T:\Wisaccts\North Fond Du Lac, Village\Debt Issuance

Transcription

In the opinion of Griggs Law Office LLC, Bond Counsel, assuming continued compliance with the requirements of the Internal Revenue Code of 1986, under existing law interest
on the Bonds is excluded from gross income and is not an item of tax preference for federal income tax purposes. See "TAX EXEMPTION" herein for a more detailed discussion
of some of the federal income tax consequences of owning the Bonds. The interest on the Bonds is not exempt from present Wisconsin income or franchise taxes.
The Issuer will designate the Bonds as "qualified tax-exempt obligations" for purposes of Section 265(b)(3) of the Internal Revenue Code of 1986, as amended, relating to the
ability of financial institutions to deduct from income for federal income tax purposes, interest expense that is allocable to carrying and acquiring tax-exempt obligations.
New Issue
Non-Rated
PRELIMINARY OFFICIAL STATEMENT DATED OCTOBER 27, 2014
VILLAGE OF NORTH FOND DU LAC, WISCONSIN
(Fond du Lac County)
$1,030,000* GENERAL OBLIGATION REFUNDING BONDS, SERIES 2014A
BID OPENING: November 3, 2014, 10:00 A.M., C.T.
CONSIDERATION: November 3, 2014, 6:00 P.M., C.T.
PURPOSE/AUTHORITY/SECURITY: The $1,030,000* General Obligation Refunding Bonds, Series 2014A (the "Bonds")
of the Village of North Fond Du Lac, Wisconsin (the "Village") are being issued pursuant to Wisconsin Statutes, Section 67.04
for the public purpose of refunding certain obligations of the Village. The Bonds are valid and binding general obligations of the
Village, and all the taxable property in the Village is subject to the levy of a tax to pay the principal of and interest on the Bonds
as they become due which tax may, under current law, be levied without limitation as to rate or amount. Delivery is subject to
receipt of an approving legal opinion of Griggs Law Office LLC, Milwaukee, Wisconsin.
DATE OF BONDS:
MATURITY:
November 20, 2014
December 1 as follows:
Amount*
Year
Amount*
Year
2015
$255,000
2017
$255,000
2016
255,000
2018
265,000
MATURITY ADJUSTMENTS: * The Village reserves the right to increase or decrease the amount of any individual maturity
of the Bonds in increments of $5,000 on the day of sale. If individual maturities are increased
or decreased, the purchase price proposed will be adjusted to maintain the same gross spread
per $1,000.
See "Term Bond Option" herein.
TERM BONDS:
June 1, 2015 and semiannually thereafter.
INTEREST:
The Bonds are being offered without option of prior redemption.
OPTIONAL REDEMPTION:
$1,022,790.
MINIMUM BID:
$1,071,584.
MAXIMUM BID:
A cashier's check in the amount of $20,600 may be submitted contemporaneously with the bid
GOOD FAITH DEPOSIT:
or, alternatively, a good faith deposit shall be made by the winning bidder by wire transfer of
funds.
To be determined by Issuer.
PAYING AGENT:
See "Book-Entry-Only System" herein (unless otherwise specified by the purchaser).
BOOK-ENTRY-ONLY:
This Preliminary Official Statement will be further supplemented by an addendum specifying the offering prices, interest rates,
aggregate principal amount, principal amount per maturity, anticipated delivery date, and Syndicate Manager and Syndicate
Members, together with any other information required by law, and, as supplemented, shall constitute a "Final Official Statement"
of the Village with respect to the Bonds, as defined in S.E.C. Rule 15c2-12.
REPRESENTATIONS
No dealer, broker, salesperson or other person has been authorized by the Village to give any information or to make any representation other
than those contained in this Preliminary Official Statement and, if given or made, such other information or representations must not be relied
upon as having been authorized by the Village. This Preliminary Official Statement does not constitute an offer to sell or a solicitation of
an offer to buy any of these Obligations in any jurisdiction to any person to whom it is unlawful to make such an offer or solicitation in
such jurisdiction.
This Preliminary Official Statement is not to be construed as a contract with the Syndicate Manager or Syndicate Members. Statements
contained herein which involve estimates or matters of opinion are intended solely as such and are not to be construed as representations of
fact. Ehlers prepared this Preliminary Official Statement and any addenda thereto relying on information of the Village and other sources for
which there is reasonable basis for believing the information is accurate and complete. Bond Counsel has not participated in the preparation
of this Preliminary Official Statement except as described herein and is not expressing any opinion as to the completeness or accuracy of the
information contained therein. Compensation of Ehlers, payable entirely by the Village, is contingent upon the sale of the issue.
COMPLIANCE WITH S.E.C. RULE 15c2-12
Certain municipal obligations (issued in an aggregate amount over $1,000,000) are subject to General Rules and Regulations, Securities
Exchange Act of 1934, Rule 15c2-12 Municipal Securities Disclosure (the "Rule").
Preliminary Official Statement: This Preliminary Official Statement was prepared for the Village for dissemination to potential customers.
Its primary purpose is to disclose information regarding these Obligations to prospective underwriters in the interest of receiving competitive
proposals in accordance with the sale notice contained herein. Unless an addendum is posted prior to the sale, this Preliminary Official
Statement shall be deemed nearly final for purposes of the Rule subject to completion, revision and amendment in a Final Official Statement
as defined below.
Review Period: This Preliminary Official Statement has been distributed to members of the legislative body and other public officials of
the Village as well as to prospective bidders for an objective review of its disclosure. Comments or requests for the correction of omissions
or inaccuracies must be submitted to Ehlers at least two business days prior to the sale. Requests for additional information or corrections in
the Preliminary Official Statement received on or before this date will not be considered a qualification of a proposal received from an
underwriter. If there are any changes, corrections or additions to the Preliminary Official Statement, interested bidders will be informed by
an addendum at least one business day prior to the sale.
Final Official Statement: Upon award of sale of these Obligations, the Preliminary Official Statement together with any previous addendum
of corrections or additions will be further supplemented by an addendum specifying the offering prices, interest rates, aggregate principal
amount, principal amount per maturity, anticipated delivery date, and Syndicate Manager and Syndicate Members, together with any other
information required by law, and, as supplemented, shall constitute a "Final Official Statement" of the Village with respect to the Obligations,
as defined in the Rule. Copies of the Final Official Statement will be delivered to the underwriter (Syndicate Manager) within seven business
days following the proposal acceptance.
Continuing Disclosure: Subject to certain exemptions, issues in an aggregate amount over $1,000,000 may be required to comply with
provisions of the Rule which require that underwriters obtain from the issuers of municipal securities (or other obligated party) an agreement
for the benefit of the owners of the securities to provide continuing disclosure with respect to those securities. This Preliminary Official
Statement describes the conditions under which these Obligations are exempt or required to comply with the Rule.
CLOSING CERTIFICATES
Upon delivery of these Obligations, the purchaser (underwriter) will be furnished with the following items: (1) a certificate of the appropriate
officials to the effect that at the time of the sale of these Obligations and all times subsequent thereto up to and including the time of the delivery
of these Obligations, this Preliminary Official Statement did not and does not contain any untrue statement of a material fact or omit to state
a material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading; (2) a
receipt signed by the appropriate officer evidencing payment for these Obligations; (3) a certificate evidencing the due execution of these
Obligations, including statements that (a) no litigation of any nature is pending, or to the knowledge of signers, threatened, restraining or
enjoining the issuance and delivery of these Obligations, (b) neither the corporate existence or boundaries of the Village nor the title of the
signers to their respective offices is being contested, and (c) no authority or proceedings for the issuance of these Obligations have been
repealed, revoked or rescinded; and (4) a certificate setting forth facts and expectations of the Village which indicates that the Village does
not expect to use the proceeds of these Obligations in a manner that would cause them to be arbitrage bonds within the meaning of Section 148
of the Internal Revenue Code of 1986, as amended, or within the meaning of applicable Treasury Regulations.
ii
TABLE OF CONTENTS
1
1
1
1
2
2
2
THE ISSUER . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
VILLAGE GOVERNMENT . . . . . . . . . . . . . . . . . . . . .
EMPLOYEES; PENSIONS . . . . . . . . . . . . . . . . . . . . . .
LIABILITIES FOR OTHER
POST EMPLOYMENT BENEFITS . . . . . . . . . .
LITIGATION . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
FUNDS ON HAND . . . . . . . . . . . . . . . . . . . . . . . . . . . .
ENTERPRISE FUNDS . . . . . . . . . . . . . . . . . . . . . . . . .
SUMMARY GENERAL FUND INFORMATION . . . .
19
19
19
2
3
3
4
4
4
GENERAL INFORMATION . . . . . . . . . . . . . . . . . . . . . . . . .
LOCATION . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
LARGER EMPLOYERS . . . . . . . . . . . . . . . . . . . . . . . .
BUILDING PERMITS . . . . . . . . . . . . . . . . . . . . . . . . . .
U.S. CENSUS DATA . . . . . . . . . . . . . . . . . . . . . . . . . . .
EMPLOYMENT/UNEMPLOYMENT DATA . . . . . . .
24
24
24
25
26
26
INTRODUCTORY STATEMENT . . . . . . . . . . . . . . . . . . . . . 1
THE BONDS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
GENERAL . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
OPTIONAL REDEMPTION . . . . . . . . . . . . . . . . . . . . . .
AUTHORITY; PURPOSE . . . . . . . . . . . . . . . . . . . . . . . .
ESTIMATED SOURCES AND USES . . . . . . . . . . . . . .
SECURITY . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
RATING . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
UNDERTAKING TO PROVIDE
CONTINUING DISCLOSURE . . . . . . . . . . . . . . .
LEGAL OPINION . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
TAX EXEMPTION . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
QUALIFIED TAX-EXEMPT OBLIGATIONS . . . . . . . .
FINANCIAL ADVISOR . . . . . . . . . . . . . . . . . . . . . . . . .
RISK FACTORS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
20
20
21
22
23
VALUATIONS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6
WISCONSIN PROPERTY VALUATIONS; PROPERTY
TAXES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6
CURRENT PROPERTY VALUATIONS . . . . . . . . . . . . 7
2014 EQUALIZED VALUE BY CLASSIFICATION . . . 7
TREND OF VALUATIONS . . . . . . . . . . . . . . . . . . . . . . 7
LARGER TAXPAYERS . . . . . . . . . . . . . . . . . . . . . . . . . 8
EXCERPTS FROM FINANCIAL STATEMENTS . . . . . . . A-1
DEBT . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9
DIRECT DEBT . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9
SCHEDULE OF GENERAL OBLIGATION DEBT . . . 10
SCHEDULE OF WATER REVENUE DEBT . . . . . . . . 11
SCHEDULE OF SEWER REVENUE DEBT . . . . . . . . 12
SCHEDULE OF AUTHORITY DEBT . . . . . . . . . . . . . 13
DEBT LIMIT . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14
OVERLAPPING DEBT . . . . . . . . . . . . . . . . . . . . . . . . . 14
DEBT RATIOS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15
DEBT PAYMENT HISTORY . . . . . . . . . . . . . . . . . . . . 15
FUTURE FINANCING . . . . . . . . . . . . . . . . . . . . . . . . . 15
NOTICE OF SALE . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . E-1
TAX LEVIES AND COLLECTIONS . . . . . . . . . . . . . . . . . .
TAX LEVIES AND COLLECTIONS . . . . . . . . . . . . . .
PROPERTY TAX RATES . . . . . . . . . . . . . . . . . . . . . . .
LEVY LIMITS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
FORM OF LEGAL OPINION . . . . . . . . . . . . . . . . . . . . . . . B-1
BOOK-ENTRY-ONLY SYSTEM . . . . . . . . . . . . . . . . . . . . C-1
FORM OF CONTINUING DISCLOSURE CERTIFICATE D-1
16
16
17
17
iii
BOARD OF TRUSTEES
Term Expires
James Moore
President
April 2015
Tammy Keller
Trustee
April 2016
Mike Streetar
Trustee
April 2017
Mike Will
Trustee
April 2017
Keith King
Trustee
April 2016
ADMINISTRATION
Charles Hornung, Village Administrator/Clerk/Treasurer
PROFESSIONAL SERVICES
James Kalny, Village Attorney, Green Bay, Wisconsin
Griggs Law Office LLC, Bond Counsel, Milwaukee, Wisconsin
Ehlers & Associates, Inc., Financial Advisors, Pewaukee, Wisconsin
(Other offices located in Roseville, Minnesota and Lisle, Illinois)
iv
INTRODUCTORY STATEMENT
This Preliminary Official Statement contains certain information regarding the Village of North Fond Du Lac,
Wisconsin (the "Village") and the issuance of its $1,030,000* General Obligation Refunding Bonds, Series 2014A
(the "Bonds"). Any descriptions or summaries of the Bonds, statutes, or documents included herein are not intended
to be complete and are qualified in their entirety by reference to such statutes and documents and the form of the
Bonds to be included in the resolution authorizing the sale of the Bonds ("Award Resolution") to be adopted by the
Board of Trustees on November 3, 2014.
Inquiries may be directed to Ehlers & Associates, Inc. ("Ehlers" or the "Financial Advisor"), Pewaukee, Wisconsin,
(262) 785-1520, the Village's Financial Advisor. A copy of this Preliminary Official Statement may be downloaded
from Ehlers’ web site at www.ehlers-inc.com by connecting to the link to the Bond Sales and following the directions
at the top of the site.
THE BONDS
GENERAL
The Bonds will be issued in fully registered form as to both principal and interest in denominations of $5,000 each
or any integral multiple thereof, and will be dated, as originally issued, as of November 20, 2014. The Bonds will
mature on December 1 in the years and amounts set forth on the cover of this Preliminary Official Statement. Interest
will be payable on June 1 and December 1 of each year, commencing June 1, 2015, to the registered owners of the
Bonds appearing of record in the bond register as of the close of business on the 15th day (whether or not a business
day) of the immediately preceding month. Interest will be computed upon the basis of a 360-day year of twelve 30day months and will be rounded pursuant to rules of the MSRB. The rate for any maturity may not be more than
1.00% less than the rate for any preceding maturity. (For example, if a rate of 4.50% is proposed for the 2017
maturity, then the lowest rate that may be proposed for any later maturity is 3.50%.) All Bonds of the same
maturity must bear interest from date of issue until paid at a single, uniform rate. Each rate must be expressed in an
integral multiple of 5/100 or 1/8 of 1%.
Unless otherwise specified by the purchaser the Bonds will be registered in the name of Cede & Co., as nominee for
The Depository Trust Company, New York, New York ("DTC"). (See "Book-Entry-Only System" herein.) As long
as the Bonds are held under the book-entry system, beneficial ownership interests in the Bonds may be acquired in
book-entry form only, and all payments of principal of, premium, if any, and interest on the Bonds shall be made
through the facilities of DTC and its Participants. If the book-entry system is terminated, principal of, premium, if
any, and interest on the Bonds shall be payable as provided in the resolution awarding the sale of the Bonds.
OPTIONAL REDEMPTION
AUTHORITY; PURPOSE
The Bonds are being issued pursuant to Wisconsin Statutes, Section 67.04 for the public purpose of refunding certain
obligations of the Village as follows:
1
Issue Being Refunded
$2,745,000 General
Obligation Refunding Bonds,
Series 2004
Date of
Refunded
Issue
8/1/04
Call
Date
Call
Price
12/1/14
100%
Maturities
Being
Refunded
2015
2016
2017
2018
Principal
to be
Refunded
with Bonds
Interest
Rates
4.050%
4.150%
4.250%
4.300%
$
235,000
245,000
250,000
270,000
$ 1,000,000
Total Principal
ESTIMATED SOURCES AND USES
Sources
Par Amount of Bonds
Total Sources
$1,030,000
Amount Needed for Refunding
Contingency
Discount Allowance
Finance Related Expenses
Total Uses
$1,000,932
2,883
7,210
18,975
$1,030,000
Uses
$1,030,000
SECURITY
For the prompt payment of the Bonds with interest thereon and for the levy of taxes sufficient for this purpose, the
full faith, credit and resources of the Village will be irrevocably pledged. The Village will levy a direct, annual,
irrepealable tax on all taxable property in the Village sufficient to pay the interest on the Bonds when it becomes due
and also to pay and discharge the principal on the Bonds at maturity, in compliance with Article XI, Section 3 of the
Wisconsin Constitution. Such tax may, under current law, be levied without limitation as to rate or amount.
RATING
None of the outstanding indebtedness of the Village is currently rated, and the Village has not requested a rating on
this issue. A rating for this issue may not be requested without contacting Ehlers and receiving the permission of the
Village.
UNDERTAKING TO PROVIDE CONTINUING DISCLOSURE
In order to assist the Underwriters in complying with SEC Rule 15c2-12 promulgated by the Securities and Exchange
Commission, pursuant to the Securities Exchange Act of 1934 (hereinafter the "Rule"), the Village shall covenant
to take certain actions pursuant to a Resolution adopted by the Board of Trustees by entering into a Continuing
2
Disclosure Undertaking (the "Disclosure Undertaking") for the benefit of holders, including beneficial holders. The
Disclosure Undertaking requires the Village to provide electronically or in the manner otherwise prescribed certain
financial information and data annually and to provide notices of the occurrence of certain events enumerated in the
Rule. The details and terms of the Disclosure Undertaking for this issue are set forth in Appendix D to be executed
and delivered by the Village at the time of delivery of the Bonds. Such Disclosure Undertaking will be in
substantially the form attached hereto.
In the previous five years, the Village believes it has complied in all material respects with any previous Disclosure
Undertaking under the Rule. A failure by the Village to comply with any Disclosure Undertaking will not constitute
an event of default on this issue or any issue outstanding. However, such a failure may adversely affect the
transferability and liquidity of the Bonds and their market price.
The Village recognizes the obligation it has to provide specific information upon request under the Disclosure
Undertaking should the Village fail to comply in all material respects with the terms of the Disclosure Undertaking.
The Village will file its continuing disclosure information using the Electronic Municipal Market Access ("EMMA")
system or any system that may be prescribed in the future. Investors will be able to access continuing disclosure
information filed with the MSRB at www.emma.msrb.org.
LEGAL OPINION
An opinion as to the validity of the Bonds and the exemption from federal taxation of the interest thereon will be
furnished by Griggs Law Office LLC, bond counsel to the Village, and will accompany the Bonds. The legal opinion
will be issued on the basis of existing law and will state that the Bonds are valid and binding general obligations of
the Village; provided 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 (which may be applied in either a legal or equitable proceeding).
TAX EXEMPTION
Griggs Law Office LLC, Milwaukee, Wisconsin, Bond Counsel, will deliver a legal opinion with respect to the federal
income tax exemption applicable to the interest on the Bonds under existing law substantially in the following form:
"The interest on the Bonds is excluded from gross income for federal income tax purposes and is not an item of
tax preference for purposes of the federal alternative minimum tax imposed on individuals and corporations; it
should be noted, however, that for the purpose of computing the alternative minimum tax imposed on corporations
(as defined for federal income tax purposes), such interest is taken into account in determining adjusted current
earnings. The opinions set forth in the preceding sentence are subject to the condition that the Village comply with
all requirements of the Internal Revenue Code of 1986, as amended, that must be satisfied subsequent to the
issuance of the Bonds in order that interest thereon be, or continue to be, excluded from gross income for federal
income tax purposes. The Village has covenanted to comply with each such requirement. Failure to comply with
certain of such requirements may cause the inclusion of interest on the Bonds in gross income for federal income
tax purposes to be retroactive to the date of issuance of the Bonds. We express no opinion regarding other federal
tax consequences arising with respect to the Bonds."
The interest on the Bonds is not exempt from present Wisconsin income or franchise taxes.
3
The Internal Revenue Code of 1986, as amended (the "Code") contains numerous other provisions which could
adversely affect the value of an investment in the Bonds for particular Bondholders. For example, (i) Section 265 of
the Code denies a deduction for interest on indebtedness incurred or continued to purchase or carry the Bonds or, in
the case of a financial institution, that portion of a holder's interest expense allocated to interest on the Bonds, except
with respect to certain financial institutions (within the meaning of Section 265(b)(5) of the Code), (ii) with respect
to insurance companies subject to the tax imposed by Section 831 of the Code, Section 832(b)(5)(B)(i) reduces the
deduction for loss reserves by 15 percent of the sum of certain items, including interest on the Bonds, (iii) interest on
the Bonds earned by certain foreign corporations doing business in the United States could be subject to a branch
profits tax imposed by Section 884 of the Code, (iv) passive investment income, including interest on the Bonds, may
be subject to federal income taxation under Section 1375 of the Code for Subchapter S corporations that have
Subchapter C earnings and profits at the close of the taxable year if greater than 25% of the gross receipts of such
Subchapter S corporation is passive investment income and (v) Section 86 of the Code requires recipients of certain
Social Security and certain Railroad Retirement benefits to take into account receipts or accruals of interest on the
Bonds in determining gross income. There may be other provisions of the Code which could adversely affect the value
of an investment in the Bonds for particular Bondholders. Investors should consult their tax advisors to determine how
the provisions described under this heading and other provisions of the Code relating to the ownership of tax-exempt
obligations apply to them.
From time to time, legislation is proposed which, if enacted, could alter one or more of the federal tax matters referred
to above or would adversely affect the market value of the Bonds. It cannot be predicted whether or in what form any
of such proposals may be enacted and whether, if enacted, such proposals will apply to obligations (such as the Bonds)
issued prior to enactment.
QUALIFIED TAX-EXEMPT OBLIGATIONS
The Village will designate the Bonds as "qualified tax-exempt obligations" for purposes of Section 265(b)(3) of the
Code relating to the ability of financial institutions to deduct from income for federal income tax purposes, interest
expense that is allocable to carrying and acquiring tax-exempt obligations.
FINANCIAL ADVISOR
Ehlers has served as Financial Advisor to the Village in connection with the issuance of the Bonds. The Financial
Advisor will not participate in the underwriting of the Bonds. The financial information included in this Preliminary
Official Statement has been compiled by the Financial Advisor. Such information does not purport to be a review,
audit or certified forecast of future events and may not conform with accounting principles applicable to compilations
of financial information. Ehlers is not a firm of certified public accountants. Ehlers is registered with the Securities
and Exchange Commission and the Municipal Securities Rulemaking Board as a Municipal Advisor.
RISK FACTORS
Following is a description of possible risks to holders of these Bonds without weighting as to probability. This
description of risks is not intended to be all-inclusive, and there may be other risks not now perceived or listed here.
Taxes: The Bonds of this offering are general obligations of the Village, the ultimate payment of which rests in the
Village's ability to levy and collect sufficient taxes to pay debt service.
State Actions: Many elements of local government finance, including the issuance of debt and the levy of property
taxes, are controlled by state government. Past and future actions of the State may affect the overall financial
4
condition of the Village, the taxable value of property within the Village, and the ability of the Village to levy
property taxes.
Interest Rates: In the future, interest rates for this type of obligation may rise generally, possibly resulting in a
reduction in the value of the Obligations for resale prior to maturity.
Tax Exemption: If the federal government taxes all or a portion of the interest on municipal bonds or notes or if the
state government increases its tax on interest on bonds and notes, directly or indirectly, or if there is a change in
federal or state tax policy, then the value of these Bonds may fall for purposes of resale. Noncompliance by the Issuer
with the covenants in the Award Resolution relating to certain continuing requirements of the Code may result in
inclusion of interest to be paid on the Bonds in gross income of the recipient for United States income tax purposes,
retroactive to the date of issuance.
Continuing Disclosure: A failure by the Village to comply with the Undertaking for continuing disclosure (see
"Continuing Disclosure") will not constitute an event of default on the Bonds. Any such failure must be reported in
accordance with the Rule and must be considered by any broker, dealer, or municipal securities dealer before
recommending the purchase or sale of the Bonds in the secondary market. Such a failure may adversely affect the
transferability and liquidity of the Bonds and their market price.
Book-Entry-Only System: The timely credit of payments for principal and interest on the Bonds to the accounts of
the Beneficial Owners of the Bonds may be delayed due to the customary practices, standing instructions or for other
unknown reasons by DTC participants or indirect participants. Since the notice of redemption or other notices to
holders of these obligations will be delivered by the Village to DTC only, there may be a delay or failure by DTC,
DTC participants or indirect participants to notify the Beneficial Owners of the Bonds.
Depository Risk: Wisconsin Statutes direct the local treasurer to immediately deposit upon receipt thereof, the funds
of the municipality in a public depository designated by the governing body. A public depository means a federal
or state credit union, federal or state savings and loan association, state bank, savings and trust company, mutual
savings bank or national bank in Wisconsin or the local government pooled investment fund operated by the State
Investment Board. It is not uncommon for a municipality to have deposits exceeding limits of federal and state
insurance programs. Failure of a depository could result in loss of public funds or a delay in obtaining them. Such
a loss or delay could interrupt a timely payment of municipal debt.
Economy: A combination of economic, climatic, political or civil disruptions or terrorist actions could affect the local
economy and result in reduced tax collections and/or increased demands upon local government.
5
VALUATIONS
WISCONSIN PROPERTY VALUATIONS; PROPERTY TAXES
Equalized Value
Wisconsin Statutes, Section 70.57, requires the Department of Revenue to annually determine the equalized value
(also referred to as full equalized value or aggregate full value) of all taxable property in each county and taxation
district. The equalized value is an independent estimate of value used to equate individual local assessment policies
so that property taxes are uniform throughout the various subdivisions in the State. Equalized value is calculated
