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HomeMy Public PortalAboutFY 2017 Certified Comprehensive Annual Financial ReportVillage of Glenview, Illinois Comprehensive Annual Financial Report For the Fiscal Year Ended December 31, 2017   COMPREHENSIVE ANNUAL FINANCIAL REPORT OF THE VILLAGE OF GLENVIEW, ILLINOIS As of and for the Year Ended December 31, 2017 Prepared by: Administrative Services - Finance Division VILLAGE OF GLENVIEW TABLE OF CONTENTS As of and for the Year Ended December 31, 2017 Page(s) INTRODUCTORY SECTION Officers and Officials i Certificate of Achievement for Excellence in Financial Reporting ii Organizational Chart iii Letter of Transmittal iv - viii FINANCIAL SECTION INDEPENDENT AUDITORS' REPORT 1 - 3 REQUIRED SUPPLEMENTARY INFORMATION Management's Discussion and Analysis 4 - 20 BASIC FINANCIAL STATEMENTS Government-Wide Financial Statements Statement of Net Position 21 Statement of Activities 22 - 23 Fund Financial Statements Balance Sheet - Governmental Funds 24 - 25 Reconciliation of the Balance Sheet of Governmental Funds to the Statement of Net Position 26 Statement of Revenues, Expenditures and Changes in Fund Balances - Governmental Funds 27 Reconciliation of the Statement of Revenues, Expenditures and Changes in Fund Balances of Governmental Funds to the Statement of Activities 28 Statement of Net Position - Proprietary Funds 29 - 30 Statement of Revenues, Expenses and Changes in Net Position - Proprietary Funds 31 Statement of Cash Flows - Proprietary Funds 32 - 33 Statement of Fiduciary Net Position - Fiduciary Funds 34 Statement of Changes in Fiduciary Net Position - Pension Trust Funds 35 Index to Notes to Financial Statements 36 Notes to Financial Statements 37 - 100 VILLAGE OF GLENVIEW TABLE OF CONTENTS (cont.) As of and for the Year Ended December 31, 2017 REQUIRED SUPPLEMENTARY INFORMATION Historical Pension and Other Postemployment Benefit Information Illinois Municipal Retirement Fund - Schedule of Changes in the Village's Net Pension Liability and Related Ratios 101 Illinois Municipal Retirement Fund - Schedule of Employer Contributions 102 Police Pension Fund - Schedule of Changes in the Village's Net Pension Liability and Related Ratios 103 - 104 Police Pension Fund - Schedule of Employer Contributions 105 - 106 Police Pension Fund - Schedule of Investment Returns 107 Firefighters' Pension Fund - Schedule of Changes in the Village's Net Pension Liability and Related Ratios 108 - 109 Firefighters' Pension Fund - Schedule of Employer Contributions 110 - 111 Firefighters' Pension Fund - Schedule of Investment Returns 112 Other Postemployment Benefit Plan - Schedule of Funding Progress 113 General Fund Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual - General Fund 114 Special Revenue Fund Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual - Special Tax Allocation Fund - Major Special Revenue Fund 115 Notes to Required Supplementary Information 116 SUPPLEMENTARY INFORMATION General Fund Detailed Schedule of Revenues and Other Financing Sources - Budget and Actual - General Fund 117 - 119 Detailed Schedule of Expenditures and Other Financing Uses - Budget and Actual - General Fund 120 - 124 Other Governmental Funds Combining Balance Sheet - Nonmajor Governmental Funds 125 - 126 Combining Statement of Revenues, Expenditures and Changes in Fund Balances - Nonmajor Governmental Funds 127 - 128 Detailed Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual Motor Fuel Tax Fund - Nonmajor Special Revenue Fund 129 Foreign Fire Insurance Fund - Nonmajor Special Revenue Fund 130 VILLAGE OF GLENVIEW TABLE OF CONTENTS (cont.) As of and for the Year Ended December 31, 2017 SUPPLEMENTARY INFORMATION (cont.) Police Department Special Account Fund - Nonmajor Special Revenue Fund 131 Waukegan Golf TIF Fund - Nonmajor Special Revenue Fund 132 Corporate Purpose Bonds Fund - Nonmajor Debt Service Fund 133 Capital Projects Fund - Nonmajor Capital Projects Fund 134 Glen Capital Projects Fund - Nonmajor Capital Projects Fund 135 Village Permanent Fund - Major Capital Projects Fund 136 Enterprise Funds Combining Statement of Net Position - Nonmajor Enterprise Funds 137 Combining Statement of Revenue, Expenses and Changes in Net Position - Nonmajor Enterprise Funds 138 Combining Statement of Cash Flows - Nonmajor Enterprise Funds 139 Detailed Schedule of Revenues, Expenses and Changes in Net Position - Budget and Actual Wholesale W ater Fund - Nonmajor Enterprise Fund 140 Commuter Parking Lot Fund - Nonmajor Enterprise Fund 141 Glenview W ater Fund - Major Enterprise Fund 142 - 143 Glenview Sanitary Sewer Fund - Major Enterprise Fund 144 Internal Service Funds Combining Statement of Net Position - Internal Services Funds 145 Combining Statement of Revenues, Expenses and Changes in Net Position - Internal Service Funds 146 Combining Statement of Cash Flows - Internal Service Funds 147 - 148 Detailed Schedule of Revenues, Expenses and Changes in Net Position - Budget and Actual Capital Equipment Replacement Fund (CERF) - Internal Service Fund 149 Municipal Equipment Repair Fund (MERF) - Internal Service Fund 150 Insurance and Risk Fund - Internal Service Fund 151 Facilities Repair and Replacement Fund - Internal Service Fund 152 Fiduciary Funds Combining Statement of Fiduciary Net Position- Pension Trust Funds 153 Combining Statement of Changes in Fiduciary Net Position - Pension Trust Funds 154 VILLAGE OF GLENVIEW TABLE OF CONTENTS (cont.) As of and for the Year Ended December 31, 2017 SUPPLEMENTARY INFORMATION (cont.) Detailed Schedule of Changes in Fiduciary Net Position - Budget and Actual Police Pension Fund - Pension Trust Fund 155 Firefighters' Pension Fund - Pension Trust Fund 156 Glenview Library - Component Unit Combining Balance Sheet and Statement of Net Position - Glenview Library - Component Unit 158 - 161 Combining Statement of Revenues, Expenditures, and Changes in Fund Balances and Statement of Activities - Glenview Library - Component Unit 162 - 163 Detailed Schedule of Revenues, Expenditures, and Changes in Fund Balances - Budget and Actual - Glenview Library - Component Unit Library General Fund 164 - 166 Library Debt Service Fund 167 Combining Balance Sheet - Glenview Library - Component Unit - Library Nonmajor Funds 168 - 169 Combining Statement of Revenues, Expenditures, and Changes in Fund Balances - Glenview Library - Component Unit - Library Nonmajor Funds 170 - 171 Detailed Schedule of Revenues, Expenditures, and Changes in Fund Balances - Budget and Actual - Glenview Library - Component Unit - Library Nonmajor Funds Library Special Reserve Fund 172 Long-Term Debt Requirements General Obligation Bond Series 2009A 173 General Obligation Bond Series 2009D 174 Illinois Environment Protection Agency Loan 175 General Obligation Refunding Bond Series 2012A 176 General Obligation Refunding Bond Series 2012B 177 General Obligation Refunding Bond Series 2012C 178 General Obligation Bond Series 2013A 179 General Obligation Bond Series 2013B 180 5-Year Loan 181 General Obligation Bond Series 2015 182 General Obligation Refunding Bond Series 2016A 183 Advanced Metering Infrastructure Loan 184 VILLAGE OF GLENVIEW TABLE OF CONTENTS (cont.) As of and for the Year Ended December 31, 2017 SUPPLEMENTARY INFORMATION (cont.) Glenview Naval Air Station (GNAS) Redevelopment Area Funds Combining Balance Sheet 185 Combining Schedule of Revenues, Expenditures, and Changes in Fund Balances 186 STATISTICAL SECTION Net Position - Last Ten Fiscal Years 187 - 188 Changes in Net Position - Last Ten Fiscal Years 189 - 192 Fund Balances of Governmental Funds - Last Ten Fiscal Years 193 - 194 Changes in Fund Balances of Governmental Funds - Last Ten Fiscal Years 195 - 196 Assessed Value and Actual Value of Taxable Property - Last Ten Levy Years 197 - 198 Direct and Overlapping Property Tax Rates - Last Ten Levy Years 199 - 202 Principal Property Tax Payers - Current Year and Nine Years Ago 203 Property Tax Levies and Collections - Last Ten Tax Levy Years 204 Ratios of Outstanding Debt by Type - Last Ten Fiscal Years 205 Ratios of General Bonded Debt Outstanding - Last Ten Fiscal Years 206 Direct and Overlapping Governmental Activities Debt 207 Legal Debt Margin Information 208 Demographic and Economic Statistics - Last Ten Fiscal Years 209 Principal Employers - Current Year and Nine Years Ago 210 Full-time Equivalent Employees by Function/Program - Last Ten Fiscal Years 211 - 212 Operating Indicators by Function/Program - Last Ten Fiscal Years 213 - 214 Capital Asset Statistics by Function/Program - Last Ten Fiscal Years 215 - 216 -i- VILLAGE OF GLENVIEW, ILLINOIS OFFICERS AND OFFICIALS December 31, 2017 LEGISLATIVE James R. Patterson, Jr. Village President Philip O’C. White, Trustee Deborah Karton, Trustee John Hinkamp, Trustee Scott Britton, Trustee Michael Jenny, Trustee Karim Khoja, Trustee Matthew J. Formica Village Clerk/Treasurer ADMINISTRATIVE Matthew J. Formica, Village Manager Government Finance Officers Association Certificate of Achievement for Excellence in Financial Reporting Presented to Village of Glenview Illinois For its Comprehensive Annual Financial Report for the Fiscal Year Ended December 31, 2016 ~p.~, Executive Director/CEO viii 2500 East Lake Avenue  Glenview, IL 60026  (847) 904-4370  Fax (847) 724-1518  www.glenview.il.us -iv- May 30, 2018 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, 2017 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. Baker Tilly Virchow Krause, 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, 2017. The independent auditors’ 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. -v- 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. 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 2016 assessed valuation, 76.5% was classified as residential, and 23.5% was commercial/industrial. A number of revenue sources in 2017 showed a sizeable increase over last year. For example, during 2017, the annual sales tax revenue amount of $17,223,884 was 6.39% higher than the sales tax revenue received in 2016. Another example is the home rules sales tax increased 5.7% in 2017 from a 2016 amount of $7,948,198 to the 2017 amount of $8,401,525. -vi- 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 2017. 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 26% of sales tax receipts in 2017, the Village’s overall reliance on Automobile and Filling stations has been reduced while the sales tax receipts in other sales tax categories have increased. Major Initiatives and Accomplishments Village Board Goals and Initiatives – The Board of Trustees’ 2017 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 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 certain 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. Another accomplishment for the Village is their success in obtaining outside funding for capital projects. From 2014 to 2017, the Village received over $33,500,000 in state and federal funds to support a number of infrastructure projects. Additionally, the Village has secured $17,500,000 in state and federal funds for projects scheduled through 2023. During 2017, the Village continued to adhere to their General Fund Balance (Reserve) policy of maintaining an unassigned fund balance at 30%-40% of total expenditures by developing a planned use of $374,812 of the General Fund Balance. -vii- Development Initiatives In 2017, several significant redevelopment projects were approved or constructed as follows:  In 2016, the Village approved the opening of its first craft brewery and tasting room. Ten Ninety Brewing Company moved into a newly renovated building in the Downtown District. The Village’s second brewery and tasting room, Machusla Brewing Company, was approved in 2016 and opened in 2017 on East Lake Avenue next to Hackney’s.  A new 15,000 square foot children’s daycare named the Kensington School for 140 infants to preschoolers was also approved in 2016 along Chestnut Road, west of Lehigh Avenue. Construction began in 2017 and the facility is scheduled to open in 2018.  Anthem Memory Care proposed a 43,000 square foot senior memory care facility, which was approved in 2016 at 1879 Chestnut Avenue. The 66 bed project named Emerald Place began construction that same year with occupation of the building occurring in late 2017.  In 2016, plans for a new 3,500 square foot Culver’s Restaurant and 4,200 square foot outlot building were approved near the Chestnut and Waukegan intersection. In 2017, the Culver’s plans were revised to eliminate the outlot building and place all the stormwater detention above-ground. Construction is expected to take place in 2018.  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 was approved in 2017 and construction commenced in 2018.  In 2017, Capital Senior Housing development was approved for a 73,000 square foot assisted living and memory care facility named Atria Senior Housing with 83 units at 4700 West Lake Avenue. Construction on the facility began in 2018.  The entire streetscape of downtown Glenview was reconstructed in 2017, leading to additional parking, enhanced landscaping and lighting, and dedicated zones for pedestrians and outdoor diners.  In 2017, Costco Wholesale received approvals to add 6 new gas pumps to their existing fueling station on Patriot Boulevard to meet customer demand. Construction is expected to begin in 2018.  In 2017, Fertility Centers of Illinois received approvals for a 30,000 square foot office building at 2555 Patriot Boulevard. The project is under construction and anticipated to be occupied by summer 2018.  The Goddard School, a 9,600 square foot, 1-story day-care facility, on Milwaukee Avenue was approved in 2017 with construction expected in 2018.  Abt Electronics was granted authority to construct additional loading docks, a truck service building, employee parking, and truck parking expansion at 1200 Milwaukee Avenue. -viii- Page 4 See independent auditors’ report. Village of Glenview, Illinois Management’s Discussion and Analysis December 31, 2017 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, 2017. Please read it in conjunction with the transmittal letter, which begins on page i and the Village’s basic financial statements, which begin on page 21. FINANCIAL HIGHLIGHTS  The Village’s net position of governmental activities and business-type activities increased by $10,842,847, or 5.9%, and $2,305,595, or 3.9%, respectively, resulting in total ending net position for the year of $254,940,951.  During the year, government-wide revenues before transfers for the governmental and business- type activities totaled $132,483,309, while expenses totaled $119,334,867, resulting in the increase in net position of $13,148,442.  The Village’s net position totaled $254,940,951 on December 31, 2017, an increase of $13,148,442 from the prior fiscal year.  The ending fund balance for the General Fund equaled $29,758,892, an increase of $4,268,546 primarily due to lower than anticipated budgeted expenditures offset by one-time revenues and higher than anticipated revenue streams. 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 21-26) 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 27. 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 21-23 of this report. Page 5 See independent auditors’ report. Village of Glenview, Illinois Management’s Discussion and Analysis (Continued) December 31, 2017 USING THIS ANNUAL REPORT – Continued Government-Wide Financial Statements - Continued The Statement of Net Position reports information on all of the Village’s assets, deferred outflows of resources, liabilities and deferred inflows of resources, with the difference between them reported as net position. Over time, increases or decreases in net position may serve as a useful indicator of whether the financial position of the Village is improving or deteriorating. Consideration of other nonfinancial factors, such as changes in the Village’s property tax base and the condition of the Village’s infrastructure, is needed to assess the overall health of the Village. The Statement of Activities presents information showing how the government’s net position changed during the most recent fiscal year. All changes in net position are reported as soon as the underlying event giving rise to the change occurs, regardless of the timing of related cash flows. Thus, revenues and expenses are reported in this statement for some items that will only result in cash flows in future fiscal periods (e.g., uncollected taxes and earned but unused vacation leave). Both of the government-wide financial statements distinguish functions of the Village that are principally supported by taxes and intergovernmental revenues (governmental activities) from other functions that are intended to recover all or a significant portion of their costs through user fees and charges (business- type activities). The governmental activities of the Village include general government, public works, public safety, and development. The business-type activities of the Village include water and sanitary sewer operations, 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. Page 6 See independent auditors’ report. Village of Glenview, Illinois Management’s Discussion and Analysis (Continued) December 31, 2017 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 24-28 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, 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 and the Glenview Sanitary Sewer Fund, both 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 29-33 of this report. Page 7 See independent auditors’ report. Village of Glenview, Illinois Management’s Discussion and Analysis (Continued) December 31, 2017 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 34-35 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 37-100 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 101-116 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 117-157 of this report. Additionally, the combining and individual fund statements for the component unit can be found on pages 158-172. 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 $254,940,951 at December 31, 2017, compared to $241,792,509 at December 31, 2016. 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, 2017 is $79,062,575 which is made up of $11,431,425, $25,274,085 and $42,357,065, respectively. The Village’s total net pension liability at December 31, 2016 was $87,361,922 and was made up of $12,385,506, $27,995,017 and $46,981,399, 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, 2017, the Village has offset the total net pension liabilities of $79,062,575 with deferred outflows of $19,614,475 and deferred inflows of $8,763,875. At December 31, 2016, the Village had offset the total net pension liabilities of $87,361,922 with deferred outflows of $28,905,008 and deferred inflows of $4,680,723. Page 8 See independent auditors’ report. Village of Glenview, Illinois Management’s Discussion and Analysis (Continued) December 31, 2017 GOVERNMENT-WIDE FINANCIAL ANALYSIS – Continued A large portion of the Village’s net position, $254,181,649, 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, $3,657,835, 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 ($2,898,533) represents unrestricted net position. 2017 2016 2017 2016 2017 2016 Current and other assets 108,268,436 $ 102,378,736 $ 11,053,533 $ 8,703,626 $ 119,321,969 $ 111,082,362 $ Capital assets 243,756,226 242,676,648 60,521,974 60,242,479 304,278,200 302,919,127 Total assets 352,024,662 345,055,384 71,575,507 68,946,105 423,600,169 414,001,489 Deferred Outflow of Resources 19,955,904 29,143,758 1,042,375 1,441,300 20,998,279 30,585,058 Total deferred outflows 19,955,904 29,143,758 1,042,375 1,441,300 20,998,279 30,585,058 Long-term liabilities 132,895,187 139,767,623 8,548,697 8,750,174 141,443,884 148,517,797 Other liabilities 25,585,693 35,956,173 2,210,511 2,173,667 27,796,204 38,129,840 Total liabilities 158,480,880 175,723,796 10,759,208 10,923,841 169,240,088 186,647,637 Deferred Inflows of Resources 20,261,611 16,080,118 155,798 66,283 20,417,409 16,146,401 Total deferred inflows 20,261,611 16,080,118 155,798 66,283 20,417,409 16,146,401 Net Position Net investment in capital assets 200,207,529 190,133,236 53,974,120 53,413,336 254,181,649 243,546,572 Restricted 3,657,835 2,906,999 - - 3,657,835 2,906,999 Unrestricted (10,627,289) (10,645,007) 7,728,756 5,983,945 (2,898,533) (4,661,062) Total net position 193,238,075 $ 182,395,228 $ 61,702,876 $ 59,397,281 $ 254,940,951 $ 241,792,509 $ Activities Activities Government Table 1 Statement of Net Position As of December 31, 2017 and 2016 Governmental Business-Type Total Primary Page 9 See independent auditors’ report. Village of Glenview, Illinois Management’s Discussion and Analysis December 31, 2017 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. Page 10 See independent auditors’ report. Village of Glenview, Illinois Management’s Discussion and Analysis (Continued) December 31, 2017 Revenue 2017 2016 2017 2016 2017 2016 Program revenues Charges for services 17,252,259 $ 13,276,364 $ 20,137,018 $ 19,561,343 $ 37,389,277 $ 32,837,707 $ Grants and contributions Operating 2,428,438 1,857,331 - - 2,428,438 1,857,331 Capital 472,494 299,776 - - 472,494 299,776 General Revenue Taxes Property 46,558,256 44,672,858 - - 46,558,256 44,672,858 Home rule 8,401,525 7,948,198 - - 8,401,525 7,948,198 Telecommunication 1,841,387 2,000,427 - - 1,841,387 2,000,427 Utility 3,469,381 3,301,427 - - 3,469,381 3,301,427 Other 1,173,563 1,117,626 - - 1,173,563 1,117,626 Intergovernmental Sales 17,223,884 16,189,240 - - 17,223,884 16,189,240 State income 4,075,812 4,293,596 - - 4,075,812 4,293,596 Local use 1,172,235 1,085,498 - - 1,172,235 1,085,498 Road and bridge 400,414 449,785 - - 400,414 449,785 Property replacement 248,714 214,012 - - 248,714 214,012 Other 1,559,393 1,424,994 - - 1,559,393 1,424,994 Investment income 1,291,016 1,145,352 18,249 9,637 1,309,265 1,154,989 Other general revenues 4,512,461 4,075,921 246,810 7,794 4,759,271 4,083,715 Total revenues 112,081,232 103,352,405 20,402,077 19,578,774 132,483,309 122,931,179 Expenses General government 42,184,653 44,385,296 - - 42,184,653 44,385,296 Public works 18,850,845 12,872,643 - - 18,850,845 12,872,643 Public safety 34,322,701 34,694,711 - - 34,322,701 34,694,711 Development 4,654,804 8,956,426 - - 4,654,804 8,956,426 Interest on long-term debt 2,027,661 1,853,307 - - 2,027,661 1,853,307 Water services - - 13,118,448 16,376,087 13,118,448 16,376,087 North Maine water and sewer - - - 19,318 - 19,318 Sanitary sewerage - - 2,292,993 2,326,072 2,292,993 2,326,072 Wholesale water - - 1,393,330 1,276,248 1,393,330 1,276,248 Commuter parking - - 489,432 428,679 489,432 428,679 Total expenses 102,040,664 102,762,383 17,294,203 20,426,404 119,334,867 123,188,787 Change in net position before transfers 10,040,568 590,022 3,107,874 (847,630) 13,148,442 (257,608) Transfers 802,279 971,962 (802,279) (971,962) - - Change in net position 10,842,847 1,561,984 2,305,595 (1,819,592) 13,148,442 (257,608) Net position - beginning 182,395,228 180,833,244 59,397,281 61,216,873 241,792,509 242,050,117 Net position - ending 193,238,075 $ 182,395,228 $ 61,702,876 $ 59,397,281 $ 254,940,951 $ 241,792,509 $ Activities Activities Government Table 2 Changes in Net Position For the Fiscal Years Ended December 31, 2017 and 2016 Governmental Business-Type Total Primary Page 11 See independent auditors’ report. Village of Glenview, Illinois Management’s Discussion and Analysis (Continued) December 31, 2017 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 48.9% of the Village’s General Fund expenditures (including transfers) and approximately 16.8% of enterprise operating costs at December 31, 2017. 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. Page 12 See independent auditors’ report. Village of Glenview, Illinois Management’s Discussion and Analysis (Continued) December 31, 2017 GOVERNMENT-WIDE FINANCIAL ANALYSIS – Continued Net position of the Village’s governmental activities increased by 5.9%, or $10,842,847 ($192,238,075 in 2017 compared to $182,395,228 in 2016). This increase is due to a combination of higher than anticipated revenues and a decrease in net pension liability. Net position of business-type activities increased 3.9%, or $2,305,595 ($61,702,876 in 2017 compared to $59,397,281 in 2016). This increase is partially the result of the Village implementing an increase in the required cash reserve policy, coupled with higher than anticipated business-type activity charges for services. Governmental Activities Revenues: Revenues for governmental activities totaled $112,081,232 at December 31, 2017 and $103,352,405 at December 31, 2016, an increase of $8,728,827. Some key changes during the year for the governmental activity revenues are described below:  Charges for services increased by $3,975,895, or 29.9%, from $13,276,364 at December 31, 2016 to $17,252,259 at December 31, 2017. This was partially due to increases in joint dispatch charges of $2,009,326 and Glenbrook Fire Protection District of $1,103,398.  Property tax revenues increased by $1,885,398, or 4.2%, from $44,672,858 at December 31, 2016 to $46,558,256 at December 31, 2017.  Sales tax increased by $1,034,644, or 6.4%, from $16,189,240 at December 31, 2016 to $17,223,884 at December 31, 2017. Page 13 See independent auditors’ report. Village of Glenview, Illinois Management’s Discussion and Analysis (Continued) December 31, 2017 GOVERNMENT-WIDE FINANCIAL ANALYSIS – Continued Governmental Activities – Continued The following table graphically depicts the major revenue sources of the Village. It depicts very clearly the reliance of property taxes and sales taxes to fund governmental activities. It also clearly identifies the less significant percentage the Village receives from income taxes, telecommunication taxes, and utility taxes. Page 14 See independent auditors’ report. Village of Glenview, Illinois Management’s Discussion and Analysis (Continued) December 31, 2017 GOVERNMENT-WIDE FINANCIAL ANALYSIS – Continued Governmental Activities – Continued For the year ended December 31, 2017, governmental activities expenses totaled $102,040,664, a decrease of $721,719, or 0.7% from the 2016 expenses of $102,762,383. Business-Type activities Business-Type activities posted total revenues of $20,402,077, while the cost of all business-type activities totaled $17,294,203. This results in a surplus of $3,107,874 prior to net transfers out of $802,279. In 2016, expenses of $20,426,404 exceeded revenues of $19,578,774, resulting in a deficit of $847,630 prior to net transfers out of $971,962. Revenues For the fiscal year ended December 31, 2017, revenues for the business-type activities totaled $20,402,077, an increase of $823,303, or 4.2%, due primarily to an increase in water charges for services of $348,253. Expenses Expenses for the year ended December 31, 2017 totaled $17,294,203 a decrease of $3,132,201, or 15.3% over the 2016 expenses of $20,426,404. During 2017, the Village incurred $3,257,639 less in expenses than in 2016 due largely to the implementation of an Automated Metering Program in 2016; a total of $3,394,497 was expensed for this project. Page 15 See independent auditors’ report. Village of Glenview, Illinois Management’s Discussion and Analysis (Continued) December 31, 2017 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 $57,145,660, which is $6,323,065, or 12.4%, higher than last year’s total of $50,822,595. Of the $57,145,660 total, $19,910,965, or approximately 34.8%, of the fund balance constitutes unassigned fund balance. General Fund The General Fund reported an increase in fund balance for the year of $4,268,546 or 16.7%, which is due to a combination of higher than anticipated revenues and lower than anticipated budgeted expenditures. The General Fund is the chief operating fund of the Village. At December 31, 2017, unassigned fund balance in the General Fund was $26,530,097 which represents 89.2% of the total fund balance of the General Fund. As a measure of the General Fund’s liquidity, it is useful to compare unassigned fund balance to total fund expenditures. Unassigned fund balance in the General Fund represents approximately 39.3% 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, 2017, the Special Tax Allocation Fund reported revenues in excess of expenditures of $3,186,913, due in large part to property tax revenues coming in over budget by $2,335,259 and expenses coming in under budget by $654,257. Page 16 See independent auditors’ report. Village of Glenview, Illinois Management’s Discussion and Analysis (Continued) December 31, 2017 FINANCIAL ANALYSIS OF THE GOVERNMENT’S FUNDS – Continued Governmental Funds – Continued Other Major Funds – Continued The Village Permanent Fund, reported as a capital projects fund, was formed from 20% of the land sales proceeds of The Glen. Ongoing, the resources are used for Village-wide improvements and economic development initiatives as well as short-term liquidity for the Village’s Tax Increment Financing (TIF) projects at The Glen. For the year ended December 31, 2017, the Village Permanent Fund reported expenditures in excess of revenues of $274,641. The previous Village Hall site was sold in 2017, resulting in property sales revenue of $2,461,000. Transfers out to the Capital Projects Fund and the Sanitary Sewer Fund in the amount of $2,875,600 and $47,119, respectively. 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 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 Glenview Sanitary Sewer Fund accounts for the provision of sanitary sewer services to property owners in both incorporated and unincorporated areas of the Village. The Village purchases Lake Michigan water from neighboring Wilmette. The spread between purchase and sale rates is intended to finance the operations of the utility system; including labor costs, supplies, and infrastructure maintenance. The surplus in the Glenview Water Fund during the current fiscal year was $1,570,282; the previous fiscal year reported a deficit of $1,431,448. The surplus in this fund is largely the result of operating expenses coming in $1,030,460 lower than budget and operating revenues coming in $630,077 higher than budget. Unrestricted net position in the Glenview Water Fund totaled $3,544,057 at December 31, 2017. Page 17 See independent auditors’ report. Village of Glenview, Illinois Management’s Discussion and Analysis (Continued) December 31, 2017 FINANCIAL ANALYSIS OF THE GOVERNMENT’S FUNDS – Continued Proprietary Funds – Continued The surplus in the current year in the Glenview Sanitary Sewer Fund was $203,703, resulting in ending net position of $19,679,672. In the prior year the Glenview Sanitary Sewer Fund also reported a surplus of $243,067. The current year surplus was due in large part due to capital expenses coming in lower than budget. GENERAL FUND BUDGETARY HIGHLIGHTS During 2017, the Village Board approved three budget amendments. The first amendment was to approve a $262,500 transfer from the Permanent Fund to the Capital Projects Fund for the feasibility cost sharing agreement with the U.S. Army Corps of Engineers. The second amendment was to increase reimbursable expenses related to 911 dispatch consolidation capital costs of the Villages of Glencoe, Kenilworth, Northfield and Winnetka by $193,465. The third amendment was to modify the 2017 budget for The Circles Improvement Project with a future offsetting reduction in the 2018 capital projects budget in the amount of $2,282,111 so that all planned project improvements can be completed in one construction season instead of two. General Fund actual revenues (including other financing sources) for the year totaled $71,836,783 compared to budgeted revenues of $69,168,902, a difference of $2,667,881. This is due to sales tax revenue being over budget by $555,441. Charges for services also were higher than budget by $663,675, the majority of which is from cable fees, insurance reimbursements and dispatch services. Additionally, the Glenbrook Fire Protection District was $1,166,260 higher than budget due to a one-time payment for prior services. Page 18 See independent auditors’ report. Village of Glenview, Illinois Management’s Discussion and Analysis (Continued) December 31, 2017 FINANCIAL ANALYSIS OF THE GOVERNMENT’S FUNDS – Continued GENERAL FUND BUDGETARY HIGHLIGHTS - Continued The General Fund actual expenditures (including transfers) for the year of $67,568,237 were $2,172,641 lower than budgeted expenditures of $69,740,878. Contractual services were under budget by $853,506, or 6.2%. This is due to lower than budgeted expenses for building maintenance, snow plowing, software licensing, outside litigation, and economic development agreements for property, sales and utility tax sharing. Commodities were under budget by $109,475, or 5.7%, mainly due to savings in salt and natural gas. Other charges were under budget by $390,198, or 5.4% due to lower than budgeted expenses for training and various expenses budgeted but not incurred. Interfund charges were under budget by $238,890, or 4.8% as the cost of fuel and routine maintenance charges for Village fleet were lower than anticipated. Additionally, personnel costs were $667,885 under budget due to staff vacancies within several departments. Original Final Budget Budget Actual Revenues Taxes 26,643,379 $ 26,643,379 $ 26,778,568 $ Intergovernmental 26,912,962 26,912,926 28,562,583 Other 14,573,846 14,573,882 15,454,947 Total revenues 68,130,187 68,130,187 70,796,098 Expenditures (62,359,530) (62,552,996) (60,268,421) Transfers in 1,038,715 1,038,715 1,040,685 Transfers out (7,187,882) (7,187,882) (7,299,816) Total expenditures and net transfers (68,508,697) (68,702,163) (66,527,552) Net change in fund balance (378,510) $ (571,976) $ 4,268,546 $ Table 3 General Fund Budgetary Highlights Page 19 See independent auditors’ report. Village of Glenview, Illinois Management’s Discussion and Analysis (Continued) December 31, 2017 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, 2017 was $304,278,200 (net of accumulated depreciation). This investment in capital assets includes land, buildings and improvements, machinery, equipment, and vehicles, water and sanitary sewer system improvements, and other infrastructure improvements. This year’s major additions included: Additional information on the Village’s capital assets can be found in Note III on pages 62-63 of this report. 2017 2016 2017 2016 2017 2016 Construction in progress -$ 52,641 $ -$ 122,796 $ -$ 175,437 $ 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 70,802,677 70,949,194 1,837,884 1,748,084 72,640,561 72,697,278 Machinery, equipment and vehicles 8,527,304 7,683,522 858,151 1,061,894 9,385,455 8,745,416 Infrastructure 88,067,598 87,632,644 - - 88,067,598 87,632,644 Water system - - 39,081,783 38,321,140 39,081,783 38,321,140 Sanitary sewer system - - 18,176,305 18,420,714 18,176,305 18,420,714 Total 243,756,226 $ 242,676,648 $ 60,521,974 $ 60,242,479 $ 304,278,200 $ 302,919,127 $ Activities Activities Government Table 4 Capital Assets at Year End Net of Depreciation Governmental Business-Type Total Primary Additions Construction in progress 267,793 $ Land - Building and improvements 2,759,143 Infrastructure, including roadways, etc. 4,716,360 Machinery, equipment and vehicles 2,433,514 Sanitary sewer system 242,943 Water system 1,964,363 Total 12,384,116 $ Page 20 See independent auditors’ report. Village of Glenview, Illinois Management’s Discussion and Analysis (Continued) December 31, 2017 CAPITAL ASSETS AND DEBT ADMINISTRATION - Continued Debt Administration At year-end, the Village had total outstanding debt of $55,472,522 as compared to $64,833,001 the previous year, a decrease of $9,360,479, or 14.4%, due to principal retirements that reduced the outstanding liability on the bonds. The following is a comparative statement of outstanding debt: The Village maintains an Aaa rating from Moody’s for general obligation debt. This rating has not changed in the past fifteen 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 III on pages 66-70 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 2018 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 growth in some areas while also gaining stability in areas such as permit fee revenue. Specifically, recent trending has shown 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. In adopting the State of Illinois 2018-2019 budget in July 2017, state legislators approved revenue diversions from local governmental units including the Village. The financial position of the State of Illinois is a major concern as state elected officials continue to explore ideas that shift costs to local governments and develop legislative proposals to decrease state shared revenues to local governments. Additionally, the Village increased the tax levy by a total of $250,000, which was to be dedicated to the Capital Improvement Program (CIP) to partially address the funding gap between dedicated funding sources and infrastructure needs. 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 2018 are also continually being analyzed through three to five year models to ensure the Village’s long term sustainability. 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. 