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FY 2022 Certified Annual Comprehensive Financial Report
Village of Glenview, Illinois Annual Comprehensive Financial Report For the Fiscal Year Ended December 31, 2022 ANNUAL COMPREHENSIVE FINANCIAL REPORT OF THE VILLAGE OF GLENVIEW, ILLINOIS As of and for the Year Ended December 31, 2022 Prepared by: Management Services - Finance Division VILLAGE OF GLENVIEW TABLE OF CONTENTS As of and for the Year Ended December 31, 2022 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 - 19 BASIC FINANCIAL STATEMENTS Government-Wide Financial Statements Statement of Net Position 20 Statement of Activities 21 - 22 Fund Financial Statements Balance Sheet - Governmental Funds 23 - 24 Reconciliation of the Balance Sheet of Governmental Funds to the Statement of Net Position 25 Statement of Revenues, Expenditures and Changes in Fund Balances - Governmental Funds 26 Reconciliation of the Statement of Revenues, Expenditures and Changes in Fund Balances of Governmental Funds to the Statement of Activities 27 Statement of Net Position - Proprietary Funds 28 - 29 Statement of Revenues, Expenses and Changes in Net Position - Proprietary Funds 30 Statement of Cash Flows - Proprietary Funds 31 - 32 Statement of Fiduciary Net Position - Fiduciary Funds 33 Statement of Changes in Fiduciary Net Position - Fiduciary Funds 34 Index to Notes to Financial Statements 35 Notes to Financial Statements 36 - 91 VILLAGE OF GLENVIEW TABLE OF CONTENTS (cont.) As of and for the Year Ended December 31, 2022 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/(Asset) and Related Ratios 92 - 95 Illinois Municipal Retirement Fund - Schedule of Employer Contributions 96 - 99 Police Pension Fund - Schedule of Changes in the Village's Net Pension Liability and Related Ratios 100 - 101 Police Pension Fund - Schedule of Employer Contributions 102 - 103 Police Pension Fund - Schedule of Investment Returns 104 Firefighters' Pension Fund - Schedule of Changes in the Village's Net Pension Liability and Related Ratios 105 - 106 Firefighters' Pension Fund - Schedule of Employer Contributions 107 - 108 Firefighters' Pension Fund - Schedule of Investment Returns 109 Other Postemployment Benefit Plan - Schedule of Changes in the Total OPEB Liability and Related Ratios 110 General Fund Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual - General Fund 111 Special Revenue Fund Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual - Special Tax Allocation Fund - Major Special Revenue Fund 112 Notes to Required Supplementary Information 113 SUPPLEMENTARY INFORMATION General Fund Detailed Schedule of Revenues and Other Financing Sources - Budget and Actual - General Fund 114 - 116 Detailed Schedule of Expenditures and Other Financing Uses - Budget and Actual - General Fund 117 - 121 Other Governmental Funds Combining Balance Sheet - Nonmajor Governmental Funds 122 - 123 Combining Statement of Revenues, Expenditures and Changes in Fund Balances - Nonmajor Governmental Funds 124 - 125 Detailed Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual Motor Fuel Tax Fund - Nonmajor Special Revenue Fund 126 VILLAGE OF GLENVIEW TABLE OF CONTENTS (cont.) As of and for the Year Ended December 31, 2022 Page(s) SUPPLEMENTARY INFORMATION (cont.) Foreign Fire Insurance Fund - Nonmajor Special Revenue Fund 127 Police Department Special Account Fund - Nonmajor Special Revenue Fund 128 Waukegan Golf TIF Fund - Nonmajor Special Revenue Fund 129 Corporate Purpose Bonds Fund - Nonmajor Debt Service Fund 130 Capital Projects Fund - Major Capital Projects Fund 131 Village Permanent Fund - Major Capital Projects Fund 132 Enterprise Funds Combining Statement of Net Position - Nonmajor Enterprise Funds 133 Combining Statement of Revenues, Expenses and Changes in Net Position - Nonmajor Enterprise Funds 134 Combining Statement of Cash Flows - Nonmajor Enterprise Funds 135 Detailed Schedule of Revenues, Expenses and Changes in Net Position - Budget and Actual (Budgetary Basis) Wholesale Water Fund - Nonmajor Enterprise Fund 136 Commuter Parking Lot Fund - Nonmajor Enterprise Fund 137 Glenview Water Fund - Major Enterprise Fund 138 - 139 Glenview Sanitary Sewer Fund - Major Enterprise Fund 140 Internal Service Funds Combining Statement of Net Position - Internal Services Funds 141 Combining Statement of Revenues, Expenses and Changes in Net Position - Internal Service Funds 142 Combining Statement of Cash Flows - Internal Service Funds 143 - 144 Detailed Schedule of Revenues, Expenses and Changes in Net Position - Budget and Actual Capital Equipment Replacement Fund (CERF) - Internal Service Fund 145 Municipal Equipment Repair Fund (MERF) - Internal Service Fund 146 Insurance and Risk Fund - Internal Service Fund 147 Facilities Repair and Replacement Fund (FRRF) - Internal Service Fund 148 Fiduciary Funds Combining Statement of Fiduciary Net Position - Pension Trust Funds 149 Combining Statement of Changes in Fiduciary Net Position - Pension Trust Funds 150 VILLAGE OF GLENVIEW TABLE OF CONTENTS (cont.) As of and for the Year Ended December 31, 2022 Page(s) SUPPLEMENTARY INFORMATION (cont.) Detailed Schedule of Changes in Fiduciary Net Position - Budget and Actual Police Pension Fund - Pension Trust Fund 151 Firefighters' Pension Fund - Pension Trust Fund 152 Combining Statement of Fiduciary Net Position - Custodial Funds 153 Combining Statement of Changes in Fiduciary Net Position - Custodial Funds 154 Glenview Library - Component Unit Combining Balance Sheet and Statement of Net Position - Glenview Library - Component Unit 155 - 158 Combining Statement of Revenues, Expenditures, and Changes in Fund Balances and Statement of Activities - Glenview Library - Component Unit 159 - 160 Detailed Schedule of Revenues, Expenditures, and Changes in Fund Balances - Budget and Actual - Glenview Library - Component Unit Library General Fund 161 - 164 Library Debt Service Fund 165 Combining Balance Sheet - Glenview Library - Component Unit - Library Nonmajor Funds 166 - 167 Combining Statement of Revenues, Expenditures, and Changes in Fund Balances - Glenview Library - Component Unit - Library Nonmajor Funds 168 - 169 Detailed Schedule of Revenues, Expenditures, and Changes in Fund Balances - Budget and Actual - Glenview Library - Component Unit - Library Nonmajor Funds Library Special Reserve Fund 170 Long-Term Debt Requirements Illinois Environment Protection Agency Loan 171 General Obligation Refunding Bond Series 2012B 172 General Obligation Bond Series 2013A 173 General Obligation Bond Series 2013B 174 General Obligation Refunding Bond Series 2016A 175 Advanced Metering Infrastructure Loan 176 VILLAGE OF GLENVIEW TABLE OF CONTENTS (cont.) As of and for the Year Ended December 31, 2022 Page(s) STATISTICAL SECTION Net Position - Last Ten Fiscal Years 177 - 178 Changes in Net Position - Last Ten Fiscal Years 179 - 182 Fund Balances of Governmental Funds - Last Ten Fiscal Years 183 - 184 Changes in Fund Balances of Governmental Funds - Last Ten Fiscal Years 185 - 186 Assessed Value and Actual Value of Taxable Property - Last Ten Levy Years 187 - 188 Direct and Overlapping Property Tax Rates - Last Ten Levy Years 189 - 192 Principal Property Taxpayers - Current Year and Nine Years Ago 193 Property Tax Levies and Collections - Last Ten Tax Levy Years 194 Ratios of Outstanding Debt by Type - Last Ten Fiscal Years 195 Ratios of General Bonded Debt Outstanding - Last Ten Fiscal Years 196 Direct and Overlapping Governmental Activities Debt 197 Legal Debt Margin Information 198 Demographic and Economic Statistics - Last Ten Fiscal Years 199 Principal Employers - Current Year and Nine Years Ago 200 Full-time Equivalent Employees - Last Ten Fiscal Years 201 - 202 Operating Indicators by Function/Program - Last Ten Fiscal Years 203 - 204 Capital Asset Statistics by Function/Program - Last Ten Fiscal Years 205 - 206 -i- VILLAGE OF GLENVIEW, ILLINOIS OFFICERS AND OFFICIALS December 31, 2022 LEGISLATIVE Michael Jenny Village President Jim Bland, Trustee Mary W. Cooper, Trustee Gina Deboni, Trustee Tim Doron, Trustee Chuck Gitles, Trustee Adam Sidoti, Trustee Matthew J. Formica Village Clerk/Treasurer ADMINISTRATIVE Matthew J. Formica, Village Manager Government Finance Officers Association Certificate of Achievement for Excellence in Financial Reporting Presented to Village of Glenview Illinois For its Annual Comprehensive Financial Report For the Fiscal Year Ended December 31, 2021 Executive Director/CEO -ii- Citizens of Glenview Village Board Village Manager Management Services Community Development PoliceFire Public Works -iii- 2500 East Lake Avenue Glenview, IL 60026 (847) 904-4370 Fax (847) 724-1518 www.glenview.il.us -iv- June 9, 2023 Honorable Village President Jenny 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 Annual Comprehensive Financial Report of the Village of Glenview, Illinois, for the fiscal year ended December 31, 2022, 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 US, LLP, Certified Public Accountants, has issued an unmodified (“clean”) opinion on the Village of Glenview’s (the “Village”) financial statements for the year ended December 31, 2022. 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 in northern Cook County and is 20 miles north of the City of Chicago. The Village serves a population of approximately 48,705 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 entities have long-term intergovernmental agreements with the Village to pay for these services. Long-Term Financial Planning The Village of Glenview Annual Comprehensive 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), custodial 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 2021 assessed valuation, 72.21% was classified as residential, and 27.79% was commercial/industrial. Several revenue sources in 2022 showed an increase over last year. For example, during 2022, the annual sales tax revenue amount of $22,921,405 was 5.49% higher that the sales tax revenue received in 2021. This was expected due to Illinois legislation that requires online retailers to collect Sales Tax instead of Use Tax. Another example is home rule sales tax which increased 7.18% in 2022 from a 2021 amount of $10,699,335 to the 2022 amount of $11,467,558. The economy saw a 40-year high for inflation in 2022. While this had a positive impact on sales tax revenues, the Village saw negative impacts on the costs of expenditures. Additionally, economists are predicting a possible economic downturn in the near future. The timing and severity of this potential downturn is unknown, and the Village relies heavily on economically sensitive revenue sources. To prepare, the Village Board gave direction to temporarily change the Corporate Fund Balance Policy from -vi- between 35% and 45% of expenditures to 40% to 50% of expenditures. The Board also approved a financial response plan should there be a decline in revenues. Major Initiatives and Accomplishments Village Board Goals and Initiatives – The Board of Trustees’ 2022 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 has worked hard to mitigate the issues surrounding the current high inflation while also being prepared for a possible recession. Additionally, 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 retain the reduction to local governments on their 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. One of the ways the Village continues to manage costs is by leading the Municipal Partnering Initiative (MPI). Since 2010, the village has collaborated with more than 30 area communities and agencies on jointly bidding common projects and services. The MPI collaboration has resulted in significant savings for the participating communities by leveraging economies of scale for procurement of goods and services. Another accomplishment for the Village is their success in obtaining outside funding for capital projects. From 2014 to 2023, the Village has been awarded over $51,800,000 in federal, state and local funds to support a number of infrastructure projects. Additionally, the Village has secured $9,200,000 in state and federal funds for projects scheduled through 2026. Staff continues to have project-ready plans to submit for outside funding as opportunities are made available. -vii- Development Initiatives In 2022, several significant redevelopment projects were approved or constructed as follows: •The former Allstate campus along I-294 between Sanders Road and Concord Lane was sold toDermody Properties for redevelopment as a logistics campus. The project received Village approvalin the summer of 2022 and construction was underway in spring of 2023. The development is alogistics-focused light industrial campus to serve modern warehouse/manufacturing businesses and customers in buildings with energy efficient designs and sustainable construction. The current site plan contemplates a total of up to 10 warehouse/industrial/logistics buildings and a day care center togethercomprised of approximately 3.2 million square feet of commercial space, all intended to accommodatesingle or multi-tenant occupancies likely to be developed over the course of three to five years and inup to three phases. •Glenbrook Hospital at 2100 Pfingsten Road began the development approval process in late 2021.Approvals were granted in 2022 to allow the construction of building additions related to the existinghospital and various associated site improvements. The proposed expansion would be divided into two (2) phases. The first phase includes theconstruction of a one-story addition comprised of 165,000 square feet extending south from the southelevation of the existing hospital building. Phase 1 would also include the construction of a parkinglot expansion at the east end of the site, south of the existing retention pond west of Pfingsten Road.Phase 2 would include the construction of a multi-story addition comprised of 65,000 square feet above the Phase 1 improvements. Together, the additions would comprise NorthShore Health system's“heart center" for cardiac and vascular procedures including six (6) new operating rooms, nine (9) newlabs, and new inpatient rooms. Construction began in spring of 2022 and is ongoing. •Approvals were granted to convert two (2) former office towers into a self-storage operation in 2021 at 3701-3703 West Lake Avenue. The approvals include a building addition, remodeling of theexisting buildings, new perimeter fencing and vehicle gates, outdoor storage, modifications to existingstormwater detention areas, utilities, signage, and associated site improvements. The total buildingarea upon completion of the project will be 124,061 square feet devoted to self-storage operation. Construction is nearing completion. •A new restaurant received approval to occupy a vacant outlot at 1320 Patriot Boulevard. This LettuceEntertain You restaurant will be 6,775 square feet and seat 209 patrons with an expected opening in Winter 2023. •The Willows Crossing Shopping Center received approval in early 2022 and would consist of 5commercial buildings at 2660 Pfingsten Road. The 57,000 sq. ft. development is expected to have medical office, a Montessori school, restaurants, service and retail uses, with construction beginning in the summer of 2023. •A new 13-unit Dearlove Apartment building is proposed at 10335 Dearlove Road. Each unit has four bedrooms to be made available for rent. Construction is anticipated to begin during the summer of 2023. Baker Tilly US, 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. © 2020-2022 Baker Tilly US, LLP Independent Auditors' Report To the Honorable Village President and Members of the Board of Trustees of Village of Glenview, Illinois Report on the Audit of the Financial Statements Opinions We have audited the accompanying financial statements of the governmental activities, the business-type activities, the discretely presented component unit, each major fund and the aggregate remaining fund information of the Village of Glenview, Illinois (the Village), as of and for the year ended December 31, 2022, and the related notes to the financial statements, which collectively comprise the Village's basic financial statements as listed in the table of contents. In our opinion, the accompanying 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 as of December 31, 2022 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. Basis for Opinions We conducted our audit in accordance with auditing standards generally accepted in the United States of America (GAAS) and the standards applicable to financial audits contained in Government Auditing Standards issued by the Comptroller General of the United States (Government Auditing Standards). Our responsibilities under those standards are further described in the Auditors' Responsibilities for the Audit of the Financial Statements section of our report. We are required to be independent of the Village and to meet our other ethical responsibilities, in accordance with the relevant ethical requirements relating to our audit. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinions. Emphasis of Matter As discussed in Note 1, the Village adopted the provisions of GASB Statement No. 87, Leases, effective January 1, 2022. Our opinions are not modified with respect to this matter. Responsibilities of Management for the Financial Statements Management is responsible for the preparation and fair presentation of the financial statements in accordance with accounting principles generally accepted in the United States of America; and for 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. In preparing the financial statements, management is required to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the Village's ability to continue as a going concern for twelve months beyond the financial statement date, including any currently known information that may raise substantial doubt shortly thereafter. 1 Auditors' Responsibilities for the Audit of the Financial Statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors' report that includes our opinions. Reasonable assurance is a high level of assurance but is not absolute assurance and therefore is not a guarantee that an audit conducted in accordance with GAAS and Government Auditing Standards will always detect a material misstatement when it exists. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations or the override of internal control. Misstatements are considered material if there is a substantial likelihood that, individually or in the aggregate, they would influence the judgment made by a reasonable user based on the financial statements. In performing an audit in accordance with GAAS and Government Auditing Standards, we: Exercise professional judgment and maintain professional skepticism throughout the audit. Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and design and perform audit procedures responsive to those risks. Such procedures include examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Obtain an understanding of internal control relevant to the audit 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's internal control. Accordingly, no such opinion is expressed. Evaluate the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluate the overall presentation of the financial statements. Conclude whether, in our judgment, there are conditions or events, considered in the aggregate, that raise substantial doubt about the Village's ability to continue as a going concern for a reasonable period of time. We are required to communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit, significant audit findings and certain internal control-related matters that we identified during the audit. 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 is the responsibility of management and, 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. 2 Supplementary Information Our audit for the year ended December 31, 2022 was conducted for the purpose of forming opinions on the financial statements that collectively comprise the Village's basic financial statements. The supplementary information for the year ended December 31, 2022 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, 2022, 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, 2022. We also previously audited, in accordance with auditing standards generally accepted in the United States of America, the basic financial statements of the Village as of and for the year ended December 31, 2021 (not presented herein), and have issued our report thereon dated June 13, 2022, 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, 2021 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 2021 basic financial statements. The information has been subjected to the auditing procedures applied in the audit of the 2021 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 basic financial statements or to those 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, 2021. Other Information Management is responsible for the other information included in the annual comprehensive financial report. The other information comprises the introductory section and statistical section but does not include the basic financial statements and our auditors' report thereon. Our opinions on the basic financial statements do not cover the other information, and we do not express an opinion or any form of assurance thereon. In connection with our audit of the basic financial statements, our responsibility is to read the other information and consider whether a material inconsistency exists between the other information and the basic financial statements, or the other information otherwise appears to be materially misstated. If, based on the work performed, we conclude that an uncorrected material misstatement of the other information exists, we are required to describe it in our report. Other Reporting Required by Government Auditing Standards In accordance with Government Auditing Standards, we have also issued our report dated June 9, 2023 on our consideration of the Village'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 solely 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'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's internal control over financial reporting and compliance. Oak Brook, Illinois June 9, 2023 3 Village of Glenview, Illinois Management’s Discussion and Analysis December 31, 2022 See independent auditors’ report. 4 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, 2022. 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 20. FINANCIAL HIGHLIGHTS • The Village’s net position of governmental activities and business-type activities increased by $1,552,943, or 0.57%, and $2,879,792, or 3.74%, respectively, resulting in total ending net position for the year of $352,465,091. • During the year, government-wide revenues before transfers for the governmental and business-type activities totaled $121,684,191, while expenses totaled $117,251,456, resulting in the increase in net position of $4,432,735. • The Village’s net position totaled $352,465,091 on December 31, 2022, an increase of $4,432,735 from the prior fiscal year. • The ending fund balance for the General Fund equaled $46,186,823, an increase of $7,497,156 from 2021. 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 21-22) 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 23. For governmental activities, these statements tell how these services were financed in the short term as well as what remains for future spending. Fund financial statements also report the Village’s operations in more detail than the government-wide statements by providing information about the Village’s most significant funds. The remaining statements provide financial information about fiduciary activities for which the Village acts solely as a trustee or agent for the benefit of those outside of the government. Government-Wide Financial Statements The government-wide financial statements provide readers with a broad overview of the Village’s finances, in a manner similar to a private-sector business. The government-wide financial statements can be found on pages 20-22 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. Village of Glenview, Illinois Management’s Discussion and Analysis December 31, 2022 See independent auditors’ report. 5 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. Village of Glenview, Illinois Management’s Discussion and Analysis December 31, 2022 See independent auditors’ report. 6 USING THIS ANNUAL REPORT – Continued Governmental Funds - Continued The Village maintains nine 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 five 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 23-27 of this report. Proprietary Funds The Village maintains two proprietary fund types: enterprise and internal service. Enterprise funds are used to report the same functions presented as business-type activities in the government–wide financial statements. The Village utilizes enterprise funds to account for its water and sanitary sewer operations, 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 repair and 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 28-32 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 33-34 of this report. Village of Glenview, Illinois Management’s Discussion and Analysis December 31, 2022 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 35-91 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 92-113 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 114-154 of this report. Additionally, the combining and individual fund statements for the component unit can be found on pages 155-170. 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 $352,465,091 at December 31, 2022, compared to $348,032,356 at December 31, 2021. 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, 2022 is $109,397,349 which is made up of $0, $46,267,908, and $63,129,441, respectively. The Village’s total net pension liability on December 31, 2021 is $57,668,567 which is made up of $0, $25,030,426, and $32,638,141, respectively. As of December 31, 2022, the Village’s net position also includes a net pension asset for IMRF of $11,481,577. 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. On December 31, 2022, the Village has offset the total net pension liabilities of $109,397,349 with deferred outflows of $40,307,999 and deferred inflows of $15,341,595. On December 31, 2021, the Village has offset the total net pension liabilities of $57,668,567 with deferred outflows of $12,667,957 and deferred inflows of $28,021,422. A large portion of the Village’s net position, $305,688,149, 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, $29,320,924 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 $17,456,018 represents unrestricted net position. See independent auditors’ report. 7 Village of Glenview, Illinois Management’s Discussion and Analysis December 31, 2022 See independent auditors’ report. 8 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. 2022 2021 2022 2021 2022 2021 Current and other assets 181,876,720 $ 167,896,373 $ 26,131,962 $ 21,600,621 $ 208,008,682 $ 189,496,994 $ Capital assets 249,701,419 244,869,544 66,633,818 63,873,442 316,335,237 308,742,986 Total assets 431,578,139 412,765,917 92,765,780 85,474,063 524,343,919 498,239,980 Deferred Outflow of Resources 42,435,513 15,192,330 599,535 751,760 43,035,048 15,944,090 Total deferred outflows 42,435,513 15,192,330 599,535 751,760 43,035,048 15,944,090 Long-term liabilities 131,234,002 84,791,847 2,752,271 4,052,115 133,986,273 88,843,962 Other liabilities 26,226,634 29,181,880 8,226,267 3,744,714 34,452,901 32,926,594 Total liabilities 157,460,636 113,973,727 10,978,538 7,796,829 168,439,174 121,770,556 Deferred Inflows of Resources 43,890,895 42,875,342 2,583,807 1,505,816 46,474,702 44,381,158 Total deferred inflows 43,890,895 42,875,342 2,583,807 1,505,816 46,474,702 44,381,158 Net Position Net investment in capital assets 241,476,617 233,887,283 64,211,532 60,326,001 305,688,149 294,213,284 Restricted 27,186,882 28,872,630 2,134,042 260,316 29,320,924 29,132,946 Unrestricted 3,998,622 8,349,265 13,457,396 16,336,861 17,456,018 24,686,126 Total net position 272,662,121 $ 271,109,178 $ 79,802,970 $ 76,923,178 $ 352,465,091 $ 348,032,356 $ Activities Activities Government Table 1 Statement of Net Position As of December 31, 2022 and 2021 Governmental Business-Type Total Primary Village of Glenview, Illinois Management’s Discussion and Analysis December 31, 2022 See independent auditors’ report. 9 GOVERNMENT-WIDE FINANCIAL ANALYSIS – Continued Revenue 2022 2021 2022 2021 2022 2021 Program revenues Charges for services 18,492,497 $ 17,266,831 $ 24,855,887 $ 26,097,749 $ 43,348,384 $ 43,364,580 $ Grants and contributions Operating 3,238,137 3,232,713 104,100 - 3,342,237 3,232,713 Capital 2,354,941 2,931,912 - - 2,354,941 2,931,912 General Revenue Taxes Property 17,885,419 53,126,350 - - 17,885,419 53,126,350 Home rule 11,467,558 10,699,335 - - 11,467,558 10,699,335 Telecommunication 1,022,379 1,153,486 - - 1,022,379 1,153,486 Utility 3,529,048 3,453,107 - - 3,529,048 3,453,107 Other 1,122,203 821,533 - - 1,122,203 821,533 Intergovernmental Sales 22,921,405 21,727,766 - - 22,921,405 21,727,766 State income 7,997,607 6,356,983 - - 7,997,607 6,356,983 Local use 1,971,706 1,867,089 - - 1,971,706 1,867,089 Road and bridge 519,035 482,926 - - 519,035 482,926 Property replacement 780,902 384,258 - - 780,902 384,258 Other - 1,629,425 - - - 1,629,425 Investment income 1,196,180 571,805 207,288 (1,403) 1,403,468 570,402 Other general revenues 1,999,865 1,845,868 18,034 229,178 2,017,899 2,075,046 Total revenues 96,498,882 127,551,387 25,185,309 26,325,524 121,684,191 153,876,911 Expenses General government 28,833,145 48,523,232 - - 28,833,145 48,523,232 Public works 42,730,419 30,821,939 - - 42,730,419 30,821,939 Public safety 20,089,774 12,499,598 - - 20,089,774 12,499,598 Development 4,064,546 6,711,253 - - 4,064,546 6,711,253 Interest on long-term debt 160,976 608,592 - - 160,976 608,592 Water services - - 14,893,944 14,002,267 14,893,944 14,002,267 Sanitary sewerage - - 2,763,831 2,272,423 2,763,831 2,272,423 Wholesale water - - 3,079,827 2,983,885 3,079,827 2,983,885 Commuter parking - - 634,994 637,387 634,994 637,387 Total expenses 95,878,860 99,164,614 21,372,596 19,895,962 117,251,456 119,060,576 Change in net position before transfers 620,022 28,386,773 3,812,713 6,429,562 4,432,735 34,816,335 Transfers 932,921 915,215 (932,921) (915,215) - - Change in net position 1,552,943 29,301,988 2,879,792 5,514,347 4,432,735 34,816,335 Net position - beginning 271,109,178 241,807,190 76,923,178 71,408,831 348,032,356 313,216,021 Net position - ending 272,662,121 $ 271,109,178 $ 79,802,970 $ 76,923,178 $ 352,465,091 $ 348,032,356 $ Activities Activities Government Table 2 Changes in Net PositionFor the Fiscal Years Ended December 31, 2022 and 2021 Governmental Business-Type Total Primary Village of Glenview, Illinois Management’s Discussion and Analysis December 31, 2022 See independent auditors’ report. 10 GOVERNMENT-WIDE FINANCIAL ANALYSIS – Continued Normal Impacts There are eight basic (normal) impacts on revenues and expenses as reflected below: Revenues: 1) Economic Condition – which can reflect a declining, stable, or growing economic environment and has a substantial impact on state income, sales, and utility tax revenue as well as public spending habits for building permits, elective user fees, and levels of consumption. 2) Increase/Decrease in Village-Approved Rates – while certain tax rates are set by statute, the Village Board has significant authority to impose and periodically increase/decrease rates (property taxes, water, sewer, impact fees, building fees, home rule sales tax, etc.). 3) Changing Patterns in Intergovernmental and Grant Revenue (both Recurring and Nonrecurring) – certain recurring revenues (state-shared revenues, etc.) may experience significant changes periodically, while nonrecurring (or one-time) grants are less predictable and often distorting due to their impact on year-to-year comparisons. 