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HomeMy Public PortalAboutFY 2019 Certified Comprehensive Annual Financial ReportVillage of Glenview, Illinois Comprehensive Annual Financial Report For the Fiscal Year Ended December 31, 2019   COMPREHENSIVE ANNUAL FINANCIAL REPORT OF THE VILLAGE OF GLENVIEW, ILLINOIS As of and for the Year Ended December 31, 2019 Prepared by: Administrative Services - Finance Division VILLAGE OF GLENVIEW TABLE OF CONTENTS As of and for the Year Ended December 31, 2019 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 - Fiduciary Fund 35 Index to Notes to Financial Statements 36 Notes to Financial Statements 37 - 98 VILLAGE OF GLENVIEW TABLE OF CONTENTS (cont.) As of and for the Year Ended December 31, 2019 Page(s) 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 99 - 100 Illinois Municipal Retirement Fund - Schedule of Employer Contributions 101 - 102 Police Pension Fund - Schedule of Changes in the Village's Net Pension Liability and Related Ratios 103 - 104 Police Pension Fund - Schedule of Employer Contributions 105 - 106 Police Pension Fund - Schedule of Investment Returns 107 Firefighters' Pension Fund - Schedule of Changes in the Village's Net Pension Liability and Related Ratios 108 - 109 Firefighters' Pension Fund - Schedule of Employer Contributions 110 - 111 Firefighters' Pension Fund - Schedule of Investment Returns 112 Other Postemployment Benefit Plan - Schedule of Changes in the Total OPEB Liability and Related Ratios 113 General Fund Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual - General Fund 114 Special Revenue Fund Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual - Special Tax Allocation Fund - Major Special Revenue Fund 115 Notes to Required Supplementary Information 116 SUPPLEMENTARY INFORMATION General Fund Detailed Schedule of Revenues and Other Financing Sources - Budget and Actual - General Fund 117 - 119 Detailed Schedule of Expenditures and Other Financing Uses - Budget and Actual - General Fund 120 - 124 Other Governmental Funds Combining Balance Sheet - Nonmajor Governmental Funds 125 - 126 Combining Statement of Revenues, Expenditures and Changes in Fund Balances - Nonmajor Governmental Funds 127 - 128 Detailed Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual Motor Fuel Tax Fund - Nonmajor Special Revenue Fund 129 VILLAGE OF GLENVIEW TABLE OF CONTENTS (cont.) As of and for the Year Ended December 31, 2019 Page(s) SUPPLEMENTARY INFORMATION (cont.) Foreign Fire Insurance Fund - Nonmajor Special Revenue Fund 130 Police Department Special Account Fund - Nonmajor Special Revenue Fund 131 Waukegan Golf TIF Fund - Nonmajor Special Revenue Fund 132 Corporate Purpose Bonds Fund - Nonmajor Debt Service Fund 133 Glen Capital Projects Fund - Nonmajor Capital Projects Fund 134 Capital Projects Fund - Major Capital Projects Fund 135 Village Permanent Fund - Major Capital Projects Fund 136 Enterprise Funds Combining Statement of Net Position - Nonmajor Enterprise Funds 137 Combining Statement of Revenues, Expenses and Changes in Net Position - Nonmajor Enterprise Funds 138 Combining Statement of Cash Flows - Nonmajor Enterprise Funds 139 Detailed Schedule of Revenues, Expenses and Changes in Net Position - Budget and Actual (Budgetary Basis) Wholesale Water Fund - Nonmajor Enterprise Fund 140 Commuter Parking Lot Fund - Nonmajor Enterprise Fund 141 Glenview Water Fund - Major Enterprise Fund 142 - 143 Glenview Sanitary Sewer Fund - Major Enterprise Fund 144 Internal Service Funds Combining Statement of Net Position - Internal Services Funds 145 Combining Statement of Revenues, Expenses and Changes in Net Position - Internal Service Funds 146 Combining Statement of Cash Flows - Internal Service Funds 147 - 148 Detailed Schedule of Revenues, Expenses and Changes in Net Position - Budget and Actual Capital Equipment Replacement Fund (CERF) - Internal Service Fund 149 Municipal Equipment Repair Fund (MERF) - Internal Service Fund 150 Insurance and Risk Fund - Internal Service Fund 151 Facilities Repair and Replacement Fund (FRRF) - Internal Service Fund 152 Fiduciary Funds Combining Statement of Fiduciary Net Position - Pension Trust Funds 153 Combining Statement of Changes in Fiduciary Net Position - Pension Trust Funds 154 VILLAGE OF GLENVIEW TABLE OF CONTENTS (cont.) As of and for the Year Ended December 31, 2019 Page(s) SUPPLEMENTARY INFORMATION (cont.) Detailed Schedule of Changes in Fiduciary Net Position - Budget and Actual Police Pension Fund - Pension Trust Fund 155 Firefighters' Pension Fund - Pension Trust Fund 156 Combining Statement of Fiduciary Net Position - Custodial Funds 157 Combining Statement of Changes in Fiduciary Net Position - Custodial 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 General Obligation Refunding Bond Series 2016A 179 Advanced Metering Infrastructure Loan 180 Glenview Naval Air Station (GNAS) Redevelopment Area Funds Combining Balance Sheet 181 Combining Schedule of Revenues, Expenditures, and Changes in Fund Balances 182 VILLAGE OF GLENVIEW TABLE OF CONTENTS (cont.) As of and for the Year Ended December 31, 2019 Page(s) STATISTICAL SECTION Net Position - Last Ten Fiscal Years 183 - 184 Changes in Net Position - Last Ten Fiscal Years 185 - 188 Fund Balances of Governmental Funds - Last Ten Fiscal Years 189 - 190 Changes in Fund Balances of Governmental Funds - Last Ten Fiscal Years 191 - 192 Assessed Value and Actual Value of Taxable Property - Last Ten Levy Years 193 - 194 Direct and Overlapping Property Tax Rates - Last Ten Levy Years 195 - 198 Principal Property Tax Payers - Current Year and Nine Years Ago 199 Property Tax Levies and Collections - Last Ten Tax Levy Years 200 Ratios of Outstanding Debt by Type - Last Ten Fiscal Years 201 Ratios of General Bonded Debt Outstanding - Last Ten Fiscal Years 202 Direct and Overlapping Governmental Activities Debt 203 Legal Debt Margin Information 204 Demographic and Economic Statistics - Last Ten Fiscal Years 205 Principal Employers - Current Year and Nine Years Ago 206 Full-time Equivalent Employees by Function/Program - Last Ten Fiscal Years 207 - 208 Operating Indicators by Function/Program - Last Ten Fiscal Years 209 - 210 Capital Asset Statistics by Function/Program - Last Ten Fiscal Years 211 - 212 -i- VILLAGE OF GLENVIEW, ILLINOIS OFFICERS AND OFFICIALS December 31, 2019 LEGISLATIVE James R. Patterson, Jr. Village President Mary W. Cooper, Trustee Deborah Karton, Trustee John Hinkamp, Trustee Karim Khoja, Trustee Michael Jenny, Trustee Chuck Gitles, Trustee Matthew J. Formica Village Clerk/Treasurer ADMINISTRATIVE Matthew J. Formica, Village Manager -ii- Citizens of Glenview Village Board Village Manager Village Manager’s Office Administrative Services PoliceFire Public WorksCommunity Development -iii- 2500 East Lake Avenue  Glenview, IL 60026  (847) 904-4370  Fax (847) 724-1518  www.glenview.il.us -iv- June 8, 2020 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, 2019 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, 2019. The independent auditors’ report is located at the front of the financial section of this report. Management’s Discussion and Analysis (MD&A) immediately follows the independent auditor’s report and provides a narrative introduction, overview, and analysis of the basic financial statements. MD&A complements this letter of transmittal and should be read in conjunction with it. Profile of the Village of Glenview The Village of Glenview, incorporated in 1899, is located in northern Cook County and is 20 miles north of the City of Chicago. The Village serves a population of approximately 46,000 and is considered to be a primary government providing a full range of general governmental services. The Village is empowered to levy a property tax on real property located within its boundaries. It also is empowered by state statute to extend its corporate limits by annexation, which it has done from time to time. The Village’s legislative body consists of the Village President and a Board of six Trustees, all elected on an at-large basis to overlapping four-year terms. The Village Manager is responsible for the day-to-day operations of the Village. As defined by the Illinois Constitution, the Village of Glenview is a home rule municipality. -v- The Village provides comprehensive governmental services, including police and fire protection, health services, water and sewer utilities, street construction and maintenance, code enforcements, planning and zoning and general administrative services. In addition to serving Village residents, the Fire Department also provides fire protection and ambulance service to the Village of Golf as well as the Glenbrook Fire Protection District, which is comprised of approximately 15,000 residents located in unincorporated Cook County. Both of these entities have long-term intergovernmental agreements with the Village to pay for these services. Long-Term Financial Planning The Village of Glenview Comprehensive Annual Financial Report includes all of its governmental and business-type operation funds, pension trust funds (the Glenview Police Pension Fund and the Glenview Firefighters’ Pension Fund), agency funds, and component unit (the Glenview Public Library) funds, based on financial accountability. The accompanying financial statements include only those funds of the Village and Library, as there are no other organizations for which it has financial accountability. The pension funds are determined to be pension trust funds due to their fiduciary and fiscal relationships with the Village as their sole purpose is to provide retirement benefits to the Village’s sworn police officers and firefighters. The Public Library is discretely presented as a component unit of the Village since it is governed by a separately elected Board of Trustees. The annual budget serves as the foundation for the Village’s financial planning and control. State law requires that a municipality operating under the budget system adopt its annual budget prior to the start of its fiscal year. Through the budget, spending authority is conveyed by the expenditure object. The legal level of budgetary control is the fund level. The Village utilizes a 5-year Capital Improvement Program (“CIP”) to address major capital and infrastructure improvements. For a project to be included in the CIP, it must involve the creation or purchase of a tangible asset with an original cost of at least $25,000 and a useful life of more than one year. The Village has primarily followed a “pay-as-you-go” funding strategy for maintenance and replacement of assets but on occasion has issued debt for new projects. Local Economy The Village of Glenview, 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 2018 assessed valuation, 76.3% was classified as residential, and 23.7% was commercial/industrial. A number of revenue sources in 2019 showed a sizeable increase over last year. For example, during 2019, the annual sales tax revenue amount of $18,631,360 was 3.1% higher than the sales tax revenue received in 2018. Another example is the business district tax, which increased 55.82% in 2019 from a 2018 amount of $37,815 to the 2019 amount of $58,922. The main reason for this increase was the opening of the new Culver’s restaurant in May of 2019. 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 2019. 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 -vi- Village’s total tax receipts. While this component is still very critical to the Village and generated $4.5 million or 25% of sales tax receipts in 2019, 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’ 2019 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 2020, the Village has received and secured approximately $39,100,000 in federal, state and local funds to support a number of infrastructure projects. The Village anticipates an additional $14,100,000 in grant funding for projects scheduled through 2024. Staff continues to have project-ready plans to submit for outside funding as opportunities are made available. During the 2020 Budget Planning in September of 2019, the Board gave direction to change the General Fund Balance (Reserve) policy of maintaining an unassigned fund balance at 30%-40% of total expenditures to 35%-45% of expenditures. This policy change was initiated to protect the village from any potential economic downturn or other negative impacts to major Village economically sensitive revenue streams. Development Initiatives In 2019, several significant redevelopment projects were approved or constructed as follows:  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 was completed in spring 2019, and the restaurant opened in May 2019. -vii-  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 was completed in 2019. Full occupancy of all the units is expected in early 2021.  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 opened in 2019.  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 was completed in late 2019.  In 2017, Fertility Centers of Illinois received approvals for a 30,000 square foot office building at 2555 Patriot Boulevard. The project completed construction and the office was occupied in summer 2019.  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 was completed in 2019 with occupancy expected in 2020.  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 was completed and occupied in the fall of 2019.  In 2018, an 18,000 square foot new retail building was approved for a Goodwill retail store. The building opened in early 2019.  A new 2,400 square foot outlet building was approved for the Glenbrook Marketplace shopping center in 2018. The drive-thru Starbucks coffee restaurant was constructed in 2019 and opened in fall.  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 was completed and occupied in 2019.  The Capital Car Wash on Milwaukee Avenue, near Greenwood Road, was approved in 2018 and the demolition of prior site improvements was completed in summer of 2019. The automatic car wash and detailing facility is expected to be constructed and open in 2020.  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 the existing NHL sized-ice surface. The project will add additional capacity with a new full-sized and half-sized rink, plus new food service capabilities. Construction began in 2019 and is expected to be completed in September 2020. Awards and Acknowledgements The Government Finance Officers Association of the United States and Canada awarded the Certificate of Achievement for Excellence in Financial Reporting to the Village for the year ended December 31, 2018. The Certificate of Achievement is a prestigious national award recognizing conformance with the highest standards for preparation of state and local government financial reports. In order to be awarded the Certificate of Achievement, the Village had to publish an easily readable and efficiently organized CAFR that satisfied both generally accepted accounting principles and applicable legal requirements. A Certificate of Achievement is only valid for a period of one year. The Village of Glenview has received a Certificate of Achievement for thirty-seven consecutive years (fiscal years ended 1982 through 2018). We believe that our current report continues to conform to the Certificate of Achievement Program requirements and we are submitting it to the GFOA to determine its eligibility for another certificate. The preparation of this report could not be accomplished without the dedicated services of the entire staff of the Finance Division within the Administrative Services Department and the cooperation and assistance rendered by the staff of other operating departments of the Village. I would like to express our appreciation to all of those employees who assisted and contributed to its preparation. Finally, appreciation is expressed to the Village President, Board of Trustees and the Village Manager for their leadership and support in planning and conducting the fiscal affairs of the Village. Respectfully submitted, ~tr~ Ronald J. Amen, CPA Chief Financial Officer Lauterbach and Amen, LLP -viii- Baker Tilly Virchow Krause, LLP trading as Baker Tilly is a member of the global network of Baker Tilly International Ltd., the members of which are separate and independent legal entities. © 2018 Baker Tilly Virchow Krause, LLP INDEPENDENT AUDITORS' REPORT To the Honorable Village President and Members of the Board of Trustees Village of Glenview, Illinois Report on the Financial Statements We have audited the accompanying financial statements of the governmental activities, the business-type activities, the discretely presented component unit, each major fund, and the aggregate remaining fund information of the Village of Glenview, Illinois, as of and for the year ended December 31, 2019, and the related notes to the financial statements, which collectively comprise the Village of Glenview's basic financial statements as listed in the table of contents. Management's Responsibility for the Financial Statements Management is responsible for the preparation and fair presentation of these financial statements in accordance with accounting principles generally accepted in the United States of America; this includes the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error. Auditors' Responsibility Our responsibility is to express opinions on these financial statements based on our audit. We conducted our audit in accordance with auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditors' judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control over financial reporting relevant to the Village of Glenview's preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances but not for the purpose of expressing an opinion on the effectiveness of the Village of Glenview's internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinions. 1 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, 2019 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. 84, Fiduciary Activities, effective January 1, 2019. 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, 2019 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, 2019 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, 2019, 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, 2019. 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, 2018 (not presented herein), and have issued our report thereon dated June 10, 2019, 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, 2018 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 2018 financial statements. The information has been subjected to the auditing procedures applied in the audit of the 2018 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, 2018. 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 statistic 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 8, 2020 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 8, 2020 3 See independent auditors’ report. 4 Village of Glenview, Illinois Management’s Discussion and Analysis December 31, 2019 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, 2019. Please read it in conjunction with the transmittal letter, which begins on page iv and the Village’s basic financial statements, which begin on page 21. FINANCIAL HIGHLIGHTS  The Village’s net position of governmental activities and business-type activities, after prior year restatement, increased by $15,735,220, or 7.95%, and $3,912,486, or 6.17%, respectively, resulting in total ending net position for the year of $280,907,443.  During the year, government-wide revenues before transfers for the governmental and business- type activities totaled $138,646,978, while expenses totaled $118,999,272, resulting in the increase in net position of $19,647,706.  After prior year restatement, the Village’s net position totaled $280,907,443 on December 31, 2019, an increase of $19,647,706 from the prior fiscal year.  The ending fund balance for the General Fund equaled $36,473,318, an increase of $577,998 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. 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. See independent auditors’ report. 5 Village of Glenview, Illinois Management’s Discussion and Analysis (Continued) December 31, 2019 USING THIS ANNUAL REPORT – Continued Government-Wide Financial Statements - Continued The Statement of Activities presents information showing how the government’s net position changed during the most recent fiscal year. All changes in net position are reported as soon as the underlying event giving rise to the change occurs, regardless of the timing of related cash flows. Thus, revenues and expenses are reported in this statement for some items that will only result in cash flows in future fiscal periods (e.g., uncollected taxes and earned but unused vacation leave). Both of the government-wide financial statements distinguish functions of the Village that are principally supported by taxes and intergovernmental revenues (governmental activities) from other functions that are intended to recover all or a significant portion of their costs through user fees and charges (business- type activities). The governmental activities of the Village include general government, public works, public safety, and development. The business-type activities of the Village include water and sanitary sewer operations, 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. See independent auditors’ report. 6 Village of Glenview, Illinois Management’s Discussion and Analysis (Continued) December 31, 2019 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, Capital Projects Fund and Village Permanent Fund all of which are considered to be major funds. Data from the other six governmental funds are combined into a single, aggregated presentation. Individual fund data for each of these nonmajor governmental funds is provided in the form of combining statements elsewhere in this report. The Village adopts an annual budget for all of the governmental funds. Budgetary comparison schedules for all budgeted funds have been provided to demonstrate compliance with this budget. The basic governmental fund financial statements can be found on pages 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. 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. See independent auditors’ report. 7 Village of Glenview, Illinois Management’s Discussion and Analysis (Continued) December 31, 2019 USING THIS ANNUAL REPORT – Continued 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 36-98 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 99-116 of this report. The combining statements referred to earlier in connection with nonmajor governmental funds and internal service funds are presented immediately following the required supplementary information on pensions. Combining and individual fund statements and schedules for the Village can be found on pages 117-158 of this report. Additionally, the combining and individual fund statements for the component unit can be found on pages 159-173. 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 $280,907,443 at December 31, 2019, compared to $261,259,737 at December 31, 2018 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, 2019 is $90,218,655 which is made up of $13,880,343, $29,593,749 and $46,744,563, respectively. 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 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, 2019, the Village has offset the total net pension liabilities of $90,218,655 with deferred outflows of $19,215,614 and deferred inflows of $10,176,529. 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. A large portion of the Village’s net position, $268,863,299, 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, $8,162,705 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 $3,881,439 represents unrestricted net position. See independent auditors’ report. 8 Village of Glenview, Illinois Management’s Discussion and Analysis (Continued) December 31, 2019 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. 2019 2018 2019 2018 2019 2018 Current and other assets 136,413,376 $ 124,901,580 $ 13,075,324 $ 11,659,556 $ 149,488,700 $ 136,561,136 $ Capital assets 239,529,478 239,198,435 62,965,437 61,242,548 302,494,915 300,440,983 Total assets 375,942,854 364,100,015 76,040,761 72,902,104 451,983,615 437,002,119 Deferred Outflow of Resources 20,381,955 25,311,803 1,799,048 300,019 22,181,003 25,611,822 Total deferred outflows 20,381,955 25,311,803 1,799,048 300,019 22,181,003 25,611,822 Long-term liabilities 132,465,472 142,208,164 8,282,082 6,784,256 140,747,554 148,992,420 Other liabilities 28,340,417 28,729,607 1,882,380 1,882,509 30,222,797 30,612,116 Total liabilities 160,805,889 170,937,771 10,164,462 8,666,765 170,970,351 179,604,536 Deferred Inflows of Resources 21,908,200 20,643,751 378,624 1,151,121 22,286,824 21,794,872 Total deferred inflows 21,908,200 20,643,751 378,624 1,151,121 22,286,824 21,794,872 Net Position Net investment in capital assets 211,320,561 202,699,589 57,542,738 55,163,508 268,863,299 257,863,097 Restricted 8,162,705 4,413,818 - - 8,162,705 4,413,818 Unrestricted (5,872,546) (9,283,111) 9,753,985 8,220,729 3,881,439 (1,062,382) Total net position 213,610,720 $ 197,830,296 $ 67,296,723 $ 63,384,237 $ 280,907,443 $ 261,214,533 $ Note: 2018 was not restated for the adoption of GASB 84 Activities Activities Government Table 1 Statement of Net Position As of December 31, 2019 and 2018 Governmental Business-Type Total Primary See independent auditors’ report. 9 Village of Glenview, Illinois Management’s Discussion and Analysis December 31, 2019 Revenue 2019 2018 2019 2018 2019 2018 Program revenues Charges for services 15,352,199 $ 16,747,624 $ 20,119,509 $ 20,057,686 $ 35,471,708 $ 36,805,310 $ Grants and contributions Operating 2,331,999 2,412,378 - - 2,331,999 2,412,378 Capital 2,130,850 319,461 749,463 - 2,880,313 319,461 General Revenue Taxes Property 48,961,852 48,082,053 - - 48,961,852 48,082,053 Home rule 8,756,960 8,849,722 - - 8,756,960 8,849,722 Telecommunication 1,526,415 1,684,979 - - 1,526,415 1,684,979 Utility 3,650,068 3,784,457 - - 3,650,068 3,784,457 Other 1,408,756 1,380,018 - - 1,408,756 1,380,018 Intergovernmental Sales 18,631,360 18,072,001 - - 18,631,360 18,072,001 State income 5,014,901 4,508,718 - - 5,014,901 4,508,718 Local use 1,577,084 1,373,010 - - 1,577,084 1,373,010 Road and bridge 482,499 348,250 - - 482,499 348,250 Property replacement 248,039 203,235 - - 248,039 203,235 Other 1,631,339 1,607,145 - - 1,631,339 1,607,145 Investment income 3,149,929 2,106,936 191,730 101,483 3,341,659 2,208,419 Other general revenues 2,726,073 1,789,755 5,953 2,523 2,732,026 1,792,278 Total revenues 117,580,323 113,269,742 21,066,655 20,161,692 138,646,978 133,431,434 Expenses General government 43,756,473 42,033,645 - - 43,756,473 42,033,645 Public works 38,694,541 36,999,265 - - 38,694,541 36,999,265 Public safety 14,931,138 15,879,425 - - 14,931,138 15,879,425 Development 3,982,894 6,801,693 - - 3,982,894 6,801,693 Interest on long-term debt 1,361,391 1,581,379 - - 1,361,391 1,581,379 Water services - - 12,015,899 12,902,647 12,015,899 12,902,647 Sanitary sewerage - - 2,179,278 2,152,793 2,179,278 2,152,793 Wholesale water - - 1,428,116 1,404,958 1,428,116 1,404,958 Commuter parking - - 649,542 678,344 649,542 678,344 Total expenses 102,726,437 103,295,407 16,272,835 17,138,742 118,999,272 120,434,149 Change in net position before transfers 14,853,886 9,974,335 4,793,820 3,022,950 19,647,706 12,997,285 Transfers 881,334 1,082,804 (881,334) (1,082,804) - - Change in net position 15,735,220 11,057,139 3,912,486 1,940,146 19,647,706 12,997,285 Net position - beginning, as restated 197,875,500 186,773,157 63,384,237 61,444,091 261,259,737 248,217,248 Net position - ending 213,610,720 $ 197,830,296 $ 67,296,723 $ 63,384,237 $ 280,907,443 $ 261,214,533 $ Note: 2018 was not restated for the adoption of GASB 84 Activities Activities Government Table 2 Changes in Net Position For the Fiscal Years Ended December 31, 2019 and 2018 Governmental Business-Type Total Primary See independent auditors’ report. 10 Village of Glenview, Illinois Management’s Discussion and Analysis (Continued) December 31, 2019 GOVERNMENT-WIDE FINANCIAL ANALYSIS – Continued Normal Impacts There are seven 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 46.0% of the Village’s General Fund expenditures (including transfers) and approximately 17.3% of enterprise operating costs at December 31, 2019 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. See independent auditors’ report. 11 Village of Glenview, Illinois Management’s Discussion and Analysis (Continued) December 31, 2019 GOVERNMENT-WIDE FINANCIAL ANALYSIS – Continued Net position of the Village’s governmental activities increased by 7.95%, or $15,735,220 ($213,610,720 in 2019 compared to $197,875,500 in 2018 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 6.17%, or $3,912,486 ($67,296,723 in 2019 compared to $63,384,237 in 2018). Governmental Activities Revenues: Revenues for governmental activities totaled $117,580,323 at December 31, 2019 and $113,269,742 at December 31, 2018, an increase of $4,310,581. Some key changes during the year for the governmental activity revenues are described below:  Investment Income increased by $1,042,993, or 49.5%, from $4,106,936 at December 31, 2018 to $3,149,929 at December 31, 2019. 2018  Property tax revenues increased by $879,799, or 1.83%, from $48,082,053 at December 31, 2018 to $48,961,852 at December 31, 2019.  Sales tax increased by $559,359, or 3.1%, from $18,072,001 at December 31, 2018 to $18,631,360 at December 31, 2019.  Other General Revenues increased by $936,318, or 52.3%, from $1,789,755 at December 31, 2018 to $2,726,073 at December 31, 2019 See independent auditors’ report. 12 Village of Glenview, Illinois Management’s Discussion and Analysis (Continued) December 31, 2019 GOVERNMENT-WIDE FINANCIAL ANALYSIS – Continued Governmental Activities – Continued The following table graphically depicts the major revenue sources of the Village. It illustrates 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. See independent auditors’ report. 13 Village of Glenview, Illinois Management’s Discussion and Analysis (Continued) December 31, 2019 GOVERNMENT-WIDE FINANCIAL ANALYSIS – Continued Governmental Activities – Continued For the year ended December 31, 2019, governmental activities expenses totaled $102,726,437, a decrease of $700,151, or 0.68% from the 2018 expenses of $103,295,407. Business-Type activities Business-Type activities posted total revenues of $21,066,655, while the cost of all business-type activities totaled $16,272,835. This results in a surplus of $4,793,820 prior to net transfers out of $881,334. In 2018, revenues of $20,161,692 exceed expenses of $17,138,742, resulting in a surplus of $3,022,950 prior to net transfers out of $1,082,804. Revenues For the fiscal year ended December 31, 2019, revenues for the business-type activities totaled $21,066,655, an increase of $904,963, or 4.49%, due primarily to grant receipts of $749,463 for capital projects. Expenses Expenses for the year ended December 31, 2019 totaled $16,272,835 a decrease of $865,907, or 5.05% over the 2018 expenses of $17,138,742. See independent auditors’ report. 14 Village of Glenview, Illinois Management’s Discussion and Analysis (Continued) December 31, 2019 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 $77,027,486, which is $9,022,781, or 13%, higher than last year’s total of $68,004,705. Of the $77,027,486 total, $36,319,710, or approximately 47.2%, of the fund balance constitutes unassigned fund balance. General Fund The General Fund reported an increase in fund balance for the year of $577,998 or 1.61%, 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, 2019, unassigned fund balance in the General Fund was $36,319,710 which represents 99.6% 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 49% 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, 2019, the Special Tax Allocation Fund reported revenues in excess of expenditures of $5,633,256, which for the most part was expected but did vary from budget by property tax revenues coming in over budget by $1,040,797 offset by expenses coming in over budget by $994,216. 