based on the history of comparable sales and information about value changes or taxing status provided by the local
assessor. A comparison of the State-determined equalized value and the local assessed value, expressed as a
percentage, is known as the assessment ratio or level of assessment. The Department of Revenue notifies each county
and taxing jurisdiction of its equalized value on August 15; school districts are notified on October 1. The equalized
value of each county is the sum of the valuations of all cities, villages, and towns within its boundaries. Taxing
jurisdictions lying in more than one municipality, such as counties, school districts, or special taxing districts, use the
equalized value of the underlying units in calculating and levying their respective levies. Equalized values are also
used to apportion state aids and calculate municipal general obligation debt limits.
Assessed Value
The "assessed value" of taxable property in a municipality is determined by the local assessor, except for
manufacturing properties which are valued by the State. Each city, village or town retains its own local assessor, who
must be certified by the State Department of Revenue. Assessed value is used by these municipalities to determine
tax levy mill rates and to apportion levies among individual property owners. Beginning in 1986, the State required
that the assessed values must be within 10% of State equalized values at least once every five years. The local
assessor values property as of January 1 each year and submits those values to each municipality the second Monday
in May. The assessor also reports any value changes taking place since the previous year, to the Department of
Revenue, by this same date.
6
CURRENT PROPERTY VALUATIONS
2014 Equalized Value
$196,340,500
2014 Equalized Value Reduced by Tax Increment Valuation
$172,210,200
$193,770,700
2013 Equalized Value Reduced by Tax Increment Valuation
$172,072,200
2013 Assessed Value
$190,291,200
2014 EQUALIZED VALUE BY CLASSIFICATION
Residential
$
Commercial
144,907,800
73.804%
46,278,700
23.571%
2,929,200
1.492%
11,200
0.006%
2,213,600
1.127%
196,340,500
100.000%
Manufacturing
Agricultural
Personal Property
Total
$
TREND OF VALUATIONS
Equalized
Value
Percent
Increase/Decrease
in Equalized Value
Year
Assessed
Value
2009
$189,964,400
$206,263,800
0.40%
2010
189,696,000
204,528,300
-0.84%
2011
189,239,000
200,481,400
-1.98%
2012
189,515,200
197,061,600
-1.71%
2013
190,291,200
193,770,700
-1.67%
2014
n/a
196,340,500
1.33%
Source: Wisconsin Department of Revenue, Bureau of Equalization.
7
Percent of Total
Equalized Value
LARGER TAXPAYERS
Taxpayer
Type of Business/Property
Gohen-Pepper Investments
Apartments
Flood Mobile Home Park
2013
Estimated
Equalized Value1
Percent of
Village's Total
Estimated
Equalized Value
$ 5,064,444
2.61%
Mobile Home Community
4,693,381
2.42%
Atlantic LLC
Apartments
4,671,284
2.41%
MI Health Holdings
Agnesian Health Clinic
2,534,819
1.31%
O’Connor Oil
Restaurant/Gas Station
2,492,051
1.29%
NFDL Partners LLC
Industrial
2,397,656
1.24%
Aurora Medical Group
Aurora Health Clinic
1,910,711
0.99%
Star Northgate Limited Partnership
Apartments
1,908,471
0.98%
Sandmar Properties
Apartments
1,400,448
0.72%
TJL Properties
Used Auto Sales Auction
1,347,498
0.70%
Total
$ 28,420,763
14.67%
Village's Total 2013 Equalized Value
$193,770,700
1
Estimated by dividing the assessed values by the ratio of assessed to equalized value for the Village.
Because the 2014 Assessed Values and Ratios are not available, the 2013 data is shown.
8
DEBT
DIRECT DEBT1 (includes the Bonds of this offering and excludes the refunded obligations)
General Obligation Debt (see schedules following)
Total General Obligation Debt
$
6,577,990
Total revenue debt secured by sewer revenues
$
778,881
Total revenue debt secured by water revenues
$
2,260,000
$
2,495,000
Revenue Debt (see schedules following)
Lease Revenue Obligations (see schedule following)
Total Lease Revenue Obligations Paid by Annual Appropriations
1
Outstanding debt is as of the dated date of the Bonds.
9
10
VILLAGE OF NORTH FOND DU LAC
220,000
TOTAL
8,690
8,690
Interest
545,000
175,000
180,000
190,000
Principal
12/1
55,990
11,040
22,080
15,080
7,790
Interest
8/7/2008
$1,510,000
GO Notes
Series 2008
780,000
140,000
145,000
155,000
170,000
170,000
Principal
12/1
69,195
9,040
18,080
15,560
12,660
9,095
4,760
Interest
12/22/2010
$780,000
GO Notes
Series 2010
3,345,000
605,000
190,000
190,000
175,000
265,000
295,000
815,000
810,000
Principal
Prepared by Ehlers
12/1
235,701
20,621
38,218
36,983
35,463
33,713
30,533
26,403
13,770
Interest
10/24/2012
$3,965,000
GO Notes 1)
Series 2012A
1) Issue current refunds the 2013-2014 maturities of the 2005 GO Notes and the 2008 BAN
2) Issue current refunds 2015-2018 maturities of the 2004 GO Bonds.
220,000
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
Principal
12/1
Maturity
Fiscal Year
Ending
8/1/2004
$2,745,000
Dated
Amount
GO Ref Bonds
Series 2004
Schedule of Bonded Indebtedness
General Obligation Debt
(As of November 20, 2014)
657,990
73,210
75,648
78,106
80,645
83,234
85,971
88,765
92,412
Principal
12/1
128,119
28,122
21,443
19,005
16,547
14,008
11,419
8,682
5,888
3,003
Interest
11/20/2013
$657,990
STF Loan
1,030,000
255,000
255,000
255,000
265,000
Principal
12/1
30,487
11,707
8,810
6,260
3,710
Est
Interest
(This issue)
11/20/2014
$1,030,000
GO Notes 2)
Series 2014A
6,577,990
825,000
760,000
843,210
850,648
778,106
545,645
898,234
895,971
88,765
92,412
Total
Principal
528,182
49,391
118,207
97,876
81,178
63,064
49,301
37,821
22,452
5,888
3,003
Total
Interest
7,106,172
874,391
878,207
941,086
931,826
841,171
594,946
936,056
918,423
94,653
95,415
5,752,990
4,992,990
4,149,780
3,299,133
2,521,026
1,975,382
1,077,147
181,177
92,412
0
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
Year
G O DEBT
12.54%
24.10%
36.91%
49.85%
61.67%
69.97%
83.62%
97.25%
98.60%
100.00%
Principal
Principal
Principal
& Interest Outstanding %Paid
11
480,000
90,000
90,000
95,000
100,000
105,000
Prepared by Ehlers
TOTAL
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
2027
2028
2029
Principal
53,833
18,748
14,968
11,013
6,795
2,310
Interest
770,000
35,000
35,000
40,000
40,000
40,000
45,000
45,000
50,000
55,000
55,000
60,000
60,000
65,000
70,000
75,000
Principal
349,834
38,388
37,058
35,493
33,693
31,893
29,868
27,618
25,243
22,549
19,661
16,643
13,418
9,980
6,215
2,119
Interest
5/1
5/1
Maturity
Fiscal Year
Ending
8/11/2009
$900,000
8/7/2008
$960,000
Bonds
Series 2009A
Dated
Amount
Bonds
Series 2008
1,010,000
50,000
50,000
55,000
55,000
60,000
60,000
65,000
65,000
70,000
70,000
75,000
80,000
80,000
85,000
90,000
Principal
5/1
427,490
47,590
45,890
43,948
41,748
39,275
36,605
33,730
30,610
27,235
23,683
19,949
15,898
11,658
7,221
2,453
Interest
11/24/2009
$1,240,000
Bonds
Series 2009B
Revenue Debt Secured by Water System Revenues
2,260,000
0
175,000
175,000
190,000
195,000
205,000
105,000
110,000
115,000
125,000
125,000
135,000
140,000
145,000
155,000
165,000
Total
Principal
831,156
0
104,725
97,915
90,453
82,235
73,478
66,473
61,348
55,853
49,784
43,344
36,591
29,315
21,638
13,436
4,571
Total
Interest
3,091,156
0
279,725
272,915
280,453
277,235
278,478
171,473
171,348
170,853
174,784
168,344
171,591
169,315
166,638
168,436
169,571
2,260,000
2,085,000
1,910,000
1,720,000
1,525,000
1,320,000
1,215,000
1,105,000
990,000
865,000
740,000
605,000
465,000
320,000
165,000
0
0.00%
7.74%
15.49%
23.89%
32.52%
41.59%
46.24%
51.11%
56.19%
61.73%
67.26%
73.23%
79.42%
85.84%
92.70%
100.00%
Principal
Principal
Principal
& Interest Outstanding %Paid
Water
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
2027
2028
2029
Year
12
427,523
102,588
105,398
108,285
111,251
Prepared by Ehlers
TOTAL
2014
2015
2016
2017
2018
2019
2020
2021
Principal
29,670
5,855
10,305
7,457
4,530
1,524
Interest
351,358
46,203
47,473
48,779
50,120
51,499
52,915
54,370
Principal
39,697
4,831
9,027
7,739
6,416
5,056
3,658
2,223
748
Interest
5/1
Maturity
Fiscal Year
Ending
(CWF LOAN)
11/14/2001
$850,671
(CWF LOAN)
6/24/1998
$1,738,910
Dated
Amount
5/1
Bonds
Series 2001
Bonds
Series 1998
778,881
0
148,791
152,872
157,064
161,371
51,499
52,915
54,370
Total
Principal
Revenue Debt Secured by Sewer System Revenues
69,367
10,686
19,332
15,196
10,946
6,579
3,658
2,223
748
Total
Interest
848,248
10,686
168,123
168,067
168,010
167,951
55,157
55,137
55,117
778,881
630,090
477,218
320,154
158,783
107,285
54,370
0
0.00%
19.10%
38.73%
58.90%
79.61%
86.23%
93.02%
100.00%
Principal
Principal
Principal
& Interest Outstanding
%Paid
2014
2015
2016
2017
2018
2019
2020
2021
Year
Sewer
13
345,000
370,000
400,000
430,000
465,000
485,000
2,495,000
2014
2015
2016
2017
2018
2019
2020
TOTAL
Prepared by Ehlers
Principal
471,163
61,398
109,470
94,980
79,070
61,670
42,750
21,825
Interest
12/1
Maturity
Fiscal Year
Ending
5/1/2005
$3,865,000
Dated
Amount
BONDS
Series 2005
2,495,000
0
345,000
370,000
400,000
430,000
465,000
485,000
Total
Principal
471,163
61,398
109,470
94,980
79,070
61,670
42,750
21,825
Total
Interest
2,966,163
61,398
454,470
464,980
479,070
491,670
507,750
506,825
2,495,000
2,150,000
1,780,000
1,380,000
950,000
485,000
0
0.00%
13.83%
28.66%
44.69%
61.92%
80.56%
100.00%
Principal
Principal
Principal
& Interest Outstanding
%Paid
Community Development Authority Debt Secured by Lease Agreements
2014
2015
2016
2017
2018
2019
2020
Year
CDA
DEBT LIMIT
The constitutional and statutory general obligation debt limit for most Wisconsin municipalities, including towns,
cities, villages, and counties (Article XI, Section 3 of the Wisconsin Constitution and Section 67.03, Wisconsin
Statutes) is 5% of the current equalized value.
Equalized Value
$
Multiply by 5%
196,340,500
0.05
Statutory Debt Limit
$
Less: General Obligation Debt
9,817,025
(6,577,990)
Unused Debt Limit
$
3,239,035
OVERLAPPING DEBT1
Taxing District
Fond du Lac County
North Fond du Lac School District
Moraine Park Technical College District
2014
Equalized
Value
Total
G.O. Debt
Village's
Proportionate
Share
$ 6,903,471,700
2.8441%
504,745,003
38.8989%
4,496,000
1,748,897
24,354,040,697
0.8062%
26,120,000
210,578
Village's Share of Total Overlapping Debt
1
% In
Village
$ 69,050,000 $ 1,963,840
$ 3,923,314
Only those taxing jurisdictions with general obligation debt outstanding are included in this section.
14
DEBT RATIOS
Debt/Equalized
Value
$196,340,500
Debt/ Per
Capita
5,1531
$ 6,577,990
3.35%
$ 1,276.54
3,923,314
2.00%
761.37
$ 10,501,304
5.35%
$ 2,037.90
G.O. Debt
Total General Obligation Debt
Village's Share of Total Overlapping Debt
Total
DEBT PAYMENT HISTORY
The Village has never defaulted in the payment of principal and interest on its debt.
FUTURE FINANCING
The Village reports no plans for additional financing in the next six months.
1
Estimated 2014 population.
15
TAX LEVIES AND COLLECTIONS
TAX LEVIES AND COLLECTIONS
Tax Year
Levy for Village
Purposes Only
(Including TIF Levy)
% Collected
Levy/Equalized Value
in Dollars
per $1,000
2009/10
$1,524,678
100%
$7.39
2010/11
1,535,262
100%
7.51
2011/12
1,572,707
100%
7.84
2012/13
1,580,981
100%
8.02
2013/14
1,594,861
100%
8.23
Property tax statements are distributed to taxpayers by the town, village, and city clerks in December of the levy year.
Current state law requires counties to pay 100% of the real property taxes levied to cities, villages, towns, school
districts and other taxing entities on or about August 20 of the collection year.
Personal property taxes, special assessments, special charges and special taxes must be paid to the town, city or village
treasurer in full by January 31, unless the municipality, by ordinance, permits special assessments to be paid in
installments. Real property taxes must be paid in full by January 31 or in two equal installments by January 31 and
July 31. Alternatively, municipalities may adopt a payment plan which permits real property taxes to be paid in three
or more equal installments, provided that the first installment is paid by January 31, one-half of the taxes are paid by
April 30 and the remainder is paid by July 31. Amounts paid on or before January 31 are paid to the town, city or
village treasurer. Amounts paid after January 31, are paid to the county treasurer unless the municipality has
authorized payment in three or more installments in which case payment is made to the town, city or village treasurer.
On or before January 15 and February 20 the town, city or village treasurer settles with other taxing jurisdictions for
all collections through December and January, respectively. In municipalities which have authorized the payment
of real property taxes in three or more installments, the town, city or village treasurer settles with the other taxing
jurisdictions on January 15, February 20 and on the fifteenth day of each month following the month in which an
installment payment is required. On or before August 20, the county treasurer must settle in full with the underlying
taxing districts for all real property taxes and special taxes. Any county board may authorize its county treasurer to
also settle in full with the underlying taxing districts for all special assessments and special charges. The county may
then recover any tax delinquencies by enforcing the lien on the property and retain any penalties or interest on the
delinquencies for which it has settled. Uncollected personal property taxes owed by an entity that has ceased
operations or filed a petition for bankruptcy, or are due on personal property that has been removed from the next
assessment roll are collected from each taxing entity in the year following the levy year.
16
PROPERTY TAX RATES
Full value rates for property taxes expressed in dollars per $1,000 of equalized value (excluding TIF) that have been
collected in recent years have been as follows:
Year Levied/
Year Collected
Schools1
County
Local
Other2
Total Full Value
Effective Rate3
2009/10
$9.52
$5.05
$7.39
$2.70
$20.79
2010/11
10.51
5.37
7.51
3.11
22.24
2011/12
11.10
5.50
7.84
3.17
23.32
2012/13
11.40
5.71
8.02
3.23
23.98
2013/14
11.18
5.86
8.23
0.19
24.04
Source: Property Tax Rates were extracted from bulletins prepared by the Wisconsin Department of Revenue,
Division of State and Local Finance.
LEVY LIMITS
Section 66.0602 of the Wisconsin Statutes, imposes a limit on property tax levies by cities, villages, towns and
counties. No city, village, town or county is permitted to increase its tax levy by a percentage that exceeds its
valuation factor (which is defined as a percentage equal to the greater of the percentage change in the political
subdivision's January 1 equalized value due to new construction less improvements removed or zero percent). The
base amount in any year to which the levy limit applies is the actual levy for the immediately preceding year. This
levy limitation is an overall limit, applying to levies for operations as well as for other purposes.
A political subdivision that did not levy its full allowable levy in the prior year can carry forward the difference
between the allowable levy and the actual levy, up to a maximum of 1.5% of the prior year's actual levy. The use of
the carry forward levy adjustment needs to be approved by a majority vote of the political subdivision's governing
body (except in the case of towns) if the amount of carry forward levy adjustment is less than or equal to 0.5% and
by a super majority vote of the political subdivision's governing body (three-quarters vote if the governing body is
comprised of five or more members, two-thirds vote if the governing body is comprised of fewer than five members)
(except in the case of towns) if the amount of the carry forward levy adjustment is greater than 0.5% up to the
maximum increase of 1.5%. For towns, the use of the carry forward levy adjustment needs to be approved by a
majority vote of the annual town meeting or special town meeting after the town board has adopted a resolution in
favor of the adjustment by a majority vote if the amount of carry forward levy adjustment is less than or equal to 0.5%
1
The Schools tax rate reflects the composite rate of all local school districts and the technical college
district.
2
Includes the state reforestation tax which is apportioned to each county on the basis of its full value.
Counties, in turn, apportion the tax to the tax districts within their borders on the basis of full value. It
also includes taxes levied for special purpose districts such as metropolitan sewerage districts, sanitary
districts, and public inland lake protection districts. Tax increment values are not included.
3
Property tax less state property tax credit (not including lottery credit).
17
or by two-thirds vote or more if the amount of carry forward levy adjustment is greater than 0.5% up to the maximum
of 1.5%.
Special provisions are made with respect to property taxes levied to pay general obligation debt service. Those are
described below. In addition, the statute provides for certain other exclusions from and adjustments to the tax levy
limit. Among the items excluded from the limit are amounts levied for any revenue shortfall for debt service on a
revenue bond issued under Section 66.0621. Among the adjustments permitted is an adjustment applicable when a
tax increment district terminates, which allows an amount equal to the prior year's allowable levy multiplied by 50%
of the political subdivision's percentage growth due to the district's termination.
With respect to general obligation debt service, the following provisions are made:
(a) If a political subdivision's levy for the payment of general obligation debt service, including debt service on debt
issued or reissued to fund or refund outstanding obligations of the political subdivision and interest on outstanding
obligations of the political subdivision, on debt originally issued before July 1, 2005, is less in the current year than
in the previous year, the political subdivision is required to reduce its levy limit in the current year by the amount of
the difference between the previous year's levy and the current year's levy.
(b) For obligations authorized before July 1, 2005, if the amount of debt service in the preceding year is less than the
amount of debt service needed in the current year, the levy limit is increased by the difference between the two
amounts. This adjustment is based on scheduled debt service rather than the amount actually levied for debt service
(after taking into account offsetting revenues such as sales tax revenues, special assessments, utility revenues, tax
increment revenues or surplus funds). Therefore, the levy limit could negatively impact political subdivisions that
experience a reduction in offsetting revenues.
(c) The levy limits do not apply to property taxes levied to pay debt service on general obligation debt authorized
on or after July 1, 2005.
The Bonds were authorized after July 1, 2005 and therefore the levy limits do not apply to taxes levied to pay debt
service on the Bonds.
18
THE ISSUER
VILLAGE GOVERNMENT
The Village was incorporated in 1903 and is governed by a five-member Board of Trustees, of which the Village
President is a voting member. The President is elected to a three-year term, and the Board Members are elected to
staggered two-year terms. The appointed Village Administrator/Treasurer/Clerk is responsible for administrative
details and financial records.
EMPLOYEES; PENSIONS
The Village has 35 full-time, 7 part-time and 20 seasonal employees. All eligible Village employees participate in
the Wisconsin Retirement System (WRS), a cost-sharing, multiple-employer, defined benefit, public employee
retirement system. All employees, initially employed by a participating WRS employer prior to July 1, 2011,
expected to work at least 600 hours a year (440 hours for teachers and school district educational support employees)
and expected to be employed for at least one year from employee’s date of hire are eligible to participate in the WRS.
All employees, initially employed by a participating WRS employer on or after July 1, 2011, and expected to work
at least 1200 hours a year (880 hours for teachers and school district educational support employees) and expected
to be employed for at least one year from employee’s date of hire are eligible to participate in the WRS. Employees
hired to work nine or ten months per year, (e.g. teachers contracts), but expected to return year after year are
considered to have met the one-year requirement.
Prior to June 29, 2011, covered employees in the General/Teacher/Educational Support Personnel category were
required by statute to contribute 6.5% of their salary (3.9% for Executives and Elected Officials, 5.8% for Protective
Occupations with Social Security, and 4.8% for Protective Occupations without Social Security) to the plan.
Employers could make these contributions to the plan on behalf of employees. Employers were required to contribute
an actuarially determined amount necessary to fund the remaining projected cost of future benefits.
Effective the first day of the first pay period on or after June 29, 2011 the employee required contribution was
changed to one-half of the actuarially determined contribution rate for General category employees, including
Teachers, and Executives and Elected Officials. Required contributions for protective employees are the same rate
as general employees. Employers are required to contribute the remainder of the actuarially determined contribution
rate. The employer may not pay the employee required contribution unless provided for by an existing collective
bargaining agreement. Contribution rate are as follows:
2013
Employee
Employer
General (including Teachers)
6.65%
6.65%
Executives and Elected Officials
7.00%
7.00%
Protective with Social Security
6.65%
9.75%
Protective without Social Security
6.65%
12.35%
The payroll for Village employees covered by the WRS for the year ended December 31, 2013 was $1,915,236; the
employers’s total payroll was $2,135,588. The total required contribution for the year ended December 31, 2013 was
$302,181 or 15.8% of covered payroll.
19
Recognized and Certified Bargaining Units
All eligible Village personnel are covered by the Municipal Employment Relations Act ("MERA") of the Wisconsin
Statutes. Pursuant to that law, employees have rights to organize and, after significant changes were made to the law
in 2011, very limited rights to collectively bargain with municipal employers. MERA was amended by 2011
Wisconsin Act 10 (the "Act") and by 2011 Wisconsin Act 32.
As a result of the 2011 amendments to MERA, the Village is prohibited from bargaining collectively with municipal
employees with respect to any factor or condition of employment except total base wages. Even then, the Village is
limited to increasing the base wages only by any increase in the previous year's consumer price index (unless the
Village were to seek approval for a higher increase through a referendum). Ultimately, the Village can unilaterally
implement the wages for a collective bargaining unit.
The following bargaining units represent employees of the Village:
Bargaining Unit
Expiration Date of
Current Contract
AFSCME
December 31, 2014
WPPA-SORD
December 31, 2014
WPPA-LEER
December 31, 2014
IAFF
December 31, 2014
Status of Contracts
Contracts are in negotiations.
LIABILITIES FOR OTHER POST EMPLOYMENT BENEFITS
The Village has not reviewed its OPEB liabilities as of the date of this Official Statement.
LITIGATION
There is no litigation threatened or pending questioning the organization or boundaries of the Village or the right of
any of its officers to their respective offices or in any manner questioning their rights and power to execute and deliver
these Bonds or otherwise questioning the validity of these Bonds.
20
FUNDS ON HAND (as of September 30, 2014)
Fund
Total Cash
and Investments
LGIP
$
National Exchange Bank
2,206,940
1,588,289
US Bank
794,733
Total Funds on Hand
$
21
4,589,962
ENTERPRISE FUNDS
Cash flows for the Village's enterprise funds have been as follows as of December 31 each year:
2011
2012
2013
Water
Total Operating Revenues
$
Less: Operating Expenses
Operating Income
$
(594,160)
$
Plus: Depreciation
Interest Income
Revenues Available for Debt Service
864,098
$
269,938
888,467
$
(628,809)
$
259,658
868,391
(559,239)
$
309,152
150,610
154,558
157,718
43,373
43,034
41,733
463,921
$
457,250
$
508,603
Sewer
$ 1,436,463
Operating Income
(753,628)
$
Plus: Depreciation
682,835
$ 1,400,026
(881,301)
$
581,114
(963,099)
$
436,927
121,562
123,690
125,411
275
193
176
Interest Income
$ 1,462,415
$
804,672
$
704,997
$
562,514
$
208,378
$
212,215
$
221,587
Stormwater
Operating Income
(136,526)
$
Plus: Depreciation
71,852
$
$
78,151
(131,243)
$
90,344
13,200
14,428
15,500
611
157
40
Interest Income
(134,064)
85,663
22
$
92,736
$
105,884
SUMMARY GENERAL FUND INFORMATION
Following are summaries of the revenues and expenditures and fund balances for the Village's General Fund for the fiscal years
shown below. These summaries are not purported to be the complete audited financial statements of the Village. Copies of the
complete audited financial statements are available upon request. See Appendix A for excerpts from the Village's 2013 audited
financial statements.
FISCAL YEAR ENDING DECEMBER 31
COMBINED STATEMENT
2009
2010
2011
2012
2013
Revenues
Taxes
$ 300,738 $ 306,296 $ 382,276 $ 419,869 $ 535,758
Intergovernmental
1,942,142
1,911,500
1,907,112
1,825,618
1,783,697
Licenses and permits
28,687
31,772
29,821
96,364
34,885
Fines, forfeitures and penalties
231,093
237,353
251,828
260,659
254,140
Public charges for services
125,435
162,668
160,436
155,914
167,148
Special assessments
31,450
30,630
24,327
11,333
26,214
Investment income
11,675
4,172
105,513
79,387
3,251
Miscellaneous general revenues
79,745
63,509
58,815
54,383
43,990
Total Revenues
$ 2,750,965 $ 2,747,900 $ 2,920,128 $ 2,903,527 $ 2,849,083
Expenditures
Current:
General government
Public safety
Public works
Health and social services
Leisure activities
Conservation and development
Total Expenditures
Excess of revenues over (under) expenditures
Other Financing Sources (Uses)
Property sales
Operating transfers in
Operating transfers out
Total Other Financing Sources (Uses)
Excess of revenues and other financing
sources over (under) expenditures and other
financing uses
General Fund Balance January 1
Prior Period Adjustment
Residual Equity Transfer in (out)
General Fund Balance December 31
$
741,771
1,452,367
785,340
2,909
49,173
51,661
$ 3,083,221
$
$
$
$ 748,020
1,549,578
816,158
2,270
48,969
49,101
$ 3,214,096
$ 734,054
1,472,553
854,076
1,559
49,532
58,102
$ 3,169,876
$ 743,304
1,383,519
782,196
2,066
53,026
47,278
$ 3,011,389
$ 781,725
1,233,421
848,046
2,010
57,551
42,731
$ 2,965,484
(332,256) $ (466,196) $ (249,748) $ (107,862) $ (116,401)
0
5,118
158,472
181,820
(40,132)
0
118,340 $ 186,938
10,120
195,778
0
$ 205,898
(213,916) $ (279,258) $
8,548
200,615
0
$ 209,163
(43,850) $ 101,301
6,186
208,469
0
$ 214,655
$
98,254
1,850,804
1,636,888
1,357,630
1,313,780
1,415,081
$ 1,636,888
$ 1,357,630
$ 1,313,780
$ 1,415,081
$ 1,513,335
$ 536,614
$ 558,215
$
$
471,557
349,459
0
0
0
0
0
$ 1,357,630
434,896
320,669
0
0
0
0
0
$ 1,313,780
0
0
590,264
0
0
412,170
412,647
$ 1,415,081
DETAILS OF DECEMBER 31 FUND BALANCE
Reserved
$ 613,593
Unreserved:
Designated
439,048
Undesignated
584,247
Nonspendable
0
Restricted
0
Committed
0
Assigned
0
Unassigned
0
$ 1,636,888
Total
23
0
0
0
0
552,939
0
0
451,708
508,688
$ 1,513,335
GENERAL INFORMATION
LOCATION
The Village of North Fond du Lac, with a 2010 U.S. Census population of 5,014 and a current estimated population
of 5,153 comprises an area of 1,315 acres and is located approximately 70 miles of the Milwaukee, Green Bay and
Madison metro areas at the south end of Lake Winnebago, bordering the City of Fond du Lac to the north. For
additional information regarding the Village, please visit its website at www.nfdl.org.
LARGER EMPLOYERS
Larger employers in the Village include the following:
Estimated No.
of Employees
Firm
Type of Business/Product
School District of NFDL
Elementary and secondary education
159
Badger State Auto Auction
Wholesale dealer auto sales
135
Village of North Fond du Lac
Municipal government and services
62
FDL Express
Delivery service
35
Stretch Truck Stop
Service Station
38
Sparkle Wash
Truck wash and mobile pressure washing service
25
Deerview Meadows Assisted Living
Assisted living
20
Lindberg Holding Co., Inc.
Provide vending services
20
Culligan Water Conditioning
Sale and retail of water softening equipment
20
Agnesian Healthcare
Clinic
20
Source:
ReferenceUSA, written and telephone survey (September 2014), Wisconsin Manufacturers Register, and
the Wisconsin Department of Workforce Development.
24
BUILDING PERMITS
2010
No. of All Building Permits
2011
292
2012
234
(including additions and remodelings)
Valuation of All Building Permits
(including additions and remodelings)
$1,214,71
3
20141
2013
324
313
242
$5,091,397
$1,586,949
$1,177,369
$1,741,521
New Single Family Homes
No. of building permits
0
3
0
1
0
Valuation
$0
$661,000
$0
$265,000
$0
0
0
4
0
0
Valuation
$0
$0
$2,948,000
$0
$0
1
1
1
1
1
$20,000
$225,000
$20,000
