buffalo grove park district

Transcription

This Preliminary Official Statement and the information contained herein are subject to completion and amendment. Under no circumstances shall this Preliminary Official
Statement constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of the Bonds, in any jurisdiction in which such offer, solicitation or sale
would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.
PRELIMINARY OFFICIAL STATEMENT DATED SEPTEMBER 21, 2015
NEW ISSUES – BOOK-ENTRY ONLY
- BANK QUALIFIED
RATING(1): Standard & Poor’s “AAA”
(Stable Outlook)
Subject to compliance by the District with certain covenants, in the opinion of Chapman and Cutler LLP, Chicago, Illinois, Bond
Counsel, under present law, interest on the Bonds is excludable from gross income of the owners thereof for federal income tax
purposes and is not included as an item of tax preference in computing the federal alternative minimum tax for individuals and
corporations, but such interest is taken into account in computing an adjustment used in determining the federal alternative minimum
tax for certain corporations. Interest on the Bonds is not exempt from present State of Illinois income taxes. See “TAX
EXEMPTION” herein for a more complete discussion. The Bonds are “qualified tax-exempt obligations” under Section 265(b)(3) of
the Internal Revenue Code of 1986, as amended. See “QUALIFIED TAX-EXEMPT OBLIGATIONS” herein.
BUFFALO GROVE PARK DISTRICT
Lake and Cook Counties, Illinois
$1,490,000* General Obligation Limited Tax Park Bonds, Series 2015A
$1,865,000* General Obligation Park Bonds (Alternate Revenue Source), Series 2015B
Dated: October 21, 2015
Due: December 30, as shown on inside front cover
The Buffalo Grove Park District, Lake and Cook Counties, Illinois (the “District”), will issue its $1,490,000* General
Obligation Limited Tax Park Bonds, Series 2015A (the “Series 2015A Bonds”), and its $1,865,000* General Obligation
Park Bonds (Alternate Revenue Source), Series 2015B (the “Series 2015B Bonds” and, together with the Series 2015A
Bonds, the “Bonds”) as fully registered Bonds under the global book-entry system operated by The Depository Trust
Company, New York, New York (“DTC”). Individual purchases will be made in book-entry system form only.
Beneficial owners of the Bonds will not receive physical delivery of Bonds. So long as DTC or its nominee is the owner
of the Bonds, principal of and interest on the Bonds will be paid directly to DTC by the Treasurer of the Board of Park
Commissioners of the District, as bond registrar and paying agent. See “BOOK-ENTRY-ONLY SYSTEM” herein.
The Bonds are issued in fully registered form in denominations of $5,000 and integral multiples thereof, and will bear
interest payable on June 30 and December 30 of each year, beginning June 30, 2016. Interest on the Bonds will be
calculated on the basis of a 360-day year consisting of twelve 30-day months. The Bonds are not subject to redemption
prior to maturity.
The Bonds are being issued pursuant to the Park District Code of the State of Illinois, as amended, and the Local
Government Debt Reform Act of the State of Illinois, as amended.
In the opinion of Chapman and Cutler LLP, Chicago, Illinois, Bond Counsel (“Bond Counsel”), the Series 2015A
Bonds are valid and legally binding upon the District and are payable from any funds of the District legally available for
such purpose, and all taxable property in the District is subject to the levy of taxes to pay the same without limitation as
to rate, except that the rights of the owners of the Series 2015A Bonds and the enforceability of the Series 2015A Bonds
may be limited by bankruptcy, insolvency, reorganization, moratorium and other similar laws affecting creditors’ rights
and by equitable principles, whether considered at law or in equity, including the exercise of judicial discretion. The
amount of said taxes that may be extended to pay the Series 2015A Bonds is limited as provided by law. See “THE
SERIES 2015A BONDS – Security for the Series 2015A Bonds” and “– Limited Bonds” herein.
In the opinion of Bond Counsel, the Series 2015B Bonds are valid and legally binding upon the District and are payable
(i) together with the Outstanding Alternate Bonds (as defined herein), from the Pledged Revenues (as defined herein)
and (ii) from ad valorem property taxes levied against all of the taxable property in the District without limitation as to
rate or amount, and all taxable property in the District is subject to the levy of such taxes, except that the rights of the
owners of the Series 2015B Bonds and the enforceability of the Series 2015B Bonds may be limited by bankruptcy,
insolvency, reorganization, moratorium and other similar laws affecting creditors’ rights and by equitable principles,
whether considered at law or in equity, including the exercise of judicial discretion. See “THE SERIES 2015B BONDS
– Security for the Series 2015B Bonds” herein.
The Bonds are offered when, as and if issued by the District and received by the Underwriter, subject to prior sale, to
withdrawal or modification of the offer without notice, and to the approval of legality by Chapman and Cutler LLP,
Chicago, Illinois, Bond Counsel. Chapman and Cutler LLP is also passing on certain matters for the Underwriter. Certain
legal matters will be passed upon for the District by its counsel, Chuhak & Tecson, P.C., Chicago, Illinois. The Bonds are
expected to be delivered through the facilities of DTC on or about October 21, 2015.
(1) See “BOND RATING” herein.
September ____, 2015
*Preliminary, subject to change
MATURITY SCHEDULES
$1,490,000*
General Obligation Limited Tax Park Bonds, Series 2015A
December 30
2020
2021
2022
2023
Principal
Amount*
$40,000
440,000
455,000
555,000
Interest
Rate
Yield
CUSIP
(119533)(1)
$1,865,000*
General Obligation Park Bonds
(Alternate Revenue Source), Series 2015B
December 30
2016
2017
2018
2019
2020
2021
Principal
Amount*
$280,000
300,000
305,000
315,000
325,000
340,000
Interest
Rate
Yield
CUSIP
(119533)(1)
(1) CUSIP data herein is provided by the CUSIP Global Services, managed on behalf of the American Bankers Association by
S&P Capital IQ, a part of McGraw-Hill Companies Financial Inc. No representations are made as to the correctness of the
CUSIP numbers. These CUSIP numbers may also be subject to change after the issuance of the Bonds.
i
Certain information in this Official Statement has been obtained by the District from The Depository Trust
Company and other non-District sources that the District believes to be reliable. No representation or warranty is
made, however, as to the accuracy or completeness of that information. Nothing contained in this Official Statement
is a promise of or representation by the Underwriter. This Official Statement is being distributed in connection with
the sale of the Bonds referred to in this Official Statement and may not be used, in whole or in part, for any other
purpose.
No dealer, broker, salesman or other person has been authorized to give any information or to make any
representations other than those contained in this Official Statement, and, if given or made, such other information
or representations must not be relied upon as statements of the District or the Underwriter. This Official Statement
does not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of the Bonds by
any person, in any jurisdiction in which it is unlawful to make such offer, solicitation or sale. Unless otherwise
indicated, the District is the source of all tables and statistical and financial information contained in this Official
Statement. The information set forth herein relating to governmental bodies other than the District has been
obtained from such governmental bodies or from other sources believed to be reliable. The information and
opinions expressed herein are subject to change without notice, and neither the delivery of this Official Statement
nor any sale made hereunder shall, under any circumstances, create any implication that there has been no change in
the affairs of the District since the date of this Official Statement.
This Official Statement should be considered in its entirety and no one factor considered less important than any
other by reason of its position in this Official Statement. Where statutes, ordinances, reports or other documents are
referred to herein, reference should be made to such statutes, ordinances, reports or other documents for more
complete information regarding the rights and obligations of parties thereto, facts and opinions contained therein and
the subject matter thereof.
Any statements made in this Official Statement, including the Exhibits, involving matters of opinion or estimates,
whether or not so expressly stated, are set forth as such and not as representations of fact, and no representation is
made that any of such estimates will be realized. This Official Statement contains certain forward-looking
statements and information that are based on the District’s beliefs as well as assumptions made by and information
currently available to the District. Such statements are subject to certain risks, uncertainties and assumptions.
Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect,
actual results may vary materially from those anticipated, estimated or expected.
The Underwriter has provided the following sentence for inclusion in this Official Statement: The Underwriter has
reviewed the information in this Official Statement in accordance with, and as part of, its responsibilities to investors
under the federal securities laws as applied to the facts and circumstances of this transaction, but the Underwriter
does not guarantee the accuracy or completeness of such information.
For purposes of compliance with Rule 15c2-12 of the Securities and Exchange Commission, this document, as the
same may be supplemented or corrected by the District from time-to-time, may be treated as an Official Statement
with respect to the Bonds described herein and is “deemed final” by the District as of the date hereof (or of the date
of any supplement or correction) except for the omission of certain information permitted to be omitted pursuant to
such Rule.
Upon issuance, the Bonds will not be registered under the Securities Act of 1933, as amended, and will not be listed
on any stock or other securities exchange and neither the Securities and Exchange Commission nor any other
Federal, State, Municipal or other governmental entity, other than the District, shall have passed upon the accuracy
or adequacy of this Official Statement.
Certain persons participating in this offering may engage in transactions that maintain or otherwise affect the price
of the Bonds. Specifically, the Underwriter may overallot in connection with the offering, may bid for, and
purchase, the Bonds in the open market. The prices and other terms respecting the offering and sale of the Bonds
may be changed from time to time by the Underwriter after the Bonds are released for sale, and the Bonds may be
offered and sold at prices other than the initial offering prices, including sales to dealers who may sell the Bonds into
investment accounts.
ii
TABLE OF CONTENTS
Page
INTRODUCTION .................................................................................................................................................................................... 1
THE BONDS ............................................................................................................................................................................................ 1
General .............................................................................................................................................................................................. 1
Authority ........................................................................................................................................................................................... 1
Registration and Exchange ............................................................................................................................................................... 1
Redemption Provisions ..................................................................................................................................................................... 2
THE SERIES 2015A BONDS.................................................................................................................................................................. 2
Purposes of the Series 2015A Bonds ............................................................................................................................................... 2
Security for the Series 2015A Bonds ............................................................................................................................................... 2
Limited Bonds................................................................................................................................................................................... 2
THE SERIES 2015B BONDS .................................................................................................................................................................. 3
Purposes of the Series 2015B Bonds................................................................................................................................................ 3
Security for the Series 2015B Bonds ............................................................................................................................................... 3
General Provisions Regarding the Series 2015B Bonds .................................................................................................................. 4
Abatement of Pledged Taxes ............................................................................................................................................................ 4
Additional Bonds .............................................................................................................................................................................. 4
Treatment of Series 2015B Bonds as Debt ...................................................................................................................................... 4
Highlights of Alternate Bonds .......................................................................................................................................................... 4
Debt Service Coverage Table ........................................................................................................................................................... 5
BOOK-ENTRY-ONLY SYSTEM .......................................................................................................................................................... 6
REFUNDING PLAN ................................................................................................................................................................................ 7
ESTIMATED SOURCES AND USES OF FUNDS ............................................................................................................................... 8
RISK FACTORS ...................................................................................................................................................................................... 8
THE DISTRICT ...................................................................................................................................................................................... 10
General Information........................................................................................................................................................................ 10
Awards and Acknowledgements .................................................................................................................................................... 11
Organization and Government ....................................................................................................................................................... 11
Demographic Data .......................................................................................................................................................................... 12
Employment Data ........................................................................................................................................................................... 12
DEBT STRUCTURE.............................................................................................................................................................................. 14
Summary of Outstanding Debt ....................................................................................................................................................... 14
Debt Repayment Schedule ............................................................................................................................................................. 15
Statement of Net Direct Bonded Debt and Overlapping Bonded Debt ......................................................................................... 16
Debt Ratios...................................................................................................................................................................................... 16
Legal Debt Limitation..................................................................................................................................................................... 17
Statement of Legal Debt Margin .................................................................................................................................................... 17
FUTURE FINANCINGS ....................................................................................................................................................................... 17
SHORT-TERM BORROWING ............................................................................................................................................................. 17
DEFAULT RECORD ............................................................................................................................................................................. 17
FINANCIAL INFORMATION ............................................................................................................................................................. 18
Real Property Assessment, Tax Levy and Collection Procedures ................................................................................................. 18
EAV Trend............................................................................................................................................................................ 26
Composition of Current EAV ............................................................................................................................................... 26
Tax Rate Trend ..................................................................................................................................................................... 26
Representative Tax Rate ....................................................................................................................................................... 27
Tax Extensions and Collections ............................................................................................................................................ 27
Major Taxpayers ................................................................................................................................................................... 27
Summary of Operations ........................................................................................................................................................ 28
General Fund and Recreation Fund Revenue Sources .......................................................................................................... 29
Budget Summary .................................................................................................................................................................. 29
Retirement Fund and Other Post-Employment Commitments .............................................................................................. 29
TAX EXEMPTION ................................................................................................................................................................................ 31
QUALIFIED TAX-EXEMPT OBLIGATIONS .................................................................................................................................... 33
CERTAIN LEGAL MATTERS ............................................................................................................................................................. 33
ABSENCE OF MATERIAL LITIGATION ................................................................................................................................. 33
CONTINUING DISCLOSURE ............................................................................................................................................................. 33
BOND RATING .......................................................................................................................................................................... 34
UNDERWRITING ................................................................................................................................................................................. 34
AUTHORIZATION................................................................................................................................................................................ 34
EXHIBIT A
EXHIBIT B
EXHIBIT C
EXHIBIT D
Proposed Form of Opinion of Bond Counsel – Series 2015A Bonds
Proposed Form of Opinion of Bond Counsel – Series 2015B Bonds
Proposed Form of Continuing Disclosure Undertaking
Comprehensive Annual Financial Report For the Year Ended April 30, 2015
iii
STATEMENT SUMMARY
The following material is summarized from the detailed information and financial statements appearing in this
Official Statement. Potential investors must read the entire Official Statement to obtain information essential to
making an informed investment decision.
The Issuer
Buffalo Grove Park District, Lake and Cook Counties, Illinois (the “District”)
Issues and Dated Date
$1,490,000* General Obligation Limited Tax Park Bonds, Series 2015A (the “Series 2015A
Bonds”), and $1,865,000* General Obligation Park Bonds (Alternate Revenue Source), Series
2015B (the “Series 2015B Bonds” and, together with the Series 2015A Bonds, the “Bonds”),
both dated their date of delivery
Book-Entry-Only Form
The Bonds are issued as fully registered bonds, registered in the name of Cede & Co., as
nominee of The Depository Trust Company, New York, New York, and will be in book-entryonly form.
Delivery Date
On or about October 21, 2015
Interest Payment Dates
Each June 30 and December 30, beginning June 30, 2016
Record Date
The close of business on the 15th day of the month of any interest payment date.
Redemption Provisions
The Bonds are not subject to redemption prior to maturity.
Bond Rating
The Bonds have been assigned a rating of “AAA” (Stable Outlook) by Standard & Poor’s.
Purposes
Proceeds of the Series 2015A Bonds will be used for the payment of land condemned or
purchased for parks, for the building, maintaining, improving and protecting of the same
and the existing land and facilities of the District and certain costs associated with the
issuance of the Series 2015A Bonds.
Proceeds of the Series 2015B Bonds will be used for the (i) payment of land condemned or
purchased for parks, for the building, maintaining, improving and protecting of the same
and the existing land and facilities of the District; (ii) refunding the 2017-2021 maturities of
the District’s outstanding General Obligation Park Bonds (Alternate Revenue Source),
Series 2005B, dated October 15, 2005; and (iii) certain costs associated with the issuance of
the Series 2015B Bonds.
Security
The Series 2015A Bonds are valid and legally binding upon the District and are payable
from any funds of the District legally available for such purpose, and all taxable property in
the District is subject to the levy of taxes to pay the same without limitation as to rate. The
amount of said taxes that may be extended to pay the Series 2015A Bonds is limited as
provided by law. See “THE SERIES 2015A BONDS – Security for the Series 2015A
Bonds” and “– Limited Bonds” herein.
The Series 2015B Bonds are valid and legally binding upon the District and are payable (i)
together with the Outstanding Alternate Bonds (as defined herein), from the Pledged
Revenues (as defined herein) and (ii) from ad valorem property taxes levied against all of
the taxable property in the District without limitation as to rate or amount. See “THE
SERIES 2015B BONDS – Security for the Series 2015B Bonds” herein.
Tax Exemption
Chapman and Cutler LLP, Chicago, Illinois, will provide opinions as to the tax exemption of
the interest on the Bonds as discussed under “TAX EXEMPTION” herein. The interest on the
Bonds is not exempt from present State of Illinois income taxes.
Bank Qualification
The District will designate the Bonds as “qualified tax-exempt obligations” under Section
265(b)(3) of the Code (as defined herein).
Legal Opinion
Chapman and Cutler LLP, Chicago, Illinois, Bond Counsel
Bond Registrar/
Paying Agent
Treasurer of the Board of Park Commissioners of the District
Underwriter
Raymond James & Associates, Inc., Chicago, Illinois
iv
(THIS PAGE IS INTENTIONALLY LEFT BLANK)
OFFICIAL STATEMENT
$1,490,000* General Obligation Limited Tax Park Bonds, Series 2015A
$1,865,000* General Obligation Park Bonds
(Alternate Revenue Source), Series 2015B
INTRODUCTION
The purpose of this Official Statement, including the cover page, the reverse thereof, Statement Summary and Exhibits
is to set forth certain information concerning the Buffalo Grove Park District, Lake and Cook Counties, Illinois (the
“District”), and its $1,490,000* General Obligation Limited Tax Park Bonds, Series 2015A (the “Series 2015A
Bonds”), and $1,865,000* General Obligation Park Bonds (Alternate Revenue Source), Series 2015B (the “Series
2015B Bonds” and, together with the Series 2015A Bonds, the “Bonds”).
Certain factors that may affect investment decisions concerning the Bonds are described throughout this Official
Statement, which should be read in its entirety. Copies of statutes, ordinances, reports or other documents referred to
herein are available, upon request, from the District or its counsel, Chuhak & Tecson, P.C. The offices of the District
are located at 530 Bernard Drive, Buffalo Grove, Illinois 60089-3351; telephone 847.850.2109. The offices of Chuhak
& Tecson, P.C. are located at 30 South Wacker Drive, Suite 2600, Chicago, Illinois 60606; telephone 312.201.3420.
THE BONDS
General
The Bonds will be issued in fully registered form, without coupons, in denominations of $5,000 or any integral multiple
thereof under a book-entry only system operated by The Depository Trust Company, New York, New York (“DTC”).
Principal of and interest on the Bonds will be payable by the Treasurer of the Board of Park Commissioners (the
“Board”) of the District, as bond registrar and paying agent (the “Registrar”).
The Bonds are dated their date of issuance, will bear interest from that date and will mature in the amounts and at the
rates as set forth on the inside front cover of this Official Statement. Interest on the Bonds is calculated on the basis of a
360-day year of twelve 30-day months. Interest on the Bonds is payable semi-annually on June 30 and December 30,
commencing June 30, 2016. Principal of and interest on the Bonds is payable to DTC by the Registrar. The record date
of the Bonds will be the 15th day of the calendar month of any regularly scheduled interest payment date. The Bonds
are issued as fully registered bonds, registered in the name of Cede & Co., as nominee for DTC.
Authority
The Bonds are being issued pursuant to the Park District Code of the State of Illinois, as amended (the “Park Code”),
and the Local Government Debt Reform Act of the State of Illinois, as amended (the “Act”), and are authorized by
separate ordinances adopted by the Board on September 28, 2015 (collectively, the “Bond Ordinance,” and individually,
the “2015A Bond Ordinance” and the “2015B Bond Ordinance”).
Registration and Exchange
The Registrar will maintain books for the registration of ownership and transfer of the Bonds. Subject to the provisions
of the Bonds as they relate to book-entry form, any Bond may be transferred upon the surrender thereof at the office of
the Registrar in Buffalo Grove, Illinois, together with an assignment duly executed by the registered owner or his
attorney in such form as will be satisfactory to the Registrar. No service charge shall be made for any transfer or
exchange of Bonds, but the District or the Registrar may require payment of a sum sufficient to cover any tax or other
governmental charge that may be imposed in connection with any transfer or exchange of Bonds.
The Registrar shall not be required to transfer or exchange any Bond during the period beginning at the close of
business on the 15th day of the month of any interest payment date on such Bond and ending at the opening of business
on such interest payment date.
1
Redemption Provisions
The Bonds are not subject to redemption prior to maturity.
THE SERIES 2015A BONDS
Purposes of the Series 2015A Bonds
Proceeds of the Series 2015A Bonds will be used for the payment of land condemned or purchased for parks, for the
building, maintaining, improving and protecting of the same and the existing land and facilities of the District (the
“Series 2015A Project”) and certain costs associated with the issuance of the Series 2015A Bonds. The Series 2015A
Project includes general park improvements throughout the District and is expected to be completed by April 30, 2016.
Security for the Series 2015A Bonds
In the opinion of Chapman and Cutler LLP, Chicago, Illinois, Bond Counsel (“Bond Counsel”), the Series 2015A
Bonds are valid and legally binding upon the District and are payable from any funds of the District legally available for
such purpose, and all taxable property in the District is subject to the levy of taxes to pay the same without limitation as
to rate, except that the rights of the owners of the Series 2015A Bonds and the enforceability of the Series 2015A Bonds
may be limited by bankruptcy, insolvency, reorganization, moratorium and other similar laws affecting creditors’ rights
and by equitable principles, whether considered at law or in equity, including the exercise of judicial discretion. The
amount of said taxes that may be extended to pay the Series 2015A Bonds is limited as provided by law. See “Limited
Bonds” below.
The 2015A Bond Ordinance provides for the levy of ad valorem taxes, unlimited as to rate, upon all taxable property
within the District in amounts to pay, as and when due, all principal of and interest on the Series 2015A Bonds. The
2015A Bond Ordinance will be filed with the County Clerks of the Counties of Lake and Cook, Illinois (the “County
Clerks”), and will serve as authorization for the County Clerks to extend and collect the property taxes as set forth in the
2015A Bond Ordinance.
The proposed form of the opinion of Bond Counsel regarding the Series 2015A Bonds is set forth in Exhibit A hereto.
Limited Bonds
The Series 2015A Bonds are limited bonds and are issued pursuant to the Park Code and the Act. Although the
obligation of the District to pay the Series 2015A Bonds is a general obligation under the Park Code and all taxable
property in the District is subject to the levy of taxes to pay the Series 2015A Bonds without limitation as to rate, the
amount of said taxes that will be extended to pay the Series 2015A Bonds is limited by the Property Tax Extension
Limitation Law of the State of Illinois, as amended (the “Limitation Law”) as described under “FINANCIAL
INFORMATION – Real Property Assessment, Tax Levy and Collection Procedures.”
The Act provides that the Series 2015A Bonds are payable from the debt service extension base of the District (the
“DSEB”), which is an amount equal to that portion of the extension for the District for the 1994 levy year constituting
an extension for payment of principal and interest on bonds issued by the District without referendum, but not including
alternate bonds issued under Section 15 of the Act or refunding obligations issued to refund or to continue to refund
obligations of the District initially issued pursuant to referendum, increased each year, commencing with the 2009 levy
year, by the lesser of 5% or the percentage increase in the Consumer Price Index (the “CPI”) during the 12-month
calendar year preceding the levy year. The Limitation Law further provides that the annual amount of taxes to be
extended to pay the Series 2015A Bonds and all other limited bonds heretofore and hereafter issued by the District shall
not exceed the DSEB. The District's DSEB for levy year 2015 has been determined to be $1,625,784.46, which is
calculated as follows:
Levy
Year
2009
2010
2011
2012
2013
2014
2015
DSEB From
Prior Year
$1,453,810.00
1,455,263.81
1,494,555.93
1,516,974.27
1,562,483.50
1,589,045.72
1,612,881.41
CPI
Increase
$1,453.81
39,292.12
22,418.34
45,509.23
26,562.22
23,835.69
12,903.05
CPI
0.1%
2.7%
1.5%
3.0%
1.7%
1.5%
0.8%
2
New DSEB
$1,455,263.81
1,494,555.93
1,516,974.27
1,562,483.50
1,589,045.72
1,612,881.41
1,625,784.46
At closing, the Series 2015A Bonds will constitute one of six series of outstanding limited bonds of the District that are
payable from the DSEB. Payments on the Series 2015A Bonds from the DSEB will be made on a parity with the
payments on the District's outstanding General Obligation Limited Park Bonds, Series 2010, dated November 4, 2010;
General Obligation Limited Tax Park Bonds, Series 2012A, dated February 8, 2012; General Obligation Limited Tax
Park Bonds, Series 2012B, dated November 14, 2012; General Obligation Limited Tax Park Bonds, Series 2013, dated
November 14, 2013; and General Obligation Limited Tax Park Bonds, Series 2014, dated November 18, 2014. The
District is authorized to issue from time to time additional limited bonds payable from the DSEB and to determine the
lien priority of payments to be made from the DSEB to pay the District’s limited bonds.
Debt Service Extension Base Coverage Table
The following chart shows the DSEB of the District, the debt service payable on the outstanding non-referendum bonds
of the District and the Series 2015A Bonds, and the available DSEB after the issuance of the Series 2015A Bonds.
Levy
Year
2015
2016
2017
2018
2019
2020
2021
2022
(1)
DSEB
$1,625,784.46
1,625,784.46
1,625,784.46
1,625,784.46
1,625,784.46
1,625,784.46
1,625,784.46
1,625,784.46
Outstanding
Non-Referendum
Debt Service
Series
2015A
Bonds
Debt Service*
District
Funds on
Hand(1)*
Total
Non-Referendum
Debt Service*
Available
DSEB*
$1,612,375.00
1,604,275.00
1,609,275.00
1,608,575.00
471,500.00
-------
$71,023.33
59,600.00
59,600.00
59,600.00
99,600.00
498,000.00
495,400.00
577,200.00
($57,613.87)
(38,090.54)
(43,090.54)
(42,390.54)
---------
$1,625,784.46
1,625,784.46
1,625,784.46
1,625,784.46
571,100.00
498,000.00
495,400.00
577,200.00
-0-0-0-0$1,054,684.46
1,127,784.46
1,130,384.46
1,048,584.46
The District will use lawfully available funds on hand to pay debt service on the Series 2015A Bonds in excess of the DSEB
during levy years 2015-2018.
THE SERIES 2015B BONDS
Purposes of the Series 2015B Bonds
Proceeds of the Series 2015B Bonds will be used for the payment of (i) land condemned or purchased for parks, for the
building, maintaining, improving and protecting of the same and the existing land and facilities of the District (the
“Series 2015B Project”); (ii) refunding the 2017-2021 maturities of the District’s outstanding General Obligation Park
Bonds (Alternate Revenue Source), Series 2005B, dated October 15, 2005 (the “Series 2005B Bonds”) (See
“REFUNDING PLAN” herein); and (iii) certain costs associated with the issuance of the Series 2015B Bonds. The
Series 2015B Project includes improvements to the District’s Buffalo Grove Golf and Sports Center (the “Golf Center”)
and is expected to be completed by April 30, 2017. It is anticipated that debt service for the portion of the Series 2015B
Bonds used for the Series 2015B Project will be covered by revenues from the Golf Center.
Security for the Series 2015B Bonds
In the opinion of Bond Counsel, the Series 2015B Bonds are valid and legally binding upon the District, and are payable
(i) together with the District’s outstanding Series 2005B Bonds not being refunded by the Series 2015B Bonds and
General Obligation Refunding Park Bonds (Alternate Revenue Source), Series 2011 (collectively, the “Outstanding
Alternate Bonds”), from the Pledged Revenues (as defined herein) and (ii) from the Pledged Taxes (as defined herein),
except that the rights of the owners of the Series 2015B Bonds and the enforceability of the Series 2015B Bonds may be
limited by bankruptcy, insolvency, moratorium, reorganization and other similar laws affecting creditors’ rights and by
equitable principles, whether considered at law or in equity, including the exercise of judicial discretion.
Pledged Revenues. For the purpose of paying the interest on the Series 2015B Bonds promptly when and as the same
falls due, and to pay and discharge the principal thereof at maturity, the District covenants and agrees with the purchasers
and owners of the Series 2015B Bonds that the District will deposit the principal proceeds received by the District from
time to time from the issuance of its general obligation bonds or notes to the fullest extent permitted by law, including
Section 15.01 of the Act and Section 6-4 of the Park Code (the “Rollover Bonds”) and such other funds of the District
as may be lawfully available for such payment (the “Pledged Revenues”), into the debt service fund established in the
2015B Bond Ordinance for the payment of the principal of and interest on the Series 2015B Bonds (the “2015B Bond
Fund”).
3
Pledged Taxes. For the purpose of providing additional funds to pay the principal of and interest on the Series 2015B
Bonds, the 2015B Bond Ordinance provides for the levy of ad valorem taxes, unlimited as to rate or amount, upon all
taxable property within the District in amounts sufficient to pay, as and when due, the principal of and interest on the
Series 2015B Bonds (the “Pledged Taxes”). The 2015B Bond Ordinance will be filed with the County Clerks and will
serve as authorization to the County Clerks to extend and collect the property taxes as set forth in the 2015B Bond
Ordinance to pay the Series 2015B Bonds.
The proposed form of the opinion of Bond Counsel regarding the Series 2015B Bonds is set forth in Exhibit B hereto.
General Provisions Regarding the Series 2015B Bonds
A. The Pledged Revenues are pledged to the payment of the Series 2015B Bonds. The Board will provide for, collect
and apply the Pledged Revenues to the payment of the Series 2015B Bonds and the Outstanding Alternate Bonds as are
from time to time outstanding and the provision of not less than an additional 0.25 times debt service thereon.
B. As long as any Series 2015B Bonds are outstanding, the District will continue to deposit the Pledged Revenues into
the 2015B Bond Fund and, if necessary, the Pledged Taxes into the 2015B Bond Fund. The District covenants and
agrees with the purchasers of the Series 2015B Bonds and with the registered owners thereof that so long as any Series
2015B Bonds remain outstanding, the District will take no action or fail to take any action which in any way would
adversely affect the ability of the District to collect the Pledged Revenues or to levy and collect the Pledged Taxes. The
District and its officers will comply with all present and future applicable laws in order to assure that the Pledged
Revenues will be available and that the Pledged Taxes will be levied, extended and collected as provided in the 2015B
Bond Ordinance and deposited in the 2015B Bond Fund.
Abatement of Pledged Taxes
Whenever Pledged Revenues are or will be available to pay any principal of or interest on the Series 2015B Bonds
when due, so as to enable the abatement of the Pledged Taxes levied for the same, the Board or the officers of the
District acting with proper authority, will, prior to the time the Pledged Taxes levied to pay such principal of or interest
on the Series 2015B Bonds are extended, direct the abatement of the Pledged Taxes by the amount of such available funds,
and proper notification of such abatement will be filed with the County Clerks, in a timely manner to effect such
abatement.
Additional Bonds
The District reserves the right to issue “Additional Bonds” without limit from time to time payable from the Pledged
Revenues, and any such Additional Bonds will share ratably and equally in the Pledged Revenues with the Series
2015B Bonds and the Outstanding Alternate Bonds; provided, however, that no Additional Bonds will be issued except
in accordance with the provisions of the Act. “Additional Bonds” means any alternate bonds issued in the future in
accordance with the provisions of the Act on parity with and sharing ratably and equally in the Pledged Revenues with
the Series 2015B Bonds and the Outstanding Alternate Bonds.
Treatment of Series 2015B Bonds as Debt
The Series 2015B Bonds will not constitute an indebtedness of the District within the meaning of any constitutional or
statutory limitation, unless the Pledged Taxes have been extended pursuant to the general obligation, full faith and credit
promise supporting the Series 2015B Bonds, in which case the amount of the outstanding Series 2015B Bonds will be
included in the computation of indebtedness of the District for purposes of all statutory provisions or limitations until an
audit of the District shows that the Series 2015B Bonds been paid from the Pledged Revenues for a complete fiscal year,
in accordance with the Act.
Highlights of Alternate Bonds
Section 15 of the Act provides that whenever there exists for a governmental unit (such as the District) a revenue
source, the District may issue its general obligation bonds payable from any revenue source, and such general obligation
bonds may be referred to as “alternate bonds.” Such bonds are general obligation debt payable from the pledged
revenues with the general obligation of the District as back-up security.
4
The Act prescribes several conditions that must be met before alternate bonds payable from a revenue source may be
issued:
First, alternate bonds must be issued for a lawful corporate purpose. If issued payable from a revenue source, which
revenue source is limited in its purposes or applications, then the alternate bonds can only be issued for such limited
purposes or applications.
Second, the question of the issuance must be submitted to referendum if, within the time provided by law following
publication of an authorizing ordinance and notice of intent to issue alternate bonds, a petition signed by the requisite
number of registered voters in the governmental unit is filed.
Third, an issuer must demonstrate that the pledged revenues are sufficient in each year to provide an amount not less
than 1.25 times debt service on the alternate bonds payable from such revenue source previously issued and outstanding
and the alternate bonds proposed to be issued. The sufficiency of the revenue source must be supported by the most
recent audit of the governmental unit. The audit must be for a fiscal year ending not earlier than 18 months prior to the
issuance of the alternate bonds. If the audit does not adequately show such revenue source or if such source of revenue
is shown to be insufficient, then the determination of sufficiency must be supported by the report of an independent
accountant or feasibility analyst, the latter having a national reputation for expertise in such matters. Such report must
demonstrate the sufficiency of the revenues and explain how the revenues will be greater than those shown in the audit.
Whenever such sufficiency is demonstrated by reference to a schedule of higher rates or charges for enterprise revenues
or a higher tax imposition for a revenue source, such higher rates, charges or taxes must be imposed by an ordinance
adopted prior to the delivery of the alternate bonds.
Fourth, the revenue source must be pledged to the payment of the alternate bonds.
Last, the governmental unit must covenant to provide for, collect and apply the revenue source to the payment of the
alternate bonds and to provide for an amount equal to not less than an additional 0.25 times debt service.
The District will comply with all of the aforementioned conditions prior to the issuance of the Series 2015B Bonds.
Debt Service Coverage Table
The coverage of the Pledged Revenues, not taking into account the proceeds of the Rollover Bonds, is at least 4.02*
times the estimated maximum annual debt service on the Series 2015B Bonds. The Act requires the 2015B Pledged
Revenues in each year to be at least 1.25 times debt service.
Payment
Year
2015
2016
2017
2018
2019
2020
2021
Recreation
Fund Gross
Revenues(1)
$5,461,640
5,461,640
5,461,640
5,461,640
5,461,640
5,461,640
5,461,640
Debt
Service on
Outstanding
Alternate
Revenue
Bonds(2)
$1,194,293
1,004,750
1,005,450
1,000,400
1,001,200
1,000,600
1,003,600
Debt Service
Series 2015B
Bonds*
--$348,943
353,800
349,800
350,650
346,200
348,400
Total
Debt Service
Alternate
Debt
Revenue
Service
Bonds*
Coverage(x)*
$1,194,293
4.57
1,353,693
4.03
1,359,250
4.02
1,350,200
4.05
1,351,850
4.04
1,346,800
4.06
1,352,000
4.04
(1) Based on the District’s Comprehensive Annual Financial Report for the Fiscal Year ended April 30, 2015 (the “2015 Audit”).
The Board is expected to accept the 2015 Audit at its September 28, 2015 Board meeting.
(2) Does not include the Refunded Bonds.
Note: This chart does not include or reflect all of the Pledged Revenues.
*Preliminary, subject to change.
5
BOOK-ENTRY-ONLY SYSTEM
DTC will act as securities depository for the Bonds. The Bonds will be issued as fully registered securities registered in
the name of Cede & Co. (DTC’s partnership nominee) or such other name as may be requested by an authorized
representative of DTC. One fully registered Bond certificate will be issued for each maturity of each series of the
Bonds, in the aggregate principal amount of such maturity for such series, and will be deposited with DTC.
DTC, the world’s largest securities depository, is a limited-purpose trust company organized under the New York
Banking Law, a “banking organization” within the meaning of the New York Banking Law, a member of the Federal
Reserve System, a “clearing corporation” within the meaning of the New York Uniform Commercial Code, and a
“clearing agency” registered pursuant to the provisions of Section 17A of the Securities Exchange Act of 1934, as
amended (the “Exchange Act”). DTC holds and provides asset servicing for over 3.5 million U.S. and non-U.S. equity
issues, corporate and municipal debt issues, and money market instruments from over 100 countries that DTC’s
participants (“Direct Participants”) deposit with DTC. DTC also facilitates the post-trade settlement among Direct
Participants of sales and other securities transactions in deposited securities, through electronic computerized bookentry transfers and pledges between Direct Participants’ accounts. This eliminates the need for physical movement of
securities certificates. Direct Participants include both U.S. and non-U.S. securities brokers and dealers, banks, trust
companies, clearing corporations, and certain other organizations. DTC is a wholly-owned subsidiary of The
Depository Trust & Clearing Corporation (“DTCC”). DTCC is the holding company for DTC, National Securities
Clearing Corporation and Fixed Income Clearing Corporation, all of which are registered clearing agencies. DTCC is
owned by the users of its regulated subsidiaries. Access to the DTC system is also available to others such as both U.S.
and non U.S. securities brokers and dealers, banks, trust companies and clearing corporations that clear through or
maintain a custodial relationship with a Direct Participant, either directly or indirectly (“Indirect Participants”). DTC
has a Standard & Poor’s (“S&P”) rating of “AA+.” The DTC Rules applicable to its Participants are on file with the
Securities and Exchange Commission (the “Commission”). More information about DTC can be found at
www.dtcc.com.
Purchases of Bonds under the DTC system must be made by or through Direct Participants, which will receive a credit
for the Bonds on DTC’s records. The ownership interest of each actual purchaser of each Bond (“Beneficial Owner”) is
in turn to be recorded on the Direct and Indirect Participants’ records. Beneficial Owners will not receive written
confirmation from DTC of their purchase. Beneficial Owners are, however, expected to receive written confirmations
providing details of the transaction, as well as periodic statements of their holdings, from the Direct or Indirect
Participant through which the Beneficial Owner entered into the transaction. Transfers of ownership interests in the
Bonds are to be accomplished by entries made on the books of Direct and Indirect Participants acting on behalf of
Beneficial Owners. Beneficial Owners will not receive certificates representing their ownership interests in Bonds,
except in the event that use of the book-entry system for the Bonds is discontinued.
To facilitate subsequent transfers, all Bonds deposited by Direct Participants with DTC are registered in the name of
DTC’s partnership nominee, Cede & Co., or such other name as may be requested by an authorized representative of
DTC. The deposit of Bonds with DTC and their registration in the name of Cede & Co. or such other DTC nominee do
not effect any change in beneficial ownership. DTC has no knowledge of the actual Beneficial Owners of the Bonds;
DTC’s records reflect only the identity of the Direct Participants to whose accounts such Bonds are credited, which may
or may not be the Beneficial Owners. The Direct and Indirect Participants will remain responsible for keeping account
of their holdings on behalf of their customers.
