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Village of Plainfield

Comprehensive Annual Financial Report

For the Fiscal Year Ended April 30, 2015

24401 West Lockport Street | Pla inf ie ld, I l l inois 60544

VILLAGE OF PLAINFIELD, ILLINOIS

COMPREHENSIVE ANNUAL

FINANCIAL REPORT

For the Year Ended

April 30, 2015

Prepared by the Management Services Department

Traci Pleckham, Director

Colleen Thornton, Accounting Services Supervisor


TABLE OF CONTENTS

Page(s)

INTRODUCTORY SECTION

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

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

Certificate of Achievement for Excellence in Financial Reporting .................................. iii

Letter of Transmittal ......................................................................................................... iv-vii

FINANCIAL SECTION

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

GENERAL PURPOSE EXTERNAL FINANCIAL STATEMENTS

Management’s Discussion and Analysis ..................................................................... MD&A 1-12

Basic Financial Statements

Government-Wide Financial Statements

Statement of Net Position ................................................................................... 4-5

Statement of Activities ....................................................................................... 6-7

Fund Financial Statements

Governmental Funds

Balance Sheet ................................................................................................ 8-9

Reconciliation of Fund Balances of Governmental Funds to

the Governmental Activities in the Statement of Net Position .................. 10

Statement of Revenues, Expenditures, and Changes in Fund Balances ...... 11

Reconciliation of the Governmental Funds Statement of Revenues,

Expenditures, and Changes in Fund Balances to the Governmental

Activities in the Statement of Activities ..................................................... 12


TABLE OF CONTENTS (Continued)

Page(s)

FINANCIAL SECTION (Continued)

GENERAL PURPOSE EXTERNAL FINANCIAL STATEMENTS (Continued)

Basic Financial Statements (Continued)

Fund Financial Statements (Continued)

Proprietary Fund

Statement of Net Position .............................................................................. 13-14

Statement of Revenues, Expenses, and Changes in Fund Net Position ....... 15

Statement of Cash Flows ............................................................................... 16-17

Fiduciary Funds

Statement of Fiduciary Net Position ............................................................. 18

Statement of Changes in Fiduciary Net Position .......................................... 19

Notes to Financial Statements ............................................................................. 20-54

Required Supplementary Information

Schedule of Revenues, Expenditures, and Changes in

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

Schedule of Funding Progress

Illinois Municipal Retirement Fund ................................................................... 56

Police Pension Fund ........................................................................................... 57

Other Postemployment Benefit Plan .............................................................. 58

Schedule of Employer Contributions

Illinois Municipal Retirement Fund ................................................................... 59


Other Postemployment Benefit Plan .............................................................. 61

Schedule of Changes in the Employer’s Net Pension Liability

and Related Ratios


Schedule of Investment Returns


Notes to Required Supplementary Information ................................................... 64



Page(s)


COMBINING AND INDIVIDUAL FUND FINANCIAL STATEMENTS

AND SCHEDULES

MAJOR GOVERNMENTAL FUNDS

Schedule of Revenues - Budget and Actual - General Fund .................................. 65-66

Schedule of Expenditures - Budget and Actual - General Fund ............................ 67-68

Schedule of Detailed Expenditures - Budget and Actual - General Fund .............. 69-78

Schedule of Revenues, Expenditures, and Changes

in Fund Balance - Budget and Actual

Capital Projects Fund ......................................................................................... 79

Debt Service Fund .......................................................................................... 80

NONMAJOR GOVERNMENTAL FUNDS

Combining Balance Sheet ................................................................................... 81-82

Combining Statement of Revenues, Expenditures, and

Changes in Fund Balances................................................................................. 83-84

Schedule of Revenues, Expenditures, and Changes

in Fund Balance - Budget and Actual

Liability Insurance Fund ..................................................................................... 85

Audit Fund .......................................................................................................... 86

Alcohol Enforcement Fund ................................................................................ 87

Motor Fuel Tax Fund ......................................................................................... 88

D.A.R.E. Fund .................................................................................................... 89

Tax Increment Financing Fund .......................................................................... 90

MAJOR ENTERPRISE FUND

Combining Schedule of Net Position - Water and Sewer

Department Accounts ............................................................................................ 91-92

Combining Schedule of Revenues, Expenses, and Changes in

Net Position - Water and Sewer Department Accounts ....................................... 93

Combining Schedule of Cash Flows -

Water and Sewer Department Accounts ............................................................... 94-95

Schedule of Operating Expenses - Budget and Actual -

Water and Sewer Operations Account .................................................................. 96-98

FIDUCIARY FUNDS

Schedule of Changes in Fiduciary Net Position -

Budget and Actual - Police Pension Fund ............................................................ 99



Page(s)


SUPPLEMENTAL SCHEDULES

Long-Term Debt Requirements

Corporate Purpose General Obligation Bond Series of 2005A .............................. 100

Corporate Purpose General Obligation Bond Series of 2005B .............................. 101

Corporate Purpose General Obligation Bond Series of 2007 ................................. 102

Water and Sewer Revenue Bond Series of 2008 .................................................... 103

Corporate Purpose General Obligation Refunding Bond Series of 2009 .............. 104


Illinois Environmental Protection Agency Loan of 2010 ....................................... 106




Water and Sewer System Revenue Refunding Bond Series of 2015 ..................... 110

INDEPENDENT ACCOUNTANT’S REPORT ON MANAGEMENT’S

ASSERTION OF COMPLIANCE ................................................................................. 111

STATISTICAL SECTION

Financial Trends

Net Position by Component ......................................................................................... 112-113

Change in Net Position ................................................................................................. 114-117

Fund Balances of Governmental Funds ....................................................................... 118-119

Changes in Fund Balances of Governmental Funds .................................................... 120-121

Revenue Capacity

Assessed Value and Actual Value of Taxable Property .............................................. 122

Property Tax Rates - Direct and Overlapping Governments ....................................... 123

Principal Property Taxpayers ....................................................................................... 124

Property Tax Levies and Collections ........................................................................... 125

Property Tax Assessed Valuations, Rates, and Tax Extensions.................................. 126-127

Sales Tax by Category .................................................................................................. 128

Direct and Overlapping Sales Tax Rates ..................................................................... 129

Debt Capacity

Ratios of Outstanding Debt by Type ............................................................................ 130

Ratios of General Bonded Debt Outstanding .............................................................. 131

Direct and Overlapping Governmental Activities Debt .............................................. 132

Pledged-Revenue Coverage ......................................................................................... 133

Demographic and Economic Information

Demographic and Economic Information .................................................................... 134

Principal Employers ..................................................................................................... 135



Page(s)

STATISTICAL SECTION (Continued)

Operating Information

Full-Time Equivalent Employees ................................................................................ 136

Operating Indicators ..................................................................................................... 137-138

Capital Asset Statistics ................................................................................................. 139

INTRODUCTORY SECTION

- i -

VILLAGE OFFICIALS

PRESIDENT

Michael P. Collins

TRUSTEES

Margie Bonuchi

Bill Lamb

Edward O’Rourke

Garrett M. Peck

Jim Racich

Brian Wojowski

Brian P. Murphy

Village

Administrator

John

Konopek

Police Chief

Dean

Marquez

Building Official

Michael Garrigan

Planning Director

Allen

Persons

Public Works Director

Traci Pleckham

Management

Services Director

Michelle Gibas

Village Clerk

Citizens of the Village

Mayor and Board of Trustees

Village Administrator

Management Services

Department

Police Department

Public Works Department

Planning Department

Building Department

IT Community Relations

Village Clerk


Organizational Chart

- ii -

Government Finance Officers Association

Certificate of Achievement for Excellence

in Financial Reporting

Presented to


Illinois

For its Comprehensive Annual Financial Report

for the Fiscal Year Ended

April 30, 2014

Executive Director/CEO

- iii -

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- v -

The Village operates under the Trustee/Administrator form of government by Village ordinance.

Policymaking and legislative authority are vested with the Village Board which consists of a Village

President and six Trustees elected at large on a nonpartisan basis. The Village President is elected to a

four-year term. The Board members are elected to four-year staggered terms, with three Board

members elected every two years. The Administrator is responsible for the daily affairs of the

organization and for carrying out the policies and ordinances of the Village Board.

The Village is served by approximately 133 FTE employees, providing public/municipal/ enterprise

services, including: police protection, community development, building and zoning services, public

works operations, road & bridge maintenance, potable water distribution services, sanitary sewer

services, and storm water services.

The Village residents are also provided a variety of services, at the local level, by three school districts,

two park districts, four townships, two fire protection districts, and two library districts.

The annual budget serves as the spending authority for the Village. Budgetary control is maintained at

the fund level for all budgeted funds. An annual budget is prepared for the General Fund, Water/Sewer

& Expansion Fund, Capital Fund, and other miscellaneous funds. The budget process begins in the fall

with an update to the Village’s long-term financial forecast and capital project demands. The annual

budget must be adopted by the Village Board before the start of the fiscal year which begins on May 1st.

Economic Condition and Outlook

Local Economy

The Village saw improvement in some of our economic indicators last year, especially in retail sales.

Overall, retail sales improved by 2.7% in comparison to the previous fiscal year. General merchandise

and drinking/eating establishments continued to show gains, while automotive showed a drop in sales.

Village Staff assisted existing businesses in expanding their operations and helped new businesses find

their home in our community, including:

Commercial

A number of new commercial developments are under construction and/or planned on Route

59. A new 15,000 square foot retail building, at the Meijer planned development on Route 59, is

currently under construction and will contain a Pet Supplies Plus and AT&T Store. Adjacent to

this development is a new 7,000 square foot O’Reilly Auto Parts Store and a new 11,000 square

foot retail center. Additionally, 9,500 square feet of new retail space was approved for a newly

created outlot at the Kensington South Project (Target Development) located at 127th Street and

Route 59.

- vi -

Downtown

The Village continues to see interest in commercial development in the Historic Downtown. A

new 3,500 square foot addition to the Opera House is under construction and will house a steak

and seafood restaurant on the second floor and new retail space on the first floor. The historic

Trolley Barn is being restored and will provide up to 12,000 square feet of new restaurant space

and 5,000 square feet of office space.

Medical

A new 25,000 square foot medical building by Presence Medical Group on Route 59, at Dayfield

Drive, was approved in 2014 and is opening this month. Plus, a new 6,000 square foot addition

to the South Edward Medical Building was approved and is also under construction. A new 8,500

square foot kidney dialysis center was recently approved for the Martin Commercial Center and

DuPage Medical Group opened a new office in the Vintage Harvest Commercial Center located

on Route 59.

Residential

Strong residential development trends continue in Plainfield. Fairfield Ridge continues to see

strong sales at this 72-unit single-family home development in Downtown Plainfield. A new 42-

unit single-family development was approved for Somerset in Grande Park and construction is

underway. Springbank has also seen strong sales in 2015. Ryan Homes is currently constructing

homes in Neighborhood Three (approximately 90 lots) and Next Gen is also constructing new

models in Neighborhood Two with their recent purchase of 90 lots. Staff anticipates close to 200

new homes during the 2015 calendar year.

Moody’s Upgrades Village Bond Rating to Aa1

The Village was pleased that Moody’s Investors Service upgraded the Village’s general obligation bond

rating from Aa2 to Aa1. This is the second highest rating from Moody’s and it affects $18.5 million in

outstanding rated debt.

As Moody’s notes in their report, “The Aa1 rating reflects the Village’s healthy financial operations and

ample reserves supported by strong management and long-term fiscal planning. Additionally, the rating

incorporates the Village’s sizeable tax base, high socioeconomic indicators, and modest debt and

pension burdens.” The Village has been recognized by the bond rating agencies numerous times in

recent years with upgrades.

The refunding of the Village’s revenue bonds in January of 2015 produced a net present value savings of

$911,405.40. In addition, by continuing to monitor bond market conditions and interest rates, the

Village has been able to achieve cost savings in excess of $3.5 million the past 10 years through

refunding/refinancing existing debt without changing maturity dates or par amounts.

- vii -

Awards and Acknowledgements

The Government Finance Officers Association of the United States and Canada (GFOA) awarded a

Certificate of Achievement for Excellence in Financial Reporting to the Village of Plainfield for its

Comprehensive Annual Financial Report (CAFR) for the fiscal year that ended April 30, 2014. This was

the first year the Village submitted and received this prestigious award. In order to be awarded a

Certificate of Achievement, the Village must publish an easily readable and efficiently organized CAFR.

The report must also satisfy both generally accepted accounting principles and applicable legal

requirements.

A Certificate of Achievement is valid for a period of only one year. We believe that our current CAFR

continues to meet the Certificate of Achievement Program’s requirements and we are submitting it to

the GFOA to determine its eligibility for another certificate.

This report would not been possible without the dedicated support and involvement of the Village

Department Heads and Staff. The entire Management Services Staff is extended a special appreciation

for all of their assistance in the completion of the annual audit and preparation of this report. We would

also like to thank the Village President and Board of Trustees for their support in maintaining the highest

standards of professionalism in the management of the Village’s finances.

Respectfully submitted,

Brian Murphy Traci Pleckham

Village Administrator Management Services Director

FINANCIAL SECTION

- 2 -

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a

basis for our audit opinions.

Opinions

In our opinion, the financial statements referred to above present fairly, in all material respects,

the respective financial position of the governmental activities, the business-type activities, each

major fund, and the aggregate remaining fund information of the Village of Plainfield, Illinois, as

of April 30, 2015, and the respective changes in financial position and, where applicable, cash

flows thereof for the year then ended in conformity with accounting principles generally

accepted in the United States of America.

Change in Accounting Principle

The Village adopted Governmental Accounting Standards Board (GASB) Statement No. 67,

Financial Reporting for Pension Plans - An Amendment of GASB Statement No. 25. GASB

Statement No. 67 resulted in the modification of certain disclosures and required supplementary

information. Our opinion is not modified with respect to this matter.

Other Matters

Required Supplementary Information

Accounting principles generally accepted in the United States of America require that

management’s discussion and analysis and other required supplementary information listed in

the table of contents be presented to supplement the basic financial statements. Such information,

although not a part of the basic financial statements, is required by the Governmental Accounting

Standards Board, who considers it to be an essential part of financial reporting for placing the

basic financial statements in an appropriate operational, economic, or historical context. We have

applied certain limited procedures to the required supplementary information in accordance with

auditing standards generally accepted in the United States of America, which consisted of

inquiries of management about the methods of preparing the information and comparing the

information for consistency with management’s responses to our inquiries, the basic financial

statements, and other knowledge we obtained during our audit of the basic financial statements.

We do not express an opinion or provide any assurance on the information because the limited

procedures do not provide us with sufficient evidence to express an opinion or provide any

assurance.

Other Information

Our audit was conducted for the purpose of forming opinions on the financial statements that

collectively comprise the Village’s basic financial statements. The introductory section,

combining and individual fund financial statements and schedules, and statistical section are

presented for purposes of additional analysis and are not a required part of the basic financial

statements.

The combining and individual fund financial statements and schedules are the responsibility of

management and were derived from and relate directly to the underlying accounting and other

records used to prepare the basic financial statements. The information has been subjected to the

auditing procedures applied in the audit of the basic financial statements and certain additional

- 2 -

GENERAL PURPOSE EXTERNAL

FINANCIAL STATEMENTS

(See independent auditor's report)

MD&A 1


MANAGEMENT'S DISCUSSION AND ANALYSIS

APRIL 30, 2015 _____________________________________________________________________________________________

The Village of Plainfield’s (the "Village") Management Discussion and Analysis (MD&A) is designed to provide an

overview of the Village’s financial position and activity at and for the year ended April 30, 2015. Since the MD&A is

designed to focus on the Village’s current year activities, changes in the Village’s financial position, and to identify any

material deviations from approved budget and financial plans, the information contained within this MD&A should be

considered as a part of a greater whole. Readers of this report should read and evaluate all sections of this report, including

the Notes to the Financial Statements and the Statistical Section that is provided in addition to the MD&A, in order to form

an opinion on the financial position and activities of the Village.

Financial Highlights

The Village’s net position as of April 30, 2015 equaled $354,113,386, a decrease of $8,187,815, or 2.3% over the

April 30, 2014 net position. Of which, the Village’s governmental net position decreased by $7,872,522, or 3.0%,

and the Village’s business-type activities net position decreased by $315,293, or 0.3%.

Total revenues of all governmental activities increased by $552,019, or 1.7%. Total expenses decreased by

$347,201, or 0.8% as compared to fiscal year 2014.

Total revenues of all business-type activity programs increased by $131,748, or 0.9%, while the total expenses

increased by $280,270, or 1.8% as compared to fiscal year 2014.

Governmental Funds reported combined ending fund balances of $19,519,000, an increase of $4,378,333 over the

prior fiscal year.

o Total fund balance for the General Fund was $10,286,247, a decrease of $1,441,717 over fiscal year

2014. This represents 49.5% of General Fund expenditures. $8,322,103 of the General Fund balance is

considered unassigned. This unassigned fund balance represents 40% of General Fund expenditures, a

decrease of $1,518,927 from fiscal year 2014.

o Total fund balance for the Capital Projects Fund was $5,447,573, an increase of $5,042,435 over fiscal

year 2014. The budgets for fiscal years 2011-2014 included funding for the Village’s deficit elimination

plan. Over these years, the Village has eliminated over $10,943,005 in deficit position. In March of 2014,

the Village Board revised its Financial Policies to include the ability to transfer unassigned General Fund

balance in excess of 40% to the Village’s Capital Fund. Fiscal year 2014 eliminated the deficit balance

and resulted in a positive Capital Fund balance of $405,138. Consistent with the Village’s Financial

Policies, fiscal year 2015 reflected a $3,200,000 transfer from the Village’s General Fund to the Capital

Fund.

USING THE FINANCIAL SECTION OF THIS ANNUAL REPORT The Financial Statements' focus is on both the Village as a whole (government-wide) and on the major individual funds.

Both perspectives (government-wide and major fund) allow the user to address relevant questions, broaden a basis for

comparison (year to year or government to government), and enhance the Village's accountability. The Village’s basic

financial statements are comprised of three components: 1) government-wide financial statements, 2) fund financial

statements, and 3) notes to the financial statements. This report contains other supplementary information in addition to the

basic financial statements.

Government-Wide Financial Statements The Government-Wide Financial Statements are designed to emulate the corporate sector in that all governmental and

business-type activities are consolidated into columns that add to a total for the Primary Government.

The Statement of Net Position presents information on all of the Village’s assets, deferred outflows of resources, liabilities,

and deferred inflows of resources with the difference between total assets and deferred outflows of resources and total

liabilities and deferred inflows of resources reported as the net position. The "Unrestricted Net Position" is designed to be

similar to bottom line results for the Village’s governmental and business-type activities. This statement combines and

consolidates governmental funds' current financial resources (short-term spendable resources) with capital assets and 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 or not the financial position of the Village is improving.


MANAGEMENT'S DISCUSSION AND ANALYSIS (Continued)

______________________________________________________________________________


MD&A 2

The Statement of Activities presents information showing how the Village’s net position changed during the most recent

fiscal year. This is intended to summarize and simplify the user's analysis of the cost of various government services and/or

subsidy to various business-type activities.

The Governmental Activities reflect the Village's basic services, including police, highways and streets, planning, building,

and administration. Property taxes, sales taxes, local utility taxes, and shared State income taxes finance the majority of

these activities. The Business-Type Activities reflect private sector-type operations (Water and Sewer Fund), where the fee

for service typically covers all or most of the cost of operation, including depreciation.

Fund Financial Statements A fund is a grouping of related accounts that is used to maintain control over resources that have been segregated for

specific activities or objectives. The Fund Financial Statements allow the demonstration of sources and uses of funds

and/or the related budgeting compliance. Traditional users of governmental financial statements will find the Fund

Financial Statements presentation more familiar. The focus is on major funds, rather than fund types. All of the funds of

the Village can be divided into three categories: governmental funds, proprietary funds, and fiduciary funds.

Governmental Funds

Governmental funds (see pages 8-12) are used to account for essentially the same functions reported as governmental

activities in the government-wide financial statements. However, governmental fund financial statements focus on near-

term inflows and outflows of resources available for spending, as well as on balances of resources available for spending at

the end of the fiscal year. Such information may be useful in evaluating the Village’s near-term financing requirements.

Because the focus of governmental funds is narrower than that of the government-wide financial statements, it is useful to

compare the information presented for governmental funds with similar information presented for governmental activities

in the government-wide financial statements. By doing so, readers may better understand the long-term impact of the

government’s near-term financing decisions. The governmental fund’s Balance Sheet and Statement of Revenues,

Expenditures, and Changes in Fund Balances provide a reconciliation to facilitate this comparison between governmental

funds and governmental activities.

The Village maintains 9 individual governmental funds. Information is presented separately in the Governmental Fund

Balance Sheet and in the Governmental Fund Statement of Revenues, Expenditures, and Changes in Fund Balances for the

General Fund, the Capital Projects Fund, and the Debt Service Fund which are considered to be major funds. Data from the

other governmental funds are combined into a single, aggregated presentation. Individual fund data for each of these non-

major governmental funds is provided in the form of combining statements elsewhere in this report.

Proprietary Funds

Proprietary fund financial statements (see pages 13-17) provide the same type of information as the government-wide

financial statements, only in more detail. Proprietary funds account for services that are generally fully supported by user

fees charged to customers. The Water and Sewer Fund is considered a major fund of the Village and is presented in a

separate column in the Fund Financial Statements. A more detailed analysis of Water and Sewer Fund activities can be

found on pages 91-98 of this report.

Fiduciary Funds

Fiduciary funds are used to account for resources held for the benefit of parties outside Village government (Police Pension

Fund, see pages 18-19). While these funds represent trust responsibilities of the government, these assets are restricted in

purpose and do not represent discretionary assets of the government. Therefore, these assets are not presented as part of the

Government-Wide Statements.

Notes to the Financial Statements The notes provide additional information that is essential to obtaining a full understanding of the data provided in the

government-wide and fund financial statements. Notes to the Financial Statements can be found on pages 20-54 of this

report.



______________________________________________________________________________


MD&A 3

Other Information Required Supplementary Information

In addition to the basic financial statements and accompanying notes, this report also presents certain required

supplementary information including the general fund budgetary schedules and data concerning the Village’s progress in

funding its obligation to provide pension and other postemployment benefits to its employees. Required supplementary

information can be found on pages 55-64 of this report.

Other Supplementary Information

In addition to the basic financial statements and accompanying notes, this report also presents combining and individual

fund financial statements and schedules for each of the Village’s funds, as well as supplemental schedules and historical

statistical data, which are presented on pages 65-139 of this report.

GOVERNMENT-WIDE STATEMENT Statement of Net Position Net position may serve over time as a useful indicator of a government's financial position. In the case of the Village of

Plainfield, assets exceeded liabilities by $354,113,386 as of April 30, 2015 and $362,301,201 as of April 30, 2014. This

amount reflects a decrease of $8,187,815 in total net position as compared to the year ended April 30, 2014. For more

detailed information see the Statement of Net Position (page 4). The following table reflects the condensed Statement of

Net Position:

The largest portion of the Village’s total net position (90%) reflects its investment in capital assets (land and improvements,

building, machinery, vehicles, equipment and infrastructure), less any related debt still outstanding. Although the Village’s

investment in its capital assets is reported net of related debt, it should be noted that the resources needed to repay this debt

must be provided from other sources, since the capital assets themselves cannot be used to liquidate these liabilities.

A small portion of the Village’s total net position (1.7%) represents resources that are subject to restrictions on how they

may be used. The remaining balance of unrestricted net position of $28,063,292 may be used to meet the Village’s ongoing

obligations. Of this amount, $16,035,847 represents the governmental activities portion and $12,027,445 is available for

the Village’s business-type activities (water and sewer operations).

2015 2014 2015 2014 2015 2014

Assets

Current Assets 30,851,284$ 26,499,070$ 15,927,435$ 15,167,007$ 46,778,719$ 41,666,077$

Noncurrent Assets 262,323,900$ 276,574,529$ 109,377,296$ 112,366,723$ 371,701,196$ 388,941,252$

Total Assets 293,175,184$ 303,073,599$ 125,304,731$ 127,533,730$ 418,479,915$ 430,607,329$

Deferred O utflows of Resources

Unamortized loss on refundings 2,000,102$ 1,153,068$ 2,683,624$ 852,645$ 4,683,726$ 2,005,713$

Total Assets and Deferred

O utflows of Resources 295,175,286$ 304,226,667$ 127,988,355$ 128,386,375$ 423,163,641$ 432,613,042$

Liabilities

Current Liabilities 3,444,555$ 3,677,201$ 1,697,442$ 1,821,400$ 5,141,997$ 5,498,601$

Long-Term Liabilities 29,253,386$ 30,309,145$ 28,158,310$ 28,117,079$ 57,411,696$ 58,426,224$

Total Liabilities 32,697,941$ 33,986,346$ 29,855,752$ 29,938,479$ 62,553,693$ 63,924,825$

Deferred Inflows of Resources

Unavailable property tax 6,496,562$ 6,387,016$ -$ -$ 6,496,562$ 6,387,016$

Total Liabilities and Deferred

Inflows of Resources 39,194,503$ 40,373,362$ 29,855,752$ 29,938,479$ 69,050,255$ 70,311,841$

Net Position:

Net Investmant in Capital Assets 236,161,456$ 248,456,183$ 83,998,867$ 85,192,902$ 320,160,323$ 333,649,085$

Restricted 3,783,480$ 3,006,647$ 2,106,291$ 602,080$ 5,889,771$ 3,608,727$

Unrestricted 16,035,847$ 12,390,475$ 12,027,445$ 12,652,914$ 28,063,292$ 25,043,389$

Total Net Position 255,980,783$ 263,853,305$ 98,132,603$ 98,447,896$ 354,113,386$ 362,301,201$

Governmental Activities Business-Type Activities Total Primary Government

Table 1: Statement of Net Position as of April 30, 2015 and April 30, 2014



______________________________________________________________________________


MD&A 4

Current Year Impacts

The Village of Plainfield’s April 30, 2015 General Fund reflects a positive fund balance of $10,286,247, reflecting a

decrease of fund balance of $1,441,717 from the 2014 fiscal year. The 2015 total combined General Fund balance

represents 49.5% of General Fund expenditures. Total General Fund unassigned fund balance represents 40% of General

Fund expenditures or $8,322,103. The Village’s Capital Projects fund balance improved its fund balance by $5,042,435

resulting in a positive fund balance of $5,447,573 as of April 30, 2015. The Village’s overall combined fund balance is

$19,519,000, an increase of $4,378,333 from fiscal year 2014.

Changes in Net Position The following table provides detail of the change in the Village’s net position during the year ended April 30, 2015

compared to the year ended April 30, 2014. 2015 Governmental activities decreased the Village’s net position by

$7,872,522 and business-type activities decreased the Village’s net position by $315,293.

Depreciation was a primary factor of the decrease in net position for the governmental activities. Highway and Streets

expenses of $23,731,474 include depreciation expenses of $14,410,173.

