Village of Plainfield Illinois

Transcription

Village of Plainfield
Comprehensive Annual Financial Report
For the Fiscal Year Ended April 30, 2015
24401 West Lockport Street | Plainfield, Illinois 60544
VILLAGE OF PLAINFIELD, ILLINOIS
COMPREHENSIVE ANNUAL
FINANCIAL REPORT
For the Year Ended
April 30, 2015
Prepared by the Management Services Department
Traci Pleckham, Director
Colleen Thornton, Accounting Services Supervisor
TABLE OF CONTENTS
Page(s)
INTRODUCTORY SECTION
Principal Officials .............................................................................................................
i
Organization Chart ............................................................................................................
ii
Certificate of Achievement for Excellence in Financial Reporting ..................................
iii
Letter of Transmittal .........................................................................................................
iv-vii
FINANCIAL SECTION
INDEPENDENT AUDITOR’S REPORT .......................................................................
1-3
GENERAL PURPOSE EXTERNAL FINANCIAL STATEMENTS
Management’s Discussion and Analysis ..................................................................... MD&A 1-12
Basic Financial Statements
Government-Wide Financial Statements
Statement of Net Position...................................................................................
4-5
Statement of Activities .......................................................................................
6-7
Fund Financial Statements
Governmental Funds
Balance Sheet ................................................................................................
8-9
Reconciliation of Fund Balances of Governmental Funds to
the Governmental Activities in the Statement of Net Position ..................
10
Statement of Revenues, Expenditures, and Changes in Fund Balances ......
11
Reconciliation of the Governmental Funds Statement of Revenues,
Expenditures, and Changes in Fund Balances to the Governmental
Activities in the Statement of Activities .....................................................
12
TABLE OF CONTENTS (Continued)
Page(s)
FINANCIAL SECTION (Continued)
GENERAL PURPOSE EXTERNAL FINANCIAL STATEMENTS (Continued)
Basic Financial Statements (Continued)
Fund Financial Statements (Continued)
Proprietary Fund
Statement of Net Position..............................................................................
13-14
Statement of Revenues, Expenses, and Changes in Fund Net Position .......
15
Statement of Cash Flows ...............................................................................
16-17
Fiduciary Funds
Statement of Fiduciary Net Position .............................................................
18
Statement of Changes in Fiduciary Net Position ..........................................
19
Notes to Financial Statements .............................................................................
20-54
Required Supplementary Information
Schedule of Revenues, Expenditures, and Changes in
Fund Balance - Budget and Actual - General Fund ..............................................
Schedule of Funding Progress
Illinois Municipal Retirement Fund ...................................................................
Police Pension Fund ...........................................................................................
Other Postemployment Benefit Plan ..............................................................
Schedule of Employer Contributions
Illinois Municipal Retirement Fund ...................................................................
Other Postemployment Benefit Plan ..............................................................
Schedule of Changes in the Employer’s Net Pension Liability
and Related Ratios
Schedule of Investment Returns
Notes to Required Supplementary Information ...................................................
55
56
57
58
59
60
61
62
63
64
Page(s)
COMBINING AND INDIVIDUAL FUND FINANCIAL STATEMENTS
AND SCHEDULES
MAJOR GOVERNMENTAL FUNDS
Schedule of Revenues - Budget and Actual - General Fund ..................................
Schedule of Expenditures - Budget and Actual - General Fund ............................
Schedule of Detailed Expenditures - Budget and Actual - General Fund ..............
Schedule of Revenues, Expenditures, and Changes
in Fund Balance - Budget and Actual
Capital Projects Fund .........................................................................................
Debt Service Fund ..........................................................................................
65-66
67-68
69-78
79
80
NONMAJOR GOVERNMENTAL FUNDS
Combining Balance Sheet ...................................................................................
Combining Statement of Revenues, Expenditures, and
Changes in Fund Balances.................................................................................
Schedule of Revenues, Expenditures, and Changes
in Fund Balance - Budget and Actual
Liability Insurance Fund .....................................................................................
Audit Fund ..........................................................................................................
Alcohol Enforcement Fund ................................................................................
Motor Fuel Tax Fund .........................................................................................
D.A.R.E. Fund ....................................................................................................
Tax Increment Financing Fund ..........................................................................
81-82
83-84
85
86
87
88
89
90
MAJOR ENTERPRISE FUND
Combining Schedule of Net Position - Water and Sewer
Department Accounts ............................................................................................
Combining Schedule of Revenues, Expenses, and Changes in
Net Position - Water and Sewer Department Accounts .......................................
Combining Schedule of Cash Flows Water and Sewer Department Accounts ...............................................................
Schedule of Operating Expenses - Budget and Actual Water and Sewer Operations Account ..................................................................
91-92
93
94-95
96-98
FIDUCIARY FUNDS
Schedule of Changes in Fiduciary Net Position Budget and Actual - Police Pension Fund ............................................................
99
Page(s)
SUPPLEMENTAL SCHEDULES
Long-Term Debt Requirements
Corporate Purpose General Obligation Bond Series of 2005A ..............................
Corporate Purpose General Obligation Bond Series of 2005B ..............................
Corporate Purpose General Obligation Bond Series of 2007.................................
Water and Sewer Revenue Bond Series of 2008 ....................................................
Corporate Purpose General Obligation Refunding Bond Series of 2009 ..............
Illinois Environmental Protection Agency Loan of 2010 .......................................
Water and Sewer System Revenue Refunding Bond Series of 2015 .....................
100
101
102
103
104
105
106
107
108
109
110
INDEPENDENT ACCOUNTANT’S REPORT ON MANAGEMENT’S
ASSERTION OF COMPLIANCE .................................................................................
111
STATISTICAL SECTION
Financial Trends
Net Position by Component .........................................................................................
Change in Net Position.................................................................................................
Fund Balances of Governmental Funds .......................................................................
Changes in Fund Balances of Governmental Funds ....................................................
Revenue Capacity
Assessed Value and Actual Value of Taxable Property ..............................................
Property Tax Rates - Direct and Overlapping Governments.......................................
Principal Property Taxpayers .......................................................................................
Property Tax Levies and Collections ...........................................................................
Property Tax Assessed Valuations, Rates, and Tax Extensions..................................
Sales Tax by Category ..................................................................................................
Direct and Overlapping Sales Tax Rates .....................................................................
Debt Capacity
Ratios of Outstanding Debt by Type ............................................................................
Ratios of General Bonded Debt Outstanding ..............................................................
Direct and Overlapping Governmental Activities Debt ..............................................
Pledged-Revenue Coverage .........................................................................................
Demographic and Economic Information
Demographic and Economic Information....................................................................
Principal Employers .....................................................................................................
112-113
114-117
118-119
120-121
122
123
124
125
126-127
128
129
130
131
132
133
134
135
Page(s)
STATISTICAL SECTION (Continued)
Operating Information
Full-Time Equivalent Employees ................................................................................
Operating Indicators .....................................................................................................
Capital Asset Statistics .................................................................................................
136
137-138
139
INTRODUCTORY SECTION
VILLAGE OFFICIALS
PRESIDENT
Michael P. Collins
TRUSTEES
Margie Bonuchi
Bill Lamb
Edward O’Rourke
Garrett M. Peck
Jim Racich
Brian Wojowski
Brian P. Murphy
Village
Administrator
John
Konopek
Police Chief
Dean
Marquez
Building Official
Michael Garrigan
Planning Director
Allen
Persons
Public Works Director
Traci Pleckham
Management
Services Director
Michelle Gibas
Village Clerk
-i-
Organizational Chart
Citizens of the
Village
Mayor and
Board of
Trustees
Village Clerk
Village
Administrator
Community
Relations
IT
Management
Services
Department
Police
Department
Public Works
Department
- ii -
Planning
Department
Building
Department
Government Finance Officers Association
Certificate of
Achievement
for Excellence
in Financial
Reporting
Presented to
Illinois
For its Comprehensive Annual
Financial Report
for the Fiscal Year Ended
April 30, 2014
Executive Director/CEO
- iii -
The Village operates under the Trustee/Administrator form of government by Village ordinance.
Policymaking and legislative authority are vested with the Village Board which consists of a Village
President and six Trustees elected at large on a nonpartisan basis. The Village President is elected to a
four-year term. The Board members are elected to four-year staggered terms, with three Board
members elected every two years. The Administrator is responsible for the daily affairs of the
organization and for carrying out the policies and ordinances of the Village Board.
The Village is served by approximately 133 FTE employees, providing public/municipal/ enterprise
services, including: police protection, community development, building and zoning services, public
works operations, road & bridge maintenance, potable water distribution services, sanitary sewer
services, and storm water services.
The Village residents are also provided a variety of services, at the local level, by three school districts,
two park districts, four townships, two fire protection districts, and two library districts.
The annual budget serves as the spending authority for the Village. Budgetary control is maintained at
the fund level for all budgeted funds. An annual budget is prepared for the General Fund, Water/Sewer
& Expansion Fund, Capital Fund, and other miscellaneous funds. The budget process begins in the fall
with an update to the Village’s long-term financial forecast and capital project demands. The annual
budget must be adopted by the Village Board before the start of the fiscal year which begins on May 1st.
Economic Condition and Outlook
Local Economy
The Village saw improvement in some of our economic indicators last year, especially in retail sales.
Overall, retail sales improved by 2.7% in comparison to the previous fiscal year. General merchandise
and drinking/eating establishments continued to show gains, while automotive showed a drop in sales.
Village Staff assisted existing businesses in expanding their operations and helped new businesses find
their home in our community, including:
Commercial
A number of new commercial developments are under construction and/or planned on Route
59. A new 15,000 square foot retail building, at the Meijer planned development on Route 59, is
currently under construction and will contain a Pet Supplies Plus and AT&T Store. Adjacent to
this development is a new 7,000 square foot O’Reilly Auto Parts Store and a new 11,000 square
foot retail center. Additionally, 9,500 square feet of new retail space was approved for a newly
created outlot at the Kensington South Project (Target Development) located at 127th Street and
Route 59.
-v-
Downtown
The Village continues to see interest in commercial development in the Historic Downtown. A
new 3,500 square foot addition to the Opera House is under construction and will house a steak
and seafood restaurant on the second floor and new retail space on the first floor. The historic
Trolley Barn is being restored and will provide up to 12,000 square feet of new restaurant space
and 5,000 square feet of office space.
Medical
A new 25,000 square foot medical building by Presence Medical Group on Route 59, at Dayfield
Drive, was approved in 2014 and is opening this month. Plus, a new 6,000 square foot addition
to the South Edward Medical Building was approved and is also under construction. A new 8,500
square foot kidney dialysis center was recently approved for the Martin Commercial Center and
DuPage Medical Group opened a new office in the Vintage Harvest Commercial Center located
on Route 59.
Residential
Strong residential development trends continue in Plainfield. Fairfield Ridge continues to see
strong sales at this 72-unit single-family home development in Downtown Plainfield. A new 42unit single-family development was approved for Somerset in Grande Park and construction is
underway. Springbank has also seen strong sales in 2015. Ryan Homes is currently constructing
homes in Neighborhood Three (approximately 90 lots) and Next Gen is also constructing new
models in Neighborhood Two with their recent purchase of 90 lots. Staff anticipates close to 200
new homes during the 2015 calendar year.
Moody’s Upgrades Village Bond Rating to Aa1
The Village was pleased that Moody’s Investors Service upgraded the Village’s general obligation bond
rating from Aa2 to Aa1. This is the second highest rating from Moody’s and it affects $18.5 million in
outstanding rated debt.
As Moody’s notes in their report, “The Aa1 rating reflects the Village’s healthy financial operations and
ample reserves supported by strong management and long-term fiscal planning. Additionally, the rating
incorporates the Village’s sizeable tax base, high socioeconomic indicators, and modest debt and
pension burdens.” The Village has been recognized by the bond rating agencies numerous times in
recent years with upgrades.
The refunding of the Village’s revenue bonds in January of 2015 produced a net present value savings of
$911,405.40. In addition, by continuing to monitor bond market conditions and interest rates, the
Village has been able to achieve cost savings in excess of $3.5 million the past 10 years through
refunding/refinancing existing debt without changing maturity dates or par amounts.
- vi -
Awards and Acknowledgements
The Government Finance Officers Association of the United States and Canada (GFOA) awarded a
Certificate of Achievement for Excellence in Financial Reporting to the Village of Plainfield for its
Comprehensive Annual Financial Report (CAFR) for the fiscal year that ended April 30, 2014. This was
the first year the Village submitted and received this prestigious award. In order to be awarded a
Certificate of Achievement, the Village must publish an easily readable and efficiently organized CAFR.
The report must also satisfy both generally accepted accounting principles and applicable legal
requirements.
A Certificate of Achievement is valid for a period of only one year. We believe that our current CAFR
continues to meet the Certificate of Achievement Program’s requirements and we are submitting it to
the GFOA to determine its eligibility for another certificate.
This report would not been possible without the dedicated support and involvement of the Village
Department Heads and Staff. The entire Management Services Staff is extended a special appreciation
for all of their assistance in the completion of the annual audit and preparation of this report. We would
also like to thank the Village President and Board of Trustees for their support in maintaining the highest
standards of professionalism in the management of the Village’s finances.
Respectfully submitted,
Brian Murphy
Village Administrator
Traci Pleckham
Management Services Director
- vii -
FINANCIAL SECTION
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a
basis for our audit opinions.
Opinions
In our opinion, the financial statements referred to above present fairly, in all material respects,
the respective financial position of the governmental activities, the business-type activities, each
major fund, and the aggregate remaining fund information of the Village of Plainfield, Illinois, as
of April 30, 2015, and the respective changes in financial position and, where applicable, cash
flows thereof for the year then ended in conformity with accounting principles generally
accepted in the United States of America.
Change in Accounting Principle
The Village adopted Governmental Accounting Standards Board (GASB) Statement No. 67,
Financial Reporting for Pension Plans - An Amendment of GASB Statement No. 25. GASB
Statement No. 67 resulted in the modification of certain disclosures and required supplementary
information. Our opinion is not modified with respect to this matter.
Other Matters
Accounting principles generally accepted in the United States of America require that
management’s discussion and analysis and other required supplementary information listed in
the table of contents be presented to supplement the basic financial statements. Such information,
although not a part of the basic financial statements, is required by the Governmental Accounting
Standards Board, who considers it to be an essential part of financial reporting for placing the
basic financial statements in an appropriate operational, economic, or historical context. We have
applied certain limited procedures to the required supplementary information in accordance with
auditing standards generally accepted in the United States of America, which consisted of
inquiries of management about the methods of preparing the information and comparing the
information for consistency with management’s responses to our inquiries, the basic financial
statements, and other knowledge we obtained during our audit of the basic financial statements.
We do not express an opinion or provide any assurance on the information because the limited
procedures do not provide us with sufficient evidence to express an opinion or provide any
assurance.
Other Information
Our audit was conducted for the purpose of forming opinions on the financial statements that
collectively comprise the Village’s basic financial statements. The introductory section,
combining and individual fund financial statements and schedules, and statistical section are
presented for purposes of additional analysis and are not a required part of the basic financial
statements.
The combining and individual fund financial statements and schedules are the responsibility of
management and were derived from and relate 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 and certain additional
-- 22 --
GENERAL PURPOSE EXTERNAL
FINANCIAL STATEMENTS
MANAGEMENT'S DISCUSSION AND ANALYSIS
APRIL 30, 2015
_____________________________________________________________________________________________
The Village of Plainfield’s (the "Village") Management Discussion and Analysis (MD&A) is designed to provide an
overview of the Village’s financial position and activity at and for the year ended April 30, 2015. Since the MD&A is
designed to focus on the Village’s current year activities, changes in the Village’s financial position, and to identify any
material deviations from approved budget and financial plans, the information contained within this MD&A should be
considered as a part of a greater whole. Readers of this report should read and evaluate all sections of this report, including
the Notes to the Financial Statements and the Statistical Section that is provided in addition to the MD&A, in order to form
an opinion on the financial position and activities of the Village.
Financial Highlights




The Village’s net position as of April 30, 2015 equaled $354,113,386, a decrease of $8,187,815, or 2.3% over the
April 30, 2014 net position. Of which, the Village’s governmental net position decreased by $7,872,522, or 3.0%,
and the Village’s business-type activities net position decreased by $315,293, or 0.3%.
Total revenues of all governmental activities increased by $552,019, or 1.7%. Total expenses decreased by
$347,201, or 0.8% as compared to fiscal year 2014.
Total revenues of all business-type activity programs increased by $131,748, or 0.9%, while the total expenses
increased by $280,270, or 1.8% as compared to fiscal year 2014.
Governmental Funds reported combined ending fund balances of $19,519,000, an increase of $4,378,333 over the
prior fiscal year.
o Total fund balance for the General Fund was $10,286,247, a decrease of $1,441,717 over fiscal year
2014. This represents 49.5% of General Fund expenditures. $8,322,103 of the General Fund balance is
considered unassigned. This unassigned fund balance represents 40% of General Fund expenditures, a
decrease of $1,518,927 from fiscal year 2014.
o Total fund balance for the Capital Projects Fund was $5,447,573, an increase of $5,042,435 over fiscal
year 2014. The budgets for fiscal years 2011-2014 included funding for the Village’s deficit elimination
plan. Over these years, the Village has eliminated over $10,943,005 in deficit position. In March of 2014,
the Village Board revised its Financial Policies to include the ability to transfer unassigned General Fund
balance in excess of 40% to the Village’s Capital Fund. Fiscal year 2014 eliminated the deficit balance
and resulted in a positive Capital Fund balance of $405,138. Consistent with the Village’s Financial
Policies, fiscal year 2015 reflected a $3,200,000 transfer from the Village’s General Fund to the Capital
Fund.
USING THE FINANCIAL SECTION OF THIS ANNUAL REPORT
The Financial Statements' focus is on both the Village as a whole (government-wide) and on the major individual funds.
Both perspectives (government-wide and major fund) allow the user to address relevant questions, broaden a basis for
comparison (year to year or government to government), and enhance the Village's accountability. The Village’s basic
financial statements are comprised of three components: 1) government-wide financial statements, 2) fund financial
statements, and 3) notes to the financial statements. This report contains other supplementary information in addition to the
basic financial statements.
Government-Wide Financial Statements
The Government-Wide Financial Statements are designed to emulate the corporate sector in that all governmental and
business-type activities are consolidated into columns that add to a total for the Primary Government.
The Statement of Net Position presents information on all of the Village’s assets, deferred outflows of resources, liabilities,
and deferred inflows of resources with the difference between total assets and deferred outflows of resources and total
liabilities and deferred inflows of resources reported as the net position. The "Unrestricted Net Position" is designed to be
similar to bottom line results for the Village’s governmental and business-type activities. This statement combines and
consolidates governmental funds' current financial resources (short-term spendable resources) with capital assets and longterm obligations using the accrual basis of accounting and economic resources measurement focus. Over time, increases or
decreases in net position may serve as a useful indicator of whether or not the financial position of the Village is improving.
(See independent auditor's report)
MD&A 1
MANAGEMENT'S DISCUSSION AND ANALYSIS (Continued)
______________________________________________________________________________
The Statement of Activities presents information showing how the Village’s net position changed during the most recent
fiscal year. This is intended to summarize and simplify the user's analysis of the cost of various government services and/or
subsidy to various business-type activities.
The Governmental Activities reflect the Village's basic services, including police, highways and streets, planning, building,
and administration. Property taxes, sales taxes, local utility taxes, and shared State income taxes finance the majority of
these activities. The Business-Type Activities reflect private sector-type operations (Water and Sewer Fund), where the fee
for service typically covers all or most of the cost of operation, including depreciation.
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 Fund Financial Statements allow the demonstration of sources and uses of funds
and/or the related budgeting compliance. Traditional users of governmental financial statements will find the Fund
Financial Statements presentation more familiar. The focus is on major funds, rather than fund types. All of the funds of
the Village can be divided into three categories: governmental funds, proprietary funds, and fiduciary funds.
Governmental Funds
Governmental funds (see pages 8-12) 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 nearterm inflows and outflows of resources available for spending, as well as on balances of resources available for spending 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. The governmental fund’s Balance Sheet and Statement of Revenues,
Expenditures, and Changes in Fund Balances provide a reconciliation to facilitate this comparison between governmental
funds and governmental activities.
The Village maintains 9 individual governmental funds. Information is presented separately in the Governmental Fund
Balance Sheet and in the Governmental Fund Statement of Revenues, Expenditures, and Changes in Fund Balances for the
General Fund, the Capital Projects Fund, and the Debt Service Fund which are considered to be major funds. Data from the
other 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.
Proprietary Funds
Proprietary fund financial statements (see pages 13-17) provide the same type of information as the government-wide
financial statements, only in more detail. Proprietary funds account for services that are generally fully supported by user
fees charged to customers. The Water and Sewer Fund is considered a major fund of the Village and is presented in a
separate column in the Fund Financial Statements. A more detailed analysis of Water and Sewer Fund activities can be
found on pages 91-98 of this report.
Fiduciary Funds
Fiduciary funds are used to account for resources held for the benefit of parties outside Village government (Police Pension
Fund, see pages 18-19). While these funds represent trust responsibilities of the government, these assets are restricted in
purpose and do not represent discretionary assets of the government. Therefore, these assets are not presented as part of the
Government-Wide Statements.
Notes to the Financial Statements
The notes provide additional information that is essential to obtaining a full understanding of the data provided in the
government-wide and fund financial statements. Notes to the Financial Statements can be found on pages 20-54 of this
report.
MD&A 2
______________________________________________________________________________
Other Information
In addition to the basic financial statements and accompanying notes, this report also presents certain required
supplementary information including the general fund budgetary schedules and data concerning the Village’s progress in
funding its obligation to provide pension and other postemployment benefits to its employees. Required supplementary
information can be found on pages 55-64 of this report.
Other Supplementary Information
In addition to the basic financial statements and accompanying notes, this report also presents combining and individual
fund financial statements and schedules for each of the Village’s funds, as well as supplemental schedules and historical
statistical data, which are presented on pages 65-139 of this report.
GOVERNMENT-WIDE STATEMENT
Statement of Net Position
Net position may serve over time as a useful indicator of a government's financial position. In the case of the Village of
Plainfield, assets exceeded liabilities by $354,113,386 as of April 30, 2015 and $362,301,201 as of April 30, 2014. This
amount reflects a decrease of $8,187,815 in total net position as compared to the year ended April 30, 2014. For more
detailed information see the Statement of Net Position (page 4). The following table reflects the condensed Statement of
Net Position:
Table 1: Statement of Net Position as of April 30, 2015 and April 30, 2014
Governmental Activities
Business-Type Activities
Total Primary Government
2015
2014
2015
2014
2015
2014
Current Assets
$ 30,851,284
$ 26,499,070
$ 15,927,435
$ 15,167,007
$ 46,778,719
$ 41,666,077
Noncurrent Assets
$ 262,323,900
$ 276,574,529
$ 109,377,296
$ 112,366,723
$ 371,701,196
$ 388,941,252
Total Assets $ 293,175,184
$ 303,073,599
$ 125,304,731
$ 127,533,730
$ 418,479,915
$ 430,607,329
$
$
$
$
$
Assets
Deferred O utflows of Resources
Unamortized loss on refundings
$ 2,000,102
Total Assets and Deferred
O utflows of Resources $ 295,175,286
1,153,068
2,683,624
852,645
4,683,726
2,005,713
$ 304,226,667
$ 127,988,355
$ 128,386,375
$ 423,163,641
$ 432,613,042
$
$
$
$
$
Liabilities
Current Liabilities
$
Long-T erm Liabilities
$ 29,253,386
3,444,555
$ 30,309,145
3,677,201
$ 28,158,310
1,697,442
$ 28,117,079
1,821,400
$ 57,411,696
5,141,997
$ 58,426,224
5,498,601
Total Liabilities $ 32,697,941
$ 33,986,346
$ 29,855,752
$ 29,938,479
$ 62,553,693
$ 63,924,825
$
$
$
$
$
Deferred Inflows of Resources
Unavailable property tax
$
6,496,562
Total Liabilities and Deferred
Inflows of Resources $ 39,194,503
6,387,016
-
-
6,496,562
6,387,016
$ 40,373,362
$ 29,855,752
$ 29,938,479
$ 69,050,255
$ 70,311,841
Net Position:
Net Investmant in Capital Assets
$ 236,161,456
$ 248,456,183
$ 83,998,867
$ 85,192,902
$ 320,160,323
$ 333,649,085
Restricted
$
$
$
$
$
$
Unrestricted
$ 16,035,847
$ 12,390,475
$ 12,027,445
$ 12,652,914
$ 28,063,292
$ 25,043,389
Total Net Position $ 255,980,783
$ 263,853,305
$ 98,132,603
$ 98,447,896
$ 354,113,386
$ 362,301,201
3,783,480
3,006,647
2,106,291
602,080
5,889,771
3,608,727
The largest portion of the Village’s total net position (90%) reflects its investment in capital assets (land and improvements,
building, machinery, vehicles, equipment and infrastructure), less any related debt still outstanding. 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.
A small portion of the Village’s total net position (1.7%) represents resources that are subject to restrictions on how they
may be used. The remaining balance of unrestricted net position of $28,063,292 may be used to meet the Village’s ongoing
obligations. Of this amount, $16,035,847 represents the governmental activities portion and $12,027,445 is available for
the Village’s business-type activities (water and sewer operations).
MD&A 3
______________________________________________________________________________
Current Year Impacts
The Village of Plainfield’s April 30, 2015 General Fund reflects a positive fund balance of $10,286,247, reflecting a
decrease of fund balance of $1,441,717 from the 2014 fiscal year. The 2015 total combined General Fund balance
represents 49.5% of General Fund expenditures. Total General Fund unassigned fund balance represents 40% of General
Fund expenditures or $8,322,103. The Village’s Capital Projects fund balance improved its fund balance by $5,042,435
resulting in a positive fund balance of $5,447,573 as of April 30, 2015. The Village’s overall combined fund balance is
$19,519,000, an increase of $4,378,333 from fiscal year 2014.
Changes in Net Position
The following table provides detail of the change in the Village’s net position during the year ended April 30, 2015
compared to the year ended April 30, 2014. 2015 Governmental activities decreased the Village’s net position by
$7,872,522 and business-type activities decreased the Village’s net position by $315,293.
Table 2: Changes in Net Position for the Fiscal Years Ended April 30, 2015 and April 30, 2014
2015
2014
2015
2014
2015
2014
Revenues
Program Revenues
Charges for Services
$
7,092,515
$
6,979,352
$ 13,407,793
$ 13,361,542
$ 20,500,308
$ 20,340,894
Operating Grants & Contributions $
1,492,593
$
1,386,766
$
-
$
-
$
1,492,593
$
1,386,766
$
44,267
$
118,359
$
-
$
-
$
44,267
$
118,359
Property T axes
$
6,538,805
$
6,352,505
$
-
$
-
$
6,538,805
$
6,352,505
Other T axes
$ 16,927,385
$ 16,694,559
$ 1,643,244
$ 1,630,710
$ 18,570,629
$ 18,325,269
Other Revenues and T ransfers
$
$
$
$
$
$
Capital Grants & Contributions
General Revenues
Total Revenues
575,147
587,152
147,420
74,457
722,567
661,609
$ 32,670,712
$ 32,118,693
$ 15,198,457
$ 15,066,709
$ 47,869,169
$ 47,185,402
General Government
$
$
4,437,507
$
-
$
-
$
$
Public Safety
$ 11,778,078
$ 11,321,562
$
-
$
-
$ 11,778,078
$ 11,321,562
Highways and Streets
$ 23,731,474
$ 23,977,254
$
-
$
-
$ 23,731,474
$ 23,977,254
Interest
$
1,059,100
$
1,154,112
$
-
$
-
$
$
Water and Sewer
$
-
$
-
$ 15,513,750
$ 15,233,480
$ 15,513,750
$ 15,233,480
Total Expenses
$ 40,543,234
$ 40,890,435
$ 15,513,750
$ 15,233,480
$ 56,056,984
$ 56,123,915
Expenses
3,974,582
Change in Net Position
$ (7,872,522) $ (8,771,742)
$
Ending Net Position
$ 255,980,783
$ 98,132,603
$ 263,853,305
(315,293) $
(166,771)
$ 98,447,896
3,974,582
1,059,100
4,437,507
1,154,112
$ (8,187,815) $ (8,938,513)
$ 354,113,386
$ 362,301,201
Depreciation was a primary factor of the decrease in net position for the governmental activities. Highway and Streets
expenses of $23,731,474 include depreciation expenses of $14,410,173.
MD&A 4
______________________________________________________________________________
Normal Impacts – There are eight basic impacts on revenues and expenses as reflected below:
Revenues:
Economic Condition - can reflect a declining, stable, or growing economic environment and can have an impact on
state income, sales, and utility tax revenue as well as public spending habits for consumers and builders/developers.
Increase/Decrease in Village-Approved Rates - while certain tax rates are set by statute, the Village Board has
authority to impose and increase/decrease rates (water, sewer, impact fees, connection fees, building permit fees,
home rule sales tax, utility tax etc.)
Changing Patterns in Intergovernmental and Grant Revenue (both recurring and nonrecurring) – certain
recurring revenues (State-shared revenues: sales, income, use etc.) may experience changes periodically, while
nonrecurring (or one-time) grants are less predictable and often distort their impact on year-to-year comparisons.