2017 2016 2017 2016 2017 2016 General obligation bonds 45,983,788 $ 53,732,671 $ -$ -$ 45,983,788 $ 53,732,671 $ Corporate purpose notes - - 6,547,854 6,829,143 6,547,854 6,829,143 Loans payable 2,940,880 4,271,187 - - 2,940,880 4,271,187 Total debt 48,924,668 $ 58,003,858 $ 6,547,854 $ 6,829,143 $ 55,472,522 $ 64,833,001 $ Governmental Business-Type Total Primary Activities Activities Government VILLAGE OF GLENVIEW STATEMENT OF NET POSITION As of December 31, 2017 Governmental Activities Business-type Activities Totals Glenview Library ASSETS Cash and cash equivalents $21,630,767 $5,395,330 $27,026,097 $3,838,031 Investments 57,991,363 1,992,161 59,983,524 1,976,982 Receivables (net) Taxes 20,332,053 -20,332,053 7,875,038 Accounts 578,161 3,577,716 4,155,877 - Other 1,057,626 9,569 1,067,195 7,957 Prepaid items 112,823 -112,823 725 Inventories 491,023 78,757 569,780 - Due from other governmental units 98,754 -98,754 - Due from pension trusts 3,590 -3,590 - Notes receivable 2,223,667 -2,223,667 - Lease receivable 910,000 -910,000 - Deposits 613,609 -613,609 - Property held for resale 2,225,000 -2,225,000 - Capital Assets Land 21,076,696 567,851 21,644,547 5,426,987 Land right of way 55,281,951 -55,281,951 - Other capital assets, net of depreciation 167,397,579 59,954,123 227,351,702 24,988,620 Total Assets 352,024,662 71,575,507 423,600,169 44,114,340 DEFERRED OUTFLOWS OF RESOURCES Deferred charge on refunding 1,383,804 -1,383,804 941,818 Deferred outflows related to pensions 18,572,100 1,042,375 19,614,475 1,738,862 Total Deferred Outflows of Resources 19,955,904 1,042,375 20,998,279 2,680,680 LIABILITIES Accounts payable 22,489,659 2,041,320 24,530,979 372,798 Accrued payroll 1,196,818 129,476 1,326,294 173,451 Accrued interest payable 123,794 10,913 134,707 74,667 Other payables 1,354,887 18,302 1,373,189 - Refundable deposits -10,500 10,500 - Unearned revenues 420,535 -420,535 - Noncurrent Liabilities Due within one year 10,424,478 496,047 10,920,525 1,281,901 Due in more than one year 122,470,709 8,052,650 130,523,359 20,882,035 Total Liabilities 158,480,880 10,759,208 169,240,088 22,784,852 DEFERRED INFLOWS OF RESOURCES Property taxes levied for future periods 11,653,534 -11,653,534 7,883,287 Deferred inflows related to pensions 8,608,077 155,798 8,763,875 129,346 Total Deferred Inflows of Resources 20,261,611 155,798 20,417,409 8,012,633 NET POSITION Net investment in capital assets 200,207,529 53,974,120 254,181,649 12,494,113 Restricted for Street improvements 1,741,503 -1,741,503 - Public safety 286,219 -286,219 - Economic development 1,630,113 -1,630,113 - Culture and recreation ---1,180,217 Unrestricted (10,627,289)7,728,756 (2,898,533)2,323,205 TOTAL NET POSITION $193,238,075 $61,702,876 $254,940,951 $15,997,535 See accompanying notes to financial statements. Page 21 VILLAGE OF GLENVIEW STATEMENT OF ACTIVITIES For the Year Ended December 31, 2017 Program Revenues Functions/Programs Expenses Charges for Services Operating Grants and Contributions Capital Grants and Contributions Primary Government Governmental Activities General government $42,184,653 $4,610,434 $-$- Public safety 34,322,701 11,164,334 117,564 - Public works 18,850,845 1,018,286 1,995,052 - Development 4,654,804 459,205 315,822 472,494 Interest and fiscal charges 2,027,661 --- Total Governmental Activities 102,040,664 17,252,259 2,428,438 472,494 Business-type Activities Glenview W ater Fund 13,118,448 14,624,348 -- Glenview Sanitary Sewer Fund 2,292,993 2,496,477 -- Wholesale W ater Fund 1,393,330 2,361,124 -- Commuter Parking Lot Fund 489,432 655,069 -- Total Business-type Activities 17,294,203 20,137,018 -- Total Primary Government $119,334,867 $37,389,277 $2,428,438 $472,494 Component Unit Glenview Library $8,760,088 $238,888 $1,165,427 $- General Revenues Taxes Property Home rule sales Telecommunication Utility Other Intergovernmental Sales Income Local use Other taxes Investment income Gain on sale of assets Miscellaneous Total General Revenues Transfers Change in net position NET POSITION - Beginning of Year NET POSITION - END OF YEAR See accompanying notes to financial statements. Page 22 Net (Expenses) Revenues and Changes in Net Position Primary Government Component Unit Governmental Activities Business-type Activities Totals Glenview Library $(37,574,219)$-$(37,574,219)$- (23,040,803)-(23,040,803)- (15,837,507)-(15,837,507)- (3,407,283)-(3,407,283)- (2,027,661)-(2,027,661)- (81,887,473)-(81,887,473)- -1,505,900 1,505,900 - -203,484 203,484 - -967,794 967,794 - -165,637 165,637 - -2,842,815 2,842,815 - (81,887,473)2,842,815 (79,044,658)- ---(7,355,773) 46,558,256 -46,558,256 8,271,493 8,401,525 -8,401,525 - 1,841,387 -1,841,387 - 3,469,381 -3,469,381 - 1,173,563 -1,173,563 - 17,223,884 -17,223,884 - 4,075,812 -4,075,812 - 1,172,235 -1,172,235 - 2,208,521 -2,208,521 - 1,291,016 18,249 1,309,265 66,363 2,558,900 -2,558,900 - 1,953,561 246,810 2,200,371 - 91,928,041 265,059 92,193,100 8,337,856 802,279 (802,279)-- 10,842,847 2,305,595 13,148,442 982,083 182,395,228 59,397,281 241,792,509 15,015,452 $193,238,075 $61,702,876 $254,940,951 $15,997,535 See accompanying notes to financial statements. Page 23 VILLAGE OF GLENVIEW BALANCE SHEET GOVERNMENTAL FUNDS As of December 31, 2017 General Fund Special Tax Allocation Fund Village Permanent Fund Nonmajor Governmental Funds Totals ASSETS Cash and cash equivalents $ 11,507,585 $ 2,066,638 $ 599,194 $ 5,128,918 $ 19,302,335 Investments 12,626,129 23,976,061 8,188,099 2,069,969 46,860,258 Receivables (net) Taxes 20,332,053 - - - 20,332,053 Accounts 143,956 88,491 - 250,000 482,447 Grants - - - 166,867 166,867 Accrued interest - 120,642 - 3,875 124,517 Other 586,157 - 47,837 7,358 641,352 Prepaid items 4,810 8,414 - - 13,224 Inventories 123,985 - - - 123,985 Due from other funds 19,235 - 1,501,131 - 1,520,366 Due from other governments - - - 98,754 98,754 Due from pension trusts 3,590 - - - 3,590 Notes receivable - 2,223,667 - - 2,223,667 Lease receivable - - 910,000 - 910,000 Property held for resale - - 2,225,000 - 2,225,000 Advances to other funds --15,416,507 -15,416,507 TOTAL ASSETS $ 45,347,500 $ 28,483,913 $ 28,887,768 $ 7,725,741 $110,444,922 See accompanying notes to financial statements. Page 24 General Fund Special Tax Allocation Fund Village Permanent Fund Nonmajor Governmental Funds Totals LIABILITIES, DEFERRED INFLOWS OF RESOURCES, AND FUND BALANCES Liabilities Accounts payable $ 1,508,850 $ 18,784,440 $ 1,640 $ 1,489,370 $ 21,784,300 Accrued payroll 1,158,867 11,039 -288 1,170,194 Other payables 949,522 1,307 - 403,334 1,354,163 Due to other funds --- 1,504,101 1,504,101 Unearned revenues 317,835 - 82,076 - 399,911 Advances from other funds -15,416,507 --15,416,507 Total Liabilities 3,935,074 34,213,293 83,716 3,397,093 41,629,176 Deferred Inflows of Resources Property taxes levied for future periods 11,653,534 - - - 11,653,534 Unavailable grant revenue ---16,552 16,552 Total Deferred Inflows of Resources 11,653,534 --16,552 11,670,086 Fund Balances (Deficit) Nonspendable for prepaid items 4,810 8,414 -- 13,224 Nonspendable for inventory 123,985 --- 123,985 Restricted for street improvements --- 1,741,503 1,741,503 Restricted for public safety --- 286,219 286,219 Restricted for economic development --- 1,630,113 1,630,113 Assigned to capital project funds 3,100,000 - 28,804,052 1,135,238 33,039,290 Assigned to debt service funds --- 400,361 400,361 Unassigned 26,530,097 (5,737,794)-(881,338)19,910,965 Total Fund Balances (Deficit)29,758,892 (5,729,380)28,804,052 4,312,096 57,145,660 TOTAL LIABILITIES, DEFERRED INFLOWS OF RESOURCES, AND FUND BALANCES $ 45,347,500 $ 28,483,913 $ 28,887,768 $ 7,725,741 $110,444,922 See accompanying notes to financial statements. Page 25 VILLAGE OF GLENVIEW RECONCILIATION OF THE BALANCE SHEET OF GOVERNMENTAL FUNDS TO THE STATEMENT OF NET POSITION As of December 31, 2017 Total Fund Balances - Governmental Funds $57,145,660 Amounts reported for governmental activities in the statement of net position are different because: Capital assets used in governmental funds are not financial resources and, therefore, are not reported in the funds. See Note III C.243,756,226 Deferred charge on refunding of debt is not considered to represent a financial resource and, therefore, is not reported in the funds.1,383,804 Some receivables that are not currently available are reported as unavailable revenues in the fund financial statements but are recognized as revenue when earned in the government-wide statements.16,552 Deferred outflows of resources related to pensions do not relate to current financial resources and are not reported in the governmental funds.18,572,100 Deferred inflows of resources related to pensions do not relate to current financial resources and are not reported in the governmental funds.(8,608,077) Internal service funds are reported in the statement of net position as governmental activities.12,309,751 Some liabilities, including long-term debt, are not due and payable in the current period and therefore, are not reported in the funds. General obligation bonds payable, net of unamortized items (45,983,788) Loan payable (2,940,878) Net other post employment benefit obligation payable (3,321,612) Compensated absences (1,522,779) Accrued interest (123,794) Capital lease (247,199) Net pension liability (77,197,891) NET POSITION OF GOVERNMENTAL ACTIVITIES $193,238,075 See accompanying notes to financial statements. Page 26 VILLAGE OF GLENVIEW STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES - GOVERNMENTAL FUNDS For the Year Ended December 31, 2017 General Fund Special Tax Allocation Fund Village Permanent Fund Nonmajor Governmental Funds Totals REVENUES Property taxes $11,892,712 $33,410,224 $-$1,255,320 $46,558,256 Other taxes 14,885,856 ---14,885,856 Licenses and permits 2,451,693 ---2,451,693 Fines, forfeitures and penalties 211,592 ---211,592 Charges for services 12,459,200 204,945 --12,664,145 Intergovernmental 28,562,583 315,822 -2,479,284 31,357,689 Investment income 332,462 336,297 265,136 62,564 996,459 Miscellaneous --4,800 256,596 261,396 Total Revenues 70,796,098 34,267,288 269,936 4,053,764 109,387,086 EXPENDITURES Current General government 17,820,637 22,859,744 --40,680,381 Public safety 29,458,875 --119,561 29,578,436 Public works 8,755,999 ---8,755,999 Development 3,507,512 -82,858 114,139 3,704,509 Capital Outlay 725,398 --12,459,075 13,184,473 Debt Service Principal -6,850,938 -2,149,371 9,000,309 Interest and fiscal charges -1,060,895 -766,215 1,827,110 Total Expenditures 60,268,421 30,771,577 82,858 15,608,361 106,731,217 Excess (deficiency) of revenues over expenditures 10,527,677 3,495,711 187,078 (11,554,597)2,655,869 OTHER FINANCING SOURCES (USES) Property sales --2,461,000 -2,461,000 Transfers in 1,040,685 --10,699,814 11,740,499 Transfers out (7,299,816)(308,798)(2,922,719)(2,970)(10,534,303) Total Other Financing Sources (Uses)(6,259,131)(308,798)(461,719)10,696,844 3,667,196 Net Change in Fund Balances 4,268,546 3,186,913 (274,641)(857,753)6,323,065 FUND BALANCES (DEFICIT) - Beginning of Year 25,490,346 (8,916,293)29,078,693 5,169,849 50,822,595 FUND BALANCES (DEFICIT) - END OF YEAR $29,758,892 $(5,729,380)$28,804,052 $4,312,096 $57,145,660 See accompanying notes to financial statements. Page 27 VILLAGE OF GLENVIEW RECONCILIATION OF THE STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES OF GOVERNMENTAL FUNDS TO THE STATEMENT OF ACTIVITIES For the Year Ended December 31, 2017 Net change in fund balances - total governmental funds $6,323,065 Amounts reported for governmental activities in the statement of activities are different because: Governmental funds report capital outlays as expenditures. However, in the statement of net position the cost of these assets is capitalized and they are depreciated over their estimated useful lives and reported as depreciation expense in the statement of activities. Capital outlay is reported as an expenditure in the fund financial statements but is capitalized in the government-wide financial statements 9,681,209 Depreciation is reported in the government-wide financial statements (7,532,332) Net book value of assets retired (1,069,299) Receivables not currently available are reported as revenue when collected or currently available in the fund financial statements but are recognized as revenue when earned in the government-wide financial statements.(159,311) Debt issued provides current financial resources to governmental funds, but issuing debt increases long-term liabilities in the statement of net position. Repayment of debt principal is an expenditure in the governmental funds, but the repayment reduces long-term liabilities in the statement of net position. Principal repaid 9,000,309 Governmental funds report debt premiums and discounts as other financing sources (uses) or expenditures. However, in the statement of net position, these are reported as additions to or deductions from long-term debt. These are allocated over the period the debt is outstanding in the statement of activities and are reported as interest expense. Amortization of premium/discount 78,883 Some expenses in the statement of activities do not require the use of current financial resources and, therefore, are not reported as expenditures in the governmental funds. Compensated absences (24,477) Capital lease 243,593 Accrued interest on debt 16,813 Amortization of deferred charge on refunding (296,247) Net pension liability 8,018,322 Deferred outflows of resources related to pensions (8,891,607) Deferred inflows of resources related to pensions (3,993,637) Net other postemployment benefit obligation payable (382,756) Internal service funds are used by management to charge the cost of vehicles and equipment management and self insurance costs to individual funds. The change in net position of the internal service fund reported with governmental activities.(169,681) CHANGE IN NET POSITION OF GOVERNMENTAL ACTIVITIES $10,842,847 See accompanying notes to financial statements. Page 28 VILLAGE OF GLENVIEW STATEMENT OF NET POSITION PROPRIETARY FUNDS As of December 31, 2017 Business-type Activities - Enterprise Funds Glenview Water Fund Glenview Sanitary Sewer Fund Nonmajor Enterprise Funds Totals Governmental Activities - Internal Service Funds ASSETS Current Assets Cash and cash equivalents $2,969,362 $1,550,991 $874,977 $5,395,330 $2,328,432 Investments 494,000 -1,498,161 1,992,161 11,131,105 Receivables Accounts, net 2,393,060 675,074 509,582 3,577,716 95,714 Accrued interest 3,708 -5,861 9,569 64,890 Other ----60,000 Prepaid items ----99,599 Inventories 78,757 --78,757 367,038 Deposits ----613,609 Total Current Assets 5,938,887 2,226,065 2,888,581 11,053,533 14,760,387 Noncurrent Assets Capital Assets Capital assets not being depreciated 67,851 -500,000 567,851 - Capital assets being depreciated 62,404,395 25,383,103 5,253,732 93,041,230 - Less: Accumulated depreciation (23,355,613)(7,206,801)(2,524,693)(33,087,107)- Total Noncurrent Assets 39,116,633 18,176,302 3,229,039 60,521,974 - Total Assets 45,055,520 20,402,367 6,117,620 71,575,507 14,760,387 DEFERRED OUTFLOWS OF RESOURCES Deferred outflows due to pensions 851,226 191,149 -1,042,375 - Total Deferred Outflows of Resources 851,226 191,149 -1,042,375 - See accompanying notes to financial statements. Page 29 VILLAGE OF GLENVIEW STATEMENT OF NET POSITION PROPRIETARY FUNDS As of December 31, 2017 Business-type Activities - Enterprise Funds Glenview Water Fund Glenview Sanitary Sewer Fund Nonmajor Enterprise Funds Totals Governmental Activities - Internal Service Funds LIABILITIES Current Liabilities Accounts payable 1,354,012 501,029 186,279 2,041,320 705,359 Accrued payroll 102,169 20,371 6,936 129,476 26,624 Accrued interest 10,913 --10,913 - Accrued expenses 7,538 201 10,563 18,302 724 Refundable deposits 10,500 --10,500 - Due to other funds ----16,265 Claims payable ----672,416 Unearned revenues ----20,624 Current portion of long-term liabilities 490,579 4,773 695 496,047 - Total Current Liabilities 1,975,711 526,374 204,473 2,706,558 1,442,012 Noncurrent Liabilities Long-Term Debt Claims payable ----1,008,624 Long-term liabilities due in more than one year 7,688,838 361,033 2,779 8,052,650 - Total Noncurrent Liabilities 7,688,838 361,033 2,779 8,052,650 1,008,624 Total Liabilities 9,664,549 887,407 207,252 10,759,208 2,450,636 DEFERRED INFLOWS OF RESOURCES Deferred inflows related to pensions 129,361 26,437 -155,798 - Total Deferred Inflows of Resources 129,361 26,437 -155,798 - NET POSITION Net investment in capital assets 32,568,779 18,176,302 3,229,039 53,974,120 - Unrestricted 3,544,057 1,503,370 2,681,329 7,728,756 12,309,751 TOTAL NET POSITION $36,112,836 $19,679,672 $5,910,368 $61,702,876 $12,309,751 See accompanying notes to financial statements. Page 30 VILLAGE OF GLENVIEW STATEMENT OF REVENUES, EXPENSES, AND CHANGES IN NET POSITION PROPRIETARY FUNDS For the Year Ended December 31, 2017 Business-type Activities - Enterprise Funds Glenview Water Fund Glenview Sanitary Sewer Fund Nonmajor Enterprise Funds Totals Governmental Activities - Internal Service Funds OPERATING REVENUES Charges for services $14,352,412 $2,423,285 $3,007,348 $19,783,045 $11,778,203 Miscellaneous 271,936 73,192 247,354 592,482 196,609 Total Operating Revenues 14,624,348 2,496,477 3,254,702 20,375,527 11,974,812 OPERATING EXPENSES Insurance services ----7,224,526 Parking services --407,525 407,525 - Water services 11,666,351 -1,330,514 12,996,865 - Sewerage services -1,778,335 -1,778,335 - Capital asset repair and replacement ----2,481,309 Depreciation and amortization 1,348,105 487,354 144,723 1,980,182 - Total Operating Expenses 13,014,456 2,265,689 1,882,762 17,162,907 9,705,835 Operating Income 1,609,892 230,788 1,371,940 3,212,620 2,268,977 NONOPERATING REVENUES (EXPENSES) Other income -8,301 -8,301 - Investment income 8,124 1,057 9,068 18,249 294,557 Proceeds from the sale of capital assets ----97,900 Reassignment of capital assets ----(2,427,198) Interest and fiscal charges (103,992)(27,304)-(131,296)- Total Nonoperating Revenues (Expenses)(95,868)(17,946)9,068 (104,746)(2,034,741) Income Before Transfers 1,514,024 212,842 1,381,008 3,107,874 234,236 TRANSFERS Transfers in 56,258 47,119 -103,377 - Transfers out -(56,258)(849,398)(905,656)(403,917) Total Transfers 56,258 (9,139)(849,398)(802,279)(403,917) Change in Net Position 1,570,282 203,703 531,610 2,305,595 (169,681) NET POSITION - Beginning of Year 34,542,554 19,475,969 5,378,758 59,397,281 12,479,432 NET POSITION - END OF YEAR $36,112,836 $19,679,672 $5,910,368 $61,702,876 $12,309,751 See accompanying notes to financial statements. Page 31 VILLAGE OF GLENVIEW STATEMENT OF CASH FLOW S PROPRIETARY FUNDS For the Year Ended December 31, 2017 Business-type Activities - Enterprise Funds Glenview Water Fund Glenview Sanitary Sewer Fund Nonmajor Enterprise Funds Totals Governmental Activities - Internal Service Funds CASH FLOWS FROM OPERATING ACTIVITIES Received from customers and users $14,686,832 $2,427,835 $3,263,084 $20,377,751 $11,776,120 Paid to suppliers for goods and services (8,676,633)(1,134,467)(1,710,160)(11,521,260)(8,202,133) Paid to employees for services (2,215,052)(501,302)(83,805)(2,800,159)(988,551) Received from other sources 31,519 81,493 -113,012 - Net Cash Flows From Operating Activities 3,826,666 873,559 1,469,119 6,169,344 2,585,436 CASH FLOWS FROM INVESTING ACTIVITIES Investment income 7,131 1,057 3,207 11,395 281,004 Sale of investments 744,500 --744,500 5,637,991 Purchase of investments (494,000)-(1,498,162)(1,992,162)(10,131,355) Net Cash Flows From Investing Activities 257,631 1,057 (1,494,955)(1,236,267)(4,212,360) CASH FLOWS FROM NONCAPITAL FINANCING ACTIVITIES Transfers in 56,258 47,119 -103,377 - Transfers out -(56,258)(849,398)(905,656)(403,917) Net Cash Flows From Noncapital Financing Activities 56,258 (9,139)(849,398)(802,279)(403,917) CASH FLOWS FROM CAPITAL AND RELATED FINANCING ACTIVITIES Proceeds from the sale of capital assets ----97,900 Debt retired (281,289)--(281,289)- Interest paid (109,214)(27,304)-(136,518)- Acquisition and construction of capital assets (2,096,109)(368,807)(52,372)(2,517,288)(2,093,618) Net Cash Flows From Capital and Related Financing Activities (2,486,612)(396,111)(52,372)(2,935,095)(1,995,718) Net Change in Cash and Cash Equivalents 1,653,943 469,366 (927,606)1,195,703 (4,026,559) CASH AND CASH EQUIVALENTS - Beginning of Year 1,315,419 1,081,625 1,802,583 4,199,627 6,354,991 CASH AND CASH EQUIVALENTS - END OF YEAR $2,969,362 $1,550,991 $874,977 $5,395,330 $2,328,432 See accompanying notes to financial statements. Page 32 Business-type Activities - Enterprise Funds Glenview Water Fund Glenview Sanitary Sewer Fund Nonmajor Enterprise Funds Totals Governmental Activities - Internal Service Funds RECONCILIATION OF OPERATING INCOME TO NET CASH FLOWS FROM OPERATING ACTIVITIES Operating income $1,609,892 $230,788 $1,371,940 $3,212,620 $2,268,977 Adjustments to Reconcile Operating Income to Net Cash Flows From Operating Activities Depreciation 1,348,105 487,354 144,723 1,980,182 - Other income -8,301 -8,301 - Changes in assets and liabilities Accounts receivable 96,278 4,550 8,382 109,210 (16,092) Inventory (8,899)--(8,899)6,808 Deposits ----(184,481) Prepaid items ----670,880 Accounts payable 561,918 77,625 (61,069)578,474 86,074 Customer deposits (2,275)--(2,275)- Claims payable ----(264,695) Accrued salaries 16,378 874 1,669 18,921 1,870 Compensated absences payable 38,058 23,863 3,474 65,395 - Due to other funds ----14,214 Unearned revenue ----1,881 Deferred outflows due to pensions 327,945 70,980 -398,925 - Deferred inflows due to pensions 72,991 16,524 -89,515 - Net pension liability (233,725)(47,300)-(281,025)- NET CASH FLOWS FROM OPERATING ACTIVITIES $3,826,666 $873,559 $1,469,119 $6,169,344 $2,585,436 NONCASH CAPITAL AND RELATED FINANCING ACTIVITIES None See accompanying notes to financial statements. Page 33 VILLAGE OF GLENVIEW STATEMENT OF FIDUCIARY NET POSITION FIDUCIARY FUNDS As of December 31, 2017 Pension Trust Funds Agency Fund ASSETS Cash and cash equivalents $2,890,658 $2,031,722 Investments U.S. treasuries 12,218,201 - U.S. agencies 27,983,734 249,849 Mutual funds 101,499,643 - Corporate obligations 14,289,725 - Municipal obligations 4,975,064 - Certificates of deposit -493,359 Receivables Property taxes -293,222 Accrued interest receivable 381,590 2,254 Prepaid items 11,027 - Total Assets 164,249,642 3,070,406 LIABILITIES Accounts payable -1,603,448 Refundable deposits -999,985 Accrued expenses 68,063 - SSA Bond fund - Due to bond holders -466,973 Total Liabilities 68,063 3,070,406 NET POSITION Restricted for pension benefits $164,181,579 $- See accompanying notes to financial statements. Page 34 VILLAGE OF GLENVIEW STATEMENT OF CHANGES IN FIDUCIARY NET POSITION PENSION TRUST FUNDS For the Year Ended December 31, 2017 Pension Trust Funds AD DITIONS Contributions Employer $6,331,880 Participant 1,514,290 Total Contributions 7,846,170 Investment income Net appreciation in fair value of investments 12,444,034 Interest income 6,674,693 Total Investment Income 19,118,727 Less investment expense 350,888 Net Investment Income 18,767,839 Total Additions 26,614,009 DEDUCTIONS Retirement pensions 8,576,878 Widow pensions 842,597 Disability pensions 630,151 Children's pensions 50,222 Total Deductions 10,099,848 Change in Net Position 16,514,161 NET POSITION - Beginning of Year 147,667,418 NET POSITION - END OF YEAR $164,181,579 See accompanying notes to financial statements. Page 35 VILLAGE OF GLENVIEW INDEX TO NOTES TO FINANCIAL STATEMENTS As of and for the Year Ended December 31, 2017 NOTE Page I Summary of Significant Accounting Policies 37 A.Reporting Entity 37 B.Government-W ide and Fund Financial Statements 39 C.Measurement Focus, Basis of Accounting, and Financial Statement Presentation 43 D.Assets, Deferred Outflows of Resources, Liabilities, Deferred Inflows of Resources, and Net Position or Equity 44 1.Deposits and Investments 44 2.Receivables 48 3.Inventories and Prepaid Items 49 4.Capital Assets 49 5.Deferred Outflows of Resources 50 6.Compensated Absences 51 7.Long-Term Obligations 51 8.Deferred Inflows of Resources 51 9. Equity Classifications 52 II Stewardship, Compliance, and Accountability 54 A.Excess Expenditures Over Appropriations 54 B.Deficit Balances 54 III Detailed Notes on All Funds 55 A.Deposits and Investments 55 B.Receivables 61 C.Capital Assets 62 D.Interfund Receivables/Payables, Advances and Transfers 64 E.Long-Term Obligations 66 F.Lease Disclosures 70 G.Component Unit 71 IV Other Information 77 A.Employees' Retirement System 77 B.Risk Management 93 C.Commitments and Contingencies 95 D.Joint Ventures 96 E.Other Postemployment Benefits 97 F.Tax Abatement 99 G.Effect of New Accounting Standards on Current-Period Financial Statements 99 See accompanying notes to financial statements. Page 36 VILLAGE OF GLENVIEW NOTES TO FINANCIAL STATEMENTS As of and for the Year Ended December 31, 2017 NOTE I - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The Village of Glenview, Illinois (the Village) was incorporated in 1899. The Village is a home-rule municipality, under the 1970 Illinois Constitution, located in Cook County, Illinois. The Village operates under a Council-Manager form of government and provides the following services as authorized by its charter: public safety (police and fire protection), water utility, sanitary sewer utility, stormwater management, street maintenance, community development, and general administrative services. The accounting policies of the Village of Glenview, Illinois conform to accounting principles generally accepted in the United States of America as applicable to governmental units. The accepted standard- setting body for establishing governmental accounting and financial reporting principles is the Governmental Accounting Standards Board (GASB). A.REPORTING ENTITY This report includes all of the funds of the Village. The reporting entity for the Village consists of the primary government and its component unit. Component units are legally separate organizations for which the primary government is financially accountable or other organizations for which the nature and significance of their relationship with the primary government are such that their exclusion would cause the reporting entity's financial statements to be misleading. The primary government is financially accountable if (1) it appoints a voting majority of the organization's governing body and it is able to impose its will on that organization, (2) it appoints a voting majority of the organization's governing body and there is a potential for the organization to provide specific financial benefits to, or impose specific financial burdens on, the primary government, (3) the organization is fiscally dependent on and there is a potential for the organization to provide specific financial benefits to, or impose specific financial burdens on, the primary government. Certain legally separate, tax exempt organizations should also be reported as a component unit if all of the following criteria are met: (1) the economic resources received or held by the separate organization are entirely or almost entirely for the direct benefit of the primary government, its component units, or its constituents; (2) the primary government or its component units, is entitled to, or has the ability to access, a majority of the economic resources received or held by the separate organization; and (3) the economic resources received or held by an individual organization that the primary government, or its component units, is entitled to, or has the ability to otherwise access, are significant to the primary government. Component units are reported using one of two methods, discrete presentation or blending. Generally, component units should be discretely presented in a separate column in the financial statements. A component unit should be reported as part of the primary government using the blending method if it meets any one of the following criteria: (1) the primary government and the component unit have substantively the same governing body and a financial benefit or burden relationship exists, (2) the primary government and the component unit have substantively the same governing body and managem ent of the primary government has operational responsibility for the component unit, (3) the component unit serves or benefits, exclusively or almost exclusively, the primary government rather than its citizens, or (4) the total debt of the component unit will be paid entirely or almost entirely from resources of the primary government. Page 37 VILLAGE OF GLENVIEW NOTES TO FINANCIAL STATEMENTS As of and for the Year Ended December 31, 2017 NOTE I - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont.) A.REPORTING ENTITY (cont.) Discretely Presented Component Unit Glenview Library The government-wide financial statements include the Glenview Library (Library) as a component unit. The Library is a legally separate organization. The board of the Library is elected by the the residents of the Village of Glenview. The Village exercises substantive approval over the Library's budget and tax levy. Additionally, the Library may not issue bonded debt without the approval of the Village and the Village is liable/obligated for the bond issue debt of the Library. Based on this relationship, the Library's is considered a discretely presented component unit. The information presented is for the fiscal year ended December 31, 2017. The Library does not issue separate financial statements. Pension Trust Funds The Police Pension Employees Retirement System (PPERS) is established for the Village's police employees. PPERS functions for the benefit of these employees and is governed by a five-member pension board. Two members appointed by the Village’s President, one pension beneficiary elected by the membership, and two police employees elected by the membership constitute the pension board. The Village and the PPERS participants are obligated to fund all PPERS costs based upon actuarial valuations. The State of Illinois is authorized to establish benefit levels and the Village is authorized to approve the actuarial assumptions used in the determination of contribution levels. Although it possesses many characteristics of a legally separate government, PPERS is reported as if it were part of the primary government because its sole purpose is to finance and administer the pensions of the Village’s police employees and because of the fiduciary nature of such activities. PPERS is reported as a pension trust fund and the data for the pension is included in the government's fiduciary fund financial statements. No separate annual financial report is issued for the PPERS. The Firefighters’ Pension Employees Retirement System (FPERS) is established for the Village's firefighters. FPERS functions for the benefit of these employees and is governed by a five-member pension board. Two members appointed by the Village’s President, one pension beneficiary elected by the membership; and two fire employees elected by the membership constitute the pension board. The Village and the FPERS participants are obligated to fund all FPERS costs based upon actuarial valuations. The State of Illinois is authorized to establish benefit levels and the Village is authorized to approve the actuarial assumptions used in the determination of contribution levels. Although it possesses many of the characteristics of a legally separate government, FPERS is reported as if it were part of the primary government because its sole purpose is to finance and administer the pensions of the Village’s firefighters because of the fiduciary nature of such activities. FPERS is reported as a pension trust fund and the data for the pension is included in the government's fiduciary fund financial statements. No separate annual financial report is issued for the FPERS. Page 38 VILLAGE OF GLENVIEW NOTES TO FINANCIAL STATEMENTS As of and for the Year Ended December 31, 2017 NOTE I - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont.) B.GOVERNMENT-WIDE AND FUND FINANCIAL STATEMENTS Government-Wide Financial Statements The statement of net position and statement of activities display information about the reporting government as a whole. They include all funds of the reporting entity except for fiduciary funds.The statements distinguish between governmental and business-type activities. Governmental activities generally are financed through taxes, intergovernmental revenues, and other nonexchange revenues. Business-type activities are financed in whole or in part by fees charged to external parties for goods or services. Likewise, the primary government is reported separately from certain legally separate component units for which the primary government is financially accountable. 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. The Village does not allocate indirect expenses to functions in the statement of activities. 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 or capital requirements of a particular function or segment. Taxes and other items not included among program revenues are reported as general revenues. Internally dedicated resources are reported as general revenues rather than as program revenues. Fund Financial Statements Financial statements of the Village are organized into funds, each of which is considered to be a separate accounting entity. Each fund is accounted for by providing a separate set of self-balancing accounts, which constitute its assets, deferred outflows of resources, liabilities, deferred inflows of resources, net position/fund balance, revenues, and expenditures/expenses. Page 39 VILLAGE OF GLENVIEW NOTES TO FINANCIAL STATEMENTS As of and for the Year Ended December 31, 2017 NOTE I - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont.) B.GOVERNMENT-WIDE AND FUND FINANCIAL STATEMENTS (cont.) Fund Financial Statements (cont.) Funds are organized as major funds or nonmajor funds within the governmental and proprietary statements. An emphasis is placed on major funds within the governmental and proprietary categories. A fund is considered major if it is the primary operating fund of the Village or meets the following criteria: a. Total assets/deferred outflows of resources, liabilities/deferred inflows of resources, revenues, or expenditures/expenses of that individual governmental or enterprise fund are at least 10% of the corresponding total for all funds of that category or type, and b. The same element of the individual governmental or enterprise fund that met the 10% test is at least 5% of the corresponding total for all governmental and enterprise funds combined. c. In addition, any other governmental or enterprise fund that the Village believes is particularly important to financial statement users may be reported as a major fund. 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 funds and major individual enterprise funds are reported as separate columns in the fund financial statements. The Village reports the following major governmental funds: General Fund - accounts for the Village's primary operating activities. It is used to account for and report all financial resources except those accounted for and reported in another fund. Special Tax Allocation 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-W hole" 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. Village Permanent 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 revenues. Page 40 VILLAGE OF GLENVIEW NOTES TO FINANCIAL STATEMENTS As of and for the Year Ended December 31, 2017 NOTE I - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont.) B.GOVERNMENT-WIDE AND FUND FINANCIAL STATEMENTS (cont.) Fund Financial Statements (cont.) The Village reports the following major enterprise funds: Glenview W ater Fund (formerly called the W aterworks 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. 