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HomeMy WebLinkAbout0400_001Minutes COMMITTEE OF THE WHOLE September 10, 1991 Roll Call The meeting was called to order at 7:38 p.m. by Mayor Gerald L. Farley. Trustees present were Mark Busse, George Clowes, Tim Corcoran, Leo Floros, Paul Hoefert, and Irvana Wilks. Also present were Village Manager John F. Dixon, Finance Director David C. Jepson, Human Services Administrator Nancy Morgan, assistant Human Services Administrator Jan Abernethy, five members of the news media and three residents. II Minutes III The Committee of the Whole Minutes of August 27, 1991 were accepted and filed as submitted. No one expressed a desire to address the Committee. Human Services Administrator Nancy Morgan gave a brief summary of the history of the funding of Social Service Agencies SSA's by the Village. She said that the Village started funding SSA's in 1982/83 in the amount of $6,100. This amount increased each year and reached $36,000 in 1988/89, although only $30,000 was actually distributed. For the 1991./92 fiscal year, no funds were recommended, but $16,500 was added during the work sessions. It was agreed during the budget hearings that the issue would be reviewed prior to the preparation of the 1992/93 budget. Trustee Corcoran asked how funding for SSA's by the Village started. Ms. Morgan replied that it started prior to the time that the Village had a Senior Center or a Human Services Division. Trustee Floros stated that there was no formal policy adopted but that the Village Board merely responded to requests that had been made. Mayor Farley added that the Board perceived there was a need and met it. Mayor Farley said that as the number of requests increased, the Board requested the Finance Commission to evaluate the requests and that for a number of years the Finance Commission has not recommended that any SSA's be funded. Trustee Hoetert asked which agencies we made referrals to and if we used certain agencies if we should then contribute to thea. Ms.Morgan replied that we use bath Wheeling and Elk Grove Townships, CEDA, MERC and the Kenneth '"young Mental Health Center on a regular basis. She said that most of the agencies are funded by many different sources and that they are not necessarily funded by Villages. Trustee Hoefert said there were too many agencies that could look to the Village for funding and that the Village should not become a mini United Way. Trustee Corcoran then asked what recommendations the Village Staff was making. Village Manager Dixon stated that the 1991/92 budget was prepared on the basis that the Finance Commission had recon ended the Village not Rand any SSA!s. As a compromise, it was suggested that the Village fund Shelter and the Salvation Army in 1991/92 at the same level as last year, reduce funding to 50 in 1992/93 and eliminate funding in 1993/94. Trustee Corcoran then asked Ms. Morgan if she agreed with the recommendation of the Finance Commission and the compromise presented. Ms. Morgan said that it was a very difficult and sensitive decision. She added that many municipalities do not fund outside SSA"s and many municipalities do .not provide any social services through the Village. Ms. Morgan said traditionally social services have been provided by Township governments, the "United Way and through private groups. Trustee Corcoran said that he supported the recommendation but that if the Human Services Division thought the funds should be reirustated in the future he would go along. He added that he thought the services provided by the Human Services Division are worthwhile services and the Human Services budget dollars are well spent. Trustee Busse asked why the requests peaked in 1488/89. Finance Director Jepson responded that the increase in the requests coincided with the elimination of F'eder'al Revenue Sharing grants to the townships. Trustee Busse then said he would like to fund all the agencies but he realized this was not possible. He said he also was pleased with the services provided by the Human Services Division. Trustee Busse added that he agreed with a gradual reduction in funding, but that if the Human Services Division thought there was a need to reinstate the funding they should bring the need back to the Village Board. Trustee Wilks said that she also thought the services from the Human Services Division were excellent and that the Village was getting a lot for the money. She added that she thought there was some value in contributing to the SSXs because it allowed the Village to scrutinize their operations. Trustee Wilks said that some of the SSA's are very helpful to the health and welfare of the residents of the community and she preferred not to eliminate the funding for the social agencies. She said it was a step in the wrong direction. Trustee Clowes asked about the practice of funding SSNs in other communities. Ms. Dorgan responded that policies vary but that Northbrook and prospect Heights do not fund any SSA's. Niles, which has a Human Services Division like Mount Prospect does not fund SSNs. Ms. Morgan said that even though the funding requests for certain SSA°s was a small amount, the review process took a great deal of staff time. Trustee Clowes said he preferred keeping the system as simple as possible and that he did not think it was cost effective for the Village to select SSNs for funding. He said his preference was for the funding to come from the Townships and from private donations. Trustee Floros said he supported the recommendations of the Human Services Division and the Finance Commission. He added, however, that he hoped the Human Services Division would never let policies stand in the way of serving human needs. 2 a Richard Bachhuber, Finance Commission Chairman stated that the Finance Commission had wrestled with this problem for a number of years. He said the Finance Commissioners thought the services provided by SSA's were good and needed, but that Village tax monies should not be used to support social agencies. Mayor Farley asked Mr. Bachhuber if he would feel the same way if the Village was a Township. Mr. Bachhuber replied that Townships raise money for that specific purpose. Mayor Farley stated the consensus was to reaffirm the policy of reducing the funding to 50% in the upcoming year and then to eliminate it in the following year. He concluded by saying that the Board Members were all sensitive to the need that exists and he urged the Human Services Division to come back to the Board if circumstances change. Village Manager Dixon stated that the Village Board had previously passed a resolution granting one free vehicle license to members of all Advisory Boards and Commissions. Additionally, free licenses are given to the members of the Emergency Services Disaster Agency and the Volunteer Fire Department as well as to Disabled Veterans and Handicapped persons. Mr. Dixon said questions had been raised regarding members of ad hoc committees and members of Boards and Commissions that are no longer functioning. Mr. Dixon pointed out that the following Boards and Commissions are no longer meeting: Architectural Commission, Board of Health, Board of Local Improvements, Cable Television Commission and the Electrical Commission. The Committee supported the recommendation of the Village Manager to eliminate the free licenses for members of Boards and Commissions which are no longer functioning. Additionally, the Committee said they would like to review the charters of the inactive Boards and Commissions to see if they should be abolished. VI managgr a agwill Village Manager Dixon reported that over 30 contractors had taken out bid specifications for the new Police and Fire Building. He also said the groundbreaking ceremony was scheduled for Friday, October 11, 1991 at 7:00 a.m. VII Other Business There was no other business brought to the Committee. VIII AdJournment The Committee of the Whole meeting adjourned at 9:04 p.m. 3 Respectfully Submitted, David C. Jepson, Finance Director i Village of Mount Prospect Mount Prospect, Illinois INTEROFFICE MEMORANDUM TO: MAYOR GERALD L. FARLEY AND BOARD OF TRUSTEES FROM: VILLAGE MANAGER DATE: SEPTEMBER 18, 1991 SUBJECT: STORMWATER MANAGEMENT WORK IN THE VILLAGE OF MOUNT PROSPECT As you are aware, Phase I - Hatlen area/Clearwater Park outflow drainage work started this week. The other project which we would hope to have under way is the Stevenson/Thayer work on the north end of town. At the present time, we are negotiating an easement from out-of-state landlords in hopes that we will be able to start this work within the next two months. The Village Board has authorized watermain work in this immediate area to bolster the water system and the only remaining work at this time would be the stormwater work. We are hopeful that the easements will be resolved shortly. You will recall that the Engineering Consultants informed us of funds that are available from the State for some of the work that we will be doing early on. Two of those projects which had been discussed extensively were the Central/Wa-Pella and the North Main projects. In conjunction with the North Main project, we also have had ongoing discussions and cooperation with District 214 -Prospect High School and the Village of Arlington Heights. The design work for a pond on the Prospect High School property has been completed and the construction documents will be completed next week. The High School District has indicated a willingness to allow their property to be used for retention purposes and the Village of Arlington Heights has indicated they will cooperate in paying for any improvements in the Village of Arlington Heights but not in the Village of Mount Prospect. The Engineers' estimate for the underground piping and the retention on the High School property is approximately $88,000. All of the Engineering costs to date have been split with each of the respective governmental bodies paying one-third of the cost. We are told that the State funding will not be available until 1993 because of the appropriations available. That would mean that both the Central/Wa-Pella and the North Main projects would have to be pushed off an additional year beyond when we would like to start construction. I am recommending the Board consider the following course of action: As soon as the High School will allow us on the property to start work on the retention pond at Prospect High School would give some alleviation to the flooding concerns along Forest Avenue. While this will not be the major work project that we had anticipated doing, it will at least start some work for alleviation and mitigation of flooding in that area. The interest rates are low enough at this point in time where I would recommend that the $1.1 million Central/Wa-Pella work be done with Village Bonds as opposed to waiting for the State Bonds. Presently, Bonds that the Village would go out for would pay at a rate of around 6%. The State reduced rate is approximately 4%. Because of the concerns that have been raised of flooding in the Central/Wa-Pella area, I feel it would be appropriate for us to start that work with Village funds instead of waiting until 1993 for State funding for that project. It would be anticipated that we would use 15 -year Bonds and the difference in interest costs between a 4% or 6% Bond would be about $14,300 per year, plus in addition, we are in an ideal bidding situation presently and I think we may be able to recoup quite a bit of the difference in interest cost because of the lower bid prices. JOHN FULTON I:ON JFD/rcw 3rd revision 1-17-91 VILLAGE OF MOUNT PROSPECT PROPOSED IMPLEMENTATION SCHEDULE FOR STORMWATER MANAGEMENT Project Projected Capital Cost ($ millions) Eligible for Not Eligible IEPA Loan for IEPA Loan Phase I (1991-1992) Des Plaines River Backflow cont. - 0.10 Stevenson/Thayer Flooding Area - 1.30 1.40 Phase II (1992-1994) Central/Wa-Pella Flooding Area 1.11 - Prospect Manor/North Main Flooding Area 4.95 6.06 Phase III (1994-1995) Fairview Gardens Sanitary Area 1.47 - Hatlen Heights Sanitary Area 0.76 - Hatlen Heights Flooding Area - 0.88 2.23 0.88 Phase IV (1995-1996) See-Gwun/Milburn Flooding Area - 1.65 See-Gwun/Golf Flooding Area 0.69 - See-Gwun/Milburn Sanitary Area 0.38 - 1.07 1. 65 Phase_V (1996-1997) Catalpa/Birch Flooding Area -- 0.24 Weller Creek Erosion Control - 0.15 Clearwater Flooding Area - 0.60 Melas Park/Crumley Detention Basins Erosion Control - 0.05 1.04 TOTALS $9.36 $4.97 TOTAL PROJECTED CAPITAL COST ($ MILLION) ELIGIBLE PLUS NOT ELIGIBLE . . . . $14.33 VILLAGE OF MOUNT PROSPECT DEFERRED STORMWATER MANAGEMENT PROJECTS Project Phase VI Weller Creek Study Area Des Plaines River Drainage Area Projected Capital Cost Type ($ Million) Erosion Control 5.93 Bridge Work Army Corps - Levee 2.45 Federal Funding Local Improvements Separate Storms TOTAL $8.38 Village of Mount Prospect Mount Prospect, Illinois�ti,- INTEROFFICE MEMORANDUM TO: MAYOR GERALD L. FARLEY AND BOARD OF TRUSTEES FROM: VILLAGE MANAGER DATE: SEPTEMBER 19, 1991 SUBJECT: WHEELING ROAD/EUCLID AVENUE STORMWATER MANAGEMENT STUDY Attached is the report submitted by RJN for the Stormwater Management Study of the above-mentioned area. This Study was paid for out of the Community Development Block Grant Funds. The funds from the Community Development Block Grant would also be available for the cost of implementation of the recommendations as well. Most of the problems in the Boxwood area are attributable to improper grading and the addition of storm sewers will be required. Most of the solutions will involve work on private property versus public right-of-way. Extensive discussions will be necessary with each of the Homeowners Associations in order to get their cooperation in the solution for this problem. JOHN FULTON DI SON JFD/rcw F] 9 i y ''M," � µ rr µ dh w. L.""'w.,,. ��rv.'ML ww 7n''�w'..bM4C ".rwiW'^we%• +w'°W '�w �Y�� � Via' w 4www..4�„x m:zwc a,, -wt 1..wm” � y,+.L•,M, tr�'i" �' y "„chi w,pNr ,r PF"Mv 'w"7C�."�S'.,,u Cy�._'�.^r �C!w-�i�M �b '11'x¢ y! "y�.b Wb 'p!w7Y^�y, w'"'"�Nro4''"A"""•frn M } K'+�.xk"�” 'Mw�N4" a y a c e r V � 4 w F] 9 R RJN ENVIRONMENTAL ASSOCIATES, INC. CONSULTING ENGINEERS i r June 25, 1991 Mr. John Dixon Village Manager Village of Mount Prospect Mount Prospect, IL 60056-2229 Dear Mr. Dixon: In accordance with the February 8, 1991 engineering agreement, we are pleased to present this final report for the Stormwater Management Study in the Wheeling Road/Euclid Avenue Flooding Area. We wish to express our appreciation for the excellent cooperation received from the Village of Mount Prospect throughout this project and look forward to a continuing professional relationship. Very truly yours, RJN ENVIRONMENTAL ASSOCIATES,INC. On WAN ON . "410 .4ri.a X E.4617440 Randall L. Patchett Project Manager A/ William G. Dinchak Branch Manager RLP:WGD:njc 202 W. FRONT STREET WHEATON, ILLINOIS 60187 (708)682-4777 TABLE OF CONTENTS TABLE OF CONTENTS ChaDter't a Pa e I SUMMARY, CONCLUSION, AND RECOMMENDATIONS I-1 Summary I-2 Drainage Area No. 1 I-3 Drainage Area No. 2 I-3 Drainage Area No. 3 I-3 Conclusions I-4 Recommended Plan I-5 Recommendations for Implementation I-8 Environmental Effects of the Recommended Plan I-8 Financial Considerations I-10 II GENERAL BACKGROUND II -1 Purpose of Study II -2 Study Area II -2 Drainage Area No. 1 II -3 Drainage Area No. 2 II -4 Drainage Area No. 3 II -4 III EVALUATION OF THE EXISTING SYSTEM III -1 Analysis of Existing Data III -1 Field Investigations III -1 Topographic Survey III -1 Discussions of Previous Flooding III -2 Computer Evaluation of Localized Flooding III -2 Rainfall Data Used in Modeling III -3 Physical Characteristics III -4 Time of Concentration III -6 Evaluation of Study Areas III -6 TABLE OF CONTENTS (cont.) IV ANALYSIS OF ALTERNATIVES IV -1 Stormwater Management Concepts IV -1 Parking Lot Detention, Street Storage, IV -2 and Rooftop Detention Construction of Relief Sewers IV -3 Surface Detention and Underground Storage IV -3 Evaluation of Alternatives IV -4 Drainage Area No. 1 IV -4 Drainage Area No. 1 Alternative A - IV -4 Surface Detention at Euclid School Drainage Area No. 1 Alternative B - IV -7 Underground Stormwater Detention Facilities Drainage Area No. 1 Alternative C - IV -9 Relief Storm Sewers Drainage Area No. 2 IV -10 Drainage Area No. 3 IV -10 Selecting a "Practical Level" for Storm IV -12 Protection V RECOMMENDATIONS V-1 Implementation of the Recommended Plan V-2 Environmental Effects of the Recommended Plan V-5 Financial Considerations V-5 LIST OF TABLES Numb -Title Pacre I-1 Summary of Recommended Plan Cost Estimates I-2 Preliminary Project Schedule III -1 Relationship of Rainfall Stormwater Recurrence Interval IV -1 Required Detention Volumes at Various Storm Recurrence Intervals at Drainage Area No. 1 IV -3 Summary of Cost Estimates for Drainage Area No. 3 V-1 Summary of Recommended Plan Cost Estimates V-2 Preliminary Project Scheduling IV -13 V-3 V-4 LIST OF EXHIBITS Number Title 1 General Location Map 2 Existing Drainage Areas 3 Alternative A - Proposed Detention of Euclid School for Drainage Area No. 1 4 Alternative B - Proposed Underground Detention at Euclid School for Drainage Area No. 1 5 Alternative C - Proposed Stormwater Relief Sewer for Drainage Area No. 1 6 Proposed Improvements for Drainage Area No. 2 Chapter I SUMMARY, CONCLUSIONS, AND RECOMMENDATIONS The Village of Mount Prospect is located approximately eight miles northwest of the City of Chicago in Cook County, Illinois. 