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HomeMy Public PortalAboutFY 2018 Certified Comprehensive Annual Financial ReportVillage of Glenview, Illinois Comprehensive Annual Financial Report For the Fiscal Year Ended December 31, 2018 COMPREHENSIVE ANNUAL FINANCIAL REPORT OF THE VILLAGE OF GLENVIEW, ILLINOIS As of and for the Year Ended December 31, 2018 Prepared by: Administrative Services - Finance Division VILLAGE OF GLENVIEW TABLE OF CONTENTS As of and for the Year Ended December 31, 2018 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 - 99 VILLAGE OF GLENVIEW TABLE OF CONTENTS (cont.) As of and for the Year Ended December 31, 2018 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 100 - 101 Illinois Municipal Retirement Fund - Schedule of Employer Contributions 102 - 103 Police Pension Fund - Schedule of Changes in the Village's Net Pension Liability and Related Ratios 104 - 105 Police Pension Fund - Schedule of Employer Contributions 106 - 107 Police Pension Fund - Schedule of Investment Returns 108 Firefighters' Pension Fund - Schedule of Changes in the Village's Net Pension Liability and Related Ratios 109 - 110 Firefighters' Pension Fund - Schedule of Employer Contributions 111 - 112 Firefighters' Pension Fund - Schedule of Investment Returns 113 Other Postemployment Benefit Plan - Schedule of Changes in the Total OPEB Liability and Related Ratios 114 General Fund Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual - General Fund 115 Special Revenue Fund Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual - Special Tax Allocation Fund - Major Special Revenue Fund 116 Notes to Required Supplementary Information 117 SUPPLEMENTARY INFORMATION General Fund Detailed Schedule of Revenues and Other Financing Sources - Budget and Actual - General Fund 118 - 120 Detailed Schedule of Expenditures and Other Financing Uses - Budget and Actual - General Fund 121 - 125 Other Governmental Funds Combining Balance Sheet - Nonmajor Governmental Funds 126 - 127 Combining Statement of Revenues, Expenditures and Changes in Fund Balances - Nonmajor Governmental Funds 128 - 129 Detailed Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual Motor Fuel Tax Fund - Nonmajor Special Revenue Fund 130 Foreign Fire Insurance Fund - Nonmajor Special Revenue Fund 131 VILLAGE OF GLENVIEW TABLE OF CONTENTS (cont.) As of and for the Year Ended December 31, 2018 SUPPLEMENTARY INFORMATION (cont.) Police Department Special Account Fund - Nonmajor Special Revenue Fund 132 Waukegan Golf TIF Fund - Nonmajor Special Revenue Fund 133 Corporate Purpose Bonds Fund - Nonmajor Debt Service Fund 134 Capital Projects Fund - Nonmajor Capital Projects Fund 135 Glen Capital Projects Fund - Nonmajor Capital Projects Fund 136 Village Permanent Fund - Major Capital Projects Fund 137 Enterprise Funds Combining Statement of Net Position - Nonmajor Enterprise Funds 138 Combining Statement of Revenues, Expenses and Changes in Net Position - Nonmajor Enterprise Funds 139 Combining Statement of Cash Flows - Nonmajor Enterprise Funds 140 Detailed Schedule of Revenues, Expenses and Changes in Net Position - Budget and Actual (Budgetary Basis) Wholesale Water Fund - Nonmajor Enterprise Fund 141 Commuter Parking Lot Fund - Nonmajor Enterprise Fund 142 Glenview Water Fund - Major Enterprise Fund 143 - 144 Glenview Sanitary Sewer Fund - Major Enterprise Fund 145 Internal Service Funds Combining Statement of Net Position - Internal Services Funds 146 Combining Statement of Revenues, Expenses and Changes in Net Position - Internal Service Funds 147 Combining Statement of Cash Flows - Internal Service Funds 148 - 149 Detailed Schedule of Revenues, Expenses and Changes in Net Position - Budget and Actual Capital Equipment Replacement Fund (CERF) - Internal Service Fund 150 Municipal Equipment Repair Fund (MERF) - Internal Service Fund 151 Insurance and Risk Fund - Internal Service Fund 152 Facilities Repair and Replacement Fund (FRRF) - Internal Service Fund 153 Fiduciary Funds Combining Statement of Fiduciary Net Position - Pension Trust Funds 154 Combining Statement of Changes in Fiduciary Net Position - Pension Trust Funds 155 VILLAGE OF GLENVIEW TABLE OF CONTENTS (cont.) As of and for the Year Ended December 31, 2018 SUPPLEMENTARY INFORMATION (cont.) Detailed Schedule of Changes in Fiduciary Net Position - Budget and Actual Police Pension Fund - Pension Trust Fund 156 Firefighters' Pension Fund - Pension Trust Fund 157 Combining Statement of Changes in Assets and Liabilities - Agency Funds 158 Glenview Library - Component Unit Combining Balance Sheet and Statement of Net Position - Glenview Library - Component Unit 159 - 162 Combining Statement of Revenues, Expenditures, and Changes in Fund Balances and Statement of Activities - Glenview Library - Component Unit 163 - 164 Detailed Schedule of Revenues, Expenditures, and Changes in Fund Balances - Budget and Actual - Glenview Library - Component Unit Library General Fund 165 - 167 Library Debt Service Fund 168 Combining Balance Sheet - Glenview Library - Component Unit - Library Nonmajor Funds 169 - 170 Combining Statement of Revenues, Expenditures, and Changes in Fund Balances - Glenview Library - Component Unit - Library Nonmajor Funds 171 - 172 Detailed Schedule of Revenues, Expenditures, and Changes in Fund Balances - Budget and Actual - Glenview Library - Component Unit - Library Nonmajor Funds Library Special Reserve Fund 173 Long-Term Debt Requirements Illinois Environment Protection Agency Loan 174 General Obligation Refunding Bond Series 2012A 175 General Obligation Refunding Bond Series 2012B 176 General Obligation Bond Series 2013A 177 General Obligation Bond Series 2013B 178 5-Year Loan 179 General Obligation Refunding Bond Series 2016A 180 Advanced Metering Infrastructure Loan 181 Glenview Naval Air Station (GNAS) Redevelopment Area Funds Combining Balance Sheet 182 Combining Schedule of Revenues, Expenditures, and Changes in Fund Balances 183 VILLAGE OF GLENVIEW TABLE OF CONTENTS (cont.) As of and for the Year Ended December 31, 2018 STATISTICAL SECTION Net Position - Last Ten Fiscal Years 184 - 185 Changes in Net Position - Last Ten Fiscal Years 186 - 189 Fund Balances of Governmental Funds - Last Ten Fiscal Years 190 - 191 Changes in Fund Balances of Governmental Funds - Last Ten Fiscal Years 192 - 193 Assessed Value and Actual Value of Taxable Property - Last Ten Levy Years 194 - 195 Direct and Overlapping Property Tax Rates - Last Ten Levy Years 196 - 199 Principal Property Tax Payers - Current Year and Nine Years Ago 200 Property Tax Levies and Collections - Last Ten Tax Levy Years 201 Ratios of Outstanding Debt by Type - Last Ten Fiscal Years 202 Ratios of General Bonded Debt Outstanding - Last Ten Fiscal Years 203 Direct and Overlapping Governmental Activities Debt 204 Legal Debt Margin Information 205 Demographic and Economic Statistics - Last Ten Fiscal Years 206 Principal Employers - Current Year and Nine Years Ago 207 Full-time Equivalent Employees by Function/Program - Last Ten Fiscal Years 208 - 209 Operating Indicators by Function/Program - Last Ten Fiscal Years 210 - 211 Capital Asset Statistics by Function/Program - Last Ten Fiscal Years 212 - 213 -i- VILLAGE OF GLENVIEW, ILLINOIS OFFICERS AND OFFICIALS December 31, 2018 LEGISLATIVE James R. Patterson, Jr. Village President Philip O’C. White, Trustee Deborah Karton, Trustee John Hinkamp, Trustee Karim Khoja, Trustee Michael Jenny, Trustee Kerry D. Cummings, Trustee Matthew J. Formica Village Clerk/Treasurer ADMINISTRATIVE Matthew J. Formica, Village Manager -ii- viii -iii- 2500 East Lake Avenue  Glenview, IL 60026  (847) 904-4370  Fax (847) 724-1518  www.glenview.il.us- -iv- June 10, 2019 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, 2018 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, 2018. The independent auditor’s report is located at the front of the financial section of this report. Management’s Discussion and Analysis (MD&A) immediately follows the independent auditor’s report and provides a narrative introduction, overview, and analysis of the basic financial statements. MD&A complements this letter of transmittal and should be read in conjunction with it. Profile of the Village of Glenview The Village of Glenview, incorporated in 1899, is located in northern Cook County and is 20 miles north of the City of Chicago. The Village serves a population of approximately 46,000 and is considered to be a primary government providing a full range of general governmental services. The Village is empowered to levy a property tax on real property located within its boundaries. It also is empowered by state statute to extend its corporate limits by annexation, which it has done from time to time. The Village’s legislative body consists of the Village President and a Board of six Trustees, all elected on an at-large basis to overlapping four-year terms. The Village Manager is responsible for the day-to-day operations of the Village. As defined by the Illinois Constitution, the Village of Glenview is a home rule municipality. -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, located in the northern corridor of the Chicago metropolitan area, has a well- established reputation as a preeminent community. 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 2017 assessed valuation, 76.2% was classified as residential, and 23.8% was commercial/industrial. A number of revenue sources in 2018 showed a sizeable increase over last year. For example, during 2018, the annual sales tax revenue amount of $18,072,001 was 4.92% higher than the sales tax revenue received in 2017. Another example is the home rules sales tax increased 5.3% in 2018 from a 2017 amount of $8,401,525 to the 2018 amount of $8,849,722. -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 2018. 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 $4.7 million or 26% of sales tax receipts in 2018, 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’ 2018 strategic goals remained much the same as they have over the last several years which are fiscal sustainability, infrastructure investment, challenging the status quo, and commitment to customer service. The Village continues to minimize the financial burden on Glenview taxpayers, identify cost efficiencies and opportunities, responsibly utilize Village reserves, develop and ensure the sustainability of a structurally balanced budget, and proactively design the Village organization in order to maximize the level of service that can be provided with the current level of resources. While 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, it should be noted there remains 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 2019, the Village received over $39,200,000 in federal, state and local funds to support a number of infrastructure projects. Additionally, the Village has secured $11,000,000 in state and federal funds for projects scheduled through 2023. Staff continues to have project-ready plans to submit for outside funding as opportunities are made available. During 2018, the Village continued to adhere to their General Fund Balance (Reserve) policy of maintaining an unassigned fund balance at 30%-40% of total expenditures. There is an assigned use of fund balance of $9,100,000 for capital projects which will be included in the 2019 and 2020 budgets. Development Initiatives In 2018, several significant redevelopment projects were approved or constructed as follows: x 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 to the west near Lehigh Avenue. Construction began in 2017 and the facility opened in 2018. -vii- x 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 has started and the building is expected to be operational in 2019. x Park Place Glenview, a 26-unit residential development consisting of 14 rowhomes, 4 duplexes, and 8 small-lot single-family homes of the former Village Hall site was approved in 2017 and construction began in 2018. Full occupancy of all the units is expected in early 2020. x 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 began in 2018 and the building is expected to be occupied in 2019. x In 2017, Costco Wholesale received approval for 6 new gas pumps to their existing fueling station on Patriot Boulevard to meet customer demand. In 2018, Costco amended the plan to add four additional gas pumps, for a total of 22 fueling positions. Construction is expected to be completed in 2019. x 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 2019. x Abt Electronics was granted authority in 2017 to construct additional loading docks, a truck service building, employee parking, and truck parking expansion at 1200 Milwaukee Avenue and these improvements were completed in 2018. x A 169-unit rental apartment development for persons 55-years and older was approved in 2017 at 624 Waukegan Road. The four-story, amenity filled project named Avidor Glenview includes a mix of high-quality building materials and a majority of the parking will be underground, below the building. Construction began in 2018 with occupancy expected in early 2020. x Directly north of Avidor is the Children’s Land Day Care, a 14,135 square foot, 1-story day-care facility, on Milwaukee Avenue was approved in 2018 and is expected to be occupied in the fall of 2019. x In 2018, an 18,000 square foot new retail building was approved for a Goodwill retail store. The building is expected to open in early 2019. x A new 2,400 square foot outlet building was approved for the Glenbrook Marketplace shopping center in 2018. The drive-thru Starbucks coffee restaurant is proposed to be constructed and opened in 2019. x In 2018, the Western Golf Association (WGA) received approval for a new 25,000 square foot office building in the Prairie Glen Corporate Park. The WGA runs the Evans Scholars Foundation for golf cadies and will sponsor a Web.com golf tournament at the Glen Club. The building construction has started and is expected to be complete by the end of 2019. x The Capital Car Wash on Milwaukee Avenue, near Greenwood Road, was approved in 2018 and the automatic car wash and detailing facility is expected to be open in early 2020. x Per a voter referendum on the Glenview Community Ice Center at 1851 Landwehr Road, the Park District is proposing a major remodeling that will see a brand new building surround the remnants of -viii- To the Honorable Village President and Members of the Board of Trustees Village of Glenview, Illinois Opinions In our opinion, the financial statements referred to above present fairly, in all material respects, the respective financial position of the governmental activities, the business-type activities, the discretely presented component unit, each major fund, and the aggregate remaining fund information of the Village of Glenview, Illinois, as of December 31, 2018 and the respective changes in financial position and, where applicable, cash flows thereof for the year then ended in accordance with accounting principles generally accepted in the United States of America. Emphasis of Matter As discussed in Note I, the Village of Glenview adopted the provisions of GASB Statement No. 75, Accounting and Financial Reporting for Postemployment Benefits Other Than Pensions, effective January 1, 2018. Our opinions are not modified with respect to this matter. Other Matters Required Supplementary Information Accounting principles generally accepted in the United States of America require that the required supplementary information as listed in the table of contents be presented to supplement the basic financial statements. Such information, although not a part of the basic financial statements, is required by the Governmental Accounting Standards Board who considers it to be an essential part of financial reporting for placing the basic financial statements in an appropriate operational, economic, or historical context. We have applied certain limited procedures to the required supplementary information in accordance with auditing standards generally accepted in the United States of America, which consisted of inquiries of management about the methods of preparing the information and comparing the information for consistency with management's responses to our inquiries, the basic financial statements, and other knowledge we obtained during our audit of the basic financial statements. We do not express an opinion or provide any assurance on the information because the limited procedures do not provide us with sufficient evidence to express an opinion or provide any assurance. Supplementary Information Our audit for the year ended December 31, 2018 was conducted for the purpose of forming opinions on the financial statements that collectively comprise the Village of Glenview's basic financial statements. The supplementary information for the year ended December 31, 2018 as listed in the table of contents is presented for purposes of additional analysis and is not a required part of the basic financial statements. Such information is the responsibility of management and was derived from and relates directly to the underlying accounting and other records used to prepare the basic financial statements. The information has been subjected to the auditing procedures applied in the audit of the basic financial statements for the year ended December 31, 2018, and certain additional procedures, including comparing and reconciling such information directly to the underlying accounting and other records used to prepare the basic financial statements or to the basic financial statements themselves, and other additional procedures in accordance with auditing standards generally accepted in the United States of America. In our opinion, the supplementary information is fairly stated in all material respects, in relation to the basic financial statements as a whole for the year ended December 31, 2018. Page 2 To the Honorable Village President and Members of the Board of Trustees Village of Glenview, Illinois We also previously audited, in accordance with auditing standards generally accepted in the United States of America, the basic financial statements of the Village of Glenview as of and for the year ended December 31, 2017 (not presented herein), and have issued our report thereon dated May 30, 2018, which contained unmodified opinions on the respective financial statements of the governmental activities, the business-type activities, the discretely presented component unit, each major fund, and the aggregate remaining fund information. The supplementary information for the year ended December 31, 2017 are presented for purposes of additional analysis and are not a required part of the basic financial statements. Such information is the responsibility of management and was derived from and relates directly to the underlying accounting and other records used to prepare the 2017 financial statements. The information has been subjected to the auditing procedures applied in the audit of the 2017 basic financial statements and certain additional procedures, including comparing and reconciling such information directly to the underlying accounting and other records used to prepare those financial statements or to those financial statements themselves, and other additional procedures in accordance with auditing standards generally accepted in the United States of America. In our opinion, the supplementary information is fairly stated in all material respects in relation to the basic financial statements as a whole for the year ended December 31, 2017. Other Information Our audit was conducted for the purpose of forming opinions on the financial statements that collectively comprise the Village of Glenview's basic financial statements. The introductory section and statistical section are presented for purposes of additional analysis and are not a required part of the basic financial statements. Such information has not been subjected to the auditing procedures applied in the audit of the basic financial statements, and accordingly, we do not express an opinion or provide any assurance on it. Other Reporting Required by Government Auditing Standards In accordance with Government Auditing Standards, we have also issued our report dated June 10, 2019 on our consideration of the Village of Glenview's internal control over financial reporting and on our tests of its compliance with certain provisions of laws, regulations, contracts, and grant agreements and other matters. The purpose of that report is soley to describe the scope of our testing of internal control over financial reporting and compliance and the results of that testing, and not to provide an opinion on the effectiveness of the Village of Glenview's internal control over financial reporting or on compliance. That report is an integral part of an audit performed in accordance with Government Auditing Standards in considering the Village of Glenview's internal control over financial reporting and compliance. Oak Brook, Illinois June 10, 2019 Page 3 Page 4 See independent auditors’ report. Village of Glenview, Illinois Management’s Discussion and Analysis December 31, 2018 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, 2018. 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 x The Village’s net position of governmental activities and business-type activities, after prior year restatement, increased by $11,057,139, or 5.9%, and $1,940,146, or 3.2%, respectively, resulting in total ending net position for the year of $261,214,533. x The Village implemented the provisions of Governmental Accounting Standards Board (GASB) Statement No.75, related to the accounting and financial reporting for the postemployment benefits other than pensions. The implementation of this pronouncement required a restatement in the amount of a decrease of $6,723,702 to the 2018 beginning total primary government net position. x During the year, government-wide revenues before transfers for the governmental and business- type activities totaled $133,431,434, while expenses totaled $120,434,149, resulting in the increase in net position of $12,997,285. x After prior year restatement, the Village’s net position totaled $261,214,533 on December 31, 2018, an increase of $12,997,285 from the prior fiscal year. x The ending fund balance for the General Fund equaled $35,850,116, an increase of $6,091,224 primarily due to lower than anticipated budgeted expenditures offset by 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 21-23) provide information about the activities of the Village as a whole and present a longer-term view of the Village’s finances. Fund financial statements begin on page 24. For governmental activities, these statements tell how these services were financed in the short term as well as what remains for future spending. Fund financial statements also report the Village’s operations in more detail than the government-wide statements by providing information about the Village’s most significant funds. The remaining statements provide financial information about fiduciary activities for which the Village acts solely as a trustee or agent for the benefit of those outside of the government. Government-Wide Financial Statements The government-wide financial statements provide readers with a broad overview of the Village’s finances, in a manner similar to a private-sector business. The government-wide financial statements can be found on pages 21-23 of this report. Page 5 See independent auditors’ report. Village of Glenview, Illinois Management’s Discussion and Analysis (Continued) December 31, 2018 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, 2018 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 accounting devices 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, 2018 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 37-99 of this report. Other Information In addition to the basic financial statements and accompanying notes, this report also presents certain required supplementary information concerning the Village’s Illinois Municipal Retirement Fund, police and fire pension funds, and other post-employment benefit employee pension obligations. The required supplementary information also contains budget to actual comparison schedules for the General Fund and major special revenue funds. Required supplementary information can be found on pages 100-114 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 118-158 of this report. Additionally, the combining and individual fund statements for the component unit can be found on pages 159-172. 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 $261,214,533 at December 31, 2018, compared to $248,217,248 at December 31, 2017 as restated. 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, 2018 is $89,895,773 which is made up of $1,822,607, $35,976,574 and $52,096,592, respectively. 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 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, 2018, the Village has offset the total net pension liabilities of $89,895,773 with deferred outflows of $23,766,666 and deferred inflows of $9,756,630. 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. Page 8 See independent auditors’ report. Village of Glenview, Illinois Management’s Discussion and Analysis (Continued) December 31, 2018 GOVERNMENT-WIDE FINANCIAL ANALYSIS – Continued A large portion of the Village’s net position, $257,863,097, 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, $4,413,818, 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 ($1,062,382) represents unrestricted net position. 2018 2017* 2018 2017* 2018 2017* Current and other assets 124,901,580 $ 108,268,436 $ 11,659,556 $ 11,053,533 $ 136,561,136 $ 119,321,969 $ Capital assets 239,198,435 243,756,226 61,242,548 60,521,974 300,440,983 304,278,200 Total assets 364,100,015 352,024,662 72,902,104 71,575,507 437,002,119 423,600,169 Deferred Outflow of Resources 25,311,803 19,955,904 300,019 1,042,375 25,611,822 20,998,279 Total deferred outflows 25,311,803 19,955,904 300,019 1,042,375 25,611,822 20,998,279 Long-term liabilities 142,208,164 132,895,187 6,784,256 8,548,697 148,992,420 141,443,884 Other liabilities 28,729,607 25,585,693 1,882,509 2,210,511 30,612,116 27,796,204 Total liabilities 170,937,771 158,480,880 8,666,765 10,759,208 179,604,536 169,240,088 Deferred Inflows of Resources 20,643,751 20,261,611 1,151,121 155,798 21,794,872 20,417,409 Total deferred inflows 20,643,751 20,261,611 1,151,121 155,798 21,794,872 20,417,409 Net Position Net investment in capital assets 202,699,589 200,207,529 55,163,508 53,974,120 257,863,097 254,181,649 Restricted 4,413,818 3,657,835 - - 4,413,818 3,657,835 Unrestricted (9,283,111) (10,627,289) 8,220,729 7,728,756 (1,062,382) (2,898,533) Total net position 197,830,296 $ 193,238,075 $ 63,384,237 $ 61,702,876 $ 261,214,533 $ 254,940,951 $ * 2017 Information has not been restated for the implentation of GASB Statement 75 Activities Activities Government Table 1 Statement of Net Position As of December 31, 2018 and 2017 Governmental Business-Type Total Primary Page 9 See independent auditors’ report. Village of Glenview, Illinois Management’s Discussion and Analysis (Continued) December 31, 2018 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, 2018 Revenue 2018 2017* 2018 2017* 2018 2017* Program revenues Charges for services 16,747,624 $ 17,252,259 $ 20,057,686 $ 20,137,018 $ 36,805,310 $ 37,389,277 $ Grants and contributions Operating 2,412,378 2,428,438 - - 2,412,378 2,428,438 Capital 319,461 472,494 - - 319,461 472,494 General Revenue Taxes Property 48,082,053 46,558,256 - - 48,082,053 46,558,256 Home rule 8,849,722 8,401,525 - - 8,849,722 8,401,525 Telecommunication 1,684,979 1,841,387 - - 1,684,979 1,841,387 Utility 3,784,457 3,469,381 - - 3,784,457 3,469,381 Other 1,380,018 1,173,563 - - 1,380,018 1,173,563 Intergovernmental Sales 18,072,001 17,223,884 - - 18,072,001 17,223,884 State income 4,508,718 4,075,812 - - 4,508,718 4,075,812 Local use 1,373,010 1,172,235 - - 1,373,010 1,172,235 Road and bridge 348,250 400,414 - - 348,250 400,414 Property replacement 203,235 248,714 - - 203,235 248,714 Other 1,607,145 1,559,393 - - 1,607,145 1,559,393 Investment income 2,106,936 1,291,016 101,483 18,249 2,208,419 1,309,265 Other general revenues 1,789,755 4,512,461 2,523 246,810 1,792,278 4,759,271 Total revenues 113,269,742 112,081,232 20,161,692 20,402,077 133,431,434 132,483,309 Expenses General government 42,033,645 42,184,653 - - 42,033,645 42,184,653 Public works 36,999,265 18,850,845 - - 36,999,265 18,850,845 Public safety 15,879,425 34,322,701 - - 15,879,425 34,322,701 Development 6,801,693 4,654,804 - - 6,801,693 4,654,804 Interest on long-term debt 1,581,379 2,027,661 - - 1,581,379 2,027,661 Water services - - 12,902,647 13,118,448 12,902,647 13,118,448 Sanitary sewerage - - 2,152,793 2,292,993 2,152,793 2,292,993 Wholesale water - - 1,404,958 1,393,330 1,404,958 1,393,330 Commuter parking - - 678,344 489,432 678,344 489,432 Total expenses 103,295,407 102,040,664 17,138,742 17,294,203 120,434,149 119,334,867 Change in net position before transfers 9,974,335 10,040,568 3,022,950 3,107,874 12,997,285 13,148,442 Transfers 1,082,804 802,279 (1,082,804) (802,279) - - Change in net position 11,057,139 10,842,847 1,940,146 2,305,595 12,997,285 13,148,442 Net position - beginning, as restated 186,773,157 182,395,228 61,444,091 59,397,281 248,217,248 241,792,509 Net position - ending 197,830,296 $ 193,238,075 $ 63,384,237 $ 61,702,876 $ 261,214,533 $ 254,940,951 $ * 2017 Information has not been restated for the implementation of GASB Statement 75 Activities Activities Government Table 2 Changes in Net Position For the Fiscal Years Ended December 31, 2018 and 2017 Governmental Business-Type Total Primary Page 11 See independent auditors’ report. Village of Glenview, Illinois Management’s Discussion and Analysis (Continued) December 31, 2018 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. 