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. The Village reports the following nonmajor governmental and enterprise funds: Special Revenue Funds - used to account for and report the proceeds of specific revenue sources that are restricted or committed to expenditures for specified purposes (other than debt service or capital projects). Motor Fuel Tax Fund Foreign Fire Insurance Fund Police Department Special Account Fund Waukegan Golf TIF Fund Debt Service Fund - used to account for and report financial resources that are restricted, committed, or assigned to expenditure for the payment of general long-term debt principal, interest, and related costs. Corporate Purpose Bonds Fund Capital Projects Funds - used to account for and report financial resources that are restricted, committed, or assigned to expenditure for capital outlays, including the acquisition or construction of capital facilities and other capital assets. Capital Projects Fund Glen Capital Projects Fund Page 41 VILLAGE OF GLENVIEW NOTES TO FINANCIAL STATEMENTS As of and for the Year Ended December 31, 2017 NOTE I - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont.) B.GOVERNMENT-WIDE AND FUND FINANCIAL STATEMENTS (cont.) Fund Financial Statements (cont.) The Village reports the following nonmajor governmental and enterprise funds: (cont.) Enterprise Funds - used to account for and report any activity for which a fee is charged to external uses for goods or services, and must be used for activities which meet certain debt or cost recovery criteria. Wholesale W ater Fund Commuter Parking Lot Fund In addition, the Village reports the following fund types: Internal Service Funds - used to account for and report the financing of goods or services provided by one department or agency to other departments or agencies of the Village, or to other governmental units, on a cost-reimbursement basis. Capital Equipm ent Replacement Fund Municipal Equipm ent Repair Fund Insurance and Risk Fund Facilities Repair and Replacement Fund Pension Trust Funds - used to account for and report resources that are required to be held in trust for the members and beneficiaries of defined benefit pension plans. Police Pension Fund Firefighters' Pension Fund Agency Funds - used to account for and report assets held by the Village in a trustee capacity or as an agent for individuals, private organizations, and/or other governmental units. Special Service Area (SSA) Bond Fund Escrow Deposit Fund Joint ETSB Fund Page 42 VILLAGE OF GLENVIEW NOTES TO FINANCIAL STATEMENTS As of and for the Year Ended December 31, 2017 NOTE I - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont.) C.MEASUREMENT FOCUS, BASIS OF ACCOUNTING, AND FINANCIAL STATEMENT PRESENTATION Government-Wide Financial Statements The government-wide statement of net position and statement of activities are reported using the economic resources measurement focus and the accrual basis of accounting. Under the accrual basis of accounting, revenues are recognized when earned and expenses are recorded when the liability is incurred or economic asset used. Revenues, expenses, gains, losses, assets, and liabilities resulting from exchange and exchange-like transactions are recognized when the exchange takes place. Property taxes are recognized as revenues in the year for which they are levied. Taxes receivable for the following year are recorded as receivables and deferred inflows. Grants and similar items are recognized as revenue as soon as all eligibility requirements imposed by the provider are met. Special assessments are recorded as revenue when earned. Unbilled receivables are recorded as revenues when services are provided. As a general rule, the effect of interfund activity has been eliminated from the government-wide financial statements. Fund Financial Statements Governmental fund financial statements are reported using the current financial resources measurement focus and the modified accrual basis of accounting. Revenues are recorded when they are both measurable and available. Available means collectible within the current period or soon enough thereafter to be used to pay liabilities of the current period. For this purpose, the Village considers revenues to be available if they are collected within 90 days of the end of the current fiscal period with the exception of property tax revenues, which are considered available if they are collected within 60 days. Expenditures are recorded when the related fund liability is incurred, except for unmatured interest on long-term debt, claims, judgments, compensated absences, and pension expenditures, which are recorded as a fund liability when expected to be paid with expendable available financial resources. Property taxes are recorded in the year levied as receivables and deferred inflows. They are recognized as revenues in the succeeding year when services financed by the levy are being provided. Intergovernmental aids and grants are recognized as revenues in the period the Village is entitled the resources and the amounts are available. Amounts owed to the Village which are not available are recorded as receivables and unavailable revenues. Amounts received before eligibility requirements (excluding time requirements) are met are recorded as liabilities. Amounts received in advance of meeting time requirements are recorded as deferred inflows. Revenues susceptible to accrual include property taxes, miscellaneous taxes, public charges for services, special assessments and interest. Other general revenues such as fines and forfeitures, inspection fees, recreation fees, and miscellaneous revenues are recognized when received in cash or when measurable and available under the criteria described above. Proprietary and fiduciary fund financial statements (other than agency funds) are reported using the economic resources measurement focus and the accrual basis of accounting, as described previously in this note. Agency funds follow the accrual basis of accounting, and do not have a measurement focus. Page 43 VILLAGE OF GLENVIEW NOTES TO FINANCIAL STATEMENTS As of and for the Year Ended December 31, 2017 NOTE I - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont.) C.MEASUREMENT FOCUS, BASIS OF ACCOUNTING, AND FINANCIAL STATEMENT PRESENTATION (cont.) Fund Financial Statements (cont.) The 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 proprietary funds are charges to customers for sales and services. Special assessments are recorded as receivables and contribution revenue when levied. Operating expenses for proprietary funds 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. All Financial Statements The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets, deferred outflows of resources, liabilities, and deferred inflows of resources and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenditures/expenses during the reporting period. Actual results could differ from those estimates. D.ASSETS, DEFERRED OUTFLOWS OF RESOURCES, LIABILITIES, DEFERRED INFLOWS OF RESOURCES, AND NET POSITION OR EQUITY 1.Deposits and Investments For purposes of the statement of cash flows, the Village considers all highly liquid investments with an initial maturity of three months or less when acquired to be cash equivalents. The Village, Police Pension Fund, and Firefighters' Pension Fund have adopted investment policies. The policies follow the state statute for allowable 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: a)Interest-bearing accounts of banks and savings and loan associations insured by the Federal Deposit Insurance Corporation. b)Obligations of the U.S. Treasury and U.S. agencies. - Insured accounts of an Illinois credit union chartered under United States or Illinois law. c)Money market mutual funds with portfolios of securities issued or guaranteed by the United States or agreements to repurchase these same types of obligations. d)Repurchase agreements which meet instrument transaction requirements of Illinois law. e)Short-term obligations of U.S. corporations rated in the three highest classifications by at least two standard rating agencies. f)The Illinois Funds. g)Illinois Metropolitan Investment Fund. Page 44 VILLAGE OF GLENVIEW NOTES TO FINANCIAL STATEMENTS As of and for the Year Ended December 31, 2017 NOTE I - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont.) D.ASSETS, DEFERRED OUTFLOWS OF RESOURCES, LIABILITIES, DEFERRED INFLOWS OF RESOURCES, AND NET POSITION OR EQUITY (cont.) 1.Deposits and Investments (cont.) 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: a)Bonds issued by any county, city, township, village, incorporated town, municipal corporation, or school district in Illinois. b)Direct obligations of the State of Israel. c)Separate accounts of Illinois-licensed insurance companies. d)Common and preferred stock. The Police Pension Fund’s investment policy establishes the following target allocation across asset classes: Asset Class Target Allocation Long-Term Expected Real Rate of Return Cash 0.00%0.50% Investment Grade Bonds 42.00%2.50% High Yield Bonds 2.20%6.40% U.S. Equity 39.50%9.10% International Equity 10.10%6.60% Emerging Markets Equity 0.70%10.30% Alternatives 5.50%5.30% Illinois Compiled Statues (ILCS) limit the Police Pension Fund's investments in equities, mutual funds and variable annuities to 65%. Securities in any one company should not exceed 5% of the total fund. 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 expected long-term expected arithmetic real rates of return by asset class are listed in the table above. Page 45 VILLAGE OF GLENVIEW NOTES TO FINANCIAL STATEMENTS As of and for the Year Ended December 31, 2017 NOTE I - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont.) D.ASSETS, DEFERRED OUTFLOWS OF RESOURCES, LIABILITIES, DEFERRED INFLOWS OF RESOURCES, AND NET POSITION OR EQUITY (cont.) 1.Deposits and Investments (cont.) The Firefighters' Pension Fund’s investment policy, in accordance with Illinois Statutes, establishes the following target allocation across asset classes: Asset Class Target Allocation Long-Term Expected Rate of Return Long-Term Inflation Expectation Long-Term Expected Real Rate of Return Large Cap Domestic Equity 42.00%9.40%2.68%6.72% Small Cap Domestic Equity 12.00%11.40%2.68%8.72% International Equity 6.00%9.30%2.68%6.62% Fixed Income 40.00%4.40%2.68%1.72% Illinois Compiled Statues (ILCS) limit the Firefighters' Pension Fund's investments in equities, mutual funds and variable annuities to 65%. 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 expected long-term expected arithmetic real rates of return by asset class are listed in the table above. Interest Rate Risk 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. In accordance with their investment policies, the Police Pension Fund and Firefighters' Pension Fund limit their exposure to interest rate risk by structuring the portfolios to provide liquidity for short-term and long- term cash flow needs while providing a reasonable rate of return based on the current market. Page 46 VILLAGE OF GLENVIEW NOTES TO FINANCIAL STATEMENTS As of and for the Year Ended December 31, 2017 NOTE I - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont.) D.ASSETS, DEFERRED OUTFLOWS OF RESOURCES, LIABILITIES, DEFERRED INFLOWS OF RESOURCES, AND NET POSITION OR EQUITY (cont.) 1.Deposits and Investments (cont.) Credit Risk The Village limits its exposure to credit risk, by investing mainly in external investment pools. The Police Pension Fund's and Firefighters' Pension Fund's general investment policies follow the prudent person rule subject to the specific restrictions of the Illinois Pension Code and the Police Pension Fund's and Firefighters' Pension Fund's 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. Concentration of Credit Risk 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 Police Pension Fund's and Firefighters' Pension Fund's investment policies require diversification of investment to avoid unreasonable risk. Custodial Credit Risk - Deposits 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. Custodial Credit Risk - Investments 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 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. Page 47 VILLAGE OF GLENVIEW NOTES TO FINANCIAL STATEMENTS As of and for the Year Ended December 31, 2017 NOTE I - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont.) D.ASSETS, DEFERRED OUTFLOWS OF RESOURCES, LIABILITIES, DEFERRED INFLOWS OF RESOURCES, AND NET POSITION OR EQUITY (cont.) 1.Deposits and Investments (cont.) Investments are stated at fair value, which is the amount at which an investment could be exchanged in a current transaction between willing parties. Fair values are based on methods and inputs as outlined in Note III. A. 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. Illinois Funds is an investment pool managed by the State of Illinois, Office of the Treasurer, which allows governments within the State to pool their funds for investment purposes. Illinois Funds is not registered with the SEC as an investment company, but does operate in a manner consistent with Rule 2a7 of the Investment Company Act of 1940. Investments in Illinois Funds are valued at Illinois Fund’s share price, the price for which the investments could be sold. See Note III. A. for further information. 2.Receivables Property taxes for levy year 2017 attaches as an enforceable lien on January 1, 2017, on property values assessed as of the same date. Taxes are levied by December following the lien date (by passage of a Tax Levy Ordinance). The 2017 tax levy, which attached as an enforceable lien on the property as of January 1, 2017, has been recorded as a receivable as of December 31, 2017, as the tax was levied by the Village on December 5, 2017, and therefore, the levy is measurable at December 31, 2017. Tax bills for levy year 2017 are prepared by Cook County and issued on or about February 1, 2018 and September 1, 2018, and are payable in two installments, on or about March 1, 2018 and October 1, 2018 or within 30 days of the tax bills being issued. The county collects such taxes and remits them periodically. The 2017 property tax levy is recognized as a receivable and deferred inflows in fiscal 2017, net the allowance for uncollectible. As the taxes become available to finance current expenditures, they are recognized as revenues. At December 31, 2017, the property taxes receivable and related deferred inflows consisted of the estimated amount collectible from the 2017 levy. During the course of operations, transactions occur between individual funds that may result in amounts owed between funds. Short-term interfund loans are reported as "due to and from other funds." Long-term interfund loans (noncurrent portion) are reported as "advances from and to other funds." Interfund receivables and payables between funds within governmental activities are eliminated in the statement of net position. Any residual balances outstanding between the governmental activities and business-type activities are reported in the governmental-wide financial statements as internal balances. Page 48 VILLAGE OF GLENVIEW NOTES TO FINANCIAL STATEMENTS As of and for the Year Ended December 31, 2017 NOTE I - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont.) D.ASSETS, DEFERRED OUTFLOWS OF RESOURCES, LIABILITIES, DEFERRED INFLOWS OF RESOURCES, AND NET POSITION OR EQUITY (cont.) 2.Receivables (cont.) In the governmental fund financial statements, advances to other funds are offset equally by a nonspendable fund balance account which indicates that they do not constitute expendable available financial resources and, therefore, are not available for appropriation or by a restricted fund balance account, if the funds will ultimately be restricted when the advance is repaid. 3.Inventories and Prepaid Items Governmental fund inventories, if material, are recorded at cost based on the FIFO method using the consumption method of accounting. Proprietary fund inventories are generally used for construction and/or for operation and maintenance work. They are not for resale. They are valued at cost based on average cost, and charged to construction and/or operation and maintenance expense 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. 4.Capital Assets Government-Wide Statements Capital assets, which include property, buildings, vehicles, equipment, and infrastructure assets (e.g. roads, bridges, and similar items). Capital assets are defined by the government as assets with an initial cost of more than $25,000, and an estimated useful life in excess of 1 year. Additionally, the Library reports its collection of books and materials as a capital asset. All capital assets are valued at historical cost, or estimated historical cost if actual amounts are unavailable. Donated capital assets are recorded at their estimated fair value at the date of donation unless received in a service concession arrangement in which case they are recorded at their acquisition value. Additions to and replacements of capital assets of business-type activities are recorded at original cost, which includes material, labor, overhead, and an allowance for the cost of funds used during construction when significant. For tax-exempt debt, the amount of interest capitalized equals the interest expense incurred during construction netted against any interest revenue from temporary investment of borrowed fund proceeds. No interest was capitalized during the current year. The cost of renewals and betterments relating to retirement units is added to plant accounts. The cost of property replaced, retired or otherwise disposed of, is deducted from plant accounts and, generally, together with removal costs less salvage, is charged to accumulated depreciation. Page 49 VILLAGE OF GLENVIEW NOTES TO FINANCIAL STATEMENTS As of and for the Year Ended December 31, 2017 NOTE I - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont.) D.ASSETS, DEFERRED OUTFLOWS OF RESOURCES, LIABILITIES, DEFERRED INFLOWS OF RESOURCES, AND NET POSITION OR EQUITY (cont.) 4.Capital Assets (cont.) Government-Wide Statements (cont.) Depreciation and amortization of all exhaustible capital assets is recorded as an allocated expense in the statement of activities, with accumulated depreciation and amortization reflected in the statement of net position. Depreciation and amortization is provided over the assets' estimated useful lives using the straight-line method. The range of estimated useful lives by type of asset is as follows: 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. Fund Financial Statements In the fund financial statements, capital assets used in governmental fund operations are accounted for as capital outlay expenditures of the governmental fund upon acquisition. Capital assets used in proprietary fund operations are accounted for the same way as in the government-wide statements. 5. Deferred Outflows of Resources A deferred outflow of resources represents a consumption of net position/fund balance that applies to a future period and will not be recognized as an outflow of resources (expense/expenditure) until that future time. A deferred charge on refunding arises from the advance refunding of debt. The difference between the cost of the securities placed in trust for future payments of the refunded debt and the net carrying value of that debt is deferred and amortized as a component of interest expense over the shorter of the term of the refunding issue or the original term of the refunded debt. The unamortized amount is reported as a deferred outflow of resources in the government-wide and proprietary fund financial statements. Page 50 VILLAGE OF GLENVIEW NOTES TO FINANCIAL STATEMENTS As of and for the Year Ended December 31, 2017 NOTE I - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont.) D.ASSETS, DEFERRED OUTFLOWS OF RESOURCES, LIABILITIES, DEFERRED INFLOWS OF RESOURCES, AND NET POSITION OR EQUITY (cont.) 6.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 W orks Union 120 hours Dispatch Union 84 hours Police Union 84 hours Firefighter Union N/A 7.Long-Term Obligations All long-term obligations to be repaid from governmental and business-type resources are reported as liabilities in the government-wide statements. The long-term obligations consist primarily of bonds payable, notes payable, loans payable, accrued compensated absences, claims payable, net pension liabilities, and OPEB obligations. Long-term obligations for governmental funds are not reported as liabilities in the fund financial statements. The face value of debts (plus any premiums) are reported as other financing sources and payments of principal and interest are reported as expenditures. The accounting in proprietary funds is the same as it is in the government-wide statements. For the government-wide statements and proprietary fund statements, bond premiums and discounts are amortized over the life of the issue using the effective interest method. The balance at year end is shown as an increase or decrease in the liability section of the statement of net position. 8.Deferred Inflows of Resources A deferred inflow of resources represents an acquisition of net position/fund balance that applies to a future period and therefore will not be recognized as an inflow of resources (revenue) until that future time. Page 51 VILLAGE OF GLENVIEW NOTES TO FINANCIAL STATEMENTS As of and for the Year Ended December 31, 2017 NOTE I - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont.) D.ASSETS, DEFERRED OUTFLOWS OF RESOURCES, LIABILITIES, DEFERRED INFLOWS OF RESOURCES, AND NET POSITION OR EQUITY (cont.) 9. Equity Classifications Government-Wide Statements Equity is classified as net position and displayed in three components: a. Net investment in capital assets - Consists of capital assets including restricted capital assets, net of accumulated depreciation and reduced by the outstanding balances (excluding unspent debt proceeds) of any bonds, mortgages, notes, or other borrowings that are attributable to the acquisition, construction, or improvement of those assets. b. Restricted net position - Consists of net position with constraints placed on their use either by 1) external groups such as creditors, grantors, contributors, or laws or regulations of other governments or, 2) law through constitutional provisions or enabling legislation. c. Unrestricted net position - All other net positions that do not meet the definitions of "restricted" or "net investment in capital assets." 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 in the following section. Fund Statements Governmental fund balances are displayed as follows: a. Nonspendable - Includes fund balance amounts that cannot be spent either because they are not in spendable form or because legal or contractual requirements require them to be maintained intact. b. Restricted - Consists of fund balances with constraints placed on their use either by 1) external groups such as creditors, grantors, contributors, or laws or regulations of other governments or 2) law through constitutional provisions or enabling legislation. c. Committed - Includes fund balance amounts that are constrained for specific purposes that are internally imposed by the government through formal action of the highest level of decision making authority (the Board of Trustees). Fund balance amounts are committed through a formal action (resolution) of the Village Board. This formal action must occur prior to the end of the reporting period, but the amount of the commitment, which will be subject to the constraints, may be determined in the subsequent period. Any changes to the constraints imposed require the same formal action of the Village Board that originally created the commitment. Page 52 VILLAGE OF GLENVIEW NOTES TO FINANCIAL STATEMENTS As of and for the Year Ended December 31, 2017 NOTE I - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont.) D.ASSETS, DEFERRED OUTFLOWS OF RESOURCES, LIABILITIES, DEFERRED INFLOWS OF RESOURCES, AND NET POSITION OR EQUITY (cont.) 9. Equity Classifications (cont.) Fund Statements (cont.) d. Assigned - Includes spendable fund balance amounts that are intended to be used for specific purposes that do not meet the criteria to be classified as restricted or committed. The Village Board has, by resolution, adopted a financial policy authorizing the Village Manager to assign amounts for a specific purpose. 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. Assignments may take place after the end of the reporting period. e. Unassigned - Includes residual positive fund balance within the General Fund which has not been classified within the other above mentioned categories. Unassigned fund balance may also include negative balances for any governmental fund if expenditures exceed amounts restricted, committed, or assigned for those purposes. Proprietary fund equity is classified the same as in the government-wide statements. 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. W hen 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. Page 53 VILLAGE OF GLENVIEW NOTES TO FINANCIAL STATEMENTS As of and for the Year Ended December 31, 2017 NOTE II - STEWARDSHIP, COMPLIANCE, AND ACCOUNTABILITY A.EXCESS EXPENDITURES/EXPENSES/DEDUCTIONS OVER BUDGET Funds Budgeted Expenditures/ Expenses/ Deductions Actual Expenditures/ Expenses/ Deductions Excess Foreign Fire Insurance $110,000 $119,561 $9,561 Capital Equipment Replacement (CERF)1,697,478 2,438,657 741,179 Police Pension 4,098,725 4,178,349 79,624 Firefighters' Pension 5,780,396 5,921,499 141,103 Library Debt Service 2,022,048 2,023,047 999 Library Special Reserve 98,303 226,766 128,463 B.DEFICIT BALANCES Generally accepted accounting principles require disclosure of individual funds that have deficit balances at year end. As of December 31, 2017, the following individual funds held a deficit balance: Fund Amount Reason Special Tax Allocation $(5,729,380)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. Capital Projects (881,338)Current year net decrease in fund balance exceeded available fund balance from the prior year. The deficit balance was anticipated and will be funded with revenues and transfers in the next fiscal year. Page 54 VILLAGE OF GLENVIEW NOTES TO FINANCIAL STATEMENTS As of and for the Year Ended December 31, 2017 NOTE III - DETAILED NOTES ON ALL FUNDS A.DEPOSITS AND INVESTMENTS The Village's, Police Pension Fund's, Firefighters' Pension Fund's and Agency Fund's deposits and investments at year end were comprised of the following: Carrying Value Statement Balances Associated Risks Deposits $66,617,719 $67,793,588 Custodial credit risk Certificates of deposits - negotiable 4,464,531 4,464,531 Custodial credit risk, credit risk, concentration of credit risk, interest rate risk The Illinois Funds 3,833,058 3,833,058 Credit risk U.S. treasuries 21,266,876 21,266,876 Custodial credit risk, interest rate risk U.S. agencies 36,694,960 36,694,960 Custodial credit risk, credit risk, concentration of credit risk, interest rate risk Municipal obligations 4,975,064 4,975,064 Custodial credit risk, credit risk, concentration of credit risk, interest rate risk Corporate obligations 14,289,725 14,289,725 Custodial credit risk, credit risk, concentration of credit risk, interest rate risk Mutual funds 101,499,643 101,499,643 N/A Total Deposits and Investments $253,641,576 $254,817,445 Page 55 VILLAGE OF GLENVIEW NOTES TO FINANCIAL STATEMENTS As of and for the Year Ended December 31, 2017 NOTE III - DETAILED NOTES ON ALL FUNDS (cont.) A.DEPOSITS AND INVESTMENTS (cont.) Reconciliation to financial statements Per statement of net position Cash and cash equivalents $27,026,097 Investments 59,983,524 Per statement of net position - fiduciary funds Cash and cash equivalents - Pension Trusts 2,890,658 Cash and cash equivalents - Agency Fund 2,031,722 U.S. treasuries 12,218,201 U.S. agencies - Pension Trusts 27,983,734 U.S. agencies - Agency Fund 249,849 Mutual funds 101,499,643 Corporate obligations 14,289,725 Municipal obligations 4,975,064 Certificates of deposit 493,359 Total Deposits and Investments $253,641,576 Deposits in each local and area bank are insured by the FDIC in the amount of $250,000 for time and savings accounts (including NOW accounts) and $250,000 for demand deposit accounts (interest-bearing and noninterest-bearing). In addition, if deposits are held in an institution outside of the state in which the government is located, insured amounts are further limited to a total of $250,000 for the combined amount of all deposit accounts. The Village categorizes its fair value measurements within the fair value hierarchy established by generally accepted accounting principles. The hierarchy is based on the valuation inputs used to measure the fair value of the asset. Level 1 inputs are quoted prices in active markets for identical assets; Level 2 inputs are significant other observable inputs; Level 3 inputs are significant unobservable inputs. Page 56 VILLAGE OF GLENVIEW NOTES TO FINANCIAL STATEMENTS As of and for the Year Ended December 31, 2017 NOTE III - DETAILED NOTES ON ALL FUNDS (cont.) A.DEPOSITS AND INVESTMENTS (cont.) The Village used the market valuation method for recurring fair value measurements. As of December 31, 2017, investments were measured using valuation inputs as follows: Village December 31, 2017 Investment Type Level 1 Level 2 Level 3 Total Certificates of deposits - negotiable $-$4,217,772 $-$4,217,772 U.S. treasuries 9,048,675 --9,048,675 U.S. agencies -8,461,377 -8,461,377 Total $9,048,675 $12,679,149 $-$21,727,824 Police Pension Fund December 31, 2017 Investment Type Level 1 Level 2 Level 3 Total U.S. treasuries $7,613,717 $-$-$7,613,717 U.S. agencies -7,738,637 -7,738,637 Municipal obligations -378,143 -378,143 Corporate obligations -14,289,725 -14,289,725 Mutual funds 47,195,918 --47,195,918 Total $54,809,635 $22,406,505 $-$77,216,140 Firefighters' Pension Fund December 31, 2017 Investment Type Level 1 Level 2 Level 3 Total U.S. treasuries $4,604,484 $-$-$4,604,484 U.S. agencies -20,245,097 -20,245,097 Municipal obligations -4,596,921 -4,596,921 Mutual funds 54,303,725 --54,303,725 Total $58,908,209 $24,842,018 $-$83,750,227 Page 57 VILLAGE OF GLENVIEW NOTES TO FINANCIAL STATEMENTS As of and for the Year Ended December 31, 2017 NOTE III - DETAILED NOTES ON ALL FUNDS (cont.) A.DEPOSITS AND INVESTMENTS (cont.) Agency Fund December 31, 2017 Investment Type Level 1 Level 2 Level 3 Total Certificates of deposits - negotiable $-$246,759 $-$246,759 U.S. agencies -249,849 -249,849 Total $-$496,608 $-$496,608 Custodial Credit Risk Deposits Custodial credit risk is the risk that in the event of a financial institution failure, the Village's deposits may not be returned to the Village. The Village does not have any deposits exposed to custodial credit risk. Credit Risk Credit risk is the risk that an issuer or other counterparty to an investment will not fulfill its obligations. As of December 31, 2017, the Village's, Police Pension Fund, Firefighters' Pension Fund and Agency Fund investments were rated as follows: Standard & Poor's Investment Type Fair Value AAA AA A BBB Not Rated Certificates of deposits - negotiable $4,464,531 $-$-$-$-$4,464,531 The Illinois Funds 3,833,058 3,833,058 ---- U.S. agencies 36,694,960 -31,689,490 --5,005,470 Municipal obligations 4,975,064 275,017 2,893,533 272,810 -1,533,704 Corporate obligations 14,289,725 140,125 1,616,122 7,370,919 5,162,559 - Totals $64,257,338 $4,248,200 $36,199,145 $7,643,729 $5,162,559 $11,003,705 Page 58 VILLAGE OF GLENVIEW NOTES TO FINANCIAL STATEMENTS As of and for the Year Ended December 31, 2017 NOTE III - DETAILED NOTES ON ALL FUNDS (cont.) A.DEPOSITS AND INVESTMENTS (cont.) Credit Risk (cont.) Moody's Investors Services Investment Type Fair Value Aaa Aa A Baa Not Rated Certificates of deposits - negotiable $4,464,531 $-$-$-$-$4,464,531 The Illinois Funds 3,833,058 ----3,833,058 U.S. agencies 36,694,960 31,189,018 ---5,505,942 Municipal obligations 4,975,064 25,688 2,363,012 123,231 272,810 2,190,323 Corporate obligations 14,289,725 399,543 1,293,361 6,375,523 6,168,634 52,664 Totals $64,257,338 $31,614,249 $3,656,373 $6,498,754 $6,441,444 $16,046,518 Concentration of Credit Risk Concentration of credit risk is the risk of loss attributed to the magnitude of a government's investment in a single issuer. The Firefighters' Pension Fund had the following investments that exceeded 5% of its investment and plan net position: Federal Home Loan Bank $6,035,695 Federal Farm Credit Bank 10,379,207 Interest Rate Risk Interest rate risk is the risk that changes in interest rates will adversely affect the value of an investment. As of December 31, 2017, investments were as follows: Village Maturity (In Years) Investment Type Fair Value Less than 1 1-5 Certificates of deposits - negotiable $4,217,772 $2,481,710 $1,736,062 U.S. treasuries 9,048,675 9,048,675 - U.S. agencies 8,461,377 1,003,198 7,458,179 Totals $21,727,824 $12,533,583 $9,194,241 Page 59 VILLAGE OF GLENVIEW NOTES TO FINANCIAL STATEMENTS As of and for the Year Ended December 31, 2017 NOTE III - DETAILED NOTES ON ALL FUNDS (cont.) A.DEPOSITS AND INVESTMENTS (cont.) Interest Rate Risk (cont.) Police Pension Fund Maturity (In Years) Investment Type Fair Value Less than 1 1-5 6-10 Greater than 10 U.S. treasuries $7,613,717 $3,240,669 $3,278,682 $1,094,366 $- U.S. agencies 7,738,637 159,923 4,884,377 1,655,699 1,038,638 Municipal obligations 378,143 150,074 228,069 -- Corporate obligations 14,289,725 630,767 9,610,853 3,956,541 91,564 Totals $30,020,222 $4,181,433 $18,001,981 $6,706,606 $1,130,202 Firefighters' Pension Fund Maturity (In Years) Investment Type Fair Value Less than 1 1-5 6-10 U.S. treasuries $4,604,484 $849,758 $3,451,351 $303,375 U.S. agencies 20,245,097 653,725 6,016,258 13,575,114 Municipal obligations 4,596,921 -2,782,238 1,814,683 Totals $29,446,502 $1,503,483 $12,249,847 $15,693,172 Agency Fund Maturity (In Years) Investment Type Fair Value Less than 1 1-5 Certificates of deposits - negotiable $246,759 $-$246,759 U.S. agencies 249,849 249,849 - Totals $496,608 $249,849 $246,759 Page 60 VILLAGE OF GLENVIEW NOTES TO FINANCIAL STATEMENTS As of and for the Year Ended December 31, 2017 NOTE III - DETAILED NOTES ON ALL FUNDS (cont.) A.DEPOSITS AND INVESTMENTS (cont.) Money-Weighted Rate of Return Police Pension Fund For the year ended December 31, 2017, the annual money-weighted rate of return on the Police Pension plan investments, net of pension plan investment expense, was 11.99%. The money-weighted rate of return expresses investment performance, net of investment expense, adjusted for the changing amounts actually invested. Firefighters' Pension Fund For the year ended December 31, 2017, the annual money-weighted rate of return on the Firefighters' Pension plan investments, net of pension plan investment expense, was 13.82%. The money-weighted rate of return expresses investment performance, net of investment expense, adjusted for the changing amounts actually invested. See Note I.D.1. for further information on deposit and investment policies. B.RECEIVABLES The following receivables are included in Receivables - Taxes on the Governmental Funds Balance Sheet: General Fund Taxes Receivable Property $11,642,860 Sales 6,878,934 Utility 798,626 Income 355,183 Use 369,906 Franchise 206,699 Hotel 61,955 Amusement 17,890 Total $20,332,053 All of the receivables on the balance sheet are expected to be collected within one year with the exception of notes and lease receivable which will be collected in future years as well. Page 61 VILLAGE OF GLENVIEW NOTES TO FINANCIAL STATEMENTS As of and for the Year Ended December 31, 2017 NOTE III - DETAILED NOTES ON ALL FUNDS (cont.) C.CAPITAL ASSETS Capital asset activity for the year ended December 31, 2017, was as follows: Beginning Balance Additions Deletions Ending Balance Governmental Activities Capital assets not being depreciated Construction in progress $52,641 $267,793 $320,434 $- Land 21,076,696 --21,076,696 Land right of way 55,281,951 --55,281,951 Total Capital Assets Not Being Depreciated 76,411,288 267,793 320,434 76,358,647 Capital assets being depreciated Buildings and improvements 95,536,435 2,583,976 2,091,479 96,028,932 Machinery and equipment 18,169,674 2,433,514 324,724 20,278,464 Infrastructure 158,427,557 4,716,360 998,381 162,145,536 Total Capital Assets Being Depreciated 272,133,666 9,733,850 3,414,584 278,452,932 Total Capital Assets 348,544,954 10,001,643 3,735,018 354,811,579 Less: Accumulated depreciation for Buildings and improvements (24,587,241)(2,176,875)1,537,861 (25,226,255) Machinery and equipment (10,486,152)(1,589,732)324,724 (11,751,160) Infrastructure (70,794,913)(3,765,725)482,700 (74,077,938) Total Accumulated Depreciation (105,868,306)(7,532,332)2,345,285 (111,055,353) Net Capital Assets Being Depreciated 166,265,360 2,201,518 1,069,299 167,397,579 Total Governmental Activities Capital Assets, Net $242,676,648 $2,469,311 $1,389,733 $243,756,226 Depreciation expense was charged to functions as follows: Governmental Activities General government $4,273,433 Public safety 1,627,265 Public works 1,198,363 Development 433,271 Total Governmental Activities Depreciation Expense $7,532,332 Page 62 VILLAGE OF GLENVIEW NOTES TO FINANCIAL STATEMENTS As of and for the Year Ended December 31, 2017 NOTE III - DETAILED NOTES ON ALL FUNDS (cont.) C. CAPITAL ASSETS (cont.) Beginning Balance Additions Deletions Ending Balance Business-type Activities Capital assets not being depreciated Construction in progress $ 122,796 $- $ 122,796 $- Land 567,851 --567,851 Total Capital Assets Not Being Depreciated 690,647 -122,796 567,851 Capital assets being depreciated Buildings and improvements 2,796,294 175,167 - 2,971,461 Water system 58,147,725 1,964,363 106,688 60,005,400 Sanitary sewer system 24,854,684 242,943 - 25,097,627 Equipment and vehicles 4,985,950 -19,208 4,966,742 Total Capital Assets Being depreciated 90,784,653 2,382,473 125,896 93,041,230 Total Capital Assets 91,475,300 2,382,473 248,692 93,609,081 Less: Accumulated depreciation for Buildings and improvements (1,048,210)(85,367)-(1,133,577) Water system (19,826,585)(1,203,720)106,688 (20,923,617) Sanitary sewer system (6,433,970)(487,352)-(6,921,322) Equipment and vehicles (3,924,056)(203,743)19,208 (4,108,591) Total Accumulated Depreciation (31,232,821)(1,980,182)125,896 (33,087,107) Net Capital Assets Being depreciated 59,551,832 402,291 -59,954,123 Total Business-type Capital Assets, Net $ 60,242,479 $ 402,291 $ 122,796 $ 60,521,974 Business-type Activities Depreciation expense was charged to functions as follows: Business-type Activities Glenview Water Fund $ 1,348,105 Glenview Sanitary Sewer Fund 487,354 Wholesale Water Fund 62,816 Commuter Parking Fund 81,907 Total Business-type Activities Depreciation Expense $ 1,980,182 Page 63 VILLAGE OF GLENVIEW NOTES TO FINANCIAL STATEMENTS As of and for the Year Ended December 31, 2017 NOTE III - DETAILED NOTES ON ALL FUNDS (cont.) D.INTERFUND RECEIVABLES/PAYABLES, ADVANCES AND TRANSFERS Interfund Receivables/Payables The following is a schedule of interfund receivables and payables including any overdrafts on pooled cash and investment accounts: Receivable Fund Payable Fund Amount General Internal Service $16,265 General Nonmajor Governmental 2,970 Village Permanent Nonmajor Governmental 1,501,131 Total - Fund Financial Statements 1,520,366 Less: Fund eliminations (1,520,366) Total Internal Balances - Government-W ide Statement of Net Position $- All amounts are due within one year. The following is a schedule of interfund advances: Receivable Fund Payable Fund Amount Amount Not Due W ithin One Year Village Permanent Special Tax Allocation $15,416,507 $15,416,507 Total - Fund Financial Statements 15,416,507 Less: Fund eliminations (15,416,507) Total - Interfund Advances - Government-W ide Statement of Net Position $- Page 64 VILLAGE OF GLENVIEW NOTES TO FINANCIAL STATEMENTS As of and for the Year Ended December 31, 2017 NOTE III - DETAILED NOTES ON ALL FUNDS (cont.) D.INTERFUND RECEIVABLES/PAYABLES, ADVANCES AND TRANSFERS (cont.) Transfers The following is a schedule of interfund transfers: Fund Transferred To Fund Transferred From Amount Principal Purpose General Nonmajor Governmental $2,970 Transfer of property tax revenue to the correct fund General Nonmajor Enterprise 325,000 Transfer to recover overhead costs associated with running the W holesale W ater Fund General Special Tax Allocation 308,798 Transfer is for the maintenance of the three main stem roads in the Glen Town Center General Internal Service 403,917 Transfer to fund a portion of the cost of operations in the General Fund Nonmajor Governmental General 7,299,816 Transfer to move property tax revenue to the correct fund to pay