinois Municipal Retirement Fund (IMRF), Police Officers’ and Firefighters’ Pension Plans. The Village’s total net pension liability at December 31, 2016 is $87,361,922 which is made up of $12,385,506, $27,995,017 and $46,981,399, respectively. The Village’s total net pension liability at December 31, 2015 is $72,958,839 is made up of $7,964,813, $23,562,070 and $41,431,955, respectively. The provisions of the Statement also provide for the recording of items called deferred outflows (future expenses) and deferred inflows (future revenues) related to the pension plans. At December 31, 2016, the Village has offset the total net pension liabilities of $87,361,922 with deferred outflows of $28,905,008 and deferred inflows of $4,680,723. At December 31, 2015, the Village had offset the total net pension liabilities of $72,958,839 with deferred outflows of $18,407,709 and deferred inflows of $3,462,274. 8 Village of Glenview, Illinois Management’s Discussion and Analysis (Continued) December 31, 2016 GOVERNMENT-WIDE FINANCIAL ANALYSIS – Continued 2016 2015 2016 2015 2016 2015 Current and other assets 102,378,736 $ 105,892,341 $ 8,703,626 $ 9,890,814 $ 111,082,362 $ 115,783,155 $ Capital assets 242,676,648 243,384,335 60,242,479 58,644,312 302,919,127 302,028,647 Total assets 345,055,384 349,276,676 68,946,105 68,535,126 414,001,489 417,811,802 Deferred Outflow of Resources 29,143,758 19,368,543 1,441,300 1,015,465 30,585,058 20,384,008 Total deferred outflows 29,143,758 19,368,543 1,441,300 1,015,465 30,585,058 20,384,008 Long-term liabilities 139,767,623 135,084,466 8,750,174 4,545,497 148,517,797 139,629,963 Other liabilities 35,956,173 38,120,514 2,173,667 3,778,277 38,129,840 41,898,791 Total liabilities 175,723,796 173,204,980 10,923,841 8,323,774 186,647,637 181,528,754 Deferred Inflows of Resources 16,080,118 14,606,995 66,283 9,944 16,146,401 14,616,939 Total deferred inflows 16,080,118 14,606,995 66,283 9,944 16,146,401 14,616,939 Net Position Net investment in capital assets 190,133,236 190,234,952 53,413,336 55,002,443 243,546,572 245,237,395 Restricted 2,906,999 2,194,487 - - 2,906,999 2,194,487 Unrestricted (10,645,007) (11,596,195) 5,983,945 6,214,430 (4,661,062) (5,381,765) Total net position, as restated 182,395,228 $ 180,833,244 $ 59,397,281 $ 61,216,873 $ 241,792,509 $ 242,050,117 $ Activities Activities Government Table 1 Statement of Net Position As of December 31, 2016 and 2015 Governmental Business-Type Total Primary A large portion of the Village’s net position, $243,546,572, reflects its investment in capital assets (for example, infrastructure, land, buildings and improvements, machinery, and equipment), less any related debt used to acquire those assets that is still outstanding. The Village uses these capital assets to provide services to citizens; consequently, these assets are not available for future spending. Although the Village’s investment in its capital assets is reported net of related debt, it should be noted that the resources needed to repay this debt must be provided from other sources, since the capital assets themselves cannot be used to liquidate these liabilities. An additional portion, $2,906,999, of the Village’s net position represents resources that are subject to external restrictions on how they may be used, including restrictions for future street improvements, debt service payments, public safety, and future capital development. The remaining ($4,661,062) represents unrestricted net position. 9 Village of Glenview, Illinois Management’s Discussion and Analysis December 31, 2016 GOVERNMENT-WIDE FINANCIAL ANALYSIS – Continued Normal Impacts There are six basic (normal) transactions that will affect the comparability of the Statement of Net Position summary presentation: 1) Net Results of Activities – which will impact (increase/decrease) current assets and unrestricted net position. 2) Borrowing for Capital – which will increase current assets and long-term debt outstanding. 3) Spending Borrowed Proceeds on New Capital – which will reduce current assets and increase capital assets. There is a second impact, an increase in investment in capital assets and an increase in related net debt, which will not change the investment in capital assets, net of related debt total. 4) Spending Nonborrowed Current Assets on New Capital – which will (a) reduce current assets and increase capital assets and (b) will reduce unrestricted net position and increase investment in capital assets, net of related debt. 5) Principal Payment on Debt – which will (a) reduce current assets and reduce long-term debt and (b) reduce unrestricted net position and increase investment in capital assets, net of related debt. 6) Reduction of Capital Assets through Depreciation – which will reduce capital assets and reduce investment in capital assets, net of related debt. 10 Village of Glenview, Illinois Management’s Discussion and Analysis (Continued) December 31, 2016 Revenue 2016 2015 2016 2015 2016 2015 Program revenues Charges for services 13,276,364 $ 15,943,280 $ 19,561,343 $ 20,427,770 $ 32,837,707 $ 36,371,050 $ Grants and contributions Operating 1,857,331 1,740,265 - - 1,857,331 1,740,265 Capital 299,776 18,639,549 - - 299,776 18,639,549 General Revenue Taxes Property 44,672,858 41,564,097 - - 44,672,858 41,564,097 Home rule 7,948,198 7,821,912 - - 7,948,198 7,821,912 Telecommunication 2,000,427 2,271,699 - - 2,000,427 2,271,699 Utility 3,301,427 3,308,469 - - 3,301,427 3,308,469 Other 1,117,626 1,058,897 - - 1,117,626 1,058,897 Intergovernmental Sales 16,189,240 15,635,705 - - 16,189,240 15,635,705 State income 4,293,596 4,832,506 - - 4,293,596 4,832,506 Local use 1,085,498 994,035 - - 1,085,498 994,035 Road and bridge 449,785 391,761 - - 449,785 391,761 Property replacement 214,012 211,495 - - 214,012 211,495 Other 1,424,994 1,352,890 - - 1,424,994 1,352,890 Investment income 1,145,352 667,765 9,637 15,093 1,154,989 682,858 Gain on legal settlement - - - - - - Other general revenues 4,075,921 1,701,143 7,794 15,942,418 4,083,715 17,643,561 Total revenues 103,352,405 118,135,468 19,578,774 36,385,281 122,931,179 154,520,749 Expenses General government 44,385,296 34,403,572 - - 44,385,296 34,403,572 Public works 12,872,643 26,550,936 - - 12,872,643 26,550,936 Public safety 34,694,711 20,638,161 - - 34,694,711 20,638,161 Development 8,956,426 5,107,156 - - 8,956,426 5,107,156 Interest on long-term debt 1,853,307 2,087,567 - - 1,853,307 2,087,567 Water services - - 16,376,087 15,164,208 16,376,087 15,164,208 North Maine water and sewer - - 19,318 14,915,126 19,318 14,915,126 Sanitary sewerage - - 2,326,072 2,034,331 2,326,072 2,034,331 Wholesale water - - 1,276,248 1,172,689 1,276,248 1,172,689 Commuter parking - - 428,679 487,345 428,679 487,345 Total expenses 102,762,383 88,787,392 20,426,404 33,773,699 123,188,787 122,561,091 Change in net position before transfers 590,022 29,348,076 (847,630) 2,611,582 (257,608) 31,959,658 Transfers 971,962 11,000,896 (971,962) (11,000,896) - - Change in net position 1,561,984 40,348,972 (1,819,592) (8,389,314) (257,608) 31,959,658 Net position - beginning 180,833,244 140,484,272 61,216,873 69,606,187 242,050,117 210,090,459 Net position - ending 182,395,228 $ 180,833,244 $ 59,397,281 $ 61,216,873 $ 241,792,509 $ 242,050,117 $ Activities Activities Government Table 2 Changes in Net Position For the Fiscal Years Ended December 31, 2016 and 2015 Governmental Business-Type Total Primary 11 Village of Glenview, Illinois Management’s Discussion and Analysis (Continued) December 31, 2016 GOVERNMENT-WIDE FINANCIAL ANALYSIS – Continued Normal Impacts There are eight basic (normal) impacts on revenues and expenses as reflected below: Revenues: 1) Economic Condition – which can reflect a declining, stable, or growing economic environment and has a substantial impact on state income, sales, and utility tax revenue as well as public spending habits for building permits, elective user fees, and levels of consumption. 2) Increase/Decrease in Village-Approved Rates – while certain tax rates are set by statute, the Village Board has significant authority to impose and periodically increase/decrease rates (property taxes, water, sewer, impact fees, building fees, home rule sales tax, etc.). 3) Changing Patterns in Intergovernmental and Grant Revenue (both Recurring and Nonrecurring) – certain recurring revenues (state-shared revenues, etc.) may experience significant changes periodically, while nonrecurring (or one-time) grants are less predictable and often distorting due to their impact on year-to-year comparisons. 4) Market Impacts on Investment Income – the Village’s investment policy is managed using a similar average maturity to most governments. Market conditions may cause investment income to fluctuate. Expenses: 5) Introduction of New Programs – within the functional expense categories (general government, public works, public safety, etc.), individual programs may be added or deleted to meet changing community needs. 6) Change in Authorized Personnel – changes in service demand may cause the Village Board to increase/decrease authorized staffing. Personnel costs (salary and related benefits) represent approximately 49.3% of the Village’s General Fund expenditures (including transfers) and approximately 14.1% of enterprise operating costs at December 31, 2016. 7) Salary Increases (Annual Adjustments and Merit) – the ability to attract and retain human and intellectual resources requires the Village to strive to approach a competitive salary range position in the marketplace. 8) Inflation – while overall inflation appears to be reasonably modest, the Village is a major consumer of certain commodities such as supplies, fuels, and parts. Some functions may experience unusual commodity-specific increases. Net position of the Village’s governmental activities increased by 0.8%, or $1,561,984 ($182,395,228 in 2016 compared to $180,833,244 in 2015). This increase is primarily due to the reimbursement of Special Service Area capital project costs of $2,183,495. Net position of business-type activities decreased 2.97% or $1,819,592 ($59,397,281 in 2016 compared to $61,216,873 in 2015). This decreased is largely the result of the Village implementing an Automated Metering Program during the year. 12 Village of Glenview, Illinois Management’s Discussion and Analysis (Continued) December 31, 2016 GOVERNMENT-WIDE FINANCIAL ANALYSIS – Continued Governmental Activities Revenues: Revenues for governmental activities totaled $103,352,405 at December 31, 2016 and $118,135,468 at December 31, 2015, a decrease of $14,783,063. Some key changes during the year for the governmental activity revenues are described below: • Grants and contribution revenues decreased by $18,222,707 or 89.4%. In 2015, grant revenue that was received for the purchase of floodway homes for a total of $11,000,000 combined with other stormwater grant revenue received during the year. • Property tax revenues increased from $41,564,097 at December 31, 2015 to $44,672,858 at December 31, 2016, reflecting a 7.5% increase due primarily to the first year of incremental TIF property taxes totaling $860,000 received in a nonmajor special revenue fund. • Charges for services decreased $2,481,774 or 15.6% due mostly to a decrease of $1,119,760 in licenses and permit fees combined with a decrease of $1,570,995 in miscellaneous revenue. The following table graphically depicts the major revenue sources of the Village. It depicts very clearly the reliance of property taxes and sales taxes to fund governmental activities. It also identifies the less significant percentage the Village receives from income taxes, telecommunication taxes, and utility taxes. 13 Village of Glenview, Illinois Management’s Discussion and Analysis (Continued) December 31, 2016 GOVERNMENT-WIDE FINANCIAL ANALYSIS – Continued Governmental Activities – Continued For the year ended December 31, 2016, governmental activities expenses totaled $102,762,383, an increase of $13,974,991, or 15.7% from the 2015 expenses of $88,787,392. This increase is primarily due to the change pension liability and related pension amount resulted in an increase of $13,523,219 in expenditures. Business-Type activities Business-Type activities posted total revenues of $19,578,774, while the cost of all business-type activities totaled $20,426,404. This results in a deficit of $847,630 prior to net transfers out of $971,962. In 2015, revenues of $36,385,281 exceeded expenses of $33,773,699, resulting in a surplus of $2,611,582 prior to net transfers out of $11,000,896. Revenues For the fiscal year ended December 31, 2016, revenues for the business-type activities totaled $19,578,774, a decrease of $16,806,507, or 46.2%, due primarily to the sale of the North Maine Utility in 2015. The net gain on this sale was $15,825,645. Expenses Expenses for the year ended December 31, 2016 totaled $20,426,404 a decrease of $13,347,295, or 39.5% over the 2015 expenses of $33,773,699. Upon the sale of the North Maine Utility in 2015, the Village utilized $12,000,000 of sale proceeds to help fund police and fire pension liabilities. FINANCIAL ANALYSIS OF THE GOVERNMENT’S FUNDS As noted earlier, the Village uses fund accounting to ensure and demonstrate compliance with finance- related legal requirements. Governmental Funds The focus of the Village’s governmental funds is to provide information on near-term inflows, outflows, and balances of spendable resources. In particular, unreserved fund balance may serve as a useful measure of a government’s net resources available for spending at the end of the fiscal year. The Village’s governmental funds reported combining ending fund balances of $50,822,595, which is $225,227, or 0.4%, lower than last year’s total of $51,047,822. Of the $50,822,595 total, $16,399,215, or approximately 32.3%, of the fund balance constitutes unassigned fund balance. General Fund The General Fund reported a decrease in fund balance for the year of $748,526 or 2.9%, which is slightly more than the planned use of fund balance in the amount of $614,895. 14 Village of Glenview, Illinois Management’s Discussion and Analysis (Continued) December 31, 2016 FINANCIAL ANALYSIS OF THE GOVERNMENT’S FUNDS – Continued Governmental Funds – Continued General Fund – Continued The General Fund is the chief operating fund of the Village. At December 31, 2016, unassigned fund balance in the General Fund was $25,335,141 which represents 99.4% of the total fund balance of the General Fund. As a measure of the General Fund’s liquidity, it is useful to compare unassigned fund balance to total fund expenditures. Unassigned fund balance in the General Fund represents approximately 38.1% of total General Fund expenditures (including transfers). Other Major Funds The Special Tax Allocation Fund is used to account for the incremental property tax revenue that is generated through the growth of the assessed valuation at The Glen (formally referred to as Glenview Naval Air Station), and the ‘Make-Whole’ payments to core jurisdictions within the boundaries of the Tax Increment Financing District. The core jurisdictions consist of: the Village of Glenview, School District 34, School District 225, the Glenview Park District, and the Glenview Public Library, a discretely presented component unit of the Village. This fund also accounts for the service and incentive fees within the Tax Increment Financing District. At December 31, 2016, the Special Tax Allocation Fund reported revenues in excess of expenditures by $2,625,127, due in large part to contractual expenditures coming in under budget by $2,538,372. The Village Permanent Fund, reported as a capital projects fund, was formed from 20% of the land sales proceeds of The Glen. Ongoing, the resources are used for Village-wide improvements and economic development initiatives as well as short-term liquidity for the Village’s Tax Increment Financing (TIF) projects at The Glen. For the year ended December 31, 2016, the Village Permanent Fund reported revenues in excess of expenditures by $1,209,483. During the year, a total of $2,225,832 was transferred to the Permanent Fund from the Capital Projects Fund to re-pay the fund for an advance of Special Service Areas loan proceeds. Transfers out to the Capital Projects Fund in the amount of $1,107,697 offset this revenue. Proprietary Funds The Village’s proprietary funds provide the same type of information found in the government-wide financial statements, but in more detail. The Village reports the Glenview Water, the North Maine Water and Sewer, and the Glenview Sanitary Sewer Funds as major proprietary funds. The Village also reports two nonmajor proprietary funds, the Wholesale Water Fund and the Commuter Parking Fund. The Glenview Water Fund accounts for the provision of water services to the property owners in the Village. The North Maine Water Fund, accounts for the provision of water and sewer services to the property owners in an unincorporated area southwest of the Village. This utility was sold to Aqua Illinois on April 30, 2015. The Glenview Sanitary Sewer Fund accounts for the provision of sanitary sewer services to property owners in both incorporated and unincorporated areas of the Village. The Village purchases Lake Michigan water from neighboring Wilmette. The spread between purchase and sale rates is intended to finance the operations of the utility system; including labor costs, supplies, and infrastructure maintenance. 15 Village of Glenview, Illinois Management’s Discussion and Analysis (Continued) December 31, 2016 FINANCIAL ANALYSIS OF THE GOVERNMENT’S FUNDS – Continued Proprietary Funds – Continued The deficit in the Glenview Water Fund during the current fiscal year was $1,431,448; the previous fiscal year reported a deficit of $2,140,188. The deficit in this fund is largely the result of the Village implementing an Automated Metering Program during the year; a total of $3,394,497 was expensed for this project. This overage was offset by the reclassification of certain capital projects expenditures to capital assets in the amount of $1,960,410. Additionally, charges for sales and services of $13,332,349 were $771,358 higher than budget. Unrestricted net position in the Glenview Water Fund totaled $2,871,322 at December 31, 2016. The North Maine Water and Sewer Fund reported a deficit for the current year of $826,861; the previous fiscal year reported a deficit of $6,989,161. The North Maine Utility was sold to Aqua Illinois on April 30, 2015. During the year, $156,338 was transferred to the General Fund and $651,952 was transferred to the Water Fund and this fund is closed as of December 31, 2016. The surplus in the current year in the Glenview Sanitary Sewer Fund was $243,067, resulting in ending net position of $19,475,969. In the prior year the Glenview Sanitary Sewer Fund also reported a surplus of $577,233. The current year surplus was due in large part to lower than anticipated capital expenses. GENERAL FUND BUDGETARY HIGHLIGHTS During 2016, the Village Board approved one budget amendment to increase professional services for a special census in the Village and was funded through available fund balance. General Fund actual revenues (including other financing sources) for the year totaled $65,778,151 compared to budgeted revenues of $66,729,289, a deficit of $951,138. This is due to state revenues of sales tax and income tax under budget by $882,456 and $458,865, respectively. These decreases were offset by unbudgeted transfers from the North Maine Water and Sewer Fund and the Capital Projects Fund of $156,338 and $200,000, respectively. 16 Village of Glenview, Illinois Management’s Discussion and Analysis (Continued) December 31, 2016 FINANCIAL ANALYSIS OF THE GOVERNMENT’S FUNDS – Continued GENERAL FUND BUDGETARY HIGHLIGHTS – Continued The General Fund actual expenditures (including transfers) for the year of $66,526,677 were $817,507 lower than budgeted expenditures of $67,344,184. Contractual services were under budget by $378,970, or 2.8%. This is due to lower than budgeted expenses for postage, outside litigation, snow plowing, recycling fees, medical services and economic development agreements for property, sales and utility tax sharing. Commodities were under budget by $116,487, or 5.6%, mainly due to savings in electricity and natural gas due to a mild weather. Other charges were under budget by $171,887, or 2.4% due to various expenses budgeted but not incurred. Interfund charges were under budget by $178,583, or 3.9% as the cost of fuel and routine maintenance charges were lower than anticipated. Transfers out were lower than budget by $83,845 as project savings were realized in the Capital Projects Fund, thus reducing the annual transfer from the General Fund. Additionally, personnel costs and capital outlay were a combined $122,266 over budget due to additional overtime expenses needed to cover staff vacancies and capital outlay costs incurred to begin expansion of the joint dispatch center to prepare for the four communities that will be added in 2017. Original Final Budget Budget Actual Revenues Taxes 26,316,533 $ 26,316,533 $ 25,918,598 $ Intergovernmental 27,367,878 27,367,878 26,164,152 Other 12,217,590 12,217,590 12,493,358 Total revenues 65,902,001 65,902,001 64,576,108 Expenditures (60,061,234) (60,151,602) (59,417,940) Transfers in 827,288 827,288 1,202,043 Transfers out (7,192,582) (7,192,582) (7,108,737) Total expenditures and net transfers (66,426,528) (66,516,896) (65,324,634) Net change in fund balance (524,527) $ (614,895) $ (748,526) $ Table 3 General Fund Budgetary Highlights 17 Village of Glenview, Illinois Management’s Discussion and Analysis (Continued) December 31, 2016 CAPITAL ASSETS AND DEBT ADMINISTRATION Capital Assets The Village’s investment in capital assets for its governmental and business type activities as of December 31, 2016 was $302,919,127 (net of accumulated depreciation). This investment in capital assets includes land, buildings and improvements, machinery, equipment, and vehicles, water and sanitary sewer system improvements, and other infrastructure improvements. 2016 2015 2016 2015 2016 2015 Construction in progress 52,641 $ 80,256 $ 122,796 $ -$ 175,437 $ 80,256 $ Land 21,076,696 21,076,696 567,851 567,851 21,644,547 21,644,547 Land right of way 55,281,951 55,281,951 - - 55,281,951 55,281,951 Buildings and improvements 70,949,194 72,496,858 1,748,084 1,826,443 72,697,278 74,323,301 Machinery, equipment and vehicles 7,683,522 8,011,118 1,061,894 782,083 8,745,416 8,793,201 Infrastructure 87,632,644 86,437,456 - - 87,632,644 86,437,456 Water system - - 38,321,140 37,156,813 38,321,140 37,156,813 Sanitary sewer system - - 18,420,714 18,311,122 18,420,714 18,311,122 Total 242,676,648 $ 243,384,335 $ 60,242,479 $ 58,644,312 $ 302,919,127 $ 302,028,647 $ Activities Activities Government Governmental Table 4 Capital Assets at Year End Net of Depreciation Business-Type Total Primary This year’s major additions included: Additions Construction in progress 404,356 $ Land - Building and improvements 556,160 Infrastructure, including roadways, etc.5,123,475 Machinery, equipment and vehicles 1,652,635 Sanitary sewer system 592,086 Water system 2,292,185 Total 10,620,897 $ Additional information on the Village’s capital assets can be found in Note 4 on pages 57-60 of this report. 18 Village of Glenview, Illinois Management’s Discussion and Analysis (Continued) December 31, 2016 CAPITAL ASSETS AND DEBT ADMINISTRATION - Continued Debt Administration At year-end, the Village had total outstanding debt of $62,245,330 as compared to $67,415,088 the previous year, a decrease of $5,169,758, or 7.67% which included the issuance of a loan in the amount of $3,872,432, coupled with principal retirements that reduced the outstanding liability on the bonds. The following is a comparative statement of outstanding debt: 2016 2015 2016 2015 2016 2015 General obligation bonds 51,145,000 $ 58,045,000 $ -$ 765,000 $ 51,145,000 $ 58,810,000 $ Corporate purpose notes - - 6,829,143 3,003,592 6,829,143 3,003,592 Loans payable 4,271,187 5,601,496 - - 4,271,187 5,601,496 Total debt 55,416,187 $ 63,646,496 $ 6,829,143 $ 3,768,592 $ 62,245,330 $ 67,415,088 $ Governmental Business-Type Total Primary Activities Activities Government The Village maintains an Aaa rating from Moody’s for general obligation debt. This rating has not changed in the past ten years. As the Village is a home rule community, there is no legal limit for outstanding debt. Additional information on the Village’s long-term debt can be found in Note 6 on pages 63-70 of this report. ECONOMIC FACTORS AND NEXT YEAR’S BUDGET AND RATES The Village’s elected and appointed officials considered many factors when setting the fiscal-year 2017 budget, tax rates, and fees that will be charged for its governmental and business-type activities. One of those factors is the economy. The current economic condition continues to show moderate growth in some areas while also gaining stability in areas such as permit fee revenue. Specifically, recent trending has shown moderate growth with general and home rule sales tax over the last few years with the growth trend expected to continue. There is reason to be cautiously optimistic about the local economy and the impact it has on the Village’s finances. However, the Village continues to monitor the economy at the state level and the possible impacts to the Village budget as the State Legislators work to adopt a budget. Because of this, the Village budgeted for no growth in various revenues. Additionally, for only the second time in eight years, the Village increased the tax levy by a total of $200,000, which was intended to assist in balancing the General Fund 2017 budget. The goals remained to minimize the financial burden on Glenview taxpayers, to continue identifying cost cutting strategies and opportunities, responsibly utilize Village reserves when necessary, and proactively structure the Village in a way that will maximize the level of service than can be provided with the current level of resources. Plans for beyond 2017 are also continually being analyzed through three to five year models to ensure the Village’s long term sustainability. 19 Village of Glenview, Illinois Management’s Discussion and Analysis (Continued) December 31, 2016 REQUEST FOR INFORMATION This financial report is designed to provide a general overview of the Village of Glenview’s finances for all those with an interest in the government’s finances. Questions concerning any of the information provided in this report or requests for additional information should be directed to the Administrative Services Department, Village of Glenview, 2500 East Lake Avenue, Glenview, Illinois 60026. BASIC FINANCIAL STATEMENTS 20 Village of Glenview, Illinois Statement of Net Position December 31, 2016 Component Primary Government Unit Governmental Business-type Glenview Activities Activities Total Library Assets Cash and cash equivalents 49,522,213 $ 4,199,627 $ 53,721,840 $ 4,224,848 $ Investments 26,674,995 744,500 27,419,495 1,237,914 Receivables, net of allowances Taxes 20,191,502 - 20,191,502 7,826,557 Accounts 340,069 3,686,926 4,026,995 - Other 992,656 2,715 995,371 2,353 Prepaid expenses 790,112 - 790,112 - Inventory 529,051 69,858 598,909 - Due from primary government - - - 4,163 Due from other governments 106,022 - 106,022 - Due from pension funds 12,449 - 12,449 - Total current assets 99,159,069 8,703,626 107,862,695 13,295,835 Noncurrent assets Notes receivable 2,153,667 - 2,153,667 - Lease receivable 1,066,000 - 1,066,000 - Capital assets Not being depreciated 76,411,288 690,647 77,101,935 5,426,987 Net of accumulated depreciation 166,265,360 59,551,832 225,817,192 25,384,526 Total noncurrent assets 245,896,315 60,242,479 306,138,794 30,811,513 Total assets 345,055,384 68,946,105 414,001,489 44,107,348 Deferred Outflows of Resources Deferred loss on refunding 1,680,051 - 1,680,051 1,020,303 Deferred outflows due to pensions 27,463,707 1,441,300 28,905,007 2,065,009 Total deferred outflows of resources 29,143,758 1,441,300 30,585,058 3,085,312 (Continued) See Notes to Financial Statements. 21 Village of Glenview, Illinois Statement of Net Position (Continued) December 31, 2016 Component Primary Government Unit Governmental Business-type Glenview Activities Activities Total Library Liabilities Accounts payable 21,749,243 $ 1,740,522 $ 23,489,765 $ 420,689 $ Accrued payroll 1,174,401 108,793 1,283,194 169,322 Accrued interest payable 140,607 16,135 156,742 74,667 Other payables 2,234,495 - 2,234,495 - Refundable deposits - 12,775 12,775 - Unearned revenues 334,259 - 334,259 - Due to component unit 4,163 - 4,163 - Current portion of long-term liabilities 10,319,005 295,442 10,614,447 1,243,703 Total current liabilities 35,956,173 2,173,667 38,129,840 1,908,381 Noncurrent liabilities Long-term liabilities - due in more than one year 139,767,623 8,750,174 148,517,797 22,346,750 Total liabilities 175,723,796 10,923,841 186,647,637 24,255,131 Deferred Inflows of Resources Deferred property taxes 11,354,450 - 11,354,450 7,858,628 Deferred interest revenue 111,228 - 111,228 - Deferred inflows due to pensions 4,614,440 66,283 4,680,723 63,449 Total deferred inflows of resources 16,080,118 66,283 16,146,401 7,922,077 Net Position Net investment in capital assets 190,133,236 53,413,336 243,546,572 11,585,865 Restricted Street improvements 1,451,108 - 1,451,108 - Public safety 283,415 - 283,415 - Economic development 1,172,476 - 1,172,476 - Culture and recreation - - - 1,275,873 Unrestricted (10,645,007) 5,983,945 (4,661,062) 2,153,714 Total net position 182,395,228 $ 59,397,281 $ 241,792,509 $ 15,015,452 $ See Notes to Financial Statements. 22 Village of Glenview, Illinois Statement of Activities For the Year Ended December 31, 2016 Program Revenues Operating Capital Charges for Grants and Grants and Expenses Services Contributions Contributions Functions/Program Primary government Governmental activities General government 44,385,296 $ 4,015,275 $ -$ -$ Public works 12,872,643 962,941 1,607,065 - Public safety 34,694,711 8,036,363 111,630 - Development 8,956,426 261,785 138,636 299,776 Interest 1,853,307 - - - Total governmental activities 102,762,383 13,276,364 1,857,331 299,776 Business-type activities Water services 16,376,087 14,276,095 - - North Maine water and sewer 19,318 - - - Sanitary sewerage 2,326,072 2,569,752 - - Wholesale water 1,276,248 2,075,114 - - Commuter parking 428,679 640,382 - - Total business-type activities 20,426,404 19,561,343 - - Total primary government 123,188,787 $ 32,837,707 $ 1,857,331 $ 299,776 $ Component Unit Public library 8,457,481 $ 223,711 $ 1,105,699 $ -$ General revenues and transfers General revenues Taxes Property Home rule sales Telecommunication Utility Other Intergovernmental revenues - unrestricted Taxes Sales Income Local use Other taxes Investment income Miscellaneous Transfers Total general revenues and transfers Change in net position Net position – beginning of year Net position – end of year See Notes to Financial Statements. 23 Net (Expense) Revenue and Changes in Net Position Primary Government Component Unit Governmental Business-type Glenview Activities Activities Total Library (40,370,021) $ -$ (40,370,021) $ -$ (10,302,637) - (10,302,637) - (26,546,718) - (26,546,718) - (8,256,229) - (8,256,229) - (1,853,307) - (1,853,307) - (87,328,912) - (87,328,912) - - (2,099,992) (2,099,992) - - (19,318) (19,318) - - 243,680 243,680 - - 798,866 798,866 - - 211,703 211,703 - - (865,061) (865,061) - (87,328,912) (865,061) (88,193,973) (7,128,071) $ 44,672,858 - 44,672,858 8,195,788 7,948,198 - 7,948,198 - 2,000,427 - 2,000,427 - 3,301,427 - 3,301,427 - 1,117,626 - 1,117,626 - 16,189,240 - 16,189,240 - 4,293,596 - 4,293,596 - 1,085,498 - 1,085,498 - 2,088,791 - 2,088,791 - 1,145,352 9,637 1,154,989 42,740 4,075,921 7,794 4,083,715 - 971,962 (971,962) - - 88,890,896 (954,531) 87,936,365 8,238,528 1,561,984 (1,819,592) (257,608) 1,110,457 180,833,244 61,216,873 242,050,117 13,904,995 182,395,228 $ 59,397,281 $ 241,792,509 $ 15,015,452 $ 24 Village of Glenview, Illinois Governmental Funds Balance Sheet December 31, 2016 Special Tax Village Nonmajor Total General Allocation Permanent Governmental Governmental Fund Fund Fund Funds Funds Cash and cash equivalents 9,885,660 $ 21,513,012 $ 5,833,335 $ 5,935,215 $ 43,167,222 $ Investments 10,928,566 - 6,980,438 1,699,122 19,608,126 Receivables, net of allowances Taxes 20,191,502 - - - 20,191,502 Accounts 219,024 - 23,423 18,000 260,447 Other 487,255 - 40,890 353,174 881,319 Prepaid items - 19,633 - - 19,633 Inventory 155,205 - - - 155,205 Due from other funds 13,968 - - 1,628 15,596 Due from other governments - - - 106,022 106,022 Due from pension trusts 12,449 - - - 12,449 Notes receivable - 2,153,667 - - 2,153,667 Lease receivable - - 1,066,000 - 1,066,000 Advance to other funds - - 15,280,031 - 15,280,031 Total assets 41,893,629 $ 23,686,312 $ 29,224,117 $ 8,113,161 $ 102,917,219 $ Liabilities Liabilities Accounts payable 2,431,877 $ 17,310,754 $ 34,196 $ 1,704,351 $ 21,481,178 $ Accrued payroll 1,137,544 11,820 - 283 1,149,647 Other payables 1,158,105 - - 1,050,898 2,209,003 Due to other funds 1,628 - - 11,917 13,545 Due to component unit 4,163 - - - 4,163 Unearned revenue 315,516 - - - 315,516 Advances from other funds - 15,280,031 - - 15,280,031 Total liabilities 5,048,833 32,602,605 34,196 2,767,449 40,453,083 Deferred Inflows of Resources Deferred property taxes 11,354,450 - - - 11,354,450 Deferred interest revenue - - 111,228 - 111,228 Unavailable grant revenue - - - 175,863 175,863 Total deferred inflows of resources 11,354,450 - 111,228 175,863 11,641,541 Fund balances Fund balances Nonspendable 155,205 19,633 - - 174,838 Restricted - - - 2,906,999 2,906,999 Assigned - - 29,078,693 2,262,850 31,341,543 Unassigned 25,335,141 (8,935,926) - - 16,399,215 Total fund balances 25,490,346 (8,916,293) 29,078,693 5,169,849 50,822,595 Total liabilities, deferred inflows of resources and fund balances 41,893,629 $ 23,686,312 $ 29,224,117 $ 8,113,161 $ 102,917,219 $ See Notes to Financial Statements. Deferred Inflows of Resources Assets 25 Village of Glenview, Illinois Reconciliation of the Governmental Funds Balance Sheet to the Statement of Net Position December 31, 2016 Total fund balances – governmental funds 50,822,595 $ 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. 242,676,648 Deferred loss on refunding of debt is not considered to represent a financial resource and, therefore, are not reported in the funds.1,680,051 Deferred outflows and deferred inflows of resources related to pensions, which will be recognized as an increase or reduction to pension expense in future reporting periods. Deferred outflows for contributions subsequent to measurement date 1,397,851 $ Deferred outflows due to pensions 26,065,856 Total deferred outflows due to pensions 27,463,707 Deferred inflows due to pensions (4,614,440) Revenues in the Statement of Activities that do not provide current financial resources are deferred inflows of resources in the funds.175,863 An internal service fund is used by the Village to charge the costs of vehicle and equipment management and insurance to individual funds. The assets and liabilities of the internal service funds are included in governmental activities in the Statement of Net Position. Internal service fund net assets are:12,479,432 Some liabilities reported in the Statement of Net Position do not require the use of current financial resources and, therefore, are not reported as liabilities in governmental funds. These liabilities consist of: Compensated absences payable (1,498,302) Net other postemployment benefit obligation payable (2,938,856) Net pension liability (85,216,213) Capital lease (490,792) General obligation bond payable, net of unamortized items (53,732,671) Loan payable (4,271,187) Accrued interest payable (140,607) Total long-term liabilities not reported in governmental funds (148,288,628) Net position of governmental activities 182,395,228 $ See Notes to Financial Statements. 26 Village of Glenview, Illinois Governmental Funds Statement of Revenues, Expenditures, and Changes in Fund Balances For the Year Ended December 31, 2016 Special Tax Village Nonmajor Total General Allocation Permanent Governmental Governmental Fund Fund Fund Funds Funds Taxes Property 11,550,920 $ 32,262,381 $ -$ 859,557 $ 44,672,858 $ Other 14,367,678 - - - 14,367,678 Licenses and permits 2,088,538 - - - 2,088,538 Charges for services 10,030,784 204,945 - - 10,235,729 Fines and forfeitures 209,062 - - - 209,062 Intergovernmental 26,164,152 138,636 - 2,901,179 29,203,967 Investment income 164,974 188,773 159,325 31,164 544,236 Other revenues - - - 2,503,274 2,503,274 Total revenues 64,576,108 32,794,735 159,325 6,295,174 103,825,342 Current General government 17,300,029 21,887,066 - - 39,187,095 Public works 8,873,791 - - 1,356,015 10,229,806 Public safety 29,506,980 - - 94,105 29,601,085 Development 3,709,714 - 67,977 214,442 3,992,133 Capital outlay 27,426 186,451 - 11,894,444 12,108,321 Debt service Principal - 6,715,938 - 1,514,371 8,230,309 Interest and fiscal charges - 1,102,865 - 820,917 1,923,782 Total expenditures 59,417,940 29,892,320 67,977 15,894,294 105,272,531 Excess (deficiency) of revenues over (under) expenditures 5,158,168 2,902,415 91,348 (9,599,120) (1,447,189) Other financing sources (uses) Transfers in 990,126 - 1,118,135 7,405,944 9,514,205 Transfers (out)(6,896,820) (277,288) - (1,118,135) (8,292,243) Total other financing sources (uses)(5,906,694) (277,288) 1,118,135 6,287,809 1,221,962 Net change in fund balances (748,526) 2,625,127 1,209,483 (3,311,311) (225,227) Fund balances – beginning of year 26,238,872 (11,541,420) 27,869,210 8,481,160 51,047,822 Fund balances – end of year 25,490,346 $ (8,916,293) $ 29,078,693 $ 5,169,849 $ 50,822,595 $ See Notes to Financial Statements. Revenues Expenditures 27 Village of Glenview, Illinois Reconciliation of the Governmental Funds Statement of Revenues, Expenditures, and Changes in Fund Balances to the Statement of Activities For the Year Ended December 31, 2016 Net changes in fund balances—total governmental funds (225,227) $ 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 6,791,214 $ Depreciation expense (7,204,938) Loss on disposal of capital assets (293,963) Depreciation and loss expense over capital outlays (707,687) In the Statement of Net Position, a capital lease increases long-term liabilities and does not impact the Statement of Activities. Similarly, principal payments are an expenditure in governmental funds but reduce the liability in the Statement of Net Position. Payment of principal on lease 240,041 Revenue in the Statement of Activities that do not provide current financial resources are not reported as revenues in the funds.(882,708) Some expenses reported in the Statement of Activities do not require the use of current financial resources and, therefore, are not reported as expenditures in governmental fund. These activities consist of: Change in net pension liability and related pension amounts (4,885,827) Change in net other postemployment benefit obligation (303,337) Change in compensated absences 42,857 The issuance of long-term debt provides current financial resources to governmental funds, while the repayment of the principal on long-term debt consumes the current financial resources of the governmental funds. Retirement of debt 8,230,309 Amortization of premium/discount 351,674 Amortization of deferred loss on refunding (296,248) Net affect of long-term debt 8,285,735 Changes to accrued interest on long-term debt in the Statement of Activities does not require the use of current financial resources and, therefore, are not reported as expenditures in the governmental funds.15,049 Internal service funds are used by the Village to charge the cost of vehicle and equipment management and insurance to individual funds. Net revenue of the internal service fund is reported with governmental activities.(16,912) Change in net position of governmental activities – statement of activities 1,561,984 $ See Notes to Financial Statements. 