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 48.6% of the Village’s General Fund expenditures (including transfers) and approximately 20.3% of enterprise operating costs at December 31, 2018 6) 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. 7) 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, 2018 GOVERNMENT-WIDE FINANCIAL ANALYSIS – Continued Net position of the Village’s governmental activities increased by 5.9%, or $11,057,139 ($197,830,296 in 2018 compared to $186,773,157 in 2017 restated). This increase is due to a combination of higher than anticipated revenues offset by a decrease in general obligation debt and increase in net pension liability. Net position of business-type activities increased 3.2%, or $1,940,146 ($63,384,237 in 2018 compared to $61,444,091 in 2017 restated). This increase is primarily due to a significant decrease in the net pension liability. Governmental Activities Revenues: Revenues for governmental activities totaled $113,269,742 at December 31, 2018 and $112,081,232 at December 31, 2017, an increase of $1,188,510. Some key changes during the year for the governmental activity revenues are described below: x Charges for services decreased by $504,635, or 2.9%, from $17,252,259 at December 31, 2017 to $16,747,624 at December 31, 2018. x Property tax revenues increased by $1,523,797, or 3.3%, from $46,558,256 at December 31, 2017 to $48,082,053 at December 31, 2018. x Sales tax increased by $848,117, or 4.9%, from $17,223,884 at December 31, 2017 to $18,072,001 at December 31, 2018. Page 13 See independent auditors’ report. Village of Glenview, Illinois Management’s Discussion and Analysis (Continued) December 31, 2018 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. Charges for Services, 15% Operating Grants/Contrib., 2% Capital Grants/Contrib., 1% Property Taxes, 42% Sales Taxes, 25% Income Taxes, 4% Telecomm Taxes, 1% Utility Taxes, 3%Other General Revenues, 7% Revenues by Source - Governmental Activities December 31, 2018 Page 14 See independent auditors’ report. Village of Glenview, Illinois Management’s Discussion and Analysis (Continued) December 31, 2018 GOVERNMENT-WIDE FINANCIAL ANALYSIS – Continued Governmental Activities – Continued For the year ended December 31, 2018, governmental activities expenses totaled $103,295,407, an increase of $1,254,473, or 1.2% from the 2017 expenses of $102,040,664. Business-Type activities Business-Type activities posted total revenues of $20,161,692, while the cost of all business-type activities totaled $17,138,742. This results in a surplus of $3,022,950 prior to net transfers out of $1,082,804. In 2017, revenues of $20,402,077 exceed expenses of $17,294,203, resulting in a surplus of $3,107,874 prior to net transfers out of $802,279. Revenues For the fiscal year ended December 31, 2018, revenues for the business-type activities totaled $20,161,692, a decrease of $240,386, or 1.2%, due primarily to a decrease in wholesale water charges for services of $273,856. Expenses Expenses for the year ended December 31, 2018 totaled $17,138,742 a decrease of $155,461, or 0.90% over the 2017 expenses of $17,294,203. Page 15 See independent auditors’ report. Village of Glenview, Illinois Management’s Discussion and Analysis (Continued) December 31, 2018 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 $68,004,705, which is $10,859,045, or 19%, higher than last year’s total of $57,145,660. Of the $68,004,705 total, $23,855,681, or approximately 35.1%, of the fund balance constitutes unassigned fund balance. General Fund The General Fund reported an increase in fund balance for the year of $6,091,224 or 20.47%, 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, 2018, unassigned fund balance in the General Fund was $26,626,131 which represents 74% 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% 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, 2018, the Special Tax Allocation Fund reported revenues in excess of expenditures of $2,958,930, due in large part to property tax revenues coming in over budget by $2,192,123, expenses coming in over budget by $53,077 and transfers out coming in under budget by $1,184,501. Page 16 See independent auditors’ report. Village of Glenview, Illinois Management’s Discussion and Analysis (Continued) December 31, 2018 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, 2018, the Village Permanent Fund reported revenues in excess of expenditures of $73,504. 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 $2,083,231; the previous fiscal year reported a surplus of $1,570,282. 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 $37,988,676 at December 31, 2018. Page 17 See independent auditors’ report. Village of Glenview, Illinois Management’s Discussion and Analysis (Continued) December 31, 2018 FINANCIAL ANALYSIS OF THE GOVERNMENT’S FUNDS – Continued Proprietary Funds – Continued The surplus in the current year in the Glenview Sanitary Sewer Fund was $204,587, resulting in ending net position of $19,847,735. In the prior year the Glenview Sanitary Sewer Fund also reported a surplus of $202,703. The current year surplus was due in large part due to capital expenses coming in lower than budget. GENERAL FUND BUDGETARY HIGHLIGHTS During 2018, the Village Board approved 6 General Fund budget amendments for the following projects: x The Board increased the budget for rock salt purchases due to an unusual number of salting operations needed during the first two months of 2018. x The Board approved a $48,219.70 transfer from the Permanent Fund to the General Fund for consulting and design services related to wayfinding signage throughout the Village. x The Board approved a $400,000 transfer from the Permanent Fund to the General Fund for opposition funding related to the Amtrak Hiawatha expansion project due to anticipated significant impacts on the community. x The Board increased the transfer out to the Capital Projects Fund for the Park Lane Water Main project which included infrastructure improvements due to continued water main breaks. x Due to an increase in street light poles being knocked down, the Board approved a budget amendment to increase expenditures for street light repairs and maintenance. The Village makes every effort to recover these costs. x The Board approved an increase to reimbursable expenses related to 911 dispatch consolidation capital costs of the Villages of Glencoe, Kenilworth, Northfield and Winnetka by $336,548. General Fund actual revenues (including other financing sources) for the year totaled $73,506,872 compared to budgeted revenues of $69,060,746, a difference of $4,446,126. There are several factors for this positive variance. The largest variance to budget resides in local taxes being over budget by $1,370,349 and sales tax being over budget by $898,456. Another contributing factor was an unbudgeted transfer from the Permanent Fund for $412,347 to cover professional services incurred to fight the Amtrak Hiawatha train line. Licenses and permits were also over budget by $341,054, the majority of which is from higher than anticipated building permit fees. Charges for services were higher than budget by $810,416, having the major contributing revenue items being Joint Dispatch charges of 9-1-1 surcharge and dispatch service fees. Page 18 See independent auditors’ report. Village of Glenview, Illinois Management’s Discussion and Analysis (Continued) December 31, 2018 FINANCIAL ANALYSIS OF THE GOVERNMENT’S FUNDS – Continued GENERAL FUND BUDGETARY HIGHLIGHTS –Continued The General Fund actual expenditures (including transfers) for the year of $67,415,648 were $3,079,254 lower than budgeted expenditures of $70,494,902. Personnel expenditures were under budget by $1,056,444 or 3.1% due to staff vacancies within several departments. Contractual services were under budget by $896,476 or 6.3% primarily due to lower expenses in software licenses, telephone services, snow and ice maintenance, building inspections and plan review services. Commodities were under budget by $121,375 or 6.5% mainly due to lower gas and electricity costs compared to budget. Other Charges were under budget by $866,459 or 11.3% due to lower training, travel costs and reimbursable expenditures. Interfund Charges were $208,055 or 4.2% under budget as the cost of fuel and routine maintenance charges for the Village fleet were lower than anticipated. Original Final Budget Budget Actual Revenues Taxes 26,543,445 $ 26,543,445 $ 27,913,794 $ Intergovernmental 27,283,732 27,283,732 28,521,321 Other 14,361,248 14,361,248 15,786,586 Total revenues 68,188,425 68,188,425 72,221,701 Expenditures (61,940,440) (62,848,089) (59,714,978) Transfers in 872,321 872,321 1,285,171 Transfers out (7,456,182) (7,646,813) (7,700,670) Total expenditures and net transfers (68,524,301) (69,622,581) (66,130,477) Net change in fund balance (335,876) $ (1,434,156) $ 6,091,224 $ Table 3 General Fund Budgetary Highlights Page 19 See independent auditors’ report. Village of Glenview, Illinois Management’s Discussion and Analysis (Continued) December 31, 2018 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, 2018 was $300,440,983 (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 60-61 of this report. 2018 2017 2018 2017 2018 2017 Construction in progress 627,264 $-$-$-$ 627,264 $-$ 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 68,696,995 70,802,677 1,752,518 1,837,884 70,449,513 72,640,561 Machinery, equipment and vehicles 7,191,674 8,527,304 683,116 858,151 7,874,790 9,385,455 Infrastructure 86,323,855 88,067,598 - - 86,323,855 88,067,598 Water system - - 39,756,270 39,081,783 39,756,270 39,081,783 Sanitary sewer system - - 18,482,793 18,176,305 18,482,793 18,176,305 Total 239,198,435 $ 243,756,226 $ 61,242,548 $ 60,521,974 $ 300,440,983 $ 304,278,200 $ Activities Activities Government Table 4 Capital Assets at Year End Net of Depreciation Governmental Business-Type Total Primary Additions Construction in progress 627,264 $ Land - Building and improvements - Infrastructure, including roadways, etc. 2,054,443 Machinery, equipment and vehicles 218,994 Sanitary sewer system 810,041 Water system 1,916,536 Total 5,627,278 $ Page 20 See independent auditors’ report. Village of Glenview, Illinois Management’s Discussion and Analysis (Continued) December 31, 2018 CAPITAL ASSETS AND DEBT ADMINISTRATION -Continued Debt Administration At year-end, the Village had total outstanding debt of $45,333,578 as compared to $55,472,520 the previous year, a decrease of $10,136,942, or 18.3%, 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 64-67 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 2019 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 in Glenview 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. The financial position of the State of Illinois remains 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 funding from the General Fund to the Capital Improvement Program (CIP) to continue to 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 2019 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. 2018 2017 2018 2017 2018 2017 General obligation bonds 37,645,969 $ 45,983,788 $-$-$ 37,645,969 $ 45,983,788 $ Corporate purpose notes - - 6,079,040 6,547,854 6,079,040 6,547,854 Loans payable 1,610,569 2,940,878 - - 1,610,569 2,940,878 Total debt 39,256,538 $ 48,924,666 $ 6,079,040 $ 6,547,854 $ 45,335,578 $ 55,472,520 $ Business-Type Total Primary Activities Activities Government VILLAGE OF GLENVIEW STATEMENT OF NET POSITION As of December 31, 2018 Governmental Activities Business-type Activities Totals Glenview Library ASSETS Cash and Cash Equivalents $32,099,174 $4,575,227 $36,674,401 $5,041,453 Investments 63,198,392 3,179,187 66,377,579 1,490,600 Receivables (net) Taxes 20,789,296 -20,789,296 7,784,199 Accounts 384,767 3,817,216 4,201,983 - Other 1,449,143 12,195 1,461,338 9,015 Prepaid Items 126,855 -126,855 - Inventories 513,380 75,731 589,111 - Due from Other Governmental Units 101,912 -101,912 - Due from Fiduciary Funds 345,140 -345,140 - Notes Receivable 2,293,667 -2,293,667 - Lease Receivable 754,000 -754,000 - Deposits 620,854 -620,854 - Property Held for Resale 2,225,000 -2,225,000 - Capital Assets Land 21,076,696 567,851 21,644,547 5,426,987Land Right of Way 55,281,951 -55,281,951 - Construction in Progress 627,264 -627,264 - Other Capital Assets, Net of Depreciation 162,212,524 60,674,697 222,887,221 24,433,310 Total Assets 364,100,015 72,902,104 437,002,119 44,185,564 DEFERRED OUTFLOWS OF RESOURCES Deferred Charge on Refunding 1,087,557 -1,087,557 863,333 Deferred Outflows Related to Pensions 23,486,164 280,502 23,766,666 535,302 Deferred Outflows Related to OPEB 738,082 19,517 757,599 14,333 Total Deferred Outflows of Resources 25,311,803 300,019 25,611,822 1,412,968 LIABILITIES Accounts Payable 25,431,710 1,637,767 27,069,477 366,408Accrued Payroll 1,308,508 105,949 1,414,457 186,975 Accrued Interest Payable 104,685 10,132 114,817 56,871 Other Payables 1,483,468 117,386 1,600,854 - Due to Pension Trusts 3,400 -3,400 - Refundable Deposits -11,275 11,275 - Unearned Revenues 397,836 -397,836 - Noncurrent Liabilities Due Within One Year 10,310,765 686,207 10,996,972 1,134,568 Due in More Than One Year 131,897,399 6,098,049 137,995,448 17,258,476 Total Liabilities 170,937,771 8,666,765 179,604,536 19,003,298 DEFERRED INFLOWS OF RESOURCES Property Taxes Levied for Future Periods 11,754,253 -11,754,253 7,780,778 Deferred Inflows Related to Pensions 8,612,825 1,143,805 9,756,630 1,847,914 Deferred Inflows Related to OPEB 276,673 7,316 283,989 5,373 Total Deferred Inflows of Resources 20,643,751 1,151,121 21,794,872 9,634,065 NET POSITION Net Investment in Capital Assets 202,699,589 55,163,508 257,863,097 13,278,002 Restricted for Street Improvements 1,854,138 -1,854,138 - Public Safety 332,126 -332,126 - Economic Development 2,227,554 -2,227,554 - Culture and Recreation ---1,403,629 Unrestricted (9,283,111)8,220,729 (1,062,382)2,279,538 TOTAL NET POSITION $ 197,830,296 $ 63,384,237 $ 261,214,533 $ 16,961,169 See accompanying notes to financial statements. Page 21 VILLAGE OF GLENVIEW STATEMENT OF ACTIVITIES For the Year Ended December 31, 2018 Program Revenues Functions/Programs Expenses Charges for Services Operating Grants and Contributions Capital Grants and Contributions Primary Government Governmental Activities General Government $42,033,645 $4,838,551 $-$- Public Safety 36,999,265 10,013,251 120,049 - Public Works 15,879,425 1,012,457 2,131,356 - Development 6,801,693 883,365 160,973 319,461 Interest and Fiscal Charges 1,581,379 --- Total Governmental Activities 103,295,407 16,747,624 2,412,378 319,461 Business-type Activities Glenview Water Fund 12,902,647 14,834,822 -- Glenview Sanitary Sewer Fund 2,152,793 2,438,304 -- Wholesale Water Fund 1,404,958 2,087,966 -- Commuter Parking Lot Fund 678,344 696,594 -- Total Business-type Activities 17,138,742 20,057,686 -- Total Primary Government $ 120,434,149 $ 36,805,310 $ 2,412,378 $ 319,461 Component Unit Glenview Library $ 8,791,206 $ 264,852 $ 1,260,937 $- General Revenues Taxes Property Home Rule Sales Telecommunication Utility Other Intergovernmental - unrestricted 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 (as restated) 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 $(37,195,094)$-$(37,195,094)$- (26,865,965)-(26,865,965)- (12,735,612)-(12,735,612)- (5,437,894)-(5,437,894)- (1,581,379)-(1,581,379)- (83,815,944)-(83,815,944)- -1,932,175 1,932,175 - -285,511 285,511 - -683,008 683,008 - -18,250 18,250 - -2,918,944 2,918,944 - (83,815,944)2,918,944 (80,897,000)- ---(7,265,417) 48,082,053 -48,082,053 8,285,946 8,849,722 -8,849,722 - 1,684,979 -1,684,979 - 3,784,457 -3,784,457 - 1,380,018 -1,380,018 - 18,072,001 -18,072,001 - 4,508,718 -4,508,718 - 1,373,010 -1,373,010 - 2,158,630 -2,158,630 - 2,106,936 101,483 2,208,419 132,360 52,458 -52,458 - 1,737,297 2,523 1,739,820 794 93,790,279 104,006 93,894,285 8,419,100 1,082,804 (1,082,804)-- 11,057,139 1,940,146 12,997,285 1,153,683 186,773,157 61,444,091 248,217,248 15,807,486 $ 197,830,296 $ 63,384,237 $ 261,214,533 $ 16,961,169 See accompanying notes to financial statements. Page 23 VILLAGE OF GLENVIEW BALANCE SHEET GOVERNMENTAL FUNDS As of December 31, 2018 General Fund Special Tax Allocation Fund Village Permanent Fund Nonmajor Governmental Funds Totals ASSETS Cash and Cash Equivalents $15,069,677 $4,440,326 $2,146,369 $5,189,554 $26,845,926 Investments 16,963,869 25,218,003 7,696,070 2,724,100 52,602,042 Receivables (net) Taxes 20,789,296 ---20,789,296 Accounts 87,730 49,368 -25,650 162,748 Grants 5,457 --76,188 81,645 Accrued Interest 35,813 280,671 85 996 317,565 Other 465,841 -68,305 15,717 549,863 Inventories 123,985 ---123,985 Due from Other Funds 1,233 ---1,233 Due from Other Governments 394 --101,518 101,912 Due from Fiduciary Funds --345,140 -345,140 Notes Receivable -2,293,667 --2,293,667 Lease Receivable --754,000 -754,000 Property Held for Resale --2,225,000 -2,225,000 Advances to Other Funds --15,699,696 -15,699,696 TOTAL ASSETS $ 53,543,295 $ 32,282,035 $ 28,934,665 $ 8,133,723 $122,893,718 See accompanying notes to financial statements. Page 24 VILLAGE OF GLENVIEW BALANCE SHEET GOVERNMENTAL FUNDS As of December 31, 2018 General Fund Special Tax Allocation Fund Village Permanent Fund Nonmajor Governmental Funds Totals LIABILITIES, DEFERRED INFLOWS OF RESOURCES, AND FUND BALANCES Liabilities Accounts Payable $3,451,541 $19,341,516 $-$1,495,520 $24,288,577 Accrued Payroll 1,274,750 10,894 -287 1,285,931 Other Payables 891,205 379 -590,151 1,481,735 Due to Pension Trusts 3,400 ---3,400 Unearned Revenues 318,030 -57,109 -375,139 Advances from Other Funds -15,699,696 --15,699,696 Total Liabilities 5,938,926 35,052,485 57,109 2,085,958 43,134,478 Deferred Inflows of Resources Property Taxes Levied for Future Periods 11,754,253 ---11,754,253 Unavailable Grant Revenue ---282 282 Total Deferred Inflows of Resources 11,754,253 --282 11,754,535 Fund Balances (Deficit) Nonspendable for Inventory 123,985 ---123,985 Restricted for Street Improvements ---1,854,138 1,854,138 Restricted for Public Safety ---332,126 332,126 Restricted for Economic Development ---2,227,554 2,227,554 Assigned to Debt Service Funds ---468,727 468,727 Assigned to Capital Project Funds 9,100,000 -28,877,556 1,164,938 39,142,494 Unassigned 26,626,131 (2,770,450)--23,855,681 Total Fund Balances (Deficit)35,850,116 (2,770,450)28,877,556 6,047,483 68,004,705 TOTAL LIABILITIES, DEFERRED INFLOWS OF RESOURCES, AND FUND BALANCES $ 53,543,295 $ 32,282,035 $ 28,934,665 $ 8,133,723 $122,893,718 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, 2018 Total Fund Balances - Governmental Funds $68,004,705 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. 239,198,435 Deferred charge on refunding of debt is not considered to represent a financial resource and, therefore, is not reported in the funds.1,087,557 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.282 Deferred outflows of resources related to pensions do not relate to current financial resources and are not reported in the governmental funds.23,486,164 Deferred inflows of resources related to pensions do not relate to current financial resources and are not reported in the governmental funds.(8,612,825) Deferred outflows of resources related to OPEB do not relate to current financial resources and are not reported in the governmental funds.738,082 Deferred inflows of resources related to OPEB do not relate to current financial resources and are not reported in the governmental funds.(276,673) Internal service funds are reported in the statement of net position as governmental activities.15,109,982 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 (37,645,969) Loan payable (1,610,569) Total OPEB liability (10,465,159) Compensated absences (1,462,411) Accrued interest (104,685) Net pension liability (89,616,620) NET POSITION OF GOVERNMENTAL ACTIVITIES $ 197,830,296 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, 2018 General Fund Special Tax Allocation Fund Village Permanent Fund Nonmajor Governmental Funds Totals REVENUES Property Taxes $12,214,618 $34,341,818 $-$1,525,617 $48,082,053 Other Taxes 15,699,176 ---15,699,176 Licenses and Permits 2,810,054 ---2,810,054 Fines, Forfeitures and Penalties 130,281 ---130,281 Charges for Services 12,238,955 507,816 --12,746,771 Intergovernmental 28,521,321 160,973 -2,541,835 31,224,129 Investment Income 607,296 640,015 477,187 146,300 1,870,798 Miscellaneous -34,843 9,445 389,866 434,154 Total Revenues 72,221,701 35,685,465 486,632 4,603,618 112,997,416 EXPENDITURES Current General Government 17,940,634 23,268,744 --41,209,378 Public Safety 29,782,200 --75,446 29,857,646 Public Works 8,233,133 ---8,233,133 Development 3,740,393 -781 271,630 4,012,804 Capital Outlay 18,618 --9,007,619 9,026,237 Debt Service Principal -6,965,938 -2,234,371 9,200,309 Interest and Fiscal Charges -1,071,320 -700,740 1,772,060 Total Expenditures 59,714,978 31,306,002 781 12,289,806 103,311,567 Excess (deficiency) of revenues over expenditures 12,506,723 4,379,463 485,851 (7,686,188)9,685,849 OTHER FINANCING SOURCES (USES) Transfers In 1,285,171 --9,422,078 10,707,249 Transfers Out (7,700,670)(1,420,533)(412,347)(503)(9,534,053) Total Other Financing Sources (Uses)(6,415,499)(1,420,533)(412,347)9,421,575 1,173,196 Net Change in Fund Balances 6,091,224 2,958,930 73,504 1,735,387 10,859,045 FUND BALANCES (DEFICIT) - Beginning of Year 29,758,892 (5,729,380)28,804,052 4,312,096 57,145,660 FUND BALANCES (DEFICIT) - END OF YEAR $ 35,850,116 $ (2,770,450)$ 28,877,556 $ 6,047,483 $ 68,004,705 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, 2018 Net change in fund balances - total governmental funds $10,859,045 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 2,900,701 Depreciation is reported in the government-wide financial statements (7,458,492) 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.(16,270) 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 9,200,309 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 467,819 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 60,368 Capital lease 247,199 Accrued interest on debt 19,109 Amortization of deferred charge on refunding (296,247) Net pension liability (12,418,729) Deferred outflows of resources related to pensions 4,914,064 Deferred inflows of resources related to pensions (4,748) Deferred outflows of resources related to OPEB 738,082 Deferred inflows of resources related to OPEB (276,673) Total OPEB liability (678,629) 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.2,800,231 CHANGE IN NET POSITION OF GOVERNMENTAL ACTIVITIES $ 11,057,139 See accompanying notes to financial statements. Page 28 VILLAGE OF GLENVIEW STATEMENT OF NET POSITION PROPRIETARY FUNDS As of December 31, 2018 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 $1,875,725 $1,031,585 $1,667,917 $4,575,227 $5,253,248 Investments 2,691,687 243,100 244,400 3,179,187 10,596,350 Receivables Accounts, Net 2,377,874 656,150 783,192 3,817,216 222,019 Accrued Interest 8,542 74 3,579 12,195 112,403 Grants ----327,667 Other ----60,000 Prepaid Items ----126,855 Inventories 75,731 --75,731 389,395 Deposits ----620,854 Total Current Assets 7,029,559 1,930,909 2,699,088 11,659,556 17,708,791 Noncurrent Assets Capital Assets Capital Assets not Being Depreciated 67,851 -500,000 567,851 - Capital Assets Being Depreciated 64,149,107 26,190,814 5,253,732 95,593,653 - Less: Accumulated Depreciation (24,541,516)(7,708,024)(2,669,416)(34,918,956)- Total Noncurrent Assets 39,675,442 18,482,790 3,084,316 61,242,548 - Total Assets 46,705,001 20,413,699 5,783,404 72,902,104 17,708,791 DEFERRED OUTFLOWS OF RESOURCES Deferred Outflows Related to Pensions 228,752 51,750 -280,502 - Deferred Outflows Related to OPEB 15,641 2,755 1,121 19,517 - Total Deferred Outflows of Resources 244,393 54,505 1,121 300,019 - See accompanying notes to financial statements. Page 29 VILLAGE OF GLENVIEW STATEMENT OF NET POSITION PROPRIETARY FUNDS As of December 31, 2018 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 $1,153,340 $277,716 $206,711 $1,637,767 $1,143,133 Accrued Payroll 82,808 17,336 5,805 105,949 22,577 Accrued Interest 10,132 --10,132 - Accrued Expenses 117,118 268 -117,386 1,733 Refundable Deposits 11,275 --11,275 - Due to Other Funds ----1,233 Claims Payable ----562,974 Unearned Revenues ----22,697 Current Portion of Long-Term Liabilities 679,738 4,896 1,573 686,207 - Total Current Liabilities 2,054,411 300,216 214,089 2,568,716 1,754,347 Noncurrent Liabilities Long-Term Debt Claims Payable ----844,462 Long-Term Liabilities Due in More Than One Year 5,965,716 110,143 22,190 6,098,049 - Total Noncurrent Liabilities 5,965,716 110,143 22,190 6,098,049 844,462 Total Liabilities 8,020,127 410,359 236,279 8,666,765 2,598,809 DEFERRED INFLOWS OF RESOURCES Deferred Inflows Related to Pensions 934,728 209,077 -1,143,805 - Deferred Inflows Related to OPEB 5,863 1,033 420 7,316 - Total Deferred Inflows of Resources 940,591 210,110 420 1,151,121 - NET POSITION Net Investment in Capital Assets 33,596,402 18,482,790 3,084,316 55,163,508 - Unrestricted 4,392,274 1,364,945 2,463,510 8,220,729 15,109,982 TOTAL NET POSITION $ 37,988,676 $ 19,847,735 $ 5,547,826 $ 63,384,237 $ 15,109,982 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, 2018 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 $14,565,070 $2,364,738 $2,776,482 $19,706,290 $11,897,872 Intergovernmental ----327,667 Miscellaneous 269,752 73,566 8,078 351,396 269,652 Total Operating Revenues 14,834,822 2,438,304 2,784,560 20,057,686 12,495,191 OPERATING EXPENSES Insurance Services ----7,173,434 Parking Services --596,437 596,437 - Water Services 11,440,948 -1,342,142 12,783,090 - Sewerage Services -1,623,052 -1,623,052 - Capital Asset Repair and Replacement ----1,873,472 Depreciation and Amortization 1,357,727 503,553 144,723 2,006,003 - Total Operating Expenses 12,798,675 2,126,605 2,083,302 17,008,582 9,046,906 Operating Income 2,036,147 311,699 701,258 3,049,104 3,448,285 NONOPERATING REVENUES (EXPENSES) Other Income -2,523 -2,523 - Investment Income 57,293 10,316 33,874 101,483 236,138 Gain on Sale of Capital Assets ----52,458 Reassignment of Capital Assets ----(846,258) Interest and Fiscal Charges (103,972)(26,188)-(130,160)- Total Nonoperating Revenues (Expenses)(46,679)(13,349)33,874 (26,154)(557,662) Income Before Transfers 1,989,468 298,350 735,132 3,022,950 2,890,623 TRANSFERS Transfers In 93,763 --93,763 195,674 Transfers Out -(93,763)(1,082,804)(1,176,567)(286,066) Total Transfers 93,763 (93,763)(1,082,804)(1,082,804)(90,392) Change in Net Position 2,083,231 204,587 (347,672)1,940,146 2,800,231 NET POSITION - Beginning of Year (as restated)35,905,445 19,643,148 5,895,498 61,444,091 12,309,751 NET POSITION - END OF YEAR $ 37,988,676 $ 19,847,735 $ 5,547,826 $ 63,384,237 $ 15,109,982 See accompanying notes to financial statements. Page 31 VILLAGE OF GLENVIEW STATEMENT OF CASH FLOWS PROPRIETARY FUNDS For the Year Ended December 31, 2018 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 $14,820,416 $2,385,599 $2,510,950 $19,716,965 $12,036,047 Paid to Suppliers for Goods and Services (8,814,884)(1,063,711)(1,734,675)(11,613,270)(8,696,140) Paid to Employees for Services (2,587,968)(515,825)(190,448)(3,294,241)(989,473) Received from Other Sources 30,367 74,078 -104,445 - Net Cash Flows From Operating Activities 3,447,931 880,141 585,827 4,913,899 2,350,434 CASH FLOWS FROM INVESTING ACTIVITIES Investment Income 52,459 10,316 36,156 98,931 188,625 Sale of Investments 494,000 -1,745,661 2,239,661 5,674,040 Purchase of Investments (2,691,687)(243,100)(491,900)(3,426,687)(5,139,285) Net Cash Flows From Investing Activities (2,145,228)(232,784)1,289,917 (1,088,095)723,380 CASH FLOWS FROM NONCAPITAL FINANCING ACTIVITIES Transfers In 93,763 --93,763 195,674 Transfers Out -(93,763)(1,082,804)(1,176,567)(286,066) Net Cash Flows From Noncapital Financing Activities 93,763 (93,763)(1,082,804)(1,082,804)(90,392) CASH FLOWS FROM CAPITAL AND RELATED FINANCING ACTIVITIES Debt Retired (468,814)--(468,814)- Interest Paid (104,753)(26,188)-(130,941)- Proceeds from the Sale of Capital Assets ----52,458 Acquisition and Construction of Capital Assets (1,916,536)(1,046,812)-(2,963,348)(111,064) Net Cash Flows From Capital and Related Financing Activities (2,490,103)(1,073,000)-(3,563,103)(58,606) Net Change in Cash and Cash Equivalents (1,093,637)(519,406)792,940 (820,103)2,924,816 CASH AND CASH EQUIVALENTS - Beginning of Year 2,969,362 1,550,991 874,977 5,395,330 2,328,432 CASH AND CASH EQUIVALENTS - END OF YEAR $ 1,875,725 $ 1,031,585 $ 1,667,917 $ 4,575,227 $ 5,253,248 See accompanying notes to financial statements. Page 32 VILLAGE OF GLENVIEW STATEMENT OF CASH FLOWS PROPRIETARY FUNDS For the Year Ended December 31, 2018 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 $2,036,147 $311,699 $701,258 $3,049,104 $3,448,285 Adjustments to Reconcile Operating Income to Net Cash Flows From Operating Activities Depreciation 1,357,727 503,553 144,723 2,006,003 - Other Income -2,523 -2,523 - Changes in assets and liabilities Accounts Receivable 15,186 18,850 (273,610)(239,574)(453,972) Inventory 3,026 --3,026 (22,357) Deposits ----(7,245) Prepaid Items ----(27,256) Accounts Payable (91,092)13,525 9,869 (67,698)(296,411) Customer Deposits 775 --775 - Claims Payable ----(273,604) Accrued Salaries (19,361)(3,035)(1,131)(23,527)(4,047) Compensated Absences Payable 8,168 618 4,388 13,174 - Due to Other Funds ----(15,032) Unearned Revenue ----2,073 Deferred Outflows Due to Pensions 622,474 139,399 -761,873 - Deferred Inflows Due to Pensions 805,367 182,640 -988,007 - Net Pension Liability (1,295,089)(290,442)-(1,585,531)- Total OPEB Liability 14,381 2,533 1,031 17,945 - Deferred Outflows Due to OPEB (15,641)(2,755)(1,121)(19,517)- Deferred Inflows Due to OPEB 5,863 1,033 420 7,316 - NET CASH FLOWS FROM OPERATING ACTIVITIES $ 3,447,931 $ 880,141 $ 585,827 $ 4,913,899 $ 2,350,434 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, 2018 Pension Trust Funds Agency Fund ASSETS Cash and Cash Equivalents $4,036,037 $2,600,329 Investments U.S. Treasuries 10,910,191 - U.S. Agencies 28,916,900 - Mutual Funds 90,756,573 - Corporate Obligations 13,657,583 - Municipal Obligations 5,344,054 - Certificates of Deposit -490,559 Receivables Property taxes -337,469 Accrued Interest Receivable 377,243 7,635 Due from Primary Government 3,400 - Prepaid Items 11,043 - Total Assets 154,013,024 3,435,992 LIABILITIES Accounts Payable -1,218,981 Refundable Deposits -1,703,227 Accrued Expenses 56,720 - SSA Bond Fund - Due to Bond Holders -168,644 Due to Primary Government -345,140 Total Liabilities 56,720 3,435,992 NET POSITION Restricted for Pension Benefits $153,956,304 $- 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, 2018 Pension Trust Funds ADDITIONS Contributions Employer $6,519,430 Participant 1,565,517 Total Contributions 8,084,947 Investment income Net Appreciation in Fair Value of Investments (14,517,731) Interest Income 7,175,298 Total Investment Income (7,342,433) Less Investment Expense 234,483 Net Investment Income (7,576,916) Total Additions 508,031 DEDUCTIONS Retirement Pensions 9,124,713 Widow Pensions 802,903 Disability Pensions 602,444 Children's Pensions 48,270 Contribution Refunds 24,082 Administration 130,894 Total Deductions 10,733,306 Change in Net Position (10,225,275) NET POSITION - Beginning of Year 164,181,579 NET POSITION - END OF YEAR $ 153,956,304 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, 2018 NOTE Page I Summary of Significant Accounting Policies 37 A.Reporting Entity 37 B.Government-Wide and Fund Financial Statements 39 C.Measurement Focus, Basis of Accounting, and Financial Statement Presentation 42 D.Assets, Deferred Outflows of Resources, Liabilities, Deferred Inflows of Resources, and Net Position or Equity 43 1.Deposits and Investments 43 2.Receivables 48 3.Inventories and Prepaid Items 48 4.Capital Assets 49 5.Deferred Outflows of Resources 50 6.Compensated Absences 50 7.Long-Term Obligations 50 8.Deferred Inflows of Resources 51 9. Equity Classifications 51 II Stewardship, Compliance, and Accountability 53 A.Excess Expenditures Over Appropriations 53 B.Deficit Balances 53 III Detailed Notes on All Funds 54 A.Deposits and Investments 54 B.Receivables 59 C.Capital Assets 60 D.Interfund Receivables/Payables, Advances and Transfers 62 E.Long-Term Obligations 64 F.Lease Disclosures 68 G.Restatement of Net Position 68 H.Component Unit 69 IV Other Information 74 A.Employees' Retirement System 74 B.Risk Management 90 C.Commitments and Contingencies 92 D.Joint Ventures 93 E.Other Postemployment Benefits 94 F.Tax Abatement 98 G.Effect of New Accounting Standards on Current-Period Financial Statements 98 See accompanying notes to financial statements. Page 36 VILLAGE OF GLENVIEW NOTES TO FINANCIAL STATEMENTS As of and for the Year Ended December 31, 2018 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 management 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, 2018 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, 2018. 