debt as well as transfers to support the Capital Improvements Program Nonmajor Governmental Village Permanent 2,875,600 Transfer to fund two major programs budgeted during the year: Lyons Detention Project and Feasibility Cost Share Agreement Nonmajor Governmental Nonmajor Enterprise 524,398 Transfer of return on investment that is used to improve public roadways Glenview W ater Sanitary Sewer 56,258 Transfer to fund a portion of the AMI debt payment Sanitary Sewer Village Permanent 47,119 Transfer of funds for payment of engineering services Total - Fund Financial Statements 11,843,876 Less: Government-wide eliminations (11,041,597) Total Transfers - Government-W ide Statement of Activities $802,279 Page 65 VILLAGE OF GLENVIEW NOTES TO FINANCIAL STATEMENTS As of and for the Year Ended December 31, 2017 NOTE III - DETAILED NOTES ON ALL FUNDS (cont.) D.INTERFUND RECEIVABLES/PAYABLES, ADVANCES AND TRANSFERS (cont.) Transfers (cont.) Generally, transfers are used to (1) move revenues from the fund that collects them to the fund that the budget requires to expend them, (2) move receipts restricted to debt service from the funds collecting the receipts to the debt service fund, and (3) use unrestricted revenues collected in the general fund to finance various programs accounted for in other funds in accordance with budgetary authorizations. E.LONG-TERM OBLIGATIONS Long-term obligations activity for the year ended December 31, 2017, was as follows: Beginning Balance Increases Decreases Ending Balance Amounts Due Within One Year Governmental Activities Bonds and Loans Payable General obligation debt $51,145,000 $-$7,670,000 $43,475,000 $7,870,000 Loans payable 4,271,187 -1,330,309 2,940,878 1,330,307 (Discounts)/Premiums Bond discount (32,237)-(24,894)(7,343)- Bond premium 2,619,908 -103,777 2,516,131 - Other Liabilities Compensated absences 1,498,302 1,148,204 1,123,727 1,522,779 304,556 Capital leases 490,792 -243,593 247,199 247,199 Other postemployment benefits 2,938,856 864,458 481,702 3,321,612 - Net pension liability 85,216,213 25,311,184 33,329,506 77,197,891 - Claims payable 1,938,607 800,251 1,057,818 1,681,040 672,416 Total Governmental Activities Long-Term Liabilities $150,086,628 $28,124,097 $45,315,538 $132,895,187 $10,424,478 Business-type Activities Notes Payable Notes Payable $6,829,143 $-$281,289 $6,547,854 $468,815 Other Liabilities Compensated absences 70,764 118,468 53,073 136,159 27,232 Net pension liability 2,145,709 714,143 995,168 1,864,684 - Total Business-type Activities Long-Term Liabilities $9,045,616 $832,611 $1,329,530 $8,548,697 $496,047 Page 66 VILLAGE OF GLENVIEW NOTES TO FINANCIAL STATEMENTS As of and for the Year Ended December 31, 2017 NOTE III - DETAILED NOTES ON ALL FUNDS (cont.) E.LONG-TERM OBLIGATIONS (cont.) General Obligation Debt Governmental Activities General Obligation Debt Repayment Fund Date of Issue Final Maturity Interest Rates Balance December 31, 2017 $11,290,000 General Obligation Refunding Series 2009D due in annual installments of $385,000 to $1,640,000 Special Tax Allocation 10/21/2009 12/01/2018 2.0% - 4.0%$1,360,000 $18,090,000 General Obligation Refunding Bond Series 2012A due in annual installments of $5,850,000 to $6,210,000 Special Tax Allocation 06/14/2012 12/01/2021 3.0% - 4.0%18,090,000 $14,575,000 General Obligation Refunding Bond Series 2012B due in annual installments of $1,200,000 to $1,750,000 Corporate Purpose Bonds 12/18/2012 12/01/2024 3.0%-4.0%10,835,000 $7,730,000 General Obligation Refunding Bond Series 2012C due in annual installments of $1,365,000 to $1,735,000 Special Tax Allocation 12/18/2012 12/01/2018 2.0%-3.0%1,735,000 $6,065,000 General Obligation Bond Series 2013A due in annual installments of $245,000 to $410,000 Corporate Purpose Bonds 12/19/2013 12/01/2033 2.0%-4.0%5,090,000 $4,385,000 General Obligation Bond Taxable Series 2013B due in annual installments of $585,000 to $680,000 Waukegan Golf TIF 12/19/2013 12/1/2023 1.5%-3.5%$3,800,000 Page 67 VILLAGE OF GLENVIEW NOTES TO FINANCIAL STATEMENTS As of and for the Year Ended December 31, 2017 NOTE III - DETAILED NOTES ON ALL FUNDS (cont.) E.LONG-TERM OBLIGATIONS (cont.) General Obligation Debt (cont.) Governmental Activities General Obligation Debt (cont.) Repayment Fund Date of Issue Final Maturity Interest Rates Balance December 31, 2017 $10,000,000 General Obligation Refunding Bond Series 2015 due in annual installments of $2,395,000 to $2,565,000 Special Tax Allocation 07/30/2015 12/01/2018 .44%-1.05%$2,565,000 Total Governmental Activities - General Obligation Debt $43,475,000 Debt service requirements to maturity are as follows: Governmental Activities General Obligation Debt Years Principal Interest 2018 $7,870,000 $1,436,675 2019 8,125,000 1,231,791 2020 8,390,000 980,473 2021 8,660,000 715,882 2022 2,545,000 378,582 2023-2027 5,645,000 808,572 2028-2032 1,830,000 307,200 2033 410,000 16,400 Totals $43,475,000 $5,875,575 Page 68 VILLAGE OF GLENVIEW NOTES TO FINANCIAL STATEMENTS As of and for the Year Ended December 31, 2017 NOTE III - DETAILED NOTES ON ALL FUNDS (cont.) E.LONG-TERM OBLIGATIONS (cont.) Loans and Notes Payable Loans and Notes Payable at December 31, 2017 consist of the following: Governmental Activities Loans and Notes Payable Repayment Fund Date of Issue Final Maturity Interest Rates Balance December 31, 2017 $633,827 Illinois Environmental Protection Agency Loan due in semi-annual installments of $6,617 to $12,185 Capital Projects 10/01/2010 04/14/2031 N/A $329,004 $6,529,688 5 Year Loan due in 5 installments of $1,305,938 Special Tax Allocation 12/01/2014 12/01/2019 1.850%2,611,874 Total Governmental Activities Loans and Notes Payable $2,940,878 Business-type Activities Loans and Notes Payable Repayment Fund Date of Issue Final Maturity Interest Rates Balance December 31, 2017 $7,333,416 Draw/Term Note Payable due in annual installments of $50,000 to $1,200,000 Water 05/01/2015 12/01/2025 LIBOR through 8/1/16 then 2.0%$6,547,854 Total Business-type Activities Loans and Notes Payable $6,547,854 Debt service requirements to maturity are as follows: Governmental Activities Business-type Activities Loans and Notes Payable Loans and Notes Payable Years Principal Interest Principal Interest 2018 $1,330,307 $48,991 $468,815 $130,957 2019 1,330,307 24,495 656,340 121,581 2020 24,370 -843,866 108,454 2021 24,370 -1,031,392 91,577 2022 24,370 -1,125,155 70,949 2023-2027 121,850 -2,422,286 89,454 2028-2031 85,304 --- Totals $2,940,878 $73,486 $6,547,854 $612,972 Page 69 VILLAGE OF GLENVIEW NOTES TO FINANCIAL STATEMENTS As of and for the Year Ended December 31, 2017 NOTE III - DETAILED NOTES ON ALL FUNDS (cont.) E.LONG-TERM OBLIGATIONS (cont.) 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 W ater System. This is a Bank Qualified Tax Exempt loan and the Village has drawn a total of $6,876,024 and made principal payments in the amount of $281,289 for the year ending December 31, 2017. The remaining amount will not be drawn. Capital Leases Refer to Note III. F. Other Debt Information The compensated absences liability, other post employment benefits obligation, and net pension liability attributable to governmental activities will be liquidated primarily by the General Fund. Noncommitment Debt - Special Service Area Bonds The special services area bonds outstanding as of December 31, 2017 totaled $2,289,645. 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. F. LEASE DISCLOSURES Lessee - Capital Leases 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, 2017 is $247,199 and the future minimum lease obligations are as follows: Governmental Activities Years Principal Interest Totals 2018 $247,199 $3,658 $250,857 Totals $247,199 $3,658 $250,857 Page 70 VILLAGE OF GLENVIEW NOTES TO FINANCIAL STATEMENTS As of and for the Year Ended December 31, 2017 NOTE III - DETAILED NOTES ON ALL FUNDS (cont.) F. LEASE DISCLOSURES (cont.) Lessor - Capital Leases The Village of Glenview owns a parcel of land valued at $1,560,000 which is for the former Dominick's leased property (1020 W aukegan 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 $910,000 lease receivable as of fiscal year-end. Governmental Activities Years Principal Interest Total 2018 $131,033 $24,967 $156,000 2019 135,355 20,645 156,000 2020 139,821 16,179 156,000 2021 144,433 11,567 156,000 2022 149,198 6,802 156,000 2023 128,084 1,916 130,000 Totals $827,924 $82,076 $910,000 G.COMPONENT UNIT GLENVIEW LIBRARY This report contains the Glenview Library (Library), which is included as a component unit. In addition to the basic financial statements and the preceding notes to financial statements which apply, the following additional disclosures are considered necessary for a fair presentation. a. Basis of Accounting/Measurement Focus The Library follows the modified accrual basis of accounting and the flow of economic resources measurement focus. Page 71 VILLAGE OF GLENVIEW NOTES TO FINANCIAL STATEMENTS As of and for the Year Ended December 31, 2017 NOTE III - DETAILED NOTES ON ALL FUNDS (cont.) G.COMPONENT UNIT (cont.) GLENVIEW LIBRARY (cont.) b. Deposits and Investments Carrying Value Statement Balances Associated Risks Deposits $5,311,442 $5,318,102 Custodial credit risk The Illinois Funds 4,489 4,489 Credit risk U.S. treasuries 499,082 499,082 Custodial credit risk, interest rate risk Total Deposits and Investments $5,815,013 $5,821,673 Reconciliation to financial statements Per statement of net position Cash and cash equivalents $3,838,031 Investments 1,976,982 Total Deposits and Investments $5,815,013 The Library categorizes its fair value measurements within the fair value hierarchy established by generally accepted accounting principles. The hierarchy is based on the valuation inputs used to measure the fair value of the asset. Level 1 inputs are quoted prices in active markets for identical assets; Level 2 inputs are significant other observable inputs; Level 3 inputs are significant unobservable inputs. The Library used the market valuation method for all recurring fair value measurements. December 31, 2017 Investment Type Level 1 Level 2 Level 3 Total U.S. treasuries $499,082 $-$-$499,082 Total $499,082 $-$-$499,082 Custodial Credit Risk Deposits Custodial credit risk is the risk that in the event of a financial institution failure, the Library's deposits may not be returned to the Library. The Library does not have any deposits exposed to custodial credit risk. Page 72 VILLAGE OF GLENVIEW NOTES TO FINANCIAL STATEMENTS As of and for the Year Ended December 31, 2017 NOTE III - DETAILED NOTES ON ALL FUNDS (cont.) G.COMPONENT UNIT (cont.) GLENVIEW LIBRARY (cont.) b. Deposits and Investments (cont.) Credit Risk Credit risk is the risk that an issuer or other counterparty to an investment will not fulfill its obligations. The Library had investments in the Illinois Funds which was rated AAA by Standard & Poor's and not rated by Moody's Investors Services. Interest Rate Risk Interest rate risk is the risk that changes in interest rates will adversely affect the value of an investment. As of December 31, 2017, the Library's investments in U.S. treasuries were all set to mature in less than one year. See Note I.D.1. for further information on deposit and investment policies. Page 73 VILLAGE OF GLENVIEW NOTES TO FINANCIAL STATEMENTS As of and for the Year Ended December 31, 2017 NOTE III - DETAILED NOTES ON ALL FUNDS (cont.) G.COMPONENT UNIT (cont.) GLENVIEW LIBRARY (cont.) c. Capital Assets Beginning Balance Additions Deletions Ending Balance Capital assets not being depreciated Land $5,426,987 $-$-$5,426,987 Total Capital Assets Not Being Depreciated 5,426,987 --5,426,987 Capital assets being depreciated Buildings and improvements 27,068,491 153,053 -27,221,544 Equipment and vehicles 128,107 --128,107 Library books and materials 7,291,203 689,739 1,040,825 6,940,117 Total Capital Assets Being Depreciated 34,487,801 842,792 1,040,825 34,289,768 Total Capital Assets 39,914,788 842,792 1,040,825 39,716,755 Less: Accumulated depreciation for Buildings and improvements (3,733,836)(570,031)-(4,303,867) Equipment and vehicles (115,690)(2,070)-(117,760) Library books and materials (5,253,749)(666,597)1,040,825 (4,879,521) Total Accumulated Depreciation (9,103,275)(1,238,698)1,040,825 (9,301,148) Net Capital Assets Being Depreciated 25,384,526 (395,906)-24,988,620 Total Component Unit Capital Assets, Net $30,811,513 $(395,906)$-$30,415,607 d. Interfund Transfers The following is a schedule of interfund transfers: Fund Transferred To Fund Transferred From Amount Principal Purpose Library Special Reserve Library General $122,224 Transfer to fund certain capital costs Total - Fund Financial Statements $122,224 Page 74 VILLAGE OF GLENVIEW NOTES TO FINANCIAL STATEMENTS As of and for the Year Ended December 31, 2017 NOTE III - DETAILED NOTES ON ALL FUNDS (cont.) G.COMPONENT UNIT (cont.) GLENVIEW LIBRARY (cont.) e. Long-Term Obligations Beginning Balance Increases Decreases Ending Balance Amounts Due W ithin One Year Bonds Payable General obligation debt $17,741,645 $-$1,190,000 $16,551,645 $1,225,045 (Discounts)/Premiums Bond premium 2,504,306 -192,639 2,311,667 - Other Liabilities Compensated absences 268,513 217,153 201,385 284,281 56,856 Net pension liability 3,075,989 1,974,922 2,034,568 3,016,343 - Total Component Units Long-Term Liabilities $23,590,453 $2,192,075 $3,618,592 $22,163,936 $1,281,901 Page 75 VILLAGE OF GLENVIEW NOTES TO FINANCIAL STATEMENTS As of and for the Year Ended December 31, 2017 NOTE III - DETAILED NOTES ON ALL FUNDS (cont.) G.COMPONENT UNIT (cont.) GLENVIEW LIBRARY (cont.) e. Long-Term Obligations (cont.) Obligation Debt Repayment Fund Date of Issue Final Maturity Interest Rates Balance December 31, 2017 $26,300,000 General Obligation Bond Series 2009A due in annual installments of $460,000 to $1,860,000 Library Debt Service 05/05/2009 12/01/2018 3.00% - 4.125%$1,225,045 $15,326,600 General Obligation Refunding Bond Series 2016A due in annual installments of $1,100,000 to $1,750,000 Library Debt Service 10/27/2016 12/01/2029 4.45%- 5.91%15,326,600 Total Component Unit - General Obligation Debt $16,551,645 Debt service requirements to maturity are as follows: Principal Interest Totals 2018 $1,225,045 $725,379 $1,950,424 2019 1,083,500 682,457 1,765,957 2020 1,132,750 628,282 1,761,032 2021 1,191,850 571,645 1,763,495 2022 1,250,950 512,052 1,763,002 2023-2027 7,274,225 1,555,561 8,829,786 2028-2029 3,393,325 153,512 3,546,837 Totals $16,551,645 $4,828,888 $21,380,533 The compensated absences liability and net pension liability will be liquidated primarily by the Library General Fund. Page 76 VILLAGE OF GLENVIEW NOTES TO FINANCIAL STATEMENTS As of and for the Year Ended December 31, 2017 NOTE IV - OTHER INFORMATION A.EMPLOYEES' RETIREMENT SYSTEM The Village contributes to three defined benefit pension plans, the Illinois Municipal Retirement Fund (IMRF), an agent-multiple-employer public employee retirement system; the Police Pension Plan which is a single-employer pension plan; and the Firefighters' Pension Plan which is a single-employer pension plan. The benefits, benefit levels, employee contributions and employer contributions for the plans are governed by Illinois Compiled Statutes and can only be amended by the Illinois General Assembly. The Police Pension Plan and the Firefighters' Pension Plan do not issue separate reports on the pension plans. IMRF does issue a publicly available report that includes financial statements and supplementary information for the plan as a whole, but not for individual employers. That report can be obtained from IMRF, 2211 York Road, Suite 500, Oak Brook, Illinois 60523. This report is also available for download at www.imrf.org. Illinois Municipal Retirement Fund Plan description.All employees (other than those covered by the Police and Firefighters' Pension plans) hired in positions that meet or exceed the prescribed annual hourly standard must be enrolled in IMRF as participating members. IMRF has a two tier plan. Members who first participated in IMRF or an Illinois Reciprocal System prior to January 1, 2011 participate in Tier 1. All other members participate in Tier 2. For Tier 1 participants, pension benefits vest after 8 years of service. Participating members who retire at age 55 (at reduced benefits) or after age 60 (at full benefits) with 8 years of service are entitled to an annual retirement benefit, payable monthly for life in an amount equal to 1-2/3% of their final rate of earnings (average of the highest 48 consecutive months' earnings during the last 10 years) for credited service up to 15 years and 3% for each year thereafter. Em ployees hired on or after January 1, 2011, are eligible for Tier 2 benefits. For Tier 2 participants, pension benefits vest after 10 years of service. Participating members who retire at age 62 (at reduced benefits) or after age 67 (at full benefits) with 10 years of service are entitled to an annual retirement benefit, payable monthly for life in an amount equal to 1-2/3% of their final rate of earnings for the first 15 years of service credit, plus 2% for each year of service 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 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. Under the employer number within IMRF, both the Village and Glenview Library contribute to the plan. As a result, IMRF is considered to be an agent multiple-employer plan through which cost-sharing occurs between the Village and Glenview Library. Plan membership. At December 31, 2016, the measurement date, membership in the plan was as follows: Retirees and beneficiaries 242 Inactive, non-retired members 165 Active members 205 Total 612 Page 77 VILLAGE OF GLENVIEW NOTES TO FINANCIAL STATEMENTS As of and for the Year Ended December 31, 2017 NOTE IV - OTHER INFORMATION (cont.) A.EMPLOYEES' RETIREMENT SYSTEM (cont.) Contributions. As set by statute, Village and Glenview Library employees participating in IMRF are required to contribute 4.50% of their annual covered salary. The statute requires the Village and Glenview Library to contribute the amount necessary, in addition to member contributions, to finance the retirement coverage of its own employees. The Village and Glenview Library’s actuarially determined contribution rate for calendar year 2016 was 12.90% of annual covered payroll for IMRF. The Village and Glenview Library also contribute for disability benefits, death benefits and supplemental retirement benefits, all of which are pooled at the IMRF level. Contribution rates for disability and death benefits are set by the IMRF Board of Trustees, while the supplemental retirement benefits rate is set by statute. Net Pension Liability/(Asset). The net pension liability/(asset) was measured as of December 31, 2016, and the total pension liability used to calculate the net pension liability/(asset) was determined by an actuarial valuation as of that date. Summary of Significant Accounting Policies. For purposes of measuring the net pension liability/(asset), deferred outflows of resources and deferred inflows of resources related to pensions, and pension expense, information about the fiduciary net position of IMRF and additions to/deductions from IMRF fiduciary net position have been determined on the same basis as they are reported by IMRF. For this purpose, benefit payments (including refunds of employee contributions) are recognized when due and payable in accordance with the benefit terms. Investments are reported at fair value. Actuarial Assumptions. The total pension liability for IMRF was determined by actuarial valuations performed as of December 31, 2016 using the following actuarial methods and assumptions: Actuarial cost method Entry Age Normal Asset valuation method Market Value Actuarial assumptions Investment Rate of Return 7.50% Salary increases 3.75% to 14.50%, including inflation Price inflation 2.75% Mo rtality. For non-disabled retirees, an IMRF specific mortality table was used with fully generational projection scale MP-2014 (base year 2012). The IMRF specific rates 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 2012). The IMRF specific rates were developed from the RP-2014 Disabled Retirees Mortality Table applying the same adjustment 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 2012). The IMRF specific rates were developed from the RP-2014 Employee Mortality Table with adjustments to match current IMRF experience. Page 78 VILLAGE OF GLENVIEW NOTES TO FINANCIAL STATEMENTS As of and for the Year Ended December 31, 2017 NOTE IV - OTHER INFORMATION (cont.) A.EMPLOYEES' RETIREMENT SYSTEM (cont.) Long-Term Expected Real Rate of Return. The long-term expected rate of return on pension plan investments was determined using an asset allocation study in which best-estimate ranges of expected future real rates of return (net of pension plan investment expense and inflation) were developed for each major asset class. These ranges were combined to produce long-term expected rate of return by the target asset allocation percentage and by adding expected inflation. The target allocation and best estimates of arithmetic and geometric real rates of return for each major asset class are summarized in the following table: Projected Returns/Risks Asset Class Target Allocation One Year Arithmetic Ten Year Geometric Equities 38.00%8.30%6.85% International equities 17.00%8.45%6.75% Fixed income 27.00%3.05%3.00% Real estate 8.00%6.90%5.75% Alternatives 9.00% Private equity 12.45%7.35% Hedge funds 5.35%5.25% Commodities 4.25%2.65% Cash equivalents 1.00%2.25%2.25% Discount rate.The discount rate used to measure the total pension liability for IMRF was 7.50%. The discount rate calculated using the December 31, 2015 measurement date was 7.48%. The projection of cash flows used to determine the discount rate assumed that member contributions will be made at the current contribution rate and that Village and Glenview Library contributions will be made at rates equal to the difference between actuarially determined contribution rate and the member rate. Based on those assumptions, the 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 investments was applied to all periods of projected benefits to determine the total pension liability. Discount rate sensitivity. The following is a sensitivity analysis of the net pension liability/(asset) to changes in the discount rate. The table below presents net pension liability/(asset) of the Village and Glenview Library calculated using the discount rate of 7.50% as well as what the net pension liability/(asset) would be if it were to be calculated using a discount rate that is 1 percentage point lower (6.50%) or 1 percentage point higher (8.50%) than the current rate: 1% Decrease Current Discount Rate 1% Increase Village: Total pension liability $97,082,357 $85,402,481 $75,854,756 Plan fiduciary net pension 73,971,056 73,971,056 73,971,056 Net pension liability/(asset)$23,111,301 $11,431,425 $1,883,700 Page 79 VILLAGE OF GLENVIEW NOTES TO FINANCIAL STATEMENTS As of and for the Year Ended December 31, 2017 NOTE IV - OTHER INFORMATION (cont.) A.EMPLOYEES' RETIREMENT SYSTEM (cont.) 1% Decrease Current Discount Rate 1% Increase Glenview Library: Total pension liability $25,616,553 $22,534,653 $20,015,351 Plan fiduciary net pension 19,518,310 19,518,310 19,518,310 Net pension liability/(asset)$6,098,243 $3,016,343 $497,041 Total: Total pension liability $122,698,910 $107,937,134 $95,870,107 Plan fiduciary net pension 93,489,366 93,489,366 93,489,366 Net pension liability/(asset)$29,209,544 $14,447,768 $2,380,741 Changes in net pension liability/(asset). The changes in net pension liability/(asset)for the calendar year ended December 31, 2016 were as follows: Increase (Decrease) Total Pension Liability (a) Plan Fiduciary Net Position (b) Net Pension Liability/(Asset) (a) - (b) Village: Balances at December 31, 2015 $83,403,478 $71,017,972 $12,385,506 Service cost 1,364,711 -1,364,711 Interest on total pension liability 6,067,722 -6,067,722 Differences between expected and actual experience of the total pension liability (459,967)-(459,967) Change of assumptions (215,882)-(215,882) Benefit payments, including refunds of employee contributions (3,886,045)(3,886,045)- Contributions - employer -1,666,519 (1,666,519) Contributions - employee -601,714 (601,714) Net investment income -4,863,653 (4,863,653) Other (net transfer)-578,779 (578,779) Balances at December 31, 2016 $86,274,017 $74,842,592 $11,431,425 Page 80 VILLAGE OF GLENVIEW NOTES TO FINANCIAL STATEMENTS As of and for the Year Ended December 31, 2017 NOTE IV - OTHER INFORMATION (cont.) A.EMPLOYEES' RETIREMENT SYSTEM (cont.) Increase (Decrease) Total Pension Liability (a) Plan Fiduciary Net Position (b) Net Pension Liability/(Asset) (a) - (b) Glenview Library: Balances at December 31, 2015 $20,713,583 $17,637,594 $3,075,989 Service cost 360,098 -360,098 Interest on total pension liability 1,601,054 -1,601,054 Differences between expected and actual experience of the total pension liability 70,733 -70,733 Change of assumptions (56,963)-(56,963) Benefit payments, including refunds of employee contributions (1,025,388)(1,025,388)- Contributions - employer -439,734 (439,734) Contributions - employee -158,771 (158,771) Net investment income -1,283,344 (1,283,344) Other (net transfer)-152,719 (152,719) Balances at December 31, 2016 $21,663,117 $18,646,774 $3,016,343 Total: Balances at December 31, 2015 $104,117,061 $88,655,566 $15,461,495 Service cost 1,724,809 -1,724,809 Interest on total pension liability 7,668,776 -7,668,776 Differences between expected and actual experience of the total pension liability (389,234)-(389,234) Change of assumptions (272,845)-(272,845) Benefit payments, including refunds of employee contributions (4,911,433)(4,911,433)- Contributions - employer -2,106,253 (2,106,253) Contributions - employee -760,485 (760,485) Net investment income -6,146,997 (6,146,997) Other (net transfer)-731,498 (731,498) Balances at December 31, 2016 $107,937,134 $93,489,366 $14,447,768 Plan fiduciary net position as a percentage of the total pension liability %86.61 The net pension liability as of December 31, 2017 is reported on the financial statements as follows: Business-Type Activities Governmental Activities Glenview Water Fund Glenview Sanitary Sewer Fund Total Business- Type Activities Component Unit - Glenview Library Total Net Pension Liability $9,566,741 $1,522,741 $341,943 $1,864,684 $3,016,343 $14,447,768 Page 81 VILLAGE OF GLENVIEW NOTES TO FINANCIAL STATEMENTS As of and for the Year Ended December 31, 2017 NOTE IV - OTHER INFORMATION (cont.) A.EMPLOYEES' RETIREMENT SYSTEM (cont.) Pension expense and deferred outflows of resources and deferred inflows of resources related to pensions.For the year ended December 31, 2017, the Village and Glenview Library recognized pension expense of $3,856,434. The Village and Glenview Library reported deferred outflows and inflows of resources related to pension from the following sources: Deferred Outflows of Resources Deferred Inflows of Resources Village: Difference between expected and actual experience $337,702 $229,540 Assumption changes 795,852 160,901 Net difference between projected and actual earnings on pension plan investments 3,612,742 - Changes in component proportion between governmental, business and component unit 66,360 92,736 Contributions subsequent to the measurement date 1,643,973 - Total $6,456,629 $483,177 Glenview Library: Difference between expected and actual experience $89,107 $60,567 Assumption changes 209,998 42,456 Net difference between projected and actual earnings on pension plan investments 953,273 - Changes in component proportion between governmental, business and component unit 52,699 26,323 Contributions subsequent to the measurement date 433,785 - Total $1,738,862 $129,346 Total: Difference between expected and actual experience $426,809 $290,107 Assumption changes 1,005,850 203,357 Net difference between projected and actual earnings on pension plan investments 4,566,015 - Changes in component proportion between governmental, business and component unit 119,059 119,059 Contributions subsequent to the measurement date 2,077,758 - Total $8,195,491 $612,523 Page 82 VILLAGE OF GLENVIEW NOTES TO FINANCIAL STATEMENTS As of and for the Year Ended December 31, 2017 NOTE IV - OTHER INFORMATION (cont.) A.EMPLOYEES' RETIREMENT SYSTEM (cont.) The deferred inflows of resources and deferred outflows of resources as of December 31, 2017 is reported on the financial statements as follows: Business-Type Activities Governmental Activities Glenview Water Fund Glenview Sanitary Sewer Fund Total Business- Type Activities Component Unit - Glenview Library Total Deferred Outflows of Resources $5,414,254 $851,226 $191,149 $1,042,375 $1,738,862 $8,195,491 Deferred Inflows of Resources 327,379 129,361 26,437 155,798 129,346 612,523 The amount reported as deferred outflows resulting from contributions subsequent to the measurement date in the above table will be recognized as a reduction in the net pension liability/(asset) for the year ending . The remaining amounts reported as deferred outflows and inflows of resources related to pensions ($5,505,210) will be recognized in pension expense as follows: Year Ending December 31,Village Component Unit - Glenview Library Total 2018 $2,016,136 $538,619 $2,554,755 2019 1,323,744 355,921 1,679,665 2020 916,603 263,601 1,180,204 2021 72,996 17,590 90,586 Total $4,329,479 $1,175,731 $5,505,210 Police Pension Plan description. Police sworn personnel are covered by the Police Pension Plan, which is a defined benefit single-employer pension plan. Although this is a single employer pension plan, the defined benefits and employee and employer contribution levels are governed by Illinois State Statutes (Chapter 40 ILCS 5/3) and may be amended only by the Illinois legislature. The Village accounts for the plan as a pension trust fund. As provided for in the Illinois Compiled Statutes, the Plan provides retirement benefits as well as death and disability benefits to employees grouped into two tiers. Tier 1 is for employees hired prior to January 1, 2011 and Tier 2 is for employees hired after that date. The following is a summary of the Police Pension Fund as provided for in Illinois Compiled Statutes. Page 83 VILLAGE OF GLENVIEW NOTES TO FINANCIAL STATEMENTS As of and for the Year Ended December 31, 2017 NOTE IV - OTHER INFORMATION (cont.) A.EMPLOYEES' RETIREMENT SYSTEM (cont.) Police Pension (cont.) Tier 1 - Covered employees attaining the age of 50 or more with 20 or more years of creditable service are entitled to receive an annual retirement benefit of one half of the salary attached to the rank on the last day of service, or for one year prior to the last day, whichever is greater. The pension shall be increased by 2.5% of such salary for each additional year of service over 20 years up to 30 years to a maximum of 75% of such salary. Employees with at least 8 years but less than 20 years of credited service may retire at or after age 60 and receive a reduced retirement benefit. The monthly pension of a police officer 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 paid upon reaching at least the age 55, by 3% of the original pension and 3% compounded annually thereafter. Tier 2 - Covered employees attaining the age of 55 or more with 10 or more years of creditable service are entitled to receive a monthly pension of 2.5% of the final average salary for each year of creditable service. The salary is initially capped at $106,800 but increases annually thereafter and is limited to 75% of final average salary. Employees with 10 or more years of creditable service may retire at or after age 50 and receive a reduced retirement benefit. The monthly pension of a police shall be increased annually on the January 1 occurring either on or after the attainment of age 60 or the first anniversary of the pension start date, whichever is later. Each annual increase shall be calculated at 3% or onehalf the annual unadjusted percentage increase in the CPI, whichever is less. Plan membership. At December 31, 2017, the Police Pension membership consisted of: Retirees and beneficiaries 60 Inactive, non-retired members 3 Active members 68 Total 131 Page 84 VILLAGE OF GLENVIEW NOTES TO FINANCIAL STATEMENTS As of and for the Year Ended December 31, 2017 NOTE IV - OTHER INFORMATION (cont.) A.EMPLOYEES' RETIREMENT SYSTEM (cont.) Police Pension (cont.) Contributions. Covered employees are required to contribute 9.91% of their base salary to the Police Pension Plan. If an employee leaves covered employment with less than 20 years of service, accumulated employee contributions may be refunded without accumulated interest. The Village is required to contribute the remaining amounts necessary to finance the plans as actuarially determined by an enrolled actuary. Effective January 1, 2011 the Village’s contributions must accumulate to the point where the past service cost for the Police Pension Plan is 90% funded by the year 2040. The Village's actuarially determined contribution of $2,492,386 for the fiscal year ending December 31, 2017 was 36.17% of annual covered payroll. Net Pension Liability/(Asset). The net pension liability/(asset) was measured as of December 31, 2017, and the total pension liability used to calculate the net pension liability/(asset) was determined by an annual actuarial valuation as of that date. Summary of Significant Accounting Policies. The financial statements of the Police Pension Plan are prepared using the accrual basis of accounting. Plan member contributions are recognized in the period in which contributions are due. The Village’s contributions are recognized when due and a formal commitment to provide the contributions are made. Benefits and refunds are recognized when due and payable in accordance with the terms of the plan. Plan investments are reported at fair value. Short-term investments are reported at cost, which approximated fair value. Investments that do not have an established market are reported at estimated fair values. Actuarial Assumptions. The total pension liability was determined by an actuarial valuation performed as of December 31, 2017 using the following actuarial methods and assumptions: Actuarial cost method Entry Age Normal Asset valuation method Market Value Actuarial assumptions Interest rate 6.75% Inflation 2.50% Projected salary increases 3.62% to 7.36% Cost-of-living adjustments 3.00% RP-2000 Combined Healthy Mortality with a blue collar adjustment, projected to the valuation date using Scale BB. RP-2000 Disabled Retiree Mortality, projected to the valuation date using Scale BB. Page 85 VILLAGE OF GLENVIEW NOTES TO FINANCIAL STATEMENTS As of and for the Year Ended December 31, 2017 NOTE IV - OTHER INFORMATION (cont.) A.EMPLOYEES' RETIREMENT SYSTEM (cont.) Police Pension (cont.) Discount rate. The discount rate used to measure the total pension liability for the Police Pension Plan was 6.75%, the same as the prior valuation. The projection of cash flows used to determine the discount rate assumed that 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 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 Plan investments was applied to all periods of projected benefit payments to determine the total pension liability. Discount rate sensitivity.The following is a sensitivity analysis of the net pension liability to changes in the discount rate. The table below presents the pension liability of the Village calculated using the discount rate of 6.75% as well as what the net pension liability would be if it were to be calculated using a discount rate that is 1 percentage point lower (5.75%) or 1 percentage point higher (7.75%) than the current rate: 1% Decrease Current Discount Rate 1% Increase Total pension liability $119,480,375 $104,688,057 $92,569,305 Plan fiduciary net position 79,413,972 79,413,972 79,413,972 Net pension liability $40,066,403 $25,274,085 $13,155,333 Changes in net pension liability/(asset).The Village's changes in net pension liability/(asset) for the calendar year ended December 31, 2017 was as follows: Increase (Decrease) Total Pension Liability (a) Plan Fiduciary Net Position (b) Net Pension Liability/Asset (a) - (b) Balances at December 31, 2016 $100,000,482 $72,005,465 $27,995,017 Service cost 1,751,973 -1,751,973 Interest on total pension liability 6,727,271 -6,727,271 Differences between expected and actual experience of the total pension liability 386,681 -386,681 Benefit payments, including refunds of employee contributions (4,178,350)(4,178,350)- Contributions - employer -2,492,386 (2,492,386) Contributions - employee -712,431 (712,431) Net investment income -8,439,097 (8,439,097) Administration -(57,057)57,057 Balances at December 31, 2017 $104,688,057 $79,413,972 $25,274,085 Plan fiduciary net position as a percentage of the total pension liability %75.86 Page 86 VILLAGE OF GLENVIEW NOTES TO FINANCIAL STATEMENTS As of and for the Year Ended December 31, 2017 NOTE IV - OTHER INFORMATION (cont.) A.EMPLOYEES' RETIREMENT SYSTEM (cont.) Police Pension (cont.) Pension expense and deferred outflows of resources and deferred inflows of resources related to pensions.For the year ended December 31, 2017, the Village recognized pension expense of $3,499,751. The Village reported deferred outflows and inflows of resources related to pension from the following sources: Deferred Outflows of Resources Deferred Inflows of Resources Difference between expected and actual experience $466,187 $2,071,398 Assumption changes 2,700,716 - Net difference between projected and actual earnings on pension plan investments -517,439 Total $3,166,903 $2,588,837 The amounts reported as deferred outflows and inflows of resources related to pensions ($578,066) will be recognized in pension expense as follows: Year Ending December 31,Amount 2018 $501,469 2019 501,469 2020 (429,869) 2021 (59,450) 2022 64,447 Total $578,066 Firefighters' Pension Plan description. Fire sworn personnel are covered by the Firefighters' Pension Plan, which is a defined benefit single-employer pension plan. Although this is a single employer pension plan, the defined benefits and employee and employer contribution levels are governed by Illinois State Statutes (Chapter 40 ILCS 5/3) and may be amended only by the Illinois legislature. The Village accounts for the plan as a pension trust fund. As provided for in the Illinois Compiled Statutes, the Firefighters' Pension Plan provides retirement benefits as well as death and disability benefits to employees grouped into two tiers. Tier 1 is for employees hired prior to January 1, 2011 and Tier 2 is for employees hired after that date. The following is a summary of the Firefighters' Pension Plan as provided for in Illinois Compiled Statutes. Page 87 VILLAGE OF GLENVIEW NOTES TO FINANCIAL STATEMENTS As of and for the Year Ended December 31, 2017 NOTE IV - OTHER INFORMATION (cont.) A.EMPLOYEES' RETIREMENT SYSTEM (cont.) Firefighters' Pension (cont.) Tier 1 - Covered employees attaining the age of 50 or more with 20 or more years of creditable service are entitled to receive a monthly retirement benefit of one half of the monthly salary attached to the rank held in the fire service at the date of retirement. The monthly pension shall be increased by one twelfth of 2.5% of such monthly salary for each additional month over 20 years of service through 30 years of service to a maximum of 75% of such monthly salary. 