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Subject Annual Report ofthe Audit Committee and
Acceptance of ComprehensiveAnnual
Report for • 31, • •
Meeting July 20, 2021 - REGULAR MEETING OF THE MOUNT
PROSPECT VILLAGE BOARD -
Fiscal Impact
Dollar Amount
Budget Source
Category • •
Type Action Item
Information
The Audit Committee has prepared it's annual report to the Village Board on
Committee activities for the past year. A primary function of the Audit Committee
is oversight of the annual audit process. The audit process for 2020 has
concluded, and the Comprehensive Annual Financial Report (CAFR) has been
provided to the Village Board for review and final acceptance. The Audit
Committee Chair and staff will be on hand to present the information and answer
questions on the recently concluded audit process and 2020 CAFR. Please follow
this link to view the 2020 CAFR.
The major items to consider from the CAFR are:
a) For the year 2020, the independent audit firm Lauterbach & Amen, LLP has
issued a clean and unqualified opinion on the financial statements. Per the audit
report, the financial statements are free from any material misstatement, and it
fairly represents the financial condition of the Village. The financial statements are
prepared in accordance with the generally accepted accounting principals and
standards issued by the Government Accounting Standard Board.
b) The Management Letter communicates if there are any material weaknesses in
the internal controls, and the auditor has identified none.
1
c) The General Fund Reserves are $26.2 million, of which $23.5 million is
unrestricted.
d) The overall Governmental Activity Fund Balance is $40.4 million.
e) The overall Business Type activity Fund Balance is $37.9 million, of which $20.5
million is invested in capital assets and infrastructures.
f) Police and Fire Pension Funds are showing the funded ratio of 70 percent and 30
percent unfunded liability totals at $32.5 million for Fire and $37.5 million for
Police.
g) There was a minor restatement of $1.7 million (prior period adjustment for the
business district note) in the non-current liability section, which positively
impacted the net position of the Village.
h ) The CAFR also included the Certificate of Achievement for Excellence in the
Financial Reporting received from GFOA for 2019 Audit. This marks 27th
consecutive year of the Village receiving this award. The Village has also
submitted the 2020 CAFR for the award program.
Alternatives
1. Accept the annual report of the Audit Committee and Comprehensive Annual
Financial Report of the Village for the period ending December 31, 2020.
2. Action at the discretion of Village Board.
Staff Recommendation
Accept the annual report of the Audit Committee and Comprehensive Annual
Financial Report of the Village for the period ending December 31, 2020.
ATTACHMENTS:
Mount Prospect Comprehensive Annual Financial Report 1220.pdf
Annual Report Audit Committee - 2020.pdf
2
VILLAGE OF MOUNT PROSPECT, ILLINOIS
COMPREHENSIVE ANNUAL FINANCIAL REPORT
FOR THE FISCAL YEAR ENDED DECEMBER 31, 2020
Prepared by: Finance Department
Amit R. Thakkar
Director of Finance
Jennifer Fitzgerald
Assistant to the Director of Finance
4
VILLAGE OF MOUNT PROSPECT, ILLINOIS
TABLE OF CONTENTS
INTRODUCTORY SECTION
PAGE
List of Principal Officials 1
Organizational Chart 2
Letter of Transmittal 3
Certificate of Achievement for Excellence in Financial Reporting 9
FINANCIAL SECTION
INDEPENDENT AUDITORS' REPORT 12
MANAGEMENT'S DISCUSSION AND ANALYSIS 16
BASIC FINANCIAL STATEMENTS
Government -Wide Financial Statements
Statement of Net Position
29
Statement of Activities
31
Fund Financial Statements
Balance Sheet - Governmental Funds
33
Reconciliation of Total Governmental Fund Balance to the
Statement of Net Position - Governmental Activities
35
Statement of Revenues, Expenditures and Changes in
Fund Balances - Governmental Funds
37
Reconciliation of the Statement of Revenues, Expenditures and Changes in
Fund Balances to the Statement of Activities - Governmental Activities
39
Statement of Net Position - Proprietary Funds
41
Statement of Revenues, Expenses, and Changes in Net Position - Proprietary Funds
43
Statement of Cash Flows - Proprietary
44
Statement of Fiduciary Net Position
45
Statement of Changes in Fiduciary Net Position
46
Notes to the Financial Statements
47
REQUIRED SUPPLEMENTARY INFORMATION
Schedule of Employer Contributions
Illinois Municipal Retirement Fund 107
Police Pension Fund 108
Firefighters' Pension Fund 109
5
VILLAGE OF MOUNT PROSPECT, ILLINOIS
TABLE OF CONTENTS
PAGE
FINANCIAL SECTION - Continued
REQUIRED SUPPLEMENTARY INFORMATION - Continued
Schedule of Changes in the Employer's Net Pension Liability
Illinois Municipal Retirement Fund
110
Police Pension Fund
112
Firefighters' Pension Fund
114
Schedule of Investment Returns
Police Pension Fund
116
Firefighters' Pension Fund
117
Schedule of Changes in the Employer's Total OPEB Liability
128
Retiree Benefit Plan
118
Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual
145
General Fund
119
Prospect/Main TIF - Special Revenue Fund
120
OTHER SUPPLEMENTARY INFORMATION
Governmental Funds
Major Governmental Funds
General Fund
Schedule of Revenues - Budget and Actual
124
Schedule of Expenditures - Budget and Actual
127
Schedule of Detailed Expenditures - Budget and Actual
128
Debt Service Fund
Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual
145
Police and Fire Building Construction - Capital Projects Fund
Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual
146
Nonmajor Governmental Funds
Combining Balance Sheet
149
Combining Statement of Revenues, Expenditures and Changes in Fund Balances
150
Nonmajor Special Revenue Funds
Combining Balance Sheet
152
Combining Statement of Revenues, Expenditures and Changes in Fund Balances
154
Motor Fuel Tax - Special Revenue Fund
Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual
156
Schedule of Expenditures - Budget and Actual
157
Refuse Disposal - Special Revenue Fund
Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual
158
Schedule of Expenditures - Budget and Actual
159
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VILLAGE OF MOUNT PROSPECT, ILLINOIS
TABLE OF CONTENTS
FINANCIAL SECTION - Continued
PAGE
OTHER SUPPLEMENTARY INFORMATION - Continued
Community Development Block Grant - Special Revenue Fund
Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual
160
Asset Seizure - Special Revenue Fund
Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual
161
Federal Equitable Share - Special Revenue Fund
Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual
162
DUI Fines - Special Revenue Fund
Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual
163
Foreign Fire Insurance - Special Revenue Fund
Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual
164
Business District - Special Revenue Fund
Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual
165
Nonmajor Capital Projects Funds
Combining Balance Sheet
166
Combining Statement of Revenues, Expenditures and Changes in Fund Balances
167
Capital Improvement- Capital Projects Fund
Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual
168
Schedule of Expenditures - Budget and Actual
169
Flood Control Construction - Capital Projects Fund
Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual
170
Schedule of Expenditures - Budget and Actual
171
Street Improvement Construction - Capital Projects Fund
Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual
172
Proprietary Funds
Enterprise Funds
Water and Sewer Fund
Schedule of Revenues, Expenses and Changes in Net Position - Budget and Actual
175
Schedule of Operating Revenues
176
Schedule of Operating Expenses - Budget and Actual
177
Nonmajor Enterprise Funds
Combining Statement of Net Position
180
Combining Statement of Revenues, Expenses and Changes in Net Position
181
Combining Statement of Cash Flows
182
Parking System Revenue Fund
Schedule of Revenues, Expenses and Changes in Net Position - Budget and Actual
183
Schedule of Operating Expenses - Budget and Actual
184
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VILLAGE OF MOUNT PROSPECT, ILLINOIS
TABLE OF CONTENTS
FINANCIAL SECTION - Continued
PAGE
OTHER SUPPLEMENTARY INFORMATION - Continued
Village Parking System Fund
Schedule of Revenues, Expenses and Changes in Net Position - Budget and Actual
185
Schedule of Operating Expenses - Budget and Actual
186
Internal Service Funds
Combining Statement of Net Position
189
Combining Statement of Revenues, Expenses and Changes in Net Position
191
Combining Statement of Cash Flows
193
Computer Replacement Fund
Schedule of Revenues, Expenses and Changes in Net Position - Budget and Actual
195
Schedule of Operating Expenses - Budget and Actual
196
Risk Management Fund
Schedule of Revenues, Expenses and Changes in Net Position - Budget and Actual
197
Schedule of Operating Revenues
198
Schedule of Operating Expenses - Budget and Actual
199
Vehicle Replacement Fund
Schedule of Revenues, Expenses and Changes in Net Position - Budget and Actual
200
Schedule of Operating Revenues
201
Schedule of Operating Expenses - Budget and Actual
202
Vehicle Maintenance Fund
Schedule of Revenues, Expenses and Changes in Net Position - Budget and Actual
203
Schedule of Operating Revenues
204
Schedule of Operating Expenses - Budget and Actual
205
Fiduciary Funds
Pension Trust Funds
Combining Statement of Fiduciary Net Position
207
Combining Statement of Changes in Fiduciary Net Position
208
Schedule of Changes in the Fiduciary Net Position - Budget and Actual
Police Pension
209
Firefighters' Pension
210
Consolidated Year -End Financial Report
211
SUPPLEMENTAL SCHEDULES
General Long -Tenn Debt
Long -Term Debt Payable by Governmental Funds 214
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VILLAGE OF MOUNT PROSPECT, ILLINOIS
TABLE OF CONTENTS
PAGE
FINANCIAL SECTION - Continued
SUPPLEMENTAL SCHEDULES - Continued
Long -Term Debt Requirements
General Obligation Bonds of 2012
216
General Obligation Bonds of 2013
217
General Obligation Bonds of 2014
218
General Obligation Refunding Bonds of 2016
219
General Obligation Refunding Bonds of 2016A
220
General Obligation Bonds of 2017
221
General Obligation Bonds of 2018A
222
General Obligation Bonds of 2018B
223
General Obligation Bonds of 2019A
224
General Obligation Bonds of 2019B
225
STATISTICAL SECTION (Unaudited)
Net Position by Component - Last Ten Fiscal Years
228
Changes in Net Position - Last Ten Fiscal Years
230
Fund Balances of Governmental Funds - Last Ten Fiscal Years
232
Changes in Fund Balances of Governmental Funds - Last Ten Fiscal Years
234
Assessed Value and Actual Value of Taxable Property - Last Ten Tax Levy Years
236
Direct and Overlapping Property Tax Rates - Last Ten Tax Levy Years
238
Principal Property Tax Payers - Current Fiscal Year and Nine Fiscal Years Ago
240
Property Tax Levies and Collections - Last Ten Fiscal Years
241
Sales Taxes by Category - Last Ten Fiscal Years
242
Business District Sales Taxes by Category - Last Ten Fiscal Years
244
Home Rule Sales Taxes by Category - Last Ten Fiscal Years
246
Direct and Overlapping Sales Tax Rates - Last Ten Fiscal Years
248
Ratios of Outstanding Debt by Type - Last Ten Fiscal Years
249
Ratios of General Bonded Debt Outstanding - Last Ten Fiscal Years
250
Schedule of Direct and Overlapping Governmental Activities Debt
251
Schedule of Legal Debt Margin
252
Demographic and Economic Statistics - Last Ten Fiscal Years
253
Principal Employers - Current Fiscal Year and Nine Fiscal Years Ago
254
Full -Time Equivalent Employees by Function/Program - Last Ten Fiscal Years
256
Operating Indicators by Function/Program - Last Ten Fiscal Years
258
Capital Asset Statistics by Function/Program - Last Ten Fiscal Years
260
Additional Disclosures Required by SEC Rule 15c2-12
263
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INTRODUCTORY SECTION
This section includes miscellaneous data regarding the Village including:
• List of Principal Officials
• Organizational Chart
• Letter of Transmittal
• Certificate of Achievement for Excellence in Financial Reporting
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VILLAGE OF MOUNT PROSPECT, ILLINOIS
Principal Officials
December 31, 2020
LEGISLATIVE
Mayor
Arlene A. Juracek
Trustees
William A. Grossi Richard F. Rogers
Eleni Hatzis Colleen E. Saccotelli
Paul Wm. Hoefert Michael A. Zadel
ADMINISTRATION
Michael J. Cassady, Village Manager
Nellie S. Beckner, Assistant Village Manager
Karen Agoranos, Village Clerk
Amit R. Thakkar, Director of Finance/Treasurer
William J. Cooney, Jr., Director of Community Development
William M. Schroeder, Director of Building and Inspection Services
Julie K. Kane, Director of Human Services
John A. Koziol, Chief of Police
Brian Lambel, Fire Chief
Sean P. Dorsey, Director of Public Works
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VILLAGE OF MOUNT PROSPECT, ILLINOIS
Organizational Structure
12
MAYOR
Paul Wm. Hoefert
TRUSTEES
Agostino S. Filippone
Terri Gens
John J. Matuszak
Peggy Pissarreck
Richard F. Rogers I
Colleen E. Saccotelli
Village of Mount Prospect
50 S. Emerson Street, Mount Prospect, Illinois 60056
June 23, 2021
The Honorable Paul W. Hoefert, Village President
Members of the Board of Trustees
Village Manager Michael J. Cassady, and
Citizens of the Village of Mount Prospect, Illinois
VILLAGE MANAGER
Michael J. Cassady
VILLAGE CLERK
Karen Agoranos
Phone: 847/392-6000
Fax: 847/392-6022
www.mountprospect.org
The Comprehensive Annual Financial Report of the Village of Mount Prospect, Illinois for the fiscal year
ended December 31, 2020 is submitted herewith. The report consists of management's representations
concerning the finances of the Village of Mount Prospect. Responsibility for both the accuracy of the data
and the completeness and fairness of the presentation, including all disclosures, rests with the Village.
To provide a reasonable basis for making these representations, management of the Village has established
a comprehensive internal control framework that is designed both to protect the government's assets from
loss, theft or misuse and to compile sufficient reliable information for the preparation of the Village of
Mount Prospect's financial statements in conformity with Generally Accepted Accounting Principles
(GAAP). Because the cost of internal controls should not outweigh their benefits, the Village's
comprehensive framework on internal controls has been designed to provide reasonable rather than absolute
assurance that the financial statements will be free from material misstatement. The Village has
implemented GASB Statement No. 34, Basic Financial Statements — and Management Discussion and
Analysis - for state and local governments, including infrastructure reporting. As management, we assert
that, to the best of our knowledge and belief, this financial report is complete and reliable in all material
respects.
The Village's financial statements have been audited by Lauterbach & Amen, LLP, a firm of licensed
certified public accountants. The goal of the independent audit is to provide reasonable assurance that the
financial statements of the Village of Mount Prospect for the year ended December 31, 2020 are free from
material misstatement. The independent audit involved examining, on a test basis, evidence supporting the
amounts and disclosures in the financial statements; assessing the accounting principles used and significant
estimates made by management; and evaluating the overall financial statement presentation. The
independent auditor concluded based upon their audit that there was a reasonable basis for rendering an
unmodified opinion that the Village's financial statements for the fiscal year ended December 31, 2020 are
fairly presented in conformity with GAAP. The independent auditor's report is presented as the first
component of the financial section of this report.
GAAP require that management provide a narrative introduction, overview and analysis to accompany the
basic financial statements in the form of Management's Discussion and Analysis (MD&A). This letter of
transmittal is designed to complement the MD&A and should be read in conjunction with it. The Village's
MD&A can be found immediately following the report of the independent auditors.
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Profile of the Village of Mount Prospect
The Village of Mount Prospect, a home rule community as defined by the Illinois Constitution, was incorporated
February 3, 1917 and is located 23 miles northwest from downtown Chicago in Cook County. The Village
currently has land area of 10.8 square miles and a population of 54,167 (2010 Census).
The Village operates under the Council/Manager form of government. Policymaking and legislative authority are
vested in the Village Board, which consists of a Mayor and six -member Board of Trustees. The Village Board is
responsible for, among other things, passing ordinances, adopting the budget, appointing committee members and
hiring the Village Manager. The Village Manager is responsible for carrying out the policies and ordinances of
the Village Board, for overseeing the day-to-day operations of the Village, and for appointing the heads of the
Village's departments. The Board is elected on a non-partisan basis. Board members are elected to four-year
staggered terms with three Board members elected every two years. The Mayor is elected to a four-year term.
The Mayor and Village Trustees are elected at large. The Village provides a full range of services including
police, fire, public works (including water and sewer), human services, finance, community development and
communication (television) services.
The annual budget serves as the foundation for the Village's financial planning and control. All departments of
the Village are required to submit their budget requests to the Finance Director by mid-July each year. Revenue
estimates are completed by the Finance Department in preparation for departmental budget reviews with the
Village Manager and Finance Director in early August. Initial budget requests are compiled by the end of August.
A proposed budget is prepared and delivered to the Village Board and Finance Commission at the end of
September. The proposed budget is also made available for public inspection in the Village Clerk's Office, on the
Village website and at the Mount Prospect Public Library. A series of workshops are held with members of the
Village Board and Finance Commission in October and November. The Finance Commission also meets
separately with staff in October. The Village Board is required to hold a public hearing on the proposed budget
and to adopt a final budget no later than December 31st of each year, the close of the Village's previous budget
year. The budget is prepared by fund and by department. Expense cost centers are created within departments
giving a true picture of the cost of providing a particular service (e.g., Police Department Investigations). Budget
amendments require approval of the Village Board. Budget -to -actual comparisons are provided for each
individual governmental fund for which an appropriated annual budget has been adopted.
For the General Corporate Fund and major special revenue funds, this comparison is presented in the required
supplementary information. For governmental funds, other than the General Corporate Fund and major special
revenue funds, with appropriated annual budgets, this comparison is presented in the non -major governmental
fund subsection of this report.
Major Initiatives
The Village staff, following directives of the Village Board and the Village Manager, has been involved in a
variety of projects throughout the year - projects which reflect initiatives found in the Village's Strategic Plan and
a commitment to ensuring its citizens are able to live and work in an enviable environment. Below is a list of the
more significant accomplishments and initiatives that address various goals identified for 2020.
COVID-19 Pandemic — COVID-19, a global pandemic started in February 2020, impacted the Village
operations starting in March 2020. The Village was quick in implementing strategies to minimize the
impact of COVID-19. The Village enacted a State of Emergency, started an Emergency Operation Center,
allowed its employees to work from home based on the nature of the job and reduced the footprint. All of
the above steps were implemented without impacting service levels or quality of service. The Village also
implemented a Contingency Plan based on the initial estimate of $5.6 million in reduced revenues and
proposed spending reductions of $7.0 million. Due to a strong tax base and the thriving local economy in
the Village, the Village revenues were not impacted to a greater degree. With outperforming income tax,
use tax, ambulance billing fees and a few other revenue sources, the Village did not incur any loss in the
revenue for the year 2020. The Village also did not experience any major incident of outbreak within its
employees or departments.
4 14
• Public Safety Building — The construction of the new Police Headquarter at 799 Biermann Ct. and Fire
Headquarter at 111 E. Rand Road was completed during the year 2020. Both of the facilities are in
operation since spring 2020.
• Levee 37 Plan — The Village successfully secured $1,300,000 in grant funding for the construction of
storm water detention and associated stoim mainline pipe upsizing in the Newton subdivision tributary to
the Des Plaines River. The project was approved in FY 2019 and was significantly completed in FY 2020.
The Village also secured $3,000,000 in grant funding for the Levee 37 Phase Il improvements at Aspen
Trails Park.
• Maple Street Parking Deck — The Village issued $8.0 million bonds in 2019 for the development
projects within the Prospect & Main TIF. $7.0 million from the bond was spent on the construction of the
Maple Street Parking Deck. The Parking deck provides 268 spaces in the downtown area for commuters
and retail use.
• Edwin and Elsie Meyn Busse Park (Pocket Park) — The Village completed the construction of the
Edwin and Elsie Meyn Busse Park, also known as Pocket Park in 2020. The park was dedicated on
August 8 and is a new thriving downtown destination for people of all age groups.
• Sidewalk Policy & Program — The Village successfully implemented various strategies to repair the
sidewalks and have mitigated over 2,000 vertical offsets in the Village's sidewalk network.
• Street Lights Program — The Village completed the conversion of 80 streetlights to LED fixtures
reducing energy usage on Central Road.
• Busse Triangle Property Development & 10 N. Main Development —The development of 20 West and
Park Terrace added 85 additional residential units in the downtown area. The construction for 97
apartment units was also significantly completed at 10 N. Main in 2020. The Village also acquired the
properties for Phase 11 development of the Busse Triangle. Part of the acquired property will be sold to
Chase Bank and the Mount Prospect Downtown branch of Chase Bank will be relocated to the corner of
Main and Northwest Highway.
• Traffic Control on Major Corridors — The Village completed Phase I engineering for the Rand Road/
Central Road/Mount Prospect Road intersection. The Village also started Phase I engineering for Rand
Road/Kensington Road/Route 83 intersection.
• Business Grant Program — The Village used part of the Cares Act allocation from Cook County and
repurposed some of the existing budgets and funded a $590,000 Restaurant Grant Program. A total of 59
qualified restaurants were given $10,000 each during the year 2020.
• Recreational Marijuana — The State of Illinois approved recreational use of cannabis in 2019. The
Village had initially disapproved the sale of adult cannabis in 2019, but reconsidered the issue in 2020
and opted to allow the sale of adult recreational cannabis in the Village. The Village is estimated to bring
additional tax revenues from $600,000 to $900,000 per year from the sale of recreational cannabis.
Refer to the Strategic Plan tab of the 2021 Annual Budget document for a complete listing of major initiatives and
accomplishments.
All Departments continue to perform extremely well in delivering high quality services to our residents and
business community. Initiatives included in the Village's strategic plan have provided a focus for these services.
The Village's Annual Budget and Audit Documents were again recognized for their clarity and usability and
Mount Prospect was recognized as Tree City U.S.A. for the 36`h consecutive year.
Factors Affecting Financial Condition
The information presented in the financial statements is perhaps best understood when it is considered from the
broader perspective of the specific environment within which the Village operates.
15
Global Pandemic. COVID-19 was an uncharted territory for every organization, and local governments are not
an exception to this. At the beginning of the pandemic in early 2020, the Village had to adopt many operational
changes and reduce its footprint wherever possible. The Village was able to successfully handle the pandemic and
its financial impact due to early adoption of its contingency plan. The Village has a five-step contingency plan, as
listed below:
1. Eliminate or defer capital projects/purchases.
2. Reduce funding (lease payments) of computer and vehicle replacement programs.
3. Institute a freeze or reduction in commodity, contractual service, and supply accounts, where possible.
4. Review the catalog of programs and services provided by the Village.
5. Review of staffing levels.
The Village implemented the first three steps of the contingency plan. Village Administration and the Leadership
Team came up with $3.4 million in the postponement of capital improvement items and $3.6 million in the
operating budget items. The Village's flexible and conservative budget policies came to the rescue and the Village
was able to adopt the plan in May 2020. The revenue shortfall amount was revised from time to time during 2020.
Because of outperforming revenues including income tax, use tax, Cares Act grant, and ambulance billing fees,
the Village did not experience major revenue shortfalls. The outperforming revenues have offset the shortfalls
from the underperforming revenues.
Since the total revenue shortfall was not to the extent estimated in May 2020, the Village resumed the vehicle
replacement program and contributed the full budgeted amount for the year 2020. In addition, all the postponed
capital project items were approved and funded as part of the Community Investment Program for the year 2021.
Local economy. The Village continues to benefit from growth in the local economy. There are a number of
factors that influence the economy of a specific community, and various measures are used to gauge the economic
outlook. Perhaps four of the most objective measures are the level of retail sales, the employment level of the
community, income levels in the community and building activity. In Illinois, sales taxes are allocated based
upon the point-of-sale and accordingly represent the sales in the community. Total state sales tax receipts
received during the calendar year ended December 31, 2020 were $21,922,547 compared to $22,930,474 for the
previous year, a decrease of 4.39 percent. The decrease from the prior year is mainly due to the COVID-19
pandemic. The Village has seen an extraordinary growth in the sales tax revenue in recent years. In spite of the
pandemic, the Village was able to retain a significant portion of the growth in the sales tax revenue. Since the
Village's portion of sales tax receipts is based on a 1% tax rate, these receipts represent total retail sales of
approximately $2.19 billion for 2020. The segment generating the most sales tax contains products with inelastic
demand, which protects the Village's sales tax revenue. The Village will continue its efforts in the area of
economic development and is optimistic to recover from the economic losses in the fiscal year 2021.
The Village is divided mainly between Elk Grove Township and Wheeling Township, and there is a small portion
of the Village within the jurisdiction of the Maine Township. Due to the recent triennial assessment in 2019, the
Elk Grove Township assessed values increased on average by 53 percent, while the same increased by 31 percent
in Wheeling Township. The increases in the assessed value has restored the equalized assessed value of the
Village back to its 2008 - 2009 level. The total equalized assessed value for the tax year 2019 (after exemptions)
was $1,971,307,340. With new development in the downtown Mount Prospect, the equalized assessed value for
the Village and its Prospect & Main Tax Increment Financing District is expected to improve further for the tax
year 2020 (tax payable in 2021).
Mount Prospect's average unemployment during 2020 was 6.6%. This is a significant increase from the prior
year (2.7 in 2019). The average unemployment rate for Cook County for 2020 was 9.4%, while the same for the
State of Illinois was 9.5%. Mount Prospect's median family income of $79,733 as of July 1, 2019 (per the
census.gov data) was 19% higher than the median for Cook County ($64,660) and 17% higher than the median for
the State of Illinois ($65,886).
6 16
The Village is strategically located in the middle of a thriving economic activity center for the Midwest region of
our country. It is close to major interstate highways including 90 and 294, while its proximity to O'Hare
International Airport makes the Village's location a prime spot. The Village's commercial and industrial real
estate has a very low vacancy rate and, in spite of the pandemic, the Village revenues have performed consistently
due to a strong and diversified tax base. The Village is connected to the "Golden Corridor," which extends
Interstate 90 from O'Hare to Elgin, which makes the Village a desirable location for commercial, industrial
ventures as well as for corporate headquarters for Fortune 500 companies.
Long-term financial planning. In 2003, the Village conducted its first long-range financial planning workshop.
The workshop was held in response to the slowing economy and its impact to the Village's financial condition.
The goal of the workshop was to put the Village's financial condition back on firm ground in such a manner as to
not overburden residents and businesses from a tax standpoint or reduce the scope and quality of municipal
services that would jeopardize the livability and curb appeal of the community. The goal of the workshop was
accomplished through a series of revenue enhancements, budget cuts and the planned drawdown of fund balance.
Subsequent workshops continued into 2020. During the 2020 workshop, financial status reports were provided
for end -of -year results for 2019, updated projections for 2020 and a revised forecast for 2021.
Two additional tools have been developed in managing the long-range finances of the Village. The first is a Five -
Year Community Investment Program that outlines the major capital expenditure/project initiatives of the Village
over the next five years and identifies funding sources. Over the next five years (2021-2025), the Village has
identified $139.6 million in water and sewer, flood control, street, public building, equipment and other
miscellaneous capital projects. The second is the Village Strategic Plan for 2021 completed in early 2020. The
strategic plan provides the mission, vision, and goals for vision attainment along with the strategic action plan of
the organization. An implementation guide was developed in May 2020 using the goals identified in the Strategic
Plan. This implementation guide provides the objectives, short-term challenges and opportunities, and action
items to be taken for accomplishing the goals of the Village. Action items were prioritized as top or high priority
by the Village Board and fall into three categories: Policy Agenda, Management Agenda and Management in
Progress. The implementation guide is updated annually reflecting work completed and changing priorities.
Funding of initiatives identified in the strategic plan will receive a higher priority during the budget process.
Awards. 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 Mount Prospect for its
comprehensive annual financial report for the year ended December 31, 2019. The Certificate of Achievement is
a prestigious national award recognizing conformance with the highest standards for preparation of state and local
government financial reports.
In order to be awarded a Certificate of Achievement, a governmental unit must publish an easily readable and
efficiently organized Comprehensive Annual Financial Report whose contents conform to program standards.
Such reports must satisfy both generally accepted accounting principles and applicable legal requirements. A
Certificate of Achievement is valid for a period of one year only. The Village of Mount Prospect has received a
Certificate of Achievement since 1983. It is believed that the current report continues to conform to the
Certificate of Achievement program requirements, and will be submitted to GFOA for evaluation.
In addition, the Village of Mount Prospect also received the Government Finance Officers Association's Award
for Distinguished Budget Presentation for its annual budget for the fiscal year beginning on January 1, 2020 and
ending December 31, 2020. In order to qualify for the Distinguished Budget Presentation Award, a governmental
unit must publish a budget document that meets program criteria as a policy document, as an operations guide, as
a financial plan, and as a communications device. The Village of Mount Prospect has received this award each
year since 1994. The Village is awaiting word as to whether it received the Budget Award for its 2021 Budget
document.
7 17
Acknowledgements
The preparation of this report on a timely basis could not have been accomplished without the efficient and
dedicated services of the entire staff of the Finance Department. I would like to express special appreciation to
Jennifer Fitzgerald, Assistant to the Finance Director, Accountants Nancy Warnock, Rumiana Nihtianova and
Terri Atienza, and our AP and Risk Coordinator Mike Grochocki, who contributed greatly to its preparation.
Additionally, I would like to acknowledge the Mayor, the Board of Trustees, the Finance Commission, the Audit
Committee and Village Manager for their leadership and support in planning and conducting the financial affairs
of the Village in a responsible and progressive manner.
Respectfully submitted,
1 6nes iP Z� �z.
Amit R. Thakkar
Finance Director
18
Government Finance Officers Association
Certificate of
Achievement
for Excellence
in Financial
Reporting
Presented to
Village of Mount Prospect
Illinois
For its Comprehensive Annual
Financial Report
For the Fiscal Year Ended
December 31, 2019
Executive Director/CEO
9 19
FINANCIAL SECTION
This section includes:
Independent Auditors' Report
Management's Discussion and Analysis
Basic Financial Statements
Required Supplementary Information
Other Supplementary Information
Supplemental Schedules
10 20
INDEPENDENT AUDITORS' REPORT
This section includes the opinion of the Village's' independent auditing firm.
11 21
668 N. RIVER ROAD • NAPERVILLE, ILLINOIS IINOIS 60563
PHONE: 630.393 1483 • FAX 630.393 251 5
www.laxiteirba-a(,,~txi ieii.r,oin7
CERTIFIED PUBI.AC; ACCOUNTANTS
INDEPENDENT AUDITORS' REPORT
June 23, 2021
The Honorable Mayor
Members of the Board of Trustees
Village of Mount Prospect, Illinois
Report on the Financial Statements
We have audited the accompanying financial statements of the governmental activities, the business -type
activities, each major fund, and the aggregate remaining fund information of the Village of Mount
Prospect, Illinois, as of and for the year ended December 31, 2020, and the related notes to the financial
statements, which collectively comprise the Village's basic financial statements as listed in the table of
contents.
Management's Responsibility for the Financial Statements
Management is responsible for the preparation and fair presentation of these financial statements in
accordance with accounting principles generally accepted in the United States of America; this includes
the design, implementation, and maintenance of internal control relevant to the preparation and fair
presentation of financial statements that are free from material misstatement, whether due to fraud or
error.
Auditor's Responsibility
Our responsibility is to express opinions on these financial statements based on our audit. We conducted
our audit in accordance with auditing standards generally accepted in the United States of America and
the standards applicable to financial audits contained in Government Auditing Standards, issued by the
Comptroller General of the United States. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free of material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in
the financial statements. The procedures selected depend on the auditor's judgment, including the
assessment of the risks of material misstatement of the financial statements, whether due to fraud or error.
In making those risk assessments, the auditor considers internal control relevant to the Village's
preparation and fair presentation of the financial statements in order to design audit procedures that are
appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of
the Village's internal control. Accordingly, we express no such opinion. An audit also includes evaluating
the appropriateness of accounting policies used and the reasonableness of significant accounting estimates
made by management, as well as evaluating the overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for
our audit opinions.
12 22
Village of Mount Prospect, Illinois
June 23, 2021
Page 2
Opinions
In our opinion, the financial statements referred to above present fairly, in all material respects, the
respective financial position of the governmental activities, the business -type activities, each major fund,
and the aggregate remaining fund information of the Village of Mount Prospect, Illinois, as of
December 31, 2020, and the respective changes in financial position and, where applicable, cash flows
thereof for the year then ended in accordance with accounting principles generally accepted in the United
States of America.
Other Matters
Required Supplementary Information
Accounting principles generally accepted in the United States of America require that the management's
discussion and analysis as listed in the table of contents and budgetary information reported in the
required supplementary information as 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 of Mount Prospect, Illinois' basic financial statements. The introductory section,
other supplementary information, supplemental schedules, and statistical section are presented for
purposes of additional analysis and are not a required part of the basic financial statements.
The other supplementary information and supplemental schedules are the responsibility of management
and were derived from and relate directly to the underlying accounting and other records used to prepare
the basic financial statements. Such information has been subjected to the auditing procedures applied in
the audit of the basic financial statements and certain additional procedures, including comparing and
reconciling such information directly to the underlying accounting and other records used to prepare the
basic financial statements or to the basic financial statements themselves, and other additional procedures
in accordance with auditing standards generally accepted in the United States of America. In our opinion,
the other supplementary information and supplemental schedules are fairly stated, in all material respects,
in relation to the basic financial statements as a whole.
13 23
Village of Mount Prospect, Illinois
June 23, 2021
Page 3
Other Matters - Continued
Other Information - Continued
The introductory and statistical sections have not been subjected to the auditing procedures applied in the
audit of the basic financial statements and, accordingly, we do not express an opinion or provide any
assurance on them.
Other Reporting Required by Government Auditing Standards
In accordance with Government Auditing Standards, we have also issued our report dated June 23, 2021,
on our consideration of the Village's internal control over financial reporting and on our tests of its
compliance with certain provisions of laws, regulations, contracts, and grant agreements and other
matters. The purpose of that report is to describe the scope of our testing of internal control over financial
reporting and compliance and the results of that testing, and not to provide an opinion on the effectiveness
of the Village's internal control over financial reporting or on compliance. That report is an integral part
of an audit performed in accordance with Government Auditing Standards in considering the Village's
internal control over financial reporting and compliance.
LAUTERBACH & AMEN, LLP
14 24
MANAGEMENT'S DISCUSSION AND ANALYSIS
15 25
VILLAGE OF MOUNT PROSPECT, ILLINOIS
MANAGEMENT'S DISCUSSION AND ANALYSIS
For the Fiscal Year Ended December 31, 2020
The Village of Mount Prospect (the "Village") Management's Discussion and Analysis is designed to (1) assist
the reader in focusing on significant issues, (2) provide an overview of the Village's financial activity, (3) identify
changes in the Village's financial position (its ability to address the next and subsequent year challenges), (4)
identify any material deviations from the financial plan (the approved budget), and (5) identify individual fund
issues or concerns.
Since the Management's Discussion and Analysis (MD&A) is designed to focus on the current year's activities,
resulting changes and currently known facts, please read it in conjunction with the Transmittal Letter, and the
Village's financial statements.
USING THE FINANCIAL SECTION OF THIS COMPREHENSIVE ANNUAL FINANCIAL REPORT
The primary focus of local governmental financial statements had been to summarize fund type information on a
current financial resource basis. This approach was modified by Governmental Accounting Standards Board
(GASB) Statement No. 34. As a result, these financial statements now present two kinds of statements, each with
a different snapshot of the Village's finances. The financial statement's focus under GASB Statement No. 34 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.
Government -Wide Financial Statements
The government -wide financial statements are designed to be corporate -like in that all of the governmental and
business -type activities are consolidated into columns that add to a total for the Primary Government. The focus
of the Statement of Net Position (the "Unrestricted Net Position") is designed to be similar to bottom line results
for the Village and its governmental and business -type activities. This statement combines and consolidates the
governmental fund's current financial resources (short-term spendable resources) with capital assets and long-
term obligations using the accrual basis of accounting and economic resources measurement focus.
The Statement of Activities is focused on both the gross and net cost of various activities (including governmental
and business -type), which are supported by the government's general taxes and other resources. This is intended
to summarize and simplify the user's analysis of the cost of various governmental services and/or subsidy to
various business -type activities.
The governmental activities reflect the Village's basic services, including police, fire, public works, and
administration. Property taxes, sales and income taxes and local utility taxes finance the majority of these
services. The business -type activities reflect private sector type operations (water, sewer, and parking operations),
where the fee for service typically covers all or most of the cost of operation, including depreciation.
Fund Financial Statements
Traditional users of governmental financial statements will find the Fund Financial Statements presentation more
familiar. The focus is on major funds rather than (the previous model's) fund types.
The Governmental Major Fund presentation is organized on a sources and uses of liquid resources basis. This is
the manner in which the financial plan (the budget) is typically developed. The flow and availability of liquid
resources is a clear and appropriate focus of any analysis of a government. Funds are established for various
purposes and the Fund Financial Statement allows the demonstration of sources and uses and/or budgeting
compliance associated therewith.
(See independent auditor's report)
16 26
VILLAGE OF MOUNT PROSPECT, ILLINOIS
MANAGEMENT'S DISCUSSION AND ANALYSIS (Continued)
The Fund Financial Statements also allow the government to address its Fiduciary Funds (Pension Trust). 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 Financial Statements.
While the Business -type Activities column on the Proprietary Fund Financial Statements is the same as the
Business -type column on the Government -Wide Financial Statement, the Governmental Funds total column
requires a reconciliation because of the different measurement focus (current financial resources versus total
economic resources) which is reflected on the page following each statement. The flow of current financial
resources will reflect bond proceeds and interfund transfers as other financial sources or uses, as well as capital
expenditures and bond principal payments as expenditures. The reconciliation will eliminate these transactions
and incorporate the capital assets and long-term obligation (bonds and others) into the Governmental Activities
column (in the government -wide statements).
Infrastructure Assets
Historically, a government's largest group of assets (infrastructure — i.e., roads, bridges, storm sewers, etc.) have
not been reported nor depreciated in governmental financial statements. GASB Statement No. 34 requires that
these assets be valued and reported within the Governmental Activities column of the Government -wide
Statements. Additionally, the government must elect to either (1) depreciate these assets over their estimated
useful life or (2) develop a system of asset management designed to maintain the service delivery potential to near
perpetuity. If the government develops the asset management system (the modified approach), which periodically
(at least every third year), by category, measures and demonstrates its maintenance of locally established levels of
service standards, the government may record its cost of maintenance in lieu of depreciation. The Village of
Mount Prospect has chosen to depreciate assets over their useful life. If a road project is considered maintenance
- a recurring cost that does not extend the road's original useful life or expand its capacity - the cost of the project
will be expensed. An "overlay" of a road will be considered maintenance whereas a "rebuild" of a road will be
capitalized.
GOVERNMENT -WIDE STATEMENTS
Statement of Net Position
The Village's combined net position for the primary government increased from a negative $26.6 million, as
restated, to a negative $20.4 million. The net increase of $6.2 million is mainly attributable to intergovernmental
revenues including income tax, use tax, ambulance billing fees and government grants, as well as reduced
operating expenditures due to the COVID-19 contingency planning implementation. The net position for
governmental activities is negative $58.3 million, while the net position for the business -type activities is $37.9
million.
Table 1 reflects the condensed Statement of Net Position. For more detailed information see the Statement of Net
Position in the basic financial statements.
(This space is intentionally left blank.)
(See independent auditor's report)
17 27
VILLAGE OF MOUNT PROSPECT, ILLINOIS
MANAGEMENT'S DISCUSSION AND ANALYSIS (Continued)
Table 1
Statement of Net Position
As of December 31, 2020 (in millions)
Current and Other Assets
Capital Assets
Total Assets
Deferred Outflows of Resources
Total Assets and Deferred Outflows of Resources
Current Liabilities
Noncurrent Liabilities
Total Liabilities
Deferred Inflows of Resources
Total Liabilities and Deferred Inflows of Resources
Net Position
Net Investment in Capital Assets
Restricted
Unrestricted (Deficit)
Total Net Position
Governmental
Activities
Business -Type
Activities
Totals
2020
2019
2020
2019
2020
2019
S 86.8
111.0
114.1
88.1
20.8
39.8
23.3
38.4
107.6
150.8
137.4
126.5
197.8
10.5
202.2
13.1
60.6
1.8
61.7
2.6
258.4
12.3
263.9
15.7
208.3
215.3
62.4
64.3
270.7
279.6
12.8
207.7
17.9
229.4
1.9
21.7
2.2
22.7
14.7
229.4
20.1
252.1
220.5
46.1
247.3
35.4
23.6
0.9
24.9
0.3
244.1
47.0
272.2
35.7
266.6
282.7
24.5
25.2
291.1
307.9
26.4
31.6
20.6 33.2 47.0
64.8
6.2
8.7
6.2
8.7
(909)
(107.7)
17.3 59 (73.6)
(101.8)
(58.3)
(67.4)
37.9 39.1 (20.4)
(28.3)
Normal Impacts
There are six basic (normal) transactions that will affect the comparability of the Statement of Net Position
summary presentation.
Net results of activities - which will impact (increase/decrease) current assets and unrestricted net position.
Borrowingfor or capital - which will increase current assets and long-term debt.
Spending borrowed proceeds on new capital - which will reduce current assets and increase capital assets. There
is a second impact, an increase in invested in capital assets and an increase in related net debt which will not
change the invested in capital assets, net of debt.
Spending of non -borrowed current assets on new capital - which will (a) reduce current assets and increase capital
assets and (b) will reduce unrestricted net position and increase invested in capital assets, net of debt.
Principal payment on debt - which will (a) reduce current assets and reduce long-term debt and (b) reduce
unrestricted net position and increase invested in capital assets, net of debt.
Reduction of capital assets through depreciation - which will reduce capital assets and invested in capital assets,
net of debt.
(See independent auditor's report)
18 28
VILLAGE OF MOUNT PROSPECT, ILLINOIS
MANAGEMENT'S DISCUSSION AND ANALYSIS (Continued)
Current Year Impacts
Governmental activities net position increased by $9.1 million while the business -type activities net position
decreased by $1.2 million. The net position was also restated to correct an error in governmental activities
Business District Limited Tax Note Payable by $1.7 million. The governmental activities total assets/deferred
outflows decreased by $7 million and the governmental activities total liabilities/deferred inflows decreased by
$16.1 million, of which $21.7 million of decreases are attributable to the decreases in the noncurrent liabilities.
The reduction in the net pension liability is the main reason for reduction in the noncurrent liability. The total
assets decreased by $7 million in governmental activities. The current assets for the previous year included
unspent bond proceeds, which were used in 2020 for the appropriate projects. The decrease in deferred outflows
of $2.6 million for the governmental activities was due to a decrease in pension -related items for IMRF, Police
and Fire.
The net position of the business -type activities decreased by $1.2 million. The decrease in total net position is
mainly attributable to the current deficit of revenues over expenditures. The business -type activities total assets/
deferred outflows decreased by $1.9 million and the business -type activities total liabilities/deferred inflows
decreased by $0.7 million. The current assets decreased by $2.5 million, mainly attributable to the use of unspent
bond proceeds in 2020 for the appropriate projects. The business -type capital assets increased by $1.4 million.
During the fiscal year 2019, the Village has implemented GASB 83 — Certain Asset Retirement Obligations. The
implementation resulted in a recognition of deferred outflow of resources of $0.8 million, as well as an increase in
the non-current liabilities by the same amount. The liabilities for business -type activities decreased from $24.9
million to $23.6 million. The non-current liabilities decreased by $1.0 million, mainly due to repayment of certain
long-term debt obligations per the established debt service schedules.
Changes in Net Position
The Village's combined change in net position (including restatement of beginning net position) for the primary
government in 2020 was an increase of $6.4 million versus an increase of $1.3 million in 2019. Activities for the
governmental activities saw an increase in net position of $7.4 million from 2019, while activities for the
business -type funds saw a decrease in net position of $1.2 million from 2019. The following chart lists the
revenues and expenses for the current and prior fiscal years. Table 2 focuses on the changes in net position of the
governmental and business -type activities.
(This space in intentionally left blank.)
(See independent auditor's report)
19 29
VILLAGE OF MOUNT PROSPECT, ILLINOIS
MANAGEMENT'S DISCUSSION AND ANALYSIS (Continued)
Table 2
Change in Net Position
For the Year Ended on December 31, 2020 (in millions)
Expenses
General Government
Public Safety
Highways and Streets
Health
Welfare
Culture and Recreation
Interest on Long -Term Debt
Water and Sewer
Parking
7.8 11.6
40.5 38.8
12.8 15.6
4.8 4.9
1.9 1.5
0.2 0.4
4.2 4.5
18.0 16.9
0.2 1.9
7.8 11.6
40.5 38.8
12.8 15.6
4.8 4.9
1.9 1.5
0.2 0.4
4.2 4.5
18.0 16.9
0.2 1.9
72.2 77.3 18.2 18.8 90.4 96.1
Change in Net Position 7.4 3.8 (1.2) (1.8) 6.2 2.0
Net Position - Beginning as Restated (65.7) (70.5) 39.1 40.9 (26.6) (29.6)
Net Position - Ending (58.3) (66.7) 37.9 39.1 (20.4) (27.6)
(Note: There may be some slight differences in totals due to rounding.)
(See independent auditor's report)
20
30
Governmental
Business -Type
Activities
Activities
Totals
2020
2019
2020 2019
2020
2019
Revenues
Program Revenues
Charges for Services
S 10.8
11.4
16.8 15.3
27.6
26.7
Operating Grants/Contributions
3.0
2.1
3.0
2.1
Capital Grants/Contributions
1.3
0.1
1.3
0.1
General Revenues
Property Taxes
20.0
19.1
20.0
19.1
Utility Taxes
3.0
3.3
3.0
3.3
Business District Taxes
0.3
0.3
0.3
0.3
Sales/Use Taxes
29.5
30.6
29.5
30.6
Income Taxes
5.9
5.8
5.9
5.8
Other Taxes
3.4
4.5
3.4
4.5
Interest
0.3
1.4
0.2 0.3
0.5
1.7
Other
2.1
2.5
- 1.4
2.1
3.9
79.6
81.1
17.0 17.0
96.6
98.1
Expenses
General Government
Public Safety
Highways and Streets
Health
Welfare
Culture and Recreation
Interest on Long -Term Debt
Water and Sewer
Parking
7.8 11.6
40.5 38.8
12.8 15.6
4.8 4.9
1.9 1.5
0.2 0.4
4.2 4.5
18.0 16.9
0.2 1.9
7.8 11.6
40.5 38.8
12.8 15.6
4.8 4.9
1.9 1.5
0.2 0.4
4.2 4.5
18.0 16.9
0.2 1.9
72.2 77.3 18.2 18.8 90.4 96.1
Change in Net Position 7.4 3.8 (1.2) (1.8) 6.2 2.0
Net Position - Beginning as Restated (65.7) (70.5) 39.1 40.9 (26.6) (29.6)
Net Position - Ending (58.3) (66.7) 37.9 39.1 (20.4) (27.6)
(Note: There may be some slight differences in totals due to rounding.)
(See independent auditor's report)
20
30
VILLAGE OF MOUNT PROSPECT, ILLINOIS
MANAGEMENT'S DISCUSSION AND ANALYSIS (Continued)
Normal Impacts
There are eight basic impacts on revenues and expenses and are reflected below.
Revenues:
Economic condition - This can reflect a declining, stable or growing economic environment and has a
substantial impact on state income, sales and utility tax revenue as well as public spending habits for building
permits, elective user fees and volumes of consumption.
Increase/decrease in Village approved rates - While certain tax rates are set by statute, the Village Board has
significant authority to impose and periodically increase/decrease rates (water, sewer, licenses and fees, home
rule sales tax, utility taxes, etc.).
Changing patterns in intergovernmental and grant revenue (both recurring and non-recurring) - Certain
recurring revenues (state shared revenues, etc.) may experience significant changes periodically while non-
recurring (or one-time) grants are less predictable and often distorting in their impact on year-to-year
comparisons.
Market impacts on investment income - The Village's investment portfolio is managed using a short-term
average maturity and the market condition may cause investment income to fluctuate less than alternative
longer-term options.
Expenses:
Introduction of new programs - Within the functional expense categories (Public Safety, Highways and
Streets, General Government, etc.) individual programs may be added or deleted to meet changing community
needs or unfunded mandates from other governmental levels.
Increase/Decrease in authorized personnel - Changes in service demand may cause the Village Board to
increase/decrease authorized staffing levels. Staffing costs (salary and related benefits) represent
approximately 73% of the Village's General Fund operating costs.
Salary increases (annual adjustments and merit) - The ability to attract and retain human and intellectual
resources requires the Village to strive for a competitive salary range position in the marketplace. In addition,
the Village has four separate bargaining units representing various segments of the employee population.
Inflation - While overall inflation appears to be reasonably low, the Village is a major consumer of certain
commodities such as supplies, fuels and parts. Some specific areas may experience unusually high price
increases.
CURRENT YEAR IMPACTS
Governmental Activities
Revenue:
Total revenues for the Village's Governmental Activities for 2020 were $79.6 million.
The year 2020 was a challenging year due to the pandemic, but the Village revenues, especially
intergovernmental revenues were stronger than usual. The Village's sales tax and other locally collected taxes
were impacted, but all the shortfalls from the state sales tax, home -rule sales tax, and other locally collected
taxes were offset by outperforming revenues including, income tax, use tax, ambulance billing fees, and
government grants. The Village's General Fund collected $58.7 million in total revenues, as budgeted. The
increased online sales activities has allowed the State of Illinois to collect additional use tax. The use tax
revenue for the Village shows an out performance of $0.8 million or 50% over the budgeted amount.
Ambulance billing fees collection were $1.9 million, an increase of $0.7 million or 52% higher than the
budgeted amount.
(See independent auditor's report)
21 31
VILLAGE OF MOUNT PROSPECT, ILLINOIS
MANAGEMENT'S DISCUSSION AND ANALYSIS (Continued)
Governmental Activities (cont.)
Expenses:
Total expenses for the Village's Governmental Activities for 2020 were $72.2 million.
Public Safety, which includes Police and Fire, accounts for the largest portion of governmental expenses.