Market Impacts on Investment Income - the Village's investment portfolio is managed using a similar average
maturity to most governments. Market conditions may cause investment income to fluctuate.
Expenses:
Introduction/Modifications of New/Existing Programs - within the functional expense categories (General
Government, Public Safety, and Highways and Streets, etc.), individual programs may be added, modified or deleted
to meet changing community needs.
Changes in Authorized Personnel - changes in service demands may cause the Village Board to increase/decrease
authorized staffing. Staffing costs (salary and related benefits) represent 66% of the Village's General Fund and
16.5% of the Water and Sewer Fund operating costs.
Changes in Salary and/or benefits (annual adjustments and merit) - the ability to attract and retain human and
intellectual resources requires the Village to strive to position themselves with competitive salary and benefits in the
marketplace. In addition, reductions or freezes in salary and changes to benefits can also impact overall expenses.
Inflation - while overall inflation appears to be reasonably modest, the Village is a major consumer of certain
commodities such as supplies, fuels, and parts, particularly in years of significant construction activity. Some
functions may experience unusual commodity-specific increases.
Current Year Impacts – Governmental Activities Revenues
MD&A 5
______________________________________________________________________________
For the fiscal year ended April 30, 2015, revenues from Governmental Activities totaled $32,670,712, an increase of
$552,019, or 1.7% from fiscal year 2014. Sales and Use Tax were the Village's largest revenue source at $9,129,323,
representing 27.9% of the total Governmental Activity revenue. Charges for Services were the Village's second largest
revenue source at $7,092,515, representing 21.7%. The primary Charges for Services revenues include refuse fees
($3,587,793), licenses and permit revenues ($976,464), and franchise fees ($705,592). Property and Replacement Taxes
represent $6,538,805 or 20% of the total Governmental Activity revenue. Development activity has shown a slight
increase in 2015. During the fiscal year, 172 single family building permits were issued for new construction within the
Village. During fiscal year 2014, 146 single family building permits were issued and 112 in 2013. Compared to fiscal
years 2008 and 2007, 298 and 797 single family building permits were issued respectively.
The Village’s property tax revenues increased from $6,352,505 in fiscal year 2014 to $6,538,805 in fiscal year 2015. The
Equalized Assessed Valuation (EAV) of the Village decreased from $1,178,610,057 in calendar year 2012 to
$1,149,746,660 in calendar year 2013, representing $28,863,397 or 2.4%.
The Village’s state-shared revenues of sales, income, and use tax increased this fiscal year by $275,041. Details of the
Village’s portion of State-Shared Taxes are as follows:
S tate-S hared Tax
Fiscal Year
2014
Fiscal Year
2015
Increase /
(Decrease)
Sales Tax
State Income Tax
Use Tax
4,892,203
3,857,016
694,432
5,025,975
3,876,349
816,368
133,772
19,333
121,936
Total
9,443,651
9,718,692
275,041
MD&A 6
______________________________________________________________________________
Current Year Impacts – Governmental Activities Expenses
For the fiscal year ended April 30, 2015, expenses from Governmental Activities totaled $40,543,234, a decrease of
$347,201over fiscal year 2014. In comparison, expenses from Governmental Activities in fiscal year 2014 increased by
$2,965,877. In fiscal year 2013, expenses decreased by $1,033,409.
For the fiscal year ended April 30, 2015, Highways and Streets represented 58.5% of expenditures or $23,731,474.
Included in this figure is depreciation expense of $14,410,173. Some of the Village’s capital expenditures include
$1,350,118 for roadway improvements, $306,148 for sidewalk, curb replacement and pedestrian crossings, $329,529 for
machinery and equipment for the Police and Public Works Departments, and $246,357 for tree removal due to the emerald
ash borer.
MD&A 7
______________________________________________________________________________
Current Year Impacts – Business Type Activities Revenues
The Village’s business-type activities are those that the Village charges a fee to customers to help cover all or most of the
cost of the services it provides. The Village’s net position for its business-type activities decreased in the amount of
$315,293 to $98,132,603 (see Table 2 – MD&A page 4).
Total revenue for the Village’s business-type activities increased by $130,852; from $15,557,457 in fiscal year 2014 to
$15,688,309 in fiscal year 2015. Charges for Services revenues for fiscal year end 2015 totaled $13,407,793, an increase of
$46,251. The increase primarily relates to stable water demand. The Village has contracted with Illinois American Water to
supply drinking water from the City of Chicago to the Village via Illinois American’s pipeline. In November of 2014, the
Village implemented a three-year utility rate increase schedule due to a 25% rate increase from the City of Chicago passed
along to the Village in 2012. The first year of the rate increase took effect in February of 2015.
Current Year Impacts – Business Type Activities Expenses
Operating expenses from all Business-Type Activities increased by $280,270 or 1.8%. Lake Michigan water purchase
accounted for $504,636 in additional expenses. Depreciation expenses for the water and sewer system remained relatively
flat, increasing by $7,457 to $3,034,713 for fiscal year 2015.
FINANCIAL ANALYSIS OF THE VILLAGE’S FUNDS
Governmental Funds
The focus of the Village’s governmental funds is to provide information on near-term inflows, outflows and balances of
spendable resources. Such information is useful in assessing the Village’s financing requirements. In particular,
unassigned fund balance may serve as the useful measure of a government’s net resources available for spending at the end
of the fiscal year. At April 30, 2015 the Governmental Funds (as presented on page 11) reported a combined fund balance
of $19,519,000 which is an increase from the beginning of the year balance of $15,140,667. Of the total fund balance,
$8,322,103 is unassigned within the Village’s General Fund, indicating availability of use for continuing Village services.
Non-spendable, restricted or assigned fund balance of $11,196,897 includes $2,690,722 for street maintenance, $1,158,291
for healthcare, $669,986 for long-term receivables as required by generally accepted accounting principles, $986,104 for
economic development, $5,447,573 for capital projects, and smaller statutory restrictions for prepaid items, audit, public
safety, liability insurance, and debt service.
The General Fund is the Village’s primary operating fund and the largest source of day-to-day service delivery. Total
General Fund balance decreased by $1,441,717 from fiscal year 2014. Total General Fund revenues increased $478,712 in
fiscal year 2015. General Fund expenditures increased by $749,852 from the prior year. The primary reason for the
increased expenses in 2015 relates to the additional transfer from the General Fund to the Capital Fund, additional asset
seizure expenses (which is offset by additional revenues), as well as an increase in salaries in the General Fund.
MD&A 8
______________________________________________________________________________
GENERAL FUND BUDGETARY HIGHLIGHTS
Table 3: General Fund Budgetary Highlights
Original
Budget
Final Budget
$ 21,393,318
$ 21,658,318
$ 21,393,318
$ 21,658,318
$
$
22,565,924
20,772,641
$
(265,000)
$
(265,000)
$
1,793,283
Other Financing Sources
(Uses)
$
265,000
$
265,000
$
(3,235,000)
Net Changes in Fund Balance
$
-
$
-
$
(1,441,717)
Revenues
Expenditures
Excess of Revenues over
Expenditures
Actual
General Fund actual revenues were $1,172,606 more than the budgeted amount. This amount is primarily related to higher
intergovernmental revenues (sales, use, income tax) of $1,048,846 then what was budgeted. In addition, actual license and
permit revenues were $320,664 higher than anticipated. Charges for Services also exceeded budget by $279,620. Other
financing sources listed in the above table include a transfer out to the Village’s Capital Fund of $3,200,000 per the
Village’s Financial Policies. In March of 2014, the Village Board revised its Financial Policies to include the ability to
transfer unassigned General Fund balance in excess of 40% to the Village’s Capital Fund.
Proprietary Funds
At April 30, 2015 the Proprietary Funds total net position decreased by $315,293. There were no contributions of
infrastructure in fiscal years 2015 or 2014. Contributions of infrastructure totaled $2,145,000 in fiscal year 2013, compared
to $372,147 in fiscal year 2011 and $90,791 in fiscal year 2012.
The Village’s Water and Sewer Accounts recorded an operating loss of $1,001,463 in fiscal year 2015 (page 93). Fiscal
year 2014 reported an operating loss of $570,977. The 2015 loss was directly attributable to water and sewer infrastructure
depreciation expenses of $3,034,713.
CAPITAL ASSETS
The Village’s investment in capital assets for its Governmental and Business-Type Activities as of April 30, 2015, amounts
to $371,701,196. The investment in capital assets includes land, buildings, equipment, improvements other than buildings,
underground sewer and water systems, infrastructure, and construction in progress. This amount represents a net decrease
(including additions and deductions) of $17,240,056. The Governmental Activities net capital assets decreased by
$14,250,629. The Business-Type Activities net capital assets decreased by $2,989,427. Detailed information regarding the
change in capital assets for Governmental and Business-Type Activities is included in the Notes to the Financial Statements
on pages 29-31.
Table 4: Total Capital Assets (Net of Depreciation)
2015
2014
Land and Right of Way
$ 99,620,465
$ 99,620,465
$
Buildings
$ 22,714,547
$ 23,139,349
Machinery and Equipment
$
980,703
$
756,631
Water & Sewer System
$
-
$
-
Infrastructure
$ 134,917,352
Construction in progress
$
Total Capital Assets
$ 262,323,900
4,090,833
2015
2014
2015
2014
3,043,544
$ 102,664,009
$ 102,664,009
$ 12,742,844
$ 13,091,806
$ 35,457,391
$ 36,231,155
$
$
$
$
3,043,544
118,966
$
102,709
1,099,669
859,340
$ 93,286,994
$ 95,943,716
$ 93,286,994
$ 95,943,716
$ 149,046,788
$
-
$
-
$ 134,917,352
$ 149,046,788
$
$
184,948
$
184,948
$
$
4,011,296
$ 276,574,529
$ 109,377,296
$ 112,366,723
MD&A 9
4,275,781
$ 371,701,196
4,196,244
$ 388,941,252
______________________________________________________________________________
DEBT OUTSTANDING
As of April 30, 2015, the Village has eight general obligation bond series, one Illinois EPA low interest loan, and two
revenue bond series outstanding. At April 30, 2015, $35.150 million in general obligation bonds, $2.795 million in Illinois
EPA loans, and $15.595 million in revenue bonds are outstanding. In addition, by continuing to monitor bond market
conditions, the Village has been able to achieve cost savings in excess of $3.6 million the past 10 years through
refunding/refinancing existing debt. Maturity dates and par amounts continue to remain the same on these refunding issues.
State statutes that limit the amount of general obligation debt a government entity has outstanding does not apply to home
rule municipalities. The Village of Plainfield was certified a home rule unit in fiscal year 2006.
Debt ratings indicate the confidence of the rating agency in the Village’s continued financial operations and abilities to
meet its ongoing obligations. In December of 2013, the Village refunded the Series 2004 bonds for net present value cash
flow savings of approximately $754,000. Upon their review of the refunding, S&P upgraded the Village's AA debt rating to
AA+. S&P noted very strong budgetary flexibility and performance, strong management with good financial policies and
practices as key factors of the upgrade. S & P also noted, "The stable outlook reflects our view of the Village's strong
economy and our anticipation that the Village will maintain very strong budgetary flexibility and liquidity."
In July of 2015, Moody’s, as part of their annual review process, noticed positive trends in the Village’s finances. Upon
completion of their analysis, Moody’s upgraded the Village’s rating from Aa2 to Aa1. In summary, Moody states that the
rating, “reflects the Village’s healthy financial operations and ample reserves supported by strong management and long
term fiscal planning”.
The following charts depict a comparison of the debt ratings used and issued by Moody’s and Standard and Poor’s (S&P)
for both the Village’s General Obligation and Water and Sewer Revenue Bonds:
Comparison of Ratings Used by Moody's
and Standard and Poor's (S&P)
Moody's
Aaa
Aa1
Aa2 *
Aa3 **
A1
A2
A3
Baa1
Baa2
Baa3
S&P
AAA
AA+
AA
AAA+
A
ABBB+
BBB
BBB-
***
Village of Plainfield's Debt Rating is Highlighted.
The Village holds both General Obligation Bonds and Water &
Sewer System Revenue Bonds
*Water & Sewer 1st lien revenue bond
**Water & Sewer 2nd lien revenue bond
*** S&P rated all of the Village's debt the same
Additional information of the Village’s long-term debt can be found in the Notes to the Financial Statements (pages 32-37).
MD&A 10
______________________________________________________________________________
ECONOMIC FACTORS
According to the Metropolitan Mayors Caucus, “Plainfield is an upscale southwest suburban community that has reached a
key transition point in its history. Formerly a small farming community as late as 1990, it has seen its population skyrocket
from about 4,500 in 1990 to 39,581 in 2010 as numerous family farms were converted into large housing subdivisions.
Thanks to careful planning, the Village’s infrastructure has, to a large degree, been able to keep up with the growth.”
Although currently growing at a slower pace, the population of the Village of Plainfield has increased rapidly over the past
20 years bringing an influx of new residents and consumers to the Village.
Data Sources:

1990 - U.S. Census 


2003 - Village of Plainfield Special Census 




2014 – ESTIMATE - U.S. Census 
The challenge now before the Village, given the current economic situation, is to be able to position itself to provide a
sustainable community that promotes a quality of life that attracts residents, commercial developments and visitors alike.
Based on information from the Illinois Department of Employment Security, the 2014 average unemployment for the
Village of Plainfield was 6.4%, which favorably compares to Will County’s rate of 7.4% and the State of Illinois rate of
7.1%. As of July 2015, the average unemployment for the Village was 5.8%, which still favorably compares to Will
County’s rate of 6.1% and the State of Illinois rate of 5.9%. The national average unemployment rate for July 2015 was
5.6%.
Information from the US Census Bureau via the 2000 Census and the 2009-2013 American Community Survey lists the
following comparable data for the Village of Plainfield, Will County, Illinois and the United States:
Plainfield
Median value
of owneroccupied
housing units
Illinois
USA
2000
2009-2013
2000
2009-2013
2000
2009-2013
2000
2009-2013
$198,300
$295,300
$154,300
$219,400
$130,800
$182,300
$119,600
$176,700
Plainfield
Median
household
income
Will County
Will County
Illinois
USA
2000
2009-2013
2000
2009-2013
2000
2009-2013
2000
2009-2013
$80,799
$108,928
$62,238
$76,147
$46,590
$56,797
$41,994
$64,719
Per the data above, the median value of owner-occupied housing units increased an estimated 49% for the Village within
approximately the past 13 years. In addition, the median household income increased by 35% during the same timeframe.
MD&A 11
______________________________________________________________________________
Although the Village experienced stability in its revenues last fiscal year, the Village continues to remain cautious in
revenue sources such as income tax, use tax, sales and property taxes. Based on these uncertainties, the 2016 budget was
again developed on a conservative basis. Continued cost containments across all departments enabled the Village to
approve a balanced 2016 budget, with the main principle of providing quality services in an efficient and cost-effective
manner. The 2016 budget anticipates a stable housing market, and continues to be conservative in regards to revenue
projections, reflecting a decline in state shared revenues (due to the uncertainty of the State of Illinois), and level property
taxes. The Capital Fund includes minimal capital improvements again in fiscal year 2015, including $1 million for the
Village’s roadway maintenance program, engineering design work, improving pedestrian access through bike paths and
sidewalks, and continued funding for the Village-wide emerald ash borer issue. The Village’s Motor Fuel Tax Fund
includes an additional $1 million for the Village’s roadway maintenance program. The 2011-2014 fiscal year budgets
included funding for the Village’s deficit elimination plan. Through this plan, the Village has eliminated over $10,943,005
in deficit position. As the 2014 fiscal year provided the elimination of the Capital Fund deficit balance and an ending fund
balance of $405,138, the 2015 fiscal year concluded with an ending Capital Fund balance of $5,447,573. Fiscal year 2016
includes a fund balance replacement plan of $557,750, which will continue to help the Village position for future capital
infrastructure needs.
State revenues combined (sales, income and use tax) continue to represent the largest portion of the General Fund revenues
at 43%. Fiscal year 2015 reflected an increase in sales tax revenue of 3%, while fiscal year 2014 also increased by 3%.
The Village continues to remain uncertain regarding the State’s proposal to reduce the local government’s share of income
tax revenues. State revenues will continue to be monitored closely in the 2016 fiscal year and forward.
Property tax revenues represent approximately 23% of the overall General Fund revenues. The Village's composition is
primarily residential with smaller commercial and industrial components. Although home values seem to have stabilized,
the Village will continue closely monitor the housing market for the current year budget and future fiscal year budget
projections.
CONTACTING THE VILLAGE'S FINANCIAL MANAGEMENT
This financial report is designed to provide our citizens, customers, investors, and creditors with a general overview of the
Village's finances and to demonstrate the Village's accountability for the money it receives. Questions concerning this
report or requests for additional financial information should be directed to Traci Pleckham, Director of Management
Services, Village of Plainfield, 24401 West Lockport Street, Plainfield, Illinois 60544.
MD&A 12
STATEMENT OF NET POSITION
April 30, 2015
Primary Government
Governmental Business-Type
Activities
Activities
ASSETS
Cash and investments
Receivables (net, where applicable, of
allowances for uncollectibles)
Property taxes
Sales tax
Income tax
Utility/telecommunications taxes
Allotments
Grants
Interest
Other
Prepaid expenses
Deposits
Land held for resale
Net pension asset
Capital assets
Nondepreciable
Depreciable, net of accumulated depreciation
$
17,005,310
$
13,473,905
$
Total
30,479,215
6,496,562
2,125,534
638,725
378,731
92,057
6,309
3,214
979,196
135,867
1,156,534
108,000
1,725,245
367,172
11,067
1,851,140
17,167
206,984
-
6,496,562
2,492,706
638,725
378,731
92,057
6,309
14,281
2,830,336
153,034
1,363,518
108,000
1,725,245
103,711,298
158,612,602
3,228,492
106,148,804
106,939,790
264,761,406
293,175,184
125,304,731
418,479,915
DEFERRED OUTFLOWS OF RESOURCES
2,000,102
2,683,624
4,683,726
Total deferred outflows of resources
2,000,102
2,683,624
4,683,726
295,175,286
127,988,355
423,163,641
Total assets
Total assets and deferred outflows of resources
(This statement is continued on the following page.)
-4-
STATEMENT OF NET POSITION (Continued)
April 30, 2015
Primary Government
Activities
Activities
LIABILITIES
Accounts payable
Accrued payroll
Deposits payable
Accrued interest payable
Other accrued liabilities
Unearned revenue
Noncurrent liabilities
Due within one year
Due in more than one year
Total liabilities
DEFERRED INFLOWS OF RESOURCES
Deferred property tax
$
2,183,919
316,643
15,392
334,078
61,976
532,547
$
1,321,435
46,722
1,799
327,486
-
$
Total
3,505,354
363,365
17,191
661,564
61,976
532,547
2,951,433
26,301,953
2,197,125
25,961,185
5,148,558
52,263,138
32,697,941
29,855,752
62,553,693
6,496,562
-
6,496,562
Total deferred inflows of resources
6,496,562
-
6,496,562
Total liabilities and deferred inflows
of resources
39,194,503
29,855,752
69,050,255
236,161,456
83,998,867
320,160,323
2,690,722
32,058
3,970
70,626
986,104
16,035,847
2,106,291
12,027,445
2,690,722
32,058
2,106,291
3,970
70,626
986,104
28,063,292
98,132,603
$ 354,113,386
NET POSITION
Net investment in capital assets
Restricted for
Street maintenance
Public safety
Debt service
Audit
Liability insurance
Economic development
Unrestricted
TOTAL NET POSITION
$ 255,980,783
$
See accompanying notes to financial statements.
-5-
STATEMENT OF ACTIVITIES
For the Year Ended April 30, 2015
FUNCTIONS/PROGRAMS
PRIMARY GOVERNMENT
General government
Public safety
Highways and streets
Interest
Total governmental activities
Water and sewer
Total business-type activities
TOTAL PRIMARY GOVERNMENT
Expenses
$
3,974,582
11,778,078
23,731,474
1,059,100
Program Revenues
Operating
Capital
Charges
Grants and
Grants and
for Services Contributions Contributions
$
5,472,089
1,611,233
9,193
-
$
23,407
72,638
1,396,548
-
$
1,492,593
9,858
34,409
-
40,543,234
7,092,515
15,513,750
13,407,793
-
-
15,513,750
13,407,793
-
-
$ 56,056,984
$ 20,500,308
$
1,492,593
44,267
$
44,267
Transfers
CHANGE IN NE
NET POSITION,
NET POSITION
-6-
Net (Expense) Revenue and Change in Net Position
Primary Government
Activities
Activities
Total
$
General Revenues
Taxes
Property and replacement
Home rule sales
Utility/telecommunications
Local motor fuel
Other
Sales and use tax
Income tax
Investment income
Miscellaneous
Transfers
Total
1,520,914 $
(10,084,349)
(22,291,324)
(1,059,100)
-
(31,913,859)
-
NET POSITION, MAY 1
(31,913,859)
(2,105,957)
(2,105,957)
-
(2,105,957)
(2,105,957)
(31,913,859)
(2,105,957)
(34,019,816)
6,538,805
3,286,980
3,107,995
813,718
8,250
5,842,343
3,876,349
(120,582)
197,627
489,852
1,643,244
141
637,131
(489,852)
6,538,805
4,930,224
3,107,995
813,718
8,250
5,842,343
3,876,349
(120,441)
834,758
-
1,790,664
(7,872,522)
(315,293)
263,853,305
NET POSITION, APRIL 30
1,520,914
(10,084,349)
(22,291,324)
(1,059,100)
-
24,041,337
CHANGE IN NET POSITION
$
$ 255,980,783
$
25,832,001
(8,187,815)
98,447,896
362,301,201
98,132,603
$ 354,113,386
-7-
BALANCE SHEET
GOVERNMENTAL FUNDS
April 30, 2015
Capital
Projects
General
Debt
Service
Nonmajor
Total
Governmental Governmental
Funds
Funds
ASSETS AND DEFERRED
OUTFLOWS OF RESOURCES
ASSETS
Receivables (net, where applicable,
of allowances for uncollectibles)
Property taxes
Sales tax
Income tax
Utility tax
Allotments
Grants
Interest
Other
Prepaid items
Deposits
Total assets
None
TOTAL ASSETS AND DEFERRED
$
8,122,455
$
5,182,324
$
1,700
$
3,698,831
$ 17,005,310
5,079,665
1,391,081
638,725
6,309
3,214
974,286
135,867
1,156,534
-
734,453
378,731
3,241
-
112,657
-
1,304,240
92,057
1,669
108,000
6,496,562
2,125,534
638,725
378,731
92,057
6,309
3,214
979,196
135,867
1,156,534
108,000
17,508,136
6,298,749
114,357
5,204,797
29,126,039
-
$ 17,508,136
-
$
6,298,749
-
$
114,357
-8-
-
$
5,204,797
-
$ 29,126,039
BALANCE SHEET (Continued)
GOVERNMENTAL FUNDS
April 30, 2015
Capital
Projects
General
Debt
Service
Nonmajor
Total
Funds
Funds
LIABILITIES, DEFERRED INFLOWS
OF RESOURCES, AND FUND BALANCES
LIABILITIES
Accounts payable
Accrued payroll
Impact fee
Recapture fee
Unearned revenue
Developer deposit
$
Total liabilities
1,703,393
316,643
46,703
60,093
15,392
$
2,142,224
363,449
15,273
472,454
-
$
-
851,176
$
-
117,077
-
$
2,183,919
316,643
46,703
15,273
532,547
15,392
117,077
3,110,477
Unavailable property tax revenue
5,079,665
-
112,657
1,304,240
6,496,562
Total deferred inflows of resources
5,079,665
-
112,657
1,304,240
6,496,562
Total liabilities and deferred inflows
of resources
7,221,889
112,657
1,421,317
9,607,039
FUND BALANCES
Nonspendable
Long-term receivables
Prepaid items
Restricted
Street maintenance
Public safety
Audit
Liability insurance
Unrestricted
Assigned
Capital projects
Debt service
Insurance
Unassigned
851,176
669,986
135,867
-
Total fund balances
TOTAL LIABILITIES, DEFERRED INFLOWS
-
-
-
-
1,158,291
8,322,103
5,447,573
-
1,700
-
10,286,247
5,447,573
1,700
$ 17,508,136
$
6,298,749
$
114,357
-9-
2,690,722
32,058
3,970
70,626
986,104
-
$
669,986
135,867
2,690,722
32,058
3,970
70,626
986,104
5,447,573
1,700
1,158,291
8,322,103
3,783,480
19,519,000
5,204,797
$ 29,126,039
RECONCILIATION OF FUND BALANCES OF GOVERNMENTAL FUNDS TO THE
GOVERNMENTAL ACTIVITIES IN THE STATEMENT OF NET POSITION
April 30, 2015
FUND BALANCES OF GOVERNMENTAL FUNDS
$ 19,519,000
Amounts reported for governmental activities in the
statement of net position are different because:
Capital assets used in governmental activities are
not financial resources and, therefore, are not
reported in the governmental funds
Bond premiums/discounts on bonds are expensed in governmental
funds but capitalized and amortized in the statement of net position
Unamortized bond premium
Unamortized loss on refunding
Interest payable is not due and payable in the current period
and, therefore, is not reported in the governmental funds
Net pension assets are not recorded in governmental
funds but are recorded on the statement of net position
Long-term liabilities, including bonds payable, are
not due and payable in the current period and,
therefore, are not reported in the governmental funds
General obligation bonds
Compensated absences payable
Net other postemployment benefit obligation
NET POSITION OF GOVERNMENTAL ACTIVITIES
- 10 -
262,323,900
(1,287,546)
2,000,102
(334,078)
1,725,245
(26,875,000)
(941,081)
(149,759)
$ 255,980,783
STATEMENT OF REVENUES, EXPENDITURES,
AND CHANGES IN FUND BALANCES
GOVERNMENTAL FUNDS
Capital
Projects
General
REVENUES
Taxes
Licenses and permits
Intergovernmental
Charges for services
Fines and forfeits
Investment income
Miscellaneous
$
Total revenues
EXPENDITURES
Current
General government
Public safety
Capital outlay
Debt service
Principal retirement
Interest and fiscal charges
6,064,781 $
976,464
9,769,446
4,923,326
791,198
(122,954)
163,663
22,565,924
6,891,325
3,364,275
10,903,337
6,505,029
-
3,048,345
-
Total expenditures
3,286,980
3,142,404
9,193
292,870
345
159,533
Debt
Service
$
112,333
162
-
Nonmajor
Total
Funds
Funds
$
112,495
-
-
2,085,000
1,138,302
1,183,658
1,396,548
10,161
1,865
18,884
$ 10,647,752
976,464
14,308,398
4,932,519
1,094,229
(120,582)
342,080
2,611,116
32,180,860
313,100
363,590
692,593
-
3,677,375
11,266,927
7,197,622
3,048,345
-
2,085,000
1,138,302
20,772,641
3,048,345
3,223,302
1,369,283
28,413,571
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES
1,793,283
3,842,980
(3,110,807)
1,241,833
3,767,289
OTHER FINANCING SOURCES (USES)
Transfers in
Transfers (out)
Refunding bonds issued
Premium on refunding bonds
Payment to escrow agent
60,000
(3,295,000)
-
3,700,000
(2,500,545)
-
2,990,397
9,665,000
331,514
(9,875,322)
95,000
(560,000)
-
(3,235,000)
1,199,455
3,111,589
(465,000)
NET CHANGE IN FUND BALANCES
(1,441,717)
5,042,435
782
776,833
4,378,333
FUND BALANCES, MAY 1
11,727,964
405,138
918
3,006,647
15,140,667
3,783,480
$ 19,519,000
Total other financing sources (uses)
FUND BALANCES, APRIL 30
$ 10,286,247
$
5,447,573
$
1,700
- 11 -
$
6,845,397
(6,355,545)
9,665,000
331,514
(9,875,322)
611,044
RECONCILIATION OF THE GOVERNMENTAL FUNDS STATEMENT OF REVENUES,
EXPENDITURES, AND CHANGES IN FUND BALANCES TO THE
GOVERNMENTAL ACTIVITIES IN THE STATEMENT OF ACTIVITIES
NET CHANGE IN FUND BALANCES TOTAL GOVERNMENTAL FUNDS
$
4,378,333
Amounts reported for governmental activities in the statement of
activities are different because:
Governmental funds report capital outlay as expenditures; however,
they are capitalized and depreciated in the statement of activities
1,050,052
The issuance of long-term debt are shown on the fund financial statements
as other financing sources but are recorded as long-term liabilities
on the government-wide statements
(9,665,000)
The repayment of the principal portion long-term debt is reported as an
expenditure when due in governmental funds but as a reduction of
principal outstanding in the statement of activities:
Principal on bonds
10,775,000
Governmental funds report the effect of premiums, discounts, and similar
items when debt is first issued, whereas these amounts are deferred and
amortized in the statement of activities
Some expenses in the statement of activities do not require the use of
current financial resources and, therefore, are not reported as
expenditures in governmental funds:
Depreciation
Change in net pension asset
Change in net other postemployment benefit obligation
Change in compensated absences
Change in accrued interest payable
CHANGE IN NET POSITION OF GOVERNMENTAL ACTIVITIES
- 12 -
845,902
(15,300,681)
9,873
(54,411)
1,302
87,108
$ (7,872,522)
STATEMENT OF NET POSITION
PROPRIETARY FUND
April 30, 2015
Water and
Sewer
CURRENT ASSETS
Receivables
Accounts
Sales tax
Interest
Prepaid expenses
Total current assets
CAPITAL ASSETS
Nondepreciable
Depreciable, net of accumulated depreciation
Total capital assets
OTHER ASSETS
Deposits
$ 13,473,905
1,851,140
367,172
11,067
17,167
15,720,451
3,228,492
106,148,804
109,377,296
206,984
Total other assets
Total assets
206,984
125,304,731
DEFERRED OUTFLOW OF RESOURCES
Total deferred outflow of resources
Total assets and deferred outflow of resources
- 13 -
2,683,624
2,683,624
127,988,355
STATEMENT OF NET POSITION (Continued)
PROPRIETARY FUND
April 30, 2015
Water and
Sewer
CURRENT LIABILITIES
Accounts payable
Accrued payroll
Accrued interest
Illinois EPA loan
Bonds payable
Developer deposit
Total current liabilities
$
1,321,435
46,722
327,486
83,580
153,545
1,960,000
1,799
3,894,567
LONG-TERM LIABILITIES
Illinois EPA loan
Bonds payable
12,677
2,641,714
23,306,794
Total long-term liabilities
25,961,185
Total liabilities
29,855,752
None
Total liabilities and deferred inflows of resources
NET POSITION
Restricted for debt service
Unrestricted
TOTAL NET POSITION
- 14 -
29,855,752
83,998,867
2,106,291
12,027,445
$ 98,132,603
STATEMENT OF REVENUES, EXPENSES, AND
CHANGES IN FUND NET POSITION
PROPRIETARY FUND
Water and
Sewer
OPERATING REVENUES
Total operating revenues
OPERATING EXPENSES
Water operations
Sewer operations
Depreciation
Total operating expenses
$ 13,407,793
13,407,793
9,414,844
1,959,699
3,034,713
14,409,256
OPERATING INCOME (LOSS)
(1,001,463)
NON-OPERATING REVENUES (EXPENSES)
Home rule sales tax
Miscellaneous revenue
Investment income
Interest expense
1,643,244
637,131
141
(1,104,494)
Total non-operating revenues (expenses)
INCOME BEFORE TRANSFERS
1,176,022
174,559
TRANSFERS
Transfers (out)
(489,852)
(315,293)
NET POSITION, MAY 1
- 15 -
98,447,896
$ 98,132,603
STATEMENT OF CASH FLOWS
PROPRIETARY FUND
Water and
Sewer
CASH FLOWS FROM OPERATING ACTIVITIES
Receipts from customers and users
Reimbursements to other funds
Payments to suppliers
Payments to employees
Net cash from operating activities
CASH FLOWS FROM NONCAPITAL
FINANCING ACTIVITIES
Transfers (out)
Non-operating revenues
Net cash from noncapital financing activities
CASH FLOWS FROM CAPITAL AND RELATED
Purchase of capital assets
Proceeds from the issuance of long-term debt
Principal payments on long-term debt
Interest paid
Net cash from capital and related
financing activities
CASH FLOWS FROM INVESTING ACTIVITIES
Purchases of investment securites
Interest received
Net cash from investing activities
NET INCREASE IN CASH AND
CASH EQUIVALENTS
CASH AND CASH EQUIVALENTS, MAY 1
CASH AND CASH EQUIVALENTS, APRIL 30
- 16 -
$ 13,252,992
(250,380)
(9,768,290)
(1,281,598)
1,952,724
(489,852)
2,293,468
1,803,616
(45,285)
14,594,942
(2,026,643)
(14,416,585)
(1,263,784)
(3,157,355)
(324,845)
(2,665)
(327,510)
271,475
12,877,585
$ 13,149,060
STATEMENT OF CASH FLOWS (Continued)
PROPRIETARY FUND
Water and
Sewer
RECONCILIATION OF OPERATING INCOME (LOSS) TO NET
Operating income (loss)
Adjustments to reconcile operating income
(loss) to net cash from operating activities
Depreciation and amortization
Changes in assets and liabilities
Accounts receivable
Prepaid fees
Deposits
Accounts payable
Accrued expenses
$ (1,001,463)
3,034,713
(154,801)
663
(16,311)
75,132
14,791
NET CASH FROM OPERATING ACTIVITIES
$
CASH AND INVESTMENTS
Cash and cash equivalents
Investments
$ 13,149,060
324,845
TOTAL CASH AND INVESTMENTS
$ 13,473,905
NONCASH TRANSACTIONS
None
$
- 17 -
1,952,724
-
STATEMENT OF FIDUCIARY NET POSITION
FIDUCIARY FUNDS
April 30, 2015
Police
Pension
ASSETS
Cash and short-term investments
Investments
U.S. Government and agency obligations
Municipal bonds
Mutual funds
Receivables
Accrued interest receivable
Total assets
$
58,722
9,754,061
581,818
13,364,893
66,844
23,826,338
LIABILITIES
Accounts payable
588
Total liabilities
588
NET POSITION HELD IN TRUST
FOR PENSION BENEFITS
- 18 -
$ 23,825,750
STATEMENT OF CHANGES IN FIDUCIARY NET POSITION
FIDUCIARY FUNDS
ADDITIONS
Contributions
Employer
Employee
$
Total contributions
Investment income
Net appreciation in fair value
of investments
Interest
Total investment income
Less investment expense
898,172
522,107
1,420,279
634,506
869,435
1,503,941
(37,500)
Net investment income
1,466,441
Total additions
2,886,720
DEDUCTIONS
Benefits and refunds
Administration
413,533
33,752
Total deductions
447,285
NET INCREASE
2,439,435
May 1
21,386,315
April 30
$ 23,825,750
- 19 -
NOTES TO FINANCIAL STATEMENTS
April 30, 2015
1.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The financial statements of the Village of Plainfield, Illinois (the Village) have been
prepared in conformity with accounting principles generally accepted in the United States
of America, (hereinafter referred to as generally accepted accounting principles (GAAP)),
as applied to government units. The Governmental Accounting Standards Board (GASB) is
the accepted standard-setting body for establishing governmental accounting and financial
reporting principles. The more significant of the Village’s accounting policies are
described below.