$25,000
New Multiple Family Buildings
New Commercial/Industrial Buildings
Valuation
1
$370,000
As of October 21, 2014.
25
U.S. CENSUS DATA
Population Trend: Village of North Fond du Lac
2000 U.S. Census
2010 U.S. Census
2014 Estimated Population
Percent of Change 2000 - 2010
4,557
5,014
5,153
10.03%
+
Income and Age Statistics
Village of
North Fond du
Lac
2012 per capita income
2012 median household income
2012 median family income
2012 median gross rent
2012 median value owner occupied units
2012 median age
Fond du Lac
County
$24,536
$47,940
$63,824
$788
$109,800
42.8 yrs.
$26,331
$53,399
$65,686
$674
$145,800
40.3 yrs.
State of
Wisconsin
United
States
$27,426
$52,627
$66,415
$749
$169,000
38.5 yrs.
$28,051
$53,046
$64,585
$889
$181,400
37.2 yrs.
State of Wisconsin
United States
89.46%
96.10%
87.47%
98.82%
Village % of 2012 per capita income
Village % of 2012 median family income
Housing Statistics
Village of North Fond du Lac
All Housing Units
2000
2012
Percent of Change
1,912
2,322
21.44%
Source: 2000 and 2010 Census of Population and Housing, and 2012 American Community Survey, U.S. Census
Bureau (www.factfinder2.census.gov).
EMPLOYMENT/UNEMPLOYMENT DATA
Rates are not compiled for individual communities with populations under 25,000.
Average Unemployment
Average Employment
Year
2010
2011
2012
2013
2014, August
Fond du Lac County
Fond du Lac County
51,133
51,339
51,528
52,581
54,473
8.4%
7.2%
6.5%
6.3%
4.9%
Source: Wisconsin Department of Workforce Development.
26
State of Wisconsin
8.4%
7.5%
6.9%
6.7%
5.1%
APPENDIX A
EXCERPTS FROM FINANCIAL STATEMENTS
Reproduced on the following pages are excerpts from the Village's audited Financial Statements for the fiscal year
ending December 31, 2013. The Financial Statements have been prepared by the Village and audited by a certified
public accountant. The Management’s Discussion and Analysis and the Notes to Financial Statements are an integral
part of the audit and any judgment of the Financial Statements should be based on the Financial Statements as a
whole.
Copies of the complete audited financial statements for the past three years and the current budget are available upon
request from Ehlers.
A-1
çßAKER TILIY
prr,,, r
-rllr ¡, rr;i.ur :i t urrt', .Lll
'lbn lnr¡rre
l,l¡lJ
'Ìl
i¡r r¡¡,
!-:r,
fl-i ll+.ra5ï,r
fr¡l iìl;Ll"-"19 I
':u1;.:+''l l'tt'i¿
f,i,r Ér'l*
j,ì!l ¡f11i
-it¡¿¡rlll.rt:,1.
IN
DEPEIIIT]ENT ÂUDITORS REPOFT
Tp ttte VilJage Board
Vllluge af North Fond du LËç
Nortll Fond du Lac, WisË'rnsin
RËpórt ün the FÏnanci¿l Slalarflcnls
'We hauo åudrted the accompar'rying financiel slãtÉments of lhe goVernrñentaf activitier+, the bti*iness-typ*
acl¡v¡ti€s, the di€crctF-ly preserrte.d cÐmponent unit' each major f uild. and the qggregate remainind fund
inforrnalion ol the Village of North Fond du Laq, Wisconsin, as of and for the lnear ended Deeembei $1, 2014"
âfirl lhr, rÈlatËd ñotes to the financl'al statemerrts, whÍch coflectively çornprisë the Village r:l North Fnnd dl Lac s
þasi,: ilnancial slatemenls as liÊlEd in the lable of conler¡ts
Marlagenent'rs flespon slbIIiU for lhe EnanaÍeJ Slðlrmênfs
Managemerrt is responslble for the pr+par.at¡on and fair prÊ$Ênlfltíon of lhese financial ståtÉffrÊnts irr ac,cofdance
wilh accounting principles genat'allyfiecepted in the Llnited States of Arnoricql tffis irctudés thêdÊsjgin,
implementation, and maintenance of internal conlrol relevflnt to the preparûÍtn afid tâir presentation of financial
stslenrertÍs that are f¡ee frorn rnatÉríal rnisstatement, rrïhgtherdue to lrauti tf Èfrot'.
Á¡¡dito¡pr
Fl
FsFon slh¡ÌÏty
Our responsil:ility ts lû àrptesË ûp¡nrürrs $n lh€sê fínartcial statements hased on our aL-rdll Wa conductêd aur
atjdit ln artcôrd{rncÊ with auditínË Étåndâde gÊÉÊrâlly accepled ln the United States of America- Those standardç
requirô that r,úe Êkirr âfid pÊrfôrrfl thé audft to obtsin reasonahle assuraflce about rvhether the linancial
staterrìeÌìts are freÈ from matetiâl misstaternerul,
An audit irlvolves pÉrfomíng procedures to obtain audltevidence abor-rÎ the amounts and disolosures in the
f-nrarrcl'al stãtemÈnts. The procedures selecte.d depend on lhe audilors' Jurlgment, ineludìng the agsessment ol
tha nsks of ¡naterial rnisstaterûent sf lhe flnancial staternents. whether due to f raud or error; lrr rnaking those rlsk
assqssnrÉnts, the auditor cpnsiders irrternal control relevant to thE Village of lllafih Fond rlu. Lac's prepar*tion
and fair preeentaìion of lhe linånciat statements in order to design audit procedur*s that åre âpprûpriate ln the
fifturns[ances but not lor the purpose of expressing an oplnion on the *ffectiveness of fh* Villafle of Not'th Fond
du Lacls intêrna] õontrol, 4ccordingfyr we er(press nq such opinion- An aurjit also includes eval-ualing the
qÊFrüpr[qteness of accourrting policies used and thë reasonableness of signifinant accounting estimates made
Þy management, as r,vell as eualuating lhe overall presentation of the iinansial slatements.
We halieue thaf Ûre s.udit evidence rrle have ohElned lç sufflcrìenl anel approprlate to provicle a baele
opinmns,
ã"xiii''Ìiili'ir
Tf
r
ri
F.\,ri-l'l(r.l
Á
L
A-2
ìr',lilqr,rlr,,,{¡lrrlq¡
ll
ftr
aUr autllt
rrl il[.Forltuttr¡f;ll.¡r,
r
To the Vitlage Boârd
Vilage ol Nofih Ford
ù
t-ac
ôrtnllant
optnian, the fìnancial statementc relerrtd to aboue prËsent fairly, in all meterln{ rssFst*s, the respertive
f lnanclal Þosition of the governmantai actlvltl€Ê, lh€ business-typÊ âctivities, the discrËtaly prasanted component
unlt. each Íìajor fund, and the aggregate rÊma¡nlng lund informat¡ofl Ðf the Village of North Fond du Lac,
Wleçqngln, as of December 31, 2Df 3 and ìhe raspocllv€ changes in financiel poeÍtÍon and, where appllcableca*h f lows horeof for the year then enderJ ln eccordance u¡ith account¡fig principfee gensrally accepted ln the
Unllad $tatos ol Arnerica.
ln
alr
Emphaeje
al ltuner
in tlote l. tfte Vitlage ol North Ëond du lac adopted fhe provisicns ol ûASB $taleni€nt ltlo. 65,
ftsms Prwk]tÆly fuIr¡tted rÉ,ltsseûs srr'd ¿riåôle$ås, atlec{i,re Janua¡y 1. æ1e Our opi*rrc ålÊ nd rffidafied
Â.8 r,bËusÊßd
nilh r€spacl lo lhb mttt6r"
Otllt ltrllaæ
fuquired Sup/êrnenfa ry Infutmenon
Aocounting prlnclples generålly accepted in tha Unitad States of America require that the mansgÊrrÊilt's
diacussion and analysis and the budgetary cornparison infarmation as listed ln the table ol contente be presented
to aupplemenl the basic tinancial sfåtêmÊntc, Such lnformation, although not a pañ of tha basic linancial
stalements, iç requirod by thË Governmental Accounting $tandard+ Board who coneldËË lt to b6 an essential
parl of llnenclal tsporting for placing the bssic f inanclel slatements in an apprcprlåto opgfåtiÕnal, eçonomic, or
hietor'lcalcnntext, We have âpplied certarn llmlted procedures to the raquired uupplemårfåry informatian in
accordançe wlth auditing standards generally accepled in the United Statas ol AmÉrica, which consisred of
inqulrlo* ol managenrent about the rnethode ol preparlng lhe introtmalion and cornpâring tha inforrnatÌon far
corElslar.lsy nith rnanøgernent's rssponÉ€s to our Lqlliries, the basicf¡rra*clalslÉtÉmÉfi|,s, and other knwledge
hre obtühÊd during our a¡¡üt of tte bs$h llnamiai slatomenüs. We do mr erçr€os en oprnlon on provide any
f,s€urûncg or¡ llle informalisl bscause fte limited prrocgûrrÊs do nüt provile us wrth euflicþnl avxjonce lo
sÐræ$ an oçtinion or prwide äny e$suråntÊ"
&.$çihmeniÞ,ry Isfo¡rnatiwz
Out audit was ccnducted for the purBose of lorning opinions on thÊ financial stat€menta that collec{iuely
comprige the Vittage oJ North Fond du L¡ce Þgelc flnancia!stat€ments. The aooompanylng supplemedary
lnformation such a^c the combining fund flnanclal ÊtåtËmÊntÊ and the statement of net positlon and stalement of
actlvltiea of the component unlt ae lleled ln tha table ol contÊfits ere presented for purpoeee of additiqnal analysis
and ûrð flot a required part of thÉ ba$ic flnenclal stalËmtnls, Such information is the responefbllity of
månag€rnöñt and was derived frorn ând relaloe dlroclly tq the underlying accounting nnd athar records used to
prtpârÊ th€ basic f inancial ståtem€ntË. The lnlormatlon has beerr subjected Þ th€ audlting pracedures apptied in
thö *udit of the basic financial statements and eÊr'taln additionat procedures, including comparlng and reconcillng
c,uch inlomÉtion directly to the underlylng åÇto[nllng and olher records used to prËFsre lhe basic financial
s!âtem€fils or to the basic financial ståltmÊnla lhornc+lveå, and olher adútional proceduree ln a¿çor&nce with
åuditing sl¿ndards gen*alty accepterJ in lhe Ur$sd States of America- Ín our op{nion, lhE eccompanytrç
st¡pplErn€fltarï Ínlorrnati:n sush aS Îtæ COmbrning ft.tntj fir¡ancÍaN ghternents and ll}e elatar¡anl of r¡ed pæition
ffrd gutÊm€rû of actn¡ities Dl the cornponen{ l¡rÉl are falrfy stâled in atr rnaternl reepecls. in relalfun to lhe basic
linancral slalarnents as a rfrcle"
B"erT
I{
1Vt''
u" hrv
E'n,ru'' t' þl)
Madlson, Wiçconein
May 14,2014
A-3
"Þ
-r
+
e¡e€lg eEe€d
beù¡eeñ rÊvenues ar¡d experE6
il¡rstrat$ lhe village's operating ræu[6, TtE vf,age's n€l positlot, æ mffired in lhB SÞlffiml ol Net
Positim. is one lndicatd of the villag€'s linacial pos¡lio¡ or heâlth. Ovs tims. Increâs6 q dffiæsês in
>
>
>
>
VUagû of florth Fcnd du L¿cs total
æl pooition ¡ncreased
by 51,079,21.r
¡ì 2013.
l€t'
ursigmdlund
belances
rrcræed
by 5135,579, or abod 1ô.4%. wten
mpred
lo lâ31
As ol D€cornber 31 , 201 3, thâ assignad and unsslgned fund belencâs tor lhe Genoral Fund
wera 5960.396 or approximtety 32-4% of lotal geneBl lund expôrd¡lures- The asskFìôd åod
discrstlon (assigned and unåß6igned lund balanc€s),
AE ol
Dæmber 31 . 20 13, tlc VillaqÊ o[ t$sth Fond du ttr's gwerflrìàntal imds reponôd
cdnbtri€d enúng fund balancês ol $2 734373. an iìsæ ol g82,l90 in mparimn with
ItE prior !€ar. S32,923 or 30.5% d tñis loÎal ls avaalatile for spsdog al the gwsnmenl'q
TlÉ
Th€ assæ of lt€ l¡¡llagp of North Fdd úJ Lac €:æded ¡ts nabiltfe€ as of Dæmb€r 31,
2O13, Þy 512,893,353 (nÉt pcition). Oi lhis €mount, $3,,t21,71 Z(un/ôstricted net positior¡)
rñay ba usêd to meet lh8 gov6rnmen|s ongotno Þblag€lions to citlz8nâ arrd cfeditors Tolål
nÊt posilion ìncludes all malor intrastructurF networlG.
the vtlage'6 n€l poGltron, æ meqsured ln thé SfåÎemènt of Acl¡yit¡es, are ån lmpafiant jndicâtÐr ol whsther
its financlal heallh is rmprov¡ng or del€rlorating. The vl lage's mission, howBver, ls to prûvide sBrvlc8s lhal
rmprove lhe quûl¡ly of lfe lor our residentÈ, Ether tha¡ geneËte profiÈ as compan ss do- For thls reasofi,
it'6 aiso n€cåssary lo ffiider rnany oths M-linenclal factffi, such æ lhe cond¡tion ol rcad6 or qmltty
cf servics, in assæing the o!ffall hÈllh of the yillagÊ-
WlEs
rffiws axcged sperE6, thÊ resulr È o
cHu6, llÞ ros¡Jlt is a d%ræ€ in rì€d posìtpn This relalixìship
ñræsô in net p$itiont qfËn
læÆ primañty of, the ilrät yâå/s æ1M66, resulting c¡ìângË ard cunenüy Nrþwn
Ëd in con¡urrl¡rì wiûì d'E vilãge's rnore dêl3iNed linancral slåtætrts *+ìich lolo*
shqild b€
sæÎþn.
¡t
FINANCIAL HIGHLIGHTS
thìs
facls,
S¡nce ths MOEA
2013
The l\¡D&A ¡s de6¡gnod to: {1) ssÉt thê rÊåder ¡n foöusrng on signiliódr¡t tinånclal lssuesì (2) provide an
overuiew ol the vilfage's financial activriyl (3) identÍty ehangês in the v¡lleûê'B finenc¡al position: (4) ldentify
maleria¡ deviarjoß from the åpprovsd budget: and (5) identily ind¡vidrral lund Esuë or æncem8.
ânalys¡s(MD&Alolthelinmcial p€rlormanæofthevllsgBforlhefiscal yearendedDecomberSl
The maEgemont ol tho VitlagF of Noñh Fônd du Lac .(vìllåge) otfers thE namtive dis{ilssrôfi end
UNAUOITED
As oi and lûr ìha Year Errded Dseember 31. 2013
MANAG EMENT'S DIsCUSSION AND ANALYSIS
VILLÀGE OF NOFTH FOND DU LAC
VILLAGE OF NOFITI FOND fXJ LAC
s
re€íffi
wlftl a ûroad serure* ol tl\e
llnanc'rål glatemènfE cah be lound on f)aoes I
-
S sf th 9 ropotl,
foqurr{neûls-
QovmmÐtal Fundr- Gov€mmmiai tunçls ar6 used !o Eæount fo¡ ess€nhslly thB iamE lurçtions
r€poded as gowrnmenlal qeuyrl¡Ér ln th€ goveahmgnÞwlde än8ncial slalem€ntú U¡ltks thê gov+rnmenlwid€ trnancrÀislaiemenls. howÊvef , governßenrelf rtnd lltl¿r^c¡al statemenÌs lg(:uÉ or¡ ilear-term ¡rìf lows
and ouùlows ol spendable roÊ$urcæ, as well a5 oil belances ol spendeblê rÞÊourcss available at lh8 End
ol liÞ hralyeår Such ltloñlâtbn may b€ usetf ln Gvaþe¡ñg a gbvernrnêd s rlÈtl-rBrm timming
A lurxl b a grouprrE d B¡sl€d æcoums that F used 6 rnå¡rttBin contrui over resouicaa tþgl hayg bffi
sègrêgalôd larÐÉol¡c srtivitÞs Õr oÞl$tffi TIE vlllaqÊ. líke o,ùEf dere 5nd bcðl govefnllìeils, uffi
fvnd a@ntitg to ¡ruvæ aqd demnsùâÎå coøpfarrce wïh fhênc€-fÊlaled lèlal rquElHls .Al¡ ol lhe
lurÉB ol fie r¡ìbge can D€ dtvìdËd ¡nro lhf€s oalågÌonF ggyernmerìrål lundB; prEFr'€lery furrdT and
!iduciary iunda
FuNo FutANcrAL ST/ rguêNts
fhe güvernmst-wrdE
StorTrrâts Utlib6
Eoth ol üle gEvernment-w¡{ie lkÊnLial slat€ffÊnte dbllngutÊh lunclioÉ of thÊ vlllåga lnatsre pnrcpally
s.lrppofled byÎarÈs arÉ lnl6rgÐVgmmenlal rer€r1r€6 (0pvÊñnìeofaliltÌuilies) lrofrì lhÀ9eturctbrE tlrar
år€ htendedlû rR{r\hft ll or å ËrgniñËm púrtþ¡ ol lhôrr ødsfhMrg¡ uær ieåE Énd clì¿fgFs (b6lË
goveJnmúñì: puÀlb
lype adrviùë). lhE gryErmsìlal aL:riv]¡E cl tho vlll€OË lncludÊ gffil
-i€\4
h€ållñ srd sÞl s€^,ic€6: puþllc Írûrks; Þ¡suE scÛvlnes; and æetråtirfi ðñ eænomtr dælÐpmÉnl"
Ïhê bùflilsl}Pe æl{vit¡es c¡l lIË vllag€ ot lt¿,rü¡ Frrìd dù Læ indrjdê thè wårêf. wåsre€ltr, and
The S¿a¡erã€r)t útr{citylÍ¡rs p.B5erìts iirimrËhn glþrtng hûw lhe vtll3g€'s Et postro.r .;f¡ån€Ì€d (À¡nog
lh€ lÈ{Èl }¡ær. All chargas h nst ÞqsitÞî ae repon€d wfiån l¡e ur¡dedirE gvenl UsirE rce ls lhe
change ocore. regaldleså 0l th€ l¡ning ùl lhè r€lated cårh flÒws. Thß, EvÊnueÊ ütd È¡çensÉ are
rÊFEÉed ¡n lhrs stalmRnl lÒ, eome llèftò dral eytll önly rÊsull m ca6h llcws ¡n leturå tisoal p6r¡oús (e,9..
uncollecled ta(És and earn¡d but unused compån8atBd åbÊÐncêsJ.
rúraslructuÊ
The .îrãener¡t ot ¡VÈt Poillion presenls ¡nformgilon on Bll ol the villqge's a66ets ônd ¡lébil¡lres, with lhÊ
dlllorenæ bètween the iwû rBporled as net pos¡llon. Over tlme, ¡ncreasês ùt dñc¡sesæ ¡n net posit¡on
úåy aêrve as a uselul tncll¿alof of whether lhÈ l¡nûn ial ¡ncttion oi thê vilb,ga té tr¡ptEr4n! o¡
d/9|ênccliiE. Ïó a5t€ås ih€ oversll fEÃùh of lha vl0sgg tt rs alæ neæseåry lo úonédar 3dd¡Èoml Mllnarf,lål iactors srch æ clÉnges n llE {¡hge's propnrty l¿l¡ bæ ard the cordlþñ ûl tlÊ ullagdÊ
fh¿ gsvemr¡orlsda frEnô¡al lålemeflts æ dË¡gr¡éd to n.(Mde
v¡llåge s iiætu€5. rn a manngf gtmilar lo a ÞrivatB Eeölor bus¡ñÈss
Gûr¡EkrËrrfr-l}bÉ Sratg¡aÉ¡fl
OVffi VIEW OF TIIE FU{ANCIAL SÍATETIEHTS
MANAGEMENTS DISCUSSION AND ANALYSIS
UNAUDI-IED
As ol tnd lor ih€ Year Endsd D6cèmber 31 . 2o1 3
I
(,l
I
(conl.)
mhtaiß
€n
be foond
il
P3g6
¿
-
9 of ú¡s r€porl
bã€¡c proprbtary fu¡n
10
-
1{ ol lhb rsport.
ãs lhe govermen¡-wlds finqn€ial stâtementE.
limrcial sfaþftìèrüs ø be fo(.fld qì pagff
informltr
l$oúer 10 fàG ffi
SgfsDa¡rc - TÞe nût€6 provit€ adú'tiorsl rnftrrnat¡m lhat is €s.*nDal to a lul
und€ßrandìng of $e daìâ provided in th€ govaflÍl€rìtrde and fund linånc¡al stateffits The note6 to
ths f imnc¡al stsl€menls caû bs lound pages 17 - 55 ol this repoTt.
TIE bækr fiduchry lurd tuamEl slål9meñts æñ belourid on pagê 15 of lhis r€part
Frdüiary Fatndt - Filuciary lunds are
u6ed to accou¡Î lor læ@G6 held 1or thê b€flãf it ol pår1ìes
outside thE government. Fiducìary fuûds âre rot rellectBd ln the government-wid6 f inarìc¡al s?âlêmenlE
bsËuse lhe râeources of thG6lunds arÊ not availãblB to suppoû the viJlags's own progtams. ThÞ
a(Þounl¡ng u6ed for liduciary lunds lÊ much llke lhet used for propriêËry funds.
TiE
Propr¡erary lunds çrovde the samÈ typê ol
presenled as buslôes6-type acl vllleê in the govErnmBnl-wlda financial slalements.
P@ptietary Funle - lhe villag€ mÊ¡ntâns dr@ (3) proprietary enterprlse tunds - fie Wala,
Wælewaler, and Slormmter utllltiôs These enterpri6e lundâ afe ueed to rapo¡l the sarnê funÇtionË
TIE basic oovemm€ntal ú¡nd fíErìc¡àt statÊmef,ts
gover¡¡ffilal
TìE vilhEe
nine (9) rndivrdel gæ€mÍ¡eild lunds- lntomatioô ê prffiEd sep€r€toly ¡ì lhe
lund bata,?ce sl€er ad ¡n ttìe gôremmsìlal ffrd sralamenl oi rænues, elQend¡tur€s, erld
chmgæ rn fund balancôs for ths GeHal Fund. Ambulme Specìâl Rewnue Fund, Þt Serv¡cø Fund,
Gaprlâl ProleclE Fund, TIF D¡strict No. 1 Capita ProiêGt Fund, a¡d TIF DÉlrlcl No 2 Capital Pro¡ðcl Fund,
all of whlch a€ considered to bs mÊior iunds, Data llom the alher governmenlal funds are comblnêd ¡ntÒ
a s ngle, aggregaled presental¡on lndivldual lund data tor each ol these ngn-msjor governmsnlal fund6 is
provided in thg l'om ol ëórùin,ng åtålêm€nts elsewherÉ ln lhis låport.
tl¡an l[ãr of Û¡e gwqn|lHt-*idts fnamd
Buu* lhe fo'cr¡s ol govemmenlål lunds b ffi
slatements" it k úseful lo cmFar€ ltÉ ¡Írfmtis pEs€ntéd fôr gÐæmrurÉ81 iüßs rlllh slm¡¡il
inltrrotlm pre6€nled for Elovernmenlal actMlr6 ìn ths govemmenl-whe fìnancialslâtemêniÊ. By do¡ng
so, readen m¡y better undeEland rlre long{em mpact óf lhe úovernmEnl s Êhorl{erm linâncing
decrsþns- góth lhÞ govemmental iünd þalânce sheet and the governmenlal lund siatem€nÎ ol lev€nuÊsl
expênditures, and changes in fvnd balames pfavide a r€cone iliat¡on lú faô¡lilate lhrË cmparison ÞBlwâen
góvêmmenlal lunds án,J goyernmsntal acl¡vltÍGs-
Govqnûdtttl Fmds - (Ént
FUND FìNANûIAL STAtÊIr,tE,lrs
OVEFVIEIY OF THE FINANG|AL SIATEMEHTS hItrÎ.)
MANAGÈIlIENT'S OISCUSSION AND ANALYSIS
UNÀUDITED
As ol arìd fÐr lhe Ycar Ended Dæmt¡ã 31, 2413
VILUTGE OF NOBTH FOND DU LAC
V¡L¡.AGE OF NORÍII FOI.ID OU LAC
$tlrrrueirrs lco''t
¡
J
3l
2ot-1
^
WHO1€
€rlier. ná
Þosilím
ffiy
cmditors
An tddltlûrìal panion olihe villaoes n8t pæltlon lspprc¡imately 9"/¿) reprsnls rÐlrßes lhal årå
sublrct to Êrl€fna¡ ræùicljöfl on how they my be usad The remairrng baLarce oi uresldeled n8t
pÐs[lon of 53,'4?1.71? may be ssed to ñÈel ûr€ govemmenl t ongc¡ng obl€dtbn lo clll?Bns and
any debl uÊ€d to æquire thós€ assers thal i5 rlll OLrtÊtsndrng, The village uses thBse caprl¿l æsts tO
Frûvhis serulcs lo citlzers; consequently lhese Ae.ìels '4re not araibble tor luture sÐerdmg, Allhough the
vlllaÐo's invBstmÊnl in its capital ÈssBts is repoñed rìet of Élat€d debt, l1 should bs notâd lhà1 lhe
ËEDurcsé needed lo ¡epay th¡s dêbt rhugt be prÞvldêd ifÐm olhersourcæ, sinco lhe Cåpital a6sÐl8
thÈmselvaÊ Gañnsi be used to llquldatB these liåbllties
seru€ over lirt€ s ¿ usil, indbattr ot å qpvÈmmÈnfs hEnc¡ãl
d i\¿ülh Fofld du Þc ssers eneÊded ltàb*tÈð Þy $12 8Érr,3ã3 as ol
tha largns portloo of lfie vìlhge's nBt po!'¡lion (al?rþx¡meE¡y 65?:l r¿lì€crs rt"s ¡nwr6tmeflta rar ÉFrEìl
äsái¿ts (B.q land,lrufdnrgS, equìpmst. lmpt{fuetne¡lls. ru5tructjon ¡n F¡ogrèss åñ ltìfraslffitule), þ,sE
Í¡}silbn
lß lhe eðe ûi ihe Villagê
D{¡c*lnbs 31 2013.
As nôl€d
ll¡€7 Fo6rr¡oá,
Àn analysis ol lhe vlllage's l¡naôcial pos¡tlon 5lìould b6g1n with a review ç.1 fhr Stålenìont ol Net Posllion
åIìd thp Slatsment ol Flev€nues, Exp8nseô and ChangÊs tn Nêr Posillofl,'fheEB two ståtements r€port
lhs vr lÈgE's net pæition and changffi ÌhorEln, ll 6hou d be noìed that the tlnancøt po![isn can elso be
olletited by non-linancial tsc{o6 iruludirìg 6cotrornlc ffiÉirior¡s, popu af|oI growlh and new îËgulatlons
FÍ{Ar|CIAL AI{ALYSIS OF THE VILLAGE AA
ThÊ l¡Emrål stalèmgnìs âLso ìrduús llþ ìCDA- æ a mFc¡¡em uÍif. Tlr-i Clntfitrnily lfaÊtryrKl
Auihorlt's (goÁ'sl fr{rêmraldåÞ|Hls lEw bÊ€n Fres€|rlèj æ e d¡screlo å,lqnìn H lt€ l!ìæiår
slål€rËf,ls
Olh¿t lntormalion - h Addilion lO the bslrÌ llna6l6l 6talemenls md atcompanylrìg nÕtas. requtpd
vFplelnonl¿fy rnfomalon prBssnlÉ a delail€d budgôt8ry ËùmFalisn sclÉóulÈs lor lhe GencrÉl Fund
snd Ambulanc€ Spæial FevMLJe Frrnd to dBnÞnslralÈ cûmpl¡ärlce $iith th€ budgât fhaFe sttrGduls €n
ÞÊ lourrd on pûg6s 56 - 60 of thb rÈpôrl. Tile 6übir¡ìg sl,alêmerüs referred to earli8r h cÕ0¡iËclkrn ú/¡tñ
ffi'm4tr goyerertal lunds ar8 pr#ErtEd tmdÌed¡àtet lo¡lùivtnE tlaE ie$ritFl sr¡Fpl¿FåíÌtsry
¡nlo¡msl¡m årf cán be jeùnd m fngês E2 - 63 ûl Ìh6 Epû.t
Fua{D F$.¡À¡ClÁr
OVERVIEW OF THE FINAÍIICIAL STATEMENTS ican]
As of a¡È ior lhe YBår E¡ñed DeæmhÈr
UIiAUDi]EO
I{ANÀGEMEIV"I.S DISCUSSICN AND ANÊIYsIS
I
o\
Ðd
ãll3
IIEÎ
uffi
$
r¡4,{æ I
4,442,41ó
12,584,0ûs
¡
ìr,82O.5Éû
2.44t,127
5,24ù,527
537,106
$
t¿€93,353
4,334€?E
1,r33,008
3,421,717
r,964.578
LD f 1 - for turther infomatlon.
12.3a8505
rellectE a capital debt Êdjustmenl- SeÊ Nots
568.84A
CHAt¡cEg rN NEÍ Pg€,trron
ThÈ total co
8,573318 4.3û3.747
20.2@.
t3_fiqaæ
27-at7.V.t
19,01826
S82S,696
2012'
¡
r'1.965.ø
2,91 9,394
7,906,535
1,139,1 00
¡lS,63B ¿l.q¡-962 2,667¿60
2.17å,541 m,812
10"7{Ð.8!L5 4,58¡¡.659 4,8ô3,047 13.{18r,96 15,6Ée,892
(457,787) (700,37Ð 9,341 348
591,481 601,S94 641 52Ì
242.8ffi 2,423,830
4s3.rs{
_-1.9_q1,s¡e
$
Totals
2013'
The lofbring tåle pwiles a smr¡i d the rilbge's operâtffi úor üE tsa.f erded Decembor 31,
2013. GovemmenÞt âct¡uties lrcreased lhe Vtage ol Nodh FÐrd du Lacb nA posilion by $444,411
BusineÐs-type activÌ$eÊ lDcfËsed the net poEition by S59+,e03.
'
POs¡TfX¡
TOTAL
(detùrt)
Rætricted
UnÉstrfctcd
c.+rElagtE
t'¡dißÉlMn
PEIhNi
ESOUtoe6
DeJered infloffi ol
3Ì¡'liË
279,1 50
9,357.426
2û,202
8,27e276
Oús
Fo.llion
Bßffi{t!Ë
ArtiuùË
2013
20te
Of Nel
4.987,597 S 4.S'?37 S 4.052,9S $ 5.724,45A S 9,D40,587 I
B,Û81.O53 5 gÊ9p77 12708,07{ r3.Oæ,1.1f¡ 1€.Eæ.127
1r. 8,65f! 1t¡.Bed.3l4 '16,85!,064 1Þ,763.607 27.!t1t.7l,l
Td¿l Liab.ni6
s
gtrLmmt
Village ol Norlh Fond du t¿c
'sovqû¡gtÞl
AcùyitÆ
?o13
20't2
Lùr€:þrm Labüiæ
rusoulceS
Dê{ercd oulnôffi ol
att€æls
COrìa¡s
Tolel Asls
Currenl
Nã.
,
À sumnrary ol the vllâSg s StatemBnl ol Nêl PosÍlion is prô€ênted in tte tablå below.
aÈrruódrE{(ænr.)
FINANCIAL ANÁLYSIE OF THE VILL^GE AS A WHOLE (corltl
UI.IAUDITEO
Às of arÉ for ûË yeår Endsd Offiber 31
MANAGEI{EÑI'S DISCUSSION AND AI{ALYSIS
VILLAGE OF NORTI-I FOND DU LAC
Õl
Cfrwg* kr :oræea
,Etædl
EI{D OF TEAfi
{ET POslilOfi{DEFlCff}-
B€glnnint Çi Yôår læ
Ln
TfaNleß
(oûnt)
A IVHOt-E
fcür-t
E
1
$
õ89,79¿
2 r3?,t¡83
r.000"06
ær
73€
I0(ìa.5så
2?
s¿É 216
124.3Sô
?80,4n
¡944,99S
73û.5Cr
2,alra¡
3{7.7?4
124,395
?s0,477
679,æ2 7ô0.f)ô5 57Ð,652
1.001,963 1,2{7,258 1,00t,S63
151.243 134.064 t3',¿43
rt¿7,62å
:,û{8"ss
"86.84¡
8?,¡137
I
¡tl
lt 8l¡l,lQ
8â5,Ê97
I r.Þ7933¿
ût9,21.¡
320.5õ) 312.89435ì üfr.Sõs,029
l¡-?3l.UCE l150õ.848
r44.4ÊO S.23e6-5Oö
-i.!4_1.!JJ
t
-
885 65,'
Ë.901,421
134,064
t,2+7,254
348,21Ê
760,035
223,æ9
¿0c6
3S.ær-
t.oco,o06
elg,r¡ðs
6S9.7v¡
?,7t7.11È
1,07s,er¿
5lJ,s83 e94,Ðû6 3¡3,}lr
,3õE 8ß,272 5l{¡æ
{t¡,¡llt
371
___fgaÉ.Ë i2{r8.4â9} (sxr.6t5i
s{?
ä)5,40e
2...r5
1,93r},675
1srt,833 t47,98B
t,¡t58,008 1,459,5/5
75,.36 4â,597 85,6ô0
1.193 llD,9l6
5-¡0og
,1
4,8?7.4t9 4,raro,oan t.arg.gô8 1,141.357 6,ð40,871
zCa
¡s¡.se ¡
3Ái.774
2,Ot0
1,97.Ë¿B
2012
[ ZJ63,Cú7 t B¡34,937 13,439.15e
ð2å,339
5€ô,05S 625,339
22,81() 5?.989 15,060 7",767 'JS.ãO
676,065 S2,{9G,m'¡
TorEÈ
2!tl3
5-103,3¡5 :.131.,LÌ2 â,õrõ.réO eÊ56.68õ ¿719,18ú
I
r,94,1,399
s€ô,056
19 7¡8
s.{4.s3
.
,93{1,ê75
54,833 147 98S
1,45ô,008 1,469,å75
6,5å8 10,1t4 {1.949
55,8¡6 3l lga
_8a,7dt
$
2tJl2
RsrFs-rlFe
Âffi¡¿s
2012 - 2Oì9
¡3orãfm!.{Èl
A€IYùè
lfdl¡g. ol ilorth Fond du Lac
Coftdlnr€d Slt¡rm¡nl of Hevanæ, g+asË,
lnd Cñrñg .ln l{êt f,oshbn
rralive | ÊvtÈws s8paråtely lhê operatìOrla¡ fesultr ûf EFrvtrnm€f,tål and
¡n Ne¡PoÉ¡Ëry¡
NEr PIOSÍT|OT¡ (DEFTCÍQ
uæ¿r* lÞcrro¿l
BolorE
(Dereasæ)
F6[þn
TBA¡SfEHi
Nei
ñmlaú
f0tål E $6rìsê!
Ws8têwoleì vtllily
St{|nìlva(Er ullllly
CúluG, oúrcâ!fr, úd ryeatiøì
CElìsmrtion ond ds\€lopmst
lnlÊrott Ánd lisoal chÂ¡eë
\'1/Ðlêr ùtllfy
PuHh Eal€tl
PUHþ rcrkÊ
k€rdgmrnwú
EXDEIJSES
Told Rsvenffi
ßûsælMM
lñvEÉlrn€nl F¡cotT¡â
lnlsrgovåmmonþl
Othsr leræ
ûoneEl Råvanuü
Propêdy ttrxæ
Cåpilcl $BfllE atìd contdburþß
Opssllñg gfsrlE
rË
ùd æntihJtioN
hì¿6ê.lypè astryú ies
R€YÊ¡Â'Es
Prog€il FÉvçruffi
bu8
Ths loll0vrrng tablBs and
CÈ¡lËEs,rv ¡VE Po$lilt/v
u¡¡âuolTËo
¿lrd lor lns YÉar EdiÉd Dæmbor'J1 ¿)13
Fl{AilclAL ANALYS'SOFTIIE ìflLLÀC¡EAS
¡s
I,iANAGETE¡¡I"S OIS6['55'0M ÅND A¡{AI.YSIS
VILLAGEOF NORTH FOND OU LAC
I
-.¡
P,Jbllc che¡gesfôr
servrc eE
17%.
29o/¡
ûtergoverruTlentsl
41i6
Taxgg
Ûß,6
çontrlbutions
Cap¡te grants
2V"
iñ 201
&
9rÈ¡l¿3 &
ls .9'c,|Ítþt¡l
regârN+s
Âf
¡Olhs
!t
ino
¡ffteHgi
0oærqf
ll¡lerfSèf
*Prr
tLl rs
corih,h!¡ur5
tPu¡JiÈ ch*ogt lxr
lCapr:a¡
ln 201 3, Public Salety actlyûies (polree, fire. EMS. gmerq¿¡sy govsrnmâñt) accounted fof the lËrgest
share oi viliage erpefldilutâs at 41 ,6%. This was tollowed nerl by experìditUres on FuÞl¡c WorhE at
27.5!,6, Olher erÞehdÌlure âreas rnclsdÉd ceneral Gwemé¡t al t5 3%i Cultute. EduDaiÌon, and
Fleffeatton al 7 2%, lnterest And Fiscâl Chargæ at 5,8% æd CoEelvetìoñ and Devålopment al 2 0?6.
3. Rsve¡ueË exoeeded Erpenses by
9275,942 Âlfer lrânsfÉrB in, there wæ an increase in net posllion ol S4B4 4 1 1.
folál govemmental aôlivitiès erpenses were 94,827,403
I
Operaiing gEr¡ts &
cÐnttibgtions
11%
Revênue by Soqrçe - Governmental Acùy¡ties
The villåge teceived a lotal of $5.1ù3,34S in governmÉntal acliVily rëve¡ue6 in 201B Às the folloi,íng
chañ rnd¡catë, th" lârgesl revenue source rs tatÉs lollowed by ÌntergovÉrnmenlål rèvEnUes-
GovÉRNMEflT^L Ac-f wfllEs
FINANCIAL ANÁLYsls oF THE VILLAGE AS A WHOLE tconr.l
As ol and for lhe Yeàr Eoded December Bl, 201 3
5æ,ú00
GÈn?rêL
(cont,
)
Ðd
fÉ61 châe¿s Êæiál
dqeloFmÊd
á4d
CDreêr€ilDn
ÈÊNi¿sÈ
Cutúo, tmÞrqsùd llc¡lihend
€cFrtion
#ucêdon
Publicyúùrks
.
n*n*
æ*-l
|
2{
C+PrgBs (or
sÊ.vrce5
s5
CapilÂl
@nhibutiont
2.8"n
rsdue
i :r;:åT:ï:
RwenuêB by SorÈê - Bus¡nËss-type Açt¡v¡t¡es
The villâgè gBneretôd 92,616,140 in business-lype aciivity rwenue in 201 ts lrom its Vdatel wastewaler.
and Slonnwat€r Utìlilies. Chargæ for seruices ae by far the largest revenue source for lhese operåtiúns.
representing 95,2-s4 of revenues.
¡ crtyrnEs
FuÞlioSat¿q'
El.pêrises & Pragram Hevenues - Glovemmehbl Aclivit¡es
Acryt¡86
Gæmmet
Eusr,vEss-TVPE
0
tr0,oDttr
1,0ûú,ü00
I
5ó0,ffi
têo,0æ
?
2
ÊouEErl¿tEÌtTA L
FINANCIÀL ANALYSIE OF THE VILLAGE AS A WHOLE {cont.)
MANAGEMËNT'S DISCUSsION AND ANALYSIS
UNAUDTÏED
As of and for the YÈar ErÉed Decenìber 3l , 201 3
MANAGEMENT'S DISCUSSION AND AN¿tYSIS
UNAUDTTED
VILLAGE OF NORTI.I FOND DU I-AC
I
oo
ANALYSIS OFTHE VILLAGE Ag A WHoLE lconl,l
31 .
¡013
VJaler
Uhfiry
Wes!Èw¿tÈr
Ut¡llry
FL|rc
Af tlìç end o¡ currart nscal yeaf, the Vilage o! Norlh Fold du L3Ê's governmer¡l¿l lurvis rðpofl¡o
combned €ndrng fuDd halances ot SP 73.1,373, ApproxrrElclv 30.5% ol thiE fûtal amourl ($ei2,S23)
corìslrlulÊs ãss¡Êned and unas$ignÈd lund balancæ Th€ remaì¡der ,fl thð lund balarxÊ rs reF,orlad as
etthsr nonsp@ndåblé (s556,27€), resrtÊlÞd {6t .25r ,302) or cômrrltred ($s3,472), Nùn8pefttibls lmd
bE¡sncå lB ñot n Epôndåblê lom or Ëquiråd lD bâ ma¡nlôin€d infacl, AmounE Ðre l€Etriclgd år1€rnÊl y or
through lsw ot enâbliñg legislatìon.
ol úe Vìlhge oI Norrh Forìd du L¡r's govammenel lurcs is ro provide ¡nlonna(þlì on rrêarf6ml [rtlo..ys. cdtños,ff\1 balances ol sperxJsòle r¿souræ- Súcl'¡ anfomalrJn b uselùl irì assss¡ng thÈ
vrltàll€ 6 hffisrrg Eqúiremeat: In gðrúculer- unassrgrted lúfi1 bâlãnæ Fay sgrvs as å tl4ôß,1mÉãJE d
il-É goætrìor€nfs net res3uícõ Èvarlâl'le lof sì.Jeîdrng at fôe 4d cI ùn€ lrsqâl yegr,
llÉ foc6
AovEnMEltiaL
th+ village usee fund aüiìüúnli]g lÐ ansurê and demrrìstrate complranca wtth llmnceiBlatad legal requirerrenls
A! [oled Farliêr.
s¡annwðlol Ulillty
¡É¡GIsas
Expenses & Bevenues - Busines+typeActivilles
FINAHCIAL ANALYSIS OF THE GOVEFNMENT'S FUNDS
u
20ô oÐo
400,000
€00,000
800,000
1,000,000
1,2Oû,00ó
I ¡r00 000
.l,6ùo,0(i0
Bu6iness-lyÞe act¡\,¡l¡es ¡ocreåcad lhe v llage's nsl po3rt¡on by 5594,&3 ¡n ?013, whtch reprê69ñts an
lncfÊårs ol 6.1 Y¿ over lhe prev oU6 yûât. Thâ nst opÊratrng rn€omÊ d thË Walsr, Waslóv¡/aler" dnd
Slorm,naler Utiliiis rc $1 ,153,2û7 Ths lolhw¡¡Ê greph comFa€s tiE ræn!6 to tlE Êxpenåes lot
6cn utlhty, ThÉ qÍ4twater, ffitewêler, anó 6lofrrw¿1ry ßræ becaru eflectiBð Ocþber 9t10.
Jgnudry 20lù, and Jõñ!ãrl 2ftr?¡, r¿speallvÊly.
EusßEs6-lìPÊ Acr¡larlEs t¿onL)
FlllAllclaL
Àç oi æd Jur
DISCUSS¡ON Â.ND.À¡JALYSIS
UNÁUBIIÉD
the Yèer Ended Deælìb€r
IÚIATIAGEMENT'5
VILLAGE OF NORTH FON[} OU LAC
F
ÁrDs
þont.]
PRoPRIETAfty FUNÐ
Utlllty opÉlãtrng revenues gener€iecl mostly Þy llser fee.s deGreased S75.O93 or 2-9% lówer t¡êrì 201 ?,
Water Wastewaler. ard Stcrntwâtei Utilat¡eË: the Nortlr Fond du Lac Waler, Wislewåter ancl
Slotr-iltater Utilrtjss are erìlerpl6e flrnds of the \frllage Õf Norlh Fond du Lac- The uîÌlit¡--sì operátlng
expenses rn 30:13 were $307,t77 lolÈer thâ¡ Ìn 20t2.
The Village o1 North Fon<J du l¿c's proprietary funds proride îhe satne type of rnlomâdÐn louad ln rhe
governmqrt-rvitjç finAnc,ial staienienls, but in mare delail,
Ilniheanrountof
rorn lD¡g-t€m borrorting TIF No.2
erpendllutÈswere$21-449oilselfy2013ItFinûremsntsharinqlromTIFNo
$5d ¡9' Tnrs redlred lle lLnd bar3n:e def,ciì t.) g525,554.
f
s iund æmunrs for trpenditüres outliner, ln
Tax lncrêmèntal Dastrjct {Tl Dl No. I Câoilâl Pro;ectr Fund; This fund accounrs lor expenElltures ôLr¡tined in
the TID No. 1 prcjeu-t plan âfld relaled t€Vanues and proceeds frcm long tErm horrowin6 Toraf fund
balaôcs ls $646,Ê00 al year endând |S cômprised ôf Équiry relaled 1o proparty hqld'f9¡ resatewlthin the
Tl F ånd ÈaÊh ävãjlab e lor possible futute Durchasss.
CaD¡lal Protecls Fmd: Tf is flrrd Accounts lor proceeds from lo¡g-1erm borrtrwing and olher reseuR)es Io