4) Market Impacts on Investment Income – the Village’s investment policy is managed using a similar average maturity to most governments. Market conditions may cause investment income to fluctuate. Expenses: 5) Introduction of New Programs – within the functional expense categories (general government, public works, public safety, etc.), individual programs may be added or deleted to meet changing community needs. 6) Change in Authorized Personnel – changes in service demand may cause the Village Board to increase/decrease authorized staffing. Personnel costs (salary and related benefits) represent approximately 44.30% of the Village’s General Fund expenditures (including transfers) and approximately 12.76% of enterprise operating costs on December 31, 2022. 7) Salary Increases (Annual Adjustments and Merit) – the ability to attract and retain human and intellectual resources requires the Village to strive to approach a competitive salary range position in the marketplace. 8) Inflation – while overall inflation appears to be reasonably modest, the Village is a major consumer of certain commodities such as supplies, fuels, and parts. Some functions may experience unusual commodity-specific increases. Village of Glenview, Illinois Management’s Discussion and Analysis December 31, 2022 See independent auditors’ report. 11 GOVERNMENT-WIDE FINANCIAL ANALYSIS – Continued Net position of the Village’s governmental activities increased by 0.57%, or $1,552,943 ($272,662,121 in 2022 compared to $271,109,178 in 2021). Net position of business-type activities increased 3.74%, or $2,879,792 ($79,802,970 in 2022 compared to $76,923,178 in 2021). Governmental Activities Revenues: Revenues for governmental activities totaled $96,498,882 at December 31, 2022 and $127,551,387 at December 31, 2021, a decrease of $31,052,505. Some key changes during the year for the governmental activity revenues are described below: • Property tax revenues decreased by $35,240,931, or 66.33%, from $53,126,350 at December 31, 2021 to $17,885,419 at December 31, 2022. This is a direct result of the closure of the Glen TIF on December 31, 2021. The Village no longer collects the TIF property taxes to distribute to other taxing agencies, resulting in an accompanying decrease in expenses in 2022. • Sales tax increased by $1,193,639, or 5.49%, from $21,727,766 at December 31, 2021 to $22,921,405 at December 31, 2022. This was expected due to Illinois legislation that required online retailers to begin collecting Retailer’s Occupation Tax instead of Use Tax. • Other intergovernmental revenues decreased by $1,629,425, or 100%, from $1,629,425 at December 31, 2021 to $0 at December 31, 2022. This was expected due to the closure of the Glen TIF. The Village no longer receives a make-whole payment. • Investment income increased by $624,375, or 109.19%, from $571,805 at December 31, 2021 to $1,196,180 at December 31, 2022. This is a result of better investment rates and opportunities in 2022 compared to 2021. Village of Glenview, Illinois Management’s Discussion and Analysis December 31, 2022 See independent auditors’ report. 12 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. Village of Glenview, Illinois Management’s Discussion and Analysis December 31, 2022 See independent auditors’ report. 13 GOVERNMENT-WIDE FINANCIAL ANALYSIS – Continued Governmental Activities – Continued For the year ended December 31, 2022, governmental activities expenses totaled $95,878,860, a decrease of $3,285,754, or 3.31% from the 2021 expenses of $99,164,614. Business-Type activities Business-Type activities posted total revenues of $25,185,309, while the cost of all business-type activities totaled $21,372,596. This results in a surplus of $3,812,713 prior to net transfers out of $932,921. In 2021, revenues of $26,325,524 exceeded expenses of $19,895,962, resulting in a surplus of $6,429,562 prior to net transfers out of $915,215. Revenues For the fiscal year ended December 31, 2022, revenues for the business-type activities totaled $25,185,309, a decrease of $1,140,215, or 4.33%, due primarily to a decrease is water sold to residential customers. This decrease had been expected and budgeted for, as people return to in-person school and work, bringing us back to pre-pandemic trends in water usage. Expenses Expenses for the year ended December 31, 2022 totaled $21,372,596 an increase of $1,476,634, or 7.42% over the 2021 expenses of $19,895,962. This change was driven by an increase in soft costs, which are not capitalized, in 2022 for the planned Water Main replacements. Village of Glenview, Illinois Management’s Discussion and Analysis December 31, 2022 See independent auditors’ report. 14 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. 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 $95,657,523, which is $5,814,526, or 5.73%, lower than last year’s total of $101,472,049. Of the $95,657,523 total, $40,572,123, or approximately 42.41%, of the fund balance constitutes unassigned fund balance. General Fund The General Fund reported an increase in fund balance for the year of $7,497,156 or 19.38%, which was expected due to revenues trending higher than anticipated. Income taxes, Sales Tax, and Home Rule Sales Tax performed better than expected combined with expenditures coming in lower than expected. The General Fund is the chief operating fund of the Village. On December 31, 2022, unassigned fund balance in the General Fund was $40,572,123 which represents 87.84% 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 50.00% of total General Fund expenditures (including transfers). Other Major Funds The Special Tax Allocation Fund was 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 Tax Increment Financing District (TIF) was closed on December 31, 2021. The fund will remain open for up to 10 years for the allowed expenditures of remaining funds for previously approved projects and property tax refunds. On December 31, 2022, the Special Tax Allocation Fund reported expenditures in excess of revenues by $9,006,238, which was expected due to interest revenues being the only revenues to the fund with the TIF closure. Expenses came in under budget by $2,923,965 and lower than 2021 by $23,718,330. 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, 2022, the Village Permanent Fund reported revenues less than expenditures by $338,836. 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, 2022, the Capital Projects Fund reported a negative net change in fund balance of $3,259,239. This change was a result of projects funded in years prior to 2022 being completed in 2022 and expanding the scope of a large project. Village of Glenview, Illinois Management’s Discussion and Analysis December 31, 2022 See independent auditors’ report. 15 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 $2,337,400; the previous fiscal year reported a surplus of $3,978,665. The surplus in this fund is largely the result of operating expenses coming in $2,304,062 lower than budget (due in large part to GAAP adjustments) offset by operating revenues and transfers in coming in $778,474 higher than budget. Water usage was more than expected resulting in higher revenues, while expenses in Capital Outlay increased as planned, resulting in the smaller surplus. Unrestricted net position in the Glenview Water Fund totaled $5,877,827 on December 31, 2022. The deficit in the current year in the Glenview Sanitary Sewer Fund was $294,265, resulting in ending net position of $20,816,122. In the prior year the Glenview Sanitary Sewer Fund reported a surplus of $335,466. The current year ended with a deficit compared to the 2021 surplus due to a planned use of net position for projects with more soft costs which are not capitalized. Village of Glenview, Illinois Management’s Discussion and Analysis December 31, 2022 See independent auditors’ report. 16 GENERAL FUND BUDGETARY HIGHLIGHTS During 2022, the Village Board approved one General Fund budget amendment to expenditures in the amount of $1,680,000 to increase the number of affordable housing units at Thomas Place. While the board originally approved a resolution for the Second Amendment to the Senior Affordable Housing Use Agreement for this increase on December 7, 2021, funds were not in the original 2022 budget due to the budget being approved at that same meeting in 2021. General Fund actual revenues (including other financing sources) for the year totaled $88,641,402 compared to budgeted revenues of $82,111,617, a positive difference of $6,529,785. There are several factors for this positive variance. The largest variances to budget reside in Home Rule Sales Tax being over budget by $728,872, Income Tax being over budget by $1,743,885 and Sales Tax being over budget by $650,293. Combined with various other smaller increases these items make up the positive variance. The General Fund actual expenditures (including transfers) for the year of $81,144,246 were $3,628,234 lower than budgeted expenditures of $84,772,480. Personnel expenditures of $35,946,176 were under budget by $469,568 or 1.29%. Contractual Services were under budget by $2,901,035 or 14.20% primarily due to planned Economic Development payments, software licensing, and landscape services coming in lower than expected. Commodities were under budget by $219,533 or 10.30% mainly due to lower than anticipated snow and ice maintenance supplies. Other Charges were under budget by $259,469 or 1.65% due to lower contingencies expenses. Capital Outlay was over budget by $65,613 or 44.33% due to costs associated with providing dispatch services to an additional fire department. Original Final Budget Budget Actual Revenues Taxes 31,252,039 $ 31,252,039 $ 32,498,459 $ Intergovernmental 34,042,075 34,042,075 37,351,432 Other 16,242,503 16,242,503 18,216,511 Total revenues 81,536,617 81,536,617 88,066,402 Expenditures (73,114,148) (74,794,148) (71,070,156) Transfers in 575,000 575,000 575,000 Transfers out (9,978,332) (9,978,332) (10,074,090) Total expenditures and net transfers (82,517,480) (84,197,480) (80,569,246) Net change in fund balance (980,863) $ (2,660,863) $ 7,497,156 $ Table 3 General Fund Budgetary Highlights Village of Glenview, Illinois Management’s Discussion and Analysis December 31, 2022 See independent auditors’ report. 17 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, 2022 was $316,335,237 (net of accumulated depreciation). This investment in capital assets includes land, buildings and improvements, machinery, equipment, and vehicles, water and sanitary sewer system improvements, and other infrastructure improvements. This year’s major additions included: Additional information on the Village’s capital assets can be found in Note III on pages 55-56 of this report. 2022 2021 2022 2021 2022 2021 Construction in progress -$ -$ -$ -$ -$ -$ Land 26,121,790 26,041,796 567,851 567,851 26,689,641 26,609,647 Land right of way 55,281,951 55,281,951 - - 55,281,951 55,281,951 Buildings and improvements 66,277,859 65,433,621 1,638,643 1,734,492 67,916,502 67,168,113 Machinery, equipment and vehicles 5,607,941 6,393,849 155,884 289,718 5,763,825 6,683,567 Infrastructure 96,411,878 91,718,327 - - 96,411,878 91,718,327 Water system - - 46,037,319 42,981,296 46,037,319 42,981,296 Sanitary sewer system - - 18,234,121 18,300,085 18,234,121 18,300,085 Total 249,701,419 $ 244,869,544 $ 66,633,818 $ 63,873,442 $ 316,335,237 $ 308,742,986 $ Activities Activities Government Table 4 Capital Assets at Year End Net of Depreciation Governmental Business-Type Total Primary Additions Construction in progress -$ Land 79,994 Building and improvements 2,785,394 Infrastructure, including roadways, etc.8,942,137 Machinery, equipment and vehicles 246,978 Sanitary sewer system 474,939 Water system 4,533,231 Total 17,062,673 $ Village of Glenview, Illinois Management’s Discussion and Analysis December 31, 2022 See independent auditors’ report. 18 CAPITAL ASSETS AND DEBT ADMINISTRATION - Continued Debt Administration At year-end, the Village had total outstanding debt of $11,092,623 as compared to $15,118,802 the previous year, a decrease of $4,024,179, or 26,62%, 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 thirty-two 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 59-62 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 2023 budget, tax rates, and fees that will be charged for its governmental and business-type activities. One of those factors is the economy. The Village of Glenview has maintained a stable financial position even though inflation was at a 40-year high in 2022. However, in a sustained effort to be prepared for potential shifts in the economy, the Village Board gave direction to temporarily change the Corporate Fund Balance Policy from between 35% and 45% of expenditures to 40% to 50% of expenditures. The Village continues to rely on economically sensitive revenues such as Sales Tax, Home Rule Sales Tax, Income Tax, Building Permits, and Interest Income to fund core operations and a change in economic conditions could impact the Village’s overall fiscal health. Temporarily increasing the fund balance allows the Village to be in a better position to absorb a potential economic downturn which would most likely be evidenced by reduced levels of revenues coming into the Corporate Fund as seen during the pandemic. The 2023 budget 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. The budget also included a continuation of the prioritization in the Village’s infrastructure replacements with a $35.6M Capital Improvement Program (CIP). Also continually being analyzed are the three-to-five-year financial models to ensure the Village’s long-term sustainability. 2022 2021 2022 2021 2022 2021 General obligation bonds 8,463,190 $ 11,339,843 $ -$ -$ 8,463,190 $ 11,339,843 $ Corporate purpose notes - - 2,422,286 3,547,441 2,422,286 3,547,441 Loans payable 207,147 231,518 - - 207,147 231,518 Total debt 8,670,337 $ 11,571,361 $ 2,422,286 $ 3,547,441 $ 11,092,623 $ 15,118,802 $ Governmental Business-Type Total Primary Activities Activities Government Village of Glenview, Illinois Management’s Discussion and Analysis December 31, 2022 See independent auditors’ report. 19 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 Management Services Department, Village of Glenview, 2500 East Lake Avenue, Glenview, Illinois 60026. VILLAGE OF GLENVIEW STATEMENT OF NET POSITION As of December 31, 2022 Governmental Activities Business-type Activities Totals Glenview Library ASSETS Cash and Cash Equivalents $72,339,978 $11,584,274 $83,924,252 $5,224,470 Investments 48,196,537 7,751,085 55,947,622 - Receivables (net) Taxes 29,920,762 -29,920,762 12,168,272 Accounts 920,647 4,560,470 5,481,117 10,234 Leases 11,784,746 -11,784,746 - Notes 300,000 -300,000 - Other 1,670,460 6,725 1,677,185 - Internal Balances (25,032)25,032 -- Prepaid Items 3,542,168 -3,542,168 - Inventories 687,043 70,334 757,377 - Due from Other Governments 190,098 -190,098 - Due from Custodial Funds 75 -75 - Deposits 500,591 -500,591 - Advances to Custodial Funds 276,112 -276,112 - Property Held for Resale 2,225,000 -2,225,000 - Net Pension Asset 9,347,535 2,134,042 11,481,577 3,047,844 Capital Assets Land 26,121,790 567,851 26,689,641 5,426,987 Land Right of Way 55,281,951 -55,281,951 - Other Capital Assets, Net of Depreciation 168,297,678 66,065,967 234,363,645 23,751,357 Total Assets 431,578,139 92,765,780 524,343,919 49,629,164 DEFERRED OUTFLOWS OF RESOURCES Deferred Charge on Refunding 238,388 -238,388 549,393 Deferred Outflows Related to Pensions 39,740,856 567,143 40,307,999 748,544 Deferred Outflows Related to OPEB 2,456,269 32,392 2,488,661 69,434 Total Deferred Outflows of Resources 42,435,513 599,535 43,035,048 1,367,371 LIABILITIES Accounts Payable 13,653,737 3,484,102 17,137,839 551,686 Accrued Payroll 669,241 62,858 732,099 77,618 Accrued Interest Payable 23,711 3,633 27,344 37,459 Other Payables 822,612 359,949 1,182,561 2,520 Due to Pension Trusts 1,920,755 -1,920,755 - Refundable Deposits 6,667,610 19,825 6,687,435 - Unearned Revenues 2,347,608 4,295,900 6,643,508 - Due to Other Governmental Units 121,360 -121,360 - Noncurrent Liabilities Due Within One Year 3,444,598 929,003 4,373,601 1,350,002 Due in More Than One Year 127,789,404 1,823,268 129,612,672 11,138,481 Total Liabilities 157,460,636 10,978,538 168,439,174 13,157,766 DEFERRED INFLOWS OF RESOURCES Property Taxes Levied for Future Periods 15,454,617 -15,454,617 10,182,829 Deferred Inflows Related to Pensions 12,806,654 2,534,941 15,341,595 3,647,351 Deferred Inflows Related to OPEB 3,705,415 48,866 3,754,281 104,746 Deferred Inflows Related to Leases 11,924,209 -11,924,209 - Total Deferred Inflows of Resources 43,890,895 2,583,807 46,474,702 13,934,926 NET POSITION Net Investment in Capital Assets 241,476,617 64,211,532 305,688,149 17,711,715 Restricted for Street Improvements 2,184,282 -2,184,282 - Public Safety 308,376 -308,376 - Economic Development 15,346,689 -15,346,689 - Culture and Recreation ---1,356,422 Employee Retirement 9,347,535 2,134,042 11,481,577 3,047,844 Unrestricted 3,998,622 13,457,396 17,456,018 1,787,862 TOTAL NET POSITION $272,662,121 $79,802,970 $352,465,091 $23,903,843 See accompanying notes to financial statements. 20 VILLAGE OF GLENVIEW STATEMENT OF ACTIVITIES For the Year Ended December 31, 2022 Program Revenues Functions/Programs Expenses Charges for Services Operating Grants and Contributions Capital Grants and Contributions Primary Government Governmental Activities General Government $28,833,145 $4,601,066 $-$- Public Safety 42,730,419 12,562,217 163,568 - Public Works 20,089,774 1,094,603 2,771,219 - Development 4,064,546 234,611 303,350 2,354,941 Interest and Fiscal Charges 160,976 --- Total Governmental Activities 95,878,860 18,492,497 3,238,137 2,354,941 Business-type Activities Glenview Water Fund 14,893,944 16,248,185 104,100 - Glenview Sanitary Sewer Fund 2,763,831 2,538,470 -- Wholesale Water Fund 3,079,827 5,785,431 -- Commuter Parking Lot Fund 634,994 283,801 -- Total Business-type Activities 21,372,596 24,855,887 104,100 - Total Primary Government $117,251,456 $43,348,384 $3,342,237 $2,354,941 Component Unit Glenview Library $7,974,239 $147,129 $298,126 $- 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 NET POSITION - END OF YEAR See accompanying notes to financial statements. 21 Net (Expenses) Revenues and Changes in Net Position Primary Government Component Unit Governmental Activities Business-type Activities Totals Glenview Library $(24,232,079)$-$(24,232,079)$- (30,004,634)-(30,004,634)- (16,223,952)-(16,223,952)- (1,171,644)-(1,171,644)- (160,976)-(160,976)- (71,793,285)-(71,793,285)- -1,458,341 1,458,341 - -(225,361)(225,361)- -2,705,604 2,705,604 - -(351,193)(351,193)- -3,587,391 3,587,391 - (71,793,285)3,587,391 (68,205,894)- ---(7,528,984) 17,885,419 -17,885,419 10,128,177 11,467,558 -11,467,558 - 1,022,379 -1,022,379 - 3,529,048 -3,529,048 - 1,122,203 -1,122,203 - 22,921,405 -22,921,405 - 7,997,607 -7,997,607 - 1,971,706 -1,971,706 - 1,299,937 -1,299,937 - 1,196,180 207,288 1,403,468 17,351 33,742 -33,742 - 1,966,123 18,034 1,984,157 - 72,413,307 225,322 72,638,629 10,145,528 932,921 (932,921)-- 1,552,943 2,879,792 4,432,735 2,616,544 271,109,178 76,923,178 348,032,356 21,287,299 $272,662,121 $79,802,970 $352,465,091 $23,903,843 See accompanying notes to financial statements. 22 VILLAGE OF GLENVIEW BALANCE SHEET GOVERNMENTAL FUNDS As of December 31, 2022 General Fund Special Tax Allocation Fund Capital Projects Fund Village Permanent Fund Nonmajor Governmental Funds Totals ASSETS Cash and Cash Equivalents $30,405,924 $7,766,834 $5,656,380 $9,058,639 $8,191,273 $61,079,050 Investments 15,467,697 5,993,352 -17,735,026 1,000,354 40,196,429 Receivables (net) Taxes 29,920,762 ----29,920,762 Accounts 776,331 14,616 ---790,947 Grants 72,950 -1,000,970 --1,073,920 Accrued Interest 13,314 1,576 -36,640 261 51,791 Other 347,984 --130,000 -477,984 Notes 300,000 ----300,000 Leases 11,784,746 ----11,784,746 Prepaid Items 7,200 ----7,200 Inventories 176,502 ----176,502 Due from Other Funds 142,100 1,175 13,089 -365,793 522,157 Due from Other Governments ----190,098 190,098 Due from Custodial Funds 75 ----75 Property Held for Resale ---2,225,000 -2,225,000 Advances to Custodial Funds ---276,112 -276,112 TOTAL ASSETS $89,415,585 $13,777,553 $6,670,439 $29,461,417 $9,747,779 $149,072,773 See accompanying notes to financial statements. 23 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 $ 4,959,103 $ 3,593,524 $ 3,116,098 $ 79,159 $ 1,233,553 $ 12,981,437 Accrued Payroll 655,981 - - - 159 656,140 Other Payables 504,497 - 266,531 - - 771,028 Refundable Deposits 6,665,033 - 2,577 - - 6,667,610 Due to Other Governments 121,360 ----121,360 Due to Other Funds 405,089 15,791 - - 126,309 547,189 Due to Pension Trusts 1,920,755 ----1,920,755 Accrued Expenses - 50,589 - - - 50,589 Unearned Revenues 618,118 -1,700,000 1,916 -2,320,034 Total Liabilities 15,849,936 3,659,904 5,085,206 81,075 1,360,021 26,036,142 Deferred Inflows of Resources Property Taxes Levied for Future Periods 15,454,617 ----15,454,617 Unavailable Grant Revenue - - 282 - - 282 Deferred Inflows Related to Leases 11,924,209 ----11,924,209 Total Deferred Inflows of Resources 27,378,826 -282 --27,379,108 Fund Balances Nonspendable for Prepaid Items 7,200 ----7,200 Nonspendable for Inventory 176,502 ----176,502 Nonspendable for Long-Term Receivables 300,000 ----300,000 Restricted for Street Improvements ----2,184,282 2,184,282 Restricted for Public Safety ----308,376 308,376 Restricted for Economic Development - 10,117,649 - - 5,229,040 15,346,689Assigned to Debt Service Funds ----666,060 666,060 Assigned to Capital Project Funds 5,130,998 - 1,584,951 29,380,342 - 36,096,291 Unassigned 40,572,123 ----40,572,123 Total Fund Balances 46,186,823 10,117,649 1,584,951 29,380,342 8,387,758 95,657,523 TOTAL LIABILITIES, DEFERRED INFLOWS OF RESOURCES, AND FUND BALANCES $ 89,415,585 $ 13,777,553 $ 6,670,439 $ 29,461,417 $ 9,747,779 $ 149,072,773 See accompanying notes to financial statements. 24 VILLAGE OF GLENVIEW RECONCILIATION OF THE BALANCE SHEET OF GOVERNMENTAL FUNDS TO THE STATEMENT OF NET POSITION As of December 31, 2022 Total Fund Balances - Governmental Funds $95,657,523 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.249,701,419 Deferred charge on refunding of debt is not considered to represent a financial resource and, therefore, is not reported in the funds.238,388 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 The net pension asset does not relate to current financial resources and is not reported in the governmental funds.9,347,535 Deferred outflows of resources related to pensions do not relate to current financial resources and are not reported in the governmental funds.39,740,856 Deferred inflows of resources related to pensions do not relate to current financial resources and are not reported in the governmental funds.(12,806,654) Deferred outflows of resources related to OPEB do not relate to current financial resources and are not reported in the governmental funds.2,456,269 Deferred inflows of resources related to OPEB do not relate to current financial resources and are not reported in the governmental funds.(3,705,415) Internal service funds are reported in the statement of net position as governmental activities.22,111,726 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 (8,463,190) Loan payable (207,147) Total OPEB liability (10,518,085) Compensated absences (1,470,326) Accrued interest (23,711) Net pension liability (109,397,349) NET POSITION OF GOVERNMENTAL ACTIVITIES $272,662,121 See accompanying notes to financial statements. 25 VILLAGE OF GLENVIEW STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES - GOVERNMENTAL FUNDS For the Year Ended December 31, 2022 General Fund Special Tax Allocation Fund Capital Projects Fund Village Permanent Fund Nonmajor Governmental Funds Totals REVENUES Property Taxes $15,357,271 $-$-$-$2,678,361 $18,035,632 Other Taxes 17,141,188 ----17,141,188 Licenses and Permits 2,759,645 ----2,759,645 Fines, Forfeitures and Penalties 88,151 ----88,151 Charges for Services 14,625,094 ----14,625,094 Intergovernmental 37,351,432 152,493 1,249,407 -3,961,570 42,714,902 Investment Income 743,621 155,287 103,347 97,833 79,484 1,179,572 Miscellaneous --54,561 --54,561 Total Revenues 88,066,402 307,780 1,407,315 97,833 6,719,415 96,598,745 EXPENDITURES Current General Government 22,204,805 5,683,887 ---27,888,692 Public Safety 37,195,734 ---126,368 37,322,102 Public Works 7,827,180 ----7,827,180 Development 3,734,418 32,886 -79,159 2,782,760 6,629,223 Capital Outlay 108,019 3,597,245 14,394,397 -2,887,067 20,986,728 Debt Service Principal --24,371 -2,545,000 2,569,371 Interest and Fiscal Charges ----381,273 381,273 Total Expenditures 71,070,156 9,314,018 14,418,768 79,159 8,722,468 103,604,569 Excess (Deficiency) of Revenues over Expenditures 16,996,246 (9,006,238)(13,011,453)18,674 (2,003,053)(7,005,824) OTHER FINANCING SOURCES (USES) Proceeds from the Sale of Capital Assets ----8,377 8,377 Transfers In 575,000 -9,752,214 -2,314,090 12,641,304 Transfers Out (10,074,090)--(357,510)(1,026,783)(11,458,383) Total Other Financing Sources (Uses)(9,499,090)-9,752,214 (357,510)1,295,684 1,191,298 Net Change in Fund Balances 7,497,156 (9,006,238)(3,259,239)(338,836)(707,369)(5,814,526) FUND BALANCES - Beginning of Year 38,689,667 19,123,887 4,844,190 29,719,178 9,095,127 101,472,049 FUND BALANCES - END OF YEAR $46,186,823 $10,117,649 $1,584,951 $29,380,342 $8,387,758 $95,657,523 See accompanying notes to financial statements. 26 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, 2022 Net change in fund balances - total governmental funds $(5,814,526) 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 12,054,503 Depreciation is reported in the government-wide financial statements (7,222,628) 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 2,569,371 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 331,653 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 (98,498) Net pension asset 8,122,953 Accrued interest on debt 7,838 Amortization of deferred charge on refunding (119,194) Net pension liability (51,728,782) Deferred outflows of resources related to pensions 27,753,690 Deferred inflows of resources related to pensions 13,740,733 Deferred outflows of resources related to OPEB (391,313) Deferred inflows of resources related to OPEB (2,430,214) Total OPEB liability 2,465,562 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.2,311,795 CHANGE IN NET POSITION OF GOVERNMENTAL ACTIVITIES $1,552,943 See accompanying notes to financial statements. 27 VILLAGE OF GLENVIEW STATEMENT OF NET POSITION PROPRIETARY FUNDS As of December 31, 2022 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 $7,167,413 $1,653,637 $2,763,224 $11,584,274 $11,260,928 Investments 5,000,795 749,965 2,000,325 7,751,085 8,000,108 Receivables Accounts, Net 2,751,649 713,951 1,094,870 4,560,470 129,700 Accrued Interest 3,653 1,374 1,698 6,725 6,765 Other ----60,000 Prepaid Items ----3,534,968 Inventories 70,334 --70,334 510,541 Due from Other Funds 21,374 3,226 432 25,032 - Deposits ----500,591 Net Pension Asset 1,816,091 317,951 -2,134,042 - Total Current Assets 16,831,309 3,440,104 5,860,549 26,131,962 24,003,601 Noncurrent Assets Capital Assets Capital Assets not Being Depreciated 67,851 -500,000 567,851 - Capital Assets Being Depreciated 74,654,947 27,905,094 5,515,846 108,075,887 - Less: Accumulated Depreciation (29,056,111)(9,670,976)(3,282,833)(42,009,920)- Total Noncurrent Assets 45,666,687 18,234,118 2,733,013 66,633,818 - Total Assets 62,497,996 21,674,222 8,593,562 92,765,780 24,003,601 DEFERRED OUTFLOWS OF RESOURCES Deferred Outflows Related to Pensions 491,821 75,322 -567,143 - Deferred Outflows Related to OPEB 26,080 4,447 1,865 32,392 - Total Deferred Outflows of Resources 517,901 79,769 1,865 599,535 - See accompanying notes to financial statements. 28 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 $2,485,782 $488,340 $509,980 $3,484,102 $672,300 Accrued Payroll 48,483 8,688 5,687 62,858 13,101 Accrued Interest 3,633 --3,633 - Accrued Expenses 350,076 6,623 3,250 359,949 995 Refundable Deposits 19,825 --19,825 - Claims Payable ----471,162 Unearned Revenues 4,295,900 --4,295,900 27,574 Current Portion of Long-Term Liabilities 920,193 5,374 3,436 929,003 - Total Current Liabilities 8,123,892 509,025 522,353 9,155,270 1,185,132 Noncurrent Liabilities Long-Term Debt Claims Payable ----706,743 Long-Term Liabilities Due in More Than One Year 1,760,996 40,541 21,731 1,823,268 - Total Noncurrent Liabilities 1,760,996 40,541 21,731 1,823,268 706,743 Total Liabilities 9,884,888 549,566 544,084 10,978,538 1,891,875 DEFERRED INFLOWS OF RESOURCES Deferred Inflows Related to Pensions 2,153,347 381,594 -2,534,941 - Deferred Inflows Related to OPEB 39,343 6,709 2,814 48,866 - Total Deferred Inflows of Resources 2,192,690 388,303 2,814 2,583,807 - NET POSITION Net Investment in Capital Assets 43,244,401 18,234,118 2,733,013 64,211,532 - Restricted for Employee Retirement 1,816,091 317,951 -2,134,042 - Unrestricted 5,877,827 2,264,053 5,315,516 13,457,396 22,111,726 TOTAL NET POSITION $50,938,319 $20,816,122 $8,048,529 $79,802,970 $22,111,726 See accompanying notes to financial statements. 29 VILLAGE OF GLENVIEW STATEMENT OF REVENUES, EXPENSES, AND CHANGES IN NET POSITION PROPRIETARY FUNDS For the Year Ended December 31, 2022 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 $15,961,072 $2,487,667 $6,069,112 $24,517,851 $13,824,769 Miscellaneous 287,113 50,803 120 338,036 188,863 Total Operating Revenues 16,248,185 2,538,470 6,069,232 24,855,887 14,013,632 OPERATING EXPENSES Insurance Services ----8,449,083 Parking Services --542,602 542,602 - Water Services 13,280,753 -3,017,011 16,297,764 - Sewerage Services -2,215,907 -2,215,907 - Capital Asset Repair and Replacement ----2,624,828 Depreciation and Amortization 1,551,686 540,903 155,208 2,247,797 - Total Operating Expenses 14,832,439 2,756,810 3,714,821 21,304,070 11,073,911 Operating Income (Loss)1,415,746 (218,340)2,354,411 3,551,817 2,939,721 NONOPERATING REVENUES (EXPENSES) Intergovernmental 104,100 --104,100 - Other Income -18,034 -18,034 - Investment Income 137,203 25,578 44,507 207,288 16,608 Gain on Sale of Capital Assets ----25,365 Reassignment of Capital Assets ----(419,899) Interest and Fiscal Charges (61,505)(7,021)-(68,526)- Total Nonoperating Revenues (Expenses)179,798 36,591 44,507 260,896 (377,926) Income Before Contributions and Transfers 1,595,544 (181,749)2,398,918 3,812,713 2,561,795 CONTRIBUTIONS AND TRANSFERS Transfers In 741,856 --741,856 - Transfers Out -(112,516)(1,562,261)(1,674,777)(250,000) Total Contributions and Transfers 741,856 (112,516)(1,562,261)(932,921)(250,000) Change in Net Position 2,337,400 (294,265)836,657 2,879,792 2,311,795 NET POSITION - Beginning of Year 48,600,919 21,110,387 7,211,872 76,923,178 19,799,931 NET POSITION - END OF YEAR $50,938,319 $20,816,122 $8,048,529 $79,802,970 $22,111,726 See accompanying notes to financial statements. 30 VILLAGE OF GLENVIEW STATEMENT OF CASH FLOWS PROPRIETARY FUNDS For the Year Ended December 31, 2022 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 $16,147,206 $2,441,821 $5,856,918 $24,445,945 $14,117,810 Paid to Suppliers for Goods and Services (9,404,011)(1,680,458)(3,152,806)(14,237,275)(11,894,570) Paid to Employees for Services (2,924,145)(519,978)(327,746)(3,771,869)(1,139,970) Received from Other Sources 3,023,944 68,837 -3,092,781 - Net Cash Flows From Operating Activities 6,842,994 310,222 2,376,366 9,529,582 1,083,270 CASH FLOWS FROM INVESTING ACTIVITIES Investment Income 133,550 24,204 50,448 208,202 55,704 Sale of Investments ----6,691,267 Purchase of Investments (5,000,795)(749,965)(1,019,214)(6,769,974)(8,552,671) Net Cash Flows From Investing Activities (4,867,245)(725,761)(968,766)(6,561,772)(1,805,700) CASH FLOWS FROM NONCAPITAL FINANCING ACTIVITIES Transfers In 741,856 --741,856 - Transfers Out -(112,516)(1,562,261)(1,674,777)(250,000) Net Cash Flows From Noncapital Financing Activities 741,856 (112,516)(1,562,261)(932,921)(250,000) CASH FLOWS FROM CAPITAL AND RELATED FINANCING ACTIVITIES Debt Retired (1,125,155)--(1,125,155)- Interest Paid (63,193)(7,021)-(70,214)- Proceeds from the Sale of Capital Assets ----25,365 Acquisition and Construction of Capital Assets (4,847,999)(498,259)-(5,346,258)(473,882) Net Cash Flows From Capital and Related Financing Activities (6,036,347)(505,280)-(6,541,627)(448,517) Net Change in Cash and Cash Equivalents (3,318,742)(1,033,335)(154,661)(4,506,738)(1,420,947) CASH AND CASH EQUIVALENTS - Beginning of Year 10,486,155 2,686,972 2,917,885 16,091,012 12,681,875 CASH AND CASH EQUIVALENTS - END OF YEAR $7,167,413 $1,653,637 $2,763,224 $11,584,274 $11,260,928 See accompanying notes to financial statements. 