a.
Reporting Entity
The Village was incorporated June 1, 1877. The Village operates under a
President-Board of Trustees form of government and provides the following services
as authorized by its charter: public safety (police), highways and streets, water
distribution, waste-water treatment, public improvements, planning and zoning, and
general administrative services. As required by generally accepted accounting
principles, these financial statements present the Village (the primary government).
In evaluating how to define the reporting entity, management has considered all
potential component units. The decision to include a potential component unit in the
reporting entity was based upon the significance of its operational or financial
relationship with the primary government. There are no component units that are
required to be included in the Village’s basic financial statements.
b.
Fund Accounting
The Village uses funds to report on its financial position and the changes in financial
position. Fund accounting is designed to demonstrate legal compliance and to aid
financial management by segregating transactions related to certain village functions
or activities. A fund is a separate accounting entity with a self-balancing set of
accounts.
Funds are classified into the following categories: governmental, proprietary, and
fiduciary.
Governmental funds are used to account for all or most of the Village’s general
activities, including the collection and disbursement of restricted or committed
monies (special revenue funds), the funds restricted, committed, or assigned for the
acquisition or construction of major capital assets (capital projects funds), and the
funds restricted, committed, or assigned for the servicing of general long-term debt
(debt service funds). The General Fund is used to account for all activities of the
general government not accounted for in some other fund.
-- 20
20 --
NOTES TO FINANCIAL STATEMENTS (Continued)
1.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
b.
Fund Accounting (Continued)
Proprietary funds are used to account for activities similar to those found in the
private sector, where the determination of net income is necessary or useful to sound
financial administration.
Fiduciary funds are used to account for assets held on behalf of outside parties,
including other governments, or on behalf of other funds within the Village. The
Village utilizes a pension trust fund, which is used to account for assets that the
Village holds in a fiduciary capacity.
c.
Government-Wide and Fund Financial Statements
The government-wide financial statements (i.e., the statement of net position and the
statement of activities) report information on all of the nonfiduciary activities of the
Village. The effect of material interfund activity has been eliminated from these
statements. Governmental activities, which normally are supported by taxes and
intergovernmental revenues, are reported separately from business-type activities,
which rely to a significant extent on fees and charges for support.
The statement of activities demonstrates the degree to which the direct expenses of a
given function, segment, or program are offset by program revenues. Direct expenses
are those that are clearly identifiable with a specific function or segment. Program
revenues include (1) charges to customers or applicants who purchase, use, or
directly benefit from goods, services, or privileges provided by a given function or
segment and (2) grants and contributions that are restricted to meeting the operational
or capital requirements of a particular function or segment. Taxes and other items not
properly included among program revenues are reported instead as general revenues.
Separate financial statements are provided for governmental funds, proprietary funds,
and fiduciary funds, even though the latter are excluded from the government-wide
financial statements. Major individual governmental funds and major individual
enterprise funds are reported as separate columns in the fund financial statements.
The Village reports the following major governmental funds:
The General Fund is the general operating fund of the Village. It is used to
account for all financial resources not accounted for in another fund.
The Capital Projects Fund is used to account for financial resources to be used
for the acquisition or construction of major capital assets (other than those
financed by proprietary funds).
-- 21
21 --
1.
c.
Government-Wide and Fund Financial Statements (Continued)
The Debt Service Fund is used to account for the accumulation of resources
for, and the payment of bond principal, interest, and related costs (other than
those repaid by proprietary funds).
The Village reports the following major proprietary fund:
The Water and Sewer Fund is used to account for operations that are financed
and operated in a manner similar to private business enterprises where the
intent of the governing body is that costs of providing goods or services to the
general public on a continuing basis be financed or recovered primarily through
user charges.
The Village reports a pension trust fund as a fiduciary fund to account for the Police
Pension Fund.
d.
Measurement Focus, Basis of Accounting, and Financial Statement Presentation
The government-wide financial statements are reported using the economic resources
measurement focus and the accrual basis of accounting as are the proprietary fund
and fiduciary fund financial statements. Revenues and additions are recorded when
earned and expenses and deductions are recorded when a liability is incurred.
Property taxes are recognized as revenues in the year for which they are levied (i.e.,
intended to finance). Grants and similar items are recognized as revenue as soon as
all eligibility requirements imposed by the provider have been met. Operating
revenues and expenses are directly attributable to the operation of the proprietary
funds. Non-operating revenue/expenses are incidental to the operations of these
funds.
Governmental fund financial statements are reported using the current financial
resources measurement focus and the modified accrual basis of accounting. Under
the modified accrual basis of accounting, revenues are recognized when susceptible
to accrual (i.e., when they become both measurable and available). “Measurable”
means the amount of the transaction can be determined and “available” means
collectible within the current period or soon enough thereafter to be used to pay
liabilities of the current period, generally 60 days except for certain revenues
collected by the State (e.g., sales and telecom taxes) which use a 90-day period.
The Village recognizes property taxes when they become both measurable and
available in the year intended to finance. Expenditures are recorded when the related
fund liability is incurred. Principal and interest on general long-term debt are
recorded as expenditures when due.
-- 22
22 --
1.
d.
Measurement Focus, Basis of Accounting, and Financial Statement Presentation
(Continued)
Those revenues susceptible to accrual are property taxes, franchise fees, licenses,
interest revenue, and charges for services. Sales and telecommunication taxes owed
to the state at year end on behalf of the Village also are recognized as revenue. Fines
and permits revenues are not susceptible to accrual because generally they are not
measurable until received in cash.
In applying the susceptible to accrual concept to intergovernmental revenues, the
legal and contractual requirements of the numerous individual programs are used as
guidelines. Monies that are virtually unrestricted as to purpose of expenditure, which
are usually revocable only for failure to comply with prescribed compliance
requirements, are reflected as revenues at the time of receipt or earlier if the
susceptible to accrual criteria is met.
The Village reports unavailable/deferred revenue and unearned revenue on its
financial statements. Unavailable/deferred revenues arise when a potential revenue
does not meet the measurable and available or earned criteria for recognition in the
current period. Unearned revenues arise when resources are received by the Village
before it has a legal claim to them, as when grant monies are received prior to the
incurrence of qualifying expenditures. In subsequent periods, when both revenue
recognition criteria are met, or when the Village has a legal claim to the resources,
the deferred inflow for unavailable/deferred revenue or the liability for unearned
revenue is removed from the financial statements and revenue is recognized.
e.
Cash and Investments
Cash and Cash Equivalents
For purposes of the statement of cash flows, the Village’s proprietary funds consider
their equity in pooled cash and all highly liquid investments with an original maturity
of three months or less when purchased to be cash equivalents.
Investments
Investments with a maturity of less than one year when purchased and non-negotiable
certificates of deposit are stated at cost or amortized cost. Investments with a
maturity greater than one year when purchased and all investments of the pension
trust funds are stated at fair value. Fair value is based on prices listed on national
exchanges as of April 30, 2015 for debt and equity securities. Mutual funds,
investment funds, and insurance separate accounts are valued at contract value as of
April 30, 2015.
-- 23
23 --
1.
f.
Interfund Receivables/Payables
During the course of operations, numerous transactions occur between individual
funds for goods provided or services rendered. These receivables and payables are
classified as “due to/from other funds” on the financial statements. Long-term
interfund loans are classified as “advances to/from other funds.”
g.
Prepaid Items/Expenses
Payments made to vendors for services that will benefit periods beyond the date of
this report are recorded as prepaid items/expenses.
h.
Capital Assets
Capital assets, which include property, plant, equipment, infrastructure assets (e.g.,
roads, bridges, stormwater systems), and intangibles (easements and software), are
reported in the applicable governmental or business-type activities columns in the
government-wide financial statements. Capital assets are defined by the Village as
assets with an initial, individual cost of $5,000 for machinery and equipment,
$20,000 for building and improvements, and $50,000 for infrastructure and an
estimated useful life in excess of one year. All land and land improvements are
capitalized, regardless of cost. Such assets are recorded at historical cost or estimated
historical cost if purchased or constructed. Donated capital assets are recorded at
estimated fair market value at the date of donation.
The costs of normal maintenance and repairs that do not add to the value of the asset
or materially extend asset lives are not capitalized.
Major outlays for capital assets and improvements are capitalized as projects are
constructed. Interest incurred during the construction phase of capital assets of
business-type activities is included as part of the capitalized value of the assets
constructed. Property, plant, and equipment is depreciated using the straight-line
method over the following estimated useful lives:
Assets
Years
Building and improvements
Vehicles, equipment, and software
Infrastructure
-- 24
24 --
5-50
3-20
15-50
1.
i.
Compensated Absences
Vested or accumulated vacation leave that is due to employees who have retired or
terminated by the end of the year is reported as an expenditure and a fund liability of
the governmental fund that will pay it. Vested or accumulated vacation leave of
proprietary funds and governmental activities is recorded as an expense and liability
of those funds as the benefits accrue to employees.
j.
Fund Balance/Net Position
In the fund financial statements, governmental funds report nonspendable fund
balance for amounts that are either not in spendable form or legally or contractually
required to be maintained intact. Restrictions of fund balance are reported for
amounts constrained by legal restrictions from outside parties for use for a specific
purpose, or externally imposed by outside entities. Committed fund balance is
constrained by formal actions of the Village Board of Trustees, which is considered
the Village’s highest level of decision making authority. Formal actions include
resolutions and ordinances (equally binding) approved by the Board of Trustees.
Assigned fund balance represents amounts constrained by the Village’s intent to use
them for a specific purpose. In accordance with the Village’s financial policies, the
authority to assign fund balance has been delegated to the Village’s Director of
Management Services, consistent with the intentions of the Village Board of
Trustees. Any residual fund balance of the General Fund and any deficit balances in
other governmental funds are reported as unassigned.
The Village has adopted targeted fund balances for two of its funds. The General
Fund has a targeted unassigned fund balance of at least 25% of the total General
Fund annual expenditures. General Fund unassigned fund balance in excess of 40%
may be transferred to the Capital Improvement Fund. The Water and Sewer Fund has
a targeted unrestricted net position of 25% of the total Water and Sewer Fund annual
expenditures. If the balances exceed 40%, the overage may be used to offset rate
increases or be transferred to the Village’s Capital Projects Fund, or a combination
thereof.
The Village’s flow of funds assumption prescribes that the funds with the highest
level of constraint are expended first. If restricted or unrestricted funds are available
for spending, the restricted funds are spent first. Additionally, if different levels of
unrestricted funds are available for spending, the Village considers committed funds
to be expended first followed by assigned and then unassigned funds.
-- 25
25 --
1.
j.
Fund Balance/Net Position (Continued)
In the government-wide financial statements, restricted net position is legally
restricted by outside parties for a specific purpose. Net investment in capital assets
represents the Village’s investment in the book value of capital assets, less any
outstanding debt that was issued to construct or acquire the capital asset.
k.
Long-Term Obligations
In the government-wide financial statements and proprietary funds in the fund
financial statements, long-term debt, and other long-term obligations are reported as
liabilities in the applicable governmental activities or business-type activities
columns, or proprietary fund financial statements. Bond premiums and discounts, as
well as gains and losses on refundings, are deferred and amortized over the life of the
bonds. Bonds payable are reported net of the applicable bond premiums or discounts.
Bond issuance costs are expensed as incurred.
In the fund financial statements, governmental funds recognize bond premiums and
discounts, as well as bond issuance costs, during the current period. The face amount
of debt issued is reported as an other financing source. Premiums received on debt
issuances are reported as other financing sources while discounts on debt issuances
are reported as other financing uses. Bond issuance costs, whether or not withheld
from the actual debt proceeds received, are reported as expenditures.
l.
Interfund Transactions
Interfund service transactions are accounted for as revenues, expenditures, or
expenses. Transactions that constitute reimbursements to a fund for
expenditures/expenses initially made from it that are properly applicable to another
fund, are recorded as expenditures/expenses in the reimbursing fund and as
reductions of expenditures/expenses in the fund that is reimbursed.
All other interfund transactions, except interfund service transactions and
reimbursements, are reported as transfers.
m.
Deferred Outflows/Inflows of Resources
In addition to assets, the statement of financial position will sometimes report a
separate section for deferred outflows of resources. This separate financial statement
element represents a consumption of net assets that applies to a future period(s) and
so will not be recognized as an outflow of resources (expense/expenditure) until then.
In addition to liabilities, the statement of financial position will sometimes report a
separate section for deferred inflows of resources. This separate financial statement
element represents an acquisition of net assets that applies to a future period(s) and
so will not be recognized as an inflow of resources (revenue) until that time.
-- 26
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2.
DEPOSITS AND INVESTMENTS
The Village maintains a cash and investment pool that is available for use by all funds,
except the pension trust fund. Each fund type’s portion of this pool is displayed as “cash
and investments.” In addition, deposits and investments are separately held by several of
the Village’s funds.
Permitted Deposits and Investments - the Village’s investment policy authorizes the
Village to make deposits/invest in insured commercial banks, savings and loan institutions,
obligations of the U.S. Treasury and U.S. agencies, insured credit union shares, money
market mutual funds with portfolios of securities issued or guaranteed by the United States
Government or agreements to repurchase these same obligations, repurchase agreements,
short-term commercial paper rated within the three highest classifications by at least two
standard rating services, and Illinois Funds (a money market fund created by the State of
Illinois under the State Treasurer that maintains a $1 per share value).
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 Funds’ share price, the price for which
the investment could be sold.
a.
Village Deposits and Investments
It is the policy of the Village to invest its funds in a manner which will provide the
highest investment return with the maximum security while meeting the daily cash
flow demands of the Village and conforming to all state and local statutes governing
the investment of public funds, using the “prudent person” standard for managing the
overall portfolio. The primary objectives of the policy are, in order of priority, safety,
liquidity, and yield.
Deposits with Financial Institutions
Custodial credit risk for deposits with financial institutions is the risk that in the
event of bank failure, the Village’s deposits may not be returned to it. The Village’s
investment policy requires bank balances to be secured by some form of collateral,
witnessed by a written agreement, and held at an independent third party institution
in the name of the municipality.
-- 27
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2.
DEPOSITS AND INVESTMENTS (Continued)
a.
Village Deposits and Investments (Continued)
Investments
The following table presents the investments and maturities of the Village’s debt
securities as of April 30, 2015:
Investment Type
Fair Value
Less than 1
Investment Maturities (in Years)
1-5
6-10
Greater than 10
IMET
$
Negotiable certificates of deposit
Municipal bonds
5,389,081 $
1,244,430
1,631,041
- $
1,244,430
-
5,389,081 $
1,631,041
- $
-
-
TOTAL
8,264,552 $
1,244,430 $
7,020,122 $
- $
-
$
Interest rate risk is the risk that changes in interest rates will adversely affect the fair
value of an investment. In accordance with its investment policy, the Village limits
its exposure to interest rate risk by matching its investments with anticipated cash
flow requirements. Unless matched to a specific cash flow, the Village does not
directly invest in securities maturing more than two years from the date of purchase.
Reserved funds and other funds with longer term investment horizons may be
invested in securities exceeding two years if the maturities of such investments are
made to coincide as nearly as practicable with the expected use of funds.
Credit risk is the risk that the issuer of a debt security will not pay its par value upon
maturity. The Village limits its exposure to credit risk by limiting investments to the
types of securities listed above and diversifying the investment portfolio to the best
of its abilities based on the type of funds invested and the cash flow needs of those
funds. Illinois Funds and Illinois Metropolitan Investment Fund (IMET) are rated
AAA. The Village’s Municipal Bonds have ratings from A+ to AA-.
Custodial credit risk for investments is the risk that, in the event of the failure of the
counterparty to the investment, the Village will not be able to recover the value of its
investments that are in possession of an outside party. To limit its exposure, the
Village’s investment policy requires all security transactions that are exposed to
custodial credit risk to be processed on a delivery versus payment (DVP) basis with
the underlying investments held by an independent third party custodian and
evidenced by safekeeping receipts and a written custodial agreement. Illinois Funds
and IMET are not subject to custodial credit risk.
-- 28
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2.
DEPOSITS AND INVESTMENTS (Continued)
a.
Village Deposits and Investments (Continued)
Investments (Continued)
Concentration of credit risk is the risk that the Village has a high percentage of its
investments invested in one type of investment. The Village’s investment policy
requires diversification of investments to avoid unreasonable risk. The investments
shall be diversified by type of investment, number of institutions invested in, and
length of maturity. In addition, a portion of the Village’s portfolio should
continuously be invested in readily available funds such as Local Government
Investment Pools (LGIPS), money market funds, or overnight repurchase agreements
to ensure that appropriate liquidity is maintained to meet ongoing obligations.
3.
RECEIVABLES - PROPERTY TAXES
Property taxes for the 2014 levy year attach as an enforceable lien on January 1, 2014, on
property value assessed as of the same date. Taxes are levied by December 31 of the
subsequent fiscal year end by passage of a Tax Levy Ordinance. Tax bills are prepared by
the County and issued on or about May 1, 2015 and August 1, 2015, and are payable in two
installments, on or about June 1, 2015 and September 1, 2015. The County collects such
taxes and remits them periodically. The allowance for uncollectible taxes has been stated at
1% to 2% of the tax levy, to reflect actual collection experience. The 2014 taxes are
intended to finance the 2015 fiscal year and are not considered available for current
operations and are, therefore, shown as unavailable/deferred revenue. The 2015 tax levy
has not been recorded as a receivable at April 30, 2015, as the tax attached as a lien on
property as of January 1, 2015; however, the tax will not be levied until December 2015
and, accordingly, is not measurable at April 30, 2015.
4.
CAPITAL ASSETS
a.
Capital Assets
Capital asset activity for the year ended April 30, 2015 was as follows:
Beginning
Balances
GOVERNMENTAL ACTIVITIES
Capital assets not being depreciated
Land
Land right of way
Total capital assets not being depreciated
$
9,429,279
90,191,186
4,011,296
103,631,761
-- 29
29 --
Increases
$
79,537
79,537
Ending
Balances
Decreases
$
-
$
9,429,279
90,191,186
4,090,833
103,711,298
4.
CAPITAL ASSETS (Continued)
a.
Capital Assets (Continued)
Beginning
Balances
GOVERNMENTAL ACTIVITIES (Continued)
Capital assets being depreciated
Buildings and improvements
Vehicles and equipment
Infrastructure
Total capital assets being depreciated
$
Less accumulated depreciation for
Buildings
Infrastructure
Total accumulated depreciation
Total capital assets being depreciated, net
CAPITAL ASSETS, NET
BUSINESS-TYPE ACTIVITIES
Capital assets not being depreciated
Land
Total capital assets not being depreciated
Capital assets being depreciated
Buildings
Water transmission system
Sewer collection system
Total capital assets being depreciated
Less accumulated depreciation for
Buildings
Water transmission system
Sewer collection system
Total accumulated depreciation
Total capital assets being depreciated, net
CAPITAL ASSETS, NET
30,926,945
5,370,173
318,676,573
354,973,691
Increases
$
Ending
Balances
Decreases
414,872
555,643
970,515
7,787,596
4,613,542
169,629,785
182,030,923
839,674
331,571
14,129,436
15,300,681
172,942,768
(14,330,166)
$
44,716
44,716
$
44,716
44,716
31,341,817
5,881,100
318,676,573
355,899,490
8,627,270
4,900,397
183,759,221
197,286,888
-
158,612,602
$ 276,574,529
$ (14,250,629) $
-
$ 262,323,900
$
$
-
$
3,043,544
184,948
3,228,492
17,448,092
1,114,762
68,161,143
54,368,452
141,092,449
-
$
45,286
45,286
3,043,544
184,948
3,228,492
-
17,448,092
1,160,048
68,161,143
54,368,452
141,137,735
4,356,286
1,012,053
14,736,190
11,849,689
31,954,218
348,962
29,029
1,553,279
1,103,443
3,034,713
-
4,705,248
1,041,082
16,289,469
12,953,132
34,988,931
109,138,231
(2,989,427)
-
106,148,804
-
$ 109,377,296
$ 112,366,723
-- 30
30 --
$ (2,989,427)
$
4.
CAPITAL ASSETS (Continued)
a.
Capital Assets (Continued)
Depreciation expense was charged to functions/programs of the primary government
as follows:
General government
Public safety
TOTAL DEPRECIATION EXPENSE - GOVERNMENTAL ACTIVITIES
b.
$
290,557
599,951
14,410,173
$
15,300,681
Construction Contracts
The Village had no significant construction commitments at April 30, 2015.
5.
RISK MANAGEMENT
The Village is exposed to various risks of loss related to torts; theft of, damage to, and
destruction of assets; errors and omissions; injuries to employees; and net income losses.
To insure against the losses, the Village participates in the Southwest Agency for Risk
Management (SWARM), a public entity risk pool with transfers of risk. The Village pays
an annual premium to SWARM for property, general liability, public officials’ liability,
employment practices liability, automobile liability, crime, and workers’ compensation
coverage. The following table is a summary of coverage in effect for the period May 1,
2014 through April 30, 2015:
SWARM
Self-Insured
Retention/
Deductible
Coverage
Property
General liability
Employee benefit administration liability
Auto liability
Law enforcement liability
Public officials liability
Employment practices liability
Workers’ compensation
Umbrella policy
Excess liability
$
50,000
100,000
100,000
100,000
100,000
100,000
100,000
600,000/occurrence
N/A
N/A
Limits
$
200,000,000/member
4,000,000/member
3,000,000/member
2,000,000/member
2,000,000/member
2,000,000/member
2,000,000/member
1,000,000/occurrence
8,000,000/member
$10MM xs $10MM
The Village is not aware of any additional premiums owed to SWARM as of April 30,
2015 for the current or prior claim years.
-- 31
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6.
LONG-TERM DEBT
a.
General Obligation Bonds
General obligation bonds are direct obligations and pledge the full faith and credit of
the Village. General obligation bonds currently outstanding are as follows:
Issue
Fund
Debt
Retired by
Balances
May 1,
2014
$10,755,000 General
Obligation Bonds of 2005A,
annual installments of $380,000
to $835,000 through
December 15, 20154, interest at
3.25% to 5.00% payable each
June 15 and December 15.
Debt
Service
$ 1,065,000
$5,610,000 General Obligation
Refunding Bonds of 2005B,
to $1,160,000 through
Water and
Sewer
2,365,000
-
1,105,000
1,260,000
1,160,000
$15,135,000 General
Obligation Bonds of 2007,
Debt
Service
11,695,000
-
9,355,000
2,340,000
690,000
$865,000 General Obligation
Refunding Bonds of 2009,
annual installments of $5,000 to
$110,000 through December 15,
2019, interest at 2.00% to
4.00% payable each June 15
and December 15.
Debt
Service
600,000
-
90,000
510,000
95,000
to $960,000 through
Debt
Service
7,990,000
-
660,000
7,330,000
690,000
to $805,000 through
Debt
Service
6,635,000
-
75,000
6,560,000
75,000
-- 32
32 --
Issuances
$
Balances
April 30,
2015
Refundings/
Retirements
-
$
525,000
$
540,000
Current
Portion
$
540,000
6.
LONG-TERM DEBT (Continued)
a.