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, 2018 NOTE I - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont.) B. GOVERNMENT-WIDE AND FUND FINANCIAL STATEMENTS In June 2015, the GASB issued statement No. 75 - Accounting and Financial Reporting for Postemployment Benefits Other than Pensions. This statement replaces the requirements of Statements No. 45, Accounting and Financial Reporting by Employers for Postemployment Benefits Other Than Pension, as amended and No. 57, OPEB Measurements by Agent Employers and Agent Multiple Employer Plans, for OPEB. This standard was implemented January 1, 2018. 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. 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. Page 39 VILLAGE OF GLENVIEW NOTES TO FINANCIAL STATEMENTS As of and for the Year Ended December 31, 2018 NOTE I - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont.) B.GOVERNMENT-WIDE AND FUND FINANCIAL STATEMENTS (cont.) Fund Financial Statements (cont.) 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-Whole" payments to core jurisdictions within the boundaries of the Tax Increment District. The core jurisdictions consist of: the Village of Glenview, School District 34, High School District 225, the Glenview Park District, and the Glenview Public Library, a component unit of the Village. This fund also accounts for the service and incentive fees within the Tax Increment District. 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. The Village reports the following major enterprise funds: Glenview Water 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 - 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. Page 40 VILLAGE OF GLENVIEW NOTES TO FINANCIAL STATEMENTS As of and for the Year Ended December 31, 2018 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: 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 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 Water 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 Equipment Replacement Fund Municipal Equipment Repair Fund Insurance and Risk Fund Facilities Repair and Replacement Fund Page 41 VILLAGE OF GLENVIEW NOTES TO FINANCIAL STATEMENTS As of and for the Year Ended December 31, 2018 NOTE I - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont.) B.GOVERNMENT-WIDE AND FUND FINANCIAL STATEMENTS (cont.) Fund Financial Statements (cont.) 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 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. Page 42 VILLAGE OF GLENVIEW NOTES TO FINANCIAL STATEMENTS As of and for the Year Ended December 31, 2018 NOTE I - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont.) C.MEASUREMENT FOCUS, BASIS OF ACCOUNTING, AND FINANCIAL STATEMENT PRESENTATION (cont.) Fund Financial Statements (cont.) 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. 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. Page 43 VILLAGE OF GLENVIEW NOTES TO FINANCIAL STATEMENTS As of and for the Year Ended December 31, 2018 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, 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. 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. Page 44 VILLAGE OF GLENVIEW NOTES TO FINANCIAL STATEMENTS As of and for the Year Ended December 31, 2018 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 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 2.50%3.40% Investment Grade Bonds 40.00%4.80% U.S. Equity 38.00%9.30% International Equity 12.50%8.80% Emerging Markets Equity 1.00%11.40% Alternatives 6.00%6.40% 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. 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%9.50%2.80%6.70% Small Cap Domestic Equity 12.00%11.40%2.80%8.60% International Equity 6.00%9.30%2.80%6.50% Fixed Income 40.00%4.30%2.80%1.50% Page 45 VILLAGE OF GLENVIEW NOTES TO FINANCIAL STATEMENTS As of and for the Year Ended December 31, 2018 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.) 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. 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. Page 46 VILLAGE OF GLENVIEW NOTES TO FINANCIAL STATEMENTS As of and for the Year Ended December 31, 2018 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.) 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. 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. Page 47 VILLAGE OF GLENVIEW NOTES TO FINANCIAL STATEMENTS As of and for the Year Ended December 31, 2018 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 Property taxes for levy year 2018 attaches as an enforceable lien on January 1, 2018, 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 2018 tax levy, which attached as an enforceable lien on the property as of January 1, 2018, has been recorded as a receivable as of December 31, 2018, as the tax was levied by the Village on December 4, 2018, and therefore, the levy is measurable at December 31, 2018. Tax bills for levy year 2018 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 2018 property tax levy is recognized as a receivable and deferred inflows in fiscal 2018, net the allowance for uncollectible. As the taxes become available to finance current expenditures, they are recognized as revenues. At December 31, 2018, the property taxes receivable and related deferred inflows consisted of the estimated amount collectible from the 2018 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. 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. Page 48 VILLAGE OF GLENVIEW NOTES TO FINANCIAL STATEMENTS As of and for the Year Ended December 31, 2018 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 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. 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. Page 49 VILLAGE OF GLENVIEW NOTES TO FINANCIAL STATEMENTS As of and for the Year Ended December 31, 2018 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.) 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. 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 Works Union 80 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. Page 50 VILLAGE OF GLENVIEW NOTES TO FINANCIAL STATEMENTS As of and for the Year Ended December 31, 2018 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.) 7. Long-Term Obligations/Conduit Debt (cont.) 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. 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. Page 51 VILLAGE OF GLENVIEW NOTES TO FINANCIAL STATEMENTS As of and for the Year Ended December 31, 2018 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.) 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. 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. When an expenditure is incurred for purposes for which both restricted and unrestricted fund balance is available, the Village will first use assigned amounts, followed by committed amounts then restricted amounts. Page 52 VILLAGE OF GLENVIEW NOTES TO FINANCIAL STATEMENTS As of and for the Year Ended December 31, 2018 NOTE II - STEWARDSHIP, COMPLIANCE, AND ACCOUNTABILITY A.EXCESS EXPENDITURES/EXPENSES/DEDUCTIONS OVER BUDGET Funds Budgeted Expenditures/ Expenses/ Deductions Actual Expenditures/ Expenses/ Deductions Excess Special Tax Allocation $31,252,922 $31,306,002 $53,080 Waukegan Golf TIF 936,005 974,688 38,683 Sanitary Sewer 2,244,001 2,433,093 189,092 Police Pension 4,350,741 4,668,479 317,738 B.DEFICIT BALANCES Generally accepted accounting principles require disclosure of individual funds that have deficit balances at year end. As of December 31, 2018, the following individual funds held a deficit balance: Fund Amount Reason Special Tax Allocation $(2,770,450)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. Page 53 VILLAGE OF GLENVIEW NOTES TO FINANCIAL STATEMENTS As of and for the Year Ended December 31, 2018 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 Deposits $65,738,555 $68,164,342 Certificates of deposits - negotiable 5,195,493 5,195,493 The Illinois Funds 13,573,515 13,573,515 U.S. treasuries 13,905,353 13,905,353 U.S. agencies 51,593,081 51,593,081 Municipal obligations 5,344,053 5,344,053 Corporate obligations 13,657,583 13,657,583 Mutual funds 90,756,573 90,756,573 Total Deposits and Investments $259,764,206 $262,189,993 Reconciliation to financial statements Per statement of net position Cash and cash equivalents $36,674,401 Investments 66,377,579 Per statement of net position - fiduciary funds Cash and cash equivalents - Pension Trusts 4,036,037 Cash and cash equivalents - Agency Fund 2,600,329 U.S. treasuries 10,910,191 U.S. agencies - Pension Trusts 28,916,900 Mutual funds 90,756,573 Corporate obligations 13,657,583 Municipal obligations 5,344,054 Certificates of deposit 490,559 Total Deposits and Investments $259,764,206 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. Page 54 VILLAGE OF GLENVIEW NOTES TO FINANCIAL STATEMENTS As of and for the Year Ended December 31, 2018 NOTE III - DETAILED NOTES ON ALL FUNDS (cont.) A.DEPOSITS AND INVESTMENTS (cont.) 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. The Village used the market valuation method for recurring fair value measurements. As of December 31, 2018, investments were measured using valuation inputs as follows: Village December 31, 2018 Investment Type Level 1 Level 2 Level 3 Total Certificates of deposits - negotiable $-$4,948,734 $-$4,948,734 U.S. treasuries 2,995,162 --2,995,162 U.S. agencies -22,676,181 -22,676,181 Total $ 2,995,162 $ 27,624,915 $-$ 30,620,077 Police Pension Fund December 31, 2018 Investment Type Level 1 Level 2 Level 3 Total U.S. treasuries $6,593,621 $-$-$6,593,621 U.S. agencies -7,662,302 -7,662,302 Municipal obligations -563,404 -563,404 Corporate obligations -13,657,583 -13,657,583 Mutual funds 41,763,689 --41,763,689 Total $ 48,357,310 $ 21,883,289 $-$ 70,240,599 Firefighters' Pension Fund December 31, 2018 Investment Type Level 1 Level 2 Level 3 Total U.S. treasuries $4,316,570 $-$-$4,316,570 U.S. agencies -21,254,598 -21,254,598 Municipal obligations -4,780,649 -4,780,649 Mutual funds 48,992,884 --48,992,884 Total $ 53,309,454 $ 26,035,247 $-$ 79,344,701 Page 55 VILLAGE OF GLENVIEW NOTES TO FINANCIAL STATEMENTS As of and for the Year Ended December 31, 2018 NOTE III - DETAILED NOTES ON ALL FUNDS (cont.) A.DEPOSITS AND INVESTMENTS (cont.) Agency Fund December 31, 2018 Investment Type Level 1 Level 2 Level 3 Total Certificates of deposits - negotiable $-$ 246,759 $-$ 246,759 Total $ -$ 246,759 $-$ 246,759 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, 2018, 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 $5,195,493 $-$-$-$-$5,195,493 The Illinois Funds 13,573,515 13,573,515 ---- U.S. agencies 51,593,081 -49,928,603 --1,664,478 Municipal obligations 5,344,053 274,665 3,217,974 50,962 -1,800,452 Corporate obligations 13,657,583 147,052 1,404,843 6,639,516 5,466,172 - Totals $ 89,363,725 $ 13,995,232 $ 54,551,420 $ 6,690,478 $ 5,466,172 $ 8,660,423 Page 56 VILLAGE OF GLENVIEW NOTES TO FINANCIAL STATEMENTS As of and for the Year Ended December 31, 2018 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 $5,195,493 $-$-$-$-$5,195,493 The Illinois Funds 13,573,515 13,573,515 ---- U.S. agencies 51,593,081 49,804,081 ---1,789,000 Municipal obligations 5,344,053 25,752 2,169,898 465,760 -2,682,643 Corporate obligations 13,657,583 250,540 1,172,648 5,786,379 6,335,003 113,013 Totals $ 89,363,725 $ 63,653,888 $ 3,342,546 $ 6,252,139 $ 6,335,003 $ 9,780,149 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 $7,652,483 Federal Farm Credit Bank 11,152,168 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, 2018, investments were as follows: Village Maturity (In Years) Investment Type Fair Value Less than 1 1-5 Certificates of deposits - negotiable $4,948,734 $994,127 $3,954,607 U.S. treasuries 2,995,162 -2,995,162 U.S. agencies 22,676,181 21,677,080 999,102 Totals $ 30,620,077 $ 22,671,207 $ 7,948,871 Page 57 VILLAGE OF GLENVIEW NOTES TO FINANCIAL STATEMENTS As of and for the Year Ended December 31, 2018 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 $6,593,621 $1,151,788 $4,257,907 $1,183,926 $- U.S. agencies 7,662,302 1,347,996 4,942,990 646,219 725,097 Municipal obligations 563,404 79,214 433,228 50,963 - Corporate obligations 13,657,583 591,967 9,667,354 3,398,261 - Totals $ 28,476,910 $ 3,170,965 $ 19,301,479 $ 5,279,369 $ 725,097 Firefighters' Pension Fund Maturity (In Years) Investment Type Fair Value Less than 1 1-5 6-10 U.S. treasuries $4,316,570 $546,297 $3,770,273 $- U.S. agencies 21,254,598 249,658 7,778,244 13,226,697 Municipal obligations 4,780,649 547,427 2,730,643 1,502,580 Totals $ 30,351,817 $ 1,343,382 $ 14,279,160 $ 14,729,277 Agency Fund Maturity (In Years) Investment Type Fair Value Less than 1 1-5 Certificates of deposits - negotiable $ 246,759 $ 246,759 $- Totals $ 246,759 $ 246,759 $- Page 58 VILLAGE OF GLENVIEW NOTES TO FINANCIAL STATEMENTS As of and for the Year Ended December 31, 2018 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, 2018, the annual money-weighted rate of return on the Police Pension plan investments, net of pension plan investment expense, was (4.63)%. 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, 2018, the annual money-weighted rate of return on the Firefighters' Pension plan investments, net of pension plan investment expense, was (4.72)%. 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 $11,759,671 Sales 7,144,644 Utility 774,927 Income 387,796 Use 434,848 Franchise 201,317 Hotel 73,806 Amusement 12,287 Total $ 20,789,296 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 59 VILLAGE OF GLENVIEW NOTES TO FINANCIAL STATEMENTS As of and for the Year Ended December 31, 2018 NOTE III - DETAILED NOTES ON ALL FUNDS (cont.) C.CAPITAL ASSETS Capital asset activity for the year ended December 31, 2018, was as follows: Beginning Balance Additions Deletions Ending Balance Governmental Activities Capital assets not being depreciated Land $21,076,696 $-$-$21,076,696 Land right of way 55,281,951 --55,281,951 Construction in progress -627,264 -627,264 Total Capital Assets Not Being Depreciated 76,358,647 627,264 -76,985,911 Capital assets being depreciated Buildings and improvements 96,028,932 --96,028,932 Machinery and equipment 20,278,464 218,994 210,402 20,287,056 Infrastructure 162,145,536 2,054,443 309,822 163,890,157 Total Capital Assets Being Depreciated 278,452,932 2,273,437 520,224 280,206,145 Total Capital Assets 354,811,579 2,900,701 520,224 357,192,056 Less: Accumulated depreciation for Buildings and improvements (25,226,255)(2,105,682)-(27,331,937) Machinery and equipment (11,751,160)(1,554,624)210,402 (13,095,382) Infrastructure (74,077,938)(3,798,186)309,822 (77,566,302) Total Accumulated Depreciation (111,055,353)(7,458,492)520,224 (117,993,621) Net Capital Assets Being Depreciated 167,397,579 (5,185,055)-162,212,524 Total Governmental Activities Capital Assets, Net $ 243,756,226 $ (4,557,791)$-$ 239,198,435 Depreciation expense was charged to functions as follows: Governmental Activities General government $4,233,156 Public safety 1,601,379 Public works 1,190,687 Development 433,270 Total Governmental Activities Depreciation Expense $ 7,458,492 Page 60 VILLAGE OF GLENVIEW NOTES TO FINANCIAL STATEMENTS As of and for the Year Ended December 31, 2018 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 Land $ 567,851 $-$-$ 567,851 Total Capital Assets Not Being Depreciated 567,851 --567,851 Capital assets being depreciated Buildings and improvements 2,971,461 --2,971,461 Water system 60,005,400 1,916,536 155,564 61,766,372 Sanitary sewer system 25,097,627 810,041 2,330 25,905,338 Equipment and vehicles 4,966,742 -16,260 4,950,482 Total Capital Assets Being depreciated 93,041,230 2,726,577 174,154 95,593,653 Total Capital Assets 93,609,081 2,726,577 174,154 96,161,504 Less: Accumulated depreciation for Buildings and improvements (1,133,577)(85,366)-(1,218,943) Water system (20,923,617)(1,242,049)155,564 (22,010,102) Sanitary sewer system (6,921,322)(503,553)2,330 (7,422,545) Equipment and vehicles (4,108,591)(175,035)16,260 (4,267,366) Total Accumulated Depreciation (33,087,107)(2,006,003)174,154 (34,918,956) Net Capital Assets Being depreciated 59,954,123 720,574 -60,674,697 Total Business-type Capital Assets, Net $ 60,521,974 $ 720,574 $-$ 61,242,548 Business-type Activities Depreciation expense was charged to functions as follows: Business-type Activities Glenview Water Fund $1,357,727 Glenview Sanitary Sewer Fund 503,553 Wholesale Water Fund 62,816 Commuter Parking Fund 81,907 Total Business-type Activities Depreciation Expense $ 2,006,003 Page 61 VILLAGE OF GLENVIEW NOTES TO FINANCIAL STATEMENTS As of and for the Year Ended December 31, 2018 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 $ 1,233 Total - Fund Financial Statements 1,233 Less: Fund eliminations (1,233) Total Internal Balances - Government-Wide 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 Within One Year Village Permanent Special Tax Allocation $ 15,669,696 $15,669,696 Total - Fund Financial Statements 15,669,696 Less: Fund eliminations (15,669,696) Total - Interfund Advances - Government-Wide Statement of Net Position $- Page 62 VILLAGE OF GLENVIEW NOTES TO FINANCIAL STATEMENTS As of and for the Year Ended December 31, 2018 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 $ 503 Transfer of property tax revenue to the correct fund General Nonmajor Enterprise 325,000 Transfer to recover overhead costs associated with running the Wholesale Water Fund General Special Tax Allocation 297,321 Transfer is for the maintenance of the three main stem roads in the Glen Town Center General Village Permanent 412,347 Transfer to fund two major programs during the year: Hiawatha and Wayfinding signage General Internal Service 250,000 Transfer to fund a portion of the cost of operations in the General Fund Nonmajor Governmental General 7,700,670 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 Nonmajor Enterprise 562,130 Transfer of return on investment that is used to improve public roadways as well as for Metra train station capital improvements Glenview Water Sanitary Sewer 93,763 Transfer to fund a portion of the AMI debt payment Nonmajor Governmental Internal Service 36,066 Transfer of funds to fund the Fire Station 8 expenditures Nonmajor Governmental Special Tax Allocation 1,123,212 Transfer of funds to fund infrastructure projects in the Glen Town Center Internal Service Nonmajor Enterprise 195,674 Transfer of funds to fund infrastructure projects Total - Fund Financial Statements 10,996,686 Less: Fund eliminations (9,913,882) Total Transfers - Government-Wide Statement of Activities $ 1,082,804 Page 63 VILLAGE OF GLENVIEW NOTES TO FINANCIAL STATEMENTS As of and for the Year Ended December 31, 2018 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, 2018, was as follows: Beginning Balance (as restated)Increases Decreases Ending Balance Amounts Due Within One Year Governmental Activities Bonds and Loans Payable General obligation debt $43,475,000 $-$7,870,000 $35,605,000 $8,125,000 Loans payable 2,940,878 -1,330,309 1,610,569 1,330,309 Capital lease payable 247,199 -247,199 -- (Discounts)/Premiums Bond discount (7,343)-(1,049)(6,294)-Bond premium 2,516,131 -468,868 2,047,263 - Other Liabilities Compensated absences 1,522,779 1,081,716 1,142,084 1,462,411 292,482 Capital leases 247,199 -247,199 -- Total OPEB liability 9,786,530 1,210,936 532,307 10,465,159 - Net pension liability 77,197,891 31,535,554 19,116,825 89,616,620 - Claims payable 1,681,040 464,078 737,682 1,407,436 562,974 Total Governmental Activities Long-Term Liabilities $ 139,607,304 $ 34,292,284 $ 31,691,424 $ 142,208,164 $ 10,310,765 Business-type Activities Notes Payable Notes Payable $6,547,854 $-$468,814 $6,079,040 $656,340 Other Liabilities Compensated absences 136,159 115,293 102,119 149,333 29,867 Total OPEB liability 258,785 32,021 14,076 276,730 - Net pension liability 1,864,684 562,388 2,147,919 279,153 - Total Business-type Activities Long-TermLiabilities $ 8,807,482 $ 709,702 $ 2,732,928 $ 6,784,256 $ 686,207 Page 64 VILLAGE OF GLENVIEW NOTES TO FINANCIAL STATEMENTS As of and for the Year Ended December 31, 2018 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, 2018 $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%9,470,000 $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%4,840,000 $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%3,205,000 Total Governmental Activities - General Obligation Debt $ 35,605,000 Page 65 VILLAGE OF GLENVIEW NOTES TO FINANCIAL STATEMENTS As of and for the Year Ended December 31, 2018 NOTE III - DETAILED NOTES ON ALL FUNDS (cont.) E. LONG-TERM OBLIGATIONS (cont.) General Obligation Debt (cont.) Debt service requirements to maturity are as follows: Governmental Activities General Obligation Debt Years Principal Interest 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 2,655,000 284,533 2024-2028 3,330,000 613,640 2029-2033 1,900,000 234,000 Totals $ 35,605,000 $ 4,438,901 Loans and Notes Payable Loans and Notes Payable at December 31, 2018 consist of the following: Governmental Activities Loans and Notes Payable Repayment Fund Date of Issue Final Maturity Interest Rates Balance December 31, 2018 $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 $304,634 $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%1,305,935 Total Governmental Activities Loans and Notes Payable $ 1,610,569 Page 66 VILLAGE OF GLENVIEW NOTES TO FINANCIAL STATEMENTS As of and for the Year Ended December 31, 2018 NOTE III - DETAILED NOTES ON ALL FUNDS (cont.) E. LONG-TERM OBLIGATIONS (cont.) Business-type Activities Loans and Notes Payable Repayment Fund Date of Issue Final Maturity Interest Rates Balance December 31, 2018 $7,333,416 Draw/Term Note Payable due in annual installments of $50,000 to $1,200,000 Water 05/01/2015 12/01/2025 LIBOR through 8/1/16 then 2.0%$ 6,079,040 Total Business-type Activities Loans and Notes Payable $ 6,079,040 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 2019 $1,330,309 $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 24,370 -2,422,287 89,454 2024-2028 121,850 --- 2029-2032 60,930 --- Totals $ 1,610,569 $ 24,495 $ 6,079,040 $ 482,015 Other Debt Information The compensated absences liability, total OPEB liability, and net pension obligation 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, 2018 totaled $2,122,485. 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. Page 67 VILLAGE OF GLENVIEW NOTES TO FINANCIAL STATEMENTS As of and for the Year Ended December 31, 2018 NOTE III - DETAILED NOTES ON ALL FUNDS (cont.) F. LEASE DISCLOSURES 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 Waukegan Road). The Village purchased this property in 2007 and continued to lease this property to Dominick's through the lease expiration date of December 31, 2012. The Village entered into an agreement in December 2012 to lease the land over a ten year period to a high quality, full-service grocer. The lease commenced on November 1, 2013 and qualifies as a capital lease. Therefore the Village recorded a $754,000 lease receivable as of fiscal year-end. Governmental Activities Years Principal Interest Total 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 $ 696,891 $ 57,109 $ 754,000 G.RESTATEMENT OF NET POSITION Net position has been restated due to the implementation of GASB No. 75. The restatement is necessary to record the prior year total OPEB liability. Governmental Activities Business-Type Activities Net position as of December 31, 2017 (as reported)$193,238,075 $61,702,876 Adjustment to record the total OPEB liability as of December 31, 2017 (9,786,530)(258,785) Adjustment to remove prior year net OPEB obligation 3,321,612 - Net position as of December 31, 2017 (as restated)$ 186,773,157 $ 61,444,091 Component Unit - Glenview Library Water Fund Net position as of December 31, 2017 (as reported)$15,997,535 $36,112,836 Adjustment to record the total OPEB liability as of December 31, 2017 (190,049)(207,391) Net position as of December 31, 2017 (as restated)$ 15,807,486 $ 35,905,445 Page 68 VILLAGE OF GLENVIEW NOTES TO FINANCIAL STATEMENTS As of and for the Year Ended December 31, 2018 NOTE III - DETAILED NOTES ON ALL FUNDS (cont.) G.RESTATEMENT OF FUND BALANCES/NET POSITION (cont.) Sewer Fund Nonmajor Enterprise Funds Net position as of December 31, 2017 (as reported)$19,679,672 $5,910,368 Adjustment to record the total OPEB liability as of December 31, 2017 (36,524)(14,870) Net position as of December 31, 2017 (as restated)$ 19,643,148 $ 5,895,498 H.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. b. Deposits and Investments Carrying Value Statement Balances Deposits $6,527,481 $6,590,332 The Illinois Funds 4,572 4,572 Total Deposits and Investments $ 6,532,053 $ 6,594,904 Reconciliation to financial statements Per statement of net position Cash and cash equivalents $5,041,453 Investments 1,490,600 Total Deposits and Investments $ 6,532,053 Page 69 VILLAGE OF GLENVIEW NOTES TO FINANCIAL STATEMENTS As of and for the Year Ended December 31, 2018 NOTE III - DETAILED NOTES ON ALL FUNDS (cont.) H.COMPONENT UNIT (cont.) GLENVIEW LIBRARY (cont.) b. Deposits and Investments (cont.) 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. 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. See Note I.D.1. for further information on deposit and investment policies. Page 70 VILLAGE OF GLENVIEW NOTES TO FINANCIAL STATEMENTS As of and for the Year Ended December 31, 2018 NOTE III - DETAILED NOTES ON ALL FUNDS (cont.) H.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 27,221,544 --27,221,544 Equipment and vehicles 128,107 --128,107 Library books and materials 6,940,117 686,678 809,433 6,817,362 Total Capital Assets Being Depreciated 34,289,768 686,678 809,433 34,167,013 Total Capital Assets 39,716,755 686,678 809,433 39,594,000 Less: Accumulated depreciation for Buildings and improvements (4,303,867)(570,031)-(4,873,898) Equipment and vehicles (117,760)(2,070)-(119,830) Library books and materials (4,879,521)(669,887)809,433 (4,739,975) Total Accumulated Depreciation (9,301,148)(1,241,988)809,433 (9,733,703) Net Capital Assets Being Depreciated 24,988,620 (555,310)-24,433,310 Total Component Unit Capital Assets, Net $ 30,415,607 $ (555,310)$-$ 29,860,297 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 $ 172,224 Transfer to fund certain capital costs Total - Fund Financial Statements $ 172,224 Page 71 VILLAGE OF GLENVIEW NOTES TO FINANCIAL STATEMENTS As of and for the Year Ended December 31, 2018 NOTE III - DETAILED NOTES ON ALL FUNDS (cont.) H.COMPONENT UNIT (cont.) GLENVIEW LIBRARY (cont.) e. Long-Term Obligations Beginning Balance (as restated)Increases Decreases Ending Balance Amounts Due Within One Year Bonds Payable General obligation debt $16,551,645 $-$1,225,045 $15,326,600 $1,083,500 (Discounts)/Premiums Bond premium 2,311,667 -192,639 2,119,028 - Other Liabilities Compensated absences 284,281 184,269 213,211 255,339 51,068 Total OPEB liability 190,049 23,516 10,337 203,228 - Net pension liability 3,016,343 1,034,579 3,562,073 488,849 - Total Component Units Long-Term Liabilities $22,353,985 $ 1,242,364 $ 5,203,305 $18,393,044 $ 1,134,568 Page 72 VILLAGE OF GLENVIEW NOTES TO FINANCIAL STATEMENTS As of and for the Year Ended December 31, 2018 NOTE III - DETAILED NOTES ON ALL FUNDS (cont.) H.