31 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 (LOSS) TO NET CASH FLOWS FROM OPERATING ACTIVITIES Operating Income (loss)$1,415,746 $(218,340)$2,354,411 $3,551,817 $2,939,721 Nonoperating revenue 104,100 18,034 -122,134 - Adjustments to Reconcile Operating Income (Loss) to Net Cash Flows From Operating Activities Depreciation and Amortization 1,551,686 540,903 155,208 2,247,797 - Changes in assets and liabilities Accounts Receivable (80,910)(42,620)(211,882)(335,412)(836) Inventory (34,851)--(34,851)(64,178) Due from Other Funds (21,374)(3,226)(432)(25,032)- Deposits ----77,440 Prepaid Items ----(1,325,089) Accounts Payable 1,710,155 147,383 73,031 1,930,569 (529,198) Customer Deposits 3,875 --3,875 - Claims Payable ----(18,539) Accrued Salaries (7,598)(891)2,255 (6,234)(1,082) Compensated absences 2,018 1,497 6,669 10,184 - Accrued Expenses -(5,942)3,160 (2,782)(22,543) Unearned Revenue 2,895,900 --2,895,900 27,574 Deferred Outflows Due to Pensions 68,310 45,338 -113,648 - Deferred Inflows Due to Pensions 941,440 119,466 1,139 1,062,045 - Net Pension Liability (1,602,067)(271,659)-(1,873,726)- Total OPEB Liability (148,168)(27,636)(9,069)(184,873)- Deferred Outflows Due to OPEB 30,910 5,791 1,876 38,577 - Deferred Inflows Due to OPEB 13,822 2,124 -15,946 - NET CASH FLOWS FROM OPERATING ACTIVITIES $6,842,994 $310,222 $2,376,366 $9,529,582 $1,083,270 NONCASH CAPITAL AND RELATED FINANCING ACTIVITIES None See accompanying notes to financial statements. 32 VILLAGE OF GLENVIEW STATEMENT OF FIDUCIARY NET POSITION FIDUCIARY FUNDS As of December 31, 2022 Pension Trust Funds Custodial Funds ASSETS Cash and Cash Equivalents $5,002,607 $1,721,620 Investments Illinois Police Officers' Investment Fund 83,257,791 - Illinois Firefighters' Pension Investment Fund 93,877,757 - Receivables Taxes -322,450 Accrued Interest 2,462 - Due from Primary Government 1,920,755 - Prepaid Items 17,672 - Total Assets 184,079,044 2,044,070 LIABILITIES Accrued Expenses 20,557 - Due to Members -1,571,826 Due to Primary Government -75 Advances from Primary Government -276,112 Total Liabilities 20,557 1,848,013 DEFERRED INFLOWS OF RESOURCES Property Taxes Levied for Future Periods -322,450 Total Deferred Inflows of Resources -322,450 NET POSITION Restricted for Pension Benefits 184,058,487 - Unrestricted (Deficit)-(126,430) TOTAL NET POSITION $184,058,487 $(126,430) See accompanying notes to financial statements. 33 VILLAGE OF GLENVIEW STATEMENT OF CHANGES IN FIDUCIARY NET POSITION FIDUCIARY FUNDS For the Year Ended December 31, 2022 Pension Trust Funds Custodial Funds ADDITIONS Contributions Employer $9,830,301 $- Participant 1,951,699 - Total Contributions 11,782,000 - Investment Income (Loss) Net Depreciation in Fair Value of Investments (34,863,678)- Interest Income 2,336,852 5,537 Total Investment Income (Loss)(32,526,826)5,537 Less Investment Expense 180,253 - Net Investment Income (Loss)(32,707,079)5,537 Property Taxes -283,677 911 Surcharge -4,218,258 Total Additions (20,925,079)4,507,472 DEDUCTIONS Retirement Pensions 13,094,599 - Widow Pensions 907,315 - Disability Pensions 740,883 - Children's Pensions 26,212 - Contribution Refunds 145,467 - Administration 135,600 - Remittance of Principal to Bondholders -131,888 Remittance of Interest to Bondholders -56,214 Distributions to Members -4,222,938 Miscellaneous -110,013 Total Deductions 15,050,076 4,521,053 Change in Fiduciary Net Position (35,975,155)(13,581) NET POSITION - Beginning of Year 220,033,642 (112,849) NET POSITION - END OF YEAR $184,058,487 $(126,430) See accompanying notes to financial statements. 34 VILLAGE OF GLENVIEW INDEX TO NOTES TO FINANCIAL STATEMENTS As of and for the Year Ended December 31, 2022 NOTE Page I Summary of Significant Accounting Policies 36 A.Reporting Entity 36 B.Government-Wide and Fund Financial Statements 38 C.Measurement Focus, Basis of Accounting, and Financial Statement Presentation 41 D.Assets, Deferred Outflows of Resources, Liabilities, Deferred Inflows of Resources, and Net Position or Equity 42 1.Deposits and Investments 42 2.Receivables 45 3.Inventories and Prepaid Items 46 4.Capital Assets 46 5.Deferred Outflows of Resources 47 6.Compensated Absences 48 7.Long-Term Obligations 48 8.Leases 48 9.Deferred Inflows of Resources 48 10. Equity Classifications 49 II Stewardship, Compliance, and Accountability 51 A.Excess Expenditures/Expenses/Deductions Over Budget 51 B.Deficit Balances 51 III Detailed Notes on All Funds 52 A.Deposits and Investments 52 B.Receivables 54 C.Capital Assets 55 D.Interfund Receivables/Payables and Transfers 57 E.Long-Term Obligations 59 F.Lease Disclosures 62 G.Component Unit 63 IV Other Information 67 A.Employees' Retirement System 67 B.Risk Management 84 C.Commitments and Contingencies 86 D.Joint Ventures 86 E.Other Postemployment Benefits 87 F.Tax Abatement 90 G.Effect of New Accounting Standards on Current-Period Financial Statements 91 See accompanying notes to financial statements. 35 VILLAGE OF GLENVIEW NOTES TO FINANCIAL STATEMENTS As of and for the Year Ended December 31, 2022 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. 36 VILLAGE OF GLENVIEW NOTES TO FINANCIAL STATEMENTS As of and for the Year Ended December 31, 2022 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 is considered a discretely presented component unit. The information presented is for the fiscal year ended December 31, 2022. 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. 37 VILLAGE OF GLENVIEW NOTES TO FINANCIAL STATEMENTS As of and for the Year Ended December 31, 2022 NOTE I - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont.) B.GOVERNMENT-WIDE AND FUND FINANCIAL STATEMENTS In June 2017, the GASB issued Statement No. 87, Leases. This Statement requires the recognition of certain lease assets and liabilities for leases that previously were classified as operating leases and recognized as inflows of resources or outflows of resources based on the payment provisions of the contract. The standard establishes a single model for lease accounting based on the foundational principle that leases are financings of the right-to-use an underlying asset. Under the Statement, a lessee is required to recognize a lease liability and an intangible right-to-use lease asset, and a lessor is required to recognize a lease receivable and a deferred inflow of resources, which enhances the relevance and consistency of information about the Village’s leasing activities. This standard was implemented January 1, 2022. Government-Wide Financial Statements The statement of net position and statement of activities display information about the reporting government as a whole. They include all funds of the reporting entity except for fiduciary funds.The statements distinguish between governmental and business-type activities. Governmental activities generally are financed through taxes, intergovernmental revenues, and other nonexchange revenues. Business-type activities are financed in whole or in part by fees charged to external parties for goods or services. Likewise, the primary government is reported separately from certain legally separate component units for which the primary government is financially accountable. The statement of activities demonstrates the degree to which the direct expenses of a given function or segment are offset by program revenues. Direct expenses are those that are clearly identifiable with a specific function or segment. The Village does not allocate indirect expenses to functions in the statement of activities. Program revenues include 1) charges to customers or applicants who purchase, use or directly benefit from goods, services, or privileges provided by a given function or segment, and 2) grants and contributions that are restricted to meeting the operational or capital requirements of a particular function or segment. Taxes and other items not included among program revenues are reported as general revenues. Internally dedicated resources are reported as general revenues rather than as program revenues. Fund Financial Statements Financial statements of the Village are organized into funds, each of which is considered to be a separate accounting entity. Each fund is accounted for by providing a separate set of self-balancing accounts, which constitute its assets, deferred outflows of resources, liabilities, deferred inflows of resources, net position/fund balance, revenues, and expenditures/expenses. Funds are organized as major funds or nonmajor funds within the governmental and proprietary statements. An emphasis is placed on major funds within the governmental and proprietary categories. A fund is considered major if it is the primary operating fund of the Village or meets the following criteria: a. Total assets/deferred outflows of resources, liabilities/deferred inflows of resources, revenues, or expenditures/expenses of that individual governmental or enterprise fund are at least 10% of the corresponding total for all funds of that category or type, and 38 VILLAGE OF GLENVIEW NOTES TO FINANCIAL STATEMENTS As of and for the Year Ended December 31, 2022 NOTE I - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont.) B.GOVERNMENT-WIDE AND FUND FINANCIAL STATEMENTS (cont.) Fund Financial Statements (cont.) 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 annual revenues and expenditures of The Glen, (formerly referred to as Glenview Naval Air Station). The Tax Increment District created for the redevelopment project was closed on December 31, 2021 and The Glen TIF Cash Reserve Account was established to fund specific projects in The Glen and property tax refunds for the tax years that The Glen TIF was open. 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. Village Permanent Fund - used to accumulate and account for a specific portion of the land sales proceeds of The Glen. Twenty percent of the land sale revenues are assigned for capital and economic development expenditures throughout the Village (outside of the Glen). Additionally, Permanent Fund assets can be loaned for short-term liquidity to other Village funds as a result of exhaustion of cash revenues. The Village reports the following major enterprise funds: Glenview Water Fund - accounts for the provision of water services to the property owners in the Village. All activities necessary to provide such services are accounted for in this fund including, but not limited to, administration, operations, maintenance, financing, and related debt service, and billing and collections. Glenview Sanitary Sewer Fund - accounts for the provision of sanitary sewer services to property owners in both incorporated and unincorporated areas of the Village. All activities necessary to provide such services are accounted for in this fund including, but not limited to, administration, transmissions, maintenance, financing and related debt service, and billing and collections. Treatment is performed by another agency. 39 VILLAGE OF GLENVIEW NOTES TO FINANCIAL STATEMENTS As of and for the Year Ended December 31, 2022 NOTE I - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont.) B.GOVERNMENT-WIDE AND FUND FINANCIAL STATEMENTS (cont.) Fund Financial Statements (cont.) The Village reports the following nonmajor governmental and enterprise funds: Special Revenue Funds - used to account for and report the proceeds of specific revenue sources that are restricted or committed to expenditures for specified purposes (other than debt service or capital projects). Motor Fuel Tax Fund Foreign Fire Insurance Fund Police Department Special Account Fund Waukegan Golf TIF Fund Debt Service Fund - used to account for and report financial resources that are restricted, committed, or assigned to expenditure for the payment of general long-term debt principal, interest, and related costs. Corporate Purpose Bonds Fund 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 40 VILLAGE OF GLENVIEW NOTES TO FINANCIAL STATEMENTS As of and for the Year Ended December 31, 2022 NOTE I - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont.) B.GOVERNMENT-WIDE AND FUND FINANCIAL STATEMENTS (cont.) Fund Financial Statements (cont.) 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 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. 41 VILLAGE OF GLENVIEW NOTES TO FINANCIAL STATEMENTS As of and for the Year Ended December 31, 2022 NOTE I - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont.) C.MEASUREMENT FOCUS, BASIS OF ACCOUNTING, AND FINANCIAL STATEMENT PRESENTATION (cont.) Fund Financial Statements (cont.) 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. 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. 42 VILLAGE OF GLENVIEW NOTES TO FINANCIAL STATEMENTS As of and for the Year Ended December 31, 2022 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.) c)Money market mutual funds with portfolios of securities issued or guaranteed by the United States or agreements to repurchase these same types of obligations. d)Repurchase agreements which meet instrument transaction requirements of Illinois law. e)Short-term obligations of U.S. corporations rated in the three highest classifications by at least two standard rating agencies. f)The Illinois Funds. g)Illinois Metropolitan Investment Fund. The Village's investment policy limits the Village from investing in any financial institution in which the Village's funds on deposit are in excess of 75% of the institution's capital stock and surplus. The deposits and investments of the Police Pension Fund and the Firefighters' Pension Fund are held separately from each other and from those of other Village funds. In addition to the aforementioned investments, these pension funds are also permitted to invest in the following instruments: h)Bonds issued by any county, city, township, village, incorporated town, municipal corporation, or school district in Illinois. i)Direct obligations of the State of Israel. j)Separate accounts of Illinois-licensed insurance companies. k)Common and preferred stock. Illinois Public Act 101 0610 consolidated the assets of the state's more than 650 downstate and suburban public safety pension funds into two consolidated investment funds and required the Police Pension Fund and Firefighters' Pension Fund to pool their funds for investment purposes. During the year, the investments of the Police Pension Fund were transferred to Illinois Police Officers' Pension Investment Fund and the investments of the Firefighters' Pension Fund were transferred to Illinois Firefighters' Pension Investment Fund. The Illinois Police Officers' Pension Investment Fund and the Illinois Firefighters' Pension Investment Fund are external investment pools valued at share price, the price for which the investments could be sold. The Illinois Police Officers’ Pension Investment Fund’s investment policy statement has an investment objective to earn a long-term, net-of-fees, investment return that meets or exceeds the actuarial assumed rate of return and the return of the Policy Benchmark consistent with the risk level expected from the asset allocation. In the March 4, 2022 actuarial experience study the Illinois Police Officers’ Pension Investment Fund’s actuaries recommended an investment return of 6.75%. The Illinois Firefighters’ Pension Investment Fund’s investment policy has an investment objective that seeks to maximize the likelihood of meeting long-term return objectives, while (i) maintaining prudent risk exposure, (ii) controlling fees and expenses related to management of the Fund and (iii) complying with the governing provisions of the Illinois Pension Code (40 ILCS 5 et seq.) and other applicable laws and regulations. Long-term return objectives are based on an assumed rate of return as set forth by the Illinois Firefighters’ Pension Investment Fund’s actuary. In the December 1, 2021 actuarial experience study the Illinois Firefighters’ Pension Investment Fund’s actuaries recommended an investment return of 7.125%. 43 VILLAGE OF GLENVIEW NOTES TO FINANCIAL STATEMENTS As of and for the Year Ended December 31, 2022 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.) Additional information related to the Illinois Police Officers' Pension Investment Fund can be found at https://www.ipopif.org. Additional information related to the Illinois Firefighters' Pension Investment Fund can be found at https://ifpif.org. 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. 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. 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. 44 VILLAGE OF GLENVIEW NOTES TO FINANCIAL STATEMENTS As of and for the Year Ended December 31, 2022 NOTE I - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont.) D.ASSETS, DEFERRED OUTFLOWS OF RESOURCES, LIABILITIES, DEFERRED INFLOWS OF RESOURCES, AND NET POSITION OR EQUITY (cont.) 1.Deposits and Investments (cont.) The Police Pension Fund’s investment policy requires all securities that are exposed to custodial credit risk to be held by a third-party custodian. The Firefighters’ Pension Fund’s investment policy requires all investments to be limited to the safest types of securities invested with pre-qualified institutions, broker/dealers, intermediaries, and advisors, soundly diversified and held by a third-party custodian. Investments are stated at fair value, which is the amount at which an investment could be exchanged in a current transaction between willing parties. Fair values are based on methods and inputs as outlined in Note III. A. Short-term investments are reported at amortized cost, which approximates fair value. Securities traded on a national or international exchange are valued at the last reported sales price at current exchange rates. Fair value for the majority of fixed income securities is determined by using quoted market prices by independent pricing services. Illinois Funds is an investment pool managed by the State of Illinois, Office of the Treasurer, which allows governments within the State to pool their funds for investment purposes. Illinois Funds is not registered with the SEC as an investment company, but does operate in a manner consistent with Rule 2a7 of the Investment Company Act of 1940. Investments in Illinois Funds are valued at Illinois Fund’s share price, the price for which the investments could be sold. See Note III. A. for further information. 2.Receivables Property taxes for levy year 2022 attaches as an enforceable lien on January 1, 2022, 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 2022 tax levy, which attached as an enforceable lien on the property as of January 1, 2022, has been recorded as a receivable as of December 31, 2022, as the tax was levied by the Village on December 6, 2022, and therefore, the levy is measurable at December 31, 2022. Tax bills for levy year 2022 are prepared by Cook County and issued on or about February 1, 2023 and July 1, 2023, and are payable in two installments, on or about March 1, 2023 and August 1, 2023 or within 30 days of the tax bills being issued. The county collects such taxes and remits them periodically. The 2022 property tax levy is recognized as a receivable and deferred inflows in fiscal 2022, net the allowance for uncollectible. As the taxes become available to finance current expenditures, they are recognized as revenues. At December 31, 2022, the property taxes receivable and related deferred inflows consisted of the estimated amount collectible from the 2022 levy. 45 VILLAGE OF GLENVIEW NOTES TO FINANCIAL STATEMENTS As of and for the Year Ended December 31, 2022 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.) During the course of operations, transactions occur between individual funds that may result in amounts owed between funds. Short-term interfund loans are reported as "due to and from other funds." Long-term interfund loans (noncurrent portion) are reported as "advances from and to other funds." Interfund receivables and payables between funds within governmental activities are eliminated in the statement of net position. Any residual balances outstanding between the governmental activities and business-type activities are reported in the governmental-wide financial statements as internal balances. In the governmental fund financial statements, advances to other funds are offset equally by a nonspendable fund balance account which indicates that they do not constitute expendable available financial resources and, therefore, are not available for appropriation or by a restricted fund balance account, if the funds will ultimately be restricted when the advance is repaid. 3.Inventories and Prepaid Items Governmental fund inventories, if material, are recorded at cost based on the FIFO method using the consumption method of accounting. Proprietary fund inventories are generally used for construction and/or for operation and maintenance work. They are not for resale. They are valued at cost based on average cost, and charged to construction and/or operation and maintenance expense when used. Certain payments to vendors reflect costs applicable to future accounting periods and are recorded as prepaid items in both government-wide and fund financial statements using the consumption method. 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. 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. 46 VILLAGE OF GLENVIEW NOTES TO FINANCIAL STATEMENTS As of and for the Year Ended December 31, 2022 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 assets that applies to future periods 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. 47 VILLAGE OF GLENVIEW NOTES TO FINANCIAL STATEMENTS As of and for the Year Ended December 31, 2022 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.Leases The Village is a lessor because it leases capital assets to other entities. As a lessor, the Village reports a lease receivable and corresponding deferred inflow of resources in both the fund financial statements and government-wide financial statements. The Village continues to report and depreciate the capital assets being leased as capital assets of the primary government. 9.Deferred Inflows of Resources A deferred inflow of resources represent an acquisition of net assets that applies to future periods and therefore will not be recognized as an inflow of resources (revenue) until that future time. 48 VILLAGE OF GLENVIEW NOTES TO FINANCIAL STATEMENTS As of and for the Year Ended December 31, 2022 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.) 10. 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. 49 VILLAGE OF GLENVIEW NOTES TO FINANCIAL STATEMENTS As of and for the Year Ended December 31, 2022 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.) 10. 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. 50 VILLAGE OF GLENVIEW NOTES TO FINANCIAL STATEMENTS As of and for the Year Ended December 31, 2022 NOTE II - STEWARDSHIP, COMPLIANCE, AND ACCOUNTABILITY A.EXCESS EXPENDITURES/EXPENSES/DEDUCTIONS OVER BUDGET Funds Budgeted Expenditures/ Expenses/ Deductions Actual Expenditures/ Expenses/ Deductions Excess Police Pension $6,076,655 $6,559,802 $483,147 Firefighters' Pension 7,922,907 8,490,274 567,367 B.DEFICIT BALANCES Generally accepted accounting principles require disclosure of individual funds that have deficit balances at year end. As of December 31, 2022, the following individual funds held a deficit balance: Fund Amount Reason Special Service Area (SSA) Bond $126,430 This deficit balance was anticipated as future property taxes will be levied to fund past construction projects relating to special assessments. 51 VILLAGE OF GLENVIEW NOTES TO FINANCIAL STATEMENTS As of and for the Year Ended December 31, 2022 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 $32,650,546 $35,137,901 The Illinois Funds 57,994,763 57,982,869 U.S. treasuries 55,947,622 55,947,622 Illinois Police Officers' Investment Fund 83,257,791 83,257,791 Illinois Firefighters' Pension Investment Fund 93,877,757 93,877,757 Petty cash 3,170 - Total Deposits and Investments $323,731,649 $326,203,940 Reconciliation to financial statements Per statement of net position Cash and cash equivalents $83,924,252 Investments 55,947,622 Per statement of net position - fiduciary funds Cash and cash equivalents - Pension Trusts 5,002,607 Cash and cash equivalents - Custodial Funds 1,721,620 Illinois Police Officers' Investment Fund 83,257,791 Illinois Firefighters' Pension Investment Fund 93,877,757 Total Deposits and Investments $323,731,649 Deposits in each local and area bank are insured by the FDIC in the amount of $250,000 for time and savings accounts (including NOW accounts) and $250,000 for demand deposit accounts (interest-bearing and noninterest-bearing). In addition, if deposits are held in an institution outside of the state in which the government is located, insured amounts are further limited to a total of $250,000 for the combined amount of all deposit accounts. The Village categorizes its fair value measurements within the fair value hierarchy established by generally accepted accounting principles. The hierarchy is based on the valuation inputs used to measure the fair value of the asset. Level 1 inputs are quoted prices in active markets for identical assets; Level 2 inputs are significant other observable inputs; Level 3 inputs are significant unobservable inputs. 52 VILLAGE OF GLENVIEW NOTES TO FINANCIAL STATEMENTS As of and for the Year Ended December 31, 2022 NOTE III - DETAILED NOTES ON ALL FUNDS (cont.) A.DEPOSITS AND INVESTMENTS (cont.) The investments in the Illinois Police Officers' Pension Investment Fund and the Illinois Firefighters Pension Investment Fund are measured at the net asset value. The Village used the market valuation method for recurring fair value measurements. The Village's investments in U.S. treasuries were Level 1. 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, 2022, investments in Illinois Funds are rated AAAm. Investments in the Illinois Police Officers' Pension Investment Fund and the Illinois Firefighters Pension Investment Fund were not rated. 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 Village does not have any investments exposed to concentration of credit risk. 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, 2022, investments were as follows: Village Maturity (in Years) Investment Type Fair Value Less Than 1 1-5 U.S. treasuries $55,947,622 $39,235,775 $16,711,847 Totals $55,947,622 $39,235,775 $16,711,847 53 VILLAGE OF GLENVIEW NOTES TO FINANCIAL STATEMENTS As of and for the Year Ended December 31, 2022 NOTE III - DETAILED NOTES ON ALL FUNDS (cont.) A.DEPOSITS AND INVESTMENTS (cont.) Money-Weighted Rate of Return Police Pension Fund For the year ended December 31, 2022, the annual money-weighted rate of return on the Police Pension plan investments, net of pension plan investment expense, was (14.39)%. 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, 2022, the annual money-weighted rate of return on the Firefighters' Pension plan investments, net of pension plan investment expense, was (18.15)%. The money-weighted rate of return expresses investment performance, net of investment expense, adjusted for the changing amounts actually invested. See Note I.D.1. for further information on deposit and investment policies. B.RECEIVABLES The following receivables are included in Receivables - Taxes on the Governmental Funds Balance Sheet: General Fund Taxes Receivable Property $18,982,969 Sales 9,186,576 Utility 630,992 Income 724,877 Use 580,595 Franchise 215,839 Hotel 103,736 Cannabis 12,344 Gross receivables 30,437,928 Less: Allowance for uncollectibles (517,166) Net Total Receivables $29,920,762 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. 54 VILLAGE OF GLENVIEW NOTES TO FINANCIAL STATEMENTS As of and for the Year Ended December 31, 2022 NOTE III - DETAILED NOTES ON ALL FUNDS (cont.) C.CAPITAL ASSETS Capital asset activity for the year ended December 31, 2022, was as follows: Beginning Balance Additions Deletions Ending Balance Governmental Activities Capital assets not being depreciated Land $26,041,796 $79,994 $-$26,121,790 Land right of way 55,281,951 --55,281,951 Total Capital Assets Not Being Depreciated 81,323,747 79,994 -81,403,741 Capital assets being depreciated Buildings and improvements 99,355,813 2,785,394 -102,141,207 Machinery and equipment 22,712,972 246,978 322,424 22,637,526 Infrastructure 179,838,240 8,942,137 211,483 188,568,894 Total Capital Assets Being Depreciated 301,907,025 11,974,509 533,907 313,347,627 Total Capital Assets 383,230,772 12,054,503 533,907 394,751,368 Less: Accumulated depreciation for Buildings and improvements (33,922,192)(1,941,156)-(35,863,348) Machinery and equipment (16,319,123)(1,032,886)(322,424)(17,029,585) Infrastructure (88,119,913)(4,248,586)(211,483)(92,157,016) Total Accumulated Depreciation (138,361,228)(7,222,628)(533,907)(145,049,949) Net Capital Assets Being Depreciated 163,545,797 4,751,881 -168,297,678 Total Governmental Activities Capital Assets, Net $244,869,544 $4,831,875 $-$249,701,419 Depreciation expense was charged to functions as follows: Governmental Activities General government $4,701,457 Public safety 914,595 Public works 1,169,464 Development 437,112 Total Governmental Activities Depreciation Expense $7,222,628 55 VILLAGE OF GLENVIEW NOTES TO FINANCIAL STATEMENTS As of and for the Year Ended December 31, 2022 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 3,233,575 --3,233,575 Water system 68,135,906 4,533,231 476,935 72,192,202 Sanitary sewer system 27,255,532 474,939 42,885 27,687,586 Equipment and vehicles 4,962,524 --4,962,524 Total Capital Assets Being Depreciated 103,587,537 5,008,170 519,820 108,075,887 Total Capital Assets 104,155,388 5,008,170 519,820 108,643,738 Less: Accumulated depreciation for Buildings and improvements (1,499,083)(95,849)-(1,594,932) Water system (25,154,610)(1,477,208)(476,935)(26,154,883) Sanitary sewer system (8,955,447)(540,903)(42,885)(9,453,465) Equipment and vehicles (4,672,806)(133,834)-(4,806,640) Total Accumulated Depreciation (40,281,946)(2,247,794)(519,820)(42,009,920) Net Capital Assets Being Depreciated 63,305,591 2,760,376 -66,065,967 Total Business-type Capital Assets, Net $63,873,442 $2,760,376 $-$66,633,818 Business-type Activities Depreciation expense was charged to functions as follows: Business-type Activities Glenview Water Fund $1,551,683 Glenview Sanitary Sewer Fund 540,903 Wholesale Water Fund 62,816 Commuter Parking Fund 92,392 Total Business-type Activities Depreciation Expense $2,247,794 56 VILLAGE OF GLENVIEW NOTES TO FINANCIAL STATEMENTS As of and for the Year Ended December 31, 2022 NOTE III - DETAILED NOTES ON ALL FUNDS (cont.) D.INTERFUND RECEIVABLES/PAYABLES 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 $15,791 General Nonmajor Governmental 126,309 Special Tax Allocation General 1,175 Capital Projects General 13,089 Nonmajor Governmental General 365,793 Glenview Water General 21,374 Glenview Sanitary Sewer General 3,226 Nonmajor Enterprise General 432 Total - Fund Financial Statements 547,189 Less: Government-wide eliminations (522,157) Total Internal Balances - Government-Wide Statement of Net Position $25,032 All amounts are due within one year. 57 VILLAGE OF GLENVIEW NOTES TO FINANCIAL STATEMENTS As of and for the Year Ended December 31, 2022 NOTE III - DETAILED NOTES ON ALL FUNDS (cont.) D.INTERFUND RECEIVABLES/PAYABLES AND TRANSFERS (cont.) Transfers The following is a schedule of interfund transfers: Fund Transferred To Fund Transferred From Amount Principal Purpose 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 2,314,090 Transfer to move property tax revenue to the appropriate fund and to pay debt. Capital Projects Village Permanent 357,510 Transfer to support the Capital Improvements Program Capital Projects General 7,760,000 Transfer to support the Capital Improvements Program Capital Projects Nonmajor Enterprise 607,921 Transfer of return on investment that is used to improve public roadways Capital Projects Nonmajor Governmental 1,026,783 Transfer to fund projects with Rebuild Illinois funding Glenview Water Nonmajor Enterprise 629,340 Transfer of funds for payment of engineering services Glenview Water Glenview Sanitary Sewer 112,516 Transfer to fund a portion of the AMI debt payment Total - Fund Financial Statements 13,383,160 Less: Fund eliminations (12,450,239) Total Transfers - Government-Wide Statement of Activities $932,921 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. 