28 Village of Glenview, Illinois Proprietary Funds Statement of Net Position December 31, 2016 Business-type Activities - Glenview North Maine Glenview Water Water and Sanitary Fund Sewer Fund Sewer Fund Current assets Cash and cash equivalents 1,315,419 $ -$ 1,081,625 $ Investments 744,500 - - Receivables Accounts, net 2,489,338 - 679,624 Interest 2,715 - - Other - - - Prepaid items - - - Inventory 69,858 - - Total current assets 4,621,830 - 1,761,249 Noncurrent assets Capital assets, not being depreciated 67,851 - - Capital assets being depreciated - net 38,432,524 - 18,420,715 Total noncurrent assets 38,500,375 - 18,420,715 Total assets 43,122,205 - 20,181,964 Deferred Outflows of Resources Deferred outflows due to pensions 1,179,171 - 262,129 Liabilities Current liabilities Accounts payable 931,378 - 549,471 Accrued payroll 85,791 - 19,497 Accrued interest payable 16,135 - - Accrued expenses - - - Refundable deposits 12,775 - - Due to other funds - - - Claims payable - - - Unearned revenues - - - Current portion of long-term liabilities 295,442 - - Total current liabilities 1,341,521 - 568,968 Noncurrent liabilities Claims payable - - - Long-term liabilities due in more than one year 8,360,931 - 389,243 Total noncurrent liabilities 8,360,931 - 389,243 Total liabilities 9,702,452 - 958,211 Deferred Inflows of Resources Deferred inflows due to pensions 56,370 - 9,913 Net Position Net investment in capital assets 31,671,232 - 18,420,715 Unrestricted 2,871,322 - 1,055,254 Total net position 34,542,554 $ -$ 19,475,969 $ See Notes to Financial Statements. Assets 29 Enterprise Funds Governmental Nonmajor Total Activities Enterprise Enterprise Internal Service Funds Funds Funds 1,802,583 $ 4,199,627 $ 6,354,991 $ - 744,500 7,066,869 517,964 3,686,926 79,622 - 2,715 51,337 - - 60,000 - - 770,479 - 69,858 373,846 2,320,547 8,703,626 14,757,144 622,796 690,647 - 2,698,593 59,551,832 - 3,321,389 60,242,479 - 5,641,936 68,946,105 14,757,144 - 1,441,300 - 259,673 1,740,522 268,065 3,505 108,793 24,754 - 16,135 - - - 25,492 - 12,775 - - - 2,051 - - 775,443 - - 18,743 - 295,442 - 263,178 2,173,667 1,114,548 - - 1,163,164 - 8,750,174 - - 8,750,174 1,163,164 263,178 10,923,841 2,277,712 - 66,283 - 3,321,389 53,413,336 - 2,057,369 5,983,945 12,479,432 5,378,758 $ 59,397,281 $ 12,479,432 $ 30 Village of Glenview, Illinois Proprietary Funds Statement of Revenues, Expenses, and Changes in Fund Net Position For the Year Ended December 31, 2016 Business-type Activities - Glenview North Maine Glenview Water Water and Sanitary Fund Sewer Fund Sewer Fund Operating revenues Charges for sales and services 13,332,349 $ -$ 2,332,550 $ Miscellaneous 943,746 - 237,202 Total operating revenues 14,276,095 - 2,569,752 Operating expenses Operations and maintenance Insurance services - - - Parking services - - - Water services 14,985,649 - - Sewerage services - - 1,817,571 North Maine water and sewer distribution - 12,865 - Capital asset repair and replacement - - - Depreciation and amortization 1,299,924 320 481,424 Total operating expenses 16,285,573 13,185 2,298,995 Operating income (loss)(2,009,478) (13,185) 270,757 Nonoperating revenues (expenses) Other income - - 7,794 Investment income 7,215 747 970 Gain on sale of assets - - - Reassignment of capital assets - - - Interest and fiscal charges (90,514) (6,133) (27,077) Total nonoperating revenues (expenses)(83,299) (5,386) (18,313) Income (loss) before transfers (2,092,777) (18,571) 252,444 Transfers in 661,329 - - Transfers out - (808,290) (9,377) Change in net position (1,431,448) (826,861) 243,067 Net position – beginning of year 35,974,002 826,861 19,232,902 Net position – end of year 34,542,554 $ -$ 19,475,969 $ See Notes to Financial Statements. 31 Enterprise Funds Governmental Nonmajor Total Activities Enterprise Enterprise Internal Service Funds Funds Funds 2,704,246 $ 18,369,145 $ 10,565,066 $ 11,250 1,192,198 166,196 2,715,496 19,561,343 10,731,262 - - 7,459,790 353,779 353,779 - 1,213,432 16,199,081 - - 1,817,571 - - 12,865 - - - 2,186,345 137,716 1,919,384 - 1,704,927 20,302,680 9,646,135 1,010,569 (741,337) 1,085,127 - 7,794 - 705 9,637 601,115 - - 102,619 - - (1,555,773) - (123,724) - 705 (106,293) (852,039) 1,011,274 (847,630) 233,088 - 661,329 - (815,624) (1,633,291) (250,000) 195,650 (1,819,592) (16,912) 5,183,108 61,216,873 12,496,344 5,378,758 $ 59,397,281 $ 12,479,432 $ 32 Village of Glenview, Illinois Proprietary Funds Statement of Cash Flows For the Year Ended December 31, 2016 Business-type Activities – Glenview North Maine Glenview Water Water and Sanitary Fund Sewer Fund Sewer Fund Cash flows from operating activities Cash received from customers and users 13,693,844 $ -$ 2,449,840 $ Cash received from other sources 31,826 - 80,717 Cash payments for goods and services (13,275,838) (12,476) (1,055,622) Cash payments to employees (2,310,012) - (521,452) Net cash provided by (used in) operating activities (1,860,180) (12,476) 953,483 Cash flows from noncapital financing activities Transfers in 661,329 - - Transfers out - (808,290) (9,377) Net cash provided by (used in) noncapital financing activities 661,329 (808,290) (9,377) Cash flows from capital and related financing activities Purchases of capital assets (2,805,627) - (592,087) Proceeds from sales of assets - - - Principal payments (402,481) (130,000) (279,400) Interest payments (80,243) (6,675) (27,217) Proceeds from sale of notes 3,872,432 - - Net cash provided by (used in) capital and related financing activities 584,081 (136,675) (898,704) Cash flows from investing activities Purchase of investments (744,500) - - Sale of investments - - - Loss on investments - - - Interest received 4,500 747 970 Net cash provided by (used in) investing activities (740,000) 747 970 Net increase (decrease) in cash and cash equivalents (1,354,770) (956,694) 46,372 Cash and cash equivalents – beginning of year 2,670,189 956,694 1,035,253 Cash and cash equivalents – end of year 1,315,419 $ -$ 1,081,625 $ See Notes to Financial Statements 33 Enterprise Funds Governmental Nonmajor Total Activities Enterprise Enterprise Internal Service Funds Funds Funds 2,357,138 $ 18,500,822 $ 10,726,505 $ - 112,543 - (1,334,075) (15,678,011) (8,962,436) (91,704) (2,923,168) (938,918) 931,359 12,186 825,151 - 661,329 146,020 (815,624) (1,633,291) (396,020) (815,624) (971,962) (250,000) (122,796) (3,520,510) (1,555,773) - - 102,619 - (811,881) - - (114,135) - - 3,872,432 - (122,796) (574,094) (1,453,154) - (744,500) (3,655,870) - - 3,362,863 - - - 705 6,922 574,221 705 (737,578) 281,214 (6,356) (2,271,448) (596,789) 1,808,939 6,471,075 6,951,780 1,802,583 $ 4,199,627 $ 6,354,991 $ (Continued) 34 Village of Glenview, Illinois Proprietary Funds Statement of Cash Flows (Continued) For the Year Ended December 31, 2016 Business-type Activities – Glenview North Maine Glenview Water Water and Sanitary Fund Sewer Fund Sewer Fund Reconciliation of operating income to net cash provided by (used in) operating activities: Operating income (loss)(2,009,478) $ (13,185) $ 270,757 $ Adjustments to reconcile operating income to net cash provided by (used in) operating activities Depreciation and amortization 1,299,924 320 481,424 Other income - - 7,794 Changes in assets, liabilities, deferred inflows of resources, deferred outflows of resources Accounts receivable (551,970) 2,369 (46,989) Other receivable - - - Prepaid expense - - - Inventory 617,903 - - Accounts payable (1,428,256) (1,980) 194,384 Accrued payroll 8,862 - 2,160 Refundable deposits 1,545 - - Due to other funds - - - Compensated absences 6,833 - - Claims payable - - - Unearned revenue - - - Deferred outflows due to pension (347,522) - (78,313) Deferred inflows due to pension 46,426 - 9,913 Net pension liability 495,553 - 112,353 Total adjustments 149,298 709 682,726 Net cash provided by (used in) operating activities (1,860,180) $ (12,476) $ 953,483 $ See Notes to Financial Statements. 35 Enterprise Funds Governmental Nonmajor Total Activities Enterprise Enterprise Internal Service Funds Funds Funds 1,010,569 $ (741,337) $ 1,085,127 $ 137,716 1,919,384 - - 7,794 - (358,358) (954,948) (3,858) - - - - - (441,432) - 617,903 (13,584) 142,531 (1,093,321) (136,297) 401 11,423 5,454 (1,500) 45 (14,243) - - (12,624) - 6,833 - - - 357,507 - - (899) - (425,835) - - 56,339 - - 607,906 - (79,210) 753,523 (259,976) 931,359 $ 12,186 $ 825,151 $ 36 Village of Glenview, Illinois Pension Trust Agency Funds Funds Cash and cash equivalents 2,512,638 $ 477,819 $ Investments U.S. government and agency obligations 40,884,470 - Municipal obligations 5,525,185 - Corporate obligations 12,649,250 - Equity mutual funds 85,790,228 - Certificates of deposit - 995,100 Receivables Property taxes - 322,982 Accrued interest receivable 362,918 1,169 Prepaid expenses 10,142 - Total assets 147,734,831 1,797,070 Accounts payable - 106,628 Refundable deposits - 1,194,917 Accrued expenses 67,413 - Due to bond holders - 495,525 Total liabilities 67,413 1,797,070 Net position restricted for pensions 147,667,418 $ -$ See Notes to Financial Statements. Net Position Statement of Fiduciary Net Position Fiduciary Funds December 31, 2016 Assets Liabilities 37 Village of Glenview, Illinois Additions Contributions Employer 6,513,291 $ Participant 1,595,476 Total contributions 8,108,767 Investment income Net depreciation in fair value of investments 4,297,780 Interest income 4,612,113 Less investment expenses (206,245) Net investment income 8,703,648 Total additions 16,812,415 Deductions Administration 118,527 Retirement pension 8,179,978 Widow pensions 715,100 Disability pensions 632,210 Children's pensions 48,270 Total deductions 9,694,085 Change in net position 7,118,330 Net position restricted for pensions Beginning 140,549,088 Ending 147,667,418 $ See Notes to Financial Statements. Statement of Changes in Plan Net Position Pension Trust Funds For the Year Ended December 31, 2016 Village of Glenview, Illinois Notes to Financial Statements December 31, 2016 38 Note 1. Summary of Significant Accounting Policies The Village of Glenview, Illinois, (Village) was incorporated in 1899. The Village operates under a Council-Manager form of government and provides services which include: police and fire safety, water utility, sanitary sewer utility, stormwater management, street maintenance, community development, and general administrative services. The financial statements of the Village have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), as applied to government units. The Governmental Accounting Standards Board (GASB) is the accepted standard setting body for establishing governmental accounting and financial reporting principles. The following is a summary of the Village’s more significant accounting policies: Reporting Entity As defined by accounting principles generally accepted in the United States of America established by GASB, the financial reporting entity consists of the primary government, as well as its component units, which are legally separate organizations for which the elected officials of the primary government are financially accountable. Financial accountability is defined as: (a) Appointment of a voting majority of the organization’s board, and either (1) the ability to impose will by the primary government, or (2) the possibility that the organization will provide a financial benefit to or impose a financial burden on the primary government; or (b) Fiscal dependency on the primary government and there is a potential for the organization to provide a financial benefit to or impose a financial burden on the primary government. Financial benefit or burden is created if any one of the following relationships exist: (a) The primary government is legally entitled to or has access to the component unit’s resources. (b) The primary government is legally required or has assumed the obligation to finance the deficits of, provide support to, the component unit. (c) The primary government is obligated in some manner for the other component unit’s debt. Based on the above criteria, the Glenview Library (Library) is a component unit to the Village of Glenview. In the government-wide financial statements, the Library is presented in a separate column to emphasize that it is legally separate from the Village. The Library operates and maintains the public library within the Village. The Library's seven-member board is separately elected by the voters of the Village and annually determines its budget and resulting tax levy, which is levied by the Village. The Library may not issue bonded debt without the approval of the Village. Separate financial statements are disclosed in the component unit portion of this report. The Library does not issue separate financial statements. Village of Glenview, Illinois Notes to Financial Statements December 31, 2016 39 Note 1. Summary of Significant Accounting Policies (Continued) Government-wide and Fund Financial Statements The government-wide financial statements (i.e., the statement of net position and the statement of activities) report information on all of the nonfiduciary activities of the Village. For the most part, the effect of interfund activity has been removed from these statements. Governmental activities, which normally are supported by taxes and intergovernmental revenues, are reported separately from business-type activities, which rely to a significant extent on fees and charges for services. The statement of net position presents the Village’s nonfiduciary assets and liabilities with the difference reported in three categories: Net investment in capital assets consists of capital assets, net of accumulated depreciation and reduced by outstanding balances for bonds and other debt (and deferred outflows of resources) that are attributable to the acquisition, construction, or improvement of those assets. Restricted net position results when constraints are placed on net position use, either externally imposed by creditors, grantors, contributors, and the like, or imposed by law through constitutional provisions or enabling legislation. Unrestricted net position consists of net position that does not meet the criteria of the two preceding categories. The Village generally applies restricted resources first when an expense is incurred for purposes for which both restricted and unrestricted net resources are available. See additional information beginning on page 42. The statement of activities demonstrates the degree to which the direct expenses of a given function or segment are offset by program revenues. Direct expenses are those that are clearly identifiable with a specific function or segment. Program revenues include: 1) charges to customers or applicants who purchase, use, or directly benefit from goods, services, or privileges provided by a given function or segment and 2) grants and contributions that are restricted to meeting the operational needs of the Village or 3) capital requirements of a particular function or segment. Taxes and other items properly not included among program revenues are reported instead as general revenues. Separate financial statements are provided for governmental funds, proprietary funds, and fiduciary funds, even though the latter are excluded from the government-wide financial statements. Major individual governmental and business-type funds are reported as separate columns in the fund financial statements. Details for nonmajor funds are reported in the supplementary information. Fund Accounting The Village uses funds to report on its financial position and the results of its operations. Fund accounting is designed to demonstrate legal compliance and to aid financial management by segregating transactions related to certain governmental functions or activities. A fund is a separate accounting entity with a self-balancing set of accounts. Village of Glenview, Illinois Notes to Financial Statements December 31, 2016 40 Note 1. Summary of Significant Accounting Policies (Continued) Fund Accounting (Continued) Funds are classified into three broad categories: governmental, proprietary, and fiduciary. Each category, in turn, is divided into separate “fund types.” Governmental Funds Governmental funds are used to account for all or most of a government’s general activities, including the collection and disbursement of earmarked monies (special revenue funds), the acquisition or construction of capital assets (capital projects funds), and servicing of general long-term debt (debt service funds). The General Fund is used to account for all activities of the general government not accounted for in another fund. The following are the Village's governmental fund types and funds: General Fund is the general operating fund of the Village. It is used to account for all financial resources except those not accounted for in other funds. Special Revenue Funds are used to account for the proceeds of specific revenue sources that are restricted, committed, or assigned to expenditures for specified purposes other than debt service or capital projects. The Village has the following special revenue funds: Special Tax Allocation Fund - a major fund Motor Fuel Tax Fund Foreign Fire Insurance Fund Police Department Special Account Funds Waukegan Golf TIF Fund Debt Service Funds are used for the servicing of general long-term debt. The Village has the following debt service fund: Corporate Purpose Bonds Fund Capital Project Funds are used to account for financial resources to be used for the acquisition or construction of major capital assets (other than those financed by proprietary funds). The Village has the following capital project funds: Village Permanent Fund – a major fund Capital Projects Fund Glen Capital Projects Fund Proprietary Funds Proprietary funds are used to account for activities in a similar manner as those found in the private sector. The measurement focus is on the determination of net income. Activities of these funds include services provided to residents of the Village (such as water and sanitary sewer services) and services provided to other funds (such as self-insurance and vehicle maintenance). The following are the Village’s proprietary fund types and funds: Village of Glenview, Illinois Notes to Financial Statements December 31, 2016 41 Note 1. Summary of Significant Accounting Policies (Continued) Fund Accounting (Continued) Enterprise Funds are used to account for operations (a) that are financed and operated in a manner similar to private business enterprises where the intent of the governing body is that the costs (expenses, including depreciation) of providing goods or services to the residents of the Village on a continuing basis be financed or recovered primarily through user charges; or (b) where the governing body has decided that periodic determination of revenues earned, expenses incurred, and/or net income is appropriate for capital maintenance, public policy, management control, accountability, or other purposes. The Village has the following enterprise funds: Glenview Water Fund - a major fund North Maine Water and Sewer Fund - a major fund Glenview Sanitary Sewer Fund - a major fund Wholesale Water Fund Commuter Parking Lot Fund Internal Service Funds are used to account for the financing of goods or services provided by one department to other departments of the Village on a cost-reimbursement basis. The Village has the following internal service funds: Capital Equipment Replacement Fund Municipal Equipment Repair Fund Insurance and Risk Fund Facilities Repair and Replacement Fund Fiduciary Funds Fiduciary funds are used to account for assets held on behalf of outside parties, including other governments. W hen these assets are held under the terms of a formal trust agreement, a trust fund is used. The following are the Village's fiduciary fund types and funds: Trust Funds are used to account for and report pension plans. The Village has the following pension trust funds: Police Pension Fund Firefighters' Pension Fund Agency Funds are used to account for and report assets held on behalf of other parties and changes in the assets. The Village has the following agency funds: Special Service Area (SSA) Bond Fund Escrow Deposit Fund Village of Glenview, Illinois Notes to Financial Statements December 31, 2016 42 Note 1. Summary of Significant Accounting Policies (Continued) Fund Balance The Governmental Accounting Standards Board (GASB) has issued Statement No. 54, Fund Balance Reporting and Governmental Fund Type Definitions (GASB 54), which was adopted by the Village for the year ended December 31, 2011. In the fund financial statements, governmental funds now report five components of fund balance: nonspendable, restricted, committed, assigned, and unassigned. Nonspendable - includes amounts that cannot be spent because they are either not in spendable form or legally or contractually required to be maintained intact. The nonspendable in form criteria includes items that are not expected to be converted to cash such as prepaid items or inventories. Restricted – includes amounts that are restricted to specific purposes, that is, when constraints placed on the use of the resources are either a) externally imposed by creditors (such as through debt covenants), grantors, contributors, or laws or regulations of other governments, or b) imposed by law through constitutional provisions or enabling legislation. Committed - refers to amounts that can only be used for specific purposes pursuant to constraints imposed by formal action of the Village's highest level of decision making authority (the Board of Trustees). The Board of Trustees commits fund balance by passing a resolution. Amounts committed cannot be used for any other purpose unless the Village removes or changes the specific use by taking the same type of formal action it employed to previously commit those funds. Assigned - refers to amounts that are constrained by the Village's intent to be used for a specific purpose, but are neither restricted nor committed. Intent may be expressed by the Board of Trustees or the individual the Board of Trustees delegates the authority to assign amounts to be used for specific purposes. The Board of Trustees delegated this authority to the Village Manager. In governmental funds other than the General Fund, resources are assigned in accordance with the established fund purpose and approved budget or appropriation. Residual fund balances in these fund types that are not restricted or committed are reported as assigned. Within these same funds, a residual deficit, if any, is reported as unassigned. Unassigned - refers to all spendable amounts not contained in the other four classifications described above. In funds other than the General Fund, the unassigned classification is used only to report a deficit balance resulting from overspending for specific purposes for which amounts had been restricted, committed, or assigned. In the General Fund, the Village considers restricted amounts to have been spent first when expenditure is incurred for purposes for which both restricted and unrestricted fund balance is available, followed by committed amounts, and then assigned amounts. Unassigned amounts are used only after the other categories of fund balance have been fully utilized. In governmental funds other than the General Fund, the Village considers restricted amounts to have been spent last. When an expenditure is incurred for purposes for which both restricted and unrestricted fund balance is available, the Village will first use assigned amounts, followed by committed amounts then restricted amounts. See Note 13 for additional detail on the components of the General Fund’s fund balance at December 31, 2016. Village of Glenview, Illinois Notes to Financial Statements December 31, 2016 43 Note 1. Summary of Significant Accounting Policies (Continued) Measurement Focus, Basis of Accounting, and Financial Statement Presentation The government-wide financial statements are reported using the economic resources measurement focus and the accrual basis of accounting, as are the proprietary fund statements. Revenues are recorded when earned and expenses are recorded when a liability is incurred, regardless of the timing of related cash flows. Property taxes are recognized as revenues in the year for which they are levied. Property taxes are levied in December 2016 to finance the Village's 2017 calendar year. Grants and similar items are recognized as revenue as soon as all eligibility requirements imposed by the provider have been met. Governmental fund financial statements are reported using the current financial resources measurement focus and the modified accrual basis of accounting. Earned revenues are recognized as soon as they are both measurable and available. Revenues are considered to be available when they are collectible within the current period or soon enough thereafter to pay liabilities of the current period. A sixty day availability period is used for revenue recognition of property tax revenues and a ninety day period is generally used for all other governmental fund revenues. Expenditures generally are recorded when a liability is incurred, as under accrual accounting. However, debt service expenditures, as well as expenditures related to compensated absences and claims and judgments, are recorded when payment is due. General capital asset acquisitions are reported as expenditures in governmental funds. Significant revenue sources which are susceptible to accrual include property taxes, other taxes, charges for services, grants, franchise taxes, licenses, and interest. All other revenue items are considered to be measurable and available only when cash is received by the Village. The Village reports the following major governmental funds: The General Fund is the general operating fund of the Village. It is used to account for all financial resources not accounted for in other funds. The Special Tax Allocation Fund, a special revenue fund, is used to account for the incremental property tax revenue that is generated through the growth of the assessed valuation at The Glen, (formerly referred to as Glenview Naval Air Station) and the "Make-Whole" payments to core jurisdictions within the boundaries of the Tax Increment District. The core jurisdictions consist of: the Village of Glenview, School District 34, High School District 225, the Glenview Park District, and the Glenview Public Library, a component unit of the Village. This fund also accounts for the service and incentive fees within the Tax Increment District. The Village Permanent Fund, a capital projects fund used to accumulate and account for a specific portion of the land sales proceeds of The Glen. Twenty percent of the land sale revenues are assigned for capital and economic development expenditures throughout the Village (outside of the Glen). Additionally, Permanent Fund assets can be loaned for short-term liquidity to other Village funds as a result of exhaustion of cash reserves. Village of Glenview, Illinois Notes to Financial Statements December 31, 2016 44 Note 1. Summary of Significant Accounting Policies (Continued) Measurement Focus, Basis of Accounting, and Financial Statement Presentation (Continued) The Village reports the following major proprietary funds: The Glenview Water Fund (formerly called the Waterworks Fund) accounts for the provision of water services to the property owners in the Village. All activities necessary to provide such services are accounted for in this fund including, but not limited to, administration, operations, maintenance, financing and related debt service, and billing and collections. The North Maine Water and Sewer Fund accounts for the provision of water and sewer services to the property owners in an unincorporated area southwest of the Village. This area was formerly served by the North Suburban Public Utilities Company. All activities necessary to provide such services are accounted for in this fund including, but not limited to, administration, operations, maintenance, financing and related debt service, and billing and collections. The Glenview Sanitary Sewer Fund (formerly called the Sewerage Fund) accounts for the provision of sanitary sewer services to property owners in both incorporated and unincorporated areas of the Village. All activities necessary to provide such services are accounted for in this fund including, but not limited to, administration, transmissions, maintenance, financing and related debt service, and billing and collections. Treatment is performed by another agency. As a general rule, the effect of interfund activity has been eliminated from the government-wide financial statements. However, interfund services provided and used are not eliminated in the process of consolidation. Amounts reported as program revenues include: 1) charges to customers for goods, services, or privileges provided, 2) operating grants and contributions, and 3) capital grants and contributions, including assessments. Internally dedicated resources are reported as general revenue rather than as program revenue. Likewise, general revenues include all taxes. Proprietary funds distinguish operating revenues and expenses from nonoperating items. Operating revenues and expenses generally result from providing services and producing and delivering goods in connection with a proprietary fund's principal ongoing operations. The principal operating revenues of the enterprise fund and of the Village’s internal service fund are charges to customers for sales and services. Operating expenses for an enterprise fund and an internal service fund include the cost of sales and services, administrative expenses, and depreciation on capital assets. All revenues and expenses not meeting this definition are reported as nonoperating revenues and expenses. The Governmental Accounting Standards Board (GASB) has issued Statement No. 65, Items previously Recorded as Assets and Liabilities (GASB 65), which was adopted by the Village for the year ended December 31, 2013. GASB 65 now establishes accounting and financial reporting standards that reclassify, as deferred outflows of resources or deferred inflows of resources, certain items that were previously reported as assets and liabilities and recognizes, as outflows of resources or inflows of resources, certain items that were previously reported as assets and liabilities. In accordance with GASB 65 the Village now reports both deferred inflows of resources and deferred outflows of resources on its financial statements. Village of Glenview, Illinois Notes to Financial Statements December 31, 2016 45 Note 1. Summary of Significant Accounting Policies (Continued) Cash Equivalents For purposes of the statement of cash flows, the proprietary fund types consider all highly liquid investments with maturities of three months or less, at the date of purchase, to be cash equivalents. Investments In accordance with GASB No. 72, Fair Value Measurement and Application, implemented by the Fund as required in fiscal year 2016, the Village reports all other investments at fair value. Short-term investments are reported at amortized cost, which approximates fair value. Securities traded on a national or international exchange are valued at the last reported sales price at current exchange rates. Fair value for the majority of fixed income securities is determined by using quoted market prices by independent pricing services. Receivables The recognition of receivables associated with nonexchange transactions is as follows: • Derived tax receivables (such as sales, income, and motor fuel taxes) are recognized when the underlying exchange has occurred. • Imposed nonexchange receivables (such as property taxes and fines) are recognized when an enforceable legal claim has arisen. • Government-mandated or voluntary nonexchange transaction receivables (such as mandates or grants) are recognized when all eligibility requirements have been met. Inventory and Prepaid Items Inventory is accounted for at cost, using the first-in, first-out method. Inventories of governmental funds are accounted for under the consumption method, whereby acquisitions are recorded in inventory accounts initially and charged to expenditures when used. Certain payments to vendors reflect costs applicable to future accounting periods and are recorded as prepaid items in both government-wide and fund financial statements using the consumption method. Unbilled Services Unbilled revenue in the proprietary funds is recognized as earned when the services are provided. Capital Assets Capital assets, which include property, buildings, vehicles, equipment, and infrastructure assets (e.g. roads, bridges, and similar items), are reported in the applicable governmental or business-type activities columns in the government-wide financial statements and in the proprietary funds statements. Capital assets are defined as those having an estimated useful life greater than one year with an initial, individual cost of more than $25,000. Additionally, the Library reports its collection of books and materials as a capital asset. Capital assets are recorded at historical cost, or estimated historical cost if purchased or constructed. Donated capital assets are recorded at estimated fair market value at the date of donation. Village of Glenview, Illinois Notes to Financial Statements December 31, 2016 46 Note 1. Summary of Significant Accounting Policies (Continued) Capital Assets (Continued) The costs of normal maintenance and repairs that do not add to the value of the assets or materially extend asset lives are not capitalized. Improvements are capitalized and depreciated over the remaining useful lives of the related capital assets, as applicable. Major outlays for capital assets and improvements are capitalized as projects are constructed. Interest incurred during the construction phase of capital assets of business-type activities is included as part of the capitalized cost of the assets constructed. Capital assets are depreciated using the straight-line method over the following useful lives: Land improvements 25 - 50 years Bridges 50 years Buildings and improvements 10 - 50 years Infrastructure* 25 - 60 years Stormsewer system 40 years Water mains 50 years Sanitary mains 50 years Machinery and equipment, and vehicles 4 - 30 years Library books and materials 7 years *Infrastructure includes roads, curbs, gutters, recreational paths, street lights, field lights, and traffic control signals. Deferred Outflows of Resources, Deferred Inflows of Resources and Unearned Revenues Deferred outflows of resources are the consumption of net position that is applicable to future reporting periods. The Village reports the deferred loss on refunding of debt and deferred outflows due to pensions as deferred outflows of resources on the government-wide financial statements. Deferred inflows of resources are the acquisition of net position or fund balance that is applicable to future reporting periods. Deferred inflows of resources arise when a potential revenue does not meet both the "measurable" and "available" criteria for recognition in the current period for the governmental funds. Deferred inflows of resources also result when timing requirements relating to imposed tax revenues are not met, as in when property tax receivables are recorded prior to the period the levy is intended to finance. In addition, the Village reports deferred inflows due to pensions on the government-wide financial statements. See Note 10 for pension related disclosures. Unearned revenues arise when resources are received by the Village before it has a legal claim to them, as when grant monies are received prior to the incurrence of qualifying expenditures. In subsequent periods, when revenue recognition criteria are met or when the Village has a legal claim to the resources, the liability for unearned revenues is removed from the financial statements and revenue is recognized. Village of Glenview, Illinois Notes to Financial Statements December 31, 2016 47 Note 1. Summary of Significant Accounting Policies (Continued) Accrued Vacation and Sick Leave (Compensated Absences) Compensated Absences include accumulated vacation and compensatory time as employees are not paid for sick time in the event of termination. Employees are required to use one-half of the vacation days they earn each year or they lose it and the remaining days can be used, saved, or carried over into the next year in the employee’s vacation “bank”. Employees may not accumulate more than 30 days’ worth of unused vacation time in their vacation “bank”. Employees are allowed to accumulate compensatory time to a maximum amount specified in their union contracts or Village personnel manual as follows: Non-Union Personnel 80 hours Public Works Union 120 hours Dispatch Union 84 hours Police Union 84 hours Firefighter Union N/A Long-Term Obligations In the government-wide financial statements and proprietary fund types in the fund financial statements, long-term debt and other long-term obligations, including compensated absences, are reported as liabilities in the applicable governmental activities or business-type activities statement of net position. Bond premiums and discounts are reported net of the associated debt and are deferred and amortized over the life of the bonds on a straight-line basis. Bond issuance costs are expensed when incurred. In the fund financial statements, governmental funds recognize bond premiums and discounts, as well as bond issuance costs, during the current period. The face amount of debt issued is reported as other financing sources. Premiums received on debt issuances are reported as other financing sources, while discounts on debt issuances are reported as other financing uses. Issuance costs, whether or not withheld from the actual debt proceeds received, are reported as expenditures. Debt service funds are specifically established to account for and service the long-term obligations for the governmental funds' debt. Enterprise funds individually account for and service the applicable debt that benefits those funds. Long-term debt is recognized as a liability in a governmental fund when due or when resources have been accumulated for payment early in the following year. Claims and Judgments Liabilities resulting from claims and judgments, including claims incurred but not reported, have been reflected in the financial statements. Capital Contributions Capital contributions, if any, reported in the statement of activities and proprietary funds represent capital assets donated from outside parties, principally developers. Village of Glenview, Illinois Notes to Financial Statements December 31, 2016 48 Note 1. Summary of Significant Accounting Policies (Continued) Interfund Transactions The Village has the following types of transactions between funds: Loans - amounts provided with a requirement for repayment. Interfund loans are reported as due from other funds in lender funds and due to other funds in borrower funds for short-term borrowings. Advances to other funds are reported in lender funds and advances from other funds in borrower funds for long-term borrowings. Amounts are reported as internal balances in the government-wide statement of net position. Services provided and used - sales and purchases of goods and services between funds for a price approximating their external exchange value. Interfund services provided and used are reported as revenues in seller funds and expenditures or expenses in purchaser funds. Unpaid amounts are reported as due to/from other funds in the fund balance sheets or fund statements of net position. Reimbursements - repayments from the funds responsible for particular expenditures or expenses to the funds that initially paid for them. Reimbursements are reported as expenditures in the reimbursing fund and as a reduction of expenditures in the reimbursed fund. Transfers - flows of assets (such as cash or goods) without equivalent flows of assets in return and without a requirement for repayment. In governmental funds, transfers are reported as other financing uses in the funds making transfers and as other financing sources in the funds receiving transfers. In proprietary funds, transfers are reported as a separate category after nonoperating revenues and expenses. Use of Estimates In preparing financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues, expenditures, and expenses during the reporting period. Actual results could differ from those estimates. Village of Glenview, Illinois Notes to Financial Statements December 31, 2016 49 Note 2. Deposits and Investments The Village maintains a cash and investment pool that is available for use by most funds. Each fund’s portion of this pool is displayed on the balance sheet/statement of net position as "cash and cash equivalents" and "investments." In addition, investments are separately held by several of the Village's funds. The Village's investment policy and state statutes allow the Village to invest in the following: - Interest-bearing accounts of banks and savings and loan associations insured by the Federal Deposit Insurance Corporation. - Obligations of the U.S. Treasury and U.S. agencies. - Insured accounts of an Illinois credit union chartered under United States or Illinois law. - Money market mutual funds with portfolios of securities issued or guaranteed by the United States or agreements to repurchase these same types of obligations. - Repurchase agreements which meet instrument transaction requirements of Illinois law. - Short-term obligations of U.S. corporations rated in the three highest classifications by at least two standard rating agencies. - The Illinois Funds. - Illinois Metropolitan Investment Fund. The Village’s investment policy limits the Village from investing in any financial institution in which the Village’s funds on deposit are in excess of 75% of the institution’s capital stock and surplus. The deposits and investments of the Police Pension Fund and the Firefighters' Pension Fund are held separately from each other and from those of other Village funds. In addition to the aforementioned investments, these pension funds are also permitted to invest in the following instruments: - Bonds issued by any county, city, township, village, incorporated town, municipal corporation, or school district in Illinois. - Direct obligations of the State of Israel. - Separate accounts of Illinois-licensed insurance companies. - Common and preferred stock. As of December 31, 2016, cash and investments consisted of the following: Pension Agency Component Village Trust Funds Funds Unit Total Demand deposits 48,130,054 $ 2,503,206 $ 477,819 $ 4,220,399 $ 55,331,478 $ Certificates of deposit 25,720,373 - 995,100 1,237,914 27,953,387 The Illinois Funds 5,591,786 9,432 - 4,449 5,605,667 U.S. treasury obligations 1,699,122 13,231,508 - - 14,930,630 U.S. agency obligations - 27,652,962 - - 27,652,962 Municipal obligations - 5,525,185 - - 5,525,185 Corporate obligations - 12,649,250 - - 12,649,250 Mutual funds - equity - 85,790,228 - - 85,790,228 Total 81,141,335 $ 147,361,771 $ 1,472,919 $ 5,462,762 $ 235,438,787 $ Fiduciary Activities Village of Glenview, Illinois Notes to Financial Statements December 31, 2016 50 Note 2. Deposits and Investments (Continued) The Illinois Funds Illinois Funds is an investment pool managed by the State of Illinois, Office of the Treasurer, which allows governments within the State to pool their funds for investment purposes. Illinois Funds is not registered with the SEC as an investment company, but does operate in a manner consistent with Rule 2a7 of the Investment Company Act of 1940. Investments in Illinois Funds are valued at amortized cost. Fair Value Measurement The Village categorizes investments (held by the Village, the Police Pension Fund or the Fire Pension Fund) measured at fair value within the fair value hierarchy established by generally accepted accounting principles. The hierarchy prioritizes valuation inputs used to measure the fair value of the asset or liability into three broad categories. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. Levels 1, 2 and 3 (lowest priority level) of the fair value hierarchy are defined as follows: Level 1 Inputs using unadjusted quoted prices in active markets or exchanges for identical assets or liabilities. Level 2 Significant other observable inputs, which may include, quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in non- active markets; and inputs other than quoted prices that are observable for the assets or liabilities, either directly or indirectly. Level 3 Valuations for which one or more significant inputs are unobservable and may include situations where there is minimal, if any, market activity for the asset or liability. If the fair value is measured using inputs from different levels in the fair value hierarchy, the measurement should be categorized based on the lowest priority level input that is significant to the valuation. The Village’s assessment of significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the investment. Fixed income and equity investments classified in Level 1 of the fair value hierarchy are valued using prices quoted in active markets for identical investments. Fixed income investments classified in Level 2 of the fair value hierarchy are normally valued based on price data obtained from observed transactions and market price quotations from broker dealers and/or pricing vendors. Valuation estimates from service providers’ internal models use observable inputs such as interest rates, yield curves, credit/risk spreads and default rates. Matrix pricing techniques value securities based on their relationship to benchmark quoted prices. The Village holds one U.S. Treasury Obligation which is valued using Level 1. Village of Glenview, Illinois Notes to Financial Statements December 31, 2016 51 Note 2. Deposits and Investments (Continued) Fair Value Measurement (Continued) In addition, the following table summarizes the valuation of the Village’s Police and Fire Pension Funds by the fair value hierarchy levels as of December 31, 2016: Fair Value Fixed Income Investments Corporate Obligations 12,649,250 $ -$ 12,649,250 $ -$ Municipal Obligations 5,525,185 - 5,525,185 - US Agencies 27,652,962 - 27,652,962 - US Treasuries 13,231,508 13,231,508 - - Total Fixed Income Investments 59,058,905 13,231,508 45,827,397 - Equity Investments Mutual Funds 85,790,228 85,790,228 - - Total Equity Investments 85,790,228 85,790,228 - - Total investments by fair value level 144,849,133 $ 99,021,736 $ 45,827,397 $ -$ Fair Value Measurements Using Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Custodial Credit Risk - Deposits Custodial Credit Risk is the risk that in the event of a bank failure, the Village’s deposits may not be returned. The Village’s investment policy requires that deposits that exceed the amount insured by the FDIC insurance protection be secured by some form of collateral at the rate of 110% of such deposits by U.S. Government Securities, obligations of Federal instrumentalities, obligations of the State of Illinois, or general obligation municipal bonds rated “AA” or better. As of December 31, 2016, the Village was not exposed to custodial credit risk on deposits. Interest Rate Risk Interest rate risk is the risk that the fair value of investments will decrease as a result of an increase in interest rates. In accordance with its investment policy, the Village limits its exposure to interest rate risk by structuring the portfolio so that securities or other allowable investments mature to meet cash requirements for ongoing operations, thereby avoiding the need to sell securities or other allowable investments on the open market prior to maturity and by investing operating funds primarily in shorter- term securities or other allowable investments. The policy was put in place to provide liquidity for short and long-term cash flow needs while providing a reasonable rate of return based on the current market. Village of Glenview, Illinois Notes to Financial Statements December 31, 2016 52 Note 2. Deposits and Investments (Continued) Interest Rate Risk (Continued) As of December 31, 2016 the Village had the following investments and maturities: Fair Less Greater Investment Type Value than 1 1-5 than 5 U.S. treasury obligations 1,699,122 $ 1,699,122 $ -$ -$ Totals 1,699,122 $ 1,699,122 $ -$ -$ Investment Maturities (in years) In accordance with their investment policies, the pension funds limit their exposure to interest rate risk by structuring the portfolios to provide liquidity for short- and long-term cash flow needs while providing a reasonable rate of return based on the current market. Interest Rate Risk (Continued) As of December 31, 2016, the Police Pension Fund had the following investments and maturities: Fair Less Greater Investment Type Value than 1 1-5 6-10 than 10 U.S. treasury obligations 9,011,387 $ 1,990,560 $ 6,237,419 $ 783,408 $ -$ U.S. agency obligations 6,919,036 225,308 3,357,428 2,731,543 604,757 Municipal obligations 380,477 29,945 325,009 25,523 - Corporate obligations 12,649,250 1,050,812 7,967,532 3,630,906 - Totals 28,960,150 $ 3,296,625 $ 17,887,388 $ 7,171,380 $ 604,757 $ Investment Maturities (in years) As of December 31, 2016, the Firefighters’ Pension Fund had the following investments and maturities: Fair Less Greater Investment Type Value than 1 1-5 6-10 than 10 U.S. treasury obligations 4,220,121 $ 303,609 $ 3,307,323 $ 609,189 $ -$ U.S. agency obligations 20,733,926 958,879 7,437,339 12,337,708 - Municipal obligations 5,144,708 - 2,962,368 1,940,678 241,662 Totals 30,098,755 $ 1,262,488 $ 13,707,030 $ 14,887,575 $ 241,662 $ Investment Maturities (in years) Village of Glenview, Illinois Notes to Financial Statements December 31, 2016 53 Note 2. Deposits and Investments (Continued) Credit Risk Credit risk is the risk that the Village, Pension Funds or Library will not recover their investments due to the ability of the counterparty to fulfill its obligation. U.S. Treasury obligations are backed by the full faith and credit of the U.S. Government and are not considered to have credit risk. The Village limits its exposure to credit risk, by investing mainly in external investment pools. The Illinois Funds Money Market Fund and Prime Fund are rated AAA by Standard & Poor's. The Pension Funds’ general investment policies follow the prudent person rule subject to the specific restrictions of the Illinois Pension Code and the Pension Funds’ asset allocation policy. Under the prudent person rule, investments shall be made with the care, skill, prudence and diligence under the circumstances then prevailing that a prudent person acting in like capacity and familiar with such matters would use in the investment of a fund or like character and with like aims. The Illinois Funds Money Market Fund and Prime Fund are rated AAA by Standard & Poor's. As of December 31, 2016, the Pension Funds had the following fixed income investments which are rated by Standard & Poor’s as follows: Standard & Poor's:Fair Value AAA AA A BBB BB Not Rated U.S. agency obligations 27,652,962 $ -$ 26,629,880 $ -$ -$ -$ 1,023,082 $ Municipal obligations 5,525,185 29,944 3,206,125 515,846 - - 1,773,270 Corporate obligations 12,649,250 162,023 1,451,740 6,110,049 4,564,990 - 360,448 Totals 45,827,397 $ 191,967 $ 31,287,745 $ 6,625,895 $ 4,564,990 $ -$ 3,156,800 $ As of December 31, 2016, the Pension Funds had the following fixed income investments which are rated by Moody’s as follows: Moody's:Fair Value Aaa Aa A Baa Ba Not Rated U.S. agency obligations 27,652,962 $ 26,381,805 $ -$ -$ -$ -$ 1,271,157 $ Municipal obligations 5,525,185 55,467 2,761,535 102,112 280,410 - 2,325,661 Corporate obligations 12,649,250 347,337 1,033,808 5,416,634 5,801,129 - 50,342 Totals 45,827,397 $ 26,784,609 $ 3,795,343 $ 5,518,746 $ 6,081,539 $ -$ 3,647,160 $ Village of Glenview, Illinois Notes to Financial Statements December 31, 2016 54 Note 2. Deposits and Investments (Continued) Custodial Credit Risk For an investment, custodial credit risk is the risk that, in the event of the failure of the counterparty, the Village will not be able to recover the value of its investments or collateral securities that are in the possession of an outside party. To limit its exposure, the Village's investment policy requires all investments to be limited to the safest types of securities invested with pre-qualified institutions, broker/dealers, intermediaries, and advisors, soundly diversified and held by a third-party custodian. The Illinois Funds are not subject to custodial credit risk. The Police Pension Fund’s investment policy requires all securities that are exposed to custodial credit risk to be held by a third-party custodian. The Firefighters’ Pension Fund’s investment policy requires all investments to be limited to the safest types of securities invested with pre-qualified institutions, broker/dealers, intermediaries, and advisors, soundly diversified and held by a third-party custodian. The Illinois Funds is not subject to custodial credit risk. Concentration of Credit Risk Concentration of credit risk is the risk of loss attributed to the magnitude of investment in any one single issuer. It is the policy of the Village to diversify its investment portfolio. Investments shall be diversified to eliminate the risk of loss resulting in an overconcentration in a security, maturity, issuer, or class of securities. The Village was not exposed to concentration of credit risk as of December 31, 2016. Concentration of Credit Risk (Continued) The Pension Funds' investment policies require diversification of investment to avoid unreasonable risk. As of December 31, 2016, the Firefighters' Pension Fund had the following investments (other than those explicitly guaranteed by the U.S. government) that exceeded 5% of Plan net position: Fire Pension Federal Home Loan Bank 9,303,937 $ Federal Farm Credit Bank 8,778,184 18,082,121 $ The Police Pension Fund did not have any such investments as of December 31, 2016. Village of Glenview, Illinois Notes to Financial Statements December 31, 2016 55 Note 3. Receivables Property Tax Receivables The Village's property taxes are levied in December of each calendar year on all taxable real property located in the Village. Property taxes attach as an enforceable lien on January 1 of the same levy year. Tax bills are prepared by the County and issued on or about February 1 and September 1 of the following calendar year, and are payable in two installments on or about March 1 and October 1 in that following calendar year. The County collects such taxes and remits them periodically. An allowance for uncollectible taxes has been established based on historical experience. Taxes levied in December 2016 are intended to finance the Village’s subsequent fiscal year and have been recorded as deferred inflows of resources. The Village has recognized the 2015 tax levy as revenue in fiscal year 2016. Taxes Receivable The following receivables are included in Receivables - Taxes on the Governmental Funds Balance Sheet and Statement of Net Position - Governmental Activities: Property 11,305,352 $ Sales 6,524,190 Utility 871,611 Income 884,346 Use 326,564 Franchise 208,160 Hotel 54,309 Amusement 16,970 Total taxes receivable 20,191,502 $ Village of Glenview, Illinois Notes to Financial Statements December 31, 2016 56 Note 3. Receivables (Continued) Other Receivables The following receivables are included in Receivables - Other on the Governmental Funds Balance Sheet and Statement of Net Position – Governmental Activities: Court fines 11,539 $ Tipping fees 35,916 911 surcharge fees 256,409 Grants 352,417 Interest 70,457 Licenses 147,756 Other 6,825 Total other receivables - Governmental Funds 881,319 Internal Service Funds and other adjustments 111,337 Total other receivables - Governmental Activities 992,656 $ Due From Other Governments The following amount due from other governments is included in Due From Other Governments on the Governmental Funds Balance Sheet and the Statement of Net Position - Governmental Activities: Illinois Department of Transportation - motor fuel taxes 106,022 $ Total due from other governments 106,022 $ Village of Glenview, Illinois Notes to Financial Statements December 31, 2016 57 Note 4. Capital Assets Governmental Activities A summary of changes in capital assets for governmental activities of the Village is as follows: Balance Balance January 1, December 31, 2016 Additions Deletions 2016 Capital assets not being depreciated Construction in progress 80,256 $ 281,560 $ 309,175 $ 52,641 $ Land 21,076,696 - - 21,076,696 Land right of way 55,281,951 - - 55,281,951 Total capital assets not being depreciated 76,438,903 281,560 309,175 76,411,288 Capital assets being depreciated Buildings and improvements 94,980,275 556,160 - 95,536,435 Machinery and equipment 17,419,339 1,139,194 388,859 18,169,674 Infrastructure 154,026,622 5,123,475 722,540 158,427,557 Total capital assets being depreciated 266,426,236 6,818,829 1,111,399 272,133,666 Less accumulated depreciation Buildings and improvements 22,483,417 2,103,824 - 24,587,241 Machinery and equipment 9,408,221 1,438,082 360,151 10,486,152 Infrastructure 67,589,166 3,663,032 457,285 70,794,913 Total accumulated depreciation 99,480,804 7,204,938 817,436 105,868,306 Total capital assets being depreciated, net 166,945,432 (386,109) 293,963 166,265,360 Governmental activities, capital assets, net 243,384,335 $ (104,549) $ 603,138 $ 242,676,648 $ Village of Glenview, Illinois Notes to Financial Statements December 31, 2016 58 Note 4. Capital Assets (Continued) Business-type Activities A summary of changes in capital assets for business-type activities of the Village is as follows: Balance Balance January 1, December 31, 2016 Additions Deletions 2016 Capital assets not being depreciated Land 567,851 $ -$ -$ 567,851 $ Construction in progress - 122,796 - 122,796 Total capital assets not being depreciated 567,851 122,796 - 690,647 Capital assets being depreciated Buildings and improvements 2,796,294 - - 2,796,294 Water system 55,974,179 2,292,185 118,639 58,147,725 Sanitary sewer system 24,262,598 592,086 - 24,854,684 Equipment and vehicles 4,630,575 513,441 158,066 4,985,950 Total capital assets being depreciated 87,663,646 3,397,712 276,705 90,784,653 Less accumulated depreciation Buildings and improvements 969,851 78,359 - 1,048,210 Water system 18,817,366 1,127,858 118,639 19,826,585 Sanitary sewer system 5,951,476 482,494 - 6,433,970 Equipment and vehicles 3,848,492 233,630 158,066 3,924,056 Total accumulated depreciation 29,587,185 1,922,341 276,705 31,232,821 Total capital assets being depreciated, net 58,076,461 1,475,371 - 59,551,832 Business-type activities, capital assets, net 58,644,312 $ 1,598,167 $ -$ 60,242,479 $ Village of Glenview, Illinois Notes to Financial Statements December 31, 2016 59 Note 4. Capital Assets (Continued) Depreciation Expense Depreciation expense was charged to functions/programs of the primary government's governmental activities as follows: General government 4,148,743 $ Public safety 1,615,877 Public works 1,022,669 Development 417,649 Total governmental activity depreciation expense 7,204,938 $ Depreciation expense for the business-type activities are as follows: Glenview Water Fund 1,302,131 $ Glenview Sanitary Sewer Fund 482,494 Wholesale Water Fund 62,816 Commuter Parking Fund 74,900 Total business-type activity depreciation expense 1,922,341 $ Village of Glenview, Illinois Notes to Financial Statements December 31, 2016 60 Note 4. Capital Assets (Continued) Component Unit – Glenview Library A summary of changes in capital assets for the Library is as follows: Balance Balance January 1, December 31, 2016 Additions Deletions 2016 Capital assets not being depreciated: Land 5,426,987 $ -$ -$ 5,426,987 $ Capital assets being depreciated: Buildings and improvements 26,901,546 166,945 - 27,068,491 Equipment and vehicles 128,107 - - 128,107 Library books and materials 7,205,263 720,190 634,250 7,291,203 Total capital assets being depreciated 34,234,916 887,135 634,250 34,487,801 Less accumulated depreciation: Buildings and improvements 3,179,111 554,725 3,733,836 Equipment and vehicles 113,620 2,070 115,690 Library books and materials 5,242,366 645,633 634,250 5,253,749 Total accumulated depreciation 8,535,097 1,202,428 634,250 9,103,275 Total capital assets being depreciated, net 25,699,819 (315,293) - 25,384,526 Total capital assets, net 31,126,806 $ (315,293) $ -$ 30,811,513 $ Village of Glenview, Illinois Notes to Financial Statements December 31, 2016 61 Note 5. Risk Management The Village is exposed to various risks of loss related to torts; theft of, damage to, and destruction of assets; errors and omissions; natural disasters; and illnesses of and injuries to the Village's employees. The Village is self-insured for general liability, auto, property, and workers' compensation risks. Commercial insurance is carried for amounts in excess of the self-insured amounts. For all insured programs, settlement amounts have not exceeded insurance coverage for the current or three prior years. Self-Insurance The Village established the Insurance and Risk Fund (an internal service fund) to report self-insurance activities. The Village's policy is to finance currently in this fund all claims paid, estimated future payments with respect to claims made, and estimated claims incurred but not reported. The Insurance and Risk Fund provides coverage up to a maximum of $200,000 for each general liability claim, $500,000 for Village employees and $600,000 for police officers and firefighters for each workers' compensation claim, and $100,000 for each property damage claim. Such payments are displayed on the fund financial statements as insurance services expenses. Liabilities are reported when it is probable that a loss has occurred and the amount of the loss can be reasonably estimated. Liabilities include an amount for claims that have been incurred but not reported (IBNR). The total estimated claim liability as of December 31, 2016 was $1,938,607. A reconciliation of the claims liability for the current year and that of the preceding year is reported below: Unpaid claims liability - January 1, 2015 1,838,264 $ Claims incurred - calendar year 2015 239,502 Claims paid - calendar year 2015 (496,666) Unpaid claims liability - December 31, 2015 1,581,100 Claims incurred - calendar year 2016 888,396 Claims paid - calendar year 2016 (530,889) Unpaid claims liability - December 31, 2016 1,938,607 $ Village of Glenview, Illinois Notes to Financial Statements December 31, 2016 62 Note 5. Risk Management (Continued) Intergovernmental Personnel Benefit Cooperative (IPBC) The Village participates in the Intergovernmental Personnel Benefit Cooperative (IPBC). IPBC is a public entity risk pool established by certain units of local government in Illinois to administer some or all of the personnel benefit programs (such as medical, dental, and life insurance coverage) offered by its members to their employees and to the employees of certain other governmental, quasi-governmental, and nonprofit public service entities. Management consists of a Board of Directors, comprised of one representative from each member or sub-ped. Additionally, there is an Executive Board that sets the strategic direction of IPBC. The Village does not exercise any control over the activities of the IPBC beyond its representation on the Board of Directors. High-Level Excess Liability Pool (HELP) The Village participates in the High-Level Excess Liability Pool (HELP). HELP is a pool with a membership of thirteen municipalities in Illinois that provide excess liability coverage ($11,000,000 of coverage after a $2,000,000 self-insurance retention). The purpose of HELP is to act as a joint self- insurance pool for the purpose of providing excess liability insurance to municipalities. The Village's payments to HELP are displayed on the financial statements as expenses in the Insurance Fund. The High-Level Excess Liability Pool was organized on April 1, 1987 with members committing to ten- year terms. The Term II agreement expired on April 30, 2008, and was extended for another ten-year term (Term III), with an expiration date of April 30, 2018. Each municipality has one member on the HELP Board of Directors and all budgeting and finance decisions are approved by the Board. Each director has an equal vote. The officers of HELP are appointed by the Board of Directors. The Board of Directors determines the general policy of HELP, makes all appropriations, approves contracts, adopts resolutions providing for the issuance of any debt by HELP, adopts bylaws, rules and regulations, and exercises such powers and performs such duties as may be prescribed in the Agency Agreement or the bylaws. The Village does not exercise any control over the activities of HELP beyond its representation on the Board of Directors. Village of Glenview, Illinois Notes to Financial Statements December 31, 2016 63 Note 6. Long-Term Debt Changes in Long-Term Liabilities The following is a summary of changes in the Village's long-term liabilities in 2016: Balance Balance Amounts January 1,December 31, due within 2016 Additions Deductions 2016 one year Governmental activities: General obligation bonds 58,045,000 $ -$ 6,900,000 $ 51,145,000 $ 7,670,000 $ Loan payable 5,601,496 - 1,330,309 4,271,187 1,330,309 Capital lease payable 730,833 - 240,041 490,792 243,593 Unamortized Bond discount (46,047) - (13,810) (32,237) - Bond premium 2,985,392 - 365,484 2,619,908 - Compensated absences 1,541,159 1,585,016 1,627,873 1,498,302 299,660 Claims payable 1,581,100 888,396 530,889 1,938,607 775,443 Net pension liability 71,421,036 32,632,989 18,837,812 85,216,213 - Other postemployment benefits 2,635,519 735,316 431,979 2,938,856 - Total governmental activities 144,495,488 35,841,717 30,250,577 150,086,628 10,319,005 Business-type activities: General obligation bonds 765,000 - 765,000 - - Notes payable 3,003,592 3,872,432 46,881 6,829,143 281,289 Unamortized Bond discount (320) - (320) - - Bond premium 3,277 - 3,277 - - Compensated absences 63,930 95,907 89,073 70,764 14,153 Net pension liability 1,537,803 1,223,368 615,462 2,145,709 - Total business-type activities 5,373,282 5,191,707 1,519,373 9,045,616 295,442 Total Village long-term liabilities 149,868,770 $ 41,033,424 $ 31,769,950 $ 159,132,244 $ 10,614,447 $ Component Unit - Glenview Library General obligation bonds 20,485,000 $ 15,326,600 $ 18,069,955 $ 17,741,645 $ 1,190,000 $ Unamortized Bond premium - 2,696,945 192,639 2,504,306 - Compensated absences 269,196 220,197 220,880 268,513 53,703 Net pension liability 2,094,473 1,753,764 772,248 3,075,989 - Total component unit - Glenview Library 22,848,669 $ 19,997,506 $ 19,255,722 $ 23,590,453 $ 1,243,703 $ Village of Glenview, Illinois Notes to Financial Statements December 31, 2016 64 Note 6. Long-Term Debt (Continued) Changes in Long-Term Liabilities (Continued) The following changes in the Village’s general obligation bonded debt, notes and loans payable occurred in 2016: Beginning Ending Due Within Issue Balance Issuances Retirements Balance One Year Governmental activities $11,290,000 General Obligation Bond Series 2009D 4,085,000 $ -$ 1,365,000 $ 2,720,000 $ 1,360,000 $ $18,090,000 General Obligation Refunding Bond Series 2012A 18,090,000 - - 18,090,000 - $14,575,000 General Obligation Refunding Bond Series 2012B 13,375,000 - 1,245,000 12,130,000 1,295,000 $7,730,000 General Obligation Refunding Bond Series 2012C 4,925,000 - 1,540,000 3,385,000 1,650,000 $6,065,000 General Obligation Bond Series 2013A 5,580,000 - 245,000 5,335,000 245,000 $4,385,000 General Obligation Bond Taxable Series 2013B 4,385,000 - - 4,385,000 585,000 $10,000,000 General Obligation Bond Taxable Series 2015 7,605,000 - 2,505,000 5,100,000 2,535,000 Total governmental general obligation bonded debt 58,045,000 - 6,900,000 51,145,000 7,670,000 $633,827 Illinois Environmental Protection Agency Loan 377,746 - 24,371 353,375 24,371 $6,529,688 Taxable Term Loan 5,223,750 - 1,305,938 3,917,812 1,305,938 Total loans payable 5,601,496 - 1,330,309 4,271,187 1,330,309 Total governmental debt 63,646,496 $ -$ 8,230,309 $ 55,416,187 $ 9,000,309 $ Village of Glenview, Illinois Notes to Financial Statements December 31, 2016 65 Note 6. Long-Term Debt (Continued) Changes in Long-Term Liabilities (Continued) Issue Balance Issuances Retirements Balance One Year Business-type activities $5,000,000 General Obligation Bond Series 2007A Debt retired by: Glenview Sanitary Sewer Fund 279,400 $ -$ 279,400 $ -$ -$ Glenview Water Fund 355,600 - 355,600 - - 635,000 - 635,000 - - $1,200,000 General Obligation Bond Taxable Series 2007B 130,000 - 130,000 - - Total business-type general obligation bonded debt 765,000 - 765,000 - - $7,333,416 Draw/Term Note 3,003,592 3,872,432 46,881 6,829,143 281,289 Total business-type notes payable 3,003,592 3,872,432 46,881 6,829,143 281,289 Total business-type debt 3,768,592 $ 3,872,432 $ 811,881 $ 6,829,143 $ 281,289 $ Component Unit-Glenview Library $26,300,000 General Obligation Bond Series 2009A 20,485,000 - 18,069,955 2,415,045 1,190,000 $15,326,600 General Obligation Refunding Bond Series 2016A - 15,326,600 - 15,326,600 - Total component-unit debt 20,485,000 $ 15,326,600 $ 18,069,955 $ 17,741,645 $ 1,190,000 $ Total debt 87,900,088 $ 19,199,032 $ 27,112,145 $ 79,986,975 $ 10,471,598 $ Village of Glenview, Illinois Notes to Financial Statements December 31, 2016 66 Note 6. Long-Term Debt (Continued) General Long-Term Debt The Village issues general obligation bonded debt to finance capital projects. At December 31, 2016, general obligation bonded debt is comprised of the following: Remaining Balance $26,300,000 General Obligation Bond Series 2009A Dated May 5, 2009. Due in annual installments of $460,000 to $1,860,000 plus interest at 3.00% to 4.125% through December 1, 2018. Debt is retired by proceeds from a Library property tax levy.2,415,045 $ $11,290,000 General Obligation Refunding Series 2009D Dated October 21, 2009. Due in annual installments of $385,000 to $1,640,000 plus interest at 2.0% to 4.0% through December 1, 2018. Debt is retired by the Special Tax Allocation Fund.2,720,000 $18,090,000 General Obligation Refunding Bond Series 2012A Dated June 14, 2012. Due in annual installments of $5,850,000 to $6,210,000 plus interest at 3.0% to 4.0% through December 1, 2021. Debt is retired by the Special Tax Allocation Fund.18,090,000 $14,575,000 General Obligation Refunding Bond Series 2012B Dated December 18, 2012. Due in annual installments of $1,200,000 to $1,750,000 plus interest at 3.0% to 4.0% through December 1, 2024. Debt is retired by proceeds from a property tax levy.12,130,000 $7,730,000 General Obligation Refunding Bond Series 2012C Dated December 18, 2012. Due in annual installments of $1,365,000 to $1,735,000 plus interest at 2.0% to 3.0% through December 1, 2018. Debt is retired by the Special Tax Allocation Fund.3,385,000 $6,065,000 General Obligation Bond Series 2013A Dated December 19, 2013. Due in annual installments of $245,000 to $410,000 plus interest at 2.0% to 4.0% through December 1, 2033. Debt is retired by the Corporate Purpose Debt Service Fund.5,335,000 Village of Glenview, Illinois Notes to Financial Statements December 31, 2016 67 Note 6. Long-Term Debt (Continued) General Long-Term Debt (Continued) Remaining Balance $4,385,000 General Obligation Bond Taxable Series 2013B Dated December 19, 2013. Due in annual installments of $585,000 to $680,000 plus interest at 1.5% to 3.5% through December 1, 2023. Debt is retired by the Waukegan Golf TIF Fund.4,385,000 $ $10,000,000 General Obligation Refunding Bond Series 2015 Dated July 30, 2015. Due in annual installments of $2,395,000 to $2,565,000 plus interest at 0.44% to 1.05% through December 1, 2018. Debt is retired by the Special Tax Allocation Fund.5,100,000 $15,326,600 General Obligation Refunding Bond Series 2016A Dated October 27, 2016. Due in annual installments from $1,100,000 to $1,750,000 plus interest at 4.45% to 5.91% through December 1, 2029. Debt is retired by proceeds from a Library property tax levy.15,326,600 Total general obligation bonded debt 68,886,645 $ At December 31, 2016, notes payable is comprised of the following: $7,333,416 Draw/Term Note Dated May 1, 2015. Due in annual installments of $50,000 to $1,200,000 plus interest at a rate using the LIBOR rate through conversion date (August 1, 2016) and 2.0% thereafter on June 1 and December 1 each year through December 1, 2025. Debt is retired by the Water Fund. The note proceeds were utilized for capital improvements.6,829,143 $ At December 31, 2016, loans payable is comprised of the following: $633,827 Illinois Environmental Protection Agency Loan Dated October 1, 2010. Due in semi-annual installments of $6,617 to $12,185 with no interest due through April 14, 2031. Debt is retired by the Capital Projects Fund. The loan proceeds were utilized for a capital project.353,375 $6,529,688 5 Year Loan Dated December 1, 2014. Due in 5 installments of $1,305,938 and interest of 1.850% on June 1 and December 1 each year through December 1, 2019. Debt is retired by the Special Tax Allocation Fund. The loan proceeds were utilized to pay off debt issued to finance the purchase land held for resale.3,917,812 Total loans payable 4,271,187 Total debt 79,986,975 $ Village of Glenview, Illinois Notes to Financial Statements December 31, 2016 68 Note 6. Long-Term Debt (Continued) Loan Payable On May 1, 2015, the Village agreed to borrow up to $7,333,416 from Glenview State Bank in a draw-loan in order to finance water capital improvements for Advanced Metering Infrastructure (AMI) for the Glenview Water System. This is a Bank Qualified Tax Exempt loan and the Village has drawn a total of $6,876,024 and made the first principal payment in the amount of $46,881 as of December 31, 2016. The remaining amount will not be drawn. Advance Refunding On October 27, 2016, the Village issued $15,326,600 in General Obligation Refunding Bonds Series 2016A, with an interest rate of 1.97% in order to refund outstanding General Obligation Bonds, Series 2009A, with varying interest rates of 3.50 to 4.13 percent. The bond proceeds of $18,023,545 (including a reoffering premium of $2,762,669, less underwriter’s discount of $65,724) were transferred to the paying agent in order to advance refund the $16,915,000, 2019-2029, portion of the Series 2009A on the October 27, 2016. The Village advance refunded Series 2009A in order to take advantage of more favorable interest rates which provide the Village with cost savings. The Village reduced its remaining 13 years of total debt service payments for 2009A by approximately $1,724,064 and achieved an economic gain of approximately $1,433,054 (difference between the net present value of the debt service payments on the old and the new debt). Debt Service Requirements to Maturity Governmental Activity Annual general obligation bond debt and loans payable debt service requirements to maturity for the Village’s governmental activities are as follows: Fiscal Year Ending December 31,Principal Interest Principal Interest 2017 7,670,000 $ 1,613,995 $ 1,330,309 $ 73,486 $ 2018 7,870,000 1,436,674 1,330,309 48,991 2019 8,125,000 1,231,791 1,330,309 24,495 2020 8,390,000 980,472 24,371 - 2021 8,660,000 715,882 24,371 - 2022-2026 7,865,000 1,084,550 121,854 - 2027-2031 1,760,000 377,600 109,664 - 2032-2037 805,000 48,600 - - Totals 51,145,000 $ 7,489,564 $ 4,271,187 $ 146,972 $ General Obligation Bonds Loans Payable Village of Glenview, Illinois Notes to Financial Statements December 31, 2016 69 Note 6. Long-Term Debt (Continued) Debt Service Requirements to Maturity (Continued) Business-type Activity Annual general obligation bond and corporate purpose notes payable debt service requirements to maturity for the Village's business-type activities are as follows: Year Ending December 31,Principal Interest 2017 281,289 $ 136,583 $ 2018 468,815 130,957 2019 656,340 121,581 2020 843,866 108,454 2021 1,031,392 91,577 2022-2025 3,547,441 160,404 Totals 6,829,143 $ 749,556 $ Corporate Purpose Notes Component Unit – Glenview Library Annual general obligation bond debt service requirements to maturity for the Village's component unit are as follows: Year Ending December 31,Principal Interest 2017 1,190,000 $ 831,548 $ 2018 1,225,045 725,333 2019 1,083,500 682,457 2020 1,132,750 628,282 2021 1,191,850 571,645 2022-2026 6,924,550 1,901,789 2027-2031 4,993,950 319,336 Totals 17,741,645 $ 5,660,390 $ Noncommitment Debt – Special Service Area Bonds The special service area bonds outstanding as of December 31, 2016 totaled $2,416,895. These bonds are not an obligation of the Village and are secured by the levy of special debt service on the real property within each special service area. The Village is in no way liable for repayment, but is only acting as the agent for the property owners in levying and collecting the assessments and forwarding the collections to the bondholders. Village of Glenview, Illinois Notes to Financial Statements December 31, 2016 70 Note 6. Long-Term Debt (Continued) Compensated Absences and Other Postemployment Benefits The General Fund is used to liquidate any liability for compensated absences and other postemployment benefits of governmental activities. Note 7. Interfund Balances and Transfers Interfund Balances The outstanding balances between funds result mainly from the time lag between the dates that (1) interfund goods and services are provided or reimbursable expenditures occur, (2) transactions are recorded in the accounting system, and (3) payments between funds are made. Interfund balances are intended to be repaid currently from other resources of respective funds. Individual interfund balances at December 31, 2016 are shown as follows: Due to/from Other Funds Due From/To Receivable Fund Payable Fund Other Funds General Fund Nonmajor Governmental Funds 10,289 $ Capital Projects Fund Pension Trust Funds 12,449 General Fund Internal Service Fund 2,051 Component Unit General Fund 4,163 Total 28,952 $ Advances to/from Other Funds Advance From/To Advance From Advance To Other Funds Special Tax Allocation Fund Village Permanent Fund 15,280,031 $ Village of Glenview, Illinois Notes to Financial Statements December 31, 2016 71 Note 7. Interfund Balances and Transfers (Continued) Interfund Transfers Transfers are used to (1) move revenues from the fund with collection authorization to the capital project fund or enterprise fund as debt service and interest payments become due, or (2) move restricted general fund revenues to finance various programs that the government must account for in other funds in accordance with budgetary authorization. Interfund transfers are recorded for permanent transfers between funds which are not expected to be repaid. Individual interfund transfers during the fiscal year ended December 31, 2016 were as follows: Transfers In Transfers Out Amount General Special Tax Allocation 277,288 $ General Nonmajor - Enterprise 306,500 This transfer was to recover overhead costs associated with running the wholesale water fund. General North Maine Water and Sewer 156,338 General Internal Service 250,000 This transfer was to fund a portion of the cost of operations in the Corporate Fund. Nonmajor - Governmental General 6,896,820 Nonmajor - Governmental Nonmajor Enterprise 509,124 This transfer was a return on investment that is used to improve public roadways. Village Permanent Nonmajor - Governmental 1,118,135 This transfer was to pay back a short term cash flow loan. Glenview Water North Maine Water and Sewer 651,952 Glenview Water Glenview Sewer 9,377 This transfer was to fund a portion of the AMI debt payment. 