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, 2018 $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 $ 15,326,600 Debt service requirements to maturity are as follows: Principal Interest Totals 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 1,314,975 449,505 1,764,480 2024-2028 7,628,825 1,207,856 8,836,681 2029 1,723,750 51,713 1,775,463 Totals $ 15,326,600 $ 4,103,510 $ 19,430,110 The compensated absences liability, total OPEB liability, and net pension liability will be liquidated primarily by the Library General Fund. Page 73 VILLAGE OF GLENVIEW NOTES TO FINANCIAL STATEMENTS As of and for the Year Ended December 31, 2018 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. Pension expense. At December 31, 2017, the aggregate amount of pension expense recognized for the three pension plans was as follows: Plan Amount IMRF $3,902,398 Police Pension 5,263,819 Firefighters' Pension 7,462,388 Total $ 16,628,605 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. Employees 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. Page 74 VILLAGE OF GLENVIEW NOTES TO FINANCIAL STATEMENTS As of and for the Year Ended December 31, 2018 NOTE IV - OTHER INFORMATION (cont.) A.EMPLOYEES' RETIREMENT SYSTEM (cont.) 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, 2017, the measurement date, membership in the plan was as follows: Retirees and beneficiaries 247 Inactive, non-retired members 164 Active members 209 Total 620 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 2017 was 12.48% 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, 2017, 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, 2017 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 3.39% to 14.25%, including inflation Price inflation 2.50% Page 75 VILLAGE OF GLENVIEW NOTES TO FINANCIAL STATEMENTS As of and for the Year Ended December 31, 2018 NOTE IV - OTHER INFORMATION (cont.) A.EMPLOYEES' RETIREMENT SYSTEM (cont.) Mortality. For non-disabled retirees, an IMRF specific mortality table was used with fully generational projection scale MP-2017 (base year 2015). 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- 2017 (base year 2015). 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-2017 (base year 2015). The IMRF specific rates were developed from the RP-2014 Employee Mortality Table with adjustments to match current IMRF experience. 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 37.00%8.30%6.85% International equities 18.00%8.45%6.75% Fixed income 28.00%3.05%3.00% Real estate 9.00%6.90%5.75% Alternatives 7.00% 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, 2016 measurement date was 7.50%. 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. Page 76 VILLAGE OF GLENVIEW NOTES TO FINANCIAL STATEMENTS As of and for the Year Ended December 31, 2018 NOTE IV - OTHER INFORMATION (cont.) A.EMPLOYEES' RETIREMENT SYSTEM (cont.) 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 $95,654,722 $84,833,124 $75,934,105 Plan fiduciary net pension 83,010,517 83,010,517 83,010,517 Net pension liability/(asset) $ 12,644,205 $ 1,822,607 $ (7,076,412) Glenview Library: Total pension liability $25,655,987 $22,753,477 $20,366,631 Plan fiduciary net pension 22,264,628 22,264,628 22,264,628 Net pension liability/(asset)$ 3,391,359 $ 488,849 $ (1,897,997) Total: Total pension liability $121,310,709 $107,586,601 $96,300,736 Plan fiduciary net pension 105,275,145 105,275,145 105,275,145 Net pension liability/(asset) $ 16,035,564 $ 2,311,456 $ (8,974,409) Changes in net pension liability/(asset). The changes in net pension liability/(asset) for the calendar year ended December 31, 2017 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, 2016 $86,274,017 $74,842,592 $11,431,425 Service cost 1,354,683 -1,354,683 Interest on total pension liability 6,284,484 -6,284,484 Differences between expected and actual experience of the total pension liability (2,169,603)-(2,169,603) Change of assumptions (2,669,227)-(2,669,227) Benefit payments, including refunds of employee contributions (4,241,230)(4,241,230)- Contributions - employer -1,637,281 (1,637,281) Contributions - employee -578,252 (578,252) Net investment income -12,166,520 (12,166,520) Other (net transfer) -(1,972,898)1,972,898 Balances at December 31, 2017 $ 84,833,124 $ 83,010,517 $ 1,822,607 Page 77 VILLAGE OF GLENVIEW NOTES TO FINANCIAL STATEMENTS As of and for the Year Ended December 31, 2018 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, 2016 $21,663,117 $18,646,774 $3,016,343 Service cost 363,346 -363,346 Interest on total pension liability 1,685,590 -1,685,590 Differences between expected and actual experience of the total pension liability 573,104 -573,104 Change of assumptions (715,925)-(715,925) Benefit payments, including refunds of employee contributions (815,755)(815,755)- Contributions - employer -439,142 (439,142) Contributions - employee -155,095 (155,095) Net investment income -4,368,532 (4,368,532) Other (net transfer) -(529,160)529,160 Balances at December 31, 2017 $ 22,753,477 $ 22,264,628 $ 488,849 Total: Balances at December 31, 2016 $107,937,134 $93,489,366 $14,447,768 Service cost 1,718,029 -1,718,029 Interest on total pension liability 7,970,074 -7,970,074 Differences between expected and actual experience of the total pension liability (1,596,499)-(1,596,499) Change of assumptions (3,385,152)-(3,385,152) Benefit payments, including refunds of employee contributions (5,056,985)(5,056,985)- Contributions - employer -2,076,423 (2,076,423) Contributions - employee -733,347 (733,347) Net investment income -16,535,052 (16,535,052) Other (net transfer) -(2,502,058)2,502,058 Balances at December 31, 2017 $ 107,586,601 $ 105,275,145 $ 2,311,456 Plan fiduciary net position as a percentage of the total pension liability %97.85 The net pension liability as of December 31, 2018 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 $ 1,543,454 $ 227,652 $ 51,501 $ 279,153 $ 488,849 $ 2,311,456 Page 78 VILLAGE OF GLENVIEW NOTES TO FINANCIAL STATEMENTS As of and for the Year Ended December 31, 2018 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, 2018, the Village and Glenview Library recognized pension expense of $3,902,398. 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 $69,090 $1,072,023 Assumption changes 152,107 2,059,330 Net difference between projected and actual earnings on pension plan investments -3,758,336 Changes in component proportion between governmental, business and component unit 44,896 88,984 Contributions subsequent to the measurement date 1,610,229 - Total $ 1,876,322 $ 6,978,673 Glenview Library: Difference between expected and actual experience $18,531 $287,532 Assumption changes 40,798 552,342 Net difference between projected and actual earnings on pension plan investments -1,008,040 Changes in component proportion between governmental, business and component unit 44,088 - Contributions subsequent to the measurement date 431,885 - Total $ 535,302 $ 1,847,914 Total: Difference between expected and actual experience $87,621 $1,359,555 Assumption changes 192,905 2,611,672 Net difference between projected and actual earnings on pension plan investments -4,766,376 Changes in component proportion between governmental, business and component unit 88,984 88,984 Contributions subsequent to the measurement date 2,042,114 - Total $ 2,411,624 $ 8,826,587 Page 79 VILLAGE OF GLENVIEW NOTES TO FINANCIAL STATEMENTS As of and for the Year Ended December 31, 2018 NOTE IV - OTHER INFORMATION (cont.) A.EMPLOYEES' RETIREMENT SYSTEM (cont.) The deferred inflows of resources and deferred outflows of resources as of December 31, 2018 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 $1,595,820 $228,752 $51,750 $280,502 $535,302 $2,411,624 Deferred Inflows of Resources 5,834,868 934,728 209,077 1,143,805 1,847,914 8,826,587 The amount reported as deferred outflows resulting from contributions subsequent to the measurement date in the above table will be recognized as a reduction in the net pension liability/(asset) for the year ending December 31, 2019. The remaining amounts reported as deferred outflows and inflows of resources related to pensions ($(8,457,077)) will be recognized in pension expense as follows: Year Ending December 31,Village Component Unit - Glenview Library Total 2019 $(1,302,472)$(293,429)$(1,595,901) 2020 (1,652,213)(443,148)(2,095,361) 2021 (2,227,956)(597,568)(2,825,524) 2022 (1,529,939)(410,352)(1,940,291) Total $ (6,712,580)$ (1,744,497)$ (8,457,077) 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 80 VILLAGE OF GLENVIEW NOTES TO FINANCIAL STATEMENTS As of and for the Year Ended December 31, 2018 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, 2018, the Police Pension membership consisted of: Retirees and beneficiaries 64 Inactive, non-retired members 4 Active members 65 Total 133 Page 81 VILLAGE OF GLENVIEW NOTES TO FINANCIAL STATEMENTS As of and for the Year Ended December 31, 2018 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 $2,470,705 for the fiscal year ending December 31, 2018 was 36.74% of annual covered payroll. Net Pension Liability/(Asset). The net pension liability/(asset) was measured as of December 31, 2018, 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, 2018 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% Mortality Rate Active Lives: PubS.H-2010 Employee mortality, projected to 2030 with Scale MP-2018. 10% of active deaths are assumed to be in the line of duty. Mortality Rate Inactive Lives: PubS.H-2010 Healthy Retiree mortality, projected to 2030 with Scale MP-2018. Mortality Rate Beneficiaries: PubS.H- 2010 Survivor mortality, projected to 2030 with Scale MP-2018. Mortality Rate Disabled Lives: PubS.H- 2010 Disabled mortality, projected to 2030 with Scale MP-2018. Page 82 VILLAGE OF GLENVIEW NOTES TO FINANCIAL STATEMENTS As of and for the Year Ended December 31, 2018 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 $126,041,990 $110,354,597 $97,512,941 Plan fiduciary net position 74,378,023 74,378,023 74,378,023 Net pension liability $ 51,663,967 $ 35,976,574 $ 23,134,918 Page 83 VILLAGE OF GLENVIEW NOTES TO FINANCIAL STATEMENTS As of and for the Year Ended December 31, 2018 NOTE IV - OTHER INFORMATION (cont.) A.EMPLOYEES' RETIREMENT SYSTEM (cont.) Police Pension (cont.) Changes in net pension liability/(asset). The Village's changes in net pension liability/(asset) for the calendar year ended December 31, 2018 was as follows: Increase (Decrease) Total Pension Liability (a) Plan Fiduciary Net Position (b) Net Pension Liability/Asset (a) - (b) Balances at December 31, 2017 $104,688,057 $79,413,972 $25,274,085 Service cost 1,647,496 -1,647,496 Interest on total pension liability 7,022,152 -7,022,152 Differences between expected and actual experience of the total pension liability 137,917 -137,917 Change of assumptions 1,409,870 -1,409,870 Benefit payments, including refunds of employee contributions (4,607,357)(4,607,357)- Contributions - employer -2,470,705 (2,470,705) Contributions - employee -695,012 (695,012) Contributions - buy back 56,462 56,462 - Net investment income -(3,589,649)3,589,649 Administration -(61,122)61,122 Balances at December 31, 2018 $ 110,354,597 $ 74,378,023 $ 35,976,574 Plan fiduciary net position as a percentage of the total pension liability %67.40 Pension expense and deferred outflows of resources and deferred inflows of resources related to pensions. For the year ended December 31, 2018, the Village recognized pension expense of $5,263,819. 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 $480,682 $1,380,932 Assumption changes 3,162,973 - Net difference between projected and actual earnings on pension plan investments 6,224,718 - Total $ 9,868,373 $ 1,380,932 Page 84 VILLAGE OF GLENVIEW NOTES TO FINANCIAL STATEMENTS As of and for the Year Ended December 31, 2018 NOTE IV - OTHER INFORMATION (cont.) A.EMPLOYEES' RETIREMENT SYSTEM (cont.) Police Pension (cont.) The amounts reported as deferred outflows and inflows of resources related to pensions ($8,487,441) will be recognized in pension expense as follows: Year Ending December 31,Amount 2019 $2,539,689 2020 1,608,351 2021 1,978,770 2022 2,102,667 2023 257,964 Total $ 8,487,441 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. 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. Page 85 VILLAGE OF GLENVIEW NOTES TO FINANCIAL STATEMENTS As of and for the Year Ended December 31, 2018 NOTE IV - OTHER INFORMATION (cont.) A.EMPLOYEES' RETIREMENT SYSTEM (cont.) Firefighters' Pension (cont.) 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, 2018, the Firefighters' Pension Plan membership consisted of: Retirees and beneficiaries 89 Inactive, non-retired members 2 Active members 80 Total 171 Contributions. Participants contribute a fixed percentage of their base salary to the plans. At December 31, 2018, 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 $4,048,725 for the fiscal year ending December 31, 2018 was 47.15% of annual covered payroll. Net pension liability/(asset). The net pension liability/(asset) was measured as of December 31, 2018, 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 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. Page 86 VILLAGE OF GLENVIEW NOTES TO FINANCIAL STATEMENTS As of and for the Year Ended December 31, 2018 NOTE IV - OTHER INFORMATION (cont.) A.EMPLOYEES' RETIREMENT SYSTEM (cont.) Firefighters' Pension (cont.) Actuarial assumptions. The total pension liability was determined by an actuarial valuation performed as of December 31, 2018 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: RP-2014 Adjusted for Plan Status, Collar, and Illinois Public Pension Data, as Appropriate. 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. 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 $149,948,765 $131,674,873 $116,712,380 Plan fiduciary net position 79,578,281 79,578,281 79,578,281 Net pension liability $ 70,370,484 $ 52,096,592 $ 37,134,099 Page 87 VILLAGE OF GLENVIEW NOTES TO FINANCIAL STATEMENTS As of and for the Year Ended December 31, 2018 NOTE IV - OTHER INFORMATION (cont.) A.EMPLOYEES' RETIREMENT SYSTEM (cont.) Firefighters' Pension (cont.) Changes in net pension liability/(asset). The Village's changes in net pension liability/(asset) for the calendar year ended December 31, 2018 was as follows: Increase (Decrease) Total Pension Liability (a) Plan Fiduciary Net Position (b) Net Pension Liability/Asset (a) - (b) Balances at December 31, 2017 $127,124,670 $84,767,605 $42,357,065 Service cost 2,086,295 -2,086,295 Interest on total pension liability 8,688,900 -8,688,900 Differences between expected and actual experience of the total pension liability (229,937)-(229,937) Benefit payments, including refunds of employee contributions (5,995,055)(5,995,055)- Contributions - employer -4,048,725 (4,048,725) Contributions - employee -814,043 (814,043) Net investment income -(3,987,265)3,987,265 Administration -(69,772)69,772 Balances at December 31, 2018 $ 131,674,873 $ 79,578,281 $ 52,096,592 Plan fiduciary net position as a percentage of the total pension liability %60.44 Pension expense and deferred outflows of resources and deferred inflows of resources related to pensions. For the year ended December 31, 2018, the Village recognized pension expense of $7,462,388. 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 $1,018,648 $1,397,025 Assumption changes 5,317,755 - Net difference between projected and actual earnings on pension plan investments 5,685,568 - Total $ 12,021,971 $ 1,397,025 Page 88 VILLAGE OF GLENVIEW NOTES TO FINANCIAL STATEMENTS As of and for the Year Ended December 31, 2018 NOTE IV - OTHER INFORMATION (cont.) A.EMPLOYEES' RETIREMENT SYSTEM (cont.) Firefighters' Pension (cont.) The amounts reported as deferred outflows and inflows of resources related to pensions ($10,624,946) will be recognized in pension expense as follows: Year Ending December 31,Amount 2019 $3,323,124 2020 2,508,297 2021 2,350,044 2022 2,501,575 2023 (34,071) Thereafter (24,023) Total $ 10,624,946 PENSION SEGMENT INFORMATION Fiduciary Net Position Pension Trust Police Pension Fund Firefighters' Pension Fund Total Assets Cash and Cash Equivalents $3,955,313 $80,724 $4,036,037 Investments U.S. Treasuries 6,593,621 4,316,570 10,910,191 U.S. Agencies 7,662,302 21,254,598 28,916,900 Mutual Funds 41,763,689 48,992,884 90,756,573 Corporate Obligations 13,657,583 -13,657,583 Municipal Obligations 563,404 4,780,650 5,344,054 Receivables - (net allowances for uncollectibles) Accrued Interest 193,649 183,594 377,243 Prepaid Items 6,137 4,906 11,043 Due from Primary Government 1,288 2,112 3,400 Total Assets 74,396,986 79,616,038 154,013,024 Liabilities Accrued Expenses 18,963 37,757 56,720 Total Liabilities 18,963 37,757 56,720 Net Position Restricted for pension benefits $ 74,378,023 $ 79,578,281 $ 153,956,304 Page 89 VILLAGE OF GLENVIEW NOTES TO FINANCIAL STATEMENTS As of and for the Year Ended December 31, 2018 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 $2,470,705 $4,048,725 $6,519,430 Participant 751,474 814,043 1,565,517 Total Contributions 3,222,179 4,862,768 8,084,947 Investment Income Net Appreciation in Fair Value of Investments (6,973,465)(7,544,266)(14,517,731) Pensions - Interest income 3,465,950 3,709,348 7,175,298 Total Investment income (3,507,515)(3,834,918)(7,342,433) Less investment expense 82,136 152,347 234,483 Net investment income (3,589,651)(3,987,265)(7,576,916) Total Additions (367,472)875,503 508,031 Deductions Retirement Pensions 4,191,283 4,933,430 9,124,713 Widow Pensions 220,240 582,663 802,903 Disability Pensions 123,482 478,962 602,444 Children's Pensions 48,270 -48,270 Contribution Refunds 24,082 -24,082 Administration 61,122 69,772 130,894 Total Deductions 4,668,479 6,064,827 10,733,306 Change in net position (5,035,951)(5,189,324)(10,225,275) Net position, beginning of year 79,413,974 84,767,605 164,181,579 Net position, end of year $ 74,378,023 $ 79,578,281 $ 153,956,304 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 90 VILLAGE OF GLENVIEW NOTES TO FINANCIAL STATEMENTS As of and for the Year Ended December 31, 2018 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 estimated. 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 $1,938,607 $1,681,040 Current year claims and changes in estimates 800,251 464,078 Claim payments (1,057,818)(737,682) Unpaid Claims - End of Year $ 1,681,040 $ 1,407,436 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 91 VILLAGE OF GLENVIEW NOTES TO FINANCIAL STATEMENTS As of and for the Year Ended December 31, 2018 NOTE IV - OTHER INFORMATION (cont.) B.RISK MANAGEMENT (cont.) Public Entity Risk Pool (cont.) High-Level Excess Liability Pool (HELP) The Village participated in the High-Level Excess Liability Pool (HELP) until May 1, 2018. As of May 1, 2018, the Village obtained excess coverage through the open insurance market. HELP was a pool with a membership of thirteen municipalities in Illinois that provided excess liability coverage ($11,000,000 of coverage after a $2,000,000 self-insurance retention). The purpose of HELP was to act as a joint self- insurance pool for the purpose of providing excess liability insurance to municipalities. The Village's payments to HELP thru April 30, 2018 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. The Village did not renew membership after this expiration date. The HELP Board of Directors will continue to meet until all claims for member municipalities thru April 30, 2018 are closed or have been otherwise resolved. 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 92 VILLAGE OF GLENVIEW NOTES TO FINANCIAL STATEMENTS As of and for the Year Ended December 31, 2018 NOTE IV - OTHER INFORMATION (cont.) D.JOINT VENTURES High-Level Excess Liability Pool (HELP) The Village was a member of a joint venture, the High-Level Excess Liability Pool (HELP) until May 1, 2018. The contract with HELP provided excess liability insurance. The Village committed to purchase excess liability insurance from the High-Level Excess Liability Pool (HELP) through April 30, 2018. The amount owed has been calculated using the Village's current allocation percentage of 9.21%. The Village's agreement with HELP also provided that each member is liable for its proportionate share of any costs arising from defaults in payment obligations by other members. The Village's most recent term with HELP expired April 30, 2018. The Village did not renew, instead opting to obtain excess coverage through the open market after expiration. Solid Waste Agency of Northern Cook County The Village is a member of a joint venture, the Solid Waste Agency of Northern Cook County (SWANCC), which consists of twenty-three municipalities. SWANCC is a municipal corporation and public body politic established pursuant to the Constitution of the State of Illinois and the Intergovernmental Cooperation Act of the State of Illinois, as amended, (the Act). SWANCC is empowered under the Act to plan, construct, finance, operate, and maintain a solid waste disposal system to serve its members. The contract with SWANCC provides that each member is liable for its proportionate share of any costs arising from defaults in payment obligations by other members. The members form a contiguous geographic service area, which is located northwest of downtown Chicago. Under the SWANCC Agreement, additional members may join SWANCC upon the approval of each member. SWANCC is governed by a Board of Directors, which consists of one appointed Mayor or President from each member municipality. Each Director has an equal vote. The seven-member Executive Committee of SWANCC is elected by the Board of Directors. The Board of Directors determines the general policy of SWANCC, makes all appropriations, approves contracts, adopts resolutions providing for the issuance of bonds or notes by SWANCC, adopts by-laws, rules and regulations, and exercises such powers and performs such duties as may be prescribed in the agreement or the by-laws. In accordance with the joint venture agreement, the Village remitted $516,894 to SWANCC for the year ended December 31, 2018. The payments are recorded in the General Fund. The Village does not have an equity interest in SWANCC at December 31, 2018. Complete financial statements for SWANCC can be obtained from SWANCC's administrative office at 2700 Patriot Boulevard, Suite 110, Glenview, Illinois 60026, or from SWANCC's website, www.swancc.org. Page 93 VILLAGE OF GLENVIEW NOTES TO FINANCIAL STATEMENTS As of and for the Year Ended December 31, 2018 NOTE IV - OTHER INFORMATION (cont.) E.OTHER POSTEMPLOYMENT BENEFITS Plan description. The Village and Library provide postemployment health care and life insurance benefits at blended premium rates for retired employees through a cost-sharing defined benefit plan administered by the Village. 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 funded on a pay-as-you-go basis and no assets are accumulated in a trust that meets the criteria in paragraph 4 of Statement No. 75. The plan does not issue a separate report. Contributions and benefits provided. The Village and Library provide continued health insurance coverage at the active employee rate to all eligible employees in accordance with ILCS, which creates an OPEB for retirees, commonly referred to as an implicit rate subsidy. To be eligible for benefits, an employee must qualify for retirement under the Village or Library'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. For Village and Library employees, upon a retiree reaching 65 years of age, Medicare becomes the primary insurer and the retiree is no longer eligible to participate in the plan. Retired employees are required to pay 100% of the premiums for such coverage. Total OPEB Liability. At December 31, 2018, the Village reported a liability for its proportionate share of the total OPEB liability of $10,741,889 and the Library reported a liability for its proportionate share of the total OPEB liability of $203,228. The total liability was measured as of December 31, 2018, and was determined by an actuarial valuation as of December 31, 2018. The proportions of the total OPEB liability were based on the share of OPEB cost between the Village and Library, as determined by the independent actuary, for the measurement year ended December 31, 2018. At December 31, 2018, the Village and Library's proportions were 98.14% and 1.86%, respectively. Actuarial assumptions and other inputs. The total OPEB liability in the December 31, 2018 actuarial valuation was determined using the following actuarial assumptions and other inputs, applied to all periods included in the measurement, unless otherwise specified: Health care participation rate 75% participation with 50% electing spouse coverage Healthcare cost trend rates Initial rate of 8.50%, grading down to the ultimate trend rate of 4.50% in 2027 Retirees' share of benefit-related costs 100%; The Village pays 100% of the cost of retiree and dependent coverage for disabled Police Officers and Firefighters receiving PSEBA benefits The discount rate was based on tax-exempt municipal bond rate based on an index of 20-year general obligation bonds with an average AA credit rating. Page 94 VILLAGE OF GLENVIEW NOTES TO FINANCIAL STATEMENTS As of and for the Year Ended December 31, 2018 NOTE IV - OTHER INFORMATION (cont.) E.OTHER POSTEMPLOYMENT BENEFITS (cont.) Probabilities of death for participants were according to RP2014 Blue Collar base rates projected to 2018 using scale MP2018 for Police and Fire. For all others the RP2014 base rates projected to 2018 using scale MP2018 was used. No additional provision (besides those already embedded) were included for mortality improvements beyond 2018. The actuarial assumptions used in the December 31, 2018 valuation were based on the results of an actuarial experience study conducted by the independent actuary. Discount Rate. At December 31, 2018, the discount rate used to measure the total OPEB liability was a blended rate of 4.10%, which was a change from the December 31, 2017 rate of 3.44%. Since the plan is financed on a pay-as-you-go basis, the discount rate is based on the 20-year general obligation bond index. Changes in the Total OPEB Liability Total OPEB Liability Balances at December 31, 2017 $10,235,364 Changes for the year: Service cost 387,795 Interest 342,521 Differences between expected and actual experience (321,493) Changes in assumptions or other inputs 857,650 Benefit payments (556,720) Net changes 709,753 Balances at December 31, 2018 $10,945,117 Total OPEB liability - Village proportion $10,741,889 Total OPEB liability - Library proportion $203,228 Changes of assumptions and other inputs reflect a change in the discount rate from 3.44% for the reporting period ended December 31, 2017, to 4.10% for the reporting period ended December 31, 2018. Page 95 VILLAGE OF GLENVIEW NOTES TO FINANCIAL STATEMENTS As of and for the Year Ended December 31, 2018 NOTE IV - OTHER INFORMATION (cont.) E.OTHER POSTEMPLOYMENT BENEFITS (cont.) Sensitivity of the total OPEB liability to changes in the discount rate. The following presents the total OPEB liability of the Village and Library, as well as what the Village and Library's total OPEB liability would be if it were calculated using a discount rate that is 1-percentage-point lower (3.10 percent) or 1- percentage-point higher (5.10 percent) than the current discount rate: 1% Decrease Discount Rate 1% Increase (3.10%)(4.10%)(5.10%) Total OPEB liability - Village $11,883,405 $10,741,889 $9,755,490 Total OPEB liability - Library 220,162 203,228 187,205 Total OPEB liability $12,103,567 $10,945,117 $9,942,695 Sensitivity of the net OPEB liability to changes in the healthcare cost trend rates. The following presents the net OPEB liability of the Village and Library, as well as what the Village and Library's net OPEB liability would be if it were calculated using healthcare cost trend rates that are 1-percentage-point lower ( 7.50 percent decreasing to 3.50 percent) or 1-percentage-point higher (9.50 percent decreasing to 5.50 percent) than the current healthcare cost trend rates: 1% Decrease (7.50% Decreasing to 3.50%) Healthcare Cost Trend Rates (8.50% Decreasing to 4.50%) 1% Increase (9.50% Decreasing to 5.50%) Total OPEB liability - Village $9,564,192 $10,741,889 $12,160,974 Total OPEB liability - Library 180,092 203,228 230,272 Total OPEB liability $ 9,744,284 $ 10,945,117 $ 12,391,246 Page 96 VILLAGE OF GLENVIEW NOTES TO FINANCIAL STATEMENTS As of and for the Year Ended December 31, 2018 NOTE IV - OTHER INFORMATION (cont.) E.OTHER POSTEMPLOYMENT BENEFITS (cont.) OPEB EXPENSE AND DEFERRED OUTFLOWS OF RESOURCES AND DEFERRED INFLOWS OF RESOURCES RELATED TO OPEB For the year ended December 31, 2018, the Village and Library recognized OPEB expense of $783,903. At December 31, 2018, the Village and Library reported deferred outflows of resources and deferred inflows of resources related to OPEB from the following sources: Deferred Outflows of Resources Deferred Inflows of Resources Village: Difference between expected and actual experience $-$283,989 Assumption changes 757,599 - Total $ 757,599 $ 283,989 Glenview Library: Difference between expected and actual experience $-$5,373 Assumption changes 14,333 - Total $ 14,333 $ 5,373 Total: Difference between expected and actual experience $-$289,362 Assumption changes 771,932 - Total $ 771,932 $ 289,362 Amounts reported as deferred outflows of resources and deferred inflows of resources related to OPEB will be recognized in OPEB expense as follows: Year Ending December 31,Village Glenview Library Total 2019 $52,592 $995 $53,587 2020 52,592 995 53,587 2021 52,592 995 53,587 2022 52,592 995 53,587 2023 52,592 995 53,587 Thereafter 210,650 3,985 214,635 Total $ 473,610 $ 8,960 $ 482,570 Page 97 VILLAGE OF GLENVIEW NOTES TO FINANCIAL STATEMENTS As of and for the Year Ended December 31, 2018 NOTE IV - OTHER INFORMATION (cont.) 