Total Public Safety expenses in 2020 were $40.5 million, an increase of $1.7 million from 2019. The increase
in the expenditures are mainly attributable to pension related adjustments. Expenses for Highways and
Streets, which are made up of the Public Works divisions (excluding water and sewer), is the second largest
category of governmental expenses totaling $12.8 million. The General Government expenditures totaled $7.8
million, a decrease of $3.8 million from the prior year. This decrease of $3.8 million is mainly attributable to
the decreased operating expenditures due to the cancellation of various Village Sponsored events due to
COVID-19, and the absence of statutory payments to Elk Grove Rural Fire Protection District in 2020 as the
expenses were incurred from 2017 to 2019.
Business -Type Activities
Revenues:
Total revenues for the Village's Business -Type Activities for 2020 were $17.0 million.
Business -type activities in the Village consist of Water and Sewer Operations and Parking Operations.
Charges for service annually account for the largest share of revenue for business -type activities. Of the
$17.0 million generated in 2020, $16.7 million is from water sales and sewer fees and charges, $0.1 million is
from parking operations and $0.2 million is from investment income.
Expenses:
Total expenses for the Village's Business -Type Activities for 2020 were $18.2 million.
Of the total expenses for business -type activities, $18.0 million is attributable to Water and Sewer while $0.2
million is attributable to parking operations. $7.5 million in Water and Sewer Fund expenses were for the
acquisition of water through the Northwest Suburban Municipal Joint Action Water Agency (JAWA).
FINANCIAL ANALYSIS OF THE VILLAGE'S GENERAL FUND
The General Fund is the Village's primary operating fund. It supports a majority of the day-to-day services
delivered to its residences and businesses. The fund balance of the General Fund saw a decrease of $0.5 million
in 2020 from $26.7 million to $26.2 million. In 2020, in spite of COVID-19, the General Fund revenues came in
line with the approved 2020 budget. The Village earned $58,740,916 in General Fund revenues against the
approved budget of $58,662,926. The final Village budget had anticipated a decrease in the General Fund's fund
balance of $3.5 million; however, due to reduced operating expenditures and outperforming revenues, the
decrease in the fund balance was limited to $0.5 million. Out of the total fund balance of $26.2 million, $2.3
million is considered committed fund balance for the Levee 37 Flood Control Construction Project.
During the year 2020, the income tax revenue outperformed by $0.6 million, while the use tax outperformed by
$0.8 million. The sales tax underperformed by $1.5 million compared to the original budget. The revised budget
was adjusted to reflect the outperforming revenues. The largest revenue source for the General Fund for the fiscal
year 2020 was the Intergovernmental revenues totaling $30.7 million, while the property taxes totaled $16.4
million. The other locally collected taxes were recognized at $6.2 million. Due to the pandemic, the revenues
from other taxes struggled. The Village recognized revenues totaling $6.2 million against the budget of $7.0
million. The licenses and permit fees outperformed by $0.1 million and totaled $2.4 million. Charges for services
also outperformed by $0.6 million, due to an increase of ambulance fees at the newly established rates.
(See independent auditor's report)
22 32
VILLAGE OF MOUNT PROSPECT, ILLINOIS
MANAGEMENT'S DISCUSSION AND ANALYSIS (Continued)
General Fund Budgeting Highlights
During 2020, the Village amended the general fund budget three times. Table 3 below reflects the original
and revised budget and the actual revenues and expenditures for the General Fund.
Table 3
General Fund Budgetary Changes
For the Fiscal Year Ended December 31, 2020 (in millions)
Change in Fund Balance
Other Major Funds
(3.4) (3.5) (0.5)
There are three (3) other Major Funds for Fiscal Year ended December 31, 2020. These three Funds are 1)
Prospect and Main TIF Fund, 2) Debt Service Fund, 3) Police and Fire Building Construction.
Prospect and Main TIF - This special revenue type TIF Fund is used to account for the resources to acquire
property and construct certain improvements in the Prospect/Main Tax Incremental Financing District.
Financing is being provided by incremental property taxes, general obligation bond proceeds, and investment
income. Total revenues for 2020 were $1.0 million, while the total revenues for 2019 were $0.5 million. The
total expenses for 2020 were $10.1 million, of which $9.3 million was used for capital outlay items. The
Prospect and Main TIF also received $0.6 million in interfund transfers from the Police and Fire Building
Construction Fund.
Debt Service Fund - This Fund is used to accumulate monies for the payment of principal and interest on
general obligation bonds and other borrowings. Total revenues for 2020 were $5.1 million, a decrease of $0.1
million from the prior year. Of this total revenue amount, $2.5 million was from property taxes, $1.6 million
was from an intergovernmental transfer from the Mount Prospect Public Library to pay for library related
debt, and $1.0 million was from other taxes. Total expenditures for 2020 were $6.6 million, a decrease of
$0.1 from the prior year. There was also an interfund transfer of $1.1 million received from the General Fund.
Ending fund balance decreased by $0.3 million to $3.1 million.
(See independent auditor's report)
23 33
Original
Final
Budget
Budget
Actual
Revenues and Other Financing Sources
Taxes
$ 23.5
23.5
22.5
Intergovernmental
30.2
30.2
30.8
Other
5.0
5.0
5.4
Total Revenues and Other Financing Sources
58.7
58.7
58.7
Expenditures and Other Financing Uses
Expenditures
57.3
57.6
54.6
Transfers Out
4.8
4.6
4.6
Total Expenditures and Other Financing Uses
62.1
62.2
59.2
Change in Fund Balance
Other Major Funds
(3.4) (3.5) (0.5)
There are three (3) other Major Funds for Fiscal Year ended December 31, 2020. These three Funds are 1)
Prospect and Main TIF Fund, 2) Debt Service Fund, 3) Police and Fire Building Construction.
Prospect and Main TIF - This special revenue type TIF Fund is used to account for the resources to acquire
property and construct certain improvements in the Prospect/Main Tax Incremental Financing District.
Financing is being provided by incremental property taxes, general obligation bond proceeds, and investment
income. Total revenues for 2020 were $1.0 million, while the total revenues for 2019 were $0.5 million. The
total expenses for 2020 were $10.1 million, of which $9.3 million was used for capital outlay items. The
Prospect and Main TIF also received $0.6 million in interfund transfers from the Police and Fire Building
Construction Fund.
Debt Service Fund - This Fund is used to accumulate monies for the payment of principal and interest on
general obligation bonds and other borrowings. Total revenues for 2020 were $5.1 million, a decrease of $0.1
million from the prior year. Of this total revenue amount, $2.5 million was from property taxes, $1.6 million
was from an intergovernmental transfer from the Mount Prospect Public Library to pay for library related
debt, and $1.0 million was from other taxes. Total expenditures for 2020 were $6.6 million, a decrease of
$0.1 from the prior year. There was also an interfund transfer of $1.1 million received from the General Fund.
Ending fund balance decreased by $0.3 million to $3.1 million.
(See independent auditor's report)
23 33
VILLAGE OF MOUNT PROSPECT, ILLINOIS
MANAGEMENT'S DISCUSSION AND ANALYSIS (Continued)
Other Major Funds - Continued
Police and Fire Building Construction - This capital project type fund is used to account for the resources
to construct the police and fire headquarters. Financing was provided primarily by general obligation bond
proceeds. Total revenues for the year 2020 are $0.1 million. The total construction expenses for 2020 is $13.6
million. The ending fund balance is $44,134; it will be transferred to the General Fund in 2021, and the fund
will be closed out.
Capital Assets
At the end of 2020, the Village had a combined total of $150.8 million invested in a broad range of capital assets
including Village facilities, roads, bridges, water/sewer lines and machinery and equipment (see Table 4 below).
Table 4
Capital Assets at Year End
Net of Depreciation (in millions)
This amount represents a net increase (including additions and deletions) of $24.3 million from 2019. The
following reconciliation in Table 5 summarizes the changes in Capital Assets.
(This space in intentionally left blank.)
(See independent auditor's report)
24 34
Governmental
Business -Type
Activities
Activities
Totals
2020 2019
2020 2019
2020
2019
Land
$ 15.6 14.3
17.3 17.3
32.9
31.6
Construction in Progress
24.9 23.9
2.5 2.2
27.4
26.1
Buildings
42.3 26.4
1.4 1.4
43.7
27.8
Improvements Other than Buildings
1.1 0.5
1.1
0.5
Vehicles
5.2 5.3
5.2
5.3
Machinery and Equipment
3.7 2.4
1.3 1.4
5.0
3.8
Infrastructure
18.2 15.3
17.3 16.1
35.5
31.4
111.0 88.1
39.8 38.4
150.8
126.5
This amount represents a net increase (including additions and deletions) of $24.3 million from 2019. The
following reconciliation in Table 5 summarizes the changes in Capital Assets.
(This space in intentionally left blank.)
(See independent auditor's report)
24 34
VILLAGE OF MOUNT PROSPECT, ILLINOIS
MANAGEMENT'S DISCUSSION AND ANALYSIS (Continued)
Table 5
Change in Capital Assets (in millions)
Governmental Business -Type
Activities Activities Totals
Beginning Balance $ 88.1 38.4 126.5
Additions
Depreciable 15.3 0.4 15.7
Nondepreciable 12.0 1.6 13.6
Retirements
Depreciable (0.9) - (0.9)
Nondepreciable
Depreciation (4.3) (0.6) (4.9)
Retirement 0.8 - 0.8
Ending Balance
111.0 39.8 150.8
Table 5 above shows the change in capital assets during 2020. This year's major additions to the capital assets
include the following (in millions):
Governmental Activities
Land acquisitions - $1.3
Buildings - $16.8
Improvements other than buildings - $0.6
Vehicles for Public Safety, Public Works and Village Fleet - $1.0
Various construction projects in -progress - $10.7
Purchases of various machinery & equipment - $1.6
Infrastructure Improvements - $5.0
Business -Type Activities
Various construction projects in -progress - $1.6
Infrastructure Improvements - $1.7
More detailed information on capital asset activity can be found in Note 3 of the notes to the financial statements.
Debt Outstanding
The Village of Mount Prospect had total long-term debt and loans payable of $237.1 million as of December 31,
2020. Long-term debt is comprised of general obligation debt, compensated absences to employees, other post -
employment benefits (OPEB), loans payable, claims and judgements, and pension liability for IMRF, Police and
Fire. Pension liability for police and fire decreased by $13.4 million. The net pension liability of IMRF decreased
by $6.8 million. The compensated absences had a net increase of $0.5 million, while the total OPEB (Other Post
Employment Benefit) liability increased by $2.7 million. Decreases in long term debt include the retirement of
$4.3 million in general obligation debt.
(See independent auditor's report)
25 35
VILLAGE OF MOUNT PROSPECT, ILLINOIS
MANAGEMENT'S DISCUSSION AND ANALYSIS (Continued)
The Village of Mount Prospect maintains an AA+ rating from Standard and Poor's. As a home rule authority, the
Village of Mount Prospect does not have a legal debt limit.
More detailed information on long-term debt activity can be found in Note 3 of the notes to the financial
statements.
Economic Factors and Next Year's Budget
The General Fund, the Village's main operating fund, holds a strong cash and fund balance position as of
December 31, 2020. The Village has pledged $2.3 million from the unassigned fund balance for a Levee 37 Flood
Control Construction Project. To reflect the pledged fund balance for the project, $2.3 million is classified as a
committed fund balance. The unassigned fund balance as of December 31, 2020 is $23.5 million. The amount of
fund balance as of December 31, 2020 represents 37.2 percent of the 2021 General Fund Budget. In spite of
COVID-19, the Village did not experience a shortfall in the total General Fund revenues. The Village Board has
set as its benchmark a level of reserves equal to 25% of subsequent year expenditures. The Village has recovered
gracefully from the pandemic and a return to normalcy is expected in 2021. Total Village revenues for 2021
continued to see positive increases from the prior year. Conservative approaches to estimating revenue and strong
expenditure management by the various departments have allowed the Village to maintain a strong financial
condition through several lean years following the significant downturn in the economy that started at the end of
2008. Continuing challenges in 2021 and years to come include reductions in revenue due to state budgetary
issues, rising personnel related costs (wages, insurance, etc.) and the funding of the public safety pensions.
Approximately 73% of the operating budget is made up of these personnel and related costs.
The Village's average unemployment for 2020 was 6.6 percent. This is below the state and national
unemployment rates of 9.5 percent and 8.1 percent, respectively. All the unemployment rates are significantly
impacted by the COVID-19 pandemic. The Village is mainly divided between Elk Grove Township and Wheeling
Township, and a small portion of the Village is within Maine Township. The year 2019 was a year of the triennial
assessment. The Elk Grove Township increased the assessed value of all the properties on an average by 53
percent, while the Wheeling Township increased the average assessed value by 31.0 percent. After the triennial
assessment, the total equalized assessed value for the Village is $1.97 billion, an 18.0 percent increase from the
prior year.
The 2021 (amended) Budget represents an 8.7 percent decrease from the amended 2020 Budget and totals $137.5
million. The decrease in the budget is attributable to significant completion of the major capital projects in 2020
and the Village reverting back to a more normal capital improvement plan. The General Fund decreased $0.4
million, or 0.7% from the prior year. Of the total budget of $137.5 million, the operating budget totals $77.3
million and Community Investment Program (capital improvement plan) totals $32.7 million.
During May 2021, the Village received $3.5 million as the first installment of the American Rescue Plan. The
Village will be receiving the second and final installment in May 2022 for an equal amount. The American
Rescue Plan provides financial support to the local government in responding to the COVID-19 pandemic and
allows spending on certain qualified items as defined by the U.S. Treasury in the interim final rule. The Village's
financial health and cash position is strong. The Village does not anticipate any short-term concerns and Village
Administration is vigilant and committed to maintaining the long-term fiscal health of the Village.
Request for Information
This financial report is designed to provide a general overview of the Village of Mount Prospect's finances for all
those with an interest in the government's finances. Questions concerning any of the information provided in this
report or requests for additional financial information should be addressed to Amit Thakkar, Director of Finance/
Treasurer, Village of Mount Prospect, 50 South Emerson, Mount Prospect, Illinois 60056.
(See independent auditor's report)
26 36
BASIC FINANCIAL STATEMENTS
The basic financial Statements include integrated sets of financial statements as required by the GASB.
The sets of statements include:
• Government -Wide Financial Statements
• Fund Financial Statements
Governmental Funds
Proprietary Funds
Fiduciary Funds
In addition, the notes to the financial statements are included to provide information that is essential to a
user's understanding of the basic financial statements.
27 37
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Statement of Net Position
December 31, 2020
See Following Page
28 38
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Statement of Net Position
December 31, 2020
ASSETS
Current Assets
Cash and Cash Equivalents
Receivables - Net of Allowances
Due from Other Governments
Deposits - Insurance
Prepaids/Inventories
Total Current Assets
Noncurrent Assets
Capital Assets
Nondepreciable
Depreciable
Accumulated Depreciation
Total Capital Assets
Other Assets
Deposits - Insurance
Equity Interest in Joint Venture
Total Other Assets
Total Noncurrent Assets
Total Assets
DEFERRED OUTFLOWS OF RESOURCES
Deferred Items - IMRF
Deferred Items - Police Pension
Deferred Items - Firefighters' Pension
Deferred Items - RBP
Unamortized Asset Retirement Obligation
Loss on Refunding
Total Deferred Outflows of Resources
Total Assets and Deferred
Outflows of Resources
Primary Government
Governmental Business -Type
Activities Activities Totals
$ 48,866,812
18,077,815
66,944,627
28,654,177
1,970,194
30,624,371
4,444,826
347
4,445,173
2,812,678
—
2,812,678
918,619
266,930
1,185,549
85,697,112
20,315,286
106,012,398
40,537,122
19,775,338
60,312,460
170,257,612
42,824,240
213,081,852
(99,801,560)
(22,845,148)
(122,646,708)
110,993,174
39,754,430
150,747,604
1,116,941
—
1,116,941
—
499,401
499,401
1,116,941
499,401
1,616,342
112,110,115
40,253,831
152,363,946
197,807,227
60,569,117
258,376,344
3,773,397
728,391
4,501,788
793,862
—
793,862
2,057,971
—
2,057,971
3,564,477
326,997
3,891,474
—
735,000
735,000
306,113
—
306,113
10,495,820
1,790,388
12,286,208
208,303,047 62,359,505 270,662,552
The notes to the financial statements are an integral part of this statement. 39
29
LIABILITIES
Current Liabilities
Accounts Payable
Accrued Payroll
Retainage Payable
Due to Other Governments
Accrued Interest Payable
Other Payables
Current Portion of Long -Term Liabilities
Compensated Absences Payable
Claims Payable
General Obligation Bonds Payable - Net
Business District Limited Tax Note Payable
Total Current Liabilities
Noncurrent Liabilities
Compensated Absences Payable
Claims Payable
Net Pension Liability - IMRF
Net Pension Liability - Police Pension
Net Pension Liability - Firefighters' Pension
Total OPEB Liability - RBP
Asset Retirement Obligation
General Obligation Bonds Payable - Net
Business District Limited Tax Note Payable
Total Noncurrent Liabilities
Total Liabilities
DEFERRED INFLOWS OF RESOURCES
Property Taxes
Deferred Items - TMRF
Deferred Items - Police Pension
Deferred Items - Firefighters' Pension
Deferred Items - RBP
Total Deferred Inflows of Resources
Total Liabilities and Deferred Inflows
of Resources
NET POSITION
Net Investment in Capital Assets
Restricted
Public Safety - Police
Public Safety - Fire
Highways and Streets
Debt Service
Unrestricted (Deficit)
Total Net Position
Primary Government
Governmental
Activities
Business -Type
Activities
Totals
$ 1,386,508
1,099,384
2,485,892
1,372,799
105,265
1,478,064
125,648
—
125,648
275,584
642
276,226
260,000
55,257
315,257
2,348,161
14,537
2,362,698
966,237
59,557 1,025,794
476,885
— 476,885
4,590,000
525,000 5,115,000
1,051,254
— 1,051,254
12,853,076
1,859,642 14,712,718
3,258,876
238,232
3,497,108
222,313
—
222,313
4,140,549
799,264
4,939,813
37,487,635
—
37,487,635
32,549,685
—
32,549,685
13,608,837
1,248,443
14,857,280
—
750,000
750,000
81,556,970
18,681,498
100,238,468
34,853,922
—
34,853,922
207,678,787
21,717,437
229,396,224
220,531,863
23,577,079
244,108,942
19,044,943
— 19,044,943
3,181,456
614,127 3,795,583
10,824,633
— 10,824,633
10,079,261
— 10,079,261
2,981,062
273,476 3,254,538
46,111,355
887,603 46,998,958
266,643,218 24,464,682 291,107,900
26,448,689 20,547,932 46,996,621
322,594
— 322,594
413,742
— 413,742
3,814,051
— 3,814,051
1,261,124
— 1,261,124
(90,600,371)
17,346,891 (73,253,480)
(58,340,171) 37,894,823 (20,445,348)
The notes to the financial statements are an integral part of this statement. 40
30
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Statement of Activities
For the Fiscal Year Ended December 31, 2020
Program Revenues
Charges Operating Capital
for Grants/ Grants/
Expenses Services Contributions Contributions
Governmental Activities
General Government
$ 7,778,670
7,052,725
Public Safety
40,594,163
2,322,390
694,449 —
Highways and Streets
11769,508
1,468,859
1,971,208 1,348,000
Health
4,785,802
Welfare
1,884,331
—
191,878 —
Culture and Recreation
181,061
Interest on Long -Term Debt
4,271,762
—
105,400 —
Total Governmental Activities
72,265,297
10,843,974
2,962,935 1,348,000
Business -Type Activities
Water and Sewer 18,033,170 16,732,889
Parking 225,412 104,016
Total Business -Type Activities 18,258,582 16,836,905
Total Primary Government 90,523,879 27,680,879 2,962,935 1,348,000
General Revenues
Taxes
Property
Utility
Business District
Home Rule Sales
Food and Beverage
Real Estate Transfer
Municipal Motor Fuel
Hotel/Motel
Other Taxes
Intergovernmental - Unrestricted
Income Taxes
State Sales and Local Use Tax
Replacement Taxes
Charitable Games Tax
Interest
Miscellaneous
Total General Revenues
Change in Net Position
Net Position - Beginning as Restated
Net Position - Ending
The notes to the financial statements are an integral part of this statement. 41
31
Net (Expenses)/Revenues
Governmental Business -Type
Activities Activities Totals
(725,945)
— (725,945)
(37,577,324)
— (37,577,324)
(7,981,441)
— (7,981,441)
(4,785,802)
— (4,785,802)
(1,692,453)
— (1,692,453)
(181,061)
— (181,061)
(4,166,362)
— (4,166,362)
(57,110,388)
— (57,110,388)
(1,300,281) (1,300,281)
(121,396) (121,396)
(1,421,677) (1,421,677)
(57,110,388) (1,421,677) (58,532,065)
19,994,090
— 19,994,090
3,025,210
— 3,025,210
250,056
— 250,056
5,334,399
— 5,334,399
1,115,824
— 1,115,824
962,687
— 962,687
584,989
— 584,989
134,353
— 134,353
199,337
— 199,337
5,886,270
— 5,886,270
24,214,948
— 24,214,948
411,866
— 411,866
3,340
— 3,340
286,627
160,643 447,270
2,089,687
34,208 2,123,895
64,493,683
194,851 64,688,534
7,383,295 (1,226,826) 6,156,469
(65,723,466) 39,121,649 (26,601, 817)
(58340,171) 37,894,823 (20,445,348)
The notes to the financial statements are an integral part of this statement. 42
32
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Balance Sheet - Governmental Funds
December 31, 2020
ASSETS
Cash and Investments
Receivables - Net of Allowances
Property Taxes
Other Taxes
Other
Accounts
Due from Other Governments
Due from Other Funds
Inventories
Prepaids
Total Assets
LIABILITIES
Accounts Payable
Accrued Payroll
Retainage Payable
Accrued Interest Payable
Due to Other Governments
Due to Other Funds
Other Payables
Total Liabilities
DEFERRED INFLOWS OF RESOURCES
Property Taxes
Unavailable Revenues
Total Deferred Inflows of Resources
Total Liabilities and Deferred Inflows of Resources
FUND BALANCES
Nonspendable
Restricted
Committed
Assigned
Unassigned
Total Fund Balances
Total Liabilities, Deferred Inflows of Resources and Fund Balances
General
$ 20,649,384
16,397,406
7,968,423
305,811
48,244
525,000
752
381,150
46.276.170
606,869
1,317,754
267,551
17,213
1,537,640
3,747,027
16,354,772
16,354,772
20,101,799
381,902
2,300,000
23,492,469
26,174,371
46,276,170
The notes to the financial statements are an integral part of this statement. 43
33
Prospect Police and Fire
and Main Debt Building
TIF District Service Construction Nonmajor Totals
10,018 3,119,837 153,863 11,150,518
35,083,620
18,210 2,690,171 - -
19,105,787
1,234 663,257
8,632,914
607,058
912,869
- 310
310
- 3,070,678 - 1,317,236
4,436,158
525,000
23,492,469
752
1,500 1,350 - 105,645 489,645
29,728 8,882,036 155,097 13,844,024 69,187,055
3,737 - 186 466,192 1,076,984
13,287 1,331,041
110,777 14,871 125,648
3,541
271,092
525,000
542,213
1,753,147
3,290,787
3,737 - 110,963 2,776,038
6,637,765
2,690,171 - - 19,044,943
3,065,000 - - 3,065,000
- 5,755,171 - - 22,109,943
3,737 5,755,171 110,963 2,776,038 28,747,708
1,500 1,350
- 105,645
490,397
24,491 1,521,124
- 4,525,896
6,071,511
934,034
3,234,034
- 1,604,391
44,134 5,502,411
7,150,936
-
23,492,469
25,991 3,126, 865
44,134 11,067,986
40,439,347
29,728 8,882,036 155,097 13,844,024 69,187,055
The notes to the financial statements are an integral part of this statement. 44
34
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Reconciliation of the Total Governmental Fund Balance to the Statement of Net Position - Governmental
Activities
December 31, 2020
Total Governmental Fund Balances $ 40,439,347
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 funds. 110,993,174
(Less: Internal Service Capital Assets) (7,237,473)
Deferred outflows (inflows) of resources related to the pensions not reported in the funds.
Deferred Items - IMRF 591,941
Deferred Items - Police Pension (10,030,771)
Deferred Items - Firefighters' Pension (8,021,290)
Deferred Items - RBP 560,155
Certain revenues that are deferred in the governmental funds are recognized as revenue
in the governmental activities 3,065,000
Internal Service Funds are used by the Village to charge the costs of vehicle and
equipment management and employee compensated absences to individual funds.
The assets and liabilities of the internal service funds are included in
the governmental activities in the Statement of Net Position. 23,618,874
Long-term liabilities are not due and payable in the current
period and therefore are not reported in the funds.
Compensated Absences Payable
(4,120,193)
Net Pension Liability - IMRF
(4,140,549)
Net Pension Liability - Police Pension
(37,487,635)
Net Pension Liability - Firefighters' Pension
(32,549,685)
Total OPEB Liability - RBP
(13,066,287)
General Obligation Bonds Payable - Net
(86,146,970)
Unamortized Loss on Refunding
306,113
Business District Limited Tax Note Payable
(35,905,176)
Plus: Amounts Recorded in the Governmental Funds Balance Sheet
1,051,254
Accrued Interest Payable
(260,000)
Net Position of Governmental Activities (58,340,171)
The notes to the financial statements are an integral part of this statement. 45
35
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Statement of Revenues, Expenditures and Changes in Fund Balances - Governmental Funds
For the Fiscal Year Ended December 31, 2020
See Following Page
36 46
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Statement of Revenues, Expenditures and Changes in Fund Balances - Governmental Funds
For the Fiscal Year Ended December 31, 2020
Revenues
Taxes
Intergovernmental
Licenses and Permits
Charges for Services
Fines and Forfietures
Interest
Miscellaneous
Total Revenues
Expenditures
Current
General Government
Public Safety
Highways and Streets
Helath
Welfare
Culture and Recreation
Capital Outlay
Debt Service
Principal Retirement
Interest and Fiscal Charges
Total Expenditures
Excess (Deficiency) of Revenues
Over (Under) Expenditures
Other Financing Sources (Uses)
Disposal of Capital Assets
Transfers In
Transfers Out
Net Change in Fund Balances
Fund Balances - Beginning
Fund Balances - Ending
The notes to the financial statements are an integral part of this statement.
37
General
$ 22,560,551
30,799,463
2,402,150
2,320,837
242,004
99,326
316,585
58,740,916
6,897,411
37,297,450
8,705,967
132,833
1,446,675
166,740
54,647,076
4,093,840
383
(4,598,000)
(4,597,617)
(503,777)
26,678,148
26,174,3 71
47
Prospect Police and Fire
and Main Debt Building
TIF District Service Construction Nonmajor Totals
944,024
3,544,461
— 4,551,909
31,600,945
—
1,575,400
— 3,922,496
36,297,359
10,576,961
1,414,357
3,816,507
—
377,614
4,464,626
6,785,463
166,740
9,267,760 —
242,004
20,108
11,582
62,564 41,203
234,783
21,700
—
34,121 1,717,281
2,089,687
985,832
5,131,443
96,685 16,111,872
81,066,748
110,714
1,036,290
8,044,415
149,264 137,530
37,584,244
1,870,994
10,576,961
4,660,338
4,793,171
377,614
1,824,289
166,740
9,267,760 —
13,455,257 10,516,557
33,239,574
— 4,015,000
— —
4,015,000
703,411 2,549,937
3,253,348
10,081,885 6,564,937
13,604,521 18,599,323
103,497,742
(9,096,053) (1,433,494) (13,507,836) (2,487,451) (22,430,994)
383
590,000 1,105,000 — 3,493,000 5,188,000
— — (590,000) — (5,188,000)
590,000 1,105,000 (590,000) 3,493,000 383
(8,506,053) (328,494) (14,097,836) 1,005,549 (22,430,611)
8,532,044 3,455,359 14,141,970 10,062,437 62,869,958
25,991 3,126,865 44,134 11,067,986 40,439,347
The notes to the financial statements are an integral part of this statement. 48
38
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Reconciliation of the Statement of Revenues, Expenditures and Changes in Fund Balances of the
Governmental Funds to the Statement of Activities - Governmental Activities
For the Fiscal Year Ended December 31, 2020
Net Change in Fund Balances - Total Governmental Funds $ (22,430,611)
Amounts reported for governmental activities in the Statement of Activities
are different because:
Governmental funds report capital outlays as expenditures. However, in the
Statement of Activities the cost of those assets is allocated over their estimated
useful lives and reported as depreciation expense.
Capital Outlays 26,643,409
Depreciation Expense (3,246,898)
Disposals - Cost (7,823)
Disposals - Accumulated Depreciation 7,823
Changes in certain revenues recognized as revenue only in the governmental activities. (1,470,000)
The net effect of deferred outflows (inflows) of resources related
to the pensions not reported in the funds.
Change in Deferred Items - IMRF (5,969,142)
Change in Deferred Items - Police Pension (4,498,677)
Change in Deferred Items - Firefighters' Pension (4,890,054)
Change in Deferred Items - RBP 2,003,770
The issuance of long-term debt provides current financial resources to
governmental funds, while the repayment of the principal on long-term
debt consumes the current financial resources of the governmental funds.
Change in Compensated Absences Payable
(461,537)
Change in Net Pension Liability - IMRF
5,363,549
Change in Net Pension Liability - Police Pension
7,502,503
Change in Net Pension Liability - Firefighters' Pension
5,910,403
Change in Total OPEB Liability - RBP
(1,462,091)
Retirement of Debt
4,015,000
Amortization of Bond Premium
314,605
Amortization of Loss of Refunding
(94,576)
Accreted Interest on Business District Limited Tax Note Payable
(1,249,665)
Change in Accrued Interest Payable
11,222
Internal service funds are used by the Village to charge the costs of vehicle and equipment
management and employee compensated absences to individual funds.
The net revenue of certain activities of internal service funds is
reported with governmental activities. 1,392,085
Changes in Net Position of Governmental Activities 7,383,295
The notes to the financial statements are an integral part of this statement. 49
39
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Statement of Net Position - Proprietary Funds
December 31, 2020
See Following Page
40 50
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Statement of Net Position - Proprietary Funds
December 31, 2020
ASSETS
Current Assets
Cash and Investments
Receivables - Net of Allowances
Accounts - Billed
Accounts - Unbilled
Accrued Interest
Other
Due from Other Governments
Deposits - Insurance
Inventories
Prepaids
Total Current Assets
Noncurrent Assets
Capital Assets
Nondepreciable
Depreciable
Accumulated Depreciation
Total Capital Assets
Other Assets
Deposits - Insurance
Equity Interest in Joint Venture
Total Other Assets
Total Noncurrent Assets
Total Assets
DEFERRED OUTFLOWS OF
RESOURCES
Deferred Items - IMRF
Deferred Items - RBP
Unamortized Asset Retirement Obligation
Total Deferred Outflows of Resources
Total Assets and Deferred
Outflows of Resources
Governmental
Business -Type Activities - Enterprise Activities
Water and Internal
Sewer Nonmajor Totals Service
$ 17,631,177 446,638 18,077,815 13,783,192
789,851
- 789,851
-
1,034,004
- 1,034,004
-
54,156
- 54,156
40
92,183
- 92,183
2,257
347
- 347
8,668
2,812,678
189,785
- 189,785
340,573
77,128
17 77,145
87,649
19,868,631
446,655 20,315,286
17,035,057
19,775,338
- 19,775,338
398,531
42,459,440
364,800 42,824,240
15,601,126
(22,480,348)
(364,800) (22,845,148)
(8,762,184)
39,754,430
- 39,754,430
7,237,473
728,391
- 728,391 -
1,116,941
499,401
- 499,401
-
499,401
- 499,401
1,116,941
40,253,831
- 40,253,831
8,354,414
60,122,462
446,655 60,569,117
25,389,471
728,391
- 728,391 -
326,997
- 326,997 142,107
735,000
- 735,000 -
1,790,388 - 1,790,388 142,107
61,912,850 446,655 62,359,505 25,531,578
The notes to the financial statements are an integral part of this statement. 51
41
Governmental
Business -Type Activities - Enterprise Activities
Water and Internal
Sewer Nonmajor Totals Service
LIABILITIES
Compensated Absences Payable
Current Liabilities
4,835 238,232
83,936
Claims Payable
Accounts Payable
$ 1,092,235
7,149
1,099,384
292,311
Accrued Payroll
103,671
1,594
105,265
41,758
Due to Other Governments
-
642
642
4,492
Claims Payable
- 18,681,498
-
Total Noncurrent Liabilities
476,885
Accrued Interest Payable
55,257
-
55,257
-
Other Payables
14,147
390
14,537
108,628
Compensated Absences Payable
58,349
1,208
59,557
20,984
General Obligation Bonds Payable
525,000
-
525,000
-
Total Current Liabilities
1,848,659
10,983
1,859,642
945,058
Noncurrent Liabilities
Compensated Absences Payable
233,397
4,835 238,232
83,936
Claims Payable
222,313
Net Pension Liability - IMRF
799,264
- 799,264
-
Total OPEB Liability - RBP
1,248,443
- 1,248,443
542,550
Asset Retirement Obligation
750,000
- 750,000
-
General Obligation Bonds Payable
18,681,498
- 18,681,498
-
Total Noncurrent Liabilities
21,712,602
4,835 21,717,437
848,799
Total Liabilities 23,561,261 15,818 23,577,079 1,793,857
DEFERRED INFLOWS OF
RESOURCES
Deferred Items - IMRF 614,127 - 614,127 -
Deferred Items - RBP 273,476 - 273,476 118,847
Total Deferred Inflows of Resources 887,603 - 887,603 118,847
Total Liabilities and Deferred
Inflows of Resources 24,448,864 15,818 24,464,682 1,912,704
NET POSITION
Net Investment in Capital Assets 20,547,932 - 20,547,932 7,237,473
Unrestricted 16,916,054 430,837 17,346,891 16,381,401
Total Net Position 37,463,986 430,837 37,894,823 23,618,874
The notes to the financial statements are an integral part of this statement. 52
42
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Statement of Revenues, Expenses and Changes in Net Position - Proprietary Funds
For the Fiscal Year Ended December 31, 2020
Operating Revenues
Charges for Services
Contributions
Miscellaneous
Total Operating Revenues
Operating Expenses
Administration
Insurance and Claims
Depreciation and Amortization
Total Operating Expenses
Operating Income (Loss)
Nonoperating Revenues (Expenses)
Disposal of Capital Assets
Interest Income
Other Income
Property Taxes
Interest Expense
Change in Net Position
Net Position - Beginning
Net Position - Ending
Governmental
Business -Type Activities - Enterprise Activities
Water and Internal
Sewer Nonmajor Totals Service
$ 16,732,889 104,016 16,836,905
12,141,880
1,747,350
589,639
16,732,889 104,016 16,836,905 14,478,869
16,536,174 225,412 16,761,586 2,760,980
9,325,727
658,705 — 658,705 1,060,945
17,194,879 225,412 17,420,291 13,147,652
(461,990) (121,396) (583,386) 1,331,217
(12,499)
158,801
1,842 160,643 51,844
32,973
1,235 34,208 21,523
(24,959)
— (24,959) —
(813,332)
— (813,332) —
(646,517)
3,077 (643,440) 60,868
(1,108,507) (118,319) (1,226,826) 1,392,085
38,572,493 549,156 39,121,649 22,226,789
37,463,986 430,837 37,894,823 23,618,874
The notes to the financial statements are an integral part of this statement. 53
43
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Statement of Cash Flows - Proprietary Funds
For the Fiscal Year Ended December 31, 2020
Governmental
Cash Flows from Noncapital Financing Activities
Property Taxes (24,959) — (24,959) —
Cash Flows from Capital and Related
Financing Activities
Disposal of Capital Assets
Purchase of Capital Assets
Principal Paid on Debt
Interest Paid on Debt
Cash Flows from Investing Activities
Interest Received
Net Change in Cash and Cash Equivalents
Cash and Cash Equivalents - Beginning
Cash and Cash Equivalents - Ending
Reconciliation of Operating Income to Net Cash
Provided (Used) by Operating Activities
Operating Income (Loss)
Adjustments to Reconcile Operating Income
Income to Net Cash Provided by
(Used in) Operating Activities:
Depreciation and Amortization
Other Income (Expense)
(Increase) Decrease in Current Assets
Increase (Decrease) in Current Liabilities
Net Cash Provided by Operating Activities
73,716
(1,989,895)
Business -Type
Activities - Enterprise
Activities
(813,332)
Water and
(3,128,227)
— (3,128,227) (613,913)
Internal
(266,077) (74,295)
Sewer
Nonmajor
Totals
Service
Cash Flows from Operating Activities
Receipts from Customers and Users
$ 17,858,490
166,798
18,025,288
3,331,543
Interfund Services Provided
—
10,757,174
Payments to Suppliers
(14,525,821)
(271,145)
(14,796,966)
(10,484,816)
Payments to Employees
(2,243,457)
(27,327)
(2,270,784)
(965,940)
1,089,212
(131,674)
957,538
2,637,961
Cash Flows from Noncapital Financing Activities
Property Taxes (24,959) — (24,959) —
Cash Flows from Capital and Related
Financing Activities
Disposal of Capital Assets
Purchase of Capital Assets
Principal Paid on Debt
Interest Paid on Debt
Cash Flows from Investing Activities
Interest Received
Net Change in Cash and Cash Equivalents
Cash and Cash Equivalents - Beginning
Cash and Cash Equivalents - Ending
Reconciliation of Operating Income to Net Cash
Provided (Used) by Operating Activities
Operating Income (Loss)
Adjustments to Reconcile Operating Income
Income to Net Cash Provided by
(Used in) Operating Activities:
Depreciation and Amortization
Other Income (Expense)
(Increase) Decrease in Current Assets
Increase (Decrease) in Current Liabilities
Net Cash Provided by Operating Activities
73,716
(1,989,895)
— (1,989,895) (687,629)
(325,000)
— (325,000) —
(813,332)
— (813,332) —
(3,128,227)
— (3,128,227) (613,913)
158,801 1,842 160,643 51,844
(1,905,173) (129,832) (2,035,005) 2,075,892
19,536,350 576,470 20,112,820 11,707,300
17,631,177 446,638 18,077,815 13,783,192
(461,990) (121,396) (583,386) 1,331,217
658,705 —
658,705
1,060,945
32,973 1,235
34,208
21,523
1,125,601 62,782
1,188,383
(411,675)
(266,077) (74,295)
(340,372)
635,951
1,089,212 (131,674) 957,538 2,637,961
The notes to the financial statements are an integral part of this statement. 54
44
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Statement of Fiduciary Net Position
December 31, 2020
ASSETS
Cash and Cash Equivalents
Investments
U.S. Government Obligations
U.S. Agency Obligations
State and Local Obligations
Corporate Bonds
Real Estate
Mutual Funds
Receivables
Accrued Interest
Due from Other Funds
Prepaids
Total Assets
LIABILITIES
Accounts Payable
NET POSITION
Net Position Restricted for Pensions
Pension
Trust
$ 4,843,793
9,403,381
24,058,487
4,068,014
18,046,980
6,470,201
100,303,510
245,814
17,213
1,840
167,459,233
91,533
167,367,700
The notes to the financial statements are an integral part of this statement. 55
45
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Statement of Changes in Fiduciary Net Position
For the Fiscal Year Ended December 31, 2020
Pension
Trust
Additions
Contributions - Employer S 7,350,592
Contributions - Plan Members 1,618,900
Total Contributions 8,969,492
Investment Income
Interest Earned 3,726
Net Change in Fair Value 22,034,451
22,038,177
Less Investment Expenses (256,543)
Net Investment Income 21,781,634
Total Additions 30,751,126
Deductions
Administration 96,674
Benefits and Refunds 12,848,237
Total Deductions 12,944,911
Change in Fiduciary Net Position 17,806,215
Net Position Restricted for Pensions
Beginning 149,561,485
Ending
167,367,700
The notes to the financial statements are an integral part of this statement. 56
46
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Notes to the Financial Statements
December 31, 2020
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The Village of Mount Prospect (Village), Illinois, was incorporated in 1917. The Village operates under
the Council/Manager form of government. The appointed manager administers daily operations with the
community while the elected Village Mayor and six -member Board of Trustees determine Village
policy. The Village's major operations include public works, finance, police, fire, community
development, human services and communications.
The government -wide financial statements are prepared in accordance with generally accepted
accounting principles (GAAP). The Governmental Accounting Standards Board (GASB) is responsible
for establishing GAAP for state and local governments through its pronouncements (Statements and
Interpretations). The more significant of the Village's accounting policies established in GAAP and used
by the Village are described below.
REPORTING ENTITY
The Village's financial reporting entity comprises the following:
Primary Government: Village of Mount Prospect
In determining the financial reporting entity, the Village complies with the provisions of GASB
Statement No. 61, "The Financial Reporting Omnibus — an Amendment of GASB Statements No. 14
and No. 34," and includes all component units that have a significant operational or financial
relationship with the Village. Based upon the criteria set forth in the GASB Statement No. 61, there are
no component units included in the reporting entity.
Police Pension Employees Retirement System
The Village's sworn police employees participate in the Police Pension Employees Retirement System
(PPERS). PPERS functions for the benefit of these employees and is governed by a five -member
pension board. Two members appointed by the Village's Mayor, one elected pension beneficiary and
two elected police employees constitute the pension board. The participants are required to contribute a
percentage of salary as established by state statute and the Village is obligated to fund all remaining
PPERS costs based upon actuarial valuations. The State of Illinois is authorized to establish benefit
levels and the Village is authorized to approve the actuarial assumptions used in the determination of
contribution levels. Although it is legally separate from the Village, the PPERS is reported as if it were
part of the primary government because its sole purpose is to provide retirement benefits for the
Village's police employees. The PPERS is reported as a fiduciary fund, and specifically a pension trust
fund, due to the fiduciary responsibility exercised over the PPERS.
47 57
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Notes to the Financial Statements
December 31, 2020
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Continued
REPORTING ENTITY - Continued
Firefighters' Pension Employees Retirement System
The Village's sworn firefighters participate in the Firefighters' Pension Employees Retirement System
(FPERS). FPERS functions for the benefit of these employees and is governed by a five -member
pension board, with two members appointed by the Village's Mayor, two elected from active
participants of the Fund, and one elected pension beneficiary of the Fund. The participants are required
to contribute a percentage of salary as established by state statute and the Village is obligated to fund all
remaining FPERS costs based upon actuarial valuations. The State of Illinois is authorized to establish
benefit levels and the Village is authorized to approve the actuarial assumptions used in the
determination of contribution levels. Although it is legally separate from the Village, the FPERS is
reported as if it were part of the primary government because its sole purpose is to provide retirement
benefits for the Village's sworn firefighters. The FPERS is reported as a fiduciary fund, and specifically
a pension trust fund, due to the fiduciary responsibility exercised over the FPERS.
BASIS OF PRESENTATION
Government -Wide Statements
The Village's basic financial statements include both government -wide (reporting the Village as a
whole) and fund financial statements (reporting the Village's major funds). Both the government -wide
and fund financial statements categorize primary activities as either governmental or business -type. The
Village's police and fire safety, highways and street maintenance and reconstruction, building code
enforcement, public improvements, economic development, planning and zoning, and general
administrative services are classified as governmental activities. The Village's waterworks and
sewerage, and commuter parking activities are classified as business -type activities.
In the government -wide Statement of Net Position, both the governmental and business -type activities
columns are: (a) presented on a consolidated basis by column, and (b) reported on a full accrual,
economic resource basis, which recognizes all long-term assets/deferred outflows and receivables as
well as long-term debt/deferred inflows and obligations.
The Village's net position is reported in three parts: net investment in capital assets; restricted; and
unrestricted. The Village utilizes restricted resources to finance qualifying activities.
48 58
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Notes to the Financial Statements
December 31, 2020
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Continued
BASIS OF PRESENTATION - Continued
Government -Wide Statements - Continued
The government -wide Statement of Activities reports both the gross and net cost of each of the Village's
functions and business -type activities (administration and finance, public safety, public works,
development services, etc.). The functions are supported by administration and finance revenues
(property, sales and use taxes, certain intergovernmental revenues, fines, permits and charges, etc.). The
Statement of Activities reduces gross expenses (including depreciation) by related program revenues,
which 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.
The net costs (by function or business -type activity) are normally covered by general revenue (property
taxes, intergovernmental revenues, fines, permits and charges, etc.).
This government -wide focus is more on the sustainability of the Village as an entity and the change in
the Village's net position resulting from the current year's activities.
Fund Financial Statements
The financial transactions of the Village are reported in individual funds in the fund financial statements.
Each fund is accounted for by providing a separate set of self -balancing accounts that comprise its
assets/deferred outflows, liabilities/deferred inflows, fund equity, revenues and expenditures/expenses.
Funds are organized into three major categories: governmental, proprietary, and fiduciary. The emphasis
in fund financial statements is on the major funds in either the governmental or business -type activities
categories.
GASB Statement No. 34 sets forth minimum criteria (percentage of the assets/deferred outflows,
liabilities/deferred inflows, revenues or expenditures/expenses of either fund category or the
governmental and enterprise combined) for the determination of major funds. The Village electively
added funds, as major funds, which either had debt outstanding or specific community focus. The
nonmajor funds are combined in a column in the fund financial statements. A fund is considered major if
it is a primary operating fund of the Village or meets the following criteria:
49 59
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Notes to the Financial Statements
December 31, 2020
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Continued
BASIS OF PRESENTATION - Continued
Fund Financial Statements - Continued
Total assets/deferred outflows, liabilities/deferred inflows, revenues, or expenditures/expenses of
that individual governmental or enterprise fund are at least 10 percent of the corresponding total
for all funds of that category or type; and
Total assets/deferred outflows, liabilities/deferred inflows, revenues, or expenditures/expenses of
the individual governmental or enterprise fund are at least 5 percent of the corresponding total
for all governmental and enterprise funds combined.
The various funds are reported by generic classification within the financial statements. The following
fund types are used by the Village:
Governmental Funds
The focus of the governmental funds' measurement (in the fund statements) is upon determination of
financial position and changes in financial position (sources, uses, and balances of financial resources)
rather than upon net income. The following is a description of the governmental funds of the Village:
General Fund is the general operating fund of the Village. It accounts for all revenues and expenditures
of the Village which are not accounted for in other funds. The General Fund is a major fund.
Special Revenue Funds are used to account for the proceeds of specific revenue sources that are legally
restricted to expenditures for specified purposes. The Village maintains one major special revenue fund,
the Prospect and Main TIF Fund, which is used to account for the resources to acquire property and
construct certain improvements in the Prospect and Main Tax Incremental Financing District. Financing
is being provided by incremental property taxes, general obligation bond proceeds, and investment
income. The Village also maintains eight nonmajor special revenue funds.
Debt Service Funds are used to account for the accumulation of funds for the periodic payment of
principal and interest on general long-term debt. The Village maintains one major debt service fund, the
Debt Service Fund. The Debt Service Fund is used to account for the payment of interest and principal
on the Village's general long-term debt obligations for the governmental activities.
50 60
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Notes to the Financial Statements
December 31, 2020
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Continued
BASIS OF PRESENTATION - Continued
Fund Financial Statements - Continued
Governmental Funds - Continued
Capital Projects Funds are used to account for financial resources to be used for the acquisition or
construction of major capital facilities (other than those financed by business-type/proprietary funds).
The Village maintains one major capital projects fund, the Police and Fire Building Construction Fund.
The Police and Fire Building Construction Fund is used to account for the resources to construct the
police and fire building. Financing is provided primarily by general obligation bond proceeds. The
Village also maintains three nonmajor capital projects funds.
Proprietary Funds
The focus of proprietary fund measurement is upon determination of operating income, changes in net
position, financial position, and cash flows. The generally accepted accounting principles applicable are
those similar to businesses in the private sector.
Enterprise funds account for operations for which a fee is charged to external users for goods or services
and the activity (a) is financed with debt that is solely secured by a pledge of the net revenues, (b) has
third party requirements that the cost of providing services, including capital costs, be recovered with
fees and charges or (c) establishes fees and charges based on a pricing policy designed to recover similar
costs. The Village maintains one major enterprise fund, the Water and Sewer, which is used to account
for the activities of the water and sewer operations. The Village operates sewerage lift and relief stations
and waste water collection systems and the water distribution system. The Village maintains two
nonmajor enterprise funds.
Internal Service Funds are used to account for the financing of goods or services provided by an activity
to other departments, funds or component units of the Village on a cost -reimbursement basis. The
Village maintains four internal services funds. The Computer Replacement Fund is used to account for
the acquisition of Village computer hardware. Financing is being provided by charges to various Village
funds. The Risk Management Fund is used to account for the servicing and payment of claims for
liability, property, casualty coverage, workers' compensation and medical benefits. Financing is being
provided by charges in the various Village funds. The Vehicle Replacement Fund is used to account for
the acquisition and depreciation of Village vehicles. Financing is being provided by charges to the
General, Water and Sewer, Parking System Revenue and Village Parking Funds. The Vehicle
Maintenance Fund is used to account for the maintenance and repair of all Village vehicles. Financing is
being provided by charges to various Village funds.
51 61
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Notes to the Financial Statements
December 31, 2020
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Continued
BASIS OF PRESENTATION - Continued
Fund Financial Statements - Continued
Proprietary Funds - Continued
The Village's internal service funds are presented in the proprietary funds financial statements. Because
the principal users of the internal services are the Village's governmental activities, the financial
statements of the internal service funds are consolidated into the governmental column when presented
in the government -wide financial statements. To the extent possible, the cost of these services is reported
in the appropriate functional activity (general government, public safety, highways and streets, etc.).
Fiduciary Funds
Fiduciary funds are used to report assets held in a trustee or custodial capacity for others and therefore
are not available to support Village programs. The reporting focus is on net position and changes in net
position and is reported using accounting principles similar to proprietary funds.
Pension trust funds are used to account for assets held in a trustee capacity for pension benefit payments.
The Police Pension Fund accounts for the accumulation of resources to pay retirement and other related
benefits for sworn members of the Village's police force. The Firefighters' Pension Fund accounts for
the accumulation of resources to pay retirement and other related benefits for sworn members of the
Village's Fire Department.
The Village's pension trust funds are presented in the fiduciary fund financial statements. Since by
definition these assets are being held for the benefit of a third party (pension participants) and cannot be
used to address activities or obligations of the Village, these funds are not incorporated into the
government -wide statements.
