VILLAGE OF OAK BROOK COMPREHENSIVE ANNUAL FINANCIAL …gfoa.net/cafr/COA2012/OakBrookIL.pdf · complements this letter of transmittal and should be read in conjunction with it. Profile

VILLAGE OF OAK BROOK

COMPREHENSIVE ANNUAL FINANCIAL REPORT

For the Year Ended December 31, 2012

VILLAGE OF OAK BROOK, ILLINOIS

COMPREHENSIVE ANNUAL

FINANCIAL REPORT

For the Year Ended

December 31, 2012

Prepared by the Finance Department

Sharon Dangles

Finance Director


TABLE OF CONTENTS

Page(s)

INTRODUCTORY SECTION

Principal Officials ............................................................................................................. i

Organization Chart ............................................................................................................ ii

Certificate of Achievement for

Excellence in Financial Reporting .................................................................................. iii

Letter of Transmittal ......................................................................................................... iv-ix

FINANCIAL SECTION

INDEPENDENT AUDITOR’S REPORT ........................................................................ 1-3

GENERAL PURPOSE EXTERNAL FINANCIAL STATEMENTS

Management’s Discussion and Analysis ...................................................................... MD&A 1-14

Basic Financial Statements

Government-Wide Financial Statements

Statement of Net Position ................................................................................... 4

Statement of Activities ....................................................................................... 5-6

Fund Financial Statements

Governmental Funds

Balance Sheet ................................................................................................ 7

Reconciliation of Fund Balances of Governmental Funds to the

Governmental Activities in the Statement of Net Position ......................... 8

Statement of Revenues, Expenditures and Changes in Fund Balances ......... 9

Reconciliation of the Governmental Funds Statement of Revenues,

Expenditures and Changes in Fund Balances to the Governmental

Activities in the Statement of Activities ...................................................... 10


TABLE OF CONTENTS (Continued)

Page(s)

FINANCIAL SECTION (Continued)

GENERAL PURPOSE EXTERNAL FINANCIAL STATEMENTS (Continued)

Basic Financial Statements (Continued)

Fund Financial Statements (Continued)

Proprietary Funds

Statement of Net Position .............................................................................. 11

Statement of Revenues, Expenses and Changes in Net Position................... 12

Statement of Cash Flows ............................................................................... 13-14

Fiduciary Funds

Statement of Fiduciary Net Position .............................................................. 15

Statement of Changes in Fiduciary Net Position ........................................... 16

Notes to Financial Statements ................................................................................. 17-54

Required Supplementary Information

Schedule of Revenues, Expenditures and Changes in Fund Balance -

Budget and Actual - General Fund ........................................................................ 55

Notes to Required Supplementary Information ....................................................... 56-57

Schedule of Funding Progress

Illinois Municipal Retirement Fund ................................................................... 58

Sheriff’s Law Enforcement Personnel ................................................................ 59

Police Pension Fund ........................................................................................... 60

Firefighters’ Pension Fund ................................................................................. 61

Other Postemployment Benefit Plan .................................................................. 62

Schedule of Employer Contributions

Illinois Municipal Retirement Fund ................................................................... 63

Sheriff’s Law Enforcement Personnel ................................................................ 64

Police Pension Fund ........................................................................................... 65

Firefighters’ Pension Fund ................................................................................. 66

Other Postemployment Benefit Plan .................................................................. 67



Page(s)


COMBINING AND INDIVIDUAL FUND STATEMENTS AND SCHEDULES

MAJOR GOVERNMENTAL FUNDS

Schedule of Revenues - Budget and Actual - General Fund ................................... 68

Schedule of Expenditures - Budget and Actual - General Fund.............................. 69-75

Schedule of Revenues, Expenditures and Changes in Fund Balance -

Budget and Actual - Infrastructure Fund ............................................................... 76-77

NONMAJOR GOVERNMENTAL FUNDS

Combining Balance Sheet ....................................................................................... 78

Combining Statement of Revenues, Expenditures and

Changes in Fund Balances..................................................................................... 79

Schedule of Revenues, Expenditures and

Changes in Fund Balance - Budget and Actual

Hotel/Motel Tax Fund ........................................................................................ 80

Motor Fuel Tax Fund .......................................................................................... 81

Foreign Fire Insurance Tax Fund........................................................................ 82

Promenade TIF Fund .......................................................................................... 83

PROPRIETARY FUNDS

MAJOR ENTERPRISE FUNDS

Schedule of Revenues, Expenses and Changes in Net Position -

Budget and Actual - Waterworks System Fund................................................ 84

Schedule of Operating Expenses - Budget and Actual -

Waterworks System Fund ................................................................................. 85

Schedule of Revenues, Expenses and Changes in Net Position -

Budget and Actual - Sports Core Fund ............................................................. 86

Schedule of Operating Revenues - Budget and Actual -

Sports Core Fund .............................................................................................. 87

Schedule of Operating Expenses - Budget and Actual -

Sports Core Fund .............................................................................................. 88-90



Page(s)


COMBINING AND INDIVIDUAL FUND STATEMENTS AND SCHEDULES

(Continued)

PROPRIETARY FUNDS (Continued)

INTERNAL SERVICE FUNDS

Combining Statement of Net Position ................................................................ 91

Combining Statement of Revenues, Expenses and

Changes in Net Position ................................................................................... 92

Combining Statement of Cash Flows ................................................................. 93-94

Schedule of Revenues, Expenses and

Changes in Net Position - Budget and Actual

Self-Insurance Fund ....................................................................................... 95

Garage Fund .................................................................................................. 96

Capital Replacement Fund ............................................................................ 97

FIDUCIARY FUNDS

PENSION TRUST FUNDS

Combining Statement of Plan Net Position ........................................................ 98

Combining Statement of Changes in Plan Net Position ..................................... 99

Schedule of Changes in Plan Net Position - Budget and Actual

Police Pension Fund ...................................................................................... 100

Firefighters’ Pension Fund ............................................................................ 101

STATISTICAL SECTION

Financial Trends

Net Position by Component ..................................................................................... 102-103

Change in Net Position............................................................................................. 104-107

Fund Balances of Governmental Funds ................................................................... 108-109

Changes in Fund Balances of Governmental Funds ................................................ 110-111

Revenue Capacity

Assessed and Estimated Actual Value of Taxable Property .................................... 112

Property Tax Rates - Direct and Overlapping Governments ................................... 113

Principal Revenue Taxpayers ................................................................................... 114

Direct and Overlapping Sales Tax Rates.................................................................. 115



Page(s)

STATISTICAL SECTION (Continued)

Debt Capacity

Ratios of Outstanding Debt by Type ........................................................................ 116

Schedule of Direct and Overlapping Bonded Debt .................................................. 117

Legal Debt Margin Information ............................................................................... 118

Demographic and Economic Information

Demographic and Economic Information ................................................................ 119

Principal Employers ................................................................................................. 120

Retail Sales Volume - Top 25 Illinois Communities ............................................... 121

Sales Tax Receipts - Cash Basis .............................................................................. 122

State Sales Tax Receipts by Month - Cash Basis ..................................................... 123

Non-Home Rule Sales Tax Receipts by Month - Cash Basis .................................. 124

Sales Tax by Category .............................................................................................. 125

Non-Home Rule Sales Tax by Category .................................................................. 126

Operating Information

Budgeted Full-Time Equivalent Employees ............................................................ 127-128

Operating Indicators ................................................................................................. 129

Capital Asset Statistics ............................................................................................. 130

INTRODUCTORY SECTION

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PRINCIPAL OFFICIALS

December 31, 2012

Gopal Lalmalani, Village President

Charlotte K. Pruss, Village Clerk

BOARD OF TRUSTEES

Stelios Aktipis Gerald Wolin

Michael Manzo Asif Yusuf

Mark M. Moy Elaine Zannis

VILLAGE MANAGER

David Niemeyer, Village Manager

FINANCE DEPARTMENT

Sharon Dangles, Finance Director/Treasurer

Residents

of

Oak Brook

Village President

and Board of Trustees

Village Clerk

Village Manager Village Attorney

(General)

Assistant Village

ManagerFinance Director Chief of Police Fire Chief

Public Works /

Engineering

Director

Community

Development

Director

Oak Brook Public

Library Director

Sports Core

Director

Boards and

Commissions

Village of Oak BrookOrganization Chart

January 2013

Village Attorney

(Labor)

- ii -

Certificate of Achievement for Excellence

in Financial Reporting

Presented to

Village of Oak Brook

Illinois For its Comprehensive Annual

Financial Report

for the Fiscal Year Ended

December 31, 2011

A Certificate of Achievement for Excellence in Financial Reporting is presented by the Government Finance Officers

Association of the United States and Canada to government units and public employee retirement

systems whose comprehensive annual financial repmts (CAFRs) achieve the highest standards in government accounting

and financial reporting.

~p~ President

Executive Director

- iii -

- v -

The Village’s financial statements have been audited by Sikich, a firm of

licensed certified public accountants. The independent audit is to provide

reasonable assurance that the financial statements of the Village of Oak

Brook are free of material misstatements. The independent audit involved

examining, on a test basis, evidence supporting the amounts and

disclosures in the financial statements; assessing accounting principles

used and significant estimates made by management; and the evaluation of

the overall financial statement presentation. Based upon the audit for the

year ending December 31, 2012, the independent auditors concluded, that

there was a reasonable basis for rendering an unqualified opinion on the

Village’s financial statements. The independent auditor’s report is

presented as the first component of the financial section of this report.

Management’s discussion and analysis (MD&A) immediately follow the

independent auditor’s report and provides a narrative introduction,

overview and analysis of the basic financial statements. The MD&A

complements this letter of transmittal and should be read in conjunction

with it.

Profile of the Village of Oak Brook

The Village of Oak Brook is located approximately 15 miles west of the

Chicago Loop, near the geographic center of the seven-county Chicago

metropolitan area. Excellent transportation links are provided to all parts

of the greater metropolitan area by a network of tollways and federal and

state highways which pass through or near the Village. The Tri-State

Tollway (I-294), running along the Village’s eastern boundary, provides

rapid access to the northern and southern suburbs, and into Wisconsin and

Indiana. The East-West Tollway (I-88), passing through the Village’s

northern sector, joins the Eisenhower Expressway to the northeast,

providing direct access to Chicago’s Loop. Additional links include east-

west arteries Illinois Route 38 and U.S. Route 34, which pass,

respectively, to the north and south of the Village, and Illinois Route 83,

which bisects the community in a north-south direction. The Oak Brook

area is generally bounded on the north by the communities of Lombard,

Villa Park, Elmhurst and Oak Brook Terrace and on the south by Downers

Grove, Westmont, Clarendon Hills and Hinsdale.

The results of the 2010 Census were received in May, 2011, which shows

the Village’s total population at 7,883. This figure represents a decrease

of 819 compared to the latest 2000 census. Additional demographic

information about the Village is found in the Statistical Section of this

report.

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The Village of Oak Brook operates under the Village form of government

with an elected Village President and six (6) Trustees. Operational

management is provided by a professional manager appointed by the

Board of Trustees. The Village provides a wide range of municipal

services including general government, public safety (police and fire),

public works, road maintenance, community development and recreation

facilities and a free public library.

For additional information concerning the Village, please visit our website

at www.oak-brook.org.

Local Economy and Finances

The Village of Oak Brook has been and continues to be one of the

preeminent business centers in the Chicago metropolitan area. Several

Fortune 500 companies have facilities in the Village, including the

corporate headquarters of McDonald’s Corporation. As a retail center,

Oak Brook offers upscale shopping, fine restaurants, and Oak Brook

Center, one of the leading outdoor shopping centers in the United States.

These factors, as well as the performance of the Illinois economy over

times, have enabled the Village to operate without a real estate tax since

inception due to the sales taxes generated from retail business activities.

With sales taxes being the largest source of revenue, the local and national

economy has a significant effect on the amount of revenue the Village

receives. Like most other communities, since the late 1990’s through

2003 Oak Brook had experienced flat to declining sales tax revenue.

Starting in late 2008, the economic recession has affected sales tax

revenues, which is slowly starting to stabilize.

Although the economy is recovering slowly, the Village has worked to

retain and support existing businesses, as well as stimulate opportunities

for growth.

New Commercial Development

There are many changes and improvements now underway at Oakbrook

Center. The improvements include pavers/pavement, modernized

landscaping, signage, more efficient and effective lighting and water

features by updating the fountains that will operate 365 days per year and

coordinate with music and lights. Fire totems, which are safer than fire

pits will include soft seating and be integrated at Oakbrook Center to

create a modern, elegant look. Oakbrook Center will create a Village

Green, grassy area for events, shows and promotions for tenants. There

will also be a large digital sign and a place for movies in the park.

http://www.oak-brook.org/

- vii -

Apple Store has submitted a permit application for $6 million to relocate

within Oakbrook Center to a space nearly three times the size.

RockBridge Capital, LLC, the owners of the Le Meridian Hotel (former

Renaissance Hotel) are in the process of submitting final plans for a $21

million renovation. The hotel is expected to open in early 2014. The

Bloomingdale’s space will now have multiple tenants such as Fixtures

Living, Tommy Bahama, Hugo Boss, and the Container Store and

Lululemon will relocate for larger spacing needs. Neiman Marcus closed

their lower level space and will be occupied by two high end restaurants,

“Barry’s Steakhouse and Grill” and a microbrewery establishment. A

portion of the main level at Sear’s will be sublet to West Elm and Pottery

Barn Kids.

A new addition in 2012 was the construction of a 34,000 sq.ft. Pinstripes

indoor entertainment facility in an outlot along the west side of Oakbrook

Center. This facility offers bowling, indoor/outdoor bocce and bistro.

New Office Development

The HUB Group office building, which is an intermodal company

construction is expected to be completed by late 2013. The corporate

headquarters facility is located at 2000 Clearwater Drive. The HUB

Group will initially bring in an estimated 350 employees to the site and an

additional 250 by year 2015.

Lewis University has relocated from 2122 22nd

Street to a new 28,000

sq.ft. space at 1111 22nd

Street. In making this move, Lewis will be able

to more than double their presence in Oak Brook. Another significant

office relocation in 2012 involved the Millennium Trust group, which

consolidated its area facilities into a 60,000 sq.ft space in the Commerce

Plaza office complex.

Long-term Financial Planning

The Village uses a number of processes to accomplish financial planning

which are outlined as follows:

Goals and Objectives – this is an annual process in which the Village

Board and staff express specific objectives to be accomplished. Typically,

objectives relate to a specific task or project or to a change in methods or

operations designed to achieve the stated objective.

Roadway Maintenance Plan – this plan is based on the Village’s pavement

management database and on a visual inspection of every public street

segment in the Village. The Plan, which is updated annually, includes a

- viii -

long-range schedule of roadway maintenance activities as well as cost

projections over the next ten year period in order to plan for the orderly

maintenance of the Village’s roadway system.

Five-Year Financial Plan – this document is prepared annually in order to

provide the Village Board and the community with a five year projection

of the financial condition of each of the twelve funds that comprise the

Village’s financial structure. This document is not as precise as the annual

budget but it does project both revenues and expenditures for each of the

next five years that can assist in identifying positive and negative trends.

Annual Budget – using the information gathered through the goals and

objectives process, roadway maintenance plan, and five-year financial

plan, the annual line item budget is prepared. The budget is structured

according to cost centers (called “programs”) and sets the spending plan

for the coming year.

The foundation of all of the Village’s financial planning is centered on the

Village Board’s well publicized policy of maintaining a cash and

investment reserve in the General Fund that meets or exceeds six months

of annual operating expenses. The six month policy level, which is higher

than many other municipalities, was established due to the Village not

having the predictability of real estate tax revenue and the fact that most of

its general revenues that are collected by the State (sales and

telecommunications taxes) have a three month delay. This conservative

policy ensures that the Village will have sufficient funds on hand to

operate in an emergency situation as well as having sufficient time to

address any economic downturns. The soundness of this financial policy

has proven itself as the Village has been able to maintain adequate cash

reserves in this recessionary environment.

Major Initiatives

In 2012, the replacement of Public Works roof and HVAC screening was

completed, Public Works locker room renovation, Zetron Alert System in

both fire stations, LED lighting in the Butler Government Center,

emergency paging system at the Butler Government Center, evidence

coding system in the Police department, public safety radio system

upgrade, public works tractor and trucks were replaced and police

vehicles. Water main improvements were completed in York Woods and

Golf carts were purchased at the Sports Core. Included in the 2013 budget

is the 2013 paving program, equipment replacement items for various

departments, numerous municipal building improvements, and the fourth

out of fifth payment related to the Village’s financial obligation for the I-

FINANCIAL SECTION

INDEPENDENT AUDITOR’S REPORT

- 2 -

Opinions In our opinion, the financial statements referred to above present fairly, in all material respects, the respective financial position of the governmental activities, the business-type activities, each major fund and the aggregate remaining fund information of the Village of Oak Brook, Illinois, as of December 31, 2012, and the respective changes in financial position, and, where applicable, cash flows thereof for the year then ended in conformity with accounting principles generally accepted in the United States of America. Emphasis of Matter The Village adopted GASB Statement No. 63, Financial Reporting of Deferred Outflows of Resources, Deferred Inflows of Resources, and Net Position and GASB Statement No. 65, Items Previously Reported as Assets and Liabilities, during the year ended December 31, 2012. Statement No. 63 added new classifications on the statements of net position and changed net assets to net position. Statement No. 65 changed the classifications of certain items on the statement of net position to the new classifications contained in GASB Statement No 63. The adoption of these statements had no effect on any of the Village’s net positions or fund balances as of and for the year ended December 31, 2012. Other Matters Accounting principles generally accepted in the United States of America require that the management’s discussion and analysis and other required supplementary information listed in the table of contents be presented to supplement the basic financial statements. Such information, although not a part of the basic financial statements, is required by the Governmental Accounting Standards Board, who considers it to be an essential part of financial reporting for placing the basic financial statements in an appropriate operational, economic or historical context. We have applied certain limited procedures to the required supplementary information in accordance with auditing standards generally accepted in the United States of America, which consisted of inquiries of management about the methods of preparing the information and comparing the information for consistency with management’s responses to our inquiries, the basic financial statements, and other knowledge we obtained during our audit of the basic financial statements. We do not express an opinion or provide any assurance on the information because the limited procedures do not provide us with sufficient evidence to express an opinion or provide any assurance. Our audit was conducted for the purpose of forming opinions on the financial statements that collectively comprise the Village of Oak Brook, Illinois’ financial statements as a whole. The introductory section, combining and individual fund financial statements and schedules and statistical section are presented for purposes of additional analysis and are not a required part of the financial statements. The combining and individual fund statements and schedules are the responsibility of management and were derived from and relate directly to the underlying accounting and other records used to prepare the financial statements. The information has been subjected to the auditing procedures applied in the audit of the financial statements and certain additional procedures, including comparing and reconciling such information directly to the underlying accounting and other records used to prepare the financial statements or to the financial statements themselves, and other additional procedures in accordance with auditing standards generally accepted in the United States of America. In our opinion, the information is fairly stated in all material respects in relation to the financial statements as a whole. The introductory and statistical sections have not been subjected to the auditing procedures applied in the audit of the basic financial statements and, accordingly, we do not express an opinion or provide any assurance on them.

- 2 -

GENERAL PURPOSE EXTERNAL FINANCIAL STATEMENTS

(See independent auditor’s report) - MD&A 1 -


MANAGEMENT’S DISCUSSION AND ANALYSIS

December 31, 2012 As the management of the Village of Oak Brook (the “Village”), we offer readers of the Village’s financial statements this narrative overview and analysis of the financial activities of the Village for the fiscal year ended December 31, 2012. We encourage readers to consider the information presented here in conjunction with additional information that we have furnished in the Transmittal Letter (beginning on page iv) and the Village’s Financial Statements (beginning on page 4). This discussion and analysis is designed to (1) assist the reader in focusing on significant financial issues, (2) provide an overview of the Village’s financial activity, (3) identify changes in the Village’s financial position (its ability to address the next and subsequent year challenges), (4) identify any material deviations from the financial plan (the approved budget), and (5) identify individual fund issues or concerns.

HIGHLIGHTS Financial Highlights

• For the year ending December 31, 2012, the Village’s assets exceeded liabilities by $112.1 million (net position).

• The governmental activities reported total net position of $80.9 million, which is an

increase of $1.7 million, or 2.1%, in comparison to the prior year. The unrestricted portion of the net position is $14.0 million or 17.3% of the total.

• The business-type activities reported total net position of $31.2 million, which is an

increase of $.9 million, or 3.1% compared to last year. Approximately 4.0% of the total, or $1.2 million is unrestricted.

• The Village’s total net position increased by $2.6 million, or 2.4% compared to the prior

year. • The Village had a total of $15.3 million of unrestricted net position. • Total revenues increased $1.1 million, or 5% compared to the prior year.

• Total expenses increased $2.8 million, or 9.1%, in comparison to the prior year.

VILLAGE OF OAK BROOK, ILLINOIS MANAGEMENT’S DISCUSSION AND ANALYSIS (continued)


Government-Wide Financial Statements The government-wide financial statements are designed to provide readers with a broad overview of the Village’s finances, in a manner similar to a private-sector business. The focus of the Statement of Net Position presents information on all of the Village’s assets and liabilities, with the difference between the two reported as net position. This statement combines and consolidates governmental fund’s current financial resources (short-term spendable resources) with capital assets and long-term obligations using the accrual basis of accounting and economic resources measurement focus. Over time, increases or decreases in net position may serve as a useful indicator of whether the financial position of the Village is improving or deteriorating. The Statement of Activities presents information showing how the government’s net position changed during the most recent fiscal year. All changes in net position are reported as soon as the underlying event giving rise to the change occurs, regardless of the timing of the cash flows. Thus, revenues and expenses are reported in this statement for some items that will only result in cash flows in future fiscal periods (e.g., earned but unused compensated absences). Both of the government-wide financial statements (see pages 4-6) distinguish functions of the Village that are principally supported by taxes and intergovernmental revenues (governmental activities) from other functions that are intended to recover all or a significant portion of their costs through user fees and charges (business-type activities). The governmental activities of the Village reflect the Village’s basic services, including administration, police, fire and emergency medical services, engineering, public works, library, and community development. The business-type activities of the Village, which are based on a fee for service designed to cover all or most of the cost of operation, include the waterworks system and operations of the Oak Brook Sports Core. Fund Financial Statements Traditional users of governmental financial statements will find the Fund Financial Statements to be more familiar. The focus of the presentation is on major funds rather than fund types. A fund is a grouping of related accounts that is used to maintain control over resources that have been segregated for specific activities or objectives. The Village, like other state and local governments, uses fund accounting to ensure and demonstrate compliance with finance-related legal requirements. All of the funds of the Village can be divided into three categories: governmental funds, proprietary funds, and fiduciary funds. Governmental Funds. Governmental funds are used to account for essentially the same functions reported as governmental activities in the government-wide financial statements. However, unlike the government-wide financial statements, governmental fund financial statements focus on near-term inflows and outflows of spendable resources, as well as balances of spendable resources available at the end of the fiscal year. Such information may be useful in evaluating a government’s near-term financing requirements.



Because the focus of governmental funds is narrower than that of the government-wide financial statements, it is useful to compare the information presented for governmental funds with similar information presented for governmental activities in the government-wide financial statements. By doing so, readers may better understand the long-term impact of the government’s near-term financing decisions. Both the governmental fund balance sheet and the governmental fund statement of revenues, expenditures, and changes in fund balances provide a reconciliation to facilitate this comparison between governmental funds and governmental activities. The Village maintains 6 individual governmental funds. Information is presented separately in the governmental fund balance sheet and statement of revenues, expenditures, and changes in fund balances for the General Fund and Infrastructure Fund, both of which are considered to be “major” funds. Data from the other 4 governmental funds are combined into a single, aggregate presentation. Individual fund data for each of these nonmajor governmental funds is provided in the form of combining statements elsewhere in this report. The Village adopts an annual budget for each of its governmental funds. A budgetary comparison statement has been provided elsewhere in this report to demonstrate compliance with the budget. The basic governmental fund financial statements can be found on pages 7 through 10 of this report. Proprietary Funds. The Village maintains two different types of proprietary funds: enterprise funds and internal service funds. Enterprise funds are used to report the same functions presented as business-type activities in the government-wide financial statements. The Village uses enterprise funds to account for its waterworks system and the operations of the Oak Brook Sports Core. Internal service funds are an accounting device used to accumulate and allocate costs internally among the Village’s various functions. The Village uses internal service funds to account for the costs of health and dental insurance, garage operations, and the advance funding of equipment replacement. Because the Village’s costs for these items relate to both governmental and business-type functions, the costs have been allocated to each type of activity where appropriate. Proprietary funds provide the same type of information as the government-wide financial statements, only in more detail. The proprietary fund financial statements provide separate information for the Waterworks System and the Oak Brook Sports Core, both of which are considered to be major funds of the Village. Conversely, the internal service funds are combined into a single, aggregated presentation in the proprietary fund financial statements. Individual fund data for the internal service funds is provided in the form of combining statements elsewhere in this report. The basic proprietary fund financial statements can be found on pages 11 through 14 of this report.



Fiduciary Funds. Fiduciary funds are used to account for resources held for the benefit of parties outside of the government. Fiduciary funds are not reflected in the government-wide financial statements because the resources of those funds are not available to support the Village’s own programs. The accounting used for fiduciary funds is much like that used for proprietary funds. The Village maintains two fiduciary funds: the Police Pension Fund and the Firefighters’ Pension Fund. The basic fiduciary fund financial statements can be found on pages 15 and 16 of this report. Infrastructure Assets Prior to 2003, the Village’s largest group of assets (infrastructure assets- roads, bridges, storm sewers, etc.) were not reported nor depreciated in governmental financial statements. GASB Statement No. 34, which was implemented in 2003, requires that these assets be valued and reported within the Governmental column of the Government-wide Statements. Additionally, the Village must elect to (1) depreciate the assets over their estimated useful life or (2) develop a system of asset management designed to maintain the service delivery potential to near perpetuity (modified approach). The Village has chosen to depreciate assets over their useful life. If a road project is considered maintenance-a recurring cost that does not extend the original useful life or expand its capacity-the cost of the project will be expensed. An “overlay” of a road will be considered maintenance whereas a “rebuild” of a road will be capitalized. Notes to the Financial Statements The notes provide additional information that is essential to a full understanding of the data provided in the government-wide and fund financial statements. The notes to the financial statements can be found on pages 17 through 54 of this report. Other Information In addition to the basic financial statements and accompanying notes, this report also presents certain required supplementary information concerning the Village’s progress in funding its obligation to provide benefits to its employees. Required supplementary information can be found on pages 55 through 67 of this report. The combining statements referred to earlier in connection with nonmajor governmental funds, nonmajor enterprise funds, and internal service funds are presented immediately following the required supplementary information on pensions. Combining and individual fund statements and schedules can be found on pages 68 through 101 of this report. Financial Analysis of the Village as a Whole Beyond presenting current year financial information in the government-wide and major individual fund formats, the Village also presents comparative information from the prior year in the Management’s Discussion and Analysis. By doing so, the Village is providing an additional means of analyzing its financial condition and financial position as of December 31, 2012.



GOVERNMENT-WIDE STATEMENTS The Government-wide Financial Statements were designed so that the user can determine if the Village’s financial position has improved or deteriorated from the prior year. The Village’s overall financial condition has remained stable. Summary of Net Position The following table reflects a Summary of Net Position for fiscal years 2012 and 2011.