Conveyance of notices and other communications by DTC to Direct Participants, by Direct Participants to Indirect
Participants, and by Direct Participants and Indirect Participants to Beneficial Owners will be governed by
arrangements among them, subject to any statutory or regulatory requirements as may be in effect from time to time.
Beneficial Owners of Bonds may wish to take certain steps to augment the transmission to them of notices of significant
events with respect to the Bonds, such as redemptions, tenders, defaults, and proposed amendments to the Bond
documents. For example, Beneficial Owners of Bonds may wish to ascertain that the nominee holding the Bonds for
their benefit has agreed to obtain and transmit notices to Beneficial Owners. In the alternative, Beneficial Owners may
wish to provide their names and addresses to the Registrar and request that copies of notices be provided directly to
them.
Redemption notices shall be sent to DTC. If less than all of the Bonds within an issue are being redeemed, DTC’s
practice is to determine by lot the amount of the interest of each Direct Participant in such issue to be redeemed.
6
Neither DTC nor Cede & Co. (nor any other DTC nominee) will consent or vote with respect to Bonds unless
authorized by a Direct Participant in accordance with DTC’s MMI Procedures. Under its usual procedures, DTC mails
an Omnibus Proxy to the District as soon as possible after the record date. The Omnibus Proxy assigns Cede & Co.’s
consenting or voting rights to those Direct Participants to whose accounts the Bonds are credited on the record date
(identified in a listing attached to the Omnibus Proxy).
Redemption proceeds, distributions, and dividend payments on the Bonds will be made to Cede & Co., or such other
nominee as may be requested by an authorized representative of DTC. DTC’s practice is to credit Direct Participants’
accounts upon DTC’s receipt of funds and corresponding detailed information from the District or Registrar, on payable
date in accordance with their respective holdings shown on DTC’s records. Payments by Participants to Beneficial
Owners will be governed by standing instructions and customary practices, as is the case with securities held for the
accounts of customers in bearer form or registered in “street name,” and will be the responsibility of such Participant
and not of DTC, the Registrar, or the District, subject to any statutory or regulatory requirements as may be in effect
from time to time. Payment of redemption proceeds, distributions, and dividend payments to Cede & Co. (or such other
nominee as may be requested by an authorized representative of DTC) is the responsibility of the District or the
Registrar, disbursement of such payments to Direct Participants will be the responsibility of DTC, and disbursement of
such payments to the Beneficial Owners will be the responsibility of Direct and Indirect Participants.
DTC may discontinue providing its services as depository with respect to the Bonds at any time by giving reasonable
notice to the District or the Registrar. Under such circumstances, in the event that a successor depository is not
obtained, Bond certificates are required to be printed and delivered.
The District may decide to discontinue use of the system of book-entry only transfers through DTC (or a successor
securities depository). In that event, Bond certificates will be printed and delivered to DTC.
The information in this section concerning DTC and DTC’s book-entry system has been obtained from DTC, and the
District takes no responsibility for the accuracy thereof.
The District will have no responsibility or obligation to any Securities Depository, any Participants in the Book-Entry
System or the Beneficial Owners with respect to (i) the accuracy of any records maintained by the Securities Depository
or any Participant; (ii) the payment by the Securities Depository or by any Participant of any amount due to any
Beneficial Owner in respect of the principal amount or redemption price of, or interest on, any Bonds; (iii) the delivery
of any notice by the Securities Depository or any Participant; (iv) the selection of the Beneficial Owners to receive
payment in the event of any partial redemption of the Bonds; or (v) any other action taken by the Securities Depository
or any Participant.
REFUNDING PLAN
A portion of the proceeds of the Series 2015B Bonds will be used to refund a portion of the Series 2005B Bonds (the
“Refunded Bonds”), as further described below. The purpose of the refunding is to provide debt service savings to the
District.
Series 2005B Bonds
Maturity
12/30/2015
12/30/2016
12/30/2017
12/30/2018
12/30/2019
12/30/2020
12/30/2021
Original
Amount
Issued
$165,000
170,000(1)
180,000
185,000(1)
190,000
200,000(1)
210,000
$1,300,000
Amount
Refunded
by Series
2015B Bonds
-0$170,000
180,000
185,000
190,000
200,000
210,000
$1,135,000
(1) Mandatory sinking fund payment
7
Redemption
Price
N/A
100%
100%
100%
100%
100%
100%
Redemption
Date
N/A
12/30/2015
12/30/2015
12/30/2015
12/30/2015
12/30/2015
12/30/2015
Certain proceeds received from the sale of the Series 2015B Bonds will be deposited with the paying agent (the “Prior
Paying Agent”) for the Series 2005B Bonds in an amount sufficient to pay when due the principal of and interest on the
Refunded Bonds up to and including the prior redemption date thereof.
ESTIMATED SOURCES AND USES OF FUNDS
Series 2015A
Series 2015B
Sources of Funds
Bond Proceeds ..................................................................................
Reoffering Premium .........................................................................
Total ..........................................................................................
Uses of Funds
Deposit with Prior Paying Agent to Pay the Refunded Bonds .........
Deposit to Capital Improvement Fund ............................................
Costs of Issuance(1) ...........................................................................
Total ..........................................................................................
(1) Includes underwriter's discount, Bond Counsel fees, underwriter’s counsel fees, rating agency fees and other issuance costs.
RISK FACTORS
The purchase of the Bonds involves certain investment risks. Accordingly, each prospective purchaser of the Bonds
should make an independent evaluation of the entirety of the information presented in this Official Statement and its
appendices and exhibits in order to make an informed investment decision. Certain of the investment risks are
described below. The following statements, however, should not be considered a complete description of all risks to be
considered in the decision to purchase the Bonds, nor should the order of the presentation of such risks be construed to
reflect the relative importance of the various risks. There can be no assurance that other risk factors are not material or
will not become material in the future.
Pledged Revenues
The ability of the District to pay the Series 2015B Bonds from the Pledged Revenues may be limited by circumstances
beyond the control of the District. In addition, no guarantee exists that the District will continue to receive the Pledged
Revenues in amounts sufficient to pay debt service on the Series 2015B Bonds.
Local Economy
The financial health of the District is in part dependent on the strength of the local economy. Many factors affect the
local economy, including rates of employment and economic growth and the level of residential and commercial
development. It is not possible to predict to what extent any changes in economic conditions, demographic
characteristics, population or commercial and industrial activity will occur and what impact such changes would have
on the finances of the District.
Declining Equalized Assessed Valuation
The amount of property taxes extended for the District is determined by applying the various operating tax rates and the
bond and interest tax rate levied by the District to the District’s Equalized Assessed Valuation (“EAV”). The District’s
EAV could decrease for a number of reasons including, but not limited to, a decline in property values or large
taxpayers moving out of the District. As shown in “FINANCIAL INFORMATION – EAV Trend,” the District’s EAV
had declined significantly over the past four levy years prior to the current levy year; in levy year 2014 the District’s
EAV increased 0.49%. Declining EAVs and increasing tax rates (certain of which may reach their rate ceilings) could
reduce the amount of taxes the District is able to receive. The District is expecting an EAV increase of approximately
5% in levy year 2015.
Loss or Change of Bond Rating
The Bonds have received a credit rating from S&P. The rating can be changed or withdrawn at any time for reasons
both under and outside the District’s control. Any change, withdrawal or combination thereof could adversely affect the
ability of investors to sell the Bonds or may affect the price at which they can be sold.
8
Secondary Market for the Bonds
No assurance can be given that a secondary market will develop for the purchase and sale of the Bonds or, if a
secondary market exists, that such Bonds can be sold for any particular price. The Underwriter is not obligated to
engage in secondary market trading or to repurchase any of the Bonds at the request of the owners thereof.
Prices of the Bonds as traded in the secondary market are subject to adjustment upward and downward in response to
changes in the credit markets and other prevailing circumstances. No guarantee exists as to the future market value of
the Bonds. Such market value could be substantially different from the original purchase price.
Continuing Disclosure
A failure by the District to comply with the Undertaking for continuing disclosure (see “CONTINUING
DISCLOSURE” herein) will not constitute an event of default on the Bonds. Any such failure must be reported in
accordance with Rule 15c2-12 (the “Rule”) adopted by the Commission under the Exchange Act and may adversely
affect the transferability and liquidity of the Bonds and their market price.
Suitability of Investment
The interest rate borne by the Bonds is intended to compensate the investor for assuming the risk of investing in the
Bonds. Furthermore, the tax-exempt feature of the Bonds is currently more valuable to high tax bracket investors than
to investors that are in low tax brackets. As such, the value of the interest compensation to any particular investor will
vary with individual tax rates and circumstances. Each prospective investor should carefully examine the Official
Statement and its own financial condition to make a judgment as to its ability to bear the economic risk of such an
investment, and whether or not the Bonds are an appropriate investment for such investor.
Future Changes in Laws
Various state and federal laws, regulations and constitutional provisions apply to the District and to the Bonds. The
District can give no assurance that there will not be a change in, interpretation of, or addition to such applicable laws,
provisions and regulations which would have a material effect, either directly or indirectly, on the District, or the taxing
authority of the District. For example, many elements of local government finance, including the issuance of debt and
the levy of property taxes, are controlled by state government. Future actions of the State of Illinois (the “State”) may
affect the overall financial conditions of the District, the taxable value of property within the District, and the ability of
the District to levy property taxes or collect revenues for its ongoing operations. In particular, Illinois legislators have
introduced several proposals to modify the Limitation Law, including freezing property taxes and extending tax caps to
all taxing bodies in the State (the “Property Tax Freeze Proposal”). See “FINANCIAL INFORMATION – Real
Property Assessment, Tax Levy and Collection Procedures – Property Tax Extension Limitation Law” herein for more
information on the Property Tax Freeze Proposal.
Factors Relating to Tax Exemption
As discussed under “TAX EXEMPTION” herein, interest on the Bonds could become includible in gross income for
purposes of federal income taxation, retroactive to the date the Bonds were issued, as a result of future acts or omissions
of the District in violation of its covenants in the Bond Ordinance. Should such an event of taxability occur, the Bonds
are not subject to any special redemption.
There are or may be pending in the Congress of the United States legislative proposals relating to the federal tax
treatment of interest on the Bonds, including some that carry retroactive effective dates, that, if enacted, could affect the
market value of the Bonds. It cannot be predicted whether or in what form any such proposal might be enacted or
whether, if enacted, it would apply to bonds issued prior to enactment. Finally, reduction or elimination of the taxexempt status of obligations such as the Bonds could have an adverse effect on the District’s ability to access the capital
markets to finance future capital or operational needs by reducing market demand for such obligations or materially
increasing borrowing costs of the District.
The tax-exempt bond office of the Internal Revenue Service (the “Service”) is conducting audits of tax-exempt bonds,
both compliance checks and full audits, with increasing frequency to determine whether, in the view of the Service,
interest on such tax-exempt obligations is includible in the gross income of the owners thereof for federal income tax
purposes. It cannot be predicted whether the Service will commence any such audit. If an audit is commenced, under
current procedures the Service may treat the District as a taxpayer and the holders of the Bonds may have no right to
participate in such proceeding. The commencement of an audit with respect to any tax-exempt obligations of the
District could adversely affect the market value and liquidity of the Bonds, regardless of the ultimate outcome.
9
Bankruptcy
The rights and remedies of the holders of the Bonds may be limited by and are subject to the provisions of federal
bankruptcy laws, to other laws or equitable principles that may affect the enforcement of creditors’ rights, to the
exercise of judicial discretion in appropriate cases and to limitations on legal remedies against local governments. The
various opinions of counsel to be delivered with respect to the Bonds will be similarly qualified.
THE DISTRICT
General Information
The District is located approximately 30 miles northwest of downtown Chicago and encompasses an area of about 9
square miles in southern Lake and northern Cook Counties, Illinois. With a population of approximately 42,000, the
District serves virtually all of the Village of Buffalo Grove (the “Village”) and 1% of the Village of Arlington Heights.
The District is situated within close proximity of major arteries, thus affording easy access to the greater metropolitan
area of Chicago as well as Chicago's Loop. Major highways serving the District include State Routes 68 (Dundee
Road), 83 (Old McHenry Road/Mundelein Road), 21 (Milwaukee Avenue) and 22 (Half Day Road). U.S. Route 45
intersects just north of the Village. Interstates 290 and 294, along with State Route 53 and U.S. Route 12 are within
minutes of the District’s boundaries. Commuter rail service is provided by the Union Pacific Railroad and the Chicago,
Milwaukee, St. Paul and Pacific Railroad (more commonly known as The Milwaukee Road). There is a Metra train
station in the Village that provides service to Chicago’s Loop. O'Hare International Airport is located 12 miles southeast
and Chicago Executive Airport is in nearby Wheeling.
The Village is primarily a residential community with some commercial and light industrial property. Both the District
and the Village have exhibited steady growth patterns over the past ten years. While the Cook County portion of the
District is largely developed, most growth is occurring in Lake County. However, this trend may be leveling out as
build-out continues within that area.
The District provides a full range of services that include preservation of open space, recreational programs, park
management, capital development and general administration. Recreational facilities operated by the District include 50
park sites totaling 417 acres of park land with one outdoor swimming pool, one outdoor water playground (Spray N’
Play), three community centers, a fitness center, a historical museum, 32 ball diamonds, 5 football and 34 soccer fields,
45 playgrounds, 10 picnic shelters, 24 outdoor tennis courts, 10 volleyball courts, 36 outdoor basketball courts, two 9hole disc golf courses, 3 fishing areas, 1 inline skating rink, 7 outdoor ice skating rinks, 1 indoor golf driving range,
skate park, dog park, an outdoor Safety Town course and a hard-rubber surface ball field for people with physical
disabilities along with a fully accessible playground. A broad variety of recreational programs are offered to the public,
and the District utilizes the local elementary and high school facilities in return for maintaining 25 acres of school
grounds. Leisure services are provided for special populations through the Northwest Special Recreation Association.
The District operates the Golf Center, a multi-purpose facility with a temporary air supported structure with indoor golf
and driving range operations for the months of November through April. The facility is also used for fitness walking
from September to May.
The District owns and operates the Buffalo Grove Fitness Center (the “BGFC”). The BGFC offers a facility with stateof-the-art equipment; a safe and secure environment for those recovering from a medical illness or injury; activities and
programs for seniors and beginners to create a comfortable environment for exercise; fitness programs for special
populations, including pre- and post-natal programs, senior classes, arthritis classes, group training and other specially
designed programs; and a staff of highly trained individuals with nationally recognized credentials to assist members to
improve their level of fitness.
The 78,500 square foot BGFC facility includes a fitness area with state-of-the-art equipment, a private women’s
workout area, a running track, group classrooms, a full-size gymnasium for basketball and volleyball, an aquatic center
with a five-lane lap pool, warm water therapy pool and a co-ed whirlpool for stress reduction, programming rooms
along with rooms for yoga, Pilates and sports specific performance training, a kid’s club which includes separate rooms
for infants and toddlers, gymnasium, play room and an outdoor play area. In addition, the BGFC facility offers a juice
bar as well as locker rooms that include family changing rooms, towel service and hair dryers, steam rooms and saunas.
10
In October of 2012, the District purchased a 38,000 square foot facility previously owned by the Beth Am
Congregation. This facility had been used for religious services and education. The District saw the purchase of this
facility as an opportunity to fulfill a long time goal of building a performing arts center for the community; a facility
that could house the theater arts, dance and fine arts all in one location. The facility has been named the Community
Arts Center (“CAC”).
Renovations to the CAC began in March of 2014 with the construction of a small theater and retrofitting of classrooms
for dance instruction. The first musical was held in July, the BG Singers held their first concert in September and the
dance program will perform the Nutcracker Suite in November. In every instance, the District has experienced artistic
success and audience support. Rental fees for the CAC are exceeding expected revenues.
On October 12, 2014, the State notified the District that it would receive a Parks and Recreational Facility Construction
(“PARC”) grant in the amount of $1,730,000 to be used for CAC renovations. The District was notified by the Illinois
Department of Natural Resources in March of 2015 that the PARC grant is on hold because of the State’s fiscal and
budgetary issues. The District has contingency plans in place to take care of the capital needs of the CAC even if the
PARC grant is further delayed or ultimately not received.
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 District for its comprehensive annual financial report
(“CAFR”) for the fiscal year ended April 30, 2014. This was the 17th consecutive year that the government has
achieved this prestigious award. In order to be awarded a Certificate of Achievement, the government must publish an
easily readable and efficiently organized CAFR. This report must satisfy both generally accepted accounting principles
and applicable legal requirements.
The District earned the Joint Distinguished Accredited Agency Award from the Illinois Association of Park Districts
and the Illinois Park and Recreation Association in May 1996 and was recertified in 2002, 2007 and again in December
2013. By earning this award, the District exemplifies the highest industry standards in delivering recreation services to
its residents and professionally works to improve the quality of life for residents of the Village. The Raupp Museum
received the Illinois Association of Museums Award of Excellence in Exhibits for the Crossroads Gallery.
The Buffalo Grove Golf and Sports Center, a facility of the District, was ranked as one of the ten Best Golf Domes in
North America for the ninth year in a row by the Golf Range Association of America. The BGFC has been recognized
as one of the top 100 fitness centers in the United States for the last five years by Club Industry.
Organization and Government
The District was incorporated in 1969 and has, since its organization, operated under the general laws of the State
providing for the organization and operation of park districts. The District is now operating under the provisions of the
Park Code. The District is governed by a Board-Manager form of government. The Board, elected at large for
overlapping terms, follows:
Board of Park Commissioners
Name
Adriane Johnson
Richard J. Drazner
Scott Jacobson
Dr. Lawrence Reiner
Jack Schmerer
Position
President
Vice President
Treasurer
Park Commissioner
Park Commissioner
11
Term
Expiration
April 2019
April 2019
April 2017
April 2019
April 2017
Administration
Day-to-day operations are administered by the Executive Director, Ryan Risinger, and his staff, which consists of 56
full-time employees and 689 part-time personnel.
Ryan Risinger
John Short
Executive Director and Secretary to the Board
Director of Business and Human Resources
Demographic Data
Population, Median Home Value, Median Family Income and Per Capita Income
The Village
Lake County
Cook County
The State
Estimated
2014
Population(1)
41,701
705,186
5,246,456
12,880,580
2010
Population(2)
41,496
703,462
5,194,675
12,830,632
Median
Home
Value(3)
$304,100
254,800
231,200
182,300
Median
Family
Income(3)
$110,956
92,116
66,187
70,344
Per Capita
Income(3)
$43,843
38,018
30,183
29,666
(1) Data obtained from 2014 Population Estimates
(2) Data obtained from 2010 Census
(3) Data obtained from 2009-2013 American Community Survey
Source: U.S. Census Bureau
Building Permits
Village of Buffalo Grove
Year
2010
2011
2012
2013
2014
2015(1)
Number of
Residential
Building
Permits
54
11
15
6
9
19
Value of
Residential
Building
Permits
$11,292,701
3,301,000
2,726,000
864,000
2,179,000
7,376,484
Value of All
Building
Permits
$35,367,650
36,244,298
32,039,053
29,283,595
38,837,019
38,039,794
(1) Through August 2015
Source: Village of Buffalo Grove Building and Zoning Department
Employment Data
Average Unemployment Rates
The Village
Lake County
Cook County
The State
2010
7.9%
9.8
10.9
10.4
2011
7.2%
8.9
10.4
9.7
2012
6.8%
8.1
9.6
9.0
(1) Preliminary rate for month of July 2015
Source: Illinois Department of Employment Security
12
2013
6.7%
8.1
9.6
9.1
2014
5.3%
6.5
7.4
7.1
2015(1)
4.3%
4.8
6.3
5.9
Employment by Occupation
The following table categorizes occupations for residents 16 years of age and older living in the Village, Lake County,
Cook County and the State.
Occupational Category
Management, business, science and arts .......................
Service ...........................................................................
Sales and office .............................................................
Natural resources, construction and maintenance .........
Production, transportation, and material moving .........
Totals .........................................................................
The
Village
58.0%
9.7
23.0
3.2
6.0
100.0%
Lake
County
41.8%
14.9
25.8
6.3
11.3
100.0%
Cook
County
37.8%
18.1
24.9
6.2
13.0
100.0%
The
State
36.4%
17.3
25.2
7.4
13.7
100.0%
Note: May not sum due to rounding
Source: 2009-2013 American Community Survey, U.S. Census Bureau
Employment by Industry
The following table categorizes employment by industry for residents 16 years of age and older living in the Village,
Lake County, Cook County and the State.
Industry Category
Agriculture, forestry, fishing and hunting, and mining .................
Construction ..................................................................................
Manufacturing ...............................................................................
Wholesale trade ............................................................................
Retail trade ...................................................................................
Transportation and warehousing, and utilities ...............................
Information ....................................................................................
Finance and insurance, and real estate and rental and leasing .......
Professional, scientific, and management, and
administrative and waste management services ............................
Educational services and health care and social assistance ...........
Arts, entertainment, recreation, and
accommodation and food services .................................................
Other services, except public administration .................................
Public administration .....................................................................
Totals .........................................................................................
Source: 2009-2013 American Community Survey, U.S. Census Bureau
13
The
Village
0.3%
2.3
13.5
4.5
11.2
3.1
3.0
11.1
Lake
County
0.3%
4.9
16.0
4.4
11.7
3.7
2.0
7.9
Cook
County
0.2%
4.6
10.7
2.8
10.0
6.2
2.4
8.3
The
State
1.1%
5.2
12.6
3.1
10.9
5.8
2.1
7.5
15.8
21.2
13.2
19.6
13.5
22.8
11.1
23.0
7.3
4.7
1.9
100.0%
9.1
4.3
3.1
100.0%
9.9
5.1
3.8
100.0%
9.0
4.8
3.9
100.0%
Largest Employers
Below is a listing of some major employers within close proximity of the District.
Approximate
Number
of Employees
Employer
Nature of Business
Buffalo Grove
Siemens Building Technologies
I.S.I.
ABS Consulting
Rexam Pharma
Plexus Corp.
SMS-NA, LLC
Assembled Products, Inc.
The Village
Dell
Amerisource Bergen Technology Group
Crosscom National, LLC
Leica Microsystems, Inc.
Vapor Bus International
Company headquarters and building control systems
Management consulting
Business consulting
Molding assembly
Electronic contract manufacturing
Business consulting resources
Electronic components and metal stampings
Village government
Computer software and hardware reseller
Pharmaceutical dispensing equipment distributor
Telecommunications equipment and services
microscopy and scientific instruments and software
Door operating mechanisms and door panels for buses
1,800
1,200
550
500
370
600
300
248
225
200
200
200
200
Sources: 2015 Illinois Manufacturers Directory; 2015 Illinois Services Directory; selective phone survey
DEBT STRUCTURE
Summary of Outstanding Debt
(After Issuance of the Bonds)
General Obligation Limited Tax Bonds
Dated
Date
11/04/10
02/08/12
11/14/12
11/14/13
11/18/14
10/21/15
Original
Amount
$1,730,000
1,840,000
2,065,000
2,180,000
1,910,000
1,490,000*
Type of Debt
Park Bonds, Series 2010
Park Bonds, Series 2012A
Park Bonds, Series 2012B
Park Bonds, Series 2015A
Final
Maturity
12/30/15
12/30/16
12/30/17
12/30/19
12/30/20
12/30/23
Principal
Outstanding
$775,000
1,270,000
1,905,000
2,135,000
1,910,000
1,490,000*
$9,485,000*
Final
Maturity
12/01/31
Principal
Outstanding
$2,930,000
Debt Certificates
Dated
Date
10/11/12
Original
Amount
$3,185,000
Type of Debt
Limited Tax Debt Certificates
General Obligation Bonds (Alternate Revenue Source)
Dated
Date
10/15/05
04/26/11
10/21/15
Type of Debt
Refunding Park Bonds, Series 2011
Total District Debt Outstanding
Original
Amount
$2,500,000
8,520,000
1,865,000*
Final
Maturity
12/30/15
12/30/21
12/30/21
Principal
Outstanding
$165,000
6,065,000
1,865,000*
$8,095,000*
$20,510,000*
14
Debt Repayment Schedule
(Principal Only)
Year
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
2027
2028
2029
2030
2031
Year
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
2027
2028
2029
2030
2031
Alt Rev
Ser 2005B
Due 12/30
$165,000
----------------$165,000
Limited
Ser 2012B
Due 12/30
$80,000
660,000
1,165,000
--------------$1,905,000
Alt Rev
Ser 2011
Due 12/30
$785,000
810,000
835,000
855,000
890,000
925,000
965,000
----------$6,065,000
Alt Rev
Ser 2015B
Due 12/30*
-$280,000
300,000
305,000
315,000
325,000
340,000
----------$1,865,000
Limited
Limited
Ser 2013
Ser 2014
Due 12/30
Due 12/30
$25,000
$20,000
105,000
-335,000
-1,515,000
20,000
155,000 1,410,000
-460,000
----------------------$2,135,000 $1,910,000
Limited
Ser 2010
Due 12/30
$775,000
----------------$775,000
Limited
Ser 2012A
Due 12/30
$550,000
720,000
---------------$1,270,000
Limited
Ser 2015A
Total
Due 12/30*
Debt*
-- $2,540,000
-2,715,000
-2,780,000
-2,845,000
-2,920,000
$40,000
1,905,000
440,000
1,900,000
455,000
615,000
555,000
720,000
--170,000
--180,000
--185,000
--190,000
--200,000
--205,000
--215,000
--225,000
$1,490,000 $20,510,000
15
Debt
Certificates
Due 12/1
$140,000
140,000
145,000
150,000
150,000
155,000
155,000
160,000
165,000
170,000
180,000
185,000
190,000
200,000
205,000
215,000
225,000
$2,930,000
Cumulative
Amount*
$2,540,000
5,255,000
8,035,000
10,880,000
13,800,000
15,705,000
17,605,000
18,220,000
18,940,000
19,110,000
19,290,000
19,475,000
19,665,000
19,865,000
20,070,000
20,285,000
20,510,000
Percent
Retired*
12.38%
25.62%
39.18%
53.05%
67.28%
76.57%
85.84%
88.83%
92.35%
93.17%
94.05%
94.95%
95.88%
96.86%
97.85%
98.90%
100.00%
Statement of Net Direct Bonded Debt and Overlapping Bonded Debt
Estimate
Applicable to District
Percent
Amount
Outstanding
Debt
Net Direct Bonded Debt:
Buffalo Grove Park District(1)
$9,485,000 *
Net Overlapping Bonded Debt (as of 8/25/2015):
Cook County
Cook County Forest Preserve(1)
Lake County Forest Preserve District
Metropolitan Water Reclamation District(1)
Village of Arlington Heights(1)
Village of Buffalo Grove(1)
Village of Wheeling
Cook County School District #21
Lake County School District #96
Lake County School District #102(1)
Arlington Heights High School District #214
Community College District #512
Community College District #532(1)
OVERLAPPING BONDED DEBT
$3,466,976,750
118,610,000
274,450,000
1,986,550,000
39,615,000
9,020,000
51,400,000
40,805,000
720,000
2,630,000
2,515,000
14,355,000
42,800,000
170,935,000
18,430,000
100.00%
0.251%
0.251%
4.752%
0.256%
1.774%
94.170%
0.004%
20.125%
38.032%
67.893%
12.164%
34.976%
4.262%
1.912%
5.009%
NET DIRECT BONDED DEBT AND
OVERLAPPING BONDED DEBT
$9,485,000*
$8,702,112
297,711
13,041,864
5,085,568
702,770
8,494,134
2,056
8,212,006
273,830
1,785,586
305,925
5,020,805
1,824,136
3,268,277
923,159
$57,939,939
$67,424,939
2014 Estimated Full Valuation
2014 Equalized Assessed Valuation
Population - Current Estimate
Full Valuation Per Capita
$4,193,404,881
$1,397,801,627
42,000
$99,843
(1) Excludes outstanding principal amounts of General Obligation (Alternate Revenue Source) Bonds that are
anticipated to be paid from sources other than general taxation and self-supporting debt.
Debt Ratios*
Percent
of EAV
$9,485,000 0.68%
$67,424,939 4.82%
Net Direct Bonded Debt
Net Direct Bonded Debt and Overlapping Bonded Debt
16
Percent of
Full Value
0.23%
1.61%
Per
Capita
$226
$1,605
Legal Debt Limitation
The District's statutory debt limit is 2.875% of the EAV of all taxable property located within the boundaries of the
District. Items included in the computation determining debt margin include the principal of general obligation
bonds and limited tax bonds outstanding and any other long-term indebtedness, which represents a claim against the
District's tax receipts. The statutory debt limitation for general obligation limited tax bonds not subject to
referendum is .575% of the District's most recent EAV. Under the Park Code, debt certificates, installment
contracts, leases and non-general obligation debt do not apply to the non-referendum bond debt limit for park
districts. Bonds issued as general obligation “alternate bonds” under the Act do not count against the 2.875% of
EAV debt limit or the non-referendum bond .575% of EAV debt limit, so long as the debt service levy for such
alternate bonds is abated annually and not extended.
Statement of Legal Debt Margin
Total Debt
$1,076,072,176
321,729,451
$1,397,801,627
Non-Referendum
Bonded Debt
$1,076,072,176
321,729,451
$1,397,801,627
Statutory Debt Limit Percentage
Current Debt Limitation
2.875%
$40,186,797
0.575%
$8,037,359
Debt Subject to Limit:
Total Debt
Less: Escrowed Principal Payments(1)
Less: General Obligation Bonds (Alternate Revenue Source)(2)
Less: Debt Certificates(3)
Net Debt Outstanding
$20,510,000*
--(8,095,000)*
--$12,415,000*
Lake County EAV
Cook County EAV
Total EAV
Legal Debt Margin Remaining
$27,771,797*
or 69.11%*
$20,510,000*
(1,450,000)
(8,095,000)*
(2,930,000)
$8,035,000*
$2,359*
or .03%*
(1) Prior to the closing of the Bonds, the District will escrow sufficient monies to cover the principal amount of $1,450,000 and
interest payable thereof, representing the December 30, 2015 debt service payment of the General Obligation Limited Park
Bonds, Series 2010; General Obligation Limited Tax Park Bonds, Series 2012A; General Obligation Limited Tax Park
Bonds, Series 2012B; General Obligation Limited Tax Park Bonds, Series 2013; and General Obligation Limited Tax Park
Bonds, Series 2014.
(2) Under the Act, general obligation "alternate bonds" are not regarded or included in any debt computation of indebtedness for
the purposes of the overall 2.875% of EAV debt limit or the non-referendum bond 0.575% of EAV debt limit so long as the
debt service levy for the bonds is abated annually and not extended.
(3) Under the Park Code, installment contracts, leases and non-general obligation debt do not apply to the non-referendum bond
0.575% of EAV debt limit.
FUTURE FINANCINGS
The District plans to continue issuing non-referendum bonds on an annual basis the principal of which, when added to
the principal of all other outstanding non-referendum bonds, will remain within the EAV debt limit of 0.575%. The
debt service on the limited tax bonds, when added to the debt service on all other outstanding non-referendum limited
tax bonds, is expected to remain within the DSEB, as described under “THE BONDS – Limited Bonds.”
SHORT-TERM BORROWING
The District has not issued tax anticipation warrants or revenue anticipation notes during the last five years to meet any
of its short-term current year cash flow requirements.
DEFAULT RECORD
The District has no record of default and has met its debt repayments promptly.
17
FINANCIAL INFORMATION
Real Property Assessment, Tax Levy and Collection Procedures
Lake County
The following is a summary of property tax assessment, levy and collection procedures for Lake County, Illinois.
Lake County represents approximately 77% of the District's 2014 EAV.
A separate tax to the pay the principal of and interest on the Bonds will be levied on all taxable real property within
the District. The information under this caption describes the current procedures for real property assessments, tax
levies and collections in Lake County. There can be no assurance that the procedures described herein will not
change.
Tax Levy and Collection Procedures
Local Assessment Officers determine the assessed valuation of taxable real property and railroad property not held
or used for railroad operations. The Illinois Department of Revenue (the “Department”) assesses certain other types
of taxable property, including railroad property held or used for railroad operations. Local Assessment Officers’
valuation determinations are subject to review at the county level and then, in general, to equalization by the
Department. Such equalization is achieved by applying to each county’s assessments a multiplier determined by the
Department. The purpose of equalization is to provide a common basis of assessments among counties by adjusting
assessments toward the statutory standard of 33-1/3% of fair cash value. Farmland is assessed according to a
statutory formula which takes into account factors such as productivity and crop mix. Taxes are extended against
the assessed values after equalization. Property tax levies of each taxing body are filed in the office of the county
clerk of each county in which territory of that taxing body is located. The county clerk computes the rates and
amount of taxes applicable to taxable property subject to the tax levies of each taxing body and determines the dollar
amount of taxes attributable to each respective parcel of taxable property. The county clerk then gives such
information to the appropriate collecting officials who bill the taxes attributable to the various parcels therein. After
the taxes have been collected, the collecting officials distribute to the various taxing bodies their respective shares of
the taxes collected. Taxes levied in one calendar year are due and payable in two installments during the next
calendar year. Taxes that are not paid when due, or that are not paid by mail and postmarked on or before the due
date, are subject to a penalty of 1-1/2% per month until paid. Unpaid property taxes, together with penalties,
interest, and costs, constitute a lien against the property subject to the tax.
Exemptions
The Illinois Property Tax Code, as amended (the “Property Tax Code”) provides for a number of different
homestead exemptions. These exemptions are discussed below.
The General (Residential) Homestead Exemption provides that the EAV of certain property owned and used for
residential purposes may be reduced by up to $6,000 for tax year 2012 and thereafter.
The Homestead Improvement Exemption applies to residential properties that have been improved or rebuilt in the
two years following a catastrophic event. The exemption is limited to $75,000 per year to the extent the assessed
value is attributable solely to such improvements or rebuilding.
Additional exemptions exist for senior citizens. The Senior Citizens Homestead Exemption annually reduces the
EAV on residences owned and occupied by senior citizens. Beginning with tax year 2013, the maximum exemption
is $5,000.
A Senior Citizens Assessment Freeze Homestead Exemption freezes property tax assessments for homeowners who
are 65 and older, reside in their property as their principal place of residence and receive a household income not in
excess of the maximum income limitation. The maximum income limitation is $55,000 for assessment year 2008
and thereafter. In general, this exemption limits the annual real property tax bill of such property by granting to
qualifying senior citizens an exemption as to a portion of the valuation of their property. The exempt amount is the
difference between (i) the current EAV of the residence and (ii) the base amount, which is the EAV of a senior
citizen’s residence for the year prior to the year in which he or she first qualifies and applies for the exemption plus
the EAV of improvements since such year.
18
The Natural Disaster Homestead Exemption (the “Natural Disaster Exemption”) applies to homestead properties
containing a residential structure that has been rebuilt following a natural disaster occurring in taxable year 2012 or
any taxable year thereafter. A natural disaster is an occurrence of widespread or severe damage or loss of property
resulting from any catastrophic cause including but not limited to fire, flood, earthquake, wind, or storm. The
Natural Disaster Exemption is equal to the equalized assessed value of the residence in the first taxable year for
which the taxpayer applies for the exemption minus the base amount. To be eligible for the Natural Disaster
Exemption, the residential structure must be rebuilt within two years after the date of the natural disaster, and the
square footage of the rebuilt residential structure may not be more than 110% of the square footage of the original
residential structure as it existed immediately prior to the natural disaster. The Natural Disaster Exemption remains
at a constant amount until the taxable year in which the property is sold or transferred.
Various exemptions are available to veterans of the armed forces and to the disabled. Specifically, the Disabled
Veterans’ Exemption may be applied annually to exempt up to $70,000 of the Assessed Valuation of property
owned and used exclusively by veterans who have a 100% service-related disability and who have been certified by
the Illinois Department of Veterans Affairs as eligible to receive federal funding for the construction or modification
of specially adapted housing to accommodate their disability. The second exemption, the Disabled Veterans
Standard Homestead Exemption provides an annual homestead exemption of (i) $5,000 to those veterans with a
service-connected disability of 70% and (ii) $2,500 to those veterans with a service-connected disability of less than
70%, but at least 50%.
Also the Returning Veterans’ Homestead Exemption is available for property owned and occupied as the principal
residence of a veteran in the assessment year the veteran returns from an armed conflict while on active duty in the
United States armed forces. This provision grants a one-time homestead exemption of $5,000.
The Disabled Persons’ Homestead Exemption provides an annual homestead exemption in the amount of $2,000 for
property that is owned and occupied by certain disabled persons who meet State-mandated guidelines.
Last, certain property is exempt from taxation on the basis of ownership and/or use, such as public parks, not-forprofit schools and public schools, churches and not-for-profit hospitals and public hospitals.
Property Tax Extension Limitation Law
The Limitation Law limits the annual growth in the amount of property taxes to be extended for certain Illinois nonhome-rule units, including the District. In general, the annual growth permitted under the Limitation Law is the
lesser of 5% or the percentage increase in the CPI during the calendar year preceding the levy year. Taxes can also
be increased due to new construction, referendum approval of tax rate increases, mergers and consolidations.
The effect of the Limitation Law is to limit the amount of property taxes that can be extended for a taxing body. In
addition, general obligation bonds, notes and installment contracts payable from ad valorem taxes unlimited as to
rate and amount cannot be issued by the affected taxing bodies unless they are approved by referendum, are alternate
bonds (such as the Series 2015B Bonds) or are for certain refunding purposes.
The District has the authority to levy taxes for many different purposes. See “Tax Rate Trend” herein. The ceiling
at any particular time on the rate at which these taxes may be extended for the District is either (i) unlimited (as
provided by statute), (ii) initially set by statute but permitted to be increased by referendum, (iii) capped by statute,
or (iv) limited to the rate approved by referendum. The only ceiling on a particular tax rate is the ceiling set by
statute, at which the rate is not permitted to be further increased by referendum or otherwise. Therefore, taxing
districts (such as the District) have flexibility to levy taxes for the purposes for which they most need the money.
The total aggregate tax rate for the various purposes subject to the Limitation Law, however, will not be allowed to
exceed the District’s limiting rate computed in accordance with the provisions of the Limitation Law.
Local governments, including the District, can issue limited bonds in lieu of general obligation bonds that have
otherwise been authorized by applicable law. See “THE SERIES 2015A BONDS – Limited Bonds” herein.
Illinois legislators have introduced several proposals to modify the Limitation Law, including freezing property
taxes and extending tax caps to all taxing bodies in the State. Specifically, Senate Bill 318 passed the Illinois Senate
on August 4, 2015. This legislation includes, among other items, a State-wide property tax freeze for levy years
2016 and 2017 for taxing districts located in counties other than Cook County and levy years 2017 and 2018 for
19
taxing districts located in Cook County. If Senate Bill 318 or other Property Tax Freeze Proposals were to become
law, such reform may have a material impact on the finances of the District and the ability of the District to issue
limited tax bonds. The District cannot predict whether, or in what form, any change to the Limitation Law,
including any Property Tax Freeze Proposal, may be enacted into law, nor can the District predict the effect of any
such change on the District’s finances.