2015 2014 2015 2014 2015 2014

Revenues

Program Revenues

Charges for Services 7,092,515$ 6,979,352$ 13,407,793$ 13,361,542$ 20,500,308$ 20,340,894$

Operating Grants & Contributions 1,492,593$ 1,386,766$ -$ -$ 1,492,593$ 1,386,766$

Capital Grants & Contributions 44,267$ 118,359$ -$ -$ 44,267$ 118,359$

General Revenues

Property Taxes 6,538,805$ 6,352,505$ -$ -$ 6,538,805$ 6,352,505$

Other Taxes 16,927,385$ 16,694,559$ 1,643,244$ 1,630,710$ 18,570,629$ 18,325,269$

Other Revenues and Transfers 575,147$ 587,152$ 147,420$ 74,457$ 722,567$ 661,609$

Total Revenues 32,670,712$ 32,118,693$ 15,198,457$ 15,066,709$ 47,869,169$ 47,185,402$

Expenses

General Government 3,974,582$ 4,437,507$ -$ -$ 3,974,582$ 4,437,507$

Public Safety 11,778,078$ 11,321,562$ -$ -$ 11,778,078$ 11,321,562$

Highways and Streets 23,731,474$ 23,977,254$ -$ -$ 23,731,474$ 23,977,254$

Interest 1,059,100$ 1,154,112$ -$ -$ 1,059,100$ 1,154,112$

Water and Sewer -$ -$ 15,513,750$ 15,233,480$ 15,513,750$ 15,233,480$

Total Expenses 40,543,234$ 40,890,435$ 15,513,750$ 15,233,480$ 56,056,984$ 56,123,915$

Change in Net Position (7,872,522)$ (8,771,742)$ (315,293)$ (166,771)$ (8,187,815)$ (8,938,513)$

Ending Net Position 255,980,783$ 263,853,305$ 98,132,603$ 98,447,896$ 354,113,386$ 362,301,201$


Table 2: Changes in Net Position for the Fiscal Years Ended April 30, 2015 and April 30, 2014



______________________________________________________________________________


MD&A 5

Normal Impacts – There are eight basic impacts on revenues and expenses as reflected below:

Revenues: Economic Condition - can reflect a declining, stable, or growing economic environment and can have an impact on

state income, sales, and utility tax revenue as well as public spending habits for consumers and builders/developers.

Increase/Decrease in Village-Approved Rates - while certain tax rates are set by statute, the Village Board has

authority to impose and increase/decrease rates (water, sewer, impact fees, connection fees, building permit fees,

home rule sales tax, utility tax etc.)

Changing Patterns in Intergovernmental and Grant Revenue (both recurring and nonrecurring) – certain

recurring revenues (State-shared revenues: sales, income, use etc.) may experience changes periodically, while

nonrecurring (or one-time) grants are less predictable and often distort their impact on year-to-year comparisons.

Market Impacts on Investment Income - the Village's investment portfolio is managed using a similar average

maturity to most governments. Market conditions may cause investment income to fluctuate.

Expenses: Introduction/Modifications of New/Existing Programs - within the functional expense categories (General

Government, Public Safety, and Highways and Streets, etc.), individual programs may be added, modified or deleted

to meet changing community needs.

Changes in Authorized Personnel - changes in service demands may cause the Village Board to increase/decrease

authorized staffing. Staffing costs (salary and related benefits) represent 66% of the Village's General Fund and

16.5% of the Water and Sewer Fund operating costs.

Changes in Salary and/or benefits (annual adjustments and merit) - the ability to attract and retain human and

intellectual resources requires the Village to strive to position themselves with competitive salary and benefits in the

marketplace. In addition, reductions or freezes in salary and changes to benefits can also impact overall expenses.

Inflation - while overall inflation appears to be reasonably modest, the Village is a major consumer of certain

commodities such as supplies, fuels, and parts, particularly in years of significant construction activity. Some

functions may experience unusual commodity-specific increases.

Current Year Impacts – Governmental Activities Revenues



______________________________________________________________________________


MD&A 6

For the fiscal year ended April 30, 2015, revenues from Governmental Activities totaled $32,670,712, an increase of

$552,019, or 1.7% from fiscal year 2014. Sales and Use Tax were the Village's largest revenue source at $9,129,323,

representing 27.9% of the total Governmental Activity revenue. Charges for Services were the Village's second largest

revenue source at $7,092,515, representing 21.7%. The primary Charges for Services revenues include refuse fees

($3,587,793), licenses and permit revenues ($976,464), and franchise fees ($705,592). Property and Replacement Taxes

represent $6,538,805 or 20% of the total Governmental Activity revenue. Development activity has shown a slight

increase in 2015. During the fiscal year, 172 single family building permits were issued for new construction within the

Village. During fiscal year 2014, 146 single family building permits were issued and 112 in 2013. Compared to fiscal

years 2008 and 2007, 298 and 797 single family building permits were issued respectively.

The Village’s property tax revenues increased from $6,352,505 in fiscal year 2014 to $6,538,805 in fiscal year 2015. The

Equalized Assessed Valuation (EAV) of the Village decreased from $1,178,610,057 in calendar year 2012 to

$1,149,746,660 in calendar year 2013, representing $28,863,397 or 2.4%.

The Village’s state-shared revenues of sales, income, and use tax increased this fiscal year by $275,041. Details of the

Village’s portion of State-Shared Taxes are as follows:

State-Shared Tax

Fiscal Year

2014

Fiscal Year

2015

Increase /

(Decrease)

Sales Tax 4,892,203 5,025,975 133,772

State Income Tax 3,857,016 3,876,349 19,333

Use Tax 694,432 816,368 121,936

Total 9,443,651 9,718,692 275,041



______________________________________________________________________________


MD&A 7

Current Year Impacts – Governmental Activities Expenses

For the fiscal year ended April 30, 2015, expenses from Governmental Activities totaled $40,543,234, a decrease of

$347,201over fiscal year 2014. In comparison, expenses from Governmental Activities in fiscal year 2014 increased by

$2,965,877. In fiscal year 2013, expenses decreased by $1,033,409.

For the fiscal year ended April 30, 2015, Highways and Streets represented 58.5% of expenditures or $23,731,474.

Included in this figure is depreciation expense of $14,410,173. Some of the Village’s capital expenditures include

$1,350,118 for roadway improvements, $306,148 for sidewalk, curb replacement and pedestrian crossings, $329,529 for

machinery and equipment for the Police and Public Works Departments, and $246,357 for tree removal due to the emerald

ash borer.



______________________________________________________________________________


MD&A 8

Current Year Impacts – Business Type Activities Revenues The Village’s business-type activities are those that the Village charges a fee to customers to help cover all or most of the cost of the services it provides. The Village’s net position for its business-type activities decreased in the amount of $315,293 to $98,132,603 (see Table 2 – MD&A page 4).

Total revenue for the Village’s business-type activities increased by $130,852; from $15,557,457 in fiscal year 2014 to $15,688,309 in fiscal year 2015. Charges for Services revenues for fiscal year end 2015 totaled $13,407,793, an increase of $46,251. The increase primarily relates to stable water demand. The Village has contracted with Illinois American Water to supply drinking water from the City of Chicago to the Village via Illinois American’s pipeline. In November of 2014, the Village implemented a three-year utility rate increase schedule due to a 25% rate increase from the City of Chicago passed along to the Village in 2012. The first year of the rate increase took effect in February of 2015.

Current Year Impacts – Business Type Activities Expenses Operating expenses from all Business-Type Activities increased by $280,270 or 1.8%. Lake Michigan water purchase accounted for $504,636 in additional expenses. Depreciation expenses for the water and sewer system remained relatively flat, increasing by $7,457 to $3,034,713 for fiscal year 2015.

FINANCIAL ANALYSIS OF THE VILLAGE’S FUNDS

Governmental Funds The focus of the Village’s governmental funds is to provide information on near-term inflows, outflows and balances of spendable resources. Such information is useful in assessing the Village’s financing requirements. In particular, unassigned fund balance may serve as the useful measure of a government’s net resources available for spending at the end of the fiscal year. At April 30, 2015 the Governmental Funds (as presented on page 11) reported a combined fund balance of $19,519,000 which is an increase from the beginning of the year balance of $15,140,667. Of the total fund balance, $8,322,103 is unassigned within the Village’s General Fund, indicating availability of use for continuing Village services. Non-spendable, restricted or assigned fund balance of $11,196,897 includes $2,690,722 for street maintenance, $1,158,291 for healthcare, $669,986 for long-term receivables as required by generally accepted accounting principles, $986,104 for economic development, $5,447,573 for capital projects, and smaller statutory restrictions for prepaid items, audit, public safety, liability insurance, and debt service. The General Fund is the Village’s primary operating fund and the largest source of day-to-day service delivery. Total General Fund balance decreased by $1,441,717 from fiscal year 2014. Total General Fund revenues increased $478,712 in fiscal year 2015. General Fund expenditures increased by $749,852 from the prior year. The primary reason for the increased expenses in 2015 relates to the additional transfer from the General Fund to the Capital Fund, additional asset seizure expenses (which is offset by additional revenues), as well as an increase in salaries in the General Fund.



______________________________________________________________________________


MD&A 9

GENERAL FUND BUDGETARY HIGHLIGHTS

General Fund actual revenues were $1,172,606 more than the budgeted amount. This amount is primarily related to higher

intergovernmental revenues (sales, use, income tax) of $1,048,846 then what was budgeted. In addition, actual license and

permit revenues were $320,664 higher than anticipated. Charges for Services also exceeded budget by $279,620. Other

financing sources listed in the above table include a transfer out to the Village’s Capital Fund of $3,200,000 per the

Village’s Financial Policies. In March of 2014, the Village Board revised its Financial Policies to include the ability to

transfer unassigned General Fund balance in excess of 40% to the Village’s Capital Fund.

Proprietary Funds At April 30, 2015 the Proprietary Funds total net position decreased by $315,293. There were no contributions of

infrastructure in fiscal years 2015 or 2014. Contributions of infrastructure totaled $2,145,000 in fiscal year 2013, compared

to $372,147 in fiscal year 2011 and $90,791 in fiscal year 2012.

The Village’s Water and Sewer Accounts recorded an operating loss of $1,001,463 in fiscal year 2015 (page 93). Fiscal

year 2014 reported an operating loss of $570,977. The 2015 loss was directly attributable to water and sewer infrastructure

depreciation expenses of $3,034,713.

CAPITAL ASSETS The Village’s investment in capital assets for its Governmental and Business-Type Activities as of April 30, 2015, amounts

to $371,701,196. The investment in capital assets includes land, buildings, equipment, improvements other than buildings,

underground sewer and water systems, infrastructure, and construction in progress. This amount represents a net decrease

(including additions and deductions) of $17,240,056. The Governmental Activities net capital assets decreased by

$14,250,629. The Business-Type Activities net capital assets decreased by $2,989,427. Detailed information regarding the

change in capital assets for Governmental and Business-Type Activities is included in the Notes to the Financial Statements

on pages 29-31.

Original

Budget Final Budget Actual

Revenues 21,393,318$ 21,393,318$ 22,565,924$

Expenditures 21,658,318$ 21,658,318$ 20,772,641$

Excess of Revenues over

Expenditures (265,000)$ (265,000)$ 1,793,283$

Other Financing Sources

(Uses) 265,000$ 265,000$ (3,235,000)$

Net Changes in Fund Balance -$ -$ (1,441,717)$

Table 3: General Fund Budgetary Highlights

2015 2014 2015 2014 2015 2014

Land and Right of Way 99,620,465$ 99,620,465$ 3,043,544$ 3,043,544$ 102,664,009$ 102,664,009$

Buildings 22,714,547$ 23,139,349$ 12,742,844$ 13,091,806$ 35,457,391$ 36,231,155$

Machinery and Equipment 980,703$ 756,631$ 118,966$ 102,709$ 1,099,669$ 859,340$

Water & Sewer System -$ -$ 93,286,994$ 95,943,716$ 93,286,994$ 95,943,716$

Infrastructure 134,917,352$ 149,046,788$ -$ -$ 134,917,352$ 149,046,788$

Construction in progress 4,090,833$ 4,011,296$ 184,948$ 184,948$ 4,275,781$ 4,196,244$

Total Capital Assets 262,323,900$ 276,574,529$ 109,377,296$ 112,366,723$ 371,701,196$ 388,941,252$


Table 4: Total Capital Assets (Net of Depreciation)



______________________________________________________________________________


MD&A 10

DEBT OUTSTANDING

As of April 30, 2015, the Village has eight general obligation bond series, one Illinois EPA low interest loan, and two

revenue bond series outstanding. At April 30, 2015, $35.150 million in general obligation bonds, $2.795 million in Illinois

EPA loans, and $15.595 million in revenue bonds are outstanding. In addition, by continuing to monitor bond market

conditions, the Village has been able to achieve cost savings in excess of $3.6 million the past 10 years through

refunding/refinancing existing debt. Maturity dates and par amounts continue to remain the same on these refunding issues.

State statutes that limit the amount of general obligation debt a government entity has outstanding does not apply to home

rule municipalities. The Village of Plainfield was certified a home rule unit in fiscal year 2006.

Debt ratings indicate the confidence of the rating agency in the Village’s continued financial operations and abilities to

meet its ongoing obligations. In December of 2013, the Village refunded the Series 2004 bonds for net present value cash

flow savings of approximately $754,000. Upon their review of the refunding, S&P upgraded the Village's AA debt rating to

AA+. S&P noted very strong budgetary flexibility and performance, strong management with good financial policies and

practices as key factors of the upgrade. S & P also noted, "The stable outlook reflects our view of the Village's strong

economy and our anticipation that the Village will maintain very strong budgetary flexibility and liquidity."

In July of 2015, Moody’s, as part of their annual review process, noticed positive trends in the Village’s finances. Upon

completion of their analysis, Moody’s upgraded the Village’s rating from Aa2 to Aa1. In summary, Moody states that the

rating, “reflects the Village’s healthy financial operations and ample reserves supported by strong management and long

term fiscal planning”.

The following charts depict a comparison of the debt ratings used and issued by Moody’s and Standard and Poor’s (S&P)

for both the Village’s General Obligation and Water and Sewer Revenue Bonds:

Additional information of the Village’s long-term debt can be found in the Notes to the Financial Statements (pages 32-37).

Moody's S&P

Aaa AAA

Aa1 AA+ ***

Aa2 * AA

Aa3 ** AA-

A1 A+

A2 A

A3 A-

Baa1 BBB+

Baa2 BBB

Baa3 BBB-

*Water & Sewer 1st lien revenue bond

**Water & Sewer 2nd lien revenue bond

*** S&P rated all of the Village's debt the same

Comparison of Ratings Used by Moody's

and Standard and Poor's (S&P)

Village of Plainfield's Debt Rating is Highlighted.

The Village holds both General Obligation Bonds and Water &

Sewer System Revenue Bonds



______________________________________________________________________________


MD&A 11

ECONOMIC FACTORS

According to the Metropolitan Mayors Caucus, “Plainfield is an upscale southwest suburban community that has reached a

key transition point in its history. Formerly a small farming community as late as 1990, it has seen its population skyrocket

from about 4,500 in 1990 to 39,581 in 2010 as numerous family farms were converted into large housing subdivisions.

Thanks to careful planning, the Village’s infrastructure has, to a large degree, been able to keep up with the growth.”

Although currently growing at a slower pace, the population of the Village of Plainfield has increased rapidly over the past

20 years bringing an influx of new residents and consumers to the Village.

Data Sources:

1990 - U.S. Census

2000 - U.S. Census

2003 - Village of Plainfield Special Census



2010 - U.S. Census

2014 – ESTIMATE - U.S. Census

The challenge now before the Village, given the current economic situation, is to be able to position itself to provide a

sustainable community that promotes a quality of life that attracts residents, commercial developments and visitors alike.

Based on information from the Illinois Department of Employment Security, the 2014 average unemployment for the

Village of Plainfield was 6.4%, which favorably compares to Will County’s rate of 7.4% and the State of Illinois rate of

7.1%. As of July 2015, the average unemployment for the Village was 5.8%, which still favorably compares to Will

County’s rate of 6.1% and the State of Illinois rate of 5.9%. The national average unemployment rate for July 2015 was

5.6%.

Information from the US Census Bureau via the 2000 Census and the 2009-2013 American Community Survey lists the

following comparable data for the Village of Plainfield, Will County, Illinois and the United States:

Plainfield Will County Illinois USA

2000 2009-2013 2000 2009-2013 2000 2009-2013 2000 2009-2013

Median value

of owner-

occupied

housing units

$198,300 $295,300 $154,300 $219,400 $130,800 $182,300 $119,600 $176,700

Plainfield Will County Illinois USA

2000 2009-2013 2000 2009-2013 2000 2009-2013 2000 2009-2013

Median

household

income

$80,799 $108,928 $62,238 $76,147 $46,590 $56,797 $41,994 $64,719

Per the data above, the median value of owner-occupied housing units increased an estimated 49% for the Village within

approximately the past 13 years. In addition, the median household income increased by 35% during the same timeframe.



______________________________________________________________________________


MD&A 12

Although the Village experienced stability in its revenues last fiscal year, the Village continues to remain cautious in

revenue sources such as income tax, use tax, sales and property taxes. Based on these uncertainties, the 2016 budget was

again developed on a conservative basis. Continued cost containments across all departments enabled the Village to

approve a balanced 2016 budget, with the main principle of providing quality services in an efficient and cost-effective

manner. The 2016 budget anticipates a stable housing market, and continues to be conservative in regards to revenue

projections, reflecting a decline in state shared revenues (due to the uncertainty of the State of Illinois), and level property

taxes. The Capital Fund includes minimal capital improvements again in fiscal year 2015, including $1 million for the

Village’s roadway maintenance program, engineering design work, improving pedestrian access through bike paths and

sidewalks, and continued funding for the Village-wide emerald ash borer issue. The Village’s Motor Fuel Tax Fund

includes an additional $1 million for the Village’s roadway maintenance program. The 2011-2014 fiscal year budgets

included funding for the Village’s deficit elimination plan. Through this plan, the Village has eliminated over $10,943,005

in deficit position. As the 2014 fiscal year provided the elimination of the Capital Fund deficit balance and an ending fund

balance of $405,138, the 2015 fiscal year concluded with an ending Capital Fund balance of $5,447,573. Fiscal year 2016

includes a fund balance replacement plan of $557,750, which will continue to help the Village position for future capital

infrastructure needs.

State revenues combined (sales, income and use tax) continue to represent the largest portion of the General Fund revenues

at 43%. Fiscal year 2015 reflected an increase in sales tax revenue of 3%, while fiscal year 2014 also increased by 3%.

The Village continues to remain uncertain regarding the State’s proposal to reduce the local government’s share of income

tax revenues. State revenues will continue to be monitored closely in the 2016 fiscal year and forward.

Property tax revenues represent approximately 23% of the overall General Fund revenues. The Village's composition is

primarily residential with smaller commercial and industrial components. Although home values seem to have stabilized,

the Village will continue closely monitor the housing market for the current year budget and future fiscal year budget

projections.

CONTACTING THE VILLAGE'S FINANCIAL MANAGEMENT This financial report is designed to provide our citizens, customers, investors, and creditors with a general overview of the

Village's finances and to demonstrate the Village's accountability for the money it receives. Questions concerning this

report or requests for additional financial information should be directed to Traci Pleckham, Director of Management

Services, Village of Plainfield, 24401 West Lockport Street, Plainfield, Illinois 60544.

Governmental Business-Type

Activities Activities Total

ASSETS

Cash and investments 17,005,310$ 13,473,905$ 30,479,215$

Receivables (net, where applicable, of

allowances for uncollectibles)

Property taxes 6,496,562 - 6,496,562

Sales tax 2,125,534 367,172 2,492,706

Income tax 638,725 - 638,725

Utility/telecommunications taxes 378,731 - 378,731

Allotments 92,057 - 92,057

Grants 6,309 - 6,309

Interest 3,214 11,067 14,281

Other 979,196 1,851,140 2,830,336

Prepaid expenses 135,867 17,167 153,034

Deposits 1,156,534 206,984 1,363,518

Land held for resale 108,000 - 108,000

Net pension asset 1,725,245 - 1,725,245

Capital assets

Nondepreciable 103,711,298 3,228,492 106,939,790

Depreciable, net of accumulated depreciation 158,612,602 106,148,804 264,761,406

Total assets 293,175,184 125,304,731 418,479,915

DEFERRED OUTFLOWS OF RESOURCES

Unamortized loss on refundings 2,000,102 2,683,624 4,683,726

Total deferred outflows of resources 2,000,102 2,683,624 4,683,726

Total assets and deferred outflows of resources 295,175,286 127,988,355 423,163,641

Primary Government


STATEMENT OF NET POSITION

April 30, 2015

(This statement is continued on the following page.)- 4 -



LIABILITIES

Accounts payable 2,183,919$ 1,321,435$ 3,505,354$

Accrued payroll 316,643 46,722 363,365

Deposits payable 15,392 1,799 17,191

Accrued interest payable 334,078 327,486 661,564

Other accrued liabilities 61,976 - 61,976

Unearned revenue 532,547 - 532,547

Noncurrent liabilities

Due within one year 2,951,433 2,197,125 5,148,558

Due in more than one year 26,301,953 25,961,185 52,263,138

Total liabilities 32,697,941 29,855,752 62,553,693

DEFERRED INFLOWS OF RESOURCES

Deferred property tax 6,496,562 - 6,496,562

Total deferred inflows of resources 6,496,562 - 6,496,562

Total liabilities and deferred inflows

of resources 39,194,503 29,855,752 69,050,255

NET POSITION

Net investment in capital assets 236,161,456 83,998,867 320,160,323

Restricted for

Street maintenance 2,690,722 - 2,690,722

Public safety 32,058 - 32,058

Debt service - 2,106,291 2,106,291

Audit 3,970 - 3,970

Liability insurance 70,626 - 70,626

Economic development 986,104 - 986,104

Unrestricted 16,035,847 12,027,445 28,063,292

TOTAL NET POSITION 255,980,783$ 98,132,603$ 354,113,386$

April 30, 2015

Primary Government


STATEMENT OF NET POSITION (Continued)

See accompanying notes to financial statements.- 5 -

Operating Capital

Charges Grants and Grants and

FUNCTIONS/PROGRAMS Expenses for Services Contributions Contributions

PRIMARY GOVERNMENT

Governmental Activities

General government 3,974,582$ 5,472,089$ 23,407$ -$

Public safety 11,778,078 1,611,233 72,638 9,858

Highways and streets 23,731,474 9,193 1,396,548 34,409

Interest 1,059,100 - - -

Total governmental activities 40,543,234 7,092,515 1,492,593 44,267

Business-Type Activities

Water and sewer 15,513,750 13,407,793 - -

Total business-type activities 15,513,750 13,407,793 - -

TOTAL PRIMARY GOVERNMENT 56,056,984$ 20,500,308$ 1,492,593$ 44,267$

Transfers

CHANGE IN NET POSITION

NET POSITION, MAY 1

NET POSITION, APRIL 30

Program Revenues


STATEMENT OF ACTIVITIES

For the Year Ended April 30, 2015

- 6 -



1,520,914$ -$ 1,520,914$

(10,084,349) - (10,084,349)

(22,291,324) - (22,291,324)

(1,059,100) - (1,059,100)

(31,913,859) - (31,913,859)

- (2,105,957) (2,105,957)

- (2,105,957) (2,105,957)

(31,913,859) (2,105,957) (34,019,816)

General Revenues

Taxes

Property and replacement 6,538,805 - 6,538,805

Home rule sales 3,286,980 1,643,244 4,930,224

Utility/telecommunications 3,107,995 - 3,107,995

Local motor fuel 813,718 - 813,718

Other 8,250 - 8,250

Sales and use tax 5,842,343 - 5,842,343

Income tax 3,876,349 - 3,876,349

Investment income (120,582) 141 (120,441)

Miscellaneous 197,627 637,131 834,758

Transfers 489,852 (489,852) -

Total 24,041,337 1,790,664 25,832,001

CHANGE IN NET POSITION (7,872,522) (315,293) (8,187,815)

NET POSITION, MAY 1 263,853,305 98,447,896 362,301,201

NET POSITION, APRIL 30 255,980,783$ 98,132,603$ 354,113,386$

Primary Government

Net (Expense) Revenue and Change in Net Position


Nonmajor Total

Capital Debt Governmental Governmental

General Projects Service Funds Funds

ASSETS

Cash and investments 8,122,455$ 5,182,324$ 1,700$ 3,698,831$ 17,005,310$

Receivables (net, where applicable,

of allowances for uncollectibles)

Property taxes 5,079,665 - 112,657 1,304,240 6,496,562

Sales tax 1,391,081 734,453 - - 2,125,534

Income tax 638,725 - - - 638,725

Utility tax - 378,731 - - 378,731

Allotments - - - 92,057 92,057

Grants 6,309 - - - 6,309

Interest 3,214 - - - 3,214

Other 974,286 3,241 - 1,669 979,196

Prepaid items 135,867 - - - 135,867

Deposits 1,156,534 - - - 1,156,534

Land held for resale - - - 108,000 108,000

Total assets 17,508,136 6,298,749 114,357 5,204,797 29,126,039


None - - - - -

TOTAL ASSETS AND DEFERRED

OUTFLOWS OF RESOURCES 17,508,136$ 6,298,749$ 114,357$ 5,204,797$ 29,126,039$

OUTFLOWS OF RESOURCES

ASSETS AND DEFERRED


BALANCE SHEET

GOVERNMENTAL FUNDS

April 30, 2015


Nonmajor Total



LIABILITIES

Accounts payable 1,703,393$ 363,449$ -$ 117,077$ 2,183,919$

Accrued payroll 316,643 - - - 316,643

Impact fee 46,703 - - - 46,703

Recapture fee - 15,273 - - 15,273

Unearned revenue 60,093 472,454 - - 532,547

Developer deposit 15,392 - - - 15,392

Total liabilities 2,142,224 851,176 - 117,077 3,110,477


Unavailable property tax revenue 5,079,665 - 112,657 1,304,240 6,496,562

Total deferred inflows of resources 5,079,665 - 112,657 1,304,240 6,496,562

Total liabilities and deferred inflows

of resources 7,221,889 851,176 112,657 1,421,317 9,607,039

FUND BALANCES

Nonspendable

Long-term receivables 669,986 - - - 669,986

Prepaid items 135,867 - - - 135,867

Restricted

Street maintenance - - - 2,690,722 2,690,722

Public safety - - - 32,058 32,058

Audit - - - 3,970 3,970

Liability insurance - - - 70,626 70,626

Economic development - - - 986,104 986,104

Unrestricted

Assigned

Capital projects - 5,447,573 - - 5,447,573

Debt service - - 1,700 - 1,700

Insurance 1,158,291 - - - 1,158,291

Unassigned 8,322,103 - - - 8,322,103

Total fund balances 10,286,247 5,447,573 1,700 3,783,480 19,519,000

TOTAL LIABILITIES, DEFERRED INFLOWS

OF RESOURCES, AND FUND BALANCES 17,508,136$ 6,298,749$ 114,357$ 5,204,797$ 29,126,039$


BALANCE SHEET (Continued)

GOVERNMENTAL FUNDS

April 30, 2015

OF RESOURCES, AND FUND BALANCES

LIABILITIES, DEFERRED INFLOWS


FUND BALANCES OF GOVERNMENTAL FUNDS 19,519,000$

Amounts reported for governmental activities in the

statement of net position are different because:

Capital assets used in governmental activities are

not financial resources and, therefore, are not

reported in the governmental funds 262,323,900

Bond premiums/discounts on bonds are expensed in governmental

funds but capitalized and amortized in the statement of net position

Unamortized bond premium (1,287,546)

Unamortized loss on refunding 2,000,102

Interest payable is not due and payable in the current period

and, therefore, is not reported in the governmental funds (334,078)

Net pension assets are not recorded in governmental

funds but are recorded on the statement of net position 1,725,245

Long-term liabilities, including bonds payable, are

not due and payable in the current period and,

therefore, are not reported in the governmental funds

General obligation bonds (26,875,000)

Compensated absences payable (941,081)

Net other postemployment benefit obligation (149,759)

NET POSITION OF GOVERNMENTAL ACTIVITIES 255,980,783$

April 30, 2015


RECONCILIATION OF FUND BALANCES OF GOVERNMENTAL FUNDS TO THE

GOVERNMENTAL ACTIVITIES IN THE STATEMENT OF NET POSITION



STATEMENT OF REVENUES, EXPENDITURES,

AND CHANGES IN FUND BALANCES

GOVERNMENTAL FUNDS


Nonmajor Total



REVENUES

Taxes 6,064,781$ 3,286,980$ 112,333$ 1,183,658$ 10,647,752$

Licenses and permits 976,464 - - - 976,464

Intergovernmental 9,769,446 3,142,404 - 1,396,548 14,308,398

Charges for services 4,923,326 9,193 - - 4,932,519

Fines and forfeits 791,198 292,870 - 10,161 1,094,229

Investment income (122,954) 345 162 1,865 (120,582)