4 ° The Village provides the vital function of collecting and conveying flow generated by storm events, and domestic, institutional, commercial, and industrial water usage to various stormwater management and wastewater treatment facilities. Stormwater conveyed by separate storm sewer systems in the Village discharges into either Weller Creek, McDonald Creek, the Feehanville Ditch, Higgins Creek or the Des Plaines River. Combined sewer systems in the Village which convey both storm and sanitary flows, are tributary to the Metropolitan Water Reclamation District of Greater Chicago (MWRDGC), O'Hare Wastewater Reclamation Plant. Separate sanitary flows are transported to MWRDGC interceptors and are treated at the O'Hare Wastewater Reclamation Plant. Residents of the Village of Mount Prospect have recently experienced flooding of streets, yards, basements, garages, and the first floor of residences caused by insufficient capacity of local stormwater, combined, and sanitary drainage facilities to convey flows to various receiving streams and treatment facilities. This study, hereinafter referred to as the Wheeling Road/Euclid Avenue Stormwater Management Study, was performed to evaluate and present alternative solutions to reduce the severity and frequency of flooding in 53 acres of the Village of Mount Prospect that is tributary to McDonald Creek and the Feehanville Ditch. The location of this area is shown on Exhibit 1. Existing drainage facilities in the Wheeling Road/Euclid Avenue Flooding Area consist of separate storm and sanitary.sewers. Surface runoff is collected and diverted into the stormwater drainage system by curb and gutter streets and drainage ditches. Stormwater generated in the Wheeling Road/Euclid Avenue Flooding Area is conveyed to either McDonald Creek or the Feehanville Ditch. I-1 Urban development has upset natural drainage patterns reducing the amount of open land and thereby accelerating the rate and volume of stormwater runoff. Localized flooding occurs as a result of moderate rainfall because of topography and inadequacy of the existing drainage system. Flooding in the Wheeling Road/Euclid Avenue Flooding Area is evident from street ponding, overflowing manholes, and residential damage which has resulted in inconvenience to the Village residents and financial loss. In addition, flooding is a potential health hazard. To develop a recommended plan to reduce the magnitude and frequency of flooding in the Wheeling Road/Euclid Avenue Flooding Area, the hydraulic capacity of the existing system was evaluated by computer modeling. Several methods for improved flood control were evaluated and developed into alternative plans that are described in this report. Alternatives were compared based on cost-effectiveness and feasibility. Based on results of the comparison, a recommended plan was formulated. Summary Data for the existing drainage system was collected from previous reports, plans, sewer maps, interviews with Village staff, and by conducting a limited field survey. Stormwater runoff estimates and hydraulic evaluations of the existing system were made using the Illinois Urban Drainage Area Simulator (ILLUDAS) computer model. For purposes of the analysis the Wheeling Road/Euclid Avenue Flooding Area was delineated into three drainage areas hereinafter referred to as Drainage Area No. 1 through Drainage Area No. 3. The location of each of these drainage areas is shown on Exhibit 2. Each drainage area in the Wheeling Road/Euclid Avenue Flooding Area was evaluated simulating 5 -year, 10 -year, 25 -year, and 50 -year, storm events. The feasibility and appropriateness of various flood protection concepts were evaluated and used for formulation of alternative plans in each drainage area. The alternative plans selected for I-2 analysis are as follows: Alternative A: Relief Storm Sewer Alternative B: Above Ground Detention at Euclid School Alternative C: Underground Detention at Euclid School Results of modeling and evaluation of field data showed that flooding in Drainage Area No. 2 is not caused by insufficient capacity of the Village's existing storm sewer system if overland conveyance is considered. A significant portion of the surface flooding (ponding) in Drainage Area No. 2 could be alleviated through regrading or installation of area drains on private property. The types of improvements required in Drainage Area No. 2, including regrading and installation of area drains, would generally reduce flooding in small localized areas on private property. These types of improvements are typically the responsibility of individual property owners because they do not reduce the magnitude and frequency of flooding in the public sector of the Village. Therefore detailed alternatives were not developed to reduce flooding in Drainage Area No. 2. The types of improvement required in Drainage Area No. 3 are similar to those required in Drainage Area No. 2 and generally are the responsibility of individual property owners in the area. However, overland flooding in the southwest corner of the drainage area is relatively widespread and warranted development of alternatives to reduce flooding. The alternatives developed in Drainage Area No. 3 included I-3 construction of storm sewers, regrading of private drives, yards, and parking areas, and installations of a new curb along the east side of East Road. The evaluation of alternatives in each area was based on 1. comparison of capital costs and the feasibility of implementation. The effect of each alternative on downstream conveyance was considered. Estimates of capital costs for each alternative include construction costs plus 27 percent for contingency, engineering, 1 legal, fiscal, and administrative cost. Conclusions The hydraulic evaluation indicate that several conclusions can be made regarding the existing stormwater conveyance system and the improvements needed to reduce the magnitude and frequency of flooding in the Wheeling Road/Euclid Avenue Flooding Area. 1. The existing stormwater conveyance system has sufficient capacity to convey peak flows produced by a 25 -year storm event if overland conveyance on streets is considered with the exception of a low area on Wheeling Road between Cedar Lane and Euclid Avenue in front of Euclid School. 2. Overland flooding causing Wheeling Road to become inundated in front of Euclid School between Cedar Lane and ' Euclid Avenue occurs during or following less than a 2 - year recurrence interval 34 -minute duration storm event. 3. Randhurst Shopping Center is not the primary cause of flooding in the Wheeling Road/Euclid Avenue Flooding Area, however, runoff being conveyed along the east side of East Road enters the Wheeling Road/Euclid Avenue Flooding Area aggravating the flooding conditions in the southwest corner of the area. I-4 4. Regrading of approximately 3.5 acres of property as part of the Kensington Commons development in southwest corner of the Wheeling Road/Euclid Avenue Flooding Area reduced the overland conveyance capacity of properties located just north of the Kensington Commons development to Kensington Road causing surface flooding (ponding of stormwater) on private property including parking areas, driveways, and yards. 5. A significant amount of flooding in the Wheeling Road/Euclid Avenue Flooding Area occurs on private property and is the result of inadequate drainage of private parking areas, driveways, and yards. Recommended Plan A recommended plan to provide a 25 -year level of protection against flooding in the low area on Wheeling Road across from Euclid School and to improve drainage characteristics in an area of approximately 9 acres in the southwestern corner of the Study Area was developed. Components of the recommended plan are presented below. 1. Construction of a 3.0 acre-foot dry bottom detention basin on Euclid School property including approximately 500 feet of 42 -inch diameter storm sewer to convey runoff from the low area on Wheeling Avenue to the proposed detention basin and 350 feet of 8 -inch diameter storm sewer to release stormwater detained in the basin at a rate of 0.15 cfs per acre into the existing 27 -inch diameter storm sewer on Cedar Lane. Estimated capital cost to construct the proposed detention facility and storm sewers is $0.41 million. I-5 2. Regrading of the parking area and drive way located between 908 Boxwood Drive and 918 Boxwood Drive at an estimated capital cost of $0.05 million. 3. Installation of approximately 300 feet of 12 -inch diameter storm sewer from in front of 930 Boxwood Drive to the existing 18 -inch diameter storm sewer located on Boxwood Drive. Estimated capital cost to construct the proposed storm sewer is $0.07 million. 4. Installation of 12 -inch curb along the east side of East Road from Kensington Road to approximately 1,700 feet north of the intersection of Kensington Road and East Avenue. Estimated capital cost to construct the 12 -inch curb is $0.04 million. Location of recommended improvements in the Wheeling Road/Euclid Avenue Flooding Area are shown on Exhibit 3 and Exhibit 6. A summary of the recommended plan projected cost is given in Table I-1. It should be noted that Component 2 through Component 4 of the recommended plan consist of drainage improvements on private property. The Village should coordinate implementation of these components of the recommended plan with property owners in the area to* determine appropriate funding responsibilities and permitting of improvements. In addition to Component 2 through Component 4, rerouting of existing sump pump discharge locations, construction of area drains, and regrading of private property would improve drainage characteristics in private driveways, parking areas, and yards in the Wheeling Road/Euclid Avenue Flooding Area. However, because these improvements improve drainage on individual properties and do not improve the public sector drainage system, it is recommended that these improvements be implemented by property owners in the area. The Village should review all plans to improve drainage on I-6 Table I-1 VILLAGE OF MOUNT PROSPECT WHEELING ROAD/EUCLID AVENUE FLOODING AREA i f 'w" RECOMMENDED PLAN SUMMARY OF COST ESTIMATES 1/ Estimated Capital Cost Rrqggsed Improvements lio Detention Facilities $ 0.41 at Euclid School 908/918 Boxwood Drive Regrading of Parking Area $ 0.05 930 Boxwood Drive Installation of Storm Sewer $ 0.07 East Road Installation of 12 -inch curb 0.04 Total Estimated Capital Cost $ 0.57 1/ Estimated costs presented in Table I-1 are capital costs. Capital costs include a 17 percent factor for engineering and administrative costs and a ten percent factor for contingency. I-7 private property to ensure they comply with Village codes and do not adversely affect adjacent properties. Recommendations fgr IMplemeptgltign Several recommendations are presented based on an evaluation of existing drainage systems and a cost effectiveness analysis of alternatives for improved flood control. These recommendations could be used as a plan of action to implement the proposed project. 1. The Board of Trustees for the Village of Mount Prospect should study and review the contents of the Wheeling Road/Euclid Avenue Area Stormwater Management Plan in detail. 2. After review and approval by the Village, the Stormwater Management Plan should be submitted to the Illinois Department of Transportation Division of Water Resources, and the Illinois Environmental Protection Agency. u 3. Preparation of construction plans and specifications for implementation of the recommended plan should be initiated. It is anticipated that construction of the recommended plan would be a substantially complete approximately 180 calendar days after authorization to prepare construction plans and specifications. A preliminary time table for implementing the recommended plan is given in Table I-2 Environmental Effects of the Recommended Plan Moderate disruption will be caused by implementation of the recommended plan. Construction of the project would create short-term traffic disruption, dust, erosion, and noise. The effects of this disruption would be minimized by careful planning. The frequency of damaging flooding will be reduced. Traffic and health hazards caused by the inundation of Wheeling Road in I-8 Table I-2 VILLAGE OF MOUNT PROSPECT WHEELING ROAD/EUCLID AVENUE FLOODING AREA PRELIMINARY PROJECT SCHEDULE Estimated Activity Completion Tim Completion of Plans and Specifications Start of Construction Completion of Construction I-9 60 days after award of design contract 30 days after completion of plans and specifications 90 days after start of construction front of Euclid School would be minimized following implementation of the recommended plan. A decrease in health risks associated with overland flooding will outweigh any commitment of resources or any short-term disruption within the Wheeling Road/Euclid Avenue Flooding Area. Discussions with the Illinois Environmental Protection Agency, the Illinois Department of Transportation and the Metropolitan Water Reclamation District of Greater Chicago indicate that the possibility of obtaining State or Federal grants (including "Build Illinois" monies) is improbable. At this time, it appears that the Village of Mount Prospect would require local funding in the form of a bond issue or financing from affected property owners to construct the recommended plan in the Wheeling Road/Euclid Avenue Flooding Area. I-10 Chapter II GENERAL BACKGROUND J One of the many important services that the Village of Mount Prospect performs as a public agency is to operate and maintain stormwater and wastewater collection systems. The stormwater I; drainage system provides the necessary function of collecting and conveying surface water to various stormwater management facilities and receiving streams while the wastewater collection system provides the vital service of collecting and conveying domestic, commercial, and industrial wastewater to various treatment systems. The Village of Mount Prospect stormwater and wastewater collection facilities include separate storm and sanitary sewers, combined sewers, open drainage channels, culverts, flow control structures, detention and retention facilities, and receiving streams. The Village of Mount Prospect storm drainage system transports stormwater flows generated within the Village boundaries as well as stormwater generated in the City of Prospect Heights and the Village of Arlington Heights. Stormwater conveyed by the separate stormwater system discharges into either Weller Creek, the Feehanville Ditch, McDonald Creek, or the Des Plaines River. Stormwater conveyed by the combined sewer system discharges into MWRDGC interceptors that are tributary to the MWRDGC O'Hare Wastewater Treatment Plant. When the MWRDGC interceptors become overloaded during or following rainfall events, combined flows are diverted into MWRDGC TARP facilities and conveyed to the O'Hare Wastewater Treatment Plant. Wastewater conveyed by the separate sanitary sewer system is also discharged into MWRDGC interceptors. Increased urbanization of the Village of Mount Prospect and surrounding area has resulted in greater volumes of stormwater and higher peak flow rates during storm events. The existing stormwater and wastewater collection systems have proven to be ZI-1 inadequate to handle storm events of low to moderate frequency resulting in street flooding, yard flooding, first floor elevation flooding, basement flooding, and overflowing drainage channels. On February 8, 1991 the Village of Mount Prospect entered into an agreement with RJN Environmental Associates, Inc. to perform a study of the Wheeling Road/Euclid Avenue flooding area. The general location of the flooding area is shown on Exhibit 1. The purpose of this study is to determine the behavior of the stormwater collection system in the Study Area and to present alternative strategies to reduce the frequency of flooding. The scope of this study consists of the following major components and activities: 1. Collection and review of existing data pertaining to existing drainage facilities, contour maps, soil types, flood plain data, reported flooding problems and previous flood control reports. 