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, 2019, the Village Permanent Fund reported revenues in excess of expenditures of $637,702. The Capital Projects Fund is used to account for revenues and expenditures involved with improvements throughout the Village not accounted for in other funds. For the year ended December 31, 2019, the Capital Projects Fund reported a net change in fund balance of $1,204,941. See independent auditors’ report. 15 Village of Glenview, Illinois Management’s Discussion and Analysis (Continued) December 31, 2019 FINANCIAL ANALYSIS OF THE GOVERNMENT’S FUNDS – Continued 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 $3,402,571; the previous fiscal year reported a surplus of $2,083,231. The surplus in this fund is largely the result of operating expenses coming in $3,739,558 lower than budget (due in large part to GAAP adjustments) offset by operating revenues, contributions and transfers in coming in $198,463 lower than budget. Unrestricted net position in the Glenview Water Fund totaled $5,524,987 at December 31, 2019. The surplus in the current year in the Glenview Sanitary Sewer Fund was $444,749, resulting in ending net position of $20,292,484. In the prior year the Glenview Sanitary Sewer Fund reported a surplus of $204,587. The current year surplus was due to an unanticipated capital contribution totaling $269,988 combined with expenses being lower than budget by $215,201. See independent auditors’ report. 16 Village of Glenview, Illinois Management’s Discussion and Analysis (Continued) December 31, 2019 GENERAL FUND BUDGETARY HIGHLIGHTS During 2019, the Village Board approved 5 General Fund budget amendments for the following projects:  The Board increased the budget by $105,000 for opposition funding related to the Amtrak Hiawatha expansion project due to anticipated significant impacts on the community.  The Board increased the budget a second time for opposition funding related to the Amtrak Hiawatha expansion project by $36,000.  The Board increased the budget for the GIS/GPS Field Data Collection Services project by $26,755 so that the project could be completed in 2019 instead of 2020.  The Board approved an increase of $120,000 for legal and consulting services budget related to House Bill 270, which involved potential changes to how the Retailers’ Occupation Tax and Retailers’ Use Tax are currently collected and remitted.  The Board further increased the budget by $20,000 for ongoing legislative objectives, including monitoring the progress of the Hiawatha project to ensure the Holding Track remains out of the expansion project and monitoring the impact of House Bill 270. General Fund actual revenues (including other financing sources) for the year totaled $74,249,631 compared to budgeted revenues of $72,725,031, a difference of $1,524,600. There are several factors for this positive variance. The largest variance to budget resides in Illinois income taxes being over budget by $714,821 and sales tax being over budget by $270,700. Additionally, investment income and use tax came in over budget by $348,170 and $125,063, respectively. Combined with various other smaller increases these items make up the positive variance. See independent auditors’ report. 17 Village of Glenview, Illinois Management’s Discussion and Analysis (Continued) December 31, 2019 FINANCIAL ANALYSIS OF THE GOVERNMENT’S FUNDS – Continued GENERAL FUND BUDGETARY HIGHLIGHTS – Continued The General Fund actual expenditures (including transfers) for the year of $73,671,633 were $2,080,385 lower than budgeted expenditures of $75,752,018. Personnel expenditures of $33,913,732 were only under budget by $101,637 or 0.3% primarily due to vacancies. Contractual Services were under budget by $1,483,407 or 10.3% primarily due to lower expenses in tree and stump removal services, snow and ice maintenance, building inspections, plan review services and software licensing. Commodities were under budget by $332,948 or 17.0% mainly due to lower electricity costs, fewer than anticipated street light maintenance services, and purchases of janitorial supplies. Other Charges were under budget by $32,429 or 0.5% due to lower training and travel costs. Capital Outlay was under budget by $183,469 or 43.7% due to lower tree planting program expenses. Interfund Charges were $22,852 or 0.5% over budget as the cost of fuel and routine maintenance charges for the Village fleet were slightly higher than anticipated. Original Final Budget Budget Actual Revenues Taxes 27,809,807 $ 27,809,807 $ 27,571,418 $ Intergovernmental 28,778,354 28,778,354 30,326,296 Other 15,561,870 15,561,870 15,713,905 Total revenues 72,150,031 72,150,031 73,611,619 Expenditures (62,492,680) (62,800,436) (60,689,405) Transfers in 575,000 575,000 638,012 Transfers out (12,951,582) (12,951,582) (12,982,228) Total expenditures and net transfers (74,869,262) (75,177,018) (73,033,621) Net change in fund balance (2,719,231) $ (3,026,987) $ 577,998 $ Table 3 General Fund Budgetary Highlights See independent auditors’ report. 18 Village of Glenview, Illinois Management’s Discussion and Analysis (Continued) December 31, 2019 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, 2019 was $302,494,915 (net of accumulated depreciation). This investment in capital assets includes land, buildings and improvements, machinery, equipment, and vehicles, water and sanitary sewer system improvements, and other infrastructure improvements. This year’s major additions included: Additional information on the Village’s capital assets can be found in Note III on pages 61-62 of this report. 2019 2018 2019 2018 2019 2018 Construction in progress -$ 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 67,831,810 68,696,995 1,740,880 1,752,518 69,572,690 70,449,513 Machinery, equipment and vehicles 5,986,863 7,191,674 574,267 683,116 6,561,130 7,874,790 Infrastructure 89,352,158 86,323,855 - - 89,352,158 86,323,855 Water system - - 41,419,279 39,756,270 41,419,279 39,756,270 Sanitary sewer system - - 18,663,160 18,482,793 18,663,160 18,482,793 Total 239,529,478 $ 239,198,435 $ 62,965,437 $ 61,242,548 $ 302,494,915 $ 300,440,983 $ Activities Activities Government Table 4 Capital Assets at Year End Net of Depreciation Governmental Business-Type Total Primary Additions Construction in progress -$ Land - Building and improvements 1,375,715 Infrastructure, including roadways, etc. 6,359,501 Machinery, equipment and vehicles 372,607 Sanitary sewer system 697,878 Water system 2,964,345 Total 11,770,046 $ See independent auditors’ report. 19 Village of Glenview, Illinois Management’s Discussion and Analysis (Continued) December 31, 2019 CAPITAL ASSETS AND DEBT ADMINISTRATION - Continued Debt Administration At year-end, the Village had total outstanding debt of $34,756,108 as compared to $45,333,578 the previous year, a decrease of $10,577,470, or 23.3%, 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 twenty-nine 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 65-68 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 2020 budget, tax rates, and fees that will be charged for its governmental and business-type activities. One of those factors is the economy. When the balanced budget was adopted in December 2019, the Village was continuing to maintain a strong and stable economic position. 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. During the development of the budget, the Board had given direction to increase the General Fund reserves by an additional 5% (from 30%-40% to 35%-45%) to further protect the Village financially from future economic instability. The budget also included a continuation of the prioritization in the Village’s infrastructure replacements with a $23M Capital Improvement Program (CIP). Increased funding from the General Fund to the CIP of $11M for 2020 will help continue to address the funding gap between the dedicated funding sources and infrastructure needs. The financial position of the State of Illinois remained 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. Also continually being analyzed are the three to five year financial modes to ensure the Village’s long term sustainability. However, due to the negative impact of the COVID-19 pandemic declared in March 2020 which had the Governor of the State of Illinois issuing a “Stay at Home” executive order through May 29, 2020, the 2020 economic outlook for the Village has shifted significantly. Under the executive order only essential business were allowed to stay open and social distancing requirements were established. Additionally, in May 2020 the Governor issued a “Restore Illinois” plan which outlined a slower opening strategy with five phases that will extend beyond the May 29, 2020 date before the State is fully open for business. 2019 2018 2019 2018 2019 2018 General obligation bonds 29,053,149 $ 37,645,969 $ -$ -$ 29,053,149 $ 37,645,969 $ Corporate purpose notes - - 5,422,699 6,079,040 5,422,699 6,079,040 Loans payable 280,260 1,610,569 - - 280,260 1,610,569 Total debt 29,333,409 $ 39,256,538 $ 5,422,699 $ 6,079,040 $ 34,756,108 $ 45,335,578 $ Governmental Business-Type Total Primary Activities Activities Government See independent auditors’ report. 20 In response to this situation, the Village developed a Glenview COVID-19 Financial Response Plan. This Plan was presented to the Village Board in May 2020 and includes a graduated range of projected negative impacts on General Fund revenues from $7.6M to $13.6M and the response actions to offset these declines. While the financial impacts of the pandemic will be substantial, the Village is in a strong financial position to respond. This Financial Response Plan identifies action items including the use of cash reserves ($2.7M to $7.3M), deferring or eliminating several operating expenses ($2.7M to $3.0M) and deferral of some capital projects (up to $2M). Additionally identified in the Plan are reduced expenditures resulting primarily from modifications in staffing structure and response protocols in an effort to balance keeping the front line employees safe and continuing to provide public safety response. The total impact of the COVID-19 pandemic is impossible to fully estimate due to the unknown duration of the issue, but the Village is closely monitoring the fluidity of the financial impacts combined with the changes in consumer behaviors as adjustments to the Financial Response Plan are needed and the financial plans for beyond 2020 are continually being analyzed. 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. VILLAGE OF GLENVIEW STATEMENT OF NET POSITION As of December 31, 2019 Governmental Activities Business-type Activities Totals Glenview Library ASSETS Cash and Cash Equivalents $44,854,655 $4,202,810 $49,057,465 $5,379,184 Investments 60,943,254 5,165,348 66,108,602 2,000,000 Receivables (net) Taxes 20,921,819 -20,921,819 7,780,425 Accounts 373,577 3,587,130 3,960,707 - Other 1,821,641 82,678 1,904,319 56,600 Internal Balances (45)45 -- Prepaid Items 133,825 -133,825 1,210 Inventories 574,576 37,313 611,889 - Due from Other Governmental Units 205,174 -205,174 - Due from Custodial Funds 85,778 -85,778 - Due from Pension Trusts 38,756 -38,756 - Notes Receivable 2,363,667 -2,363,667 - Lease Receivable 598,000 -598,000 - Deposits 955,238 -955,238 - Advances to Custodial Funds 318,461 -318,461 - Property Held for Resale 2,225,000 -2,225,000 - Capital Assets Land 21,076,696 567,851 21,644,547 5,426,987 Land Right of Way 55,281,951 -55,281,951 - Other Capital Assets, Net of Depreciation 163,170,831 62,397,586 225,568,417 23,863,969 Total Assets 375,942,854 76,040,761 451,983,615 44,508,375 DEFERRED OUTFLOWS OF RESOURCES Deferred Charge on Refunding 844,232 -844,232 784,848 Deferred Outflows Related to Pensions 17,461,938 1,753,676 19,215,614 2,589,629 Deferred Outflows Related to OPEB 2,075,785 45,372 2,121,157 40,041 Total Deferred Outflows of Resources 20,381,955 1,799,048 22,181,003 3,414,518 LIABILITIES Accounts Payable 23,007,060 1,599,259 24,606,319 238,051 Accrued Payroll 1,648,706 114,074 1,762,780 200,821 Accrued Interest Payable 81,706 9,063 90,769 52,356 Other Payables 1,819,001 138,834 1,957,835 - Refundable Deposits 1,357,311 21,150 1,378,461 - Unearned Revenues 426,633 -426,633 - Noncurrent Liabilities Due Within One Year 9,317,668 875,598 10,193,266 1,180,097 Due in More Than One Year 123,147,804 7,406,484 130,554,288 19,289,139 Total Liabilities 160,805,889 10,164,462 170,970,351 20,960,464 DEFERRED INFLOWS OF RESOURCES Property Taxes Levied for Future Periods 11,857,830 -11,857,830 7,829,805 Deferred Inflows Related to Pensions 9,803,305 373,224 10,176,529 533,062 Deferred Inflows Related to OPEB 247,065 5,400 252,465 4,766 Total Deferred Inflows of Resources 21,908,200 378,624 22,286,824 8,367,633 NET POSITION Net Investment in Capital Assets 211,320,561 57,542,738 268,863,299 13,906,315 Restricted for Street Improvements 2,188,607 -2,188,607 - Public Safety 276,594 -276,594 - Economic Development 5,697,504 -5,697,504 - Culture and Recreation ---1,521,126 Unrestricted (5,872,546)9,753,985 3,881,439 3,167,355 TOTAL NET POSITION $213,610,720 $67,296,723 $280,907,443 $18,594,796 See accompanying notes to financial statements. 21 VILLAGE OF GLENVIEW STATEMENT OF ACTIVITIES For the Year Ended December 31, 2019 Program Revenues Functions/Programs Expenses Charges for Services Operating Grants and Contributions Capital Grants and Contributions Primary Government Governmental Activities General Government $43,756,473 $3,851,196 $-$- Public Safety 38,694,541 10,284,058 119,285 - Public Works 14,931,138 1,008,877 2,023,614 1,092,080 Development 3,982,894 208,068 189,100 1,038,770 Interest and Fiscal Charges 1,361,391 --- Total Governmental Activities 102,726,437 15,352,199 2,331,999 2,130,850 Business-type Activities Glenview Water Fund 12,015,899 14,746,014 -479,475 Glenview Sanitary Sewer Fund 2,179,278 2,398,120 -269,988 Wholesale Water Fund 1,428,116 2,286,564 -- Commuter Parking Lot Fund 649,542 688,811 -- Total Business-type Activities 16,272,835 20,119,509 -749,463 Total Primary Government $118,999,272 $35,471,708 $2,331,999 $2,880,313 Component Unit Glenview Library $8,161,573 $279,795 $1,225,206 $- 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. 22 Net (Expenses) Revenues and Changes in Net Position Primary Government Component Unit Governmental Activities Business-type Activities Totals Glenview Library $(39,905,277)$-$(39,905,277)$- (28,291,198)-(28,291,198)- (10,806,567)-(10,806,567)- (2,546,956)-(2,546,956)- (1,361,391)-(1,361,391)- (82,911,389)-(82,911,389)- -3,209,590 3,209,590 - -488,830 488,830 - -858,448 858,448 - -39,269 39,269 - -4,596,137 4,596,137 - (82,911,389)4,596,137 (78,315,252)- ---(6,656,572) 48,961,852 -48,961,852 8,113,446 8,756,960 -8,756,960 - 1,526,415 -1,526,415 - 3,650,068 -3,650,068 - 1,408,756 -1,408,756 - 18,631,360 -18,631,360 - 5,014,901 -5,014,901 - 1,577,084 -1,577,084 - 2,361,877 -2,361,877 - 3,149,929 191,730 3,341,659 173,039 49,490 -49,490 - 2,676,583 5,953 2,682,536 3,714 97,765,275 197,683 97,962,958 8,290,199 881,334 (881,334)-- 15,735,220 3,912,486 19,647,706 1,633,627 197,875,500 63,384,237 261,259,737 16,961,169 $213,610,720 $67,296,723 $280,907,443 $18,594,796 See accompanying notes to financial statements. 23 VILLAGE OF GLENVIEW BALANCE SHEET GOVERNMENTAL FUNDS As of December 31, 2019 General Fund Special Tax Allocation Fund Capital Projects Fund Village Permanent Fund Nonmajor Governmental Funds Totals ASSETS Cash and Cash Equivalents $18,544,202 $10,743,247 $2,794,065 $3,037,305 $2,386,244 $37,505,063 Investments 14,713,424 23,500,000 750,000 7,206,798 3,732,100 49,902,322 Receivables (net) Taxes 20,921,819 ----20,921,819 Accounts 206,567 49,763 ---256,330 Grants 31,231 -414,559 --445,790 Accrued Interest 348,984 351,575 172 116,294 46,729 863,754 Other 324,286 ----324,286 Inventories 153,608 ----153,608 Due from Other Funds 20,686 22 ---20,708 Due from Other Governments ----205,174 205,174 Due from Custodial Funds 85,778 ----85,778 Due from Pension Trusts 38,756 ----38,756 Notes Receivable -2,363,667 ---2,363,667 Lease Receivable ---598,000 -598,000 Property Held for Resale ---2,225,000 -2,225,000 Advances to Other Funds ---16,049,864 -16,049,864 Advances to Custodial Funds ---318,461 -318,461 TOTAL ASSETS $55,389,341 $37,008,274 $3,958,796 $29,551,722 $6,370,247 $132,278,380 See accompanying notes to financial statements. 24 VILLAGE OF GLENVIEW BALANCE SHEET GOVERNMENTAL FUNDS As of December 31, 2019 General Fund Special Tax Allocation Fund Capital Projects Fund Village Permanent Fund Nonmajor Governmental Funds Totals LIABILITIES, DEFERRED INFLOWS OF RESOURCES, AND FUND BALANCES Liabilities Accounts Payable $3,103,867 $18,080,333 $765,870 $-$458,315 $22,408,385 Accrued Payroll 1,609,820 13,884 --370 1,624,074 Other Payables 621,970 -917,084 --1,539,054 Refundable Deposits 1,357,311 ----1,357,311 Due to Other Funds 67 1,387 --11,018 12,472 Unearned Revenues 365,158 --36,464 -401,622 Advances from Other Funds -16,049,864 ---16,049,864 Total Liabilities 7,058,193 34,145,468 1,682,954 36,464 469,703 43,392,782 Deferred Inflows of Resources Property Taxes Levied for Future Periods 11,857,830 ----11,857,830 Unavailable Grant Revenue --282 --282 Total Deferred Inflows of Resources 11,857,830 -282 --11,858,112 Fund Balances Nonspendable for Inventory 153,608 ----153,608 Restricted for Street Improvements ----2,188,607 2,188,607 Restricted for Public Safety ----276,594 276,594 Restricted for Economic Development -2,862,806 --2,834,698 5,697,504 Assigned to Debt Service Funds ----500,473 500,473 Assigned to Capital Project Funds --2,275,560 29,515,258 100,172 31,890,990 Unassigned 36,319,710 ----36,319,710 Total Fund Balances 36,473,318 2,862,806 2,275,560 29,515,258 5,900,544 77,027,486 TOTAL LIABILITIES, DEFERRED INFLOWS OF RESOURCES, AND FUND BALANCES $55,389,341 $37,008,274 $3,958,796 $29,551,722 $6,370,247 $132,278,380 See accompanying notes to financial statements. 25 VILLAGE OF GLENVIEW RECONCILIATION OF THE BALANCE SHEET OF GOVERNMENTAL FUNDS TO THE STATEMENT OF NET POSITION As of December 31, 2019 Total Fund Balances - Governmental Funds $77,027,486 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.239,529,478 Deferred charge on refunding of debt is not considered to represent a financial resource and, therefore, is not reported in the funds.844,232 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.17,461,938 Deferred inflows of resources related to pensions do not relate to current financial resources and are not reported in the governmental funds.(9,803,305) Deferred outflows of resources related to OPEB do not relate to current financial resources and are not reported in the governmental funds.2,075,785 Deferred inflows of resources related to OPEB do not relate to current financial resources and are not reported in the governmental funds.(247,065) Internal service funds are reported in the statement of net position as governmental activities.17,771,562 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 (29,053,149) Loan payable (280,260) Total OPEB liability (12,325,739) Compensated absences (1,521,478) Accrued interest (81,706) Net pension liability (87,787,341) NET POSITION OF GOVERNMENTAL ACTIVITIES $213,610,720 See accompanying notes to financial statements. 26 VILLAGE OF GLENVIEW STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES - GOVERNMENTAL FUNDS For the Year Ended December 31, 2019 General Fund Special Tax Allocation Fund Capital Projects Fund Village Permanent Fund Nonmajor Governmental Funds Totals REVENUES Property Taxes $12,229,219 $35,174,563 $-$-$1,558,070 $48,961,852 Other Taxes 15,342,199 ----15,342,199 Licenses and Permits 1,871,593 ----1,871,593 Fines, Forfeitures and Penalties 121,707 ----121,707 Charges for Services 12,838,698 204,506 ---13,043,204 Intergovernmental 30,326,296 189,100 671,615 -2,481,393 33,668,404 Investment Income 881,907 822,740 35,333 593,533 153,549 2,487,062 Miscellaneous -163,023 58,665 44,193 13,984 279,865 Total Revenues 73,611,619 36,553,932 765,613 637,726 4,206,996 115,775,886 EXPENDITURES Current General Government 18,570,611 22,699,358 ---41,269,969 Public Safety 31,148,857 ---171,335 31,320,192 Public Works 7,772,011 ----7,772,011 Development 3,186,049 --24 319,378 3,505,451 Capital Outlay 11,877 -10,842,635 -2,192,089 13,046,601 Debt Service Principal -7,155,938 24,371 -2,275,000 9,455,309 Interest and Fiscal Charges -979,184 --629,681 1,608,865 Total Expenditures 60,689,405 30,834,480 10,867,006 24 5,587,483 107,978,398 Excess (deficiency) of revenues over expenditures 12,922,214 5,719,452 (10,101,393)637,702 (1,380,487)7,797,488 OTHER FINANCING SOURCES (USES) Property Sales 48,755 ----48,755 Transfers In 589,257 -11,306,334 -2,318,424 14,214,015 Transfers Out (12,982,228)(86,196)--(14,257)(13,082,681) Total Other Financing Sources (Uses)(12,344,216)(86,196)11,306,334 -2,304,167 1,180,089 Net Change in Fund Balances 577,998 5,633,256 1,204,941 637,702 923,680 8,977,577 FUND BALANCES (DEFICIT) - Beginning of Year (as restated)35,895,320 (2,770,450)1,070,619 28,877,556 4,976,864 68,049,909 FUND BALANCES - END OF YEAR $36,473,318 $2,862,806 $2,275,560 $29,515,258 $5,900,544 $77,027,486 See accompanying notes to financial statements. 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, 2019 Net change in fund balances - total governmental funds $8,977,577 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 6,858,933 Depreciation is reported in the government-wide financial statements (7,619,970) Contributed capital assets are reported as revenues in the government-wide financial statements.1,092,080 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 9,455,309 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 467,820 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 (59,067) Accrued interest on debt 22,979 Amortization of deferred charge on refunding (243,325) Net pension liability 1,829,279 Deferred outflows of resources related to pensions (6,024,226) Deferred inflows of resources related to pensions (1,190,480) Deferred outflows of resources related to OPEB 1,337,703 Deferred inflows of resources related to OPEB 29,608 Total OPEB liability (1,860,580) 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.2,661,580 CHANGE IN NET POSITION OF GOVERNMENTAL ACTIVITIES $15,735,220 See accompanying notes to financial statements. 28 VILLAGE OF GLENVIEW STATEMENT OF NET POSITION PROPRIETARY FUNDS As of December 31, 2019 Business-type Activities - Enterprise Funds Glenview Water Fund Glenview Sanitary Sewer Fund Nonmajor Enterprise Funds Totals Governmental Activities - Internal Service Funds ASSETS Current Assets Cash and Cash Equivalents $2,002,276 $1,120,562 $1,079,972 $4,202,810 $7,349,592 Investments 3,678,387 246,000 1,240,961 5,165,348 11,040,932 Receivables Accounts, Net 2,305,307 639,343 642,480 3,587,130 117,247 Accrued Interest 57,446 501 24,731 82,678 127,811 Other ----60,000 Prepaid Items ----133,825 Inventories 37,313 --37,313 420,968 Due from Other Funds 33 51 5 89 - Deposits ----955,238 Total Current Assets 8,080,762 2,006,457 2,988,149 13,075,368 20,205,613 Noncurrent Assets Capital Assets Capital Assets not Being Depreciated 67,851 -500,000 567,851 - Capital Assets Being Depreciated 66,995,194 26,870,391 5,330,532 99,196,117 - Less: Accumulated Depreciation (25,774,086)(8,207,234)(2,817,211)(36,798,531)- Total Noncurrent Assets 41,288,959 18,663,157 3,013,321 62,965,437 - Total Assets 49,369,721 20,669,614 6,001,470 76,040,805 20,205,613 DEFERRED OUTFLOWS OF RESOURCES Deferred Outflows Related to Pensions 1,482,729 270,947 -1,753,676 - Deferred Outflows Related to OPEB 36,665 6,352 2,355 45,372 - Total Deferred Outflows of Resources 1,519,394 277,299 2,355 1,799,048 - See accompanying notes to financial statements. 29 VILLAGE OF GLENVIEW STATEMENT OF NET POSITION PROPRIETARY FUNDS As of December 31, 2019 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 $1,139,461 $101,834 $357,964 $1,599,259 $598,675 Accrued Payroll 87,887 18,065 8,122 114,074 24,632 Accrued Interest 9,063 --9,063 - Accrued Expenses 130,445 7,726 663 138,834 279,947 Refundable Deposits 21,150 --21,150 - Due to Other Funds 44 --44 8,281 Claims Payable ----599,002 Unearned Revenues ----25,011 Current Portion of Long-Term Liabilities 868,513 5,120 1,965 875,598 - Total Current Liabilities 2,256,563 132,745 368,714 2,758,022 1,535,548 Noncurrent Liabilities Long-Term Debt Claims Payable ----898,503 Long-Term Liabilities Due in More Than One Year 6,925,363 459,282 21,839 7,406,484 - Total Noncurrent Liabilities 6,925,363 459,282 21,839 7,406,484 898,503 Total Liabilities 9,181,926 592,027 390,553 10,164,506 2,434,051 DEFERRED INFLOWS OF RESOURCES Deferred Inflows Related to Pensions 311,578 61,646 -373,224 - Deferred Inflows Related to OPEB 4,364 756 280 5,400 - Total Deferred Inflows of Resources 315,942 62,402 280 378,624 - NET POSITION Net Investment in Capital Assets 35,866,260 18,663,157 3,013,321 57,542,738 - Unrestricted 5,524,987 1,629,327 2,599,671 9,753,985 17,771,562 TOTAL NET POSITION $41,391,247 $20,292,484 $5,612,992 $67,296,723 $17,771,562 See accompanying notes to financial statements. 30 VILLAGE OF GLENVIEW STATEMENT OF REVENUES, EXPENSES, AND CHANGES IN NET POSITION PROPRIETARY FUNDS For the Year Ended December 31, 2019 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 $14,399,798 $2,320,134 $2,962,278 $19,682,210 $12,345,076 Intergovernmental ----187,715 Miscellaneous 346,216 77,986 13,101 437,303 215,443 Total Operating Revenues 14,746,014 2,398,120 2,975,379 20,119,513 12,748,234 OPERATING EXPENSES Insurance Services ----7,514,517 Parking Services --564,563 564,563 - Water Services 10,476,777 -1,365,300 11,842,077 - Sewerage Services -1,649,617 -1,649,617 - Capital Asset Repair and Replacement ----2,295,393 Depreciation and Amortization 1,430,838 517,511 147,795 2,096,144 - Total Operating Expenses 11,907,615 2,167,128 2,077,658 16,152,401 9,809,910 Operating Income 2,838,399 230,992 897,721 3,967,112 2,938,324 NONOPERATING REVENUES (EXPENSES) Other Income -5,949 -5,949 - Investment Income 127,347 15,604 48,779 191,730 662,867 Gain on Sale of Capital Assets ----735 Reassignment of Capital Assets ----(690,346) Interest and Fiscal Charges (108,284)(12,150)-(120,434)- Total Nonoperating Revenues (Expenses)19,063 9,403 48,779 77,245 (26,744) Income Before Contributions and Transfers 2,857,462 240,395 946,500 4,044,357 2,911,580 CONTRIBUTIONS AND TRANSFERS Capital Contributions 479,475 269,988 -749,463 - Transfers In 65,634 --65,634 - Transfers Out -(65,634)(881,334)(946,968)(250,000) Total Contributions and Transfers 545,109 204,354 (881,334)(131,871)(250,000) Change in Net Position 3,402,571 444,749 65,166 3,912,486 2,661,580 NET POSITION - Beginning of Year 37,988,676 19,847,735 5,547,826 63,384,237 15,109,982 NET POSITION - END OF YEAR $41,391,247 $20,292,484 $5,612,992 $67,296,723 $17,771,562 See accompanying notes to financial statements. 31 VILLAGE OF GLENVIEW STATEMENT OF CASH FLOWS PROPRIETARY FUNDS For the Year Ended December 31, 2019 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 $14,789,723 $2,336,890 $3,116,086 $20,242,699 $12,848,603 Paid to Suppliers for Goods and Services (8,133,577)(1,339,765)(1,645,321)(11,118,663)(8,661,830) Paid to Employees for Services (2,395,175)(492,516)(208,442)(3,096,133)(1,008,624) Received from Other Sources 38,777 83,935 -122,712 - Net Cash Flows From Operating Activities 4,299,748 588,544 1,262,323 6,150,615 3,178,149 CASH FLOWS FROM INVESTING ACTIVITIES Investment Income 78,443 15,177 27,627 121,247 647,459 Sale of Investments 976,700 243,100 491,400 1,711,200 7,925,465 Purchase of Investments (1,963,400)(246,000)(1,487,961)(3,697,361)(8,370,047) Net Cash Flows From Investing Activities (908,257)12,277 (968,934)(1,864,914)202,877 CASH FLOWS FROM NONCAPITAL FINANCING ACTIVITIES Transfers In 65,634 --65,634 - Transfers Out -(65,634)(881,334)(946,968)(250,000) Net Cash Flows From Noncapital Financing Activities 65,634 (65,634)(881,334)(881,334)(250,000) CASH FLOWS FROM CAPITAL AND RELATED FINANCING ACTIVITIES Debt Retired (656,341)--(656,341)- Interest Paid (109,353)(12,150)-(121,503)- Proceeds from the Sale of Capital Assets ----735 Acquisition and Construction of Capital Assets (2,564,880)(434,060)-(2,998,940)(1,035,417) Net Cash Flows From Capital and Related Financing Activities (3,330,574)(446,210)-(3,776,784)(1,034,682) Net Change in Cash and Cash Equivalents 126,551 88,977 (587,945)(372,417)2,096,344 CASH AND CASH EQUIVALENTS - Beginning of Year 1,875,725 1,031,585 1,667,917 4,575,227 5,253,248 CASH AND CASH EQUIVALENTS - END OF YEAR $2,002,276 $1,120,562 $1,079,972 $4,202,810 $7,349,592 See accompanying notes to financial statements. 32 VILLAGE OF GLENVIEW STATEMENT OF CASH FLOWS PROPRIETARY FUNDS For the Year Ended December 31, 2019 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 $2,838,399 $230,992 $897,721 $3,967,112 $2,938,324 Adjustments to Reconcile Operating Income to Net Cash Flows From Operating Activities Depreciation 1,430,838 517,511 147,795 2,096,144 - Other Income -5,949 -5,949 - Changes in assets and liabilities Accounts Receivable 72,567 16,807 140,712 230,086 432,439 Inventory 38,418 --38,418 (31,573) Due from Other Funds (33)(51)(5)(89)- Deposits 9,875 --9,875 (334,384) Prepaid Items ----(6,970) Accounts Payable (552)(169,712)74,453 (95,811)(189,659) Claims Payable ----90,069 Accrued Salaries 5,079 729 2,317 8,125 1,046 Compensated absences 6,246 1,121 1,959 9,326 - Accrued Expenses -7,458 663 8,121 269,495 Due to Other Funds 44 --44 7,048 Unearned Revenue ----2,314 Deferred Outflows Due to Pensions (1,112,436)(216,300)-(1,328,736)- Deferred Inflows Due to Pensions (749,050)(150,328)-(899,378)- Net Pension Liability 1,802,577 349,584 -2,152,161 - Total OPEB Liability (4,060)(1,342)(1,918)(7,320)- Deferred Outflows Due to OPEB (36,665)(3,597)(1,234)(41,496)- Deferred Inflows Due to OPEB (1,499)(277)(140)(1,916)- NET CASH FLOWS FROM OPERATING ACTIVITIES $4,299,748 $588,544 $1,262,323 $6,150,615 $3,178,149 NONCASH CAPITAL AND RELATED FINANCING ACTIVITIES Capital Contributions $479,475 $269,988 $ -$ - See accompanying notes to financial statements. 33 VILLAGE OF GLENVIEW STATEMENT OF FIDUCIARY NET POSITION FIDUCIARY FUNDS As of December 31, 2019 Pension Trust Funds Custodial Funds ASSETS Cash and Cash Equivalents $3,697,993 $1,572,116 Investments U.S. Treasuries 11,882,834 - U.S. Agencies 31,178,512 - Mutual Funds 109,882,170 - Corporate Obligations 16,978,110 - Municipal Obligations 4,903,025 - Receivables Taxes -333,115 Accrued Interest 401,511 - Prepaid Items 11,125 - Total Assets 178,935,280 1,905,231 LIABILITIES Accrued Expenses 55,519 4,533 Due to Members -1,306,038 Due to Primary Government 38,756 85,778 Advances to Primary Government -318,461 Total Liabilities 94,275 1,714,810 DEFERRED INFLOWS OF RESOURCES Property Taxes Levied for Future Periods -333,115 Total Deferred Inflows of Resources -333,115 NET POSITION Restricted for Pension Benefits 178,841,005 - Unrestricted (Deficit)-(142,694) TOTAL NET POSITION $178,841,005 $(142,694) See accompanying notes to financial statements. 