General Obligation Bonds (Continued)
Issue
Fund
Debt
Retired by
Balances
May 1,
2014
Water and
Sewer
$ 7,370,000
Debt
Service
TOTAL GENERAL
OBLIGATION BONDS
b.
Issuances
$
Balances
April 30,
2015
Refundings/
Retirements
-
$
355,000
$ 7,015,000
Current
Portion
$
370,000
-
9,665,000
70,000
9,595,000
125,000
$ 37,720,000
$ 9,665,000
$ 12,235,000
$ 35,150,000
$ 3,745,000
Revenue Bonds Payable
In January 2015, the Village issued $13,740,000 of Water and Sewer System
Revenue Refunding Bonds to partially refund the Water and Sewer System Revenue
Bonds of 2008. Both issuances are collateralized by the revenue of the water and
sewer system and the various restricted accounts established by the bond ordinances.
Issue.
Fund
Debt
Retired by
Balances
May 1,
2014
$16,385,000 Water and Sewer
System Revenue Bonds of 2008,
to $1,140,000 through May 1,
5.625% payable each May 1
and November 1.
Water and
Sewer
$ 14,885,000
$16,385,000 Water and Sewer
System Revenue Refunding
Bonds of 2015, annual
installments of $90,000 to
$1,100,000 through May 1,
4.00% payable each May 1 and
November 1.
Water and
Sewer
TOTAL REVENUE BONDS
Refundings/
Retirements
Balances
April 30,
2015
-
$ 13,030,000
$ 1,855,000
-
13,740,000
-
$ 13,740,000
$ 14,885,000
$ 13,740,000
$ 13,030,000
$ 15,595,000
-- 33
33 --
Issuances
$
Current
Portion
$
430,000
$
430,000
6.
b.
Revenue Bonds Payable (Continued)
The amount of pledge remaining as of April 30, 2015 is as follows:
Pledged
Revenue
Source
Water and Sewer System
Revenue Bonds of 2008
Revenues of
the System
Water and Sewer System
Revenue Bonds of 2015
Revenues of
the System
c.
Pledged
Revenue
Collected
$
2,040,685
5/1/18
$ 13,407,793
20,356,894
5/1/34
13,407,793
Principal
and Interest
Paid
$
1,308,871
-
Illinois EPA Loans
Issue
$3,309,451 Illinois EPA low
interest loan, semiannual
installments through June 15,
2031, interest at 1.25% payable
each June 15 and December 15.
TOTAL ILLINOIS EPA LOANS
d.
Commitment
End Date
Pledge
Remaining
Fund
Debt
Retired by
Balances
May 1,
2014
Balances
April 30,
2015
Water and
Sewer
$ 2,946,902
$
-
$
151,643 $
2,795,259
$
153,545
$ 2,946,902
$
-
$
151,643 $
2,795,259
$
153,545
Refundings/
Retirements
Issuances
Current
Portion
Debt Service Requirements to Maturity
Annual debt service requirements to maturity are as follows:
Principal
Interest
Fiscal
Year
2016
2017
2018
2019
2020
2021
2022
$
-- 34
34 --
2,215,000
2,315,000
2,395,000
2,475,000
2,560,000
2,520,000
2,635,000
$
890,875
806,150
733,025
650,150
571,250
494,800
410,800
6.
d.
Debt Service Requirements to Maturity (Continued)
Principal
Interest
Fiscal
Year
2023
2024
2025
2026
2027
$
2,745,000
2,840,000
1,895,000
1,120,000
1,160,000
$
323,000
231,450
136,650
79,800
40,600
TOTAL
$
26,875,000
$
5,368,550
Revenue Bonds
Principal
Interest
Principal
Interest
Fiscal
Year
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
2027
2028
2029
2030
2031
2032
2033
2034
2035
$
1,530,000
1,600,000
1,655,000
1,710,000
1,780,000
-
$
270,725
205,325
171,450
121,800
53,400
-
$
430,000
540,000
565,000
590,000
620,000
645,000
665,000
700,000
725,000
750,000
780,000
810,000
840,000
875,000
920,000
950,000
990,000
1,030,000
1,070,000
1,100,000
$
479,716
601,125
578,513
553,850
515,550
490,250
464,050
436,750
408,250
378,750
348,150
316,350
283,350
249,050
213,150
175,750
136,950
96,550
57,225
19,250
TOTAL
$
8,275,000
$
822,700
$
15,595,000
$
6,802,579
-- 35
35 --
6.
d.
Debt Service Requirements to Maturity (Continued)
Illinois EPA Loans
Principal
Interest
Fiscal
Year
e.
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
2027
2028
2029
2030
2031
2032
$
153,545
155,470
157,419
159,393
161,392
163,416
165,465
167,540
169,640
171,767
173,921
176,102
178,310
180,546
182,810
185,102
93,421
$
34,462
32,537
30,588
28,614
26,615
24,591
22,542
20,467
18,367
16,240
14,086
11,905
9,697
7,461
5,197
2,905
584
TOTAL
$
2,795,259
$
306,858
Changes in Long-Term Liabilities
The following is a summary of changes in bonds, installment notes payable, debt
certificates, and other long-term liabilities during fiscal year 2015:
Compensated absences payable*
Net other postemployment benefit
obligation*
TOTAL GOVERNMENTAL
ACTIVITIES
Balances
May 1
Additions
Reductions
Balances
April 30
$ 27,985,000
942,383
$ 9,665,000
708,410
$ 10,775,000
709,712
$ 26,875,000
941,081
95,348
1,286,414
54,411
331,514
330,382
149,759
1,287,546
$ 30,309,145
$ 10,759,335
$ 11,815,094
$ 29,253,386
Current
Portion
$
2,215,000
736,433
-
$
2,951,433
*Compensated absences and net other postemployment benefit obligations have typically been liquidated by the General
Fund
-- 36
36 --
6.
e.
Changes in Long-Term Liabilities (Continued)
Balances
May 1
Revenue bonds
Illinois EPA Loan
Unamortized bond discount
TOTAL BUSINESS-TYPE
ACTIVITIES
f.
$
Additions
9,735,000
14,885,000
2,946,902
90,613
623,790
(164,226)
$ 28,117,079
$
13,740,000
86,616
854,942
-
$ 14,681,558
Balances
April 30
Reductions
$
1,460,000
13,030,000
151,643
80,972
81,938
(164,226)
$ 14,640,327
$
Current
Portion
8,275,000
15,595,000
2,795,259
96,257
1,396,794
-
$
1,530,000
430,000
153,545
83,580
-
$ 28,158,310
$
2,197,125
Advance Refunding
On July 16, 2014, the Village issued $9,665,000 General Obligation Bonds, the
proceeds of which were placed in an irrevocable escrow, to advance refund
$8,690,000 of the outstanding 2007 General Obligation Bonds. As a result of the
refunding, the Village realized a cash flow savings of $425,473 and an economic
gain of $374,889. The refunded bonds will be called and retired on December 15,
2017.
On January 7, 2015, the Village issued $13,740,000 Water and Sewer System
Revenue Refunding Bonds, the proceeds of which were placed in an irrevocable
escrow, to advance refund $6,305,000 of the outstanding First Lien of the 2008
Water and Sewer System Revenue Bonds and $6,310,000 of the outstanding Second
Lien of the 2008 Water and Sewer System Revenue Bonds. As a result of the
refunding, the Village realized a cash flow savings of $1,194,882 and an economic
gain of $911,405. The refunded bonds will be called and retired on May 1, 2018.
On February 23, 2012, the Village issued $6,820,000 general obligation bonds, the
proceeds of which were placed in an irrevocable escrow, to advance refund
$6,235,000 of the outstanding 2005A General Obligation Bonds. The refunded
bonds will be called and retired on June 15, 2015.
-- 37
37 --
7.
INTERFUND ASSETS/LIABILITIES
Individual fund transfers were as follows:
Fund
Transfers In
Transfers Out
General
Capital Projects
Debt Service
Nonmajor Governmental
Water and Sewer
$
60,000
3,700,000
2,990,397
95,000
-
$
3,295,000
2,500,545
560,000
489,852
TOTAL
$
6,845,397
$
6,845,397
The purposes of significant transfers are as follows:
8.
•
$3,200,000 transferred from the General Fund to the Capital Projects Fund to finance
future capital projects in accordance with the Village’s fund balance policy.
•
$2,990,397 transferred from the Capital Projects Fund and the Water and Sewer
Fund to the Debt Service Fund to provide funds for a portion of various debt service
payments.
•
$500,000 transferred from the TIF Fund to the Capital Projects Fund for
reimbursement of the Downtown Streetscape Project.
CONTINGENT LIABILITIES
a.
Litigation
The Village is a defendant in various lawsuits. Although the outcome of these
lawsuits is not presently determinable, in the opinion of the Village’s attorneys, the
resolution of these matters will not have a material adverse effect on the financial
condition of the Village.
b.
Grants
Amounts received or receivable from grantor agencies are subject to audit and
adjustment by grantor agencies, principally the federal government. Any disallowed
claims, including amounts already collected, may constitute a liability of the
applicable funds. The amount, if any, of expenditures which may be disallowed by
the grantor cannot be determined at this time although the Village expects such
amounts, if any, to be immaterial.
-- 38
38 --
9.
COMMITMENTS
The Village is a member of the Southwest Agency for Health Management (SWAHM), an
agency comprised of nine communities formed to be a single member in an
Intergovernmental Personnel Benefits Cooperative (IPBC) which administers the personnel
benefits according to its members. Premiums are paid monthly to another member of
SWAHM which is responsible for collecting all monies and remitting them to IPBC.
The Village is a member of the Western Will County Communications Center
(WESCOM), an agency comprised of five communities and eight fire protection districts
formed to jointly establish, maintain, and operate a centralized public safety
communication system. The expenses of WESCOM are funded by monthly charges to the
participating agencies.
10.
DEVELOPMENT ASSISTANCE
The Village has entered into various agreements with private organizations to encourage
economic development in the Village. These agreements provide for rebating a portion of
sales taxes to the private organizations if certain benchmarks of development are achieved.
During the fiscal year ended April 30, 2015, approximately $329,790 in sales tax rebates
were incurred under these agreements. Future contingent rebates of approximately
$1,803,248 in sales taxes may be rebated if certain criteria are met in future years.
11.
DEFINED BENEFIT PENSION PLANS
The Village contributes to two defined benefit pension plans, the Illinois Municipal
Retirement Fund (IMRF), an agent multiple-employer public employee retirement system
and the Police Pension Plan, which is a single-employer pension plan. The benefits, benefit
levels, employee contributions and employer contributions for both plans are governed by
Illinois Compiled Statutes (ILCS) and can only be amended by the Illinois General
Assembly. The Police Pension Plan does not issue a separate report. However, 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.
a.
Plan Descriptions
Illinois Municipal Retirement Fund
All employees (other than those covered by the Police Pension Plan) hired in
positions that meet or exceed the prescribed annual hourly standard must be enrolled
in IMRF as participating members. IMRF provides two tiers of pension benefits.
Employees hired prior to January 1, 2011, are eligible for Tier 1 benefits. For Tier 1
-- 39
39 --
11.
DEFINED BENEFIT PENSION PLANS (Continued)
a.
Plan Descriptions (Continued)
Illinois Municipal Retirement Fund (Continued)
employees, pension benefits vest after eight years of service. Participating members
who retire at age 55 (reduced benefits) or after age 60 (full benefits) with eight years
of credited 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 each year of
credited service up to 15 years, and 2% for each year thereafter.
Employees hired on or after January 1, 2011, are eligible for Tier 2 benefits. For
Tier 2 employees, pension benefits vest after ten years of service. Participating
members who retire at age 62 (reduced benefits) or after age 67 (full benefits) with
ten years of credited 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 each
year of credited service up to 15 years, and 2% for each year thereafter.
IMRF also provides death and disability benefits. These benefit provisions and all
other requirements are established by state statute. Participating members are
required to contribute 4.50% of their annual salary to IMRF. The Village is required
to contribute the remaining amounts necessary to fund the coverage of its own
employees in IMRF, as specified by statute. The employer contribution rates for 2014
and 2015 were 11.73% and 11.35% of covered payroll, respectively.
Police Pension Plan
Plan Administration
Police sworn personnel are covered by the Police Pension Plan (the Plan). Although
this is a single-employer pension plan, the defined benefits and employee and
employer contribution levels are governed by Illinois Compiled Statutes (40 ILCS
5/3-1) and may be amended only by the Illinois legislature. The Village accounts for
the plan as a pension trust fund.
The plan is governed by a five-member Board of Trustees. Two members of the
Board of Trustees are appointed by the Village President, one member is elected by
pension beneficiaries and two members are elected by active police employees.
Administrative costs are financed through contributions and investment income.
-- 40
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11.
a.
Police Pension Plan (Continued)
Plan Membership
At April 30, 2015, the measurement date, membership consisted of:
Inactive plan members or beneficiaries
currently receiving benefits
Inactive plan members entitled to but not
yet receiving benefits
8
2
Active plan members
51
TOTAL
61
Benefits Provided
The Plan provides retirement benefits as well as death and disability benefits. Tier 1
employees (those hired prior to January 1, 2011) attaining the age of 50 or older with
20 or more years of creditable service are entitled to receive an annual retirement
benefit equal to one-half of the salary attached to the rank held on the last day of
service, or for one year prior to the last day, whichever is greater. The annual benefit
shall be increased by 2.5% of such salary for each additional year of service over 20
years up to 30 years to a maximum of 75% of such salary. Employees with at least
eight years but less than 20 years of creditable service may retire at or after age 60
and receive a reduced benefit. The monthly benefit 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 be paid upon reaching the age
of at least 55 years, by 3% of the original pension and 3% compounded annually
thereafter.
Tier 2 employees (those hired on or after January 1, 2011) attaining the age of 55 or
older with ten or more years of creditable service are entitled to receive an annual
retirement benefit equal to the average monthly salary obtained by dividing the total
salary of the police officer during the 96 consecutive months of service within the
last 120 months of service in which the total salary was the highest by the number of
months of service in that period. Police officers’ salary for pension purposes is
capped at $106,800, plus the lesser of ½ of the annual change in the Consumer Price
Index or 3% compounded. The annual benefit shall be increased by 2.5% of such
salary for each additional year of service over 20 years up to 30 years to a maximum
-- 41
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11.
a.
Benefits Provided (Continued)
of 75% of such salary. Employees with at least ten years may retire at or after age 50
and receive a reduced benefit (i.e., ½% for each month under 55). The monthly
benefit of a Tier 2 police officer shall be increased annually at age 60 on the
January 1st after the police officer retires, or the first anniversary of the pension
starting date, whichever is later. Noncompunding increases occur annually, each
January thereafter. The increase is the lesser of 3% or ½ of the change in the
Consumer Price Index for the preceding calendar year.
Contributions
Employees are required by ILCS to contribute 9.91% of their base salary to the Plan.
If an employee leaves covered employment with less than 20 years of service,
accumulated employee contributions may be refunded without accumulated interest.
The Village is required to contribute the remaining amounts necessary to finance the
plan and the administrative costs as actuarially determined by an enrolled actuary.
Effective January 1, 2011, the Village has until the year 2040 to fund 90% of the past
service cost for the Plan. However, the Village has adopted a pension funding policy
that funds 100% of the past service cost on a closed basis by the year 2040. For the
year ended April 30, 2015, the Village’s contribution was 19.08% of covered payroll.
Investment Policy
ILCS limit the Plan’s investments to those allowable by ILCS and require the Plan’s
Board of Trustees to adopt an investment policy which can be amended by a majority
vote of the Board of Trustees. The Plan’s investment policy authorizes it to make
deposits/invest in insured commercial banks, savings and loan institutions,
obligations of the U.S. Treasury and U.S. agencies, insured credit union shares,
money market mutual funds with portfolios of securities issued or guaranteed by the
United States Government or agreements to repurchase these same obligations,
repurchase agreements, short-term commercial paper rated within the three highest
classifications by at least two standard rating services, and Illinois Funds (a money
market fund created by the State of Illinois under the State Treasurer that maintains a
$1 per share value). The Plan may also invest in certain non-U.S. obligations, Illinois
municipal corporations tax anticipation warrants, veteran’s loans, obligations of the
State of Illinois and its political subdivisions, and Illinois insurance company general
and separate accounts, mutual funds, and equities.
-- 42
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11.
a.
Investment Policy (Continued)
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 Funds’
share price, the price for which the investment could be sold. The Plan’s investment
policy specifically prohibits investments in commodities, direct investments in real
estate, margin or leveraged investments, short sales, and direct foreign currency
speculation or any related investment activity.
During the year, there were no changes to the investment policy.
The Plan’s investment policy in accordance with ILCS establishes the following
target allocation across asset classes:
Target
Long-Term
Expected Real
Rate of Return
Cash equivalents
0%
0.0%
Large cap domestic equity
30%
7.0%
Small cap domestic equity
10%
9.1%
International equity
15%
7.2%
Fixed income
45%
2.2%
Asset Class
ILCS limit the Plan’s investments in equities, mutual funds and variable annuities to
65%. Securities in any one company should not exceed 5% of the total fund.
The Long‐Term Expected Real Rate of Returns are net of inflation and investment
expense. Long‐term returns for the asset classes are calculated on a geometric mean
basis. Asset class returns are from Stocks, Bonds, Bills and Inflation 2013 Yearbook ‐
Morningstar for the period of December 31, 1925 through December 31, 2014.
International Equity = the MSCI EAFE Index December 31, 1976 through
December 31, 2014.
-- 43
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11.
a.
Investment Valuations
All investments in the plan are stated at fair value and are recorded as of the trade
date. Fair value is based on quoted market prices at April 30 for debt securities,
equity securities, and mutual funds, and contract values for insurance contracts.
Illinois Funds, an investment pool created by the State legislature under the control
of the State Treasurer, is a money market mutual fund that maintains a $1 per share
value.
Investment Rate of Return
For the year ended April 30, 2015, the annual money-weighted rate of return on
pension plan investments, net of pension plan investment expense, was 6.64%. The
money-weighted rate of return expresses investment performance, net of investment
expense, adjusted for the changing amounts actually invested.
Deposits with Financial Institutions
Custodial credit risk for deposits with financial institutions is the risk that in the
event of bank failure, the Plan’s deposits may not be returned to it. The Plan’s
investment policy does not require pledging of collateral for all bank balances in
excess of federal depository insurance, since flow-through FDIC insurance is
available for the Plan’s deposits with financial institutions.
Investments
The following table presents the investments and maturities of the Plan’s debt
securities as of April 30, 2015:
Investment Type
Fair Value
Less than 1
Investment Maturities (in Years)
1-5
6-10
Greater than 10
U.S. Treasury obligations
U.S. agency obligations
Municipal bonds
$
2,830,065 $
6,923,996
581,818
100,156 $
402,973
-
1,805,690 $
3,810,631
186,649
924,219 $
2,439,465
215,152
270,927
180,017
TOTAL
$
10,335,879 $
503,129 $
5,802,970 $
3,578,836 $
450,944
-- 44
44 --
11.
a.
Interest Rate Risk
Interest rate risk is the risk that changes in interest rates will adversely affect the fair
value of an investment. In accordance with its investment policy, the Plan limits its
exposure to interest rate risk through the proper diversifications of maturities and
sectors while maintaining cash flow adequate to meet anticipated disbursements for
at least six months by utilizing short-term money market investments. There are no
constraints on any of the fixed income portfolio’s average maturity. The average
duration of any fixed income portfolio shall not exceed 12 years at any given time
unless deemed otherwise by the Board of Trustees.
Credit Risk
Credit risk is the risk that the issuer of a debt security will not pay its par value upon
maturity. The Plan limits its exposure to credit risk by primarily investing in U.S.
Treasury or U.S. agency obligations. The U.S. agency obligations and money market
mutual funds are rated AA+ to AAA. The Municipal Bonds have ratings from AA3
to AAA.
Custodial Credit Risk
Custodial credit risk for investments is the risk that, in the event of the failure of the
counterparty to the investment, the Plan will not be able to recover the value of its
investments that are in possession of an outside party. To limit its exposure, the
Plan’s investment policy requires all security transactions that are exposed to
custodial credit risk to be processed on a delivery versus payment (DVP) basis with
the underlying investments held by a third party custodian. The money market mutual
funds and equity mutual funds are not subject to custodial credit risk.
-- 45
45 --
11.
a.
Concentration of Credit Risk
Concentration of credit risk is the risk that the Plan has a high percentage of its
investments invested in one type of investment. The Plan’s investment policy limits
the amount of the debt portfolio that can be invested in any one debt security as
follows:
Diversification by Instrument
Cash equivalents
Government bonds
U.S. stocks
Non-U.S. stocks
Minimum
Target
Maximum
0%
40%
35%
0%
0%
45%
40%
15%
30%
70%
45%
20%
At April 30, 2015, Federal Home Loan Bank obligations exceeded 5% of the Plan’s
total investments. Such investments comprised approximately 18.04% of the Plan’s
investments
Net Pension Liability
The components of the net pension liability of the Plan as of April 30, 2015,
calculated in accordance with GASB Statement No. 67 were as follows:
Total pension liability
Plan fiduciary net position
Village’s net pension liability
Plan fiduciary net position as a percentage
of the total pension liability
$
31,882,199
23,825,750
8,056,449
74.73%
See the schedule of changes in the employer’s net pension liability and related ratios
in the required supplementary information for additional information related to the
funded status of the Plan.
-- 46
46 --
11.
a.
Actuarial Assumptions
The total pension liability above was determined by an actuarial valuation using the
following actuarial methods and assumptions.
Actuarial valuation date
April 30, 2015
Actuarial cost method
Entry-age
normal
Assumptions
Inflation
3.00%
Salary increases
5.50%
Interest rate
7.50%
Cost of living adjustments
2.00% to 3.00%
Asset valuation method
Market
Mortality rates were based on the RP-2000 CHBCA Mortality Table. During the
year, there was a change with respect to actuarial assumptions from the prior year to
reflect revised expectations with respect to mortality rates, disability rates, turnover
rates and retirement rates. The mortality rates, disability rates, turnover rates and
retirement rates have been changed to the new rates most recently published by the
Illinois Department of Insurance (September 2012).
Discount Rate
The discount rate used to measure the total pension liability was 7.5%. The
projection of cash flows used to determine the discount rate assumed that plan
member contributions will be made at the current contribution rate and that Village
contributions will be made at rates equal to the difference between actuarially
determined contribution rates and the member rate. Based on those assumptions, the
pension plan’s fiduciary net position was projected to be available to make all
projected future benefit payments of current members. Therefore, the long-term
expected rate of return on pension plan investments (7.5%) was applied to all periods
of projected benefit payments to determine the total pension liability.
-- 47
47 --
11.
a.
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 net pension liability of the Village
calculated using the discount rate of 7.5% as well as what the Village’s net pension
liability would be if it were calculated using a discount rate that is 1 percentage point
lower (6.5%) or 1 percentage point higher (8.5%) than the current rate:
Current
Discount Rate
(7.5%)
1% Decrease
(6.5%)
Net pension liability
b.
$
13,643,053
$
8,056,449
1% Increase
(8.5%)
$
3,546,367
Annual Pension Costs
Employer contributions have been determined as follows:
Illinois
Municipal
Retirement
Police
Pension
December 31,
2012
April 30,
2013
Actuarial cost method
Entry-age
Normal
Entry-age
Normal
Asset valuation method
5 Year
Smoothed
Market
5 Year
Smoothed
Market
Amortization method
Level
Percentage of
Payroll
Level
Percentage of
Payroll
Amortization period
29 Years,
Open
26 Years,
Closed
-- 48
48 --
11.
b.
Annual Pension Costs (Continued)
Significant Actuarial Assumptions
a) Rate of return on
Present and future assets
b) Projected salary increase Attributable to inflation
Illinois
Municipal
Retirement
Police
Pension
7.50%
Compounded
Annually
7.50%
Compounded
Annually
4.00%
Compounded
Annually
5.50%
Compounded
Annually
0.40% to
10.00%
N/A
c) Additional Projected
salary increases seniority/merit
Employer annual pension costs (APC), actual contributions and the net pension
obligation (NPO) are as follows. The NPO is the cumulative difference between the
APC and the contributions actually made.
Illinois
Municipal
Retirement
Fiscal
Year
Police
Pension
Annual pension cost
(APC)
2013
2014
2015
$
599,939
650,890
643,007
$
782,927
784,784
888,299
Actual contribution
2013
2014
2015
$
599,939
650,890
643,007
$
888,578
886,519
898,172
Percentage of APC contributed
2013
2014
2015
NPO (asset)
2013
2014
2015
-- 49
49 --
100.00%
100.00%
100.00%
$
-
113.49%
112.96%
101.11%
$ (1,613,637)
(1,715,372)
(1,725,245)
11.
b.
Annual Pension Costs (Continued)
The NPO (asset) as of April 30, 2015 has been calculated as follows:
Police
Pension
Annual required contribution
Interest on net pension obligation
Adjustment to annual required contribution
$
Annual pension cost
Contributions made
935,192
(128,623)
81,760
888,299
898,172
The (increase) in net pension obligation (asset)
Net pension obligation (asset), beginning of year
(9,872)
(1,715,372)
NET PENSION OBLIGATION (ASSET), END OF YEAR
$ (1,725,245)
The NPA is reported as an asset in the Village’s governmental activities column in
the government-wide financial statements at April 30, 2015.
c.
Funded Status and Funding Progress
The funded status and funding progress of the plans as of April 30, 2015 were as
follows:
Actuarial accrued liability (AAL)
Actuarial value of plan assets
Unfunded actuarial accrued liability (UAAL)
Funded ratio (actuarial value of plan assets/AAL)
Covered payroll (active plan members)
UAAL as a percentage of covered payroll
-- 50
50 --
Illinois
Municipal
Retirement
Police
Pension
December 31,
2014
$ 14,926,217
11,802,980
3,123,237
79.08%
$
5,545,751
56.32%
April 30,
2015
$ 31,882,199
23,825,750
8,056,449
74.73%
$ 4,814,515
167.34%
11.
c.
Funded Status and Funding Progress (Continued)
The actuarial assumptions used to determine the funded status of the plans are the
same actuarial assumptions used to determine the employer annual pension costs of
the plans as disclosed in Note 11b.
See the schedules of funding progress in the required supplementary information
immediately following the notes to financial statements for additional information
related to the funded status of the plans.
12.
OTHER POSTEMPLOYMENT BENEFITS
a.
Plan Description
In addition to providing the pension benefits described, the Village provides
postemployment health care (OPEB) benefits for retirees and disabled employees
through a single-employer defined benefit plan (the Plan). The benefits, benefit
levels, employee contributions and any employer contributions are governed by the
Village and can be amended by the Village through its personnel manual and union
contracts. The Plan is not accounted for as a trust fund, as an irrevocable trust has not
been established to account for the Plan. The Plan does not issue a separate report.
The activity of the Plan is reported in the Village’s General Fund.
b.
Benefits Provided
The Village provides postemployment health care benefits to its retirees and certain
disabled employees. To be eligible for benefits, an employee must qualify for
retirement under one of the Village’s retirement plans or meet COBRA requirements.
For certain disabled employees who qualify for health insurance benefits under the
Public Safety Employee Benefits Act (PSEBA), the Village is required to pay 100%
of the cost of basic health insurance for the employee and their dependents for their
lifetime. As of April 30, 2015, the Village had one disabled retiree receiving benefits
under this statute.
All health care benefits are provided through the Village’s 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. Eligibility in village-sponsored
health care plans is discontinued upon eligibility for federally sponsored health care
benefits.
-- 51
51 --
12.
OTHER POSTEMPLOYMENT BENEFITS (Continued)
c.
Membership
At April 30, 2015 (census date), membership consisted of:
Actives fully eligible to retire
13
Actives not yet fully eligible to retire
110
Retirees
2
TOTAL
125
Participating employers
d.
1
Funding Policy
All retirees contribute 100% of the premium to the Plan to cover the cost of
providing the benefits to the retirees via the health insurance plan (pay as you go),
which results in an implicit subsidy to the Village as defined by GASB Statement
No. 45. The Village pays 100% of the premium for certain disabled employees. For
the fiscal year ended April 30, 2015, retirees contributed $13,530 and the Village
contributed $25,920. The Village is not required to and currently does not advance
fund the cost of benefits that will become due and payable in the future. Active
employees do not contribute to the Plan until retirement.
e.
Annual OPEB Costs and Net OPEB Obligation
The Village’s annual OPEB cost, the percentage of annual OPEB cost contributed to
the Plan and the net OPEB obligation was as follows:
Fiscal
Year
Ended
April 30, 2015
April 30, 2014
April 30, 2013
Annual
OPEB
Cost
$
80,331
64,906
64,380
Employer
Contributions
$
-- 52
52 --
25,920
32,784
32,784
Percentage of
Annual OPEB
Cost Contributed
32.27%
50.51%
50.92%
Net OPEB
Obligation
$
149,759
95,348
63,226
12.
e.
Annual OPEB Costs and Net OPEB Obligation (Continued)
The net OPEB obligation (NOPEBO) as of April 30, 2015 was calculated as follows:
Annual required contribution
Interest on net OPEB obligation
Adjustment to annual required contribution
79,444
4,291
(3,404)
Annual OPEB cost
Contributions made
80,331
25,920
Increase in net OPEB obligation
Net OPEB obligation, beginning of year
54,411
95,348
NET OPEB OBLIGATION, END OF YEAR
f.