2. Computerized simulation of storm hydraulics and existing drainage facilities data. 3. Evaluation of existing drainage facilities for adequacy during selected storm events. 4. Development and analysis of various alternatives for providing an increased level of flood protection. 5. Determination of the most practical level of storm protection. 6. Recommendation of a plan for increased flood protection. 7. Preparation of preliminary cost and scheduling for implementation of the recommended plan. II -2 The Village of Mount Prospect is located in Cook County, Illinois approximately eight miles northwest of the City of Chicago. Mount Prospect is bordered by the City of Prospect Heights on the north, the Village of Arlington Heights on the west, the Village of Elk Grove Village on the south, and the City of Des Plaines and the Des Plaines River on the east. The Wheeling Road/Euclid Avenue Flooding Area is located just east of the Randhurst Shopping Center and is bounded on the north by Euclid Avenue, on the east by a ridge line just east of Wheeling Road, on the south by Kensington Road (Foundry Road) and on the west by East Road. The Study Area consists of approximately 53 acres. Land use in the Study Area is predominantly multi -family with some single family and commercial properties. The surface drainage system is comprised predominantly of curb and gutter streets collecting and diverting surface runoff into separate storm sewers. The Wheeling Road/Euclid Avenue Flooding Area has three separate storm sewer systems. For purposes of this report, the Study Area was divided into three drainage areas based on the area tributary to each of the three separate storm sewer systems. A brief description of each drainage area is given in the following paragraphs. Drgingge Area No. Drainage Area No. 1 is comprised of approximately 14 acres and is located in the northern portion of the Study Area. It is bounded on the north by Euclid Avenue, on the east by a north - south ridge line just east of Wheeling Road, on the south by Drainage Area No. 2 and Drainage Area No. 3 and on the west by East Road. Land use in this area is predominantly multi -family with some commercial properties. Euclid School is also located in this area. Surface runoff generated in this area is conveyed by storm sewers ranging from 12 -inches to 36 -inches in diameter north to a II -3 storm sewer interceptor located along Euclid Avenue, hereinafter referred to as the Euclid Avenue interceptor. The Euclid Avenue interceptor conveys stormwater in an easterly direction eventually discharging into the McDonald Creek. Surface runoff that is not conveyed out Drainage Area No. 1 by the existing storm sewer system is generally routed overland to a low area with an elevation of approximately 655.6 feet on the National Geodetic Vertial Datum of 1929 (NGVD) on Wheeling Road in front of Euclid School between Cedar Lane and Euclid Avenue. Drainage Area Ng,,2 Drainage Area No. 2 is located in the central portion of the Study Area and is bounded on the north by Drainage Area No. 1, on the east by a ridge line located just east of Wheeling Road, on the south by Greenwood Drive and Drainage Area No. 3, and on the west by approximately Boxwood Drive. Drainage Area No. 2 consists of approximately 17 acres of predominantly multi -family and single family properties. Surface runoff generated in this area is collected and conveyed by storm sewers ranging from 15 -inches to 27 -inches in diameter east to a storm sewer interceptor at Cedar Lane, hereinafter referred to as the Cedar Lane interceptor. The Cedar Lane interceptor conveys stormwater in an easterly direction eventually discharging into McDonald Creek. Surface runoff that is not conveyed out of Drainage Area No. 2 by the existing storm sewer system is generally routed overland to the low area in Drainage Area No. 1 on Wheeling Road in front of Euclid School between Cedar Lane and Euclid Avenue. prginage Area Ng, 3 Drainage Area No. 3 is located in the southern portion of the Study Area and is bounded on the north by Drainage Area No. 1 and Drainage Area No. 2, on the east by a ridge line located just east of Wheeling Road, on the south by Kensington Road (Foundry Road) and on the west by East Road. Drainage Area No. 3 consists of II -4 approximately 22 acres and is predominantly multi -family with some single family residential properties. Surface runoff produced in this area is collected and conveyed in a southerly direction by storm sewers ranging from 8 -inches to 30 -inches in diameter to a storm sewer interceptor at the intersection of Kensington Road and Wheeling Road, hereinafter referred to as the Wheeling Road interceptor. The Wheeling Road interceptor conveys stormwater south from Kensington Road to the Feehanville Ditch. Surface runoff not collected and conveyed by 1 the existing storm sewer system north of Dogwood Lane in Drainage Area No. 3 is routed overland to the low area located in Drainage Area No. 1 in front of Euclid School. Surface runoff not collected and conveyed by the existing storm sewer system south of Dogwood Lane in Drainage Area No. 3 is generally routed overland in a southerly direction to Kensington Road and eventually to the Feehanville Ditch. The general location of Drainage Area No. 1 through Drainage Area No. 3 and their corresponding storm sewer systems are shown on Exhibit 2. II -5 Chapter III EVALUATION OF THE EXISTING SYSTEM { To determine improvements required to provide increased flood protection, it is necessary to first establish the extent of flood protection provided by the existing stormwater facilities. To evaluate the level of flood protection currently i provided by the existing facilities, the following tasks were !� performed: 1. Analysis of Existing Data 2. Field Investigations a. Topographic surveys b. Interviews with Village staff C. Discussions of previous flooding 3. Computer Evaluation of Localized Flooding a. Rainfall data used in modeling b. Physical characteristics C. Time of concentration 4. Evaluation of Flooding Areas Documents provided by Village of Mount Prospect personnel were reviewed. These documents included Village sewer atlases, topographic maps, and record drawings of existing stormwater drainage systems. ,► W;f I. Existing topographic maps, record drawings, and Village sewer atlases were reviewed to determine the boundary of the Study Area. In addition, existing records were used in conjunction with field surveys to verify high and low points in the system and confirm areas prone to flooding. Sewer atlases and record drawings were used as a basis for sizing the capacity of the existing drainage system. Invert elevations and the diameter of sewer segments critical to the analysis of the flooding areas were acquired or verified through field survey. Areas being considered for possible locations of detention facilities were investigated. Cross sections of open channels, streets, and low points on private property in areas affected by flooding were also surveyed. This information was used for modeling the existing system and in the analysis of various alternatives for reducing the magnitude and frequency of flooding. Based on discussions with Village staff and review of Village records, residents in the Wheeling Road/Euclid Avenue Flooding Area have been subjected to overland flooding of streets,yards, and parking areas. Flooding has been caused by insufficient capacity of local stormwater drainage facilities which significantly reduces conveyance to the Feehanville Ditch and McDonald Creek. To determine improvements required to provide increased flood protection, it is necessary to establish the level of protection provided by the existing facilities. Estimating stormwater runoff and wastewater flows, sizing the storm sewers, and determining drainage facility requirements depends on soil type, antecedent moisture conditions, topographic features, the density and type of buildings in the area tributary to the " conveyance system, and the intensity, duration and frequency of rainfall. All of these factors have an impact on the rate and - 111 -2 volume of flows entering a conveyance system. Values selected for these factors were based on local conditions within the flooding area. The flooding area investigated in this study was evaluated to establish existing levels of protection and to determine peak runoff rates generated in the system for specific recurrence interval storms. Storm events of 5 -year, 10 -year, 25 -year, and 50 -year recurrence intervals (frequency) were modeled to determine existing levels of protection in each area. The analysis and behavior of the existing separate storm sewer system in the Wheeling Road/Euclid Avenue Flooding Area was performed using the Illinois Urban Drainage Area Simulator (ILLUDAS). This model addresses urban hydrology for small watersheds similar to the Wheeling Road/Euclid Avenue Flooding Area. The ILLUDAS model has an advantage over the manual "Rational Method" because it has the ability to compute runoff over a period of time enabling both peak flows and storage volumes to be determined. mmm r. MO MOORM Rainfall intensity varies by location and is expressed in inches per hour. As mentioned previously, the Wheeling Road/Euclid Avenue Flooding Area was evaluated for storm events of 5 -year, 10 -year, 25 -year, and 50 -year recurrence intervals. The recurrence interval of a rainfall event is an average period of time for a rainfall of a given intensity and duration to be equalled or exceeded only once. For example, a 2 -year storm of a given duration would have an intensity which would, on the average, be equaled or exceeded only once in two years. This does not mean that it will occur only once every two years, or having occurred that it will not occur again for two years. It does imply that measured over a period of time, the magnitude of a 5 -year storm event would occur 20 times in 100 years. Rainfall data used in this study was obtained from Technical Bulletin III -3 No. 70 prepared by the Illinois State Water Survey. The relationship between rainfall and storm frequencies used in this study is given in Table III -1. Physical data applicable to modeling each flooding area was I'( obtained from existing maps, studies, and field survey 1 activities. Drainage basin characteristics including drainage area size, surface slope, surface conditions and type, imperviousness, effective drainage patterns, and other topographic information were measured to determine peak runoff rates and volumes. Measurements were obtained from field survey activities conducted by RJN Environmental personnel and review of existing topographic maps provided by Village staff. Pertinent record drawings of the existing sewer systems, provided by Village personnel, were also reviewed to establish the conveyance capacity of existing sewer systems. Data requirements for analysis included the following: 1. Drainage Area 2. Slope of Paved and Grassed Area 3. Percent of Directly Connected Paved and Rooftop Area 4. Percent of Indirectly Connected Paved and Rooftop Area 5. Percent of Grassed Area 6. Building Type and Quantity 7. Soil Type 8. Antecedent Moisture Condition 9. Pipe Characteristics (Size and Slope) 10. Rainfall Distribution Patterns 11. Resistance Factor (Mannings "n" Values) III -4 Table III -1 VILLAGE OF MOUNT PROSPECT RELATIONSHIP OF RAINFALL AND STORM RECURRENCE INTERVAL Storm Rainfall Recurrence Rainfall for 1/ for 1 -Hour Interval 30 -Minute Storm Storm 1/ (Years) (inches) (inches) 2 1.12 1.43 5 1.41 1.79 10 1.65 2.10 25 2.04 2.59 50 2.39 3.04 1/ Frequency Distribution and Hydroclimatic Characteristcis of Heavy Rainstorms in Illinois, Bulletin 70, by Floyd A. Huff and James R. Angel, Illinois State Water Survey, 1989, Table 13. III -5 A summary of the key characteristics determined for the Study Area is given in Table III -2. 1 Time of concentration of a stormwater conveyance system is an important parameter when determining peak runoff rates in a drainage t area. Time of concentration is the time required for flow from the most remote part of a drainage area to reach the drainage area's outlet or discharge location. The existing stormwater conveyance system in the Wheeling Road/ Euclid Avenue Flooding Area is comprised of curb and gutter streets and open ditches which collect and divert stormwater generated by approximately 53 acres into separate storm sewers that range in size from 8 -inches to 30 -inches in diameter. Stormwater collected in this area is discharged into the McDonald Creek and Feehanville Ditch. The capacities of the storm sewers in this area range from approximately 2 to 53 cfs (cubic feet per second) . Localized Flooding: Based on discussions with Village staff, residents of the area, and review of available information, flooding in the Wheeling Road/Euclid Avenue Flooding Area occurs in several locations. The most pronounced flooding occurs in a low area located in Drainage Area No. 1 in front of Euclid School on Wheeling Road between Cedar Lane and Euclid Avenue. Flooding in this area has caused Wheeling Road to become impassable and the yard in front of Euclid School to become inundated. Flooding has also been reported in the southwest corner of Drainage Area No. 3, causing yards and parking areas to become inundated. III -6 Table III -2 VILLAGE OF MOUNT PROSPECT WHEELING ROAD/ELUCLID AVENUE FLOODING AREA SUMMARY OF EXISTING FLOODING AREA CHARACTERISTICS Drainage Area (acres) 53 Predominant Soil C Group Antecedent Moisture 3 Condition Directly Connected Paved 42 Area (percent) Paved Area Not Directly 13 Connected (percent) P ) Grassed Area (percent) 45 Predominant Building Multi -family Type 1/ Hydrological Soil Group C. Soils having slow infiltration rates (may have a layer that impedes downward movement of water) . ILLUDAS antecedent moisture condition No. 3 "rater wet". Total rainfall during five days preceding storm is in the range of 0.5 inches to 1.0 inches. III -7 Evaluation of Flooding Area: Modeling indicates that without overland conveyance, the existing storm sewer system has insufficient capacity to convey flow generated by a 2 -year frequency, 30 -minute duration (1.12 inches of rainfall in 30 minutes) storm event. Based on analysis, flooding would occur in the low area on Wheeling Road across from Euclid School in Drainage Area No. 1 following a 2 -year recurrence interval, 30 -minutes duration or greater storm event. Flooding would also occur as surface runoff collects in yards and parking areas of several multi -family buildings located in the southwest corner of Drainage Area No. 3. Flooding in this area is aggravated by a low curb on East Road which allows runoff from the Randhurst Shopping Center area to be diverted into Drainage Area No. 3. Modeling did not indicate that damaging flooding would occur in Drainage Area No. 2 as a result of insufficient capacity of the existing Village storm sewer system if overland conveyance of stormwater on streets was considered. However, evaluation