Truth in Taxation Law
Legislation known as the Truth in Taxation Law (the “Taxation Law”) limits the aggregate amount of certain taxes
which can be levied by, and extended for, a taxing district to 105% of the amount of taxes extended in the preceding
year unless specified notice, hearing and certification requirements are met by the taxing body. The express purpose
of the Taxation Law is to require published disclosure of, and hearing upon, an intention to adopt a levy in excess of
the specified levels. The provisions of the Taxation Law do not apply to levies made to pay principal of and interest
on the Bonds. The District covenanted in the Bond Ordinance that it will not take any action which would adversely
affect the levy, extension, collection, and application of the taxes levied by the District for payment of principal of
and interest on the Bonds. The District also covenanted that it will comply with all present and future laws
concerning the levy, extension, and collection of such taxes levied by the District.
Cook County
The following is a summary of general property tax assessment, levy and collection procedures in Cook County,
Illinois (the “County”). The County represents approximately 23% of the District's 2014 EAV.
A separate tax to pay the principal of and interest on the Bonds will be levied on all taxable real property within the
District. The information under this caption describes the current procedures for real property assessments, tax
levies and collections in the County. There can be no assurance that the procedures described herein will not
change.
Real Property Assessment
The Cook County Assessor (the “Assessor”) is responsible for the assessment of all taxable real property within the
County, including such property located within the boundaries of the District, except for certain railroad property,
pollution control facilities and low sulfur dioxide emission coal-fueled devices which are assessed directly by the
Department. For triennial reassessment purposes, the County is divided into three districts: west and south suburbs
(the “South Tri”), north and northwest suburbs (the “North Tri”), and the City of Chicago (the “City Tri”). The
District is located in the North Tri and was reassessed for the 2013 tax levy year.
In response to the downturn of the real estate market, the Assessor reduced the 2009 assessed value on suburban
residential properties (specifically, those properties located in the South Tri and the North Tri) not originally
scheduled for reassessment in 2009. For tax year 2009, each suburban township received an adjustment percentage
for tax year 2009, lowering the existing assessed values of all residential properties in that township within a range
of 4% to 15%. The reductions took effect in the second installment tax bills payable in the fall of 2010.
Real property in the County is separated into classes for assessment purposes. After the Assessor establishes the fair
market value of a parcel of property, that value is multiplied by the appropriate classification percentage to arrive at
the assessed valuation (the “Assessed Valuation”) for the parcel. Such classification percentages range from 10%
for certain residential, commercial and industrial property to 25% for other industrial and commercial property.
Property is classified for assessment into six basic categories, each of which is assessed (beginning with the 2009 tax
levy year) at various percentages of fair market value as follows: Class 1) unimproved real estate: 10%; Class 2)
residential: 10%; Class 3) rental-residential: 16% in tax year 2009, 13% in assessment year 2010 and 10% in
assessment year 2011 and subsequent years; Class 4) not-for-profit: 25%; Class 5a) commercial: 25%; Class 5b)
industrial: 25%.
In addition, property may be temporarily classified into one of eight additional assessment classification categories.
Upon expiration of such classification, property so classified will revert to one of the basic six assessment
classifications described above. The additional assessment classifications are as follows:
20
Reverts
to Class
5b
Class
6b
Description of Qualifying Property
Newly constructed industrial properties or
substantially rehabilitated sections of existing
industrial properties
Assessment Percentage
10% for first 10 years and any
10 year renewal; if not renewed,
15% in year 11, 20% in year 12
C
Industrial property that has undergone
environmental testing and remediation
10% for first 10 years, 15% in year 11,
20% in year 12
5b
Commercial property that has undergone
environmental testing and remediation
20% in year 12
5a
7a/7b
Newly constructed or substantially rehabilitated
commercial properties in an area in need of
commercial development
20% in year 12
5a
7c
Newly constructed or rehabilitated commercial
buildings and acquisition of abandoned property
and rehabilitation of buildings thereon including
the land upon which the buildings are situated and
the land related to the rehabilitation
10% for first 3 years and any 3 year renewal;
if not renewed, 15% in year 4, 20% in year 5
5a
8
Industrial properties in enterprise communities
or zones in need of substantial revitalization
10% for first 10 years and any
10-year renewal; if not renewed,
15% in year 11, 20% in year 12
5b
Commercial properties in enterprise communities
or zones in need of substantial revitalization
20% in year 12
5a
9
New or substantially rehabilitated multi-family
residential properties in target areas,
empowerment or enterprise zones
10% for first 10 years and any 10 year
renewal
As
applicable
S
Class 3 properties subject to Section 8 contracts
renewed under the “Mark up to Market” option
10% for term of Section 8 contract
renewal and any subsequent renewal
L
Substantially rehabilitated Class 3, 4 or 5b
properties qualifying as “Landmark” or
“Contributing” buildings
10% for first 10 years and any 10-year
renewal; if not renewed, 15% in year
11, 20% in year 12
3, 4, or 5b
Substantially rehabilitated Class 5a properties
qualifying as “Landmark” or “Contributing”
buildings
20% in year 12
5a
3
The Assessor has established procedures enabling taxpayers to contest their proposed Assessed Valuations. Once
the Assessor certifies its final Assessed Valuations, a taxpayer can seek review of its assessment by appealing to the
Cook County Board of Review (the “Board of Review”), which consists of three commissioners elected by the
voters of the County. The Board of Review has the power to adjust the Assessed Valuations set by the Assessor.
Owners of residential property having six or fewer units are able to appeal decisions of the Board of Review to the
Illinois Property Tax Appeal Board (the “PTAB”), a statewide administrative body. The PTAB has the power to
determine the Assessed Valuation of real property based on equity and the weight of the evidence. Taxpayers may
appeal the decision of PTAB to either the Circuit Court of Cook County (the “Circuit Court”) or the Illinois
Appellate Court under the Illinois Administrative Review Law.
As an alternative to seeking review of Assessed Valuations by PTAB, taxpayers who have first exhausted their
remedies before the Board of Review may file an objection in the Circuit Court similar to the previous judicial
review procedure but with a different standard of proof than previously required. In addition, in cases where the
Assessor agrees that an assessment error has been made after tax bills have been issued, the Assessor can correct any
factual error, and thus reduce the amount of taxes due, by issuing a Certificate of Error. Certificates of Error are not
issued in cases where the only issue is the opinion of the valuation of the property.
21
Equalization
After the Assessor has established the Assessed Valuation for each parcel for a given year, and following any
revisions by the Board of Review or PTAB, the Department is required by statute to review the Assessed
Valuations. The Department establishes an equalization factor (the “Equalization Factor”), commonly called the
“multiplier,” for each county to make all valuations uniform among the 102 counties in the State. Under State law,
the aggregate of the assessments within each county is equalized at 33-1/3% of the estimated fair cash value of real
property located within the county prior to any applicable exemptions. One multiplier is applied to all property in
the County, regardless of its assessment category, except for certain farmland property and wind energy assessable
property which are not subject to equalization.
The following table sets forth the Equalization Factor for the County for the last ten tax levy years.
Tax Levy
Year
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
Equalization
Factor
2.7320
2.7076
2.8439
2.9786
3.3701
3.3000
2.9706
2.8056
2.6621
2.7253
Once the Equalization Factor is established, the Assessed Valuation, as revised by the Board of Review or PTAB, is
multiplied by the Equalization Factor to determine the EAV of that parcel. The EAV for each parcel is the final
property valuation used for determination of tax liability. The aggregate EAV for all parcels in any taxing body’s
jurisdiction, plus the valuation of property assessed directly by the Department, constitutes the total real estate tax
base for the taxing body and is the figure used to calculate tax rates (the “Assessment Base”).
Exemptions
The Property Tax Code exempts certain property from taxation. Certain property is exempt from taxation on the
basis of ownership and/or use, including, but not limited to, public parks, not-for-profit schools, public schools,
churches, not-for-profit hospitals and public hospitals. In addition, the Property Tax Code provides a variety of
homestead exemptions, which are discussed below.
An annual General Homestead Exemption provides that the EAV of certain property owned and used for residential
purposes may be reduced by the amount of any increase over the 1977 EAV, up to a maximum reduction of $7,000
for assessment year 2012 and thereafter.
The Alternative General Homestead Exemption limits EAV increases for homeowners (who also reside on the
property as their principal place of residence) to 7% a year, up to a certain maximum dollar amount each year as
defined by the statute. Any amount of increase that exceeds the maximum exemption as defined is added to the 7%
increase and is part of that property’s taxable EAV. Homes that do not increase by at least 7% a year are entitled, in
the alternative, to the General Homestead Exemption as discussed above. The Alternative General Homestead
Exemption is being fully phased out by tax year 2014, pursuant to State law.
For properties in the City Tri, the Alternative General Homestead Exemption cannot exceed $20,000 for assessment
year 2009, $16,000 for assessment year 2010 and $12,000 for assessment year 2011. For properties in the North Tri,
the Alternative General Homestead Exemption cannot exceed $20,000 for assessment years 2009 and 2010, $16,000
for assessment year 2011 and $12,000 for assessment year 2012. For properties in the South Tri, the Alternative
General Homestead Exemption cannot exceed $26,000 for assessment year 2009, $20,000 for assessment year 2010
and 2011 and $12,000 for assessment year 2012.
22
The Long-Time Occupant Homestead Exemption limits the increase in EAV of a taxpayer’s homestead property to
10% per year if such taxpayer has owned the property for at least 10 years as of January 1 of the assessment year (or
5 years if purchased with certain government assistance) and has a household income of $100,000 or less
(“Qualified Homestead Property”). If the taxpayer’s annual income is $75,000 or less, the EAV of the Qualified
Homestead Property may increase by no more than 7% per year. There is no exemption limit for Qualified
Homestead Properties.
The Homestead Improvement Exemption applies to residential properties that have been improved and to properties
that have been rebuilt in the two years following a catastrophic event, as defined in the Property Tax Code. The
exemption is limited to $75,000 per year, to the extent the Assessed Valuation is attributable solely to such
improvements or rebuilding.
Additional exemptions exist for senior citizens. The Senior Citizens Homestead Exemption annually reduces the
EAV on residences owned and occupied by senior citizens. At present, the maximum exemption in tax year 2013
and beyond is $5,000.
The Senior Citizens Assessment Freeze Homestead Exemption freezes property tax assessments for homeowners
who are 65 and older, reside in their property as their principal place of residence and receive a household income
not in excess of $55,000. This exemption grants to qualifying senior citizens an exemption equal to the difference
between (i) the current EAV of the residence and (ii) the EAV of a senior citizen’s residence for the year prior to the
year in which he or she first qualifies and applies for the exemption, plus the EAV of improvements since such year.
The Natural Disaster Exemption applies to homestead properties containing a residential structure that has been
rebuilt following a natural disaster occurring in taxable year 2012 or any taxable year thereafter. A natural disaster
is an occurrence of widespread or severe damage or loss of property resulting from any catastrophic cause including
but not limited to fire, flood, earthquake, wind, or storm. The Natural Disaster Exemption is equal to the equalized
assessed value of the residence in the first taxable year for which the taxpayer applies for the exemption minus the
base amount. To be eligible for the Natural Disaster Exemption, the residential structure must be rebuilt within two
years after the date of the natural disaster, and the square footage of the rebuilt residential structure may not be more
than 110% of the square footage of the original residential structure as it existed immediately prior to the natural
disaster. The Natural Disaster Exemption remains at a constant amount until the taxable year in which the property
is sold or transferred.
Three exemptions are available to veterans of the United States armed forces. The Disabled Veterans’ Exemption
exempts up to $70,000 of the Assessed Valuation of property owned and used exclusively by veterans, their spouses
or unmarried surviving spouses. Qualification for this exemption requires the veteran’s disability to be of such a
nature that the federal government has authorized payment for purchase of specially adapted housing under the U.S.
Code as certified to annually by the Illinois Department of Veterans Affairs.
The Disabled Veterans’ Standard Homestead Exemption provides an annual homestead exemption of (i) $5,000 to
those veterans with a service-connected disability of 70% and (ii) $2,500 to those veterans with a service-connected
disability of less than 70%, but at least 50%.
The Returning Veterans’ Homestead Exemption is available for property owned and occupied as the principal
residence of a veteran in the assessment year, or the year following the assessment year, in which the veteran returns
from an armed conflict while on active duty in the United States armed forces. This provision grants a one-time
homestead exemption of $5,000.
Finally, the Disabled Persons’ Homestead Exemption provides an annual homestead exemption in the amount of
$2,000 for property that is owned and occupied by certain disabled persons who meet State-mandated guidelines.
Tax Levy
As part of the annual budgetary process of governmental units (the “Units”) with power to levy taxes in the County,
proceedings are adopted by the designated body for each Unit each year in which it determines to levy real estate
taxes. The administration and collection of real estate taxes is statutorily assigned to the County Clerk and the
County Treasurer. After the Units file their annual tax levies, the County Clerk computes the annual tax rate for
each Unit. The County Clerk computes the Unit’s maximum allowable levy by multiplying the maximum tax rate
for that Unit by the prior year’s EAV for all property currently in the District. The prior year’s EAV includes the
23
EAV of any new property, the current year value of any annexed property, and any recovered tax increment value,
minus any disconnected property for the current year under the Limitation Law. The tax rate for a Unit is computed
by dividing the lesser of the maximum allowable levy or the actual levy by the current year’s EAV.
Property Tax Extension Limitation Law
The Limitation Law is applied after the prior year EAV limitation. The Limitation Law limits the annual growth in
the amount of property taxes to be extended for certain Illinois non-home rule units, including the District. The
effect of the Limitation Law is to limit the amount of property taxes that can be extended for a taxing body. In
addition, general obligation bonds, notes and installment contracts payable from ad valorem taxes unlimited as to
rate and amount cannot be issued by the affected taxing bodies unless they are approved by referendum, are alternate
bonds (such as the Series 2015B Bonds) or are for certain refunding purposes.
The use of prior year EAVs to limit the allowable tax levy may reduce tax rates for funds that are at or near their
maximum rates in districts with rising EAVs. These reduced rates and all other rates for those funds subject to the
Limitation Law are added together, which results in the aggregate preliminary rate. The aggregate preliminary rate
is then compared to the limiting rate. If the limiting rate is more than the aggregate preliminary rate, there is no
further reduction in rates due to the Limitation Law. If the limiting rate is less than the aggregate preliminary rate,
the aggregate preliminary rate is further reduced to the limiting rate. In all cases, taxes are extended using current
year EAV under Section 18-140 of the Property Tax Code.
The District has the authority to levy taxes for many different purposes. See “Tax Rate Trend” herein. The ceiling at
any particular time on the rate at which these taxes may be extended for the District is either (i) unlimited (as
provided by statute), (ii) initially set by statute but permitted to be increased by referendum, (iii) capped by statute,
or (iv) limited to the rate approved by referendum. The only ceiling on a particular tax rate is the ceiling set by
statute, at which the rate is not permitted to be further increased by referendum or otherwise. Therefore, taxing
districts (such as the District) have flexibility to levy taxes for the purposes for which they most need the money.
The total aggregate tax rate for the various purposes subject to the Limitation Law, however, will not be allowed to
exceed the District’s limiting rate computed in accordance with the provisions of the Limitation Law.
In general, the annual growth permitted under the Limitation Law is the lesser of 5% or the percentage increase in
the CPI during the calendar year preceding the levy year. Taxes can also be increased due to new construction,
referendum approval of tax rate increases, mergers and consolidations. Local governments, including the District,
can issue limited tax bonds in lieu of general obligation bonds that have otherwise been authorized by applicable
law. See “THE SERIES 2015A BONDS – Limited Bonds” herein.
Illinois legislators have introduced several proposals to modify the Limitation Law, including freezing property
taxes and extending tax caps to all taxing bodies in the State. Specifically, Senate Bill 318 passed the Illinois Senate
on August 4, 2015. This legislation includes, among other items, a State-wide property tax freeze for levy years
2016 and 2017 for taxing districts located in counties other than the County and levy years 2017 and 2018 for taxing
districts located in the County. If Senate Bill 318 or other Property Tax Freeze Proposals were to become law, such
reform may have a material impact on the finances of the District and the ability of the District to issue limited tax
bonds. The District cannot predict whether, or in what form, any change to the Limitation Law, including any
Property Tax Freeze Proposal, may be enacted into law, nor can the District predict the effect of any such change on
the District’s finances.
Extensions
The County Clerk then computes the total tax rate applicable to each parcel of real property by aggregating the tax
rates of all of the Units having jurisdiction over the particular parcel. The County Clerk extends the tax by entering
the tax (determined by multiplying the total tax rate by the EAV of that parcel for the current assessment year) in the
books prepared for the County Collector (the “Warrant Books”) along with the tax rates, the Assessed Valuation and
the EAV. The Warrant Books are the County Collector’s authority for the collection of taxes and are used by the
County Collector as the basis for issuing tax bills to all property owners.
24
Collections
Property taxes are collected by the County Collector, who is also the County Treasurer, who remits to each Unit its
share of the collections. Taxes levied in one year become payable during the following year in two installments, the
first due on March 1 and the second on the later of August 1 or 30 days after the mailing of the tax bills. A payment
due is deemed to be paid on time if the payment is postmarked on the due date. Beginning with the first installment
payable in 2010, the first installment is equal to 55% of the prior year’s tax bill. However, if a Certificate of Error is
approved by a court or certified on or before November 30 of the preceding year and before the estimated tax bills
are prepared, then the first installment is instead based on the certain percentage of the corrected prior year’s tax
bill. The second installment covers the balance of the current year’s tax bill, and is based on the then current tax year
levy, assessed value and Equalization Factor, and reflects any changes from the prior year in those factors. The first
installment penalty date has been the first business day in March for each of the last ten years. However, for 2010,
the first installment penalty date was established as April 1 by statute. The following table sets forth the second
installment penalty date for the last ten tax levy years in the County.
Second
Installment
Penalty Date
September 1, 2006
December 3, 2007
November 3, 2008
December 2, 2009
December 13, 2010
November 1, 2011
August 1, 2012
August 1, 2013
August 2, 2014
August 3, 2015
Tax Levy
Year
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
It is possible that the changes to the assessment appeals process described above will cause delays similar to those
experienced in past years in preparation and mailing of the second installment in future years. In the future, the
County may provide for tax bills to be payable in four installments instead of two.
During the periods of peak collections, tax receipts are forwarded to each Unit on a weekly basis. Upon receipt of
taxes from the County Collector, the District promptly credits the taxes received to the funds for which they were
levied.
Within 90 days following the second installment due date, the County Collector presents the Warrant Books to the
Circuit Court and applies for a judgment for all unpaid taxes. The court orders resulting from the application for
judgment provides for an Annual Tax Sale (the “Annual Tax Sale”) of unpaid taxes shown on that year’s Warrant
Books. A public sale is held, at which time successful tax buyers pay the unpaid taxes plus penalties. In each such
public sale, the collector can use any “automated means.” Unpaid taxes accrue penalties at the rate of 1.5% per
month from their due date until the date of sale. Taxpayers can redeem their property by paying the amount paid at
the sale, plus a maximum of 12% for each six-month period after the sale. If no redemption is made within the
applicable redemption period (ranging from six months to two and a half years depending on the type and
occupancy of the property) and the tax buyer files a petition in the Circuit Court, notifying the necessary parties in
accordance with the applicable law, the tax buyer receives a deed to the property. In addition, there are
miscellaneous statutory provisions for foreclosure of tax liens.
If there is no sale of the tax lien on a parcel of property at the Annual Tax Sale, the taxes are forfeited and the
property becomes eligible to be purchased at any time thereafter at an amount equal to all delinquent taxes and
interest accrued to the date of purchase. Redemption periods and procedures are the same as applicable to the
Annual Tax Sale.
The Scavenger Sale, like the Annual Tax Sale, is a sale of unpaid taxes. The Scavenger Sale is held every two years
on all property on which two or more years’ taxes are delinquent. The sale price of the unpaid taxes is the amount
bid at such sale, which may be less than the amount of delinquent taxes. Redemption periods vary from six months
to two and a half years depending upon the type and occupancy of the property.
25
Truth in Taxation Law
The Taxation Law limits the aggregate amount of certain taxes which can be levied by, and extended for, a taxing
district to 105% of the amount of taxes extended in the preceding year unless specified notice, hearing and
certification requirements are met by the taxing body. The express purpose of the Taxation Law is to require
published disclosure of, and hearing upon, an intention to adopt a levy in excess of the specified levels.
The provisions of the Taxation Law do not apply to levies made to pay principal of and interest on the Bonds. The
District covenanted in the Bond Ordinance that it will not take any action which would adversely affect the levy,
extension, collection and application of the taxes levied by the District for payment of principal of and interest on
the Bonds. The District also covenanted that it will comply with all present and future laws concerning the levy,
extension and collection of such taxes levied by the District.
EAV Trend
(33-1/3% of Full Valuation)
2010
$1,297,081,485
462,270,099
$1,759,351,584
Lake County
Cook County
Total
Percent Change
2011
$1,226,475,023
418,501,554
$1,644,976,577
(6.82%)(1)
2012
$1,132,693,882
379,463,498
$1,512,157,380
(6.50%)
(8.07%)
2013
$1,075,357,571
315,631,207
$1,390,988,778
2014
$1,076,072,176
321,729,451
$1,397,801,627
(8.01%)
.49%
(1) Percentage change based on 2009 EAV of $1,888,106,944
Sources: Lake and Cook County Clerks’ Offices
Composition of Current EAV
Residential
Farm
Commercial
Industrial
Lake County
$879,301,283
587,530
193,071,012
3,112,351
$1,076,072,176
Cook County
$262,481,130
--59,248,321
--$321,729,451
Total
$1,141,782,413
587,530
252,319,333
3,112,351
$1,397,801,627
Percent
81.69%
.04%
18.05%
.22%
100.00%
Sources: Lake and Cook County Clerks’ Offices
Tax Rate Trend
(Per $100 EAV)
Fund
Corporate
Recreation
IMRF
Audit
Recreation for Handicapped
Tort Judgement and Liability Ins.
Aquarium and Museum
Paving and Lighting
Social Security
Bonds
2010
$.132
.095
.019
.002
.042
.016
.011
.006
.016
.086
$.425
2011
$.141
.097
.022
.002
.039
.022
.012
.005
.020
.092
$.452
Source: Lake County Clerk's Office
26
2012
$.163
.117
.024
.002
.040
.022
.013
.005
.022
.103
$.511
2013
$.168
.118
.027
.001
.038
.025
.022
.004
.023
.111
$.537
2014
$.172
.123
.031
.001
.037
.026
.022
.005
.024
.112
$.553
Representative Tax Rate
(Per $100 EAV)
Shown below is a summary of 2014 representative tax rates for a property owner situated within the boundaries of
the District in Lake County. The tax rate shown is for Tax Code 16092 in Vernon Township in Lake County, which
comprises approximately 35% of the 2014 EAV for the District.
.
Overlapping District
Lake County
Lake County Forest Preserve District
Vernon Township and Road and Bridge
Lake County School District No. 102
Lake County High School District No. 125
Community College District No. 532
Vernon Area Public Library District
Buffalo Grove Park District
Tax Rate
$ .682
.210
1.13
3.810
3.049
.306
.317
.993
.553
$10.033
Source: Lake County Clerk's Office
Tax Extensions and Collections
Levy Year:
Net Tax Extensions:
Lake County
Cook County
Total Collections:
Lake County
Cook County
Percent Collected:
2009
2010
2011
2012
2013
2014
$5,626,178
1,926,259
$7,552,437
$5,512,596
2,029,366
$7,541,962
$5,543,667
2,004,622
$7,548,289
$5,788,066
2,113,612
$7,901,678
$5,774,670
2,076,853
$7,851,523
$5,947,892
2,178,108
$8,126,000
$5,622,039
1,874,468
$7,496,507
$5,508,391
2,008,834
$7,517,225
$5,539,358
1,990,339
$7,529,697
$5,778,116
2,096,116
$7,874,232
$5,769,202
2,079,240
$7,848,442
$2,995,189(1)
1,424,223(1)
$4,419,412(1)
99.26%
99.67%
99.75%
99.65%
99.96%
54.39%(1)
(1) In process of collection; collections as of 7/31/2015
Source: Lake and Cook County Treasurers’ Offices
Major Taxpayers
Name
Millbrook LLC
Penobscot Management LLC
East Property Tax Ridge Place
Hamilton Partners, Inc.
MFREVF-Windbrooke LLC
Aptakisic Creek Corporate Park LLC
Arthur J. Rogers & Company
Covington Properties
Manufacturers Life Insurance Company
Inland Woods LLC
Type of Business
Real estate
Real estate
Real estate
Property management
Apartments/office complex
Real estate
Commercial/industrial real estate
Real estate
Insurance
Real Estate
Approximate
2014 EAV(1)
$12,614,447
10,986,298
9,471,281
9,471,266
8,261,833
7,831,429
7,625,134
6,455,431
5,726,685
4,824,651
$83,268,455
Percent of 2014 EAV ($1,397,801,627)………………………...5.96%
(1) Every effort has been made to report the largest taxpayers. However, the taxpayers listed may own numerous parcels in the
District, and it is possible that parcels with a small EAV have been overlooked. Thus, the valuations presented herewith have
been noted as approximations.
Sources: Lake County Assessor’s Office and Cook County Clerk's Office
27
Summary of Operations
The following summary of financial information below is taken from the comprehensive annual financial reports
(the “Audits”) of the District. This summary does not purport to be complete, and reference may be made to the
Comprehensive Annual Financial Report for the fiscal year ended April 30, 2015 (the “2015 Audit”) in Exhibit D
herein. This summary is qualified in its entirety by reference to the Audits of the District for the fiscal years ended
April 30, 2013 and 2014, which are available upon request to the District or the Underwriter. For purposes of
reporting, the District accounts for its financial resources through the use of separately balanced fund groups. The
General Fund and Recreation Fund are the primary operating funds of the District. The financial statements were
audited by Sikich LLP, Naperville, Illinois (the “Auditor”); and they have not reviewed or approved this summary.
General Fund and Recreation Fund Summary
(Fiscal Year Ending April 30)
General Fund
Recreation Fund
Revenues:
Property Taxes
Investment Income
Intergovernmental
Charges for Services
Rental Income
Miscellaneous
Total
2013
$2,420,189
28,411
13,805
--27,970
6,514
$2,496,889
2014
$2,521,135
11,925
1,500
--25,950
1,353
$2,561,863
Unaudited
2015(1)
$2,478,068
10,060
1,500
--24,150
316
$2,514,094
Expenditures:
General Government
Recreation
Total
$595,999
1,443,429
$2,039,428
$644,246
1,533,319
$2,177,565
$798,511
1,764,486
$2,562,997
$457,461
$384,298
---
---
$457,461
$384,298
Opening Fund Balance
$4,125,831
$4,583,292
$4,967,590
$2,793,294
$3,181,053
$3,362,514
Ending Fund Balance
$4,583,292
$4,967,590
$4,918,687
$3,181,053
$3,362,514
$3,439,259
Excess (Deficiency)
of Revenues Over
Expenditures
Other Financing
Sources (Uses):
Transfers In (Out)
Excess (Deficiency)
of Revenues Over
Expenditures and
Other Financing
Sources (Uses)
($48,903)
---
($48,903)
2013
$1,699,980
--20,630
3,409,402
179,251
75,310
$5,384,573
2014
$1,776,384
--38,970
3,388,235
53,124
79,208
$5,335,921
Unaudited
2015(1)
$1,746,668
--32,321
3,540,782
46,101
95,768
$5,461,640
$2,047,694
2,865,740
$4,913,434
$2,242,298
2,598,895
$4,841,193
$2,445,261
2,709,859
$5,155,120
$471,139
$494,728
$306,520
($83,380)
($313,267)
$387,759
$181,461
$76,745
($229,775)
(1) The Board is expected to accept the 2015 Audit at its September 28, 2015 Board meeting.
Sources:
Compiled from Comprehensive Annual Financial Reports for the years ended April 30, 2013 and 2014 and unaudited numbers supplied
by the District for fiscal year 2015.
28
General Fund and Recreation Fund Revenue Sources
(Fiscal Year Ending April 30)
Property Taxes
Investment Income
Intergovernmental
Charges for Services
Rental Income
Miscellaneous
Total
2013
General Recreation
96.93%
31.57%
1.14%
0.00%
0.55%
0.38%
0.00%
63.32%
1.12%
3.33%
0.26%
1.40%
100.00%
100.00%
2014
General Recreation
98.41%
33.29%
0.47%
0.00%
0.06%
0.73%
0.00%
63.50%
1.01%
1.00%
0.05%
1.48%
100.00%
100.00%
2015 (Unaudited)(1)
General Recreation
98.57%
31.98%
0.40%
0.00%
0.06%
0.59%
0.00%
64.83%
0.96%
0.85%
0.01%
1.75%
100.00%
100.00%
(1) The Board is expected to accept the 2015 Audit at its September 28, 2015 Board meeting.
Sources:
Compiled from Comprehensive Annual Financial Reports for the years ended April 30, 2013 and 2014 and unaudited numbers supplied
by the District for fiscal year 2015.
Budget Summary
(Fiscal Year Ending April 30, 2016)
Fund
Corporate
Recreation
Museum
Audit
Debt Service
Insurance
Paving & Lighting
Social Security
Special Recreation
Capital Improvements
Developer Donations
IMRF
PAC Debt Service
Fitness Center
Anticipated
Beginning
Cash 5/1/15
$2,288,652
2,438,241
27,887
2,264
274,612
109,540
10,908
158,080
463,863
(52,203)
1,807
------$5,723,651
All Sources
of Revenue
$2,448,100
6,783,637
315,300
26,000
1,640,000
360,500
68,000
320,000
535,000
2,058,000
17,775
445,000
232,075
3,408,350
$18,657,737
Proposed
Expense
$2,675,750
6,513,412
278,503
28,000
1,612,238
459,615
43,590
376,129
558,230
2,390,202
--405,882
232,075
3,869,888
$19,443,514
Transfers
Out
--$732,075
----------------18,000
------$750,075
Anticipated
Reserve
Balance
$2,061,002
1,976,391
64,684
264
302,374
10,425
35,318
101,951
440,633
(384,405)
1,582
39,118
--(461,538)
$4,187,799
(1)
(2)
(1) Reserve balance depends on construction permits from developers.
(2) Any deficit will become a loan to the Fitness Center Fund.
Retirement Fund and Other Post-Employment Commitments
Illinois Municipal Retirement Fund
The District participates in the Illinois Municipal Retirement Fund (the “IMRF”). The IMRF is a defined-benefit,
agent multiple employer pension plan that acts as a common investment and administrative agent for units of local
government and school districts in Illinois. The IMRF is established and administered under statutes adopted by the
Illinois General Assembly. The Illinois Pension Code sets the benefit provisions of the IMRF, which can only be
amended by the Illinois General Assembly.
Each employer participating in the IMRF, including the District, has an employer reserve account with the IMRF
separate and distinct from all other participating employers (the “IMRF Account”) along with a unique employer
contribution rate determined by the IMRF Board, as described below. The employees of a participating employer
receive benefits solely from such employer’s IMRF Account. Participating employers are not responsible for
funding the deficits of other participating employers.
Both employers and employees contribute to the IMRF. At present, employees contribute 4.50% of their salary to
the IMRF, as established by statute. Employers are required to make all additional contributions necessary to fund
the benefits provided by the IMRF to its employees. The annual rate at which an employer must contribute to the
IMRF is established by the IMRF Board of Trustees (the “IMRF Board”). The District’s contribution rate for
calendar year 2014 was 13.81% of covered payroll.
29
The IMRF issues a publicly available financial report that includes financial statements and required supplementary
information which may be viewed at the IMRF’s website.
Actuarial Assumptions
The IMRF Board makes contribution decisions on the basis of an actuarial valuation performed by the IMRF’s
actuary (the “Actuary”). In the actuarial valuation, the Actuary employs certain actuarial methods and assumptions
regarding future activity in specific risk areas, including investment return, payroll growth and retiree longevity, to
make determinations regarding the future liability of the IMRF to pay benefits and, as a result, to determine the
amount that must be contributed in the current year to provide for payment of those benefits in the future. The
assumptions and the methods used by the IMRF comply with the requirements of the Governmental Accounting
Standards Board.
The IMRF Board adopts its assumptions after considering the advice of the Actuary. At present, the Actuary uses
the following assumptions, among others, in generating the actuarial valuation for the IMRF: (a) 7.50% investment
rate of return (net of administrative expenses), (b) projected salary increases of 4.00% per year, attributable to
inflation, (c) additional projected salary increases ranging from 0.4% to 10% per year depending on age and service,
attributable to seniority/merit, and (d) post-retirement benefit increases of 3% annually.
Actuarial assumptions that vary widely from pension plan experience may have the effect of causing over or under
contributions by participating employers to their respective IMRF accounts. To ensure accurate actuarial
assumptions, the Actuary conducts an experience study, which is a comparison of the actual experience of the IMRF
to the assumptions previously used by the Actuary, every three years and makes recommendations to the IMRF
Board with respect to necessary changes to such assumptions.
See Note 9 to the 2015 Audit in Exhibit D of this Official Statement for additional information on the IMRF’s
actuarial methods and assumptions.
Funded Status
As of December 31, 2014, the most recent actuarial valuation date, the District’s IMRF Account had a funded ratio
(“Funded Ratio”) of 48.89% on an actuarial basis, taking into account the Asset Smoothing Method, as described in
the footnote to the table below, which corresponds to an unfunded actuarial accrued liability (“UAAL”) of
$4,909,396. On a market value basis, the IMRF Account’s Funded Ratio was 62.78%, which corresponds to an
UAAL of $3,575,380. The Funded Ratios described herein with respect to the IMRF Account represent the
percentage of the Actuarial Accrued Liability (“AAL”) funded with respect to active and inactive members only.
The District has funded 100% of the AAL with respect to its retirees. The Funded Ratio and UAAL for the
District’s IMRF Account as of December 31, 2012 through December 31, 2014 were as follows:
Calendar Year
(December 31)
2014
2013
2012
Actuarial Value(1)
Funded
Ratio
UAAL
48.89%(2)
$4,909,396
68.90
3,445,752
62.12
3,795,917
Market Value
Funded
Ratio
62.78%
80.67
64.45
UAAL
$3,575,380
2,141,304
3,562,043
(1) The Funded Ratio and UAAL for the District’s IMRF Account are computed using the actuarial value of assets calculated
pursuant to the asset smoothing method (the “Asset Smoothing Method”). The Asset Smoothing Method lessens the
immediate impact of market fluctuations on the actuarial value of assets, the UAAL and the Funded Ratio that may
otherwise occur as a result of market volatility. However, asset smoothing delays recognition of gains and losses, thereby
providing an actuarial value of assets that does not reflect the true value of pension plan assets at the time of measurement.
As a result, presenting the actuarial value of assets as determined under the Asset Smoothing Method might provide a more
or less favorable presentation of the current financial position of a pension plan than would a method that recognizes
investment gains and losses annually.
(2) Attributed to additional cost due to the retirement of four long-term staff and an investment return less than the 7.5%
projected return.
Source: IMRF
30
The District contributed all of its annual pension cost (“APC”), as determined by the IMRF Board, to the IMRF
Account in calendar years 2012 through 2014. The District anticipates that it will continue to make full
contributions to its IMRF Account, which includes an amortization of the UAAL, in the coming years. The
District’s contributions to its IMRF Account for calendar years 2012 through 2014 were as follows:
Calendar Year
(December 31)
2014
2013
2012
APC
$619,831
559,272
531,456
Percentage
Contributed
100%
100%
100%
Source: IMRF
Please see Note 9 to the 2015 Audit, and the related required supplementary information disclosures, in Exhibit D of
this Official Statement, for a description of the IMRF, the IMRF Account, the District’s funding policy, the funded
status and funding progress of the IMRF Account, and information on the assumptions and methods used by the
Actuary.
Other Post-Employment Benefits
Details regarding the members, types of benefits, funding policy, costs of obligations, valuation methods and funded
status of the District's other post-employment benefits commitments are summarized in Note 10 of the 2015 Audit in
Exhibit D of this Official Statement.
TAX EXEMPTION
Federal tax law contains a number of requirements and restrictions which apply to the Bonds, including investment
restrictions, periodic payments of arbitrage profits to the United States, requirements regarding the proper use of
bond proceeds and the facilities financed therewith, and certain other matters. The District has covenanted to
comply with all requirements that must be satisfied in order for the interest on the Bonds to be excludable from
gross income for federal income tax purposes. Failure to comply with certain of such covenants could cause interest
on the Bonds to become includible in gross income for federal income tax purposes retroactively to the date of
issuance of the Bonds.
Subject to the District’s compliance with the above-referenced covenants, under present law, in the opinion of Bond
Counsel, interest on the Bonds is excludable from the gross income of the owners thereof for federal income tax
purposes and is not included as an item of tax preference in computing the federal alternative minimum tax for
individuals and corporations, but interest on the Bonds is taken into account, however, in computing an adjustment
used in determining the federal alternative minimum tax for certain corporations.
In rendering its opinion, Bond Counsel will rely upon certifications of the District with respect to certain material
facts within the District’s knowledge. Bond Counsel’s opinion represents its legal judgment based upon its review
of the law and the facts that it deems relevant to render such opinion and is not a guarantee of a result.
The Internal Revenue Code of 1986, as amended (the “Code”), includes provisions for an alternative minimum tax
(“AMT”) for corporations in addition to the regular corporate tax in certain cases. The AMT, if any, depends upon
the corporation’s alternative minimum taxable income (“AMTI”), which is the corporation’s taxable income with
certain adjustments. One of the adjustment items used in computing the AMTI of a corporation (with certain
exceptions) is an amount equal to 75% of the excess of such corporation’s “adjusted current earnings” over an
amount equal to its AMTI (before such adjustment item and the alternative tax net operating loss deduction).
“Adjusted current earnings” would include certain tax-exempt interest, including interest on the Bonds.
Ownership of the Bonds may result in collateral federal income tax consequences to certain taxpayers, including,
without limitation, corporations subject to the branch profits tax, financial institutions, certain insurance companies,
certain S corporations, individual recipients of Social Security or Railroad Retirement benefits and taxpayers who
may be deemed to have incurred (or continued) indebtedness to purchase or carry tax-exempt obligations.
Prospective purchasers of the Bonds should consult their tax advisors as to applicability of any such collateral
consequences.
31
The issue price (the “Issue Price”) for each maturity of the Bonds is the price at which a substantial amount of such
maturity of the Bonds is first sold to the public. The Issue Price of a maturity of the Bonds may be different from
the price set forth, or the price corresponding to the yield set forth, on the inside cover page hereof.
If the Issue Price of a maturity of the Bonds is less than the principal amount payable at maturity, the difference
between the Issue Price of each such maturity, if any, of the Bonds (the “OID Bonds”) and the principal amount
payable at maturity is original issue discount.