$
$
149,759
Funded Status and Funding Progress
The funded status of the Plan as of April 30, 2014 (latest information available) was
as follows:
Actuarial accrued liability (AAL)
Actuarial value of plan assets
Unfunded actuarial accrued liability (UAAL)
Funded ratio (actuarial value of plan assets/AAL)
Covered payroll (active plan members)
UAAL as a percentage of covered payroll
$
$
1,324,394
1,324,394
0.00%
9,521,845
13.91%
Actuarial valuations of an ongoing plan involve estimates of the value of reported
amounts and assumptions about the probability of occurrence of events far into the
future. Examples include assumptions about future employment, mortality and the
healthcare cost trend. Amounts determined regarding the funded status of the Plan
and the annual required contributions of the employer are subject to continual
revision as actual results are compared with past expectations and new estimates are
made about the future. The schedule of funding progress, presented as required
supplementary information following the notes to financial statements, presents
multi-year trend information that shows whether the actuarial value of plan assets is
increasing or decreasing over time relative to the actuarial accrued liabilities for
benefits.
-- 53
53 --
12.
g.
Actuarial Methods and Assumptions
Projections of benefits for financial reporting purposes are based on the substantive
plan (the Plan as understood by the employer and plan members) and include the
types of benefits provided at the time of each valuation and the historical pattern of
sharing of benefit costs between the employer and plan members to that point. The
actuarial methods and assumptions used include techniques that are designed to
reduce short-term volatility in actuarial accrued liabilities and the actuarial value of
assets, consistent with the long-term perspective of the calculations.
In the April 30, 2014 actuarial valuation, the entry-age actuarial cost method was
used. The actuarial assumptions included a 4.5% investment rate of return (net of
administrative expenses) and an initial and ultimate annual healthcare cost trend rate
of 4.5%. These rates include a 3% inflation assumption. The actuarial value of assets
was not determined as the Village has not advance funded its obligation. The Plan’s
unfunded actuarial accrued liability is being amortized as a level percentage of
projected payroll on an open basis over 30 years.
-- 54
54 --
REQUIRED SUPPLEMENTARY INFORMATION
SCHEDULE OF REVENUES, EXPENDITURES,
AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL
GENERAL FUND
Original
Budget
REVENUES
Taxes
Intergovernmental
Fines and forfeits
Investment income
Miscellaneous
$
Final
Budget
6,504,925 $
655,800
8,720,600
4,643,706
736,287
10,000
122,000
6,504,925
655,800
8,720,600
4,643,706
736,287
10,000
122,000
Actual
$
6,064,781
976,464
9,769,446
4,923,326
791,198
(122,954)
163,663
Total revenues
21,393,318
21,393,318
22,565,924
EXPENDITURES
Current
General government
Public safety
3,692,562
11,440,346
6,525,410
3,692,562
11,440,346
6,525,410
3,364,275
10,903,337
6,505,029
Total expenditures
21,658,318
21,658,318
20,772,641
OVER EXPENDITURES
(265,000)
(265,000)
1,793,283
Transfers in
Transfers (out)
360,000
(95,000)
360,000
(95,000)
60,000
(3,295,000)
265,000
265,000
(3,235,000)
NET CHANGE IN FUND BALANCE
$
-
FUND BALANCE, MAY 1
$
-
(1,441,717)
11,727,964
FUND BALANCE, APRIL 30
$ 10,286,247
(See independent auditor's report.)
- 55 -
SCHEDULE OF FUNDING PROGRESS
ILLINOIS MUNICIPAL RETIREMENT FUND
April 30, 2015
Actuarial
Valuation
Date
December 31,
2009
(2)
Actuarial
Accrued
Liability
(AAL)
Entry-Age
(1)
Actuarial
Value of
Assets
$
5,912,942
$
(3)
Funded
Ratio
(1)/(2)
(4)
Unfunded
AAL
(UAAL)
(2) - (1)
8,765,602
67.46% $ 2,852,660
(5)
Covered
Payroll
UAAL
as a
Percentage
of Covered
Payroll
(4)/(5)
$ 6,030,709
47.30%
2010
6,661,020
9,673,911
68.86%
3,012,891
5,095,403
59.13%
2011
7,558,970
10,726,681
70.47%
3,167,711
4,882,548
64.88%
2012
8,783,472
11,795,699
74.46%
3,012,227
5,056,107
59.58%
2013
10,224,471
12,980,873
78.77%
2,756,402
5,299,570
52.01%
2014
11,802,980
14,926,217
79.08%
3,123,237
5,545,751
56.32%
- 56 -
POLICE PENSION FUND
April 30, 2015
Actuarial
Valuation
Date
April 30,
(1)
Actuarial
Value of
Assets
2010
$ 12,555,554
2011
(2)
Actuarial
Accrued
Liability
(AAL)
Entry-Age
$
(3)
Funded
Ratio
(1)/(2)
(4)
Unfunded
AAL
(UAAL)
(2) - (1)
17,605,405
71.32% $
5,049,851
14,818,305
19,498,674
76.00%
2012
16,241,065
20,838,159
2013
18,814,335
2014
2015
(5)
Covered
Payroll
4,005,605
126.07%
4,680,369
4,173,528
112.14%
77.94%
4,597,094
4,375,606
105.06%
24,162,940
77.86%
5,348,605
4,563,700
117.20%
21,386,315
27,395,166
78.07%
6,008,851
4,732,754
126.96%
23,825,750
31,882,199
74.73%
8,056,449
4,814,515
167.34%
- 57 -
$
UAAL
as a
Percentage
of Covered
Payroll
(4)/(5)
OTHER POSTEMPLOYMENT BENEFIT PLAN
April 30, 2015
Actuarial
Valuation
Date
April 30,
2012
2013
(1)
Actuarial
Value of
Assets
$
N/A
2014
2015
(2)
Actuarial
Accrued
Liability
(AAL)
Entry-Age
1,192,919
N/A
N/A
$
1,324,394
N/A
(3)
Funded
Ratio
(1)/(2)
(4)
Unfunded
AAL
(UAAL)
(2) - (1)
0.00% $ 1,192,919
N/A
0.00%
N/A
N/A
1,324,394
N/A
(5)
Covered
Payroll
$ 8,222,184
N/A
9,521,845
N/A
N/A -Actuarial valuation not performed
The Village implemented GASB Statement No. 45 for the fiscal year ending April 30, 2012.
Information for prior years is not available.
- 58 -
UAAL
as a
Percentage
of Covered
Payroll
(4)/(5)
14.51%
N/A
13.91%
N/A
SCHEDULE OF EMPLOYER CONTRIBUTIONS
ILLINOIS MUNICIPAL RETIREMENT FUND
April 30, 2015
Fiscal
Year
Employer
Contributions
Annual
Required
Contribution
(ARC)
2010
$
$
601,890
Percentage
Contributed
601,890
100.00%
2011
556,927
556,927
100.00%
2012
563,101
563,101
100.00%
2013
599,939
599,939
100.00%
2014
650,890
650,890
100.00%
2015
643,007
643,007
100.00%
- 59 -
POLICE PENSION FUND
Last Six Fiscal Years
2010
Actuarially determined contribution
$
Contributions in relation to the actuarially
determined contribution
682,956
2011
$
998,365
CONTRIBUTION DEFICIENCY (Excess)
$
Covered-employee payroll
$ 4,005,605
Contributions as a percentage of
covered-employee payroll
$
704,076
(315,409) $
24.9%
845,701
2012
141,625
$ 4,173,528
$
806,757
$
808,308
2014
$
808,112
2015
$
897,431
888,578
886,519
(90,674) $
(80,270) $
(78,407) $
$ 4,375,606
16.9%
2013
$ 4,563,700
20.5%
19.5%
$ 4,732,754
18.7%
935,192
898,172
37,020
$ 4,814,515
18.7%
The information directly above is formatted to comply with the requirements of GASB Statement No. 67.
Year Ended
April 30,
2010
Employer
Contributions
$
998,365
Annual
Required
Contribution
(ARC)
$
Percent
Contributed
682,956
146.18%
2011
704,076
845,701
83.25%
2012
897,431
806,757
111.24%
2013
888,578
808,308
109.93%
2014
886,519
808,112
109.70%
2015
898,172
935,192
96.04%
Notes to Required Supplementary Information
This information directly above is presented in accordance with GASB Statement No. 25. The information presented was determined as part of
the actuarial valuations as of the beginning of the prior fiscal year. Additional information as of the latest actuarial valuation presented is as
follows: the actuarial cost method was entry-age normal; the amortization method was level percent of pay, closed and the amortization period
was 26 years; the asset valuation method was at market value; and the significant actuarial assumptions were an investment rate of return at 7.50%
annually, projected salary increases assumption of 5.50% compounded annually, and postretirement benefit increases of 3.00% compounded
annually.
- 60 -
OTHER POSTEMPLOYMENT BENEFIT PLAN
April 30, 2015
Fiscal
Year
Employer
Contributions
Annual
Required
Contribution
2012
$
$
31,877
Percentage
63,506
50.20%
2013
32,784
63,853
51.34%
2014
32,784
63,853
51.34%
2015
25,920
79,444
32.63%
The Village implemented GASB Statement No. 45 for the fiscal year ending April 30, 2012.
Information for prior years is not available.
- 61 -
SCHEDULE OF CHANGES IN THE EMPLOYER'S NET PENSION LIABILITY
AND RELATED RATIOS
POLICE PENSION FUND
April 30, 2015
TOTAL PENSION LIABILITY
Service cost
Interest
Changes of benefit terms
Differences between expected and actual experience
Changes of assumptions
Benefit payments, including refunds of member contributions
$
Net change in total pension liability
1,098,445
2,039,130
(319,230)
2,082,221
(413,533)
4,487,033
Total pension liability - beginning
27,395,166
TOTAL PENSION LIABILITY - ENDING
PLAN FIDUCIARY NET POSITION
Contributions - employer
Contributions - member
Benefit payments, including refunds of member contributions
Administrative expense
$
$
Net change in plan fiduciary net position
31,882,199
898,172
522,107
1,466,441
(413,533)
(33,752)
2,439,435
Plan fiduciary net position - beginning
21,386,315
PLAN FIDUCIARY NET POSITION - ENDING
$
23,825,750
EMPLOYER'S NET PENSION LIABILITY
$
8,056,449
Plan fiduciary net position
as a percentage of the total pension liability
Covered-employee payroll
74.73%
$
Employer's net pension liability
as a percentage of covered-employee payroll
4,814,515
167.3%
Notes to required supplementary information
There was a change with respect to actuarial assumptions from the prior year to reflect revised expectations
with respect to mortality rates, disability rates, turnover rates, and retirement rates.
- 62 -
SCHEDULE OF INVESTMENT RETURNS
POLICE PENSION FUND
April 30, 2015
2015
Annual money-weighted rate of teturn,
net of investment expense
- 63 -
6.64%
NOTES TO REQUIRED SUPPLEMENTARY INFORMATION
April 30, 2015
1.
BUDGETS
Budgets are adopted on a basis consistent with generally accepted accounting principles.
Annual appropriated budgets are adopted (at the fund level) for the General, Special
Revenue, Debt Service, Capital Projects, Enterprise, and Police Pension Trust funds. The
annual appropriated budget is legally enacted and provides for a legal level of control at
the fund level. All annual appropriations lapse at fiscal year end.
The Village follows these procedures in establishing the budgetary data reflected in the
financial statements.
2.
a.
Prior to May 1, the Budget Officer submits to the Village Board a proposed
operating budget for the fiscal year commencing the following May 1. The operating
budget includes proposed expenditures and the means of financing them.
b.
Public hearings are conducted to obtain taxpayer comment.
c.
Prior to May 1, the budget is legally enacted through passage of a budget ordinance.
d.
The Budget Officer is authorized to transfer budgeted amounts between departments
within any fund; however, the Village Board approves any revisions that alter the
total expenditures of any fund. The budgetary information presented in the
accompanying financial statements is the legally enacted budget ordinance adjusted
for the approved revisions.
EXPENDITURES OVER BUDGET OF INDIVIDUAL FUNDS
The following funds had expenditures that exceeded budget:
Fund
D.A.R.E.
Tax Increment Financing
Bond and Interest
$
- 47 - 64 -
Budget
Expenditures
15,000
150,000
3,138,165
$
29,478
169,965
3,223,302
COMBINING AND INDIVIDUAL FUND FINANCIAL
STATEMENTS AND SCHEDULES
MAJOR GOVERNMENTAL FUNDS
SCHEDULE OF REVENUES - BUDGET AND ACTUAL
GENERAL FUND
Original
Budget
TAXES
Property taxes
Property tax - police pension
Property taxes - road and bridge
Property taxes - IMRF
Home rule sales tax
Personal property replacement tax
Amusement tax
Local motor fuel tax
Total taxes
$
3,275,925
900,000
360,000
570,000
500,000
45,000
4,000
850,000
Final
Budget
$
3,275,925
900,000
360,000
570,000
500,000
45,000
4,000
850,000
Actual
$
3,333,428
898,172
383,703
573,699
53,813
8,248
813,718
6,504,925
6,504,925
6,064,781
85,000
35,000
2,500
200
22,000
85,000
35,000
2,500
200
22,000
94,170
38,750
7,500
100
31,713
Total licenses
144,700
144,700
172,233
Permits
Building
Sign
Special movement
Solicitors
Child safety seats
500,000
5,000
5,000
1,000
100
500,000
5,000
5,000
1,000
100
792,640
6,672
4,254
665
-
Total permits
511,100
511,100
804,231
Total licenses and permits
655,800
655,800
976,464
INTERGOVERNMENTAL
Grant revenue
Sales tax
Use tax
Income tax
15,600
4,725,000
580,000
3,400,000
15,600
4,725,000
580,000
3,400,000
50,754
5,025,975
816,368
3,876,349
Total intergovernmental
8,720,600
8,720,600
9,769,446
25,200
10,000
4,000
3,000
25,200
10,000
4,000
3,000
46,146
14,452
4,155
2,701
LICENSES AND PERMITS
Licenses
Liquor
Contractors
Cigarette
Scavenger
Business
CHARGES FOR SERVICES
Rental income
Zoning applications
Accident report copies
Maps and ordinances copies
(This schedule is continued on the following page.)
- 65 -
SCHEDULE OF REVENUES - BUDGET AND ACTUAL (Continued)
GENERAL FUND
Original
Budget
CHARGES FOR SERVICES (Continued)
Garbage fees
Engineering services
Special detail reimbursement
Sprint rent
Telephone franchise fee
Cable franchise fee
Amphitheater rent
School liaison reimbursement
HIDTA/organized crime reimbursement
Kitchen rental - community room
Security - community room
Sex offenders registration
Parking lot revenues
Impound fees
Miscellaneous
Total charges for services
$
3,425,000
10,000
35,000
48,600
200,000
395,000
372,906
10,000
3,000
500
1,000
100,000
500
Final
Budget
$
3,425,000
10,000
35,000
48,600
200,000
395,000
372,906
10,000
3,000
500
1,000
100,000
500
Actual
$
3,587,793
42,984
37,623
259,808
445,784
1,400
391,862
13,843
5,660
560
4,800
63,600
155
4,643,706
4,643,706
4,923,326
FINES AND FORFEITS
Will County circuit court fines
Kendall County circuit court fines
Alcohol fines
Traffic and ordinance fines
Drug forfeiture
False alarm fees
Administrative fines - late fees
Court fines - drug account
350,000
500
100
200,000
177,687
8,000
-
350,000
500
100
200,000
177,687
8,000
-
319,084
1,641
175,535
255,667
6,700
17,265
15,306
Total fines and forfeits
736,287
736,287
791,198
INVESTMENT INCOME
10,000
10,000
(122,954)
MISCELLANEOUS
Other reimbursements
Other receipts
PEMA donation
Miscellaneous donations
Event sponsorship program
Mobile field force
Sale of fixed assets
90,000
15,000
5,000
4,000
3,000
5,000
90,000
15,000
5,000
4,000
3,000
5,000
89,304
41,532
3,000
23,407
5,276
1,144
122,000
122,000
163,663
$ 21,393,318
$ 21,393,318
$ 22,565,924
Total miscellaneous
TOTAL REVENUES
- 66 -
SCHEDULE OF EXPENDITURES - BUDGET AND ACTUAL
GENERAL FUND
Original
Budget
CURRENT
General government
Legislative
Administration
Community relations
Facility management
Human resources
Information technology
Planning
Building
Subtotal
$
482,150
1,014,756
167,710
183,914
278,715
551,695
464,330
549,292
3,692,562
Less insurance surplus allocation
Total general government
Public safety
Police department
Executive
Police operations
Police administration
Police records
Seizure/forfeiture
Police special activities
Community services
Court services
Nondivisional
Total police department
Police commission
PEMA
Subtotal
Total public safety
Final
Budget
$
482,150
1,014,756
167,710
183,914
278,715
551,695
464,330
549,292
3,692,562
-
-
Actual
$
469,873
891,012
144,003
92,377
259,090
539,904
409,891
576,370
3,382,520
(18,245)
3,692,562
3,692,562
3,364,275
589,134
6,312,034
1,838,408
596,357
177,687
35,500
1,223,984
337,166
47,480
589,134
6,312,034
1,838,408
596,357
177,687
35,500
1,223,984
337,166
47,480
540,624
6,301,232
1,681,286
589,440
309,003
32,244
1,027,569
245,191
17,592
11,157,750
11,157,750
10,744,181
13,521
269,075
13,521
269,075
2,260
217,938
11,440,346
11,440,346
10,964,379
11,440,346
11,440,346
- 67 -
(61,042)
10,903,337
SCHEDULE OF EXPENDITURES - BUDGET AND ACTUAL (Continued)
GENERAL FUND
Original
Budget
CURRENT (Continued)
Waste hauler
Administration
Street maintenance
Vehicle maintenance
Forestry
$
Subtotal
6,525,410
Total highways and streets
TOTAL EXPENDITURES
3,163,250
406,049
2,511,700
270,880
173,531
-
Final
Budget
$
3,163,250
406,049
2,511,700
270,880
173,531
6,525,410
-
Actual
$
3,186,306
409,245
2,527,805
261,869
132,949
6,518,174
(13,145)
6,525,410
6,525,410
6,505,029
$ 21,658,318
$ 21,658,318
$ 20,772,641
- 68 -
SCHEDULE OF DETAILED EXPENDITURES - BUDGET AND ACTUAL
GENERAL FUND
Original
Budget
GENERAL GOVERNMENT
Legislative
Salaries - President
Salaries - Elected Officials
Salaries - Liquor Commission
Salaries - Village Treasurer
FICA
Medicare
IMRF
Employee insurance
Travel/training
Replacement equipment
Dues and subscriptions
Public relations
Cable TV
Property tax refund
Economic incentive rebate
Total legislative
Administration
Salaries - full-time
Salaries - part-time
Salaries - overtime
FICA
Medicare
IMRF
Employee insurance
Deferred compensation contribution
Travel/training
Unemployment insurance
Telephone/internet
Cellular phones/pagers
Office supplies/postage
Gas, oil, wash, and mileage
Maintenance contract/lease
Recording fees
Legal notices
Attorney legal fees
Fingerprints
Contractual services
Engineer fees
Office furniture and equipment
Contingencies
Subtotal administration
Less Water and Sewer reimbursement
Total administration
$
20,000
25,000
1,500
2,500
2,600
600
300
150
10,000
4,000
32,000
80,000
2,000
1,500
300,000
Final
Budget
$
20,000
25,000
1,500
2,500
2,600
600
300
150
10,000
4,000
32,000
80,000
2,000
1,500
300,000
Actual
$
20,000
20,500
1,500
2,500
2,549
596
386
88
7,655
894
33,224
49,262
929
329,790
482,150
482,150
469,873
644,990
45,000
1,500
42,872
10,027
82,800
102,340
15,000
15,000
10,000
6,000
2,000
5,000
30,000
9,500
8,500
2,500
2,500
70,000
500
75,000
25,000
5,000
53,727
644,990
45,000
1,500
42,872
10,027
82,800
102,340
15,000
15,000
10,000
6,000
2,000
5,000
30,000
9,500
8,500
2,500
2,500
70,000
500
75,000
25,000
5,000
53,727
621,569
42,061
266
37,453
9,600
77,952
85,907
20,933
11,341
3,747
3,447
1,444
3,764
33,572
8,513
3,957
1,024
1,729
49,595
90,591
2,927
30,000
1,264,756
1,264,756
1,141,392
(250,000)
1,014,756
(This schedule is continued on the following pages.)
- 69 -
(250,000)
1,014,756
(250,380)
891,012
SCHEDULE OF DETAILED EXPENDITURES - BUDGET AND ACTUAL (Continued)
GENERAL FUND
Original
Budget
GENERAL GOVERNMENT (Continued)
Community relations
FICA
Medicare
IMRF
Employee insurance
Travel/training
Telephone/internet
Software
Public relations
Marketing and promotion
Settler's Park
$
92,120
5,711
1,335
11,054
21,290
1,000
1,700
500
1,700
15,750
1,000
700
100
3,000
7,750
3,000
Final
Budget
$
92,120
5,711
1,335
11,054
21,290
1,000
1,700
500
1,700
15,750
1,000
700
100
3,000
7,750
3,000
Actual
$
92,540
5,485
1,283
10,929
17,153
3,472
224
338
6,614
58
110
5,797
-
Total community relations
167,710
167,710
144,003
Facility management
Salaries - overtime
FICA
Medicare
IMRF
Building maintenance supplies
Employee insurance
Building improvements
31,026
1,925
450
3,723
7,000
50,000
9,790
80,000
31,026
1,925
450
3,723
7,000
50,000
9,790
80,000
33,253
1,918
449
3,842
5,460
37,333
7,887
2,235
Total facility management
183,914
183,914
92,377
Human resources
Salaries - over-time
FICA
Medicare
IMRF
Employee insurance
Travel/training
Telephone/internet
Cellular telephone/pager
Gas, oil, wash and mileage
Software
Public relations
Marketing and promotion
167,785
500
10,435
2,440
20,195
38,600
4,500
7,500
800
360
650
3,200
1,400
12,050
300
8,000
167,785
500
10,435
2,440
20,195
38,600
4,500
7,500
800
360
650
3,200
1,400
12,050
300
8,000
172,901
10,605
2,480
20,491
19,510
6,627
3,683
675
360
1,184
1,976
1,003
218
11,194
160
6,023
278,715
278,715
259,090
Total human resources
- 70 -
GENERAL FUND
Original
Budget
Information technology
FICA
Medicare
IMRF
Employee insurance
Travel/training
Telephone/internet
Cellular telephone/pagers
Uniforms/clothing
Software licensing/renewals
Software
Computers
Total information technology
$
186,400
38,500
13,945
3,275
26,975
38,805
4,000
13,950
500
2,350
1,250
200
400
300
168,495
30,600
5,250
16,500
Final
Budget
$
186,400
38,500
13,945
3,275
26,975
38,805
4,000
13,950
500
2,350
1,250
200
400
300
168,495
30,600
5,250
16,500
Actual
$
190,423
34,101
13,790
3,225
26,396
35,256
5,785
11,591
338
2,644
1,389
390
512
177,184
18,331
2,947
15,602
551,695
551,695
539,904
253,690
4,000
2,500
16,132
3,775
31,225
58,508
7,000
5,000
1,000
5,000
1,000
10,000
3,000
1,000
500
5,000
1,000
5,000
15,000
25,000
10,000
253,690
4,000
2,500
16,132
3,775
31,225
58,508
7,000
5,000
1,000
5,000
1,000
10,000
3,000
1,000
500
5,000
1,000
5,000
15,000
25,000
10,000
257,614
3,305
2,369
16,093
3,764
30,659
53,552
9,979
2,928
783
1,689
678
9,222
1,807
39
3,117
722
4,910
6,661
-
Total planning
464,330
464,330
409,891
Building
Salaries - overtime
353,700
21,000
500
353,700
21,000
500
359,744
45,854
217
Planning
Compensation - Plan Commission
Salaries - overtime
FICA
Medicare
IMRF
Employee insurance
Travel/training
Telephone/internet
Software
Vehicle maintenance
Legal fees
Special projects/programs
Engineer fees
- 71 -
GENERAL FUND
Original
Budget
Building (Continued)
FICA
Medicare
IMRF
Employee insurance
Travel/training
Telephone/internet
Uniforms/clothing
Special projects/programs
Ordinance maintenance
Total building
Total general government
PUBLIC SAFETY
Police department
Executive
Salaries - overtime
FICA
Medicare
IMRF
Employee insurance
Travel/training
Education/school
Telephone/internet
Replacement supplies
Uniforms/clothing
Custodian
Vehicle equipment maintenance
Sex offenders registration fee
Total executive
$
23,262
5,440
45,025
76,165
4,000
4,500
1,050
2,000
3,800
5,200
700
1,000
450
500
1,000
Final
Budget
$
23,262
5,440
45,025
76,165
4,000
4,500
1,050
2,000
3,800
5,200
700
1,000
450
500
1,000
Actual
$
23,310
5,452
39,560
53,491
5,100
4,077
1,050
338
4,525
10,466
870
611
600
21,105
-
549,292
549,292
576,370
3,692,562
3,692,562
3,382,520
277,335
31,117
3,000
19,310
4,516
22,290
51,186
7,500
10,700
12,000
23,000
1,610
1,505
11,950
1,700
6,400
3,325
2,500
8,390
79,300
2,500
8,000
-
277,335
31,117
3,000
19,310
4,516
22,290
51,186
7,500
10,700
12,000
23,000
1,610
1,505
11,950
1,700
6,400
3,325
2,500
8,390
79,300
2,500
8,000
-
280,675
30,993
461
18,378
4,377
21,432
62,532
7,471
2,957
4,000
19,460
1,612
1,320
7,070
1,052
3,734
856
3,079
8,262
56,663
583
3,301
356
589,134
589,134
540,624
- 72 -
GENERAL FUND
Original
Budget
PUBLIC SAFETY (Continued)
Police department (Continued)
Police operations
Salaries - patrol officers
Salaries - overtime
FICA
Medicare
IMRF
Police pension contribution
Employee insurance
Travel/training
Telephone/insurance
Uniforms/clothing
Traffic programs
Ammunition/weapons
Radio maintenance
Maintenance contracts/lease
Bike unit
Vehicle maintenance
K-9 Unit
Contractual services - WESCOM
Total police operations
Police administration
Salaries - school officer
Salaries - investigation
Salaries - full time
Salaries - overtime
FICA
Medicare
Employee insurance
Travel/training
Telephone/internet
Uniforms/clothing
Crime scene/evidence tech support
Radio maintenance
$
2,978,240
168,223
381,500
218,734
51,155
6,396
900,000
612,495
40,780
46,000
29,070
7,055
14,000
14,650
1,900
110,000
30,000
24,200
25,600
1,200
1,836
2,000
46,000
8,000
593,000
Final
Budget
$
2,978,240
168,223
381,500
218,734
51,155
6,396
900,000
612,495
40,780
46,000
29,070
7,055
14,000
14,650
1,900
110,000
30,000
24,200
25,600
1,200
1,836
2,000
46,000
8,000
593,000
Actual
$
2,881,505
267,346
357,231
209,652
49,459
6,259
898,172
577,536
83,770
36,421
23,104
7,153
13,360
13,240
1,108
92,237
31,151
20,061
25,593
1,836
1,679
47,593