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 retailer over a base amount. The agreement is contingent on the retailer maintaining their facility within the Village for a period of at least fifteen years from the effective date of January 1, 2015 per the second addendum to the original agreement executed in 2000. In fiscal year 2018, the Village made payments to the retailer totaling $2,531,299 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 2018, the Village made payments to the retailer totaling $164,784 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 $229,594. Page 98 VILLAGE OF GLENVIEW NOTES TO FINANCIAL STATEMENTS As of and for the Year Ended December 31, 2018 NOTE IV - OTHER INFORMATION (cont.) G.EFFECT OF NEW ACCOUNTING STANDARDS ON CURRENT-PERIOD FINANCIAL STATEMENTS The Governmental Accounting Standards Board (GASB) has approved the following: x Statement No. 83, Certain Asset Retirement Obligations x Statement No. 84, Fiduciary Activities x Statement No. 87, Leases x Statement No. 88, Certain Disclosures Related to Debt, including Direct Borrowings and Direct Placements x Statement No. 89, Accounting for Interest Cost Incurred before the End of a Construction Period x Statement No. 90, Majority Equity Interest an amendment of GASB Statements No 14 and No. 61 When they become effective, application of these standards may restate portions of these financial statements. Page 99 R E Q U I R E D S U P P L E M E N T A R Y I N F O R M A T I O N See independent auditors' report and accompanying notes to required supplementary information Page 100 Village Library Total Village Library Total Total pension liability Service cost 1,441,366$ 379,030$ 1,820,396$ 1,450,778$ 360,306$ 1,811,084$ Interest 6,215,187 472,222 6,687,409 5,875,309 1,459,156 7,334,465 Differences between expected and actual experience 1,054,984 277,425 1,332,409 71,975 17,875 89,850 Changes of assumptions 2,594,608 682,293 3,276,901 107,863 26,788 134,651 Benefit payments, including refunds of member contributions (3,299,534) (867,665) (4,167,199) (3,638,198) (903,561) (4,541,759) Net change in total pension liability 8,006,611 943,305 8,949,916 3,867,727 960,564 4,828,291 Total pension liability - beginning 71,529,140 18,809,714 90,338,854 79,535,751 19,753,019 99,288,770 Total pension liability - ending 79,535,751$ 19,753,019$ 99,288,770$ 83,403,478$ 20,713,583$ 104,117,061$ Plan fiduciary net position Employer contributions 1,714,020$ 450,728$ 2,164,748$ 1,754,574$ 435,755$ 2,190,329$ Employee contributions 578,749 152,191 730,940 532,041 248,514 780,555 Net investment income 5,000,601 152,829 5,153,430 354,242 87,978 442,220 Benefit payments, including refunds of member contributions (3,299,534) (867,665) (4,167,199) (3,638,198) (903,561) (4,541,759) Other (net transfer)181,595 47,753 229,348 444,375 110,362 554,737 Net change in plan fiduciary net position 4,175,431 (64,164) 4,111,267 (552,966) (20,952) (573,918) Plan fiduciary net position - beginning 67,395,507 17,722,710 85,118,217 71,570,938 17,658,546 89,229,484 Plan fiduciary net position - ending 71,570,938$ 17,658,546$ 89,229,484$ 71,017,972$ 17,637,594$ 88,655,566$ Employer's net pension (asset) liability 7,964,813$ 2,094,473$ 10,059,286$ 12,385,506$ 3,075,989$ 15,461,495$ Plan fiduciary net position as a percentage of the total pension liability 89.87% 85.15% Covered payroll 16,154,258$ 17,008,659$ Employer's net pension (asset) liability as a percentage of covered payroll 62.27% 90.90% Notes to Schedule: VILLAGE OF GLENVIEW ILLINOIS MUNICIPAL RETIREMENT FUND SCHEDULE OF CHANGES IN THE CITY'S NET PENSION LIABILITY AND RELATED RATIOS Last Four Fiscal Years 2015 2016 The Village implemented GASB Statement No. 68 in fiscal year 2015. Information prior to fiscal year 2015 is not available. The Village utilizes the IMRF report as of the prior fiscal year end date. See independent auditors' report and accompanying notes to required supplementary information Page 101 Village Library Total Village Library Total 1,364,711$ 360,098$ 1,724,809$ 1,354,683$ 363,346$ 1,718,029$ 6,067,722 1,601,054 7,668,776 6,284,484 1,685,590 7,970,074 (459,967) 70,733 (389,234) (2,169,603) 573,104 (1,596,499) (215,882) (56,963) (272,845) (2,669,227) (715,925) (3,385,152) (3,886,045) (1,025,388) (4,911,433) (4,241,230) (815,755) (5,056,985) 2,870,539 949,534 3,820,073 (1,440,893) 1,090,360 (350,533) 83,403,478 20,713,583 104,117,061 86,274,017 21,663,117 107,937,134 86,274,017$ 21,663,117$ 107,937,134$ 84,833,124$ 22,753,477$ 107,586,601$ 1,666,519$ 439,734$ 2,106,253$ 1,637,281$ 439,142$ 2,076,423$ 601,714 158,771 760,485 578,252 155,095 733,347 4,863,653 1,283,344 6,146,997 12,166,520 4,368,532 16,535,052 (3,886,045) (1,025,388) (4,911,433) (4,241,230) (815,755) (5,056,985) 578,779 152,719 731,498 (1,972,898) (529,160) (2,502,058) 3,824,620 1,009,180 4,833,800 8,167,925 3,617,854 11,785,779 71,017,972 17,637,594 88,655,566 74,842,592 18,646,774 93,489,366 74,842,592$ 18,646,774$ 93,489,366$ 83,010,517$ 22,264,628$ 105,275,145$ 11,431,425$ 3,016,343$ 14,447,768$ 1,822,607$ 488,849$ 2,311,456$ 86.61% 97.85% 16,327,538$ 16,293,001$ 88.49% 14.19% 20182017 See independent auditors' report and accompanying notes to required supplementary information Page 102 Village Library Total Village Library Total Actuarially determined contribution 1,699,565$ 446,928$ 2,146,493$ 1,687,223$ 419,029$ 2,106,252$ Contributions in relation to the actuarially determined contribution (1,734,274) (456,055) (2,190,329) (1,687,224) (419,029) (2,106,253) Contribution deficiency (excess)(34,709)$ (9,127)$ (43,836)$ (1)$ -$ (1)$ Covered payroll 17,008,659$ 16,327,538$ Contributions as a percentage of covered payroll 12.88% 12.90% Notes to Schedule: The Village implemented GASB Statement No. 68 in fiscal year 2015. Information prior to fiscal year 2014 is not available. Valuation date: Actuarially determined contribution rates are calculated as of December 31. 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. IMRF specific mortality table was used with fully generational projection scale MP-2014 (base year 2012). VILLAGE OF GLENVIEW ILLINOIS MUNICIPAL RETIREMENT FUND SCHEDULE OF EMPLOYER CONTRIBUTIONS Last Four Fiscal Years 2016 Experience-based table of rates that are specific to the type of eligibility condition. Last updated for the 2014 valuation pursuant to an experience study of the period 2011-2013. 2015 3.75% to 14.50% including inflation Entry age normal Level percentage of payroll, closed 26-year closed period 5-Year Smoothed Market; 20% corridor See independent auditors' report and accompanying notes to required supplementary information Page 103 Village Library Total Village Library Total 1,606,360$ 427,007$ 2,033,367$ 1,579,391$ 419,838$ 1,999,229$ (1,640,374) (436,049) (2,076,423) (1,625,477) (432,089) (2,057,566) (34,014)$ (9,042)$ (43,056)$ (46,086)$ (12,251)$ (58,337)$ 16,293,001$ 16,306,927$ 12.74% 12.62% 20182017 See independent auditors' report and notes to required supplementary information. Page 104 VILLAGE OF GLENVIEW POLICE PENSION FUND SCHEDULE OF CHANGES IN THE VILLAGE'S NET PENSION LIABILITY AND RELATED RATIOS Last Five 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 payroll 7,055,218$ 6,985,724$ Village's net pension liability as a percentage of covered 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 105 2016 2017 2018 1,601,139$ 1,751,973$ 1,647,496$ 6,436,190 6,727,271 7,022,152 215,928 386,681 137,917 3,376,901 - 1,409,870 - - 56,462 (3,948,281)(4,178,350)(4,607,357) 7,681,877 4,687,575 5,666,540 92,318,605 100,000,482 104,688,057 100,000,482$ 104,688,057$ 110,354,597$ 2,497,041$ 2,492,386$ 2,470,705$ 812,961 712,431 695,012 --56,462 3,937,691 8,439,097 (3,589,649) (3,948,281) (4,178,350) (4,607,357) (50,482)(57,057)(61,122) 3,248,930 7,408,507 (5,035,949) 68,756,535 72,005,465 79,413,972 72,005,465$ 79,413,972$ 74,378,023$ 27,995,017$ 25,274,085$ 35,976,574$ 72.01% 75.86% 67.40% 7,123,493$ 6,890,888$ 6,725,646$ 393.00% 366.78% 534.92% See independent auditors' report and notes to required supplementary information. Page 106 VILLAGE OF GLENVIEW POLICE PENSION FUND SCHEDULE OF EMPLOYER CONTRIBUTIONS Last Ten Fiscal Years 2009 2010 2011 2012 Actuarially determined contribution 933,477$ 1,370,885$ 1,347,587$ 1,569,531$ Contributions in relation to the actuarially determined contribution 1,168,933 1,802,629 1,767,986 1,812,692 Contribution deficiency (excess) (235,456)$ (431,744)$ (420,399)$ (243,161)$ Covered payroll 5,847,732$ 5,855,973$ 6,091,656$ 6,136,593$ Contributions as a percentage of covered payroll 19.99% 30.78% 29.02% 29.54% 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 ,QYHVWPHQWUDWHRIUHWXUQ Mortality 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% 6.75%, net of pension plan investment expense, including inflation See independent auditors' report and notes to required supplementary information. Page 107 2013 2014 2015 2016 2017 2018 1,812,556$ 1,921,637$ 1,957,880$ 3,224,497$ 2,337,883$ 2,448,164$ 1,632,373 1,953,494 7,494,545 2,497,041 2,492,386 2,470,705 180,183$ (31,857)$ (5,536,665)$ 727,456$ (154,503)$ (22,541)$ 6,359,627$ 7,055,218$ 6,985,724$ 7,123,493$ 6,890,888$ 6,725,646$ 25.67% 27.69% 107.28% 35.05% 36.17% 36.74% See independent auditors' report and notes to required supplementary information. Page 108 VILLAGE OF GLENVIEW POLICE PENSION FUND SCHEDULE OF INVESTMENT RETURNS Last Four Fiscal Years 2014 2015 2016 2017 2018 Annual money-weighted rate of return, net of investment expense 4.58% 0.06% 5.80% 11.99% -4.63% 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 109 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 payroll 7,058,973$ 7,926,515$ Village's net pension liability as a percentage of covered 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 Five Fiscal Years See independent auditors' report and notes to required supplementary information. Page 110 2016 2017 2018 1,890,273$ 2,022,592$ 2,086,295$ 7,728,761 8,377,782 8,688,900 (2,178,162) 2,444 (229,937) 7,605,249 - - (5,627,277)(5,921,500)(5,995,055) 9,418,844 4,481,318 4,550,203 113,224,508 122,643,352 127,124,670 122,643,352$127,124,670$131,674,873$ 4,016,250$ 3,839,494$ 4,048,725$ 782,515 783,767 814,043 - 18,091 - 4,765,957 10,455,191 (3,987,265) (5,627,277) (5,921,500) (5,995,055) (68,045)(69,391)(69,772) 3,869,400 9,105,652 (5,189,324) 71,792,553 75,661,953 84,767,605 75,661,953$84,767,605$79,578,281$ 46,981,399$42,357,065$52,096,592$ 61.69% 66.68% 60.44% 8,077,068$ 8,359,765$ 8,587,330$ 581.66% 506.68% 606.67% See independent auditors' report and notes to required supplementary information. Page 111 2009 2010 2011 2012 Actuarially determined contribution 1,987,548$ 1,941,060$2,160,105$ 2,420,075$ Contributions in relation to the actuarially determined contribution 1,985,871 2,541,870 2,806,961 2,926,010 Contribution deficiency (excess) 1,677$(600,810)$(646,856)$(505,935)$ Covered payroll 6,519,762$ 6,621,473$6,926,020$ 6,439,694$ Contributions as a percentage of covered payroll 30.46% 38.39% 40.53% 45.44% 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 VILLAGE OF GLENVIEW Last Ten Fiscal Years FIREFIGHTERS' PENSION FUND SCHEDULE OF EMPLOYER CONTRIBUTIONS Level dollar RP-2014 Adjusted for Plan Status, Collar, and Illinois Public Pension Data, as Appropriate 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. Market value 2.50% See independent auditors' report and notes to required supplementary information. Page 112 2013 2014 2015 2016 2017 2018 2,985,212$ 2,733,414$ 3,739,508$ 3,974,237$ 3,590,168$ 4,011,045$ 3,116,164 3,134,768 10,309,348 4,016,250 3,839,494 4,048,725 (130,952)$(401,354)$(6,569,840)$(42,013)$(249,326)$(37,680)$ 6,737,119$ 7,058,973$ 7,926,515$ 8,077,068$ 8,359,765$ 8,587,330$ 46.25% 44.41% 130.06% 49.72% 45.93% 47.15% See independent auditors' report and notes to required supplementary information. Page 113 VILLAGE OF GLENVIEW FIREFIGHTERS' PENSION FUND SCHEDULE OF INVESTMENT RETURNS Last Five Fiscal Years 2014 2015 2016 2017 2018 Annual money-weighted rate of return, net of investment expense 6.95% 1.19% 6.64% 13.82% -4.72% 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 114 VILLAGE OF GLENVIEW OTHER POSTEMPLOYMENT BENEFIT PLAN SCHEDULE OF CHANGES IN THE TOTAL OPEB LIABILITY AND RELATED RATIOS Most Recent Fiscal Year 2018 Total OPEB liability Service cost 387,795$ Interest 342,521 Differences between expected and actual experience (321,493) Changes of assumptions 857,650 Benefit payments, including refunds of member contributions (556,720) Net change in total OPEB liability 709,753 Total OPEB liability - beginning 10,235,364 Total OPEB liability - ending 10,945,117$ Plan fiduciary net position as a percentage of the total OPEB liability 0.00% Covered payroll 24,845,812$ Village's total OPEB liability as a percentage of covered payroll 44.05% Notes to Schedule: The Village implemented GASB Statement No. 75 in fiscal year 2018. Information prior to fiscal year 2018 is not available. The information presented above includes the total OPEB liability for the Village and Library. VILLAGE OF GLENVIEW SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL - GENERAL FUND For the Year Ended December 31, 2018 With Comparative Actual Amounts for the Year Ended December 31, 2017 2018 Budgeted Amounts Original Final Actual Variance with Final Budget 2017 Actual REVENUES TAXES Property $12,055,614 $12,055,614 $12,214,618 $159,004 $11,892,712 Other Taxes 14,487,831 14,487,831 15,699,176 1,211,345 14,885,856 Licenses and Permits 2,469,000 2,469,000 2,810,054 341,054 2,451,693 Charges for Services 11,428,539 11,428,539 12,238,955 810,416 12,459,200 Fines, Forfeitures and Penalties 199,500 199,500 130,281 (69,219)211,592 Intergovernmental 27,283,732 27,283,732 28,521,321 1,237,589 28,562,583 Investment Income 264,209 264,209 607,296 343,087 332,462 Total Revenues 68,188,425 68,188,425 72,221,701 4,033,276 70,796,098 EXPENDITURES Current: General Government 19,524,897 19,610,948 17,940,634 1,670,314 17,820,637 Public Works 8,862,277 9,030,642 8,233,133 797,509 8,755,999 Public Safety 30,169,331 30,335,802 29,782,200 553,602 29,458,875 Development 3,383,935 3,870,697 3,740,393 130,304 3,507,512 Capital Outlay --18,618 (18,618)725,398 Total Expenditures 61,940,440 62,848,089 59,714,978 3,133,111 60,268,421 Excess of revenues over expenditures 6,247,985 5,340,336 12,506,723 7,166,387 10,527,677 OTHER FINANCING SOURCES (USES) Transfers In 872,321 872,321 1,285,171 412,850 1,040,685 Transfers Out (7,456,182)(7,646,813)(7,700,670)(53,857)(7,299,816) Total Other Financing Sources (Uses)(6,583,861)(6,774,492)(6,415,499)358,993 (6,259,131) Net Change in Fund Balance $ (335,876)$ (1,434,156)6,091,224 $ 7,525,380 4,268,546 FUND BALANCE - Beginning of Year 29,758,892 25,490,346 FUND BALANCE - END OF YEAR $ 35,850,116 $ 29,758,892 See independent auditors' report and accompanying notes to required supplementary information. Page 115 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, 2018 With Comparative Actual Amounts for the Year Ended December 31, 2017 2018 Budgeted Amounts Original Final Actual Variance with Final Budget 2017 Actual REVENUES Property Taxes - Incremental $32,802,680 $32,802,680 $34,341,818 $1,539,138 $33,410,224 Intergovernmental - Miscellaneous 98,846 98,846 160,973 62,127 315,822 Charges for Services 507,816 507,816 507,816 -204,945 Investment Income 84,000 84,000 640,015 556,015 336,297 Miscellaneous --34,843 34,843 - Total Revenues 33,493,342 33,493,342 35,685,465 2,192,123 34,267,288 EXPENDITURES General Government Personnel 353,789 353,789 340,382 13,407 332,284 Contractual Services 22,786,179 22,786,179 22,620,554 165,625 22,206,441 Commodities 115,950 115,950 66,048 49,902 78,167 Other Charges 242,118 242,118 241,760 358 242,852 Total general government 23,498,036 23,498,036 23,268,744 229,292 22,859,744 Debt Service Principal 6,965,938 6,965,938 6,965,938 -6,850,938 Interest and Fiscal Charges 788,948 788,948 1,071,320 (282,372)1,060,895 Total Expenditures 31,252,922 31,252,922 31,306,002 (53,080)30,771,577 Excess of revenues over expenditures 2,240,420 2,240,420 4,379,463 2,139,043 3,495,711 OTHER FINANCING SOURCES (USES) Transfers Out (297,321)(2,605,034)(1,420,533)1,184,501 (308,798) Total Other Financing Sources (Uses)(297,321)(2,605,034)(1,420,533)1,184,501 (308,798) Net Change in Fund Balance $ 1,943,099 $ (364,614)2,958,930 $ 3,323,544 3,186,913 FUND BALANCE (DEFICIT) - Beginning of Year (5,729,380)(8,916,293) FUND BALANCE (DEFICIT) - END OF YEAR $ (2,770,450)$ (5,729,380) See independent auditors' report and notes to required supplementary information. Page 116 VILLAGE OF GLENVIEW NOTES TO REQUIRED SUPPLEMENTARY INFORMATION For the Year Ended December 31, 2018 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 117 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. Page 118 BUDGET AND ACTUAL - GENERAL FUND With Comparative Actual Amounts for the Year Ended December 31, 2017 2017 Original Final Actual Actual LOCAL TAXES Property Taxes for Village Current Year 2,125,852$ 2,125,852$ 2,172,548$ 2,063,393$ 3ULRU<HDU(36,000) (36,000) (28,105) (35,412) Property Taxes - Debt Service Current Year 1,823,196 1,823,196 1,862,789 1,840,888 Prior Year (25,000) (25,000) (26,315) (32,783) Property Taxes - Police and Firefighters' Pension 6,486,660 6,486,660 6,519,429 6,331,880 Property Taxes - Other Village Pensions 1,680,906 1,680,906 1,714,272 1,724,746 Total Property Taxes 12,055,614 12,055,614 12,214,618 11,892,712 Other Taxes Utility Taxes Natural Gas 1,306,000 1,306,000 1,544,189 1,331,886 Electricty 2,249,217 2,249,217 2,240,268 2,137,495 Telecommunications 1,710,365 1,710,365 1,684,979 1,841,387 Hotel Room Tax 950,000 950,000 1,226,717 1,030,331 Amusement Tax 100,000 100,000 111,424 109,304 Home Rule Sales Tax 8,141,249 8,141,249 8,849,722 8,401,525 Business District Tax 30,000 30,000 37,815 32,938 Miscellaneous Tax 1,000 1,000 4,062 990 Total Other Taxes 14,487,831 14,487,831 15,699,176 14,885,856 Total Local Taxes 26,543,445 26,543,445 27,913,794 26,778,568 LICENSES AND PERMITS Business Licenses 40,000 40,000 29,565 28,845 Liquor Licenses 200,000 200,000 197,133 130,154 Building Permits 2,100,000 2,100,000 2,335,044 2,018,060 Contractor's Fees 55,000 55,000 11,353 26,203 Engineering Fees 50,000 50,000 212,716 211,959 Oversized Vehicle Permits 16,000 16,000 18,915 28,365 Plan Fees 8,000 8,000 5,328 8,107 Total Licenses and Permits 2,469,000 2,469,000 2,810,054 2,451,693 VILLAGE OF GLENVIEW DETAILED SCHEDULE OF REVENUES AND OTHER FINANCING SOURCES For the Year Ended December 31, 2018 2018 Budgeted Amounts Page 119 BUDGET AND ACTUAL - GENERAL FUND With Comparative Actual Amounts for the Year Ended December 31, 2017 2017 Original Final Actual Actual VILLAGE OF GLENVIEW DETAILED SCHEDULE OF REVENUES AND OTHER FINANCING SOURCES For the Year Ended December 31, 2018 2018 Budgeted Amounts CHARGES FOR SERVICES Dog Impound Fees 1,000$ 1,000$ 1,950$ 1,900$ Lease Fees 861,747 861,747 837,374 867,075 Natural Gas Franchise Fees 39,915 39,915 34,836 39,915 Cable Franchise Fees 757,500 757,500 805,917 848,675 Bidder Fees 1,000 1,000 395 960 Development Fees 3,288 3,288 3,288 164,605 Insurance Reimbursements 1,649,431 1,649,431 1,614,381 1,899,511 Copies 3,500 3,500 - 1,553 Special Event Fees 1,000 1,000 1,300 975 Inspection Fees 38,000 38,000 46,880 34,640 Refuse and Recycling Charges Bin Sales - - 1,209 - Yard Waste Sticker Sales 3,500 3,500 3,184 3,600 Tipping Fees 850,000 850,000 890,300 892,642 SWANCC Recycling Incentive - - 1,537 7,926 Joint Dispatch Charges 911 Surcharge 635,000 635,000 1,042,664 630,405 Fire Communication 15,889 15,889 15,889 15,889 Dispatch Services 6,026,970 6,026,970 6,226,028 6,473,054 Other Service Charges Police Extra Duty 203,693 203,693 223,528 204,675 Reimbursements 50,000 50,000 158,572 76,980 Other Charges - Supervision 7,834 7,834 5,989 6,937 Miscellaneous 65,796 65,796 73,561 56,739 Administrative Fees for Governmental Funds Library Fund 123,476 123,476 133,946 116,426 SWANCC Host Community Fees 90,000 90,000 116,227 114,118 Total Charges for Services 11,428,539 11,428,539 12,238,955 12,459,200 FINES AND FORFEITURES Traffic Fines 115,500 115,500 85,310 105,675 Other Fines 84,000 84,000 44,971 105,917 Total Fines and Forfeitures 199,500 199,500 130,281 211,592 Page 120 BUDGET AND ACTUAL - GENERAL FUND With Comparative Actual Amounts for the Year Ended December 31, 2017 2017 Original Final Actual Actual VILLAGE OF GLENVIEW DETAILED SCHEDULE OF REVENUES AND OTHER FINANCING SOURCES For the Year Ended December 31, 2018 2018 Budgeted Amounts INTERGOVERNMENTAL Glenbrook Fire Protection District 2,279,937$ 2,279,937$ 2,220,662$ 3,446,197$ Village of Golf Fire Protection Services 164,000 164,000 142,999 170,797 Road and Bridge Taxes Current Year 464,600 464,600 352,741 406,913 Prior Year (3,535) (3,535) (4,491) (6,499) Sales Tax 17,173,545 17,173,545 18,072,001 17,223,884 Property Replacement Tax 162,711 162,711 203,235 248,714 Illinois Income Tax 4,271,032 4,271,032 4,508,718 4,075,812 Local Use Tax 1,173,008 1,173,008 1,373,010 1,172,235 Make-Whole Payment 1,598,434 1,598,434 1,607,145 1,559,393 Other intergovernmental grant proceeds - - 45,301 265,137 Total intergovernmental 27,283,732 27,283,732 28,521,321 28,562,583 INVESTMENT INCOME Investment Income 164,549 164,549 477,824 225,985 Interest - Savings 99,660 99,660 129,472 106,477 Total Investment Income 264,209 264,209 607,296 332,462 OTHER FINANCING SOURCES Transfers In Wholesale Water Fund 325,000 325,000 325,000 325,000 Special Tax Allocation Fund 297,321 297,321 297,321 308,798 Insurance and Risk Fund 250,000 250,000 250,000 403,917 Village Permanent Fund - - 412,347 - Corporate Purpose Bonds Fund - - 503 2,970 Total Other Financing Sources 872,321 872,321 1,285,171 1,040,685 Total Revenues and Other Financing Sources 69,060,746$69,060,746$ 73,506,872$ 71,836,783$ Page 121 BUDGET AND ACTUAL - GENERAL FUND With Comparative Actual Amounts for the Year Ended December 31, 2017 2017 Original Final Actual Actual GENERAL GOVERNMENT Village Board of Trustees President and Board Personnel 8,720$ 8,720$ 11,478$ 8,757$ Contractual Services 49,293 49,293 43,818 39,943 Commodities 350 350 - 12,456 Total President and Board 58,363 58,363 55,296 61,156 Special Board Appropriations Personnel 66,741 66,741 16,296 65,587 Contractual Services 316,542 316,542 311,070 286,478 Commodities 2,000 2,000 810 17,910 Total Special Board Appropriations 385,283 385,283 328,176 369,975 Total Village Board of Trustees 443,646 443,646 383,472 431,131 Village Manager's Office Administration Division Personnel 693,758 704,240 701,870 694,330 Contractual Services 17,165 17,165 31,548 44,861 Other Charges 10,575 10,575 581 4,862 Total Administration Division 721,498 731,980 733,999 744,053 Human Resources Division Personnel 261,889 264,887 264,894 290,772 Contractual Services 141,857 141,857 125,125 94,669 Commoditites 2,000 2,000 492 652 Other Charges 1,512,541 1,512,541 1,447,836 1,492,010 Total Human Resources Division 1,918,287 1,921,285 1,838,347 1,878,103 Communications Division Personnel 183,546 183,546 199,878 172,729 Contractual Services 87,620 92,620 78,394 79,758 Commodities 2,410 2,410 1,622 2,159 Other Charges 1,900 1,900 511 363 Total Communications Division 275,476 280,476 280,405 255,009 Legal Division Contractual Services 548,044 548,044 434,662 564,008 Total Legal Division 548,044 548,044 434,662 564,008 VILLAGE OF GLENVIEW DETAILED SCHEDULE OF EXPENDITURES AND OTHER FINANCING USES For the Year Ended December 31, 2018 2018 Budgeted Amounts Page 122 BUDGET AND ACTUAL - GENERAL FUND With Comparative Actual Amounts for the Year Ended December 31, 2017 2017 Original Final Actual Actual VILLAGE OF GLENVIEW DETAILED SCHEDULE OF EXPENDITURES AND OTHER FINANCING USES For the Year Ended December 31, 2018 2018 Budgeted Amounts GENERAL GOVERNMENT (cont.) Village Manager's Office (cont.) Joint Dispatch Division Personnel 5,746,311$ 5,762,726$ 5,554,720$ 5,029,056$ Contractual Services 178,294 178,294 169,837 230,512 Commodities 33,200 33,200 26,226 26,093 Other Charges 233,704 570,251 246,031 442,596 Total Joint Dispatch Division 6,191,509 6,544,471 5,996,814 5,728,257 Total Village Manager's Office 9,654,814 10,026,256 9,284,227 9,169,430 Administrative Services Administration Personnel 280,236 291,579 322,966 382,339 Contractual Services 2,584 2,584 3,022 2,344 Other Charges 5,746 5,746 3,045 9,928 Total Administration 288,566 299,909 329,033 394,611 Finance Personnel 639,738 648,824 561,999 654,039 Contractual Services 990,709 990,709 1,003,748 1,023,168 Commodities 800 800 434 - Other Charges 13,385 13,385 3,160 1,074 Total Finance 1,644,632 1,653,718 1,569,341 1,678,281 General Government Personnel 315,726 17,743 - - Contractual Services 3,028,876 3,028,876 3,047,630 2,991,330 Commodities 46,682 46,682 36,315 49,368 Other Charges 655,466 645,466 206,547 7,323 Total General Government 4,046,750 3,738,767 3,290,492 3,048,021 Resolution Center Personnel 377,680 379,843 363,937 359,256 Contractual Services 16,729 16,729 - 44,307 Other Charges 1,300 1,300 - - Total Resolution Center 395,709 397,872 363,937 403,563 Page 123 BUDGET AND ACTUAL - GENERAL FUND With Comparative Actual Amounts for the Year Ended December 31, 2017 2017 Original Final Actual Actual VILLAGE OF GLENVIEW DETAILED SCHEDULE OF EXPENDITURES AND OTHER FINANCING USES For the Year Ended December 31, 2018 2018 Budgeted Amounts GENERAL GOVERNMENT (cont.) Administrative Services (cont.) CADD Operations Personnel -$ -$ -$ 66,438$ Contractual Services 237,612 237,612 204,546 198,240 Other Charges - - - 285 Total CADD Operations 237,612 237,612 204,546 264,963 Information Technology (IT) Contractual Services 2,259,509 2,259,509 1,988,559 1,932,077 Commodities 104,429 104,429 98,455 86,595 Other Charges 449,230 449,230 428,572 411,965 Total Information Technology 2,813,168 2,813,168 2,515,586 2,430,637 Total Administrative Services 9,426,437 9,141,046 8,272,935 8,220,076 Total General Government 19,524,897 19,610,948 17,940,634 17,820,637 PUBLIC WORKS Public Works Department Personnel 2,618,369 2,663,854 2,433,076 3,076,630 Contractual Services 3,375,760 3,461,560 3,154,742 3,060,697 Commodities 1,248,363 1,285,443 1,221,156 1,261,039 Other Charges 1,214,785 1,214,785 1,022,090 1,047,660 Capital Outlay 405,000 405,000 402,069 309,973 Total Public Works Department 8,862,277 9,030,642 8,233,133 8,755,999 PUBLIC SAFETY Police Department Personnel 9,887,102 10,024,718 9,521,844 9,665,667 Contractual Services 649,584 649,584 616,596 644,730 Commodities 138,324 138,324 127,863 115,971 Other Charges 2,912,890 2,912,890 2,919,028 2,892,060 Total Police Department 13,587,900 13,725,516 13,185,331 13,318,428 Fire Department Personnel 10,786,463 10,815,318 10,865,676 10,507,745 Contractual Services 358,507 358,507 309,473 258,063 Commodities 237,616 237,616 218,831 210,591 Other Charges 5,198,845 5,198,845 5,202,889 5,164,048 Total Fire Department 16,581,431 16,610,286 16,596,869 16,140,447 Total Public Safety 30,169,331 30,335,802 29,782,200 29,458,875 Page 124 BUDGET AND ACTUAL - GENERAL FUND With Comparative Actual Amounts for the Year Ended December 31, 2017 2017 Original Final Actual Actual VILLAGE OF GLENVIEW DETAILED SCHEDULE OF EXPENDITURES AND OTHER FINANCING USES For the Year Ended December 31, 2018 2018 Budgeted Amounts COMMUNITY DEVELOPMENT Community Development Department Administration Personnel 87,567$ 88,865$ 98,618$ 183,382$ Contractual Services 15,000 420,000 416,258 23,402 Commodities - - - 48 Other Charges 8,074 8,074 10,203 12,149 Total Administration 110,641 516,939 525,079 218,981 Inspection Services Personnel 821,927 846,088 856,692 831,198 Contractual Services 874,833 874,833 764,023 852,412 Commodities 4,400 4,400 3,985 5,207 Other Charges 29,778 29,778 19,834 33,853 Total Inspection Services 1,730,938 1,755,099 1,644,534 1,722,670 Planning 3HUVRQQHO450,744 455,087 485,082 498,655 Contractual Services 132,551 180,771 154,195 138,344 Commodities - - - 49 Other Charges 27,050 27,050 26,549 30,135 Total Planning 610,345 662,908 665,826 667,183 Engineering Personnel 310,865 310,865 216,530 263,789 Contractual Services 344,942 344,942 416,749 339,532 Commodities 1,200 1,200 1,130 323 Other Charges 14,499 14,499 6,961 8,705 Total Engineering 671,506 671,506 641,370 612,349 Capital Projects Personnel 257,195 260,935 262,584 285,302 Contractual Services 175 175 - - Commodities - - - 596 Other Charges 3,135 3,135 1,000 431 Total Capital Projects 260,505 264,245 263,584 286,329 Total Community Development 3,383,935 3,870,697 3,740,393 3,507,512 Total Current Expenditures 61,940,440 62,848,089 59,696,360 59,543,023 Page 125 BUDGET AND ACTUAL - GENERAL FUND With Comparative Actual Amounts for the Year Ended December 31, 2017 2017 Original Final Actual Actual VILLAGE OF GLENVIEW DETAILED SCHEDULE OF EXPENDITURES AND OTHER FINANCING USES For the Year Ended December 31, 2018 2018 Budgeted Amounts CAPITAL OUTLAY Machinery and Equipment -$ -$ 18,618$ 725,398$ Total Expenditures 61,940,440 62,848,089 59,714,978 60,268,421 OTHER FINANCING USES Transfers Out Corporate Purpose Debt Service Fund 2,206,182 2,206,182 2,260,039 2,225,970 Capital Projects Fund 5,250,000 5,440,631 5,440,631 5,073,846 