Table 1 Statement of Net Position

As of December 31, 2012 and 2011 (in millions)

2012 2011 2012 2011 2012 2011

Current and Other Assets 31.5$ 31.8$ 1.9$ 2.6$ 33.4$ 34.4$ Capital Assets 60.4 60.8 30.1 28.9 90.5 89.7 Total Assets 91.9 92.6 32.0 31.5 123.9 124.1

Long-Term Liabilities 8.4 10.1 0.3 0.6 8.7 10.7 Other Liabilities 2.6 3.3 0.5 0.6 3.1 3.9 Total Liabilities 11.0 13.4 0.8 1.2 11.8 14.6

Net Position:Net Investment in capital assets 57.6 56.2 30.0 28.5 87.6 84.7 Restricted 9.3 9.4 - - 9.3 9.4 Unrestricted 14.0 13.7 1.2 1.8 15.2 15.5 Total Net Position 80.9$ 79.3$ 31.2$ 30.3$ 112.1$ 109.5$

Governmental Business-Type Total PrimaryActivities Activities Government

The Village’s combined net position increased by $2.6 mi1lion from $109.5 to $112.1 million during 2012. The increase in net position of governmental activities is mainly due to an increase in receivables due from the Sports Core Fund. The increase in net position of business-type activities is primarily due to the capitalization of fixed assets.



The net investment in capital assets is the largest portion of net position. This represents capital assets (land, buildings, improvements, equipment, infrastructure and construction in progress), net of accumulated depreciation, and the outstanding related debt used to acquire the assets. The Village uses these capital assets to provide services to its citizens and these assets are not available for future spending. For more detailed information, see the Statement of Net Position on page 3. Summary of Changes in Net Position The following table summarizes the revenues and expenses of the Village’s activities for 2012 and 2011:

Table 2 Changes in Net Position

For the Fiscal Year Ended December 31, 2012 and 2011 (in millions)

2012 2011 2012 2011 2012 2011

REVENUESProgram Revenues:

Charges for Services 2.7$ 2.6$ 9.8$ 8.1$ 12.5$ 10.7$ Grants and Contributions 0.3 1.0 0.3 1.0

General Revenues:Sales and Local Use Taxes 16.7 16.0 16.7 16.0 Utility Taxes 4.9 4.7 4.9 4.7 Other Taxes 2.4 2.2 2.4 2.2 Investment Income - - - - Other - - - - Total Revenues 27.0 26.5 9.8 8.1 36.8 34.6

EXPENSESGeneral Government 3.7 4.2 3.7 4.2 Public Safety 13.4 12.3 13.4 12.3 Public Works 6.1 4.9 6.1 4.9 Culture and Recreation 1.8 1.7 1.8 1.7 Waterworks System - - 5.6 4.9 5.6 4.9 Sports Core - - 3.3 3.1 3.3 3.1 Interest on Long-Term Debt 0.4 0.4 0.4 0.4

Total Expenses 25.4 23.5 8.9 8.0 34.3 31.5

Change in Net Position 1.6$ 3.0$ 0.9$ 0.1$ 2.5$ 3.1$

Total Net Position 80.9$ 79.3$ 31.2$ 30.3$ 112.1$ 109.5$

Total PrimaryGovernment

GovernmentalActivities

Business-TypeActivities



Total revenues increased $2.2 million, or 6.4 %, compared to the prior year. Total expenses increased $2.8 million, or 8.9%, compared to the prior year. Governmental Activities The net position of the Villages governmental activities increased by $1.6 million. The increase in the governmental activities net investment in capital assets is $1.4 million or 2.5% compared to the prior year. The following chart shows revenues by source of governmental activities by percent of total revenues.

Charges for Services10.10%

Grants and Contributions

.99%

Sales and Use Taxes

61.67%

Utility Taxes18.12%

OtherTaxes8.84%

Other.28%

2012 Revenues By Source - Governmental Activities



The following is a chart of revenues by source for governmental activities for fiscal years 2012 and 2011.

$0 $2 $4 $6 $8 $10 $12 $14 $16 $18Millions

Revenues by Source - Governmental Activities

20112012

Current Year Impacts

Revenues – Governmental Activities For the fiscal year ended December 31, 2012, revenues totaled $27.0 million, an increase of $.6 million from 2011. Revenue from sales and use taxes, which continues to be the Village’s largest revenue source, amounted to more than $16.0 million or 61.7% of total revenue, an increase of $.7 million or 4.1% from 2011. Utility taxes, which include the taxes imposed on electric, natural gas, and telecommunications services, were $4.9 million or 18.1% of total revenues. This represents an increase of 5.2% from the comparable amount in 2011. The “other taxes” classification includes a number of different revenue sources including income taxes, personal property replacement taxes, and hotel taxes. For 2012, these revenues were $2.4 million or 8.9% of total revenues, with an increase of $.2 million or 9.6% from 2011. Personal property replacement taxes, income taxes and hotel taxes increased when compared to last year. Charges for services, which include revenue such as building/inspection fees, permit fees, ambulance fees have increased $.1 million, which is primarily attributed to an increase in the amount of permits compared to 2011. Investment income is still experiencing low investment yields and no significant change compared to 2011.



$0$2$4$6$8

$10$12$14$16

Mill

ions

Expenses by Function - Governmental Activities

2012

2011

Expenses by Function – Governmental Activities Expenses for the Village of Oak Brook for Governmental activities amounted to a total of $25.4 million in 2012, an increase of $2.0 million from 2011. As required by GASB Statement No. 34, the expense totals include depreciation expense of $1.8 million for governmental activities. Depreciation expense, which includes depreciation on infrastructure, has been allocated over the most appropriate functional categories. Public Safety (Police) – these expenses reported in governmental activities increased $.7 million, or 11.0% compared to the prior year due to contract raises, moving from a 80 hour to 84 hour work period, being short 3 officers, and retirement payouts. Public Safety (Fire) – these expenses reported in governmental activities increased $.4 million, or 8.5% compared to the prior year. This was due to contract raises and a retirement with the final payouts. Public works expenses were $6.1 million, an increase of $1.2 million from 2011 due to Roadway Improvements. Culture and recreation expenses were $1.8 million, which is not a significant change comparable to 2011. Additionally, the General Fund had reduced expenses $.5 million, or 12.5% compared to the prior year. The Village made a concerted effort to not increase expenditure spending due to the unforeseen future in the current economic environment.



Business-type Activities The business-type activities in net position increased by $.9 million. The net investment in capital assets increased by $1.5 million compared to last year mainly due to infrastructure projects that occurred in 2012. For business-type activities, revenues for the waterworks system were $6.7 million which increased $1.4 million compared to the prior year. This was due to an increase in water sales revenue of 28.9% compared to 2011 and an increase in 2012 water rates. Revenues for Sports Core were $3.2 million, which increased $.3 million compared to the prior year. This was mainly due to an increase in the overall improvement of sales compared to 2011. For business-type activities, expenses for the waterworks system were $5.6 million or 63.4% of total expenses, which is an increase of $0.7 million from 2011. Sports Core expenses were $3.3 million or 36.6% of total expenses, no significant change from 2011.

FINANCIAL ANALYSIS OF THE VILLAGES FUNDS Governmental Funds As noted earlier, the Village of Oak Brook uses fund accounting to ensure and demonstrate compliance with finance-related legal requirements. As of December 31, 2012, the governmental funds (as presented on the balance sheet on page 7) had a combined fund balance of $26.9 million, which is an increase of $1.6 million over the prior year. The economy has shown some signs of recovery in consumer spending and user fees used to support the General Fund. The Infrastructure Fund, which is primarily supported by the Village’s non-home rule sales tax, decreased by .5 million compared to 2011 due to a decrease in intergovernmental revenues and increase in expenditures. The non-major governmental funds had an increase of $.4 million due primarily to expenditures in the Hotel Beautification District in 2012. Proprietary Funds Net position for the Village’s two business-type activities increased $0.9 million from 2011 (see pages 11-12). In the Water Fund, net position increased due to an increase in capital assets. In the Sports Core Fund, net position decreased slightly by $0.1 million due to an increase in total liabilities. In 2003, the Village Board policy was to require budget transfers when an individual program or fund exceeds its budget in total. In addition to these program transfers, beginning in 2004 the Village Board approved an ordinance requiring a budget transfer for any individual line item account that exceeded its budget by more than 110%. In October, 2006 this policy was further revised by eliminating the 110% threshold and instead requiring a line item budget transfer for any variance exceeding $10,000 in a personnel series account and variances exceeding $2,500 in all other accounts. In order to stay in compliance with these policies, the Village Board amended the original budget on seven occasions during the year.



Table 3 General Fund Budgetary Highlights

For the Fiscal Year Ended December 31, 2012 Intergovernmental 10,655,000$ 10,655,000$ 11,251,155$ Utility Taxes 4,640,000 4,640,000 4,900,869 Licenses & Permits 839,900 839,900 1,201,998 Charges for Services 1,133,700 1,133,700 970,778 Other 1,777,430 1,777,430 1,749,669

Total Revenues and Transfers 19,046,030 19,046,030 20,074,469

EXPENDITURESGeneral Government 3,550,835 3,507,435 3,579,426 Public Safety 12,822,210 12,862,560 12,794,191 Public Works 647,845 639,645 496,895 Culture and Recreation 941,130 941,130 896,889 Debt Service 295,005 295,005 295,003 Capital Outlay 785,005 796,255 728,583

Total Expenditures and Transfers 19,042,030 19,042,030 18,790,987

OTHER FINANCING SOURCES (USES)Transfers In - - 275,000

Change in Fund Balance 4,000$ 4,000$ 1,558,482$

Intergovernmental revenues were over budget due primarily to sales tax revenue receipts being $.6 million higher than budget projections. Charges for services were under budget due to a decrease in special services and false alarm fees for police and fire. Licenses and permits were over budget due to increased permit activity. Actual expenditures were $.2 million below of the original and amended budget. Due to the unforeseen future in the economic environment, the Village limited spending to only essential items in 2012 and a number of positions continued to be left vacant.



Capital Assets The following schedule reflects the Village’s capital asset balances as of December 31, 2012 and 2011.

Table 4 Capital Assets

As of December 31, 2012 and 2011 (in millions)

2012 2011 2012 2011 2012 2011

Land and Land Right of Way 32.3$ 32.3$ 8.3$ 8.3$ 40.6$ 40.6$ Buildings and Land Improvements 19.4 19.1 8.7 8.7 28.1 27.8 Machinery, Vehicles, and Equipment 9.3 8.8 5.8 5.7 15.1 14.5 Infrastructure 34.3 34.3 23.8 22.2 58.1 56.5 Construction in Progress - - - 0.1 - 0.1

95.3 94.5 46.6 45.0 141.9 139.5 Less:

Accumulated Depreciation (34.9) (33.7) (16.5) (16.1) (51.4) (49.8) Total 60.4$ 60.8$ 30.1$ 28.9$ 90.5$ 89.7$

TotalGovernmental

ActivitiesBusiness-Type

Activities

At year-end, the Village’s investment in capital assets (net of accumulated depreciation) for both its governmental and business-type activities was $90.5 million, an increase of $.8 million from 2011 (see Note 5 in the Notes to the Financial Statements for further information regarding capital assets). Major capital asset events during 2012 included the following: • Building Improvements at Heritage Center, replacement of Public Works roof and HVAC

screening, Public Works locker room renovation, Zetron Alert System in both fire stations, LED lighting in the Butler Government Center, carpet replacement in the administration area, access control system, emergency paging system at the Butler Government Center, evidence coding system in the Police department, WIFI project, smart board, and public safety radio system upgrade totaling $.4 million that were purchased for use in governmental activities.

• For business-type activities, the majority was due to water main improvements in York Woods totaling $1.6 million and Golf carts for $.2 million.



Long-Term Debt As a non-home rule community, the Village’s legal general obligation debt limit is 8.625 percent of equalized assessed valuation (EAV), or $127,507,981 based on January 1, 2011 EAV of $1,493,831,669. As of December 31, 2012, the Village has $1,335,000 of debt outstanding attributed to one installment contracts that is applicable to the legal limit (see Note 7 in the Notes to the Financial Statements for details of each issue). The table below summarizes the Village’s outstanding long-term debt:

Table 5 Long-term Debt

As of December 31, 2012

Governmental Business-TypeActivities Activities Total

General Fund Certificates:Series 2009 (Refunding) 1,335,000$ -$ 1,335,000$ Note Payable 5,558,930 168,837 5,727,767

Total 6,893,930$ 168,837$ 7,062,767$

The General Fund Certificates are general obligations of the Village but are not secured by a pledge of property taxes. The General Fund Certificates, Series 2009 (refunding) received a rating of Aa2 from Moody’s Investor Service, Inc.. The Village has two note payables, in which one is to the Illinois State Toll Highway in connection with the intergovernmental agreement between the Village, the Tollway and the Illinois Department of Transportation. The Village has one remaining annual installment until it’s retired in 2013. The balance on the Illinois State Toll Highway note payable at December 31, 2012 is $1.7 million. The Village’s second note payable is to the Tax Increment Financing (TIF) District developers for certain improvements in the TIF area located at the Promenade (22nd Street and Meyers Road). The TIF Note is not a general obligation to the Village and it expires in 2024. Repayment of the note is limited to the availability of pledged taxes. The balance on the TIF redevelopment agreement at December 31, 2012 is $4.1 million. Economic Factors and Next Year’s Budget Whereas real estate taxes are typically a major source of revenue in most other municipalities, the Village of Oak Brook does not levy a tax on real estate. In addition, since Oak Brook is a non-home rule community and is subject to the tax cap, this effectively limits the Village’s real estate tax levy at $-0-. Thus, as compared to other municipalities, Oak Brook’s revenue stream is much more dependent on the local and national economy since sales taxes, utility taxes, and state-shared revenues are the primary sources of income to the Village.



During the current fiscal year, unassigned fund balance in the General Fund increased from $13.5 million to $14.8 million primarily due to an increase in receivables due from the Sports Core Fund as explained previously. The Village’s intent is to hold this fund balance in reserves and was not used in the 2013 fiscal year budget. The 2013 Budget continues to be a conservative financial plan while providing excellent services to its residents and business community. The 2013 budgeted revenues are $49.8 million, a 10% increase from the 2012 Budget. This is mostly due to an increase in Water revenues of 20% increase which will be passed on from the DuPage Water Commission and the City of Chicago. The total spending in the 2013 Budget is $46.9 million, a decrease of $2.2 million, or 4.6% from the 2012 Budget. This is mainly due to a reduction in major capital improvements in the Infrastructure and Water Funds. The projected ending cash balance for 2013 in the General Corporate Fund of $11.4 million is equal to 7.4 months of operating expenditures, which is above the six month reserve requirement.

CONTACTING THE VILLAGE’S FINANCIAL MANAGEMENT This financial report is designed to provide our citizens, customers, investors and creditors with a general overview of the Village’s finances and to demonstrate accountability for the money it receives. Questions concerning this report or requests for additional financial information should be directed to Sharon A. Dangles, Finance Director/Treasurer, Village of Oak Brook, 1200 Oak Brook Road, Oak Brook, IL 60523.

Governmental Business-Type

Activities Activities Total

ASSETS

Cash and investments 22,119,857$ 3,071,628$ 25,191,485$

Receivables (net of allowances

for uncollectibles)

Sales taxes 4,990,442 - 4,990,442

Utility taxes 835,669 - 835,669

Accounts 389,474 - 389,474

Billed and unbilled water sales - 553,365 553,365

Allotments 16,318 - 16,318

Accrued interest 48,046 8,417 56,463

Other 1,013,054 111,050 1,124,104

Advances to (from) other funds 2,545,898 (2,545,898) -

Internal balances (530,135) 530,135 -

Inventories 48,509 138,394 186,903

Prepaid expenses 18,166 - 18,166

Capital assets

Nondepreciable 32,304,134 8,292,266 40,596,400

28,118,344 21,828,683 49,947,027

Total assets 91,917,776 31,988,040 123,905,816

LIABILITIES

Accounts payable 1,067,991 368,179 1,436,170

Accrued payroll 370,564 43,346 413,910

Accrued interest 140,727 - 140,727

Claims payable 176,970 - 176,970

Deposits 667,504 92,348 759,852

Unearned revenue 158,357 24,425 182,782

Long-term liabilities

Due within one year 2,769,417 258,942 3,028,359

Due in more than one year 5,619,180 - 5,619,180

Total liabilities 10,970,710 787,240 11,757,950

NET POSITION

Net investment in capital assets 57,583,524 29,952,112 87,535,636

Restricted for

Infrastructure 5,398,644 - 5,398,644

Maintenance of roadways 694,118 - 694,118

Public safety 233,204 - 233,204

Culture and recreation 2,775,235 - 2,775,235

Economic development 221,926 - 221,926

Unrestricted 14,040,415 1,248,688 15,289,103

TOTAL NET POSITION 80,947,066$ 31,200,800$ 112,147,866$


STATEMENT OF NET POSITION

December 31, 2012

Depreciable, net of accumulated depreciation

See accompanying notes to financial statements.- 4 -

FUNCTIONS/PROGRAMS Charges Operating Capital

PRIMARY GOVERNMENT Expenses for Services Grants Grants

Governmental Activities

General government 3,657,138$ 1,585,423$ 37,242$ -$

Public safety 13,423,674 1,115,014 - -

Public works 6,114,695 14,334 230,030 -

Culture and recreation 1,782,958 18,003 - -

Interest 371,928 - - -

Total governmental activities 25,350,393 2,732,774 267,272 -

Business-Type Activities

Waterworks System 5,649,700 6,666,679 3,525 -

Sports Core 3,257,847 3,178,211 - -

Total business-type activities 8,907,547 9,844,890 3,525 -

TOTAL PRIMARY GOVERNMENT 34,257,940$ 12,577,664$ 270,797$ -$

Program Revenues


STATEMENT OF ACTIVITIES


- 5 -

Governmental Business-Type

Activities Activities Total

(2,034,473)$ -$ (2,034,473)$

(12,308,660) - (12,308,660)

(5,870,331) - (5,870,331)

(1,764,955) - (1,764,955)

(371,928) - (371,928)

(22,350,347) - (22,350,347)

- 1,020,504 1,020,504

- (79,636) (79,636)

- 940,868 940,868

(22,350,347) 940,868 (21,409,479)

General Revenues

Taxes

Property 361,973 - 361,973

Replacement 268,229 - 268,229

Sales, local use 16,680,169 - 16,680,169

Utility 4,900,869 - 4,900,869

Hotel/motel 940,008 - 940,008

Income 692,659 - 692,659

Other 128,450 - 128,450

Investment income 47,363 6,082 53,445

Miscellaneous 27,107 - 27,107

Total 24,046,827 6,082 24,052,909

CHANGE IN NET POSITION 1,696,480 946,950 2,643,430

NET POSITION, JANUARY 1 79,250,586 30,253,850 109,504,436

NET POSITION, DECEMBER 31 80,947,066$ 31,200,800$ 112,147,866$

Net (Expense) Revenue and Change in Net Position

Primary Government


Nonmajor

Governmental Total

General Infrastructure Funds Governmental

ASSETS

Cash and investments 11,573,014$ 3,376,337$ 3,831,628$ 18,780,979$

Receivables

Sales taxes 3,404,556 1,585,886 - 4,990,442

Utility taxes 835,669 - - 835,669

Accounts 389,474 - - 389,474

Allotments - - 16,318 16,318

Accrued interest 38,823 716 1,799 41,338

Other 282,127 574,518 102,579 959,224

Advances to other funds 2,545,898 - - 2,545,898

TOTAL ASSETS 19,069,561$ 5,537,457$ 3,952,324$ 28,559,342$

LIABILITIES

Accounts payable 462,626$ 57,518$ 27,841$ 547,985$

Accrued payroll 331,726 30,622 - 362,348

Deposits payable 667,504 - - 667,504

Unearned revenue 64,748 50,673 - 115,421

Total liabilities 1,526,604 138,813 27,841 1,693,258

FUND BALANCES

Nonspendable

Advances 2,545,898 - - 2,545,898

Restricted

Infrastructure - 5,398,644 - 5,398,644

Highways and streets - - 694,118 694,118

Public safety - - 233,204 233,204

Culture and recreation - - 2,775,235 2,775,235

Economic development - - 221,926 221,926

Unrestricted

Committed

Employee retirement contributions 224,878 - - 224,878

Unassigned

General Fund 14,772,181 - - 14,772,181

Total fund balances 17,542,957 5,398,644 3,924,483 26,866,084

TOTAL LIABILITIES AND

FUND BALANCES 19,069,561$ 5,537,457$ 3,952,324$ 28,559,342$

LIABILITIES AND FUND BALANCES


GOVERNMENTAL FUNDS

BALANCE SHEET

December 31, 2012


FUND BALANCES OF GOVERNMENTAL FUNDS 26,866,084$

Amounts reported for governmental activities in the

statement of net position are different because:

Capital assets used in governmental activities, excluding the

internal service fund capital assets below, are not financial

resources and, therefore, are not reported in the governmental funds 57,910,163

Interest payable is not due and payable in the current period

and, therefore, is not reported in the governmental funds (140,727)

Long-term liabilities are not due and payable in the current

period and, therefore, are not reported in the

governmental funds

Installment contracts payable (1,335,000)

Notes payable (5,558,930)

Compensated absences payable (997,394)

Net pension obligation (358,846)

Net other postemployment benefit obligation (125,358)

A portion of the net position of the internal service funds

are included in the governmental activities in the

statement of net position

Capital assets 2,512,315

Other net position 2,174,759

NET POSITION OF GOVERNMENTAL ACTIVITIES 80,947,066$

December 31, 2012


RECONCILIATION OF FUND BALANCES OF GOVERNMENTAL FUNDS TO THE

GOVERNMENTAL ACTIVITIES IN THE STATEMENT OF NET POSITION


CHANGES IN FUND BALANCES

Nonmajor Total

Governmental Governmental

General Infrastructure Funds Funds

REVENUES

Intergovernmental 12,387,361$ -$ 780,946$ 13,168,307$

Non-home rule sales tax - 5,230,137 - 5,230,137

Utility taxes 4,900,869 - - 4,900,869

Hotel/motel taxes - - 940,008 940,008

Licenses and permits 1,201,998 - - 1,201,998

Charges for services 970,778 - - 970,778

Fines and penalties 231,865 - - 231,865

Investment income 31,430 9,256 6,677 47,363

Miscellaneous 350,168 5,380 - 355,548

Total revenues 20,074,469 5,244,773 1,727,631 27,046,873

EXPENDITURES

Current

General government 3,595,058 - 5,003 3,600,061

Public safety 12,900,045 - 86,685 12,986,730

Public works 496,895 4,209,836 - 4,706,731

Culture and recreation 896,889 - 741,974 1,638,863

Capital outlay 607,097 - - 607,097

Debt service

Principal 250,000 1,501,163 91,000 1,842,163

Interest and fiscal charges 45,003 - 330,039 375,042

Total expenditures 18,790,987 5,710,999 1,254,701 25,756,687

EXCESS (DEFICIENCY) OF REVENUES

OVER EXPENDITURES 1,283,482 (466,226) 472,930 1,290,186

OTHER FINANCING SOURCES (USES)

Transfers in 275,000 - - 275,000

Total other financing sources (uses) 275,000 - - 275,000

NET CHANGE IN FUND BALANCES 1,558,482 (466,226) 472,930 1,565,186

FUND BALANCES, JANUARY 1 15,984,475 5,864,870 3,451,553 25,300,898

FUND BALANCES, DECEMBER 31 17,542,957$ 5,398,644$ 3,924,483$ 26,866,084$



GOVERNMENTAL FUNDS

STATEMENT OF REVENUES, EXPENDITURES AND


NET CHANGE IN FUND BALANCES -

TOTAL GOVERNMENTAL FUNDS 1,565,186$

Amounts reported for governmental activities in the statement of

activities are different because:

Governmental funds report capital outlays as expenditures;

however, they are capitalized and depreciated in the

statement of activities 412,719

The repayment of long-term debt is reported as an

expenditure when due in governmental funds but as

a reduction of principal outstanding in the statement

of activities 1,842,163

Some expenses in the statement of activities do not require the

use of current financial resources and, therefore, are not

reported as expenditures in governmental funds

Depreciation, including internal service funds (1,776,928)

Change in compensated absences (13,606)

Change in interest payable 3,114

Change in net pension obligation (60,110)

Change in net postemployment benefits obligation (50,282)

The change in net position of certain activities of internal service

funds, excluding depreciation, is included in governmental activities (225,776)

CHANGES IN NET POSITION OF GOVERNMENTAL ACTIVITIES 1,696,480$



RECONCILIATION OF THE GOVERNMENTAL FUNDS STATEMENT OF REVENUES,

GOVERNMENTAL ACTIVITIES IN THE STATEMENT OF ACTIVITIES

EXPENDITURES AND CHANGES IN FUND BALANCES TO THE


Waterworks Internal

System Sports Core Total Service

CURRENT ASSETS

Cash and investments 2,886,549$ 185,079$ 3,071,628$ 3,338,878$

Receivables

Billed and unbilled water sales 553,365 - 553,365 -

Accrued interest 8,404 13 8,417 6,708

Other 7,149 103,901 111,050 53,830

Inventories - 138,394 138,394 48,509

Prepaid expenses - - - 18,166

Total current assets 3,455,467 427,387 3,882,854 3,466,091

CAPITAL ASSETS

Nondepreciable 215,800 8,076,466 8,292,266 -

Depreciable, net of accumulated depreciation 17,493,170 4,335,513 21,828,683 2,512,315

Total capital assets 17,708,970 12,411,979 30,120,949 2,512,315

Total assets 21,164,437 12,839,366 34,003,803 5,978,406

CURRENT LIABILITIES

Accounts payable 338,785 29,394 368,179 520,006

Accrued payroll 27,890 15,456 43,346 8,216

Compensated absences payable 45,563 44,542 90,105 13,069

Deposits - 92,348 92,348 -

Unearned revenue - 24,425 24,425 42,936

Note payable 168,837 - 168,837 -

Claims payable - - - 176,970

Total current liabilities 581,075 206,165 787,240 761,197

LONG-TERM LIABILITIES

Advances from other funds - 2,545,898 2,545,898 -

Total long-term liabilities - 2,545,898 2,545,898 -

Total liabilities 581,075 2,752,063 3,333,138 761,197

NET POSITION

Net investment in capital assets 17,540,133 12,411,979 29,952,112 2,512,315

Unrestricted 3,043,229 (2,324,676) 718,553 2,704,894

TOTAL NET POSITION 20,583,362$ 10,087,303$ 30,670,665 5,217,209$

Adjustment to reflect the consolidation of internal service

fund activities related to enterprise funds 530,135

TOTAL NET POSITION OF BUSINESS-TYPE ACTIVITIES 31,200,800$



PROPRIETARY FUNDS

STATEMENT OF NET POSITION

December 31, 2012



PROPRIETARY FUNDS

STATEMENT OF REVENUES, EXPENSES AND CHANGES IN NET POSITION


Waterworks Internal


OPERATING REVENUES

Charges for services 6,768,025$ 3,178,211$ 9,946,236$ 3,631,858$

Total operating revenues 6,768,025 3,178,211 9,946,236 3,631,858

OPERATING EXPENSES

Operations 5,127,796 2,980,174 8,107,970 690,521

Claims and insurance - - - 3,104,327

Miscellaneous - - - 5,064

Depreciation and amortization 543,348 272,674 816,022 381,473

Total operating expenses 5,671,144 3,252,848 8,923,992 4,181,385

OPERATING INCOME (LOSS) 1,096,881 (74,637) 1,022,244 (549,527)

NONOPERATING REVENUES (EXPENSES)

Investment income 5,609 473 6,082 11,356

Grants - 3,525 3,525 -

Miscellaneous income - - - 2,238

Gain (loss) on sale of capital assets (10,577) 63,301 52,724 71,058

Interest expense - (4,999) (4,999) -

Total nonoperating revenues (expenses) (4,968) 62,300 57,332 84,652

INCOME (LOSS) BEFORE TRANSFERS 1,091,913 (12,337) 1,079,576 (464,875)

TRANSFERS (OUT) - - - (275,000)