of the Study Area indicated that ponding of stormwater in private parking lots, private driveways, and open areas between buildings occurs in all three drainage areas. Ponding of stormwater in these areas cause nuisance flooding and can lead to damaging flooding during or following moderate to severe storm events. Several locations where flooding has been reported or is expected to occur based on evaluation of the Study Area including the low area in Drainage Area No. 1 are shown in Appendix A. III -8 Chapter IV ANALYSIS OF ALTERNATIVES The primary goal of the Wheeling Road/Euclid Avenue Stormwater Management Study is to provide control of stormwater runoff to minimize inconvenience or disruption of normal daily activities that occur as a result of excessive street flooding and manhole overflows. Another goal is to prevent or minimize hazards to life. This chapter describes the identification and development of alternatives for achieving improved flood control. Several objectives must be met before an alternative can be considered feasible. These objectives include ability to reliably provide a desired level of performance, cost-effectiveness, and minimal adverse social, economic, and environmental impact. Consideration of these objectives allows for analysis of a large number of stormwater management concepts and proportions the level of detail that must be undertaken to evaluate a concept's potential for selection as a viable solution to reduce flooding in an area. A brief discussion of each of the stormwater management concepts considered in this study is presented in the following section. Effective stormwater management is the primary goal of this study. A variety of methods can be used to effectively control peak runoff and reduce local as well as downstream flooding. An initial evaluation process is necessary to reduce the large number of possible stormwater management methods available. Several stormwater management concepts can be eliminated because of technical limitations. Others may be eliminated because of cost considerations or the inability to achieve a desired objective. IV -1 Stormwater management concepts considered in this study included parking lot detention and street storage, rooftop detention, surface detention (detention ponds), underground storage, and construction of relief sewers. A brief discussion of the stormwater management concepts considered in this study is given in the following paragraphs. ► wLIM E*I#1. .. , ".. .• N - The peak runoff released in an urban area can be reduced by detaining rainfall on paved surfaces such as parking lots and t streets and on flat roofs specifically designed for storage of stormwater. Parking lots and flat roofs are common in industrial, commercial, and multi -family (apartment) areas. The advantages to storing rainfall in parking lots and on streets and rooftops is that detention is provided using existing facilities without significantly inconveniencing pedestrians or motorists. In most cases, an acceptable depth of storage is 6 to 12 inches. Potential problems associated with parking lot detention, street storage, and rooftop detention include increased maintenance for removal of debris and.ice. These problems could result in damage to the parking lots, streets, and rooftops. In addition, rooftop detention includes an increased risk of leakage that could result in serious building damage. Currently, available parking lot detention, street storage, and rooftop detention in the Study Area would not detain enough stormwater to significantly reduce flooding in the low area on Wheeling Road in front of Euclid School without significant regrading of the Study Area or improvements to existing buildings. Based on past experience, costs associated with the regrading required to effectively implement street storage and parking lot detention in the Study Area is prohibitive. For this reason, parking lot detention, street storage, and rooftop detention are not considered viable alternatives to reduce public sector flooding in the Study Area and will not be considered further. IV -2 Congtructign of gelieewej:s Construction of relief sewers is a commonly used approach to reducing flooding in an existing developed area. The conveyance capacity of the existing sewer system would be increased through jreplacement of undersized sewers or construction of parallel relief sewers. Flooding in an area would be reduced because of dl the increased conveyance capacity of the sewer system. Parallel relief sewers would be utilized whenever possible because they are typically less expensive to construct than complete replacement sewers. Implementation of a relief sewer alternative would minimize disruption to the public with limited work on private property. p In addition, replacement of existing undersized sewers or construction of parallel relief sewers is generally cost- effective in developed areas with separate storm sewer systems. r For these reasons, construction of relief sewers will be considered further in the evaluation of alternatives to reduce flooding in this study. Surface Detention and ITanade round oto Detaining stormwater through surface detention or underground storage would consist of constructing detention facilities that would detain flow conveyed by a sewer system or receiving stream at specific locations in a drainage area to reduce the peak rate of flow impacting the existing downstream stormwater conveyance system. Reducing the peak flow rate would result in minimizing or eliminating improvements to the existing downstream stormwater conveyance system required to provide a desired level of protection against flooding. Surface detention would consist of constructing an above- ground detention facility (detention pond) to detain stormwater being conveyed by a separate storm or sewer system. Underground storage would consist of construction of reinforced concrete storage tanks beneath streets, vacant lots, school yards, or IV -3 municipal parks and recreation areas. An advantage of underground storage when compared to surface detention is that it is an effective means of reducing the hydraulic load on a downstream conveyance system without disrupting normal long-term usage of streets, parks, school yards, and recreational areas. Disadvantages of underground storage include high construction costs, and potential maintenance and operation problems resulting from sedimentation in the underground storage tank. Surface detention and underground storage are considered viable solutions for reducing flooding in the Study Area and will be evaluated further. +! • Several alternatives were formulated for evaluation of flooding in the low area on Wheeling Avenue in front of Euclid School in Drainage Area No. 1. Evaluation of each alternative is presented in the following sections. Three alternatives including increasing conveyance capacity through construction of relief storm sewers, construction of an above ground detention facility, and construction of an underground detention facility were considered for reducing the magnitude and frequency of flooding on Wheeling Road in front of Euclid School. A brief discussion of each alternative is given in the following paragraphs. praingge &tell Ng, I AltgrnativeSurface Detention at Euclid School Alternative A consists of providing an increased level of flood protection in the Wheeling Road/Euclid Avenue Flooding Area through construction of a detention facility at Euclid School. Implementation of Alternative A would require construction of a IV -4 detention basin at Euclid School, construction of relief storm sewers, and construction of a side flow weir structure. A brief discussion of the components required to implement Alternative A is given in the following paragraphs. Proposed Detention Basin at Euclid School: Euclid School is located east of Wheeling Road and south of Euclid Avenue. r Approximately 3.5 acres of the school property could be used as a detention facility. Construction of a detention basin at Euclid School would allow surface runoff to be diverted from the existing stormwater conveyance system's lowest elevation reducing the magnitude and frequency of flooding in the area. The proposed detention facility would be a dry bottom basin approximately four feet deep. A side flow weir would be installed on the north side of the basin to minimize the depth of the basin. The size of the sideflow weir and detention basin area are dependent on the desired level of protection against flooding. In order to adequately drain the detention basin after rain events an underdrain system would be installed below the entire bottom of the detention basin. A summary of the detention volume required at Euclid School for various storm events is given in Table IV -1. Proposed Relief Sewer: To divert stormwater runoff to the proposed detention facility, it is necessary to construct approximately 500 feet of relief sewer from the low area on Wheeling Road east to Euclid School property. The size of this relief sewer is dependent on the desired level of protection. Approximately 350 feet of 8 -inch diameter storm sewer would also be required to convey flows out of the proposed detention facility. This storm sewer would be routed south along an existing easement between two houses on Cedar Road to the existing storm sewer system on Cedar Road. To prevent the existing sewer on Euclid Avenue from backing up into the low area on Wheeling Road in Drainage Area No. 1 it is also recommended that a backwater control structure be installed on the existing 15 -inch diameter storm sewer conveying IV -5 Table IV -1 VILLAGE OF MOUNT PROSPECT WHEELING ROAD/EUCLID AVENUE FLOODING AREA DRAINAGE AREA NO. 1 REQUIRED DETENTION VOLUMES AT VARIOUS STORM RECURRENCE INTERVALS Storm Recurrence Interval Required Detention Volume 1/ (Years) (acre -ft) 5 1.3 10 1.9 25 3.0 50 4.1 IV -6 stormwater out of Drainage Area No. 1 to the Euclid Avenue interceptor. The estimated capital cost to implement Alternative A in Drainage Area No. 1 ranges from $0.30 million for a 5 -year level of protection to $0.47 million for a 50 -year level of protection. Preliminary cost estimates for implementing Alternative A at various levels of protection are given in Table IV -2. The location of proposed improvements included in Alternative A are shown on Exhibit 3. ra" a ea o Alternative B- Un e d ormwate Detenti,on,Eacilitigs Alternative B is similar to Alternative A except that the proposed detention facility would be located underground. Implementation of Alternative B would require construction of an underground detention facility and construction of pumping facilities to convey stormwater out of the detention facility into the existing storm sewer system. The proposed underground detention facility would be constructed of concrete and would require mixing and aeration equipment to keep solids suspended. The size of the underground detention facility would vary with the level of protection desired. A summary of the underground detention volume required for various storm events is given in Table IV -1. Pumping facilities required would include several submersible pumps, a force main, separate power supply, and telementary connected to the Village's Department of Public Works capable of transmitting high water level and power outage alarms. The estimated capital cost to implement Alternative B ranges from $0.76 million for a 5 -year level of protection to $1.75 million for a 50 -year level of protection. Preliminary cost estimates for implementing Alternative B at various levels of IV -7 Table IV -2 VILLAGE OF MOUNT PROSPECT WHEELING ROAD/EUCLID AVENUE FLOODING AREA DRAINAGE AREA NO. 1 SUMMARY OF ALTERNATIVE COST ESTIMATES 1/ 1/ Estimated costs presented in Table IV -1 are capital costs. Capital Costs include a 17 percent factor for engineering and administrative costs and a ten percent factor for contingency. IV -8 Alternate A Alternative B Alternative C Storm Increased Detention at Underground Frequency Conveyance Euclid School Detention ions ions io s 5 1.92 0.23 0.76 10 2.13 0.27 0.79 25 2.34 0.31 1.37 50 2.62 0.36 1.75 1/ Estimated costs presented in Table IV -1 are capital costs. Capital Costs include a 17 percent factor for engineering and administrative costs and a ten percent factor for contingency. IV -8 protection are given in Table IV -2. Locations of proposed improvements in Wheeling Road/Euclid Avenue Flooding Area included in Alternative B are shown on Exhibit 4. Alternative C consists of providing an increased level of protection against overland flooding in the low area on Wheeling Road in front of Euclid School by increasing the capacity of the existing stormwater system to collect and convey surface runoff to McDonald Creek through construction of parallel relief storm Implementation of this alternative would include construction of approximately 5,500 feet of relief storm sewer north along Wheeling Road from the low area on Wheeling Road across from Euclid School to Euclid Avenue and then east along Euclid Avenue to McDonald Creek. Construction of new inlets on Wheeling Road would be required. The size of the relief sewer is dependent on the desired level of protection. The estimated capital cost to implement Alternative C in Drainage Area No. 1 ranges from $1.92 million for a 5 -year level of protection to $2.62 million for a 50 -year level of protection. Preliminary cost estimates for implementing Alternative C at various levels of protection are presented in Table IV -2. Locations of proposed improvements for Alternative C are shown on Exhibit 5. In addition to the three alternatives presented above, conveyance of surface runoff from the low area in Drainage Area No. 1 to the creek located on the north side of Euclid Avenue in the Rob Roy Country Club golf course was considered. This alternative was not considered viable because there is not enough difference in elevation between the bottom of the creek channel and the low area on Wheeling Road in front of Euclid School to construct a gravity storm sewer to the creek. IV -9 Based on the results of modeling and evaluation of field data, flooding in Drainage Area No. 2 is not caused by insufficient capacity of the Village's existing storm sewer system if overland conveyance is considered. A significant portion of the surface flooding {ponding} in Drainage Area No. 2 could be alleviated through regrading or installation of area drains on private property. The types of improvements required in Drainage Area No. 2, including regrading and installation of area drains, would generally reduce flooding in small localized areas on private property such as yards and parking areas. These types of improvements are typically the responsibility of individual property owners because they do not reduce the magnitude and frequency of flooding in the public sector portion of the Village. Therefore, detailed recommendations for alleviating surface flooding in Drainage Area No. 2 are not included in this report. However, it is recommended that the Village review any planned regrading or area drain construction in this area prior to its implementation to ensure that construction methods comply with Village codes and that any planned improvements do not adversely affect adjacent properties. Based on the results of the modeling and evaluation of field data, flooding in Drainage Area No. 3 is not caused by insufficient capacity of the Village's existing storm sewer system to convey surface runoff out of the area if overload conveyance on streets is considered. A significant portion of „ the surface flooding in the area could be alleviated by regrading or installing area drains in private property. a The types of improvements required in Drainage Area No. 3 are similar to those required in Drainage Area No. 2 and are generally the responsibility of property owners in the area. IV -10 However, overland flooding in the southwest corner of the drainage area is relatively widespread and warrants development of detailed recommendations. A brief discussion of the recommendations developed for this area is given in the following i paragraphs. The area warranting detailed recommendations in the southwest corner of Drainage Area No. 3 consists