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 retirement benefit. The monthly pension of a firefighter 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 paid upon reaching at least the age 55, by 3% of the original pension and 3% compounded annually thereafter. Tier 2 - Covered employees attaining the age of 55 or more with 10 or more years of creditable service are entitled to receive a monthly pension of 2.5% of the final average salary for each year of creditable service. The salary is initially capped at $106,800 but increases annually thereafter and is limited to 75% of final average salary. Employees with 10 or more years of creditable service may retire at or after age 50 and receive a reduced retirement benefit. The monthly pension of a firefighter shall be increased annually on the January 1 occurring either on or after the attainment of age 60 or the first anniversary of the pension start date, whichever is later. Each annual increase shall be calculated at 3% or one-half the annual unadjusted percentage increase in the CPI, whichever is less. Plan membership. At December 31, 2017, the Firefighters' Pension Plan membership consisted of: Retirees and beneficiaries 88 Inactive, non-retired members 2 Active members 79 Total 169 Contributions. Participants contribute a fixed percentage of their base salary to the plans. At December 31, 2017, the contribution percentage was 9.455%. If a participant leaves covered employment with less than 20 years of service, accumulated participant contributions may be refunded without accumulated interest. The Village is required to contribute the remaining amounts necessary to finance the plans as actuarially determined by an enrolled actuary. Effective January 1, 2011 the Village’s contributions must accumulate to the point where the past service cost for the Firefighters' Pension Plan is 90% funded by the year 2040. The Village's actuarially determined contribution of $3,839,494 for the fiscal year ending December 31, 2017 was 45.90% of annual covered payroll. Net pension liability/(asset). The net pension liability/(asset) was measured as of December 31, 2017, and the total pension liability used to calculate the net pension liability/(asset) was determined by an annual actuarial valuation as of that date. Page 88 VILLAGE OF GLENVIEW NOTES TO FINANCIAL STATEMENTS As of and for the Year Ended December 31, 2017 NOTE IV - OTHER INFORMATION (cont.) A.EMPLOYEES' RETIREMENT SYSTEM (cont.) Firefighters' Pension (cont.) Summary of significant accounting policies. The financial statements of the Firefighters' Pension Plan are prepared using the accrual basis of accounting. Plan member contributions are recognized in the period in which contributions are due. The Village’s contributions are recognized when due and a formal commitment to provide the contributions are made. Benefits and refunds are recognized when due and payable in accordance with the terms of the plan. Plan investments are reported at fair value. Short-term investments are reported at cost, which approximated fair value. Investments that do not have an established market are reported at estimated fair values. Actuarial assumptions. The total pension liability was determined by an actuarial valuation performed as of December 31, 2017 using the following actuarial methods and assumptions: Actuarial cost method Entry Age Normal Asset valuation method Market Value Actuarial assumptions Interest rate 7.00% Inflation 2.50% Projected salary increases 4.00% - 7.50% Cost-of-living adjustments 2.50% Mortality rates were based on the Lauterbach & Amen 2016 Illinois Firefighters Mortality Table. Discount rate. The discount rate used to measure the total pension liability for the Firefighters' Pension Plan was 7.00%, the same as the prior valuation. The projection of cash flows used to determine the discount rate assumed that 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 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 Plan investments was applied to all periods of projected benefit payments to determine the total pension liability. Page 89 VILLAGE OF GLENVIEW NOTES TO FINANCIAL STATEMENTS As of and for the Year Ended December 31, 2017 NOTE IV - OTHER INFORMATION (cont.) A.EMPLOYEES' RETIREMENT SYSTEM (cont.) Firefighters' Pension (cont.) Discount rate sensitivity.The following is a sensitivity analysis of the net pension liability to changes in the discount rate. The table below presents the pension liability of the Village calculated using the discount rate of 7.00% as well as what the net pension liability would be if it were to be calculated using a discount rate that is 1 percentage point lower (6.00%) or 1 percentage point higher (8.00%) than the current rate: 1% Decrease Current Discount Rate 1% Increase Total pension liability $144,488,338 $127,124,670 $112,856,045 Plan fiduciary net position 84,767,605 84,767,605 84,767,605 Net pension liability $59,720,733 $42,357,065 $28,088,440 Changes in net pension liability/(asset).The Village's changes in net pension liability/(asset) for the calendar year ended December 31, 2017 was as follows: Increase (Decrease) Total Pension Liability (a) Plan Fiduciary Net Position (b) Net Pension Liability/Asset (a) - (b) Balances at December 31, 2016 $122,643,352 $75,661,953 $46,981,399 Service cost 2,022,592 -2,022,592 Interest on total pension liability 8,377,782 -8,377,782 Differences between expected and actual experience of the total pension liability 2,444 -2,444 Benefit payments, including refunds of employee contributions (5,921,500)(5,921,500)- Contributions - employer -3,839,494 (3,839,494) Contributions - employee -801,858 (801,858) Net investment income -10,455,191 (10,455,191) Administration -(69,391)69,391 Balances at December 31, 2017 $127,124,670 $84,767,605 $42,357,065 Plan fiduciary net position as a percentage of the total pension liability %66.68 Page 90 VILLAGE OF GLENVIEW NOTES TO FINANCIAL STATEMENTS As of and for the Year Ended December 31, 2017 NOTE IV - OTHER INFORMATION (cont.) A.EMPLOYEES' RETIREMENT SYSTEM (cont.) Firefighters' Pension (cont.) Pension expense and deferred outflows of resources and deferred inflows of resources related to pensions.For the year ended December 31, 2017, the Village recognized pension expense of $5,800,462. The Village reported deferred outflows and inflows of resources related to pension from the following sources: Deferred Outflows of Resources Deferred Inflows of Resources Difference between expected and actual experience $1,375,834 $1,526,992 Assumption changes 6,848,577 - Net difference between projected and actual earnings on pension plan investments 1,766,532 4,164,869 Total $9,990,943 $5,691,861 The amounts reported as deferred outflows and inflows of resources related to pensions ($4,299,082) will be recognized in pension expense as follows: Year Ending December 31,Amount 2018 $1,381,658 2019 1,381,658 2020 566,831 2021 408,578 2022 560,109 Thereafter 248 Total $4,299,082 Page 91 VILLAGE OF GLENVIEW NOTES TO FINANCIAL STATEMENTS As of and for the Year Ended December 31, 2017 NOTE IV - OTHER INFORMATION (cont.) A.EMPLOYEES' RETIREMENT SYSTEM (cont.) PENSION SEGMENT INFORMATION Fiduciary Net Position Pension Trust Police Pension Fund Firefighters' Pension Fund Total Assets Cash and cash equivalents $2,012,342 $878,316 $2,890,658 Investments U.S. treasuries 7,613,717 4,604,484 12,218,201 U.S. agencies 7,738,637 20,245,097 27,983,734 Mutual funds 47,195,918 54,303,725 101,499,643 Corporate obligations 14,289,725 -14,289,725 Municipal obligations 378,143 4,596,921 4,975,064 Receivables - (net allowances for uncollectibles) Accrued interest 204,572 177,018 381,590 Prepaid items 6,137 4,890 11,027 Total Assets 79,439,191 84,810,451 164,249,642 Liabilities Accrued expenses 24,530 39,943 64,473 Due to primary government 687 2,903 3,590 Total Liabilities 25,217 42,846 68,063 Net Position Restricted for pension benefits $79,413,974 $84,767,605 $164,181,579 Page 92 VILLAGE OF GLENVIEW NOTES TO FINANCIAL STATEMENTS As of and for the Year Ended December 31, 2017 NOTE IV - OTHER INFORMATION (cont.) A.EMPLOYEES' RETIREMENT SYSTEM (cont.) Changes in Plan Net Position Pension Trust Police Pension Fund Firefighters' Pension Fund Total Additions Contributions Employer $2,492,386 $3,839,494 $6,331,880 Participant 712,432 801,858 1,514,290 Total Contributions 3,204,818 4,641,352 7,846,170 Investment Income Net appreciation in fair value of investments 5,492,067 6,951,967 12,444,034 Pensions - Interest income 3,024,105 3,650,588 6,674,693 Total Investment income 8,516,172 10,602,555 19,118,727 Less investment expense 134,132 216,756 350,888 Net investment income 8,382,040 10,385,799 18,767,839 Total Additions 11,586,858 15,027,151 26,614,009 Deductions Retirement pensions 3,722,924 4,853,954 8,576,878 Widow pensions 284,700 557,897 842,597 Disability pensions 122,455 507,696 630,151 Children's pensions 48,270 1,952 50,222 Total Deductions 4,178,349 5,921,499 10,099,848 Change in net position 7,408,509 9,105,652 16,514,161 Net position, beginning of year 72,005,465 75,661,953 147,667,418 Net position, end of year $79,413,974 $84,767,605 $164,181,579 B.RISK MANAGEMENT The Village is exposed to various risks of loss related to torts; theft of, damage to, or destruction of assets; errors and omissions; workers compensation; and health care of its employees. The Village is self-insured for general liability, auto, property, and workers' compensation risks. are accounted for and financed by the Village in an internal service fund - the Insurance and Risk Fund. Page 93 VILLAGE OF GLENVIEW NOTES TO FINANCIAL STATEMENTS As of and for the Year Ended December 31, 2017 NOTE IV - OTHER INFORMATION (cont.) B.RISK MANAGEMENT (cont.) Self Insurance 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. The Village has purchased commercial insurance for claims in excess of those amounts. Settled claims have not exceeded the commercial coverage in any of the past three years. A liability for a claim is established if information indicates that it is probable that a liability has been incurred at the date of the financial statements and the amount of the loss is reasonably estimable. Liabilities include an amount for claims that have been incurred but not reported. The Village does not allocate overhead costs or other nonincremental costs to the claims liability. Claims Liability Prior Year Current Year Unpaid claims - Beginning of Year $1,581,100 $1,938,607 Current year claims and changes in estimates 888,396 800,251 Claim payments (530,889)(1,057,818) Unpaid Claims - End of Year $1,938,607 $1,681,040 Public Entity Risk Pool 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. Page 94 VILLAGE OF GLENVIEW NOTES TO FINANCIAL STATEMENTS As of and for the Year Ended December 31, 2017 NOTE IV - OTHER INFORMATION (cont.) B.RISK MANAGEMENT (cont.) Public Entity Risk Pool (cont.) 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 and Risk 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. C.COMMITMENTS AND CONTINGENCIES Claims and judgments are recorded as liabilities if all the conditions of Governmental Accounting Standards Board pronouncements are met. The liability and expenditure for claims and judgments are only reported in governmental funds if it has matured. Claims and judgments are recorded in the government-wide statements and proprietary funds as expenses when the related liabilities are incurred. From time to time, the Village is party to various pending claims and legal proceedings. Although the outcome of such matters cannot be forecasted with certainty, it is the opinion of management and the Village attorney that the likelihood is remote that any such claims or proceedings will have a material adverse effect on the Village's financial position or results of operations. The Village has received federal and state grants for specific purposes that are subject to review and audit by the grantor agencies. Such audits could lead to requests for reimbursements to the grantor agency for expenditures disallowed under terms of the grants. Management believes such disallowances, if any, would be immaterial. Page 95 VILLAGE OF GLENVIEW NOTES TO FINANCIAL STATEMENTS As of and for the Year Ended December 31, 2017 NOTE IV - OTHER INFORMATION (cont.) D.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 certain criteria for allocating premium costs including miles of streets, number of motor vehicles, number of full-time equivalent employees, and 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. Solid Waste Agency of Northern Cook County The Village is a member of a joint venture, the Solid W aste Agency of Northern Cook County (SW ANCC), which consists of twenty-three municipalities. SW ANCC 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 SW ANCC 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 SW ANCC Agreement, additional members may join SW ANCC upon the approval of each member. SW ANCC 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 SW ANCC is elected by the Board of Directors. The Board of Directors determines the general policy of SW ANCC, makes all appropriations, approves contracts, adopts resolutions providing for the issuance of bonds or notes by SW ANCC, 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 $508,524 to SW ANCC for the year ended December 31, 2017. The payments are recorded in the General Fund. The Village does not have an equity interest in SW ANCC at December 31, 2017.Complete financial statements for SW ANCC can be obtained from SW ANCC's administrative office at 2700 Patriot Boulevard, Suite 110, Glenview, Illinois 60026, or from SW ANCC's website, www.swancc.org. Page 96 VILLAGE OF GLENVIEW NOTES TO FINANCIAL STATEMENTS As of and for the Year Ended December 31, 2017 NOTE IV - OTHER INFORMATION (cont.) E.OTHER POSTEMPLOYMENT BENEFITS 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. The Village negotiates the contribution percentages between the Village and employees through the union contracts and personnel policy. All retirees contributes 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. The Village’s annual other postemployment benefit (OPEB) cost (expense) is calculated based on the annual required contribution of the employer (ARC), an amount actuarially determined in accordance with parameters of GASB Statement No. 45. The ARC represents a level of funding that, if paid on an ongoing basis, is projected to cover normal cost each year and 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 plan, and changes in the Village’s net OPEB obligation to the Retiree Health Plan: Annual required contribution $910,322 Interest on net OPEB obligation 117,554 Adjustment to annual required contribution (163,418) Annual OPEB cost 864,458 Contributions made (481,702) Increase in net OPEB obligation (asset)382,756 Net OPEB Obligation (Asset) - Beginning of Year 2,938,856 Net OPEB Obligation (Asset) - End of Year $3,321,612 Page 97 VILLAGE OF GLENVIEW NOTES TO FINANCIAL STATEMENTS As of and for the Year Ended December 31, 2017 NOTE IV - OTHER INFORMATION (cont.) E.OTHER POSTEMPLOYMENT BENEFITS (cont.) The Village's annual OPEB cost, the percentage of annual OPEB cost contributed to the plan, and the net OPEB obligation for 2017 and the two preceding years were as follows: Fiscal Year Ended Annual OPEB Cost Percentage of Annual OPEB Cost Contributed Net OPEB Obligation December 31, 2015 $740,015 %58.37 $2,635,519 December 31, 2016 735,316 %58.75 2,938,856 December 31, 2017 864,458 %55.72 3,321,612 The funded status of the plan as of December 31, 2017, the most recent actuarial valuation date, was as follows: Actuarial accrued liability (AAL)$9,679,919 Actuarial value of plan assets - Unfunded Actuarial Accrued Liability (UAAL)$9,679,919 Funded ratio (actuarial value of plan assets/AAL)0.00% Covered payroll (active plan members)$27,626,978 UAAL as a percentage of covered payroll 35.04% Actuarial valuations of an ongoing plan involve estimates for 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 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. The schedule of funding progress, presented as required supplementary information following the notes to the financial statements, presents multiyear trend information that shows whether the actuarial value of plan assets is increasing or decreasing over time relative to the actuarial accrued liabilities for benefits. Projections of benefits for financial reporting purposes are based on the substantive plan (the plan as understood by the employer and plan members) and include the types of benefits provided at the time of each valuation and the historical pattern of sharing benefit costs between the employer and plan members to that point. The methods and assumptions used include techniques that are designed to reduce short- term volatility in actuarial accrued liabilities and the actuarial value of assets, consistent with the long-term perspective of the calculations. Page 98 VILLAGE OF GLENVIEW NOTES TO FINANCIAL STATEMENTS As of and for the Year Ended December 31, 2017 NOTE IV - OTHER INFORMATION (cont.) E. OTHER POSTEMPLOYMENT BENEFITS (cont.) In the December 31, 2017 actuarial valuation, the entry age actuarial cost method was used. The actuarial assumptions include a 4.0% investment rate of return and an annual healthcare cost trend rate of 8.5% initially, reduced by decrements to an ultimate rate of 4.5% after 9 years. Both rates include a 2.5% inflation assumption. The actuarial value of Retiree Health Plan assets was determined using techniques that spread the effects of short-term volatility in the market value of investments over a three- year period. The plan’s unfunded actuarial accrued liability is being amortized as a level percentage of projected payroll on an open basis. The amortization period at December 31, 2017, was 30 years. F. TAX ABATEMENT Tax abatements are a reduction in tax revenues that results from an agreement between one or more governments and an individual or entity in which (a) one or more governments promise to forgo tax revenues to which they are otherwise entitled and (b) the individual or entity promises to take a specific action after the agreement has been entered into that contributes to economic development or otherwise benefits the governments or the citizens of those governments. The Village is disclosing all abatement agreements individually. 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 retailed 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 2017, the Village made payments to the retailer totaling $2,351,218 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 2017, the Village made payments to the retailer totaling $172,404 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 $209,879. Page 99 VILLAGE OF GLENVIEW NOTES TO FINANCIAL STATEMENTS As of and for the Year Ended December 31, 2017 NOTE IV - OTHER INFORMATION (cont.) G.EFFECT OF NEW ACCOUNTING STANDARDS ON CURRENT-PERIOD FINANCIAL STATEMENTS The Governmental Accounting Standards Board (GASB) has approved the following: Statement No. 75, Accounting and Financial Reporting for Postemployment Benefits Other Than Pensions Statement No. 82, Pension Issues - an Amendment of GASB Statements No. 67, No. 68, and No. 73 Statement No. 83, Certain Asset Retirement Obligations Statement No. 84, Fiduciary Activities Statement No. 85, Omnibus 2017 Statement No. 86, Certain Debt Extinguishment Issues Statement No. 87, Leases Statement No. 88, Certain Disclosures Related to Debt, including Direct Borrowings and Direct Placements When they become effective, application of these standards may restate portions of these financial statements. Page 100 R E Q U I R E D S U P P L E M E N T A R Y I N F O R M A T I O N VILLAGE OF GLENVIEW ILLINOIS MUNICIPAL RETIREMENT FUND SCHEDULE OF CHANGES IN THE VILLAGE'S NET PENSION LIABILITY AND RELATED RATIOS Last Three Fiscal Years 2015 2016 2017 Total pension liability Service cost 1,820,396$ 1,811,084$ 1,724,809$ Interest 6,687,409 7,334,465 7,668,776 Differences between expected and actual experience 1,332,409 89,850 (389,234) Changes of assumptions 3,276,901 134,651 (272,845) Benefit payments, including refunds of member contributions (4,167,199) (4,541,759) (4,911,433) Net change in total pension liability 8,949,916 4,828,291 3,820,073 Total pension liability - beginning 90,338,854 99,288,770 104,117,061 Total pension liability - ending (a)99,288,770$ 104,117,061$ 107,937,134$ Plan fiduciary net position Employer contributions 2,164,748$ 2,190,329$ 2,106,253$ Employee contributions 730,940 780,555 760,485 Net investment income 5,153,430 442,220 6,146,997 Benefit payments, including refunds of member contributions (4,167,199) (4,541,759) (4,911,433) Other (net transfer) 229,348 554,737 731,498 Net change in plan fiduciary net position 4,111,267 (573,918) 4,833,800 Plan fiduciary net position - beginning 85,118,217 89,229,484 88,655,566 Plan fiduciary net position - ending (b)89,229,484$ 88,655,566$ 93,489,366$ Employer's net pension liability - ending (a) - (b)10,059,286$ 15,461,495$ 14,447,768$ Plan fiduciary net position as a percentage of the total pension liability 89.87% 85.15% 86.61% Covered-employee payroll 16,154,258$ 17,008,659$ 16,327,538$ Employer's net pension liability as a percentage of covered-employee payroll 62.27%90.90%88.49% Notes to Schedule: The Village implemented GASB Statement No. 68 in fiscal year 2015. Information prior to fiscal year 2015 is not available.See independent auditors' report and notes to required supplementary information. Page 101 VILLAGE OF GLENVIEW ILLINOIS MUNICIPAL RETIREMENT FUND SCHEDULE OF EMPLOYER CONTRIBUTIONS Last Three Fiscal Years 2015 2016 2017 Actuarially determined contribution 2,146,493$ 2,106,252$ 2,033,367$ Contributions in relation to the actuarially determined contribution (2,190,329) (2,106,253) (2,076,423) Contribution deficiency (excess) (43,836)$ (1)$ (43,056)$ Covered-employee payroll 17,008,659$ 16,327,538$ 16,293,001$ Contributions as a percentage of covered- employee payroll 12.88% 12.90% 12.74% Notes to Schedule: Valuation date: Methods and assumptions used to determine contribution rates: Actuarial cost method Amortization method Remaining amortization period Asset valuation method Inflation 2.75% Salary increases Investment rate of return 7.50% Retirement Age Mortality Other information: There were no benefit changes during the year. Actuarially determined contribution rates are calculated as of December 31 each year, which are are 12 months prior to the beginning of of the fiscal year in which contributions are reported. The Village implemented GASB Statement No. 68 in fiscal year 2015. Information prior to fiscal year 2015 is not available. 3.75% to 14.50% including inflation Experience-based table of rates that are specific to the type of eligibility condition RP-2014 CHBCA with adjustments to match current IMRF experience Entry age normal Level percentage of payroll, closed 27-year closed period until remaining period reaches 15 years (then 15-year rolling period) 5-Year Smoothed Market; 20% corridor See independent auditors' report and notes to required supplementary information. Page 102 VILLAGE OF GLENVIEW POLICE PENSION FUND SCHEDULE OF CHANGES IN THE VILLAGE'S NET PENSION LIABILITY AND RELATED RATIOS Last Four Fiscal Years 2014 2015 Total pension liability Service cost 1,674,658$ 2,025,748$ Interest 5,490,500 6,368,405 Differences between expected and actual experience - (4,142,795) Changes of assumptions - 898,895 Contributions - buy back - 49,495 Benefit payments, including refunds of member contributions (3,274,551) (3,665,231) Net change in total pension liability 3,890,607 1,534,517 Total pension liability - beginning 86,893,481 90,784,088 Total pension liability - ending (a)90,784,088$ 92,318,605$ Plan fiduciary net position Employer contributions 1,953,494$ 7,494,545$ Employee contributions 686,942 728,210 Buy back contributions - 49,495 Net investment income 2,799,434 (2,979) Benefit payments, including refunds of member contributions (3,274,551) (3,665,231) Administration (45,490) (51,118) Net change in plan fiduciary net position 2,119,829 4,552,922 Plan fiduciary net position - beginning 62,083,784 64,203,613 Plan fiduciary net position - ending (b)64,203,613$ 68,756,535$ Village's net pension liability - ending (a) - (b)26,580,475$ 23,562,070$ Plan fiduciary net position as a percentage of the total pension liability 70.72% 74.48% Covered-employee payroll 7,055,218$ 6,985,724$ Village's net pension liability as a percentage of covered- employee payroll 376.75% 337.29% Notes to Schedule: Changes of assumptions. For measurement date December 31, 2016, the discount rate was changed from 7.00% as of December 31, 2015 to 6.75% as of December 31, 2016. The Pension implemented GASB Statement No. 67 in fiscal year 2014. Information prior to fiscal year 2014 is not available.See independent auditors' report and notes to required supplementary information. Page 103 2016 2017 1,601,139$ 1,751,973$ 6,436,190 6,727,271 215,928 386,681 3,376,901 - - - (3,948,281) (4,178,350) 7,681,877 4,687,575 92,318,605 100,000,482 100,000,482$ 104,688,057$ 2,497,041$ 2,492,386$ 812,961 712,431 - - 3,937,691 8,439,097 (3,948,281) (4,178,350) (50,482) (57,057) 3,248,930 7,408,507 68,756,535 72,005,465 72,005,465$ 79,413,972$ 27,995,017$ 25,274,085$ 72.01% 75.86% 7,123,493$ 6,890,888 393.00%366.78% See independent auditors' report and notes to required supplementary information. Page 104 VILLAGE OF GLENVIEW POLICE PENSION FUND SCHEDULE OF EMPLOYER CONTRIBUTIONS Last Ten Fiscal Years 2008 2009 2010 2011 Actuarially determined contribution 1,151,490$ 933,477$ 1,370,885$ 1,347,587$ Contributions in relation to the actuarially determined contribution 1,393,628 1,168,933 1,802,629 1,767,986 Contribution deficiency (excess) (242,138)$ (235,456)$ (431,744)$ (420,399)$ Covered-employee payroll 6,112,516$ 5,847,732$ 5,855,973$ 6,091,656$ Contributions as a percentage of covered- employee payroll 22.80% 19.99% 30.78% 29.02% Notes to Schedule: Valuation date: Actuarially determined contributions are calculated as of December 31 of the current fiscal year. Methods and assumptions used to determine contribution rates: Actuarial cost method Amortization method Asset valuation method Inflation Salary increases Investment rate of return Mortality 6.75%, net of pension plan investment expense, including inflation Mortality rates were based on the RP-2000 Combined Healthy Mortality with blue collar adjustment, projected to the valuation date using Scale BB. The Plan implemented GASB Statement No. 67 in fiscal year 2014. Information prior to fiscal year 2014 is derived from actuarial valuations developed in conformity with GASB Statement No. 25 and 27. Entry-age normal Level percentage of payroll, closed Market value Age based from 3.62% to 7.36% 2.50% See independent auditors' report and notes to required supplementary information. Page 105 2012 2013 2014 2015 2016 2017 1,569,531$ 1,812,556$ 1,921,637$ 1,957,880$ 3,224,497$ 2,337,883$ 1,812,692 1,632,373 1,953,494 7,494,545 2,497,041 2,492,386 (243,161)$ 180,183$ (31,857)$ (5,536,665)$ 727,456$ (154,503)$ 6,136,593$ 6,359,627$ 7,055,218$ 6,985,724$ 7,123,493$ 6,890,888$ 29.54%25.67%27.69% 107.28%35.05%36.17% See independent auditors' report and notes to required supplementary information. Page 106 VILLAGE OF GLENVIEW POLICE PENSION FUND SCHEDULE OF INVESTMENT RETURNS Last Four Fiscal Years 2014 2015 2016 2017 Annual money-weighted rate of return, net of investment expense 4.58%0.06%5.80%11.99% Notes to Schedule: The Pension implemented GASB Statement No. 67 in fiscal year 2014. Information prior to fiscal year 2014 is not available. See independent auditors' report and notes to required supplementary information. Page 107 2014 2015 Total pension liability Service cost 1,977,800$ 1,761,875$ Interest 7,079,887 7,367,177 Differences between expected and actual experience - 2,444,216 Changes of assumptions - 2,698,985 Benefit payments, including refunds of member contributions (4,862,207) (5,327,947) Net change in total pension liability 4,195,480 8,944,306 Total pension liability - beginning 100,084,722 104,280,202 Total pension liability - ending (a)104,280,202$ 113,224,508$ Plan fiduciary net position Employer contributions 3,134,768$ 10,309,348$ Employee contributions 751,554 750,195 Other contributions - - Net investment income 4,274,117 817,749 Benefit payments, including refunds of member contributions (4,862,207) (5,327,947) Administration (44,601) (82,809) Net change in plan fiduciary net position 3,253,631 6,466,536 Plan fiduciary net position - beginning 62,072,386 65,326,017 Plan fiduciary net position - ending (b)65,326,017$ 71,792,553$ Village's net pension liability - ending (a) - (b)38,954,185$ 41,431,955$ Plan fiduciary net position as a percentage of the total pension liability 62.64% 63.41% Covered-employee payroll 7,058,973$ 7,926,515$ Village's net pension liability as a percentage of covered- employee payroll 551.84% 522.70% Notes to Schedule: The Pension implemented GASB Statement No. 67 in fiscal year 2014. Information prior to fiscal year 2014 is not available. VILLAGE OF GLENVIEW FIREFIGHTERS' PENSION FUND SCHEDULE OF CHANGES IN THE VILLAGE'S NET PENSION LIABILITY AND RELATED RATIOS Last Four Fiscal Years See independent auditors' report and notes to required supplementary information. Page 108 2016 2017 1,890,273$ 2,022,592$ 7,728,761 8,377,782 (2,178,162) 2,444 7,605,249 - (5,627,277) (5,921,500) 9,418,844 4,481,318 113,224,508 122,643,352 122,643,352$ 127,124,670$ 4,016,250$ 3,839,494$ 782,515 783,767 - 18,091 4,765,957 10,455,191 (5,627,277) (5,921,500) (68,045) (69,391) 3,869,400 9,105,652 71,792,553 75,661,953 75,661,953$ 84,767,605$ 46,981,399$ 42,357,065$ 61.69% 66.68% 8,077,068$ 8,359,765$ 581.66% 506.68% See independent auditors' report and notes to required supplementary information. Page 109 2008 2009 2010 2011 Actuarially determined contribution 1,712,540$ 1,987,548$ 1,941,060$ 2,160,105$ Contributions in relation to the actuarially determined contribution 1,805,026 1,985,871 2,541,870 2,806,961 Contribution deficiency (excess) (92,486)$ 1,677$ (600,810)$ (646,856)$ Covered-employee payroll 6,109,904$ 6,519,762$ 6,621,473$ 6,926,020$ Contributions as a percentage of covered- employee payroll 29.54% 30.46% 38.39% 40.53% Notes to Schedule: Valuation date: Actuarially determined contributions are calculated as of December 31 of the current fiscal year. Methods and assumptions used to determine contribution rates: Actuarial cost method Amortization method Asset valuation method Inflation Salary increases Investment rate of return Retirement age 115% of L&A 2016 Illinois Firefighters Retirement Rates Capped at age 62 Mortality L&A 2016 Illinois Firefighters Mortality Rates 4.00 - 7.50% 7.00% Entry-age normal The Plan implemented GASB Statement No. 67 in fiscal year 2014. Information prior to fiscal year 2014 is derived from actuarial valuations developed in conformity with GASB Statement No. 25 and 27. VILLAGE OF GLENVIEW Last Ten Fiscal Years FIREFIGHTERS' PENSION FUND SCHEDULE OF EMPLOYER CONTRIBUTIONS Level percentage of payroll, closed Market value 2.50% See independent auditors' report and notes to required supplementary information. Page 110 2012 2013 2014 2015 2016 2017 2,420,075$ 2,985,212$ 2,733,414$ 3,739,508$ 3,974,237$ 3,590,168$ 2,926,010 3,116,164 3,134,768 10,309,348 4,016,250 3,839,494 (505,935)$ (130,952)$ (401,354)$ (6,569,840)$ (42,013)$ (249,326)$ 6,439,694$ 6,737,119$ 7,058,973$ 7,926,515$ 8,077,068$ 8,359,765$ 45.44% 46.25% 44.41% 130.06% 49.72% 45.93% See independent auditors' report and notes to required supplementary information. Page 111 VILLAGE OF GLENVIEW FIREFIGHTERS' PENSION FUND SCHEDULE OF INVESTMENT RETURNS Last Four Fiscal Years 2014 2015 2016 2017 Annual money-weighted rate of return, net of investment expense 6.95%1.19%6.64%13.82% Notes to Schedule: The Pension implemented GASB Statement No. 67 in fiscal year 2014. Information prior to fiscal year 2014 is not available. See independent auditors' report and notes to required supplementary information. Page 112 VILLAGE OF GLENVIEW OTHER POSTEMPLOYMENT BENEFIT PLAN SCHEDULE OF FUNDING PROGRESS For the Year Ended December 31, 2017 Actuarial Valuation Date Actuarial Value of Assets (a) Actuarial Accrued Liability (AAL) - Entry Age (b) Unfunded AAL (UAAL) (b-a) Funded Ratio (a/b) Covered Payroll (c) UAAL as a Percentage of Covered Payroll ((b-a)/c) 12/31/17 $-$9,679,919 $9,679,919 0%$27,626,978 35% 12/31/16 -8,444,479 8,444,479 0%25,567,450 33% 12/31/15 -8,204,677 8,204,677 0%24,702,850 33% 12/31/13 -10,130,708 10,130,708 0%25,641,149 40% 12/31/11 -9,556,094 9,556,094 0%29,228,867 33% 12/31/10 -8,695,668 8,695,668 0%26,967,070 32% See independent auditors' report and accompanying notes to required supplementary information. Page 113 VILLAGE OF GLENVIEW SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL - GENERAL FUND For the Year Ended December 31, 2017 With Comparative Actual Amounts for the Year Ended December 31, 2016 2017 Budgeted Amounts Original Final Actual Variance with Final Budget 2016 Actual REVENUES TAXES Property $11,741,963 $11,741,963 $11,892,712 $150,749 $11,550,920 Other taxes 14,901,416 14,901,416 14,885,856 (15,560)14,367,678 Licenses and permits 2,476,000 2,476,000 2,451,693 (24,307)2,088,538 Charges for services 11,795,525 11,795,525 12,459,200 663,675 10,030,784 Fines, forfeitures and penalties 162,357 162,357 211,592 49,235 209,062 Intergovernmental 26,912,926 26,912,926 28,562,583 1,649,657 26,164,152 Investment income 140,000 140,000 332,462 192,462 164,974 Total Revenues 68,130,187 68,130,187 70,796,098 2,665,911 64,576,108 EXPENDITURES Current: General government 19,308,422 19,216,209 17,820,637 1,395,572 17,300,029 Public works 9,308,182 9,385,999 8,755,999 630,000 8,873,791 Public safety 29,498,218 29,632,420 29,458,875 173,545 29,506,980 Development 3,494,708 3,568,368 3,507,512 60,856 3,709,714 Capital Outlay 750,000 750,000 725,398 24,602 27,426 Total Expenditures 62,359,530 62,552,996 60,268,421 2,284,575 59,417,940 Excess of revenues over expenditures 5,770,657 5,577,191 10,527,677 4,950,486 5,158,168 OTHER FINANCING SOURCES (USES) Transfers in 1,038,715 1,038,715 1,040,685 1,970 1,202,043 Transfers out (7,187,882)(7,187,882)(7,299,816)(111,934)(7,108,737) Total Other Financing Sources (Uses)(6,149,167)(6,149,167)(6,259,131)(109,964)(5,906,694) Net Change in Fund Balance $(378,510)$(571,976)4,268,546 $4,840,522 (748,526) FUND BALANCE - Beginning of Year 25,490,346 26,238,872 FUND BALANCE - END OF YEAR $29,758,892 $25,490,346 See independent auditors' report and accompanying notes to required supplementary information. Page 114 VILLAGE OF GLENVIEW SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL - SPECIAL TAX ALLOCATION FUND - MAJOR SPECIAL REVENUE FUND For the Year Ended December 31, 2017 With Comparative Actual Amounts for the Year Ended December 31, 2016 2017 Budgeted Amounts Original Final Actual Variance with Final Budget 2016 Actual REVENUES Property taxes - incremental $31,074,965 $31,074,965 $33,410,224 $2,335,259 $32,262,381 Intergovernmental - miscellaneous 95,276 95,276 315,822 220,546 138,636 Charges for services 204,945 204,945 204,945 -204,945 Investment income 25,000 25,000 336,297 311,297 188,773 Total Revenues 31,400,186 31,400,186 34,267,288 2,867,102 32,794,735 EXPENDITURES General Government Personnel 350,303 350,303 332,284 18,019 361,235 Contractual services 22,929,680 22,915,855 22,206,441 709,414 21,175,105 Commodities 123,573 137,323 78,167 59,156 104,214 Other charges 245,299 245,374 242,852 2,522 246,512 Total general government 23,648,855 23,648,855 22,859,744 789,111 21,887,066 Capital Outlay ----186,451 Debt Service Principal 6,850,938 6,850,938 6,850,938 -6,715,938 Interest and fiscal charges 926,041 926,041 1,060,895 (134,854)1,102,865 Total Expenditures 31,425,834 31,425,834 30,771,577 654,257 29,892,320 Excess (deficiency) of revenues over (under) expenditures (25,648)(25,648)3,495,711 3,521,359 2,902,415 OTHER FINANCING SOURCES (USES) Transfers out (308,798)(308,798)(308,798)-(277,288) Total Other Financing Sources (Uses)(308,798)(308,798)(308,798)-(277,288) Net Change in Fund Balance $(334,446)$(334,446)3,186,913 $3,521,359 2,625,127 FUND BALANCE (DEFICIT) - Beginning of Year (8,916,293)(11,541,420) FUND BALANCE (DEFICIT) - END OF YEAR $(5,729,380)$(8,916,293) See independent auditors' report and notes to required supplementary information. Page 115 VILLAGE OF GLENVIEW NOTES TO REQUIRED SUPPLEMENTARY INFORMATION For the Year Ended December 31, 2017 BUDGETARY INFORMATION Annual budgets are adopted on a basis consistent with generally accepted accounting principles for all governmental funds. 