MEASUREMENT FOCUS AND BASIS OF ACCOUNTING
Measurement focus is a term used to describe "which" transactions are recorded within the various
financial statements. Basis of accounting refers to "when" transactions are recorded regardless of the
measurement focus applied.
Measurement Focus
On the government -wide Statement of Net Position and the Statement of Activities, both governmental
and business -type activities are presented using the economic resources measurement focus as defined
below.
52 62
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Notes to the Financial Statements
December 31, 2020
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Continued
MEASUREMENT FOCUS AND BASIS OF ACCOUNTING - Continued
Measurement Focus - Continued
In the fund financial statements, the "current financial resources" measurement focus or the "economic
resources" measurement focus is used as appropriate.
All governmental funds utilize a "current financial resources" measurement focus. Only current financial
assets/deferred outflows and liabilities/deferred inflows are generally included on their balance sheets.
Their operating statements present sources and uses of available spendable financial resources during a
given period. These funds use fund balance as their measure of available spendable financial resources
at the end of the period.
All proprietary and pension trust funds utilize an "economic resources" measurement focus. The
accounting objectives of the "economic resources" measurement focus is the determination of operating
income, changes in net position (or cost recovery), financial position, and cash flows. All assets/deferred
outflows, liabilities/deferred inflows (whether current or noncurrent) associated with their activities are
reported.
Basis of Accounting
In the government -wide Statement of Net Position and Statement of Activities, governmental and
business -type activities are presented using the accrual basis of accounting. Under the accrual basis of
accounting, revenues are recognized when earned and expenses are recorded when the liability/deferred
inflow is incurred or economic asset used. Revenues, expenses, gains, losses, assets/deferred outflows,
and liabilities/deferred inflows resulting from exchange and exchange -like transactions are recognized
when the exchange takes place.
In the fund financial statements, governmental funds are presented on the modified accrual basis of
accounting. Under this modified accrual basis of accounting, revenues are recognized when "measurable
and available." Measurable means knowing or being able to reasonably estimate the amount. Available
means collectible within the current period or within sixty days after year end. The Village recognizes
property taxes when they become both measurable and available in accordance with GASB Codification
Section P70. A sixty-day availability period is used for revenue recognition for all other governmental
fund revenues. Expenditures (including capital outlay) are recorded when the related fund liability is
incurred, except for general obligation bond principal and interest which are recognized when due.
53 63
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Notes to the Financial Statements
December 31, 2020
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Continued
MEASUREMENT FOCUS AND BASIS OF ACCOUNTING - Continued
Basis of Accounting - Continued
In applying the susceptible to accrual concept under the modified accrual basis, those revenues
susceptible to accrual are property taxes, sales and use taxes, income taxes, use taxes,
telecommunications taxes, local and state motor fuel taxes, food and beverages taxes, replacement taxes,
franchise taxes, utility taxes, hotel/motel taxes, fines, interest revenue, and charges for services. All
other revenues are not susceptible to accrual because generally they are not measurable until received in
cash.
All proprietary funds and pension trust funds utilize the accrual basis of accounting. Under the accrual
basis of accounting, revenues are recognized when earned and expenses are recorded when the liability
is incurred or economic asset used.
Proprietary funds distinguish operating revenues and expenses from nonoperating items. Operating
revenues and expenses generally result from providing services and producing and delivering goods in
connection with a proprietary fund's principal ongoing operations. The principal operating revenues of
the Village's enterprise funds and of the Village's internal service funds are charges to customers for
sales and services. The Village also recognizes as operating revenue the portion of tap fees intended to
recover the cost of connecting new customers to the system. Operating expenses for enterprise funds and
internal service funds include the cost of sales and services, administrative expenses, and depreciation
on capital assets. All revenues and expenses not meeting this definition are reported as nonoperating
revenues and expenses.
ASSETS/DEFERRED OUTFLOWS, LIABILITIES/DEFERRED INFLOWS, AND NET
POSITION OR EQUITY
Cash and Investments
Cash and cash equivalents on the Statement of Net Position are considered to be cash on hand, demand
deposits, cash with fiscal agent. For the purpose of the proprietary funds "Statement of Cash Flows,"
cash and cash equivalents are considered to be cash on hand, demand deposits, cash with fiscal agent,
and all highly liquid investments with an original maturity of three months or less.
Investments are generally reported at fair value. Short-term investments are reported at cost, which
approximates fair value. For investments, the Village categorizes its fair value measurements within the
fair value hierarchy established by generally accepted accounting principles. The hierarchy is based on
the valuation inputs used to measure the fair value of the asset. Level 1 inputs are quoted prices in active
markets for identical assets; Level 2 inputs are significant other observable inputs; Level 3 inputs are
significant unobservable inputs.
54 64
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Notes to the Financial Statements
December 31, 2020
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Continued
ASSETS/DEFERRED OUTFLOWS, LIABILITIES/DEFERRED INFLOWS, AND NET
POSITION OR EQUITY - Continued
Interfund Receivables, Payables and Activity
Interfund activity is reported as loans, services provided, reimbursements or transfers. Loans are
reported as interfund receivables and payables as appropriate and are subject to elimination upon
consolidation. Services provided, deemed to be at market or near market rates, are treated as revenues
and expenditures/expenses. Reimbursements are when one fund incurs a cost, charges the appropriate
benefiting fund and reduces its related cost as a reimbursement. All other interfund transactions are
treated as transfers. Any residual balances outstanding between the governmental activities and
business -type activities are reported in the government -wide financial statements as "internal balances."
Receivables
In the government -wide financial statements, receivables consist of all revenues earned at year-end and
not yet received. Allowances for uncollectible accounts receivable are based upon historical trends and
the periodic aging of accounts receivable. Major receivables balances for governmental activities include
property taxes, sales and use taxes, income taxes, utility taxes, and grants. Business -type activities report
charges for services as their major receivables.
Prepaids/Inventories
Prepaids/inventories are valued at cost, which approximates market, using the first-in/first-out (FIFO)
method. The cost of governmental fund -type prepaids/inventories are recorded as expenditures when
consumed rather than when purchased. Certain payments to vendors reflect costs applicable to future
accounting periods and are recorded as prepaids in both the government -wide and fund financial
statements.
Deferred Outflows/Inflows of Resources
Deferred outflow/inflow of resources represents an acquisition/reduction of net position that applies to a
future period and therefore will not be recognized as an outflow of resources (expense)/inflow of
resources (revenue) until that future time.
Capital Assets
Capital assets, which include property, plant, equipment, and infrastructure assets (e.g., roads, bridges,
stormsewers, and similar items), are reported in the applicable governmental or business -type activities
columns in the government -wide financial statements. Capital assets, other than infrastructure, buildings
and improvements, purchased or acquired with an original cost of over $20,000 and infrastructure,
buildings and improvements with an original cost of over $50,000 are reported at historical cost, or
estimated historical cost. Additions, improvements, and other capital outlays that significantly extend the
useful life of an asset are capitalized. Other costs incurred for repairs and maintenance are expensed as
incurred.
55
65
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Notes to the Financial Statements
December 31, 2020
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Continued
ASSETS/DEFERRED OUTFLOWS, LIABILITIES/DEFERRED INFLOWS, AND NET
POSITION OR EQUITY - Continued
Capital Assets - Continued
The accounting and financial reporting treatment applied to a fund is determined by its measurement
focus. General capital assets are long-lived assets of the Village as a whole. Infrastructure such as streets
and storm sewers are capitalized. In the case of the initial capitalization of general infrastructure assets
(i.e., those reported by the governmental activities) the government chose to include all such items
regardless of their acquisition date. The valuation basis for general capital assets is historical cost, or
where historical cost is not available, estimated historical cost based on replacement costs.
Capital assets in the proprietary funds are capitalized in the fund in which they are utilized. The
valuation bases for proprietary fund capital assets are the same as those used for the general capital
assets. Donated capital assets are capitalized at acquisition value on the date donated.
Depreciation on all assets is computed and recorded using the straight-line method of depreciation over
the following estimated useful lives:
Buildings and Improvements 20 - 50 Years
Machinery and Equipment 2 - 20 Years
Vehicles 2 - 20 Years
Infrastructure 15 - 50 Years
Compensated Absences
The Village accrues accumulated unpaid vacation and associated employee -related costs when earned
(or estimated to be earned) by the employee. In accordance with GASB Statement No. 16, no liability is
recorded for nonvesting accumulation rights to receive sick pay benefits. However, a liability is
recognized for that portion of accumulated sick leave that is estimated to be taken as "terminal leave"
prior to retirement.
All vacation pay is accrued when incurred in the government -wide and proprietary fund financial
statements. A liability for these amounts is reported in the governmental funds only if they have
matured, for example, as a result of employee resignations and retirements.
Long -Term Obligations
In the government -wide financial statements, and proprietary fund types in the fund financial statements,
long-term debt and other long-term obligations are reported as liabilities in the applicable governmental
activities, business -type activities, or proprietary fund type Statement of Net Position. Bond premiums
and discounts are deferred and amortized over the life of the bonds using the effective interest method.
Bonds payable are reported net of the applicable bond premium or discount. Bond issuance costs are
reported as expenses at the time of issuance.
56 66
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Notes to the Financial Statements
December 31, 2020
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Continued
ASSETS/DEFERRED OUTFLOWS, LIABILITIES/DEFERRED INFLOWS, AND NET
POSITION OR EQUITY - Continued
Long -Term Obligations - Continued
In the fund financial statements, governmental fund types recognize bond premiums and discounts, as
well as bond issuance costs, during the current period. The face amount of debt issued is reported as
other financing sources. Premiums received on debt issuances are reported as other financing sources
while discounts on debt issuances are reported as other financing uses. Issuance costs, whether or not
withheld from the actual debt proceeds received, are reported as debt service expenditures.
Net Position
In the government -wide financial statements, equity is classified as net position and displayed in three
components:
Net Investment in Capital Assets - Consists of capital assets, including restricted capital assets,
net of accumulated depreciation, and reduced by the outstanding balances of any bonds,
mortgages, notes or other borrowings that are attributable to the acquisition, construction, or
improvement of those assets.
Restricted - Consists of net position with constraints placed on the use either by (1) external
groups such as creditors, grantors, contributors, or laws or regulations of other governments; or
(2) law through constitutional provisions or enabling legislation.
Unrestricted - All other net position balances that do not meet the definition of "restricted" or
"net investment in capital assets."
NOTE 2 - STEWARDSHIP, COMPLIANCE AND ACCOUNTABILITY
BUDGETARY INFORMATION
All departments of the Village submit requests for appropriations to the Village Manager so that a
budget may be prepared. The budget is prepared by fund and includes information on the past year,
current year estimates and requested appropriations for the next fiscal year. Budgets are adopted on a
basis consistent with generally accepted accounting principles. Annual appropriated budgets are adopted
for the General, Special Revenue, Debt Service, Capital Projects, Enterprise, Internal Service and
Pension Trust Funds. All annual appropriations lapse at fiscal year end.
57 67
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Notes to the Financial Statements
December 31, 2020
NOTE 2 - STEWARDSHIP, COMPLIANCE AND ACCOUNTABILITY - Continued
BUDGETARY INFORMATION - Continued
The proposed budget is presented to the governing body for review. The governing body holds public
hearings and may add to, subtract from, or change appropriations, but may not change the form of the
budget.
The Village Manager is authorized to transfer budgeted amounts between departments within any fund;
however, any revisions that alter the total expenditures of any fund must be approved by the governing
body. Expenditures may not legally exceed budgeted appropriations at the fund level. During the year,
budget amendments were approved by the Village Board. The final budget figures included in this report
reflect all budget amendments made during the year.
EXCESS OF ACTUAL EXPENDITURES/EXPENSES OVER BUDGET IN INDIVIDUAL
FUNDS
The following fund had an excess of actual expenditures/expenses, exclusive of depreciation, over
budget as of the date of this report:
Fund Excess
Risk Management $ 102,989
Police Pension 188,798
Firefighters' Pension 100,948
NOTE 3 - DETAIL NOTES ON ALL FUNDS
DEPOSITS AND INVESTMENTS
The Village maintains a cash and investment pool that is available for use by all funds except the
pension trust funds. Each fund type's portion of this pool is displayed on the financial statements as
"cash and investments." In addition, investments are separately held by several of the Village's funds.
The deposits and investments of the pension trust funds are held separately from those of other funds.
Permitted Deposits and Investments - Illinois Statutes authorizes the Village to make deposits/invest in
commercial banks, savings and loan institutions, obligations of the U.S. Treasury and U.S. Agencies,
obligations of States and their political subdivisions, credit union shares, repurchase agreements,
commercial paper rated within the three highest classifications by at least two standard rating services,
Illinois Funds and the Illinois Metropolitan Investment Fund.
58 68
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Notes to the Financial Statements
December 31, 2020
NOTE 3 - DETAIL NOTES ON ALL FUNDS - Continued
DEPOSITS AND INVESTMENTS - Continued
The deposits and investments of the Pension Funds are held separately from those of other Village
funds. Illinois Statutes authorizes the Pension Fund to make deposits/invest in interest bearing direct
obligations of the United States of America; obligations that are fully guaranteed or insured as to the
payment of principal and interest by the United States of America; bonds, notes, debentures, or similar
obligations of agencies of the United States of America; savings accounts or certificates of deposit
issued by banks or savings and loan associations chartered by the United States of America or by the
State of Illinois, to the extent that the deposits are insured by the agencies or instrumentalities of the
federal government; credit unions, to the extent that the deposits are insured by the agencies or
instrumentalities of the federal government; State of Illinois bonds; pooled accounts managed by the
Illinois Funds Market Fund (Formerly known as IPTIP, Illinois Public Treasurer's Investment Pool), or
by banks, their subsidiaries or holding companies, in accordance with the laws of the State of Illinois;
bonds or tax anticipation warrants of any county, township, or municipal corporation of the State of
Illinois; direct obligations of the State of Israel; money market mutual funds managed by investment
companies that are registered under the Federal Investment Company Act of 1940 and the Illinois
Securities Law of 1953 and are diversified, open-ended management investment companies, provided
the portfolio is limited to specified restrictions; general accounts of life insurance companies; and
separate accounts of life insurance companies and mutual funds, the mutual funds must meet specific
restrictions, provided the investment in separate accounts and mutual funds does not exceed ten percent
of the Pension Fund's plan net position; and corporate bonds managed through an investment advisor,
rated as investment grade by one of the two largest rating services at the time of purchase. Pension
Funds with plan net position of $2.5 million or more may invest up to forty-five percent of plan net
position in separate accounts of life insurance companies and mutual funds. Pension Funds with plan net
position of at least $5 million that have appointed an investment advisor, may through that investment
advisor invest up to forty-five percent of the plan net position in common and preferred stocks that meet
specific restrictions. In addition, Pension Funds with plan net position of at least $10 million that have
appointed an investment advisor, may invest up to fifty percent of its net position in common and
preferred stocks and mutual funds that meet specific restrictions effective July 1, 2011 and up to fifty-
five percent effective July 1, 2012.
The Illinois Funds is an investment pool managed by the Illinois Public Treasurer's Office 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. Investments in Illinois Funds are valued at the share price, the
price for which the investment could be sold.
59 69
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Notes to the Financial Statements
December 31, 2020
NOTE 3 - DETAIL NOTES ON ALL FUNDS - Continued
DEPOSITS AND INVESTMENTS - Continued
The Illinois Metropolitan Investment Fund (IMET) is a non -for-profit investment trust formed pursuant
to the Illinois Municipal Code. IMET is managed by a Board of Trustees elected from the participating
members. IMET is not registered with the SEC as an Investment Company. Investments in IMET are
valued at the share price, the price for which the investment could be sold.
The Illinois Public Reserves Investment Management Trust (IPRIME) is an investment opportunity and
cash management service for Illinois Municipal Treasurers acting on behalf of counties, townships,
cities, towns, villages, special road districts, public water supply districts, fire protection districts,
drainage districts, levee districts, sewer districts, housing authorities, and all other political corporations
or subdivisions of the State of Illinois. Participation in IPRIME is voluntary. IPRIME is not registered
with the SEC as an Investment Company. Investments in IPRIME are valued at the share price, the price
for which the investment could be sold.
Village - Interest Rate Risk, Credit Risk, Custodial Credit Risk, and Concentration Risk
Deposits. At year-end, the carrying amount of the Village's deposits for governmental and business -type
totaled $26,052,440 and the bank balances totaled $29,447,502. In addition, the Village has
$16,286,614 invested in IPRIME, $24,584,358 invested in the Illinois Funds, and $21,215 invested in
IMET at year-end, which have an average maturity of less than one year.
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 Village limits its exposure to
interest rate risk by structuring the portfolio to provide liquidity for short and long-term cash flow needs
while providing a reasonable rate of return based on the current market. Unless matched to a specific
cash flow, maturities should not exceed two years from the date of purchase.
Credit Risk. Credit risk is the risk that an issuer or other counterparty to an investment will not fulfill its
obligations. The Village limits its exposure to credit risk by permitting investments in only those
securities allowed under law and by specifically prohibiting investments in leveraged or derivative
securities. The Illinois Funds were rated AAAm by Standard & Poor's. The Illinois Metropolitan
Investment Trust Convenience Fund and IPRIME are not rated and the Illinois Metropolitan Investment
Trust 1-3 Year Fund is rated AAAf by Standard & Poor's.
60 70
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Notes to the Financial Statements
December 31, 2020
NOTE 3 - DETAIL NOTES ON ALL FUNDS - Continued
DEPOSITS AND INVESTMENTS - Continued
Village - Interest Rate Risk, Credit Risk, Custodial Credit Risk, and Concentration Risk -
Continued
Concentration Risk. This is the risk of loss attributed to the magnitude of the Village's investment in a
single issuer. The Village's investment policy requires diversification of investment to avoid
unreasonable risk. The Village's investment policy states the Village's portfolio shall be diversified in
order to limit the investment holdings of a specific issuer or business sector to avoid over concentration
in any one institution or area excluding investments in U.S. Treasury securities and authorized
investment pools. At year-end, the Village does not have any investments over 5 percent of the cash and
investment portfolio (other than investments issued or explicitly guaranteed by the U.S. government and
investments in mutual funds, external investment pools, and other pooled investments).
Custodial Credit Risk. In the case of deposits, this is the risk that in the event of a bank failure, the
Village's deposits may not be returned to it. The Village's investment policy requires pledging of
collateral for all bank balances in excess of federal depository insurance, at an amount not less than
105% of the fair market value of the funds secured, with the collateral witnessed by a written collateral
agreement and held by an independent third party in the Village's name.
For an investment, this is the risk that in the event of the failure of the counterparty, the Village will not
be able to recover the value of its investments or collateral securities that are in the possession of an
outside party. 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. The Illinois Funds, money market mutual funds, and IMET
are not subject to custodial credit risk.
Police Pension Fund - Interest Rate Risk, Credit Risk, Custodial Credit Risk, and Concentration
Risk
Deposits. At year-end, the carrying amount of the Fund's deposits totaled $3,167,675 and the bank
balances totaled $3,166,753.
61 71
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Notes to the Financial Statements
December 31, 2020
NOTE 3 - DETAIL NOTES ON ALL FUNDS - Continued
DEPOSITS AND INVESTMENTS - Continued
Police Pension Fund - Interest Rate Risk, Credit Risk, Custodial Credit Risk, and Concentration
Risk - Continued
Investments. The following table presents the investments and maturities of the Fund's debt securities as
of December 31, 2020:
Investment Maturities (in Years)
Fair Less Than More Than
Investment Type Value 1 1-5 6-10 10
U.S. Government Obligations
$ 3,591,666
455,181
1,729,806
1,406,679 —
U.S. Agency Obligations
11,980,941
41,959
1,612,880
6,774,325 3,551,777
State and Local Obligations
3,707,677
190,002
727,577
1,949,871 840,227
Corporate Bonds
8,045,520
1,112,521
4,219,589
2,713,410 —
Totals
27,325,804
1,799,663
8,289,852
12,844,285 4,392,004
The Fund has the following recurring fair value measurements as of December 31, 2020:
Investments by Fair Value Level
Debt Securities
U.S. Government Obligations
U.S. Agency Obligations
State and Local Obligations
Corporate Bonds
Equity Securities
Mutual Funds
Fair Value Measurements Using
Quoted
Prices
in Active
Significant
Markets for
Other
Significant
Identical
Observable
Unobservable
Assets
Inputs
Inputs
Totals (Level 1)
(Level 2)
(Level 3)
$ 3,591,666 3,591,666
11,980,941 —
3,707,677 —
8,045,520 —
56,329,456 56,329,456
11,980,941 —
3,707,677 —
8,045,520 —
Total Investments Measured at Fair Value 83,655,260 59,921,122 23,734,138 —
62 72
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Notes to the Financial Statements
December 31, 2020
NOTE 3 - DETAIL NOTES ON ALL FUNDS - Continued
DEPOSITS AND INVESTMENTS - Continued
Police Pension Fund - Interest Rate Risk, Credit Risk, Custodial Credit Risk, and Concentration
Risk - Continued
Investfnents - Continued. Debt Securities classified in Level 2 of the fair value hierarchy are valued
using a matrix pricing technique. Matrix pricing is used to value securities based on the securities'
relationship to benchmark quoted prices.
Interest Rate Risk. In accordance with its investment policy, the Fund limits its exposure to interest rate
risk by structuring the portfolio to provide liquidity for all reasonably anticipated operating requirements
while providing a reasonable rate of return based on the current market with a minimum return of 7%
desired during a market cycle. In addition, no investment in a fixed income security shall have a
maturity of greater than 30 years from the time of purchase.
Credit Risk. The Fund's investment policy does not address the management of credit risk other than to
limit investments to those allowed by state statutes. At year-end, the Fund's investments in U.S. Agency
obligations were rated AAA by Standard & Poor's, the state and local obligations were rated AAA by
Standard & Poor's, and the corporate bonds were rated BAA3 to AAA by Standard & Poor's.
Custodial Credit Risk. For deposits, this is the risk that in the event of bank failure the Fund's deposits
may not be returned to it. The Fund's investment policy does not address custodial credit risk for
deposits. At December 31, 2020, the entire amount of the bank balance of the deposits was covered by
federal depository or equivalent insurance.
For investments, the Fund's investment policy limits its exposure by requiring 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, in the name of the respective Fund, and
evidenced by safekeeping receipts.
Concentration Risk. The Fund's investment policy requires diversification of investment to avoid
unreasonable risk. No financial institution, except any securities custodians of the Fund, shall hold more
than 10% of the Fund's portfolio at any time. Neither shall The Illinois Funds hold more than 10% of the
Fund's portfolio at any time. In addition, the following allocations are desired: depository accounts and
money market mutual funds at 1% to 5%, fixed income securities at 40% to 44%, and equity securities
at 55%. In addition to the securities and fair values listed above, the Fund also has $56,329,456 invested
in mutual funds. At year-end, the Fund does not have any investments (other than investments issued or
explicitly guaranteed by the U.S. government and investments in mutual funds, external investment
pools, and other pooled investments) in any one organization that represent 5 percent or more of net
position available for retirement benefits.
63 73
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Notes to the Financial Statements
December 31, 2020
NOTE 3 - DETAIL NOTES ON ALL FUNDS - Continued
DEPOSITS AND INVESTMENTS - Continued
Police Pension Fund - Interest Rate Risk, Credit Risk, Custodial Credit Risk, and Concentration
Risk - Continued
Concentration Risk - Continued. The Fund's investment policy in accordance with Illinois Compiled
Statutes (ILCS) establishes the following target allocation across asset classes:
Long -Term
Expected Real
Asset Class Target Return
Fixed Income 35.00% 1.40%
Equity Mutual Funds 65.00% 7.00%
Cash 0.00% 0.00%
Illinois Compiled Statutes (ILCS) limit the Fund'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 rate of return on the Fund's investments was determined using an asset
allocation study conducted by the Fund's investment management consultant in April 2021 in which
best -estimate ranges of expected future real rates of return (net of pension plan investment expense and
inflation) were developed for each major asset class. These ranges were combined to produce the long-
term expected rate of return by weighting the expected future real rates of return by the target asset
allocation percentage and by adding the expected inflation. Best estimates or arithmetic real rates of
return for each major asset class included in the Fund's target asset allocation as of December 31, 2020
are listed in the table above.
Rate of Return
For the year ended December 31, 2020, the annual money -weighted rate of return on pension plan
investments, net of pension plan investment expense, was 13.20%. The money -weighted rate of return
expresses investment performance, net of investment expense, adjusted for the changing amounts
actually invested.
64 74
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Notes to the Financial Statements
December 31, 2020
NOTE 3 - DETAIL NOTES ON ALL FUNDS - Continued
DEPOSITS AND INVESTMENTS - Continued
Firefighters' Pension Fund - Interest Rate Risk, Credit Risk, Custodial Credit Risk, and
Concentration Risk
Deposits. At year-end, the carrying amount of the Fund's deposits totaled $1,676,118 and the bank
balances totaled $1,676,118.
Investments. At year-end, the Firefighters' Pension Fund has the following investments and maturities:
Investment Maturities (in Years)
Fair Less Than More Than
Investment Type Value 1 1-5 6-10 10
U.S. Government Obligations
$ 5,811,715
808,194 3,460,412
1,543,109 —
U.S. Agency Obligations
12,077,546
101,646 2,570,026
2,361,228 7,044,646
State and Local Obligations
360,337
— 304,679
55,658 —
Corporate Bonds
10,001,460
549,983 5,913,753
3,381,552 156,172
Totals 28,251,058 1,459,823 12,248,870 7,341,547 7,200,818
The Fund has the following recurring fair value measurements as of December 31, 2020:
Total Investments Measured at Fair Value 78,695,313 56,255,970 22,439,343 —
65 75
Fair Value Measurements Using
Quoted
Prices
in Active
Significant
Markets for
Other
Significant
Identical
Observable
Unobservable
Assets
Inputs
Inputs
Investments by Fair Value Level
Total
(Level 1)
(Level 2)
(Level 3)
Debt Securities
U.S. Government Obligations
$ 5,811,715
5,811,715
U.S. Agency Obligations
12,077,546
—
12,077,546
—
State and Local Obligations
360,337
—
360,337
—
Corporate Bonds
10,001,460
—
10,001,460
—
Equity Securities
Real Estate Annuity
6,470,201
6,470,201
Mutual Funds
43,974,054
43,974,054
Total Investments Measured at Fair Value 78,695,313 56,255,970 22,439,343 —
65 75
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Notes to the Financial Statements
December 31, 2020
NOTE 3 - DETAIL NOTES ON ALL FUNDS - Continued
DEPOSITS AND INVESTMENTS - Continued
Firefighters' Pension Fund - Interest Rate Risk, Credit Risk, Custodial Credit Risk, and
Concentration Risk - Continued
Investments - Continued. Debt Securities classified in Level 2 of the fair value hierarchy are valued
using a matrix pricing technique. Matrix pricing is used to value securities based on the securities'
relationship to benchmark quoted prices.
Interest Rate Risk. In accordance with its investment policy, the Fund limits its exposure to interest rate
risk by structuring the portfolio to provide liquidity for all reasonably anticipated operating requirements
while providing a reasonable rate of return based on the current market with a minimum return of 7%
desired during a market cycle. In addition, no investment in a fixed income security shall have a
maturity of greater than 30 years from the time of purchase.
Credit Risk. The Fund's investment policy does not address the management of credit risk other than to
limit investments to those allowed by state statutes. At year-end, the Fund's investments in U.S. Agency
obligations were rated AAA by Standard & Poor's, the state and local obligations were rated AA2 to
AAA by Standard & Poor's, and the corporate bonds were rated Bal- to AAA by Standard & Poor's.
Custodial Credit Risks. For deposits, the Fund's investment policy requires pledging of collateral for all
bank balances in excess of federal depository insurance, at an amount not less than 110% of the fair
market value of the funds secured, with the collateral held by an independent third party or the Federal
Reserve Bank, and evidenced by safekeeping receipts. At December 31, 2020, the entire amount of the
bank balance of the deposits was covered by federal depository or equivalent insurance.
For investments, the Fund will not be able to recover the value of its investments that are in possession
of an outside party. To limit its exposure, the Fund'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 and evidenced by safekeeping receipts.
Concentration Risk. The Fund's investment policy requires diversification of investment to avoid
unreasonable risk. No financial institution, except any securities custodians and fixed income investment
managers of the Fund, shall hold more than 10% of the Fund's portfolio at any time. Neither shall The
Illinois Funds hold more than 10% of the Fund's portfolio at any time. In addition, the following
allocations are desired: depository accounts and money market mutual funds at 1% to 5%, fixed income
securities at 50% to 54%, and 55% in equity securities. In addition to the securities and fair values listed
above, the Fund also has $43,974,054 invested in mutual funds and $6,470,201 invested in real estate.
At year-end, the Fund does not have any investments (other than investments issued or explicitly
guaranteed by the U.S. government and investments in mutual funds, external investment pools, and
other pooled investments) in any one organization that represent 5 percent or more of net position
available for retirement benefits.
66 76
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Notes to the Financial Statements
December 31, 2020
NOTE 3 - DETAIL NOTES ON ALL FUNDS - Continued
DEPOSITS AND INVESTMENTS - Continued
Firefighters' Pension Fund - Interest Rate Risk, Credit Risk, Custodial Credit Risk, and
Concentration Risk - Continued
Concentration Risk - Continued. The Fund's investment policy in accordance with Illinois Compiled
Statutes (ILCS) establishes the following target allocation across asset classes:
Long -Term
Expected Real
Asset Class Target Return
Fixed Income 35.00% 2.50%
Equity Mutual Funds 55.00% 8.00%
Real Estate 10.00% 4.50%
Cash 0.00% 0.00%
Illinois Compiled Statutes (ILCS) limit the Fund'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 rate of return on the Fund's investments was determined using an asset
allocation study conducted by the Fund's investment management consultant in April 2021 in which
best -estimate ranges of expected future real rates of return (net of pension plan investment expense and
inflation) were developed for each major asset class. These ranges were combined to produce the long-
term expected rate of return by weighting the expected future real rates of return by the target asset
allocation percentage and by adding the expected inflation. Best estimates or arithmetic real rates of
return for each major asset class included in the Fund's target asset allocation as of December 31, 2020
are listed in the table above.
Rate of Return
For the year ended December 31, 2020, the annual money -weighted rate of return on pension plan
investments, net of pension plan investment expense, was 16.49%. The money -weighted rate of return
expresses investment performance, net of investment expense, adjusted for the changing amounts
actually invested.
PROPERTY TAXES
Property taxes for 2019 attach as an enforceable lien on January 1, on property values assessed as of the
same date. Taxes are levied by December of the subsequent fiscal year (by passage of a Tax Levy
Ordinance). Tax bills are prepared by Cook County and are payable in two installments, on or about
March l and September 1 during the following year. The County collects such taxes and remits them
periodically. The allowance for uncollectible taxes has been stated at 2% of the tax levy, to reflect actual
collection experience.
67 77
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Notes to the Financial Statements
December 31, 2020
NOTE 3 - DETAIL NOTES ON ALL FUNDS - Continued
CAPITAL ASSETS
Governmental Activities
Governmental capital asset activity for the year was as follows:
Nondepreciable Capital Assets
Land
Construction in Progress
Depreciable Capital Assets
Buildings
Improvements Other than Buildings
Vehicles
Machinery and Equipment
Infrastructure
Less Accumulated Depreciation
Buildings
Improvements Other than Buildings
Vehicles
Machinery and Equipment
Infrastructure
Beginning Ending
Balances Increases Decreases Balances
$ 14,313,779 1,298,541 — 15,612,320
23,901,931 10,671,236 9,648,365 24,924,802
38,215,710 11,969,777 9,648,365 40,537,122
39,036,928
16,781,916
—
55,818,844
891,239
625,681
—
1,516,920
12,286,674
978,944
803,298
12,462,320
4,872,633
1,579,432
65,253
6,386,812
89,036,886
5,043,653
7,823
94,072,716
146,124,360
25,009,626
876,374
170,257,612
12,607,832
943,226
—
13,551,058
400,312
27,355
—
427,667
6,947,186
956,383
717,083
7,186,486
2,539,717
248,924
65,253
2,723,388
73,788,829
2,131,955
7,823
75,912,961
96,283,876
4,307,843
790,159
99,801,560
Total Net Depreciable Capital Assets 49,840,484 20,701,783 86,215 70,456,052
Total Net Capital Assets 88,056,194 32,671,560 9,734,580 110,993,174
Depreciation expense was charged to governmental activities as follows:
General Government
$ 437,437
Public Safety
535,390
Highways and Streets
2,260,730
Health
2,349
Welfare
3,752
Culture and Recreation
7,240
Internal Service
1,060,945
4,307,843
68 78
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Notes to the Financial Statements
December 31, 2020
NOTE 3 - DETAIL NOTES ON ALL FUNDS - Continued
CAPITAL ASSETS - Continued
Business -Type Activities
Business -type capital asset activity for the year was as follows:
Nondepreciable Capital Assets
Land
Construction in Progress
Depreciable Capital Assets
Building and Improvements
Machinery and Equipment
Infrastructure
Less Accumulated Depreciation
Building and Improvements
Machinery and Equipment
Infrastructure
Total Other Capital Assets
Total Capital Assets
Beginning Ending
Balances Increases Decreases Balances
$ 17,318,818 17,318,818
2,163,498 1,585,682 1,292,660 2,456,520
19,482,316 1,585,682 1,292,660 19,775,338
4,499,808
4,499,808
5,017,968
5,017,968
31,638,611
1,696,873
29,020
33,306,464
41,156,387
1,696,873
29,020
42,824,240
3,064,185
64,922
—
3,129,107
3,612,740
118,705
—
3,731,445
15,510,454
503,162
29,020
15,984,596
22,187,379
686,789
29,020
22,845,148
18,969,008 1,010,084 — 19,979,092
38,451,324 2,595,766 1,292,660 39,754,430
Depreciation expense was charged to business -type activities as follows:
Water and Sewer
$ 686,789
69 79
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Notes to the Financial Statements
December 31, 2020
NOTE 3 - DETAIL NOTES ON ALL FUNDS - Continued
INTERFUND TRANSFERS
Interfund transfers for the year consisted of the following:
Transfer In Transfer Out Amount
Prospect and Main TIF District Police and Fire Building Construction $ 590,000
Debt Service General 1,105,000
Nomnajor Governmental General 3,493,000
5,188,000
The purpose of significant transfers from/to between funds are as follows:
• $590,000 transferred to the Prospect and Main TIF District Fund from the Police and Fire
Building Construction Fund as a partial reimbursement for land acquisition costs paid by the
Prospect and Main TIF District.
• $1,105,000 transferred to the Debt Service Fund from the General Fund for debt service
payments.
• $3,493,000 transferred to the Flood Control Fund, a nonmajor governmental fund, from the
General Fund to fund the project at Burning Bush Trials Park for installation of large storm
sewer main and associated detention basins providing flood relief to neighborhoods' tributary to
Levee 37.
INTERFUND BALANCES
Interfund balances are advances in anticipation of receipts. The composition of interfund balances as of
the date of this report, is as follows:
Receivable Fund Payable Fund Amount
General Nonmajor Governmental $ 525,000
Police Pension General 9,014
Fire Pension General 8,199
542,213
70 80
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Notes to the Financial Statements
December 31, 2020
NOTE 3 - DETAIL NOTES ON ALL FUNDS - Continued
INTERGOVERNMENTAL RECEIVABLES
The following receivables are included in due from other governments on the statement of net position:
Governmental Activities
Mount Prospect Public Library $ 3,072,158
Grants 1,320,535
Miscellaneous 52,480
Total 4,445,173
The Series 2006 General Obligation Library Refunding Bonds, the Series 2011A General Obligation
Refunding Bonds, and the Series 2016 General Obligation Refunding Bonds were issued to provide
financing to the Mount Prospect Public Library (the Library). The Library is repaying these bonds issued
by the Village. The Series 2006 General Obligation Library Refunding Bonds were refunded by the
Series 2016 General Obligation Refunding Bonds during fiscal year 2016. The future principal and
interest payments owed from the Library are as follows with the principal portion recorded as an
intergovernmental receivable in the debt service fund/governmental activities.
The annual debt service requirements are as follows:
Fiscal
Year Principal Interest
2021 $ 1,515,000 61,300
2022 1,550,000 31,000
3,065,000 92,300
NOTE 3 - DETAIL NOTES ON ALL FUNDS
LONG-TERM DEBT
Asset Retirement Obligation
The Village has recognized an asset retirement obligation (ARO) and related deferred outflow of
resources in connection with its obligation to seal and abandon various water wells at the end of their
estimated useful lives in accordance with the Illinois Administrative Code Title 77. The ARO was
measured using actual historical costs for similar abandonments, adjusted for inflation through the end
of the year. The estimated remaining useful lives of the water wells are 100 years.
71 81
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Notes to the Financial Statements
December 31, 2020
NOTE 3 - DETAIL NOTES ON ALL FUNDS - Continued
LONG-TERM DEBT - Continued
General Obligation Bonds
The Village issues general obligation bonds to provide funds for the acquisition and construction of
major capital facilities. General obligation bonds have been issued for governmental and business -type
activities. General obligation bonds are direct obligations and pledge the full faith and credit of the
Village. General obligation bonds currently outstanding are as follows:
Fund Debt Beginning Ending
Retired by Balances Issuances Retirements Balances
$5,160,0000 General Obligation
Bonds of 201113, due in annual
installments of $40,000 to
$775,000 plus interest at 2.52% Debt
through December 1, 2020. Service $ 775,000 — 775,000
$2,975,000 General Obligation
Bonds of 2012, due in annual
installments of $610,000 to
$885,000 plus interest at 3.10% Debt
through December 1, 2022. Service 1,745,000 1,745,000
$9,800,000 General Obligation
Bonds of 2013, due in annual
installments of $555,000 to
$885,000 plus interest at 3.00% to
4.125% through December 1, Debt
2033. Service 9,800,000 — 555,000 9,245,000
$6,290,000 General Obligation
Bonds of 2014, due in annual
installments of $290,000 to
$1,265,000 plus interest at 3.00% Debt
through December 1, 2023. Service 4,115,000 — 760,000 3,355,000
72 82
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Notes to the Financial Statements
December 31, 2020
NOTE 3 - DETAIL NOTES ON ALL FUNDS - Continued
LONG-TERM DEBT - Continued
General Obligation Bonds - Continued
Fund Debt Beginning Ending
Retired by Balances Issuances Retirements Balances
$8,735,000 General Obligation
Refunding Bonds of 2016, due in
annual installments of $1,375,000
to $1,550,000 plus interest at
2.00% to 3.00% through
Debt
December 1, 2022.
Service $
4,535,000
— 1,470,000 3,065,000
$9,100,000 General Obligation
Refunding Bonds of 2016A, due
in annual installments of
$120,000 to $1,905,000 plus
interest at 3.00% through
Debt
December 1, 2028.
Service
8,860,000
8,860,000
$9,740,000 General Obligation
Bonds of 2017, due in annual
prospect and
installments of $125,000 to
Main TIF
4,815,000
4,815,000
$460,000 plus interest at 2.50% to
Water and
4.00% through December 1, 2037.
Sewer
4,675,000
— 140,000 4,535,000
$11,950,000 General Obligation
prospect and
Bonds of 2018A, due in annual
Main TIF
7,060,000
7,060,000
installments of $115,000 to
$700,000 plus interest at 3.25% to
Water and
5.00% through December 1, 2037.
Sewer
4,595,000
— 125,000 4,470,000
$38,440,000 General Obligation
Bonds of 2018B, due in annual
installments of $155,000 to
$3,110,000 plus interest at
3.625% to 5.000% through
Debt
December 1, 2043.
Service
38,040,000
— 455,000 37,585,000
73 83
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Notes to the Financial Statements
December 31, 2020
NOTE 3 - DETAIL NOTES ON ALL FUNDS - Continued
LONG-TERM DEBT - Continued
General Obligation Bonds - Continued
Fund Debt Beginning Ending
Retired by Balances Issuances Retirements Balances
$9,600,000 General Obligation
Bonds of 2019A, due in annual
installments of $60,000 to
$800,000 plus interest at 2.00% to Water and
5.00% through December 1, 2039. Sewer $ 9,600,000
$7,725,000 General Obligation
Bonds of 2019B, due in annual
installments of $210,000 to
$740,000 plus interest at 3.00% to Prospect and
5.00% through December 1, 2039. Main TIF 7,725,000
Limited Tax Note Payable
60,000 9,540,000
7,725,000
106,340,000 — 4,340,000 102,000,000
The Village has issued a note payable (direct borrowing) related to a developer agreement. The limited
tax note payable has been issued for the governmental activities and is a limited obligation of the
Village, payable solely from certain tax revenues as set forth in the developer agreement. The developer
agreement teen will expire upon the earlier to occur of (a) the expiration of the term of any bonds issued
by the Village which yield developer proceeds equal to the maximum reimbursement amount, (b) the
date which all obligations under this agreement have been discharged, including, but not limited to,
payments on any bonds issued by the Village and on the note payable, or (c) 35 years following the
issuance of the note payable. After a final accounting is completed and any remaining amounts are paid
to the developer, the note payable shall be marked "cancelled" and returned to the Village. Notes
payable currently outstanding are as follows:
Fund Debt Beginning Ending
Retired by Balances Issuances Retirements Balances
$25,000,000 Business District
Limited Tax Note Payable of
2010, due in semiannual
installments plus interest at
6.710% contingent upon sufficient Business
pledged revenues. District $ 35,329,187 2,285,955 1,709,966 35,905,176
74 84
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Notes to the Financial Statements
December 31, 2020
NOTE 3 - DETAIL NOTES ON ALL FUNDS - Continued
LONGTERM DEBT - Continued
Long -Term Liabilities Activity
Changes in long-term liabilities during the fiscal year were as follows:
Amounts
Beginning Ending within
Type of Debt Balances Additions Deductions Balances One Year
Governmental Activities
Compensated Absences
General
Internal Services
Claims Payable
Net Pension Liability
IMRF
Police Pension
Firefighters' Pension
Total OPEB Liability - RBP
General
Internal Services
General Obligation Bonds
Unamortized Premium
Business District Limited Tax
Note Payable
$ 3,658,656
923,074
461,537
4,120,193
945,253
96,914
16,012
8,006
104,920
20,984
414,909
1,107,301
823,012
699,198
476,885
9,504,098
44,990,138
38,460,088
5,363,549
7,502,503
5,910,403
11,604,196 1,462,091 -
236,037 306,513 -
87,470,000 - 4,015,000
3,006,575 - 314,605
35,329,187 2,285,955 1,709,966
4,140,549
37,487,635
32,549,685
13,066,287 -
542,550 -
83,455,000 4,590,000
2,691,970 -
35,905,176 1,051,254
For the governmental activities, payments on the compensated absences, the net pension liabilities and
the total OPEB liability are made by the General Fund. Payments on general obligation bonds are being
liquidated by the Debt Service Fund and the Prospect and Main TIF, and the Business District Limited
Tax Note Payable is being liquidated by the Business District Fund. Internal service funds
predominantly serve the governmental funds. Accordingly, long-term liabilities for them are included as
part of the above totals for governmental activities.
75 85
234,770,798
6,100,946
26,108,581
214,763,163
7,084,376
Business -Type Activities
Compensated Absences
211,207
173,165
86,583
297,789
59,557
Net Pension Liability - IMRF
2,224,548
-
1,425,284
799,264
-
Total OPEB Liability - RBP
338,090
910,353
-
1,248,443
-
Asset Retirement Obligation
750,000
-
-
750,000
-
General Obligation Bonds
18,870,000
-
325,000
18,545,000
525,000
Unamortized Premium
697,083
-
35,585
661,498
-
23,090,928
1,083,518
1,872,452
22,301,994
584,557
For the governmental activities, payments on the compensated absences, the net pension liabilities and
the total OPEB liability are made by the General Fund. Payments on general obligation bonds are being
liquidated by the Debt Service Fund and the Prospect and Main TIF, and the Business District Limited
Tax Note Payable is being liquidated by the Business District Fund. Internal service funds
predominantly serve the governmental funds. Accordingly, long-term liabilities for them are included as
part of the above totals for governmental activities.
75 85
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Notes to the Financial Statements
December 31, 2020
NOTE 3 - DETAIL NOTES ON ALL FUNDS - Continued
LONGTERM DEBT - Continued
Long -Term Liabilities Activity - Continued
Additionally, for business -type activities, compensated absences and the total OPEB liability are
liquidated by the Water and Sewer, Parking System Revenue and Village Parking System Funds. The
net pension liability and the general obligation bonds are being liquidated by the Water and Sewer Fund.
Debt Service Requirements to Maturity
The annual debt service requirements to maturity, including principal and interest, are as follows:
Governmental Activities Business -Type Activities
General Obligation General Obligation
Fiscal Bonds Bonds
Year Principal Interest Principal Interest
2021 $
4,590,000
3,119,988
525,000
663,082
2022
4,505,000
2,984,378
575,000
638,332
2023
2,990,000
2,858,192
625,000
611,182
2024
3,125,000
2,758,092
680,000
581,682
2025
3,285,000
2,631,142
740,000
549,582
2026
3,450,000
2,510,192
805,000
514,632
2027
3,605,000
2,384,742
860,000
478,782
2028
3,785,000
2,257,668
920,000
447,832
2029
3,455,000
2,127,075
980,000
414,400
2030
3,750,000
1,975,799
1,045,000
378,450
2031
3,955,000
1,815,013
1,110,000
344,694
2032
4,170,000
1,645,689
1,170,000
307,756
2033
4,400,000
1,467,375
1,245,000
268,832
2034
3,715,000
1,280,170
1,315,000
229,420
2035
3,900,000
1,151,550
1,390,000
187,788
2036
4,090,000
1,014,519
1,460,000
144,244
2037
4,285,000
870,125
1,540,000
98,012
2038
3,260,000
718,400
760,000
48,750
2039
3,400,000
598,200
800,000
25,000
2040
2,765,000
469,600
2041
2,875,000
359,000
2042
2,990,000
244,000
2043
3,110,000
124,400
Totals 83,455,000 37,365,309 18,545,000 6,932,452
76 86
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Notes to the Financial Statements
December 31, 2020
NOTE 3 - DETAIL NOTES ON ALL FUNDS - Continued
LONGTERM DEBT - Continued
Legal Debt Margin
Article VII, Section 6(k) of the 1970 Illinois Constitution governs the computation of legal debt margin.
"The General Assembly may limit by law the amount and require referendum approval of debt to the
incurred by home rule municipalities, payable from ad valorem property tax receipts, only in excess of
the following percentages of the assessed value of its taxable property ... (2) if its population is more than
25,000 and less than 500,000 an aggregate of one percent: indebtedness which is outstanding on the
effective date (July 1, 1971) of this constitution or which is thereafter approved by referendum... shall
not be included in the foregoing percentage amounts."
To date the Illinois General Assembly has set no limits for home rule municipalities. The Village is a
home rule municipality.
NET POSITION CLASSIFICATIONS
Net investment in capital assets was comprised of the following as of December 31, 2020:
Governmental Activities
Capital Assets - Net of Accumulated Depreciation $ 110,993,174
Plus:
Unamortized Refunding Loss 306,113
Unspent Bond Proceeds 1,296,372
Less Capital Related Debt:
General Obligation Bonds of 2012
(1,745,000)
General Obligation Bonds of 2013
(9,245,000)
General Obligation Bonds of 2014
(3,355,000)
General Obligation Refunding Bonds of 2016
(3,065,000)
General Obligation Refunding Bonds of 2016A
(8,860,000)
General Obligation Bonds of 2017
(4,815,000)
General Obligation Bonds of 2018A
(7,060,000)
General Obligation Bonds of 2018B
(37,585,000)
General Obligation Bonds of 2019B
(7,725,000)
Premium on Debt Issuance
(2,691,970)
Net Investment in Capital Assets 26,448,689
77 87
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Notes to the Financial Statements
December 31, 2020
NOTE 3 - DETAIL NOTES ON ALL FUNDS - Continued
NET POSITION CLASSIFICATIONS - Continued
Business -Type Activities
Capital Assets - Net of Accumulated Depreciation $
Less Capital Related Debt:
General Obligation Bonds of 2017
General Obligation Bonds of 2018A
General Obligation Bonds of 2019A
39,754,430
(4,535,000)
(4,470,000)
(9,540,000)
Premium on Debt Issuance (661,498)
Net Investment in Capital Assets 20,547,932
FUND BALANCE CLASSIFICATIONS
In the governmental funds financial statements, the Village considers restricted amounts to have been
spent when an expenditure is incurred for purposes for which both restricted and unrestricted fund
balance is available. The Village first utilizes committed, then assigned and then unassigned fund
balance when an expenditure is incurred for purposes for which all three unrestricted fund balances are
available.
Nonspendable Fund Balance. Consists of resources that cannot be spent because they are either: a) not
in a spendable form; or b) legally or contractually required to be maintained intact.
Restricted Fund Balance. Consists of resources that are restricted to specific purposes, that is, when
constraints placed on the use of resources are either: a) externally imposed by creditors (such as through
debt covenants), grantors, contributors, or laws or regulations of other governments; or b) imposed by
law through constitutional provisions or enabling legislation.
Committed Fund Balance. Consists of resources constrained (issuance of an ordinance) to specific
purposes by the government itself, using its highest level of decision-making authority, the Board of
Trustees; to be reported as committed, amounts cannot be used for any other purpose unless the
government takes the same highest -level action to remove or change the constraint.
Assigned Fund Balance. Consists of amounts that are constrained by the Board of Trustees's intent to be
used for specific purposes but are neither restricted nor committed. Intent is expressed by a) the Board of
Trustees itself or b) a body or official to which the Board of Trustees has delegated the authority to
assign amounts to be used for specific purposes. The Village's highest level of decision-making
authority is the Board of Trustees, who is authorized to assign amounts to a specific purpose.
Unassigned Fund Balance. Consists of residual net resources of a fund that has not been restricted,
committed, or assigned within the General Fund and deficit fund balances of other governmental funds.
78 88
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Notes to the Financial Statements
December 31, 2020
NOTE 3 - DETAIL NOTES ON ALL FUNDS - Continued
FUND BALANCE CLASSIFICATIONS - Continued
Minimum Fund Balance Policy. The Village's policy manual states that the General Fund should
maintain an unrestricted fund balance level between 20% to 30% of the subsequent fiscal year's
expenditures, the special revenue funds (except the CDBG Fund) should maintain a fund balance level
between 10% and 25% of the annual budgeted expenditures, not including capital, debt service and
transfers, the Debt Service Fund should maintain a fund balance level at a maximum of the amount of
the next principal and interest payment due, and the Capital Projects Fund should maintain a fund
balance level between 25% and 50% of the five-year average for capital expenditures supported by the
fund to a maximum of $1 million.