CHANGE IN NET POSITION 1,091,913 (12,337) 1,079,576 (739,875)

NET POSITION, JANUARY 1 19,491,449 10,099,640 5,957,084

NET POSITION, DECEMBER 31 20,583,362$ 10,087,303$ 5,217,209$

Adjustment to reflect the consolidation

of internal service fund activities related

to enterprise funds (132,626)

CHANGE IN NET POSITION OF

BUSINESS-TYPE ACTIVITIES 946,950$




PROPRIETARY FUNDS

STATEMENT OF CASH FLOWS


Waterworks Internal


CASH FLOWS FROM OPERATING ACTIVITIES

Receipts from internal services transactions -$ -$ -$ 2,757,883$

Receipts from customers and users 6,733,923 3,121,917 9,855,840 852,124

Payments to suppliers (4,384,076) (1,433,153) (5,817,229) (3,217,281)

Payments to employees (738,238) (1,546,658) (2,284,896) (231,399)

Net cash from operating activities 1,611,609 142,106 1,753,715 161,327

CASH FLOWS FROM NONCAPITAL

FINANCING ACTIVITIES

Miscellaneous nonoperating receipts - - - 2,238

Receipt of interfund loan - 458,898 458,898 (275,000)

Receipt of grant proceeds - 3,525 3,525 -

Net cash from noncapital

financing activities - 462,423 462,423 (272,762)

CASH FLOWS FROM CAPITAL AND

RELATED FINANCING ACTIVITIES

Purchase of capital assets (1,717,579) (440,230) (2,157,809) (1,021,167)

Proceeds from sale of capital assets - 68,596 68,596 76,943

Principal paid on installment contract payable (168,837) (125,000) (293,837) -

Interest paid - (5,339) (5,339) -

Net cash from capital and

related financing activities (1,886,416) (501,973) (2,388,389) (944,224)

CASH FLOWS FROM INVESTING ACTIVITIES

Purchase of investments (583,747) (57,432) (641,179) (1,106,263)

Sale of investments - - - -

Interest received (2,795) 460 (2,335) 4,649

Net cash from investing activities (586,542) (56,972) (643,514) (1,101,614)

NET INCREASE (DECREASE) IN CASH AND

CASH EQUIVALENTS (861,349) 45,584 (815,765) (2,157,273)

CASH AND CASH EQUIVALENTS,

JANUARY 1 2,251,021 911 2,251,932 3,661,060


DECEMBER 31 1,389,672$ 46,495$ 1,436,167$ 1,503,787$


(This statement is continued on the following page.)- 13 -


PROPRIETARY FUNDS

STATEMENT OF CASH FLOWS (Continued)


Waterworks Internal


CASH AND INVESTMENTS

Cash and cash equivalents 1,389,672$ 46,495$ 1,436,167$ 1,503,787$

Investments 1,496,877 138,584 1,635,461 1,835,091

TOTAL CASH AND INVESTMENTS 2,886,549$ 185,079$ 3,071,628$ 3,338,878$

RECONCILIATION OF OPERATING INCOME (LOSS)

TO NET CASH FLOWS FROM OPERATING ACTIVITIES

Operating income (loss) 1,096,881$ (74,637)$ 1,022,244$ (549,527)$

Depreciation and amortization 543,348 272,674 816,022 381,473

Adjustments to reconcile operating income (loss)

to net cash from operating activities

Changes in assets and liabilities

Accounts receivable (28,276) - (28,276) (20,129)

Other receivable (5,826) (59,666) (65,492) -

Inventories - (5,230) (5,230) (367)

Accounts payable - 5,095 5,095 278,828

Accrued payroll and compensated absences 5,482 498 5,980 (1,220)

Deposits payable - 9,530 9,530 -

Unearned revenue - (6,158) (6,158) 1,799

Claims payable - - - 70,470

NET CASH FROM OPERATING ACTIVITIES 1,611,609$ 142,106$ 1,753,715$ 161,327$




STATEMENT OF FIDUCIARY NET POSITION

December 31, 2012

ASSETS

Cash 294,595$

Investments

Illinois Funds 167,990

Money market mutual funds 2,209,154

U.S. Treasury securities 1,955,337

U.S. agency securities 13,098,565

State and local obligations 2,837,916

Corporate bonds 6,516,274

Mutual funds 24,095,918

Equities 1,791,513

Accrued interest receivable 212,101

Total assets 53,179,363

LIABILITIES

Accounts payable 24,968

Total liabilities 24,968

NET POSITION HELD IN TRUST FOR

PENSION BENEFITS 53,154,395$



STATEMENT OF CHANGES IN FIDUCIARY NET POSITION


ADDITIONS

Contributions

Employer 1,978,895$

Employee 745,473

Other 3,126

Total contributions 2,727,494

Investment income

Net appreciation in

fair value of investments 2,397,360

Interest 2,069,512

Total investment income 4,466,872

Less investment expense (146,625)

Net investment income 4,320,247

Total additions 7,047,741

DEDUCTIONS

Benefits and refunds 3,899,905

Administrative 71,596

Total deductions 3,971,501

NET INCREASE 3,076,240

NET POSITION HELD IN TRUST

FOR PENSION BENEFITS

January 1 50,078,155

December 31 53,154,395$


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NOTES TO FINANCIAL STATEMENTS

December 31, 2012

1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

The financial statements of the Village of Oak Brook, Illinois (the Village) have been

prepared in conformity with accounting principles generally accepted in the United States

of America (hereinafter referred to as generally accepted accounting principles (GAAP)),

as applied to government units. The Governmental Accounting Standards Board (GASB)

is the accepted standard-setting body for establishing governmental accounting and

financial reporting principles. The more significant of the Village’s accounting policies are

described below.

a. Reporting Entity

The Village operates under a village form of government with an elected Village

President and Board of Trustees. Operational management is provided by a

professional Village Manager employed by the Board of Trustees. Municipal

services include police protection, fire protection, recreation facilities, a free public

library, water supply, storm water collection, public works operations, road

maintenance, building and inspectional services and general administrative services.

As required by generally accepted accounting principles, these financial statements

present the Village (the primary government). There are no component units.

The Village’s financial statements include the following pension trust funds:

Police Pension Employees Retirement System

The Village’s police employees participate in the Police Pension Employees

Retirement System (PPERS). PPERS functions for the benefit of these employees

and is governed by its pension board. The Village and PPERS participants are

obligated to fund all PPERS costs based upon actuarial valuations.

The State of Illinois is authorized to establish benefit levels and the Village is

authorized to approve the actuarial assumptions used in the determination of

contribution levels. Although it possesses many of the characteristics of a legally

separate government, PPERS is reported as if it were part of the primary government

because its sole purpose is to finance and administer the pensions of the Village’s

police employees and because of the fiduciary nature of such activities. PPERS is

reported as a pension trust fund.

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NOTES TO FINANCIAL STATEMENTS (Continued)

- 17 -

1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

a. Reporting Entity (Continued)

Firefighters’ Pension Employees Retirement System

The Village’s firefighters participate in the Firefighters’ Pension Employees

Retirement System (FPERS). FPERS functions for the benefit of these employees

and is governed by its pension board. The Village and FPERS participants are

obligated to fund all FPERS costs based upon actuarial valuations.

The State of Illinois is authorized to establish benefit levels and the Village is

authorized to approve the actuarial assumptions used in the determination of

contribution levels. Although it possesses many of the characteristics of a legally

separate government, FPERS is reported as if it were part of the primary government

because its sole purpose is to finance and administer the pensions of the Village’s

firefighters and because of the fiduciary nature of such activities. FPERS is reported

as a pension trust fund.

b. Fund Accounting

The Village uses funds to report on its financial position, changes in its financial

position and cash flows. Fund accounting is designed to demonstrate legal

compliance and to aid financial management by segregating transactions related to

certain government functions or activities.

A fund is a separate accounting entity with a self-balancing set of accounts. The

minimum number of funds is maintained consistent with legal and managerial

requirements. Funds are classified into the following categories: governmental,

proprietary and fiduciary.

Governmental funds are used to account for all or most of a government’s general

activities. Special revenue funds are used to account for and report the proceeds of

specific revenue sources that are restricted or committed to expenditure for specified

purposes other than debt service or capital projects. Capital project funds are used to

account for and report financial resources that are restricted, committed, or assigned

to expenditure for capital outlays, including the acquisition or construction of capital

facilities and other capital assets. Debt service funds are used to account for and

report financial resources that are restricted, committed, or assigned to expenditure

for principal and interest. The General Fund is used to account for and report all

financial resources not accounted for and reported in another fund.

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- 18 -

1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) b. Fund Accounting (Continued)

Proprietary funds are used to account for activities similar to those found in the

private sector, where the determination of net income is necessary or useful for sound

financial administration. Goods or services from such activities can be provided

either to outside parties (enterprise funds) or to other departments or agencies

primarily within the government (internal service funds).

Fiduciary funds are used to account for assets held on behalf of outside parties,

including other governments, or on behalf of other funds within the government.

The Village utilizes pension trust funds which are generally used to account for

assets that the Village holds in a fiduciary capacity.

c. Government-Wide and Fund Financial Statements

The government-wide financial statements (i.e., the statement of net position and the

statement of activities) report information on all of the nonfiduciary activities of the

Village. The effect of material interfund activity has been eliminated from these

statements. Interfund services provided and used are not eliminated on these

statements. Governmental activities, which normally are supported by taxes and

intergovernmental revenues, are reported separately from business-type activities,

which rely to a significant extent on fees and charges for support.

The statement of activities demonstrates the degree to which the direct expenses of a

given function, segment or program are offset by program revenues. Direct expenses

are those that are clearly identifiable with a specific function or segment. Program

revenues include (1) charges to customers or applicants who purchase, use or directly

benefit from goods, services or privileges provided by a given function or segment, and

(2) grants and standard revenues that are restricted to meeting the operational or capital

requirements of a particular function or segment. Taxes and other items not properly

included among program revenues are reported instead as general revenues.

Separate financial statements are provided for governmental funds, proprietary funds

and fiduciary funds, even though the latter are excluded from the government-wide

financial statements. Major individual governmental funds and major individual

enterprise funds are reported as separate columns in the fund financial statements.

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c. Government-Wide and Fund Financial Statements (Continued)

The Village reports the following major governmental funds:

The General Fund is the Village’s primary operating fund. It accounts for all

financial resources of the general government, except those accounted for in

another fund.

The Infrastructure Fund, a capital projects fund, is used to account for revenues

restricted for and expenditures relative to the construction and maintenance of

roadway, drainage and bike trail improvements.

The Village reports the following major enterprise funds:

The Waterworks System Fund accounts for the revenues and expenses relative to

the operation of the water utility.

The Sports Core Fund accounts for the revenues and expenses relative to the

operation of the Oak Brook Sports Core.

Additionally, the Village reports the following internal service funds:

Internal Service Funds account for the Village’s self-insured employee health and

dental insurance program; the operation and maintenance of the Village’s vehicle

fleet equipment, and the Village’s capital replacement program provided to other

departments or agencies of the Village on a cost reimbursement basis.

The Village reports the following fiduciary funds:

The Village reports pension trust funds as fiduciary funds to account for the

Police Pension Fund and Firefighters’ Pension Fund.

d. Measurement Focus, Basis of Accounting and Financial Statement Presentation

The government-wide financial statements are reported using the economic resources

measurement focus and the accrual basis of accounting, as are the proprietary funds and

fiduciary funds fund financial statements. Revenues and additions are recorded when

earned and expenses and deductions are recorded when a liability is incurred. Grants

and similar items are recognized as revenue as soon as all eligibility requirements

imposed by the provider have been met. Operating revenues/expenses include all

revenues/expenses directly related to providing enterprise fund services. Incidental

revenues/expenses are reported as nonoperating.

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- 20 -


d. Measurement Focus, Basis of Accounting and Financial Statement Presentation

(Continued)

Governmental fund financial statements are reported using the current financial

resources measurement focus and the modified accrual basis of accounting. Revenues

are recognized as soon as they are both measurable and available. Revenues are

considered to be available when they are collectible within the current period or soon

enough thereafter to pay liabilities of the current period. The Village considers

revenues to be available if they are collected within 60 days of the end of the current

fiscal period, except for sales taxes and telecommunication taxes which use a 90-day

period and income taxes a 120-day period. Expenditures generally are recorded when

a fund liability is incurred. However, debt service expenditures are recorded only when

payment is due by the end of the year.

Those revenues susceptible to accrual are sales taxes, certain taxes collected and held

by the State at year end on behalf of the Village, certain charges for services and

interest. Permit revenues are not susceptible to accrual because generally they are

not measurable until received in cash.

The Village reports unavailable revenue on its financial statements as a deferred

inflow of resources. Unavailable revenues arise when a potential revenue does not

meet both the measurable and available criteria for recognition in the current period.

Unearned revenues arise when resources are received by the Village before it has a

legal claim to them, as when grant monies are received prior to the incurrence of

qualifying expenditures. In subsequent periods, when both revenue recognition

criteria are met or when the Village has a legal claim to the resources, the deferred

inflow for unavailable revenue or liability for unearned revenue is removed from the

financial statements and revenue is recognized. There were no deferred inflows for

unavailable revenues at December 31, 2012.

In applying the susceptible to accrual concept to intergovernmental revenues (i.e.,

federal and state grants), the legal and contractual requirements of the numerous

individual programs are used as guidance. There are, however, essentially two types

of these revenues. In one, monies must be expended on the specific purpose or

project before any amounts will be paid to the Village; therefore, revenues are

recognized based upon the expenditures/expenses incurred. In the other, monies are

virtually unrestricted as to purpose of expenditure/expense and are generally

revocable only for failure to comply with prescribed eligibility requirements. These

resources are reflected as revenues at the time of receipt or earlier if they meet the

eligibility criterion.

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1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) e. Cash and Investments Cash and Cash Equivalents For purposes of the statement of cash flows, the Village’s proprietary funds consider

all highly liquid investments with an original maturity of three months or less when purchased to be cash equivalents.

Investments In accordance with Governmental Accounting Standards Board Statement No. 31,

Accounting and Financial Reporting for Certain Investments and for External Investment Pools, nonnegotiable certificates of deposit and investments with maturity of less than one year at date of purchase, if any, are stated at amortized cost. All other investments are stated at fair value. Fair value is based on quoted market prices for the same or similar investments. All investments of the pension trust funds are stated at fair value.

f. Inventories Inventories are valued at average cost, not in excess of replacement cost. Inventories

in the General Fund and Garage Fund consist of expendable supplies held for consumption; inventories in the Sports Core Fund consist of inventory held for resale. The cost is recorded as an expenditure at the time individual inventory items are utilized or sold. General Fund inventories are equally offset by nonspendable fund balance which indicates that they do not constitute “available spendable resources” even though they are a component of net current assets.

g. Prepaid Items/Expenses Payments made to vendors for services that will benefit periods beyond the date of this

report are recorded as prepaid items/expenses in both the government-wide and fund financial statements. The cost of prepaid items/expenses is recorded as expenditures/expenses when consumed rather than when purchased.

h. Capital Assets Capital assets, which include property, plant, equipment and infrastructure assets (e.g.,

roads, bridges, sidewalks and similar items), are reported in the applicable governmental or business-type activities columns in the government-wide financial statements. Capital assets are defined by the Village as assets with an initial, individual cost of $5,000 or more and an estimated useful life in excess of one year.

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1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) h. Capital Assets (Continued) Such assets are recorded at historical cost or estimated historical cost if purchased or

constructed. Donated capital assets are recorded at estimated fair market value at the date of donation. Infrastructure acquired prior to the implementation of GASB Statement No. 34 is reported on the financial statements.

The costs of normal maintenance and repairs, including street overlays that do not add

to the value of the asset or materially extend asset lives are not capitalized. Major outlays for capital assets and improvements are capitalized as projects are

constructed. Interest incurred during the construction phase of capital assets of business-type activities is included as part of the capitalized value of the assets constructed. Property, plant and equipment is depreciated using the straight-line method over the following estimated useful lives:

Assets Years

Land improvements 20 Buildings and building improvements 5 - 50 Equipment 5 - 20 Vehicles 2 - 20 Infrastructure 20 - 75

i. Compensated Absences Vested or accumulated vacation, sick or compensatory leave including related social

security and medicare of proprietary funds and governmental activities is recorded as an expense and liability of those funds as the benefits accrue to employees. In accordance with the provisions of Governmental Accounting Standards Board Statement No.16, Accounting for Compensated Absences, no liability is recorded for nonvesting accumulating rights to receive sick pay benefits. However, a liability is recognized for that portion of accumulating sick leave benefits that it is estimated will be taken as a termination benefit at retirement.

j. Interfund Transactions Interfund services are accounted for as revenues, expenditures or expenses.

Transactions that constitute reimbursements to a fund for expenditures/expenses initially made from it that are properly applicable to another fund, are recorded as expenditures/expenses in the reimbursing fund and as reductions of expenditures/expenses in the fund that is reimbursed.

All other interfund transactions, except interfund services transactions and

reimbursements, are reported as transfers.

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1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) k. Interfund Receivables/Payables Activity between funds that are representative of lending/borrowing arrangements

outstanding at the end of the fiscal year are referred to as either “due to/from other funds” (i.e., the current portion of interfund loans) or “advances to/from other funds” (i.e., the noncurrent portion of interfund loans). All other outstanding balances between funds are reported as “due to/from other funds.”

Advances between funds, as reported in the fund financial statements, are offset by

nonspendable fund balance in applicable governmental funds to indicate that they are not available for appropriation and are not expendable available financial resources.

l. Long-Term Obligations In the government-wide financial statements and proprietary funds in the fund financial

statements, long-term debt and other long-term obligations are reported as liabilities in the applicable governmental activities, business-type activities or proprietary fund financial statements. Bond premiums and discounts, are deferred and amortized over the life of the bonds. Bonds payable are reported net of the applicable bond premium or discount.

In the fund financial statements, governmental funds recognize bond premiums and

discounts, as well as bond issuance costs, during the current period. The face amount of debt issued is reported as other financing sources. Premiums received on debt issuances are reported as other financing sources while discounts on debt issuances are reported as other financing uses. Issuance costs, whether or not withheld from the actual debt proceeds received, are reported as expenditures.

m. Fund Balance/Net Position In the fund financial statements, governmental funds report nonspendable fund

balance for amounts that are either not in spendable form or legally or contractually required to be maintained intact. Restrictions of fund balance are reported for amounts constrained by legal restrictions from outside parties for use for a specific purpose or externally imposed by outside entities. None of the restricted fund balance result from enabling legislation adopted by the Village. Committed fund balance is constrained by formal actions of the Village’s Board, which is considered the Village’s highest level of decision making authority. Formal actions include ordinances approved by the Board. Assigned fund balance represents amounts constrained by the Village’s intent to use them for a specific purpose. The authority to assign fund balance has been delegated to the Village’s finance director through the approved fund balance policy of the Village. Any residual fund balance of the General Fund is reported as unassigned.

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m. Fund Balance/Net Position (Continued)

The Village’s flow of funds assumption prescribes that the funds with the highest

level of constraint are expended first. If restricted or unrestricted funds are available

for spending, the restricted funds are spent first. Additionally, if different levels of

unrestricted funds are available for spending the Village considers committed funds

to be expended first followed by assigned and then unassigned funds.

The Village has established fund balance policies for their governmental funds. It is

the policy of the Village that every effort be made to maintain the greater of: (a) an

uncommitted cash balance equal to six months of budgeted operating expenditures

for the forthcoming fiscal year, exclusive of budgeted capital projects and one time

significant items.

In the government-wide financial statements, restricted net position is legally

restricted by outside parties for a specific purpose. Net investment in capital assets,

represents the Village’s investment in the book value of capital assets, less any

outstanding debt that was issued to construct or acquire the capital asset.

n. Use of Estimates

The preparation of financial statements in conformity with generally accepted

accounting principles requires management to make estimates and assumptions that

affect the reported amounts of assets, deferred outflows, liabilities and deferred

inflows and disclosure of contingent assets and liabilities at the date of the financial

statements and the reported amounts of revenues and expenditures/expenses during

the reporting period. Actual results could differ from those estimates.

2. DEPOSITS AND INVESTMENTS

The Village maintains a cash and investment pool that is available for use by all funds, except

the pension trust funds and the Foreign Fire Insurance Tax Fund. Separately held cash and

investments for the Foreign Fire Insurance Tax Fund as well as each fund’s portion of this

pool is included on the statement of net position as “cash and investments.” The deposits and

investments of the pension trust funds are held separately from those of other funds.

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- 25 -

2. DEPOSITS AND INVESTMENTS (Continued) Permitted Deposits and Investments - The Village’s investment policy allows for

deposits/investments in insured commercial banks, savings and loan institutions, obligations of the U.S. Treasury and U.S. agencies, insured credit union shares, money market mutual funds with portfolios of securities issued or guaranteed by the United States or agreement to repurchase these same obligations, repurchase agreements, short-term commercial paper rated within the three highest classifications by at least two standard rating services, corporate bonds, Illinois Funds (created by the Illinois State Legislature under the control of the State Comptroller that maintains a $1 per share value which is equal to the participants fair value) and the Illinois Metropolitan Investment Fund (IMET), a not-for-profit investment trust formed pursuant to the Illinois Municipal Code and managed by a Board of Trustees elected from the participating members. IMET is not registered with the SEC as an investment company. Investments in IMET are valued at IMET’s share price, the price for which the investment could be sold. The Police Pension Fund and Firefighters’ Pension Fund may also invest in certain non-U.S. obligations, Illinois municipal corporations tax anticipation warrants, veteran’s loans, obligations of the State of Illinois and its political subdivisions, corporate bonds, insurance company general and separate accounts, mutual funds and equity securities.

a. Deposits It is the policy of the Village to invest its funds in a manner which will provide the

highest investment return with the maximum security while meeting the daily cash flow demands of the Village and conforming to all state and local statutes governing the investment of public funds, using the “prudent person” standard for managing the overall portfolio. The primary objective of the policy is legality, safety (preservation of capital and protection of investment principal), liquidity and yield.

Village Deposits with Financial Institutions Custodial credit risk for deposits with financial institutions is the risk that in the

event of a bank’s failure, the Village’s deposits may not be returned to it. The Village’s investment policy requires pledging of collateral with a fair value of 110% of all bank balances in excess of federal depository insurance with the collateral held by an agent of the Village in the Village’s name. As of December 31, 2012, the Village had no uninsured or uncollateralized deposits.

Police and Firefighters’ Pension Funds Deposits with Financial Institutions Custodial credit risk for deposits with financial institutions is the risk that in the

event of a bank’s failure, the Police and Firefighters’ Pension Funds’ deposits may not be returned to them. The Police and Firefighters’ Pension Funds’ investment policies require pledging of collateral with a fair value of 110% of all bank balances in excess of federal depository insurance with the collateral held by an agent of the Police and Firefighters’ Pension Funds in the Police and Firefighters’ Pension Funds’ name.

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- 26 -

2. DEPOSITS AND INVESTMENTS (Continued)

b. Investments

As of December 31, 2012, the Village had the following investments and maturities in

debt securities.

Investment Maturities (in Years)

Fair Less More Value Than 1 1-5 6-10 Than 10

IMET $ 9,972,611 $ - $ 9,972,611 $ - $ - State and local obligations

2,708,398

509,460

2,198,938

-

-

Corporate bonds 1,513,165 1,513,165 - - -

TOTAL $ 14,194,174 $ 2,022,625 $ 12,171,549 $ - $ -

As of December 31, 2012, the Police Pension Fund had the following investments and maturities in debt securities.



U.S. agencies $ 7,454,349 $ - $ 2,773,019 $ 2,889,528 $ 1,791,802 U.S. Treasuries 1,553,513 - 1,553,513 - - State and local obligations

1,669,810

-

722,382

721,601

225,827

Corporate bonds 3,558,087 3,558,087 - - -

TOTAL $ 14,235,759 $ 3,558,087 $ 5,048,914 $ 3,611,129 $ 2,017,629

As of December 31, 2012, the Firefighters’ Pension Fund had the following

investments and maturities in debt securities.



U.S. agencies $ 5,644,216 $ 417,242 $ 1,639,482 $ 3,335,166 $ 252,326 U.S. Treasuries 401,824 - 349,806 52,018 - State and local obligations

1,168,106

-

317,487

513,413

337,206

TOTAL $ 7,214,146 $ 417,242 $ 2,306,775 $ 3,900,597 $ 589,532

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- 27 -

2. DEPOSITS AND INVESTMENTS (Continued) b. Investments (Continued) GASB 40 - Operating Funds

In accordance with its investment policy, the Village limits its exposure to interest rate risk by structuring the portfolio to remain sufficiently liquid to enable the Village to meet all operating requirements which may be reasonably anticipated in any Village fund. Maturities of investments in all funds covered by this policy shall not exceed five years, unless a temporary extension of maturities is approved by the Board of Trustees.

The Village limits its exposure to credit risk, which is the risk that the issuer of a

debt security will not pay its par value upon maturity. This is done primarily by investing in securities issued by the United States Government, securities issued by agencies of the United States Government, which are implicitly guaranteed by the United States Government, or corporate bonds rated within the three highest classifications by at least two standard rating services. Investments in corporate bonds are rated Aaa. Investments in state and local obligations are rated AAA.

Illinois Funds and IMET are both AAA rated funds. In order to limit the exposure to

concentration of credit risk, the Village’s investment policy limits investments in any one financial institution to 25%, exclusive of securities guaranteed by the full faith and credit of the United States Government or obligations of agencies of the United States Government.

At December 31, 2012, the Village had greater than 5% of its overall portfolio

invested in Illinois Funds (27.82%), IMET (42.01%), State and Local obligations (11.41%), Corporate Bonds (6.37%), and CDs (12.39%). The investment policy does not include any limitations as to how much the Village may hold in these types of securities.

The Village limits its exposure to custodial credit risk by utilizing an independent,

third party institution, selected by the Village, to act as custodian for its securities and collateral. For an investment, custodial risk is the risk that, in the event of the failure of the counterparty, the Village will not be able to recover the value of its investments or collateral securities that are in the possession of an outside party.

GASB 40 - Police Pension Fund

State statutes as well as the investment policy of the Police Pension Fund provide

that the fund may invest up to 45% of the investment portfolio in equity mutual funds and the remaining 55% of the portfolio in fixed income securities. The Police Pension Fund has hired independent investment managers, to advise and to manage both the fixed income and equity mutual fund portfolios.

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- 28 -

2. DEPOSITS AND INVESTMENTS (Continued) b. Investments (Continued) GASB 40 - Police Pension Fund (Continued) The Police Pension Fund strives to limit its exposure to credit risk, which is the risk

that the issuer of a debt security will not pay the par value upon maturity. This is controlled by primarily investing in securities issued by the United States Government, securities issued by agencies of the United States Government that carry an implicit guarantee, high quality state or local obligations or corporate bonds rated within the three highest classifications by at least two standard rating services. United States Government and agency securities are considered to be AAA rated and are generally considered free of credit risk due to the stability of the United States Government. Investments in state and local obligations are considered to be AAA rated. Investments in corporate bonds are rated A-to A.

At December 31, 2012, the Police Pension Fund had greater than 5% of its fixed

income portfolio invested in obligations of the Federal Home Bank (18.80%), State and Local Obligations (5.65%), U.S. Treasury Notes (5.26%) and Corporate Bonds (12.05%). The investment policy does not include any limitations on how much U.S. Treasury or agency securities can be held in the portfolio.