be u$edlûrcapttal iÍÌp¡ÒveEìenlprojÈ+ts. FtlndhåiancÈdécrèaÉed irom$f,140,636rog3gE,DEl, a
rlecr.;âss ol $742Æ55, primarìly duÊ tô the sÞên{t¡ng ôt dÉbî ÊrÒceeds lrorn 201 P
?nd.
OeblServ¡sÉFund ThÐDebtServcrFundâccÒuotsloJtheaccumula¡onofresourreslor,qn¿q¡"
paymênt ot geneTal long-ferm prif cipal, tntefeÉt ând rèlated cosls- Fund balmce lvas 54EJOB al yea,-
Ambulance Fund: Th¿¡ Atrbulance SpÊc¡a I Revenue Fund accounis for lfì6 Émetgency nìedLcal sÈfrrcæ
üf the VillÈge- Fund balairce lncreased $5s.gt2 lor20l3 primarilyduù10 the rÊvênu6frôn ptovidtrrg
these ærurcÈs exceed¡09 oxpendhuEs
Generol Fund TheGe¡¡epl FundislnåmanûpårâringfundofthÊvi]lage ThegmÊral fundbålance
lnereased troûr $1.415,081 to gr,513.335 an incrôaçe oÍ $98.25{. Ove¡ail, erpenditüres n the Gùnstat
Fund were undôf ¡)L/dgerby $247,e49, rvhile rqtal revenues werÊ $l,tl4 lovder thän budgeten.
GÌoyEFrußExrr[
FINANCIAL ANALYSIS OF THE GOVEBNMENT.S FUNDS ícÒnt.)
rüANAGEI\,,lEN],S DISCU5SIÕI{ Ai{D ANALYSIS
UNAUDITED
A-s (l and lor itìe Year Ended Dêæmber 91 2013
VILLAGE OF NORTH FONO DU LAC
I
\o
lr¿nstÉrs, were 53,213,313, whtle lotãl actusl
31- 2013
fårÉ úder û¡Ge budgeted by 51 .ê14
AddìlÞr¡å¡ mlomabm Ðn
ilÞ
l_ry
$
6
Ll¿lgg!?g
0.518,373l
26,53ô.5S8
5nõ,950
8,323,6ôú
6,756,134
2,2r¿,0#
e706.91f
?,366.3?S
1È1131
2.4õ1.7 r9
958,41 0
20t2
¡_È.oÊsJ_fg f_.!å.åitr.Lg !_1g91græt
l3t9:},"1æl {3JGt-4921 |l8,¡49,æl)
16.s9o,64r 27,028,94å
8,32ì,6Ê7
6, /{6.7e8
2.786,1 71
2 S56,1 s2
r aâ,433
3,4ì5,S37
738, r51
2.,16r,/ì9
fqrdg
588.950.-__lÞC,g6O
6,73â,134
8.3¿3,6€0
/m"$3
Ê54.944
?Otg
vi¡lage 5 ca¡Jllal ås5Éß üan DÉ iwnd in llotè lV.D ol lt¡B raßort.
S__êqqi!e
(4.316.4131 {3-95ôAfll
C¡pí¡r 4ffit6 Nel oi
Aoç{mutaþdllÉÊræiÊrix
Ls ,cwn*feo @rec¡¡¡m
5'64.S50
1È.631 480
10
n,945.s6E
8,323,ô67
73E.151
254,94+ $
Wa6l€mlÈr frlårrl
Erorruô¡Þr dañ
fors¡ C.Filat As6ls
2,36ð,92€
2,708 S1 l
2 2¿2.ù54
132,.1i13
211,+57
t,?ù6,r¡5 5
6,74i76S
ss?,i68
?,7a6,1 7l
2,856,1 5É
$
gd-Étlf¿
å.1i.'füeË
2013
^12
Water plEflt
lnhôslrucluß
Machlnsty sñd ôrluipñent
2."¿118.775
ti1¿433
2,415,937
g
Lmd lmÞmtffintq
Bullfrng¡
th ÈrogrèsÈ
GMnriKllål
]|[rriì/fE
ã)13
20t2
Crpll¡l At¡ctr At YËr-End
llel ol Accartnulrlrd D€pJ€cÉtþn
Sign¡tlcårìl cÊpltal essét àdditions during 201 3 hc¡udÊd slrâel improvemente on [¡lchlgan Avsnue and
BroÉdwey, s Ford plckup ârìd thrpper tor ths public wÕrtsdepartrnem a rrew sguad €sr Élìd rahtêd
conìpulór equþmsnt 1or tie policB. æ wsll as tàGe¡s
vBhicles, ¡nhàstructurô, and côrtslruction work In prÕgress
A1ÎhÈ ênd ùl 20'13, lhô vlllagà hûd ìnv€sled a ¡ö¡sl d t lË.879.1¿¡ ln FËir¿l assÊts [ner d åcürnrùlsterl
depf€clalion). thir ¡nvÊstment in qapr¡a¡ æseE lrÈludÊs ¡ând, land tmproyements, bufd¡nqs, Equþmôôt,
CAPITÂI- Ag5EIS
Fìevefrùes
-
ÈxpÊndrtu¡Ês wsre $2,965,484. Sigrìilrcarl 'nçludmg
vaíqnc9s with lhE budgeted expp{ìdllurèô rnÇlude those ltËl
welB undÊr budgÊl law enforconÌoilt ${166,348), publlc works admin¡slralion S(40r8441, eænomic
ll8ü¡laFm€nl 6(14.Ð5r), cor¡tingËncy${19,940), anrJ rnuniopalbuildlng $(17,960), TlìÊstwErs oflsetby
expèndllureG rhal wee æe? budget- rh-lr¡1rflgi v6ltElÉ Èguiprnerf opeElion 5(5,284), Ftfuêlú $(.t'1,É'03).
snd lhl¿lrcþl acmrn&atbn S{32 oã3}.
fh8 total orl€lnEl and final spproprialons,
flæmber
UNA(JÙIÍED
As oi and tor thÉ Yær Enóed
GËNEfiAL FIJI{O BUOGETA¡Y HI6HLIGHTE
CqrurMÍoû
Lrnd
fru LAC
MANAGEIIÊI¡ TS DISCUSSIû¡¡ AI¡D ANALYSIS
VTLLAGE OF NOBTH FOND
Wâter afld Wæle{€ler Utrlnr€s Elircd $3oo.95¿ ¡n r¡oftgåge revque bor¡ds ¡n 2013-
nut
I
6 yêârs.
rc
5
S
¡
gl8,025
$
t,O5S,02s
$
ö,547,9SO
s
Tôulå
2013
{2ù6,726
F-
ol thrâ æpon
Låc VilÞge Boflrd adoptEd the 201 '1 budgel tn Novsnber 20l
auliErizes Oenårål Fund exper¡diufes ol S3.3 m¡¡lEn. sFùbr lo lh€ prwioæ çu
propeny lar þvy for all funds is 51 .l million. about the F¡tr€ ôs the prwirus ys
-IlE Norllì
Fond du
3-
æmbirrd
The budg€l
fle
The propêiry târ base is averagå and po6ted a 1,7% dedsasê in eqLJål¡zed !àlue for2013- AssessmBnt
data ìndicåtos thaÌ the Ete of apprÊc¡atiôn in vâiue oi all clåsses Dt prûp€rty remãrns low-
The Villag€ oi Norlh Fqrd du Lac b lffiated adJaHt þ lhe nodhem edge ól lha Cily ol Fmd du Lac
thh Forìd du Lac b, Ert eq¡id¡slânl lo Maclmn, M¡lwâukae ar¡d Glg 8åt- ThÈ p.oxñúly to all threa
mþr re{PffBl cofrmercial æfls b an opporlunrty for growilr, The ullaæ s popuÞt¡r ¡s 5,079.
CURFENTLY KNOWN FACTS / ECONOMIC OONDITIONS
3,6¡9.655
8,700,000
?s12
2'494'iæ 2818374
S 4.707.d80 ô 12"391.400 ¡ 13 16?.929
3,348,70t 3 ô49,€59 3,348,701
49{'709 2'818274
8.124,5?4 g &460249
z
5.6"S,965 $ 5.64r,975
?or3
Bu6¡æryp€
AddrlioGl hloñlallon ofi ths vrllâg€'s þng-term debt can b€ fouûd ¡n Nole lV
ToÞlûdar¡dnooeÞl ¡
Bond énlidpat¡on noteg
R€vqnue bgods
CEpiíal Leæ
and notes payôblô
GcæEl oòligålqì ùûods
2013
Gowmrtrtd
Vllhge of NoÉh Fond du Lac
Outstâfiding O.bl
Under WbcoÕsin Srale Statul€s, Chaplar 67, Ûle Viflage ol Norlh Fmd ûr Lac 6 aggregalè gen€ral
obirglatbo ¡r¡deu€dìæ my æl era€Êd 5c¡6ol tñe e$¡ali¿xj value ol |tEbls lropettt locded ¡n tht
yitag€ Th€ net a¡nount of debl al yea, end lfBl ltæ appliFble lo ¡he s|átuþry liftl
$ô.5¿l7.99O
whGh wæ 6a9t. of liÊ meximum dbw€d S9.648,535.
cuslomer royónueg oyer th€
TtE Water snd Wastereter Ut¡l¡liôs had 53,348.701 ol mortgage revenu€ bonds remain oulrtandlng âl
the end of 2013, These mûgege rovanue bo¡ds will bs râpsid lfom WâÌer and Wælewater Utility
TTlÈ
The village reiirad $810,000 in genêral obligâtiÕn dêbt Rnd ¡ssued $057,990 ol new general obllgallon
dcbt Aiotal ol $6,547,990irgsns¡al ablOationdèbtremslÉolrtstand¡ngatrhasndol20l3 Thi6rssults
in a per capjta gåneral oblrgât¡on d€bl ot $l ,2SO pet porson. Of the bonded d8bt, S5,6¿S.965 b lo b€
repárd ilw gsneral propËrly bx€3 ryBr tha rexr len yeaß
LOIIG TERfl O€BT
I\,IANAGEI'¡ENT'S DISCUSSION AND ANALYSIS
UNAUÐITED
Yry Endad Docember 31 , 2Dl 3
As ol arxj lorthe
¡
Þ
VILLAGEOFIIORfi FOND DU LAC
Th€ linànðiêl rspofi ¡ç dêê¡gled to provldÉ our cltlzêtìa, customeÍs. lnveslors and crêditors wlth genêral
qo
r noed ånyaddilonal
du
I lnloflnat¡on rêlåting to the
b€
wrìrw,ildl.org.
REOUE1STS FOR INFOFIIATIOÍ{
MANAGEMENTS fXSCUSSIOù.¡ AND A¡IAI,YSIS
UNATJI}ÍTED
Ás aú and lor lhe Y6er End€d Derembef 31 , 201 3
VIL¡-AGE OF NORTH FOî,¡O DU LAC
$TATÊMENT OF NET POSMON
As cf Decembør 8'1, 2013
Got¡entmonþJ
Act¡vil¡'êc
ASSETS
Caeh end inveettnents
Heceivables {nat)
Taxes recaivable
tlelinquent personal prûpéily tãi(FB
$
T.800.fits9
Communig
0ercloprnetÉ
Business-ly[i0
,Artivitles
$
1,714,957
Trhb
$
å,51s,62€
furlhorty
$
2,01'1,84S
1û,157
878,165
765.ß55
8.566
Accoulrts
SPecial ess€€€trlênÎg
10,438
27,675
461,tr18
Loans
2.43fl,500
Lease rcceúveble
(34,657)
lnternal balance¡
Due from otnfi gavsrnmental unlts
Deposits
34,857
tto,000
80fl,0û0
74,888
108
97,3û5
108
lnventories ûnd ¡.rreperd íterns
lrwestmenl lñ Fond du Lac trealmÊnt laciny
(rlef õf amûruuation)
Assee held for resale
Froperty hüH lot fuù¡re use
Restdcted åsÉSte
Çash and irtveatments
CapitalAssÊts
22,422
,11,8I4
41.Ê14
583.796
590,796
47.ô73
47,6?$
6Ê4,785
564,785
Êonefucllon [n progress
tther cap¡tal æ€ts, nsl of deprecralim
To*alAseala
r
1.804.9.?g
16.851.064
DEFERRED OITIFLOT¡IS OF RÉE}OURCES
Unamcriieed loes on ref unding
15.6-¡925¡
?7.919J14
2"961.517
20.2$2
108.2sÕ
4gg,gÊ2
11,083
20.w2
LIABILITIES
Accourrts paya.bla and accruod sxp€nses
Lùrbildies Fyabl€ frorn reslrícted eBs€is
278,160 220,812
l{orrcu¡re nl LiabiSlies
Due rY¡thit one y€ar
Due in rnoæ flran one Jreår
Total Liabilltles
DEFEHRET} INFLOWS OF FESOUFCES
t{ET PûSrfiOlrl
Ne* irueslrn€nt in cãpital ass€ts (delicf,)
Restrbtod lor
Loan prograrns
Debl sêrvica
Library
Fleplacsrnant oi capital asÉets
3,825.?tÊ
10.98Ë.6./3
2.4ffi.000
8.
4.524.559
13,081 ,ggE
g,ås1,083
478,O11
+Ë2,4ô0
3e,085
72,036
43S.ts!
$
:-
568.Ê48
8"33{l,E?t
491,5?'1.
482,4Êr
521,612
72,s38
50,000
50,000
2.423,ê9û
233,724
3Å21.717
:$ 12.326.506 s 12,893.353 s
See accompanying ñôtes to finencial ttatem€nts.
A-11
3Ê5,000
l.tÊ4 578
(45?,787} 9,361,948
CDA ectivitiee
Unrest¡icûed
1,64{t,35Ç
1,1ts,3ifÐ
7.112,997
't.s64,579
Unearned rêvenuåF
386,500
254,9+4 2,461,719
738.151 738"'151
2,2tê,776
Land
TOTAI.I¡ET POÊlnDil
131,07s
ru,724
VILLAGE OF NORT}I FOND ÞU LAC
STATEMEI'JT OF ATTIVITIE$
For thm Year Ended i)e*elnbor 51, åt
l3
Froorsfir B¿uÊnues
ùpe.raling
ûhårÉEÉ fø'
sÞrv¡úes
Functions,/Froflratrs
FnmaryGovernment
Governrnentûl AÇT¡Vitir$
General governrnent
Public salety
91,rÊÉ
$
I'rublic tn¡orks
Health and human sÇrvioes
Cutrure, educalion arid reGraa{fon
GtnsÉrvation and developlnent
lntoreet and fiscal chargeç
Tötel Govern merttal ACt ivities
GontriÞutlons
LÌonf ibutions
Ê8,00ú
s
663,t65
48,975
292.938
Ét0J0+
+7,121
$
217,pSS
1û,fi&
.4TT
.404
Wastewater Utìlity
Slarrnwater Utility
Total Business-tlrpe Activities
torlrponent
Gmn¡send
40rÏ
Éustrrees-type Acti\ritres
Woter Utility
Total Prfnrery Éov€tnmenl
caPital
gfânÏs atd
679,Ê62
sâ.fi,391
1,$û1,9ÊS
1,400,il?€
221.5t7
181,24Ë
1
$
812,86Ë
€640.271
1S_il8
.58€,05t
844.998
2.4S0-0fl4
52.98S
S 3:334.9Ð7 $
sflfr.osa
$
Zz.reZ
Unrt
Go mm unity Develof¡rnont Authority
$__l-Eg.!s?
L_
S_:
General fievenues
Taxes
Pfopetîr 1ãXÊ$, tÊVied for geñeral Furpssçs
Froperl¡taxes, laviad for TIF díôtricts
ûlhertexBs
lntergtTvernmanÏal revÉnueú nct rÉstn?ted tp specrfrc prffgtttms
Publlc Sifts atrd granls
lnveetmenl lncr¡fle
Mjscellaneous
Total ËenelalRevenur+
TransfÉrs
Ghange iÉ net position
NET PÛSITION - Beãinnit.lg 'rf Ysåt (âÉ iestaiad}
NET POSITION. EITÞ OF YEAR
SeE acfiçrnFanytitU nþtcrs to {inancial rigtements
A-12
NËt (Erpensosl Fl€vänues and Chqnaoa in Net Poeition
Pr¡rnsry
Ganmunily
&.Ë¡noN.-qße
Goræmmenial
Toffi
Ach,ü#
(618,732)
$
$
S
(1,1¿7,534)
Deveûopmcnt
Ãutttorfrv
(616,7s21 s
("t.197,534)
{965.esti
feõs.æ7}
(e,o"tol
{25Ð.S4s}
(r?a,995)
.
(2s0.477)
¿3.
N,725
4gÊ,321
91.û7Ð
,
t3.37ö.É34t
Tæ.1Æ
730.135
{E.64ti50st
{158,3s7)
1,410.æ5
sBl,T74
154,890
1,4F8,008
15,5S9
6,5s8
79.159
142,993
4 1 ,Ð49
g.Ê52.5',I6
91.l9B
7t.147
208.469
120Ê-4Es)
484,41'l
694,8trI
Eür.437 r 1^?3r.7rlz
$=
5EE^E4g
21
723
183.014
1,079å14
24,ffi7
11.Ê14.1S1
¡lÈ1
3.
$.-JÊÉegÉË Ll¡Égg,,ËgE
$--?38ë4
See accompånying notes to flnancial ståtem€ntg
A-r3
V¡LLAGE OF HOHTH FONT} UU LAC
ÊALANCE SHEET
GOVERÍ{MEI'¡ TAL FUô¡nË
Ae ol Oeæryùer31,â13
Ambulance
Þebt Sefflco
Fund
Fund
General Fund
A$SETS
s
Cash and ¡nvestments
Becaivables
Tuxe*
t*linquent pemanal ptopeny taras
30,63e
$
115,flpt
401.584
1t"157
29.063
11,147
Acaounts (net)
Special assessmerÉs
F,el rquanl special äss€ssmsfits
40,408
$
403,613
$
æ
403.613
7pp,4?.6
æA47
7,96Ê
11.29't
i
Loans
Ádv¿nco+ h¡ otfier lunds
Depccits
Pra¡rald it+ms
Aeeete held for future use
5?5,5&
1CI8
f 9,085
$
TOTåL ASSETS
1,143,856 $
C{rpitâl
Prolocts Fund
2,18Ð,6e9
2,23,5
$
2s1,7s1
$
ðs8,Ers4
LIABILITIES, DEFEFBED INFLOIJVS OF
HESOUFCES" AND FUND BALAIìIGE,$
Liabrlities
-:-
Accounts pa¡eble
$
færued l[Eb¡llti€s
Due to ott¡e¡ funds
,{,ú¡ancas from otlrs funds
Toaal
Lbbütier
'104,538 s
I7.849
å59.ÏEO
ã)_3Ê2
wffi7
Oe{ered lnflor¡æ of Resot¡rces
UnEarned revernues
Uneverlable revsnues
Total Deferred lnflows cf Fteeourcos
Fund Balances
Nonependable
2.479
1P0,5$7
084.317
42.257
416.574
$
S
8.532
553¿
115,322
7tO,42ß
r t5.822
7€QJ?Ê
2,235
55?,939
49,40$
RêßtriçtBd
Conlmitted
93.872
451,708
Aoeigned
398,t81
ÃnA
Urussqned {deticit)
lotalFund Rakræes
t 513.335
TOTAL IJÁ8IL|TIES"
Í}ËFERFED IHFLOUS OF
RESOIffiCES, AT{D FUilO
BALANCES
$__?,ree.sss
5
cG.t07
48.408
33"t.751
$_--Æ.894
See accompånyinF flotes tü financial statenrente,
A-t4
3S8-08i
Í
40s,61s
TIF Dlslnc{
No.1
s
64,æ4
Nonrnaþr
Gowrnrnantal
TIF Disfriçt
No. z
S
Funde
?47
s
548,310
Totule
109,rO2$
1
1,800,Ê89
2,011,8{5
10,1ff¡
96.20fì
1
12,510
'11,147
7,86e
461,639
45CI,347
525"S4
t0g
l,l flz
5*r 796
s-lJÊÊ,g1$
l-
247 s--ogqJÞ4
t
t
217 $
1217
3,938
æ,,422
589.ruB
E
$
5.S4¿$gg
1I4.005
14Ê.384
s4,657
825.554
525,554
.q?.5.8n1
548.310
:
54A.910
5,155
Ê1ts.800
t*T
tB64,f/g
186.PÛ3
1-g{lE-f,35
f,1û2
v2t7
648,600
564-2Bt
22,422
5gt,g54
l,â5r,304
æ,g12
â4e,78t
Ê48.60t
555.3S6
2.734.978
f
IJ,lgF-gu S
247
1€_886)
!_E!9JË4 s 5,5ILEF
See eccompanying noteE to flnancial statemenls"
A-15
V|L|-AGE OF I¡ORTH FOI{D DU LAC
8ECONOILIATION OFTHE BALANöE SHEET OFGOVEFNMENTAL FUNDS
TO THE STATEMENT OF NET POSITION
As of ûecembcr 31, Ê013
$
Tolal Furd Bahnces - Crovarnmantal Funds
zru.sts
Amounts r€portÊd for gnvemrnentsl âctivities ln the stalemÊrit ôf ret pæffon ere
differønt bÉcÉruse;
Gapital assats ueed in govammental funde ere not financial rrsourËBs ånd,
therefore, ate not reported ln the funde. See Note ll. A.
6,081,tsl¡
Sorne receivableg that gre not currently avâllsble are reported a$ unâvâilãbl€
rêvenues in th€ f ufld linanciatstaternenls brJt årð rscognlzed as revenue when
eamed in lhe gwofllrltÈnl-wide slã1ern6nþ. 8ee È,lote lV. B-
32.%7
Sorne l¡abülieq ircludtng longterm deH, ûrt nol due ard payabb in lñe cunent
peri:d and. thenrlomi ar.B rx¡t reporled in üta lunds" S€e Note ll. A
NET POSMON OF GOVENNt'ENTAL ACTrvlTÍES
See accornpanylng notge to f inancial stËtemÊntg,
A-16
f8_2flft 8151
$
s66.646
V|L|-AGE OF I{OFTH FOt'lD
t l,
LAC
SÎATEMENT OF FEVENU€S, E](FEI.{DITURES, Â¡If] cHAf'fGE,S IN FL,NT} BALAJ.ICES.
CÐV ËFINMEÍ'{TAL FlJl'¡DS
F,rr lhe YEar Ended Dacotnþer 3f , EÕ13
Ambulsnce
Deht Ssrvtos
Fund
Fund
Éienernl Fund
FEVEI{UE9
laxar
$
lnlargouemmental
Licenecc and pernlls
Finge, lorf oilurea and panallies
585 758
I 78$697
s
115,3æ
S
/8ð,175
185 248
34.98ã
2S4,l4r)
FLú¡q charpas lE¡' services
Speual aÊElttËmafils
lrweslrfiont tnoofia
384,813
167,tr48
2E,214
a.u1
{iLs90
MlscËilånFous
TolslFevanuËs
?8¡t
Êt
2 SCs 089
.3tg
b24m
7Ê8.t75
E¡(PEI{DTUHES
tunenf
General government
791,7?5
Fublls firloty
F{ealth hhd human seruices
1,28'3"421
Ê31,421
P 010
Fubllc wrrk¡
6ultura, focraation and educailorr
Canscruålíon and davelopment
fl48,04û
s7,551
4erur
tapltslouthy
T72..nA
ÊlsÞt Serv;ca
Prbtrpd
hrtåroß[ ard frcal chaçe*
6?û,CI00
I t 8.178
zfl.5tr
Pfirærpal payrnerrfe on caFital leases
lñer€st on capital leesc
TolaN Erpendm¡rËs
Exaeet
(
dsf iaiency) of revem¡es
631fr2.1
2 S85.484
oyer
ffp€ndltufss
f
116.401i
4 21D
fnsm5
?88¡178
5s.964
11l
f742 sssl
53.962
tr
I
{742,55,5:
42.145
{4.{o8
(}ÌHEH FtNANctNG EOUHCES (USES)
üerteral oþllgÊtiÐn debt iEeued
Prcperty ealee
lrenslets tn
lrantlors out
lotat Otft sr Frnancing Sounres { Lle¿c
tlpt Chrnæ
h Frrd
E,'t86
208.468
}
Bahncec
FUND ts]ÅLTqNCES {DEHCIT, - Beg*lnrng sl
Vear
FUHD BALANGES (DEFtcrD - ENrr OF
YEAF
1
..'t 5.081
r--JülESg
$_
seru¿
See accompåhyt'rg notes tü Ílnancial ctatetnttlt$.
A-t7
S
_
1r4ússfi
4F,4üB l__i99.ËËL
lrlonma¡or
t
TIF District
TIF Dietrict
Governmerital
Nr¡.'1
No,2
Fundo
53]. 774
$
6
TolEls
128årS $
45,5æ
9,947
2,æp,?É,z
E_Ot4,467
3d'88S
254,t¡10
655,90S
28,214
ljs"r/4
71
4.106
g.40,rl
10s.060
179-147
7ÊÊ,689
9.+4
1,Ê64,942
2.010
Ê48.04õ
,lg.ã95
9.3$
175,11ã
¿3U,€69
14,417
10õ,713
789,f 33
7 .51 J
670,000
1
2,SS2
131,'168
Ê95,000
134.448
9æ,5Ê6
138f88
'4E8.frÏl
21 -449
4s-4a1
l2t,¿t4{lì
188.550
{9,¿'t2't
Ê s7 .5190
f7g0.¡t55)
657,Ð90
8,186
54,7Ð1
268,æ0
1Sr
54.791
s?2-646
Ê4Ê,600
33,M2
r54-7Ef t
154_79f I
f558-æ6|
s__Ë4Ë,@g $_lÉ25.5fl¡
(9,412)
fle,100
5&t.å08
2 85p-1 Ê¡l
¡_g¡9.¡lgË
$__Ê.¿14,grg
See accompanylrrg notEs to flnancial statÊrfiÊnts,
A-18
V]LLAGE OF NOFTH FOND DU LAC
FECOü'ICILIATIO}I OF TI{Ë STATE}IEMT OF ßEVENUES. EXF'ENDÍïURËS,
AND çHAr,rcES tN FUNn BAtÄNCEti OF GOI/ERNMENTAL FUNDS
TO THE STATEMENT QF ACTIVITIE"q
For thå Yeur Enderl tlecctrrLrer 31, 2ü 1 3
Ner chaltge
h
fund balancÊs " toÞlgm'emmaffialfurds
s
t2,1 90
Amaunts rêported for govemmêntej at{ivìti€s ¡n the $tatement ol rtel positrcn arB different
because:
Gavernmental furrds repod capitaf outlayr as arpenditureg. Hownver, iil tlre stalernent tf
ret posllbn lhe coet çl thace assûts iu capflalized anø tl-¡ay are deXlmciâled averthê¡r
eeiimaled use{ulßver arrd røpsrted as deprecía$on e¡pense ín tlæ slatûfircr[ oú adivitiÉ€
Õepital otrllay ls reporlad äs an t¡(pËnditure in tho fund financial BÎåt$ffcnts but is
capftalized in the governmÊnt-w¡då f inancialstâtorBnt$
Bome items reportad as capital outluy wÊre nÕt câÞilali¿ad
Depreciation ís reportod in the goverrrment-wide llngncial staternenl*
Nel bock value ol ã6sgts rdired
FeceiveÞlEs not cunantly availabfe are roported as reverluo whan collected 0f currendy
available ln the tund f inencial staternÊntÊ but are recogrtized as rev€rluÞ whgn earned ln
tht gov€rnment-wide financlal stat€mÊnte,
(4,7ÊgJ
tlebt lssued providee current financial Fesr¿rrc€s to governrnenlalfur¡d$, br"r! rssuirq debl
irrcreaôas longrerm l¡shütlöc infre stsiementof r¡et positisr¡. næyrnenn ol debt pdncþl
is an erpenditure in the gøremmontal funds, butTTre rapayrnent reúrc€s long'terrn
liabllltler ln the statsrnent of net position.
Debt lcsued
{657,990}
870,000
3?å,$65
Frlnclpal repaid
Prtnclpalrepaid - Capftal l-eases
Scrne erporrsêË rn the stal€firêrìt of acwit¡Êc do nct requite the use of q¡rrent finarrclEl
rssourcâg ârld, ihereforÊ, ars not repor'ted as expendrtures ln the governmenlal funde.
(9,ËÐ01
Compensate,l abeences
Aoclued interest on d€b,t
cl{ÅÊ¡GE il't }¡Er pt€JTtÐs¡ öF
t10.851.|
covERt{tEt{TAL AgrwtTlEs
See accompanylng notes to financial slatemenls
A-19
$-ÉE$.EJI
VILT.AIGE OF ôÍOHTH FO}.ID
Dt' LAD
STATEMENT OF NET PSSMON
PffOFHIETAFIY FUIì{DS
Aa ol 0ecer¡äer 31 . ?O13
Busfness-type Aetivitler - Ertlsrprigp Funds
Wastewater
Water Utility
$lqrmwalsr
Totals
rtv
A¡¡BETS
Currenl Asset$
Ca¡h anrl inYeqtments
Accouoln r€ûefv€þle
D¡,¡e frorn Town qf Ford du Lar
Dr¡p f¡or-n oihet tur¡ds
Çuner¡t poflion of cApit¡l Uase
7S6,S51 ü
s
4rã,216
,309,467
36 905
zr53g
t.562
hwantorrcs
$
1,608,¡t8t
510,87ti
254.7V5
34.ü57
30,00{¡
74.88G
Frretrçlsd írgssls
FsftÊmpüun accounl
Tcûal Currenl Aassts
1?9-035
1.rffi?r97o
99,765
45ã.ë83
1.Zffi.Aãp
Nc¡neurrçnt Assets
Flestrlolsd A.sÈetÉ
Flelerve aqcûunt
Oeplectatton tr:r;ount
CspilElAsEaL+
Land
tonslruefiorr woft ln prtgreÐr
Prsp€rty anrl equípmen¡
?85.985
2È5,S85
50,000
s0,00û
üû€,074
L¡sç,tecurnulaterl deprecialinn
Olher Ascaf,s
SpecÞf ¡is€ssrnens receúvabb
Long-term rccrr-itable
lnve$m*nt in Fdrrd cl¡,1I an trestrnenl
lac{lity (ne{ of arnortizalmni
¿443
Ì70.ûol)
W¿tel torrer s¿vlrngÉ
10Ë
Pruperty heJd for fuhire use
Tola I NoncurrÊfit AssËts
TotalAssets
4r.fr't4
{1.û14
{7?
47,firS
-
1EE,Ã.T7
47,673
.ff,815.334
6,596,99Ê
7,Ê78"9ü4
7,822,ã18
See flccarnpnt'lglflrJ nüteg
ao
A-20
flnancial stätom€nt,
I 4,108,68Ð
1l 4ã.ÐAp
,
16,851.û64
Bueinass-tvpe Activitias " Enterprise FundE
Slormwater
ulitirv
11/åster'rater
Wrrtor Utility
Utilitv
LIÂBILfT¡ES
Current LiablttttEs
AccounlÉ pãyabþ
s
AffnJed rågês
nccrued lntetust
Componsated absençes
General obligation bonris and ncies
päyâbto
Liabilittoç Payable frÕm FìestalttËd
Assels
Current porton sf retrÊnue bunds
Accrued hlerest
Total tunerrt Lbbil{tlec
77.1?9
10€-159 $
5
79És
"5tìg
ffiru
318
13,006
1't,7ð0
3,426
28,1 9E
Ê5,00{J
1
1Gsn[úO
t 5,000
140.000
9
gos.81e
T¿I4,ST
4.ffi8
r9.0g6
s.l7.tJ8I
1,252
38s.163
yJ."ffi
8.s73
n8.a?s
8.829
0Ê
3,657,7É6
D'abt serutce
Unresfricted
TOTAL NET POSITION
736
2.53.9,019
?,ß46,1
NET POSITIOH
Net inveslment tn capital asseÈ¡
RestrÈted lor
Replacernanl ol capital asssls
698,823
3,æ8.882
Ravem¡e bonds
CornPenealod abertcæ
Tntal Llabtlities
Fo.ffi2
2,35¡r
Nr:ncurrenl Llabilitise
Long'Torrn Debt
ãeneral obllgation debt
Totel Noncungnt LlabtlrtËÉ
r
6-2É8
gß4
7
7,735
4,5Ê4.55s
5_006,ð3A
ËÐ7,25S
9,361,348
E6.$49
1,050.å?5
444.t4.8
1
.670.718
fi__!.0ÊLuq $---f-,rcaJ.qû LLJ4?Éaz $13¡?38åüÞ
$ee accorn¡ranying notes to finsncial statements.
A-21
VILLAGE OF NORTH FONÐ ÐU
I.*AC
STATE¡TEF¿T OF BEVENUËs, EXFENSES, AND CHAhIËËS {N I'JET PÕSIÏION
FFOFFIETARY FUNDS
Far Íhe Year Ended Decer¡ber 31 , ?010
Bueines-tYte
Wastewalor
Water Utilitv
OPË.NAÏHG RÉVEÎ'IUES
Clurges far serunes
Total OperellnB Bevenuea
g
8€8^391
Utiltty
$
Utlllty
Totafs
s
1.400.026
1,400,02t
8SÊ.3t1
OFEHATIHG EXPENSES
öperation and rnainfenance
- Enterrf ise FundE
Stormwater
4$1,5?'l
t
15.7{¡
DaPrecialion
't57.7'1ff
15.5010
AmsÉjzatlun
Total Operating Expeneus
559.Ê39
1ÊL243
Operating lrrconne
NoNoPERAT|NG REVENUES (EXPENSES)
lnveçtnrent income
lnterast exp€r1EE
fdgfüst chargxl to ctnstrr^¡ctron
Total l{onoperntirq Flevenues
.
30!¡,t52
úffi-vül
9e344
41,73S
{120,4?3}
17Ë
(38.S64)
4l)
fit
lncome Holons Gontrihutlcns and
T¡ansfors
COI{TFfBUTIONS AND TFAHSFEFS
ËapiÈel ccntributiuns
Transfers out-tÉtx equivalent
Total torrtributions anrl Tra¡wf ers
Changc Ín Net Positlen
hlET POSITION - Baqinning of Ycar {as
rc*lated)
NEr pOStfloN - END OF
13,9Ê6
n38.7t7|
t124.V1ll
3tB.23S
saÆ4
t8,25É
735
iå0.76Ê)
f31.504)
'!3Ê,949
3ÊÊ,735
4-8S5-249
s-/Ê5.3G6
YEAR $lggg.Igq
^-22
40
138.Ë881
281.ffi
5ee accornpanying n{rtes
trffi-4ut
"19Q
Á7.4Ð2\
4Expenses)
2.4s0.m4
-ei9e-0r}4
$---ElËÊ,.J-Ëq
10 f lnarrcial statÕments.
186.140)
75CI-æ3
7Í6
lg
594,803
Lt61.fÌ88
I 1.731,7û2
9I,1
E--l,lle,g $ 12,Aæ.505
VILLAGE OF NORTH FOhID DU LAC
.STATEMEñIT
oF cASI"{ FTOWS
PROPF]ETAFY FUNDS
For tlte Year Ended Decenrber 31. ?013
- Ente
F
Slormwater
Wastewabr
Utility
Warer Urilitv
Utlttty
Totats
cAsH FLOWS FRO¡u óPERATING
AGTIVTTlES
Fìet:eiWd fforn rüslornels
Paid to suþpliers for Eoode aíd servlces
PaÌd to efiìplüyËes for services
Nel Cash Flows From Operatinq
Aotivities
$
BÊ8,Ë1ü .s
t1 s4,fiån
t,) 1S.3521
L3gË,7S4
S
2;489.s3s
{r117441
{5ifi,70p"}
(961,10Ê)
t1 44.s541
a6t-112t
f4?5,0181
Gl_i377
454.8t1
83s.436
737
176
4t
s5å
797
1TÉ
40
s5È
CASH FLÐWS FROM IN'/ESTIHG
ACTIV|TIES
lnrrestment incom+
F,lei Gash Fler¡¡s Frûrn lnvosting
Aotlvlties
Flovys FRor[ NorrtcAplrÁtnl{ANClfìlG ACTlUrnEg
Fard to nnunlcipqlity fsr lax equiuâleñr
Prinoipal repayment of non capitâl ctebt
flÉpapnent nf íntçtest on non.{Ëpilal debt
Fayment for booster pump Éml¡ofl uwned by
Inwn
Inveslrnent income tto¡n tornrn
Proceed+ fronr capital lÈase payments
Net Cash Ëlott¡s Front Noncapital
€?4,19'1 S
1,10ß-414
CASH
f
13E.royl
(30,0¡0J
{4Õ,esg}
{187,9Ð7)
48,8Ð3
30,flo[}
Financing Acüviriès
lgzs.sr+i
f89.762r
l3S5,E76l
CASH FLOWS FROM CAFITAL AND
RELATED F]NAFICING ACTIV¡NES
DÊht retired
Inûeresl paid
{4to,*E/i)
(l?0,Ð581
Speeia I fl 6$6s.s{n6¡ìts rÈce iv€d
AcqUisiticn and construction
d
rapiful
(1e7å5)
assels
|:16,Fnz}
38258
contributio¡r s
Net Çash Flau¡s From Capital and
Flelated Finarrcing Aclivitres
RF
lg73l
lz¿0.¿esl
Net Ghange tn Carh å¡rd Gesh
Equivalent*
(t
|IASH AND tÀ$H EftUIVALENTS. Eeginning
of Year
CASH AI{D CASI{ EOUIVALENTS- Ei¡Ð
(1,loal
(2,9Êgl
tapltal
OF YE.AR
6.s$e
7gs
1F,s61) 20_s,553 109,Ð44
r,n7g.5-¡'l
$
Ðggru
=
$
Èss.slt
9ee accornpatlvinq flotes ta financial stalemenL+A-23
306.17r
6Ê6.2É3
s
41E,elfi
'5F
f500.95sï
2û7,73õ
Ë,07?.od6
$
-
?-.zrs.t4?
l{astewater
Wate r Utiliv
RECONCIL]/\TION OF OFERATF{G ÍHCOME
TO NET CASH FLOW5 FROM OPERATINCI
ACTIVITIES
0perallng lnconro
Adjuslrnanlñ lÐ Recúncile Oparallng
lr[:smÉ lo NelG¿slt Florrs From
Qpersurrg Aqllvtlio6
Deprecntlon
Dapraculion ch6rgnd þ üfîef tunda
An¡orliratirn
Cñrrnçes ln assats ånd t¡ãbt6es
Acçu.¡r¡ts receirqhle
C,k¡e lruffi olher funds
l¡tvonlones
&:cr¡unls pa¡æble
Oll I e r c u ngnt lla.blfitles
NEI CASH FLOTVS
FHOTII
OFEFATINÊ ACflVTTIES
$
B0g,f
5r '
43É.S2/
ft
$
836.42s
s,f,{J,}
2ß,629
flfl,ít.14
|
15.00(l
5,gTJ:
{50,2t"t}
35,'læ
!.ã65
{4!S54}
'l fi49
41,085
(21,81Ê¡
(29.3Éß!
ù,Ê44
1.087
Áï
::
454,6U1
Cunsrl resutgltd cfi*t
tll,8191
(19,814
4.5.il
277
?-81 5
Í15"2
S
539,43Æ
s
1ü9,ßr¡
$J-qE +E
s
79É,061
S
415,Ð6
S
tr,7ffi
Noncurær¡t reË¡rË!Ëd cãs¡¡
Wål€r lowar seYrngs
_
1,tr]6-rtffi)
e?8.ãtxl
335,985
t06.4z¡
6AgHAf{DcÀsHEoutì¡Ar_EilTa
Þ¡D
Tqtals
Util¡tu
157,t18
RECOIiICILIATIO¡I OF CASH A¡IO CA,SH
EOUIVALEHTS TO T}.IE ST.ATEII¡IEÍ'IT OF
I.IET FOSTNON¡ - FHOFFIETARY FUIIDS
Cagh and lnvEelmsrÌts
llIO IIITÂSH CAPITAL
ñtormtyaler
r..Jtilitr
¡_e6s.r1g
$__!qF_,p1F É__l:-Ë,,Êl$
EE LAIË,D
FINAHCIHG AËfÍVIT'ES
Hcne
S€e aç.corflpanyitlt¡ tìoîÉs l0 f inanciel stalÊrn€nt$
A-24
l},ær4z
VltLåGE ûF NORTH FOÌ,lq DU LAG
STÁTEMENT OF AS-$ET$ ANÛ UABILITIES
AÊENÉY FU¡Iffi
ås at Deeemþer.Sf, ?Ç18
Tar Ðollectiorr
FunS
f,sstrË
Ë
Gqeh andinveslmÉnts
T,ax foll iereivahle
TETALASSETS
Ln$lt¡1¡sg
ÞUe
þ otlrertë¡r¡flg t/nttE
TOTAL LIAE|LN¡ES
'Sêeqecornperryrn g naleç ts
A-25
Tin
anqlql *tfl Þrnents
-
2,.ggs,å1û
1.58û
û
9.964+JÐfi
$
4,9t4,79û
:$
?,964,7S6
I
o\
N)
lovr'sl(r¿n|'
lntorrEl$
A
6.
C
fì
E
F
G
OrhÊr
Êisk Mffiqeren!
CommJtmêflts arf Coqii[\]ancte4
Jôinl Väfures
FelâfÉd Pålie6
Etf Êcl ol Norv Accørnrng Standsrds on Current-PÉriod Fi¡ranÊiøl SlflÊñsrìlll
Long-Tem AgrÊemenls
EmdoÍ€s'È€l¡rffiÈnlSyilem
lnlerlund Feceir¡ablelPayRblss, Advlì0i)es andTransters
LonqllermobligEtlons
L€æÊ DsclÐsürffi
Restnclèd Assets
Capital Asæts
Ner Positionfurd Bebrcæ
gesiateßÐl o'f ¡{et P€lüôn
CompôHÉUnit
Ræ€wblæ
B.
C.
D,
E.
F.
G
H.
lJ.
n¡lþnE
PståilBd Fl,olÊs on Ail Fùnds
A. Depæis ad lnveslrnÈnis
A BjdgPtary lnfcmalþn
E E¡ce ËryerÉ¡turEs and OllÉr Flo(ìn:r|ll Usê Crver Approf
C- Où18¡¡ BalamËs
D- LmrÞtffis trr ltìe Villsge's Tâa Lrvv
rv
Ba6is fúr Ex6tiñg FB1ëE
Equ¡ly Classif ic€lÉrrE
DeietrÊd Oulfle¡.rs ol Feñr¡¡cEs
Cor¡peflssledADE0nCPJ
Long-Term Oþl¡gâlrilìÊ€ondurtOebt
Defened hflows of fìEsources
Cap(al Ass€ls
Qthêl As.€ts
FlÉstr¡ct€ir AssêlÊ
lnr€r¡rones¿m PrLpåd lrsm
Def¡r¡Sits artcl
RËúei-rÉÞÞå
sle€ÃHrp. Cos$Êarce æd A.eounlalllhy
11,
12,
1
?
3
4
1
ô
7
I
I
10
llt
A.
b
Govemmenl-Wids and Fund Flnätrcial StåteÛre''rl6
MeasureÍr€nt Focus, BasE ol Äccounlìrg. arìd Ril&ncial Statem8nt
Prêsêntàtion
Assets, Oûlsrr€d Oullrws ol RÊeourcs LlâÞ¡lhiås. DûÈErÈil Inllorvs ol
HÈsôurceà í1fxj Ner Fo6tþr fl Equily
SL¡rnmÐry ot Signitr@ni Accct/[tin0 Pollß1èÉ
RefJort¡rtg Ent¡ty
A.
B.
C-
R€concfliùtiôn of Governms¡t-Wde and Fund Finan€¡al statsrilenrÞ
Explånation of CÈrtarn Dlllerenc€¡i Bâlsi ¿an üìÈ qowmmenlal Fund I'ElãrrÊ
ShB€l Erd thÉ StaternBnì ol Nei PrÞltlúf¡
E
rl
frlof
LJÀC
IHÐET TO NOTES TU FINANG]ÂL STATE[¡81'ITS
A-< oi arÉ lôr thÊ Yê-ar EodLrl DÈät[i¿r 3t. ?u t3
VILLAGE OF I{ORTH FONO DU
MÂRY oF srcfvtÊtcÂilT
accoullflÌ{c poLEìËs
trlr
ontal AÈcouniln g Sta¡da rds Bûå rd (G,q,SB).
A, åÉFC,fiTr¡rE E¡ûIry
nveÍ
[Þ'y€df{,rnet il Avtttot tty
rlllauÊ prÉöadaiìl, WisGoÊsrß Slaìlìs provùle for circurrstRnoes wnsrdry lhs vrllåge can rfnpclaê ils wì¡l on
tho ClfA, ¡$ìd ahil ErÉá¡e a @1trtiâl linsnclðl Þänslil lo ,rr Þurden sn Î¡e vfEge. Sea NDlå IVJ A5 â
ootrrponent unl the CQâ's finan(r¡alslåtament6 hüvã f,een prê*ntÊd æ a discrele colutn¡ì ln lhÈ f lnancia
srálÈmÉilts lhB ¡ntormatlon prè-ôeÍtEd jå lor rhs fiscÉl year e¡ded Der:smbsr 3't. ?013. TnÉ CDA riosê ¡ot
lss[ü ôopäral6 linancial stalenrsn¡s
TtF oËñrs¡Iììenl-l{loê lirÊìcial s.ÊlefÌerls ir¡;lud€ lhe C€tnmúúty Dâv€rcpmeût Aullfity (rCf¡A-) æ a
compßrænl un¡t, nìe GflA b a legally EepÊrals orlsniãt¡on, ThÈ Dûard ol the CDA rs ap¡rftrnd by the
f;u ßtsíy
lùl&ctÉta¡l Prãc{t¡f{l Comporlr'tt a/{'L
C<¡npc¡renl unts are r€pcried 6¡rq me cf iÌvo mËlhod+, rjrsLysìe p{€É€illaiþo or tfBrúrrig, Gmerally
c{ìmponañl u¡rl6 shô{jld be dEãeldy prsÉñtd lÞ a sepÊrâle côtJmn m Ìl¡s trilância¡slslsnlÊfl¡É A
cempefieol unlt Éhruld be EponEd ¡Ë påñ oi lhe MrDary gavÉrnmêrìt ri6rno ihe bknd¡9 ¡ïethod il i!
rreÊts any ono ût lhe lolbflng critena; (1) the prìm*y govarnmefìt ånd t¡o coñpañen1 uflt have
subslantlvety the same gþvern¡ng body 3nd ð f¡nÀßc¡81 be¡elìt ù Þutdsn reisllÒnshrp exsts, {2) lhe
pr1mary 0ovËrnmenl aûd the componBnl un¡l hivâ åubslânlively the same govBrnt¡3 body 4dd
manaÊÊment otllìe pilmary gover¡ment lla¡ op8ElioËl re-rponsibility lor the corlptrnenl unìl, (¡) lhe
componÊnl unll 6etugs or þ€neî¡lê. axolusrv€ly or àlmÐsl ErcluÉivefy, lhe prlnlary ooveínranl talhe¡ tlErì
ilsclti¿em Õt(4) thatDlal dobtÕf lhEcomporrmlunitwlll bepåidentirefyüãlmosltfllrrelylrünras@rcæ
óf the primåry QçvFrnrnÊnt
THs rtçrrrt rrì4}t4les e[ uf ¡h€ funds ol ¡]Ê vrll¿g's- lfË rsp$f¡ng enl[V lûr llto vrllage ærÉ6ls sl lhE
prÍtrãrY govemrrìt{l .lld ds ccfnpoñeol ull- Cû.nftr6fi lnrls åre lAEd[y SspSÍûl€ orgBFr4ÃloË lor wh¡ch
lhå pnmry !*gmmfit 6 TlrÉnqa,ly 3mu[lâÞlB s cltB organtral¡o{Ë lof rßñlctt lhs Þstüre eûJ
srgnll¡cÂnÇê {ìl lhek rgåliùnsli} wtlh lùe pflmary gove{mrerü a¡e çldr ltral ltìell oxclusij¡ ruld Éus
lllc repcñl R êorüyõ hn&nùral stalêlnsts lo Þå misl6dhg- The ønnary goemn¡€ol È fùaoceily
acËoontauÈ il l1) i åÈçûinls à vo{¡rrg ma¡oriry ut {he orgelæìMþ gNel¡lng body Énl rl € €ble D irnpNe
ìlÐ wrll oh lhal organlzatiofl, (2i ll apporrrtE a votlfìg Írajority ot lhe organizafion'6 govÉlnÍìg body ard th€re
is s potÊnllðl lÒ¡ lha orgåri¿atlurì t! preytde spÈctf E lìËÈial benefts lo, or lmpase Epeúilic lina¡rml
burdens on, the par¡¿ry g¡v4¡¡mern, (3) the organl.¿atim E f¡sÇaìlydepet)dent on û¡d lherB rs a potBntal
{or thÊ orçånizålion lo providê Èpecilrc linanclal beneijls lÐ, or impose speciflc llnancÉl llrrrlens on, rhe
píû|ary qover nmÊtìt. csnain legally seperale, lax Exêmpt ofgan¡zat¡ons shùtjld alEo be rapÞrtBd a8 a
comÞonåfi trnil lf all ol the fo¡lowaf g 6rJlsrl€ arE mél: (1 ) lhe eeonomic tesources rÈ{;eivÉd Dr hsld by lhe
eeptral8 orgõnization àre eûùrely or àlmo5l Ênt¡rery lþr lh€ ¡Îreçl þenefit of lhe ptimary gov€rnment, ¡ls
rornpûnènl unirs. otrlÈ æÆtitltrisi (2) lhÉ pruÈÊrygovemrfleri orils ôoÌllponsnì unl5, 6 Bni¡llsd {o or
has lt1ô Àb{¡lf tù acceæ" a rreþrity ol tha æoftrnk rasôuños fsc€¡ved or held Þy lhs spårúr
orgñn¡¿'¡,lþn: and 13) lte eææmÊ raeoutçes rÈceped or h€ld by ä irÉviduål orgilr¿ãlrÞn ihål thê
prhirðry SovernrrtËarL.¡ rls @{fpgænt urù15. iå êrfltH rq. orÞÀ lf¡ö äòilÈy ta {r{heßFe æcss, ãre
sl!¡n{¡cånl 14ì ln€ tr¡nE¡t' gæefnmerìl