of approximately "k 9.1 acres and is bounded on the south by Kensington Road, on the west by East Road, on the north by Boxwood Drive, and on the east 1 by aparments 900 Boxwood Drive through 908 Boxwood Drive. Prior to approximately 1978 an area of approximately 3.5 acres in the southwest corner of Drainage Area No. 3 was undeveloped. Runoff generated by a portion of Drainage Area No. 3 north of the undeveloped property was conveyed overland through the undeveloped area and eventually to Kensington Road. In approximately 1978 the 3.5 acre open area was developed into the Kensington Commons and regarding was performed. This regrading resulted in reducing overland conveyance from adjacent properties just north of Kensington Commons to Kensington Road causing flooding in yards and parking areas. The magnitude of flooding in this area could be reduced by constructing approximately 300 feet of storm sewers and inlets from a low area in front of 930 Boxwood Drive north to an existing 18 -inch diameter storm sewer on Boxwood Drive and k regrading of the parking area between 908 Boxwood Drive and 918 Boxwood Drive. The estimated capital cost to construct these sewers and regrade the parking area is approximately $0.12 million. M° In addition to runoff generated in Drainage Area No. 3, a low curb along the east side of East Road allows runoff from a portion of East Road and the Randhurst Shopping Center parking area to enter Drainage Area No. 3 aggravating flooding conditions in the area. Runoff from East Road and the Randhurst Shopping Center parking area currently entering Drainage Area No. 3 could be diverted to the intersection of East Road and Kensington Road through construction of approximately 1,700 feet of 12 -inch curb IV -11 along the east side of East Road. Drainage patterns on the east side of the proposed curb will continue to flow over land to Boxwood Drive and will not result in flooding of properties in Drainage Area No. 3. The estimated cost to construct the 1,700 feet of curb is $0.04 million. A summary of the capital costs to construct the new storm sewer and 1,700 feet of curb in Drainage Area No. 3 is given in Table IV -3. Locations of these improvements are shown on Exhibit 6. I It should be noted that the improvements discussed to alleviate flooding in Drainage Area No. 3 are on private property. It is recommended that prior to implementation, the Village discuss and coordinate any improvements in Drainage Area No. 3 with existing property owners to determine responsibilities for implementing the improvements. h9elggting" tical Level" for Storm Protection The primary purpose of a drainage system is to provide control of stormwater and wastewater to eliminate or minimize property damage and disruption of normal daily activities that can occur as a result of street flooding, ponding, sewer surcharge, manhole overflows, and basement back-ups. The magnitude of runoff generated by a storm event of a given duration increases as the storm frequency expressed in years increases. Selection of a storm even to improve flood protection involves consideration of how much property damage is tolerable, how often disruption of normal activities is tolerable, and whether control of that storm is economically justifiable. It also depends on intangible factors such as aesthetic priorities and public willingness to pay for a desired level of protection. The selection of storm protection level, therefore, depends on a comparison of benefits desired for protection against a particular storm to the cost to provide protection for that storm. It is not possible, within the context of this study, to assign a monetary benefit to reduction IV -12 Table IV -3 VILLAGE OF MOUNT PROSPECT WHEELING ROAD/EUCLID AVENUE FLOODING AREA DRAINAGE AREA NO. 3 SUMMARY OF COST ESTIMATES 1/ Estimated Capital Cost Progosed ImproyeLmgnt Million 930 Boxwood Drive Installation of Storm Sewer $ 0.07 908/918 Boxwood drive Regrading of Parking Area 0.05 East Road Installation of 12 -inch curb Q,Q4 Total Estimated Capital Cost $ 0.16 1/ Estimated costs presented in table IV -3 are capital costs. Capital costs include a 17 percent factor for engineering and administrative costs and a ten percent factor for contingency n .l IV -13 4 1 in stormwater flooding. Based on review of the difference in cost to increase the level of protection in an area from one level to the next and 1 i considering Village concerns, the recommended level of protection in the Wheeling Road/Euclid Avenue Flooding area is a 25-year level of protection for the low area on Wheeling Road in front of Euclid School in Drainage Area No. 1. IV -14 Chapter V RECOMMENDATIONS After review of alternative solutions, a recommended plan to provide a 25 -year level of protection against flooding in the low i area on Wheeling Road across from Euclid School and to improve drainage characteristics in an area of approximately 9 acres in the southwestern corner of the Study Area was developed. Components of the recommended plan are presented below: 1. Construction of a 3.0 acre-foot dry bottom detention basin on Euclid School property including approximately 500 feet of 42 -inch diameter storm sewer to convey runoff from the low area on Wheeling Road to the proposed detention basin and 350 feet of 8 -inch diameter storm sewer to release stormwater detained in the basin at a rate of 0.15 cfs per acre into the existing 27 -inch diameter storm sewer on Cedar Lane. Estimated capital cost to construct the proposed detention facility and storm sewers is $0.41 million. 2. Regrading of the parking area and driveway located between 908 Boxwood Drive and 918 Boxwood Drive at an estimated capital cost of $0.05 million. 3. Installation of approximately 300 feet of 12 -inch diameter storm sewer from in front of 930 Boxwood Drive to the existing 18 -inch diameter storm sewer located on Boxwood Drive. Estimated capital cost to construct the proposed storm sewer is $0.07 million. 4. Installation of 12 -inch curb along the east side of East Road from Kensington Road to approximately 1,700 feet north of the intersection of Kensington Road and East Avenue. Estimated capital cost to construct the 12 -inch curb is $0.04 million. V-1 Location of recommended improvements in the Wheeling Road/Euclid Avenue Flooding Area are shown on Exhibit 3 and Exhibit 6. A summary of the recommended plan projected costs is given in Table V-1. It should be noted that Component 2 through Component 4 of the recommended plan consist of drainage improvements on private property. The Village should coordinate implementation of these components of the recommended plan with property owners in the area to determine appropriate funding responsibilities and permitting of improvements. In addition to Component 2 through Component 4, rerouting of existing sump pump discharge locations, construction of area drains, and regrading of private property would improve drainage characteristics in private drives, parking area, and yards in the Wheeling Road/Euclid Avenue Flooding area. However, because these improvements improve drainage on individual properties and do not improve the public sector drainage system, it is recommended that these improvements be implemented by property owners in the area. The Village should review all plans to improve drainage on private property to ensure they comply with Village codes and do not adversely affect adjacent properties. IMPIeMgntatiop of the Recommended Plan Implementation of the recommended plan in the Wheeling Road/Euclid Avenue Flooding Area will require coordination with and cooperation from property owners in the area and from Euclid School officials. It is anticipated that the recommended plan could be substantially complete within approximately 180 calendar days after authorization by the Village to proceed with development of construction plans and specifications. A preliminary implementation schedule is given in Table V-2. V-2 Table V-1 VILLAGE OF MOUNT PROSPECT WHEELING ROAD/EUCLID AVENUE FLOODING AREA RECOMMENDED PLAN SUMMARY OF COST ESTIMATES 1/ Estimated Capital Cost Proposed o eme tmillion). Detention Facilities $0.41 at Euclid School 908/918 Boxwood Drive Regrading of Parking Area 0.05 930 Boxwood Drive Installation of Storm Sewer 0.07 East Road Installation of 12 -inch curb -Q,Q4 Total Estimated Capital Cost $ 0.57 1/ Estimated costs presented in Table V-1 are capital costs. Capital costs include a 17 percent factor for engineering and administrative costs and a ten percent factor for contingency. V-3 Table V-2 VILLAGE OF MOUNT PROSPECT WHEELING ROAD/EUCLID AVENUE FLOODING AREA PRELIMINARY PROJECT SCHEDULE Estimated Activity completion Tm Completion of Plans and Specifications Start of Construction Completion of Construction V-4 60 days after award of design contract 30 days after completion of plans and specifications 90 days after start of construction Environmental Effects of thg Recommended. Plan Moderate disruption will be caused by implementation of the recommended plan. Construction of the project would create short-term traffic disruption, dust, erosion, and noise. The I effects of this disruption would be minimized by careful planning. The frequency of damaging flooding will be reduced. Traffic and health hazards caused by the inundation of Wheeling Road in front of Euclid School would be minimized following implementation of the recommended plan. A decrease in health risks associated with overland flooding will outweigh any commitment of resources or any short-term disruption within the Wheeling Road/Euclid Avenue Flooding Area. Financial Considerations Discussions with the Illinois Environmental Protection Agency and the Illinois Department of Transportation and the Metropolitan Water Reclamation District of Greater Chicago indicate that the possibility of obtaining State or Federal grants (including "Build Illinois" monies) is improbable. At this time, it appears that the Village of Mount Prospect would require local funding in the form of a bond issue or financing from affected property owners to construct the recommended plan in the Wheeling Road/Euclid Avenue Flooding Area. V-5 EXHIBITS L7 Wheeling Road/Euclid Avenue Stormwater Management Study Low area on Wheeling Road across from Euclid School -looking north. Proposed detention site behind Euclid School -looking northeast, i:1 o IN iup.pl Low curb along East Road -looking south. D Wheeling Road/Euclid Avenue Stormwater Management Study Low area in parking lot just north of new development on Kensington Road -looking south. New development at 410 Kensington Road -looking north. Wheeling Road/Euclid Avenue Stormwater Management Study Sump pump drainagee nes i 1248 Boxwood Drive -looking east. Grading near 1125 Boxwood Drive- looking southeast. Phone: 708 / 3J2-6000 Fax: 708 / 392-6022 September 4, 1991 Mayor Gerald L. Farley Members of the Board of Trustees Village Manager John Fulton Dixon Village of Mount Prospect, Illinois The Comprehensive ,annual Financial Report of the Village of Mount Prospect, Illinois, for the fiscal year ended April 30, 1991 is submitted herewith. This report represents a. comprehensive and detailed picture of the Village's financial activities during the 1990/' 1991. fiscal year and the financial condition of the various funds at April 30, 1991. Although formally addressed to you, this financial report has many users. Foremost among these are the citizens of Mount Prospect, with other users being bond rating companies, educational institutions and various government agencies. This report will also be submitted to the Government Finance Officers Association of the United States and Canada for evaluation in the Certificate of Achievement for Excellence in Financial Reporting program. Responsibility for both the accuracy of the data presented as well as the completeness and fairness of the presentation, including all disclosures, rests with the Village. We believe the data, as presented, is accurate in all material respects; that it is presented in a manner designed to fairly set forth the financial position of the Village and the results of its operations as measured by the financial activity of its various funds; and that all disclosures necessary to enable the reader to gain the maximum understanding of the Village's financial affairs have been included. The Comprehensive Annual Financial Report is presented in three sections: introductory, financial, and statistical. The introductory section includes, this transmittal letter„ the government's organizational chart and a list of principal officials. The financial section includes the general purpose financial statements and the combining„ individual fund and account group financial statements and schedules, as well as the independent auditor's report on the financial statements and schedules. The statistical section includes selected financial and demographic information, generally presented on a multiyear basis. KKi MAYOR ,E.RAL. J cARC.E" TRUSTEES 104RK, vV 6USSE GEORGE a ;:..C'JVE�> TiMCTH,, _„ORCORAN I- E C L:'' ROS PAUL /VV wCEFERT RVAhdA,< VVIL,KS Village of hAount Prospect VILLAGE MANAGER JCI^N F,—LT3N DIXON VMLAGE CLERK 100 S. Emerson Mount Prospect, Illinois 6005E �,aP,Cjt. A "FL.OS Phone: 708 / 3J2-6000 Fax: 708 / 392-6022 September 4, 1991 Mayor Gerald L. Farley Members of the Board of Trustees Village Manager John Fulton Dixon Village of Mount Prospect, Illinois The Comprehensive ,annual Financial Report of the Village of Mount Prospect, Illinois, for the fiscal year ended April 30, 1991 is submitted herewith. This report represents a. comprehensive and detailed picture of the Village's financial activities during the 1990/' 1991. fiscal year and the financial condition of the various funds at April 30, 1991. Although formally addressed to you, this financial report has many users. Foremost among these are the citizens of Mount Prospect, with other users being bond rating companies, educational institutions and various government agencies. This report will also be submitted to the Government Finance Officers Association of the United States and Canada for evaluation in the Certificate of Achievement for Excellence in Financial Reporting program. Responsibility for both the accuracy of the data presented as well as the completeness and fairness of the presentation, including all disclosures, rests with the Village. We believe the data, as presented, is accurate in all material respects; that it is presented in a manner designed to fairly set forth the financial position of the Village and the results of its operations as measured by the financial activity of its various funds; and that all disclosures necessary to enable the reader to gain the maximum understanding of the Village's financial affairs have been included. The Comprehensive Annual Financial Report is presented in three sections: introductory, financial, and statistical. The introductory section includes, this transmittal letter„ the government's organizational chart and a list of principal officials. The financial section includes the general purpose financial statements and the combining„ individual fund and account group financial statements and schedules, as well as the independent auditor's report on the financial statements and schedules. The statistical section includes selected financial and demographic information, generally presented on a multiyear basis. The Reporting Entity and its Services The Village of Mount Prospect was incorporated in 1917 and operates under the Board/Manager form of government. It is a home rule community as defined by the Illinois Constitution. Mount Prospect is located approximately twenty miles northwest of the City of Chicago in Cook County with a land area of 10.2 square miles and a population of 53,170 as of the 1990 census. The Village grew slowly from 1917 to 1.950 with the 1950 population totaling 4,009. By 1960, the Village's population had increased to 18,905, then almost doubling to 34,995 at the 1970 Census and leveling off at 52,634 at the 1980 Census. The 1990 Census figure is 53,170, The Village's most notable characteristics are its residential streets which are shaded by, more than 19,000 parkway trees; outstanding schools and parks; Randhurst