The following is a schedule of fund balance classifications for the governmental funds as of the date of
this report:
Special
Revenue Capital Projects
Prospect/ Police and Fire
Main Debt Building
General TIF Service Construction Nonmajor Totals
Fund Balances
Nonspendable
Inventories $ 752 752
Prepaids 381,150 1,500 1,350 — 105,645 489,645
381,902 1,500 1,350 — 105,645 490,397
Restricted
Public Safety
Police
322,594
322,594
Fire
413,742
413,742
Highways and Streets
—
24,491 —
— 3,789,560
3,814,051
Debt Service
—
— 1,521,124
— —
1,521,124
—
24,491 1,521,124
— 4,525,896
6,071,511
Committed
Capital Projects
2,300,000
2,300,000
Refuse Disposal
934,034
934,034
2,300,000
934,034
3,234,034
Assigned
Debt Service
—
— 1,604,391
— —
1,604,391
Capital Projects
44,134 5,502,411
5,546,545
1,604,391
44,134 5,502,411
7,150,936
Unassigned
23,492,469
—
23,492,469
Total Fund Balances
26,174,371
25,991 3,126,865
44,134 11,067,986
40,439,347
79 89
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Notes to the Financial Statements
December 31, 2020
NOTE 3 - DETAIL NOTES ON ALL FUNDS - Continued
NET POSITION RESTATEMENT
Beginning net position was restated to correct an error in governmental activities Business District
Limited Tax Note Payable. The following is a summary of the net position as originally reported and as
restated:
Net Position As Reported As Restated Increase
Governmental Activities $ (67,448,396) (65,723,466) 1,724,930
NOTE 4 - OTHER INFORMATION
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; natural disasters; and injuries to the Village's employees. These risks,
along with medical claims for employees and retirees, are provided for through the Village's
participation in the Intergovernmental Risk Management Agency (IRMA) and the Intergovernmental
Personnel Benefit Cooperative ([PBC). There have been no significant reductions in coverage from the
prior year and settled claims have not exceeded coverage for any of the past three years.
Intergovernmental Risk Management Agency (IRMA)
The Village participates in the Intergovernmental Risk Management Agency (IRMA). IRMA is an
organization of municipalities and special districts in Northeastern Illinois which have formed an
association under the Illinois Intergovernmental Cooperations Statute to pool its risk management needs.
The agency administers a mix of self-insurance and commercial insurance coverages; property/casualty
and workers' compensation claim administration/litigation management services; unemployment claim
administration; extensive risk management/loss control consulting and training programs; and a risk
information system and financial reporting service for its members.
Each member appoints one delegate, along with an alternate delegate, to represent the member on the
Board of Directors. The Village does not exercise any control over the activities of the Agency beyond
its representation on the Board of Directors.
Initial contributions are determined each year based on the individual member's eligible revenue as
defined in the by-laws of IRMA and experience modification factors based on past member loss
experience. Each member assumes the first $10,000 (higher optional deductibles available) of each
occurrence, and IRMA has self-insurance retentions at various amounts above that level. Members have
a contractual obligation to fund any deficit of IRMA attributable to a membership year during which
they were a member. Supplemental contributions may be required to fund these deficits. The Village's
payments to IRMA are displayed on the financial statements as expenditures/expenses in the appropriate
funds. The coverages provided by IRMA are generally consistent with the coverages in the prior year.
80 90
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Notes to the Financial Statements
December 31, 2020
NOTE 4 - OTHER INFORMATION - Continued
RISK MANAGEMENT - Continued
Intergovernmental Risk Management Agency (IRMA) - Continued
The Village has chosen an optional higher deductible of $100,000. A related reserve deposit of
$1,116,941 is being held at IRMA at December 31, 2020.
The Village's insurance activities are reported in the Risk Management Fund which is an internal service
fund. Premiums are paid into the Risk Management Fund by the departments of the General Fund and
other funds based upon historical cost estimates.
The total claims liability remaining as of December 31, 2020 was $699,198.
Changes in the balances of claims liabilities during the fiscal year are as follows:
Workers' General
Auto Compensation Liability Total
Claims Payable - December 31, 2018
$ 41
485,943
109,535
595,519
Incurred Claims
157,471
681,263
26,429
865,163
Claims Paid
(157,512)
(776,382)
(111,879)
(1,045,773)
Claims Payable - December 31, 2019
390,824
24,085
414,909
Incurred Claims 44,366
903,218
159,717
1,107,301
Claims Paid (43,972)
(713,675)
(65,365)
(823,012)
Claims Payable - December 31, 2020 394 580,367 118,437 699,198
Intergovernmental Personnel Benefit Cooperative (IPBC)
Risks for medical and death benefits for employees and retirees are provided for through the Village's
participation in the Intergovernmental Personnel Benefit Cooperative (IPBC). IPBC acts as an
administrative agency to receive, process and pay such claims as may come within the benefit program
of each member. IPBC maintains specific reinsurance coverage for claims in excess of $75,000 per
individual employee participant. The Village pays premiums to IPBC based upon current employee
participation and its prior experience factor with the pool. Current year overages or underages for
participation in the pool are adjusted into subsequent years experience factor for premiums. here were no
significant changes in insurance coverages from the prior year and settlements did not exceed insurance
coverage in any of the past three fiscal years.
A reserve deposit of $2,812,678 is being held at IPBC at December 31, 2020.
81 91
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Notes to the Financial Statements
December 31, 2020
NOTE 4 - OTHER INFORMATION - Continued
CONTINGENT LIABILITIES
Litigation
The Village is a defendant in various lawsuits. Although the outcome of these lawsuits is not presently
determinable, in the opinion of the Village's attorneys, the resolution of these matters will not have a
material adverse effect on the financial condition of the Village.
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.
Financial Impact from COVID-19
In March 2020, the World Health Organization declared the COVID-19 virus a public health emergency.
As of the date of this report, the extent of the impact of COVID-19 on the Village's operations and
financial position cannot be determined.
COMMITMENTS
Solid Waste Agency of Northern Cook County (SWANCC)
Annual payments to Solid Waste Agency of Northern Cook County (SWANCC) are based on estimated
tonnage of waste transported to SWANCC. It is assumed that there will be no material changes in
deliveries to SWANCC. For 2021, the Village estimates it will pay SWANCC $1,038,810, with annual
increases ranging from 0% to 3% through 2022.
Northwest Suburban Municipal Joint Action Water Agency (JAWA)
The Village has committed to purchase water from the Northwest Suburban Municipal Joint Action
Water Agency (JAWA). A new agreement, negotiated by the Member Communities and JAWA was
approved on March 13, 2018. This Revised Water Supply Agreement will expire in FY 2032. The
obligation to pay minimum annual amounts was removed from the new agreement.
82 92
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Notes to the Financial Statements
December 31, 2020
NOTE 4 - OTHER INFORMATION - Continued
JOINT VENTURES
Northwest Suburban Municipal Joint Action Water Agency (JAWA)
The Village is a member of the Northwest Suburban Municipal Joint Action Water Agency (JAWA)
which consists of seven municipalities. JAWA is a municipal corporation and public body politic and
corporate established pursuant to the Intergovernmental Cooperation Act of the State of Illinois. JAWA
is empowered to plan, construct, improve, extend, acquire, finance, operate and maintain a water supply
system to serve its members and other potential water purchasers.
The seven members of JAWA and their percentage shares as of April 30, 2020 are as follows:
Percent
Share
Village of Elk Grove Village 18.03%
Village of Hanover Park
8.82%
Village of Hoffman Estates
15.74%
Village of Mount Prospect
12.21%
City of Rolling Meadows
6.77%
Village of Schaumburg
27.42%
Village of Streamwood
11.01%
100.00%
These percentage shares are based upon formulae contained in the water supply agreement and are
subject to change in future years based upon consumption by the municipalities.
The members form a contiguous geographic service area which is located 15 to 30 miles northwest of
downtown Chicago. Under the Agency Agreement, additional members may join JAWA upon the
approval of each member.
JAWA is governed by a Board of Directors which consists of one elected official from each member
municipality. Each Director has an equal vote. The officers of JAWA are appointed by the Board of
Directors. The Board of Directors determines the general policy of JAWA, makes all appropriations,
approves contracts for sale or purchase of water, provides for the issuance of debt, adopts bylaws, rules
and regulations, and exercises such powers and performs such duties as may be prescribed in the Agency
Agreement or the bylaws.
83 93
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Notes to the Financial Statements
December 31, 2020
NOTE 4 - OTHER INFORMATION - Continued
JOINT VENTURES - Continued
Northwest Suburban Municipal Joint Action Water Agency (JAWA) - Continued
Complete financial statements can be obtained from the Northwest Suburban Municipal Joint Action
Water Agency, 901 Wellington Avenue, Elk Grove Village, Illinois 60007.
Revenues of the system consist of. (a) all receipts derived from Water Supply Agreements or any other
contract for the supply of water; (b) all income derived from the investment of monies; and (c) all
income, fees, water service charges, and all rates, rents and receipts derived by JAWA from the
ownership and operation of the system and the sale of water. JAWA covenants to establish fees and
charges sufficient to provide revenues to meet all its requirements.
JAWA has entered into Water Supply Agreements with the seven -member municipalities for a term of
40 years, extending to December 31, 2022. The Agreements are irrevocable and may not be terminated
or amended except as provided in the General Resolution. Each member is obligated, on a "take or pay"
basis, to purchase or in any event to pay for a minimum annual quantity of water.
JAWA has entered into an agreement with the City of Chicago under which the City has agreed to sell
quantities of lake water sufficient to supply the projected water needs of JAWA through the year 2020.
The obligation of the Village to make all payments as required by this agreement is unconditional and
irrevocable, without regard to performance or nonperformance by JAWA of its obligations under this
Agreement.
The payments required to be made by the Village under this Agreement shall be required to be made
solely from revenues to be derived by the Village from the operation of the Water System. Members are
not prohibited by the Agreement, however, from using other available funds to make payments under the
Agreement. This Agreement shall not constitute an indebtedness of the Village within the meaning of
any statutory or constitutional limitation.
The obligation of the Village to make payments required by this Agreement from revenues of the Water
System shall be payable from the operation and maintenance account of the Water and Sewer Fund.
In accordance with the joint venture agreement, the Village remitted $7,517,582 to JAWA for the year
ended December 31, 2020. All payments were paid from the Water and Sewer Fund. Deposits with
JAWA in the amount of $499,401 represent amounts held for security of debt service.
84 94
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Notes to the Financial Statements
December 31, 2020
NOTE 4 - OTHER INFORMATION - Continued
JOINT VENTURES - Continued
Solid Waste Agency of Northern Cook County (SWANCC)
The Village is a member of the Solid Waste Agency of Northern Cook County (SWANCC) which
consists of twenty-three municipalities. SWANCC is a municipal corporation and public body politic,
established pursuant to the Constitution of the State of Illinois and the Intergovernmental Cooperation
Act of the State of Illinois, as amended (the Act). SWANCC is empowered under the Act to plan,
construct, finance, operate, and maintain a solid waste disposal system to serve its members. SWANCC
is reported as a nonequity proprietary joint venture.
SWANCC is governed by a Board of Directors which consists of one appointed representative from
each member municipality. Each Director has an equal vote. The officers of SWANCC are appointed by
the Board of Directors. The Board of Directors determines the general policy of SWANCC, makes all
appropriations, approves contracts, adopts resolutions providing for the issuance of bonds or notes by
SWANCC, adopts by-laws, rules and regulations, and exercises such powers and performs such duties
as may be prescribed in the SWANCC agreement or by-laws. Separate audited financial statements are
available from SWANCC's administrative office at 77 W Hintz Road, Suite 200, Wheeling, Illinois
60090.
The Village's contract with SWANCC provides that each member is liable for its proportionate share of
annual operating and fixed costs. The Village's share of these costs is expected to be funded through
tipping fees paid by refuse haulers. In addition, the Village is obligated for any costs arising from
defaults in payment obligations by other members.
In accordance with the joint venture agreement, the Village remitted $1,018,287 to SWANCC for the
year ended December 31, 2020, which is recorded in the Village's Refuse Disposal Fund.
EMPLOYEE RETIREMENT SYSTEM - DEFINED BENEFIT PENSION PLANS
The Village contributes to three defined benefit pension plans, the Illinois Municipal Retirement Fund
(IMRF), a defined benefit agent multiple -employer public employee retirement system, the Police
Pension Plan which is a single -employer pension plan, and the Firefighters' Pension Plan which is also a
single -employer pension plan. IMRF does issue a publicly available financial report that includes
financial statements and required supplementary information for the plan as a whole, but not by
individual employer. That report may be obtained on-line at www.imrf.org. The Police and Firefighters'
Pension Plans also issue separate reports that may be obtained by writing the Village at 3600 Kirchoff
Road, Rolling Meadows, Illinois 60008.. The benefits, benefit levels, employee contributions and
employer contributions are governed by Illinois Compiled Statutes (ILCS) and can only be amended by
the Illinois General Assembly.
85 95
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Notes to the Financial Statements
December 31, 2020
NOTE 4 - OTHER INFORMATION - Continued
EMPLOYEE RETIREMENT SYSTEM - DEFINED BENEFIT PENSION PLANS - Continued
The aggregate amounts recognized for the pension plans are:
Expenses/ Net Pension Deferred Deferred
(Revenues) Liabilities Outflows Inflows
1 LARIVI
Village $
2,095,274
4,939,813
4,501,788
3,795,583
Library
571,265
1,697,276
1,546,774
1,304,128
Police Pension
851,928
37,487,635
793,862
10,824,633
Firefighters' Pension
2,474,489
32,549,685
2,057,971
10,079,261
5,992,956 76,674,409 8,900,395 26,003,605
Illinois Municipal Retirement Fund (IMRF)
Plan Descriptions
Plan Administration. All employees (other than those covered by the Police and Firefighters' Pension
Plan) hired in positions that meet or exceed the prescribed annual hourly standard must be enrolled in
IMRF as participating members. The plan is accounted for on the economic resources measurement
focus and the accrual basis of accounting. Employer and employee contributions are recognized when
earned in the year that the contributions are required, benefits and refunds are recognized as an expense
and liability when due and payable.
Benefits Provided. IMRF has three benefit plans. The vast majority of IMRF members participate in the
Regular Plan (RP). The Sheriff's Law Enforcement Personnel (SLEP) plan is for sheriffs, deputy
sheriffs, and selected police chiefs. Counties could adopt the Elected County Official (ECO) plan for
officials elected prior to August 8, 2011 (the ECO plan was closed to new participants after that date).
IMRF provides two tiers of pension benefits. Employees hired before January 1, 2011, are eligible for
Tier 1 benefits. Tier 1 employees are vested for pension benefits when they have at least eight years of
qualifying service credit. Tier 1 employees who retire at age 55 (at reduced benefits) or after age 60 (at
full benefits) with eight years of service are entitled to an annual retirement benefit, payable monthly for
life, in an amount equal to 1-2/3% of the final rate of earnings for the first 15 years of service credit, plus
2% for each year of service credit after 15 years to a maximum of 75% of their final rate of earnings.
Final rate of earnings is the highest total earnings during any consecutive 48 months within the last 10
years of service, divided by 48. Under Tier 1, the pension is increased by 3% of the original amount on
January 1 every year after retirement.
86 96
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Notes to the Financial Statements
December 31, 2020
NOTE 4 - OTHER INFORMATION - Continued
EMPLOYEE RETIREMENT SYSTEM - DEFINED BENEFIT PENSION PLAN - Continued
Illinois Municipal Retirement Fund (IMRF) - Continued
Plan Descriptions - Continued
Benefits Provided - Continued. 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 employees
who retire at age 62 (at reduced benefits) or after age 67 (at full benefits) with ten years of service are
entitled to an annual retirement benefit, payable monthly for life, in an amount equal to 1-2/3% of the
final rate of earnings for the first 15 years of service credit, plus 2% for each year of service credit after
15 years to a maximum of 75% of their final rate of earnings. Final rate of earnings is the highest total
earnings during any 96 consecutive months within the last 10 years of service, divided by 96. Under Tier
2, the pension is increased on January 1 every year after retirement, upon reaching age 67, by the lesser
of:
• 3% of the original pension amount, or
• 1/2 of the increase in the Consumer Price Index of the original pension amount.
Plan Membership. As of December 31, 2019, the measurement date, the following employees were
covered by the benefit terms:
Inactive Plan Members Currently Receiving Benefits 265
Inactive Plan Members Entitled to but not yet Receiving Benefits 165
Active Plan Members 253
Total
The IMRF data included in the table above includes membership of both the Village and the Library.
Contributions. As set by statute, the Village's Regular Plan Members are required to contribute 4.50%
of their annual covered salary. The statute requires employers to contribute the amount necessary, in
addition to member contributions, to finance the retirement coverage of its own employees. For the year -
ended December 31, 2020, the Village's and the Library's contribution was 11.11% of covered payroll.
Net Pension Liability. The Village's net pension liability was measured as of December 31, 2019. The
total pension liability used to calculate the net pension liability was determined by an actuarial valuation
as of that date.
87 97
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Notes to the Financial Statements
December 31, 2020
NOTE 4 - OTHER INFORMATION - Continued
EMPLOYEE RETIREMENT SYSTEM - DEFINED BENEFIT PENSION PLAN - Continued
Illinois Municipal Retirement Fund (IMRF) - Continued
Plan Descriptions - Continued
Actuarial Assumptions. The total pension liability was determined by an actuarial valuation performed,
as of December 31, 2019, using the following actuarial methods and assumptions:
Actuarial Cost Method Entry Age
Normal
Asset Valuation Method Market
Actuarial Assumptions
Interest Rate 7.25%
Salary Increases 3.35% - 14.25%
Cost of Living Adjustments 2.50%
Inflation 2.50%
For non -disabled retirees, an IMRF specific mortality table was used with fully generational projection
scale MP -2017 (base year 2015). The IMRF specific rates were developed from the RP -2014 Blue
Collar Healthy Annuitant Mortality Table with adjustments to match current IMRF experience. For
disabled retirees, an IMRF specific mortality table was used with fully generational projection scale
MP -2017 (base year 2015). The IMRF specific rates were developed from the RP -2014 Disabled
Retirees Mortality Table applying the same adjustments that were applied for non -disabled lives. For
active members, an IMRF specific mortality table was used with fully generational projection scale
MP -2017 (base year 2015). The IMRF specific rates were developed from the RP -2014 Employee
Mortality Table with adjustments to match current IMRF experience.
The long-term expected rate of return on pension plan investments was determined using a building-
block method in which best -estimate ranges of expected future real rates of return (expected returns, net
of pension plan investment expense, and inflation) are developed for each major asset class. These
ranges are combined to produce the long-term expected rate of return by weighting the expected future
real rates of return to the target asset allocation percentage and adding expected inflation. The target
allocation and best estimates of geometric real rates of return for each major asset class are summarized
in the following table:
88 98
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Notes to the Financial Statements
December 31, 2020
NOTE 4 - OTHER INFORMATION - Continued
EMPLOYEE RETIREMENT SYSTEM - DEFINED BENEFIT PENSION PLAN - Continued
Illinois Municipal Retirement Fund (IMRF) - Continued
Plan Descriptions - Continued
Actuarial Assumptions - Continued.
Asset Class
Target
Long -Term
Expected Real
Rate of Return
Fixed Income
28.00%
3.25%
Domestic Equities
37.00%
5.75%
International Equities
18.00%
6.50%
Real Estate
9.00%
5.20%
Blended
7.00%
3.60% - 7.60%
Cash and Cash Equivalents
1.00%
1.85%
Discount Rate
The discount rate used to measure the total pension liability was 7.25%, the same as the prior valuation.
The projection of cash flows used to determine the discount rate assumed that member contributions will
be made at the current contribution rate and that Village contributions will be made at rates equal to the
difference between the actuarially determined contribution rates and the member rate. Based on those
assumptions, the Fund's fiduciary net position was projected to be available to make all project future
benefit payments of current plan members. Therefore, the long-term expected rate of return on pension
plan investments was applied to all period of projected benefit payments to determine the total pension
liability.
Discount Rate Sensitivity
The following is a sensitivity analysis of the net pension liability/(asset) to changes in the discount rate.
The table below presents the pension liability/(asset) of the Village calculated using the discount rate as
well as what the Village's net pension liability/(asset) would be if it were calculated using a discount
rate that is one percentage point lower or one percentage point higher than the current rate:
Village
Library
1% Decrease
(6.25%)
$ 15,500,264
5,325,753
Current
Discount Rate
(7.25%)
4,939,813
1,697,276
1% Increase
(8.25%)
(3,785,673)
(1,300,723)
Net Pension Liability/(Asset) 20,826,017 6,637,089 (5,086,396)
89 99
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Notes to the Financial Statements
December 31, 2020
NOTE 4 - OTHER INFORMATION - Continued
EMPLOYEE RETIREMENT SYSTEM - DEFINED BENEFIT PENSION PLAN - Continued
Illinois Municipal Retirement Fund (IMRF) - Continued
Changes in the Net Pension Liability
Total Pension Liability
Service Cost
Interest
Differences Between Expected
and Actual Experience
Change of Assumptions
Benefit Payments, Including
Refunds of Member Contributions
Net Change in Total Pension Liability
Total Pension Liability - Beginning
Total Pension Liability - Ending
Plan Fiduciary Net Position
Contributions - Employer
Contributions - Members
Net Investment Income
Benefit Payments, Including Refunds
of Member Contributions
Other (Net Transfer)
Position
Plan Net Position - Beginning
Plan Net Position - Ending
Village Library Totals
$ 1,383,072
5,939,183
1,043,584
475,211
1,761,075
358,566
1,858,283
7,700,258
1,402,150
(4,104,163)
(1,410,154)
(5,514,317)
4,261,676
1,184,698
5,446,374
79,008,520
29,029,950
108,038,470
83,270,196 30,214,648 113,484,844
1,248,809
429,079
1,677,888
654,669
224,938
879,607
12,858,298
4,417,997
17,276,295
(4,104,163)
(1,410,154)
(5,514,317)
392,896
134,996
527,892
11,050,509
3,796,856
14,847,365
67,279,874
24,720,516
92,000,390
78,330,383 28,517,372 106,847,755
Employer's Net Pension Liability 4,939,813 1,697,276 6,637,089
90
100
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Notes to the Financial Statements
December 31, 2020
NOTE 4 - OTHER INFORMATION - Continued
EMPLOYEE RETIREMENT SYSTEM - DEFINED BENEFIT PENSION PLAN - Continued
Illinois Municipal Retirement Fund (IMRF) - Continued
Pension Expense, Deferred Outflows of Resources, and Deferred Inflows of Resources Related to
Pensions
For the year ended December 31, 2020, the Village recognized pension expense of $2,095,274 and the
Library recognized pension expense of $571,265. At December 31, 2020, the Village reported deferred
outflows or resources and deferred inflows of resources related to pensions from the following sources:
Difference Between Expected
and Actual Experience
Change in Assumptions
Net Difference Between Projected and Actual
Earnings on Pension Plan Investments
Total Expense to be Recognized in Future Periods
Contributions Sub to Measurement Date
Total Deferred Amounts Related to IMRF
Village Library
Deferred Deferred Deferred Deferred
Outflows of Inflows of Outflows of Inflows of
Resources Resources Resources Resources Totals
$ 1,943,462 — 667,756 — 2,611,218
1,064,789 (558,449) 365,852 (191,878) 680,314
— (3,237,134) — (1,112,250) (4,349,384)
3,008,251 (3,795,583) 1,033,608 (1,304,128) (1,057,852)
1,493,537 — 513,166 — 2,006,703
4,501,788 (3,795,583) 1,546,774 (1,304,128) 948,851
Amounts reported as deferred outflows of resources and deferred inflows of resources related to
pensions will be recognized in pension expense in future periods as follows:
Fiscal Net Deferred Outflows/(Inflows) of Resources
Year Village Library Totals
2021
$ 88,290
2022
236,615
2023
479,663
2024
(1,591,900)
2025
Thereafter
—
30,336
118,626
81,299
317,914
164,808
644,471
(546,963)
(2,138,863)
Totals (787,332) (270,520) (1,057,852)
91 101
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Notes to the Financial Statements
December 31, 2020
NOTE 4 - OTHER INFORMATION - Continued
EMPLOYEE RETIREMENT SYSTEM - DEFINED BENEFIT PENSION PLAN - Continued
Police Pension Plan
Plan Descriptions
Plan Administration. The Police Pension Plan is a single -employer defined benefit pension plan that
covers all sworn police personnel. The defined benefits and employee and minimum 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 Fund as a pension trust fund. The Fund is
governed by a five -member pension board. Two members of the Board are appointed by the Village
President, one member is elected by pension beneficiaries and two members are elected by active police
employees.
Plan Membership. At December 31, 2020, the measurement date, membership consisted of the
following:
Inactive Plan Members Currently Receiving Benefits 79
Inactive Plan Members Entitled to but not yet Receiving Benefits 9
Active Plan Members 82
Total
170
Benefits Provided. The following is a summary of the Police Pension Plan as provided for in Illinois
State Statutes.
The Police Pension Plan provides retirement benefits through two tiers of benefits as well as death and
disability benefits. Covered employees hired before January 1, 2011 (Tier 1), attaining the age of 50 or
older with 20 or more years of creditable service are entitled to receive an annual retirement benefit of/z
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 percent of such salary for each
additional year of service over 20 years up to 30 years, to a maximum of 75 percent of such salary.
Employees with at least eight years but less than 20 years of credited service may retire at or after age 60
and receive a reduced benefit. The monthly benefit of a police officer who retired with 20 or more years
of service after January 1, 1977 shall be increased annually, following the first anniversary date of
retirement and be paid upon reaching the age of at least 55 years, by 3 percent of the original pension
and 3 percent compounded annually thereafter.
92 102
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Notes to the Financial Statements
December 31, 2020
NOTE 4 - OTHER INFORMATION - Continued
EMPLOYEE RETIREMENT SYSTEM - DEFINED BENEFIT PENSION PLANS - Continued
Police Pension Plan - Continued
Plan Descriptions - Continued
Benefits Provided - Continued. Covered employees hired on or after January 1, 2011 (Tier 2), attaining
the age of 55 or older with 10 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 48 consecutive months of service within the last 60 months of service in which the
total salary was the highest by the number of months of service in that period. Police officer salary for
the pension purposes is capped at $106,800, plus the lesser of 1/2 of the annual change in the Consumer
Price Index or 3 percent compounded. The annual benefit shall be increased by 2.5 percent of such a
salary for each additional year of service over 20 years up to 30 years to a maximum of 75 percent of
such salary. Employees with at least 10 years may retire at or after age 50 and receive a reduced benefit
(i.e., 1/Z percent for each month under 55). The monthly benefit of a Tier 2 police officer shall be
increased annually at age 60 on the January Ist after the police officer retires, or the first anniversary of
the pension starting date, whichever is later. Noncompounding increases occur annually, each January
thereafter. The increase is the lesser of 3 percent or '/z of the change in the Consumer Price Index for the
proceeding calendar year.
Contributions. Covered employees are required to contribute 9.91% of their base salary to the Police
Pension Plan. If an employee leaves covered employment with less than 20 years of service,
accumulated employee contributions may be refunded without accumulated interest. 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. However, effective January 1, 2011, ILCS requires the
Village to contribute a minimum amount annually calculated using the projected unit credit actuarial
cost method that will result in the funding of 90% of the past service cost by the year 2040. For the year -
ended December 31, 2020, the Village's contribution was 43.86% of covered payroll.
Concentrations. At year end, the Pension Plan does not have any investments over 5 percent of net plan
position available for retirement benefits (other than investments issued or explicitly guaranteed by the
U.S. government and investments in mutual funds, external investment pools, and other pooled
investments).
93 103
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Notes to the Financial Statements
December 31, 2020
NOTE 4 - OTHER INFORMATION - Continued
EMPLOYEE RETIREMENT SYSTEM - DEFINED BENEFIT PENSION PLANS - Continued
Police Pension Plan - Continued
Actuarial Assumptions
The total pension liability was determined by an actuarial valuation performed, as of December 31,
2020, using the following actuarial methods and assumptions:
Actuarial Cost Method Entry Age Normal
Asset Valuation Method Fair Value
Actuarial Assumptions
Interest Rate 7.25%
Salary Increases 4.00%
Adjustments Tier 1: 3.00%, Tier 2: 1.25%
Inflation 2.50%
Mortality rates for healthy individuals were based on the RP -2014 Mortality Table with a blue collar
adjustment, with improvement scale MP -2020 applied generationally from 2013. Mortality rates for
disabled individuals were based 115% of the Healthy Mortality Table with improvement scale MP -2020
applied generationally from 2013.
Discount Rate
The discount rate used to measure the total pension liability was 7.25%, the same as the prior valuation.
The projection of cash flows used to determine the discount rate assumed that member contributions will
be made at the current contribution rate and that Village contributions will be made at rates equal to the
difference between the actuarially determined contribution rates and the member rate. Based on those
assumptions, the Fund's fiduciary net position was projected to be available to make all project future
benefit payments of current plan members. Therefore, the long-term expected rate of return on pension
plan investments was applied to all period of projected benefit payments to determine the total pension
liability.
94 104
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Notes to the Financial Statements
December 31, 2020
NOTE 4 - OTHER INFORMATION - Continued
EMPLOYEE RETIREMENT SYSTEM - DEFINED BENEFIT PENSION PLANS - Continued
Police Pension Plan - Continued
Discount Rate Sensitivity
The following is a sensitive analysis of the net pension liability to changes in the discount rate. The table
below presents the pension liability of the Village calculated using the discount rate as well as what the
Village's net pension liability would be if it were calculated using a discount rate that is one percentage
point lower or one percentage point higher than the current rate:
Current
I% Decrease Discount Rate 1 % Increase
(6.25%) (7.25%) (8.25%)
Net Pension Liability S 54,752,379 37,487,635 23,382,806
Changes in the Net Pension Liability
Balances at December 31, 2019
Changes for the Year:
Service Cost
Interest on the Total Pension Liability
Changes of Benefit Terms
Difference Between Expected and Actual
Liability
Changes of Assumptions
Contributions - Employer
Contributions - Employees
Net Investment Income
Benefit Payments, Including Refunds
of Employee Contributions
Other (Net Transfer)
Net Changes
Total
Pension
Plan Fiduciary
Net Pension
Liability
Net Position
Liability
(A)
(B)
(A) - (B)
$ 123,323,682
78,333,544
44,990,138
1,571,647
—
1,571,647
8,826,306
—
8,826,306
(2,533,619) — (2,533,619)
(485,790) — (485,790)
— 3,855,754 (3,855,754)
— 860,062 (860,062)
— 10,224,907 (10,224,907)
(6,306,360) (6,306,360) —
(59,676) 59,676
1,072,184 8,574,687 (7,502,503)
Balances at December 31, 2020 124,395,866 86,908,231 37,487,635
M
105
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Notes to the Financial Statements
December 31, 2020
NOTE 4 - OTHER INFORMATION - Continued
EMPLOYEE RETIREMENT SYSTEM - DEFINED BENEFIT PENSION PLANS - Continued
Police Pension Plan - Continued
Pension Expense, Deferred Outflows of Resources, and Deferred Inflows of Resources Related to
Pensions
For the year ended December 31, 2020, the Village recognized pension expense of $851,928. At
December 31, 2020, the Village reported deferred outflows of resources and deferred inflows of
resources related to pensions from the following sources:
Difference Between Expected and Actual Experience
Change in Assumptions
Net Difference Between Projected and Actual
Earnings on Pension Plan Investments
Total Deferred Amounts Related to Police Pension
Deferred
Deferred
Outflows of
Inflows of
Resources
Resources Totals
$ — (3,925,439) (3,925,439)
793,862 (633,834) 160,028
(6,265,360) (6,265,360)
793,862 (10,824,633) (10,030,771)
Amounts reported as deferred outflows of resources and deferred inflows of resources related to
pensions will be recognized in pension expense in future periods as follows:
Net Deferred
Fiscal (Inflows)
Year of Resources
2021
$ (3,310,696)
2022
(1,555,020)
2023
(3,106,983)
2024
(1,554,838)
2025
(503,234)
Thereafter
—
Total (10,030,771)
96
106
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Notes to the Financial Statements
December 31, 2020
NOTE 4 - OTHER INFORMATION - Continued
EMPLOYEE RETIREMENT SYSTEM - DEFINED BENEFIT PENSION PLANS - Continued
Firefighters' Pension Plan
Plan Descriptions
Plan Administration. The Firefighters' Pension Plan is a single -employer defined benefit pension plan
that covers all sworn firefighter personnel. The defined benefits and employee and minimum employer
contribution levels are governed by Illinois Compiled Statutes (40 ILCS 5/4-1) and may be amended
only by the Illinois legislature. The Village accounts for the Fund as a pension trust fund. The Fund is
governed by a five -member pension board. Two members of the Board are appointed by the Village
President, one member is elected by pension beneficiaries and two members are elected by active fire
employees.
Plan Membership. At December 31, 2020, the measurement date, membership consisted of the
following:
Inactive Plan Members Currently Receiving Benefits 90
Inactive Plan Members Entitled to but not yet Receiving Benefits 2
Active Plan Members 72
Total
164
Benefits Provided. The following is a summary of the Firefighters' Pension Plan as provided for in
Illinois State Statutes.
The Firefighters' Pension Plan provides retirement benefits through two tiers of benefits as well as death
and disability benefits. Covered employees hired before January 1, 2011 (Tier 1), attaining the age of 50
or older with 20 or more years of creditable service are entitled to receive an annual retirement benefit of
'/z 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 percent of such salary for each
additional year of service over 20 years up to 30 years, to a maximum of 75 percent of such salary.
Employees with at least eight years but less than 20 years of credited service may retire at or after age 60
and receive a reduced benefit. The monthly benefit of a firefighter 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 percent of the original pension
and 3percent compounded annually thereafter.
97 107
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Notes to the Financial Statements
December 31, 2020
NOTE 4 - OTHER INFORMATION - Continued
EMPLOYEE RETIREMENT SYSTEM - DEFINED BENEFIT PENSION PLANS - Continued
Firefighters' Pension Plan - Continued
Plan Descriptions - Continued
Benefits Provided - Continued. Covered employees hired on or after January 1, 2011 (Tier 2), attaining
the age of 55 or older with 10 or more years of creditable service are entitled to receive an annual
retirement benefit equal to the average monthly salary obtained by dividing the total salary of the
firefighter during the 48 consecutive months of service within the last 60 months of service in which the
total salary was the highest by the number of months of service in that period. Firefighters' salary for the
pension purposes is capped at $106,800, plus the lesser of/z of the annual change in the Consumer Price
Index or 3 percent compounded. The annual benefit shall be increased by 2.5 percent of such a salary for
each additional year of service over 20 years up to 30 years to a maximum of 75 percent of such salary.
Employees with at least 10 years may retire at or after age 50 and receive a reduced benefit (i.e., '/2
percent for each month under 55). The monthly benefit of a Tier 2 firefighter shall be increased annually
at age 60 on the January lit after the firefighter retires, or the first anniversary of the pension starting
date, whichever is later. Noncompounding increases occur annually, each January thereafter. The
increase is the lesser of 3 percent of '/z of the change in the Consumer Price Index for the proceeding
calendar year.
Contributions. Covered employees are required to contribute 9.455% of their base salary to the
Firefighters' Pension Plan. If an employee leaves covered employment with less than 20 years of
service, accumulated employee contributions may be refunded without accumulated interest. 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. However, effective January 1,
2011, ILCS requires the Village to contribute a minimum amount annually calculated using the
projected unit credit actuarial cost method that will result in the funding of 90% of the past service cost
by the year 2040. For the year -ended December 31, 2020, the Village's contribution was 43.55% of
covered payroll.
Concentrations. At year end, the Pension Plan does not have any investments over 5 percent of net plan
position available for retirement benefits (other than investments issued or explicitly guaranteed by the
U.S. government and investments in mutual funds, external investment pools, and other pooled
investments).
98 108
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Notes to the Financial Statements
December 31, 2020
NOTE 4 - OTHER INFORMATION - Continued
EMPLOYEE RETIREMENT SYSTEM - DEFINED BENEFIT PENSION PLANS - Continued
Firefighters' Pension Plan - Continued
Actuarial Assumptions
The total pension liability was determined by an actuarial valuation performed, as of December 31,
2020, using the following actuarial methods and assumptions:
Actuarial Cost Method Entry Age Normal
Asset Valuation Method Fair Value
Actuarial Assumptions
Interest Rate 7.25%
Salary Increases 4.00%
Cost of Living Adjustments Tier 1: 3.00%, Tier 2: 1.25%
Inflation 2.50%
Mortality rates for healthy individuals were based on the RP -2014 Mortality Table with a blue collar
adjustment, with improvement scale MP -2020 applied generationally from 2013. Mortality rates for
disabled individuals were based 115% of the Healthy Mortality Table with improvement scale MP -2020
applied generationally from 2013.
Discount Rate
The discount rate used to measure the total pension liability was 7.25%, the same as the prior valuation.
The projection of cash flows used to determine the discount rate assumed that member contributions will
be made at the current contribution rate and that Village contributions will be made at rates equal to the
difference between the actuarially determined contribution rates and the member rate. Based on those
assumptions, the Fund's fiduciary net position was projected to be available to make all project future
benefit payments of current plan members. Therefore, the long-term expected rate of return on pension
plan investments was applied to all period of projected benefit payments to determine the total pension
liability.
99 109
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Notes to the Financial Statements
December 31, 2020
NOTE 4 - OTHER INFORMATION - Continued
EMPLOYEE RETIREMENT SYSTEM - DEFINED BENEFIT PENSION PLANS - Continued
Firefighters' Pension Plan - Continued
Discount Rate Sensitivity
The following is a sensitive analysis of the net pension liability to changes in the discount rate. The table
below presents the pension liability of the Village calculated using the discount rate as well as what the
Village's net pension liability would be if it were calculated using a discount rate that is one percentage
point lower or one percentage point higher than the current rate:
Net Pension Liability
Changes in the Net Pension Liability
Balances at December 31, 2019
Current
I% Decrease Discount Rate 1 % Increase
(6.25%) (7.25%) (8.25%)
$ 46,985,889 32,549,685 20,655,174
Changes for the Year:
Service Cost
Interest on the Total Pension Liability
Changes of Benefit Terms
Difference Between Expected and Actual
Liability
Changes of Assumptions
Contributions - Employer
Contributions - Employees
Net Investment Income
Benefit Payments, Including Refunds
of Employee Contributions
Other (Net Transfer)
Net Changes
Total
Pension
Plan Fiduciary
Net Pension
Liability
Net Position
Liability
(A)
(B)
(A) - (B)
$ 109,688,029
71,227,941
38,460,088
1,581,259
—
1,581,259
7,829,880
—
7,829,880
970,396 — 970,396
(518,533) — (518,533)
— 3,494,838 (3,494,838)
— 758,838 (758,838)
— 11,556,727 (11,556,727)
(6,541,877) (6,541,877) —
(36,998) 36,998
3,321,125 9,231,528 (5,910,403)
Balances at December 31, 2020 113,009,154 80,459,469 32,549,685
100
110
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Notes to the Financial Statements
December 31, 2020
NOTE 4 - OTHER INFORMATION - Continued
EMPLOYEE RETIREMENT SYSTEM - DEFINED BENEFIT PENSION PLANS - Continued
Firefighters' Pension Plan - Continued
Pension Expense, Deferred Outflows of Resources, and Deferred Inflows of Resources Related to
Pensions
For the year ended December 31, 2020, the Village recognized pension expense of $2,474,489. At
December 31, 2020, the Village reported deferred outflows of resources and deferred inflows of
resources related to pensions from the following sources:
Difference Between Expected and Actual Experience
Change in Assumptions
Net Difference Between Projected and Actual
Earnings on Pension Plan Investments
Total Deferred Amounts Related to Firefighters' Pension
Deferred
Deferred
Outflows of
Inflows of
Resources
Resources Totals
$ 1,481,836 (1,715,145) (233,309)
576,135 (908,539) (332,404)
— (7,455,577) (7,455,577)
2,057,971 (10,079,261) (8,021,290)
Amounts reported as deferred outflows of resources and deferred inflows of resources related to
pensions will be recognized in pension expense in future periods as follows:
Net Deferred
Outflows/
Fiscal (Inflows)
Year of Resources
2021
$ (2,502,493)
2022
(1,473,642)
2023
(2,646,824)
2024
(1,473,639)
2025
75,308
Thereafter
—
Total (8,021,290)
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Notes to the Financial Statements
December 31, 2020
NOTE 4 - OTHER INFORMATION - Continued
OTHER POST -EMPLOYMENT BENEFITS
General Information about the OPEB Plan
Plan Description. The Village's defined benefit OPEB plan, Village of Mount Prospect Retiree Benefit
Plan (RBP), provides OPEB for all permanent full-time general and public safety employees of the
Village. RBP is a single -employer defined benefit OPEB plan administered by the Village. Article 11 of
the State Compiled Statutes grants the authority to establish and amend the benefit terms and financing
requirements to the Village Board. No assets are accumulated in a trust that meets the criteria in
paragraph 4 of Statement 75.
Benefits Provided. RBP provides pre and post -Medicare postretirement health insurance to retirees, their
spouses, and dependents (enrolled at time of employee's retirement).
Plan Membership. As of December 31, 2020, the measurement date, the following employees were
covered by the benefit terms:
Inactive Plan Members Currently Receiving Benefits 82
Inactive Plan Members Entitled to but not yet Receiving Benefits —
Active Plan Members 296
Total
378
The plan membership as noted above includes both the Village and the Library members.
Total OPEB Liability
The Village's total OPEB liability was measured as of December 31, 2020, and was determined by an
actuarial valuation as of that date.
Actuarial assumptions and other inputs. The total OPEB liability in the December 31, 2020 actuarial
valuation was determined using the following actuarial assumptions and other inputs, applied to all
periods included in the measurement, unless otherwise specified:
102 112
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Notes to the Financial Statements
December 31, 2020
NOTE 4 - OTHER INFORMATION - Continued
OTHER POST -EMPLOYMENT BENEFITS - Continued
Total OPEB Liability - Continued
Actuarial assumptions and other inputs - Continued.
Inflation 2.50%
Salary Increases 3.50%
Discount Rate 2.12%
Healthcare Cost Trend Rates 8.0% decreasing to an ultimate rate of 4.50%
Retirees' Share of Benefit -Related Costs 100% of projected health insurance premiums for retirees
The discount rate was based on the S&P Municipal Bond 20 Year High -Grade Rate Index for tax
exempt general obligation municipal bonds rated AA or better as of December 31, 2019.
Mortality rates were based on the RPH-2018 Blue Collar Mortality Table fully generational usning scale
MP -2018.
Change in the Total OPEB Liability
Total
OPEB
Liability
Balance at December 31, 2019 $ 12,178,323
Changes for the Year:
Service Cost 560,011
Interest on the Total OPEB Liability 407,957
Changes of Benefit Terms —
Difference Between Expected and Actual Experience (1,053,887)
Changes of Assumptions or Other Inputs 3,217,155
Benefit Payments (452,279)
Net Changes 2,678,957
Balance at December 31, 2020
14,857,280
103 113
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Notes to the Financial Statements
December 31, 2020
NOTE 4 - OTHER INFORMATION - Continued
OTHER POST -EMPLOYMENT BENEFITS - Continued
Sensitivity of the Total OPEB Liability to Changes in the Discount Rate
The following presents the total OPEB liability, calculated using a Single Discount Rate of 2.12%, as
well as what the total OPEB liability would be if it were calculated using a Single Discount Rate that is
one percentage point lower or one percentage point higher:
Current
1% Decrease Discount Rate 1% Increase
(1.12%) (2.12%) (3.12%)
Total OPEB Liability $ 17,352,884 14,857,280 12,854,547
Sensitivity of the Total OPEB Liability to Changes in the Healthcare Cost Trend Rates
The following presents the total OPEB liability, calculated using a variable Healthcare Trend Rate, as
well as what the total OPEB liability would be if it were calculated using a Healthcare Trend Rate that is
one percentage point lower or one percentage point higher:
Healthcare
Cost Trend
1% Decrease Rates 1% Increase
(Varies) (Varies) (Varies)
Total OPEB Liability $ 12,444,603
14,857,280 18,022,530
104 114
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Notes to the Financial Statements
December 31, 2020
NOTE 4 - OTHER INFORMATION - Continued
OTHER POST -EMPLOYMENT BENEFITS - Continued
OPEB Expense and Deferred Outflows of Resources and Deferred Inflows of Resources Related to
OPEB
For the year ended December 31, 2020, the Village recognized OPEB expense of $979,260. At
December 31, 2020, the Village reported deferred outflows of resources and deferred inflows of
resources related to OPEB from the following sources:
Deferred
Deferred
Outflows of
Inflows of
Resources
Resources Totals
Difference Between Expected and Actual Experience $ — (2,117,871) (2,117,871)
Change in Assumptions 3,891,474 (1,136,667) 2,754,807
Net Difference Between Projected and Actual Earnings
Total Deferred Amounts Related to OPEB
3,891,474 (3,254,538) 636,936
Amounts reported as deferred outflows of resources and deferred inflows of resources related to OPEB
will be recognized in OPEB expense as follows:
Fiscal
Year
2021
2022
2023
2024
2025
Thereafter
Net Deferred
Outflows
of Resources
11,293
11,293
11,293
11,293
11,293
580,471
Totals 636,936
105 115
REQUIRED SUPPLEMENTARY INFORMATION
Required supplementary information includes financial information and disclosures that are required by
the GASB but are not considered a part of the basic financial statements. Such information includes:
• Schedule Employer Contributions
Illinois Municipal Retirement Fund
Police Pension Fund
Firefighters' Pension Fund
• Schedule of Changes in the Employer's Net Pension Liability
Illinois Municipal Retirement Fund
Police Pension Fund
Firefighters' Pension Fund
• Schedule of Investment Returns
Police Pension Fund
Firefighters' Pension Fund
• Schedule of Changes in the Employer's Total OPEB Liability
Retiree Benefit Plan
• Budgetary Comparison Schedules
General Fund
Prospect/Main TIF - Special Revenue Fund
Notes to the Required Supplementary Information
Budgetary information - Budgets are adopted on a basis consistent with generally accepted accounting
principles.
106 116
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Illinois Municipal Retirement Fund
Schedule of Employer Contributions
December 31, 2020
Contributions
Totals
in Relation to
1,863,012 $
Actuarially the Actuarially Contribution
Contributions as
Fiscal Determined Determined Excess/
Covered a Percentage of
Year Contribution Contribution (Deficiency)
Payroll Covered Payroll
2015
Totals
$ 1,863,012 $
1,863,012 $
—
$ 16,256,645
11.46%
2016
Totals
1,968,206
2,031,571
63,365
16,567,389
12.26%
2017
Totals
1,900,189
1,941,668
41,479
16,965,974
11.44%
2018
Totals
1,930,380
2,032,727
102,347
17,940,334
11.33%
2019
Totals
1,600,357
1,677,888
77,531
18,248,083
9.19%
2020 Village 1,493,537 1,493,537 — 13,440,154 11.11%
Library 513,166 513,166 — 4,617,920 11.11 %
Totals 2,006,703 2,006,703 — 18,058,074 11.11%
Notes to the Required Supplementary Information:
Actuarial Cost Method
Amortization Method
Remaining Amortization Period
Asset Valuation Method
Inflation
Salary Increases
Investment Rate of Return
Retirement Age
Mortality
Entry Age Normal
Level % Pay (Closed)
24 Years
5 -Year Smoothed Fair Value
2.50%
3.35% - 14.25%
7.50%
See the Notes to the Financial Statements
IMRF specific mortality table was used with fully generational
projection scale MP -2017 (base year 2015).
Note: This schedule is intended to show information for ten years. Information for additional years will be
displayed as it becomes available.
107 117
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Police Pension Fund
Schedule of Employer Contributions
December 31, 2020
Contributions
$ 2,467,527
in Relation to
37,174
Actuarially the Actuarially Contribution
Contributions as
Fiscal Determined Determined Excess/
Covered a Percentage of
Year Contribution Contribution (Deficiency)
Payroll Covered Payroll
2011
$ 2,467,527
$ 2,504,701 S
37,174
$ 7,591,498
32.99%
2012
2,484,859
2,511,349
26,490
7,871,917
31.90%
2013
2,631,811
2,631,038
(773)
8,121,622
32.40%
2014
2,922,979
2,924,226
1,247
7,848,795
37.26%
2015
2,909,868
2,918,395
8,527
8,049,995
36.25%
2016
3,204,363
3,232,887
28,524
8,276,985
39.06%
2017
3,817,579
3,747,825
(69,754)
8,354,290
44.86%
2018
3,601,216
3,608,602
7,386
8,526,976
42.32%
2019
3,607,934
3,582,409
(25,525)
8,505,172
42.12%
2020
3,864,556
3,855,754
(8,802)
8,791,984
43.86%
Notes to the Required Supplementary Information:
Actuarial Cost Method Entry Age Normal
Amortization Method Level % Pay (Closed)
Remaining Amortization Period 21 Years
Asset Valuation Method 5 -Year Smoothed Fair Value
Inflation 2.50%
Salary Increases 4.00%
Investment Rate of Return 7.25%
Retirement Age See the Notes to the Financial Statements
Mortality RP 2014 Mortality Table with a Blue Collar Adjustment, with improvement
Scale MP -2019 applied generationally from 2013
108 118
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Firefighters' Pension Fund
Schedule of Employer Contributions
December 31, 2020
Contributions
$ 2,140,664
in Relation to
15,311
Actuarially the Actuarially Contribution
Contributions as
Fiscal Determined Determined Excess/
Covered a Percentage of
Year Contribution Contribution (Deficiency)
Payroll Covered Payroll
2011
$ 2,140,664
$ 2,155,975 $
15,311
$ 6,201,120
34.77%
2012
2,224,122
2,260,834
36,712
6,150,974
36.76%
2013
2,323,609
2,371,347
47,738
6,436,911
36.84%
2014
2,468,554
2,466,165
(2,389)
6,495,510
37.97%
2015
2,526,101
2,532,316
6,215
6,441,588
39.31%
2016
2,589,599
2,806,983
217,384
6,981,704
40.20%
2017
3,206,186
3,396,834
190,648
7,284,199
46.63%
2018
3,320,940
3,332,773
11,833
7,519,070
44.32%
2019
3,375,839
3,363,390
(12,449)
7,854,176
42.82%
2020
3,488,379
3,494,838
6,459
8,024,566
43.55%
Notes to the Required Supplementary Information:
Actuarial Cost Method Entry Age Normal
Amortization Method Level % Pay (Closed)
Remaining Amortization Period 21 Years
Asset Valuation Method 5 -Year Smoothed Fair Value
Inflation 2.50%
Salary Increases 4.00%
Investment Rate of Return 7.25%
Retirement Age See the Notes to the Financial Statements
Mortality RP -2014 Mortality Table with a blue collar adjustment, with improvement
scale MP -2019 applied generationally from 2013
109 119
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Illinois Municipal Retirement Fund
Schedule of Changes in the Employer's Net Pension Liability
December 31, 2020
Total Pension Liability - Ending 88,324,160
Plan Fiduciary Net Position
12/31/2014
Contributions - Employer
Total
Total Pension Liability
757,565
Service Cost
$ 1,830,586
Interest
5,880,604
Changes in Benefit Terms
—
Differences Between Expected and Actual Experience
1,583,453
Change of Assumptions
3,126,293
Benefit Payments, Including Refunds
76,759,094
of Member Contributions
(3,179,063)
Net Change in Total Pension Liability
9,241,873
Total Pension Liability - Beginning
79,082,287
Total Pension Liability - Ending 88,324,160
Plan Fiduciary Net Position
Contributions - Employer
$ 1,908,296
Contributions - Members
757,565
Net Investment Income
4,666,652
Benefit Payments, Including Refunds
of Member Contributions
(3,179,063)
Other (Net Transfer)
284,199
Net Change in Plan Fiduciary Net Position
4,437,649
Plan Net Position - Beginning
76,759,094
Plan Net Position - Ending 81,196,743
Employer's Net Pension Liability $ 7,127,417
Plan Fiduciary Net Position as a Percentage
of the Total Pension Liability 91.93%
Covered Payroll $ 16,258,793
Employer's Net Pension Liability as a Percentage of
Covered Payroll 43.84%
Note: This schedule is intended to show information for ten years. Information for additional years will be
displayed as it becomes available.