For an investor who purchases an OID Bond in the initial public offering at the Issue Price for such maturity and
who holds such OID Bond to its stated maturity, subject to the condition that the District complies with the
covenants discussed above, (a) the full amount of original issue discount with respect to such OID Bond constitutes
interest which is excludable from the gross income of the owner thereof for federal income tax purposes; (b) such
owner will not realize taxable capital gain or market discount upon payment of such OID Bond at its stated maturity;
(c) such original issue discount is not included as an item of tax preference in computing the alternative minimum
tax for individuals and corporations under the Code, but is taken into account in computing an adjustment used in
determining the alternative minimum tax for certain corporations under the Code, as described above; and (d) the
accretion of original issue discount in each year may result in an alternative minimum tax liability for corporations
or certain other collateral federal income tax consequences in each year even though a corresponding cash payment
may not be received until a later year. Based upon the stated position of the Department under Illinois income tax
law, accreted original issue discount on such OID Bonds is subject to taxation as it accretes, even though there may
not be a corresponding cash payment until a later year. Owners of OID Bonds should consult their own tax advisors
with respect to the state and local tax consequences of original issue discount on such OID Bonds.
Owners of Bonds who dispose of Bonds prior to the stated maturity (whether by sale, redemption or otherwise),
purchase Bonds in the initial public offering, but at a price different from the Issue Price or purchase Bonds
subsequent to the initial public offering should consult their own tax advisors.
If a Bond is purchased at any time for a price that is less than the Bond's stated redemption price at maturity or, in
the case of an OID Bond, its Issue Price plus accreted original issue discount (the “Revised Issue Price”), the
purchaser will be treated as having purchased a Bond with market discount subject to the market discount rules of
the Code (unless a statutory de minimis rule applies). Accrued market discount is treated as taxable ordinary income
and is recognized when a Bond is disposed of (to the extent such accrued discount does not exceed gain realized) or,
at the purchaser's election, as it accrues. Such treatment would apply to any purchaser who purchases an OID Bond
for a price that is less than its Revised Issue Price. The applicability of the market discount rules may adversely
affect the liquidity or secondary market price of such Bond. Purchasers should consult their own tax advisors
regarding the potential implications of market discount with respect to the Bonds.
An investor may purchase a Bond at a price in excess of its stated principal amount. Such excess is characterized
for federal income tax purposes as “bond premium” and must be amortized by an investor on a constant yield basis
over the remaining term of the Bond in a manner that takes into account potential call dates and call prices. An
investor cannot deduct amortized bond premium relating to a tax-exempt bond. The amortized bond premium is
treated as a reduction in the tax-exempt interest received. As bond premium is amortized, it reduces the investor’s
basis in the Bond. Investors who purchase a Bond at a premium should consult their own tax advisors regarding the
amortization of bond premium and its effect on the Bond’s basis for purposes of computing gain or loss in
connection with the sale, exchange, redemption or early retirement of the Bond.
There are or may be pending in the Congress of the United States legislative proposals, including some that carry
retroactive effective dates, that, if enacted, could alter or amend the federal tax matters referred to above or affect
the market value of the Bonds. It cannot be predicted whether or in what form any such proposal might be enacted
or whether, if enacted, it would apply to bonds issued prior to enactment. Prospective purchasers of the Bonds
should consult their own tax advisors regarding any pending or proposed federal tax legislation. Bond Counsel
expresses no opinion regarding any pending or proposed federal tax legislation.
The Service has an ongoing program of auditing tax-exempt obligations to determine whether, in the view of the
Service, interest on such tax-exempt obligations is includible in the gross income of the owners thereof for federal
income tax purposes. It cannot be predicted whether or not the Service will commence an audit of the Bonds. If an
audit is commenced, under current procedures the Service may treat the District as a taxpayer and the Bondholders
may have no right to participate in such procedure. The commencement of an audit could adversely affect the
market value and liquidity of the Bonds until the audit is concluded, regardless of the ultimate outcome.
32
Payments of interest on, and proceeds of the sale, redemption or maturity of, tax-exempt obligations, including the
Bonds, are in certain cases required to be reported to the Service. Additionally, backup withholding may apply to
any such payments to any Bond owner who fails to provide an accurate Form W-9 Request for Taxpayer
Identification Number and Certification, or a substantially identical form, or to any Bond owner who is notified by
the Service of a failure to report any interest or dividends required to be shown on federal income tax returns. The
reporting and backup withholding requirements do not affect the excludability of such interest from gross income
for federal tax purposes.
Interest on the Bonds is not exempt from present State income taxes. Ownership of the Bonds may result in other
state and local tax consequences to certain taxpayers. Bond Counsel expresses no opinion regarding any such
collateral consequences arising with respect to the Bonds. Prospective purchasers of the Bonds should consult their
tax advisors regarding the applicability of any such state and local taxes.
QUALIFIED TAX-EXEMPT OBLIGATIONS
Subject to the District’s compliance with certain covenants, in the opinion of Bond Counsel, the Bonds are
“qualified tax-exempt obligations” under the small issuer exception provided under Section 265(b)(3) of the Code,
which affords banks and certain other financial institutions more favorable treatment of their deduction for interest
expense than would otherwise be allowed under Section 265(b)(2) of the Code.
CERTAIN LEGAL MATTERS
Certain legal matters incident to the authorization, issuance and sale of the Bonds are subject to the approving legal
opinion of Chapman and Cutler LLP, Chicago, Illinois (“Chapman and Cutler”), Bond Counsel, who has been
retained by, and acts as, Bond Counsel to the District. Chapman and Cutler has also been retained by the
Underwriter to serve as Counsel to the Underwriter with respect to the Bonds. Chapman and Cutler has not
undertaken to independently verify the accuracy, completeness or fairness of this Official Statement or other
offering material related to the Bonds and does not guarantee the accuracy, completeness or fairness of such
information. Chapman and Cutler’s engagement as Underwriter’s Counsel was undertaken solely at the request and
for the benefit of the Underwriter, to assist it in discharging its responsibility with respect to the Official Statement,
and not for the benefit of any other person (including any person purchasing Bonds from the Underwriter), and did
not include any obligation to establish or confirm factual matters, forecasts, projections, estimates or any other
financial or economic information in connection therewith. Further, Chapman and Cutler makes no representation
as to the suitability of the Bonds for investment by any investor. Certain legal matters in connection with the
issuance of the Bonds will be passed upon for the District by its counsel, Chuhak & Tecson, P.C., Chicago, Illinois.
ABSENCE OF MATERIAL LITIGATION
There is no controversy or litigation of any nature now pending or, to the knowledge of the District, threatened to
restrain or enjoin the issuance, sale, execution or delivery of the Bonds or the levy and collection of taxes to pay the
same; or questioning the proceedings or authority pursuant to which the Bonds are issued and taxes levied; or
questioning or relating to the validity of the Bonds, or contesting the corporate existence of the District or the titles
of its present officers to their respective offices.
The absence of such litigation will be confirmed at the time of the delivery of the Bonds to the purchaser by a
certificate from the President, Secretary and Treasurer of the Board.
CONTINUING DISCLOSURE
The District will enter into a Continuing Disclosure Undertaking (the “Undertaking”) for the benefit of the
beneficial owners of the Bonds to send certain information annually and to provide notice of certain events to the
Municipal Securities Rulemaking Board (the “MSRB”) pursuant to the requirements of the Rule. No person, other
than the District, has undertaken or is otherwise expected to provide continuing disclosure with respect to the Bonds.
The information to be provided on an annual basis, the events which will be noticed on an occurrence basis and a
summary of other terms of the Undertaking, including termination, amendment and remedies, are set forth in the
Undertaking to be executed and delivered by the District at the time the Bonds are delivered. Such Undertaking will
be in substantially the form attached hereto as Exhibit C.
33
Currently, the District is compliant with its Undertaking requirements for outstanding bond issues. However, the
District filed its Annual Financial Information and Audited Financial Statement for fiscal year 2010 with the
MSRB’s Electronic Municipal Market Access (“EMMA”) system on January 18, 2011, 53 days after the due date.
The District has established procedures to ensure timely filings in the future.
A failure by the District to comply with the Undertaking will not constitute a default under the Bond Ordinance and
beneficial owners of the Bonds are limited to the remedies described in the Undertaking. The District must report
any failure to comply with the Undertaking in accordance with the Rule. Any broker, dealer or municipal securities
dealer must consider such report before recommending the purchase or sale of the Bonds in the secondary market.
Consequently, such a failure may adversely affect the transferability and liquidity of the Bonds and their market
price.
BOND RATING
The Bonds have been assigned a rating of “AAA” (Stable Outlook) by S&P. This rating reflects S&P’s assessment of
the creditworthiness of the District as of the date of the rating report. Any further explanation as to the significance of
the above rating may be obtained from S&P. The above rating is not a recommendation to buy, sell or hold the Bonds,
and such rating may be subject to revision or withdrawal at any time by S&P. Any downward revision or withdrawal of
the rating may have an adverse effect on the market price of the Bonds.
Except as may be required by the Undertaking in the form attached hereto as Exhibit C, neither the District nor the
Underwriter undertakes responsibility to bring to the attention of the owners of the Bonds any proposed change in or
withdrawal of such rating or to oppose any such revision or withdrawal.
UNDERWRITING
The Series 2015A Bonds are being purchased by the Underwriter at a price of $_______________ (reflecting a
reoffering premium of $_________ and an underwriting discount of $____________).
The Series 2015B Bonds are being purchased by the Underwriter at a price of $_______________ (reflecting a
reoffering premium of $_________ and an underwriting discount of $____________).
The bond purchase agreement dated September 28, 2015 between the District and the Underwriter (the “Bond
Purchase Agreement”) provides that the Underwriter shall purchase all of the Bonds, if any are purchased. The
initial public offering prices as set forth on the inside front cover page of this Official Statement may be changed
without notice.
The Bond Purchase Agreement provides that the obligations of the Underwriter are subject to certain conditions,
including, among other things, that there has not been any event, court decision, proposed law or rule that may have
the effect of changing the federal income tax status of the Bonds.
AUTHORIZATION
This Official Statement has been approved for distribution to prospective purchasers and the Underwriter of the
Bonds by the Board. All of the statements and data presented herein have been obtained from reliable sources and
are believed to be correct but are not guaranteed by the District.
All references to material not purporting to be quoted in full are only summaries of certain provisions of such
material and do not purport to summarize or describe all the provisions of such material. Reference is hereby made
to such instruments, documents and other materials for their complete provisions, copies of which will be furnished
upon request made to the District. The District has authorized the distribution of this Official Statement.
34
The District will certify at the time of delivery, to the best of its knowledge and belief, the Official Statement with
respect to the Bonds, together with any supplements thereto, at the time of acceptance of the Bond Purchase
Agreement and at the time of delivery of the Bonds, was true and correct in all material respects and did not at any
time contain an untrue statement of a material fact or omit to state a material fact required to be stated, where
necessary to make the statements, in light of the circumstances under which they were made, not misleading.
By: /s/
President, Board of Park Commissioners
35
EXHIBIT A
Proposed Form of Opinion of Bond Counsel – Series 2015A Bonds
[LETTERHEAD OF CHAPMAN AND CUTLER LLP]
[TO BE DATED CLOSING DATE]
We hereby certify that we have examined certified copy of the proceedings (the “Proceedings”)
of the Board of Park Commissioners of the Buffalo Grove Park District, Lake and Cook Counties, Illinois
(the “District”), passed preliminary to the issue by the District of its fully registered General Obligation
Limited Tax Park Bonds, Series 2015A (the “Bonds”), to the amount of $_________, dated __________,
2015, due on December 30 of the years and in the amounts and bearing interest at the rates per annum as
follows:
2020
2021
2022
2023
$
%
%
%
%
as provided in the Proceedings, and we are of the opinion that the Proceedings show lawful authority for
said issue under the laws of the State of Illinois now in force.
We further certify that we have examined the form of bond prescribed for said issue and find the
same in due form of law, and in our opinion said issue, to the amount named, is valid and legally binding
upon the District and is payable from any funds of the District legally available for such purpose, and all
taxable property in the District is subject to the levy of taxes to pay the same without limitation as to rate,
except that the rights of the owners of the Bonds and the enforceability of the Bonds may be limited by
bankruptcy, insolvency, reorganization, moratorium and other similar laws affecting creditors’ rights and
by equitable principles, whether considered at law or in equity, including the exercise of judicial
discretion. The amount of said taxes that may be extended to pay the Bonds is, however, limited as
provided by the Property Tax Extension Limitation Law of the State of Illinois, as amended (the “Law”).
The Law provides that the annual amount of said taxes to be extended to pay the Bonds and all other
limited bonds (as defined in the Local Government Debt Reform Act of the State of Illinois, as amended)
heretofore and hereafter issued by the District shall not exceed the debt service extension base (as defined
in the Law) of the District, as more fully described in the Proceedings.
It is our opinion that, subject to the District’s compliance with certain covenants, under present
law, interest on the Bonds is excludable from gross income of the owners thereof for federal income tax
purposes and is not included as an item of tax preference in computing the alternative minimum tax for
individuals and corporations under the Internal Revenue Code of 1986, as amended (the “Code”), but is
taken into account in computing an adjustment used in determining the federal alternative minimum tax
for certain corporations. Failure to comply with certain of such District covenants could cause interest on
the Bonds to be includible in gross income for federal income tax purposes retroactively to the date of
issuance of the Bonds. Ownership of the Bonds may result in other federal tax consequences to certain
taxpayers, and we express no opinion regarding any such collateral consequences arising with respect to
the Bonds.
It is also our opinion that the Bonds are “qualified tax-exempt obligations” pursuant to
Section 265(b)(3) of the Code.
A-1
We express no opinion herein as to the accuracy, adequacy or completeness of any information
furnished to any person in connection with any offer or sale of the Bonds.
In rendering this opinion, we have relied upon certifications of the District with respect to certain
material facts within the District’s knowledge. Our opinion represents our legal judgment based upon our
review of the law and the facts that we deem relevant to render such opinion and is not a guarantee of a
result. This opinion is given as of the date hereof and we assume no obligation to revise or supplement
this opinion to reflect any facts or circumstances that may hereafter come to our attention or any changes
in law that may hereafter occur.
A-2
EXHIBIT B
Proposed Form of Opinion of Bond Counsel – Series 2015B Bonds
[LETTERHEAD OF CHAPMAN AND CUTLER LLP]
[TO BE DATED CLOSING DATE]
We hereby certify that we have examined certified copy of the proceedings (the “Proceedings”)
of the Board of Park Commissioners of the Buffalo Grove Park District, Lake and Cook Counties, Illinois
(the “District”), passed preliminary to the issue by the District of its fully registered General Obligation
Park Bonds (Alternate Revenue Source), Series 2015B (the “Bonds”), to the amount of $_____________,
dated ________________, 2015, due serially on December 30 of the years and in the amounts and
bearing interest as follows:
2016
2017
2018
2019
2020
2021
$
%
%
%
%
%
%
and we are of the opinion that the Proceedings show lawful authority for said issue under the laws of the
State of Illinois now in force.
We further certify that we have examined the form of bond prescribed for said issue and find the
same in due form of law, and in our opinion said issue, to the amount named, is valid and legally binding
upon the District, and is payable (i) together with the District’s outstanding General Obligation Park
Bonds (Alternate Revenue Source), Series 2005B, dated October 15, 2005, and General Obligation
Refunding Park Bonds, (Alternate Revenue Source), Series 2011, dated April 26, 2011, from proceeds
received by the District from the issuance of its general obligation bonds or notes to the fullest extent
permitted by law, including Section 15.01 of the Local Government Debt Reform Act of the State of
Illinois, as amended, and Section 6-4 of the Park District Code of the State of Illinois, as amended, and
such other funds of the District as may be lawfully available for such payment, and (ii) from ad valorem
property taxes levied against all of the taxable property in the District without limitation as to rate or
amount, and all taxable property in the District is subject to the levy of such taxes, except that the rights
of the owners of the Bonds and the enforceability of the Bonds may be limited by bankruptcy, insolvency,
moratorium, reorganization and other similar laws affecting creditors’ rights and by equitable principles,
whether considered at law or in equity, including the exercise of judicial discretion.
It is our opinion that, subject to the District’s compliance with certain covenants, under present
law, interest on the Bonds is excludable from gross income of the owners thereof for federal income tax
purposes and is not included as an item of tax preference in computing the alternative minimum tax for
individuals and corporations under the Internal Revenue Code of 1986, as amended (the “Code”), but is
taken into account in computing an adjustment used in determining the federal alternative minimum tax
for certain corporations. Failure to comply with certain of such District covenants could cause interest on
the Bonds to be includible in gross income for federal income tax purposes retroactively to the date of
issuance of the Bonds. Ownership of the Bonds may result in other federal tax consequences to certain
taxpayers, and we express no opinion regarding any such collateral consequences arising with respect to
the Bonds.
B-1
It is also our opinion that the Bonds are “qualified tax-exempt obligations” pursuant to
Section 265(b)(3) of the Code.
We express no opinion herein as to the accuracy, adequacy or completeness of any information
furnished to any person in connection with any offer or sale of the Bonds.
In rendering this opinion, we have relied upon certifications of the District with respect to certain
material facts within the District’s knowledge. Our opinion represents our legal judgment based upon our
review of the law and the facts that we deem relevant to render such opinion and is not a guarantee of a
result. This opinion is given as of the date hereof and we assume no obligation to revise or supplement
this opinion to reflect any facts or circumstances that may hereafter come to our attention or any changes
in law that may hereafter occur.
B-2
EXHIBIT C
Proposed Form of Continuing Disclosure Undertaking
CONTINUING DISCLOSURE UNDERTAKING
FOR THE PURPOSE OF PROVIDING
CONTINUING DISCLOSURE INFORMATION
UNDER SECTION (B)(5) OF RULE 15C2-12
This Continuing Disclosure Undertaking (this “Agreement”) is executed and delivered by the
Buffalo Grove Park District, Lake and Cook Counties, Illinois (the “District”), in connection with the
issuance of $_______ General Obligation Limited Tax Park Bonds, Series 2015A (the “2015A Bonds”),
and $__________ General Obligation Park Bonds (Alternate Revenue Source), Series 2015B (the “2015B
Bonds” and together with the 2015A Bonds, the “Bonds”). The Bonds are being issued pursuant to two
separate ordinances adopted by the Board of Park Commissioners of the District on the 28th day of
September, 2015 (the “Ordinance”).
In consideration of the issuance of the Bonds by the District and the purchase of such Bonds by
the beneficial owners thereof, the District covenants and agrees as follows:
1. PURPOSE OF THIS AGREEMENT. This Agreement is executed and delivered by the District
as of the date set forth below, for the benefit of the beneficial owners of the Bonds and in order to assist
the Participating Underwriters in complying with the requirements of the Rule (as defined below). The
District represents that it will be the only obligated person with respect to the Bonds at the time the Bonds
are delivered to the Participating Underwriters and that no other person is expected to become so
committed at any time after issuance of the Bonds.
2. DEFINITIONS. The terms set forth below shall have the following meanings in this
Agreement, unless the context clearly otherwise requires.
Annual Financial Information means information of the type contained under the following
headings and subheadings of, and in the following appendices and exhibits to, the Official Statement:
THE SERIES 2015A BONDS
• Debt Service Extension Base Coverage Table
THE SERIES 2015B BONDS
• Debt Service Coverage Table
DEBT STRUCTURE
• Summary of Outstanding Debt
• Debt Ratios (with respect to the District’s debt only)
• Statement of Legal Debt Margin
FINANCIAL INFORMATION
• EAV Trend
• Composition of Current EAV
• Tax Rate Trend
• Tax Extensions and Collections
• Summary of Operations (General Fund Summary and Recreation Fund Summary).
• General Fund and Recreation Fund Revenue Sources
C-1
Annual Financial Information Disclosure means the dissemination of disclosure concerning
Annual Financial Information and the dissemination of the Audited Financial Statements as set forth in
Section 4.
Audited Financial Statements means the audited financial statements of the District prepared
pursuant to the principles and as described in Exhibit I.
Commission means the Securities and Exchange Commission.
Dissemination Agent means any agent designated as such in writing by the District and which has
filed with the District a written acceptance of such designation, and such agent’s successors and assigns.
EMMA means the MSRB through its Electronic Municipal Market Access system for municipal
securities disclosure or through any other electronic format or system prescribed by the MSRB for
purposes of the Rule.
Exchange Act means the Securities Exchange Act of 1934, as amended.
MSRB means the Municipal Securities Rulemaking Board.
Official Statement means the Final Official Statement, dated ______________, 2015, and relating
to the Bonds.
Participating Underwriter means each broker, dealer or municipal securities dealer acting as an
underwriter in the primary offering of the Bonds.
Reportable Event means the occurrence of any of the Events with respect to the Bonds set forth in
Exhibit II.
Reportable Events Disclosure means dissemination of a notice of a Reportable Event as set forth
in Section 5.
Rule means Rule 15c2-12 adopted by the Commission under the Exchange Act, as the same may
be amended from time to time.
State means the State of Illinois.
Undertaking means the obligations of the District pursuant to Sections 4 and 5.
3. CUSIP NUMBERS. The CUSIP Numbers of the Bonds are set forth in Exhibit III. The
District will include the CUSIP Numbers in all disclosure materials described in Sections 4 and 5 of this
Agreement.
4. ANNUAL FINANCIAL INFORMATION DISCLOSURE. Subject to Section 8 of this Agreement,
the District hereby covenants that it will disseminate its Annual Financial Information and its Audited
Financial Statements (in the form and by the dates set forth in Exhibit I) to EMMA in such manner and
format and accompanied by identifying information as is prescribed by the MSRB or the Commission at
the time of delivery of such information and by such time so that such entities receive the information by
the dates specified. MSRB Rule G-32 requires all EMMA filings to be in word-searchable PDF format.
This requirement extends to all documents required to be filed with EMMA, including financial
statements and other externally prepared reports.
C-2
If any part of the Annual Financial Information can no longer be generated because the operations
to which it is related have been materially changed or discontinued, the District will disseminate a
statement to such effect as part of its Annual Financial Information for the year in which such event first
occurs.
If any amendment or waiver is made to this Agreement, the Annual Financial Information for the
year in which such amendment or waiver is made (or in any notice or supplement provided to EMMA)
shall contain a narrative description of the reasons for such amendment or waiver and its impact on the
type of information being provided.
5. REPORTABLE EVENTS DISCLOSURE. Subject to Section 8 of this Agreement, the District
hereby covenants that it will disseminate in a timely manner (not in excess of ten business days after the
occurrence of the Reportable Event) Reportable Events Disclosure to EMMA in such manner and format
and accompanied by identifying information as is prescribed by the MSRB or the Commission at the time
of delivery of such information. MSRB Rule G-32 requires all EMMA filings to be in word-searchable
PDF format. This requirement extends to all documents required to be filed with EMMA, including
financial statements and other externally prepared reports. Notwithstanding the foregoing, notice of
optional or unscheduled redemption of any Bonds or defeasance of any Bonds need not be given under
this Agreement any earlier than the notice (if any) of such redemption or defeasance is given to the
Bondholders pursuant to the Ordinance.
6. CONSEQUENCES OF FAILURE OF THE DISTRICT TO PROVIDE INFORMATION. The District
shall give notice in a timely manner to EMMA of any failure to provide Annual Financial Information
Disclosure when the same is due hereunder.
In the event of a failure of the District to comply with any provision of this Agreement, the
beneficial owner of any Bond may seek mandamus or specific performance by court order, to cause the
District to comply with its obligations under this Agreement. A default under this Agreement shall not be
deemed a default under the Ordinance, and the sole remedy under this Agreement in the event of any
failure of the District to comply with this Agreement shall be an action to compel performance.
7. AMENDMENTS; WAIVER. Notwithstanding any other provision of this Agreement, the
District by ordinance or resolution authorizing such amendment or waiver, may amend this Agreement,
and any provision of this Agreement may be waived, if:
(a) (i)
The amendment or waiver is made in connection with a change in
circumstances that arises from a change in legal requirements, including without limitation,
pursuant to a “no-action” letter issued by the Commission, a change in law, or a change in the
identity, nature, or status of the District, or type of business conducted; or
(ii)
This Agreement, as amended, or the provision, as waived, would have
complied with the requirements of the Rule at the time of the primary offering, after
taking into account any amendments or interpretations of the Rule, as well as any change
in circumstances; and
(b)
The amendment or waiver does not materially impair the interests of the
beneficial owners of the Bonds, as determined by parties unaffiliated with the District (such as
Bond Counsel).
In the event that the Commission or the MSRB or other regulatory authority shall approve or
require Annual Financial Information Disclosure or Reportable Events Disclosure to be made to a central
post office, governmental agency or similar entity other than EMMA or in lieu of EMMA, the District
C-3
shall, if required, make such dissemination to such central post office, governmental agency or similar
entity without the necessity of amending this Agreement.
8. TERMINATION OF UNDERTAKING. The Undertaking of the District shall be terminated
hereunder if the District shall no longer have any legal liability for any obligation on or relating to
repayment of the Bonds under the Ordinance. The District shall give notice to EMMA in a timely manner
if this Section is applicable.
9. DISSEMINATION AGENT. The District may, from time to time, appoint or engage a
Dissemination Agent to assist it in carrying out its obligations under this Agreement, and may discharge
any such Dissemination Agent, with or without appointing a successor Dissemination Agent.
10. ADDITIONAL INFORMATION. Nothing in this Agreement shall be deemed to prevent the
District from disseminating any other information, using the means of dissemination set forth in this
Agreement or any other means of communication, or including any other information in any Annual
Financial Information Disclosure or notice of occurrence of a Reportable Event, in addition to that which
is required by this Agreement. If the District chooses to include any information from any document or
notice of occurrence of a Reportable Event in addition to that which is specifically required by this
Agreement, the District shall have no obligation under this Agreement to update such information or
include it in any future disclosure or notice of occurrence of a Reportable Event.
11. BENEFICIARIES. This Agreement has been executed in order to assist the Participating
Underwriters in complying with the Rule; however, this Agreement shall inure solely to the benefit of the
District, the Dissemination Agent, if any, and the beneficial owners of the Bonds, and shall create no
rights in any other person or entity.
12. RECORDKEEPING. The District shall maintain records of all Annual Financial Information
Disclosure and Reportable Events Disclosure, including the content of such disclosure, the names of the
entities with whom such disclosure was filed and the date of filing such disclosure.
13. ASSIGNMENT. The District shall not transfer its obligations under the Ordinance unless the
transferee agrees to assume all obligations of the District under this Agreement or to execute an
Undertaking under the Rule.
14.
GOVERNING LAW. This Agreement shall be governed by the laws of the State.
BUFFALO GROVE PARK DISTRICT, LAKE AND COOK
COUNTIES, ILLINOIS
By _______________________________________
President, Board of Park Commissioners
Date: ____________, 2015
C-4
EXHIBIT I
ANNUAL FINANCIAL INFORMATION AND TIMING AND AUDITED
FINANCIAL STATEMENTS
All or a portion of the Annual Financial Information and the Audited Financial Statements as set
forth below may be included by reference to other documents which have been submitted to EMMA or
filed with the Commission. If the information included by reference is contained in a Final Official
Statement, the Final Official Statement must be available on EMMA; the Final Official Statement need
not be available from the Commission. The District shall clearly identify each such item of information
included by reference.
Annual Financial Information exclusive of Audited Financial Statements will be submitted to
EMMA by 210 days after the last day of the District’s fiscal year (currently April 30), beginning with the
fiscal year ending April 30, 2016. Audited Financial Statements as described below should be filed at the
same time as the Annual Financial Information. If Audited Financial Statements are not available when
the Annual Financial Information is filed, Audited Financial Statements will be submitted to EMMA
within 30 days after availability to the District.
Audited Financial Statements will be prepared in accordance with accounting principles generally
accepted in the United States of America.
If any change is made to the Annual Financial Information as permitted by Section 4 of the
Agreement, the District will disseminate a notice of such change as required by Section 4.
C-5
EXHIBIT II
EVENTS WITH RESPECT TO THE BONDS FOR WHICH
REPORTABLE EVENTS DISCLOSURE IS REQUIRED
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
11.
12.
13.
14.
Principal and interest payment delinquencies
Non-payment related defaults, if material
Unscheduled draws on debt service reserves reflecting financial difficulties
Unscheduled draws on credit enhancements reflecting financial difficulties
Substitution of credit or liquidity providers, or their failure to perform
Adverse tax opinions, the issuance by the Internal Revenue Service of proposed or final
determinations of taxability, Notices of Proposed Issue (IRS Form 5701-TEB) or other material
notices or determinations with respect to the tax status of the security, or other material events
affecting the tax status of the security
Modifications to the rights of security holders, if material
Bond calls, if material, and tender offers
Defeasances
Release, substitution or sale of property securing repayment of the securities, if material
Rating changes
Bankruptcy, insolvency, receivership or similar event of the District
The consummation of a merger, consolidation, or acquisition involving the District or the sale of
all or substantially all of the assets of the District, other than in the ordinary course of business,
the entry into a definitive agreement to undertake such an action or the termination of a definitive
agreement relating to any such actions, other than pursuant to its terms, if material
Appointment of a successor or additional trustee or the change of name of a trustee, if material
 This event is considered to occur when any of the following occur: the appointment of a receiver, fiscal agent or
similar officer for the District in a proceeding under the U.S. Bankruptcy Code or in any other proceeding under
state or federal law in which a court or governmental authority has assumed jurisdiction over substantially all of
the assets or business of the District, or if such jurisdiction has been assumed by leaving the existing governing
body and officials or officers in possession but subject to the supervision and orders of a court or governmental
authority, or the entry of an order confirming a plan of reorganization, arrangement or liquidation by a court or
governmental authority having supervision or jurisdiction over substantially all of the assets or business of the
District.
C-6
EXHIBIT III
CUSIP NUMBERS
FOR THE 2015A BONDS
CUSIP
NUMBER
(119533)
YEAR OF
MATURITY
2020
2021
2022
2023
FOR THE 2015B BONDS
CUSIP
NUMBER
(119533)
YEAR OF
MATURITY
2016
2017
2018
2019
2020
2021
C-7
EXHIBIT D
Comprehensive Annual Financial Report
For the Year Ended April 30, 2015
The audited financial statement of the District contained in this Exhibit D (the “2015 Audit”), including the
independent auditor’s report accompanying the 2015 Audit, has been prepared by Sikich LLP, Naperville, Illinois
(the “Auditor”), and is expected to be accepted by formal action of the Board on September 28, 2015. The District
has not requested the Auditor to update information contained in the 2015 Audit; nor has the District requested that
the Auditor consent to the use of the 2015 Audit in this Official Statement. Other than as expressly set forth in this
Official Statement, the financial information contained in the 2015 Audit has not been updated since the date of the
2015 Audit. The inclusion of the 2015 Audit in this Official Statement in and of itself is not intended to demonstrate
the fiscal condition of the District since the date of the 2015 Audit. If you have a specific question or inquiry
relating to the financial information of the District since the date of the 2015 Audit, you should contact Ryan
Risinger, Executive Director, of the District.
John Short
Director of Business & Human Resources
Ryan Risinger
Executive Director
Prepared by:
For the Year Ended
April 30, 2015
COMPREHENSIVE ANNUAL
FINANCIAL REPORT
BUFFALO GROVE, ILLINOIS
ii
1-3
Reconciliation of the Governmental Funds Statement of Revenues,
Expenditures and Changes in Fund Balances to the Governmental
Activities in the Statement of Activities ......................................................
Statement of Revenues, Expenditures and Changes in Fund Balances .........
Reconciliation of Fund Balances of Governmental Funds to
the Governmental Activities in the Statement of Net Position ....................
Balance Sheet .................................................................................................
Governmental Funds
11
9-10
8
6-7
5
Statement of Activities .......................................................................................
Fund Financial Statements
4
Statement of Net Position ...................................................................................
Government-Wide Financial Statements
Basic Financial Statements
Management’s Discussion and Analysis ................................................................... MD&A 1-7
GENERAL PURPOSE EXTERNAL FINANCIAL STATEMENTS
INDEPENDENT AUDITOR’S REPORT ........................................................................
FINANCIAL SECTION
Transmittal Letter..................................................................................................................... iv-vi
iii
Organizational Chart ................................................................................................................
Certificate of Achievement for Excellence in Financial Reporting .........................................
i
Page(s)
Principal Officials ....................................................................................................................
INTRODUCTORY SECTION
TABLE OF CONTENTS
Notes to Financial Statements .................................................................................
Schedule of Expenditures - Budget and Actual - General Fund..............................
Schedule of Revenues - Budget and Actual - Recreation Fund ..............................
Schedule of Expenditures - Budget and Actual - Recreation Fund .........................
Schedule of Expenditures - Budget and Actual - Clubhouse Fund .........................
MAJOR GOVERNMENTAL FUNDS
COMBINING AND INDIVIDUAL FUND FINANCIAL
STATEMENTS AND SCHEDULES
Schedule of Revenues, Expenditures and Changes in Fund Balance Budget and Actual
General Fund ......................................................................................................
Recreation Fund ..................................................................................................
Clubhouse Fund ..................................................................................................
Schedule of Employer Contributions
Illinois Municipal Retirement Fund ...................................................................
Other Postemployment Benefit Plan ..................................................................
Schedule of Funding Progress
Illinois Municipal Retirement Fund ...................................................................
Other Postemployment Benefit Plan ..................................................................
Notes to Required Supplementary Information .......................................................
49-51
52
53-56
57
46
47
48
44
45
41
42
43
17-40
Statement of Cash Flows ...............................................................................
Required Supplementary Information
14
15-16
Statement of Revenues, Expenses and Changes in Net Position ...................
12-13
Page(s)
Statement of Net Position ..............................................................................
Proprietary Fund
Fund Financial Statements (Continued)
Basic Financial Statements (Continued)
GENERAL PURPOSE EXTERNAL FINANCIAL STATEMENTS (Continued)
FINANCIAL SECTION (Continued)
TABLE OF CONTENTS (Continued)
Combining Balance Sheet .......................................................................................
Combining Statement of Revenues, Expenditures
and Changes in Fund Balances ..............................................................................
Nonmajor Special Revenue Funds
Combining Balance Sheet ..................................................................................
Combining Statement of Revenues, Expenditures
and Changes in Fund Balances .........................................................................
Museum Maintenance Fund
Schedule of Revenues, Expenditures and
Changes in Fund Balance - Budget and Actual ...........................................
Schedule of Expenditures - Budget and Actual .............................................
Schedule of Revenues, Expenditures and
Changes in Fund Balance - Budget and Actual
Illinois Municipal Retirement Fund ................................................................
Liability Insurance Fund .................................................................................
Audit Fund ......................................................................................................
Paving and Lighting Fund ...............................................................................
Recreation for the Handicapped Fund ............................................................
Social Security Fund .......................................................................................
Art Center Debt Fund......................................................................................
Developer Donations Fund .............................................................................
NONMAJOR GOVERNMENTAL FUNDS
Schedule of Revenues, Expenditures
and Changes in Fund Balance - Budget and Actual
Debt Service Fund ..............................................................................................
Capital Projects Fund .........................................................................................
Schedule of Expenditures - Budget and Actual
Capital Projects Fund .........................................................................................
MAJOR GOVERNMENTAL FUNDS (Continued)
STATEMENTS AND SCHEDULES (Continued)
70
71
72
73
74
75
76
77
67
68-69
65-66
63-64
62
61
60
58
59
Page(s)
81
82
83
78
79-80
Page(s)
Financial Trends
Net Position by Component .............................................................................................
84-85
Change in Net Position ....................................................................................................
86-89
Fund Balances of Governmental Funds...........................................................................
90-91
Changes in Fund Balances of Governmental Funds .......................................................
92-93
Changes in Net Position - Enterprise Fund .....................................................................
94-95
Revenue Capacity
Assessed and Estimated Actual Value of Taxable Property ...........................................
96
Principal Property Taxpayers ...........................................................................................
97
Property Tax Rates - Direct and Overlapping Governments - Cook County .................
98
Property Tax Rates - Direct and Overlapping Governments - Lake County ..................
99
Property Tax Levies and Collections ...............................................................................
100
Debt Capacity
Ratios of Outstanding Debt by Type ...............................................................................
101
Ratios of General Bonded Debt Outstanding ..................................................................
102
Computation of Direct and Overlapping Bonded Debt ...................................................
103
Legal Debt Margin Information ....................................................................................... 104-105
Pledged-Revenue Coverage .............................................................................................
106
STATISTICAL SECTION
Schedule by Source .................................................................................................
Schedule by Function and Activity .........................................................................
Schedule of Changes by Function and Activity ......................................................
CAPITAL ASSETS USED IN THE OPERATION OF GOVERNMENTAL FUNDS
Fitness Center Fund
Schedule of Revenues, Expenses and Changes
in Net Position - Budget and Actual .................................................................
Schedule of Operating Expenses - Budget and Actual .......................................
PROPRIETARY FUND
STATEMENTS AND SCHEDULES (Continued)
Demographic and Economic Information
Demographic and Economic Information .......................................................................
Principal Employers .........................................................................................................
Operating Information
Employees by Function ....................................................................................................
Operating Indicators .........................................................................................................
Capital Asset Statistics .....................................................................................................
STATISTICAL SECTION (Continued)
109
110
111
107
108
Page(s)
INTRODUCTORY SECTION
-i-
Martha Weiss, Executive Assistant
John Short, Director of Business & Human Resources
Tim Howe, Director of Parks & Risk Management
Bill Heider, Director of Recreation & Facilities
Ryan Risinger, Executive Director
Administrative Staff
Ryan Risinger
Secretary
Chuhak & Tecson, P.C.
Attorney
Jack Schmerer
Dr. Larry Reiner
Richard Drazner, Treasurer
Adriane Johnson, Vice President
Scott Jacobson, President
Board of Commissioners
April 30, 2015
List of Principal Officials
Recreation
Supervisor
Terri
Ebner
Recreation
Supervisor
Brian
O'Malley
Recreation
Supervisor
Allison
Christopoulos
Aquatics
Supervisor
Dani
Rogers
Recreation
Supervisor
Early Childhood
Diana Clayson
Recreation
Manager
Aly
Stanczak
Recreation
Supervisor
Lindsay
Grandt
Program
Specialist
Jessi
Hersman
Head
Custodian
Yony
Matute
Museum
Curator
Debbie
Fandrei
Updated 3/3/2015
Superintendent
of Recreation
Erika
Strojinc
Superintendent
of Recreation
Kim
Cashmore
Recreation
Supervisor
Clubhouse
Lindsey Trent
Recreation
Supervisor
T.J.