t'ì
thD auoountrng pollciestf the Vìllago 0l Nolh Fond du Lac, W¡sæos¡n Êontorm lD åLcÐuollnu prlnarplês
flotìãrulìy åccËptèd ¡n lhe u rìiled States ol Amsrird ss applicablÊ 10 gove¡nmsrìlal untì6 Ïhe aacót)lgd
slandard.sslhng bBdyfor esiåbl¡shlng govornmûnrâl åccrunlíog end tinancial repodlng princlplês hi the
t{ôfÊ I - sut
¡lOlES ro FINANCIAL STATEIIENTS
As ol and for thê YBår EtuJcd Dec+mber Sl - 2013
VILT¡GE OF ilOBTII FOI{D DU LAC
\¡
N)
I
Þ
FñA,rcu¡l. SrrtEr¡lExrs
Sfatemfs
ñe
lSú,offirs
È€pæle
FrercEl star€menls d tlE Gpofl¡rE eßtty æ orgerizÊd ¡llo luffb. æh of wt¡Èh õ côrÉ¡deed to b€ a
ænt¡ìg ônüty. Each fund rs accounred lor by proviling a sparatÈ sel ol s€IÐÉlanc¡ng
accounts, which corìsl{ulÊ rts esás. ddeÍèd wlllow6 ôl reso{jÌcæ, liab¡litræ, d€lered intloffi of
resû! rces. æl pes itlorvlu nd Bqu¡ry. f*eru es. an d èxpÉnd¡tures/expenses,
FuñdFiÉnct
pll)gram rÊv€nues.
dhectly beneí'¡t from good8, æMH. or prwileg$ prÐyldåd þya grven iunctbn or ôegmtri, and pl gËnts
and contribut¡ons thal are testrated to lÌeeti¡E th€ op€rational or capital equlrEmsnts ol a parti¿uJd
lurìction tr segment. Ttxas ånd other itorn$ nol ¡ncludad åmong program revgnusg åfg rêported as
gonaral revenues, lnlgrnally ded¡caled rôsóurcæ ârê rËpcrtûd âs general ravenu€s |âther than âs
olaárrùæ Prcg¡amrewuælrclude1ìcùãg€stoc¡lålom€rsoratpfÉntsùfloputcfase,uæor
TfË sùlemÐtÕt actlvn¡és d€mstrdes lbe degrsÉ towhch th8 dir€ct ê¡perEes ol a givon lurEtm or
segmtrt ile offsd trl Orogm rsÐues C}kêcl ilp€l.g åÌ€ tlìæe tEt are cleady ilAntúiatfe uth a
sp€c¡lE lunc¡ion ar s€gmenL TtË vilhge does not Ellæale irìdrEd ÐF€ffi to lur¡c{ons ¡ tip startffil
stalements distingùish b€iween govemmmtal and buEitiæs-tyFÊ activities. CpvÊrnmgntal activit¡es
gsnerally âre frnancBd throuqh laxes, intergoveÍîtnsrllal r€venues. and othBr nonB¡chÊnge revenuos.
Busjness-type activilie6 are llnanced in v¡hole or ln pûrt Þy fBes chatged lo externel partiås for goods Òr
seruices. L¡kewise. lhe prlrnary goverment iô rrponÉd sÊp€rat€lyirom cerlain legalfy BeparâLo
cofìponeñ't units lor which th€ pr¡rory government b iinBnc¡ally accounlabl8,
ThÊ stalenìcfll of n8t
srld stâlwenl c'l acùvrtleè dlsplay ¡nfo,mst¡¡n åb,orJt t¡ìe reporting
govemflrent as a wtp¡6. They ¡rì(dudë ali lunds Dt the reponing ffrfty erc€pt forlidüÕary f unds.
pcilkÎ
GoÉt noHI-Wiú Fhelrciel
lh6 statemtrl elabllShes
h
March 2i)t2. îhe GASB È,suêd s'Éternenl No. 65 - fiàms hev¡o{s¡y Retr.rfÈd as.4s$sts a¡Jd Liahùlilcs
aDæunting à¡d lrnaficial reporfing standárds that reclassity, as de{ened
oulflows of resourBê.q ôr defófred ¡nflows oF resourcss. cBflaln ilems that werB prEvlôusly aepoled as
assels and liabilities and recognizes as oulllows uf EsourcâÊ Ðr inFlow.s Úf /eaourcss, certain itenrs thal
wBre prevrously rapodeil aô å6set6 and liabilities. Thts slåndard was implemsñtBd stlêctive JaÌ)uàry 1,
201 3
8. Gol/ËilreJfr-¡l/ú€ ilro Fxtts
NOTE I - SUMMaRY OF SIGI,¡IFICANT ACCOUIITING pOLtClEs {conl)
NOTES IO FINANCIAL STATEMENTS
As ol ãnd for thc Yssr Ended Oecembêr 31, 201 3
VILLAGE OF NOßTH FOND DU LAC
F
inf,nc¡dl Sråternents (cont,)
Fuíro FNAilctAL SrátEl}rarrs (cant.)
ì
uy
oìher ggvemmenlal or enlerpr¡se fu.nd lhailh€ yillage b€lië¿ês ls Dañlcularly
mÞortanl to financial statement lsers may Þe repoded as a major lund.
ln addidcn,
The same elffienl of Lhe individual govemmental of qte+)rise lund thal mel lhe I O"/" lesr lsal
leæt 5?å of ths corEsFrnding total fo¡ all governmenlål and enlerprise funds comþined
Total ãsseùldetBrrÉd eÜlows of ¡esources lisÞil¡ties/deferred inflo'ds a1 resources. reveDuesor eçendilueiexpênsÊs cñ ìh8l indivldual govemmant4l ot enletpri6e tun(i are al least 10% of
the conæponding lotal tot all tLnds ol 1fiEt cåtegory or tyle. and
f lD project plan.
TaK lrElemstal Ðlstrict (TtD) No. Z CeF¡fâ¡ P(ojecls Fund. used ro qc4ount for arìd reporl
financial resourcaslhatêre reslricÞd, commitled o¡assigned lo expenditulÊsoutiined in the
TID proiscl ptar
Gmeral Capital Prc]ects Fund used lo account ior and reFlortfinancial resoorces that ars
ræficled, colmiÌled. or assigned lo Npeflditures fqr capital outfays, ihcludtng ilìe
æquisfrion or construcl¡on ol capltal fscìlilies 4nd other capital assels fo¡ fle Ge¡eml Capital
Projects progEm
TillmremÊntal DlsrrictiTlD) No 1Êap-lu1 ProjectsFund-usedtoacÇaunl fffandrepoû
fimcial resoncæ that are rËlricted, æmrnltted or ffi¡gnÈd to $çendjtures ouflined in thê
Frincípal, ìnterest, and reletecl çasls. other f¡ran TID or enterpr¡se deÞÌ.
Ge¡elal Fund - açcouDls fûr the viilsge's pflmâry opcrâtir¡g aclivr{e.s. tt is Llsed ta amunt lor
and reporì all finsncial Tesoqrcas êxceÞt thûsÉ accounlèd lor ând ¡ôported in Enûrherfund,
Ambulâncô SBeoal Êeyer¡ue Fund - âcâounts lot /esourcès legally rosrflctèd to ËuppDiljng
expendtlures lor tþe EMS prcgrarnG€neral Debl Seruice Fund - used te accoúnt ,foÌ and repùfifinãnc¡al tesourcÊs uìal ara
rêstr¡cled, cÐmmilted, ar açsìgned to expeiditute fûr the payrnenl of g€nÊtal iong.t€rm dgbt
The mìlage repoÊs the lollowing maþr govemmontal funds:
tìnancial gmlements.
Separae fìnqncial stalenìents are prauid€d for govÊfftmental funds, prþp¡etary funds and ftduciary lunds,
even though the latter are excluded fNm {he gavBrn{nÊnÌ-wide lrnanciàt st tstnerts. MEol ¡ndivt(:ual
govemmental Tr.lnds and m*lor individual entÈrprisB f unds are reÞor1ed as ssparâte colulÌìn6 tn t}le lund
c-
b.
+
Frnds are oqqniæd ae majorfunds crnorìmâjo. funds withtrr thqgovBmmBr¡râl ând propfistâry
slalements- An çnphasls is placed on ma¡or lqnds \iritnin lhe governmenlâf and proprietary catcqrories. A
lund is eorolderêd m{or if it is the primqry operalln0 fund of lhe vittâgô or meets the follrh'ìng ôfitedal
Funë
8. GovEFnwur:W,'.EAND
NOT€ l - SUMMARY OF SIGNIRCANT AGCOUHTING FOLtctE$ lmnt
NOTES TO FINAFJGIAL STATEh/ENTS
As of snd forthe Year Erlded D€c¿mber 3l ?01 3
VILLÂGE OF NORTH FONO DU LAC
I
oo
N.)
ðÉ
fo¡ lhe
YEr
End6d Decemb€r 31 . 2013
malor
trlsprÈe
funds:
goÞmrsaal lurÉs:
úlhge r€pons fì€ fuuarùrg fund typ€s;
ffi spec[i€d
ol ÐeclÈ reveûuB
Furposes (oth€l than debt
úe pM8€d6
Focrrs,
gr,sæ AffitnÆ,
^rro
FN4¡Êü
Sr
rÊt6
tr PÉflrÍarxrr¡
âs a g€nerâl rul6, the eifæt ot intãlt nd activity lEs been ol¡mir¡aled llw lt¡€ glov€fTmenl-wÉe tinanc¡al
stalements, Et@ptions to this gãsral rule tre cfiafges þ€tïeen lùe vlllåge's rtElsr ard sErlÊwaler and
variûus olhBr fu¡ctioûs of the gmmment E¡minåtion of these charges would d'rÊtort ftE úrect c1}6tE ¿nd
pfogram rEvènueo repofted for lhg vår¡ous funct¡Fns concemed,
ecûlm-b
The govemmÁnÎ-wida $atement ol rel p$itron and slalsmml ol ac'th/it¡cs åJB reporled úsùg the
rg66r¡rces mèæurffient foflJs åIË 1lÉ äærual basF ol aocounthg. Under thè aæruål basb ol
aæourfirg, re1€nue6 a¡ê rKogni¡ad when esmed and erpãEes are ¡Éno.ded rùen the liabiüy is
iÌìca¡rred 6 m¡,om¡c æsel us€d" Rænues, erpeos6, ga¡G, los€s, aet€æ, úd l¡ab¡litþs resuiung twn
exclEnge and exchângé-l¡ke lraneaclþm âJ€ r€ægfiEèd wls the excharlge tekæ phce. Propeny tæ
are ecognjzad as lûv€nues rn the lEar tor which they ár€ lÊvled. Taxeê rgcÊlvauê ftr the lollowìng yBar
are ecorded Êc roc€lvâÞleS and unearned æv€nu€. GrEnl8 and similâr it€¡nô arB r€cogn¡zod âs têvÊnue
ås æon as all ellglbflity equirements lmpo6ed by lhÊ provjder are mêt, Sp€cial assessments ars rocardÊd
as revenug lrilì€n earned- Unt¡ll€d r€c€ivabl€s ere reco¡ded as l6vÊnu€á Ítsn s€rybes arê prsl¡Jed,
Goyùt E ont-Wide Finsnolal Starementg
c. lÈ¡s¡ßExË¡rr
Târ Collection Fund
Agåncy Fund - used lo accounl fcr â¡d repod aasôÎs held by the villaga in a truêloe capÐc¡ty or
É6 an aoênl fd indNidualE, private organizalioru, and/or olhêr gÒvBmmEntal units,
ln addmon. the
Flevolving Loan Fund
COBG Furd
Lùrary Fund
SpeclJ
Rmue Funds - usd to a@nl fd and r€porl
sourceß Uìâl ile rsstriclèd or cÒmmited þ erpendituræ
seruics or capital prolgclÊ).
The villáge repo.ts lhe follmirìg normalor
Wator UtiÍity - arunts lor operaùore c{ lhs wstêr 6}6tem
Wastowaler Ulility - accounls for operatiorrs ol lhÊ wastêwater s!¡ctêm
StÒfmwútêr Utilily - accaunts fof operãtioñs ol th€ slôrmwater system
folltrirÐ
Funcl Flnarctel SlaterT¡Gn¿t (ænL)
covERNMENT-wþE AND FalNþ F¡NAtût ¿ SrÁrE É¡vrE (conl.)
The village rÊFpds lhe
B.
]{OlE I - sUIfl^RY oF gctl[FlcAlfT acCqrNnNG POUclEs fwn.ì
As ol
NOIES TO FINANCIÀL STATEMENTS
Úoni,
)
F.úrú nændÐl.sfâE/roaË
llËåsu?E$Eln Focus, BAs¡s oF Ãcffiwnilã, ,qrfo Flr'/{¿{sra! SrársFEì/rPñeseumnou{cont.)
I
fJ]oplôtåry fuftis distingulsh opeßling revenries ard e¡pensæ lrom rcnÐpelatirE ¡tenE, Opërâting
revenuBs ând sJ$ense$ gener€liy lesultfronì providing seru¡aès and produclng and deliveñng g"godB iR
connùttiûn wìlh a pnâpri€taryfund'Ê prlnc pal ongoinS operalions- Ïhe prhclpal oFrãling rgvenuq of tig
rÍÊt€i, weâtáwâlsr, and stêrmwâtef ul¡lltv lunds are charges tù culomers ftrr sales qnd ssrvices- SpeEhl
åssêgsrfBntÉ are recordêd as rêceivä-blêe ând eÆfililbut¡cn reì/srìue when levlÊd- Operaflng expenses for
proprelaryfunds include the cost ol sales ad seruices, Êdmiñìsllälivs erperìsôs, and depreËlauon on
mpllal e+gets All reven!æ trd eKFeßæ ncl meèûng lhE detif,ition srê r6ponêd aÊ nonoperalihg
rev€nË¡es and e,ipenæs,
lhe
Propr¡êtzry ùnd llìanci8¡ staleme¡ls are rrported uslng lhe eeÐnÐmíÈ resourEÈs m€¡surement foGJs ârìd
the âqênral båsis 0l accounting, as deârribed pr€viously'E ihis oDte- Agency funds follffilhe aÊcrual bas¡s
pl aúcouñtlngr ùnd do not have a m€surement loc{s-
RevenuÉs sæÊept¡ble lô àccrual lnc]udÊ p/sþâfiy tàxes, tnlsc€lh¡âous tates, Êublic shargæ for sNic€E¡
spéclål aÉ€eôsmû¡llsârd tntêrÊsl Oth€r gÊn6rål tev€nues süch as fines and lÞrf€lturæ, lnspæuon leæ.
råcreafþn t€66, and rÌl6cêllanåiliê revÞft16s åre reDognizEd when reæ¡ved ¡n cæh or whs meailEble
aÍd a\,gilaþlå und6rtfia crteÌ¡a described ahove-
Spedål asssssmemÊ are r€çordêd âÊ rêvBßup€ r¡ahen tlìôy þocome m€AsUrálle and asgñåble as cunenl
ass€ts, An¡úal insEllñenË due ¡n futurè yÞars âfe têfleêlsd âs lÊce¡vables and unavallqble tevenuE
0€lln$rent special esæsflnents being hêld by the Grßlly afô rêÞorted âs reÊoivaÞles arÈ umva[aÞlE
aeGnue. A1 Deæmber 31, 201 3, d1ete wêre $i20,313 ol unrécorded dølerred assessments whlch are nol
leco¡ded ss receivables because collection iB subj€cl to cedÂ¡n events occurìng ln ths lultJrÞ and rc
fafmàl ßFaymentsahEduls hês b€€ll ÊsÞblìshÉd,
lnlergavârnmántil aids and g€nt€ are Fecogn¡zeclâs rcvenues in the pÈrlod thE village ¡s Entäled thÊ
rBÊoumæ ând thB amôdnts ârÉ avâilaÞle, Amounls ûrìred to tha village whicù sre nol av-allable âre
tecordsd ås rÊcêivá-blés and unâva¡làh.lê rèvenùôs, Amouñls receivÈd before elþibility requ¡remenls
(êxcludrñg tlrrre) âferïBt are Écordèd âs liâbilrtte.s, Amounts rcceiv€d ¡n ådvance of rrEtlng lme
requrf€msnls âre Ecolded as dêfêrrêd ríllows.
PrtrpôrtyraÍæ âro rcæl{ed in the yÊâr levled as rcceärÊbles and unæmed revenue€. They aE
reÖognizâd ùg rôvÊnúss ln ilte succeeding Vp-ar when serviG llûan¡:ed by thê levy are Þe¡ng pravlded,
âvanad6 íf lhÊy ar€ collected uvithln 60 days ot the end ol lfre currefl Bscal peáod. ExFtrdr'tijr€E ere
recordôd wlìen lhe rdåled fund llabil¡ty is incurred, eræpt lor lnmaiuÊd lnlerest on long.taÍñ debl!
chims, iudgm€nts, compênsaled åbsenceÊ. anrl pension Èxp€nditures, whioh ère reærdBd as e hlnd
llab¡lity when æ(pected lo be Þa¡d wlth expen(jãtrÞ avaikbìe tìnsnc¡al rsourses
Gwernmentâl lund linaûcEl slalernénls ârê rèpôfltd uslng lhe cunênt llnanr:lãl ræources rn€æuremem
focus and the modäi+:d âcórual basis ól âúùourìüng. FevenL.res are ¡eqoTded when they are bath
mÊâôufåble â¡rd evâilâble. AvililaÞlÉrnearìg c0llóct¡blÊ wlthin the cuû€nt period or soon ânDugh thsrÊaller
to be us€d to pay l¡åbllll,âs of lh6 curent peri,)d- Fci lhls purpose. lhÊ villâge ænsiderg revenl¡es to bt
È
iIOTE I . SI,MMARY DF SIGNI FICA¡IT ACCOUNTING POLICIES
NOTES 10 FJNANo|AL STATEfì/ENrs
As of and lor fhe Year Endèd DeEEmber 31 - 2013
VILLAGE OF NORTH FONI} DU LÀC
I
\o
NJ
NOTES TO FINANC¡AL STATEMENTS
lr thÊ Year Endad Dæêrnb€r 31. 201 3
cl ârìd
Atl
Focus, Basts oF AÊçÚuilTtãq
F¡nilchl Stâtments
M¿ASUREMENT
AND FrMAt'lctaL STATE TENT
PnEsBvr¡norù (conl.)
lhcÊ,ê
estilrales-
Dæ@
flm
Iloposits
nd
tnvesmêrrts
deposn.s ¡n any credit
nion.
Þ6nk, sâvings b3nk or l¡ust compârry
VillagÉ ha6
Ihãl
pÕflcy
folb6 ttE state
slatute far âltowabte
wiùì publÉ d€pæûor¡æ. with cariain ænd¡ti<ns
in\Áeslrnent polEy.
âgrffienE
a@ted an
Repddìase
i¡vsslmsntÊ.
fhe
g-
Sæurilies ol an opeænd ¡nanagotnÊnt rnEEtHt cofiìpany or ÍrMedlmBrìl lrugt. subþc{ lo
varioüs Cofi¡liônsard irËtmeûl optpr¡s"
Any s€cufity maturing in
sflen )¡oars of l€ss and hav¡ng tfÉ h¡?hest or sËcond hlghqsl rating
calegory o1 a nafunally ræognized reting agsffiy-
T¡Ê loca¡ gôverBment investmenl pool.
¡ssued or guårantB€d by thè federal gcyernment.
d,
sruril¡æ
Bond6 or
e
mturing ln thre€ )€ars or
Bo¡rds or sæurities of any coûily. ciay, ûa¡naE€ disfrict, leclniel colege dsldct. rilagp, þwn. or
sc¡mol distficr ol ¡he stÂÞ- Aiso, boDd8 su€d by a locâl âlçcitim rf,stricf, ¿ br,ål Íllûlæsaônal
ùnseball Frk dsùicl. a læai Frcles€rorEl lælbalt gaúrm dìstút a bcal culturê¡ snr dìstrùl" the
UnivÊrsly of Wtmrein Hospitab and Ctrúos Auftøity, or thê Wisæßù Aêro6pac€ Arrthôfìfy.
l6s.
Tlne
c
b
a
lnvsstmsrü ot vlflage tunds b reslflctÊd by Wlàconsin Elàl€ stdutes. Available neêstmÊnts s,€ limited to:
Fot putposes of the slatement of cå6h ]low6, th8 vlllagô conáiders all h¡ghly llquld lnvêstmÊnr8 wilh an
lnllial malurity oT thr€e month6 or læs when acquìrod to þe ffih equivalenls.
I.
()rr?FLo!Js trREsfxrAcés, ¿I¡sJnEs, DÉÆßR@ ¡'.F¿oüât or nssûrßc€q
D. .¡lesÉrs,
Ar,@ IÉT PæEø'I æ EC,,,,¡|I
æukl dúler
thg pr€p€ústion oi tinarciål slâlements h onldmity wirh æreråüy acc€ptø a€ounìng prirEplæ
re+Jiræ mnagerneül lo m.ake ealimalæ and a3Sumptioðs tlEl afi€çl lhe r€poled Amouñs ol asls ar¡d
fab[ills3 and dsÊlosure of corTúgeol astË and l¡BÞül¡es at üE dale oJ üp linanc¡âL gtatsmf,E erìd tfË
reporl€d årÐrls ol revenu€ and spsrdnureå¡Èrpénse€ dunng the reporl¡rig fprixf. Actual resulls
C.
N9TE I - SUMIIAFY OF SIGNIFICANT ACCOUNTII.I(ì PoLICIES lmnl I
A8
YILLAGE OF }IOFf,H FOND DU LAC
Depoeile and lnysanEnts (rilnl,)
at la r vâlurr, vrlìrch ¡s the arnouOl al whiÇh an investment could be exchæged in a
Farr vâlues are bas€d on guoled markÊt prices No
in\¡êslrrents ¿re reFôlÎed al amÐfizod cô!ìt, AdJuslmefìts necessary lo recofd invÈstmenls at la|f vaLe ae
recofded in the operating statement as tncreaêes Or decreases in hvBslment inæma lruælmtrt income
on comrninglÊd inveslmsnls út munlcrpal accowt¡ng lunds is ållocaled bqsed on awrage bajsces. The
dlflef€nce Hween the Þsùß stàlÊnìentþahnc6at)d c€rryi¡q vqluç ls due te oulsEndjng chec+s mdl3r
depoGils ¡n tråûs¡te.ré 6t¿1êd
Bæ,etuâb¡@s
Properlytaxes a-re levieri Tn December oR the assessed value æ ol the priorJaruary 1. ln addÈioô to
propsrty taxÊs 1úr tne vlllåge, tales arÈ collected for and r€mltled Lo lhe stale trd munty governnlarÏts âs
wêll as the lo{'al Êchoôl d¡slilct aûl technìcâl coüsg€ dlstrict Taxçs for all stqlç ad local govemmetrÞl
unlts bìlled ìn the çurrenr yær fEr the Èuoceeding yeal anr rsflocl6d as reÇeivåhlas and due to other taxrng
unils on the accompanylng stalefi€nt ot essels and líabillttes - lrduÕiÊry fund.
z
See ñole lV A.lor lurihs Iniormatlon
ThB Wr6cansìn Local Governmenl lnve$lment Fool (LGIP) s parlof lhe Sla-Èe lnvesÍne¡t Fund {SlF}, and
¡s manâged by tho Slate ol Wisconsú lnveslment Bqard. The SIF B rpl regrstered with lhe Secuntiesarld
ExclÉnge Commissr'f,n, Þul operales und€r the.slalutÇry autlErfty d Wlsconsin ctEprer 25. Îìe slF
reports the hir value of its undeñying âs$els annually PadeÞilE in the LGIP hava t¡le dghl lc withdlåyl
thôir lunds in totål on oÐe day\ nolíc€ At Decemb€r 3l , .2013, thë lair value ot the vilÞgE 'E sha./e ol lhû
LGIF s assets was subÊlanl¡aly e,goal tù the arngunl aE rèporled ¡n lhæe sÞterñeÍts,
tuí'Efit transåctóf þ€tweÈn rrillirìg pañiå€.
lnyestÍlerìtê
rå1ÊÊ,
lnte€sl rate nsk is lhe fisk l¡al üe market value ol the securlliæ wlli lall due to chargèÊ ìrì mafi{êt intÊrsst
the v¡llaga's po¡icy s1åles thaf Îhe paffçflo ls la bÊ structured Ð meet câsh rsqu¡rËrlrèms lor
rlngo¡ng opeÉÎ¡ons, lherûþyavoidíng lie need lo sellô6auliliar on lhe open mtrkEl prior 10 milurity, ln
add¡tiûn, lundô Árs to be irvesled ìn sho¡lerlefm sectrrit¡e9, money market mul!al f unds, orsimi)at
¡rTv€srment pools that lin)i1 lhß avÈrage matudty of the porllollo,
mtnimized
lflveslrf¡erìÎ crçdd risk 1ç a rbk ol loss dúe to thÊ failure ol sÐnty isFuer or badkêr ol tb€ secur¡ly. The
pollcystâles úat investme¡is âre to bre limjled to typË allowèd by\{is. SEls. 66.0603{1m)tal. ln aønlDn,
the pcrtlollo ls to Þe diversif le¡J.so th:f lhe lÈFatÎ oi potffitlal losses trom an! ôns ¡íìdiffiual ßsoÊr will be
ThÉ villâge i5 expûs{)d to çuetodtal ¡i.Èdil nsk íar its depes¡ts as well as cr€dil dsk lor ús invêstmehß. Tho
vlllage's investnätl policy requûes aü linanrÍal lnslitul¡ons æting as depûs¡tary T0r !hê Yilhge lô entéf into
a døpository agleÈmenl pter.lg¡nq çollalerFl tç S6cure €r¡ounts ouer md abrye the guêrànf eed âûÐunts.
All callsterål ls requircd lo lre he d þy a lhlrd party- s€e Nsúe lV. A.
l-
D. .¡lssFrs, DFFEaED _Ou'ÍFLowa oF BEseuFcÊE¡ ¿6sr¿ar,Eq [tEFEffiEft NFLows oF fiÈsoûpcEi
r¡vD ¡VET Fosrnq¡¿ oa Eoufi (Fenl.)
NOÍE l- SUMIIÂRY OF SIGNIFICANI ACCÛUNIING PôL|C|ES lconr I
NOTES TO FINAÀCIAL STATEMENTS
As of and for theYear Ended De':Êmber B'1, 2013
VILLAGE OF NOFTH FONT] DU LÀC
P
!!
(J
¿
FêærvaòJee (cont.)
Lien date alìd lsvy
dal€
fæil.ì
Jånùarys1. x)14
Oclober2016
Juv3l.zor4
Janury3l,2û14
O€c€Íiber2ol3
D€cffiber2013
JanGry 3r, ã11¿l
Lraa¿-rÍÉ/s, IEÆBæD
POLICIES
ftn o¡rs æ ¡lEso¡ßæ.
oú
haÉ
o?€latþfxr, lfarÉacrioE trcur b,alwB€t
he ulfage hæ received fåder¿l and sÞ.te
ll is ilE vilb.ge's pa¡cy lo rècorû r61etue whtr lhe itiÞl loån s rude trm lhe l€deral arÉ stale grânl
lunds- TlË ret amounl ol lfì€ ban meivab¡e balancË b irduded in mùi1e<t fund bêlance. ¡nÞrêsl
¡ecervedifom loan r€ptym€îts s Hogni¡ed as revgr¡¡É utH ræiræd ¡n cash. A¡ty uÂspent læn
.epaytrlents dyær€nd aE plesented as restncted fund balme in û¡e furd lillarìqal sÞtetrËús-
,nongage.
þusines*s and irdruiduãls. Thevillâgê ræords a loån rocoivable whenthe
f
tundE for hous¡rg rehablilation ban ptoolânÉ to vÊnous
loan hâa been madeand
funds have been dlgbursed The amount ræorded as housinq rehabil¡lation loans recêivab¡e hâ.É nor beÉn
Ëduced by an allowânce lor uncollêctible accounlÊ ôince all loang are secured by a l¡ên on thê rêcipi€nt €
gÉ¡l
1n th€ g@erment¡rl l0nd l¡ôånc¡al sta€renls, advsnÇ6Ë ro olhs iurds are .llôsì equa¡ty by a
nrcperdable tund þabnDe acæurü whEh lndbalês lhôl they do rot @rdilúe dp€ndablÊ evai¡ablê
BEmial mrc€s and, herdore, ar€ mt avô¡¡aþle lor apgroprÈtim or byå r€*iclôd lund bÊlarEÊ
amnll ùe túds wil ulùmalsvbe elricled rt¡en the advæ e rÐa¡d.
ovr€d betÆen funds. Shorl-tefm ìmedund
Dtrnng ttæ
¡r¡ftrilEl furdE lhel may æsult in aflEurtÊ
are repodeú æ Tue b 3nd kÐm cih€f iuftb"' L¡ngFteJm
htelund bils (rÞrtçurrcnt portion) are re?orted ar "ådva¡ces from ud to othÊr t¡!nds." lnterfrÍÉ
receivables ârÈ payablBs betlveen fu,lds w¡thin govemmenrâl actiyfies are ellmlnÀled in the slatêmen[ ot
nêl posit¡on Any res¡dual þalances outstandlng betwson lhs governmental actlvltles and busineÊÈ-typ€
ôctiv¡t¡s ar€ reported in thå govèmmeÍlal-w¡de flnanclâl sfåt€ments as int€rnal balancas.
æue
Aëcounfs rôcêrvabl€ have bsân shour net ôf án âllow8nce for uncollectblo accourìti, Del¡nqùenl real
estate tÊxes aÊ ol Ju y 3l rr€ pa¡d in tull by the county. which assumes thê ooflgctioÍr thereof. No provision
for uncollÉrtùle ææunts rscslvable has b€€n mad€ lor lhe water. wastewaÞr, and stormwater ut¡lities
b6Éuãe tlEy ha€ ths r¡ghl by lawto place subslmüally Êll delinqueñ bills oñ lhÉ lax rcll, and olher
dolirÇlenr bilh ae g€rBrally rþt s¡gn¡liÞnL
taxes
fEsrÆ689 t
Persenâl prop€rty ia¡es rn tull
far sle - 2O13 delinqu€nt ræl eslat€
Fìßlirslallmanldue
M
iì6&lmenl ôr€
Tar b¡ls ftaled
Payned ln full, or
oF
(úû.)
û./¡r¡.ors
^ssFrs-.
ârrÐ ìEr PæfÞtt oF Eû,rry
¿,€FEBßED
l- sUuuAFY OFSIGXFICAI¡TAccoUNThlG
Prôperty lâx câlêñder - 20 1 3 tax roill
0-
NOTE
Ae of and fot the Yoar Ended DÊcember 31 . 20 1 3
NOTES TO FINANCIAL STATEMENTS
VTLLAGE OF NOFTH FOND OU I-AG
SUllil^FY
OF SIGNIFICANT AGCOUHTING POLICIES lconl I
aãd Prryaid iteøs
ov e m ñ e nt -lll¡de
slatffi ffi ts
Addittons to and replaæments ol captlål ffisels ol þusillÊstype àctiyit¡æ aTe reoorÉed at oflglral æsl,
which inôludË måtstal labar, ôvethead- and an allowanËe tÖr thc Gt ol fund6 Lrsèd during conslrudion
gfhen signifr'cånf. Fúr îeÂ-erempl debtr Îl're emÐunt ci fder€st ÈaÞ¡talEed equals lhê intereÊt expense
lncurfÊd during ¡Fflstrueüo|l neûed againstany ¡ileEEt revenuelrom temparsry rnvèâtmenl of Þotrçwed
fund pft)c¿eds. $31.1S8 ót nÐt ¡nferesl w-ÉÊ capi¡alìæd during the curreñl yeer, The cost of ren€wals âîrl
þettoments rÞlating to rêtìtemènt uñils rs added 10 plantacôotrnts. -[he Gosl rf propêrty replacèd, rëlred
cl othôlwrse dispc€d Dl, is dedl]cleil fror¡ plant aDrtrunE änd Sênerally. tog8ther wilh refiþyâl 6Õsß teðs
€alvâga ts rharged to accumulated deprecialion.
Qaprlal aÈsets whl{h fnclude prÉÞ€rty. pla¡t and eqùtFment, ile repâÍsd ln thê govÈrnment-whlè li¡anc¡al
stalements, çapltal ßèts are dêilned by the gttvemment as æsels wlth an iniÌÌal rct þf more thãn
S5,Oot lor genBral capltål aÉæls and $15,OO0 lor inlrastructure asse]s and an estimated UsÉúll lite ¡n
exms of OnÉ year. Alì mpital-asselsarevalued âiNstorical cost, ores0mated historical æs¿l Mtr|Àl
múünts sre unaväilable, Donaìed ÊapiÞl asseis are reærded al their stimated far Valuê al the date ol
donatioo.
G
5. CaprtalÂæls
ManóalofysegrEgBtrçñs ai Éssets a.re pf€sÊnted æ E€tríDled essets. Such ÉegregåtiónÊ ffe r€qutrÉl' Þy
bond âgrÈements and other exterrÌal FEûíes. Current habilttres peya-ble lrom theÉe Jslricted âsseÈ àle ao
ulassified- The exæss of restìDted assels aver drrcnt Frabilities payable frcm restricted assÊls w¡ll bp
uÉed lirFt lor retrpment of relaled long-lerm deÞL Ths remernder, il geæmled trom wn ngs, is shwn as
reslricted net posilion.
4. 8êgrr¡Ê1e¿áâÊets
e€ftain payrnenrs ¡p vÐndm rèflecl Öagrs áppliûaÞle to luture acóolinúng pelodô anù åto rêúoded as
ptepaad items ¡n Þoth govÉrßmènt-wide and lund linanqãlstatsmentE.
avårAtË, and charged to conslrucliqn and/or opâratiÐn and mainterrance expensÉ When Usêd,
GovêmmenÈl lund ¡nvenlory ilers ats charged to erpendituË accDu¡ls when purchaseo. Year-end
¡nvênlory was not significant, Propietar!¡ ftrd invenlories are generalfy úsed for constrllçtbn and/or fúr
opefAtiçìn afd ma¡ntenenç:Ê ll/ork, Theyare nottoÍ resale. TlEyârevalued atDc,s't þâúed en weighted
3, Iaven¡üiæ
D- ÁssErs, OEFÈRÈE¿ OutÊt-ows oF REælrEtEsr l-nàlrmEq, DEFEflRED þtFLou¡s orÃEsûuãcEs,
Àilr, NE!, PosrlþN ÒF Eoürry (coÍt-)
NOTE l -
As ol and Ior lhê YÈsr Ended DeÈÊmbef 31 , 301 3
NOTES TO F|NANCIAL STATEIMENTS
VILI-AGE OF NORTH FOND DU LAC
I
Þ
(}J
æn øent-lryIde
ì
Eùdlej ñ; ån altw.afed
l
of S5&f .796.
lhb
rs tc
10
tor
ùEtr trooEter
amorf
own of Fond du Lac W8lsr Utlllly l€latêd
årurl
ilrrent rÉÈi\iåblå
ùs 0l DBs€mbsr 3l . 201ø-
D¿lereó Outllorc oÍ FlÉouÌêea
preEerìtèd as a
7.
¡û
A oetêÍEd cr€rqÉ
d rÊiunirin0 affit f fofi1 ffrvüncs r€iunùrg ol dèbt, TllGd¡tlsrê,lc€ b€{ldffi the Æ¡ oi
lhs s¡rnlies pbÉd
tnlst lor lutì/re tE)4î€flt of relunded debl Ênd thÈ net cânyDg valus ol ttÉt dÈbl ¡s
'n as a component oi nltrsl elperËe ov.el tlÞ Eholter ol lhe l8m úf f he ráuÈd¡ng
dEtårreú a¡d åmÐrlized
rssle orlhe dginâJ lErm ol the .Efunded deþl The ünamçrtÞM ãmoun¡ rs reporleclas a deieñÈd oudlm
of rasôr/n]es ln thè gtrelnmenl-wtdE slalsrnântb-
A,
oBloírEd or/dlÐ* ol rÈsÐüß:€ reÊrèrtnl6 s oolrglnlÞtlofl of ær FÐsùi}l lhåt ðpptæ ts 6 lsturc pe¡pd
6n¡1ú11¡ ftol bÉ ¡ecûgEed æ an Ðulllf,wÐl lero{¡rces (È¡psrs€/expendlurÞl uûll lhût lülura ùG.
Town
prlrpondflowco¡lrrrl andchlorinatlon6tårlcrrì, Theprc¡eotwasfunded{vilhlhèurlllly'rar¡stlngrcEo.lræs
åndllìâ-túwnwill bereimbursingfhBL¡lilltvtorû¡l paolactæslsin?014 Thetotal smountd[efromlhe
ln ?013, the water uìlfity f!ndèd a FrolÉúl lnr rhÊ
TIF [hBirø Ns, I È repoÉng ¿sels hÊld lo/ æs]€ rn the
pÞF6ny purcñæed Þy rhe dÈt{¡cl lùr lulùrB dpvÊlopr¡€nt,
û. Oakilsts
lhe lmd hrlånLiA s¡åtÈflHiG. u?pllal aisats uätü lri g¡rvEmenÞlfund.*€tafions 6rÉ ÊcætlntBd lof æ
upllal ouüåy ë{pEridituræ ol lhÊ ,lt 9¿tnrunlàl lunrl ufþn ac+rtsfFn Caf¡lal æs€16 u3€{ ¡^ pregrEtary
lunc oçtmlnns are amunted io¡ thå àlno w¡t 3! rn the goränrÉnl-rld€ s¡¡lam€nls.
¡n
Fund Flñancial SlatmøaaÉ
Bùldings
lQ-55 Yeaß
Land lmprovxnanÞ
i5'ã0 Years
l\¡å4hhirry and EqurpmBnt 5 - 2Q Years
Ulllty S)¡sterr
'l'100 Yearc
?0 - 50 Ysaß
lntrastructuré
aclùrltå rlh s6ufli(¡lål¿{l deprÐBl¡¡ ¡ølected
e¡penEå rn lhe stalafient o¡
l¡1tlÞ SlAlêmrnt ùi rÞt po6rttr- D€præEùon 6
p@!dÈd over tña issets es¡i¡¡r¡(HJ ilsstul ltv€s usrnR ñ¿ slraiÏìt-i¡na rneûlod, lll* rÈnge ûl åål¡malad
usdul lyæ ùy ¡ç€ o{ asseí s ûÊ tÚllGrs'
¡E
aÉnl-l
æ*ts
)
FESOfi¡lCFs, LIABILflÉs- OEFEFF¡-O l¡lrf¿g]t'F,erF 8ÀSOUÍiCES,
fu lerunrs
)
fbprêcElbn ol all èxfìåu<È{e capllll
6v
Âæefs {ænl
ANO NEr
t Ctpitt/
DETEAAED AÐ]tr:LOI4¡S OF
P(ßrnû¡t oñ ÊourD lùìnl
p. 45sEr3,
NûTE Ì . SUMMÂRY OF SIGNIFICÁHT ÂCCOIJI,IÍ ING FOLICIES f mnt
NOTES fO FINA¡,¡CIAL STATEÈ,IENTS
As cl ud lor Ìhè Yèår E¡dÈd Dsmbe{ 31. itì3
VITIAGE OF NOñTH FOHD DU LAC
Ð- çomqên€É¡ed Ahse¿æs
ì
{IEFEEßEp i/l¡FLoWs oF fiÉsofr,?CEs.
POL lClFê l¡¡rt
LaafEEs.
AccnllNTliJê
AssETs, DEFEAF.q OUrFLol4s oF RÉSoUFCES,
¡!fl Posrr¡or¡ off Eou¡v (cDnt.)
SLmi[¡IARY OF SlGi¡lFlCANl
áwD
l-
üeÍ
wtl
if
håve
prcprieary
Long-Term Oþl¡gatiø.ts/Conctuit
æþl
A deierled inflow of reæu¡ces repræenls
acquisiiron of net position thatapplies to atulure potiod and
lherefore will nct be Jecogflized as m inllcq 0f re.1oorÊe$ (revenuo) uûtif that luturÊ tirne
il
10. Delerreí lnltovÍs of RêEovæs
village nray appröve thè issuancr] of rnduslnâl revmuê bonds (lFB) lor the benefit of private busines
Bntetpriæs lßÞ's are secured hy mort$Agès sr revenueàtfèêtneots on the assoçialed prúlBCLE- and do
mt constitute ¡ndebtedness 0f lhe villagÊ. Accofdingly lhù bonds are not reported æ ltâb¡ft¡ss in rha
accornpanyinglÌnanc¡at slatemenls. Thcte wate no I ßE'Ê outslânding a1 yea end
-[he
For l[€ govgrnmenl-wide stâternÉ{ìts ând pmpnetary lund stat€menE. bond premiums ud cliscaunts ara
arìortized over lhe l¡fe of the ìssl¡e usrng ihe stmightJine melhod. Gains or losæs on prior refundlngs are
alÌìorlize.dùverthêrÊmâln¡Fglilåollhåôlddebt,orthelifeoflhenewdEbl,whichever¡ssherrer The
bÊlatlce at year end fot ÞremlLirns/dlscounts iÈ shÒwn ås an ircreage or dæreese in the liability sectlon ol
the 6îetement of nei position. The balanô€ âtTeat end lor garnsJlossss is shown æ a delerred
orjlltov/lnflow ln lhe stalement of rßt @söion,
Long-tÊmì obllgations for gôVêmrnÈntal funds are nol reported æ llabilities in the fundiinancial
staltmÊnts Thå fâco calu6 úf debls (plus any premiums| are repoded as Ðther finåncing sources and
payments úf princìpâl ánd inlàrest âre feporled as expÐnditures The aEcouñing in proprietãry lunds i*ç the
Êêl¡È as it is i¡ lh6 govÊrnmÉnlw¡dè stâlements
All long-lerm oblìgat'lans 10 be rep¿¡d ffo¿n guvètnmenral and busu¡gss-rype rsourups arÈ repofled as
liabilit¡es in the gouernment:ìv¡ds stâlèrrrents, The long-t3rm obliganons consist primtrlly ot nÉtes a¡ìd
bonds payãÞle &nd åÇcrusd 0ompensaled absences.
9-
Pèymeñts for væalion and sick leave will be nìade à1 ralerì rn èffect when tlìe benelits are usedAcclrmulalÊd vrcalion and sick leeve iiabilllt€s rìl Doccrnbè¡ 31, 2013, are deÞrmlnÊd Ðfl lhe bæs Df
crirre¡t sålary (àtes and lnolude sa¡ary tetalôü ÞauÏeîtú,
Èxpendable rÊsources,
All vesled vacål¡an and s¡ck leâve pay is accrued whe¡ incurTed
furd tinànËiel strtèmenls. A lisb¡lily lor lhesú arnùLtûìÈ ¡s repoile
maiured, for example, as a result Òf emÞloyee rosignations ard
Under tê.rms of êrìlploymoút, Éûìplôyees are g.ranted sick leave and vaætìons ìn varying antountç Qnly
bÈÌlellts c¡]nsidefed lo be \.qsl€d arË disclæecl rn these ËÞìementtr
D.
NOTE
NOTFS TO FINANCIAL STATEMENTS
As of ånd lor the Ye¡r Endè¡ Decêmb€r E1 i 2ûl 3
I
NJ
U)
l- SUMMÀff'f
LAC
OF SIGNIFICANT ACCOUNI|¡¡G¡ POLICIES lcôn1.ì
l.
Gown'æt-WitJe
Slrtsnü¡¡
EquW Ctâssifrcatiodt
sr!9r\
Êonstrucliorì or impmv€fhènt of lhæe assels-
il
s
æ*ln[
Unrestrkied net p6rt6n Allolh6r net pgsiltens llìal do nol mFJl lhB dBlrnrlla¡s
"nål lrvúslmeflt rn æpìal asseis i
Df
rrsslrlrted"
tr
FìÊstíc1€d net pús¡tlon - ConEisls oj nEl posltlotr w¡Îh conçtråints plsrtsd ün lheil u¡e erlhel by 1 I
€¡tErral groups such ås crBd¡lors, 0rånlors, co¡lrlbulcrs, or layrs or rÊgulqlrons ol olher
gowrnrÌrelrls or, 2) law through mnstllulional provisions or enâbllng Fg¡Elaltorr.
aÁqLi
NÊr invËrflHr rn râp¡tàl assBts . çôm¡sls ol ¿apjÞl âÊsÊts ¡ncluùI¡ rÉslilcr€d ùdtrtal a5*ts,
n€r ol acemu¡ajsd deFrec1alþrì ârxd €ducdd ry rhÊ ol'¡stardrnq balancos ({Xu[rûng l.clspsÍ
dÊbt prGèÊds¡ ol anf ban¡ts- moñ|¡;rga5. notæ. trdhel bÐilo$fü€Flhal hr4 ålt¡ùutable iothe
unr*trictBd
u6
9,36r.348
$
I
I
6336628
balrc
ånd dsFla!æd aå lollotrsi
E
3,421 ,717
NoûspÉrìdablâ - lñcþd€s iùnd balB.Ee iloun($ rhâl ÉffÐ{ be sf{{rl dltÈr because tlE arr
oü !1ì s¡Ëndable fofm ûr beæuse f€gål q Þlrlrac1l¡Ðl requiEmsrtÉ r€quilÉ lhem Þ Þè
ññrntained llTtäcl