110 120
12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019
Total Total Total Total Village Library Totals
1,810,785
1,768,746
1,811,298
1,690,492 1,383,072 475,211 1,858,283
6,548,331
6,803,558
7,087,425
7,223,810 5,939,183 1,761,075 7,700,258
(1,203,005)
(756,505)
570,864
3,043,104 1,043,584 358,566 1,402,150
113,021
(232,520)
(3,034,659)
3,019,891
(3,603,793)
(3,834,437)
(4,289,989)
(4,822,107)
(4,104,163)
(1,410,154)
(5,514,317)
3,665,339
88,324,160
3,748,842
91,989,499
2,144,939
95,738,341
10,155,190
97,883,280
4,261,676
79,008,520
1,184,698
29,029,950
5,446,374
108,038,470
91,989,499 95,738,341 97,883,280 108,038,470 83,270,196 30,214,648 113,484,844
1,863,011
2,031,571
1,941,668
2,032,727
1,248,809
429,079
1,677,888
731,552
745,535
766,547
1,104,133
654,669
224,938
879,607
403,461
5,536,369
14,755,335
(5,230,039)
12,858,298
4,417,997
17,276,295
(3,603,793)
(3,834,437)
(4,289,989)
(4,822,107)
(4,104,163)
(1,410,154)
(5,514,317)
(348,936)
403,724
(1,351,715)
1,969,030
392,896
134,996
527,892
(954,705)
4,882,762
11,821,846
(4,946,256)
11,050,509
3,796,856
14,847,365
81,196,743
80,242,038
85,124,800
96,946,646
67,279,874
24,720,516
92,000,390
80,242,038 85,124,800 96,946,646 92,000,390 78,330,383 28,517,372 106,847,755
11,747,461 10,613,541 936,634 16,038,080 4,939,813 1,697,276 6,637,089
87.23% 88.91%
16,256,645 16,567,389
72.26% 64.06%
99.04%
16,965,974
5.52%
85.16%
17,940,334
89.40%
111
94.07% 94.38% 94.15%
13,581,575 4,666,508 18,248,083
36.37% 36.37% 36.37%
121
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Police Pension Fund
Schedule of Changes in the Employer's Net Pension Liability
December 31, 2020
Total Pension Liability - Ending 98,409,322
Plan Fiduciary Net Position
12/31/2014
Total Pension Liability
$ 2,924,226
Service Cost
$ 1,890,407
Interest
6,479,504
Changes in Benefit Terms
—
Differences Between Expected and Actual Experience
860,183
Change of Assumptions
4,844,398
Benefit Payments, Including Refunds
3,443,949
of Member Contributions
(4,117,120)
Net Change in Total Pension Liability
9,957,372
Total Pension Liability - Beginning
88,451,950
Total Pension Liability - Ending 98,409,322
Plan Fiduciary Net Position
Contributions - Employer
$ 2,924,226
Contributions - Members
851,363
Net Investment Income
3,845,862
Benefit Payments, Including Refunds
of Member Contributions
(4,117,120)
Administrative Expenses
(60,382)
Net Change in Plan Fiduciary Net Position
3,443,949
Plan Net Position - Beginning
55,375,976
Plan Net Position - Ending
58,819,925
Employer's Net Pension Liability
$ 39,589,397
Plan Fiduciary Net Position as a Percentage
of the Total Pension Liability 59.77%
Covered Payroll $ 7,848,795
Employer's Net Pension Liability as a Percentage of
Covered Payroll 504.40%
Note: This schedule is intended to show information for ten years. Information for additional years will be
displayed as it becomes available.
112 122
12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020
1,777,310
1,732,924
1,557,284
1,575,461
1,576,407
1,571,647
7,210,826
8,221,483
7,951,856
8,195,228
8,574,834
8,826,306
-
-
-
-
202,152
-
95,650
(5,201,074)
(1,650,048)
(208,550)
(439,430)
(2,533,619)
7,268,193
29,971
385,618
1,320,658
(343,513)
(485,790)
(4,529,962)
(4,688,978)
(4,404,364)
(5,407,697)
(5,887,879)
(6,306,360)
11,822,017
94,326
3,840,346
5,475,100
3,682,571
1,072,184
98,409,322
110,231,339
110,325,665
114,166,011
119,641,111
123,323,682
110,231,339
110,325,665
114,166,011
119,641,111
123,323,682
124,395,866
2,918,395
3,232,887
3,747,825
3,608,602
3,582,499
3,855,754
795,827
815,684
830,240
838,893
860,265
860,062
545,802
4,161,658
8,967,014
(3,697,156)
13,440,246
10,224,907
(4,529,962)
(4,688,978)
(4,404,364)
(5,407,697)
(5,887,879)
(6,306,360)
(49,947)
(44,605)
(48,339)
(37,596)
(35,695)
(59,676)
(319,885)
3,476,646
9,092,376
(4,694,954)
11,959,436
8,574,687
58,819,925
58,500,040
61,976,686
71,069,062
66,374,108
78,333,544
58,500,040
61,976,686
71,069,062
66,374,108
78,333,544
86,908,231
51,731,299
48,348,979
43,096,949
53,267,003
44,990,138
37,487,635
53.07%
56.18%
62.25%
55.48%
63.52%
69.86%
8,049,995
8,276,985
8,354,290
8,526,976
8,505,172
8,791,984
642.63%
584.14%
515.87%
624.69%
528.97%
426.38%
113 123
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Firefighters' Pension Fund
Schedule of Changes in the Employer's Net Pension Liability
December 31, 2020
Total Pension Liability - Ending 85,904,197
Plan Fiduciary Net Position
12/31/2014
Total Pension Liability
$ 2,466,165
Service Cost
$ 1,673,836
Interest
5,780,241
Changes in Benefit Terms
—
Differences Between Expected and Actual Experience
225,575
Change of Assumptions
3,234,155
Benefit Payments, Including Refunds
2,851,924
of Member Contributions
(4,158,988)
Net Change in Total Pension Liability
6,754,819
Total Pension Liability - Beginning
79,149,378
Total Pension Liability - Ending 85,904,197
Plan Fiduciary Net Position
Contributions - Employer
$ 2,466,165
Contributions - Members
644,384
Net Investment Income
3,963,252
Benefit Payments, Including Refunds
of Member Contributions
(4,158,988)
Administrative Expenses
(62,889)
Net Change in Plan Fiduciary Net Position
2,851,924
Plan Net Position - Beginning
53,716,415
Plan Net Position - Ending
56,568,339
Employer's Net Pension Liability
$ 29,335,858
Plan Fiduciary Net Position as a Percentage
of the Total Pension Liability 65.85%
Covered Payroll $ 6,495,510
Employer's Net Pension Liability as a Percentage of
Covered Payroll 451.63%
Note: This schedule is intended to show information for ten years. Information for additional years will be
displayed as it becomes available.
114 124
12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020
1,515,101
1,429,810
1,426,033
1,427,248
1,479,272
1,581,259
6,270,507
7,296,444
7,228,968
7,510,621
7,617,301
7,829,880
-
-
-
-
403,544
-
1,603,162
(1,491,027)
1,470,077
(2,255,993)
64,710
970,396
7,648,623
396,832
(572,774)
809,820
(346,430)
(518,533)
(4,594,876)
(4,981,207)
(5,427,385)
(5,909,909)
(6,234,640)
(6,541,877)
12,442,517
2,650,852
4,124,919
1,581,787
2,983,757
3,321,125
85,904,197
98,346,714
100,997,566
105,122,485
106,704,272
109,688,029
98,346,714 100,997,566 105,122,485 106,704,272 109,688,029 113,009,154
2,532,317
2,806,983
3,396,834
3,332,773
3,363,390
3,494,838
606,932
668,070
678,476
688,000
793,037
758,838
1,806,126
3,049,538
9,323,369
(1,914,014)
10,947,884
11,556,727
(4,594,876)
(4,981,207)
(5,427,385)
(5,909,909)
(6,234,640)
(6,541,877)
(62,136)
(55,257)
(50,783)
(63,660)
(40,260)
(36,998)
288,363
1,488,127
7,920,511
(3,866,810)
8,829,411
9,231,528
56,568,339
56,856,702
58,344,829
66,265,340
62,398,530
71,227,941
56,856,702
58,344,829
66,265,340
62,398,530
71,227,941
80,459,469
41,490,012
42,652,737
38,857,145
44,305,742
38,460,088
32,549,685
57.81%
57.77%
63.04%
58.48%
64.94%
6,441,588
6,981,704
7,284,199
7,519,070
7,854,176
644.10%
610.92%
533.44%
589.24%
489.68%
71.20%
8,024,566
405.63%
115 125
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Police Pension Fund
Schedule of Investment Returns
December 31, 2020
Annual Money -
Weighted Rate
of Return, Net
Fiscal of Investment
Year Expense
2014
6.92%
2015
0.92%
2016
7.15%
2017
14.29%
2018
(5.21°/x)
2019
20.29%
2020
13.20%
Note: This schedule is intended to show information for ten years. Information for additional years will be
displayed as it becomes available.
116 126
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Firefighters' Pension Fund
Schedule of Investment Returns
December 31, 2020
Annual Money -
Weighted Rate
of Return, Net
Fiscal of Investment
Year Expense
2014
7.60%
2015
3.38%
2016
5.58%
2017
16.49%
2018
(2.80°/x)
2019
16.52%
2020
16.49%
Note: This schedule is intended to show information for ten years. Information for additional years will be
displayed as it becomes available.
117 127
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Retiree Benefit Plan
Schedule of Changes in the Employer's Total OPEB Liability
December 31, 2020
Total OPEB Liability
Service Cost
Interest
Changes in Benefit Terms
Differences Between Expected and Actual
Experience
Change of Assumptions or Other Inputs
Benefit Payments
Net Change in Total OPEB Liability
Total OPEB Liability - Beginning
Total OPEB Liability - Ending
Covered Payroll
Total OPEB Liability as a Percentage of Covered Payroll
12/31/2018 12/31/2019 12/31/2020
$ 523,084 457,933 560,011
463,660 457,768 407,957
(1,152,702)
(530,505)
(1,053,887)
(1,704,999)
1,326,575
3,217,155
(387,384)
(422,580)
(452,279)
(2,258,341)
1,289,191
2,678,957
13,147,473
10,889,132
12,178,323
10,889,132 12,178,323 14,857,280
$ 26,110,072 26,958,649 27,836,531
41.70% 45.17% 53.37%
Notes:
This schedule is intended to show information for ten years. Information for additional years will be displayed as
it becomes available.
Changes of Assumptions. Changes in assumptions related to the discount rate were made in 2018, 2019 and
2020.
118 128
VILLAGE OF MOUNT PROSPECT, ILLINOIS
General Fund
Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual
For the Fiscal Year Ended December 31, 2020
Budget
Original Final Actual
Revenues
Taxes
$ 23,527,609
23,527,609
22,560,551
Licenses and Permits
2,291,080
2,291,080
2,402,150
Intergovernmental
30,200,250
30,200,250
30,799,463
Charges for Services
1,667,200
1,667,200
2,320,837
Fines and Forfeitures
355,050
355,050
242,004
Interest
266,000
266,000
99,326
Miscellaneous
355,737
355,737
316,585
Total Revenues
58,662,926
58,662,926
58,740,916
Expenditures
General Government
7,287,703
7,776,416
6,897,411
Public Safety
38,008,699
38,150,563
37,297,450
Highways and Streets
9,810,351
9,448,438
8,705,967
Health
144,940
144,209
132,833
Welfare
1,522,473
1,516,801
1,446,675
Culture and Recreation
568,459
568,459
166,740
Total Expenditures
57,342,625
57,604,886
54,647,076
Excess (Deficiency) of Revenues
Over (Under) Expenditures
1,320,301
1,058,040
4,093,840
Other Financing Sources (Uses)
Disposal of Capital Assets
Transfers Out
Net Change in Fund Balance
Fund Balance - Beginning
Fund Balance - Ending
3,500 3,500 383
(4,768,000) (4,598,000) (4,598,000)
(4,764,500) (4,594,500) (4,597,617)
(3,444,199) (3,536,460) (503,777)
26,678,148
26,174,371
119 129
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Prospect and Main TIF - Special Revenue Fund
Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual
For the Fiscal Year Ended December 31, 2020
Revenues
Taxes
Property Taxes
Interest
Miscellaneous
Total Revenues
Expenditures
General Government
Other Employee Costs
Contractual Services
Commodities and Supplies
Capital Outlay
Infrastructure
Building Improvements
Land Improvements
Land Acquisition
Other
Debt Service
Interest and Fiscal Charges
Total Expenditures
Excess (Deficiency) of Revenues
Over (Under) Expenditures
Other Financing Sources
Transfers In
Net Change in Fund Balance
Fund Balance - Beginning
Fund Balance - Ending
Budget
Original Final Actual
$ 738,000 738,000 944,024
15,500 15,500 20,108
21,700
753,500 753,500 985,832
1,500
1,500
600
233,636
233,636
110,114
1,500
1,500
—
1,035,990
325,000
10,596
—
6,688,082
6,568,902
—
314,096
191,592
—
1,300,000
1,301,591
458,500
1,545,000
1,195,079
787,447 787,447 703,411
2,518,573 11,196,261 10,081,885
(1,765,073) (10,442,76 (9,096,053)
590,000 590,000
(1,765,073) (9,852,761) (8,506,053)
8,532,044
25,991
120 130
OTHER SUPPLEMENTARY INFORMATION
Other supplementary information includes financial statements and schedules not required by the GASB,
nor a part of the basic financial statements, but are presented for purposes of additional analysis.
Such statements and schedules include:
• Budgetary Comparison Schedules - Major Governmental Funds
• Combining Statements - Nonmajor Governmental Funds
• Budgetary Comparison Schedules - Nonmajor Governmental Funds
• Budgetary Comparison Schedules - Enterprise Funds
• Combining Statements - Internal Service Funds
• Budgetary Comparison Schedules - Internal Service Funds
• Combining Statements - Pension Trust Funds
• Consolidated Year -End Financial Report
121 131
GOVERNMENTAL FUNDS
122 132
MAJOR GOVERNMENTAL FUNDS
GENERAL FUND
General Fund: The General Fund is used to account for all financial resources except those required to be
accounted for in another fund.
SPECIAL REVENUE FUND
Prospect and Main TIF Fund: The Prospect/Main TIF Fund is used to account for the resources to acquire
property and construct certain improvements in the Prospect/Main Tax Incremental Financing District. Financing
is being provided by incremental property taxes, general obligation bond proceeds, and investment income.
DEBT SERVICE FUND
Debt Service Fund: The Debt Service Fund is used to account for the accumulation of funds for the periodic
payment of principal and interest on general long-term debt.
CAPITAL PROJECTS FUND
Police and Fire Building Construction Fund: The Police and Fire Building Construction Fund is used to
account for the resources to construct the police and fire building.
123 133
VILLAGE OF MOUNT PROSPECT, ILLINOIS
General Fund
Schedule of Revenues - Budget and Actual
For the Fiscal Year Ended December 31, 2020
Taxes
Property Taxes - General
Property Taxes - Police Pension
Property Taxes - Firefighters' Pension
Road and Bridge Property Tax
Auto Rental Tax
Food and Beverage Tax
Real Estate Transfer Tax
Hotel/Motel Tax
Telecommunications Tax
Home Rule Sales Tax
Gas Utility Tax
Electric Utility Tax
Total Taxes
Licenses and Permits
Liquor Licenses
Business Licenses
Contractor Licenses
Alarm Licenses
Elevator Licenses
Building Permit Fees
Reinspection Fees
Gaming License Fees
Vacant Structure Registration Fees
Truck Rental Fees
Utility Permit Fees
ZBA Hearing Fees
Village Impact Fees
False Alarm Fees
Landlord/Tenant Fees
Cable TV Franchise Fees
Total Licenses and Permits
124
Budget
Original Final Actual
S 9,396,074
9,396,074
9,269,838
3,767,056
3,767,056
3,739,754
3,375,879
3,375,879
3,358,038
130,100
130,100
134,186
16,500
16,500
23,823
856,000
856,000
818,911
1,125,000
1,125,000
962,687
265,000
265,000
60,705
1,535,000
1,535,000
1,439,154
1,389,000
1,389,000
1,167,399
522,000
522,000
495,114
1,150,000
1,150,000
1,090,942
23,527,609 23,527,609 22,560,551
202,000
202,000
125,013
149,000
149,000
148,629
94,900
94,900
123,600
48,000
48,000
46,655
27,000
27,000
25,132
575,000
575,000
701,011
16,500
16,500
6,250
57,400
57,400
49,275
5,000
5,000
4,500
2,000
2,000
11,990
5,000
5,000
8,900
12,000
12,000
15,800
20,000
20,000
113,037
7,500
7,500
6,740
297,500
297,500
291,462
772,280
772,280
724,156
2,291,080 2,291,080 2,402,150
134
VILLAGE OF MOUNT PROSPECT, ILLINOIS
General Fund
Schedule of Revenues - Budget and Actual - Continued
For the Fiscal Year Ended December 31, 2020
Intergovernmental
State Sales Tax
State Income Tax
State Use Tax
Charitable Games Tax
Cannabis Education Fund
Replacement Taxes
Replacement Taxes - Road and Bridge
Grant - Body Armor
Grant - Gas Mask
Grant - Other
Total Intergovernmental
Charges for Services
Maintenance of State Highways
Ambulance Transport Fees
Forest River Rural FPD
Cable Programming Fees
Other Programs
Special Detail Revenue
Police Training Revenue
Fire Training Revenue
Lease Payments - Cell Towers
General Store Lease
Total Charges for Services
Fines and Forfeitures
Fines - Parking
Fines - Local Ordinances
Fines - Code Enforcement
Fines - Circuit Court
Fines - Parental Responsibility
Forfeited Escrow Funds
Total Fines and Forfeitures
Budget
Original Final Actual
$ 23,075,300
23,075,300
21,526,123
5,250,000
5,250,000
5,886,270
1,498,750
1,498,750
2,254,976
7,000
7,000
3,340
35,600
35,600
37,425
360,000
360,000
404,003
6,200
6,200
7,863
3,000
3,000
5,384
95,000
95,000
52,260
19,600
19,600
621,819
30,200,250 30,200,250 30,799,463
98,000
98,000
54,502
1,275,000
1,275,000
1,942,064
52,000
52,000
54,400
27,000
27,000
7,497
35,600
35,600
36,110
45,000
45,000
72,868
5,000
5,000
300
15,000
15,000
10,754
95,000
95,000
137,616
19,600
19,600
4,726
1,667,200 1,667,200 2,320,837
210,000
210,000
91,254
1,000
1,000
6,300
5,000
5,000
10,513
103,000
103,000
85,762
1,050
1,050
300
35,000
35,000
47,875
355,050 355,050 242,004
125 135
VILLAGE OF MOUNT PROSPECT, ILLINOIS
General Fund
Schedule of Revenues - Budget and Actual - Continued
For the Fiscal Year Ended December 31, 2020
Interest
Investment Income
Interest - Escrow Funds
Total Interest
Miscellaneous
Reimburse - H/S Youth Officer
Reimburse - Mount Prospect Library
Shared Cost - Sidewalk
Shared Cost - Tree Replacement
Reimburse - Village Property
Other Reimbursements
Human Services Revenue
Fire and Police Reports
Animal Release Fees
Subpoena Fees
Other Revenue
Total Miscellaneous
Total Revenues
Budget
Original Final Actual
$ 255,000 255,000 95,796
11,000 11,000 3,530
266,000 266,000 99,326
213,637
213,637
102,553
21,000
21,000
28,613
7,500
7,500
19,125
5,000
5,000
-
5,000
5,000
-
25,000
25,000
120,606
12,000
12,000
1,648
5,000
5,000
4,985
200
200
175
400
400
105
61,000
61,000
38,775
355,737 355,737 316,585
58,662,926 58,662,926 58,740,916
126 136
VILLAGE OF MOUNT PROSPECT, ILLINOIS
General Fund
Schedule of Expenditures - Budget and Actual
For the Fiscal Year Ended December 31, 2020
General Government
Public Representation - Administration
Village Administration
Finance Department
Community Development - Administration
Benefit Payments
Total General Government
Public Safety
Community Development - Code Enforcement
Police Department
Fire Department
Total Public Safety
Highways and Streets
Public Works Department
Health
Community Development - Health
Welfare
Human Services Department
Community Development - Housing
Total Welfare
Culture and Recreation
Public Representation - Community and Civic Services
Total Expenditures
Budget
Original Final Actual
$ 160,009
159,551
120,925
4,115,378
4,216,046
3,498,838
1,667,927
1,665,927
1,548,016
1,338,215
1,728,718
1,723,459
6,174
6,174
6,173
7,287,703
7,776,416
6,897,411
1,152,868
1,150,648
1,062,597
19,867,439
19,899,737
19,137,940
16,988,392
17,100,178
17,096,913
38,008,699 38,150,563 37,297,450
9,810,351 9,448,438 8,705,967
144,940 144,209 132,833
1,198,882
1,193,859
1,157,029
323,591
322,942
289,646
1,522,473
1,516,801
1,446,675
568,459 568,459 166,740
57,342,625 57,604,886 54,647,076
127 137
VILLAGE OF MOUNT PROSPECT, ILLINOIS
General Fund
Schedule of Detailed Expenditures - Budget and Actual
For the Fiscal Year Ended December 31, 2020
General Government
Public Representation - Administration
Mayor and Board of Trustees
Personal Services
Employee Benefits
Other Employee Costs
Contractual Services
Utilities
Commodities and Supplies
Total Mayor and Board of Trustees
Village Administration
Village Manager's Office
Personal Services
Employee Benefits
Other Employee Costs
Contractual Services
Utilities
Commodities and Supplies
Office and Other Equipment
Insurance
Total Village Manager's Office
Legal Services
Contractual Services
Human Resources
Personal Services
Employee Benefits
Other Employee Costs
Contractual Services
Commodities and Supplies
Total Human Resources
Budget
Original Final Actual
$ 25,006
25,006
25,000
1,917
1,917
1,912
7,000
7,000
310
120,428
120,428
90,116
458
4,000
-
5,200
5,200
3,587
160,009 159,551 120,925
574,337
574,337
565,639
227,418
227,418
214,301
28,086
28,086
12,734
72,529
72,529
11,068
4,805
4,000
3,653
7,579
7,579
2,545
235
235
-
22,961
22,961
22,961
937,950 937,145 832,901
634,500 634,500 450,618
204,280
204,280
210,244
204,895
204,895
237,915
65,200
65,200
39,855
9,250
9,250
7,489
1,300
1,300
761
484,925 484,925 496,264
128 138
VILLAGE OF MOUNT PROSPECT, ILLINOIS
General Fund
Schedule of Detailed Expenditures - Budget and Actual - Continued
For the Fiscal Year Ended December 31, 2020
Budget
Original Final Actual
General Government - Continued
91,043
91,043
90,590
Village Administration - Continued
47,286
47,286
48,324
Information Technology
3,100
3,100
224
Personal Services
$ 492,429
492,429
495,546
Employee Benefits
184,569
184,569
214,392
Other Employee Costs
9,200
9,200
1,636
Contractual Services
608,223
617,223
337,871
Utilities
5,765
100,416
42,588
Commodities and Supplies
1,000
1,000
665
Office and Other Equipment
16,000
16,000
16,547
Total Information Technology
1,317,186
1,420,837
1,109,245
Communications
Personal Services
91,043
91,043
90,590
Employee Benefits
47,286
47,286
48,324
Other Employee Costs
3,100
3,100
224
Contractual Services
82,200
82,200
76,577
Commodities and Supplies
1,800
1,800
-
Office and Other Equipment
25,000
Total Communications
225,429
225,429
215,715
Television Services
Personal Services
73,731
73,731
64,616
Employee Benefits
31,565
31,565
30,187
Contractual Services
36,083
36,083
21,751
Utilities
1,678
1,000
10
Commodities and Supplies
4,500
4,500
1,591
Office and Other Equipment
25,000
25,000
10,265
Total Television Services
172,557
170,879
128,410
Community Engagement
Other Employee Costs
5,000
5,000
1,385
Contractual Services
143,000
143,000
95,015
Utilities
920
920
1,195
Commodities and Supplies
1,000
1,000
10
Total Community Engagement
149,920 149,920 97,605
129 139
VILLAGE OF MOUNT PROSPECT, ILLINOIS
General Fund
Schedule of Detailed Expenditures - Budget and Actual - Continued
For the Fiscal Year Ended December 31, 2020
General Government - Continued
Village Administration - Continued
Village Clerk's Office
Administration and Support
Personal Services
Employee Benefits
Other Employee Costs
Contractual Services
Utilities
Commodities and Supplies
Total Village Clerk's Office
Total Village Administration
Finance Department
Administration and Support
Personal Services
Employee Benefits
Other Employee Costs
Contractual Services
Utilities
Commodities and Supplies
Office and Other Equipment
Insurance
Total Administration and Support
Accounting
Personal Services
Employee Benefits
Other Employee Costs
Contractual Services
Commodities and Supplies
Total Accounting
Insurance
Budget
Original Final Actual
$ 104,093
104,093
103,245
51,876
51,876
47,777
2,800
2,800
413
32,622
32,622
15,937
500
2,500
1,699
1,020
1,020
708
192,911 192,411 168,080
4,115,378 4,216,046 3,498,838
204,279
204,279
203,221
78,201
78,201
92,223
29,400
29,400
6,025
215,974
215,974
196,908
4,500
2,500
1,699
18,150
18,150
4,099
88,742
15,152
15,152
15,152
565,656 563,656 608,069
426,651
426,651
359,310
177,924
177,924
144,857
2,220
2,220
1,219
3,225
3,225
947
11,812
11,812
3,271
621,832 621,832 509,604
25,443 25,443 22,433
130 140
VILLAGE OF MOUNT PROSPECT, ILLINOIS
General Fund
Schedule of Detailed Expenditures - Budget and Actual - Continued
For the Fiscal Year Ended December 31, 2020
General Government - Continued
Finance Department - Continued
Customer Service
Personal Services
Employee Benefits
Other Employee Costs
Contractual Services
Commodities and Supplies
Total Customer Service
Total Finance Department
Community Development - Administration
Administration and Support - Economic Development
Personal Services
Employee Benefits
Other Employee Costs
Contractual Services
Utilities
Commodities and Supplies
Insurance
Budget
Original Final Actual
$ 285,224
285,224
250,728
81,652
81,652
87,724
2,345
2,345
-
70,010
70,010
57,199
15,765
15,765
12,259
454,996 454,996 407,910
1,667,927 1,665,927 1,548,016
135,688
127,488
128,730
48,699
48,699
49,036
6,343
6,343
2,470
28,091
73,091
58,663
2,372
1,452
2,743
1,149
1,149
79
6,734
6,734
6,734
Total Administration and Support - Economic Development 229,076 264,956 248,455
Planning and Zoning
Personal Services
248,499
211,599
206,955
Employee Benefits
79,605
79,605
71,571
Other Employee Costs
8,223
8,223
3,712
Contractual Services
31,442
31,442
15,638
Utilities
1,377
Commodities and Supplies
16,649
16,649
1,701
Total Planning and Zoning
385,795
347,518
299,577
131 141
VILLAGE OF MOUNT PROSPECT, ILLINOIS
General Fund
Schedule of Detailed Expenditures - Budget and Actual - Continued
For the Fiscal Year Ended December 31, 2020
General Government - Continued
Community Development - Administration
Personal Services
Employee Benefits
Other Employee Costs
Contractual Services
Total Community Development - Administration
Administration and Support - Building and Inspections
Personal Services
Employee Benefits
Other Employee Costs
Contractual Services
Utilities
Commodities and Supplies
Insurance
Total Administration and Support - Building and Inspections
Total Community Development - Administration
Benefit Payments
Contractual Services
Total General Government
Public Safety
Community Development - Code Enforcement
Building Inspection
Personal Services
Employee Benefits
Other Employee Costs
Contractual Services
Utilities
Commodities and Supplies
Total Community Development - Code Enforcement
Budget
Original Final Actual
$ 132,976
96,076
97,918
52,965
52,965
42,461
1,723
1,723
990
100,000
532,000
619,856
287,664 682,764 761,225
259,094
259,094
261,155
110,215
110,215
110,049
3,037
3,037
1,179
29,000
29,000
19,567
9,841
7,641
-
3,288
3,288
1,047
21,205
21,205
21,205
435,680
433,480
414,202
1,338,215
1,728,718
1,723,459
6,174
6,174
6,173
7,287,703 7,776,416 6,897,411
676,059
676,059
678,239
335,628
335,628
327,248
4,872
4,872
2,859
117,749
117,749
38,473
9,861
7,641
8,655
8,699
8,699
7,123
1,152,868 1,150,648 1,062,597
132 142
VILLAGE OF MOUNT PROSPECT, ILLINOIS
General Fund
Schedule of Detailed Expenditures - Budget and Actual - Continued
For the Fiscal Year Ended December 31, 2020
Public Safety - Continued
Police Department
Administration and Support
Personal Services
Employee Benefits
Other Employee Costs
Contractual Services
Utilities
Commodities and Supplies
Office and Other Equipment
Insurance
Total Administration and Support
Records
Personal Services
Employee Benefits
Contractual Services
Commodities and Supplies
Office and Other Equipment
Total Records
Patrol and Traffic Enforcement
Personal Services
Employee Benefits
Contractual Services
Commodities and Supplies
Office and Other Equipment
Total Patrol and Traffic Enforcement
K-9 Unit
Personal Services
Employee Benefits
Contractual Services
Commodities and Supplies
Total K-9 Unit
Budget
Original Final Actual
$ 778,534
778,534
875,787
4,241,038
4,241,038
4,216,822
180,485
180,485
70,221
134,386
286,886
140,512
35,822
17,960
23,047
29,475
29,475
22,023
28,180
43,180
34,510
170,524
170,524
170,524
5,598,444 5,748,082 5,553,446
372,913
372,913
373,657
179,458
179,458
190,344
36,216
36,216
19,620
5,320
5,320
4,010
520
520
395
594,427 594,427 588,026
8,057,678
8,057,678
7,855,504
1,486,812
1,486,812
1,369,504
767,261
597,261
488,282
111,660
111,760
94,685
10,660
10,660
3,330
10,434,071 10,264,171 9,811,305
128,335
128,335
131,427
20,882
20,882
27,652
5,620
5,620
1,758
5,020
5,020
4,066
159,857 159,857 164,903
133 143
VILLAGE OF MOUNT PROSPECT, ILLINOIS
General Fund
Schedule of Detailed Expenditures - Budget and Actual - Continued
For the Fiscal Year Ended December 31, 2020
Public Safety - Continued
Police Department - Continued
Crime Prevention and Public Services
Personal Services
Employee Benefits
Other Employee Costs
Contractual Services
Commodities and Supplies
Total Crime Prevention and Public Services
Investigative
Personal Services
Employee Benefits
Contractual Services
Utilities
Commodities and Supplies
Office and Other Equipment
Total Investigative
Equipment Maintenance
Contractual Services
Commodities and Supplies
Office and Other Equipment
Total Equipment Maintenance
Field Operations
Commodities and Supplies
Total Police Department
Budget
Original Final Actual
$ 143,754
143,754
137,390
35,956
35,956
38,251
5,500
5,500
800
1,775
1,775
1,316
16,970
16,970
14,216
203,955 203,955 191,973
1,522,063
1,522,063
1,507,377
275,629
275,629
257,353
39,486
39,486
20,333
14,485
14,485
9,427
4,645
4,645
2,139
840
840
674
1,857,148
1,857,148
1,797,303
967,862
965,862
932,536
34,375
34,375
31,885
17,300
19,300
14,303
1,019,537 1,019,537 978,724
52,560 52,260
19,867,439 19,899,737 19,137,940
134 144
VILLAGE OF MOUNT PROSPECT, ILLINOIS
General Fund
Schedule of Detailed Expenditures - Budget and Actual - Continued
For the Fiscal Year Ended December 31, 2020
Public Safety - Continued
Fire Department
Administration and Support
Personal Services
Employee Benefits
Other Employee Costs
Contractual Services
Commodities and Supplies
Office and Other Equipment
Insurance
Total Administration and Support
Fire Department Operations
Personal Services
Employee Benefits
Other Employee Costs
Contractual Services
Commodities and Supplies
Office and Other Equipment
Total Fire Department Operations
Fire Prevention
Personal Services
Employee Benefits
Other Employee Costs
Contractual Services
Commodities and Supplies
Total Fire Prevention
Communications
Contractual Services
Utilities
Commodities and Supplies
Office and Other Equipment
Total Communications
Budget
Original Final Actual
$ 709,962
709,962
713,978
3,891,147
3,891,147
3,992,400
52,594
52,594
40,139
94,157
71,917
97,408
14,310
12,510
6,745
51,000
5,000
1,553
211,619
211,619
211,619
4,978,789 4,954,749 5,063,842
8,191,623
8,191,623
8,243,478
1,464,010
1,464,010
1,551,625
96,913
96,913
48,828
213,013
305,013
274,598
22,810
22,810
19,101
146,133
139,965
131,681
10,134,502
10,220,334
10,269,311
291,661
291,661
253,065
1311,264
131,264
99,636
6,020
6,920
4,253
3,530
3,530
2,897
19,310
18,410
16,211
451,785 451,785 376,062
3,800
3,800
795
67,858
20,000
16,093
1,600
1,600
196
24,000
24,000
21,827
97,258 49,400 38,911
135 145
VILLAGE OF MOUNT PROSPECT, ILLINOIS
General Fund
Schedule of Detailed Expenditures - Budget and Actual - Continued
For the Fiscal Year Ended December 31, 2020
Public Safety - Continued
Fire Department - Continued
Equipment Maintenance
Contractual Services
Emergency Preparedness
Personal Services
Employee Benefits
Other Employee Costs
Contractual Services
Commodities and Supplies
Total Emergency Preparedness
Paid on Call
Personal Services
Employee Benefits
Other Employee Costs
Office and Other Equipment
Total Paid on Call
Total Fire Department
Total Public Safety
Highways and Streets
Public Works Department
Administration and Support
Personal Services
Employee Benefits
Other Employee Costs
Contractual Services
Utilities
Commodities and Supplies
Office and Other Equipment
Insurance
Total Administration and Support
Budget
Original Final Actual
$ 1,056,789 1,056,789 1,056,789
153,981
153,981
143,398
41,432
41,432
50,409
3,000
3,000
796
5,000
5,000
228
23,100
123,100
77,925
226,513 326,513 272,756
29,021
29,021
12,712
1,535
1,535
972
8,600
8,600
4,199
3,600
1,452
1,359
42,756 40,608 19,242
16,988,392 17,100,178 17,096,913
38,008,699 38,150,563 37,297,450
294,111
294,111
283,473
238,649
238,649
238,521
32,422
32,422
24,958
1,315,903
1,316,694
1,308,118
15,647
4,245
3,976
16,773
15,982
9,635
1,670
1,670
917
141,979
141,979
141,979
2,057,154 2,045,752 2,011,577
136 146
VILLAGE OF MOUNT PROSPECT, ILLINOIS
General Fund
Schedule of Detailed Expenditures - Budget and Actual - Continued
For the Fiscal Year Ended December 31, 2020
Highways and Streets - Continued
Public Works Department - Continued
Street and Buildings Division
Administration
Personal Services
Employee Benefits
Utilities
Commodities and Supplies
Total Administration
Maintenance - Public Buildings
Personal Services
Employee Benefits
Contractual Services
Utilities
Commodities and Supplies
Other Expenditures
Total Maintenance - Public Buildings
Street Maintenance
Personal Services
Employee Benefits
Contractual Services
Commodities and Supplies
Total Street Maintenance
Snow Removal
Personal Services
Employee Benefits
Contractual Services
Commodities and Supplies
Office and Other Equipment
Total Snow Removal
Budget
Original Final Actual
$ 121,043
121,043
115,362
45,231
45,231
49,491
4,245
4,245
4,714
270
270
180
170,789 170,789 169,747
423,230
423,230
367,470
168,521
168,521
192,546
460,578
455,578
352,414
54,500
54,500
68,786
163,900
168,900
135,880
4,417
4,417
-
1,275, t46 1,275,146 1,117,096
318,529
318,529
293,872
122,861
122,861
133,693
469,929
468,168
461,451
39,918
39,918
28,635
951,237 949,476 917,651
403,842
403,842
341,655
153,255
153,255
145,538
132,382
142,082
49,747
14,839
17,139
16,440
12,000
-
716,318 716,318 553,380
137 147
VILLAGE OF MOUNT PROSPECT, ILLINOIS
General Fund
Schedule of Detailed Expenditures - Budget and Actual - Continued
For the Fiscal Year Ended December 31, 2020
Highways and Streets - Continued
Public Works Department - Continued
Street and Buildings Division - Continued
Storm Sewer/Basin Maintenance
Personal Services
Employee Benefits
Contractual Services
Commodities and Supplies
Total Storm Sewer/Basin Maintenance
Maintenance of State Highways
Personal Services
Employee Benefits
Contractual Services
Commodities and Supplies
Total Maintenance of State Highways
Traffic Sign Maintenance
Personal Services
Employee Benefits
Commodities and Supplies
Total Traffic Sign Maintenance
Civic Events
Personal Services
Employee Benefits
Commodities and Supplies
Total Civic Events
Total Street and Buildings Division
Budget
Original Final
Actual
$ 87,555
87,555
74,407
33,046
33,046
32,071
13,349
13,349
5,150
10,253
10,253
12,870
144,203 144,203 124,498
40,857
40,857
35,239
16,319
16,319
16,212
20,379
20,379
18,626
32,950
32,950
7,429
110,505
110,505
77,506
80,876
80,876
68,834
28,594
28,594
27,950
36,075
36,075
35,970
145,545
145,545
132,754
40,967
40,967
-
7,071
7,071
-
100
100
-
48,138
48,138
-
3,561,881
3,560,120
3,092,632
138 148
VILLAGE OF MOUNT PROSPECT, ILLINOIS
General Fund
Schedule of Detailed Expenditures - Budget and Actual - Continued
For the Fiscal Year Ended December 31, 2020
Highways and Streets - Continued
Public Works Department - Continued
Forestry Division
Administration and Support
Personal Services
Employee Benefits
Commodities and Supplies
Total Administration and Support
Maintenance of Grounds
Personal Services
Employee Benefits
Contractual Services
Commodities and Supplies
Office and Other Equipment
Total Maintenance of Grounds
Forestry Program
Personal Services
Employee Benefits
Other Employee Costs
Contractual Services
Utilities
Commodities and Supplies
Total Forestry Program
Public Grounds Beautification
Personal Services
Employee Benefits
Contractual Services
Commodities and Supplies
Total Public Grounds Beautification
Budget
Original Final Actual
$ 114,703 114,703 112,898
41,150 41,150 40,066
450 1,025 1,103
156,303 156,878 154,067
181,787
181,787
190,482
67,485
67,485
78,660
209,756
206,955
268,775
9,942
9,942
8,453
51,066
53,867
53,246
520,036 520,036 599,616
507,996
507,996
438,884
195,491
195,491
179,781
6,723
6,723
288
483,293
478,572
384,882
3,978
3,978
7,813
12,291
16,437
15,181
1,209,772 1,209,197 1,026,829
109,430
109,430 94,978
43,010
43,010 40,149
2,703
2,703 -
36,978
36,978 35,408
192,121 192,121 170,535
139 149
VILLAGE OF MOUNT PROSPECT, ILLINOIS
General Fund
Schedule of Detailed Expenditures - Budget and Actual - Continued
For the Fiscal Year Ended December 31, 2020
Highways and Streets - Continued
Public Works Department - Continued
Forestry Division
Civic Events
Personal Services
Employee Benefits
Total Civic Events
Holiday
Personal Services
Employee Benefits
Total Holiday
Total Forestry Division
Engineering Division
Engineering Services
Personal Services
Employee Benefits
Other Employee Costs
Contractual Services
Utilities
Commodities and Supplies
Office and Other Equipment
Total Engineering Services
Traffic Control and Street Lighting
Personal Services
Employee Benefits
Contractual Services
Utilities
Commodities and Supplies
Total Traffic Control and Street Lighting
Total Engineering Division
Budget
Original Final Actual
$ 47,562 47,562 -
9,455 9,455 -
57,017 57,017 -
9,990 9,990 8,829
4,418 4,418 4,186
14,408 14,408 13,015
2,149,657 2,149,657 1,964,062
832,816
832,816
808,857
255,169
255,169
288,307
5,673
6,673
4,030
122,463
135,963
110,928
6,000
6,000
6,141
6,266
4,266
4,455
2,504
2,504
818
1,230,891
1,243,391
1,223,536
54,451
54,451
51,333
23,072
23,072
24,473
17,289
12,789
8,971
76,407
76,407
83,871
28,629
20,629
17,307
199,848 187,348 185,955
1,430,739 1,430,739 1,409,491
140 150
VILLAGE OF MOUNT PROSPECT, ILLINOIS
General Fund
Schedule of Detailed Expenditures - Budget and Actual - Continued
For the Fiscal Year Ended December 31, 2020
Budget
Original Final Actual
Highways and Streets - Continued
Public Works Department - Continued
Capital Expenditures
Infrastructure
Resurfacing/Curbs
$ 325,600
141,850
114,154
Miscellaneous - Forestry
285,320
120,320
114,051
Total Capital Expenditures
610,920
262,170
228,205
Total Highways and Streets
9,810,351
9,448,438
8,705,967
Health
Community Development - Health
Health Inspections
Personal Services
97,707
97,707
92,812
Employee Benefits
31,271
31,271
29,394
Other Employee Costs
1,423
1,423
408
Contractual Services
9,727
9,727
9,371
Utilities
1,935
1,204
-
Commodities and Supplies
2,877
2,877
848
Total Health
144,940
144,209
132,833
Welfare
Human Services Department
Administration and Support
Personal Services
156,543
156,543
159,825
Employee Benefits
74,583
74,583
77,102
Other Employee Costs
3,196
3,196
1,428
Contractual Services
32,120
32,120
24,569
Utilities
7,215
4,000
3,406
Commodities and Supplies
3,794
3,309
1,588
Office and Other Equipment
547
Insurance
12,918
12,918
12,918
Total Administration and Support
290,916
286,669
280,836
141 151
VILLAGE OF MOUNT PROSPECT, ILLINOIS
General Fund
Schedule of Detailed Expenditures - Budget and Actual - Continued
For the Fiscal Year Ended December 31, 2020
Budget
Original Final Actual
Welfare - Continued
206,399
206,264
55,100
Human Services Department - Continued
62,930
3,099
3,099
Social Services
101,407
101,407
87,693
Personal Services
$ 255,743
255,743
251,952
Employee Benefits
90,794
90,794
89,546
Other Employee Costs
4,300
4,300
1,054
Commodities and Supplies
1,000
1,000
506
Total Social Services
351,837
351,837
343,058
Nursing/Health Services
Personal Services
124,720
124,720
120,070
Employee Benefits
48,029
48,029
49,931
Other Employee Costs
1,300
1,300
174
Contractual Services
255
255
-
Commodities and Supplies
5,573
5,573
1,606
Office and Other Equipment
510
510
98
Total Nursing/Health Services
Community Connections Center
Personal Services
Employee Benefits
Other Employee Costs
Contractual Services
Utilities
Commodities and Supplies
Total Community Connections Center
Total Human Services Department
180,387 180,387 171,879
206,399
206,399
206,264
55,100
55,100
62,930
3,099
3,099
534
101,407
101,407
87,693
5,734
4,958
3,075
4,003
4,003
760
375,742 374,966 361,256
1,198,882 1,193,859 1,157,029
142 152
VILLAGE OF MOUNT PROSPECT, ILLINOIS
General Fund
Schedule of Detailed Expenditures - Budget and Actual - Continued
For the Fiscal Year Ended December 31, 2020
Welfare - Continued
Community Development - Housing
Housing Inspections
Personal Services
Employee Benefits
Other Employee Costs
Contractual Services
Utilities
Commodities and Supplies
Total Community Development - Housing
Total Welfare
Culture and Recreation
Public Representation - Community and Civic Services
Community Groups and Miscellaneous
Contractual Services
Other Expenditures
Total Community Groups and Miscellaneous
4th of July and Civic Events
Employee Benefits
Contractual Services
Commodities and Supplies
Total 4th of July and Civic Events
Holiday Decorations
Contractual Services
Commodities and Supplies
Total Holiday Decorations
Budget
Original Final Actual
$ 169,924
169,924
169,567
64,350
64,350
66,642
5,295
5,295
258
73,287
73,287
49,608
5,298
4,649
-
5,437
5,437
3,571
323,591 322,942 289,646
1,522,473 1,516,801 1,446,675
234,935
234,935
89,766
106,120
106,120
3,236
121,520
121,520 3,113
341,055
341,055
93,002
16,845
16,845 -
61,784
61,784 -
42,891
42,891 3,113
121,520
121,520 3,113
77,701
77,701
49,668
24,697
24,697
19,832
102,398
102,398
69,500
143 153
VILLAGE OF MOUNT PROSPECT, ILLINOIS
General Fund
Schedule of Detailed Expenditures - Budget and Actual - Continued
For the Fiscal Year Ended December 31, 2020
Culture and Recreation - Continued
Blood Drive Program
Personal Services
Employee Benefits
Commodities and Supplies
Total Blood Drive Program
Total Culture and Recreation
Total Expenditures
Budget
Original Final Actual
$ 1,844
1,844
614
142
142
47
1,500
1,500
464
3,486 3,486 1,125
568,459 568,459 166,740
57,342,625 57,604,886 54,647,076
144 154
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Debt Service Fund
Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual
For the Fiscal Year Ended December 31, 2020
Revenues
Taxes
Property - Levy
Other Taxes
Home Rule Sales Tax
Video Gaming Tax
Intergovernmental
Interest
Total Revenues
Expenditures
Debt Service
Principal Retirement
interest and Fiscal Charges
Total Expenditures
Excess (Deficiency) of Revenues
Over (Under) Expenditures
Other Financing Sources
Transfers In
Net Change in Fund Balance
Fund Balance - Beginning
Fund Balance - Ending
Budget
Original Final Actual
$ 2,548,250 2,548,250 2,548,250
925,000
925,000
925,000
25,000
25,000
71,211
1,575,900
1,575,900
1,575,400
35,000
35,000
11,582
5,109,150
5,109,150
5,131,443
4,015,000
4,015,000
4,015,000
2,550,732
2,550,732
2,549,937
6,565,732
6,565,732
6,564,937
(1,456,582) (1,456,582) (1,433,494)
1,105,000 1,105,000
(1,456,582) (351,582) (328,494)
3,455,359
3,126,865
145 155
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Police and Fire Building Construction - Capital Projects Fund
Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual
For the Fiscal Year Ended December 31, 2020
Revenues
Interest
Miscellaneous
Total Revenues
Expenditures
Public Safety
Contractual Services
Capital Outlay
Facility Construction
Total Expenditures
Excess (Deficiency) of Revenues
Over (Under) Expenditures
Other Financing (Uses)
Transfers Out
Net Change in Fund Balance
Fund Balance - Beginning
Fund Balance - Ending
Budget
Original Final Actual
$ 36,500 36,500 62,564
34,121
36,500 36,500 96,685
372,610 207,019 149,264
7,729,790 13,942,311 13,455,257
8,102,400 14,149,330 13,604,521
(8,065,900) (14,112,830) (13,507,836)
(590,000) (590,000)
(8,065,900) (14,702,830) (14,097,836)
44,134
146 156
NONMAJOR GOVERNMENTAL FUNDS
SPECIAL REVENUE FUNDS
Motor Fuel Tax Fund: The Motor Fuel Tax Fund is used to account for the activities involved with street
maintenance and construction. Financing is provided by the Village's share of state gasoline taxes. State law
requires these gasoline taxes to be used to maintain streets.
The Refuse Disposal Fund: - The Refuse Disposal Fund is used to account for the revenues and expenditures
associated with providing solid waste collection services. Financing provided by restricted user fees and
recycling income.
Community Development Block Grant (CDBG) Fund: The Community Development Block Grant Fund is
used to account for the revenue and expenditures associated with the CDBG. The grant is provided by the U.S.
Department of Housing and Urban Development to develop urban communities by expanding economic
opportunities and providing decent housing and a suitable living environment. The beneficiaries of CDBG must
be individuals with low and/or moderate incomes.