Wilkes
Recreation
Manager
Chris
Eckert
Asst. Building
Custodian
Ramon
Diaz
Head Building
Custodian
Jose
Lanza
Recreation
Manager
Chuck
Burgess
Superintendent
of Recreation
Greg
Ney
Director
of Recreation
& Facilities
Bill Heider
BGFC
Accounting
Specialist
Kelly Knight
BGFC
Business
Specialist
Laura Husko
BGFC
Guest Services
Manager
Carol Lucido
BGFC Operations
Manager
Sue
Marks
BGFC
Building
Engineer
Felix Yarovsky
BGFC
Maintenance
Manager
Dave Anderson
- ii -
Director
of Business &
Human Resources
John Short
Guest
Services
Debbie
Mills
Office
Manager
Robin
Racusen
Human
Resources
Coordinator
Scott Spitz
Accounting
Specialist/
Payroll
Eliza Hollis
Accounting
Specialist/
Accounts Payable
Aleta Kahn
Public Relations
& Marketing
Manager
Mike Terson
BGFC Fitness
& Specialty
Programs Mgr.
Jodi DiTomasso
BGFC
General
Manager
Mike Schulewitz
Executive
Assistant
Martha
Weiss
Executive Director
Ryan Risinger
Board of Commissioners
RESIDENTS OF BUFFALO GROVE
Crew
Chief
Tony
Porreca
Fleet
Manager
Randy
Croissant
Crew
Chief
Tom
Hoffman
Grounds
Foreman
Rosendo
Soto
Crew
Chief
Matt
Raupp
Park
Laborer
Mike
Pfeiffer
Crew
Chief
Jose
Soto
Grounds
Foreman
Steven
Houde
Park
Laborer
Daniel
Bregman
Facilities
Laborer
Kyle
Moody
Facilities
Technician
Tim
Rayner
Facilities
Technician
Clint
Poynor
Superintendent
of Facilities
Rick
Missing
Director
of Parks & Risk
Management
Tim Howe
Athletic
Field Technician
Mark
Bajno
Supervisor
of Park
Operations
Randy Smith
Grounds
Foreman
Jim
Faczek
Assist. Facilities
Coordinator
Andrew
McDowell
Risk
Manager
Tim
Beckmann
Organizational Chart
Fiscal Year 2015-2016
- iii -
v
Major initiatives. The redevelopment of Kilmer Park was completed; it includes new lighted tennis
courts, a larger ball field to replace two small fields, 2 badminton/volleyball courts, an outdoor fitness
equipment area and new walking paths. The Community Arts Center (CAC) remodeling has finished;
elements include a new theatre, multi-purpose room and updated classrooms and office space. Two of
the homes next to the Alcott Center were removed to make room for a new park area which has a
small shelter along with benches and a walking path. Willow Stream Park has a new permeable
parking lot near the pool adding nearly 100 parking spaces. A new nature based playground was
added to the area near the pool. On the south side of Willow Stream, a new pavilion was erected;
Long-term Financial Planning. The District has been operating for the past twenty-two years under
the Tax Limitation Act. Due to a change in the allocation of tax distributions, the tax revenues of the
general and recreation funds have increased over the last seven years. As a result, the District has
seen an increase in its fund balances. Unassigned fund balance in the general fund (118 percent of
general fund expenditures) falls within the policy guidelines set by the District (25 percent of general
fund expenditures).
Local economy. The Village of Buffalo Grove is primarily a residential community with some
commercial and light industrial property. The Cook County portion is largely developed and there are
few opportunities for growth in Lake County. Currently, there are a couple of new developments
starting in Lake County.
The information presented in the financial statements is perhaps best understood when it is considered
from the broader perspective of the specific environment within which the Buffalo Grove Park District
operates.
Factors Affecting Economic Condition
The District is required to adopt a final budget and appropriations ordinance by no later than sixty
days after the beginning of the fiscal year. This annual budget and appropriations ordinance serves as
the foundation of the Buffalo Grove Park District’s financial planning and control. The budget is
prepared by fund, center (e.g., recreation programs), and activity (e.g., youth sports). Department
heads may transfer resources within a center as they see fit. Transfers between centers, however, need
special approval from the Board of Commissioners.
Based on that mission, the District provides a full range of services that include preservation of open
space, recreational programs, park management, capital development, and general administration.
Recreational facilities operated by the District include 51 park sites totaling 420 acres of park land
with one outdoor swimming pool, one outdoor water playground, three community centers, a fitness
center, a historical museum, 31 ball diamonds, 5 football and 32 soccer fields, 45 playgrounds, 10
picnic areas, 24 outdoor tennis courts, 10 volleyball courts, 36 outdoor basketball courts, two 9-hole
disc golf courses, 3 fishing areas, 1 inline skating rink, 1 indoor golf driving range, a skate park and a
dog park. It is important to note that as the demand for recreational services increases, the District
continues to seek intergovernmental agreements for the joint construction of much needed recreation
facilities for its residents.
FINANCIAL SECTION
-- 22 --
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. Such information has been subjected to the
auditing procedures applied in the audit of the basic financial statements and certain additional
procedures, including comparing and reconciling such information directly to the underlying
accounting and other records used to prepare the basic financial statements or to the basic
financial statements themselves, and other additional procedures in accordance with auditing
standards generally accepted in the United States of America. In our opinion, the combining and
individual fund financial statements and schedules are fairly stated, in all material respects, in
relation to the basic financial statements as a whole.
Our audit was conducted for the purpose of forming opinions on the basic financial statements
that collectively comprise the District’s financial statements as a whole. The introductory section,
combining and individual fund financial statements and schedules and statistical section are
presented for purposes of additional analysis and are not required part of the basic financial
statements.
Other Information
Accounting principles generally accepted in the United States of America require that the
management’s discussion and analysis and other required supplementary information 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.
Required Supplementary Information
Other Matters
In our opinion, the basic 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 Buffalo Grove
Park District, Buffalo Grove, 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.
Opinions
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a
basis for our audit opinions.
GENERAL PURPOSE EXTERNAL FINANCIAL STATEMENTS
(See independent auditor’s report.)
MD&A 2
MD&A 1
The Buffalo Grove Park District maintains twelve 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, recreation fund, capital
projects fund, Clubhouse fund and the debt service fund; all of which are considered to be major funds.
Data from the other seven governmental funds are combined into a single, aggregated presentation.
Individual fund data for each of these non-major governmental funds is provided in the form of
combining statements elsewhere in this report.
Unassigned Fund Balance - available expendable financial resources in a governmental
fund that are not the object of tentative management plan (i.e. assignments).
Assigned Fund Balance - the portion of a Governmental Fund’s net position to denote an
intended use of resources
Committed Fund Balance - the portion of a Governmental Fund’s net position with selfimposed constraints or limitations that have been placed at the highest level of decision
making.
Unrestricted Fund Balance is made up of three components:
Restricted Fund Balance - the portion of a Governmental Fund’s net position that is subject to
external enforceable legal restrictions (e.g., grantor, contributors and property tax levies).
Nonspendable Fund Balance – the portion of a Governmental Fund’s net position that is not
available to be spent, either short-term or long-term, in either form or through legal restrictions
(e.g., inventories, prepaid items, land held for resale and endowments).
The fund balance will be composed of three primary categories: 1) Nonspendable Fund Balance, 2)
Restricted Fund Balance and 3) Unrestricted Fund Balance. The definitions are:
Because the focus of governmental funds is narrower than that of the government-wide financial
statements, it is useful to compare the information presented with similar information presented for
governmental activities in the government-wide financial statements. By doing so, readers may better
understand the long-term impact of the government’s near-term financing decisions. Both the
governmental fund balance sheet and the governmental fund statement of revenues, expenditures, and
changes in fund balances provide a reconciliation to facilitate this comparison between governmental
funds and governmental activities.
Governmental funds. Governmental funds are used to account for essentially the same functions reported
as governmental activities in the government-wide financial statements. However, unlike the
government-wide financial statements, governmental fund financial statements focus on near-term
inflows and outflows of spendable resources, as well as on balances of spendable resources available at
the end of the fiscal year. Such information may be useful in evaluating a government’s near-term
financing requirements.
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 Buffalo Grove Park District,
like other state and local governments, uses fund accounting to ensure and demonstrate compliance with
finance-related legal requirements. All of the funds of the Buffalo Grove Park District can be divided into
two categories: governmental funds and proprietary funds.
The government-wide financial statements can be found on pages 4-5 of this report.
Both of the government-wide financial statements distinguish functions of the Buffalo Grove Park
District that are principally supported by taxes and intergovernmental revenues (governmental activities)
from other functions that are intended to recover all or a significant portion of their costs through user
fees and charges (business-type activities). The governmental activities of the Buffalo Grove Park
District include general government and recreation. The business-type activity of the Buffalo Grove Park
District is a fitness center operation.
The statement of activities presents information showing how the government’s net position changed
during the most recent fiscal year. All changes in net position are reported as soon as the underlying
event giving rise to the change occurs, regardless of the timing of related cash flows. Thus, revenues and
expenses are reported in this statement for some items that will only result in cash flows in future fiscal
periods (e.g., uncollected taxes and earned but unused vacation leave).
The statement of net position presents information on all of the Buffalo Grove Park District’s assets and
liabilities, with the difference between the two reported as net position. Over time, increases or decreases
in net position may serve as a useful indicator of whether the financial status of the Buffalo Grove Park
District is improving or deteriorating.
Government-wide financial statements. The government-wide financial statements are designed to
provide readers with a broad overview of the Buffalo Grove Park District’s finances, in a manner similar
to a private-sector business.
This discussion and analysis are intended to serve as an introduction to the Buffalo Grove Park District’s
basic financial statements. The Buffalo Grove Park District’s basic financial statements comprise three
components: 1) government-wide financial statements, 2) fund financial statements, and 3) notes to the
financial statements. This report also contains other supplementary information in addition to the basic
financial statements themselves.
Overview of the Financial Statements
The total debt of the Buffalo Grove Park District decreased by $585,000, (about 3 percent) during the
current fiscal year.
At the end of the current fiscal year, unassigned fund balance for the general fund was $3,019,637, or
118% of total general fund expenditures.
As of the close of the current fiscal year, the governmental funds of the Buffalo Grove Park District
reported combined ending fund balances of $10,538,082, a decrease of $1,234,171 in comparison with the
prior year. Slightly less than one-fourth of this total fund balance, $2,388,845, is available for spending at
the discretion of the District (unassigned fund balance).
The assets of the Buffalo Grove Park District exceeded its liabilities at the close of the most recent fiscal
year by $50,846,657 (net positions). Of this amount, $3,979,260 (unrestricted net positions) may be used
to meet the District’s ongoing obligations to citizens and creditors. The total net position of the District
increased by $41,065. The small increase is due to one-time early retirement costs in the governmental
funds while the business-type activities had larger capital grants.
Financial Highlights
As management of the Buffalo Grove Park District, we offer readers of the Buffalo Grove Park District’s
financial statements this narrative overview and analysis of the Buffalo Grove Park District for the fiscal
year ended April 30, 2015. We encourage readers to consider the information presented here in
conjunction with additional information that we have furnished in our transmittal letter, which can be
found on page iv of this report; and the District’s financial statements, which begin on page 4.
MANAGEMENT’S DISCUSSION AND ANALYSIS
38,995,496
3,193,665
8,148,462
50,337,623
$
16,937,297
1,707,344
11,450,702
3,779,251
67,274,920
17,221,718
50,053,202
-
$
$
$
$
$
$
$
$
$
$
$
49,982,270
39,693,362
2,300,222
7,988,686
17,469,302
1,907,260
11,587,563
3,974,479
67,451,572
16,372,562
51,079,010
-
$
$
$
$
$
467,969
3,922,004
(3,454,035)
8,788,446
248,608
8,539,838
-
9,256,415
$ (3,171,563)
12,075,295
352,683
864,387
4,873,813
(4,009,426)
7,809,651
228,431
7,581,220
-
8,674,038
$
$
$
$
$
$
50,805,592
42,917,500
3,193,665
4,694,427
25,725,743
1,955,952
19,990,540
3,779,251
76,531,335
14,050,155
62,128,497
352,683
$ 50,846,657
$ 44,567,175
2,300,222
3,979,260
MD&A 4
At the end of the current fiscal year, the Buffalo Grove Park District is able to report positive balances in
all three categories of net position; the government as a whole, its separate governmental activity and the
business-type activity. In the prior fiscal year, the net position balances were also positive in all three
categories.
An additional portion of the Buffalo Grove Park District’s net position (5 percent) represents resources
that are subject to external restrictions on how they may be used. The remaining balance of unrestricted
net position, $3,979,260, may be used to meet the District’s ongoing obligations to its residents and
creditors.
MD&A 3
2,135,691
19,168,783
3,974,479
$ 25,278,953
$
$ 76,125,610
$ 12,618,809
63,198,203
308,598
Total Primary
Government
2014
2015
By far the largest portion of the Buffalo Grove Park District’s net position (83 percent) reflects its
investment in capital assets (e.g., land, buildings, land improvements and equipment); less any related
debt used to acquire those assets that is still outstanding. The Buffalo Grove Park District uses these
capital assets to provide services to users of the District; consequently, these assets are not available for
future spending. Although the Buffalo Grove Park District’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.
$
$
$
$
$
$ (3,753,753)
12,119,193
308,598
Business-Type
Activities
2015
2014
For more detailed information see the Statement of Net Position (page 4).
Total Net Position
Net Investment in Capital
Assets
Restricted
Unrestricted
Liabilities
Current liabilities
Noncurrent Liabilities
Deferred Inflows/Resources
Total Liabilities and
Deferred Inflows of
Resources Net Position
Assets
Current and other assets
Capital Assets
Deferred Outflows/Resources
Total Assets and Deferred
Outflows of Resources
2014
Governmental
Activities
2015
Net Position as of April 30, 2014 and April 30, 2015
The following table reflects the condensed Statement of Net Position:
As noted earlier, net position may serve over time as a useful indicator of a government’s financial
position. In the case of the Buffalo Grove Park District, assets exceeded liabilities by $50,846,657 at the
close of the most recent fiscal year.
Government-wide Financial Analysis
The combining statements referred to earlier in connection with non-major governmental funds are
presented immediately following the notes to required supplementary information. Combining and
individual fund statements and schedules can be found on page 49-77 of this report.
Other information. In addition to the basic financial statements and accompanying notes, this report
also presents certain required supplementary information concerning the Buffalo Grove Park District’s
progress in funding its obligation to provide pension benefits to its employees. Required supplementary
information can be found on pages 41-48 of this report.
Notes to the financial statements. The notes provide additional information that is essential to a full
understanding of the data provided in the government-wide and fund financial statements. The notes to
the financial statements can be found on pages 17-40 of this report.
The basic proprietary fund financial statements can be found on pages 12-16 of this report.
Proprietary funds provide the same type of information as the government-wide financial statements, only
in more detail. The proprietary fund financial statements provide information on the Fitness Center,
which is considered to be a major fund of the Buffalo Grove Park District.
Proprietary Funds. The Buffalo Grove Park District maintains one type of proprietary fund. Enterprise
funds are used to report the same functions presented as business-type activities in the government-wide
financial statements. The Buffalo Grove Park District uses the enterprise fund to account for its Fitness
Center operation. The operation of the Buffalo Grove Fitness Center predominantly benefits the
business-type function of the District and is included in the business-type activities in the governmentwide financial statements.
The basic governmental fund financial statements can be found on pages 6-11 of this report.
The Buffalo Grove Park District adopts an annual appropriated budget for all of its funds. A budgetary
comparison statement has been provided for the general fund to demonstrate compliance with this budget.
7,910,289
98,044
5,177,247
73,246
94,518
$ 49,982,270
$
$
467,969
191,681
276,288
3,544,822
$ 3,544,822
$
$ 3,821,110
-
$ 3,561,180
259,930
$
$
864,387
467,969
396,418
3,310,603
$ 3,310,603
$
$ 3,707,021
-
$ 3,317,571
389,450
Business-Type
Activities
2015
2014
7,942,316
174,430
8,847,286
66,474
824,255
$
$
$
$
50,805,592
48,559,948
2,245,644
4,501,836
10,897,545
209,736
15,609,117
$ 17,854,761
$
A one-time expense for an early retirement incentive
A grant of $400,000 has been delayed by the State of Illinois
The Fitness Center received a capital grant for the replacement of the HVAC unit in the pool.
41,065
50,805,592
$ 50,846,657
$
Capital assets. The Buffalo Grove Park District’s investment in capital assets for its governmental and
business-type activities as of April 30, 2015 amounts to $63,198,203 (net of accumulated depreciation).
This investment in capital assets includes land, buildings, improvements to land and equipment. The total
increase in the Buffalo Grove Park District’s investment in capital assets for the current fiscal year was
two percent.
MD&A 6
MD&A 5
Capital Asset and Debt Administration
There were no changes to the original budget of the General Fund.
General Fund Budgetary Highlights
Total net position of the Fitness Center at the end of the year was $864,387. The total increase in net
position was $396,418. Other factors concerning the finances of the Fitness Center operation have
already been addressed in the discussion of the Buffalo Grove Park District’s business-type activities.
Proprietary funds. The Buffalo Grove Park District’s proprietary funds provide the same type of
information found in the government-wide financial statements, but in more detail.
The debt service fund has a total fund balance of $870,686, all of which is restricted for the payment of
debt service. The net increase in fund balance during the current year was $37,690, due to an increase in
property tax revenue. The Recreation Fund has a total fund balance of $3,439,259, of which, $1,540,209
is unrestricted and assigned to the Recreation Fund. Fund balance in the recreation fund increased by
$76,745 due to increased program revenues. The Clubhouse fund has an assigned fund balance of
$478,706, which is all unrestricted. The Clubhouse fund increased its fund balance by $270,222 as a
result of a 10% increase in revenues. The Capital Projects Fund has a deficit fund balance of ($598,792).
A small portion ($32,000) is reserved for loans receivable; the remainder of the fund balance is restricted
(but unassigned this year due to the deficit balance) for Capital Projects. The Capital Projects Fund had a
decrease in fund balance of $1,418,904. This occurred as a result of a smaller than anticipated bond
issuance and a delay in the receipt of a $400,000 grant from the State of Illinois.
During the current fiscal year, the fund balance of the general fund of the Buffalo Grove Park District
decreased by $48,903. Total revenue decreased by two percent while expenses increased by 18% for the
fund. While total expenditures were about 4% under the budgeted amounts., the main reason for the
decrease in fund balance was the cost of an early retirement incentive.
The general fund is the chief operating fund of the Buffalo Grove Park District. At the end of the current
fiscal year, unassigned fund balance was $3,019,637. In addition, there was an additional advance made
to the Fitness Center of $580,000; half of which was from the general fund ($290,000); the remainder
came from the Recreation Fund. The total advance to the Fitness Center is $1,899,050 in the General
Fund. Including the advance, the total fund balance was $4,918,687. As a measure of the general fund’s
liquidity, it may be useful to compare unassigned fund balance to total fund expenditures. Unassigned
fund balance represents 118 percent of total general fund expenditures.
As of the end of the current fiscal year, the Buffalo Grove Park District’s governmental funds reported
combined ending fund balances of $10,538,082,, a decrease of $1,234,171 in comparison with the prior
year. Approximately 42% of this total amount, $4,407,760, constitutes unrestricted fund balance, which
is available for spending at the discretion of the District. Another portion of the fund balance is nonspendable; these amounts are not available due to legal restrictions. The remainder of the fund balance is
restricted; these funds are subject to external enforceable legal restrictions such as property tax levies.
Governmental funds. The focus of the Buffalo Grove Park District’s governmental funds is to provide
information on near-term inflows, outflows, and balances of spendable resources. Such information is
useful in assessing the Buffalo Grove Park District’s financing requirements. In particular, unassigned
fund balance may serve as a useful measure of a government’s net resources available for pending at the
end of the fiscal year.
As noted earlier, the Buffalo Grove Park District uses fund accounting to ensure and demonstrate
compliance with finance-related legal requirements.
Financial Analysis of the Government’s Funds
-
Business-type activities. Business-type activities increased the Buffalo Grove Park District’s net
position by $396,418. Key elements of this increase are as follows:
-
17,060,365
7,910,289
98,044
8,494,818
73,246
483,968
4,869,189
11,909,144
240,967
$ 17,019,300
$
$
Total Primary
Government
2014
2015
Governmental Activities. Governmental activities decreased the Buffalo Grove Park District’s net
position by $355,353. The main reasons for this decrease:
Net Position, April 30
50,337,623
50,337,623
$
$ (355,353)
1,969,356
48,368,267
$
Change in Net Position
Net Position, May 1
$
4,869,189
8,598,541
240,967
$ 13,708,697
$
$ 13,353,344
$
4,501,836
7,352,723
209,736
12,064,295
14,033,651
7,942,316
174,430
5,286,106
66,474
564,325
$
$
$
Expenses
General government
Recreation
Interest
Total expenses
Total revenues
Revenues
Program revenues:
Charges for services
Operating grants
Capital grants
General Revenues:
Property taxes
Other
2014
Governmental
Activities
2015
Changes in Net Position for the Fiscal Year Ended April 30, 2014 and April 30, 2015
The following table reflects the condensed Statement of Changes in Net Position:
Changes in Net Position
Construction was nearly completed on a new parking lot, new playground and other improvements at
Willow Stream Park - costs for the year were $1,583,843.
A new park was added near the entrance to the Alcott Center for $170,391.
The tennis courts were replaced at Cherbourg Park at a cost of $93,902.
The Community Arts Center interim theater and classrooms were completed - costs for the year were
$664,338.
MD&A 7
This financial report is designed to provide a general overview of the Buffalo Grove Park District’s
finances for all those with an interest in the District’s finances. Questions concerning any of the
information provided in this report or requests for additional financial information should be addressed to
John Short, Director of Business Services and Human Resources, 530 Bernard Drive, Buffalo Grove,
Illinois, 60089.
Requests for Information
The budget for next fiscal year decreased to $20,193,589. This represents a 10 percent decrease over the
prior year. The majority of the decrease is due to fewer capital projects planned for the year. The fees for
programs increased by an average of 1 percent for the fiscal year 2015-16 budget.
The community of Buffalo Grove is an economically healthy community. The residents have a well
above average wealth profile; for the year 2014, median family income improved to 158 percent of the
state median, up from 151 percent in 2010. The improved economy has enhanced employment
opportunities as evidenced by the unemployment rate of 4.2 percent for Buffalo Grove in May 2015; this
is below the Lake County rate of 4.5 percent and the state average of 5.6 percent.
Economic Factors and Next Year’s Budget
Additional information on the Buffalo Grove Park District’s long-term debt can be found on pages 27-32
of this report.
The Buffalo Grove Park District received a “AAA” rating from Standard and Poor’s for general
obligation debt. State statutes limit the amount of general obligation debt a governmental entity may issue
to 2.875 percent of its total assessed valuation. The current debt limitation for the Buffalo Grove Park
District is $40,186,797, which is significantly in excess of the Buffalo Grove Park District’s outstanding
general obligation debt.
The total debt of the Buffalo Grove Park District decreased by $585,000 (about 3 percent). The key
factor in the decrease was the continuation of the retirement of the Fitness Center debt.
Long-term debt. At the end of the current fiscal year, the Buffalo Grove Park District had total bonded
debt outstanding of $18,290,000. Of this amount, $10,925,000 comprises debt backed by the full faith
and credit of the government. The remainder of the Buffalo Grove Park District’s debt represents bonds
secured solely by specified revenue sources (i.e., Alternate Revenue Bonds).
Additional information on the Buffalo Grove Park District’s capital assets can be found on pages 26-27
and 81-83 of this report.
-
-
Major capital asset events during the current fiscal year included the following:
$
$ 49,982,270
TOTAL NET POSITION
See accompanying notes to financial statements.
-4-
(4,009,426)
864,387
4,873,813
157,551
326,344
237,290
8,778
36,355
661,411
1,807
870,686
7,988,686
7,809,651
39,693,362
17,469,302
Total liabilities and deferred inflows of resources
-
-
NET POSITION
Net investment in capital assets
Restricted for
Museum
Retirement
Insurance
Audit
Paving and lighting
Special recreation
Capital projects
Debt service
Unrestricted (deficit)
3,974,479
7,809,651
13,494,823
3,974,479
977,242
6,603,978
1,791,915
9,795,648
Total deferred inflows of resources
57,003
89,065
44,191
38,172
8,674,038
308,598
519,350
92,355
172,868
1,122,687
67,451,572
DEFERRED INFLOWS OF RESOURCES
Deferred property tax revenue
Total liabilities
LIABILITIES
Accounts payable and accrued liabilities
Accrued interest payable
Accrued payroll
Unearned revenue
Noncurrent liabilities
Due within one year
Due in more than one year
Total assets and deferred outflows of resources
-
Total deferred outflows of resources
308,598
8,365,440
11,262,278
67,451,572
26,901,417
2,072
42,275
(3,798,100)
856,915
$
6,980,255
75,000
32,000
37,081
3,798,100
45,096
24,177,593
5,405,030
-
$
DEFERRED OUTFLOWS OF RESOURCES
Unamortized loss on refunding
Total assets
ASSETS
Cash and investments
Property taxes receivable (net, where
applicable, of allowances for uncollectibles)
Intergovernmental receivables
Loans receivable
Other receivables
Advances to other funds
Net other postemployment benefit asset
Capital assets not being depreciated
Capital assets being depreciated (net of
accumulated depreciation)
157,551
326,344
237,290
8,778
36,355
661,411
1,807
870,686
3,979,260
44,567,175
25,278,953
3,974,479
3,974,479
21,304,474
2,769,157
16,399,626
576,353
181,420
217,059
1,160,859
76,125,610
308,598
308,598
75,817,012
38,163,695
6,980,255
75,000
32,000
79,356
45,096
25,034,508
5,407,102
$ 50,846,657
$
TOTAL PRIMARY GOVERNMENT
Business-Type Activities
Fitness center
Total governmental activities
FUNCTIONS/PROGRAMS
PRIMARY GOVERNMENT
Governmental Activities
General government
Recreation
Interest
3,317,571
5,177,247
40,240
5,137,007
-
$
$
73,246
-
73,246
3,604
69,642
-
NET POSITION, APRIL 30
NET POSITION, MAY 1
CHANGE IN NET POSITION
Total
General Revenues
Taxes
Property
Replacement
Investment income
Miscellaneous
$ 8,494,818
$
$
$
483,968
389,450
94,518
94,518
-
$ 49,982,270
50,337,623
(355,353)
8,008,333
7,896,226
14,063
10,060
87,984
(8,363,686)
-
(8,363,686)
$
$ (4,825,345) $
(3,297,374)
(240,967)
-5-
$ 17,019,300
3,310,603
13,708,697
$ 4,869,189
8,598,541
240,967
Expenses
864,387
467,969
396,418
-
-
396,418
396,418
-
-
$ 50,846,657
50,805,592
41,065
8,008,333
7,896,226
14,063
10,060
87,984
(7,967,268)
396,418
(8,363,686)
$ (4,825,345)
(3,297,374)
(240,967)
Net (Expense) Revenue and
Change in Net Position
Program Revenues
Primary Government
Operating
Capital
Charges
Grants and
Grants and Governmental Business-Type
for Services Contributions Contributions
Activities
Activities
Total
April 30, 2015
Total
STATEMENT OF ACTIVITIES
STATEMENT OF NET POSITION
Primary Government
Governmental Business-Type
Activities
Activities
ASSETS
-6-
4,918,687
6,233,642
Total fund balances
TOTAL LIABILITIES AND
FUND BALANCES
-
3,019,637
1,314,955
1,899,050
-
1,235,527
FUND BALANCES
Nonspendable
Advances to other funds
Loans receivable
Restricted
Museum
Retirement
Insurance
Audit
Paving and lighting
Special recreation
Capital projects
Debt service
Unrestricted
Assigned
Advance to Fitness Center
Recreation
Unassigned
1,235,527
79,428
22,452
55,376
1,600
6,233,642
2,170,778
1,899,050
2,163,814
$
$
$
$
General
Unavailable property tax revenue
Total liabilities
LIABILITIES
Accrued payroll
Due to other funds
Unearned revenue
LIABILITIES AND FUND BALANCES
TOTAL ASSETS
Property taxes receivable (net, where
applicable, of allowances for uncollectibles)
Intergovernmental receivables
Loans receivable
Other receivables
Due from other funds
Advance to other funds
April 30, 2015
BALANCE SHEET
GOVERNMENTAL FUNDS
$
$
$
$
5,614,498
3,439,259
1,899,050
1,540,209
-
-
-
2,175,239
883,888
883,888
1,291,351
87,021
83,243
1,121,087
5,614,498
1,554,028
37,081
1,899,050
2,124,339
Recreation
$
$
$
$
512,442
478,706
478,706
-
-
-
33,736
-
-
33,736
8,214
25,522
-
512,442
318,414
-
194,028
Clubhouse
$
$
$
$
1,680,690
870,686
-
870,686
-
810,004
810,004
810,004
-
-
1,680,690
1,418,031
-
262,659
Debt
Service
$
$
$
$
107,000
(598,792)
(630,792)
-
32,000
705,792
-
-
705,792
387,378
318,414
-
107,000
75,000
32,000
-
-
Capital
Projects
660,190
2,497,608
1,429,536
-
157,551
326,344
237,290
8,778
36,355
661,411
1,807
-
-
1,068,072
1,045,060
1,045,060
23,012
14,285
8,727
-
2,497,608
1,837,418
-
6,980,255
75,000
32,000
37,081
318,414
3,798,100
5,405,030
10,538,082
1,899,050
2,018,915
2,388,845
157,551
326,344
237,290
8,778
36,355
661,411
1,807
870,686
1,899,050
32,000
6,107,798
3,974,479
3,974,479
2,133,319
519,350
172,868
318,414
1,122,687
$ 16,645,880
$
$ 16,645,880
$
-7-
$
$
$
$
Nonmajor
Total
Governmental Governmental
Funds
Funds
45,096
Net other postemployment benefit asset is shown as an
asset on the statement of net position
-8-
$ 49,982,270
(7,995,000)
(2,930,000)
(201,915)
(460,648)
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
Debt certificates
Compensated absences
Unamortized premium
NET POSITION OF GOVERNMENTAL ACTIVITIES
(92,355)
51,079,010
$ 10,538,082
Accrued interest on long-term liabilities is shown as a
liability on the statement of net position
Capital assets used in governmental activities are
not financial resources and, therefore, are not
reported in the governmental funds
Amounts reported for governmental activities in the
statement of net position are different because:
FUND BALANCES OF GOVERNMENTAL FUNDS
April 30, 2015
RECONCILIATION OF FUND BALANCES OF GOVERNMENTAL FUNDS TO THE
GOVERNMENTAL ACTIVITIES IN THE STATEMENT OF NET POSITION
[THIS PAGE INTENTIONALLY LEFT BLANK]
-9-
-
Total other financing sources (uses)
4,967,590
4,918,687
FUND BALANCES, MAY 1
FUND BALANCES (DEFICIT), APRIL 30
(48,903)
-
NET CHANGE IN FUND BALANCES
(48,903)
2,562,997
-
798,511
1,764,486
-
2,514,094
2,478,068
1,500
24,150
10,060
316
OTHER FINANCING SOURCES (USES)
Transfers in
Transfers (out)
Bonds issued, at par
Premium on issuance of bonds
Proceeds from sale of capital assets
$
$
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES
Total expenditures
EXPENDITURES
Current
General government
Recreation
Capital outlay
Debt service
Principal retirement
Interest and fiscal charges
Total revenues
REVENUES
Taxes
Intergovernmental
Rental income
Investment income
Miscellaneous
General
$
$
3,439,259
3,362,514
76,745
(229,775)
(229,775)
-
306,520
5,155,120
-
2,445,261
2,709,859
-
5,461,640
1,746,668
3,540,782
32,321
46,101
95,768
Recreation
STATEMENT OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCES
GOVERNMENTAL FUNDS
$
$
478,706
208,484
270,222
(300,000)
(300,000)
-
570,222
990,532
-
990,532
-
1,560,754
1,520,324
37,322
3,108
Clubhouse
$
$
870,686
832,996
37,690
-
-
37,690
1,587,620
1,435,000
152,620
-
1,625,310
1,625,310
-
Debt
Service
$
$
$
$
$
10,538,082
11,772,253
(1,234,171)
2,000,720
549,775
(549,775)
1,910,000
60,389
30,331
(3,234,891)
16,588,235
1,570,000
296,720
4,863,518
6,073,495
3,784,502
13,353,344
7,910,288
5,080,343
146,143
70,251
10,060
136,259
Total
Governmental
Funds
- 10 -
1,429,536
1,580,557
(151,021)
209,775
229,775
(20,000)
-
(360,796)
2,458,139
135,000
94,775
1,619,746
608,618
-
2,097,343
2,060,242
3,147
33,954
Nonmajor
Governmental
Funds
(598,792) $
820,112
(1,418,904)
2,320,720
320,000
1,910,000
60,389
30,331
(3,739,624)
3,833,827
49,325
3,784,502
94,203
16,090
75,000
3,113
Capital
Projects
72,447
24,415
6,565
The amortization of premium on bond issuance is reported as a decrease
of expense on the statement of activities
The change in the certain long-term liabilities are reported as an
expense on the statement of activities
Accrued compensated absences
Net other postemployment benefit obligation (asset)
- 11 -
CHANGE IN NET POSITION OF GOVERNMENTAL ACTIVITIES
The change in accrued interest payable is reported as an
expense on the statement of activities
(355,353)
(16,694)
1,736,666
(60,389)
The premium on bond issuance is reported as an other financing source in
governmental funds but as an increase in long-term debt in
the statement of activities
The repayment of 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
(1,910,000)
(471,433)
The loss on disposal of capital assets is shown as an expense on
the statement of activities
The issuance of long-term debt is reported as an other financing source in
governmental funds but as an increase of principal outstanding
in the statement of activities
(1,481,808)
Depreciation on capital assets is reported as an expense in the
statement of activities
(1,234,171)
2,979,049
$
$
Governmental funds report capital outlay as expenditures; however, they are
capitalized and depreciated in the statement of activities
Amounts reported for governmental activities in the statement of
activities are different because:
NET CHANGE IN FUND BALANCES TOTAL GOVERNMENTAL FUNDS
(This statement is continued on the following page.)
- 12 -
Total assets and deferred outflows of resources
Total deferred outflows of resources
12,472,138
308,598
308,598
12,163,540
DEFERRED OUTFLOWS OF RESOURCES
Unamortized loss on refunding
Total assets
12,119,193
11,262,278
216,578
10,364,732
680,968
856,915
856,915
-
44,347
2,072
42,275
12,119,193
$
Business-Type
Activities
Fitness
Center Fund
Total noncurrent assets
Total capital assets
Total capital assets being depreciated
Capital assets being depreciated, net of
accumulated depreciation
Land improvements
Building and improvements
Equipment
Total capital assets not being depreciated
NONCURRENT ASSETS
Capital assets
Land
Construction in progress
Total current assets
CURRENT ASSETS
Accounts receivable
April 30, 2015
STATEMENT OF NET POSITION
PROPRIETARY FUND
RECONCILIATION OF THE GOVERNMENTAL FUNDS STATEMENT OF REVENUES,
EXPENDITURES AND CHANGES IN FUND BALANCES TO THE
GOVERNMENTAL ACTIVITIES IN THE STATEMENT OF ACTIVITIES
4,873,813
(4,009,426)
NET POSITION
Unrestricted (deficit)
- 13 -
864,387
11,607,751
TOTAL NET POSITION
10,402,078
3,798,100
6,603,978
1,205,673
57,003
89,065
44,191
38,172
27,242
950,000
Total liabilities
$
$
Business-Type
Activities
Fitness
Center Fund
Total long-term liabilities
LONG-TERM LIABILITIES
Advance from other funds
General obligation bonds payable, net of unamortized premium
Total current liabilities
CURRENT LIABILITIES
Accrued interest payable
Accrued payroll
Unearned revenue
General obligation bonds payable
April 30, 2015
STATEMENT OF NET POSITION (Continued)
PROPRIETARY FUND
$
467,969
864,387
NET POSITION, MAY 1
- 14 -
396,418
389,450
6,968
NET INCOME BEFORE CONTRIBUTIONS
Contributions
(281,855)
(281,855)
288,823
3,028,748
Total non-operating revenues (expenses)
NON-OPERATING REVENUES (EXPENSES)
Interest expense
OPERATING INCOME
Total operating expenses
2,666,107
17,089
345,552
OPERATING EXPENSES
Administration and maintenance
Amortization
Depreciation
3,231,441
86,130
3,317,571
$
Business-Type
Activities
Fitness
Center Fund
Total operating revenues
OPERATING REVENUES
Rental
STATEMENT OF REVENUES, EXPENSES AND
CHANGES IN NET POSITION
PROPRIETARY FUND
$
(This statement is continued on the following page.)
- 15 -
2,072
12,996
CASH AND CASH EQUIVALENTS, APRIL 30
(10,924)
CASH AND CASH EQUIVALENTS, MAY 1
-
NET (DECREASE) IN CASH AND
CASH EQUIVALENTS
Net cash from investing activities
-
(1,214,185)
CASH FLOWS FROM INVESTING ACTIVITIES
None
Net cash from capital and
related financing activities
580,000
Net cash from noncapital
financing activities
(925,000)
(289,185)
580,000
CASH FLOWS FROM CAPITAL AND
RELATED FINANCING ACTIVITIES
Principal paid on general obligation bonds
Interest paid on general obligation bonds
623,261
Net cash from operating activities
3,298,813
(1,741,653)
(933,899)
CASH FLOWS FROM NONCAPITAL
FINANCING ACTIVITIES
Loan from other funds
$
- 16 -
NONCASH TRANSACTIONS
Capital contributions
NET CASH FROM OPERATING ACTIVITIES
RECONCILIATION OF OPERATING INCOME TO NET
CASH FLOWS FROM OPERATING ACTIVITIES
Operating income
Adjustments to reconcile operating income
to net cash from operating activities
Amortization
Depreciation
Changes in assets and liabilities
Accounts receivable
Accounts payable
Accrued payroll
Unearned revenue
CASH FLOWS FROM OPERATING ACTIVITIES
Receipts from customers and users
Payments to employees
Payments to suppliers
STATEMENT OF CASH FLOWS (Continued)
PROPRIETARY FUND
STATEMENT OF CASH FLOWS
PROPRIETARY FUND
Business-Type
Activities
Fitness
Center Fund
$
$
$
389,450
623,261
(8,732)
1,754
(4,578)
(10,025)
(6,622)
17,089
345,552
288,823
Business-Type
Activities
Fitness
Center Fund
1.
b.
a.
-- 17
17 --
Governmental funds are used to account for all or most of a District’s general
activities, including the collection and disbursement of restricted, committed or
assigned monies (special revenue funds), the funds committed, restricted or assigned
for the acquisition or construction of general capital assets (capital projects funds)
and the funds committed, restricted or assigned for servicing of general long-term
debt (debt service funds). The general fund is used to account for all activities of the
government not accounted for in some other fund.
The District’s funds are classified into the following categories: governmental,
proprietary and fiduciary. The District has no fiduciary funds.
The District uses funds to report on its financial position and the changes in its
financial position. Fund accounting is designed to demonstrate legal compliance and
to aid financial management by segregating transactions related to certain
governmental functions or activities. A fund is a separate accounting entity with a
self-balancing set of accounts.