7,099
648,667
6,312,034
6,312,034
6,301,232
377,832
776,861
114,922
128,000
86,652
20,265
191,046
20,000
7,500
2,070
10,050
10,800
6,000
4,070
29,000
17,050
5,700
1,100
7,420
377,832
776,861
114,922
128,000
86,652
20,265
191,046
20,000
7,500
2,070
10,050
10,800
6,000
4,070
29,000
17,050
5,700
1,100
7,420
285,812
725,877
154,601
119,676
77,745
18,182
159,451
38,695
9,027
1,282
7,713
3,582
1,766
3,597
28,060
18,054
5,508
4,497
- 73 -
GENERAL FUND
Original
Budget
Police administration (Continued)
Vehicle maintenance
Background check services
Animal control
Accreditation
Total police administration
$
15,000
2,500
4,570
Final
Budget
$
15,000
2,500
4,570
Actual
$
10,729
977
2,390
4,065
1,838,408
1,838,408
1,681,286
377,910
6,000
23,802
5,567
33,525
117,388
5,700
2,100
2,070
13,450
425
2,700
5,720
377,910
6,000
23,802
5,567
33,525
117,388
5,700
2,100
2,070
13,450
425
2,700
5,720
383,486
3,003
23,343
5,459
33,113
106,901
13,842
950
1,282
7,878
100
1,939
2,409
5,735
596,357
596,357
589,440
177,687
177,687
309,003
2,016
471
500
32,513
2,016
471
500
32,513
1,807
424
30,013
Total police special activities
35,500
35,500
32,244
Community services
Salaries - overtime
FICA
Medicare
IMRF
Employee insurance
Travel/training
Telephone/internet
491,106
309,732
30,000
51,512
12,047
64,201
92,176
3,000
7,980
2,070
4,450
3,000
3,200
2,800
25,000
491,106
309,732
30,000
51,512
12,047
64,201
92,176
3,000
7,980
2,070
4,450
3,000
3,200
2,800
25,000
466,179
237,118
27,016
44,669
10,447
47,721
70,144
6,839
3,124
1,282
3,107
3,857
2,591
1,437
20,724
Police records
Salaries - overtime
FICA
Medicare
IMRF
Employee insurance
Travel/training
Telephone/internet
Uniforms/clothing
Total police records
Seizure/Forfeiture
Seizure/forfeiture expenditures
Police special activities
FICA
Medicare
Mobile field force
Salaries - special activities
- 74 -
GENERAL FUND
Original
Budget
Community services (Continued)
Uniform/clothing
Radio maintenance
Vehicle maintenance
D.A.R.E program
Shop with a cop
Chaplaincy program
Animal control
Community programs
Community programs - alcohol/tobacco
Total community services
Court services
Salaries - overtime
FICA
Medicare
IMRF
Employee insurance
Travel/training
Telephone/internet
Uniforms/clothing
Legal fees
Total court services
Nondivisional
Office furniture and equipment
Capital equipment
PEMA fundraising
Contingencies
Total nondivisional
Total police department
Police commission
FICA
Medicare
Travel/training
$
11,200
49,000
10,000
14,000
3,500
4,000
4,210
14,000
6,700
5,100
Final
Budget
$
11,200
49,000
10,000
14,000
3,500
4,000
4,210
14,000
6,700
5,100
Actual
$
13,679
28,392
3,983
7,344
2,521
11,925
2,405
7,640
3,182
243
1,223,984
1,223,984
1,027,569
113,021
44,024
1,000
9,799
2,292
18,965
47,874
1,000
3,000
1,610
1,020
11,125
8,500
900
3,036
70,000
113,021
44,024
1,000
9,799
2,292
18,965
47,874
1,000
3,000
1,610
1,020
11,125
8,500
900
3,036
70,000
114,789
33,779
8,740
2,044
17,439
37,757
4,740
231
997
849
7,472
8,421
862
3,036
4,035
337,166
337,166
245,191
6,000
28,780
12,700
6,000
28,780
12,700
5,096
2,516
474
9,506
47,480
47,480
17,592
11,157,750
11,157,750
10,744,181
5,500
341
80
1,000
2,000
5,500
341
80
1,000
2,000
- 75 -
1,482
89
21
(82)
GENERAL FUND
Original
Budget
Police commission (Continued)
Legal fees
Police test/hiring
Total police commission
PEMA
FICA
Medicare
Employee insurance
Travel/training
Telephone/internet
Office supplies
Cellular phones/pager
Supplies and hardware
Uniforms/clothing
Emergency operation center
Public relations
Disaster plan/exercises/NIMS
Radio maintenance
Vehicle maintenance
Bike unit
Siren maintenance
Cadet program
Search and rescue
Furniture/equipment
Supplies and hardware - ESDA
Machinery and equipment
Contingencies
Total PEMA
Total public safety
HIGHWAYS AND STREETS
Waste hauler
Refuse hauler fees
Total waste hauler
$
600
1,000
3,000
Final
Budget
$
600
1,000
3,000
Actual
$
375
375
-
13,521
13,521
2,260
114,922
7,125
1,666
21,912
3,400
2,000
6,800
1,300
5,200
7,000
750
12,000
2,000
5,000
750
1,000
3,000
8,000
15,000
3,500
500
20,000
5,250
4,500
6,000
2,000
500
5,000
3,000
114,922
7,125
1,666
21,912
3,400
2,000
6,800
1,300
5,200
7,000
750
12,000
2,000
5,000
750
1,000
3,000
8,000
15,000
3,500
500
20,000
5,250
4,500
6,000
2,000
500
5,000
3,000
117,567
7,115
1,685
16,936
3,910
1,141
4,573
520
4,400
3,803
1,369
7,933
927
1,989
21
4,744
12,404
2,400
97
13,335
957
4,026
991
198
88
3,583
1,226
269,075
269,075
217,938
11,440,346
11,440,346
10,964,379
3,163,250
3,163,250
3,186,306
3,163,250
3,163,250
3,186,306
- 76 -
GENERAL FUND
Original
Budget
HIGHWAYS AND STREETS (Continued)
Administration
FICA
Medicare
IMRF
Employee insurance
Travel/training
Telephone/internet
Supplies/hardware
Radio maintenance
Building maintenance
Legal notices
Street maintenance
Salaries - overtime
FICA
Medicare
IMRF
Employee insurance
Electricity/gas
Supplies/hardware
Street signs maintenance
Aggregate materials
Uniforms/clothing
Radio maintenance
Vehicle maintenance
Street light maintenance
Street maintenance
Storm sewer improvements
Sidewalk maintenance
Equipment maintenance
Supplies/hardware-salt purchase
Snow removal
Total street maintenance
$
260,823
16,205
3,790
31,365
34,966
5,500
10,000
4,000
12,000
5,000
2,500
3,000
500
300
100
15,000
1,000
Final
Budget
$
260,823
16,205
3,790
31,365
34,966
5,500
10,000
4,000
12,000
5,000
2,500
3,000
500
300
100
15,000
1,000
Actual
$
266,463
15,766
3,800
31,771
37,223
6,055
7,957
3,792
9,479
7,421
2,625
2,467
484
13,942
-
406,049
406,049
409,245
695,509
60,000
80,000
43,122
10,085
100,261
177,723
10,000
250,000
85,000
12,000
15,000
4,000
4,000
8,000
22,000
75,000
130,000
10,000
30,000
5,000
85,000
250,000
350,000
695,509
60,000
80,000
43,122
10,085
100,261
177,723
10,000
250,000
85,000
12,000
15,000
4,000
4,000
8,000
22,000
75,000
130,000
10,000
30,000
5,000
85,000
250,000
350,000
709,040
54,679
98,448
51,637
12,077
92,440
177,171
18,826
289,184
64,283
15,770
17,210
2,036
6,123
4,209
32,586
90,099
90,676
8,280
42,812
2,681
88,817
324,808
233,913
2,511,700
2,511,700
2,527,805
- 77 -
GENERAL FUND
Original
Budget
HIGHWAYS AND STREETS (Continued)
Vehicle maintenance
Salaries - overtime
FICA
Medicare
IMRF
Employee insurance
$
170,685
8,000
11,080
2,590
21,445
54,080
3,000
Final
Budget
$
170,685
8,000
11,080
2,590
21,445
54,080
3,000
Actual
$
172,753
8,102
10,903
2,550
21,574
39,845
6,142
Total vehicle maintenance
270,880
270,880
261,869
Forestry
Salaries - overtime
FICA
Medicare
IMRF
Employee insurance
Supplies/hardware
Tree removal
Uniforms/clothing
71,880
4,000
4,705
1,100
9,106
20,040
1,200
6,000
5,000
50,000
500
71,880
4,000
4,705
1,100
9,106
20,040
1,200
6,000
5,000
50,000
500
72,373
4,318
4,789
1,120
9,334
18,146
2,428
3,994
701
15,703
43
173,531
173,531
132,949
6,525,410
6,525,410
6,518,174
$ 21,658,318
$ 21,658,318
$ 20,865,073
Total forestry
Total highways and streets
TOTAL EXPENDITURES
- 78 -
SCHEDULE OF REVENUES, EXPENDITURES, AND
CHANGES IN FUND BALANCE - BUDGET AND ACTUAL
CAPITAL PROJECTS FUND
Original
Budget
REVENUES
Home rule sales tax
Intergovernmental
Impact fee
Fines and forfeits
Investment income
Miscellaneous
$
2,600,000
3,371,280
Final
Budget
$
2,600,000
3,371,280
Actual
$
3,286,980
3,142,404
310,000
100
74,000
310,000
100
74,000
9,193
292,870
345
159,533
6,355,380
6,355,380
6,891,325
166,000
30,000
175,000
385,000
225,000
250,000
50,000
2,025,000
45,000
50,000
200,000
100,000
30,000
-
166,000
30,000
175,000
385,000
225,000
250,000
50,000
2,025,000
45,000
50,000
200,000
100,000
30,000
-
110,400
42,966
167,709
306,148
19,061
175,242
135,226
111,808
1,350,118
35,843
7,393
246,357
6,384
31,190
302,500
3,731,000
3,731,000
3,048,345
OVER EXPENDITURES
2,624,380
2,624,380
3,842,980
Transfers in
Transfers (out)
500,000
(2,536,188)
500,000
(2,536,188)
3,700,000
(2,500,545)
(2,036,188)
(2,036,188)
1,199,455
Total revenues
EXPENDITURES
Capital outlay
Engineering
Building improvements
Sidewalk and curb replacement
Machinery and equipment - vehicle replacement
Machinery and equipment - police
Machinery and equipment - public works
Bridge repairs and reconstructions
Roadway improvements
Storm and drainage improvements
I-55 interchange design
Emerald ash borer
127th Street-Plainfield/Naperville Rd
Lockport and Van Dyke pedestrian crossing
School beacon upgrades
Land acquisition
Total expenditures
$
588,192
$
588,192
5,042,435
FUND BALANCE, MAY 1
405,138
$
- 79 -
5,447,573
DEBT SERVICE FUND
Original
Budget
REVENUES
Taxes
Property tax
Investment income
$
Total revenues
112,125
-
Final
Budget
$
112,125
-
Actual
$
112,333
162
112,125
112,125
112,495
EXPENDITURES
Debt service
Principal
2,015,000
1,123,165
2,015,000
1,123,165
2,085,000
1,138,302
Total expenditures
3,138,165
3,138,165
3,223,302
OVER EXPENDITURES
(3,026,040)
(3,026,040)
(3,110,807)
Transfers in
Premium on refunding bonds
3,026,040
-
3,026,040
-
2,990,397
9,665,000
331,514
(9,875,322)
3,026,040
3,026,040
3,111,589
$
-
$
-
782
FUND BALANCE, MAY 1
918
- 80 -
$
1,700
Special Revenue Funds are used to account for the proceeds of specific revenue sources that are
restricted or committed to expenditures for specified purposes.
Liability Insurance Fund - accounts for the restricted revenue and expenditures of property
tax levied for the payment of premiums of public liability insurance carried by the Village.
Audit Fund - accounts for the restricted revenue and expenditures of taxes levied for payment
of the cost of the annual audit of the Village’s financial statements.
Alcohol Enforcement Fund - accounts for restricted revenue collected on DUI arrests and
expenditures for the purchase of video cameras to combat drunk driving.
Motor Fuel Tax Fund - accounts for expenditures related to approved motor fuel tax projects
and restricted revenue from the state gasoline tax as collected and distributed by the State of
Illinois.
D.A.R.E. Fund - accounts for the revenue and expenditures of restricted contributions made
to the Drug Awareness, Resistance, Education (D.A.R.E.) program.
Tax Increment Financing Fund - accounts for restricted revenue generated by the TIF District
and expenditures budgeted to be paid with TIF revenue.
COMBINING BALANCE SHEET
April 30, 2015
Special Revenue
Liability
Insurance
Alcohol
Enforcement
Audit
ASSETS AND DEFERRED
ASSETS
Receivables
Property tax
Allotments
Other
$
Total assets
None
70,626
$
$
$
26,773
520,799
-
37,938
-
1,669
-
591,425
41,908
28,442
-
-
-
TOTAL ASSETS AND DEFERRED
3,970
591,425
$
41,908
$
28,442
$
-
$
-
LIABILITIES, DEFERRED INFLOWS
LIABILITIES
Accounts payable
$
Unavailable property tax revenue
Total liabilities and deferred inflows of resources
FUND BALANCES
Restricted
Street maintenance
Public safety
Audit
Liability insurance
Total fund balances
TOTAL LIABILITIES, DEFERRED INFLOWS
- 81 -
$
-
520,799
37,938
-
520,799
37,938
-
70,626
-
3,970
-
28,442
-
70,626
3,970
28,442
591,425
$
41,908
$
28,442
Special Revenue
Motor
Fuel Tax
$ 2,598,665
D.A.R.E.
$
92,057
-
10,986
$
-
2,690,722
10,986
-
-
$ 2,690,722
$
10,986
$
$
7,370
-
Tax
Increment
Financing
Total
987,811
$ 3,698,831
745,503
108,000
1,304,240
92,057
1,669
108,000
1,841,314
5,204,797
-
-
$ 1,841,314
$ 5,204,797
$
$
109,707
117,077
-
-
745,503
1,304,240
-
7,370
855,210
1,421,317
2,690,722
-
3,616
-
986,104
2,690,722
32,058
3,970
70,626
986,104
2,690,722
3,616
986,104
3,783,480
10,986
$ 1,841,314
$ 5,204,797
$ 2,690,722
$
- 82 -
COMBINING STATEMENT OF REVENUES, EXPENDITURES,
AND CHANGES IN FUND BALANCES
Special Revenue
Liability
Insurance
REVENUES
Taxes
Intergovernmental
Fines and forfeits
Investment income
Miscellaneous
$
399,405
10
-
Alcohol
Enforcement
Audit
$
38,782
11
-
$
10,161
31
-
Total revenues
399,415
38,793
10,192
EXPENDITURES
Current
General government
Public safety
104,801
334,112
71,048
38,334
-
-
Total expenditures
509,961
38,334
-
OVER EXPENDITURES
(110,546)
Transfers in
Transfers (out)
95,000
-
-
(10,000)
95,000
-
(10,000)
459
(15,546)
FUND BALANCES, MAY 1
86,172
FUND BALANCES, APRIL 30
$
- 83 -
70,626
$
10,192
459
192
3,511
28,250
3,970
$
28,442
Special Revenue
Motor
Fuel Tax
$
1,396,548
398
-
D.A.R.E.
$
$
745,471
1,398
-
Total
$
1,183,658
1,396,548
10,161
1,865
18,884
1,396,946
18,901
746,869
2,611,116
621,545
29,478
-
169,965
-
313,100
363,590
692,593
621,545
29,478
169,965
1,369,283
775,401
(10,577)
576,904
1,241,833
-
-
(550,000)
95,000
(560,000)
-
-
(550,000)
(465,000)
(10,577)
26,904
776,833
14,193
959,200
3,006,647
775,401
1,915,321
$
17
18,884
Tax
Increment
Financing
2,690,722
$
3,616
$
986,104
$
3,783,480
- 84 -
LIABILITY INSURANCE FUND
Original
Budget
REVENUES
Taxes
Property tax
Investment income
$
Total revenues
EXPENDITURES
General government
Treasurer bond
Contractual Services
Commercial umbrella liability insurance
Workman's compensation insurance
Public safety
Total expenditures
Transfers in
$
400,000
100
Final
Budget
$
400,000
100
Actual
$
399,405
10
400,100
400,100
399,415
500
45,553
65,906
500
45,553
108,185
7,380
45,413
52,008
156,226
226,029
156,226
183,750
155,747
178,365
33,221
48,065
33,221
48,065
33,119
37,929
575,500
575,500
509,961
95,000
95,000
95,000
95,000
95,000
95,000
(80,400)
(15,546)
(80,400) $
FUND BALANCE, MAY 1
86,172
- 85 -
$
70,626
AUDIT FUND
Original
Budget
REVENUES
Taxes
Property tax
Investment income
$
Total revenues
EXPENDITURES
General government
Audit
Total expenditures
$
38,000
-
Final
Budget
$
38,000
-
Actual
$
38,782
11
38,000
38,000
38,793
38,500
38,500
38,334
38,500
38,500
38,334
(500) $
(500)
459
FUND BALANCE, MAY 1
3,511
- 86 -
$
3,970
ALCOHOL ENFORCEMENT FUND
Final
Budget
REVENUES
Fines and forfeits
DUI proceeds
Investment income
$
Total revenues
Original
Budget
10,000
50
$
10,000
50
Actual
$
10,161
31
10,050
10,050
10,192
-
-
-
-
-
-
OVER EXPENDITURES
10,050
10,050
10,192
Transfers (out)
(10,000)
(10,000)
(10,000)
EXPENDITURES
None
Total expenditures
$
50
$
50
192
FUND BALANCE, MAY 1
28,250
- 87 -
$
28,442
MOTOR FUEL TAX FUND
Original
Budget
Final
Budget
Actual
REVENUES
Intergovernmental
State allotments
Investment income
$ 1,200,000
500
$ 1,200,000
500
$ 1,396,548
398
Total revenues
1,200,500
1,200,500
1,396,946
1,000,500
1,000,500
621,545
1,000,500
1,000,500
621,545
OVER EXPENDITURES
200,000
200,000
775,401
Transfers (out)
(200,000)
(200,000)
EXPENDITURES
Street maintenance
Total expenditures
$
-
FUND BALANCE, MAY 1
$
-
775,401
1,915,321
- 88 -
$ 2,690,722
SCHEDULE OF REVENUES, EXPENDITURES AND
D.A.R.E. FUND
Original
Budget
REVENUES
Investment income
Miscellaneous
$
20
13,000
Final
Budget
$
20
13,000
Actual
$
17
18,884
Total revenues
13,020
13,020
18,901
EXPENDITURES
Public safety
Program expenditures
15,000
15,000
29,478
15,000
15,000
29,478
(1,980) $
(1,980)
(10,577)
Total expenditures
$
FUND BALANCE, MAY 1
14,193
- 89 -
$
3,616
TAX INCREMENT FINANCING FUND
Original
Budget
REVENUES
Taxes
Property taxes
Investment income
Miscellaneous
$
635,000
500
-
Final
Budget
$
635,000
500
-
Actual
$
745,471
1,398
-
Total revenues
635,500
635,500
746,869
EXPENDITURES
General government
Facade improvements
100,000
50,000
100,000
50,000
169,965
-
150,000
150,000
169,965
OVER EXPENDITURES
485,500
485,500
576,904
Transfers (out)
(650,000)
(650,000)
(550,000)
(164,500) $
(164,500)
26,904
Total expenditures
$
FUND BALANCE, MAY 1
959,200
- 90 -
$
986,104
MAJOR ENTERPRISE FUND
COMBINING SCHEDULE OF NET POSITION
WATER AND SEWER DEPARTMENT ACCOUNTS
April 30, 2015
Water and
Sewer
Operations
CURRENT ASSETS
Receivables
Accounts
Sales tax
Interest
Prepaid expenses
$ 10,254,455
Total current assets
CAPITAL ASSETS
Nondepreciable
Depreciable, net of accumulated
depreciation
Net capital assets
OTHER ASSETS
Deposits
Total other assets
Total assets
Total assets and deferred
outflows of resources
$
Total
3,219,450
$ 13,473,905
1,851,140
367,172
3,946
17,167
7,121
-
1,851,140
367,172
11,067
17,167
12,493,880
3,226,571
15,720,451
3,228,492
-
3,228,492
106,148,804
-
106,148,804
109,377,296
-
109,377,296
206,984
-
206,984
206,984
-
206,984
122,078,160
Capital
Projects
3,226,571
2,683,624
124,761,784
-
3,226,571
- 91 -
125,304,731
2,683,624
127,988,355
COMBINING SCHEDULE OF NET POSITION (Continued)
April 30, 2015
Water and
Sewer
Operations
CURRENT LIABILITIES
Accounts payable
Accrued payroll
Accrued interest
Compensated absences payable - current
Illinois EPA loan payable - current
Bonds payable - current
Developer deposit
Total current liabilities
LONG-TERM LIABILITIES
Compensated absences payable - long-term
Illinois EPA loan payable - long-term
Bonds payable - long-term
Total long-term liabilities
None
Total liabilities and deferred
inflows of resources
$
1,321,435
46,722
327,486
83,580
153,545
1,960,000
1,799
Capital
Projects
$
-
Total
$
1,321,435
46,722
327,486
83,580
153,545
1,960,000
1,799
3,894,567
-
3,894,567
12,677
2,641,714
23,306,794
-
12,677
2,641,714
23,306,794
25,961,185
-
25,961,185
-
-
29,855,752
NET POSITION
Restricted for debt service
Unrestricted
83,998,867
2,106,291
8,800,874
TOTAL NET POSITION
$ 94,906,032
- 92 -
-
$
-
29,855,752
3,226,571
83,998,867
2,106,291
12,027,445
3,226,571
$ 98,132,603
COMBINING SCHEDULE OF REVENUES, EXPENSES, AND
CHANGES IN NET POSITION
Water and
Sewer
Operations
OPERATING REVENUES
Customer sales
Meter sales
$ 13,377,978
29,815
Total operating revenues
Capital
Projects
$
-
Eliminations
$
Total
-
$ 13,377,978
29,815
13,407,793
-
-
13,407,793
9,414,844
1,959,699
3,034,713
-
-
9,414,844
1,959,699
3,034,713
14,409,256
-
-
14,409,256
OPERATING INCOME (LOSS)
(1,001,463)
-
-
(1,001,463)
NON-OPERATING REVENUES (EXPENSES)
Home rule sales tax
Miscellaneous income
Investment income
Interest expense
1,643,244
637,131
(11,253)
(1,104,494)
11,394
-
-
1,643,244
637,131
141
(1,104,494)
1,164,628
11,394
-
1,176,022
163,165
11,394
-
174,559
(489,852)
-
-
(489,852)
Total transfers
(489,852)
-
-
(489,852)
(326,687)
11,394
-
(315,293)
3,215,177
-
98,447,896
-
$ 98,132,603
OPERATING EXPENSES
Water operations
Sewer operations
Depreciation
Total operating expenses
Total non-operating revenues (expenses)
INCOME BEFORE TRANSFERS
TRANSFERS
Transfers (out)
NET POSITION, MAY 1
95,232,719
$ 94,906,032
$
3,226,571
- 93 -
$
COMBINING SCHEDULE OF CASH FLOWS
Water and
Sewer
Operations
Capital
Projects
Eliminations
Total
Receipts from customers
Reimbursements to other funds
Payments to suppliers
Payments to employees
$ 13,252,992 $
(250,380)
(9,768,290)
(1,281,598)
-
Net cash from operating activities
1,952,724
-
-
1,952,724
(489,852)
2,293,468
-
-
(489,852)
2,293,468
1,803,616
-
-
1,803,616
CASH FLOWS FROM CAPITAL AND RELATED
Purchase of capital assets
Proceeds from long-term debt
Principal payments on long-term debt
Interest paid
(45,285)
14,594,942
(2,026,643)
(14,416,585)
(1,263,784)
-
-
(45,285)
14,594,942
(2,026,643)
(14,416,585)
(1,263,784)
Net cash from capital and related
financing activities
(3,157,355)
-
-
(3,157,355)
CASH FLOWS FROM NONCAPITAL
Transfers (out)
Non-operating revenues
Net cash from noncapital financing activities
$
-
$ 13,252,992
(250,380)
(9,768,290)
(1,281,598)
CASH FLOWS FROM INVESTING ACTIVITIES
Purchases of investment securities
Interest received
(324,845)
(11,253)
8,588
-
(324,845)
(2,665)
Net cash from investing activities
(336,098)
8,588
-
(327,510)
262,887
8,588
-
271,475
9,666,723
3,210,862
-
12,877,585
-
$ 13,149,060
NET INCREASE IN CASH AND CASH EQUIVALENTS
CASH AND CASH EQUIVALENTS, MAY 1
CASH AND CASH EQUIVALENTS, APRIL 30
$
9,929,610
$
3,219,450
- 94 -
$
COMBINING SCHEDULE OF CASH FLOWS (Continued)
Water and
Sewer
Operations
RECONCILIATION OF OPERATING INCOME
(LOSS) TO NET CASH FLOWS FROM
OPERATING ACTIVITIES
Operating income (loss)
Adjustments to reconcile operating income
(loss) to net cash from operating activities
Depreciation
(Increase) decrease in
Accounts receivable
Prepaid items
Deposits
Increase (decrease) in
Accounts payable
Accrued expenses
Capital
Projects
Eliminations
$ (1,001,463) $
-
3,034,713
-
-
(154,801)
663
(16,311)
-
-
(154,801)
663
(16,311)
75,132
14,791
-
-
75,132
14,791
2,954,187
-
-
2,954,187
Total adjustments
NET CASH FROM OPERATING ACTIVITIES
$
1,952,724
$
CASH AND INVESTMENTS
Cash and cash equivalents
Investments
$
9,929,610
324,845
$
TOTAL CASH AND INVESTMENTS
$ 10,254,455
$
NONCASH TRANSACTIONS
None
$
$
-
-
$
-
Total
$ (1,001,463)
3,034,713
$
-
$
3,219,450
-
$
-
$ 13,149,060
324,845
3,219,450
$
-
$ 13,473,905
$
-
$
- 95 -
-
1,952,724
-
SCHEDULE OF OPERATING EXPENSES - BUDGET AND ACTUAL
WATER AND SEWER OPERATIONS ACCOUNT
Original
Budget
WATER OPERATIONS
Administration
FICA
Medicare
IMRF
Employee insurance
Travel/training
Telephone/internet
Software
Sand and gravel
Supplies/hardware
Water meters
Legal notices
Attorney legal fees
Engineer fees
Insurance surplus allocation
Bond issuance costs
Administrative service charge
Water provision
Salaries - overtime
FICA
Medicare
IMRF
Employee insurance
Telephone/internet
Electricity/gas
$
222,459
14,165
3,315
27,415
50,249
6,500
8,500
3,000
3,500
3,000
25,000
2,000
1,000
2,000
500
500
160,000
15,000
500
1,000
45,000
500
8,000
250,380
Final
Budget
$
222,459
14,165
3,315
27,415
50,249
6,500
8,500
3,000
3,500
3,000
25,000
2,000
1,000
2,000
500
500
160,000
15,000
500
1,000
45,000
500
8,000
250,380
Actual
$
227,194
14,463
3,465
27,774
47,710
8,448
2,100
1,891
4,403
4,044
26,033
1,360
21
1,784
772
436
205,979
8,996
684
9,124
(139)
(16,311)
178,866
125,190
853,483
853,483
884,287
371,980
18,000
30,000
26,039
6,100
50,400
86,015
9,500
5,000
3,000
145,000
371,980
18,000
30,000
26,039
6,100
50,400
86,015
9,500
5,000
3,000
145,000
376,723
4,707
37,098
24,569
5,780
48,351
61,000
11,533
6,885
131,748
- 96 -
SCHEDULE OF OPERATING EXPENSES - BUDGET AND ACTUAL (Continued)
Original
Budget
WATER OPERATIONS (Continued)
Water provision (Continued)
Chemicals
Supplies/hardware
Uniforms/clothing
Vehicle maintenance
Water purchase
System maintenance
Water/fire hydrant
EPA analytical
$
5,000
5,000
25,000
5,000
5,000
2,500
5,000
8,000
60,000
6,930,000
10,000
60,000
15,000
15,000
Final
Budget
$
5,000
5,000
25,000
5,000
5,000
2,500
5,000
8,000
60,000
6,930,000
10,000
60,000
15,000
15,000
Actual
$
3,687
2,456
14,402
4,811
3,118
2,366
1,920
9,371
43,807
7,649,599
10,804
45,303
15,119
15,400
Total water provision
7,901,534
7,901,534
8,530,557
Total water operations
8,755,017
8,755,017
9,414,844
222,900
13,820
3,232
26,748
49,507
6,000
8,500
3,000
6,500
3,000
1,000
25,000
66,200
1,000
4,000
1,000
15,000
2,000
20,000
2,000
222,900
13,820
3,232
26,748
49,507
6,000
8,500
3,000
6,500
3,000
1,000
25,000
66,200
1,000
4,000
1,000
15,000
2,000
20,000
2,000
227,693
13,964
3,348
27,837
47,420
8,460
3,443
1,891
9,846
3,969
25,340
45
61,871
950
616
11,577
959
9,294
613
SEWER OPERATIONS
Administration
FICA
Medicare
IMRF
Employee insurance
Travel/training
Telephone/internet
Electricity/gas
Replacement Supplies
Supplies/hardware
Software
Attorney legal fees
- 97 -
SCHEDULE OF OPERATING EXPENSES - BUDGET AND ACTUAL (Continued)
Original
Budget
SEWER OPERATIONS (Continued)
Administration (Continued)
Engineer fees
Administrative service charge
$
10,000
250,380
Final
Budget
$
10,000
250,380
Actual
$
125,190
740,787
740,787
584,326
378,486
10,000
30,000
25,975
6,070
50,500
79,412
9,000
13,000
4,000
465,000
7,000
11,500
7,000
125,000
500
25,000
5,000
8,000
175,000
20,000
70,000
5,000
378,486
10,000
30,000
25,975
6,070