Mall Shopping Center, the first under -one -roof retail complex of its kind; and the more recently developed Kensington Center for Business which consists of 300 acres of quality industrial and office buildings in a spacious park -like environment. For financial reporting purposes, this report includes all of the funds and account groups of the Village. It also includes all activities considered to be part of (controlled by or dependent on) the Village, as determined by the application of the criteria set forth in "Defining the Governmental Reporting Entity - GASB Codification Section 2100." (The criteria deal with existence as an organized entity, governmental character, and substantial autonomy.) Based on these criteria, the various funds and account groups shown in the Table of Contents make up the reporting entity. Included in the reporting entity are the Police Pension Employees Retirement System, the Firefighters' Pension Employees Retirement System, and the Mount Prospect Public Library. School District #26, District #57, District #59, High School District #214, Community College District #512, Mount Prospect Park District and River Trails Park District are excluded from the reporting entity. The aforementioned entities are separately governed taxing bodies and are not dependent on or controlled by the Village of Mount Prospect. The Village provides the full range of municipal services contemplated by statute or charter. These services include public safety, highways and streets, health and social services, refuse disposal, public improvements, planning and zoning, engineering and inspection, water and sewer utility service, and general administrative services. Accounting System and Budgetary Control The accounts of the Village are organized on the basis of funds and account groups, each of which is considered a separate accounting entity. The operations of each fund are accounted for with a separate set of self•balancing accounts that comprise its assets, liabilities, fund equity, revenues, and expenditures or expenses, as appropriate. Resources are allocated to and accounted for in individual funds based upon the purposes for which they are to be spent and the means by which spending activities are controlled. The Village's accounting records for general goverrunental operations are maintained on a modified accrual basis, with revenues being recorded when available and measurable and expenditures being recorded when the services or goods are received and the liabilities are incurred. Accounting records for the Village's enterprise funds, internal service funds and pension trust funds are maintained on the accrual basis. Fixed assets used in governmental fund type operations are accounted for in the General Fixed Assets Account Group rather than in the governmental funds themselves. Long term liabilities expected to be financed from governmental funds are accounted for in the General Lang -Term Debt Account Group, not in the governmental funds. The two account groups are not funds, they are concerned only with the measurement of financial position. They are not involved with measurement of results of operation. The Village of Mount Prospect has adopted sections 8-2-9.1, through and including sections 8-2-9.10 of Chapter 24 of the Illinois Devised Statutes providing for an annual municipal budget in lieu of the passage of an annual appropriation ordinance. Budgetary control is maintained by the use of encumbrance accounting under which purchase orders, contracts and other commitments for the expenditure of monies are recorded in order to reserve that portion of the applicable appropriation. Encumbrances outstanding at year end, if any, are reported as reservations of fund balances since they do not constitute expenditures or liabilities. General Governmental Operations Revenues and other financing sources for general governmental functions (the General, Special Revenue and Debt Service Funds) totalled $23,971,034 for the fiscal year ended April 30, 1991, an increase of $524,763, or 2.2% from the previous fiscal year. The amounts received from various sources and the amount and percentage of increases and decreases in relation to last year are shown below: Increase Percent Percent < Decrease > of Increase Amount RERW from 199 < Dgggases > v .1 Property Taxes $ 8,623,183 36.0% $.408,536 5.0% Sales Tax 5,897,182 24.6 114,769 2.0 Other Taxes - 966,499 4.0 _1MM 24.6 Total Taxes $15,486,864 64.6% $ 713,985 4.8% Licenses and Permits $ 1,876,570 7.8 $ < 143,549 > <7.1 > % Intergovernmental 4,224,734 17.7 < 337,187 > < 7.4 > Charges for Services 320,044 1.3 30,718 10.6 Fines and Forfeits 340,460 1.4 9,618 2.9 Interest 595,038 2.5 < 21,352 > < 3.5 > Miscellaneous 10� 4.5 4'4M 76.8 Total Revenues $23,913;909 99.8% $ 717,158 3.1% Qtber o.ea Operating Transfers In ___J7_,_1_25 0.2 < 192.395 > < 77.1 > Total Revenues and Other Sources 12= LjL4A7 .§a 2.2% Vi From the preceding summary it can be seen that Other Taxes and Miscellaneous show significant percentage increases and that Licenses and Permits and Intergovernmental show noteworthy decreases. The increase in Other "faxes reflects an increase from $1.00 per $1,000 to $3.00 per $1,000 in the Real Estate Transfer Tax and the increase in the Miscellaneous category is primarily due to a one-time reimbursement of $377,846 for a joint Village/County street project. The decrease in Licenses and Permits represents a decline from near peak levels of construction in the prior year and the decrease in Intergovernmen- tal is due to the recording of the State Income Tax Surcharge in a Capital Projects Fund in 1990/1991 rather than in the General Fund. The increase in Sales Tax is somewhat less than it has been in recent years and reflects a general slowdown in the economy. Expenditures and other financing uses for general governmental functions (the General, Special Revenue and Debt Service Funds) totaled $23,535,311, an increase of $1,226,906 or 5.5% over last year. Expenditures and other uses for major functions of the Village in comparison to last year are recorded as follows: Increase Percent Percent < Decrease > of Increase Amount of, Iolal _, "r m 19M < > f i General Government $ 1,629,270 6.9% $ < 62,346 > <3.7>% Public Safety 9,409,590 40.0 302,739 3.3 Highways & Streets 5,105,807 21.7 < 1,184 > < 0.1 > Health 2,116,301 9.0 263,450 14.2 Welfare 1,171,177 5.0 304,455 35.1 Culture & Recreation 2,287,169 9.7 404,858 21.5 Miscellaneous 677,270 2.9 63,017 10.3 Debt Service 1.081,02 4.6 _< 51.,W> <4.5> Total Expenditures $23,478,186 99.8% $1,223,706 5.5% Qtber,U�o Operating Transfers Out 57,125 0_2 3.200 5.9 Total Expenditures and Other Uses 2 535 1 1 2f < f 5.5% The relatively modest overall increase of 5.5% in Total Expenditures and Other Uses reflects a leveling off of expenditures for the General Governmental, Public Safety, Highways and Streets, and Debt Service functions. However, the Health, Welfare, Culture and Recreation, and Miscellaneous functions show significant increases. The Health function, which accounts for the Village's refuse pick-up and disposal and recycling costs, shows an increase of $263,450, or 14.2% over the previous year. This Vii amount can be attributed to the costs associated with a Village -wide recycling program and the increasing costs due to limited landfill locations. The Welfare category includes ongoing projects founded by Community Development Block Grants (CDBG) and the operations of the Village's Human Services Division. The extraordinary increase during the past year is the result of funding a $400,000 street improvement project with CDBG funds. The increase in Culture and Recreation reflects an expansion of services by the Mount Prospect Library, and the increase in the Miscellaneous category represents higher IMRF Pension and FICA contributions. Fund Balances of the General, Special Revenue and Debt Service Funds totaled $5,859,839 as of April 30, 1991. The balance of the General Fund stands at $3,003,754 with the Special Revenue and Debt Service Funds at $1,876,817 and $979,268, respectively. The Unreserved -Undesignated General Fund balance of $2,829,192 represents 15.5% of General Fund expenditures and other uses. Property Tax Information In Illinois, property taxes attach as an enforceable lien on January 1 of the tax year but are not billed and collected until the next calendar year. Tax bills for the Village of Mount Prospect are prepared by Cook County and issued on or about February 1 and August 1 and are payable on or about March 1 and September 1. The County collects such taxes and remits them periodically to the Village. Property taxes provide the largest single source for financing Village services. The 1990 tax levy amounted to $9,168,488 and the 1989 and 1988 levies were $8,791,210 and $8,142,834, respectively. Property tax collections for the 1989 levy were at the 99.0% level which is generally consistent with collection ratios over the past ten years. As a home rule community, the Village does not have a tax rate limit. Accordingly, the actual tax rate is dependent upon the amount of taxes levied and property valuations. Illinois statutes require property to be assessed at 33% of fair market value and to ensure equity in assessment practices, the Illinois Department of Revenue can add a multiplier to achieve the 33% level. In Mount Prospect, equalized assessed valuation (EAV) within the Village for 1990 totaled $775,783,364, an increase of 5.5% over the 1989 total of $735,079,199. Allocation of the property tax levy for 1990 and the two preceding years resulted in the following tax rates (rates per $100 equalized assessed valuation): $ .6579 .3498 .1122 .0561 .021 $ .7753 .3771 .1482 .0697 .0087 1990 Levu Purpose General Fund $ .6575 Special Revenue Funds .3606 Debt Service Funds .1052 Capital Projects Funds .0531 Trust and Agency Funds .0066 Total Village Tax Rate 1 $ .6579 .3498 .1122 .0561 .021 $ .7753 .3771 .1482 .0697 .0087 Starting in 1985, the tax levy for public libraries has been listed as a separate tax rate on individual property tax bills. The above rates for Special Revenue Funds include the rates for the fount 'Prospect Public library. The library rate for 1990 was $.2730 and for 1989. and 1988 it was $.2720 and $.2990, respectively. In addition to the general property tax levy for Village and library purposes, the Village has four special service areas which were created for financing improvements that were undertaken for the benefit of specific areas. Special Service Areas 1, 2, & 6 are relatively small in size. Special Service Area No. 5 includes approximately 75% of the Village and is being used to finance the fixed costs of a joint venture established to supply lake Michigan water to the Village. Following is a comparison of tax rates and tax levies for the special service areas for 1990 and 1989: Additional information regarding equalized assessed valuations, tax levies, tax rates and tax collections can be found in the Statistical Section on pages 148-151. Debt Administration Mount Prospect's bonded debt has been rated Aa by Moody's Investor Service, Inc. since 1973. That rating was confirmed for the Village's General Obligation Bonds, Series 1991 A and B which were sold on May 7, 1991. Bonds which are rated Aa are judged to be of high quality by all standards and are generally known as high grade bonds. The ratio of net bonded debt to assessed valuation and the amount of net bonded debt per capita are useful indicators of a municipality's debt position. This information is helpful not only to Village authorities, but also to citizens and investors in Village bonds. This data for the Village as of April 30, 1991 is as follows: Net general obligation debt $5,981,378 Ratio of debt to assessed value 0.8% Ratio of debt to actual value 0.3% Debt per capita 112.50 ix 1990 1989 Tex Rate Tax Le SSA No. 1 $.609 $ 21,000 $.713 $ 23,404 SSA No. 2 .720 23,362 .968 30,135 SSA No. 5 .249 1,637,750 .261 1,627,250 SSA No. 6 .761 32,550 .798 32,550 Additional information regarding equalized assessed valuations, tax levies, tax rates and tax collections can be found in the Statistical Section on pages 148-151. Debt Administration Mount Prospect's bonded debt has been rated Aa by Moody's Investor Service, Inc. since 1973. That rating was confirmed for the Village's General Obligation Bonds, Series 1991 A and B which were sold on May 7, 1991. Bonds which are rated Aa are judged to be of high quality by all standards and are generally known as high grade bonds. The ratio of net bonded debt to assessed valuation and the amount of net bonded debt per capita are useful indicators of a municipality's debt position. This information is helpful not only to Village authorities, but also to citizens and investors in Village bonds. This data for the Village as of April 30, 1991 is as follows: Net general obligation debt $5,981,378 Ratio of debt to assessed value 0.8% Ratio of debt to actual value 0.3% Debt per capita 112.50 ix Net general obligation debt of $5,981,378 is made up of total general obligation debt at April 30, 1991 of $6,960,646 less available fund balances of $979,268 as of the same date. These amounts, do not include $7,475,000 in general obligation bonds issued on May 7, 1991. Total debt of $2,240,000 to be retired from enterprise fund revenues consists of $1,690,000 in bonds which were issued as general obligation bunds and $550,000 in bonds issued as special service area bonds. The general obligation bonds include $1,365,000 of the 1987 Series B Bonds and $325,000 of Series 1988 Bonds. Bonds for Special Service Areas No. 1, 2, & 6 which are not a commitment of the Village or the Village's enterprise funds total $565,000. These bonds are not recorded as an obligation of the Village and are secured by the levy of an annual tax on the real property within the special service area. The Village acts as an agent for the property owners in levying and collecting the tax and forwarding the collections to the bondholders when principal and interest payments are due. Additional information regarding the Village's debt position may be found on pages 23 through 27 of Notes to the Financial Statements and in the Statistical Section, pages 153 through 157. Long-term debt schedules are included on pages 135 through 145. Capital Projects Funds Proceeds from general obligation bond issues, the special tax for capital improvements, and certain other revenues are recorded and accounted for in Capital Projects Funds. When the improvement projects are completed and/or equipment is obtained, the expenditures are normally capitalized in the General Fixed Asset Account Group. During the fiscal year ended April 30, 1991, the Village expended $294,121 for public improvements, $242,569 for property acquisition, and $209,527 for new equipment and equipment replacement and repair. Additionally, $455,000 from the Capital Improvement Fund was used for vehicle lease payments to the Vehicle Replacement Fund, an internal service fund. Water and Sewer System The Water and Sewer Fund recorded net income of $26,986 for the fiscal year that ended April 30, 1991. The financial condition of the Water and Sewer Fund continues to remain strong with net working capital amounting to $3,673,100 and unrestricted cash and investments totaling $3,019,238 as of April 30, 1991. The combined water and sewer rate of $2.50 per 1,000 gallons which had been in effect since May 1, 1989 was increased to $2.62 per 1,000 gallons on July 1, 1991. A rate study prepared in September 1990 indicated that rates will need to be increased approximately 5% per year to provide adequate operating revenues. Residential customers are billed on a bi-monthly cycle and commercial, industrial and institutional customers are billed on a monthly cycle. x The Village is one of seven members of the Northwest Suburban Municipal Joint Action "mater Agency ("Agency"), whose purpose is to supply Lake Michigan water to the member municipalities. Since January 1986, the Village has been receiving all of its water requirements for the Village system from the Agency. Please refer to Note 15.B on pages 5 through 41 of the Notes to the Financial Statements„ for further information. The Village water and