Fund Accounting
The District was incorporated September 22, 1969. The District operates under a
board-manager form of government and provides services which include preservation
of open space, recreational program activities which includes swimming pools,
tennis courts, a museum and playgrounds, development and maintenance of the
District’s various parks and facilities and general administration. The accompanying
basic financial statements present the District only since the District does not have
component units. The District has a separately elected board, the power to levy taxes,
the authorization to expend funds, the responsibility to designate management and
the ability to prepare and modify the annual budget and issue debt. Therefore, the
District is not included as a component unit of any other entity.
Reporting Entity
The financial statements of the Buffalo Grove Park District, Buffalo Grove, Illinois, (the
District) have been prepared in conformity with accounting principles generally accepted in
the United States of America, as applied to government units (hereinafter referred to as
generally accepted accounting principles (GAAP)). 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
District’s accounting policies are described below.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
April 30, 2015
NOTES TO FINANCIAL STATEMENTS
1.
c.
b.
-- 18
18 --
The Recreation Fund, a special revenue fund, accounts for the revenue derived
from a property tax levy and fees collected to fund recreational programs and
facilities, maintenance of athletic fields and swimming pools of the District.
The General Fund is the District’s primary operating fund. It accounts for all
resources of the general government, except those accounted for in another
fund.
The District reports the following major governmental funds:
Separate financial statements are provided for governmental funds and proprietary
funds. Major individual governmental funds and major individual enterprise funds
are reported as separate columns in the fund financial statements.
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.
Contributions of land by developers under land/cash ordinances, if any, are reported
as general revenues - contributions on the statement of activities.
The government-wide financial statements (i.e., the statement of net position and the
statement of activities) report information on all of the activities of the District. 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 user fees and charges for support.
Government-Wide and Fund Financial Statements
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. Goods or services from such activities can be provided
either to outside parties (enterprise funds) or to other departments or agencies
primarily within the District (internal service funds).
Fund Accounting (Continued)
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
NOTES TO FINANCIAL STATEMENTS (Continued)
d.
c.
-- 19
19 --
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 (60 days). The District recognizes property taxes when they become both
measurable and available in the year intended to finance. Expenditures are recorded
when the related liability is incurred. Principal and interest on general long-term debt
are recorded as expenditures become due.
The government-wide financial statements are reported using the economic resources
measurement focus and the accrual basis of accounting, as are the proprietary fund
financial statements. Revenues are recorded when earned and expenses 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.
Measurement Focus, Basis of Accounting and Financial Statement Presentation
The Fitness Center Fund accounts for the operations of a fitness center and
indoor swimming pools. All activities necessary to provide such services are
accounted for in this fund including, but not limited to, administration,
operations, maintenance and related debt service.
The District reports the following major proprietary funds:
The Capital Projects Fund accounts for financial resources to be used for the
acquisition and construction of major capital items.
The Debt Service Fund accounts for the payment of principal and interest on
the District’s general obligation bonds.
The Clubhouse Fund, a special revenue fund, accounts for the revenue derived
from the District’s before and after school day care program.
Government-Wide and Fund Financial Statements (Continued)
f.
e.
d.
-- 20
20 --
Property taxes are recognized as revenue in the year intended to finance, regardless
of when collected. This includes taxes received within 60 days after year end. The
second half of the 2014 levy is intended to finance the 2016 fiscal year and,
accordingly, is reported as unearned/deferred revenue. The 2015 tax levy, which
attached as an enforceable lien on property as of January 1, 2015, has not been
recorded as a receivable as of April 30, 2015 as the tax has not yet been levied and
will not be levied until December 2015 and, therefore, the levy is not measurable at
April 30, 2015.
The District’s property taxes are required to be levied by ordinance. A certified copy
of the levy ordinance must be filed with the county clerk no later than the last
Tuesday in December of each year. Taxes are due and collectible one-half in June
(March for Cook County) and one-half in September of the following year. Property
taxes attach as an enforceable lien on property as of January 1. The District has
established a 3% allowance, based on historical collection experience, for
uncollectible property taxes.
Property Taxes
For purposes of reporting cash flows, the District considers all cash on hand, demand
deposits and highly liquid investments with a maturity of three months or less when
purchased to be cash and cash equivalents.
Deposits and Investments
The District reports deferred/unearned/unavailable revenue on its financial
statements. Unavailable arise when potential revenue does not meet both the
measurable and available criteria for recognition in the current period for
governmental funds or earned at the government-wide level. Deferred/unearned
revenue arises when a revenue is measurable but not earned. Deferred/unearned
revenues also arise when resources are received by the government before it has legal
claim to them as when grant monies are received prior to the incurrence of qualifying
expenditures. In subsequent periods, when revenue recognition criteria are met, or
when the government has a legal claim to the resources by meeting all eligibility
requirements, the liability or deferred inflow of resources for deferred, unearned and
unavailable revenue is removed from the financial statements and revenue is
recognized.
Those revenues susceptible to accrual are property taxes, grants, interest revenue and
charges for services.
Measurement Focus, Basis of Accounting and Financial Statement Presentation
(Continued)
1.
1.
i.
h.
g.
20-50
20-50
5-20
Years
-- 21
21 --
In the government-wide financial statements and the proprietary funds in the fund
financial statements, long-term debt and other long-term obligations are reported as
liabilities in the applicable governmental activities, business-type activities or
proprietary fund financial statements. Bond premiums and discounts, as well as the
unamortized loss on refunding, are deferred and amortized over the life of the bonds.
Bonds payable are reported net of the applicable bond premium or discount. Bond
issuance costs are recorded as expense.
Long-Term Obligations
Land improvements
Buildings and improvements
Equipment
Assets
Major outlays for capital assets and improvements are capitalized as projects are
constructed. The costs of normal maintenance and repairs that do not add to the value
of the asset or materially extend the assets’ lives are not capitalized. 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:
Capital assets, which include land, land improvements, buildings and improvements
and equipment are reported in the applicable governmental or business-type activities
columns in the government-wide financial statements. Capital assets are defined by the
District as assets with an initial, individual cost of more than $5,000 and an estimated
useful life in excess of five years. Assets acquired are reported 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.
Capital Assets
Inventories, if any, are valued at cost using the first-in/first-out (FIFO) method and
are accounted for using the consumption method.
Inventories
l.
k.
j.
i.
-- 22
22 --
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. None of the restricted fund
Net Position/Fund Balance
In addition to assets, the statement of net position will sometimes report a separate
section for deferred outflows of resources. This separate financial statement element,
deferred outflows of resources, 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, deferred inflows of resources, 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.
Deferred Outflows/Inflows of Resources
Vacation leave is recorded in governmental funds upon employee retirement or
termination. Vested or accumulated vacation of leave of governmental activities and
proprietary funds is recorded as an expense and liability as the benefits accrue to
employees. Vacation days are earned based on years of service. At the employee’s
anniversary date, up to five days may be carried forward to the next year. Any days in
excess are forfeited without approval from the Executive Director. In the event of
termination, an employee is reimbursed for the current year’s accumulated vacation
days. The General, Recreation and Fitness Center Funds are typically used to
liquidate these liabilities. No liability is recorded for nonvesting accumulated rights
to receive sick pay benefits.
Compensated Absences
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 other financing sources. Premiums received on debt
issuances are reported as other financing sources while discounts on debt issuances
are reported as other financing uses. Issuance costs, whether or not withheld from the
actual debt proceeds received, are reported as expenditures.
Long-Term Obligations (Continued)
1.
1.
m.
l.
-- 23
23 --
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.
Interfund Transactions
The remaining funds’ restriction of fund balance is based on the origins of fund
balance.
The Debt Service and Capital Projects Funds’ fund balances are restricted due to the
origins of the fund balance.
The District’s flow of funds assumptions 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 District considers committed funds
to be expended first, followed by assigned, and then unassigned funds.
The District has adopted targeted fund balances for several of its funds. The General
Fund has a targeted fund balance of 25% of annual budgeted expenditures. The
Recreation Fund has a targeted fund balance of 25% of annual operating
expenditures. The Liability Insurance, Audit, Social Security, IMRF, Museum and
Special Recreation Funds all have a targeted fund balance of 10% to 25% of annual
operating expenditures.
balance result from enabling legislation adopted by the District. Net investment in
capital assets, represents the District’s investments in the book value of capital assets,
less any outstanding debt that was issued to construct or acquire the capital asset.
Committed fund balance is constrained by formal actions of the District’s Board of
Park Commissioners, which is considered the District’s highest level of
decision-making authority. Formal actions include ordinances approved by the
Board. Assigned fund balance represents amounts constrained by the District’s intent
to use them for a specific purpose. The authority to assign fund balance has been
delegated to the District’s Executive Director through the approved fund balance
policy of the District. Any residual fund balance in the General Fund is reported as
unassigned. Any deficit fund balances in other governmental funds are also reported
as unassigned.
Net Position/Fund Balance (Continued)
3.
2.
Activity between funds that are representative of lending/borrowing arrangements
outstanding at the end of the fiscal year are referred to as either “due to/from other
funds” (i.e., the current portion of interfund loans) or “advances to/from other funds”
(i.e., the noncurrent portion of interfund loans). All other outstanding balances
between funds are reported as “due to/from other funds.”
Interfund Receivables/Payables
All other interfund transactions, except interfund service transactions and
reimbursements, are reported as transfers.
Interfund Transactions (Continued)
$
TOTAL GOVERNMENTAL ACTIVITIES
75,000
75,000
-- 24
24 --
It is the policy of the District 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 District 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 objective of the policy is safety of principal, liquidity and return on investments.
Illinois Compiled Statutes (ILCS) and the District’s investment policy authorize the
District 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
Legislature under the control of the State Treasurer that maintains a $1 share value) and the
Illinois Park District Liquid Asset Fund (a money market fund created by the State
Legislature under the control of the Illinois Association of Parks that maintains a $1 share
value).
CASH AND INVESTMENTS
$
GOVERNMENTAL ACTIVITIES
Grant receivable - IDNR
The following receivables are included in intergovernmental receivables on the statement
of net position:
RECEIVABLES
n.
m.
1.
1.
-- 25
25 --
Concentration of credit risk is the risk that the District has a lack of diversification resulting
in concentrated risk based on one type of investment. The District’s investment policy
requires diversification but does not contain specific diversification targets or limits.
Custodial credit risk for investments is the risk that, in the event of the failure of the
counterparty to the investment, the District will not be able to recover the value of its
investments that are in possession of an outside party. Illinois Funds and the Illinois Park
District Liquid Asset Fund are not subject to custodial credit risk.
The District limits its exposure to credit risk, the risk that the issuer of a debt security will
not pay its par value upon maturity, by requiring investments primarily in obligations
guaranteed by the United States Government or securities issued by agencies of the United
States Government that are explicitly or implicitly guaranteed by the United States
Government. Illinois Funds and the Illinois Park District Liquid Asset Fund are rated AAA.
Interest rate risk is the risk that change in interest rates will adversely affect the fair value of
an investment. In accordance with its investment policy, the District limits its exposure to
interest rate risk by structuring the portfolio to provide liquidity for operating funds and
maximizing yields for funds not needed within in the current period. The investment policy
limits the maximum maturity length of investments for nonreserve funds to ten years for
mortgage-backed securities and three years for nonmortgage-backed securities from the
date of purchase. In addition, the average maturity for all mortgage-backed securities
cannot exceed five years from the date of purchase.
Investments
Custodial credit risk for deposits with financial institutions is the risk that in the event of a
bank’s failure, the District’s deposits may not be returned to it. The District’s investment
policy requires pledging of collateral with a fair value of 110% of all bank balances in
excess of federal depository insurance with the collateral held by an independent third party
in the District’s name.
Deposits with Financial Institutions
BUSINESS-TYPE ACTIVITIES
CAPITAL ASSETS, NET
Total capital assets being depreciated, net
-- 26
26 --
$ 12,075,295
10,969,400
446,073
3,516,474
287,785
4,250,332
Less accumulated depreciation for
Land improvements
Equipment
Total accumulated depreciation
856,915
248,980
1,105,895
697,527
14,181,941
340,264
15,219,732
$
$ 50,053,202
Capital assets being depreciated
Land improvements
Equipment
Land
CAPITAL ASSETS, NET
26,236,044
7,225,471
3,984,272
2,465,258
13,675,001
Less accumulated depreciation for
Land improvements
Equipment
Total accumulated depreciation
Total capital assets being depreciated, net
13,718,208
20,908,508
5,284,329
39,911,045
$ 22,064,751
1,752,407
23,817,158
Capital assets being depreciated
Land improvements
Equipment
Land
Balances
May 1
$
$
$
$
292,878
292,878
34,876
300,735
9,941
345,552
638,430
638,430
-
3,249,648
1,136,806
619,891
550,958
310,959
1,481,808
1,147,950
1,207,751
262,913
2,618,614
2,112,842
2,112,842
Increases
$
$
$
$
11,262,278
480,949
3,817,209
297,726
4,595,884
697,527
14,181,941
978,694
15,858,162
856,915
856,915
$ 51,079,010
26,901,417
7,743,100
4,431,428
2,700,861
14,875,389
14,747,771
21,575,313
5,453,722
41,776,806
248,980 $ 12,119,193
-
-
-
Balances
April 30
$ 22,064,751
2,112,842
24,177,593
- $
248,980
248,980
2,223,840
471,433
102,262
103,802
75,356
281,420
118,387
540,946
93,520
752,853
1,752,407
1,752,407
Decreases
Capital asset activity for the year ended April 30, 2015 was as follows:
CAPITAL ASSETS
4.
3.
CASH AND INVESTMENTS (Continued)
$ 11,450,702
7,520,000
3,065,000
166,666
226,330
472,706
$ 2,172,304
$ 1,910,000
201,915
60,389
Additions
$ 2,035,443
$ 1,435,000
135,000
166,666
226,330
72,447
Reductions
7,995,000
2,930,000
201,915
460,648
$ 11,587,563
$
Balances
April 30
$
$
1,791,915
1,450,000
140,000
201,915
-
Current
Portion
$
$
9,795,648
6,545,000
2,790,000
460,648
Long-Term
Portion
TOTAL BUSINESSTYPE ACTIVITIES
BUSINESS-TYPE
ACTIVITIES
Unamortized premium
$
$
8,539,838
8,290,000
215,974
33,864
Balance
May 1
$
$
$
$
985,860
925,000
26,996
33,864
Reductions
-- 27
27 --
27,242
27,242
Additions
$
$
7,581,220
7,365,000
188,978
27,242
Balance
April 30
$
$
977,242
950,000
27,242
Current
Portion
$
$
6,603,978
6,415,000
188,978
-
Long-Term
Portion
The General Fund and Recreation Fund typically liquidate the compensated absences
liability.
TOTAL
GOVERNMENTAL
ACTIVITIES
$
Balances
May 1
The following is a summary of changes in long-term debt for the year ended April 30,
2015:
LONG-TERM DEBT
$ 1,481,808
TOTAL DEPRECIATION EXPENSE GOVERNMENTAL ACTIVITIES
GOVERNMENTAL
ACTIVITIES
Debt certificates
Due to other governments
Unamortized premium
5.
$ 1,481,808
Recreation
Depreciation expense was charged to functions/programs of the primary government as
follows:
Debt
Service
Debt
Service
$2,065,000 General Obligation
Limited Park Bonds, Series
2012A, dated November 14,
2012, due in annual
installments of $160,000 to
$1,165,000 on December 30,
2013 to December 30, 2017.
Interest ranging from 0.50% to
2.00% is payable semiannually
on June 30 and December 30.
Debt
Service
Debt
Service
2012A, dated February 8,
2012, due in annual
$720,000 on December 30,
2012 to December 30, 2016.
2010, dated November 4, 2010,
due in annual installments of
$55,000 to $775,000 on
December 30, 2011 to
December 30, 2015. Interest
ranging from 2.00% to 2.50%
is payable semiannually on
June 30 and December 30.
2009, dated November 24,
2009, due in annual
2010 to December 30, 2014.
Fund
Retired by
$
-- 28
28 --
2,040,000
1,645,000
1,230,000
425,000
Balances
May 1
$
Additions
-
-
-
-
$
135,000
375,000
455,000
425,000
Reductions
General Obligation Bonds Paid by Governmental Activities
$
-
1,905,000
1,270,000
775,000
Balances
April 30
$
-
80,000
550,000
775,000
Current
Portion
The outstanding debt as of April 30, 2015 consists of the following individual amounts:
LONG-TERM DEBT (Continued)
5.
4.
CAPITAL ASSETS (Continued)
Debt
Service
2014, due in annual
$1,410,000 on December 30,
2014 to December 30, 2020.
$ 7,520,000
-
$ 2,180,000
Balances
May 1
1,910,000
TOTAL DEBT
CERTIFICATES PAID BY
GOVERNMENTAL
ACTIVITIES
Limited Tax Debt Certificate,
Series 2012, dated October 11,
2012, due in annual
$645,000 on December 1, 2013
to December 1, 2031. Interest
ranging from 2.00% to 4.00%
is payable semiannually on
Debt
Service
Fund
Retired by
-- 29
29 --
$ 3,065,000
$ 3,065,000
Balance
May 1
-
$
$
Additions
-
-
$ 1,910,000
$
Additions
Debt Certificates Paid by Governmental Activities
TOTAL GENERAL
OBLIGATION BONDS
PAID BY
GOVERNMENTAL
ACTIVITIES
Debt
Service
2013, due in annual
$1,515,000 on December 30,
2014 to December 30, 2019.
Fund
Retired by
-
45,000
$
$
135,000
135,000
Reductions
$ 1,435,000
$
Reductions
$ 2,930,000
$ 2,930,000
Balance
April 30
$ 7,995,000
1,910,000
$ 2,135,000
Balances
April 30
General Obligation Bonds Paid by Governmental Activities (Continued)
20,000
25,000
$
$
140,000
140,000
Current
Portion
$ 1,450,000
$
Current
Portion
Equipment
Replacement
$
$
166,666
166,666
Balances
May 1
$
$
Additions
-
-
$
$
TOTAL GENERAL
OBLIGATION BONDS
PAID BY
BUSINESS-TYPE
ACTIVITIES
Refunding Park Bonds
(Alternate Revenue Source),
Series 2011, dated
April 26, 2011, due in annual
installments of $185,000 and
2011 to December 30, 2021.
Interest at 2.00% to 4.00% is
payable semiannually on
Park Bonds (Alternate Revenue
Source), Series 2005B, dated
October 15, 2005, due in
annual installments of
$100,000 and $410,000 on
December 30, 2006 to
December 30, 2021. Interest at
3.75% to 4.25% is payable
semiannually on June 30 and
December 30.
Fitness
Center
Fitness
Center
Fund
Retired by
-- 30
30 --
$ 8,290,000
6,835,000
$ 1,455,000
Balances
May 1
$
$
Additions
-
-
-
$
$
$
$
Balances
April 30
Balances
April 30
-
-
6,065,000
925,000 $ 7,365,000
770,000
155,000 $ 1,300,000
Reductions
166,666
166,666
Reductions
General Obligation Bonds Paid by Business-Type Activities
TOTAL DUE TO OTHER
GOVERNMENTS PAID
BY GOVERNMENTAL
ACTIVITIES
$500,000 intergovernmental
agreement dated February 5,
2012 with School District
#214, due in annual
installments of $166,667 on
May 1, 2012 to May 1, 2014
with 0% interest.
Fund
Retired by
Due to Other Governments Paid by Governmental Activities
5.
5.
$
$
$
$
-
-
950,000
785,000
165,000
Current
Portion
Current
Portion
$
TOTAL
7,995,000 $
1,450,000 $
1,485,000
1,500,000
1,535,000
1,565,000
460,000
505,337
162,237
127,375
104,275
74,275
25,675
11,500
$
TOTAL
-- 31
31 --
$
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
2027
2028
2029
2030
2031
2032
Fiscal Year
Ending
April 30,
2,930,000
140,000
140,000
145,000
150,000
150,000
155,000
155,000
160,000
165,000
170,000
180,000
185,000
190,000
200,000
205,000
215,000
225,000
$
$
999,950
92,075
89,275
86,475
83,575
80,575
77,388
73,900
70,412
66,812
60,213
53,412
46,213
38,812
31,688
24,187
16,500
8,438
Debt Certificates
Principal
Interest
The annual debt service requirements to amortize the governmental activities outstanding
debt as of April 30, 2015 is as follows:
$
2016
2017
2018
2019
2020
2021
General Obligation Bonds
Principal
Interest
6.
$
TOTAL
7,365,000
950,000
980,000
1,015,000
1,040,000
1,080,000
1,125,000
1,175,000
$
$
1,169,657
267,197
240,560
209,460
177,210
135,610
92,410
47,210
Principal
Interest
-- 32
32 --
As a member of PDRMA, the District is represented on the Membership Assembly and is
entitled to one vote. The relationship between the District and PDRMA is governed by a
contract and by-laws that have been adopted by resolution of the District’s governing body.
Losses exceeding the per occurrence self-insurance and reinsurance limit would be the
responsibility of the District. PDRMA’s Board of Directors evaluates the aggregate selfinsured limit annually.
The District is exposed to various risks related to torts; theft of, damage to, and destruction
of assets; errors and omissions; employee health; injuries to employees; and net income
losses. The District purchases private insurance for its employee health risks. Since 1986,
the District has been a member of the Park District Risk Management Agency (PDRMA), a
risk management pool of park and forest preserve districts, and special recreation
associations through which property, general liability, automobile liability, crime, boiler
and machinery, public officials’, employment practices liability and workers’ compensation
coverage is provided in excess of specified limits for the members, acting as a single
insurable unit.
RISK MANAGEMENT
$
2016
2017
2018
2019
2020
2021
2022
Fiscal Year
Ending
April 30,
The annual debt service requirements to amortize the outstanding business-type activity
(fitness center) debt as of April 30, 2015 is as follows:
The annual debt service requirements to amortize the governmental activities outstanding
debt as of April 30, 2015 is as follows:
Fiscal Year
Ending
April 30,
Debt Service Requirements to Maturity (Continued)
Debt Service Requirements to Maturity
5.
5.
7.
b.
-- 33
33 --
Amounts received or receivable from grantor agencies are subject to audit and
adjustment by grantor agencies, principally the State of Illinois. 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 District expects such
amounts, if any, to be immaterial.
Grants
-- 34
34 --
All employees 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 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.
The District’s defined benefit pension plan, Illinois Municipal Retirement Fund (IMRF),
provides retirement, disability, annual cost of living adjustments and death benefits to plan
members and beneficiaries. IMRF is an agent multiple-employer pension plan that acts as a
common investment and administrative agent for local governments and school districts in
Illinois. The Illinois Pension Code establishes the benefit provisions of the plan that can
only be amended by the Illinois General Assembly. IMRF issues a publicly available
financial report that includes financial statements and supplementary information for the
plan as a whole but not by individual employer. That report may be obtained by writing to
the Illinois Municipal Retirement Fund, 2211 York Road, Suite 500, Oak Brook, Illinois
60523.
The District is a defendant in various lawsuits. Although the outcome of these
lawsuits is not presently determinable, it is the opinion of the District’s attorney that
the resolution of these matters will not have a material adverse effect on the financial
condition of the District.
Litigation
a.
EMPLOYEE RETIREMENT SYSTEMS
Illinois Municipal Retirement Fund
9.
Complete financial statements for NWSRA can be obtained from NWSRA administrative
offices at 3000 Central Road, Rolling Meadows, Illinois, 60008.
NWSRA’s Board of Directors consists of one member from each participating district. The
Board of Directors is the governing body of NWSRA and is responsible for establishing all
major policies and changes therein and for approving all budgets, capital outlay,
programming and master plans. The District is not financially accountable for the activities
of NWSRA and, accordingly, NWSRA has not been included in the accompanying
financial statements.
The District is a member of the Northwest Special Recreation Association (NWSRA),
which was organized by 16 area park districts in order to provide special recreation
programs to the physically and mentally handicapped within their districts and to share the
expenses of such programs on a cooperative basis. Each member District’s fiscal year 2015
contribution is based on its pro rata share of 75% of the assessed valuation and 25% of the
gross populations.
CONTINGENT LIABILITIES
Complete financial statements for the PDRMA can be obtained from the PDRMA’s
administration offices at 2033 Burlington Avenue, Lisle, Illinois, 60532.
Since 95% of PDRMA’s liabilities are reserves for losses and loss adjustment expenses,
which are based on an actuarial estimate of the ultimate losses incurred, the member
balances are adjusted annually as more recent loss information becomes available.
PDRMA is responsible for administering the self-insurance program and purchasing excess
insurance according to the direction of the Board of Directors. PDRMA also provides its
members with risk management services, including the defense of and settlement of claims
and establishes reasonable and necessary loss reduction and prevention procedures to be
followed by the members.
The District is contractually obligated to make all annual and supplementary contributions
to PDRMA, to report claims on a timely basis, cooperate with PDRMA, its claims
administrator and attorneys in claims investigation and settlement and to follow risk
management procedures as outlined by PDRMA. Members have a contractual obligation to
fund any deficit of PDRMA attributable to a membership year during which they were a
member.
JOINT GOVERNED ORGANIZATION - NORTHWEST SPECIAL RECREATION
ASSOCIATION
8.
6.
RISK MANAGEMENT (Continued)
2013
2014
2015
For
Fiscal
Year
$
539,325
575,600
657,907
Annual
Pension
Cost
(APC)
-- 35
35 --
100.00%
100.00%
100.00%
Percentage
of APC
Contributed
$
-
Net
Pension
Obligation
Employer annual pension cost (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.
For the fiscal year ended April 30, 2015, the District’s annual pension cost of $657,907
was equal to the District’s required and actual contributions. The required contribution was
determined as part of the December 31, 2012 actuarial valuation using the entry-age
actuarial cost method. The actuarial assumptions included (a) 7.5% investment rate of
return (net of administrative expenses), (b) projected salary increases of 4% a year,
attributable to inflation, (c) additional projected salary increases ranging from 0.4% to 10%
per year depending on age and service, attributable to seniority/merit and (d) postretirement
benefit increases of 3% annually. The actuarial value of IMRF assets was determined using
techniques that smooth the effects of short-term volatility in the market value of
investments over a five-year period. IMRF’s unfunded actuarial accrued liability is being
amortized as a level percentage of projected payroll on a open basis. The remaining
amortization period at December 31, 2012 was 29 years.
Employees participating in the IMRF are required to contribute 4.5% of their annual
covered salary. The member rate is established by state statute. The District is required to
contribute at an actuarially determined rate. The employer rate for calendar year 2014 was
13.81% of payroll. The employer contribution requirements are established and may be
amended by the IMRF Board of Trustees.
10.
$
$
9,605,634
4,696,238
4,909,396
48.89%
4,488,277
109.38%
a.
-- 36
36 --
In addition to providing the pension benefits described, the District provides
postemployment health care benefits (OPEB) for retired employees through a
single-employer defined benefit plan. The benefits, benefit levels, employee
contributions and employer contributions are governed by the District and can be
amended by the District through its personnel manual, except for the implicit subsidy
which is governed by the State Legislature and ILCS. 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 District’s governmental activities.
Plan Description
OTHER POSTEMPLOYMENT BENEFITS
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 plan.
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
The funded status of the plan as of April 30, 2015 is based on the actuarial valuation
performed as of December 31, 2014 for the IMRF and is as follows. The actuarial
assumptions used to determine the funded status of the plan is the same actuarial
assumptions used to determine the employer APC of the plan as disclosed above.
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.
Illinois
Municipal
Retirement
Illinois Municipal Retirement Fund (Continued)
Illinois Municipal Retirement Fund (Continued)
EMPLOYEE RETIREMENT SYSTEMS (Continued)
9.
9.
EMPLOYEE RETIREMENT SYSTEMS (Continued)
d.
c.
b.
57
1
TOTAL
Participating employers
-- 37
37 --
The District 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.
Funding Policy
35
20
-
2
Active employees - vested
Active employees - nonvested
Retirees and beneficiaries currently receiving
benefits
Terminated employees entitled
to benefits but not yet receiving them
At April 30, 2014, (most recent valuation available) membership consisted of:
Membership
The District provides continued health insurance coverage at the active employer rate
to all eligible employees in accordance with ILCS, which creates an implicit subsidy
of retiree health insurance. To be eligible for benefits, an employee must qualify for
retirement under the District’s retirement plan. Upon a retiree reaching age 65 years
of age, Medicare becomes the primary insurer and the retiree is no longer eligible to
participate in the plan, but can purchase a Medicare supplement plan from the
District’s insurance provider. In addition, two retirees have agreements with the
District for certain continued coverage paid by the District.
Benefits Provided
Fiscal
Year
Ended
13,169
11,967
17,531
$
25,018
21,016
24,096
Employer
Contributions
190.0%
175.6%
137.5%
Percentage of
Annual OPEB
Cost
Contributed
$
$
$
(45,096)
(6,565)
(38,531)
17,531
24,096
17,788
(1,541)
1,284
-- 38
38 --
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
$
$
344,885
344,885
0.00%
3,569,740
9.66%
Funded Status and Funding Progress. The funded status of the plan as of April 30,
2014 (most recent valuation available) was as follows:
NET OPEB OBLIGATION (ASSET), END OF YEAR
Increase (decrease) in net OPEB obligation
Net OPEB obligation (asset), beginning of year
Annual OPEB cost
Contributions made
Annual required contribution
Interest on net OPEB obligation
Adjustment to annual required contribution
(29,482)
(38,531)
(45,096)
Net OPEB
Obligation
The net OPEB obligation as of April 30, 2015 was calculated as follows:
$
Annual
OPEB
Cost
The District’s annual OPEB cost, the percentage of annual OPEB cost contributed to
the plan, and the net OPEB obligation for last three years was as follows:
Annual OPEB Costs and Net OPEB Obligation
April 30, 2013
April 30, 2014
April 30, 2015
e.
OTHER POSTEMPLOYMENT BENEFITS (Continued)
10.
10.
11.
In the April 30, 2014, actuarial valuation, the entry-age actuarial cost method was
used. The actuarial assumptions included a discount rate of 5% and an initial
healthcare cost trend rate of 7.5% with an ultimate healthcare inflation rate of 5.5%.
Both rates include a 3% inflation assumption. The actuarial value of assets was not
determined as the District 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. The remaining amortization period at April 30, 2014 was
30 years.
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.
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.
Annual OPEB Costs and Net OPEB Obligation (Continued)
a.
$
TOTAL
-- 39
39 --
$
Recreation
Clubhouse
Capital projects
Nonmajor governmental
Fund
549,775
320,000
229,775
Transfers In
$
$
549,775
229,775
300,000
20,000
Transfers Out
Interfund transfers during the year ended April 30, 2015 consisted of the following:
Interfund Transfers
INTERFUND BALANCES
e.
c.
b.
a.
$229,775 transferred to the Nonmajor Governmental Funds from other funds.
This relates to transfers from the Recreation Fund $(229,775) for the payment
of the debt service on the Golf Dome debt. The transfers will not be repaid.
$320,000 transferred to the Capital Projects Fund from other funds. This
relates to routine transfers from the Clubhouse Fund $(300,000) and Nonmajor
Governmental Funds $(20,000) for the financing of capital improvements. The
transfers will not be repaid.
3,798,100
1,899,050
1,899,050
-
$
$
3,798,100
3,798,100
Advance
From
(Payable
Fund)
-- 40
40 --
The Clubhouse Fund reports a due from the Capital Projects Fund of $318,414 for a
deficit cash balance. This will be repaid in less than one year.
Due To/From
$3,798,000 advanced to the Fitness Center Fund from the General $(1,899,050)
and the Recreation Fund $(1,899,050). This relates to a long-term advance of
cash to fund operations at the Fitness Center. This loan will be repaid over
several years.
$
TOTAL

$
General
Recreation
Fitness Center
Fund
Advance
To
(Receivable
Fund)
Advances to/from other funds as of April 30, 2015 consist of the following:
Interfund Advances


The purposes of significant interfund transfers are as follows:
Interfund Transfers (Continued)
INTERFUND BALANCES
11.
10.
REQUIRED SUPPLEMENTARY INFORMATION
(See independent audior's report.)
- 41 -
4,918,687
FUND BALANCE, APRIL 30
$
$
(48,903) $
2,562,997
798,511
1,764,486
2,514,094
2,464,005
14,063
1,500
24,150
10,060
316
4,967,590
(470,507)
$
Actual
FUND BALANCE, MAY 1
(302,676) $
2,842,705
$
2,674,874
NET CHANGE IN FUND BALANCE
Total expenditures
811,571
2,031,134
2,372,198
2,318,098
12,500
1,500
19,600
18,000
2,500
756,883
1,917,991
$
2,372,198
2,318,098
12,500
1,500
19,600
18,000
2,500
Total revenues
$
Final
Budget
EXPENDITURES
Current
General government
Recreation
REVENUES
Taxes
Property taxes
Other taxes
Intergovernmental
Rental income
Investment income
Miscellaneous
Original
Budget
SCHEDULE OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCE - BUDGET AND ACTUAL
GENERAL FUND
421,604
(279,708)
(13,060)
(266,648)
141,896
145,907
1,563
4,550
(7,940)
(2,184)
Variance
Over
(Under)
3,439,259
(See independent auditor's report.)
- 42 -
3,362,514
$
76,745
(229,775)
(229,775)
306,520
5,155,120
2,184,731
260,903
264,225
2,445,261
5,461,640
2,981,355
205,227
354,200
32,321
46,101
95,768
1,746,668
(711,137)
(229,775)
(229,775)
(481,362)
5,655,356
$
FUND BALANCE, MAY 1
(531,545) $
(229,775)
(229,775)
Transfers (out)
5,475,764
2,273,251
275,422
334,630
2,273,251
275,422
325,431
5,173,994
2,794,577
248,665
362,895
48,190
77,640
1,642,027
2,772,053
$
2,601,660
5,173,994
2,794,577
248,665
362,895
48,190
77,640
1,642,027
(301,770)
$
$
OVER EXPENDITURES
Total expenditures
EXPENDITURES
Current
General government
Recreation
Recreational programs
Aquatics
Golf Learning Center
Total revenues
REVENUES
Property taxes
Aquatics
Intergovernmental
Rental
Miscellaneous
Actual
$
$
787,882
-
-
787,882
(500,236)
(88,520)
(14,519)
(70,405)
(326,792)
287,646
186,778
(43,438)
(8,695)
32,321
(2,089)
18,128
104,641
Variance
Over
(Under)
FUND BALANCE, MAY 1
$
$
34,515
(300,000)
(300,000)
334,515
1,034,430
1,034,430
1,368,945
375
260,600
641,000
305,000
125,970
36,000
$
$
34,515
(300,000)
(300,000)
334,515
1,034,430
1,034,430
1,368,945
375
260,600
641,000
305,000
125,970
36,000
Final
Budget
- 43 -
OTHER FINANCINGS SOURCES (USES)
Transfers (out)
OVER EXPENDITURES
Total expenditures
EXPENDITURES
Current
Recreation
Total revenues
REVENUES
District 21
District 96
District 102
Trips
Intergovernmental
Miscellaneous
Other
Original
Budget
$
$
478,706
208,484
270,222
(300,000)
(300,000)
570,222
990,532
990,532
1,560,754
3,108
288,325
727,863
378,703
125,433
37,322
Actual
Final
Budget
CLUBHOUSE FUND
RECREATION FUND
Original
Budget
$
$
235,707
-
-
235,707
(43,898)
(43,898)
191,809
2,733
27,725
86,863
73,703
(537)
1,322
Variance
Over
(Under)
$
2010
493,681
539,325
575,600
657,907
2012
2013
2014
2015
$
657,907
575,600
539,325
493,681
481,071
466,999
- 44 -
481,071
2011
466,999
Employer
Contributions
Fiscal
Year
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
Percentage
Contributed
25,018
21,016
24,096
2013
2014
2015
$
17,788
12,163
13,286
13,286
13,286
2,962
- 45 -
25,018
2012
25,018
$
2011
2010
Employer
Contributions
Annual
Required
Contribution
(ARC)
April 30, 2015
April 30, 2015
Fiscal
Year
April 30,
SCHEDULE OF EMPLOYER CONTRIBUTIONS
OTHER POSTEMPLOYMENT BENEFIT PLAN
SCHEDULE OF EMPLOYER CONTRIBUTIONS
ILLINOIS MUNICIPAL RETIREMENT FUND
Annual
Required
Contribution
(ARC)
BUFFALO GROVE, ILLLINOIS
135.46%
172.79%
188.30%
188.30%
188.30%
0.00%
Percentage
Contributed
5,588,933
6,224,028
7,632,661
4,696,238
2011
2012
2013
2014
6,886,923
4,863,658
$
(1)
Actuarial
Value of
Assets
2010
2009
Actuarial
Valuation
Date
December 31,
$
48.89%
68.90%
62.12%
59.09%
56.37%
70.12% $
(3)
Funded
Ratio
(1) / (2)
4,909,396
3,445,752
3,795,917
3,870,135
3,764,023
2,934,503
(4)
Unfunded
AAL
(UAAL)
(2) - (1)
- 46 -
9,605,634
11,078,413
10,019,945
9,459,068
8,627,681
9,821,426
(2)
Actuarial
Accrued
Liability
(AAL)
Entry-Age
$
4,488,277
4,020,650
3,884,915
3,728,517
3,760,534
3,333,843
(5)
Covered
Payroll
109.38%
85.70%
97.71%
103.80%
100.09%
88.02%
UAAL
as a
Percentage
of Covered
Payroll
(4) / (5)
$
N/A
N/A
N/A
-
-
-
(1)
Actuarial
Value of
Assets
N/A - No valuation performed.
2015
2014
2013
2012
2011
2010
Actuarial
Valuation
Date
April 30,
$
N/A
0.00%
0.00%
N/A
N/A
0.00% $
(3)
Funded
Ratio
(1) / (2)
N/A
344,885
189,115
N/A
N/A
268,117
(4)
Unfunded
AAL
(UAAL)
(2) - (1)
- 47 -
N/A
344,885
189,115
N/A
N/A
268,117
(2)
Actuarial
Accrued
Liability
(AAL)
Entry-Age
April 30, 2015
SCHEDULE OF FUNDING PROGRESS
OTHER POSTEMPLOYMENT BENEFIT PLAN
SCHEDULE OF FUNDING PROGRESS
April 30, 2015
N/A
3,569,740
3,329,438
N/A
N/A
$ 3,333,843
(5)
Covered
Payroll
N/A
9.66%
5.68%
N/A
N/A
8.04%
UAAL
as a
Percentage
of Covered
Payroll
(4) / (5)
The Board of Park Commissioners may amend the Budget and Appropriation
Ordinance in the same manner as its original enactment. Amendments were made in
the current year.
The legal level of budgetary control is the fund level.
All appropriations lapse at the year end. Expenditures legally may not exceed the
total of appropriations and beginning fund balance at the fund level.
d.
e.
f.