Miscellaneous 163,663 159,533 - 18,884 342,080

Total revenues 22,565,924 6,891,325 112,495 2,611,116 32,180,860

EXPENDITURES

Current

General government 3,364,275 - - 313,100 3,677,375

Public safety 10,903,337 - - 363,590 11,266,927

Highways and streets 6,505,029 - - 692,593 7,197,622

Capital outlay - 3,048,345 - - 3,048,345

Debt service

Principal retirement - - 2,085,000 - 2,085,000

Interest and fiscal charges - - 1,138,302 - 1,138,302

Total expenditures 20,772,641 3,048,345 3,223,302 1,369,283 28,413,571

EXCESS (DEFICIENCY) OF REVENUES

OVER EXPENDITURES 1,793,283 3,842,980 (3,110,807) 1,241,833 3,767,289

OTHER FINANCING SOURCES (USES)

Transfers in 60,000 3,700,000 2,990,397 95,000 6,845,397

Transfers (out) (3,295,000) (2,500,545) - (560,000) (6,355,545)

Refunding bonds issued - - 9,665,000 - 9,665,000

Premium on refunding bonds - - 331,514 - 331,514

Payment to escrow agent - - (9,875,322) - (9,875,322)

Total other financing sources (uses) (3,235,000) 1,199,455 3,111,589 (465,000) 611,044

NET CHANGE IN FUND BALANCES (1,441,717) 5,042,435 782 776,833 4,378,333

FUND BALANCES, MAY 1 11,727,964 405,138 918 3,006,647 15,140,667

FUND BALANCES, APRIL 30 10,286,247$ 5,447,573$ 1,700$ 3,783,480$ 19,519,000$


NET CHANGE IN FUND BALANCES -

TOTAL GOVERNMENTAL FUNDS 4,378,333$

Amounts reported for governmental activities in the statement of

activities are different because:

Governmental funds report capital outlay as expenditures; however,

they are capitalized and depreciated in the statement of activities 1,050,052

The issuance of long-term debt are shown on the fund financial statements

as other financing sources but are recorded as long-term liabilities

on the government-wide statements (9,665,000)

The repayment of the principal portion long-term debt is reported as an

expenditure when due in governmental funds but as a reduction of

principal outstanding in the statement of activities:

Principal on bonds 10,775,000

Governmental funds report the effect of premiums, discounts, and similar

items when debt is first issued, whereas these amounts are deferred and

amortized in the statement of activities 845,902

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 (15,300,681)

Change in net pension asset 9,873

Change in net other postemployment benefit obligation (54,411)

Change in compensated absences 1,302

Change in accrued interest payable 87,108

CHANGE IN NET POSITION OF GOVERNMENTAL ACTIVITIES (7,872,522)$



RECONCILIATION OF THE GOVERNMENTAL FUNDS STATEMENT OF REVENUES,

GOVERNMENTAL ACTIVITIES IN THE STATEMENT OF ACTIVITIES

EXPENDITURES, AND CHANGES IN FUND BALANCES TO THE



STATEMENT OF NET POSITION

PROPRIETARY FUND

April 30, 2015

Water and

Sewer

CURRENT ASSETS

Cash and investments 13,473,905$

Receivables

Accounts 1,851,140

Sales tax 367,172

Interest 11,067

Prepaid expenses 17,167

Total current assets 15,720,451

CAPITAL ASSETS

Nondepreciable 3,228,492

Depreciable, net of accumulated depreciation 106,148,804

Total capital assets 109,377,296

OTHER ASSETS

Deposits 206,984

Total other assets 206,984

Total assets 125,304,731

DEFERRED OUTFLOW OF RESOURCES

Unamortized loss on refundings 2,683,624

Total deferred outflow of resources 2,683,624

Total assets and deferred outflow of resources 127,988,355



STATEMENT OF NET POSITION (Continued)

PROPRIETARY FUND

April 30, 2015

Water and

Sewer

CURRENT LIABILITIES

Accounts payable 1,321,435$

Accrued payroll 46,722

Accrued interest 327,486

Compensated absences payable 83,580

Illinois EPA loan 153,545

Bonds payable 1,960,000

Developer deposit 1,799

Total current liabilities 3,894,567

LONG-TERM LIABILITIES

Compensated absences payable 12,677

Illinois EPA loan 2,641,714

Bonds payable 23,306,794

Total long-term liabilities 25,961,185

Total liabilities 29,855,752


None -

Total liabilities and deferred inflows of resources 29,855,752

NET POSITION

Net investment in capital assets 83,998,867

Restricted for debt service 2,106,291

Unrestricted 12,027,445

TOTAL NET POSITION 98,132,603$



STATEMENT OF REVENUES, EXPENSES, AND

CHANGES IN FUND NET POSITION

PROPRIETARY FUND


Water and

Sewer

OPERATING REVENUES

Charges for services 13,407,793$

Total operating revenues 13,407,793

OPERATING EXPENSES

Water operations 9,414,844

Sewer operations 1,959,699

Depreciation 3,034,713

Total operating expenses 14,409,256

OPERATING INCOME (LOSS) (1,001,463)

NON-OPERATING REVENUES (EXPENSES)

Home rule sales tax 1,643,244

Miscellaneous revenue 637,131

Investment income 141

Interest expense (1,104,494)

Total non-operating revenues (expenses) 1,176,022

INCOME BEFORE TRANSFERS 174,559

TRANSFERS

Transfers (out) (489,852)

CHANGE IN NET POSITION (315,293)

NET POSITION, MAY 1 98,447,896

NET POSITION, APRIL 30 98,132,603$



STATEMENT OF CASH FLOWS

PROPRIETARY FUND


Water and

Sewer

CASH FLOWS FROM OPERATING ACTIVITIES

Receipts from customers and users 13,252,992$

Reimbursements to other funds (250,380)

Payments to suppliers (9,768,290)

Payments to employees (1,281,598)

Net cash from operating activities 1,952,724

CASH FLOWS FROM NONCAPITAL

FINANCING ACTIVITIES

Transfers (out) (489,852)

Non-operating revenues 2,293,468

Net cash from noncapital financing activities 1,803,616

CASH FLOWS FROM CAPITAL AND RELATED


Purchase of capital assets (45,285)

Proceeds from the issuance of long-term debt 14,594,942

Principal payments on long-term debt (2,026,643)

Payment to escrow agent (14,416,585)

Interest paid (1,263,784)

Net cash from capital and related

financing activities (3,157,355)

CASH FLOWS FROM INVESTING ACTIVITIES

Purchases of investment securites (324,845)

Interest received (2,665)

Net cash from investing activities (327,510)

NET INCREASE IN CASH AND

CASH EQUIVALENTS 271,475

CASH AND CASH EQUIVALENTS, MAY 1 12,877,585

CASH AND CASH EQUIVALENTS, APRIL 30 13,149,060$



STATEMENT OF CASH FLOWS (Continued)

PROPRIETARY FUND


Water and

Sewer

RECONCILIATION OF OPERATING INCOME (LOSS) TO NET


Operating income (loss) (1,001,463)$

Adjustments to reconcile operating income

(loss) to net cash from operating activities

Depreciation and amortization 3,034,713

Changes in assets and liabilities

Accounts receivable (154,801)

Prepaid fees 663

Deposits (16,311)

Accounts payable 75,132

Accrued expenses 14,791

NET CASH FROM OPERATING ACTIVITIES 1,952,724$

CASH AND INVESTMENTS

Cash and cash equivalents 13,149,060$

Investments 324,845

TOTAL CASH AND INVESTMENTS 13,473,905$

NONCASH TRANSACTIONS

None -$


STATEMENT OF FIDUCIARY NET POSITION

FIDUCIARY FUNDS

April 30, 2015

Police

Pension

ASSETS

Cash and short-term investments 58,722$

Investments

U.S. Government and agency obligations 9,754,061

Municipal bonds 581,818

Mutual funds 13,364,893

Receivables

Accrued interest receivable 66,844

Total assets 23,826,338

LIABILITIES

Accounts payable 588

Total liabilities 588

NET POSITION HELD IN TRUST

FOR PENSION BENEFITS 23,825,750$



STATEMENT OF CHANGES IN FIDUCIARY NET POSITION

FIDUCIARY FUNDS


ADDITIONS

Contributions

Employer 898,172$

Employee 522,107

Total contributions 1,420,279

Investment income

Net appreciation in fair value

of investments 634,506

Interest 869,435

Total investment income 1,503,941

Less investment expense (37,500)

Net investment income 1,466,441

Total additions 2,886,720

DEDUCTIONS

Benefits and refunds 413,533

Administration 33,752

Total deductions 447,285

NET INCREASE 2,439,435


FOR PENSION BENEFITS

May 1 21,386,315

April 30 $ 23,825,750



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NOTES TO FINANCIAL STATEMENTS

April 30, 2015

1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The financial statements of the Village of Plainfield, Illinois (the Village) have been

prepared in conformity with accounting principles generally accepted in the United States of America, (hereinafter referred to as generally accepted accounting principles (GAAP)), as applied to government units. The Governmental Accounting Standards Board (GASB) is the accepted standard-setting body for establishing governmental accounting and financial reporting principles. The more significant of the Village’s accounting policies are described below.

a. Reporting Entity The Village was incorporated June 1, 1877. The Village operates under a

President-Board of Trustees form of government and provides the following services as authorized by its charter: public safety (police), highways and streets, water distribution, waste-water treatment, public improvements, planning and zoning, and general administrative services. As required by generally accepted accounting principles, these financial statements present the Village (the primary government). In evaluating how to define the reporting entity, management has considered all potential component units. The decision to include a potential component unit in the reporting entity was based upon the significance of its operational or financial relationship with the primary government. There are no component units that are required to be included in the Village’s basic financial statements.

b. Fund Accounting The Village uses funds to report on its financial position and the changes in financial

position. Fund accounting is designed to demonstrate legal compliance and to aid financial management by segregating transactions related to certain village functions or activities. A fund is a separate accounting entity with a self-balancing set of accounts.

Funds are classified into the following categories: governmental, proprietary, and

fiduciary. Governmental funds are used to account for all or most of the Village’s general

activities, including the collection and disbursement of restricted or committed monies (special revenue funds), the funds restricted, committed, or assigned for the acquisition or construction of major capital assets (capital projects funds), and the funds restricted, committed, or assigned for the servicing of general long-term debt (debt service funds). The General Fund is used to account for all activities of the general government not accounted for in some other fund.

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NOTES TO FINANCIAL STATEMENTS (Continued)

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1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

b. Fund Accounting (Continued)

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

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

financial administration.

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

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

Village utilizes a pension trust fund, which is used to account for assets that the

Village holds in a fiduciary capacity.

c. Government-Wide and Fund Financial Statements

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

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

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

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

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

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

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

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

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

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

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

segment and (2) grants and contributions that are restricted to meeting the operational

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

properly included among program revenues are reported instead as general revenues.

Separate financial statements are provided for governmental funds, proprietary funds,

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

financial statements. Major individual governmental funds and major individual

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

The Village reports the following major governmental funds:

The General Fund is the general operating fund of the Village. It is used to

account for all financial resources not accounted for in another fund.

The Capital Projects Fund is used to account for financial resources to be used

for the acquisition or construction of major capital assets (other than those

financed by proprietary funds).

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- 22 -


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

The Debt Service Fund is used to account for the accumulation of resources

for, and the payment of bond principal, interest, and related costs (other than

those repaid by proprietary funds).

The Village reports the following major proprietary fund:

The Water and Sewer Fund is used to account for operations that are financed

and operated in a manner similar to private business enterprises where the

intent of the governing body is that costs of providing goods or services to the

general public on a continuing basis be financed or recovered primarily through

user charges.

The Village reports a pension trust fund as a fiduciary fund to account for the Police

Pension Fund.

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

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

measurement focus and the accrual basis of accounting as are the proprietary fund

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

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

Property taxes are recognized as revenues in the year for which they are levied (i.e.,

intended to finance). Grants and similar items are recognized as revenue as soon as

all eligibility requirements imposed by the provider have been met. Operating

revenues and expenses are directly attributable to the operation of the proprietary

funds. Non-operating revenue/expenses are incidental to the operations of these

funds.

Governmental fund financial statements are reported using the current financial

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

the modified accrual basis of accounting, revenues are recognized when susceptible

to accrual (i.e., when they become both measurable and available). “Measurable”

means the amount of the transaction can be determined and “available” means

collectible within the current period or soon enough thereafter to be used to pay

liabilities of the current period, generally 60 days except for certain revenues

collected by the State (e.g., sales and telecom taxes) which use a 90-day period.

The Village recognizes property taxes when they become both measurable and

available in the year intended to finance. Expenditures are recorded when the related

fund liability is incurred. Principal and interest on general long-term debt are

recorded as expenditures when due.

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

(Continued)

Those revenues susceptible to accrual are property taxes, franchise fees, licenses,

interest revenue, and charges for services. Sales and telecommunication taxes owed

to the state at year end on behalf of the Village also are recognized as revenue. Fines

and permits revenues are not susceptible to accrual because generally they are not

measurable until received in cash.

In applying the susceptible to accrual concept to intergovernmental revenues, the

legal and contractual requirements of the numerous individual programs are used as

guidelines. Monies that are virtually unrestricted as to purpose of expenditure, which

are usually revocable only for failure to comply with prescribed compliance

requirements, are reflected as revenues at the time of receipt or earlier if the

susceptible to accrual criteria is met.

The Village reports unavailable/deferred revenue and unearned revenue on its

financial statements. Unavailable/deferred revenues arise when a potential revenue

does not meet the measurable and available or earned criteria for recognition in the

current period. Unearned revenues arise when resources are received by the Village

before it has a legal claim to them, as when grant monies are received prior to the

incurrence of qualifying expenditures. In subsequent periods, when both revenue

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

the deferred inflow for unavailable/deferred revenue or the liability for unearned

revenue is removed from the financial statements and revenue is recognized.

e. Cash and Investments

Cash and Cash Equivalents

For purposes of the statement of cash flows, the Village’s proprietary funds consider

their equity in pooled cash and all highly liquid investments with an original maturity

of three months or less when purchased to be cash equivalents.

Investments

Investments with a maturity of less than one year when purchased and non-negotiable

certificates of deposit are stated at cost or amortized cost. Investments with a

maturity greater than one year when purchased and all investments of the pension

trust funds are stated at fair value. Fair value is based on prices listed on national

exchanges as of April 30, 2015 for debt and equity securities. Mutual funds,

investment funds, and insurance separate accounts are valued at contract value as of

April 30, 2015.

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- 24 -


f. Interfund Receivables/Payables

During the course of operations, numerous transactions occur between individual

funds for goods provided or services rendered. These receivables and payables are

classified as “due to/from other funds” on the financial statements. Long-term

interfund loans are classified as “advances to/from other funds.”

g. Prepaid Items/Expenses

Payments made to vendors for services that will benefit periods beyond the date of

this report are recorded as prepaid items/expenses.

h. Capital Assets

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

roads, bridges, stormwater systems), and intangibles (easements and software), are

reported in the applicable governmental or business-type activities columns in the

government-wide financial statements. Capital assets are defined by the Village as

assets with an initial, individual cost of $5,000 for machinery and equipment,

$20,000 for building and improvements, and $50,000 for infrastructure and an

estimated useful life in excess of one year. All land and land improvements are

capitalized, regardless of cost. Such assets are recorded at historical cost or estimated

historical cost if purchased or constructed. Donated capital assets are recorded at

estimated fair market value at the date of donation.

The costs of normal maintenance and repairs that do not add to the value of the asset

or materially extend asset lives are not capitalized.

Major outlays for capital assets and improvements are capitalized as projects are

constructed. Interest incurred during the construction phase of capital assets of

business-type activities is included as part of the capitalized value of the assets

constructed. Property, plant, and equipment is depreciated using the straight-line

method over the following estimated useful lives:

Assets Years

Building and improvements 5-50

Vehicles, equipment, and software 3-20

Infrastructure 15-50

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- 25 -


i. Compensated Absences

Vested or accumulated vacation leave that is due to employees who have retired or

terminated by the end of the year is reported as an expenditure and a fund liability of

the governmental fund that will pay it. Vested or accumulated vacation leave of

proprietary funds and governmental activities is recorded as an expense and liability

of those funds as the benefits accrue to employees.

j. Fund Balance/Net Position

In the fund financial statements, governmental funds report nonspendable fund

balance for amounts that are either not in spendable form or legally or contractually

required to be maintained intact. Restrictions of fund balance are reported for

amounts constrained by legal restrictions from outside parties for use for a specific

purpose, or externally imposed by outside entities. Committed fund balance is

constrained by formal actions of the Village Board of Trustees, which is considered

the Village’s highest level of decision making authority. Formal actions include

resolutions and ordinances (equally binding) approved by the Board of Trustees.

Assigned fund balance represents amounts constrained by the Village’s intent to use

them for a specific purpose. In accordance with the Village’s financial policies, the

authority to assign fund balance has been delegated to the Village’s Director of

Management Services, consistent with the intentions of the Village Board of

Trustees. Any residual fund balance of the General Fund and any deficit balances in

other governmental funds are reported as unassigned.

The Village has adopted targeted fund balances for two of its funds. The General

Fund has a targeted unassigned fund balance of at least 25% of the total General

Fund annual expenditures. General Fund unassigned fund balance in excess of 40%

may be transferred to the Capital Improvement Fund. The Water and Sewer Fund has

a targeted unrestricted net position of 25% of the total Water and Sewer Fund annual

expenditures. If the balances exceed 40%, the overage may be used to offset rate

increases or be transferred to the Village’s Capital Projects Fund, or a combination

thereof.

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

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

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

unrestricted funds are available for spending, the Village considers committed funds

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

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1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) j. Fund Balance/Net Position (Continued)

In the government-wide financial statements, restricted net position is legally restricted by outside parties for a specific purpose. Net investment in capital assets represents the Village’s investment in the book value of capital assets, less any outstanding debt that was issued to construct or acquire the capital asset.

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

financial statements, long-term debt, and other long-term obligations are reported as liabilities in the applicable governmental activities or business-type activities columns, or proprietary fund financial statements. Bond premiums and discounts, as well as gains and losses on refundings, are deferred and amortized over the life of the bonds. Bonds payable are reported net of the applicable bond premiums or discounts. Bond issuance costs are expensed as incurred.

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

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

l. Interfund Transactions Interfund service transactions are accounted for as revenues, expenditures, or

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

All other interfund transactions, except interfund service transactions and

reimbursements, are reported as transfers. m. Deferred Outflows/Inflows of Resources In addition to assets, the statement of financial position will sometimes report a

separate section for deferred outflows of resources. This separate financial statement element represents a consumption of net assets that applies to a future period(s) and so will not be recognized as an outflow of resources (expense/expenditure) until then. In addition to liabilities, the statement of financial position will sometimes report a separate section for deferred inflows of resources. This separate financial statement element represents an acquisition of net assets that applies to a future period(s) and so will not be recognized as an inflow of resources (revenue) until that time.

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- 27 -

2. DEPOSITS AND INVESTMENTS

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

except the pension trust fund. Each fund type’s portion of this pool is displayed as “cash

and investments.” In addition, deposits and investments are separately held by several of

the Village’s funds.

Permitted Deposits and Investments - the Village’s investment policy authorizes the

Village to make deposits/invest in insured commercial banks, savings and loan institutions,

obligations of the U.S. Treasury and U.S. agencies, insured credit union shares, money

market mutual funds with portfolios of securities issued or guaranteed by the United States

Government or agreements to repurchase these same obligations, repurchase agreements,

short-term commercial paper rated within the three highest classifications by at least two

standard rating services, and Illinois Funds (a money market fund created by the State of

Illinois under the State Treasurer that maintains a $1 per share value).

Illinois Funds is an investment pool managed by the State of Illinois, Office of the

Treasurer, which allows governments within the state to pool their funds for investment

purposes. Illinois Funds is not registered with the SEC as an investment company, but does

operate in a manner consistent with Rule 2a7 of the Investment Company Act of 1940.

Investments in Illinois Funds are valued at Illinois Funds’ share price, the price for which

the investment could be sold.

a. Village Deposits and Investments

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

highest investment return with the maximum security while meeting the daily cash

flow demands of the Village and conforming to all state and local statutes governing

the investment of public funds, using the “prudent person” standard for managing the

overall portfolio. The primary objectives of the policy are, in order of priority, safety,

liquidity, and yield.

Deposits with Financial Institutions

Custodial credit risk for deposits with financial institutions is the risk that in the

event of bank failure, the Village’s deposits may not be returned to it. The Village’s

investment policy requires bank balances to be secured by some form of collateral,

witnessed by a written agreement, and held at an independent third party institution

in the name of the municipality.

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- 28 -

2. DEPOSITS AND INVESTMENTS (Continued)

a. Village Deposits and Investments (Continued)

Investments

The following table presents the investments and maturities of the Village’s debt

securities as of April 30, 2015:

Investment Maturities (in Years)

Investment Type Fair Value Less than 1 1-5 6-10 Greater than 10

IMET $ 5,389,081 $ - $ 5,389,081 $ - $ -

Negotiable certificates of deposit 1,244,430 1,244,430 - - -

Municipal bonds 1,631,041 - 1,631,041 - -

TOTAL $ 8,264,552 $ 1,244,430 $ 7,020,122 $ - $ -

Interest rate risk is the risk that changes in interest rates will adversely affect the fair

value of an investment. In accordance with its investment policy, the Village limits

its exposure to interest rate risk by matching its investments with anticipated cash

flow requirements. Unless matched to a specific cash flow, the Village does not

directly invest in securities maturing more than two years from the date of purchase.

Reserved funds and other funds with longer term investment horizons may be

invested in securities exceeding two years if the maturities of such investments are

made to coincide as nearly as practicable with the expected use of funds.

Credit risk is the risk that the issuer of a debt security will not pay its par value upon

maturity. The Village limits its exposure to credit risk by limiting investments to the

types of securities listed above and diversifying the investment portfolio to the best

of its abilities based on the type of funds invested and the cash flow needs of those

funds. Illinois Funds and Illinois Metropolitan Investment Fund (IMET) are rated

AAA. The Village’s Municipal Bonds have ratings from A+ to AA-.

Custodial credit risk for investments is the risk that, in the event of the failure of the

counterparty to the investment, the Village will not be able to recover the value of its

investments that are in possession of an outside party. To limit its exposure, the

Village’s investment policy requires all security transactions that are exposed to

custodial credit risk to be processed on a delivery versus payment (DVP) basis with

the underlying investments held by an independent third party custodian and

evidenced by safekeeping receipts and a written custodial agreement. Illinois Funds

and IMET are not subject to custodial credit risk.

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- 29 -

2. DEPOSITS AND INVESTMENTS (Continued)

a. Village Deposits and Investments (Continued)

Investments (Continued)

Concentration of credit risk is the risk that the Village has a high percentage of its

investments invested in one type of investment. The Village’s investment policy

requires diversification of investments to avoid unreasonable risk. The investments

shall be diversified by type of investment, number of institutions invested in, and

length of maturity. In addition, a portion of the Village’s portfolio should

continuously be invested in readily available funds such as Local Government

Investment Pools (LGIPS), money market funds, or overnight repurchase agreements

to ensure that appropriate liquidity is maintained to meet ongoing obligations.

3. RECEIVABLES - PROPERTY TAXES

Property taxes for the 2014 levy year attach as an enforceable lien on January 1, 2014, on

property value assessed as of the same date. Taxes are levied by December 31 of the

subsequent fiscal year end by passage of a Tax Levy Ordinance. Tax bills are prepared by

the County and issued on or about May 1, 2015 and August 1, 2015, and are payable in two

installments, on or about June 1, 2015 and September 1, 2015. The County collects such

taxes and remits them periodically. The allowance for uncollectible taxes has been stated at

1% to 2% of the tax levy, to reflect actual collection experience. The 2014 taxes are

intended to finance the 2015 fiscal year and are not considered available for current

operations and are, therefore, shown as unavailable/deferred revenue. The 2015 tax levy

has not been recorded as a receivable at April 30, 2015, as the tax attached as a lien on

property as of January 1, 2015; however, the tax will not be levied until December 2015

and, accordingly, is not measurable at April 30, 2015.

4. CAPITAL ASSETS

a. Capital Assets

Capital asset activity for the year ended April 30, 2015 was as follows:

Beginning

Balances

Increases

Decreases

Ending

Balances

GOVERNMENTAL ACTIVITIES

Capital assets not being depreciated

Land $ 9,429,279 $ - $ - $ 9,429,279

Land right of way 90,191,186 - - 90,191,186

Construction in progress 4,011,296 79,537 - 4,090,833

Total capital assets not being depreciated 103,631,761 79,537 - 103,711,298

- 29 -



- 30 -

4. CAPITAL ASSETS (Continued)

a. Capital Assets (Continued)

Beginning

Balances

Increases

Decreases

Ending

Balances

GOVERNMENTAL ACTIVITIES (Continued)

Capital assets being depreciated

Buildings and improvements $ 30,926,945 $ 414,872 $ - $ 31,341,817

Vehicles and equipment 5,370,173 555,643 44,716 5,881,100

Infrastructure 318,676,573 - - 318,676,573

Total capital assets being depreciated 354,973,691 970,515 44,716 355,899,490

Less accumulated depreciation for

Buildings 7,787,596 839,674 - 8,627,270

Vehicles and equipment 4,613,542 331,571 44,716 4,900,397

Infrastructure 169,629,785 14,129,436 - 183,759,221

Total accumulated depreciation 182,030,923 15,300,681 44,716 197,286,888

Total capital assets being depreciated, net 172,942,768 (14,330,166) - 158,612,602


CAPITAL ASSETS, NET $ 276,574,529 $ (14,250,629) $ - $ 262,323,900

BUSINESS-TYPE ACTIVITIES

Capital assets not being depreciated

Land $ 3,043,544 $ - $ - $ 3,043,544

Construction in progress 184,948 - - 184,948

Total capital assets not being depreciated 3,228,492 - - 3,228,492

Capital assets being depreciated

Buildings 17,448,092 - - 17,448,092

Vehicles and equipment 1,114,762 45,286 - 1,160,048

Water transmission system 68,161,143 - - 68,161,143

Sewer collection system 54,368,452 - - 54,368,452

Total capital assets being depreciated 141,092,449 45,286 - 141,137,735

Less accumulated depreciation for

Buildings 4,356,286 348,962 - 4,705,248

Vehicles and equipment 1,012,053 29,029 - 1,041,082

Water transmission system 14,736,190 1,553,279 - 16,289,469

Sewer collection system 11,849,689 1,103,443 - 12,953,132

Total accumulated depreciation 31,954,218 3,034,713 - 34,988,931

Total capital assets being depreciated, net 109,138,231 (2,989,427) - 106,148,804


CAPITAL ASSETS, NET $ 112,366,723 $ (2,989,427) $ - $ 109,377,296

- 30 -



- 31 -

4. CAPITAL ASSETS (Continued)

a. Capital Assets (Continued)

Depreciation expense was charged to functions/programs of the primary government

as follows:


General government $ 290,557

Public safety 599,951

Highways and streets 14,410,173

TOTAL DEPRECIATION EXPENSE - GOVERNMENTAL ACTIVITIES $ 15,300,681

b. Construction Contracts

The Village had no significant construction commitments at April 30, 2015.

5. RISK MANAGEMENT

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

destruction of assets; errors and omissions; injuries to employees; and net income losses.