50,500
79,412
9,000
13,000
4,000
465,000
7,000
11,500
7,000
125,000
500
25,000
5,000
8,000
175,000
20,000
70,000
5,000
386,558
4,707
30,807
24,616
5,788
47,747
69,128
11,907
17,212
411,847
4,986
17,601
6,007
110,989
8,612
4,777
8,200
148,525
22,892
21,742
-
1,530,443
1,530,443
1,364,648
Capital outlay
Other
Less amounts capitalized
390,000
-
390,000
-
56,010
(45,285)
Total capital outlay
390,000
390,000
10,725
2,661,230
2,661,230
1,959,699
$ 11,416,247
$ 11,416,247
$ 11,374,543
Sewer treatment
Salaries - overtime
FICA
Medicare
IMRF
Employee insurance
Telephone/internet
Electricity/gas
Supplies/hardware
Chemicals/supplies
Sand and gravel
Industrial flow monitor
Uniforms/clothing
Vehicle maintenance
System maintenance
Maintenance - James Street
Total sewer treatment
Total sewer operations
TOTAL WATER AND SEWER OPERATIONS
- 98 -
FIDUCIARY FUNDS
SCHEDULE OF CHANGES IN FIDUCIARY NET POSITION BUDGET AND ACTUAL
POLICE PENSION FUND
Original
Budget
ADDITIONS
Contributions
Employer
Employee
$
Total contributions
Investment income
Net appreciation in fair value
of investments
Interest
Total investment income
Less investment expense
Total additions
DEDUCTIONS
Pension benefits
Administrative expenses
Total deductions
NET INCREASE
900,000 $
450,000
Final
Budget
900,000
450,000
Actual
$
898,172
522,107
1,350,000
1,350,000
1,420,279
50,000
375,000
50,000
375,000
634,506
869,435
425,000
425,000
1,503,941
(38,000)
(38,000)
387,000
387,000
1,466,441
1,737,000
1,737,000
2,886,720
440,000
39,500
440,000
39,500
413,533
33,752
479,500
479,500
447,285
$ 1,257,500 $ 1,257,500
2,439,435
(37,500)
May 1
21,386,315
April 30
$ 23,825,750
- 99 -
SUPPLEMENTAL SCHEDULES
LONG-TERM DEBT REQUIREMENTS
CORPORATE PURPOSE GENERAL OBLIGATION
BOND SERIES OF 2005A
April 30, 2015
Date of Issue
Date of Maturity
Authorized Issue
Actual Issue
Interest Rates
May 16, 2005
December 15, 2015
$ 10,755,000
$ 10,755,000
3.25% to 5.00%
Principal Maturity Date
Interest Dates
Payable at
December 15
June 15 and December 15
J.P. Morgan Trust Company
FUTURE PRINCIPAL AND INTEREST REQUIREMENTS
Fiscal
Year
2016
Principal
Interest
Total
$
540,000
$
25,650
$
565,650
$
540,000
$
25,650
$
565,650
June 15,
2015
Amount
$
12,825
$
12,825
- 100 -
December 15,
2015
Amount
$
12,825
$
12,825
BOND SERIES OF 2005B
April 30, 2015
Date of Issue
Date of Maturity
Authorized Issue
Actual Issue
Interest Rates
May 16, 2005
December 15, 2016
$ 5,610,000
$ 5,610,000
3.25% to 5.00%
Interest Dates
Payable at
December 15
J.P. Morgan Trust Company
Fiscal
Year
2016
2017
Principal
Interest
Total
$
1,160,000
100,000
$
61,875
3,875
$
1,221,875
103,875
$
1,260,000
$
65,750
$
1,325,750
June 15,
2015
2016
Amount
$
30,938
1,938
$
32,876
- 101 -
December 15,
2015
2016
Amount
$
30,937
1,937
$
32,874
BOND SERIES OF 2007
April 30, 2015
Date of Issue
Date of Maturity
Authorized Issue
Actual Issue
Interest Rates
July 6, 2007
December 15, 2026
$ 15,135,000
$ 15,135,000
4.00% to 5.00%
Interest Dates
Payable at
December 15
The Bank of New York Trust Company, NA
Fiscal
Year
2016
2017
2018
2019
Principal
Interest
Total
$
690,000
725,000
755,000
170,000
$
106,150
75,100
42,475
8,500
$
796,150
800,100
797,475
178,500
$
2,340,000
$
232,225
$
2,572,225
June 15,
2015
2016
2017
2018
Amount
$
53,075
37,550
21,238
4,250
$
116,113
- 102 -
December 15,
2015
2016
2017
2018
Amount
$
53,075
37,550
21,238
4,250
$
116,113
WATER AND SEWER REVENUE
BOND SERIES OF 2008
April 30, 2015
Date of Issue
Date of Maturity
Authorized Issue
Actual Issue
Interest Rates
November 18, 2008
May 1, 2034
$ 16,385,000
$ 16,385,000
4.185% to 5.625%
Interest Dates
Payable at
May 1
May 1
The Bank of New York Mellon Trust Company, NA
Fiscal
Year
2016
2017
2018
2019
Principal
Interest
Total
$
430,000
450,000
475,000
500,000
$
44,147
68,675
47,863
25,000
$
474,147
518,675
522,863
525,000
$
1,855,000
$
185,685
$
2,040,685
- 103 -
May 1,
2015
2016
2017
2018
Amount
$
44,147
68,675
47,863
25,000
$
185,685
CORPORATE PURPOSE GENERAL OBLIGATION REFUNDING
BOND SERIES OF 2009
April 30, 2015
Date of Issue
Date of Maturity
Authorized Issue
Actual Issue
Interest Rates
December 15, 2009
December 15, 2019
$
950,000
$
865,000
2.00% to 4.00%
Interest Dates
Payable at
December 15
Fiscal
Year
2016
2017
2018
2019
2020
Principal
Interest
Total
$
95,000
100,000
100,000
105,000
110,000
$
19,425
16,100
12,600
8,600
4,400
$
114,425
116,100
112,600
113,600
114,400
$
510,000
$
61,125
$
571,125
June 15,
2015
2016
2017
2018
2019
Amount
$
9,713
8,050
6,300
4,300
2,200
$
30,563
- 104 -
December 15,
2015
2016
2017
2018
2019
Amount
$
9,712
8,050
6,300
4,300
2,200
$
30,562
BOND SERIES OF 2010
April 30, 2015
Date of Issue
Date of Maturity
Authorized Issue
Actual Issue
Interest Rates
October 28, 2010
December 15, 2023
$ 10,090,000
$ 9,280,000
2.00% to 4.00%
Interest Dates
Payable at
December 15
June 15 and December 1 5
Fiscal
Year
2016
2017
2018
2019
2020
2021
2022
2023
2024
Principal
Interest
Total
$
690,000
720,000
750,000
770,000
805,000
840,000
875,000
920,000
960,000
$
271,600
250,900
229,300
206,800
176,000
143,800
110,200
75,200
38,400
$
961,600
970,900
979,300
976,800
981,000
983,800
985,200
995,200
998,400
$
7,330,000
$
1,502,200
$
8,832,200
June 15,
2015
2016
2017
2018
2019
2020
2021
2022
2023
Amount
$
135,800
125,450
114,650
103,400
88,000
71,900
55,100
37,600
19,200
$
751,100
- 105 -
December 15,
2015
2016
2017
2018
2019
2020
2021
2022
2023
Amount
$
135,800
125,450
114,650
103,400
88,000
71,900
55,100
37,600
19,200
$
751,100
ILLINOIS ENVIRONMENTAL PROTECTION AGENCY
LOAN OF 2010
April 30, 2015
Date of Issue
Date of Maturity
Authorized Issue
Actual Issue
Interest Rates
August 1, 2010
June 15, 2031
$ 3,309,451
$ 3,235,880
1.25%
Principal Maturity Dates
Interest Dates
Fiscal
Year
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
2027
2028
2029
2030
2031
2032
Principal
$
153,545
155,470
157,419
159,393
161,392
163,416
165,465
167,540
169,640
171,767
173,921
176,102
178,310
180,546
182,810
185,102
93,421
$ 2,795,259
Interest
$
34,462
32,537
30,588
28,614
26,615
24,591
22,542
20,467
18,367
16,240
14,086
11,905
9,697
7,461
5,197
2,905
584
$ 306,858
Total
$
188,007
188,007
188,007
188,007
188,007
188,007
188,007
188,007
188,007
188,007
188,007
188,007
188,007
188,007
188,007
188,007
94,005
$ 3,102,117
June 15,
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
2027
2028
2029
2030
2031
Principal
$
76,533
77,493
78,464
79,448
80,445
81,454
82,475
83,509
84,556
85,616
86,690
87,777
88,877
89,992
91,120
92,263
93,421
$ 1,440,133
Interest
$
17,470
16,511
15,539
14,555
13,559
12,550
11,529
10,495
9,448
8,388
7,314
6,227
5,126
4,012
2,883
1,741
584
$ 157,931
- 106 -
December 15,
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
2027
2028
2029
2030
2031
Principal
$
77,012
77,977
78,955
79,945
80,947
81,962
82,990
84,031
85,084
86,151
87,231
88,325
89,433
90,554
91,690
92,839
-
$ 1,355,126
Interest
$
16,992
16,026
15,049
14,059
13,056
12,041
11,013
9,972
8,919
7,852
6,772
5,678
4,571
3,449
2,314
1,164
-
$ 148,927
BOND SERIES OF 2012
April 30, 2015
Date of Issue
Date of Maturity
Authorized Issue
Actual Issue
Interest Rates
February 23, 2012
December 15, 2024
$ 6,820,000
$ 6,820,000
2.00% to 3.00%
Interest Dates
Payable at
December 15
Fiscal
Year
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
Principal
Interest
Total
$
75,000
645,000
660,000
680,000
695,000
715,000
735,000
765,000
785,000
805,000
$
189,600
188,100
175,200
155,400
135,000
114,150
92,700
70,650
47,700
24,150
$
264,600
833,100
835,200
835,400
830,000
829,150
827,700
835,650
832,700
829,150
$
6,560,000
$
1,192,650
$
7,752,650
June 15,
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
Amount
$
94,800
94,050
87,600
77,700
67,500
57,075
46,350
35,325
23,850
12,075
$
596,325
- 107 -
December 15,
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
Amount
$
94,800
94,050
87,600
77,700
67,500
57,075
46,350
35,325
23,850
12,075
$
596,325
BOND SERIES OF 2013
April 30, 2015
Date of Issue
Date of Maturity
Authorized Issue
Actual Issue
Interest Rates
December 5, 2013
December 15, 2019
$ 8,100,000
$ 7,370,000
2.00% to 4.00%
Interest Dates
Payable at
December 15
Fiscal
Year
2016
2017
2018
2019
2020
Principal
Interest
Total
$
370,000
1,500,000
1,655,000
1,710,000
1,780,000
$
208,850
201,450
171,450
121,800
53,400
$
578,850
1,701,450
1,826,450
1,831,800
1,833,400
$
7,015,000
$
756,950
$
7,771,950
June 15,
2015
2016
2017
2018
2019
Amount
$
104,425
100,725
85,725
60,900
26,700
$
378,475
- 108 -
December 15,
2015
2016
2017
2018
2019
Amount
$
104,425
100,725
85,725
60,900
26,700
$
378,475
BOND SERIES OF 2014
April 30, 2015
Date of Issue
Date of Maturity
Authorized Issue
Actual Issue
Interest Rates
July 16, 2014
December 15, 2026
$ 10,525,000
$ 9,665,000
2.00% to 3.50%
Interest Dates
Payable at
December 15
Amalgamated Bank of Chicago
Fiscal
Year
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
2027
Principal
$
125,000
125,000
130,000
750,000
950,000
965,000
1,025,000
1,060,000
1,095,000
1,090,000
1,120,000
1,160,000
$ 9,595,000
Interest
$
278,450
275,950
273,450
270,850
255,850
236,850
207,900
177,150
145,350
112,500
79,800
40,600
$ 2,354,700
Total
$
403,450
400,950
403,450
1,020,850
1,205,850
1,201,850
1,232,900
1,237,150
1,240,350
1,202,500
1,199,800
1,200,600
$ 11,949,700
June 15,
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
Amount
$
139,225
137,975
136,725
135,425
127,925
118,425
103,950
88,575
72,675
56,250
39,900
20,300
$ 1,177,350
- 109 -
December 15,
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
Amount
$
139,225
137,975
136,725
135,425
127,925
118,425
103,950
88,575
72,675
56,250
39,900
20,300
$ 1,177,350
WATER AND SEWER SYSTEM REVENUE REFUNDING
BOND SERIES OF 2015
April 30, 2015
Date of Issue
Date of Maturity
Authorized Issue
Actual Issue
Interest Rates
January 7, 2015
May 1, 2034
$ 13,740,000
$ 13,740,000
2.00% to 4.00%
Interest Dates
Payable at
May 1
May 1 and November 1
UMB Bank, N.A.
Fiscal
Year
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
2027
2028
2029
2030
2031
2032
2033
2034
2035
Principal
$
90,000
90,000
90,000
620,000
645,000
665,000
700,000
725,000
750,000
780,000
810,000
840,000
875,000
920,000
950,000
990,000
1,030,000
1,070,000
1,100,000
$ 13,740,000
Interest
$
Total
435,569
532,450
530,650
528,850
515,550
490,250
464,050
436,750
408,250
378,750
348,150
316,350
283,350
249,050
213,150
175,750
136,950
96,550
57,225
19,250
$
435,569
622,450
620,650
618,850
1,135,550
1,135,250
1,129,050
1,136,750
1,133,250
1,128,750
1,128,150
1,126,350
1,123,350
1,124,050
1,133,150
1,125,750
1,126,950
1,126,550
1,127,225
1,119,250
$ 6,616,894
$
20,356,894
May 1,
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
2027
2028
2029
2030
2031
2032
2033
2034
Amount
$
168,894
266,675
265,775
264,875
263,975
251,575
238,675
225,375
211,375
196,875
181,875
166,275
150,075
133,275
115,775
97,375
78,375
58,575
37,975
19,250
$ 3,392,894
- 110 -
November 1,
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
2027
2028
2029
2030
2031
2032
2033
2034
Amount
$
266,675
265,775
264,875
263,975
251,575
238,675
225,375
211,375
196,875
181,875
166,275
150,075
133,275
115,775
97,375
78,375
58,575
37,975
19,250
-
$ 3,224,000
STATISTICAL SECTION
This part of the Village of Plainfield, Illinois’ comprehensive annual financial report presents
detailed information as a context for understanding what the information in the financial
statements, note disclosures and required supplementary information displays about the Village’s
overall financial health.
Contents
Page(s)
Financial Trends
These schedules contain trend information to help the reader understand
how the Village’s financial performance and well-being have been changed
over time.
112-121
Revenue Capacity
These schedules contain information to help the reader assess the Village’s
most significant local revenue source, the property tax.
122-129
Debt Capacity
These schedules present information to help the reader assess the
affordability of the Village’s current levels of outstanding debt and the
Village’s ability to issue additional debt in the future.
130-133
Demographic and Economic Information
These schedules offer demographic and economic indicators to help the
reader understand the environment within which the Village’s financial
activities take place.
134-135
Operating Information
These schedules contain service and infrastructure data to help the reader
understand how the information in the Village’s financial report relates to
the services the Village provides and the activities it performs.
136-139
Sources: Unless otherwise noted, the information in these schedules is derived from the
comprehensive annual financial reports for the relevant year.
NET POSITION BY COMPONENT
Last Ten Fiscal Years
Fiscal Year
2006
2007
2008
2009
Restricted
Unrestricted
$ 101,194,845
3,945,852
4,902,541
$ 278,466,008
2,237,578
6,723,816
$ 299,531,676
2,362,609
487,060
$ 311,018,741
663,770
(7,355,406)
TOTAL GOVERNMENTAL ACTIVITIES
$ 110,043,238
$ 287,427,402
$ 302,381,345
$ 304,327,105
$
63,507,121
30,883,493
$
70,926,825
27,763,237
$
$
TOTAL BUSINESS-TYPE ACTIVITIES
$
94,390,614
$
98,690,062
$ 101,261,397
$ 102,037,270
PRIMARY GOVERNMENT
Restricted
Unrestricted
$ 164,701,966
3,945,852
35,786,034
$ 349,392,833
2,237,578
34,487,053
$ 374,565,567
2,362,609
26,714,566
$ 392,643,741
1,521,315
12,199,319
$ 204,433,852
$ 386,117,464
$ 403,642,742
$ 406,364,375
Restricted
Unrestricted
Data Source
Audited Financial Statements
- 112 -
75,033,891
26,227,506
81,625,000
857,545
19,554,725
2010
2011
2012
2013
2014
2015
$ 298,048,879 $ 287,247,440 $ 273,588,903
646,481
679,852
2,258,412
(6,273,817)
(999,983)
3,010,321
$ 261,247,144
2,874,252
8,503,651
$ 248,456,183
3,006,647
12,390,475
$ 236,161,456
3,783,480
16,035,847
$ 292,421,543
$ 286,927,309
$ 278,857,636
$ 272,625,047
$ 263,853,305
$ 255,980,783
$
85,624,259
603,727
14,338,009
$
86,260,116
601,299
10,526,199
$
84,915,466
601,161
10,420,908
$
85,745,939
603,205
12,265,523
$
85,192,902
602,080
12,652,914
$
83,998,867
2,106,291
12,027,445
$ 100,565,995
$
97,387,614
$
95,937,535
$
98,614,667
$
98,447,896
$
98,132,603
$ 383,673,138
1,250,208
8,064,192
$ 373,507,556
1,281,151
9,526,216
$ 358,504,369
2,859,573
13,431,229
$ 346,993,083
3,477,457
20,769,174
$ 333,649,085
3,608,727
25,043,389
$ 320,160,323
5,889,771
28,063,292
$ 392,987,538
$ 384,314,923
$ 374,795,171
$ 371,239,714
$ 362,301,201
$ 354,113,386
- 113 -
Fiscal Year
EXPENSES
Governmental activities
General government
Public safety
Interest
2006
$
Total governmental activities expenses
4,772,237
9,130,771
12,432,091
1,017,142
$
3,773,026
11,233,703
25,732,583
1,569,300
2009
$
5,373,883
11,030,984
21,634,555
1,649,805
27,352,241
42,308,612
39,689,227
10,277,835
10,977,398
12,356,353
12,553,148
10,277,835
10,977,398
12,356,353
12,553,148
$ 35,056,892
$ 38,329,639
$ 54,664,965
$ 52,242,375
$
$
$
$
Total business-type activities expenses
PROGRAM REVENUES
General government
Public safety
Operating grants and contributions
Capital grants and contributions
$
2008
24,779,057
Water and sewer
EXPENSES
4,907,255
8,055,904
10,801,486
1,014,412
2007
9,591,646
914,977
2,166,848
706,973
2,270,715
6,577,406
915,690
1,591,218
980,360
3,600
4,917,022
995,843
1,292,403
976,606
34,768,719
4,179,546
1,473,661
360,625
1,265,919
14,123,044
program revenues
15,651,159
10,068,274
42,950,593
21,402,795
Business-type activities
Water/sewer
Operating grants and contributions
Capital grants and contributions
9,717,867
-
9,333,222
2,708,972
-
10,359,459
2,146,177
2,862,910
9,317,371
573,211
3,631,340
program revenues
9,717,867
12,042,194
15,368,546
13,521,922
PROGRAM REVENUES
$ 25,369,026
$ 22,110,468
$ 58,319,139
$ 34,924,717
NET (EXPENSE) REVENUE
$ (9,127,898) $ (17,283,967) $
(559,968)
1,064,796
641,981
3,012,193
$ (18,286,432)
968,774
NET (EXPENSE) REVENUE
$ (9,687,866) $ (16,219,171) $
3,654,174
$ (17,317,658)
- 114 -
2010
$
3,634,146
10,192,710
21,864,844
1,567,529
2011
$
2,754,319
10,703,278
21,833,556
1,333,022
2012
$
3,808,990
11,247,015
22,554,164
1,347,798
2013
$
3,442,249
11,273,628
21,995,249
1,213,432
2014
$
4,437,507
11,321,562
23,977,254
1,154,112
2015*
$
3,974,582
11,778,078
23,731,474
1,059,100
37,259,229
36,624,175
38,957,967
37,924,558
40,890,435
40,543,234
13,020,412
13,563,407
13,215,950
14,648,769
15,233,480
15,513,750
13,020,412
13,563,407
13,215,950
14,648,769
15,233,480
15,513,750
$ 50,279,641
$ 50,187,582
$ 52,173,917
$ 52,573,327
$ 56,123,915
$ 56,056,984
$
$
$
$
$
$
3,914,078
1,702,528
34,238
1,155,527
7,426,001
4,257,608
1,913,421
3,783
1,508,358
2,328,859
4,595,180
1,937,666
13,909
2,239,921
257,817
4,989,871
1,756,994
178,221
1,372,279
1,009,182
5,178,547
1,658,959
141,846
1,386,766
118,359
5,472,089
1,611,233
9,193
1,492,593
44,267
14,232,372
10,012,029
9,044,493
9,306,547
8,484,477
8,629,375
9,510,526
495,793
1,943,525
10,135,734
372,147
11,482,986
90,791
14,066,990
2,145,000
13,361,542
-
13,407,793
-
11,949,844
10,507,881
11,573,777
16,211,990
13,361,542
13,407,793
$ 26,182,216
$ 20,519,910
$ 20,618,270
$ 25,518,537
$ 21,846,019
$ 22,037,168
$ (23,026,857) $ (26,612,146) $ (29,913,474) $ (28,618,011) $ (32,405,958) $ (31,913,859)
(1,070,568)
(3,055,526)
(1,642,173)
1,563,221
(1,871,938)
(2,105,957)
$ (24,097,425) $ (29,667,672) $ (31,555,647) $ (27,054,790) $ (34,277,896) $ (34,019,816)
- 115 -
CHANGE IN NET POSITION (Continued)
Fiscal Year
GENERAL REVENUES AND OTHER
CHANGES IN NET POSITION
Taxes
Property and replacement
Home rule sales tax
Utility/telecommunications
Local motor fuel
Other
Sales and use tax
Income tax
Investment income
Miscellaneous
Contributions
Transfers
2006
$
3,541,068
2,230,188
9,519
3,948,711
1,651,731
836,473
66,256
23,526,420
-
2007
$
4,344,099
2,202,961
14,900
4,736,740
2,554,968
860,745
62,045
40,429,579
2,200,271
2008
$
5,272,831
2,473,926
8,086
5,916,893
2,892,500
706,248
174,853
1,227,514
2009
$
6,038,464
2,526,924
5,471
7,478,502
3,401,680
138,961
115,945
526,245
35,810,366
57,406,308
18,672,851
978,459
6,482
7,534,322
3,602,718
-
992,235
16,650
4,426,038
(2,200,271)
745,777
40,879
(1,227,514)
330,567
2,777
(526,245)
12,121,981
3,234,652
(440,858)
(192,901)
$ 47,932,347
$ 60,640,960
$ 18,231,993
$ 20,039,291
$ 26,682,468
11,562,013
$ 40,122,341
4,299,448
$ 19,314,832
2,571,335
$
1,945,760
775,873
$ 38,244,481
$ 44,421,789
$ 21,886,167
$
2,721,633
Home rule sales tax
Investment income
Miscellaneous
Connection fees
Contributions
Transfers
*Beginning in fiscal year 2015, home rule sales tax is presented separately from sales and use tax.
Data Source
- 116 -
20,232,192
2010
$
6,428,427
2,271,926
4,860
7,377,482
2,965,208
15,166
87,030
524,770
19,674,869
2011
$
6,651,509
2,980,148
296,235
4,447
7,670,219
2,910,807
8,190
68,237
528,120
21,117,912
2012
$
6,306,567
3,066,185
489,711
7,069
8,143,910
3,203,518
6,770
103,695
516,376
21,843,801
2013
$
6,300,458
2,981,462
838,419
5,804
8,495,268
3,567,060
20,956
72,956
493,650
22,776,033
2014
$
6,352,505
3,198,840
790,158
4,966
8,848,545
3,857,016
27,857
63,581
490,748
23,634,216
2015*
$
6,538,805
3,286,980
3,107,995
813,718
8,250
5,842,343
3,876,349
(120,582)
197,627
489,852
24,041,337
93,583
30,480
(524,770)
26,906
378,359
(528,120)
8,480
699,990
(516,376)
1,415,262
9,010
1,169,633
(493,650)
1,630,710
14,986
550,219
(490,748)
1,643,244
141
637,131
(489,852)
(400,707)
(122,855)
192,094
2,100,255
1,705,167
1,790,664
$ 22,035,895
$ 24,876,288
$ 25,339,383
$ 25,832,001
$ 19,274,162
$ 20,995,057
$ (3,351,988) $ (5,494,234) $ (8,069,673) $ (5,841,978) $ (8,771,742) $ (7,872,522)
(1,471,275)
(3,178,381)
(1,450,079)
3,663,476
(166,771)
(315,293)
$ (4,823,263) $ (8,672,615) $ (9,519,752) $ (2,178,502) $ (8,938,513) $ (8,187,815)
- 117 -
FUND BALANCES OF GOVERNMENTAL FUNDS
Fiscal Year
GENERAL FUND
Reserved
Unreserved - designated
Unreserved - undesignated
Nonspendable for
Advances
Long-term receivables
Prepaid items
Unrestricted
Assigned for bridge construction
Assigned for insurance
Unassigned
TOTAL GENERAL FUND
ALL OTHER GOVERNMENTAL FUNDS
Reserved
Unreserved, reported in
Capital Projects Fund
Special Revenue Fund
Restricted for
Street maintenance
Public safety
Audit
Liability insurance
Unrestricted
Assigned for debt service
Assigned for capital projects
Unassigned
2006
$
2007
2,472,838
20,000
10,300,723
$
2008
2,295,307
20,000
8,254,465
$
2009
1,871,440
20,000
6,464,292
$
1,245,401
20,000
2,646,908
-
-
-
-
-
-
-
-
$ 12,793,561
$ 10,569,772
$
8,355,732
$
3,912,309
$
$
$
1,673,756
$
663,770
2,779,602
(612,802)
1,184,780
(12,391,564)
(244,644)
(6,651,613)
(33,699)
(11,422,543)
375,736
-
-
-
-
-
-
-
-
TOTAL ALL OTHER
GOVERNMENTAL FUNDS
$
TOTAL FUND BALANCES
$ 14,960,361
2,166,800
$ (11,451,428) $
$
(881,656) $
(5,011,556) $ (10,383,037)
3,344,176
Note: The Village implemented GASB Statement No. 54 for the fiscal year ended April 30, 2012.
Data Source
- 118 -
$
(6,470,728)
2010
$
2011
1,259,966
638,341
2,964,485
$
2012
3,393,753
750,040
4,151,179
$
-
$
2014
-
$
2015
-
$
-
-
-
1,193,937
909,968
123,321
1,153,506
705,953
133,497
687,538
133,536
669,986
135,867
-
-
20,000
845,155
6,814,424
1,006,427
9,658,183
1,065,860
9,841,030
1,158,291
8,322,103
9,906,805
$ 12,657,566
$ 11,727,964
$ 10,286,247
$
$
$
$
4,862,792
$
8,294,972
$
$
646,481
$
679,852
$
(12,268,499)
713,258
(10,889,373)
1,174,378
-
-
-
1,115,600
42,389
4,106
310,733
785,584
1,509,744
40,585
5,360
219,288
1,099,275
-
-
1,347
(7,414,412)
881
(4,328,519)
(5,154,653) $
(1,453,386) $
(6,045,968) $
(9,035,143) $
(740,171) $
4,752,152
$ 11,204,180
- 119 -
-
-
$ (10,908,760) $
$
2013
-
1,915,321
42,443
3,511
86,172
959,200
2,690,722
32,058
3,970
70,626
986,104
918
405,138
-
1,700
5,447,573
-
3,412,703
$ 15,140,667
$
9,232,753
$ 19,519,000
CHANGES IN FUND BALANCES OF GOVERNMENTAL FUNDS
Fiscal Year
2007
2008
2009
9,151,029
7,166,645
4,583,577
5,381,233
694,476
836,473
121,672
$ 11,650,706
3,907,256
3,168,367
4,415,913
689,983
860,745
151,762
$ 14,090,310
1,925,273
5,706,300
3,859,980
660,012
706,248
2,401,330
$ 16,924,117
806,101
6,562,532
3,920,150
1,031,539
138,961
623,400
27,935,105
24,844,732
29,349,453
30,006,800
4,607,435
7,826,474
4,801,761
16,725,901
4,385,921
8,732,808
5,786,313
22,101,363
4,828,113
10,157,951
7,140,202
17,410,044
4,643,073
10,725,530
6,180,682
15,730,443
575,000
835,859
960,000
1,046,139
995,000
1,330,115
1,525,000
1,694,045
35,372,430
43,012,544
41,861,425
40,498,773
OVER EXPENDITURES
(7,437,325)
(18,167,812)
(12,511,972)
(10,491,973)
Transfers in
Transfers (out)
Premium (discount) on refunding bonds
Bonds issued
Premium (discount) on bonds issued
Installment notes issued
Sale of capital assets
825,964
(825,964)
10,755,000
579,530
247,659
7,591
5,610,371
(3,410,100)
111,541
13,983
2,579,858
(1,352,344)
15,135,000
364,920
10,370
4,918,446
(4,392,201)
150,824
-
11,589,780
2,325,795
16,737,804
4,152,455
$ (15,842,017) $
4,225,832
REVENUES
Taxes
Intergovernmental
Fines and forfeits
Investment income
Miscellaneous
2006
$
Total revenues
EXPENDITURES
General government
Public safety
Capital outlay
Debt service
Principal
Total expenditures
DEBT SERVICE AS A PERCENTAGE OF
NONCAPITAL EXPENDITURES
$
7.57%
9.59%
677,069
$
(9,814,904)
9.51%
*Beginning in fiscal year 2015, state sales tax, use tax, and income tax are reported as intergovernmental revenue.