58 VILLAGE OF GLENVIEW NOTES TO FINANCIAL STATEMENTS As of and for the Year Ended December 31, 2022 NOTE III - DETAILED NOTES ON ALL FUNDS (cont.) E.LONG-TERM OBLIGATIONS Long-term obligations activity for the year ended December 31, 2022, was as follows: Beginning Balance Increases Decreases Ending Balance Amounts Due Within One Year Governmental Activities Bonds and Loans Payable General obligation debt $10,430,000 $-$2,545,000 $7,885,000 $2,655,000 Loans payable 231,518 -24,371 207,147 24,371 (Discounts)/Premiums Bond discount (3,147)-(1,049)(2,098)- Bond premium 912,990 -332,702 580,288 - Other Liabilities Compensated absences 1,371,828 1,127,369 1,028,871 1,470,326 294,065 Total OPEB liability 12,983,647 -2,465,562 10,518,085 - Net pension liability 57,668,567 51,728,782 -109,397,349 - Claims payable 1,196,444 583,987 602,526 1,177,905 471,162 Total Governmental Activities Long-Term Liabilities $84,791,847 $53,440,138 $6,997,983 $131,234,002 $3,444,598 Business-type Activities Notes Payable Notes payable $3,547,441 $-$1,125,155 $2,422,286 $890,748 Other Liabilities Compensated absences 181,092 146,003 135,819 191,276 38,255 Total OPEB liability 323,582 -184,873 138,709 - Total Business-type Activities Long-Term Liabilities $4,052,115 $146,003 $1,445,847 $2,752,271 $929,003 59 VILLAGE OF GLENVIEW NOTES TO FINANCIAL STATEMENTS As of and for the Year Ended December 31, 2022 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, 2022 $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%$3,440,000 $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%3,765,000 $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%680,000 Total Governmental Activities - General Obligation Debt $7,885,000 Debt service requirements to maturity are as follows: Governmental Activities General Obligation Debt Years Principal Interest 2023 $2,655,000 $284,532 2024 2,045,000 184,583 2025 305,000 123,233 2026 315,000 113,625 2027 325,000 102,600 2028-2032 1,830,000 307,200 2033 410,000 16,400 Totals $7,885,000 $1,132,173 60 VILLAGE OF GLENVIEW NOTES TO FINANCIAL STATEMENTS As of and for the Year Ended December 31, 2022 NOTE III - DETAILED NOTES ON ALL FUNDS (cont.) E.LONG-TERM OBLIGATIONS (cont.) Loans and Notes Payable Loans and Notes Payable at December 31, 2022 consist of the following: Governmental Activities Loans and Notes Payable Repayment Fund Date of Issue Final Maturity Interest Rates Balance December 31, 2022 $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 $207,147 Total Governmental Activities Loans and Notes Payable $207,147 Business-type Activities Loans and Notes Payable Repayment Fund Date of Issue Final Maturity Interest Rates Balance December 31, 2022 $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%$2,422,286 Total Business-type Activities Loans and Notes Payable $2,422,286 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 2023 $24,371 $-$890,748 $48,446 2024 24,371 -1,012,639 30,631 2025 24,371 -518,899 10,378 2026 24,371 --- 2027 24,371 --- 2028-2031 85,292 --- Totals $207,147 $-$2,422,286 $89,455 61 VILLAGE OF GLENVIEW NOTES TO FINANCIAL STATEMENTS As of and for the Year Ended December 31, 2022 NOTE III - DETAILED NOTES ON ALL FUNDS (cont.) E.LONG-TERM OBLIGATIONS (cont.) 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, 2022 totaled $1,497,081. These bonds are not an obligation of the Village and are secured by the levy of special debt service on the real property within each special service area. The Village is in no way liable for repayment, but is only acting as the agent for the property owners in levying and collecting the assessments and forwarding the collections to the bondholders. F. LEASE DISCLOSURES Lessor - Lease Receivables Governmental Activities Lease Receivables Description Date of Inception Final Maturity Interest Rates Receivable Balance December 31, 2022 Cell Tower Lease 08/01/2011 07/31/2033 1.29%$75,537 Cell Tower Lease 08/01/2013 07/31/2033 1.29%948,402 Cell Tower Lease 12/01/2014 11/30/2041 1.29%1,637,275 Cell Tower Lease 08/01/2014 07/31/2039 1.29%1,561,793 Cell Tower Lease 08/01/2006 07/31/2039 1.29%1,332,281 Cell Tower Lease 01/01/2006 12/31/2040 1.29%1,559,386 Cell Tower Lease 12/01/2010 11/30/2025 1.29%131,942 Cell Tower Lease 06/01/2007 05/31/2042 1.29%1,471,140 Cell Tower Lease 05/01/2015 04/30/2025 1.29%146,754 Cell Tower Lease 01/01/2016 12/31/2045 1.29%2,099,100 Tower Equipment Lease 07/01/2022 06/30/2047 1.29%178,713 Land Lease 04/20/2004 04/19/2044 1.29%642,423 Total governmental activities $11,784,746 The Village recognized $450,921 of lease revenue during the fiscal year. The Village recognized $155,685 of interest revenue during the fiscal year. 62 VILLAGE OF GLENVIEW NOTES TO FINANCIAL STATEMENTS As of and for the Year Ended December 31, 2022 NOTE III - DETAILED NOTES ON ALL FUNDS (cont.) G.COMPONENT UNIT GLENVIEW LIBRARY This report contains the Glenview Library (Library), which is included as a component unit. In addition to the basic financial statements and the preceding notes to financial statements which apply, the following additional disclosures are considered necessary for a fair presentation. a. Basis of Accounting/Measurement Focus The Library follows the modified accrual basis of accounting and the flow of economic resources measurement focus. b. Deposits and Investments Carrying Value Statement Balances Deposits $5,218,785 $5,251,094 The Illinois Funds 4,785 4,785 Petty cash 900 - Total Deposits and Investments $5,224,470 $5,255,879 Reconciliation to financial statements Per statement of net position Cash and cash equivalents $5,224,470 Total Deposits and Investments $5,224,470 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. 63 VILLAGE OF GLENVIEW NOTES TO FINANCIAL STATEMENTS As of and for the Year Ended December 31, 2022 NOTE III - DETAILED NOTES ON ALL FUNDS (cont.) G.COMPONENT UNIT (cont.) GLENVIEW LIBRARY (cont.) b. Deposits and Investments (cont.) Credit Risk Credit risk is the risk that an issuer or other counterparty to an investment will not fulfill its obligations. The Library had investments in the Illinois Funds which was rated AAAm 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 28,589,194 --28,589,194 Equipment and vehicles 128,107 166,342 -294,449 Library books and materials 5,548,880 868,273 1,100,486 5,316,667 Total Capital Assets Being Depreciated 34,266,181 1,034,615 1,100,486 34,200,310 Total Capital Assets 39,693,168 1,034,615 1,100,486 39,627,297 Less: Accumulated depreciation for Buildings and improvements (6,645,324)(599,423)-(7,244,747) Equipment and vehicles (126,040)(35,338)-(161,378) Library books and materials (3,415,356)(727,958)(1,100,486)(3,042,828) Total Accumulated Depreciation (10,186,720)(1,362,719)(1,100,486)(10,448,953) Net Capital Assets Being Depreciated 24,079,461 (328,104)-23,751,357 Total Component Unit Capital Assets, Net $29,506,448 $(328,104)$-$29,178,344 64 VILLAGE OF GLENVIEW NOTES TO FINANCIAL STATEMENTS As of and for the Year Ended December 31, 2022 NOTE III - DETAILED NOTES ON ALL FUNDS (cont.) G.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 $40,000 Transfer to fund certain capital costs Library Special Reserve Library General 350,000 Transfer to fund certain capital costs Total - Fund Financial Statements $390,000 e. Long-Term Obligations Beginning Balance Increases Decreases Ending Balance Amounts Due Within One Year Bonds Payable General obligation debt $11,918,500 $-$1,250,950 $10,667,550 $1,314,975 (Discounts)/Premiums Bond premium 1,541,111 -192,639 1,348,472 - Other Liabilities Compensated absences 167,996 133,134 125,997 175,133 35,027 Total OPEB liability 238,930 74,104 15,706 297,328 - Total Component Units Long- Term Liabilities $13,866,537 $207,238 $1,585,292 $12,488,483 $1,350,002 65 VILLAGE OF GLENVIEW NOTES TO FINANCIAL STATEMENTS As of and for the Year Ended December 31, 2022 NOTE III - DETAILED NOTES ON ALL FUNDS (cont.) G.COMPONENT UNIT (cont.) GLENVIEW LIBRARY (cont.) e. Long-Term Obligations (cont.) Obligation Debt Repayment Fund Date of Issue Final Maturity Interest Rates Balance December 31, 2022 $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%$10,667,550 Total Component Unit - General Obligation Debt $10,667,550 Debt service requirements to maturity are as follows: Principal Interest Totals 2023 $1,314,975 $449,505 $1,764,480 2024 1,383,925 383,756 1,767,681 2025 1,452,875 314,560 1,767,435 2026 1,521,825 241,916 1,763,741 2027 1,600,625 165,825 1,766,450 2028-2029 3,393,325 153,512 3,546,837 Totals $10,667,550 $1,709,074 $12,376,624 The compensated absences liability and total OPEB liability will be liquidated primarily by the Library General Fund. 66 VILLAGE OF GLENVIEW NOTES TO FINANCIAL STATEMENTS As of and for the Year Ended December 31, 2022 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, 2022, the aggregate amount of pension expense recognized for the three pension plans was as follows: Plan Amount IMRF $(3,484,421) Police Pension 7,050,086 Firefighters' Pension 8,269,578 Total $11,835,243 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. 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. 67 VILLAGE OF GLENVIEW NOTES TO FINANCIAL STATEMENTS As of and for the Year Ended December 31, 2022 NOTE IV - OTHER INFORMATION (cont.) A.EMPLOYEES' RETIREMENT SYSTEM (cont.) Plan membership. At December 31, 2021, the measurement date, membership in the plan was as follows: Retirees and beneficiaries 289 Inactive, non-retired members 175 Active members 202 Total 666 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 2021 was 11.79% 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, 2021, 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, 2021 using the following actuarial methods and assumptions: Actuarial cost method Entry Age Normal Asset valuation method Fair Value Actuarial assumptions Investment Rate of Return 7.25% Salary increases 2.85% to 13.75%, including inflation Price inflation 2.25% Mortality. For non-disabled retirees, the Pub-2010, Amount-Weighted, below-median income, General, Retiree, Male (adjusted for 106%) and Female (adjusted 105%) tables, and future mortality improvements projected using scale MP-2020. For disabled retirees, the Pub-2010, Amount-Weighted, below-median income, General, Disabled Retiree, Male and Female (both unadjusted) tables, and future mortality improvements projected using scale MP-2020. For active members, the Pub-2010, Amount-Weighted, below-median income, General, Employee, Male and Female (both unadjusted) tables, and future mortality improvements projected using scale MP-2020. 68 VILLAGE OF GLENVIEW NOTES TO FINANCIAL STATEMENTS As of and for the Year Ended December 31, 2022 NOTE IV - OTHER INFORMATION (cont.) A.EMPLOYEES' RETIREMENT SYSTEM (cont.) Long-Term Expected Real Rate of Return. The long-term expected rate of return on pension plan investments was determined using an asset allocation study in which best-estimate ranges of expected future real rates of return (net of pension plan investment expense and inflation) were developed for each major asset class. These ranges were combined to produce long-term expected rate of return by the target asset allocation percentage and by adding expected inflation. The target allocation and best estimates of arithmetic and geometric real rates of return for each major asset class are summarized in the following table: Projected Returns/Risks Asset Class Target Allocation One Year Arithmetic Ten Year Geometric Equities 39.00%3.25%1.90% International equities 15.00%4.89%3.15% Fixed income 25.00%(0.50)%(0.60)% Real estate 10.00%4.20%3.30% Alternatives 10.00% Private equity 8.85%5.50% Hedge funds N/A N/A Commodities 2.90%1.70% Cash equivalents 1.00%(0.90)%(0.90)% Discount rate.The discount rate used to measure the total pension liability for IMRF was 7.25%, the same rate 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 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. 69 VILLAGE OF GLENVIEW NOTES TO FINANCIAL STATEMENTS As of and for the Year Ended December 31, 2022 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 $116,479,933 $103,935,947 $94,082,368 Plan fiduciary net pension 115,417,524 115,417,524 115,417,524 Net pension liability/(asset)$1,062,409 $(11,481,577)$(21,335,156) Glenview Library: Total pension liability $30,920,198 $27,590,331 $24,974,649 Plan fiduciary net pension 30,638,175 30,638,175 30,638,175 Net pension liability/(asset)$282,023 $(3,047,844)$(5,663,526) Total: Total pension liability $147,400,131 $131,526,278 $119,057,017 Plan fiduciary net pension 146,055,699 146,055,699 146,055,699 Net pension liability/(asset)$1,344,432 $(14,529,421)$(26,998,682) Changes in net pension liability/(asset). The changes in net pension liability/(asset)for the calendar year ended December 31, 2021 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, 2020 $97,380,509 $98,865,407 $(1,484,898) Service cost 1,260,093 -1,260,093 Interest on total pension liability 7,086,454 -7,086,454 Differences between expected and actual experience of the total pension liability 3,229,336 -3,229,336 Benefit payments, including refunds of employee contributions (5,020,445)(5,020,445)- Contributions - employer -1,722,008 (1,722,008) Contributions - employee -628,512 (628,512) Net investment income -19,286,147 (19,286,147) Other (net transfer)-(64,105)64,105 Balances at December 31, 2021 $103,935,947 $115,417,524 $(11,481,577) 70 VILLAGE OF GLENVIEW NOTES TO FINANCIAL STATEMENTS As of and for the Year Ended December 31, 2022 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, 2020 $28,689,663 $29,127,135 $(437,472) Service cost 334,498 -334,498 Interest on total pension liability 1,881,136 -1,881,136 Differences between expected and actual experience of the total pension liability (1,982,263)-(1,982,263) Benefit payments, including refunds of employee contributions (1,332,703)(1,332,703)- Contributions - employer -457,116 (457,116) Contributions - employee -166,842 (166,842) Net investment income -2,236,802 (2,236,802) Other (net transfer)-(17,017)17,017 Balances at December 31, 2021 $27,590,331 $30,638,175 $(3,047,844) Total: Balances at December 31, 2020 $126,070,172 $127,992,542 $(1,922,370) Service cost 1,594,591 -1,594,591 Interest on total pension liability 8,967,590 -8,967,590 Differences between expected and actual experience of the total pension liability 1,247,073 -1,247,073 Benefit payments, including refunds of employee contributions (6,353,148)(6,353,148)- Contributions - employer -2,179,124 (2,179,124) Contributions - employee -795,354 (795,354) Net investment income -21,522,949 (21,522,949) Other (net transfer)-(81,122)81,122 Balances at December 31, 2021 $131,526,278 $146,055,699 $(14,529,421) Plan fiduciary net position as a percentage of the total pension liability %111.05 The net pension liability/(asset) as of December 31, 2022 is reported on the financial statements as follows: Business-type Activities Governmental Activities Glenview Water Fund Glenview Sanitary Sewer Fund Total Business-type Activities Component Unit - Glenview Library Total Net Pension Liability/(Asset)$(9,347,535)$(1,816,091)$(317,951)$(2,134,042)$(3,047,844)$(14,529,421) 71 VILLAGE OF GLENVIEW NOTES TO FINANCIAL STATEMENTS As of and for the Year Ended December 31, 2022 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, 2022, the Village and Glenview Library recognized pension expense of (3,484,421). 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 $1,377,506 $7,068 Assumption changes -408,906 Net difference between projected and actual earnings on pension plan investments -13,197,784 Changes in component proportion between governmental, business and component unit 67,025 33,516 Contributions subsequent to the measurement date 1,281,452 - Total $2,725,983 $13,647,274 Glenview Library: Difference between expected and actual experience $365,666 $1,876 Assumption changes -108,546 Net difference between projected and actual earnings on pension plan investments -3,503,420 Changes in component proportion between governmental, business and component unit -33,509 Contributions subsequent to the measurement date 382,878 - Total $748,544 $3,647,351 Total: Difference between expected and actual experience $1,743,172 $8,944 Assumption changes -517,452 Net difference between projected and actual earnings on pension plan investments -16,701,204 Changes in component proportion between governmental, business and component unit 67,025 67,025 Contributions subsequent to the measurement date 1,664,330 - Total $3,474,527 $17,294,625 72 VILLAGE OF GLENVIEW NOTES TO FINANCIAL STATEMENTS As of and for the Year Ended December 31, 2022 NOTE IV - OTHER INFORMATION (cont.) A.EMPLOYEES' RETIREMENT SYSTEM (cont.) The deferred inflows of resources and deferred outflows of resources as of December 31, 2022 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 $2,158,840 $491,821 $75,322 $567,143 $748,544 $3,474,527 Deferred Inflows of Resources 11,112,333 2,153,347 381,594 2,534,941 3,647,351 17,294,625 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, 2023. The remaining amounts reported as deferred outflows and inflows of resources related to pensions was a negative $15,484,428 which will be recognized in pension expense as follows: Year Ending December 31,Village Component Unit - Glenview Library Total 2023 $(2,401,962)$(680,017)$(3,081,979) 2024 (4,707,249)(1,249,563)(5,956,812) 2025 (3,138,676)(833,178)(3,971,854) 2026 (1,954,856)(518,927)(2,473,783) Total $(12,202,743)$(3,281,685)$(15,484,428) 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. 73 VILLAGE OF GLENVIEW NOTES TO FINANCIAL STATEMENTS As of and for the Year Ended December 31, 2022 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, 2022, the Police Pension membership consisted of: Retirees and beneficiaries 72 Inactive, non-retired members 7 Active members 70 Total 149 74 VILLAGE OF GLENVIEW NOTES TO FINANCIAL STATEMENTS As of and for the Year Ended December 31, 2022 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 $3,852,850 for the fiscal year ending December 31, 2022 was 48.93% of annual covered payroll. Net Pension Liability/(Asset). The net pension liability/(asset) was measured as of December 31, 2022, 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, 2022 using the following actuarial methods and assumptions: Actuarial cost method Entry Age Normal Asset valuation method Fair Value Actuarial assumptions Interest rate 6.75% Inflation 2.50% Projected salary increases - service based rates 3.50% to 11.00% Cost-of-living adjustments Tier 1 - 3.00% Tier 2 - 1.25% 75 VILLAGE OF GLENVIEW NOTES TO FINANCIAL STATEMENTS As of and for the Year Ended December 31, 2022 NOTE IV - OTHER INFORMATION (cont.) A.EMPLOYEES' RETIREMENT SYSTEM (cont.) Police Pension (cont.) Mortality Rate Active Lives: PubS-2010 Employee mortality, unadjusted, with generational improvements with most recent projection scale (currently Scale MP-2021). 10% of active deaths are assumed to be in the line of duty. Mortality Rate Inactive Lives: PubS-2010 Healthy Retiree mortality, adjusted by a factor of 1.15 for male retirees and unadjusted for female retirees, with generational improvements with most recent projection scale (currently Scale MP-2021). Mortality Rate Beneficiaries: PubS-2010 Survivor mortality, unadjusted for male beneficiaries and adjusted by a factor of 1.15 for female beneficiaries, with generational improvements with most recent projection scale (currently Scale MP-2021). Mortality Rate Disabled Lives: PubS-2010 Disabled mortality, adjusted by a factor of 1.08 for male disabled members and unadjusted for female disabled members, with generational improvements with most recent projection scale (currently Scale MP-2021). 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 $152,430,999 $133,566,513 $118,166,912 Plan fiduciary net position 87,298,605 87,298,605 87,298,605 Net pension liability $65,132,394 $46,267,908 $30,868,307 76 VILLAGE OF GLENVIEW NOTES TO FINANCIAL STATEMENTS As of and for the Year Ended December 31, 2022 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, 2022 was as follows: Increase (Decrease) Total Pension Liability (a) Plan Fiduciary Net Position (b) Net Pension Liability/Asset (a) - (b) Balances at December 31, 2021 $127,493,861 $102,463,434 $25,030,427 Service cost 1,748,027 -1,748,027 Interest on total pension liability 8,504,705 -8,504,705 Differences between expected and actual experience of the total pension liability 1,506,111 -1,506,111 Change of assumptions 734,280 -734,280 Benefit payments, including refunds of employee contributions (6,492,515)(6,492,515)- Contributions - employer -3,917,252 (3,917,252) Contributions - employee -793,379 (793,379) Contributions - buy back 72,044 72,044 - Net investment income -(13,387,703)13,387,703 Administration -(67,286)67,286 Balances at December 31, 2022 $133,566,513 $87,298,605 $46,267,908 Plan fiduciary net position as a percentage of the total pension liability %65.36 Pension expense and deferred outflows of resources and deferred inflows of resources related to pensions.For the year ended December 31, 2022, the Village recognized pension expense of $7,050,086. 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 $3,953,113 $- Assumption changes 846,878 - Net difference between projected and actual earnings on pension plan investments 10,976,629 - Total $15,776,620 $- 77 VILLAGE OF GLENVIEW NOTES TO FINANCIAL STATEMENTS As of and for the Year Ended December 31, 2022 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 was $15,776,620 and will be recognized in pension expense as follows: Year Ending December 31,Amount 2023 $2,535,052 2024 3,865,333 2025 4,391,499 2026 4,611,337 2027 373,399 Total $15,776,620 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. 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. 78 VILLAGE OF GLENVIEW NOTES TO FINANCIAL STATEMENTS As of and for the Year Ended December 31, 2022 NOTE IV - OTHER INFORMATION (cont.) A.EMPLOYEES' RETIREMENT SYSTEM (cont.) Firefighters' Pension (cont.) Plan membership. At December 31, 2022, the Firefighters' Pension Plan membership consisted of: Retirees and beneficiaries 108 Inactive, non-retired members 4 Active members 83 Total 195 Contributions. Participants contribute a fixed percentage of their base salary to the plans. At December 31, 2022, 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 $5,814,665 for the fiscal year ending December 31, 2022 was 61.60% of annual covered payroll. Net pension liability/(asset). The net pension liability/(asset) was measured as of December 31, 2022, 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. 79 VILLAGE OF GLENVIEW NOTES TO FINANCIAL STATEMENTS As of and for the Year Ended December 31, 2022 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, 2022 using the following actuarial methods and assumptions: Actuarial cost method Entry Age Normal Asset valuation method Fair Value Actuarial assumptions Interest rate 6.73% Inflation 2.25% Projected salary increases 3.75% - 7.25% Cost-of-living adjustments 3.25% 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 6.73%. The discount rate calculated using the December 31, 2021 measurement date was 6.88%. 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 not 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 of 7.00% was blended with the index rate of 3.72% for tax exempt 20-year general obligation municipal bonds with an average AA credit rating as of December 31, 2022 to arrive at a discount rate of 6.73% used to determine the total pension liability. The year ending December 31, 2074 is the last year in the project period for which projected benefit payments are fully funded. 80 VILLAGE OF GLENVIEW NOTES TO FINANCIAL STATEMENTS As of and for the Year Ended December 31, 2022 NOTE IV - OTHER INFORMATION (cont.) A.EMPLOYEES' RETIREMENT SYSTEM (cont.) Firefighters' Pension (cont.) Discount rate sensitivity.The following is a sensitivity analysis of the net pension liability to changes in the discount rate. The table below presents the pension liability of the Village calculated using the discount rate of 6.73% 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 (5.73%) or 1 percentage point higher (7.73%) than the current rate: 1% Decrease Current Discount Rate 1% Increase Total pension liability $181,503,154 $159,889,323 $142,128,483 Plan fiduciary net position 96,759,882 96,759,882 96,759,882 Net pension liability $84,743,272 $63,129,441 $45,368,601 Changes in net pension liability/(asset).The Village's changes in net pension liability/(asset) for the calendar year ended December 31, 2022 was as follows: Increase (Decrease) Total Pension Liability (a) Plan Fiduciary Net Position (b) Net Pension Liability/Asset (a) - (b) Balances at December 31, 2021 $150,208,348 $117,570,207 $32,638,141 Service cost 2,349,897 -2,349,897 Interest on total pension liability 10,229,282 -10,229,282 Changes in benefit terms (173,253)-(173,253) Differences between expected and actual experience of the total pension liability 2,810,225 -2,810,225 Change of assumptions 2,886,785 -2,886,785 Benefit payments, including refunds of employee contributions (8,421,961)(8,421,961)- Contributions - employer -5,913,049 (5,913,049) Contributions - employee -1,086,276 (1,086,276) Net investment income -(19,319,376)19,319,376 Administration -(68,313)68,313 Balances at December 31, 2022 $159,889,323 $96,759,882 $63,129,441 Plan fiduciary net position as a percentage of the total pension liability %60.52 81 VILLAGE OF GLENVIEW NOTES TO FINANCIAL STATEMENTS As of and for the Year Ended December 31, 2022 NOTE IV - OTHER INFORMATION (cont.) A.EMPLOYEES' RETIREMENT SYSTEM (cont.) Firefighters' Pension (cont.) Pension expense and deferred outflows of resources and deferred inflows of resources related to pensions.For the year ended December 31, 2022, the Village recognized pension expense of $8,269,578. 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 $3,230,616 $1,694,321 Assumption changes 4,632,997 - Net difference between projected and actual earnings on pension plan investments 13,941,783 - Total $21,805,396 $1,694,321 The amounts reported as deferred outflows and inflows of resources related to pensions was $20,111,075 which will be recognized in pension expense as follows: Year Ending December 31,Amount 2023 $2,523,701 2024 4,515,602 2025 5,582,448 2026 6,386,684 2027 918,874 Thereafter 183,766 Total $20,111,075 82 VILLAGE OF GLENVIEW NOTES TO FINANCIAL STATEMENTS As of and for the Year Ended December 31, 2022 NOTE IV - OTHER INFORMATION (cont.) A.EMPLOYEES' RETIREMENT SYSTEM (cont.) PENSION SEGMENT INFORMATION Fiduciary Net Position Pension Trust Police Pension Fund Firefighters' Pension Fund Total Assets Cash and Cash Equivalents $3,279,036 $1,723,571 $5,002,607 Investments Illinois Police Officers' Investment Fund 83,257,791 -83,257,791 Illinois Firefighters' Pension Investment Fund -93,877,757 93,877,757 Receivables - (net allowances for uncollectibles) Accrued Interest 2,462 -2,462 Due from Primary Government 764,858 1,155,897 1,920,755 Prepaid Items 9,750 7,922 17,672 Total Assets 87,313,897 96,765,147 184,079,044 Liabilities Accrued Expenses 15,292 5,265 20,557 Total Liabilities 15,292 5,265 20,557 Net Position Restricted for pension benefits $87,298,605 $96,759,882 $184,058,487 83 VILLAGE OF GLENVIEW NOTES TO FINANCIAL STATEMENTS As of and for the Year Ended December 31, 2022 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 $3,917,252 $5,913,049 $9,830,301 Participant 865,423 1,086,276 1,951,699 Total Contributions 4,782,675 6,999,325 11,782,000 Investment Loss Net Depreciation in Fair Value of Investments (14,881,966)(19,981,712)(34,863,678) Pensions - Interest Income 1,568,549 768,303 2,336,852 Total Investment Loss (13,313,417)(19,213,409)(32,526,826) Less Investment Expense 74,286 105,967 180,253 Net Investment Loss (13,387,703)(19,319,376)(32,707,079) Total Additions (8,605,028)(12,320,051)(20,925,079) Deductions Retirement Pensions 6,077,561 7,017,038 13,094,599 Widow Pensions 97,130 810,185 907,315 Disability Pensions 146,145 594,738 740,883 Children's Pensions 26,212 -26,212 Contribution Refunds 145,467 -145,467 Administration 67,287 68,313 135,600 Total Deductions 6,559,802 8,490,274 15,050,076 Change in net position (15,164,830)(20,810,325)(35,975,155) Net position, beginning of year 102,463,435 117,570,207 220,033,642 Net position, end of year $87,298,605 $96,759,882 $184,058,487 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. 84 VILLAGE OF GLENVIEW NOTES TO FINANCIAL STATEMENTS As of and for the Year Ended December 31, 2022 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 $1,195,631 $1,196,444 Current year claims and changes in estimates 595,078 253,984 Claim payments (594,265)(272,523) Unpaid Claims - End of Year $1,196,444 $1,177,905 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. 85 VILLAGE OF GLENVIEW NOTES TO FINANCIAL STATEMENTS As of and for the Year Ended December 31, 2022 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 $621,922 to SWANCC for the year ended December 31, 2022. The payments are recorded in the General Fund. The Village does not have an equity interest in SWANCC at December 31, 2022. 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. 86 VILLAGE OF GLENVIEW NOTES TO FINANCIAL STATEMENTS As of and for the Year Ended December 31, 2022 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, 2022, the Village reported a liability for its proportionate share of the total OPEB liability of $10,656,794 and the Library reported a liability for its proportionate share of the total OPEB liability of $297,328. The total liability was measured as of December 31, 2022, and was determined by an actuarial valuation as of December 31, 2022. 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, 2022. At December 31, 2022, the Village and Library's proportions were 97.29% and 2.71%, respectively. Actuarial assumptions and other inputs. The total OPEB liability in the December 31, 2022 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 6.75%, grading down to the ultimate trend rate of 4.50% in 2029 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. Probabilities of death for participants were according to PubS-2010 base rates projected to Fully Generationally using scale MP2021 for Police and Fire. For all others, the PubS-2010 base rates projected to Fully Generationally using scale MP2021 was used. 87 VILLAGE OF GLENVIEW NOTES TO FINANCIAL STATEMENTS As of and for the Year Ended December 31, 2022 NOTE IV - OTHER INFORMATION (cont.) E.OTHER POSTEMPLOYMENT BENEFITS (cont.) The actuarial assumptions used in the December 31, 2022 valuation were based on the results of an actuarial experience study conducted by the independent actuary. Discount Rate. At December 31, 2022, the discount rate used to measure the total OPEB liability was a blended rate of 4.05%, which was a change from the December 31, 2021 rate of 1.84%. 