Illinois Municipal Retirement
Capital Project
Fund
48 --- 49
$
478,096
3,786,737
Appropriation
$
509,761
3,833,827
Actual
The following funds had actual expenditures greater than appropriations:
Prior to August 1 of the following fiscal year, the budget is legally enacted through
the passage of a Budget and Appropriations Ordinance.
c.
3.
Public workshops are held during March and April to obtain taxpayer comments.
b.
Annual budgets are adopted for the General Fund, Special Revenue Funds, the Debt
Service Funds, the Capital Projects Funds and the Proprietary Fund. The District adopts
budgets consistent with accounting principles generally accepted in the United States of
America.
At the February Board meeting, the Executive Director submits to the Board of Park
Commissioners 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.
a.
The Board of Park Commissioners follows these procedures in establishing the budgetary
data reflected in the required supplementary information.
2.
1.
BUDGETS AND BUDGETARY ACCOUNTING
April 30, 2015
NOTES TO REQUIRED SUPPLEMENTARY INFORMATION
COMBINING AND INDIVIDUAL FUND
FINANCIAL STATEMENTS AND SCHEDULES
MAJOR GOVERNMENTAL FUNDS
756,883
Total general government
2,000
70,292
13,600
15,000
5,000
250
6,500
3,400
4,200
10,500
811,571
130,742
(This schedule is continued on the following pages.)
- 49 -
130,742
Total contractual services
2,000
70,292
13,600
15,000
5,000
250
6,500
3,400
4,200
10,500
38,969
38,969
Contractual services
Computer programming
Consultants
Dues and subscriptions
Legal counsel
Other legal
Payroll processing
Plumbing
Service agreement
Telephone
Bernard House
Total commodities
1,250
18,001
1,730
1,063
3,000
2,925
1,500
4,500
5,000
641,860
470,174
2,500
151,073
7,650
8,663
1,800
1,250
18,001
1,730
1,063
3,000
2,925
1,500
4,500
5,000
$
587,172
428,249
2,500
138,310
7,650
8,663
1,800
Total personal services
$
Final
Budget
Commodities
Accounting supplies
Commissioner supplies
MIS supplies
Copier/register supplies
General administrative
Office supplies
Paper
Postage
Special administration programs
CURRENT
General government
Personal services
Salaries
Education
Group insurance
Staff development
Conferences and seminars
Travel
Original
Budget
SCHEDULE OF EXPENDITURES - BUDGET AND ACTUAL
GENERAL FUND
$
798,511
169,263
57
108,936
11,680
14,755
15,713
236
5,454
3,493
2,507
6,432
35,527
1,313
16,226
1,119
135
2,798
3,122
959
1,500
8,355
593,721
443,254
2,700
131,525
6,852
8,469
921
Actual
$
290,570
30,450
15,500
24,500
12,000
10,000
7,250
75,340
2,510
7,200
10,100
4,250
5,810
9,250
4,000
17,675
6,700
7,000
1,020
6,300
12,100
9,990
1,500
6,800
425
2,900
1,430,578
1,067,675
14,377
1,200
3,475
106,246
232,405
200
5,000
$
290,570
30,450
15,500
24,500
12,000
10,000
7,250
75,340
2,510
7,200
10,100
4,250
5,810
9,250
4,000
17,675
6,700
7,000
1,020
6,300
12,100
9,990
1,500
6,800
425
2,900
1,543,721
1,159,176
14,377
1,200
3,475
106,246
254,047
200
5,000
(This schedule is continued on the following page.)
- 50 -
Total commodities
Commodities
Ball diamonds repair and maintenance
Building repair and maintenance
Equipment repair and maintenance
Park equipment repair and maintenance
Vehicle repair and maintenance
Fertilizer
Gasoline, oil and grease
Herbicides
Ice melt
Landscape tools
Office supplies
Plantings
Safety equipment
Seed and mulch
Shop supplies
Signs
Sod
Top soil
Underlayment
Uniform
Custodial supplies
Riding mower
Welding supplies
Willow Stream irrigation
CURRENT (Continued)
Recreation
Personal services
Salaries
Education
Employee recognition
Employee benefits
Group insurance
Travel
Staff development
$
230,763
26,254
8,491
26,568
7,855
8,203
8,059
51,584
2,789
2,959
2,850
1,737
6,481
9,170
1,911
20,409
5,694
6,789
122
2,302
11,729
8,176
1,968
3,992
176
4,495
1,364,420
1,035,410
11,713
482
2,408
115,580
191,959
331
6,537
TOTAL EXPENDITURES
Total recreation
$
$
2,674,874
1,917,991
2,500
2,500
194,343
8,978
4,796
7,440
4,000
8,200
6,830
22,850
5,000
1,940
84,600
7,720
2,324
4,600
7,315
1,750
16,000
- 51 -
Total capital improvements
Capital improvements
Machine and tools
CURRENT (Continued)
Recreation (Continued)
Building maintenance
Cleaning service
Contract weed spraying
Furnace/heater maintenance
Landscaping services
Licenses and registration
Pest control
Refuse disposal
Service agreements
Shop and equipment rental
Tree maintenance
Utilities
Electric
Gas
Telephone
Water
$
$
Original
Budget
Original
Budget
2,842,705
2,031,134
2,500
2,500
194,343
8,978
4,796
7,440
4,000
8,200
6,830
22,850
5,000
1,940
84,600
7,720
2,324
4,600
7,315
1,750
16,000
Final
Budget
Actual
SCHEDULE OF EXPENDITURES - BUDGET AND ACTUAL (Continued)
GENERAL FUND
GENERAL FUND
Final
Budget
$
$
2,562,997
1,764,486
399
399
168,904
9,669
3,238
9,701
3,976
6,329
6,060
17,148
3,165
1,556
84,279
2,888
523
1,887
4,440
1,664
12,381
Actual
$
-
Investment income
TOTAL REVENUES
- 52 -
5,173,994
77,640
-
48,190
362,895
3,406,137
39,360
10,400
148,400
87,040
47,250
350
16,000
3,300
4,595
6,200
$
5,173,994
77,640
-
-
48,190
3,406,137
362,895
39,360
10,400
148,400
87,040
47,250
350
16,000
3,300
4,595
6,200
248,665
248,665
2,794,577
135,781
101,120
938,449
657,256
491,342
28,665
40,800
56,644
344,520
1,642,027
30,113
55,250
18,125
30,550
31,752
82,875
Total charges for services
Miscellaneous
$
Final
Budget
30,113
55,250
18,125
30,550
31,752
82,875
2,794,577
135,781
101,120
938,449
657,256
491,342
28,665
40,800
56,644
344,520
1,642,027
Intergovernmental
Rental
$
Total Golf Learning Center
Private lessons
Group lessons
Tee admissions
Five hour tee pass
Season pass
Club repair
Pro shop sales
Gift certificates
Sports programs
Vending
Total aquatics
Aquatics
Camp
Daily admissions
Private lessons
Pool passes
Pool programs
Swim team
Total recreational programs
Adult general
Adult sports
Camps
Dance
Early childhood and tot
Seniors
Special events
Youth general
Youth sports
REVENUES
Property taxes
Original
Budget
$
$
5,461,640
95,768
-
32,321
46,101
3,540,782
354,200
49,864
7,736
112,220
108,300
56,863
15,759
1,307
2,151
205,227
12,434
50,969
4,626
32,767
32,384
72,047
2,981,355
110,533
86,241
931,596
787,831
553,216
34,141
56,398
74,978
346,421
1,746,668
Actual
1,000
43,528
13,400
1,500
60,000
34,080
170,631
1,000
43,528
13,400
1,500
60,000
34,080
170,631
1,250
18,150
600
12,000
1,640
2,126
10,000
15,000
4,050
2,500
6,920
9,275
3,900
2,070
38,413
18,242
11,000
4,450
1,750
2,195
2,000
500
2,600
2,116,590
1,946,197
1,250
18,150
600
12,000
1,640
2,126
10,000
15,000
4,050
2,500
6,920
9,275
3,900
2,070
38,413
18,242
11,000
4,450
1,750
2,195
2,000
500
2,600
$ 1,663,961
45,054
3,350
5,400
363,064
10,690
25,071
Final
Budget
$ 1,524,398
45,054
3,350
5,400
332,234
10,690
25,071
Original
Budget
- 53 -
Advertising
Architects, consultants and engineers
Equipment maintenance
Charge fees
Contract cleaning
Total commodities
Commodities
Accounting supplies
Building repair
Concession repair
Concession supplies
Vehicle maintenance
Copier supplies
Custodial supplies
Fee assistance
Military assistance support
MIS supplies
Office supplies
Paper
Photographic and audio visual equipment
Postage
Public information
Recreation equipment
Sales tax
Sponsorship expenses
Uniforms
Vending supplies
Outdoor rental
Willow Stream shelter
CURRENT
General government
Personal services
Salaries
Education/tuition
Employee recognition program
Group insurance
Staff development
Travel
RECREATION FUND
SCHEDULE OF REVENUES - BUDGET AND ACTUAL
RECREATION FUND
457
73,611
1,516
601
56,911
32,089
120,635
1,313
7,964
248
12,797
184
271
6,283
10,905
4,597
588
3,706
9,409
2,494
2,253
32,390
11,749
3,808
3,703
3,201
1,547
72
1,153
1,869,621
$ 1,486,831
31,625
2,043
7,998
306,216
13,936
20,972
Actual
$
- 54 -
541,746
2,273,251
Total recreational programs
120,502
421,244
Program rentals
Contractual programs
410,886
21,005
277,911
111,970
1,320,619
Total commodities
Commodities
Awards
Equipment and supplies
Tickets
175,404
37,460
1,107,755
Total general government
Recreation
Personal services
Salaries - full time
Salaries - coordinators
Salaries - instructors
484,832
2,601,660
6,634
7,879
500
12,000
800
14,500
4,384
116,900
29,650
74,367
30,110
15,300
4,800
13,500
$
CURRENT (Continued)
General government (Continued)
Contractual services (Continued)
Employment ads
Office machine repair
Outdoor rental
Pest control
Printing
Service agreements
Utilities
Electric
Gas
Telephone
Plumbing
Water
2,273,251
541,746
120,502
421,244
410,886
21,005
277,911
111,970
1,320,619
175,404
37,460
1,107,755
2,772,053
484,832
74,367
30,110
15,300
4,800
13,500
6,634
7,879
500
12,000
800
14,500
4,384
116,900
29,650
$
2,184,731
506,970
90,989
415,981
439,210
13,397
320,289
105,524
1,238,551
130,963
30,447
1,077,141
2,445,261
455,005
69,990
30,170
12,294
325
10,273
284
9,547
300
3,035
1,528
13,409
2,332
108,456
27,877
Actual
149,724
144,172
490
3,800
1,262
275,422
158,923
153,371
490
3,800
1,262
275,422
44,253
7,500
5,500
4,310
9,000
7,500
5,500
4,310
9,000
44,253
16,523
1,420
-
36,325
5,700
600
1,250
2,000
3,450
525
1,000
1,475
12,375
7,950
194,844
189,099
5,745
Final
Budget
16,523
1,420
-
$
- 55 -
Personal services
Salaries
Program development
Staff development
Group insurance
Total Aquatics
Cleaning services
Pest control
Utilities
Electric
Gas
Telephone
Water
36,325
5,700
600
1,250
2,000
3,450
525
1,000
1,475
12,375
7,950
Total commodities
194,844
189,099
5,745
$
Commodities
Building repair and maintenance
Custodial supplies
First aid supplies
Hurricane Booster
Landscaping
Office supplies
Plumbing
Program supplies
Swim team
Uniforms
CURRENT (Continued)
Aquatics
Personal services
Salaries
Staff development
Original
Budget
Final
Budget
RECREATION FUND
RECREATION FUND
Original
Budget
$
136,408
134,738
453
744
473
260,903
54,949
10,137
6,466
1,872
8,973
19,961
5,682
1,344
514
36,253
3,423
1,021
1,596
4,864
2,441
860
102
1,475
12,871
7,600
169,701
164,076
5,625
Actual
TOTAL EXPENDITURES
- 56 -
$ 5,475,764
2,874,104
325,431
Total recreation
Total Golf Learning Center
$ 5,655,356
2,883,303
334,630
120,977
18,600
57,500
2,100
400
18,600
57,500
2,100
400
54,730
1,225
275
75
1,500
1,180
900
34,235
2,000
1,100
400
6,000
400
500
1,000
1,340
2,600
925
10,000
3,087
3,500
4,465
1,500
600
15,550
750
2,000
$
Final
Budget
925
10,000
3,087
3,500
4,465
1,500
600
15,550
750
2,000
54,730
1,225
275
75
1,500
1,180
900
34,235
2,000
1,100
400
6,000
400
500
1,000
1,340
2,600
120,977
$
Original
Budget
Advertising
Contract services
Printing
Structure handling
Pest control
Tree maintenance
Utilities
Electric
Gas
Telephone
Water
Total commodities
CURRENT (Continued)
Golf Learning Center (Continued)
Commodities
Building repairs
Club repair
Concession repair
Custodial supplies
Equipment repair
Fabric repair and maintenance
Landscaping
Mechanical system maintenance
Office supplies
Plumbing
Pro shop supplies
Program supplies
Sports supplies
Tractor maintenance
Uniforms
Vending supplies
RECREATION FUND
2,709,859
264,225
79,807
17,051
37,780
2,377
-
805
11,260
480
491
1,432
1,314
511
5,607
610
89
48,010
1,419
764
400
22,431
142
1,018
13,714
381
1,190
1,063
5,488
$ 5,155,120
$
Actual
TOTAL EXPENDITURES
- 57 -
1,034,430
76,536
22,750
1,678
13,500
25,048
13,560
144,652
Total commodities
Bus rentals
Program charge fees
School rentals
Telephone
813,242
178,342
23,524
51,463
55,751
494,377
4,555
3,880
350
1,000
1,062
1,500
864
4,914
2,940
600
1,800
84,650
2,080
5,125
39,117
$
$
Commodities
Copier supplies
Equipment
First aid
MIS supplies
Office supplies
Paper
Postage
Program expenditures
Children's shirts
Staff shirts
Tickets
CURRENT
Recreation
Personal services
Salaries
Group insurance
FICA
IMRF
Instructors
Program development
Staff development
Tuition
Travel
Unemployment insurance
Original
Budget
$
$
1,034,430
76,536
22,750
1,678
13,500
25,048
13,560
144,652
1,062
1,500
864
4,914
2,940
600
1,800
84,650
2,080
5,125
39,117
813,242
178,342
23,524
51,463
55,751
494,377
4,555
3,880
350
1,000
Final
Budget
CLUBHOUSE FUND
$
$
990,532
51,836
23,109
318
11,327
4,081
13,001
151,449
135
98
572
3,367
1,854
384
750
89,142
2,145
4,041
48,961
787,247
187,912
12,980
48,994
52,288
468,894
1,456
4,445
291
9,987
Actual
- 58 -
$
37,690
1,587,620
1,435,000
152,620
1,625,310
1,625,310
870,686
47,114
$
$
1,587,620
1,435,000
152,620
1,634,734
1,634,734
Actual
832,996
47,114
$
Final
Budget
FUND BALANCE, MAY 1
1,587,620
Total expenditures
1,634,734
1,634,734
1,435,000
152,620
$
$
EXPENDITURES
Debt service
Total revenues
REVENUES
Taxes
Property
Original
Budget
(1,418,904)
2,320,720
320,000
1,910,000
60,389
30,331
(3,739,624)
3,833,827
49,325
3,784,502
94,203
16,090
75,000
3,113
- 59 -
(598,792)
$
$
FUND BALANCE (DEFICIT), APRIL 30
(662,737)
2,675,000
320,000
2,340,000
15,000
(3,337,737)
3,817,737
-
3,817,737
480,000
5,000
475,000
-
Actual
820,112
(662,737) $
$
Final
Budget
FUND BALANCE, MAY 1
2,675,000
320,000
2,340,000
15,000
(3,337,737)
3,817,737
-
3,817,737
480,000
5,000
475,000
-
Transfers in
Premium on issuance of bonds
$
$
OVER EXPENDITURES
Total expenditures
EXPENDITURES
Capital outlay
Debt service
Fiscal charges
Total revenues
REVENUES
Cell tower rental
Intergovernmental
Miscellaneous
Original
Budget
CAPITAL PROJECTS FUND
DEBT SERVICE FUND
3,817,737
Total capital outlay
TOTAL EXPENDITURES
Total debt service
$
- 60 -
3,817,737
-
-
2,946,400
3,817,737
-
-
3,817,737
2,946,400
(353,000)
3,299,400
3,299,400
871,337
97,600
10,000
110,000
88,900
19,850
3,800
230,667
81,520
136,000
93,000
432,000
208,500
17,000
240,000
8,000
8,000
10,000
13,000
525,000
128,000
15,000
38,500
3,200
14,500
13,000
1,625,700
Total park improvements
Debt service
Fiscal charges
$
Final
Budget
432,000
208,500
17,000
240,000
8,000
8,000
10,000
13,000
525,000
128,000
15,000
38,500
3,200
14,500
13,000
1,625,700
871,337
97,600
10,000
110,000
88,900
19,850
3,800
230,667
81,520
136,000
93,000
(353,000)
$
$
Less special recreation funding
Subtotal
Park improvements
Community Arts Center
Alcott Center
Mike Rylko Park
Cherbourg
Emmerich Park
Emmerich East
Green Lake Park
Health & Fitness Center
Kilmer Park
Parkchester
Reservior #7
Splash Pad
Twin Creeks
Dog Park
Willow Stream Park
Total capital improvements
EXPENDITURES
Capital outlay
Capital improvements
Alcott Center
Emerrich Building
Engineering, architects and consultants
Equipment recreation
Furniture and office equipment
Grounds
MIS system
Vehicles
Buffalo Grove Fitness Center equipment
Original
Budget
CAPITAL PROJECTS FUND
$
$
3,833,827
49,325
49,325
3,784,502
3,214,594
(225,896)
3,440,490
664,338
170,008
18,913
98,914
6,005
116,760
5,919
536,478
156,630
11,010
33,922
16,200
10,983
1,594,410
569,908
14,781
75,516
57,992
7,561
3,590
194,523
81,246
106,141
28,558
Actual
ASSETS
658,383
2,495,801
TOTAL LIABILITIES, DEFERRED INFLOWS
OF RESOURCES AND FUND BALANCES
$
$
$
$
-
-
-
-
-
-
-
-
-
-
-
Debt
Service
(Arts Center
Debt)
- 61 -
1,427,729
Total fund balances
157,551
326,344
237,290
8,778
36,355
661,411
-
1,068,072
FUND BALANCES
Restricted
Museum
Retirement
Insurance
Audit
Paving and lighting
Special recreation
Capital projects
1,045,060
23,012
14,285
8,727
2,495,801
1,837,418
1,045,060
$
$
$
$
Total liabilities
LIABILITIES
Accrued payroll
LIABILITIES, DEFERRED INFLOWS
TOTAL ASSETS
Receivables
Property taxes
Special
Revenue
April 30, 2015
COMBINING BALANCE SHEET
$
$
$
$
1,807
1,807
1,807
-
-
-
-
-
1,807
-
1,807
Capital
Projects
(Developer
Donations)
$
$
$
$
2,497,608
1,429,536
157,551
326,344
237,290
8,778
36,355
661,411
1,807
1,068,072
1,045,060
1,045,060
23,012
14,285
8,727
2,497,608
1,837,418
660,190
Total
Nonmajor
Governmental
Funds
1,427,729
FUND BALANCES, APRIL 30
$
$
-
-
-
229,775
229,775
-
(229,775)
229,775
135,000
94,775
-
-
-
Debt
Service
(Arts Center
Debt)
- 62 -
1,576,836
-
-
(149,107)
2,228,364
-
1,619,746
608,618
2,079,257
2,060,242
3,147
15,868
(149,107)
$
$
Transfers in
Transfers (out)
OVER EXPENDITURES
Total expenditures
EXPENDITURES
Current
General government
Recreation
Debt service
Total revenues
REVENUES
Property taxes
Miscellaneous
Special
Revenue
$
$
1,807
3,721
(1,914)
(20,000)
(20,000)
18,086
-
-
-
18,086
18,086
Capital
Projects
(Developer
Donations)
COMBINING STATEMENT OF REVENUES, EXPENDITURES
$
$
1,429,536
1,580,557
(151,021)
209,775
229,775
(20,000)
(360,796)
2,458,139
135,000
94,775
1,619,746
608,618
2,097,343
2,060,242
3,147
33,954
Total
Nonmajor
Governmental
Funds
327,376
TOTAL LIABILITIES, DEFERRED INFLOWS
- 63 -
157,551
Total fund balances
157,551
-
169,825
FUND BALANCES
Restricted
Museum
Retirement
Insurance
Audit
Paving and lighting
Special recreation
156,997
12,828
6,242
6,586
327,376
276,893
50,483
156,997
$
$
$
$
Museum
Maintenance
Total liabilities
LIABILITIES
Accrued payroll
LIABILITIES, DEFERRED INFLOWS
TOTAL ASSETS
Receivables
Property taxes
ASSETS
April 30, 2015
COMBINING BALANCE SHEET
NONMAJOR SPECIAL REVENUE FUNDS
$
$
$
$
270,367
45,359
45,359
-
225,008
225,008
225,008
-
-
270,367
392,948
$
$
$
(122,581) $
Illinois
Municipal
Retirement
431,906
237,290
237,290
-
194,616
184,434
184,434
10,182
8,043
2,139
431,906
325,572
106,334
Liability
Insurance
$
$
$
$
18,514
8,778
8,778
-
9,736
9,736
9,736
-
-
18,514
17,158
1,356
Audit
$
$
$
$
69,803
36,355
36,355
-
33,448
33,448
33,448
-
-
69,803
59,371
10,432
Paving
and
Lighting
$
$
$
$
$
$
$
$
2
2
448,565
280,985
280,985
-
167,580
167,578
167,578
-
448,565
295,191
153,374
Social
Security
$
$
$
$
2,495,801
1,427,729
157,551
326,344
237,290
8,778
36,355
661,411
1,068,072
1,045,060
1,045,060
23,012
14,285
8,727
2,495,801
1,837,418
658,383
Total
- 64 -
929,270
661,411
661,411
267,859
267,859
267,859
-
-
929,270
470,285
458,985
Recreation
for the
Handicapped
- 65 -
157,551 $
FUND BALANCES, APRIL 30
$
143,237
14,314
305,500
Total expenditures
305,500
-
EXPENDITURES
Current
General government
Recreation
315,235 $
3,147
1,432
319,814
$
Total revenues
REVENUES
Property taxes
Miscellaneous
Museum
Maintenance
45,359
143,922
(98,563)
509,761
509,761
-
411,198
411,198
-
Illinois
Municipal
Retirement
COMBINING STATEMENT OF REVENUES, EXPENDITURES
NONMAJOR SPECIAL REVENUE FUNDS
$
$
237,290
281,689
(44,399)
424,979
424,979
-
380,580
366,638
13,942
Liability
Insurance
$
$
8,778 $
17,748
(8,970)
26,650
26,650
-
17,680
17,680 $
-
Audit
$
$
661,411 $
646,040
15,371
531,506
531,506
546,877
546,877 $
-
Recreation
for the
Handicapped
280,985 $
294,929
(13,944)
352,856
352,856
-
338,912
338,418 $
494
Social
Security
- 66 -
36,355
49,271
(12,916)
77,112
77,112
64,196
64,196
-
Paving
and
Lighting
1,427,729
1,576,836
(149,107)
2,228,364
1,619,746
608,618
2,079,257
2,060,242
3,147
15,868
Total
(13,380)
326,170
326,170
312,790
308,250
3,540
1,000
$
$
14,314
305,500
305,500
319,814
315,235
3,147
1,432
- 67 -
157,551
$
$
669
312,121
312,121
312,790
308,250
3,540
1,000
Actual
143,237
$
$
Final
Budget
FUND BALANCE, MAY 1
Total expenditures
EXPENDITURES
Current
General government
Total revenues
REVENUES
Property taxes
Miscellaneous
Original
Budget
$
25
2,000
1,400
705
4,000
740
700
9,540
16,248
3,600
768
1,000
1,260
725
4,560
3,865
470
212,803
200,649
8,876
1,788
250
840
400
$
25
2,000
1,400
705
4,000
740
700
9,540
16,248
3,600
768
1,000
1,260
725
4,560
3,865
470
226,852
213,870
9,704
1,788
250
840
400
Final
Budget
- 68 -
Accounting
Architects, consultants and engineering
HVAC/Plumbing
Furnace and air conditioning
Pest control
Printing
Service cleaning
Total commodities
Commodities
Building repairs
Postage
Custodial supplies
MIS supplies
Office supplies
Exhibit supplies
Program supplies
Uniforms
CURRENT
General government
Personal services
Salaries
Group insurance
Conferences/seminars
Employee recognition
Travel
Staff development
Original
Budget
MUSEUM MAINTENANCE FUND
$
15
407
708
1,136
507
216
9,144
9,147
1,767
423
508
803
543
2,709
2,394
-
218,223
208,465
6,704
1,912
145
840
157
Actual
$
$
- 69 -
312,121
TOTAL EXPENDITURES
30,000
4,000
9,500
39,570
2,700
9,600
4,500
3,000
660
43,500
$
$
Total capital repairs
Capital repairs
Building
Equipment
Grounds
CURRENT (Continued)
General government (Continued)
Service agreements
Electric
Gas
Telephone
Water
Original
Budget
326,170
43,500
30,000
4,000
9,500
39,570
2,700
9,600
4,500
3,000
660
Final
Budget
$
$
305,500
48,790
35,018
734
13,038
29,340
2,105
7,771
2,545
2,970
1,816
Actual
$
$
$
(39,883) $
434,633
434,633
394,750
394,750
- 70 -
FUND BALANCE, MAY 1
Total expenditures
EXPENDITURES
Current
General government
Total revenues
REVENUES
Property taxes
Original
Budget
(83,346)
478,096
478,096
394,750
394,750
Final
Budget
$
$
45,359
143,922
(98,563)
509,761
509,761
411,198
411,198
Actual
(44,399)
424,979
81,860
16,859
74,747
251,513
380,580
366,638
13,942
- 71 -
237,290
$
$
(88,692)
451,892
90,755
17,250
83,323
260,564
363,200
363,200
-
281,689
(70,436) $
$
FUND BALANCE, MAY 1
433,636
Total expenditures
363,200
363,200
-
84,193
17,250
83,323
248,870
$
$
EXPENDITURES
Current
General government
Personal services
Commodities
Insurance
Total revenues
REVENUES
Property taxes
Miscellaneous
Actual
$
$
$
(8,900) $
26,650
26,650
17,750
17,750
- 72 -
FUND BALANCE, MAY 1
Total expenditures
EXPENDITURES
Current
General government
Audit
Total revenues
REVENUES
Property taxes
Original
Budget
(8,900)
26,650
26,650
17,750
17,750
Final
Budget
Final
Budget
AUDIT FUND
LIABILITY INSURANCE FUND
Original
Budget
$
$
8,778
17,748
(8,970)
26,650
26,650
17,680
17,680
Actual
$
- 73 -
36,355
(12,916)
77,112
77,112
64,196
64,196
$
$
49,271
(7,095)
83,445
83,445
76,350
76,350
FUND BALANCE, MAY 1
(7,095) $
83,445
83,445
76,350
76,350
Total expenditures
$
$
EXPENDITURES
Current
Recreation
Paving and lighting
Total revenues
REVENUES
Property taxes
Actual
$
(57,226) $
- 74 -
FUND BALANCE, MAY 1
658,611
Total expenditures
601,385
601,385
305,611
353,000
$
$
EXPENDITURES
Current
Recreation
NWSRA assessment
Capital repairs
Total revenues
REVENUES
Property taxes
Original
Budget
(145,476)
746,861
305,611
441,250
601,385
601,385
Final
Budget
Final
Budget
RECREATION FOR THE HANDICAPPED FUND
PAVING AND LIGHTING FUND
Original
Budget
$
$
661,411
646,040
15,371
531,506
305,610
225,896
546,877
546,877
Actual
$
$
$
(13,944)
352,856
352,856
338,912
338,418
494
- 75 -
280,985
(87,111)
417,094
417,094
329,983
329,983
-
(49,193) $
379,176
379,176
329,983
329,983
-
294,929
$
$
FUND BALANCE, MAY 1
Total expenditures
EXPENDITURES
Current
General government
Total revenues
REVENUES
Property taxes
Miscellaneous
Actual
$
-
229,775
229,775
(229,775)
229,775
135,000
94,775
-
-
- 76 -
-
-
$
-
$
229,775
229,775
(229,775)
229,775
135,000
94,775
-
-
Actual
-
229,775
229,775
(229,775)
$
Final
Budget
FUND BALANCE, MAY 1
Transfers in
OVER EXPENDITURES
229,775
Total expenditures
-
-
135,000
94,775
$
$
EXPENDITURES
Debt service
Total revenues
REVENUES
None
Original
Budget
Final
Budget
ART CENTER DEBT FUND
SOCIAL SECURITY FUND
Original
Budget
- 77 -
1,807
$
(1,914)
(20,000)
3,721
(2,000)
(20,000)
(20,000)
18,086
-
-
18,086
18,086
(2,000) $
(20,000)
(20,000)
$
Actual
FUND BALANCE, MAY 1
(20,000)
Transfers (out)
18,000
-
-
18,000
18,000
-
$
Final
Budget
-
18,000
18,000
18,000
$
$
OVER EXPENDITURES
Total expenditures
EXPENDITURES
None
Total revenues
REVENUES
Developer donation
Original
Budget
DEVELOPER DONATIONS FUND
PROPRIETARY FUND
864,387
- 78 -
467,969
NET POSITION, MAY 1
389,450
925,000
(918,032)
(1,206,855)
(925,000)
(281,855)
288,823
3,028,748
2,666,107
17,089
345,552
3,317,571
3,231,441
86,130
396,418
$
$
CHANGE IN NET POSITION - GAAP BASIS
(991,541)
(1,214,185)
(925,000)
(289,185)
222,644
3,575,247
3,192,997
13,500
368,750
3,797,891
3,717,305
80,586
Actual
1,314,450
(536,032) $
$
Final
Budget
Total adjustments to GAAP basis
ADJUSTMENTS TO GAAP BASIS
Contributed assets
Principal paid on long term debt
CHANGE IN NET POSITION BUDGETARY BASIS
(1,214,185)
(925,000)
(289,185)
678,153
3,119,738
3,119,738
-
3,797,891
3,717,305
80,586
Principal expense
Interest expense
$
$
OPERATING INCOME
OPERATING EXPENSES
Amortization
Depreciation
OPERATING REVENUES
Rental
Original
Budget
SCHEDULE OF REVENUES, EXPENSES AND
CHANGES IN NET POSITION - BUDGET AND ACTUAL
FITNESS CENTER FUND
17,195
17,000
219,600
61,828
29,550
1,656
500
$
- 79 -
277,053
6,000
8,000
20,000
3,550
2,900
24,000
3,000
10,000
34,525
200
1,155
15,000
19,000
26,000
14,973
6,750
26,000
32,000
24,000
1,988,229
1,609,433
139,132
135,500
90,000
2,800
3,784
2,580
5,000
-
Total commodities
$
Original
Budget
Advertising
Cleaning services
Contract services
Contractual employees
Employment ads
Commodities
Electrical
Plumbing
Pool and deck maintenance
Program supplies
Equipment for resale
Custodial supplies
MIS supplies
Office supplies
Spa supplies
Books and publications
Paper
Postage
Maintenance
Minor equipment
Miscellaneous
Uniforms
Linen replacement
Locker room
Laundry
Total personal
OPERATING EXPENSES
Personal
Salaries
Payroll taxes
Group insurance
Employee retirement
Program development
Staff development
Travel expenses
Unemployment insurance
Employee leave
17,195
17,000
219,600
61,828
29,550
1,656
500
277,053
6,000
8,000
20,000
3,550
2,900
24,000
3,000
10,000
34,525
200
1,155
15,000
19,000
26,000
14,973
6,750
26,000
32,000
24,000
2,061,488
1,670,140
139,132
148,052
90,000
2,800
3,784
2,580
5,000
-
Final
Budget
SCHEDULE OF OPERATING EXPENSES - BUDGET AND ACTUAL
FITNESS CENTER FUND
22,273
8,513
204,866
42,575
27,616
2,065
550
203,206
5,413
3,837
24,518
305
955
19,152
3,633
9,637
2,449
223
341
9,460
13,419
22,738
6,576
5,634
19,829
27,386
27,701
1,702,836
$ 1,384,625
108,957
100,860
95,857
1,818
3,294
1,910
12,137
(6,622)
Actual
TOTAL OPERATING EXPENSES
Amortization
Depreciation
-
3,119,738
-
854,456
180,000
81,000
11,160
41,500
3,500
4,800
5,000
32,000
23,000
1,526
1,685
5,700
7,485
80,000
5,000
3,000
19,575
1,196
$ 3,119,738
$
Original
Budget
- 80 -
Total administration and maintenance
Capital outlay
OPERATING EXPENSES (Continued)
Administration and maintenance (Continued)
Equipment services
Equipment rental
Legal and accounting
Licenses and registration
Liability insurance
Marketing
Membership processing fees
Other repair
Pest control
Printing
Refuse disposal
Utilities
Electric
Gas
Telephone
Water
Sales tax
Service agreement
Bad debt
$
$
3,575,247
13,500
368,750
3,192,997
-
854,456
180,000
81,000
11,160
41,500
3,500
4,800
5,000
32,000
23,000
1,526
1,685
5,700
7,485
80,000
5,000
3,000
19,575
1,196
Final
Budget
SCHEDULE OF OPERATING EXPENSES - BUDGET AND ACTUAL (Continued)
FITNESS CENTER FUND
17,089
345,552
2,666,107
-
760,065
158,459
68,622
13,410
52,206
3,614
2,478
-
35,590
8,222
418
1,200
2,331
1,575
4,319
74,435
1,680
23,048
-
$ 3,028,748
$
Actual
$ 65,954,399
$ 25,130,206
3,943,006
30,979,857
5,901,330
$ 65,954,399
TOTAL CAPITAL ASSETS
INVESTMENT IN CAPITAL ASSETS
Sources prior to 1997
General Fund
Capital Projects Fund
Special Revenue Fund
TOTAL INVESTMENT IN CAPITAL ASSETS
- 81 -
$ 22,064,751
14,747,771
21,575,313
5,453,722
2,112,842
CAPITAL ASSETS
Land
Land improvements
Equipment
April 30, 2015
SCHEDULE BY SOURCE
$ 22,064,751 $ 14,747,771
TOTAL
$ 21,575,313
$ 21,575,313
$
$
5,453,722
5,453,722
Equipment
- 82 -
$ 22,064,751 $ 14,747,771
Land
Recreation
Function and Activity
Buildings
Land
and
Improvements Improvements
April 30, 2015
$
$
2,112,842
2,112,842
Construction
in Progress
SCHEDULE BY FUNCTION AND ACTIVITY
$
$
Total
65,954,399
65,954,399
$ 63,728,203
TOTAL
$
$
4,731,456
4,731,456
$
$
2,505,260
2,505,260
Additions
Retirements
and Transfers and Transfers
- 83 -
$ 63,728,203
Balances
May 1
Recreation
Function and Activity
$ 65,954,399
$ 65,954,399
Balances
April 30
SCHEDULE OF CHANGES BY FUNCTION AND ACTIVITY
STATISTICAL SECTION
STATISTICAL SECTION
96-100
101-106
107-108
109-111
Revenue Capacity
These schedules contain information to help the reader assess the District’s
most significant local revenue source, the property tax.
Debt Capacity
These schedules present information to help the reader assess the affordability
of the District’s current levels of outstanding debt and the District’s ability to
issue additional debt in the future.
Demographic and Economic Information
These schedules offer demographic and economic indicators to help the reader
understand the environment within which the District’s financial activities take
place.
Operating Information
These schedules contain service and infrastructure data to help the reader
understand how the information in the District’s financial report relates to the
services the District provides and the activities it performs.
Sources: Unless otherwise noted, the information in these schedules is derived from the
comprehensive annual financial reports for the relevant year.
84-95
Pages
Financial Trends
These schedules contain trend information to help the reader understand how
the District’s financial performance and well-being have changed over time.
Contents
This part of the Buffalo Grove Park District, Buffalo Grove, Illinois’ comprehensive annual
financial report presents detailed information as a context for understanding what the information
in the financial statements, note disclosures, and required supplementary information says about
the District’s overall financial health.