To insure against the losses, the Village participates in the Southwest Agency for Risk

Management (SWARM), a public entity risk pool with transfers of risk. The Village pays

an annual premium to SWARM for property, general liability, public officials’ liability,

employment practices liability, automobile liability, crime, and workers’ compensation

coverage. The following table is a summary of coverage in effect for the period May 1,

2014 through April 30, 2015:

Coverage

SWARM

Self-Insured

Retention/

Deductible

Limits

Property $ 50,000 $ 200,000,000/member

General liability 100,000 4,000,000/member

Employee benefit administration liability 100,000 3,000,000/member

Auto liability 100,000 2,000,000/member

Law enforcement liability 100,000 2,000,000/member

Public officials liability 100,000 2,000,000/member

Employment practices liability 100,000 2,000,000/member

Workers’ compensation 600,000/occurrence 1,000,000/occurrence

Umbrella policy N/A 8,000,000/member

Excess liability N/A $10MM xs $10MM

The Village is not aware of any additional premiums owed to SWARM as of April 30,

2015 for the current or prior claim years.

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- 32 -

6. LONG-TERM DEBT

a. General Obligation Bonds

General obligation bonds are direct obligations and pledge the full faith and credit of

the Village. General obligation bonds currently outstanding are as follows:

Issue

Fund

Debt

Retired by

Balances

May 1,

2014

Issuances

Refundings/

Retirements

Balances

April 30,

2015

Current

Portion

$10,755,000 General

Obligation Bonds of 2005A,

annual installments of $380,000

to $835,000 through

December 15, 20154, interest at

3.25% to 5.00% payable each

June 15 and December 15.

Debt

Service

$ 1,065,000

$ -

$ 525,000

$ 540,000

$ 540,000

$5,610,000 General Obligation

Refunding Bonds of 2005B,


to $1,160,000 through




Water and

Sewer

2,365,000

-

1,105,000

1,260,000

1,160,000

$15,135,000 General

Obligation Bonds of 2007,






Debt

Service

11,695,000

-

9,355,000

2,340,000

690,000

$865,000 General Obligation

Refunding Bonds of 2009,

annual installments of $5,000 to

$110,000 through December 15,

2019, interest at 2.00% to

4.00% payable each June 15

and December 15.

Debt

Service

600,000

-

90,000

510,000

95,000




to $960,000 through




Debt

Service

7,990,000

-

660,000

7,330,000

690,000




to $805,000 through




Debt

Service

6,635,000

-

75,000

6,560,000

75,000

- 32 -



- 33 -

6. LONG-TERM DEBT (Continued)

a. General Obligation Bonds (Continued)

Issue

Fund

Debt

Retired by

Balances

May 1,

2014

Issuances

Refundings/

Retirements

Balances

April 30,

2015

Current

Portion








Water and

Sewer

$ 7,370,000

$ -

$ 355,000

$ 7,015,000

$ 370,000








Debt

Service

-

9,665,000

70,000

9,595,000

125,000

TOTAL GENERAL

OBLIGATION BONDS

$ 37,720,000

$ 9,665,000

$ 12,235,000

$ 35,150,000

$ 3,745,000

b. Revenue Bonds Payable

In January 2015, the Village issued $13,740,000 of Water and Sewer System

Revenue Refunding Bonds to partially refund the Water and Sewer System Revenue

Bonds of 2008. Both issuances are collateralized by the revenue of the water and

sewer system and the various restricted accounts established by the bond ordinances.

Issue.

Fund

Debt

Retired by

Balances

May 1,

2014

Issuances

Refundings/

Retirements

Balances

April 30,

2015

Current

Portion

$16,385,000 Water and Sewer

System Revenue Bonds of 2008,


to $1,140,000 through May 1,


5.625% payable each May 1

and November 1.

Water and

Sewer

$ 14,885,000

$ -

$ 13,030,000

$ 1,855,000

$ 430,000

$16,385,000 Water and Sewer

System Revenue Refunding

Bonds of 2015, annual

installments of $90,000 to

$1,100,000 through May 1,


4.00% payable each May 1 and

November 1.

Water and

Sewer

-

13,740,000

-

$ 13,740,000

-

TOTAL REVENUE BONDS $ 14,885,000 $ 13,740,000 $ 13,030,000 $ 15,595,000 $ 430,000

- 33 -



- 34 -


b. Revenue Bonds Payable (Continued)

The amount of pledge remaining as of April 30, 2015 is as follows:

Pledged

Revenue

Source

Pledge

Remaining

Commitment

End Date

Pledged

Revenue

Collected

Principal

and Interest

Paid

Water and Sewer System

Revenue Bonds of 2008

Revenues of

the System

$ 2,040,685

5/1/18

$ 13,407,793

$ 1,308,871

Water and Sewer System

Revenue Bonds of 2015

Revenues of

the System

20,356,894

5/1/34

13,407,793

-

c. Illinois EPA Loans

Issue

Fund

Debt

Retired by

Balances

May 1,

2014

Issuances

Refundings/

Retirements

Balances

April 30,

2015

Current

Portion

$3,309,451 Illinois EPA low

interest loan, semiannual

installments through June 15,

2031, interest at 1.25% payable

each June 15 and December 15.

Water and

Sewer

$ 2,946,902

$ -

$ 151,643

$ 2,795,259

$ 153,545

TOTAL ILLINOIS EPA LOANS $ 2,946,902 $ - $ 151,643 $ 2,795,259 $ 153,545

d. Debt Service Requirements to Maturity

Annual debt service requirements to maturity are as follows:


Fiscal General Obligation Bonds

Year Principal Interest

2016 $ 2,215,000 $ 890,875

2017 2,315,000 806,150

2018 2,395,000 733,025

2019 2,475,000 650,150

2020 2,560,000 571,250

2021 2,520,000 494,800

2022 2,635,000 410,800

- 34 -



- 35 -


d. Debt Service Requirements to Maturity (Continued)


Fiscal General Obligation Bonds


2023 $ 2,745,000 $ 323,000

2024 2,840,000 231,450

2025 1,895,000 136,650

2026 1,120,000 79,800

2027 1,160,000 40,600

TOTAL $ 26,875,000 $ 5,368,550


Fiscal General Obligation Bonds Revenue Bonds

Year Principal Interest Principal Interest

2016 $ 1,530,000 $ 270,725 $ 430,000 $ 479,716

2017 1,600,000 205,325 540,000 601,125

2018 1,655,000 171,450 565,000 578,513

2019 1,710,000 121,800 590,000 553,850

2020 1,780,000 53,400 620,000 515,550

2021 - - 645,000 490,250

2022 - - 665,000 464,050

2023 - - 700,000 436,750

2024 - - 725,000 408,250

2025 - - 750,000 378,750

2026 - - 780,000 348,150

2027 - - 810,000 316,350

2028 - - 840,000 283,350

2029 - - 875,000 249,050

2030 - - 920,000 213,150

2031 - - 950,000 175,750

2032 - - 990,000 136,950

2033 - - 1,030,000 96,550

2034 - - 1,070,000 57,225

2035 - - 1,100,000 19,250

TOTAL $ 8,275,000 $ 822,700 $ 15,595,000 $ 6,802,579

- 35 -



- 36 -


d. Debt Service Requirements to Maturity (Continued)


Fiscal Illinois EPA Loans


2016 $ 153,545 $ 34,462

2017 155,470 32,537

2018 157,419 30,588

2019 159,393 28,614

2020 161,392 26,615

2021 163,416 24,591

2022 165,465 22,542

2023 167,540 20,467

2024 169,640 18,367

2025 171,767 16,240

2026 173,921 14,086

2027 176,102 11,905

2028 178,310 9,697

2029 180,546 7,461

2030 182,810 5,197

2031 185,102 2,905

2032 93,421 584

TOTAL $ 2,795,259 $ 306,858

e. Changes in Long-Term Liabilities

The following is a summary of changes in bonds, installment notes payable, debt

certificates, and other long-term liabilities during fiscal year 2015:

Balances

May 1

Additions

Reductions

Balances

April 30

Current

Portion


General obligation bonds $ 27,985,000 $ 9,665,000 $ 10,775,000 $ 26,875,000 $ 2,215,000

Compensated absences payable* 942,383 708,410 709,712 941,081 736,433

Net other postemployment benefit

obligation*

95,348

54,411

-

149,759

-

Unamortized bond premium 1,286,414 331,514 330,382 1,287,546 -

TOTAL GOVERNMENTAL

ACTIVITIES $ 30,309,145 $ 10,759,335 $ 11,815,094 $ 29,253,386 $ 2,951,433

*Compensated absences and net other postemployment benefit obligations have typically been liquidated by the General

Fund

- 36 -



- 37 -


e. Changes in Long-Term Liabilities (Continued)

Balances

May 1

Additions

Reductions

Balances

April 30

Current

Portion


General obligation bonds $ 9,735,000 $ - $ 1,460,000 $ 8,275,000 $ 1,530,000

Revenue bonds 14,885,000 13,740,000 13,030,000 15,595,000 430,000

Illinois EPA Loan 2,946,902 - 151,643 2,795,259 153,545

Compensated absences payable 90,613 86,616 80,972 96,257 83,580

Unamortized bond premium 623,790 854,942 81,938 1,396,794 -

Unamortized bond discount (164,226) - (164,226) - -

TOTAL BUSINESS-TYPE

ACTIVITIES

$ 28,117,079

$ 14,681,558

$ 14,640,327

$ 28,158,310

$ 2,197,125

f. Advance Refunding

On July 16, 2014, the Village issued $9,665,000 General Obligation Bonds, the

proceeds of which were placed in an irrevocable escrow, to advance refund

$8,690,000 of the outstanding 2007 General Obligation Bonds. As a result of the

refunding, the Village realized a cash flow savings of $425,473 and an economic

gain of $374,889. The refunded bonds will be called and retired on December 15,

2017.

On January 7, 2015, the Village issued $13,740,000 Water and Sewer System

Revenue Refunding Bonds, the proceeds of which were placed in an irrevocable

escrow, to advance refund $6,305,000 of the outstanding First Lien of the 2008

Water and Sewer System Revenue Bonds and $6,310,000 of the outstanding Second

Lien of the 2008 Water and Sewer System Revenue Bonds. As a result of the

refunding, the Village realized a cash flow savings of $1,194,882 and an economic

gain of $911,405. The refunded bonds will be called and retired on May 1, 2018.

On February 23, 2012, the Village issued $6,820,000 general obligation bonds, the

proceeds of which were placed in an irrevocable escrow, to advance refund

$6,235,000 of the outstanding 2005A General Obligation Bonds. The refunded

bonds will be called and retired on June 15, 2015.

- 37 -



- 38 -

7. INTERFUND ASSETS/LIABILITIES

Individual fund transfers were as follows:

Fund Transfers In Transfers Out

General $ 60,000 $ 3,295,000

Capital Projects 3,700,000 2,500,545

Debt Service 2,990,397 -

Nonmajor Governmental 95,000 560,000

Water and Sewer - 489,852

TOTAL $ 6,845,397 $ 6,845,397

The purposes of significant transfers are as follows:

• $3,200,000 transferred from the General Fund to the Capital Projects Fund to finance

future capital projects in accordance with the Village’s fund balance policy.

• $2,990,397 transferred from the Capital Projects Fund and the Water and Sewer

Fund to the Debt Service Fund to provide funds for a portion of various debt service

payments.

• $500,000 transferred from the TIF Fund to the Capital Projects Fund for

reimbursement of the Downtown Streetscape Project.

8. CONTINGENT LIABILITIES

a. Litigation

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

lawsuits is not presently determinable, in the opinion of the Village’s attorneys, the

resolution of these matters will not have a material adverse effect on the financial

condition of the Village.

b. Grants

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

adjustment by grantor agencies, principally the federal government. Any disallowed

claims, including amounts already collected, may constitute a liability of the

applicable funds. The amount, if any, of expenditures which may be disallowed by

the grantor cannot be determined at this time although the Village expects such

amounts, if any, to be immaterial.

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- 39 -

9. COMMITMENTS

The Village is a member of the Southwest Agency for Health Management (SWAHM), an

agency comprised of nine communities formed to be a single member in an

Intergovernmental Personnel Benefits Cooperative (IPBC) which administers the personnel

benefits according to its members. Premiums are paid monthly to another member of

SWAHM which is responsible for collecting all monies and remitting them to IPBC.

The Village is a member of the Western Will County Communications Center

(WESCOM), an agency comprised of five communities and eight fire protection districts

formed to jointly establish, maintain, and operate a centralized public safety

communication system. The expenses of WESCOM are funded by monthly charges to the

participating agencies.

10. DEVELOPMENT ASSISTANCE

The Village has entered into various agreements with private organizations to encourage

economic development in the Village. These agreements provide for rebating a portion of

sales taxes to the private organizations if certain benchmarks of development are achieved.

During the fiscal year ended April 30, 2015, approximately $329,790 in sales tax rebates

were incurred under these agreements. Future contingent rebates of approximately

$1,803,248 in sales taxes may be rebated if certain criteria are met in future years.

11. DEFINED BENEFIT PENSION PLANS

The Village contributes to two defined benefit pension plans, the Illinois Municipal

Retirement Fund (IMRF), an agent multiple-employer public employee retirement system

and the Police Pension Plan, which is a single-employer pension plan. The benefits, benefit

levels, employee contributions and employer contributions for both plans are governed by

Illinois Compiled Statutes (ILCS) and can only be amended by the Illinois General

Assembly. The Police Pension Plan does not issue a separate report. However, IMRF does

issue a publicly available report that includes financial statements and supplementary

information for the plan as a whole, but not for individual employers. That report can be

obtained from IMRF, 2211 York Road, Suite 500, Oak Brook, Illinois 60523.

a. Plan Descriptions

Illinois Municipal Retirement Fund

All employees (other than those covered by the Police Pension Plan) hired in

positions that meet or exceed the prescribed annual hourly standard must be enrolled

in IMRF as participating members. IMRF provides two tiers of pension benefits.

Employees hired prior to January 1, 2011, are eligible for Tier 1 benefits. For Tier 1

- 39 -



- 40 -

11. DEFINED BENEFIT PENSION PLANS (Continued)

a. Plan Descriptions (Continued)

Illinois Municipal Retirement Fund (Continued)

employees, pension benefits vest after eight years of service. Participating members

who retire at age 55 (reduced benefits) or after age 60 (full benefits) with eight years

of credited service are entitled to an annual retirement benefit, payable monthly for

life, in an amount equal to 1 2/3% of their final rate of earnings, for each year of

credited service up to 15 years, and 2% for each year thereafter.

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

Tier 2 employees, pension benefits vest after ten years of service. Participating

members who retire at age 62 (reduced benefits) or after age 67 (full benefits) with

ten years of credited service are entitled to an annual retirement benefit, payable

monthly for life, in an amount equal to 1 2/3% of their final rate of earnings, for each

year of credited service up to 15 years, and 2% for each year thereafter.

IMRF also provides death and disability benefits. These benefit provisions and all

other requirements are established by state statute. Participating members are

required to contribute 4.50% of their annual salary to IMRF. The Village is required

to contribute the remaining amounts necessary to fund the coverage of its own

employees in IMRF, as specified by statute. The employer contribution rates for 2014

and 2015 were 11.73% and 11.35% of covered payroll, respectively.

Police Pension Plan

Plan Administration

Police sworn personnel are covered by the Police Pension Plan (the Plan). Although

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

employer contribution levels are governed by Illinois Compiled Statutes (40 ILCS

5/3-1) and may be amended only by the Illinois legislature. The Village accounts for

the plan as a pension trust fund.

The plan is governed by a five-member Board of Trustees. Two members of the

Board of Trustees are appointed by the Village President, one member is elected by

pension beneficiaries and two members are elected by active police employees.

Administrative costs are financed through contributions and investment income.

- 40 -



- 41 -



Police Pension Plan (Continued)

Plan Membership

At April 30, 2015, the measurement date, membership consisted of:

Inactive plan members or beneficiaries

currently receiving benefits 8

Inactive plan members entitled to but not

yet receiving benefits 2

Active plan members 51

TOTAL 61

Benefits Provided

The Plan provides retirement benefits as well as death and disability benefits. Tier 1

employees (those hired prior to January 1, 2011) attaining the age of 50 or older with

20 or more years of creditable service are entitled to receive an annual retirement

benefit equal to one-half of the salary attached to the rank held on the last day of

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

shall be increased by 2.5% of such salary for each additional year of service over 20

years up to 30 years to a maximum of 75% of such salary. Employees with at least

eight years but less than 20 years of creditable service may retire at or after age 60

and receive a reduced benefit. The monthly benefit of a police officer who retired

with 20 or more years of service after January 1, 1977 shall be increased annually,

following the first anniversary date of retirement and be paid upon reaching the age

of at least 55 years, by 3% of the original pension and 3% compounded annually

thereafter.

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

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

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

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

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

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

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

Index or 3% compounded. The annual benefit shall be increased by 2.5% of such

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

- 41 -



- 42 -




Benefits Provided (Continued)

of 75% of such salary. Employees with at least ten years may retire at or after age 50

and receive a reduced benefit (i.e., ½% for each month under 55). The monthly

benefit of a Tier 2 police officer shall be increased annually at age 60 on the

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

starting date, whichever is later. Noncompunding increases occur annually, each

January thereafter. The increase is the lesser of 3% or ½ of the change in the

Consumer Price Index for the preceding calendar year.

Contributions Employees are required by ILCS to contribute 9.91% of their base salary to the Plan. If an employee leaves covered employment with less than 20 years of service, accumulated employee contributions may be refunded without accumulated interest. The Village is required to contribute the remaining amounts necessary to finance the plan and the administrative costs as actuarially determined by an enrolled actuary. Effective January 1, 2011, the Village has until the year 2040 to fund 90% of the past service cost for the Plan. However, the Village has adopted a pension funding policy that funds 100% of the past service cost on a closed basis by the year 2040. For the year ended April 30, 2015, the Village’s contribution was 19.08% of covered payroll.

Investment Policy

ILCS limit the Plan’s investments to those allowable by ILCS and require the Plan’s

Board of Trustees to adopt an investment policy which can be amended by a majority

vote of the Board of Trustees. The Plan’s investment policy authorizes it to make

deposits/invest in insured commercial banks, savings and loan institutions,

obligations of the U.S. Treasury and U.S. agencies, insured credit union shares,

money market mutual funds with portfolios of securities issued or guaranteed by the

United States Government or agreements to repurchase these same obligations,

repurchase agreements, short-term commercial paper rated within the three highest

classifications by at least two standard rating services, and Illinois Funds (a money

market fund created by the State of Illinois under the State Treasurer that maintains a

$1 per share value). The Plan may also invest in certain non-U.S. obligations, Illinois

municipal corporations tax anticipation warrants, veteran’s loans, obligations of the

State of Illinois and its political subdivisions, and Illinois insurance company general

and separate accounts, mutual funds, and equities.

- 42 -



- 43 -




Investment Policy (Continued)

Illinois Funds is an investment pool managed by the State of Illinois, Office of the

Treasurer, which allows governments within the state to pool their funds for

investment purposes. Illinois Funds is not registered with the SEC as an investment

company, but does operate in a manner consistent with Rule 2a7 of the Investment

Company Act of 1940. Investments in Illinois Funds are valued at Illinois Funds’

share price, the price for which the investment could be sold. The Plan’s investment

policy specifically prohibits investments in commodities, direct investments in real

estate, margin or leveraged investments, short sales, and direct foreign currency

speculation or any related investment activity.

During the year, there were no changes to the investment policy.

The Plan’s investment policy in accordance with ILCS establishes the following

target allocation across asset classes:

Asset Class

Target

Long-Term Expected Real Rate of Return

Cash equivalents 0% 0.0% Large cap domestic equity 30% 7.0% Small cap domestic equity 10% 9.1%

International equity 15% 7.2% Fixed income 45% 2.2%

ILCS limit the Plan’s investments in equities, mutual funds and variable annuities to

65%. Securities in any one company should not exceed 5% of the total fund.

The Long‐Term Expected Real Rate of Returns are net of inflation and investment

expense. Long‐term returns for the asset classes are calculated on a geometric mean

basis. Asset class returns are from Stocks, Bonds, Bills and Inflation 2013 Yearbook ‐ Morningstar for the period of December 31, 1925 through December 31, 2014.

International Equity = the MSCI EAFE Index December 31, 1976 through

December 31, 2014.

- 43 -



- 44 -




Investment Valuations

All investments in the plan are stated at fair value and are recorded as of the trade

date. Fair value is based on quoted market prices at April 30 for debt securities,

equity securities, and mutual funds, and contract values for insurance contracts.

Illinois Funds, an investment pool created by the State legislature under the control

of the State Treasurer, is a money market mutual fund that maintains a $1 per share

value.

Investment Rate of Return

For the year ended April 30, 2015, the annual money-weighted rate of return on

pension plan investments, net of pension plan investment expense, was 6.64%. The

money-weighted rate of return expresses investment performance, net of investment

expense, adjusted for the changing amounts actually invested.

Deposits with Financial Institutions

Custodial credit risk for deposits with financial institutions is the risk that in the

event of bank failure, the Plan’s deposits may not be returned to it. The Plan’s

investment policy does not require pledging of collateral for all bank balances in

excess of federal depository insurance, since flow-through FDIC insurance is

available for the Plan’s deposits with financial institutions.

Investments

The following table presents the investments and maturities of the Plan’s debt

securities as of April 30, 2015:

Investment Maturities (in Years)

Investment Type Fair Value Less than 1 1-5 6-10 Greater than 10

U.S. Treasury obligations $ 2,830,065 $ 100,156 $ 1,805,690 $ 924,219 $ -

U.S. agency obligations 6,923,996 402,973 3,810,631 2,439,465 270,927

Municipal bonds 581,818 - 186,649 215,152 180,017

TOTAL $ 10,335,879 $ 503,129 $ 5,802,970 $ 3,578,836 $ 450,944

- 44 -



- 45 -




Interest Rate Risk

Interest rate risk is the risk that changes in interest rates will adversely affect the fair

value of an investment. In accordance with its investment policy, the Plan limits its

exposure to interest rate risk through the proper diversifications of maturities and

sectors while maintaining cash flow adequate to meet anticipated disbursements for

at least six months by utilizing short-term money market investments. There are no

constraints on any of the fixed income portfolio’s average maturity. The average

duration of any fixed income portfolio shall not exceed 12 years at any given time

unless deemed otherwise by the Board of Trustees.

Credit Risk

Credit risk is the risk that the issuer of a debt security will not pay its par value upon

maturity. The Plan limits its exposure to credit risk by primarily investing in U.S.

Treasury or U.S. agency obligations. The U.S. agency obligations and money market

mutual funds are rated AA+ to AAA. The Municipal Bonds have ratings from AA3

to AAA.

Custodial Credit Risk

Custodial credit risk for investments is the risk that, in the event of the failure of the

counterparty to the investment, the Plan will not be able to recover the value of its

investments that are in possession of an outside party. To limit its exposure, the

Plan’s investment policy requires all security transactions that are exposed to

custodial credit risk to be processed on a delivery versus payment (DVP) basis with

the underlying investments held by a third party custodian. The money market mutual

funds and equity mutual funds are not subject to custodial credit risk.

- 45 -



- 46 -




Concentration of Credit Risk

Concentration of credit risk is the risk that the Plan has a high percentage of its

investments invested in one type of investment. The Plan’s investment policy limits

the amount of the debt portfolio that can be invested in any one debt security as

follows:

Diversification by Instrument Minimum Target Maximum

Cash equivalents 0% 0% 30%

Government bonds 40% 45% 70%

U.S. stocks 35% 40% 45%

Non-U.S. stocks 0% 15% 20%

At April 30, 2015, Federal Home Loan Bank obligations exceeded 5% of the Plan’s

total investments. Such investments comprised approximately 18.04% of the Plan’s

investments

Net Pension Liability

The components of the net pension liability of the Plan as of April 30, 2015,

calculated in accordance with GASB Statement No. 67 were as follows:

Total pension liability $ 31,882,199

Plan fiduciary net position 23,825,750

Village’s net pension liability 8,056,449

Plan fiduciary net position as a percentage

of the total pension liability

74.73%

See the schedule of changes in the employer’s net pension liability and related ratios

in the required supplementary information for additional information related to the

funded status of the Plan.

- 46 -



- 47 -


a. Plan Descriptions (Continued) Police Pension Plan (Continued)

Actuarial Assumptions

The total pension liability above was determined by an actuarial valuation using the

following actuarial methods and assumptions.

Actuarial valuation date April 30, 2015

Actuarial cost method Entry-age

normal

Assumptions

Inflation 3.00%

Salary increases 5.50%

Interest rate 7.50%

Cost of living adjustments 2.00% to 3.00%

Asset valuation method Market

Mortality rates were based on the RP-2000 CHBCA Mortality Table. During the

year, there was a change with respect to actuarial assumptions from the prior year to

reflect revised expectations with respect to mortality rates, disability rates, turnover

rates and retirement rates. The mortality rates, disability rates, turnover rates and

retirement rates have been changed to the new rates most recently published by the

Illinois Department of Insurance (September 2012).

Discount Rate

The discount rate used to measure the total pension liability was 7.5%. The

projection of cash flows used to determine the discount rate assumed that plan

member contributions will be made at the current contribution rate and that Village

contributions will be made at rates equal to the difference between actuarially

determined contribution rates and the member rate. Based on those assumptions, the

pension plan’s fiduciary net position was projected to be available to make all

projected future benefit payments of current members. Therefore, the long-term

expected rate of return on pension plan investments (7.5%) was applied to all periods

of projected benefit payments to determine the total pension liability.

- 47 -



- 48 -


a. Plan Descriptions (Continued) Police Pension Plan (Continued)

Discount Rate Sensitivity

The following is a sensitivity analysis of the net pension liability to changes in the

discount rate. The table below presents the net pension liability of the Village

calculated using the discount rate of 7.5% as well as what the Village’s net pension

liability would be if it were calculated using a discount rate that is 1 percentage point

lower (6.5%) or 1 percentage point higher (8.5%) than the current rate:

1% Decrease

Current

Discount Rate

1% Increase

(6.5%) (7.5%) (8.5%)

Net pension liability $ 13,643,053 $ 8,056,449 $ 3,546,367

b. Annual Pension Costs

Employer contributions have been determined as follows:

Illinois

Municipal

Retirement

Police

Pension

Actuarial valuation date December 31,

2012

April 30,

2013

Actuarial cost method Entry-age

Normal

Entry-age

Normal

Asset valuation method 5 Year

Smoothed

Market

5 Year

Smoothed

Market

Amortization method Level

Percentage of

Payroll

Level

Percentage of

Payroll

Amortization period 29 Years,

Open

26 Years,

Closed

- 48 -



- 49 -


b. Annual Pension Costs (Continued)

Illinois

Municipal

Retirement

Police

Pension

Significant Actuarial Assumptions

a) Rate of return on 7.50% 7.50%

Present and future assets Compounded Compounded

Annually Annually

b) Projected salary increase - 4.00% 5.50%

Attributable to inflation Compounded Compounded

Annually Annually

c) Additional Projected

salary increases -

0.40% to

10.00%

N/A

seniority/merit

Employer annual pension costs (APC), actual contributions and the net pension

obligation (NPO) are as follows. The NPO is the cumulative difference between the

APC and the contributions actually made.