Data Source
- 120 -
13.00%
2010
2011
2012
2013
2014
2015*
$ 16,775,978
495,063
3,359,417
4,712,486
1,103,323
15,166
356,964
$ 17,533,217
497,966
5,507,812
4,152,165
1,329,951
8,190
385,686
$ 18,150,775
611,529
5,340,409
4,380,366
1,325,854
6,770
479,606
$ 19,207,009
735,905
5,298,633
4,822,592
1,169,501
20,956
334,334
$ 19,853,191
862,916
4,661,759
4,887,938
1,122,269
27,857
212,015
$ 10,647,752
976,464
14,308,398
4,932,519
1,094,229
(120,582)
342,080
26,818,397
29,414,987
30,295,309
31,588,930
31,627,945
32,180,860
3,133,119
10,303,037
6,432,461
3,947,891
2,401,600
10,100,410
6,388,974
2,786,336
3,477,890
10,654,797
6,431,829
1,950,478
3,141,185
10,686,447
6,623,648
2,042,968
4,029,639
10,746,430
7,404,103
2,870,609
3,677,375
11,266,927
7,197,622
3,048,345
1,580,000
1,655,506
1,580,000
1,485,744
1,720,000
1,581,506
1,915,000
1,221,304
1,945,000
1,191,213
2,085,000
1,138,302
27,052,014
24,743,064
25,816,500
25,630,552
28,186,994
28,413,571
4,671,923
4,478,809
5,958,378
3,440,951
3,767,289
3,610,948
(3,082,828)
9,280,000
564,424
(9,913,670)
175,000
3,096,035
(2,579,659)
6,820,000
532,928
(7,251,451)
395,661
3,102,780
(2,609,130)
-
6,094,911
(5,604,163)
4,788
6,845,397
(6,355,545)
9,665,000
331,514
(9,875,322)
-
(233,617)
3,659,728
(3,134,958)
865,000
37,806
(883,953)
114,754
658,377
$
424,760
14.00%
633,874
$
5,305,797
13.96%
1,013,514
$
5,492,323
13.03%
493,650
$
6,452,028
12.94%
- 121 -
495,536
$
3,936,487
11.53%
611,044
$
4,378,333
11.78%
ASSESSED VALUE AND ACTUAL VALUE OF TAXABLE PROPERTY
Last Ten Levy Years
Levy
Year
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
Residential
Property
$
789,653,411
1,000,246,941
1,160,519,642
1,223,281,087
1,229,229,102
1,152,059,670
1,074,299,342
1,018,036,579
992,808,661
1,001,328,597
Commercial
Property
$
85,730,817
92,344,265
110,300,216
129,411,871
140,306,598
143,199,078
147,453,901
136,459,597
133,086,233
147,923,967
Industrial
Property
$
18,747,176
22,733,905
23,447,686
25,514,981
27,907,094
20,391,687
20,061,439
20,522,201
20,156,072
19,980,960
Farm
Property
$
2,233,584
1,608,459
5,546,255
3,143,177
3,613,294
3,034,973
2,975,154
3,436,478
3,351,502
3,691,038
Railroad
Property
$
18,956
20,396
27,716
36,924
42,287
211,437
193,049
155,202
344,192
403,047
Total Taxable
Equalized
Assessed Value
$
896,383,944
1,116,953,966
1,299,841,515
1,381,388,040
1,401,098,375
1,318,896,845
1,244,982,885
1,178,610,057
1,149,746,660
1,173,327,609
Note: Property in the Village is reassessed each year. Property is assessed at 33% of estimated actual value.
Data Sources
Office of the County Clerk - Will County, Illinois
Office of the County Clerk - Kendall County, Illinois
- 122 -
Total
Direct Tax
Rate
Estimated
Estimated
Actual Taxable Actual Taxable
Value
Value
0.4124 $ 2,689,151,832
0.4096
3,350,861,898
0.4075
3,899,524,545
0.4079
4,144,164,120
0.4079
4,203,295,125
0.4079
3,956,690,535
0.4297
3,734,948,655
0.4567
3,535,830,171
0.4669
3,449,239,980
0.4669
3,519,982,827
33.333%
33.333%
33.333%
33.333%
33.333%
33.333%
33.333%
33.333%
33.333%
33.333%
PROPERTY TAX RATES - DIRECT AND OVERLAPPING GOVERNMENTS
Last Ten Levy Years
Levy Year
DIRECT TAX RATES
General Fund
Debt Service Fund
Police Pension
IMRF
Police Protection
Audit
Liability Insurance
Total direct rates
OVERLAPPING TAX RATES
Will County Incl. Forest Preserve
School District 202
Joliet Jr. College No. 525
Plainfield Township Park District
Plainfield Public Library District
Plainfield Fire Protection District
Township and All Other
Total overlapping rates
TOTAL TAX RATES
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
0.1698
0.0129
0.0852
0.0257
0.0227
0.0034
0.0927
0.1780
0.0106
0.0805
0.0336
0.0257
0.0032
0.0760
0.1690
0.0094
0.0761
0.0375
0.0383
0.0024
0.0768
0.1663
0.0084
0.0724
0.0419
0.0449
0.0016
0.0724
0.2053
0.0024
0.0503
0.0413
0.0575
0.0008
0.0503
0.2012
0.0086
0.0682
0.0436
0.0607
0.0029
0.0227
0.2032
0.0090
0.0721
0.0461
0.0641
0.0031
0.0321
0.2158
0.0098
0.0767
0.0490
0.0682
0.0030
0.0342
0.2210
0.0098
0.0783
0.0500
0.0696
0.0034
0.0348
0.2099
0.0098
0.0811
0.0492
0.0683
0.0033
0.0453
0.4124
0.4076
0.4095
0.4079
0.4079
0.4079
0.4297
0.4567
0.4669
0.4669
0.6861
4.5731
0.2088
0.1873
0.1816
0.6037
0.1538
0.6523
4.5950
0.1936
0.1788
0.1770
0.7431
0.1502
0.6367
4.5134
0.1901
0.1742
0.1687
0.7787
0.1471
0.6387
4.5270
0.1896
0.1761
0.1676
0.8323
0.1469
0.6543
4.5876
0.2144
0.1740
0.1421
0.8419
0.1483
0.6841
4.8618
0.2270
0.1959
0.1573
0.8656
0.1653
0.7244
5.2705
0.2463
0.2126
0.1720
0.8872
0.1804
0.7244
5.8323
0.2768
0.2433
0.1894
0.9216
0.1960
0.8186
6.2265
0.2955
0.2535
0.2013
0.9970
0.2106
0.8410
6.2622
0.3085
0.2742
0.2057
1.0122
0.2125
6.5944
6.6900
6.6089
6.6782
6.7626
7.1570
7.6934
8.3838
9.0030
9.1163
7.0068
7.0976
7.0184
7.0861
7.1705
7.5649
8.1231
8.8405
9.4699
9.5832
Property tax rates are per $100 of assessed valuation
Data Source
- 123 -
PRINCIPAL PROPERTY TAXPAYERS
Current Year and Nine Years Ago
2015
Taxpayer
Business/Properties
2006
Percentage
of Total
Village
Taxable
Assessed
Valuation
Taxable
Equalized
Assessed
Value
Rank
$ 15,860,015
1
1.35%
Rank
Percentage
of Total
Village
Equalized
Assessed
Valuation
10,725,536
1
1.20%
Taxable
Equalized
Assessed
Value
JVM Plainfield Apartments LLC
Springs at 127th
United Distiller Manufacturer
Manufacturer of liquors
7,908,293
2
0.67%
Wal-Mart Stores Inc.
Discount department store
6,909,309
3
0.59%
Menard's Inc.
Home improvement center
4,403,313
4
0.38%
Meijer
Retail and grocery store
4,217,433
5
0.36%
Edward Health Ventures
Healthcare
4,075,480
6
0.35%
Target
3,578,331
7
0.30%
SHI II American House
Senior care facility
2,700,000
8
0.23%
Chicago Bridge & Iron Co
Engineering & technical center
2,530,645
9
0.22%
Coilplus Illinois Inc.
Flat rolled steel processing
2,475,762
10
0.21%
United Distiller Manufacturer
Manufacturer of liquors
Wal-Mart Stores Inc.
6,347,243
2
0.71%
Menard's Inc.
Home improvement center
6,204,715
3
0.69%
Target
3,812,508
4
0.43%
Plainfield 1031 LLC
Kohl's Department Store
3,566,435
5
0.40%
Chicago Bridge & Iron Co
Engineering & technical center
2,785,300
6
0.31%
American Publishing Co. Arkansas
Newspaper publisher
2,301,087
7
0.26%
Coilplus Illinois Inc.
Flat rolled steel processing
2,163,172
8
0.24%
American Stores Properties Inc.
Jewel-Osco food/drug store
2,073,176
9
0.23%
Mars-Kensington North LLC
Land development
1,884,543
10
0.21%
TOTAL
$
$ 54,658,581
Data Source
- 124 -
4.66% $
41,863,715
4.68%
PROPERTY TAX LEVIES AND COLLECTIONS
Last Ten Levy Years
Levy
Year
Collection
Year
Fiscal
Year
2004
2005
2006
2005
2006
2007
2006
2007
2007
Tax Levied
$
3,045,672
Total Collections within the
Levy Year
Percentage
Amount
of Levy
$
Collections in
Subsequent Years
3,035,335
99.66%
N/A
3,654,262
3,649,864
99.88%
2008
4,423,287
4,418,221
2008
2009
5,084,818
2008
2009
2010
2009
2010
2010
Total Collections
To Date
3,035,335
99.66%
N/A
3,649,864
99.88%
99.89%
N/A
4,418,221
99.89%
5,058,460
99.48%
N/A
5,058,460
99.48%
5,361,674
5,352,303
99.83%
N/A
5,352,303
99.83%
2011
5,407,741
5,399,892
99.85%
N/A
5,399,892
99.85%
2011
2012
5,069,976
5,054,072
99.69%
N/A
5,054,072
99.69%
2011
2012
2013
5,366,861
5,294,951
98.66%
N/A
5,294,951
98.66%
2012
2013
2014
5,370,957
5,279,123
98.29%
N/A
5,279,123
98.29%
2013
2014
2015
5,368,140
5,355,819
99.77%
N/A
5,355,819
99.77%
Note: Levies and collections for tax levy years 2004 - 2010 include Will County only.
N/A - Information not available
Data Sources
Office of the County Clerk - Kendall County, Illinois
- 125 -
$
Total Collections
To Date
PROPERTY TAX ASSESSED VALUATIONS, RATES, AND TAX EXTENSIONS
Last Ten Levy Years
Tax Levy Year
2005
2006
2007
2008
2009
ASSESSED VALUATION
$
$ 1,116,953,966
$ 1,299,841,515
$ 1,381,388,040
$ 1,401,098,375
Rate
896,383,944
Amount
Rate
Amount
Rate
Amount
Rate
Amount
Rate
Amount
TAX EXTENSIONS
General
Debt service
Police pension
Illinois Municipal Retirement
Police protection
Audit
Liability insurance
0.1698
0.0129
0.0852
0.0257
0.0227
0.0034
0.0927
$
1,522,040
115,633
763,719
230,361
203,479
30,466
830,938
0.1780
0.0106
0.0805
0.0336
0.0257
0.0032
0.0760
$
1,988,272
118,398
899,180
375,296
287,057
35,743
848,916
0.1690
0.0094
0.0761
0.0375
0.0383
0.0004
0.0768
$
2,196,847
122,069
989,005
487,382
497,723
31,196
998,162
0.1663
0.0084
0.0724
0.0419
0.0449
0.0016
0.0724
$
2,297,916
116,037
999,924
578,668
620,110
22,102
999,924
0.2067
0.0024
0.0500
0.0410
0.0571
0.0007
0.0500
$
2,877,525
33,611
704,504
578,458
805,330
11,148
704,504
TOTAL TAX EXTENSIONS
0.4124
$
3,696,636
0.4076
$
4,552,862
0.4075
$
5,322,384
0.4079
$
5,634,681
0.4079
$
5,715,080
- 126 -
PROPERTY TAX ASSESSED VALUATIONS, RATES, AND TAX EXTENSIONS (Continued)
Last Ten Levy Years
Tax Levy Year
2010
2011
2012
2013
2014
ASSESSED VALUATION
$ 1,318,896,845
$ 1,244,982,885
$ 1,178,610,057
$ 1,149,746,660
$ 1,173,327,609
Rate
Amount
Rate
Amount
Rate
Amount
Rate
Amount
Rate
Amount
TAX EXTENSIONS
General
Debt service
Police pension
Illinois municipal retirement
Police protection
Audit
Liability insurance
0.2012
0.0086
0.0682
0.0436
0.0607
0.0029
0.0227
$
2,643,631
113,418
899,517
573,793
799,295
38,241
299,426
0.2032
0.0090
0.0721
0.0461
0.0641
0.0031
0.0321
$
2,529,533
112,021
897,766
574,000
798,146
38,567
399,660
0.2158
0.0098
0.0767
0.0490
0.0682
0.0030
0.0342
$
2,543,386
115,469
903,769
577,376
803,595
35,338
402,909
0.2210
0.0098
0.0783
0.0500
0.0696
0.0034
0.0348
$
2,541,014
112,648
900,238
574,887
800,217
39,030
400,106
0.2099
0.0098
0.0811
0.0492
0.0683
0.0033
0.0453
$
2,463,239
114,957
951,470
577,137
801,299
38,713
531,426
TOTAL TAX EXTENSIONS
0.4079
$
5,367,321
0.4297
$
5,349,693
0.4567
$
5,381,842
0.4669
$
5,368,140
0.4669
$
5,478,241
- 127 -
SALES TAX BY CATEGORY
Last Ten Calendar Years
Calendar Year
General merchandise
2005
$
786,643
2006
$
2007
2008
2009
2010
2011
2012
2013
2014
881,784
$ 1,098,039
$ 1,727,764
$ 1,619,652
$ 1,704,879
$ 1,422,877
$ 1,888,789
$ 2,014,318
$ 2,957,023
Food
438,426
468,080
451,667
552,145
530,171
469,346
447,894
377,464
405,981
619,855
Drinking and eating places
338,411
415,507
471,211
888,391
904,118
942,498
1,038,892
1,259,374
1,481,747
1,547,675
Apparel
21,675
33,456
54,211
93,359
104,996
120,139
347,612
127,335
121,980
87,001
Furniture and H.H. and radio
84,127
93,920
94,275
180,611
142,158
145,517
141,098
157,320
125,553
133,673
Lumber, building hardware
347,747
366,378
346,983
508,908
547,665
535,803
552,466
675,008
812,648
888,333
Automobile and filling stations
865,241
1,230,365
1,229,324
1,571,228
1,355,716
1,443,543
1,867,893
2,364,926
2,738,000
1,593,137
Drugs and miscellaneous retail
354,762
395,533
403,483
850,917
889,549
959,238
1,036,231
1,384,198
1,564,115
1,588,279
Agriculture and all others
177,264
194,701
258,183
442,817
480,942
465,556
468,099
291,404
300,709
376,539
81,835
103,018
188,803
265,863
208,888
184,640
64,035
82,726
125,084
150,191
$ 3,496,131
$ 4,182,742
$ 4,596,179
$ 7,082,003
$ 6,783,855
$ 6,971,159
$ 7,387,097
$ 8,608,544
$ 9,690,135
$ 9,941,706
Manufacturers
TOTAL
Village direct sales tax rate
Village home rule sales tax rate*
1.00%
0.00%
1.00%
0.00%
1.00%
0.00%
1.00%
1.00%
* 1% effective January 1, 2008; 1.5% effective July 1, 2012
Data Source
Illinois Department of Revenue - Will County only
- 128 -
1.00%
1.00%
1.00%
1.00%
1.00%
1.00%
1.00%
1.50%
1.00%
1.50%
1.00%
1.50%
DIRECT AND OVERLAPPING SALES TAX RATES
Calendar
Year
Village
Direct
Rate
Village
Home Rule
Rate
Will County
Rate
RTA
Rate
State
Rate
Total
Rate
2005
1.00%
0.00%
0.25%
0.25%
5.00%
6.50%
2006
1.00%
0.00%
0.25%
0.25%
5.00%
6.50%
2007
1.00%
0.00%
0.25%
0.25%
5.00%
6.50%
2008
1.00%
1.00%
0.25%
0.75%
5.00%
8.00%
2009
1.00%
1.00%
0.25%
0.75%
5.00%
8.00%
2010
1.00%
1.00%
0.25%
0.75%
5.00%
8.00%
2011
1.00%
1.00%
0.25%
0.75%
5.00%
8.00%
2012
1.00%
1.50%
0.25%
0.75%
5.00%
8.50%
2013
1.00%
1.50%
0.25%
0.75%
5.00%
8.50%
2014
1.00%
1.50%
0.25%
0.75%
5.00%
8.50%
Note: The home rule sales tax rate increases for the Village were effective January 1, 2008 and July 1, 2012.
The tax rate for the Regional Transit Authority increased effective April 1, 2008.
Data Source
Village and Illinois Department of Revenue
- 129 -
RATIOS OF OUTSTANDING DEBT BY TYPE
Fiscal
Year
Ended
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
Governmental
Activities
General
Installment
Obligation
Notes
Bonds
Payable
$ 24,595,000
23,635,000
37,775,000
36,250,000
34,655,000
32,980,000
31,845,000
29,930,000
27,985,000
28,162,546
$
204,990
154,494
37,133
97,859
12,398
-
Business-Type
Activities
General
Obligation
Revenue
Bonds
Bonds
$ 20,030,000
18,980,000
17,885,000
16,740,000
15,530,000
14,265,000
12,945,000
11,575,000
9,735,000
8,816,853
$
16,385,000
16,385,000
16,030,000
15,665,000
15,285,000
14,885,000
16,449,941
$
Illinois
EPA
Loan
Total
Primary
Government
1,710,999
3,273,202
3,093,385
2,946,902
2,795,259
$ 44,829,990
42,769,494
55,697,133
69,472,859
66,582,398
64,985,999
63,728,202
59,883,385
55,551,902
56,224,599
Note: Details of the Village's outstanding debt can be found in the notes to financial statements.
* See the schedule of Demographic and Economic Statistics for personal income and population data.
N/A - information not available
Data Source
- 130 -
Percentage
of
Personal
Income*
0.0524 $
0.0347
0.0460
0.0578
0.0508
0.0477
0.0456
0.0411
N/A
N/A
Per
Capita*
1,479
1,146
1,492
1,861
1,682
1,642
1,610
1,433
1,318
N/A
RATIOS OF GENERAL BONDED DEBT OUTSTANDING
Fiscal
Year
General
Obligation
Bonds
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015*
$ 24,595,000
23,635,000
37,775,000
36,250,000
34,655,000
32,980,000
31,845,000
29,930,000
27,985,000
36,979,399
Less Amounts
Available
In Debt
Service Fund
$
Total
377,129 $ 24,217,871
278,330
23,356,670
973,679
36,801,321
113
36,249,887
113
34,654,887
118
32,979,882
1,347
31,843,653
881
29,929,119
918
27,984,082
1,700
36,977,699
* 2015 EAV used as it is the most recent data available
- 131 -
Percentage of
Equalized
Assessed
Value of
Property*
2.17% $
1.80%
2.66%
2.59%
2.63%
2.65%
2.70%
2.60%
2.43%
3.15%
Per
Capita
799
626
986
971
876
833
805
756
707
934
DIRECT AND OVERLAPPING GOVERNMENTAL ACTIVITIES DEBT
April 30, 2015
Governmental Unit
Will County, Including Forest Preserve District
Kendall County, including Forest Preserve District
$
28,162,546
134,175,125
45,970,000
Plainfield Fire Protection District
Oswegoland Park District
3,200,000
Plainfield Park District
4,453,000
Oswego Public Library District
Percentage
Debt Applicable
to the Village*
Gross
Debt
100.000%
(2)(3)(4)
(1)(3)
(3)
$
28,162,546
6.125
8,218,226
2.878
1,323,017
77.903
7.956
254,592
46.424
2,067,261
7.328
564,622
Plainfield Unit School District #202
275,355,000
(4)
36.733
101,146,152
Indian Prairie Unit School District #204
246,930,000
(4)
0.598
1,476,641
351,048,034
(2)(3)
6.508
22,846,206
233,940,000
(3)
0.069
154,519
71,050,000
(2)(3)(4)
1.348
957,754
82,000,000
(3)
5.915
4,850,300
Oswego Unit School District #308
DuPage Community College #502
Waubonsee Community College #516
Joliet Community College #525
Total Overlapping Debt
77,050,000
Village's
Share
of Debt
1,525,171,159
$ 1,553,333,705
(1)
(2)
(3)
(4)
143,859,290
$
172,021,836
Excludes Public Building Commission debt/leases.
Includes original principal amounts of outstanding General Obligation Capital Appreciation Bonds.
Excludes principal amounts of outstanding General Obligation Alternate Revenue Source Bonds
which are expected to be paid from sources other than general taxation.
Excludes outstanding debt certificates.
* The percentage of overlapping debt applicable is estimated using taxable assessed property values. Applicable
percentages were estimated by determining the portion of the Village's taxable assessed value that is within the
government's boundaries and dividing it by the Village's total taxable assessed value.
Data Source
The Village, Will and Kendall County Clerk's Offices
- 132 -
PLEDGED-REVENUE COVERAGE
WATER REVENUE BONDS
Water
Charges
and Other
Fiscal
Year
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
$
9,717,867
9,333,222
10,359,459
9,317,371
9,510,526
10,135,734
11,482,986
14,066,990
13,361,542
13,407,793
Debt Service
Principal
$
355,000
365,000
380,000
400,000
415,000
Interest
$
812,199
845,026
829,960
814,366
797,785
893,871
Coverage
$
11.71
8.45
9.61
11.78
11.16
10.24
Note: Details of the Village's outstanding debt can be found in the notes to financial
statements.
Data Source
Audited financial statements
- 133 -
DEMOGRAPHIC AND ECONOMIC INFORMATION
Fiscal
Year
Population
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
30,314
37,334
37,334
37,334
39,581
39,581
39,581
41,784*
42,138*
N/A
Median
Household
Income
$
Personal
Income
80,799 $ 856,127,988 $
101,958 1,233,067,352
100,566 1,210,965,624
102,863 1,202,826,812
105,897 1,309,814,452
108,239 1,361,665,562
111,637 1,397,684,272
108,928 1,456,005,264
N/A
N/A
N/A
N/A
Per
Capita
Personal
Income
Unemployment
Rate
28,242
33,028
32,436
32,218
33,092
34,402
35,312
34,846
N/A
N/A
N/A - information not available
Data Sources
Household and per capita income:
US Census Bureau - 2010 census data
*Census.gov estimate
US Census Bureau - American Fact Finder
2005-2007 American Community Survey 3-Yr Estimates
Unemployment Rate:
Illinois Department of Employment Security (2015 through July - not seasonally adj.)
- 134 -
3.6%
4.0%
5.3%
9.1%
9.7%
9.3%
8.2%
8.2%
6.4%
5.8%
PRINCIPAL EMPLOYERS
Current Year and Nine Years Ago
2015
Employer
Plainfield CUSD #202
Chicago Bridge & Iron Co.
Diageo North America, Inc.
Wal-Mart
Meijer
Jewel-Osco
Lakewood Nursing and Rehab Center
Target
Menards, Inc.
2006
Rank
1
2
3
4
5
6
7
8
9
10
Percent
of Total
No. of
Village
Employees Population
3,013
440
300
280
232
200
160
133
200
125
7.61%
1.11%
0.76%
0.71%
0.59%
0.51%
0.40%
0.34%
0.51%
0.32%
Population
39,581
Employer
Rank
Plainfield CUSD #202
Chicago Bridge & Iron Co.
Wal-Mart
Fox Valley Press
Plainfield Stamping and Molding Co.
Diageo North America
R.A. Bright Construction, Inc.
Flexi-Mat Corp.
MID States Express
1
2
3
4
5
6
7
8
9
10
Population
30,314
Note: May include both full-time and full-time equivalent employees.
Data Source
From a canvass of employers, IL Services and Manufacturers Directory
- 135 -
Percent
of Total
No. of
Village
Employees Population
2,300
830
555
230
214
200
200
180
134
95
7.59%
2.74%
1.83%
0.76%
0.71%
0.66%
0.66%
0.59%
0.44%
0.31%
FULL-TIME EQUIVALENT EMPLOYEES
Function/Program
Administration/Finance
Police Department
Streets Department
Community Development
Water and Sewer Department
Public Works Engineering
TOTAL
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
16.00
70.50
19.50
24.10
18.30
4.00
16.00
79.00
20.50
25.00
19.30
4.00
17.50
83.00
23.50
25.00
15.00
4.00
15.50
85.00
23.50
13.50
14.50
4.00
14.50
77.00
19.50
7.00
12.00
3.00
14.50
73.50
17.00
7.50
11.50
2.00
14.50
75.50
17.50
7.50
12.50
3.00
15.00
75.50
18.50
8.00
11.50
3.00
14.50
76.50
18.50
8.00
11.50
3.00
15.50
76.50
18.50
8.00
11.50
3.00
152.40
163.80
168.00
156.00
133.00
126.00
130.50
131.50
132.00
133.00
Data Source
Village Human Resources Department
- 136 -
OPERATING INDICATORS
Function/Program
PUBLIC SAFETY
Police
Calls for service
Total traffic citations
Total DUI arrests
Total crashes
DARE Program student attendance
BUILDING PERMITS ISSUED
New residential units
General construction inspections
Commercial/office/industrial added (sq ft.)
Acreage Annexed
BUILDING PERMIT REVENUE
(*fiscal year)
PUBLIC WORKS
Asphalt patching/pothole repairs (tons)
Shoulder stone repaired (tons)
Snow removal events
Street sweeping (lane miles)
Grounds maintenance and mowing (hours)
UTILITY BILLING (*fiscal year)
Number of metered accounts
Water consumption billed (cubic feet)
Residential
Commercial
Industrial
WATER
Average daily flow (MGD)
Peak daily flow (MGD)
Water main breaks
Number of valves exercised
2005
2006
35,156.00
-
1,407
21,427
839,968
671
$ 5,221,616
2007
2009
2010
2011
2012
2013
2014
37,592
-
38,654
8,780
159
1,100
900
42,707
12,827
141
998
1,050
39,228
12,455
187
984
1,100
41,048
12,125
154
1,109
1,100
40,490
14,037
104
980
1,150
37,529
11,086
119
1,010
1,200
34,570
9,819
107
1,121
4,544
33,252
7,951
89
1,200
1,200
998
22,028
346,415
380
404
14,092
349,523
1472
172
8,890
284,015
496
66
5,335
24,659
24
58
4,300
172,926
5.4
88
4,884
90,770
2.1
111
6,619
71,414
277
135
8,016
194,250
6
166
6,367
0
87
$ 6,351,259
-
-
107,563
123,398
-
-
3.402
12
81
2008
3.149
7
448
$ 3,308,750
960.00
928.00
45.00
1,199.00
1,946.00
$ 1,334,936
$
592,852
$
294,862
$
275,144
$
447,103
$
561,591
$
677,304
482
172
57
1,357
1,829
292
430
45
1,976
2,070
285
464
29
1,760
1,974
195
843
20
1,627
2,280
136
1,173
12
1,958
1,709
109
824
26
1,635
1,904
104
945
27
1,334
1,552
139,092
146,812
149,687
149,687
148,031
151,816
153,205
154,914
-
-
110,246,350
17,304,912
17,259,429
111,002,800
20,570,922
13,933,361
123,367,085
16,671,638
14,311,880
123,441,600
22,609,487
17,775,104
125,383,157
13,257,815
19,647,597
3.062
5.841
4
2061
3.091
6.324
5
28
3.49
6.644
2
19
3.205
5.941
1
513
3.098
4.656
6
1,096
3.5
6.33
7
156
3.236
5.886
6
332
- 137 -
116,145,176
16,569,010
17,298,465
3.096
5.732
6
166
Function/Program
WASTEWATER
Miles of sanitary sewer main
Average daily flow (MGD)
Bio-solids treated (tons)
Sewers inspected/cleaned (feet)
2005
175
3.162
45,469
2006
190
2.879
40,098
2007
210
3.202
39,000
2008
220
3.302
833
65,000
Data Sources
Various Village departments
Some statistics for previous years unavailable
- 138 -
2009
220
3.746
605
12,000
2010
220
3.55
730
9,000
2011
220
3.964
642
3,308
2012
220
3.21
799
23,200
2013
220
4.441
771
13,200
2014
220
4.663
945
6,200
CAPITAL ASSET STATISTICS
Function/Program
PUBLIC SAFETY
Police
Stations
Area patrols
Patrol units/shift
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
1
4
5
1
4
7
1
4
5
1
6
6
1
6
6
1
6
6
1
6
7
1
6
6
1
6
6
1
6
6
390
1
390
3
400
6
400
6
410
7
410
7
410
7
410
4
410
4
410
4
WATER
Water mains (miles)
Storage capacity (gallons)
210
4,200,000
220
9,200,000
225
9,200,000
226
9,200,000
226
9,200,000
226
9,200,000
226
9,200,000
229
9,200,000
229
9,200,000
229
9,200,000
WASTEWATER
Sanitary sewers (miles)
Treatment capacity (gallons)
190
4,300,000
210
4,300,000
220
4,300,000
220
4,300,000
220
7,500,000
220
7,500,000
220
7,500,000
220
7,500,000
220
7,500,000
220
7,500,000
PUBLIC WORKS
Lane Miles of streets
Traffic signals
Data Source
Various Village departments
- 139 -

Village of Plainfield Illinois

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