10,175,534 $ This transfer was for the maintenance of the three main stem roads in the Glen Town Center. The maintenance of these roads will be funded by the Special Tax Allocation Fund until the roads are resurfaced, at which point the costs will be transferred to the Corporate Fund. This transfer was to recover overhead costs that were shifted to the Corporate Fund upon the sale of the North Maine Utility. These transfers were to move property tax revenue to the correct fund to pay debt that was issued for the Police Station as well as a transfer of revenue to pay debt that was issued for the expansion of the police station to include village hall activities and services. In addition, to support the Capital Improvements Program. This transfer was to recover overhead costs that were shifted to the Water Fund upon the sale of the North Maine Utility. Village of Glenview, Illinois Notes to Financial Statements December 31, 2016 72 Note 8. Tax Abatements In 2000, the Village entered into an economic development agreement with a local retailer who wished to relocate its operations to the Village. Under the terms of the agreement, the Village will rebate a portion of local sales tax receipts generated by the retailer over a base amount. The agreement is contingent on the retailer maintaining their facility within the Village for a period of at least fifteen years from the effective date of the agreement. In fiscal year 2016, the Village made payments to the retailer totaling $2,161,560 in accordance with the terms of this agreement. In 2014, a retailer finished construction of a new multi-vehicle brand dealership and opened its operation in the Village. Under an economic incentive agreement entered into by the Village and the retailer, every year upon the generation of a minimum amount of gross revenue through sales a portion of the local sales tax receipts received by the Village is rebated back to the retailer. In fiscal year 2016, the Village made payments to the retailer totaling $191,248 in accordance with the terms of this agreement. Village property tax revenues are impacted by certain reduced assessments granted by the County of Cook in conjunction with the Village Board for the development or redevelopment of commercial and industrial properties. The properties receive a real estate tax incentive through a reduction in the assessment from the standard rate to a reduced rate for a period of time. Although tax revenues are not reduced in the whole, those properties receive a reduced bill. The total estimated impact of these incentives to the Village is a reduction in property taxes for those properties in the amount of $224,594. Note 9. Joint Ventures High-Level Excess Liability Pool (HELP) The Village is a member of a joint venture, the High-Level Excess Liability Pool (HELP). The contract with HELP provides excess liability insurance. The Village has committed to purchase excess liability insurance from the High-Level Excess Liability Pool (HELP). The amount owed has been calculated using the Village's current allocation percentage of 9.19%. In future years, this allocation percentage will be subject to change because the HELP agreement provides that each member will be assessed an amount based upon a formula that uses the following criteria for allocating premium costs. - Miles of streets - Number of motor vehicles - Number of full-time equivalent employees - Operating revenues The Village's agreement with HELP also provides that each member is liable for its proportionate share of any costs arising from defaults in payment obligations by other members. (See Note 5 for more detail regarding HELP.) Village of Glenview, Illinois Notes to Financial Statements December 31, 2016 73 Note 9. Joint Ventures (Continued) Solid Waste Agency of Northern Cook County The Village is a member of a joint venture, the Solid Waste Agency of Northern Cook County (SWANCC), which consists of twenty-three municipalities. SWANCC is a municipal corporation and public body politic established pursuant to the Constitution of the State of Illinois and the Intergovernmental Cooperation Act of the State of Illinois, as amended, (the Act). SWANCC is empowered under the Act to plan, construct, finance, operate, and maintain a solid waste disposal system to serve its members. The contract with SWANCC provides that each member is liable for its proportionate share of any costs arising from defaults in payment obligations by other members. The members form a contiguous geographic service area, which is located northwest of downtown Chicago. Under the SWANCC Agreement, additional members may join SWANCC upon the approval of each member. SWANCC is governed by a Board of Directors, which consists of one appointed Mayor or President from each member municipality. Each Director has an equal vote. The seven-member Executive Committee of SWANCC is elected by the Board of Directors. The Board of Directors determines the general policy of SWANCC, makes all appropriations, approves contracts, adopts resolutions providing for the issuance of bonds or notes by SWANCC, adopts by-laws, rules and regulations, and exercises such powers and performs such duties as may be prescribed in the agreement or the by-laws. In accordance with the joint venture agreement, the Village remitted $531,259 to SWANCC for the year ended December 31, 2016. The payments are recorded in the General Fund. The Village does not have an equity interest in SWANCC at December 31, 2016. Complete financial statements for SWANCC can be obtained from SWANCC's administrative office at 2700 Patriot Boulevard, Suite 110, Glenview, Illinois 60026, or from SWANCC's website, www.swancc.org. Note 10. Employee Retirement Systems Illinois Municipal Retirement Fund Plan Description The Village's defined benefit pension plan, for regular employees, provides retirement and disability benefits, postretirement increases, and death benefits to plan members and beneficiaries. The Village’s plan is managed by the Illinois Municipal Retirement Fund (IMRF), the administrator of an agent multiple- employer public pension fund. A summary of IMRF’s pension benefits is provided in the “Benefits Provided” section of this document. Details of all benefits are available from IMRF. Benefit provisions are established by statute and may only be changed by the General Assembly of the State of Illinois. IMRF issues a publicly available Comprehensive Annual Financial Report that includes financial statements, detailed information about the pension plan’s fiduciary net position, and required supplementary information. The report is available for download at www.imrf.org. Village of Glenview, Illinois Notes to Financial Statements December 31, 2016 74 Note 10. Employee Retirement Systems (Continued) Illinois Municipal Retirement Fund (Continued) Benefits Provided IMRF has three benefit plans. The vast majority of IMRF members participate in the Regular Plan (RP). The Sheriff’s Law Enforcement Personnel (SLEP) plan is for sheriffs, deputy sheriffs, and selected police chiefs. Counties could adopt the Elected County Official (ECO) plan for officials elected prior to August 8, 2011 (the ECO plan was closed to new participants after that date). All three IMRF benefit plans have two tiers. Employees hired before January 1, 2011, are eligible for Tier 1 benefits. Tier 1 employees are vested for pension benefits when they have at least eight years of qualifying service credit. Tier 1 employees who retire at age 55 (at reduced benefits) or after age 60 (at full benefits) with eight years of service are entitled to an annual retirement benefit, payable monthly for life, in an amount equal to 1-2/3% of the final rate of earnings for the first 15 years of service credit, plus 2% for each year of service credit after 15 years to a maximum of 75% of their final rate of earnings. Final rate of earnings is the highest total earnings during any consecutive 48 months within the last 10 years of service, divided by 48. Under Tier 1, the pension is increased by 3% of the original amount on January 1 every year after retirement. Employees hired on or after January 1, 2011, are eligible for Tier 2 benefits. For Tier 2 employees, pension benefits vest after ten years of service. Participating employees who retire at age 62 (at reduced benefits) or after age 67 (at full benefits) with ten years of service are entitled to an annual retirement benefit, payable monthly for life, in an amount equal to 1-2/3% of the final rate of earnings for the first 15 years of service credit, plus 2% for each year of service credit after 15 years to a maximum of 75% of their final rate of earnings. Final rate of earnings is the highest total earnings during any 96 consecutive months within the last 10 years of service, divided by 96. Under Tier 2, the pension is increased on January 1 every year after retirement, upon reaching age 67, by the lesser of: • 3% of the original pension amount, or • 1/2 of the increase in the Consumer Price Index of the original pension amount. Employees Covered by Benefit Terms As of December 31, 2016, the following employees were covered by the benefit terms: Membership Retirees or beneficiaries currently receiving benefits 237 Inactive Plan members entitled to but not yet receiving benefits 154 Active Plan members 209 Total membership 600 Village of Glenview, Illinois Notes to Financial Statements December 31, 2016 75 Note 10. Employee Retirement Systems (Continued) Illinois Municipal Retirement Fund (Continued) Contributions As set by statute, the Village’s Regular Plan Members are required to contribute 4.5% of their annual covered salary. The statute requires employers to contribute the amount necessary, in addition to member contributions, to finance the retirement coverage of its own employees. The Village’s annual contribution rate for calendar year 2016 was 12.90%. For the fiscal year ended 2016, the Village contributed $2,106,252 to the plan. The Village also contributes for disability benefits, death benefits, and supplemental retirement benefits, all of which are pooled at the IMRF level. Contribution rates for disability and death benefits are set by IMRF’s Board of Trustees, while the supplemental retirement benefits rate is set by statute. Net Pension Liability The Village’s net pension liability was measured as of December 31, 2015. The total pension liability used to calculate the net pension liability was determined by an actuarial valuation as of that date. Actuarial Assumptions The following are the methods and assumptions used to determine total pension liability at December 31, 2015: • The Actuarial Cost Method used was Entry Age Normal. • The Asset Valuation Method used was Market Value of Assets. • The Inflation Rate was assumed to be 2.75%. • Salary Increases were expected to be 3.75% to 14.50%, including inflation. • The Investment Rate of Return was assumed to be 7.48%. • Projected Retirement Age was from the Experience-based Table of Rates, specific to the type of eligibility condition, last updated for the 2014 valuation according to an experience study from years 2011 to 2013. • The IMRF-specific rates for Mortality (for non-disabled retirees) were developed from the RP- 2014 Blue Collar Health Annuitant Mortality Table with adjustments to match current IMRF experience. • For Disabled Retirees, an IMRF-specific mortality table was used with fully generational projection scale MP-2014 (base year 2014). The IMRF-specific rates were developed from the RP-2014 Disabled Retirees Mortality Table, applying the same adjustments that were applied for non-disabled lives. • For Active Members, an IMRF-specific mortality table was used with fully generational projection scale MP-2014 (base year 2014). The IMRF-specific rates were developed from the RP-2014 Employee Mortality Table with adjustments to match current IMRF experience. Village of Glenview, Illinois Notes to Financial Statements December 31, 2016 76 Note 10. Employee Retirement Systems (Continued) Illinois Municipal Retirement Fund (Continued) Actuarial Assumptions (Continued) • The long-term expected rate of return on pension plan investments was determined using a building-block method in which best-estimate ranges of expected future real rates of return (expected returns, net of pension plan investment expense, and inflation) are developed for each major asset class. These ranges are combined to produce the long-term expected rate of return by weighting the expected future real rates of return to the target asset allocation percentage and adding expected inflation. The target allocation and best estimates of geometric real rates of return for each major asset class are summarized in the following table: Long-Term Target Expected Real Asset Class Asset Allocation Rate of Return Domestic Equity 38.00%6.85% International Equity 17.00%6.75% Fixed Income 27.00%3.00% Real Estate 8.00%5.75% Alternative Investments 9.00%2.65 - 7.35% Cash Equivalents 1.00%0.00% Total 100.00% Single Discount Rate A Single Discount Rate of 7.48% was used to measure the total pension liability. The projection of cash flow used to determine this Single Discount Rate assumed that the plan members’ contributions will be made at the current contribution rate, and that employer contributions will be made at rates equal to the difference between actuarially determined contribution rates and the member rate. The Single Discount Rate reflects: 1. The long-term expected rate of return on pension plan investments (during the period in which the fiduciary net position is projected to be sufficient to pay benefits), and 2. The tax-exempt municipal bond rate based on an index of 20-year general obligation bonds with an average AA credit rating (which is published by the Federal Reserve) as of the measurement date (to the extent that the contributions for use with the long-term expected rate of return are not met). For the purpose of the most recent valuation, the expected rate of return on plan investments is 7.50%, the municipal bond rate is 3.57%, and the resulting single discount rate is 7.48%. Village of Glenview, Illinois Notes to Financial Statements December 31, 2016 77 Note 10. Employee Retirement Systems (Continued) Illinois Municipal Retirement Fund (Continued) Changes in Net Pension Liability Total Pension Plan Fiduciary Net Pension Liability Net Position Liability (a)(b)(a) - (b) Balances at beginning of year measurement date 99,288,770 $ 89,229,484 $ 10,059,286 $ Changes for the year: Service cost 1,811,084 - 1,811,084 Interest 7,334,465 - 7,334,465 Differences between expected and actual experience 89,850 - 89,850 Changes of assumptions 134,651 - 134,651 Contributions - employer - 2,190,329 (2,190,329) Contributions - employee - 780,555 (780,555) Net investment income - 442,220 (442,220) Benefit payments, including refunds of employee contributions (4,541,759) (4,541,759) - Other changes - 554,737 (554,737) Net changes 4,828,291 (573,918) 5,402,209 Balances at end of year measurement date 104,117,061 $ 88,655,566 $ 15,461,495 $ Increase (Decrease) Sensitivity of the Net Pension Liability to Changes in the Discount Rate The following presents the plan’s net pension liability, calculated using a Single Discount Rate of 7.48%, as well as what the plan’s net pension liability would be if it were calculated using a Single Discount Rate that is 1% lower or 1% higher: 1% Decrease (6.48%) Current Discount Rate (7.48%) 1% Increase (8.48%) Village's net pension liability 30,128,662 $ 15,461,495 $ 3,514,069 $ The net pension liability of $15,461,495 as of December 31, 2016 is reported on the financial statements as follows: Total Net Pension Liability 10,239,797 $ 1,756,466 $ 389,243 $ 2,145,709 $ 3,075,989 $ 15,461,495 $ Governmental Activities Component Unit - Library Total Business- Type Activities Business-Type Activities Glenview Water Fund Glenview Sanitary Sewer Fund Village of Glenview, Illinois Notes to Financial Statements December 31, 2016 78 Note 10. Employee Retirement Systems (Continued) Illinois Municipal Retirement Fund (Continued) Pension Expense, Deferred Outflows of Resources, and Deferred Inflows of Resources Related to Pensions For the year ended December 31, 2016, the Village recognized pension expense of $3,788,934. At December 31, 2016, the Village reported deferred outflows or resources and deferred inflows of resources related to pensions from the following sources: Deferred Outflows Deferred Inflows of Resources of Resources Differences between expected and actual experience 765,997 $ -$ Changes of assumptions 1,818,799 - Net differences between projected and actual earnings on pension plan investments 5,684,322 - Changes in component proportion between governmental, business and component unit 129,731 129,731 Total deferred amounts to be recognized in pension expense in future periods 8,398,849 $ 129,731 $ The deferred inflows of resources and deferred outflows of resources as of December 31, 2016 are reported on the financial statements as follows: Total Deferred Outflows of Resources 5,605,362 $ 939,393 $ 208,993 $ 1,148,386 $ 1,645,101 $ 8,398,849 $ Deferred Inflows of Resources - 56,370 9,913 66,283 63,449 129,731 Governmental Activities Business-Type Activities Total Business- Type Activities Component Unit - Library Glenview Water Fund Glenview Sanitary Sewer Fund Amounts reported as deferred outflows of resources and deferred inflows of resources related to pensions will be recognized in pension expense in future periods as follows: Year ended December 31: 2017 2,632,783 $ 2018 2,632,783 2019 1,757,693 2020 1,245,859 2021 - Thereafter - 8,269,118 $ Village of Glenview, Illinois Notes to Financial Statements December 31, 2016 79 Note 10. Employee Retirement Systems (Continued) The Districts contributions to IMRF subsequent to the measurement date of the net pension liability (December 31, 2015) amounted to $2,110,673 which is made up of and are reported as deferred outflows of resources as follows: Total Deferred Outflows of Resources 1,397,851 $ 239,778 $ 53,136 $ 292,914 $ 419,908 $ 2,110,673 $ Governmental Activities Business-Type Activities Total Business- Type Activities Component Unit - Library Glenview Water Fund Glenview Sanitary Sewer Fund These amounts will be included in pension expense in fiscal year 2017. The schedule of changes in net pension liability, total pension liability and related ratios and investment returns and the schedule of contributions are presented as Required Supplementary Information (RSI) following the notes to the financial statements. Police Pension Fund Summary of Significant Accounting Policies Basis of Accounting: The financial statements are prepared using the accrual basis of accounting. Employee and employer contributions are recognized as revenues in the period in which employee services are performed. Benefits and refunds are recognized when due and payable in accordance with the terms of the plan. Administrative costs are financed through investment earnings. No stand-alone statements are issued for the defined benefit pension plan. Plan Description Plan administration: Police-sworn personnel are covered by the Police Pension Plan, which is a defined benefit single- employer pension plan administered by the Village of Glenview. Although this is a single-employer pension plan, the defined benefits and employee and employer contribution levels are governed by Article 3 of the Illinois Pension Code and may be amended only by the Illinois legislature. The Village accounts for the plan as a pension trust fund. An actuarial valuation was performed as of December 31, 2016, and, accordingly, the most recent available information has been presented. Management of the Police Pension Plan is vested in the Police Pension Board which consists of five members, two members are elected from and by the active police, one is elected from and by the beneficiaries and two are appointed by the Village President with the approval of the Village Board of Trustees. There have been no changes in the makeup of the Board during fiscal year 2016. Plan Membership: At December 31, 2016, the Police Pension Plan membership consisted of: Membership Retirees or beneficiaries currently receiving benefits 58 Inactive Plan members entitled to but not yet receiving benefits 2 Active Plan members 69 Total membership 129 Village of Glenview, Illinois Notes to Financial Statements December 31, 2016 80 Note 10. Employee Retirement Systems (Continued) Police Pension Fund (Continued) Plan Description (Continued) Benefits provided: The Illinois Pension Code (40 ILCS 5/Art. 3) is the authority under which pension benefit terms are established. The Police Pension Plan provides retirement benefits as well as death and disability benefits. Covered employees hired before January 1, 2011 attaining the age of 50 or more with 20 or more years of creditable service are entitled to receive an annual retirement benefit equal to one half of the salary attached to the rank held on the last day of service, or for one year prior to the last day, whichever is greater. The annual benefit shall be increased by 2.5% of such salary for each additional year of service over 20 years up to 30 years, and 1% of such salary for each additional year of service over 30 years, to a maximum of 75% of such salary. Covered employees hired on or after January 1, 2011 attaining the age of 55 or more with 10 or more years of creditable service are entitled to receive an annual retirement benefit of 2.5% of final average salary for each year of service, with a maximum salary cap of $106,800 as of January 1, 2011. The maximum salary cap increases each year thereafter. The monthly benefit of a police officer hired before January 1, 2011, who retired with 20 or more years of services after January 1, 1977 shall be increased annually, following the first anniversary date of retirement and be paid upon reaching the age of at least 55 years, by 3% of the original pension and 3% compounded annually thereafter. The monthly pension of a police officer hired on or after January 1, 2011, shall be increased annually, following the later of the first anniversary date of retirement or the month following the attainment of age 60, but the lessor of 3% or one half of the consumer price index. Employees with at least 10 years but less than 20 years of credited service may retire at or after age 60 and receive a reduced benefit. Contributions: Covered employees are required to contribute 9.91% of their base salary to the plan. If an employee leaves covered employment with less than 20 years of service, accumulated employee contributions may be refunded without accumulated interest. The Illinois Pension Code (40 ILCS 5/Art. 3) establishes the contribution requirements of the Village. The annual requirement is equal to (1) the normal cost of the pension fund for the year plus (2) an amount sufficient to bring the total assets of the pension fund up to 90% of the actuarial liabilities of the pension fund by December 31, 2040. Only the State legislature can amend the contribution requirements. For the year ended December 31, 2016, the statutory minimum which the Village was required to contribute was $2,086,018, or 30.4% of member payroll, to the Police Pension Fund. Investments Investment policy: The pension plan’s policy in regard to the allocation of invested assets is established and may be amended by the Police Pension Board by a majority vote of its members. It is the policy of the Police Pension Board to pursue an investment strategy that minimizes risk through the prudent diversification of the portfolio across a broad selection of distinct asset classes. The pension plan’s investment policy discourages the use of cash equivalents, except for liquidity purposes, and aims to refrain from dramatically shifting asset class allocations over short time spans. See Note 2 for more details on the Police Pension’s investment policy. Village of Glenview, Illinois Notes to Financial Statements December 31, 2016 81 Note 10. Employee Retirement Systems (Continued) Police Pension Fund (Continued) Investments (Continued) The long-term expected rate of return on pension plan investments was determined using a building-block method. The best estimate of future real rates of return are developed for each of the major asset classes. Future real rates of return are weighted based on the target asset allocation as adopted by the Board within the investment policy. Expected inflation is added back in. Adjustment is made to reflect geometric returns. The following are the expected long-term expected arithmetic real rates of return by asset class as of December 31, 2016: Long-Term Target Expected Real Asset Class Asset Allocation Rate of Return Cash 0.00%0.5% Investment Grade Bonds 42.00%2.5% High Yield Bonds 2.20%6.4% U.S. Equity 39.50%9.1% International Equity 10.10%6.6% Emerging Markets Equity 0.70%10.3% Alternatives 5.50%5.3% Total 100.00% Method used to value investments: Investments are reported at fair value. Short-term investments are reported at cost, which approximates fair value. Securities traded on a national or international exchange are valued at the last reported sales price at current exchange rates. Investments that do not have an established market are reported at estimated fair value. Significant Investments Information on significant investments is presented in Note 2 under “Concentration of Credit Risk.” Rate of return: For the year ended December 31, 2016, the annual money-weighted rate of return on pension plan investments, net of pension plan investment expense, was 5.80 percent. The money-weighted rate of return expresses investment performance, net of investment expense, adjusted for the changing amounts actually invested. Village of Glenview, Illinois Notes to Financial Statements December 31, 2016 82 Note 10. Employee Retirement Systems (Continued) Police Pension Fund (Continued) Net Pension Liability of the Village The components of the net pension liability of the Village at December 31, 2016, are as follows: Total pension liability 100,000,482 $ Plan fiduciary net position 72,005,465 Village's net pension liability 27,995,017 $ Plan fiduciary net position as a percentage of the total pension liability 72.01% The total pension liability was determined by an actuarial valuation as of December 31, 2016, using the following methods and actuarial assumptions, applied to all periods included in the measurement: Methods and Assumptions Valuation date December 31, 2016 Actuarial cost method Entry Age Normal Amortization method Level Dollar Discount Rate used for the Total Pension Liability 6.75% Long-Term Expected Rate of Return on Plan Assets 6.75% Projected Individual Salary Increases 3.62 - 7.69% Projected Increase in Total Payroll 0.00% Inflation 2.50% Mortality Table Percent Married 85% RP-2000 Combined Healthy Mortality, projected to the valuation date with Scale BB for Healthy Members. RP-2000 Disable Retiree, projected to the valuation date with Scale BB for Disabled Members. In 2016 the Police Pension Plan reduced the long-term expected rate of return on assets to 6.75 percent from 7.0 percent in 2015. The remaining actuarial assumptions used in the December 31, 2016 valuation were based on the results of an actuarial experience study performed by the State of Illinois Department of Insurance in 2012. Village of Glenview, Illinois Notes to Financial Statements December 31, 2016 83 Note 10. Employee Retirement Systems (Continued) Police Pension Fund (Continued) Net Pension Liability of the Village (Continued) Discount rate: The discount rate used to measure the total pension liability is 6.75 percent. The projection of cash flows used to determine the discount rate assumed that plan member contributions will be made at the current contribution rate and that Village contributions will be made at rates equal to the difference between actuarially determined contribution rates and the member rate. Based on those assumptions, the Police Pension Plan’s fiduciary net position was projected to be available to make all projected future benefit payments of current plan members. Therefore, the long-term expected rate of return on pension plan investments was applied to all periods of projected benefit payments to determine the total pension liability. Changes in the Village’s Net Pension Liability Total Pension Plan Fiduciary Net Pension Liability Net Position Liability (a)(b)(a) - (b) Balances at beginning of year measurement date 92,318,604 $ 68,756,535 $ 23,562,069 $ Changes for the year: Service cost 1,601,139 - 1,601,139 Interest 6,436,191 - 6,436,191 Differences between expected and actual experience 215,928 - 215,928 Changes of assumptions 3,376,901 - 3,376,901 Contributions - employer - 2,497,041 (2,497,041) Contributions - employee - 812,961 (812,961) Contributions - Buy Back - - Net investment income - 3,937,691 (3,937,691) Benefit payments, including refunds of employee contributions (3,948,281) (3,948,281) - Administrative expense - (50,482) 50,482 Net changes 7,681,878 3,248,930 4,432,948 Balances at end of year measurement date 100,000,482 $ 72,005,465 $ 27,995,017 $ Increase (Decrease) Sensitivity of the net pension liability to changes in the discount rate: The following presents the net pension liability of the Village, calculated using the discount rate of 6.75 percent, as well as what the Village’s net pension liability would be if it were calculated using a discount rate that is 1-percentage-point lower or 1-percentage-point higher than the current rate. 1% Decrease (5.75%) Current Discount Rate (6.75%) 1% Increase (7.75%) Village's net pension liability 42,275,746 $ 27,995,017 $ 16,303,593 $ Village of Glenview, Illinois Notes to Financial Statements December 31, 2016 84 Note 10. Employee Retirement Systems (Continued) Police Pension Fund (Continued) Pension Expense, Deferred Outflows of Resources, and Deferred Inflows of Resources Related to Pensions: For the year ended December 31, 2016, the Village recognized pension expense of $3,645,727. At December 31, 2016, the Village reported deferred outflows or resources and deferred inflows of resources related to pensions from the following sources: Deferred Outflows Deferred Inflows of Resources of Resources Differences between expected and actual experience 179,940 $ 2,761,863 $ Changes of assumptions 3,413,348 - Net differences between projected and actual earnings on pension plan investments 4,072,376 - Total deferred amounts to be recognized in pension expense in future periods 7,665,664 $ 2,761,863 $ Amounts reported as deferred outflows of resources and deferred inflows of resources related to pensions will be recognized in pension expense in future periods as follows: Year ended December 31: 2017 1,458,443 $ 2018 1,458,443 2019 1,159,724 2020 228,386 2021 598,805 Thereafter - 4,903,801 $ The schedule of changes in total pension liability, net pension liability and related ratios and investment returns and the schedule of contributions are presented as Required Supplementary Information (RSI) following the notes to the financial statements. Village of Glenview, Illinois Notes to Financial Statements December 31, 2016 85 Note 10. Employee Retirement Systems (Continued) Firefighters’ Pension Fund Summary of Significant Accounting Policies Basis of Accounting: The financial statements are prepared using the accrual basis of accounting. Employee and employer contributions are recognized as revenues in the period in which employee services are performed. Benefits and refunds are recognized when due and payable in accordance with the terms of the plan. Administrative costs are financed through investment earnings. Plan Description Plan administration: Sworn firefighter personnel are covered by the Firefighters' Pension Plan, which is a defined benefit single-employer pension plan administered by the Village of Glenview. Although this is a single-employer pension plan, the defined benefits and employee and employer contribution levels are governed by Article 4 of the Illinois Pension Code and may be amended only by the Illinois legislature. The Village accounts for the plan as a pension trust fund. The Village's most recent actuarial valuation was performed as of December 31, 2016, and, accordingly, the most recent available information has been presented. Management of the Firefighters’ Pension Plan is vested in the Firefighters’ Pension Board which consists of five members, two members are elected from and by active firefighters, one elected from and by the beneficiaries and two appointed by the Village President. There have been no changes in the makeup of the Board during fiscal year 2016. Plan Membership: At December 31, 2016, the Firefighters’ Pension Plan membership consisted of: Membership Retirees or beneficiaries currently receiving benefits 88 Inactive Plan members entitled to but not yet receiving benefits 2 Active Plan members 79 Total membership 169 Benefits provided: The Illinois Pension Code (40 ILCS 5/Art. 4) is the authority under which pension benefit terms are established. The Firefighters' Pension Plan provides retirement benefits as well as death and disability benefits. Covered employees hired before January 1, 2011 attaining the age of 50 or more with 20 or more years of creditable service are entitled to receive an annual retirement benefit equal to one half of the salary attached to the rank held on the last day of service, or for one year prior to the last day, whichever is greater. The annual benefit shall be increased by 2.5% of such salary for each additional year of service over 20 years up to 30 years, and 1% of such salary for each additional year of service over 30 years, to a maximum of 75% of such salary. Village of Glenview, Illinois Notes to Financial Statements December 31, 2016 86 Note 10. Employee Retirement Systems (Continued) Firefighters’ Pension Fund (Continued) Plan Description (Continued) Covered employees hired on or after January 1, 2011 attaining the age of 55 or more with 10 or more years of creditable service are entitled to receive an annual retirement benefit of 2.5% of final average salary for each year of service, with a maximum salary cap of $106,800 as of January 1, 2011. The maximum salary cap increases each year thereafter. The monthly benefit of a police officer hired before January 1, 2011, who retired with 20 or more years of service after January 1, 1977 shall be increased annually, following the first anniversary date of retirement and be paid upon reaching the age of at least 55 years, by 3% of the original pension and 3% compounded annually thereafter. The monthly pension of a police officer hired on or after January 1, 2011, shall be increased annually, following the later of the first anniversary date of retirement or the month following the attainment of age 60, but the lessor of 3% or one half of the consumer price index. Employees with at least 10 years but less than 20 years of credited service may retire at or after age 60 and receive a reduced benefit. Contributions: Covered firefighter employees are required to contribute 9.455% of their base salary to the plan. If an employee leaves covered employment with less than 20 years of service, accumulated employee contributions may be refunded without accumulated interest. The Illinois Pension Code (40 ILCS 5/Art. 4) establishes the contribution requirements of the Village. The annual requirement is equal to (1) the normal cost of the pension fund or 7.5% of the salaries and wages to be paid to firefighters for the year involved, whichever is greater, plus (2) an annual amount sufficient to bring the total assets of the pension fund up to 90% of the total actuarial liabilities of the pension fund by December 31, 2040. Only the State legislature can amend the contribution requirements. For the year ended December 31, 2016, the statutory minimum which the Village was required to contribute was $2,618,692, or 32.09% of member payroll, to the Firefighters’ Pension Fund. Investments Investment policy: The pension plan’s policy in regard to the allocation of invested assets is established and may be amended by the Firefighters’ Pension Board by a majority vote of its members. It is the policy of the Firefighters’ Pension Board to pursue an investment strategy that minimizes risk through the prudent diversification of the portfolio across a broad selection of distinct asset classes. The pension plan’s investment policy discourages the use of cash equivalents, except for liquidity purposes, and aims to refrain from dramatically shifting asset class allocations over short time spans. See Note 2 for more details on the Firefighters’ Pension’s investment policy. The long-term expected rate of return on pension plan investments was determined using a building-block method. The best estimate of future real rates of return are developed for each of the major asset classes. Future real rates of return are weighted based on the target asset allocation as adopted by the Board within the investment policy. Expected inflation is added back in. Adjustment is made to reflect geometric returns. The following are the expected long-term expected arithmetic real rates of return by asset class as of December 31, 2016: Village of Glenview, Illinois Notes to Financial Statements December 31, 2016 87 Note 10. Employee Retirement Systems (Continued) Firefighters’ Pension Fund (Continued) Investments (Continued) Target Long-Term Long-Term Long-Term Asset Allocation Expected Rate Inflation Expected Real Asset Class in Asset Class of Return Expectations Rate of Return Fixed Income 45.00%4.40%3.08%1.32% U.S. Large-Cap Equities 38.50%9.60%3.08%6.52% U.S. Small-Cap Equities 11.00%11.60%3.08%8.52% International Equities 5.50%9.90%3.08%6.82% Total 100.00% Method used to value investments: Investments are reported at fair value. Short-term investments are reported at cost, which approximates fair value. Securities traded on a national or international exchange are valued at the last reported sales price at current exchange rates. Investments that do not have an established market are reported at estimated fair value. Significant Investments Information on significant investments is presented in Note 2 under “Concentration of Credit Risk.” Rate of return: For the year ended December 31, 2016, the annual money-weighted rate of return on pension plan investments, net of pension plan investment expense, was 6.64 percent. The money-weighted rate of return expresses investment performance, net of investment expense, adjusted for the changing amounts actually invested. The components of the net pension liability of the Village at December 31, 2016, are as follows: Total pension liability 122,643,352 $ Plan fiduciary net position 75,661,953 Village's net pension liability 46,981,399 $ Plan fiduciary net position as a percentage of the total pension liability 61.69% Village of Glenview, Illinois Notes to Financial Statements December 31, 2016 88 Note 10. Employee Retirement Systems (Continued) Firefighters’ Pension Fund (Continued) Net Pension Liability of the Village (Continued) The total pension liability was determined by an actuarial valuation as of December 31, 2016, using the following methods and actuarial assumptions, applied to all periods included in the measurement: Valuation date December 31, 2016 Actuarial cost method Entry Age Normal Amortization method Level Percentage of Payroll Closed Discount Rate used for the Total Pension Liability 7.00% Long-Term Expected Rate of Return on Plan Assets 7.00% High Quality 20-Year Tax-Exempt G.O. Bond Rate (based on the Bond Buyer 20-Bond GO Index)3.78% Projected Individual Salary Increases 4.00 - 7.50% Projected Increase in Total Payroll 3.50% Consumer Price Index (Utilities)2.50% Inflation Rate Included 2.50% Mortality Table Lauterbach & Amen (L&A) 2016 Illinois Firefighters' Retirement Rates L&A 2016 Illinois Firefighters' Capped at age 62 Disability Rates L&A 2016 Illinois Firefighters' 90% Termination Rates L&A 2016 Illinois Firefighters' 80% Percent Married 85% In 2016 the Firefighter Pension Plan reduced the long-term expected rate of return on assets to 7.0 percent from 7.25 percent in 2015. In addition, the actuary utilized mortality improvements within the mortality tables, reduced the projected salary increases from 4.25 percent to 4.0 percent where applicable and updated disability and termination rates. The actuarial assumptions used in the December 31, 2016 valuation were based on the results of an actuarial assumption study for the period including various municipal fiscal years ending 2007 – 2012. The study was performed by Lauterbach and Amen LLP (L&A), which provides a variety of accounting and actuarial services to Police and Firefighter Pension Funds across the State of Illinois. Village of Glenview, Illinois Notes to Financial Statements December 31, 2016 89 Note 10. Employee Retirement Systems (Continued) Firefighters’ Pension Fund (Continued) Net Pension Liability of the Village (Continued) Discount rate: The discount rate used to measure the total pension liability is 7.00 percent. The projection of cash flows used to determine the discount rate assumed that plan member contributions will be made at the current contribution rate and that Village contributions will be made at rates equal to the difference between actuarially determined contribution rates and the member rate. Based on those assumptions, the Firefighters’ Pension Plan’s fiduciary net position was projected to be available to make all projected future benefit payments of current plan members. Therefore, the long-term expected rate of return on pension plan investments was applied to all periods of projected benefit payments to determine the total pension liability. Changes in the Village’s Net Pension Liability Total Pension Plan Fiduciary Net Pension Liability Net Position Liability (a)(b)(a) - (b) Balances at beginning of year measurement date 113,224,508 $ 71,792,553 $ 41,431,955 $ Changes for the year: Service cost 1,890,273 - 1,890,273 Interest 7,728,761 - 7,728,761 Differences between expected and actual experience (2,178,162) - (2,178,162) Changes of assumptions 7,605,249 - 7,605,249 Contributions - employer - 4,016,250 (4,016,250) Contributions - employee - 782,515 (782,515) Net investment income - 4,765,957 (4,765,957) Benefit payments, including refunds of employee contributions (5,627,277) (5,627,277) - Administrative expense - (68,045) 68,045 Net changes 9,418,844 3,869,400 5,549,444 Balances at end of year measurement date 122,643,352 $ 75,661,953 $ 46,981,399 $ Increase (Decrease) Sensitivity of the net pension liability to changes in the discount rate: The following presents the net pension liability of the Village, calculated using the discount rate of 7.00 percent, as well as what the Village’s net pension liability would be if it were calculated using a discount rate that is 1-percentage-point lower or 1-percentage-point higher than the current rate. 1% Decrease (6.00%) Current Discount Rate (7.00%) 1% Increase (8.00%) Village's net pension liability 63,913,909 $ 46,981,399 $ 33,086,599 $ Village of Glenview, Illinois Notes to Financial Statements December 31, 2016 90 Note 10. Employee Retirement Systems (Continued) Firefighters’ Pension Fund (Continued) Pension Expense, Deferred Outflows of Resources, and Deferred Inflows of Resources Related to Pensions: For the year ended December 31, 2016, the Village recognized pension expense of $6,332,974. At December 31, 2016, the Village reported deferred outflows or resources and deferred inflows of resources related to pensions from the following sources: Deferred Outflows Deferred Inflows of Resources of Resources Differences between expected and actual experience 1,730,576 $ 1,852,577 $ Changes of assumptions 8,379,401 - Net differences between projected and actual earnings on pension plan investments 2,684,854 - Total deferred amounts to be recognized in pension expense in future periods 12,794,831 $ 1,852,577 $ Amounts reported as deferred outflows of resources and deferred inflows of resources related to pensions will be recognized in pension expense in future periods as follows: Year ended December 31: 2017 2,451,443 $ 2018 2,451,443 2019 2,422,508 2020 1,607,684 2021 1,449,431 Thereafter 559,745 10,942,254 $ The schedule of changes in net pension liability, total pension liability and related ratios and investment returns and the schedule of contributions are presented as Required Supplementary Information (RSI) following the notes to the financial statements. Village of Glenview, Illinois Notes to Financial Statements December 31, 2016 91 Note 11. Other Postemployment Benefits (OPEB) Plan Description The Village provides postemployment health care and life insurance benefits (OPEB) for retired employees through a single-employer defined benefit plan. The benefits, benefit levels, employee contributions, and employer contributions are governed by the Village and can be amended by the Village through its personnel manual and union contracts. The plan is not accounted for as a trust fund, as an irrevocable trust has not been established to account for the plan. The plan does not issue a separate report. To be eligible for benefits under the plan, an employee must qualify for retirement under one of the Village's retirement plans. Elected officials are eligible for benefits if they qualify for retirement through the Illinois Municipal Retirement Fund. All health care benefits are provided through the Village's self-insured health plan. The benefit levels are the same as those afforded to active employees. Benefits include general inpatient and outpatient medical services; mental, nervous, and substance abuse care; vision care; dental care; and prescriptions. Upon a retiree reaching Medicare eligible age, Medicare becomes the primary insurer and the Village's plan becomes secondary. At December 31, 2016, membership in the Plan consisted of the following: Membership Retirees and beneficiaries receiving benefits 108 Active Participants 288 Total membership 396 Funding Policy The Village negotiates the contribution percentages between the Village and employees through the union contracts and personnel policy. All retirees contribute 100% of the actuarially determined premium to the plan and the Village contributes the remainder to cover the cost of providing the benefits to the retirees via the self-insurance plan (pay-as-you-go). Since the Village is self-insured, this amount fluctuates on an annual basis. Active employees do not contribute to the plan until retirement. Village of Glenview, Illinois Notes to Financial Statements December 31, 2016 92 Note 11. Other Postemployment Benefits (OPEB) (Continued) Annual OPEB Cost and Net OPEB Obligation The Village's most recent actuarial valuation was performed for the plan as of December 31, 2015. The Village's annual other postemployment benefit (OPEB) cost is calculated based on the annual required contribution (ARC) of the employer. The contribution represents a level of funding that, if paid on an ongoing basis, is projected to cover the normal cost each year and to amortize any unfunded actuarial liabilities or funding excess over a period not to exceed thirty years. The following table shows the components of the Village's annual OPEB cost for the year, the amount actually contributed to the plan, and changes in the Village's net OPEB obligation for retired employees as of December 31, 2016. Annual required contribution 771,549 $ Interest on net OPEB obligation 118,599 Adjustment to annual required contribution (154,832) Annual OPEB cost 735,316 Contributions made 431,979 Increase in net OPEB Obligation 303,337 Net OPEB obligation at January 1, 2016 2,635,519 Net OPEB obligation at December 31, 2016 2,938,856 $ Trend Information The Village's annual