34 VILLAGE OF GLENVIEW STATEMENT OF CHANGES IN FIDUCIARY NET POSITION FIDUCIARY FUNDS For the Year Ended December 31, 2019 Pension Trust Funds Custodial Funds ADDITIONS Contributions Employer $6,497,101 $- Participant 1,569,595 - Total Contributions 8,066,696 - Investment income Net Appreciation in Fair Value of Investments 22,717,692 - Interest Income 5,864,170 24,766 Total Investment Income 28,581,862 24,766 Less Investment Expense 252,390 - Net Investment Income 28,329,472 24,766 Property Taxes -365,193 911 Surcharge -4,532,360 Total Additions 36,396,168 4,922,319 DEDUCTIONS Retirement Pensions 9,829,210 - Widow Pensions 883,086 - Disability Pensions 619,047 - Children's Pensions 48,270 - Contribution Refunds 3,605 - Administration 128,249 - Remittance of Principal to Bondholders -163,705 Remittance of Interest to Bondholders -67,028 Distributions to Primary Government -1,031,826 Distributions to Members -3,519,340 Miscellaneous -110,515 Total Deductions 11,511,467 4,892,414 Change in Fiduciary Net Position 24,884,701 29,905 NET POSITION - Beginning of Year (as restated)153,956,304 (172,599) NET POSITION - END OF YEAR $178,841,005 $(142,694) See accompanying notes to financial statements. 35 VILLAGE OF GLENVIEW INDEX TO NOTES TO FINANCIAL STATEMENTS As of and for the Year Ended December 31, 2019 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 43 D.Assets, Deferred Outflows of Resources, Liabilities, Deferred Inflows of Resources, and Net Position or Equity 44 1.Deposits and Investments 44 2.Receivables 48 3.Inventories and Prepaid Items 49 4.Capital Assets 49 5.Deferred Outflows of Resources 50 6.Compensated Absences 51 7.Long-Term Obligations 51 8.Deferred Inflows of Resources 51 9. Equity Classifications 52 II Stewardship, Compliance, and Accountability 54 A.Excess Expenditures/Expenses/Deductions Over Budget 54 B.Deficit Balances 54 III Detailed Notes on All Funds 55 A.Deposits and Investments 55 B.Receivables 60 C.Capital Assets 61 D.Interfund Receivables/Payables, Advances and Transfers 63 E.Long-Term Obligations 65 F.Lease Disclosures 69 G.Restatement of Net Position/Fund Balance 69 H.Component Unit 70 IV Other Information 74 A.Employees' Retirement System 74 B.Risk Management 90 C.Commitments and Contingencies 92 D.Joint Ventures 92 E.Other Postemployment Benefits 93 F.Subsequent Event 97 G.Tax Abatement 97 H.Effect of New Accounting Standards on Current-Period Financial Statements 97 See accompanying notes to financial statements. 36 VILLAGE OF GLENVIEW NOTES TO FINANCIAL STATEMENTS As of and for the Year Ended December 31, 2019 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 three methods: discrete presentation, blended, or fiduciary. 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. 37 VILLAGE OF GLENVIEW NOTES TO FINANCIAL STATEMENTS As of and for the Year Ended December 31, 2019 NOTE I - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (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, 2019. The Library does not issue separate financial statements. Fiduciary Component Units 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. A municipality is considered to have a financial burden if it is legally obligated or has otherwise assumed the obligation to make contributions to the pension plan. 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. PPERS is reported as a fiduciary component unit pension trust fund and the data for the pension is included in the government's fiduciary fund financial statements as a pension trust fund. 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. A municipality is considered to have a financial burden if it is legally obligated or has otherwise assumed the obligation to make contributions to the pension plan. 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. FPERS is reported as a fiduciary component unit and the data for the pension is included in the government's fiduciary fund financial statements as a pension trust fund. No separate annual financial report is issued for the FPERS. 38 VILLAGE OF GLENVIEW NOTES TO FINANCIAL STATEMENTS As of and for the Year Ended December 31, 2019 NOTE I - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont.) B.GOVERNMENT-WIDE AND FUND FINANCIAL STATEMENTS In January 2017, the GASB issued statement No. 84 - Fiduciary Activities. This statement establishes criteria for identifying fiduciary activities of all state and local governments for accounting and financial reporting purposes and how those activities should be reported. This standard was implemented January 1, 2019. 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. 39 VILLAGE OF GLENVIEW NOTES TO FINANCIAL STATEMENTS As of and for the Year Ended December 31, 2019 NOTE I - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont.) B.GOVERNMENT-WIDE AND FUND FINANCIAL STATEMENTS (cont.) 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. 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. 40 VILLAGE OF GLENVIEW NOTES TO FINANCIAL STATEMENTS As of and for the Year Ended December 31, 2019 NOTE I - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont.) B.GOVERNMENT-WIDE AND FUND FINANCIAL STATEMENTS (cont.) Fund Financial Statements (cont.) The Village reports the following major governmental funds: (cont.) Capital Projects Fund - used to account for revenues and expenditures involved with improvements throughout the Village which are not included in other capital projects funds. 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. 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 Fund - 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. Glen Capital Projects Fund 41 VILLAGE OF GLENVIEW NOTES TO FINANCIAL STATEMENTS As of and for the Year Ended December 31, 2019 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 non-major governmental and enterprise funds: (cont.) Enterprise Funds - used to account for and report any activity for which a fee is charged to external uses for goods or services, and must be used for activities which meet certain debt or cost recovery criteria. Wholesale 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 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 Custodial Funds - used to account for and report assets controlled by the Village and the assets are for the benefit of individuals, private organizations, and/or other governmental units. Special Service Area (SSA) Bond Fund Joint ETSB Fund 42 VILLAGE OF GLENVIEW NOTES TO FINANCIAL STATEMENTS As of and for the Year Ended December 31, 2019 NOTE I - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont.) C.MEASUREMENT FOCUS, BASIS OF ACCOUNTING, AND FINANCIAL STATEMENT PRESENTATION Government-Wide Financial Statements The government-wide statement of net position and statement of activities are reported using the economic resources measurement focus and the accrual basis of accounting. Under the accrual basis of accounting, revenues are recognized when earned and expenses are recorded when the liability is incurred or economic asset used. Revenues, expenses, gains, losses, assets, and liabilities resulting from exchange and exchange-like transactions are recognized when the exchange takes place. Property taxes are recognized as revenues in the year for which they are levied. Taxes receivable for the following year are recorded as receivables and deferred inflows. Grants and similar items are recognized as revenue as soon as all eligibility requirements imposed by the provider are met. Special assessments are recorded as revenue when earned. Unbilled receivables are recorded as revenues when services are provided. As a general rule, the effect of interfund activity has been eliminated from the government-wide financial statements. Fund Financial Statements Governmental fund financial statements are reported using the current financial resources measurement focus and the modified accrual basis of accounting. Revenues are recorded when they are both measurable and available. Available means collectible within the current period or soon enough thereafter to be used to pay liabilities of the current period. For this purpose, the Village considers revenues to be available if they are collected within 90 days of the end of the current fiscal period with the exception of property tax revenues, which are considered available if they are collected within 60 days. Expenditures are recorded when the related fund liability is incurred, except for unmatured interest on long-term debt, claims, judgments, compensated absences, and pension expenditures, which are recorded as a fund liability when expected to be paid with expendable available financial resources. Property taxes are recorded in the year levied as receivables and deferred inflows. They are recognized as revenues in the succeeding year when services financed by the levy are being provided. Intergovernmental aids and grants are recognized as revenues in the period the Village is entitled the resources and the amounts are available. Amounts owed to the Village which are not available are recorded as receivables and unavailable revenues. Amounts received before eligibility requirements (excluding time requirements) are met are recorded as liabilities. Amounts received in advance of meeting time requirements are recorded as deferred inflows. Revenues susceptible to accrual include property taxes, miscellaneous taxes, public charges for services, special assessments and interest. Other general revenues such as fines and forfeitures, inspection fees, recreation fees, and miscellaneous revenues are recognized when received in cash or when measurable and available under the criteria described above. Proprietary and fiduciary fund financial statements are reported using the economic resources measurement focus and the accrual basis of accounting, as described previously in this note. 43 VILLAGE OF GLENVIEW NOTES TO FINANCIAL STATEMENTS As of and for the Year Ended December 31, 2019 NOTE I - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont.) C.MEASUREMENT FOCUS, BASIS OF ACCOUNTING, AND FINANCIAL STATEMENT PRESENTATION (cont.) Fund Financial Statements (cont.) The proprietary funds distinguish operating revenues and expenses from nonoperating items. Operating revenues and expenses generally result from providing services and producing and delivering goods in connection with a proprietary fund's principal ongoing operations. The principal operating revenues of the proprietary funds are charges to customers for sales and services. Special assessments are recorded as receivables and contribution revenue when levied. Operating expenses for proprietary funds include the cost of sales and services, administrative expenses, and depreciation on capital assets. All revenues and expenses not meeting this definition are reported as nonoperating revenues and expenses. All Financial Statements The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets, deferred outflows of resources, liabilities, and deferred inflows of resources and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenditures/expenses during the reporting period. Actual results could differ from those estimates. D.ASSETS, DEFERRED OUTFLOWS OF RESOURCES, LIABILITIES, DEFERRED INFLOWS OF RESOURCES, AND NET POSITION OR EQUITY 1.Deposits and Investments For purposes of the statement of cash flows, the Village considers all highly liquid investments with an initial maturity of three months or less when acquired to be cash equivalents. The Village, Police Pension Fund, and Firefighters' Pension Fund have adopted investment policies. The policies follow the state statute for allowable investments. The Village maintains a cash and investment pool that is available for use by most funds. Each fund's portion of this pool is displayed on the balance sheet/statement of net position as "cash and cash equivalents" and "investments." In addition, investments are separately held by several of the Village's funds. The Village's investment policy and state statutes allow the Village to invest in the following: a)Interest-bearing accounts of banks and savings and loan associations insured by the Federal Deposit Insurance Corporation. b)Obligations of the U.S. Treasury and U.S. agencies. - Insured accounts of an Illinois credit union chartered under United States or Illinois law. c)Money market mutual funds with portfolios of securities issued or guaranteed by the United States or agreements to repurchase these same types of obligations. d)Repurchase agreements which meet instrument transaction requirements of Illinois law. e)Short-term obligations of U.S. corporations rated in the three highest classifications by at least two standard rating agencies. f)The Illinois Funds. g)Illinois Metropolitan Investment Fund. 44 VILLAGE OF GLENVIEW NOTES TO FINANCIAL STATEMENTS As of and for the Year Ended December 31, 2019 NOTE I - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont.) D.ASSETS, DEFERRED OUTFLOWS OF RESOURCES, LIABILITIES, DEFERRED INFLOWS OF RESOURCES, AND NET POSITION OR EQUITY (cont.) 1.Deposits and Investments (cont.) The Village's investment policy limits the Village from investing in any financial institution in which the Village's funds on deposit are in excess of 75% of the institution's capital stock and surplus. The deposits and investments of the Police Pension Fund and the Firefighters' Pension Fund are held separately from each other and from those of other Village funds. In addition to the aforementioned investments, these pension funds are also permitted to invest in the following instruments: a)Bonds issued by any county, city, township, village, incorporated town, municipal corporation, or school district in Illinois. b)Direct obligations of the State of Israel. c)Separate accounts of Illinois-licensed insurance companies. d)Common and preferred stock. The Police Pension Fund’s investment policy establishes the following target allocation across asset classes: Asset Class Target Allocation Long-Term Expected Real Rate of Return Cash 1.20%1.20% US Large Cap 31.20%6.90% US Mid Cap 4.10%7.80% US Small Cap 5.90%7.30% International Equities 14.50%6.90% Emerging and Frontier Markets Equity 1.30%9.30% Alternatives 5.80%4.40% 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. 45 VILLAGE OF GLENVIEW NOTES TO FINANCIAL STATEMENTS As of and for the Year Ended December 31, 2019 NOTE I - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont.) D.ASSETS, DEFERRED OUTFLOWS OF RESOURCES, LIABILITIES, DEFERRED INFLOWS OF RESOURCES, AND NET POSITION OR EQUITY (cont.) 1.Deposits and Investments (cont.) The Firefighters' Pension Fund’s investment policy, in accordance with Illinois Statutes, establishes the following target allocation across asset classes: Asset Class Target Allocation Long-Term Expected Rate of Return Long-Term Inflation Expectation Long-Term Expected Real Rate of Return Large Cap Domestic Equity 42.00%9.50%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% 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. 46 VILLAGE OF GLENVIEW NOTES TO FINANCIAL STATEMENTS As of and for the Year Ended December 31, 2019 NOTE I - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont.) D.ASSETS, DEFERRED OUTFLOWS OF RESOURCES, LIABILITIES, DEFERRED INFLOWS OF RESOURCES, AND NET POSITION OR EQUITY (cont.) 1.Deposits and Investments (cont.) Credit Risk The Village limits its exposure to credit risk, by investing mainly in external investment pools. The Police Pension Fund's and Firefighters' Pension Fund's general investment policies follow the prudent person rule subject to the specific restrictions of the Illinois Pension Code and the Police Pension Fund's and Firefighters' Pension Fund's asset allocation policy. Under the prudent person rule, investments shall be made with the care, skill, prudence and diligence under the circumstances then prevailing that a prudent person acting in like capacity and familiar with such matters would use in the investment of a fund or like character and with like aims. Concentration of Credit Risk It is the policy of the Village to diversify its investment portfolio. Investments shall be diversified to eliminate the risk of loss resulting in an overconcentration in a security, maturity, issuer, or class of securities. The Police Pension Fund's and Firefighters' Pension Fund's investment policies require diversification of investment to avoid unreasonable risk. Custodial Credit Risk - Deposits The Village’s investment policy requires that deposits that exceed the amount insured by the FDIC insurance protection be secured by some form of collateral at the rate of 110% of such deposits by U.S. Government Securities, obligations of Federal instrumentalities, obligations of the State of Illinois, or general obligation municipal bonds rated “AA” or better. Custodial Credit Risk - Investments To limit its exposure, the Village's investment policy requires all investments to be limited to the safest types of securities invested with pre-qualified institutions, broker/dealers, intermediaries, and advisors, soundly diversified and held by a third-party custodian. The Police Pension Fund’s investment policy requires all securities that are exposed to custodial credit risk to be held by a third-party custodian. The Firefighters’ Pension Fund’s investment policy requires all investments to be limited to the safest types of securities invested with pre-qualified institutions, broker/dealers, intermediaries, and advisors, soundly diversified and held by a third-party custodian. 47 VILLAGE OF GLENVIEW NOTES TO FINANCIAL STATEMENTS As of and for the Year Ended December 31, 2019 NOTE I - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont.) D.ASSETS, DEFERRED OUTFLOWS OF RESOURCES, LIABILITIES, DEFERRED INFLOWS OF RESOURCES, AND NET POSITION OR EQUITY (cont.) 1.Deposits and Investments (cont.) Investments are stated at fair value, which is the amount at which an investment could be exchanged in a current transaction between willing parties. Fair values are based on methods and inputs as outlined in Note III. A. Short-term investments are reported at amortized cost, which approximates fair value. Securities traded on a national or international exchange are valued at the last reported sales price at current exchange rates. Fair value for the majority of fixed income securities is determined by using quoted market prices by independent pricing services. Illinois Funds is an investment pool managed by the State of Illinois, Office of the Treasurer, which allows governments within the State to pool their funds for investment purposes. Illinois Funds is not registered with the SEC as an investment company, but does operate in a manner consistent with Rule 2a7 of the Investment Company Act of 1940. Investments in Illinois Funds are valued at Illinois Fund’s share price, the price for which the investments could be sold. See Note III. A. for further information. 2.Receivables Property taxes for levy year 2019 attaches as an enforceable lien on January 1, 2019, 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 2019 tax levy, which attached as an enforceable lien on the property as of January 1, 2019, has been recorded as a receivable as of December 31, 2019, as the tax was levied by the Village on November 21. 2019, and therefore, the levy is measurable at December 31, 2019. Tax bills for levy year 2019 are prepared by Cook County and issued on or about February 1, 2020 and July 1, 2020, and are payable in two installments, on or about March 1, 2020 and August 1, 2020 or within 30 days of the tax bills being issued. The county collects such taxes and remits them periodically. The 2019 property tax levy is recognized as a receivable and deferred inflows in fiscal 2019, net the allowance for uncollectible. As the taxes become available to finance current expenditures, they are recognized as revenues. At December 31, 2019, the property taxes receivable and related deferred inflows consisted of the estimated amount collectible from the 2019 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. 48 VILLAGE OF GLENVIEW NOTES TO FINANCIAL STATEMENTS As of and for the Year Ended December 31, 2019 NOTE I - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont.) D.ASSETS, DEFERRED OUTFLOWS OF RESOURCES, LIABILITIES, DEFERRED INFLOWS OF RESOURCES, AND NET POSITION OR EQUITY (cont.) 2.Receivables (cont.) In the governmental fund financial statements, advances to other funds are offset equally by a nonspendable fund balance account which indicates that they do not constitute expendable available financial resources and, therefore, are not available for appropriation or by a restricted fund balance account, if the funds will ultimately be restricted when the advance is repaid. 3.Inventories and Prepaid Items Governmental fund inventories, if material, are recorded at cost based on the FIFO method using the consumption method of accounting. Proprietary fund inventories are generally used for construction and/or for operation and maintenance work. They are not for resale. They are valued at cost based on average cost, and charged to construction and/or operation and maintenance expense when used. Certain payments to vendors reflect costs applicable to future accounting periods and are recorded as prepaid items in both government-wide and fund financial statements using the consumption method. 4.Capital Assets Government-Wide Statements Capital assets, which include property, buildings, vehicles, equipment, and infrastructure assets (e.g. roads, bridges, and similar items). Capital assets are defined by the government as assets with an initial cost of more than $25,000, and an estimated useful life in excess of 1 year. Additionally, the Library reports its collection of books and materials as a capital asset. All capital assets are valued at historical cost, or estimated historical cost if actual amounts are unavailable. Donated capital assets and service concession arrangements 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. 49 VILLAGE OF GLENVIEW NOTES TO FINANCIAL STATEMENTS As of and for the Year Ended December 31, 2019 NOTE I - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont.) D.ASSETS, DEFERRED OUTFLOWS OF RESOURCES, LIABILITIES, DEFERRED INFLOWS OF RESOURCES, AND NET POSITION OR EQUITY (cont.) 4.Capital Assets (cont.) Government-Wide Statements (cont.) Depreciation and amortization of all exhaustible capital assets is recorded as an allocated expense in the statement of activities, with accumulated depreciation and amortization reflected in the statement of net position. Depreciation and amortization is provided over the assets' estimated useful lives using the straight-line method. The range of estimated useful lives by type of asset is as follows: Land improvements 25 -50 Years Bridges 50 Years Buildings and improvements 10 - 50 Years Infrastructure*25 - 60 Years Stormsewer system 40 Years Water mains 50 Years Sanitary mains 50 Years Machinery and equipment, and vehicles 4 - 30 Years Library books and materials 7 Years * Infrastructure includes roads, curbs, gutters, recreational paths, street lights, field lights, and traffic control signals. Fund Financial Statements In the fund financial statements, capital assets used in governmental fund operations are accounted for as capital outlay expenditures of the governmental fund upon acquisition. Capital assets used in proprietary fund operations are accounted for the same way as in the government-wide statements. 5. Deferred Outflows of Resources A deferred outflow of resources represents a consumption of net position/fund balance that applies to a future period and will not be recognized as an outflow of resources (expense/expenditure) until that future time. A deferred charge on refunding arises from the advance refunding of debt. The difference between the cost of the securities placed in trust for future payments of the refunded debt and the net carrying value of that debt is deferred and amortized as a component of interest expense over the shorter of the term of the refunding issue or the original term of the refunded debt. The unamortized amount is reported as a deferred outflow of resources in the government-wide and proprietary fund financial statements. 50 VILLAGE OF GLENVIEW NOTES TO FINANCIAL STATEMENTS As of and for the Year Ended December 31, 2019 NOTE I - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont.) D.ASSETS, DEFERRED OUTFLOWS OF RESOURCES, LIABILITIES, DEFERRED INFLOWS OF RESOURCES, AND NET POSITION OR EQUITY (cont.) 6.Compensated Absences Compensated absences include accumulated vacation and compensatory time as employees are not paid for sick time in the event of termination. Employees are required to use one-half of the vacation days they earn each year or they lose it and the remaining days can be used, saved, or carried over into the next year in the employee's vacation "bank". Employees may not accumulate more than 30 days' worth of unused vacation time in their vacation "bank". Employees are allowed to accumulate compensatory time to a maximum amount at year end 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. 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. 51 VILLAGE OF GLENVIEW NOTES TO FINANCIAL STATEMENTS As of and for the Year Ended December 31, 2019 NOTE I - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont.) D.ASSETS, DEFERRED OUTFLOWS OF RESOURCES, LIABILITIES, DEFERRED INFLOWS OF RESOURCES, AND NET POSITION OR EQUITY (cont.) 9. Equity Classifications Government-Wide Statements Equity is classified as net position and displayed in three components: a. Net investment in capital assets - Consists of capital assets including restricted capital assets, net of accumulated depreciation and reduced by the outstanding balances (excluding unspent debt proceeds) of any bonds, mortgages, notes, or other borrowings that are attributable to the acquisition, construction, or improvement of those assets. b. Restricted net position - Consists of net position with constraints placed on their use either by 1) external groups such as creditors, grantors, contributors, or laws or regulations of other governments or, 2) law through constitutional provisions or enabling legislation. c. Unrestricted net position - All other net positions that do not meet the definitions of "restricted" or "net investment in capital assets." The Village generally applies restricted resources first when an expense is incurred for purposes for which both restricted and unrestricted net resources are available. See additional information in the following section. Fund Statements Governmental fund balances are displayed as follows: a. Nonspendable - Includes fund balance amounts that cannot be spent either because they are not in spendable form or because legal or contractual requirements require them to be maintained intact. b. Restricted - Consists of fund balances with constraints placed on their use either by 1) external groups such as creditors, grantors, contributors, or laws or regulations of other governments or 2) law through constitutional provisions or enabling legislation. c. Committed - Includes fund balance amounts that are constrained for specific purposes that are internally imposed by the government through formal action of the highest level of decision making authority (the Board of Trustees). Fund balance amounts are committed through a formal action (resolution) of the Village Board. This formal action must occur prior to the end of the reporting period, but the amount of the commitment, which will be subject to the constraints, may be determined in the subsequent period. Any changes to the constraints imposed require the same formal action of the Village Board that originally created the commitment. 52 VILLAGE OF GLENVIEW NOTES TO FINANCIAL STATEMENTS As of and for the Year Ended December 31, 2019 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 Fund Statements (cont.) d. Assigned - Includes spendable fund balance amounts that are intended to be used for specific purposes that do not meet the criteria to be classified as restricted or committed. The Village Board has, by resolution, adopted a financial policy authorizing the Village Manager to assign amounts for a specific purpose. In governmental funds other than the General Fund, resources are assigned in accordance with the established fund purpose and approved budget or appropriation. Residual fund balances in these fund types that are not restricted or committed are reported as assigned. Assignments may take place after the end of the reporting period. e. Unassigned - Includes residual positive fund balance within the General Fund which has not been classified within the other above mentioned categories. Unassigned fund balance may also include negative balances for any governmental fund if expenditures exceed amounts restricted, committed, or assigned for those purposes. Proprietary fund equity is classified the same as in the government-wide statements. In the General Fund, the Village considers restricted amounts to have been spent first when expenditure is incurred for purposes for which both restricted and unrestricted fund balance is available, followed by committed amounts, and then assigned amounts. Unassigned amounts are used only after the other categories of fund balance have been fully utilized. In governmental funds other than the General Fund, the Village considers restricted amounts to have been spent last. 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. Fiduciary fund net position is classified as restricted for pension benefits and members on the statement of fiduciary net position. 53 VILLAGE OF GLENVIEW NOTES TO FINANCIAL STATEMENTS As of and for the Year Ended December 31, 2019 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 $29,840,264 $30,834,480 $994,216 Motor Fuel Tax 2,045,428 2,095,500 50,072 Foreign Fire Insurance 110,000 171,335 61,335 B.DEFICIT BALANCES Generally accepted accounting principles require disclosure of individual funds that have deficit balances at year end. As of December 31, 2019, the following individual funds held a deficit balance: Fund Amount Reason Special Service Area (SSA) Bond $142,694 This deficit balance was anticipated as future property taxes will be levied to fund past construction projects relating to special assessments. 54 VILLAGE OF GLENVIEW NOTES TO FINANCIAL STATEMENTS As of and for the Year Ended December 31, 2019 NOTE III - DETAILED NOTES ON ALL FUNDS A.DEPOSITS AND INVESTMENTS The Village's, Police Pension Fund's, Firefighters' Pension Fund's and Custodial Funds' deposits and investments at year end were comprised of the following: Carrying Value Statement Balances Deposits $98,426,512 $101,567,187 Certificates of deposits - negotiable 6,916,938 6,916,938 The Illinois Funds 11,098,462 11,098,462 U.S. treasuries 14,877,996 14,877,996 U.S. agencies 32,177,614 32,177,614 Municipal obligations 4,903,025 4,903,025 Corporate obligations 16,978,110 16,978,110 Mutual funds 109,882,170 109,882,170 Total Deposits and Investments $295,260,827 $298,401,502 Reconciliation to financial statements Per statement of net position Cash and cash equivalents $49,057,465 Investments 66,108,602 Per statement of net position - fiduciary funds Cash and cash equivalents - Pension Trusts 3,697,993 Cash and cash equivalents - Custodial Funds 1,572,116 U.S. treasuries 11,882,834 U.S. agencies 31,178,512 Mutual funds 109,882,170 Corporate obligations 16,978,110 Municipal obligations 4,903,025 Total Deposits and Investments $295,260,827 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. 