The Police Pension Fund invests up to 40% of its investments in equity mutual

funds. The Police Pension Fund’s investment policy defines the strategy in which the Police Pension Board follows for the equity investments. The Police Pension Fund diversifies its equity holdings by owning several different mutual funds allocated among the following asset classes subject to the percentage limitations indicated:

Normal

Allocation Range of

Allocation

U.S. Large Cap Stocks (may include some Mid Cap Stocks)

60%

+/-

20%

U.S. Small Cap Stocks (may include some Mid Cap Stocks)

15%

+/-

15%

Foreign securities 15% +/- 15% Alternative investments (including real estate)

10%

+/-

10%

The Police Pension Fund limits its exposure to custodial risk by utilizing the Trust

Department of MB Financial to act as custodian for its fixed income securities. For an investment, custodial risk is the risk that, in the event of the failure of the counterparty, the Police Pension Fund will not be able to recover the value of its investments that are in the possession of an outside party.

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- 29 -


b. Investments (Continued)

GASB 40 - Firefighters’ Pension Fund

State statutes as well as the investment policy of the Firefighters’ Pension Fund

provide that the fund may invest up to 45% of the investment portfolio in equity

mutual funds and the remaining 55% of the portfolio in fixed income securities. The

Firefighters’ Pension Fund has hired a fund manager, MB Financial, to advise and

manage the fixed income investments. For equity mutual fund investments, the

Firefighters’ Pension Fund utilizes the services of Merrill Lynch.

The Firefighters’ Pension Fund strives to limit its exposure to credit risk, which is

the risk that the issuer of a debt security will not pay the par value upon maturity.

This is controlled by primarily investing in securities issued by the United States

Government, securities issued by agencies of the United States Government that

carry an implicit guarantee, or high quality state or local obligations. U. S. agency

securities are rated AAA. For investments in state and local obligations, 100% are

considered to be AAA rated investments. Investments in corporate bonds are rated

Aaa.

At December 31, 2012, the Firefighters’ Pension Fund had greater than 5% of its

fixed income portfolio invested in obligations of the Federal Farm Credit Bank

(10.21%), State and Local Obligations (5.05%), Federal Home Loan Bank (12.84%),

and U.S. Agencies (12.79%). The investment policy does not include any limitations

on how much U.S. Treasury or agency securities can be held in the portfolio.

The Firefighters’ Pension Fund invests up to 45% of its investments in equity mutual

funds. The Firefighters’ Pension Fund’s investment policy defines the strategy in

which the Firefighters’ Pension Board follows for the equity investments. The

Firefighters’ Pension Fund diversifies its equity holdings by owning several different

mutual funds allocated among the following asset classes subject to the percentage

limitations indicated:

Normal

Allocation

Range of

Allocation

U.S. Large Cap Stocks 50% +/- 10%

U.S. Mid Cap Stocks 20% +/- 10%

U.S. Small Cap Company Stocks 15% +/- 10%

Foreign stocks 10% +/- 5%

Alternative investments

(such as real estate mutual funds)

5%

+/-

5%

- 30 -



- 30 -


b. Investments (Continued)

GASB 40 - Firefighters’ Pension Fund (Continued)

The Firefighters’ Pension Fund limits its exposure to custodial risk by utilizing the

Trust Department of MB Financial Bank to act as custodian for its fixed income and

equity securities. For an investment, custodial risk is the risk that, in the event of the

failure of the counterparty, the Firefighters’ Pension Fund will not be able to recover

the value of its investments that are in the possession of an outside party.

3. PROPERTY TAXES

Property taxes for 2012 attach as an enforceable lien on January 1, 2012, on property

values assessed as of the same date. Taxes are levied by December 31 of the fiscal year by

passage of a Tax Levy Ordinance. Tax bills are prepared by the County and issued on or

about May 1, 2012 and August 1, 2012 and are payable in two installments, on or about

June 1, 2012 and September 1, 2012. The County collects such taxes and remits them

periodically. The Village does not have a tax levy but does receive a share of road and

bridge taxes from local townships, as well as incremental property taxes from the

Butterfield/Myers Road Redevelopment Project Area (TIF).

4. RECEIVABLES The following receivables are included in other receivables on the statement of net position

as of December 31, 2012:

GOVERNMENTAL ACTIVITIES State income tax $ 189,001 Hotel/motel tax 102,579 Intergovernmental 666,720 Reinsurance 49,602 Other miscellaneous 5,152 TOTAL GOVERNMENTAL ACTIVITIES $ 1,013,054

BUSINESS-TYPE ACTIVITIES Members charges $ 14,627 Special events 19,805 Field rental 63,803 Other miscellaneous 12,815 TOTAL BUSINESS-TYPE ACTIVITIES $ 111,050

- 31 -



- 31 -

5. CAPITAL ASSETS Capital asset activity for the year ended December 31, 2012 was as follows:

Beginning Balance

Increases

Decreases

Ending Balance

GOVERNMENTAL ACTIVITIES Capital assets not being depreciated Land $ 616,829 $ - $ - $ 616,829 Land right of way 31,687,305 - - 31,687,305 Total capital assets not being depreciated 32,304,134 - - 32,304,134 Capital assets being depreciated Buildings, building and land improvements 19,072,800 291,967 - 19,364,767 Computer equipment 1,375,152 33,642 - 1,408,794 Other equipment 1,799,755 87,110 - 1,886,865 Vehicles 53,120 - - 53,120 Infrastructure 34,264,187 - - 34,264,187 Internal service fund vehicles 5,664,120 973,790 574,950 6,062,960 Total capital assets being depreciated 62,229,134 1,386,509 574,950 63,040,693 Less accumulated depreciation for Buildings, building and land improvements 6,107,014 456,196 - 6,563,210 Computer equipment 1,154,546 102,863 - 1,257,409 Other equipment 1,516,830 73,478 - 1,590,308 Vehicles 51,646 1,474 - 53,120 Infrastructure 21,146,213 761,444 - 21,907,657 Internal service fund vehicles 3,738,237 381,473 569,065 3,550,645 Total accumulated depreciation 33,714,486 1,776,928 569,065 34,922,349 Total capital assets being depreciated, net 28,514,648 (390,419) 5,885 28,118,344 GOVERNMENTAL ACTIVITIES CAPITAL ASSETS, NET $ 60,818,782 $ (390,419) $ 5,885 $ 60,422,478

- 32 -



- 32 -

5. CAPITAL ASSETS (Continued)

Beginning

Balance

Increases

Decreases Ending Balance

BUSINESS-TYPE ACTIVITIES Capital assets not being depreciated Land $ 8,292,266 $ - $ - $ 8,292,266 Construction in progress 64,342 - 64,342 -

Total capital assets not being depreciated 8,356,608 - 64,342 8,292,266

Capital assets being depreciated Land improvements 2,925,482 15,363 - 2,940,845 Building and building improvements 5,788,834 66,502 5,623 5,849,713 Infrastructure 22,216,791 1,631,188 65,093 23,782,886 Vehicles, machinery and equipment 5,716,819 358,365 305,095 5,770,089

Total capital assets being depreciated 36,647,926 2,071,418 375,811 38,343,533

Less accumulated depreciation for Land improvements 2,212,887 66,248 - 2,279,135 Building and building improvements 2,569,805 120,539 328 2,690,016 Infrastructure 7,160,220 361,914 54,516 7,467,618 Vehicles, machinery and equipment 4,115,854 267,322 305,095 4,078,081

Total accumulated depreciation 16,058,766 816,023 359,939 16,514,850

Total capital assets being depreciated, net 20,589,160 1,255,395 15,872 21,828,683

BUSINESS-TYPE ACTIVITIES CAPITAL ASSETS, NET $ 28,945,768 $ 1,255,395 $ 80,214 $ 30,120,949

Depreciation expense was charged to functions of the primary government as follows:

GOVERNMENTAL ACTIVITIES

General government $ 444,727

Public safety 300,632

Public works 900,597

Culture and recreation 130,972

TOTAL DEPRECIATION EXPENSE - GOVERNMENTAL ACTIVITIES $ 1,776,928

- 33 -



- 33 -

5. CAPITAL ASSETS (Continued)

Construction Contracts

The Village has entered into contracts for the construction or renovation of various facilities

as of December 31, 2012 as follows:

Project

Budget

Expended

To Date

Unspent

Balance

2011 ERP Paving Project $ 64,689 $ 56,155 $ 8,534

2012 Paving Construction 134,500 132,952 1,548

2012 Water Main Construction 139,444 112,356 27,088

2013 Paving Design 71,600 - 71,600

2013 Water Main Design 22,663 - 22,663

TOTAL $ 432,896 $ 301,463 $ 131,433

6. RISK MANAGEMENT

The Village is exposed to various risks of loss related to torts; theft of, damage to and

destruction of assets; errors and omissions; injuries to employees; illnesses of employees;

and natural disasters.

The Village participates in the Intergovernmental Risk Management Agency (IRMA)

which is an organization of municipalities and special districts in Northeastern Illinois

which have formed an association under the Illinois Intergovernmental Cooperation’s

Statute to pool its risk management needs. The Village pays annual premiums to IRMA

for its workers’ compensation, general liability and property coverage.

The Village assumes the first $25,000 of each occurrence, with IRMA having a mix of self-

insurance and commercial insurance at various amounts above that level. The Village

appoints one delegate, along with an alternate delegate, to represent the Village on the

Board of Directors. The Village does not exercise any control over the activities of IRMA

beyond its representation on the Board of Directors.

The Village, along with IRMA’s other members, has a contractual obligation to fund any

deficit of IRMA attributable to a membership year during which it was a member.

Supplemental contributions may be required to fund these deficits. No such contributions

have occurred during the past three years.

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- 34 -

6. RISK MANAGEMENT (Continued)

In addition, the Village provides medical and dental coverage to village employees, their

dependents, retirees and employees of the Oak Brook Park District through a limited self-

insurance program. The Village is self-insured for the first $85,000 per individual for

medical claims up to a maximum limit of $2,442,158 for all individuals. Commercial

insurance is carried for amounts in excess of the self-insured amounts. Settlements did not

exceed insurance coverage in any of the last three years. The Village is entirely self-

insured for dental claims up to the annual benefit limit of $1,500 per individual. The

Village’s self-insurance activities are reported in the Self-Insurance Fund, an Internal

Service Fund.

Premiums are paid into the Self-Insurance Fund by the departments of the General Fund

and other funds, retirees, the Oak Brook Park District and COBRA participants based upon

equivalent premium estimates. Liabilities are reported when it is probable that a loss has

occurred and the amount of the loss can be reasonably estimated. Reported liabilities are

estimated based on historical cost information and include an amount for claims that have

been incurred but not reported. The total claim liability at year end was $176,970.

A reconciliation of claims payable for the current year and that of the preceding year is as

follows:

2012 2011

CLAIMS PAYABLE, BEGINNING OF YEAR $ 106,500 $ 118,930

Claims incurred and changes in estimate 2,434,731 2,103,243

Claims paid (2,364,261) (2,115,673)

CLAIMS PAYABLE, END OF YEAR $ 176,970 $ 106,500

- 35 -



- 35 -

7. LONG-TERM DEBT

Installment Contract Payable

The Village has issued installment contracts payable to provide funds for the acquisition of

capital assets. The installment contracts payable currently outstanding are as follows:

Issue

Fund Debt

Retired by

Balance,

January 1

Issuances

Retirements

Balance,

December 31

Current

Portion

General Fund Refunding

Certificates, Series 2003 dated

June 1, 2003, interest at 1.50% to

3.20%, due in annual installments

ranging from $65,000 to

$125,000 through December 1,

2012, interest payable June 1 and

December 1 of each year, secured

by sales and use taxes.

Sports

Core

$ 125,000

$ -

$ 125,000

$ -

$ -

General Fund Refunding

Certificates, Series 2009 dated

July 15, 2009, interest at 2.00% to

3.50%, due in annual installments

ranging from $205,000 to

$280,000 through December 1,

2017, interest payable June 1 and

December 1 of each year, secured

by sales and use taxes.

General

1,585,000

-

250,000

1,335,000

255,000

TOTAL $ 1,710,000 $ - $ 375,000 $ 1,335,000 $ 255,000

Notes Payable

The Village has issued notes payable related to developer and intergovernmental

agreements. The notes payable and installment contracts payable currently outstanding are

as follows:

Issue

Fund Debt

Retired by

Balance,

January 1

Issuances

Retirements

Balance,

December 31

Current

Portion

Note payable to the Illinois

Tollway for the

Intergovernmental Agreement

dated July 21, 2009. Four

annual installments of

$1,670,000 payable June 15

and a lump sum payment by

June 15, 2013.

Infrastructure

Waterworks

System

$ 3,005,117

337,674

$ -

-

$ 1,501,163

168,837

$ 1,503,954

168,837

$ 1,503,954

168,837

- 36 -



- 36 -

7. LONG-TERM DEBT (Continued)

Notes Payable (Continued)

Issue

Fund Debt

Retired by

Balance,

January 1

Issuances

Retirements

Balance,

December 31

Current

Portion

$4,250,000 TIF note payable

to developers dated June 6,

2005 for certain

improvements in the TIF area,

interest at 8.00% due in semi-

annual installments contingent

upon sufficient pledged

incremental real estate tax and

sales tax. Principal is due by

February 1, 2024.

Promenade

TIF

$ 4,145,976

$ -

$ 91,000

$ 4,054,976

$ -

TOTAL $ 7,488,767 $ - $ 1,761,000 $ 5,727,767 $ 1,672,791

Debt Service Requirements to Maturity

Annual debt service requirements to maturity are as follows:

Fiscal Year

Ending

Installment Contracts

Payable from Governmental

Activities

Notes Payable from

Governmental

Activities

Notes Payable from

Business-Type

Activities

December 31, Principal Interest Principal Interest Principal Interest

2013 $ 255,000 $ 39,575 $ 1,503,954 $ - $ 168,837 $ -

2014 260,000 33,838 - - - -

2015 265,000 26,687 - - - -

2016 275,000 18,738 - - - -

2017 280,000 9,800 - - - -

2018 - - - - - -

2019 - - - - - -

2020 - - - - - -

TOTAL $ 1,335,000 $ 128,638 $ 1,503,954 $ - $ 168,837 $ -

- 37 -



- 37 -

7. LONG-TERM DEBT (Continued)

Debt Service Requirements to Maturity (Continued)

The repayment of the TIF note payable is based on incremental real estate tax and sales tax

received. As such, there is no debt service to maturity schedule.

Change in Long-Term Liabilities

During the fiscal year, the following changes occurred in long-term liabilities reported in

the governmental activities:

Balance,

January 1

Additions

Reductions

Balance,

December 31

Current

Portion

Installment contracts

payable

$ 1,585,000

$ -

$ 250,000

$ 1,335,000

$ 255,000

Notes payable 7,151,093 - 1,592,163 5,558,930 1,503,954

Net other postemployment

benefit obligation*

75,076

50,282

-

125,358

-

Net pension obligation* 298,736 60,110 - 358,846 -

Compensated absences* 983,788 997,394 983,788 997,394 997,394

Compensated absences-

Internal Service Fund 11,542 13,069 11,542 13,069 13,069

TOTAL

GOVERNMENTAL

ACTIVITIES

$ 10,105,235

$ 1,120,855

$ 2,837,493

$ 8,388,597

$ 2,769,417

*The compensated absences for governmental activities typically have been liquidated by

the General Fund and the Infrastructure Fund. The net other postemployment benefit

obligation and net pension obligation typically have been liquidated by the General Fund. During the fiscal year, the following changes occurred in long-term liabilities reported in

the business-type activities:

Balance, January 1

Additions

Reductions

Balance,

December 31

Current Portion

Installment contracts payable

$ 125,000

$ -

$ 125,000

$ -

$ -

Notes payable 337,674 - 168,837 168,837 168,837 Compensated absences 93,504 90,105 93,504 90,105 90,105

TOTAL BUSINESS- TYPE ACTIVITIES

$ 556,178

$ 90,105

$ 387,341

$ 258,942

$ 258,942

- 38 -



- 38 -

7. LONG-TERM DEBT (Continued) Legal Debt Margin

2011 assessed valuation (latest information available) $ 1,493,831,669

Legal debt limit - 8.625% of assessed valuation $ 128,842,981 Amount of debt applicable to debt limit 1,335,000

LEGAL DEBT MARGIN $ 127,507,981

8. INTERFUND ACCOUNTS Advance from/to other funds

Receivable Fund Payable Fund Amount

General Sports Core $ 2,545,898

The purpose of this amount advanced to the Sports Core Fund from the General Fund was to finance various ongoing capital projects and operating needs.

Transfer from/to other funds

Transfer To Transfer From Amount

General Self-Insurance $ 275,000

The purpose of this amount transferred to the General Fund was to reduce the total net position surplus in the Self-Insurance Fund.

9. COMMITMENTS a. DuPage Water Commission The Village is a customer of the DuPage Water Commission (the Commission) and

has executed a Water Supply Contract (the Contract) with the Commission for a term ending in 2024. The Contract provides that the government pay its proportionate share of “fixed costs” (debt service and capital costs) to the Commission, such obligation being unconditional and irrevocable whether or not water is ever delivered. These costs are expensed along with the other operation charges from the Commission.

- 39 -



- 39 -

9. COMMITMENTS (Continued)

a. DuPage Water Commission (Continued)

Fiscal Year

Ending

December 31,

Amount

2013 $ 277,711

2014 277,711

2015 277,711

2016 277,711

2017 277,711

Thereafter 1,943,977

TOTAL $ 3,332,532

These amounts have been calculated using the Village’s current allocation

percentage. In future years, this allocation percentage will be subject to change.

Estimates for the remaining years of the Contract are not currently available.

However, the Village does not expect the minimum amounts for the remaining years

of the Contract to materially vary from the amounts presented above.

10. CONTINGENT LIABILITIES

Litigation

The Village is a defendant in various lawsuits. Although the outcome of these lawsuits is

not presently determinable, in the opinion of the Village’s attorney, the resolution of these

matters will not have a material adverse effect on the financial condition of the Village.

In addition, the Village may become responsible for certain legal costs associated with

other lawsuits. It is possible, but not probable, that the Village will become liable for these

costs. No liability, therefore, has been recorded on the financial statements for this

litigation.

Grants

Amounts received or receivable from grantor agencies are subject to audit and adjustment

by grantor agencies, principally the federal government. Any disallowed claims, including

amounts already collected, may constitute a liability of the applicable funds. The amount,

if any, of expenditures which may be disallowed by the grantor cannot be determined at

this time although the Village expects such amounts, if any, to be immaterial.

- 40 -



- 40 -

10. CONTINGENT LIABILITIES (Continued) DuPage Water Commission The Village’s agreement with the DuPage Water Commission provides that each member

is liable for its proportionate share of any cost arising from defaults in payment obligations by other members.

11. DEFINED BENEFIT PENSION PLANS The Village contributes to four defined benefit pension plans, the Illinois Municipal

Retirement Fund (IMRF), an agent multiple-employer public employee retirement system; the Sheriff’s Law Enforcement Personnel (SLEP) (also administered by IMRF), an agent multiple-employee retirement system; the Police Pension Plan, which is a single-employer pension plan; and the Firefighters’ Pension Plan, which is also a single-employer pension plan. The benefits, benefit levels, employee contributions and employer contributions for all four plans are governed by Illinois Compiled Statutes and can only be amended by the Illinois General Assembly. The Police and Firefighters’ Pension Plans each issue separate financial statements. These reports can be obtained from the Village of Oak Brook, 1200 Oak Brook Road, Oak Brook, Illinois 60523-2255. IMRF issues a publicly available report that includes financial statements and supplementary information for the plan as a whole, but not for individual employers. That report can be obtained from IMRF, 2211 York Road, Suite 500, Oak Brook, Illinois 60523.

a. Plan Descriptions Illinois Municipal Retirement Fund IMRF provides two tiers of pension benefits. Employees hired prior to January 1,

2011, are eligible for Tier 1 benefits. For Tier 1 employees, pension benefits vest after eight years of service. Participating members who retire at age 55 (reduced benefits) or after age 60 (full benefits) with eight years of credited service are entitled to an annual retirement benefit, payable monthly for life, in an amount equal to 1 2/3% of their final rate of earnings, for each year of credited service up to 15 years, and 2% for each year thereafter.

Employees hired on or after January 1, 2011, are eligible for Tier 2 benefits. For Tier

2 employees, pension benefits vest after ten years of service. Participating members who retire at age 62 (reduced benefits) or after age 67 (full benefits) with ten years of credited service are entitled to an annual retirement benefit, payable monthly for life, in an amount equal to 1 2/3% of their final rate of earnings, for each year of credited service up to 15 years, and 2% for each year thereafter. These benefit provisions and all other requirements are established by state statute.

Participating members are required to contribute 4.50% of their annual salary to

IMRF. The Village is required to contribute the remaining amounts necessary to fund IMRF as specified by statute. The employer contribution for the year ended December 31, 2012 was 14.15% of covered payroll.

- 41 -



- 41 -

11. DEFINED BENEFIT PENSION PLANS (Continued)

a. Plan Descriptions (Continued)

Sheriff’s Law Enforcement Personnel

SLEP members, having accumulated at least 20 years of SLEP service and

terminating IMRF participation on or after January 1, 1988, may elect to retire at or

after age 50 with no early retirement discount penalty. SLEP members meeting these

two qualifications are entitled to an annual retirement benefit, payable monthly for

life, in an amount generally equal to 2.50% of their final rate of earnings, for each

year of credited service up to 20 years, 2.00% of their final earnings rate for the next

ten years of credited service and 1.00% for each year thereafter.

For SLEP members retiring with less than 20 years of SLEP service, the regular

IMRF pension formula applies. SLEP also provides death and disability benefits.

These benefit provisions and all other requirements are established by Illinois

Compiled Statute. Participating members are required to contribute 6.5% of their

annual salary to SLEP. The Village is required to contribute the remaining amounts

necessary to fund SLEP as specified by statute. The employer contribution for the

year ended December 31, 2012 was 15.02% of covered payroll.

Police Pension Plan

Police sworn personnel are covered by the Police Pension Plan. Although this is a

single-employer pension plan, the defined benefits and employee and employer

contribution levels are governed by Illinois Compiled Statutes (40 ILCS 5/3-1) and

may be amended only by the Illinois legislature. The Village accounts for the plan as

a pension trust fund. At December 31, 2012, the Police Pension Plan membership

consisted of:

Retirees and beneficiaries currently receiving benefits 35

Terminated employees entitled to benefits but not

yet receiving them 1

Current employees

Vested 33

Nonvested 8

TOTAL 77

- 42 -



- 42 -



Police Pension Plan (Continued)

The Police Pension Plan provides retirement benefits as well as death and disability

benefits. Tier 1 employees (those hired prior to January 1, 2011) attaining the age of

50 or older with 20 or more years of creditable service are entitled to receive an

annual retirement benefit equal to one-half of the salary attached to the rank held on

the last day of service, or for one year prior to the last day, whichever is greater. The

annual benefit shall be increased by 2.50% of such salary for each additional year of

service over 20 years up to 30 years to a maximum of 75.00% of such salary.

Employees with at least eight years but less than 20 years of credited service may

retire at or after age 60 and receive a reduced benefit. The monthly benefit of a

police officer who retired with 20 or more years of service after January 1, 1977 shall

be increased annually, following the first anniversary date of retirement and be paid

upon reaching the age of at least 55 years, by 3.00% of the original pension and

3.00% compounded annually thereafter.

Tier 2 employees (those hired on or after January 1, 2011) attaining the age of 55 or

older with ten or more years of creditable service are entitled to receive an annual

retirement benefit equal to the average monthly salary obtained by dividing the total

salary of the police officer during the 96 consecutive months of service within the

last 120 months of service in which the total salary was the highest by the number of

months of service in that period. Police officers’ salary for pension purposes is

capped at $106,800, plus the lesser of ½ of the annual change in the Consumer Price

Index or 3.00% compounded. The annual benefit shall be increased by 2.50% of

such salary for each additional year of service over 20 years up to 30 years to a

maximum of 75.00% of such salary. Employees with at least ten years may retire at

or after age 50 and receive a reduced benefit (i.e., ½% for each month under 55).

The monthly benefit of a Tier 2 police officer shall be increased annually at age 60

on the January 1st after the police officer retires, or the first anniversary of the

pension starting date, whichever is later. Noncompounding increases occur annually,

each January thereafter. The increase is the lesser of 3.00% or ½ of the change in the

Consumer Price Index for the proceeding calendar year.

- 43 -



- 43 -



Police Pension Plan (Continued)

Employees are required by ILCS to contribute 9.91% of their base salary to the

Police Pension Plan. If an employee leaves covered employment with less than 20

years of service, accumulated employee contributions may be refunded without

accumulated interest. Benefits and refunds are recognized when due and payable in

accordance with the terms of the plan. The costs of administering the Police Pension

Plan are financed through investment earnings. The Village is required to contribute

the remaining amounts necessary to finance the plan as actuarially determined by an

enrolled actuary. For the year ended December 31, 2012, the Village’s contribution

was 26.80% of covered payroll. The State of Illinois passed Public Act 096-1495 on

December 30, 2010. As a result, effective January 1, 2012, the Village has until the

year 2040 to fund 90% of the past service costs for the Police Pension Plan.

Firefighters’ Pension Plan

Fire sworn personnel are covered by the Firefighters’ Pension Plan. Although this is

a single-employer pension plan, the defined benefits and employee and employer

contribution levels are governed by Illinois Compiled Statutes (40 ILCS 5/4-1) and

may be amended only by the Illinois legislature. The Village accounts for the plan as

a pension trust fund. At December 31, 2012, the Firefighters’ Pension Plan

membership consisted of:


Terminated employees entitled to benefits but not

yet receiving them -

Current employees

Vested 19

Nonvested 13

TOTAL 81

- 44 -



- 44 -



Firefighters’ Pension Plan (Continued)

The Firefighters’ Pension Plan provides retirement benefits as well as death and

disability benefits. Tier 1 employees (those hired prior to January 1, 2011) attaining

the age of 50 or older with 20 or more years of creditable service are entitled to

receive an annual retirement benefit equal to one-half of the salary attached to the

rank held at the date of retirement. The annual benefit shall be increased by 2.50%

of such salary for each additional year of service over 20 years up to 30 years to a

maximum of 75.00% of such salary. Employees with at least ten years but less than

20 years of credited service may retire at or after age 60 and receive a reduced

benefit. The monthly benefit of a covered employee who retired with 20 or more

years of service after January 1, 1977 shall be increased annually, following the first

anniversary date of retirement and be paid upon reaching the age of at least 55 years,

by 3.00% of the original pension and 3.00% compounded annually thereafter.

Tier 2 employees (those hired on or after January 1, 2011) attaining the age of 55 or

older with ten or more years of creditable service are entitled to receive an annual

retirement benefit equal to the average monthly salary obtained by dividing the total

salary of the firefighter during the 96 consecutive months of service within the last

120 months of service in which the total salary was the highest by the number of

months of service in that period. Firefighters’ salary for pension purposes is capped

at $106,800, plus the lesser of ½ of the annual change in the Consumer Price Index

or 3.00% compounded. The annual benefit shall be increased by 2.50% of such

salary for each additional year of service over 20 years up to 30 years to a maximum

of 75.00% of such salary. Employees with at least ten years may retire at or after age

50 and receive a reduced benefit (i.e. ½% for each month under 55). The monthly

benefit of a Tier 2 firefighter shall be increased annually at age 60 on the January 1st

after the firefighter retires, or the first anniversary of the pension starting date,

whichever is later. Noncompounding increases occur annually, each January

thereafter. The increase is the lesser of 3.00% or ½ of the change in the Consumer

Price Index for the proceeding calendar year.