t)ôvsrv¡eßlat tund s¡r¡ity s cbsili:d a6 li¡rú
FwlSlã,lsw'5,
{s64,933)
Tc\al
aval able for pse, il iB lhe villaúo'ú polßy to
S
433,164 2.42A,630 5ö4,939
1467,787)
re8Õurc86
$
Aoltvrltê8 AqtrvitÉs ÀÕjuEunanl
{)ÐvÊmmånlÀl Butrss-t!'pe
raslrlclBd rësou'Eæ first. '.hen únrefriç{rrJ fâgoufcss æ lhay A}e meded,
W hen both reslrrcled and
lnvËstment ln Épltal sssP.ts
UrirËslricted
Nlt
Éluhr
I}le nét
Eo¡lmr
p€s¡noo sediofi rrcluds
adlu.sm!åni lor capnal assËts ffinàd by tl¡€ b{jòrrìdåô-\Tt6 asrivltÞs
bu'l lrnâËedby tlEdeÈn ol ttrà gsvè¡rrnEnlål trrryrlE
TtÉæùrrlii a.eductlÒq ol'net
¡veál[l€nl ln ,:rprl¿¡ asäs-. and 3n rlcfeÈs€ ln "!ntêsude{i: nsf FelEn sÌoy1 ôar¡y h !nò lôliàl
tùlloÈsA rqrcútrcìlaliÐn oi this æjurh€r¡t 6
c
þ.
¿.
Eqiltty ¡¡i claasified 3s nÊl p{ailK¡r¡ and drFpleyBd ¡n tt[ea s{)lrÀanerb:
I
O. 469É¡9, DErÊ,RnEg ouiFtows oF Fego0ÁcEe. LøstLrr¡Es, DEFr,aaED TilFÂol44s oF ßFsouf,cÈs,
¡t¡¿ lvEl Posrr¡où oF Eoürry [cont )
I{OTE
qJ
I'¡OTES I O f INANçIAL STAT EiVIENTS
As ùi Ènd ltr t!É Yæt Ênd€d Decemis 31 , æ13
VILTAGE OF I.IORTH FOND
y'
contEcts that prohibh doing th¡s. suqh as in grant
See NOto
lV
H. lor fdd-nc' InrotmeûoF.
agreensnts rÊquiflng dollál for dollar spmdrng- Addilronally. tlie vlllage would iirsl use cornmitted. then
as's¡Sned and tastly unasÈjgned amounls of unrætricted jund balmce when expendituræ tre måde
balânc€ì is avâ¡lâble unless thêre are legal dacumeßtE
The vrllågs cÒñsidefs rèslr¡cled amrunls lo bespent fiEl whtr bolh resficted and unreslricted fund
Froprietary tund êguity is clessif ied the seme as ¡n lhe govemmerìt-wide stalemEntê
includes residral Fos¡live imd balance wilhin ffre genelaf fund wilich has not baan
clamiJied wthin the orher above mêâtioned oalegories. Unassigned f ufld balanco flây also
irclude ne-rralive balancæ for any governmÈrta¡ fund il ext>enditures excBed amoums restr¡cied.
tommtted, or æsigoed ior thos. trr,r.ttt
e, Unassigned
purposes ihat Ere noi cÐnsider€d restricted oT cotÌ)rnined, Fund bslance may þe åsstg{ìed
lh.ough ihe follûwingi I ) The viliage hås adopted a ltnanc¡al pol¡cy ålthoúz¡ng the Adm¡nistrarúr
to æsigñ amsunts lor a specific purpose.2) All remeitìing pos¡tíVe spendable àtÍounls in
governmental fmds. oihÊr than lhe generâl fund. Lhât are neilher restriclrd narcùrnmûtþd,
Assignments may ra*e place aller üe ÊnC of the reporling peflod.
d. Asrgned - lnctudes spendable fund balanÞe amoums thal ar€ intrnded to be used lur speciflc
Cammltt8d - lncludeô fund balance amounls thal åre cÉnstÍained forspeciiic purposæ lhat are
loternally ifttposed by th€ govem'nent through formal aciioÊ of the hlgh$t level of dqÊision
maKilìg atlthôrity. Fund balance emounts are commitled through a fomal action (resoluüor) of
ths V¡tlaÐe Boa/d. ThiË lorrol acrion must occur prior to the trd of thè rapQrting period. þul th€
allrount of thê óommjtment, which will be subiæl lo lhe cørEtEinls, mqy be deìermined in the
subseqúent periad. Any changes to tfre conslraillls imposed requ Ë the same Tormal tcTion ol
lhe Vrllage Board thai originally creatâd the cÕmmilmeni
c.
oarSEEs.
ol fund balances wllh conllaints plÃÊed on hêir use e0her by r) *ternal
Sroups suL.h as credilors, gra¡torq contrlbutÐrs, or laws ûr teguleilons ol orGl governmanE or
Z) law thfouglt r)onstitut¡onal provisions or enabllng legleÞtion
Restric'tèd - Çonç¡sts
(cont-)
orgE
b
fuld S¡ateflHls
11, Equity Cla#¡îícztioas (cont.)
O- ÁssFrs, OF*aatøOrrt{ou6oFftEsouEcEs, LáBfÀrnEs. DEfFRRÊø.WFLOVf'
AND NEr PosEnN ôB Fqrfrr (Çonì-l
NOTE I - SUIIili¡ARY OF SIGNIFICANT ACGOUNTIi¡G POLICIES fffinI,)
NOTES ÏO FINANCtAt STATEI\4ENTS
As of and fõr lhe Ysr Ended DêËmbÊr 3l , 2O13
I
())
UJ
SßNlRc
lo¡
Ralce
rals Ke apptgl€d
by the
)
.
2007
FEsorÆces,
lhê funds.
comblned Adiustrnent for capital
MEô¡naryand sÞlnûent
lnf rælruqure
L€Ês: Acqrmulated deprec¡albû
l.ånd lmpr$/eûì€nüs
Build¡ngs
Lard
fÁ 11 ñ
llqì
eÊ56,r5?
2,786.171
2,415,937
2,2ñ.7'15
13a4IB
thårÊfare, arÊ not Ëported in
L FI/Ð BaL¡rcE
Asets $---949l,q54
$
ild,
@yEñßrr
Capilãl assets used ¡n governmcntâ funds are not f¡nanÇ¡àl regôurces
ExpîJr.Nn r ü æÌatt ltffiffiÆs BErvtaN ¡tE
FosnroÈ
^. gEEr àtÐrtE sÍt¡ãtGilT 0f
^Fr
NOTE II - RECOI'CITJATþfl OF GrOVER}IIE}IT.WIDE ÀI¡D FtJl{D FIIIÁXCIAL SÍATEIIEI{TS
1
6
5. 2010"
¡tFror8
vtage bcard c{ledrve JãnEry
1, 2O10.
Iffi.o
Curront stôrmwat8r rales war€ appnôved by th€ vlllåge boârd ôn Jânuary
Stonwøts¿nilW
Curenl rssleiEl€r
)JáÉlffi¡l//.tty
frober
or Resor¡nc¡s, L/AillrEs.
AccOlrNTNq POLlclE lænl
errr¡Í (ryû)
ful¡ng
W"ìer Uillhy
Bas{s
Oß
NT
Currall watêt rales were approved by thå PSCW on
12
¡rrp rtÉr Ptgto,,
D- .âssÉ¡s, æFEnnÉo Oúrã.oil's
NOTE I - SUHMARY OF
NOTES TO F]NANCIAt STAIEMENTs
As of and for the Year Ended DecemÞer 31 , 2o1 3
VILLAGE OF NORTH FOND OU UTC
$
8.280.835
2,454,789
(2o2.p2\
2?-761
5.62S_9€s
1 53,ôO2
IIF Distr¡çt No 1
TIF District No 2
Frnrls
$
14,6€0
533,774
Erp€ndilurès Ênd
Othsr Fìnanc¡ng
Budg€lêd
S
21.449
s4Q,164
OlhÊr F¡nanc¡ng
Uses
Expêndìtrre¡ and
ActUal
€xce$s
9,390
õ,799
Expendllures and
Other Financing
Llses over Budget
S
ExoEss ÞeEflDrrureE 4No orÉrEt fiJvr{¡rr¿Jv6 UsEs Oveß AFPf,oFa¡AnoNg
ThE village comrds exFendilllfæ at lha departnreú levÈ|, Some indivrdual depârlmenls êxpeilenced
expendituræ whrch exceeded ¿pp¡pp¡¡¿¡ons, The tlerajl of thoæ iæme cân þe Jound in he v¡ltag+s yørend budgBt la acüal rBport,
B-
A Þudg€t hæ been adopted tDr the g€neral lufld. ambufa¡ce and t¡Þrary sp€c¡al f8vônue funds, dèbl
servioelund, general oapilal prolecls fund, TIF D-lslrict Nô, 1 ã.nd Nó,2 tapnal pÉ,ec1 fun(s, ân(l tiìe
lÒr rêvolvlng lÕafi and CÐEG adminisltâ¡on
spffhl rev€¡üe Tunrfs. WiEronsin Stalute Ê5.Ð0 r€qu 16thà.i en enn!âl budgÊt bê adópted lor all f unds
tNFoanAno¡J
propridatÏ funds, A budget flas not bæn tormalty adaptèd
A. EuDcEraRt
NOIE III .ETEWAFDSHIP. COMPLIÁNCE. ÀND ÀCCOUNTAEIL'TY
LEbÌlitÍes
Comb¡nad Adjushrenl for Long-Tern
Bonús ând nûl€s p¿yablô
Compensated ôb6Ênces
Acçrued hlgrest
Capitâl lP,ases Èr¡ìyaþle
Unamorlized lqss m rÉf undi¡g
c1ÍrêÍl perÌúd, and âùcofdinEly, ûre ûot reported
¿pplrcåble to trÉ vtllage's gÒvemmenlal 8.ölivrtes afÊ nol due ând payable ¡n lhÐ
aÊ lund l¡abil¡b€6. lnter€sl on iong-teflr debl rs nal
accrucd in gùvéfnrnontâl fÈìndB, þul ratlìer ls r€cognized ås an sxpBnditure whefi due- Ail l¡abiliíes-both
curf¿'rìt and þDq-term-ârÊ ropoilÈd rn thÊ stalÊment ol uel pos¡tion,
liÈLþrlrt¡es
Expt-AltAnov oF ÊtnTNN ùFFpna¿c€s EFfi,liEr¡, rHE GgvE.?twfjraL Fùt{c8ArÁff{.Ê
ArÐ ÍHE STAÍETÉNr oF ¡lFr Po8mor¿(ænl)
S.HEET
Lóng.terr¡
A"
NOTE II . FEGONCILIATION OF GOVERNMENT-WIDEÂND FUNO NN.ANCIALSTATEUEMÌS ícont.]
NOTES TO FINANC]AI STATEMENTS
As ol arld for the Yesr Ended Decèmber ß1, 2013
VILLAGE OF NORTH FOilD TlU L,Aç
I
Þ
UJ
À
NOTÊS TO FINANCIAL STATEMENTS
ol s[d lor tl'e Yær End€d December 3] . 2013
BALANGES
TIF DLdrlct No, 2
Frmd
Decerröe 3t. 2013, ttE foliwìng
.'
firunorq æurce
Reason
(525,554) Dev€þpmentanddeblêxp€nd¡turesin
exc€s.g 0l tBviles ard olher
Am¡r nll
rrÈìviduat f!ftCs held a defilit balancêi
bshncë
æt
tlrÉ yÄ..ua€b l^x LEty
neltarëgenêrallyêxemptfromlh¡slimitwithcertainexcêplons ThevillagrtðrsqüiredloreducrilB
ajlowabl€ lsy by the est¡mâ1ed emounl of lee revmm ìl cóllêcls ftr cerlaln 6EMces, f thos€ sorvlce€
u¡ere flndod in 2013 bythe propeny lax levy, Leviæ can be rrcræsed abo,lc l¡e a[ovål*e im¡ls if lhe
amount is âppm8d by referendum
the v¡¡agâs luluG tax þvr-s. Gtrerãlly the vr¡iage ¡s limtêd to itê prir lax le\ry dólâr
amounl (excludhg TIF Dbtricts), trursased by the gmåtÊr of the peænEgs châûg€ ¡n thê ylllags'ô
equali¿gd valuB due to new conGtruction or zero pErcênÎ. Changes in debl Êèfvlce from one year lÕ lhe
W'tslsh lái| hmjß
Ð. LúÍAtt,Ús
TIF dEtril deficits are iltiqpåled to bc lund€d with lultrß ìrcrffientaltâxæ lsviêd M lhg fte of thÈ
d¡stJìtts, wh¡ch ls 27 yêâË for thg d¡stdcts crealed bêlore October 1 , 1 995, Bnd 23 yea¡s for dislricts
crsetêd thereqltef thróugh Septembor 30, 2Oo4- Beginning October 1, 2004, the lile of new d¡strlcts varies
by type of dlatrlcl l2O-27 yeaß) and may be extendêd in some cases.
Às cf
GeneElÍy accepfad 8ccôuolng prinq¡ples require dßclÒsur€ ol indEùJuaj funds thal have d€licû
ål )¡ear md.
C. DEFtctt
NOTE lll - STEUTARDSHIP, COllPLl,AÍ{cË, ÂND ACCOi I¡TABIUTY {cont.}
,qrs
VILI-AGE OF NORIH FONÐ OU LAC
Vlllage's dêpæits
lfs
È,o4qtrlB
s,422,53ô
2.459
$
BÐl
s
ü
l¡ ths amounr ol $250,000
Rìsk
The ullage doæ not hEE eoy d€positsExposëd to c¡stodlal Èredit rlsk-
Custodial Ç(edit dsh is lha rbk thåt ln the Èvenl ot a f inancral instituriorì lailur€. lhe vlllåge's dêpûsìrs may
not þe returned to lhe vllagÊ.
Depqslts
Cßtodialcîú¡l
The vtllàge manEins collateral agrffienls with ils bilks Al Decenìber ç1 , 2o1 a, the bânls had 0ledged
vuious governme¡t securjtiæ in thê ilnourt ol $4,84d721 to seÇ!rÊ the village's deposits
10
afnaúnt
lor timÈ and
beåring
rh thB
Eank åccounls Brs also insured by ihe Sta¡e De0os¡t Guarânlee Fund in tFo amount of 9400,000However, due lo he naluG of this fund recsvery oJ rnâterial principal lasses may nol Þê É.ignificanf
individual municlpalities This cwemge hes bee¡ coreider+d rn c.omputing custod¡âi crcdil flsK.
t0.O0O
tn
lirnitôõ
6,473.627
2,393,216
564,785
3,s.l5,æ6
Deposilr in each lgcal aßi arua bånK afB lnsufBd þy th6 FDlc
ævìngs accounls {lncludln'g NOW accorjnts) and S2
snd noninterest-beaing). ln add¡tion, if depæ¡ts arÞ held
govemnenf is læqled, ¡nsu€d ûmounts an¡ f urther
ot sll dÊFosil affiunts-
Total Depgsils and Inyestments
Unrestricted câsh and inveÈtments
Restr'rçfed cash and inyèstmeilê
P€'ståtem€nt 01 as68tÊ anrl liâþllttie.s aãency fund
Agençy fund
Per sîatgment of nÈl Þosrlion
N/A
risþ
Custgdial credrt dÊk
AssmrâlÊd Fl¡s¡.ç
3,422,530 Crêdil
1,867
Balances
Slatsnent
lnv+stmÉnts E- i¡29é?Z !-Æg9.gg1
Beæncillaliqn ta finânc¡al stafernenb
Tcrål Depo$ìts and
$
Carrying
Value
æd rnvF-lments at1ærend wse compriwd ol the following,
OcPos¡rsÁNo ¡¡ryEsTtçE
Feposits
LGIF
Pelly cas¡
fhè
.À
NOTE IV - I¡ETAILED NOTES qN ALL FUNDS
NOTES TO F¡NANCIAL STATEMENTS
Às irl and ler thè Yt.drEndêO DÐcÉmber 31, 2013
VILLAGE QF NORTH FOND fIU LAT
I
(-a¡
(JJ
CEd¡t
Bís,k
BEcErvAeLEs
)€tr
Funds
Tôtel Uneùned Eevenue fol Governmefitäl
Unêârned revenue included in deferred ¡nflov,,s
Governmental Funds
Total Unearned/Unavâ¡lable FevÊnue for
Froperty Îåxes rece¡yable Jor subÈequent
Special æsessments not yet duÊ
Éefèrred paymenl loa¡s
DeTerred interest on advances
1.964.578
L904.578
$
$
1.964.578
$
32,257
9.819
11,291
11,1+7
l-Jnavaílable
1.9É4,578 $
s
$
UîearFed
Gorernmental funds repoll unava¡lable or uneamed ¡even¿¡a ¡n connecljon w¡lh rece¡va-b¡es foT fevsnues
that are not ccns¡dÊrsd to be available to l¡quidate l¡abilitj€â of the úfrênt period. PmpênyÌães iev¡ed for
th€ subsaluent ytår âre not earned and caffiot be used lo liquidete liabilities of the current period
Gavernmenlaf funds also defer revenue reqognilion in ¿ônnêttion with resourcæ that have been received.
but nol yet earnêd. At the end ol the curr€nl fiscal yoar, the various components of l]navailâblè revenue
a¡d wÊaìned rcvenue -epotled in lhe governmettâl f mds were as follows:
All of lhe receivables on the balance shest are expÊc{ed tô be çalleclÈd within on6 yeaf with the exception
of a portion of the delinquent persônál property taxæ, a Fortion of the ambulaT¡ce arïounts, speciãl
a66eæments not yet due, aild ä majority of the loans
B-
SÊê Note 1.O.1 Íor Turther informat¡on on deposit and ¡nvestment policies.
råt¿d.
rct
isguor or other counterparty to An inveslmênt Will not Iullill its obljgations,
The village had ìDvestmenls in lhe external W¡s6onsin Local Govetnment lnv€stm€nt Poöl which is
ar
DEpos,rs AND lvyEsrß{Effrs (cont,)
Credìt ¡isk is the r¡sk lhal
A.
rcpre€entthe.ûdancs of thÊ rætnçled æets:
foral
Bond ¡edemptian aÇcpqnt
Bond reserue ac6ûml
Eond dÊprecEtiûn accounl
s
s
564,785
50,000
S
-
Llåb¡l¡ties
23.25É
$
541.527
50.000
228,M0
æ2,727
Resll¡cted Nel
Position
-$
23,258
Restdcted
Asseß
Fayåblefmm
S
2A5,985
228,800
FesÌricied
Asæts
Follo,ving È a lisl ol /Êslricted assÈls at Decernþ€r31, 2013:
Used
þ ¡epo¡l ¡sso!ÍeÊs sel Êside lo fufid plant ren€wsl,s aôd rcplâcÊrnônt of
rnake Up p'otenlialfuture defiêieneies ln ürè rèdèmplian äccoilnt-
fhe fedemplion accaunt.
UsEd to repsd resourçes set aside to m€ke ilp poteniial tuture deliciencies ln
Beserye
DeprÉcjatlon
üsed lose€rÈgate resourcs accumllaled for deht seru¡ce paymenß o\,et the
nexl twElve moDths
Redernplron
Loûg-leø [lebc.Aæounts
ThE lolowing
C" flEsrafcrED.¡lssErô
Al Ü6emÞer 3ì, 2013ì lhe village has r¡at exce€ded lts maxirom retent¡on Èap. When lt does, a liability
lo the stete will hè rsorded.
For e(omÈic developmÐÎ loans, ihe villflge $ llm¡Ëd bylhè wiscsnsm Depañment of Gùmt¡tstcB t0 rhe
amount of progEm in{ome lroil æonomic de.velopmenl loâns thåt û mey retarn aììd loan to olher
btroinses. Program ¡mme ¡ncludÉslhe principal andinleresl received from €conomic devêiopmsnl
lo¿ns repayments. Basêd upon ils currênt population, the vilhge rnay qenerally rÊtåln 950O,O00
E- BEcsryaarss (cont,)
NOTE IV -I'ETAILED NõÍES OI{ ALL FUNÐS (ooIIT.)
NOTES TO FI NANÇIAL STATEMENTS
As of a¡d for lte Yea Ended Dsember3r" 2Û!3
NOTES f O FINANCIAL STATEMENTS
As of and lor th€ Year Ended December 31 , 201 3
NOTE lV - DETAILED NOTES oN ALL FUNDS lÇont.l
VILLAGE OF NORTH FQND DU LÀC
o\
(JJ
I
Þ
"
rc
chargetl lo
(22.878)
Tolal
-lg4Ji4)
Ú26.O49I
(r76,3sal
fun(fnË æ fo&ws:
Gwêrmenld Acrivu# DeFræiâtþn
Expense
$
$
255856 3
"970,261)
ib41 3661
377.1s
118
72..621
2lB
35,384
106,007
6.061.053
3.874.278
14-316.,1151
(1
126,442J
10,397.{68
8.190_693
e,415,937
Í,786,171
e.850.152
132,+33
2,æ6.775
2,20ô,775
(1,478,346)
4.399
æ5
273,452
21
21,SS5
%'t.457
251.457
- $
(3,566)
$
Erxhg
Bü¡ûDcê
(71,1 1S)
3.530.8¿15 U7.æ2
f3.966,88ü
.4o7 227)
(1 ,8r 1,401)
f7J 5.317)
(1
724.9G?
724-W
7.Agt.fÆ
9.945.958
49,609
101,255
574.ûgE
132,433
2,368,328
2,706,91 1
2,2A2.064
2458?e
251,157
2,2t6,775
S 5.9Ê9077 S 347.&t2 t
I
fublic worts, whsh includes deprccElien oi ¡nkas¡ruclure
Culture- edJcatin, and rær€aliDn
Public safety
Genera govêrnmefit
G overnmcnttl ÁËl¡v¡tís
D+recralion Gxpense
ÉFdiãñ
Total GÐvernmental
Activitis Capilal Assôts
Net of Accumul¡alsd
DePfæ¡âled
Nq Cs$tai Assels B€¡U
lñ¡ræltælure
Totd Arumulated D@rÉ0¡åton
Buildlngs
Mach¡nsry and êquipmãl
liìnd ¡mprovements
Less: Acoumuþted depreclatim lor
Total Câ&El Ass€ls
O€Fffiiaf,ed
Câpital ess€ts beirg deprecäsd
Lând Inprovments
Buìldings
l\ilachinery and equipmenl
Infråslruclure
Tolâl Cåpûal Asets Belng
OePæialed
Capital s6ets not bê¡ng deprecistôd
Land
Construçtion ¡n progress
Tolal Çapital Assels Not Eleirg
Govsnñantrl Ac¡iv¡tês
BeEuúrg
&a¡Ènæ Addiliûns Dêlelm
Gapilal assel aclivily lor the year ended D€ê€fiìber 3t 2O13, wts as follerE:
Ð. CaP¡Ì4r /ds6Ers
IIÔTE IV. DÊÍAILED NOTES OI¡ À.LL FUNfìS Il]d }
NOTES TO FINANOIAL STATEMENTS
As of and forlhe Yær EndÊd DæÈîrùer 31- 2019
VTLLAGE OF NORTH FOND DU LAC
-¡'O
NOTES
FINANCIAL STATEÀIENTS
óf ¿¡d iól tiìe Year Ended Ðe¿ernher 31 2013
(cÐnr)
Net Water Capital Assêt$
Net Capitål Assels B€ing
Depreciated
Detuecialio n/Am orti¡ailon
TaralAcaumuhted
depecìalion/amortizatron {or
Trarsmission and dlslributÌon
Less; Accumulaled
Total Capital Assels
Deprecialed
Tolal Capital Assets Belng
Êeneral
Ìansm¡ssion a¡d dlstñbulton
Waler treatmerrt
Pumpng
CaFilal åss€ts being d€prêcîåted
lnlan0ible
Sourc€ of rupply
Oepr.eciated
Construction ¡n prcgrBss
fútal Capilal Assets lJrt ÐËhg
tand and land rigtrrs
CaFlilsl æsels not bB¡nq dÈprsiar€d
WatÊr
Bsinætype Áotivitias
O- C¡P¡zr 4ssETs
$
$
2€,716
26,716
46,716
$
Delel-ronÊ
5_6s7.926
t136
388)
$ 1105,170)$
,1"s08.177
6
ll;ù27.967) ('172.718) 26,716
i1,Be7-9571 h72,718) 26,716
6.73É-134 36.350
7.485.883 67,548
39,350
31,1S8
t49.749
t{
131.Ê89
647.184
49,168
5,730.02S
178.¡tsg
$
31,198
42,7fi6$
/0ô;-q5g
BÊgfimrìg
Balqnæ
Addrtions
NOTE lV - BETÀILED NOIES.ON ÁLL FIINDS icdm I
.AB
VILLAGE OF NOFTF{ FOND DU LÂC
Er'(fng
5,552.756
4.771.809
r1.973-s591
U-97s.959)
7 52ã,7'16
EJ4gJ6g
49,168
5,739,C63
178.439
{i47,r84
r3t,2&9
25
780,947
42,79Ë
73ú.151
Bälqnce
I
-ì
(J)
Ä.dvlü..
{cont.¡
Asels
Accumu¡at€d depmciatbn for
AE BstÊ
!___Ê-0!Ë_{6,1
s
-s
Delet¡ons
Endlng
(i.7gr.6Ee)
l1.7Bt-6821
ð.æ9,741
18,187
205.480
E, t
6.O74
6.074
Balmcê
$_
-
1___E-54!_q59
1110.405) ______________: ô,5.t1,985
11104'r2t
ff10.412t
E___l]l-q..sr
6.852.39Ð
Net CaFÞl Ac€els Bc¡ng
Depreoiated
NBt Wast8rüs1âr Câp¡tal
f1.6-il¿70ì
(r,67r.e7o1
7
7
7
AdditioÍs
18.187
2ù3A14
6,323.q60
8.æs.731
8'1
6.074
6.074
Beglnnlng
galanco
Tolal Acc¡Jmùbt€d Dep.eûâlbn
Gelænl
Læ:
Tolal Capilal
Total Captîsl Ass8ls B€ing
Deprec¡atèd
Gtreral
C€p'tal
ãsts b€lng dcp{ÞaiaÞd
C#itrsyslem
DepH¡aþd
land rigilB
Tola¡ Caprtêl Assots ?rlol Being
Lüd ard
Wesle{ô/âte r
Cap¡lal âs.sets not b€tlg dêprecialsd
BushÊsa-Brpe
lmr.l
$
DETAILED NOTE,S ON ALL FIJNIXI
O. CaprraÁssE¡S(ooct.)
MtrE M-
As of and lor lhe YÊâr Eftdcd Dscember 31, 20l 3
NOTES TO FÍNANCIAL STATEIúENTS
VILLAGE OF NORTH FOilD DU LAC
)
Dèpreciaton S-Ë,PPqlj9 $
Ac{ivitieð
$
r57,7r
-
B
15.599
r25,4r I
mt€rEl
$_¿gê,8e9
$
IaqLAZÐ
(15.500)
115.500¡
ExpÊíse¡sdiflerentfrrmadditlonsbeç¿u$eof.io¡ntm€têrlng.êÉJvâgêcostOftêmwal
alloËlions, and cosl åsÊoê¡aled w¡lh thÊ dlsposâl ot asêeG..
Total Business¡ype Activiliæ Depreeiatíon Expenso
Sawe¡
Storm
Water
Bus¡ trÊ€G-typ€
D€precial¡oll expeflse Waô châtgèd lo lunclrure æ lollowg
of Accumùlâiêd
Business-twÉ gapital AsseF. Net
5
712.759
s06.68å
(82.265)
r6¿Ðs)
175.t¿+
s68.S60.
$
S-I!J99.AZ-4
697.259
491,t85
E7 765\
775.O24
568.950
59.8r5
206;074
206,0?4
509,135
(rs.sool
S
EndtnE
Balancé
59,815
fl5.500r
-$
Delellons
509,1t5
2Ð6.074
206.074$
Nôt Stötr¡walq Capitai
Ass€tô
fi
s
Begînnin€
Bsluce
Addltlons
N6t Câpitål Assets B8ing
D€prEcbted
CallÉcting sJÆlem
Totsl Accurtulåled Depræialion
Les$: Accurnulâted depreciatiorr lor
ÎÐlal Capltal Assets
DepreciaH
Capiial ess€ts being dûFreoiâtÊd
ColÞcl¡ng system
DêtÊnticn pond equipmÊnl
Total Gapital Assets Being
Ðepreæiaied
Total Capital Assets ¡¡ot Bêjng
CâÞitâl aEËÉrs nÐt betng d€plEciated
LÂad and land rightt
Stormwater
&¡eines$tyÉê Açtiviries (mnt
O- GAPrr¡¿ ÁssFr,i Lcônt)
Í¡OTE N - DETAILED NOTES ON:âLL FUhIDS læ,nr-l
AB of ând
NOTES TO FINANqAL STA'ÍEME\]TS
lorlhe YÈr Ended DÈcêmber 31, 2014
VILLAGE OF NOBTH FOND DU LAC
I
oo
UJ
lntcrlund
ft.¡nd
Geæral turd
Ger¡eraj fund
General
1.562
Paøhle Fund
arlvane:
TIF Dlskict t^lo,2
ol Nd P6ílion
Total - lril8rtund Adt¡lances - Goveffient-Wde Stalmenl
Tölal - Fund Financiâl slâl8måntñ
Less: Fuñó slim¡rEilons
General furid
Ad¡&F,rM
The folJæing ls a sclÉdule of intêrlund
525,554
525,554
t525.554)
$__
s
Amw¡l
lr¡ol
525,5s4
tì¡e Wlthin One
Yær
$
Àm,ounl
The gffiersl turø b advàrc¡rg lurds þ lheTlF Dbtricl No. 2 Hpital projecl6 furÉ. The arorìÎãdvånc€d
ts (Hermhed Ð the d€licÞflcy ol rèvenues owr spènditurcs ar¡d olher lharE¡r€ sor¡rcæ slrce ü¡e
crealim of TIF Dlsùrct ltlo- 2- The g€ngrå, lund È ctBrg¡n€ llp iflIeræl m the dyare bss€d on ¡he
aÌæge orblsnûrg ådtrâæ balsrÉê during the yur 6t å Èle of l Oo-- g9,gl I ol inÞrest is hr*,rd€d tî
lhe advanc-e¡ and ls r€côrded as unavailâ-bl€ revenue ljlrtrl ¡t is oollecled- No repåymsil scMul€ h€.6
beffi eslablishêd,
AdvElcaa
pnnclpsl trrrFce of theGe inl€rlur¡ds rs tó äccounl lor dsl¡rr¡uenl úrlity clErges Ê¡l on the tar rol Ali
remaining ba¡ancÊ6 resuled frorn t]E time lag Þdwesr¡ ttE daleô rhal (1 I inlárfurid goo& árìd sêrvic€o are
proyded or reimbrrs¿blô exper¡drlures occilr. (2) lræcr¡âlì6 are ærded ¡n fh€ acôoufiting slrlsn, ard
{3) paynen15 Þ€tweoD funds are made,
fhe
r,556
21,5'39
1
g-01ÉËZ
$
Amounl
ht€rtund receivablF arìd paysÞles ¡rE¡rdirE eny overdrafls on poold cash
All amounl8 ârE duê w¡thin one yaer,
rota¡s
Wator
ulil¡ty
Waslffd€rutlhy
Slotrnwater uì¡ily
RÊ^ÊivnhlÞ Frnri
cÉ
F€€trivætyeblæ
I
ADvaNcÊa aúp f{ANsrçes
FlrNt]S lcont
lNt-EÈFUNo BEcervÀBLEs/PÀyAELEs,
ÁtI
DETAIL-ED NOIES ON
^LL
FUNDS
ionl
I
,ádr¿flôes (Èoût,)
INTERFüIÐ nEÉwta._êgPÃ yaELEsF ádrÁa¡rcËs ÁJvp trff¡/rsFE re [sontJ
lV-
WsÌer ulilily
Wastewaier utf,ity
TIF Distr¡c{ No, I
- GovemmeRl-Wlde SlatËment
Actlvitìes
rn lieu ot
iaxæ
pumse
i54.791i
2_63,260
ln llw of laxes
54,791. TIF lnctÐnìent Sfiär¡ßg
138,?07 Pelment
69,1Ê2 Payment
Ë.----¿Ag¡Ê9
$
Princtr¡ar
For lhÉ staÞmenl ol aDlivitiÐs, lnterfund rransfêrs within
activiiiêe arÈ neltêd md eltininated-
üê
góvoñTnenral acifu¡tles
orbustns-iype
IO (l I mOVe revenu€S froír thè f und that ællecE ttìem 10 the fund thar lhe
budget rêquirÊs to expendthem, (eI move rsceipls restricted lo dEþtservicetrom tlElmds collæting the
It(€ipls to. the debtssruice fund, and (3) use unregtr¡ciod re$enueùçollæted in the qeneral fund to
finarrce vafius pregEms acæunled for iE othaffqnds in arGofdanc€ With budgetafyauthonzatioß,
Genmlty, tfãnsfefè trs usèd
of
Tonl Tanslss
Fùnd eliminatlcñs
Total - Fund Finanr¡ât staterì'Enls
TIF Disrricl No. 2
Lsr
itrslers:
TransfetredTo FundTmslerred'Frcm l\noum
GèneÉl lund
€ene¡el lund
Fund
ThB lo[owìng ls a schedu]e ûl lmgftund
lra¡slb,¡g
For the -statemenl ol nel posiÜôn, rntedurd advilcès which are owed wlírln the qovemmenlal activilibs ór
busnass-.type açtivilies are nr)tlod and e¡iminated
The pi'incipâl prrrpogè oT fte âdvanGe lo TIF Qlstrict Nô- 2 is b 1o finanoe cost6 rehlsd to the creation ol
the distriql, and subsequÉnt øpital outlay slnce ils creation ThEtwerÊ in excess rf bond prooèeds
avaihble TIF O¡shlct No. 2 matþ it's firEt ÈeFayrnÊnt during 20tg
E
NOTE
NOTES To Fl rìlANclAL S-IATEMENTS
As 9l and lor the Year EndEd D€cember 9r . ?01 B
NOTËS TO FINÀNCIAL STATEI\,4ENTS
As ol ãnd lor lhe Ys Erdsd Decqnber 31, :.,U13
lV - O€IA|LEO NOTES ON
The lollffing b s *lledule
afid ilvÊstmedl amunts:
E.
'IOTE
VILLAGE OF NORT]{ FOND DU LAC
VILLAGE OF NOBTH FOND DU LAC
I
\o
())
LoNG-rEBM OauâÀÍtovs
I
tr*¡år¡eõ
t)!lq
Aciivtt¡cs
Liabil¡lis
A4tv¡sÊBItù¡-tËrn
L(mTdn
-
BgElìc-D?ê
¡divitÈB
lø
1.
fàr6
t92
¡qlg
ZA
!25 C/9
6.a50
2ô.A5f)
s
1
53
d{J¿
0J8,U¿ñ
B.z7B-27e
2 4fl1, /09
2 644,t1 1
.ær
lgq,!¡g
1Ps.4,trt
954,S04
$
140-m)
¡49 8lg
309.å19
37.@l __s8¡C2
J7
o!è
OrÞ
esâmo
6ùà ûrJ
U¡¡rúan
ÀïruÈ
¡_____!r_!9!9S
5,æ9tÉh t
964
3.348,/01
ó40.95-{ 1ffi.¡6
3€O
1{Ð,ün
F¡rlkÌll
Bãbrc€
_A6€t.Ð65
r.lus.ffi s
4irg,654
116,fn9
6ÆJIOO
('t0,o00 t
Dffi
9____4zq! !__-_É_gêLg .L_ll!il_1
s
$
¡
657_€A0
6g/-ûÊ{J
t_______28).e.
36.5A9
õ.68å
4 /07_Ûæ
3-649-655
1,058.@9
B,6o:i,il81
2 6ti
M8,274
!r.3.71t
!.il I $75 5
5,61r .t)/!
l___l?ß36E
.5
s
5
[tr@
All gênerÊl obligialion nots ild bonds payatÈ a¡E Þectèd by lhô lull faÍh and dedt ol the v¡tl,6ga Noles
õnd borrds ¡n ñe gÐremmenlal funds mll be relired Þy fufure proFêrty tax leiæ or lax bìclofY¡ãils
æumuÞlôd by tfË d€ä serybe hrnd euûrFss-t)?e aclivitie€ èùt Ê tËtuble by rfr€aua6 lrom user lffi
ol lho6¿ fuftdÊ ú, ¡i f€ rewr¡rles are rìot ssficìsnt, bt fu¡ùre tåx þvÈs-
Acndr,.l Ouig:ation Deht
in accordsnce w¡th W¡sonsin Stalutos, total gsn€ral obl¡gation indeblÊdness ot tho vlllagi) may nol
excêed 5% Òl the equalized value oi taj(gb¡c proparty wilhin the village's jurisd¡ct¡on. The dsbt iimlt as o,
Decembor 31 , 201 3, was $9.688,545 Totql gBn€ral óbligÊtion drbt ôutstanding at year ond wå6
s€,547,990.
OtlEr
Lnb¡B
vÉdËmpr6deo
sHE
¡oad Afs údtk
S'¡b-to¡aß
RRwreiqró
Bords ûld NÞt€s FayàEÉ
G€n€qJ olriBa¡im dlrbr
ê!ahr*lyp{
| ¡dÞrt¡tics
fotåt GovÊrncìertqi
ToÞl Õfìer
C¡Fltal lâasqq
¡hffi
Vêþd cofpstslcd
Gßd d¡gdts ûti
s{-ùMr
Noia PãI?ùJc
ô,!d
Aslirrli.s
Bôrh
Gomæt
Iteglmrq¡
hi¿lsrcé
Long.1ôrm obligatons activity tr:r thc yedr €nded DàcumÞer 31 , 201 3, wæ æ folloqs:
F.
NOIE lV - OETAIL€D NOTES OH ALL FUNOS lcônt
NOTES TO FINANGIAI STATEMENTS
NOTES TO FINANCIAL STATEMEI.¡TS
Às ol arld lur lhe Yæt Eml¿d Decdrìber 31- 2013
J.¡oHs
iconl.
)
e/o1/2017
12h"t/2A21
03r6/2023
li20l20t3
1
Fìnal
l\raturlv
Tot¿is
2011
20t I
2019,2Ð2R
20'16
2015
5
680,363
7ù7,9ri5
727,199
7ô1,!77
2,127,641
685,000
$
$
133,822
lo7,¿eQ
8Ð,ù89
62,994
10?.063
11Ë,7t5
1.70
s____LE?9p05 S______EA9J_æ
$
Governmenlal Aclivilìos
Geoeral Obligalian flebt
Pr¡¡ciþsl
lntqfest
Debt
11fz4.t2912 1210112021 0.40.
D€bt serutæ Equißmenls to m3turity ara as follovrst
Yeæ
4 30o/"
t57.e90
2.59û.000
8{r5,00C
451,ô85
1ôg,0ps
-Z!g@
$____-91Êp¿Þ
S
9,380
6,500
12.530
1?,081
15.297
14,s97
lnleresi
s1agzs S_____JÆ99
1
S
11734ô
118,843
11.834
75,000
355,000
140.000
Busr fress-typs ActtvdieB
General Obtisaäon D€ÞL
Pmcipal
S
Bå|ance
$lë9.9Þ5
6s7,s9û
3,040,000
t 1,220,o0o
1,058.315 361,S75
7S0,000 780,000
e,745.000
S]
lnÎ.€rÊst Origjnal DeôemÞffS|,
Fìa¡es lDrleffednrss Z01S
Debl
5s-
5
3 10 - 4-10
1 8{J,rS0
0 40 - 1 70
3.
1
Batance
l¡teræt
Original Þer:èmber
Fates tndebtedness Z01S
úE/O7/200Ð 1eß1f¿817 0.lO-4.10"¿
Daleof
lssue
To1Êl BusinesE-type Actlvit¡es - General OÞtìgattorì
prùmlssory
notæ
prDm¡ssorynoles
çenerai obligatiÐn
General obligarìon
DeÐt
Acúr¡tiÊs
Gen€ral Qþfrqãfion
ftrs¡neâs-typo
?o1 4
B
1ZErfzot9
'l
'rzo1/2o!
Frnal
fltaturiiv
10t24t2A1'
1AVA2A10
08/'0?¡¿0'08
t811t2004
ol
tssLe
Date
TotalGovÉmmertâi Aclvir¡es - General Obligatlon
General ûbligation
þromì.gsoty notes
GenÉlal oblìgation
pronìlssory nôtÈs
StaleTrust Fund LÐan
r6furdÌng bÖnds
Geneta obligâùófl
proÍtissory T¡olês
GÊn€rÐ übligalion
D€ùt
ÁÊt¡vi1i6
GËn€l"l Obl¡qålion
Gouefnmental
ÈeneÊl oþ!ígattua oeÞ¡ (ÉrñL)
F, Lffic-TEE M OELÍ@
NOTE IV - DETÁ|LEÛ Í\¡OTES ON ÂLL FUNDS l¡ñnr ì
Asol à0d lor the Year Eôded DEffibêr 3l. 2013
VILL/\GE OF NORTH FOND DU LAC
VILI-AGE OF NORTTI FONO fru LAC
,
I
Sy
Rerenue DeÞ¡
l4,tÈYEnM OãLrcA.nofis icoil-)
ild
wastewater syslerns,
of
fssue
F¡hål
lnteæt
Maturily Bargs
Cr3/10¿lgeB 05/'01 /201S
10/151e001 05i01,2021
,û'60.0ù0
ú20,701
527 ,a78
396.323
2.425.ù00
1
56s,000
8ù0.000
2013
!_-å34A,Iq1
Ulf,ily
1.736,90e
850,Ë71
.
1,248,0Ç0
Tolal Wàter Lltility
d
ttË
Bâlânoê
Decerûb¿r31,
$
s0û,t0û
s60,û00
Tþtal Westewat€r
275
2-73S
original
lndebtedneåe
11/01/2008 05/01Æ019 6.40-4,40?0 $
ûE/11/2009 0s/{ni2r29 3 00,5.65
1112+lzr]e€ 05/01/2029 2.20 - 6.45
Dåte
Total Bls¡ness-type Àelivit¡e-q- EeEnuÊ Bebl
Revenue bonds
R€veruJe bonds
WâetÉ,wârs Ilt¡litç
Revenue bonds
lievenue bonds
Fevenue bonds
WatÊr tJtililv
Bueinees-ttttte AaìívÍtiÉ Révênue Dêttl
Fevenue (jeÞt påyàbfe Ðt December gt , 2010, cons¡sts of the iollouring:
revenúes wero 5168,231 and SBB5,27t, respeêlively.
læP€clivEly
WalBr
)
only irom revenliûs dèrLvéd lfÌrm thÈ oFeEnon oi
FUNDS lêont,
Busineslype ertivitÌes rovênue t þnds are payable
E
¡tL
NOTES TO FINANCIAL STATEft/lENTS
ôl and lo¡ lhe Year Fnded DÞcemþsr31 . 2014
NOTE lV - DETAILED NOTEEì Ot¡
A.s
YILLAGE OF NORTH FOND DU LAC
lr€Þt l¿ont
)
ftåt
(coflt)
I
Busrr)åss-type .ÂGtNilis
Revenue D€tÍ
1
$____g.e4eJE
!,_ja4,s15
Fnnc¡pal lnreresl
g _co9.819 s
134,476
323,791 l¿4,057
r¿7s72
I'13'l f
347,064 1O1,398
3503¡
B8.At4
918,/84 .313.s64
700,000 144.!¿4
105,00{)
4,571
Læ
ln 1999. ths Gommmiry DEvelopmslAulhority (CDA) acaulred capitål ûssets throwh a JeasÊ¿þurchase
agreement. ThÊs€ lsasê revenÆ bonds ware ad€nce refunded ln ?045 þy 93,805;000 lûff6 rcvenus
bonds, sêr¡es 2005, Thê CDA is leæing lmd purchåsed wilh thçse revenue bonds to the villege, T[e
annßl låas6 paymsnß rô be paid are tlE
-ma as the ODA5 annual debl seruice payÌanls on ttìe bonds,
The liñal pay.nênt wlll bè rsduced by $3ÊÊ,500 reE{ricted fordÞbl seN¡ce and accaunted lorin th€ CDA.
leËsêe - CÈpitåI
G. ¿EÃsE Drsc¡-¿sfreÉs
Estiîlàlêd paymEntE of åæumùlalEi emn oyee Þenefi{s arìd låtìd le4ses are afe not tncluded in the debt
s€rv¡cê EquEme¡rt sh€dules- The compensaleç aßences liaÞllhl¡ attdbuìaÞl€ to governmêfltal aütivitj6
v'lill be liquidåled pnruily by lha gsreral hrlld. ïhÊ caf¡ilal låss€ vvill þe Éâ¡if f rem future ¡ax ¡ncrem€flÎs.
AÉw Dcbllnlpmalion
TolalE
202+-2W&
2029
201$2û23
2014
2015
201 6
2017
2ûl
Years
Debl serviÈe requiremeols to tlìåturlly arô aS follôr/rs.
Busínps5,aype Ac¡ir/rÎ¡êr PsÆDUe
'F€ue¿ùe
F,. Loil6¡ ¡EFü OElrcáfro¡rs ( mnt )
¡loTE lV - DETÁILED NoTES ON ALL FUt'lûs (mnt.)
NOTES TO FINANçIAI STATEMEM5
As ql and lol tl¡e \taf Ealsd DeæmÞer31,2013
VILLAGEOFNORTH FOND DU LAC
I
À
-
Gq$al Lærco
(êoî1.)
(cûr¡1.)
9-2020
5
$
2..194.7@
3tr,9o4
¡
s
376,3ûs
37O.(m
+oû,co€
430 û0o
563.fir0
PrlncJpal
53G.8Ðf)
$
S
r1O.938
94,S8O
79,0m
61,670
64.575
125,666
l¡Þrest
3_(Br.m8
46dS8O
479,070
491,670
628,075
4t3'243
.r8O.57O
Totals
7
Totals
2019.2023
2q¿4-2028
2929
n1a
201
ær6
201
2014
5
Years
20æ.
$
$
8{)0.000
$
389.458 3
$ 39.623 $
35,000 38.3a8
:r5.(EO 37,058
4.fr,æ0 35,493
40,cÐ0 93,699
2ç5,000 137.169
310,000 65.s16
75.000
2. I I I
30,000
TÌ .1 1A
72.058
75,493
73.693
372,1øS
375.916
æ,64r
æÉ88
Total
f_1&).¿L58
Businæ$De ¡ÊWibs
Prinoipal Intêßst
On July 20, 2OOS, the ußlBr ullily e¡tsmd into e zGlrsor capilål leåse wilh lh€ Tffin of Ford du Låc Wa¡er
Uù5ly lor a {aÌer loï€r to bs used in lhg Tøris operaliorB. Under lhs þase, itÞ water uùlfty agFeed ro
corEùucl, +erale, rnd maiüain a net¡y Ël€trat€d storage l¿r¡¡( to be l€aÉ€d through a capml læ with thÊ
Town. The l€as€ paymsms æ i{en6 þ ffir al ol ûe wåter ulìil}/s cqsls åsciated n{h the
constrrctþn of the elovat€d storage tênk, site assemblag", and oiher rÊlâtêd costs and l€s8. L6e
pay¿nenle are des¡gnêd to coinc¡de with the 20ogA revonuB bond rÊpaymont schedula, tvhhh wss issuod
lo provd€ cureni funding for the pro¡oc'Ì. Palrntrts began on May L ?009 and termlnate il Novenb€r 1 ,
L.ss€r - Ctqlúl L,gses
Tdâb
I
2Q1
201
2017
20r5
ã)16
20 14
Ysers
Govomrnsntal Acl¡vltlog
ln 2005 tha vlllage EcqulrBd capÍtal âssÈ15 thrdlgh a lsasá/purclÞse ËrgÞem6rrl- Thê groes amounl ot