55 VILLAGE OF GLENVIEW NOTES TO FINANCIAL STATEMENTS As of and for the Year Ended December 31, 2019 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, 2019, investments were measured using valuation inputs as follows: Village December 31, 2019 Investment Type Level 1 Level 2 Level 3 Total Certificates of deposits - negotiable $-$6,916,938 $-$6,916,938 U.S. treasuries 2,995,162 --2,995,162 U.S. agencies -999,102 -999,102 Total $2,995,162 $7,916,040 $-$10,911,202 Police Pension Fund December 31, 2019 Investment Type Level 1 Level 2 Level 3 Total U.S. treasuries $8,191,014 $-$-$8,191,014 U.S. agencies -7,279,637 -7,279,637 Municipal obligations -728,644 -728,644 Corporate obligations -13,348,114 -13,348,114 Mutual funds 52,367,193 --52,367,193 Total $60,558,207 $21,356,395 $-$81,914,602 Firefighters' Pension Fund December 31, 2019 Investment Type Level 1 Level 2 Level 3 Total U.S. treasuries $3,691,820 $-$-$3,691,820 U.S. agencies -23,898,875 -23,898,875 Municipal obligations -4,174,381 -4,174,381 Corporate obligations -3,629,996 -3,629,996 Mutual funds 57,514,977 --57,514,977 Total $61,206,797 $31,703,252 $-$92,910,049 56 VILLAGE OF GLENVIEW NOTES TO FINANCIAL STATEMENTS As of and for the Year Ended December 31, 2019 NOTE III - DETAILED NOTES ON ALL FUNDS (cont.) A.DEPOSITS AND INVESTMENTS (cont.) 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, 2019, the Village's, Police Pension Fund, Firefighters' Pension Fund and Custodial Fund investments were rated as follows: Standard & Poor's Investment Type Fair Value AAA AA A BBB Not Rated Certificates of deposits - negotiable $6,916,938 $-$-$-$-$6,916,938 The Illinois Funds 11,098,462 11,098,462 ---- U.S. agencies 32,177,614 -30,117,229 --2,060,385 Municipal obligations 4,903,025 282,962 3,065,525 110,688 -1,443,850 Corporate obligations 16,978,110 464,654 1,745,618 9,078,902 5,569,307 119,629 Totals $72,074,149 $11,846,078 $34,928,372 $9,189,590 $5,569,307 $10,540,802 Moody's Investors Services Investment Type Fair Value Aaa Aa A Baa Not Rated Certificates of deposits - negotiable $6,916,938 $-$-$-$-$6,916,938 The Illinois Funds 11,098,462 ----11,098,462 U.S. agencies 32,177,614 30,239,245 ---1,938,369 Municipal obligations 4,903,025 26,454 1,719,472 371,708 -2,785,391 Corporate obligations 16,978,110 570,273 1,554,611 8,972,707 5,628,041 252,478 Totals $72,074,149 $30,835,972 $3,274,083 $9,344,415 $5,628,041 $22,991,638 57 VILLAGE OF GLENVIEW NOTES TO FINANCIAL STATEMENTS As of and for the Year Ended December 31, 2019 NOTE III - DETAILED NOTES ON ALL FUNDS (cont.) A.DEPOSITS AND INVESTMENTS (cont.) 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 $7,450,060 Federal Farm Credit Bank 15,782,003 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, 2019, investments were as follows: Village Maturity (In Years) Investment Type Fair Value Less than 1 1-5 Certificates of deposits - negotiable $6,916,938 $5,436,865 $1,480,073 U.S. treasuries 2,995,162 2,995,162 - U.S. agencies 999,102 999,102 - Totals $10,911,202 $9,431,129 $1,480,073 Police Pension Fund Maturity (In Years) Investment Type Fair Value Less than 1 1-5 6-10 Greater than 10 U.S. treasuries $8,191,014 $1,433,481 $4,074,094 $2,683,439 $- U.S. agencies 7,279,637 1,122,704 4,003,745 998,336 1,154,852 Municipal obligations 728,644 236,677 286,541 156,428 48,998 Corporate obligations 13,348,114 1,051,850 6,813,308 5,482,956 - Totals $29,547,409 $3,844,712 $15,177,688 $9,321,159 $1,203,850 58 VILLAGE OF GLENVIEW NOTES TO FINANCIAL STATEMENTS As of and for the Year Ended December 31, 2019 NOTE III - DETAILED NOTES ON ALL FUNDS (cont.) A.DEPOSITS AND INVESTMENTS (cont.) Interest Rate Risk (cont.) Firefighters' Pension Fund Maturity (In Years) Investment Type Fair Value Less than 1 1-5 6-10 Greater than 10 U.S. treasuries $3,691,820 $1,004,750 $2,687,070 $-$- U.S. agencies 23,898,875 399,745 4,123,353 19,108,230 267,547 Municipal obligations 4,174,381 200,162 2,370,824 1,287,800 315,595 Corporate obligations 3,629,996 -350,901 3,279,095 - Totals $35,395,072 $1,604,657 $9,532,148 $23,675,125 $583,142 Money-Weighted Rate of Return Police Pension Fund For the year ended December 31, 2019, the annual money-weighted rate of return on the Police Pension plan investments, net of pension plan investment expense, was 17.83%. 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, 2019, the annual money-weighted rate of return on the Firefighters' Pension plan investments, net of pension plan investment expense, was 19.41%. 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. 59 VILLAGE OF GLENVIEW NOTES TO FINANCIAL STATEMENTS As of and for the Year Ended December 31, 2019 NOTE III - DETAILED NOTES ON ALL FUNDS (cont.) B.RECEIVABLES The following receivables are included in Receivables - Taxes on the Governmental Funds Balance Sheet: General Fund Taxes Receivable Property $12,188,283 Sales 7,138,296 Utility 788,249 Income 427,735 Use 483,993 Franchise 202,605 Hotel 73,602 Amusement 22,492 Gross receivables 21,325,255 Less: Allowance for uncollectibles (403,436) Net Total Receivables $20,921,819 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. 60 VILLAGE OF GLENVIEW NOTES TO FINANCIAL STATEMENTS As of and for the Year Ended December 31, 2019 NOTE III - DETAILED NOTES ON ALL FUNDS (cont.) C.CAPITAL ASSETS Capital asset activity for the year ended December 31, 2019, 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 76,985,911 -627,264 76,358,647 Capital assets being depreciated Buildings and improvements 96,028,932 1,298,915 -97,327,847 Machinery and equipment 20,287,056 292,597 54,663 20,524,990 Infrastructure 163,890,157 6,986,765 566,044 170,310,878 Total Capital Assets Being Depreciated 280,206,145 8,578,277 620,707 288,163,715 Total Capital Assets 357,192,056 8,578,277 1,247,971 364,522,362 Less: Accumulated depreciation for Buildings and improvements (27,331,937)(2,164,100)-(29,496,037) Machinery and equipment (13,095,382)(1,497,408)(54,663)(14,538,127) Infrastructure (77,566,302)(3,958,462)(566,044)(80,958,720) Total Accumulated depreciation (117,993,621)(7,619,970)(620,707)(124,992,884) Net Capital Assets Being Depreciated 162,212,524 958,307 -163,170,831 Total Governmental Activities Capital Assets, Net $239,198,435 $958,307 $627,264 $239,529,478 Depreciation expense was charged to functions as follows: Governmental Activities General government $4,444,681 Public safety 1,533,345 Public works 1,208,673 Development 433,271 Total Governmental Activities Depreciation Expense $7,619,970 61 VILLAGE OF GLENVIEW NOTES TO FINANCIAL STATEMENTS As of and for the Year Ended December 31, 2019 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 76,800 -3,048,261 Water system 61,766,372 2,964,345 198,268 64,532,449 Sanitary sewer system 25,905,338 697,878 18,301 26,584,915 Equipment and vehicles 4,950,482 80,010 -5,030,492 Total Capital Assets Being depreciated 95,593,653 3,819,033 216,569 99,196,117 Total Capital Assets 96,161,504 3,819,033 216,569 99,763,968 Less: Accumulated depreciation for Buildings and improvements (1,218,943)(88,438)-(1,307,381) Water system (22,010,102)(1,301,336)(198,268)(23,113,170) Sanitary sewer system (7,422,545)(517,511)(18,301)(7,921,755) Equipment and vehicles (4,267,366)(188,859)-(4,456,225) Total Accumulated depreciation (34,918,956)(2,096,144)(216,569)(36,798,531) Net Capital Assets Being depreciated 60,674,697 1,722,889 -62,397,586 Total Business-type Capital Assets, Net $61,242,548 $1,722,889 $-$62,965,437 Business-type Activities Depreciation expense was charged to functions as follows: Business-type Activities Glenview Water Fund $1,430,838 Glenview Sanitary Sewer Fund 517,511 Wholesale Water Fund 62,816 Commuter Parking Fund 84,979 Total Business-type Activities Depreciation Expense $2,096,144 62 VILLAGE OF GLENVIEW NOTES TO FINANCIAL STATEMENTS As of and for the Year Ended December 31, 2019 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 Special Tax Allocation $1,387 General Nonmajor Governmental 11,018 General Internal Service 8,281 Special Tax Allocation General 22 Glenview Water General 33 Glenview Sanitary Sewer General 7 Glenview Sanitary Sewer Water 44 Nonmajor Enterprise General 5 Total - Fund Financial Statements 20,797 Less: Government-wide eliminations (20,842) Total Internal Balances - Government-Wide Statement of Net Position $(45) 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 $16,049,864 $16,049,864 Total - Fund Financial Statements 16,049,864 Less: Fund eliminations (16,049,864) Total - Interfund Advances - Government-Wide Statement of Net Position $- 63 VILLAGE OF GLENVIEW NOTES TO FINANCIAL STATEMENTS As of and for the Year Ended December 31, 2019 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 $14,257 Transfer of property tax revenue to the appropriate fund General Nonmajor Enterprise 325,000 Transfer to recover overhead costs associated with running the Wholesale Water Fund General Internal Service 250,000 Transfer to fund a portion of the cost of operations in the General Fund Nonmajor Governmental General 2,232,228 Transfer to move property tax revenue to the appropriate fund and to pay debt. Nonmajor Governmental Special Tax Allocation 86,196 Transfer to fund infrastructure projects in the Glen Town Center Capital Projects General 10,750,000 Transfer to support the Capital Improvements Program Capital Projects Nonmajor Enterprise 556,334 Transfer of return on investment that is used to improve public roadways as well as for Metra train station capital improvements Glenview Water Glenview Sanitary Sewer 65,634 Transfer to fund a portion of the AMI debt payment Total - Fund Financial Statements 14,279,649 Less: Fund eliminations (13,398,315) Total Transfers - Government-Wide Statement of Activities $881,334 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. 64 VILLAGE OF GLENVIEW NOTES TO FINANCIAL STATEMENTS As of and for the Year Ended December 31, 2019 NOTE III - DETAILED NOTES ON ALL FUNDS (cont.) E.LONG-TERM OBLIGATIONS Long-term obligations activity for the year ended December 31, 2019, was as follows: Beginning Balance Increases Decreases Ending Balance Amounts Due Within One Year Governmental Activities Bonds and Loans Payable General obligation debt $35,605,000 $-$8,125,000 $27,480,000 $8,390,000 Loans payable 1,610,569 -1,330,309 280,260 24,370 (Discounts)/Premiums Bond discount (6,294)-(1,049)(5,245)- Bond premium 2,047,263 -468,869 1,578,394 - Other Liabilities Compensated absences 1,462,411 1,155,875 1,096,808 1,521,478 304,296 Total OPEB liability 10,465,159 2,438,076 577,496 12,325,739 - Net pension liability 89,616,620 26,945,481 28,774,760 87,787,341 - Claims payable 1,407,436 616,666 526,597 1,497,505 599,002 Total Governmental Activities Long-Term Liabilities $142,208,164 $31,156,098 $40,898,790 $132,465,472 $9,317,668 Business-type Activities Notes Payable Notes Payable $6,079,040 $-$656,341 $5,422,699 $843,866 Other Liabilities Compensated absences 149,333 121,326 112,000 158,659 31,732 Total OPEB liability 276,730 5,303 12,623 269,410 - Net pension liability 279,153 2,978,253 826,092 2,431,314 - Total Business-type Activities Long-Term Liabilities $6,784,256 $3,104,882 $1,607,056 $8,282,082 $875,598 65 VILLAGE OF GLENVIEW NOTES TO FINANCIAL STATEMENTS As of and for the Year Ended December 31, 2019 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, 2019 $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%$12,240,000 $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%8,060,000 $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%4,580,000 $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%2,600,000 Total Governmental Activities - General Obligation Debt $27,480,000 66 VILLAGE OF GLENVIEW NOTES TO FINANCIAL STATEMENTS As of and for the Year Ended December 31, 2019 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 2020 $8,390,000 $980,473 2021 8,660,000 715,882 2022 2,545,000 378,582 2023 2,655,000 284,532 2024 2,045,000 184,582 2025-2029 1,635,000 505,058 2030-2033 1,550,000 158,000 Totals $27,480,000 $3,207,109 Loans and Notes Payable Loans and Notes Payable at December 31, 2019 consist of the following: Governmental Activities Loans and Notes Payable Repayment Fund Date of Issue Final Maturity Interest Rates Balance December 31, 2019 $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 $280,260 Total Governmental Activities Loans and Notes Payable $280,260 Business-type Activities Loans and Notes Payable Repayment Fund Date of Issue Final Maturity Interest Rates Balance December 31, 2019 $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%$5,422,699 Total Business-type Activities Loans and Notes Payable $5,422,699 67 VILLAGE OF GLENVIEW NOTES TO FINANCIAL STATEMENTS As of and for the Year Ended December 31, 2019 NOTE III - DETAILED NOTES ON ALL FUNDS (cont.) E.LONG-TERM OBLIGATIONS (cont.) 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 2020 $24,370 $-$843,866 $108,455 2021 24,370 -1,031,392 91,577 2022 24,370 -1,125,155 70,949 2023 24,370 -890,748 48,445 2024 24,370 -1,012,639 30,630 2025-2029 121,850 -518,899 10,378 2030-2033 36,560 --- Totals $280,260 $-$5,422,699 $360,434 Other Debt Information The compensated absences liability, total OPEB liability, and net pension liability attributable to governmental activities will be liquidated primarily by the General Fund. Noncommitment Debt - Special Service Area Bonds The special services area bonds outstanding as of December 31, 2019 totaled $1,958,780. 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. 68 VILLAGE OF GLENVIEW NOTES TO FINANCIAL STATEMENTS As of and for the Year Ended December 31, 2019 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 $598,000 lease receivable as of fiscal year-end. Governmental Activities Years Principal Interest Total 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 $561,536 $36,464 $598,000 G. RESTATEMENT OF NET POSITION/FUND BALANCE Governmental activities net position as well as General Fund fund balance have been restated due to the implementation of GASB No. 84. Additionally, the Special Service Area (SSA) Bond Fund and Joint ETSB Fund previously reported as agency funds are to be reported as custodial funds in accordance with GASB No. 84 criteria. Governmental Activities Custodial Funds Net position as of December 31, 2018 (as reported)$197,830,296 $- Add the Escrow Deposit Fund activity, previously reported as an agency fund 45,204 - Custodial funds under GASB 84, previously reported as agency funds -(172,599) Net position as of December 31, 2018 (as restated)$197,875,500 $(172,599) General Fund Fund balance as of December 31, 2018 (as reported)$35,850,116 Add the Escrow Deposit Fund Activity, previously reported as an agency fund 45,204 Fund balance as of December 31, 2018 (as restated)$35,895,320 69 VILLAGE OF GLENVIEW NOTES TO FINANCIAL STATEMENTS As of and for the Year Ended December 31, 2019 NOTE III - DETAILED NOTES ON ALL FUNDS (cont.) 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 $7,374,509 $7,379,646 The Illinois Funds 4,675 4,675 Total Deposits and Investments $7,379,184 $7,384,321 Reconciliation to financial statements Per statement of net position Cash and cash equivalents $5,379,184 Investments 2,000,000 Total Deposits and Investments $7,379,184 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. 70 VILLAGE OF GLENVIEW NOTES TO FINANCIAL STATEMENTS As of and for the Year Ended December 31, 2019 NOTE III - DETAILED NOTES ON ALL FUNDS (cont.) H.COMPONENT UNIT (cont.) GLENVIEW LIBRARY (cont.) b. Deposits and Investments (cont.) Credit Risk Credit risk is the risk that an issuer or other counterparty to an investment will not fulfill its obligations. The Library had investments in the Illinois Funds which was rated AAA by Standard & Poor's and not rated by Moody's Investors Services. See Note I.D.1. for further information on deposit and investment policies. 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 25,488 -27,247,032 Equipment and vehicles 128,107 --128,107 Library books and materials 6,817,362 671,171 1,459,638 6,028,895 Total Capital Assets Being Depreciated 34,167,013 696,659 1,459,638 33,404,034 Total Capital Assets 39,594,000 696,659 1,459,638 38,831,021 Less: Accumulated depreciation for Buildings and improvements (4,873,898)(572,580)-(5,446,478) Equipment and vehicles (119,830)(2,070)-(121,900) Library books and materials (4,739,975)(691,350)(1,459,638)(3,971,687) Total Accumulated Depreciation (9,733,703)(1,266,000)(1,459,638)(9,540,065) Net Capital Assets Being Depreciated 24,433,310 (569,341)-23,863,969 Total Component Unit Capital Assets, Net $29,860,297 $(569,341)$-$29,290,956 71 VILLAGE OF GLENVIEW NOTES TO FINANCIAL STATEMENTS As of and for the Year Ended December 31, 2019 NOTE III - DETAILED NOTES ON ALL FUNDS (cont.) H.COMPONENT UNIT (cont.) GLENVIEW LIBRARY (cont.) d. Interfund Transfers The following is a schedule of interfund transfers: Fund Transferred To Fund Transferred From Amount Principal Purpose Library General Friends of the Library $125,000 Transfer to fund capital improvement costs Library General Gift 25,828 Transfer to fund capital improvement costs Library Special Reserve Library General 217,224 Transfer to fund certain capital costs Total - Fund Financial Statements $368,052 e. Long-Term Obligations Beginning Balance Increases Decreases Ending Balance Amounts Due Within One Year Bonds Payable General obligation debt $15,326,600 $-$1,083,500 $14,243,100 $1,132,750 (Discounts)/Premiums Bond premium 2,119,028 -192,639 1,926,389 - Other Liabilities Compensated absences 255,339 172,901 191,504 236,736 47,347 Total OPEB liability 203,228 45,670 11,140 237,758 - Net pension liability 488,849 4,024,060 687,656 3,825,253 - Total Component Units Long-Term Liabilities $18,393,044 $4,242,631 $2,166,439 $20,469,236 $1,180,097 72 VILLAGE OF GLENVIEW NOTES TO FINANCIAL STATEMENTS As of and for the Year Ended December 31, 2019 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, 2019 $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%$14,243,100 Total Component Unit - General Obligation Debt $14,243,100 Debt service requirements to maturity are as follows: Principal Interest Totals 2020 $1,132,750 $628,282 $1,761,032 2021 1,191,850 571,644 1,763,494 2022 1,250,950 512,052 1,763,002 2023 1,314,975 449,504 1,764,479 2024 1,383,925 383,756 1,767,681 2025-2029 7,968,650 875,812 8,844,462 Totals $14,243,100 $3,421,050 $17,664,150 The compensated absences liability, total OPEB liability, and net pension liability will be liquidated primarily by the Library General Fund. 73 VILLAGE OF GLENVIEW NOTES TO FINANCIAL STATEMENTS As of and for the Year Ended December 31, 2019 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, 2018, the aggregate amount of pension expense recognized for the three pension plans was as follows: Plan Amount IMRF $1,234,263 Police Pension 4,696,917 Firefighters' Pension 7,463,667 Total $13,394,847 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. 74 VILLAGE OF GLENVIEW NOTES TO FINANCIAL STATEMENTS As of and for the Year Ended December 31, 2019 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, 2018, the measurement date, membership in the plan was as follows: Retirees and beneficiaries 261 Inactive, non-retired members 173 Active members 203 Total 637 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 2018 was 12.26% 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, 2018, 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, 2018 using the following actuarial methods and assumptions: Actuarial cost method Entry Age Normal Asset valuation method Market Value Actuarial assumptions Investment Rate of Return 7.25% Salary increases 3.39% to 14.25%, including inflation Price inflation 2.50% 75 VILLAGE OF GLENVIEW NOTES TO FINANCIAL STATEMENTS As of and for the Year Ended December 31, 2019 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%8.50%7.15% International equities 18.00%9.20%7.25% Fixed income 28.00%3.75%3.75% Real estate 9.00%7.30%6.25% Alternatives 7.00% Private equity 12.40%8.50% Hedge funds 5.75%5.50% Commodities 4.75%3.20% Cash equivalents 1.00%2.50%2.50% Discount rate.The discount rate used to measure the total pension liability for IMRF was 7.25%. The discount rate calculated using the December 31, 2017 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. 76 VILLAGE OF GLENVIEW NOTES TO FINANCIAL STATEMENTS As of and for the Year Ended December 31, 2019 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 7.25% 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 (6.25%) or 1 percentage point higher (8.25%) than the current rate: 1% Decrease Current Discount Rate 1% Increase Village: Total pension liability $103,312,066 $91,545,750 $81,869,905 Plan fiduciary net pension 77,665,407 77,665,407 77,665,407 Net pension liability/(asset)$25,646,659 $13,880,343 $4,204,498 Glenview Library: Total pension liability $28,471,544 $25,228,891 $22,562,346 Plan fiduciary net pension 21,403,638 21,403,638 21,403,638 Net pension liability/(asset)$7,067,906 $3,825,253 $1,158,708 Total: Total pension liability $131,783,610 $116,774,641 $104,432,251 Plan fiduciary net pension 99,069,045 99,069,045 99,069,045 Net pension liability/(asset)$32,714,565 $17,705,596 $5,363,206 Changes in net pension liability/(asset). The changes in net pension liability/(asset)for the calendar year ended December 31, 2018 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, 2017 $84,833,124 $83,010,517 $1,822,607 Service cost 1,236,773 -1,236,773 Interest on total pension liability 6,213,224 -6,213,224 Differences between expected and actual experience of the total pension liability 1,385,572 -1,385,572 Change of assumptions 2,593,209 -2,593,209 Benefit payments, including refunds of employee contributions (4,716,152)(4,716,152)- Contributions - employer -1,613,034 (1,613,034) Contributions - employee -575,274 (575,274) Net investment income -(4,546,579)4,546,579 Other (net transfer)-1,729,313 (1,729,313) Balances at December 31, 2018 $91,545,750 $77,665,407 $13,880,343 77 VILLAGE OF GLENVIEW NOTES TO FINANCIAL STATEMENTS As of and for the Year Ended December 31, 2019 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, 2017 $22,753,477 $22,264,628 $488,849 Service cost 340,839 -340,839 Interest on total pension liability 1,712,289 -1,712,289 Differences between expected and actual experience of the total pension liability 395,285 -395,285 Change of assumptions 714,657 -714,657 Benefit payments, including refunds of employee contributions (687,656)(687,656)- Contributions - employer -444,532 (444,532) Contributions - employee -158,539 (158,539) Net investment income -(1,252,982)1,252,982 Other (net transfer)-476,577 (476,577) Balances at December 31, 2018 $25,228,891 $21,403,638 $3,825,253 Total: Balances at December 31, 2017 $107,586,601 $105,275,145 $2,311,456 Service cost 1,577,612 -1,577,612 Interest on total pension liability 7,925,513 -7,925,513 Differences between expected and actual experience of the total pension liability 1,780,857 -1,780,857 Change of assumptions 3,307,866 -3,307,866 Benefit payments, including refunds of employee contributions (5,403,808)(5,403,808)- Contributions - employer -2,057,566 (2,057,566) Contributions - employee -733,813 (733,813) Net investment income -(5,799,561)5,799,561 Other (net transfer)-2,205,890 (2,205,890) Balances at December 31, 2018 $116,774,641 $99,069,045 $17,705,596 Plan fiduciary net position as a percentage of the total pension liability %84.84 The net pension liability as of December 31, 2019 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 $11,449,029 $2,030,229 $401,085 $2,431,314 $3,825,253 $17,705,596 78 VILLAGE OF GLENVIEW NOTES TO FINANCIAL STATEMENTS As of and for the Year Ended December 31, 2019 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, 2019, the Village and Glenview Library recognized pension expense of $1,234,263. 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 $1,010,048 $652,644 Assumption changes 1,875,728 1,281,631 Net difference between projected and actual earnings on pension plan investments 5,132,256 - Changes in component proportion between governmental, business and component unit 157,253 190,415 Contributions subsequent to the measurement date 1,258,387 - Total $9,433,672 $2,124,690 Glenview Library: Difference between expected and actual experience $278,357 $179,860 Assumption changes 516,928 353,202 Net difference between projected and actual earnings on pension plan investments 1,414,386 - Changes in component proportion between governmental, business and component unit 33,162 - Contributions subsequent to the measurement date 346,796 - Total $2,589,629 $533,062 Total: Difference between expected and actual experience $1,288,405 $832,504 Assumption changes 2,392,656 1,634,833 Net difference between projected and actual earnings on pension plan investments 6,546,642 - Changes in component proportion between governmental, business and component unit 190,415 190,415 Contributions subsequent to the measurement date 1,605,183 - Total $12,023,301 $2,657,752 79 VILLAGE OF GLENVIEW NOTES TO FINANCIAL STATEMENTS As of and for the Year Ended December 31, 2019 NOTE IV - OTHER INFORMATION (cont.) A.EMPLOYEES' RETIREMENT SYSTEM (cont.) The deferred inflows of resources and deferred outflows of resources as of December 31, 2019 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 $7,679,996 $1,482,729 $270,947 $1,753,676 $2,589,629 $12,023,301 Deferred Inflows of Resources 1,751,466 311,578 61,646 373,224 533,062 2,657,752 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 ($7,760,366) will be recognized in pension expense as follows: Year Ending December 31,Village Component Unit - Glenview Library Total 2020 $1,575,329 $476,442 $2,051,771 2021 1,036,079 285,531 1,321,610 2022 1,294,300 356,693 1,650,993 2023 2,144,887 591,105 2,735,992 Total $6,050,595 $1,709,771 $7,760,366 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. 80 VILLAGE OF GLENVIEW NOTES TO FINANCIAL STATEMENTS As of and for the Year Ended December 31, 2019 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, 2019, the Police Pension membership consisted of: Retirees and beneficiaries 65 Inactive, non-retired members 6 Active members 67 Total 138 81 VILLAGE OF GLENVIEW NOTES TO FINANCIAL STATEMENTS As of and for the Year Ended December 31, 2019 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 $2,460,430 for the fiscal year ending December 31, 2019 was 35.61% of annual covered payroll. Net Pension Liability/(Asset). The net pension liability/(asset) was measured as of December 31, 2019, 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, 2019 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 2031 with Scale MP-2019. 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 2031 with Scale MP-2019. Mortality Rate Beneficiaries: PubS.H- 2010 Survivor mortality, projected to 2031 with Scale MP-2019. Mortality Rate Disabled Lives: PubS.H- 2010 Disabled mortality, projected to 2031 with Scale MP-2019. 82 VILLAGE OF GLENVIEW NOTES TO FINANCIAL STATEMENTS As of and for the Year Ended December 31, 2019 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 $131,101,741 $114,964,098 $101,731,407 Plan fiduciary net position 85,370,349 85,370,349 85,370,349 Net pension liability $45,731,392 $29,593,749 $16,361,058 83 VILLAGE OF GLENVIEW NOTES TO FINANCIAL STATEMENTS As of and for the Year Ended December 31, 2019 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, 2019 was as follows: Increase (Decrease) Total Pension Liability (a) Plan Fiduciary Net Position (b) Net Pension Liability/Asset (a) - (b) Balances at December 31, 2018 $110,354,597 $74,378,023 $35,976,574 Service cost 1,576,413 -1,576,413 Interest on total pension liability 7,384,510 -7,384,510 Changes in benefit terms 317,248 -317,248 Differences between expected and actual experience of the total pension liability 347,289 -347,289 Benefit payments, including refunds of employee contributions (5,015,959)(5,015,959)- Contributions - employer -2,460,430 (2,460,430) Contributions - employee -701,306 (701,306) Net investment income -12,903,405 (12,903,405) Administration -(56,856)56,856 Balances at December 31, 2019 $114,964,098 $85,370,349 $29,593,749 Plan fiduciary net position as a percentage of the total pension liability %74.26 Pension expense and deferred outflows of resources and deferred inflows of resources related to pensions.For the year ended December 31, 2019, the Village recognized pension expense of $4,696,917. 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 $646,671 $690,466 Assumption changes 2,215,362 - Net difference between projected and actual earnings on pension plan investments -2,287,385 Total $2,862,033 $2,977,851 84 VILLAGE OF GLENVIEW NOTES TO FINANCIAL STATEMENTS As of and for the Year Ended December 31, 2019 NOTE IV - OTHER INFORMATION (cont.) A.EMPLOYEES' RETIREMENT SYSTEM (cont.) Police Pension (cont.) The amounts reported as deferred outflows and inflows of resources related to pensions ($(115,818)) will be recognized in pension expense as follows: Year Ending December 31,Amount 2020 $77,988 2021 448,407 2022 572,304 2023 (1,272,399) 2024 57,882 Total $(115,818) 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. 85 VILLAGE OF GLENVIEW NOTES TO FINANCIAL STATEMENTS As of and for the Year Ended December 31, 2019 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, 2019, 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, 2019, 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 $4,036,671 for the fiscal year ending December 31, 2019 was 45.53% of annual covered payroll. Net pension liability/(asset). The net pension liability/(asset) was measured as of December 31, 2019, 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. 86 VILLAGE OF GLENVIEW NOTES TO FINANCIAL STATEMENTS As of and for the Year Ended December 31, 2019 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, 2019 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 2.25% Projected salary increases 3.75% - 7.25% Cost-of-living adjustments 3.00% Mortality Rates: Active mortality follows the Sex Distinct Raw Rates as developed in the PubS-2010(A) Study. Retiree and Disabled mortality follows the L&A assumption study for Firefighters 2020. These rates are experience weighted with Sex Distinct Raw Rates as developed in the PubS-2010(A) Study improved to 2017 using MP-2019 Improvement rates. Spouse mortality follows the Sex Distinct Raw Rates as developed in the PubS-2010(A) Study for contingent survivors. For all demographics, all rates are then improved fully generationaly using MP-2019 Improvement Rates. 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 $159,881,120 $140,215,219 $124,146,318 Plan fiduciary net position 93,470,656 93,470,656 93,470,656 Net pension liability $66,410,464 $46,744,563 $30,675,662 87 VILLAGE OF GLENVIEW NOTES TO FINANCIAL STATEMENTS As of and for the Year Ended December 31, 2019 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, 2019 was as follows: Increase (Decrease) Total Pension Liability (a) Plan Fiduciary Net Position (b) Net Pension Liability/Asset (a) - (b) Balances at December 31, 2018 $131,674,873 $79,578,281 $52,096,592 Service cost 2,172,435 -2,172,435 Interest on total pension liability 8,994,385 -8,994,385 Changes in benefit terms 801,181 -801,181 Differences between expected and actual experience of the total pension liability 1,445,323 -1,445,323 Change of assumptions 1,494,281 -1,494,281 Benefit payments, including refunds of employee contributions (6,367,259)(6,367,259)- Contributions - employer -4,036,671 (4,036,671) Contributions - employee -868,289 (868,289) Net investment income -15,426,067 (15,426,067) Administration -(71,393)71,393 Balances at December 31, 2019 $140,215,219 $93,470,656 $46,744,563 Plan fiduciary net position as a percentage of the total pension liability %66.66 Pension expense and deferred outflows of resources and deferred inflows of resources related to pensions.For the year ended December 31, 2019, the Village recognized pension expense of $7,463,667. 