Fiscal

Year

Illinois

Municipal

Retirement

Police

Pension

Annual pension cost 2013 $ 599,939 $ 782,927

(APC) 2014 650,890 784,784

2015 643,007 888,299

Actual contribution 2013 $ 599,939 $ 888,578

2014 650,890 886,519

2015 643,007 898,172

Percentage of APC contributed 2013 100.00% 113.49%

2014 100.00% 112.96%

2015 100.00% 101.11%

NPO (asset) 2013 $ - $ (1,613,637)

2014 - (1,715,372)

2015 - (1,725,245)

- 49 -



- 50 -


b. Annual Pension Costs (Continued)

The NPO (asset) as of April 30, 2015 has been calculated as follows:

Police

Pension

Annual required contribution $ 935,192

Interest on net pension obligation (128,623)

Adjustment to annual required contribution 81,760

Annual pension cost 888,299

Contributions made 898,172

The (increase) in net pension obligation (asset) (9,872)

Net pension obligation (asset), beginning of year (1,715,372)

NET PENSION OBLIGATION (ASSET), END OF YEAR $ (1,725,245)

The NPA is reported as an asset in the Village’s governmental activities column in

the government-wide financial statements at April 30, 2015.

c. Funded Status and Funding Progress

The funded status and funding progress of the plans as of April 30, 2015 were as

follows:

Illinois

Municipal

Retirement

Police

Pension

Actuarial valuation date December 31,

2014

April 30,

2015

Actuarial accrued liability (AAL) $ 14,926,217 $ 31,882,199

Actuarial value of plan assets 11,802,980 23,825,750

Unfunded actuarial accrued liability (UAAL) 3,123,237 8,056,449

Funded ratio (actuarial value of plan assets/AAL) 79.08% 74.73%

Covered payroll (active plan members) $ 5,545,751 $ 4,814,515

UAAL as a percentage of covered payroll 56.32% 167.34%

- 50 -



- 51 -


c. Funded Status and Funding Progress (Continued)

The actuarial assumptions used to determine the funded status of the plans are the

same actuarial assumptions used to determine the employer annual pension costs of

the plans as disclosed in Note 11b.

See the schedules of funding progress in the required supplementary information

immediately following the notes to financial statements for additional information

related to the funded status of the plans.

12. OTHER POSTEMPLOYMENT BENEFITS

a. Plan Description

In addition to providing the pension benefits described, the Village provides

postemployment health care (OPEB) benefits for retirees and disabled employees

through a single-employer defined benefit plan (the Plan). The benefits, benefit

levels, employee contributions and any employer contributions are governed by the

Village and can be amended by the Village through its personnel manual and union

contracts. The Plan is not accounted for as a trust fund, as an irrevocable trust has not

been established to account for the Plan. The Plan does not issue a separate report.

The activity of the Plan is reported in the Village’s General Fund.

b. Benefits Provided

The Village provides postemployment health care benefits to its retirees and certain

disabled employees. To be eligible for benefits, an employee must qualify for

retirement under one of the Village’s retirement plans or meet COBRA requirements.

For certain disabled employees who qualify for health insurance benefits under the

Public Safety Employee Benefits Act (PSEBA), the Village is required to pay 100%

of the cost of basic health insurance for the employee and their dependents for their

lifetime. As of April 30, 2015, the Village had one disabled retiree receiving benefits

under this statute.

All health care benefits are provided through the Village’s insured health plan. The

benefit levels are the same as those afforded to active employees. Benefits include

general inpatient and outpatient medical services; mental, nervous and substance

abuse care; vision care; dental care; and prescriptions. Eligibility in village-sponsored

health care plans is discontinued upon eligibility for federally sponsored health care

benefits.

- 51 -



- 52 -

12. OTHER POSTEMPLOYMENT BENEFITS (Continued)

c. Membership

At April 30, 2015 (census date), membership consisted of:

Actives fully eligible to retire 13

Actives not yet fully eligible to retire 110

Retirees 2

TOTAL 125

Participating employers 1

d. Funding Policy

All retirees contribute 100% of the premium to the Plan to cover the cost of

providing the benefits to the retirees via the health insurance plan (pay as you go),

which results in an implicit subsidy to the Village as defined by GASB Statement

No. 45. The Village pays 100% of the premium for certain disabled employees. For

the fiscal year ended April 30, 2015, retirees contributed $13,530 and the Village

contributed $25,920. The Village is not required to and currently does not advance

fund the cost of benefits that will become due and payable in the future. Active

employees do not contribute to the Plan until retirement.

e. Annual OPEB Costs and Net OPEB Obligation

The Village’s annual OPEB cost, the percentage of annual OPEB cost contributed to

the Plan and the net OPEB obligation was as follows:

Fiscal

Year

Ended

Annual

OPEB

Cost

Employer

Contributions

Percentage of

Annual OPEB

Cost Contributed

Net OPEB

Obligation

April 30, 2015 $ 80,331 $ 25,920 32.27% $ 149,759

April 30, 2014 64,906 32,784 50.51% 95,348

April 30, 2013 64,380 32,784 50.92% 63,226

- 52 -



- 53 -


e. Annual OPEB Costs and Net OPEB Obligation (Continued)

The net OPEB obligation (NOPEBO) as of April 30, 2015 was calculated as follows:

Annual required contribution $ 79,444

Interest on net OPEB obligation 4,291

Adjustment to annual required contribution (3,404)

Annual OPEB cost 80,331

Contributions made 25,920

Increase in net OPEB obligation 54,411

Net OPEB obligation, beginning of year 95,348

NET OPEB OBLIGATION, END OF YEAR $ 149,759

f. Funded Status and Funding Progress

The funded status of the Plan as of April 30, 2014 (latest information available) was

as follows:

Actuarial accrued liability (AAL) $ 1,324,394

Actuarial value of plan assets -

Unfunded actuarial accrued liability (UAAL) 1,324,394

Funded ratio (actuarial value of plan assets/AAL) 0.00%

Covered payroll (active plan members) $ 9,521,845

UAAL as a percentage of covered payroll 13.91%

Actuarial valuations of an ongoing plan involve estimates of the value of reported

amounts and assumptions about the probability of occurrence of events far into the

future. Examples include assumptions about future employment, mortality and the

healthcare cost trend. Amounts determined regarding the funded status of the Plan

and the annual required contributions of the employer are subject to continual

revision as actual results are compared with past expectations and new estimates are

made about the future. The schedule of funding progress, presented as required

supplementary information following the notes to financial statements, presents

multi-year trend information that shows whether the actuarial value of plan assets is

increasing or decreasing over time relative to the actuarial accrued liabilities for

benefits.

- 53 -



- 54 -


g. Actuarial Methods and Assumptions

Projections of benefits for financial reporting purposes are based on the substantive

plan (the Plan as understood by the employer and plan members) and include the

types of benefits provided at the time of each valuation and the historical pattern of

sharing of benefit costs between the employer and plan members to that point. The

actuarial methods and assumptions used include techniques that are designed to

reduce short-term volatility in actuarial accrued liabilities and the actuarial value of

assets, consistent with the long-term perspective of the calculations.

In the April 30, 2014 actuarial valuation, the entry-age actuarial cost method was

used. The actuarial assumptions included a 4.5% investment rate of return (net of

administrative expenses) and an initial and ultimate annual healthcare cost trend rate

of 4.5%. These rates include a 3% inflation assumption. The actuarial value of assets

was not determined as the Village has not advance funded its obligation. The Plan’s

unfunded actuarial accrued liability is being amortized as a level percentage of

projected payroll on an open basis over 30 years.

- 54 -

REQUIRED SUPPLEMENTARY INFORMATION


SCHEDULE OF REVENUES, EXPENDITURES,

AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL

GENERAL FUND


Original Final

Budget Budget Actual

REVENUES

Taxes 6,504,925$ 6,504,925$ 6,064,781$

Licenses and permits 655,800 655,800 976,464

Intergovernmental 8,720,600 8,720,600 9,769,446

Charges for services 4,643,706 4,643,706 4,923,326

Fines and forfeits 736,287 736,287 791,198

Investment income 10,000 10,000 (122,954)

Miscellaneous 122,000 122,000 163,663

Total revenues 21,393,318 21,393,318 22,565,924

EXPENDITURES

Current

General government 3,692,562 3,692,562 3,364,275

Public safety 11,440,346 11,440,346 10,903,337

Highways and streets 6,525,410 6,525,410 6,505,029

Total expenditures 21,658,318 21,658,318 20,772,641


OVER EXPENDITURES (265,000) (265,000) 1,793,283


Transfers in 360,000 360,000 60,000

Transfers (out) (95,000) (95,000) (3,295,000)

Total other financing sources (uses) 265,000 265,000 (3,235,000)

NET CHANGE IN FUND BALANCE -$ -$ (1,441,717)

FUND BALANCE, MAY 1 11,727,964

FUND BALANCE, APRIL 30 10,286,247$

(See independent auditor's report.)- 55 -

ILLINOIS MUNICIPAL RETIREMENT FUND

(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)

2009 5,912,942$ 8,765,602$ 67.46% 2,852,660$ 6,030,709$ 47.30%

2010 6,661,020 9,673,911 68.86% 3,012,891 5,095,403 59.13%

2011 7,558,970 10,726,681 70.47% 3,167,711 4,882,548 64.88%

2012 8,783,472 11,795,699 74.46% 3,012,227 5,056,107 59.58%

2013 10,224,471 12,980,873 78.77% 2,756,402 5,299,570 52.01%

2014 11,802,980 14,926,217 79.08% 3,123,237 5,545,751 56.32%


April 30, 2015

SCHEDULE OF FUNDING PROGRESS


POLICE PENSION FUND

(2) UAAL

Actuarial (4) as a




April 30, Assets Entry-Age (1)/(2) (2) - (1) Payroll (4)/(5)

2010 12,555,554$ 17,605,405$ 71.32% 5,049,851$ 4,005,605$ 126.07%

2011 14,818,305 19,498,674 76.00% 4,680,369 4,173,528 112.14%

2012 16,241,065 20,838,159 77.94% 4,597,094 4,375,606 105.06%

2013 18,814,335 24,162,940 77.86% 5,348,605 4,563,700 117.20%

2014 21,386,315 27,395,166 78.07% 6,008,851 4,732,754 126.96%

2015 23,825,750 31,882,199 74.73% 8,056,449 4,814,515 167.34%



April 30, 2015


OTHER POSTEMPLOYMENT BENEFIT PLAN

(2) UAAL

Actuarial (4) as a




April 30, Assets Entry-Age (1)/(2) (2) - (1) Payroll (4)/(5)

2012 -$ 1,192,919$ 0.00% 1,192,919$ 8,222,184$ 14.51%

2013 N/A N/A N/A N/A N/A N/A

2014 - 1,324,394 0.00% 1,324,394 9,521,845 13.91%

2015 N/A N/A N/A N/A N/A N/A

N/A -Actuarial valuation not performed

The Village implemented GASB Statement No. 45 for the fiscal year ending April 30, 2012.

Information for prior years is not available.


April 30, 2015



ILLINOIS MUNICIPAL RETIREMENT FUND

Annual

Required

Fiscal Employer Contribution Percentage

Year Contributions (ARC) Contributed

2010 601,890$ 601,890$ 100.00%

2011 556,927 556,927 100.00%

2012 563,101 563,101 100.00%

2013 599,939 599,939 100.00%

2014 650,890 650,890 100.00%

2015 643,007 643,007 100.00%

April 30, 2015


SCHEDULE OF EMPLOYER CONTRIBUTIONS


2010 2011 2012 2013 2014 2015

Actuarially determined contribution 682,956$ 845,701$ 806,757$ 808,308$ 808,112$ 935,192$

Contributions in relation to the actuarially

determined contribution 998,365 704,076 897,431 888,578 886,519 898,172

CONTRIBUTION DEFICIENCY (Excess) (315,409)$ 141,625$ (90,674)$ (80,270)$ (78,407)$ 37,020$

Covered-employee payroll 4,005,605$ 4,173,528$ 4,375,606$ 4,563,700$ 4,732,754$ 4,814,515$

Contributions as a percentage of

covered-employee payroll 24.9% 16.9% 20.5% 19.5% 18.7% 18.7%

The information directly above is formatted to comply with the requirements of GASB Statement No. 67.

Annual

Required

Year Ended Employer Contribution Percent

April 30, Contributions (ARC) Contributed

2010 998,365$ 682,956$ 146.18%

2011 704,076 845,701 83.25%

2012 897,431 806,757 111.24%

2013 888,578 808,308 109.93%

2014 886,519 808,112 109.70%

2015 898,172 935,192 96.04%

Notes to Required Supplementary Information

This information directly above is presented in accordance with GASB Statement No. 25. The information presented was determined as part of

the actuarial valuations as of the beginning of the prior fiscal year. Additional information as of the latest actuarial valuation presented is as

follows: the actuarial cost method was entry-age normal; the amortization method was level percent of pay, closed and the amortization period

was 26 years; the asset valuation method was at market value; and the significant actuarial assumptions were an investment rate of return at 7.50%

annually, projected salary increases assumption of 5.50% compounded annually, and postretirement benefit increases of 3.00% compounded

annually.



POLICE PENSION FUND

Last Six Fiscal Years


OTHER POSTEMPLOYMENT BENEFIT PLAN

Annual

Fiscal Employer Required

Year Contributions Contribution Percentage

2012 31,877$ 63,506$ 50.20%

2013 32,784 63,853 51.34%

2014 32,784 63,853 51.34%

2015 25,920 79,444 32.63%

The Village implemented GASB Statement No. 45 for the fiscal year ending April 30, 2012.

Information for prior years is not available.


April 30, 2015



TOTAL PENSION LIABILITY

Service cost 1,098,445$

Interest 2,039,130

Changes of benefit terms -

Differences between expected and actual experience (319,230)

Changes of assumptions 2,082,221

Benefit payments, including refunds of member contributions (413,533)

Net change in total pension liability 4,487,033

Total pension liability - beginning 27,395,166

TOTAL PENSION LIABILITY - ENDING 31,882,199$

PLAN FIDUCIARY NET POSITION

Contributions - employer 898,172$

Contributions - member 522,107

Net investment income 1,466,441

Benefit payments, including refunds of member contributions (413,533)

Administrative expense (33,752)

Net change in plan fiduciary net position 2,439,435

Plan fiduciary net position - beginning 21,386,315

PLAN FIDUCIARY NET POSITION - ENDING 23,825,750$

EMPLOYER'S NET PENSION LIABILITY 8,056,449$

Plan fiduciary net position

as a percentage of the total pension liability 74.73%

Covered-employee payroll 4,814,515$

Employer's net pension liability

as a percentage of covered-employee payroll 167.3%

Notes to required supplementary information

There was a change with respect to actuarial assumptions from the prior year to reflect revised expectations

with respect to mortality rates, disability rates, turnover rates, and retirement rates.


POLICE PENSION FUND

SCHEDULE OF CHANGES IN THE EMPLOYER'S NET PENSION LIABILITY

AND RELATED RATIOS

April 30, 2015


2015

Annual money-weighted rate of teturn, 6.64%

net of investment expense


POLICE PENSION FUND

SCHEDULE OF INVESTMENT RETURNS

April 30, 2015


- 47 -


NOTES TO REQUIRED SUPPLEMENTARY INFORMATION

April 30, 2015

1. BUDGETS

Budgets are adopted on a basis consistent with generally accepted accounting principles.

Annual appropriated budgets are adopted (at the fund level) for the General, Special

Revenue, Debt Service, Capital Projects, Enterprise, and Police Pension Trust funds. The

annual appropriated budget is legally enacted and provides for a legal level of control at

the fund level. All annual appropriations lapse at fiscal year end.

The Village follows these procedures in establishing the budgetary data reflected in the

financial statements.

a. Prior to May 1, the Budget Officer submits to the Village Board a proposed

operating budget for the fiscal year commencing the following May 1. The operating

budget includes proposed expenditures and the means of financing them.

b. Public hearings are conducted to obtain taxpayer comment.

c. Prior to May 1, the budget is legally enacted through passage of a budget ordinance.

d. The Budget Officer is authorized to transfer budgeted amounts between departments

within any fund; however, the Village Board approves any revisions that alter the

total expenditures of any fund. The budgetary information presented in the

accompanying financial statements is the legally enacted budget ordinance adjusted

for the approved revisions.

2. EXPENDITURES OVER BUDGET OF INDIVIDUAL FUNDS

The following funds had expenditures that exceeded budget:

Fund Budget Expenditures

D.A.R.E. $ 15,000 $ 29,478

Tax Increment Financing 150,000 169,965

Bond and Interest 3,138,165 3,223,302

- 64 -

COMBINING AND INDIVIDUAL FUND FINANCIAL

STATEMENTS AND SCHEDULES

MAJOR GOVERNMENTAL FUNDS


SCHEDULE OF REVENUES - BUDGET AND ACTUAL

GENERAL FUND


Original Final


TAXES

Property taxes 3,275,925$ 3,275,925$ 3,333,428$

Property tax - police pension 900,000 900,000 898,172

Property taxes - road and bridge 360,000 360,000 383,703

Property taxes - IMRF 570,000 570,000 573,699

Home rule sales tax 500,000 500,000 -

Personal property replacement tax 45,000 45,000 53,813

Amusement tax 4,000 4,000 8,248

Local motor fuel tax 850,000 850,000 813,718

Total taxes 6,504,925 6,504,925 6,064,781

LICENSES AND PERMITS

Licenses

Liquor 85,000 85,000 94,170

Contractors 35,000 35,000 38,750

Cigarette 2,500 2,500 7,500

Scavenger 200 200 100

Business 22,000 22,000 31,713

Total licenses 144,700 144,700 172,233

Permits

Building 500,000 500,000 792,640

Sign 5,000 5,000 6,672

Special movement 5,000 5,000 4,254

Solicitors 1,000 1,000 665

Child safety seats 100 100 -

Total permits 511,100 511,100 804,231

Total licenses and permits 655,800 655,800 976,464

INTERGOVERNMENTAL

Grant revenue 15,600 15,600 50,754

Sales tax 4,725,000 4,725,000 5,025,975

Use tax 580,000 580,000 816,368

Income tax 3,400,000 3,400,000 3,876,349

Total intergovernmental 8,720,600 8,720,600 9,769,446

CHARGES FOR SERVICES

Rental income 25,200 25,200 46,146

Zoning applications 10,000 10,000 14,452

Accident report copies 4,000 4,000 4,155

Maps and ordinances copies 3,000 3,000 2,701

(This schedule is continued on the following page.)- 65 -


SCHEDULE OF REVENUES - BUDGET AND ACTUAL (Continued)

GENERAL FUND


Original Final


CHARGES FOR SERVICES (Continued)

Garbage fees 3,425,000$ 3,425,000$ 3,587,793$

Engineering services 10,000 10,000 -

Special detail reimbursement 35,000 35,000 42,984

Sprint rent 48,600 48,600 37,623

Telephone franchise fee 200,000 200,000 259,808

Cable franchise fee 395,000 395,000 445,784

Amphitheater rent - - 1,400

School liaison reimbursement 372,906 372,906 391,862

HIDTA/organized crime reimbursement 10,000 10,000 13,843

Kitchen rental - community room 3,000 3,000 5,660

Security - community room 500 500 -

Sex offenders registration - - 560

Parking lot revenues 1,000 1,000 4,800

Impound fees 100,000 100,000 63,600

Miscellaneous 500 500 155

Total charges for services 4,643,706 4,643,706 4,923,326

FINES AND FORFEITS

Will County circuit court fines 350,000 350,000 319,084

Kendall County circuit court fines 500 500 1,641

Alcohol fines 100 100 -

Traffic and ordinance fines 200,000 200,000 175,535

Drug forfeiture 177,687 177,687 255,667

False alarm fees 8,000 8,000 6,700

Administrative fines - late fees - - 17,265

Court fines - drug account - - 15,306

Total fines and forfeits 736,287 736,287 791,198

INVESTMENT INCOME 10,000 10,000 (122,954)

MISCELLANEOUS

Other reimbursements 90,000 90,000 89,304

Other receipts 15,000 15,000 41,532

PEMA donation - - 3,000

Miscellaneous donations 5,000 5,000 23,407

Event sponsorship program 4,000 4,000 5,276

Mobile field force 3,000 3,000 -

Sale of fixed assets 5,000 5,000 1,144

Total miscellaneous 122,000 122,000 163,663

TOTAL REVENUES 21,393,318$ 21,393,318$ 22,565,924$


SCHEDULE OF EXPENDITURES - BUDGET AND ACTUAL

GENERAL FUND


Original Final


CURRENT

General government

Legislative 482,150$ 482,150$ 469,873$

Administration 1,014,756 1,014,756 891,012

Community relations 167,710 167,710 144,003

Facility management 183,914 183,914 92,377

Human resources 278,715 278,715 259,090

Information technology 551,695 551,695 539,904

Planning 464,330 464,330 409,891

Building 549,292 549,292 576,370

Subtotal 3,692,562 3,692,562 3,382,520

Less insurance surplus allocation - - (18,245)

Total general government 3,692,562 3,692,562 3,364,275

Public safety

Police department

Executive 589,134 589,134 540,624

Police operations 6,312,034 6,312,034 6,301,232

Police administration 1,838,408 1,838,408 1,681,286

Police records 596,357 596,357 589,440

Seizure/forfeiture 177,687 177,687 309,003

Police special activities 35,500 35,500 32,244

Community services 1,223,984 1,223,984 1,027,569

Court services 337,166 337,166 245,191

Nondivisional 47,480 47,480 17,592

Total police department 11,157,750 11,157,750 10,744,181

Police commission 13,521 13,521 2,260

PEMA 269,075 269,075 217,938

Subtotal 11,440,346 11,440,346 10,964,379


Total public safety 11,440,346 11,440,346 10,903,337




SCHEDULE OF EXPENDITURES - BUDGET AND ACTUAL (Continued)

GENERAL FUND


Original Final


CURRENT (Continued)

Highways and streets

Waste hauler 3,163,250$ 3,163,250$ 3,186,306$

Administration 406,049 406,049 409,245

Street maintenance 2,511,700 2,511,700 2,527,805

Vehicle maintenance 270,880 270,880 261,869

Forestry 173,531 173,531 132,949

Subtotal 6,525,410 6,525,410 6,518,174


Total highways and streets 6,525,410 6,525,410 6,505,029

TOTAL EXPENDITURES 21,658,318$ 21,658,318$ 20,772,641$



SCHEDULE OF DETAILED EXPENDITURES - BUDGET AND ACTUAL

GENERAL FUND


Original Final


GENERAL GOVERNMENT

Legislative

Salaries - President 20,000$ 20,000$ 20,000$

Salaries - Elected Officials 25,000 25,000 20,500

Salaries - Liquor Commission 1,500 1,500 1,500

Salaries - Village Treasurer 2,500 2,500 2,500

FICA 2,600 2,600 2,549

Medicare 600 600 596

IMRF 300 300 386

Employee insurance 150 150 88

Travel/training 10,000 10,000 7,655

Replacement equipment 4,000 4,000 894

Dues and subscriptions 32,000 32,000 33,224

Public relations 80,000 80,000 49,262

Cable TV 2,000 2,000 929

Property tax refund 1,500 1,500 -

Economic incentive rebate 300,000 300,000 329,790

Total legislative 482,150 482,150 469,873

Administration

Salaries - full-time 644,990 644,990 621,569

Salaries - part-time 45,000 45,000 42,061

Salaries - overtime 1,500 1,500 266

FICA 42,872 42,872 37,453

Medicare 10,027 10,027 9,600

IMRF 82,800 82,800 77,952

Employee insurance 102,340 102,340 85,907

Deferred compensation contribution 15,000 15,000 20,933

Travel/training 15,000 15,000 11,341

Unemployment insurance 10,000 10,000 3,747

Telephone/internet 6,000 6,000 3,447

Cellular phones/pagers 2,000 2,000 1,444


Office supplies/postage 30,000 30,000 33,572

Gas, oil, wash, and mileage 9,500 9,500 8,513

Maintenance contract/lease 8,500 8,500 3,957

Recording fees 2,500 2,500 1,024

Legal notices 2,500 2,500 1,729

Attorney legal fees 70,000 70,000 49,595

Fingerprints 500 500 -

Contractual services 75,000 75,000 90,591

Engineer fees 25,000 25,000 -

Office furniture and equipment 5,000 5,000 2,927

Contingencies 53,727 53,727 30,000

Subtotal administration 1,264,756 1,264,756 1,141,392

Less Water and Sewer reimbursement (250,000) (250,000) (250,380)

Total administration 1,014,756 1,014,756 891,012

(This schedule is continued on the following pages.)- 69 -


SCHEDULE OF DETAILED EXPENDITURES - BUDGET AND ACTUAL (Continued)

GENERAL FUND


Original Final


GENERAL GOVERNMENT (Continued)

Community relations

Salaries - full-time 92,120$ 92,120$ 92,540$

FICA 5,711 5,711 5,485

Medicare 1,335 1,335 1,283

IMRF 11,054 11,054 10,929



Travel/training 1,700 1,700 224

Telephone/internet 500 500 338

Software 1,700 1,700 -


Office supplies/postage 1,000 1,000 58

Dues and subscriptions 700 700 110

Gas, oil, wash, and mileage 100 100 -

Marketing and promotion 3,000 3,000 -

Settler's Park 7,750 7,750 5,797

Contractual services 3,000 3,000 -

Total community relations 167,710 167,710 144,003

Facility management

Salaries - overtime 31,026 31,026 33,253

FICA 1,925 1,925 1,918


IMRF 3,723 3,723 3,842

Building maintenance supplies 7,000 7,000 5,460



Building improvements 80,000 80,000 2,235

Total facility management 183,914 183,914 92,377

Human resources


Salaries - over-time 500 500 -

FICA 10,435 10,435 10,605

Medicare 2,440 2,440 2,480

IMRF 20,195 20,195 20,491





Cellular telephone/pager 360 360 360

Office supplies/postage 650 650 1,184


Gas, oil, wash and mileage 1,400 1,400 1,003

Software - - 218


Marketing and promotion 300 300 160


Total human resources 278,715 278,715 259,090




GENERAL FUND


Original Final



Information technology



FICA 13,945 13,945 13,790

Medicare 3,275 3,275 3,225

IMRF 26,975 26,975 26,396



Travel/training 13,950 13,950 11,591


Cellular telephone/pagers 2,350 2,350 2,644



Gas, oil, wash and mileage 400 400 512

Uniforms/clothing 300 300 -

Software licensing/renewals 168,495 168,495 177,184

Software 30,600 30,600 18,331


Computers 16,500 16,500 15,602

Total information technology 551,695 551,695 539,904

Planning


Compensation - Plan Commission 4,000 4,000 3,305


FICA 16,132 16,132 16,093

Medicare 3,775 3,775 3,764

IMRF 31,225 31,225 30,659




Unemployment insurance 1,000 1,000 783


Cellular phones/pagers 1,000 1,000 678



Gas, oil, wash and mileage 1,000 1,000 39

Software 500 500 -


Vehicle maintenance 1,000 1,000 -

Legal fees 5,000 5,000 722

Special projects/programs 15,000 15,000 4,910



Total planning 464,330 464,330 409,891

Building



Salaries - overtime 500 500 217




GENERAL FUND


Original Final



Building (Continued)

FICA 23,262$ 23,262$ 23,310$

Medicare 5,440 5,440 5,452

IMRF 45,025 45,025 39,560





Telephone/internet 2,000 2,000 338





Uniforms/clothing 450 450 600

Special projects/programs 500 500 -

Contractual services - - 21,105

Ordinance maintenance 1,000 1,000 -

Total building 549,292 549,292 576,370

Total general government 3,692,562 3,692,562 3,382,520

PUBLIC SAFETY

Police department

Executive



Salaries - overtime 3,000 3,000 461

FICA 19,310 19,310 18,378

Medicare 4,516 4,516 4,377

IMRF 22,290 22,290 21,432




Education/school 12,000 12,000 4,000





Replacement supplies 1,700 1,700 1,052


Gas, oil, wash, and mileage 3,325 3,325 856

Uniforms/clothing 2,500 2,500 3,079


Custodian 79,300 79,300 56,663

Vehicle equipment maintenance 2,500 2,500 583


Sex offenders registration fee - - 356

Total executive 589,134 589,134 540,624




GENERAL FUND


Original Final


PUBLIC SAFETY (Continued)

Police department (Continued)