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, 2021 $13,546,159 Changes for the year: Service cost 762,435 Interest 243,450 Differences between expected and actual experience (731,500) Changes in assumptions or other inputs (2,236,045) Benefit payments (630,377) Net changes (2,592,037) Balances at December 31, 2022 $10,954,122 Total OPEB liability - Village proportion $10,656,794 Total OPEB liability - Library proportion $297,328 Changes of assumptions and other inputs reflect a change in the discount rate from 1.84% for the reporting period ended December 31, 2021, to 4.05% for the reporting period ended December 31, 2022. Sensitivity of the total OPEB liability to changes in the discount rate.The following presents the total OPEB liability of the Village and Library, as well as what the Village and Library's total OPEB liability would be if it were calculated using a discount rate that is 1-percentage-point lower (3.05 percent) or 1- percentage-point higher (5.05 percent) than the current discount rate: 1% Decrease Discount Rate 1% Increase (3.05%)(4.05%)(5.05%) Total OPEB liability - Village $11,758,590 $10,656,794 $9,694,365 Total OPEB liability - Library 328,068 297,328 270,476 Total OPEB liability $12,086,658 $10,954,122 $9,964,841 88 VILLAGE OF GLENVIEW NOTES TO FINANCIAL STATEMENTS As of and for the Year Ended December 31, 2022 NOTE IV - OTHER INFORMATION (cont.) E.OTHER POSTEMPLOYMENT BENEFITS (cont.) 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 ( 5.75 percent decreasing to 3.50 percent) or 1-percentage-point higher (7.75 percent decreasing to 5.50 percent) than the current healthcare cost trend rates: 1% Decrease (5.75% Decreasing to 3.50%) Healthcare Cost Trend Rates (6.75% Decreasing to 4.50%) 1% Increase (7.75% Decreasing to 5.50%) Total OPEB liability - Village $9,458,115 $10,656,794 $12,106,410 Total OPEB liability - Library 263,884 297,328 337,773 Total OPEB liability $9,721,999 $10,954,122 $12,444,183 OPEB EXPENSE AND DEFERRED OUTFLOWS OF RESOURCES AND DEFERRED INFLOWS OF RESOURCES RELATED TO OPEB For the year ended December 31, 2022, the Village and Library recognized OPEB expense of $979,775. At December 31, 2022, 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 $-$1,771,368 Assumption changes 2,488,661 1,982,913 Total $2,488,661 $3,754,281 Glenview Library: Difference between expected and actual experience $-$49,422 Assumption changes 69,434 55,324 Total $69,434 $104,746 Total: Difference between expected and actual experience $-$1,820,790 Assumption changes 2,558,095 2,038,237 Total $2,558,095 $3,859,027 89 VILLAGE OF GLENVIEW NOTES TO FINANCIAL STATEMENTS As of and for the Year Ended December 31, 2022 NOTE IV - OTHER INFORMATION (cont.) E.OTHER POSTEMPLOYMENT BENEFITS (cont.) 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 2023 $(25,401)$(709)$(26,110) 2024 (25,401)(709)(26,110) 2025 (25,401)(709)(26,110) 2026 (25,401)(709)(26,110) 2027 (25,401)(709)(26,110) Thereafter (1,138,615)(31,767)(1,170,382) Total $(1,265,620)$(35,312)$(1,300,932) F.TAX ABATEMENT Tax abatements are a reduction in tax revenues that results from an agreement between one or more governments and an individual or entity in which (a) one or more governments promise to forgo tax revenues to which they are otherwise entitled and (b) the individual or entity promises to take a specific action after the agreement has been entered into that contributes to economic development or otherwise benefits the governments or the citizens of those governments. The Village is disclosing all abatement agreements individually. In 2000, the Village entered into an economic development agreement with a local retailer who wished to relocate its operations to the Village. Under the terms of the agreement, the Village will rebate a portion of local sales tax receipts generated by the retailer over a base amount. The agreement is contingent on the retailer maintaining their facility within the Village for a period of at least fifteen years from the effective date of January 1, 2015 per the second addendum to the original agreement executed in 2000. In fiscal year 2022, the Village made payments to the retailer totaling $3,245,519 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 2022, the Village did not make a payment to the retailer as the minimum amount of gross revenue was not met 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 $297,778. 90 VILLAGE OF GLENVIEW NOTES TO FINANCIAL STATEMENTS As of and for the Year Ended December 31, 2022 NOTE IV - OTHER INFORMATION (cont.) G.EFFECT OF NEW ACCOUNTING STANDARDS ON CURRENT-PERIOD FINANCIAL STATEMENTS The Governmental Accounting Standards Board (GASB) has approved the following: Statement No. 94, Public-Private and Public-Public Partnerships and Available Payment Arrangements Statement No. 96, Subscription-Based Information Technology Arrangements Statement No. 99, Omnibus 2022 Statement No. 100, Accounting Changes and Error Corrections an amendment of GASB Statement No. 62 Statement No. 101, Compensated Absences When they become effective, application of these standards may restate portions of these financial statements. 91 R E Q U I R E D S U P P L E M E N T A R Y I N F O R M A T I O N Village Library Total Village Library Total Total pension liability Service cost 1,441,366$ 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 liability/(asset)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 liability/(asset) as a percentage of covered payroll 62.27%90.90% Notes to Schedule: Last Eight Fiscal Years AND RELATED RATIOS 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. 2015 2016 VILLAGE OF GLENVIEW ILLINOIS MUNICIPAL RETIREMENT FUND SCHEDULE OF CHANGES IN THE VILLAGE'S NET PENSION LIABILITY/(ASSET) See independent auditors' report and accompanying notes to required supplementary information 92 Village Library Total Village Library Total 1,364,711$ 360,098$ 1,724,809$ 1,354,683$ 363,346$ 1,718,029$ 6,067,722 1,601,054 7,668,776 6,284,484 1,685,590 7,970,074 (459,967) 70,733 (389,234) (2,169,603) 573,104 (1,596,499) (215,882) (56,963) (272,845) (2,669,227) (715,925) (3,385,152) (3,886,045) (1,025,388) (4,911,433) (4,241,230) (815,755) (5,056,985) 2,870,539 949,534 3,820,073 (1,440,893) 1,090,360 (350,533) 83,403,478 20,713,583 104,117,061 86,274,017 21,663,117 107,937,134 86,274,017$ 21,663,117$ 107,937,134$ 84,833,124$ 22,753,477$ 107,586,601$ 1,666,519$ 439,734$ 2,106,253$ 1,637,281$ 439,142$ 2,076,423$ 601,714 158,771 760,485 578,252 155,095 733,347 4,863,653 1,283,344 6,146,997 12,166,520 4,368,532 16,535,052 (3,886,045) (1,025,388) (4,911,433) (4,241,230) (815,755) (5,056,985) 578,779 152,719 731,498 (1,972,898) (529,160) (2,502,058) 3,824,620 1,009,180 4,833,800 8,167,925 3,617,854 11,785,779 71,017,972 17,637,594 88,655,566 74,842,592 18,646,774 93,489,366 74,842,592$ 18,646,774$ 93,489,366$ 83,010,517$ 22,264,628$ 105,275,145$ 11,431,425$ 3,016,343$ 14,447,768$ 1,822,607$ 488,849$ 2,311,456$ 86.61%97.85% 16,327,538$ 16,293,001$ 88.49%14.19% 20182017 See independent auditors' report and accompanying notes to required supplementary information 93 Village Library Total Village Library Total Total pension liability Service cost 1,236,773$ 340,839$ 1,577,612$ 1,273,811$ 353,317$ 1,627,128$ Interest 6,213,224 1,712,289 7,925,513 6,510,753 1,805,888 8,316,641 Differences between expected and actual experience 1,385,572 395,285 1,780,857 (182,384) 112,564 (69,820) Changes of assumptions 2,593,209 714,657 3,307,866 - - - Benefit payments, including refunds of member contributions (4,716,152) (687,656) (5,403,808) (4,502,880) (1,248,964) (5,751,844) Net change in total pension liability 6,712,626 2,475,414 9,188,040 3,099,300 1,022,805 4,122,105 Total pension liability - beginning 84,833,124 22,753,477 107,586,601 91,545,750 25,228,891 116,774,641 Total pension liability - ending 91,545,750$ 25,228,891$ 116,774,641$ 94,645,050$ 26,251,696$ 120,896,746$ Plan fiduciary net position Employer contributions 1,613,034$ 444,532$ 2,057,566$ 1,227,435$ 340,453$ 1,567,888$ Employee contributions 575,274 158,539 733,813 574,253 159,281 733,534 Net investment income (4,546,579) (1,252,982) (5,799,561) 14,577,831 4,181,868 18,759,699 Benefit payments, including refunds of member contributions (4,716,152) (687,656) (5,403,808) (4,502,880) (1,248,964) (5,751,844) Other (net transfer)1,729,313 476,577 2,205,890 (259,926) (72,096) (332,022) Net change in plan fiduciary net position (5,345,110) (860,990) (6,206,100) 11,616,713 3,360,542 14,977,255 Plan fiduciary net position - beginning 83,010,517 22,264,628 105,275,145 77,665,407 21,403,638 99,069,045 Plan fiduciary net position - ending 77,665,407$ 21,403,638$ 99,069,045$ 89,282,120$ 24,764,180$ 114,046,300$ Employer's net pension liability/(asset)13,880,343$ 3,825,253$ 17,705,596$ 5,362,930$ 1,487,516$ 6,850,446$ Plan fiduciary net position as a percentage of the total pension liability 84.84%94.33% Covered payroll 16,306,927$ 16,273,002$ Employer's net pension liability/(asset) as a percentage of covered payroll 108.58%42.10% AND RELATED RATIOS Last Eight Fiscal Years 2019 2020 VILLAGE OF GLENVIEW ILLINOIS MUNICIPAL RETIREMENT FUND SCHEDULE OF CHANGES IN THE VILLAGE'S NET PENSION LIABILITY/(ASSET) See independent auditors' report and accompanying notes to required supplementary information 94 2022 Village Library Total Village Library Total 1,284,085$ 378,309$ 1,662,394$ 1,260,093$ 334,498$ 1,594,591$ 6,650,191 1,959,239 8,609,430 7,086,454 1,881,136 8,967,590 366,728 1,740,107 2,106,835 3,229,336 (1,982,263) 1,247,073 (966,197) (284,655) (1,250,852) - - - (4,599,348) (1,355,033) (5,954,381) (5,020,445) (1,332,703) (6,353,148) 2,735,459 2,437,967 5,173,426 6,555,438 (1,099,332) 5,456,106 94,645,050 26,251,696 120,896,746 97,380,509 28,689,663 126,070,172 97,380,509$ 28,689,663$ 126,070,172$ 103,935,947$ 27,590,331$ 131,526,278$ 1,653,416$ 487,120$ 2,140,536$ 1,722,008$ 457,116$ 2,179,124$ 593,288 174,791 768,079 628,512 166,842 795,354 11,384,218 4,893,535 16,277,753 19,286,147 2,236,802 21,522,949 (4,599,348) (1,355,033) (5,954,381) (5,020,445) (1,332,703) (6,353,148) 551,713 162,542 714,255 (64,105) (17,017) (81,122) 9,583,287 4,362,955 13,946,242 16,552,117 1,511,040 18,063,157 89,282,120 24,764,180 114,046,300 98,865,407 29,127,135 127,992,542 98,865,407$ 29,127,135$ 127,992,542$ 115,417,524$ 30,638,175$ 146,055,699$ (1,484,898)$ (437,472)$ (1,922,370)$ (11,481,577)$ (3,047,844)$ (14,529,421)$ 101.52%111.05% 17,052,712$ 17,509,853$ -11.27%-82.98% 2021 See independent auditors' report and accompanying notes to required supplementary information 95 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 2015 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 7.25% Retirement Age Mortality Other information: There were no benefit changes during the year. VILLAGE OF GLENVIEW ILLINOIS MUNICIPAL RETIREMENT FUND SCHEDULE OF EMPLOYER CONTRIBUTIONS Last Eight 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. IMRF specific mortality table was used with fully generational projection scale MP-2017 (base year 2015). 2015 3.35% to 14.25% including inflation Entry age normal Level percentage of payroll, closed 22-year closed period 5-Year Smoothed Market; 20% corridor See independent auditors' report and accompanying notes to required supplementary information 96 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% 2018 20192017 See independent auditors' report and accompanying notes to required supplementary information 97 Village Library Total Village Library Total Actuarially determined contribution 1,616,210$ 476,158$ 2,092,368$ 1,594,616$ 469,796$ 2,064,412$ Contributions in relation to the actuarially determined contribution (1,653,416) (487,120) (2,140,536) (1,699,717) (479,407) (2,179,124) Contribution deficiency (excess)(37,206)$ (10,962)$ (48,168)$ (105,101)$ (9,611)$ (114,712)$ Covered payroll 17,052,712$ 17,509,853$ Contributions as a percentage of covered payroll 12.55%12.45% 2021 VILLAGE OF GLENVIEW ILLINOIS MUNICIPAL RETIREMENT FUND SCHEDULE OF EMPLOYER CONTRIBUTIONS Last Eight Fiscal Years 2020 See independent auditors' report and accompanying notes to required supplementary information 98 Village Library Total 1,310,334$ 347,834$ 1,658,168$ (1,324,503) (351,595) (1,676,098) (14,169)$ (3,761)$ (17,930)$ 17,041,808$ 9.84% 2022 See independent auditors' report and accompanying notes to required supplementary information 99 VILLAGE OF GLENVIEW POLICE PENSION FUND SCHEDULE OF CHANGES IN THE VILLAGE'S NET PENSION LIABILITY AND RELATED RATIOS Last Nine Fiscal Years 2014 2015 2016 Total pension liability Service cost 1,674,658$ 2,025,748$ 1,601,139$ Interest 5,490,500 6,368,405 6,436,190 Differences between expected and actual experience - (4,142,795) 215,928 Changes of assumptions - 898,895 3,376,901 Changes of benefit terms - - - Contributions - buy back - 49,495 - Benefit payments, including refunds of member contributions (3,274,551) (3,665,231) (3,948,281) Net change in total pension liability 3,890,607 1,534,517 7,681,877 Total pension liability - beginning 86,893,481 90,784,088 92,318,605 Total pension liability - ending (a)90,784,088$ 92,318,605$ 100,000,482$ Plan fiduciary net position Employer contributions 1,953,494$ 7,494,545$ 2,497,041$ Employee contributions 686,942 728,210 812,961 Buy back contributions - 49,495 - Net investment income 2,799,434 (2,979) 3,937,691 Benefit payments, including refunds of member contributions (3,274,551) (3,665,231) (3,948,281) Administration (45,490) (51,118) (50,482) Net change in plan fiduciary net position 2,119,829 4,552,922 3,248,930 Plan fiduciary net position - beginning 62,083,784 64,203,613 68,756,535 Plan fiduciary net position - ending (b)64,203,613$ 68,756,535$ 72,005,465$ Village's net pension liability - ending (a) - (b)26,580,475$ 23,562,070$ 27,995,017$ Plan fiduciary net position as a percentage of the total pension liability 70.72%74.48%72.01% Covered payroll 7,055,218$ 6,985,724$ 7,123,493$ Village's net pension liability as a percentage of covered payroll 376.75%337.29%393.00% Notes to Schedule: The Pension implemented GASB Statement No. 67 in fiscal year 2014. Information prior to fiscal year 2014 is not available. 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. See independent auditors' report and notes to required supplementary information. 100 2017 2018 2019 2020 2021 2022 1,751,973$ 1,647,496$ 1,576,413$ 1,684,161$ 1,625,010$ 1,748,027$ 6,727,271 7,022,152 7,384,510 7,685,020 8,159,763 8,504,705 386,681 137,917 347,289 3,605,445 1,134,817 1,506,111 - 1,409,870 - - - 734,280 - - 317,248 - - - - 56,462 - - 400,031 72,044 (4,178,350) (4,607,357) (5,015,959) (5,592,217) (6,172,267) (6,492,515) 4,687,575 5,666,540 4,609,501 7,382,409 5,147,354 6,072,652 100,000,482 104,688,057 110,354,597 114,964,098 122,346,507 127,493,861 104,688,057$ 110,354,597$ 114,964,098$ 122,346,507$ 127,493,861$ 133,566,513$ 2,492,386$ 2,470,705$ 2,460,430$ 3,466,223$ 3,727,911$ 3,917,252$ 712,431 695,012 701,306 1,397,725 1,018,961 793,379 - 56,462 - 400,031 72,044 8,439,097 (3,589,649) 12,903,405 8,655,205 10,358,113 (13,387,704) (4,178,350) (4,607,357) (5,015,959) (5,592,217) (6,172,267) (6,492,515) (57,057) (61,122) (56,856) (87,612) (78,987) (67,286) 7,408,507 (5,035,949) 10,992,326 7,839,324 9,253,762 (15,164,830) 72,005,465 79,413,972 74,378,023 85,370,349 93,209,673 102,463,435 79,413,972$ 74,378,023$ 85,370,349$ 93,209,673$ 102,463,435$ 87,298,605$ 25,274,085$ 35,976,574$ 29,593,749$ 29,136,834$ 25,030,426$ 46,267,908$ 75.86%67.40%74.26%76.18%80.37%65.36% 6,890,888$ 6,725,646$ 6,908,778$ 7,233,592$ 7,744,082$ 8,005,843$ 366.78%534.92%428.35%402.80%323.22%577.93% See independent auditors' report and notes to required supplementary information. 101 VILLAGE OF GLENVIEW POLICE PENSION FUND SCHEDULE OF EMPLOYER CONTRIBUTIONS Last Ten Fiscal Years 2013 2014 2015 2016 Actuarially determined contribution 1,812,556$ 1,921,637$ 1,957,880$ 3,224,497$ Contributions in relation to the actuarially determined contribution 1,632,373 1,953,494 7,494,545 2,497,041 Contribution deficiency (excess)180,183$ (31,857)$ (5,536,665)$ 727,456$ Covered payroll 6,359,627$ 7,055,218$ 6,985,724$ 7,123,493$ Contributions as a percentage of covered payroll 25.67%27.69%107.28%35.05% 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 Service based from 3.50% to 11.00% 6.75%, net of pension plan investment expense, including inflation Mortality rates were based on the PubS.H-2010 mortality, projected to 2032 with the scale MP-2020. 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 5-year Smoothed Market Value 2.50% See independent auditors' report and notes to required supplementary information. 102 2017 2018 2019 2020 2021 2022 2,337,883$ 2,448,164$ 2,448,009$ 3,428,510$ 3,733,846$ 3,852,850$ 2,492,386 2,470,705 2,460,430 3,466,223 3,727,912 3,917,252 (154,503)$ (22,541)$ (12,421)$ (37,713)$ 5,934$ (64,402)$ 6,890,888$ 6,725,646$ 6,908,778$ 7,233,592$ 7,744,082$ 8,005,843$ 36.17%36.74%35.61%47.92%48.14%48.93% See independent auditors' report and notes to required supplementary information. 103 VILLAGE OF GLENVIEW POLICE PENSION FUND SCHEDULE OF INVESTMENT RETURNS Last Nine Fiscal Years 2014 2015 2016 2017 2018 2019 2020 2021 2022 Annual money-weighted rate of return, net of investment expense 4.58%0.06%5.80%11.99%-4.63%17.83%10.46%11.54%-14.39% 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. 104 2014 2015 2016 Total pension liability Service cost 1,977,800$ 1,761,875$ 1,890,273$ Interest 7,079,887 7,367,177 7,728,761 Differences between expected and actual experience - 2,444,216 (2,178,162) Changes of assumptions - 2,698,985 7,605,249 Changes of benefit terms - - - Benefit payments, including refunds of member contributions (4,862,207) (5,327,947) (5,627,277) Net change in total pension liability 4,195,480 8,944,306 9,418,844 Total pension liability - beginning 100,084,722 104,280,202 113,224,508 Total pension liability - ending (a)104,280,202$ 113,224,508$ 122,643,352$ Plan fiduciary net position Employer contributions 3,134,768$ 10,309,348$ 4,016,250$ Employee contributions 751,554 750,195 782,515 Other contributions - - - Net investment income 4,274,117 817,749 4,765,957 Benefit payments, including refunds of member contributions (4,862,207) (5,327,947) (5,627,277) Administration (44,601) (82,809) (68,045) Net change in plan fiduciary net position 3,253,631 6,466,536 3,869,400 Plan fiduciary net position - beginning 62,072,386 65,326,017 71,792,553 Plan fiduciary net position - ending (b)65,326,017$ 71,792,553$ 75,661,953$ Village's net pension liability - ending (a) - (b)38,954,185$ 41,431,955$ 46,981,399$ Plan fiduciary net position as a percentage of the total pension liability 62.64%63.41%61.69% Covered payroll 7,058,973$ 7,926,515$ 8,077,068$ Village's net pension liability as a percentage of covered payroll 551.84%522.70%581.66% 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 Nine Fiscal Years Changes of assumptions. For measurement date December 31, 2022, the discount rate was changed from 6.88% as of December 31, 2021 to 6.73% as of December 31, 2022. See independent auditors' report and notes to required supplementary information. 105 2017 2018 2019 2020 2021 2022 2,022,592$ 2,086,295$ 2,172,435$ 2,303,849$ 2,163,931$ 2,349,897$ 8,377,782 8,688,900 8,994,385 9,665,126 9,789,037 10,229,282 2,444 (229,937) 1,445,323 765,410 (2,601,159) 2,810,225 - - 1,494,281 676,347 2,164,295 2,886,785 - - 801,181 - - (173,253) (5,921,500) (5,995,055) (6,367,259) (7,065,542) (7,868,165) (8,421,961) 4,481,318 4,550,203 8,540,346 6,345,190 3,647,939 9,680,975 122,643,352 127,124,670 131,674,873 140,215,219 146,560,409 150,208,348 127,124,670$ 131,674,873$ 140,215,219$ 146,560,409$ 150,208,348$ 159,889,323$ 3,839,494$ 4,048,725$ 4,036,671$ 5,141,206$ 5,741,479$ 5,913,049$ 783,767 814,043 868,289 926,080 858,274 911,726 18,091 - - - - 174,550 10,455,191 (3,987,265) 15,426,067 14,045,114 12,498,879 (19,319,376) (5,921,500) (5,995,055) (6,367,259) (7,065,542) (7,868,165) (8,421,961) (69,391) (69,772) (71,393) (92,726) (85,048) (68,313) 9,105,652 (5,189,324) 13,892,375 12,954,132 11,145,419 (20,810,325) 75,661,953 84,767,605 79,578,281 93,470,656 106,424,788 117,570,207 84,767,605$ 79,578,281$ 93,470,656$ 106,424,788$ 117,570,207$ 96,759,882$ 42,357,065$ 52,096,592$ 46,744,563$ 40,135,621$ 32,638,141$ 63,129,441$ 66.68%60.44%66.66%72.61%78.27%60.52% 8,359,765$ 8,587,330$ 8,866,418$ 9,183,715$ 9,019,142$ 9,599,689$ 506.68%606.67%527.21%437.03%361.88%657.62% See independent auditors' report and notes to required supplementary information. 106 2013 2014 2015 2016 Actuarially determined contribution 2,985,212$ 2,733,414$ 3,739,508$ 3,974,237$ Contributions in relation to the actuarially determined contribution 3,116,164 3,134,768 10,309,348 4,016,250 Contribution deficiency (excess)(130,952)$ (401,354)$ (6,569,840)$ (42,013)$ Covered payroll 6,737,119$ 7,058,973$ 7,926,515$ 8,077,068$ Contributions as a percentage of covered payroll 46.25%44.41%130.06%49.72% 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 Level dollar Asset valuation method Market Value Inflation 2.25% Salary increases 3.75 - 7.25% Investment rate of return 7.00% Retirement rates Mortality Pub-2010 Adjusted for Plan Status, Demographics, and Illinois Public Pension Data, as Described 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 VILLAGE OF GLENVIEW FIREFIGHTERS' PENSION FUND SCHEDULE OF EMPLOYER CONTRIBUTIONS Last Ten Fiscal Years 115% of L&A 2020 Illinois Firefighters Retirement Rates Capped at Age 62 See independent auditors' report and notes to required supplementary information. 107 2017 2018 2019 2020 2021 2022 3,590,168$ 4,011,045$ 4,027,492$ 5,112,536$ 5,761,921$ 5,814,665$ 3,839,494 4,048,725 4,036,671 5,141,206 5,741,479 5,913,049 (249,326)$ (37,680)$ (9,179)$ (28,670)$ 20,442$ (98,384)$ 8,359,765$ 8,587,330$ 8,866,418$ 9,183,715$ 9,019,142$ 9,599,689$ 45.93%47.15%45.53%55.98%63.66%61.60% See independent auditors' report and notes to required supplementary information. 108 VILLAGE OF GLENVIEW FIREFIGHTERS' PENSION FUND SCHEDULE OF INVESTMENT RETURNS Last Nine Fiscal Years 2014 2015 2016 2017 2018 2019 2020 2021 2022 Annual money-weighted rate of return, net of investment expense 6.95%1.19%6.64%13.82%-4.72%19.41%15.04%11.70%-18.15% 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. 109 2018 2019 2020 2021 2022 Total OPEB liability Service cost 387,795$ 413,854$ 520,499$ 756,418$ 762,435$ Interest 342,521 436,424 344,949 252,777 243,450 Changes of benefit terms - - (147,126) - - Differences between expected and actual experience (321,493) - (1,426,114) - (731,500) Changes of assumptions 857,650 1,638,770 1,404,211 210,005 (2,236,045) Benefit payments, including refunds of member contributions (556,720) (601,258) (578,629) (623,738) (630,377) Net change in total OPEB liability 709,753 1,887,790 117,790 595,462 (2,592,037) Total OPEB liability - beginning 10,235,364 10,945,117 12,832,907 12,950,697 13,546,159 Total OPEB liability - ending 10,945,117$ 12,832,907$ 12,950,697$ 13,546,159$ 10,954,122$ Covered-employee payroll 24,845,812$ 25,591,186$ 26,451,923$ 27,377,741$ 27,706,510$ Village's total OPEB liability as a percentage of covered payroll 44.05%50.15%48.96%49.48%39.54% Notes to Schedule: The Village implemented GASB Statement No. 75 in fiscal year 2018. Information prior to fiscal year 2018 is not available. 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. There is no ADC or employer contribution related to the ADC as the total OPEB liability is currently an unfunded obligation. Last Five Fiscal Years The information presented above includes the total OPEB liability for the Village and Library. VILLAGE OF GLENVIEW OTHER POSTEMPLOYMENT BENEFIT PLAN SCHEDULE OF CHANGES IN THE TOTAL OPEB LIABILITY AND RELATED RATIOS See independent auditors' report and notes to required supplementary information. 110 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 annual revenues and expenditures of The Glen, (formerly referred to as Glenview Naval Air Station). The Tax Increment District created for the redevelopment project was closed on December 31, 2021 and The Glen TIF Cash Reserve Account was established to fund specific projects in The Glen and property tax refunds for the tax years that The Glen TIF was open. VILLAGE OF GLENVIEW SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL - GENERAL FUND For the Year Ended December 31, 2022 With Comparative Actual Amounts for the Year Ended December 31, 2021 2022 Budgeted Amounts Original Final Actual Variance with Final Budget 2021 Actual REVENUES Taxes: Property $15,172,740 $15,172,740 $15,357,271 $184,531 $12,249,295 Other Taxes 16,079,299 16,079,299 17,141,188 1,061,889 16,127,461 Licenses and Permits 2,286,066 2,286,066 2,759,645 473,579 2,754,448 Charges for Services 13,615,317 13,615,317 14,625,094 1,009,777 13,100,852 Fines, Forfeitures and Penalties 126,000 126,000 88,151 (37,849)129,330 Intergovernmental 34,042,075 34,042,075 37,351,432 3,309,357 37,041,578 Investment Income 215,120 215,120 743,621 528,501 30,119 Total Revenues 81,536,617 81,536,617 88,066,402 6,529,785 81,433,083 EXPENDITURES Current: General Government 23,439,411 24,883,283 22,204,805 2,678,478 21,271,258 Public Works 8,056,513 8,076,531 7,827,180 249,351 6,976,017 Public Safety 36,760,382 36,900,887 37,195,734 (294,847)36,066,277 Development 4,829,842 4,905,447 3,734,418 1,171,029 3,885,933 Capital Outlay 28,000 28,000 108,019 (80,019)- Total Expenditures 73,114,148 74,794,148 71,070,156 3,723,992 68,199,485 Excess of Revenues over Expenditures 8,422,469 6,742,469 16,996,246 10,253,777 13,233,598 OTHER FINANCING SOURCES (USES) Transfers In 575,000 575,000 575,000 -575,000 Transfers Out (9,978,332)(9,978,332)(10,074,090)(95,758)(8,729,847) Total Other Financing Sources (Uses)(9,403,332)(9,403,332)(9,499,090)(95,758)(8,154,847) Net Change in Fund Balance $(980,863)$(2,660,863)7,497,156 $10,158,019 5,078,751 FUND BALANCE - Beginning of Year 38,689,667 33,610,916 FUND BALANCE - END OF YEAR $46,186,823 $38,689,667 See independent auditors' report and accompanying notes to required supplementary information. 111 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, 2022 With Comparative Actual Amounts for the Year Ended December 31, 2021 2022 Budgeted Amounts Original Final Actual Variance with Final Budget 2021 Actual REVENUES Property Taxes - Incremental $-$-$-$-$38,202,492 Intergovernmental - Miscellaneous --152,493 152,493 310,842 Charges for Services ----204,360 Investment Income --155,287 155,287 72,829 Miscellaneous ----14,989 Total Revenues --307,780 307,780 38,805,512 EXPENDITURES General Government Personnel ----451,360 Contractual Services 6,024,987 6,024,987 5,521,174 503,813 23,332,375 Commodities 12,500 12,500 12,500 -38,217 Other Charges --150,213 (150,213)243,568 Total general government 6,037,487 6,037,487 5,683,887 353,600 24,065,520 Development Other Charges --32,886 (32,886)2,501,973 Capital Outlay 6,200,496 6,200,496 3,597,245 2,603,251 - Debt Service Principal ----6,210,000 Interest and Fiscal Charges ----254,855 Total Expenditures 12,237,983 12,237,983 9,314,018 2,923,965 33,032,348 Excess (Deficiency) of Revenues over Expenditures (12,237,983)(12,237,983)(9,006,238)3,231,745 5,773,164 OTHER FINANCING SOURCES Transfers In ----104,290 Total Other Financing Sources ----104,290 Net Change in Fund Balance $(12,237,983)$(12,237,983)(9,006,238)$3,231,745 5,877,454 FUND BALANCE - Beginning of Year 19,123,887 13,246,433 FUND BALANCE - END OF YEAR $10,117,649 $19,123,887 See independent auditors' report and accompanying notes to required supplementary information. 112 VILLAGE OF GLENVIEW NOTES TO REQUIRED SUPPLEMENTARY INFORMATION For the Year Ended December 31, 2022 BUDGETARY INFORMATION Annual budgets are adopted on a basis consistent with generally accepted accounting principles for all governmental funds. The enterprise, internal service, and pension trust funds are adopted on the accrual basis, except principal expense and capital expenditures are budgeted, and depreciation expense is not budgeted. The budget is as amended by the Board of Trustees. All annual appropriations lapse at fiscal year end. 1. All departments of the Village submit requests for budget to the Village's manager so that a budget may be prepared. The budget is prepared by fund and includes information on the past year, current estimates, and requested budgets for the next fiscal year. 2.The proposed budget is presented to the governing body, the Village Board, for review. The Village Board holds public hearings and may add to, subtract from, or change budgets, but may not change the form of the budget. 3.The budget is legally enacted by the Board of Trustees. 4.The Village Manager is authorized to transfer budgeted amounts between departments within any fund; however, any revisions that alter the total expenditures/expenses of any fund must be approved by the Village Board. 5.The level of control (the level at which expenditures may not exceed the budget) is at the fund level. Expenditures may not legally exceed budgets at the fund level. See independent auditors' report. 