Total Other Financing Uses 7,456,182 7,646,813 7,700,670 7,299,816 Total Expenditures and Other Financing Uses 69,396,622$70,494,902$ 67,415,648$ 67,568,237$ 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, 2018 Motor Fuel Tax Fund Foreign Fire Insurance Fund Police Department Special Account Fund Waukegan Golf TIF Fund ASSETS Cash and Cash Equivalents $1,701,396 $298,537 $35,985 $767,994 Investments 244,400 --1,743,200 Receivables Accounts ---- Grants ---- Accrued Interest ---- Other 3,582 --12,135 Due from Other Governments 101,518 --- TOTAL ASSETS $ 2,050,896 $ 298,537 $ 35,985 $ 2,523,329 LIABILITIES, DEFERRED INFLOWS OF RESOURCES, AND FUND BALANCES Liabilities Accounts Payable $196,758 $-$2,396 $292,139 Accrued Payroll ---287 Other Payables ---3,349 Total Liabilities 196,758 -2,396 295,775 Deferred Inflows of Resources Unavailable Grant Revenue ---- Total Deferred Inflows of Resources ---- Fund Balances Restricted for Street Improvements 1,854,138 --- Restricted for Public Safety -298,537 33,589 - Restricted for Economic Development ---2,227,554 Assigned to Debt Service Funds ---- Assigned to Capital Project Funds ---- Total Fund Balances 1,854,138 298,537 33,589 2,227,554 TOTAL LIABILITIES, DEFERRED INFLOWS OF RESOURCES, AND FUND BALANCES $ 2,050,896 $ 298,537 $ 35,985 $ 2,523,329 Page 126 Corporate Purpose Bonds Fund Capital Projects Fund Glen Capital Projects Fund Total Nonmajor Governmental Funds $225,070 $1,772,857 $387,715 $5,189,554 242,800 493,700 -2,724,100 -25,650 -25,650 -76,188 -76,188 857 139 -996 ---15,717 ---101,518 $ 468,727 $ 2,368,534 $ 387,715 $ 8,133,723 $-$788,703 $215,524 $1,495,520 ---287 -508,930 77,872 590,151 -1,297,633 293,396 2,085,958 -282 -282 -282 -282 ---1,854,138 ---332,126 ---2,227,554 468,727 --468,727 -1,070,619 94,319 1,164,938 468,727 1,070,619 94,319 6,047,483 $ 468,727 $ 2,368,534 $ 387,715 $ 8,133,723 Page 127 VILLAGE OF GLENVIEW COMBINING STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES NONMAJOR GOVERNMENTAL FUNDS For the Year Ended December 31, 2018 Motor Fuel Tax Fund Foreign Fire Insurance Fund Police Department Special Account Fund Waukegan Golf TIF Fund REVENUES Property Taxes $-$-$-$1,525,617 Intergovernmental 2,131,356 120,049 -- Investment Income 38,820 3,555 575 46,512 Miscellaneous 1,864 --- Total Revenues 2,172,040 123,604 575 1,572,129 EXPENDITURES Current Public Safety -75,446 -- Development ---271,630 Capital Outlay 2,059,405 -2,826 - Debt Service Principal ---595,000 Interest and Fiscal Charges ---108,058 Total Expenditures 2,059,405 75,446 2,826 974,688 Excess (deficiency) of revenues over expenditures 112,635 48,158 (2,251)597,441 OTHER FINANCING SOURCES (USES) Transfers In ---- Transfers Out ---- Total Other Financing Sources (Uses)---- Net Change in Fund Balances 112,635 48,158 (2,251)597,441 FUND BALANCES (DEFICIT) - Beginning of Year 1,741,503 250,379 35,840 1,630,113 FUND BALANCES - END OF YEAR END OF YEAR $ 1,854,138 $ 298,537 $ 33,589 $ 2,227,554 Page 128 Corporate Purpose Bonds Fund Capital Projects Fund Glen Capital Projects Fund Total Nonmajor Governmental Funds $-$-$-$1,525,617 -289,993 437 2,541,835 16,512 30,095 10,231 146,300 -384,754 3,248 389,866 16,512 704,842 13,916 4,603,618 ---75,446 ---271,630 -4,767,341 2,178,047 9,007,619 1,615,000 24,371 -2,234,371 592,682 --700,740 2,207,682 4,791,712 2,178,047 12,289,806 (2,191,170)(4,086,870)(2,164,131)(7,686,188) 2,260,039 6,038,827 1,123,212 9,422,078 (503)--(503) 2,259,536 6,038,827 1,123,212 9,421,575 68,366 1,951,957 (1,040,919)1,735,387 400,361 (881,338)1,135,238 4,312,096 $ 468,727 $ 1,070,619 $ 94,319 $ 6,047,483 Page 129 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, 2018 With Comparative Actual Amounts for the Year Ended December 31, 2017 2018 Budgeted Amounts Original Final Actual 2017 Actual REVENUES Intergovenmental Motor Fuel Tax $1,965,200 $1,965,200 $2,131,356 $1,995,052 Investment Income 20,000 20,000 38,820 19,857 Miscellaneous --1,864 - Total Revenues 1,985,200 1,985,200 2,172,040 2,014,909 EXPENDITURES Capital Outlay 2,115,200 2,115,200 2,059,405 1,724,514 Total Expenditures 2,115,200 2,115,200 2,059,405 1,724,514 Net Change in Fund Balance $ (130,000)$ (130,000)112,635 290,395 FUND BALANCE - Beginning of Year 1,741,503 1,451,108 FUND BALANCE - END OF YEAR $ 1,854,138 $ 1,741,503 Page 130 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, 2018 With Comparative Actual Amounts for the Year Ended December 31, 2017 2018 Budgeted Amounts Original Final Actual 2017 Actual REVENUES Intergovernmental $90,000 $90,000 $120,049 $117,564 Investment Income 2,400 2,400 3,555 2,119 Miscellaneous ---103 Total Revenues 92,400 92,400 123,604 119,786 EXPENDITURES Public Safety Contractual Services 10,830 10,830 11,935 12,540 Commodities 99,170 99,170 63,511 107,021 Total Expenditures 110,000 110,000 75,446 119,561 Net Change in Fund Balance $ (17,600)$ (17,600)48,158 225 FUND BALANCE - Beginning of Year 250,379 250,154 FUND BALANCE - END OF YEAR $ 298,537 $ 250,379 Page 131 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, 2018 With Comparative Actual Amounts for the Year Ended December 31, 2017 2018 Budgeted Amounts Original Final Actual 2017 Actual REVENUES Investment Income $295 $295 $575 $346 Other Revenues ---2,233 Total Revenues 295 295 575 2,579 EXPENDITURES Capital Outlay 10,000 10,000 2,826 - Total Expenditures 10,000 10,000 2,826 - Net Change in Fund Balance $ (9,705)$ (9,705)(2,251)2,579 FUND BALANCE - Beginning of Year 35,840 33,261 FUND BALANCE - END OF YEAR $ 33,589 $ 35,840 Page 132 VILLAGE OF GLENVIEW DETAILED SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL - WAUKEGAN GOLF TIF FUND - NONMAJOR SPECIAL REVENUE FUND For the Year Ended December 31, 2018 With Comparative Actual Amounts for the Year Ended December 31, 2017 2018 Budgeted Amounts Original Final Actual 2017 Actual REVENUES Property Taxes - Incremental $1,230,176 $1,230,176 $1,525,617 $1,255,320 Investment Income 7,000 7,000 46,512 18,289 Total Revenues 1,237,176 1,237,176 1,572,129 1,273,609 EXPENDITURES Community Development Personnel 8,491 8,491 8,444 8,306 Contractual Services 224,456 224,456 263,186 105,833 Total Community Development 232,947 232,947 271,630 114,139 Debt service Principal 595,000 595,000 595,000 585,000 Interest and Fiscal Charges 108,058 108,058 108,058 116,833 Total Expenditures 936,005 936,005 974,688 815,972 Net Change in Fund Balance $ 301,171 $ 301,171 597,441 457,637 FUND BALANCE - Beginning of Year 1,630,113 1,172,476 FUND BALANCE - END OF YEAR $ 2,227,554 $ 1,630,113 Page 133 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, 2018 With Comparative Actual Amounts for the Year Ended December 31, 2017 2018 Budgeted Amounts Original Final Actual 2017 Actual REVENUES Investment Income $11,405 $11,405 $16,512 $9,122 Total Revenues 11,405 11,405 16,512 9,122 EXPENDITURES Debt service Principal 1,615,000 1,615,000 1,615,000 1,540,000 Interest and Fiscal Charges 592,682 592,682 592,682 649,382 Total Expenditures 2,207,682 2,207,682 2,207,682 2,189,382 Deficiency of revenues under expenditures (2,196,277)(2,196,277)(2,191,170)(2,180,260) OTHER FINANCING SOURCES (USES) Transfers In General Fund 2,206,182 2,206,182 2,260,039 2,225,970 Transfers Out General Fund --(503)(2,970) Total Other Financing Sources (Uses)2,206,182 2,206,182 2,259,536 2,223,000 Net Change in Fund Balance $ 9,905 $ 9,905 68,366 42,740 FUND BALANCE - Beginning of Year 400,361 357,621 FUND BALANCE - END OF YEAR $ 468,727 $ 400,361 Page 134 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, 2018 With Comparative Actual Amounts for the Year Ended December 31, 2017 2018 Budgeted Amounts Original Final Actual 2017 Actual REVENUES Intergovernmental - Grants $383,960 $383,960 $289,993 $333,072 Investment Income 2,100 2,100 30,095 415 Other Revenues --12,453 - Development - Other Revenues --372,301 251,628 Total Revenues 386,060 386,060 704,842 585,115 EXPENDITURES Capital Outlay 4,694,959 4,982,328 4,767,341 10,403,668 Debt Service Principal 24,371 24,371 24,371 24,371 Total Expenditures 4,719,330 5,006,699 4,791,712 10,428,039 Deficiency of revenues under expenditures (4,333,270)(4,620,639)(4,086,870)(9,842,924) OTHER FINANCING SOURCES (USES) Transfers In General Fund 5,250,000 5,440,631 5,440,631 5,073,846 Wholesale Water Fund 540,130 540,130 540,130 524,398 Village Permanent Fund ---2,875,600 Commuter Parking Fund --22,000 - Facilities Repair and Replacement Fund --36,066 - Total Other Financing Sources (Uses)5,790,130 5,980,761 6,038,827 8,473,844 Net Change in Fund Balance $ 1,456,860 $ 1,360,122 1,951,957 (1,369,080) FUND BALANCE (DEFICIT) - Beginning of Year (881,338)487,742 FUND BALANCE (DEFICIT) - END OF YEAR $ 1,070,619 $ (881,338) Page 135 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, 2018 With Comparative Actual Amounts for the Year Ended December 31, 2017 2018 Budgeted Amounts Original Final Actual 2017 Actual REVENUES Intergovernmental - Grants $-$-$437 $33,596 Investment Income 4,800 4,800 10,231 12,416 Development - Other Revenues 2,894 2,894 3,248 2,632 Other Revenues 1,194,146 1,194,146 -- Total Revenues 1,201,840 1,201,840 13,916 48,644 EXPENDITURES Capital Outlay 3,696,113 3,696,113 2,178,047 330,893 Total Expenditures 3,696,113 3,696,113 2,178,047 330,893 Excess (deficiency) of revenues over (under) expenditures (2,494,273)(2,494,273)(2,164,131)(282,249) OTHER FINANCING SOURCES (USES) Transfers In Special Tax Allocation Fund 2,499,073 2,499,073 1,123,212 - Total Other Financing Sources (Uses)2,499,073 2,499,073 1,123,212 - Net Change in Fund Balance $ 4,800 $ 4,800 (1,040,919)(282,249) FUND BALANCE - Beginning of Year 1,135,238 1,417,487 FUND BALANCE - END OF YEAR $ 94,319 $ 1,135,238 Page 136 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, 2018 With Comparative Actual Amounts for the Year Ended December 31, 2017 2018 Budgeted Amounts Original Final Actual 2017 Actual REVENUES Lease Fees $156,000 $156,000 $-$- Investment Income 87,742 87,742 477,187 265,136 Other Revenues --9,445 4,800 Total Revenues 243,742 243,742 486,632 269,936 EXPENDITURES Community Development Contractual Services 60,000 60,000 781 82,858 Total Expenditures 60,000 60,000 781 82,858 Excess of revenues over expenditures 183,742 183,742 485,851 187,078 OTHER FINANCING SOURCES (USES) Property Sales 1,500,000 1,500,000 -2,461,000 Transfers Out General Fund -(448,220)(412,347)- Capital Projects Fund ---(2,875,600) Glenview Sanitary Sewer Fund ---(47,119) Total Other Financing Sources (Uses)1,500,000 1,051,780 (412,347)(461,719) Net Change in Fund Balance $ 1,683,742 $ 1,235,522 73,504 (274,641) FUND BALANCE - Beginning of Year 28,804,052 29,078,693 FUND BALANCE - END OF YEAR $ 28,877,556 $ 28,804,052 Page 137 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, 2018 Wholesale Water Fund Commuter Parking Lot Fund Total Nonmajor Enterprise Funds ASSETS Current Assets Cash and Cash Equivalents $238,363 $1,429,554 $1,667,917 Investments -244,400 244,400 Receivables Accounts 783,192 -783,192 Accrued Interest -3,579 3,579 Total Current Assets 1,021,555 1,677,533 2,699,088 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 (1,619,512)(1,049,904)(2,669,416) Total Noncurrent Assets 893,121 2,191,195 3,084,316 Total Assets 1,914,676 3,868,728 5,783,404 DEFERRED OUTFLOWS OF RESOURCES Deferred Outflows Related to OPEB 879 242 1,121 Total Deferred Outflows of Resources 879 242 1,121 LIABILITIES Current Liabilities Accounts Payable 194,366 12,345 206,711 Accrued Payroll 3,681 2,124 5,805 Compensated Absences - Current 1,094 479 1,573 Total Current Liabilities 199,141 14,948 214,089 Noncurrent Liabilities Long-Term Debt Compensated Absences 4,374 1,915 6,289 Total OPEB Liability 12,463 3,438 15,901 Total Noncurrent Liabilities 16,837 5,353 22,190 Total Liabilities 215,978 20,301 236,279 DEFERRED INFLOWS OF RESOURCES Deferred Inflows Related to OPEB 329 91 420 Total Deferred Inflows of Resources 329 91 420 NET POSITION Net Investment in Capital Assets 893,121 2,191,195 3,084,316 Unrestricted 806,127 1,657,383 2,463,510 TOTAL NET POSITION $ 1,699,248 $ 3,848,578 $ 5,547,826 Page 138 Page 139 NONMAJOR ENTERPRISE FUNDS Commuter Total Nonmajor Wholesale Parking Lot Enterprise Water Fund Fund Funds Operating Revenues Charges for Sales and Services Parking Meter Fees -$ 261,328$ 261,328$ Parking Decals - 427,886 427,886 Water Charges 2,087,268 -2,087,268 Total Charges for Sales and Services 2,087,268 689,214 2,776,482 Miscellaneous Revenue 698 7,380 8,078 Total Operating Revenues 2,087,966 696,594 2,784,560 Operating Expenses Operations 1,342,142 596,437 1,938,579 Depreciation and Amortization 62,816 81,907 144,723 Total Operating Expenses 1,404,958 678,344 2,083,302 Operating income 683,008 18,250 701,258 Non-Operating Revenues Investment Income 5,056 28,818 33,874 Total non-operating revenues 5,056 28,818 33,874 Net income before transfers 688,064 47,068 735,132 Transfers Transfers Out (865,130)(217,674)(1,082,804) Change in Net Position (177,066) (170,606) (347,672) NET POSITION - Beginning of Year (as restated) 1,876,314 4,019,184 5,895,498 NET POSITION - END OF YEAR 1,699,248$3,848,578$5,547,826$ VILLAGE OF GLENVIEW COMBINING STATEMENT OF REVENUES, EXPENSES, AND CHANGES IN NET POSITION As of December 31, 2018 VILLAGE OF GLENVIEW COMBINING STATEMENT OF CASH FLOWS NONMAJOR ENTERPRISE FUNDS For the Year Ended December 31, 2018 Wholesale Water Fund Commuter Parking Lot Fund Totals CASH FLOWS FROM OPERATING ACTIVITIES Received from Customers $1,814,356 $696,594 $2,510,950 Paid to Suppliers for Goods and Services (1,174,465)(560,210)(1,734,675) Paid to Employees for Services (130,723)(59,725)(190,448) Net Cash Flows From Operating Activities 509,168 76,659 585,827 CASH FLOWS FROM INVESTING ACTIVITIES Investments Sold and Matured 496,562 1,249,099 1,745,661 Investment Income 5,220 30,936 36,156 Purchase of Investments (247,500)(244,400)(491,900) Net Cash Flows From Investing Activities 254,282 1,035,635 1,289,917 CASH FLOWS FROM NONCAPITAL FINANCING ACTIVITIES Transfers Out (865,130)(217,674)(1,082,804) Net Cash Flows From Noncapital Financing Activities (865,130)(217,674)(1,082,804) Net Change in Cash and Cash Equivalents (101,680)894,620 792,940 CASH AND CASH EQUIVALENTS - Beginning of Year 340,043 534,934 874,977 CASH AND CASH EQUIVALENTS - END OF YEAR $ 238,363 $ 1,429,554 $ 1,667,917 RECONCILIATION OF OPERATING INCOME TO NET CASH FLOWS FROM OPERATING ACTIVITIES Operating Income $683,008 $18,250 $701,258 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 (273,610)-(273,610) Accounts Payable 36,195 (26,326)9,869 Accrued Salaries (1,493)362 (1,131) Compensated Absences Payable 1,994 2,394 4,388 Total OPEB Liability 808 223 1,031 Deferred Outflows Related to OPEB (879)(242)(1,121) Deferred Inflows Related to OPEB 329 91 420 NET CASH FLOWS FROM OPERATING ACTIVITIES $ 509,168 $ 76,659 $ 585,827 NONCASH CAPITAL AND RELATED FINANCING ACTIVITIES None Page 140 Page 141 WHOLESALE WATER FUND - NONMAJOR ENTERPRISE FUND With Comparative Actual Amounts for the Year Ended December 31, 2017 2017 Original Final Actual Actual Operating Revenues Charges for Sales and Services Water Charges 2,199,522$2,199,522$2,087,268$2,361,124$ Total operating revenue 2,199,522 2,199,522 2,087,268 2,361,124 Miscellaneous Revenue Other Revenues --698 - Total Miscellaneous Revenue --698 - Total Operating Revenues 2,199,522 2,199,522 2,087,966 2,361,124 Operating Expenses Water Services Personnel 141,221 141,221 131,482 88,948 Contractual Services 1,220,374 1,220,374 1,177,365 1,206,987 Commodities 17,850 17,850 13,203 19,084 Other Charges 20,092 20,092 20,092 15,495 Total Operating Expenses 1,399,537 1,399,537 1,342,142 1,330,514 Operating income 799,985 799,985 745,824 1,030,610 Non-Operating Revenues Investment Income 2,500 2,500 5,056 1,505 Total Non-Operating Revenues 2,500 2,500 5,056 1,505 Net Income Before Transfers 802,485 802,485 750,880 1,032,115 Transfers Out General Fund (325,000) (325,000) (325,000) (325,000) Capital Projects Fund (540,130)(540,130)(540,130)(524,398) Total Transfers Out (865,130)(865,130)(865,130)(849,398) Change in Net Position - Budgetary Basis (62,645)$(62,645)$(114,250) 182,717 Adjustments to GAAP Basis Depreciation and Amortization (62,816)(62,816) Change in Net Position - GAAP Basis (177,066)119,901 NET POSITION - Beginning of Year, as previously reported 1,887,969 1,768,068 Restatement of Beginning of Year Net Position (11,655)- NET POSITION - Beginning of Year, as restated 1,876,314 1,768,068 NET POSITION - END OF YEAR 1,699,248$1,887,969$ VILLAGE OF GLENVIEW DETAILED SCHEDULE OF REVENUES, EXPENSES AND CHANGES IN NET POSITION - BUDGET AND ACTUAL (Budgetary Basis) For the Year Ended December 31, 2018 2018 Budgeted Amount Page 142 COMMUTER PARKING LOT FUND - NONMAJOR ENTERPRISE FUND With Comparative Actual Amounts for the Year Ended December 31, 2017 2017 Original Final Actual Actual Operating Revenues Charges for Sales and Services Parking Meter Fees 233,312$233,312$261,328$ 242,861$ Parking Decals 392,545 392,545 427,886 403,363 Total Charges for Sales and Services 625,857 625,857 689,214 646,224 Miscellaneous Revenue Vendor Lease Rental Fee 10,260 10,260 6,810 8,845 Other Revenues --570 238,509 Total Miscellaneous Revenue 10,260 10,260 7,380 247,354 Total Operating Revenues 636,117 636,117 696,594 893,578 Operating Expenses Water Services Personnel 58,013 58,013 62,191 - Contractual Services 329,824 329,824 169,814 179,031 Commodities 77,561 77,561 43,247 51,529 Other Charges 167,293 167,293 167,210 140,596 Capital Outlay 19,970 174,320 153,975 88,741 Total Operating Expenses 652,661 807,011 596,437 459,897 Operating Income (Loss)(16,544)(170,894)100,157 433,681 Non-Operating Revenues Investment Income 13,630 13,630 28,818 7,563 Total Non-Operating Revenues 13,630 13,630 28,818 7,563 Net income (loss) before transfers (2,914)(157,264)128,975 441,244 Transfers Out Capital Projects Fund (22,000) (22,000) (22,000) - Facilities Repair and Replacement Fund (195,674)(195,674)(195,674)- Total Transfers Out (217,674)(217,674)(217,674)- Change in Net Position - Budgetary Basis (220,588)$(374,938)$(88,699) 441,244 Adjustments to GAAP Basis Acquisition of Capital Assets - 52,372 Depreciation and Amortization (81,907)(81,907) Change in Net Position - GAAP Basis (170,606)411,709 NET POSITION - Beginning of Year, as previously reported 4,022,399 3,610,690 Restatement of Beginning of Year Net Position (3,215)- NET POSITION - Beginning of Year 4,019,184 3,610,690 NET POSITION - END OF YEAR 3,848,578$4,022,399$ VILLAGE OF GLENVIEW DETAILED SCHEDULE OF REVENUES, EXPENSES AND CHANGES IN NET POSITION - BUDGET AND ACTUAL (Budgetary Basis) For the Year Ended December 31, 2018 2018 Budgeted Amount 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 - to account 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 - to account 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, 2017 2017 Original Final Actual Actual Operating Revenues Charges for Sales and Services Water Charges 14,362,859$ 14,362,859$ 14,359,059$ 14,218,250$ Water Connection Charges 100,000 100,000 200,549 128,332 Water Meter and Remote Readers 2,700 2,700 5,462 5,830 Total Charges for Sales and Services 14,465,559 14,465,559 14,565,070 14,352,412 Miscellaneous Revenue Late Payment Fees 155,000 155,000 191,608 168,985 Water for Construction 15,000 15,000 26,116 53,202 Other 39,106 39,106 52,028 49,749 Total Miscellaneous Revenue 209,106 209,106 269,752 271,936 Total Operating Revenues 14,674,665 14,674,665 14,834,822 14,624,348 Operating Expenses Water Services Personnel 2,834,898 2,834,898 2,714,130 2,436,699 Contractual Services 5,030,462 5,079,784 4,782,551 5,060,772 Commodities 873,756 873,756 704,943 765,429 Other Charges 944,942 944,942 884,649 769,857 Capital Outlay 4,005,539 4,411,556 4,271,211 4,597,956 Total Operating Expenses 13,689,597 14,144,936 13,357,484 13,630,713 Operating Income (Loss)985,068 529,729 1,477,338 993,635 VILLAGE OF GLENVIEW DETAILED SCHEDULE OF REVENUES, EXPENSES AND CHANGES IN NET POSITION - BUDGET AND ACTUAL (Budgetary Basis) For the Year Ended December 31, 2018 2018 Budgeted Amount Page 143 Page 144 GLENVIEW WATER FUND - MAJOR ENTERPRISE FUND With Comparative Actual Amounts for the Year Ended December 31, 2017 2017 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, 2018 2018 Budgeted Amount Non-Operating Revenues (Expenses) Investment Income 5,000$ 5,000$ 57,293$ 8,124$ Debt Service Principal (375,052) (375,052) (468,815) (281,289) Interest and Fiscal Charges (104,766)(104,766)(103,972)(103,992) Total Non-Operating Revenues (Expenses) (474,818)(474,818)(515,494)(377,157) Net income (loss) before transfers 510,250 54,911 961,844 616,478 Transfers In Glenview Sanitary Sewer Fund --93,763 56,258 Total Transfers In --93,763 56,258 Change in Net Position - Budgetary Basis 510,250$54,911$1,055,607 672,736 Adjustments to GAAP Basis Acquisition of Capital Assets 1,916,536 1,964,362 Depreciation and Amortization (1,357,727) (1,348,105) Principal Expense 468,815 281,289 Change in Net Position - GAAP Basis 2,083,231 1,570,282 NET POSITION - Beginning of Year, as previously reported 36,112,836 34,542,554 Restatement of Beginning of Year Net Position (207,391)- NET POSITION - Beginning of Year 35,905,445 34,542,554 NET POSITION - END OF YEAR 37,988,676$36,112,836$ Page 145 GLENVIEW SANITARY SEWER FUND - MAJOR ENTERPRISE FUND With Comparative Actual Amounts for the Year Ended December 31, 2017 2017 Original Final Actual Actual Operating Revenues Charges for Sales and Services Sewer Charges 2,457,722$ 2,457,722$ 2,353,848$ 2,414,525$ Sewer Connection Charges 8,000 8,000 10,890 8,760 Total Charges for Sales and Services 2,465,722 2,465,722 2,364,738 2,423,285 Miscellaneous Revenue Other 70,644 70,644 73,566 73,192 Total Miscellaneous Revenue 70,644 70,644 73,566 73,192 Total Operating Revenues 2,536,366 2,536,366 2,438,304 2,496,477 Operating Expenses Sewerage Services Personnel 582,848 582,848 545,816 566,243 Contractual Services 129,296 129,296 92,966 140,557 Commodities 44,263 44,263 28,950 43,183 Other Charges 145,635 145,635 149,680 156,522 Capital Outlay 1,314,240 1,341,959 1,615,681 1,114,768 Total Operating Expenses 2,216,282 2,244,001 2,433,093 2,021,273 Operating Income 320,084 292,365 5,211 475,204 Non-Operating Revenues (Expenses) Fines and Fees 4,000 4,000 2,523 8,301 Heatherfield Investment Income 1,000 1,000 10,316 1,057 Debt Service Principal (93,763) (93,763) - - Interest and Fiscal Charges (26,191)(26,191)(26,188)(27,304) Total Non-Operating Revenues (Expenses)(114,954)(114,954)(13,349)(17,946) Net Income (Loss) Before Transfers 205,130 177,411 (8,138)457,258 Transfers In (Out) Village Permanent Fund ---47,119 Glenview Water Fund --(93,763)(56,258) Total Transfers In (Out) --(93,763)(9,139) Change in net position - budgetary basis 205,130$ 177,411$ (101,901) 448,119 Adjustments to GAAP basis Acquisition of Capital Assets 810,041 242,938 Depreciation and Amortization (503,553)(487,354) Change in Net Position - GAAP Basis 204,587 203,703 NET POSITION - Beginning of Year, as previously reported 19,679,672 19,475,969 Restatement of Beginning of Year Net Position (36,524)- NET POSITION - Beginning of Year 19,643,148 19,475,969 NET POSITION - END OF YEAR 19,847,735$ 19,679,672$ VILLAGE OF GLENVIEW DETAILED SCHEDULE OF REVENUES, EXPENSES AND CHANGES IN NET POSITION - BUDGET AND ACTUAL (Budgetary Basis) For the Year Ended December 31, 2018 2018 Budgeted Amount 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 purchases excess liability coverage through the open insurance market. 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, 2018 Capital Equipment Replacement Fund (CERF) Municipal Equipment Repair Fund (MERF) Insurance and Risk Fund Facilities Repair and Replacement Fund (FRRF)Totals ASSETS Current Assets Cash and Cash Equivalents $2,377,427 $121,986 $1,419,024 $1,334,811 $5,253,248 Investments 4,453,632 -4,924,318 1,218,400 10,596,350 Receivables Accounts -23,938 130,376 67,705 222,019 Accrued Interest 38,766 -59,169 14,468 112,403 Grants 327,667 ---327,667 Other --60,000 -60,000 Prepaid Items --126,855 -126,855 Inventories -389,395 --389,395 Deposits --620,854 -620,854 Total Current Assets 7,197,492 535,319 7,340,596 2,635,384 17,708,791 LIABILITIES Current Liabilities Accounts Payable 891,683 131,493 114,237 5,720 1,143,133 Accrued Payroll -13,602 8,514 461 22,577 Other Payables -1,009 -724 1,733 Due to Other Funds --1,233 -1,233 Claims Payable --562,974 -562,974 Unearned Revenues --22,697 -22,697 Total Current Liabilities 891,683 146,104 709,655 6,905 1,754,347 Noncurrent Liabilities Claims Payable --844,462 -844,462 Total Noncurrent Liabilities --844,462 -844,462 Total Liabilities 891,683 146,104 1,554,117 6,905 2,598,809 NET POSITION Unrestricted 6,305,809 389,215 5,786,479 2,628,479 15,109,982 TOTAL NET POSITION $ 6,305,809 $ 389,215 $ 5,786,479 $ 2,628,479 $ 15,109,982 Page 146 VILLAGE OF GLENVIEW COMBINING STATEMENT OF REVENUES, EXPENSES, AND CHANGES IN NET POSITION INTERNAL SERVICE FUNDS For the Year Ended December 31, 2018 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 $2,176,436 $1,215,519 $7,511,217 $994,700 $11,897,872 Intergovernmental 327,667 ---327,667 Miscellaneous 1,451 113,277 82,994 71,930 269,652 Total Operating Revenues 2,505,554 1,328,796 7,594,211 1,066,630 12,495,191 OPERATING EXPENSES Personnel -427,326 558,046 11,201 996,573 Contractual Services -331,805 6,614,934 41,856 6,988,595 Commodities 208,105 184,695 454 -393,254 Other Charges -422,745 --422,745 Capital Outlay 92,632 --153,107 245,739 Total Operating Expenses 300,737 1,366,571 7,173,434 206,164 9,046,906 Operating Income (Loss)2,204,817 (37,775)420,777 860,466 3,448,285 NONOPERATING REVENUES Investment Income 89,595 61 117,627 28,855 236,138 Gain on Sale of Capital Assets 52,458 ---52,458 Reassignment of Capital Assets (846,258)---(846,258) Total Nonoperating Revenues (704,205)61 117,627 28,855 (557,662) Income (Loss) Before Transfers 1,500,612 (37,714)538,404 889,321 2,890,623 TRANSFERS Transfers In ---195,674 195,674 Transfers Out --(250,000)(36,066)(286,066) Total Transfers --(250,000)159,608 (90,392) Change in net position 1,500,612 (37,714)288,404 1,048,929 2,800,231 NET POSITION - Beginning of Year 4,805,197 426,929 5,498,075 1,579,550 12,309,751 NET POSITION - END OF YEAR $ 6,305,809 $ 389,215 $ 5,786,479 $ 2,628,479 $ 15,109,982 Page 147 VILLAGE OF GLENVIEW COMBINING STATEMENT OF CASH FLOWS INTERNAL SERVICE FUNDS For the Year Ended December 31, 2018 Capital Equipment Replacement Fund (CERF) Municipal Equipment Repair Fund (MERF) Insurance and Risk Fund Facilities Repair and Replacement Fund (FRRF)Totals CASH FLOWS FROM OPERATING ACTIVITIES Received from Customers $2,177,782 $1,330,548 $7,528,792 $998,925 $12,036,047 Paid to Suppliers for Goods and Services (620,433)(1,009,776)(6,846,821)(219,110)(8,696,140) Paid to Employees for Services -(431,078)(558,395)-(989,473) Net Cash Flows From Operating Activities 1,557,349 (110,306)123,576 779,815 2,350,434 CASH FLOWS FROM INVESTING ACTIVITIES Investment Income 75,842 61 91,132 21,590 188,625 Sale of Investments 1,993,930 -2,485,645 1,194,465 5,674,040 Purchase of Investments (1,978,100)-(1,942,785)(1,218,400)(5,139,285) Net Cash Flows From Investing Activities 91,672 61 633,992 (2,345)723,380 CASH FLOWS FROM NONCAPITAL FINANCING ACTIVITIES Transfers In ---195,674 195,674 Transfers Out --(250,000)(36,066)(286,066) Net Cash Flows From Noncapital Financing Activities --(250,000)159,608 (90,392) CASH FLOWS FROM CAPITAL AND RELATED FINANCING ACTIVITIES Proceeds from Sale of Capital Assets 52,458 ---52,458 Acquisition and Construction of Capital Assets (111,064)---(111,064) Net Cash Flows From Capital and Related Financing Activities (58,606)---(58,606) Net Change in Cash and Cash Equivalents 1,590,415 (110,245)507,568 937,078 2,924,816 CASH AND CASH EQUIVALENTS - Beginning of Year 787,012 232,231 911,456 397,733 2,328,432 CASH AND CASH EQUIVALENTS - END OF YEAR $ 2,377,427 $ 121,986 $ 1,419,024 $ 1,334,811 $ 5,253,248 Page 148 VILLAGE OF GLENVIEW COMBINING STATEMENT OF CASH FLOWS INTERNAL SERVICE FUNDS For the Year Ended December 31, 2018 Capital Equipment Replacement Fund (CERF) Municipal Equipment Repair Fund (MERF) Insurance and Risk Fund Facilities Repair and Replacement Fund (FRRF)Totals RECONCILIATION OF OPERATING INCOME (LOSS) TO NET CASH FLOWS FROM OPERATING ACTIVITIES Operating income (loss)$2,204,817 $(37,775)$420,777 $860,466 $3,448,285 Changes in assets and liabilities Accounts Receivable (327,772)1,752 (60,247)(67,705)(453,972) Inventory -(22,357)--(22,357) Deposits --(7,245)-(7,245) Prepaid Items --(27,256)-(27,256) Accounts Payable (319,696)(48,174)84,459 (13,000)(296,411) Claims Payable --(273,604)-(273,604) Accrued Salaries -(3,752)(349)54 (4,047) Due to Other Funds --(15,032)-(15,032) Unearned Revenues --2,073 -2,073 NET CASH FLOWS FROM OPERATING ACTIVITIES $ 1,557,349 $ (110,306)$ 123,576 $ 779,815 $ 2,350,434 NONCASH CAPITAL AND RELATED FINANCING ACTIVITIES None Page 149 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, 2018 With Comparative Actual Amounts for the Year Ended December 31, 2017 2018 Budgeted Amounts Original Final Actual 2017 Actual OPERATING REVENUES Charges for Services CERF Charges $2,176,436 $2,176,436 $2,176,436 $2,113,156 Other Charges ---90 Intergovernmental - Gants and Loans --327,667 - Other Revenues --1,451 - Total Operating Revenues 2,176,436 2,176,436 2,505,554 2,113,246 OPERATING EXPENSES Commodities 242,953 242,953 208,105 189,695 Machinery and Equipment 98,766 98,766 59,605 76,398 Computer Servers 90,175 90,175 31,242 64,127 Vehicles 1,046,651 1,046,651 -659,005 System Improvements 28,000 655,264 1,785 14,675 Other Charges ---105 Total Operating Expenses 1,506,545 2,133,809 300,737 1,004,005 Operating income 669,891 42,627 2,204,817 1,109,241 NON-OPERATING REVENUES Investment Income 56,400 56,400 89,595 44,590 Gain on Sale of Capital Assets 71,400 71,400 52,458 97,900 