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. The budget is as amended by the Board of Trustees. All annual appropriations lapse at fiscal year end. 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. See independent auditors' report. Page 116 S U P P L E M E N T A R Y I N F O R M A T I O N GOVERNMENTAL FUND DESCRIPTIONS MAJOR GENERAL AND SPECIAL REVENUE FUNDS Note that summaries of the General Fund and the major special revenue funds are provided in the required supplementary information section. 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. BUDGET AND ACTUAL - GENERAL FUND With Comparative Actual Amounts for the Year Ended December 31, 2016 2016 Original Final Actual Actual LOCAL TAXES Property taxes for Village Current year 2,067,729$ 2,067,729$ 2,063,393$ 1,520,280$ Prior year - - (35,412) (35,548) Property taxes - debt service Current year 1,762,700 1,762,700 1,840,888 1,833,820 Prior year - - (32,783) (24,962) Property taxes - police and firefighters' pension 6,254,932 6,254,932 6,331,880 6,561,211 Property taxes - other Village pensions 1,656,602 1,656,602 1,724,746 1,696,119 Total property taxes 11,741,963 11,741,963 11,892,712 11,550,920 Other taxes Utility taxes Natural gas 1,432,739 1,432,739 1,331,886 1,052,210 Electricty 2,193,933 2,193,933 2,137,495 2,249,217 Telecommunications 1,837,313 1,837,313 1,841,387 2,000,427 Hotel room tax 967,408 967,408 1,030,331 973,344 Amusement tax 90,000 90,000 109,304 110,333 Home rule sales tax 8,349,023 8,349,023 8,401,525 7,948,198 Business district tax 30,000 30,000 32,938 31,539 Miscellaneous tax 1,000 1,000 990 2,410 Total other taxes 14,901,416 14,901,416 14,885,856 14,367,678 Total local taxes 26,643,379 26,643,379 26,778,568 25,918,598 LICENSES AND PERMITS Business licenses 40,000 40,000 28,845 82,698 Liquor licenses 200,000 200,000 130,154 218,192 Building permits 2,160,000 2,160,000 2,018,060 1,655,398 Contractor's fees 50,000 50,000 26,203 54,933 Engineering fees - - 211,959 51,551 Oversized vehicle permits 16,000 16,000 28,365 17,835 Plan fees 10,000 10,000 8,107 7,931 Total licenses and permits 2,476,000 2,476,000 2,451,693 2,088,538 VILLAGE OF GLENVIEW DETAILED SCHEDULE OF REVENUES AND OTHER FINANCING SOURCES For the Year Ended December 31, 2017 2017 Budgeted Amounts Page 117 BUDGET AND ACTUAL - GENERAL FUND With Comparative Actual Amounts for the Year Ended December 31, 2016 2016 Original Final Actual Actual VILLAGE OF GLENVIEW DETAILED SCHEDULE OF REVENUES AND OTHER FINANCING SOURCES For the Year Ended December 31, 2017 2017 Budgeted Amounts CHARGES FOR SERVICES Dog impound fees 1,000$ 1,000$ 1,900$ 1,065$ Lease fees 809,579 809,579 867,075 770,190 Natural gas franchise fees 42,447 42,447 39,915 42,447 Cable franchise fees 750,000 750,000 848,675 826,696 Bidder fees 3,000 3,000 960 2,040 Development fees 198,006 198,006 164,605 3,314 Insurance reimbursements 1,719,133 1,719,133 1,899,511 1,761,370 Copies 4,000 4,000 1,553 3,481 Special event fees 1,000 1,000 975 1,275 Inspection fees 41,000 41,000 34,640 16,320 Refuse and recycling charges Bin sales 1,000 1,000 - 529 Yard waste sticker sales 5,150 5,150 3,600 3,299 Tipping fees 850,000 850,000 892,642 848,417 SW ANCC recycling incentive - - 7,926 - Joint dispatch charges 911 surcharge 635,000 635,000 630,405 638,649 Wireless 911 surcharge - - - 9,718 Fire communication sub. service 15,889 15,889 15,889 15,889 Dispatch services 6,162,855 6,162,855 6,473,054 4,463,728 Other service charges Police extra duty 203,693 203,693 204,675 182,200 Reimbursements 70,000 70,000 76,980 118,574 Other charges - Supervision 7,834 7,834 6,937 5,681 Annexation fee - - - 8,349 Miscellaneous 59,939 59,939 56,739 68,487 Administrative fees for governmental funds Library Fund 130,000 130,000 116,426 128,370 SW ANCC host community fees 85,000 85,000 114,118 110,696 Total charges for services 11,795,525 11,795,525 12,459,200 10,030,784 FINES AND FORFEITURES Traffic fines 105,017 105,017 105,675 97,293 Other fines 57,340 57,340 105,917 111,769 Total fines and forfeitures 162,357 162,357 211,592 209,062 Page 118 BUDGET AND ACTUAL - GENERAL FUND With Comparative Actual Amounts for the Year Ended December 31, 2016 2016 Original Final Actual Actual VILLAGE OF GLENVIEW DETAILED SCHEDULE OF REVENUES AND OTHER FINANCING SOURCES For the Year Ended December 31, 2017 2017 Budgeted Amounts INTERGOVERNMENTAL Glenbrook Fire Protection District 2,279,937$ 2,279,937$ 3,446,197$ 2,342,799$ Village of Golf fire protection services 164,000 164,000 170,797 164,228 Road and bridge taxes Current year 389,500 389,500 406,913 453,380 Prior year - - (6,499) (3,595) Sales tax 16,668,443 16,668,443 17,223,884 16,189,240 Property replacement tax 180,000 180,000 248,714 214,012 Illinois income tax 4,647,968 4,647,968 4,075,812 4,293,596 Local use tax 1,060,765 1,060,765 1,172,235 1,085,498 Make-whole payment 1,522,313 1,522,313 1,559,393 1,424,994 Other intergovernmental grant proceeds - - 265,137 - Total intergovernmental 26,912,926 26,912,926 28,562,583 26,164,152 INVESTMENT INCOME Investment income 65,000 65,000 225,985 88,950 Interest - savings 75,000 75,000 106,477 76,024 Total investment income 140,000 140,000 332,462 164,974 OTHER FINANCING SOURCES Transfers in North Maine W ater and Sewer Fund - - - 156,338 Wholesale W ater Fund 325,000 325,000 325,000 306,500 Special Tax Allocation Fund 308,798 308,798 308,798 277,288 Insurance and Risk Fund 403,917 403,917 403,917 250,000 Capital Projects Fund - - - 200,000 Coporate Purpose Bonds Fund - - 2,970 11,917 Escrow Deposit Fund 1,000 1,000 - - Total other financing sources 1,038,715 1,038,715 1,040,685 1,202,043 Total revenues and other financing sources 69,168,902$ 69,168,902$ 71,836,783$ 65,778,151$ Page 119 BUDGET AND ACTUAL - GENERAL FUND With Comparative Actual Amounts for the Year Ended December 31, 2016 2016 Original Final Actual Actual GENERAL GOVERNMENT Village Board of Trustees President and Board Personnel 8,720$ 8,720$ 8,757$ 8,767$ Contractual services 48,000 47,925 39,943 40,592 Commodities 350 12,649 12,456 379 Total President and Board 57,070 69,294 61,156 49,738 Special board appropriations Personnel 73,042 73,042 65,587 40,794 Contractual services 293,483 293,483 286,478 298,930 Commodities 18,000 18,000 17,910 - Total special board appropriations 384,525 384,525 369,975 339,724 Total Village Board of Trustees 441,595 453,819 431,131 389,462 Village Manager's office Administration division Personnel 731,817 694,338 694,330 859,236 Contractual services 55,498 80,498 44,861 105,346 Other charges 9,100 9,100 4,862 12,505 Total administration division 796,415 783,936 744,053 977,087 Human resources division Personnel 216,189 274,201 290,772 235,154 Contractual services 68,845 93,845 94,669 103,460 Commodities 1,500 1,500 652 1,149 Other charges 1,572,407 1,547,407 1,492,010 1,644,510 Total human resources division 1,858,941 1,916,953 1,878,103 1,984,273 Communications division Personnel 152,473 152,473 172,729 152,406 Contractual services 110,375 110,375 79,758 67,955 Commodities 2,410 2,410 2,159 1,942 Other charges 1,900 1,900 363 1,195 Total communications division 267,158 267,158 255,009 223,498 Legal Contractual services 522,169 595,169 564,008 523,752 Total legal 522,169 595,169 564,008 523,752 VILLAGE OF GLENVIEW DETAILED SCHEDULE OF EXPENDITURES AND OTHER FINANCING USES For the Year Ended December 31, 2017 2017 Budgeted Amounts Page 120 BUDGET AND ACTUAL - GENERAL FUND With Comparative Actual Amounts for the Year Ended December 31, 2016 2016 Original Final Actual Actual VILLAGE OF GLENVIEW DETAILED SCHEDULE OF EXPENDITURES AND OTHER FINANCING USES For the Year Ended December 31, 2017 2017 Budgeted Amounts GENERAL GOVERNMENT (cont.) Village Manager's office (cont.) Joint Dispatch division Personnel 5,274,810$ 5,292,808$ 5,029,056$ 4,512,376$ Contractual services 226,720 226,720 230,512 160,445 Commodities 33,050 33,050 26,093 28,791 Other charges 263,397 456,861 442,596 208,977 Total joint dispatch division 5,797,977 6,009,439 5,728,257 4,910,589 Total Village Manager's office 9,242,660 9,572,655 9,169,430 8,619,199 Administration services Administration division Personnel 355,489 369,200 382,339 384,519 Contractual services 1,980 1,980 2,344 2,746 Other charges 10,060 10,060 9,928 3,296 Total administration division 367,529 381,240 394,611 390,561 Finance Personnel 691,867 730,817 654,039 720,059 Contractual services 1,025,592 1,025,592 1,023,168 983,586 Commodities 800 800 - 122 Other charges 14,905 14,905 1,074 5,342 Total finance 1,733,164 1,772,114 1,678,281 1,709,109 General government Personnel 333,800 17,442 - - Contractual services 3,133,135 3,133,135 2,991,330 2,892,285 Commodities 55,257 55,257 49,368 51,963 Other charges 452,637 272,817 7,323 (44,320) Total general government 3,974,829 3,478,651 3,048,021 2,899,928 Resolution center Personnel 361,778 361,778 359,256 373,526 Contractual services 59,093 59,093 44,307 52,546 Other charges 1,300 1,300 - 156 Total resolution center 422,171 422,171 403,563 426,228 Page 121 BUDGET AND ACTUAL - GENERAL FUND With Comparative Actual Amounts for the Year Ended December 31, 2016 2016 Original Final Actual Actual VILLAGE OF GLENVIEW DETAILED SCHEDULE OF EXPENDITURES AND OTHER FINANCING USES For the Year Ended December 31, 2017 2017 Budgeted Amounts GENERAL GOVERNMENT (cont.) Administration services (cont.) CADD operation Personnel 93,259 93,259 66,438 93,799 Contractual services 202,908 202,908 198,240 191,701 Other charges 180 180 285 - Total CADD operations 296,347 296,347 264,963 285,500 Information technology (IT) Contractual services 2,270,471$ 2,279,556$ 1,932,077$ 2,048,722$ Commodities 130,537 130,537 86,595 202,501 Other charges 429,119 429,119 411,965 328,819 Total information technology 2,830,127 2,839,212 2,430,637 2,580,042 Total administration services 9,624,167 9,189,735 8,220,076 8,291,368 Total general government 19,308,422 19,216,209 17,820,637 17,300,029 PUBLIC WORKS Public works department Personnel 3,196,167 3,259,919 3,076,630 3,178,907 Contractual services 3,230,698 3,250,149 3,061,972 3,055,288 Commodities 1,293,127 1,287,741 1,274,673 1,373,804 Other charges 1,278,190 1,278,190 1,032,751 990,792 Capital outlay 310,000 310,000 309,973 275,000 Total public works department 9,308,182 9,385,999 8,755,999 8,873,791 PUBLIC SAFETY Police department Personnel 9,601,349 9,690,512 9,665,667 9,522,986 Contractual services 635,143 654,275 644,730 666,406 Commodities 130,918 127,815 115,971 123,360 Other charges 2,994,160 3,003,831 2,892,060 3,088,486 Total police department 13,361,570 13,476,433 13,318,428 13,401,238 Fire department Personnel 10,570,970 10,590,309 10,507,745 10,552,886 Contractual services 295,546 295,546 258,063 315,445 Commodities 223,971 223,971 210,591 207,393 Other charges 5,046,161 5,046,161 5,164,048 5,030,018 Total fire department 16,136,648 16,155,987 16,140,447 16,105,742 Total public safety 29,498,218 29,632,420 29,458,875 29,506,980 Page 122 BUDGET AND ACTUAL - GENERAL FUND With Comparative Actual Amounts for the Year Ended December 31, 2016 2016 Original Final Actual Actual VILLAGE OF GLENVIEW DETAILED SCHEDULE OF EXPENDITURES AND OTHER FINANCING USES For the Year Ended December 31, 2017 2017 Budgeted Amounts COMMUNITY DEVELOPMENT Community Development department Administration Personnel 186,358$ 199,416$ 183,382$ 319,412$ Contractual services 30,700 32,200 23,402 34,335 Commodities 1,750 250 48 2,688 Other charges 16,144 16,144 12,149 20,268 Total administration 234,952 248,010 218,981 376,703 Inspection services Personnel 820,725 829,215 831,198 840,699 Contractual services 862,050 862,050 852,412 826,807 Commodities 5,450 5,450 5,207 4,052 Other charges 44,909 44,909 33,853 27,035 Total inspection services 1,733,134 1,741,624 1,722,670 1,698,593 Planning Personnel 481,244 487,096 498,655 480,466 Contractual services 110,380 140,131 138,344 221,371 Commodities - - 49 337 Other charges 27,050 27,050 30,135 23,384 Total planning 618,674 654,277 667,183 725,558 Engineering Personnel 303,035 304,211 263,789 291,951 Contractual services 331,150 331,150 339,532 340,941 Commodities 400 400 323 - Other charges 12,899 12,899 8,705 13,380 Total engineering 647,484 648,660 612,349 646,272 Capital projects Personnel 256,381 271,714 285,302 262,588 Contractual services 1,225 1,225 - - Commodities 630 630 596 - Other charges 2,228 2,228 431 - Total capital projects 260,464 275,797 286,329 262,588 Total community development 3,494,708 3,568,368 3,507,512 3,709,714 Total current expenditures 61,609,530 61,802,996 59,543,023 59,390,514 Page 123 BUDGET AND ACTUAL - GENERAL FUND With Comparative Actual Amounts for the Year Ended December 31, 2016 2016 Original Final Actual Actual VILLAGE OF GLENVIEW DETAILED SCHEDULE OF EXPENDITURES AND OTHER FINANCING USES For the Year Ended December 31, 2017 2017 Budgeted Amounts CAPITAL OUTLAY Machinery and equipment 750,000$ 750,000$ 725,398$ 27,426$ Total expenditures 62,359,530 62,552,996 60,268,421 59,417,940 OTHER FINANCING USES Transfers out Corporate Purpose Debt Service Fund 2,187,882 2,187,882 2,225,970 2,238,583 Capital Projects Fund 5,000,000 5,000,000 5,073,846 4,870,154 Total other financing uses 7,187,882 7,187,882 7,299,816 7,108,737 Total expenditures and other financing sources 69,547,412$ 69,740,878$ 67,568,237$ 66,526,677$ Page 124 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. VILLAGE OF GLENVIEW COMBINING BALANCE SHEET NONMAJOR GOVERNMENTAL FUNDS As of December 31, 2017 Motor Fuel Tax Fund Foreign Fire Insurance Fund Police Department Special Account Fund Waukegan Golf TIF Fund AS SETS Cash and cash equivalents $576,543 $264,319 $35,840 $1,764,524 Investments 1,246,484 --- Receivables Accounts ---- Grants ---- Other 7,358 --- Accrued interest ---- Due from other governments 98,754 --- TOTAL ASSETS $1,929,139 $264,319 $35,840 $1,764,524 LIABILITIES, DEFERRED INFLOWS OF RESOURCES, AND FUND BALANCES Liabilities Accounts payable $161,041 $13,940 $-$134,123 Accrued payroll ---288 Other payables 26,595 --- Due to other funds ---- Total Liabilities 187,636 13,940 -134,411 Deferred Inflows of Resources Unavailable grant revenue ---- Total Deferred Inflows of Resources ---- Fund Balances (Deficit) Restricted for street improvements 1,741,503 --- Restricted for public safety -250,379 35,840 - Restricted for economic development ---1,630,113 Assigned to debt service funds ---- Assigned to capital project funds ---- Unassigned ---- Total Fund Balances (deficit)1,741,503 250,379 35,840 1,630,113 TOTAL LIABILITIES, DEFERRED INFLOWS OF RESOURCES, AND FUND BALANCES $1,929,139 $264,319 $35,840 $1,764,524 Page 125 Corporate Purpose Bonds Fund Capital Projects Fund Glen Capital Projects Fund Total Nonmajor Governmental Funds $403,331 $1,673,188 $411,173 $5,128,918 --823,485 2,069,969 -250,000 -250,000 -166,430 437 166,867 ---7,358 --3,875 3,875 ---98,754 $403,331 $2,089,618 $1,238,970 $7,725,741 $-$1,154,843 $25,423 $1,489,370 ---288 -298,867 77,872 403,334 2,970 1,501,131 -1,504,101 2,970 2,954,841 103,295 3,397,093 -16,115 437 16,552 -16,115 437 16,552 ---1,741,503 ---286,219 ---1,630,113 400,361 --400,361 --1,135,238 1,135,238 -(881,338)-(881,338) 400,361 (881,338)1,135,238 4,312,096 $403,331 $2,089,618 $1,238,970 $7,725,741 Page 126 VILLAGE OF GLENVIEW COMBINING STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES NONMAJOR GOVERNMENTAL FUNDS For the Year Ended December 31, 2017 Motor Fuel Tax Fund Foreign Fire Insurance Fund Police Department Special Account Fund Waukegan Golf TIF Fund REVENUES Property taxes $-$-$-$1,255,320 Intergovernmental 1,995,052 117,564 -- Investment income 19,857 2,119 346 18,289 Miscellaneous -103 2,233 - Total Revenues 2,014,909 119,786 2,579 1,273,609 EXPENDITURES Current Public safety -119,561 -- Development ---114,139 Capital Outlay 1,724,514 --- Debt Service Principal ---585,000 Interest and fiscal charges ---116,833 Total Expenditures 1,724,514 119,561 -815,972 Excess (deficiency) of revenues over expenditures 290,395 225 2,579 457,637 OTHER FINANCING SOURCES (USES) Transfers in ---- Transfers out ---- Total Other Financing Sources (Uses)---- Net Change in Fund Balances 290,395 225 2,579 457,637 FUND BALANCES - Beginning of Year 1,451,108 250,154 33,261 1,172,476 FUND BALANCES (DEFICIT) - END OF YEAR $1,741,503 $250,379 $35,840 $1,630,113 Page 127 Corporate Purpose Bonds Fund Capital Projects Fund Glen Capital Projects Fund Total Nonmajor Governmental Funds $-$-$-$1,255,320 -333,072 33,596 2,479,284 9,122 415 12,416 62,564 -251,628 2,632 256,596 9,122 585,115 48,644 4,053,764 ---119,561 ---114,139 -10,403,668 330,893 12,459,075 1,540,000 24,371 -2,149,371 649,382 --766,215 2,189,382 10,428,039 330,893 15,608,361 (2,180,260)(9,842,924)(282,249)(11,554,597) 2,225,970 8,473,844 -10,699,814 (2,970)--(2,970) 2,223,000 8,473,844 -10,696,844 42,740 (1,369,080)(282,249)(857,753) 357,621 487,742 1,417,487 5,169,849 $400,361 $(881,338)$1,135,238 $4,312,096 Page 128 VILLAGE OF GLENVIEW DETAILED SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL - MOTOR FUEL TAX FUND - NONMAJOR SPECIAL REVENUE FUND For the Year Ended December 31, 2017 With Comparative Actual Amounts for the Year Ended December 31, 2016 2017 Budgeted Amounts Original Final Actual 2016 Actual REVENUES Intergovenmental Motor fuel tax $1,940,000 $1,940,000 $1,995,052 $1,607,065 Investment income 5,000 5,000 19,857 6,715 Total Revenues 1,945,000 1,945,000 2,014,909 1,613,780 EXPENDITURES Capital Outlay 1,940,000 1,940,000 1,724,514 1,356,015 Total Expenditures 1,940,000 1,940,000 1,724,514 1,356,015 Net Change in Fund Balance $5,000 $5,000 290,395 257,765 FUND BALANCE - Beginning of Year 1,451,108 1,193,343 FUND BALANCE - END OF YEAR $1,741,503 $1,451,108 Page 129 VILLAGE OF GLENVIEW DETAILED SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL - FOREIGN FIRE INSURANCE FUND - NONMAJOR SPECIAL REVENUE FUND For the Year Ended December 31, 2017 With Comparative Actual Amounts for the Year Ended December 31, 2016 2017 Budgeted Amounts Original Final Actual 2016 Actual REVENUES Intergovernmental $90,000 $90,000 $117,564 $111,630 Investment income 800 800 2,119 1,620 Miscellaneous --103 - Total Revenues 90,800 90,800 119,786 113,250 EXPENDITURES Public safety Contractual services 10,830 10,830 12,540 12,266 Commodities 99,170 99,170 107,021 81,839 Total Expenditures 110,000 110,000 119,561 94,105 Net Change in Fund Balance $(19,200)$(19,200)225 19,145 FUND BALANCE - Beginning of Year 250,154 231,009 FUND BALANCE - END OF YEAR $250,379 $250,154 Page 130 VILLAGE OF GLENVIEW DETAILED SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL - POLICE DEPARTMENT SPECIAL ACCOUNT FUND - NONMAJOR SPECIAL REVENUE FUND For the Year Ended December 31, 2017 With Comparative Actual Amounts for the Year Ended December 31, 2016 2017 Budgeted Amounts Original Final Actual 2016 Actual REVENUES Investment income $155 $155 $346 $284 Other revenues --2,233 - Total Revenues 155 155 2,579 284 EXPENDITURES Capital Outlay 32,137 32,137 -34 Total Expenditures 32,137 32,137 -34 Net Change in Fund Balance $(31,982)$(31,982)2,579 250 FUND BALANCE - Beginning of Year 33,261 33,011 FUND BALANCE - END OF YEAR $35,840 $33,261 Page 131 VILLAGE OF GLENVIEW DETAILED SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL - W AUKEGAN GOLF TIF FUND - NONMAJOR SPECIAL REVENUE FUND For the Year Ended December 31, 2017 With Comparative Actual Amounts for the Year Ended December 31, 2016 2017 Budgeted Amounts Original Final Actual 2016 Actual REVENUES Property taxes - incremental $915,582 $915,582 $1,255,320 $859,557 Investment income 600 600 18,289 7,774 Total Revenues 916,182 916,182 1,273,609 867,331 EXPENDITURES Community development Personnel 8,323 8,323 8,306 8,150 Contractual services 129,779 129,779 105,833 29,909 Total community development 138,102 138,102 114,139 38,059 Debt service Principal 585,000 585,000 585,000 - Interest and fiscal charges 116,833 116,833 116,833 116,833 Capital Outlay ---277,087 Total Expenditures 839,935 839,935 815,972 431,979 Net Change in Fund Balance $76,247 $76,247 457,637 435,352 FUND BALANCE - Beginning of Year 1,172,476 737,124 FUND BALANCE - END OF YEAR $1,630,113 $1,172,476 Page 132 VILLAGE OF GLENVIEW DETAILED SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL - CORPORATE PURPOSE BONDS FUND - NONMAJOR DEBT SERVICE FUND For the Year Ended December 31, 2017 With Comparative Actual Amounts for the Year Ended December 31, 2016 2017 Budgeted Amounts Original Final Actual 2016 Actual REVENUES Investment income $ 2,605 $ 2,605 $ 9,122 $ 5,722 Total Revenues 2,605 2,605 9,122 5,722 EXPENDITURES Debt service Principal 1,540,000 1,540,000 1,540,000 1,490,000 Interest and fiscal charges 649,382 649,382 649,382 704,084 Total Expenditures 2,189,382 2,189,382 2,189,382 2,194,084 Deficiency of revenues under expenditures (2,186,777)(2,186,777)(2,180,260)(2,188,362) OTHER FINANCING SOURCES (USES) Transfers in General Fund 2,187,882 2,187,882 2,225,970 2,238,583 Transfers out General Fund --(2,970)(11,917) Total Other Financing Sources (Uses)2,187,882 2,187,882 2,223,000 2,226,666 Net Change in Fund Balance $ 1,105 $ 1,105 42,740 38,304 FUND BALANCE - Beginning of Year 357,621 319,317 FUND BALANCE - END OF YEAR $ 400,361 $ 357,621 Page 133 VILLAGE OF GLENVIEW DETAILED SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL - CAPITAL PROJECTS FUND - NONMAJOR CAPITAL PROJECTS FUND For the Year Ended December 31, 2017 With Comparative Actual Amounts for the Year Ended December 31, 2016 2017 Budgeted Amounts Original Final Actual 2016 Actual REVENUES Intergovernmental - grants $ 412,665 $ 412,665 $ 333,072 $ 1,131,268 Investment income 3,250 3,250 415 3,725 Other revenues - - - 2,311,188 Development - other revenues 250,000 250,000 251,628 189,036 Total Revenues 665,915 665,915 585,115 3,635,217 EXPENDITURES Community development Contractual services - - - 173,916 Other charges ---2,467 Total community development ---176,383 Capital Outlay 9,166,213 11,137,194 10,403,668 7,299,829 Debt service Principal 24,371 24,371 24,371 24,371 Total Expenditures 9,190,584 11,161,565 10,428,039 7,500,583 Deficiency of revenues under expenditures (8,524,669)(10,495,650)(9,842,924)(3,865,366) OTHER FINANCING SOURCES (USES) Transfers in General Fund 5,000,000 5,000,000 5,073,846 4,870,154 Wholesale Water Fund 524,398 524,398 524,398 509,124 Village Permanent Fund 2,625,600 2,625,600 2,875,600 1,107,697 Transfers out General Fund - - -(200,000) Village Permanent Fund ---(2,225,832) Total Other Financing Sources (Uses)8,149,998 8,149,998 8,473,844 4,061,143 Net Change in Fund Balance $ (374,671)$ (2,345,652)(1,369,080)195,777 FUND BALANCE - Beginning of Year 487,742 291,965 FUND BALANCE (DEFICIT) - END OF YEAR $ (881,338)$ 487,742 Page 134 VILLAGE OF GLENVIEW DETAILED SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL - GLEN CAPITAL PROJECTS FUND - NONMAJOR CAPITAL PROJECTS FUND For the Year Ended December 31, 2017 With Comparative Actual Amounts for the Year Ended December 31, 2016 2017 Budgeted Amounts Original Final Actual 2016 Actual REVENUES Intergovernmental - grants $-$-$33,596 $51,216 Investment income 760 760 12,416 5,324 Development - other revenues 2,894 2,894 2,632 3,050 Total Revenues 3,654 3,654 48,644 59,590 EXPENDITURES Capital Outlay 273,006 786,668 330,893 4,317,494 Total Expenditures 273,006 786,668 330,893 4,317,494 Net Change in Fund Balance $(269,352)$(783,014)(282,249)(4,257,904) FUND BALANCE - Beginning of Year 1,417,487 5,675,391 FUND BALANCE - END OF YEAR $1,135,238 $1,417,487 Page 135 GOVERNMENTAL FUND DESCRIPTIONS MAJOR CAPITAL PROJECTS FUND 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 DETAILED SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL - VILLAGE PERMANENT FUND - MAJOR CAPITAL PROJECTS FUND For the Year Ended December 31, 2017 With Comparative Actual Amounts for the Year Ended December 31, 2016 2017 Budgeted Amounts Original Final Actual 2016 Actual REVENUES Lease fees $156,000 $156,000 $-$- Investment income 39,036 39,036 265,136 159,325 Other revenues --4,800 - Total Revenues 195,036 195,036 269,936 159,325 EXPENDITURES Community development Contractual services 95,000 95,000 82,858 67,977 Total Expenditures 95,000 95,000 82,858 67,977 Excess of revenues over expenditures 100,036 100,036 187,078 91,348 OTHER FINANCING SOURCES (USES) Property sales 2,620,000 2,620,000 2,461,000 - Transfers In Capital Projects Fund ---2,225,832 Transfers Out Capital Projects Fund (2,625,600)(2,888,100)(2,875,600)(1,107,697) Glenview Sanitary Sewer Fund (61,250)(61,250)(47,119)- Total Other Financing Sources (Uses)(66,850)(329,350)(461,719)1,118,135 Net Change in Fund Balance $33,186 $(229,314)(274,641)1,209,483 FUND BALANCE - Beginning of Year 29,078,693 27,869,210 FUND BALANCE - END OF YEAR $28,804,052 $29,078,693 Page 136 ENTERPRISE FUND DESCRIPTIONS Enterprise funds are proprietary funds established to account for the financing of self-supporting activities 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. 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. VILLAGE OF GLENVIEW COMBINING STATEMENT OF NET POSITION NONMAJOR ENTERPRISE FUNDS As of December 31, 2017 Wholesale Water Fund Commuter Parking Lot Fund Total Nonmajor Enterprise Funds ASSETS Current Assets Cash and cash equivalents $340,043 $534,934 $874,977 Investments 249,062 1,249,099 1,498,161 Receivables Accounts 509,582 -509,582 Accrued interest 164 5,697 5,861 Total Current Assets 1,098,851 1,789,730 2,888,581 Noncurrent Assets Capital Assets Land -500,000 500,000 Buildings and improvements -2,727,816 2,727,816 Machinery, equipment and furnishings -13,283 13,283 Water system 2,512,633 -2,512,633 Less: Accumulated depreciation (1,556,696)(967,997)(2,524,693) Total Noncurrent Assets 955,937 2,273,102 3,229,039 Total Assets 2,054,788 4,062,832 6,117,620 LIABILITIES Current Liabilities Accounts payable 158,171 28,108 186,279 Accrued payroll 5,174 1,762 6,936 Other payables -10,563 10,563 Compensated absences - current 695 -695 Total Current Liabilities 164,040 40,433 204,473 Noncurrent Liabilities Long-Term Debt Compensated absences 2,779 -2,779 Total Noncurrent Liabilities 2,779 -2,779 Total Liabilities 166,819 40,433 207,252 NET POSITION Net investment in capital assets 955,937 2,273,102 3,229,039 Unrestricted 932,032 1,749,297 2,681,329 TOTAL NET POSITION $1,887,969 $4,022,399 $5,910,368 Page 137 NONMAJOR ENTERPRISE FUNDS Commuter Total Nonmajor W holesale Parking Lot Enterprise Water Fund Fund Funds Operating revenues Charges for sales and services Parking meter fees -$ 242,861$ 242,861$ Parking decals - 403,363 403,363 Water charges 2,361,124 - 2,361,124 Total charges for sales and services 2,361,124 646,224 3,007,348 Miscellaneous revenue - 247,354 247,354 Total operating revenues 2,361,124 893,578 3,254,702 Operating expenses Operations 1,330,514 407,525 1,738,039 Depreciation and amortization 62,816 81,907 144,723 Total operating expenses 1,393,330 489,432 1,882,762 Operating income 967,794 404,146 1,371,940 Non-operating revenues Investment income 1,505 7,563 9,068 Total non-operating revenues 1,505 7,563 9,068 Net income before transfers 969,299 411,709 1,381,008 TRANSFERS Transfers out (849,398) - (849,398) Change in net position 119,901 411,709 531,610 NET POSITION - Beginning of Year 1,768,068 3,610,690 5,378,758 NET POSITION - END OF YEAR 1,887,969$ 4,022,399$ 5,910,368$ VILLAGE OF GLENVIEW COMBINING STATEMENT OF REVENUES, EXPENSES, AND CHANGES IN NET POSITION As of December 31, 2017 Page 138 VILLAGE OF GLENVIEW COMBINING STATEMENT OF CASH FLOW S NONMAJOR ENTERPRISE FUNDS For the Year Ended December 31, 2017 Wholesale Water Fund Commuter Parking Lot Fund Totals CASH FLOWS FROM OPERATING ACTIVITIES Received from customers $2,369,406 $893,678 $3,263,084 Paid to suppliers for goods and services (1,184,024)(526,136)(1,710,160) Paid to employees for services (83,805)-(83,805) Net Cash Flows From Operating Activities 1,101,577 367,542 1,469,119 CASH FLOWS FROM INVESTING ACTIVITIES Investment income 1,341 1,866 3,207 Purchase of investments (249,062)(1,249,100)(1,498,162) Net Cash Flows From Investing Activities (247,721)(1,247,234)(1,494,955) CASH FLOWS FROM NONCAPITAL FINANCING AC TIVITIES Transfers out (849,398)-(849,398) Net Cash Flows From Noncapital Financing Activities (849,398)-(849,398) CASH FLOWS FROM CAPITAL AND RELATED FINANCING ACTIVITIES Acquisition and construction of capital assets -(52,372)(52,372) Net Cash Flows From Capital and Related Financing Activities -(52,372)(52,372) Net Change in Cash and Cash Equivalents 4,458 (932,064)(927,606) CASH AND CASH EQUIVALENTS - Beginning of Year 335,585 1,466,998 1,802,583 CASH AND CASH EQUIVALENTS - END OF YEAR $340,043 $534,934 $874,977 RECONCILIATION OF OPERATING INCOME TO NET CASH FLOWS FROM OPERATING ACTIVITIES Operating income $967,794 $404,146 $1,371,940 Adjustments to Reconcile Operating Income to Net Cash Flows From Operating Activities Depreciation 62,816 81,907 144,723 Changes in assets and liabilities Accounts receivable 8,282 100 8,382 Accounts payable 57,542 (118,611)(61,069) Accrued salaries 1,669 -1,669 Compensated absences payable 3,474 -3,474 NET CASH FLOWS FROM OPERATING AC TIVITIES $1,101,577 $367,542 $1,469,119 NONCASH CAPITAL AND RELATED FINANCING AC TIVITIES None Page 139 WHOLESALE WATER FUND - NONMAJOR ENTERPRISE FUND With Comparative Actual Amounts for the Year Ended December 31, 2016 2016 Original Final Actual Actual Operating revenues Charges for sales and services Water charges 2,198,389$ 2,198,389$ 2,361,124$ 2,075,114$ Total operating revenue 2,198,389 2,198,389 2,361,124 2,075,114 Miscellaneous revenue Other 20,000 20,000 - - Total miscellaneous revenue 20,000 20,000 - - Total operating revenues 2,218,389 2,218,389 2,361,124 2,075,114 Operating expenses Water services Personnel 99,842 99,842 88,948 92,105 Contractual services 1,217,160 1,215,960 1,206,987 1,092,740 Commodities 16,650 17,850 19,084 10,813 Other charges 15,495 15,495 15,495 17,774 Total operating expenses 1,349,147 1,349,147 1,330,514 1,213,432 Operating income 869,242 869,242 1,030,610 861,682 Non-operating revenues Investment income 150 150 1,505 80 Total non-operating revenues 150 150 1,505 80 Net income before transfers 869,392 869,392 1,032,115 861,762 Transfers out General Fund (325,000) (325,000) (325,000) (306,500) Capital Projects Fund (524,398) (524,398) (524,398) (509,124) Total Other Financing Sources (Uses)(849,398) (849,398) (849,398) (815,624) Change in net position - budgetary basis 19,994$ 19,994$ 182,717 46,138 Adjustments to GAAP basis Depreciation and amortization (62,816) (62,816) Change in net position - GAAP basis 119,901 (16,678) NET POSITION - Beginning of Year 1,768,068 1,784,746 NET POSITION - END OF YEAR 1,887,969$ 1,768,068$ VILLAGE OF GLENVIEW DETAILED SCHEDULE OF REVENUES, EXPENSES AND CHANGES IN NET POSITION - BUDGET AND ACTUAL (Budgetary Basis) For the Year Ended December 31, 2017 2017 Budgeted Amount Page 140 COMMUTER PARKING LOT FUND - NONMAJOR ENTERPRISE FUND With Comparative Actual Amounts for the Year Ended December 31, 2016 2016 Original Final Actual Actual Operating revenues Charges for sales and services Parking meter fees 227,219$ 227,219$ 242,861$ 242,192$ Parking decals 387,530 387,530 403,363 386,940 Total charges for sales and services 614,749 614,749 646,224 629,132 Miscellaneous revenue Vendor lease rental fee 9,750 9,750 8,845 11,250 Other revenues - - 238,509 - Total miscellaneous revenue 9,750 9,750 247,354 11,250 Total operating revenues 624,499 624,499 893,578 640,382 Operating expenses Water services Contractual services 228,127 228,127 179,031 210,841 Commodities 70,741 70,741 51,529 68,829 Other charges 140,592 140,592 140,596 5,708 Capital outlay 69,713 111,522 88,741 191,197 Total operating expenses 509,173 550,982 459,897 476,575 Operating income 115,326 73,517 433,681 163,807 Non-operating revenues Investment income 465 465 7,563 625 Total non-operating revenues 465 465 7,563 625 Change in net position - budgetary basis 115,791$ 73,982$ 441,244 164,432 Adjustments to GAAP basis Acquisition of capital assets 52,372 122,796 Depreciation and amortization (81,907) (74,900) Change in net position - GAAP basis 411,709 212,328 NET POSITION - Beginning of Year 3,610,690 3,398,362 NET POSITION - END OF YEAR 4,022,399$ 3,610,690$ VILLAGE OF GLENVIEW DETAILED SCHEDULE OF REVENUES, EXPENSES AND CHANGES IN NET POSITION - BUDGET AND ACTUAL (Budgetary Basis) For the Year Ended December 31, 2017 2017 Budgeted Amount Page 141 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. 