Police operations

Salaries - patrol officers 2,978,240$ 2,978,240$ 2,881,505$



FICA 218,734 218,734 209,652

Medicare 51,155 51,155 49,459

IMRF 6,396 6,396 6,259

Police pension contribution 900,000 900,000 898,172



Travel/training 46,000 46,000 36,421

Telephone/insurance 29,070 29,070 23,104







Traffic programs 24,200 24,200 20,061

Ammunition/weapons 25,600 25,600 25,593

Radio maintenance 1,200 1,200 -

Maintenance contracts/lease 1,836 1,836 1,836

Bike unit 2,000 2,000 1,679


K-9 Unit 8,000 8,000 7,099

Contractual services - WESCOM 593,000 593,000 648,667

Total police operations 6,312,034 6,312,034 6,301,232

Police administration

Salaries - school officer 377,832 377,832 285,812

Salaries - investigation 776,861 776,861 725,877

Salaries - full time 114,922 114,922 154,601


FICA 86,652 86,652 77,745

Medicare 20,265 20,265 18,182











Crime scene/evidence tech support 5,700 5,700 5,508

Radio maintenance 1,100 1,100 -





GENERAL FUND


Original Final




Police administration (Continued)

Vehicle maintenance 15,000$ 15,000$ 10,729$

Background check services 2,500 2,500 977

Animal control - - 2,390

Accreditation 4,570 4,570 4,065

Total police administration 1,838,408 1,838,408 1,681,286

Police records



FICA 23,802 23,802 23,343

Medicare 5,567 5,567 5,459

IMRF 33,525 33,525 33,113







Gas, oil, wash and mileage - - 1,939



Total police records 596,357 596,357 589,440

Seizure/Forfeiture

Seizure/forfeiture expenditures 177,687 177,687 309,003

Police special activities

FICA 2,016 2,016 1,807


Mobile field force 500 500 -

Salaries - special activities 32,513 32,513 30,013

Total police special activities 35,500 35,500 32,244

Community services




FICA 51,512 51,512 44,669

Medicare 12,047 12,047 10,447

IMRF 64,201 64,201 47,721













GENERAL FUND


Original Final




Community services (Continued)

Uniform/clothing 11,200$ 11,200$ 13,679$

Radio maintenance 49,000 49,000 28,392



D.A.R.E program 3,500 3,500 2,521

Shop with a cop 4,000 4,000 11,925

Chaplaincy program 4,210 4,210 2,405

Animal control 14,000 14,000 7,640

Community programs 6,700 6,700 3,182

Community programs - alcohol/tobacco 5,100 5,100 243

Total community services 1,223,984 1,223,984 1,027,569

Court services



Salaries - overtime 1,000 1,000 -

FICA 9,799 9,799 8,740

Medicare 2,292 2,292 2,044

IMRF 18,965 18,965 17,439




Telephone/internet 1,610 1,610 997

Cellular phones/pagers 1,020 1,020 849





Legal fees 70,000 70,000 4,035

Total court services 337,166 337,166 245,191

Nondivisional

Office furniture and equipment 6,000 6,000 5,096

Capital equipment 28,780 28,780 2,516

PEMA fundraising - - 474

Contingencies 12,700 12,700 9,506

Total nondivisional 47,480 47,480 17,592

Total police department 11,157,750 11,157,750 10,744,181

Police commission


FICA 341 341 89

Medicare 80 80 21

Travel/training 1,000 1,000 -

Office supplies/postage 2,000 2,000 (82)




GENERAL FUND


Original Final



Police commission (Continued)

Dues and subscriptions 600$ 600$ 375$

Legal fees 1,000 1,000 -

Police test/hiring - - 375

Contractual services 3,000 3,000 -

Total police commission 13,521 13,521 2,260

PEMA


FICA 7,125 7,125 7,115

Medicare 1,666 1,666 1,685





Office supplies 1,300 1,300 520

Cellular phones/pager 5,200 5,200 4,400


Dues and subscriptions 750 750 1,369


Supplies and hardware 2,000 2,000 927


Emergency operation center 750 750 21

Public relations 1,000 1,000 -

Disaster plan/exercises/NIMS 3,000 3,000 -




Bike unit 500 500 97

Siren maintenance 20,000 20,000 13,335

Contractual services 5,250 5,250 957

Cadet program 4,500 4,500 4,026

Search and rescue 6,000 6,000 991

Furniture/equipment 2,000 2,000 198

Supplies and hardware - ESDA 500 500 88

Machinery and equipment 5,000 5,000 3,583

Contingencies 3,000 3,000 1,226

Total PEMA 269,075 269,075 217,938

Total public safety 11,440,346 11,440,346 10,964,379

HIGHWAYS AND STREETS

Waste hauler

Refuse hauler fees 3,163,250 3,163,250 3,186,306

Total waste hauler 3,163,250 3,163,250 3,186,306




GENERAL FUND


Original Final


HIGHWAYS AND STREETS (Continued)

Administration


FICA 16,205 16,205 15,766

Medicare 3,790 3,790 3,800

IMRF 31,365 31,365 31,771









Supplies/hardware 500 500 484

Gas, oil, wash, and mileage 300 300 -

Radio maintenance 100 100 -

Building maintenance 15,000 15,000 13,942

Legal notices 1,000 1,000 -

Total administration 406,049 406,049 409,245

Street maintenance




FICA 43,122 43,122 51,637

Medicare 10,085 10,085 12,077

IMRF 100,261 100,261 92,440



Electricity/gas 250,000 250,000 289,184


Supplies/hardware 12,000 12,000 15,770

Street signs maintenance 15,000 15,000 17,210

Aggregate materials 4,000 4,000 2,036




Street light maintenance 75,000 75,000 90,099

Street maintenance 130,000 130,000 90,676

Storm sewer improvements 10,000 10,000 8,280


Sidewalk maintenance 5,000 5,000 2,681

Equipment maintenance 85,000 85,000 88,817

Supplies/hardware-salt purchase 250,000 250,000 324,808

Snow removal 350,000 350,000 233,913

Total street maintenance 2,511,700 2,511,700 2,527,805




GENERAL FUND


Original Final


HIGHWAYS AND STREETS (Continued)

Vehicle maintenance



FICA 11,080 11,080 10,903

Medicare 2,590 2,590 2,550

IMRF 21,445 21,445 21,574



Total vehicle maintenance 270,880 270,880 261,869

Forestry



FICA 4,705 4,705 4,789

Medicare 1,100 1,100 1,120

IMRF 9,106 9,106 9,334




Contractual services 5,000 5,000 701

Tree removal 50,000 50,000 15,703


Total forestry 173,531 173,531 132,949

Total highways and streets 6,525,410 6,525,410 6,518,174

TOTAL EXPENDITURES 21,658,318$ 21,658,318$ 20,865,073$


CAPITAL PROJECTS FUND

Original Final


REVENUES

Home rule sales tax 2,600,000$ 2,600,000$ 3,286,980$

Intergovernmental 3,371,280 3,371,280 3,142,404

Charges for services

Impact fee - - 9,193

Fines and forfeits 310,000 310,000 292,870

Investment income 100 100 345

Miscellaneous 74,000 74,000 159,533

Total revenues 6,355,380 6,355,380 6,891,325

EXPENDITURES

Capital outlay


Engineering 30,000 30,000 42,966

Building improvements 175,000 175,000 167,709

Sidewalk and curb replacement 385,000 385,000 306,148

Machinery and equipment - vehicle replacement - - 19,061

Machinery and equipment - police 225,000 225,000 175,242

Machinery and equipment - public works 250,000 250,000 135,226

Bridge repairs and reconstructions 50,000 50,000 111,808

Roadway improvements 2,025,000 2,025,000 1,350,118

Storm and drainage improvements 45,000 45,000 35,843

I-55 interchange design 50,000 50,000 7,393

Emerald ash borer 200,000 200,000 246,357

127th Street-Plainfield/Naperville Rd 100,000 100,000 -

Lockport and Van Dyke pedestrian crossing - - 6,384

School beacon upgrades 30,000 30,000 31,190

Land acquisition - - 302,500



OVER EXPENDITURES 2,624,380 2,624,380 3,842,980


Transfers in 500,000 500,000 3,700,000

Transfers (out) (2,536,188) (2,536,188) (2,500,545)

Total other financing sources (uses) (2,036,188) (2,036,188) 1,199,455

NET CHANGE IN FUND BALANCE 588,192$ 588,192$ 5,042,435

FUND BALANCE, MAY 1 405,138




SCHEDULE OF REVENUES, EXPENDITURES, AND

CHANGES IN FUND BALANCE - BUDGET AND ACTUAL


Original Final


REVENUES

Taxes

Property tax 112,125$ 112,125$ 112,333$

Investment income - - 162

Total revenues 112,125 112,125 112,495

EXPENDITURES

Debt service

Principal 2,015,000 2,015,000 2,085,000

Interest and fiscal charges 1,123,165 1,123,165 1,138,302



OVER EXPENDITURES (3,026,040) (3,026,040) (3,110,807)


Transfers in 3,026,040 3,026,040 2,990,397

Refunding bonds issued - - 9,665,000

Premium on refunding bonds - - 331,514

Payment to escrow agent - - (9,875,322)

Total other financing sources (uses) 3,026,040 3,026,040 3,111,589

NET CHANGE IN FUND BALANCE -$ -$ 782

FUND BALANCE, MAY 1 918

FUND BALANCE, APRIL 30 1,700$





DEBT SERVICE FUND



Special Revenue Funds are used to account for the proceeds of specific revenue sources that are

restricted or committed to expenditures for specified purposes.

Liability Insurance Fund - accounts for the restricted revenue and expenditures of property

tax levied for the payment of premiums of public liability insurance carried by the Village.

Audit Fund - accounts for the restricted revenue and expenditures of taxes levied for payment

of the cost of the annual audit of the Village’s financial statements.

Alcohol Enforcement Fund - accounts for restricted revenue collected on DUI arrests and

expenditures for the purchase of video cameras to combat drunk driving.

Motor Fuel Tax Fund - accounts for expenditures related to approved motor fuel tax projects

and restricted revenue from the state gasoline tax as collected and distributed by the State of

Illinois.

D.A.R.E. Fund - accounts for the revenue and expenditures of restricted contributions made

to the Drug Awareness, Resistance, Education (D.A.R.E.) program.

Tax Increment Financing Fund - accounts for restricted revenue generated by the TIF District

and expenditures budgeted to be paid with TIF revenue.


COMBINING BALANCE SHEET


April 30, 2015

Liability Alcohol

Insurance Audit Enforcement

ASSETS AND DEFERRED

OUTFLOWS OF RESOURCES

ASSETS

Cash and investments 70,626$ 3,970$ 26,773$

Receivables

Property tax 520,799 37,938 -

Allotments - - -

Other - - 1,669

Land held for resale - - -

Total assets 591,425 41,908 28,442


None - - -

TOTAL ASSETS AND DEFERRED

OUTFLOWS OF RESOURCES 591,425$ 41,908$ 28,442$

LIABILITIES

Accounts payable -$ -$ -$


Unavailable property tax revenue 520,799 37,938 -

Total liabilities and deferred inflows of resources 520,799 37,938 -

FUND BALANCES

Restricted

Street maintenance - - -

Public safety - - 28,442

Audit - 3,970 -

Liability insurance 70,626 - -

Economic development - - -

Total fund balances 70,626 3,970 28,442

TOTAL LIABILITIES, DEFERRED INFLOWS

OF RESOURCES, AND FUND BALANCES 591,425$ 41,908$ 28,442$

Special Revenue

OF RESOURCES, AND FUND BALANCES

LIABILITIES, DEFERRED INFLOWS

- 81 -

Tax

Motor Increment

Fuel Tax D.A.R.E. Financing Total

2,598,665$ 10,986$ 987,811$ 3,698,831$

- - 745,503 1,304,240

92,057 - - 92,057

- - - 1,669

- - 108,000 108,000

2,690,722 10,986 1,841,314 5,204,797

- - - -

2,690,722$ 10,986$ 1,841,314$ 5,204,797$

-$ 7,370$ 109,707$ 117,077$

- - 745,503 1,304,240

- 7,370 855,210 1,421,317

2,690,722 - - 2,690,722

- 3,616 - 32,058

- - - 3,970

- - - 70,626

- - 986,104 986,104

2,690,722 3,616 986,104 3,783,480

2,690,722$ 10,986$ 1,841,314$ 5,204,797$

Special Revenue



COMBINING STATEMENT OF REVENUES, EXPENDITURES,

AND CHANGES IN FUND BALANCES



Liability Alcohol

Insurance Audit Enforcement

REVENUES

Taxes 399,405$ 38,782$ -$

Intergovernmental - - -

Fines and forfeits - - 10,161


Miscellaneous - - -

Total revenues 399,415 38,793 10,192

EXPENDITURES

Current

General government 104,801 38,334 -

Public safety 334,112 - -

Highways and streets 71,048 - -

Total expenditures 509,961 38,334 -


OVER EXPENDITURES (110,546) 459 10,192


Transfers in 95,000 - -

Transfers (out) - - (10,000)

Total other financing sources (uses) 95,000 - (10,000)

NET CHANGE IN FUND BALANCES (15,546) 459 192

FUND BALANCES, MAY 1 86,172 3,511 28,250

FUND BALANCES, APRIL 30 70,626$ 3,970$ 28,442$

Special Revenue

- 83 -

Tax

Motor Increment

Fuel Tax D.A.R.E. Financing Total

-$ -$ 745,471$ 1,183,658$

1,396,548 - - 1,396,548

- - - 10,161

398 17 1,398 1,865

- 18,884 - 18,884

1,396,946 18,901 746,869 2,611,116

- - 169,965 313,100

- 29,478 - 363,590

621,545 - - 692,593

621,545 29,478 169,965 1,369,283

775,401 (10,577) 576,904 1,241,833

- - - 95,000

- - (550,000) (560,000)

- - (550,000) (465,000)

775,401 (10,577) 26,904 776,833

1,915,321 14,193 959,200 3,006,647

2,690,722$ 3,616$ 986,104$ 3,783,480$

Special Revenue


Original Final


REVENUES

Taxes

Property tax 400,000$ 400,000$ 399,405$


Total revenues 400,100 400,100 399,415

EXPENDITURES

General government

Treasurer bond 500 500 -

Contractual Services - - 7,380

Commercial umbrella liability insurance 45,553 45,553 45,413

Workman's compensation insurance 65,906 108,185 52,008

Public safety






Total expenditures 575,500 575,500 509,961


Transfers in 95,000 95,000 95,000

Total other financing sources (uses) 95,000 95,000 95,000

NET CHANGE IN FUND BALANCE (80,400)$ (80,400)$ (15,546)







LIABILITY INSURANCE FUND


Original Final


REVENUES

Taxes

Property tax 38,000$ 38,000$ 38,782$

Investment income - - 11

Total revenues 38,000 38,000 38,793

EXPENDITURES

General government

Audit 38,500 38,500 38,334


NET CHANGE IN FUND BALANCE (500)$ (500)$ 459







AUDIT FUND





ALCOHOL ENFORCEMENT FUND


Final Original


REVENUES

Fines and forfeits

DUI proceeds 10,000$ 10,000$ 10,161$


Total revenues 10,050 10,050 10,192

EXPENDITURES

None - - -

Total expenditures - - -


OVER EXPENDITURES 10,050 10,050 10,192


Transfers (out) (10,000) (10,000) (10,000)

NET CHANGE IN FUND BALANCE 50$ 50$ 192







MOTOR FUEL TAX FUND


Original Final


REVENUES

Intergovernmental

State allotments 1,200,000$ 1,200,000$ 1,396,548$


Total revenues 1,200,500 1,200,500 1,396,946

EXPENDITURES


Street maintenance 1,000,500 1,000,500 621,545

Total expenditures 1,000,500 1,000,500 621,545




Transfers (out) (200,000) (200,000) -

NET CHANGE IN FUND BALANCE -$ -$ 775,401

FUND BALANCE, MAY 1 1,915,321




SCHEDULE OF REVENUES, EXPENDITURES AND


D.A.R.E. FUND


Original Final


REVENUES

Investment income 20$ 20$ 17$

Miscellaneous 13,000 13,000 18,884

Total revenues 13,020 13,020 18,901

EXPENDITURES

Public safety

Program expenditures 15,000 15,000 29,478


NET CHANGE IN FUND BALANCE (1,980)$ (1,980)$ (10,577)







TAX INCREMENT FINANCING FUND


Original Final


REVENUES

Taxes

Property taxes 635,000$ 635,000$ 745,471$

Investment income 500 500 1,398

Miscellaneous - - -

Total revenues 635,500 635,500 746,869

EXPENDITURES

General government


Facade improvements 50,000 50,000 -





Transfers (out) (650,000) (650,000) (550,000)

NET CHANGE IN FUND BALANCE (164,500)$ (164,500)$ 26,904




MAJOR ENTERPRISE FUND


COMBINING SCHEDULE OF NET POSITION

WATER AND SEWER DEPARTMENT ACCOUNTS

April 30, 2015

Water and

Sewer Capital

Operations Projects Total

CURRENT ASSETS

Cash and investments 10,254,455$ 3,219,450$ 13,473,905$

Receivables

Accounts 1,851,140 - 1,851,140

Sales tax 367,172 - 367,172

Interest 3,946 7,121 11,067

Prepaid expenses 17,167 - 17,167

Total current assets 12,493,880 3,226,571 15,720,451

CAPITAL ASSETS

Nondepreciable 3,228,492 - 3,228,492

Depreciable, net of accumulated

depreciation 106,148,804 - 106,148,804

Net capital assets 109,377,296 - 109,377,296

OTHER ASSETS

Deposits 206,984 - 206,984

Total other assets 206,984 - 206,984

Total assets 122,078,160 3,226,571 125,304,731


Unamortized loss on refundings 2,683,624 - 2,683,624

Total assets and deferred

outflows of resources 124,761,784 3,226,571 127,988,355



COMBINING SCHEDULE OF NET POSITION (Continued)


April 30, 2015

Water and

Sewer Capital

Operations Projects Total

CURRENT LIABILITIES

Accounts payable 1,321,435$ -$ 1,321,435$

Accrued payroll 46,722 - 46,722

Accrued interest 327,486 - 327,486

Compensated absences payable - current 83,580 - 83,580

Illinois EPA loan payable - current 153,545 - 153,545

Bonds payable - current 1,960,000 - 1,960,000

Developer deposit 1,799 - 1,799

Total current liabilities 3,894,567 - 3,894,567

LONG-TERM LIABILITIES

Compensated absences payable - long-term 12,677 - 12,677

Illinois EPA loan payable - long-term 2,641,714 - 2,641,714

Bonds payable - long-term 23,306,794 - 23,306,794

Total long-term liabilities 25,961,185 - 25,961,185


None - - -

Total liabilities and deferred

inflows of resources 29,855,752 - 29,855,752

NET POSITION

Net investment in capital assets 83,998,867 - 83,998,867

Restricted for debt service 2,106,291 - 2,106,291

Unrestricted 8,800,874 3,226,571 12,027,445

TOTAL NET POSITION 94,906,032$ 3,226,571$ 98,132,603$



COMBINING SCHEDULE OF REVENUES, EXPENSES, AND

CHANGES IN NET POSITION



Water and

Sewer Capital

Operations Projects Eliminations Total

OPERATING REVENUES


Customer sales 13,377,978$ -$ -$ 13,377,978$

Meter sales 29,815 - - 29,815

Total operating revenues 13,407,793 - - 13,407,793

OPERATING EXPENSES

Water operations 9,414,844 - - 9,414,844

Sewer operations 1,959,699 - - 1,959,699

Depreciation 3,034,713 - - 3,034,713

Total operating expenses 14,409,256 - - 14,409,256

OPERATING INCOME (LOSS) (1,001,463) - - (1,001,463)

NON-OPERATING REVENUES (EXPENSES)

Home rule sales tax 1,643,244 - - 1,643,244

Miscellaneous income 637,131 - - 637,131

Investment income (11,253) 11,394 - 141

Interest expense (1,104,494) - - (1,104,494)

Total non-operating revenues (expenses) 1,164,628 11,394 - 1,176,022

INCOME BEFORE TRANSFERS 163,165 11,394 - 174,559

TRANSFERS

Transfers (out) (489,852) - - (489,852)

Total transfers (489,852) - - (489,852)

CHANGE IN NET POSITION (326,687) 11,394 - (315,293)

NET POSITION, MAY 1 95,232,719 3,215,177 - 98,447,896

NET POSITION, APRIL 30 94,906,032$ 3,226,571$ -$ 98,132,603$



COMBINING SCHEDULE OF CASH FLOWS



Water and

Sewer Capital



Receipts from customers 13,252,992$ -$ -$ 13,252,992$

Reimbursements to other funds (250,380) - - (250,380)

Payments to suppliers (9,768,290) - - (9,768,290)

Payments to employees (1,281,598) - - (1,281,598)

Net cash from operating activities 1,952,724 - - 1,952,724

CASH FLOWS FROM NONCAPITAL


Transfers (out) (489,852) - - (489,852)

Non-operating revenues 2,293,468 - - 2,293,468

Net cash from noncapital financing activities 1,803,616 - - 1,803,616

CASH FLOWS FROM CAPITAL AND RELATED


Purchase of capital assets (45,285) - - (45,285)

Proceeds from long-term debt 14,594,942 - - 14,594,942

Principal payments on long-term debt (2,026,643) - - (2,026,643)

Payment to escrow agent (14,416,585) - - (14,416,585)

Interest paid (1,263,784) - - (1,263,784)

Net cash from capital and related

financing activities (3,157,355) - - (3,157,355)

CASH FLOWS FROM INVESTING ACTIVITIES

Purchases of investment securities (324,845) - - (324,845)

Interest received (11,253) 8,588 - (2,665)

Net cash from investing activities (336,098) 8,588 - (327,510)

NET INCREASE IN CASH AND CASH EQUIVALENTS 262,887 8,588 - 271,475

CASH AND CASH EQUIVALENTS, MAY 1 9,666,723 3,210,862 - 12,877,585

CASH AND CASH EQUIVALENTS, APRIL 30 9,929,610$ 3,219,450$ -$ 13,149,060$



COMBINING SCHEDULE OF CASH FLOWS (Continued)



Water and

Sewer Capital


RECONCILIATION OF OPERATING INCOME

(LOSS) TO NET CASH FLOWS FROM

OPERATING ACTIVITIES

Operating income (loss) (1,001,463)$ -$ -$ (1,001,463)$

Adjustments to reconcile operating income

(loss) to net cash from operating activities

Depreciation 3,034,713 - - 3,034,713

(Increase) decrease in

Accounts receivable (154,801) - - (154,801)

Prepaid items 663 - - 663

Deposits (16,311) - - (16,311)

Increase (decrease) in

Accounts payable 75,132 - - 75,132

Accrued expenses 14,791 - - 14,791

Total adjustments 2,954,187 - - 2,954,187

NET CASH FROM OPERATING ACTIVITIES 1,952,724$ -$ -$ 1,952,724$

CASH AND INVESTMENTS

Cash and cash equivalents 9,929,610$ 3,219,450$ -$ 13,149,060$

Investments 324,845 - - 324,845

TOTAL CASH AND INVESTMENTS 10,254,455$ 3,219,450$ -$ 13,473,905$

NONCASH TRANSACTIONS

None -$ -$ -$ -$



SCHEDULE OF OPERATING EXPENSES - BUDGET AND ACTUAL

WATER AND SEWER OPERATIONS ACCOUNT


Original Final


WATER OPERATIONS

Administration


FICA 14,165 14,165 14,463

Medicare 3,315 3,315 3,465

IMRF 27,415 27,415 27,774









Gas, oil, wash, and mileage 1,000 1,000 21

Software 2,000 2,000 1,784

Sand and gravel 500 500 772

Supplies/hardware 500 500 436

Water meters 160,000 160,000 205,979


Legal notices 500 500 -

Attorney legal fees 1,000 1,000 684


Equipment maintenance 500 500 (139)


Insurance surplus allocation - - (16,311)

Bond issuance costs - - 178,866

Administrative service charge 250,380 250,380 125,190


Water provision




FICA 26,039 26,039 24,569

Medicare 6,100 6,100 5,780

IMRF 50,400 50,400 48,351




Cellular phones/pagers 3,000 3,000 -

Electricity/gas 145,000 145,000 131,748



SCHEDULE OF OPERATING EXPENSES - BUDGET AND ACTUAL (Continued)



Original Final


WATER OPERATIONS (Continued)

Water provision (Continued)

Office supplies/postage 5,000$ 5,000$ 3,687$



Chemicals 5,000 5,000 4,811






Water purchase 6,930,000 6,930,000 7,649,599


System maintenance 60,000 60,000 45,303

Water/fire hydrant 15,000 15,000 15,119

EPA analytical 15,000 15,000 15,400

Total water provision 7,901,534 7,901,534 8,530,557

Total water operations 8,755,017 8,755,017 9,414,844

SEWER OPERATIONS

Administration


FICA 13,820 13,820 13,964

Medicare 3,232 3,232 3,348

IMRF 26,748 26,748 27,837







Electricity/gas 1,000 1,000 -


Replacement Supplies - - 45



Supplies/hardware 4,000 4,000 616

Software 1,000 1,000 -


Attorney legal fees 2,000 2,000 959


Equipment maintenance 2,000 2,000 613



SCHEDULE OF OPERATING EXPENSES - BUDGET AND ACTUAL (Continued)



Original Final


SEWER OPERATIONS (Continued)

Administration (Continued)

Engineer fees 10,000$ 10,000$ -$

Administrative service charge 250,380 250,380 125,190


Sewer treatment




FICA 25,975 25,975 24,616

Medicare 6,070 6,070 5,788

IMRF 50,500 50,500 47,747




Cellular phones/pagers 4,000 4,000 -

Electricity/gas 465,000 465,000 411,847




Chemicals/supplies 125,000 125,000 110,989

Sand and gravel 500 500 -

Industrial flow monitor 25,000 25,000 8,612





System maintenance 70,000 70,000 21,742

Maintenance - James Street 5,000 5,000 -

Total sewer treatment 1,530,443 1,530,443 1,364,648

Capital outlay

Other 390,000 390,000 56,010

Less amounts capitalized - - (45,285)

Total capital outlay 390,000 390,000 10,725

Total sewer operations 2,661,230 2,661,230 1,959,699

TOTAL WATER AND SEWER OPERATIONS 11,416,247$ 11,416,247$ 11,374,543$


FIDUCIARY FUNDS

SCHEDULE OF CHANGES IN FIDUCIARY NET POSITION -

BUDGET AND ACTUAL

POLICE PENSION FUND


Original Final


ADDITIONS

Contributions

Employer 900,000$ 900,000$ 898,172$

Employee 450,000 450,000 522,107

Total contributions 1,350,000 1,350,000 1,420,279

Investment income

Net appreciation in fair value

of investments 50,000 50,000 634,506

Interest 375,000 375,000 869,435

Total investment income 425,000 425,000 1,503,941

Less investment expense (38,000) (38,000) (37,500)