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 $1,876,638 $1,037,121 Assumption changes 5,043,271 - Net difference between projected and actual earnings on pension plan investments -4,036,867 Total $6,919,909 $5,073,988 88 VILLAGE OF GLENVIEW NOTES TO FINANCIAL STATEMENTS As of and for the Year Ended December 31, 2019 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 ($1,845,921) will be recognized in pension expense as follows: Year Ending December 31,Amount 2020 $994,533 2021 836,280 2022 987,811 2023 (1,547,834) 2024 444,067 Thereafter 131,064 Total $1,845,921 PENSION SEGMENT INFORMATION Fiduciary Net Position Pension Trust Police Pension Fund Firefighters' Pension Fund Total Assets Cash and Cash Equivalents $3,281,791 $416,202 $3,697,993 Investments U.S. Treasuries 8,191,014 3,691,820 11,882,834 U.S. Agencies 7,279,637 23,898,875 31,178,512 Mutual Funds 52,367,193 57,514,977 109,882,170 Corporate Obligations 13,348,114 3,629,996 16,978,110 Municipal Obligations 728,644 4,174,381 4,903,025 Receivables - (net allowances for uncollectibles) Accrued Interest 192,949 208,562 401,511 Prepaid Items 6,932 4,193 11,125 Total Assets 85,396,274 93,539,006 178,935,280 Liabilities Accrued Expenses 11,160 44,359 55,519 Due to primary government 14,765 23,991 38,756 Total Liabilities 25,925 68,350 94,275 Net Position Restricted for pension benefits $85,370,349 $93,470,656 $178,841,005 89 VILLAGE OF GLENVIEW NOTES TO FINANCIAL STATEMENTS As of and for the Year Ended December 31, 2019 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 $2,460,430 $4,036,671 $6,497,101 Participant 701,306 868,289 1,569,595 Total Contributions 3,161,736 4,904,960 8,066,696 Investment Income Net Appreciation in Fair Value of Investments 9,726,489 12,991,203 22,717,692 Pensions - Interest income 3,266,881 2,597,289 5,864,170 Total Investment income 12,993,370 15,588,492 28,581,862 Less investment expense 89,965 162,425 252,390 Net investment income 12,903,405 15,426,067 28,329,472 Total Additions 16,065,141 20,331,027 36,396,168 Deductions Retirement Pensions 4,609,259 5,219,951 9,829,210 Widow Pensions 217,945 665,141 883,086 Disability Pensions 136,880 482,167 619,047 Children's Pensions 48,270 -48,270 Contribution Refunds 3,605 -3,605 Administration 56,856 71,393 128,249 Total Deductions 5,072,815 6,438,652 11,511,467 Change in net position 10,992,326 13,892,375 24,884,701 Net position, beginning of year 74,378,023 79,578,281 153,956,304 Net position, end of year $85,370,349 $93,470,656 $178,841,005 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. 90 VILLAGE OF GLENVIEW NOTES TO FINANCIAL STATEMENTS As of and for the Year Ended December 31, 2019 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 $1,681,040 $1,407,436 Current year claims and changes in estimates 464,078 616,666 Claim payments (737,682)(526,597) Unpaid Claims - End of Year $1,407,436 $1,497,505 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. 91 VILLAGE OF GLENVIEW NOTES TO FINANCIAL STATEMENTS As of and for the Year Ended December 31, 2019 NOTE IV - OTHER INFORMATION (cont.) 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. D.JOINT VENTURES 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 $523,687 to SWANCC for the year ended December 31, 2019. The payments are recorded in the General Fund. The Village does not have an equity interest in SWANCC at December 31, 2019. 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. 92 VILLAGE OF GLENVIEW NOTES TO FINANCIAL STATEMENTS As of and for the Year Ended December 31, 2019 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, 2019, the Village reported a liability for its proportionate share of the total OPEB liability of $12,595,149 and the Library reported a liability for its proportionate share of the total OPEB liability of $237,758. The total liability was measured as of December 31, 2019, 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, 2019. At December 31, 2019, the Village and Library's proportions were 98.15% and 1.85%, respectively. Actuarial assumptions and other inputs. The total OPEB liability in the December 31, 2019 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. 93 VILLAGE OF GLENVIEW NOTES TO FINANCIAL STATEMENTS As of and for the Year Ended December 31, 2019 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, 2019 valuation were based on the results of an actuarial experience study conducted by the independent actuary. Discount Rate. At December 31, 2019, the discount rate used to measure the total OPEB liability was a blended rate of 2.75%, which was a change from the December 31, 2018 rate of 4.10%. 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, 2018 $10,945,117 Changes for the year: Service cost 413,854 Interest 436,424 Changes in assumptions or other inputs 1,638,770 Benefit payments (601,258) Net changes 1,887,790 Balances at December 31, 2019 $12,832,907 Total OPEB liability - Village proportion $12,595,149 Total OPEB liability - Library proportion $237,758 Changes of assumptions and other inputs reflect a change in the discount rate from 4.10% for the reporting period ended December 31, 2018, to 2.75% for the reporting period ended December 31, 2019. 94 VILLAGE OF GLENVIEW NOTES TO FINANCIAL STATEMENTS As of and for the Year Ended December 31, 2019 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 (1.75 percent) or 1- percentage-point higher (3.75 percent) than the current discount rate: 1% Decrease Discount Rate 1% Increase (1.75%)(2.75%)(3.75%) Total OPEB liability - Village $13,939,490 $12,595,149 $11,434,362 Total OPEB liability - Library 279,236 237,758 237,436 Total OPEB liability $14,218,726 $12,832,907 $11,671,798 Sensitivity of the net OPEB liability to changes in the healthcare cost trend rates.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 healthcare cost trend rates that are 1-percentage-point lower ( 7.00 percent decreasing to 3.50 percent) or 1-percentage-point higher (9.00 percent decreasing to 5.50 percent) than the current healthcare cost trend rates: 1% Decrease (7.00% Decreasing to 3.50%) Healthcare Cost Trend Rates (8.00% Decreasing to 4.50%) 1% Increase (9.00% Decreasing to 5.50%) Total OPEB liability - Village $11,210,547 $12,595,149 $14,264,135 Total OPEB liability - Library 228,414 237,758 292,058 Total OPEB liability $11,438,961 $12,832,907 $14,556,193 95 VILLAGE OF GLENVIEW NOTES TO FINANCIAL STATEMENTS As of and for the Year Ended December 31, 2019 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, 2019, the Village and Library recognized OPEB expense of $1,067,651. At December 31, 2019, 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 $-$252,465 Assumption changes 2,121,157 - Total $2,121,157 $252,465 Glenview Library: Difference between expected and actual experience $-$4,766 Assumption changes 40,041 - Total $40,041 $4,766 Total: Difference between expected and actual experience $-$257,231 Assumption changes 2,161,198 - Total $2,161,198 $257,231 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 2020 $213,346 $4,027 $217,373 2021 213,346 4,027 217,373 2022 213,346 4,027 217,373 2023 213,346 4,027 217,373 2024 213,346 4,027 217,373 Thereafter 801,962 15,140 817,102 Total $1,868,692 $35,275 $1,903,967 96 VILLAGE OF GLENVIEW NOTES TO FINANCIAL STATEMENTS As of and for the Year Ended December 31, 2019 NOTE IV - OTHER INFORMATION (cont.) F.SUBSEQUENT EVENT In December 2019, a novel strain of coronavirus was reported in Wuhan, Hubei province, China. In the first several months of 2020, the virus, SARS-CoV-2, and resulting disease, COVID-19, spread to United States, including the areas impacting the Village. The Village's evaluation of the effects of these events is ongoing; however, subsequent to December 31, 2019, the investment markets have experienced significant volatility. It is highly likely that the values of the Poliec Pension Fund and Firefighters' Pension Fund investments have changed by material amounts since year end. G.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 2019, the Village made payments to the retailer totaling $2,534,262 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 2019, the Village made payments to the retailer totaling $163,784 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 $240,502. 97 VILLAGE OF GLENVIEW NOTES TO FINANCIAL STATEMENTS As of and for the Year Ended December 31, 2019 NOTE IV - OTHER INFORMATION (cont.) H.EFFECT OF NEW ACCOUNTING STANDARDS ON CURRENT-PERIOD FINANCIAL STATEMENTS The Governmental Accounting Standards Board (GASB) has approved the following: Statement No. 87, Leases Statement No. 88, Certain Disclosures Related to Debt, Including Direct Borrowings and Direct Placements Statement No. 89, Accounting for Interest Cost Incurred before the End of a Construction Period Statement No. 91, Conduit Debt Obligations Statement No. 92, Omnibus 2020 Statement No. 93, Replacement of Interbank Offered Rates Statement No. 94, Public-Private and Public-Public Partnerships and Available Payment Arrangements The statements listed above through Statement No. 93 had their required effective dates postponed by one year with the issuance of Statement No. 95, Postponement of Effective Dates of Certain Authoritative Guidance, with the exception of Statement No. 87, which was postponed by one and a half years. When they become effective, application of these standards may restate portions of these financial statements. 98 R E Q U I R E D S U P P L E M E N T A R Y I N F O R M A T I O N See independent auditors' report and accompanying notes to required supplementary information 99 Village Library Total Village Library Total Total pension liability Service cost 1,441,366$ 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: 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. VILLAGE OF GLENVIEW ILLINOIS MUNICIPAL RETIREMENT FUND SCHEDULE OF CHANGES IN THE VILLAGE'S NET PENSION LIABILITY AND RELATED RATIOS Last Five Fiscal Years See independent auditors' report and accompanying notes to required supplementary information 100 Village Library Total Village Library Total Village Library Total 1,364,711$ 360,098$ 1,724,809$ 1,354,683$ 363,346$ 1,718,029$ 1,236,773$ 340,839$ 1,577,612$ 6,067,722 1,601,054 7,668,776 6,284,484 1,685,590 7,970,074 6,213,224 1,712,289 7,925,513 (459,967) 70,733 (389,234) (2,169,603) 573,104 (1,596,499) 1,385,572 395,285 1,780,857 (215,882) (56,963) (272,845) (2,669,227) (715,925) (3,385,152) 2,593,209 714,657 3,307,866 (3,886,045) (1,025,388) (4,911,433) (4,241,230) (815,755) (5,056,985) (4,716,152) (687,656) (5,403,808) 2,870,539 949,534 3,820,073 (1,440,893) 1,090,360 (350,533) 6,712,626 2,475,414 9,188,040 83,403,478 20,713,583 104,117,061 86,274,017 21,663,117 107,937,134 84,833,124 22,753,477 107,586,601 86,274,017$ 21,663,117$ 107,937,134$ 84,833,124$ 22,753,477$ 107,586,601$ 91,545,750$ 25,228,891$ 116,774,641$ 1,666,519$ 439,734$ 2,106,253$ 1,637,281$ 439,142$ 2,076,423$ 1,613,034$ 444,532$ 2,057,566$ 601,714 158,771 760,485 578,252 155,095 733,347 575,274 158,539 733,813 4,863,653 1,283,344 6,146,997 12,166,520 4,368,532 16,535,052 (4,546,579) (1,252,982) (5,799,561) (3,886,045) (1,025,388) (4,911,433) (4,241,230) (815,755) (5,056,985) (4,716,152) (687,656) (5,403,808) 578,779 152,719 731,498 (1,972,898) (529,160) (2,502,058) 1,729,313 476,577 2,205,890 3,824,620 1,009,180 4,833,800 8,167,925 3,617,854 11,785,779 (5,345,110) (860,990) (6,206,100) 71,017,972 17,637,594 88,655,566 74,842,592 18,646,774 93,489,366 83,010,517 22,264,628 105,275,145 74,842,592$ 18,646,774$ 93,489,366$ 83,010,517$ 22,264,628$ 105,275,145$ 77,665,407$ 21,403,638$ 99,069,045$ 11,431,425$ 3,016,343$ 14,447,768$ 1,822,607$ 488,849$ 2,311,456$ 13,880,343$ 3,825,253$ 17,705,596$ 86.61%97.85%84.84% 16,327,538$ 16,293,001$ 16,306,927$ 88.49%14.19%108.58% 201920182017 See independent auditors' report and accompanying notes to required supplementary information101 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 2.50% Salary increases Investment rate of return 7.50% Retirement Age Mortality Other information: There were no benefit changes during the year. 2015 3.35% to 14.25% including inflation Entry age normal Level percentage of payroll, closed 24-year closed period 5-Year Smoothed Market; 20% corridor IMRF specific mortality table was used with fully generational projection scale MP-2017 (base year 2015). VILLAGE OF GLENVIEW ILLINOIS MUNICIPAL RETIREMENT FUND SCHEDULE OF EMPLOYER CONTRIBUTIONS Last Five Fiscal Years 2016 Experience-based table of rates that are specific to the type of eligibility condition. Last updated for the 2017 valuation pursuant to an experience study of the period 2014-2016. See independent auditors' report and accompanying notes to required supplementary information102 Village Library Total Village Library Total Village Library Total 1,606,360$ 427,007$ 2,033,367$ 1,579,391$ 419,838$ 1,999,229$ 1,210,906$ 341,538$ 1,552,444$ (1,640,374) (436,049) (2,076,423) (1,625,477) (432,089) (2,057,566) (1,222,953) (344,935) (1,567,888) (34,014)$ (9,042)$ (43,056)$ (46,086)$ (12,251)$ (58,337)$ (12,046)$ (3,398)$ (15,444)$ 16,293,001$ 16,306,927$ 16,273,002$ 12.74%12.62%9.63% 201920182017 See independent auditors' report and notes to required supplementary information. 103 VILLAGE OF GLENVIEW POLICE PENSION FUND SCHEDULE OF CHANGES IN THE VILLAGE'S NET PENSION LIABILITY AND RELATED RATIOS Last Six 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 Changes of benefit terms - - 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. 104 2016 2017 2018 2019 1,601,139$ 1,751,973$ 1,647,496$ 1,576,413$ 6,436,190 6,727,271 7,022,152 7,384,510 215,928 386,681 137,917 347,289 3,376,901 - 1,409,870 - - - - 317,248 - - 56,462 - (3,948,281) (4,178,350) (4,607,357) (5,015,959) 7,681,877 4,687,575 5,666,540 4,609,501 92,318,605 100,000,482 104,688,057 110,354,597 100,000,482$ 104,688,057$ 110,354,597$ 114,964,098$ 2,497,041$ 2,492,386$ 2,470,705$ 2,460,430$ 812,961 712,431 695,012 701,306 - - 56,462 - 3,937,691 8,439,097 (3,589,649) 12,903,405 (3,948,281) (4,178,350) (4,607,357) (5,015,959) (50,482) (57,057) (61,122) (56,856) 3,248,930 7,408,507 (5,035,949) 10,992,326 68,756,535 72,005,465 79,413,972 74,378,023 72,005,465$ 79,413,972$ 74,378,023$ 85,370,349$ 27,995,017$ 25,274,085$ 35,976,574$ 29,593,749$ 72.01%75.86%67.40%74.26% 7,123,493$ 6,890,888$ 6,725,646$ 6,908,778$ 393.00%366.78%534.92%428.35% See independent auditors' report and notes to required supplementary information. 105 VILLAGE OF GLENVIEW POLICE PENSION FUND SCHEDULE OF EMPLOYER CONTRIBUTIONS Last Ten Fiscal Years 2010 2011 2012 2013 Actuarially determined contribution 1,370,885$ 1,347,587$ 1,569,531$ 1,812,556$ Contributions in relation to the actuarially determined contribution 1,802,629 1,767,986 1,812,692 1,632,373 Contribution deficiency (excess)(431,744)$ (420,399)$ (243,161)$ 180,183$ Covered payroll 5,855,973$ 6,091,656$ 6,136,593$ 6,359,627$ Contributions as a percentage of covered payroll 30.78%29.02%29.54%25.67% Notes to Schedule: Valuation date: Actuarially determined contributions are calculated as of December 31 of the current fiscal year. Methods and assumptions used to determine contribution rates: Actuarial cost method Amortization method Asset valuation method Inflation Salary increases Investment rate of return Mortality 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. 106 2014 2015 2016 2017 2018 2019 1,921,637$ 1,957,880$ 3,224,497$ 2,337,883$ 2,448,164$ 2,448,009$ 1,953,494 7,494,545 2,497,041 2,492,386 2,470,705 2,460,430 (31,857)$ (5,536,665)$ 727,456$ (154,503)$ (22,541)$ (12,421)$ 7,055,218$ 6,985,724$ 7,123,493$ 6,890,888$ 6,725,646$ 6,908,778$ 27.69%107.28%35.05%36.17%36.74%35.61% See independent auditors' report and notes to required supplementary information.107 VILLAGE OF GLENVIEW POLICE PENSION FUND SCHEDULE OF INVESTMENT RETURNS Last Six Fiscal Years 2014 2015 2016 2017 2018 2019 Annual money-weighted rate of return, net of investment expense 4.58%0.06%5.80%11.99%-4.63%17.83% 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. 108 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 Changes of benefit terms - - 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 Six Fiscal Years See independent auditors' report and notes to required supplementary information. 109 2016 2017 2018 2019 1,890,273$ 2,022,592$ 2,086,295$ 2,172,435$ 7,728,761 8,377,782 8,688,900 8,994,385 (2,178,162) 2,444 (229,937) 1,445,323 7,605,249 - - 1,494,281 - - - 801,181 (5,627,277) (5,921,500) (5,995,055) (6,367,259) 9,418,844 4,481,318 4,550,203 8,540,346 113,224,508 122,643,352 127,124,670 131,674,873 122,643,352$ 127,124,670$ 131,674,873$ 140,215,219$ 4,016,250$ 3,839,494$ 4,048,725$ 4,036,671$ 782,515 783,767 814,043 868,289 - 18,091 - - 4,765,957 10,455,191 (3,987,265) 15,426,067 (5,627,277) (5,921,500) (5,995,055) (6,367,259) (68,045) (69,391) (69,772) (71,393) 3,869,400 9,105,652 (5,189,324) 13,892,375 71,792,553 75,661,953 84,767,605 79,578,281 75,661,953$ 84,767,605$ 79,578,281$ 93,470,656$ 46,981,399$ 42,357,065$ 52,096,592$ 46,744,563$ 61.69%66.68%60.44%66.66% 8,077,068$ 8,359,765$ 8,587,330$ 8,866,418$ 581.66%506.68%606.67%527.21% See independent auditors' report and notes to required supplementary information. 110 2010 2011 2012 2013 Actuarially determined contribution 1,941,060$ 2,160,105$ 2,420,075$ 2,985,212$ Contributions in relation to the actuarially determined contribution 2,541,870 2,806,961 2,926,010 3,116,164 Contribution deficiency (excess)(600,810)$ (646,856)$ (505,935)$ (130,952)$ Covered payroll 6,621,473$ 6,926,020$ 6,439,694$ 6,737,119$ Contributions as a percentage of covered payroll 38.39%40.53%45.44%46.25% 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 rates 115% of L&A 2016 Illinois Firefighters Retirement Rates Capped at age 62 Mortality 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% VILLAGE OF GLENVIEW Last Ten Fiscal Years FIREFIGHTERS' PENSION FUND SCHEDULE OF EMPLOYER CONTRIBUTIONS Level dollar See independent auditors' report and notes to required supplementary information. 111 2014 2015 2016 2017 2018 2019 2,733,414$ 3,739,508$ 3,974,237$ 3,590,168$ 4,011,045$ 4,027,492$ 3,134,768 10,309,348 4,016,250 3,839,494 4,048,725 4,036,671 (401,354)$ (6,569,840)$ (42,013)$ (249,326)$ (37,680)$ (9,179)$ 7,058,973$ 7,926,515$ 8,077,068$ 8,359,765$ 8,587,330$ 8,866,418$ 44.41%130.06%49.72%45.93%47.15%45.53% See independent auditors' report and notes to required supplementary information.112 VILLAGE OF GLENVIEW FIREFIGHTERS' PENSION FUND SCHEDULE OF INVESTMENT RETURNS Last Six Fiscal Years 2014 2015 2016 2017 2018 2019 Annual money-weighted rate of return, net of investment expense 6.95%1.19%6.64%13.82%-4.72%19.41% 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. 113 2018 2019 Total OPEB liability Service cost 387,795$ 413,854$ Interest 342,521 436,424 Differences between expected and actual experience (321,493) - Changes of assumptions 857,650 1,638,770 Benefit payments, including refunds of member contributions (556,720) (601,258) Net change in total OPEB liability 709,753 1,887,790 Total OPEB liability - beginning 10,235,364 10,945,117 Total OPEB liability - ending 10,945,117$ 12,832,907$ Plan fiduciary net position as a percentage of the total OPEB liability 0.00%0.00% Covered payroll 24,845,812$ 25,591,186$ Village's total OPEB liability as a percentage of covered payroll 44.05%50.15% Notes to Schedule: VILLAGE OF GLENVIEW 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. Last Two Fiscal Years AND RELATED RATIOS SCHEDULE OF CHANGES IN THE TOTAL OPEB LIABILITY OTHER POSTEMPLOYMENT BENEFIT PLAN VILLAGE OF GLENVIEW SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL - GENERAL FUND For the Year Ended December 31, 2019 With Comparative Actual Amounts for the Year Ended December 31, 2018 2019 Budgeted Amounts Original Final Actual Variance with Final Budget 2018 Actual REVENUES TAXES Property $12,332,819 $12,332,819 $12,229,219 $(103,600)$12,214,618 Other Taxes 15,476,988 15,476,988 15,342,199 (134,789)15,699,176 Licenses and Permits 2,396,350 2,396,350 1,871,593 (524,757)2,810,054 Charges for Services 12,440,795 12,440,795 12,838,698 397,903 12,238,955 Fines, Forfeitures and Penalties 205,725 205,725 121,707 (84,018)130,281 Intergovernmental 28,778,354 28,778,354 30,326,296 1,547,942 28,521,321 Investment Income 519,000 519,000 881,907 362,907 607,296 Total Revenues 72,150,031 72,150,031 73,611,619 1,461,588 72,221,701 EXPENDITURES Current: General Government 19,422,580 19,353,356 18,570,611 782,745 17,940,634 Public Works 8,908,008 8,955,188 7,772,011 1,183,177 8,233,133 Public Safety 30,892,925 31,000,406 31,148,857 (148,451)29,782,200 Development 3,269,167 3,491,486 3,186,049 305,437 3,740,393 Capital Outlay --11,877 (11,877)18,618 Total Expenditures 62,492,680 62,800,436 60,689,405 2,111,031 59,714,978 Excess of Revenues over Expenditures 9,657,351 9,349,595 12,922,214 3,572,619 12,506,723 OTHER FINANCING SOURCES (USES) Property Sales --48,755 48,755 - Transfers In 575,000 575,000 589,257 14,257 1,285,171 Transfers Out (12,951,582)(12,951,582)(12,982,228)(30,646)(7,700,670) Total Other Financing Sources (Uses)(12,376,582)(12,376,582)(12,344,216)32,366 (6,415,499) Net Change in Fund Balance $(2,719,231)$(3,026,987)577,998 $3,604,985 6,091,224 FUND BALANCE - Beginning of Year (as restated)35,895,320 29,758,892 FUND BALANCE - END OF YEAR $36,473,318 $35,850,116 See independent auditors' report and accompanying notes to required supplementary information. 114 VILLAGE OF GLENVIEW SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL - SPECIAL TAX ALLOCATION FUND - MAJOR SPECIAL REVENUE FUND For the Year Ended December 31, 2019 With Comparative Actual Amounts for the Year Ended December 31, 2018 2019 Budgeted Amounts Original Final Actual Variance with Final Budget 2018 Actual REVENUES Property Taxes - Incremental $34,133,766 $34,133,766 $35,174,563 $1,040,797 $34,341,818 Intergovernmental - Miscellaneous 100,633 100,633 189,100 88,467 160,973 Charges for Services 204,506 204,506 204,506 -507,816 Investment Income 438,000 438,000 822,740 384,740 640,015 Miscellaneous --163,023 163,023 34,843 Total Revenues 34,876,905 34,876,905 36,553,932 1,677,027 35,685,465 EXPENDITURES General Government Personnel 344,801 344,801 342,678 2,123 340,382 Contractual Services 21,352,520 21,352,520 22,059,834 (707,314)22,620,554 Commodities 114,250 114,250 54,410 59,840 66,048 Other Charges 242,936 242,936 242,436 500 241,760 Total general government 22,054,507 22,054,507 22,699,358 (644,851)23,268,744 Debt Service Principal 7,155,937 7,155,937 7,155,938 (1)6,965,938 Interest and Fiscal Charges 629,820 629,820 979,184 (349,364)1,071,320 Total Expenditures 29,840,264 29,840,264 30,834,480 (994,216)31,306,002 Excess of Revenues over Expenditures 5,036,641 5,036,641 5,719,452 682,811 4,379,463 OTHER FINANCING SOURCES (USES) Transfers Out (97,309)(97,309)(86,196)11,113 (1,420,533) Total Other Financing Sources (Uses)(97,309)(97,309)(86,196)11,113 (1,420,533) Net Change in Fund Balance $4,939,332 $4,939,332 5,633,256 $693,924 2,958,930 FUND BALANCE (DEFICIT) - Beginning of Year (2,770,450)(5,729,380) FUND BALANCE (DEFICIT) - END OF YEAR $2,862,806 $(2,770,450) See independent auditors' report and notes to required supplementary information. 115 VILLAGE OF GLENVIEW NOTES TO REQUIRED SUPPLEMENTARY INFORMATION For the Year Ended December 31, 2019 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. 116 S U P P L E M E N T A R Y I N F O R M A T I O N GOVERNMENTAL FUND DESCRIPTIONS MAJOR GENERAL AND SPECIAL REVENUE FUNDS Note that summaries of the General Fund and the major special revenue funds are provided in the required supplementary information section. General Fund -a governmental fund used to account for the acquisition and use of resources which are not accounted for in other fund types. Special Tax Allocation Fund -a special revenue fund used to account for the incremental property tax revenue that is generated through the growth of the assessed valuation at The Glen, (formerly referred to as Glenview Naval Air Station) and the 'Make-Whole' payments to core jurisdictions within the boundaries of the Tax Increment District. The core jurisdictions consist of: the Village of Glenview, School District 34, School District 225, the Glenview Park District, and the Glenview Public Library, a component unit of the Village. This fund also accounts for the service and incentive fees within the Tax Increment District. BUDGET AND ACTUAL - GENERAL FUND With Comparative Actual Amounts for the Year Ended December 31, 2018 2018 Original Final Actual Actual LOCAL TAXES Property Taxes for Village Current Year 2,703,593$ 2,703,593$ 2,698,415$ 2,172,548$ Prior Year (36,000) (36,000) (29,389) (28,105) Property Taxes - Debt Service Current Year 1,841,266 1,841,266 1,837,615 1,862,789 Prior Year (40,000) (40,000) (27,230) (26,315) Property Taxes - Police and Firefighters' Pension 6,603,068 6,603,068 6,497,101 6,519,429 Property Taxes - Other Village Pensions 1,260,892 1,260,892 1,252,707 1,714,272 Total Property Taxes 12,332,819 12,332,819 12,229,219 12,214,618 Other Taxes Utility Taxes Natural Gas 1,441,766 1,441,766 1,545,899 1,544,189 Electricty 2,201,620 2,201,620 2,104,169 2,240,268 Telecommunications 1,591,879 1,591,879 1,526,415 1,684,979 Hotel Room Tax 1,144,697 1,144,697 1,250,053 1,226,717 Amusement Tax 110,000 110,000 99,781 111,424 Home Rule Sales Tax 8,956,026 8,956,026 8,756,960 8,849,722 Business District Tax 30,000 30,000 58,922 37,815 Miscellaneous Tax 1,000 1,000 - 4,062 Total Other Taxes 15,476,988 15,476,988 15,342,199 15,699,176 Total Local Taxes 27,809,807 27,809,807 27,571,418 27,913,794 LICENSES AND PERMITS Business Licenses 52,350 52,350 37,815 29,565 Liquor Licenses 200,000 200,000 203,696 197,133 Building Permits 1,965,000 1,965,000 1,438,692 2,335,044 Contractor's Fees 55,000 55,000 10,620 11,353 Engineering Fees 100,000 100,000 148,217 212,716 Oversized Vehicle Permits 16,000 16,000 24,830 18,915 Plan Fees 8,000 8,000 7,723 5,328 Total Licenses and Permits 2,396,350 2,396,350 1,871,593 2,810,054 VILLAGE OF GLENVIEW DETAILED SCHEDULE OF REVENUES AND OTHER FINANCING SOURCES For the Year Ended December 31, 2019 2019 Budgeted Amounts 117 118 BUDGET AND ACTUAL - GENERAL FUND With Comparative Actual Amounts for the Year Ended December 31, 2018 2018 Original Final Actual Actual VILLAGE OF GLENVIEW DETAILED SCHEDULE OF REVENUES AND OTHER FINANCING SOURCES For the Year Ended December 31, 2019 2019 Budgeted Amounts CHARGES FOR SERVICES Dog Impound Fees 1,000$ 1,000$ 1,080$ 1,950$ Lease Fees 899,220 899,220 829,550 837,374 Natural Gas Franchise Fees 39,915 39,915 35,449 34,836 Cable Franchise Fees 765,075 765,075 815,311 805,917 Bidder Fees 1,000 1,000 - 395 Development Fees 97,309 97,309 86,196 3,288 Insurance Reimbursements 1,799,915 1,799,915 1,879,751 1,614,381 Copies 3,500 3,500 - - Special Event Fees 1,000 1,000 975 1,300 Inspection Fees 38,000 38,000 33,120 46,880 Refuse and Recycling Charges Bin Sales - - - 1,209 Yard Waste Sticker Sales 3,500 3,500 3,625 3,184 Tipping Fees 850,000 850,000 887,608 890,300 SWANCC Recycling Incentive - - - 1,537 Joint Dispatch Charges 911 Surcharge 950,000 950,000 1,050,063 1,042,664 Fire Communication 15,889 15,889 - 15,889 Dispatch Services 6,413,714 6,413,714 6,516,047 6,226,028 Other Service Charges Police Extra Duty 209,804 209,804 215,692 223,528 Fire Extra Duty - - 8,775 - Reimbursements 60,000 60,000 50,229 158,572 Other Charges - Supervision 8,069 8,069 2,922 5,989 Miscellaneous 67,939 67,939 178,810 73,561 Administrative Fees for Governmental Funds Library Fund 125,946 125,946 125,851 133,946 SWANCC Host Community Fees 90,000 90,000 117,644 116,227 Total Charges for Services 12,440,795 12,440,795 12,838,698 12,238,955 FINES AND FORFEITURES Traffic Fines 100,000 100,000 62,958 85,310 Other Fines 105,725 105,725 58,749 44,971 Total Fines and Forfeitures 205,725 205,725 121,707 130,281 119 BUDGET AND ACTUAL - GENERAL FUND With Comparative Actual Amounts for the Year Ended December 31, 2018 2018 Original Final Actual Actual VILLAGE OF GLENVIEW DETAILED SCHEDULE OF REVENUES AND OTHER FINANCING SOURCES For the Year Ended December 31, 2019 2019 Budgeted Amounts INTERGOVERNMENTAL Glenbrook Fire Protection District 2,250,000$ 2,250,000$ 2,230,919$ 2,220,662$ Village of Golf Fire Protection Services 164,000 164,000 143,000 142,999 Road and Bridge Taxes Current Year 419,150 419,150 487,719 352,741 Prior Year (3,535) (3,535) (5,220) (4,491) Sales Tax 18,360,660 18,360,660 18,631,360 18,072,001 Property Replacement Tax 190,000 190,000 248,039 203,235 Illinois Income Tax 4,300,080 4,300,080 5,014,901 4,508,718 Local Use Tax 1,452,021 1,452,021 1,577,084 1,373,010 Make-Whole Payment 1,645,978 1,645,978 1,631,339 1,607,145 Other Intergovernmental Grant Proceeds - - 367,155 45,301 Total Intergovernmental 28,778,354 28,778,354 30,326,296 28,521,321 INVESTMENT INCOME Investment Income 423,000 423,000 777,745 477,824 Interest - Savings 96,000 96,000 104,162 129,472 Total Investment Income 519,000 519,000 881,907 607,296 OTHER FINANCING SOURCES Property Sales - - 48,755 - Transfers In Wholesale Water Fund 325,000 325,000 325,000 325,000 Special Tax Allocation Fund - - - 297,321 Insurance and Risk Fund 250,000 250,000 250,000 250,000 Village Permanent Fund - - - 412,347 Corporate Purpose Bonds Fund - - 14,257 503 Total Other Financing Sources 575,000 575,000 638,012 1,285,171 Total Revenues and Other Financing Sources 72,725,031$ 72,725,031$ 74,249,631$ 73,506,872$ 120 BUDGET AND ACTUAL - GENERAL FUND With Comparative Actual Amounts for the Year Ended December 31, 2018 2018 Original Final Actual Actual GENERAL GOVERNMENT Village Board of Trustees President and Board Personnel 9,689$ 9,689$ 9,391$ 11,478$ Contractual Services 47,643 47,643 46,992 43,818 Total President and Board 57,332 57,332 56,383 55,296 Special Board Appropriations Personnel 56,713 56,713 59,419 16,296 Contractual Services 330,599 330,599 326,723 311,070 Commodities 1,600 1,600 1,116 810 Total Special Board Appropriations 388,912 388,912 387,258 328,176 Total Village Board of Trustees 446,244 446,244 443,641 383,472 Village Manager's Office Administration Division Personnel 650,677 686,732 710,370 701,870 Contractual Services 14,515 228,515 191,768 31,548 Other Charges 11,700 11,700 5,988 581 Total Administration Division 676,892 926,947 908,126 733,999 Human Resources Division Personnel 501,941 274,564 260,418 264,894 Contractual Services 37,507 37,507 36,282 125,125 Commoditites 750 1,075 907 492 Other Charges 1,395,552 1,395,552 1,345,730 1,447,836 Total Human Resources Division 1,935,750 1,708,698 1,643,337 1,838,347 Communications Division Personnel 203,075 204,870 205,920 199,878 Contractual Services 84,680 84,680 88,396 78,394 Commodities 2,250 2,250 1,538 1,622 Other Charges 2,100 2,100 387 511 Total Communications Division 292,105 293,900 296,241 280,405 Legal Division Contractual Services 404,200 404,200 455,710 434,662 Total Legal Division 404,200 404,200 455,710 434,662 VILLAGE OF GLENVIEW DETAILED SCHEDULE OF EXPENDITURES AND OTHER FINANCING USES For the Year Ended December 31, 2019 2019 Budgeted Amounts 121 BUDGET AND ACTUAL - GENERAL FUND With Comparative Actual Amounts for the Year Ended December 31, 2018 2018 Original Final Actual Actual VILLAGE OF GLENVIEW DETAILED SCHEDULE OF EXPENDITURES AND OTHER FINANCING USES For the Year Ended December 31, 2019 2019 Budgeted Amounts GENERAL GOVERNMENT (cont.) Village Manager's Office (cont.) Joint Dispatch Division Personnel 5,938,339$ 5,961,065$ 5,727,288$ 5,554,720$ Contractual Services 220,347 279,682 260,996 169,837 Commodities 35,400 35,400 25,657 26,226 Other Charges 339,397 339,397 639,030 246,031 Total Joint Dispatch Division 6,533,483 6,615,544 6,652,971 5,996,814 Total Village Manager's Office 9,842,430 9,949,289 9,956,385 9,284,227 Administrative Services Administration Personnel 256,462 274,898 280,748 322,966 Contractual Services 2,087 2,087 3,590 3,022 Other Charges 5,220 5,220 3,129 3,045 Total Administration 263,769 282,205 287,467 329,033 Finance Personnel 450,852 457,932 447,058 561,999 Contractual Services 1,068,429 1,068,429 1,054,393 1,003,748 Commodities 3,100 3,100 3,322 434 Other Charges 9,782 9,782 3,052 3,160 Total