OPEB Cost, the percentage of annual OPEB cost contributed to the Plan, and the net OPEB obligation for fiscal year 2016 is as follows: Fiscal Annual Percentage Net Year OPEB of OPEB OPEB Ending Cost Contributed Obligation 12/31/16 735,316 $ 58.75 %2,938,856 $ 12/31/15 740,015 58.37 2,635,519 12/31/14 977,226 40.74 2,293,641 Funding Policy and Actuarial Assumptions Actuarial valuations of an ongoing plan involve estimates of the value of reported amounts and assumptions about the probability of occurrence of events far into the future. Examples include assumptions about future employment, mortality, and the healthcare cost trend. Amounts determined regarding the funded status of the Plan and the annual required contributions of the employer are subject to continual revision as actual results are compared with past expectations and new estimates are made about the future. Village of Glenview, Illinois Notes to Financial Statements December 31, 2016 93 Note 11. Other Postemployment Benefits (OPEB) (Continued) Funding Policy and Actuarial Assumptions (continued) Projections of benefits for financial reporting purposes are based on the substantive plan (the plan as understood by the employer and the plan members) and include the types of benefits provided at the time of each valuation and the historical pattern of sharing of benefit costs between the employer and the plan members to that point. The actuarial methods and assumptions used include techniques that are designed to reduce the effects of short-term volatility in actuarial accrued liabilities and the actuarial value of assets, consistent with the long-term perspective of the calculations. The following simplifying assumptions were made: Actuarial valuation date December 31, 2015 Actuarial cost method Entry Age Normal Amortization method Level dollar, open Amortization period 30 years Asset valuation method Market Actuarial assumptions: Investment rate of return* Projected salary increases Healthcare inflation rate 4.50% 3.50% 8.50% initial 4.50% ultimate Assumed Mortality RP – 2000 Mortality Table Blue Collar table projected to 2015 using scale AA for Police and Fire. For all others the RP 2014 base rates projected to 2015 using scape MP 2015 was used. Percentage of active employees Assumed to elect benefit 75% Employer provided benefit Explicit (eligible disabled pensioners): 100% of premium for life Implicit: Age adjust at every age *Includes inflation at 2.50% Village of Glenview, Illinois Notes to Financial Statements December 31, 2016 94 Note 11. Other Postemployment Benefits (OPEB) (Continued) Funding Status and Funding Progress The funded status of the plan as of December 31, 2016, the date of the latest valuation, was as follows: Actuarial Accrued Liability (AAL) $ 8,444,479 Actuarial Value of Plan Assets $ - Unfunded Actuarial Accrued Liability (UAAL) $ 8,444,479 Funded ratio (actuarial value of plan assets/AAL) 0.00% Covered payroll (active plan members) $ 25,567,450 UAAL as a percentage of covered payroll 33.0% The schedule of funding progress presented in the Required Supplementary Information (RSI) following the notes to the financial statements, presents multiyear trend information about whether the actuarial value of plan assets is increasing or decreasing over time relative to the actuarial accrued liability for benefits. Note 12. Pension Trust Funds – Financial Data Schedule of Fiduciary Plan Net Position as of December 31, 2016 Total Police Firefighters'Pension Pension Pension Trust Fund Fund Funds Assets Cash and cash equivalents 1,950,057 $ 562,581 $ 2,512,638 $ Investments U.S. government and agency obligations 15,930,423 24,954,047 40,884,470 Municipal obligations 380,477 5,144,708 5,525,185 Corporate obligations 12,649,250 - 12,649,250 Equity mutual funds 40,929,786 44,860,442 85,790,228 Accrued interest receivable 182,804 180,114 362,918 Prepaid expenses 6,103 4,039 10,142 Total assets 72,028,900 75,705,931 147,734,831 Liabilities Accrued expenses 23,435 43,978 67,413 Total Liabilities 23,435 43,978 67,413 Net Position Restricted for pensions 72,005,465 $ 75,661,953 $ 147,667,418 $ Village of Glenview, Illinois Notes to Financial Statements December 31, 2016 95 Note 12. Pension Trust Funds – Financial Data (Continued) Schedule of Changes in Fiduciary Plan Net Position as of December 31, 2016 Total Police Firefighters'Pension Pension Pension Trust Fund Fund Funds Additions Contributions Employer 2,497,041 $ 4,016,250 $ 6,513,291 $ Participant 812,961 782,515 1,595,476 Total contributions 3,310,002 4,798,765 8,108,767 Investment income Net appreciation in fair value of investments 1,783,035 2,514,745 4,297,780 Interest income 2,226,349 2,385,764 4,612,113 Less investment expense (71,693) (134,552) (206,245) Net investment income 3,937,691 4,765,957 8,703,648 Total additions 7,247,693 9,564,722 16,812,415 Deductions Administrative expenses 50,482 68,045 118,527 Retirement pensions 3,476,101 4,703,877 8,179,978 Widow pensions 302,482 412,618 715,100 Disability pensions 121,428 510,782 632,210 Children pensions 48,270 - 48,270 Total deductions 3,998,763 5,695,322 9,694,085 Change in net position 3,248,930 3,869,400 7,118,330 Net position restricted for pensions Beginning 68,756,535 71,792,553 140,549,088 Ending 72,005,465 $ 75,661,953 $ 147,667,418 $ Village of Glenview, Illinois Notes to Financial Statements December 31, 2016 96 Note 13. Fund Balance Reporting As of December 31, 2016, the Village’s fund balances were classified as follows: General Fund Special Tax Allocation Fund Village Permanent Fund Nonmajor Governmental Funds Totals Nonspendable: Prepaids -$ 19,633 $ -$ -$ 19,633 $ Land held for resale - - - - - Inventory 155,205 - - - 155,205 Total Nonspendable 155,205 19,633 - - 174,838 Restricted purpose: Public Safety - - - 283,415 283,415 Street Improvements - - - 1,451,108 1,451,108 Economic Development - - - 1,172,476 1,172,476 Total Restricted - - - 2,906,999 2,906,999 Assigned purpose: Debt Service - - - 357,621 357,621 Capital Projects - - 29,078,693 1,905,229 30,983,922 Total Assigned - - 29,078,693 2,262,850 31,341,543 Total Unassigned 25,335,141 (8,935,926) - - 16,399,215 Total Fund Balances 25,490,346 $ (8,916,293) $ 29,078,693 $ 5,169,849 $ 50,822,595 $ Note 14. Deficit Fund Balance The Special Tax Allocation Fund (TIF) has a deficit fund balance of $8,916,293 as of the date of this report. This deficit balance was anticipated as the existing advances in the fund will be paid off towards the end of the life of the TIF as increments from the TIF increase. Note 15. Contingencies Grants Amounts received or receivable from grantor agencies are subject to audit and adjustment by grantor agencies, principally the federal government. Any disallowed claims, including amounts already collected, may constitute a liability of the applicable funds. The amount, if any, of expenditures which may be disallowed by the grantor cannot be determined at this time. The Village believes such amounts, if any, to be immaterial. Litigation The Village has several pending legal proceedings that, in the opinion of management, are ordinary routine matters incidental to the normal business conducted by the Village. In the opinion of management, the outcome is neither probable nor estimable, and the ultimate dispositions of such proceedings are not expected to have a material adverse effect on the Village's net position or activities. Village of Glenview, Illinois Notes to Financial Statements December 31, 2016 97 Note 16. New Accounting Pronouncements GASB Statement No. 74, Financial Reporting for Postemployment Benefit Plans Other Than Pension Plans. The objective of this statement is to improve the usefulness of information about postemployment benefits other than pensions (other postemployment benefits (OPEB)) included in the general purpose external financial reports of state and local government OPEB plans for making decisions and assessing accountability. This Village has not yet determined the impact of this Statement. It is required to be adopted with the December 31, 2017 financial statements. GASB Statement No. 75, Accounting and Financial Reporting for Postemployment Benefit Other Than Pension Plans. The primary objective of this Statement is to improve accounting and financial reporting by state and local governments for postemployment benefits other than pensions (other postemployment benefits (OPEB)). It also improves information provided by state and local governmental employers about financial support for OPEB that is provided by other entities. The Village has not yet determined the impact of this Statement. It is required to be adopted with the December 31, 2018 financial statements. GASB issued Statement No. 78, Pensions Provided through Certain Multiple Employer Defined Benefit Pension Plans. The objective of this Statement is to address a practice issue regarding the scope and applicability of Statement No. 68, Accounting and Financial Reporting for Pensions. This issue is associated with pensions provided through certain multiple-employer defined benefit pension plans and to state or local governmental employers whose employees are provided with such pensions. The Village does not fall within the scope of Statement 78, therefore no material impact is expected on the financial statements. GASB has issued Statement No. 80, Blending Requirements for Certain Component Units, which improves financial reporting by clarifying the financial statement presentation requirements for certain component units. The requirements of this Statement are effective for reporting periods beginning after June 15, 2016. The Village is currently evaluating GASB Statement No. 80 and, if applicable, will implement in the appropriate period. GASB has issued Statement No. 81, Irrevocable Split-Interest Agreements, which improves financial reporting for irrevocable split-interest agreements by providing recognition and measurement guidance for situations in which a government is beneficiary of the agreement. The requirements of this Statement are effective for financial statements for periods beginning after December 15, 2016. The Village is currently evaluating GASB Statement No. 81 and, if applicable, will implement in the appropriate period. GASB issued Statement No. 82, Pension Issues. The objective of this Statement is to address certain issues that have been raised with respect to Statements No. 67, Financial Reporting for Pension Plans, No. 68, Accounting and Financial Reporting for Pensions, and No. 73, Accounting and Financial Reporting for Pensions and Related Assets That Are Not within the Scope of GASB Statement 68, and Amendments to Certain Provisions of GASB Statements 67 and 68. Specifically, this Statement addresses issues regarding (1) the presentation of payroll-related measures in required supplementary information, (2) the selection of assumptions and the treatment of deviations from the guidance in an Actuarial Standard of Practice for financial reporting purposes, and (3) the classification of payments made by employers to satisfy employee (plan member) contribution requirements. The Village has not yet determined the impact of this Statement. The Village will adopt this Statement for its December 31, 2017 financial statements. Village of Glenview, Illinois Notes to Financial Statements December 31, 2016 98 Note 16. New Accounting Pronouncements (Continued) GASB issued Statement No. 83, Certain Asset Retirement Obligations. The objective of this Statement is to address accounting and financial reporting for certain asset retirement obligations (AROs). An ARO is a legally enforceable liability associated with the retirement of a tangible capital asset. A government that has legal obligations to perform future asset retirement activities related to its tangible capital assets should recognize a liability based on the Guidance in this Statement. The requirements of this Statement are effective for reporting periods beginning after June 15, 2018. The Village is currently evaluating GASB Statement No. 83 and, if applicable, will implement in the appropriate period. GASB issued Statement No. 84, Fiduciary Activities. The objective of this Statement is to improve guidance regarding identification of fiduciary activities for accounting and financial reporting purposes and how those activities should be reported. This Statement establishes criteria for identifying fiduciary activities of all state and local governments. The requirements of this Statement are effective for reporting periods beginning after December 15, 2018. The Village is currently evaluating GASB Statement No. 84 and, if applicable, will implement in the appropriate period. GASB issued Statement No. 85, Omnibus 2017. The objective of this Statement is to address practice issues that have been identified during implementation and application of certain GASB Statements. This Statement addresses a variety of topics including issues relating to blending component units, goodwill, fair value measurement and application, and postemployment benefits (pensions and other postemployment benefits (OPEB)). The requirements of this Statement are effective for reporting periods beginning after June 15, 2017. The Village is currently evaluating GASB Statement No. 85 and, if applicable, will implement in the appropriate period. GASB issued Statement No. 86, Certain Debt Extinguishment Issues. The objective of this Statement is to improve consistency in accounting and financial reporting for in-substance defeasance of debt by providing guidance for transactions in which cash and other monetary assets acquired with only existing resources (resources other than the proceeds of refunding debt) are placed in an irrevocable trust for the sole purpose of extinguishing debt. This statement also improves accounting and financial reporting for prepaid insurance on debt that is extinguished and notes to the financial statements for debt that is defeased in substance. The requirements of this statement are effective for reporting periods beginning after June 15, 2017. The Village is currently evaluating GASB Statement No. 86 and, if applicable, will implement in the appropriate period. Note 17. Capital Leases Lease Receivable The Village of Glenview owns a parcel of land valued at $1,560,000 which is for the former Dominick’s leased property (1020 Waukegan Road). The Village purchased this property in 2007 and continued to lease this property to Dominick’s through the lease expiration date of December 31, 2012. The Village entered into an agreement in December 2012 to lease the land over a ten year period to a high quality, full-service grocer. The lease commenced on November 1, 2013 and qualifies as a capital lease. Therefore the Village recorded a $1,066,000 lease receivable as of fiscal year-end. Village of Glenview, Illinois Notes to Financial Statements December 31, 2016 99 Note 17. Capital Leases (Continued) The Village recognizes lease activity as follows: Year Ending December 31,Payments Principal Interest 2017 156,000 $ 126,848 $ 29,152 $ 2018 156,000 131,033 24,967 2019 156,000 135,355 20,645 2020 156,000 139,821 16,179 2021 156,000 144,433 11,567 2022-2023 286,000 277,282 8,718 Totals 1,066,000 $ 954,772 $ 111,228 $ Future Minimum Lease Payments Lease Payable The Village of Glenview entered into a lease agreement as lessee for financing public safety equipment. The lease is due in installments through its maturity on October 1, 2018 at an annual rate of 1.48 percent. The lease agreement qualifies as a capital lease for accounting purposes and, therefore, has been recorded at the present value of the future minimum lease payments as of the inception date. The assets acquired through the capital lease have been added to equipment at the cost of $981,451 and are subject to depreciation in accordance with the capital asset policy. The net present value of the minimum lease payments as of December 31, 2016 is $490,792 and the future minimum lease obligations are as follows: Year Ending December 31,Payments Principal Interest 2017 250,857 $ 243,593 $ 7,264 $ 2018 250,857 247,199 3,658 Totals 501,714 $ 490,792 $ 10,922 $ Future Obligations Note 18. Subsequent Events In January 2017, the Village purchased the property at 1850 Glenview Road for a purchase price of $2,225,000 for the purpose of continued revitalization of the downtown area with a plan for a mixed-use development. In 2017, the Village entered into an agreement to sell the prior Village Hall property at 1225 Waukegan Road to a developer for the purchase price of $2,461,000. The closing is scheduled for the summer of 2017 and the property will be developed into a residential housing development. REQUIRED SUPPLEMENTARY INFORMATION (Unaudited) 100 Village of Glenview, Illinois Required Supplementary Information – GASB Statement No. 45 Schedule of Funding Progress Last Seven Fiscal Years Unfunded Actuarial (assets in Actuarial Accrued excess of)Percentage Actuarial Value of Liability (AAL)AAL Funded Covered of Covered Valuation Assets Entry Age (UAAL)Ratio Payroll Payroll Date (a)(b)(b-a)(a/b)(c)((b-a)/c) Other Postemployment Benefit Plan: 2016 -$ 8,444,479 $ 8,444,479 $ -%25,567,450 $ 33.03 % 2015 - 8,204,677 8,204,677 -24,702,850 33.21 2014 - 10,130,708 10,130,708 -25,641,149 39.51 2013 - 10,130,708 10,130,708 - 25,641,149 39.51 2012 - 9,556,094 9,556,094 - 29,228,867 32.69 2011 - 9,556,094 9,556,094 - 29,228,867 32.69 2010 - 8,695,668 8,695,668 -26,967,070 32.25 101 Village of Glenview, Illinois Required Supplementary Information - Illinois Municipal Retirement Fund (IMRF) Schedule of Changes in Net Pension Liability, Total Pension Liability and Related Ratios Fiscal years ending December 31,2015 2014 Total pension liability Service cost 1,811,084 $ 1,820,396 $ Interest on the total pension liability 7,334,465 6,687,409 Changes in benefit terms - - Differences between expected and actual experience 89,850 1,332,409 Changes in assumptions 134,651 3,276,901 Benefit payments (4,541,759) (4,167,199) Net change in total pension liability 4,828,291 8,949,916 Total pension liability—beginning 99,288,770 90,338,854 Total pension liability—ending (a)104,117,061 $ 99,288,770 $ Plan fiduciary net position Contributions - Employer 2,190,329 $ 2,164,748 Contributions - Member 780,555 730,940 Pension plan net investment income 442,220 5,153,430 Benefit payments (4,541,759) (4,167,199) Pension plan administrative expense 554,737 229,348 Net change in plan fiduciary net position (573,918) 4,111,267 Plan fiduciary net position—beginning 89,229,484 85,118,217 Plan fiduciary net position—ending (b)88,655,566 $ 89,229,484 $ Net pension liability - ending (a) - (b)15,461,495 $ 10,059,286 $ Plan fiduciary net position as a percentage of the total pension liability 85.15%89.87% Covered-Employee Payroll 17,008,659 $ 16,154,258 $ Employer net pension liability as a percentage of covered-employee payroll 90.90%62.27 Note to Schedule: The Village implemented GASB 68 in FY 2015. Information is not available prior to 2014. Additional years will be added to future reports as schedules are required to show 10 years of historical data. 102 Village of Glenview, Illinois Required Supplementary Information - Police Pension Plan Schedule of Changes in Net Pension Liability, Total Pension Liability and Related Ratios and Investment Returns Fiscal years ending December 31,2016 2015 2014 Total pension liability Service cost 1,601,139 $ 2,025,748 $ 1,674,658 $ Interest on the total pension liability 6,436,191 6,368,405 5,490,500 Changes in benefit terms - - - Differences between expected and actual experience 215,928 (4,142,795) - Changes in assumptions 3,376,901 898,895 - Contributions - Buy Back - 49,495 - Benefit payments (3,948,281) (3,665,231) (3,274,551) Net change in total pension liability 7,681,878 1,534,517 3,890,607 Total pension liability—beginning 92,318,604 90,784,088 86,893,481 Total pension liability—ending (a)100,000,482 $ 92,318,605 $ 90,784,088 $ Plan fiduciary net position Contributions - Employer 2,497,041 $ 7,494,545 $ 1,953,494 $ Contributions - Member 812,961 728,210 686,942 Contributions - Buy Back - 49,495 - Pension plan net investment income 3,937,691 (2,979) 2,799,434 Benefit payments (3,948,281) (3,665,231) (3,274,551) Pension plan administrative expense (50,482) (51,118) (45,490) Net change in plan fiduciary net position 3,248,930 4,552,922 2,119,829 Plan fiduciary net position—beginning 68,756,535 64,203,613 62,083,784 Plan fiduciary net position—ending (b)72,005,465 $ 68,756,535 $ 64,203,613 $ Net pension liability - ending (a) - (b)27,995,017 $ 23,562,070 $ 26,580,475 $ Plan fiduciary net position as a percentage of the total pension liability 72.01%74.48%70.72% Covered-Employee Payroll 7,123,493 $ 6,985,724 $ 7,055,218 $ Employer net pension liability as a percentage of covered-employee payroll 393.00%337.29%376.75% Annual money-weighted rate of return, net of investment expense 5.80%0.06%4.58% Note to Schedule: The Village implemented GASB 67 in FY 2014 and GASB 68 in FY 2015. Information is not available prior to 2014. Additional years will be added to future reports as schedules are required to show 10 years of historical data. 103 Village of Glenview, Illinois Required Supplementary Information - Firefighters' Pension Plan Schedule of Changes in Net Pension Liability, Total Pension Liability and Related Ratios and Investment Returns Fiscal years ending December 31,2016 2015 2014 Total pension liability Service cost 1,890,273 $ 1,761,875 $ 1,977,800 $ Interest on the total pension liability 7,728,761 7,367,177 7,079,887 Changes in benefit terms - - - Differences between expected and actual experience (2,178,162) 2,444,216 - Changes in assumptions 7,605,249 2,698,985 - Benefit payments (5,627,277) (5,327,947) (4,862,207) Net change in total pension liability 9,418,844 8,944,306 4,195,480 Total pension liability—beginning 113,224,508 104,280,202 100,084,722 Total pension liability—ending (a)122,643,352 $ 113,224,508 $ 104,280,202 $ Plan fiduciary net position Contributions - Employer 4,016,250 $ 10,309,348 $ 3,134,768 $ Contributions - Member 782,515 750,195 751,554 Pension plan net investment income 4,765,957 817,749 4,274,117 Benefit payments (5,627,277) (5,327,947) (4,862,207) Pension plan administrative expense (68,045) (82,809) (44,601) Net change in plan fiduciary net position 3,869,400 6,466,536 3,253,631 Plan fiduciary net position—beginning 71,792,553 65,326,017 62,072,386 Plan fiduciary net position—ending (b)75,661,953 $ 71,792,553 $ 65,326,017 $ Net pension liability - ending (a) - (b)46,981,399 $ 41,431,955 $ 38,954,185 $ Plan fiduciary net position as a percentage of the total pension liability 61.69%63.41%62.64% Covered-Employee Payroll 8,077,068 $ 7,926,515 $ 7,058,973 $ Employer net pension liability as a percentage of covered-employee payroll 581.66%522.70%551.84% Annual money-weighted rate of return, net of investment expense 6.64%1.19%6.95% Note to Schedule: The Village implemented GASB 67 in FY 2014 and GASB 68 in FY 2015. Information is not available prior to 2014. Additional years will be added to future reports as schedules are required to show 10 years of historical data. 104 Village of Glenview, Illinois Required Supplementary Information Schedule of Contributions Illinois Municipal Retirement Fund (IMRF)12/31/2015 12/31/2014 Actuarially Determined Contribution 2,146,493 $ 2,168,470 $ Contributions in Relation to the Actuarial Determined Contribution 2,190,329 2,164,748 Contribution Deficiency (excess)(43,836) $ 3,722 $ Covered-Employee Payroll 17,008,659 $ 16,255,396 $ Contributions as a Percentage of Covered-Employee Payroll 12.88%13.32% Notes to Schedule: The Village implemented GASB 68 in FY 2015. Information is not available prior to 2014. Additional years will be added to future reports as schedules are required to show 10 years of historical data. Summary of Actuarial Methods and Assumptions used to in Calculation of the 2015 Contribution Rate* Valuation Date: Actuarial cost method Aggregate Entry Age Normal Actuarial value of assets 5 Year Smoothed Market Value; 20% Corridor Amortization method Level Percentage of Payroll, Closed Remaining amortization period Investment rate of return 7.50% Salary increases 4.40% to 16%, including inflation Projected Increase in Total Payroll None, Level Dollar Amortization Consumer Price Index (Utilities)3.00% Inflation Rate Included 3.00% Mortality Table *Based on the valuation assumptions used in the December 31, 2013 actuarial valuation. Actuarially determined contribution rates are calculated as of December 31, each year, which are 12 months prior to the beginning of the fiscal year in which contributions are reported. 28 Year closed period until remaining period reaches 15 years (then 15- year rolling period) RP-2000 Combined Healthy Mortality Table, adjusted for mortality improvements to 2020 using projection scale AA. For men, 120% of the table rates were used. For women, 92% of the table rates were used. For disabled lives, the mortality rates are the rates applicable to non- disabled lives set forward 10 years. 105 Village of Glenview, Illinois Required Supplementary Information Schedule of Contributions Police Pension Plan 2016 2015 2014 2013 Actuarially Determined Contribution 3,224,497 $ 1,957,880 $ 1,921,637 $ 1,812,556 $ Contributions in Relation to the Actuarial Determined Contribution 2,497,041 7,494,545 1,953,494 1,632,373 Contribution Deficiency (excess)727,456 $ (5,536,665) $ (31,857) $ 180,183 $ Covered-Employee Payroll 7,123,493 $ 6,985,724 $ 7,055,218 $ 6,359,627 $ Contributions as a Percentage of Covered-Employee Payroll 35.05%107.28%27.69%25.67% Firefighters' Pension Plan 2016 2015 2014 2013 Actuarially Determined Contribution 3,974,237 $ 3,739,508 $ 2,733,414 $ 2,985,212 $ Contributions in Relation to the Actuarial Determined Contribution 4,016,250 10,309,348 3,134,768 3,116,164 Contribution Deficiency (excess)(42,013) $ (6,569,840) $ (401,354) $ (130,952) $ Covered-Employee Payroll 8,077,068 $ 7,926,515 $ 7,058,973 $ 6,737,119 $ Contributions as a Percentage of Covered-Employee Payroll 49.72%130.06%44.41%46.25% 106 2012 2011 2010 2009 2008 2007 1,569,531 $ 1,347,587 $ 1,370,885 $ 933,477 $ 1,151,490 $ 1,081,786 $ 1,812,692 1,767,986 1,802,629 1,168,933 1,393,628 1,157,437 (243,161) $ (420,399) $ (431,744) $ (235,456) $ (242,138) $ (75,651) $ 6,136,593 $ 6,091,656 $ 5,855,973 $ 5,847,732 $ 6,112,516 $ 5,684,695 $ 29.54%29.02%30.78%19.99%22.80%20.36% 2012 2011 2010 2009 2008 2007 2,420,075 $ 2,160,105 $ 1,941,060 $ 1,987,548 $ 1,712,540 $ 1,556,654 $ 2,926,010 2,806,961 2,541,870 1,985,871 1,805,026 1,416,463 (505,935) $ (646,856) $ (600,810) $ 1,677 $ (92,486) $ 140,191 $ 6,439,694 $ 6,926,020 $ 6,621,473 $ 6,519,762 $ 6,109,904 $ 5,893,686 $ 45.44%40.53%38.39%30.46%29.54%24.03% 107 Village of Glenview, Illinois General Fund For the Year Ended December 31, 2016 Original Final Actual Variance Revenues Taxes Property 11,387,098 $ 11,387,098 $ 11,550,920 $ 163,822 $ Other 14,929,435 14,929,435 14,367,678 (561,757) Licenses and permits 2,366,000 2,366,000 2,088,538 (277,462) Charges for services 9,556,975 9,556,975 10,030,784 473,809 Fines and forfeitures 174,377 174,377 209,062 34,685 Intergovernmental 27,367,878 27,367,878 26,164,152 (1,203,726) Investment income 65,010 65,010 164,974 99,964 Other revenues 55,228 55,228 - (55,228) Total revenues 65,902,001 65,902,001 64,576,108 (1,325,893) Expenditures General government 18,066,371 17,837,731 17,300,029 537,702 Public works 9,012,758 9,107,997 8,873,791 234,206 Public safety 29,322,982 29,394,342 29,506,980 (112,638) Development 3,659,123 3,803,717 3,709,714 94,003 Capital outlay - 7,815 27,426 (19,611) Total expenditures 60,061,234 60,151,602 59,417,940 733,662 Excess of revenues over expenditures 5,840,767 5,750,399 5,158,168 (592,231) Other financing sources (uses) Transfers in 827,288 827,288 1,202,043 374,755 Transfers out (7,192,582) (7,192,582) (7,108,737) 83,845 Total other financing sources (uses)(6,365,294) (6,365,294) (5,906,694) 458,600 Net change in fund balance (524,527) $ (614,895) $ (748,526) (133,631) $ Fund balance – beginning of year 26,238,872 Fund balance – end of year 25,490,346 $ Required Supplementary Information Schedule of Revenues, Expenditures, and Changes in Fund Balance – Budget and Actual Budget 108 Village of Glenview, Illinois Special Tax Allocation Fund Schedule of Revenues, Expenditures, and Changes in Fund Balance – Budget and Actual For the Year Ended December 31, 2016 Original and Final Budget Actual Variance Revenues Taxes Property 30,574,651 $ 32,262,381 $ 1,687,730 $ Charges for services 204,945 204,945 - Intergovernmental - 138,636 138,636 Investment income 25,000 188,773 163,773 Total revenues 30,804,596 32,794,735 1,990,139 Expenditures General government 24,521,639 21,887,066 2,634,573 Debt service Principal 6,715,938 6,715,938 - Interest and fiscal charges 1,052,208 1,102,865 (50,657) Capital outlay - 186,451 (186,451) Total expenditures 32,289,785 29,892,320 2,397,465 Deficiency of revenues over expenditures (1,485,189) 2,902,415 4,387,604 Other financing sources (uses) (277,288) (277,288) - Total other financing sources (uses)(277,288) (277,288) - Net change in fund balance (1,762,477) $ 2,625,127 4,387,604 $ Fund balance – beginning of year (11,541,420) Fund balance – end of year (8,916,293) $ Required Supplementary Information Transfers out Village of Glenview, Illinois Required Supplementary Information (Unaudited) Notes to Required Supplementary Information December 31, 2016 109 Note 1. Legal Compliance – Budgets A. Budgets The Village follows the budget act and implements the following procedures noted below in establishing the budgetary data reflected in the financial statements. 1. All departments of the Village submit requests for budget to the Village's manager so that a budget may be prepared. The budget is prepared by fund and includes information on the past year, current estimates, and requested budgets for the next fiscal year. 2. The proposed budget is presented to the governing body, the Village Board, for review. The Village Board holds public hearings and may add to, subtract from, or change budgets, but may not change the form of the budget. 3. The budget is legally enacted by the Board of Trustees. 4. The Village Manager is authorized to transfer budgeted amounts between departments within any fund; however, any revisions that alter the total expenditures/expenses of any fund must be approved by the Village Board. 5. The level of control (the level at which expenditures may not exceed the budget) is at the fund level. Expenditures may not legally exceed budgets at the fund level. The Village adopted the budget on December 8, 2015 and amended the budget at various times throughout the year. Budgets are generally adopted on a basis consistent with generally accepted accounting principles. Annual budgets are adopted for the General Fund, special revenue funds, debt service funds, and the capital project funds on the modified accrual basis. The enterprise, internal service, and pension trust funds are adopted on the accrual basis, except principal expense and capital expenditures are budgeted, and depreciation expense is not budgeted. All annual budgets lapse at the end of the fiscal year. B. Excess of Actual Expenditures/Expenses over Budget in Individual Funds The following funds had an excess of actual expenditures and transfers out over final budget: Fund Excess Police Pension Fund 211,215 $ Fire Pension Fund 179,660 Village Permanent Fund 264,970 Corporate Purpose Bonds Fund 12,169 Capital Projects Fund 1,821,589 Glenview Water Fund 204,113 North Maine Water and Sewer Fund 35,588 Wholesale Water Fund 34,354 Insurance and Risk Fund 75,032 Village of Glenview, Illinois Required Supplementary Information (Unaudited) Notes to Required Supplementary Information December 31, 2016 110 Note 2. Pension Contributions The Schedule of Contributions shows the difference between the actual contributions and the actuarially determined contributions (ADC). The actuarial valuation and assumptions utilized to measure the ADC differ from those disclosed within Note 10 of the Financial Statements and reflects the Village’s informal funding policy, which results in a contribution greater than the State’s statutory minimum contribution. The following methods and assumptions were utilized to measure the ADC for each applicable pension plan. Police Pension Plan: Methods and Assumptions Valuation Date January 1, 2015 Actuarial cost method Entry Age Normal Actuarial Value of Assets 5 Year Smoothed Market Value Amortization method Level Dollar Remaining Amortization Period 25 Years Investment rate of return 7.00% Projected Individual Salary Increases Age-Based Projected Increase in Total Payroll None, Level Dollar Amortization Consumer Price Index (Utilities)2.50% Inflation Rate Included 2.50% Mortality Table RP-2000 Combined Healthy Mortality Table (male) with blue collar adjustment projected with Scale BB to 2015 and with a 150% load for participants under age 50. Fire Pension Plan: Methods and Assumptions Valuation Date January 1, 2015 Actuarial cost method Entry Age Normal Actuarial Value of Assets 5 Year Smoothed Market Value Amortization method Level Percentage of Payroll Closed Remaining Amortization Period 25 Years Investment rate of return 7.00% Projected Individual Salary Increases 4.00% to 7.50% varying by age net of inflation Projected Increase in Total Payroll 3.50% Consumer Price Index (Utilities)2.50% Inflation Rate Included 2.50% Mortality Table Lauterbach & Amen (L&A) 2016 Illinois Firefighters' SUPPLEMENTAL INFORMATION GOVERNMENTAL FUND DESCRIPTIONS MAJOR FUNDS Note that summaries of the General Fund and the major special revenue funds are provided in the required supplementary information section. The details for all major funds are presented first in the Supplemental Information section due to their materiality. General Fund - a governmental fund used to account for the acquisition and use of resources which are not accounted for in other fund types. Special Tax Allocation Fund - a special revenue fund used to account for the incremental property tax revenue that is generated through the growth of the assessed valuation at The Glen, (formerly referred to as Glenview Naval Air Station) and the 'Make-Whole' payments to core jurisdictions within the boundaries of the Tax Increment District. The core jurisdictions consist of: the Village of Glenview, School District 34, School District 225, the Glenview Park District, and the Glenview Public Library, a component unit of the Village. This fund also accounts for the service and incentive fees within the Tax Increment District. Village Permanent Fund - a capital projects fund used to accumulate and account for a specific portion of the land sales proceeds of The Glen. Twenty percent of the land sale revenues are assigned for capital and economic development expenditures throughout the Village (outside of the Glen). Additionally, Permanent Fund assets can be loaned for short-term liquidity to other Village funds as a result of exhaustion of cash reserves. 111 2016 2015 Original Final Actual Actual Local taxes Property taxes for Village Current year 1,489,525 $ 1,489,525 $ 1,520,280 $ 1,831,910 $ Prior year - - (35,548) (31,351) Property taxes - debt service Current year 1,762,500 1,762,500 1,833,820 1,827,597 Prior year - - (24,962) (14,877) Property taxes - police and firefighters' pension 6,454,932 6,454,932 6,561,211 5,755,971 Property taxes - other Village pensions 1,680,141 1,680,141 1,696,119 1,714,931 Total property taxes 11,387,098 11,387,098 11,550,920 11,084,181 Other taxes Utility taxes Natural gas 1,366,610 1,366,610 1,052,210 1,118,639 Electricity 2,395,441 2,395,441 2,249,217 2,189,830 Telecommunications 1,941,712 1,941,712 2,000,427 2,271,699 Hotel room tax 926,286 926,286 973,344 939,049 Amusement tax 115,000 115,000 110,333 90,947 Home rule sales tax 8,152,886 8,152,886 7,948,198 7,821,912 Business district tax 30,000 30,000 31,539 28,901 Miscellaneous taxes 1,500 1,500 2,410 - Total other taxes 14,929,435 14,929,435 14,367,678 14,460,977 Total local taxes 26,316,533 26,316,533 25,918,598 25,545,158 Licenses and permits Business licenses 90,000 90,000 82,698 80,880 Liquor licenses 200,000 200,000 218,192 203,817 Building permits 2,000,000 2,000,000 1,655,398 2,543,724 Contractors' fees 50,000 50,000 54,933 55,263 Engineering fees - - 51,551 298,110 Oversized vehicle permits 16,000 16,000 17,835 18,680 Plan fees 10,000 10,000 7,931 7,824 Total licenses and permits 2,366,000 2,366,000 2,088,538 3,208,298 (Continued) Budget Village of Glenview, Illinois General Fund Schedule of Detailed Revenues and Other Financing Sources - Budget and Actual For the Year Ended December 31, 2016 (With comparative totals for the year ended December 31, 2015) 112 2016 2015 Original Final Actual Actual Fees, fines, and service charges Charges for services Dog impound fees 2,200 $ 2,200 $ 1,065 $ 1,410 $ Lease fees 690,947 690,947 770,190 790,622 Natural gas franchise fees 43,584 43,584 42,447 42,739 Cable franchise fees 690,030 690,030 826,696 785,341 Bidder fees 3,000 3,000 2,040 900 Development fees 3,972 3,972 3,314 88,700 Insurance reimbursements 1,641,250 1,641,250 1,761,370 1,676,958 Copies 4,000 4,000 3,481 3,529 Special event fees 1,200 1,200 1,275 675 Inspection fees 21,000 21,000 16,320 18,020 Refuse and recycling charges Bin sales 1,000 1,000 529 353 Yard waste sticker sales 6,000 6,000 3,299 4,676 Tipping fees 840,000 840,000 848,417 877,449 SWANCC recycling incentive - - - 34,361 Joint dispatch charges 911 surcharge 283,051 283,051 638,649 277,837 Wireless 911 surcharge 352,261 352,261 9,718 368,607 Fire communication sub. service - - 15,889 15,889 Dispatch services 4,430,802 4,430,802 4,463,728 4,627,904 Other service charges Police extra duty 197,760 197,760 182,200 209,891 Reimbursements 70,000 70,000 118,574 30,592 Supervision 7,606 7,606 5,681 6,104 Annexation fee 6,612 6,612 8,349 36,000 Miscellaneous 40,000 40,000 68,487 1,629,907 Administrative fees for governmental funds Library Fund 135,700 135,700 128,370 136,000 SWANCC host community fees 85,000 85,000 110,696 94,594 Total charges for services 9,556,975 9,556,975 10,030,784 11,759,058 (Continued) (With comparative totals for the year ended December 31, 2015) Budget Village of Glenview, Illinois General Fund Schedule of Detailed Revenues and Other Financing Sources - Budget and Actual (Continued) For the Year Ended December 31, 2016 113 2016 2015 Original Final Actual Actual Fees, fines, and service charges (continued) Fines and forfeitures Traffic fines 103,977 $ 103,977 $ 97,293 $ 105,432 $ Other fines 70,400 70,400 111,769 59,241 Total fines and forfeitures 174,377 174,377 209,062 164,673 Total fees, fines, and service charges 9,731,352 9,731,352 10,239,846 11,923,731 Intergovernmental Glenbrook Fire Protection District 2,322,217 2,322,217 2,342,799 2,192,514 Village of Golf fire protection services 157,912 157,912 164,228 157,912 Road and bridge taxes Current year 389,500 389,500 453,380 394,501 Prior year - - (3,595) (2,740) Sales tax 17,071,696 17,071,696 16,189,240 15,635,705 Property replacement tax 231,849 231,849 214,012 211,495 Illinois income tax 4,752,461 4,752,461 4,293,596 4,832,506 Local use tax 1,034,218 1,034,218 1,085,498 994,035 Make-whole payment 1,408,025 1,408,025 1,424,994 1,352,890 Other intergovernmental Grant proceeds - - - 24,432 Total intergovernmental 27,367,878 27,367,878 26,164,152 25,793,250 Investment income Interest - savings 14,010 14,010 76,024 25,821 Interest - investments 51,000 51,000 88,950 45,590 Total investment income 65,010 65,010 164,974 71,411 (Continued) For the Year Ended December 31, 2016 (With comparative totals for the year ended December 31, 2015) Budget Village of Glenview, Illinois General Fund Schedule of Detailed Revenues and Other Financing Sources - Budget and Actual (Continued) 114 2016 2015 Original Final Actual Actual Other revenues Miscellaneous 55,228 $ 55,228 $ -$ 7,055 $ Total other revenues 55,228 55,228 - 7,055 Total revenues before other financing sources 65,902,001 65,902,001 64,576,108 66,548,903 Other financing sources Proceeds from capital lease - - - 981,451 Transfers in North Maine Water and Sewer Fund - - 156,338 206,601 Wholesale Water Fund 300,000 300,000 306,500 300,000 Special Tax Allocation Fund 277,288 277,288 277,288 294,178 Insurance and Risk Fund 250,000 250,000 250,000 232,540 Capital Projects Fund - - 200,000 1,800,000 Corporate Purpose Bonds Fund - - 11,917 - Total other financing sources 827,288 827,288 1,202,043 3,814,770 Total revenues and other financing sources 66,729,289 $ 66,729,289 $ 65,778,151 $ 70,363,673 $ Schedule of Detailed Revenues and Other Financing Sources - Budget and Actual (Continued) For the Year Ended December 31, 2016 (With comparative totals for the year ended December 31, 2015) Budget Village of Glenview, Illinois General Fund 115 2016 2015 Original Final Actual Actual General government Village Board of Trustees President and Board Personnel 8,720 $ 8,720 $ 8,767 $ 8,740 $ Contractual services 48,300 48,300 40,592 40,604 Commodities - - 379 - Other charges 900 900 - - Total President and Board 57,920 57,920 49,738 49,344 Special board appropriations Personnel 53,042 52,842 40,794 45,620 Contractual services 292,709 297,912 298,930 284,843 Total special board appropriations 345,751 350,754 339,724 330,463 Total Village Board of Trustees 403,671 408,674 389,462 379,807 Village Manager's office Administration division Personnel 716,851 808,982 859,236 1,031,086 Contractual services 59,073 105,973 105,346 68,189 Other charges 8,400 16,000 12,505 9,083 Total administration division 784,324 930,955 977,087 1,108,358 Human resources division Personnel 212,761 227,250 235,154 230,964 Contractual services 80,702 92,702 103,460 59,433 Commodities 1,500 1,500 1,149 1,276 Other charges 1,602,100 1,652,820 1,644,510 1,430,210 Total human