lhæs sssals umer epiÞl læs€s ¡8 54732Ëfr, sñkb ue fml¡rded ¡n capilsl aEsats in ûs gotÞrMenlal
Ðctìvi[eÊ The fuùre mrn¡mum þâso cùl[Bliffi sr¡d lh€ nd gres€ía yalua m tlHe m¡lrmum lease
guymmE as of oæmb€r 31 , 20 | 3. ¿re es follûss:
lt&*
6, ¿Ers6 ArscL@Æ
NOTE lV - DETAILED NOTES ON ALL FIJNDS lconl,)
¡{OTES TO FINANCIAL STATEMEMIS
As ol arid lor 1lÞ Year End€d DocerfÈ€r 31 , 2013
VILLAGE OF NOBTH FOND DU tAC
h
CqpÛål AËeets
Ácfavrüqe
rilê
lftE
TÐtâì
Unlesü¡clêd
Odorfi
lo|ôl Fle&fired
l.ùr8ry
FEstricted
Loan p¡o{ra¡ns
D€bl earviDe
Totâl Nel
pnàcùÊds
lÞEs
snlsl AclivliEå Net Pôstt¡on
aß .Efurd/ng
lmenl in Captel Assets
Flus: lJnarnorlz¡d
Pks: f{qr+llal dsu
&
I
,
5Ê6.8¡a
r*tÍt, I 54
59i.¿lt'1
72_S5
4ôa4EO
3õ,t¡85
f,rsz_7e7)
æ.æ,
1.4.W
1s'r21.6t41
3it7,7@
3,874,278
2,4)4775
sraþû|€ñl of aEt pG¡ùon al Dæ€rnllor 31, æ1È ûrckd6
c€p.h¡ assels, nel ol a{ûlmúÞied dsgrelallf¡t
Lûüå: LsEFtÊm deòl ouûg¡atú¡og
FliÉ: Unspêfl|Efilrl rel¡t¿tl tltr Fræeds
tllts
lênd
Nßt lnvestrutrl
Goffirfiæ&f
tlêt posilion ruported on lf¡e garæmerìl
the foiloÍhg,
F¡¡ ¡4.ÊB
lcofiL)
NOTES TO FINANüAL STATEI\¡IEiíTS
and for thÐ Yêar Ended DeremÞerg1,2oi3
Df
ìþTES Oll ÀLL FuNgg
H f¡FræfofrfÌ¡|ú
Í{OTE lV - DETAJLEO
Æ
VILU\GE OF }¡OF|H FOIÚD DU LAC
I
s
N)
Þ
tler
fu*p¡{iÍu¡o
&r¡¡¡vc5s (6nt
Gorenrncnfd Ff rrdt
I
Ed4!¡
ro:
pEElloî
*ruic*
FffÌd
(Defìdr¡
Êalt¡æ!
ToaBl
Un*úgt*d(èfCfl:
Oû¡s Épûsl p.ot6ts
Pakltrd
Oprimist Fark
Svúnmi¡g pool builóns
Llbrary bú¡ldtng
Pdiæ trahir¡g
Pøliæ equþmerú
Equ ipnent deprælq(1Þrì
TDoætræpßgÉm
F¡B@ârùntrt
ùime
DARE
@rûÉun
unh
Comrrurti\r
laffi
Uülily Fayrunt ln llÊu ot
exptrdìruE
Subsequml VR/s
A¡igræd
ArìDuiàre
Cdrñ¡ürd l¡r
Rlrhrled lor:
Deblwlce
lftfarÍ
Læ
TIF pr¡nce
funds
Ad@cæ lo Llhe
aÈ¡Â.@n
Foporty ras
Deltriq¡Ðt speûat
t¡drqsf
pcræGf
PÉpaÉ iEris
Xo.irtflÉsÈae:
Fudd
lollowlngl
5.735
i
93tr 2
2,¿36
I
48,"¡tS
fU¡{_
:ti.É64-lgs54¡-ft6.66r
Ë.ür9
347
I,O04
1,258
.t,fj,T/
6,812
1' a<a
20Ê,+â.9
2Ð4"444
51
t,962
10.15i
r9,{ts5
Fund
lrst:{335 $ 96107 S 4StoE
t
, Fund
DÈbt
5,106
4S.4.r]8
1
45.,195
25,å 13
2ñô S1 5
¿6õ.6i6
65-435
25 813
502
9,Ê0s
12,7É2
6.03Ð
ô,8:2
4.09¡
? ¿58
t,0ùr
3+7
20t,469
204,4È8
93.87å
61¿.600
7r,ã{}4
5
r,962
r0,157
'â,.at
a8¿.4fi¡
t
7r.83¿
r.t@
_IqÊL
4€¿ìdo
s
FundÁ
õ6Ê
2
Êq9e9
Ne
55S
9,609
e48 e00
I _.
Nonm40t
2S,989
a
No
TIF Bistllct T]F DisÍìci
$39åûS1 S 64S.80ô S 1525s5.4t ß555356 tã.r¡r.373
i
Fund
teÞ¡tâJ
6ÊnqËl AfibuleEc 6cryræ PJùjscts
GoverûÊnlal fund bÊlafx:as repoded on t¡e tund fìtBnHal state.f¡enls ôl oeoûmb€f 31,2018, if|dud€ th6
t].
Er¡sinæs-l¡peá
ctr
v¡lias
NEr Faw¡an/.Fua' ¿}4¿¡aycÉs l,corlt,l
/¡^ri
ì
sauie
oFilÍ
Posr¡oT
Net P{,s.ilion - DÉêemþer î1
2.012 lâs restâled}
Lesìs: UnarnoËtizâd dÊbt ¡asuance
ÇÞsts
Nâl Position - Docrí¡ber 81 , ¿fil 2
(as eponed)
æfolloffi:
REsT¡rãrErf¡
"
-q
$
254,944
1132ê.50s
?.423.630
491.527
â41,627
m,000
s.361.348
830.O00
[4.2ri6.7?6)
r 1,804,97S
734,151
s
$
$
82,43?
$
lõt.0õ21
144,46S
g
4,6S5.2¡LS
Ljtlìrtv
$
5.785.3e5
$
1!.731,702
(88.e54)
1t,820.56e
ÂcÍvales
Busin€ss-lype
f6,€O3)
5.79€ìf0g
Sewer
E
l8?,'J5s)
-¿.Ð17.304
qovBmftental
ActivÈies Water lJtilrtv
Ne{ posìtiçn has beËn reslatod as a result ¡Í the arnplerneilat¡on ol GASB StatemÐt l',lo 65, ljernt
Prevbuîly R€pa+edâs &ssels ând tJab¡frties, whtoh requires dEbt isstraîÈe costs to be spensêd ln the
pe.riodìnerrod, lhesecostsw€repr'evioustyrequíredtobe€ptt€lizèd Thederâilsofthisrestatemenlare
l.
Tûlal Busrness typç Acttvfios Nst F!Êitþn
Uflrestnct€d
Tatal Bestr¡oleq
Debt
Replacemeht of cap¡tô.] assålS
Flælrlcled
filet lnvestÊtent ¡n Cäp¡tål Àssets
Lartd
Conslrucùon in progr€ss
Cthet c"p¡tâl eÈstt6, ñêtol accumulatêd deprecial¡oñ
Leêsr Lo[g-lêrm detl outslûndìng
Pkrs: ltionæpital related debt prr:ceeds
Total Ne1 lFrveslment ¡n Caprlal Asets
u.
NOTE IV - DETÂILEO NOTFS ON Âl I FIiNnç
NOTES TO FIòIANCIAL STATEMEÊfT.g
As of æd lortfe Yesr Endèd DeceñfÞÈr 31 . 2,J)13
NOTES fO FINANCIAL STATEMENTS
As ol and lorthe Year Endad Dff-Jber 31, efi3
NOTE lY - DEIAILEO IOTES O¡l ÂLL FUNOS (eont)
VILLAGE OF NOFTH FOND DU LAC
VIIJ./IGE OF I{ORTH FO¡¡D DU I.AC
I
è
U)
ûf AcærflùnglMæuEm€nl Focr¡s
f¡eqsufêmqt iscE-
O€r¡ard dapa€¡ls
ZgEl
514,652
l__r]]gì
t
å_l1zlz9
Zg27
Asôôclålod Flsks
Crgdll r1s¡
S 514,652 CuslodÊlcrèditrisk
Bålânces
Th€ CDA do€r rE{ tÉve rny in€stments ûxpoÊÊd to E$todial credit risft.
For an rruælrÍÞnt, clrstûdiâl credit risk B lhå r'rsk lhal. n lha æeñ ol lhe faÍluro ol lhe counterprty, tiæ
CDA will mt ba able lo reæs t'le ya¡ls ol ils invssûDeíE or æ@¡al surilies lhat ars . ¡tp
possæ¡on ol an oúSiÞ party-
lfìvElmênlB
Th€ CDA do6s nol håve âny deposits expos€d lo custodlal oredil rislc
Curtodial cr€d¡t risk is thê risk tiEt ¡n the avenl of a llnancial iÆfirutiffi faflurs. the CDA'g dËposits mey not
b6 rsturn€d to the C!lA,
Drpo¡lt¡
Cu'lú,5lêÈditfüsk
Tolr¡l tÞposls ánd lnv€slÍHrts
LGIF
tpply.
and llte ñotv ol financial rêsourcés
Stålemenl
amrit¡re
Carrying
Value
The COA toüow the mod¡fied accrual baais of
Êìð6í5
b- Dêpôs¡ts and lnvestments
a.
ú¡rù
Developm€ñt Authorlly (COA!, whtch b ¡ælu(þd as a cofiiponêrÌt unÈ-
ln ddition lo lhs basrc linanc¡al sl,alemenlE and ñc prætrbrg fìotes þ frËJE¡ãl stÁr6rnanE
ttE lollortrrg addilffil dÈEb6uH are cof¡6¡:!€rsd næ€6saryt0r a tair pfËãíat¡où
Cmmrnily
COMT,IUNITY DEVELOPMEN| AUTHORITY
êoilPDNENr UNn
This ¡opott conlajm lhÊ
J.
- IìETAILED NOIES Gttl Át a FllNn-ç lmnr
Þepos[ß and hvesrmönþ [roflt.]
tE
tln rsh thatan ìsuer¿r otherceunßrÞarty tsan
ùeútFis*
b-
)
inveÊlmÞmÌvill notfulfillitscblþ¿lions
l)
segtegàte
ne¡l t$olvô morìths,
Used
Long-Term Obligaliore
3.1,
2û13:
38€.500
Assets
!______9€ÊÉ!q
s
FesLìcled
accumulated lor deb! çeruioe payments over lnå
The CDA hæ pledged future lease revâDues, nÊt ol spetißed opsal¡ng exFeNes, to tepay revenoe
bondE issuad ûn 2005- PrBcaeds frcm lhô þancls prov0ed l¡rtarK,iRg lor the TID proitrts The bonds are
Flalabl€ slelyftom leæe revenues and art pâyabls ltrrough 2(y2t. Annual princípal and intÊresl Þaymenls
on the bonds are erçBqted to require toc¡o/â ol nêt revenuæ. The ioÈl princlpaf a¡d lnler€st retÏratning lo
be paid on lhe bonds ts $3,352.5ffi, Fr¡nc¡pal añd interesl paid for thÉ current !Èar ånd lolal ûustlmêi ¡têt
rêvenl.res wefe- s429,448 and s429,448, tÉspect¡vely_
d,
ToEI
Bond têdempllM acrount
FÞllowirg is a llsl ol resiriçted âsssts at Dæember
Feder¡ptlan
resoÆs
repre*nt the balances of the fàslr¡dÈd asssts;
LongFÍeñ Deþr Aæounts
ThÊ loll@inS
a. Fteslncted Assets
Seê Nste LD.l , lor furlhel InfDrmatiûn on depos¡t an(l invsÈlr¡enr policles
CDA had investments lD thê erternal Wisconsin Local Govemmenr lfl{ælrneni Pool which b not
raled.
lhe
ì
coili&,IvrY I\EVfuoFildEürAOtHOÆlTY (rcnt
CoÍdForúEôlr Ufffrtconr,)
lU
Crêût risk
¿
HOÏE
NOTES TO FINANCIAL STATEMENTS
As ol àn(¡ lot the YÈåÍ Ended De€ember O1 . 2oT3
NATES TO FINAT{CIAL STATEMENTS
As ol Ànd tor lhe Ys Ended DærÈ€r31, ã)13
NOTE lV - OETÀLED HOTES ON ALL FUND6lcont.|
VILLAGE OF NORTH FOI'TD DU LAC
YilIAEE OF NORTH FOND fX¡ LAC
I
À
è
Tola s
2Q20
4-5"é. Princrpal paymffts vary.
Bonds maturÊ Dçcmbar l.
ülh lntsæl aÎ3-3% lo
leffiue boodsdêtâd Måy1.
2ffi5 redevelopænt¡È*
LD¡g-T6rm Obligat¡Ðns (cont.)
2Oû5
$
3.1
1
5.000
S 3.115,000
8sbrc
Begrnning
OTHER IÍ{FORMIITION
EMpLoyEEE REnFÈ¡t¿gilf SysrEM
V-
Tolals
EndrnE
lrúeræt
t
To{als
29s.000 $2_8?O.ffio
295.0q0 s 2,820.00{
E
532
5€0
S 3.352,56d)
S 12?,295 $ 447,795
345,000 109,.470 4s4,47A
370,000 94,€80 464.980
40i1,000 7s,070 47s,070
430,000 61,670 431,670
950-mo 6,+,575 -Of 4.5¡5
325,0(}0
3 2.830.æ(}
g
PrhciÞl
- s
$
Am
o
unts
S
325.000
325.000
O!ê wilhln
Ore Year
s
lrcreases Dær8âs€s Balame
s
I
All eligi-ble vrffag€ employess panE¡påie in lhe Wl6con6tô Fletirèrerû SlElefit {WFS), a cost-sharing,
muhrplæmpls!€r, detì.Éd bsnðfrl, publÈ ffiployeê rel¡rsffiil slEtffi- Ál employffi. irùrialV employed
by a ænrciFding WFS entplo¡r prix to July l. ¿Ol1, Ê¡(pæ{ed lo lork oìrÉf ô00 lnr¡rs a y€âf ard
€rp€cied ¡o be mployed lof at læt me yeðr trom er¡p{oFe5 da¡e ol lùE æ s¡gibþ lo partirjçUe in tfia
WRS Allffiployeff,hÌhallyemplolËdbyapårtiepathgWRSemployermorahêrJulyl,2O11
arìd
èxpæted to wqrk at lgåst 1 ,2O0 hours a )¡gaf and sryécled to be ernployed lor ål bôst one ]Ear f rom
emplÕ!€e's dalê ol hiÊ ar8 el¡Eib¡e to padicipate rn lhe WRS.
A.
NOTE
I
201S-2020
201
2017
2Q16
2014
201 5
)
DEVELOPIÆjNT AUÍHOÊ|7Y (conr,
{trt-)
O€br serviûe r€quirèmEnls to fûâhrmy are e6 lolhü¡s:
d,
COM,ìüÍY
arrvr
HOTE lV - DËTÀ¡llD NOTES ON Al.L FUNITS (coil
J, CosFgrErr
I¡C
¡JOTES TO FINANCIAL STATEIVIENTS
As ol and lor the YBar Ended Oecember 31 2013
VILLAGE OF NORIH FOND DIJ
EMpLovEEs, ñErrRÊmarf Sys-rrü (conL)
9..7íYa
12.35Yø
7-00-oå
6.ô5%
Etnoloyet
,ó*5
of Decômbô¡ 31, 2015 lhere wae rlo pemiôn raleted debi lor the urllage
EmplóyeeTrusl Funds, P,O Hcx 7991. Mad¡sûn, Wt 53707-793f.
ThÐ WRS ¡ssuÉ€ en ennual finânc¡al repúrl wtìich mav þe obtàined by wfiling lo
lhr
Drf)â¡trflent óf
The WRS also provìdæ dBath and disabil¡ty benefits tor êmployeôs. Eli$¡b¡my and thê amolntót all
beæflF Bre deterrnlne¡ utder Chapter 40 üt Wiscorrsin Slatut€s
Employees who ret¡re åL of aftÈr a{ô ô'5 i62 f or elecled oflieials and 54 tot prffÊût¡vê wflpaliDn
employees witir le** tnàrì 25 y¿rafs ûl sûùicé, 53fc)r pnìeclive srcupd.tion emplôyeæ wrlh more thtr 25
years of çeÍYicô| A-re entltled tô teccive a reùrumênt bênelit, Employees mãy rÉtre ù1 age 65 (50 lor
prplãctiva ocdupåiù)n erììplo\¡ðe.s) ånd lÈcêrue e¡cluarislly tedÆd be¡efits. Thè lactore influencÍ¡g lha
b€neJlt are: (11 firÉl avetâge eårnings, (2) yeÀrg ol creditâblê serurce, aJld (3) a isrmulã fasio¡. A final
avËrage earnings ¡s the àveragè ol thê Èmplsyee -q lhrce lr¡ghest yËË' eanúngs- EtBployEæ temiftating
çolered emplolment and srlhmittrtìg apFlicadoil tt€foro becoming dìgiltlê tor á tdtiretnent tenEait mav
withdËw their conlriDuljons and, by do¡ng sq, lorfctt âll dghis to åny subseqú€nr bënslit Fot employees
beginning pârt¡ciFal¡on on oTafterJarutary 1. 1990, and rÊ l¡¡ngeractivelyÈmptoyed ÒnófafterAprÌl 24,
lgg8J credltablesetuiæ in earh ot tive yaars ii req¿tirôd lcÉ slig¡bilry f ôr â rrutsmenl ânflu ty- Farliçipants
employei pdor to 199O ård on or atter Aprif 24, 1 998 anil priol ro July 1 , 2011 È.r€ mmêdiâtely vËBred,
PartiÇlpãntsluhoinitialSbecameWfìSelrglbleonoraf¡ùrJuly1,201
l musthavêfivâyèârsÒf trrEditâble
sert tce lÕ be uæted,
The payr€ll larvÌl¡aãe employees mveæd by the WBS lor the yF-ar-onded Þecêmber 31. 2O13.\i¿as
$1,915,236' the employer s total payroll wa6 52, 135,588- l¡e lÛtâl roquired contribulion l,¡r lho year ôndÈd
Ëec€rnber 3l . 201 3 vrês S3O2, I 81 or 1 5.84/e of covered frayroll. Of th¡s amoun! €8 perDsnt Wås
crltrbuted by the emplûyâr aìd A? was contñburÊd þythô Êrnployee for tho currBnl yëât -totâl
conlrlbutíons for thê yearB endino ?012 a¡d 2011 were Si103,330 ând 9322.204. respectively, equ¿l to the
Equired contribUlioûs for each Vèar,
È.65y,
6.654,/"
7,000/"
Ex.sullvès ãnd Elæted Offici¿ls
Protsctive with Þ-æial SecuriTy
Plgtectrve srlthout Sùùiål SeÈuttty
6 õ5%
Gfleråi
Ernôloveê
Êftective lh,Ì lirsr day oi tire list
ñ
was clìangB lo ôr e-hdlf ol i¡e ä
and Executiues dhd Elèr¡cd Olt
genaral er¡ployees. Emplóyèfs arf reqlin:d {o !]onfribllelhe remainder otlhe actuuìaly detèrmrnEld
ænlriþulim rale, The ernp¡çy$ lnay nöf pay rhe Ènployse required comrihulion mless provided lor by an
etisllng co lÈ{l¡ve trârgêining agreement- CôfìLribrtlion rgle$ lÐt DèÊemÞer 3T, 2013 are:
L
NÒlE v - ÕTHER INFOBTIIATION
NOTES TO fl NANCIAL sI.ATEMENTS
As of ârìd for lhä Yësr Ended December 31 , 1013
I
G
A¡sJ(
lt¡¡rÁcãr€xr
C
oni'.T#Etrrs
At¿r, CotJT¡t¿GEItElEg
Lp ol
cactì mmmurúty. LoÞl r€pr6entati$ ale
æch (:ffitrunrty, The mmitleo ræommqrô its M bqdget
mplo]æs htrn
o{ñcÊr of
rode
chd ÊrBcuîiE
d
E¡Êcamber 31. 2013 iå ay¿r-lable dræüy arom ths munic¡pal court ln
The V¡l¡agÊ of Noñh Fond du Låc does nol have an er¡u¡ly ¡¿ìterst rn ihç organization The village
âcco0nte for ils shars af thô ûperationr in thB general fund
Finmh inlornËtatr ol lhe cdrt âs
Nwlh Forid úu 1tr. Wùs4oflsin.
whrch E raiiliÊd by each community member The comrnitl€s also controlË lne íinancial åfla 16 of lhe
courlê, ThB villa0e Þel¡eves that lhe courl will continue to providB seruiÇss rn lhe luturÊ al Elm lår rales
appo¡ried by the
The govemrrp cmmitlÊ€ þ
The vlllage jointly operâts€ lhe læal municipsl cÐurt wilh six olher munlclpalllÊs, which is callod the Joìnl
Nlun¡c¡pal Gourl and provd€s non-cr¡mlnâl cilalion processing.
Joirrlún¡cip,l Courl
O- JoØrf VE,cîanE'
expondrturÉs-
Ttlevr.llagÊhæactr'!€c!ßlrucù'mp¡olec{s#of DBce.nber31,20l3 Wûñ(tl¡aitEb€encon¡defed m
ú!e6o prorsts bul nol yBl pad for(includ¡ng coniËct rela¡n{gtr} is re{lêÕlgd as accenß Þayablèand
The vHlAge has receivsd lÊderal and stale gÉnls ftr sFêClfic pDrposes thal ãrè subiæt lo râvlB¡/ and audil
bylhe grantoragencies, Suoh aud¡ts coul.t leâd to requêsts for re¡mbursÊmeT¡ls lotheg¡anlor âg€ncyfor
expenditures disallowed !ndertèrms of ths grants- Manaqemerìi b€jiâv8s 6ech disallowamôe, i1 any,
vrouid b€ immatslal
outcomé of such matters cannot b€ forsca6led w¡1h ædsinty, lt is lhe opinion ol manâQ€m€nl and the
vúhgê anotnêy thatth€ llkélihood s Emola lhal any swh clainls or præeed¡qgs u/d frãve a nulerial
advers€ elle(t on ùE vil¡åúB s fhar¡c€l pôsiúln or resuÌts of operalixs-
Ctaims and ¡udgrnents arÊ r€cord6d as hab¡lbie9 ¡l âli lhe condiÍions ol Gov€rnmental Accounling
Standards Boerd pronourcements are rel The l¡abitty snd êxpendilur€ lor claùrs and irrclgmsnts are
olìly r€poned ¡n gremær¡ld funcb il rl lss rrrdruÉd" Çlains and iudgnrmts æ {ecgrdßd iì th€
goveffl¡.Hl-ailg sÙaterÊftts and prúprplary lurds as e¡paËes ul¡'ìcr úE r€lated liablìrs æ ¡rcu.red
C.
Tha villago ß exposed lo vaíous Eks ot loss related to lorts: thefl of damâge to, gr destruction ol aÈsels;
erroE¡ Fnd orn¡ss¡ons; worKofs compengalion; and hÈelth care ol il$ Bmployêe$, A I of thés€ risks are
coversd lhraugh the purchast Òf comm€rcl&l rnsuranca. w¡th miniûral deducllbl+i, SeÌìled claim havê not
etæedêd llÉ æmmerclgl coverage rn eny ol lhe pasl thråe t|eârs There wBre no s¡qnlßnl teúÆlii)fts tn
æverage coñìpârpd to lhs pr¡)l l.eaf
8.
)
NOTES TO F|NANCIAL STATEMENÍS
ard fnr l¡e Yær Erderl lÞccnÉrs 3l . ?O f 3
NôTF V - õTHEË IHFOFMÂTION lcônl
As Ðf
VILI.AGE OF NORTH FOND DU LAC
v - OTHER INFORMATIOil {conl.)
EFFE'T
æ
NEw Áccou,sfwc Srá¡vo¡-RDs
o*
F{ffi-El Reptlíq
beÇome sîtàctlva, Appl¡Catiln ol ttlesB ßtandards may
f/-r¡dr8tl$g
oJ
6¡,55
Pens¡on9 - En dmædnent
il ðmêróßf
ol
lhe wat+r supply r)esd€ loi the fulure growth ol the Ïown,
ln igÈ7, the wal€r uülrty entÊred i¡fo a iorìg.terri aglâånrsntwfh lhe Tm ol FollJ d¡J Læ lo prcvidê
mtrlHpal waler 8ÉrvicÊ to porlims sf th€ ÏDrvn. Thrs Ðgúsmenl Æ subeequgrrlly amêndêd rn July9009
to rållêcr Ê mp¡tal upgràde tù the êristlngùster Utlllly wþnh wili provide lmprcv€d flr€ llows ild to meêt
ln 'lF9- lhe wfftewatEr ll¡ljly snte¡ed into a ltn{Þlam agrffiEr¡l *'ilh the Fonú dú LûDTrælrnern Fæitily
lof ,4Êstswatet trËtrnaûl ThÊ ctrlracl eetrcs tn 2{¡ê0, An Urctrænt ol E4l ,814 ¡S sfm æ ds
¿s.råls on llE Êtalsml ol nBì Fosh|oa This lnveslmert rs tÐ'ng sru.iÞed æ. ln¡¡ lrlc ol ihË@fllBcl.
r6faïe l)'rrlbn¡ ùl tlrs¿ fiGncÊl
andÐÈpGål'of Gõvùd¡nanf @êrâlKt¡L\
lq
ltr¡ Penson EaÆ -
Stsler¡ìr¡rr1 No.89, Ëo¡ErnrnenlCor¡tblttcli(f¡e
C. ¿o¡ìrc-7€âór AGFE¡rttE¡vrs
Ëtlletnot¡is.
Whe¡ tliey
25
Sàrffil^/û
attprgwd lhs ltllüvirilg
Stalemenl Nù. È8, Áæourtmg and F¡nancial Fopaning
G,4sg,SÈlé¡nånt Na. 2z
i\¡û, oI .
ståtemml
ls
CUBEENT-PEÍíp4 FlJv^ilcla! SrArÉ¡aE úrs
TIE Glmmåntal AEcolr¡lrn0 slånd3rds BGinl IG^SB)
F.
turng 2t13. !fi'-. vrllàqr pard rh€ ùrrrmur¡¡ly D€ùe¡oÞnerd Å!!fs-ûy (cDA) l4¡8,9Êt. 'l hæe pålrnenlr
were pßnìarìty rellátl{ to p¿ffiìent oi fie CDA debl lor wh1ch lû^ rmrement tróm ÏF Dlsric¡ l'úo. 1 werû
le?isd ln thê ggEmrnêrlal fuûd- ThÊse pa)fl€nts havg þeen preserfed as rnlerBovernnrBrllâl rÇve¡utu
noL r estriÈtÊd lo sÈr€çiliJ pßtqtcnìs ior lhe CD.A
É. ¡la-¡rsDPÁ*fFs
II¡OTE
NOTES TO FI NANCIAL STATEMENTS
As rt ild lorlhe vsar Endðrj Þêærûbèr 31. å013
VILLAGE OF NORTH FOIID DU LAC
¡
è
o\
Þ
Se€ in(lerrendent ard¡tor"s' rêûortand
FINÊS, FOBFEITUñES AI{D PENALTIES
Caurl pênâlties and msts
Farftinq vlp¡aliÒr¡s
fôlal Finês, Fodeiùfiss,and PensrÌis
LICÊI,ISES ÁI{D PEFMlTS
Llquor and rielt bevÊragè ltcêoses
Cigqtelte licensæ
Soda lioens
Mgbile home park licæsæ
Eicy;le ticensea
Dóg end cel licanss
Olher ¡onbusir¡ess llcgmæ
Bulding permits
Elëûtrical pemits
Flufttþing pemrs
Hoât¡Rg ånd a¡r $nditìoning pxmlrs
Qthû regulatory pêrmils ild f€s
Tôläl Licenses a¡d Pennils
OlnÊr ltcål govefnm€nl ErÊnts
l6tal lrttergÒverúrental Rwenuæ
II{TE FGOVEBlIM ENTAL NEVENUES
Shiìre¡l ç?xÊs froûr sláls
StalÞ sid - c'xpendiilrê regtlairTt
FirÊ lnsuÉäncê lärR ftÖm stqté
S'tatâ áÍd - têeytti]lq
State a¡d - eIÊmÊt corfrpubr
Slale sid - connêctmg süeetE
$
ææmDiluiD oot$
TAXES
Gerìeral prcpenyfÐ{èS
lr¡lobile home loilery credil and Þarhing fees
Tûres f rom mùnirÌpejty owned housing autltor¡ly
Totäl Taxes
REl¡ENUES
1
09,Ê00
d1.000
531.525
38qe25
1e.{28
3 83s
2¡6 51 0
16,391
1
{ã).
40
117
t56,8601
ð.qq_5
-lE!s)t:66,555.l
8.ô95
254.140
?45,446
tó reoultÞ¡ sr¡mlemÊntâtu lûfarlm*llon-
311¡00
3r 1,0S0
296
750
Ê8.s¿0
0515
5SA
34.È¿5
2,Ofs
9,255
¡,s98
2,549
490
(2sl
36É
f ,200
'1,049
5,ü66
50
12 490
17
100
500
1.O00
(1ì5)
4,Ë45
r
14,Ít121
t1 651
75-t
2,8OO
12,ODO
1,6110
aÈ
3,700
i00
'I,000
s
4,8n0
400
25.000
25,000
'1.787.709 1.783.Ë97
4,000
276,51û
7.751
7.000
4239
41,994
685.758
t4,636)
4199
,--,
Varlanca wilh
F¡hal Budger
119,7Sþ
380.925
45.315
s
Act¡ral
1,408,857
45,316
't,413.493
F¡nal
Origioal
ard
Budq€r
Fôrlhô Yêù Etded DecemberSl 2oi 3
DETAILED SCHEDUTE ÔF REVENUES, EXPENDITUFES, AND C}IANGES
IN FLIND BATANqE, BUDGETANÐ ACTUAL- GENERÂL FUND
VILIAGE OF NORTH FOND DU LAC
ls
Servrccs
Sec¡al Ass¿$srncnß
2-500
206
31.205
5m
28,0{n
5.000
$
Fml
9.974
14,300
æ2ì4
167.148
400
7,U4
2,m
1.565
27,348
71 265
705
536
920
3,02r
43,049
Ðã9
_____{!LSp
n
I 0..13{
5,506
28,m0
(r.614!
1?.785
1155)
5,006
7.934
f1.749)
rÀsl¡l
.140
r3.trÌ0
5,17¡t
18 580
(2oo)
z,fr)
6,47?
(2.15€)
6,34A
(235)
(r5ô)
2,049
355
1_271
4,Oqt
\21ztt
{280}
Budqèl
Vdbnce wilh
________3,Æ
&)o
1.O(Þ
r.5æ
4
2O0
f48.588
400
1,750
41,000
350
150
1,800
21,æO
65,78f!
1û.æO
1,2m
75D
.l,2OO S
å¿lual
2.850.697 2,849-æg
-LW
$
Orçiral ard
Firsl Budqet
See indsendÉnt auditoß feDort and accoñoâovino noles lÐ reoL¡lrcrl suDôlÐm€ntBrv ¡nlormation
Toûal Fevefiuss
Misoslaneaus
Tæl Misae!Êneos Bewæ
Dffiliffi
lNEDce ¡eluíld
ÙIISCELLA''¡ÊOUS R€VENUES
Ront
lnvestm6nl ¡rEoms
IT{YEÍ¡TIIEflT IT{COIE
TotE¡
OtlÞr
SPECIAL ASSESSIfENTS
Str€€l imFrowmercs
S¡dervalk
Zming
Tolal Public charges
Stre¿t s*eeplng
Trees
C¡mmun¡tyceiler
Cable ìcþvision
$rËnmirgæ
Clerk's ñeë
Publication læs
Law enforcÈnent fets6
Sñow removal
Flefuse and garbag€ collficlfori
Weod illd nuisancê conlrol
Becreatiotr programs
Pa/k rôntal
PUBUC CHARGES fOß ¡¡EßYICES
IN FUND BALANCE - BUDOET AND ACTUAL . GENEfIAI. FUND
For the Year Endcd DEcsmber 31, 201 ¡
TJETAITED SCHEDULE OF HEVENUES, EXPENDITUÊES, AND CHANGES
VILU,GE OF NOñTH FOND DU LAC
è
-¡
I
I
2.834
15.ooo
?r.ozs
See lnde¡eßdenl.auditors'
Weed Çontrol
Sidewalks
Iotal Publ¡c Worl(s
5ànitadon
Rælaling
Mæs itanslf
Strtet
Garage
PubJic warks ad m¡rutBtrâtrcü
Vehicle eq ulprnenl ope$t¡on
t
ur,oæ
$
46'¿79
2s,125
37,583
33,84r
00
liì1.7?5
36,341
,t tg
7fl,41 0
r0,820
24.446
'151
1
2O8,4-r5
2+.517
æ7.673
120,Ðl€
254.955
97,445
64,010
43,799
a,r¿g
999
A48046
2.ûr0
640
1,370
@24\
2.456
1.076
{1,799i
2.990
58â3
(41,603)
i5,e94)
(1,587)
40.844
(170)
2.460
2-321
B1
191,965
s,501
166.348
16,118
,+0.733
3.Ë02
(2,629)
19.940
{e251
17,960
5.858
1 1,898
(32,a59)
435
ô,ts5S
'I 0_554
F¡nâl Budúðt
renortä¡d ù;0ómÉårtvtno;r¡Olm lo múLrEd sutrolementarv inlo¡rotlo¡
2¿930
278.5't7
r1s,625
2 3,3s2
tots,3s8
a7 ,EOt
,f2 0ûo
2,90s
3.455
8,49,17¿
d33'r
2Í60
Sanitat¡on
-rotal
Health and gocial Seryces
671
200
r
PI,ELICWOFKS
$
1,?45.'¿õ4 1.078.e16
119 r30
10S.014
60.992
51.491
1.425 386
1.233.421
E¿,:454
Ven¡if æntfol
Anin€l contrûl
HEALTH AND SOCI,AL SEEVICES
TÕtal Publlc 6âÎôry
lnspætions
PUBLIC SAFETY
Law enforcement
Fìre protectlon
Totãl GéhErÉl Gouernrtl¡eill
Communlly ænter
20_mÔ
t9 oEo
s6776.
Cont¡nge¡cy
'r
1'¿2,674
an ,oo
?
PBrks and piaygr0unds
Swirnmlng pool
+
ô4,,litS
28,2ûC
40,885
Ê1.212
FE¡rltties Managemenl
Municipal bullding
GENEHAL GOVERNMENI
Village board
Admini$lråtive ServiceÊ
Municipal êourt
Legaj
General adnúnistrallon
Employæ bmef it adm¡nisltarior¡
FlrEnÈiål ãdmin¡stration
grsk managemml
EXPET,¡OITUñEs
Ongi¡ral
Final
Varknrè ',ì'irh
2,9€5.484
42731
30, r76
.12 55-5
Þ:___1É5¿4qÞ
$
.1
513.3ss
1.415,081
S
98.254
6,180
208.469
214.655
See independtnt atrd¡tsrs' report and accompany¡ng ílotes ta requ red supplernentary infomal¡on
FUND BÀLANçE . ENO OF YEAB
. 1.415.CÌ8f
(162.61{ì)
1
Net Change in Fund Bålanæ
FUND BALÀNCE . Begiôn¡ng of Yær
s
810
52 101
57.551
s
1640
1,494
4.951
260.s7û
260,870
13.465
14.665
I,186
246,215
247.829
16.445
1
Á.711\
(4-435)
{204}
l72l
Vâriânre with
Finál Budget
l1362,61GJ {116.401}
3.2J3.313
59,1 76
J t,Þ/u
27,s0€
r,56iJ $
3,6Ð6
47,666
52.840 ,.
5.00r)
95.000
200.ùû0
s
and
Budqet Aclual
Original
Firral
TransfeF ¡n
Total Other Financing Sources
OTHEH FINANCING SOURCES
Flopê¡.ry sales
eÍpenditures
Excess (deficiency) of revenu€s ovêr {under)
Total Expenditures
GONSEFVATION AND DEVELOPMENT
Planninglzoning
Ecanoilric development
Total Conservation and Development
Parks
Community csnlêr
Swimming areas
Total Culturê, Fìecreatìon and Educalion
CULTUFE, RËCREATION ÁNO EOUCATION
L)ETAILED SCHEÐULE OF BEVENUES, EXPENDITUFES, AND CHANGES
IN FUND BALANCE - BUDGET AND ACTUAL - GENEFAL ÊIJND
For the Year Ended Dêcember 31, 20tg
DETAILEO æHEDULE OF REVËNUES, EXPENI)NUFES, ANÞ CHANGES
IN FUND EAITqNCE. BUDGET AND ACTUÀL - GENERAL FUND
For thG Yær E¡dêd Dô¡Ìembct 81, 2013
and
Ëtud$et Adual
VILLAGE OF NORIH FONO DU LAC
¡
Þ
À
oo
Yiär
Frnûl
Ê
s
¿ù.19
s
Frlal
984.8t3
38+-8rs
42.5tr¡
42,1Æ
?
704.33{t
704.3Í¡8
_
t19.317J
L255G3)
(25.56SJ
460
6.24€
1J0û
4,s8{l
Bu@
Va¡iance rrfth
4.0e€
6,300
'174,e8P
l8ã24e
115..iâ,
'116.î1¿
Asî/ãl
704.7OO 685.383
41o.ir7ô
4{0.€76
4,600
-174.448
t7g.0o?
115.rÐ s
tl5,3e2
Blldest
SeeÎndepËrdentaud¡lÐrs' rêpôn âId accbríD€rly|nd notes lo re{ulred aìJnsle¡neniarßl¡foÌmatt]on,
FUND BALåNçE. ENDQF YFåB
FuÞlD B4LANÇE {DEFtcl-ì-} - Eeslnn¡nS þf
¡í Fund E¡hnc¿
Fxf¡endllu¡er
Ner Ctrångó
lotal
PUEUC SAFETY
ErnergenÈy Manägenrent Selvùtea
Ambulance
EXPEHDMJBÈS
Tplål Feyenueâ
AmbulBncÊ fBÊs
TDtal Publtc Charges foa Seil¡cês
PT'BUC CHÀFGES FOF SEFVIGES
Other locaÌ gcvernmenl grarts
To_tal lnÌergove rñfnerìtal Flevor¡ ueE
INTEFGOVERflTiENTAL REYEI{U FS
SEiEgrêrûs
Stale ejd - êmêrgenúT g(!/¿rnmê.nt
ToÞl Taxes
Ge¡--rgl prol¡eily ta¡ès
T¡rÉs
FEVTTUES
S.1 |
OiEtr¡âtênd
ForlnÊ Yèar End6{ DtËèmÞèr
DETAILED.ST, HEDULE OF ÊEVENUEË. EXFENDIT¡JFEs. AþIB CHANGEi
IN FUND BALANCE'BUFGET AÀ¡D ACìIUAL - AMBULANCEFUND
VTLLAGE ÛF TTOHTH FONÐ DU L/AC
ffirøtt,
Sæ indeoendent audil¿rs' reoo¡t
.Appropridions lsFse at !€ar end unlÉss spæ¡f¡cafly c¿úied oEr, There werc no ærrywers to the followÍng
year BudgelB ere âdopted at the dÈpartmtrt leval ol ë¡pendituE-
Thê õudgEbd smoüDß prÊsÊnl€d ¡ncludã arry àfisrldar€¡tE nìade- Thê vüglo mÊy aútþri¿E trÊrÉ€E of
bü.lgeted smounEwith¡n fipafiEíts, Transicrs bslrâsn @rtÏlerls Eld otugËfo üìe oyûãI br&et
must þe ryrür€d by a¡só-üirds cãincif âct¡on.
Budgetary lnfofmalion is derivêd frcm the årÌnGl opêratlng hudget and ¡s prBêentêd using tha same ba.6b
of accountlng for oach fund ås d€Ecrlb6d in tlole l- C.
8.M.af
NOTES TO HEOUIBED SUPPLEMENTARY INFOBMÁTION
FOr Orè Yã Ended ÞOoêntb€r 31. 2013
VILLAGE OF NOFNT FOND Tru LAC
APPENDIX B
FORM OF LEGAL OPINION
LEGAL OPINION
We have served as bond counsel with regard to:
$1,030,000
FOND DU LAC COUNTY, WISCONSIN
GENERAL OBLIGATION REFUNDING BONDS, SERIES 2014A
DATED NOVEMBER 20, 2014
We hereby certify that we have examined a transcript of proceedings of the Village Board of the
Village of North Fond du Lac relative to the authorization, issuance and sale of the aforesaid Bonds. We
have also examined the law and such other documents furnished to us as we deem necessary to render this
opinion.
As to questions of fact material to our opinion, we have relied upon the transcript of proceedings
and other certifications furnished to us without undertaking to verify the same by independent investigation.
The Bonds are numbered 1 and upward; are in the denomination of $5,000 or any integral multiple
thereof; bear interest at the rates set forth below; and mature serially on December 1 of each year, in the
years and principal amounts as follows:
Year of Maturity
2015
2016
2017
2018
Principal Amount
$255,000
255,000
255,000
265,000
Interest Rate
_.___%
_.___
_.___
_.___
Interest is payable semi-annually on June 1 and December 1 of each year commencing on June 1, 2015.
The Bonds are non-callable.
We further certify that we have examined a sample of the Bonds and find the same to be in proper
form.
We have not been engaged or undertaken to review the accuracy, completeness or sufficiency of the
Official Statement or other offering material relating to the Bonds (except to the extent, if any, stated in the
Official Statement), and we express no opinion relating thereto (excepting only the matters set forth as our
opinion in the Official Statement).
B-1
Based on our examinations, we are of the opinion, as of the date hereof and under existing law, as
follows:
1. The Bonds are valid and binding general obligations of the Village.
2. All taxable property in the territory of the Village is subject to ad valorem taxation without
limitation as to rate or amount to pay the Bonds. The Village is required by law to include in its annual tax
levy the principal and interest coming due on the Bonds except to the extent the necessary funds have been
irrevocably deposited into the debt service fund account established for the payment of the principal of and
interest on the Bonds.
3. The interest on the Bonds is excluded from gross income for federal income tax purposes and is
not an item of tax preference for purposes of the federal alternative minimum tax imposed on individuals
and corporations; it should be noted, however, that for the purpose of computing the alternative minimum
tax imposed on corporations (as defined for federal income tax purposes), such interest is taken into account
in determining adjusted current earnings. The opinions set forth in the preceding sentence are subject to
the condition that the Village comply with all requirements of the Internal Revenue Code of 1986, as
amended, that must be satisfied subsequent to the issuance of the Bonds in order that interest thereon be,
or continue to be, excluded from gross income for federal income tax purposes. The Village has covenanted
to comply with each such requirement. Failure to comply with certain of such requirements may cause the
inclusion of interest on the Bonds in gross income for federal income tax purposes to be retroactive to the
date of issuance of the Bonds. We express no opinion regarding other federal tax consequences arising with
respect to the Bonds.
It is to be understood that the rights of the holders of the Bonds and the enforceability thereof may
be subject to bankruptcy, insolvency, reorganization, moratorium and other similar laws affecting creditors’
rights heretofore or hereafter enacted to the extent constitutionally applicable and that enforcement of the
Bonds may also be subject to the exercise of judicial discretion in appropriate cases.
GRIGGS LAW OFFICE LLC
B-2
APPENDIX C
BOOK-ENTRY-ONLY SYSTEM
1.
The Depository Trust Company ("DTC"), New York, New York, will act as securities depository for the securities
(the "Securities"). The Securities 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 Security certificate will be issued for [each issue of] the Securities, [each] in the aggregate
principal amount of such issue, and will be deposited with DTC. [If, however, the aggregate principal amount of
[any] issue exceeds $500 million, one certificate will be issued with respect to each $500 million of principal
amount, and an additional certificate will be issued with respect to any remaining principal amount of such issue.]
2.
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. DTC holds and provides asset servicing for over 3.5 million issues of 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
book-entry 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 rating of AA+. The DTC Rules
applicable to its Participants are on file with the Securities and Exchange Commission. More information about
DTC can be found at www.dtcc.com and www.dtc.org.
3.
Purchases of Securities under the DTC system must be made by or through Direct Participants, which will receive
a credit for the Securities on DTC's records. The ownership interest of each actual purchaser of each Security
("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 Securities 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 Securities, except in the event that use of the book-entry system for the Securities is
discontinued.
4.
To facilitate subsequent transfers, all Securities 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 Securities 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 Securities; DTC's records reflect only the identity of the Direct Participants to whose