Net investment income 387,000 387,000 1,466,441

Total additions 1,737,000 1,737,000 2,886,720

DEDUCTIONS

Pension benefits 440,000 440,000 413,533

Administrative expenses 39,500 39,500 33,752

Total deductions 479,500 479,500 447,285

NET INCREASE 1,257,500$ 1,257,500$ 2,439,435


FOR PENSION BENEFITS

May 1 21,386,315

April 30 23,825,750$



SUPPLEMENTAL SCHEDULES

LONG-TERM DEBT REQUIREMENTS

CORPORATE PURPOSE GENERAL OBLIGATION

BOND SERIES OF 2005A

Date of Issue

Date of Maturity

Authorized Issue 10,755,000$

Actual Issue 10,755,000$

Interest Rates

Principal Maturity Date

Interest Dates

Payable at J.P. Morgan Trust Company

Fiscal

Year Principal Interest Total June 15, Amount December 15, Amount

2016 540,000$ 25,650$ 565,650$ 2015 12,825$ 2015 12,825$

540,000$ 25,650$ 565,650$ 12,825$ 12,825$


June 15 and December 15

FUTURE PRINCIPAL AND INTEREST REQUIREMENTS

April 30, 2015

May 16, 2005

December 15, 2015

December 15

3.25% to 5.00%




BOND SERIES OF 2005B

Date of Issue May 16, 2005

Date of Maturity December 15, 2016



Interest Rates


Interest Dates

Payable at J.P. Morgan Trust Company

Fiscal


2016 1,160,000$ 61,875$ 1,221,875$ 2015 30,938$ 2015 30,937$

2017 100,000 3,875 103,875 2016 1,938 2016 1,937

1,260,000$ 65,750$ 1,325,750$ 32,876$ 32,874$




April 30, 2015

December 15

3.25% to 5.00%




BOND SERIES OF 2007

Date of Issue July 6, 2007




Interest Rates 4.00% to 5.00%


Interest Dates

Payable at The Bank of New York Trust Company, NA

Fiscal


2016 690,000$ 106,150$ 796,150$ 2015 53,075$ 2015 53,075$

2017 725,000 75,100 800,100 2016 37,550 2016 37,550

2018 755,000 42,475 797,475 2017 21,238 2017 21,238

2019 170,000 8,500 178,500 2018 4,250 2018 4,250

2,340,000$ 232,225$ 2,572,225$ 116,113$ 116,113$




April 30, 2015

December 15



WATER AND SEWER REVENUE

BOND SERIES OF 2008

Date of Issue November 18, 2008

Date of Maturity May 1, 2034




Principal Maturity Date May 1

Interest Dates May 1

Payable at The Bank of New York Mellon Trust Company, NA

Fiscal

Year Principal Interest Total May 1, Amount

2016 430,000$ 44,147$ 474,147$ 2015 44,147$

2017 450,000 68,675 518,675 2016 68,675

2018 475,000 47,863 522,863 2017 47,863

2019 500,000 25,000 525,000 2018 25,000

1,855,000$ 185,685$ 2,040,685$ 185,685$



April 30, 2015



CORPORATE PURPOSE GENERAL OBLIGATION REFUNDING

BOND SERIES OF 2009

Date of Issue

Date of Maturity

Authorized Issue 950,000$

Actual Issue 865,000$



Interest Dates


Fiscal


2016 95,000$ 19,425$ 114,425$ 2015 9,713$ 2015 9,712$

2017 100,000 16,100 116,100 2016 8,050 2016 8,050

2018 100,000 12,600 112,600 2017 6,300 2017 6,300

2019 105,000 8,600 113,600 2018 4,300 2018 4,300

2020 110,000 4,400 114,400 2019 2,200 2019 2,200

510,000$ 61,125$ 571,125$ 30,563$ 30,562$

December 15, 2019

December 15




April 30, 2015

December 15, 2009




BOND SERIES OF 2010

Date of Issue October 28, 2010






Interest Dates


Fiscal


2016 690,000$ 271,600$ 961,600$ 2015 135,800$ 2015 135,800$

2017 720,000 250,900 970,900 2016 125,450 2016 125,450

2018 750,000 229,300 979,300 2017 114,650 2017 114,650

2019 770,000 206,800 976,800 2018 103,400 2018 103,400

2020 805,000 176,000 981,000 2019 88,000 2019 88,000

2021 840,000 143,800 983,800 2020 71,900 2020 71,900

2022 875,000 110,200 985,200 2021 55,100 2021 55,100

2023 920,000 75,200 995,200 2022 37,600 2022 37,600

2024 960,000 38,400 998,400 2023 19,200 2023 19,200

7,330,000$ 1,502,200$ 8,832,200$ 751,100$ 751,100$

December 15

June 15 and December 1 5



April 30, 2015


Date of Issue

Date of Maturity

Authorized Issue

Actual Issue

Interest Rates 1.25%

Principal Maturity Dates

Interest Dates

Fiscal

Year Principal Interest Total June 15, Principal Interest December 15, Principal Interest

2016 153,545$ 34,462$ 188,007$ 2015 76,533$ 17,470$ 2015 77,012$ 16,992$

2017 155,470 32,537 188,007 2016 77,493 16,511 2016 77,977 16,026

2018 157,419 30,588 188,007 2017 78,464 15,539 2017 78,955 15,049

2019 159,393 28,614 188,007 2018 79,448 14,555 2018 79,945 14,059

2020 161,392 26,615 188,007 2019 80,445 13,559 2019 80,947 13,056

2021 163,416 24,591 188,007 2020 81,454 12,550 2020 81,962 12,041

2022 165,465 22,542 188,007 2021 82,475 11,529 2021 82,990 11,013

2023 167,540 20,467 188,007 2022 83,509 10,495 2022 84,031 9,972

2024 169,640 18,367 188,007 2023 84,556 9,448 2023 85,084 8,919

2025 171,767 16,240 188,007 2024 85,616 8,388 2024 86,151 7,852

2026 173,921 14,086 188,007 2025 86,690 7,314 2025 87,231 6,772

2027 176,102 11,905 188,007 2026 87,777 6,227 2026 88,325 5,678

2028 178,310 9,697 188,007 2027 88,877 5,126 2027 89,433 4,571

2029 180,546 7,461 188,007 2028 89,992 4,012 2028 90,554 3,449

2030 182,810 5,197 188,007 2029 91,120 2,883 2029 91,690 2,314

2031 185,102 2,905 188,007 2030 92,263 1,741 2030 92,839 1,164

2032 93,421 584 94,005 2031 93,421 584 2031 - -

2,795,259$ 306,858$ 3,102,117$ 1,440,133$ 157,931$ 1,355,126$ 148,927$





April 30, 2015

August 1, 2010

3,309,451$

3,235,880$


ILLINOIS ENVIRONMENTAL PROTECTION AGENCY

June 15, 2031

LOAN OF 2010




BOND SERIES OF 2012

Date of Issue

Date of Maturity





Interest Dates


Fiscal


2016 75,000$ 189,600$ 264,600$ 2015 94,800$ 2015 94,800$

2017 645,000 188,100 833,100 2016 94,050 2016 94,050

2018 660,000 175,200 835,200 2017 87,600 2017 87,600

2019 680,000 155,400 835,400 2018 77,700 2018 77,700

2020 695,000 135,000 830,000 2019 67,500 2019 67,500

2021 715,000 114,150 829,150 2020 57,075 2020 57,075

2022 735,000 92,700 827,700 2021 46,350 2021 46,350

2023 765,000 70,650 835,650 2022 35,325 2022 35,325

2024 785,000 47,700 832,700 2023 23,850 2023 23,850

2025 805,000 24,150 829,150 2024 12,075 2024 12,075

6,560,000$ 1,192,650$ 7,752,650$ 596,325$ 596,325$

December 15, 2024

December 15




April 30, 2015

February 23, 2012




BOND SERIES OF 2013

Date of Issue

Date of Maturity





Interest Dates


Fiscal


2016 370,000$ 208,850$ 578,850$ 2015 104,425$ 2015 104,425$

2017 1,500,000 201,450 1,701,450 2016 100,725 2016 100,725

2018 1,655,000 171,450 1,826,450 2017 85,725 2017 85,725

2019 1,710,000 121,800 1,831,800 2018 60,900 2018 60,900

2020 1,780,000 53,400 1,833,400 2019 26,700 2019 26,700

7,015,000$ 756,950$ 7,771,950$ 378,475$ 378,475$

December 15, 2019

December 15




April 30, 2015

December 5, 2013


Date of Issue

Date of Maturity





Interest Dates

Payable at Amalgamated Bank of Chicago

Fiscal


2016 125,000$ 278,450$ 403,450$ 2015 139,225$ 2015 139,225$

2017 125,000 275,950 400,950 2016 137,975 2016 137,975

2018 130,000 273,450 403,450 2017 136,725 2017 136,725

2019 750,000 270,850 1,020,850 2018 135,425 2018 135,425

2020 950,000 255,850 1,205,850 2019 127,925 2019 127,925

2021 965,000 236,850 1,201,850 2020 118,425 2020 118,425

2022 1,025,000 207,900 1,232,900 2021 103,950 2021 103,950

2023 1,060,000 177,150 1,237,150 2022 88,575 2022 88,575

2024 1,095,000 145,350 1,240,350 2023 72,675 2023 72,675

2025 1,090,000 112,500 1,202,500 2024 56,250 2024 56,250

2026 1,120,000 79,800 1,199,800 2025 39,900 2025 39,900

2027 1,160,000 40,600 1,200,600 2026 20,300 2026 20,300

9,595,000$ 2,354,700$ 11,949,700$ 1,177,350$ 1,177,350$

December 15



April 30, 2015




BOND SERIES OF 2014

July 16, 2014

December 15, 2026


Date of Issue

Date of Maturity





Interest Dates

Payable at UMB Bank, N.A.

Fiscal

Year Principal Interest Total May 1, Amount November 1, Amount

2016 -$ 435,569$ 435,569$ 2015 168,894$ 2015 266,675$

2017 90,000 532,450 622,450 2016 266,675 2016 265,775

2018 90,000 530,650 620,650 2017 265,775 2017 264,875

2019 90,000 528,850 618,850 2018 264,875 2018 263,975

2020 620,000 515,550 1,135,550 2019 263,975 2019 251,575

2021 645,000 490,250 1,135,250 2020 251,575 2020 238,675

2022 665,000 464,050 1,129,050 2021 238,675 2021 225,375

2023 700,000 436,750 1,136,750 2022 225,375 2022 211,375

2024 725,000 408,250 1,133,250 2023 211,375 2023 196,875

2025 750,000 378,750 1,128,750 2024 196,875 2024 181,875

2026 780,000 348,150 1,128,150 2025 181,875 2025 166,275

2027 810,000 316,350 1,126,350 2026 166,275 2026 150,075

2028 840,000 283,350 1,123,350 2027 150,075 2027 133,275

2029 875,000 249,050 1,124,050 2028 133,275 2028 115,775

2030 920,000 213,150 1,133,150 2029 115,775 2029 97,375

2031 950,000 175,750 1,125,750 2030 97,375 2030 78,375

2032 990,000 136,950 1,126,950 2031 78,375 2031 58,575

2033 1,030,000 96,550 1,126,550 2032 58,575 2032 37,975

2034 1,070,000 57,225 1,127,225 2033 37,975 2033 19,250

2035 1,100,000 19,250 1,119,250 2034 19,250 2034 -

13,740,000$ 6,616,894$ 20,356,894$ 3,392,894$ 3,224,000$

May 1, 2034

May 1

May 1 and November 1




WATER AND SEWER SYSTEM REVENUE REFUNDING

BOND SERIES OF 2015

April 30, 2015

January 7, 2015


STATISTICAL SECTION

This part of the Village of Plainfield, Illinois’ comprehensive annual financial report presents

detailed information as a context for understanding what the information in the financial

statements, note disclosures and required supplementary information displays about the Village’s

overall financial health.

Contents Page(s)

Financial Trends

These schedules contain trend information to help the reader understand

how the Village’s financial performance and well-being have been changed

over time.

112-121

Revenue Capacity

These schedules contain information to help the reader assess the Village’s

most significant local revenue source, the property tax.

122-129

Debt Capacity

These schedules present information to help the reader assess the

affordability of the Village’s current levels of outstanding debt and the

Village’s ability to issue additional debt in the future.

130-133

Demographic and Economic Information

These schedules offer demographic and economic indicators to help the

reader understand the environment within which the Village’s financial

activities take place.

134-135

Operating Information

These schedules contain service and infrastructure data to help the reader

understand how the information in the Village’s financial report relates to

the services the Village provides and the activities it performs.

136-139

Sources: Unless otherwise noted, the information in these schedules is derived from the

comprehensive annual financial reports for the relevant year.

Fiscal Year 2006 2007 2008 2009


Net investment in capital assets 101,194,845$ 278,466,008$ 299,531,676$ 311,018,741$

Restricted 3,945,852 2,237,578 2,362,609 663,770

Unrestricted 4,902,541 6,723,816 487,060 (7,355,406)

TOTAL GOVERNMENTAL ACTIVITIES 110,043,238$ 287,427,402$ 302,381,345$ 304,327,105$



Restricted - - - 857,545

Unrestricted 30,883,493 27,763,237 26,227,506 19,554,725

TOTAL BUSINESS-TYPE ACTIVITIES 94,390,614$ 98,690,062$ 101,261,397$ 102,037,270$

PRIMARY GOVERNMENT


Restricted 3,945,852 2,237,578 2,362,609 1,521,315

Unrestricted 35,786,034 34,487,053 26,714,566 12,199,319

TOTAL PRIMARY GOVERNMENT 204,433,852$ 386,117,464$ 403,642,742$ 406,364,375$

Data Source

Audited Financial Statements


NET POSITION BY COMPONENT

Last Ten Fiscal Years

- 112 -

2010 2011 2012 2013 2014 2015

298,048,879$ 287,247,440$ 273,588,903$ 261,247,144$ 248,456,183$ 236,161,456$

646,481 679,852 2,258,412 2,874,252 3,006,647 3,783,480

(6,273,817) (999,983) 3,010,321 8,503,651 12,390,475 16,035,847

292,421,543$ 286,927,309$ 278,857,636$ 272,625,047$ 263,853,305$ 255,980,783$

85,624,259$ 86,260,116$ 84,915,466$ 85,745,939$ 85,192,902$ 83,998,867$

603,727 601,299 601,161 603,205 602,080 2,106,291

14,338,009 10,526,199 10,420,908 12,265,523 12,652,914 12,027,445

100,565,995$ 97,387,614$ 95,937,535$ 98,614,667$ 98,447,896$ 98,132,603$

383,673,138$ 373,507,556$ 358,504,369$ 346,993,083$ 333,649,085$ 320,160,323$

1,250,208 1,281,151 2,859,573 3,477,457 3,608,727 5,889,771

8,064,192 9,526,216 13,431,229 20,769,174 25,043,389 28,063,292

392,987,538$ 384,314,923$ 374,795,171$ 371,239,714$ 362,301,201$ 354,113,386$

- 113 -

Fiscal Year 2006 2007 2008 2009

EXPENSES

Governmental activities

General government 4,907,255$ 4,772,237$ 3,773,026$ 5,373,883$

Public safety 8,055,904 9,130,771 11,233,703 11,030,984

Highways and streets 10,801,486 12,432,091 25,732,583 21,634,555

Interest 1,014,412 1,017,142 1,569,300 1,649,805

Total governmental activities expenses 24,779,057 27,352,241 42,308,612 39,689,227


Water and sewer 10,277,835 10,977,398 12,356,353 12,553,148

Total business-type activities expenses 10,277,835 10,977,398 12,356,353 12,553,148

TOTAL PRIMARY GOVERNMENT

EXPENSES 35,056,892$ 38,329,639$ 54,664,965$ 52,242,375$

PROGRAM REVENUES



General government 9,591,646$ 6,577,406$ 4,917,022$ 4,179,546$

Public safety 914,977 915,690 995,843 1,473,661

Highways and streets 2,166,848 1,591,218 1,292,403 360,625

Operating grants and contributions 706,973 980,360 976,606 1,265,919

Capital grants and contributions 2,270,715 3,600 34,768,719 14,123,044

Total governmental activities

program revenues 15,651,159 10,068,274 42,950,593 21,402,795

Business-type activities


Water/sewer 9,717,867 9,333,222 10,359,459 9,317,371

Operating grants and contributions - 2,708,972 2,146,177 573,211

Capital grants and contributions - - 2,862,910 3,631,340

Total business-type activities

program revenues 9,717,867 12,042,194 15,368,546 13,521,922


PROGRAM REVENUES 25,369,026$ 22,110,468$ 58,319,139$ 34,924,717$

NET (EXPENSE) REVENUE

Governmental activities (9,127,898)$ (17,283,967)$ 641,981$ (18,286,432)$

Business-type activities (559,968) 1,064,796 3,012,193 968,774


NET (EXPENSE) REVENUE (9,687,866)$ (16,219,171)$ 3,654,174$ (17,317,658)$




- 114 -

2010 2011 2012 2013 2014 2015*

3,634,146$ 2,754,319$ 3,808,990$ 3,442,249$ 4,437,507$ 3,974,582$

10,192,710 10,703,278 11,247,015 11,273,628 11,321,562 11,778,078

21,864,844 21,833,556 22,554,164 21,995,249 23,977,254 23,731,474

1,567,529 1,333,022 1,347,798 1,213,432 1,154,112 1,059,100

37,259,229 36,624,175 38,957,967 37,924,558 40,890,435 40,543,234

13,020,412 13,563,407 13,215,950 14,648,769 15,233,480 15,513,750

13,020,412 13,563,407 13,215,950 14,648,769 15,233,480 15,513,750

50,279,641$ 50,187,582$ 52,173,917$ 52,573,327$ 56,123,915$ 56,056,984$

3,914,078$ 4,257,608$ 4,595,180$ 4,989,871$ 5,178,547$ 5,472,089$

1,702,528 1,913,421 1,937,666 1,756,994 1,658,959 1,611,233

34,238 3,783 13,909 178,221 141,846 9,193

1,155,527 1,508,358 2,239,921 1,372,279 1,386,766 1,492,593

7,426,001 2,328,859 257,817 1,009,182 118,359 44,267

14,232,372 10,012,029 9,044,493 9,306,547 8,484,477 8,629,375

9,510,526 10,135,734 11,482,986 14,066,990 13,361,542 13,407,793

495,793 - - - - -

1,943,525 372,147 90,791 2,145,000 - -

11,949,844 10,507,881 11,573,777 16,211,990 13,361,542 13,407,793

26,182,216$ 20,519,910$ 20,618,270$ 25,518,537$ 21,846,019$ 22,037,168$

(23,026,857)$ (26,612,146)$ (29,913,474)$ (28,618,011)$ (32,405,958)$ (31,913,859)$

(1,070,568) (3,055,526) (1,642,173) 1,563,221 (1,871,938) (2,105,957)

(24,097,425)$ (29,667,672)$ (31,555,647)$ (27,054,790)$ (34,277,896)$ (34,019,816)$

- 115 -

Fiscal Year 2006 2007 2008 2009

GENERAL REVENUES AND OTHER

CHANGES IN NET POSITION


Taxes

Property and replacement 3,541,068$ 4,344,099$ 5,272,831$ 6,038,464$

Home rule sales tax - - - -

Utility/telecommunications 2,230,188 2,202,961 2,473,926 2,526,924

Local motor fuel - - - -

Other 9,519 14,900 8,086 5,471

Sales and use tax 3,948,711 4,736,740 5,916,893 7,478,502

Income tax 1,651,731 2,554,968 2,892,500 3,401,680

Investment income 836,473 860,745 706,248 138,961

Miscellaneous 66,256 62,045 174,853 115,945

Contributions 23,526,420 40,429,579 - -

Transfers - 2,200,271 1,227,514 526,245

Total governmental activities 35,810,366 57,406,308 18,672,851 20,232,192

Business-type activities

Home rule sales tax - - - -


Miscellaneous 6,482 16,650 40,879 2,777

Connection fees 7,534,322 - - -

Contributions 3,602,718 4,426,038 - -

Transfers - (2,200,271) (1,227,514) (526,245)

Total business-type activities 12,121,981 3,234,652 (440,858) (192,901)

TOTAL PRIMARY GOVERNMENT 47,932,347$ 60,640,960$ 18,231,993$ 20,039,291$


Governmental activities 26,682,468$ 40,122,341$ 19,314,832$ 1,945,760$

Business-type activities 11,562,013 4,299,448 2,571,335 775,873


CHANGE IN NET POSITION 38,244,481$ 44,421,789$ 21,886,167$ 2,721,633$

*Beginning in fiscal year 2015, home rule sales tax is presented separately from sales and use tax.

Data Source


CHANGE IN NET POSITION (Continued)



- 116 -

2010 2011 2012 2013 2014 2015*

6,428,427$ 6,651,509$ 6,306,567$ 6,300,458$ 6,352,505$ 6,538,805$

- - - - - 3,286,980

2,271,926 2,980,148 3,066,185 2,981,462 3,198,840 3,107,995

- 296,235 489,711 838,419 790,158 813,718

4,860 4,447 7,069 5,804 4,966 8,250

7,377,482 7,670,219 8,143,910 8,495,268 8,848,545 5,842,343

2,965,208 2,910,807 3,203,518 3,567,060 3,857,016 3,876,349

15,166 8,190 6,770 20,956 27,857 (120,582)

87,030 68,237 103,695 72,956 63,581 197,627

- - - - - -

524,770 528,120 516,376 493,650 490,748 489,852

19,674,869 21,117,912 21,843,801 22,776,033 23,634,216 24,041,337

- - - 1,415,262 1,630,710 1,643,244

93,583 26,906 8,480 9,010 14,986 141

30,480 378,359 699,990 1,169,633 550,219 637,131

- - - - - -

- - - - - -

(524,770) (528,120) (516,376) (493,650) (490,748) (489,852)

(400,707) (122,855) 192,094 2,100,255 1,705,167 1,790,664

19,274,162$ 20,995,057$ 22,035,895$ 24,876,288$ 25,339,383$ 25,832,001$

(3,351,988)$ (5,494,234)$ (8,069,673)$ (5,841,978)$ (8,771,742)$ (7,872,522)$

(1,471,275) (3,178,381) (1,450,079) 3,663,476 (166,771) (315,293)

(4,823,263)$ (8,672,615)$ (9,519,752)$ (2,178,502)$ (8,938,513)$ (8,187,815)$

- 117 -

Fiscal Year 2006 2007 2008 2009

GENERAL FUND

Reserved 2,472,838$ 2,295,307$ 1,871,440$ 1,245,401$

Unreserved - designated 20,000 20,000 20,000 20,000

Unreserved - undesignated 10,300,723 8,254,465 6,464,292 2,646,908

Nonspendable for

Advances - - - -

Long-term receivables - - - -

Prepaid items - - - -

Unrestricted

Assigned for bridge construction - - - -

Assigned for insurance - - - -

Unassigned - - - -

TOTAL GENERAL FUND 12,793,561$ 10,569,772$ 8,355,732$ 3,912,309$

ALL OTHER GOVERNMENTAL FUNDS

Reserved 2,779,602$ 1,184,780$ 1,673,756$ 663,770$

Unreserved, reported in

Capital Projects Fund - (12,391,564) (6,651,613) (11,422,543)

Special Revenue Fund (612,802) (244,644) (33,699) 375,736

Restricted for

Street maintenance - - - -

Public safety - - - -

Audit - - - -

Liability insurance - - - -

Economic development - - - -

Unrestricted

Assigned for debt service - - - -

Assigned for capital projects - - - -

Unassigned - - - -

TOTAL ALL OTHER

GOVERNMENTAL FUNDS 2,166,800$ (11,451,428)$ (5,011,556)$ (10,383,037)$

TOTAL FUND BALANCES 14,960,361$ (881,656)$ 3,344,176$ (6,470,728)$

Note: The Village implemented GASB Statement No. 54 for the fiscal year ended April 30, 2012.

Data Source



FUND BALANCES OF GOVERNMENTAL FUNDS


- 118 -

2010 2011 2012 2013 2014 2015

1,259,966$ 3,393,753$ -$ -$ -$ -$

638,341 750,040 - - - -

2,964,485 4,151,179 - - - -

- - 1,193,937 1,153,506 - -

- - 909,968 705,953 687,538 669,986

- - 123,321 133,497 133,536 135,867

- - 20,000 - - -

- - 845,155 1,006,427 1,065,860 1,158,291

- - 6,814,424 9,658,183 9,841,030 8,322,103

4,862,792$ 8,294,972$ 9,906,805$ 12,657,566$ 11,727,964$ 10,286,247$

646,481$ 679,852$ -$ -$ -$ -$

(12,268,499) (10,889,373) - - - -

713,258 1,174,378 - - - -

- - 1,115,600 1,509,744 1,915,321 2,690,722

- - 42,389 40,585 42,443 32,058

- - 4,106 5,360 3,511 3,970

- - 310,733 219,288 86,172 70,626

- - 785,584 1,099,275 959,200 986,104

- - 1,347 881 918 1,700

- - - - 405,138 5,447,573

- - (7,414,412) (4,328,519) - -

(10,908,760)$ (9,035,143)$ (5,154,653)$ (1,453,386)$ 3,412,703$ 9,232,753$

(6,045,968)$ (740,171)$ 4,752,152$ 11,204,180$ 15,140,667$ 19,519,000$

- 119 -

Fiscal Year 2006 2007 2008 2009

REVENUES

Taxes 9,151,029$ 11,650,706$ 14,090,310$ 16,924,117$

Licenses and permits 7,166,645 3,907,256 1,925,273 806,101

Intergovernmental 4,583,577 3,168,367 5,706,300 6,562,532

Charges for services 5,381,233 4,415,913 3,859,980 3,920,150

Fines and forfeits 694,476 689,983 660,012 1,031,539


Miscellaneous 121,672 151,762 2,401,330 623,400

Total revenues 27,935,105 24,844,732 29,349,453 30,006,800

EXPENDITURES

General government 4,607,435 4,385,921 4,828,113 4,643,073

Public safety 7,826,474 8,732,808 10,157,951 10,725,530

Highways and streets 4,801,761 5,786,313 7,140,202 6,180,682

Capital outlay 16,725,901 22,101,363 17,410,044 15,730,443

Debt service

Principal 575,000 960,000 995,000 1,525,000

Interest and fiscal charges 835,859 1,046,139 1,330,115 1,694,045

Total expenditures 35,372,430 43,012,544 41,861,425 40,498,773


OVER EXPENDITURES (7,437,325) (18,167,812) (12,511,972) (10,491,973)


Transfers in 825,964 5,610,371 2,579,858 4,918,446

Transfers (out) (825,964) (3,410,100) (1,352,344) (4,392,201)

Refunding bonds issued - - - -

Premium (discount) on refunding bonds - - - -

Bonds issued 10,755,000 - 15,135,000 -

Premium (discount) on bonds issued 579,530 - 364,920 -

Payment to escrow agent - - - -

Installment notes issued 247,659 111,541 - 150,824

Sale of capital assets 7,591 13,983 10,370 -

Total other financing sources (uses) 11,589,780 2,325,795 16,737,804 677,069

NET CHANGE IN FUND BALANCES 4,152,455$ (15,842,017)$ 4,225,832$ (9,814,904)$

DEBT SERVICE AS A PERCENTAGE OF

NONCAPITAL EXPENDITURES 7.57% 9.59% 9.51% 13.00%

*Beginning in fiscal year 2015, state sales tax, use tax, and income tax are reported as intergovernmental revenue.