sewer system provides service to approximately 75% of the Village with the balance of the Village serviced by Citizens Utilities Company. That portion of the Village serviced by the Village system has been incorporated into a Special Service Tax District (Special Service Area No. 5) to provide property tax revenue for certain costs associated with the Agency. It is the Village's intention to finance the Village's share of fixed costs of the Agency with property taxes from the Special Service Tax District and to finance all other water and sewer costs from water and sewer rates. Risk Management The Village maintains a self-insurance program which is accounted for in the Risk Management Fund, an internal service fund. Included in this program is the administration of claims for property losses, general and automobile liability, workers' compensation and employees' and retirees' medical benefits. Additionally, an integral part of the Village's self-insurance program is an emphasis on loss prevention. Departmental safety committees review accident reports and actively promote safety practices. Financing for the Risk Management Fund is provided by contributions from employees and retirees for medical benefits, service charges from the General Fund, Library Fund, Water and Sewer Fund, and Parking System Revenue Fund, and from investment income. For the fiscal year ended April 30, 1991, a net loss of $17,686 was realized. However, total fund equity as of the same date was $ 1,305,195. All known claims and a provision for claims incurred but not reported are recorded as liabilities of the Risk. Management Fund. On April 1, 1987, the Village joined the High -Level Excess Liability Pool (HELP), a consortium of fifteen municipalities formed to provide excess liability insurance. HELP' currently provides $5,000,000 liability coverage in excess of a $1,000,000 self-insured retention. Specific information regarding the HELP joint -venture can be found in Note 15.A, pages 1-5 in the Notes to the Financial Statements. Employee Pensions Police sworn personnel are covered by the Police Pension Employees Retirement System and fire sworn personnel are covered by the Firefighters' Pension Employees Retirement System. Both of these plans are single -employer plans administered by local boards of trustees. The defined benefits and employer and employee contribution levels are governed by Illinois State Statutes. Police plan participants are required to contribute 9% of their base salary and fire plan members contribute 8.25% of their base salaries. The Village is required to contribute the remaining amounts necessary to finance the plan as determined by an enrolled actuary. By the year 2020, each plan must be fully funded. Xi Actuarial services are provided by the State of Illinois Department of Insurance, however, a municipality also has the option of engaging an independent actuary. For the year ended April 30, 1991,.the Village contracted with Miller, Mason & Dickenson, Inc. to perform these actuarial valuations. Following is a summary of information for the two funds:. Police Pension Fund Pension Benefit Obligation May 1, 1990 $11,914,797 Net Assets Available May 1, 1990 $14,674,462 Percent Funded at May 1, 1990 123.2% Net Income May 1, 1990 - April 30, 1991 $ 1,231,904 Net Assets Available April 30, 1991 $15,906,366 Firemen's $12,427,200 $16,566,696 133.3% $ 1,308,350 $17,875,046 The actuarial assumptions used by Miller, Mason & Dickenson, Inc. included investment return of 8%, earnings progressions of 5.50% and UP -1984 Mortality Tables. From the information provided it can be seen that full -funding has been achieved in each fund. It is the Village's intention to continue to obtain an independent actuarial valuation for each fund and to maintain full -funding based upon the actuarial requirements. All other full-time employees are covered by the Illinois Municipal Retirement Fund (IMRF), a state-wide pension plan, and Social Security. IMRF acts as a common investment and administrative agent for local governments and school districts in Illinois. Benefit provisions and funding requirements are established by Illinois State Statutes. Participating members are required to contribute 4.5 % of their annual salary and the Village is required to contribute the remaining amounts necessary to fund the coverage of its employees in the system. The Village's contribution rate for 1990 was 10.29% and for 1991 the rate is 10.94%. Please see pages 46-55 and 122-127 for more information on employee pensions. General Fixed Assets The General Fixed Assets of the Village are those fixed assets used in the performance of general governmental functions and exclude the fixed assets of enterprise and internal service funds. As of April 30, 1991, the general fixed assets of the Village amounted to $16,701,175 (excluding the cost of roads, bridges, curbs and gutters, streets and sidewalks, drainage systems, traffic signals and lighting systems). This amount represents the historical cost of the assets and is considerably less than their present value. Depreciation of general fixed assets is not recognized in the Village's accounting system. xii During the fiscal year ended April 30, 1991, the Village established the Vehicle Replace- ment Fund, an internal service fund, to account for the acquisition and depreciation of all Village vehicles. Motor vehicles with a hoof value of $3,919,225, which were previously reported in General Fixed Assets, were transferred to the Vehicle Replacement Fund in the fiscal year ended April 30, 1991.. Cash Management and Investments policyThe Village's is a time -value to money. µ high priority has been placed on procedures to ensure that all promptlymonies due the Village are collected and deposited as Disbursements are closely controlled and wire transfers are used for receipts and disbursements whenever appropriate. Of equal importance is the emphasis on investment portfolio management. An investment. of temporarily idle funds may be made for a period of one day to an excess of one year depending on when the money is needed. The Village pools the cash of various funds, except in certain restricted and special accounts, to maximize interest earnings. As a result, almost every fund has a certain amount of investment income regardless of the fund's size. The Village's guidelines for cash management and investment procedures were formalized in an investment policy that was adopted by the Village Board on July 2, 1985. The policy identifies the responsibility for the investment program, criteria for depositories including collateralization, allowable investments, and reporting requirements. It is the Village's determination to maintain a high priority for cash management and investment procedures.. Included in the investment portfolio of the Village are the investments of the Police Pension Fund and the Firefighters' Pension Fund. These funds have been established to provide pension payments to retired and/or disabled police officers and firefighters and their dependents. During the fiscal year, $1,431,395 was earned as interest income in the Police Pension Fund and $1,603,486 in the Firefighters' Pension Fund. Total interest income earned in all funds during the fiscal year that ended April 30, 1991 was $4,099,795 compared to $3,840,037 for the previous fiscal year for an increase of $259,758. A comparison of interest income earned during the past two years is presented below: Interest Income Fiscal Year Ending April 3 General Fund $ 406,355 $ 402,657 Special Revenue Funds 121,372 141,378 Debt Service Funds 67,311 72,355 Capital Projects Funds 45,013 87,142 Enterprise Funds 292,914 313,958 Internal Service Funds 112,980 103,795 Expendable Trust Funds 18,969 14,342 Pension Trust Funds " 4 4 EU2L79 9 ,79 3 4 7 The above totals reflect an average yield of 7.34% on short-term investments in the year ended April 30, 1991 compared to an average yield of 8.56% the previous year. Long-term investments in the Pension Trust Funds earned 9.71% in the current year compared to 8.96% the previous year. One of the objectives of the Village's investment policy is to minimize credit and market risks while maintaining a competitive yield on its portfolio. Accordingly, deposits are either insured by federal depository insurance or collateralized. Collateral on deposits is held by the Village, its agent or a financial institution's crust department in the Village's name. At year-end the carrying amount of the Village's deposits totaled $1,271,554 and the bank balances totaled $1,568,538. That total amount was insured or collateralized by collateral held by the Village's agent in the Village's name. As of April 30, 1991, the Village had total investments with a book value of $51,892,187 and a market value of $52,407,789. Of that total, 82% are classified in the category of lowest credit risk as defined by the Governmental Accounting Standards Board. The balance of the investments includes 8% held in the Illinois Public Treasurers' Investment Pool in which the State of Illinois holds collateral valued at 110%, 2% held in the Village's name by a counter -party financial institution's trust department, and 8% held by the trustee of the Village's Deferred Compensation Plan. The only investments which are either uninsured or uncollateralized are $1,314,913 in Guaranteed Investment Contracts and Separate Accounts of insurance companies authorized to do business in Illinois. Economic Outlook 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 the most objective evaluation comes from the rating agencies and ultimately from the purchasers of Village bonds. Moody's Municipal Credit Report that was issued in conjunction with the Village's 1991 General Obligation Bond sale on May 7, 1991 states: "Sound finances, supported by a diverse revenue stream and a growing tax base, provide high grade security for general obligation debt of this affluent community." Although the opinion specifically relates to the potential payment of the bonds, the corollary for the Village's general economic outlook applies. Mount Prospect's median family income, as of the 1980 Census, was 41% higher than the norms for the Great Lakes Region and 54% higher than the total United States. Housing values as of the same date were almost twice the regional and national norms and unemployment has been consistently 2% to 4% lower than state and national averages. Currently the Village is realizing the results of extraordinary economic growth with approximately $100 million in residential construction value and $180 million in commercial and industrial construction value added to the Village's tax base over the last ten years. Additionally, the Village economy is the beneficiary of continuing economic development in nearby communities. The Village of Mount Prospect is located on the eastern edge of the "Golden Corridor" which extends along Interstate 90 from O'Hare Airport to Elgin. Over the past twenty years, this particular area has been one of the fastest growing areas in the entire Midwest. xiv Economic development :xpected to continue at a strong pace as evidenced by the recent announcement of Sears relocate their merchandising group from Chicago to this area. The Sears' Project, consi.,,ing of the development of 800 acres approximately 15 miles west of Mount Prospect, is expected to be the focal point of continued expansion for many years to come. The Village actively encourages economic development as evidenced by the level of activity during the past ten years. Following is a description of some of the major development projects currently in progress within the Village: Downtown Redevelopment District No. 1 - A Tax Increment Redevelopment Plan has been adopted for Downtown Redevelopment District No. 1. Implementation of the redevelopment project continues. In Target Area A, fifty-one townhomes were constructed, and were fully occupied in 1991. The Redevelopment District was amended in December of 1988 to expand the boundaries one block west of Main Street, to Wille Street. This move offers greater potential for commercial redevelopment in the downtown area. Property acquisition and development discussions with Broadacre Inc. (the selected developer) for this area are underway. Mount Prospect Plaza - Over the past four years, Western Development Corporation has completely renovated this community shopping center of 300,000 square feet. Approval was recently granted for Phase 11 of this project which will include 114,000 square feet for a Wal-Mart store. Construction of the Wal-Mart facility is underway and should be completed by November 1991. Kensington Center for Business - Opus, Inc. is nearing completion of a 300 acre site with quality office and industrial buildings. A total of 51 buildings have been constructed in the Kensington Center with nine lots remaining available for develop- ment. Metropolitan Life and NTN Bearing are the newest corporate tenants in the park, each occupying 00,000 square foot buildings. Country Club Village at Old Orchard - Lexington Development is constructing 344 residential housing units on 38 acres as a planned unit development. Construction is substantially completed with 202 units occupied as of April 30, 1991. Lake Center Plaza - The Alter Group has completed all public improvements for this 38 acre project that ultimately will provide 1,000,000 square feet of high-tech light industrial and office development. One 16,000 square foot corporate office and warehouse is currently under construction. XV Rogers Corporate Park - Three high quality multi -tenant industrial buildings with a total capacity of 114,000 square feet have been completed. Volvo Hydraulics is a major tenant in this industrial and office park. Courtesy Home Center - The approval for the addition of 21,000 square feet of retail space and 68,000 square feet for a self -storage warehouse has been obtained. Construction of an Aldi's Food Store has recently been completed. In addition to the economic development projects above, the Village has demonstrated a commitment to the infrastructure and public facility needs of the Village. During 1988, the Village's Public Works Department moved into a new 70,000 square foot building to house its Streets, Water and Sewer, Vehicle Maintenance, Forestry and Parking Divisions. An advisory referendum in April 1991 approved the construction of a new central Police and Fire building. Construction on the new 45,000 square foot facility is expected to start in November 1991.with a completion date of June 1993. A $1.5 million sanitary sewer project has been completed and other water and sewer improvements are proceeding as scheduled., The Village Board has approved a study identifying $12 million in needed stormwater improvements. Engineering has started for the first phase with construction expected to begin in September 1991 and extending over a period of five to six years. The project will be funded by a 1/4 sales tax which became effective September 1, 1991. Another high priority with the Village Hoard of Trustees is upgrading Village streets and bridges. In the 90/91 fiscal year, $1.8 million was expended for street improvements and $1.5 million has been appropriated in the 91/92 fiscal year. The extent of development within the Village of Mount Prospect is starting to level off with most of the choice building locations either developed or currently under construction. With the exception of certain unincorporated areas to the south of the Village, future expansion will be limited. However, Mount Prospect will continue to participate in the strong economic growth of the area through the emergence of Mount Prospect as an ideal place to live and raise a family. One of Mount Prospect's strongest qualities is the residential character of the Village. With an excellent range of housing, increasing property values, access to transportation, outstanding schools and parks, a renowned shopping center, and economical municipal services Mount Prospect will continue to attract residents, employers and customers to the Village. These factors, coupled with the commitment b Village officials to address emerging issues, should enable the Village to maintain its economic