Asset Seizure Fund: The Asset Seizure Fund is used to account for the revenues and expenditures associated
with the asset seizure program in which the Village participates. Funds received are restricted for use in the
fight against drugs.
Federal Equitable Share Fund: The Federal Equitable Share Fund is used to account for the revenues and
expenditures associated with the Federal Shared Funds program. The use of funds is restricted for use in the
flight against drugs.
DUI Fines Fund: The DUI Fines Fund is used to account for the revenues and expenditures associated with the
Cook County DUI fine program. Use of funds is restricted to fight against drunk driving.
Foreign Fire Insurance Fund: The Foreign Fire Insurance Fund is used to account for the revenues derived
from the Foreign Fire Insurance Tax and disbursement of these funds for the benefit, use and maintenance
related to the Fire Department.
Business District Fund: The Business District Fund is used to account for the revenues and expenditures
associated with the Business Districts within the Village. The Village currently has one Business District, the
Randhurst Village Business District Area.
147 157
NONMAJOR GOVERNMENTAL FUNDS - Continued
CAPITAL PROJECTS FUNDS
Capital Improvement Fund: The Capital Improvement Fund is used to account for the resources to provide
for certain capital improvements and the replacement of Village equipment. Financing is being provided by
home rule sales tax, developer contributions, transfers from other funds, and investment income.
Flood Control Construction Fund: The Flood Control Construction fund is used to account for the resources
to implement flood control projects throughout the Village. Financing is provided by home rule sales taxes,
service charges, and investment income.
Street Improvement Construction Fund: The Street Improvement Construction Fund is used to account for
the resources to reconstruct Village streets. Financing is being provided by various taxes, licenses, permits, fees
and interest income.
148 158
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Nonmajor Governmental Funds
Combining Balance Sheet
December 31, 2020
ASSETS
Cash and Investments
Receivables - Net of Allowances
Other Taxes
Other
Accounts
Due from Other Governments
Prepaids
Total Assets
LIABILITIES
Accounts Payable
Accrued Payroll
Retainage Payable
Due to Other Governments
Due to Other Funds
Other Payables
Total Liabilities
FUND BALANCES
Nonspendable
Restricted
Committed
Assigned
Total Fund Balances
Total Liabilities and Fund Balances
149
Special Capital
Revenue Projects Totals
$ 5,825,227 5,325,291 11,150,518
401,463
261,794 663,257
607,058
— 607,058
310
— 310
722,390
594,846 1,317,236
86,081
19,564 105,645
7,642,529 6,201,495 13,844,024
326,543
139,649
466,192
13,287
—
13,287
—
14,871
14,871
3,541
—
3,541
—
525,000
525,000
1,753,147
—
1,753,147
2,096,518
679,520
2,776,038
86,081
19,564 105,645
4,525,896
— 4,525,896
934,034
— 934,034
—
5,502,411 5,502,411
5,546,011
5,521,975 11,067,986
7,642,529 6,201,495 13,844,024
159
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Nonmajor Governmental Funds
Combining Statement of Revenues, Expenditures and Changes in Fund Balances
For the Fiscal Year Ended December 31, 2020
Revenues
Taxes
Intergovernmental
Licenses and Permits
Charges for Services
Interest
Miscellaneous
Total Revenues
Expenditures
Current
General Government
Public Safety
Highways and Streets
Helath
Welfare
Capital Outlay
Total Expenditures
Excess (Deficiency) of Revenues
Over (Under) Expenditures
Other Financing Sources
Transfers In
Net Change in Fund Balances
Fund Balances - Beginning
Fund Balances - Ending
Special Capital
Revenue Projects Totals
$ 724,920
3,826,989
4,551,909
2,574,496
1,348,000
3,922,496
—
1,414,357
1,414,357
4,464,626
—
4,464,626
19,987
21,216
41,203
1,444,362
272,919
1,717,281
9,228,391
6,883,481
16,111,872
1,036,290
— 1,036,290
137,530
— 137,530
1,870,994
— 1,870,994
4,660,338
— 4,660,338
377,614
— 377,614
—
10,516,557 10,516,557
8,082,766
10,516,557 18,599,323
1,145,625 (3,633,076) (2,487,451)
3,493,000 3,493,000
1,145,625 (140,076) 1,005,549
4,400,386 5,662,051 10,062,437
5,546,011 5,521,975 11,067,986
150 160
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Nonmajor Governmental - Special Revenue Funds
Combining Balance Sheet
December 31, 2020
See Following Page
151 161
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Nonmajor Governmental - Special Revenue Funds
Combining Balance Sheet
December 31, 2020
ASSETS
Cash and Investments
Receivables - Net of Allowances
Other Taxes
Other
Accounts
Due from Other Governments
Prepaids
Total Assets
LIABILITIES
Accounts Payable
Accrued Payroll
Due to Other Governments
Other Payables
Total Liabilities
FUND BALANCES
N onspendable
Restricted
Committed
Total Fund Balances
Total Liabilities and Fund Balances
Motor
Community
Fuel
Refuse Development
Tax
Disposal Block Grant
S 3,633,714 650,981 5,645
179,814
1,367 574,947 —
9,534 — 712,856
— 86,068 —
152
3,824,429 1,311,996 718,501
31,328 278,607 16,608
— 13,287 —
3,541
701,893
34,869 291,894 718,501
— 86,068 —
3,789,560
— 934,034 —
3,789,560 1,020,102 —
3,824,429 1,311,996 718,501
162
Asset
Seizure
Federal
Equitable
Share
DUI
Fines
Foreign
Fire
Insurance
Business
District
Totals
120,520
51,989
146,888
413,555
801,935
5,825,227
-
-
3,074
-
218,575
401,463
-
30,744
607,058
123
-
-
187
-
310
722,390
-
-
-
13
-
86,081
120,643 51,989 149,962 413,755 1,051,254 7,642,529
326,543
13,287
3,541
1,051,254 1,753,147
1,051,254 2,096,518
- - - 13 -
86,081
120,643 51,989 149,962 413,742 -
4,525,896
934,034
120,643 51,989 149,962 413,755 -
5,546,011
120,643 51,989 149,962 413,755 1,051,254
7,642,529
153 163
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Nonmajor Governmental - Special Revenue Funds
Combining Statement of Revenues, Expenditures and Changes in Fund Balances
For the Fiscal Year Ended December 31, 2020
Revenues
Taxes
Intergovernmental
Charges for Services
Interest
Miscellaneous
Total Revenues
Expenditures
Current
General Government
Public Safety
Highways and Streets
Health
Welfare
Total Expenditures
Net Change in Fund Balances
Fund Balances - Beginning
Fund Balances - Ending
Motor
Community
Fuel
Refuse Development
Tax
Disposal Block Grant
1,971,208
— 191,878
—
4,464,626 —
11,116
2,666 —
1,212,617
46,009 185,736
3,194,941
4,513,301 377,614
1,870,994
4,660,338 —
377,614
1,870,994
4,660,338 377,614
1,323,947
(147,037) —
2,465,613
1,167,139 —
154
3,789,560 1,020,102 —
164
120,643 51,989 149,962 413,755 - 5,546,011
155 165
Federal
1,036,290
Foreign
20,951
- 1,075
Asset
Equitable
DUI
Fire
Business
1,870,994
Seizure
Share
Fines
Insurance
District
Totals
377,614
20,951
89,275
635,645
724,920
6,032
1,401
7,553
-
396,424
2,574,496
(24,797) -
1,145,625
135,102
50,545 143,435
438,552 -
4,464,626
460
43
49
1,432
4,221
19,987
1,444,362
6,492
1,444
7,602
90,707
1,036,290
9,228,391
120,643 51,989 149,962 413,755 - 5,546,011
155 165
1,036,290
1,036,290
20,951
- 1,075
115,504 -
137,530
1,870,994
4,660,338
-
377,614
20,951
- 1,075
115,504 1,036,290
8,082,766
(14,459)
1,444 6,527
(24,797) -
1,145,625
135,102
50,545 143,435
438,552 -
4,400,386
120,643 51,989 149,962 413,755 - 5,546,011
155 165
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Motor Fuel Tax - Special Revenue Fund
Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual
For the Fiscal Year Ended December 31, 2020
Budget
Original Final Actual
Revenues
Intergovernmental
Motor Fuel Tax Allotments
$ 1,907,850
1,907,850
1,971,208
Interest
16,500
16,500
11,116
Miscellaneous
10,000
1,199,940
1,212,617
Total Revenues
1,934,350
3,124,290
3,194,941
Expenditures
Highway and Streets
Street Maintenance
2,226,376
2,101,376
1,870,994
Net Change in Fund Balance
(292,026)
1,022,914
1,323,947
Fund Balance - Beginning
2,465,613
Fund Balance - Ending
3,789,560
156 166
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Motor Fuel Tax - Special Revenue Fund
Schedule of Expenditures - Budget and Actual
For the Fiscal Year Ended December 31, 2020
Highway and Streets
Street Division
Street Maintenance
Contractual Services
Budget
Original Final Actual
$ 183,126 183,126 181,777
Snow Removal
Contractual Services 84,463 84,463 83,173
Commodities and Supplies 380,000 380,000 251,631
Total Snow Removal 464,463 464,463 334,804
Traffic Control/Street Lighting
Contractual Services
Utilities
Total Traffic Control/Street Lighting
Street Improvement Projects
Infrastructure
Total Expenditures
99,787
99,787
76,623
204,000
204,000
127,790
303,787
303,787
204,413
1,275,000 1,150,000 1,150,000
2,226,376 2,101,376 1,870,994
157 167
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Refuse Disposal - Special Revenue Fund
Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual
For the Fiscal Year Ended December 31, 2020
Budget
Original Final Actual
Revenues
Charges for Services
S 4,353,000
4,353,000
4,464,626
Interest
10,950
10,950
2,666
Miscellaneous
11,000
11,000
46,009
Total Revenues
4,374,950
4,374,950
4,513,301
Expenditures
Health
Refuse Disposal Division
Personal Services
319,769
319,769
283,914
Employee Benefits
133,567
133,567
133,286
Other Employee Costs
1,377
1,877
112
Contractual Services
4,277,177
4,292,177
4,195,098
Utilities
493
493
—
Commodities and Supplies
42,410
41,910
39,978
Insurance
7,950
7,950
7,950
Total Expenditures
4,782,743
4,797,743
4,660,338
Net Change in Fund Balance
(407,793)
(422,793)
(147,037)
Fund Balance - Beginning
1,167,139
Fund Balance - Ending
1,020,102
158 168
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Refuse Disposal - Special Revenue Fund
Schedule of Revenues - Budget and Actual
For the Fiscal Year Ended December 31, 2020
Charges for Services
Single -Family Service Charges
Multi -Family Service Charges
Single -Family Penalties
Multi -Family Penalties
Contract Administrative Fees
Recycling Bins
Yard Waste Cart Rental
Total Charges for Services
Interest
Miscellaneous
Reimbursements
Other
Total Miscellaneous
Total Revenues
159
Budget
Original Final Actual
S 3,200,000
3,200,000
3,216,052
995,000
995,000
1,067,097
35,000
35,000
23,084
3,500
3,500
5,432
100,000
100,000
128,439
1,000
1,000
1,050
18,500
18,500
23,472
4,353,000
4,353,000
4,464,626
10,950 10,950 2,666
1,000
1,000
40,348
10,000
10,000
5,661
11,000
11,000
46,009
4,374,950 4,374,950 4,513,301
169
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Community Development Block Grant - Special Revenue Fund
Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual
For the Fiscal Year Ended December 31, 2020
Budget
Original Final Actual
Revenues
Intergovernmental
Grant - CDBG $ 562,800 562,800 191,878
Miscellaneous
Program Income 60,000 60,000 185,736
Total Revenues 622,800 622,800 377,614
Expenditures
Welfare
Administration and Support 418
Community Programs 55,800 55,800 43,128
Residential Rehabilitation 567,000 567,000 334,068
Total Expenditures 622,800 622,800 377,614
Net Change in Fund Balance
Fund Balance - Beginning
Fund Balance - Ending
160 170
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Asset Seizure - Special Revenue Fund
Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual
For the Fiscal Year Ended December 31, 2020
161 171
Budget
Original
Final
Actual
Revenues
Intergovernmental
Seized Assets
S 12,500
12,500
6,032
Interest
2,000
2,000
460
Total Revenues
14,500
14,500
6,492
Expenditures
Public Safety
Other Employee Costs
1,000
1,000
—
Contractual Services
3,000
3,000
—
Equipment
3,000
21,000
20,951
Total Expenditures
7,000
25,000
20,951
Net Change in Fund Balance
7,500
(10,500)
(14,459)
Fund Balance - Beginning
135,102
Fund Balance - Ending
120,643
161 171
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Federal Equitable Share - Special Revenue Fund
Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual
For the Fiscal Year Ended December 31, 2020
Revenues
Intergovernmental
Federal Equitable Shared Funds
Interest
Total Revenues
Expenditures
Public Safety
Contractual Services
Net Change in Fund Balance
Fund Balance - Beginning
Fund Balance - Ending
Budget
Original Final Actual
$ 2,000 2,000 1,401
100 100 43
2,100 2,100 1,444
1,000 1,000 —
1,100 1,100 1,444
50,545
51,989
162 172
VILLAGE OF MOUNT PROSPECT, ILLINOIS
DUI Fines - Special Revenue Fund
Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual
For the Fiscal Year Ended December 31, 2020
Revenues
Intergovernmental
DUI Fines
Interest
Total Revenues
Expenditures
Public Safety
Other Employee Costs
Contractual Services
Equipment
Total Expenditures
Net Change in Fund Balance
Fund Balance - Beginning
Fund Balance - Ending
Budget
Original Final Actual
$ 24,000
300
24,000 7,553
300 49
24,300 24,300 7,602
1,000 1,000 —
1,000 1,000 —
1,075
2,000 2,000 1,075
22,300 22,300 6,527
f[ftWAFEW
149,962
163 173
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Foreign Fire Insurance - Special Revenue Fund
Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual
For the Fiscal Year Ended December 31, 2020
Budget
Original Final Actual
Revenues
Taxes
Other Taxes
Foreign Fire Insurance Tax $ 75,000 75,000 89,275
Interest 3,200 3,200 1,432
Total Revenues 78,200 78,200 90,707
Expenditures
Public Safety
Insurance
500
500
—
Other Employee Costs
15,000
15,000
124
Contractual Services
10,500
10,500
7,130
Commodities and Supplies
13,000
13,000
1,170
Building Improvements
5,000
5,000
—
Equipment
24,000
79,000
107,080
Total Expenditures
68,000
123,000
115,504
Net Change in Fund Balance
10,200
(44,800)
(24,797)
Fund Balance - Beginning
438,552
Fund Balance - Ending
413,755
164 174
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Business District - Special Revenue Fund
Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual
For the Fiscal Year Ended December 31, 2020
Budget
Original Final Actual
Revenues
Taxes
Other Taxes
Food and Beverage Tax
$ 389,295
389,295
296,913
Hotel/Motel Tax
228,000
228,000
73,648
Movie Theatre Tax
107,600
107,600
15,028
Business District Tax
308,700
308,700
250,056
Intergovernmental
State Sales Tax
514,000
514,000
396,424
Interest
6,500
6,500
4,221
Total Revenues
1,554,095
1,554,095
1,036,290
Expenditures
General Government
1,554,095
1,554,095
1,036,290
Net Change in Fund Balance
Fund Balance - Beginning —
Fund Balance - Ending —
165 175
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Nonmajor Governmental - Capital Projects Funds
Combining Balance Sheet
December 31, 2020
ASSETS
Cash and Investments
Receivables - Net of Allowances
Other Taxes
Due from Other Governments
Prepaids
Total Assets
LIABILITIES
Accounts Payable
Retainage Payable
Due to Other Funds
Total Liabilities
FUND BALANCES
Capital
Improvement
Flood
Control
Construction
Street
Improvement
Construction
Totals
$ 3,343,920 3,558 1,977,813 5,325,291
212,759 — 49,035 261,794
594,846 — 594,846
19,564 19,564
3,576,243 598,404 2,026,848 6,201,495
90,144 48,437 1,068 139,649
14,871 14,871
525,000 — 525,000
105,015 573,437 1,068 679,520
Nonspendable 19,564 19,564
Assigned 3,451,664 24,967 2,025,780 5,502,411
Total Fund Balances 3,471,228 24,967 2,025,780 5,521,975
Total Liabilities and Fund Balances 3,576,243 598,404 2,026,848 6,201,495
166 176
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Nonmajor Governmental - Capital Projects Funds
Combining Statement of Revenues, Expenditures and Changes in Fund Balances
For the Fiscal Year Ended December 31, 2020
Revenues
Taxes
Other
Intergovernmental
Licenses, Permits and Fees
Interest
Miscellaneous
Total Revenues
Expenditures
Capital Outlay
Excess (Deficiency) of Revenues
Over (Under) Expenditures
Other Financing Sources
Transfers In
Net Change in Fund Balances
Fund Balances - Beginning
Fund Balances - Ending
Flood Street
Capital Control Improvement
Improvement Construction Construction Totals
$ 1,389,000 464,000
1,973,989
3,826,989
— 1,348,000
—
1,348,000
2,047,899
1,414,357
1,414,357
12,071 1,037
8,108
21,216
— 29,833
243,086
272,919
1,401,071 1,842,870
3,639,540
6,883,481
1,256,337 5,598,561 3,661,659 10,516,557
144,734 (3,755,691)
3,493,000
(22,119) (3,633,076)
3,493,000
144,734
(262,691)
(22,119)
(140,076)
3,326,494
287,658
2,047,899
5,662,051
3,471,228
24,967
2,025,780
5,521,975
167 177
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Capital Improvement - Capital Projects Fund
Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual
For the Fiscal Year Ended December 31, 2020
Budget
Original Final Actual
Revenues
Taxes
Other Taxes
Home Rules Sales Tax S 1,389,000 1,389,000 1,389,000
Interest 16,900 16,900 12,071
Total Revenues 1,405,900 1,405,900 1,401,071
Expenditures
Capital Outlay
Equipment
487,400
731,800
415,123
Building Improvements
1,613,000
303,194
300,960
Infrastructure
1,268,872
842,975
540,254
Total Expenditures
3,369,272
1,877,969
1,256,337
Excess (Deficiency) of Revenues
Over (Under) Expenditures
(1,963,372)
(472,069)
144,734
Other Financing Sources
Transfers In
400,000
Net Change in Fund Balance
(1,563,372)
(472,069)
144,734
Fund Balance - Beginning
3,326,494
Fund Balance - Ending
3,471,228
168 178
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Capital Improvement - Capital Projects Fund
Schedule of Expenditures - Budget and Actual
For the Fiscal Year Ended December 31, 2020
Capital Outlay
Equipment
Police Department Software
Fire Safety Trailer
Field Cameras
Computer Eqpt - New
Public Safety Drone
Mobile Video Rec Sys
Fire Hose & Appliances
Village Warning Sirens
Total Equipment
Building Improvements
Emergency Generators
Public Works Facility Improvements
HVAC Replacements
Parking Lot Improvements
Village Hall Facility Improvements
Train Station Platform Extension
Intersection Improvements
Other Public Building Improvements
Total Building Improvements
Infrastructure
Residential Street Lights
Residential Street Light Improvements
Contractual Services - Brick Sidewalks
Corridor Improvements
Kensington Road Bike Path
Brick Sidewalks
Bridge Rehab
Pedestrian Bridge
Parking Deck Maintenance
Central Road Pedestrian Crossing
Total Infrastructure
Budget
Original Final Actual
$ 50,000
50,000
47,523
-
82,000
-
40,000
40,000
-
14,800
14,800
1,162
12,600
-
-
225,000
400,000
341,716
25,000
25,000
24,722
120,000
120,000
-
487,400 731,800 415,123
-
24,350
23,849
310,000
-
92,780
140,000
81,182
79,769
35,000
100,000
-
63,000
-
-
900,000
50,000
35,287
-
128,844
122,480
165,000
150,000
61,851
1,613,000
303,194
300,960
132,690
112,690
51,780
-
52,467
-
81,182
81,182
79,769
100,000
100,000
-
670,000
67,000
89,270
50,000
50,000
35,287
35,000
-
41,522
41,523
-
31,254
35,657
200,000
306,860
206,968
1,268,872 842,975 540,254
Total Expenditures 3,369,272 1,877,969 1,256,337
169
179
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Flood Control Construction - Capital Projects Fund
Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual
For the Fiscal Year Ended December 31, 2020
Revenues
Taxes
Other Taxes
Home Rule Sales Tax
Intergovernmental
Interest
Miscellaneous
Fees
Reimbursements
Total Revenues
Expenditures
Capital Outlay
Public Improvements
Infrastructure
Other
Total Expenditures
Excess (Deficiency) of Revenues
Over (Under) Expenditures
Other Financing Sources
Transfers In
Net Change in Fund Balance
Fund Balance - Beginning
Fund Balance - Ending
Budget
Original Final Actual
S 464,000
464,000
464,000
888,000
1,348,000
1,348,000
16,500
16,500
1,037
40,000
40,000
9,833
16,800
16,800
20,000
1,425,300
1,885,300
1,842,870
4,454,131 6,570,938 5,547,547
59,570 59,570 51,014
4,513,701 6,630,508 5,598,561
(3,088,401) (4,745,208) (3,755,691)
3,393,000 3,493,000 3,493,000
304,599 (1,252,208) (262,691)
287,658
24,967
170 180
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Flood Control Construction - Capital Projects Fund
Schedule of Expenditures - Budget and Actual
For the Fiscal Year Ended December 31, 2020
Capital Outlay
Public Improvements
Infrastructure
Levee Repairs
Culvert and Ditch
Levee Supplies
Creek Bank Stabilization
Creek Tree Trimming
Private Property Drainage
Weller Creek Improvements
Storm Sewer Inspection Program
Levee 37
Total Infrastructure
Other
Electricity
Residential Reimbursements
Contractual Services
Budget
Original Final Actual
$ 40,800
40,800
6,474
30,600
30,600
3,750
5,100
5,100
4,162
25,500
25,500
16,624
25,500
25,500
22,348
120,000
196,896
163,127
25,000
25,000
-
788,000
788,000
14,920
3,393,631
5,433,542
5,316,142
4,454,131 6,570,938 5,547,547
3,570 3,570 38
5,000 5,000 -
51,000 51,000 50,976
Total Other
59,570
59,570
51,014
Total Expenditures
4,513,701
6,630,508
5,598,561
171 181
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Street Improvement Construction - Capital Projects Fund
Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual
For the Fiscal Year Ended December 31, 2020
Revenues
Taxes
Other Taxes
Home Rule Sales Tax
Municipal Motor Fuel Tax
Licenses, Permits and Fees
Interest
Miscellaneous
Reimbursements
Other
Total Revenues
Expenditures
Capital Outlay
Contractual Services
Infrastructure
Street Resurfacing
Total Expenditures
Net Change in Fund Balance
Fund Balance - Beginning
Fund Balance - Ending
Budget
Original Final Actual
S 1,389,000
1,389,000
1,389,000
685,000
685,000
584,989
1,616,500
1,616,500
1,414,357
8,500
8,500
8,108
15,000
15,000
—
25,000
25,000
243,086
3,739,000
3,739,000
3,639,540
40,000 40,000 30,120
4,050,000 3,752,042 3,631,539
4,090,000 3,792,042 3,661,659
(351,000) (53,042) (22,119)
2,047,899
2,025,780
172 182
PROPRIETARY FUNDS
173 183
ENTERPRISE FUNDS
The Enterprise Funds are used to account for operations that are financed and operated in a manner similar to
private business enterprises where the intent is that costs of providing goods or services to the general public on
a continuing basis be financed or recovered primarily through user charges; or where it has been decided that
periodic determination of revenues earned, expenses incurred and/or net income is appropriate for capital
maintenance, public policy, management control, accountability or other purpose.
Water and Sewer Fund: The Water and Sewer Fund is a major fund and is used to account for the activities of
the water and sewer operations. The Village operates sewerage lift and relief stations and waste water collection
systems and the water distribution system.
Parking System Revenue Fund: The Parking System Revenue Fund is a nonmajor fund and is used to account
for the provision of public parking services with fees shared with the commuter railroad. All activities are
accounted for including administration, operations, maintenance and collection.
Village Parking System Fund: The Village Parking System Fund is a nonmajor fund and is used to account
for the provision of Village -owned public parking services including the Village Hall parking deck and leased
commuter spaces. All activities are accounted for including administration, operations, maintenance, financing,
related debt service and billing and collection.
174 184
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Water and Sewer - Enterprise Fund
Schedule of Revenues, Expenses and Changes in Net Position - Budget and Actual
For the Fiscal Year Ended December 31, 2020
Operating Revenues
Charges for Services
Operating Expenses
Administration and Maintenance
Operating (Loss)
Nonoperating Revenues (Expenses)
Interest Income
Other Income
Principal Payment
Property Taxes
Interest Expense
Change in Net Position - Budgetary Basis
Adjustments to GAAP Basis
Depreciation
Amortization of Asset Retirement Obligation
Capital Assets Capitalized
Total Adjustments to GAAP Basis
Change in Net Position - GAAP Basis
Net Position - Beginning
Net Position - Ending
Budget
Original Final Actual
$ 16,240,840 16,240,840 16,732,889
19,607,818 19,510,059 18,526,069
(3,366,978) (3,269,219) (1,793,180)
66,100
66,100 158,801
90,000
90,000 32,973
(265,000)
(265,000) —
(24,959)
(903,748) (903,748) (813,332)
(1,012,648) (1,012,648) (646,517)
(4,379,626) (4,281,867) (2,439,697)
(651,205)
(7,500)
1,989,895
(1,108,507)
38,572,493
37,463,986
175 185
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Water and Sewer - Enterprise Fund
Schedule of Operating Revenues - Budget and Actual
For the Fiscal Year Ended December 31, 2020
Total Operating Revenues 16,240,840 16,240,840 16,732,889
176
186
Budget
Original
Final
Actual
Charges for Services
Water Sales
$ 12,976,860
12,976,860
13,319,598
Sewer Fees
3,126,980
3,126,980
3,270,262
Sewer Construction Charge
36
Water Penalties
80,000
80,000
98,377
Water Meter Fees
22,000
22,000
20,080
Water and Sewer Taps
15,000
15,000
650
Sewer Penalties
20,000
20,000
23,886
Total Operating Revenues 16,240,840 16,240,840 16,732,889
176
186
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Water and Sewer - Enterprise Fund
Schedule of Operating Expenses - Budget and Actual
For the Fiscal Year Ended December 31, 2020
Administration and Maintenance
Administration and Support
Personal Services
Employee Benefits
Other Employee Costs
Contractual Services
Utilities
Insurance
Commodities and Supplies
Capital Expenses
Total Administration and Support
Maintenance of Buildings
Personal Services
Employee Benefits
Contractual Services
Utilities
Commodities and Supplies
Total Maintenance of Buildings
Maintenance of Grounds
Personal Services
Employee Benefits
Contractual Services
Commodities and Supplies
Total Maintenance of Grounds
Water Supply Maintenance and Repair
Personal Services
Employee Benefits
Contractual Services
Utilities
Commodities and Supplies
Distribution System
Total Water Supply Maintenance and Repair
Budget
Original Final Actual
$ 510,559
510,559
500,866
316,086
316,086
1,245,067
45,347
45,347
28,373
292,914
292,914
258,433
52,923
52,923
10,907
134,892
134,892
134,892
15,456
15,456
1,984
2,478
2,478
1,980
1,370,655 1,370,655 2,182,502
180,119
180,119
161,416
78,940
78,940
75,943
18,578
18,578
85
6,756
6,756
5,364
1,688
1,688
1,648
286,081 286,081 244,456
47,572
47,572
41,032
14,392
14,392
13,151
53,690
53,690
36,305
6,659
6,659
2,216
122,313 122,313 92,704
368,514
368,514
343,570
147,251
147,251
144,508
124,350
124,350
82,437
81,600
81,600
80,448
80,125
80,125
42,532
51,000
51,000
35,919
852,840 852,840 729,414
177 187
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Water and Sewer - Enterprise Fund
Schedule of Operating Expenses - Budget and Actual - Continued
For the Fiscal Year Ended December 31, 2020
Administration and Maintenance - Continued
Water Distribution Maintenance and Repair
Personal Services
Employee Benefits
Contractual Services
Commodities and Supplies
Distribution System
Capital Expenses
Total Water Distribution Maintenance and Repair
Water Valve and Hydrant Maintenance
Personal Services
Employee Benefits
Contractual Services
Commodities and Supplies
Total Water Valve and Hydrant Maintenance
Water Meter Installation, Repair and Replacement
Personal Services
Employee Benefits
Contractual Services
Commodities and Supplies
Capital Expenses
Total Water Meter Installation, Repair and Replacement
Equipment Maintenance
Contractual Services
Sanitary Sewer Maintenance and Repair
Personal Services
Employee Benefits
Contractual Services
Utilities
Commodities and Supplies
Total Sanitary Sewer Maintenance and Repair
Budget
Original Final Actual
$ 590,999
590,999
510,674
222,009
222,009
205,560
295,639
295,639
241,070
83,726
83,726
121,924
37,142
37,142
-
1,103
1,103
-
1,230,618 1,230,618 1,079,228
211,328
211,328
185,151
70,850
70,850
61,820
60,838
60,838
60,560
113,348
113,348
102,702
456,364 456,364 410,233
62,119
62,119
51,472
17,266
17,266
15,587
137,058
137,058
82,216
3,504
3,504
2,749
66,300
66,300
89,601
286,247 286,247 241,625
998,307 998,307 998,307
378,542
378,542
332,613
154,135
154,135
143,379
228,939
228,939
85,883
24,895
24,895
12,381
30,182
30,182
24,163
816,693 816,693 598,419
178 188
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Water and Sewer - Enterprise Fund
Schedule of Operating Expenses - Budget and Actual - Continued
For the Fiscal Year Ended December 31, 2020
Administration and Maintenance - Continued
Water System Improvements
Capital Expenses
Sanitary System Improvements
Capital Expenses
Storm Sewer Improvements
Capital Expenses
Improvements to Public Buildings
Capital Expenses
Lake Michigan Water Acquisition
Contractual Services
Capital Expenses
Total Lake Michigan Water Acquisition
Total Operating Expenses
Budget
Original Final Actual
$ 3,555,000 3,753,185 812,516
1,425,000 1,394,056 848,375
800,000 800,000 769,206
385,000 120,000 11,607
7,022,700 7,022,700 7,517,582
1,989,895
7,022,700 7,022,700 9,507,477
19,607,818 19,510,059 18,526,069
179 189
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Nonmajor Enterprise Funds
Combining Statement of Net Position
December 31, 2020
ASSETS
Current Assets
Cash and Investments
Prepaids
Total Current Assets
Noncurrent Assets
Capital Assets
Depreciable
Accumulated Depreciation
Total Noncurrent Assets
Total Assets
LIABILITIES
Current Liabilities
Accounts Payable
Accrued Payroll
Due to Other Governments
Other Payables
Compensated Absences Payable
Total Current Liabilities
Noncurrent Liabilities
Compensated Absences Payable
Total OPEB Liability - RBP
Total Noncurrent Liabilities
Total Liabilities
NET POSITION
Parking System Village Parking
Revenue System Totals
S 141,944 304,694 446,638
- 17 17
141,944 304,711 446,655
364,800 - 364,800
(364,800) - (364,800)
141,944 304,711 446,655
3,124
4,025
7,149
797
797
1,594
-
642
642
240
150
390
604
604
1,208
4,765
6,218
10,983
2,417 2,418 4,835
2,417 2,418 4,835
7,182 8,636 15,818
Unrestricted 134,762 296,075 430,837
180
190
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Nonmajor Enterprise Funds
Combining Statement of Revenues, Expenses and Changes in Net Position
For the Fiscal Year Ended December 31, 2020
Operating Revenues
Charges for Services
Parking Fees
Rental Fees
Convenience Fees
Total Operating Revenues
Operating Expenses
Administration, Maintenance and Improvements
Operating (Loss)
Nonoperating Revenues
Interest Income
Other Income
Change in Net Position
Net Position - Beginning
Net Position - Ending
Parking System Village Parking
Revenue System Totals
$ 56,662 44,651
101,313
— 1,683
1,683
500 520
1,020
57,162 46,854
104,016
181
84,578 140,834 225,412
(27,416) (93,980) (121,396)
582 1,260 1,842
— 1,235 1,235
582 2,495 3,077
(26,834) (91,485) (118,319)
161,596 387,560 549,156
134,762 296,075 430,837
191
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Nonmajor Enterprise Funds
Combining Statement of Cash Flows
For the Fiscal Year Ended December 31, 2020
Cash Flows from Operating Activities
Receipts from Customers and Users
Payments to Suppliers
Payments to Employees
Cash Flows from Investing Activities
Interest Received
Net Change in Cash and Cash Equivalents
Cash and Cash Equivalents - Beginning
Cash and Cash Equivalents - Ending
Reconciliation of Operating Income to Net Cash
Provided (Used) by Operating Activities
Operating (Loss)
Adjustments to Reconcile Operating Income
Income to Net Cash Provided by
(Used in) Operating Activities:
Other Income (Expense)
(Increase) Decrease in Current Assets
Increase (Decrease) in Current Liabilities
Net Cash Provided by Operating Activities
182
Parking System Village Parking
Revenue System Totals
$ 57,374
109,424
166,798
(99,781)
(171,364)
(271,145)
(13,619)
(13,708)
(27,327)
(56,026)
(75,648)
(131,674)
582 1,260 1,842
(55,444) (74,388) (129,832)
197,388 379,082 576,470
141,944 304,694 446,638
(27,416) (93,980) (121,396)
— 1,235
1,235
212 62,570
62,782
(28,822) (45,473)
(74,295)
(56,026) (75,648) (131,674)
192
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Parking System Revenue - Enterprise Fund
Schedule of Revenues, Expenses and Changes in Net Position - Budget and Actual
For the Fiscal Year Ended December 31, 2020
Operating Revenues
Charges for Services
Parking Fees
Convenience Fees
Total Operating Revenues
Operating Expenses
Budget
Original Final Actual
$ 156,500 156,500 56,662
2,200 2,200 500
158,700 158,700 57,162
Administration, Maintenance and Improvements 162,310 162,310 84,578
Operating (Loss) (3,610) (3,610) (27,416)
Nonoperating Revenues
Interest Income 1,650 1,650 582
Change in Net Position (1,960) (1,960) (26,834)
Net Position - Beginning 161,596
Net Position - Ending 134,762
183 193
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Parking System Revenue - Enterprise Fund
Schedule of Operating Expenses - Budget and Actual
For the Fiscal Year Ended December 31, 2020
Administration, Maintenance and Improvements
Personal Services
Employee Benefits
Contractual Services
Utilities
Insurance
Commodities and Supplies
Budget
Original
Final
Actual
$ 18,838
18,838
13,709
7,667
7,667
4,081
114,461
114,461
57,610
9,998
9,998
1,682
335
335
335
11,011
11,011
7,161
Total Operating Expenses 162,310 162,310 84,578
184
194
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Village Parking System - Enterprise Fund
Schedule of Revenues, Expenses and Changes in Net Position - Budget and Actual
For the Fiscal Year Ended December 31, 2020
Operating Revenues
Charges for Services
Parking Fees
Rental Fees
Convenience Fees
Total Operating Revenues
Operating Expenses
Administration, Maintenance and Improvements
Operating (Loss)
Nonoperating Revenues
Other Income
Interest Income
Change in Net Position
Net Position - Beginning
Net Position - Ending
Budget
Original Final Actual
$ 184,500
184,500
44,651
6,600
6,600
1,683
3,000
3,000
520
194,100
194,100
46,854
277,458 277,458 140,834
(83,358) (83,358) (93,980)
3,500 3,500
3,500 3,500
(79,858) (79,858)
1,235
1,260
2,495
(91,485)
387,560
296,075
185 195
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Village Parking System - Enterprise Fund
Schedule of Operating Expenses - Budget and Actual
For the Fiscal Year Ended December 31, 2020
Administration, Maintenance and Improvements
Personal Services
Employee Benefits
Contractual Services
Insurance
Commodities and Supplies
Capital Expenses
Budget
Original Final Actual
$ 18,933
18,933
13,709
7,713
7,713
(10,778)
199,912
198,912
105,322
326
326
326
574
574
574
50,000
51,000
31,681
Total Operating Expenses 277,458 277,458 140,834
186
196
INTERNAL SERVICE FUNDS
Internal Service Funds are used to account for the financing of goods or services provided by one department or
agency to other departments or agencies other governmental unit, or to other governmental units, on a cost -
reimbursement basis.
Computer Replacement Fund: The Computer Replacement Fund is used to account for the acquisition of
Village computer hardware. Financing is being provided by charges to various Village funds.
Risk Management Fund: The Risk Management Fund is used to account for the servicing and payment of
claims for liability, property, casualty coverage, workers' compensation and medical benefits. Financing is
being provided by charges in the various Village funds.
Vehicle Replacement Fund: The Vehicle Replacement Fund is used to account for the acquisition and
depreciation of Village vehicles. Financing is being provided by charges to the General, and Water and Sewer
Funds.
Vehicle Maintenance Fund: The Vehicle Maintenance Fund is used to account for the maintenance and repair
of all Village vehicles. Financing is being provided by charges to various Village funds.
187 197
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Internal Service Funds
Combining Statement of Net Position
December 31, 2020
See Following Page
188 198
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Internal Service Funds
Combining Statement of Net Position
December 31, 2020
ASSETS
Current Assets
Cash and Investments
Receivables - Net of Allowances - Accounts
Accrued Interest
Other
Due from Other Governments
Deposits - Insurance
Inventories
Prepaids
Total Current Assets
Noncurrent Assets
Capital Assets
Nondepreciable
Depreciable
Accumulated Depreciation
Other Assets
Deposits - Insurance
Total Noncurrent Assets
Total Assets
DEFERRED OUTFLOWS OF RESOURCES
Deferred Items - RBP
Total Assets and Deferred Outflows of Resources
LIABILITIES
Current Liabilities
Accounts Payable
Accrued Payroll
Due to Other Governments
Claims Payable
Other Payables
Compensated Absences Payable
Total Current Liabilities
Noncurrent Liabilities
Compensated Absences Payable
Claims Payable
Total OPEB Liability - RBP
Total Noncurrent Liabilities
Total Liabilities
DEFERRED INFLOWS OF RESOURCES
Deferred Items - RBP
Total Liabilities and Deferred Inflows of Resources
NET POSITION
Investment in Capital Assets
Unrestricted
Total Net Position
Computer
Replacement
$ 398,166
398,166
150,000
68,544
(61,689)
156,855
156,855
555,021
555,021
4,329
4,329
4,329
4,329
156,855
393,837
550,692
189 199
Risk Vehicle Vehicle
Management Replacement Maintenance Totals
723,153 11,639,048 1,022,825 13,783,192
40 - - 40
278 -
1,979
2,257
- -
8,668
8,668
2,812,678 -
-
2,812,678
- -
340,573
340,573
71,959 -
15,690
87,649
3,608,108 11,639,048
1,389,735
17,035,057
- 248,531
- 398,531
- 15,440,520
92,062 15,601,126
- (8,608,433)
(92,062) (8,762,184)
- 7,080,618
- 7,237,473
1,116,941 -
- 1,116,941
1,116,941 7,080,618
- 8,354,414
4,725,049 18,719,666
1,389,735 25,389,471
- - 142,107 142,107
4,725,049 18,719,666 1,531, 842 25,531,578
187,586
79,113 21,283
292,311
-
- 41,758
41,758
4,492
4,492
476,885
- -
476,885
108,628
- -
108,628
-
- 20,984
20,984
777,591
79,113 84,025
945,058
- - 83,936 83,936
222,313 - - 222,313
- - 542,550 542,550
222,313 - 626,486 848,799
999,904 79,113 710,511 1,793,857
- - 118,847 118,847
999,904 79,113 829,358 1,912,704
- 7,080,618 - 7,237,473
3,725,145 11,559,935 702,484 16,381,401
3,725,145 18,640,553 702,484 23,618,874
190 200
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Internal Service Funds
Combining Statement of Revenues, Expenses and Changes in Net Position
For the Fiscal Year Ended December 31, 2020
Operating Revenues
Charges for Services
Contributions
Miscellaneous
Total Operating Revenues
Operating Expenses
Administration and Maintenance
Insurance and Claims
Depreciation
Total Operating Expenses
Operating Income (Loss)
Nonoperating Revenues (Expenses)
Disposal of Capital Assets
Interest Income
Other Income
Change in Net Position
Net Position - Beginning
Net Position - Ending
Computer
Replacement
$ 43,995
43,995
206,884
13,709
220,593
(176,598)
2,087
2,087
(174,511)
725,203
550,692
191 201
Risk
Vehicle
Vehicle
Management
Replacement
Maintenance
Totals
7,797,137
1,780,260
2,520,488
12,141,880
1,747,350
1,747,350
589,399
—
240
589,639
10,133,886
1,780,260
2,520,728
14,478,869
382,562
9,093
2,162,441
2,760,980
9,325,727
9,325,727
—
1,047,236
—
1,060,945
9,708,289
1,056,329
2,162,441
13,147,652
425,597
723,931
358,287
1,331,217
—
(12,721)
222
(12,499)
683
47,978
1,096
51,844
—
21,523
—
21,523
683
56,780
1,318
60,868
426,280
780,711
359,605
1,392,085
3,298,865
17,859,842
342,879
22,226,789
3,725,145
18,640,553
702,484
23,618,874
192 202
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Internal Service Funds
Combining Statement of Cash Flows
For the Fiscal Year Ended December 31, 2020
Computer
Replacement
Cash Flows from Operating Activities
Receipts from Customers and Users $ —
Interfund Services Provided 43,995
Payments to Suppliers (227,714)
Payments to Employees —
(183,719)
Cash Flows from Capital and Related Financing Activities
Disposal of Capital Assets —
Purchase of Capital Assets (150,000)
(150,000)
Cash Flows from Investing Activities
Interest Received 2,087
Net Change in Cash and Cash Equivalents (331,632)
Cash and Cash Equivalents - Beginning 729,798
Cash and Cash Equivalents - Ending 398,166
Reconciliation of Operating Income to Net Cash
Provided (Used) by Operating Activities
Operating Income (176,598)
Adjustments to Reconcile Operating Income
to Net Cash Provided by (Used in)
Operating Activities
Depreciation 13,709
Other Income —
(Increase) Decrease in Current Assets —
Increase (Decrease) in Current Liabilities (20,830)
Net Cash Provided by Operating Activities (183,719)
193 203
Risk Vehicle Vehicle
Management Replacement Maintenance Totals
3,331,303
— 240
3,331,543
6,365,532
1,958,092 2,389,555
10,757,174
(9,469,108)
24,014 (812,008)
(10,484,816)
(965,940)
(965,940)
227,727
1,982,106 611,847
2,637,961
73,494
222 73,716
(537,629)
— (687,629)
(464,135)
222 (613,913)
683 47,978 1,096 51,844
228,410 1,565,949 613,165 2,075,892
494,743 10,073,099 409,660 11,707,300
723,153 11,639,048 1,022,825 13,783,192
425,597 723,931 358,287 1,331,217
1,047,236
— 1,060,945
21,523
— 21,523
(437,051) 156,309
(130,933) (411,675)
239,181 33,107
384,493 635,951
227,727 1,982,106 611,847 2,637,961
194 204
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Computer Replacement - Internal Service Fund
Schedule of Revenues, Expenses and Changes in Net Position - Budget and Actual
For the Fiscal Year Ended December 31, 2020
195 205
Budget
Original
Final
Actual
Operating Revenues
Charges for Services
Refuse Disposal Fund
$ 1,493
1,493
373
Water and Sewer Fund
3,732
3,732
933
General Fund
154,754
154,754
42,689
Total Operating Revenues
159,979
159,979
43,995
Operating Expenses
Administration
Capital Outlay
189,978
369,978
206,884
Depreciation
13,709
Total Operating Expenses
189,978
369,978
220,593
Operating (Loss)
(29,999)
(209,999)
(176,598)
Nonoperating Revenues
Interest Income
2,087
Change in Net Position
(29,999)
(209,999)
(174,511)
Net Position - Beginning
725,203
Net Position - Ending
550,692
195 205
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Computer Replacement - Internal Service Fund
Schedule of Operating Expenses - Budget and Actual
For the Fiscal Year Ended December 31, 2020
Administration
Capital Outlay
Depreciation
Budget
Original Final Actual
$ 189,978 369,978 206,884
13,709
Total Operating Expenses 189,978 369,978 220,593
196
206
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Risk Management - Internal Service Fund
Schedule of Revenues, Expenses and Changes in Net Position - Budget and Actual
For the Fiscal Year Ended December 31, 2020
197 207
Budget
Original
Final
Actual
Operating Revenues
Charges for Services
$ 7,738,478
7,738,478
7,797,137
Contributions
1,656,000
1,656,000
1,747,350
Miscellaneous
52,000
52,000
589,399
Total Operating Revenues
9,446,478
9,446,478
10,133,886
Operating Expenses
Administration
392,000
392,000
382,562
Insurance and Claims
9,213,300
9,213,300
9,325,727
Total Operating Expenses
9,605,300
9,605,300
9,708,289
Operating Income (Loss)
(158,822)
(158,822)
425,597
Nonoperating Revenues
Interest Income
16,000
16,000
683
Change in Net Position
(142,822)
(142,822)
426,280
Net Position - Beginning
3,298,865
Net Position - Ending
3,725,145
197 207
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Risk Management - Internal Service Fund
Schedule of Operating Revenues - Budget and Actual
For the Fiscal Year Ended December 31, 2020
Charges for Services
General Fund
Refuse Disposal Fund
Water and Sewer Fund
Parking System Revenue Fund
Village Parking System Fund
Vehicle Maintenance Fund
Library
Total Charges for Services
Contributions
Employee
Health Insurance
Dental Insurance
Additional Life Insurance
Retiree
Health Insurance
Dental Insurance
Total Contributions
Miscellaneous
Other Reimbursements
Budget
Original Final Actual
$ 6,465,370
6,465,370
6,509,475
14,750
14,750
14,750
252,261
252,261
252,261
622
622
622
605
605
605
24,870
24,870
24,870
980,000
980,000
994,554
7,738,478
7,738,478
7,797,137
635,000
635,000
648,599
140,000
140,000
151,190
24,000
24,000
24,620
825,000 825,000 889,306
32,000 32,000 33,635
1,656,000 1,656,000 1,747,350
52,000 52,000 589,399
Total Operating Revenues 9,446,478 9,446,478 10,133,886
198
208
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Risk Management - Internal Service Fund
Schedule of Operating Expenses - Budget and Actual
For the Fiscal Year Ended December 31, 2020
Administration
Casualty and Property Program
Other Contractual Services
Medical Program
Claims Administration
Total Administration
Insurance and Claims
Casualty and Property Program
Liability Insurance
Otherinsurance
Property Claims
Liability Claims
Workers' Compensation Claims
Auto Claims
Unemployment Compensation Claims
Tree Hazard Study
Other Claims
Total Casualty and Property Program
Medical Program
Medical Expense - HMO Plan
Medical Expense - Indemnity Plan
Medical Expense - Dental
Health and Wellness Supplies
Life Insurance
Total Medical Program
Budget
Original Final Actual
$ 30,000 30,000 28,500
362,000 362,000 354,062
392,000 392,000 382,562
725,000
725,000
563,767
25,000
25,000
28,922
100,000
100,000
-
150,000
150,000
342,255
450,000
450,000
586,867
7,733,300
7,733,300
394
10,000
10,000
4,492
10,000
10,000
-
10,000
10,000
50,454
1,480,000
1,480,000
1,577,151
1,264,300
1,264,300
1,196,174
6,108,400
6,108,400
6,202,293
288,800
288,800
296,642
22,500
22,500
6,140
49,300
49,300
47,327
7,733,300
7,733,300
7,748,576
Total Insurance and Claims 9,213,300 9,213,300 9,325,727
Total Operating Expenses 9,605,300 9,605,300 9,708,289
199 209
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Vehicle Replacement - Internal Service Fund
Schedule of Revenues, Expenses and Changes in Net Position - Budget and Actual
For the Fiscal Year Ended December 31, 2020
Operating Revenues
Charges for Services
Operating Expenses
Administration
Depreciation
Total Operating Expenses
Operating Income
Nonoperating Revenues (Expenses)
Disposal of Capital Assets
Interest Income
Other Income
Change in Net Position
Net Position - Beginning
Net Position - Ending
Budget
Original Final Actual
$ 1,798,560 1,798,560 1,780,260
9,093
1,047,236
1,056,329
1,798,560 1,798,560 723,931
(12,721)
144,000 144,000 47,978
21,523
144,000 144,000 56,780
1,942,560 1,942,560 780,711
17,859,842
18,640,553
200 210
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Vehicle Replacement - Internal Service Fund
Schedule of Operating Revenues - Budget and Actual
For the Fiscal Year Ended December 31, 2020
Charges for Services
General Fund
Manager's Office
Community Development - Planning
Community Development - Building
Community Development - Housing
Community Development - Health
Police Department
Fire Department
Public Works Department
Engineering Division
Water and Sewer Fund
Other Fees
Budget
Original Final Actual
$ 3,620
3,620
3,620
1,500
1,500
1,500
3,780
3,780
3,780
9,400
9,400
9,400
1,500
1,500
1,500
241,580
241,580
241,580
658,300
658,300
658,300
451,960
451,960
451,960
13,270
13,270
13,270
394,650
394,650
394,650
19,000
19,000
700
Total Operating Revenues 1,798,560 1,798,560 1,780,260
201
211
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Vehicle Replacement - Internal Service Fund
Schedule of Operating Expenses - Budget and Actual
For the Fiscal Year Ended December 31, 2020
Administration
Capital Outlay
Police Vehicles
Fire Vehicles
Public Works
Total Capital Outlay
Less Capital Assets Capitalized
Total Administration
Depreciation
Budget
Original Final Actual
$ 311,000 314,950 314,950
— 5,000 1,008
891,000 652,428 205,112
1,202,000 972,378 521,070
(1,202,000) (972,378) (511,977)
9,093
1,047,236
Total Operating Expenses 1,056,329
202
212
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Vehicle Maintenance - Internal Service Fund
Schedule of Revenues, Expenses and Changes in Net Position - Budget and Actual
For the Fiscal Year Ended December 31, 2020
Operating Revenues
Charges for Services
Miscellaneous
Total Operating Revenues
Operating Expenses
Administration and Maintenance
Operating Income
Nonoperating Revenues
Disposal of Capital Assets
Interest Income
Change in Net Position
Net Position - Beginning
Net Position - Ending
Budget
Original Final Actual
$ 2,520,488 2,520,488 2,520,488
240
2,520,488 2,520,488 2,520,728
2,326,536 2,326,536 2,162,441
193,952 193,952 358,287
222
6,000 6,000 1,096
6,000 6,000 1,318
199,952 199,952 359,605
342,879
702,484
203 213
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Vehicle Maintenance - Internal Service Fund
Schedule of Operating Revenues - Budget and Actual
For the Fiscal Year Ended December 31, 2020
Charges for Services
General Fund
Manager's Office
Television Services Division
Community Development - Planning
Community Development - Building
Community Development - Housing
Community Development - Health
Police Department
Fire Department
Public Works Department
Engineering Division
Human Service Charges
Water and Sewer Fund
Miscellaneous
Budget
Original Final Actual
$ 3,781
3,781
3,781
4,033
4,033
4,033
3,781
3,781
3,781
5,293
5,293
5,293
26,465
26,465
26,465
3,781
3,781
3,781
641,968
641,968
641,968
398,489
398,489
398,489
784,375
784,375
784,375
41,084
41,084
41,084
3,781
3,781
3,781
603,657
603,657
603,657
2,520,488
2,520,488
2,520,488
240
Total Operating Revenues 2,520,488 2,520,488 2,520,728
204
214
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Vehicle Maintenance - Internal Service Fund
Schedule of Operating Expenses - Budget and Actual
For the Fiscal Year Ended December 31, 2020
Administration and Maintenance
Vehicle Division Administration
Personal Services
Employee Benefits
Other Employee Costs
Contractual Services
Utilities
Commodities & Supplies
Office Equipment
Insurance
Total Vehicle Division Administration
Vehicle Maintenance Program
Personal Services
Employee Benefits
Contractual Services
Commodities & Supplies
Other Equipment
Total Vehicle Maintenance Program
Budget
Original Final Actual
$ 127,186
127,186
123,664
61,440
61,440
334,768
4,250
4,750
1,815
12,200
28,360
18,041
5,431
5,431
3,750
2,106
2,106
1,179
626
126
-
13,405
13,405
13,405
226,644 242,804 496,622
995,231
995,231
805,412
371,811
371,811
338,218
101,754
101,754
52,724
627,077
610,917
468,581
4,019
4,019
884
2,099,892
2,083,732
1,665,819
Total Operating Expenses 2,326,536 2,326,536 2,162,441
205
215
PENSION TRUST FUNDS
Police Pension Fund: The Police Pension Fund is used to account for the resources necessary to provide
retirement and disability benefits to personnel of the Mount Prospect Police Department. Revenues are
provided by the following: Village contributions (made possible by a property tax levy), employee
withholdings and investment income.