- 45 -



- 45 -



Firefighters’ Pension Plan (Continued)

Covered employees are required to contribute 9.455% of their base salary to the

Firefighters’ Pension Plan. If an employee leaves covered employment with less

than 20 years of service, accumulated employee contributions may be refunded

without accumulated interest. Benefits and refunds are recognized when due and

payable in accordance with the terms of the plan. The costs of administering the

Firefighters’ Pension Plan are financed through investment earnings. The Village is

required to finance the plan as actuarially determined by an enrolled actuary. For the

year ended December 31, 2012, the Village’s contribution was 36.26% of covered

payroll. The State of Illinois passed Public Act 096-1495 on December 30, 2010. As

a result, effective January 1, 2012, the Village has until the year 2040 to fund 90% of

the past service costs for the Firefighters’ Pension Plan.

b. Annual Pension Costs Employer contributions have been determined as follows:

Illinois Municipal Retirement

and Sheriff’s

Law Enforcement

Personnel

Police Pension

Firefighters’ Pension

Actuarial valuation date December 31,

2010 December 31,

2011 December 31,

2011 Actuarial cost method Entry-age

Normal Entry-age Normal

Entry-age Normal

Asset valuation method 5 Year

Smoothed Market

Market Market

Amortization method Level

Percentage of Payroll

Level Percentage of

Payroll

Level Percentage of

Payroll Amortization period 30 Years,

Open 29 Years,

Closed 29 Years,

Closed

- 46 -



- 46 -


b. Annual Pension Costs (Continued)

Illinois

Municipal

Retirement

and

Sheriff’s

Law

Enforcement

Personnel

Police

Pension

Firefighters’

Pension

Significant actuarial assumptions

a) Rate of return on 7.50% 6.75% 6.75%

present and future assets Compounded Compounded Compounded

Annually Annually Annually

b) Projected salary increase - 4.00% 3.75% 3.75%

attributable to inflation Compounded Compounded Compounded

Annually Annually Annually

c) Additional projected .40 to 10.00% Not Available Not Available

salary increases -

seniority/merit

- 47 -



- 47 -

11. DEFINED BENEFIT PENSION PLANS (Continued) b. Annual Pension Costs (Continued) Employer annual required contributions (ARC), actual contributions and the net

pension obligation (NPO) (asset) are as follows. The NPO (asset) is the cumulative difference between the annual pension costs and the contributions actually made.

Calendar Year

Illinois Municipal Retirement

Sheriff’s Law

Enforce- ment

Personnel

Police Pension


Annual pension cost (APC) 2010 $ 649,120 $ 18,125 $ 944,808 $ 933,925 2011 691,908 8,458 885,339 1,082,677 2012 720,377 52,030 972,423 1,066,582 Actual contribution 2010 649,120 18,125 944,808 933,925 2011 691,908 8,458 674,170 995,110 2012 720,377 52,030 977,367 1,001,528 Percentage of APC 2010 100.00% 100.00% 100.00% 100.00% contributed 2011 100.00% 100.00% 76.15% 91.91% 2012 100.00% 100.00% 100.51% 93.90% NPO (asset) 2010 $ - $ - $ - $ - 2011 - - 211,169 87,567 2012 - - 206,225 152,621

The net pension obligation (asset) has been calculated as follows as of December 31,

2012:

Police Pension


Annual required contributions $ 969,024 $ 1,065,173 Interest on net pension obligation 14,254 5,911 Adjustment to annual required contribution (10,855) (4,502)

Annual pension cost 972,423 1,066,582 Contributions made 977,367 1,001,528

Increased (decrease) in net pension obligation (4,944) 65,054 Net pension obligation (asset), January 1 211,169 87,567

NET PENSION OBLIGATION (ASSET), DECEMBER 31

$ 206,225

$ 152,621

- 48 -



- 48 -


c. Summary Financial Information

The following is summary financial information for the Police and Firefighters’

Pension Plans.

Statement of Plan Net Position

Pension Trust

Police Pension


Total

ASSETS Cash $ 159,952 $ 134,643 $ 294,595 Investments Illinois Funds 27,982 140,008 167,990 Money market mutual funds 1,334,117 875,037 2,209,154 U.S. Treasury securities 1,553,513 401,824 1,955,337 U.S. agency securities 7,454,349 5,644,216 13,098,565 State and local obligations 1,669,810 1,168,106 2,837,916 Corporate bonds 3,558,087 2,958,187 6,516,274 Mutual funds 12,145,874 11,950,044 24,095,918 Equities 1,791,513 - 1,791,513 Accrued interest receivable 119,433 92,668 212,101

Total assets 29,814,630 23,364,733 53,179,363

LIABILITIES Accounts payable 11,383 13,585 24,968

Total liabilities 11,383 13,585 24,968

NET POSITION HELD IN TRUST FOR PENSION PLAN BENEFITS

$ 29,803,247

$ 23,351,148

$ 53,154,395

- 49 -



- 49 -


c. Summary Financial Information (Continued)

Statement of Changes in Plan Net Position

Pension Trust

Police Pension


Total

ADDITIONS Contributions Employer $ 977,367 $ 1,001,528 $ 1,978,895 Employee 483,678 261,795 745,473 Other 3,126 - 3,126

Total contributions 1,464,171 1,263,323 2,727,494

Investment income Net appreciation in fair Value of investments 1,145,655 1,251,705 2,397,360 Interest 1,326,117 743,395 2,069,512

Total investment income 2,471,772 1,995,100 4,466,872 Less investment expense (81,787) (64,838) (146,625)

Net investment income 2,389,985 1,930,262 4,320,247

Total additions 3,854,156 3,193,585 7,047,741

DEDUCTIONS Benefits and refunds 1,940,356 1,959,549 3,899,905 Administrative 33,536 38,060 71,596

Total deductions 1,973,892 1,997,609 3,971,501

NET INCREASE 1,880,264 1,195,976 3,076,240 NET POSITION HELD IN TRUST FOR PENSION BENEFITS January 1 27,922,983 22,155,172 50,078,155

December 31 $ 29,803,247 $ 23,351,148 $ 53,154,395

- 50 -



- 50 -


d. Funded Status

The funded status of the plans as of December 31, 2012 is as follows. The actuarial

assumptions used to determine the funded status of the plans are the same actuarial

assumptions used to determine the employer annual pension costs of the plans as

disclosed in Note 11-c:

See the schedules of funding progress in the required supplementary information

immediately following the notes to financial statements for additional information

related to the funded status of the plans.

12. OTHER POSTEMPLOYMENT BENEFITS

Plan Description

In addition to providing the pension benefits described, the Village provides

postemployment health care (OPEB) benefits for retirees and disabled employees through a

single-employer defined benefit plan (the Plan). The benefits, benefit levels, employee

contributions and any employer contributions are governed by the Village and can be

amended by the Village through its personnel manual and union contracts. The Plan is not

accounted for as a trust fund, as an irrevocable trust has not been established to account for

the Plan. The Plan does not issue a separate report. The activity of the Plan is reported in

the Village’s Self-Insurance Fund.

Illinois

Municipal

Retirement

Sheriff’s Law

Enforcement

Personnel

Firefighters’

Pension

Police

Pension

Actuarial accrued liability (AAL) $ 16,504,611 $ - $ 38,030,219 $ 44,517,503

Actuarial value of plan assets 10,784,804 (737,742) 23,351,147 29,803,246

Unfunded actuarial accrued liability

(UAAL)

5,719,807

737,742

14,679,072

14,714,257

Funded ratio (actuarial value of plan

assets/AAL)

65.34%

0.00%

61.40%

66.95%

Covered payroll (active plan members) $ 5,091,006 $ - $ 2,762,080 $ 3,646,309

UAAL as a percentage of covered payroll 112.35% 0.00% 531.45% 403.54%

- 51 -



- 51 -

12. OTHER POSTEMPLOYMENT BENEFITS (Continued)

Benefits Provided

The Village provides postemployment health care benefits to its retirees and certain

disabled employees. To be eligible for benefits, an employee must qualify for retirement

under one of the Village’s retirement plans or meet COBRA requirements. For certain

disabled employees who qualify for health insurance benefits under the Public Safety

Employee Benefits Act (PSEBA), the Village is required to pay 100% of the cost of basic

health insurance for the employee and their dependents for their lifetime. As of

December 31, 2012, the Village has two disabled retirees receiving benefits under this

statute.

All health care benefits are provided through the Village’s self-insured health plan. The

benefit levels are the same as those afforded to active employees. Benefits include general

inpatient and outpatient medical services; mental, nervous and substance abuse care; vision

care; dental care; and prescriptions. Eligibility in village sponsored health care plans is

discontinued upon eligibility for federally sponsored health care benefits.

Membership

At December 31, 2011, membership consisted of:


Terminated employees entitled to benefits but

not yet receiving them

Current employees

Vested

-

99

Nonvested 50

TOTAL 168

Participating employers 1

Funding Policy

All retirees contribute 100% of the actuarially determined premium to the Plan to cover the

cost of providing the benefits to the retirees via the self-insured plan (pay as you go), which

results in an implicit subsidy to the Village as defined by the GASB Statement No. 45. The

Village pays 100% of the actuarially determined premium for certain disabled employees.

Since the Village is self-insured, these amounts fluctuate on an annual basis. For the fiscal

year ended December 31, 2012, all retirees contributed $492,729 and the Village

contributed $112,078. The Village is not required to and currently does not advance fund

the cost of benefits that will become due and payable in the future. Active employees do

not contribute to the Plan until retirement.

- 52 -



- 52 -


Annual OPEB Costs and Net OPEB Obligation

The Village’s annual OPEB cost, the percentage of annual OPEB cost contributed to the

Plan and the net OPEB obligation was as follows:

Fiscal

Year

Ended

Annual

OPEB

Cost

Employer

Contributions

Percentage of

Annual OPEB

Cost Contributed

Net OPEB

Obligation

December 31, 2010 $ 184,254 $ 137,854 74.8% $ 24,858

December 31, 2011 188,072 137,854 73.3% 75,076

December 31, 2012 162,361 112,079 69.0% 125,358

The net OPEB obligation (NOPEBO) as of December 31, 2012 was calculated as follows:

Annual required contribution $ 156,077

Interest on net OPEB obligation 3,859

Adjustment to annual required contribution 2,425

Annual OPEB cost 162,361

Contributions made 112,079

Increase in net OPEB obligation 50,282

Net OPEB obligation, beginning of year 75,076

NET OPEB OBLIGATION, END OF YEAR $ 125,358

Funded Status and Funding Progress

The funded status of the Plan as of December 31, 2011 (most recent available) was as

follows:

Actuarial accrued liability (AAL) $ 2,673,072

Actuarial value of plan assets -

Unfunded actuarial accrued liability (UAAL) 2,673,072

Funded ratio (actuarial value of plan assets/AAL) -%

Covered payroll (active plan members) $ 12,657,543

UAAL as a percentage of covered payroll 21.12%

- 53 -



- 53 -


Funded Status and Funding Progress (Continued)

Actuarial valuations of an ongoing plan involve estimates of the value of reported amounts

and assumptions about the probability of occurrence of events far into the future.

Examples include assumptions about future employment, mortality and the healthcare cost

trend. Amounts determined regarding the funded status of the Plan and the annual required

contributions of the employer are subject to continual revision as actual results are

compared with past expectations and new estimates are made about the future. The

schedule of funding progress, presented as required supplementary information following

the notes to financial statements, presents multi-year trend information that shows whether

the actuarial value of plan assets is increasing or decreasing over time relative to the

actuarial accrued liabilities for benefits.

Actuarial Methods and Assumptions

Projections of benefits for financial reporting purposes are based on the substantive plan

(the Plan as understood by the employer and plan members) and include the types of

benefits provided at the time of each valuation and the historical pattern of sharing of

benefit costs between the employer and plan members to that point. The actuarial methods

and assumptions used include techniques that are designed to reduce short-term volatility

in actuarial accrued liabilities and the actuarial value of assets, consistent with the long-

term perspective of the calculations.

In the December 31, 2011 actuarial valuation, the entry-age actuarial cost method was

used. The actuarial assumptions included a 5.00% investment rate of return (net of

administrative expenses) and an initial annual healthcare cost trend rate of 8.00% and an

ultimate healthcare cost trend rate of 6.00%. These rates include a 3.00% inflation

assumption. The actuarial value of assets was not determined as the Village has not

advance funded its obligation. The Plan’s unfunded actuarial accrued liability is being

amortized as a level percentage of projected payroll on an open basis. The remaining

amortization period at December 31, 2011 was 30 years.

- 54 -

REQUIRED SUPPLEMENTARY INFORMATION

2012

Variance

Original Final Over 2011

Budget Budget Actual (Under) Actual

REVENUES

Intergovernmental 11,748,860$ 11,748,860$ 12,387,361$ 638,501$ 12,087,197$

Utility taxes 4,640,000 4,640,000 4,900,869 260,869 4,657,683

Licenses and permits 839,900 839,900 1,201,998 362,098 948,872

Charges for services 1,133,700 1,133,700 970,778 (162,922) 1,089,783

Fines and penalties 301,360 301,360 231,865 (69,495) 248,120

Investment income 60,000 60,000 31,430 (28,570) 24,868

Miscellaneous 322,210 322,210 350,168 27,958 323,664

Total revenues 19,046,030 19,046,030 20,074,469 1,028,439 19,380,187

EXPENDITURES

Current

General government 3,550,835 3,523,435 3,595,058 71,623 3,315,476

Public safety 12,940,210 12,967,610 12,900,045 (67,565) 11,739,217

Public works 647,845 639,645 496,895 (142,750) 540,047

Culture and recreation 941,130 941,130 896,889 (44,241) 878,508

Capital outlay 667,005 675,205 607,097 (68,108) 281,457

Debt service

Principal 250,000 250,000 250,000 - 245,000

Interest and fiscal charges 45,005 45,005 45,003 (2) 49,903

Total expenditures 19,042,030 19,042,030 18,790,987 (251,043) 17,049,608


OVER EXPENDITURES 4,000 4,000 1,283,482 1,279,482 2,330,579


Transfers in - - 275,000 275,000 -

Sale of capital assets - - - - 28,846

Total other financing sources (uses) - - 275,000 275,000 28,846

NET CHANGE IN FUND BALANCE 4,000$ 4,000$ 1,558,482 1,554,482$ 2,359,425

FUND BALANCE, JANUARY 1 15,984,475 13,625,050

FUND BALANCE, DECEMBER 31 17,542,957$ 15,984,475$

(With Comparative Actual)


GENERAL FUND

SCHEDULE OF REVENUES, EXPENDITURES

AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL


(See independent auditor's report.)- 55 -

- 52 -


NOTES TO REQUIRED SUPPLEMENTARY INFORMATION

December 31, 2012

Budgets are adopted on a basis consistent with generally accepted accounting principles. Annual budgets are adopted for the General, Special Revenue and Capital Projects Funds on the modified accrual basis. Enterprise, Internal Service and Pension Trust Funds are on the accrual basis and a current financial resources measurement focus except the Village does not budget depreciation but does budget capital outlay. The annual budget is legally enacted and provides for a legal level of control at the program level. All annual appropriations lapse at fiscal year end. a. Budgets

The Village follows these procedures in establishing the budgetary data reflected in the financial statements:

1. All departments of the Village submit budget requests to the Budget Officer so

that a budget may be prepared. 2. The Village Manager submits to the Village Board of Trustees a proposed

operating budget for the fiscal year commencing the following January 1. The operating budget includes proposed expenditures and the means of financing them.

3. A public hearing is conducted by the Village to obtain resident comments. 4. Subsequently, the budget is adopted by the Village Board. 5. Annual budgets are adopted for all funds on a basis consistent with generally

accepted accounting principles. 6. Formal budgetary integration is employed as a management control device

during year for all funds of the Village.

7. Appropriations lapse at year end. 8. The Village Manager and Budget Officer are authorized to transfer budgeted

amounts between line items within any program; however, any revisions that alter the total expenditures of any program or fund must be approved by the Village Board. The level of legal control is the individual program budget in total.

9. Budgeted amounts are as originally adopted with the exceptions of approved

transfers which were not material in relation to the budgets taken as a whole. After Village Board transfers, no program had an excess of expenditures/expenses, exclusive of depreciation and amortization over budget for the fiscal year.

- 56 -

- 53 -


NOTES TO REQUIRED SUPPLEMENTARY INFORMATION (Continued)

December 31, 2012

b. Excess of Actual Expenditures/Expenses Over Budget in Individual Funds

The following funds had an excess of actual expenditures/expenses (exclusive of

depreciation and amortization) over budget for the fiscal year:

Fund Excess

Promenade TIF $ 10,777

Sports Core 243,919

Self-Insurance 223,127

- 57 -

(4)

Unfunded

(2) (Overfunded) UAAL

Actuarial Actuarial (OAAL)

Accrued Accrued as a

Actuarial (1) Liability (3) Liability Percentage

Valuation Actuarial (AAL) Funded (UAAL) (5) of Covered

Date Value of Entry-Age Ratio (OAAL) Covered Payroll

December 31, Assets Normal (1) / (2) (2) - (1) Payroll (4) / (5)

2007 13,391,125$ 15,455,482$ 86.64% 2,064,357$ 6,395,211$ 32.28%

2008 11,511,641 16,564,067 69.50% 5,052,426 7,142,269 70.74%

2009 9,609,171 14,603,710 65.80% 4,994,539 6,567,736 76.05%

2010 9,534,465 15,208,443 62.69% 5,673,978 5,273,109 107.60%

2011 9,699,712 15,535,903 62.43% 5,836,191 5,214,086 111.93%

2012 10,784,804 16,504,611 65.34% 5,719,807 5,091,006 112.35%

December 31, 2012


SCHEDULE OF FUNDING PROGRESS

ILLINOIS MUNICIPAL RETIREMENT FUND


(4)

Unfunded

(2) (Overfunded) UAAL

Actuarial Actuarial (OAAL)

Accrued Accrued as a

Actuarial (1) Liability (3) Liability Percentage

Valuation Actuarial (AAL) Funded (UAAL) (5) of Covered

Date Value of Entry-Age Ratio (OAAL) Covered Payroll

December 31, Assets Normal (1) / (2) (2) - (1) Payroll (4) / (5)

2007 64,632$ 28,962$ 223.16% (35,670)$ 120,808$ (29.53%)

2008 187,175 218,844 85.53% 31,669 129,968 24.37%

2009 202,440 248,486 81.47% 46,046 126,795 36.32%

2010 234,928 282,824 83.07% 47,896 126,304 37.92%

2011 (745,925) - 0.00% 745,925 57,101 1306.33%

2012 (737,742) - 0.00% 737,742 - 0.00%

Note: The Village no longer had any participants in SLEP as of December 31, 2011.

December 31, 2012



SHERIFF'S LAW ENFORCEMENT PERSONNEL


(2) UAAL

Actuarial (4) as a

Actuarial (1) Accrued (3) Unfunded Percentage

Valuation Actuarial Liability Funded AAL (5) of Covered

Date Value of (AAL) Ratio (UAAL) Covered Payroll

December 31, Assets Entry-Age (1) / (2) (2) - (1) Payroll (4) / (5)

2007 27,827,838$ 32,129,429$ 86.61% 4,301,591$ 3,180,282$ 135.26%

2008 24,349,249 35,266,292 69.04% 10,917,043 3,314,574 329.36%

2009 26,391,636 36,801,319 71.71% 10,409,683 3,433,002 303.22%

2010 28,421,357 38,718,877 73.40% 10,297,520 3,288,064 313.18%

2011 27,922,983 40,706,989 68.60% 12,784,006 3,310,998 386.11%

2012 29,803,246 44,517,503 66.95% 14,714,257 3,646,309 403.54%

December 31, 2012



POLICE PENSION FUND


(4) UAAL

(2) Unfunded (OAAL)

Actuarial (Overfunded) as a

Actuarial (1) Accrued (3) AAL Percentage

Valuation Actuarial Liability Funded (UAAL) (5) of Covered

Date Value of (AAL) Ratio (OAAL) Covered Payroll


2007 22,473,402$ 28,968,184$ 77.58% 6,494,782$ 2,582,069$ 251.53%

2008 19,118,652 31,239,022 61.20% 12,120,370 2,804,818 432.13%

2009 20,779,262 32,813,804 63.32% 12,034,542 2,573,691 467.60%

2010 22,275,798 36,057,657 61.78% 13,781,859 2,668,624 516.44%

2011 22,155,173 36,277,226 61.07% 14,122,053 2,687,097 525.55%

2012 23,351,147 38,030,219 61.40% 14,679,072 2,762,080 531.45%

December 31, 2012



FIREFIGHTERS' PENSION FUND


(4) UAAL

(2) Unfunded (OAAL)

Actuarial (Overfunded) as a

Actuarial (1) Accrued (3) AAL Percentage

Valuation Actuarial Liability Funded (UAAL) (5) of Covered

Date Value of (AAL) Ratio (OAAL) Covered Payroll


2008 -$ 1,746,352$ 0.00% 1,746,352$ N/A N/A

2009 - 3,108,091 0.00% 3,108,091 13,426,525$ 23.15%

2010 N/A N/A N/A N/A N/A N/A

2011 - 2,673,072 0.00% 2,673,072 12,657,543 21.12%

2012 N/A N/A N/A N/A N/A N/A

N/A - Information not available.

The Village implemented GASB Statement No. 45 for the fiscal year ended December 31, 2008.

Information for prior years is not available.



OTHER POSTEMPLOYMENT BENEFIT PLAN

December 31, 2012


Annual

Fiscal Required

Year Employer Contribution Percentage

December 31, Contributions (ARC) Contributed

2007 638,242$ 638,242$ 100.00%

2008 726,369 726,369 100.00%

2009 674,506 674,506 100.00%

2010 649,120 649,120 100.00%

2011 691,908 691,908 100.00%

2012 720,377 720,377 100.00%

December 31, 2012


SCHEDULE OF EMPLOYER CONTRIBUTIONS

ILLINOIS MUNICIPAL RETIREMENT FUND


Annual

Fiscal Required



2007 14,207$ 14,207$ 100.00%

2008 15,076 15,076 100.00%

2009 14,848 14,848 100.00%

2010 18,125 18,125 100.00%

2011 8,458 8,458 100.00%

2012 52,030 52,030 100.00%

December 31, 2012



SHERIFF'S LAW ENFORCEMENT PERSONNEL


Annual

Fiscal Required



2007 564,283$ 564,283$ 100.00%

2008 617,619 617,619 100.00%

2009 958,641 958,641 100.00%

2010 944,808 944,808 100.00%

2011 674,170 885,339 76.15%

2012 977,367 969,024 100.86%

December 31, 2012



POLICE PENSION FUND


Annual

Fiscal Required



2007 564,945$ 564,945$ 100.00%

2008 671,683 671,683 100.00%

2009 839,550 839,550 100.00%

2010 933,925 933,925 100.00%

2011 995,110 1,082,677 91.91%

2012 1,001,528 1,065,173 94.02%

December 31, 2012





Annual Net Other

Fiscal Required Postemployment

Year Employer Contribution Percentage Benefit

December 31, Contributions (ARC) Contributed Obligation (Asset)

2008 88,965$ 103,689$ 85.80% 14,727$

2009 137,854 100,374 137.34% (21,542)

2010 137,854 186,027 74.10% 24,858

2011 137,854 186,027 74.10% 75,076

2012 112,079 156,077 71.81% 125,358

The Village implemented GASB Statement No. 45 for the fiscal year ended December 31, 2008.

Information for prior years is not available.



OTHER POSTEMPLOYMENT BENEFIT PLAN

December 31, 2012




General Fund - to account for resources traditionally associated with governments which are not

accounted for in another fund.

Infrastructure Fund - to account for revenues restricted for and expenditures relative to the

construction and maintenance of roadways, drainage and safety pathway systems.

Variance



REVENUES

Intergovernmental

Municipal sales tax 10,655,000$ 10,655,000$ 11,251,155$ 596,155$ 10,997,862$

Illinois state income and use tax 695,400 695,400 815,762 120,362 766,894

Corporate personal property

replacement taxes 259,660 259,660 268,229 8,569 247,434

York Township road and

bridge tax 50,000 50,000 14,973 (35,027) 39,623

Grants 88,800 88,800 37,242 (51,558) 35,384

Total intergovernmental 11,748,860 11,748,860 12,387,361 638,501 12,087,197

Utility taxes 4,640,000 4,640,000 4,900,869 260,869 4,657,683

Licenses and permits 839,900 839,900 1,201,998 362,098 948,872

Charges for services 1,133,700 1,133,700 970,778 (162,922) 1,089,783

Fines and penalties 301,360 301,360 231,865 (69,495) 248,120


Miscellaneous

Franchise fees 150,000 150,000 174,752 24,752 162,176

Other 172,210 172,210 175,416 3,206 161,488

Total miscellaneous 322,210 322,210 350,168 27,958 323,664

TOTAL REVENUES 19,046,030$ 19,046,030$ 20,074,469$ 1,028,439$ 19,380,187$



GENERAL FUND

SCHEDULE OF REVENUES - BUDGET AND ACTUAL


2012


Variance



GENERAL GOVERNMENT

Legislative and general management

Board of trustees

Personnel 78,150$ 72,150$ 68,924$ (3,226)$ 66,814$

Materials and supplies 3,500 3,500 1,093 (2,407) 2,954

Operation and contractual 61,500 59,000 41,277 (17,723) 83,910

Total board of trustees 143,150 134,650 111,294 (23,356) 153,678

Village clerk

Personnel 130,230 117,230 113,716 (3,514) 107,612

Materials and supplies 920 920 1,600 680 449


Total Village clerk 147,850 131,060 126,818 (4,242) 113,515

Legal

Personnel 18,410 18,410 18,604 194 18,433

Materials and supplies 225 225 144 (81) 198


Total legal 318,935 335,725 333,769 (1,956) 405,138

General management

Personnel 310,735 307,935 315,393 7,458 314,619

Materials and supplies 2,150 4,950 4,557 (393) 902


Total general management 334,500 327,000 326,879 (121) 342,138

Human resources

Personnel 194,030 169,030 175,576 6,546 219,850

Materials and supplies 1,850 1,850 1,917 67 1,578


Total human resources 267,880 345,380 344,194 (1,186) 354,270

Risk management

Personnel 57,270 52,270 46,894 (5,376) 47,012

Materials and supplies 5,000 1,000 498 (502) -


Total risk management 542,795 533,795 524,984 (8,811) 676,740

Transportation

Personnel 100 100 - (100) -

Operation and contractual 86,000 3,000 - (3,000) -

Total transportation 86,100 3,100 - (3,100) -

2012

SCHEDULE OF EXPENDITURES - BUDGET AND ACTUAL

GENERAL FUND




(This schedule is continued on the following pages.)- 69 -

Variance



GENERAL GOVERNMENT (Continued)

Legislative and general management (Continued)

Emergency management

Personnel 13,665$ 13,665$ 9,007$ (4,658)$ 8,718$

Materials and supplies 12,850 1,850 1,021 (829) 3,737


Capital outlay - 16,000 15,632 (368) -

Total emergency management 52,115 52,115 42,534 (9,581) 19,526

General services

Personnel 72,890 64,890 70,264 5,374 72,701



Total general services 171,910 163,065 156,024 (7,041) 167,981

Purchasing

Personnel 64,785 64,785 65,263 478 59,150

Materials and supplies 750 750 170 (580) 613

Operation and contractual 2,000 2,000 343 (1,657) 90

Total purchasing 67,535 67,535 65,776 (1,759) 59,853

Information systems

Personnel 333,340 300,840 306,495 5,655 299,570



Capital 145,000 145,000 146,725 1,725 92,821

Total information systems 766,870 766,870 758,154 (8,716) 660,701

Total legislative and general

management 2,899,640 2,860,295 2,790,426 (69,869) 2,953,540

Community development management

Personnel 281,435 291,935 294,922 2,987 267,599

Materials and supplies 3,130 3,130 1,012 (2,118) 236

Operation and contractual 1,100 1,100 40 (1,060) 23

Total community development

management 285,665 296,165 295,974 (191) 267,858

Economic development

Personnel 1,000 1,000 923 (77) 431

Materials and supplies 5,500 5,500 - (5,500) -


Total economic development 214,000 210,600 79,541 (131,059) 90,096



SCHEDULE OF EXPENDITURES - BUDGET AND ACTUAL (Continued)