resources division 1,897,063 1,974,272 1,984,273 1,721,883 (Continued) Village of Glenview, Illinois General Fund Schedule of Detailed Expenditures and Other Financing Uses - Budget and Actual For the Year Ended December 31, 2016 (With comparative totals for the year ended December 31, 2015) Budget 116 2016 2015 Original Final Actual Actual General government (continued) Village Manager's office (continued) Communications division Personnel 150,200 $ 151,700 $ 152,406 $ 150,258 $ Contractual services 74,875 82,525 67,955 72,896 Commodities 2,410 2,410 1,942 1,357 Other charges 1,900 1,900 1,195 405 Total communications division 229,385 238,535 223,498 224,916 Legal Contractual services 584,200 587,200 523,752 572,621 Total legal 584,200 587,200 523,752 572,621 Joint Dispatch division Personnel 4,571,939 4,578,217 4,512,376 4,440,539 Contractual services 175,813 175,813 160,445 141,337 Commodities 29,449 29,449 28,791 28,939 Other charges 235,541 235,541 208,977 164,375 Total joint dispatch division 5,012,742 5,019,020 4,910,589 4,775,190 Total Village Manager's office 8,507,714 8,749,982 8,619,199 8,402,968 Administration services Administration division Personnel 347,877 384,392 384,519 376,810 Contractual services 2,181 2,181 2,746 3,157 Other charges 3,435 3,435 3,296 1,949 Total administration division 353,493 390,008 390,561 381,916 (Continued) Village of Glenview, Illinois General Fund Schedule of Detailed Expenditures and Other Financing Uses - Budget and Actual (Continued) For the Year Ended December 31, 2016 (With comparative totals for the year ended December 31, 2015) Budget 117 2016 2015 Original Final Actual Actual General government (continued) Administration services (continued) Finance Personnel 677,460 $ 705,539 $ 720,059 $ 719,878 $ Contractual services 998,093 998,093 983,586 1,203,381 Commodities 1,150 1,150 122 1,839 Other charges 14,145 14,145 5,342 11,814 Total finance 1,690,848 1,718,927 1,709,109 1,936,912 General government Personnel 333,800 22,135 - - Contractual services 2,902,819 2,993,185 2,892,285 2,679,417 Commodities 57,670 59,791 51,963 30,283 Other charges 452,167 120,028 (44,320) 224,243 Total general government 3,746,456 3,195,139 2,899,928 2,933,943 Resolution center Personnel 382,879 393,691 373,526 489,457 Contractual services 56,853 56,853 52,546 5,358 Other charges 1,695 1,695 156 - Total resolution center 441,427 452,239 426,228 494,815 CADD operations Personnel 93,446 93,446 93,799 93,994 Contractual services 204,130 204,130 191,701 198,165 Other charges 175 175 - 737 Total CADD operations 297,751 297,751 285,500 292,896 Information technology (IT) Contractual services 2,097,724 2,079,776 2,048,722 2,055,196 Commodities 187,521 205,469 202,501 141,062 Other charges 339,766 339,766 328,819 262,426 Total information technology 2,625,011 2,625,011 2,580,042 2,458,684 Total administration services 9,154,986 8,679,075 8,291,368 8,499,166 For the Year Ended December 31, 2016 (With comparative totals for the year ended December 31, 2015) Budget Village of Glenview, Illinois Schedule of Detailed Expenditures and Other Financing Uses - Budget and Actual (Continued) General Fund 118 2016 2015 Original Final Actual Actual Public works department Personnel 3,147,332 $ 3,231,570 $ 3,178,907 $ 3,606,085 $ Contractual services 3,296,709 3,115,420 3,049,828 3,173,751 Commodities 1,213,942 1,414,400 1,357,392 1,272,274 Other charges 1,079,775 1,071,607 1,012,664 856,678 Capital outlay 275,000 275,000 275,000 351,984 Total public works department 9,012,758 9,107,997 8,873,791 9,260,772 Public safety Police department Personnel 9,193,456 9,295,311 9,522,986 9,541,097 Contractual services 647,016 652,491 666,406 412,949 Commodities 133,530 131,386 123,360 114,251 Other charges 3,149,641 3,156,741 3,088,486 2,499,986 Total police department 13,123,643 13,235,929 13,401,238 12,568,283 Fire department Personnel 10,613,294 10,574,489 10,552,886 10,397,532 Contractual services 331,141 331,841 315,445 214,195 Commodities 243,825 241,704 207,393 314,522 Other charges 5,011,079 5,010,379 5,030,018 4,830,296 Total fire department 16,199,339 16,158,413 16,105,742 15,756,545 Total public safety 29,322,982 29,394,342 29,506,980 28,324,828 (Continued) Budget Village of Glenview, Illinois General Fund Schedule of Detailed Expenditures and Other Financing Uses - Budget and Actual (Continued) For the Year Ended December 31, 2016 (With comparative totals for the year ended December 31, 2015) 119 2016 2015 Original Final Actual Actual Community Development department Administration Personnel 295,454 $ 374,918 $ 319,412 $ 393,336 $ Contractual services 34,242 33,242 34,335 38,465 Commodities 3,300 4,300 2,688 4,155 Other charges 28,320 28,320 20,268 13,228 Total administration 361,316 440,780 376,703 449,184 Inspection services Personnel 837,074 857,252 840,699 804,776 Contractual services 872,050 872,050 826,807 861,169 Commodities 6,400 6,400 4,052 5,584 Other charges 36,698 36,698 27,035 34,591 Total inspection services 1,752,222 1,772,400 1,698,593 1,706,120 Planning Personnel 399,583 432,391 480,466 416,545 Contractual services 229,680 229,680 221,371 235,859 Commodities 400 400 337 428 Other charges 27,050 27,050 23,384 24,789 Total planning 656,713 689,521 725,558 677,621 (Continued) (With comparative totals for the year ended December 31, 2015) Village of Glenview, Illinois General Fund Schedule of Detailed Expenditures and Other Financing Uses - Budget and Actual (Continued) For the Year Ended December 31, 2016 Budget 120 2016 2015 Original Final Actual Actual Community Development department (continued) Engineering Personnel 307,628 $ 307,628 $ 291,951 $ 293,250 $ Contractual services 347,000 347,000 340,941 534,284 Other charges 8,988 8,988 13,380 10,435 Total engineering 663,616 663,616 646,272 837,969 Capital projects Personnel 225,256 237,400 262,588 241,918 Total capital projects 225,256 237,400 262,588 241,918 Total community development 3,659,123 3,803,717 3,709,714 3,912,812 Total current expenditures 60,061,234 60,143,787 59,390,514 58,780,353 Capital outlay Machinery and equipment - 7,815 27,426 2,066,831 Total expenditures 60,061,234 60,151,602 59,417,940 60,847,184 Other financing uses Transfers out Corporate Purpose Debt Service Fund 2,192,582 2,192,582 2,238,583 2,269,836 Capital Projects Fund 5,000,000 5,000,000 4,870,154 11,704,643 Total other financing uses 7,192,582 7,192,582 7,108,737 13,974,479 Total expenditures and other financing uses 67,253,816 $ 67,344,184 $ 66,526,677 $ 74,821,663 $ Budget Village of Glenview, Illinois General Fund Schedule of Detailed Expenditures and Other Financing Uses - Budget and Actual (Continued) For the Year Ended December 31, 2016 (With comparative totals for the year ended December 31, 2015) 121 2016 2015 Original Final Actual Actual Revenues Local taxes Property taxes - incremental 30,574,651 $ 30,574,651 $ 32,262,381 $ 30,479,916 $ Intergovernmental - miscellaneous - - 138,636 41,356 Charges for services 204,945 204,945 204,945 24,945 Investment income 25,000 25,000 188,773 130,933 Total revenues 30,804,596 30,804,596 32,794,735 30,677,150 Expenditures General government Personnel 423,435 423,435 361,235 411,752 Contractual services 23,722,652 23,713,477 21,175,105 20,074,483 Commodities 127,553 136,728 104,214 92,845 Other charges 247,999 247,999 246,512 295,402 Capital outlay - - 186,451 - Debt service Bond issuance costs - - - 20,250 Principal 6,715,938 6,715,938 6,715,938 16,510,938 Interest and fiscal charges 1,052,208 1,052,208 1,102,865 1,389,472 Total expenditures 32,289,785 32,289,785 29,892,320 38,795,142 Excess (deficiency) of revenues over expenditures (1,485,189) (1,485,189) 2,902,415 (8,117,992) Other financing sources (uses) Issuance of debt - - - 10,000,000 Transfers out General Fund (277,288) (277,288) (277,288) (294,178) Total other financing sources (uses)(277,288) (277,288) (277,288) 9,705,822 Net change in fund balance (1,762,477) $ (1,762,477) $ 2,625,127 1,587,830 Fund balance - beginning (11,541,420) (13,129,250) Fund balance - ending (8,916,293) $ (11,541,420) $ Budget Village of Glenview, Illinois Special Tax Allocation Fund - Major Fund Schedule of Detailed Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual For the Year Ended December 31, 2016 (With comparative totals for the year ended December 31, 2015) 122 Original and Final 2016 2015 Budget Actual Actual Revenues Charges for services 156,000 $ -$ -$ Investment income 25,000 159,325 81,353 Total revenues 181,000 159,325 81,353 Expenditures Development Contractual services - 67,977 - Total expenditures - 67,977 - Excess of revenues over expenditures 181,000 91,348 81,353 Other financing sources (uses) Transfers in Capital Projects Fund - 2,225,832 - North Maine Water and Sewer Fund - - 10,000,000 Transfers out Capital Projects Fund (850,704) (1,107,697) (5,515,596) Facility Replacement Fund - - (9,424) Glenview Sanitary Fund (60,000) - - Total other financing sources (uses)(910,704) 1,118,135 4,474,980 Net change in fund balance (729,704) $ 1,209,483 4,556,333 Fund balance - beginning 27,869,210 23,312,877 Fund balance - ending 29,078,693 $ 27,869,210 $ Village of Glenview, Illinois Village Permanent Fund - Major Fund Schedule of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual For the Year Ended December 31, 2016 (With comparative totals for the year ended December 31, 2015) GOVERNMENTAL FUND DESCRIPTIONS NONMAJOR FUNDS NONMAJOR SPECIAL REVENUE FUNDS Motor Fuel Tax Fund - to account for revenues received from the state of Illinois for the local share of the motor fuel tax collections and used for street maintenance and construction. State law requires that these gasoline taxes be used to maintain streets. Foreign Fire Insurance Fund - to account for a 2% charge imposed by the state on insurance premiums received from companies not incorporated in the state of Illinois but that are engaged in providing fire insurance in the Village. These special revenues are restricted to fire department expenditures approved by the Foreign Fire Insurance Board. Police Department Special Account Fund - to account for revenues received from the office of the Illinois State Police, which are restricted to various types of investigations. Waukegan Golf TIF Fund – to account for the incremental property tax revenue that is generated through the growth of the assessed valuations at the redeveloped area near the northeast corner of the Waukegan Road and Golf road intersection. NONMAJOR DEBT SERVICE FUND Corporate Purpose Bonds Fund - to account for the accumulation of monies for payment of principal and interest on bonded debt paid from governmental fund resources. NONMAJOR CAPITAL PROJECTS FUND Capital Projects Fund – to account for revenues and expenditures involved with improvements throughout the Village which are not included in other capital project funds. Glen Capital Projects Fund – (formerly called the “1995 GNAS Bond Projects Fund”) – to account for expenditures related to various development projects related to The Glen. 123 Village of Glenview, Illinois Nonmajor Governmental Funds Combining Balance Sheet December 31, 2016 Total Special Debt Capital Nonmajor Revenue Service Projects Governmental Funds Fund Funds Funds Cash and cash equivalents 2,862,326 $ 367,910 $ 2,704,979 $ 5,935,215 $ Investments - - 1,699,122 1,699,122 Receivables Accounts, net - - 18,000 18,000 Other - - 353,174 353,174 Due from other funds - 1,628 - 1,628 Due from other governments 106,022 - - 106,022 Total assets 2,968,348 $ 369,538 $ 4,775,275 $ 8,113,161 $ Liabilities Accounts payable 61,066 $ -$ 1,643,285 $ 1,704,351 $ Accrued payroll 283 - - 283 Other payables - - 1,050,898 1,050,898 Due to other funds - 11,917 - 11,917 Unearned revenue - - - - Total liabilities 61,349 11,917 2,694,183 2,767,449 Deferred Inflows of Resources Unavailable grant revenue - - 175,863 175,863 Total deferred inflows of resources - - 175,863 175,863 Fund balances Restricted 2,906,999 - - 2,906,999 Assigned - 357,621 1,905,229 2,262,850 Total fund balances 2,906,999 357,621 1,905,229 5,169,849 Total liabilities, deferred inflows of resources and fund balances 2,968,348 $ 369,538 $ 4,775,275 $ 8,113,161 $ Assets 124 Village of Glenview, Illinois Nonmajor Governmental Funds Combining Statement of Revenues, Expenditures, and Changes in Fund Balances For the Year Ended December 31, 2016 Total Special Debt Capital Nonmajor Revenue Service Projects Governmental Funds Fund Funds Funds Revenues Taxes Property 859,557 $ -$ -$ 859,557 $ Intergovernmental 1,718,695 - 1,182,484 2,901,179 Investment income 16,393 5,722 9,049 31,164 Other revenue - - 2,503,274 2,503,274 Total revenues 2,594,645 5,722 3,694,807 6,295,174 Expenditures Current Public safety 94,105 - - 94,105 Development 38,059 - 176,383 214,442 Capital outlay 1,633,136 - 11,617,323 13,250,459 Debt service Principal - 1,490,000 24,371 1,514,371 Interest and fiscal charges 116,833 704,084 - 820,917 Total expenditures 1,882,133 2,194,084 11,818,077 15,894,294 Deficiency of revenues over expenditures 712,512 (2,188,362) (8,123,270) (9,599,120) Transfers in - 2,226,666 6,486,975 8,713,641 Transfers out - - (2,425,832) (2,425,832) Total other financing sources (uses)- 2,226,666 4,061,143 6,287,809 Net change in fund balances 712,512 38,304 (4,062,127) (3,311,311) Fund balances – beginning 2,194,487 319,317 5,967,356 8,481,160 Fund balances – ending 2,906,999 $ 357,621 $ 1,905,229 $ 5,169,849 $ Other financing sources (uses) 125 Village of Glenview, Illinois Nonmajor Special Revenue Funds Combining Balance Sheet December 31, 2016 Police Foreign Department Total Motor Fire Special Waukegan Nonmajor Fuel Tax Insurance Account Golf TIF Special Revenue Fund Fund Fund Fund Funds Cash and cash equivalents 1,372,564 $ 250,154 $ 33,261 $ 1,206,347 $ 2,862,326 $ Due from other governments 106,022 - - - 106,022 Total assets 1,478,586 $ 250,154 $ 33,261 $ 1,206,347 $ 2,968,348 $ Liabilities Accounts payable 27,478 $ -$ -$ 33,588 $ 61,066 $ Accrued payroll - - - 283 283 Total liabilities 27,478 - - 33,871 61,349 Fund balances Restricted 1,451,108 250,154 33,261 1,172,476 2,906,999 Total fund balances 1,451,108 250,154 33,261 1,172,476 2,906,999 Total liabilities and fund balances 1,478,586 $ 250,154 $ 33,261 $ 1,206,347 $ 2,968,348 $ Liabilities and Fund Balances Assets 126 Village of Glenview, Illinois Nonmajor Special Revenue Funds Combining Statement of Revenues, Expenditures, and Changes in Fund Balances For the Year Ended December 31, 2016 Police Foreign Department Total Motor Fire Special Waukegan Nonmajor Fuel Tax Insurance Account Golf TIF Special Revenue Fund Fund Fund Fund Funds Revenues Taxes Property -$ -$ -$ 859,557 $ 859,557 $ Intergovernmental 1,607,065 111,630 - - 1,718,695 Investment income 6,715 1,620 284 7,774 16,393 Total revenues 1,613,780 113,250 284 867,331 2,594,645 Expenditures Public safety - 94,105 - - 94,105 Development - - - 38,059 38,059 Capital outlay 1,356,015 - 34 277,087 1,633,136 Debt service Interest and other charges - - - 116,833 116,833 Total expenditures 1,356,015 94,105 34 431,979 1,882,133 Excess of revenues over expenditures 257,765 19,145 250 435,352 712,512 Net change in fund balances 257,765 19,145 250 435,352 712,512 Fund balances – beginning 1,193,343 231,009 33,011 737,124 2,194,487 Fund balances – ending 1,451,108 $ 250,154 $ 33,261 $ 1,172,476 $ 2,906,999 $ 127 Original and 2016 2015 Final Budget Actual Actual Revenues Intergovernmental Motor fuel tax 1,460,163 $ 1,607,065 $ 1,557,902 $ Investment income 5,000 6,715 3,605 Total revenues 1,465,163 1,613,780 1,561,507 Expenditures Public works Contractual Services 1,460,163 1,356,015 1,620,513 Total expenditures 1,460,163 1,356,015 1,620,513 Net change in fund balance 5,000 $ 257,765 (59,006) Fund balance - beginning 1,193,343 1,252,349 Fund balance - ending 1,451,108 $ 1,193,343 $ Village of Glenview, Illinois Motor Fuel Tax Fund Schedule of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual For the Year Ended December 31, 2016 (With comparative totals for the year ended December 31, 2015) 128 Original and 2016 2015 Final Budget Actual Actual Revenues Intergovernmental Foreign fire insurance tax 83,000 $ 111,630 $ 116,575 $ Investment income 800 1,620 1,034 Total revenues 83,800 113,250 117,609 Expenditures Public safety Contractual services 10,830 12,266 11,181 Commodities 99,170 81,839 85,341 Total expenditures 110,000 94,105 96,522 Net change in fund balance (26,200) $ 19,145 21,087 Fund balance - beginning 231,009 209,922 Fund balance - ending 250,154 $ 231,009 $ Village of Glenview, Illinois Foreign Fire Insurance Fund Schedule of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual For the Year Ended December 31, 2016 (With comparative totals for the year ended December 31, 2015) 129 Original and 2016 2015 Final Budget Actual Actual Revenues Investment income 95 $ 284 $ 215 $ Other revenue - - 710 Total revenues 95 284 925 Expenditures Capital outlay 32,834 34 - Total expenditures 32,834 34 - Net change in fund balance (32,739) $ 250 925 Fund balance - beginning 33,011 32,086 Fund balance - ending 33,261 $ 33,011 $ (With comparative totals for the year ended December 31, 2015) Village of Glenview, Illinois Police Department Special Account Fund Schedule of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual For the Year Ended December 31, 2016 130 2016 2015 Original Final Actual Actual Revenues Local taxes Property taxes - incremental 732,258 $ 732,258 $ 859,557 $ -$ Investment income 600 600 7,774 5,934 Total revenues 732,858 732,858 867,331 5,934 Expenditures Current Development Personnel 8,315 8,315 8,150 - Contractual 113,871 113,871 29,909 13,125 Debt service Interest and other charges 116,833 116,833 116,833 116,832 Capital outlay 247,664 523,762 277,087 51,500 Total expenditures 486,683 762,781 431,979 181,457 Net change in fund balance 246,175 $ (29,923) $ 435,352 (175,523) Fund balance - beginning 737,124 912,647 Fund balance - ending 1,172,476 $ 737,124 $ (With comparative totals for the year ended December 31, 2015) Budget Village of Glenview, Illinois Waukegan Golf TIF Fund Schedule of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual For the Year Ended December 31, 2016 131 Original and Final 2016 2015 Budget Actual Actual Revenues Investment income 2,508 $ 5,722 $ 5,385 $ Total revenues 2,508 5,722 5,385 Expenditures Debt service Principal 1,490,000 1,490,000 1,440,000 Interest and fiscal charges 703,832 704,084 756,882 Total expenditures 2,193,832 2,194,084 2,196,882 Deficiency of revenues over expenditures (2,191,324) (2,188,362) (2,191,497) Other financing sources Transfers in from other funds General Fund 2,192,582 2,238,583 2,269,836 Transfers out to other funds General Fund - (11,917) - Total other financing sources 2,192,582 2,226,666 2,269,836 Net change in fund balance 1,258 $ 38,304 78,339 Fund balance - beginning 319,317 240,978 Fund balance - ending 357,621 $ 319,317 $ Village of Glenview, Illinois Corporate Purpose Bonds Fund Schedule of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual For the Year Ended December 31, 2016 (With comparative totals for the year ended December 31, 2015) 132 Village of Glenview, Illinois Nonmajor Capital Project Funds Combing Balance Sheet December 31, 2016 Glen Total Capital Capital Nonmajor Projects Projects Capital Project Fund Fund Funds Assets Cash and cash equivalents 1,897,282 $ 807,697 $ 2,704,979 $ Investments - 1,699,122 1,699,122 Receivables Accounts, net 18,000 - 18,000 Other - grant receivables 292,686 59,731 352,417 Other - interest - 757 757 2,207,968 $ 2,567,307 $ 4,775,275 $ Liabilities Accounts payable 1,504,996 $ 138,289 $ 1,643,285 $ Other payables 62,167 988,731 1,050,898 Total liabilities 1,567,163 1,127,020 2,694,183 Deferred Inflows of Resources Unavailable grant revenue 153,063 22,800 175,863 Total deferred inflows of resources 153,063 22,800 175,863 Fund balances Assigned 487,742 1,417,487 1,905,229 Total fund balances 487,742 1,417,487 1,905,229 Total liabilities, deferred inflows of resources and fund balances 2,207,968 $ 2,567,307 $ 4,775,275 $ 133 Village of Glenview, Illinois Nonmajor Capital Project Fund Combining Statement of Revenues, Expenditures, and Changes in Fund Balances For the Year Ended December 31, 2016 Glen Total Capital Capital Nonmajor Projects Projects Capital Project Funds Fund Funds Revenues Intergovernmental - grants and loans 1,131,268 $ 51,216 $ 1,182,484 $ Other revenue 2,500,224 3,050 2,503,274 Investment income 3,725 5,324 9,049 Total revenues 3,635,217 59,590 3,694,807 Expenditures Current Development 176,383 - 176,383 Capital outlay 7,299,829 4,317,494 11,617,323 Debt service Bond issuance costs - - - Principal 24,371 - 24,371 Total expenditures 7,500,583 4,317,494 11,818,077 Deficiency of revenues over expenditures (3,865,366) (4,257,904) (8,123,270) Transfers in 6,486,975 - 6,486,975 Transfers out (2,425,832) - (2,425,832) Total other financing sources (uses)4,061,143 - 4,061,143 Net change in fund balances 195,777 (4,257,904) (4,062,127) Fund balances – beginning 291,965 5,675,391 5,967,356 Fund balances – ending 487,742 $ 1,417,487 $ 1,905,229 $ Other financing sources (uses) 134 2016 2015 Original Final Actual Actual Revenues Intergovernmental - grants and loans 150,000 $ 150,000 $ 1,131,268 $ 20,364,975 $ Other revenue 132,211 132,211 2,500,224 109,689 Investment income 9,500 9,500 3,725 5,617 Total revenues 291,711 291,711 3,635,217 20,480,281 Expenditures Development Contractual - - 173,916 24,031 Other charges - - 2,467 9,650 Capital outlay 7,107,496 8,080,455 7,299,829 38,961,818 Debt service Principal 24,371 24,371 24,371 24,371 Total expenditures 7,131,867 8,104,826 7,500,583 39,019,870 Deficiency of revenues over expenditures (6,840,156) (7,813,115) (3,865,366) (18,539,589) Other financing sources (uses) Transfers in General Fund 5,000,000 5,000,000 4,870,154 11,704,642 Village Permanent Fund 850,704 850,704 1,107,697 5,515,596 Wholesale Water Fund 509,124 509,124 509,124 494,295 Insurance and Risk Fund - - - 450,000 Facility Replacement Fund - - - 187,573 Transfers out General Fund - - (200,000) (1,800,000) Village Permanent Fund - - (2,225,832) - Total other financing sources (uses)6,359,828 6,359,828 4,061,143 16,552,106 Net change in fund balance (480,328) $ (1,453,287) $ 195,777 (1,987,483) Fund balance - beginning 291,965 2,279,448 Fund balance - ending 487,742 $ 291,965 $ Village of Glenview, Illinois Capital Projects Fund Schedule of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual For the Year Ended December 31, 2016 (With comparative totals for the year ended December 31, 2015) Budget 135 Original and Final 2016 2015 Budget Actual Actual Revenues Intergovernmental - grant revenue -$ 51,216 $ -$ Investment income 500 5,324 874 Other revenue 2,894 3,050 3,149 Total revenues 3,394 59,590 4,023 Expenditures Capital outlay 5,113,677 4,317,494 429,465 Total expenditures 5,113,677 4,317,494 429,465 Net change in fund balance (5,110,283) $ (4,257,904) (425,442) Fund balance - beginning 5,675,391 6,100,833 Fund balance - ending 1,417,487 $ 5,675,391 $ Glen Capital Projects Fund Schedule of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual For the Year Ended December 31, 2016 (With comparative totals for the year ended December 31, 2015) Village of Glenview, Illinois ENTERPRISE FUND DESCRIPTIONS Enterprise funds are proprietary funds established to account for the financing of self-supporting activities of government units which render services on a user-charge basis to the general public. MAJOR ENTERPRISE FUNDS Glenview Water Fund Formerly called the Glenview Waterworks Fund, this fund accounts for the provision of water services to the property owners in the Village. All activities necessary to provide such services are accounted for in this fund including, but not limited to, administration, operations, maintenance, financing and related debt service, and billing and collections. North Maine Water and Sewer Fund This enterprise fund accounts for the provision of water and sewer services to the property owners in an unincorporated area southwest of the Village. This area was formerly served by the North Suburban Public Utilities Company. All activities necessary to provide such services are accounted for in this fund including, but not limited to, administration, operations, maintenance, financing and related debt service, and billing and collections. Glenview Sanitary Sewer Fund Formerly call the Sewerage Fund, this fund accounts for the provision of sanitary sewer services to property owners in both incorporated and unincorporated areas of the Village. All activities necessary to provide such services are accounted for in this fund including, but not limited to, administration, operations, maintenance, financing and related debt service, and billing and collections. NONMAJOR ENTERPRISE FUNDS Wholesale Water Fund - to account for the provision of water service to the Illinois American Water Company, enabling the private utility to receive Lake Michigan water. Commuter Parking Lot Fund - to account for the operation of the Village's commuter parking facilities, including administration, sale of permits, and maintenance of the lots. 136 Budget and Actual (Budgetary Basis) 2016 2015 Original Final Actual Actual Operating revenues Charges for sales and services Water charges 12,484,391 $ 12,484,391 $ 13,177,100 $ 11,708,720 $ Water connection charges 75,000 75,000 151,509 323,965 Water meter and remote readers 1,600 1,600 3,740 3,292 Total charges for sales and services 12,560,991 12,560,991 13,332,349 12,035,977 Miscellaneous revenue Late payment fees 155,000 155,000 173,217 145,040 Water for construction 15,000 15,000 4,835 38,363 Other 44,106 434,931 765,694 518,773 Total miscellaneous revenue 214,106 604,931 943,746 702,176 Total operating revenues 12,775,097 13,165,922 14,276,095 12,738,153 Operating expenses Water services Personnel 2,367,703 2,367,703 2,520,164 2,340,829 Contractual services 7,675,042 7,713,467 6,554,917 6,374,484 Commodities 1,996,998 1,959,073 2,541,822 2,626,590 Other charges 605,838 605,338 564,952 445,767 Capital outlay 4,252,454 4,924,253 5,609,421 4,703,523 Total operating expenses 16,898,035 17,569,834 17,791,276 16,491,193 Operating income (loss)(4,122,938) (4,403,912) (3,515,181) (3,753,040) (Continued) Budget Village of Glenview, Illinois Glenview Water Fund - Major Fund Schedule of Revenues, Expenses, and Changes in Net Position - For the Year Ended December 31, 2016 (With comparative totals for the year ended December 31, 2015) 137 Budget and Actual (Budgetary Basis) (Continued) 2016 2015 Original Final Actual Actual Nonoperating revenues (expenses) Investment income (loss)8,600 $ 8,600 $ 7,215 $ 4,601 $ Loss on sale of capital assets - - - (4,336) Issuance of debt 3,192,588 3,192,588 3,872,432 - Debt service Principal (405,600) (405,600) (402,481) (344,400) Interest and fiscal charges (104,724) (104,724) (90,514) (29,417) Total nonoperating revenues (expenses)2,690,864 2,690,864 3,386,652 (373,552) Net income (loss) before transfers (1,432,074) (1,713,048) (128,529) (4,126,592) Transfers in Glenview Sanitary Sewer Fund - - 9,377 - North Maine Water and Sewer Fund 650,000 650,000 651,952 285,602 Total transfers in (out)650,000 650,000 661,329 285,602 Change in net position - budgetary basis (782,074) $ (1,063,048) $ 532,800 (3,840,990) GAAP basis adjustments Acquisition of capital assets 2,805,627 2,632,112 Issuance of Debt (3,872,432) - Depreciation and amortization (1,299,924) (1,275,710) Principal expense 402,481 344,400 Change in net position - GAAP basis (1,431,448) (2,140,188) Net position - beginning of year 35,974,002 38,114,190 Net position - end of year 34,542,554 $ 35,974,002 $ Budget Glenview Water Fund - Major Fund Schedule of Revenues, Expenses, and Changes in Net Position - For the Year Ended December 31, 2016 (With comparative totals for the year ended December 31, 2015) Village of Glenview, Illinois 138 Budget and Actual (Budgetary Basis) Orginal and Final 2016 2015 Budget Actual Actual Operating revenues Charges for sales and services Water charges -$ -$ 2,387,962 $ Sewer charges - - 130,334 Total charges for sales and services - - 2,518,296 Miscellaneous revenue Late payment fees - - 26,298 Other - - 5,387 Total miscellaneous revenue - - 31,685 Total operating revenues - - 2,549,981 Operating expenses Water and sewer distribution Personnel - - 303,714 Contractual services 134,700 12,865 2,054,357 Commodities - - 35,561 Other - - 12,055,669 Total operating expenses 134,700 12,865 14,449,301 Operating income (loss)(134,700) (12,865) (11,899,320) (Continued) Village of Glenview, Illinois North Maine Water and Sewer Fund - Major Fund Schedule of Revenues, Expenses, and Changes in Net Position - For the Year Ended December 31, 2016 (With comparative totals for the year ended December 31, 2015) 139 Budget and Actual (Budgetary Basis) (Continued) Orginal and Final 2016 2015 Budget Actual Actual Nonoperating revenues (expenses) Other income -$ -$ 113,267 $ Investment income (loss)1,700 747 9,249 Gain on disposal of capital assets - - 15,825,645 Debt service Principal (130,000) (130,000) (1,063,950) Interest and fiscal charges (7,000) (6,133) (281,363) Total nonoperating revenues (expenses)(135,300) (135,386) 14,602,848 Net income (loss) before transfers (270,000) (148,251) 2,703,528 Transfers out General Fund - (156,338) (206,601) Village Permanent Fund - - (10,000,000) Glenview Water Fund (650,000) (651,952) (285,602) Glenview Sanitary Sewer Fund - - (79,974) Total transfers out (650,000) (808,290) (10,572,177) Change in net position - budgetary basis (920,000) $ (956,541) (7,868,649) GAAP basis adjustments Depreciation and amortization (320) (184,462) Principal expense 130,000 1,063,950 Change in net position - GAAP basis (826,861) (6,989,161) Net position - beginning of year 826,861 7,816,022 Net position - end of year -$ 826,861 $ North Maine Water and Sewer Fund - Major Fund Schedule of Revenues, Expenses, and Changes in Net Position - For the Year Ended December 31, 2016 (With comparative totals for the year ended December 31, 2015) Village of Glenview, Illinois 140 Budget and Actual (Budgetary Basis) 2016 2015 Original Final Actual Actual Operating revenues Charges for sales and services Sewer charges 2,255,743 $ 2,255,743 $ 2,322,170 $ 2,248,484 $ Sewer connection charges 4,000 4,000 10,380 38,257 Total charges for sales and services 2,259,743 2,259,743 2,332,550 2,286,741 Miscellaneous revenue Other 70,644 70,644 237,202 236,300 Total operating revenues 2,330,387 2,330,387 2,569,752 2,523,041 Operating expenses Sewerage services Personnel 557,147 557,147 567,265 521,268 Contractual services 126,586 124,186 73,042 95,583 Commodities 48,053 50,453 41,719 37,152 Other charges 145,909 145,909 112,891 118,059 Capital outlay 1,562,452 1,632,339 1,614,741 1,627,518 Total operating expenses 2,440,147 2,510,034 2,409,658 2,399,580 Operating income (loss)(109,760) (179,647) 160,094 123,461 (Continued) Budget Village of Glenview, Illinois Glenview Sanitary Sewer Fund - Major Fund Schedule of Revenues, Expenses, and Changes in Net Position - For the Year Ended December 31, 2016 (With comparative totals for the year ended December 31, 2015) 141 Budget and Actual (Budgetary Basis) (Continued) 2016 2015 Original Final Actual Actual Nonoperating revenues (expenses) Fines and fees Heatherfield 4,000 $ 4,000 $ 7,794 $ 9,719 $ Investment income 3,500 3,500 970 707 Loss on disposal of capital assets - - - (1,877) Debt service Principal (279,400) (279,400) (279,400) (270,600) Interest and fiscal charges (10,697) (10,697) (27,077) (18,646) Total nonoperating revenues (expenses)(282,597) (282,597) (297,713) (280,697) Net income (loss) before transfers (392,357) (462,244) (137,619) (157,236) Transfers in (out) Village Permanent Fund 60,000 60,000 - - North Maine Water and Sewer Fund - - - 79,974 Glenview Water Fund - - (9,377) - Total transfers in (out)60,000 60,000 (9,377) 79,974 Change in net position - budgetary basis (332,357) $ (402,244) $ (146,996) (77,262) GAAP basis adjustments Acquisition of capital assets 592,087 853,151 Depreciation and amortization (481,424) (469,256) Principal expense 279,400 270,600 Change in net position - GAAP basis 243,067 577,233 Net position - beginning of year 19,232,902 18,655,669 Net position - end of year 19,475,969 $ 19,232,902 $ Budget Glenview Sanitary Sewer Fund - Major Fund Schedule of Revenues, Expenses, and Changes in Net Position - For the Year Ended December 31, 2016 (With comparative totals for the year ended December 31, 2015) Village of Glenview, Illinois 142 Village of Glenview, Illinois Nonmajor Enterprise Funds Combining Statement of Net Position December 31, 2016 Total Wholesale Commuter Nonmajor Water Parking Lot Enterprise Fund Fund Funds Current assets Cash and cash equivalents 335,585 $ 1,466,998 $ 1,802,583 $ Receivables Accounts receivable, net of uncollectibles 517,864 100 517,964 Total current assets 853,449 1,467,098 2,320,547 Noncurrent assets Capital assets not being depreciated Land - 500,000 500,000 Construction in progress - 122,796 122,796 Capital assets being depreciated Land improvements - parking facilities - 2,552,648 2,552,648 Machinery and equipment - 13,283 13,283 Water distribution system 2,512,633 - 2,512,633 Accumulated depreciation (1,493,880) (886,091) (2,379,971) Total noncurrent assets 1,018,753 2,302,636 3,321,389 Total assets 1,872,202 3,769,734 5,641,936 Accounts payable 100,629 159,044 259,673 Accrued payroll 3,505 - 3,505 Total liabilities 104,134 159,044 263,178 Net investment in capital assets 1,018,753 2,302,636 3,321,389 Unrestricted 749,315 1,308,054 2,057,369 Total net position 1,768,068 $ 3,610,690 $ 5,378,758 $ Liabilities Net Position Assets 143 Village of Glenview, Illinois Nonmajor Enterprise Funds Combining Statement of Revenues, Expenses, and Changes in Net Position For the Year Ended December 31, 2016 Total Wholesale Commuter Nonmajor Water Parking Lot Enterprise Fund Fund Funds Operating revenues Charges for sales and services Water sales 2,075,114 $ -$ 2,075,114 $ Parking meter fees - 242,192 242,192 Parking decals - 386,940 386,940 Total charges for sales and services 2,075,114 629,132 2,704,246 Miscellaneous revenues - 11,250 11,250 Total operating revenues 2,075,114 640,382 2,715,496 Operating expenses Operations 1,213,432 353,779 1,567,211 Depreciation and amortization 62,816 74,900 137,716 Total operating expenses 1,276,248 428,679 1,704,927 Operating income 798,866 211,703 1,010,569 Nonoperating revenues Investment income 80 625 705 Total nonoperating revenues 80 625 705 Net income before transfers 798,946 212,328 1,011,274 Transfers out (815,624) - (815,624) Changes in net position (16,678) 212,328 195,650 Net position - beginning 1,784,746 3,398,362 5,183,108 Net position - ending 1,768,068 $ 3,610,690 $ 5,378,758 $ 144 Village of Glenview, Illinois Nonmajor Enterprise Funds Combining Statement of Cash Flows For the Year Ended December 31, 2016 Total Wholesale Commuter Nonmajor Water Parking Lot Enterprise Fund Fund Funds Cash flows from operating activities Cash received from customers and users 1,716,856 $ 640,282 $ 2,357,138 $ Cash payments for goods and services (1,112,783) (221,292) (1,334,075) Cash payments to employees (91,704) - (91,704) Net cash provided by operating activities 512,369 418,990 931,359 Cash flows from noncapital financing activities Transfers out (815,624) - (815,624) Net cash used in noncapital financing activities (815,624) - (815,624) Cash flows from capital and related financing activities Purchases and disposals of capital assets - (122,796) (122,796) Net cash used in capital and related financing activities - (122,796) (122,796) Cash flows from investing activities Interest received 80 625 705 Net cash provided by investing activities 80 625 705 Increase (decrease) in cash and cash equivalents (303,175) 296,819 (6,356) Cash and cash equivalents – beginning of year 638,760 1,170,179 1,808,939 Cash and cash equivalents – end of year 335,585 $ 1,466,998 $ 1,802,583 $ (Continued) 145 Village of Glenview, Illinois Nonmajor Enterprise Funds Combining Statement of Cash Flows (Continued) For the Year Ended December 31, 2016 Total Wholesale Commuter Nonmajor Water Parking Lot Enterprise Fund Fund Funds Reconciliation of operating income to net cash provided by operating activities Operating income 798,866 $ 211,703 $ 1,010,569 $ Adjustments to reconcile operating income to net cash provided by operating activities Depreciation and amortization 62,816 74,900 137,716 Changes in assets and liabilities Accounts receivable (358,258) (100) (358,358) Accounts payable 8,544 133,987 142,531 Accrued payroll 401 - 401 Accrued expenses - (1,500) (1,500) Total adjustments (286,497) 207,287 (79,210) Net cash provided by operating activities 512,369 $ 418,990 $ 931,359 $ 146 Original and Final 2016 2015 Budget Actual Actual Operating revenues Charges for sales and services Water sales 2,029,512 $ 2,075,114 $ 1,996,831 $ Total operating revenues 2,029,512 2,075,114 1,996,831 Operating expenses Personnel 72,066 92,105 88,413 Contractual services 1,079,088 1,092,740 1,051,074 Commodities 16,650 10,813 10,107 Other charges 17,774 17,774 23,095 Total operating expenses 1,185,578 1,213,432 1,172,689 Operating income 843,934 861,682 824,142 Nonoperating revenues Investment income 1,000 80 157 Total nonoperating revenues 1,000 80 157 Net income before transfers 844,934 861,762 824,299 Transfers out to other funds General Fund (300,000) (306,500) (300,000) Capital Projects Fund (509,124) (509,124) (494,295) Total transfers out (809,124) (815,624) (794,295) Change in net position - budgetary basis 35,810 $ 46,138 30,004 GAAP Basis adjustments Depreciation and amortization (62,816) (62,816) Change in net position - GAAP Basis (16,678) (32,812) Net position - beginning of year 1,784,746 1,817,558 Net position - end of year 1,768,068 $ 1,784,746 $ Village of Glenview, Illinois Wholesale Water Fund Schedule of Revenues, Expenses, and Changes in Net Position - Budget and Actual (Budgetary Basis) For the Year Ended December 31, 2016 (With comparative totals for the year ended December 31, 2015) 147 2016 2015 Original Final Actual Actual Operating revenues Charges for sales and services Parking meter fees 215,952 $ 215,952 $ 242,192 $ 226,264 $ Parking decals 385,044 385,044 386,940 384,050 Total charges for sales and services 600,996 600,996 629,132 610,314 Miscellaneous revenues Vendor lease rental fee 10,025 10,025 11,250 9,450 Total operating revenues 611,021 611,021 640,382 619,764 Operating expenses Contractual services 239,740 240,434 210,841 241,567 Commodities 70,741 70,047 68,829 48,874 Other charges 5,708 5,708 5,708 34,289 Capital outlay 510,000 510,000 191,197 104,538 Total operating expenses 826,189 826,189 476,575 429,268 Operating income (215,168) (215,168) 163,807 190,496 Nonoperating revenues Investment income 750 750 625 379 Total nonoperating revenues 750 750 625 379 Change in net position - budgetary basis (214,418) $ (214,418) $ 164,432 190,875 GAAP basis adjustments Acquisition of capital assets 122,796 79,639 Depreciation and amortization (74,900) (74,900) Change in net position - GAAP basis 212,328 195,614 Net position - beginning of year 3,398,362 3,202,748 Net position - end of year 3,610,690 $ 3,398,362 $ Budget Village of Glenview, Illinois Commuter Parking Lot Fund Schedule of Revenues, Expenses, and Changes in Net Position - Budget and Actual (Budgetary Basis) For the Year Ended December 31, 2016 (With comparative totals for the year ended December 31, 2015) INTERNAL SERVICE FUND DESCRIPTIONS Internal service funds are proprietary funds that are used to provide an enterprise-like accounting of the Village's costs of delivering certain services to departments within the Village. The revenues include transfers from other funds to these funds for services provided and, as such, are recognized as charges for services. Such transfers are recognized as expenditures/expenses for services in the other funds, not as other financing uses. Capital Equipment Replacement Fund (CERF) - to account for the funds annually set aside for the eventual replacement of certain capital equipment. Municipal Equipment Repair Fund (MERF) - to account for the cost of repairing and maintaining Village vehicles. These costs include labor, material, fuel, fixed overhead of the Village's repair facility, and depreciation. Insurance and Risk Fund - to account for the financial activity of the Village's insurance program including employee health and life insurance. In addition to conventional primary insurance, the Village is a member of the High-Level Excess Liability Pool (HELP), which provides excess liability coverage. The Village also provides health and life insurance by participating in the Intergovernmental Personnel Benefit Cooperative (IPBC). Facilities Repair and Replacement Fund (FRRF) - to account for the funds annually set aside for the eventual replacement of the Village's various facilities. 