Firefighters' Pension Fund: The Firefighters' Pension Fund is used to account for the resources necessary to
provide retirement and disability benefits to personnel of the Mount Prospect Fire Department.
Revenues are provided by the following: Village contributions (made possible by a property tax levy),
employee withholdings and investment income.
206 216
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Pension Trust Funds
Combining Statement of Fiduciary Net Position
December 31, 2020
ASSETS
Cash and Cash Equivalents
Investments
U.S. Government Obligations
U.S. Agency Obligations
State and Local Obligations
Corporate Bonds
Real Estate
Mutual Funds
Receivables - Net of Allowance
Accrued Interest
Due from Other Funds
Prepaids
Total Assets
LIABILITIES
Accounts Payable
NET POSITION
Net Position Restricted for Pensions
Police Firefighters'
Pension Pension Totals
$ 3,167,675
1,676,] 18
4,843,793
3,591,666
5,811,715
9,403,381
11,980,941
12,077,546
24,058,487
3,707,677
360,337
4,068,014
8,045,520
10,001,460
18,046,980
—
6,470,201
6,470,201
56,329,456
43,974,054
100,303,510
109,664
136,150
245,814
9,014
8,199
17,213
795
1,045
1,840
86,942,408
34,177
80,516,825 167,459,233
57,356 91,533
86,908,231 80,459,469 167,367,700
207 217
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Pension Trust Funds
Combining Statement of Changes in Fiduciary Net Position
For the Fiscal Year Ended December 31, 2020
Investment Earnings
Interest Earned
Net Change in Fair Value
Less Investment Expenses
Net Investment Income
Total Additions
Deductions
Administration
Benefits and Refunds
Total Deductions
Change in Fiduciary Net Position
Net Position Restricted for Pensions
Beginning
2,910 816 3,726
10,347,333 11,687,118 22,034,451
10,350,243 11,687,934 22,038,177
(125,336) (131,207) (256,543)
10,224,907 11,556,727 21,781,634
14,940,723 15,810,403 30,751,126
59,676 36,998 96,674
6,306,360 6,541,877 12,848,237
6,366,036 6,578,875 12,944,911
8,574,687 9,231,528 17,806,215
78,333,544 71,227,941 149,561,485
Ending 86,908,231 80,459,469 167,367,700
208
218
Police
Firefighters'
Pension
Pension
Totals
Additions
Contributions - Employer
$ 3,855,754
3,494,838
7,350,592
Contributions - Plan Members
860,062
758,838
1,618,900
Total Contributions
4,715,816
4,253,676
8,969,492
Investment Earnings
Interest Earned
Net Change in Fair Value
Less Investment Expenses
Net Investment Income
Total Additions
Deductions
Administration
Benefits and Refunds
Total Deductions
Change in Fiduciary Net Position
Net Position Restricted for Pensions
Beginning
2,910 816 3,726
10,347,333 11,687,118 22,034,451
10,350,243 11,687,934 22,038,177
(125,336) (131,207) (256,543)
10,224,907 11,556,727 21,781,634
14,940,723 15,810,403 30,751,126
59,676 36,998 96,674
6,306,360 6,541,877 12,848,237
6,366,036 6,578,875 12,944,911
8,574,687 9,231,528 17,806,215
78,333,544 71,227,941 149,561,485
Ending 86,908,231 80,459,469 167,367,700
208
218
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Police Pension - Pension Trust Fund
Schedule of Changes in the Fiduciary Net Position - Budget and Actual
For the Fiscal Year Ended December 31, 2020
Additions
Contributions - Employer
Contributions - Plan Members
Total Contributions
Investment Earnings
Interest Earned
Net Change in Fair Value
Less Investment Expenses
Net Investment Income
Total Additions
Deductions
Administration
Benefits and Refunds
Total Deductions
Change in Fiduciary Net Position
Net Position Restricted for Pensions
Beginning
Ending
Budget
Original Final Actual
$ 3,864,600
3,864,600
3,855,754
886,625
886,625
860,062
4,751,225
4,751,225
4,715,816
13,000
13,000
2,910
4,064,150
4,064,150
10,347,333
4,077,150
4,077,150
10,350,243
(129,000)
(129,000)
(125,336)
3,948,150
3,948,150
10,224,907
8,699,375 8,699,375 14,940,723
67,140 67,140 59,676
6,106,434 6,106,434 6,306,360
6,173,574 6,173,574 6,366,036
2,525,801 2,525,801 8,574,687
78,333,544
86,908,231
209 219
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Firefighters' Pension - Pension Trust Fund
Schedule of Changes in the Fiduciary Net Position - Budget and Actual
For the Fiscal Year Ended December 31, 2020
210 220
Budget
Original
Final
Actual
Additions
Contributions - Employer
$ 3,488,400
3,488,400
3,494,838
Contributions - Plan Members
724,500
724,500
758,838
Other
250
250
—
Total Contributions
4,213,150
4,213,150
4,253,676
Investment Earnings
Interest Earned
6,000
6,000
816
Net Change in Fair Value
3,785,100
3,785,100
11,687,118
3,791,100
3,791,100
11,687,934
Less Investment Expenses
(94,550)
(94,550)
(131,207)
Net Investment Income
3,696,550
3,696,550
11,556,727
Total Additions
7,909,700
7,909,700
15,810,403
Deductions
Administration
74,730
74,730
36,998
Benefits and Refunds
6,439,854
6,439,854
6,541,877
Total Deductions
6,514,584
6,514,584
6,578,875
Change in Fiduciary Net Position
1,395,116
1,395,116
9,231,528
Net Position Restricted for Pensions
Beginning
71,227,941
Ending
80,459,469
210 220
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Consolidated Year -End Financial Report
December 31, 2020
CSFA # Program Name State Federal Other Total
420-00-1992 Purchase and Installation of a Back-up
Generator for a Levee $ 6,530
494-00-1488 Motor Fuel Tax 1,870,992
Other Grant Programs and Activities
All Other Costs Not Allocated
211
6,530
1,870,992
795,794 1,643,737 2,439,531
86,206,826 86,206,826
1,877,522 795,794 87,850,563 90,523,879
221
SUPPLEMENTAL SCHEDULES
212 222
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Schedule of General Long -Term Debt
Long -Term Debt Payable by Governmental Funds
December 31, 2020
See Following Page
213 223
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Schedule of General Long -Term Debt
Long -Term Debt Payable by Governmental Funds
December 31, 2020
General
General
General
General
General
General
General
Obligation
Obligation
Obligation
Obligation
Obligation
Obligation
Obligation
Bonds of
Bonds of
Bonds of
Bonds of
Bonds of
Bonds of
Bonds of
2012
2013
2014
2016
2016A
2017
2018A
AMOUNTS TO BE PROVIDED FOR THE
RETIREMENT OF GENERAL LONG-
TERM DEBT $ 1,745,000 9,245,000 3,355,000 3,065,000 8,860,000 4,815,000 7,060,000
GENERAL LONG-TERM DEBT PAYABLE
General Obligation Bonds Payable $ 1,745,000 9,245,000 3,355,000 3,065,000 8,860,000 4,815,000 7,060,000
Business District Limited Tax Note Payable
Compensated Absences Payable
Net Pension Liability - IMRF
Net Pension Liability - Police Pension
Net Pension Liability - Firefighters' Pension
Total OPEB Liability - RBP
Unamortized Bond Premium
Totals 1,745,000 9,245,000 3,355,000 3,065,000 8,860,000 4,815,000 7,060,000
214 224
General
General
Business
Net
Net
Net
Obligation
Obligation
District
Pension
Pension
Pension Total Unamortized
Bonds of
Bonds of
Limited Tax Compensated
Liability
Liability
Liability OPEB Bond
2018B
2019B
Note Absences
IMRF
Police
Firefighters Liability Premiums Totals
37,585,000 7,725,000 35,905,176 4,225,113 4,140,549 37,487,635 32,549,685 13,608,837 2,691,970 214,063,965
37,585,000 7,725,000 83,455,000
— — 35,905,176 — — — — — — 35,905,176
— 4,225,113 — — — — — 4,225,113
— 4,140,549 — — — — 4,140,549
— 37,487,635 — — — 37,487,635
— 32,549,685 — — 32,549,685
— 13,608,837 — 13,608,837
2,691,970 2,691,970
37,585,000 7,725,000 35,905,176 4,225,113 4,140,549 37,487,635 32,549,685 13,608,837 2,691,970 214,063,965
215 225
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Long -Term Debt Requirements
General Obligation Bonds of 2012
December 31, 2020
Date of Issue
Date of Maturity
Authorized Issue
Denomination of Bonds
Interest Rate
Interest Dates
Principal Maturity Date
Payable at
January 3, 2012
December 1, 2022
$2,975,000
$5,000
3.10%
June 1 and December 1
December 1
JP Morgan Chase
CURRENT AND LONG-TERM PRINCIPAL AND INTEREST REQUIREMENTS
Fiscal Requirements Interest Due On
Year Principal Interest Totals Jun.I Amount Dec.I Amount
2021 $ 860,000 54,096 914,096 2021 27,048 2021 27,048
2022 885,000 27,436 912,436 2022 13,718 2022 13,718
1,745,000 81,532 1,826,532
40,766 40,766
216 226
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Long -Term Debt Requirements
General Obligation Bonds of 2013
December 31, 2020
Date of Issue
Date of Maturity
Authorized Issue
Denomination of Bonds
Interest Rates
Interest Dates
Principal Maturity Date
Payable at
September 10, 2013
December 1, 2033
$9,800,000
$5,000
3.000% to 4.125%
June 1 and December 1
December 1
The Bank of New York Mellon Trust Company
CURRENT AND LONG-TERM PRINCIPAL AND INTEREST REQUIREMENTS
Fiscal Requirements Interest Due On
Year Principal Interest Totals Jun.I Amount Dec.I Amount
2021
$ 570,000
353,306
923,306
2021
176,653
2021
176,653
2022
585,000
336,206
921,206
2022
168,103
2022
168,103
2023
605,000
318,656
923,656
2023
159,328
2023
159,328
2024
625,000
300,506
925,506
2024
150,253
2024
150,253
2025
650,000
275,506
925,506
2025
137,753
2025
137,753
2026
675,000
249,506
924,506
2026
124,753
2026
124,753
2027
700,000
222,506
922,506
2027
111,253
2027
111,253
2028
730,000
194,506
924,506
2028
97,253
2028
97,253
2029
760,000
165,307
925,307
2029
82,653
2029
82,654
2030
790,000
134,907
924,907
2030
67,453
2030
67,454
2031
820,000
103,307
923,307
2031
51,653
2031
51,654
2032
850,000
70,507
920,507
2032
35,253
2032
35,254
2033
885,000
36,507
921,507
2033
18,253
2033
18,254
9,245,000
2,761,233
12,006,233
1,380,614
1,380,619
217 227
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Long -Term Debt Requirements
General Obligation Bonds of 2014
December 31, 2020
Date of Issue
Date of Maturity
Authorized Issue
Denomination of Bonds
Interest Rate
Interest Dates
Principal Maturity Date
Payable at
February 4, 2014
December 1, 2023
$6,290,000
$5,000
3.00%
June 1 and December 1
December 1
The Bank of New York Mellon Trust Company
CURRENT AND LONG-TERM PRINCIPAL AND INTEREST REQUIREMENTS
Fiscal
Year
Principal
Requirements
Interest
Totals
Jun.l
Interest Due On
Amount Dec.l
Amount
2021
$ 965,000
100,650
1,065,650
2021
50,325
2021
50,325
2022
1,125,000
71,700
1,196,700
2022
35,850
2022
35,850
2023
1,265,000
37,950
1,302,950
2023
18,975
2023
18,975
3,355,000 210,300 3,565,300
105,150 105,150
218 228
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Long -Term Debt Requirements
General Obligation Refunding Bonds of 2016
December 31, 2020
Date of Issue
Date of Maturity
Authorized Issue
Denomination of Bonds
Interest Rates
Interest Dates
Principal Maturity Date
Payable at
September 8, 2016
December 1, 2022
$8,735,000
$5,000
2.00% to 3.00%
June 1 and December 1
December 1
Zions Bancorporation
CURRENT AND LONG-TERM PRINCIPAL AND INTEREST REQUIREMENTS
Fiscal Requirements
Year Principal Interest Totals
2021 $ 1,515,000 61,300 1,576,300
2022 1,550,000 31,000 1,581,000
3,065,000 92,300 3,157,300
Interest Due On
Jun.l Amount Dec.l Amount
2021 30,650 2021 30,650
2022 15,500 2022 15,500
46,150 46,150
219 229
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Long -Term Debt Requirements
General Obligation Refunding Bonds of 2016A
December 31, 2020
Date of Issue
Date of Maturity
Authorized Issue
Denomination of Bonds
Interest Rate
Interest Dates
Principal Maturity Date
Payable at
December 1, 2016
December 1, 2028
$9,100,000
$5,000
3.00%
June 1 and December 1
December 1
Zions Bancorporation
CURRENT AND LONG-TERM PRINCIPAL AND INTEREST REQUIREMENTS
Fiscal
Year
Principal
Requirements
Interest
Totals
Jun.l
Interest Due On
Amount Dec.l
Amount
2021
$ -
265,800
265,800
2021
132,900
2021
132,900
2022
-
265,800
265,800
2022
132,900
2022
132,900
2023
515,000
265,800
780,800
2023
132,900
2023
132,900
2024
1,060,000
250,350
1,310,350
2024
125,175
2024
125,175
2025
1,740,000
218,550
1,958,550
2025
109,275
2025
109,275
2026
1,795,000
166,350
1,961,350
2026
83,175
2026
83,175
2027
1,845,000
112,500
1,957,500
2027
56,250
2027
56,250
2028
1,905,000
57,150
1,962,150
2028
28,575
2028
28,575
8,860,000 1,602,300 10,462,300
801,150 801,150
220 230
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Long -Term Debt Requirements
General Obligation Bonds of 2017
December 31, 2020
Date of Issue
Date of Maturity
Authorized Issue
Denomination of Bonds
Interest Rates
Interest Dates
Principal Maturity Date
Payable at
December 20, 2017
December 1, 2037
$9,740,000
$5,000
2.50% to 4.00%
June 1 and December 1
December 1
Zions Bancorporation
CURRENT AND LONG-TERM PRINCIPAL AND INTEREST REQUIREMENTS
Fiscal Requirements Interest Due On
Year Principal Interest Totals Jun.I Amount Dec.l Amount
2021 $
290,000
309,900
599,900
2021
154,950
2021
154,950
2022
315,000
298,300
613,300
2022
149,150
2022
149,150
2023
345,000
285,700
630,700
2023
142,850
2023
142,850
2024
375,000
271,900
646,900
2024
135,950
2024
135,950
2025
405,000
256,900
661,900
2025
128,450
2025
128,450
2026
440,000
240,700
680,700
2026
120,350
2026
120,350
2027
465,000
227,500
692,500
2027
113,750
2027
113,750
2028
500,000
215,876
715,876
2028
107,938
2028
107,938
2029
530,000
202,750
732,750
2029
101,375
2029
101,375
2030
565,000
188,174
753,174
2030
94,087
2030
94,087
2031
600,000
171,932
771,932
2031
85,966
2031
85,966
2032
640,000
147,932
787,932
2032
73,966
2032
73,966
2033
690,000
122,332
812,332
2033
61,166
2033
61,166
2034
730,000
100,770
830,770
2034
50,385
2034
50,385
2035
775,000
77,956
852,956
2035
38,978
2035
38,978
2036
820,000
53,738
873,738
2036
26,869
2036
26,869
2037
865,000
28,112
893,112
2037
14,056
2037
14,056
9,350,000 3,200,472 12,550,472
4,815,000 Governmental Activities
4,535,000 Business -Type Activities
9,350,000
1,600,236 1,600,236
221 231
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Long -Term Debt Requirements
General Obligation Bonds of 2018A
December 31, 2020
Date of Issue
Date of Maturity
Authorized Issue
Denomination of Bonds
Interest Rates
Interest Dates
Principal Maturity Date
Payable at
May 1, 2018
December 1, 2037
$11,950,000
$5,000
3.25% to 5.00%
June 1 and December 1
December 1
Zions Bancorporation
CURRENT AND LONG-TERM PRINCIPAL AND INTEREST REQUIREMENTS
Fiscal Requirements Interest Due On
Year Principal Interest Totals Jun.l Amount Dec.l Amount
2021
$ 315,000
448,118
763,118
2021
224,059
2021
224,059
2022
355,000
432,368
787,368
2022
216,184
2022
216,184
2023
385,000
414,618
799,618
2023
207,309
2023
207,309
2024
425,000
395,368
820,368
2024
197,684
2024
197,684
2025
470,000
374,118
844,118
2025
187,059
2025
187,059
2026
520,000
350,618
870,618
2026
175,309
2026
175,309
2027
565,000
324,618
889,618
2027
162,309
2027
162,309
2028
610,000
302,018
912,018
2028
151,009
2028
151,009
2029
655,000
277,618
932,618
2029
138,809
2029
138,809
2030
710,000
251,418
961,418
2030
125,709
2030
125,709
2031
765,000
223,018
988,018
2031
111,509
2031
111,509
2032
815,000
198,156
1,013,156
2032
99,078
2032
99,078
2033
870,000
171,668
1,041,668
2033
85,834
2033
85,834
2034
925,000
141,220
1,066,220
2034
70,610
2034
70,610
2035
985,000
108,844
1,093,844
2035
54,422
2035
54,422
2036
1,050,000
75,600
1,125,600
2036
37,800
2036
37,800
2037
1,110,000
38,850
1,148,850
2037
19,425
2037
19,425
11,530,000 4,528,236 16,058,236
7,060,000 Governmental Activities
4,470,000 Business -Type Activities
11,530,000
2,264,118 2,264,118
222 232
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Long -Term Debt Requirements
General Obligation Bonds of 2018B
December 31, 2020
Date of Issue
Date of Maturity
Authorized Issue
Denomination of Bonds
Interest Rates
Interest Dates
Principal Maturity Date
Payable at
October 16, 2018
December 1, 2043
$38,440,000
$5,000
3.625% to 5.000%
June 1 and December 1
December 1
Zions Bancorporation
CURRENT AND LONG-TERM PRINCIPAL AND INTEREST REQUIREMENTS
Fiscal Requirements Interest Due On
Year Principal Interest Totals Jun.I Amount Dec.I Amount
2021
$ 360,000
1,586,750
1,946,750
2021
793,375
2021
793,375
2022
-
1,568,750
1,568,750
2022
784,375
2022
784,375
2023
-
1,568,750
1,568,750
2023
784,375
2023
784,375
2024
770,000
1,568,750
2,338,750
2024
784,375
2024
784,375
2025
155,000
1,530,250
1,685,250
2025
765,125
2025
765,125
2026
160,000
1,522,500
1,682,500
2026
761,250
2026
761,250
2027
165,000
1,514,500
1,679,500
2027
757,250
2027
757,250
2028
175,000
1,506,250
1,681,250
2028
753,125
2028
753,125
2029
1,645,000
1,497,500
3,142,500
2029
748,750
2029
748,750
2030
1,820,000
1,415,250
3,235,250
2030
707,625
2030
707,625
2031
1,910,000
1,324,250
3,234,250
2031
662,125
2031
662,125
2032
2,005,000
1,228,750
3,233,750
2032
614,375
2032
614,375
2033
2,105,000
1,128,500
3,233,500
2033
564,250
2033
564,250
2034
2,210,000
1,023,250
3,233,250
2034
511,625
2034
511,625
2035
2,295,000
943,138
3,238,138
2035
471,569
2035
471,569
2036
2,380,000
857,075
3,237,075
2036
428,538
2036
428,537
2037
2,470,000
767,825
3,237,825
2037
383,913
2037
383,912
2038
2,560,000
675,200
3,235,200
2038
337,600
2038
337,600
2039
2,660,000
576,000
3,236,000
2039
288,000
2039
288,000
2040
2,765,000
469,600
3,234,600
2040
234,800
2040
234,800
2041
2,875,000
359,000
3,234,000
2041
179,500
2041
179,500
2042
2,990,000
244,000
3,234,000
2042
122,000
2042
122,000
2043
3,110,000
124,400
3,234,400
2043
62,200
2043
62,200
37,585,000
25,000,238
62,585,238
12,500,120
12,500,118
223 233
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Long -Term Debt Requirements
General Obligation Bonds of 2019A
December 31, 2020
Date of Issue
Date of Maturity
Authorized Issue
Denomination of Bonds
Interest Rates
Interest Dates
Principal Maturity Date
Payable at
June 3, 2019
December 1, 2039
$9,600,000
$5,000
2.00% to 5.00%
June 1 and December 1
December 1
Zions Bancorporation
CURRENT AND LONG-TERM PRINCIPAL AND INTEREST REQUIREMENTS
Fiscal Requirements Interest Due On
Year Principal Interest Totals Jun.l Amount Dec.l Amount
2021 $
240,000
337,800
577,800
2021
168,900
2021
168,900
2022
265,000
325,800
590,800
2022
162,900
2022
162,900
2023
290,000
312,550
602,550
2023
156,275
2023
156,275
2024
315,000
298,050
613,050
2024
149,025
2024
149,025
2025
345,000
282,300
627,300
2025
141,150
2025
141,150
2026
375,000
265,050
640,050
2026
132,525
2026
132,525
2027
405,000
246,300
651,300
2027
123,150
2027
123,150
2028
435,000
230,100
665,100
2028
115,050
2028
115,050
2029
465,000
212,700
677,700
2029
106,350
2029
106,350
2030
495,000
194,100
689,100
2030
97,050
2030
97,050
2031
525,000
179,250
704,250
2031
89,625
2031
89,625
2032
555,000
163,500
718,500
2032
81,750
2032
81,750
2033
585,000
146,850
731,850
2033
73,425
2033
73,425
2034
620,000
129,300
749,300
2034
64,650
2034
64,650
2035
655,000
110,700
765,700
2035
55,350
2035
55,350
2036
685,000
91,050
776,050
2036
45,525
2036
45,525
2037
725,000
70,500
795,500
2037
35,250
2037
35,250
2038
760,000
48,750
808,750
2038
24,375
2038
24,375
2039
800,000
25,000
825,000
2039
12,500
2039
12,500
9,540,000 3,669,650 13,209,650
1,834,825 1,834,825
224 234
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Long -Term Debt Requirements
General Obligation Bonds of 2019B
December 31, 2020
Date of Issue
Date of Maturity
Authorized Issue
Denomination of Bonds
Interest Rates
Interest Dates
Principal Maturity Date
Payable at
November 25, 2019
December 1, 2039
$7,725,000
$5,000
3.00% to 5.00%
June 1 and December 1
December 1
Zions Bancorporation
CURRENT AND LONG-TERM PRINCIPAL AND INTEREST REQUIREMENTS
Fiscal
Requirements
Interest Due On
Year
Principal
Interest
Totals
Jun.l
Amount
Dec.l
Amount
2021
$ -
265,350
265,350
2021
132,675
2021
132,675
2022
-
265,350
265,350
2022
132,675
2022
132,675
2023
210,000
265,350
475,350
2023
132,675
2023
132,675
2024
235,000
254,850
489,850
2024
127,425
2024
127,425
2025
260,000
243,100
503,100
2025
121,550
2025
121,550
2026
290,000
230,100
520,100
2026
115,050
2026
115,050
2027
320,000
215,600
535,600
2027
107,800
2027
107,800
2028
350,000
199,600
549,600
2028
99,800
2028
99,800
2029
380,000
185,600
565,600
2029
92,800
2029
92,800
2030
415,000
170,400
585,400
2030
85,200
2030
85,200
2031
445,000
157,950
602,950
2031
78,975
2031
78,975
2032
475,000
144,600
619,600
2032
72,300
2032
72,300
2033
510,000
130,350
640,350
2033
65,175
2033
65,175
2034
545,000
115,050
660,050
2034
57,525
2034
57,525
2035
580,000
98,700
678,700
2035
49,350
2035
49,350
2036
615,000
81,300
696,300
2036
40,650
2036
40,650
2037
655,000
62,850
717,850
2037
31,425
2037
31,425
2038
700,000
43,200
743,200
2038
21,600
2038
21,600
2039
740,000
22,200
762,200
2039
11,100
2039
11,100
7,725,000 3,151,500 10,876,500
1,575,750 1,564,650
225 235
STATISTICAL SECTION
(Unaudited)
This part of the comprehensive annual financial report presents detailed information as a context for
understanding what the information in the financial statements, note disclosures, and required
supplementary information says about the Village's overall financial health.
Financial Trends
These schedules contain trend information to help the reader understand how the Village's financial
performance and well-being have changed over time.
Revenue Capacity
These schedules contain information to help the reader assess the Village's most significant local
revenue sources.
Debt Capacity
These schedules present information to help the reader assess the affordability of the Village's current
levels of outstanding debt and the government's ability to issue additional debt in the future.
Demographic and Economic Information
These schedules offer demographic and economic indicators to help the reader understand the
environment within which the Village's financial activities take place.
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.
226 236
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Net Position by Component - Last Ten Fiscal Years
December 31, 2020 (Unaudited)
See Following Page
227 237
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Net Position by Component - Last Ten Fiscal Years*
December 31, 2020 (Unaudited)
Governmental Activities
Net Investment in Capital Assets
Restricted
Unrestricted
Total Governmental Activities Net Position
Business -Type Activities
Net Investment in Capital Assets
Unrestricted
Total Business -Type Activities Net Position
Primary Government
Net Investment in Capital Assets
Restricted
Unrestricted
Total Primary Government Net Position
Data Source: Audited Financial Statements
2011 2012 2013
$ 53,524,378 48,521,357 48,152,760
2,828,903 3,547,328 3,045,922
20,019,184 24,952,139 24,153,907
76,372,465 77,020,824 75,352,589
26,892,474 26,566,375 26,352,289
5,167,986 6,820,901 8,057,996
32,060,460 33,387,276 34,410,285
80,416,852
2,828,903
25,187,170
75,087,732
3,547,328
31,773,040
74,505,049
3,045,922
32,211,903
108,432,925 110,408,100 109,762,874
(1) The unrestricted net position decreased in 2014 due to the recognition of the business district limited tax note
payable.
(2) The Village implemented GASB Statement No. 68 in fiscal year 2015.
(3) The Village implemented GASB Statement No. 75 for fiscal year 2018.
* Accrual Basis of Accounting
228 238
2014(l) 2015 (2) 2016 2017 2018 (3) 2019 2020
46,326,047
43,755,661
33,224,875
34,171,129
30,192,091
31,568,036
26,448,689
4,186,505
5,319,794
4,557,424
4,104,560
7,065,413
8,691,355
5,811,511
(10,441,020)
(99,563,419)
(91,778,462)
(95,150,426)
(107,779,949)
(107,707,787)
(90,600,371)
40,071,532 (50,487,964) (53,996,163) (56,874,737) (70,522,445) (67,448,396) (58,340,171)
26,854,967 36,336,899 36,588,628 35,765,755 32,472,358 33,196,889 20,547,932
7,734,851 5,580,049 4,610,400 6,266,907 8,411,004 5,924,760 17,346,891
34,589,818 41,916,948 41,199,028 42,032,662 40,883,362 39,121,649 37,894,823
73,181,014
80,092,560
69,813,503
69,936,884
62,664,449
64,764,925
46,996,621
4,186,505
5,319,794
4,557,424
4,104,560
7,065,413
8,691,355
5,811,511
(2,706,169)
(93,983,370)
(87,168,062)
(88,883,519)
(99,368,945)
(101,783,027)
(73,253,480)
74,661,350 (8,571,016) (12,797,135) (14,842,075) (29,639,083) (28,326,747) (20,445,348)
229 239
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cA
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Fund Balances of Governmental Funds - Last Ten Fiscal Years*
December 31, 2020 (Unaudited)
2011 2012 2013
General Fund
Nonspendable $ 100,590 98,150 297,762
Committed
Unassigned 10,704,282 11,466,179 11,580,820
Total General Fund 10,804,872 11,564,329 11,878,582
All Other Governmental Funds
Nonspendable
147,130
144,114
132,464
Restricted
2,828,903
3,625,715
3,166,583
Committed
Assigned
3,564,914
7,525,930
15,705,506
Unassigned
(5,578)
(664)
(689)
Total of All Other Governmental Funds
6,535,369
11,295,095
19,003,864
Total of General Funds and All Other Governmental Funds
17,340,241
22,859,424
30,882,446
Data Source: Audited Financial Statements
*Modified Accrual Basis of Accounting
232 242
2014 2015 2016 2017 2018 2019 2020
337,165 204,023 188,247 261,219 220,065 370,162
381,902
3,393,000
2,300,000
12,508,457 17,016,920 18,496,104 19,137,752 22,837,502 22,914,986
23,492,469
108,495
13,941,797
12,845,622 17,220,943 18,684,351 19,398,971 23,057,567 26,678,148
26,174,371
147,412
107,609
96,771
83,232
74,703
100,288
108,495
13,941,797
5,212,985
4,557,424
8,919,560
39,339,578
28,845,580
6,071,511
934,034
7,371,630
3,679,129
3,224,446
3,579,214
7,182,152
7,245,942
7,150,936
(789)
(448,034)
(688,716)
21,460,050
8,551,689
7,189,925
12,582,006
46,596,433
36,191,810
14,264,976
34,305,672 25,772,632 25,874,276 31,980,977 69,654,000 62,869,958 40,439,347
233 243
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Changes in Fund Balances for Governmental Funds - Last Ten Fiscal Years*
December 31, 2020 (Unaudited)
Revenues
Taxes
Intergovernmental
Licenses, Permits, and Fees
Charges for Services
Fines and Forfeitures
Interest
Other Reimbursements
Miscellaneous
Total Revenues
Expenditures
General Government
Public Safety
Highways and Streets
Health
Welfare
Culture and Recreation
Capital Outlay
Debt Service
Principal Retirement
Interest and Fiscal Charges
Total Expenditures
Excess (Deficiency) of Revenues
Over Expenditures
Other Financing Sources (Uses)
Disposal of Capital Assets
Debt Issuance
Premium on Debt Issuance
Payment to Escrow Agent
Transfers In
Transfers Out
Net Change in Fund Balances
Debt Service as a Percentage of
Noncapital Expenditures
Data Source: Audited Financial Statements
*Modified Accrual Basis of Accounting
2011 2012 2013
$ 29,217,203
30,485,689
31,088,445
18,895,261
18,862,827
21,103,909
3,356,816
3,657,586
3,589,368
3,974,677
4,417,110
4,408,987
548,993
403,036
430,960
23,103
36,491
16,751
406,118
629,892
1,167,196
56,422,171
58,492,631
61,805,616
5,284,168
5,827,275
7,452,147
26,992,535
28,022,943
29,233,562
7,681,534
7,734,185
9,094,846
4,286,754
4,405,184
4,457,548
1,902,841
1,909,062
1,868,952
346,068
399,366
435,931
7,274,213
4,761,739
8,588,414
1,377,700
1,479,732
1,537,312
1,057,464
959,812
913,882
56,203,277
55,499,298
63,582,594
218,894 2,993,333 (1,776,978)
5,160,000 5,475,000 9,800,000
(5,139,582) (2,949,150) —
80,089 — 239,977
(115,342) — (239,977)
(14,835) 2,525,850 9,800,000
204,059 5,519,183 8,023,022
4.35% 4.40% 4.01%
234 244
2014 2015 2016 2017 2018 2019 2020
32,564,624
33,433,891
34,113,260
31,784,137
33,080,547
32,718,562
31,600,945
23,914,974
26,018,173
27,434,551
29,199,312
32,811,854
34,650,218
36,297,359
3,516,082
3,915,635
4,001,458
3,982,497
4,085,141
4,249,613
3,816,507
5,220,730
5,664,398
6,347,775
5,810,731
5,834,187
6,267,680
6,785,463
587,966
511,536
414,884
415,189
403,842
286,328
242,004
(46,495)
24,784
76,594
196,995
675,700
1,375,199
234,783
-
-
35,000
19,824
112,429
31,204
-
983,623
656,877
549,816
592,352
1,660,393
621,494
2,089,687
66,741,504
70,225,294
72,973,338
72,001,037
78,664,093
80,200,298
81,066,748
7,050,018
7,598,649
9,435,601
10,060,904
9,566,297
9,384,171
8,044,415
30,706,685
30,350,270
32,512,612
34,279,062
36,287,527
36,783,615
37,584,244
8,291,698
7,744,122
8,148,696
8,762,136
9,658,459
10,456,537
10,576,961
4,590,027
4,589,156
4,585,572
4,500,280
4,835,310
4,849,613
4,793,171
1,865,265
1,961,516
1,994,918
1,953,055
1,798,458
1,676,723
1,824,289
421,517
467,611
499,208
585,907
572,169
388,375
166,740
12,075,460
20,998,508
10,718,553
5,786,667
15,245,784
26,616,871
33,239,574
2,987,587
3,048,912
3,243,840
3,518,904
3,671,871
3,787,500
4,015,000
1,914,718
1,799,590
2,017,192
1,378,256
2,484,885
3,409,229
3,253,348
69,902,975
78,558,334
73,156,192
70,825,171
84,120,760
97,352,634
103,497,742
(3,161,471) (8,333,040) (182,854) 1,175,866 (5,456,667) (17,152,336) (22,430,994)
3,423,226 (8,533,040) 101,643 6,106,701 37,673,023 (6,847,042) (22,430,611)
7.02% 6.20% 7.32% 6.99% 8.00% 9.60% 9.46%
235 245
646,600
383
6,290,000 - 17,835,000
4,815,000
45,500,000
7,725,000
-
294,697 - 1,022,839
115,835
1,783,506
394,075
-
- - (18,573,342)
-
(4,153,816)
-
-
- 81,599 1,637,926
600,000
2,354,391
3,709,981
5,188,000
- (281,599) (1,637,926)
(600,000)
(2,354,391)
(2,170,362)
(5,188,000)
6,584,697 (200,000) 284,497
4,930,835
43,129,690
10,305,294
383
3,423,226 (8,533,040) 101,643 6,106,701 37,673,023 (6,847,042) (22,430,611)
7.02% 6.20% 7.32% 6.99% 8.00% 9.60% 9.46%
235 245
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Assessed Value and Actual Value of Taxable Property - Last Ten Tax Levy Years
December 31, 2020 (Unaudited)
Tax
Levy
Year
Residential
Property
Commercial
Property
Industrial
Property
Railroad
Property
2010
$ 1,330,339,716
$ 332,297,825
$ 171,115,770
$ 927,196
2011
1,242,549,785
298,578,904
152,864,606
959,506
2012
1,141,783,464
281,197,939
145,136,294
656,385
2013
948,371,026
272,696,503
135,438,749
787,806
2014
989,619,882
285,736,126
114,184,895
836,775
2015
962,934,812
279,463,359
111,147,033
1,005,644
2016
1,191,992,297
304,999,806
121,128,843
1,037,906
2017
1,185,479,107
321,277,244
162,946,209
1,022,879
2018
1,171,019,649
326,069,226
171,888,945
1,095,851
2019
1,352,621,864
405,952,345
211,550,243
1,182,888
Data Source: Office of the Cook County Clerk
Note: Property in the Village is reassessed every three years. Property is assessed at 33% of actual value.
236 246
Total
Taxable
Assessed
Value
Total Direct
Tax Rate
Estimated
Actual
Taxable
Value
Estimated Actual
Taxable Value
as a Percentage
of Actual Value
$ 1,834,680,507
0.829
$ 5,504,041,521
33.333%
1,694,952,801
0.936
5,084,858,403
33.333%
1,568,774,082
1.051
4,706,322,246
33.333%
1,357,294,084
1.275
4,071,882,252
33.333%
1,390,377,678
1.276
4,171,133,034
33.333%
1,354,550,848
1.352
4,063,652,544
33.333%
1,619,158,852
1.157
4,857,476,556
33.333%
1,670,725,439
1.143
5,012,176,317
33.333%
1,670,073,671
1.142
5,010,221,013
33.333%
1,971,307,340
0.988
5,913,922,020
33.333%
237 247
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w:
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Principal Property Tax Payers - Current Year and Nine Years Ago
December 31, 2020 (Unaudited)
2020* 2011
Percentage
Percentage
of Total Village
of Total Village
Taxable Taxable Taxable
Taxable
Assessed Assessed Assessed
Assessed
Taxpayer Value Rank Value Value
Rank Value
United Airlines, Inc.
Home Properties Colony
Randhurst Casto Conger
CRP 3 West Central LLC
Golf Plaza I & I1
1450 Owner LLC
Mount Prospect Plaza
Huntington Square
LIT Industrial Limited
Menards - Properties
First Industrial
Cummings Alison Corp
KRCV Corp
Totals
37,465,013
1
1.90
%
30,905,675
2
1.57
%
26,880,146
3
1.36
%
24,016,153
4
1.22%
10,127,700
21,647,130
5
1.10
%
20,064,238
6
1.02%
0.69 %
18,438,932
7
0.93
%
11,349,824
8
0.58
%
10,102,710
9
0.51
%
9,007,734
10
0.46
%
209,877,555
Data Source: Office of the Cook County Clerk
18,602,803
5
1.01 %
20,637,049
2
1.12%
23,016,992
1
1.25 %
19,086,949
4
1.04%
20,179,124
3
1.10%
10,127,700
8
0.55 %
9,913,217
9
0,54%
12,682,076
6
0.69 %
10,815,315
7
0.59 %
9,091,678
10
0.50%
10.65 % 154,152,903
8.39 %
Note: Every effort has been made to seek out and report the largest taxpayers. However, many of the taxpayers
contain multiple parcels and it is possible that some parcels and their valuations were overlooked.
*Collections received in 2020 for 2019 Tax Year
240 250
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Property Tax Levies and Collections - Last Ten Fiscal Years
December 31, 2020 (Unaudited)
Taxes Collected within the Collections
Tax Levied for Fiscal Year of the Levy in Total Collections to Date
Fiscal
Levy
the Fiscal
Percentage
Subsequent
Year
Year
Year
Amount
of Levy
Years
Amount
2011
2010
$ 15,194,635 $
14,961,411
98.47% $
(84,290)
$ 14,877,121
2012
2011
15,852,352
15,614,490
98.50%
(40,575)
15,573,915
2013
2012
16,477,871
16,278,228
98.79%
(90,053)
16,188,175
2014
2013
17,301,436
17,064,355
98.63%
(47,227)
17,017,128
2015
2014
17,730,922
17,521,845
98.82%
(99,898)
17,421,947
2016
2015
18,312,756
18,130,372
99.00%
(181,979)
17,948,393
2017
2016
18,727,305
18,534,114
98.97%
(149,100)
18,385,014
2018
2017
19,087,264
18,865,586
98.84%
(60,588)
18,804,998
2019
2018
19,087,266
18,710,515
98.03%
(1,581)
18,708,934
2020
2019
19,469,004
19,187,932
98.56%
—
19,187,932
Data Source: Office of the County
Note: Property in the Village is reassessed each year. Property is assessed at 33% of actual value
Percentage
of Levy
97.91%
98.24%
98.24%
98.36%
98.26%
98.01%
98.17%
98.52%
98.02%
98.56%
Other Information: The Statement requires that the information in this schedule be shown for each period for
which levied and should be consistent with the periods shown in the schedule of direct and overlapping revenue
rates and schedule of direct and overlapping property tax rates. Therefore, most Illinois governments should
disclose this by the tax levy year, not the fiscal year.
241 251
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Sales Taxes by Category - Last Ten Fiscal Years
December 31, 2020 (Unaudited)
General Merchandise
Food
Drinking and Eating Places
Apparel
Furniture and H.H., and Radio
Lumber, Building Hardware
Automobile and Filling Stations
Drugs and Miscellaneous Retail
Agriculture and All Others
Manufacturers
Totals
Village Direct Sales Tax Rate
Number of Taxpayers
Data Source: Illinois Department of Revenue
2011 2012 2013
$ 946,021
1,186,217
1,171,772
895,984
862,501
876,288
596,008
661,285
764,653
216,301
118,034
149,317
237,392
255,967
240,289
683,905
670,057
750,191
1,585,870
1,681,146
1,508,700
3,393,072
3,422,046
4,081,740
1,924,871
2,073,141
2,616,771
135,019
110,009
182,433
10,614,443 11,040,403 12,342,154
1.00% 1.00% 1.00%
839 861 883
Data available for calendar year only. The fiscal year of the Village is the same as the calendar year. Excludes
Home Rules Tax portion.
242 252
2014
2015
2016
2017
2018
2019
2020
1,135,237
1,112,640
1,114,510
1,082,424
1,086,859
992,680
863,330
891,855
949,277
951,863
877,665
856,379
884,898
985,767
778,314
825,994
884,477
879,654
937,398
997,318
870,374
163,857
162,116
163,438
157,354
140,366
172,171
145,070
221,977
220,663
209,712
202,302
210,670
197,569
160,490
756,113
791,285
821,872
846,376
913,446
965,237
1,095,425
1,578,004
1,540,910
1,492,452
1,676,338
1,816,029
1,942,864
1,951,579
4,574,353
5,460,292
6,594,754
8,965,486
13,018,288
13,336,938
14,089,151
2,802,361
3,629,675
3,611,295
3,649,578
3,751,156
3,788,000
1,629,707
383,370
433,798
500,200
184,759
95,752
101,939
131,654
13,285,441
15,126,650
16,344,573
18,521,936
22,826,343
23,379,614
21,922,547
1.00%
1.00%
1.00%
1.00%
1.00%
1.00%
1.00%
899
997
987
1,102
1,078
1,040
987
243 253
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Business District Sales Taxes by Category - Last Ten Fiscal Years
December 31, 2020 (Unaudited)
General Merchandise
Food
Drinking and Eating Places
Apparel
Furniture, H.H., and Radio
Lumber, Building Hardware
Automobile and Filling Stations
Drugs and Miscellaneous Retail
Agriculture and All Others
Manufacturers
Total
Village Direct Sales Tax Rate
Data Source: Illinois Department of Revenue
2011 2012* 2013*
$ — 89,393
88,289
— 18,898
19,146
— 29,413
40,954
— 16,341
15,594
— 16,287
17,106
— 90,668
101,338
— 17,747
29,896
— 4,959
5,203
283,706 317,526
0.00% 0.25% 0.25%
Data available for calendar year only. The fiscal year of the Village is the same as the calendar year.
*Amount reported net of IDOR 2% compliance administration and enforcement charge.
244 254
2014* 2015* 2016* 2017* 2018* 2019* 2020*
85,937
84,364
82,142
76,426
62,848
28,214
19,626
20,989
20,747
21,846
20,186
20,417
18,526
21,501
48,185
51,419
54,393
51,629
50,063
53,476
36,543
19,302
19,963
21,716
20,126
18,060
22,600
12,802
16,461
16,088
15,551
14,438
12,976
12,336
3,661
104,434
107,339
108,480
109,058
112,957
115,524
126,618
32,071
37,063
31,889
25,843
31,732
29,430
26,739
4,554
5,057
5,323
5,230
6,372
7,101
2,566
331,933
342,040
341,340
322,936
315,425
287,207
250,056
0.25%
0.25%
0.25%
0.25%
0.25%
0.25%
0.25%
245 255
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Home Rule Sales Taxes by Category - Last Ten Fiscal Years
December 31, 2020 (Unaudited)
Total
Number of Taxpayers
Village Home Rule Sales Tax Rate
Data Source: Illinois Department of Revenue
4,777,798 4,828,807 5,138,635
839 861 883
1.00% 1.00% 1.00%
Data available for calendar year only. The fiscal year of the Village is the same as the calendar year.
Interest income included in warrants is not reflected in this schedule.
*Excluding additional allocations received (excluded from IDOR online report)
**Amount reported net of IDOR compliance administration and enforcement charge.
246 256
2011
2012*
2013*
General Merchandise
$ 749,509
900,240
885,410
Food
254,207
238,050
240,013
Drinking and Eating Places
592,596
656,376
754,898
Apparel
153,487
117,928
148,991
Furniture and H.H. and Radio
232,711
251,253
235,936
Lumber, Building Hardware
680,356
665,891
743,492
Automobile and Filling Stations
891,042
922,948
948,339
Drugs and Miscellaneous Retail
432,639
454,001
509,608
Agriculture and All Others
659,611
514,937
492,238
Manufacturers
131,640
107,183
179,710
Total
Number of Taxpayers
Village Home Rule Sales Tax Rate
Data Source: Illinois Department of Revenue
4,777,798 4,828,807 5,138,635
839 861 883
1.00% 1.00% 1.00%
Data available for calendar year only. The fiscal year of the Village is the same as the calendar year.
Interest income included in warrants is not reflected in this schedule.
*Excluding additional allocations received (excluded from IDOR online report)
**Amount reported net of IDOR compliance administration and enforcement charge.
246 256
2014*
2015*
2016*
2017*/**
2018*/**
2019*/**
2020*/**
864,254
861,799
858,739
822,252
806,891
675,585
577,971
234,082
249,683
246,759
231,474
238,527
249,420
268,755
766,264
808,304
862,052
831,312
852,731
913,754
764,116
163,487
161,630
162,986
154,603
137,624
169,061
142,434
218,184
217,031
206,542
196,588
204,642
192,307
157,506
752,301
787,000
817,396
828,391
891,206
942,053
1,068,093
956,255
893,301
831,269
937,688
1,029,522
1,031,563
924,782
508,772
488,963
439,702
473,116
517,588
533,057
754,906
550,929
548,380
623,624
702,386
667,655
611,860
528,437
380,685
431,129
497,623
179,655
91,683
97,836
126,659
5,395,213
5,447,220
5,546,692
5,357,465
5,438,069
5,416,496
5,313,659
889
997
987
1,102
1,078
1,040
987
1.00%
1.00%
1.00%
1.00%
1.00%
1.00%
1.00%
247 257
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Direct and Overlapping Sales Tax Rates - Last Ten Fiscal Years
December 31, 2020 (Unaudited)
Data Source: State of Tllinois
*Business district is assessed additional 0.25% sales tax.
248 258
Regional
Village
Fiscal
State
County
Transportation
Direct
Year
Tax
Rate
Authority
Rate
Total
2011
5.00%
1.50%
1.00%
1.00%
9.50%
2012*
5.00%
1.25%
1.00%
1.00%
9.25%
2013*
5.00%
1.00%
1.00%
1.00%
9.00%
2014*
5.00%
1.00%
1.00%
1.00%
9.00%
2015*
5.00%
1.00%
1.00%
1.00%
9.00%
2016*
5.00%
2.00%
1.00%
1.00%
10.00%
2017*
5.00%
2.00%
1.00%
1.00%
10.00%
2018*
5.00%
2.00%
1.00%
1.00%
10.00%
2019*
5.00%
2.00%
1.00%
1.00%
10.00%
2020*
5.00%
2.00%
1.00%
1.00%
10.00%
Data Source: State of Tllinois
*Business district is assessed additional 0.25% sales tax.
248 258
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Ratios of Outstanding Debt by Type - Last Ten Fiscal Years
December 31, 2020 (Unaudited)
Data Source: Audited Financial
(1) The Village entered into five installment contracts with the Illinois Environmental Protection Agency to provide
funds for the construction of flood control projects. The contracts are for a 20 -year period with equal semiannual
installments. Only one of the five original loans remain outstanding.
(2) The Village entered into an installment note to provide funding for the construction of certain flood control
projects. The loan is payable in annual installments over a seven-year period.
(3) See the schedule of Demographic and Economic Information for personal income and population data.
Note: Details of the Village's outstanding debt can be found in the notes to financial statements.