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. GLENVIEW WATER FUND - MAJOR ENTERPRISE FUND With Comparative Actual Amounts for the Year Ended December 31, 2016 2016 Original Final Actual Actual Operating revenues Charges for sales and services Water charges 13,633,365$ 13,633,365$ 14,218,250$ 13,177,100$ Water connection charges 125,000 125,000 128,332 151,509 Water meter and remote readers 2,800 2,800 5,830 3,740 Total charges for sales and services 13,761,165 13,761,165 14,352,412 13,332,349 Miscellaneous revenue Late payment fees 155,000 155,000 168,985 173,217 Water for construction 3,000 3,000 53,202 4,835 Other 75,106 75,106 49,749 765,694 Total miscellaneous revenue 233,106 233,106 271,936 943,746 Total operating revenues 13,994,271 13,994,271 14,624,348 14,276,095 Operating expenses Water services Personnel 2,431,944 2,431,944 2,436,699 2,520,164 Contractual services 5,516,403 5,501,403 5,060,772 6,556,269 Commodities 879,097 894,097 765,429 2,540,470 Other charges 862,396 862,396 769,857 564,952 Capital outlay 4,360,662 4,971,333 4,597,956 5,609,421 Total operating expenses 14,050,502 14,661,173 13,630,713 17,791,276 Operating income (loss)(56,231) (666,902) 993,635 (3,515,181) VILLAGE OF GLENVIEW DETAILED SCHEDULE OF REVENUES, EXPENSES AND CHANGES IN NET POSITION - BUDGET AND ACTUAL (Budgetary Basis) For the Year Ended December 31, 2017 2017 Budgeted Amount Page 142 GLENVIEW WATER FUND - MAJOR ENTERPRISE FUND With Comparative Actual Amounts for the Year Ended December 31, 2016 2016 Original Final Actual Actual VILLAGE OF GLENVIEW DETAILED SCHEDULE OF REVENUES, EXPENSES AND CHANGES IN NET POSITION - BUDGET AND ACTUAL (Budgetary Basis) For the Year Ended December 31, 2017 2017 Budgeted Amount Non-operating revenues (expenses) Investment income 6,015$ 6,015$ 8,124$ 7,215$ Issuance of debt - - - 3,872,432 Debt service Principal (240,000) (240,000) (281,289) (402,481) Interest and fiscal charges (109,216) (109,216) (103,992) (90,514) Total non-operating revenues (expenses)(343,201) (343,201) (377,157) 3,386,652 Net income (loss) before transfers (399,432) (1,010,103) 616,478 (128,529) Transfers in North Maine Water and Sewer Fund - - - 651,952 Glenview Sanitary Sewer Fund - - 56,258 9,377 Total Transfers In - - 56,258 661,329 Change in net position - budgetary basis (399,432)$ (1,010,103)$ 672,736 532,800 Adjustments to GAAP basis Acquisition of capital assets 1,964,362 2,805,627 Issuance of debt - (3,872,432) Depreciation and amortization (1,348,105) (1,299,924) Principal expense 281,289 402,481 Change in net position - GAAP basis 1,570,282 (1,431,448) NET POSITION - Beginning of Year 34,542,554 35,974,002 NET POSITION - END OF YEAR 36,112,836$ 34,542,554$ Page 143 GLENVIEW SANITARY SEWER FUND - MAJOR ENTERPRISE FUND With Comparative Actual Amounts for the Year Ended December 31, 2016 2016 Original Final Actual Actual Operating revenues Charges for sales and services Sewer charges 2,400,737$ 2,400,737$ 2,414,525$ 2,322,170$ Sewer connection charges 8,000 8,000 8,760 10,380 Total charges for sales and services 2,408,737 2,408,737 2,423,285 2,332,550 Miscellaneous revenue Other 70,644 70,644 73,192 237,202 Total miscellaneous revenue 70,644 70,644 73,192 237,202 Total operating revenues 2,479,381 2,479,381 2,496,477 2,569,752 Operating expenses Sewerage services Personnel 548,877 548,877 566,243 567,265 Contractual services 158,522 158,522 140,557 73,042 Commodities 43,851 43,851 43,183 41,719 Other charges 156,866 156,866 156,522 112,891 Capital outlay 1,510,451 1,791,055 1,114,768 1,614,741 Total operating expenses 2,418,567 2,699,171 2,021,273 2,409,658 Operating income (loss)60,814 (219,790) 475,204 160,094 Non-operating revenues (expenses) Fines and fees 8,000 8,000 8,301 7,794 Heatherfield Investment income 1,500 1,500 1,057 970 Debt service Principal (60,000) (60,000) - (279,400) Interest and fiscal charges (27,304) (27,304) (27,304) (27,077) Total non-operating revenues (expenses) (77,804) (77,804) (17,946) (297,713) Net income (loss) before transfers (16,990) (297,594) 457,258 (137,619) Transfers in (out) Village Permanent Fund 61,250 61,250 47,119 - Glenview Water Fund - - (56,258) (9,377) Total Transfers in (out)61,250 61,250 (9,139) (9,377) Change in net position - budgetary basis 44,260$ (236,344)$ 448,119 (146,996) Adjustments to GAAP basis Acquisition of capital assets 242,938 592,087 Depreciation and amortization (487,354) (481,424) Principal expense - 279,400 Change in net position - GAAP basis 203,703 243,067 NET POSITION - Beginning of Year 19,475,969 19,232,902 NET POSITION - END OF YEAR 19,679,672$ 19,475,969$ VILLAGE OF GLENVIEW DETAILED SCHEDULE OF REVENUES, EXPENSES AND CHANGES IN NET POSITION - BUDGET AND ACTUAL (Budgetary Basis) For the Year Ended December 31, 2017 2017 Budgeted Amount Page 144 INTERNAL SERVICE FUND DESCRIPTIONS Internal service funds are proprietary funds that are used to provide an enterprise-like accounting of the Village's costs of delivering certain services to departments within the Village. The revenues include transfers from other funds to these funds for services provided and, as such, are recognized as charges for services. Such transfers are recognized as expenditures/expenses for services in the other funds, not as other financing uses. Capital Equipment Replacement Fund (CERF) - to account for the funds annually set aside for the eventual replacement of certain capital equipment. Municipal Equipment Repair Fund (MERF) - to account for the cost of repairing and maintaining Village vehicles. These costs include labor, material, fuel, fixed overhead of the Village's repair facility, and depreciation. Insurance and Risk Fund - to account for the financial activity of the Village's insurance program including employee health and life insurance. In addition to conventional primary insurance, the Village is a member of the High-Level Excess Liability Pool (HELP), which provides excess liability coverage. The Village also provides health and life insurance by participating in the Intergovernmental Personnel Benefit Cooperative (IPBC). Facilities Repair and Replacement Fund (FRRF) - to account for the funds annually set aside for the eventual replacement of the Village's various facilities. VILLAGE OF GLENVIEW COMBINING STATEMENT OF NET POSITION INTERNAL SERVICE FUNDS As of December 31, 2017 Capital Equipment Replacement Fund Municipal Equipment Repair Fund Insurance and Risk Fund Facilities Repair and Replacement Fund Totals ASSETS Current Assets Cash and cash equivalents $787,012 $232,231 $911,456 $397,733 $2,328,432 Investments 4,469,462 -5,467,178 1,194,465 11,131,105 Receivables Accounts (105)25,690 70,129 -95,714 Accrued interest 25,013 -32,674 7,203 64,890 Other --60,000 -60,000 Prepaid items --99,599 -99,599 Inventories -367,038 --367,038 Deposits --613,609 -613,609 Total Current Assets 5,281,382 624,959 7,254,645 1,599,401 14,760,387 Total Assets 5,281,382 624,959 7,254,645 1,599,401 14,760,387 LIABILITIES Current Liabilities Accounts payable 476,185 180,676 29,778 18,720 705,359 Accrued payroll -17,354 8,863 407 26,624 Other payables ---724 724 Due to other funds --16,265 -16,265 Claims payable --672,416 -672,416 Unearned revenues --20,624 -20,624 Total Current Liabilities 476,185 198,030 747,946 19,851 1,442,012 Noncurrent Liabilities Claims payable --1,008,624 -1,008,624 Total Noncurrent Liabilities --1,008,624 -1,008,624 Total Liabilities 476,185 198,030 1,756,570 19,851 2,450,636 NET POSITION Unrestricted 4,805,197 426,929 5,498,075 1,579,550 12,309,751 TOTAL NET POSITION $4,805,197 $426,929 $5,498,075 $1,579,550 $12,309,751 Page 145 VILLAGE OF GLENVIEW COMBINING STATEMENT OF REVENUES, EXPENSES, AND CHANGES IN NET POSITION INTERNAL SERVICE FUNDS For the Year Ended December 31, 2017 Capital Equipment Replacement Fund (CERF) Municipal Equipment Repair Fund (MERF) Insurance and Risk Fund Facilities Repair and Replacement Fund (FRRF)Totals OPERATING REVENUES Charges for services $2,113,156 $1,196,425 $7,282,153 $1,186,469 $11,778,203 Miscellaneous 90 118,639 71,763 6,117 196,609 Total Operating Revenues 2,113,246 1,315,064 7,353,916 1,192,586 11,974,812 OPERATING EXPENSES Personnel -415,375 574,639 -990,014 Contractual services -416,742 6,649,374 58,542 7,124,658 Commodities 189,695 191,995 513 -382,203 Other charges 105 316,798 --316,903 Capital outlay 814,205 103 -77,749 892,057 Total Operating Expenses 1,004,005 1,341,013 7,224,526 136,291 9,705,835 Operating Income (Loss)1,109,241 (25,949)129,390 1,056,295 2,268,977 NONOPERATING REVENUES Investment income 44,590 27 242,252 7,688 294,557 Gain on sale of capital assets 97,900 ---97,900 Reassignment of capital assets (1,434,652)--(992,546)(2,427,198) Total Nonoperating Revenues (1,292,162)27 242,252 (984,858)(2,034,741) Income (Loss) Before Transfers (182,921)(25,922)371,642 71,437 234,236 TRANSFERS Transfers out --(403,917)-(403,917) Total Transfers --(403,917)-(403,917) Change in net position (182,921)(25,922)(32,275)71,437 (169,681) NET POSITION - Beginning of Year 4,988,118 452,851 5,530,350 1,508,113 12,479,432 NET POSITION - END OF YEAR $4,805,197 $426,929 $5,498,075 $1,579,550 $12,309,751 Page 146 VILLAGE OF GLENVIEW COMBINING STATEMENT OF CASH FLOW S INTERNAL SERVICE FUNDS For the Year Ended December 31, 2017 Capital Equipment Replacement Fund Municipal Equipment Repair Fund Insurance and Risk Fund Facilities Repair and Replacement Fund Totals CASH FLOWS FROM OPERATING ACTIVITIES Received from customers $2,113,351 $1,317,854 $7,152,329 $1,192,586 $11,776,120 Paid to suppliers for goods and services (292,162)(809,787)(6,891,903)(208,281)(8,202,133) Paid to employees for services -(415,086)(573,465)-(988,551) Net Cash Flows From Operating Activities 1,821,189 92,981 (313,039)984,305 2,585,436 CASH FLOWS FROM INVESTING ACTIVITIES Investment income 42,824 27 237,668 485 281,004 Sale of investments 2,972,391 -2,665,600 -5,637,991 Purchase of investments (4,469,712)-(4,467,178)(1,194,465)(10,131,355) Net Cash Flows From Investing Activities (1,454,497)27 (1,563,910)(1,193,980)(4,212,360) CASH FLOWS FROM NONCAPITAL FINANCING ACTIVITIES Transfers out --(403,917)-(403,917) Net Cash Flows From Noncapital Financing Activities --(403,917)-(403,917) CASH FLOWS FROM CAPITAL AND RELATED FINANCING ACTIVITIES Proceeds from sale of capital assets 97,900 ---97,900 Acquisition and construction of capital assets (1,101,072)--(992,546)(2,093,618) Net Cash Flows From Capital and Related Financing Activities (1,003,172)--(992,546)(1,995,718) Net Change in Cash and Cash Equivalents (636,480)93,008 (2,280,866)(1,202,221)(4,026,559) CASH AND CASH EQUIVALENTS - Beginning of Year 1,423,492 139,223 3,192,322 1,599,954 6,354,991 CASH AND CASH EQUIVALENTS - END OF YEAR $787,012 $232,231 $911,456 $397,733 $2,328,432 Page 147 VILLAGE OF GLENVIEW COMBINING STATEMENT OF CASH FLOW S INTERNAL SERVICE FUNDS For the Year Ended December 31, 2017 Capital Equipment Replacement Fund Municipal Equipment Repair Fund Insurance and Risk Fund Facilities Repair and Replacement Fund Totals RECONCILIATION OF OPERATING INCOME (LOSS) TO NET CASH FLOWS FROM OPERATING ACTIVITIES Operating income (loss)$1,109,241 $(25,949)$129,390 $1,056,295 $2,268,977 Changes in assets and liabilities Accounts receivable 105 2,790 (18,987)-(16,092) Inventory -6,808 --6,808 Deposits --(184,481)-(184,481) Prepaid expense 672,768 -(1,888)-670,880 Accounts payable 39,075 109,043 10,353 (72,397)86,074 Claims payable --(263,521)-(263,521) Accrued salaries -289 -407 696 Due to other funds --14,214 -14,214 Unearned revenues --1,881 -1,881 NET CASH FLOWS FROM OPERATING ACTIVITIES $1,821,189 $92,981 $(313,039)$984,305 $2,585,436 NONCASH CAPITAL AND RELATED FINANCING ACTIVITIES None Page 148 VILLAGE OF GLENVIEW DETAILED SCHEDULE OF REVENUES, EXPENSES, AND CHANGES IN NET POSITION - BUDGET AND ACTUAL CAPITAL EQUIPMENT REPLACEMENT FUND (CERF) - INTERNAL SERVICE FUND For the Year Ended December 31, 2017 With Comparative Actual Amounts for the Year Ended December 31, 2016 2017 Budgeted Amounts Original Final Actual 2016 Actual OPERATING REVENUES Charges for services CERF charges $2,096,256 $2,096,256 $2,113,156 $2,139,664 Other charges --90 341 Total Operating Revenues 2,096,256 2,096,256 2,113,246 2,140,005 OPERATING EXPENSES Commodities 228,425 228,425 189,695 171,523 Machinery and equipment 98,165 98,165 76,398 38,041 Computer servers 68,190 68,190 64,127 95,628 Vehicles --659,005 241,527 System improvements -14,900 14,675 42,469 Other charges --105 - Total Operating Expenses 394,780 409,680 1,004,005 589,188 Operating income 1,701,476 1,686,576 1,109,241 1,550,817 NON-OPERATING REVENUES Investment income 20,000 20,000 44,590 29,627 Proceeds from the sale of capital assets 80,100 80,100 97,900 102,619 Reassignment of capital assets (1,302,698)(1,287,798)(1,434,652)(1,139,194) Total Non-Operating Revenues (1,202,598)(1,187,698)(1,292,162)(1,006,948) Change in net position $498,878 $498,878 (182,921)543,869 NET POSITION - Beginning of Year 4,988,118 4,444,249 NET POSITION - END OF YEAR $4,805,197 $4,988,118 Page 149 VILLAGE OF GLENVIEW DETAILED SCHEDULE OF REVENUES, EXPENSES, AND CHANGES IN NET POSITION - BUDGET AND ACTUAL MUNICIPAL EQUIPMENT REPAIR FUND (MERF) - INTERNAL SERVICE FUND For the Year Ended December 31, 2017 With Comparative Actual Amounts for the Year Ended December 31, 2016 2017 Budgeted Amounts Original Final Actual 2016 Actual OPERATING REVENUES Charges for services Village $1,521,112 $1,521,112 $1,193,870 $1,249,057 Library 5,000 5,000 2,555 582 Other charges 160,000 160,000 118,639 91,648 Total Operating Revenues 1,686,112 1,686,112 1,315,064 1,341,287 OPERATING EXPENSES Personnel 431,098 431,098 415,375 421,835 Contractual services 423,300 453,300 416,742 379,449 Commodities 261,907 281,907 191,995 238,079 Other charges 569,817 519,817 316,798 304,660 Capital outlay --103 - Total Operating Expenses 1,686,122 1,686,122 1,341,013 1,344,023 Operating Income (Loss)(10)(10)(25,949)(2,736) NON-OPERATING REVENUES Investment income 10 10 27 11 Total Non-Operating Revenues 10 10 27 11 Net Loss --(25,922)(2,725) Change in net position $-$-(25,922)(2,725) NET POSITION - Beginning of Year 452,851 455,576 NET POSITION - END OF YEAR $426,929 $452,851 Page 150 VILLAGE OF GLENVIEW DETAILED SCHEDULE OF REVENUES, EXPENSES, AND CHANGES IN NET POSITION - BUDGET AND ACTUAL INSURANCE AND RISK FUND - INTERNAL SERVICE FUND For the Year Ended December 31, 2017 With Comparative Actual Amounts for the Year Ended December 31, 2016 2017 Budgeted Amounts Original Final Actual 2016 Actual OPERATING REVENUES Charges for services Employees $ 738,912 $ 738,912 $ 739,401 $ 694,314 Village 3,320,236 3,320,236 3,394,674 3,165,940 Retirees 959,292 959,292 891,301 898,542 Component unit - Library 528,948 528,948 540,006 496,029 Other 1,716,766 1,716,766 1,716,771 1,801,350 Miscellaneous Insurance recoveries 50,000 50,000 51,026 64,679 Other 14,929 14,929 20,737 4,827 Total Operating Revenues 7,329,083 7,329,083 7,353,916 7,125,681 OPERATING EXPENSES Personnel 689,285 689,285 574,639 517,083 Contractual services 7,099,905 7,099,905 6,649,374 6,942,707 Commodities --513 - Total Operating Expenses 7,789,190 7,789,190 7,224,526 7,459,790 Operating Income (loss)(460,107)(460,107)129,390 (334,109) NON-OPERATING REVENUES Investment income 310,750 310,750 242,252 567,903 Total Non-Operating Revenues 310,750 310,750 242,252 567,903 Net Income (Loss) Before Transfers (149,357)(149,357)371,642 233,794 TRANSFERS OUT General Fund (403,917)(403,917)(403,917)(250,000) Facilities Repair and Replacement Fund ---(146,020) Transfers Out (403,917)(403,917)(403,917)(396,020) Change in net position $ (553,274)$ (553,274)(32,275)(162,226) NET POSITION - Beginning of Year 5,530,350 5,692,576 NET POSITION - END OF YEAR $ 5,498,075 $ 5,530,350 Page 151 VILLAGE OF GLENVIEW DETAILED SCHEDULE OF REVENUES, EXPENSES, AND CHANGES IN NET POSITION - BUDGET AND ACTUAL FACILITIES REPAIR AND REPLACEMENT FUND (FRRF) - INTERNAL SERVICE FUND For the Year Ended December 31, 2017 With Comparative Actual Amounts for the Year Ended December 31, 2016 2017 Budgeted Amounts Original Final Actual 2016 Actual OPERATING REVENUES Charges for services Facilities charges $1,209,586 $1,209,586 $1,186,469 $119,588 Other charges --6,117 4,701 Total Operating Revenues 1,209,586 1,209,586 1,192,586 124,289 OPERATING EXPENSES Contractual services 95,969 95,969 58,542 84,789 Capital outlay 558,158 558,158 77,749 168,345 Total Operating Expenses 654,127 654,127 136,291 253,134 Operating Income (loss)555,459 555,459 1,056,295 (128,845) NON-OPERATING REVENUES Investment income 10,000 10,000 7,688 3,574 Reassignment of capital assets (1,062,549)(1,063,363)(992,546)(416,579) Total Non-Operating Revenues (1,052,549)(1,053,363)(984,858)(413,005) Net Income (Loss) Before Transfers (497,090)(497,904)71,437 (541,850) TRANSFERS IN Insurance and Risk Fund ---146,020 Transfers In ---146,020 Change in net position $(497,090)$(497,904)71,437 (395,830) NET POSITION - Beginning of Year 1,508,113 1,903,943 NET POSITION - END OF YEAR $1,579,550 $1,508,113 Page 152 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. Joint ETSB Fund – to account for 9-1-1 surcharge fees received monthly from the Illinois State Police for each member municipality. Municipalities submit 9-1-1 eligible expenditures to the Joint ETSB Board to request disbursement of its respective surcharge revenues. The funds received and disbursed from this fund are revenues and expenditures of the member agencies. VILLAGE OF GLENVIEW COMBINING STATEMENT OF FIDUCIARY NET POSITION PENSION TRUST FUNDS As of December 31, 2017 Police Pension Fund Firefighters' Pension Fund Totals ASSETS Cash and cash equivalents $2,012,342 $878,316 $2,890,658 Investments U.S. treasuries 7,613,717 4,604,484 12,218,201 U.S. agencies 7,738,637 20,245,097 27,983,734 Mutual funds 47,195,918 54,303,725 101,499,643 Corporate obligations 14,289,725 -14,289,725 Municipal obligations 378,143 4,596,921 4,975,064 Receivables Accrued interest 204,572 177,018 381,590 Prepaid items 6,137 4,890 11,027 Total Assets 79,439,191 84,810,451 164,249,642 LIABILITIES Accrued expenses 24,530 39,943 64,473 Due to primary government 687 2,903 3,590 Total Liabilities 25,217 42,846 68,063 NET POSITION Restricted for pension benefits $79,413,974 $84,767,605 $164,181,579 Page 153 VILLAGE OF GLENVIEW COMBINING STATEMENT OF CHANGES IN FIDUCIARY NET POSITION PENSION TRUST FUNDS For the Year Ended December 31, 2017 Police Pension Fund Firefighters' Pension Fund Total AD DITIONS Contributions Employer $2,492,386 $3,839,494 $6,331,880 Participant 712,432 801,858 1,514,290 Total Contributions 3,204,818 4,641,352 7,846,170 Investment income Net appreciation in fair value of investments 5,492,067 6,951,967 12,444,034 Interest income 3,024,105 3,650,588 6,674,693 Total Investment Income 8,516,172 10,602,555 19,118,727 Less investment expense 134,132 216,756 350,888 Net Investment Income 8,382,040 10,385,799 18,767,839 Total Additions 11,586,858 15,027,151 26,614,009 DEDUCTIONS Retirement pensions 3,722,924 4,853,954 8,576,878 Widow pensions 284,700 557,897 842,597 Disability pensions 122,455 507,696 630,151 Children's pensions 48,270 1,952 50,222 Total Deductions 4,178,349 5,921,499 10,099,848 Change in Net Position 7,408,509 9,105,652 16,514,161 NET POSITION - Beginning of Year 72,005,465 75,661,953 147,667,418 NET POSITION - END OF YEAR $79,413,974 $84,767,605 $164,181,579 Page 154 VILLAGE OF GLENVIEW POLICE PENSION FUND DETAILED SCHEDULE OF CHANGES IN FIDUCIARY NET POSITION - BUDGET AND ACTUAL For the Year Ended December 31, 2017 With Comparative Actual Amounts for the Year Ended December 31, 2016 2017 Original Budget Final Budget Actual 2016 Actual Additions Contributions Employer $2,456,386 $2,456,386 $2,492,386 $2,497,041 Participant 846,858 846,858 712,432 812,961 Total contributions 3,303,244 3,303,244 3,204,818 3,310,002 Investment Income Net appreciation in fair value of investments 3,400,000 3,400,000 5,492,067 1,783,035 Interest income 800,000 800,000 3,024,105 2,226,349 Total investment income 4,200,000 4,200,000 8,516,172 4,009,384 Less investment expense 138,707 138,707 134,132 71,693 Net investment income 4,061,293 4,061,293 8,382,040 3,937,691 Total additions 7,364,537 7,364,537 11,586,858 7,247,693 Deductions Retirement pensions 3,571,453 3,571,453 3,722,924 3,476,101 Widow pensions 302,482 302,482 284,700 302,482 Disability pensions 174,790 174,790 122,455 121,428 Children's pensions --48,270 48,270 Contribution refunds 50,000 50,000 -- Administration ---50,482 Total deductions 4,098,725 4,098,725 4,178,349 3,998,763 Change in Net Position $3,265,812 $3,265,812 7,408,509 3,248,930 NET POSITION - Beginning of Year 72,005,465 68,756,535 NET POSITION - END OF YEAR $79,413,974 $72,005,465 Page 155 VILLAGE OF GLENVIEW FIREFIGHTERS' PENSION FUND DETAILED SCHEDULE OF CHANGES IN FIDUCIARY NET POSITION - BUDGET AND ACTUAL For the Year Ended December 31, 2017 With Comparative Actual Amounts for the Year Ended December 31, 2016 2017 Original Budget Final Budget Actual 2016 Actual Additions Contributions Employer $3,798,546 $3,798,546 $3,839,494 $4,016,250 Participant 816,694 816,694 801,858 782,515 Total contributions 4,615,240 4,615,240 4,641,352 4,798,765 Investment Income Net appreciation in fair value of investments 3,100,000 3,100,000 6,951,967 2,514,745 Interest income 800,000 800,000 3,650,588 2,385,764 Total investment income 3,900,000 3,900,000 10,602,555 4,900,509 Less investment expense 242,534 242,534 216,756 134,552 Net investment income 3,657,466 3,657,466 10,385,799 4,765,957 Total additions 8,272,706 8,272,706 15,027,151 9,564,722 Deductions Retirement pensions 4,881,371 4,881,371 4,853,954 4,703,877 Widow pensions 371,110 371,110 557,897 412,618 Disability pensions 477,915 477,915 507,696 510,782 Children's pensions --1,952 - Contribution refunds 50,000 50,000 -- Administration ---68,045 Total deductions 5,780,396 5,780,396 5,921,499 5,695,322 Change in Net Position $2,492,310 $2,492,310 9,105,652 3,869,400 NET POSITION - Beginning of Year 75,661,953 71,792,553 NET POSITION - END OF YEAR $84,767,605 $75,661,953 Page 156 Balances Balances December 31,December 31, 2016 Additions Deductions 2017 Total - All Agency Funds Assets Cash and cash equivalents 477,819$ 6,099,601$ 4,545,698$ 2,031,722$ Investments 995,100 992,357 1,244,249 743,208 Receivables - property taxes 322,982 293,222 322,982 293,222 Receivables - interest 1,169 2,254 1,169 2,254 Total Assets 1,797,070$ 7,387,434$ 6,114,098$ 3,070,406$ Liabilities Accounts payable 106,628$ 4,663,694$ 3,166,874$ 1,603,448$ Refundable deposits 1,194,917 1,297,060 1,491,992 999,985 Due to bond holders 495,525 372,580 401,132 466,973 Total Liabilities 1,797,070$ 6,333,334$ 5,059,998$ 3,070,406$ Special Service Area (SSA) Bond Fund Assets Cash and cash equivalents 172,543$ 372,580$ 371,372$ 173,751$ Receivables - property taxes 322,982 293,222 322,982 293,222 Total Assets 495,525$ 665,802$ 694,354$ 466,973$ Liabilities Due to bond holders 495,525$ 372,580$ 401,132$ 466,973$ Total Liabilities 495,525$ 372,580$ 401,132$ 466,973$ Escrow Deposit Fund Assets Cash and cash equivalents 305,276$ 1,624,331$ 1,471,662$ 457,945$ Investments 995,100 992,357 1,244,249 743,208 Receivables - interest 1,169 2,254 1,169 2,254 Total Assets 1,301,545$ 2,618,942$ 2,717,080$ 1,203,407$ Liabilities Accounts payable 106,628$ 561,004$ 464,210$ 203,422$ Refundable deposits 1,194,917 1,297,060 1,491,992 999,985 Total Liabilities 1,301,545$ 1,858,064$ 1,956,202$ 1,203,407$ Joint ETSB Fund Assets Cash and cash equivalents -$ 4,102,690$ 2,702,664$ 1,400,026$ Total Assets -$ 4,102,690$ 2,702,664$ 1,400,026$ Liabilities Accounts payable -$ 4,102,690$ 2,702,664$ 1,400,026$ Total Liabilities -$ 4,102,690$ 2,702,664$ 1,400,026$ VILLAGE OF GLENVIEW COMBINING STATEMENT OF CHANGES IN ASSETS AND LIABILITIES AGENCY FUNDS For the Year Ended December 31, 2017 Page 157 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. Library General Fund Library Debt Service Nonmajor Library Funds Total Library ASSETS Current assets Cash and cash equivalents 2,853,089$ 430,015$ 554,927$ 3,838,031$ Investments 1,730,482 - 246,500 1,976,982 Receivables, net of allowances Property taxes 6,045,247 1,829,791 - 7,875,038 Interest 6,227 - 1,730 7,957 Prepaid Items 725 - - 725 Total current assets 10,635,770 2,259,806 803,157 13,698,733 Noncurrent assets Capital assets not depreciated - - - - Capital assets depreciation (net)- - - - Total noncurrent assets - - - - TOTAL ASSETS 10,635,770 2,259,806 803,157 13,698,733 DEFERRED OUTFLOWS OF RESOURCES Deferred charge on refunding - - - - Deferred outflows due to pensions - - - - TOTAL DEFERRED OUTFLOWS OF RESOURCES - - - - As of December 31, 2017 Combining Balance Sheet VILLAGE OF GLENVIEW COMBINING BALANCE SHEET AND STATEMENT OF NET POSITION GLENVIEW LIBRARY - COMPONENT UNIT Page 158 Adjustments Total Component Unit - Glenview Library -$ 3,838,031$ - 1,976,982 - 7,875,038 - 7,957 - 725 - 13,698,733 5,426,987 5,426,987 24,988,620 24,988,620 30,415,607 30,415,607 30,415,607 44,114,340 941,818 941,818 1,738,862 1,738,862 2,680,680 2,680,680 Statement of Net Position Page 159 Library General Fund Library Debt Service Nonmajor Library Funds Total Library As of December 31, 2017 Combining Balance Sheet VILLAGE OF GLENVIEW COMBINING BALANCE SHEET AND STATEMENT OF NET POSITION GLENVIEW LIBRARY - COMPONENT UNIT LIABILITIES Current liabilities Accounts payable 322,261$ -$ 50,537$ 372,798$ Accrued payroll 173,451 - - 173,451 Accrued interest - - - - Current portion of bonds payable - - - - Current portion of compensated absences - - - - Total current liabilities 495,712 - 50,537 546,249 Noncurrent liabilities Bonds payable - - - - Unamortized bond premiums - - - - Net pension liability - - - - Compensated absences - - - - Total noncurrent liabilities - - - - TOTAL LIABILITIES 495,712 - 50,537 546,249 DEFERRED INFLOWS OF RESOURCES Deferred property taxes 6,051,078 1,832,209 - 7,883,287 Deferred inflows due to pensions - - - - TOTAL DEFERRED INFLOWS OF RESOURCES 6,051,078 1,832,209 - 7,883,287 FUND BALANCES/NET POSITION Net Investment in capital assets - - - - Restricted - 427,597 752,620 1,180,217 Unassigned/unrestricted 4,088,980 - - 4,088,980 TOTAL FUND BALANCES/NET POSITION 4,088,980 427,597 752,620 5,269,197 TOTAL LIABILITIES, DEFERRED INFLOWS OF RESOURCES, AND FUND BALANCES/NET POSITION 10,635,770$ 2,259,806$ 803,157$ 13,698,733$ Page 160 Adjustments Total Component Unit - Glenview Library Statement of Net Position -$ 372,798$ - 173,451 74,667 74,667 1,225,045 1,225,045 56,856 56,856 1,356,568 1,902,817 15,326,600 15,326,600 2,311,667 2,311,667 3,016,343 3,016,343 227,425 227,425 20,882,035 20,882,035 22,238,603 22,784,852 - 7,883,287 129,346 129,346 129,346 8,012,633 12,494,113 12,494,113 - 1,180,217 (1,765,775) 2,323,205 10,728,338 15,997,535 33,096,287$ 46,795,020$ Page 161 Library General Fund Library Debt Service Nonmajor Library Funds Total Library REVENUES Property taxes 6,278,384$ 1,993,109$ -$ 8,271,493$ Charges for services 57,655 - - 57,655 Fines and forfeitures 79,649 - - 79,649 Intergovernmental 1,165,427 - - 1,165,427 Investment income 46,652 11,697 8,014 66,363 Other revenue 45,992 - 55,592 101,584 Total revenues 7,673,759 2,004,806 63,606 9,742,171 EXPENDITURES Current Culture and recreation 6,820,854 - 42,909 6,863,763 Debt service Principal - 1,190,000 - 1,190,000 Interest and other - 833,047 - 833,047 Capital outlay 213,024 - 220,336 433,360 Total expenditures 7,033,878 2,023,047 263,245 9,320,170 Excess (deficiency) of revenues over expenditures 639,881 (18,241) (199,639) 422,001 OTHER FINANCING SOURCES (USES) Transfers in - - 122,224 122,224 Transfers out (122,224) - - (122,224) Total Other Financing Sources (Uses)(122,224) - 122,224 - Net Change in Fund Balances/Net Position 517,657 (18,241) (77,415) 422,001 FUND BALANCES/NET POSITION - Beginning of Year 3,571,323 445,838 830,035 4,847,196 FUND BALANCES/NET POSITION - END OF YEAR 4,088,980$ 427,597$ 752,620$ 5,269,197$ VILLAGE OF GLENVIEW COMBINING STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES AND GLENVIEW LIBRARY - COMPONENT UNIT For the Year Ended December 31, 2017 STATEMENT OF ACTIVITIES Statement of Revenues, Expenditures, and Changes in Fund Balances Page 162 Adjustments Total Component Unit - Glenview Library -$ 8,271,493$ - 57,655 - 79,649 - 1,165,427 - 66,363 - 101,584 - 9,742,171 897,125 7,760,888 (1,190,000) - (114,154) 718,893 (153,053) 280,307 (560,082) 8,760,088 560,082 982,083 (122,224) - 122,224 - - - 560,082 982,083 10,168,256 15,015,452 10,728,338$ 15,997,535$ Statement of Activities Page 163 VILLAGE OF GLENVIEW DETAILED SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES - BUDGET AND ACTUAL - LIBRARY GENERAL FUND For the Year Ended December 31, 2017 With Comparative Actual Amounts for the Year Ended December 31, 2016 2017 Budgeted Amounts Original Final Actual 2016 Actual REVENUES PROPERTY TAXES Current year $6,269,261 $6,269,261 $6,372,104 $6,246,136 Prior year (50,000)(50,000)(93,720)(66,163) Total property taxes 6,219,261 6,219,261 6,278,384 6,179,973 CHARGES FOR SERVICES Nonresident fee 18,000 18,000 14,862 17,006 Personal books 1,250 1,250 1,461 814 Copying fees 13,000 13,000 12,810 14,066 Circular collection fees 500 500 192 610 Video fees 23,000 23,000 20,532 22,830 Rental fees 1,500 1,500 7,798 1,866 Total charges for services 57,250 57,250 57,655 57,192 FINES AND FORFEITURES Library fines 59,000 59,000 67,634 60,717 Lost and paid 11,000 11,000 12,015 11,452 Total fines and forfeitures 70,000 70,000 79,649 72,169 INTERGOVERNMENTAL Property replacement tax 42,000 42,000 59,013 50,779 Make-whole payment 1,073,392 1,073,392 1,106,414 1,015,469 Grant revenue 35,000 35,000 -39,451 Total intergovernmental 1,150,392 1,150,392 1,165,427 1,105,699 INVESTMENT INCOME Interest 13,000 13,000 46,652 28,123 OTHER REVENUE Employee dental contribution 19,500 19,500 21,663 17,485 Miscellaneous 24,000 24,000 24,329 33,242 Total other revenue 43,500 43,500 45,992 50,727 Total Revenues 7,553,403 7,553,403 7,673,759 7,493,883 EXPENDITURES CULTURE AND RECREATION Library Adminstration Personnel 1,153,866 1,153,866 1,160,376 1,076,006 Contractual services 345,494 345,494 314,813 283,447 Commodities 7,900 7,900 8,862 8,864 Other charges 32,650 32,650 24,041 42,715 Total library adminstration 1,539,910 1,539,910 1,508,092 1,411,032 Page 164 VILLAGE OF GLENVIEW DETAILED SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES - BUDGET AND ACTUAL - LIBRARY GENERAL FUND For the Year Ended December 31, 2017 With Comparative Actual Amounts for the Year Ended December 31, 2016 2017 Budgeted Amounts Original Final Actual 2016 Actual Expenditures (cont.) Reader's services Personnel $832,631 $832,631 $822,478 $804,045 Contractual services 75,200 75,200 70,162 86,177 Commodities 255,525 255,525 243,524 255,884 Other charges 2,500 2,500 1,642 1,937 Total reader's services 1,165,856 1,165,856 1,137,806 1,148,043 Buildings and grounds maintenance Personnel 210,261 210,261 212,563 202,490 Contractual services 105,800 105,800 126,980 131,732 Commodities 69,750 69,750 63,932 57,633 Other charges 250 250 330 149 Total buildings and grounds maintenance 386,061 386,061 403,805 392,004 Circulation Personnel 872,851 872,851 847,845 835,254 Contractual services 12,950 12,950 12,235 11,870 Commodities 16,700 16,700 9,489 18,032 Other charges 4,150 4,150 1,747 1,945 Total circulation 906,651 906,651 871,316 867,101 Public information Personnel 174,784 174,784 172,796 168,265 Contractual services 52,057 52,057 47,177 46,681 Commodities 4,375 4,375 5,475 4,723 Other charges 450 450 95 35 Total public information 231,666 231,666 225,543 219,704 Technical services Personnel 572,540 572,540 569,644 591,504 Contractual services 11,950 11,950 6,944 5,139 Commodities 14,450 14,450 11,116 16,673 Other charges 2,300 2,300 338 1,931 Total technical services 601,240 601,240 588,042 615,247 Youth services Personnel 646,462 646,462 595,186 644,735 Contractual services 58,600 58,600 55,849 59,040 Commodities 125,975 125,975 122,426 128,241 Other charges 3,800 3,800 2,269 2,472 Total youth services 834,837 834,837 775,730 834,488 Page 165 VILLAGE OF GLENVIEW DETAILED SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES - BUDGET AND ACTUAL - LIBRARY GENERAL FUND For the Year Ended December 31, 2017 With Comparative Actual Amounts for the Year Ended December 31, 2016 2017 Budgeted Amounts Original Final Actual 2016 Actual Expenditures (cont.) Reference Personnel $620,086 $620,086 $598,192 $578,324 Contractual services 203,250 203,250 190,131 186,823 Commodities 124,160 124,160 68,069 85,190 Other charges 2,715 2,715 362 1,751 Total reference 950,211 950,211 856,754 852,088 Information technology Personnel 277,309 277,309 262,159 211,749 Contractual services 177,500 177,500 181,521 166,338 Commodities 6,550 6,550 7,912 4,707 Other charges 2,300 2,300 2,174 36 Total information technology 463,659 463,659 453,766 382,830 Total Culture and Recreation 7,080,091 7,080,091 6,820,854 6,722,537 CAPITAL OUTLAY Furniture and fixtures 2,000 2,000 335 17 Machinery and equipment 10,500 10,500 8,523 151,384 Information system 233,185 233,185 204,166 203,464 Total Capital outlay 245,685 245,685 213,024 354,865 Total Expenditures 7,325,776 7,325,776 7,033,878 7,077,402 Excess of revenues over expenditures 227,627 227,627 639,881 416,481 OTHER FINANCING USES Transfer (out) Library Special Reserve Fund -(122,224)(122,224)(75,000) Total Other Financing Uses -(122,224)(122,224)(75,000) Net Change in Fund Balance $227,627 $105,403 517,657 341,481 FUND BALANCE - Beginning of Year 3,571,323 3,229,842 FUND BALANCE - END OF YEAR $4,088,980 $3,571,323 Page 166 VILLAGE OF GLENVIEW DETAILED SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES - BUDGET AND ACTUAL - LIBRARY DEBT SERVICE FUND For the Year Ended December 31, 2017 With Comparative Actual Amounts for the Year Ended December 31, 2016 2017 Budgeted Amounts Original Final Actual 2016 Actual REVENUES Property $1,953,718 $1,953,718 $1,993,109 $2,015,815 Investment income 8,250 8,250 11,697 9,319 Total Revenues 1,961,968 1,961,968 2,004,806 2,025,134 EXPENDITURES Debt service Bond issuance costs ---72,181 Principal 1,190,000 1,190,000 1,190,000 1,155,000 Interest expense 832,048 832,048 833,047 450,108 Total Expenditures 2,022,048 2,022,048 2,023,047 1,677,289 Excess (deficiency) of revenues over (under) expenditures (60,080)(60,080)(18,241)347,845 OTHER FINANCING SOURCES (USES) Debt issued ---15,326,600 Premium on debt issued ---2,696,945 Payments to escrow agents ---(18,276,297) Total Other Financing Sources (Uses)---(252,752) Net Change in Fund Balance $(60,080)$(60,080)(18,241)95,093 FUND BALANCE - Beginning of Year 445,838 350,745 FUND BALANCE - END OF YEAR $427,597 $445,838 Page 167 Friends of the Library Gift Total Special Revenue Assets Cash and cash equivalents 127,527$ 103,287$ 230,814$ Investments - - - Interest Receivable - - - Total assets 127,527$ 103,287$ 230,814$ Liabilities and Fund Balances Liabilities Accounts payable 188$ -$ 188$ Total liabilities 188 - 188 Fund balance Restricted 127,339 103,287 230,626 Total fund balances 127,339 103,287 230,626 Total liabilities and fund balances 127,527$ 103,287$ 230,814$ As of December 31, 2017 Special Revenue Funds VILLAGE OF GLENVIEW COMBINING BALANCE SHEET GLENVIEW LIBRARY - COMPONENT UNIT - LIBRARY NONMAJOR FUNDS Page 168 Library Capital Contribution Library Special Reserve Total Capital Project Total Nonmajor Library 64,904$ 259,209$ 324,113$ 554,927$ - 246,500 246,500 246,500 - 1,730 1,730 1,730 64,904$ 507,439$ 572,343$ 803,157$ -$ 50,349$ 50,349$ 50,537$ - 50,349 50,349 50,537 64,904 457,090 521,994 752,620 64,904 457,090 521,994 752,620 64,904$ 507,439$ 572,343$ 803,157$ Capital Projects Funds Page 169 Friends of the Library Gift Total Special Revenue Revenues Other revenue Donations 40,000$ 750$ 40,750$ Investment income 1,041 1,046 2,087 Total revenues 41,041 1,796 42,837 Expenditures Culture and Recreation Administration - 34 34 Contractual services - - - Miscellaneous 33,214 942 34,156 Capital outlay - - - Total expenditures 33,214 976 34,190 Operating income (loss)7,827 820 8,647 Other Financing Sources Transfers in - - - Total Other Financing Sources - - - Net Change in Fund Balances 7,827 820 8,647 FUND BALANCE - Beginning of Year 119,512 102,467 221,979 FUND BALANCE - END OF YEAR 127,339$ 103,287$ 230,626$ Special Revenue Funds VILLAGE OF GLENVIEW COMBINING STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES GLENVIEW LIBRARY - COMPONENT UNIT - LIBRARY NONMAJOR FUNDS For the Year Ended December 31, 2017 Page 170 Library Capital Contribution Library Special Reserve Total Capital Project Total Nonmajor Library 14,842$ -$ 14,842$ 55,592$ 557 5,370 5,927 8,014 15,399 5,370 20,769 63,606 - - - 34 - 6,430 6,430 6,430 2,289 - 2,289 36,445 - 220,336 220,336 220,336 2,289 226,766 229,055 263,245 13,110 (221,396) (208,286) (199,639) - 122,224 122,224 122,224 - 122,224 122,224 122,224 13,110 (99,172) (86,062) (77,415) 51,794 556,262 608,056 830,035 64,904$ 457,090$ 521,994$ 752,620$ Capital Projects Funds Page 171 VILLAGE OF GLENVIEW DETAILED SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES - BUDGET AND ACTUAL - LIBRARY SPECIAL RESERVE FUND For the Year Ended December 31, 2017 With Comparative Actual Amounts for the Year Ended December 31, 2016 2017 Budgeted Amounts Original Final Actual 2016 Actual REVENUES Investment income $1,100 $1,100 $5,370 $3,186 Total Revenues 1,100 1,100 5,370 3,186 EXPENDITURES Culture and recreation Contractual services --6,430 - Other charges 98,303 98,303 -- Total culture and recreation 98,303 98,303 6,430 - Capital outlay Capital outlay --220,336 25,043 Total Expenditures 98,303 98,303 226,766 25,043 Excess (deficiency) of revenues over (under) expenditures (97,203)(97,203)(221,396)(21,857) OTHER FINANCING SOURCES Transfers in Library General Fund 122,224 122,224 122,224 75,000 Total Other Financing Sources 122,224 122,224 122,224 75,000 Net Change in Fund Balance $25,021 $25,021 (99,172)53,143 FUND BALANCE - Beginning of Year 556,262 503,119 FUND BALANCE - END OF YEAR $457,090 $556,262 Page 172 VILLAGE OF GLENVIEW LONG-TERM DEBT REQUIREMENTS GENERAL OBLIGATION BOND SERIES SERIES 2009A December 31, 2017 Date of Issue May 5, 2009 Date of Maturity December 1, 2018 Amount of Issue 26,300,000$ Denomination of Bonds 5,000$ Interest Rates 3.000% to 4.125% Interest Dates June 1 and December 1 Princial Maturity Date December 1 Paying agent Wells Fargo Bank, N.A., Chicago, IL Future Principal and Interest Requirements Fiscal Year Ending December 31,Principal Interest Total June 1 Amount December 1 Amount 2018 1,225,045$ 42,922$ 1,267,967$ 2018 21,461$ 2018 21,461$ Total 1,225,045$ 42,922$ 1,267,967$ 21,461$ 21,461$ Note: Principal and interest is payable from proceeds of the library property tax levy. Requirements Interest Due on Page 173 VILLAGE OF GLENVIEW LONG-TERM DEBT REQUIREMENTS GENERAL OBLIGATION BOND SERIES 2009D December 31, 2017 Date of Issue October 21, 2009 Date of Maturity December 1, 2018 Amount of Issue 11,290,000$ Denomination of Bonds 5,000$ Interest Rates 2.00% to 4.00% Interest Dates June 1 and December 1 Prinicipal Maturity Date December 1 Paying Agent Wells Fargo Bank, N.A., Chicago, IL Future Principal and Interest Requirements Fiscal Year Ending December 31,Principal Interest Total June 1 Amount December 1 Amount 2018 1,360,000$ 54,400$ 1,414,400$ 2018 27,200$ 2018 27,200$ Total 1,360,000$ 54,400$ 1,414,400$ 27,200$ 27,200$ Note: Principal and interest is payable from the Special Tax Allocation Fund. Requirements Interest Due on Page 174 VILLAGE OF GLENVIEW LONG-TERM DEBT REQUIREMENTS ILLINOIS ENVIRONMENT PROTECTION AGENCY LOAN December 31, 2017 Date of Issue October 1, 2010 Date of Maturity April 14, 2031 Amount of Issue 633,827$ Interest Rates 0.00% Prinicipal Maturity Date April 14 and October 14 Paying Agent Illinois Enviornmental Protection Agency Loan Number: L17-4483 Future Principal and Interest Requirements Fiscal Year Ending December 31,April 14 October 14 Total 2018 12,185$ 12,185$ 24,370$ 2019 12,185 12,185 24,370 2020 12,185 12,185 24,370 2021 12,185 12,185 24,370 2022 12,185 12,185 24,370 2023 12,185 12,185 24,370 2024 12,185 12,185 24,370 2025 12,185 12,185 24,370 2026 12,185 12,185 24,370 2027 12,185 12,185 24,370 2028 12,185 12,185 24,370 2029 12,185 12,185 24,370 2030 12,185 12,185 24,370 2031 12,194 - 12,194 Total 170,599$ 158,405$ 329,004$ Note: Principal will be paid by the Capital Projects Fund. Requirements Page 175 VILLAGE OF GLENVIEW LONG-TERM DEBT REQUIREMENTS GENERAL OBLIGATION REFUNDING BOND SERIES 2012A December 31, 2017 Date of Issue June 14, 2012 Date of Maturity Decemer 1, 2021 Amount of Issue 18,090,000$ Denomination of Bonds 5,000$ Interest Rates 3.00% to 4.00% Interest Dates June 1 and December 1 Prinicipal Maturity Date December 1 Paying Agent Wells Fargo Bank, N.A., Chicago, IL Future Principal and Interest Requirements Fiscal Year Ending December 31,Principal Interest Total June 1 Amount December 1 Amount 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 2029 6,210,000 248,400 6,458,400 2021 124,200 2021 124,200 Total 18,090,000$ 1,887,300$ 19,977,300$ 943,650$ 943,650$ Note: Principal and interest is payable from the Special Tax Allocation Fund. Requirements Interest Due on Page 176 VILLAGE OF GLENVIEW LONG-TERM DEBT REQUIREMENTS GENERAL OBLIGATION REFUNDING BOND SERIES 2012B December 31, 2017 Date of Issue December 18, 2012 Date of Maturity December 1, 2024 Amount of Issue 14,575,000$ Denomination of Bonds 5,000$ Interest Rates 3.00% to 4.00% Interest Dates June 1 and December 1 Prinicipal Maturity Date December 1 Paying Agent Wells Fargo Bank, N.A., Chicago, IL Future Principal and Interest Requirements Fiscal Year Ending December 31,Principal Interest Total June 1 Amount December 1 Amount 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 Total 10,835,000$ 1,684,900$ 12,519,900$ 842,450$ 842,450$ Note: Principal and interest is payable from a property tax levy. Requirements Interest Due on Page 177 VILLAGE OF GLENVIEW LONG-TERM DEBT REQUIREMENTS GENERAL OBLIGATION REFUNDING BOND SERIES 2012C December 31, 2017 Date of Issue December 18, 2012 Date of Maturity December 1, 2018 Amount of Issue 7,730,000$ Denomination of Bonds 5,000$ Interest Rates 2.00% to 3.00% Interest Dates June 1 and December 1 Prinicipal Maturity Date December 1 Paying Agent Wells Fargo Bank, N.A., Chicago, IL Future Principal and Interest Requirements Fiscal Year Ending December 31,Principal Interest Total June 1 Amount December 1 Amount 2018 1,735,000$ 52,050$ 1,787,050$ 2018 26,025$ 2018 26,025$ Total 1,735,000$ 52,050$ 1,787,050$ 26,025$ 26,025$ Note: Principal and interest is payable from the Special Tax Allocation Fund. Requirements Interest Due on Page 178 VILLAGE OF GLENVIEW LONG-TERM DEBT REQUIREMENTS GENERAL OBLIGATION BOND SERIES 2013A December 31, 2017 Date of Issue December 19, 2013 Date of Maturity December 1, 2033 Amount of Issue 6,065,000$ Denomination of Bonds 5,000$ Interest Rates 2.00% to 4.00% Interest Dates June 1 and December 1 Prinicipal Maturity Date December 1 Paying Agent Wells Fargo Bank, N.A., Chicago, IL Future Principal and Interest Requirements Fiscal Year Ending December 31,Principal Interest Total June 1 Amount December 1 Amount 2018 250,000$ 175,284$ 425,284$ 2018 87,642$ 2018 87,642$ 2019 260,000 170,283 430,283 2019 85,142 2019 85,141 2020 265,000 165,083 430,083 2020 82,542 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 