GENERAL FUND

2012



Variance






GENERAL FUND

2012


GENERAL GOVERNMENT (Continued)

Community development management (Continued)

Code enforcement

Personnel 418,265$ 422,265$ 429,192$ 6,927$ 387,739$



Total code enforcement 455,935 459,935 459,826 (109) 422,421

Total community development management 955,600 966,700 835,341 (131,359) 780,375

Financial services

Financial services management

Personnel 128,060 128,060 129,466 1,406 122,815

Materials and supplies 2,850 2,850 957 (1,893) 85

Operation and contractual 42,570 41,170 41,261 91 34,366

Total financial services management 173,480 172,080 171,684 (396) 157,266

Accounting and reporting

Personnel 240,105 241,505 244,405 2,900 233,034



Total accounting and reporting 284,035 285,435 285,411 (24) 272,711

PSEBA benefits

Personnel 31,200 31,200 31,200 - 27,600

Customer service

Personnel - 845 841 (4) -

Total financial services 488,715 489,560 489,136 (424) 457,577

Engineering and capital projects

Municipal building improvements

Capital 493,500 501,700 431,075 (70,625) 162,450

Total engineering and capital projects 493,500 501,700 431,075 (70,625) 162,450

Expenditure reimbursements paid to other funds 116,605 116,605 116,605 - 130,980

Subtotal general government 4,954,060 4,934,860 4,662,583 (272,277) 4,484,922

Less reimbursements from other funds (764,725) (764,725) (489,725) 275,000 (914,175)

Total general government 4,189,335 4,170,135 4,172,858 2,723 3,570,747


Variance






GENERAL FUND

2012


PUBLIC SAFETY

Police department

Police services management

Personnel 312,980$ 419,670$ 414,814$ (4,856)$ 312,615$

Materials and supplies 3,500 3,500 3,728 228 3,187


Total police services management 388,350 499,665 492,325 (7,340) 401,189

Police field services

Personnel 3,770,815 3,881,815 3,884,992 3,177 3,548,845



Total police field services 4,165,265 4,276,265 4,273,582 (2,683) 3,816,241

Police general support

Personnel 473,990 415,075 415,785 710 377,888


Operation and contractual 2,850 2,850 3,933 1,083 1,876

Total police general support 502,365 443,450 442,794 (656) 399,688

Police investigations

Personnel 944,770 970,070 962,450 (7,620) 979,733



Capital outlay 13,220 13,220 12,619 (601) -

Total police investigations 1,001,500 1,023,600 1,008,232 (15,368) 1,009,923

Police communications center

Personnel 434,525 342,625 331,382 (11,243) 580,081


Operation and contractual 398,200 395,400 395,287 (113) 174,741

Total police communications center 863,425 758,225 744,513 (13,712) 757,724

Police records

Personnel 169,720 151,120 154,036 2,916 117,169



Capital outlay 95,000 105,050 105,854 804 -

Total police records 297,620 292,070 288,630 (3,440) 137,980


Variance






GENERAL FUND

2012


PUBLIC SAFETY (Continued)

Police department (Continued)

Public relations/crime prevention

Personnel 25,310$ 18,210$ 15,087$ (3,123)$ 20,234$

Materials and supplies 300 300 - (300) -


Capital outlay 23,000 - - - -

Total public relations/crime prevention 70,210 34,860 28,502 (6,358) 33,084

Total police department 7,288,735 7,328,135 7,278,578 (49,557) 6,555,829

Fire department

Fire, rescue and EMS operations

Personnel 4,349,605 4,416,630 4,414,116 (2,514) 4,182,968


Operation and contractual 240,440 240,440 241,463 1,023 162,239

Capital 28,505 28,505 29,297 792 26,186

Total fire, rescue and EMS opeartions 4,658,225 4,725,250 4,720,984 (4,266) 4,411,377

Fire service management

Personnel 339,650 301,860 295,900 (5,960) 286,861



Total fire service management 353,150 315,360 308,591 (6,769) 293,573

Special teams operations



Total special teams operations 11,645 11,645 9,131 (2,514) 11,958

Rescue and fire training

Personnel 31,065 29,650 29,881 231 18,889

Materials and supplies 450 450 - (450) -

Total rescue and fire training 31,515 30,100 29,881 (219) 18,889

Emergency medical services

Personnel 40,685 20,865 19,910 (955) 29,163



Total emergency medical services 625,445 585,625 582,177 (3,448) 473,777

Total fire department 5,679,980 5,667,980 5,650,764 (17,216) 5,209,574

Total public safety 12,968,715 12,996,115 12,929,342 (66,773) 11,765,403


Variance






GENERAL FUND

2012


PUBLIC WORKS

Mosquito control

Operation and contractual 63,835$ 63,835$ 63,549$ (286)$ 63,639$

Total mosquito control 63,835 63,835 63,549 (286) 63,639

Buildings and grounds

Personnel 92,725 92,725 78,522 (14,203) 74,977



Total buildings and grounds 388,785 388,785 303,570 (85,215) 284,230

Forestry

Personnel 20,075 20,075 12,033 (8,042) 9,330



Total forestry 195,225 187,025 129,776 (57,249) 192,178

Total public works 647,845 639,645 496,895 (142,750) 540,047

CULTURE AND RECREATION

Library general operations

Personnel 342,045 342,045 334,734 (7,311) 303,584



Capital outlay 5,000 5,000 5,000 - -

Total library general operations 456,985 452,785 432,499 (20,286) 403,233

Library technical services

Personnel 130,515 130,515 111,566 (18,949) 143,233



Total library technical services 142,680 142,680 123,648 (19,032) 155,307

Library reference and adult services

Personnel 153,280 153,280 148,671 (4,609) 141,171



Total library reference and

adult services 259,495 259,495 254,669 (4,826) 242,556

(This schedule is continued on the following page.)- 74 -

Variance






GENERAL FUND

2012


CULTURE AND RECREATION (Continued)

Library youth services

Personnel 50,220$ 54,420$ 54,651$ 231$ 46,876$



Total library youth services 81,970 86,170 86,073 (97) 77,412

Total culture and recreation 941,130 941,130 896,889 (44,241) 878,508

DEBT SERVICE

Principal 250,000 250,000 250,000 - 245,000


Total debt service 295,005 295,005 295,003 (2) 294,903

TOTAL EXPENDITURES 19,042,030$ 19,042,030$ 18,790,987$ (251,043)$ 17,049,608$

(See indepedent auditor's report.)- 75 -

Variance



REVENUES

Intergovernmental - grants 562,000$ 562,000$ -$ (562,000)$ 684,515$

Non-home rule sales tax 4,815,000 4,815,000 5,230,137 415,137 4,833,972

Investment income 3,500 3,500 9,256 5,756 2,965

Miscellaneous - - 5,380 5,380 78

Total revenues 5,380,500 5,380,500 5,244,773 (135,727) 5,521,530

EXPENDITURES

Public works

Geographic information systems

Personnel 1,050 1,050 - (1,050) -



Total geographic information systems 147,050 147,050 137,231 (9,819) 142,740

Management

Personnel 295,360 295,360 294,183 (1,177) 286,183



Total management 464,935 478,935 474,436 (4,499) 439,309

Streets - general salaries

Personnel 641,400 641,400 633,279 (8,121) 630,972



Total streets - general salaries 648,640 648,640 638,543 (10,097) 636,634

Streets and traffic maintenance



Total streets and traffic maintenance 378,470 364,470 294,981 (69,489) 281,521

Snow removal

Personnel 64,150 64,150 25,384 (38,766) 32,152



Total snow removal 246,100 246,100 176,418 (69,682) 179,065

Drainage maintenance



Total drainage maintenance 138,130 138,130 90,215 (47,915) 75,017

Safety pathway maintenance

Materials and supplies 100,000 100,000 17,886 (82,114) 182


Total safety pathway maintenance 123,995 123,995 42,011 (81,984) 24,462


INFRASTRUCTURE FUND

SCHEDULE OF REVENUES, EXPENDITURES AND

CHANGES IN FUND BALANCE - BUDGET AND ACTUAL


2012



Variance



EXPENDITURES (Continued)

Engineering and capital projects

Engineering

Personnel 391,880$ 391,880$ 392,672$ 792$ 375,169$



Total engineering 494,640 494,640 450,853 (43,787) 384,172

Roadway improvements


Intergovernmental agreements 4,015,002 4,015,002 2,093,247 (1,921,755) 1,951,521

Total roadway improvements 4,390,002 4,390,002 2,302,753 (2,087,249) 2,116,646

Stormwater management improvements

Operation and contractual - - 1,000 1,000 25,885

Total stormwater management improvements - - 1,000 1,000 25,885

Note payment 1,501,163 1,501,163 1,501,163 - 1,501,163

Expenditure reimbursement paid to other funds 108,000 108,000 108,000 - 104,475

Subtotal expenditures 8,641,125 8,641,125 6,217,604 (2,423,521) 5,911,089

Less reimbursements from other funds (506,605) (506,605) (506,605) - (911,785)

Total expenditures 8,134,520 8,134,520 5,710,999 (2,423,521) 4,999,304

NET CHANGE IN FUND BALANCE (2,754,020)$ (2,754,020)$ (466,226) 2,287,794$ 522,226




2012

INFRASTRUCTURE FUND


CHANGES IN FUND BALANCE - BUDGET AND ACTUAL (Continued)






Special Revenue Funds

Hotel/Motel Tax Fund - to account for local hotel/motel tax receipts restricted for promoting

tourism and conventions in the Village.

Motor Fuel Tax Fund - to account for state gasoline tax allocations restricted for local roadway

program expenditures.

Foreign Fire Insurance Tax Fund - to account for foreign fire insurance tax revenue restricted for

the purchase of items for the benefit of the fire department.

Capital Projects Fund

Promenade TIF Fund - to account for the revenues and expenditures restricted to the Tax

Increment Financing District located at 22nd

Street and Meyers Road.

Capital

Projects Fund Total

Foreign Fire Nonmajor

Hotel/Motel Motor Insurance Promenade Governmental

Tax Fuel Tax Tax TIF Funds

ASSETS

Cash and investments 2,699,121$ 677,377$ 233,204$ 221,926$ 3,831,628$

Receivables

Allotments - 16,318 - - 16,318

Other, hotel/motel tax 102,579 - - - 102,579

Accrued interest 1,376 423 - - 1,799

TOTAL ASSETS 2,803,076$ 694,118$ 233,204$ 221,926$ 3,952,324$

LIABILITIES

Accounts payable 27,841$ -$ -$ -$ 27,841$

Total liabilities 27,841 - - - 27,841

FUND BALANCES

Restricted

Highways and streets - 694,118 - - 694,118

Public safety - - 233,204 - 233,204

Culture and recreation 2,775,235 - - - 2,775,235

Economic development - - - 221,926 221,926

Total fund balances 2,775,235 694,118 233,204 221,926 3,924,483

TOTAL LIABILITIES AND

FUND BALANCES 2,803,076$ 694,118$ 233,204$ 221,926$ 3,952,324$

LIABILITIES AND FUND BALANCES



COMBINING BALANCE SHEET

December 31, 2012



Capital

Projects Fund Total

Foreign Fire Nonmajor

Hotel/Motel Motor Fuel Insurance Promenade Governmental

Tax Tax Tax TIF Funds

REVENUES

Intergovernmental -$ 230,030$ 113,169$ 437,747$ 780,946$

Hotel/motel taxes 940,008 - - - 940,008

Investment income 5,075 1,346 157 99 6,677

Total revenues 945,083 231,376 113,326 437,846 1,727,631

EXPENDITURES

Current

General government - - - 5,003 5,003

Public safety - - 86,685 - 86,685

Culture and recreation 741,974 - - - 741,974

Debt service

Principal - - - 91,000 91,000

Interest and fiscal charges - - - 330,039 330,039

Total expenditures 741,974 - 86,685 426,042 1,254,701

NET CHANGE IN FUND BALANCES 203,109 231,376 26,641 11,804 472,930

FUND BALANCES, JANUARY 1 2,572,126 462,742 206,563 210,122 3,451,553

FUND BALANCES, DECEMBER 31 2,775,235$ 694,118$ 233,204$ 221,926$ 3,924,483$


AND CHANGES IN FUND BALANCES




COMBINING STATEMENT OF REVENUES, EXPENDITURES


Variance



REVENUES

Hotel/motel taxes 780,280$ 780,280$ 940,008$ 159,728$ 853,638$

Investment income 3,500 3,500 5,075 1,575 2,238

Total revenues 783,780 783,780 945,083 161,303 855,876

EXPENDITURES

Current

Culture and recreation 599,750 599,750 347,974 (251,776) 351,869

Expenditure reimbursement paid

to other funds 394,000 394,000 394,000 - 339,000

Total expenditures 993,750 993,750 741,974 (251,776) 690,869

NET CHANGE IN FUND BALANCE (209,970)$ (209,970)$ 203,109 413,079$ 165,007





2012


HOTEL/MOTEL TAX FUND




Variance



REVENUES

Intergovernmental 255,500$ 255,500$ 230,030$ (25,470)$ 245,403$

Investment income 1,000 1,000 1,346 346 685

Total revenues 256,500 256,500 231,376 (25,124) 246,088

EXPENDITURES

Current

None - - - - -

Expenditure reimbursement paid to other funds - - - - 660,000

Total expenditures - - - - 660,000

NET CHANGE IN FUND BALANCE 256,500$ 256,500$ 231,376 (25,124)$ (413,912)

FUND BALANCE, JANUARY 1 462,742 876,654

FUND BALANCE, DECEMBER 31 694,118$ 462,742$



2012


MOTOR FUEL TAX FUND




Variance



REVENUES

Intergovernmental 50,000$ 50,000$ 113,169$ 63,169$ 49,902$

Investment income 400 400 157 (243) 203

Total revenues 50,400 50,400 113,326 62,926 50,105

EXPENDITURES

Current

Public safety 89,525 89,525 86,685 (2,840) 15,814

Total expenditures 89,525 89,525 86,685 (2,840) 15,814

NET CHANGE IN FUND BALANCE (39,125)$ (39,125)$ 26,641 65,766$ 34,291





2012


FOREIGN FIRE INSURANCE TAX FUND




Variance



REVENUES

Property tax 345,000$ 345,000$ 361,973$ 16,973$ 342,240$

Sales tax 72,800 72,800 75,774 2,974 72,542

Investment income 25 25 99 74 57

Total revenues 417,825 417,825 437,846 20,021 414,839

EXPENDITURES

Current

General government 5,265 5,265 5,003 (262) 4,363

Debt service

Principal 79,885 79,885 91,000 11,115 80,924


Total expenditures 415,265 415,265 426,042 10,777 421,643

NET CHANGE IN FUND BALANCE 2,560$ 2,560$ 11,804 9,244$ (6,804)



2012


PROMENADE TIF FUND






PROPRIETARY FUNDS

MAJOR ENTERPRISE FUNDS

Waterworks System Fund - to account for revenues and expenses relative to the operation of the

water utility.

Sports Core Fund - to account for revenues and expenses relative to the operation of the Oak

Brook Sports Core.

Variance



OPERATING REVENUES

Charges for services

Water sales 6,200,000$ 6,200,000$ 6,605,133$ 405,133$ 5,122,446$

Unmetered sales 25,000 25,000 27,344 2,344 25,429

Water tap on charges 25,000 25,000 11,040 (13,960) 10,263

Meter fees and special services 33,000 33,000 43,201 10,201 37,016

Miscellaneous 62,500 62,500 81,307 18,807 65,770

Total operating revenues 6,345,500 6,345,500 6,768,025 422,525 5,260,924

OPERATING EXPENSES

Operation of facilities 7,221,955 7,221,955 5,127,796 (2,094,159) 4,335,455

Depreciation and amortization - - 543,348 543,348 492,893

Total operating expenses 7,221,955 7,221,955 5,671,144 (1,550,811) 4,828,348

OPERATING INCOME (LOSS) (876,455) (876,455) 1,096,881 1,973,336 432,576

NONOPERATING REVENUES

(EXPENSES)


Grants - - - - 4,556

Gain (loss) on sale of capital assets - - (10,577) (10,577) (18,534)

Total nonoperating revenues

(expenses) 12,000 12,000 (4,968) (16,968) (7,404)

CHANGE IN NET POSITION (864,455)$ (864,455)$ 1,091,913 1,956,368$ 425,172

NET POSITION, JANUARY 1 19,491,449 19,066,277

NET POSITION, DECEMBER 31 20,583,362$ 19,491,449$


2012


WATERWORKS SYSTEM FUND

SCHEDULE OF REVENUES, EXPENSES AND

CHANGES IN NET POSITION - BUDGET AND ACTUAL



Variance



OPERATING EXPENSES

EXCLUDING DEPRECIATION

Operation of facilities

Public works - water operations

Personnel 753,280$ 753,280$ 743,720$ (9,560)$ 718,264$


Operation and contractual 4,038,335 4,023,235 3,902,700 (120,535) 2,903,258

Reimbursements for general

fund services 342,725 342,725 342,725 - 571,705

Total public works - water

operations 5,232,955 5,431,955 5,127,796 (304,159) 4,335,455

Capital improvements

Capital outlay 1,989,000 1,790,000 1,631,188 (158,812) 2,083,383

Total capital improvements 1,989,000 1,790,000 1,631,188 (158,812) 2,083,383

TOTAL OPERATING EXPENSES

EXCLUDING DEPRECIATION -

BUDGETARY BASIS 7,221,955$ 7,221,955$ 6,758,984 (462,971)$ 6,418,838

ADJUSTMENTS TO GAAP BASIS

Capital expenditures (1,631,188) (2,083,383)

Depreciation and amortization expense 543,348 492,893

Total adjustments to GAAP basis (1,087,840) (1,590,490)

TOTAL OPERATING EXPENSES 5,671,144$ 4,828,348$

2012


WATERWORKS SYSTEM FUND

SCHEDULE OF OPERATING EXPENSES - BUDGET AND ACTUAL




Variance



OPERATING REVENUES


Golf 2,099,620$ 2,099,620$ 1,921,729$ (177,891)$ 1,799,559$

Bath and tennis 705,355 705,355 779,462 74,107 676,525

Food and beverage 505,560 505,560 477,020 (28,540) 376,689

Total operating revenues 3,310,535 3,310,535 3,178,211 (132,324) 2,852,773

OPERATING EXPENSES

Golf club 1,881,455 1,916,630 1,767,308 (149,322) 1,669,117

Bath and tennis 748,630 751,515 720,535 (30,980) 657,951

Food and beverage 671,400 633,340 492,331 (141,009) 528,102

Depreciation - - 272,674 272,674 250,695

Total operating expenses 3,301,485 3,301,485 3,252,848 (48,637) 3,105,865

OPERATING INCOME (LOSS) 9,050 9,050 (74,637) (83,687) (253,092)


(EXPENSES)

Investment income 900 900 473 (427) (164)

Grants - - 3,525 3,525 5,386

Gain on sale of capital assets - - 63,301 63,301 -

Interest expense (4,000) (4,000) (4,999) (999) (6,837)


(expenses) (3,100) (3,100) 62,300 65,400 (1,615)

CHANGE IN NET POSITION 5,950$ 5,950$ (12,337) (18,287)$ (254,707)





2012


SPORTS CORE FUND




Variance



CHARGES FOR SERVICES

Golf

Fees 1,537,520$ 1,537,520$ 1,419,147$ (118,373)$ 1,255,994$

Golf surcharge 120,000 120,000 115,915 (4,085) 105,594

Memberships 235,600 235,600 188,085 (47,515) 235,414

Merchandise sales 206,500 206,500 198,582 (7,918) 202,557

Total golf 2,099,620 2,099,620 1,921,729 (177,891) 1,799,559

Bath and tennis

Fees 447,990 447,990 505,441 57,451 435,336

Memberships 254,565 254,565 271,229 16,664 240,982

Merchandise sales 1,000 1,000 210 (790) 93

Miscellaneous 1,800 1,800 2,582 782 114

Total bath and tennis 705,355 705,355 779,462 74,107 676,525

Food and beverage

Food sales 180,360 180,360 166,296 (14,064) 154,384

Beverage sales 200,200 200,200 199,166 (1,034) 173,006

Miscellaneous 125,000 125,000 111,558 (13,442) 49,299

Total food and beverage 505,560 505,560 477,020 (28,540) 376,689

TOTAL OPERATING REVENUES 3,310,535$ 3,310,535$ 3,178,211$ (132,324)$ 2,852,773$

2012


SPORTS CORE FUND

SCHEDULE OF OPERATING REVENUES - BUDGET AND ACTUAL




Variance



OPERATING EXPENSES EXCLUDING

DEPRECIATION

Operations - golf club

Golf club general operations

Personnel 448,740$ 469,740$ 465,100$ (4,640)$ 403,868$



Capital outlay 22,500 200 20,055 19,855 14,945

Total golf club general operations 765,425 802,975 806,038 3,063 789,843

Golf club range operations

Personnel 73,525 63,900 54,348 (9,552) 41,718



Total golf club range operations 105,225 95,600 79,957 (15,643) 66,208

Golf cart operations

Personnel 34,610 12,460 9,566 (2,894) 13,160



Capital outlay - - 307,997 307,997 -

Total golf cart operations 104,510 82,360 322,010 239,650 16,772

Golf course maintenance

Personnel 626,730 626,730 625,794 (936) 593,875



Capital outlay 40,000 40,000 36,900 (3,100) 34,244

Total golf course maintenance 906,295 935,695 924,255 (11,440) 845,483

Total operations - golf club 1,881,455 1,916,630 2,132,260 215,630 1,718,306



SPORTS CORE FUND

SCHEDULE OF OPERATING EXPENSES - BUDGET AND ACTUAL


2012


Variance




DEPRECIATION (Continued)

Operations - bath and tennis

General operations - Sports Core,

Polo and Open Fields

Personnel 68,915$ 78,705$ 86,363$ 7,658$ 136,049$



Capital outlay 18,000 - - - 17,946

Subtotal general operations - sports core,

polo and open fields 507,040 556,025 558,453 2,428 494,557

Less reimbursements from other funds (111,215) (111,215) (115,433) (4,218) (104,273)

Total general operations - sports core,

polo and open fields 395,825 444,810 443,020 (1,790) 390,284

Swimming operations

Personnel 31,220 31,220 25,200 (6,020) 14,001



Capital outlay 55,000 200 24,650 24,450 -

Total swimming operations 248,955 202,855 205,454 2,599 187,275

Tennis operations - outdoor

Personnel 70,940 70,940 68,063 (2,877) 71,090



Total tennis operations - outdoor 103,850 103,850 96,711 (7,139) 98,338

Total operations - bath and tennis 748,630 751,515 745,185 (6,330) 675,897

Food and beverage

Clubhouse

Personnel 81,425 45,555 45,407 (148) 48,948



Debt service - principal 125,000 125,000 125,000 - 100,000

Capital outlay 25,000 2,470 21,078 18,608 13,132

Total clubhouse 296,255 242,645 259,821 17,176 247,151

2012


SPORTS CORE FUND

SCHEDULE OF OPERATING EXPENSES - BUDGET AND ACTUAL (Continued)




Variance




DEPRECIATION (Continued)

2012


SPORTS CORE FUND

SCHEDULE OF OPERATING EXPENSES - BUDGET AND ACTUAL (Continued)



Food and beverage (Continued)

Poolside grill

Personnel 26,910$ 7,910$ 6,346$ (1,564)$ 13,366$



Capital outlay - - - - 11,680

Total poolside grill 64,260 50,260 39,148 (11,112) 62,599

Golf clubhouse

Personnel 152,560 159,560 160,969 1,409 166,920



Capital outlay - - 29,550 29,550 -

Total golf clubhouse 310,885 340,435 368,990 28,555 343,164

Total food and beverage 671,400 633,340 667,959 34,619 652,914

TOTAL OPERATING EXPENSES -

BUDGETARY BASIS 3,301,485$ 3,301,485$ 3,545,404 243,919$ 3,047,117


Capital expenditures (440,230) (91,947)

Depreciation expense 272,674 250,695

Debt service - principal (125,000) (100,000)

Total adjustments to GAAP basis (292,556) 58,748

TOTAL OPERATING EXPENSES 3,252,848$ 3,105,865$



Self-Insurance Fund - to account for all costs associated with self-insurance risks for employee

health and dental insurance.

Garage Fund - to account for all costs associated with the operation and maintenance of the

Village’s vehicle fleet equipment.

Capital Replacement Fund - to account for revenues and expenses relative to the replacement of

major capital equipment, primarily vehicles.