Reassignment of Capital Assets --(846,258)(1,434,652) Total Non-Operating Revenues 127,800 127,800 (704,205)(1,292,162) Change in net position $797,691 $ 170,427 1,500,612 (182,921) NET POSITION - Beginning of Year 4,805,197 4,988,118 NET POSITION - END OF YEAR $ 6,305,809 $ 4,805,197 Page 150 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, 2018 With Comparative Actual Amounts for the Year Ended December 31, 2017 2018 Budgeted Amounts Original Final Actual 2017 Actual OPERATING REVENUES Charges for Services Village $1,466,405 $1,466,405 $1,212,440 $1,193,870 Library 5,000 5,000 3,079 2,555 Other Charges 165,000 165,000 113,277 118,639 Total Operating Revenues 1,636,405 1,636,405 1,328,796 1,315,064 OPERATING EXPENSES Personnel 440,802 440,802 427,326 415,375 Contractual Services 428,300 428,300 331,805 416,742 Commodities 235,065 235,065 184,695 191,995 Other Charges 527,248 527,248 422,745 316,798 Capital Outlay ---103 Total Operating Expenses 1,631,415 1,631,415 1,366,571 1,341,013 Operating Income (Loss)4,990 4,990 (37,775)(25,949) NON-OPERATING REVENUES Investment Income --61 27 Total Non-Operating Revenues --61 27 Change in net position $ 4,990 $ 4,990 (37,714)(25,922) NET POSITION - Beginning of Year 426,929 452,851 NET POSITION - END OF YEAR $ 389,215 $ 426,929 Page 151 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, 2018 With Comparative Actual Amounts for the Year Ended December 31, 2017 2018 Budgeted Amounts Original Final Actual 2017 Actual OPERATING REVENUES Charges for Services Employees $768,000 $768,000 $768,019 $739,401 Village 3,500,954 3,500,954 3,519,257 3,394,674 Retirees 1,013,471 1,013,471 916,047 891,301 Component Unit - Library 583,200 583,200 606,219 540,006 Other 1,701,675 1,701,675 1,701,675 1,716,771 Miscellaneous Insurance Recoveries 50,000 50,000 66,619 51,026 Other 12,767 12,767 9,075 20,737 Other Charges --7,300 - Total Operating Revenues 7,630,067 7,630,067 7,594,211 7,353,916 OPERATING EXPENSES Personnel 705,478 705,478 558,046 574,639 Contractual Services 7,206,120 7,242,870 6,614,934 6,649,374 Commodities --454 513 Total Operating Expenses 7,911,598 7,948,348 7,173,434 7,224,526 Operating income (loss)(281,531)(318,281)420,777 129,390 NON-OPERATING REVENUES Investment Income 150,750 150,750 117,627 242,252 Total Non-Operating Revenues 150,750 150,750 117,627 242,252 Net Income (Loss) Before Transfers (130,781)(167,531)538,404 371,642 TRANSFERS OUT General Fund (250,000)(250,000)(250,000)(403,917) Transfers Out (250,000)(250,000)(250,000)(403,917) Change in net position $ (380,781)$ (417,531)288,404 (32,275) NET POSITION - Beginning of Year 5,498,075 5,530,350 NET POSITION - END OF YEAR $ 5,786,479 $ 5,498,075 Page 152 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, 2018 With Comparative Actual Amounts for the Year Ended December 31, 2017 2018 Budgeted Amounts Original Final Actual 2017 Actual OPERATING REVENUES Charges for Services Facilities Charges $994,699 $994,699 $994,700 $1,186,469 Other Charges --71,930 6,117 Total Operating Revenues 994,699 994,699 1,066,630 1,192,586 OPERATING EXPENSES Personnel 11,170 11,170 11,201 - Contractual Services 110,293 110,293 41,856 58,542 Capital outlay 900,210 900,210 153,107 77,749 Total Operating Expenses 1,021,673 1,021,673 206,164 136,291 Operating Income (Loss)(26,974)(26,974)860,466 1,056,295 NON-OPERATING REVENUES Reassignment of Capital Assets ---(992,546) Investment Income 9,000 9,000 28,855 7,688 Total Non-Operating Revenues 9,000 9,000 28,855 (984,858) Net Income (Loss) Before Transfers (17,974)(17,974)889,321 71,437 TRANSFERS IN (OUT) Commuter Parking Fund 195,674 195,674 195,674 - Capital Projects Fund --(36,066)- Transfers In (out) 195,674 195,674 159,608 - Change in net position $ 177,700 $ 177,700 1,048,929 71,437 NET POSITION - Beginning of Year 1,579,550 1,508,113 NET POSITION - END OF YEAR $ 2,628,479 $ 1,579,550 Page 153 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, 2018 Police Pension Fund Firefighters' Pension Fund Totals ASSETS Cash and Cash Equivalents $3,955,313 $80,724 $4,036,037 Investments U.S. Treasuries 6,593,621 4,316,570 10,910,191 U.S. Agencies 7,662,302 21,254,598 28,916,900 Mutual Funds 41,763,689 48,992,884 90,756,573 Corporate Obligations 13,657,583 -13,657,583 Municipal Obligations 563,404 4,780,650 5,344,054 Receivables Accrued Interest 193,649 183,594 377,243 Due from Primary Government 1,288 2,112 3,400 Prepaid Items 6,137 4,906 11,043 Total Assets 74,396,986 79,616,038 154,013,024 LIABILITIES Accrued Expenses 18,963 37,757 56,720 Total Liabilities 18,963 37,757 56,720 NET POSITION Restricted for pension benefits $ 74,378,023 $ 79,578,281 $ 153,956,304 Page 154 VILLAGE OF GLENVIEW COMBINING STATEMENT OF CHANGES IN FIDUCIARY NET POSITION PENSION TRUST FUNDS For the Year Ended December 31, 2018 Police Pension Fund Firefighters' Pension Fund Total ADDITIONS Contributions Employer $2,470,705 $4,048,725 $6,519,430 Participant 751,474 814,043 1,565,517 Total Contributions 3,222,179 4,862,768 8,084,947 Investment Income Net Appreciation in Fair Value of Investments (6,973,465)(7,544,266)(14,517,731) Interest Income 3,465,950 3,709,348 7,175,298 Total Investment Income (3,507,515)(3,834,918)(7,342,433) Less Investment Expense 82,136 152,347 234,483 Net Investment Income (3,589,651)(3,987,265)(7,576,916) Total Additions (367,472)875,503 508,031 DEDUCTIONS Retirement Pensions 4,191,283 4,933,430 9,124,713 Widow Pensions 220,240 582,663 802,903 Disability Pensions 123,482 478,962 602,444 Children's Pensions 48,270 -48,270 Contribution Refunds 24,082 -24,082 Administration 61,122 69,772 130,894 Total Deductions 4,668,479 6,064,827 10,733,306 Change in Net Position (5,035,951)(5,189,324)(10,225,275) NET POSITION - Beginning of Year 79,413,974 84,767,605 164,181,579 NET POSITION - END OF YEAR $ 74,378,023 $ 79,578,281 $ 153,956,304 Page 155 VILLAGE OF GLENVIEW DETAILED SCHEDULE OF CHANGES IN FIDUCIARY NET POSITION - BUDGET AND ACTUAL POLICE PENSION FUND - PENSION TRUST FUND For the Year Ended December 31, 2018 With Comparative Actual Amounts for the Year Ended December 31, 2017 2018 Original Budget Final Budget Actual 2017 Actual Additions Contributions Employer $2,448,164 $2,448,164 $2,470,705 $2,492,386 Participant 738,383 738,383 751,474 712,432 Total Contributions 3,186,547 3,186,547 3,222,179 3,204,818 Investment Income Net Appreciation in Fair Value of Investments 4,000,000 4,000,000 (6,973,465)5,492,067 Interest Income 850,000 850,000 3,465,950 3,024,105 Total Investment Income 4,850,000 4,850,000 (3,507,515)8,516,172 Less Investment Expense 88,244 88,244 82,136 134,132 Net Investment Income 4,761,756 4,761,756 (3,589,651)8,382,040 Total Additions 7,948,303 7,948,303 (367,472)11,586,858 Deductions Retirement Pensions 3,758,695 3,758,695 4,191,283 3,722,924 Widow Pensions 295,614 295,614 220,240 284,700 Disability Pensions 175,847 175,847 123,482 122,455 Children's Pensions --48,270 48,270 Contribution Refunds 50,000 50,000 24,082 - Administration 70,585 70,585 61,122 - Total Deductions 4,350,741 4,350,741 4,668,479 4,178,349 Change in Net Position $ 3,597,562 $ 3,597,562 (5,035,951)7,408,509 NET POSITION - Beginning of Year 79,413,974 72,005,465 NET POSITION - END OF YEAR $ 74,378,023 $ 79,413,974 Page 156 VILLAGE OF GLENVIEW DETAILED SCHEDULE OF CHANGES IN FIDUCIARY NET POSITION - BUDGET AND ACTUAL FIREFIGHTERS' PENSION FUND - PENSION TRUST FUND For the Year Ended December 31, 2018 With Comparative Actual Amounts for the Year Ended December 31, 2017 2018 Original Budget Final Budget Actual 2017 Actual Additions Contributions Employer $4,011,045 $4,011,045 $4,048,725 $3,839,494 Participant 780,282 780,282 814,043 801,858 Total contributions 4,791,327 4,791,327 4,862,768 4,641,352 Investment Income Net Appreciation in Fair Value of Investments 4,000,000 4,000,000 (7,544,266)6,951,967 Interest Income 1,300,000 1,300,000 3,709,348 3,650,588 Total Investment Income 5,300,000 5,300,000 (3,834,918)10,602,555 Less Investment Expense 174,667 174,667 152,347 216,756 Net Investment Income 5,125,333 5,125,333 (3,987,265)10,385,799 Total Additions 9,916,660 9,916,660 875,503 15,027,151 Deductions Retirement Pensions 5,055,959 5,055,959 4,933,430 4,853,954 Widow Pensions 554,525 554,525 582,663 557,897 Disability Pensions 481,423 481,423 478,962 507,696 Children's Pensions ---1,952 Contribution Refunds 50,000 50,000 -- Administration 75,731 75,731 69,772 - Total Deductions 6,217,638 6,217,638 6,064,827 5,921,499 Change in Net Position $ 3,699,022 $ 3,699,022 (5,189,324)9,105,652 NET POSITION - Beginning of Year 84,767,605 75,661,953 NET POSITION - END OF YEAR $ 79,578,281 $ 84,767,605 Page 157 Page 158 Balances Balances December 31, December 31, 2017 Additions Deductions 2018 Total - All Agency Funds Assets Cash and Cash Equivalents 2,031,722$ 6,701,051$ 6,132,444$ 2,600,329$ Investments 743,208 243,800 496,449 490,559 Receivables - Property Taxes 293,222 337,469 293,222 337,469 Receivables - Interest 2,254 5,381 -7,635 Total Assets 3,070,406$7,287,701$6,922,115$3,435,992$ Liabilities Accounts Payable 1,603,448$ 4,522,780$ 4,907,247$ 1,218,981$ Refundable Deposits 999,985 1,109,831 406,589 1,703,227 Due to Primary Government - 345,140 - 345,140 Due to Bond Holders 466,973 1,946,297 2,244,626 168,644 Total Liabilities 3,070,406$7,924,048$7,558,462$3,435,992$ Special Service Area (SSA) Bond Fund Assets Cash and Cash Equivalents 173,751$ 693,761$ 691,197$ 176,315$ Receivables - Property Taxes 293,222 337,469 293,222 337,469 Total Assets 466,973$1,031,230$984,419$513,784$ Liabilities Due to Bond Holders 466,973$ 1,946,297$ 2,244,626$ 168,644$ Due to Primary Government -345,140 -345,140 Total Liabilities 466,973$2,291,437$2,244,626$513,784$ Escrow Deposit Fund Assets Cash and Cash Equivalents 457,945$ 1,558,146$ 805,458$ 1,210,633$ Investments 743,208 243,800 496,449 490,559 Receivables - Interest 2,254 5,381 -7,635 Total Assets 1,203,407$1,807,327$1,301,907$1,708,827$ Liabilities Accounts Payable 203,422$ 73,636$ 271,458$ 5,600$ Refundable Deposits 999,985 1,109,831 406,589 1,703,227 Total Liabilities 1,203,407$1,183,467$678,047$1,708,827$ Joint ETSB Fund Assets Cash and Cash Equivalents 1,400,026$4,449,144$4,635,789$1,213,381$ Total Assets 1,400,026$4,449,144$4,635,789$1,213,381$ Liabilities Accounts Payable 1,400,026$4,449,144$4,635,789$1,213,381$ Total Liabilities 1,400,026$4,449,144$4,635,789$1,213,381$ VILLAGE OF GLENVIEW COMBINING STATEMENT OF CHANGES IN ASSETS AND LIABILITIES AGENCY FUNDS For the Year Ended December 31, 2018 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. Page 159 Library General Fund Library Debt Service Nonmajor Library Funds Total Library ASSETS Current Assets Cash and Cash Equivalents 3,638,234$ 480,824$ 922,395$ 5,041,453$ Investments 1,490,600 - - 1,490,600 Receivables, Net of Allowances Property Taxes 6,105,606 1,678,593 - 7,784,199 Interest 9,015 --9,015 Total Current Assets 11,243,455 2,159,417 922,395 14,325,267 Noncurrent Assets Capital Assets Not Depreciated ---- Capital Assets Depreciation (Net)---- Total Noncurrent Assets ---- TOTAL ASSETS 11,243,455 2,159,417 922,395 14,325,267 DEFERRED OUTFLOWS OF RESOURCES Deferred Charge on Refunding ---- Deferred Outflows Related to Pensions ---- Deferred Outflows Related to OPEB ---- TOTAL DEFERRED OUTFLOWS OF RESOURCES ---- As of December 31, 2018 Combining Balance Sheet VILLAGE OF GLENVIEW COMBINING BALANCE SHEET AND STATEMENT OF NET POSITION GLENVIEW LIBRARY - COMPONENT UNIT Page 160 Adjustments Total Component Unit - Glenview Library -$ 5,041,453$ - 1,490,600 - 7,784,199 -9,015 -14,325,267 5,426,987 5,426,987 24,433,310 24,433,310 29,860,297 29,860,297 29,860,297 44,185,564 863,333 863,333 535,302 535,302 14,333 14,333 1,412,968 1,412,968 Statement of Net Position Page 161 Library General Fund Library Debt Service Nonmajor Library Funds Total Library As of December 31, 2018 Combining Balance Sheet VILLAGE OF GLENVIEW COMBINING BALANCE SHEET AND STATEMENT OF NET POSITION GLENVIEW LIBRARY - COMPONENT UNIT LIABILITIES Current Liabilities Accounts Payable 365,885$-$ 523$ 366,408$ Accrued Payroll 186,975 - - 186,975 Accrued Interest ---- Current Portion of Bonds Payable ---- Current Portion of Compensated Absences ---- Total Current Liabilities 552,860 -523 553,383 Noncurrent Liabilities Bonds Payable ---- Unamortized Bond Premiums ---- Net Pension Liability ---- Total OPEB Liability ---- Compensated Absences ---- Total Noncurrent Liabilities ---- TOTAL LIABILITIES 552,860 -523 553,383 DEFERRED INFLOWS OF RESOURCES Property Taxes Levied for a Future Period 6,103,118 1,677,660 - 7,780,778 Deferred Inflows Related to Pensions ---- Deferred Inflows Related to OPEB ---- TOTAL DEFERRED INFLOWS OF RESOURCES 6,103,118 1,677,660 -7,780,778 FUND BALANCES/NET POSITION Net Investment in Capital Assets ---- Restricted - 481,757 921,872 1,403,629 Unassigned/Unrestricted 4,587,477 --4,587,477 TOTAL FUND BALANCES/NET POSITION 4,587,477 481,757 921,872 5,991,106 TOTAL LIABILITIES, DEFERRED INFLOWS OF RESOURCES, AND FUND BALANCES/NET POSITION 11,243,455$2,159,417$922,395$14,325,267$ Page 162 Adjustments Total Component Unit - Glenview Library Statement of Net Position -$ 366,408$ - 186,975 56,871 56,871 1,083,500 1,083,500 51,068 51,068 1,191,439 1,744,822 14,243,100 14,243,100 2,119,028 2,119,028 488,849 488,849 203,228 203,228 204,271 204,271 17,258,476 17,258,476 18,449,915 19,003,298 - 7,780,778 1,847,914 1,847,914 5,373 5,373 1,853,287 9,634,065 13,278,002 13,278,002 - 1,403,629 (2,307,939)2,279,538 10,970,063 16,961,169 31,273,265$45,598,532$ Page 163 Library General Fund Library Debt Service Nonmajor Library Funds Total Library REVENUES Property Taxes 6,300,738$ 1,985,208$-$ 8,285,946$ Charges for Services 64,521 - - 64,521 Fines and Forfeitures 67,245 - - 67,245 Intergovernmental 1,260,937 - - 1,260,937 Investment Income 98,160 20,830 13,370 132,360 Other Revenue 63,934 -69,946 133,880 Total Revenues 7,855,535 2,006,038 83,316 9,944,889 EXPENDITURES Current Culture and Rrecreation 6,967,081 - 46,435 7,013,516 Debt Service Principal - 1,225,045 - 1,225,045 Interest and Other - 726,833 - 726,833 Capital Outlay 217,733 -39,853 257,586 Total Expenditures 7,184,814 1,951,878 86,288 9,222,980 Excess (Deficiency) of Revenues over Expenditures 670,721 54,160 (2,972)721,909 OTHER FINANCING SOURCES (USES) Transfers In - - 172,224 172,224 Transfers Out (172,224)--(172,224) Total Other Financing Sources (Uses) (172,224)-172,224 - Net Change in Fund Balances/Net Position 498,497 54,160 169,252 721,909 FUND BALANCES/NET POSITION - Beginning of Year, as restated 4,088,980 427,597 752,620 5,269,197 FUND BALANCES/NET POSITION - END OF YEAR 4,587,477$481,757$921,872$5,991,106$ For the Year Ended December 31, 2018 STATEMENT OF ACTIVITIES Statement of Revenues, Expenditures, and Changes in Fund Balances VILLAGE OF GLENVIEW COMBINING STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES AND GLENVIEW LIBRARY - COMPONENT UNIT Page 164 Adjustments Total Component Unit - Glenview Library -$ 8,285,946$ - 64,521 - 67,245 - 1,260,937 - 132,360 -133,880 -9,944,889 369,911 7,383,427 (1,225,045) - (131,950) 594,883 555,310 812,896 (431,774)8,791,206 431,774 1,153,683 (172,224) - 172,224 - -- 431,774 1,153,683 10,538,289 15,807,486 10,970,063$16,961,169$ Statement of Activities 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, 2018 With Comparative Actual Amounts for the Year Ended December 31, 2017 2018 Budgeted Amounts Original Final Actual 2017 Actual REVENUES PROPERTY TAXES Current Year $ 6,300,607 $ 6,300,607 $ 6,382,597 $ 6,372,104 Prior Year (70,000)(70,000)(81,859)(93,720) Total Property Taxes 6,230,607 6,230,607 6,300,738 6,278,384 CHARGES FOR SERVICES Nonresident Fee 15,000 15,000 10,780 14,862 Personal Books 1,000 1,000 682 1,461 Copying Fees 14,000 14,000 20,103 12,810 Circular Collection Fees 100 100 271 192 Video Fees 20,000 20,000 18,264 20,532 Rental Fees 7,000 7,000 14,421 7,798 Total Charges for Services 57,100 57,100 64,521 57,655 FINES AND FORFEITURES Library Fines 61,000 61,000 55,747 67,634 Lost and Paid 11,000 11,000 11,498 12,015 Total Fines and Forfeitures 72,000 72,000 67,245 79,649 INTERGOVERNMENTAL Property Replacement Tax 43,263 43,263 48,222 59,013 Make-Whole Payment 1,117,700 1,117,700 1,117,756 1,106,414 Grant Revenue 33,000 33,000 94,959 - Total Intergovernmental 1,193,963 1,193,963 1,260,937 1,165,427 INVESTMENT INCOME Interest 32,000 32,000 98,160 46,652 OTHER REVENUE Employee Dental Contribution 21,000 21,000 19,340 21,663 Miscellaneous 22,000 22,000 44,594 24,329 Total Other Revenue 43,000 43,000 63,934 45,992 Total Revenues 7,628,670 7,628,670 7,855,535 7,673,759 EXPENDITURES CULTURE AND RECREATION Library Adminstration Personnel 1,240,723 1,240,723 1,182,539 1,160,376 Contractual Services 350,790 350,790 344,436 314,813 Commodities 10,200 10,200 8,380 8,862 Other Charges 47,500 47,500 16,609 24,041 Total Library Adminstration 1,649,213 1,649,213 1,551,964 1,508,092 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, 2018 With Comparative Actual Amounts for the Year Ended December 31, 2017 2018 Budgeted Amounts Original Final Actual 2017 Actual Expenditures (cont.) Reader's Services Personnel $ 847,781 $ 847,781 $ 842,187 $ 822,478 Contractual Services 83,400 83,400 76,727 70,162 Commodities 262,600 262,600 240,289 243,524 Other Charges 2,800 2,800 1,072 1,642 Total Reader's Services 1,196,581 1,196,581 1,160,275 1,137,806 Buildings and Grounds Maintenance Personnel 217,934 217,934 222,698 212,563 Contractual Services 116,834 116,834 160,000 126,980 Commodities 70,050 70,050 73,489 63,932 Other Charges 250 250 210 330 Total Buildings and Grounds Maintenance 405,068 405,068 456,397 403,805 Circulation Personnel 892,426 892,426 892,172 847,845 Contractual Services 13,350 13,350 11,820 12,235 Commodities 20,000 20,000 19,112 9,489 Other Charges 3,750 3,750 2,064 1,747 Total Circulation 929,526 929,526 925,168 871,316 Public Information Personnel 179,745 179,745 191,852 172,796 Contractual Services 53,439 53,439 47,921 47,177 Commodities 4,700 4,700 3,482 5,475 Other Charges 450 450 273 95 Total Public Information 238,334 238,334 243,528 225,543 Technical Services Personnel 588,194 588,194 535,100 569,644 Contractual Services 8,857 8,857 5,975 6,944 Commodities 15,150 15,150 12,720 11,116 Other Charges 1,700 1,700 347 338 Total Technical Services 613,901 613,901 554,142 588,042 Youth Services Personnel 629,599 629,599 606,017 595,186 Contractual Services 57,300 57,300 51,599 55,849 Commodities 127,900 127,900 129,794 122,426 Other Charges 5,075 5,075 3,463 2,269 Total Youth Services 819,874 819,874 790,873 775,730 Page 166 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, 2018 With Comparative Actual Amounts for the Year Ended December 31, 2017 2018 Budgeted Amounts Original Final Actual 2017 Actual Expenditures (cont.) Reference Personnel $ 608,919 $ 608,919 $ 581,032 $ 598,192 Contractual Services 204,800 204,800 174,438 190,131 Commodities 109,010 109,010 66,059 68,069 Other Charges 3,070 3,070 1,581 362 Total Reference 925,799 925,799 823,110 856,754 Information Technology Personnel 290,098 290,098 271,600 262,159 Contractual Services 183,500 183,500 182,222 181,521 Commodities 6,550 6,550 5,596 7,912 Other Charges 2,300 2,300 2,206 2,174 Total Information Technology 482,448 482,448 461,624 453,766 Total Culture and Recreation 7,260,744 7,260,744 6,967,081 6,820,854 CAPITAL OUTLAY Furniture and Fixtures 32,300 32,300 7,071 335 Machinery and Equipment 4,278 4,278 2,256 8,523 Information System 226,485 226,485 208,406 204,166 Total Capital Outlay 263,063 263,063 217,733 213,024 Total Expenditures 7,523,807 7,523,807 7,184,814 7,033,878 Excess of revenues over expenditures 104,863 104,863 670,721 639,881 OTHER FINANCING USES Transfer (out) Library Special Reserve Fund (172,224)(172,224)(172,224)(122,224) Total Other Financing Uses (172,224)(172,224)(172,224)(122,224) Net Change in Fund Balance $ (67,361)$ (67,361)498,497 517,657 FUND BALANCE - Beginning of Year 4,088,980 3,571,323 FUND BALANCE - END OF YEAR $ 4,587,477 $ 4,088,980 Page 167 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, 2018 With Comparative Actual Amounts for the Year Ended December 31, 2017 2018 Budgeted Amounts Original Final Actual 2017 Actual REVENUES Property $ 1,947,927 $ 1,947,927 $ 1,985,208 $ 1,993,109 Investment Income 13,500 13,500 20,830 11,697 Total Revenues 1,961,427 1,961,427 2,006,038 2,004,806 EXPENDITURES Debt service Principal 1,225,045 1,225,045 1,225,045 1,190,000 Interest 726,834 726,834 726,833 833,047 Total Expenditures 1,951,879 1,951,879 1,951,878 2,023,047 Excess (deficiency) of revenues over (under) expenditures 9,548 9,548 54,160 (18,241) Net Change in Fund Balance $ 9,548 $ 9,548 54,160 (18,241) FUND BALANCE - Beginning of Year 427,597 445,838 FUND BALANCE - END OF YEAR $ 481,757 $ 427,597 Page 168 Page 169 Friends of the Library Gift Total Special Revenue Assets Cash and Cash Equivalents 131,191$ 105,494$ 236,685$ Total Assets 131,191$ 105,494$ 236,685$ Liabilities and Fund Balances Liabilities Accounts Payable 110$ -$ 110$ Total Liabilities 110 - 110 Fund Balance Restricted 131,081 105,494 236,575 Total Fund Balances 131,081 105,494 236,575 Total Liabilities and Fund Balances 131,191$ 105,494$ 236,685$ As of December 31, 2018 Special Revenue Funds VILLAGE OF GLENVIEW COMBINING BALANCE SHEET GLENVIEW LIBRARY - COMPONENT UNIT - LIBRARY NONMAJOR FUNDS Page 170 Library Capital Contribution Library Special Reserve Total Capital Project Total Nonmajor Library 86,716$ 598,994$ 685,710$ 922,395$ 86,716$ 598,994$ 685,710$ 922,395$ 413$ -$ 413$ 523$ 413 - 413 523 86,303 598,994 685,297 921,872 86,303 598,994 685,297 921,872 86,716$ 598,994$ 685,710$ 922,395$ Capital Projects Funds Page 171 Friends of the Library Gift Total Special Revenue Revenues Other Revenue Donations 40,000$ 500$ 40,500$ Miscellaneous - - - Investment Income 1,573 1,707 3,280 Total Revenues 41,573 2,207 43,780 Expenditures Culture and Recreation Miscellaneous 37,831 - 37,831 Capital Outlay - - - Total Expenditures 37,831 - 37,831 Excess (Deficiency) of Revenues over (under) Expenditures 3,742 2,207 5,949 Other Financing Sources Transfers In - - - Total Other Financing Sources - - - Net Change in Fund Balances 3,742 2,207 5,949 FUND BALANCE - Beginning of Year 127,339 103,287 230,626 FUND BALANCE - END OF YEAR 131,081$ 105,494$ 236,575$ 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, 2018 Page 172 Library Capital Contribution Library Special Reserve Total Capital Project Total Nonmajor Library 28,652$ -$ 28,652$ 69,152$ - 794 794 794 1,351 8,739 10,090 13,370 30,003 9,533 39,536 83,316 8,604 - 8,604 46,435 - 39,853 39,853 39,853 8,604 39,853 48,457 86,288 21,399 (30,320) (8,921) (2,972) - 172,224 172,224 172,224 - 172,224 172,224 172,224 21,399 141,904 163,303 169,252 64,904 457,090 521,994 752,620 86,303$ 598,994$ 685,297$ 921,872$ Capital Projects Funds 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, 2018 With Comparative Actual Amounts for the Year Ended December 31, 2017 2018 Budgeted Amounts Original Final Actual 2017 Actual REVENUES Investment Income $ 5,600 $ 5,600 $ 8,739 $ 5,370 Miscellaneous --794 - Total Revenues 5,600 5,600 9,533 5,370 EXPENDITURES Culture and Recreation Contractual Services - - - 6,430 Other Charges 76,716 76,716 -- Total culture and recreation 76,716 76,716 -6,430 Capital Outlay Capital Outlay --39,853 220,336 Total Expenditures 76,716 76,716 39,853 226,766 Excess (deficiency) of revenues over (under) expenditures (71,116)(71,116)(30,320)(221,396) OTHER FINANCING SOURCES Transfers In Library General Fund 172,224 172,224 172,224 122,224 Total Other Financing Sources 172,224 172,224 172,224 122,224 Net Change in Fund Balance $ 101,108 $ 101,108 141,904 (99,172) FUND BALANCE - Beginning of Year 457,090 556,262 FUND BALANCE - END OF YEAR $ 598,994 $ 457,090 Page 173 Page 174 VILLAGE OF GLENVIEW LONG-TERM DEBT REQUIREMENTS ILLINOIS ENVIRONMENT PROTECTION AGENCY LOAN December 31, 2018 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 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 158,414$146,220$304,634$ 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, 2018 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 2019 5,850,000$ 604,800$ 6,454,800$ 2019 302,400$ 2019 302,400$ 2020 6,030,000 429,300 6,459,300 2020 214,650 2020 214,650 2021 6,210,000 248,400 6,458,400 2021 124,200 2021 124,200 Total 18,090,000$1,282,500$19,372,500$641,250$641,250$ 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, 2018 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 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 9,470,000$1,269,000$10,739,000$634,500$634,500$ 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 BOND SERIES 2013A December 31, 2018 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 2019 260,000$ 170,283$ 430,283$ 2019 85,141$ 2019 85,141$ 2020 265,000 165,083 430,083 2020 82,541 2020 82,541 2021 270,000 157,132 427,132 2021 78,566 2021 78,566 2022 280,000 149,032 429,032 2022 74,516 2022 74,516 2023 285,000 140,632 425,632 2023 70,316 2023 70,316 2024 295,000 132,082 427,082 2024 66,041 2024 66,041 2025 305,000 123,232 428,232 2025 61,616 2025 61,616 2026 315,000 113,626 428,626 2026 56,813 2026 56,813 2027 325,000 102,600 427,600 2027 51,300 2027 51,300 2028 340,000 89,600 429,600 2028 44,800 2028 44,800 2029 350,000 76,000 426,000 2029 38,000 2029 38,000 2030 365,000 62,000 427,000 2030 31,000 2030 31,000 2031 380,000 47,400 427,400 2031 23,700 2031 23,700 2032 395,000 32,200 427,200 2032 16,100 2032 16,100 2033 410,000 16,400 426,400 2033 8,200 2033 8,200 Total 4,840,000$1,577,302$6,417,302$788,650$788,650$ Note: Principal and interest will be paid by the Debt Service Fund via a transfer from the Corporate Fund. Requirements Interest Due on Page 178 VILLAGE OF GLENVIEW LONG-TERM DEBT REQUIREMENTS GENERAL OBLIGATION BOND SERIES 2013B December 31, 2018 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 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 3,205,000$310,098$3,515,098$155,049$155,049$ Note: Principal and interest will be paid by the Waukegan/Golf TIF Fund. Requirements Interest Due on Page 179 VILLAGE OF GLENVIEW LONG-TERM DEBT REQUIREMENTS 5 YEAR LOAN December 31, 2018 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 2019 1,305,935$24,495$1,330,430$2019 12,214$2019 12,281$ Total 1,305,935$24,495$1,330,430$12,214$12,281$ Note: Principal and interest will be paid by the Special Tax Allocation Fund. Requirements Interest Due on Page 180 VILLAGE OF GLENVIEW LONG-TERM DEBT REQUIREMENTS GENERAL OBLIGATION REFUNDING BOND SERIES 2016A December 31, 2018 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 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$4,103,508$19,430,108$2,051,754$2,051,754$ Note: Principal and interest is payable from proceeds of the library property tax levy. Requirements Interest Due on Page 181 VILLAGE OF GLENVIEW LONG-TERM DEBT REQUIREMENTS ADVANCE METERING INFRASTRUCTURE LOAN December 31, 2018 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 2019 656,340$ 121,581$ 777,921$ 2019 60,624$ 2019 60,957$ 2020 843,866 108,455 952,321 2020 54,079 2020 54,376 2021 1,031,392 91,577 1,122,969 2021 45,663 2021 45,914 2022 1,125,155 70,949 1,196,104 2022 35,377 2022 35,572 2023 890,748 48,445 939,193 2023 24,156 2023 24,289 2024 1,012,639 30,630 1,043,269 2024 15,273 2024 15,357 2025 518,899 10,378 529,277 2025 5,175 2025 5,203 Total 6,079,039$482,015$6,561,054$240,347$241,668$ Note: Principal and interest will be paid by the Water Fund and Sewer Fund. Requirements Interest Due on Page 182 Special Revenue Fund Capital Projects Fund Special Tax Allocation Fund Glen Capital Projects Fund Total GNAS Redevelopment Area ASSETSCash and Cash Equivalents 4,440,326$387,715$4,828,041$ Investments 25,218,003 - 25,218,003 Receivables, net of allowances Accounts 49,368 - 49,368 Accrued Interest 280,671 - 280,671 Notes Receivable 2,293,667 -2,293,667 TOTAL ASSETS 32,282,035$387,715$32,669,750$ LIABILITIES AND FUND BALANCES Liabilities Accounts Payable 19,341,516$ 215,524$ 19,557,040$ Accrued Payroll 10,894 - 10,894 Other Payables 379 77,872 78,251 Advances from Other Funds 15,699,696 -15,699,696 Total Liabilities 35,052,485 293,396 35,345,881 Fund Balances (Deficit) Nonspendable for Prepaid Items - - - Assigned to Capital Project Funds - 94,319 94,319 Unassigned (2,770,450)-(2,770,450) Total Fund Balances (Deficit) (2,770,450)94,319 (2,676,131) TOTAL LIABILITIES AND FUND BALANCES 32,282,035$387,715$32,669,750$ VILLAGE OF GLENVIEW COMBINING BALANCE SHEET GLENVIEW NAVAL AIR STATION (GNAS) REDEVELOPMENT AREA FUNDS As of December 31, 2018 Page 183 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, 2018 Special Revenue Fund Capital Projects Fund Special Tax Allocation Fund Glen Capital Projects Fund Total GNAS Redevelopment Area REVENUES Property Taxes 34,341,818$-$ 34,341,818$ Charges for Services 507,816 - 507,816 Intergovernmental 160,973 437 161,410 Investment Income 640,015 10,231 650,246 Miscellaneous 34,843 3,248 38,091 Total Revenues 35,685,465 13,916 35,699,381 EXPENDITURES Current General Government 23,268,744 - 23,268,744 Capital Outlay - 2,178,047 2,178,047 Debt service Principal 6,965,938 - 6,965,938 Interest and Fiscal Charges 1,071,320 -1,071,320 Total Expenditures 31,306,002 2,178,047 33,484,049 Excess (deficiency) of revenues over (under) expenditures 4,379,463 (2,164,131)2,215,332 OTHER FINANCING SOURCES (USES) Transfers In - 1,123,212 1,123,212 Transfers Out (1,420,533)-(1,420,533) Total Other Financing Sources (Uses) (1,420,533)1,123,212 (297,321) Net Change in Fund Balances 2,958,930 (1,040,919) 1,918,011 FUND BALANCES (DEFICIT) - Beginning of Year (5,729,380)1,135,238 (4,594,142) FUND BALANCES (DEFICIT) - END OF YEAR (2,770,450)$94,319$(2,676,131)$ Statistical Section Contents Page Financial Trends 184 -193 Revenue Capacity 194 - 201 Debt Capacity 202 - 205 Demographic and