accounts such Securities 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.
C-1
5.
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 Securities may wish to take certain steps to augment the transmission to them of
notices of significant events with respect to the Securities, such as redemptions, tenders, defaults, and proposed
amendments to the Security documents. For example, Beneficial Owners of Securities may wish to ascertain that
the nominee holding the Securities 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.]
6.
Redemption notices shall be sent to DTC. If less than all of the Securities 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.
7.
Neither DTC nor Cede & Co. (nor any other DTC nominee) will consent or vote with respect to Securities unless
authorized by a Direct Participant in accordance with DTC's MMI Procedures. Under its usual procedures, DTC
mails an Omnibus Proxy to Village 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 Securities are credited on the
record date (identified in a listing attached to the Omnibus Proxy).
8.
Redemption proceeds, distributions, and dividend payments on the Securities 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 detail information from the Village or
Agent, 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, Agent, or the Village, 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 Village or Agent, 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.
9.
A Beneficial Owner shall give notice to elect to have its Securities purchased or tendered, through its Participant,
to [Tender/Remarketing] Agent, and shall effect delivery of such Securities by causing the Direct Participant to
transfer the Participant's interest in the Securities, on DTC's records, to [Tender/Remarketing] Agent. The
requirement for physical delivery of Securities in connection with an optional tender or a mandatory purchase will
be deemed satisfied when the ownership rights in the Securities are transferred by Direct Participants on DTC's
records and followed by a book-entry credit of tendered Securities to [Tender/Remarketing] Agent's DTC account.
10.
DTC may discontinue providing its services as depository with respect to the Securities at any time by giving
reasonable notice to the Village or Agent. Under such circumstances, in the event that a successor depository is
not obtained, Security certificates are required to be printed and delivered.
11.
The Village may decide to discontinue use of the system of book-entry-only transfers through DTC (or a successor
securities depository). In that event, Security certificates will be printed and delivered to DTC.
12.
The information in this section concerning DTC and DTC's book-entry system has been obtained from sources
that the Village believes to be reliable, but the Village takes no responsibility for the accuracy thereof.
C-2
APPENDIX D
FORM OF CONTINUING DISCLOSURE CERTIFICATE
CONTINUING DISCLOSURE CERTIFICATE
This Continuing Disclosure Certificate (the “Disclosure Certificate”) is executed and delivered by
the Village of North Fond du Lac, Fond du Lac County, Wisconsin (the “Issuer”) in connection with the
issuance of $1,030,000 General Obligation Refunding Bonds, Series 2014A, dated November 20, 2014 (the
“Securities”). The Securities are being issued pursuant to a Resolution, dated November 3, 2014 (the
“Resolution”). The Issuer covenants and agrees as follows:
Section 1.
Purpose of the Disclosure Certificate. This Disclosure Certificate is being executed
and delivered by the Issuer for the benefit of the holders and beneficial owners of the Securities and in
order to assist the Participating Underwriters in complying with S.E.C. Rule 15c2-12(b)(5).
Section 2.
Definitions. In addition to the defined terms set forth in the Resolution, which apply
to any capitalized term used in this Disclosure Certificate unless otherwise defined in this Section, the
following capitalized terms shall have the following meanings:
“Annual Report” shall mean any Annual Report provided by the Issuer pursuant to, and as described
in, Sections 3 and 4 of this Disclosure Certificate.
“Listed Events” shall mean any of the events listed in Section 5(a) of this Disclosure Certificate.
“National Repository” shall mean the Municipal Securities Rulemaking Board electronically through
the Electronic Municipal Market Access system, available at www.emma.msrb.org, or such other website
as may be determined from time to time by the Securities and Exchange Commission.
“Obligated Person” shall mean any person, including an issuer of municipal securities, who is either
generally or through an enterprise, fund, or account of such person committed by contract or other
arrangement to support payment of all, or part of the obligations on the Securities.
“Participating Underwriter” shall mean any of the original underwriters of the Securities required
to comply with the Rule in connection with the offering of the Securities.
“Rule” shall mean Rule 15c2-12(b)(5) adopted by the Securities and Exchange Commission under
the Securities Exchange Act of 1934, as the same may be amended from time to time including any official
interpretations thereof.
Section 3.
Provision of Annual Reports.
(a)
The Issuer shall, not later than December 31 of each year, commencing December 31,
2015, provide to each Repository an Annual Report which is consistent with the requirements of Section
4 of this Disclosure Certificate. The Annual Report may be submitted as a single document or as separate
documents comprising a package, and may cross-reference other information as provided in Section 4 of
this Disclosure Certificate; provided that the audited financial statements of the Issuer may be submitted
separately from the balance of the Annual Report.
D-1
(b)
Documents provided to the National Repository shall be accompanied by identifying
information as prescribed by the National Repository.
(c)
The Issuer shall determine each year prior to providing the Annual Report the
electronic address of the National Repository.
(d)
If the Issuer is unable or fails to provide to the National Repository an Annual Report
by the date required in subsection (a), the Issuer shall send in a timely manner a notice of that fact to the
National Repository in the format prescribed by the National Repository.
Section 4.
Content of Annual Reports. The Issuer’s Annual Report shall contain or incorporate
by reference the following:
(a)
The Issuer’s audited financial statements. The financial statements will be prepared
in accordance with Generally Accepted Accounting Principles.
(b)
Updates of the following sections of the final official statement:
(1)
Tax Levies and Collections
(2)
Valuations – Current Property Valuations
(3)
Debt – Direct Debt
(4)
Debt – Debt Limit
Any or all of the items listed above may be incorporated by reference from documents, including
official statements of debt issues of the Issuer or related public entities, which have been submitted to the
National Repository or the Securities and Exchange Commission. If the document incorporated by
reference is a final official statement, it must be available from the Municipal Securities Rulemaking Board.
(Currently located at 1900 Duke Street, Suite 600, Alexandria, VA 22314, (703) 797-6600.) The Issuer
shall clearly identify each document so incorporated by reference.
Section 5.
Reporting of Significant Events.
(a)
This Section 5 shall govern the giving of notices of the occurrence of any of the
following events to the extent applicable to the Securities:
(1)
Principal and interest payment delinquencies;
(2)
Non-payment related defaults, if material;
(3)
Unscheduled draws on debt service reserves reflecting financial difficulties;
(4)
Unscheduled draws on credit enhancements reflecting financial difficulties;
(5)
Substitution of credit or liquidity providers, or their failure to perform;
(6)
Adverse tax opinions, the issuance by the Internal Revenue Service of
proposed or final determinations of taxability, Notices of Proposed Issue
D-2
(IRS Form 5701-TEB) or other material notices or determinations with
respect to the tax status of the Securities or other material events affecting the
tax status of the Securities;
(7)
Modification to rights of holders of the Securities, if material;
(8)
Bond calls, if material, and tender offers;
(9)
Defeasances;
(10)
Release, substitution, or sale of property securing repayment of the
Securities, if material;
(11)
Rating changes;
(12)
Bankruptcy, insolvency, receivership or similar event of the Obligated
Person;
(13)
The consummation of a merger, consolidation, or acquisition involving an
Obligated Person or the sale of all or substantially all of the assets of the
Obligated Person, 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; and
(14)
Appointment of a successor or additional trustee or the change of name of a
trustee, if material.
(For the purposes of the event identified in subsection (a) (12), the event is considered to occur when any
of the following occur: the appointment of a receiver, fiscal agent or similar officer for an Obligated Person
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 Obligated Person, 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 Obligated Person.)
(b)
Whenever the Issuer obtains knowledge of the occurrence of a Listed Event, the
Issuer shall as soon as possible determine under applicable legal standards if such event would constitute
material information, within the meaning of the Rule, for holders or beneficial owners of the Securities,
provided, that any event under subsection (a) (1), (3), (4), (5), (8) (tender offers only), (9), (11) or (12) will
always be deemed to be material.
(c)
If the Issuer determines that knowledge of the occurrence of a Listed Event would
be material, the Issuer shall, in a timely manner not in excess of ten business days after the occurrence of
the event, file a notice of such occurrence with the National Repository. Notwithstanding the foregoing,
D-3
notice of Listed Events described in subsections (a) (8) and (9) need not be given under this subsection any
earlier than the notice (if any) of the underlying event is given to holders of affected Securities pursuant to
the Resolution.
Section 6.
Termination of Reporting Obligation. The Issuer’s obligations under this Disclosure
Certificate shall terminate upon the legal defeasance, prior redemption or payment in full of all of the
Securities.
Section 7.
Dissemination Agent. The Issuer may, from time to time, appoint or engage a
dissemination agent to assist it in carrying out its obligations under this Disclosure Certificate, and may
discharge any such agent, with or without appointing a successor dissemination agent.
Section 8.
Amendment; Waiver. Notwithstanding any other provision of this Disclosure
Certificate, the Issuer may amend this Disclosure Certificate, and any provision of this Disclosure
Certificate may be waived, if such amendment or waiver is supported by an opinion of counsel expert in
federal securities laws, to the effect that such amendment or waiver would not, in and of itself, cause the
undertakings herein to violate the Rule.
Section 9.
Additional Information. Nothing in this Disclosure Certificate shall be deemed to
prevent the Issuer from disseminating any other information, using the means of dissemination set forth
in this Disclosure Certificate or any other means of communication, or including any other information in
any Annual Report or notice of occurrence of a Listed Event, in addition to that which is required by this
Disclosure Certificate. If the Issuer chooses to include any information in any Annual Report or notice of
occurrence of a Listed Event in addition to that which is specifically required by this Disclosure Certificate,
the Issuer shall have no obligation under this Agreement to update such information or include it in any
future Annual Report or notice of occurrence of a Listed Event.
Section 10. Default. In the event of a failure of the Issuer to comply with any provision of this
Disclosure Certificate any holder or beneficial owner of the Securities may take such actions as may be
necessary and appropriate, including seeking mandate or specific performance by court order, to cause the
Issuer to comply with its obligations under this Disclosure Certificate. The sole remedy under this
Disclosure Certificate in the event of any failure of the Issuer to comply with this Disclosure Certificate
shall be an action to compel performance
Section 11. Beneficiaries. This Disclosure Certificate shall inure solely to the benefit of the
Issuer, the Participating Underwriters and holders and beneficial owners from time to time of the Securities,
and shall create no rights in any other person or entity.
Date: November ___, 2014
FOND DU LAC COUNTY, WISCONSIN
By_______________________________________
Charles Hornung,
Village Clerk
(SEAL)
D-4
APPENDIX E
NOTICE OF SALE
$1,030,000* GENERAL OBLIGATION REFUNDING BONDS, SERIES 2014A
VILLAGE OF NORTH FOND DU LAC, WISCONSIN
Bids for the purchase of $1,030,000* General Obligation Refunding Bonds, Series 2014A (the "Bonds") of the Village
of North Fond Du Lac, Wisconsin (the "Village") will be received at the offices of Ehlers & Associates, Inc.
("Ehlers"), 3060 Centre Pointe Drive, Roseville, Minnesota 55113-1105, Financial Advisors to the Village, until 10:00
A.M., Central Time, and ELECTRONIC PROPOSALS will be received via PARITY, in the manner described
below, until 10:00 A.M. Central Time, on November 3, 2014, at which time they will be opened, read and tabulated.
The bids will be presented to the Board of Trustees for consideration for award by resolution at a meeting to be held
at 6:00 P.M., Central Time, on the same date. The bid offering to purchase the Bonds upon the terms specified herein
and most favorable to the Village will be accepted unless all bids are rejected.
PURPOSE
The Bonds are being issued pursuant to Wisconsin Statutes, Section 67.04 for the public purpose of refunding certain
obligations of the Village. The Bonds are valid and binding general obligations Village, and all the taxable property
in the Village is subject to the levy of a tax to pay the principal of and interest on the Bonds as they become due which
tax may, under current law, be levied without limitation as to rate or amount.
DATES AND MATURITIES
The Bonds will be dated November 20, 2014, will be issued as fully registered Bonds in the denomination of $5,000
each, or any integral multiple thereof, and will mature on December 1 as follows:
Year
2015
2016
Amount*
$255,000
255,000
Year
2017
2018
Amount*
$255,000
265,000
ADJUSTMENT OPTION
* The Village reserves the right to increase or decrease the amount of any individual maturity of the Bonds in
increments of $5,000 on the day of sale. If individual maturities are increased or decreased, the purchase price
proposed will be adjusted to maintain the same gross spread per $1,000.
TERM BOND OPTION
Bids for the Bonds may contain a maturity schedule providing for any combination of serial bonds and term bonds,
subject to mandatory redemption, so long as the amount of principal maturing or subject to mandatory redemption
in each year conforms to the maturity schedule set forth above. All dates are inclusive.
INTEREST PAYMENT DATES AND RATES
Interest will be payable on June 1 and December 1 of each year, commencing June 1, 2015, to the registered owners
of the Bonds appearing of record in the bond register as of the close of business on the 15th day (whether or not a
business day) of the immediately preceding month. Interest will be computed upon the basis of a 360-day year of
E-1
twelve 30-day months and will be rounded pursuant to rules of the MSRB. The rate for any maturity may not be
more than 1.00% less than the rate for any preceding maturity. (For example, if a rate of 4.50% is proposed
for the 2017 maturity, then the lowest rate that may be proposed for any later maturity is 3.50%.) All Bonds
of the same maturity must bear interest from date of issue until paid at a single, uniform rate. Each rate must be
expressed in an integral multiple of 5/100 or 1/8 of 1%.
BOOK-ENTRY-ONLY FORMAT
Unless otherwise specified by the purchaser, the Bonds will be designated in the name of Cede & Co., as nominee
for The Depository Trust Company, New York, New York ("DTC"). DTC will act as securities depository for the
Bonds, and will be responsible for maintaining a book-entry system for recording the interests of its participants and
the transfers of interests between its participants. The participants will be responsible for maintaining records
regarding the beneficial interests of the individual purchasers of the Bonds. So long as Cede & Co. is the registered
owner of the Bonds, all payments of principal and interest will be made to the depository which, in turn, will be
obligated to remit such payments to its participants for subsequent disbursement to the beneficial owners of the Bonds.
OPTIONAL REDEMPTION
DELIVERY
On or about November 20, 2014, the Bonds will be delivered without cost to the winning bidder at DTC. On the day
of closing, the Village will furnish to the winning bidder the opinion of bond counsel hereinafter described, an
arbitrage certification, and certificates verifying that no litigation in any manner questioning the validity of the Bonds
is then pending or, to the best knowledge of officers of the Village, threatened. Payment for the Bonds must be
received by the Village at its designated depository on the date of closing in immediately available funds.
LEGAL OPINION
An opinion as to the validity of the Bonds and the exemption from federal taxation of the interest thereon will be
furnished by Griggs Law Office LLC, bond counsel to the Village, and will accompany the Bonds. The legal opinion
will be issued on the basis of existing law and will state that the Bonds are valid and binding general obligations of
the Village; provided 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 (which may be applied in either a legal or equitable proceeding).
SUBMISSION OF BIDS
Bids must not be for less than $1,022,790, nor more than $1,071,584, plus accrued interest on the principal sum of
$1,030,000 from date of original issue of the Bonds to date of delivery. A signed bid form must be submitted to
Ehlers prior to the time established above for the opening of bids as follows:
1)
In a sealed envelope as described herein; or
2)
A facsimile submission to Ehlers, Facsimile Number (651) 697-8555; or
3)
Electronically via PARITY in accordance with this Notice of Sale until 10:00 A.M. Central Time, but no bid
will be received after the time for receiving bids specified above. To the extent any instructions or directions
set forth in PARITY conflict with this Notice of Sale, the terms of this Notice of Sale shall control. For
further information about PARITY, potential bidders may contact Ehlers or i-Deal LLC at 1359 Broadway,
2nd Floor, New York, New York 10018, Telephone (212) 849-5021.
E-2
Bids must be submitted to Ehlers via one of the methods described above and must be received prior to the time
established above for the opening of bids. Each bid must be unconditional except as to legality. Neither the Village
nor Ehlers shall be responsible for any failure to receive a facsimile submission.
A cashier’s check in the amount of $20,600 may be submitted contemporaneously with the bid or, alternatively, a
good faith deposit in the amount of $20,600 shall be made by the winning bidder by wire transfer of funds to
KleinBank, 1550 Audubon Road, Chaska, Minnesota, ABA No. 091915654 for credit: Ehlers & Associates
Good Faith Account No. 3208138. Such good faith deposit ("Deposit") shall be received by Ehlers & Associates
no later than two hours after the bid opening time. The Village reserves the right to award the Bonds to a winning
bidder whose wire transfer is initiated but not received by such time provided that such winning bidder’s federal wire
reference number has been received by such time. In the event the Deposit is not received as provided above, the
Village may award the Bonds to the bidder submitting the next best bid provided such bidder agrees to such award.
The Deposit will be retained by the Village as liquidated damages if the bid is accepted and the Purchaser fails to
comply therewith. The Deposit will be returned to the Purchaser at the closing for the Bonds.
The Village and the winning bidder who chooses to so wire the Deposit hereby agree irrevocably that Ehlers shall
be the escrow holder of the Deposit wired to such account subject only to these conditions and duties: 1) All income
earned thereon shall be retained by the escrow holder as payment for its expenses; 2) If the bid is not accepted, Ehlers
shall, at its expense, promptly return the Deposit amount to the winning bidder; 3) If the bid is accepted, the Deposit
shall be returned to the winning bidder at the closing. 4) Ehlers shall bear all costs of maintaining the escrow account
and returning the funds to the winning bidder; 5) Ehlers shall not be an insurer of the Deposit amount and shall have
no liability hereunder except if it willfully fails to perform or recklessly disregards, its duties specified herein; and
6) FDIC insurance on deposits within the escrow account shall be limited to $250,000 per bidder.
No bid can be withdrawn after the time set for receiving bids unless the meeting of the Village scheduled for award
of the Bonds is adjourned, recessed, or continued to another date without award of the Bonds having been made.
AWARD
The Bonds will be awarded to the bidder offering the lowest interest rate to be determined on a True Interest Cost
(TIC) basis. The Village’s computation of the interest rate of each bid, in accordance with customary practice, will
be controlling. In the event of a tie, the sale of the Bonds will be awarded by lot. The Village reserves the right to
reject any and all bids and to waive any informality in any bid.
BOND INSURANCE
If the Bonds are qualified for any bond insurance policy, the purchase of such policy shall be at the sole option and
expense of the winning bidder. Any cost for such insurance policy is to be paid by the winning bidder, except that,
if the Village requested and received a rating on the Bonds from a rating agency, the Village will pay that rating fee.
Any rating agency fees not requested by the Village are the responsibility of the winning bidder.
Failure of the municipal bond insurer to issue the policy after the Bonds are awarded to the winning bidder shall not
constitute cause for failure or refusal by the winning bidder to accept delivery of the Bonds.
CUSIP NUMBERS
The Village will assume no obligation for the assignment or printing of CUSIP numbers on the Bonds or for the
correctness of any numbers printed thereon, but will permit such numbers to be printed at the expense of the winning
bidder, if the winning bidder waives any delay in delivery occasioned thereby.
E-3
QUALIFIED TAX-EXEMPT OBLIGATIONS
The Village will designate the Bonds as qualified tax-exempt obligations for purposes of Section 265(b)(3) of the
Internal Revenue Code of 1986, as amended.
CONTINUING DISCLOSURE
In order to assist the Underwriters in complying with the provisions of Rule 15c2-12 promulgated by the Securities
and Exchange Commission under the Securities Exchange Act of 1934 the Village will enter into an undertaking for
the benefit of the holders of the Bonds. A description of the details and terms of the undertaking is set forth in
Appendix D of the Preliminary Official Statement.
INFORMATION FROM WINNING BIDDER
The winning bidder will be required to provide, in a timely manner, certain information relating to the initial offering
prices of the Bonds necessary to compute the yield on the Bonds pursuant to the provisions of the Internal Revenue
Code of 1986, as amended.
PRELIMINARY OFFICIAL STATEMENT
Bidders may obtain a copy of the Preliminary Official Statement relating to the Bonds prior to the bid opening by
request from Ehlers at www.ehlers-inc.com by connecting to the link to the Bond Sales. The Syndicate Manager will
be provided with an electronic copy and up to 10 printed copies upon request of the Final Official Statement within
seven business days of the bid acceptance. Additional copies of the Final Official Statement will be available at a
cost of $10.00 per copy.
Information for bidders and bid forms may be obtained from Ehlers at 3060 Centre Pointe Drive, Roseville,
Minnesota 55113-1105, Telephone (651) 697-8500.
By Order of the Board of Trustees
Charles Hornung, Village Administrator/Clerk/Treasurer
Village of North Fond Du Lac, Wisconsin
E-4
BID FORM
The Board of Trustees
Village of North Fond Du Lac, Wisconsin
November 3, 2014
RE:
$1,030,000* General Obligation Refunding Bonds, Series 2014A
DATED: November 20, 2014
For all or none of the above Bonds, in accordance with the Notice of Sale and terms of the Global Book-Entry System
(unless otherwise specified by the Purchaser) as stated in this Preliminary Official Statement, we will pay you
$__________________ (not less than $1,022,790, nor more than $1,071,584) plus accrued interest to date of delivery
for fully registered Bonds bearing interest rates and maturing in the stated years as follows:
% due
2015
% due
2017
% due 2016
% due 2018
* The Village reserves the right to increase or decrease the amount of any individual maturity of the Bonds in
increments of $5,000 on the day of sale. If individual maturities are increased or decreased, the purchase price
proposed will be adjusted to maintain the same gross spread per $1,000.
A rating for this issue may not be requested without contacting Ehlers and receiving the permission of the Village.
The rate for any maturity may not be more than 1.00% less than the rate for any preceding maturity. (For
example, if a rate of 4.50% is proposed for the 2017 maturity, then the lowest rate that may be proposed for
any later maturity is 3.50%.) All Bonds of the same maturity must bear interest from date of issue until paid at a
single, uniform rate. Each rate must be expressed in an integral multiple of 5/100 or 1/8 of 1%.
We enclose our good faith deposit in the amount of $20,600, to be held by you pending delivery and payment.
Alternatively, if we are the winning bidder, we will wire our good faith deposit to KleinBank, 1550 Audubon Road,
Chaska, Minnesota, ABA No. 09191564 for credit: Ehlers & Associates Good Faith Account No. 3208138. Such
good faith deposit shall be received by Ehlers & Associates no later than two hours after the bid opening time. The
Village reserves the right to award the Bonds to a winning bidder whose wire transfer is initiated but not received by
such time provided that such winning bidder’s federal wire reference number has been received. In the event the
Deposit is not received as provided above, the Village may award the Bonds to the bidder submitting the next best
bid provided such bidder agrees to such award. If our bid is not accepted, said deposit shall be promptly returned to
us. If the good faith deposit is wired to such escrow account, we agree to the conditions and duties of Ehlers &
Associates, Inc., as escrow holder of the good faith deposit, pursuant to the Notice of Sale. This bid is for prompt
acceptance and is conditional upon delivery of said Bonds to The Depository Trust Company, New York, New York,
in accordance with the Notice of Sale. Delivery is anticipated to be on or about November 20, 2014.
This bid is subject to the Village’s agreement to enter into a written undertaking to provide continuing disclosure
under Rule 15c2-12 promulgated by the Securities and Exchange Commission under the Securities Exchange Act of
1934 as described in the Preliminary Official Statement for this Issue.
We have received and reviewed the Preliminary Official Statement and have submitted our requests for additional
information or corrections to the Final Official Statement. As Syndicate Manager, we agree to provide the Village
with the reoffering price of the Bonds within 24 hours of the bid acceptance.
Account Manager:
Account Members:
By:
Award will be on a true interest cost basis. According to our computations (the correct computation being
controlling in the award), the total dollar interest cost (including any discount or less any premium) computed from
November 20, 2014 of the above bid is $_______________and the true interest cost (TIC) is __________%.
The foregoing offer is hereby accepted by and on behalf of the Board of Trustees of the Village of North Fond Du
Lac, Wisconsin, on November 3, 2014.
By:
By:
Title:
Title:

T:\Wisaccts\North Fond Du Lac, Village\Debt Issuance

Transcription

Similar documents

VM - Village Market

ITEM MOT 00-05141 Ammunition Purchase from Kiesler Police

Newsletter - Mar 13 - SCROLL vr

June 2014

Liberty and Democracy

view pdf - Weiss Realty

AUGUST - Village of Beiseker

Don Gasgarth`s Sunday November 13th 2016 From 8:00 am to 3:00

Portmeirion - U3A Site Builder

walderslade