249 259
Business -Type
Governmental Activities
Activities
Business
Percentage
Fiscal
General
IEPA
District
General
Total
of
Year
Obligation
Loan
Installment
Limited Tax
Obligation
Primary
Personal
Per
Ended
Bonds
Payable (1)
Note (2)
Note Payable
Bonds
Government
Income (3)
Capita (3)
2011
$ 23,630,000 $ 2,256,556 $ — $
—
$ —S
25,886,556
1.44%S
478
2012
22,790,000
1,706,824
2,500,000
26,996,824
1.50%
498
2013
31,645,000
1,139,512
2,475,000
30,451,305
—
65,710,817
3.65%
1,213
2014
48,433,628
721,927
2,340,000
31,514,427
—
83,009,982
4.61%
1,532
2015
45,927,931
543,015
1,940,000
31,790,140
—
80,201,086
4.46%
1,481
2016
43,905,073
359,175
1,525,000
31,767,253
—
77,556,501
4.31%
1,432
2017
45,784,843
170,271
1,105,000
32,525,273
5,063,964
84,649,351
4.71%
1,563
2018
85,737,998
57,500
590,000
33,908,830
9,827,936
130,122,264
7.23%
2,402
2019
90,476,575
35,329,187
19,567,083
145,372,845
8.08%
2,684
2020
86,146,970
35,905,176
19,206,498
141,258,644
6.50%
2,587
Data Source: Audited Financial
(1) The Village entered into five installment contracts with the Illinois Environmental Protection Agency to provide
funds for the construction of flood control projects. The contracts are for a 20 -year period with equal semiannual
installments. Only one of the five original loans remain outstanding.
(2) The Village entered into an installment note to provide funding for the construction of certain flood control
projects. The loan is payable in annual installments over a seven-year period.
(3) See the schedule of Demographic and Economic Information for personal income and population data.
Note: Details of the Village's outstanding debt can be found in the notes to financial statements.
249 259
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Ratios of General Bonded Debt Outstanding - Last Ten Fiscal Years
December 31, 2020 (Unaudited)
Fiscal
Year
General
Obligation
Bonds
Less Amounts
Available
in Debt
Service Fund
Total
Percentage of
Total Taxable
Assessed
Value of
Property (1)
Per
Capita (2)
2011
$ 23,630,000
$ 131,372
$ 23,498,628
0.43%
$ 433.82
2012
22,790,000
135,817
22,654,183
0.45%
418.23
2013
31,645,000
121,491
31,523,509
0.67%
581.97
2014
48,433,628
131,635
48,301,993
1.19%
891.72
2015
45,927,931
154,206
45,773,725
1.10%
845.05
2016
43,905,073
168,152
43,736,921
1.08%
807.45
2017
50,848,807
184,195
50,664,612
1.04%
935.34
2018
95,565,934
2,546,115
93,019,819
1.86%
1,717.28
2019
110,043,658
1,850,968
108,192,690
2.16%
1,997.39
2020
105,353,468
1,261,124
104,092,344
1.76%
1,906.31
Data Sources: Audited financial statements and Office of the County Cleric
(1) See the schedule of Assessed Value and Actual Value of Taxable Property for property value data.
(2) See the schedule of Demographic and Economic Information for personal income and population data.
Note: Details regarding the Village's outstanding debt can be found in the notes to the financial statements.
250 260
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Schedule of Direct and Overlapping Governmental Activities Debt
December 31, 2020 (Unaudited)
Governmental Unit
(1)
Gross
Debt
(2)
Percentage
Debt Applicable
to the Village of
Mount Prospect
(3)
Village of
Mount Prospect
Share
of Debt
Village of Mount Prospect
$ 122,052,146
100.00%
$ 122,052,146
County of Cook
2,803,851,750
1.18%
33,169,566
Forest Preserve District of Cook County
94,325,000
1.18%
1,115,865
Metropolitan Water Reclamation District
1,799,425,000
1.20%
21,665,077
Community College District #535
30,000,000
0.02%
4,500
Community College District 9512
103,580,000
9.86%
10,211,952
School District #214
33,010,000
19.66%
6,488,776
School District #207
128,780,000
0.07%
91,434
School District #57
6,450,000
94.34%
6,085,059
School District #26
12,870,000
78.43%
10,094,070
School District #25
42,710,000
2.61%
1,115,585
School District #23
8,705,000
8.72%
758,989
School District #21
87,650,000
3.01%
2,633,883
School District #59
32,355,000
18.32%
5,927,436
Arlington Heights Park District
13,149,000
1.87%
246,412
Des Plaines Park District
7,463,685
1.70%
127,181
Mount Prospect Park District
18,565,668
69.15%
12,838,531
Total Overlapping Debt
5,222,890,103
112,574,316
Total Direct and Overlapping Debt 5,344,942,249 234,626,462
Data Source: Governmental units and the percentage of overlapping debt from the County Clerk's office. Gross
debt of the overlapping governmental units obtained from CAFR's on file with the Cook County Treasurer's
Office.
(1) Gross bonded debt excluding outstanding general obligation (alternate revenue bonds) which are expected to
be paid from sources other then general taxation.
(2) Determined by ratio of 2018 assessed value of property subject to taxation in overlapping unit to value of
property subject to taxation in the Village.
(3) Amount in column (2) multiplied by amount in column (1).
251 261
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Schedule of Legal Debt Margin
December 31, 2020 (Unaudited)
The Village is a home rule municipality.
Article VII, Section 6(k) of the 1970 Illinois constitution governs computation of legal debt margin.
The General Assembly may limit by law the amount and require referendum approval of debt to be incurred
by some home rule municipalities, payable from ad valorem property tax receipts, only in excess of the
following percentages of the assessed value of its taxable property ... (2) if its population is more than 25,000
and less than 500,000 an aggregate of one percent: indebtedness which is outstanding on the effective date
(July 1, 1971) of this constitution or which is thereafter approved by referendum... shall not be included in
the foregoing percentage amounts.
To date the General Assembly has set no limits for home rule municipalities. The government is a home rule
municipality.
252 262
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Demographic and Economic Statistics - Last Ten Fiscal Years
December 31, 2020 (Unaudited)
Fiscal
Year
(1)
Population
(2)
Equalized
Assessed Value
Personal
Income
(1)
Per
Capita
Personal
Income
(3)
Unemployment
Rate
2011
54,167
$ 1,694,952,801
$ 1,798,831,903
$ 33,209
7.40%
2012
54,167
1,568,774,082
1,798,831,903
33,209
6.60%
2013
54,167
1,357,294,084
1,798,831,903
33,209
6.70%
2014
54,167
1,390,377,678
1,798,831,903
33,209
5.50%
2015
54,167
1,354,550,848
1,798,831,903
33,209
4.30%
2016
54,167
1,304,972,506
1,798,831,903
33,209
4.60%
2017
54,167
1,670,725,439
1,798,831,903
33,209
3.70%
2018
54,167
1,670,073,671
1,798,831,903
33,209
2.90%
2019
54,167
1,971,307,340
1,798,831,903
33,209
2.70%
2020
54,604
N/A
2,174,658,904
39,826
6.60%
Data source:
(1) U.S. Department of Commerce, Bureau of the Census
(2) Office of the Cook County Cleric
(3) IDES Local Area Unemployment Statistics
N/A - Not Available
253 263
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Principal Employers - Current Fiscal Year and Nine Fiscal Years Ago
December 31, 2020 (Unaudited)
Data Sources: Village Records
254 264
2020
2011
Percentage
Percentage
of Total
of Total
Village
Village
Employer
Employees
Rank
Employment
Employees
Rank
Employment
CVS Caremark
1,400
1
2.58%
800
1
1.48%
Robert Bosch Tool Corporation
650
2
1.20%
576
2
1.06%
Cummins -Allison
391
3
0.72%
435
4
0.80%
Mount Prospect School District 57
323
4
0.60%
298
8
0.55%
Village of Mount Prospect
320
5
0.59%
306
6
0.56%
Township High School District 214
300
6
0.55%
250
9
0.46%
Wal-Mart Supercenter #1681
269
7
0.50%
330
5
0.61%
Jewel Food Store #3476
240
8
0.44%
Home Depot #1913
199
9
0.37%
Grand Prairie Transit
190
10
0.35%
MetLife
445
3
0.82%
Rauland Borg
300
7
0.55%
Siemens Building Technologies, Inc.
235
10
0.43%
4,282
7.90%
3,975
7.32%
Data Sources: Village Records
254 264
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Full -Time and Part -Time Employees by Function/Program - Last Ten Fiscal Years
December 31, 2020 (Unaudited)
See Following Page
255 265
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Full -Time Equivalent Employees by Function/Program - Last Ten Fiscal Years
December 31, 2020 (Unaudited)
Function/Program
2011
2012
2013
19.00
19.50
9.50
9.50
Public Representation/Community
97.83
74.75
99.50
74.50
100.50
74.50
and Civic Services
2.10
2.10
2.10
2.90
2.90
General Government
0.90
0.90
10.90
Village Administration
10.75
72.15
72.15
Administration
14.95
15.45
15.45
Finance
13.00
13.00
13.00
Total
27.95
28.45
28.45
Community Development
Community Development
Community Development/CDBG
Total
Human Services Department
Public Safety and Protection
Police Department
Fire Department
Total
Public Works Department
Administration
Streets/Buildings/Parking
Forestry
Engineering
Water/Sewer
Refuse Disposal
Parking
Vehicle Maintenance
Total
Village Total
Data Source: Village budget
20.48
1.25
17.75
1.25
18.50
1.00
21.73
19.00
19.50
9.50
9.50
9.50
97.83
74.75
99.50
74.50
100.50
74.50
172.58
174.00
175.00
2.85
2.85
2.85
11.85
11.85
12.45
9.75
9.75
9.25
8.00
8.00
8.00
25.00
25.00
24.75
2.90
2.90
2.90
0.90
0.90
0.90
10.90
10.90
10.75
72.15
72.15
71.85
306.01 305.20 306.40
256 266
2.85
2.85
3.85
3.35
4.75
5.10
5.10
2014
2015
2016
2017
2018
2019
2020
2.05
2.15
2.20
2.10
2.05
0.80
0.80
15.45
13.00
16.85
13.00
16.75
13.00
17.35
13.00
15.85
13.50
15.50
13.50
16.00
14.00
28.45
29.85
29.75
30.35
29.35
29.00
30.00
18.50
1.00
18.50
1.00
18.75
0.75
18.75
0.75
21.00
21.25
21.25
19.50
19.50
19.50
19.50
21.00
21.25
21.25
9.50
9.50
9.50
9.55
10.55
9.55
9.55
100.50
74.50
99.50
75.00
101.50
81.00
102.50
81.00
103.00
81.00
104.00
80.75
105.50
80.75
175.00
174.50
182.50
183.50
184.00
184.75
186.25
2.85
2.85
3.85
3.35
4.75
5.10
5.10
12.40
12.40
12.35
12.35
14.20
16.05
16.30
9.35
9.25
8.35
8.35
8.35
9.55
9.55
8.00
8.00
8.00
8.00
7.90
8.40
8.40
24.75
24.75
2.90
25.25
25.75
23.30
23.30
2.90
2.90
24.75
2.90
0.90
0.90
0.90
0.90
10.75
10.75
10.75
10.75
10.75
9.60
10.10
71.90
71.80
71.85
71.85
71.70
72.00
72.75
306.40
307.30
315.30
316.85
318.65
317.35
320.60
257
267
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Operating Indicators by Function/Program - Last Ten Fiscal Years
December 31, 2020 (Unaudited)
Function/Program
2011
2012
2013
Finance Department
Vehicle Stickers Issued
39,834
43,092
43,490
Utility Bills
86,701
90,147
152,312
Real Estate Transfer Tax Stamps Sold
1,022
1,282
1,451
Community Development
Building Division
Permits Issued
2,821
2,244
2,383
Plan Reviews
515
595
524
Building Code Inspections
8,508
8,939
7,824
Environmental Health Division
Inspections
Food Service
394
405
393
Multi -family Buildings
664
565
568
Public Safety
Police
Number of Crimes
3,359
3,178
2,809
Number of Service Calls
19,943
19,184
19,206
Number of Arrests
1,845
1,602
1,509
Moving Violations
7,026
5,979
6,152
Parking Citations
9,363
7,640
7,314
Fire
Fire Calls
2,350
1,892
1,967
EMS Calls
3,590
3,885
3,912
Fire Prevention Inspections
3,418
3,308
3,144
Training Hours
23,578
21,340
21,149
Public Works
Streets
Street Resurfacing (miles)
5
5
8
Crack Filling (lbs)
40,871
51,885
49,153
Leaves Removed (tons)
2,108
1,785
2,070
Water
Water Mains Installed (lineal feet)
Water Billed (1,000 gallons)
1,287,525
1,341,268
1,284,779
Sanitary Sewers Cleaned (ft)
54,236
58,922
65,000
Refuse (single/multi-family)
Solid Waste Collected (tons)
32,264
31,385
29,494
Recycling (tons)
6,644
6,028
5,692
Data Source: Various Village departments
*2020 are estimated amounts. Final figures are not available at time of printing report.
** Numbers affected by COVID-19
258 268
2014 2015 2016 2017 2018 2019 2020*
42,789
41,964
41,323
40,638
39,214
38,344
33,532
152,649
152,703
152,872
152,689
152,689
152,701
152,608
1,426
1,433
1,541
1,472
1,473
1,434
1,355
2,653
2,490
2,500
2,375
2,562
2,502
2,500
471
536
513
425
465
575
600
10,952
10,590
9,535
9,640
9,320
9,100
9,000
434
409
405
400
359
406
432
1,068
1,043
1,000
1,000
1,025
1,015
1,000
2,480
2,399
2,235
2,387
2,335
2,350
2,400
18,594
18,906
18,232
18,393
18,339
18,500
18,750
1,307
1,178
1,083
1,102
1,019
965
975
4,928
4,839
4,137
3,842
3,409
3,600
3,700
7,671
7,166
5,637
8,179
5,564
7,250
7,400
1,926
1,883
1,889
1,816
1,884
1,855
1,950
3,985
4,061
4,032
4,105
4,195
5,242
4,250
3,047
2,700
3,800
2,075
2,600
3,000
1,500 **
24,033
25,990
29,024
31,626
31,651
31,258
24,221 **
19
10
6
7
7
7
7
59,568
51,412
53,623
51,412
54,000
54,000
54,000
2,081
1,988
1,676
1,848
1,856
1,853
1,889
-
1,990
600
1,990
3,900
4,510
5,326
1,301,528
1,204,478
1,224,661
1,208,079
1,179,096
1,183,694
1,219,545
90,000
120,000
75,000
100,000
75,000
60,000
60,000
30,320
30,605
26,574
29,613
28,235
28,854
28,776
5,498
5,369
5,355
5,492
5,086
4,672
4,859
259 269
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Capital Asset Statistics by Function/Program - Last Ten Fiscal Years
December 31, 2020 (Unaudited)
Function/Program
2011
2012
2013
2,295
2,274
8.8M
8.8M
Public Safety
Police
Stations
1
1
1
Patrol Units
34
33
33
Fire
Fire Stations
3
3
3
Fire Engines/Vehicles
22
20
23
Public Works
Residential Streets (miles)
Water
Water Mains (miles)
Fire Hydrants
Storage Capacity (gallons)
Wastewater
Sanitary Sewer (miles)
Storm Sewers (miles)
Combined Sewers (miles)
Data Source: Various Village departments
134 134 135
162
162
161
2,291
2,295
2,274
8.8M
8.8M
8.8M
71 71 71
128 128 135
54 54 54
260 270
2014 2015 2016 2017 2018 2019 2020
1
1
1
1
1
1
1
32
32
30
31
31
30
30
3
3
3
3
3
3
3
23
22
21
21
21
22
22
134 134 135 135 135 135 135
160
160
160
160
160
160
160
2,242
2,240
2,243
2,246
2,246
2,246
2,246
8.8M
8.8M
8.8M
8.8M
8.8M
8.8M
8.8M
71
71
72
72
72
72
72
135
108
108
110
110
110
110
54
54
55
55
55
55
55
261
271
ADDITIONAL DISCLOSURES REQUIRED BY SEC RULE 15C2-12
262 272
VILLAGE OF MOUNT PROSPECT, COOK COUNTY, ILLINOIS
FINANCIAL INFORMATION
STATEMENT OF INDEBTEDNESS
Assessed Valuation of Taxable Real Property, 2019
Estimated True Value of Taxable Real Property, 2019
Direct Bonded Debt payable from Property Taxes (1)
Payable From Property taxes
Self -Supporting Debt
Total Direct Bonded Debt
Overlapping Bonded Debt Payable from Property Taxes (2)
Schools
Other Than Schools
Total Overlapping Bonded Debt
Total Direct and Overlapping Bonded Debt
Total Direct and Overlapping Bonded Debt Excl. Self -Supporting
Amount
As Percent of
Per Capita
Applicable as of
Assessed
Estimated
2010 Census
December 31, 2020
Value
True Value
54,167
$1,971,307,340
100.00%
33.33%
$ 36,393.14
5,913,922,020
300.00%
100.00%
109,179.43
$ 54,610,000
2.77%
0.92%
$ 1,008.18
86,648,644
4.40%
1.47%
1,599.66
$ 141,258,644
7.17%
2.39%
$ 2,607.84
$ 43,411,684
2.20%
0.73%
$ 801.44
69,162,632
3.51%
1.17%
1,276.84
$ 112,574,316
5.71%
1.90%
$ 2,078.28
$ 253,832,960
12.88%
4.29%
$ 4,686.12
$167,184,316
8.48°/,
2.83°/,
$ 3,086.46
Notes: 1. The Village is a home -rule unit under the Illinois constitution and, therefore, has no debt limit nor is it
required to seek referendum approval for the issuance of general obligation debt.
2. See "Detailed Overlapping Bonded Indebtedness Payable From Property Taxes at December 31, 2020".
RETIREMENT SCHEDULE OF OUTSTANDING VILLAGE GENERAL OBLIGATION BONDED
DEBT (Note 1)
(As of December, 31, 2020)
Principal Maturities
Due Source of Payments Total Maturities Debt Service Tax Levies
Calendar Property Annual Cumulative Levy Property
Date Taxes Amount Percent Year Taxes
2021
5,115,000
5,115,000
5.0%
2020
5,768,596
2022
5,080,000
5,080,000
10.0%
2021
5,524,686
2023
3,615,000
3,615,000
13.5%
2022
3,652,500
2024
3,805,000
3,805,000
17.3%
2023
3,649,100
2025
4,025,000
4,025,000
21.2%
2024
3,643,800
2026
4,25.5,000
4,255,000
25.4%
2025
3,643,8.50
2027
4,465,000
4,465,000
29.8%
2026
3,637,000
2028
4,705,000
4,705,000
34.4%
2027
3,643,400
2029
4,435,000
4,435,000
38.7%
2028
3,142,500
2030
4,795,000
4,795,000
43.4%
2029
3,235,250
2031
5,065,000
5,065,000
48.4%
2030
3,234,250
2032
5,340,000
5,340,000
53.6%
2031
3,233,750
2033
5,645,000
5,645,000
59.2%
2030
3,233,500
2034
5,030,000
5,030,000
64.1%
2031
3,233,250
2035
5,290,000
5,290,000
69.3%
2034
3,238,138
2036
5,550,000
5,550,000
74.7%
2035
3,237,075
2037
5,825,000
5,825,000
80.4%
2036
3,237,825
2038
4,020,000
4,020,000
84.4%
2037
3,235,200
2039
4,200,000
4,200,000
88.5%
2038
3,236,000
2040
2,765,000
2,765,000
91.2%
2039
3,234,600
2041
2,875,000
2,875,000
94.0%
2040
3,234,000
2042
2,990,000
2,990,000
97.0%
2041
3,234,000
2043
3,110,000
3,110,000
100.0%
2042
3,234,400
$102,000,000
$102,000,000
263 273
Notes: 1. The Village is a home rule unit under the 1970 Illinois Constitution and as such has no debt limit, nor is it
required to seek referendum approval for the issuance of general obligation debt. The Village has used
alternative revenue sources including Home -rule sales tax, water/sewer charges etc. to perform the debt
service for certain bonds. The Village abates the property taxes for the bonds paid with the alternative
revenue sources.
DEBT RATIOS AND PER CAPITAL DEBT -GENERAL OBLIGATION BOND SALES 2003-2020 (Note 1)
Notes: 1. Information in table pulled from applicable Official Statements.
2. Excludes the Village's general obligation bonds which are payable from non -property taxes.
3. Village population estimates used in these calculations were 56,265 in 2001-2009, and 54,167 beginning in
2010.
EQUALIZED ASSESSED VALUATION FOR TAXING PURPOSES (Note 1)
Real Property
Tax Net For Plus Total For All Increase
Levy General Taxing Incremental Taxing Over
Year (2) Purposes (3) Valuation Purposes (4) Prior Year
2011
1,694,952,801
Ratio to Equalized Assessed Value
Per Capita (3)
(7.7%)
2012
Direct Debt
Direct & Overlapping
1,607,021,964
Direct & Overlapping
2013
1,357,294,084
Including
Excluding
Including
Excluding
Including
Excluding
Village Issue
2.4%
Self-
Self-
Self-
Self-
Self-
Self -
Sale Date
Amount
Supporting
Supporting
Supporting
Supporting
Supporting
Supporting
January 21, 2003
12,235,000
1.39%
1.05%
3.77%
3.43%
2,544.05
2,316.16
December 15, 2006
10,000,000
0.78%
0.69%
2.72%
2.63%
2,362.39
2,287.21
February 17, 2009
10,000,000
0.72%
0.72%
2.45%
2.45%
2,445.85
2,445.85
December 1, 2009
3,430,000
0.70%
0.70%
2.47%
2.47%
2,749.42
2,749.42
December 1, 2009
2,650,000
0.70%
0.70%
2.47%
2.47%
2,749.42
2,749.42
July 29, 2011
4,100,000
0.60%
0.60%
2.80%
2.80%
2,921.82
2,921.82
July 29, 2011
5,160,000
0.60%
0.60%
2.80%
2.80%
2,921.82
2,921.82
January 3, 2012
2,975,000
0.60%
0.60%
2.80%
2.80%
2,921.82
2,921.82
September 10, 2013
9,800,000
0.92%
0.92%
3.42%
3.42%
3,042.80
3,043.80
February 4, 2014
6,279,000
1.13%
1.09%
3.74%
3.71%
3,253.40
3,223.59
September 8, 2016
8,735,000
2.00%
1.16%
5.29%
4.45%
3,356.50
3,309.47
December 1, 2016
9,100,000
1.90%
1.09%
5.25%
4.43%
3,356.50
3,296.96
December 20, 2017
9,740,000
1.64%
1.04%
3.78%
3.19%
3,385.89
2,829.19
May 1, 2018
7,060,000
1.62%
0.62%
3.79%
2.75%
4,214.20
2,450.93
October 16, 2018
38,440,000
2.39%
1.28%
4.55%
3.41%
4,214.20
3,135.48
June 3, 2019
9,600,000
3.66%
2.20%
9.75%
5.85%
2,990.13
1,533.88
November 25, 2019
7,725,000
3.67%
2.20%
9.76%
5.86%
2,990.13
1,533.88
Notes: 1. Information in table pulled from applicable Official Statements.
2. Excludes the Village's general obligation bonds which are payable from non -property taxes.
3. Village population estimates used in these calculations were 56,265 in 2001-2009, and 54,167 beginning in
2010.
EQUALIZED ASSESSED VALUATION FOR TAXING PURPOSES (Note 1)
Real Property
Tax Net For Plus Total For All Increase
Levy General Taxing Incremental Taxing Over
Year (2) Purposes (3) Valuation Purposes (4) Prior Year
2011
1,694,952,801
42,659,295
1,737,612,096
(7.7%)
2012
1,568,774,082
38,247,882
1,607,021,964
(7.5%)
2013
1,357,294,084
32,976,484
1,390,270,568
(13.5%)
2014
1,390,377,678
33,230,688
1,423,608,366
2.4%
2015
1,354,550,848
32,251,850
1,386,802,698
(2.6%)
2016
1,619,158,852
47,669,419
1,666,828,271
20.2%
2017
1,670,725,439
-
1,670,725,439
0.2%
2018
1,670,073,671
32,842,983
1,702,916,654
1.9%
2019
1,962,779,503
8,527,837
1,971,307,340
15.8%
264 274
Notes: 1. Property in Cook County is separated into two primary classifications for assessment purposes (10% for
residential and 25% for commercial property). After the assessor establishes the fair market value of a
parcel of land, the value is multiplied by one of the classification percentages to arrive at the assessed
valuation for that parcel. The Illinois Department of Revenue furnishes each county with an adjustment
factor (the equalization factor) to equalize the level of assessment between counties. After the equalization
factor is applied, the valuation of the property for taxing purposes has been established -tax rates are applied
to the equalized valuation.
2. Under the current triennial reassessment system in Cook County, the Village was most recently reassessed in
2019 and the Village equalized assessed value increased by 15.8% compared to the prior year.
3. Excludes four categories of exemptions: the Senior Citizens' Homestead Exemption; the General
Homestead Exemption; the Senior Citizens' Tax Freeze Homestead Exemption and the Long -Term
Homeowner Exemption.
4. The Village's tax rate is calculated based on the village's Net Equalized Assessed Valuation (shown in
this table as "Net for General Taxing Purposes") and is extended against its entire Equalized Assessed
Valuation (shown in this table as "Total for all Taxing Purposes") excluding only the statuary
exemptions. Of the taxes collected, that portion applicable to incremental valuation (valuation of tax
increment districts) is remitted to the Village by the County Collector for deposit in the applicable tax
allocation fund. The Equalized Assessed Valuation for which the Village receives its portion of the
total tax rate for all non -TIF purposes is shown in this table as "Net for General Taxing Purposes".
DETAILED OVERLAPPING BONDED INDEBTEDNESS PAYABLE FROM PROPERTY TAXES
AT DECEMBER 31, 2020
SCHOOL DISTRICTS:
Elementary Districts:
Mount Prospect No. 57
Community Consolidated No. 59
River Trails No. 26
Wheeling Community Consolidated No. 21
Arlington Heights No. 25
Prospect Heights No. 23
High School Districts:
Wheeling/Elk Grove No. 214
Maine Township No. 207
Community Colleges:
Oakton No. 535
Harper No. 512
Total Schools
OTHER THAN SCHOOL DISTRICTS:
Cook County, Including Forest Preserve District
Metropolitan Water Reclamation District
Park Districts:
Mount Prospect
Arlington Heights
Des Plaines
Percent of Village's Applicable Share
Village's 2019 of Gross Debt to be
Real Property Gross Paid From Property Taxes (1)
in Taxing Body Bonded Debt Percent Amount
37.7%
6,450,000
94.342%
6,085,059
26.7%
32,355,000
18.320%
5,927,436
26.4%
12,870,000
78.431%
10,094,070
3.4%
87,650,000
3.005%
2,633,883
3.2%
42,710,000
2.612%
1,115,585
2.5%
8,705,000
8.719%
758,989
99.8%
33,010,000
19.657%
6,488,776
0.2%
128,780,000
0.071%
91,434
0.2%
30,000,000
0.015%
4,500
99.8%
103,580,000
9.859%
10,211,952
43,411,684
100.0%
2,898,176,570
1.183%
34,285,431
100.0%
1,799,425,000
1.204%
21,665,077
66.8%
18,565,668
69.152%
12,838,531
2.8%
13,149,000
1.874%
246,412
1.8%
7,463,685
1.704%
127,181
Total Other Than Schools 69,162,632
265
275
Notes: 1. Village's share based upon 2019 Real Property valuations.
TAX RATES PER $100 EQUALIZED ASSESSED VALUATION (Note 1)
Village of Mount Prospect:
Bonds and Interest
Pensions (Police, Fire)
Police Protection
Fire Protection
Corporate
Total Village
Cook County, Including Forest Preserve
Metropolitan Water Reclamation District
Mount Prospect Park District
Mount Prospect Public Library
Special Service Area No. 5
Community Consolidated School District
Township High School District No. 214
Harper College No. 512
All Other
Total (2)
Village as a Percent of Total
Levv Years
2015
2016
2017
2018
2019
$0.170
$0.143
$0.146
$0.148
$0.132
0.426
0.381
0.384
0.401
0.370
0.372
0.311
0.301
0.292
0.261
0.384
0.322
0.312
0.302
0.225
$ 1.352
$ 1.157
$ 1.143
$ 1.143
$ 0.988
0.621
0.596
0.558
0.549
0.543
0.426
0.406
0.402
0.396
0.389
0.681
0.594
0.609
0.633
0.547
0.801
0.687
0.681
0.696
0.599
0.142
0.119
0.118
-
-
3.291
2.998
3.031
3.173
2.751
2.881
2.527
2.563
2.669
2.356
0.466
0.416
0.425
0.443
0.403
0.158
0.105
0.135
0.106
0.090
$ 10.819
$ 9.605
$ 9.665
$ 9.808
$ 8.666
12.5% 12.0% 11.8% 11.7% 11.4%
Notes 1. As a home rule unit under the 1970 Illinois Constitution, the Village has no statutory tax rate or levy
limitations.
2. Tax rate applicable to the largest tax code in the Village and most recent available from Cook County.
TAX EXTENSIONS AND COLLECTIONS
(Village Purposes Only)
Total Taxes Collected as
Levy Collection Total Taxes of December 31, 2020 (Note 1)
Year Year Extended Amount Percent (2)
2012
2013
16,487,816
16,188,175
98.18%
2013
2014
17,305,500
17,017,128
98.33%
2014
2015
17,741,219
17,421,947
98.20%
2015
2016
18,313,527
17,948,393
98.01%
2016
2017
18,733,668
18,385,014
98.14%
2017
2018
19,096,392
18,804,998
98.47%
2018
2019
19,088,942
18,708,934
98.01%
2019
2020
19,476,516
19,187,932
98.52%
Notes: 1. Source: Cook County Treasurer's Office. Tax payments, including late payments and proceeds from
tax sales, are shown as collections in the year when due. The "Amount Collected" is not the same as
distributions to the Village because tax refunds (pursuant to court orders, first time homestead
exemptions other exemptions, etc.) are deducted from "Amount Collected" and interest earnings are
added to "Amount Collected" in calculating the distributions.
2. Cook County property taxes are payable in two installments: the first on March 1, and the second on
the latter of August 1 or 30 days after the mailing of the tax bills. The first installment is an estimated
bill and is 55% of the prior year's bill. The second installment is based on the current levy, assessment
and equalization and reflects any changes from the prior year in those factors.
266 276
TEN LARGEST TAXPAYERS
Equalized
Assessed Percent of
Rank Taxpayer Business/Properties Valuation (1) Village (2)
1
United Airlines Inc.
2
Home Properties Colony
3
Randhurst Costco Conger
4
CRP 3 West Center LLC
5
Golf Plaza I and II
6
1450 Owner LLC
7
Mount Prospect Plaza
8
Huntington Square
9
LIT Industrial Limited
10
Menards - Properties
Operations Center
Apartments
Membership Warehouse Club
Industrial
Shopping Center
Industrial Real Estate
Shopping Center
Apartments
Industrial
Hardware and Home Building Store
Notes: 1. Valuations as of January 1, 2019 for 2020 tax purposes.
2. Total 2019 Village valuation is $ 1,971,307,340
37,465,013
1.90%
30,905,675
1.57%
26,880,146
1.36%
24,016,153
1.22%
21,647,130
1.10%
20,064,238
1.02%
18,438,932
0.94%
11,349,824
0.58%
10,102, 710
0.51%
9,007,734
0.46%
$ 209,877,555 10.65%
2012 AND 2019 TAX BASE DISTRIBUTION BY PROPERTY CLASSIFICATION*
Village of Mount Prospect
Taxable Valuation Percent of Total
Classification 2012 2019 % 2012 2019
Residential
1,141,783,464
1,352,621,864
18.47%
72.78%
68.62%
Commercial
281,197,939
405,952,345
44.37%
17.92%
20.59%
Industrial
145,136,294
211,550,243
45.76%
9.25%
10.73%
Railroad
656,385
1,182,888
80.21%
0.04%
0.06%
Total
1,568,774,082
1,971,307,340
25.66%
100.00%
100.00%
* A breakdown by property classification of the Village's levy year 2020 valuation is not available as of the date
of this report.
267 277
GENERAL FUND (Note 1)
Summary Statement of Revenues, Expenditures and Changes in Fund Balance
(Fiscal Years Ending December 31)
Revenu
Property Taxes
Sales Taxes
State Income Taxes
Licenses, Permits & Fees
Utility Taxes
Charges for Service
Fines & Forfeits
Investment Income
Food & Beverage Tax
Real Estate Transfer Tax
All Other Revenues
Total Revenues
Expenditures:
General Government
Public Representation Division
Village Manager's Office
Finance Department
Community Development -
Benefit Payments
Total General Government
Public Safety:
Code Enforcement
Police Department
Fire & Emergency Protection
Total Public Safety
Highways & Streets
Heal
Wel
Culture & Recreation
Net Transfers (In)/Out
Total Expenditures
Revenues Over (Under) Expenditures
Ending Fund Balance
Actual 2020
2016
2017
2018
2019
Budget
Actual
$ 15,917,480
16,112,039
16,112,039
16,081,608
16,539,009
16,367,630
17,202,418
19,458,742
23,658,634
24,249,211
24,464,300
22,693,522
5,272,834
4,975,194
5,187,361
5,765,484
5,250,000
5,886,270
2,350,787
2,334,232
2,484,451
2,733,317
2,291,080
2,402,150
3,629,525
3,491,473
3,476,969
3,292,347
3,207,000
3,025,210
1,782,869
1,527,168
1,475,149
1,875,941
1,667,200
2,320,837
414,885
415,189
403,842
286,328
355,050
242,004
49,202
132,925
318,490
430,397
266,000
99,325
805,172
839,472
884,637
884,637
856,000
818,911
1,049,770
1,190,331
1,426,037
1,434,580
1,125,000
962,687
3,076,582
3,325,198
3,539,116
3,144,713
2,645,787
3,870,492
$ 51,551,524 53,801,963 58,966,725 60,178,563 58,666,426 58,689,038
141,249
134,039
159,710
113,322
159,551
120,925
4,031,450
4,730,808
3,733,109
3,662,546
4,216,046
3,498,838
1,972,523
2,466,917
2,735,100
2,781,155
1,665,927
1,548,016
734,282
933,069
1,109,904
1,129,783
1,728,718
1,723,458
46,615
46,780
5,819
5,993
6,174
6,173
6,926,119
8,311,613
7,743,642
7,692,799
7,776,416
6,897,410
877,060 820,925 854,780 962,937 1,150,648 1,062,597
17,067,883 17,823,169 18,564,213 18,975,187 19, 847,177 19,085,680
14,473,302 15,522,366 15,586,449 16,188,816 17,100,178 17,096,913
32,418,245 34,166,460 35,005,442 36,126,940 38,098,003 37,245,190
7,282,165 7,613,341 7,915,559 8,674,121 9,448,438 8,705,967
160,555 261,533 306,314 195,532 144,209 132,833
1,561,199 1,548,489 1,410,612 1,372,853 1,516,801 1,446,675
499,208 585,907 572,169 388,375 568,459 166,740
1,240,625 600,000 2,354,391 2,107,362 4,598,000 4,598,000
50,088,116 53,087,343 55,308,129 56,557,982 62,150,326 59,192,815
1,463,408 714,620 3,658,596 3,620,581 (3,483,900) (503,777)
$ 18,684,351 19,398,971 23,057,567 26,678,148 23,194,248 26,174,371
268 278
Assets:
Cash & Investments
Receivables
Property Taxes
Other Taxes
All Other
Due From Other Funds
Due From Other
All Other Assets
Total Assets
Liabilities & Fund Balance
Accounts Payable
Deferred Revenues
Property Taxes
All Other Liabilities
Fund Balance:
Nonspendable
Restricted
Committed
Unassigned
Total Fund Balance
Total Liabilities & Fund
Balance Sheet — December 31
2016 2017 2018 2019 2020
$ 11,892,092 $ 14,814,727 $ 16,672,691 $ 20,838,531 $ 20,649,384
16,087,246
16,333,702
16,290,898
16,545,722
16,397,406
6,772,937
6,220,011
7,994,192
8,518,372
7,968,423
435,700
417,856
371,481
359,574
305,811
735,763
92,845
22,254
-
-
653,254
186,629
49,471
48,570
48,244
188,247
261,219
220,065
370,162
906,902
$ 36,765,239
$ 38,326,989
$ 41,621,052
$ 46,680,931
$ 46,276,170
$ 833,274
$ 1,463,624
16,087,246
16,333,702
1,160,368
1,130,692
188,247
261,219
$ 957,709
$ 517,940
$ 606,869
16,290,898
16,539,009
16,354,772
1,314,878
2,945,834
3,140,158
220,065
370,162
381,902
- - - 3,393,000 2,300,000
18,496,104 19,137,752 22,837,502 22,914,986 23,492,469
$ 18,684351 $ 19,398,971 $ 23,057,567 $ 26,678,148 $ 26,174,371
$ 36,765,239 $ 38,326,989 $ 41,621,052 $ 46,680,931 $ 46,276,170
Notes: 1. This condensed financial information for the years ending December 31, 2016-2020 has been excerpted
from the full Comprehensive Annual Financial Reports of the Village. The accounting policies of the
Village conform to GAAP and are disclosed in the audited financial statements. A summary of some of
the policies are: The General Fund is accounted for using the modified accrual basis of accounting.
Revenues are recognized when they become measurable and available as net current assets.
Expenditures are generally recognized when the related fund liability is incurred.
269 279
COMBINED STATEMENT -ALL FUNDS (Note 1)
Fund Balances 2016-2019 and Summary 2020 Revenues, Excess Revenues and Fund Balance
(Fiscal Years Ended December 31)
Fiscal Year Ended December 31, 2020
Revenue Incl. Transfers
Property
Revenue
Over
(Under) Fund
Governmental Fund Types (2):
2016
2017
2018
2019
Tax
Total
Expenditures
Balance
General Fund *
$ 18,684,351
19,398,971
23,057,567
26,678,148
$ 16,367,630
S 58,689,038
$ (503,777)
$ 26,174,371
Special Revenue Funds:
Motor Fuel Tax
$ 2,465,482
2,744,472
2,431,135
2,465,613
$ -
$ 3,194,941
S 1,323,947
$ 3,789,560
Community Development Block
-
-
-
-
377,614
-
-
Refuse Disposal
1,363,621
1,442,645
1,320,754
1,167,139
4,513,301
(147,037)
1,020,102
Asset Seizure
173,079
172,908
141,255
135,102
6,492
(14,459)
120,643
DEA shared Funds
20,013
20,194
20,308
50,545
1,444
1,444
51,989
DUI Fines
121,449
140,928
137,373
143,435
7,602
6,527
149,962
Foreign Fire Tax Fund
341,678
352,423
398,231
438,552
90,707
(24,797)
413,755
Business District Fund
-
-
-
-
-
1,036,290'
-
-
Police & Fire Building
-
31,720,180
14,141,970
96,685
(14,097,836)
44,134
Prospect/Main TIF*
(687,995)
3,945,027
698,930
8,532,044
944,024
1,575,832
(8,506,053)
25,991
Total Special Revenue
3,797,327
8,818,597
36,868,166
27,074,400
$ 944,024
$ 10,900,908
(21,458,264)
5,616,136
Debt Service*
168,152
184,195
4,150,506
3,455,359
2,548,250
6,236,443
(328,494)
3,126,865
Capital Projects (3)
3,224,446
3,579,214
5,577,761
5,662,051
-
10,376,481
(140,076)
5,521,975
Total Governmental
$ 25,874,276
31,980,977
69,654,000
62,869,958
$ 19,859,904
$ 86,202,870
S
$ 40,439,347
Proprietary & Fiduciary Fund Types
Enterprise Funds (4):
Water and Sewer *
40,610,650
41,327,962
40,157,409
38,572,493
$ -
$ 16,924,663
$ (1,108,507)
37,463,986
Village Parking System
588,378
704,700
725,953
549,156
104,016
(118,319)
430,837
Internal Service Funds (5)
19,174,062
19,736,825
21,115,612
22,226,789
14,552,236
1,392,085
23,618,874
Pension Trust Funds:
Police Pension
61,976,686
71,069,062
66,374,108
78,333,544
14,940,723
8,574,687
86,908,231
Firefighter's Pension
58,344,829
66,265,340
62,398,530
71,227,941
15,810,403
9,231,528
80,459,469
Total Proprietary & Fiduciary
$ 180,694,605
$ 199,141,779
$ 190,771,612
S 210,909,923
$ -
$ 62,332,041
$ 17,971,474
$ 228,881,397
Total All Funds (Memo Only)
$ 206,568,881
$ 231,122,756
$ 260,425,612
S 273,779,881
$ 19,859,904
$ 148,534,911
$ (4,459,137)
$ 269,320,744
Designated as major funds.
Cash & Investments at 12/31 (6):
General Fund
Internal Service Funds
Police & Fire Building
Prospect & Main TIF
Other Special Revenue Funds
Debt Service Funds
2016 2017 2018 2019 2020
$ 11,892,092 $ 14,814,727 $ 16,672,691 $ 20,838,531 $ 20,649,384
13,177,384 12,210,417 11,769,387 11,707,300 13,783,192
- - 31,708,378 17,938,945 153,863
- 712,311 9,716,685 10,018
5,360,368 9,803,081 4,792,342 5,427,444 5,825,227
167,652 162,895 4,100,470 3,448,379 3,119,837
Subtotal $ 30,597,496 $ 36,991,120 $ 69,755,579 $ 69,077,284 $ 43,541,521
Capital Project Funds 2,794,596 3,209,472 5,949,833 6,262,008 5,325,291
Water & Sewer 3,179,625 7,577,274 12,425,604 19,536,350 17,631,177
Other Enterprise Funds 428,260 531,623 578,367 576,470 446,638
Pension Trust Funds 119,963,475 137,068,690 128,571,320 149,345,705 167,194,366
Other Fiduciary Funds+ 1,368,315 1,126,624 1,115,737 - -
Total $ 158,331,767 $ 186,504,803 $ 218,396,440 S 244,797,817 $ 234,138,993
+ Starting year 2019 Other Fiduciary Funds arc merged with General Fund
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Notes: 1. This condensed financial information for the years ending December 31, 2016-2020 has been excerpted
from the full Comprehensive Annual Financial Reports of the Village. The accounting policies of the
village conform to GAAP and are disclosed in the audited financial statements. A summary of some of
the policies are: All Governmental Funds are accounted for using the modified accrual basis of
accounting. Revenues are recognized when they become measurable and available as net current assets;
expenditures are recognized when the related fund liability is incurred. All Proprietary Funds and
Pension Trust Funds are accounted for using the accrual basis of accounting. The Village's
Comprehensive Annual Financial Report for the year ended December 31, 2020 included an
unmodified "Independent Auditor's Report". Similar unqualified/unmodified opinions were included in
the Village's Comprehensive Annual Financial Reports for the years ending December 31, 2016-2019.
The "Independent Auditor's Report" included in the latest audit states, in part:
"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-iype activities, each major
fund, and the aggregate remaining fund information of the Village of Mount Prospect, Illinois, as of
December 31, 2020, and the respective changes in financial position and, where applicable, cash flows
thereof for the year then ended in accordance with accounting principles generally accepted in the
United States of America. "
2. The Village's property tax revenue recognition policy conforms to the provisions of "NCGA
Interpretation 3, Revenue Recognition Property Taxes." The current net tax levy receivable is
recognized in the balance sheet along with a corresponding amount of deferred revenue. In addition,
the debt service payments and liabilities related to the current net tax levy are not reflected in the Debt
Service Funds; the un -matured principal is reflected in the General Long -Term Debt Account Group.
3. Includes the Capital Improvement Fund, which accounts for the resources used to provide for mid-
sized capital projects. Financing is provided by one-quarter cent home rule sales tax, developer
contributions, interfund transfers, investment income, and bond proceeds.
4. Fund balances shown for the Enterprise Funds are total fund equity, including contributed capital and
retained earnings, and the column "Revenue Over Expenditures" represents the change in that
amount.
5. The Village has created a new Police and Fire Building Construction fund during the year 2018. This
fund is created to account for bond proceeds and construction cost associated with new Police and
Fire buildings.
6. The Village created a Risk Management Fund in 1984 to account for the servicing and payment of
claims for liability, property, casualty coverage and Workers' Compensation. Financing is provided
by charges to the various Village funds. The Village created a Vehicle Replacement Fund in fiscal
year 1991 to account for the acquisition and depreciation of Village vehicles. Financing is provided
by charges to the General, Water and Sewer, and Parking Funds. The Village created a Vehicle
Maintenance Fund in 1996 to account for maintenance and repair of all Village vehicles except Fire
Department vehicles. In 1997, the Village created a Computer Replacement Fund to account for the
acquisition and depreciation of Village computer hardware.
7. Excludes agency funds.
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CAPITAL ASSETS (Note)
(December 31, 2020)
Note: Capital assets, which include property, plant, equipment, and infrastructure assets (e.g., roads, bridges,
storm sewers, and similar items), are reported in the applicable governmental or business -type activities
columns in the government -wide financial statements. Capital assets are defined by the Village as
assets with an initial, individual cost of more than $20,000, except for infrastructure for which the cost
is $50,000 and an estimated useful life in excess of one year. 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.
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Governmental
Business Type
Activities
Activities
Capital Assets Not Being Depreciated
Capital Assets Not Being Depreciated
Land
$ 15,612,320
Land
$ 17,318,818
Construction in Progress
$ 24,924,802
Construction in Progress
$ 2,456,620
Total Assets Not Being Depreciated
$ 40,537,122
Total Assets Not Being Depreciated
$ 19,775,438
Capital Assets Being Depreciated
Capital Assets Being Depreciated
Buildings
$ 55,818,844
Buildings and Improvements
$ 4,499,808
Improvements Other Than Buildings
1,516,920
Equipment
5,017,968
Infrastructure and All Other
112,921,848
Infrastructure
33,306,464
Total Capital Assets Being Depreciated
$ 170,257,612
Total Capital Assets Being Depreciated
$ 42,824,240
Less Accumulated Depreciation
$ 99,801,560
Less Accumulated Depreciation
$ 22,845,148
Total Capital Assets Being Depreciated, Net
$ 70,456,052
Total Capital Assets Being Depreciated, Net
$ 19,979,092
Net Assets
$ 110,993,174
Net Assets
$ 39,754,530
Note: Capital assets, which include property, plant, equipment, and infrastructure assets (e.g., roads, bridges,
storm sewers, and similar items), are reported in the applicable governmental or business -type activities
columns in the government -wide financial statements. Capital assets are defined by the Village as
assets with an initial, individual cost of more than $20,000, except for infrastructure for which the cost
is $50,000 and an estimated useful life in excess of one year. 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.
272 282
Village of Mount Prospect int p(
Mount Prospect, Illinois
INTEROFFICE MEMORANDUM
1
TO: VILLAGE PRESIDENT AND BOARD OF TRUSTEES
FROM: TIM MCDERMOTT, AUDIT COMMITTEE CHAIR
DATE: JULY 12, 2021
SUBJECT: ANNUAL REPORT OF AUDIT COMMITTEE — 2020
The audit for the fiscal year 2020 is complete and included as part of your materials for review and
acceptance. The audit firm of Lauterbach & Amen, LLP performed the Village's external audit. This audit
marked the first year of a five-year engagement with the Village.
The Audit Committee met on June 22, 2021, to discuss the 2020 audit report and findings. The meeting
agenda included a discussion on the results of the 2020 Comprehensive Annual Financial Report (CAFR),
Auditor Communication to the Village Board, and Management Letter comments as prepared by
Lauterbach & Amen.
Audit Committee activities included:
• At the June 22 meeting, the Audit Committee met with Village staff and the audit manager in
charge of the audit, Don Shaw. A presentation on the 2020 audit was made by staff and Auditors.
Items discussed included the overall results of the audit, financial statement, overall impact of the
COVID-19 on the financial statement.
The following are some of the significant items from the 2020 Audit.
• On page 12 of the Comprehensive Annual Financial Report, the firm expresses in their opinion
that the financial statements present fairly in all respects the financial position for the year ended
December 31, 2020, in accordance with generally accepting accounting principles.
o While the actual statement at the top of the page is much more detailed, it is the key
statement from the audit firm demonstrating that they found no significant issues that
impact their overall determination on the accuracy of the Village's financial statements
and position.
o Other items and comments on Financials:
■ The General Fund Reserves are $26.2 million, of which $23.5 million is
unrestricted.
■ The overall Governmental Activity Fund Balance is $40.4 million.
■ The overall Business Type activity Fund Balance is $37.9 million, of which $20.5
million is invested in capital assets and infrastructures.
■ Police and Fire Pension Funds are showing the funded ratio of 70 percent and
30% unfunded liability totals at $32.5 million for Fire and $37.5 million for Police.
■ There was a minor restatement of $1.7 million (business district note) in the non -
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Annual Report of Audit Committee — 2020 Activities
July 20, 2021
Page 2
current liability section, which positively impacted the net position of the Village.
The Committee also reviewed the audit firm's Management Letter and Auditor Communication
to the Board that accompanied the audit report. The Management Letter communicates whether
there are any material weaknesses in internal control. The Auditor identified none. Auditor
Communication to the Board communicates certain information related to the performance of
the audit. Also included in this report are recommendations for addressing any deficiency in
internal control, as well as an update from any recommendation made during the prior year's
audit.
c There were no management letter comments identified for the current year.
Other information provided in the auditor communication for 2019 included future accounting
pronouncements. These future pronouncements are changes to accounting rules that may have
an impact on Village finances in the future. The major pronouncement is GASB 87 about leases
and will be implemented in the coming years.
The final item we are highlighting from the Comprehensive Annual Financial Report is under the
first tab (Introduction). On page 9 is the Certificate of Achievement for Excellence in Financial
Reporting that the Village received for its 2019 report. This marks the 27th consecutive year the
Village has received this award. Application has been made to the Certificate program for the
fiscal year 2020. Notice of the 2020 award is expected in early 2022.
• The Auditor also commended the efforts carried out by staff, and in spite of most of the fieldwork
was performed remotely, the staff has provided all the needed details in a timely manner, and
the books are maintained very well, neat and clean.
The next meeting of the Audit Committee is expected in late 2021 to discuss the audit engagement for
2021 and onwards.
Please contact me should you have any questions or need additional information related to this report or
the Audit Committee activities.
Respectfully Submitted,
Tim McDermott
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