148 Village of Glenview, Illinois Internal Service Funds Combining Statement of Net Position December 31, 2016 Capital Municipal Equipment Equipment Replacement Repair Fund Fund Current assets Cash and cash equivalents 1,423,492 $ 139,223 $ Investments 2,972,141 - Accounts receivable, net of uncollectible amounts - 28,480 Accrued interest receivable 23,247 - Other receivables - - Prepaid expenses 672,768 - Inventory - 373,846 Total assets 5,091,648 541,549 Current liabilities Accounts payable 100,756 71,633 Accrued payroll - 17,065 Accrued expenses 2,774 - Due to other funds - - Claims payable - - Unearned revenues - - Total current liabilities 103,530 88,698 Noncurrent liabilities Claims payable - - Total liabilities 103,530 88,698 Unrestricted 4,988,118 452,851 Total net position 4,988,118 $ 452,851 $ Liabilities Net Position Assets 149 Facilities Total Insurance Repair and Internal and Replacement Service Risk Fund Fund Funds 3,192,322 $ 1,599,954 $ 6,354,991 $ 4,094,728 - 7,066,869 51,142 - 79,622 28,090 - 51,337 60,000 - 60,000 97,711 - 770,479 - - 373,846 7,523,993 1,599,954 14,757,144 19,425 76,251 268,065 7,689 - 24,754 7,128 15,590 25,492 2,051 - 2,051 775,443 - 775,443 18,743 - 18,743 830,479 91,841 1,114,548 1,163,164 - 1,163,164 1,993,643 91,841 2,277,712 5,530,350 1,508,113 12,479,432 5,530,350 $ 1,508,113 $ 12,479,432 $ 150 Village of Glenview, Illinois Internal Service Funds Combining Statement of Revenues, Expenses, and Changes in Fund Net Position For the Year Ended December 31, 2016 Capital Municipal Equipment Equipment Replacement Repair Fund Fund Operating revenues Charges for services 2,139,664 $ 1,249,639 $ Miscellaneous 341 91,648 Total operating revenues 2,140,005 1,341,287 Operating expenses Personnel - 421,835 Contractual services - 379,449 Commodities 171,523 238,079 Other charges - 304,660 Capital outlay 417,665 - Total operating expenses 589,188 1,344,023 Operating income (loss)1,550,817 (2,736) Nonoperating revenues Investment income (loss)29,627 11 Gain on sale of capital assets 102,619 - Reassignment of capital assets (1,139,194) - Total nonoperating revenues (1,006,948) 11 Income (loss) before transfers 543,869 (2,725) Transfers in - - Transfers out - - Total transfers - - Change in net position 543,869 (2,725) Net position – beginning of year 4,444,249 455,576 Net position – end of year 4,988,118 $ 452,851 $ 151 Facilities Total Insurance Repair and Internal and Risk Replacement Service Fund Fund Funds 7,056,175 $ 119,588 $ 10,565,066 $ 69,506 4,701 166,196 7,125,681 124,289 10,731,262 517,083 - 938,918 6,942,707 84,789 7,406,945 - - 409,602 - - 304,660 - 168,345 586,010 7,459,790 253,134 9,646,135 (334,109) (128,845) 1,085,127 567,903 3,574 601,115 - - 102,619 - (416,579) (1,555,773) 567,903 (413,005) (852,039) 233,794 (541,850) 233,088 - 146,020 146,020 (396,020) - (396,020) (396,020) 146,020 (250,000) (162,226) (395,830) (16,912) 5,692,576 1,903,943 12,496,344 5,530,350 $ 1,508,113 $ 12,479,432 $ 152 Village of Glenview, Illinois Internal Service Funds Combining Statement of Cash Flows For the Year Ended December 31, 2016 Capital Municipal Equipment Equipment Replacement Repair Fund Fund Cash flows from operating activities Cash received from customers and users 2,140,005 $ 1,330,740 $ Cash payments for goods and services (1,130,668) (945,235) Cash payments to employees - (421,835) Net cash provided by (used in) operating activities 1,009,337 (36,330) 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 (1,139,194) - Proceeds from sales of capital assets 102,619 - Net cash used in capital and related financing activities (1,036,575) - Cash flows from investing activities Purchase of investments (1,484,893) - Sale of investments 992,898 - Interest received 17,263 11 Net cash provided by (used in) investing activities (474,732) 11 Increase (decrease) in cash and cash equivalents (501,970) (36,319) Cash and cash equivalents – beginning of year 1,925,462 175,542 Cash and cash equivalents – end of year 1,423,492 $ 139,223 $ Reconciliation of operating income (loss) to net cash provided by (used in) operating activities: Operating income (loss)1,550,817 $ (2,736) $ Adjustments to reconcile operating income (loss) to net cash provided by (used in) operating activities Changes in assets and liabilities: Accounts receivable - (10,547) Prepaid expenses (431,093) - Inventory - (13,584) Accounts payable (75,504) (13,573) Accrued payroll - 4,165 Accrued expenses (34,883) (55) Due to other funds - - Claims payable - - Unearned revenues - - Total adjustments (541,480) (33,594) Net cash provided by (used in) operating activities 1,009,337 $ (36,330) $ 153 Facilities Total Insurance Repair and Internal and Risk Replacement Service Fund Fund Funds 7,122,046 $ 133,714 $ 10,726,505 $ (6,606,857) (279,676) (8,962,436) (517,083) - (938,918) (1,894) (145,962) 825,151 - 146,020 146,020 (396,020) - (396,020) (396,020) 146,020 (250,000) - (416,579) (1,555,773) - - 102,619 - (416,579) (1,453,154) (2,170,977) - (3,655,870) 2,369,965 - 3,362,863 553,373 3,574 574,221 752,361 3,574 281,214 354,447 (412,947) (596,789) 2,837,875 2,012,901 6,951,780 3,192,322 $ 1,599,954 $ 6,354,991 $ (334,109) $ (128,845) $ 1,085,127 $ (2,736) 9,425 (3,858) (10,339) - (441,432) - - (13,584) (7,088) (40,132) (136,297) 1,289 - 5,454 7,105 13,590 (14,243) (12,624) - (12,624) 357,507 - 357,507 (899) - (899) 332,215 (17,117) (259,976) (1,894) $ (145,962) $ 825,151 $ 154 Budget and Actual (Budgetary Basis) Original and Final 2016 2015 Budget Actual Actual Operating revenues Charges for services CERF charges 2,139,664 $ 2,139,664 $ 1,603,995 $ Total charges for services 2,139,664 2,139,664 1,603,995 Miscellaneous revenues Other charges - 341 - Total miscellaneous revenues - 341 - Total operating revenues 2,139,664 2,140,005 1,603,995 Operating expenses Commodities 184,962 171,523 209,776 Capital outlay Machinery and equipment 82,917 38,041 57,494 Computer servers 89,665 95,628 29,982 Vehicles 383,801 241,527 3,190 System Improvements - 42,469 109,029 Total operating expenses 741,345 589,188 409,471 Operating income 1,398,319 1,550,817 1,194,524 Nonoperating revenues (expenses) Investment income 17,000 29,627 18,664 Gain on sale of capital assets 94,100 102,619 35,529 Reassignment of capital assets (1,810,249) (1,139,194) (1,627,844) Total nonoperating revenue (expenses)(1,699,149) (1,006,948) (1,573,651) Change in net position (300,830) $ 543,869 (379,127) Net position - beginning 4,444,249 4,823,376 Net position - ending 4,988,118 $ 4,444,249 $ Village of Glenview, Illinois Capital Equipment Replacement Fund (CERF) Schedule of Revenues, Expenses, and Changes in Net Position - For the Year Ended December 31, 2016 (With comparative totals for the year ended December 31, 2015) 155 Budget and Actual (Budgetary Basis) 2016 2015 Original Final Actual Actual Operating revenues Charges for services Village 1,522,595 $ 1,522,595 $ 1,249,057 $ 1,398,600 $ Library 5,000 5,000 582 1,108 Total charges for services 1,527,595 1,527,595 1,249,639 1,399,708 Miscellaneous revenues Other charges 155,000 155,000 91,648 120,164 Total miscellaneous revenues 155,000 155,000 91,648 120,164 Total operating revenues 1,682,595 1,682,595 1,341,287 1,519,872 Operating expenses Fleet management Personnel 426,092 426,092 421,835 465,145 Contractual services 423,300 445,300 379,449 444,542 Commodities 266,407 316,407 238,079 231,190 Other charges 567,206 495,206 304,660 394,642 Total operating expenses 1,683,005 1,683,005 1,344,023 1,535,519 Operating loss (410) (410) (2,736) (15,647) Nonoperating revenues Investment income 410 410 11 15 Total nonoperating revenues 410 410 11 15 Change in net position -$ -$ (2,725) (15,632) Net position - beginning 455,576 471,208 Net position - ending 452,851 $ 455,576 $ Budget (With comparative totals for the year ended December 31, 2015) Village of Glenview, Illinois Municipal Equipment Repair Fund (MERF) Schedule of Revenues, Expenses, and Changes in Net Position - For the Year Ended December 31, 2016 156 Budget and Actual (Budgetary Basis) Original and 2016 2015 Final Budget Actual Actual Operating revenues Charges for services Insurance premiums Employees 714,935 $ 694,314 $ 738,330 $ Village 3,183,435 3,165,940 3,390,888 Retirees 818,989 898,542 909,543 Component unit - Library 508,802 496,029 514,689 Other 1,800,919 1,801,350 1,656,611 Total charges for services 7,027,080 7,056,175 7,210,061 Miscellaneous Insurance recoveries 50,000 64,679 74,872 Other - 4,827 5,630 Total miscellaneous revenues 50,000 69,506 80,502 Total operating revenues 7,077,080 7,125,681 7,290,563 Operating expenses Personnel 587,904 517,083 594,017 Contractual services 6,942,874 6,942,707 6,020,812 Total operating expenses 7,530,778 7,459,790 6,614,829 Operating income (loss)(453,698) (334,109) 675,734 Nonoperating revenue Investment income 310,750 567,903 340,439 Total nonoperating revenue 310,750 567,903 340,439 Income (loss) before transfers (142,948) 233,794 1,016,173 Transfers out General Fund (250,000) (250,000) - Facilities Repair and Replacement Fund - (146,020) - Capital Projects Fund - - (682,540) Total transfers (250,000) (396,020) (682,540) Change in net position (392,948) $ (162,226) 333,633 Net position - beginning 5,692,576 5,358,943 Net position - ending 5,530,350 $ 5,692,576 $ Village of Glenview, Illinois Insurance and Risk Fund (With comparative totals for the year ended December 31, 2015) Schedule of Revenues, Expenses, and Changes in Net Position - For the Year Ended December 31, 2016 157 Budget and Actual (Budgetary Basis) 2016 2015 Original Final Actual Actual Operating revenues Charges for services Facilities charges 338,275 $ 338,275 $ 119,588 $ 95,347 $ Total charges for services 338,275 338,275 119,588 95,347 Miscellaneous Other income - - 4,701 9,425 Total miscellaneous revenues - - 4,701 9,425 Total operating revenues 338,275 338,275 124,289 104,772 Operating expenses Contractual services - 42,500 84,789 114,305 Capital outlay Furniture and fixtures - 8,900 - - Building improvements 334,000 327,529 168,345 218,116 Other operating expenses 334,000 378,929 253,134 332,421 Total operating income (loss)4,275 (40,654) (128,845) (227,649) Nonoperating revenues Investment income 10,000 10,000 3,574 2,286 Reassignment of capital assets (826,500) (810,488) (416,579) - Total nonoperating revenues (816,500) (800,488) (413,005) 2,286 Loss before transfers (812,225) (841,142) (541,850) (225,363) Transfers in (out) Village Permanent Fund - - - 9,425 Insurance and Risk Fund - - 146,020 - Capital Projects Fund - - - (187,573) Total transfers - - 146,020 (178,148) Change in net position (812,225) $ (841,142) $ (395,830) (403,511) Net position - beginning 1,903,943 2,307,454 Net position - ending 1,508,113 $ 1,903,943 $ Budget Facilities Repair and Replacement Fund (FRRF) Schedule of Revenues, Expenses, and Changes in Net Position - For the Year Ended December 31, 2016 (With comparative totals for the year ended December 31, 2015) Village of Glenview, Illinois TRUST AND AGENCY FUND DESCRIPTIONS Trust and agency funds are fiduciary funds used to account for assets held by the Village in a trustee capacity for individuals, private organizations, and/or other governments. Pension Trust Funds Police Pension Fund - to account for the accumulation of resources to be used for retirement annuity payments to Police Department personnel at appropriate amounts and times in the future. Resources are contributed by police employees at rates fixed by state law, and by the Village at amounts determined by an annual actuarial study through an annual property tax levy. Firefighters' Pension Fund - to account for the accumulation of resources to be used for retirement annuity payments to Fire Department personnel at appropriate amounts and times in the future. Resources are contributed by firefighter employees at rates fixed by state law, and by the Village at amounts determined by an annual actuarial study through an annual property tax levy. Agency Funds Special Service Area (SSA) Bond Fund - to account for the non-commitment debt service activities of the Village related to the special service areas. Escrow Deposit Fund - to account for the deposits placed with the Village by building contractors. In 2007 and prior years, this fund was reported as a special revenue fund. The fund balance was used to reduce payables and the fund was reclassified as an agency fund at the end of fiscal year 2007. 158 Village of Glenview, Illinois Pension Trust Funds Combining Statement of Fiduciary Net Position December 31, 2016 Police Firefighters' Pension Pension Fund Fund Total Assets Cash and cash equivalents 1,950,057 $ 562,581 $ 2,512,638 $ Investments U.S. government and agency obligations 15,930,423 24,954,047 40,884,470 Municipal obligations 380,477 5,144,708 5,525,185 Corporate obligations 12,649,250 - 12,649,250 Equity mutual funds 40,929,786 44,860,442 85,790,228 Accrued interest receivable 182,804 180,114 362,918 Prepaid expenses 6,103 4,039 10,142 Total assets 72,028,900 75,705,931 147,734,831 Liabilities Accrued expenses 19,108 35,856 54,964 Due to other funds 4,327 8,122 12,449 Total liabilities 23,435 43,978 67,413 Net Position Restricted for pensions 72,005,465 $ 75,661,953 $ 147,667,418 $ 159 Village of Glenview, Illinois Pension Trust Funds Combining Statement of Changes in Fiduciary Net Position For the Year Ended December 31, 2016 Police Firefighters' Pension Pension Fund Fund Total Additions Contributions Employer 2,497,041 $ 4,016,250 $ 6,513,291 $ Participant 812,961 782,515 1,595,476 Total contributions 3,310,002 4,798,765 8,108,767 Investment income Net appreciation in fair value of investments 1,783,035 2,514,745 4,297,780 Interest income 2,226,349 2,385,764 4,612,113 Less investment expenses (71,693) (134,552) (206,245) Net investment income 3,937,691 4,765,957 8,703,648 Total additions 7,247,693 9,564,722 16,812,415 Deductions Administration 50,482 68,045 118,527 Retirement pensions 3,476,101 4,703,877 8,179,978 Widow pensions 302,482 412,618 715,100 Disability pensions 121,428 510,782 632,210 Children's pensions 48,270 - 48,270 Total deductions 3,998,763 5,695,322 9,694,085 Change in net position 3,248,930 3,869,400 7,118,330 Net position restricted for pensions at beginning of year 68,756,535 71,792,553 140,549,088 Net position restricted for pensions at end of year 72,005,465 $ 75,661,953 $ 147,667,418 $ 160 Original and 2016 2015 Final Budget Actual Actual Additions Contributions Employer 2,480,695 $ 2,497,041 $ 7,494,545 $ Participant 727,033 812,961 777,705 Total contributions 3,207,728 3,310,002 8,272,250 Investment income Net appreciation (depreciation) in fair value of investments 3,400,000 1,783,035 (2,648,641) Interest income 800,000 2,226,349 2,713,029 Less investment expense (78,715) (71,693) (67,367) Net investment income 4,121,285 3,937,691 (2,979) Total additions 7,329,013 7,247,693 8,269,271 Deductions Administration 54,000 50,482 51,118 Retirement pensions 3,209,089 3,476,101 3,194,414 Widow pensions 294,998 302,482 297,558 Disability pensions 179,461 121,428 171,916 Children pensions - 48,270 - Contribution refunds 50,000 - 1,343 Total deductions 3,787,548 3,998,763 3,716,349 Change in net position 3,541,465 $ 3,248,930 4,552,922 Net position restricted for pensions Beginning 68,756,535 64,203,613 Ending 72,005,465 $ 68,756,535 $ Village of Glenview, Illinois Police Pension Fund Schedule of Changes in Plan Net Position - Budget and Actual For the Year Ended December 31, 2016 (With comparative totals for the year ended December 31, 2015) 161 Original and 2016 2015 Final Budget Actual Actual Additions Contributions Employer 3,974,237 $ 4,016,250 $ 10,309,348 $ Participant 760,221 782,515 750,195 Total contributions 4,734,458 4,798,765 11,059,543 Investment income Net appreciation (depreciation) in fair value of investments 3,100,000 2,514,745 (1,717,287) Interest income 800,000 2,385,764 2,662,007 Less investment expense (215,145) (134,552) (126,971) Net investment income 3,684,855 4,765,957 817,749 Total additions 8,419,313 9,564,722 11,877,292 Deductions Administration 45,210 68,045 82,809 Retirement pensions 4,680,199 4,703,877 4,535,297 Widow pensions 332,160 412,618 332,160 Disability pensions 408,093 510,782 460,490 Contribution refunds 50,000 - - Total deductions 5,515,662 5,695,322 5,410,756 Change in net position 2,903,651 $ 3,869,400 6,466,536 Net position restricted for pensions Beginning 71,792,553 65,326,017 Ending 75,661,953 $ 71,792,553 $ Village of Glenview, Illinois Firefighters' Pension Fund Schedule of Changes in Plan Net Position - Budget and Actual For the Year Ended December 31, 2016 (With comparative totals for the year ended December 31, 2015) 162 Village of Glenview, Illinois Agency Funds Statements of Changes in Assets and Liabilities For the Year Ended December 31, 2016 Balances,Balances, January 1 Additions Subtractions December 31 COMBINING STATEMENT - ALL AGENCY FUNDS Assets Cash and cash equivalents 336,508 $ 1,866,630 $ 1,725,319 $ 477,819 $ Investments 1,031,575 1,198,574 1,235,049 995,100 Receivables Property taxes 235,855 322,982 235,855 322,982 Interest 11,177 1,169 11,177 1,169 Total assets 1,615,115 $ 3,389,355 $ 3,207,400 $ 1,797,070 $ Liabilities Accounts payable 6,300 $ 348,428 $ 248,100 $ 106,628 $ Refundable deposits 1,201,685 670,747 677,515 1,194,917 Due to bond holders 407,130 2,844,745 2,756,350 495,525 Total liabilities 1,615,115 $ 3,863,920 $ 3,681,965 $ 1,797,070 $ INDIVIDUAL AGENCY FUND STATEMENTS Special Service Area (SSA) Bond Fund Assets Cash and cash equivalents 171,275 $ 283,187 $ 281,919 $ 172,543 $ Receivables - property taxes 235,855 322,982 235,855 322,982 Total assets 407,130 $ 606,169 $ 517,774 $ 495,525 $ Liabilities Due to bond holders 407,130 $ 2,844,745 $ 2,756,350 $ 495,525 $ Total liabilities 407,130 $ 2,844,745 $ 2,756,350 $ 495,525 $ (Continued) 163 Village of Glenview, Illinois Statements of Changes in Assets and Liabilities (Continued) Agency Funds For the Year Ended December 31, 2016 Balances,Balances, January 1 Additions Subtractions December 31 INDIVIDUAL AGENCY FUND STATEMENTS (CONTINUED) Escrow Deposit Fund Assets Cash and cash equivalents 165,233 $ 1,583,443 $ 1,443,400 $ 305,276 $ Investments 1,031,575 1,198,574 1,235,049 995,100 Receivables - interest 11,177 1,169 11,177 1,169 Total assets 1,207,985 $ 2,783,186 $ 2,689,626 $ 1,301,545 $ Liabilities Accounts payable 6,300 $ 348,428 $ 248,100 $ 106,628 $ Refundable deposits 1,201,685 670,747 677,515 1,194,917 Total liabilities 1,207,985 $ 1,019,175 $ 925,615 $ 1,301,545 $ GLENVIEW LIBRARY COMPONENT UNIT The Glenview Library (Library) is a discretely presented component unit of the Village of Glenview. The following fund descriptions provide information on the governmental funds used within the Village's component unit, the Library. The Glenview Library Funds account for the resources necessary to provide the educational, cultural, and recreational activities of the Glenview Public Library. 164 Village of Glenview, Illinois Glenview Library - Component Unit Combining Balance Sheet and Statement of Net Position December 31, 2016 Library Library Nonmajor General Debt Library Total Fund Service Funds Library Assets Current assets Cash and cash equivalents 3,191,898 $ 451,723 $ 581,227 $ 4,224,848 $ Investments 991,114 - 246,800 1,237,914 Receivables, net of allowances Property taxes 5,994,787 1,831,770 - 7,826,557 Interest 138 - 2,215 2,353 Due from other funds 4,163 - - 4,163 Total current assets 10,182,100 2,283,493 830,242 13,295,835 Noncurrent assets Capital assets not depreciated - - - - Capital assets depreciated (net)- - - - Total noncurrent assets - - - - Total assets 10,182,100 2,283,493 830,242 13,295,835 Deferred Outflows of Resources Deferred loss on refunding - - - - Deferred outflows due to pensions - - - - Total deferred outflows of resources - - - - Combining Balance Sheet 165 Total Component Adjustments Unit -$ 4,224,848 $ - 1,237,914 - 7,826,557 - 2,353 - 4,163 - 13,295,835 5,426,987 5,426,987 25,384,526 25,384,526 30,811,513 30,811,513 30,811,513 44,107,348 1,020,303 1,020,303 2,065,009 2,065,009 3,085,312 3,085,312 (Continued) Statement of Net Position 166 Village of Glenview, Illinois Glenview Library - Component Unit Combining Balance Sheet and Statement of Net Position December 31, 2016 Library Library Nonmajor General Debt Library Total Fund Service Funds Library Liabilities Current liabilities Accounts payable 420,482 $ -$ 207 $ 420,689 $ Accrued payroll 169,322 - - 169,322 Accrued interest - - - - Current portion of bonds payable - - - - Current portion of compensated absences - - - - Total current liabilities 589,804 - 207 590,011 Noncurrent liabilities Bond payable - - - - Unamortized bond premiums - - - - Net pension liability - - - - Compensated absences - - - - Total noncurrent liabilities - - - - Total liabilities 589,804 - 207 590,011 Deferred Inflows of Resources Deferred property taxes 6,020,973 1,837,655 - 7,858,628 Deferred inflows due to pensions - - - - Total deferred inflows of resources 6,020,973 1,837,655 - 7,858,628 Net investment in capital assets - - - - Restricted - 445,838 830,035 1,275,873 Unassigned/unrestricted 3,571,323 - - 3,571,323 Total fund balance/net position 3,571,323 445,838 830,035 4,847,196 Total liabilities, deferred inflows of resources and fund balance/ net position 10,182,100 $ 2,283,493 $ 830,242 $ 13,295,835 $ Fund Balance/Net Position Combining Balance Sheet 167 Total Component Adjustments Unit -$ 420,689 $ - 169,322 74,667 74,667 1,190,000 1,190,000 53,703 53,703 1,318,370 1,908,381 16,551,645 16,551,645 2,504,306 2,504,306 3,075,989 3,075,989 214,810 214,810 22,346,750 22,346,750 23,665,120 24,255,131 - 7,858,628 63,449 63,449 63,449 7,922,077 11,585,865 11,585,865 - 1,275,873 (1,417,609) 2,153,714 10,168,256 15,015,452 33,896,825 $ 47,192,660 $ Statement of Net Position 168 Village of Glenview, Illinois Glenview Library - Component Unit Combining Statement of Revenues, Expenditures, and Changes in Fund Balances and Statement of Activities Year Ended December 31, 2016 Library Library Nonmajor General Debt Library Total Fund Service Funds Library Revenues Property taxes 6,179,973 $ 2,015,815 $ -$ 8,195,788 $ Charges for services 57,192 - - 57,192 Fines and forfeitures 72,169 - - 72,169 Intergovernmental 1,105,699 - - 1,105,699 Other revenue 50,727 - 43,623 94,350 Investment income 28,123 9,319 5,298 42,740 Total revenues 7,493,883 2,025,134 48,921 9,567,938 Expenditures Current Culture and recreation 6,722,537 - 17,178 6,739,715 Debt service Bond issuance costs - 72,181 - 72,181 Principal - 1,155,000 - 1,155,000 Interest and other - 450,108 - 450,108 Capital outlay 354,865 - 41,988 396,853 Total expenditures 7,077,402 1,677,289 59,166 8,813,857 Excess (deficiency) of revenues over expenditures 416,481 347,845 (10,245) 754,081 Other financing sources (uses) Issuance of debt - 15,326,600 - 15,326,600 Premium on issuance of debt - 2,696,945 - 2,696,945 Payments to escrow agent - (18,276,297) - (18,276,297) Transfers in - - 75,000 75,000 Transfers out (75,000) - - (75,000) Total other financing sources (uses)(75,000) (252,752) 75,000 (252,752) Net change in fund balances/ net position 341,481 95,093 64,755 501,329 Fund balances/net position Beginning 3,229,842 350,745 765,280 4,345,867 Ending 3,571,323 $ 445,838 $ 830,035 $ 4,847,196 $ and Changes in Fund Balances Statement of Revenues, Expenditures, 169 Total Component Adjustments Unit -$ 8,195,788 $ - 57,192 - 72,169 - 1,105,699 - 94,350 - 42,740 - 9,567,938 1,037,421 7,777,136 (72,181) - (1,155,000) - 230,237 680,345 (396,853) - (356,376) 8,457,481 356,376 1,110,457 (15,326,600) - (2,696,945) - 18,276,297 - (75,000) - 75,000 - 252,752 - 609,128 1,110,457 9,559,128 13,904,995 10,168,256 $ 15,015,452 $ Statement of Activities 170 (With comparative totals for year ended December 31, 2015) 2016 2015 Original Final Actual Actual Revenues Local taxes Property taxes for Library Current year 6,185,143 $ 6,185,143 $ 6,246,136 $ 5,942,531 $ Prior year (50,000) (50,000) (66,163) (50,685) Total local taxes 6,135,143 6,135,143 6,179,973 5,891,846 Charges for services Nonresident fee 18,000 18,000 17,006 20,656 Personal books 1,250 1,250 814 2,160 Copying fees 10,000 10,000 14,066 15,915 Circular collection fees 500 500 610 390 Video fees 23,000 23,000 22,830 23,331 Rental fees 1,500 1,500 1,866 2,084 Total charges for services 54,250 54,250 57,192 64,536 Fines and forfeitures Library fines 64,000 64,000 60,717 67,737 Lost and paid 11,000 11,000 11,452 10,942 Total fines and forfeitures 75,000 75,000 72,169 78,679 Intergovernmental Property replacement tax 51,000 51,000 50,779 142,511 Make-whole TIF area taxes 973,216 973,216 1,015,469 969,134 Grant proceeds 50,000 50,000 39,451 55,865 Total intergovernmental 1,074,216 1,074,216 1,105,699 1,167,510 Investment income Interest 11,500 11,500 28,123 11,751 Other revenue Employee dental contribution 15,500 15,500 17,485 16,451 Miscellaneous 24,000 24,000 33,242 31,954 Total other revenues 39,500 39,500 50,727 48,405 Total revenues 7,389,609 7,389,609 7,493,883 7,262,727 (Continued) Village of Glenview, Illinois Glenview Library - Component Unit - Library General Fund Schedule of Revenues, Expenditures, and Changes in Fund Balance For the Year Ended December 31, 2016 Budget 171 (With comparative totals for year ended December 31, 2015) 2016 2015 Original Final Actual Actual Expenditures Culture and recreation Library administration Personnel 1,097,628 $ 1,097,628 $ 1,076,006 $ 1,065,037 $ Contractual services 308,380 308,380 283,447 323,028 Commodities 8,350 8,350 8,864 7,649 Other charges 54,400 54,400 42,715 47,253 Total library administration 1,468,758 1,468,758 1,411,032 1,442,967 Readers' services Personnel 834,734 834,734 804,045 800,196 Contractual services 46,130 90,130 86,177 36,337 Commodities 249,095 258,095 255,884 251,562 Other charges 3,000 3,000 1,937 2,770 Total readers' services 1,132,959 1,185,959 1,148,043 1,090,865 Buildings and grounds maintenance Personnel 204,770 204,770 202,490 199,299 Contractual services 100,500 100,500 131,732 124,480 Commodities 67,700 67,700 57,633 63,137 Other charges 250 250 149 187 Total building and grounds maintenance 373,220 373,220 392,004 387,103 Circulation Personnel 873,256 873,256 835,254 844,441 Contractual services 12,345 12,345 11,870 11,288 Commodities 17,110 17,110 18,032 11,211 Other charges 3,750 3,750 1,945 2,245 Total circulation 906,461 906,461 867,101 869,185 (Continued) Village of Glenview, Illinois Glenview Library - Component Unit - Library General Fund Schedule of Revenues, Expenditures, and Changes in Fund Balance (Continued) For the Year Ended December 31, 2016 Budget 172 (With comparative totals for year ended December 31, 2015) 2016 2015 Original Final Actual Actual Expenditures (continued) Public information Personnel 174,797 $ 174,797 $ 168,265 $ 166,147 $ Contractual services 51,325 51,325 46,681 46,917 Commodities 3,450 3,450 4,723 4,431 Other charges 450 450 35 329 Total public information 230,022 230,022 219,704 217,824 Technical services Personnel 545,710 545,710 591,504 570,116 Contractual services 7,400 7,400 5,139 7,169 Commodities 16,550 16,550 16,673 13,181 Other charges 3,500 3,500 1,931 3,166 Total technical services 573,160 573,160 615,247 593,632 Youth services Personnel 694,100 694,100 644,735 632,459 Contractual services 55,500 55,500 59,040 54,217 Commodities 121,175 129,675 128,241 121,223 Other charges 3,700 3,700 2,472 1,941 Total youth services 874,475 882,975 834,488 809,840 Reference Personnel 669,593 669,593 578,324 632,093 Contractual services 194,650 194,650 186,823 175,356 Commodities 152,725 91,225 85,190 83,819 Other charges 3,150 3,150 1,751 179 Total reference 1,020,118 958,618 852,088 891,447 (Continued) Glenview Library - Component Unit - Library General Fund Village of Glenview, Illinois Schedule of Revenues, Expenditures, and Changes in Fund Balance (Continued) For the Year Ended December 31, 2016 Budget 173 (With comparative totals for year ended December 31, 2015) 2016 2015 Original Final Actual Actual Expenditures (continued) Information technology Personnel 237,329 $ 237,329 $ 211,749 $ 226,280 $ Contractual services 173,000 173,000 166,338 164,678 Commodities 6,700 6,700 4,707 8,278 Other charges 2,100 2,100 36 1,545 Total information technology 419,129 419,129 382,830 400,781 Total culture and recreation 6,998,302 6,998,302 6,722,537 6,703,644 Capital outlay Furniture and fixtures 900 900 17 1,419 Machinery and equipment 153,600 153,600 151,384 3,789 Information system 212,600 212,600 203,464 248,891 Total capital outlay 367,100 367,100 354,865 254,099 Total expenditures 7,365,402 7,365,402 7,077,402 6,957,743 Excess of revenues over expenditures 24,207 24,207 416,481 304,984 Other financing uses Transfers out to other funds Library Special Reserve Fund (75,000) (75,000) (75,000) - Net change in fund balance (50,793) $ (50,793) $ 341,481 304,984 Fund balance - beginning 3,229,842 2,924,858 Fund balance - ending 3,571,323 $ 3,229,842 $ Budget Village of Glenview, Illinois Glenview Library - Component Unit - Library General Fund Schedule of Revenues, Expenditures, and Changes in Fund Balance (Continued) For the Year Ended December 31, 2016 174 (With comparative totals for year ended December 31, 2015) Original and Final 2016 2015 Budget Actual Actual Revenues Property taxes 1,954,482 $ 2,015,815 $ 2,006,818 $ Investment income 5,100 9,319 7,243 Total revenues 1,959,582 2,025,134 2,014,061 Expenditures Debt service Bond Issuance Costs - 72,181 - Principal 1,155,000 1,155,000 1,125,000 Interest and other 780,631 450,108 814,381 Total expenditures 1,935,631 1,677,289 1,939,381 Excess of revenues over expenditures 23,951 347,845 74,680 Other financing sources (uses) Issuance of debt - 15,326,600 - Premium on issuance of debt - 2,696,945 - Payments to escrow agent - (18,276,297) - Total other financing sources (uses)- (252,752) - Net change in fund balance 23,951 $ 95,093 74,680 Fund balance - beginning 350,745 276,065 Fund balance - ending 445,838 $ 350,745 $ Village of Glenview, Illinois Glenview Library - Component Unit - Library Debt Service Schedule of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual For the Year Ended December 31, 2016 175 Village of Glenview, Illinois Glenview Library - Component Unit - Library Nonmajor Funds Combining Balance Sheet December 31, 2016 Friends Total of the Special Library Gift Revenue Cash and cash equivalents 119,719 $ 102,467 $ 222,186 $ Investments - - - Interest receivable - - - Total assets 119,719 $ 102,467 $ 222,186 $ Liabilities Accounts payable 207 $ -$ 207 $ Total liabilities 207 - 207 Fund balances Restricted 119,512 102,467 221,979 Total fund balances 119,512 102,467 221,979 Total liabilities and fund balances 119,719 $ 102,467 $ 222,186 $ Special Revenue Funds Liabilities and Fund Balances Assets 176 Library Library Total Total Capital Special Capital Nonmajor Contribution Reserve Project Library 51,794 $ 307,247 $ 359,041 $ 581,227 $ - 246,800 246,800 246,800 - 2,215 2,215 2,215 51,794 $ 556,262 $ 608,056 $ 830,242 $ -$ -$ -$ 207 $ - - - 207 51,794 556,262 608,056 830,035 51,794 556,262 608,056 830,035 51,794 $ 556,262 $ 608,056 $ 830,242 $ Capital Project Funds 177 Village of Glenview, Illinois Glenview Library - Component Unit - Library Nonmajor Funds Combining Statement of Revenues, Expenditures, and Changes in Fund Balances For the Year Ended December 31, 2016 Friends Total of the Special Library Gift Revenue Revenues Other revenue Donations 40,000 $ -$ 40,000 $ Investment income 716 954 1,670 Total revenues 40,716 954 41,670 Expenditures Culture and recreation Miscellaneous 8,093 - 8,093 Capital outlay - 16,945 16,945 Total expenditures 8,093 16,945 25,038 Excess (deficiency) of revenues over (under) expenditures 32,623 (15,991) 16,632 Other financing sources Transfers in - - - Total other financing sources - - - Net change in fund balances 32,623 (15,991) 16,632 Fund balances - beginning 86,889 118,458 205,347 Fund balances - ending 119,512 $ 102,467 $ 221,979 $ Special Revenue Funds 178 Library Library Total Total Capital Special Capital Nonmajor Contribution Reserve Project Library 3,623 $ -$ 3,623 $ 43,623 $ 442 3,186 3,628 5,298 4,065 3,186 7,251 48,921 9,085 - 9,085 17,178 - 25,043 25,043 41,988 9,085 25,043 34,128 59,166 (5,020) (21,857) (26,877) (10,245) - 75,000 75,000 75,000 - 75,000 75,000 75,000 (5,020) 53,143 48,123 64,755 56,814 503,119 559,933 765,280 51,794 $ 556,262 $ 608,056 $ 830,035 $ Capital Project Funds 179 (With comparative totals for year ended December 31, 2015) Original and Final 2016 2015 Budget Actual Actual Revenues Investment income 2,150 $ 3,186 $ 1,106 $ Total revenues 2,150 3,186 1,106 Expenditures Miscellaneous 27,306 - 4,406 Capital outlay - 25,043 45,414 Total expenditures 27,306 25,043 49,820 Deficiency of revenues over expenditures (25,156) (21,857) (48,714) Other financing sources Transfers in from other funds Library General Fund 75,000 75,000 - Total other financing sources 75,000 75,000 - Net change in fund balance 49,844 $ 53,143 (48,714) Fund balance - beginning 503,119 551,833 Fund balance - ending 556,262 $ 503,119 $ Village of Glenview, Illinois Glenview Library - Component Unit - Library Special Reserve Fund Schedule of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual For the Year Ended December 31, 2016 OTHER SUPPLEMENTAL INFORMATION 180 Village of Glenview, Illinois General Obligation Bond Series 2009A Long-term Debt Requirements December 31, 2016 Date of issue:May 5, 2009 Date of maturity:December 1, 2018 Authorized issue:26,300,000$ Denomination of bonds:5,000$ Interest rates:3.000 - 4.125% Interest dates:June 1 and December 1 Principal maturity date:December 1 Payable at:Wells Fargo Bank, N.A., Chicago, IL Fiscal Year Ending December 31 Principal Interest Total June 1 Amount December 1 Amount 2017 1,190,000 $ 84,636 $ 1,274,636 $ 2017 42,318 $ 2017 42,318 $ 2018 1,225,045 42,876 1,267,921 2018 21,438 2018 21,438 2,415,045 $ 127,512 $ 2,542,557 $ 63,756 $ 63,756 $ Note: Principal and interest is payable from proceeds of the library property tax levy. FUTURE PRINCIPAL AND INTEREST REQUIREMENTS Requirements Interest Due on 181 Village of Glenview, Illinois General Obligation Bond Series 2009D Long-term Debt Requirements December 31, 2016 Date of issue:October 21, 2009 Date of maturity:December 1, 2018 Authorized issue:11,290,000 $ Denomination of bonds:5,000 $ Interest rates:2.00 - 4.00% Interest dates:June 1 and December 1 Principal maturity date:December 1 Payable at:Wells Fargo Bank, N.A., Chicago, IL Fiscal Year Ending December 31 Principal Interest Total June 1 Amount December 1 Amount 2017 1,360,000 $ 95,200 $ 1,455,200 $ 2017 47,600 $ 2017 47,600 $ 2018 1,360,000 54,400 1,414,400 2018 27,200 2018 27,200 2,720,000 $ 149,600 $ 2,869,600 $ 74,800 $ 74,800 $ Note: Principal and interest is payable from the Special Tax Allocation Fund. FUTURE PRINCIPAL AND INTEREST REQUIREMENTS Requirements Interest Due on 182 Village of Glenview, Illinois Illinois Environmental Protection Agency Loan Long-term Debt Requirements December 31, 2016 Date of issue:October 1, 2010 Date of maturity:April 14, 2031 Authorized issue:633,827 $ Interest rates:0.00% Principal maturity date:April 14 and October 14 Payable at:Illinois Environmental Protection Agency Loan Number: L17-4483 Fiscal Year Ending December 31 April 14 October 14 Total 2017 12,185 $ 12,185 $ 24,371 $ 2018 12,185 12,185 24,371 2019 12,185 12,185 24,371 2020 12,185 12,185 24,371 2021 12,185 12,185 24,371 2022 12,185 12,185 24,371 2023 12,185 12,185 24,371 2024 12,185 12,185 24,371 2025 12,185 12,185 24,371 2026 12,185 12,185 24,371 2027 12,185 12,185 24,371 2028 12,185 12,185 24,371 2029 12,185 12,185 24,371 2030 12,185 12,185 24,371 2031 12,185 - 12,185 182,780 $ 170,595 $ 353,375 $ Note: Principal will be paid by the Capital Projects Fund. Requirements FUTURE PRINCIPAL REQUIREMENTS 183 Village of Glenview, Illinois General Obligation Refunding Bond, Series 2012A Long-term Debt Requirements December 31, 2016 Date of issue:June 14, 2012 Date of maturity:December 1, 2021 Authorized issue:18,090,000 $ Denomination of bonds:5,000 $ Interest rates:3.00% - 4.00% Interest dates:June 1 and December 1 Principal maturity date:December 1 Payable at:Wells Fargo Bank, N.A., Chicago, IL Fiscal Year Ending December 31 Principal Interest Total June 1 Amount December 1 Amount 2017 -$ 604,800 $ 604,800 $ 2017 302,400 $ 2017 302,400 $ 2018 - 604,800 604,800 2018 302,400 2018 302,400 2019 5,850,000 604,800 6,454,800 2019 302,400 2019 302,400 2020 6,030,000 429,300 6,459,300 2020 214,650 2020 214,650 2021 6,210,000 248,400 6,458,400 2021 124,200 2021 124,200 18,090,000 $ 2,492,100 $ 20,582,100 $ 1,246,050 $ 1,246,050 $ Note: Principal and interest is payable from the Special Tax Allocation Fund. FUTURE PRINCIPAL AND INTEREST REQUIREMENTS Requirements Interest Due on 184 Village of Glenview, Illinois General Obligation Refunding Bond, Series 2012B Long-term Debt Requirements December 31, 2016 Date of issue:December 18, 2012 Date of maturity:December 1, 2024 Authorized issue:14,575,000 $ Denomination of bonds:5,000 $ Interest rates:3.00% - 4.00% Interest dates:June 1 and December 1 Principal maturity date:December 1 Payable at:Wells Fargo Bank, N.A., Chicago, IL Fiscal Year Ending December 31 Principal Interest Total June 1 Amount December 1 Amount 2017 1,295,000 $ 467,700 $ 1,762,700 $ 2017 233,850 $ 2017 233,850 $ 2018 1,365,000 415,900 1,780,900 2018 207,950 2018 207,950 2019 1,410,000 361,300 1,771,300 2019 180,650 2019 180,650 2020 1,475,000 304,900 1,779,900 2020 152,450 2020 152,450 2021 1,540,000 245,900 1,785,900 2021 122,950 2021 122,950 2022 1,605,000 184,300 1,789,300 2022 92,150 2022 92,150 2023 1,690,000 120,100 1,810,100 2023 60,050 2023 60,050 2024 1,750,000 52,500 1,802,500 2024 26,250 2024 26,250 12,130,000 $ 2,152,600 $ 14,282,600 $ 1,076,300 $ 1,076,300 $ Note: Principal and interest is payable from a property tax levy. FUTURE PRINCIPAL AND INTEREST REQUIREMENTS Requirements Interest Due on 185 Village of Glenview, Illinois General Obligation Refunding Bond, Series 2012C Long-term Debt Requirements December 31, 2016 Date of issue:December 18, 2012 Date of maturity:December 1, 2018 Authorized issue:7,730,000 $ Denomination of bonds:5,000 $ Interest rates:2.00% - 3.00% Interest dates:June 1 and December 1 Principal maturity date:December 1 Payable at:Wells Fargo Bank, N.A., Chicago, IL Fiscal Year Ending December 31 Principal Interest Total June 1 Amount December 1 Amount 2017 1,650,000 $ 101,550 $ 1,751,550 $ 2017 50,775 $ 2017 50,775 $ 2018 1,735,000 52,050 1,787,050 2018 26,025 2018 26,025 3,385,000 $ 153,600 $ 3,538,600 $ 76,800 $ 76,800 $ Note: Principal and interest is payable from the Special Tax Allocation Fund. FUTURE PRINCIPAL AND INTEREST REQUIREMENTS Requirements Interest Due on 186 Village of Glenview, Illinois General Obligation Bonds, Series 2013A Long-term Debt Requirements December 31, 2016 Date of issue:December 19, 2013 Date of maturity:December 1, 2033 Authorized issue:6,065,000 $ Denomination of bonds:5,000 $ Interest rates:2.00% - 4.00% Interest dates:June 1 and December 1 Principal maturity date:December 1 Payable at:Wells Fargo Bank, N.A., Chicago, IL Fiscal Year Ending December 31 Principal Interest Total June 1 Amount December 1 Amount 2017 245,000 $ 180,182 $ 425,182 $ 2017 90,091 $ 2017 90,091 $ 2018 250,000 175,282 425,282 2018 87,641 2018 87,641 2019 260,000 170,282 430,282 2019 85,141 2019 85,141 2020 265,000 165,082 430,082 2020 82,541 2020 82,541 2021 270,000 157,132 427,132 2021 78,566 2021 78,566 2022 280,000 149,032 429,032 2022 74,516 2022 74,516 2023 285,000 140,632 425,632 2023 70,316 2023 70,316 2024 295,000 132,082 427,082 2024 66,041 2024 66,041 2025 305,000 123,232 428,232 2025 61,616 2025 61,616 2026 315,000 113,626 428,626 2026 56,813 2026 56,813 2027 325,000 102,600 427,600 2027 51,300 2027 51,300 2028 340,000 89,600 429,600 2028 44,800 2028 44,800 2029 350,000 76,000 426,000 2029 38,000 2029 38,000 2030 365,000 62,000 427,000 2030 31,000 2030 31,000 2031 380,000 47,400 427,400 2031 23,700 2031 23,700 2032 395,000 32,200 427,200 2032 16,100 2032 16,100 2033 410,000 16,400 426,400 2033 8,200 2033 8,200 5,335,000 $ 1,932,764 $ 7,267,764 $ 966,382 $ 966,382 $ Note: Principal and interest will be paid by the Debt Service Fund via a transfer from the Corporate Fund. FUTURE PRINCIPAL AND INTEREST REQUIREMENTS Requirements Interest Due on 187 Village of Glenview, Illinois General Obligation Bonds, Series 2013B Long-term Debt Requirements December 31, 2016 Date of issue:December 19, 2013 Date of maturity:December 1, 2023 Authorized issue:4,385,000 $ Denomination of bonds:5,000 $ Interest rates:1.50% - 3.50% Interest dates:June 1 and December 1 Principal maturity date:December 1 Payable at:Wells Fargo Bank, N.A., Chicago, IL Fiscal Year Ending December 31 Principal Interest Total June 1 Amount December 1 Amount 2017 585,000 $ 116,082 $ 701,082 $ 2017 58,041 $ 2017 58,041 $ 2018 595,000 107,308 702,308 2018 53,654 2018 53,654 2019 605,000 95,408 700,408 2019 47,704 2019 47,704 2020 620,000 81,190 701,190 2020 40,595 2020 40,595 2021 640,000 64,450 704,450 2021 32,225 2021 32,225 2022 660,000 45,250 705,250 2022 22,625 2022 22,625 2023 680,000 23,800 703,800 2023 11,900 2023 11,900 4,385,000 $ 533,488 $ 4,918,488 $ 266,744 $ 266,744 $ Note: Principal and interest will be paid by the Waukegan/Golf TIF Fund. FUTURE PRINCIPAL AND INTEREST REQUIREMENTS Requirements Interest Due on 188 Village of Glenview, Illinois 5 Year Loan Long-term Debt Requirements December 31, 2016 Date of issue:December 1, 2014 Date of maturity:December 1, 2019 Authorized issue:6,529,688$ Interest rate:1.85% Interest dates:June 1 and December 1 Principal maturity date:December 1 Payable at:Glenview State Bank Fiscal Year Ending December 31 Principal Interest Total June 1 Amount December 1 Amount 2017 1,305,937 $ 73,486 $ 1,379,423 $ 2017 36,642 $ 2017 36,844 $ 2018 1,305,938 48,991 1,354,929 2018 24,428 2018 24,563 2019 1,305,937 24,495 1,330,432 2019 12,214 2019 12,281 3,917,812 $ 146,972 $ 4,064,784 $ 73,284 $ 73,688 $ Note: Principal and interest will be paid by the Special Tax Allocation Fund. FUTURE PRINCIPAL AND INTEREST REQUIREMENTS Requirements Interest Due on 189 Village of Glenview, Illinois General Obligation Bonds, Series 2015 Long-term Debt Requirements December 31, 2016 Date of issue:July 30, 2015 Date of maturity:December 1, 2018 Authorized issue:10,000,000$ Denomination of bonds:5,000$ Interest rates:0.44% - 1.05% Interest dates:June 1 and December 1 Principal maturity date:December 1 Payable at:Glenview State Bank Fiscal Year Ending December 31 Principal Interest Total June 1 Amount December 1 Amount 2017 2,535,000 $ 48,480 $ 2,583,480 $ 2017 24,240 $ 2017 24,240 $ 2018 2,565,000 26,932 2,591,932 2018 13,466 2018 13,466 5,100,000 $ 75,412 $ 5,175,412 $ 37,706 $ 37,706 $ Note: Principal and interest is payable from the Special Tax Allocation Fund. FUTURE PRINCIPAL AND INTEREST REQUIREMENTS Requirements Interest Due on 190 Village of Glenview, Illinois General Obligation Refunding Bond, Series 2016A Long-term Debt Requirements December 31, 2016 Date of issue:October 27, 2016 Date of maturity:December 1, 2029 Authorized issue:15,326,600$ Denomination of bonds:5,000$ Interest rates:4.45% - 5.91% Interest dates:June 1 and December 1 Principal maturity date:December 1 Payable at:Wells Fargo Bank, N.A., Chicago, IL Fiscal Year Ending December 31 Principal Interest Total June 1 Amount December 1 Amount 2017 -$ 746,912 $ 746,912 $ 2017 405,683 $ 2017 341,229 $ 2018 - 682,458 682,458 2018 341,229 2018 341,229 2019 1,083,500 682,458 1,765,958 2019 341,229 2019 341,229 2020 1,132,750 628,282 1,761,032 2020 314,141 2020 314,141 2021 1,191,850 571,644 1,763,494 2021 285,822 2021 285,822 2022 1,250,950 512,052 1,763,002 2022 256,026 2022 256,026 2023 1,314,975 449,504 1,764,479 2023 224,752 2023 224,752 2024 1,383,925 383,756 1,767,681 2024 191,878 2024 191,878 2025 1,452,875 314,560 1,767,435 2025 157,280 2025 157,280 2026 1,521,825 241,916 1,763,741 2026 120,958 2026 120,958 2027 1,600,625 165,824 1,766,449 2027 82,912 2027 82,912 2028 1,669,575 101,800 1,771,375 2028 50,900 2028 50,900 2029 1,723,750 51,712 1,775,462 2029 25,856 2029 25,856 15,326,600 $ 5,532,878 $ 20,859,478 $ 2,798,666 $ 2,734,212 $ Note: Principal and interest is payable from a library property tax levy. FUTURE PRINCIPAL AND INTEREST REQUIREMENTS Requirements Interest Due on 191 Village of Glenview, Illinois Advanced Metering Infrastructure Loan Long-term Debt Requirements December 31, 2016 Date of issue:May 1, 2015 Date of maturity:December 1, 2025 Authorized issue:6,876,024$ Interest rates:2.000% Interest dates:June 1 and December 1 Principal maturity date:December 1 Payable at:Glenview State Bank Fiscal Year Ending December 31 Principal Interest Total June 1 Amount December 1 Amount 2017 281,289 $ 136,583 $ 417,872 $ 2017 68,292 $ 2017 68,292 $ 2018 468,815 130,957 599,772 2018 65,479 2018 65,479 2019 656,340 121,581 777,921 2019 60,791 2019 60,791 2020 843,866 108,454 952,320 2020 54,227 2020 54,227 2021 1,031,392 91,577 1,122,969 2021 45,789 2021 45,789 2022 1,125,155 70,949 1,196,104 2022 35,475 2022 35,475 2023 890,748 48,446 939,194 2023 24,223 2023 24,223 2024 1,012,639 30,631 1,043,270 2024 15,316 2024 15,316 2025 518,899 10,378 529,277 2025 5,189 2025 5,189 6,829,143 $ 749,556 $ 7,578,699 $ 374,778 $ 374,778 $ Note: Principal and interest is payable from the water fund. FUTURE PRINCIPAL AND INTEREST REQUIREMENTS Requirements Interest Due on 192 Village of Glenview, Illinois Combining Balance Sheet Glenview Naval Air Station (GNAS) Redevelopment Area Funds December 31, 2016 Special Revenue Capital Projects Fund Fund Total Special Glen GNAS Tax Capital Redevelopment Allocation Projects Area Cash and cash equivalents 21,513,012 $ 807,697 $ 22,320,709 $ Investments - 1,699,122 1,699,122 Receivables, net of allowance Other receivables - 60,488 60,488 Prepaid items 19,633 - 19,633 Notes receivable 2,153,667 - 2,153,667 Total assets 23,686,312 $ 2,567,307 $ 26,253,619 $ Liabilities Accounts payable 17,310,754 $ 138,289 $ 17,449,043 $ Accrued payroll 11,820 - 11,820 Other payables - 988,731 988,731 Advances from other funds 15,280,031 - 15,280,031 Total liabilities 32,602,605 1,127,020 33,729,625 Deferred Inflows of Resources Unavailable grant revenue - 22,800 22,800 Total deferred inflows of resources - 22,800 22,800 Fund balances (8,916,293) 1,417,487 (7,498,806) Total liabilities and fund balances 23,686,312 $ 2,567,307 $ 26,253,619 $ Assets Liabilities and Fund Balances 193 Village of Glenview, Illinois Combining Schedule of Revenues, Expenditures, and Changes in Fund Balances Glenview Naval Air Station (GNAS) Redevelopment Area Funds For the Year Ended December 31, 2016 Special Revenue Capital Projects Fund Fund Total Special Glen GNAS Tax Capital Redevelopment Allocation Projects Area Revenues Local taxes Property taxes - incremental 32,262,381 $ -$ 32,262,381 $ Charges for services 204,945 - 204,945 Intergovernmental 138,636 51,216 189,852 Other revenues - 3,050 3,050 Investment income 188,773 5,324 194,097 Total revenues 32,794,735 59,590 32,854,325 Expenditures Current General government 21,887,066 - 21,887,066 Capital outlay 186,451 4,317,494 4,503,945 Debt service Principal 6,715,938 - 6,715,938 Interest and fiscal charges 1,102,865 - 1,102,865 Total expenditures 29,892,320 4,317,494 34,209,814 Deficiency of revenues over expenditures 2,902,415 (4,257,904) (1,355,489) Other financing sources (uses) Transfers (out)(277,288) - (277,288) Total other financing sources (uses)(277,288) - (277,288) Net change in fund balances 2,625,127 (4,257,904) (1,632,777) Fund balances Beginning (11,541,420) 5,675,391 (5,866,029) Ending (8,916,293) $ 1,417,487 $ (7,498,806) $ 194 Village of Glenview, Illinois Index to Statistical Section December 31, 2016 This part of the Village of Glenview's comprehensive annual financial report presents detailed information as a context for understanding what the information in the financial statements, note disclosures, and required supplementary information says about the Village's overall financial health. Page Financial Trends These schedules contain trend information to help the reader understand how the Village's financial performance and well-being have changed over time. 195 - 204 Revenue Capacity These schedules contain information to help the reader assess the Village's most significant local revenue sources. 