Finance 1,532,163 1,539,243 1,507,825 1,569,341 General Government Personnel (50,000) (50,000) - - Contractual Services 3,327,188 3,327,188 3,052,160 3,047,630 Commodities 104,705 104,705 80,896 36,315 Other Charges 657,300 422,551 209,220 206,547 Total General Government 4,039,193 3,804,444 3,342,276 3,290,492 Resolution Center Personnel 352,150 358,545 363,658 363,937 Other Charges 1,975 1,975 1,252 - Total Resolution Center 354,125 360,520 364,910 363,937 122 BUDGET AND ACTUAL - GENERAL FUND With Comparative Actual Amounts for the Year Ended December 31, 2018 2018 Original Final Actual Actual VILLAGE OF GLENVIEW DETAILED SCHEDULE OF EXPENDITURES AND OTHER FINANCING USES For the Year Ended December 31, 2019 2019 Budgeted Amounts GENERAL GOVERNMENT (cont.) Administrative Services (cont.) CADD Operations Contractual Services 221,735$ 248,490$ 213,193$ 204,546$ Total CADD Operations 221,735 248,490 213,193 204,546 Information Technology (IT) Contractual Services 2,175,300 2,175,300 1,922,106 1,988,559 Commodities 104,390 104,390 97,002 98,455 Other Charges 443,231 443,231 435,806 428,572 Total Information Technology 2,722,921 2,722,921 2,454,914 2,515,586 Total Administrative Services 9,133,906 8,957,823 8,170,585 8,272,935 Total General Government 19,422,580 19,353,356 18,570,611 17,940,634 PUBLIC WORKS Public Works Department Personnel 2,410,117 2,434,100 2,242,731 2,433,076 Contractual Services 3,624,296 3,646,703 3,098,094 3,154,742 Commodities 1,309,500 1,310,290 1,072,831 1,221,156 Other Charges 1,144,095 1,144,095 1,140,584 1,022,090 Capital Outlay 420,000 420,000 217,771 402,069 Total Public Works Department 8,908,008 8,955,188 7,772,011 8,233,133 PUBLIC SAFETY Police Department Personnel 10,294,628 10,347,651 9,999,827 9,521,844 Contractual Services 642,072 642,072 585,967 616,596 Commodities 127,190 127,190 115,393 127,863 Other Charges 2,908,685 2,908,685 2,901,429 2,919,028 Total Police Department 13,972,575 14,025,598 13,602,616 13,185,331 Fire Department Personnel 11,106,481 11,115,944 11,766,517 10,865,676 Contractual Services 309,459 354,454 313,988 309,473 Commodities 256,751 256,751 224,925 218,831 Other Charges 5,247,659 5,247,659 5,240,811 5,202,889 Total Fire Department 16,920,350 16,974,808 17,546,241 16,596,869 Total Public Safety 30,892,925 31,000,406 31,148,857 29,782,200 123 BUDGET AND ACTUAL - GENERAL FUND With Comparative Actual Amounts for the Year Ended December 31, 2018 2018 Original Final Actual Actual VILLAGE OF GLENVIEW DETAILED SCHEDULE OF EXPENDITURES AND OTHER FINANCING USES For the Year Ended December 31, 2019 2019 Budgeted Amounts COMMUNITY DEVELOPMENT Community Development Department Administration Personnel 203,604$ 217,144$ 232,868$ 98,618$ Contractual Services 21,949 177,949 190,796 416,258 Other Charges 12,010 12,010 11,412 10,203 Total Administration 237,563 407,103 435,076 525,079 Inspection Services Personnel 980,030 995,333 989,344 856,692 Contractual Services 752,131 752,131 455,527 764,023 Commodities 7,475 7,475 2,823 3,985 Other Charges 26,767 26,767 25,157 19,834 Total Inspection Services 1,766,403 1,781,706 1,472,851 1,644,534 Planning Personnel 376,423 388,496 396,227 485,082 Contractual Services 129,435 147,333 140,721 154,195 Other Charges 25,040 25,040 26,868 26,549 Total Planning 530,898 560,869 563,816 665,826 Engineering Personnel 274,188 281,693 221,934 216,530 Contractual Services 444,749 444,749 480,006 416,749 Commodities 995 995 - 1,130 Other Charges 14,371 14,371 12,351 6,961 Total Engineering 734,303 741,808 714,291 641,370 Capital Projects Personnel - - 15 262,584 Other Charges - - - 1,000 Total Capital Projects - - 15 263,584 Total Community Development 3,269,167 3,491,486 3,186,049 3,740,393 Total Current Expenditures 62,492,680 62,800,436 60,677,528 59,696,360 124 BUDGET AND ACTUAL - GENERAL FUND With Comparative Actual Amounts for the Year Ended December 31, 2018 2018 Original Final Actual Actual VILLAGE OF GLENVIEW DETAILED SCHEDULE OF EXPENDITURES AND OTHER FINANCING USES For the Year Ended December 31, 2019 2019 Budgeted Amounts CAPITAL OUTLAY Machinery and Equipment -$ -$ 11,877$ 18,618$ Total Expenditures 62,492,680 62,800,436 60,689,405 59,714,978 OTHER FINANCING USES Transfers Out Corporate Purpose Debt Service Fund 2,201,582 2,201,582 2,232,228 2,260,039 Capital Projects Fund 10,750,000 10,750,000 10,750,000 5,440,631 Total Other Financing Uses 12,951,582 12,951,582 12,982,228 7,700,670 Total Expenditures and Other Financing Uses 75,444,262$ 75,752,018$ 73,671,633$ 67,415,648$ 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 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, 2019 Motor Fuel Tax Fund Foreign Fire Insurance Fund Police Department Special Account Fund Waukegan Golf TIF Fund ASSETS Cash and Cash Equivalents $599,263 $250,484 $26,110 $897,224 Investments 1,500,000 --2,232,100 Receivables Accrued Interest 35,478 --11,251 Due from Other Governments 205,174 --- TOTAL ASSETS $2,339,915 $250,484 $26,110 $3,140,575 LIABILITIES, DEFERRED INFLOWS OF RESOURCES, AND FUND BALANCES Liabilities Accounts Payable $151,308 $-$-$305,507 Accrued Payroll ---370 Due to Other Funds ---- Total Liabilities 151,308 --305,877 Fund Balances Restricted for Street Improvements 2,188,607 --- Restricted for Public Safety -250,484 26,110 - Restricted for Economic Development ---2,834,698 Assigned to Debt Service Funds ---- Assigned to Capital Project Funds ---- Total Fund Balances 2,188,607 250,484 26,110 2,834,698 TOTAL LIABILITIES, DEFERRED INFLOWS OF RESOURCES, AND FUND BALANCES $2,339,915 $250,484 $26,110 $3,140,575 125 Corporate Purpose Bonds Fund Glen Capital Projects Fund Total Nonmajor Governmental Funds $512,991 $100,172 $2,386,244 --3,732,100 --46,729 --205,174 $512,991 $100,172 $6,370,247 $1,500 $-$458,315 --370 11,018 -11,018 12,518 -469,703 --2,188,607 --276,594 --2,834,698 500,473 -500,473 -100,172 100,172 500,473 100,172 5,900,544 $512,991 $100,172 $6,370,247 126 VILLAGE OF GLENVIEW COMBINING STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES NONMAJOR GOVERNMENTAL FUNDS For the Year Ended December 31, 2019 Motor Fuel Tax Fund Foreign Fire Insurance Fund Police Department Special Account Fund Waukegan Golf TIF Fund REVENUES Property Taxes $-$-$-$1,558,070 Intergovernmental 2,362,108 119,285 -- Investment Income 59,140 3,997 517 69,610 Miscellaneous 8,721 -2,101 - Total Revenues 2,429,969 123,282 2,618 1,627,680 EXPENDITURES Current Public Safety -171,335 -- Development ---319,378 Capital Outlay 2,095,500 -10,097 - Debt Service Principal ---605,000 Interest and Fiscal Charges ---96,158 Total Expenditures 2,095,500 171,335 10,097 1,020,536 Excess (Deficiency) of Revenues over Expenditures 334,469 (48,053)(7,479)607,144 OTHER FINANCING SOURCES (USES) Transfers In ---- Transfers Out ---- Total Other Financing Sources (Uses)---- Net Change in Fund Balances 334,469 (48,053)(7,479)607,144 FUND BALANCES - Beginning of Year 1,854,138 298,537 33,589 2,227,554 FUND BALANCES - END OF YEAR END OF YEAR $2,188,607 $250,484 $26,110 $2,834,698 127 Corporate Purpose Bonds Fund Glen Capital Projects Fund Total Nonmajor Governmental Funds $-$-$1,558,070 --2,481,393 17,298 2,987 153,549 -3,162 13,984 17,298 6,149 4,206,996 --171,335 --319,378 -86,492 2,192,089 1,670,000 -2,275,000 533,523 -629,681 2,203,523 86,492 5,587,483 (2,186,225)(80,343)(1,380,487) 2,232,228 86,196 2,318,424 (14,257)-(14,257) 2,217,971 86,196 2,304,167 31,746 5,853 923,680 468,727 94,319 4,976,864 $500,473 $100,172 $5,900,544 128 VILLAGE OF GLENVIEW DETAILED SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL - MOTOR FUEL TAX FUND - NONMAJOR SPECIAL REVENUE FUND For the Year Ended December 31, 2019 With Comparative Actual Amounts for the Year Ended December 31, 2018 2019 Budgeted Amounts Original Final Actual 2018 Actual REVENUES Intergovenmental Motor Fuel Tax $2,021,156 $2,021,156 $2,362,108 $2,131,356 Investment Income 41,000 41,000 59,140 38,820 Miscellaneous --8,721 1,864 Total Revenues 2,062,156 2,062,156 2,429,969 2,172,040 EXPENDITURES Capital Outlay 2,058,950 2,045,428 2,095,500 2,059,405 Total Expenditures 2,058,950 2,045,428 2,095,500 2,059,405 Net Change in Fund Balance $3,206 $16,728 334,469 112,635 FUND BALANCE - Beginning of Year 1,854,138 1,741,503 FUND BALANCE - END OF YEAR $2,188,607 $1,854,138 129 VILLAGE OF GLENVIEW DETAILED SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL - FOREIGN FIRE INSURANCE FUND - NONMAJOR SPECIAL REVENUE FUND For the Year Ended December 31, 2019 With Comparative Actual Amounts for the Year Ended December 31, 2018 2019 Budgeted Amounts Original Final Actual 2018 Actual REVENUES Intergovernmental $100,000 $100,000 $119,285 $120,049 Investment Income 4,000 4,000 3,997 3,555 Total Revenues 104,000 104,000 123,282 123,604 EXPENDITURES Public Safety Contractual Services 10,830 10,830 13,674 11,935 Commodities 99,170 99,170 157,661 63,511 Total Expenditures 110,000 110,000 171,335 75,446 Net Change in Fund Balance $(6,000)$(6,000)(48,053)48,158 FUND BALANCE - Beginning of Year 298,537 250,379 FUND BALANCE - END OF YEAR $250,484 $298,537 130 VILLAGE OF GLENVIEW DETAILED SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL - POLICE DEPARTMENT SPECIAL ACCOUNT FUND - NONMAJOR SPECIAL REVENUE FUND For the Year Ended December 31, 2019 With Comparative Actual Amounts for the Year Ended December 31, 2018 2019 Budgeted Amounts Original Final Actual 2018 Actual REVENUES Investment Income $565 $565 $517 $575 Other Revenues --2,101 - Total Revenues 565 565 2,618 575 EXPENDITURES Capital Outlay 12,700 12,700 10,097 2,826 Total Expenditures 12,700 12,700 10,097 2,826 Net Change in Fund Balance $(12,135)$(12,135)(7,479)(2,251) FUND BALANCE - Beginning of Year 33,589 35,840 FUND BALANCE - END OF YEAR $26,110 $33,589 131 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, 2019 With Comparative Actual Amounts for the Year Ended December 31, 2018 2019 Budgeted Amounts Original Final Actual 2018 Actual REVENUES Property Taxes - Incremental $1,556,130 $1,556,130 $1,558,070 $1,525,617 Investment Income 36,350 36,350 69,610 46,512 Total Revenues 1,592,480 1,592,480 1,627,680 1,572,129 EXPENDITURES Community Development Personnel 8,341 8,341 8,580 8,444 Contractual Services 316,648 316,648 310,798 263,186 Total Community Development 324,989 324,989 319,378 271,630 Debt Service Principal 605,000 605,000 605,000 595,000 Interest and Fiscal Charges 96,158 96,158 96,158 108,058 Total Expenditures 1,026,147 1,026,147 1,020,536 974,688 Net Change in Fund Balance $566,333 $566,333 607,144 597,441 FUND BALANCE - Beginning of Year 2,227,554 1,630,113 FUND BALANCE - END OF YEAR $2,834,698 $2,227,554 132 VILLAGE OF GLENVIEW DETAILED SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL - CORPORATE PURPOSE BONDS FUND - NONMAJOR DEBT SERVICE FUND For the Year Ended December 31, 2019 With Comparative Actual Amounts for the Year Ended December 31, 2018 2019 Budgeted Amounts Original Final Actual 2018 Actual REVENUES Investment Income $14,505 $14,505 $17,298 $16,512 Total Revenues 14,505 14,505 17,298 16,512 EXPENDITURES Debt Service Principal 1,670,000 1,670,000 1,670,000 1,615,000 Interest and Fiscal Charges 534,403 534,403 533,523 592,682 Total Expenditures 2,204,403 2,204,403 2,203,523 2,207,682 Deficiency of Revenues under Expenditures (2,189,898)(2,189,898)(2,186,225)(2,191,170) OTHER FINANCING SOURCES (USES) Transfers In General Fund 2,201,582 2,201,582 2,232,228 2,260,039 Transfers Out General Fund --(14,257)(503) Total Other Financing Sources (Uses)2,201,582 2,201,582 2,217,971 2,259,536 Net Change in Fund Balance $11,684 $11,684 31,746 68,366 FUND BALANCE - Beginning of Year 468,727 400,361 FUND BALANCE - END OF YEAR $500,473 $468,727 133 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, 2019 With Comparative Actual Amounts for the Year Ended December 31, 2018 2019 Budgeted Amounts Original Final Actual 2018 Actual REVENUES Intergovernmental - Grants $-$-$-$437 Investment Income 2,100 2,100 2,987 10,231 Development - Other Revenues 2,894 2,894 3,162 3,248 Total Revenues 4,994 4,994 6,149 13,916 EXPENDITURES Capital Outlay 97,309 96,605 86,492 2,178,047 Total Expenditures 97,309 96,605 86,492 2,178,047 Deficiency of Revenues under Expenditures (92,315)(91,611)(80,343)(2,164,131) OTHER FINANCING SOURCES Transfers In Special Tax Allocation Fund 97,309 97,309 86,196 1,123,212 Total Other Financing Sources 97,309 97,309 86,196 1,123,212 Net Change in Fund Balance $4,994 $5,698 5,853 (1,040,919) FUND BALANCE - Beginning of Year 94,319 1,135,238 FUND BALANCE - END OF YEAR $100,172 $94,319 134 GOVERNMENTAL FUND DESCRIPTIONS MAJOR 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. 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 - CAPITAL PROJECTS FUND - MAJOR CAPITAL PROJECTS FUND For the Year Ended December 31, 2019 With Comparative Actual Amounts for the Year Ended December 31, 2018 2019 Budgeted Amounts Original Final Actual 2018 Actual REVENUES Intergovernmental - Grants $814,000 $814,000 $671,615 $289,993 Investment Income 19,000 19,000 35,333 30,095 Other Revenues --58,265 12,453 Development - Other Revenues --400 372,301 Total Revenues 833,000 833,000 765,613 704,842 EXPENDITURES Capital Outlay 13,934,485 13,479,911 10,842,635 4,767,341 Debt Service Principal 24,371 24,371 24,371 24,371 Total Expenditures 13,958,856 13,504,282 10,867,006 4,791,712 Deficiency of Revenues under Expenditures (13,125,856)(12,671,282)(10,101,393)(4,086,870) OTHER FINANCING SOURCES Transfers In General Fund 10,750,000 10,750,000 10,750,000 5,440,631 Wholesale Water Fund 556,334 556,334 556,334 540,130 Village Permanent Fund 1,012,500 1,012,500 -- Commuter Parking Fund ---22,000 Facilities Repair and Replacement Fund ---36,066 Total Other Financing Sources 12,318,834 12,318,834 11,306,334 6,038,827 Net Change in Fund Balance $(807,022)$(352,448)1,204,941 1,951,957 FUND BALANCE (DEFICIT) - Beginning of Year 1,070,619 (881,338) FUND BALANCE - END OF YEAR $2,275,560 $1,070,619 135 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, 2019 With Comparative Actual Amounts for the Year Ended December 31, 2018 2019 Budgeted Amounts Original Final Actual 2018 Actual REVENUES Lease Fees $156,000 $156,000 $-$- Investment Income 200,000 200,000 593,533 477,187 Other Revenues --44,193 9,445 Total Revenues 356,000 356,000 637,726 486,632 EXPENDITURES Community Development Contractual Services 636,200 636,200 24 781 Total Expenditures 636,200 636,200 24 781 Excess (Deficiency) of Revenues over (under) Expenditures (280,200)(280,200)637,702 485,851 OTHER FINANCING SOURCES (USES) Property Sales 1,810,000 1,810,000 -- Transfers Out General Fund ---(412,347) Capital Projects Fund (1,012,500)(1,012,500)-- Total Other Financing Sources (Uses)797,500 797,500 -(412,347) Net Change in Fund Balance $517,300 $517,300 637,702 73,504 FUND BALANCE - Beginning of Year 28,877,556 28,804,052 FUND BALANCE - END OF YEAR $29,515,258 $28,877,556 136 ENTERPRISE FUND DESCRIPTIONS Enterprise funds are proprietary funds established to account for the financing of self-supporting activities NONMAJOR ENTERPRISE FUNDS Wholesale Water Fund -to account for the operations associated with the purchase of water from the Village of Wilmette for sale to other water systems. 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, 2019 Wholesale Water Fund Commuter Parking Lot Fund Total Nonmajor Enterprise Funds ASSETS Current Assets Cash and Cash Equivalents $235,503 $844,469 $1,079,972 Investments 247,061 993,900 1,240,961 Receivables Accounts 642,291 189 642,480 Accrued Interest -24,731 24,731 Due from Other Funds -5 5 Total Current Assets 1,124,855 1,863,294 2,988,149 Noncurrent Assets Capital Assets Land -500,000 500,000 Buildings and Improvements -2,804,616 2,804,616 Machinery, Equipment and Furnishings -13,283 13,283 Water System 2,512,633 -2,512,633 Less: Accumulated Depreciation (1,682,328)(1,134,883)(2,817,211) Total Noncurrent Assets 830,305 2,183,016 3,013,321 Total Assets 1,955,160 4,046,310 6,001,470 DEFERRED OUTFLOWS OF RESOURCES Deferred Outflows Related to OPEB 1,776 579 2,355 Total Deferred Outflows of Resources 1,776 579 2,355 LIABILITIES Current Liabilities Accounts Payable 252,294 105,670 357,964 Accrued Payroll 4,419 3,703 8,122 Accrued Expenses 71 592 663 Compensated Absences - Current 1,336 629 1,965 Total Current Liabilities 258,120 110,594 368,714 Noncurrent Liabilities Long-Term Debt Compensated Absences 5,342 2,514 7,856 Total OPEB Liability 10,547 3,436 13,983 Total Noncurrent Liabilities 15,889 5,950 21,839 Total Liabilities 274,009 116,544 390,553 DEFERRED INFLOWS OF RESOURCES Deferred Inflows Related to OPEB 211 69 280 Total Deferred Inflows of Resources 211 69 280 NET POSITION Net Investment in Capital Assets 830,305 2,183,016 3,013,321 Unrestricted 852,411 1,747,260 2,599,671 TOTAL NET POSITION $1,682,716 $3,930,276 $5,612,992 137 138 NONMAJOR ENTERPRISE FUNDS Commuter Total Nonmajor Wholesale Parking Lot Enterprise Water Fund Fund Funds Operating Revenues Charges for Sales and Services Parking Meter Fees -$ 262,894$ 262,894$ Parking Decals - 416,086 416,086 Water Charges 2,283,298 - 2,283,298 Total Charges for Sales and Services 2,283,298 678,980 2,962,278 Miscellaneous Revenue 3,270 9,831 13,101 Total Operating Revenues 2,286,568 688,811 2,975,379 Operating Expenses Operations 1,365,300 564,563 1,929,863 Depreciation and Amortization 62,816 84,979 147,795 Total Operating Expenses 1,428,116 649,542 2,077,658 Operating Income 858,452 39,269 897,721 Non-Operating Revenues Investment Income 6,350 42,429 48,779 Total Non-Operating Revenues 6,350 42,429 48,779 Net Income Before Transfers 864,802 81,698 946,500 Transfers Transfers Out (881,334) - (881,334) Change in Net Position (16,532) 81,698 65,166 NET POSITION - Beginning of Year 1,699,248 3,848,578 5,547,826 NET POSITION - END OF YEAR 1,682,716$ 3,930,276$ 5,612,992$ VILLAGE OF GLENVIEW COMBINING STATEMENT OF REVENUES, EXPENSES, AND CHANGES IN NET POSITION As of December 31, 2019 VILLAGE OF GLENVIEW COMBINING STATEMENT OF CASH FLOWS NONMAJOR ENTERPRISE FUNDS For the Year Ended December 31, 2019 Wholesale Water Fund Commuter Parking Lot Fund Totals CASH FLOWS FROM OPERATING ACTIVITIES Received from Customers $2,427,469 $688,617 $3,116,086 Paid to Suppliers for Goods and Services (1,187,302)(458,019)(1,645,321) Paid to Employees for Services (120,982)(87,460)(208,442) Net Cash Flows From Operating Activities 1,119,185 143,138 1,262,323 CASH FLOWS FROM INVESTING ACTIVITIES Investment Income 6,350 21,277 27,627 Sale of Investments 247,000 244,400 491,400 Purchase of Investments (494,061)(993,900)(1,487,961) Net Cash Flows From Investing Activities (240,711)(728,223)(968,934) CASH FLOWS FROM NONCAPITAL FINANCING ACTIVITIES Transfers Out (881,334)-(881,334) Net Cash Flows From Noncapital Financing Activities (881,334)-(881,334) Net Change in Cash and Cash Equivalents (2,860)(585,085)(587,945) CASH AND CASH EQUIVALENTS - Beginning of Year 238,363 1,429,554 1,667,917 CASH AND CASH EQUIVALENTS - END OF YEAR $235,503 $844,469 $1,079,972 RECONCILIATION OF OPERATING INCOME TO NET CASH FLOWS FROM OPERATING ACTIVITIES Operating Income $858,452 $39,269 $897,721 Adjustments to Reconcile Operating Income to Net Cash Flows From Operating Activities Depreciation 62,816 84,979 147,795 Changes in assets and liabilities Accounts Receivable 140,901 (189)140,712 Due from Other Funds -(5)(5) Accounts Payable 57,928 16,525 74,453 Accrued Salaries 738 1,579 2,317 Accrued Expenses 71 592 663 Compensated Absences Payable 1,210 749 1,959 Total OPEB Liability (1,916)(2)(1,918) Deferred Outflows Related to OPEB (897)(337)(1,234) Deferred Inflows Related to OPEB (118)(22)(140) NET CASH FLOWS FROM OPERATING ACTIVITIES $1,119,185 $143,138 $1,262,323 NONCASH CAPITAL AND RELATED FINANCING ACTIVITIES None 139 140 WHOLESALE WATER FUND - NONMAJOR ENTERPRISE FUND With Comparative Actual Amounts for the Year Ended December 31, 2018 2018 Original Final Actual ActualOperating Revenues Charges for Sales and Services Water Charges 2,258,410$ 2,258,410$ 2,283,298$ 2,087,268$ Total Operating Revenue 2,258,410 2,258,410 2,283,298 2,087,268 Miscellaneous Revenue Other Revenues - - 3,270 698 Total Miscellaneous Revenue - - 3,270 698 Total Operating Revenues 2,258,410 2,258,410 2,286,568 2,087,966 Operating Expenses Water Services Personnel 145,970 145,970 119,999 131,482 Contractual Services 1,323,467 1,323,467 1,215,778 1,177,365 Commodities 16,750 16,750 10,234 13,203 Other Charges 19,289 19,289 19,289 20,092 Total Operating Expenses 1,505,476 1,505,476 1,365,300 1,342,142 Operating Income 752,934 752,934 921,268 745,824 Non-Operating Revenues Investment Income 6,000 6,000 6,350 5,056 Total Non-Operating Revenues 6,000 6,000 6,350 5,056 Net Income Before Transfers 758,934 758,934 927,618 750,880 Transfers OutGeneral Fund (325,000) (325,000) (325,000) (325,000) Capital Projects Fund (556,334) (556,334) (556,334) (540,130) Total Transfers Out (881,334) (881,334) (881,334) (865,130) Change in Net Position - Budgetary Basis (122,400)$ (122,400)$ 46,284 (114,250) Adjustments to GAAP Basis Depreciation and Amortization (62,816) (62,816) Change in Net Position - GAAP Basis (16,532) (177,066) NET POSITION - Beginning of Year, as previously reported 1,699,248 1,887,969 Restatement of Beginning of Year Net Position - (11,655) NET POSITION - Beginning of Year, as restated 1,699,248 1,876,314 NET POSITION - END OF YEAR 1,682,716$ 1,699,248$ VILLAGE OF GLENVIEW DETAILED SCHEDULE OF REVENUES, EXPENSES AND CHANGES IN NET POSITION - BUDGET AND ACTUAL (Budgetary Basis) For the Year Ended December 31, 2019 2019 Budgeted Amount 141 COMMUTER PARKING LOT FUND - NONMAJOR ENTERPRISE FUND With Comparative Actual Amounts for the Year Ended December 31, 2018 2018 Original Final Actual ActualOperating Revenues Charges for Sales and Services Parking Meter Fees 242,930$ 242,930$ 262,894$ 261,328$ Parking Decals 392,718 392,718 416,086 427,886 Total Charges for Sales and Services 635,648 635,648 678,980 689,214 Miscellaneous Revenue Vendor Lease Rental Fee 9,080 9,080 7,180 6,810 Other Revenues - - 2,651 570 Total Miscellaneous Revenue 9,080 9,080 9,831 7,380 Total Operating Revenues 644,728 644,728 688,811 696,594 Operating Expenses Water Services Personnel 83,124 83,124 87,848 62,191 Contractual Services 289,828 289,828 192,608 169,814 Commodities 63,925 63,925 23,193 43,247 Other Charges 260,914 260,914 260,914 167,210 Capital Outlay 107,000 107,000 76,800 153,975 Total Operating Expenses 804,791 804,791 641,363 596,437 Operating Income (Loss)(160,063) (160,063) 47,448 100,157 Non-Operating Revenues Investment Income 27,500 27,500 42,429 28,818 Total Non-Operating Revenues 27,500 27,500 42,429 28,818 Net Income (Loss) Before Transfers (132,563) (132,563) 89,877 128,975 Transfers Out Capital Projects Fund - - - (22,000) Facilities Repair and Replacement Fund - - - (195,674) Total Transfers Out - - - (217,674) Change in Net Position - Budgetary Basis (132,563)$ (132,563)$ 89,877 (88,699) Adjustments to GAAP Basis Acquisition of Capital Assets 76,800 - Depreciation and Amortization (84,979) (81,907) Change in Net Position - GAAP Basis 81,698 (170,606) NET POSITION - Beginning of Year, as previously reported 3,848,578 4,022,399 Restatement of Beginning of Year Net Position - (3,215) NET POSITION - Beginning of Year, as restated 3,848,578 4,019,184 NET POSITION - END OF YEAR 3,930,276$ 3,848,578$ VILLAGE OF GLENVIEW DETAILED SCHEDULE OF REVENUES, EXPENSES AND CHANGES IN NET POSITION - BUDGET AND ACTUAL (Budgetary Basis) For the Year Ended December 31, 2019 2019 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. 142 GLENVIEW WATER FUND - MAJOR ENTERPRISE FUND With Comparative Actual Amounts for the Year Ended December 31, 2018 2018 Original Final Actual ActualOperating Revenues Charges for Sales and Services Water Charges 15,112,469$ 15,112,469$ 14,304,106$ 14,359,059$ Water Connection Charges 150,000 150,000 89,920 200,549 Water Meter and Remote Readers 3,140 3,140 5,772 5,462 Total Charges for Sales and Services 15,265,609 15,265,609 14,399,798 14,565,070 Miscellaneous RevenueLate Payment Fees 160,000 160,000 216,041 191,608 Water for Construction 10,000 10,000 42,711 26,116 Other 53,977 53,977 87,464 52,028 Total Miscellaneous Revenue 223,977 223,977 346,216 269,752 Total Operating Revenues 15,489,586 15,489,586 14,746,014 14,834,822 Operating Expenses Water Services Personnel 2,633,464 2,633,464 2,305,367 2,714,130 Contractual Services 5,677,951 5,784,970 4,984,428 4,782,551 Commodities 879,965 879,965 564,960 704,943 Other Charges 917,127 917,127 867,809 884,649 Capital Outlay 4,775,308 4,775,307 4,798,568 4,271,211 Total Operating Expenses 14,883,815 14,990,833 13,521,132 13,357,484 Operating Income 605,771 498,753 1,224,882 1,477,338 VILLAGE OF GLENVIEW DETAILED SCHEDULE OF REVENUES, EXPENSES AND CHANGES IN NET POSITION - BUDGET AND ACTUAL (Budgetary Basis) For the Year Ended December 31, 2019 2019 Budgeted Amount 143 GLENVIEW WATER FUND - MAJOR ENTERPRISE FUND With Comparative Actual Amounts for the Year Ended December 31, 2018 2018 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, 2019 2019 Budgeted Amount Non-Operating Revenues (Expenses)Investment Income 100,000$ 100,000$ 127,347$ 57,293$ Debt Service Principal (590,706) (590,706) (656,340) (468,815) Interest and Fiscal Charges (109,423) (109,423) (108,284) (103,972) Total Non-Operating Revenues (Expenses)(600,129) (600,129) (637,277) (515,494) Net Income (Loss) Before Contributions and Transfers 5,642 (101,376) 587,605 961,844 Contributions and Transfers In Capital Contributions - - 479,475 - Glenview Sanitary Sewer Fund - - 65,634 93,763 Total Contributions and Transfers In - - 545,109 93,763 Change in Net Position - Budgetary Basis 5,642$ (101,376)$ 1,132,714 1,055,607 Adjustments to GAAP Basis Acquisition of Capital Assets 3,044,355 1,916,536 Depreciation and Amortization (1,430,838) (1,357,727) Principal Expense 656,340 468,815 Change in Net Position - GAAP Basis 3,402,571 2,083,231 NET POSITION - Beginning of Year, as previously reported 37,988,676 36,112,836 Restatement of Beginning of Year Net Position - (207,391) NET POSITION - Beginning of Year, as restated 37,988,676 35,905,445 NET POSITION - END OF YEAR 41,391,247$ 37,988,676$ 144 GLENVIEW SANITARY SEWER FUND - MAJOR ENTERPRISE FUND With Comparative Actual Amounts for the Year Ended December 31, 2018 2018 Original Final Actual ActualOperating RevenuesCharges for Sales and Services Sewer Charges 2,503,860$ 2,503,860$ 2,312,551$ 2,353,848$ Sewer Connection Charges 10,000 10,000 7,583 10,890 Total Charges for Sales and Services 2,513,860 2,513,860 2,320,134 2,364,738 Miscellaneous Revenue Other 70,644 70,644 77,986 73,566 Total Miscellaneous Revenue 70,644 70,644 77,986 73,566 Total Operating Revenues 2,584,504 2,584,504 2,398,120 2,438,304 Operating Expenses Sewerage ServicesPersonnel 534,956 534,956 472,106 545,816 Contractual Services 183,522 228,113 141,879 92,966 Commodities 81,938 81,938 25,987 28,950 Other Charges 143,168 143,168 145,489 149,680 Capital Outlay 1,587,829 1,574,521 1,562,034 1,615,681 Total Operating Expenses 2,531,413 2,562,696 2,347,495 2,433,093 Operating Income 53,091 21,808 50,625 5,211 Non-Operating Revenues (Expenses)Fines and Fees 4,000 4,000 5,949 2,523 Heatherfield Investment Income 9,000 9,000 15,604 10,316 Debt Service Principal (65,634) (65,634) - - Interest and Fiscal Charges (12,158) (12,158) (12,150) (26,188) Total Non-Operating Revenues (Expenses)(64,792) (64,792) 9,403 (13,349) Net Income (Loss) Before Contributions and Transfers (11,701) (42,984) 60,028 (8,138) Contributions and Transfers (Out) Capital Contributions - - 269,988 - Glenview Water Fund - - (65,634) (93,763) Total Contributions and Transfers In (Out)- - 204,354 (93,763) Change in Net Position - Budgetary Basis (11,701)$ (42,984)$ 264,382 (101,901) Adjustments to GAAP basis Acquisition of Capital Assets 697,878 810,041 Depreciation and Amortization (517,511) (503,553) Change in Net Position - GAAP Basis 444,749 204,587 NET POSITION - Beginning of Year, as previously reported 19,847,735 19,679,672 Restatement of Beginning of Year Net Position - (36,524) NET POSITION - Beginning of Year, as restated 19,847,735 19,643,148 NET POSITION - END OF YEAR 20,292,484$ 19,847,735$ VILLAGE OF GLENVIEW DETAILED SCHEDULE OF REVENUES, EXPENSES AND CHANGES IN NET POSITION - BUDGET AND ACTUAL (Budgetary Basis) For the Year Ended December 31, 2019 2019 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, 2019 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 $2,454,512 $318,859 $3,260,233 $1,315,988 $7,349,592 Investments 5,658,173 -3,173,259 2,209,500 11,040,932 Receivables Accounts -22,750 94,497 -117,247 Accrued Interest 61,637 -51,487 14,687 127,811 Other --60,000 -60,000 Prepaid Items --133,825 -133,825 Inventories -420,968 --420,968 Deposits --955,238 -955,238 Total Current Assets 8,174,322 762,577 7,728,539 3,540,175 20,205,613 LIABILITIES Current Liabilities Accounts Payable 379,670 126,392 61,254 31,359 598,675 Accrued Payroll -13,934 9,967 731 24,632 Accrued Expenses 26,618 2,847 6,881 243,601 279,947 Due to Other Funds -5,402 2,879 -8,281 Claims Payable --599,002 -599,002 Unearned Revenues --25,011 -25,011 Total Current Liabilities 406,288 148,575 704,994 275,691 1,535,548 Noncurrent Liabilities Claims Payable --898,503 -898,503 Total Noncurrent Liabilities --898,503 -898,503 Total Liabilities 406,288 148,575 1,603,497 275,691 2,434,051 NET POSITION Unrestricted 7,768,034 614,002 6,125,042 3,264,484 17,771,562 TOTAL NET POSITION $7,768,034 $614,002 $6,125,042 $3,264,484 $17,771,562 145 VILLAGE OF GLENVIEW COMBINING STATEMENT OF REVENUES, EXPENSES, AND CHANGES IN NET POSITION INTERNAL SERVICE FUNDS For the Year Ended December 31, 2019 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 $2,217,489 $1,471,409 $7,548,788 $1,107,390 $12,345,076 Intergovernmental 187,715 ---187,715 Miscellaneous 6,896 111,311 77,574 19,662 215,443 Total Operating Revenues 2,412,100 1,582,720 7,626,362 1,127,052 12,748,234 OPERATING EXPENSES Personnel -410,839 598,561 16,824 1,026,224 Contractual Services -332,107 6,915,865 204,529 7,452,501 Commodities 233,033 223,292 91 -456,416 Other Charges -391,765 --391,765 Capital Outlay 161,990 --321,014 483,004 Total Operating Expenses 395,023 1,358,003 7,514,517 542,367 9,809,910 Operating Income (Loss)2,017,077 224,717 111,845 584,685 2,938,324 NONOPERATING REVENUES Investment Income 134,759 70 476,718 51,320 662,867 Gain on Sale of Capital Assets 735 ---735 Reassignment of Capital Assets (690,346)---(690,346) Total Nonoperating Revenues (554,852)70 476,718 51,320 (26,744) Income (Loss) Before Transfers 1,462,225 224,787 588,563 636,005 2,911,580 TRANSFERS Transfers Out --(250,000)-(250,000) Total Transfers --(250,000)-(250,000) Change in net position 1,462,225 224,787 338,563 636,005 2,661,580 NET POSITION - Beginning of Year 6,305,809 389,215 5,786,479 2,628,479 15,109,982 NET POSITION - END OF YEAR $7,768,034 $614,002 $6,125,042 $3,264,484 $17,771,562 146 VILLAGE OF GLENVIEW COMBINING STATEMENT OF CASH FLOWS INTERNAL SERVICE FUNDS For the Year Ended December 31, 2019 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 $2,739,767 $1,583,908 $7,330,171 $1,194,757 $12,848,603 Paid to Suppliers for Goods and Services (535,347)(975,589)(6,877,313)(273,581)(8,661,830) Paid to Employees for Services -(411,516)(597,108)-(1,008,624) Net Cash Flows From Operating Activities 2,204,420 196,803 (144,250)921,176 3,178,149 CASH FLOWS FROM INVESTING ACTIVITIES Investment Income 111,888 70 484,400 51,101 647,459 Sale of Investments 3,725,532 -2,981,533 1,218,400 7,925,465 Purchase of Investments (4,930,073)-(1,230,474)(2,209,500)(8,370,047) Net Cash Flows From Investing Activities (1,092,653)70 2,235,459 (939,999)202,877 CASH FLOWS FROM NONCAPITAL FINANCING ACTIVITIES Transfers Out --(250,000)-(250,000) Net Cash Flows From Noncapital Financing Activities --(250,000)-(250,000) CASH FLOWS FROM CAPITAL AND RELATED FINANCING ACTIVITIES Proceeds from Sale of Capital Assets 735 ---735 Acquisition and Construction of Capital Assets (1,035,417)---(1,035,417) Net Cash Flows From Capital and Related Financing Activities (1,034,682)---(1,034,682) Net Change in Cash and Cash Equivalents 77,085 196,873 1,841,209 (18,823)2,096,344 CASH AND CASH EQUIVALENTS - Beginning of Year 2,377,427 121,986 1,419,024 1,334,811 5,253,248 CASH AND CASH EQUIVALENTS - END OF YEAR $2,454,512 $318,859 $3,260,233 $1,315,988 $7,349,592 147 VILLAGE OF GLENVIEW COMBINING STATEMENT OF CASH FLOWS INTERNAL SERVICE FUNDS For the Year Ended December 31, 2019 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 TO NET CASH FLOWS FROM OPERATING ACTIVITIES Operating income $2,017,077 $224,717 $111,845 $584,685 $2,938,324 Changes in assets and liabilities Accounts Receivable 327,667 1,188 35,879 67,705 432,439 Inventory -(31,573)--(31,573) Deposits --(334,384)-(334,384) Prepaid Items --(6,970)-(6,970) Accounts Payable (166,942)(2,254)(46,102)25,639 (189,659) Claims Payable --90,069 -90,069 Accrued Salaries -(677)1,453 270 1,046 Accrued Expenses 26,618 --242,877 269,495 Due to Other Funds -5,402 1,646 -7,048 Unearned Revenues --2,314 -2,314 NET CASH FLOWS FROM OPERATING ACTIVITIES $2,204,420 $196,803 $(144,250)$921,176 $3,178,149 NONCASH CAPITAL AND RELATED FINANCING ACTIVITIES None 148 VILLAGE OF GLENVIEW DETAILED SCHEDULE OF REVENUES, EXPENSES, AND CHANGES IN NET POSITION - BUDGET AND ACTUAL CAPITAL EQUIPMENT REPLACEMENT FUND (CERF) - INTERNAL SERVICE FUND For the Year Ended December 31, 2019 With Comparative Actual Amounts for the Year Ended December 31, 2018 2019 Budgeted Amounts Original Final Actual 2018 Actual OPERATING REVENUES Charges for Services CERF Charges $ 2,217,489 $ 2,217,489 $ 2,217,489 $ 2,176,436 Other Charges - - 105 - Intergovernmental - Grants and Loans 515,383 515,383 187,715 327,667 Other Revenues --6,791 1,451 Total Operating Revenues 2,732,872 2,732,872 2,412,100 2,505,554 OPERATING EXPENSES Commodities 321,147 321,147 233,033 208,105 Machinery and Equipment 99,218 99,218 39,435 59,605 Computer Servers 85,375 85,375 100,673 31,242 Vehicles 1,788,011 1,788,011 21,882 - System Improvements 268,828 268,828 -1,785 Total Operating Expenses 2,562,579 2,562,579 395,023 300,737 Operating Income 170,293 170,293 2,017,077 2,204,817 NON-OPERATING REVENUES Investment Income 117,000 117,000 134,759 89,595 Gain on Sale of Capital Assets 61,900 61,900 735 52,458 Reassignment of Capital Assets --(690,346)(846,258) Total Non-Operating Revenues 178,900 178,900 (554,852)(704,205) Change in net position $349,193 $ 349,193 1,462,225 1,500,612 NET POSITION - Beginning of Year 6,305,809 4,805,197 NET POSITION - END OF YEAR $ 7,768,034 $ 6,305,809 149 VILLAGE OF GLENVIEW DETAILED SCHEDULE OF REVENUES, EXPENSES, AND CHANGES IN NET POSITION - BUDGET AND ACTUAL MUNICIPAL EQUIPMENT REPAIR FUND (MERF) - INTERNAL SERVICE FUND For the Year Ended December 31, 2019 With Comparative Actual Amounts for the Year Ended December 31, 2018 2019 Budgeted Amounts Original Final Actual 2018 Actual OPERATING REVENUES Charges for Services Village $1,439,310 $1,439,310 $1,470,557 $1,212,440 Library 5,000 5,000 852 3,079 Other Charges 128,250 128,250 111,311 113,277 Total Operating Revenues 1,572,560 1,572,560 1,582,720 1,328,796 OPERATING EXPENSES Personnel 407,045 407,045 410,839 427,326 Contractual Services 418,300 418,300 332,107 331,805 Commodities 222,765 222,765 223,292 184,695 Other Charges 524,144 524,144 391,765 422,745 Total Operating Expenses 1,572,254 1,572,254 1,358,003 1,366,571 Operating Income (Loss)306 306 224,717 (37,775) NON-OPERATING REVENUES Investment Income 50 50 70 61 Total Non-Operating Revenues 50 50 70 61 Change in Net Position $356 $356 224,787 (37,714) NET POSITION - Beginning of Year 389,215 426,929 NET POSITION - END OF YEAR $614,002 $389,215 150 VILLAGE OF GLENVIEW DETAILED SCHEDULE OF REVENUES, EXPENSES, AND CHANGES IN NET POSITION - BUDGET AND ACTUAL INSURANCE AND RISK FUND - INTERNAL SERVICE FUND For the Year Ended December 31, 2019 With Comparative Actual Amounts for the Year Ended December 31, 2018 2019 Budgeted Amounts Original Final Actual 2018 Actual OPERATING REVENUES Charges for Services Employees $845,330 $845,330 $825,868 $768,019 Village 3,645,703 3,645,703 3,642,169 3,519,257 Retirees 964,029 964,029 979,406 916,047 Component Unit - Library 616,220 616,220 530,109 606,219 Other 1,587,856 1,587,856 1,571,236 1,701,675 Miscellaneous Insurance Recoveries 50,000 50,000 36,040 66,619 Other 14,278 14,278 7,380 9,075 Other Charges --34,154 7,300 Total Operating Revenues 7,723,416 7,723,416 7,626,362 7,594,211 OPERATING EXPENSES Personnel 636,097 636,097 598,561 558,046 Contractual Services 7,382,926 7,382,926 6,915,865 6,614,934 Commodities --91 454 Total Operating Expenses 8,019,023 8,019,023 7,514,517 7,173,434 Operating income (loss)(295,607)(295,607)111,845 420,777 NON-OPERATING REVENUES Investment Income 124,000 124,000 476,718 117,627 Total Non-Operating Revenues 124,000 124,000 476,718 117,627 Net Income (Loss) Before Transfers (171,607)(171,607)588,563 538,404 TRANSFERS OUT General Fund (250,000)(250,000)(250,000)(250,000) Transfers Out (250,000)(250,000)(250,000)(250,000) Change in net position $(421,607)$(421,607)338,563 288,404 NET POSITION - Beginning of Year 5,786,479 5,498,075 NET POSITION - END OF YEAR $6,125,042 $5,786,479 151 VILLAGE OF GLENVIEW DETAILED SCHEDULE OF REVENUES, EXPENSES, AND CHANGES IN NET POSITION - BUDGET AND ACTUAL FACILITIES REPAIR AND REPLACEMENT FUND (FRRF) - INTERNAL SERVICE FUND For the Year Ended December 31, 2019 With Comparative Actual Amounts for the Year Ended December 31, 2018 2019 Budgeted Amounts Original Final Actual 2018 Actual OPERATING REVENUES Charges for Services Facilities Charges $1,107,390 $1,107,390 $1,107,390 $994,700 Other Charges --19,662 71,930 Total Operating Revenues 1,107,390 1,107,390 1,127,052 1,066,630 OPERATING EXPENSES Personnel 16,766 16,766 16,824 11,201 Contractual Services 1,481,003 1,481,003 204,529 41,856 Capital outlay 106,360 106,360 321,014 153,107 Total Operating Expenses 1,604,129 1,604,129 542,367 206,164 Operating Income (Loss)(496,739)(496,739)584,685 860,466 NON-OPERATING REVENUES Investment Income 17,000 17,000 51,320 28,855 Total Non-Operating Revenues 17,000 17,000 51,320 28,855 Net Income (Loss) Before Transfers (479,739)(479,739)636,005 889,321 TRANSFERS IN (OUT) Commuter Parking Fund ---195,674 Capital Projects Fund ---(36,066) Transfers In (Out)---159,608 Change in net position $(479,739)$(479,739)636,005 1,048,929 NET POSITION - Beginning of Year 2,628,479 1,579,550 NET POSITION - END OF YEAR $3,264,484 $2,628,479 152 PENSION TRUST AND CUSTODIAL FUND DESCRIPTIONS Pension trust and custodial 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. CUSTODIAL 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. 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, 2019 Police Pension Fund Firefighters' Pension Fund Totals ASSETS Cash and Cash Equivalents $3,281,791 $416,202 $3,697,993 Investments U.S. Treasuries 8,191,014 3,691,820 11,882,834 U.S. Agencies 7,279,637 23,898,875 31,178,512 Mutual Funds 52,367,193 57,514,977 109,882,170 Corporate Obligations 13,348,114 3,629,996 16,978,110 Municipal Obligations 728,644 4,174,381 4,903,025 Receivables Accrued Interest 192,949 208,562 401,511 Prepaid Items 6,932 4,193 11,125 Total Assets 85,396,274 93,539,006 178,935,280 LIABILITIES Accrued Expenses 11,160 44,359 55,519 Due to Primary Government 14,765 23,991 38,756 Total Liabilities 25,925 68,350 94,275 NET POSITION Restricted for Pension Benefits $85,370,349 $93,470,656 $178,841,005 153 VILLAGE OF GLENVIEW COMBINING STATEMENT OF CHANGES IN FIDUCIARY NET POSITION PENSION TRUST FUNDS For the Year Ended December 31, 2019 Police Pension Fund Firefighters' Pension Fund Total ADDITIONS Contributions Employer $2,460,430 $4,036,671 $6,497,101 Participant 701,306 868,289 1,569,595 Total Contributions 3,161,736 4,904,960 8,066,696 Investment Income Net Appreciation in Fair Value of Investments 9,726,489 12,991,203 22,717,692 Interest Income 3,266,881 2,597,289 5,864,170 Total Investment Income 12,993,370 15,588,492 28,581,862 Less Investment Expense 89,965 162,425 252,390 Net Investment Income 12,903,405 15,426,067 28,329,472 Total Additions 16,065,141 20,331,027 36,396,168 DEDUCTIONS Retirement Pensions 4,609,259 5,219,951 9,829,210 Widow Pensions 217,945 665,141 883,086 Disability Pensions 136,880 482,167 619,047 Children's Pensions 48,270 -48,270 Contribution Refunds 3,605 -3,605 Administration 56,856 71,393 128,249 Total Deductions 5,072,815 6,438,652 11,511,467 Change in Net Position 10,992,326 13,892,375 24,884,701 NET POSITION - Beginning of Year 74,378,023 79,578,281 153,956,304 NET POSITION - END OF YEAR $85,370,349 $93,470,656 $178,841,005 154 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, 2019 With Comparative Actual Amounts for the Year Ended December 31, 2018 2019 Budgeted Amounts Original Final Actual 2018 Actual Additions Contributions Employer $2,448,009 $2,448,009 $2,460,430 $2,470,705 Participant 973,775 973,775 701,306 751,474 Total Contributions 3,421,784 3,421,784 3,161,736 3,222,179 Investment Income Net Appreciation in Fair Value of Investments 4,300,000 4,300,000 9,726,489 (6,973,465) Interest Income 1,050,000 1,050,000 3,266,881 3,465,950 Total Investment Income 5,350,000 5,350,000 12,993,370 (3,507,515) Less Investment Expense 208,934 208,934 89,965 82,136 Net Investment Income 5,141,066 5,141,066 12,903,405 (3,589,651) Total Additions 8,562,850 8,562,850 16,065,141 (367,472) Deductions Retirement Pensions 4,840,890 4,840,890 4,609,259 4,191,283 Widow Pensions 253,014 253,014 217,945 220,240 Disability Pensions 202,177 202,177 136,880 123,482 Children's Pensions --48,270 48,270 Contribution Refunds 50,000 50,000 3,605 24,082 Administration --56,856 61,122 Total Deductions 5,346,081 5,346,081 5,072,815 4,668,479 Change in Net Position $3,216,769 $3,216,769 10,992,326 (5,035,951) NET POSITION - Beginning of Year 74,378,023 79,413,974 NET POSITION - END OF YEAR $85,370,349 $74,378,023 155 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, 2019 With Comparative Actual Amounts for the Year Ended December 31, 2018 2019 Budgeted Amounts Original Final Actual 2018 Actual Additions Contributions Employer $4,027,492 $4,027,492 $4,036,671 $4,048,725 Participant 986,997 986,997 868,289 814,043 Total Contributions 5,014,489 5,014,489 4,904,960 4,862,768 Investment Income Net Appreciation in Fair Value of Investments 4,400,000 4,400,000 12,991,203 (7,544,266) Interest Income 1,700,000 1,700,000 2,597,289 3,709,348 Total Investment Income 6,100,000 6,100,000 15,588,492 (3,834,918) Less Investment Expense 306,739 306,739 162,425 152,347 Net Investment Income 5,793,261 5,793,261 15,426,067 (3,987,265) Total Additions 10,807,750 10,807,750 20,331,027 875,503 Deductions Retirement Pensions 5,850,640 5,850,640 5,219,951 4,933,430 Widow Pensions 645,304 645,304 665,141 582,663 Disability Pensions 508,430 508,430 482,167 478,962 Children's Pensions 21,215 21,215 -- Contribution Refunds 50,000 50,000 -- Administration --71,393 69,772 Total Deductions 7,075,589 7,075,589 6,438,652 6,064,827 Change in Net Position $3,732,161 $3,732,161 13,892,375 (5,189,324) NET POSITION - Beginning of Year 79,578,281 84,767,605 NET POSITION - END OF YEAR $93,470,656 $79,578,281 156 VILLAGE OF GLENVIEW COMBINING STATEMENT OF FIDUCIARY NET POSITION CUSTODIAL FUNDS As of December 31, 2019 Special Service Area (SSA) Bond Fund Joint ETSB Total ASSETS Cash and Cash Equivalents $180,300 $1,391,816 $1,572,116 Receivables Taxes 333,115 -333,115 Total Assets 513,415 1,391,816 1,905,231 LIABILITIES Accrued Expenses 4,533 -4,533 Due to Primary Government -85,778 85,778 Due to Members -1,306,038 1,306,038 Advances to Primary Government 318,461 -318,461 Total Liabilities 322,994 1,391,816 1,714,810 DEFERRED INFLOWS OF RESOURCES Property Taxes Levied for Future Periods 333,115 -333,115 Total Deferred Inflows of Resources 333,115 -333,115 NET POSITION Unrestricted (Deficit)(142,694)-(142,694) TOTAL NET POSITION $(142,694)$-$(142,694) 157 VILLAGE OF GLENVIEW COMBINING STATEMENT OF CHANGES IN FIDUCIARY NET POSITION CUSTODIAL FUNDS For the Year Ended December 31, 2019 Special Service Area (SSA) Bond Fund Joint ETSB Total ADDITIONS Investment Income Interest Income $5,960 $18,806 $24,766 Total Investment Income 5,960 18,806 24,766 Property Taxes 365,193 -365,193 911 Surcharge -4,532,360 4,532,360 Total Additions 371,153 4,551,166 4,922,319 DEDUCTIONS Remittance of Principal to Bondholders 163,705 -163,705 Remittance of Interest to Bondholders 67,028 -67,028 Distributions to Primary Government -1,031,826 1,031,826 Distributions to Members -3,519,340 3,519,340 Miscellaneous 110,515 -110,515 Total Deductions 341,248 4,551,166 4,892,414 Change in Net Position 29,905 -29,905 NET POSITION (DEFICIT) - Beginning of Year (as restated)(172,599)-(172,599) NET POSITION (DEFICIT) - END OF YEAR $(142,694)$-$(142,694) 158 GLENVIEW LIBRARY COMPONENT UNIT The Glenview Library (Library)is a discretely presented component unit of the Village of Glenview. The following fund descriptions provide information on the governmental funds used within the Village's component unit, the Library. The Glenview Library Funds account for the resources necessary to provide the educational, cultural, and recreational activities of the Glenview Public Library. 159 Library General Fund Library Debt Service Nonmajor Library Funds Total Library ASSETS Current Assets Cash and Cash Equivalents 3,830,173$ 550,099$ 998,912$ 5,379,184$ Investments 2,000,000 - - 2,000,000 Prepaids 1,210 - - 1,210 Receivables, Net of Allowances Property Taxes 6,118,826 1,661,599 - 7,780,425 Interest 56,600 - - 56,600 Total Current Assets 12,006,809 2,211,698 998,912 15,217,419 Noncurrent Assets Capital Assets Not Depreciated - - - - Capital Assets Depreciation (Net)- - - - Total Noncurrent Assets - - - - TOTAL ASSETS 12,006,809 2,211,698 998,912 15,217,419 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, 2019 Combining Balance Sheet VILLAGE OF GLENVIEW COMBINING BALANCE SHEET AND STATEMENT OF NET POSITION GLENVIEW LIBRARY - COMPONENT UNIT 160 Adjustments Total Component Unit - Glenview Library -$ 5,379,184$ - 2,000,000 - 1,210 - 7,780,425 - 56,600 - 15,217,419 5,426,987 5,426,987 23,863,969 23,863,969 29,290,956 29,290,956 29,290,956 44,508,375 784,848 784,848 2,589,629 2,589,629 40,041 40,041 3,414,518 3,414,518 Statement of Net Position 161 Library General Fund Library Debt Service Nonmajor Library Funds Total Library As of December 31, 2019 Combining Balance Sheet VILLAGE OF GLENVIEW COMBINING BALANCE SHEET AND STATEMENT OF NET POSITION GLENVIEW LIBRARY - COMPONENT UNIT LIABILITIES Current Liabilities Accounts Payable 221,547$ 220$ 16,284$ 238,051$ Accrued Payroll 200,821 - - 200,821 Accrued Interest - - - - Current Portion of Bonds Payable - - - - Current Portion of Compensated Absences - - - - Total Current Liabilities 422,368 220 16,284 438,872 Noncurrent Liabilities Bonds Payable - - - - Unamortized Bond Premiums - - - - Net Pension Liability - - - - Total OPEB Liability - - - - Compensated Absences - - - - Total Noncurrent Liabilities - - - - TOTAL LIABILITIES 422,368 220 16,284 438,872 DEFERRED INFLOWS OF RESOURCES Property Taxes Levied for a Future Period 6,156,825 1,672,980 - 7,829,805 Deferred Inflows Related to Pensions - - - - Deferred Inflows Related to OPEB - - - - TOTAL DEFERRED INFLOWS OF RESOURCES 6,156,825 1,672,980 - 7,829,805 FUND BALANCES/NET POSITIONNet Investment in Capital Assets - - - - Restricted - 538,498 982,628 1,521,126 Unassigned/Unrestricted 5,427,616 - - 5,427,616 TOTAL FUND BALANCES/NET POSITION 5,427,616 538,498 982,628 6,948,742 TOTAL LIABILITIES, DEFERRED INFLOWS OF RESOURCES, AND FUND BALANCES/NET POSITION 12,006,809$ 2,211,698$ 998,912$ 15,217,419$ 162 Adjustments Total Component Unit - Glenview Library Statement of Net Position -$ 238,051$ - 200,821 52,356 52,356 1,132,750 1,132,750 47,347 47,347 1,232,453 1,671,325 13,110,350 13,110,350 1,926,389 1,926,389 3,825,253 3,825,253 237,758 237,758 189,389 189,389 19,289,139 19,289,139 20,521,592 20,960,464 - 7,829,805 533,062 533,062 4,766 4,766 537,828 8,367,633 13,906,315 13,906,315 - 1,521,126 (2,260,261) 3,167,355 11,646,054 18,594,796 32,705,474$ 47,922,893$ 163 Library General Fund Library Debt Service Nonmajor Library Funds Total Library REVENUES Property Taxes 6,310,692$ 1,802,754$ -$ 8,113,446$ Charges for Services 60,026 - - 60,026 Fines and Forfeitures 60,964 - - 60,964 Intergovernmental 1,225,206 - - 1,225,206 Investment Income 134,324 21,164 17,551 173,039 Other Revenue 102,705 - 59,814 162,519 Total Revenues 7,893,917 1,823,918 77,365 9,795,200 EXPENDITURES Current Culture and Recreation 6,709,699 220 50,733 6,760,652 Debt Service Principal - 1,083,500 - 1,083,500 Interest and Other - 683,457 - 683,457 Capital Outlay 277,683 - 32,272 309,955 Total Expenditures 6,987,382 1,767,177 83,005 8,837,564 Excess (Deficiency) of Revenues over Expenditures 906,535 56,741 (5,640) 957,636 OTHER FINANCING SOURCES (USES)Transfers In 150,828 - 217,224 368,052 Transfers Out (217,224) - (150,828) (368,052) Total Other Financing Sources (Uses)(66,396) - 66,396 - Net Change in Fund Balances/Net Position 840,139 56,741 60,756 957,636 FUND BALANCES/NET POSITION - Beginning of Year 4,587,477 481,757 921,872 5,991,106 FUND BALANCES/NET POSITION - END OF YEAR 5,427,616$ 538,498$ 982,628$ 6,948,742$ VILLAGE OF GLENVIEW COMBINING STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES AND GLENVIEW LIBRARY - COMPONENT UNIT For the Year Ended December 31, 2019 STATEMENT OF ACTIVITIES Statement of Revenues, Expenditures, and Changes in Fund Balances 164 Adjustments Total Component Unit - Glenview Library -$ 8,113,446$ - 60,026 - 60,964 - 1,225,206 - 173,039 - 162,519 - 9,795,200 (43,163) 6,717,489 (1,083,500) - (118,669) 564,788 569,341 879,296 (675,991) 8,161,573 675,991 1,633,627 (368,052) - 368,052 - - - 675,991 1,633,627 10,970,063 16,961,169 11,646,054$ 18,594,796$ 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, 2019 With Comparative Actual Amounts for the Year Ended December 31, 2018 2019 Budgeted Amounts Original Final Actual 2018 Actual REVENUES PROPERTY TAXES Current Year $6,354,792 $6,354,792 $6,402,024 $6,382,597 Prior Year (75,000)(75,000)(91,332)(81,859) Total Property Taxes 6,279,792 6,279,792 6,310,692 6,300,738 CHARGES FOR SERVICES Nonresident Fee 10,000 10,000 9,827 10,780 Personal Books 900 900 524 682 Copying Fees 16,000 16,000 18,101 20,103 Circular Collection Fees 200 200 876 271 Video Fees 18,000 18,000 12,043 18,264 Rental Fees 10,000 10,000 18,655 14,421 Total Charges for Services 55,100 55,100 60,026 64,521 FINES AND FORFEITURES Library Fines 61,000 61,000 50,285 55,747 Lost and Paid 11,000 11,000 10,679 11,498 Total Fines and Forfeitures 72,000 72,000 60,964 67,245 INTERGOVERNMENTAL Property Replacement Tax 45,000 45,000 58,852 48,222 Make-Whole Payment 1,108,667 1,108,667 1,106,616 1,117,756 Grant Revenue 50,000 50,000 59,738 94,959 Total Intergovernmental 1,203,667 1,203,667 1,225,206 1,260,937 INVESTMENT INCOME Interest 68,500 68,500 134,324 98,160 OTHER REVENUE Employee Dental Contribution 21,000 21,000 16,428 19,340 Miscellaneous 22,000 22,000 86,277 44,594 Total Other Revenue 43,000 43,000 102,705 63,934 Total Revenues 7,722,059 7,722,059 7,893,917 7,855,535 EXPENDITURES CULTURE AND RECREATION Library Adminstration Personnel 1,286,348 1,286,348 1,151,878 1,182,539 Contractual Services 360,801 360,801 322,439 344,436 Commodities 11,600 11,600 9,687 8,380 Other Charges 47,500 47,500 25,622 16,609 Total Library Adminstration 1,706,249 1,706,249 1,509,626 1,551,964 165 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, 2019 With Comparative Actual Amounts for the Year Ended December 31, 2018 2019 Budgeted Amounts Original Final Actual 2018 Actual Expenditures (cont.) Reader's Services Personnel $847,247 $847,247 $858,671 $842,187 Contractual Services 83,400 83,400 80,376 76,727 Commodities 252,150 252,150 212,312 240,289 Other Charges 3,250 3,250 2,756 1,072 Total Reader's Services 1,186,047 1,186,047 1,154,115 1,160,275 Buildings and Grounds Maintenance Personnel 220,864 220,864 219,267 222,698 Contractual Services 122,610 122,610 167,346 160,000 Commodities 70,000 70,000 68,169 73,489 Other Charges 200 200 166 210 Total Buildings and Grounds Maintenance 413,674 413,674 454,948 456,397 Circulation Personnel 864,792 864,792 813,841 892,172 Contractual Services 13,750 13,750 15,742 11,820 Commodities 18,000 18,000 8,895 19,112 Other Charges 3,350 3,350 1,912 2,064 Total Circulation 899,892 899,892 840,390 925,168 Public Information Personnel 173,183 173,183 180,897 191,852 Contractual Services 66,309 66,309 60,151 47,921 Commodities 4,700 4,700 1,201 3,482 Other Charges 600 600 271 273 Total Public Information 244,792 244,792 242,520 243,528 Technical Services Personnel 603,385 603,385 392,985 535,100 Contractual Services 8,800 8,800 3,888 5,975 Commodities 15,200 15,200 15,973 12,720 Other Charges 2,100 2,100 264 347 Total Technical Services 629,485 629,485 413,110 554,142 Youth Services Personnel 630,720 630,720 622,137 606,017 Contractual Services 60,860 60,860 45,580 51,599 Commodities 129,200 129,200 138,142 129,794 Other Charges 6,500 6,500 2,728 3,463 Total Youth Services 827,280 827,280 808,587 790,873 166 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, 2019 With Comparative Actual Amounts for the Year Ended December 31, 2018 2019 Budgeted Amounts Original Final Actual 2018 Actual Expenditures (cont.) Reference Personnel $566,309 $566,309 $584,467 $581,032 Contractual Services 199,300 199,300 165,462 174,438 Commodities 106,010 106,010 67,387 66,059 Other Charges 3,070 3,070 494 1,581 Total Reference 874,689 874,689 817,810 823,110 Information Technology Personnel 293,703 293,703 273,800 271,600 Contractual Services 187,000 187,000 187,392 182,222 Commodities 6,550 6,550 3,911 5,596 Other Charges 2,300 2,300 3,490 2,206 Total Information Technology 489,553 489,553 468,593 461,624 Total Culture and Recreation 7,271,661 7,271,661 6,709,699 6,967,081 CAPITAL OUTLAY Furniture and Fixtures 37,408 37,408 5,602 7,071 Machinery and Equipment 4,893 4,893 9,098 2,256 Information System 237,985 237,985 217,242 208,406 Building Improvements 660,828 660,828 45,741 - Total Capital Outlay 941,114 941,114 277,683 217,733 Total Expenditures 8,212,775 8,212,775 6,987,382 7,184,814 Excess (deficiency) of revenues over (under) expenditures (490,716)(490,716)906,535 670,721 OTHER FINANCING SOURCES (USES) Transfer (out) Gift Fund 25,828 25,828 25,828 - Friends of Library 125,000 125,000 125,000 - Library Special Reserve Fund -(217,224)(217,224)(172,224) Library Debt Service (217,224)--- Total Other Financing Sources (Uses)(66,396)(66,396)(66,396)(172,224) Net Change in Fund Balance $(557,112)$(557,112)840,139 498,497 FUND BALANCE - Beginning of Year 4,587,477 4,088,980 FUND BALANCE - END OF YEAR $5,427,616 $4,587,477 167 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, 2019 With Comparative Actual Amounts for the Year Ended December 31, 2018 2019 Budgeted Amounts Original Final Actual 2018 Actual REVENUES Property $1,783,618 $1,783,618 $1,802,754 $1,985,208 Investment Income 21,000 21,000 21,164 20,830 Total Revenues 1,804,618 1,804,618 1,823,918 2,006,038 EXPENDITURES Culture and Recreation Contractual services 660 660 220 - Total Culture and Recreation 660 660 220 - Debt Service Principal 1,083,500 1,083,500 1,083,500 1,225,045 Interest Expense 683,958 683,958 683,457 726,833 Total Debt Service 1,767,458 1,767,458 1,766,957 1,951,878 Total Expenditures 1,768,118 1,768,118 1,767,177 1,951,878 Net Change in Fund Balance $36,500 $36,500 56,741 54,160 FUND BALANCE - Beginning of Year 481,757 427,597 FUND BALANCE - END OF YEAR $538,498 $481,757 168 169 Friends of the Library Gift Total Special Revenue Assets Cash and Cash Equivalents 51,467$ 85,494$ 136,961$ Total Assets 51,467$ 85,494$ 136,961$ Liabilities and Fund Balances Liabilities Accounts Payable -$ -$ -$ Total Liabilities - - - Fund Balance Restricted 51,467 85,494 136,961 Total Fund Balances 51,467 85,494 136,961 Total Liabilities and Fund Balances 51,467$ 85,494$ 136,961$ As of December 31, 2019 Special Revenue Funds VILLAGE OF GLENVIEW COMBINING BALANCE SHEET GLENVIEW LIBRARY - COMPONENT UNIT - LIBRARY NONMAJOR FUNDS 170 Library Capital Contribution Library Special Reserve Total Capital Project Total Nonmajor Library 60,125$ 801,826$ 861,951$ 998,912$ 60,125$ 801,826$ 861,951$ 998,912$ 9,500$ 6,784$ 16,284$ 16,284$ 9,500 6,784 16,284 16,284 50,625 795,042 845,667 982,628 50,625 795,042 845,667 982,628 60,125$ 801,826$ 861,951$ 998,912$ Capital Projects Funds 171 Friends of the Library Gift Total Special Revenue RevenuesOther Revenue Donations 50,000$ 4,082$ 54,082$ Miscellaneous - - - Investment Income 1,695 1,746 3,441 Total Revenues 51,695 5,828 57,523 Expenditures Culture and Recreation Contractual Services - - - Miscellaneous 6,309 - 6,309 Capital Outlay - - - Total Expenditures 6,309 - 6,309 Excess (Deficiency) of Revenues over (under) Expenditures 45,386 5,828 51,214 Other Financing Sources (Uses) Transfers In - - - Transfers Out (125,000) (25,828) (150,828) Total Other Financing Sources (Uses)(125,000) (25,828) (150,828) Net Change in Fund Balances (79,614) (20,000) (99,614) FUND BALANCE - Beginning of Year 131,081 105,494 236,575 FUND BALANCE - END OF YEAR 51,467$ 85,494$ 136,961$ 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, 2019 172 Library Capital Contribution Library Special Reserve Total Capital Project Total Nonmajor Library 2,018$ -$ 2,018$ 56,100$ - 3,714 3,714 3,714 1,228 12,882 14,110 17,551 3,246 16,596 19,842 77,365 - 5,500 5,500 5,500 38,924 - 38,924 45,233 - 32,272 32,272 32,272 38,924 37,772 76,696 83,005 (35,678) (21,176) (56,854) (5,640) - 217,224 217,224 217,224 - - - (150,828) - 217,224 217,224 66,396 (35,678) 196,048 160,370 60,756 86,303 598,994 685,297 921,872 50,625$ 795,042$ 845,667$ 982,628$ 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, 2019 With Comparative Actual Amounts for the Year Ended December 31, 2018 2019 Budgeted Amounts Original Final Actual 2018 Actual REVENUES Investment Income $8,800 $8,800 $12,882 $8,739 Miscellaneous --3,714 794 Total Revenues 8,800 8,800 16,596 9,533 EXPENDITURES Culture and Recreation Contractual Services --5,500 - Total Culture and Recreation --5,500 - Capital Outlay Capital Outlay 476,340 476,340 32,272 39,853 Total Expenditures 476,340 476,340 37,772 39,853 Excess (Deficiency) of Revenues over (under) Expenditures (467,540)(467,540)(21,176)(30,320) OTHER FINANCING SOURCES Transfers In Library General Fund 217,224 217,224 217,224 172,224 Total Other Financing Sources 217,224 217,224 217,224 172,224 Net Change in Fund Balance $(250,316)$(250,316)196,048 141,904 FUND BALANCE - Beginning of Year 598,994 457,090 FUND BALANCE - END OF YEAR $795,042 $598,994 173 174 VILLAGE OF GLENVIEW LONG-TERM DEBT REQUIREMENTSILLINOIS ENVIRONMENT PROTECTION AGENCY LOAN December 31, 2019 Date of Issue October 1, 2010 Date of Maturity April 14, 2031 Amount of Issue 633,827$ 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 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 12,190 - 12,190 Total 146,225$ 134,035$ 280,260$ Note: Principal will be paid by the Capital Projects Fund. Requirements 175 VILLAGE OF GLENVIEW LONG-TERM DEBT REQUIREMENTS GENERAL OBLIGATION REFUNDING BOND SERIES 2012A December 31, 2019 Date of Issue June 14, 2012 Date of Maturity Decemer 1, 2021Amount 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 1Paying Agent Wells Fargo Bank, N.A., Chicago, IL Future Principal and Interest Requirements Fiscal Year EndingDecember 31,Principal Interest Total June 1 Amount December 1 Amount 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 12,240,000$ 677,700$ 12,917,700$ 338,850$ 338,850$ Note: Principal and interest is payable from the Special Tax Allocation Fund. Requirements Interest Due on 176 VILLAGE OF GLENVIEW LONG-TERM DEBT REQUIREMENTS GENERAL OBLIGATION REFUNDING BOND SERIES 2012B December 31, 2019 Date of Issue December 18, 2012 Date of Maturity December 1, 2024Amount 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 1Paying Agent Wells Fargo Bank, N.A., Chicago, IL Future Principal and Interest Requirements Fiscal Year EndingDecember 31,Principal Interest Total June 1 Amount December 1 Amount 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 8,060,000$ 907,700$ 8,967,700$ 453,850$ 453,850$ Note: Principal and interest is payable from a property tax levy. Requirements Interest Due on 177 VILLAGE OF GLENVIEW LONG-TERM DEBT REQUIREMENTS GENERAL OBLIGATION BOND SERIES 2013A December 31, 2019 Date of Issue December 19, 2013 Date of Maturity December 1, 2033Amount 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 1Paying Agent Wells Fargo Bank, N.A., Chicago, IL Future Principal and Interest Requirements Fiscal Year EndingDecember 31,Principal Interest Total June 1 Amount December 1 Amount 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 4,580,000$ 1,407,019$ 5,987,019$ 703,509$ 703,509$ Note: Principal and interest will be paid by the Debt Service Fund via a transfer from the Corporate Fund. Requirements Interest Due on 178 VILLAGE OF GLENVIEW LONG-TERM DEBT REQUIREMENTS GENERAL OBLIGATION BOND SERIES 2013B December 31, 2019 Date of Issue December 19, 2013 Date of Maturity December 1, 2023Amount 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 1Paying Agent Wells Fargo Bank, N.A., Chicago, IL Future Principal and Interest Requirements Fiscal Year EndingDecember 31,Principal Interest Total June 1 Amount December 1 Amount 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 2,600,000$ 214,690$ 2,814,690$ 107,345$ 107,345$ Note: Principal and interest will be paid by the Waukegan/Golf TIF Fund. Requirements Interest Due on 179 VILLAGE OF GLENVIEW LONG-TERM DEBT REQUIREMENTS GENERAL OBLIGATION REFUNDING BOND SERIES 2016A December 31, 2019 Date of Issue October 27, 2016 Date of Maturity December 1, 2029Amount 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 1Paying Agent Wells Fargo Bank, N.A., Chicago, IL Future Principal and Interest Requirements Fiscal Year EndingDecember 31,Principal Interest Total June 1 Amount December 1 Amount 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 14,243,100$ 3,421,050$ 17,664,150$ 1,710,525$ 1,710,525$ Note: Principal and interest is payable from proceeds of the library property tax levy. Requirements Interest Due on 180 VILLAGE OF GLENVIEW LONG-TERM DEBT REQUIREMENTS ADVANCE METERING INFRASTRUCTURE LOAN December 31, 2019 Date of Issue May 1, 2015 Date of Maturity December 1, 2025Amount of Issue 6,876,024$ Interest Rates 2.00% Interest Dates June 1 and December 1Prinicipal Maturity Date December 1 Paying Agent Glenview Bank Future Principal and Interest RequirementsFiscal Year EndingDecember 31,Principal Interest Total June 1 Amount December 1 Amount 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 5,422,699$ 360,434$ 5,783,133$ 179,723$ 180,711$ Note: Principal and interest will be paid by the Water Fund and Sewer Fund. Requirements Interest Due on 181 Special Revenue Fund Capital Projects Fund Special Tax Allocation Fund Glen Capital Projects Fund Total GNAS Redevelopment Area ASSETSCash and Cash Equivalents 10,743,247$ 100,172$ 10,843,419$ Investments 23,500,000 - 23,500,000 Receivables, net of allowances Accounts 49,763 - 49,763 Accrued Interest 351,575 - 351,575 Due from Other Funds 22 - 22 Notes Receivable 2,363,667 - 2,363,667 TOTAL ASSETS 37,008,274$ 100,172$ 37,108,446$ LIABILITIES AND FUND BALANCES Liabilities Accounts Payable 18,080,333$ -$ 18,080,333$ Accrued Payroll 13,884 - 13,884 Due to Other Funds 1,387 - 1,387 Other Payables - - - Advances from Other Funds 16,049,864 - 16,049,864 Total Liabilities 34,145,468 - 34,145,468 Fund Balances Restricted for Economic Development 2,862,806 - 2,862,806 Assigned to Capital Project Funds - 100,172 100,172 Total Fund Balances 2,862,806 100,172 2,962,978 TOTAL LIABILITIES AND FUND BALANCES 37,008,274$ 100,172$ 37,108,446$ VILLAGE OF GLENVIEW COMBINING BALANCE SHEET GLENVIEW NAVAL AIR STATION (GNAS) REDEVELOPMENT AREA FUNDS As of December 31, 2019 182 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, 2019 Special Revenue Fund Capital Projects Fund Special Tax Allocation Fund Glen Capital Projects Fund Total GNAS Redevelopment Area REVENUES Property Taxes 35,174,563$ -$ 35,174,563$ Charges for Services 204,506 - 204,506 Intergovernmental 189,100 - 189,100 Investment Income 822,740 2,987 825,727 Miscellaneous 163,023 3,162 166,185 Total Revenues 36,553,932 6,149 36,560,081 EXPENDITURES Current General Government 22,699,358 - 22,699,358 Capital Outlay - 86,492 86,492 Debt service Principal 7,155,938 - 7,155,938 Interest and Fiscal Charges 979,184 - 979,184 Total Expenditures 30,834,480 86,492 30,920,972 Excess (Deficiency) of Revenues over (under) Expenditures 5,719,452 (80,343) 5,639,109 OTHER FINANCING SOURCES (USES) Transfers In - 86,196 86,196 Transfers Out (86,196) - (86,196) Total Other Financing Sources (Uses)(86,196) 86,196 - Net Change in Fund Balances 5,633,256 5,853 5,639,109 FUND BALANCES (DEFICIT) - Beginning of Year (2,770,450) 94,319 (2,676,131) FUND BALANCES - END OF YEAR 2,862,806$ 100,172$ 2,962,978$ Statistical Section Contents Page Financial Trends 183 - 192 Revenue Capacity 193 - 200 Debt Capacity 201 - 204 Demographic and Economic Information 205 - 208 Operating Information 209 - 212 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. 