COMBINING STATEMENT OF NET POSITION

December 31, 2012

Self- Capital

Insurance Garage Replacement Total

CURRENT ASSETS

Cash and investments 581,942$ 25,504$ 2,731,432$ 3,338,878$

Receivables

Accrued interest - - 6,708 6,708

Other 49,602 4,228 - 53,830

Inventories - 48,509 - 48,509

Prepaid expenses 18,166 - - 18,166

Total current assets 649,710 78,241 2,738,140 3,466,091

CAPITAL ASSETS

Depreciable, net of

accumulated depreciation - 114,777 2,397,538 2,512,315

Net capital assets - 114,777 2,397,538 2,512,315

Total assets 649,710 193,018 5,135,678 5,978,406

CURRENT LIABILITIES

Accounts payable 451,882 68,124 - 520,006

Accrued payroll 2,998 5,218 - 8,216

Compensated absences payable - 13,069 - 13,069

Unearned revenue 42,936 - - 42,936

Claims payable 176,970 - - 176,970

Total current liabilities 674,786 86,411 - 761,197

NET POSITION

Net investment in capital assets - 114,777 2,397,538 2,512,315

Unrestricted (25,076) (8,170) 2,738,140 2,704,894

TOTAL NET POSITION (25,076)$ 106,607$ 5,135,678$ 5,217,209$




COMBINING STATEMENT OF REVENUES, EXPENSES

AND CHANGES IN NET POSITION


Self- Capital


OPERATING REVENUES

Charges for services 2,571,323$ 725,045$ 335,490$ 3,631,858$

Total operating revenues 2,571,323 725,045 335,490 3,631,858

OPERATING EXPENSES

Claims and insurance 3,104,327 - - 3,104,327

Garage operations - 690,521 - 690,521

Miscellaneous - - 5,064 5,064

Depreciation - 10,448 371,025 381,473

Total operating expenses 3,104,327 700,969 376,089 4,181,385

OPERATING INCOME (LOSS) (533,004) 24,076 (40,599) (549,527)

NONOPERATING REVENUES (EXPENSES)

Investment income 759 17 10,580 11,356

Miscellaneous income - 2,238 - 2,238

Gain on sale of capital assets - - 71,058 71,058

Total nonoperating revenues (expenses) 759 2,255 81,638 84,652

INCOME (LOSS) BEFORE TRANSFERS (532,245) 26,331 41,039 (464,875)

TRANSFERS (OUT) (275,000) - - (275,000)

CHANGE IN NET POSITION (807,245) 26,331 41,039 (739,875)

NET POSITION, JANUARY 1 782,169 80,276 5,094,639 5,957,084

NET POSITION, DECEMBER 31 (25,076)$ 106,607$ 5,135,678$ 5,217,209$




COMBINING STATEMENT OF CASH FLOWS


Self- Capital


CASH FLOWS FROM OPERATING ACTIVITIES

Receipts from internal services transactions 1,701,576$ 720,817$ 335,490$ 2,757,883$

Receipts from customers and users 852,124 - - 852,124

Payments to suppliers (2,779,299) (432,918) (5,064) (3,217,281)

Payments to employees - (231,399) - (231,399)

Net cash from operating activities (225,599) 56,500 330,426 161,327

CASH FLOWS FROM NONCAPITAL

FINANCING ACTIVITIES

Miscellaneous nonoperating receipts - 2,238 - 2,238

Interfund transfers (275,000) - - (275,000)

Net cash from noncapital financing activities (275,000) 2,238 - (272,762)

CASH FLOWS FROM CAPITAL AND

RELATED FINANCING ACTIVITIES

Purchase of capital assets - (40,498) (980,669) (1,021,167)

Proceeds from sale of capital assets - - 76,943 76,943

Net cash from capital and

related financing activities - (40,498) (903,726) (944,224)

CASH FLOWS FROM INVESTING ACTIVITIES

Purchase of investments - - (1,106,263) (1,106,263)

Interest received 759 18 3,872 4,649

Net cash from investing activities 759 18 (1,102,391) (1,101,614)

NET INCREASE (DECREASE) IN

CASH AND CASH EQUIVALENTS (499,840) 18,258 (1,675,691) (2,157,273)


JANUARY 1 1,081,782 7,246 2,572,032 3,661,060


DECEMBER 31 581,942$ 25,504$ 896,341$ 1,503,787$

CASH AND INVESTMENTS

Cash and cash equivalents 581,942$ 25,504$ 896,341$ 1,503,787$

Investments - - 1,835,091 1,835,091

TOTAL CASH AND INVESTMENTS 581,942$ 25,504$ 2,731,432$ 3,338,878$

(This statement is continued on the following page.)- 93 -



COMBINING STATEMENT OF CASH FLOWS (Continued)


Self- Capital


RECONCILIATION OF OPERATING INCOME

(LOSS) TO NET CASH FLOWS FROM

OPERATING ACTIVITIES

Operating income (loss) (533,004)$ 24,076$ (40,599)$ (549,527)$

Depreciation - 10,448 371,025 381,473

Adjustments to reconcile operating income

(loss) to net cash from operating activities

Changes in assets and liabilities

Accounts receivable (15,901) (4,228) - (20,129)

Inventories - (367) - (367)

Accounts payable 254,558 24,270 - 278,828

Accrued payroll and compensated absences (3,521) 2,301 - (1,220)

Unearned revenue 1,799 - - 1,799

Claims payable 70,470 - - 70,470

NET CASH FROM OPERATING ACTIVITIES (225,599)$ 56,500$ 330,426$ 161,327$


Variance



OPERATING REVENUES

Charges for services 2,785,000$ 2,785,000$ 2,571,323$ (213,677)$ 2,555,494$

Total operating revenues 2,785,000 2,785,000 2,571,323 (213,677) 2,555,494

OPERATING EXPENSES

Claims and insurance

Insurance and administration 671,200 671,200 669,596 (1,604) 551,986

Health claims 2,010,000 2,010,000 2,266,488 256,488 1,956,195

Dental claims 200,000 200,000 168,243 (31,757) 159,478

Total operating expenses 2,881,200 2,881,200 3,104,327 223,127 2,667,659

OPERATING INCOME (LOSS) (96,200) (96,200) (533,004) (436,804) (112,165)


(EXPENSES)

Investment income 1,000 1,000 759 (241) 802


(expenses) 1,000 1,000 759 (241) 802

INCOME (LOSS) BEFORE TRANSFERS (95,200) (95,200) (532,245) (437,045) (111,363)

TRANSFERS (OUT) (275,000) (275,000) (275,000) - -

CHANGE IN NET POSITION (370,200)$ (370,200)$ (807,245) (437,045)$ (111,363)

NET POSITION, JANUARY 1 782,169 893,532

NET POSITION, DECEMBER 31 (25,076)$ 782,169$

2012


SELF-INSURANCE FUND






Variance



OPERATING REVENUES

Charges for services 725,045$ 725,045$ 725,045$ -$ 647,785$

Total operating revenues 725,045 725,045 725,045 - 647,785


DEPRECIATION

Garage operations

Personnel 232,605 232,605 233,700 1,095 222,920


Operations and contractual 215,090 215,090 195,426 (19,664) 232,072

Expense reimbursements paid

to other funds 35,000 35,000 35,000 - 34,800

Capital outlay 29,000 29,000 40,498 11,498 14,339

Total operating expenses

excluding depreciation 765,545 765,545 731,019 (34,526) 759,338

OPERATING INCOME (LOSS) (40,500) (40,500) (5,974) 34,526 (111,553)


(EXPENSES)

Investment income 200 200 17 (183) 44

Miscellaneous income - - 2,238 2,238 -


(expenses) 200 200 2,255 2,055 44

CHANGE IN NET POSITION - BUDGETARY BASIS (40,300)$ (40,300)$ (3,719) 36,581$ (111,509)


Capital expenditures 40,498 14,339

Depreciation expense (10,448) (9,154)

Total adjustments to GAAP basis 30,050 5,185

CHANGE IN NET POSITION - GAAP BASIS 26,331 (106,324)

NET POSITION, JANUARY 1 80,276 186,600

NET POSITION, DECEMBER 31 106,607$ 80,276$


2012




GARAGE FUND



Variance



OPERATING REVENUES

Charges for services 335,490$ 335,490$ 335,490$ -$ 177,150$

Total operating revenues 335,490 335,490 335,490 - 177,150


DEPRECIATION

Capital outlay 534,500 994,135 933,293 (60,842) 193,918

Miscellaneous - 5,100 5,064 (36) 295

Total operating expenses

excluding depreciation 534,500 999,235 938,357 (60,878) 194,213

OPERATING INCOME (LOSS) (199,010) (663,745) (602,867) (60,878) (17,063)


(EXPENSES)


Gain on sale of capital assets - - 71,058 71,058 -


(expenses) 12,500 12,500 81,638 69,138 5,241

CHANGE IN NET POSITION -

BUDGETARY BASIS (186,510)$ (651,245)$ (521,229) 130,016$ (11,822)


Capital expenditures 933,293 193,918

Depreciation expense (371,025) (314,776)

Total adjustments to GAAP basis 562,268 (120,858)

CHANGE IN NET POSITION - GAAP BASIS 41,039 (132,680)



2012


CAPITAL REPLACEMENT FUND






FIDUCIARY FUNDS

PENSION TRUST FUNDS

Police Pension Fund - to account for the accumulation of resources to pay pension costs.

Resources are contributed by sworn police personnel at rates fixed by state statutes and by the

Village as a percentage of payroll based upon an annual actuarial valuation.

Firefighters’ Pension Fund - to account for the accumulation of resources to pay pension costs.

Resources are contributed by sworn fire personnel at rates fixed by state statutes and by the

Village as a percentage of payroll based upon an annual actuarial valuation.

FIDUCIARY FUNDS

COMBINING STATEMENT OF PLAN NET POSITION

December 31, 2012

Police Firefighters'

Pension Pension Total

ASSETS

Cash 159,952$ 134,643$ 294,595$

Investments

Illinois Funds 27,982 140,008 167,990

Money market mutual funds 1,334,117 875,037 2,209,154

U.S. Treasury securities 1,553,513 401,824 1,955,337

U.S. agency securities 7,454,349 5,644,216 13,098,565

State and local obligations 1,669,810 1,168,106 2,837,916

Corporate bonds 3,558,087 2,958,187 6,516,274

Mutual funds 12,145,874 11,950,044 24,095,918

Equities 1,791,513 - 1,791,513

Accrued interest receivable 119,433 92,668 212,101

Total assets 29,814,630 23,364,733 53,179,363

LIABILITIES

Accounts payable 11,383 13,585 24,968

Total liabilities 11,383 13,585 24,968


FOR PENSION PLAN BENEFITS 29,803,247$ 23,351,148$ 53,154,395$


Pension Trust



FIDUCIARY FUNDS

COMBINING STATEMENT OF CHANGES IN PLAN NET POSITION


Police Firefighters'

Pension Pension Total

ADDITIONS

Contributions

Employer 977,367$ 1,001,528$ 1,978,895$

Employee 483,678 261,795 745,473

Other 3,126 - 3,126

Total contributions 1,464,171 1,263,323 2,727,494

Investment income

Net appreciation in

fair value of investments 1,145,655 1,251,705 2,397,360

Interest 1,326,117 743,395 2,069,512

Total investment income 2,471,772 1,995,100 4,466,872

Less investment expense (81,787) (64,838) (146,625)

Net investment income 2,389,985 1,930,262 4,320,247

Total additions 3,854,156 3,193,585 7,047,741

DEDUCTIONS

Benefits and refunds 1,940,356 1,959,549 3,899,905

Administrative 33,536 38,060 71,596

Total deductions 1,973,892 1,997,609 3,971,501

NET INCREASE 1,880,264 1,195,976 3,076,240



January 1 27,922,983 22,155,172 50,078,155

December 31 29,803,247$ 23,351,148$ 53,154,395$

Pension Trust


Variance



ADDITIONS

Contributions

Employer 711,460$ 711,460$ 977,367$ 265,907$ 674,170$

Employee 333,000 333,000 483,678 150,678 315,143

Other - - 3,126 3,126 -

Total contributions 1,044,460 1,044,460 1,464,171 419,711 989,313

Investment income

Net appreciation (depreciation)

in fair value of investments - - 1,145,655 1,145,655 (175,016)

Interest 1,500,000 1,500,000 1,326,117 (173,883) 639,185

Total investment income 1,500,000 1,500,000 2,471,772 971,772 464,169

Less investment expense (75,000) (75,000) (81,787) (6,787) (79,494)

Net investment income 1,425,000 1,425,000 2,389,985 964,985 384,675

Total additions 2,469,460 2,469,460 3,854,156 1,384,696 1,373,988

DEDUCTIONS

Benefits and refunds 2,062,000 2,062,000 1,940,356 (121,644) 1,832,491

Administrative 40,915 40,915 33,536 (7,379) 39,871

Total deductions 2,102,915 2,102,915 1,973,892 (129,023) 1,872,362

NET INCREASE (DECREASE) 366,545$ 366,545$ 1,880,264 1,513,719$ (498,374)



January 1 27,922,983 28,421,357

December 31 29,803,247$ 27,922,983$

2012

SCHEDULE OF CHANGES IN PLAN NET POSITION - BUDGET AND ACTUAL

POLICE PENSION FUND





Variance



ADDITIONS

Contributions

Employer 864,120$ 864,120$ 1,001,528$ 137,408$ 995,110$

Employee 254,000 254,000 261,795 7,795 290,706

Total contributions 1,118,120 1,118,120 1,263,323 145,203 1,285,816

Investment income

Net appreciation (depreciation)

in fair value of investments - - 1,251,705 1,251,705 (232,684)

Interest 1,000,000 1,000,000 743,395 (256,605) 796,529

Total investment income 1,000,000 1,000,000 1,995,100 995,100 563,845

Less investment expense (75,000) (75,000) (64,838) 10,162 (60,514)

Net investment income 925,000 925,000 1,930,262 1,005,262 503,331

Total additions 2,043,120 2,043,120 3,193,585 1,150,465 1,789,147

DEDUCTIONS

Benefits and refunds 1,997,500 1,997,500 1,959,549 (37,951) 1,876,005

Administrative 36,570 36,570 38,060 1,490 33,768

Total deductions 2,034,070 2,034,070 1,997,609 (36,461) 1,909,773

NET INCREASE (DECREASE) 9,050$ 9,050$ 1,195,976 1,186,926$ (120,626)



January 1 22,155,172 22,275,798

December 31 23,351,148$ 22,155,172$

2012



SCHEDULE OF CHANGES IN PLAN NET POSITION - BUDGET AND ACTUAL




STATISTICAL SECTION

STATISTICAL SECTION

This part of the Village of Oak Brook, Illinois comprehensive annual financial report presents

detailed information as a context for understanding what the information in the financial

statements, note disclosures and required supplementary information says about the Village’s

overall financial health.

Contents Page

Financial Trends

These schedules contain trend information to help the reader understand how

the Village’s financial performance and well-being have changed over time.

102-111

Revenue Capacity

These schedules contain information to help the reader assess the Village’s

ability to generate its property and sales taxes.

112-115

Debt Capacity

These schedules present information to help the reader assess the

affordability of the Village’s current levels of outstanding debt and the

Village’s ability to issue additional debt in the future.

116-118

Demographic and Economic Information

These schedules offer demographic and economic indicators to help the

reader understand the environment within which the Village’s financial

activities take place and to help make comparisons over time and with other

governments.

119-126

Operating Information

These schedules contain information about the Village’s operations and

resources to help the reader understand how the Village’s financial

information relates to the services the Village provides and the activities it

performs.

127-130

Sources: Unless otherwise noted, the information in these schedules is derived from the

comprehensive annual financial reports for the relevant year.

Fiscal Year 2003 2004 2005 2006

GOVERNMENTAL ACTIVITIES

Invested in capital assets,

net of related debt 61.9$ 61.8$ 63.3$ 63.0$

Restricted 1.1 0.9 0.6 -

Unrestricted 15.7 15.8 16.2 17.7

TOTAL GOVERNMENT ACTIVITIES 78.7$ 78.5$ 80.1$ 80.7$

BUSINESS-TYPE ACTIVITIES

Invested in capital assets,

net of related debt 23.9$ 24.0$ 23.8$ 23.3$

Restricted - - - -

Unrestricted 3.0 2.5 4.0 5.0

TOTAL BUSINESS-TYPE ACTIVITIES 26.8$ 26.5$ 27.8$ 28.3$

PRIMARY GOVERNMENT

Net investment in capital assets 85.8$ 85.8$ 87.1$ 86.3$

Restricted 1.1 0.9 0.6 -

Unrestricted 18.7 18.3 20.2 22.7

TOTAL PRIMARY GOVERNMENT 105.6$ 105.0$ 107.9$ 109.0$

Data Source

Audited Financial Statements

Data in millions


NET POSITION BY COMPONENT

Last Ten Fiscal Years

- 102 -

2007 2008 2009 2010 2011 2012

62.4$ 61.6$ 60.6$ 55.3$ 56.2$ 57.6$

- - - 3.5 9.4 9.4

19.7 22.7 16.9 17.4 13.7 14.0

82.1$ 84.3$ 77.5$ 76.2$ 79.3$ 81.0$

22.7$ 24.5$ 24.5$ 26.5$ 28.5$ 30.0$

- - - - - -

7.0 5.8 5.5 3.6 1.8 1.2

29.7$ 30.3$ 30.0$ 30.1$ 30.3$ 31.2$

85.1$ 86.1$ 85.1$ 81.8$ 84.7$ 87.6$

- - - 3.5 9.4 9.4

26.7 28.5 22.4 21.0 15.5 15.2

111.8$ 114.6$ 107.5$ 106.3$ 109.6$ 112.2$

- 103 -

Fiscal Year 2003 2004 2005 2006

EXPENSES

Governmental activities

General government 4.2$ 4.5$ 4.3$ 4.7$

Public safety 10.2 10.1 11.3 12.0

Public works 3.0 3.7 4.6 4.1

Culture and recreation 1.6 1.7 1.7 1.9

Interest on long-term debt 0.2 0.2 0.1 0.1

Total governemntal activities expenses 19.2 20.2 22.0 22.8

Business-type activities

Water 5.4 4.3 4.5 3.9

Sports Core 3.7 3.4 3.4 3.7

Total business-type activities expenses 9.1 7.7 7.9 7.6

TOTAL PRIMARY GOVERNMENT EXPENSES 28.3$ 27.9$ 29.9$ 30.4$

PROGRAM REVENUES



General government 0.9$ 1.2$ 1.1$ 1.2$

Public safety 0.8 0.8 0.8 0.8

Other activities 0.0 0.0 0.0 0.0

Operating grants and contributions 0.2 0.4 2.8 0.3

Capital grants - - - -

Total governmental activities program revenues 1.9 2.4 4.7 2.3



Water 3.8 4.0 4.5 4.4

Sports Core 3.6 3.3 3.4 3.6

Total business-type activities program revenues 7.4 7.3 7.9 8.0

TOTAL PRIMARY GOVERNMENT PROGRAMS REVENUES 9.3$ 9.7$ 12.6$ 10.3$

NET REVENUE (EXPENSE)

Governmental activities (17.3)$ (17.8)$ (17.3)$ (20.5)$

Business-type activities (1.8) (0.4) - 0.4

TOTAL PRIMARY GOVERNMENT NET REVENUE (EXPENSE) (19.1)$ (18.2)$ (17.3)$ (20.1)$


CHANGE IN NET POSITION


- 104 -

2007 2008 2009 2010 2011 2012

5.3$ 6.2$ 5.3$ 3.9$ 4.2$ 3.7$

12.3 12.6 11.9 13.2 12.3 13.4

4.3 3.2 11.9 4.4 4.9 6.1

1.8 2.0 1.7 1.7 1.7 1.8

0.1 0.1 0.1 0.4 0.4 0.4

23.8 24.1 30.9 23.6 23.5 25.4

4.4 3.9 4.0 4.5 4.9 5.6

3.7 3.8 3.5 3.1 3.1 3.3

8.1 7.7 7.5 7.6 8.0 8.9

31.9$ 31.8$ 38.4$ 31.2$ 31.5$ 34.3$

1.7$ 1.3$ 1.1$ 1.4$ 1.1$ 1.6$

0.9 0.8 0.8 1.1 1.5 1.1

0.0 0.0 0.1 - - -

0.5 0.4 0.3 0.3 0.3 0.3

- - - 0.7 0.7 -

3.1 2.5 2.3 3.5 3.6 3.0

4.6 4.0 4.0 5.1 5.3 6.7

3.8 3.6 3.3 2.5 2.9 3.2

8.4 7.6 7.3 7.6 8.2 9.9

11.5$ 10.1$ 9.6$ 11.1$ 11.8$ 12.9$

(20.7)$ (21.6)$ (28.6)$ (20.1)$ (19.9)$ (22.4)$

0.3 (0.1) (0.2) - 0.2 1.0

(20.4)$ (21.7)$ (28.8)$ (20.1)$ (19.7)$ (21.4)$

- 105 -

Fiscal Year 2003 2004 2005 2006

GENERAL REVENUES AND OTHER CHANGES IN NET POSITION


Taxes

Sales and local use taxes -$ -$ 13.0$ 14.2$

Utility - - 4.3 3.8

Other - - 1.6 1.5

Investment earnings - - - 0.7

Miscellaneous - - - 0.2

Total governmental activities - - 18.9 20.4


Investment earnings - - 0.1 0.2

Miscellaneous - - 1.1 -

Total business-type activities - - 1.2 0.2

TOTAL PRIMARY GOVERNMENT -$ -$ 20.1$ 20.6$

CHANGE IN NET POSITION

Governmental activities -$ -$ 1.6$ (0.1)$

Business-type activities (1.8) (0.4) 1.2 0.6

TOTAL PRIMARY GOVERNMENT CHANGE IN NET POSITION (1.8)$ (0.4)$ 2.8$ 0.5$

Data Source


Data in millions


CHANGE IN NET POSITION (Continued)


- 106 -

2007 2008 2009 2010 2011 2012

14.4$ 16.1$ 14.2$ 16.1$ 16.0$ 16.7$

4.2 4.5 4.9 4.7 4.7 4.9

2.5 2.5 2.5 2.3 2.2 2.5

0.8 0.5 0.1 0.1 - -

0.2 0.3 - - - -

22.1 23.9 21.7 23.2 22.9 24.1

0.3 0.2 - - - -

0.8 0.2 - (0.1) - -

1.1 0.4 - (0.1) - -

23.2$ 24.3$ 21.7$ 23.1$ 22.9$ 24.1$

1.4$ 2.3$ (6.9)$ 3.1$ 3.0$ 1.7$

1.4 0.3 (0.2) (0.1) - 1.0

2.8$ 2.6$ (7.1)$ 3.0$ 3.0$ 2.7$

- 107 -

Fiscal Year 2003 2004 2005 2006

GENERAL FUND

Reserved 1,290,284$ 1,292,859$ 1,291,561$ 1,292,073$

Unreserved 9,802,818 9,949,121 11,651,504 11,731,876

Nonspendable - - - -

Restricted - - - -

Unrestricted

Committed - - - -

Unassigned - - - -

TOTAL GENERAL FUND 11,093,102$ 11,241,980$ 12,943,065$ 13,023,949$

INFRASTRUCTURE FUND

Unreserved 2,316,583$ 2,996,267$ 1,696,960$ 1,919,422$

Nonspendable - - - -

Restricted - - - -

TOTAL INFRASTRUCTURE FUND 2,316,583$ 2,996,267$ 1,696,960$ 1,919,422$

ALL OTHER GOVERNMENTAL FUNDS

Restricted -$ -$ -$ -$

Unreserved, reported in

Special Revenue Funds 1,065,232 850,871 609,248 780,902

Capital Project Fund - - - 15,156

TOTAL ALL OTHER GOVERNMENTAL

FUNDS 1,065,232$ 850,871$ 609,248$ 796,058$

Data Source


Note

GASB Statement No. 54 was implemented in 2010 and applied prospectively on this schedule.


FUND BALANCES OF GOVERNMENTAL FUNDS


- 108 -

2007 2008 2009 2010 2011 2012

1,291,112$ 1,291,975$ 1,495,000$ -$ -$ -$

12,152,083 11,493,855 10,787,853 - - -

- - - 1,917,000 2,087,000 2,545,898

- - - - - -

- - - - 364,483 224,878

- - - 11,708,050 13,532,992 14,772,181

13,443,195$ 12,785,830$ 12,282,853$ 13,625,050$ 15,984,475$ 17,542,957$

2,110,918$ 4,792,595$ 4,682,620$ -$ -$ -$

- - - 337,699 - -

- - - 5,004,945 5,864,870 5,398,644

2,110,918$ 4,792,595$ 4,682,620$ 5,342,644$ 5,864,870$ 5,398,644$

-$ -$ -$ 3,672,971$ 3,451,553$ 3,924,483$

1,365,470 2,225,973 2,986,576 - - -

17,407 136,330 225,075 - - -

1,382,877$ 2,362,303$ 3,211,651$ 3,672,971$ 3,451,553$ 3,924,483$

- 109 -

Fiscal Year 2003 2004 2005 2006

REVENUES

Sales tax revenue 9,749,858$ 10,529,690$ 10,497,102$ 11,461,184$

Non-home rule sales tax - 1,304,467 2,422,549 2,641,030

Other intergovernmental 1,193,908 1,321,112 1,513,492 1,535,507

Utility taxes 4,500,108 4,298,744 4,268,283 3,822,020

Hotel/motel taxes 306,365 323,325 349,615 416,507

Licenses and permits 570,261 741,528 669,726 858,401

Charges for services 703,634 745,027 791,638 835,390

Fines and penalties 353,513 401,616 334,869 292,331

Investment income 158,482 104,869 286,859 562,590

Donations 410,000 - 15,000 25,311

Miscellaneous 228,477 176,630 166,340 190,225

Total revenues 18,174,606 19,947,008 21,315,473 22,640,496

EXPENDITURES

General government 4,811,984 4,769,485 4,070,435 5,052,804

Public safety 9,537,454 9,590,916 11,158,837 12,047,821

Public works 1,906,948 2,023,984 2,954,815 2,338,619

Culture and recreation 1,554,606 1,563,457 1,594,661 1,855,514

Capital outlay 1,139,208 1,009,984 1,001,532 855,582

Debt service

Principal - - - -

Interest and issuance costs - - - -

Total expenditures 18,950,200 18,957,826 20,780,280 22,150,340


OVER EXPENDIUTRES (775,594) 989,182 535,193 490,156


Transfers in 200,000 - - -

Transfers (out) - - - -

Debt issuance - - - -

Debt issuance premium - - - -

Payment to refund bond escrow agent - - - -

Sale of capital assets - - - -

Total other financing sources (uses) 200,000 - - -

NET CHANGE IN FUND BALANCES (575,594)$ 989,182$ 535,193$ 490,156$

DEBT SERVICES AS A PERCENTAGE OF

NONCAPITAL EXPENDITURES 0.00% 0.00% 0.00% 0.00%

Data Source



CHANGES IN FUND BALANCES OF GOVERNMENTAL FUNDS


- 110 -

2007 2008 2009 2010 2011 2012

11,396,397$ 10,873,975$ 9,748,649$ 11,121,649$ 11,070,404$ 11,326,929$

2,618,565 4,874,978 4,410,438 4,833,425 4,833,972 5,230,137

1,711,638 1,893,862 1,771,733 2,545,066 2,411,395 1,841,378

4,247,675 4,520,563 4,922,115 4,669,414 4,657,683 4,900,869

1,262,808 1,137,614 882,649 881,887 853,638 940,008

850,965 720,847 741,380 843,139 948,872 1,201,998

832,008 839,504 695,630 943,638 1,089,783 970,778

375,717 345,937 313,395 229,246 248,120 231,865

682,728 431,753 80,345 110,837 31,018 47,363

45,150 - - - - -

281,864 391,106 403,580 532,891 323,742 355,548

24,305,515 26,030,139 23,969,914 26,711,192 26,468,627 27,046,873

5,529,429 5,846,600 4,932,449 3,522,790 3,319,839 3,600,061

12,156,303 12,280,965 11,496,681 12,536,938 11,755,031 12,986,730

2,460,937 2,394,176 10,458,211 4,036,771 4,698,190 4,706,731

1,746,352 2,011,660 1,596,440 1,536,853 1,569,377 1,638,863

1,214,933 493,000 994,776 382,039 281,457 607,097

- - 1,706,163 1,769,263 1,827,087 1,842,163

- - 95,415 462,997 386,259 375,042

23,107,954 23,026,401 31,280,135 24,247,651 23,837,240 25,756,687

1,197,561 3,003,738 (7,310,221) 2,463,541 2,631,387 1,290,186

- - - - - 275,000

- - - - - -

- - 9,788,606 - - -

- - 8,861 - - -

- - (2,250,850) - - -

- - - - 28,846 -

- - 7,546,617 - 28,846 275,000

1,197,561$ 3,003,738$ 236,396$ 2,463,541$ 2,660,233$ 1,565,186$

0.00% 0.00% 5.81% 9.42% 9.55% 8.75%

- 111 -

Total Estimated Estimated

Less: Total Taxable Direct Actual Actual

Levy Residential Commercial Industrial Tax-Exempt Assessed Tax Taxable Taxable

Year Property Property Property Property Value Rate Value Value

2002 752,206$ 541,598$ -$ -$ 1,293,804$ -$ 3,881,412$ 33.333%

2003 793,873 533,227 - - 1,327,100 - 3,981,300 33.333%

2004 869,932 555,935 - - 1,425,867 - 4,277,601 33.333%

2005 934,030 547,901 - - 1,481,931 - 4,445,793 33.333%

2006 1,011,883 566,390 - - 1,578,273 - 4,734,819 33.333%

2007 1,089,808 598,096 - - 1,687,904 - 5,063,712 33.333%

2008 1,179,126 607,923 - - 1,787,049 - 5,361,147 33.333%

2009 1,176,749 562,531 - - 1,739,280 - 5,217,840 33.333%

2010 1,088,414 511,191 - - 1,599,605 - 4,798,815 33.333%

2011 1,003,641 490,189 - - 1,493,830 - 4,481,490 33.333%

Data Source

Office of the County Clerk

Note: Property in the Village is reassessed each year. Property is assessed at 33% of actual value.


ASSESSED AND ESTIMATED ACTUAL VALUE OF TAXABLE PROPERTY

Last Ten Levy Years

(data in thousands)

- 112 -

Tax Levy Year 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

Tax Rates

Village of Oak Brook -$ -$ -$ -$ -$ -$ -$ -$ -$ -$

Basic Town 0.4685 0.4375 0.4120 0.3961 0.3878 0.3662 0.3567 0.3579 0.3956 0.4166

Junior College #502 0.2179 0.2097 0.1972 0.1874 0.1929 0.1888 0.1858 0.2127 0.2349 0.2495

Grade School #53 0.8877 0.8984 0.8527 0.8530 0.8319 0.8060 0.7936 0.8159 0.9164 1.0099

High School #86 1.3858 1.3094 1.2310 1.1910 1.1418 1.0943 1.0804 1.0948 1.2011 1.3362

Oak Brook Park District 0.1667 0.1666 0.1589 0.1621 0.1583 0.1530 0.1504 0.1555 0.1659 0.1904

TOTAL TAX RATES 3.1266$ 3.0216$ 2.8518$ 2.7896$ 2.7127$ 2.6083$ 2.5669$ 2.6368$ 2.9139$ 3.2026$

Note: Basic Town includes all county, forest preserve and township rates. Property tax rates are per $100 of assessed valuation.