[THIS PAGE INTENTIONALLY LEFT BLANK]
Audited Financial Statements
- 84 -
$ 37,026,176
Data Source
$ 32,395,035
2,901,426
1,729,715
PRIMARY GOVERNMENT
Restricted
Unrestricted
579,555
$
134,424
445,131
TOTAL BUSINESS-TYPE ACTIVITIES
$
$ 36,446,621
TOTAL GOVERNMENTAL ACTIVITIES
Restricted
Unrestricted
$ 32,260,611
2,901,426
1,284,584
2006
Restricted
Unrestricted
Fiscal Year Ended April 30
Last Ten Fiscal Years
519,593
$ 39,431,528
2008
660,780
$ 41,685,341
$ 33,983,785
3,020,475
4,681,081
$
572,009
88,771
$ 41,024,561
$ 33,411,776
3,020,475
4,592,310
(32,270) $
551,863
$ 32,582,737
3,012,552
3,836,239
$
$
$ 38,911,935
$ 32,615,007
3,012,552
3,284,376
2007
NET POSITION BY COMPONENT
261,730
946,166
(684,436)
$ 43,176,609
$ 36,176,664
2,758,045
4,241,900
$
$
$ 42,914,879
$ 35,230,498
2,758,045
4,926,336
2009
$ 46,664,756
$ 37,579,793
2,527,906
6,557,057
2011
$ 47,724,174
$ 36,929,151
2,514,117
8,280,906
2012
$ 48,368,267
$ 38,527,389
2,456,449
7,384,429
2013
$ 50,337,623
$ 38,995,496
3,193,665
8,148,462
2014
$ 49,982,270
$ 39,693,362
2,300,222
7,988,686
2015
$ 44,094,950
55,914
$ 46,720,670
$ 39,442,376
2,527,906
4,750,388
(2,647) $
198,663
$ 47,922,837
$ 39,492,363
2,514,117
5,916,357
$
191,681
- 85 -
$ 48,559,948
$ 41,634,718
2,456,449
4,468,781
$
467,969
$ 50,805,592
$ 42,917,500
3,193,665
4,694,427
$
864,387
$ 50,846,657
$ 44,567,175
2,300,222
3,979,260
$
1,402,399 $ 1,862,583 $ 2,563,212 $ 3,107,329 $ 3,922,004 $ 4,873,813
(1,405,046)
(1,806,669)
(2,364,549)
(2,915,648)
(3,454,035)
(4,009,426)
$ 38,517,696
2,210,027
3,367,227
$
$
$ 44,097,597
$ 37,115,297
2,210,027
4,772,273
2010
PROGRAM REVENUES
Total business-type activities
program revenues
Business-type activities
Fitness Center operations
Capital grants and contributions
program revenues
8,990,564
3,940,910
3,940,910
-
5,049,654
- 86 -
$
$
PROGRAM REVENUES
Governmental activities
General government
Culture and recreation
Operating grants and contributions
Capital grants and contributions
38,695
4,376,512
4,133
630,314
$ 12,788,707
3,719,210
3,719,210
9,069,497
TOTAL PRIMARY GOVERNMENT EXPENSES
Total business-type activities expenses
Fitness Center operations
Total governmental activities expenses
3,319,398
5,530,882
219,217
EXPENSES
General government
$
2006
4,034,929
4,034,929
9,545,433
3,336,602
5,982,112
226,719
2007
$
$
8,964,434
3,904,952
3,904,952
-
5,059,482
64,560
4,403,156
1,500
590,266
$ 13,580,362
$
3,969,904
3,969,904
10,229,745
3,450,228
6,522,981
256,536
$
$
9,056,013
4,111,091
4,111,091
-
4,944,922
68,621
4,704,292
5,040
166,969
$ 14,199,649
$
2008
4,295,326
4,295,326
10,739,253
3,742,255
6,753,488
243,510
$
$
9,307,970
3,896,276
3,896,276
-
5,411,694
78,055
4,813,849
19,548
500,242
$ 15,034,579
$
2009
3,697,308
3,697,308
11,109,571
3,772,453
7,046,258
290,860
$
$
8,266,766
3,432,931
3,349,818
83,113
4,833,835
79,309
4,709,105
45,058
363
$ 14,806,879
$
2010
3,341,968
3,341,968
10,883,752
3,620,258
7,037,122
226,372
$
$
9,080,299
3,400,529
3,340,759
59,770
5,679,770
79,436
4,783,280
36,901
780,153
$ 14,225,720
$
2011
3,332,919
3,332,919
11,931,366
3,804,546
7,939,199
187,621
$
$
8,732,963
3,475,668
3,378,610
97,058
5,257,295
83,803
5,044,684
49,148
79,660
$ 15,264,285
$
2012
3,390,676
3,390,676
12,271,684
3,997,399
7,977,892
296,393
$
$
- 87 -
8,808,991
3,545,603
3,533,653
11,950
5,263,388
76,303
4,907,469
67,407
212,209
$ 15,662,360
$
2013
3,544,822
3,544,822
12,064,295
4,501,836
7,352,723
209,736
$
$
9,738,015
3,821,110
3,561,180
259,930
5,916,905
451,547
4,834,559
66,474
564,325
$ 15,609,117
$
2014
3,310,603
3,310,603
13,708,697
4,869,189
8,598,541
240,967
$
$
9,052,032
3,707,021
3,317,571
389,450
5,345,011
40,240
5,137,007
73,246
94,518
$ 17,019,300
$
2015
2009
Data Source
2,476,736
2,255,036
221,700
$
$
$
$
2,405,352
$
2,465,314 $
(59,962)
7,021,280
70,015
6,274,879
-
6,951,265
6,478,080
13,708
260,074
199,403
-
70,015
-
$
$
-
6,274,879
5,911,123
12,616
220,083
131,057
-
- 88 -
$
$
$
$
Total business-type activities
Investment income
Transfers (out)
GENERAL REVENUES AND OTHER
CHANGES IN NET POSITION
Taxes
Property
Replacement
Investment income
Miscellaneous
Transfers in
2,253,813
2,112,626
141,187
7,397,449
-
-
7,397,449
6,914,182
15,635
258,061
209,571
-
$
$
$
$
1,491,268
1,890,318
(399,050)
7,217,877
-
-
7,217,877
6,944,078
14,315
98,542
160,942
-
$ (3,798,143) $ (4,615,928) $ (5,143,636) $ (5,726,609)
2008
NET REVENUE (EXPENSE)
2007
$ (4,019,843) $ (4,485,951) $ (5,284,823) $ (5,327,559)
221,700
(129,977)
141,187
(399,050)
2006
NET REVENUE (EXPENSE)
CHANGE IN NET POSITION (Continued)
2011
2012
2013
2014
2015
$
$
$
$
$
$
918,341
$
1,182,718 $
(264,377)
7,458,454
-
-
7,458,454
7,268,773
12,671
12,570
164,440
-
2,625,720
2,567,159
58,561
7,771,141
-
-
7,771,141
7,511,175
14,085
36,749
209,132
-
$
$
$
$
1,202,167
1,059,418
142,749
7,733,489
-
-
7,733,489
7,596,284
12,706
29,850
94,649
-
$
$
$
$
- 89 -
902,297
747,370
154,927
7,755,666
-
-
7,755,666
7,626,187
12,597
28,411
88,471
-
$
$
$
$
2,245,644
1,969,356
276,288
8,116,746
-
-
8,116,746
7,927,900
14,416
11,925
162,505
-
$
$
$
$
41,065
(355,353)
396,418
8,008,333
-
-
8,008,333
7,896,226
14,063
10,060
87,984
-
$ (6,540,113) $ (5,145,421) $ (6,531,322) $ (6,853,369) $ (5,871,102) $ (7,967,268)
$ (6,275,736) $ (5,203,982) $ (6,674,071) $ (7,008,296) $ (6,147,390) $ (8,363,686)
(264,377)
58,561
142,749
154,927
276,288
396,418
2010
$
$
$
$
$
4,753,951
-
-
3,929,412
445,466
268,317
180,140
123,612
Data Source
-
1,786,548
-
228,814
1,557,734
747,117
203,921
26,736
60,273
437,293
249,088
1,256,430
1,059,310
$
$
$
2007
750,754
215,249
18,584
46,674
464,937
235,126
893,405
1,000,931
-
1,240,098
-
169,171
1,070,927
2006
- 90 -
Note: The District implemented GASB Statement No. 54 as of April 30, 2012.
TOTAL ALL OTHER
GOVERNMENTAL FUNDS
ALL OTHER GOVERNMENTAL FUNDS
Nonspendable
Loans receivable
Restricted
Museum
IMRF
Liability insurance
Audit
Paving and lighting
Recreation for handicapped
Social Security
Capital projects
Debt service
Assigned
Advances to Fitness Center
Recreation
Clubhouse
Unassigned
Capital projects
TOTAL GENERAL FUND
GENERAL FUND
Reserved
Unreserved, undesignated
Nonspendable
Advances
Unassigned
FUND BALANCES OF GOVERNMENTAL FUNDS
$
$
$
$
5,269,911
-
949,697
204,893
637,895
190,209
28,551
59,628
469,990
239,422
1,354,790
1,134,836
-
2,537,066
-
259,944
2,277,122
2008
$
$
$
$
4,832,435
-
326,850
1,009,016
158,901
384,479
203,048
22,813
52,149
634,146
172,384
840,105
1,028,544
-
3,034,247
-
587,332
2,446,915
2009
$
$
$
$
3,800,029
-
634,050
1,020,777
134,940
330,912
217,845
16,681
39,130
593,764
175,088
(20,889)
585,731
72,000
3,365,194
-
884,926
2,480,268
2010
$
$
$
$
5,351,861
-
909,050
1,264,083
165,739
303,878
236,367
18,190
96,273
713,751
230,177
691,814
658,539
64,000
3,895,157
-
1,179,781
2,715,376
2011
$
$
$
$
-
7,286,417
-
1,129,050
1,664,244
233,057
238,213
233,987
232,769
22,305
67,622
746,918
250,760
1,689,949
721,543
56,000
4,125,831
1,129,050
2,996,781
2012
$
$
$
$
-
- 91 -
5,874,300
(87,784)
1,309,050
1,872,003
271,402
149,909
193,884
258,717
24,347
42,112
749,037
273,369
5,180
765,074
48,000
4,583,322
1,309,050
3,274,272
2013
$
$
$
$
-
6,804,663
-
1,609,050
1,753,464
208,484
143,237
143,922
281,689
17,748
49,271
646,040
294,929
783,833
832,996
40,000
4,967,590
1,609,050
3,358,540
2014
$
$
$
$
-
5,619,395
(630,792)
1,899,050
1,540,209
478,706
157,551
45,359
237,290
8,778
36,355
661,411
280,985
1,807
870,686
32,000
4,918,687
1,899,050
3,019,637
2015
Data Source
- 92 -
15.69%
545,086
DEBT SERVICE AS A PERCENTAGE OF
NONCAPITAL EXPENDITURES
1,612,166
559,244
(559,244)
1,575,000
23,370
13,796
$
20.95%
1,370,989
1,629,401
544,425
(544,425)
1,575,000
32,517
21,884
(258,412)
12,269,159
12,391,613
(1,067,080)
1,770,000
255,740
1,510,000
232,906
12,010,747
6,491,788
4,120,861
79,841
299,639
260,074
758,544
3,329,627
5,290,614
1,623,178
Transfers in
Transfers (out)
Debt certificates issued, at par
Installment contracts issued, at par
Premium on bonds issued
$
$
2007
3,313,762
5,245,426
2,089,519
11,324,533
OVER EXPENDITURES
Total expenditures
EXPENDITURES
General government
Capital outlay
Debt service
Principal
Interest
Total revenues
5,923,739
4,082,642
507,758
282,390
220,083
307,921
REVENUES
Taxes
Intergovernmental
Rentals
Investment income
Miscellaneous
$
2006
$
$
16.14%
1,266,476
1,910,540
1,090,938
(1,090,938)
1,575,000
283,000
34,570
17,970
(644,064)
12,986,433
1,465,000
280,527
3,437,838
5,617,606
2,185,462
12,342,369
6,929,815
4,389,708
81,725
333,916
258,061
349,144
2008
CHANGES IN FUND BALANCES OF GOVERNMENTAL FUNDS
$
$
17.66%
59,705
2,158,216
872,118
(872,118)
2,075,000
54,700
28,516
(2,098,511)
14,728,082
1,733,000
301,222
3,733,134
5,779,300
3,181,426
12,629,571
6,958,393
4,501,273
419,548
348,320
98,542
303,495
2009
$
$
$
18.75%
(701,459) $
1,629,866
607,713
(607,713)
1,580,000
31,658
18,208
(2,331,325)
11,623,614
1,925,000
317,361
3,786,795
3,034,740
2,559,718
12,292,289
7,281,442
4,437,126
45,058
321,294
12,570
194,799
2010
15.19%
2,081,795
1,809,346
592,713
(592,713)
1,730,000
44,979
34,367
272,449
13,178,462
1,475,000
274,658
3,620,258
5,800,357
2,008,189
13,450,911
7,525,260
4,539,360
536,901
307,162
36,749
505,479
2011
$
$
16.65%
2,165,230
1,935,121
772,003
(772,003)
1,840,000
72,875
22,246
230,109
12,760,675
1,535,000
252,934
3,804,546
6,070,539
1,097,656
12,990,784
7,608,990
4,788,662
49,148
312,117
29,850
202,017
2012
$
$
$
- 93 -
15.99%
(954,656) $
5,662,352
615,563
(615,563)
2,065,000
3,185,000
368,194
44,158
(6,617,008)
19,636,062
1,600,000
283,276
3,997,399
6,034,872
7,720,515
13,019,054
7,638,784
4,756,268
219,097
207,221
28,411
169,273
2013
16.50%
1,314,661
2,269,043
1,038,780
(1,038,780)
2,180,000
67,724
21,319
(954,382)
14,988,033
1,785,000
314,592
4,501,836
5,859,688
2,526,917
14,033,651
7,942,316
5,188,330
432,234
79,074
11,925
379,772
2014
2,000,720
549,775
(549,775)
1,910,000
60,389
30,331
(3,234,891)
16,588,235
1,570,000
296,720
4,863,518
6,073,495
3,784,502
13,353,344
7,910,288
5,080,343
146,143
70,251
10,060
136,259
13.72%
$ (1,234,171)
$
2015
$
Data Source
- 94 -
221,700
-
-
(610,281)
Total contributions and transfers
(610,281)
-
Interest expense and fiscal charges
Investment income
Gain on disposal of capital assets
CONTRIBUTIONS AND TRANSFERS
Contributions
831,981
3,108,929
2,814,170
8,118
286,641
3,940,910
OPERATING INCOME
OPERATING EXPENSES
Administrative
Amortization
Depreciation
3,802,602
138,308
OPERATING REVENUES
Rental
$
2006
$
$
$
(59,962) $
-
-
(584,134)
(654,149)
70,015
-
524,172
3,380,780
3,098,053
8,085
274,642
3,904,952
3,735,476
169,476
2007
CHANGES IN NET POSITION - ENTERPRISE FUND
141,187
-
-
(624,036)
(624,036)
-
765,223
3,345,868
3,011,148
8,085
326,635
4,111,091
3,941,615
169,476
2008
$
$
(399,050)
-
-
(597,807)
(597,807)
-
198,757
3,697,519
3,351,267
8,085
338,167
3,896,276
3,726,800
169,476
2009
$
$
$
(264,377) $
83,113
83,113
(570,592)
(570,592)
-
223,102
3,126,716
2,778,823
8,085
339,808
3,349,818
3,180,342
169,476
2010
58,561
59,770
59,770
(404,296)
(404,296)
-
403,087
2,937,672
2,593,769
8,085
335,818
3,340,759
3,185,406
155,353
2011
$
$
142,749
97,058
97,058
(361,734)
(361,734)
-
407,425
2,971,185
2,603,565
33,280
334,340
3,378,610
3,336,390
42,220
2012
$
$
- 95 -
154,927
11,950
11,950
(325,179)
(325,179)
-
468,156
3,065,497
2,712,664
17,089
335,744
3,533,653
3,452,813
80,840
2013
$
$
276,288
259,930
259,930
(303,569)
(303,569)
-
319,927
3,241,253
2,885,998
17,089
338,166
3,561,180
3,477,720
83,460
2014
$
$
396,418
389,450
389,450
(281,855)
(281,855)
-
288,823
3,028,748
2,666,107
17,089
345,552
3,317,571
3,231,441
86,130
2015
464,354,593
494,309,161
519,207,298
519,207,298
418,501,544
379,463,498
315,631,207
321,729,451
2007
2008
2009
2010
2011
2012
2013
2014
1,076,072,176
1,075,357,571
1,132,693,882
1,226,475,023
1,297,081,485
1,368,899,646
1,375,937,688
1,336,876,785
1,257,804,969
$ 1,198,779,558
1,397,801,627
1,390,988,778
1,512,157,380
1,644,976,567
1,816,288,783
1,888,106,944
1,870,246,849
1,801,231,378
1,661,597,144
$ 1,594,385,941
4,193,404,881
4,172,966,334
4,536,472,140
4,934,929,701
5,448,866,349
5,664,320,832
5,610,740,547
5,403,694,134
4,984,791,432
$ 4,783,157,823
Estimated
Actual
Value
Lake and Cook County Tax Extension Offices
Data Source
- 96 -
Note: Property in the District is reassessed each year. Property is assessed at 33% of actual value.
(2) Direct rates are based on Lake County property tax rates
(1) Assessed values set by the County Assessor on an annual basis
403,792,175
2006
395,606,383
$
2005
Real Property
Lake
Total Equalized
County
Assessed
Assessed
Value
33.33%
33.33%
33.33%
33.33%
33.33%
33.33%
33.33%
33.33%
33.33%
33.33%
Ratio of
Total Assessed
Value to
Total Estimated
Actual Value (1)
0.553
0.537
0.511
0.452
0.425
0.411
0.370
0.370
0.380
0.403
Lake County
Tax
Rate (2)
$
5.97% $
85,810,457
9
8
7
6
5
3
1
10
4
2
Rank
2005
5.38%
0.38%
0.41%
0.43%
0.43%
0.53%
0.66%
0.82%
0.37%
0.54%
0.81%
Percentage
of Total
District
Taxable
Assessed
Valuation
Office of the Cook and Lake County Clerks
Data Source
- 97 -
Note: Every effort has been made to seek out and report the largest taxpayers. However, many of the taxpayers contain multiple parcels, and it is
possible that some parcels and their valuations have been overlooked.
83,268,455
6,033,134
Amli at Windbrooke
TOTAL
6,485,409
Strathmore Square LLC
5,938,845
6,889,987
0.35%
0.41%
First Chicago Management
10
0.46%
6,920,148
4,824,651
Inland Woods LLC
9
0.55%
Riggs National Bank
5,726,685
Manufacturers Life Insurance Co.
8
0.56%
8,400,097
6,455,431
Covington Properties
7
0.59%
Carpeit Waterford Place
7,625,134
Arthur J. Rogers & Company
6
0.68%
10,534,603
7,831,429
Aptakisic Creek Corporate Park LLC
5
4
8,639,779
12,906,543
Ridge Commons LLC
8,261,833
MFREVF - Windbrooke LLC
0.68%
0.79%
0.90% $
Taxable
Assessed
Value
13,061,912
9,471,266
Hamilton Partners, Inc.
3
2
1
Rank
Percentage
of Total
District
Taxable
Assessed
Valuation
Precise Technology
9,471,281
East Property Tax Ridge Place
12,614,447
10,986,298
$
Taxable
Assessed
Value
Penobscot Management LLC
Millbrook LLC
Taxpayer
2014
Current Year and Nine Years Ago
Last Ten Levy Years
Cook
County
Assessed
PRINCIPAL PROPERTY TAXPAYERS
ASSESSED AND ESTIMATED ACTUAL VALUE OF TAXABLE PROPERTY
Tax
Levy
Year
.005
.009
.315
.312
.281
1.759
3.394
.726
.012
.009
.041
.060
.014
.421
.112
7.470
7.906
OVERLAPPING RATES
Suburban TB Sanitarium
NW Mosquito Abatement
Water Reclamation District
Indian Trails Public Library District
Harper College District #512
High School District #214
Wheeling CC District #21
Road and Bridge Wheeling
Wheeling General Assistant
Town of Wheeling
Forest Preserve District
Consolidated Elections
County of Cook
Cook County Health Facilities
TOTAL OVERLAPPING RATES
TOTAL AVERAGE HOUSEHOLD
Office of the Cook County Clerk
Data Source
.436
TOTAL DISTRICT DIRECT RATES
.127
.093
.013
.001
.020
.005
.025
.045
.020
.104
8.038
7.585
.005
.009
.284
.320
.288
1.823
3.502
.731
.013
.010
.043
.057
.397
.103
0.453
2006
.128
.091
.010
.001
.016
.004
.016
.042
.016
.092
7.318
6.902
.008
.263
.297
.260
1.621
3.154
.729
.012
.009
.038
.053
.012
.353
.093
0.416
2007
.115
.082
.009
.001
.016
.004
.016
.039
.016
.080
- 98 -
7.145
6.767
.008
.252
.308
.256
1.587
3.161
.670
.012
.009
.038
.051
.329
.086
0.378
2008
.114
.081
.009
.001
.016
.004
.016
.038
.016
.078
7.267
6.894
.008
.261
.307
.258
1.636
3.209
.691
.012
.009
.039
.049
.021
.310
.084
0.373
2009
.137
.098
.010
.001
.018
.004
.018
.041
.018
.092
8.207
7.768
.009
.274
.347
.295
1.839
3.658
.810
.014
.005
.043
.051
.341
.082
0.439
2010
.151
.108
.012
.001
.020
.005
.020
.041
.020
.100
9.269
8.791
.010
.320
.393
.334
2.067
4.164
.886
.015
.009
.048
.058
.025
.384
.078
0.478
2011
.176
.124
.014
.001
.026
.005
.024
.043
.026
.117
10.354
9.798
.011
.370
.463
.373
2.324
4.556
1.030
.016
.009
.052
.063
.468
.063
0.556
2012
.205
.145
.025
.002
.030
.006
.029
.046
.032
.138
11.602
10.944
.013
.417
.504
.444
2.768
4.841
1.212
.019
.010
.056
.069
.031
.494
.066
0.658
2013
.211
.150
.026
.002
.031
.005
.029
.047
.036
.140
12.259
11.582
.013
.430
.529
.451
2.776
5.430
1.235
.019
.010
.052
.069
.537
.031
0.677
2014
6.730
7.105
TOTAL OVERLAPPING RATES
TOTAL AVERAGE HOUSEHOLD
Office of the Lake County Clerk
Data Source
0.454
0.608
0.278
2.918
0.197
2.022
0.202
0.051
0.375
0.096
0.072
0.019
0.002
0.017
0.005
0.021
0.036
0.018
0.089
2005
OVERLAPPING RATES
County of Lake
Vernon Area Public Library District
School District #102
College of Lake County District #532
Forest Preserve
Road and Bridge - Vernon
Township of Vernon
TOTAL DISTRICT DIRECT RATES
DISTRICT DIRECT RATES
Corporate
Recreation
Museum
Audit
Liability insurance
Paving and lighting
Social Security
Special recreation
Limited bonds
Tax Levy Year
7.206
6.803
0.450
0.633
0.222
2.871
0.195
2.134
0.204
0.094
0.403
0.124
0.090
0.008
0.002
0.020
0.005
0.014
0.040
0.013
0.087
2006
7.051
6.671
0.444
0.649
0.219
2.760
0.192
2.114
0.201
0.092
0.380
0.122
0.089
0.002
0.001
0.017
0.005
0.009
0.038
0.016
0.081
2007
- 99 -
7.103
6.733
0.453
0.665
0.222
2.767
0.196
2.139
0.199
0.092
0.370
0.114
0.079
0.008
0.001
0.015
0.003
0.011
0.040
0.020
0.079
2008
7.336
6.925
0.464
0.750
0.226
2.806
0.200
2.185
0.200
0.094
0.411
0.121
0.086
0.013
0.001
0.017
0.006
0.021
0.043
0.021
0.082
2009
7.843
7.418
0.505
0.797
0.241
3.051
0.218
2.306
0.198
0.023
0.079
0.425
0.132
0.095
0.011
0.002
0.016
0.006
0.016
0.042
0.019
0.086
2010
8.399
7.947
0.554
0.852
0.261
3.282
0.240
2.465
0.201
0.035
0.057
0.452
0.141
0.097
0.012
0.002
0.022
0.005
0.020
0.039
0.022
0.092
2011
Last Ten Levy Years
Last Ten Levy Years
.107
.083
.031
.002
.018
.005
.023
.042
.019
.106
2005
PROPERTY TAX RATES - DIRECT AND OVERLAPPING GOVERNMENTS - LAKE COUNTY
PROPERTY TAX RATES - DIRECT AND OVERLAPPING GOVERNMENTS - COOK COUNTY
DISTRICT DIRECT RATES
Corporate
Recreation
Museum
Audit
Liability insurance
Paving and lighting
Social Security
Special recreation
Limited bonds
Tax Levy Year
9.222
8.711
0.608
0.929
0.291
3.542
0.272
2.751
0.212
0.046
0.060
0.511
0.163
0.117
0.013
0.002
0.022
0.005
0.022
0.040
0.024
0.103
2012
9.885
9.348
0.663
0.983
0.311
3.783
0.296
2.989
0.218
0.045
0.060
0.537
0.168
0.118
0.022
0.001
0.025
0.004
0.023
0.038
0.027
0.111
2013
10.033
9.480
0.682
0.993
0.317
3.810
0.306
3.049
0.210
0.047
0.066
0.553
0.172
0.123
0.022
0.001
0.026
0.005
0.023
0.037
0.031
0.113
2014
$ 5,564,612
6,216,311
6,906,208
7,011,847
6,949,571
7,552,437
7,541,962
7,548,289
7,901,678
7,851,523
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
7,848,442
7,874,232
7,523,811
7,518,250
7,496,507
6,909,594
6,958,133
6,876,381
6,145,749
$ 5,478,951
99.96%
99.65%
99.68%
99.69%
99.26%
99.42%
99.23%
99.57%
98.86%
98.46% $
-
-
-
-
-
-
-
3,192
50,786
74,671
7,848,442
7,874,232
7,523,811
7,518,250
7,496,507
6,909,594
6,958,133
6,879,573
6,196,535
$ 5,553,622
Office of the County Clerk
Data Source
- 100 -
99.96%
99.65%
99.68%
99.69%
99.26%
99.42%
99.23%
99.61%
99.68%
99.80%
Total Collections to Date
Percentage
Amount
of Levy
Note: Property in the District is reassessed each year. Property is assessed at 33% of actual value.
Tax Levied
Levy
Year
Collected within the
Fiscal Year of the Levy
Collections
Percentage in Subsequent
Amount
of Levy
Years
Last Ten Levy Years
PROPERTY TAX LEVIES AND COLLECTIONS
$
3,850,000
4,110,000
4,400,000
5,215,000
5,070,000
5,535,000
6,060,000
6,760,000
7,520,000
7,995,000
General
Obligation
Bonds
$
3,185,000
3,065,000
2,930,000
Debt
Certificates
$
149,733
477,084
472,706
460,648
Unamortized
Premium
Governmental Activities
$
1,935,000
1,480,000
1,583,000
1,110,000
910,000
700,000
480,000
245,000
-
Installment
Contract
Payable
$ 14,150,000
13,535,000
12,880,000
12,200,000
11,495,000
11,040,000
10,085,000
9,200,000
8,290,000
7,365,000
$
269,967
242,970
215,974
188,978
Business-Type Activities
General
Obligation
Unamortized
Bonds
Premium
$ 19,935,000
19,125,000
18,863,000
18,525,000
17,475,000
17,275,000
17,044,700
20,110,054
19,563,680
18,939,626
Total
Primary
Government
- 101 -
Note: Details of the District's outstanding debt can be found in the notes to financial statements.
Unamortized premium information available beginning in 2012.
* See the schedule of Demographic and Economic Information on page 107 for personal income and population data.
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
Fiscal
Year
Ended
RATIOS OF OUTSTANDING DEBT BY TYPE
1.25%
1.15%
1.05%
0.99%
0.93%
0.95%
1.04%
1.33%
1.41%
1.35%
Percentage
of
EAV
1.11% $
0.87%
1.06%
0.95%
1.00%
0.95%
0.91%
1.07%
1.07%
1.04%
Percentage
of
Personal
Income
462.37
429.35
423.47
415.88
392.31
387.82
410.76
484.63
471.46
454.18
Per
Capita*
$
3,850,000
4,110,000
4,400,000
5,215,000
5,070,000
5,535,000
6,209,733
7,237,084
7,992,706
8,455,648
$ 14,150,000
13,535,000
12,880,000
12,200,000
11,495,000
11,040,000
10,354,967
9,442,970
8,505,974
7,553,978
BusinessType
Activities
General
Obligation
Bonds
$
1,000,931
1,059,310
1,134,836
1,028,544
585,731
658,539
721,543
765,074
832,996
870,686
Less Amounts
Available
In Debt
Service Fund
$ 16,999,069
16,585,690
16,145,164
16,386,456
15,979,269
15,916,461
15,843,157
15,914,980
15,665,684
15,138,940
Total
0.38%
0.35%
0.32%
0.30%
0.28%
0.28%
0.30%
0.35%
0.38%
0.36%
Percentage of
Estimated
Actual Taxable
Value of
Property*
$
394.27
372.34
362.45
367.87
358.73
357.32
381.80
383.53
377.52
363.04
Per
Capita
- 102 -
* See the schedule of Assessed and Estimated Actual Value of Taxable Property on page 96 for property value
data.
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
Fiscal
Year
Governmental
Activities
General
Obligation
Bonds
$
Lake and Cook Counties
Data Source
- 103 -
(1) Percentages are based on 2014 equalized assessed valuations for Lake and Cook Counties.
$
4.75%
0.25%
0.25%
0.26%
94.17%
1.77%
0.00%
20.12%
38.03%
67.89%
12.16%
34.98%
4.26%
1.91%
5.01%
100.00%
$
274,450,000
3,466,975,750
118,610,000
1,986,550,000
9,020,000
39,615,000
51,400,000
5,946,620,750
40,805,000
720,000
2,630,000
2,480,000
14,355,000
42,800,000
166,045,000
18,430,000
288,265,000
18,939,626
Per capita direct and overlapping debt
(41,701 population)
$
Net
Bonded Debt
(1)
Percentage
of Debt
Applicable to
District
TOTAL DIRECT AND OVERLAPPING DEBT
Other than school districts
Lake County Forest Preserve
Cook County
Cook County Forest Preserve
Metropolitan Water Reclamation District
Village of Arlington Heights
Village of Wheeling
Total other than school districts
Schools districts
Cook County District #21
Kildeer Countryside Community Consolidated #96
Aptakisic - Tripp Community Consolidated #102
Lincolnshire - Half Day District #103
Adlai E. Stevenson H.S. District #125
Wheeling Township H.S. District #214
Harper Community College District #512
College of Lake County District #532
Total school districts
Governmental Unit
April 30, 2015
COMPUTATION OF DIRECT AND OVERLAPPING BONDED DEBT
RATIOS OF GENERAL BONDED DEBT OUTSTANDING
1,841
76,781,807
13,041,864
8,702,109
297,711
5,085,568
8,494,134
702,770
2,056
36,326,212
8,212,006
273,830
1,785,586
301,667
5,020,805
1,824,136
3,174,780
923,159
21,515,969
18,939,626
District's
Share of Debt
$ 1,594,385,941
$
EQUALIZED ASSESSED
VALUATION
Statutory Debt Limitation
2.875% of assessed valuation
1,655,000
280,000
-
1,935,000
Total General Obligation Installment
Contracts
-
General Obligation Installment
Contracts Dated
July 27, 1998
February 24, 2005
July 18, 2007
-
Total Debt Certificates
3,850,000
Total General Bonded Debt
Debt Certificates
Certificates Dated
October 11, 2012
895,000
1,380,000
1,575,000
-
General Bonded Debt
General Obligation Bonds Dated
November 12, 2003
November 16, 2004
October 15, 2005
November 16, 2006
November 15, 2007
November 15, 2008
November 24, 2009
November 4, 2010
February 8, 2012
November 14, 2012
November 14, 2013
November 18, 2014
45,838,596
2006
$
1,480,000
1,480,000
-
-
-
4,110,000
1,135,000
1,400,000
1,575,000
-
47,770,918
$ 1,661,597,144
2007
$
1,583,000
1,300,000
283,000
-
-
4,400,000
1,305,000
1,520,000
1,575,000
-
50,044,233
$ 1,801,231,378
2008
$
2010
$
910,000
910,000
-
-
-
5,070,000
800,000
1,160,000
1,530,000
1,580,000
-
54,283,075
$ 1,888,106,944
- 104 -
1,110,000
1,110,000
-
-
-
5,215,000
515,000
1,110,000
1,515,000
2,075,000
-
53,769,597
$ 1,870,246,849
2009
2011
$
700,000
700,000
-
-
-
5,535,000
790,000
1,495,000
1,520,000
1,730,000
-
52,218,303
$ 1,816,288,783
LEGAL DEBT MARGIN INFORMATION
$
480,000
480,000
-
-
-
6,060,000
1,085,000
1,460,000
1,675,000
1,840,000
-
47,293,076
$ 1,644,976,567
2012
$
245,000
245,000
-
3,185,000
3,185,000
6,760,000
305,000
1,075,000
1,595,000
1,720,000
2,065,000
-
43,474,525
$ 1,512,157,380
2013
$
-
-
3,065,000
3,065,000
7,520,000
425,000
1,230,000
1,645,000
2,040,000
2,180,000
-
39,990,927
$ 1,390,988,778
2014
$
-
-
2,930,000
2,930,000
7,995,000
775,000
1,270,000
1,905,000
2,135,000
1,910,000
40,186,797
$ 1,397,801,627
2015
$
$
40,053,596
19,935,000
11,650,000
2,500,000
14,150,000
2006
$
$
42,180,918
19,125,000
11,135,000
2,400,000
13,535,000
2007
$
$
44,061,233
18,863,000
10,600,000
2,280,000
12,880,000
2008
$
$
47,444,597
18,525,000
10,045,000
2,155,000
12,200,000
2009
$
$
48,303,075
17,475,000
9,470,000
2,025,000
11,495,000
2010
$
$
45,983,303
17,275,000
630,000
1,890,000
8,520,000
11,040,000
2011
$
$
40,753,076
16,625,000
1,750,000
8,335,000
10,085,000
2012
$
$
33,284,525
19,390,000
1,605,000
7,595,000
9,200,000
2013
$
$
29,405,927
18,875,000
1,455,000
6,835,000
8,290,000
2014
$
$
29,261,797
18,290,000
1,300,000
6,065,000
7,365,000
2015
- 105 -
Under Illinois State Statutes general obligation "alternate revenue source" bonds are not regarded or included in any computation of indebtedness for the purposes of the overall 2.875% of EAV debt limit or the nonreferendum 0.575%
of EAV limit or the nonreferendum 0.575% of EAV limit so long as the debt service levy for the bonds is abated annually and not extended.
LEGAL DEBT MARGIN
(Alternate Revenue Source)
Contracts Dated
February 1, 2002
October 15, 2005
April 26, 2011
Total General Obligation Bonds
(Alternate Revenue Source)
Total Bonded Debt
$
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
$
2,814,170
3,023,278
3,345,868
3,697,519
2,778,823
2,593,769
2,466,000
2,712,664
2,885,998
2,672,727
$
1,126,740
881,674
765,223
198,757
570,995
746,990
889,209
820,989
675,182
644,844
$
495,000
615,000
655,000
680,000
705,000
735,000
955,000
885,000
910,000
925,000
$
572,998
654,149
624,036
597,807
579,833
404,296
361,734
325,179
310,760
289,185
Fitness Center Fund Bonds
Net
Available
Debt Service
Revenue
Principal
Interest
- 106 -
Operating expenses do not include interest or depreciation.
3,940,910
3,904,952
4,111,091
3,896,276
3,349,818
3,340,759
3,355,209
3,533,653
3,561,180
3,317,571
Fitness Center
Operations
Fiscal
Year
Less
Operating
Expenses
1.06
0.69
0.60
0.16
0.44
0.66
0.68
0.68
0.55
0.53
Coverage
41,778
41,701
2014
2015
1,828,297
1,882,391
1,870,266
1,817,774
1,739,014
1,953,165
1,784,388
2,186,754
1,799,177
1,799,177 $
- 107 -
Village of Buffalo Grove, Division of Planning Services
Northeastern Illinois Planning Commission
Illinois Department of Employment Security
2010 Census
Data Sources
41,496
2013
44,544
2010
41,496
44,544
2009
2012
44,544
2008
41,496
44,544
2007
2011
44,544 $
Population
2006
Fiscal
Year
Personal
Income
(in thousands
of dollars)
43,843
45,057
45,071
43,806
41,908
43,848
40,059
49,092
40,391
40,391
Per
Capita
Personal
Income
DEMOGRAPHIC AND ECONOMIC INFORMATION
PLEDGED-REVENUE COVERAGE
4.2%
5.8%
6.3%
6.8%
7.6%
8.3%
7.8%
5.4%
3.6%
3.0%
Unemployment
Rate
- 108 -
9
10
Broadwing Communications Corp.
Kay and Assoc.
2014 Population Estimates
2006 Illinois Manufacturers Directory
2006 Illinois Services Director
Data Sources
8
Precision Technology, Inc.
1.20%
7
10
Level 3 Communications, LLC
1.20%
1.32%
Eastek International Corp.
9
AMITA Health
6
8
ABS Consulting
1.32%
GTTS - Division of Motorola
7
Paddock Publications
2.40%
5
6
Clearbrook
2.88%
4
3
5
I.S.I.
4.00%
4.32%
Federal Building Services, Inc.
4
1
International Profit Associates, Inc.
3
Siemens Building Technologies
9.59%
10.79%
Rank
2
2
% of
Total District
Population
Motorola Inc.
1
Northwest Community Healthcare
Rank
Arlington International Racecourse
Employer
2015
Current Year and Nine Years Ago
PRINCIPAL EMPLOYERS
1.57%
1.80%
1.80%
1.91%
2.24%
2.47%
4.27%
6.73%
3.37%
7.42%
% of
Total District
Population
2006
District Records
Data Source
GRAND TOTAL
Total regular employees
Total part-time/seasonal employees
CULTURE AND RECREATION
Regular employees
Part-time employees
Seasonal employees
GENERAL GOVERNMENT
Regular employees
Part-time employees
-
21
675
43
632
22
415
217
2006
-
21
679
44
635
23
410
225
2007
-
22
676
45
631
23
406
225
2008
-
22
- 109 -
710
45
665
23
423
242
2009
-
22
781
52
729
30
473
256
2010
EMPLOYEES BY FUNCTION
-
22
786
51
735
29
289
446
2011
-
22
758
52
706
30
272
434
2012
-
22
715
52
663
30
256
407
2013
-
22
708
55
653
33
256
397
2014
-
22
745
56
689
34
272
417
2015
20,037
3,441
2006
20,374
3,519
2007
19,654
3,005
19,831
3,264
2009
District Records
Data Source
- 110 -
16,366
3,302
2010
17,128
3,740
2011
18,957
3,566
2012
16,493
3,778
2013
14,929
3,534
2014
18,796
3,606
2015
District Records
Data Source
RECREATION
Acreage - owned
Number of parks - owned
Acreage - leased
Number of parks - leased
Acres per 1,000 people
Playgrounds - owned
Indoor swimming facilities
Outdoor swimming facilities
Outdoor ice skating
Recreation centers
Fitness center
Museum
Football fields
Ball diamonds
Soccer fields
Outdoor tennis courts
Picnic shelters
Basketball courts
Indoor golf learning center
Disc golf course
Sand volleyball courts
Fishing area
In line rinks
Skate park facilities
Sled hill
Dog park
2006
408
50
9.16
45
1
2
6
2
1
1
5
31
34
24
10
36
1
1
10
3
1
1
1
-
2007
417
50
9.36
45
1
2
6
2
1
1
5
32
34
24
10
36
1
2
10
3
1
1
1
-
417
50
9.36
45
1
2
6
2
1
1
5
32
34
24
10
36
1
2
10
3
1
1
1
-
2008
- 111 -
417
50
9.36
45
1
2
6
2
1
1
5
32
34
24
10
36
1
2
10
3
1
1
1
-
2009
417
50
9.36
45
1
2
7
2
1
1
5
32
34
24
10
36
1
2
10
3
1
1
1
-
2010
2008
CAPITAL ASSET STATISTICS
OPERATING INDICATORS
Includes only those programs that require formal registration (excludes special events, facility use, etc.).
RECREATION
Number of participants
Number of nonresident of participation
417
50
2.5
1
10.05
45
1
2
7
2
1
1
5
32
34
24
10
36
1
2
10
3
1
1
1
1
2011
417
50
2.5
1
10.05
45
1
2
7
2
1
1
5
32
34
24
10
36
1
2
10
3
1
1
1
1
2012
417
50
2.5
1
10.05
45
2
7
3
1
1
5
32
34
24
10
36
1
2
10
3
1
1
1
1
2013
417
50
2.5
1
10.05
45
2
7
3
1
1
5
32
34
24
10
36
1
2
10
3
1
1
1
1
2014
417
50
2.5
1
10.05
45
2
7
3
1
1
5
32
34
24
10
36
1
2
10
3
1
1
1
1
2015

buffalo grove park district

Transcription

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