183 VILLAGE OF GLENVIEW NET POSITION Last Ten Fical Years 2010 2011 2012 2013 GOVERNMENTAL ACTIVITIES Net investment in capital assets 93,936,562$ 102,217,913$ 109,488,722$ 139,233,309$ Restricted 29,923,363 23,711,651 45,978,154 11,484,242 Unrestricted 66,754,133 68,927,169 42,720,345 50,861,602 TOTAL GOVERNMENTAL ACTIVITIES 190,614,058$ 194,856,733$ 198,187,221$ 201,579,153$ BUSINESS-TYPE ACTIVITIES Net investment in capital assets 51,450,402$ 55,566,298$ 56,331,598$ 58,075,392$ Unrestricted 2,104,898 5,373,918 7,475,383 10,891,341 TOTAL BUSINESS-TYPE ACTIVITIES 53,555,300$ 60,940,216$ 63,806,981$ 68,966,733$ PRIMARY GOVERNMENT Net investment in capital assets 145,386,964$ 157,784,211$ 165,820,320$ 197,308,701$ Restricted 29,923,363 23,711,651 45,978,154 11,484,242 Unrestricted 68,859,031 74,301,087 50,195,728 61,752,943 TOTAL PRIMARY GOVERNMENT 244,169,358$ 255,796,949$ 261,994,202$ 270,545,886$ Data Source The Village of Glenview's Comprehensive Annual Financial Report. Fiscal Year 184 2014 2015 2016 2017 2018 2019 149,950,065$ 190,234,952$ 190,133,236$ 200,207,529$ 202,699,589$ 211,320,561$ 2,407,413 2,194,487 2,906,999 3,657,835 4,413,818 8,162,705 (11,873,206) (11,596,195) (10,645,007) (10,627,289) (9,283,111) (5,872,546) 140,484,272$ 180,833,244$ 182,395,228$ 193,238,075$ 197,830,296$ 213,610,720$ 60,891,686$ 55,002,443$ 53,413,336$ 53,974,120$ 55,163,508$ 57,542,738$ 8,714,501 6,214,430 5,983,945 7,728,756 8,220,729 9,753,985 69,606,187$ 61,216,873$ 59,397,281$ 61,702,876$ 63,384,237$ 67,296,723$ 210,841,751$ 245,237,395$ 243,546,572$ 254,181,649$ 257,863,097$ 268,863,299$ 2,407,413 2,194,487 2,906,999 3,657,835 4,413,818 8,162,705 (3,158,705) (5,381,765) (4,661,062) (2,898,533) (1,062,382) 3,881,439 210,090,459$ 242,050,117$ 241,792,509$ 254,940,951$ 261,214,533$ 280,907,443$ 185 VILLAGE OF GLENVIEW CHANGES IN NET POSITIONLast Ten Fiscal Years 2010 2011 2012 2013 EXPENSES Governmental ActivitiesGeneral government 32,335,971$ 33,989,230$ 40,172,192$ 38,505,592$ Public safety 30,475,113 25,769,097 27,145,548 27,152,669 Public works 13,981,277 8,581,360 6,670,428 7,743,333 Development 12,198,120 10,029,890 6,421,304 14,486,953 Interest on long-term debt 4,085,152 3,353,913 2,984,565 2,547,042 Total Governmental Activities Expenses 93,075,633 81,723,490 83,394,037 90,435,589 Business-Type Activities Water services 9,265,407 8,795,466 10,339,739 9,880,585 North Maine water and sewer services 6,267,880 6,197,752 7,399,749 7,399,181 Sanitary sewer services 1,948,357 1,801,454 1,729,509 1,789,883 Wholesale water 1,083,206 1,119,994 1,157,835 1,129,077 Commuter parking 383,196 386,244 449,674 364,679 Total Business-type Activities Expenses 18,948,046 18,300,910 21,076,506 20,563,405 TOTAL PRIMARY GOVERNMENT EXPENSES 112,023,679$ 100,024,400$ 104,470,543$ 110,998,994$ PROGRAM REVENUES Governmental Activities Charges for Services General government 3,931,687$ 3,854,148$ 3,564,720$ 7,242,189$ Public safety 5,345,151 5,195,936 4,967,056 5,339,032 Public works - - 945,812 945,521 Development 3,993,971 2,015,239 850,749 469,771 Operating grants and contributions 1,662,479 1,832,805 1,960,093 1,875,489 Capital grants and contributions 2,362,508 2,439,618 746,987 203,909 Total Governmental Activities Program Revenues 17,295,796 15,337,746 13,035,417 16,075,911 Business-Type Activities Charges for ServicesWater services 9,045,480 9,751,605 11,351,729 11,213,172 North Maine water and sewer services 7,473,673 8,120,035 8,229,828 8,611,294 Sanitary sewer services 2,114,548 2,314,028 2,523,022 2,355,451 Wholesale water 1,997,367 2,156,636 2,063,759 2,190,544 Commuter parking 524,244 525,991 526,212 570,670 Operating grants and contributions - 27,854 - - Capital grants and contributions - 27,854 - - Total Business-Type Activities Program Revenues 21,155,312 22,896,149 24,694,550 24,941,131 38,451,108$ 38,233,895$ 37,729,967$ 41,017,042$ NET REVENUE (EXPENSE) Governmental Activities (75,779,837)$ (66,385,744)$ (70,358,620)$ (74,359,678)$ Business-Type Activities 2,207,266 4,595,239 3,618,044 4,377,726 TOTAL PRIMARY GOVERNMENT NET REVENUE (EXPENSE)(73,572,571)$ (61,790,505)$ (66,740,576)$ (69,981,952)$ Fiscal Year TOTAL PRIMARY GOVERNMENT PROGRAM REVENUES 186 2014 2015 2016 2017 2018 2019 36,586,774$ 34,403,572$ 44,385,296$ 42,184,653$ 42,033,645$ 43,756,473$ 23,105,414 20,638,161 34,694,711 34,322,701 36,999,265 38,694,541 22,535,067 26,550,936 12,872,643 18,850,845 15,879,425 14,931,138 11,829,052 5,107,156 8,956,426 4,654,804 6,801,693 3,982,894 2,231,704 2,087,567 1,853,307 2,027,661 1,581,379 1,361,391 96,288,011 88,787,392 102,762,383 102,040,664 103,295,407 102,726,437 10,634,065 15,164,208 16,376,087 13,118,448 12,902,647 12,015,899 7,547,458 14,915,126 19,318 - - - 2,051,642 2,034,331 2,326,072 2,292,993 2,152,793 2,179,278 1,064,737 1,172,689 1,276,248 1,393,330 1,404,958 1,428,116 409,584 487,345 428,679 489,432 678,344 649,542 21,707,486 33,773,699 20,426,404 17,294,203 17,138,742 16,272,835 117,995,497$ 122,561,091$ 123,188,787$ 119,334,867$ 120,434,149$ 118,999,272$ 7,090,956$ 6,776,652$ 4,015,275$ 4,610,434$ 4,838,551$ 3,851,196$ 7,789,777 8,017,412 8,036,363 11,164,334 10,013,251 10,284,058 945,106 1,011,433 962,941 1,018,286 1,012,457 1,008,877 817,593 137,783 261,785 459,205 883,365 208,068 2,079,987 1,740,265 1,857,331 2,428,438 2,412,378 2,331,999 5,162,690 18,639,549 299,776 472,494 319,461 2,130,850 23,886,109 36,323,094 15,433,471 20,153,191 19,479,463 19,815,048 11,431,761 12,738,153 14,276,095 14,624,348 14,834,822 14,746,014 8,068,712 2,549,981 - - - - 2,263,025 2,523,041 2,569,752 2,496,477 2,438,304 2,398,120 1,891,731 1,996,831 2,075,114 2,361,124 2,087,966 2,286,564 615,754 619,764 640,382 655,069 696,594 688,811 - - - - - - - - - - - 749,463 24,270,983 20,427,770 19,561,343 20,137,018 20,057,686 20,868,972 48,157,092$ 56,750,864$ 34,994,814$ 40,290,209$ 39,537,149$ 40,684,020$ (72,401,902)$ (52,464,298)$ (87,328,912)$ (81,887,473)$ (83,815,944)$ (82,911,389)$ 2,563,497 (13,345,929) (865,061) 2,842,815 2,918,944 4,596,137 (69,838,405)$ (65,810,227)$ (88,193,973)$ (79,044,658)$ (80,897,000)$ (78,315,252)$ 187 2010 2011 2012 2013 GENERAL REVENUES AND OTHER CHANGES IN NET POSITION Governmental ActivitiesTaxes Property taxes 34,759,914$ 40,146,639$ 37,275,705$ 37,383,036$ Other taxes 12,962,485 13,257,071 13,495,498 13,944,053 Sales taxes 12,336,353 12,792,723 13,091,218 13,833,697 Income taxes 3,497,759 3,823,315 3,962,313 4,309,714 Intergovernmental 2,772,575 2,502,500 2,614,374 2,739,777 Investment income 731,839 397,478 860,108 785,925 Miscellaneous 470,187 464,084 1,562,876 4,104,857 Gain on sale of capital assets - - - - Transfers 1,777,004 (2,755,391) 827,016 822,322 Total Governmental Activities 69,308,116 70,628,419 73,689,108 77,923,381 Business-Type Activities Investment income 24,419 26,807 33,790 27,046 Miscellaneous (18,808) 7,479 41,947 6,290 Gain on sale of capital assets - - - - Gain on legal settlement - - - 1,571,012 Transfers (1,723,932) 2,755,391 (827,016) (822,322) Total Business-Type Activities (1,718,321) 2,789,677 (751,279) 782,026 TOTAL PRIMARY GOVERNMENT 67,589,795$ 73,418,096$ 72,937,829$ 78,705,407$ CHANGE IN NET POSITION Governmental Activities (6,471,721)$ 4,242,675$ 3,330,488$ 3,563,703$ Business-Type Activities 488,945 7,384,916 2,866,765 5,159,752 TOTAL PRIMARY GOVERNMENT CHANGE IN NET POSITION (5,982,776)$ 11,627,591$ 6,197,253$ 8,723,455$ 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 188 2014 2015 2016 2017 2018 2019 40,785,102$ 41,564,097$ 44,672,858$ 46,558,256$ 48,082,053$ 48,961,852$ 14,406,764 14,460,977 14,367,678 14,885,856 15,699,176 15,342,199 14,972,367 15,635,705 16,189,240 17,223,884 18,072,001 18,631,360 4,232,425 4,832,506 4,293,596 4,075,812 4,508,718 5,014,901 2,839,239 2,950,181 3,174,289 3,380,756 3,531,640 3,938,961 1,407,626 667,765 1,145,352 1,291,016 2,106,936 3,149,929 1,703,769 1,701,143 4,075,921 1,953,561 1,737,297 2,676,583 - - - 2,558,900 52,458 49,490 1,313,328 11,000,896 971,962 802,279 1,082,804 881,334 81,660,620 92,813,270 88,890,896 92,730,320 94,873,083 98,646,609 (153,614) 15,093 9,637 - - - 21,553 15,942,418 7,794 18,249 101,483 191,730 - - - 246,810 2,523 5,953 - - - - - - (1,313,328) (11,000,896) (971,962) (802,279) (1,082,804) (881,334) (1,445,389) 4,956,615 (954,531) (537,220) (978,798) (683,651) 80,215,231$ 97,769,885$ 87,936,365$ 92,193,100$ 93,894,285$ 97,962,958$ 9,258,718$ 40,348,972$ 1,561,984$ 10,842,847$ 11,057,139$ 15,735,220$ 1,118,108 (8,389,314) (1,819,592) 2,305,595 1,940,146 3,912,486 10,376,826$ 31,959,658$ (257,608)$ 13,148,442$ 12,997,285$ 19,647,706$ 189 VILLAGE OF GLENVIEW FUND BALANCES OF GOVERNMENTAL FUNDS Last Ten Fiscal Years Fiscal Year 2010 2011 2012 2013 GENERAL FUND Reserved 82,593$ -$ -$ -$ Unreserved 21,994,901 - - - Nonspendable - 131,424 195,280 87,738 Committed - - - 1,700,000 Assigned - - - 3,208,020 Unassigned - 24,086,602 25,564,806 26,823,063 TOTAL GENERAL FUND 22,077,494$ 24,218,026$ 25,760,086$ 31,818,821$ ALL OTHER GOVERNMENTAL FUNDS Reserved 49,720,438$ -$ -$ -$ Unreserved, reported in Special revenue funds (921,028) - - - Capital project funds 10,057,896 - - - Debt service funds 30,942 - - - Nonspendable - - 64,508 53,289 Restricted - 52,257,800 45,978,154 11,484,242 Assigned - - - 42,275,455 Unassigned - - - - TOTAL ALL OTHER GOVERNMENTAL FUNDS 58,888,248$ 52,257,800$ 46,042,662$ 53,812,986$ TOTAL GOVERNMENTAL FUNDS 80,965,742$ 76,475,826$ 71,802,748$ 85,631,807$ 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. 190 2014 2015 2016 2017 2018 2019 -$ -$ -$ -$ -$ -$ - - - - - - 176,110 499,800 155,205 128,795 123,985 153,608 850,000 - - - - - 5,364,276 - - 3,100,000 9,100,000 - 24,306,476 25,739,072 25,335,141 26,530,097 26,626,131 36,319,710 30,696,862$ 26,238,872$ 25,490,346$ 29,758,892$ 35,850,116$ 36,473,318$ -$ -$ -$ -$ -$ -$ - - - - - - - - - - - - - - - - - - 42,070 30,851 19,633 8,414 - - 2,407,413 2,194,487 2,906,999 3,657,835 4,413,818 8,162,705 31,933,727 34,155,883 31,341,543 30,339,651 30,511,221 32,391,463 (13,171,320) (11,572,271) (8,935,926) (6,619,132) (2,770,450) - 21,211,890$ 24,808,950$ 25,332,249$ 27,386,768$ 32,154,589$ 40,554,168$ 51,908,752$ 51,047,822$ 50,822,595$ 57,145,660$ 68,004,705$ 77,027,486$ 191 VILLAGE OF GLENVIEW CHANGES IN FUND BALANCES OF GOVERNMENTAL FUNDS Last Ten Fiscal Years 2010 2011 2012 2013 REVENUES Taxes 47,721,989$ 53,403,710$ 50,771,203$ 51,327,089$ Intergovernmental 25,493,952 26,342,403 24,796,132 25,747,882 Charges for services 6,892,913 6,111,175 6,519,625 8,082,885 Licenses and permits 3,190,826 1,859,161 1,923,238 4,461,768 Fines and forfeitures 134,783 181,361 224,198 228,419 Investment income 731,839 397,478 422,751 341,472 Miscellaneous Land sales - - - - Other 219,046 205,014 709,998 486,493 Total revenues 84,385,348 88,500,302 85,367,145 90,676,008 EXPENDITURES General government 29,090,926 31,153,019 38,411,652 35,582,816 Public safety 27,884,435 25,710,435 26,369,673 26,687,294 Public works 7,811,605 7,883,609 7,036,995 7,489,675 Development 5,723,642 4,293,220 1,261,328 1,016,437 Debt service Principal 9,740,000 10,051,617 8,208,235 30,983,776 Interest and fiscal charges 4,246,896 3,762,159 3,279,464 2,761,174 Bond issuance costs - 38,818 139,044 61,176 Capital outlay 12,030,923 8,336,649 6,060,977 8,253,623 Total expenditures 96,528,427 91,229,526 90,767,368 112,835,971 EXCESS (DEFICIENCY) OF REVENUES OVER EXPENDITURES (12,143,079) (2,729,224) (5,400,223) (22,159,963) OTHER FINANCING SOURCES (USES) Transfers in 15,678,978 31,368,232 6,281,471 13,052,864 Transfers out (13,901,974) (33,163,914) (5,702,833) (11,837,724) Bonds Issued - 11,035,000 40,395,000 38,575,000 Premium on bonds issued - - - (11,539) Discount on bonds issued - - 4,432,391 69,535 Payment to escrow agent - (11,000,000) (44,678,884) - Proceeds from capital lease - - - - Sale of capital assets 9,500 - - (3,859,114) Total Other Financing Sources (Uses)1,786,504 (1,760,682) 727,145 35,989,022 NET CHANGE IN FUND BALANCES (10,356,575)$ (4,489,906)$ (4,673,078)$ 13,829,059$ DEBT SERVICE AS A PERCENTAGE OF NONCAPITAL EXPENDITURES 16.55%15.71%13.28%31.21% Data SourceThe Village of Glenview's Comprehensive Annual Financial Report. Fiscal Year 192 2014 2015 2016 2017 2018 2019 55,191,866$ 56,025,074$ 59,040,536$ 61,444,112$ 63,781,229$ 64,304,051$ 28,843,610 47,874,058 29,203,967 31,357,689 31,224,129 33,668,404 9,789,188 11,784,003 10,235,729 12,664,145 12,746,771 13,043,204 5,103,571 3,208,298 2,088,538 2,451,693 2,810,054 1,871,593 255,899 164,673 209,062 211,592 130,281 121,707 399,971 306,361 544,236 996,459 1,870,798 2,487,062 - - - - - - 796,354 120,603 2,503,274 261,396 434,154 279,865 100,380,459 119,483,070 103,825,342 109,387,086 112,997,416 115,775,886 36,391,244 38,168,909 39,187,095 40,680,381 41,209,378 41,269,969 27,212,096 28,421,350 29,601,085 29,578,436 29,857,646 31,320,192 9,523,902 9,260,772 10,229,806 8,755,999 8,233,133 7,772,011 4,078,982 3,947,132 3,992,133 3,704,509 4,012,804 3,505,451 32,364,371 17,975,309 8,230,309 9,000,309 9,200,309 9,455,309 2,388,883 2,263,186 1,923,782 1,827,110 1,772,060 1,608,865 - 20,250 - - - - 34,631,202 43,130,127 12,108,321 13,184,473 9,026,237 13,046,601 146,590,680 143,187,035 105,272,531 106,731,217 103,311,567 107,978,398 (46,210,221) (23,703,965) (1,447,189) 2,655,869 9,685,849 7,797,488 16,557,993 33,455,261 9,514,205 11,740,499 10,707,249 14,214,015 (12,684,506) (21,593,677) (8,292,243) (10,534,303) (9,534,053) (13,082,681) 6,529,688 10,000,000 - - - - - - - - - - - - - - - - - - - - - - - 981,451 - - - - 2,083,991 - - 2,461,000 - 48,755 12,487,166 22,843,035 1,221,962 3,667,196 1,173,196 1,180,089 (33,723,055)$ (860,930)$ (225,227)$ 6,323,065$ 10,859,045$ 8,977,577$ 28.34%18.65%10.31%11.16%10.93%10.86% 193 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 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 - 2018 1,874,142,503 470,822,908 110,155,470 691,897 - Data Source Office of the County Clerk Note : Property in the Village is reassesed each year. Property is assessed at 33% of actual value. 194 Total Estimated Estimated Total Taxable Direct Actual Actual Assessed Tax Taxable Taxable Value Rate Value Value 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% 2,455,812,778 5.12 7,367,438,334 33.333% 195 VILLAGE OF GLENVIEW DIRECT AND OVERLAPPING PROPERTY TAX RATES Last Ten Levy Years 2009 2010 2011 2012 2013 Village of Glenview Corporate 0.148$ 0.162$ 0.177$ 0.188$ 0.203$ Bonds and interest 0.068 0.076 0.084 0.083 0.095 Police pension 0.060 0.065 0.074 0.073 0.098 Fire pension 0.085 0.105 0.120 0.139 0.157 Total direct tax rate 0.361 0.408 0.455 0.482 0.553 Glenview Public Library 0.210 0.253 0.303 0.347 0.396 Glenview Special Service Area #9 0.093 - - - - Glenview Special Service Area #10 0.100 - - - - Glenview Special Service Area #11 - - - - - Glenview Special Service Area #12 - - - - - Glenview Special Service Area #17 0.177 0.210 0.115 - - Glenview Special Service Area #18 0.221 0.280 0.148 - - Glenview Special Service Area #20 0.155 0.165 - - - Glenview Special Service Area #22 0.117 0.142 - - - Glenview Special Service Area #32 0.073 0.074 0.082 0.087 0.066 Glenview Special Service Area #33 0.287 0.333 0.370 0.391 0.422 Glenview Special Service Area #35 0.204 0.223 0.233 0.248 0.344 Glenview Special Service Area #36 0.108 0.138 0.153 0.162 0.181 Glenview Special Service Area #37 0.102 0.117 0.133 0.141 0.159 Glenview Special Service Area #38 - 0.844 0.894 0.854 1.250 Glenview Special Service Area #40 - - 0.079 0.085 0.094 Glenview Special Service Area #41 - - 0.079 0.086 0.094 Glenview Special Service Area #42 - 0.406 0.440 0.470 0.586 Glenview Special Service Area #43 - - 0.122 0.130 0.138 Glenview Special Service Area #44 - - 0.168 0.191 0.221 Glenview Special Service Area #45 - - 0.444 0.446 0.477 Glenview Special Service Area #46 - - 0.598 0.550 0.553 Glenview Special Service Area #47 - 0.546 0.568 0.605 0.775 Glenview Special Service Area #49 - - 0.241 0.261 0.312 Glenview Special Service Area #50 - - 0.130 0.140 0.153 Glenview Special Service Area #51 - - 0.279 0.297 0.354 Glenview Special Service Area #52 - - 0.141 0.151 0.170 Glenview Special Service Area #53 - - 1.035 1.206 1.296 Glenview Special Service Area #54 - - 0.695 0.739 0.796 Glenview Special Service Area #55 - 0.423 0.410 0.378 0.430 Glenview Special Service Area #56 - 0.903 0.971 1.022 1.185 Glenview Special Service Area #57 - 0.538 0.566 0.586 0.677 Glenview Special Service Area #61 - - 0.188 0.201 0.232 Glenview Special Service Area #62 0.165 0.213 0.228 0.239 0.280 Glenview Special Service Area #63 0.183 0.232 0.245 0.257 0.273 Glenview Special Service Area #81 - - - - - Glenview Special Service Area #90 - - - - - Glenview Special Service Area #95 - - - - - Tax Levy Year 196 2014 2015 2016 2017 2018 0.176$ 0.162$ 0.156$ 0.156$ 0.164$ 0.091 0.092 0.075 0.074 0.075 0.098 0.127 0.103 0.100 0.103 0.188 0.203 0.159 0.164 0.169 0.553 0.584 0.493 0.494 0.511 0.394 0.415 0.343 0.336 0.340 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 0.328 0.335 0.255 - - - - - - - - - - - - 1.210 1.260 1.038 1.058 1.071 0.094 0.098 0.074 0.070 0.071 0.079 0.084 0.063 0.053 0.055 0.575 0.585 0.524 0.468 0.436 0.138 0.140 0.113 0.103 0.104 0.212 0.210 0.168 0.148 0.149 0.467 0.470 0.371 0.344 0.351 0.581 0.624 0.471 0.442 0.454 0.713 0.724 0.596 0.600 0.618 0.312 0.318 0.245 0.225 0.229 0.150 0.160 0.129 0.114 0.117 0.349 0.351 0.249 0.233 0.238 0.168 0.174 0.156 0.133 0.133 1.263 1.163 0.800 0.677 0.689 0.751 0.698 0.480 0.401 0.408 0.379 0.426 0.332 0.299 0.292 1.090 1.210 0.996 0.898 0.925 0.668 0.682 0.592 0.531 0.529 0.228 0.241 0.175 0.157 0.147 0.272 0.332 0.269 0.251 0.229 0.271 0.322 0.238 0.234 0.176 - - 0.310 0.258 0.262 - - 0.083 0.071 0.072 - 0.917 0.848 0.513 0.686 (Continued) 197 VILLAGE OF GLENVIEW DIRECT AND OVERLAPPING PROPERTY TAX RATES Last Ten Levy Years 2009 2010 2011 2012 2013 Avoca School District #37 1.698$ 2.022$ 2.281$ 2.557$ 2.762$ County Consolidated Elections 0.021 - 0.025 - 0.031 County of Cook 0.394 0.423 0.462 0.531 0.560 East Maine School District #63 2.235 2.499 2.775 3.100 3.864 Forest Preserve District 0.049 0.051 0.058 0.063 0.069 Glenview Park District 0.422 0.483 0.538 0.579 0.662 Glenview School District #34 1.876 2.160 2.429 2.706 3.129 Golf School District #67 1.943 2.203 2.449 2.961 3.497 Maine High School #207 1.617 1.782 1.995 2.215 2.722 Maine Township - General 0.067 0.075 0.085 0.096 0.120 Maine Township - General Assistance 0.016 0.018 0.021 0.023 0.029 Maine Township - Road and Bridge 0.034 0.038 0.043 0.049 0.061 Metropolitan Water Reclamation Dist.0.261 0.274 0.320 0.370 0.417 New Trier High School #203 1.237 1.474 1.674 1.864 2.111 New Trier Township - General 0.030 0.037 0.042 0.047 0.054 New Trier Township - General Assistance 0.003 0.004 0.005 0.006 0.007 Niles High School #219 2.267 2.538 2.904 3.256 3.707 Niles Township - General 0.029 0.032 0.037 0.042 0.049 Niles Township - General Assistance 0.003 0.004 0.005 0.006 0.007 North Shore Mosquito Abatement 0.008 0.009 0.010 0.010 0.007 Northbrook School District #30 2.089 2.327 2.641 2.999 3.381 Northfield High School #225 1.395 1.609 1.819 2.028 2.341 Northfield Township - General 0.010 0.013 0.020 0.024 0.031 Oakton Community College #535 0.140 0.160 0.196 0.219 0.256 West Northfield School District #31 1.494 1.730 2.018 2.525 2.946 Wilmette School District #39 1.716 2.314 2.620 2.922 3.229 Northfield Township - Road and Bridge 0.031 0.036 0.041 0.046 0.053 Northfield Township - General Assistance 0.010 0.011 0.008 0.009 0.008 Northfield Woods Sanitary District 0.054 0.067 0.079 0.082 0.098 North Maine Fire Protection District 1.112 1.254 1.366 1.452 1.814 Northbrook Park District 0.334 0.375 0.424 0.471 0.536 Oak Meadow Sanitary District 0.038 0.045 0.051 0.056 0.066 Northwest Mosquito Abatement 0.008 0.009 0.010 0.011 0.013 Data Source Office of the County Clerk *Property tax rates are per $100 of assessed valuation Tax Levy Year 198 2014 2015 2016 2017 2018 2.957$ 3.094$ 2.662$ 2.661$ 2.820$ - - - 0.031 - 0.568 0.552 0.533 0.496 0.489 3.811 4.040 3.492 3.556 3.763 0.069 0.069 0.063 0.062 0.060 0.661 0.684 0.563 0.567 0.651 3.173 3.291 2.719 2.745 2.898 3.427 3.552 2.957 2.962 3.110 2.739 2.901 2.507 2.529 2.652 0.119 0.124 0.108 0.105 0.092 0.029 0.031 0.027 0.021 - 0.062 0.065 0.056 0.057 0.060 0.430 0.426 0.406 0.402 0.396 2.268 2.380 1.974 1.993 2.111 0.055 0.058 0.049 0.050 0.053 0.007 0.008 0.007 0.007 0.008 3.650 3.891 3.460 3.409 3.347 0.050 0.052 0.046 0.047 0.049 0.007 0.008 0.007 0.007 0.008 0.011 0.012 0.010 0.010 0.010 3.272 3.394 2.866 3.193 3.310 2.367 2.493 2.106 2.102 2.216 0.032 0.028 0.024 0.023 0.024 0.258 0.271 0.231 0.232 0.246 2.911 3.107 2.699 2.700 2.842 3.356 3.502 2.840 2.880 3.081 0.054 0.057 0.049 0.049 0.052 0.007 0.007 0.006 0.006 0.007 0.099 0.098 0.088 0.065 0.093 1.815 1.906 1.664 1.711 1.770 0.537 0.569 0.423 0.419 0.456 0.067 0.069 0.059 0.063 0.064 0.013 0.011 0.010 0.010 0.011 199 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 38,780,692 $ 1 1.58%$ Astella US Holdings 21,776,736 2 0.89% The Glenview Center 18,366,942 3 0.75% Abt Electronics 17,292,164 4 0.70% Northshore University 17,017,116 5 0.69%21,125,583 7 0.78% RJA Property Holdings 15,329,066 6 0.62%Thomson Reuters Pts (formerly Cole Real Estate)13,489,125 7 0.55% CPUS Glen Pointe LP 13,336,506 8 0.54% Signode , Division of ITW 12,697,486 9 0.52%26,750,727 4 0.99% Kimco Realty Corp.12,565,855 10 0.51% Kraft Foods 57,117,510 1 2.10% Grubb & Ellis 33,202,821 2 1.22% Oliver McMillan LLC 29,577,252 3 1.09% Classic Residence - Hyatt 22,755,876 5 0.84% Mid America Asset 21,617,688 6 0.80% Anixter, Inc.19,876,257 8 0.73% Clarion Realty Service 22,180,083 9 0.82% GRE Prairie Glen LLC 14,560,905 10 0.54% 180,651,688 $ 7.35%268,764,702 $ 9.91% 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. 200 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 2009 2010 17,136,858$ 16,810,757$ 98.10%(127,217)$ 16,683,540$ 97.35% 2010 2011 17,919,376 17,269,565 96.37%248,936 17,518,501 97.76% 2011 2012 18,561,309 18,202,205 98.07%55,301 18,257,506 98.36% 2012 2013 18,977,508 18,647,991 98.26%(6,554)18,641,437 98.23% 2013 2014 19,213,934 18,997,309 98.87%(76,129)18,921,180 98.48% 2014 2015 19,401,829 19,017,834 98.02%(74,169)18,943,665 97.64% 2015 2016 20,103,470 19,871,822 98.85%(50,272)19,821,550 98.60% 2016 2017 20,553,974 20,404,588 99.27%(7,091)20,397,497 99.24% 2017 2018 20,898,255 20,721,748 99.16%42,527 20,764,275 99.36% 2018 2019 20,889,249 20,707,546 99.13% - 20,707,546 99.13% 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 201 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* 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 2019 29,053,149 280,260 - -5,422,699 34,756,111 1.19%735 Source: The Village of Glenview's Comprehensive Annual Financial Report. * Additional demographic information is available in the schedule of Demographic and Economic Statistics . 202 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) 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 1.53%800 2019 29,053,149 - 29,053,149 1.18%615 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. 203 VILLAGE OF GLENVIEW DIRECT AND OVERLAPPING GOVERNMENTAL ACTIVITIES DEBT As of December 31, 2019 Percentage Village of Debt Applicable Glenview to the Village of Share Governmental unit Debt Glenview (1)of Debt Direct Bonded Debt Village of Glenview 34,756,111 $ 100.00%34,756,111 $ Overlapping Bonded Debt Glenview Special Service Areas 2,122,485 100.00%2,122,485 Glenview Park District 23,435,111 84.97%19,912,814 Cook County, including Forest Preserve District 2,938,605,000 1.67%49,074,704 Metropolitan Water Reclamation District 2,712,987,000 1.70%46,120,779 School Districts Elementary School Districts Avoca School District No. 37 8,865,000 8.59%761,504 East Maine School District No. 63 48,885,000 4.57%2,234,045 Glenview School District No. 34 18,320,000 89.47%16,390,904 Golf School District No. 67 7,429,000 13.18%979,142 Northbrook School District No. 30 32,285,000 31.56%10,189,146 West Northfield School District No. 31 11,825,000 49.26%5,824,995 Wilmette School District No. 39 12,055,000 4.69%565,380 High School Districts Maine Township District No. 207 131,110,000 1.06%1,389,766 New Trier Township District No. 203 78,635,000 2.35%1,847,923 Niles Township District No. 219 107,715,000 1.13%1,217,180 Northfield Township District No. 225 68,151,706 42.14%28,719,129 Community College District Oakton Community College No. 535 30,000,000 11.04%3,312,000 Total overlapping bonded debt 6,232,425,302 190,661,893 Total direct and overlapping bonded debt 6,267,181,413 $ 225,418,004 $ Source: Cook County Clerk as of 12/31/18 (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 2018 real property valuations. 204 VILLAGE OF GLENVIEW LEGAL DEBT MARGIN INFORMATION As of December 31, 2019 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 205 VILLAGE OF GLENVIEW DEMOGRAPHIC AND ECONOMIC STATISTICS Last Ten Fiscal Years Per Personal Capita Fiscal Income Personal Unemployment Year Population (in Thousands)Income Rate 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% 2019 47,258 2,913,172 61,644 2.4% Source: Population information provided by the U.S. Census Bureau Per capita information provided by the American Community Survey Unemployment data provided by Illinois Department of Employment Security (IDES) 206 VILLAGE OF GLENVIEW PRINCIPAL EMPLOYERS Current Year and Nine Years Ago % of % of Number of Total Village Number of Total VillageEmployerRankEmployeesPopulationRankEmployeesPopulation Astellas 1 2,551 5.40% Abt Electronics 2 1,405 2.97%2 1,000 2.30% Glenbrook Hospital 3 1,099 2.33%6 645 1.92% Anixter, Inc.4 950 2.01%4 700 1.58% ITW/Signode 5 535 1.13%3 709 1.22% Glenview Comm. School Dist 34 6 768 1.63%5 654 1.51% Kraft Foods Technology Center 7 600 1.27%1 1,000 4.05% Glenbrook South High School 8 433 0.92%8 455 0.84% Glenview Terrace Nursing Home 9 400 0.85% Signode 10 435 0.92% Scott Foresman (Pearson)7 500 1.19% Guarantee Trust Life Ins.9 320 1.54% North American Corp of Illinois 10 320 0.78% 19.43%16.93% Source: Illinois Manufacturers Services Directory, Illinois Services Directory and Employer Contact 2019 2010 207 VILLAGE OF GLENVIEW FULL-TIME EQUIVALENT EMPLOYEES Last Ten Fiscal Years Function/Program 2010 2011 2012 2013 General Government Management services (1)10 11 15 15 Administrative services (1)16 13 13 12 Planning and economic development (2)23 5 5 5 Community development (3)- - - - Capital projects (3)11 25 25 20 Total general government 60 54 58 52 Public safety Police Officers 73 71 70 70 Civilians 17 16 12 12 Fire Firefighters and officers 84 80 80 80 Civilians 2 2 2 2 Joint dispatch 20 19 21 27 Total public safety 196 188 185 191 Public works Administration 4 6 6 6 Facilities maintenance (4)- - - - Street maintenance 21 20 21 21 Water maintenance 29 21 18 19 Fleet maintenance 5 3 4 4 Natural resources 1 1 1 1 Total public works 60 51 50 50 Total full-time equivalent employees 316 293 293 293 (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 208 2014 2015 2016 2017 2018 2019 15 9 9 10 10 11 13 16 16 14 17 14 - - - - - - 21 20 19 18 18 18 - - - - - - 49 45 44 42 45 43 70 70 70 70 70 69 11 5 5 5 5 7 80 80 80 80 80 81 1 1 1 1 1 1 40 40 42 48 49 49 202 196 198 204 205 207 6 5 6 6 5 4 4 4 4 4 3 3 21 21 21 20 20 13 19 16 16 16 15 16 4 4 4 4 4 3 1 1 1 1 1 1 55 51 52 51 48 40 306 292 294 297 298 290 209 VILLAGE OF GLENVIEW OPERATING INDICATORS BY FUNCTION/PROGRAM Last Ten Fiscal Years Function/Program 2010 2011 2012 2013 Public Safety Police Physical arrests 1,088 571 544 570 Parking violations 2,998 2,243 1,125 2,272 Traffic violations 2,301 2,446 2,511 2,646 Fire Emergency responses Emergency medical 4,653 4,948 4,832 4,495 Other responses 2,249 2,359 2,327 2,835 Fires extinguished 52 28 63 47 Fires extinguished (structures)21 26 27 26 Public works Pothole repairs (hours)4,444 3,453 4,267 4,390 Water Metered water customers 15,781 15,786 15,894 15,889 Water main breaks 134 114 171 146 Water purchases (in ten-thousands of gallons)292,882 285,877 306,706 289,550 Average daily consumption 141 133 138 129 Building Permits issued 2,535 2,552 1,471 1,918 Value of construction (in thousands of dollars)110,191 $ 98,541 $ 39,693 $ 164,556 $ Data Source Various Village departments. 210 2014 2015 2016 2017 2018 2019 506 551 557 544 476 380 1,922 2,388 1,813 2,509 1,840 1,912 2,352 2,198 3,491 3,214 3,365 3,334 4,860 4,925 5,220 5,668 5,505 5,700 2,821 2,898 3,032 2,968 3,164 3,142 39 41 42 67 98 98 32 45 38 41 47 18 5,182 5,519 4,115 3,918 3,671 2,892 16,050 16,053 16,139 16,243 16,272 16,035 102 59 134 91 142 103 273,095 272,568 288,410 280,038 281,164 256,094 120 111 107 103 113 110 3,503 3,433 2,042 2,457 3,389 3,015 193,829 $ 119,447 $ 110,630 $ 94,337 $ 127,664 $ 105,552 $ 211 VILLAGE OF GLENVIEW CAPITAL ASSET STATISTICS BY FUNCTION/PROGRAM Last Ten Fiscal Years Function/Program 2010 2011 2012 2013 2014 Public Safety Police Police stations 1 1 1 1 1 Marked patrol units 18 18 18 18 18 Unmarked patrol units 12 12 12 11 11 Motorcycles 4 4 4 4 4 Civilian vehicles N/A N/A 3 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 2 2 Passenger vehicles N/A N/A 6 6 5 Public works Streets and highways Arterial street miles 18 18 18 18 18 Residential street miles 158 158 158 158 167 Streetlights 1,800 1,800 1,800 1,800 1,800 Water Water main miles 230 230 230 230 247 Fire hydrants 2,733 2,733 2,733 2,733 2,823 Storage capacity (in millions of gallons)16,050 16,050 16,050 16,050 16,300 Wastewater Sanitary sewer miles 150 150 150 150 150 Storm sewer miles 262 262 262 262 262 Parking facilities Parking spaces 1,450 1,450 2,048 2,153 2,153 Data Source: Various Village departments, data varies due to improved GIS capabilities. N/A - Information is not available 212 2015 2016 2017 2018 2019 1 1 1 1 1 18 18 18 18 18 11 11 11 10 12 4 4 4 2 2 3 3 3 3 3 5 5 5 5 5 4 4 5 5 5 6 6 6 6 6 2 2 2 2 2 5 2 2 5 5 20 20 20 20 20 167 169 169 169 166 1,800 1,791 1,791 1,791 1,720 230 233 233 233 239 2,866 2,867 2,867 2,913 2,888 16,300 16,300 16,300 16,300 16,300 150 150 150 150 142 262 262 262 262 218 2,153 2,153 2,153 2,153 2,153