205 - 212 Debt Capacity These schedules present information to help the reader assess the affordability of the Village's current levels of outstanding debt and the Village's ability to issue additional debt in the future. 213 - 216 Demographic and Economic Information These schedules offer demographic and economic indicators to help the reader understand the environment within which the Village's financial activities take place. 217 - 218 Operating Information These schedules contain service and infrastructure data to help the reader understand how the information in the Village's financial report relates to the services the Village provides and the activities it performs. 219 - 224 Sources: Unless otherwise noted, the information in these schedules is derived from the comprehensive annual financial reports for the relevant year. 195 Village of Glenview, Illinois Net Position Last Ten Fiscal Years 2007 2008 2009 2010 Governmental activities Net investment in capital assets 83,298,383$ 78,477,141$ 87,607,488$ 93,936,562$ Restricted 54,229,537 49,074,532 39,881,012 29,923,363 Unrestricted 55,636,297 68,560,085 69,018,535 66,754,133 Total governmental activities 193,164,217$ 196,111,758$ 196,507,035$ 190,614,058$ Business-type activities Net investment in capital assets 40,143,214$ 43,348,719$ 45,206,019$ 51,450,402$ Unrestricted 12,344,058 10,612,213 7,860,336 2,104,898 Total business-type activities 52,487,272$ 53,960,932$ 53,066,355$ 53,555,300$ Total primary government Net investment in capital assets 123,441,597$ 121,825,860$ 132,813,507$ 145,386,964$ Restricted 54,229,537 49,074,532 39,881,012 29,923,363 Unrestricted 67,980,355 79,172,298 76,878,871 68,859,031 Total primary government 245,651,489$ 250,072,690$ 249,573,390$ 244,169,358$ Source: The Village of Glenview's Comprehensive Annual Financial Report 196 2011 2012 2013 2014 2015 2016 102,217,913$ 109,488,722$ 139,233,309$ 149,950,065$ 190,234,952$ 190,133,236$ 23,711,651 45,978,154 11,484,242 2,407,413 2,194,487 2,906,999 68,927,169 42,720,345 50,861,602 (11,873,206) (11,596,195) (10,645,007) 194,856,733$ 198,187,221$ 201,579,153$ 140,484,272$ 180,833,244$ 182,395,228$ 55,566,298$ 56,331,598$ 58,075,392$ 60,891,686$ 55,002,443$ 53,413,336$ 5,373,918 7,475,383 10,891,341 8,714,501 6,214,430 5,983,945 60,940,216$ 63,806,981$ 68,966,733$ 69,606,187$ 61,216,873$ 59,397,281$ 157,784,211$ 165,820,320$ 197,308,701$ 210,841,751$ 245,237,395$ 243,546,572$ 23,711,651 45,978,154 11,484,242 2,407,413 2,194,487 2,906,999 74,301,087 50,195,728 61,752,943 (3,158,705) (5,381,765) (4,661,062) 255,796,949$ 261,994,202$ 270,545,886$ 210,090,459$ 242,050,117$ 241,792,509$ Fiscal Year 197 Village of Glenview, Illinois Changes in Net Position Last Ten Fiscal Years 2007 2008 2009 2010 Expenses Governmental activities General government 24,038,572 $ 27,195,744 $ 29,780,621 $ 32,335,971 $ Public safety 25,405,356 27,622,472 26,456,771 30,475,113 Highways and streets 21,897,066 - - - Public works - 13,998,908 12,741,129 13,981,277 Development - 7,306,324 8,467,340 12,198,120 Interest on long-term debt 6,751,793 6,068,865 6,001,886 4,085,152 Total governmental activities expenses 78,092,787 82,192,313 83,447,747 93,075,633 Business-type activities Water services 8,241,841 8,254,541 7,733,048 9,265,407 North Maine water and sewer services 5,822,693 6,148,151 5,782,216 6,267,880 Sanitary sewer services 1,221,484 1,473,318 1,238,383 1,948,357 Wholesale water 1,675,442 1,110,176 1,074,812 1,083,206 Commuter parking 458,586 381,133 476,940 383,196 Total business-type activities expenses 17,420,046 17,367,319 16,305,399 18,948,046 Total primary government expenses 95,512,833 $ 99,559,632 $ 99,753,146 $ 112,023,679 $ Program revenues Governmental activities Charges for services General government 5,088,121 $ 3,230,320 $ 2,324,730 $ 3,931,687 $ Public safety 4,104,495 4,076,188 5,274,319 5,345,151 Public works - - - - Development - 2,020,840 3,218,677 3,993,971 Operating grants and contributions 2,644,741 1,401,777 1,172,899 1,662,479 Capital grants and contributions 1,473,479 - 1,267,384 2,362,508 Total governmental activities program revenues 13,310,836 10,729,125 13,258,009 17,295,796 Business-type activities Charges for services - water and sewer Water services 8,251,413 8,135,293 8,370,780 9,045,480 North Maine water and sewer services 6,418,577 6,824,636 7,206,186 7,473,673 Sanitary sewer services 1,762,694 1,570,372 1,831,857 2,114,548 Wholesale water 1,522,626 1,863,483 1,782,495 1,997,367 Commuter parking 484,393 466,356 529,886 524,244 Operating grants and contributions - - - - Capital grants and contributions 73,908 - - - Total business-type activities program revenues 18,513,611 18,860,140 19,721,204 21,155,312 Total primary government program revenues 31,824,447 $ 29,589,265 $ 32,979,213 $ 38,451,108 $ Net (expense) revenue Governmental activities (64,781,951) $ (71,463,188) $ (70,189,738) $ (75,779,837) $ Business-type activities 1,093,565 1,492,821 3,415,805 2,207,266 Total primary government net (expense) revenue (63,688,386) $ (69,970,367) $ (66,773,933) $ (73,572,571) $ 198 2011 2012 2013 2014 2015 2016 33,989,230 $ 40,172,192 $ 38,505,592 $ 36,586,774 $ 34,403,572 $ 44,385,296 $ 25,769,097 27,145,548 27,152,669 23,105,414 20,638,161 34,694,711 - - - - - - 8,581,360 6,670,428 7,743,333 22,535,067 26,550,936 12,872,643 10,029,890 6,421,304 14,486,953 11,829,052 5,107,156 8,956,426 3,353,913 2,984,565 2,547,042 2,231,704 2,087,567 1,853,307 81,723,490 83,394,037 90,435,589 96,288,011 88,787,392 102,762,383 8,795,466 10,339,739 9,880,585 10,634,065 15,164,208 16,376,087 6,197,752 7,399,749 7,399,181 7,547,458 14,915,126 19,318 1,801,454 1,729,509 1,789,883 2,051,642 2,034,331 2,326,072 1,119,994 1,157,835 1,129,077 1,064,737 1,172,689 1,276,248 386,244 449,674 364,679 409,584 487,345 428,679 18,300,910 21,076,506 20,563,405 21,707,486 33,773,699 20,426,404 100,024,400 $ 104,470,543 $ 110,998,994 $ 117,995,497 $ 122,561,091 $ 123,188,787 $ 3,854,148 $ 3,564,720 $ 7,242,189 $ 7,090,956 $ 6,776,652 $ 4,015,275 $ 5,195,936 4,967,056 5,339,032 7,789,777 8,017,412 8,036,363 - 945,812 945,521 945,106 1,011,433 962,941 2,015,239 850,749 469,771 817,593 137,783 261,785 1,832,805 1,960,093 1,875,489 2,079,987 1,740,265 1,857,331 2,439,618 746,987 203,909 5,162,690 18,639,549 299,776 15,337,746 13,035,417 16,075,911 23,886,109 36,323,094 15,433,471 9,751,605 11,351,729 11,213,172 11,431,761 12,738,153 14,276,095 8,120,035 8,229,828 8,611,294 8,068,712 2,549,981 - 2,314,028 2,523,022 2,355,451 2,263,025 2,523,041 2,569,752 2,156,636 2,063,759 2,190,544 1,891,731 1,996,831 2,075,114 525,991 526,212 570,670 615,754 619,764 640,382 27,854 - - - - - - - - - - - 22,896,149 24,694,550 24,941,131 24,270,983 20,427,770 19,561,343 38,233,895 $ 37,729,967 $ 41,017,042 $ 48,157,092 $ 56,750,864 $ 34,994,814 $ (66,385,744) $ (70,358,620) $ (74,359,678) $ (72,401,902) $ (52,464,298) $ (87,328,912) $ 4,595,239 3,618,044 4,377,726 2,563,497 (13,345,929) (865,061) (61,790,505) $ (66,740,576) $ (69,981,952) $ (69,838,405) $ (65,810,227) $ (88,193,973) $ Fiscal Year 199 Village of Glenview, Illinois Changes in Net Position (Continued) Last Ten Fiscal Years 2007 2008 2009 2010 General revenues and other changes in net position Governmental activities Taxes Property taxes 29,533,794 $ 37,030,734 $ 33,863,907 $ 34,759,914 $ Other taxes 7,938,804 7,213,927 12,659,075 12,962,485 Sales taxes 18,238,196 18,649,183 11,943,633 12,336,353 Income taxes 3,933,680 4,207,152 3,612,282 3,497,759 Intergovernmental 959,789 1,486,645 2,519,306 2,772,575 Investment income 7,202,556 2,234,453 975,360 731,839 Miscellaneous 2,473,480 3,301,455 611,793 470,187 Gain on sale of capital assets 467,801 - - - Transfers (989,499) 287,180 4,399,659 1,777,004 Contributions - - - - Total governmental activities 69,758,601 74,410,729 70,585,015 69,308,116 Business-type activities Investment income 351,186 232,871 60,349 24,419 Miscellaneous 33,313 35,148 28,928 (18,808) Gain (loss) on sale of capital assets (21,676) - - - Gain (loss) on legal settlement - - - - Transfers 989,499 (287,180) (4,399,659) (1,723,932) Total Business-type activities 1,352,322 (19,161) (4,310,382) (1,718,321) Total primary government 71,110,923 $ 74,391,568 $ 66,274,633 $ 67,589,795 $ Change in net position Governmental activities 4,977,650 $ 2,947,541 $ 395,277 $ (6,471,721) $ Business-type activities 2,445,887 1,473,660 (894,577) 488,945 Total primary government change in net position 7,423,537 $ 4,421,201 $ (499,300) $ (5,982,776) $ Source: The Village of Glenview's Comprehensive Annual Financial Report. 200 2011 2012 2013 2014 2015 2016 40,146,639 $ 37,275,705 $ 37,383,036 $ 40,785,102 $ 41,564,097 $ 44,672,858 $ 13,257,071 13,495,498 13,944,053 14,406,764 14,460,977 14,367,678 12,792,723 13,091,218 13,833,697 14,972,367 15,635,705 16,189,240 3,823,315 3,962,313 4,309,714 4,232,425 4,832,506 4,293,596 2,502,500 2,614,374 2,739,777 2,839,239 2,950,181 3,174,289 397,478 860,108 785,925 1,407,626 667,765 1,145,352 464,084 1,562,876 4,104,857 1,703,769 1,701,143 4,075,921 - - - - - - (2,755,391) 827,016 822,322 1,313,328 11,000,896 971,962 - - - - - - 70,628,419 73,689,108 77,923,381 81,660,620 92,813,270 88,890,896 26,807 33,790 27,046 (153,614) 15,093 9,637 7,479 41,947 6,290 21,553 15,942,418 7,794 - - - - - - - - 1,571,012 - - - 2,755,391 (827,016) (822,322) (1,313,328) (11,000,896) (971,962) 2,789,677 (751,279) 782,026 (1,445,389) 4,956,615 (954,531) 73,418,096 $ 72,937,829 $ 78,705,407 $ 80,215,231 $ 97,769,885 $ 87,936,365 $ 4,242,675 $ 3,330,488 $ 3,563,703 $ 9,258,718 $ 40,348,972 $ 1,561,984 $ 7,384,916 2,866,765 5,159,752 1,118,108 (8,389,314) (1,819,592) 11,627,591 $ 6,197,253 $ 8,723,455 $ 10,376,826 $ 31,959,658 $ (257,608) $ Fiscal Year 201 Village of Glenview, Illinois Fund Balances of Governmental Funds Last Ten Fiscal Years 2007 2008 2009 2010 General Fund Reserved 202,583 $ 236,776 $ 82,583 $ 82,583 $ Unreserved 18,625,051 15,965,220 20,044,782 21,994,901 Nonspendable - - - - Committed - - - - Assigned - - - - Unassigned - - - - Total General Fund 18,827,634 16,201,996 20,127,365 22,077,484 All other governmental funds Reserved 70,662,782 66,882,660 59,293,215 49,720,439 Unreserved, reported in Special revenue funds (2,172,942) 1,495,858 1,832,064 (921,028) Capital project funds (33,701) 14,453,200 10,053,987 10,057,895 Debt service funds 14,513,477 (77,170) 15,676 30,942 Nonspendable - - - - Restricted - - - - Assigned - - - - Unassigned - - - - Total all other governmental funds 82,969,616 82,754,548 71,194,942 58,888,248 Total fund balances - governmental funds 101,797,250 $ 98,956,544 $ 91,322,307 $ 80,965,732 $ Source: The Village of Glenview's Comprehensive Annual Financial Report. The Village implemented GASB Statement No. 54 in 2011. 202 2011 2012 2013 2014 2015 2016 -$ -$ -$ -$ -$ -$ - - - - - - 131,424 195,280 87,738 176,110 499,800 155,205 - - 1,700,000 850,000 - - - - 3,208,020 5,364,276 - - 24,086,602 25,564,806 26,823,063 24,306,476 25,739,072 25,335,141 24,218,026 25,760,086 31,818,821 30,696,862 26,238,872 25,490,346 - - - - - - - - - - - - - - - - - - - - - - - - - 64,508 53,289 42,070 30,851 19,633 52,257,800 45,978,154 11,484,242 2,407,413 2,194,487 2,906,999 - - 42,275,455 31,933,727 34,155,883 31,341,543 - - - (13,171,320) (11,572,271) (8,935,926) 52,257,800 46,042,662 53,812,986 21,211,890 24,808,950 25,332,249 76,475,826 $ 71,802,748 $ 85,631,807 $ 51,908,752 $ 51,047,822 $ 50,822,595 $ Fiscal Year 203 Village of Glenview, Illinois Changes in Fund Balances of Governmental Funds Last Ten Fiscal Years 2007 2008 2009 2010 Revenues Taxes 40,995,097 $ 49,775,754 $ 46,522,982 $ 47,721,989 $ Intergovernmental 26,398,055 23,994,061 23,236,550 25,493,952 Charges for services 3,347,415 3,879,939 5,787,188 6,892,913 Licenses and permits 1,317,359 1,492,506 2,441,730 3,190,826 Fines and forfeitures 242,596 174,506 189,433 134,783 Investment income 6,139,481 2,234,453 975,370 731,839 Miscellaneous Land sales 1,003,082 3,126,283 - - Other 1,892,301 175,172 46,804 219,046 Total revenues 81,335,386 84,852,674 79,200,057 84,385,348 Expenditures General government 24,981,918 26,494,899 27,133,683 29,090,926 Public safety 25,418,302 26,685,166 25,745,800 27,884,435 Highways and streets 12,229,547 - - - Public works - 7,656,205 7,918,533 7,811,605 Development - 3,892,684 6,058,864 5,723,642 Debt service Principal 9,885,000 9,335,000 9,660,000 9,740,000 Interest and fiscal charges 6,678,361 6,011,806 5,304,081 4,246,896 Bond issuance costs - - 37,153 - Capital outlay 8,918,984 9,593,304 8,858,147 12,030,923 Miscellaneous - - - - Total expenditures 88,112,112 89,669,064 90,716,261 96,528,427 Excess of revenues over (under) expenditures (6,776,726) (4,816,390) (11,516,204) (12,143,079) Other financing sources (uses) Transfers in 34,081,992 20,474,754 19,116,695 15,678,978 Transfers out (35,071,491) (18,499,070) (15,420,632) (13,901,974) Bonds issued - - 39,838,247 - Discounts on bonds issued - - - - Premium on bonds issued - - - - Payment to escrow agent - - (39,652,343) - Proceeds from capital lease - - - - Sale of capital assets 15,675 - - 9,500 Total other financing sources (uses)(973,824) 1,975,684 3,881,967 1,786,504 Net change in fund balances (7,750,550) $ (2,840,706) $ (7,634,237) $ (10,356,575) $ Debt service as a percentage of noncapital expenditures 0.2092 0.1787 0.1833 0.1655 Source: The Village of Glenview's Comprehensive Annual Financial Report. 204 2011 2012 2013 2014 2015 2016 53,403,710 $ 50,771,203 $ 51,327,089 $ 55,191,866 $ 56,025,074 $ 59,040,536 $ 26,342,403 24,796,132 25,747,882 28,843,610 47,874,058 29,203,967 6,111,175 6,519,625 8,082,885 9,789,188 11,784,003 10,235,729 1,859,161 1,923,238 4,461,768 5,103,571 3,208,298 2,088,538 181,361 224,198 228,419 255,899 164,673 209,062 397,478 422,751 341,472 399,971 306,361 544,236 - - - - - - 205,014 709,998 486,493 796,354 120,603 2,503,274 88,500,302 85,367,145 90,676,008 100,380,459 119,483,070 103,825,342 31,153,019 38,411,652 35,582,816 36,391,244 38,168,909 39,187,095 25,710,435 26,369,673 26,687,294 27,212,096 28,421,350 29,601,085 - - - - - - 7,883,609 7,036,995 7,489,675 9,523,902 9,260,772 10,229,806 4,293,220 1,261,328 1,016,437 4,078,982 3,947,132 3,992,133 10,051,617 8,208,235 30,983,776 32,364,371 17,975,309 8,230,309 3,762,159 3,279,464 2,761,174 2,388,883 2,263,186 1,923,782 38,818 139,044 61,176 - 20,250 - 8,336,649 6,060,977 8,253,623 34,631,202 43,130,127 12,108,321 - - - - - - 91,229,526 90,767,368 112,835,971 146,590,680 143,187,035 105,272,531 (2,729,224) (5,400,223) (22,159,963) (46,210,221) (23,703,965) (1,447,189) 31,368,232 6,281,471 13,052,864 16,557,993 33,455,261 9,514,205 (33,163,914) (5,702,833) (11,837,724) (12,684,506) (21,593,677) (8,292,243) 11,035,000 40,395,000 38,575,000 6,529,688 10,000,000 - - - (11,539) - - - - 4,432,391 69,535 - - - (11,000,000) (44,678,884) - - - - - - - - 981,451 - - - (3,859,114) 2,083,991 - - (1,760,682) 727,145 35,989,022 12,487,166 22,843,035 1,221,962 (4,489,906) $ (4,673,078) $ 13,829,059 $ (33,723,055) $ (860,930) $ (225,227) $ 0.1571 0.1328 0.3121 0.2834 0.1865 0.1031 Fiscal Year 205 Village of Glenview, Illinois Assessed Value and Actual Value of Taxable Property Last Ten Levy Years Levy Residential Commercial Industrial Year Property Property Property Railroad Farm 2006 1,478,823,650 $ 477,703,360 $ 213,822,559 $ 184,075 $ 589 $ 2007 1,878,422,371 572,300,107 242,310,888 202,163 589 2008 2,026,139,779 638,159,198 248,243,038 221,084 589 2009 2,198,443,085 595,701,792 207,259,989 266,417 368 2010 2,298,836,300 388,196,316 27,515,890 333,270 368 2011 1,763,765,871 499,476,841 184,570,112 354,177 - 2012 1,637,952,132 481,487,771 171,866,548 400,750 - 2013 1,409,769,224 450,231,431 165,239,212 495,230 - 2014 1,528,673,674 432,810,794 86,468,650 516,425 - 2015 1,495,671,114 420,439,314 96,170,413 620,212 - Data Source Office of the County Clerk Note : Property in the Village is reassesed each year. Property is assessed at 33% of actual value. 206 Total Estimated Estimated Total Taxable Direct Actual Actual Assessed Tax Taxable Taxable Value Rate Value Value 2,170,534,233$ 4.15 6,511,602,699$ 33.333% 2,693,236,118 3.69 8,079,708,354 33.333% 2,912,763,688 3.50 8,738,291,064 33.333% 3,001,671,651 3.62 9,005,014,953 33.333% 2,714,882,144 4.08 8,144,646,432 33.333% 2,448,167,001 4.56 7,344,501,003 33.333% 2,291,707,201 4.82 6,875,121,603 33.333% 2,025,735,097 5.53 6,077,205,291 33.333% 2,048,469,543 5.54 6,145,408,629 33.333% 2,012,901,053 5.85 6,038,703,159 33.333% 207 Village of Glenview, Illinois Direct and Overlapping Property Tax Rates Last Ten Levy Years 2006 2007 2008 2009 Village of Glenview Corporate 0.184 0.184 0.174 0.148 Bonds and interest 0.099 0.072 0.068 0.068 Police pension 0.060 0.049 0.040 0.060 Fire pension 0.072 0.064 0.068 0.085 Total direct tax rate 0.415 0.369 0.350 0.361 Glenview Public Library 0.246 0.149 0.195 0.210 Glenview Special Service Area #9 0.284 0.227 0.200 0.093 Glenview Special Service Area #10 0.293 0.238 0.209 0.100 Glenview Special Service Area #11 0.160 0.127 0.175 - Glenview Special Service Area #12 0.242 0.172 0.159 - Glenview Special Service Area #17 0.324 0.192 0.192 0.177 Glenview Special Service Area #18 0.363 0.269 0.242 0.221 Glenview Special Service Area #20 0.217 0.180 0.160 0.155 Glenview Special Service Area #22 0.193 0.137 0.129 0.117 Glenview Special Service Area #24 - - - - Glenview Special Service Area #27 - - - - Glenview Special Service Area #31 - - - - Glenview Special Service Area #32 0.082 0.075 0.068 0.073 Glenview Special Service Area #33 0.440 0.349 0.308 0.287 Glenview Special Service Area #35 0.292 0.243 0.207 0.204 Glenview Special Service Area #36 0.191 0.143 0.127 0.108 Glenview Special Service Area #37 0.163 0.122 0.118 0.102 Glenview Special Service Area #38 - - - - Glenview Special Service Area #40 - - - - Glenview Special Service Area #41 - - - - Glenview Special Service Area #42 - - - - Glenview Special Service Area #43 - - - - Glenview Special Service Area #44 - - - - Glenview Special Service Area #45 - - - - Glenview Special Service Area #46 - - - - Glenview Special Service Area #47 - - - - Glenview Special Service Area #49 - - - - Glenview Special Service Area #50 - - - - Glenview Special Service Area #51 - - - - Glenview Special Service Area #52 - - - - Glenview Special Service Area #53 - - - - Glenview Special Service Area #54 - - - - Glenview Special Service Area #55 - - - - Glenview Special Service Area #56 - - - - Glenview Special Service Area #57 - - - - Glenview Special Service Area #61 - - - - Glenview Special Service Area #62 - - - 0.165 Glenview Special Service Area #63 - - - 0.183 Glenview Special Service Area #95 - - - - 208 2010 2011 2012 2013 2014 2015 0.162 0.177 0.188 0.203 0.176 0.162 0.076 0.084 0.083 0.095 0.091 0.092 0.065 0.074 0.073 0.098 0.098 0.127 0.105 0.120 0.139 0.157 0.188 0.203 0.408 0.455 0.482 0.553 0.553 0.584 0.253 0.303 0.347 0.396 0.394 0.415 - - - - - - - - - - - - - - - - - - - - - - - - 0.210 0.115 - - - - 0.280 0.148 - - - - 0.165 - - - - - 0.142 - - - - - - - - - - - - - - - - - - - - - - - 0.074 0.082 0.087 0.066 - - 0.333 0.370 0.391 0.422 - - 0.223 0.233 0.248 0.344 0.328 0.335 0.138 0.153 0.162 0.181 - - 0.117 0.133 0.141 0.159 - - 0.844 0.894 0.854 1.250 1.210 1.260 - 0.079 0.085 0.094 0.094 0.098 - 0.079 0.086 0.094 0.079 0.084 0.406 0.440 0.470 0.586 0.575 0.585 - 0.122 0.130 0.138 0.138 0.140 - 0.168 0.191 0.221 0.212 0.210 - 0.444 0.446 0.477 0.467 0.470 - 0.598 0.550 0.553 0.581 0.624 0.546 0.568 0.605 0.775 0.713 0.724 - 0.241 0.261 0.312 0.312 0.318 - 0.130 0.140 0.153 0.150 0.160 - 0.279 0.297 0.354 0.349 0.351 - 0.141 0.151 0.170 0.168 0.174 - 1.035 1.206 1.296 1.263 1.163 - 0.695 0.739 0.796 0.751 0.698 0.423 0.410 0.378 0.430 0.379 0.426 0.903 0.971 1.022 1.185 1.090 1.210 0.538 0.566 0.586 0.677 0.668 0.682 - 0.188 0.201 0.232 0.228 0.241 0.213 0.228 0.239 0.280 0.272 0.332 0.232 0.245 0.257 0.273 0.271 0.322 - - - - - 0.917 (Continued) Tax Levy Year 209 Village of Glenview, Illinois Direct and Overlapping Property Tax Rates (Continued) Last Ten Levy Years 2006 2007 2008 2009 Avoca School District #37 2.008 1.594 1.755 1.698 County Consolidated Elections - 0.012 - 0.021 County of Cook 0.500 0.446 0.415 0.394 East Maine School District #63 2.617 2.276 2.233 2.235 Forest Preserve District 0.057 0.053 0.051 0.049 Glenview Park District 0.511 0.429 0.429 0.422 Glenview School District #34 2.334 1.953 1.909 1.876 Golf School District #67 2.094 1.859 1.807 1.943 Maine High School #207 1.826 1.602 1.577 1.617 Maine Township - General 0.073 0.065 0.064 0.067 Maine Township - General Assistance 0.016 0.002 0.015 0.016 Maine Township - Road and Bridge 0.038 0.034 0.033 0.034 Metropolitan Water Reclamation Dist.0.284 0.263 0.252 0.261 New Trier High School #203 1.662 1.299 1.290 1.237 New Trier Township - General 0.073 0.031 0.031 0.030 New Trier Township - General Assistance 0.003 0.003 0.003 0.003 Niles High School #219 2.374 2.114 2.120 2.267 Niles Township - General 0.031 0.027 0.027 0.029 Niles Township - General Assistance 0.003 0.003 0.003 0.003 North Shore Mosquito Abatement 0.009 0.008 0.008 0.008 Northbrook School District #30 2.471 2.138 2.089 2.089 Northfield High School #225 1.623 1.403 1.383 1.395 Northfield Township - General 0.011 0.010 0.009 0.010 Oakton Community College #535 0.166 0.141 0.140 0.140 Suburban T.B. Sanitarium 0.005 - - - West Northfield School District #31 1.624 1.405 1.402 1.494 Wilmette School District #39 2.261 1.848 1.812 1.716 Northfield Township - Road and Bridge 0.035 0.030 0.030 0.031 Northfield Township - General Assistance 0.008 0.008 0.009 0.010 Northfield Woods Sanitary District 0.056 0.049 0.049 0.054 North Maine Fire Protection District 0.914 0.882 0.986 1.112 Northbrook Park District 0.406 0.342 0.332 0.334 Oak Meadow Sanitary District 0.045 0.004 0.037 0.038 Northwest Mosquito Abatement 0.009 0.008 0.008 0.008 Data Source Office of the County Clerk *Property tax rates are per $100 of assessed valuation 210 2010 2011 2012 2013 2014 2015 2.022 2.281 2.557 2.762 2.957 3.094 - 0.025 - 0.031 - - 0.423 0.462 0.531 0.560 0.568 0.552 2.499 2.775 3.100 3.864 3.811 4.040 0.051 0.058 0.063 0.069 0.069 0.069 0.483 0.538 0.579 0.662 0.661 0.684 2.160 2.429 2.706 3.129 3.173 3.291 2.203 2.449 2.961 3.497 3.427 3.552 1.782 1.995 2.215 2.722 2.739 2.901 0.075 0.085 0.096 0.120 0.119 0.124 0.018 0.021 0.023 0.029 0.029 0.031 0.038 0.043 0.049 0.061 0.062 0.065 0.274 0.320 0.370 0.417 0.430 0.426 1.474 1.674 1.864 2.111 2.268 2.380 0.037 0.042 0.047 0.054 0.055 0.058 0.004 0.005 0.006 0.007 0.007 0.008 2.538 2.904 3.256 3.707 3.650 3.891 0.032 0.037 0.042 0.049 0.050 0.052 0.004 0.005 0.006 0.007 0.007 0.008 0.009 0.010 0.010 0.007 0.011 0.012 2.327 2.641 2.999 3.381 3.272 3.394 1.609 1.819 2.028 2.341 2.367 2.493 0.013 0.020 0.024 0.031 0.032 0.028 0.160 0.196 0.219 0.256 0.258 0.271 - - - - - - 1.730 2.018 2.525 2.946 2.911 3.107 2.314 2.620 2.922 3.229 3.356 3.502 0.036 0.041 0.046 0.053 0.054 0.057 0.011 0.008 0.009 0.008 0.007 0.007 0.067 0.079 0.082 0.098 0.099 0.098 1.254 1.366 1.452 1.814 1.815 1.906 0.375 0.424 0.471 0.536 0.537 0.569 0.045 0.051 0.056 0.066 0.067 0.069 0.009 0.010 0.011 0.013 0.013 0.011 Tax Levy Year 211 Village of Glenview, Illinois Percentage Percentage of Total of Total Village Village Taxable Taxable Taxable Taxable Assessed Assessed Assessed Assessed Taxpayer Value Rank Valuation Value Rank Valuation CLF (formerly Grubb & Ellis)27,512,833 $ 1 1.37%27,786,696 $ 2 1.08% ITW 25,651,074 2 1.27%20,558,089 3 0.80% Oliver McMillan LLC 24,217,379 3 1.20% Astella US Holdings 18,967,364 4 0.94% Mid America Asset 18,838,420 5 0.94% Northshore University 17,047,480 6 0.85% Anixter, Inc.14,854,261 7 0.74%17,130,303 5 0.67% Abt Electronics 14,756,479 8 0.73%15,963,836 6 0.62% Thomson Reuters Pts (formerly Cole Real Estate)14,343,179 9 0.71% AGF Sanders Office 11,367,364 10 0.56% Kraft USA 48,920,456 1 1.91% VI Communities (formerly Classic Residence - Hyatt)19,709,361 4 0.77% Mid American Asset 14,269,339 7 0.56% Capmark Finance 13,329,610 8 0.52% Pearson Tax Dept.12,695,181 9 0.49% Bethany Methodist 12,255,058 10 0.48% 187,555,833 $ 9.31%202,617,929 $ 7.90% Note: Every effort has been made to seek out and report the largest taxpayers. However, many of the taxpayers own multiple parcels, and it is possible that some parcels and their valuations have been overlooked. Principal Property Taxpayers Current Year and Ten Years Ago 20072016 212 Village of Glenview, Illinois Property Tax Levies and Collections Last Ten Tax Levy Years Property Subsequent Levy Fiscal Taxes Taxes Percentage Year Taxes Percentage Year Year Levied Received of Levy Collections Received of Levy 2006 2007 14,322,403$ 12,857,920$ 89.77%1,258,740$ 14,116,660$ 98.56% 2007 2008 13,919,457 13,398,159 96.25%124,258 13,522,417 97.15% 2008 2009 15,858,539 15,345,443 96.76%129,254 15,474,697 97.58% 2009 2010 17,136,858 16,810,757 98.10%(117,313)16,693,444 97.41% 2010 2011 17,919,376 17,269,565 96.37%276,588 17,546,153 97.92% 2011 2012 18,561,309 18,202,205 98.07%102,833 18,305,038 98.62% 2012 2013 18,977,508 18,647,991 98.26%202,413 18,850,404 99.33% 2013 2014 19,213,934 18,997,309 98.87%106,157 19,103,466 99.43% 2014 2015 19,401,830 19,017,834 98.02%176,170 19,194,004 98.93% 2015 2016 20,103,470 19,871,822 98.85%- 19,871,822 98.85% Source: Office of the County Clerk Note: Property in the Village is assessed annually. Property is assessed at approximately 33% of the actual value on January 1 and property taxes are levied in December of the tax levy year. Collected within the Fiscal Year after the Levy Total Collections Per Levy 213 Village of Glenview, Illinois Ratios of Outstanding Debt by Type Last Ten Fiscal Years Governmental Activities Business-Type Activities Percentage Total Fiscal General Special General of Outstanding Year Obligation Loans Service Obligation Notes Total Personal Debt Per Ended Bonds Payable Area Bonds Payable Village Income*Capita* 2006 147,725,000$ -$ 75,696$ 6,479,304$ 2,030,203$ 156,310,203$ 8.07%3,500 2007 137,840,000 - 65,713 12,099,287 1,915,164 151,920,164 7.84%3,402 2008 128,505,000 - - 10,889,470 1,794,439 141,188,909 7.32%3,177 2009 118,865,000 - - 9,629,897 1,667,748 130,162,645 6.75%2,996 2010 109,125,000 - - 4,750,000 1,534,796 115,409,796 4.96%2,582 2011 99,115,000 - - 3,860,000 1,395,273 104,370,273 4.39%2,335 2012 89,415,000 - - 2,950,000 1,248,854 93,613,854 4.03%2,095 2013 72,742,817 28,551,488 - 2,248,585 1,095,199 104,638,089 4.51%2,341 2014 68,093,601 6,931,805 - 1,515,810 933,950 77,475,166 3.32%1,734 2015 60,984,345 5,601,496 - 767,957 3,003,592 70,357,390 3.01%1,549 2016 53,732,671 4,271,187 - - 6,829,143 64,833,001 2.73%1,428 Source: The Village of Glenview's Comprehensive Annual Financial Report. * Additional demographic information is available in the schedule of Demographic and Economic Statistics . 214 Village of Glenview, Illinois Ratios of General Bonded Debt Outstanding Last Ten Fiscal Years Percentage of Assessed General Less Taxable Debt Fiscal Obligation Debt Value of Per Year Bonds Service Funds Total Property (1)Capita (2) 2007 149,939,287$ 2,870,654$ 147,068,633$ 5.46%4,202 $ 2008 139,394,470 1,649,841 137,744,629 4.73%3,099 2009 128,494,897 15,676 128,479,221 4.28%2,890 2010 113,875,000 - 113,875,000 3.79%2,548 2011 102,975,000 - 102,975,000 3.79%2,304 2012 92,365,000 - 92,365,000 3.77%2,067 2013 74,991,402 - 74,991,402 3.27%1,566 2014 69,609,411 - 69,609,411 3.44%1,558 2015 61,752,302 - 61,752,302 3.01%1,360 2016 53,732,671 - 53,732,671 2.67%1,184 Source: The Village of Glenview's Comprehensive Annual Financial Report. (1) See the Schedule of Assessed Value and Actual Value of Taxable Property for property value data. (2) See the Schedule of Demographics and Economic Statistics. 215 Village of Glenview, Illinois Direct and Overlapping Governmental Activities Debt As of December 31, 2016 Percentage Village of Debt Applicable Glenview to the Village of Share Governmental unit Debt Glenview (1)of Debt Direct bonded debt Village of Glenview 53,732,671 $ 100.00%53,732,671 $ Overlapping Bonded Debt Glenview Special Service Areas 2,416,895 100.00%2,416,895 Glenview Park District 11,127,000 85.24%9,484,655 Cook County, including Forest Preserve District 3,370,651,750 1.52%51,233,907 Metropolitan Water Reclamation District 2,558,808,902 1.52%38,893,895 School Districts Elementary School Districts Avoca School District No. 37 3,480,000 8.22%286,056 East Maine School District No. 63 7,700,000 4.20%323,400 Glenview School District No. 34 19,045,000 90.31%17,199,540 Golf School District No. 67 10,500,470 7.85%824,287 West Northfield School District No. 31 4,005,000 48.80%1,954,440 Wilmette School District No. 39 10,825,000 4.72%510,940 High School Districts Maine Township District No. 207 15,600,000 1.00%156,000 New Trier Township District No. 203 92,310,000 2.31%2,132,361 Niles Township District No. 219 134,253,952 0.72%966,628 Northfield Township District No. 225 73,009,613 42.02%30,678,639 Community College District Oakton Community College No. 535 30,895,000 10.78%3,330,481 Total overlapping bonded debt 6,344,628,582 160,392,124 Total direct and overlapping bonded debt 6,398,361,253 $ 214,124,795 $ Source: Cook County Clerk as of 12/31/15 (1) Determined by the ratio of assessed valuation of property subject to taxation in the Village of Glenview to the valuation of property subject to taxation in overlapping unit. Based on 2014 real property valuations. 216 Village of Glenview, Illinois Legal Debt Margin Information As of December 31, 2016 The Village of Glenview is a home rule municipality in the State of Illinois. Article VII, Section 6(k) of the 1970 Illinois Constitution governs computation of the legal debt margin and reads as follows: “The General Assembly may limit by law the amount and require referendum approval of debt to be incurred by home rule municipalities, payable from ad valorem property tax receipts, only in excess of the following percentages of the assessed value of its taxable property….(2) if its population is more than 25,000 and less than 50,000 an aggregate of one percent;….Indebtedness which is outstanding on the effective date (July 1, 1971) of this constitution or which is thereafter approved by referendum…shall not be included in the foregoing percentage amount.” To date, the Illinois General Assembly has not set limits for home rule municipalities. 217 Village of Glenview, Illinois Per Personal Capita Fiscal Income Personal Unemployment Year Population (in Thousands)Income Rate 2007 44,443 1,928,115 $ 43,384 $ 3.1% 2008 44,443 1,928,115 43,384 4.2% 2009 44,443 1,928,115 43,384 6.9% 2010 44,692 2,331,179 52,161 6.8% 2011 44,692 2,379,670 53,246 6.8% 2012 44,692 2,321,883 51,953 6.2% 2013 44,692 2,334,129 52,227 6.3% 2014 45,417 2,336,932 51,455 6.1% 2015 45,400 2,375,600 52,326 4.4% 2016 45,969 2,398,065 52,167 4.1% Source: Population information provided by the U.S. Census Bureau. Per capita information provided by the American Community Survey. Unemployment data provided by Illinois Department of Employment Security (IDES). Demographic and Economic Statistics Last Ten Fiscal Years 218 Village of Glenview, Illinois % of % of Number of Total Village Number of Total Village Employer Rank Employees Population Rank Employees Population Abt Electronics 1 1,400 3.05%3 1,100 2.48% Astellas 2 1,267 2.76% Glenbrook Hospital 3 1,099 2.39%4 900 2.03% Anixter, Inc.4 850 1.85%8 500 1.13% ITW/Signode 5 695 1.51%5 850 1.91% Glenview Comm. School Dist 34 6 694 1.51%6 590 1.33% Kraft Foods Technology Center 7 550 1.20%1 2,120 4.77% Glenbrook South High School 8 431 0.94%9 413 0.93% Signode 9 390 0.85% Glenview Terrace Nursing Home 10 375 0.82% AON Insurance 2 1,200 2.70% Scott Foresman (Pearson)7 569 1.28% Village of Glenview 10 332 0.75% 16.86%19.31% Source: Illinois Manufacturers Services Directory, Illinois Services Directory and Employer Contact. Principal Employers Current Year and Ten Years Ago 2016 2007 219 Village of Glenview, Illinois Full-Time Equivalent Employees Last Ten Fiscal Years Function/Program 2007 2008 2009 2010 General Government Management services (1)12 13 10 10 Finance 16 - - - Administrative services (1)- 22 14 16 Planning and economic development (2)- 32 21 23 Planning 2 - - - Code enforcement 16 - - - Community development (3)14 - - - Capital projects (3)- 17 13 11 Total general government 60 84 58 60 Public safety Police Officers 78 77 74 73 Civilians 18 19 18 17 Fire Firefighters and officers 85 84 82 84 Civilians 11 - - 2 Joint dispatch - 15 20 20 Total public safety 192 195 194 196 Public works Administration 6 6 6 4 Engineering 8 - - - Facilities maintenance (4)- - - - Street maintenance 45 22 21 21 Water maintenance 21 29 28 29 Fleet maintenance - 6 6 5 Natural resources - 2 1 1 Total public works 80 65 62 60 Total full-time equivalent employees 332 344 314 316 (1)Records division previously included in Management Services is included in Administrative Services as of 2015. (2) Planning and Economic Development, previously its own department, is included in Community Development as of 2014. (3) Capital Projects is renamed Community Development as of 2014. (4) Facilities division previously included in Capital Projects is included in Public Works as of 2014. Data source: Village Budget Office. 220 2011 2012 2013 2014 2015 2016 11 15 15 15 9 9 - - - - - - 13 13 12 13 16 16 - - 5 5 5 - - - - - - - - - - - - - - - - - - 21 20 19 25 25 20 - - - 54 58 52 49 45 44 71 70 70 70 70 70 16 12 12 11 5 5 80 80 80 80 80 80 2 2 2 1 1 1 19 21 27 40 40 42 188 185 191 202 196 198 6 6 6 6 5 6 - - - - - - - - - 4 4 4 20 21 21 21 21 21 21 18 19 19 16 16 3 4 4 4 4 4 1 1 1 1 1 1 51 50 50 55 51 52 293 293 293 306 292 294 221 Village of Glenview, Illinois Operating Indicators Last Ten Fiscal Years Function/Program 2007 2008 2009 2010 Public Safety Police Physical arrests 1,003 1,677 1,475 1,088 Parking violations 2,206 2,962 3,518 2,998 Traffic violations 5,800 4,101 3,024 2,301 Fire Emergency responses Emergency medical 4,707 4,873 4,588 4,653 Other responses 3,148 2,885 2,561 2,249 Fires extinguished 100 - - 52 Fires extinguished (structures)- 39 11 21 Public works Pothole repairs (hours)1,062 2,425 5,910 4,444 Water Metered water customers 15,663 15,754 15,769 15,781 Water main breaks 130 93 96 134 Water purchases (in ten-thousands of gallons)318,381 306,164 301,349 292,882 Average daily consumption 196 186 183 141 Building Permits issued 2,739 2,837 2,376 2,535 Value of construction (in thousands of dollars)108,455 $ 106,000 $ 133,737 $ 110,191 $ Data Source Various Village departments. 222 2011 2012 2013 2014 2015 2016 571 544 570 506 551 557 2,243 1,125 2,272 1,922 2,388 1,813 2,446 2,511 2,646 2,352 2,198 3,491 4,948 4,832 4,495 4,860 4,925 5,220 2,359 2,327 2,835 2,821 2,898 3,032 28 63 47 39 41 42 26 27 26 32 45 38 3,453 4,267 4,390 5,182 5,519 4,115 15,786 15,894 15,889 16,050 16,053 16,139 114 171 146 102 59 134 285,877 306,706 289,550 273,095 272,568 288,410 133 138 129 120 111 107 2,552 1,471 1,918 3,503 3,433 2,042 98,541 $ 39,693 $ 164,556 $ 193,829 $ 119,447 $ 110,630 $ 223 Village of Glenview, Illinois Capital Asset Statistics Last Ten Fiscal Years Function/Program 2007 2008 2009 2010 Public Safety Police Police stations 1 1 1 1 Marked patrol units 18 18 18 18 Unmarked patrol units 9 9 12 12 Motorcycles 3 3 4 4 Civilian vehicles N/A N/A N/A N/A Fire Fire stations 5 5 5 5 Ambulances 4 4 4 4 Fire engines 4 4 6 6 Aerial ladder truck 1 1 1 1 Passenger vehicles N/A N/A N/A N/A Public works Streets and highways Arterial street miles 7 7 18 18 Residential street miles 126 126 158 158 Streetlights 1,800 1,800 1,800 1,800 Water Water main miles 230 230 230 230 Fire hydrants 2,668 2,668 2,713 2,733 Storage capacity (in millions of gallons)18,000 18,000 16,050 16,050 Wastewater Sanitary sewer miles 128 128 128 150 Storm sewer miles 175 165 165 262 Parking facilities Parking spaces 1,450 1,450 1,450 1,450 Data Source: Various Village departments, data varies due to improved GIS capabilities. N/A - Information is not available. 224 2011 2012 2013 2014 2015 2016 1 1 1 1 1 1 18 18 18 18 18 18 12 12 11 11 11 11 4 4 4 4 4 4 N/A 3 3 3 3 3 5 5 5 5 5 5 4 4 4 4 4 4 6 6 6 6 6 6 1 1 2 2 2 2 N/A 6 6 5 5 2 18 18 18 18 20 20 158 158 158 167 167 169 1,800 1,800 1,800 1,800 1,800 1,800 230 230 230 247 230 233 2,733 2,733 2,733 2,823 2,866 2,867 16,050 16,050 16,050 16,300 16,300 16,300 150 150 150 150 150 150 262 262 262 262 262 262 1,450 2,048 2,153 2,153 2,153 2,153