Data Source



PROPERTY TAX RATES - DIRECT AND OVERLAPPING GOVERNMENTS

Last Ten Levy Years

- 113 -

Sales Sales

Taxes Taxes

Taxpayer Revenue Taxpayer Revenue

Apple Computer Costco Wholesale

Costco Wholesale Crate & Barrel

Lord & Taylor LLC Lord & Taylor

Macy's Maggiano's Little Italy

Neiman Marcus Neiman Marcus

Nordstrom, Inc. Nordstrom, Inc.

Nordstrom Rack Nordstrom Rack

Pharmerica Drug Systems Sears Roebuck & Co.

Sears Roebuck & Co. Targe Corporation

Tiffany & Co. Tiffany & Co.

TOP TEN TOTAL 5,400,618 $ TOP TEN TOTAL 5,001,878 $

TOTAL SALES TAX REVENUE 11,147,846 $ TOTAL SALES TAX REVENUE 10,017,499 $

TOP TEN AS A PERCENT OF TOP TEN AS A PERCENT OFSALES TAX REVENUE 48.45% SALES TAX REVENUE 49.93%

Data Source

Illinois Department of Revenue

Note: Confidentiality rules of the Illinois Department of Revenue prohibit disclosure of individual

taxpayer payment information. The data presented above is organized alphabetically with revenue

for the top ten taxpayers reported in aggregate for the years presented.


PRINCIPAL REVENUE TAXPAYERS

Current Year and Nine Years Ago

2012 2003

- 114 -

Village DuPage County Regional Village

Fiscal Direct State DuPage County Water Transportation Non-Home Rule Total

Year Rate Rate Rate Commission Authority Rate Rate

2003 1.00% 5.00% 0.25% 0.25% 0.25% 0.00% 6.75%

2004 1.00% 5.00% 0.25% 0.25% 0.25% 0.25% 7.00%

2005 1.00% 5.00% 0.25% 0.25% 0.25% 0.25% 7.00%

2006 1.00% 5.00% 0.25% 0.25% 0.25% 0.25% 7.00%

2007 1.00% 5.00% 0.25% 0.25% 0.25% 0.25% 7.00%

2008 1.00% 5.00% 0.25% 0.25% 0.75% 0.50% 7.75%

2009 1.00% 5.00% 0.25% 0.25% 0.75% 0.50% 7.75%

2010 1.00% 5.00% 0.25% 0.25% 0.75% 0.50% 7.75%

2011 1.00% 5.00% 0.25% 0.25% 0.75% 0.50% 7.75%

2012 1.00% 5.00% 0.25% 0.25% 0.75% 0.50% 7.75%

Data Source

Village and County Records


DIRECT AND OVERLAPPING SALES TAX RATES


- 115 -

Govermental

Activities Activities Ratio of Total Total Total

Fiscal Installment Installment Total Outstanding Debt Outstanding Outstanding

Year Notes Notes Capital Primary To Equalized Debt Per Debt Per

Ended Payable Payable Leases Government Assessed Valuation* Personal Income Capita*

2003 3,410,000$ 1,360,000$ -$ 4,770,000$ 0.37% 0.32% 548.15$

2004 3,195,000 1,205,000 - 4,400,000 0.33% 0.30% 505.63

2005 2,970,000 1,045,000 120,643 4,135,643 0.29% 0.28% 475.25

2006 2,735,000 885,000 82,378 3,702,378 0.25% 0.25% 425.46

2007 2,485,000 720,000 42,195 3,247,195 0.21% 0.22% 373.16

2008 2,225,000 525,000 - 2,750,000 0.16% 0.19% 316.02

2009 12,332,443 325,000 - 12,657,443 0.71% 0.86% 1,454.54

2010 10,563,180 731,511 - 11,294,691 0.65% 0.76% 1,297.94

2011 8,736,093 462,674 - 9,198,767 0.58% 0.89% 1,166.91

2012 6,984,930 168,837 - 7,153,767 0.48% 0.69% 907.49

Note: Details of the Village's outstanding debt can be found in the notes to financial statements.

* See the schedule of Demographic and Economic Information on page 119 for personal income and population data.


RATIOS OF OUTSTANDING DEBT BY TYPE


Business-Type

- 116 -

(2)

*Percentage

(1) of Debt (3)

Gross Applicable to **Government's

Governmental Unit Debt Government Share of Debt

Village of Oak Brook 6,984,930$ 100.00% 6,984,930$

DuPage County 297,075,000 25.59% 76,018,125

DuPage Forest Preserve 241,846,105 20.83% 50,380,577

DuPage Water Commission - 0.00% -

Park Districts 2,809,733 0.24% 6,800

Elementary School Districts 87,584,421 7.54% 6,607,523

High School Districts 192,890,000 16.61% 32,048,254

Junior College 502 260,980,000 22.48% 58,667,745

Unit District 205 70,783,936 6.10% 4,315,731

TOTAL 1,160,954,125$ 235,029,685$

* Determined by ratio of assessed value of property subject to taxation in overlapping

unit to value of property subject to taxation in the Village.

** Amount in column (2) multiplied by amount in column (1).

Totals may not be exact due to rounding.

Data Source



SCHEDULE OF DIRECT AND OVERLAPPING BONDED DEBT

December 31, 2012

- 117 -

Fiscal Year 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Legal debt limit 111,590,582$ 114,462,334$ 122,938,821$ 127,816,578$ 136,066,752$ 145,581,763$ 154,132,970$ 150,013,021$ 137,966,087$ 128,842,981 $

Total net debt

applicable to limit 4,770,000 4,400,000 4,015,000 3,620,000 3,205,000 2,750,000 2,400,000 2,055,000 1,710,000 1,335,000

Legal debt margin 106,820,582 110,062,334 118,923,821 124,196,578 132,921,063 142,831,763 151,732,970 147,958,021 136,256,087 127,507,981

Total net debt applicable

to the limit as a

percentage of debt limit 4.27% 3.84% 3.27% 2.83% 2.35% 1.89% 1.56% 1.37% 1.24% 1.04%

Legal Debt Margin Calculation for Fiscal 2012

Assessed Value 1,493,831,669$

Legal debt margin 8.625%

Debt limit 128,842,981

Debt applicable to limit

General obligation bonds 1,335,000

Legal debt margin 127,507,981$


LEGAL DEBT MARGIN INFORMATION


- 118 -

Per Capita Total DuPage County

Fiscal Personal Personal Unemployment

Year Population Income Income Rate

2003 8,702 (E) 169,718$ 1,476,886,036$ 5.8%

2004 8,702 (E) 169,718 1,476,886,036 4.7%

2005 8,702 (E) 169,718 1,476,886,036 4.7%

2006 8,702 (E) 169,718 1,476,886,036 3.6%

2007 8,702 (E) 169,718 1,476,886,036 3.8%

2008 8,702 (E) 169,718 1,476,886,036 8.6%

2009 8,702 (E) 169,718 1,476,886,036 8.4%

2010 8,702 (E) 169,718 1,476,886,036 8.3%

2011 7,883 (A) 131,719 1,038,340,877 7.3%

2012 7,883 (E) 131,719 1,038,340,877 N/A

(A) Actual

(E) Estimate

N/A - Not available

Note: Latest information available

Data Source

U.S. Bureau of Labor Statistics


DEMOGRAPHIC AND ECONOMIC INFORMATION


- 119 -

2012 2006

Percentage of Total Percentage of

Employer Rank Employees Village Population Rank Employees Village Population

McDonald's Corporation 1 3,200 40.6% 2 2,800 32.2%

Oak Brook Center Mall 2 3,150 40.0% 1 3,500 40.2%

Inland Real Estate Group of Companies 3 1,471 18.7%

Ace Hardware Corporation 4 1,074 13.6% 3 1,000 11.5%

Advocate Healthcare 5 1,035 13.1% 4 580 6.7%

Follet Higher Education Group 6 410 5.2%

ADT Security Services, Inc. 7 350 4.4%

Newell Rubbermaid 8 331 4.2%

Lions Club International 9 274 3.5% 8 300 3.4%

Blistex, Inc. 10 210 2.7% 10 175 2.0%

Safeway, Inc. 5 400 4.6%

Elkay Manufacturing 7 325 3.7%

Federal Signal Corporation 9 200 2.3%

Data Source

A-Z Database; Selective Telephone Survey

Information prior to 2006 was unavailable.


PRINCIPAL EMPLOYERS

Current Year and Six Years Ago

- 120 -

(1)

Estimated Sales 2011

Municipality Rank Sales Per Capita Population

Chicago 1 24,307,800,500$ 9,018$ 2,695,598

Schaumburg 2 3,011,931,300 40,577 74,227

Naperville 3 2,942,972,400 20,747 141,853

Springfield 4 2,660,127,700 22,883 116,250

Peoria 5 2,267,216,900 19,714 115,007

Rockford 6 2,231,637,600 14,598 152,871

Aurora 7 2,044,134,600 10,329 197,899

Joliet 8 1,893,817,600 12,845 147,433

Orland Park 9 1,828,474,600 32,210 56,767

Kankakee 10 1,791,460,500 65,056 27,537

Champaign 11 1,547,443,100 19,091 81,055

Niles 12 1,442,469,100 48,400 29,803

Bloomington 13 1,442,368,400 18,827 76,610

Skokie 14 1,436,776,500 22,178 64,784

Glenview 15 1,308,694,700 29,283 44,692

Vernon Hills 16 1,253,538,400 49,916 25,113

Gurnee 17 1,186,858,200 37,925 31,295

Tinley Park 18 1,177,118,400 20,759 56,703

Downers Grove 19 1,161,535,000 24,283 47,833

Decatur 20 1,151,975,900 15,133 76,122

Sycamore 21 1,148,479,600 65,556 17,519

Oak Brook 22 1,118,547,800 141,894 7,883

Lombard 23 1,084,215,500 25,118 43,165

Arlington Heights 24 1,042,706,200 13,884 75,101

Crystal Lake 25 996,030,600 24,447 40,743

Data Source

Illinois Department of Revenue - Local Tax Allocation Division and the U.S. Census Bureau.

(1) Distributions to municipalities of the 1% municipal tax were used to calculate the

estimated retail sales. Actual sales tax amounts were received by the municipalities

February 1, 2012 through January 31, 2013.


RETAIL SALES VOLUME - TOP 25 ILLINOIS COMMUNITIES

State Collection Period January 1, 2012 Through December 31, 2012

- 121 -

Fiscal Year Village Share/ % Change from Non-Home Rule % Change from Total % Change from

Ended State Sales Preceding Sales Tax Preceding Sales Tax Preceding

December 31, Tax Receipts Year Receipts Year Receipts Year

2003 10,017,499$ 4.7% -$ - 10,017,499$ 4.7%

2004 10,368,148 3.5% 568,008 N/A 10,936,156 9.2%

2005 10,572,493 2.0% 2,422,386 326.5% 12,994,879 18.8%

2006 11,138,321 5.4% 2,559,593 5.7% 13,697,914 5.4%

2007 11,340,036 1.8% 2,608,471 1.9% 13,948,507 1.8%

2008 11,066,103 -2.4% 4,272,671 63.8% 15,338,774 10.0%

2009 10,024,077 -9.4% 4,447,786 4.1% 14,471,863 -5.7%

2010 10,457,375 4.3% 4,703,153 5.7% 15,160,528 4.8%

2011 11,048,561 5.7% 4,939,565 5.0% 15,988,126 5.5%

2012 11,147,846 0.9% 5,132,229 3.9% 16,280,075 1.8%

Data Source

Village Records

Note: The Village's non-home rule sales tax was effective beginning July 1, 2004.


SALES TAX RECEIPTS - CASH BASIS


- 122 -

Fiscal Year Fiscal Year Fiscal Year

Month Ended 12/31/10 Ended 12/31/11 Ended 12/31/12 FY 2010 FY 2011 FY 2012

January 819,895$ 895,308$ 861,209$ 6.7% 9.2% -3.8%

February 876,670 956,493 940,756 -18.4% 9.1% -1.6%

March 1,371,070 1,477,682 1,537,599 3.8% 7.8% 4.1%

April 645,058 666,930 723,341 -11.6% 3.4% 8.5%

May 640,940 695,977 754,571 2.4% 8.6% 8.4%

June 838,005 871,520 914,767 10.9% 4.0% 5.0%

July 799,994 877,924 835,975 13.0% 9.7% -4.8%

August 858,726 933,061 905,677 11.3% 8.7% -2.9%

September 841,099 926,998 820,913 3.8% 10.2% -11.4%

October 930,821 900,670 859,114 13.7% -3.2% -4.6%

November 951,035 938,459 1,020,879 12.9% -1.3% 8.8%

December 884,062 907,539 973,045 10.8% 2.7% 7.2%

TOTAL 10,457,375$ 11,048,561$ 11,147,846$ 4.3% 5.7% 0.9%

Data Source

Village Records


STATE SALES TAX RECEIPTS BY MONTH - CASH BASIS

Last Three Fiscal Years

Percentage Change

From Preceding Year

- 123 -

Fiscal Year Fiscal Year Fiscal Year

Month Ended 12/31/10 Ended 12/31/11 Ended 12/31/12 FY 2010 FY 2011 FY 2012

January 374,350$ 400,224$ 379,832$ 6.0% 6.9% -5.1%

February 400,954 445,276 424,255 0.4% 11.1% -4.7%

March 639,925 672,765 715,934 3.5% 5.1% 6.4%

April 284,621 286,122 314,634 -12.4% 0.5% 10.0%

May 284,830 305,329 346,379 1.7% 7.2% 13.4%

June 382,620 390,791 422,481 12.0% 2.1% 8.1%

July 363,571 396,236 385,728 14.3% 9.0% -2.7%

August 380,669 418,978 419,118 8.8% 10.1% 0.0%

September 391,573 417,209 443,846 7.0% 6.5% 6.4%

October 402,645 409,666 395,512 6.7% 1.7% -3.5%

November 402,127 389,815 435,755 12.8% -3.1% 11.8%

December 395,268 407,154 448,755 9.2% 3.0% 10.2%

TOTAL 4,703,153$ 4,939,565$ 5,132,229$ 5.7% 5.0% 3.9%

Data Source

Village Records

Note: The Village's non-home rule sales tax was effective July 1, 2004 with collections beginning in October 2004.


NON-HOME RULE SALES TAX RECEIPTS BY MONTH - CASH BASIS

Last Three Fiscal Years

Percentage Change

From Preceding Year

- 124 -

Fiscal Years 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

General merchandise 2,752,128$ 2,979,121$ 2,243,966$ 3,031,452$ 2,384,953$ 2,064,241$ 1,864,664$ 1,988,286$ 2,025,257$ 2,087,873$

Food 51,362 40,239 41,125 46,714 56,332 54,585 68,576 49,666 45,910 49,616

Drinking and eating places 968,701 1,075,685 1,105,997 1,181,813 1,266,893 1,248,272 1,270,903 1,388,881 1,428,598 1,506,289

Apparel 2,619,437 2,683,775 2,813,176 3,051,925 3,075,294 2,876,511 2,711,321 2,987,468 3,034,654 3,110,107

Furniture, H.H. and radio 824,925 917,782 945,017 961,241 1,080,877 1,076,836 840,999 957,980 975,472 1,090,244

Lumber, building and hardware 120,341 113,660 105,873 104,720 85,382 39,312 32,472 17,588 12,853 24,600

Automotive and filling stations 1,013,497 1,211,391 1,333,253 1,465,864 1,544,153 1,708,234 1,568,808 1,623,980 1,509,528 1,619,343

Drugs and other retail 1,107,775 1,156,873 1,179,604 1,285,354 1,240,805 1,141,709 1,046,055 1,265,890 1,472,117 1,124,986

Agriculture and all others 300,850 304,287 397,129 451,957 491,738 507,663 414,462 354,622 422,368 418,871

Manufacturers 50,297 75,179 77,311 68,531 72,399 72,003 100,642 83,952 126,281 174,572

TOTAL 9,809,312$ 10,557,992$ 10,242,451$ 11,649,570$ 11,298,826$ 10,789,366$ 9,918,902$ 10,718,314$ 11,053,038$ 11,206,501$

Village direct sales tax rate 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00%

Data Source

Illinois Department of Revenue - Local Tax Allocation Division

Note: Gross receipts include both Cook and DuPage County 1% municipal sales tax.

Amounts reflect sales tax collected by the Village between April 1 and March 31 as reported by the State.


SALES TAX BY CATEGORY


- 125 -

Fiscal Years 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

General merchandise -$ 382,923$ 556,016$ 743,530$ 590,403$ 1,024,873$ 926,187$ 973,309$ 1,006,608$ 1,028,630$

Food - 2,007 4,444 5,150 8,577 19,275 20,652 19,332 20,436 22,769

Drinking and eating places - 142,641 275,357 294,331 315,085 615,357 632,360 692,224 710,688 749,294

Apparel - 373,434 702,672 762,294 768,375 1,433,462 1,353,324 1,492,720 1,516,414 1,554,292

Furniture, H.H. and radio - 126,581 231,825 240,036 269,738 534,252 419,064 478,065 486,841 544,734

Lumber, building and hardware - 14,797 26,448 26,171 21,290 19,735 16,233 8,807 6,427 12,299

Automotive and filling stations - 96,769 183,613 204,893 207,328 410,617 419,622 438,722 413,502 444,986

Drugs and other retail - 147,168 260,634 278,768 275,639 501,254 455,080 496,243 522,092 574,857

Agriculture and all others - 36,238 83,805 108,407 108,766 224,370 191,955 160,284 190,247 186,919

Manufacturers - 10,196 19,327 17,079 18,064 35,964 50,271 41,947 63,114 75,056

TOTAL -$ 1,332,753$ 2,344,141$ 2,680,659$ 2,583,267$ 4,819,159$ 4,484,747$ 4,801,654$ 4,936,369$ 5,193,836$

Village non-home rule sales tax rate - 0.25% 0.25% 0.25% 0.25% 0.50% 0.50% 0.50% 0.50% 0.50%

Data Source

Illinois Department of Revenue - Local Tax Allocation Division

Note: Gross receipts include both Cook and DuPage County 1% municipal sales tax. Amounts reflect sales tax collected between April 1 and March 31 as reported by the State.

The Village's non-home rule sales tax was effective July 1, 2004.

The Village's non-home rule sales tax increased from .25% to .50% effective January 1, 2008.


NON-HOME RULE SALES TAX BY CATEGORY


- 126 -

Function/Program 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

GENERAL GOVERNMENT

Board of Trustees 0.50 0.50 0.50 1.00 1.00 0.50 0.50 0.50 0.75 0.50

Village Clerk 2.50 2.50 2.75 2.75 3.25 3.25 3.25 1.50 1.75 1.95

Legal 1.00 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.35

General Management 3.25 3.50 3.50 3.25 3.25 2.50 2.50 2.25 3.00 2.55

Human Resources 1.00 1.00 1.00 1.00 1.00 1.00 1.50 1.75 1.50 1.75

Risk Management 0.50 0.50 0.50 0.50 0.50 0.50 0.50 0.50 0.50 0.40

General Services 1.25 1.25 1.25 1.25 1.25 1.25 1.25 2.00 1.75 1.35

Business Licenses - - - 0.25 0.25 0.00 0.00 0.00 0.00 0.00

Purchasing 1.50 1.50 1.50 1.50 1.50 1.50 0.00 0.50 0.50 0.85

Information Services 3.50 3.50 3.50 3.50 3.50 3.50 3.00 2.25 2.00 2.60

FINANCIAL SERVICES

Financial Services Management 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00

Accounting and Reporting 4.50 4.50 4.50 4.50 4.50 4.50 5.00 3.00 2.75 2.75

PUBLIC WORKS

Buildings and Grounds 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00

Garage Operations 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00

Water Operations 7.00 7.00 7.50 7.50 7.50 7.50 7.50 6.50 6.00 6.00

Public Works Management 3.00 3.00 3.00 3.00 3.00 3.00 3.00 2.50 2.50 2.00

Streets - General Salaries 8.00 8.00 8.00 8.00 8.00 8.00 8.00 8.00 8.00 8.00

ENGINERRING AND CAPITAL PROJECTS

Engineering 4.00 4.00 4.00 4.00 4.00 4.00 4.00 3.50 3.25 3.50

LIBRARY

Library General Operations 7.00 7.00 7.00 7.00 7.00 7.00 7.00 4.00 4.50 5.25

Technical Services 2.50 2.50 2.50 2.50 2.50 2.50 2.50 3.00 2.75 2.75

Reference and User Services 2.50 2.50 2.50 2.50 2.50 2.50 2.50 1.75 2.25 2.50

Youth Services 2.75 2.75 2.75 2.75 2.75 2.75 2.75 1.50 2.00 1.50

POLICE

Police Services Management 4.00 4.00 3.00 3.00 3.00 3.00 3.00 3.00 2.00 2.00

Police Field Services 33.00 35.00 37.00 35.00 35.00 36.25 35.25 31.50 31.50 32.20

Police General Support 2.00 2.00 2.00 2.50 3.00 3.50 3.50 3.00 3.00 3.00

Police Investigations 8.00 6.00 6.00 6.00 7.00 7.00 6.00 8.00 8.00 7.00

Village Communications Center 10.00 10.00 10.00 11.00 12.00 12.50 12.00 9.00 7.00 0.00

Police Records 3.00 3.00 3.00 3.00 3.00 3.00 3.00 2.50 2.50 6.55

Police Public Relations/Crime Prevention 2.00 2.00 1.00 2.00 0.00 0.00 0.00 0.00 0.00 0.00

Police Adjudication 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.50 0.00


BUDGETED FULL-TIME EQUIVALENT EMPLOYEES


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FIRE***

Fire and EMS - General Salaries** 33.00 33.00 33.00 33.00 33.00 33.00 33.00 31.00 31.00 31.00

Rescue and Fire Service Management 3.00 3.00 3.00 3.00 3.00 3.00 2.50 1.50 1.50 1.50

Fire Prevention and Public Safety Education 2.00 2.00 2.00 2.00 2.00 2.00 0.00 0.00 0.00 0.00

SPORTS CORE

Sports Core General Operations 3.25 3.25 2.75 2.75 2.75 2.75 2.25 1.75 1.50 0.75

Sports Core Food and Beverage Operations 2.00 2.00 1.50 2.00 2.50 2.50 2.75 0.00 0.50 0.50

Golf Club Food and Beverage Operations - - - - - - 0.25 0.50 0.50 0.50

Golf Club General Operations 3.25 3.25 3.25 3.25 3.25 3.25 3.25 2.75 2.25 2.00

Golf Course Maintenance 3.00 3.00 3.00 3.00 3.00 3.00 3.00 3.00 3.00 3.00

COMMUNITY DEVELOPMENT

Community Development Management 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00

Code Enforcement 3.00 3.00 3.00 3.00 4.00 4.00 3.50 3.50 3.50 4.25

TOTAL 176.75 176.25 176.00 177.50 180.00 180.75 174.25 152.25 150.25 146.80

**Six contract firefighter/paramedics are used to supplement the full-time complement of firefighter/paramedics.

Data Source

Village Records

*Summary represents full-time equivalent positions not including seasonal, temporary or situational employees. Regular part-time employee hours have

been rounded to the nearest quarter full-time equivalent.

***Part-time positions that are filled by off-duty full-time fire department personnel are not included. These positions include Fire Prevention Inspectors,

Building Inspectors, Administrative Aide, EMS Director, Public Safety Information Coordinator and CPR Coordinator.


BUDGETED FULL-TIME EQUIVALENT EMPLOYEES (Continued)


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PUBLIC SAFETY

Police

Physical arrests 313 364 357 330 319 293 399 357 267 234

Parking violations 2,376 1,345 1,112 579 1,472 1,420 1,113 877 1,245 636

Traffic violations 5,235 4,649 4,180 3,984 4,240 3,371 3,464 5,370 3,374 3,137

Fire

EMS incidents 1,049 1,016 1,059 1,138 1,093 1,037 1,069 1,188 1,037 912

Fire incidents 747 1,075 949 716 823 752 802 918 788 656

Communications Center

Police calls dispatched 9,597 10,142 11,766 10,864 10,880 10,667 9,911 9,666 9,666 12,696

Fire/EMS calls dispatched 2,224 2,091 2,148 2,013 2,250 2,214 2,176 2,240 2,240 2,071

WATER

New water meters installed 39 38 47 31 31 21 10 10 11 14

Water main breaks repaired 78 71 110 63 109 58 63 59 50 61

Water pumped (mil. gals.) 1,513 1,375 1,530 1,261 1,336 1,210 1,105 1,136 1,060 1,173

LIBRARY

Total circulation 92,066 96,024 98,754 96,414 99,009 96,631 90,287 87,906 84,768 91,017

Avg. daily circulation 270.8 280.8 289.6 286.1 292.1 282.5 267.9 260.5 253.0 269.0

Total holdings 83,115 89,292 96,721 103,951 106,181 105,493 111,051 116,386 124,757 128,343

COMMUNITY DEVELOPMENT

Building permits issues 757 891 903 947 856 742 606 696 705 770

Inspections n/a n/a 1,129 2,268 1,754 1,772 2,090 2,193 2,139 2,311

Estimated construction value 57,455,832$ 78,447,306$ 73,549,628$ 76,294,249$ 81,953,372$ 46,663,489$ 51,776,407$ 51,559,533$ 58,775,804$ 76,987,646$

SPORTS CORE

B&T recreation membership 344 343 311 302 291 303 259 300 320 363

Social memberships 88 189 122 106 120 129 80 64 59 67

Total events 306 252 215 224 226 202 123 39 35 56

Golf memberships 267 263 260 262 235 226 219 207 182 154

Total golf rounds 45,637 44,422 44,005 42,324 43,561 40,336 39,686 37,750 35,196 38,637

Data Source

Various village departments

n/a - Information was unavailable for this given period.


OPERATING INDICATORS


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PUBLIC SAFETY

Police

Stations 1 1 1 1 1 1 1 1 1 1

Area patrols 5 5 5 5 5 5 5 4 5 5

Patrol units 15 15 15 15 15 15 15 12 11 11

Fire

Fire stations 2 2 2 2 2 2 2 2 2 2

Fire trucks 7 7 7 7 7 7 7 7 7 7

PUBLIC WORKS

Arterial streets (miles) 8.5 8.5 8.5 8.5 8.5 8.5 8.5 8.5 8.5 8.5

Residential streets (miles) 48 48 49 49 49 49 49 49 49 49

Streetlights 565 565 565 565 565 565 565 565 565 565

Traffic intersections 11 11 11 11 11 11 11 11 11 11

WATER

Water mains (miles) 115 115 115 115 115 105 105 105 105 105

Fire hydrants 1,500 1,500 1,500 1,500 1,500 1,500 1,500 1,500 1,500 1,500

Storage capacity (gallons) 8.0 mil. 8.0 mil. 8.0 mil. 8.0 mil. 8.0 mil. 8.0 mil. 8.0 mil. 8.0 mil. 8.0 mil. 8.0 mil.

Data Source

Various village departments


CAPITAL ASSETS STATISTICS


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Documents

VILLAGE OF OAK BROOK COMPREHENSIVE ANNUAL FINANCIAL …gfoa.net/cafr/COA2012/OakBrookIL.pdf · complements this letter of transmittal and should be read in conjunction with it. Profile