113 S U P P L E M E N T A R Y I N F O R M A T I O N BUDGET AND ACTUAL - GENERAL FUND With Comparative Actual Amounts for the Year Ended December 31, 2021 2021 Original Final Actual Actual LOCAL TAXES Property Taxes for Village Current Year 2,309,874$ 2,309,874$ 2,333,058$ 645$ Prior Year (36,000) (36,000) (25,015) (64,505) Property Taxes - Debt Service Current Year 1,841,190 1,841,190 1,859,308 1,858,119 Prior Year (25,000) (25,000) 12,563 (55,625) Property Taxes - Police and Firefighters' Pension 9,758,390 9,758,390 9,826,735 9,469,391 Property Taxes - Other Village Pensions 1,324,286 1,324,286 1,350,622 1,041,270 Total Property Taxes 15,172,740 15,172,740 15,357,271 12,249,295 Other Taxes Utility Taxes Natural Gas 1,515,669 1,515,669 1,486,591 1,359,737 Electricity 2,062,700 2,062,700 2,042,457 2,093,370 Telecommunications 927,244 927,244 1,022,379 1,153,486 Hotel Room Tax 750,000 750,000 1,019,666 725,886 Amusement Tax 25,000 25,000 - - Home Rule Sales Tax 10,738,686 10,738,686 11,467,558 10,699,335 Business District Tax 60,000 60,000 102,381 95,647 Miscellaneous Tax - - 156 - Total Other Taxes 16,079,299 16,079,299 17,141,188 16,127,461 Total Local Taxes 31,252,039 31,252,039 32,498,459 28,376,756 LICENSES AND PERMITS Business Licenses 28,350 28,350 34,355 21,427 Liquor Licenses 200,000 200,000 321,433 (18,626) Building Permits 1,800,000 1,800,000 2,132,662 2,447,533 Contractor's Fees 15,000 15,000 11,087 11,800 Engineering Fees 212,716 212,716 219,938 266,349 Oversized Vehicle Permits 22,000 22,000 21,600 21,210 Plan Fees 8,000 8,000 18,570 4,755 Total Licenses and Permits 2,286,066 2,286,066 2,759,645 2,754,448 VILLAGE OF GLENVIEW DETAILED SCHEDULE OF REVENUES AND OTHER FINANCING SOURCES For the Year Ended December 31, 2022 2022 Budgeted Amounts 114 BUDGET AND ACTUAL - GENERAL FUND With Comparative Actual Amounts for the Year Ended December 31, 2021 2021 Original Final Actual Actual VILLAGE OF GLENVIEW DETAILED SCHEDULE OF REVENUES AND OTHER FINANCING SOURCES For the Year Ended December 31, 2022 2022 Budgeted Amounts CHARGES FOR SERVICES Dog Impound Fees 1,000$ 1,000$ 610$ 540$ Lease Fees 1,004,241 1,004,241 572,427 873,516 Natural Gas Franchise Fees 35,000 35,000 43,028 34,321 Cable Franchise Fees 823,464 823,464 887,262 851,877 Development Fees - - - 9,750 Insurance Reimbursements 1,812,180 1,812,180 2,708,475 1,645,162 Copies - - - - Special Event Fees 1,000 1,000 2,275 1,950 Inspection Fees 30,000 30,000 - 25,300 Refuse and Recycling Charges Yard Waste Sticker Sales 3,000 3,000 3,781 3,551 Tipping Fees 890,000 890,000 895,340 887,444 SWANCC Recycling Incentive - - 92,072 - Joint Dispatch Charges 911 Surcharge 1,020,000 1,020,000 1,216,370 1,026,042 Dispatch Services 7,114,968 7,114,968 7,282,134 7,064,026 Other Service Charges Police Extra Duty 200,000 200,000 210,272 188,460 Fire Extra Duty - - 10,607 10,809 Reimbursements 184,272 184,272 204,040 120,123 Other Charges - Supervision 6,000 6,000 23,696 3,430 Miscellaneous 239,000 239,000 260,602 112,093 Administrative Fees for Governmental Funds Library Fund 134,965 134,965 108,693 123,706 SWANCC Host Community Fees 116,227 116,227 103,410 118,752 Total Charges for Services 13,615,317 13,615,317 14,625,094 13,100,852 FINES AND FORFEITURES Traffic Fines 80,000 80,000 54,674 92,407 Other Fines 46,000 46,000 33,477 36,923 Total Fines and Forfeitures 126,000 126,000 88,151 129,330 115 BUDGET AND ACTUAL - GENERAL FUND With Comparative Actual Amounts for the Year Ended December 31, 2021 2021 Original Final Actual Actual VILLAGE OF GLENVIEW DETAILED SCHEDULE OF REVENUES AND OTHER FINANCING SOURCES For the Year Ended December 31, 2022 2022 Budgeted Amounts INTERGOVERNMENTAL Glenbrook Fire Protection District 2,655,522$ 2,655,522$ 2,788,169$ 2,720,618$ Village of Golf Fire Protection Services 143,000 143,000 143,000 107,250 Road and Bridge Taxes Current Year 454,500 454,500 516,461 490,740 Prior Year (4,500) (4,500) 2,574 (7,814) Sales Tax 22,271,112 22,271,112 22,921,405 21,727,766 Property Replacement Tax 275,672 275,672 780,902 384,258 Illinois Income Tax 6,253,722 6,253,722 7,997,607 6,356,983 Local Use Tax 1,889,754 1,889,754 1,971,706 1,867,089 Make-Whole Payment - - - 1,629,425 Cannabis Use Tax 87,669 87,669 78,357 69,377 Other Intergovernmental Grant Proceeds 15,624 15,624 151,251 1,695,886 Total Intergovernmental 34,042,075 34,042,075 37,351,432 37,041,578 INVESTMENT INCOMEInvestment Income 215,120 215,120 743,621 30,119 Total Investment Income 215,120 215,120 743,621 30,119 OTHER FINANCING SOURCES Transfers In Wholesale Water Fund 325,000 325,000 325,000 325,000 Insurance and Risk Fund 250,000 250,000 250,000 250,000 Total Other Financing Sources 575,000 575,000 575,000 575,000 Total Revenues and Other Financing Sources 82,111,617$ 82,111,617$ 88,641,402$ 82,008,083$ 116 BUDGET AND ACTUAL - GENERAL FUND With Comparative Actual Amounts for the Year Ended December 31, 2021 2021 Original Final Actual Actual GENERAL GOVERNMENT Village Board of Trustees President and Board Personnel -$ -$ 17$ 24$ Contractual Services - - - 262 Total President and Board - - 17 286 Special Board Appropriations Personnel 99,557 99,557 51,263 20,757 Contractual Services 437,609 437,609 432,643 398,206 Commodities 800 800 8,513 3,245 Total Special Board Appropriations 537,966 537,966 492,419 422,208 Total Village Board of Trustees 537,966 537,966 492,436 422,494 Village Manager's Office Administration Division Personnel 818,625 885,662 905,369 1,023,106 Contractual Services 163,242 163,242 113,344 117,237 Commodities 1,100 1,100 1,672 2,317 Other Charges 7,565 7,565 10,811 1,676 Total Administration Division 990,532 1,057,569 1,031,196 1,144,336 Human Resources Division Personnel 679,234 257,480 308,413 240,747 Contractual Services 48,530 48,530 39,434 40,089 Commodities 7,955 7,955 3,389 4,380 Other Charges 1,456,103 1,456,103 1,351,915 1,274,416 Total Human Resources Division 2,191,822 1,770,068 1,703,151 1,559,632 Communications Division Personnel 443,461 460,721 392,779 335,998 Contractual Services 226,185 226,185 180,758 91,961 Commodities 3,100 3,100 2,613 1,869 Other Charges 4,275 4,275 1,364 - Total Communications Division 677,021 694,281 577,514 429,828 Legal Division Contractual Services 440,220 440,220 511,431 431,235 Total Legal Division 440,220 440,220 511,431 431,235 VILLAGE OF GLENVIEW DETAILED SCHEDULE OF EXPENDITURES AND OTHER FINANCING USES For the Year Ended December 31, 2022 2022 Budgeted Amounts 117 BUDGET AND ACTUAL - GENERAL FUND With Comparative Actual Amounts for the Year Ended December 31, 2021 2021 Original Final Actual Actual VILLAGE OF GLENVIEW DETAILED SCHEDULE OF EXPENDITURES AND OTHER FINANCING USES For the Year Ended December 31, 2022 2022 Budgeted Amounts GENERAL GOVERNMENT (cont.) Village Manager's Office (cont.) Joint Dispatch Division Personnel 6,353,686$ 6,420,296$ 6,215,265$ 6,386,442$ Contractual Services 254,432 254,432 310,541 140,958 Commodities 40,550 40,550 30,275 26,935 Other Charges 350,231 350,231 347,306 1,492,616 Total Joint Dispatch Division 6,998,899 7,065,509 6,903,387 8,046,951 General Government Personnel (60,000) (60,000) - - Contractual Services 5,012,434 6,692,434 5,302,172 3,725,725 Commodities 41,395 41,395 67,982 12,895 Other Charges 619,651 619,651 227,065 300,397 Total General Government 5,613,480 7,293,480 5,597,219 4,039,017 Total Village Manager's Office 16,911,974 18,321,127 16,323,898 15,650,999 Administrative Services Administration Personnel 264,198 273,360 193,956 410,512 Contractual Services 1,725 1,725 622 1,818 Other Charges 10,805 10,805 9,016 9,258 Total Administration 276,728 285,890 203,594 421,588 Finance Personnel 82,018 85,441 83,160 24,003 Contractual Services 1,061,909 1,061,909 1,037,639 1,012,772 Other Charges 2,650 2,650 245 54 Total Finance 1,146,577 1,150,000 1,121,044 1,036,829 Police Records Personnel 466,801 478,209 416,974 455,643 Contractual Services 2,415 2,415 1,795 1,100 Commodities 995 995 550 751 Other Charges 3,150 3,150 2,623 524 Total Police Records 473,361 484,769 421,942 458,018 118 BUDGET AND ACTUAL - GENERAL FUND With Comparative Actual Amounts for the Year Ended December 31, 2021 2021 Original Final Actual Actual VILLAGE OF GLENVIEW DETAILED SCHEDULE OF EXPENDITURES AND OTHER FINANCING USES For the Year Ended December 31, 2022 2022 Budgeted Amounts GENERAL GOVERNMENT (cont.) Administrative Services (cont.) Resolution Center Personnel 406,537$ 417,263$ 408,569$ 406,887$ Other Charges 1,630 1,630 - 54 Total Resolution Center 408,167 418,893 408,569 406,941 CADD Operations Contractual Services 226,378 226,378 223,315 194,007 Total CADD Operations 226,378 226,378 223,315 194,007 Information Technology (IT) Contractual Services 2,931,600 2,931,600 2,515,943 2,207,794 Commodities 114,922 114,922 67,588 71,097 Other Charges 411,738 411,738 426,476 401,491 Total Information Technology 3,458,260 3,458,260 3,010,007 2,680,382 Total Administrative Services 5,989,471 6,024,190 5,388,471 5,197,765 Total General Government 23,439,411 24,883,283 22,204,805 21,271,258 PUBLIC WORKS Public Works Department Personnel 1,443,107 1,463,125 1,387,050 1,491,156 Contractual Services 4,060,797 4,060,797 4,003,679 3,176,983 Commodities 1,410,246 1,410,246 1,280,440 1,226,274 Other Charges 1,022,363 1,022,363 1,050,417 977,105 Capital Outlay 120,000 120,000 105,594 104,499 Total Public Works Department 8,056,513 8,076,531 7,827,180 6,976,017 119 BUDGET AND ACTUAL - GENERAL FUND With Comparative Actual Amounts for the Year Ended December 31, 2021 2021 Original Final Actual Actual VILLAGE OF GLENVIEW DETAILED SCHEDULE OF EXPENDITURES AND OTHER FINANCING USES For the Year Ended December 31, 2022 2022 Budgeted Amounts PUBLIC SAFETY Police Department Personnel 10,686,573$ 10,793,126$ 10,574,820$ 10,427,096$ Contractual Services 666,465 666,465 559,943 567,023 Commodities 136,690 136,690 133,205 152,238 Other Charges 4,522,010 4,522,010 4,567,617 4,187,026 Total Police Department 16,011,738 16,118,291 15,835,585 15,333,383 Fire Department Personnel 12,651,244 12,685,196 12,896,425 13,071,977 Contractual Services 503,278 503,278 746,397 276,034 Commodities 363,699 363,699 308,410 308,505 Other Charges 7,230,423 7,230,423 7,408,917 7,076,378 Total Fire Department 20,748,644 20,782,596 21,360,149 20,732,894 Total Public Safety 36,760,382 36,900,887 37,195,734 36,066,277 DEVELOPMENT Community Development Department Administration Personnel 439,514 478,475 451,433 211,293 Contractual Services 379,607 379,607 131,395 394,650 Commodities 4,350 4,350 3,210 1,899 Other Charges 42,979 42,979 31,290 10,143 Total Administration 866,450 905,411 617,328 617,985 Inspection Services Personnel 921,826 944,628 983,842 1,239,323 Contractual Services 696,723 696,723 492,687 539,071 Commodities 5,264 5,264 3,883 5,720 Other Charges 17,447 17,447 18,247 18,622 Total Inspection Services 1,641,260 1,664,062 1,498,659 1,802,736 Planning Personnel 463,639 470,163 480,487 467,942 Contractual Services 929,028 929,028 215,233 273,320 Other Charges 20,840 20,840 13,379 9,791 Total Planning 1,413,507 1,420,031 709,099 751,053 120 BUDGET AND ACTUAL - GENERAL FUND With Comparative Actual Amounts for the Year Ended December 31, 2021 2021 Original Final Actual Actual VILLAGE OF GLENVIEW DETAILED SCHEDULE OF EXPENDITURES AND OTHER FINANCING USES For the Year Ended December 31, 2022 2022 Budgeted Amounts DEVELOPMENT (cont.) Community Development Department (cont.) Capital Projects and Engineering Personnel 195,724$ 203,042$ 196,354$ 167,132$ Contractual Services 707,136 707,136 709,707 540,210 Commodities 340 340 143 179 Other Charges 5,425 5,425 3,128 6,638 Total Capital Projects and Engineering 908,625 915,943 909,332 714,159 Total Development 4,829,842 4,905,447 3,734,418 3,885,933 Total Current Expenditures 73,086,148 74,766,148 70,962,137 68,199,485 CAPITAL OUTLAY 28,000 28,000 108,019 - Total Expenditures 73,114,148 74,794,148 71,070,156 68,199,485 OTHER FINANCING USES Transfers Out Corporate Purpose Debt Service Fund 2,218,332 2,218,332 2,314,090 2,229,847 Capital Projects Fund 7,760,000 7,760,000 7,760,000 6,500,000 Total Other Financing Uses 9,978,332 9,978,332 10,074,090 8,729,847 Total Expenditures and Other Financing Uses 83,092,480$ 84,772,480$ 81,144,246$ 76,929,332$ 121 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. VILLAGE OF GLENVIEW COMBINING BALANCE SHEET NONMAJOR GOVERNMENTAL FUNDS As of December 31, 2022 Motor Fuel Tax Fund Foreign Fire Insurance Fund Police Department Special Account Fund Waukegan Golf TIF Fund ASSETS Cash and Cash Equivalents $2,042,280 $278,528 $29,848 $5,414,041 Investments 1,000,354 --- Receivables Accrued Interest 261 --- Due from Other Governments 190,098 --- Due from Other Funds ---- TOTAL ASSETS $3,232,993 $278,528 $29,848 $5,414,041 LIABILITIES AND FUND BALANCES Liabilities Accounts Payable $1,048,711 $-$-$184,842 Accrued Payroll ---159 Due to Other Funds ---- Total Liabilities 1,048,711 --185,001 Fund Balances Restricted for Street Improvements 2,184,282 --- Restricted for Public Safety -278,528 29,848 - Restricted for Economic Development ---5,229,040 Assigned to Debt Service Funds ---- Total Fund Balances 2,184,282 278,528 29,848 5,229,040 TOTAL LIABILITIES AND FUND BALANCES $3,232,993 $278,528 $29,848 $5,414,041 122 Corporate Purpose Bonds Fund Total Nonmajor Governmental Funds $426,576 $8,191,273 -1,000,354 -261 -190,098 365,793 365,793 $792,369 $9,747,779 $-$1,233,553 -159 126,309 126,309 126,309 1,360,021 -2,184,282 -308,376 -5,229,040 666,060 666,060 666,060 8,387,758 $792,369 $9,747,779 123 VILLAGE OF GLENVIEW COMBINING STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES NONMAJOR GOVERNMENTAL FUNDS For the Year Ended December 31, 2022 Motor Fuel Tax Fund Foreign Fire Insurance Fund Police Department Special Account Fund Waukegan Golf TIF Fund REVENUES Property Taxes $-$-$-$2,678,361 Intergovernmental 3,798,002 163,568 -- Investment Income 50,266 622 79 27,240 Total Revenues 3,848,268 164,190 79 2,705,601 EXPENDITURES Current Public Safety -126,368 -- Development ---2,782,760 Capital Outlay 2,886,238 -829 - Debt Service Principal ---660,000 Interest and Fiscal Charges ---46,000 Total Expenditures 2,886,238 126,368 829 3,488,760 Excess (Deficiency) of Revenues over Expenditures 962,030 37,822 (750)(783,159) OTHER FINANCING SOURCES (USES) Proceeds from the Sale of Capital Assets --8,377 - Transfers In ---- Transfers Out (1,026,783)--- Total Other Financing Sources (Uses)(1,026,783)-8,377 - Net Change in Fund Balances (64,753)37,822 7,627 (783,159) FUND BALANCES - Beginning of Year 2,249,035 240,706 22,221 6,012,199 FUND BALANCES - END OF YEAR $2,184,282 $278,528 $29,848 $5,229,040 124 Corporate Purpose Bonds Fund Total Nonmajor Governmental Funds $-$2,678,361 -3,961,570 1,277 79,484 1,277 6,719,415 -126,368 -2,782,760 -2,887,067 1,885,000 2,545,000 335,273 381,273 2,220,273 8,722,468 (2,218,996)(2,003,053) -8,377 2,314,090 2,314,090 -(1,026,783) 2,314,090 1,295,684 95,094 (707,369) 570,966 9,095,127 $666,060 $8,387,758 125 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, 2022 With Comparative Actual Amounts for the Year Ended December 31, 2021 2022 Budgeted Amounts Original Final Actual 2021 Actual REVENUES Intergovenmental Motor Fuel Tax $2,907,891 $2,907,891 $3,798,002 $3,736,105 Investment Income 3,400 3,400 50,266 2,388 Miscellaneous ---799 Total Revenues 2,911,291 2,911,291 3,848,268 3,739,292 EXPENDITURES Capital Outlay 2,907,891 2,907,891 2,886,238 2,299,508 Total Expenditures 2,907,891 2,907,891 2,886,238 2,299,508 Excess of Revenues over Expenditures 3,400 3,400 962,030 1,439,784 OTHER FINANCING USES Transfers In Transfers Out Capital Projects Fund --(1,026,783)- Total Other Financing Uses --(1,026,783)- Net Change in Fund Balance $3,400 $3,400 (64,753)1,439,784 FUND BALANCE - Beginning of Year 2,249,035 809,251 FUND BALANCE - END OF YEAR $2,184,282 $2,249,035 126 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, 2022 With Comparative Actual Amounts for the Year Ended December 31, 2021 2022 Budgeted Amounts Original Final Actual 2021 Actual REVENUES Intergovernmental $140,000 $140,000 $163,568 $143,172 Investment Income 600 600 622 545 Total Revenues 140,600 140,600 164,190 143,717 EXPENDITURES Public Safety Contractual Services 15,710 15,710 33,757 13,768 Commodities 123,000 123,000 92,611 103,479 Total Expenditures 138,710 138,710 126,368 117,247 Net Change in Fund Balance $1,890 $1,890 37,822 26,470 FUND BALANCE - Beginning of Year 240,706 214,236 FUND BALANCE - END OF YEAR $278,528 $240,706 127 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, 2022 With Comparative Actual Amounts for the Year Ended December 31, 2021 2022 Budgeted Amounts Original Final Actual 2021 Actual REVENUES Investment Income $130 $130 $79 $79 Other Revenues ---3,359 Total Revenues 130 130 79 3,438 EXPENDITURES Capital Outlay 10,000 10,000 829 7,788 Total Expenditures 10,000 10,000 829 7,788 Excess (deficiency) of revenues over (under) expenditures (9,870)(9,870)(750)(4,350) OTHER FINANCING SOURCES Proceeds from the Sale of Capital Assets --8,377 - Total Other Financing Sources --8,377 - Net Change in Fund Balance $(9,870)$(9,870)7,627 (4,350) FUND BALANCE - Beginning of Year 22,221 26,571 FUND BALANCE - END OF YEAR $29,848 $22,221 128 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, 2022 With Comparative Actual Amounts for the Year Ended December 31, 2021 2022 Budgeted Amounts Original Final Actual 2021 Actual REVENUES Property Taxes - Incremental $2,674,563 $2,674,563 $2,678,361 $2,674,563 Investment Income 4,380 4,380 27,240 1,835 Total Revenues 2,678,943 2,678,943 2,705,601 2,676,398 EXPENDITURES Community Development Personnel 9,640 9,640 9,897 9,601 Contractual Services 471,629 471,629 193,833 198,709 Other Charges -2,579,030 2,579,030 - Total Community Development 481,269 3,060,299 2,782,760 208,310 Debt Service Principal 660,000 660,000 660,000 640,000 Interest and Fiscal Charges 46,000 46,000 46,000 65,200 Total Expenditures 1,187,269 3,766,299 3,488,760 913,510 Net Change in Fund Balance $1,491,674 $(1,087,356)(783,159)1,762,888 FUND BALANCE - Beginning of Year 6,012,199 4,249,311 FUND BALANCE - END OF YEAR $5,229,040 $6,012,199 129 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, 2022 With Comparative Actual Amounts for the Year Ended December 31, 2021 2022 Budgeted Amounts Original Final Actual 2021 Actual REVENUES Investment Income $710 $710 $1,277 $675 Total Revenues 710 710 1,277 675 EXPENDITURES Debt Service Principal 1,885,000 1,885,000 1,885,000 1,810,000 Interest and Fiscal Charges 335,272 335,272 335,273 404,973 Total Expenditures 2,220,272 2,220,272 2,220,273 2,214,973 Deficiency of Revenues under Expenditures (2,219,562)(2,219,562)(2,218,996)(2,214,298) OTHER FINANCING SOURCES Transfers In General Fund 2,218,332 2,218,332 2,314,090 2,229,847 Total Other Financing Sources 2,218,332 2,218,332 2,314,090 2,229,847 Net Change in Fund Balance $(1,230)$(1,230)95,094 15,549 FUND BALANCE - Beginning of Year 570,966 555,417 FUND BALANCE - END OF YEAR $666,060 $570,966 130 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, 2022 With Comparative Actual Amounts for the Year Ended December 31, 2021 2022 Budgeted Amounts Original Final Actual 2021 Actual REVENUES Intergovernmental - Grants $4,034,629 $4,034,629 $1,176,907 $209,243 Intergovernmental - Miscellaneous --72,500 - Investment Income 2,500 2,500 103,347 2,572 Other Revenues 733,996 733,996 -25,319 Development - Other Revenues 45,075 45,075 54,561 15,037 Total Revenues 4,816,200 4,816,200 1,407,315 252,171 EXPENDITURES Capital Outlay 20,769,274 23,127,909 14,394,397 7,337,090 Debt Service Principal 24,371 24,371 24,371 24,371 Total Expenditures 20,793,645 23,152,280 14,418,768 7,361,461 Deficiency of Revenues under Expenditures (15,977,445)(18,336,080)(13,011,453)(7,109,290) OTHER FINANCING SOURCES Transfers In General Fund 7,760,000 7,760,000 7,760,000 6,500,000 Wholesale Water Fund 607,921 607,921 607,921 590,215 Village Permanent Fund 1,420,000 1,420,000 357,510 - Motor Fuel Tax Fund --1,026,783 - Total Other Financing Sources 9,787,921 9,787,921 9,752,214 7,090,215 Net Change in Fund Balance $(6,189,524)$(8,548,159)(3,259,239)(19,075) FUND BALANCE - Beginning of Year 4,844,190 4,863,265 FUND BALANCE - END OF YEAR $1,584,951 $4,844,190 131 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, 2022 With Comparative Actual Amounts for the Year Ended December 31, 2021 2022 Budgeted Amounts Original Final Actual 2021 Actual REVENUES Lease Fees $156,000 $156,000 $-$- Investment Income 9,334 9,334 97,833 (12,178) Other Revenues ---4,039 Total Revenues 165,334 165,334 97,833 (8,139) EXPENDITURES Community Development Contractual Services 174,773 174,773 79,159 60,023 Total Expenditures 174,773 174,773 79,159 60,023 Excess (Deficiency) of Revenues over (under) Expenditures (9,439)(9,439)18,674 (68,162) OTHER FINANCING SOURCES (USES) Property Sales 1,535,518 1,535,518 -- Transfers out Capital Projects Fund (1,420,000)(1,420,000)(357,510)- Total Other Financing Sources (Uses)115,518 115,518 (357,510)- Net Change in Fund Balance $106,079 $106,079 (338,836)(68,162) FUND BALANCE - Beginning of Year 29,719,178 29,787,340 FUND BALANCE - END OF YEAR $29,380,342 $29,719,178 132 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, 2022 Wholesale Water Fund Commuter Parking Lot Fund Total Nonmajor Enterprise Funds ASSETS Current Assets Cash and Cash Equivalents $1,994,788 $768,436 $2,763,224 Investments 2,000,325 -2,000,325 Receivables Accounts 1,094,870 -1,094,870 Accrued Interest 1,698 -1,698 Due from Other Funds 432 -432 Total Current Assets 5,092,113 768,436 5,860,549 Noncurrent Assets Capital Assets Land -500,000 500,000 Buildings and Improvements -2,989,930 2,989,930 Machinery, Equipment and Furnishings -13,283 13,283 Water System 2,512,633 -2,512,633 Less: Accumulated Depreciation (1,870,775)(1,412,058)(3,282,833) Total Noncurrent Assets 641,858 2,091,155 2,733,013 Total Assets 5,733,971 2,859,591 8,593,562 DEFERRED OUTFLOWS OF RESOURCES Deferred Outflows Related to OPEB 1,599 266 1,865 Total Deferred Outflows of Resources 1,599 266 1,865 LIABILITIES Current Liabilities Accounts Payable 441,686 68,294 509,980 Accrued Payroll 4,218 1,469 5,687 Accrued Expenses 3,183 67 3,250 Compensated Absences - Current 2,652 784 3,436 Total Current Liabilities 451,739 70,614 522,353 Noncurrent Liabilities Long-Term Debt Compensated Absences 10,610 3,134 13,744 Total OPEB Liability 6,847 1,140 7,987 Total Noncurrent Liabilities 17,457 4,274 21,731 Total Liabilities 469,196 74,888 544,084 DEFERRED INFLOWS OF RESOURCES Deferred Inflows Related to OPEB 2,412 402 2,814 Total Deferred Inflows of Resources 2,412 402 2,814 NET POSITION Net Investment in Capital Assets 641,858 2,091,155 2,733,013 Unrestricted 4,622,104 693,412 5,315,516 TOTAL NET POSITION $5,263,962 $2,784,567 $8,048,529 133 NONMAJOR ENTERPRISE FUNDS Commuter Total Nonmajor Wholesale Parking Lot Enterprise Water Fund Fund Funds OPERATING REVENUES Charges for Sales and Services Parking Meter Fees -$ 76,210$ 76,210$ Parking Decals - 207,471 207,471 Water Charges 5,785,431 - 5,785,431 Total Charges for Sales and Services 5,785,431 283,681 6,069,112 Miscellaneous Revenue - 120 120 Total Operating Revenues 5,785,431 283,801 6,069,232 OPERATING EXPENSES Operations 3,017,011 542,602 3,559,613 Depreciation and Amortization 62,816 92,392 155,208 Total Operating Expenses 3,079,827 634,994 3,714,821 Operating Income (Loss)2,705,604 (351,193) 2,354,411 NON-OPERATING REVENUES Investment Income 33,815 10,692 44,507 Total Non-Operating Revenues 33,815 10,692 44,507 Net Income (Loss) Before Transfers 2,739,419 (340,501) 2,398,918 TRANSFERS Transfers Out (1,562,261) - (1,562,261) Change in Net Position 1,177,158 (340,501) 836,657 NET POSITION - Beginning of Year 4,086,804 3,125,068 7,211,872 NET POSITION - END OF YEAR 5,263,962$ 2,784,567$ 8,048,529$ VILLAGE OF GLENVIEW COMBINING STATEMENT OF REVENUES, EXPENSES, AND CHANGES IN NET POSITION As of December 31, 2022 134 VILLAGE OF GLENVIEW COMBINING STATEMENT OF CASH FLOWS NONMAJOR ENTERPRISE FUNDS For the Year Ended December 31, 2022 Wholesale Water Fund Commuter Parking Lot Fund Totals CASH FLOWS FROM OPERATING ACTIVITIES Received from Customers $5,573,117 $283,801 $5,856,918 Paid to Suppliers for Goods and Services (2,742,494)(410,312)(3,152,806) Paid to Employees for Services (241,462)(86,284)(327,746) Net Cash Flows From Operating Activities 2,589,161 (212,795)2,376,366 CASH FLOWS FROM INVESTING ACTIVITIES Investment Income 39,757 10,691 50,448 Purchase of Investments (1,019,214)-(1,019,214) Net Cash Flows From Investing Activities (979,457)10,691 (968,766) CASH FLOWS FROM NONCAPITAL FINANCING ACTIVITIES Transfers Out (1,562,261)-(1,562,261) Net Cash Flows From Noncapital Financing Activities (1,562,261)-(1,562,261) Net Change in Cash and Cash Equivalents 47,443 (202,104)(154,661) CASH AND CASH EQUIVALENTS - Beginning of Year 1,947,345 970,540 2,917,885 CASH AND CASH EQUIVALENTS - END OF YEAR $1,994,788 $768,436 $2,763,224 RECONCILIATION OF OPERATING INCOME (LOSS) TO NET CASH FLOWS FROM OPERATING ACTIVITIES Operating Income (Loss)$2,705,604 $(351,193)$2,354,411 Adjustments to Reconcile Operating Income (Loss) to Net Cash Flows From Operating Activities Depreciation 62,816 92,392 155,208 Changes in Assets and Liabilities Accounts Receivable (211,882)-(211,882) Due from Other Funds (432)-(432) Accounts Payable 24,122 48,909 73,031 Accrued Salaries 1,969 286 2,255 Accrued Expenses 3,166 (6)3,160 Compensated Absences Payable 5,967 702 6,669 Total OPEB Liability (4,337)(4,732)(9,069) Deferred Outflows Related to OPEB 854 1,022 1,876 Deferred Inflows Related to OPEB 1,314 (175)1,139 NET CASH FLOWS FROM OPERATING ACTIVITIES $2,589,161 $(212,795)$2,376,366 NONCASH CAPITAL AND RELATED FINANCING ACTIVITIES None 135 WHOLESALE WATER FUND - NONMAJOR ENTERPRISE FUND With Comparative Actual Amounts for the Year Ended December 31, 2021 2021 Original Final Actual ActualOPERATING REVENUES Charges for Sales and Services Water Charges 6,007,859$ 6,007,859$ 5,785,431$ 5,996,829$ Total Operating Revenue 6,007,859 6,007,859 5,785,431 5,996,829 Miscellaneous Revenue Other Revenues - - - 296 Total Miscellaneous Revenue - - - 296 Total Operating Revenues 6,007,859 6,007,859 5,785,431 5,997,125 OPERATING EXPENSES Water Services Personnel 241,048 241,048 247,229 127,383 Contractual Services 1,370,581 1,370,581 1,284,516 1,276,611 Commodities 1,533,160 1,533,160 1,444,441 1,489,042 Other Charges 40,825 40,825 40,825 28,033 Total Operating Expenses 3,185,614 3,185,614 3,017,011 2,921,069 Operating Income 2,822,245 2,822,245 2,768,420 3,076,056 NON-OPERATING REVENUES Investment Income (Loss)40 40 33,815 (890) Total Non-Operating Revenues (Expenses)40 40 33,815 (890) Net Income Before Transfers 2,822,285 2,822,285 2,802,235 3,075,166 TRANSFERS OUTGeneral Fund (325,000) (325,000) (325,000) (325,000) Capital Projects Fund (607,921) (607,921) (607,921) (590,215) Glenview Water Fund (629,340) (629,340) (629,340) (617,000) Total Transfers Out (1,562,261) (1,562,261) (1,562,261) (1,532,215) Change in Net Position - Budgetary Basis 1,260,024$ 1,260,024$ 1,239,974 1,542,951 ADJUSTMENTS TO GAAP BASIS Depreciation and Amortization (62,816) (62,816) Change in Net Position - GAAP Basis 1,177,158 1,480,135 NET POSITION - Beginning of Year 4,086,804 2,606,669 NET POSITION - END OF YEAR 5,263,962$ 4,086,804$ VILLAGE OF GLENVIEW DETAILED SCHEDULE OF REVENUES, EXPENSES AND CHANGES IN NET POSITION - BUDGET AND ACTUAL (Budgetary Basis) For the Year Ended December 31, 2022 2022 Budgeted Amount 136 COMMUTER PARKING LOT FUND - NONMAJOR ENTERPRISE FUND With Comparative Actual Amounts for the Year Ended December 31, 2021 2021 Original Final Actual ActualOPERATING REVENUES Charges for Sales and Services Parking Meter Fees 53,208$ 53,208$ 76,210$ 35,366$ Parking Decals 114,210 114,210 207,471 105,007 Total Charges for Sales and Services 167,418 167,418 283,681 140,373 Miscellaneous Revenue Other Revenues - - 120 216,843 Total Miscellaneous Revenue - - 120 216,843 Total Operating Revenues 167,418 167,418 283,801 357,216 OPERATING EXPENSES Parking Services Personnel 83,520 83,520 83,101 76,878 Contractual Services 213,082 213,082 188,855 180,731 Commodities 53,294 53,294 44,966 39,430 Other Charges 226,261 226,261 225,680 247,956 Total Operating Expenses 576,157 576,157 542,602 544,995 Operating Income (Loss)(408,739) (408,739) (258,801) (187,779) NON-OPERATING REVENUES Investment Income 250 250 10,692 252 Total Non-Operating Revenues 250 250 10,692 252 Net Income (Loss) Before Transfers (408,489) (408,489) (248,109) (187,527) Change in Net Position - Budgetary Basis (408,489)$ (408,489)$ (248,109) (187,527) ADJUSTMENTS TO GAAP BASIS Depreciation and Amortization (92,392) (92,392) Change in Net Position - GAAP Basis (340,501) (279,919) NET POSITION - Beginning of Year 3,125,068 3,404,987 NET POSITION - END OF YEAR 2,784,567$ 3,125,068$ VILLAGE OF GLENVIEW DETAILED SCHEDULE OF REVENUES, EXPENSES AND CHANGES IN NET POSITION - BUDGET AND ACTUAL (Budgetary Basis) For the Year Ended December 31, 2022 2022 Budgeted Amount 137 ENTERPRISE FUND DESCRIPTIONS Enterprise funds are proprietary funds established to account for the financing of self-supporting activities of government units which render services on a user-charge basis to the general public. MAJOR ENTERPRISE FUNDS Glenview Water Fund - to account for the provision of water services to the property owners in the Village. All activities necessary to provide such services are accounted for in this fund including, but not limited to, administration, operations, maintenance, financing and related debt service, and billing and collections. Glenview Sanitary Sewer Fund - to account for the provision of sanitary sewer services to property owners in both incorporated and unincorporated areas of the Village. All activities necessary to provide such services are accounted for in this fund including, but not limited to, administration, operations, maintenance, financing and related debt service, and billing and collections. GLENVIEW WATER FUND - MAJOR ENTERPRISE FUND With Comparative Actual Amounts for the Year Ended December 31, 2021 2021 Original Final Actual ActualOPERATING REVENUES Charges for Sales and Services Water Charges 15,225,200$ 15,225,200$ 15,875,079$ 16,752,364$ Water Connection Charges 85,000 85,000 81,351 133,859 Water Meter and Remote Readers 3,500 3,500 4,642 3,067 Total Charges for Sales and Services 15,313,700 15,313,700 15,961,072 16,889,290 Miscellaneous RevenueLate Payment Fees 216,041 216,041 195,861 205,363 Water for Construction 15,000 15,000 54,462 77,953 Other 37,486 37,486 36,790 85,827 Total Miscellaneous Revenue 268,527 268,527 287,113 369,143 Total Operating Revenues 15,582,227 15,582,227 16,248,185 17,258,433 OPERATING EXPENSES Water Services Personnel 2,969,234 2,969,234 2,222,812 2,756,901 Contractual Services 5,423,014 5,423,014 5,261,944 5,387,155 Commodities 782,206 782,206 838,861 776,731 Other Charges 1,116,350 1,116,350 1,157,643 1,286,502 Capital Outlay 8,752,243 9,827,243 8,332,725 4,720,431 Total Operating Expenses 19,043,047 20,118,047 17,813,985 14,927,720 Operating Income (Loss)(3,460,820) (4,535,820) (1,565,800) 2,330,713 VILLAGE OF GLENVIEW DETAILED SCHEDULE OF REVENUES, EXPENSES AND CHANGES IN NET POSITION - BUDGET AND ACTUAL (Budgetary Basis) For the Year Ended December 31, 2022 2022 Budgeted Amount 138 GLENVIEW WATER FUND - MAJOR ENTERPRISE FUND With Comparative Actual Amounts for the Year Ended December 31, 2021 2021 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, 2022 2022 Budgeted Amount NON-OPERATING REVENUES (EXPENSES)Other Intergovernmental Grant Proceeds 3,000,000$ 3,000,000$ 104,100$ -$ Investment Income 1,000 1,000 137,203 2,360 Debt Service Principal (1,012,640) (1,012,640) (1,125,155) (1,031,392) Interest and Fiscal Charges (63,854) (63,854) (61,505) (80,521) Total Non-Operating Revenues (Expenses)1,924,506 1,924,506 (945,357) (1,109,553) Net Income (Loss) Before Contributions and Transfers (1,536,314) (2,611,314) (2,511,157) 1,221,160 CONTRIBUTIONS AND TRANSFERS IN Glenview Sanitary Sewer Fund - - 112,516 103,139 Wholesale Water Fund 629,340 629,340 629,340 617,000 Total Contributions and Transfers In 629,340 629,340 741,856 720,139 Change in Net Position - Budgetary Basis (906,974)$ (1,981,974)$ (1,769,301) 1,941,299 ADJUSTMENTS TO GAAP BASIS Acquisition of Capital Assets 4,533,232 2,466,996 Depreciation and Amortization (1,551,686) (1,461,022) Principal Expense 1,125,155 1,031,392 Change in Net Position - GAAP Basis 2,337,400 3,978,665 NET POSITION - Beginning of Year 48,600,919 44,622,254 NET POSITION - END OF YEAR 50,938,319$ 48,600,919$ 139 GLENVIEW SANITARY SEWER FUND - MAJOR ENTERPRISE FUND With Comparative Actual Amounts for the Year Ended December 31, 2021 2021 Original Final Actual ActualOPERATING REVENUESCharges for Sales and Services Sewer Charges 2,789,771$ 2,789,771$ 2,475,327$ 2,609,168$ Sewer Connection Charges 8,000 8,000 12,340 9,563 Total Charges for Sales and Services 2,797,771 2,797,771 2,487,667 2,618,731 Miscellaneous Revenue Other 60,520 60,520 50,803 82,755 Total Miscellaneous Revenue 60,520 60,520 50,803 82,755 Total Operating Revenues 2,858,291 2,858,291 2,538,470 2,701,486 OPERATING EXPENSES Sewerage ServicesPersonnel 536,980 536,980 394,008 436,221 Contractual Services 425,980 425,980 347,304 298,075 Commodities 82,446 82,446 69,853 53,797 Other Charges 179,542 179,542 158,950 154,499 Capital Outlay 1,839,406 1,931,406 1,720,730 1,042,238 Total Operating Expenses 3,064,354 3,156,354 2,690,845 1,984,830 Operating Income (Loss)(206,063) (298,063) (152,375) 716,656 NON-OPERATING REVENUES (EXPENSES)Fines and Fees Heatherfield 5,000 5,000 18,034 12,667 Investment Income 100 100 25,578 (3,125) Debt Service Principal (112,515) (112,515) - - Interest and Fiscal Charges (7,095) (7,095) (7,021) (9,119) Total Non-Operating Revenues (Expenses)(114,510) (114,510) 36,591 423 Net Income (Loss) Before Contributions and Transfers (320,573) (412,573) (115,784) 717,079 CONTRIBUTIONS AND TRANSFERS (OUT) Glenview Water Fund - - (112,516) (103,139) Total Contributions and Transfers In (Out)- - (112,516) (103,139) Change in Net Position - Budgetary Basis (320,573)$ (412,573)$ (228,300) 613,940 ADJUSTMENTS TO GAAP BASIS Acquisition of Capital Assets 474,938 252,930 Depreciation and Amortization (540,903) (531,404) Change in Net Position - GAAP Basis (294,265) 335,466 NET POSITION - Beginning of Year 21,110,387 20,774,921 NET POSITION - END OF YEAR 20,816,122$ 21,110,387$ VILLAGE OF GLENVIEW DETAILED SCHEDULE OF REVENUES, EXPENSES AND CHANGES IN NET POSITION - BUDGET AND ACTUAL (Budgetary Basis) For the Year Ended December 31, 2022 2022 Budgeted Amount 140 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, 2022 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 $3,989,950 $372,765 $3,931,588 $2,966,625 $11,260,928 Investments 2,000,708 -3,997,826 2,001,574 8,000,108 Receivables Accounts -29,332 100,368 -129,700 Accrued Interest 521 -3,381 2,863 6,765 Other --60,000 -60,000 Prepaid Items 3,341,378 -193,590 -3,534,968 Inventories -510,541 --510,541 Deposits --500,591 -500,591 Total Current Assets 9,332,557 912,638 8,787,344 4,971,062 24,003,601 LIABILITIES Current Liabilities Accounts Payable 182,950 99,623 32,243 357,484 672,300 Accrued Payroll -7,254 5,300 547 13,101 Accrued Expenses -995 --995 Claims Payable --471,162 -471,162 Unearned Revenues --27,574 -27,574 Total Current Liabilities 182,950 107,872 536,279 358,031 1,185,132 Noncurrent Liabilities Claims Payable --706,743 -706,743 Total Noncurrent Liabilities --706,743 -706,743 Total Liabilities 182,950 107,872 1,243,022 358,031 1,891,875 NET POSITION Unrestricted 9,149,607 804,766 7,544,322 4,613,031 22,111,726 TOTAL NET POSITION $9,149,607 $804,766 $7,544,322 $4,613,031 $22,111,726 141 VILLAGE OF GLENVIEW COMBINING STATEMENT OF REVENUES, EXPENSES, AND CHANGES IN NET POSITION INTERNAL SERVICE FUNDS For the Year Ended December 31, 2022 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 $2,342,693 $1,600,008 $8,780,624 $1,101,444 $13,824,769 Miscellaneous -166,213 22,650 -188,863 Total Operating Revenues 2,342,693 1,766,221 8,803,274 1,101,444 14,013,632 OPERATING EXPENSES Personnel -440,200 698,389 31,768 1,170,357 Contractual Services -333,002 7,750,240 417,103 8,500,345 Commodities 248,052 677,115 454 -925,621 Other Charges -87,565 --87,565 Capital Outlay 387,845 --2,178 390,023 Total Operating Expenses 635,897 1,537,882 8,449,083 451,049 11,073,911 Operating Income (Loss)1,706,796 228,339 354,191 650,395 2,939,721 NONOPERATING REVENUES Investment Income (Loss)13,739 72 (11,353)14,150 16,608 Gain on Sale of Capital Assets 25,365 ---25,365 Reassignment of Capital Assets (246,978)--(172,921)(419,899) Total Nonoperating Revenues (207,874)72 (11,353)(158,771)(377,926) Income (Loss) Before Transfers 1,498,922 228,411 342,838 491,624 2,561,795 TRANSFERS Transfers Out --(250,000)-(250,000) Total Transfers --(250,000)-(250,000) Change in net position 1,498,922 228,411 92,838 491,624 2,311,795 NET POSITION - Beginning of Year 7,650,685 576,355 7,451,484 4,121,407 19,799,931 NET POSITION - END OF YEAR $9,149,607 $804,766 $7,544,322 $4,613,031 $22,111,726 142 VILLAGE OF GLENVIEW COMBINING STATEMENT OF CASH FLOWS INTERNAL SERVICE FUNDS For the Year Ended December 31, 2022 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 $2,342,693 $1,814,316 $8,859,357 $1,101,444 $14,117,810 Paid to Suppliers for Goods and Services (1,821,828)(1,193,197)(7,929,342)(950,203)(11,894,570) Paid to Employees for Services -(441,954)(698,016)-(1,139,970) Net Cash Flows From Operating Activities 520,865 179,165 231,999 151,241 1,083,270 CASH FLOWS FROM INVESTING ACTIVITIES Investment Income 28,505 72 8,200 18,927 55,704 Sale of Investments 1,981,089 -3,471,143 1,239,035 6,691,267 Purchase of Investments (2,018,562)-(4,523,612)(2,010,497)(8,552,671) Net Cash Flows From Investing Activities (8,968)72 (1,044,269)(752,535)(1,805,700) CASH FLOWS FROM NONCAPITAL FINANCING ACTIVITIES Transfers In --(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 25,365 ---25,365 Acquisition and Construction of Capital Assets (300,961)--(172,921)(473,882) Net Cash Flows From Capital and Related Financing Activities (275,596)--(172,921)(448,517) Net Change in Cash and Cash Equivalents 236,301 179,237 (1,062,270)(774,215)(1,420,947) CASH AND CASH EQUIVALENTS - Beginning of Year 3,753,649 193,528 4,993,858 3,740,840 12,681,875 CASH AND CASH EQUIVALENTS - END OF YEAR $3,989,950 $372,765 $3,931,588 $2,966,625 $11,260,928 143 VILLAGE OF GLENVIEW COMBINING STATEMENT OF CASH FLOWS INTERNAL SERVICE FUNDS For the Year Ended December 31, 2022 Capital Equipment Replacement Fund (CERF) Municipal Equipment Repair Fund (MERF) Insurance and Risk Fund Facilities Repair and Replacement Fund (FRRF)Totals RECONCILIATION OF OPERATING INCOME (LOSS) TO NET CASH FLOWS FROM OPERATING ACTIVITIES Operating income (loss)$1,706,796 $228,339 $354,191 $650,395 $2,939,721 Changes in assets and liabilities Accounts Receivable -48,095 (48,931)-(836) Inventory -(64,178)--(64,178) Deposits --77,440 -77,440 Prepaid Items (1,296,658)-(28,431)-(1,325,089) Accounts Payable 133,270 (31,337)(131,678)(499,453)(529,198) Claims Payable --(18,539)-(18,539) Accrued Salaries -(1,754)373 299 (1,082) Accrued Expenses (22,543)---(22,543) Unearned Revenues --27,574 -27,574 NET CASH FLOWS FROM OPERATING ACTIVITIES $520,865 $179,165 $231,999 $151,241 $1,083,270 NONCASH CAPITAL AND RELATED FINANCING ACTIVITIES None 144 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, 2022 With Comparative Actual Amounts for the Year Ended December 31, 2021 2022 Budgeted Amounts Original Final Actual 2021 Actual OPERATING REVENUES Charges for Services CERF Charges $2,342,693 $2,342,693 $2,342,693 $2,153,193 Other Revenues ---619 Total Operating Revenues 2,342,693 2,342,693 2,342,693 2,153,812 OPERATING EXPENSES Commodities 659,840 659,840 248,052 170,888 Machinery and Equipment 567,029 567,029 73,164 1,365 Computer Servers 128,589 128,589 36,630 44,273 Vehicles 3,375,445 3,375,445 278,051 41,554 Electronic Equipment and Supplies ---210 Total Operating Expenses 4,730,903 4,730,903 635,897 258,290 Operating Income (Loss)(2,388,210)(2,388,210)1,706,796 1,895,522 NON-OPERATING REVENUES Investment Income 3,000 3,000 13,739 13,692 Gain on Sale of Capital Assets 29,500 29,500 25,365 32,299 Reassignment of Capital Assets --(246,978)(2,520,239) Total Non-Operating Revenues 32,500 32,500 (207,874)(2,474,248) Change in Net Position $(2,355,710)$(2,355,710)1,498,922 (578,726) NET POSITION - Beginning of Year 7,650,685 8,229,411 NET POSITION - END OF YEAR $9,149,607 $7,650,685 145 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, 2022 With Comparative Actual Amounts for the Year Ended December 31, 2021 2022 Budgeted Amounts Original Final Actual 2021 Actual OPERATING REVENUES Charges for Services Village $1,292,687 $1,292,687 $1,600,008 $1,365,825 Library 3,000 3,000 -382 Other Charges 108,500 108,500 166,213 118,178 Total Operating Revenues 1,404,187 1,404,187 1,766,221 1,484,385 OPERATING EXPENSES Personnel 442,192 442,192 440,200 454,910 Contractual Services 340,355 347,955 333,002 319,216 Commodities 531,625 741,625 677,115 481,290 Other Charges 90,065 90,065 87,565 73,115 Total Operating Expenses 1,404,237 1,621,837 1,537,882 1,328,531 Operating Income (Loss)(50)(217,650)228,339 155,854 NON-OPERATING REVENUES Investment Income 50 50 72 23 Total Non-Operating Revenues 50 50 72 23 Change in Net Position $-$(217,600)228,411 155,877 NET POSITION - Beginning of Year 576,355 420,478 NET POSITION - END OF YEAR $804,766 $576,355 146 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, 2022 With Comparative Actual Amounts for the Year Ended December 31, 2021 2022 Budgeted Amounts Original Final Actual 2021 Actual OPERATING REVENUES Charges for Services Employees $834,401 $834,401 $895,240 $818,116 Village 4,274,613 4,274,613 4,206,865 3,888,151 Retirees 1,285,966 1,285,966 1,125,356 1,154,939 Component Unit - Library 647,592 647,592 679,283 651,468 Other 1,891,220 1,891,220 1,873,880 1,636,343 Miscellaneous Insurance Recoveries 3,000 3,000 22,650 1,875 Other 31,250 31,250 -- Other Charges ---3,118 Total Operating Revenues 8,968,042 8,968,042 8,803,274 8,154,010 OPERATING EXPENSES Personnel 814,319 814,319 698,389 616,288 Contractual Services 8,325,683 8,325,683 7,750,240 7,617,632 Commodities 1,750 1,750 454 - Total Operating Expenses 9,141,752 9,141,752 8,449,083 8,233,920 Operating Income (Loss)(173,710)(173,710)354,191 (79,910) NON-OPERATING REVENUES Investment Income (Loss)2,000 2,000 (11,353)451,094 Total Non-Operating Revenues 2,000 2,000 (11,353)451,094 Net Income (Loss) Before Transfers (171,710)(171,710)342,838 371,184 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 $(421,710)$(421,710)92,838 121,184 NET POSITION - Beginning of Year 7,451,484 7,330,300 NET POSITION - END OF YEAR $7,544,322 $7,451,484 147 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, 2022 With Comparative Actual Amounts for the Year Ended December 31, 2021 2022 Budgeted Amounts Original Final Actual 2021 Actual OPERATING REVENUES Charges for Services Facilities Charges $1,101,445 $1,101,445 $1,101,444 $1,520,018 Other Charges ---1,794 Total Operating Revenues 1,101,445 1,101,445 1,101,444 1,521,812 OPERATING EXPENSES Personnel 29,774 29,774 31,768 19,123 Contractual Services 1,648,939 1,648,939 417,103 1,558,376 Capital Outlay 25,000 25,000 2,178 20,671 Total Operating Expenses 1,703,713 1,703,713 451,049 1,598,170 Operating Income (Loss)(602,268)(602,268)650,395 (76,358) NON-OPERATING REVENUES Investment Income 4,800 4,800 14,150 7,875 Reassignment of Capital Assets --(172,921)- Total Non-Operating Revenues 4,800 4,800 (158,771)7,875 Net Income (Loss) Before Transfers (597,468)(597,468)491,624 (68,483) Change in Net Position $(597,468)$(597,468)491,624 (68,483) NET POSITION - Beginning of Year 4,121,407 4,189,890 NET POSITION - END OF YEAR $4,613,031 $4,121,407 148 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, 2022 Police Pension Fund Firefighters' Pension Fund Totals ASSETS Cash and Cash Equivalents $3,279,036 $1,723,571 $5,002,607 Investments Illinois Police Officers' Investment Fund 83,257,791 -83,257,791 Illinois Firefighters' Pension Investment Fund -93,877,757 93,877,757 Receivables Accrued Interest 2,462 -2,462 Due from Primary Government 764,858 1,155,897 1,920,755 Prepaid Items 9,750 7,922 17,672 Total Assets 87,313,897 96,765,147 184,079,044 LIABILITIES Accrued Expenses 15,292 5,265 20,557 Total Liabilities 15,292 5,265 20,557 NET POSITION Restricted for Pension Benefits $87,298,605 $96,759,882 $184,058,487 149 VILLAGE OF GLENVIEW COMBINING STATEMENT OF CHANGES IN FIDUCIARY NET POSITION PENSION TRUST FUNDS For the Year Ended December 31, 2022 Police Pension Fund Firefighters' Pension Fund Total ADDITIONS Contributions Employer $3,917,252 $5,913,049 $9,830,301 Participant 865,423 1,086,276 1,951,699 Total Contributions 4,782,675 6,999,325 11,782,000 Investment Loss Net Depreciation in Fair Value of Investments (14,881,966)(19,981,712)(34,863,678) Interest Income 1,568,549 768,303 2,336,852 Total Investment Loss (13,313,417)(19,213,409)(32,526,826) Less Investment Expense 74,286 105,967 180,253 Net Investment Loss (13,387,703)(19,319,376)(32,707,079) Total Additions (8,605,028)(12,320,051)(20,925,079) DEDUCTIONS Retirement Pensions 6,077,561 7,017,038 13,094,599 Widow Pensions 97,130 810,185 907,315 Disability Pensions 146,145 594,738 740,883 Children's Pensions 26,212 -26,212 Contribution Refunds 145,467 -145,467 Administration 67,287 68,313 135,600 Total Deductions 6,559,802 8,490,274 15,050,076 Change in Net Position (15,164,830)(20,810,325)(35,975,155) NET POSITION - Beginning of Year 102,463,435 117,570,207 220,033,642 NET POSITION - END OF YEAR $87,298,605 $96,759,882 $184,058,487 150 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, 2022 With Comparative Actual Amounts for the Year Ended December 31, 2021 2022 Budgeted Amounts Original Final Actual 2021 Actual ADDITIONS Contributions Employer $3,852,850 $3,852,850 $3,917,252 $3,727,911 Participant 901,380 901,380 865,423 1,418,992 Total Contributions 4,754,230 4,754,230 4,782,675 5,146,903 Investment Income (Loss) Net Appreciation (Depreciation) in Fair Value of Investments 4,900,000 4,900,000 (14,881,966)5,679,868 Interest Income 1,250,000 1,250,000 1,568,549 4,806,280 Total Investment Income (Loss)6,150,000 6,150,000 (13,313,417)10,486,148 Less Investment Expense 207,266 207,266 74,286 128,035 Net Investment Income (Loss)5,942,734 5,942,734 (13,387,703)10,358,113 Total Additions 10,696,964 10,696,964 (8,605,028)15,505,016 DEDUCTIONS Retirement Pensions 5,971,423 5,971,423 6,077,561 5,827,544 Widow Pensions 22,388 22,388 97,130 134,329 Disability Pensions 32,844 32,844 146,145 143,057 Children's Pensions --26,212 48,270 Contribution Refunds 50,000 50,000 145,467 19,067 Administration --67,287 78,987 Total Deductions 6,076,655 6,076,655 6,559,802 6,251,254 Change in Net Position $4,620,309 $4,620,309 (15,164,830)9,253,762 NET POSITION - Beginning of Year 102,463,435 93,209,673 NET POSITION - END OF YEAR $87,298,605 $102,463,435 151 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, 2022 With Comparative Actual Amounts for the Year Ended December 31, 2021 2022 Budgeted Amounts Original Final Actual 2021 Actual ADDITIONS Contributions Employer $5,814,665 $5,814,665 $5,913,049 $5,741,479 Participant 803,205 803,205 1,086,276 858,274 Total Contributions 6,617,870 6,617,870 6,999,325 6,599,753 Investment Income (Loss) Net Appreciation (Depreciation) in Fair Value of Investments 5,400,000 5,400,000 (19,981,712)7,457,189 Interest Income 1,400,000 1,400,000 768,303 5,250,206 Total Investment Income (Loss)6,800,000 6,800,000 (19,213,409)12,707,395 Less Investment Expense 332,514 332,514 105,967 208,516 Net Investment Income (Loss)6,467,486 6,467,486 (19,319,376)12,498,879 Total Additions 13,085,356 13,085,356 (12,320,051)19,098,632 DEDUCTIONS Retirement Pensions 6,639,143 6,639,143 7,017,038 6,559,844 Widow Pensions 654,617 654,617 810,185 680,233 Disability Pensions 579,147 579,147 594,738 620,455 Contribution Refunds 50,000 50,000 -7,633 Administration --68,313 85,048 Total Deductions 7,922,907 7,922,907 8,490,274 7,953,213 Change in Net Position $5,162,449 $5,162,449 (20,810,325)11,145,419 NET POSITION - Beginning of Year 117,570,207 106,424,788 NET POSITION - END OF YEAR $96,759,882 $117,570,207 152 VILLAGE OF GLENVIEW COMBINING STATEMENT OF FIDUCIARY NET POSITION CUSTODIAL FUNDS As of December 31, 2022 Special Service Area (SSA) Bond Fund Joint ETSB Fund Total ASSETS Cash and Cash Equivalents $149,719 $1,571,901 $1,721,620 Receivables Taxes 322,450 -322,450 Total Assets 472,169 1,571,901 2,044,070 LIABILITIES Due to Members -1,571,826 1,571,826 Due to Primary Government -75 75 Advances from Primary Government 276,112 -276,112 Total Liabilities 276,112 1,571,901 1,848,013 DEFERRED INFLOWS OF RESOURCES Property Taxes Levied for Future Periods 322,450 -322,450 Total Deferred Inflows of Resources 322,450 -322,450 NET POSITION Unrestricted (Deficit)(126,430)-(126,430) TOTAL NET POSITION $(126,430)$-$(126,430) 153 VILLAGE OF GLENVIEW COMBINING STATEMENT OF CHANGES IN FIDUCIARY NET POSITION CUSTODIAL FUNDS For the Year Ended December 31, 2022 Special Service Area (SSA) Bond Fund Joint ETSB Fund Total ADDITIONS Investment Income Interest Income $857 $4,680 $5,537 Total Investment Income 857 4,680 5,537 Property Taxes 283,677 -283,677 911 Surcharge -4,218,258 4,218,258 Total Additions 284,534 4,222,938 4,507,472 DEDUCTIONS Remittance of Principal to Bondholders 131,888 -131,888 Remittance of Interest to Bondholders 56,214 -56,214 Distributions to Members -4,222,938 4,222,938 Miscellaneous 110,013 -110,013 Total Deductions 298,115 4,222,938 4,521,053 Change in Net Position (13,581)-(13,581) NET POSITION (DEFICIT) - Beginning of Year (112,849)-(112,849) NET POSITION (DEFICIT) - END OF YEAR $(126,430)$-$(126,430) 154 GLENVIEW LIBRARY COMPONENT UNIT The Glenview Library (Library) is a discretely presented component unit of the Village of Glenview. The following fund descriptions provide information on the governmental funds used within the Village's component unit, the Library. The Glenview Library Funds account for the resources necessary to provide the educational, cultural, and recreational activities of the Glenview Public Library. VILLAGE OF GLENVIEW COMBINING BALANCE SHEET AND STATEMENT OF NET POSITION GLENVIEW LIBRARY - COMPONENT UNIT As of December 31, 2022 Library General Fund Library Debt Service Nonmajor Library Funds Total Library ASSETS Current Assets Cash and Cash Equivalents 4,052,261$ 313,215$ 858,994$ 5,224,470$ Receivables, Net of Allowances Property Taxes 10,050,781 2,117,491 - 12,168,272 Accounts Receivable 10,234 - - 10,234 Total Current Assets 14,113,276 2,430,706 858,994 17,402,976 Noncurrent Assets Capital Assets Not Depreciated - - - - Capital Assets Depreciation (Net)- - - - Net Pension Asset - - - - Total Noncurrent Assets - - - - TOTAL ASSETS 14,113,276 2,430,706 858,994 17,402,976 DEFERRED OUTFLOWS OF RESOURCES Deferred Charge on Refunding - - - - Deferred Outflows Related to Pensions - - - - Deferred Outflows Related to OPEB - - - - TOTAL DEFERRED OUTFLOWS OF RESOURCES - - - - Combining Balance Sheet 155 Adjustments Total Component Unit - Glenview Library -$ 5,224,470$ - 12,168,272 -10,234 - 17,402,976 5,426,987 5,426,987 23,751,357 23,751,357 3,047,844 3,047,844 32,226,188 32,226,188 32,226,188 49,629,164 549,393 549,393 748,544 748,544 69,434 69,434 1,367,371 1,367,371 Statement of Net Position 156 VILLAGE OF GLENVIEW COMBINING BALANCE SHEET AND STATEMENT OF NET POSITION GLENVIEW LIBRARY - COMPONENT UNIT As of December 31, 2022 Library General Fund Library Debt Service Nonmajor Library Funds Total Library Combining Balance Sheet LIABILITIES Current Liabilities Accounts Payable 378,476$ -$ 173,210$ 551,686$ Accrued Payroll 77,618 - 77,618 Accrued Expenses 2,520 - - 2,520 Accrued Interest - - - - Current Portion of Bonds Payable - - - - Current Portion of Compensated Absences - - - - Total Current Liabilities 458,614 - 173,210 631,824 Noncurrent Liabilities Bonds Payable - - - - Unamortized Bond Premiums - - - - Total OPEB Liability - - - - Compensated Absences - - - - Total Noncurrent Liabilities - - - - TOTAL LIABILITIES 458,614 - 173,210 631,824 DEFERRED INFLOWS OF RESOURCES Property Taxes Levied for a Future Period 8,422,761 1,760,068 - 10,182,829 Deferred Inflows Related to Pensions - - - - Deferred Inflows Related to OPEB ---- TOTAL DEFERRED INFLOWS OF RESOURCES 8,422,761 1,760,068 - 10,182,829 FUND BALANCES/NET POSITION Net Investment in Capital Assets - - - - Restricted - 670,638 685,784 1,356,422 Unassigned/Unrestricted 5,231,901 - - 5,231,901 TOTAL FUND BALANCES/NET POSITION 5,231,901 670,638 685,784 6,588,323 TOTAL LIABILITIES, DEFERRED INFLOWS OF RESOURCES, AND FUND BALANCES/NET POSITION 14,113,276$ 2,430,706$ 858,994$ 17,402,976$ 157 Adjustments Total Component Unit - Glenview Library Statement of Net Position -$ 551,686$ - 77,618 - 2,520 37,459 37,459 1,314,975 1,314,975 35,027 35,027 1,387,461 2,019,285 9,352,575 9,352,575 1,348,472 1,348,472 297,328 297,328 140,106 140,106 11,138,481 11,138,481 12,525,942 13,157,766 - 10,182,829 3,647,351 3,647,351 104,746 104,746 3,752,097 13,934,926 17,711,715 17,711,715 3,047,844 4,404,266 (3,444,039) 1,787,862 17,315,520 23,903,843 33,593,559$ 50,996,535$ 158 Library General Fund Library Debt Service Nonmajor Library Funds Total Library REVENUES Property Taxes 8,300,943$ 1,827,234$ -$ 10,128,177$ Charges for Services 35,514 - - 35,514 Fines and Forfeitures 17,306 - - 17,306 Intergovernmental 298,126 - - 298,126 Investment Income 12,199 3,412 1,740 17,351 Other Revenue 30,017 - 64,292 94,309 Total Revenues 8,694,105 1,830,646 66,032 10,590,783 EXPENDITURES Current Culture and Recreation 7,502,740 220 336,786 7,839,746 Debt Service Principal - 1,250,950 - 1,250,950 Interest and Other - 513,052 - 513,052 Capital Outlay 326,453 -27,017 353,470 Total Expenditures 7,829,193 1,764,222 363,803 9,957,218 Excess (Deficiency) of Revenues over Expenditures 864,912 66,424 (297,771) 633,565 OTHER FINANCING SOURCES (USES) Transfers In 40,000 - 350,000 390,000 Transfers Out (350,000) - (40,000)(390,000) Total Other Financing Sources (Uses)(310,000) - 310,000 - Net Change in Fund Balances/Net Position 554,912 66,424 12,229 633,565 FUND BALANCES/NET POSITION - Beginning of Year 4,676,989 604,214 673,555 5,954,758 FUND BALANCES/NET POSITION - END OF YEAR 5,231,901$ 670,638$ 685,784$ 6,588,323$ VILLAGE OF GLENVIEW COMBINING STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES AND GLENVIEW LIBRARY - COMPONENT UNIT For the Year Ended December 31, 2022 STATEMENT OF ACTIVITIES Statement of Revenues, Expenditures, and Changes in Fund Balances 159 Adjustments Total Component Unit - Glenview Library -$ 10,128,177$ -35,514 - 17,306 - 298,126 - 17,351 - 94,309 - 10,590,783 (940,767) 6,898,979 (1,250,950) - (119,366) 393,686 328,104 681,574 (1,982,979) 7,974,239 1,982,979 2,616,544 (390,000) - 390,000 - - - 1,982,979 2,616,544 15,332,541 21,287,299 17,315,520$ 23,903,843$ Statement of Activities 160 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, 2022 With Comparative Actual Amounts for the Year Ended December 31, 2021 2022 Budgeted Amounts Original Final Actual 2021 Actual REVENUES PROPERTY TAXES Current Year $8,250,023 $8,250,023 $8,268,798 $6,513,033 Prior Year (60,000)(60,000)32,145 (190,961) Total Property Taxes 8,190,023 8,190,023 8,300,943 6,322,072 CHARGES FOR SERVICES Nonresident Fee 6,000 6,000 13,850 8,237 Personal Books 500 500 312 306 Copying Fees 5,000 5,000 10,405 8,505 Circular Collection Fees 800 800 1,673 539 Video Fees ---2 Rental Fees 15,000 15,000 9,274 2,632 Total Charges for Services 27,300 27,300 35,514 20,221 FINES AND FORFEITURES Library Fines --8,396 43,322 Lost and Paid 4,000 4,000 8,910 3,366 Total Fines and Forfeitures 4,000 4,000 17,306 46,688 INTERGOVERNMENTAL Property Replacement Tax 50,000 50,000 185,286 91,174 Make-Whole Payment 1,088,118 --1,079,916 Grant Revenue 95,500 95,500 112,840 66,421 Total Intergovernmental 1,233,618 145,500 298,126 1,237,511 INVESTMENT INCOME Interest 4,000 4,000 12,199 4,077 OTHER REVENUE Miscellaneous 22,000 22,000 30,017 39,037 Total Other Revenue 22,000 22,000 30,017 39,037 Total Revenues 9,480,941 8,392,823 8,694,105 7,669,606 EXPENDITURES CULTURE AND RECREATION Library Administration Personnel 1,084,307 1,604,293 1,553,263 1,417,471 Contractual Services 375,335 375,335 328,909 336,040 Commodities 18,185 18,185 21,098 10,055 Other Charges 20,360 20,360 25,251 27,108 Total Library Administration 1,498,187 2,018,173 1,928,521 1,790,674 161 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, 2022 With Comparative Actual Amounts for the Year Ended December 31, 2021 2022 Budgeted Amounts Original Final Actual 2021 Actual Expenditures (cont.) Reader Services Personnel $-$-$-$911,819 Contractual Services ---186,746 Commodities ---171,358 Other Charges ---259 Total Reader Services ---1,270,182 Buildings and Grounds Maintenance Personnel 342,594 265,647 247,129 263,344 Contractual Services 183,180 183,180 172,511 182,291 Commodities 79,430 79,430 102,454 76,220 Other Charges 650 650 50 81 Total Buildings and Grounds Maintenance 605,854 528,907 522,144 521,936 Material Services Personnel 1,343,940 1,243,253 1,173,940 884,533 Contractual Services 108,200 108,200 94,681 1,496 Commodities 32,300 32,300 29,069 8,264 Other Charges 12,600 12,600 12,161 4,371 Total Material Services 1,497,040 1,396,353 1,309,851 898,664 Public Information Personnel 316,118 273,425 246,263 212,627 Contractual Services 122,425 122,425 140,915 71,131 Commodities 4,800 4,800 3,020 1,267 Other Charges 950 950 116 243 Total Public Information 444,293 401,600 390,314 285,268 Technical Services Personnel ---304,460 Contractual Services ---4,422 Commodities ---9,484 Other Charges ---510 Total Technical Services ---318,876 Youth Services Personnel 827,844 753,484 689,832 607,637 Contractual Services 62,600 62,600 59,944 50,382 Commodities 183,050 183,050 180,736 132,074 Other Charges 5,500 5,500 4,094 1,673 Total Youth Services 1,078,994 1,004,634 934,606 791,766 162 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, 2022 With Comparative Actual Amounts for the Year Ended December 31, 2021 2022 Budgeted Amounts Original Final Actual 2021 Actual Expenditures (cont.) Reference Personnel $-$-$-$581,148 Contractual Services ---193,895 Commodities --(379)106,805 Other Charges ---986 Total Reference --(379)882,834 Information Technology Personnel 316,526 282,834 280,113 271,977 Contractual Services 120,365 120,365 107,053 24,594 Commodities 8,750 8,750 17,082 5,123 Other Charges 10,150 10,150 6,916 3,021 Total Information Technology 455,791 422,099 411,164 304,715 Adult Services Personnel 1,593,274 1,401,667 1,293,364 14,878 Contractual Services 427,565 427,565 427,452 50 Commodities 287,850 287,850 275,927 - Other Charges 8,940 8,940 9,776 - Total Adult Services 2,317,629 2,126,022 2,006,519 14,928 Total Culture and Recreation 7,897,788 7,897,788 7,502,740 7,079,843 CAPITAL OUTLAY Furniture and Fixtures 3,700 3,700 9,939 7,922 Machinery and Equipment 204,000 204,000 181,289 40,352 Information System 106,000 106,000 117,371 264,305 Building Improvements --17,854 36,959 Total Capital Outlay 313,700 313,700 326,453 349,538 Total Expenditures 8,211,488 8,211,488 7,829,193 7,429,381 Excess of Revenues over Expenditures 1,269,453 181,335 864,912 240,225 163 VILLAGE OF GLENVIEW DETAILED SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES - BUDGET AND ACTUAL - LIBRARY GENERAL FUND For the Year Ended December 31, 2022 With Comparative Actual Amounts for the Year Ended December 31, 2021 2022 Budgeted Amounts Original Final Actual 2021 Actual OTHER FINANCING SOURCES (USES) Transfer (Out) Library Capital Contribution Fund $-$-$-$17,300 Friends of Library 40,000 40,000 40,000 - Library Special Reserve Fund (350,000)(350,000)(350,000)(357,224) Total Other Financing Sources (Uses)(310,000)(310,000)(310,000)(339,924) Net Change in Fund Balance $959,453 $(128,665)554,912 (99,699) FUND BALANCE - Beginning of Year 4,676,989 4,776,688 FUND BALANCE - END OF YEAR $5,231,901 $4,676,989 164 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, 2022 With Comparative Actual Amounts for the Year Ended December 31, 2021 2022 Budgeted Amounts Original Final Actual 2021 Actual REVENUES Property $1,780,632 $1,780,632 $1,827,234 $1,771,234 Investment Income 4,700 4,700 3,412 4,435 Total Revenues 1,785,332 1,785,332 1,830,646 1,775,669 EXPENDITURES Culture and Recreation Contractual services 220 220 220 220 Total Culture and Recreation 220 220 220 220 Debt Service Principal 1,250,950 1,250,950 1,250,950 1,191,850 Interest Expense 513,052 513,052 513,052 572,645 Total Debt Service 1,764,002 1,764,002 1,764,002 1,764,495 Total Expenditures 1,764,222 1,764,222 1,764,222 1,764,715 Net Change in Fund Balance $21,110 $21,110 66,424 10,954 FUND BALANCE - Beginning of Year 604,214 593,260 FUND BALANCE - END OF YEAR $670,638 $604,214 165 Friends of the Library Gift Total Special Revenue ASSETS Cash and Cash Equivalents 77,989$ 128,168$ 206,157$ Total Assets 77,989$ 128,168$ 206,157$ LIABILITIES AND FUND BALANCES Liabilities Accounts Payable -$ -$ -$ Total Liabilities - - - Fund Balance Restricted 77,989 128,168 206,157 Total Fund Balances 77,989 128,168 206,157 TOTAL LIABILITIES AND FUND BALANCES 77,989$ 128,168$ 206,157$ As of December 31, 2022 Special Revenue Funds VILLAGE OF GLENVIEW COMBINING BALANCE SHEET GLENVIEW LIBRARY - COMPONENT UNIT - LIBRARY NONMAJOR FUNDS 166 Library Capital Contribution Library Special Reserve Total Capital Project Total Nonmajor Library 3$ 652,834$ 652,837$ 858,994$ 3$ 652,834$ 652,837$ 858,994$ -$ 173,210$ 173,210$ 173,210$ - 173,210 173,210 173,210 3 479,624 479,627 685,784 3 479,624 479,627 685,784 3$ 652,834$ 652,837$ 858,994$ Capital Projects Funds 167 Friends of the Library Gift Total Special Revenue REVENUESOther Revenue Donations 40,000$ 16,298$ 56,298$ Miscellaneous - - - Investment Income 237 344 581 Total Revenues 40,237 16,642 56,879 EXPENDITURES Culture and Recreation Contractual Services - - - Miscellaneous 1,167 - 1,167 Capital Outlay - - - Total Expenditures 1,167 - 1,167 Excess (Deficiency) of Revenues over (under) Expenditures 39,070 16,642 55,712 OTHER FINANCING SOURCES (USES) Transfers In - - - Transfers Out (40,000) - (40,000) Total Other Financing Sources (Uses)(40,000) - (40,000) Net Change in Fund Balances (930) 16,642 15,712 FUND BALANCE - Beginning of Year 78,919 111,526 190,445 FUND BALANCE - END OF YEAR 77,989$ 128,168$ 206,157$ 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, 2022 168 Library Capital Contribution Library Special Reserve Total Capital Project Total Nonmajor Library 7,994$ -$ 7,994$ 64,292$ - - - - 104 1,055 1,159 1,740 8,098 1,055 9,153 66,032 - 282,664 282,664 282,664 52,955 - 52,955 54,122 - 27,017 27,017 27,017 52,955 309,681 362,636 363,803 (44,857) (308,626) (353,483) (297,771) - 350,000 350,000 350,000 - - - (40,000) - 350,000 350,000 310,000 (44,857) 41,374 (3,483) 12,229 44,860 438,250 483,110 673,555 3$ 479,624$ 479,627$ 685,784$ Capital Projects Funds 169 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, 2022 With Comparative Actual Amounts for the Year Ended December 31, 2021 2022 Budgeted Amounts Original Final Actual 2021 Actual REVENUES Investment Income $1,030 $1,030 $1,055 $334 Miscellaneous ---339 Total Revenues 1,030 1,030 1,055 673 EXPENDITURES Culture and Recreation Contractual Services 41,000 41,000 282,664 180,756 Total Culture and Recreation 41,000 41,000 282,664 180,756 Capital Outlay Capital Outlay 319,000 404,445 27,017 - Total Expenditures 360,000 445,445 309,681 180,756 Deficiency of Revenues under Expenditures (358,970)(444,415)(308,626)(180,083) OTHER FINANCING SOURCES Transfers In Library General Fund 350,000 350,000 350,000 357,224 Total Other Financing Sources 350,000 350,000 350,000 357,224 Net Change in Fund Balance $(8,970)$(94,415)41,374 177,141 FUND BALANCE - Beginning of Year 438,250 261,109 FUND BALANCE - END OF YEAR $479,624 $438,250 170 VILLAGE OF GLENVIEW LONG-TERM DEBT REQUIREMENTS ILLINOIS ENVIRONMENT PROTECTION AGENCY LOAN December 31, 2022 Date of Issue October 1, 2010 Date of Maturity April 14, 2031 Amount of Issue 633,827$ Interest Rates 0.00% Principal Maturity Date April 14 and October 14 Paying Agent Illinois Environmental Protection Agency Loan Number: L17-4483 Future Principal and Interest Requirements Fiscal Year Ending December 31,April 14 October 14 Total 2023 12,185$ 12,186$ 24,371$ 2024 12,185 12,186 24,371 2025 12,185 12,186 24,371 2026 12,185 12,186 24,371 2027 12,185 12,186 24,371 2028 12,185 12,184 24,369 2029 12,185 12,184 24,369 2030 12,185 12,184 24,369 2031 12,185 - 12,185 Total 109,665$ 97,482$ 207,147$ Note: Principal will be paid by the Capital Projects Fund. Requirements 171 VILLAGE OF GLENVIEW LONG-TERM DEBT REQUIREMENTS GENERAL OBLIGATION REFUNDING BOND SERIES 2012B December 31, 2022 Date of Issue December 18, 2012 Date of Maturity December 1, 2024 Amount of Issue 14,575,000$ Denomination of Bonds 5,000$ Interest Rates 3.00% to 4.00% Interest Dates June 1 and December 1 Principal Maturity Date December 1 Paying Agent Wells Fargo Bank, N.A., Chicago, IL Future Principal and Interest Requirements Fiscal Year Ending December 31,Principal Interest Total June 1 Amount December 1 Amount 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 3,440,000$ 172,600$ 3,612,600$ 86,300$ 86,300$ Note: Principal and interest is payable from a property tax levy. Requirements Interest Due on 172 VILLAGE OF GLENVIEW LONG-TERM DEBT REQUIREMENTS GENERAL OBLIGATION BOND SERIES 2013A December 31, 2022 Date of Issue December 19, 2013 Date of Maturity December 1, 2033 Amount of Issue 6,065,000$ Denomination of Bonds 5,000$ Interest Rates 2.00% to 4.00% Interest Dates June 1 and December 1 Principal Maturity Date December 1 Paying Agent Wells Fargo Bank, N.A., Chicago, IL Future Principal and Interest Requirements Fiscal Year Ending December 31,Principal Interest Total June 1 Amount December 1 Amount 2023 285,000$ 140,633$ 425,633$ 2023 70,317$ 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 3,765,000$ 935,773$ 4,700,773$ 467,887$ 467,886$ Note: Principal and interest will be paid by the Debt Service Fund via a transfer from the Corporate Fund. Requirements Interest Due on 173 VILLAGE OF GLENVIEW LONG-TERM DEBT REQUIREMENTS GENERAL OBLIGATION BOND SERIES 2013B December 31, 2022 Date of Issue December 19, 2013 Date of Maturity December 1, 2023 Amount of Issue 4,385,000$ Denomination of Bonds 5,000$ Interest Rates 1.50% to 3.50% Interest Dates June 1 and December 1 Principal Maturity Date December 1 Paying Agent Wells Fargo Bank, N.A., Chicago, IL Future Principal and Interest Requirements Fiscal Year Ending December 31,Principal Interest Total June 1 Amount December 1 Amount 2023 680,000$ 23,800$ 703,800$ 2023 11,900$ 2023 11,900$ Total 680,000$ 23,800$ 703,800$ 11,900$ 11,900$ Note: Principal and interest will be paid by the Waukegan/Golf TIF Fund. Requirements Interest Due on 174 VILLAGE OF GLENVIEW LONG-TERM DEBT REQUIREMENTS GENERAL OBLIGATION REFUNDING BOND SERIES 2016A December 31, 2022 Date of Issue October 27, 2016 Date of Maturity December 1, 2029 Amount of Issue 15,326,600$ Denomination of Bonds 5,000$ Interest Rates 4.45% to 5.91% Interest Dates June 1 and December 1 Principal Maturity Date December 1 Paying Agent Wells Fargo Bank, N.A., Chicago, IL Future Principal and Interest Requirements Fiscal Year Ending December 31,Principal Interest Total June 1 Amount December 1 Amount 2023 1,314,975$ 449,505$ 1,764,480$ 2023 224,753$ 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 1,600,625 165,825 1,766,450 2027 82,913 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 10,667,550$ 1,709,074$ 12,376,624$ 854,538$ 854,536$ Note: Principal and interest is payable from proceeds of the library property tax levy. Requirements Interest Due on 175 VILLAGE OF GLENVIEW LONG-TERM DEBT REQUIREMENTS ADVANCE METERING INFRASTRUCTURE LOAN December 31, 2022 Date of Issue May 1, 2015 Date of Maturity December 1, 2025 Amount of Issue 6,876,024$ Interest Rates 2.00% Interest Dates June 1 and December 1 Principal Maturity Date December 1 Paying Agent Glenview Bank Future Principal and Interest Requirements Fiscal Year Ending December 31,Principal Interest Total June 1 Amount December 1 Amount 2023 890,748$ 48,446$ 939,194$ 2023 24,157$ 2023 24,289$ 2024 1,012,639 30,631 1,043,270 2024 15,274 2024 15,357 2025 518,899 10,378 529,277 2025 5,175 2025 5,203 Total 2,422,286$ 89,455$ 2,511,741$ 44,606$ 44,849$ Note: Principal and interest will be paid by the Water Fund and Sewer Fund. Requirements Interest Due on 176 Statistical Section Contents Page Financial Trends 177 - 186 Revenue Capacity 187 - 194 Debt Capacity 195 - 198 Demographic and Economic Information 199 - 202 Operating Information 203 - 206 Sources: Unless otherwise noted, the information in these schedules is derived from the annual comprehensive financial reports for the relevant year. This part of the Village of Glenview, Illinois' annual comprehensive 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. 