Data Source



CHANGES IN FUND BALANCES OF GOVERNMENTAL FUNDS


- 120 -

2010 2011 2012 2013 2014 2015*

16,775,978$ 17,533,217$ 18,150,775$ 19,207,009$ 19,853,191$ 10,647,752$

495,063 497,966 611,529 735,905 862,916 976,464

3,359,417 5,507,812 5,340,409 5,298,633 4,661,759 14,308,398

4,712,486 4,152,165 4,380,366 4,822,592 4,887,938 4,932,519

1,103,323 1,329,951 1,325,854 1,169,501 1,122,269 1,094,229

15,166 8,190 6,770 20,956 27,857 (120,582)

356,964 385,686 479,606 334,334 212,015 342,080

26,818,397 29,414,987 30,295,309 31,588,930 31,627,945 32,180,860

3,133,119 2,401,600 3,477,890 3,141,185 4,029,639 3,677,375

10,303,037 10,100,410 10,654,797 10,686,447 10,746,430 11,266,927

6,432,461 6,388,974 6,431,829 6,623,648 7,404,103 7,197,622

3,947,891 2,786,336 1,950,478 2,042,968 2,870,609 3,048,345

1,580,000 1,580,000 1,720,000 1,915,000 1,945,000 2,085,000

1,655,506 1,485,744 1,581,506 1,221,304 1,191,213 1,138,302

27,052,014 24,743,064 25,816,500 25,630,552 28,186,994 28,413,571

(233,617) 4,671,923 4,478,809 5,958,378 3,440,951 3,767,289

3,659,728 3,610,948 3,096,035 3,102,780 6,094,911 6,845,397

(3,134,958) (3,082,828) (2,579,659) (2,609,130) (5,604,163) (6,355,545)

865,000 9,280,000 6,820,000 - - 9,665,000

37,806 564,424 532,928 - - 331,514

- - - - - -

- - - - - -

(883,953) (9,913,670) (7,251,451) - - (9,875,322)

114,754 - - - - -

- 175,000 395,661 - 4,788 -

658,377 633,874 1,013,514 493,650 495,536 611,044

424,760$ 5,305,797$ 5,492,323$ 6,452,028$ 3,936,487$ 4,378,333$

14.00% 13.96% 13.03% 12.94% 11.53% 11.78%

- 121 -

ASSESSED VALUE AND ACTUAL VALUE OF TAXABLE PROPERTY

Last Ten Levy Years

Total Taxable Total Estimated Estimated

Levy Residential Commercial Industrial Farm Railroad Equalized Direct Tax Actual Taxable Actual Taxable

Year Property Property Property Property Property Assessed Value Rate Value Value

2005 789,653,411$ 85,730,817$ 18,747,176$ 2,233,584$ 18,956$ 896,383,944$ 0.4124 2,689,151,832$ 33.333%

2006 1,000,246,941 92,344,265 22,733,905 1,608,459 20,396 1,116,953,966 0.4096 3,350,861,898 33.333%

2007 1,160,519,642 110,300,216 23,447,686 5,546,255 27,716 1,299,841,515 0.4075 3,899,524,545 33.333%

2008 1,223,281,087 129,411,871 25,514,981 3,143,177 36,924 1,381,388,040 0.4079 4,144,164,120 33.333%

2009 1,229,229,102 140,306,598 27,907,094 3,613,294 42,287 1,401,098,375 0.4079 4,203,295,125 33.333%

2010 1,152,059,670 143,199,078 20,391,687 3,034,973 211,437 1,318,896,845 0.4079 3,956,690,535 33.333%

2011 1,074,299,342 147,453,901 20,061,439 2,975,154 193,049 1,244,982,885 0.4297 3,734,948,655 33.333%

2012 1,018,036,579 136,459,597 20,522,201 3,436,478 155,202 1,178,610,057 0.4567 3,535,830,171 33.333%

2013 992,808,661 133,086,233 20,156,072 3,351,502 344,192 1,149,746,660 0.4669 3,449,239,980 33.333%

2014 1,001,328,597 147,923,967 19,980,960 3,691,038 403,047 1,173,327,609 0.4669 3,519,982,827 33.333%

Note: Property in the Village is reassessed each year. Property is assessed at 33% of estimated actual value.

Data Sources

Office of the County Clerk - Will County, Illinois

Office of the County Clerk - Kendall County, Illinois


- 122 -

PROPERTY TAX RATES - DIRECT AND OVERLAPPING GOVERNMENTS

Last Ten Levy Years

Levy Year 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

DIRECT TAX RATES

General Fund 0.1698 0.1780 0.1690 0.1663 0.2053 0.2012 0.2032 0.2158 0.2210 0.2099

Debt Service Fund 0.0129 0.0106 0.0094 0.0084 0.0024 0.0086 0.0090 0.0098 0.0098 0.0098

Police Pension 0.0852 0.0805 0.0761 0.0724 0.0503 0.0682 0.0721 0.0767 0.0783 0.0811

IMRF 0.0257 0.0336 0.0375 0.0419 0.0413 0.0436 0.0461 0.0490 0.0500 0.0492

Police Protection 0.0227 0.0257 0.0383 0.0449 0.0575 0.0607 0.0641 0.0682 0.0696 0.0683

Audit 0.0034 0.0032 0.0024 0.0016 0.0008 0.0029 0.0031 0.0030 0.0034 0.0033

Liability Insurance 0.0927 0.0760 0.0768 0.0724 0.0503 0.0227 0.0321 0.0342 0.0348 0.0453

Total direct rates 0.4124 0.4076 0.4095 0.4079 0.4079 0.4079 0.4297 0.4567 0.4669 0.4669

OVERLAPPING TAX RATES

Will County Incl. Forest Preserve 0.6861 0.6523 0.6367 0.6387 0.6543 0.6841 0.7244 0.7244 0.8186 0.8410

School District 202 4.5731 4.5950 4.5134 4.5270 4.5876 4.8618 5.2705 5.8323 6.2265 6.2622

Joliet Jr. College No. 525 0.2088 0.1936 0.1901 0.1896 0.2144 0.2270 0.2463 0.2768 0.2955 0.3085

Plainfield Township Park District 0.1873 0.1788 0.1742 0.1761 0.1740 0.1959 0.2126 0.2433 0.2535 0.2742

Plainfield Public Library District 0.1816 0.1770 0.1687 0.1676 0.1421 0.1573 0.1720 0.1894 0.2013 0.2057

Plainfield Fire Protection District 0.6037 0.7431 0.7787 0.8323 0.8419 0.8656 0.8872 0.9216 0.9970 1.0122

Township and All Other 0.1538 0.1502 0.1471 0.1469 0.1483 0.1653 0.1804 0.1960 0.2106 0.2125

Total overlapping rates 6.5944 6.6900 6.6089 6.6782 6.7626 7.1570 7.6934 8.3838 9.0030 9.1163

TOTAL TAX RATES 7.0068 7.0976 7.0184 7.0861 7.1705 7.5649 8.1231 8.8405 9.4699 9.5832

Property tax rates are per $100 of assessed valuation

Data Source



- 123 -

PRINCIPAL PROPERTY TAXPAYERS

Current Year and Nine Years Ago

Percentage Percentage

of Total of Total

Taxable Village Taxable Village

Equalized Taxable Equalized Equalized

Assessed Assessed Assessed Assessed

Taxpayer Business/Properties Value Rank Valuation Value Rank Valuation

JVM Plainfield Apartments LLC Springs at 127th 15,860,015$ 1 1.35%

United Distiller Manufacturer Manufacturer of liquors 7,908,293 2 0.67%

Wal-Mart Stores Inc. Discount department store 6,909,309 3 0.59%

Menard's Inc. Home improvement center 4,403,313 4 0.38%

Meijer Retail and grocery store 4,217,433 5 0.36%

Edward Health Ventures Healthcare 4,075,480 6 0.35%

Target Discount department store 3,578,331 7 0.30%

SHI II American House Senior care facility 2,700,000 8 0.23%

Chicago Bridge & Iron Co Engineering & technical center 2,530,645 9 0.22%

Coilplus Illinois Inc. Flat rolled steel processing 2,475,762 10 0.21%

United Distiller Manufacturer Manufacturer of liquors 10,725,536$ 1 1.20%

Wal-Mart Stores Inc. Discount department store 6,347,243 2 0.71%

Menard's Inc. Home improvement center 6,204,715 3 0.69%

Target Discount department store 3,812,508 4 0.43%

Plainfield 1031 LLC Kohl's Department Store 3,566,435 5 0.40%

Chicago Bridge & Iron Co Engineering & technical center 2,785,300 6 0.31%

American Publishing Co. Arkansas Newspaper publisher 2,301,087 7 0.26%

Coilplus Illinois Inc. Flat rolled steel processing 2,163,172 8 0.24%

American Stores Properties Inc. Jewel-Osco food/drug store 2,073,176 9 0.23%

Mars-Kensington North LLC Land development 1,884,543 10 0.21%

TOTAL 54,658,581$ 4.66% 41,863,715$ 4.68%

Data Source



2015 2006

- 124 -

Levy Collection Fiscal Percentage Collections in Total Collections Total Collections

Year Year Year Tax Levied Amount of Levy Subsequent Years To Date To Date

2004 2005 2006 3,045,672$ 3,035,335$ 99.66% N/A 3,035,335$ 99.66%

2005 2006 2007 3,654,262 3,649,864 99.88% N/A 3,649,864 99.88%

2006 2007 2008 4,423,287 4,418,221 99.89% N/A 4,418,221 99.89%

2007 2008 2009 5,084,818 5,058,460 99.48% N/A 5,058,460 99.48%

2008 2009 2010 5,361,674 5,352,303 99.83% N/A 5,352,303 99.83%

2009 2010 2011 5,407,741 5,399,892 99.85% N/A 5,399,892 99.85%

2010 2011 2012 5,069,976 5,054,072 99.69% N/A 5,054,072 99.69%

2011 2012 2013 5,366,861 5,294,951 98.66% N/A 5,294,951 98.66%

2012 2013 2014 5,370,957 5,279,123 98.29% N/A 5,279,123 98.29%

2013 2014 2015 5,368,140 5,355,819 99.77% N/A 5,355,819 99.77%

Note: Levies and collections for tax levy years 2004 - 2010 include Will County only.

N/A - Information not available

Data Sources


Office of the County Clerk - Kendall County, Illinois

Total Collections within the

Levy Year


PROPERTY TAX LEVIES AND COLLECTIONS

Last Ten Levy Years

- 125 -


PROPERTY TAX ASSESSED VALUATIONS, RATES, AND TAX EXTENSIONS

Last Ten Levy Years

Tax Levy Year 2005 2006 2007 2008 2009

ASSESSED VALUATION 896,383,944$ 1,116,953,966$ 1,299,841,515$ 1,381,388,040$ 1,401,098,375$

Rate Amount Rate Amount Rate Amount Rate Amount Rate Amount

TAX EXTENSIONS

General 0.1698 1,522,040$ 0.1780 1,988,272$ 0.1690 2,196,847$ 0.1663 2,297,916$ 0.2067 2,877,525$

Debt service 0.0129 115,633 0.0106 118,398 0.0094 122,069 0.0084 116,037 0.0024 33,611

Police pension 0.0852 763,719 0.0805 899,180 0.0761 989,005 0.0724 999,924 0.0500 704,504

Illinois Municipal Retirement 0.0257 230,361 0.0336 375,296 0.0375 487,382 0.0419 578,668 0.0410 578,458

Police protection 0.0227 203,479 0.0257 287,057 0.0383 497,723 0.0449 620,110 0.0571 805,330

Audit 0.0034 30,466 0.0032 35,743 0.0004 31,196 0.0016 22,102 0.0007 11,148

Liability insurance 0.0927 830,938 0.0760 848,916 0.0768 998,162 0.0724 999,924 0.0500 704,504

TOTAL TAX EXTENSIONS 0.4124 3,696,636$ 0.4076 4,552,862$ 0.4075 5,322,384$ 0.4079 5,634,681$ 0.4079 5,715,080$

- 126 -


PROPERTY TAX ASSESSED VALUATIONS, RATES, AND TAX EXTENSIONS (Continued)

Last Ten Levy Years

Tax Levy Year 2010 2011 2012 2013 2014

ASSESSED VALUATION 1,318,896,845$ 1,244,982,885$ 1,178,610,057$ 1,149,746,660$ 1,173,327,609$

Rate Amount Rate Amount Rate Amount Rate Amount Rate Amount

TAX EXTENSIONS

General 0.2012 2,643,631$ 0.2032 2,529,533$ 0.2158 2,543,386$ 0.2210 2,541,014$ 0.2099 2,463,239$

Debt service 0.0086 113,418 0.0090 112,021 0.0098 115,469 0.0098 112,648 0.0098 114,957

Police pension 0.0682 899,517 0.0721 897,766 0.0767 903,769 0.0783 900,238 0.0811 951,470

Illinois municipal retirement 0.0436 573,793 0.0461 574,000 0.0490 577,376 0.0500 574,887 0.0492 577,137

Police protection 0.0607 799,295 0.0641 798,146 0.0682 803,595 0.0696 800,217 0.0683 801,299

Audit 0.0029 38,241 0.0031 38,567 0.0030 35,338 0.0034 39,030 0.0033 38,713

Liability insurance 0.0227 299,426 0.0321 399,660 0.0342 402,909 0.0348 400,106 0.0453 531,426

TOTAL TAX EXTENSIONS 0.4079 5,367,321$ 0.4297 5,349,693$ 0.4567 5,381,842$ 0.4669 5,368,140$ 0.4669 5,478,241$

- 127 -

SALES TAX BY CATEGORY

Last Ten Calendar Years

Calendar Year 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

General merchandise 786,643$ 881,784$ 1,098,039$ 1,727,764$ 1,619,652$ 1,704,879$ 1,422,877$ 1,888,789$ 2,014,318$ 2,957,023$

Food 438,426 468,080 451,667 552,145 530,171 469,346 447,894 377,464 405,981 619,855

Drinking and eating places 338,411 415,507 471,211 888,391 904,118 942,498 1,038,892 1,259,374 1,481,747 1,547,675

Apparel 21,675 33,456 54,211 93,359 104,996 120,139 347,612 127,335 121,980 87,001

Furniture and H.H. and radio 84,127 93,920 94,275 180,611 142,158 145,517 141,098 157,320 125,553 133,673

Lumber, building hardware 347,747 366,378 346,983 508,908 547,665 535,803 552,466 675,008 812,648 888,333

Automobile and filling stations 865,241 1,230,365 1,229,324 1,571,228 1,355,716 1,443,543 1,867,893 2,364,926 2,738,000 1,593,137

Drugs and miscellaneous retail 354,762 395,533 403,483 850,917 889,549 959,238 1,036,231 1,384,198 1,564,115 1,588,279

Agriculture and all others 177,264 194,701 258,183 442,817 480,942 465,556 468,099 291,404 300,709 376,539

Manufacturers 81,835 103,018 188,803 265,863 208,888 184,640 64,035 82,726 125,084 150,191

TOTAL 3,496,131$ 4,182,742$ 4,596,179$ 7,082,003$ 6,783,855$ 6,971,159$ 7,387,097$ 8,608,544$ 9,690,135$ 9,941,706$

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%

Village home rule sales tax rate* 0.00% 0.00% 0.00% 1.00% 1.00% 1.00% 1.00% 1.50% 1.50% 1.50%

* 1% effective January 1, 2008; 1.5% effective July 1, 2012

Data Source

Illinois Department of Revenue - Will County only


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DIRECT AND OVERLAPPING SALES TAX RATES


Village Village

Calendar Direct Home Rule Will County RTA State Total

Year Rate Rate Rate Rate Rate Rate

2005 1.00% 0.00% 0.25% 0.25% 5.00% 6.50%

2006 1.00% 0.00% 0.25% 0.25% 5.00% 6.50%

2007 1.00% 0.00% 0.25% 0.25% 5.00% 6.50%

2008 1.00% 1.00% 0.25% 0.75% 5.00% 8.00%

2009 1.00% 1.00% 0.25% 0.75% 5.00% 8.00%

2010 1.00% 1.00% 0.25% 0.75% 5.00% 8.00%

2011 1.00% 1.00% 0.25% 0.75% 5.00% 8.00%

2012 1.00% 1.50% 0.25% 0.75% 5.00% 8.50%

2013 1.00% 1.50% 0.25% 0.75% 5.00% 8.50%

2014 1.00% 1.50% 0.25% 0.75% 5.00% 8.50%

Note: The home rule sales tax rate increases for the Village were effective January 1, 2008 and July 1, 2012.

The tax rate for the Regional Transit Authority increased effective April 1, 2008.

Data Source

Village and Illinois Department of Revenue


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RATIOS OF OUTSTANDING DEBT BY TYPE


Percentage

Fiscal General Installment General Illinois Total of

Year Obligation Notes Obligation Revenue EPA Primary Personal Per

Ended Bonds Payable Bonds Bonds Loan Government Income* Capita*

2006 24,595,000$ 204,990$ 20,030,000$ -$ -$ 44,829,990$ 0.0524 1,479$

2007 23,635,000 154,494 18,980,000 - - 42,769,494 0.0347 1,146

2008 37,775,000 37,133 17,885,000 - - 55,697,133 0.0460 1,492

2009 36,250,000 97,859 16,740,000 16,385,000 - 69,472,859 0.0578 1,861

2010 34,655,000 12,398 15,530,000 16,385,000 - 66,582,398 0.0508 1,682

2011 32,980,000 - 14,265,000 16,030,000 1,710,999 64,985,999 0.0477 1,642

2012 31,845,000 - 12,945,000 15,665,000 3,273,202 63,728,202 0.0456 1,610

2013 29,930,000 - 11,575,000 15,285,000 3,093,385 59,883,385 0.0411 1,433

2014 27,985,000 - 9,735,000 14,885,000 2,946,902 55,551,902 N/A 1,318

2015 28,162,546 - 8,816,853 16,449,941 2,795,259 56,224,599 N/A N/A

Note: Details of the Village's outstanding debt can be found in the notes to financial statements.

* See the schedule of Demographic and Economic Statistics for personal income and population data.

N/A - information not available

Data Source


Activities

Business-Type

Activities


Governmental

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RATIOS OF GENERAL BONDED DEBT OUTSTANDING


Percentage of

Less Amounts Equalized

General Available Assessed

Fiscal Obligation In Debt Value of Per

Year Bonds Service Fund Total Property* Capita

2006 24,595,000$ 377,129$ 24,217,871$ 2.17% 799$

2007 23,635,000 278,330 23,356,670 1.80% 626

2008 37,775,000 973,679 36,801,321 2.66% 986

2009 36,250,000 113 36,249,887 2.59% 971

2010 34,655,000 113 34,654,887 2.63% 876

2011 32,980,000 118 32,979,882 2.65% 833

2012 31,845,000 1,347 31,843,653 2.70% 805

2013 29,930,000 881 29,929,119 2.60% 756

2014 27,985,000 918 27,984,082 2.43% 707

2015* 36,979,399 1,700 36,977,699 3.15% 934

* 2015 EAV used as it is the most recent data available


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DIRECT AND OVERLAPPING GOVERNMENTAL ACTIVITIES DEBT

Percentage Village's

Gross Debt Applicable Share

Governmental Unit Debt to the Village* of Debt

Village of Plainfield 28,162,546$ 100.000% 28,162,546$

Will County, Including Forest Preserve District 134,175,125 (2)(3)(4)

6.125 8,218,226

Kendall County, including Forest Preserve District 45,970,000 (1)(3)

2.878 1,323,017

Plainfield Fire Protection District - (3)

77.903 -

Oswegoland Park District 3,200,000 7.956 254,592

Plainfield Park District 4,453,000 46.424 2,067,261

Oswego Public Library District 77,050,000 7.328 564,622

Plainfield Unit School District #202 275,355,000 (4)

36.733 101,146,152

Indian Prairie Unit School District #204 246,930,000 (4)

0.598 1,476,641

Oswego Unit School District #308 351,048,034 (2)(3)

6.508 22,846,206

DuPage Community College #502 233,940,000 (3)

0.069 154,519

Waubonsee Community College #516 71,050,000 (2)(3)(4)

1.348 957,754

Joliet Community College #525 82,000,000 (3)

5.915 4,850,300

Total Overlapping Debt 1,525,171,159 143,859,290

1,553,333,705$ 172,021,836$

(1) Excludes Public Building Commission debt/leases.

(2) Includes original principal amounts of outstanding General Obligation Capital Appreciation Bonds.

(3) Excludes principal amounts of outstanding General Obligation Alternate Revenue Source Bonds

which are expected to be paid from sources other than general taxation.(4)

Excludes outstanding debt certificates.

Data Source

The Village, Will and Kendall County Clerk's Offices


April 30, 2015

* The percentage of overlapping debt applicable is estimated using taxable assessed property values. Applicable

percentages were estimated by determining the portion of the Village's taxable assessed value that is within the

government's boundaries and dividing it by the Village's total taxable assessed value.

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PLEDGED-REVENUE COVERAGE

WATER REVENUE BONDS


Water

Fiscal Charges Debt Service

Year and Other Principal Interest Coverage

2006 9,717,867$ -$ -$ -$

2007 9,333,222 - - -

2008 10,359,459 - - -

2009 9,317,371 - - -

2010 9,510,526 - 812,199 11.71

2011 10,135,734 355,000 845,026 8.45

2012 11,482,986 365,000 829,960 9.61

2013 14,066,990 380,000 814,366 11.78

2014 13,361,542 400,000 797,785 11.16

2015 13,407,793 415,000 893,871 10.24

Data Source

Audited financial statements

Note: Details of the Village's outstanding debt can be found in the notes to financial

statements.


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DEMOGRAPHIC AND ECONOMIC INFORMATION


Per

Median Capita

Fiscal Household Personal Personal Unemployment

Year Population Income Income Income Rate

2006 30,314 80,799$ 856,127,988$ 28,242$ 3.6%

2007 37,334 101,958 1,233,067,352 33,028 4.0%

2008 37,334 100,566 1,210,965,624 32,436 5.3%

2009 37,334 102,863 1,202,826,812 32,218 9.1%

2010 39,581 105,897 1,309,814,452 33,092 9.7%

2011 39,581 108,239 1,361,665,562 34,402 9.3%

2012 39,581 111,637 1,397,684,272 35,312 8.2%

2013 41,784* 108,928 1,456,005,264 34,846 8.2%

2014 42,138* N/A N/A N/A 6.4%

2015 N/A N/A N/A N/A 5.8%

N/A - information not available

Data Sources

Household and per capita income:

US Census Bureau - 2010 census data

*Census.gov estimate

US Census Bureau - American Fact Finder

2005-2007 American Community Survey 3-Yr Estimates







Unemployment Rate:

Illinois Department of Employment Security (2015 through July - not seasonally adj.)


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PRINCIPAL EMPLOYERS

Current Year and Nine Years Ago

Percent Percent

of Total of Total

No. of Village No. of Village

Employer Rank Employees Population Employer Rank Employees Population

Plainfield CUSD #202 1 3,013 7.61% Plainfield CUSD #202 1 2,300 7.59%

Chicago Bridge & Iron Co. 2 440 1.11% Chicago Bridge & Iron Co. 2 830 2.74%

Diageo North America, Inc. 3 300 0.76% Wal-Mart 3 555 1.83%

Wal-Mart 4 280 0.71% Fox Valley Press 4 230 0.76%

Meijer 5 232 0.59% Plainfield Stamping and Molding Co. 5 214 0.71%

Jewel-Osco 6 200 0.51% Diageo North America 6 200 0.66%

Lakewood Nursing and Rehab Center 7 160 0.40% R.A. Bright Construction, Inc. 7 200 0.66%

Village of Plainfield 8 133 0.34% Flexi-Mat Corp. 8 180 0.59%

Target 9 200 0.51% Village of Plainfield 9 134 0.44%

Menards, Inc. 10 125 0.32% MID States Express 10 95 0.31%

Population Population

39,581 30,314

Note: May include both full-time and full-time equivalent employees.

Data Source

From a canvass of employers, IL Services and Manufacturers Directory


20062015

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FULL-TIME EQUIVALENT EMPLOYEES


Function/Program 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

Administration/Finance 16.00 16.00 17.50 15.50 14.50 14.50 14.50 15.00 14.50 15.50

Police Department 70.50 79.00 83.00 85.00 77.00 73.50 75.50 75.50 76.50 76.50

Streets Department 19.50 20.50 23.50 23.50 19.50 17.00 17.50 18.50 18.50 18.50

Community Development 24.10 25.00 25.00 13.50 7.00 7.50 7.50 8.00 8.00 8.00

Water and Sewer Department 18.30 19.30 15.00 14.50 12.00 11.50 12.50 11.50 11.50 11.50

Public Works Engineering 4.00 4.00 4.00 4.00 3.00 2.00 3.00 3.00 3.00 3.00

TOTAL 152.40 163.80 168.00 156.00 133.00 126.00 130.50 131.50 132.00 133.00

Data Source

Village Human Resources Department


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PUBLIC SAFETY

Police

Calls for service 35,156.00 37,592 38,654 42,707 39,228 41,048 40,490 37,529 34,570 33,252

Total traffic citations - - 8,780 12,827 12,455 12,125 14,037 11,086 9,819 7,951

Total DUI arrests - - 159 141 187 154 104 119 107 89

Total crashes - - 1,100 998 984 1,109 980 1,010 1,121 1,200

DARE Program student attendance - - 900 1,050 1,100 1,100 1,150 1,200 4,544 1,200

BUILDING PERMITS ISSUED

New residential units 1,407 998 404 172 66 58 88 111 135 166

General construction inspections 21,427 22,028 14,092 8,890 5,335 4,300 4,884 6,619 8,016 6,367

Commercial/office/industrial added (sq ft.) 839,968 346,415 349,523 284,015 24,659 172,926 90,770 71,414 194,250 0

Acreage Annexed 671 380 1472 496 24 5.4 2.1 277 6 87

BUILDING PERMIT REVENUE

(*fiscal year) 5,221,616$ 6,351,259$ 3,308,750$ 1,334,936$ 592,852$ 294,862$ 275,144$ 447,103$ 561,591$ 677,304$

PUBLIC WORKS

Asphalt patching/pothole repairs (tons) - - 960.00 482 292 285 195 136 109 104

Shoulder stone repaired (tons) - - 928.00 172 430 464 843 1,173 824 945

Snow removal events - - 45.00 57 45 29 20 12 26 27

Street sweeping (lane miles) - - 1,199.00 1,357 1,976 1,760 1,627 1,958 1,635 1,334

Grounds maintenance and mowing (hours) - - 1,946.00 1,829 2,070 1,974 2,280 1,709 1,904 1,552

UTILITY BILLING (*fiscal year)

Number of metered accounts 107,563 123,398 139,092 146,812 149,687 149,687 148,031 151,816 153,205 154,914

Water consumption billed (cubic feet)

Residential - - - - 116,145,176 110,246,350 111,002,800 123,367,085 123,441,600 125,383,157

Commercial - - - - 16,569,010 17,304,912 20,570,922 16,671,638 22,609,487 13,257,815

Industrial - - - - 17,298,465 17,259,429 13,933,361 14,311,880 17,775,104 19,647,597

WATER

Average daily flow (MGD) 3.402 3.149 3.5 3.236 3.096 3.062 3.091 3.49 3.205 3.098

Peak daily flow (MGD) - - 6.33 5.886 5.732 5.841 6.324 6.644 5.941 4.656

Water main breaks 12 7 7 6 6 4 5 2 1 6

Number of valves exercised 81 448 156 332 166 2061 28 19 513 1,096


OPERATING INDICATORS

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WASTEWATER

Miles of sanitary sewer main 175 190 210 220 220 220 220 220 220 220

Average daily flow (MGD) 3.162 2.879 3.202 3.302 3.746 3.55 3.964 3.21 4.441 4.663

Bio-solids treated (tons) - - - 833 605 730 642 799 771 945

Sewers inspected/cleaned (feet) 45,469 40,098 39,000 65,000 12,000 9,000 3,308 23,200 13,200 6,200

Data Sources

Various Village departments

Some statistics for previous years unavailable

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CAPITAL ASSET STATISTICS



PUBLIC SAFETY

Police

Stations 1 1 1 1 1 1 1 1 1 1

Area patrols 4 4 4 6 6 6 6 6 6 6

Patrol units/shift 5 7 5 6 6 6 7 6 6 6

PUBLIC WORKS

Lane Miles of streets 390 390 400 400 410 410 410 410 410 410

Traffic signals 1 3 6 6 7 7 7 4 4 4

WATER

Water mains (miles) 210 220 225 226 226 226 226 229 229 229

Storage capacity (gallons) 4,200,000 9,200,000 9,200,000 9,200,000 9,200,000 9,200,000 9,200,000 9,200,000 9,200,000 9,200,000

WASTEWATER

Sanitary sewers (miles) 190 210 220 220 220 220 220 220 220 220

Treatment capacity (gallons) 4,300,000 4,300,000 4,300,000 4,300,000 7,500,000 7,500,000 7,500,000 7,500,000 7,500,000 7,500,000

Data Source

Various Village departments


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