Economic Information 206 - 209 Operating Information 210 - 213 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. Page 184 VILLAGE OF GLENVIEW NET POSITION Last Ten Fical Years 2009 2010 2011 2012 GOVERNMENTAL ACTIVITIES Net investment in capital assets 87,607,488$ 93,936,562$ 102,217,913$ 109,488,722$ Restricted 39,881,012 29,923,363 23,711,651 45,978,154 Unrestricted 69,018,535 66,754,133 68,927,169 42,720,345 TOTAL GOVERNMENTAL ACTIVITIES 196,507,035$190,614,058$194,856,733$198,187,221$ BUSINESS-TYPE ACTIVITIES Net investment in capital assets 45,206,019$ 51,450,402$ 55,566,298$ 56,331,598$ Unrestricted 7,860,336 2,104,898 5,373,918 7,475,383 TOTAL BUSINESS-TYPE ACTIVITIES 53,066,355$53,555,300$60,940,216$63,806,981$ PRIMARY GOVERNMENT Net investment in capital assets 132,813,507$ 145,386,964$ 157,784,211$ 165,820,320$ Restricted 39,881,012 29,923,363 23,711,651 45,978,154 Unrestricted 76,878,871 68,859,031 74,301,087 50,195,728 TOTAL PRIMARY GOVERNMENT 249,573,390$244,169,358$255,796,949$261,994,202$ Data Source The Village of Glenview's Comprehensive Annual Financial Report. Fiscal Year Page 185 2013 2014 2015 2016 2017 2018 139,233,309$ 149,950,065$ 190,234,952$ 190,133,236$ 200,207,529$ 202,699,589$ 11,484,242 2,407,413 2,194,487 2,906,999 3,657,835 4,413,818 50,861,602 (11,873,206)(11,596,195)(10,645,007)(10,627,289)(9,283,111) 201,579,153$140,484,272$180,833,244$182,395,228$193,238,075$197,830,296$ 58,075,392$ 60,891,686$ 55,002,443$ 53,413,336$ 53,974,120$ 55,163,508$ 10,891,341 8,714,501 6,214,430 5,983,945 7,728,756 8,220,729 68,966,733$69,606,187$61,216,873$59,397,281$61,702,876$63,384,237$ 197,308,701$ 210,841,751$ 245,237,395$ 243,546,572$ 254,181,649$ 257,863,097$ 11,484,242 2,407,413 2,194,487 2,906,999 3,657,835 4,413,818 61,752,943 (3,158,705)(5,381,765)(4,661,062)(2,898,533)(1,062,382) 270,545,886$210,090,459$242,050,117$241,792,509$254,940,951$261,214,533$ Page 186 VILLAGE OF GLENVIEW CHANGES IN NET POSITION Last Ten Fiscal Years 2009 2010 2011 2012 EXPENSES Governmental Activities General government 29,780,621$ 32,335,971$ 33,989,230$ 40,172,192$ Public safety 26,456,771 30,475,113 25,769,097 27,145,548 Public works 12,741,129 13,981,277 8,581,360 6,670,428 Development 8,467,340 12,198,120 10,029,890 6,421,304 Interest on long-term debt 6,001,886 4,085,152 3,353,913 2,984,565 Total Governmental Activities Expenses 83,447,747 93,075,633 81,723,490 83,394,037 Business-Type Activities Water services 7,733,048 9,265,407 8,795,466 10,339,739 North Maine water and sewer services 5,782,216 6,267,880 6,197,752 7,399,749 Sanitary sewer services 1,238,383 1,948,357 1,801,454 1,729,509 Wholesale water 1,074,812 1,083,206 1,119,994 1,157,835 Commuter parking 476,940 383,196 386,244 449,674 Total Business-type Activities Expenses 16,305,399 18,948,046 18,300,910 21,076,506 TOTAL PRIMARY GOVERNMENT EXPENSES 99,753,146$112,023,679$100,024,400$104,470,543$ PROGRAM REVENUES Governmental Activities Charges for Services General government 2,324,730$ 3,931,687$ 3,854,148$ 3,564,720$ Public safety 5,274,319 5,345,151 5,195,936 4,967,056 Public works - - - 945,812 Development 3,218,677 3,993,971 2,015,239 850,749 Operating grants and contributions 1,172,899 1,662,479 1,832,805 1,960,093 Capital grants and contributions 1,267,384 2,362,508 2,439,618 746,987 Total Governmental Activities Program Revenues 13,258,009 17,295,796 15,337,746 13,035,417 Business-Type Activities Charges for Services Water services 8,370,780 9,045,480 9,751,605 11,351,729 North Maine water and sewer services 7,206,186 7,473,673 8,120,035 8,229,828 Sanitary sewer services 1,831,857 2,114,548 2,314,028 2,523,022 Wholesale water 1,782,495 1,997,367 2,156,636 2,063,759 Commuter parking 529,886 524,244 525,991 526,212 Operating grants and contributions --27,854 - Total Business-Type Activities Program Revenues 19,721,204 21,155,312 22,896,149 24,694,550 32,979,213$38,451,108$38,233,895$37,729,967$ NET REVENUE (EXPENSE) Governmental Activities (70,189,738)$ (75,779,837)$ (66,385,744)$ (70,358,620)$ Business-Type Activities 3,415,805 2,207,266 4,595,239 3,618,044 TOTAL PRIMARY GOVERNMENT NET REVENUE (EXPENSE)(66,773,933)$(73,572,571)$(61,790,505)$(66,740,576)$ Fiscal Year TOTAL PRIMARY GOVERNMENT PROGRAM REVENUES Page 187 2013 2014 2015 2016 2017 2018 38,505,592$ 36,586,774$ 34,403,572$ 44,385,296$ 42,184,653$ 42,033,645$ 27,152,669 23,105,414 20,638,161 34,694,711 34,322,701 36,999,265 7,743,333 22,535,067 26,550,936 12,872,643 18,850,845 15,879,425 14,486,953 11,829,052 5,107,156 8,956,426 4,654,804 6,801,693 2,547,042 2,231,704 2,087,567 1,853,307 2,027,661 1,581,379 90,435,589 96,288,011 88,787,392 102,762,383 102,040,664 103,295,407 9,880,585 10,634,065 15,164,208 16,376,087 13,118,448 12,902,647 7,399,181 7,547,458 14,915,126 19,318 - - 1,789,883 2,051,642 2,034,331 2,326,072 2,292,993 2,152,793 1,129,077 1,064,737 1,172,689 1,276,248 1,393,330 1,404,958 364,679 409,584 487,345 428,679 489,432 678,344 20,563,405 21,707,486 33,773,699 20,426,404 17,294,203 17,138,742 110,998,994$117,995,497$122,561,091$123,188,787$119,334,867$120,434,149$ 7,242,189$ 7,090,956$ 6,776,652$ 4,015,275$ 4,610,434$ 4,838,551$ 5,339,032 7,789,777 8,017,412 8,036,363 11,164,334 10,013,251 945,521 945,106 1,011,433 962,941 1,018,286 1,012,457 469,771 817,593 137,783 261,785 459,205 883,365 1,875,489 2,079,987 1,740,265 1,857,331 2,428,438 2,412,378 203,909 5,162,690 18,639,549 299,776 472,494 319,461 16,075,911 23,886,109 36,323,094 15,433,471 20,153,191 19,479,463 11,213,172 11,431,761 12,738,153 14,276,095 14,624,348 14,834,822 8,611,294 8,068,712 2,549,981 - - - 2,355,451 2,263,025 2,523,041 2,569,752 2,496,477 2,438,304 2,190,544 1,891,731 1,996,831 2,075,114 2,361,124 2,087,966 570,670 615,754 619,764 640,382 655,069 696,594 ------ 24,941,131 24,270,983 20,427,770 19,561,343 20,137,018 20,057,686 41,017,042$48,157,092$56,750,864$34,994,814$40,290,209$39,537,149$ (74,359,678)$ (72,401,902)$ (52,464,298)$ (87,328,912)$ (81,887,473)$ (83,815,944)$ 4,377,726 2,563,497 (13,345,929)(865,061)2,842,815 2,918,944 (69,981,952)$(69,838,405)$(65,810,227)$(88,193,973)$(79,044,658)$(80,897,000)$ Page 188 2009 2010 2011 2012 GENERAL REVENUES AND OTHER CHANGES IN NET POSITION Governmental Activities Taxes Property taxes 33,863,907$ 34,759,914$ 40,146,639$ 37,275,705$ Other taxes 12,659,075 12,962,485 13,257,071 13,495,498 Sales taxes 11,943,633 12,336,353 12,792,723 13,091,218 Income taxes 3,612,282 3,497,759 3,823,315 3,962,313 Intergovernmental 2,519,306 2,772,575 2,502,500 2,614,374 Investment income 975,360 731,839 397,478 860,108 Miscellaneous 611,793 470,187 464,084 1,562,876 Gain on sale of capital assets - - - - Transfers 4,399,659 1,777,004 (2,755,391)827,016 Total Governmental Activities 70,585,015 69,308,116 70,628,419 73,689,108 Business-Type Activities Investment income 60,349 24,419 26,807 33,790 Miscellaneous 28,928 (18,808) 7,479 41,947 Gain on sale of capital assets - - - - Gain on legal settlement - - - - Transfers (4,399,659)(1,723,932)2,755,391 (827,016) Total Business-Type Activities (4,310,382)(1,718,321)2,789,677 (751,279) TOTAL PRIMARY GOVERNMENT 66,274,633$67,589,795$73,418,096$72,937,829$ CHANGE IN NET POSITION Governmental Activities 395,277$ (6,471,721)$ 4,242,675$ 3,330,488$ Business-Type Activities (894,577)488,945 7,384,916 2,866,765 TOTAL PRIMARY GOVERNMENT CHANGE IN NET POSITION (499,300)$(5,982,776)$11,627,591$6,197,253$ 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 189 2013 2014 2015 2016 2017 2018 37,383,036$ 40,785,102$ 41,564,097$ 44,672,858$ 46,558,256$ 48,082,053$ 13,944,053 14,406,764 14,460,977 14,367,678 14,885,856 15,699,176 13,833,697 14,972,367 15,635,705 16,189,240 17,223,884 18,072,001 4,309,714 4,232,425 4,832,506 4,293,596 4,075,812 4,508,718 2,739,777 2,839,239 2,950,181 3,174,289 3,380,756 3,531,640 785,925 1,407,626 667,765 1,145,352 1,291,016 2,106,936 4,104,857 1,703,769 1,701,143 4,075,921 1,953,561 1,737,297 ----2,558,900 52,458 822,322 1,313,328 11,000,896 971,962 802,279 1,082,804 77,923,381 81,660,620 92,813,270 88,890,896 92,730,320 94,873,083 27,046 (153,614) 15,093 9,637 - - 6,290 21,553 15,942,418 7,794 18,249 101,483 ----246,810 2,523 1,571,012 - - - - - (822,322)(1,313,328)(11,000,896)(971,962)(802,279)(1,082,804) 782,026 (1,445,389)4,956,615 (954,531)(537,220)(978,798) 78,705,407$80,215,231$97,769,885$87,936,365$92,193,100$93,894,285$ 3,563,703$ 9,258,718$ 40,348,972$ 1,561,984$ 10,842,847$ 11,057,139$ 5,159,752 1,118,108 (8,389,314)(1,819,592)2,305,595 1,940,146 8,723,455$10,376,826$31,959,658$(257,608)$13,148,442$12,997,285$ Page 190 VILLAGE OF GLENVIEW FUND BALANCES OF GOVERNMENTAL FUNDS Last Ten Fiscal Years Fiscal Year 2009 2010 2011 2012 GENERAL FUND Reserved 82,583$ 82,593$-$-$ Unreserved 20,044,782 21,994,901 - - Nonspendable - - 131,424 195,280 Committed - - - - Assigned - - - - Unassigned --24,086,602 25,564,806 TOTAL GENERAL FUND 20,127,365$22,077,494$24,218,026$25,760,086$ ALL OTHER GOVERNMENTAL FUNDS Reserved 59,293,215$ 49,720,438$-$-$ Unreserved, reported in Special revenue funds 1,832,064 (921,028) - - Capital project funds 10,053,987 10,057,896 - - Debt service funds 15,676 30,942 - - Nonspendable - - - 64,508 Restricted - - 52,257,800 45,978,154 Assigned - - - - Unassigned ---- TOTAL ALL OTHER GOVERNMENTAL FUNDS 71,194,942$58,888,248$52,257,800$46,042,662$ TOTAL GOVERNMENTAL FUNDS 91,322,307$80,965,742$76,475,826$71,802,748$ 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 191 2013 2014 2015 2016 2017 2018 -$-$-$-$-$-$ ------ 87,738 176,110 499,800 155,205 128,795 123,985 1,700,000 850,000 ---- 3,208,020 5,364,276 - - 3,100,000 9,100,000 26,823,063 24,306,476 25,739,072 25,335,141 26,530,097 26,626,131 31,818,821$30,696,862$26,238,872$25,490,346$29,758,892$35,850,116$ -$-$-$-$-$-$ ------ ------ ------ 53,289 42,070 30,851 19,633 8,414 - 11,484,242 2,407,413 2,194,487 2,906,999 3,657,835 4,413,818 42,275,455 31,933,727 34,155,883 31,341,543 30,339,651 30,511,221 -(13,171,320)(11,572,271)(8,935,926)(6,619,132)(2,770,450) 53,812,986$21,211,890$24,808,950$25,332,249$27,386,768$32,154,589$ 85,631,807$51,908,752$51,047,822$50,822,595$57,145,660$68,004,705$ Page 192 VILLAGE OF GLENVIEW CHANGES IN FUND BALANCES OF GOVERNMENTAL FUNDS Last Ten Fiscal Years 2009 2010 2011 2012 REVENUES Taxes 46,522,982$ 47,721,989$ 53,403,710$ 50,771,203$ Intergovernmental 23,236,550 25,493,952 26,342,403 24,796,132 Charges for services 5,787,188 6,892,913 6,111,175 6,519,625 Licenses and permits 2,441,730 3,190,826 1,859,161 1,923,238 Fines and forfeitures 189,433 134,783 181,361 224,198 Investment income 975,370 731,839 397,478 422,751 Miscellaneous Land sales - - - - Other 46,804 219,046 205,014 709,998 Total revenues 79,200,057 84,385,348 88,500,302 85,367,145 EXPENDITURES General government 27,133,683 29,090,926 31,153,019 38,411,652 Public safety 25,745,800 27,884,435 25,710,435 26,369,673 Public works 7,918,533 7,811,605 7,883,609 7,036,995 Development 6,058,864 5,723,642 4,293,220 1,261,328 Debt service Principal 9,660,000 9,740,000 10,051,617 8,208,235 Interest and fiscal charges 5,304,081 4,246,896 3,762,159 3,279,464 Bond issuance costs 37,153 - 38,818 139,044 Capital outlay 8,858,147 12,030,923 8,336,649 6,060,977 Total expenditures 90,716,261 96,528,427 91,229,526 90,767,368 EXCESS (DEFICIENCY) OF REVENUES OVER EXPENDITURES (11,516,204)(12,143,079)(2,729,224)(5,400,223) OTHER FINANCING SOURCES (USES) Transfers in 19,116,695 15,678,978 31,368,232 6,281,471 Transfers out (15,420,632) (13,901,974) (33,163,914) (5,702,833) Bonds Issued 39,838,247 - 11,035,000 40,395,000 Premium on bonds issued - - - - Discount on bonds issued - - - 4,432,391 Payment to escrow agent (39,652,343) - (11,000,000) (44,678,884) Proceeds from capital lease - - - - Sale of capital assets -9,500 -- Total Other Financing Sources (Uses) 3,881,967 1,786,504 (1,760,682)727,145 NET CHANGE IN FUND BALANCES (7,634,237)$(10,356,575)$(4,489,906)$(4,673,078)$ DEBT SERVICE AS A PERCENTAGE OF NONCAPITAL EXPENDITURES 18.33% 16.55% 15.71% 13.28% Data Source The Village of Glenview's Comprehensive Annual Financial Report. Fiscal Year Page 193 2013 2014 2015 2016 2017 2018 51,327,089$ 55,191,866$ 56,025,074$ 59,040,536$ 61,444,112$ 63,781,229$ 25,747,882 28,843,610 47,874,058 29,203,967 31,357,689 31,224,129 8,082,885 9,789,188 11,784,003 10,235,729 12,664,145 12,746,771 4,461,768 5,103,571 3,208,298 2,088,538 2,451,693 2,810,054 228,419 255,899 164,673 209,062 211,592 130,281 341,472 399,971 306,361 544,236 996,459 1,870,798 ------ 486,493 796,354 120,603 2,503,274 261,396 434,154 90,676,008 100,380,459 119,483,070 103,825,342 109,387,086 112,997,416 35,582,816 36,391,244 38,168,909 39,187,095 40,680,381 41,209,378 26,687,294 27,212,096 28,421,350 29,601,085 29,578,436 29,857,646 7,489,675 9,523,902 9,260,772 10,229,806 8,755,999 8,233,133 1,016,437 4,078,982 3,947,132 3,992,133 3,704,509 4,012,804 30,983,776 32,364,371 17,975,309 8,230,309 9,000,309 9,200,309 2,761,174 2,388,883 2,263,186 1,923,782 1,827,110 1,772,060 61,176 - 20,250 - - - 8,253,623 34,631,202 43,130,127 12,108,321 13,184,473 9,026,237 112,835,971 146,590,680 143,187,035 105,272,531 106,731,217 103,311,567 (22,159,963)(46,210,221)(23,703,965)(1,447,189)2,655,869 9,685,849 13,052,864 16,557,993 33,455,261 9,514,205 11,740,499 10,707,249 (11,837,724) (12,684,506) (21,593,677) (8,292,243) (10,534,303) (9,534,053) 38,575,000 6,529,688 10,000,000 - - - (11,539) - - - - - 69,535 - - - - - ----- - - - 981,451 - - - (3,859,114)2,083,991 --2,461,000 - 35,989,022 12,487,166 22,843,035 1,221,962 3,667,196 1,173,196 13,829,059$(33,723,055)$(860,930)$(225,227)$6,323,065$10,859,045$ 31.21% 28.34% 18.65% 10.31% 11.16% 10.93% Page 194 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 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 - 2017 1,920,341,987 487,300,652 110,847,872 643,867 - 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 195 Total Estimated Estimated Total Taxable Direct Actual Actual Assessed Tax Taxable Taxable Value Rate Value Value 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% 2,519,134,378 4.95 7,557,403,134 33.333% Page 196 VILLAGE OF GLENVIEW DIRECT AND OVERLAPPING PROPERTY TAX RATES Last Ten Levy Years 2008 2009 2010 2011 2012 Village of Glenview Corporate 0.174$ 0.148$ 0.162$0.177$0.188$ Bonds and interest 0.068 0.068 0.076 0.084 0.083 Police pension 0.040 0.060 0.065 0.074 0.073 Fire pension 0.068 0.085 0.105 0.120 0.139 Total direct tax rate 0.350 0.361 0.408 0.455 0.482 Glenview Public Library 0.195 0.210 0.253 0.303 0.347 Glenview Special Service Area #9 0.200 0.093 - - - Glenview Special Service Area #10 0.209 0.100 - - - Glenview Special Service Area #11 0.175 - - - - Glenview Special Service Area #12 0.159 - - - - Glenview Special Service Area #17 0.192 0.177 0.210 0.115 - Glenview Special Service Area #18 0.242 0.221 0.280 0.148 - Glenview Special Service Area #20 0.160 0.155 0.165 - - Glenview Special Service Area #22 0.129 0.117 0.142 - - Glenview Special Service Area #32 0.068 0.073 0.074 0.082 0.087 Glenview Special Service Area #33 0.308 0.287 0.333 0.370 0.391 Glenview Special Service Area #35 0.207 0.204 0.223 0.233 0.248 Glenview Special Service Area #36 0.127 0.108 0.138 0.153 0.162 Glenview Special Service Area #37 0.118 0.102 0.117 0.133 0.141 Glenview Special Service Area #38 - - 0.844 0.894 0.854 Glenview Special Service Area #40 - - - 0.079 0.085 Glenview Special Service Area #41 - - - 0.079 0.086 Glenview Special Service Area #42 - - 0.406 0.440 0.470 Glenview Special Service Area #43 - - - 0.122 0.130 Glenview Special Service Area #44 - - - 0.168 0.191 Glenview Special Service Area #45 - - - 0.444 0.446 Glenview Special Service Area #46 - - - 0.598 0.550 Glenview Special Service Area #47 - - 0.546 0.568 0.605 Glenview Special Service Area #49 - - - 0.241 0.261 Glenview Special Service Area #50 - - - 0.130 0.140 Glenview Special Service Area #51 - - - 0.279 0.297 Glenview Special Service Area #52 - - - 0.141 0.151 Glenview Special Service Area #53 - - - 1.035 1.206 Glenview Special Service Area #54 - - - 0.695 0.739 Glenview Special Service Area #55 - - 0.423 0.410 0.378 Glenview Special Service Area #56 - - 0.903 0.971 1.022 Glenview Special Service Area #57 - - 0.538 0.566 0.586 Glenview Special Service Area #61 - - - 0.188 0.201 Glenview Special Service Area #62 - 0.165 0.213 0.228 0.239 Glenview Special Service Area #63 - 0.183 0.232 0.245 0.257 Glenview Special Service Area #81 - - - - - Glenview Special Service Area #90 - - - - - Glenview Special Service Area #95 - - - - - Tax Levy Year Page 197 2013 2014 2015 2016 2017 0.203$ 0.176$ 0.162$ 0.156$ 0.156$ 0.095 0.091 0.092 0.075 0.074 0.098 0.098 0.127 0.103 0.100 0.157 0.188 0.203 0.159 0.164 0.553 0.553 0.584 0.493 0.494 0.396 0.394 0.415 0.343 0.336 ----- ----- ----- ----- ----- ----- ----- ----- 0.066 - - - - 0.422 - - - - 0.344 0.328 0.335 0.255 - 0.181 - - - - 0.159 - - - - 1.250 1.210 1.260 1.038 1.058 0.094 0.094 0.098 0.074 0.070 0.094 0.079 0.084 0.063 0.053 0.586 0.575 0.585 0.524 0.468 0.138 0.138 0.140 0.113 0.103 0.221 0.212 0.210 0.168 0.148 0.477 0.467 0.470 0.371 0.344 0.553 0.581 0.624 0.471 0.442 0.775 0.713 0.724 0.596 0.600 0.312 0.312 0.318 0.245 0.225 0.153 0.150 0.160 0.129 0.114 0.354 0.349 0.351 0.249 0.233 0.170 0.168 0.174 0.156 0.133 1.296 1.263 1.163 0.800 0.677 0.796 0.751 0.698 0.480 0.401 0.430 0.379 0.426 0.332 0.299 1.185 1.090 1.210 0.996 0.898 0.677 0.668 0.682 0.592 0.531 0.232 0.228 0.241 0.175 0.157 0.280 0.272 0.332 0.269 0.251 0.273 0.271 0.322 0.238 0.234 - - - 0.310 0.258 - - - 0.083 0.071 - - 0.917 0.848 0.513 (Continued) Page 198 VILLAGE OF GLENVIEW DIRECT AND OVERLAPPING PROPERTY TAX RATES Last Ten Levy Years 2008 2009 2010 2011 2012 Avoca School District #37 1.755$ 1.698$ 2.022$2.281$2.557$ County Consolidated Elections - 0.021 - 0.025 - County of Cook 0.415 0.394 0.423 0.462 0.531 East Maine School District #63 2.233 2.235 2.499 2.775 3.100 Forest Preserve District 0.051 0.049 0.051 0.058 0.063 Glenview Park District 0.429 0.422 0.483 0.538 0.579 Glenview School District #34 1.909 1.876 2.160 2.429 2.706 Golf School District #67 1.807 1.943 2.203 2.449 2.961 Maine High School #207 1.577 1.617 1.782 1.995 2.215 Maine Township - General 0.064 0.067 0.075 0.085 0.096 Maine Township - General Assistance 0.015 0.016 0.018 0.021 0.023 Maine Township - Road and Bridge 0.033 0.034 0.038 0.043 0.049 Metropolitan Water Reclamation Dist. 0.252 0.261 0.274 0.320 0.370 New Trier High School #203 1.290 1.237 1.474 1.674 1.864 New Trier Township - General 0.031 0.030 0.037 0.042 0.047 New Trier Township - General Assistance 0.003 0.003 0.004 0.005 0.006 Niles High School #219 2.120 2.267 2.538 2.904 3.256 Niles Township - General 0.027 0.029 0.032 0.037 0.042 Niles Township - General Assistance 0.003 0.003 0.004 0.005 0.006 North Shore Mosquito Abatement 0.008 0.008 0.009 0.010 0.010 Northbrook School District #30 2.089 2.089 2.327 2.641 2.999 Northfield High School #225 1.383 1.395 1.609 1.819 2.028 Northfield Township - General 0.009 0.010 0.013 0.020 0.024 Oakton Community College #535 0.140 0.140 0.160 0.196 0.219 West Northfield School District #31 1.402 1.494 1.730 2.018 2.525 Wilmette School District #39 1.812 1.716 2.314 2.620 2.922 Northfield Township - Road and Bridge 0.030 0.031 0.036 0.041 0.046 Northfield Township - General Assistance 0.009 0.010 0.011 0.008 0.009 Northfield Woods Sanitary District 0.049 0.054 0.067 0.079 0.082 North Maine Fire Protection District 0.986 1.112 1.254 1.366 1.452 Northbrook Park District 0.332 0.334 0.375 0.424 0.471 Oak Meadow Sanitary District 0.037 0.038 0.045 0.051 0.056 Northwest Mosquito Abatement 0.008 0.008 0.009 0.010 0.011 Data Source Office of the County Clerk * Property tax rates are per $100 of assessed valuation Tax Levy Year Page 199 2013 2014 2015 2016 2017 2.762$2.957$ 3.094$ 2.662$ 2.661$ 0.031 - - - 0.031 0.560 0.568 0.552 0.533 0.496 3.864 3.811 4.040 3.492 3.556 0.069 0.069 0.069 0.063 0.062 0.662 0.661 0.684 0.563 0.567 3.129 3.173 3.291 2.719 2.745 3.497 3.427 3.552 2.957 2.962 2.722 2.739 2.901 2.507 2.529 0.120 0.119 0.124 0.108 0.105 0.029 0.029 0.031 0.027 0.021 0.061 0.062 0.065 0.056 0.057 0.417 0.430 0.426 0.406 0.402 2.111 2.268 2.380 1.974 1.993 0.054 0.055 0.058 0.049 0.050 0.007 0.007 0.008 0.007 0.007 3.707 3.650 3.891 3.460 3.409 0.049 0.050 0.052 0.046 0.047 0.007 0.007 0.008 0.007 0.007 0.007 0.011 0.012 0.010 0.010 3.381 3.272 3.394 2.866 3.193 2.341 2.367 2.493 2.106 2.102 0.031 0.032 0.028 0.024 0.023 0.256 0.258 0.271 0.231 0.232 2.946 2.911 3.107 2.699 2.700 3.229 3.356 3.502 2.840 2.880 0.053 0.054 0.057 0.049 0.049 0.008 0.007 0.007 0.006 0.006 0.098 0.099 0.098 0.088 0.065 1.814 1.815 1.906 1.664 1.711 0.536 0.537 0.569 0.423 0.419 0.066 0.067 0.069 0.059 0.063 0.013 0.013 0.011 0.010 0.010 Page 200 VILLAGE OF GLENVIEW PRINCIPAL PROPERTY TAXPAYERS Current Year and Nine Years Ago 2018 2009 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 36,698,607 $ 1 1.46% $ Astella US Holdings 22,164,258 2 0.88% Northshore University 20,103,569 3 0.80% The Glenview Center 18,693,783 4 0.74% Abt Electronics 17,554,644 5 0.70% 21,125,583 7 0.70% RJA Property Holdings 15,329,066 6 0.61% Thomson Reuters Pts (formerly Cole Real Estate)13,729,167 7 0.54% CPUS Glen Pointe LP 13,585,970 8 0.54% Signode , Division of ITW 12,923,436 9 0.51% 26,750,727 4 0.89% Kimco Realty Corp. 12,789,466 10 0.51% Kraft Foods 57,117,510 1 1.90% Grubb & Ellis 33,202,821 2 1.11% Oliver McMillan LLC 29,577,252 3 0.99% Classic Residence - Hyatt 22,755,876 5 0.76% Mid America Asset 21,617,688 6 0.72% Anixter, Inc.19,876,257 8 0.66% Clarion Realty Service 22,180,083 9 0.74% GRE Prairie Glen LLC 14,560,905 10 0.49% 183,571,966 $ 7.29% 268,764,702 $8.96% Note: Every effort has been made to seek out and report the largest taxpayers. However, many of the taxpayers own multiple parcels, and it is possible that some parcels and their valuations have been overlooked. Page 201 VILLAGE OF GLENVIEW PROPERTY TAX LEVIES AND COLLECTIONS Last Ten Tax Levy Years Property Subsequent Levy Fiscal Taxes Taxes Percentage Year Taxes Percentage Year Year Levied Received of Levy Collections Received of Levy 2008 2009 15,858,539$ 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% 64,394 20,468,982 99.59% 2017 2018 20,898,255 20,721,748 99.16% - 20,721,748 99.16% 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 202 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* 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 2018 37,645,969 1,610,569 - - 6,079,040 45,335,578 1.62% 963 Source: The Village of Glenview's Comprehensive Annual Financial Report. * Additional demographic information is available in the schedule of Demographic and Economic Statistics . Page 203 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) 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 3.70% 1,566 2014 61,752,302 - 61,752,302 3.01% 1,382 2015 61,752,302 - 61,752,302 3.07% 1,360 2016 45,983,788 - 45,983,788 1.87% 1,013 2017 45,983,788 - 45,983,788 1.87% 988 2018 37,645,969 - 37,645,969 1.49% 800 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 204 VILLAGE OF GLENVIEW DIRECT AND OVERLAPPING GOVERNMENTAL ACTIVITIES DEBT As of December 31, 2018 Percentage Village of Debt Applicable Glenview to the Village of Share Governmental unit Debt Glenview (1)of Debt Direct Bonded Debt Village of Glenview 37,645,969 $100.00%37,645,969 $ Overlapping Bonded Debt Glenview Special Service Areas 2,122,485 100.00% 2,122,485 Glenview Park District 22,945,000 84.97% 19,496,367 Northbrook Park District -0.00% - Cook County, including Forest Preserve District 3,091,151,750 1.67% 51,622,234 Metropolitan Water Reclamation District 2,505,011,528 1.70% 42,585,196 School Districts Elementary School Districts Avoca School District No. 37 9,280,000 8.59% 797,152 East Maine School District No. 63 54,270,000 4.57% 2,480,139 Glenview School District No. 34 13,130,000 89.47% 11,747,411 Golf School District No. 67 8,871,803 13.18% 1,169,304 Northbrook School District No. 30 33,605,000 31.56% 10,605,738 West Northfield School District No. 31 12,220,000 49.26% 6,019,572 Wilmette School District No. 39 13,935,000 4.69% 653,552 High School Districts Maine Township District No. 207 13,455,000 1.06% 142,623 New Trier Township District No. 203 84,960,000 2.35% 1,996,560 Niles Township District No. 219 58,448,952 1.13% 660,473 Northfield Township District No. 225 72,951,131 42.14% 30,741,607 Community College District Oakton Community College No. 535 32,130,000 11.04% 3,547,152 Total overlapping bonded debt 6,028,487,649 186,387,564 Total direct and overlapping bonded debt 6,066,133,618 $ 224,033,533 $ Source: Cook County Clerk as of 12/31/17 (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 2017 real property valuations. Page 205 VILLAGE OF GLENVIEW LEGAL DEBT MARGIN INFORMATION As of December 31, 2018 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 206 VILLAGE OF GLENVIEW DEMOGRAPHIC AND ECONOMIC STATISTICS Last Ten Fiscal Years Per Personal Capita Fiscal Income Personal Unemployment Year Population (in Thousands)Income Rate 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% 2018 47,066 2,803,769 59,571 2.6% 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 207 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 1,573 3.34% 2 1,020 2.30% Astellas 2 1,449 3.08% Glenbrook Hospital 3 1,099 2.34% 3 853 1.92% Anixter, Inc. 4 726 1.54% 4 700 1.58% ITW/Signode 5 695 1.48% 7 540 1.22% Glenview Comm. School Dist 34 6 695 1.48% 6 670 1.51% Kraft Foods Technology Center 7 600 1.27% 1 1,800 4.05% Glenbrook South High School 8 433 0.92% 9 372 0.84% Glenview Terrace Nursing Home 9 418 0.89% Signode 10 400 0.85% Life Source 5 685 1.54% Scott Foresman (Pearson) 8 530 1.19% North American Corp of Illinois 10 345 0.78% 17.19% 16.93% Source: Illinois Manufacturers Services Directory, Illinois Services Directory and Employer Contact 2018 2009 Page 208 VILLAGE OF GLENVIEW FULL-TIME EQUIVALENT EMPLOYEES Last Ten Fiscal Years Function/Program 2009 2010 2011 2012 General Government Management services (1) 10 10 11 15 Finance ---- Administrative services (1) 14 16 13 13 Planning and economic development (2) 21 23 5 5 Planning - - - - Code enforcement - - - - Community development (3) - - - - Capital projects (3) 13 11 25 25 Total general government 58 60 54 58 Public safety Police Officers 74 73 71 70 Civilians 18 17 16 12 Fire Firefighters and officers 82 84 80 80 Civilians - 2 2 2 Joint dispatch 20 20 19 21 Total public safety 194 196 188 185 Public works Administration 6466 Engineering - - -- Facilities maintenance (4) - - - - Street maintenance 21 21 20 21 Water maintenance 28 29 21 18 Fleet maintenance 6534 Natural resources 1111 Total public works 62 60 51 50 Total full-time equivalent employees 314 316 293 293 (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 209 2013 2014 2015 2016 2017 2018 15 15 9 9 10 10 ----- - 12 13 16 16 14 17 5- - - - - ----- - ----- - - 21201918 18 20 - - - - - 52 49 45 44 42 45 70 70 70 70 70 70 12 11 5 5 5 5 80 80 80 80 80 80 21111 1 27 40 40 42 48 49 191 202 196 198 204 205 66566 5 ----- - - 4444 3 21 21 21 21 20 20 19 19 16 16 16 15 44444 4 11111 1 50 55 51 52 51 48 293 306 292 294 297 298 Page 210 VILLAGE OF GLENVIEW OPERATING INDICATORS BY FUNCTION/PROGRAM Last Ten Fiscal Years Function/Program 2009 2010 2011 2012 Public Safety Police Physical arrests 1,475 1,088 571 544 Parking violations 3,518 2,998 2,243 1,125 Traffic violations 3,024 2,301 2,446 2,511 Fire Emergency responses Emergency medical 4,588 4,653 4,948 4,832 Other responses 2,561 2,249 2,359 2,327 Fires extinguished - 52 28 63 Fires extinguished (structures) 11 21 26 27 Public works Pothole repairs (hours) 5,910 4,444 3,453 4,267 Water Metered water customers 15,769 15,781 15,786 15,894 Water main breaks 96 134 114 171 Water purchases (in ten-thousands of gallons) 301,349 292,882 285,877 306,706 Average daily consumption 183 141 133 138 Building Permits issued 2,376 2,535 2,552 1,471 Value of construction (in thousands of dollars) 133,737 $ 110,191 $ 98,541 $ 39,693 $ Data Source Various Village departments. Page 211 2013 2014 2015 2016 2017 2018 570 506 551 557 544 476 2,272 1,922 2,388 1,813 2,509 1,840 2,646 2,352 2,198 3,491 3,214 3,365 4,495 4,860 4,925 5,220 5,668 5,505 2,835 2,821 2,898 3,032 2,968 3,164 47 39 41 42 67 98 26 32 45 38 41 47 4,390 5,182 5,519 4,115 3,918 3,671 15,889 16,050 16,053 16,139 16,243 16,272 146 102 59 134 91 142 289,550 273,095 272,568 288,410 280,038 281,164 129 120 111 107 103 113 1,918 3,503 3,433 2,042 2,457 3,389 164,556 $ 193,829 $119,447 $110,630 $ 94,337 $ 127,664 $ Page 212 VILLAGE OF GLENVIEW CAPITAL ASSET STATISTICS BY FUNCTION/PROGRAM Last Ten Fiscal Years Function/Program 2009 2010 2011 2012 2013 Public Safety Police Police stations 1 1 1 1 1 Marked patrol units 18 18 18 18 18 Unmarked patrol units 12 12 12 12 11 Motorcycles 44444 Civilian vehicles N/A N/A N/A 3 3 Fire Fire stations 5 5 5 5 5 Ambulances 4 4 4 4 4 Fire engines 6 6 6 6 6 Aerial ladder truck 1 1 1 1 2 Passenger vehicles N/A N/A N/A 6 6 Public works Streets and highways Arterial street miles 1818181818 Residential street miles 158 158 158 158 158 Streetlights 1,800 1,800 1,800 1,800 1,800 Water Water main miles 230 230 230 230 230 Fire hydrants 2,713 2,733 2,733 2,733 2,733 Storage capacity (in millions of gallons) 16,050 16,050 16,050 16,050 16,050 Wastewater Sanitary sewer miles 128 150 150 150 150 Storm sewer miles 165 262 262 262 262 Parking facilities Parking spaces 1,450 1,450 1,450 2,048 2,153 Data Source: Various Village departments, data varies due to improved GIS capabilities. N/A - Information is not available Page 213 2014 2015 2016 2017 2018 11111 18 18 18 18 18 11 11 11 11 10 44442 33333 55555 44455 66666 22222 55225 18 20 20 20 20 167 167 169 169 169 1,800 1,800 1,791 1,791 1,791 247 230 233 233 233 2,823 2,866 2,867 2,867 2,913 16,300 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