Total 5,090,000$ 1,752,586$ 6,842,586$ 876,294$ 876,292$ Note: Principal and interest will be paid by the Debt Service Fund via a transfer from the Corporate Fund. Requirements Interest Due on Page 179 VILLAGE OF GLENVIEW LONG-TERM DEBT REQUIREMENTS GENERAL OBLIGATION BOND SERIES 2013B December 31, 2017 Date of Issue December 19, 2013 Date of Maturity December 1, 2023 Amount of Issue 4,385,000$ Denomination of Bonds 5,000$ Interest Rates 1.50% to 3.50% Interest Dates June 1 and December 1 Prinicipal Maturity Date December 1 Paying Agent Wells Fargo Bank, N.A., Chicago, IL Future Principal and Interest Requirements Fiscal Year Ending December 31,Principal Interest Total June 1 Amount December 1 Amount 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 Total 3,800,000$ 417,406$ 4,217,406$ 208,703$ 208,703$ Note: Principal and interest will be paid by the Waukegan/Golf TIF Fund. Requirements Interest Due on Page 180 VILLAGE OF GLENVIEW LONG-TERM DEBT REQUIREMENTS 5 YEAR LOAN December 31, 2017 Date of Issue December 1, 2014 Date of Maturity December 1, 2019 Amount of Issue 6,529,688$ Interest Rates 1.85% Interest Dates June 1 and December 1 Prinicipal Maturity Date December 1 Paying Agent Glenview State Bank Future Principal and Interest Requirements Fiscal Year Ending December 31,Principal Interest Total June 1 Amount December 1 Amount 2018 1,305,937$ 48,991$ 1,354,928$ 2018 24,428$ 2018 24,563$ 2019 1,305,937 24,495 1,330,432 2019 12,214 2019 12,281 Total 2,611,874$ 73,486$ 2,685,360$ 36,642$ 36,844$ Note: Principal and interest will be paid by the Special Tax Allocation Fund. Requirements Interest Due on Page 181 VILLAGE OF GLENVIEW LONG-TERM DEBT REQUIREMENTS GENERAL OBLIGATION BOND SERIES 2015 December 31, 2017 Date of Issue July 30, 2015 Date of Maturity December 1, 2018 Amount of Issue 10,000,000$ Denomination of Bonds 5,000$ Interest Rates 0.44% to 1.05% Interest Dates June 1 and December 1 Prinicipal Maturity Date December 1 Paying Agent Glenview State Bank Future Principal and Interest Requirements Fiscal Year Ending December 31,Principal Interest Total June 1 Amount December 1 Amount 2018 2,565,000$ 26,933$ 2,591,933$ 2018 13,467$ 2018 13,466$ Total 2,565,000$ 26,933$ 2,591,933$ 13,467$ 13,466$ Note: Principal and interest will be paid by the Special Tax Allocation Fund. Requirements Interest Due on Page 182 VILLAGE OF GLENVIEW LONG-TERM DEBT REQUIREMENTS GENERAL OBLIGATION REFUNDING BOND SERIES 2016A December 31, 2017 Date of Issue October 27, 2016 Date of Maturity December 1, 2029 Amount of Issue 15,326,600$ Denomination of Bonds 5,000$ Interest Rates 4.45% to 5.91% Interest Dates June 1 and December 1 Prinicipal Maturity Date December 1 Paying Agent Wells Fargo Bank, N.A., Chicago, IL Future Principal and Interest Requirements Fiscal Year Ending December 31,Principal Interest Total June 1 Amount December 1 Amount 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 Total 15,326,600$ 4,785,966$ 20,112,566$ 2,392,983$ 2,392,983$ Note: Principal and interest is payable from proceeds of the library property tax levy. Requirements Interest Due on Page 183 VILLAGE OF GLENVIEW LONG-TERM DEBT REQUIREMENTS ADVANCE METERING INFRASTRUCTURE LOAN December 31, 2017 Date of Issue May 1, 2015 Date of Maturity December 1, 2025 Amount of Issue 6,876,024$ Interest Rates 2.00% Interest Dates June 1 and December 1 Prinicipal Maturity Date December 1 Paying Agent Glenview Bank Future Principal and Interest Requirements Fiscal Year Ending December 31,Principal Interest Total June 1 Amount December 1 Amount 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 Total 6,547,854$ 612,973$ 7,160,827$ 306,489$ 306,489$ Note: Principal and interest will be paid by the Water Fund. Requirements Interest Due on Page 184 Special Revenue Fund Capital Projects Fund Special Tax Allocation Fund Glen Capital Projects Fund Total GNAS Redevelopment ASSETS Cash and cash equivalents 2,066,638$ 411,173$ 2,477,811$ Investments 23,976,061 823,485 24,799,546 Receivables, net of allowances Accounts 88,491 - 88,491 Grant receivables - 437 437 Accrued interest 120,642 3,875 124,517 Prepaid items 8,414 - 8,414 Notes receivable 2,223,667 - 2,223,667 TOTAL ASSETS 28,483,913$ 1,238,970$ 29,722,883$ LIABILITIES, DEFERRED INFLOWS OF RESOURCES, AND FUND BALANCES Liabilities Accounts payable 18,784,440$ 25,423$ 18,809,863$ Accrued payroll 11,039 - 11,039 Other payables 1,307 77,872 79,179 Advances from other funds 15,416,507 - 15,416,507 Total Liabilities 34,213,293 103,295 34,316,588 Deferred Inflows of Resources Unavailable grant revenue - 437 437 Total Deferred Inflows of Resources - 437 437 Fund Balances (Deficit) Nonspendable for prepaid items 8,414 - 8,414 Assigned to capital project funds - 1,135,238 1,135,238 Unassigned (5,737,794) - (5,737,794) Total Fund Balances (Deficit)(5,729,380) 1,135,238 (4,594,142) TOTAL LIABILITIES, DEFERRED INFLOWS OF RESOURCES, AND FUND BALANCES 28,483,913$ 1,238,970$ 29,722,883$ VILLAGE OF GLENVIEW COMBINING BALANCE SHEET GLENVIEW NAVAL AIR STATION (GNAS) REDEVELOPMENT AREA FUNDS As of December 31, 2017 Page 185 VILLAGE OF GLENVIEW COMBINING SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES GLENVIEW NAVAL AIR STATION (GNAS) REDEVELOPMENT AREA FUNDS For the Year Ended December 31, 2017 Special Revenue Fund Capital Projects Fund Special Tax Allocation Fund Glen Capital Projects Fund Total GNAS Redevelopment Area REVENUES Property taxes 33,410,224$ -$ 33,410,224$ Charges for services 204,945 - 204,945 Intergovernmental 315,822 33,596 349,418 Investment income 336,297 12,416 348,713 Miscellaneous - 2,632 2,632 Total Revenues 34,267,288 48,644 34,315,932 EXPENDITURES Current General government 22,859,744 - 22,859,744 Capital Outlay - 330,893 330,893 Debt service Principal 6,850,938 - 6,850,938 Interest and fiscal charges 1,060,895 - 1,060,895 Total Expenditures 30,771,577 330,893 31,102,470 Excess (deficiency) of revenues over (under) expenditures 3,495,711 (282,249) 3,213,462 OTHER FINANCING SOURCES (USES) Transfers out (308,798) - (308,798) Total Other Financing Sources (Uses)(308,798) - (308,798) Net Change in Fund Balances 3,186,913 (282,249) 2,904,664 FUND BALANCES (DEFICIT) - Beginning of Year (8,916,293) 1,417,487 (7,498,806) FUND BALANCES (DEFICIT) - END OF YEAR (5,729,380)$ 1,135,238$ (4,594,142)$ Page 186 Statistical Section Contents Page Financial Trends 187 - 196 Revenue Capacity 197 - 204 Debt Capacity 205 - 208 Demographic and Economic Information 209 - 212 Operating Information 213 - 216 These schedules contain service and infrastructure data to help the reader understand how the Village's financial report relates to the services the Village provides and the activities it performs. Sources: Unless otherwise noted, the information in these schedules is derived from the comprehensive annual financial reports for the relevant year. This part of the Village of Glenview, Illinois' 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. These schedules contain trend information to help the reader understand how the Village's financial performance and well-being have changed over time. These schedules contain information to help the reader assess the Village's most significant local revenue source, the property tax. 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. These schedules offer demographic and economic indicators to help the reader understand the environment within the Village's financial activities take place. VILLAGE OF GLENVIEW NET POSITION Last Ten Fical Years 2008 2009 2010 2011 GOVERNMENTAL ACTIVITIES Net investment in capital assets 78,477,141$ 87,607,488$ 93,936,562$ 102,217,913$ Restricted 49,074,532 39,881,012 29,923,363 23,711,651 Unrestricted 68,560,085 69,018,535 66,754,133 68,927,169 TOTAL GOVERNMENTAL ACTIVITIES 196,111,758$ 196,507,035$ 190,614,058$ 194,856,733$ BUSINESS-TYPE ACTIVITIES Net investment in capital assets 43,348,719$ 45,206,019$ 51,450,402$ 55,566,298$ Unrestricted 10,612,213 7,860,336 2,104,898 5,373,918 TOTAL BUSINESS-TYPE ACTIVITIES 53,960,932$ 53,066,355$ 53,555,300$ 60,940,216$ PRIMARY GOVERNMENT Net investment in capital assets 121,825,860$ 132,813,507$ 145,386,964$ 157,784,211$ Restricted 49,074,532 39,881,012 29,923,363 23,711,651 Unrestricted 79,172,298 76,878,871 68,859,031 74,301,087 TOTAL PRIMARY GOVERNMENT 250,072,690$ 249,573,390$ 244,169,358$ 255,796,949$ Data Source The Village of Glenview's Comprehensive Annual Financial Report. Fiscal Year Page 187 2012 2013 2014 2015 2016 2017 109,488,722$ 139,233,309$ 149,950,065$ 190,234,952$ 190,133,236$ 200,207,529$ 45,978,154 11,484,242 2,407,413 2,194,487 2,906,999 3,657,835 42,720,345 50,861,602 (11,873,206) (11,596,195) (10,645,007) (10,627,289) 198,187,221$ 201,579,153$ 140,484,272$ 180,833,244$ 182,395,228$ 193,238,075$ 56,331,598$ 58,075,392$ 60,891,686$ 55,002,443$ 53,413,336$ 53,974,120$ 7,475,383 10,891,341 8,714,501 6,214,430 5,983,945 7,728,756 63,806,981$ 68,966,733$ 69,606,187$ 61,216,873$ 59,397,281$ 61,702,876$ 165,820,320$ 197,308,701$ 210,841,751$ 245,237,395$ 243,546,572$ 254,181,649$ 45,978,154 11,484,242 2,407,413 2,194,487 2,906,999 3,657,835 50,195,728 61,752,943 (3,158,705) (5,381,765) (4,661,062) (2,898,533) 261,994,202$ 270,545,886$ 210,090,459$ 242,050,117$ 241,792,509$ 254,940,951$ Page 188 VILLAGE OF GLENVIEW CHANGES IN NET POSITION Last Ten Fiscal Years 2008 2009 2010 2011 EXPENSES Governmental Activities General government 27,195,744$ 29,780,621$ 32,335,971$ 33,989,230$ Public safety 27,622,472 26,456,771 30,475,113 25,769,097 Public works 13,998,908 12,741,129 13,981,277 8,581,360 Development 7,306,324 8,467,340 12,198,120 10,029,890 Interest on long-term debt 6,068,865 6,001,886 4,085,152 3,353,913 Total Governmental Activities Expenses 82,192,313 83,447,747 93,075,633 81,723,490 Business-Type Activities Water services 8,254,541 7,733,048 9,265,407 8,795,466 North Maine water and sewer services 6,148,151 5,782,216 6,267,880 6,197,752 Sanitary sewer services 1,473,318 1,238,383 1,948,357 1,801,454 Wholesale water 1,110,176 1,074,812 1,083,206 1,119,994 Commuter parking 381,133 476,940 383,196 386,244 Total Business-type Activities Expenses 17,367,319 16,305,399 18,948,046 18,300,910 TOTAL PRIMARY GOVERNMENT EXPENSES 99,559,632$ 99,753,146$ 112,023,679$ 100,024,400$ PROGRAM REVENUES Governmental Activities Charges for Services General government 3,230,320$ 2,324,730$ 3,931,687$ 3,854,148$ Public safety 4,076,188 5,274,319 5,345,151 5,195,936 Public works - - - - Development 2,020,840 3,218,677 3,993,971 2,015,239 Operating grants and contributions 1,401,777 1,172,899 1,662,479 1,832,805 Capital grants and contributions - 1,267,384 2,362,508 2,439,618 Total Governmental Activities Program Revenues 10,729,125 13,258,009 17,295,796 15,337,746 Business-Type Activities Charges for Services Water services 8,135,293 8,370,780 9,045,480 9,751,605 North Maine water and sewer services 6,824,636 7,206,186 7,473,673 8,120,035 Sanitary sewer services 1,570,372 1,831,857 2,114,548 2,314,028 Wholesale water 1,863,483 1,782,495 1,997,367 2,156,636 Commuter parking 466,356 529,886 524,244 525,991 Operating grants and contributions - - - 27,854 Total Business-Type Activities Program Revenues 18,860,140 19,721,204 21,155,312 22,896,149 29,589,265$ 32,979,213$ 38,451,108$ 38,233,895$ NET REVENUE (EXPENSE) Governmental Activities (71,463,188)$ (70,189,738)$ (75,779,837)$ (66,385,744)$ Business-Type Activities 1,492,821 3,415,805 2,207,266 4,595,239 TOTAL PRIMARY GOVERNMENT NET REVENUE (EXPENSE)(69,970,367)$ (66,773,933)$ (73,572,571)$ (61,790,505)$ Fiscal Year TOTAL PRIMARY GOVERNMENT PROGRAM REVENUES Page 189 2012 2013 2014 2015 2016 2017 40,172,192$ 38,505,592$ 36,586,774$ 34,403,572$ 44,385,296$ 42,184,653$ 27,145,548 27,152,669 23,105,414 20,638,161 34,694,711 34,322,701 6,670,428 7,743,333 22,535,067 26,550,936 12,872,643 18,850,845 6,421,304 14,486,953 11,829,052 5,107,156 8,956,426 4,654,804 2,984,565 2,547,042 2,231,704 2,087,567 1,853,307 2,027,661 83,394,037 90,435,589 96,288,011 88,787,392 102,762,383 102,040,664 10,339,739 9,880,585 10,634,065 15,164,208 16,376,087 13,118,448 7,399,749 7,399,181 7,547,458 14,915,126 19,318 - 1,729,509 1,789,883 2,051,642 2,034,331 2,326,072 2,292,993 1,157,835 1,129,077 1,064,737 1,172,689 1,276,248 1,393,330 449,674 364,679 409,584 487,345 428,679 489,432 21,076,506 20,563,405 21,707,486 33,773,699 20,426,404 17,294,203 104,470,543$ 110,998,994$ 117,995,497$ 122,561,091$ 123,188,787$ 119,334,867$ 3,564,720$ 7,242,189$ 7,090,956$ 6,776,652$ 4,015,275$ 4,610,434$ 4,967,056 5,339,032 7,789,777 8,017,412 8,036,363 11,164,334 945,812 945,521 945,106 1,011,433 962,941 1,018,286 850,749 469,771 817,593 137,783 261,785 459,205 1,960,093 1,875,489 2,079,987 1,740,265 1,857,331 2,428,438 746,987 203,909 5,162,690 18,639,549 299,776 472,494 13,035,417 16,075,911 23,886,109 36,323,094 15,433,471 20,153,191 11,351,729 11,213,172 11,431,761 12,738,153 14,276,095 14,624,348 8,229,828 8,611,294 8,068,712 2,549,981 - - 2,523,022 2,355,451 2,263,025 2,523,041 2,569,752 2,496,477 2,063,759 2,190,544 1,891,731 1,996,831 2,075,114 2,361,124 526,212 570,670 615,754 619,764 640,382 655,069 - - - - - - 24,694,550 24,941,131 24,270,983 20,427,770 19,561,343 20,137,018 37,729,967$ 41,017,042$ 48,157,092$ 56,750,864$ 34,994,814$ 40,290,209$ (70,358,620)$ (74,359,678)$ (72,401,902)$ (52,464,298)$ (87,328,912)$ (81,887,473)$ 3,618,044 4,377,726 2,563,497 (13,345,929) (865,061) 2,842,815 (66,740,576)$ (69,981,952)$ (69,838,405)$ (65,810,227)$ (88,193,973)$ (79,044,658)$ Page 190 2008 2009 2010 2011 GENERAL REVENUES AND OTHER CHANGES IN NET POSITION Governmental Activities Taxes Property taxes 37,030,734$ 33,863,907$ 34,759,914$ 40,146,639$ Other taxes 7,213,927 12,659,075 12,962,485 13,257,071 Sales taxes 18,649,183 11,943,633 12,336,353 12,792,723 Income taxes 4,207,152 3,612,282 3,497,759 3,823,315 Intergovernmental 1,486,645 2,519,306 2,772,575 2,502,500 Investment income 2,234,453 975,360 731,839 397,478 Miscellaneous 3,301,455 611,793 470,187 464,084 Gain on sale of capital assets - - - - Transfers 287,180 4,399,659 1,777,004 (2,755,391) Total Governmental Activities 74,410,729 70,585,015 69,308,116 70,628,419 Business-Type Activities Investment income 232,871$ 60,349$ 24,419$ 26,807$ Miscellaneous 35,148 28,928 (18,808) 7,479 Gain on sale of capital assets - - - - Gain on legal settlement - - - - Transfers (287,180) (4,399,659) (1,723,932) 2,755,391 Total Business-Type Activities (19,161) (4,310,382) (1,718,321) 2,789,677 TOTAL PRIMARY GOVERNMENT 74,391,568$ 66,274,633$ 67,589,795$ 73,418,096$ CHANGE IN NET POSITION Governmental Activities 2,947,541$ 395,277$ (6,471,721)$ 4,242,675$ Business-Type Activities 1,473,660 (894,577) 488,945 7,384,916 TOTAL PRIMARY GOVERNMENT CHANGE IN NET POSITION 4,421,201$ (499,300)$ (5,982,776)$ 11,627,591$ Data Source The Village of Glenview's Comprehensive Annual Financial Report. Fiscal Year VILLAGE OF GLENVIEW CHANGE IN NET POSITION (cont.) Last Ten Fiscal Years Page 191 2012 2013 2014 2015 2016 2017 37,275,705$ 37,383,036$ 40,785,102$ 41,564,097$ 44,672,858$ 46,558,256$ 13,495,498 13,944,053 14,406,764 14,460,977 14,367,678 14,885,856 13,091,218 13,833,697 14,972,367 15,635,705 16,189,240 17,223,884 3,962,313 4,309,714 4,232,425 4,832,506 4,293,596 4,075,812 2,614,374 2,739,777 2,839,239 2,950,181 3,174,289 3,380,756 860,108 785,925 1,407,626 667,765 1,145,352 1,291,016 1,562,876 4,104,857 1,703,769 1,701,143 4,075,921 1,953,561 - - - - - 2,558,900 827,016 822,322 1,313,328 11,000,896 971,962 802,279 73,689,108 77,923,381 81,660,620 92,813,270 88,890,896 92,730,320 33,790$ 27,046$ (153,614)$ 15,093$ 9,637$ -$ 41,947 6,290 21,553 15,942,418 7,794 18,249 - - - - - 246,810 - 1,571,012 - - - - (827,016) (822,322) (1,313,328) (11,000,896) (971,962) (802,279) (751,279) 782,026 (1,445,389) 4,956,615 (954,531) (537,220) 72,937,829$ 78,705,407$ 80,215,231$ 97,769,885$ 87,936,365$ 92,193,100$ 3,330,488$ 3,563,703$ 9,258,718$ 40,348,972$ 1,561,984$ 10,842,847$ 2,866,765 5,159,752 1,118,108 (8,389,314) (1,819,592) 2,305,595 6,197,253$ 8,723,455$ 10,376,826$ 31,959,658$ (257,608)$ 13,148,442$ Page 192 VILLAGE OF GLENVIEW FUND BALANCES OF GOVERNMENTAL FUNDS Last Ten Fiscal Years Fiscal Year 2008 2009 2010 2011 GENERAL FUND Reserved 236,776$ 82,583$ 82,593$ -$ Unreserved 15,965,220 20,044,782 21,994,901 - Nonspendable - - - 131,424 Committed - - - - Assigned - - - - Unassigned - - - 24,086,602 TOTAL GENERAL FUND 16,201,996$ 20,127,365$ 22,077,494$ 24,218,026$ ALL OTHER GOVERNMENTAL FUNDS Reserved 66,882,660$ 59,293,215$ 49,720,438$ -$ Unreserved, reported in Special revenue funds 1,495,858 1,832,064 (921,028) - Capital project funds 14,453,200 10,053,987 10,057,896 - Debt service funds (77,170) 15,676 30,942 - Nonspendable - - - - Restricted - - - 52,257,800 Assigned - - - - Unassigned - - - - TOTAL ALL OTHER GOVERNMENTAL FUNDS 82,754,548$ 71,194,942$ 58,888,248$ 52,257,800$ TOTAL GOVERNMENTAL FUNDS 98,956,544$ 91,322,307$ 80,965,742$ 76,475,826$ Note: The Village implemented GASB Statement No. 54 for the year ended December 31, 2011. This resulted in a change in fund balance classification. The Village has not elected to report this change retroactively. Data Source The Village of Glenview's Comprehensive Annual Financial Report. Page 193 2012 2013 2014 2015 2016 2017 -$ -$ -$ -$ -$ -$ - - - - - - 195,280 87,738 176,110 499,800 155,205 128,795 - 1,700,000 850,000 - - - - 3,208,020 5,364,276 - - 3,100,000 25,564,806 26,823,063 24,306,476 25,739,072 25,335,141 26,530,097 25,760,086$ 31,818,821$ 30,696,862$ 26,238,872$ 25,490,346$ 29,758,892$ -$ -$ -$ -$ -$ -$ - - - - - - - - - - - - - - - - - - 64,508 53,289 42,070 30,851 19,633 8,414 45,978,154 11,484,242 2,407,413 2,194,487 2,906,999 3,657,835 - 42,275,455 31,933,727 34,155,883 31,341,543 30,339,651 - - (13,171,320) (11,572,271) (8,935,926) (6,619,132) 46,042,662$ 53,812,986$ 21,211,890$ 24,808,950$ 25,332,249$ 27,386,768$ 71,802,748$ 85,631,807$ 51,908,752$ 51,047,822$ 50,822,595$ 57,145,660$ Page 194 VILLAGE OF GLENVIEW CHANGES IN FUND BALANCES OF GOVERNMENTAL FUNDS Last Ten Fiscal Years 2008 2009 2010 2011 REVENUES Taxes 49,775,754$ 46,522,982$ 47,721,989$ 53,403,710$ Intergovernmental 23,994,061 23,236,550 25,493,952 26,342,403 Charges for services 3,879,939 5,787,188 6,892,913 6,111,175 Licenses and permits 1,492,506 2,441,730 3,190,826 1,859,161 Fines and forfeitures 174,506 189,433 134,783 181,361 Investment income 2,234,453 975,370 731,839 397,478 Miscellaneous Land sales 3,126,283 - - - Other 175,172 46,804 219,046 205,014 Total revenues 84,852,674 79,200,057 84,385,348 88,500,302 EXPENDITURES General government 26,494,899 27,133,683 29,090,926 31,153,019 Public safety 26,685,166 25,745,800 27,884,435 25,710,435 Public works 7,656,205 7,918,533 7,811,605 7,883,609 Development 3,892,684 6,058,864 5,723,642 4,293,220 Debt service Principal 9,335,000 9,660,000 9,740,000 10,051,617 Interest and fiscal charges 6,011,806 5,304,081 4,246,896 3,762,159 Bond issuance costs - 37,153 - 38,818 Capital outlay 9,593,304 8,858,147 12,030,923 8,336,649 Total expenditures 89,669,064 90,716,261 96,528,427 91,229,526 EXCESS (DEFICIENCY) OF REVENUES OVER EXPENDITURES (4,816,390) (11,516,204) (12,143,079) (2,729,224) OTHER FINANCING SOURCES (USES) Transfers in 20,474,754 19,116,695 15,678,978 31,368,232 Transfers out (18,499,070) (15,420,632) (13,901,974) (33,163,914) Bonds Issued - 39,838,247 - 11,035,000 Premium on bonds issued - - - - Discount on bonds issued - - - - Payment to escrow agent - (39,652,343) - (11,000,000) Proceeds from capital lease - - - - Sale of capital assets - - 9,500 - Total Other Financing Sources (Uses)1,975,684 3,881,967 1,786,504 (1,760,682) NET CHANGE IN FUND BALANCES (2,840,706)$ (7,634,237)$ (10,356,575)$ (4,489,906)$ DEBT SERVICE AS A PERCENTAGE OF NONCAPITAL EXPENDITURES 17.87% 18.33% 16.55% 15.71% Data Source The Village of Glenview's Comprehensive Annual Financial Report. Fiscal Year Page 195 2012 2013 2014 2015 2016 2017 50,771,203$ 51,327,089$ 55,191,866$ 56,025,074$ 59,040,536$ 61,444,112$ 24,796,132 25,747,882 28,843,610 47,874,058 29,203,967 31,357,689 6,519,625 8,082,885 9,789,188 11,784,003 10,235,729 12,664,145 1,923,238 4,461,768 5,103,571 3,208,298 2,088,538 2,451,693 224,198 228,419 255,899 164,673 209,062 211,592 422,751 341,472 399,971 306,361 544,236 996,459 - - - - - - 709,998 486,493 796,354 120,603 2,503,274 261,396 85,367,145 90,676,008 100,380,459 119,483,070 103,825,342 109,387,086 38,411,652 35,582,816 36,391,244 38,168,909 39,187,095 40,680,381 26,369,673 26,687,294 27,212,096 28,421,350 29,601,085 29,578,436 7,036,995 7,489,675 9,523,902 9,260,772 10,229,806 8,755,999 1,261,328 1,016,437 4,078,982 3,947,132 3,992,133 3,704,509 8,208,235 30,983,776 32,364,371 17,975,309 8,230,309 9,000,309 3,279,464 2,761,174 2,388,883 2,263,186 1,923,782 1,827,110 139,044 61,176 - 20,250 - - 6,060,977 8,253,623 34,631,202 43,130,127 12,108,321 13,184,473 90,767,368 112,835,971 146,590,680 143,187,035 105,272,531 106,731,217 (5,400,223) (22,159,963) (46,210,221) (23,703,965) (1,447,189) 2,655,869 6,281,471 13,052,864 16,557,993 33,455,261 9,514,205 11,740,499 (5,702,833) (11,837,724) (12,684,506) (21,593,677) (8,292,243) (10,534,303) 40,395,000 38,575,000 6,529,688 10,000,000 - - - (11,539) - - - - 4,432,391 69,535 - - - - (44,678,884) - - - - - - - - 981,451 - - - (3,859,114) 2,083,991 - - 2,461,000 727,145 35,989,022 12,487,166 22,843,035 1,221,962 3,667,196 (4,673,078)$ 13,829,059$ (33,723,055)$ (860,930)$ (225,227)$ 6,323,065$ 13.28% 31.21% 28.34% 18.65% 10.31% 11.16% Page 196 VILLAGE OF GLENVIEW ASSESSED VALUE AND ACTUAL VALUE OF TAXABLE PROPERTY Last Ten Levy Years Levy Residential Commercial Industrial Year Property Property Property Railroad Farm 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 - 2016 1,882,037,642 473,291,035 105,639,846 631,074 - Data Source Office of the County Clerk Note : Property in the Village is reassesed each year. Property is assessed at 33% of actual value. Page 197 Total Estimated Estimated Total Taxable Direct Actual Actual Assessed Tax Taxable Taxable Value Rate Value Value 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% 2,461,599,597 4.93 7,384,798,791 33.333% Page 198 VILLAGE OF GLENVIEW DIRECT AND OVERLAPPING PROPERTY TAX RATES Last Ten Levy Years 2007 2008 2009 2010 2011 Village of Glenview Corporate 0.184 0.174 0.148 0.162 0.177 Bonds and interest 0.072 0.068 0.068 0.076 0.084 Police pension 0.049 0.040 0.060 0.065 0.074 Fire pension 0.064 0.068 0.085 0.105 0.120 Total direct tax rate 0.369 0.350 0.361 0.408 0.455 Glenview Public Library 0.149 0.195 0.210 0.253 0.303 Glenview Special Service Area #9 0.227 0.200 0.093 - - Glenview Special Service Area #10 0.238 0.209 0.100 - - Glenview Special Service Area #11 0.127 0.175 - - - Glenview Special Service Area #12 0.172 0.159 - - - Glenview Special Service Area #17 0.192 0.192 0.177 0.210 0.115 Glenview Special Service Area #18 0.269 0.242 0.221 0.280 0.148 Glenview Special Service Area #20 0.180 0.160 0.155 0.165 - Glenview Special Service Area #22 0.137 0.129 0.117 0.142 - Glenview Special Service Area #32 0.075 0.068 0.073 0.074 0.082 Glenview Special Service Area #33 0.349 0.308 0.287 0.333 0.370 Glenview Special Service Area #35 0.243 0.207 0.204 0.223 0.233 Glenview Special Service Area #36 0.143 0.127 0.108 0.138 0.153 Glenview Special Service Area #37 0.122 0.118 0.102 0.117 0.133 Glenview Special Service Area #38 - - - 0.844 0.894 Glenview Special Service Area #40 - - - - 0.079 Glenview Special Service Area #41 - - - - 0.079 Glenview Special Service Area #42 - - - 0.406 0.440 Glenview Special Service Area #43 - - - - 0.122 Glenview Special Service Area #44 - - - - 0.168 Glenview Special Service Area #45 - - - - 0.444 Glenview Special Service Area #46 - - - - 0.598 Glenview Special Service Area #47 - - - 0.546 0.568 Glenview Special Service Area #49 - - - - 0.241 Glenview Special Service Area #50 - - - - 0.130 Glenview Special Service Area #51 - - - - 0.279 Glenview Special Service Area #52 - - - - 0.141 Glenview Special Service Area #53 - - - - 1.035 Glenview Special Service Area #54 - - - - 0.695 Glenview Special Service Area #55 - - - 0.423 0.410 Glenview Special Service Area #56 - - - 0.903 0.971 Glenview Special Service Area #57 - - - 0.538 0.566 Glenview Special Service Area #61 - - - - 0.188 Glenview Special Service Area #62 - - 0.165 0.213 0.228 Glenview Special Service Area #63 - - 0.183 0.232 0.245 Glenview Special Service Area #81 - - - - - Glenview Special Service Area #90 - - - - - Glenview Special Service Area #95 - - - - - Tax Levy Year Page 199 2012 2013 2014 2015 2016 0.188 0.203 0.176 0.162 0.156 0.083 0.095 0.091 0.092 0.075 0.073 0.098 0.098 0.127 0.103 0.139 0.157 0.188 0.203 0.159 0.482 0.553 0.553 0.584 0.493 0.347 0.396 0.394 0.415 0.343 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 0.087 0.066 - - - 0.391 0.422 - - - 0.248 0.344 0.328 0.335 0.255 0.162 0.181 - - - 0.141 0.159 - - - 0.854 1.250 1.210 1.260 1.038 0.085 0.094 0.094 0.098 0.074 0.086 0.094 0.079 0.084 0.063 0.470 0.586 0.575 0.585 0.524 0.130 0.138 0.138 0.140 0.113 0.191 0.221 0.212 0.210 0.168 0.446 0.477 0.467 0.470 0.371 0.550 0.553 0.581 0.624 0.471 0.605 0.775 0.713 0.724 0.596 0.261 0.312 0.312 0.318 0.245 0.140 0.153 0.150 0.160 0.129 0.297 0.354 0.349 0.351 0.249 0.151 0.170 0.168 0.174 0.156 1.206 1.296 1.263 1.163 0.800 0.739 0.796 0.751 0.698 0.480 0.378 0.430 0.379 0.426 0.332 1.022 1.185 1.090 1.210 0.996 0.586 0.677 0.668 0.682 0.592 0.201 0.232 0.228 0.241 0.175 0.239 0.280 0.272 0.332 0.269 0.257 0.273 0.271 0.322 0.238 - - - - 0.310 - - - - 0.083 - - - 0.917 0.848 (Continued) Page 200 VILLAGE OF GLENVIEW DIRECT AND OVERLAPPING PROPERTY TAX RATES Last Ten Levy Years 2007 2008 2009 2010 2011 Avoca School District #37 1.594 1.755 1.698 2.022 2.281 County Consolidated Elections 0.012 - 0.021 - 0.025 County of Cook 0.446 0.415 0.394 0.423 0.462 East Maine School District #63 2.276 2.233 2.235 2.499 2.775 Forest Preserve District 0.053 0.051 0.049 0.051 0.058 Glenview Park District 0.429 0.429 0.422 0.483 0.538 Glenview School District #34 1.953 1.909 1.876 2.160 2.429 Golf School District #67 1.859 1.807 1.943 2.203 2.449 Maine High School #207 1.602 1.577 1.617 1.782 1.995 Maine Township - General 0.065 0.064 0.067 0.075 0.085 Maine Township - General Assistance 0.002 0.015 0.016 0.018 0.021 Maine Township - Road and Bridge 0.034 0.033 0.034 0.038 0.043 Metropolitan Water Reclamation Dist.0.263 0.252 0.261 0.274 0.320 New Trier High School #203 1.299 1.290 1.237 1.474 1.674 New Trier Township - General 0.031 0.031 0.030 0.037 0.042 New Trier Township - General Assistance 0.003 0.003 0.003 0.004 0.005 Niles High School #219 2.114 2.120 2.267 2.538 2.904 Niles Township - General 0.027 0.027 0.029 0.032 0.037 Niles Township - General Assistance 0.003 0.003 0.003 0.004 0.005 North Shore Mosquito Abatement 0.008 0.008 0.008 0.009 0.010 Northbrook School District #30 2.138 2.089 2.089 2.327 2.641 Northfield High School #225 1.403 1.383 1.395 1.609 1.819 Northfield Township - General 0.010 0.009 0.010 0.013 0.020 Oakton Community College #535 0.141 0.140 0.140 0.160 0.196 West Northfield School District #31 1.405 1.402 1.494 1.730 2.018 Wilmette School District #39 1.848 1.812 1.716 2.314 2.620 Northfield Township - Road and Bridge 0.030 0.030 0.031 0.036 0.041 Northfield Township - General Assistance 0.008 0.009 0.010 0.011 0.008 Northfield Woods Sanitary District 0.049 0.049 0.054 0.067 0.079 North Maine Fire Protection District 0.882 0.986 1.112 1.254 1.366 Northbrook Park District 0.342 0.332 0.334 0.375 0.424 Oak Meadow Sanitary District 0.004 0.037 0.038 0.045 0.051 Northwest Mosquito Abatement 0.008 0.008 0.008 0.009 0.010 Data Source Office of the County Clerk *Property tax rates are per $100 of assessed valuation Tax Levy Year Page 201 2012 2013 2014 2015 2016 2.557 2.762 2.957 3.094 2.662 - 0.031 - - - 0.531 0.560 0.568 0.552 0.533 3.100 3.864 3.811 4.040 3.492 0.063 0.069 0.069 0.069 0.063 0.579 0.662 0.661 0.684 0.563 2.706 3.129 3.173 3.291 2.719 2.961 3.497 3.427 3.552 2.957 2.215 2.722 2.739 2.901 2.507 0.096 0.120 0.119 0.124 0.108 0.023 0.029 0.029 0.031 0.027 0.049 0.061 0.062 0.065 0.056 0.370 0.417 0.430 0.426 0.406 1.864 2.111 2.268 2.380 1.974 0.047 0.054 0.055 0.058 0.049 0.006 0.007 0.007 0.008 0.007 3.256 3.707 3.650 3.891 3.460 0.042 0.049 0.050 0.052 0.046 0.006 0.007 0.007 0.008 0.007 0.010 0.007 0.011 0.012 0.010 2.999 3.381 3.272 3.394 2.866 2.028 2.341 2.367 2.493 2.106 0.024 0.031 0.032 0.028 0.024 0.219 0.256 0.258 0.271 0.231 2.525 2.946 2.911 3.107 2.699 2.922 3.229 3.356 3.502 2.840 0.046 0.053 0.054 0.057 0.049 0.009 0.008 0.007 0.007 0.006 0.082 0.098 0.099 0.098 0.088 1.452 1.814 1.815 1.906 1.664 0.471 0.536 0.537 0.569 0.423 0.056 0.066 0.067 0.069 0.059 0.011 0.013 0.013 0.011 0.010 Page 202 VILLAGE OF GLENVIEW PRINCIPAL PROPERTY TAXPAYERS Current Year and Nine Years Ago 2017 2008 Percentage Percentage of Total of Total Village Village Taxable Taxable Taxable Taxable Assessed Assessed Assessed Assessed Taxpayer Value Rank Valuation Value Rank Valuation Illinois Tool Corp 34,722,899 $ 1 1.41% $ CLF (formerly Grubb & Ellis)27,333,849 2 1.11% 31,475,168 2 1.08% The Glenview Center 21,700,756 3 0.88% Astella US Holdings 20,507,556 4 0.83% Northshore University 18,144,758 5 0.74% Abt Electronics 16,429,544 6 0.67% 18,332,097 7 0.63% Thomson Reuters Pts (formerly Cole Real Estate)12,990,043 7 0.53% Cambridge Realty Capital 12,354,599 8 0.50% Kimco Realty Corp.12,100,932 9 0.49% Signode, Division of ITW 11,910,099 10 0.48% 25,532,407 3 0.88% Kraft USA 54,145,496 1 1.86% VI Communities (formerly Classic Residence - Hyatt)23,699,845 4 0.81% Anixter, Inc.18,842,029 5 0.65% Mid American Asset 18,811,090 6 0.65% GRE Prairie Glen LLC 13,803,253 8 0.47% Von Maur Inc 13,473,937 9 0.46% Capmark Finance 13,279,640 10 0.46% 188,195,035 $ 7.64% 231,394,962 $ 7.95% 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. Page 203 VILLAGE OF GLENVIEW 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 2007 2008 13,919,457 13,398,159 96.25% 110,490 13,508,649 97.05% 2008 2009 15,858,539 15,345,443 96.76% 127,811 15,473,254 97.57% 2009 2010 17,136,858 16,810,757 98.10% (124,381) 16,686,376 97.37% 2010 2011 17,919,376 17,269,565 96.37% 257,987 17,527,552 97.81% 2011 2012 18,561,309 18,202,205 98.07% 66,132 18,268,337 98.42% 2012 2013 18,977,508 18,647,991 98.26% 94,524 18,742,515 98.76% 2013 2014 19,213,934 18,997,309 98.87% (21,836) 18,975,473 98.76% 2014 2015 19,401,829 19,017,834 98.02% 66,301 19,084,135 98.36% 2015 2016 20,103,470 19,871,822 98.85% 135,658 20,007,480 99.52% 2016 2017 20,553,974 20,404,588 99.27% - 20,404,588 99.27% 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 Total Collections Fiscal Year after the Levy Per Levy Page 204 VILLAGE OF GLENVIEW 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* 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 4.48% 2,341 2014 68,093,601 6,931,805 - 1,515,810 933,950 77,475,166 3.32% 1,706 2015 60,984,345 5,601,496 - 767,957 3,003,592 70,357,390 2.96% 1,550 2016 53,732,671 4,271,187 - - 6,829,143 64,833,001 2.70% 1,410 2017 45,983,788 2,940,880 - - 6,547,854 55,472,522 2.14% 1,191 Source: The Village of Glenview's Comprehensive Annual Financial Report. * Additional demographic information is available in the schedule of Demographic and Economic Statistics . Page 205 VILLAGE OF GLENVIEW 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) 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 2017 45,983,788 - 45,983,788 1.87%988 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. Page 206 VILLAGE OF GLENVIEW DIRECT AND OVERLAPPING GOVERNMENTAL ACTIVITIES DEBT As of December 31, 2017 Percentage Village of Debt Applicable Glenview to the Village of Share Governmental unit Debt Glenview (1)of Debt Direct Bonded Debt Village of Glenview 45,983,788 $ 100.00%45,983,788 $ Overlapping Bonded Debt Glenview Special Service Areas 2,289,645 100.00% 2,289,645 Glenview Park District 10,956,000 84.96% 9,308,218 Northbrook Park District 2,060,000 0.24% 4,944 Cook County, including Forest Preserve District 3,243,056,750 1.72% 55,780,576 Metropolitan Water Reclamation District 2,461,599,597 1.75% 43,077,993 School Districts Elementary School Districts Avoca School District No. 37 2,525,000 8.71% 219,928 East Maine School District No. 63 13,640,000 4.31% 587,884 Glenview School District No. 34 16,140,000 89.48% 14,442,072 Golf School District No. 67 9,693,951 12.45% 1,206,897 Northbrook School District No. 30 34,800,000 31.92% 11,108,160 West Northfield School District No. 31 2,660,000 49.13% 1,306,858 Wilmette School District No. 39 9,845,000 4.73% 465,669 High School Districts Maine Township District No. 207 14,540,000 1.02% 148,308 New Trier Township District No. 203 85,690,000 2.38% 2,039,422 Niles Township District No. 219 128,098,952 1.08% 1,383,469 Northfield Township District No. 225 78,955,074 42.57% 33,611,175 Community College District Oakton Community College No. 535 33,965,000 11.04% 3,749,736 Total overlapping bonded debt 6,150,514,969 180,730,952 Total direct and overlapping bonded debt 6,196,498,757 $ 226,714,740 $ Source: Cook County Clerk as of 12/31/16 (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 2015 real property valuations. Page 207 VILLAGE OF GLENVIEW LEGAL DEBT MARGIN INFORMATION As of December 31, 2017 To date, the Illinois General Assembly has not set limits for home rule municipalities. 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 Page 208 VILLAGE OF GLENVIEW DEMOGRAPHIC AND ECONOMIC STATISTICS Last Ten Fiscal Years Per Personal Capita Fiscal Income Personal Unemployment Year Population (in Thousands)Income Rate 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% 2017 46,559 2,594,128 55,717 3.7% 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) Page 209 VILLAGE OF GLENVIEW PRINCIPAL EMPLOYERS Current Year and Nine Years Ago % of % of Number of Total Village Number of Total Village Employer Rank Employees Population Rank Employees Population Abt Electronics 1 1,455 3.17% 1 1,050 2.36% Astellas 2 1,267 2.76% Glenbrook Hospital 3 1,099 2.39% Anixter, Inc. 4 968 2.11% 4 700 1.58% ITW/Signode 5 695 1.51% 5 669 1.51% Glenview Comm. School Dist 34 6 694 1.51% 6 646 1.45% Kraft Foods Technology Center 7 550 1.20% 2 1,000 2.25% Glenbrook South High School 8 433 0.94% 3 767 1.73% Signode 9 390 0.85% Glenview Terrace Nursing Home 10 375 0.82% Zenith Electronics Scott Foresman (Pearson) 7 500 1.13% Pioneer Press Inc 8 450 1.01% Village of Glenview 9 345 0.78% Guarantee Trust Life Ins 10 320 0.72% 17.26% 14.52% Source: Illinois Manufacturers Services Directory, Illinois Services Directory and Employer Contact 2017 2008 Page 210 VILLAGE OF GLENVIEW 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 Page 211 2011 2012 2013 2014 2015 2016 2017 11 15 15 15 9 9 10 - - - - - - - 13 13 12 13 16 16 14 5 5 5 - - - - - - - - - - - - - - - - - - - - - 21 20 19 18 25 25 20 - - - - 54 58 52 49 45 44 42 71 70 70 70 70 70 70 16 12 12 11 5 5 5 80 80 80 80 80 80 80 2 2 2 1 1 1 1 19 21 27 40 40 42 48 188 185 191 202 196 198 204 6 6 6 6 5 6 6 - - - - - - - - - - 4 4 4 4 20 21 21 21 21 21 20 21 18 19 19 16 16 16 3 4 4 4 4 4 4 1 1 1 1 1 1 1 51 50 50 55 51 52 51 293 293 293 306 292 294 297 Page 212 VILLAGE OF GLENVIEW OPERATING INDICATORS BY FUNCTION/PROGRAM Last Ten Fiscal Years Function/Program 2008 2009 2010 2011 Public Safety Police Physical arrests 1,677 1,475 1,088 571 Parking violations 2,962 3,518 2,998 2,243 Traffic violations 4,101 3,024 2,301 2,446 Fire Emergency responses Emergency medical 4,873 4,588 4,653 4,948 Other responses 2,885 2,561 2,249 2,359 Fires extinguished - - 52 28 Fires extinguished (structures)39 11 21 26 Public works Pothole repairs (hours)2,425 5,910 4,444 3,453 Water Metered water customers 15,754 15,769 15,781 15,786 Water main breaks 93 96 134 114 Water purchases (in ten-thousands of gallons)306,164 301,349 292,882 285,877 Average daily consumption 186 183 141 133 Building Permits issued 2,837 2,376 2,535 2,552 Value of construction (in thousands of dollars)106,000 $ 133,737 $ 110,191 $ 98,541 $ Data Source Various Village departments. Page 213 2012 2013 2014 2015 2016 2017 544 570 506 551 557 544 1,125 2,272 1,922 2,388 1,813 2,509 2,511 2,646 2,352 2,198 3,491 3,214 4,832 4,495 4,860 4,925 5,220 5,668 2,327 2,835 2,821 2,898 3,032 2,968 63 47 39 41 42 67 27 26 32 45 38 41 4,267 4,390 5,182 5,519 4,115 3,918 15,894 15,889 16,050 16,053 16,139 16,243 171 146 102 59 134 91 306,706 289,550 273,095 272,568 288,410 280,038 138 129 120 111 107 103 1,471 1,918 3,503 3,433 2,042 2,457 39,693 $ 164,556 $ 193,829 $ 119,447 $ 110,630 $ 94,337 $ Page 214 VILLAGE OF GLENVIEW CAPITAL ASSET STATISTICS BY FUNCTION/PROGRAM Last Ten Fiscal Years Function/Program 2008 2009 2010 2011 2012 Public Safety Police Police stations 1 1 1 1 1 Marked patrol units 18 18 18 18 18 Unmarked patrol units 9 12 12 12 12 Motorcycles 3 4 4 4 4 Civilian vehicles N/A N/A N/A N/A 3 Fire Fire stations 5 5 5 5 5 Ambulances 4 4 4 4 4 Fire engines 4 6 6 6 6 Aerial ladder truck 1 1 1 1 1 Passenger vehicles N/A N/A N/A N/A 6 Public works Streets and highways Arterial street miles 7 18 18 18 18 Residential street miles 126 158 158 158 158 Streetlights 1,800 1,800 1,800 1,800 1,800 Water Water main miles 230 230 230 230 230 Fire hydrants 2,668 2,713 2,733 2,733 2,733 Storage capacity (in millions of gallons)18,000 16,050 16,050 16,050 16,050 Wastewater Sanitary sewer miles 128 128 150 150 150 Storm sewer miles 165 165 262 262 262 Parking facilities Parking spaces 1,450 1,450 1,450 1,450 2,048 Data Source: Various Village departments, data varies due to improved GIS capabilities. N/A - Information is not available Page 215 2013 2014 2015 2016 2017 1 1 1 1 1 18 18 18 18 18 11 11 11 11 11 4 4 4 4 4 3 3 3 3 3 5 5 5 5 5 4 4 4 4 5 6 6 6 6 6 2 2 2 2 2 6 5 5 2 2 18 18 20 20 20 158 167 167 169 169 1,800 1,800 1,800 1,791 1,791 230 247 230 233 233 2,733 2,823 2,866 2,867 2,867 16,050 16,300 16,300 16,300 16,300 150 150 150 150 150 262 262 262 262 262 2,153 2,153 2,153 2,153 2,153 Page 216