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. 2013 2014 2015 2016 GOVERNMENTAL ACTIVITIES Net investment in capital assets 139,233,309$ 149,950,065$ 190,234,952$ 190,133,236$ Restricted 11,484,242 2,407,413 2,194,487 2,906,999 Unrestricted 50,861,602 (11,873,206) (11,596,195) (10,645,007) TOTAL GOVERNMENTAL ACTIVITIES 201,579,153$ 140,484,272$ 180,833,244$ 182,395,228$ BUSINESS-TYPE ACTIVITIES Net investment in capital assets 58,075,392$ 60,891,686$ 55,002,443$ 53,413,336$ Restricted - - - - Unrestricted 10,891,341 8,714,501 6,214,430 5,983,945 TOTAL BUSINESS-TYPE ACTIVITIES 68,966,733$ 69,606,187$ 61,216,873$ 59,397,281$ PRIMARY GOVERNMENT Net investment in capital assets 197,308,701$ 210,841,751$ 245,237,395$ 243,546,572$ Restricted 11,484,242 2,407,413 2,194,487 2,906,999 Unrestricted 61,752,943 (3,158,705) (5,381,765) (4,661,062) TOTAL PRIMARY GOVERNMENT 270,545,886$ 210,090,459$ 242,050,117$ 241,792,509$ Data Source The Village of Glenview's Annual Comprehensive Financial Report. Fiscal Year VILLAGE OF GLENVIEW NET POSITION Last Ten Fiscal Years 177 2017 2018 2019 2020 2021 2022 200,207,529$ 202,699,589$ 211,320,561$ 225,337,565$ 233,887,283$ 241,476,617$ 3,657,835 4,413,818 8,162,705 18,545,802 28,872,630 27,186,882 (10,627,289) (9,283,111) (5,872,546) (2,076,177) 8,349,265 3,998,622 193,238,075$ 197,830,296$ 213,610,720$ 241,807,190$ 271,109,178$ 272,662,121$ 53,974,120$ 55,163,508$ 57,542,738$ 58,722,317$ 60,326,001$ 64,211,532$ - - -- 260,316 2,134,042 7,728,756 8,220,729 9,753,985 12,686,514 16,336,861 13,457,396 61,702,876$ 63,384,237$ 67,296,723$ 71,408,831$ 76,923,178$ 79,802,970$ 254,181,649$ 257,863,097$ 268,863,299$ 284,059,882$ 294,213,284$ 305,688,149$ 3,657,835 4,413,818 8,162,705 18,545,802 29,132,946 29,320,924 (2,898,533) (1,062,382) 3,881,439 10,610,337 24,686,126 17,456,018 254,940,951$ 261,214,533$ 280,907,443$ 313,216,021$ 348,032,356$ 352,465,091$ 178 2013 2014 2015 2016 EXPENSES Governmental Activities General government 38,505,592$ 36,586,774$ 34,403,572$ 44,385,296$ Public safety 27,152,669 23,105,414 20,638,161 34,694,711 Public works 7,743,333 22,535,067 26,550,936 12,872,643 Development 14,486,953 11,829,052 5,107,156 8,956,426 Interest on long-term debt 2,547,042 2,231,704 2,087,567 1,853,307 Total Governmental Activities Expenses 90,435,589 96,288,011 88,787,392 102,762,383 Business-type Activities Water services 9,880,585 10,634,065 15,164,208 16,376,087 North Maine water and sewer services 7,399,181 7,547,458 14,915,126 19,318 Sanitary sewer services 1,789,883 2,051,642 2,034,331 2,326,072 Wholesale water 1,129,077 1,064,737 1,172,689 1,276,248 Commuter parking 364,679 409,584 487,345 428,679 Total Business-type Activities Expenses 20,563,405 21,707,486 33,773,699 20,426,404 TOTAL PRIMARY GOVERNMENT EXPENSES 110,998,994$ 117,995,497$ 122,561,091$ 123,188,787$ PROGRAM REVENUES Governmental Activities Charges for Services General government 7,242,189$ 7,090,956$ 6,776,652$ 4,015,275$ Public safety 5,339,032 7,789,777 8,017,412 8,036,363 Public works 945,521 945,106 1,011,433 962,941 Development 469,771 817,593 137,783 261,785 Operating grants and contributions 1,875,489 2,079,987 1,740,265 1,857,331 Capital grants and contributions 203,909 5,162,690 18,639,549 299,776 Total Governmental Activities Program Revenues 16,075,911 23,886,109 36,323,094 15,433,471 Business-type Activities Charges for Services Water services 11,213,172 11,431,761 12,738,153 14,276,095 North Maine water and sewer services 8,611,294 8,068,712 2,549,981 - Sanitary sewer services 2,355,451 2,263,025 2,523,041 2,569,752 Wholesale water 2,190,544 1,891,731 1,996,831 2,075,114 Commuter parking 570,670 615,754 619,764 640,382 Operating grants and contributions - - - - Capital grants and contributions - - - - Total Business-type Activities Program Revenues 24,941,131 24,270,983 20,427,770 19,561,343 41,017,042$ 48,157,092$ 56,750,864$ 34,994,814$ NET REVENUE (EXPENSE) Governmental Activities (74,359,678)$ (72,401,902)$ (52,464,298)$ (87,328,912)$ Business-type Activities 4,377,726 2,563,497 (13,345,929) (865,061) TOTAL PRIMARY GOVERNMENT NET REVENUE (EXPENSE)(69,981,952)$ (69,838,405)$ (65,810,227)$ (88,193,973)$ Fiscal Year TOTAL PRIMARY GOVERNMENT PROGRAM REVENUES VILLAGE OF GLENVIEW CHANGES IN NET POSITION Last Ten Fiscal Years 179 2017 2018 2019 2020 2021 2022 42,184,653$ 42,033,645$ 43,756,473$ 43,729,644$ 48,523,232$ 28,833,145$ 34,322,701 36,999,265 38,694,451 33,759,829 30,821,939 42,730,419 18,850,845 15,879,425 14,931,138 14,027,726 12,499,598 20,089,774 4,654,804 6,801,693 3,982,894 3,945,053 6,711,253 4,064,546 2,027,661 1,581,379 1,361,391 974,733 608,592 160,976 102,040,664 103,295,407 102,726,437 96,436,985 99,164,614 95,878,860 13,118,448 12,902,647 12,015,899 13,032,322 14,002,267 14,893,944 - - - - - - 2,292,993 2,152,793 2,179,278 2,006,711 2,272,423 2,763,831 1,393,330 1,404,958 1,428,116 2,336,738 2,983,885 3,079,827 489,432 678,344 649,452 686,458 637,387 634,994 17,294,203 17,138,742 16,272,835 18,062,229 19,895,962 21,372,596 119,334,867$ 120,434,149$ 118,999,272$ 114,499,214$ 119,060,576$ 117,251,456$ 4,610,434$ 4,838,551$ 3,851,196$ 3,951,113$ 4,798,421$ 4,601,066$ 11,164,334 10,013,251 10,284,058 10,563,869 11,239,266 12,562,217 1,018,286 1,012,457 1,088,877 1,006,921 1,009,747 1,094,603 459,205 883,365 208,068 366,412 219,397 234,611 2,428,438 2,412,378 2,331,999 3,806,521 3,232,713 3,238,137 472,494 319,461 2,130,850 5,643,948 2,931,912 2,354,941 20,153,191 19,479,463 19,815,048 25,338,784 23,431,456 24,085,575 14,624,348 14,834,822 14,746,014 15,875,036 17,258,433 16,248,185 - - - - - - 2,496,477 2,438,304 2,398,120 2,550,313 2,701,486 2,538,470 2,361,124 2,087,966 2,286,564 4,408,385 5,997,125 5,785,431 655,069 696,594 688,811 153,287 140,705 283,801 - - - - - 104,100 - - 749,463 - - - 20,137,018 20,057,686 20,868,972 22,987,021 26,097,749 24,959,987 40,290,209$ 39,537,149$ 40,684,020$ 48,325,805$ 49,529,205$ 49,045,562$ (81,887,473)$ (83,815,944)$ (82,911,389)$ (71,098,201)$ (75,733,158)$ (71,793,285)$ 2,842,815 2,918,944 (4,596,137) 4,924,792 6,201,787 3,587,391 (79,044,658)$ (80,897,000)$ (78,315,252)$ (66,173,409)$ (69,531,371)$ (68,205,894)$ 180 VILLAGE OF GLENVIEW CHANGE IN NET POSITION (cont.) Last Ten Fiscal Years 2013 2014 2015 2016 GENERAL REVENUES AND OTHER CHANGES IN NET POSITION Governmental Activities Taxes Property taxes 37,383,036$ 40,785,102$ 41,564,097$ 44,672,858$ Other taxes 13,944,053 14,406,764 14,460,977 14,367,678 Sales taxes 13,833,697 14,972,367 15,635,705 16,189,240 Income taxes 4,309,714 4,232,425 4,832,506 4,293,596 Intergovernmental 2,739,777 2,839,239 2,950,181 3,174,289 Investment income 785,925 1,407,626 667,765 1,145,352 Miscellaneous 4,104,857 1,703,769 1,701,143 4,075,921 Gain on sale of capital assets - - - - Transfers 822,322 1,313,328 11,000,896 971,962 Total Governmental Activities 77,923,381 81,660,620 92,813,270 88,890,896 Business-type Activities Investment income (loss)27,046 (153,614) 15,093 9,637 Miscellaneous 6,290 21,553 15,942,418 7,794 Gain on legal settlement 1,571,012 - - - Transfers (822,322) (1,313,328) (11,000,896) (971,962) Total Business-type Activities 782,026 (1,445,389) 4,956,615 (954,531) TOTAL PRIMARY GOVERNMENT 78,705,407$ 80,215,231$ 97,769,885$ 87,936,365$ CHANGE IN NET POSITION Governmental Activities 3,563,703$ 9,258,718$ 40,348,972$ 1,561,984$ Business-type Activities 5,159,752 1,118,108 (8,389,314) (1,819,592) TOTAL PRIMARY GOVERNMENT CHANGE IN NET POSITION 8,723,455$ 10,376,826$ 31,959,658$ (257,608)$ Data Source The Village of Glenview's Annual Comprehensive Financial Report. Fiscal Year 181 2017 2018 2019 2020 2021 2022 46,558,256$ 48,082,053$ 48,961,852$ 52,844,232$ 53,126,350$ 17,885,419$ 14,885,856 15,699,176 15,342,199 13,855,521 16,127,461 17,141,188 17,223,884 18,072,001 18,631,360 18,206,509 21,727,766 22,921,405 4,075,812 4,508,718 5,014,901 5,147,028 6,356,983 7,997,607 3,380,756 3,531,640 3,938,961 4,334,825 4,363,698 3,271,643 1,291,016 2,106,936 3,149,929 2,189,159 571,805 1,196,180 1,953,561 1,737,297 2,676,583 1,727,659 1,813,569 1,966,123 2,558,900 52,458 49,490 91,714 32,299 33,742 802,279 1,082,804 881,334 898,024 915,215 932,921 92,730,320 94,873,083 98,646,609 99,294,671 105,035,146 73,346,228 18,249 101,483 191,730 84,051 (1,403) 207,288 246,810 2,523 5,953 1,289 229,178 18,034 - - - - - - (802,279) (1,082,804) (881,334) (898,024) (915,215) (932,921) (537,220) (978,798) (683,651) (812,684) (687,440) (707,599) 92,193,100$ 93,894,285$ 97,962,958$ 98,481,987$ 104,347,706$ 72,638,629$ 10,842,847$ 11,057,139$ 15,735,220$ 28,196,470$ 29,301,988$ 1,552,943$ 2,305,595 1,940,146 3,912,486 4,112,108 5,514,347 2,879,792 13,148,442$ 12,997,285$ 19,647,706$ 32,308,578$ 34,816,335$ 4,432,735$ 182 Fiscal Year 2013 2014 2015 2016 GENERAL FUND Nonspendable 87,738$ 176,110$ 499,800$ 155,205$ Committed 1,700,000 850,000 - - Assigned 3,208,020 5,364,276 - - Unassigned 26,823,063 24,306,476 25,739,072 25,335,141 TOTAL GENERAL FUND 31,818,821$ 30,696,862$ 26,238,872$ 25,490,346$ ALL OTHER GOVERNMENTAL FUNDS Nonspendable 53,289$ 42,070$ 30,851$ 19,633$ Restricted 11,484,242 2,407,413 2,194,487 2,906,999 Assigned 42,275,455 31,933,727 34,155,883 31,341,543 Unassigned - (13,171,320) (11,572,271) (8,935,926) TOTAL ALL OTHER GOVERNMENTAL FUNDS 53,812,986$ 21,211,890$ 24,808,950$ 25,332,249$ TOTAL GOVERNMENTAL FUNDS 85,631,807$ 51,908,752$ 51,047,822$ 50,822,595$ Data Source The Village of Glenview's Annual Comprehensive Financial Report. VILLAGE OF GLENVIEW FUND BALANCES OF GOVERNMENTAL FUNDS Last Ten Fiscal Years 183 2017 2018 2019 2020 2021 2022 128,795$ 123,985$ 153,608$ 165,910$ 146,949$ 483,702$ - - - - - - 3,100,000 9,100,000 - 1,000,000 1,680,000 5,130,998 26,530,097 26,626,131 36,319,710 32,445,006 36,862,718 40,572,123 29,758,892$ 35,850,116$ 36,473,318$ 33,610,916$ 38,689,667$ 46,186,823$ 8,414$ -$ -$ -$ -$ -$ 3,657,835 4,413,818 8,162,705 18,545,802 27,648,048 17,839,347 30,339,651 30,511,221 32,391,463 35,310,055 35,134,334 31,631,353 (6,619,132) (2,770,450) - - - - 27,386,768$ 32,154,589$ 40,554,168$ 53,855,857$ 62,782,382$ 49,470,700$ 57,145,660$ 68,004,705$ 77,027,486$ 87,466,773$ 101,472,049$ 95,657,523$ 184 2013 2014 2015 2016 REVENUES Taxes 51,327,089$ 55,191,866$ 56,025,074$ 59,040,536$ Intergovernmental 25,747,882 28,843,610 47,874,058 29,203,967 Charges for services 8,082,885 9,789,188 11,784,003 10,235,729 Licenses and permits 4,461,768 5,103,571 3,208,298 2,088,538 Fines and forfeitures 228,419 255,899 164,673 209,062 Investment income 341,472 399,971 306,361 544,236 Other 486,493 796,354 120,603 2,503,274 Total revenues 90,676,008 100,380,459 119,483,070 103,825,342 EXPENDITURES General government 35,582,816 36,391,244 38,168,909 39,187,095 Public safety 26,687,294 27,212,096 28,421,350 29,601,085 Public works 7,489,675 9,523,902 9,260,772 10,229,806 Development 1,016,437 4,078,982 3,947,132 3,992,133 Debt service Principal 30,983,776 32,364,371 17,975,309 8,230,309 Interest and fiscal charges 2,761,174 2,388,883 2,263,186 1,923,782 Bond issuance costs 61,176 - 20,250 - Capital outlay 8,253,623 34,631,202 43,130,127 12,108,321 Total expenditures 112,835,971 146,590,680 143,187,035 105,272,531 EXCESS (DEFICIENCY) OF REVENUES OVER EXPENDITURES (22,159,963) (46,210,221) (23,703,965) (1,447,189) OTHER FINANCING SOURCES (USES) Transfers in 13,052,864 16,557,993 33,455,261 9,514,205 Transfers out (11,837,724) (12,684,506) (21,593,677) (8,292,243) Bonds Issued 38,575,000 6,529,688 10,000,000 - Premium on bonds issued (11,539) - - - Discount on bonds issued 69,535 - - - Proceeds from capital lease - - 981,451 - Sale of capital assets (3,859,114) 2,083,991 - - Total Other Financing Sources (Uses)35,989,022 12,487,166 22,843,035 1,221,962 NET CHANGE IN FUND BALANCES 13,829,059$ (33,723,055)$ (860,930)$ (225,227)$ DEBT SERVICE AS A PERCENTAGE OF NONCAPITAL EXPENDITURES 31.21% 28.34% 18.65% 10.31% Data Source The Village of Glenview's Annual Comprehensive Financial Report. Fiscal Year VILLAGE OF GLENVIEW CHANGE IN FUND BALANCES OF GOVERNMENTAL FUND Last Ten Fiscal Years 185 2017 2018 2019 2020 2021 2022 61,444,112$ 63,781,229$ 64,304,051$ $66,709,887 69,253,811$ 35,176,820$ 31,357,689 31,224,129 33,688,404 34,709,699 41,440,940 42,714,902 12,664,145 12,746,771 13,043,204 12,710,012 13,305,212 14,625,094 2,451,693 2,810,054 1,871,593 2,114,688 2,754,448 2,759,645 211,592 130,281 121,707 93,008 129,330 88,151 996,459 1,870,798 2,487,062 1,040,300 99,121 1,179,572 261,396 434,154 279,865 162,298 63,542 54,561 109,387,086 112,997,416 115,775,886 117,539,892 127,046,404 96,598,745 40,680,381 41,209,378 41,269,969 40,054,442 45,336,778 27,888,692 29,578,436 29,857,646 31,320,192 34,502,047 36,183,524 37,322,102 8,755,999 8,233,133 7,772,011 7,552,623 6,976,017 7,827,180 3,704,509 4,012,804 3,505,451 3,483,380 6,656,239 6,629,223 9,000,309 9,200,309 9,455,309 8,414,371 8,684,371 2,569,371 1,827,110 1,772,060 1,608,865 1,085,110 725,028 381,273 - - - - - - 13,184,473 9,026,237 13,046,601 13,156,656 9,644,386 20,986,728 106,731,217 103,311,567 107,978,398 108,248,629 114,206,343 103,604,569 2,655,869 9,685,849 7,797,488 9,291,263 12,840,061 (7,005,824) 11,740,499 10,707,249 14,214,015 14,855,556 9,999,352 12,641,304 (10,534,303) (9,534,053) (13,082,681) (13,707,532) (8,834,137) (11,458,383) - - - - - - - - - - - - - - - - - - - - - - - - 2,461,000 - 48,755 - - 8,377 3,667,196 1,173,196 1,180,089 1,148,024 1,165,215 1,191,298 6,323,065$ 10,859,045$ 8,977,577$ 10,439,287$ 14,005,276$ (5,814,526)$ 11.16% 10.93% 10.86% 9.98% 8.81% 3.22% 186 Levy Residential Commercial Industrial Year Property Property Property Railroad Farm 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 - 2019 2,072,476,033 605,987,591 133,052,968 755,416 91,111 2020 2,068,050,554 561,869,585 139,682,681 787,598 969 2021 2,214,047,244 705,647,000 145,518,173 787,598 - Data Source Office of the County Clerk Note : Property in the Village is reassessed each year. Property is assessed at 33% of actual value. VILLAGE OF GLENVIEW ASSESSED VALUE AND ACTUAL VALUE OF TAXABLE PROPERTY Last Ten Levy Years 187 Total Estimated Estimated Total Taxable Direct Actual Actual Assessed Tax Taxable Taxable Value Rate Value Value 2,291,707,201$ 0.482$ 6,875,121,603$ 33.333% 2,025,735,097 0.553 6,077,205,291 33.333% 2,048,469,543 0.554 6,145,408,629 33.333% 2,012,901,053 0.585 6,038,703,159 33.333% 2,461,599,597 0.493 7,384,798,791 33.333% 2,519,134,378 0.495 7,557,403,134 33.333% 2,455,812,778 0.512 7,367,438,334 33.333% 2,812,363,119 0.450 8,437,089,357 33.333% 2,770,391,387 0.461 8,311,174,161 33.333% 3,066,000,015 0.508 9,198,000,045 33.333% 188 2012 2013 2014 2015 2016 Village of Glenview Corporate 0.188$ 0.203$ 0.176$ 0.162$ 0.156$ Bonds and interest 0.083 0.095 0.091 0.092 0.075 Police pension 0.073 0.098 0.098 0.127 0.103 Fire pension 0.139 0.157 0.188 0.203 0.159 Total direct tax rate 0.482 0.553 0.553 0.584 0.493 Glenview Public Library 0.347 0.396 0.394 0.415 0.343 Glenview Special Service Area #32 0.087 0.066 - - - Glenview Special Service Area #33 0.391 0.422 - - - Glenview Special Service Area #35 0.248 0.344 0.328 0.335 0.255 Glenview Special Service Area #36 0.162 0.181 - - - Glenview Special Service Area #37 0.141 0.159 - - - Glenview Special Service Area #38 0.854 1.250 1.210 1.260 1.038 Glenview Special Service Area #40 0.085 0.094 0.094 0.098 0.074 Glenview Special Service Area #41 0.086 0.094 0.079 0.084 0.063 Glenview Special Service Area #42 0.470 0.586 0.575 0.585 0.524 Glenview Special Service Area #43 0.130 0.138 0.138 0.140 0.113 Glenview Special Service Area #44 0.191 0.221 0.212 0.210 0.168 Glenview Special Service Area #45 0.446 0.477 0.467 0.470 0.371 Glenview Special Service Area #46 0.550 0.553 0.581 0.624 0.471 Glenview Special Service Area #47 0.605 0.775 0.713 0.724 0.596 Glenview Special Service Area #49 0.261 0.312 0.312 0.318 0.245 Glenview Special Service Area #50 0.140 0.153 0.150 0.160 0.129 Glenview Special Service Area #51 0.297 0.354 0.349 0.351 0.249 Glenview Special Service Area #52 0.151 0.170 0.168 0.174 0.156 Glenview Special Service Area #53 1.206 1.296 1.263 1.163 0.800 Glenview Special Service Area #54 0.739 0.796 0.751 0.698 0.480 Glenview Special Service Area #55 0.378 0.430 0.379 0.426 0.332 Glenview Special Service Area #56 1.022 1.185 1.090 1.210 0.996 Glenview Special Service Area #57 0.586 0.677 0.668 0.682 0.592 Glenview Special Service Area #61 0.201 0.232 0.228 0.241 0.175 Glenview Special Service Area #62 0.239 0.280 0.272 0.332 0.269 Glenview Special Service Area #63 0.257 0.273 0.271 0.322 0.238 Glenview Special Service Area #81 - - - - 0.310 Glenview Special Service Area #90 - - - - 0.083 Glenview Special Service Area #95 - - - 0.917 0.848 Glenview Special Service Area #96 - - - - - Glenview Special Service Area #97 - - - - - Glenview Special Service Area #98 - - - - - Tax Levy Year VILLAGE OF GLENVIEW DIRECT AND OVERLAPPING PROPERTY TAX RATES Last Ten Levy Years 189 2017 2018 2019 2020 2021 0.156$ 0.164$ 0.071$ 0.040$ 0.121$ 0.074 0.075 0.067 0.068 0.061 0.100 0.103 0.126 0.139 0.130 0.164 0.169 0.187 0.214 0.196 0.494 0.511 0.450 0.461 0.508 0.336 0.340 0.299 0.305 0.335 - - - - - - - - - - - - - - - - - - - - - - - - - 1.058 1.071 0.914 0.960 1.035 0.070 0.071 0.056 0.056 - 0.053 0.055 0.050 0.041 - 0.468 0.436 0.431 0.428 0.457 0.103 0.104 0.087 0.084 - 0.148 0.149 0.141 0.128 0.680 0.344 0.351 0.307 0.031 - 0.442 0.454 0.446 0.446 0.105 0.600 0.618 0.581 0.614 0.680 0.225 0.229 0.211 0.207 - 0.114 0.117 0.100 0.099 0.105 0.233 0.238 0.223 0.209 - 0.133 0.133 0.115 0.114 0.121 0.677 0.689 0.615 0.614 0.626 0.401 0.408 0.359 0.361 0.364 0.299 0.292 0.343 - - 0.898 0.925 0.822 0.826 0.890 0.531 0.529 0.472 0.470 0.493 0.157 0.147 0.138 0.135 - 0.251 0.229 0.173 0.167 0.184 0.234 0.176 0.159 0.161 0.180 0.258 0.262 0.231 0.230 0.480 0.071 0.072 0.063 0.063 0.237 0.513 0.686 0.505 0.504 0.589 - - - - 0.436 - - - - 0.115 ---- 0.191 (Continued) 190 2012 2013 2014 2015 2016 Avoca School District #37 2.557$ 2.762$ 2.957$ 3.094$ 2.662$ County Consolidated Elections - 0.031 - - - County of Cook 0.531 0.560 0.568 0.552 0.533 East Maine School District #63 3.100 3.864 3.811 4.040 3.492 Forest Preserve District 0.063 0.069 0.069 0.069 0.063 Glenview Park District 0.579 0.662 0.661 0.684 0.563 Glenview School District #34 2.706 3.129 3.173 3.291 2.719 Golf School District #67 2.961 3.497 3.427 3.552 2.957 Maine High School #207 2.215 2.722 2.739 2.901 2.507 Maine Township - General 0.096 0.120 0.119 0.124 0.108 Maine Township - General Assistance 0.023 0.029 0.029 0.031 0.027 Maine Township - Road and Bridge 0.049 0.061 0.062 0.065 0.056 Metropolitan Water Reclamation Dist.0.370 0.417 0.430 0.426 0.406 New Trier High School #203 1.864 2.111 2.268 2.380 1.974 New Trier Township - General 0.047 0.054 0.055 0.058 0.049 New Trier Township - General Assistance 0.006 0.007 0.007 0.008 0.007 Niles High School #219 3.256 3.707 3.650 3.891 3.460 Niles Township - General 0.042 0.049 0.050 0.052 0.046 Niles Township - General Assistance 0.006 0.007 0.007 0.008 0.007 North Shore Mosquito Abatement 0.010 0.007 0.011 0.012 0.010 Northbrook School District #30 2.999 3.381 3.272 3.394 2.866 Northfield High School #225 2.028 2.341 2.367 2.493 2.106 Northfield Township - General 0.024 0.031 0.032 0.028 0.024 Oakton Community College #535 0.219 0.256 0.258 0.271 0.231 West Northfield School District #31 2.525 2.946 2.911 3.107 2.699 Wilmette School District #39 2.922 3.229 3.356 3.502 2.840 Northfield Township - Road and Bridge 0.046 0.053 0.054 0.057 0.049 Northfield Township - General Assistance 0.009 0.008 0.007 0.007 0.006 Northfield Woods Sanitary District 0.082 0.098 0.099 0.098 0.088 North Maine Fire Protection District 1.452 1.814 1.815 1.906 1.664 Northbrook Park District 0.471 0.536 0.537 0.569 0.423 Oak Meadow Sanitary District 0.056 0.066 0.067 0.069 0.059 Northwest Mosquito Abatement 0.011 0.013 0.013 0.011 0.010 Data Source Office of the County Clerk * Property tax rates are per $100 of assessed valuation Tax Levy Year VILLAGE OF GLENVIEW DIRECT AND OVERLAPPING PROPERTY TAX RATES Last Ten Levy Years 191 2017 2018 2019 2020 2021 2.661$ 2.820$ 2.646$ 2.717$ 3.031$ 0.031 - 0.030 - 0.019 0.496 0.489 0.454 0.453 0.446 3.556 3.763 3.245 3.245 3.770 0.062 0.060 0.059 0.058 0.058 0.567 0.651 0.576 0.591 0.657 2.745 2.898 2.584 2.986 3.225 2.962 3.110 2.766 2.746 3.000 2.529 2.652 2.553 2.639 2.901 0.105 0.092 0.033 0.053 - 0.021 - - 0.008 - 0.057 0.060 0.053 - - 0.402 0.396 0.389 0.378 0.382 1.993 2.111 2.028 2.085 2.322 0.050 0.053 0.033 0.053 0.060 0.007 0.008 - 0.008 0.009 3.409 3.347 3.017 3.029 3.350 0.047 0.049 0.045 0.046 0.051 0.007 0.008 0.007 0.008 0.008 0.010 0.010 0.009 0.009 0.009 3.193 3.310 3.310 3.310 3.458 2.102 2.216 2.216 2.216 2.310 0.023 0.024 0.024 0.022 0.025 0.232 0.246 0.221 0.227 0.252 2.700 2.842 2.577 2.672 3.174 2.880 3.081 2.939 3.023 3.358 0.049 0.052 0.021 0.021 0.055 0.006 0.007 0.007 0.007 0.008 0.065 0.093 0.082 0.084 0.093 1.711 1.770 1.416 1.446 1.608 0.419 0.456 0.416 0.427 0.458 0.063 0.064 0.052 0.052 0.056 0.010 0.011 0.009 0.009 0.011 192 VILLAGE OF GLENVIEW PRINCIPAL PROPERTY TAXPAYERS Current Year and Nine Years Ago 2021 2012 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 77,928,283 $ 1 2.81% $ Abt Electronics 28,651,076 2 1.03% 16,130,438 6 0.66% The Glenview Center 22,775,425 3 0.82% Astella US Holdings 20,522,911 4 0.74% Signode , Division of ITW 19,859,900 5 0.72% 14,912,370 7 0.61% CPUS Glen Pointe LP 19,529,117 6 0.70% Glen Gate Retail LLC 18,711,707 7 0.68% Kimco Realty Corp.17,765,144 8 0.64% Globe Patriot LLC 17,173,135 9 0.62% Cole of Glenview IL LLC 15,532,550 10 0.56% Kraft USA 37,078,034 1 1.51% Grubb & Ellis 35,635,243 2 1.46% Oliver McMillan LLC 27,555,654 3 1.13% Mid America Asset 22,515,372 4 0.92% Cole Real Estate Investments 17,440,036 5 0.71% Vi (Classic Residence Hyatt)14,710,987 8 0.60% Anixter, Inc.14,542,335 9 0.59% AGF Sanders Office 14,198,366 10 0.58% 258,449,248 $ 9.33% 214,718,835 $ 8.78% 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. 193 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 2012 2013 18,977,508$ 18,647,991$ 98.26% (22,602)$ 18,625,389$ 98.14% 2013 2014 19,213,934 18,997,309 98.87% (83,351) 18,913,958 98.44% 2014 2015 19,401,829 19,017,834 98.02% (87,944) 18,929,890 97.57% 2015 2016 20,103,470 19,871,822 98.85% (221,716) 19,650,106 97.74% 2016 2017 20,553,974 20,404,588 99.27% (294,843) 20,109,745 97.84% 2017 2018 20,898,255 20,721,748 99.16% (330,674) 20,391,074 97.57% 2018 2019 20,889,249 20,707,546 99.13% (216,577) 20,490,969 98.09% 2019 2020 21,051,445 20,711,241 98.38%49,621 20,760,862 98.62% 2020 2021 21,194,067 20,678,063 97.57% 620,855 21,298,918 100.49% 2021 2022 25,826,584 20,371,647 78.88%- 20,371,647 78.88% 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 194 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* 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 34,756,108 1.19% 735 2020 20,331,496 255,889 - - 4,578,833 25,166,218 0.82% 532 2021 11,339,843 231,518 - - 3,547,441 15,118,802 0.47% 310 2022 8,463,190 207,147 - - 2,422,286 11,092,623 0.33% 232 Source: The Village of Glenview's Annual Comprehensive Financial Report. * Additional demographic information is available in the schedule of Demographic and Economic Statistics . 195 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) 2013 74,991,402$ -$ 74,991,402$ 3.27% 1,566 $ 2014 69,609,411 - 69,609,411 3.44% 1,558 2015 61,752,302 - 61,752,302 3.01% 1,360 2016 53,732,671 - 53,732,671 2.67% 1,184 2017 45,983,788 - 45,983,788 1.87%988 2018 37,645,969 - 37,645,969 1.49%800 2019 29,053,149 - 29,053,149 1.18%615 2020 20,331,496 - 20,331,496 0.72%430 2021 11,339,843 - 11,339,843 0.41%233 2022 8,463,190 - 8,463,190 0.28%177 Source: The Village of Glenview's Annual Comprehensive 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. 196 VILLAGE OF GLENVIEW DIRECT AND OVERLAPPING GOVERNMENTAL ACTIVITIES DEBT As of December 31, 2022 Percentage Village of Debt Applicable Glenview to the Village of Share Governmental unit Debt Glenview (1)of Debt Direct Debt Village of Glenview 8,670,337 $ 100.00%8,670,337 $ Glenview Special Service Areas 1,497,081 100.00% 1,497,081 Glenview Park District 17,596,000 84.97% 14,951,321 Cook County, including Forest Preserve District 2,312,566,750 1.67% 38,619,865 Metropolitan Water Reclamation District 2,608,633,416 1.70% 44,346,768 School Districts Elementary School Districts Avoca School District No. 37 8,005,000 8.59% 687,630 East Maine School District No. 63 38,090,000 4.57% 1,740,713 Glenview School District No. 34 106,000,000 89.47% 94,838,200 Golf School District No. 67 6,306,597 13.18% 831,209 Northbrook School District No. 30 42,945,000 31.56% 13,553,442 West Northfield School District No. 31 10,970,000 49.26% 5,403,822 Wilmette School District No. 39 19,130,000 4.69% 897,197 High School Districts Maine Township District No. 207 158,110,000 1.06% 1,675,966 New Trier Township District No. 203 85,420,000 2.35% 2,007,370 Niles Township District No. 219 39,833,952 1.13% 450,124 Northfield Township District No. 225 43,145,429 42.14% 18,181,484 Community College District Oakton Community College No. 535 28,425,000 11.04% 3,138,120 Total overlapping bonded debt 5,526,674,225 242,820,311 Total direct and overlapping bonded debt 5,535,344,562 $ 251,490,649 $ Source: Cook County Clerk as of 04/10/2023 (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 2021 real property valuations. 197 VILLAGE OF GLENVIEW LEGAL DEBT MARGIN INFORMATION As of December 31, 2022 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 included in the foregoing percentage amount." 198 VILLAGE OF GLENVIEW DEMOGRAPHIC AND ECONOMIC STATISTICS Last Ten Fiscal Years Per Personal Capita Fiscal Income Personal Unemployment Year Population (in Thousands)Income Rate 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% 2020 47,308 3,083,062 65,170 7.0% 2021 48,705 3,219,303 66,098 4.2% 2022 47,856 3,360,305 70,217 3.3% 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) 199 VILLAGE OF GLENVIEW PRINCIPAL EMPLOYERS Current Year and Nine Years Ago % of % of Number of Total Village Number of Total Village Employer Rank Employees Population Rank Employees Population Astellas 1 2,448 5.12% 2 1,048 2.34% Abt Electronics 2 1,660 3.47% 3 1,045 2.34% Glenbrook Hospital 3 1,000 2.09% 1 1,300 2.91% Anixter, Inc.4 916 1.91% 4 823 1.84% Glenview Comm. School Dist 34 5 740 1.55% 6 680 1.52% ITW 6 640 1.34% 5 750 1.68% Kraft Foods Technology Center 7 580 1.21% 7 550 1.23% Glenbrook South High School 8 405 0.85% 8 393 0.88% Glenview Terrace Nursing Home 9 351 0.73% 9 350 0.78% Village of Glenview 10 296 0.62% North American Corporation of Illinois 10 332 0.74% 18.89%16.26% Source: Illinois Manufacturers Services Directory, Illinois Services Directory and Employer Contact 2022 2013 200 Function/Program 2013 2014 2015 2016 General Government Management services (1)15 15 9 9 Administrative services (1)12 13 16 16 Planning and economic development (2)5 - - - Community development (3)- 21 20 19 Capital projects (3)20 - - - Total general government 52 49 45 44 Public safety Police Officers 70 70 70 70 Civilians 12 11 5 5 Fire Firefighters and officers 80 80 80 80 Civilians 2 1 1 1 Joint dispatch 27 40 40 42 Total public safety 191 202 196 198 Public works Administration 6 6 5 6 Facilities maintenance (4)- 4 4 4 Street maintenance 21 21 21 21 Water maintenance 19 19 16 16 Fleet maintenance 4 4 4 4 Natural resources 1 1 1 1 Total public works 50 55 51 52 Total full-time equivalent employees 293 306 292 294 (1) (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 VILLAGE OF GLENVIEW FULL-TIME EQUIVALENT EMPLOYEES Last Ten Fiscal Years Records division previously included in Management Services is included in Administrative Services as of 2015. 201 2017 2018 2019 2020 2021 2022 10 10 11 11 11 13 14 17 14 13 13 12 - - - - - - 18 18 18 16 15 16 - - - - - - 42 45 43 40 39 41 70 70 69 69 70 70 5 5 7 6 5 4 80 80 81 80 83 84 1 1 1 1 1 1 48 49 49 48 47 43 204 205 207 204 206 202 6 5 4 4 3 4 4 3 3 - - - 20 20 13 14 15 14 16 15 16 13 13 13 4 4 3 3 3 3 1 1 1 1 1 1 51 48 40 35 35 35 297 298 290 279 280 278 202 Function/Program 2013 2014 2015 2016 Public Safety Police Physical arrests 570 506 551 557 Parking violations 2,272 1,922 2,388 1,813 Traffic violations 2,646 2,352 2,198 3,491 Fire Emergency responses Emergency medical 4,495 4,860 4,925 5,220 Other responses 2,835 2,821 2,898 3,032 Fires extinguished 47 39 41 42 Fires extinguished (structures)26 32 45 38 Public works Pothole repairs (hours)4,390 5,182 5,519 4,115 Water Metered water customers 15,889 16,050 16,053 16,139 Water main breaks 146 102 59 134 Water purchases (in ten-thousands of gallons)289,550 273,095 272,568 288,410 Average daily consumption 129 120 111 107 Building Permits issued 1,918 3,503 3,433 2,042 Value of construction (in thousands of dollars)164,556 $ 193,829 $ 119,447 $ 110,630 $ Data Source Various Village departments. VILLAGE OF GLENVIEW OPERATING INDICATORS BY FUNCTION/PROGRAM Last Ten Fiscal Years 203 2017 2018 2019 2020 2021 2022 544 476 380 246 252 256 2,509 1,840 1,912 380 512 574 3,214 3,365 3,334 2,075 2,536 3,328 5,668 5,505 5,700 5,022 5,560 6,486 2,968 3,164 3,142 2,636 1,967 3,395 67 98 98 105 105 122 41 47 18 14 23 27 3,918 3,671 2,892 1,000 857 1,170 16,243 16,272 16,035 16,335 16,357 16,253 91 142 103 104 84 99 280,038 281,164 256,094 316,042 361,833 342,692 103 113 110 106 105 100 2,457 3,389 3,015 3,214 3,214 2,534 94,337 $ 127,664 $ 105,552 $ 81,515 $ 121,650 $ 306,310 $ 204 VILLAGE OF GLENVIEW CAPITAL ASSET STATISTICS BY FUNCTION/PROGRAM Last Ten Fiscal Years Function/Program 2013 2014 2015 2016 2017 Public Safety Police Police stations 1 1 1 1 1 Marked patrol units 18 18 18 18 18 Unmarked patrol units 11 11 11 11 11 Motorcycles 4 4 4 4 4 Civilian vehicles 3 3 3 3 3 Fire Fire stations 5 5 5 5 5 Ambulances 4 4 4 4 5 Fire engines 6 6 6 6 6 Aerial ladder truck 2 2 2 2 2 Passenger vehicles 6 5 5 2 2 Public works Streets and highways Arterial street miles 18 18 20 20 20 Residential street miles 158 167 167 169 169 Streetlights 1,800 1,800 1,800 1,791 1,791 Water Water main miles 230 247 230 233 233 Fire hydrants 2,733 2,823 2,866 2,867 2,867 Storage capacity (in millions of gallons)16,050 16,300 16,300 16,300 16,300 Wastewater Sanitary sewer miles 150 150 150 150 150 Storm sewer miles 262 262 262 262 262 Parking facilities Parking spaces 2,153 2,153 2,153 2,153 2,153 Data Source: Various Village departments, data varies due to improved GIS capabilities. N/A - Information is not available 205 2018 2019 2020 2021 2022 1 1 1 1 1 18 18 18 18 20 10 12 12 13 13 2 2 2 2 2 3 3 3 3 3 5 5 5 5 5 5 5 5 5 5 6 6 6 6 6 2 2 2 2 2 5 5 5 5 6 20 20 20 20 33 169 166 166 166 129 1,791 1,720 1,692 1,692 2,150 233 239 239 239 240 2,913 2,888 2,872 2,872 2,881 16,300 16,300 16,300 16,300 16,300 150 142 142 142 141 262 218 218 218 210 2,153 2,153 2,153 2,153 2,153 206