stability in the years to come. Local Initiatives During the past several years the Village has undertaken a number of initiatives to improve Village services. In 1989,.the Village's Police Department achieved accreditation from the Commission On Accreditation for Law Enforcement Agencies. Also in 1989, the Village's Human Services Division received the Governor's Home Town Award for its Network 50 Program which matches more mature residents with job opportunities. In 1987, the xvi Village's Fire Department and Public Works Department achieved a Class II fire rating from the Insurance Service Organisation. Only ten communities in Illinois have achieved a Class II rating and only two communities in the State have an accredited Police Department and a Class II fire rating. One of the other major initiatives that the Village has undertaken is in the area of recycling and refuse disposal. Under the direction of the Public Works Department, and as a result of the recommendations of the Recycling Commission, a pilot recycling program encompassing 1,000 homes was originated in February 1989..The test program was so successful that it was expanded to a Village -wide program in May 1989. During 1990, the first full year of operation, an average of 78% of all Village single-family residential properties participated in the program. The results have been encouraging with a total of 7.6 million pounds (6,914 cubic yards) of recyclables eliminated from the refuse stream. The recycling program initially included newsprint, glass and aluminum, but the program was expanded in 1991 to add plastics, metal containers and mixed papers. Also, in 1991,. the recycling program is being extended to include 7,500 multi -family residences in the Village. A further effort to reduce the amount of refuse going to the landfills is being accomplished by the State mandated prohibition of disposing of yard waste at landfills, effective July 1, 1990. The Village implemented a separate yard waste program as of April 1, 1990, and in 1990, a total of 3,335 cubic yards of yard waste was collected and composted. The above efforts are in addition to a leaf collection and composting program that has been in effect in the Village for the past twenty years. As an economy measure, the Village started collecting the leaves and composting them in a rural area west of the Village. During 1990, the leaf collection program resulted in approximately 6,700 cubic yards of leaves being collected and composted. Also in the area of refuse disposal, the Village is a member of the Solid Waste Agency of Northern Cook County. The purpose of the Agency is to plan, construct, finance, operate and maintain a solid waste disposal system to serve its twenty --six member municipalities. The Agency has acquired land for a "balefill" disposal system and is proceeding with engineering plans and securing the necessary permits. It is expected that construction of the facility in western Cook County will start in 1992. The Agency is being accounted for as a joint venture. Please see Note 15.C, pages 41-45 for further information. Independent Audit Illinois Statues require an independent audit for all funds and accounts of the Village. This requirement has been complied with and the independent auditor's report is included in the financial section of this report. In addition to meeting the requirements set forth in state statutes, the audit was designed to meet the requirements of the federal Single Audit Act of 1984 and related OMB Circular A-128. The auditor's reports related specifically to the single audit are included in a separate report. xvii Certificate of Achievement 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 fiscal year ended April 30, 1990. 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 (CAFR), whose contents conform to program standards. Such CAFR 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 for the last seven consecutive years. We believe our current report continues to conform to the Certificate of Achievement program requirements, and we are submitting it to GFOA. Acknowledgments 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 my appreciation to Carol Widmer, Assistant Finance Director, and all members of the Finance Department who assisted and contributed to its preparation. Additionally, I would like to acknowledge the Mayor, the Board of Trustees and the Village Manager for their leadership and support in planning and conducting the financial operations of the Village in a responsible and progressive manner. Respectfully submitted, ��RWNA •� David C. Jepson, CPA Director of Finance DCJ/sm Comprehensive Annual I OT"MoTOWMA Village of Mount Prospect, Illinois For the Fiscal Year Ending April 30, 1991 VILLAGE OF MOUNT PROSPECT, ILLINOIS COMPREHENSIVE ANNUAL FINANCIAL REPORT FOR THE YEAR ENDED APRIL 30, 1991 Prepared by Finance Department David C. Jepson Director of Finance TABLE OF CONTENTS PAGE Principal Officials i Organization Chart ii Certificate of Achievement for Excellence in Financial Reporting iii Letter of Transmittal iv-xviii Cover and Divider Illustrations xix INDEPENDENT AUDITOR'S REPORT 1-2 GENERAL PURPOSE FINANCIAL STATEMENTS Combined Balance Sheet - All Fund Types and Account Groups 3 Combined Statement of Revenues, Expenditures, and Changes in Fund Balances - All Governmental and Fiduciary (Expendable Trust) Fund Types 4 Combined Statement of Revenues, Expenditures, and Changes in Fund Balances - Budget and Actual All Governmental Fund Types 5 Combined Statement of Revenues, Expenses, and Changes in Retained Earnings/Fund Balances - All Proprietary and Fiduciary (Pension Trust) Fund Types 6 Combined Statement of Cash Flows - All Proprietary Fund Types 7 Notes to the Financial Statements 8-55 TABLE OF CONTENTS (CONT.) PAGE FINANCIAL SECTION CONT COMBINING, INDIVIDUAL 'FUND AND ACCOUNT CRO "TAT' ,NTS I S"UF ULES GOVT RNMENT , ND I'ES GENERAL FUND General Fund Financial Statements Balance Sheet 56 Statement of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual 57 Supplemental Schedules Schedule of Revenues - Budget and Actual 58-60 Schedule of Expenditures - Budget and Actual 61-72 SPECIAL REVENUE FUNDS All Funds Financial Statements Combining Balance Sheet 73 Combining Statement of Revenues, Expenditures, and Changes in Fund Balances 74 Motor Fuel Tax Fund Financial Statement Statement of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual 75 Supplemental Schedule Schedule of Expenditures - Budget and Actual 76 Illinois Municipal Retirement Fund Financial Statement Statement of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual 77 Supplemental Schedule Schedule of Expenditures - Budget and Actual 78-79 TABLE OF CONTENTS (CONT.) PAGE FINANCIAL ,AL SECTION ( CON:.�..,.. GOVERNMENTAL 'FUND T*XPES CONT SPECIAL REVENUE FUNDS (CONT.) Community Development Fund Financial Statement Statement of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual 80 Supplemental Schedule Schedule of Expenditures - Budget and Actual 81 Public Library Fund Financial Statement Statement of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual 82 DEBT SERVICE FUNDS All Funds Financial Statements Combining Balance Sheet 83 Combining Statement of Revenues, Expenditures, and Changes in Fund Balances - Budget and Actual 84 CAPITAL PROJECTS FUNDS All Funds Financial Statements Combining Balance Sheet 85 Combining Statement of Revenues, Expenditures, and Changes in Fund Balances 86 Capital Improvement Fund Financial Statement Statement of Revenues, Expenditures, and 1 Changes in Fund Balance - Budget and Actual 87 Supplemental Schedule Schedule of Expenditures - Budget and Actual 88-89 ,1 TABLE OF CONTENTS (CONT.) PAGE CAPITAL PROJECTS FUNDS (CONT.) Downtown Redevelopment of 1985 Fund Financial Statement Statement of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual 90 Downtown Redevelopment of 1987 Fund Financial Statement Statement of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual 91 Police and Fire Building Construction Fund Financial Statement Statement of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual 92 PROPRIETARY FUND TYPES ENTERPRISE FUNDS Al Funds Financial Statements Combining Balance Sheet 93 Combining Statement of Revenues, Expenses, and Changes in Retained Earnings 94 Combining Statement of Cash Flows 95 Water and Sewer Fund Financial Statement Statement of Revenues, Expenses, and Changes in Retained Earnings - Budget and Actual 96 Supplemental Schedules Schedule of Operating Expenses - Budget and Actual 97-99 Schedule of Fixed Assets and Depreciation 100 TABLE OF CONTENTS (CONT.) PAGE FINANCIAL NT P E ENTERPRISE FUNDS (CONT.) Parking System Revenue Fund Financial Statement Statement of Revenues, Expenses, and Changes in Retained Earnings - Budget and Actual 101 Supplemental Schedules Schedule of Operating Expenses - Budget and Actual 102 Schedule of Fixed Assets and Depreciation 103 INTERNAL SERVICE FUNDS All Funds Financial Statements Combining Balance Sheet 104 Combining Statement of Revenues, Expenses, and Changes in Retained Earnings 105 Combining Statement of Cash Flows 106 Risk Management Fund Financial Statements Statement of Revenues, Expenses, and Changes in Retained Earnings - Budget and Actual 107 Vehicle Replacement Fund Financial Statements Statement of Revenues, Expenses, and Changes in Retained Earnings - Budget and Actual 108 Supplemental Schedules Schedule of Fixed Assets and Depreciation 109 TABLE OF CONTENTS (CONT.) TRUST AND AGENCY FUNDS All Funds Financial Statements PAGE Combining Balance Sheet 110 Combining Statement of Revenues, Expenditures, and Changes in Fund Balances (Expendable Trust Funds) 111 Combining Statement of Revenues, Expenses, and Changes in Fund Balances (Pension Trust Funds) 112 Combining Statement of Changes in Assets and Liabilities (Agency Funds) 113-115 Pension Trust Funds Police Pension Fund Financial Statement Statement of Revenues, Expenses, and Changes in Fund Balance - Budget and Actual 116 Firefighters' Pension Fund Financial Statement Statement of Revenues, Expenses, and Changes in Fund Balance - Budget and Actual 117 C GENERAL FIXED ASSETS ACCOUNT GROUP Supplemental Schedules Schedule of General Fixed Assets - by Source 118 Schedule of General Fixed Assets - by Function and Activity 119 Schedule of Changes in General Fixed Assets - by Function and Activity 120 GENERAL LONG-TERM DEBT ACCOUNT GROUP Supplemental Schedule Schedule of General Long -Term Debt 121 TABLE OF CONTENTS (CONT.) FINANCIAL S CTION ONT SUPPLEMENTAL 'DAT a�o�JJ Required Supplementary Information Analysis of Funding Progress t� Illinois Municipal Retirement Fund Police Pension Fund Firefighters' Pension Fund Revenues by Source Illinois Municipal Retirement Fund Revenues by Source and Expenses by Type Police Pension Fund Firefighters' Pension Fund Combined Schedule of Cash and Investments Combined Schedule of Investments Schedule of Insurance in Force Long -Term Debt Requirements Corporate Purpose Bond Series of 1973 Corporate Purpose Bond Series of 1974 General Obligation Bond Series of 1987A General Obligation Bond Series of 1987B - General Corporate Purposes General Obligation Bond Series of 1987B - Waterworks and Sewerage Purposes General Obligation Bond Series of 1987C General Obligation Bond Series of 1987D General Obligation Bond Series of 1988 - Waterworks and Sewerage Purposes Special Service Area #5 Bond Series of 1982 - Waterworks and Sewerage Purposes Installment Note of 1986 Installment Contract of 1987 STATISTICAL SECTION General Governmental Revenues by Source and Other Financing Sources - Last Ten Fiscal Years General Governmental Expenditures by Function and Other Financing Uses - Last Ten Fiscal Years PAGE 122 123 124 125 126 127 128 129-133 134 135 136 137 138 139 140 141 142 143 144 145 146 147 TABLE OF CONTENTS (CONT.) PAGE STATISTICAL 'IC'A - C Property Tax Assessed Valuations, Rates, and Extensions - Last Ten Fiscal Years 148 Property Tax Collections - Last Ten Fiscal Years 149 Assessed and Estimated Actual Value of Taxable Property - Last Ten Fiscal Years 150 Property Tax Rates - Direct and Overlapping Governments - Last Ten Fiscal Years 151 Special Service Area Collections Last Ten Fiscal Years 152 Ratio of Net General Obligation Debt to Assessed Value and Net General Obligation Debt Per Capita - Last Ten Fiscal Years 153 Schedule of Direct and Overlapping Bonded Debt 154 Schedule of Legal Debt Margin 155 Ratio of Annual Debt Service Expenditures for General Obligation Bonded Debt to Total General Governmental Expenditures and Other Financing Uses - Last Ten Fiscal Years 156 Schedule of Revenue Bond Coverage - Last Ten Fiscal Years 157 Demographic Statistics - Last Ten Fiscal Years 158 Property Value, Construction, and Bank Deposits - Last Ten Fiscal years 159 Principal Taxpayers 160 Miscellaneous Statistics 161-162 Introductory Section VILLAGE OF MOUNT PROSPECT, ILLINOIS PRINCIPAL OFFICIALS APRIL 30, 1991 Ralph W. Arthur Mark W. Busse Timothy J. Corcoran, Jr. John Fulton Dixon John P. Burg David C. Jepson Edward M. Cavello Ronald W. Pavlock Herbert L. Weeks Charles J. Bencic David M. Clements Carol A. Fields LEGISLATIVE MAYOR Gerald L. Farley TRUSTEES ADMINISTRATIVE i Leo Floros George R. Van Geem Donald C. Weibel Village Manager Assistant Village Manager Director of Finance/Treasurer Fire Chief Police Chief Director of Public Works Director of Inspection Services Director of Planning & Zoning Village Clerk Village of Mount Prospect Organizational Chart Electorate Pillage Board pr*ddmw mZ hu.t« tadooe Village Manager ° �'• PoDoe Cold F%m Chid Publlo Wort 09noe Db eotar Lontsa� Dlreeter Co llnenoo pb» StreetDepertoat :�Lt Deportment Dtrlden • Ci oriC* •a St- And Ndon DM . Humaa P Dh4ion ■eduee Oldies 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 April 30, 1990 A Certificate of Achievement for Excellence in Financial Reporting is presented by the Government Finance Officers Association of the United States and Canada to government units and public employee retirement systems whose comprehensive annual financial reports (CAFR's) achieve the highest standards in government accounting and financial reporting. � �,�rrrtisro.rrs �. AND President trwtra�rruw,"' f 4f e � a^rrRcw�� Executive Director iii MAYOR GERALD L. FARLEY 'mM 5 pop TRUSTEES 44 MARK W RUSSE GEORGE A. CLOWES `RMOTFIY J CORCORAN LEO FLOROS PAUL WM, HOEFERT IRVANA K. WILKS Village of Mount Prospect VILLAGE MANAGER JOHN FULTON DIXON VILLAGE CLERK 100 S. Emerson Mount Prospect, Illinois 60056 CAROL A, FIELDS September 4, 1991 Mayor Gerald L. Farley Members of the Board of Trustees Village Manager John Fulton Dixon Village of Mount Prospect, Illinois Phone: 708 / 392-6000 Fax: 708 / 392-6022 The Comprehensive Annual Financial Report of the Village of Mount Prospect, Illinois, for the fiscal year ended April 30, 1991 is submitted herewith. This report represents a comprehensive and detailed picture of the Village's financial activities during the 1990/1991 fiscal year and the financial condition of the various funds at April 30, 1991. Although formally addressed to you, this financial report has many users. Foremost among these are the citizens of Mount Prospect, with other users being bond rating companies, educational institutions and various government agencies. This report will also be submitted to the Government Finance Officers Association of the United States and Canada for evaluation in the Certificate of Achievement for Excellence in Financial Reporting program. Responsibility for both the accuracy of the data presented as well as the completeness and fairness of the presentation, including all disclosures, rests with the Village. We believe the data, as presented, is accurate in all material respects; that it is presented in a manner designed to fairly set forth the financial position of the Village and the results of its operations as measured by the financial activity of its various funds; and that all disclosures necessary to enable the reader to gain the maximum understanding of the Village's financial affairs have been included. The Comprehensive Annual Financial Report is presented in three sections: introductory, financial, and statistical. The introductory section includes this transmittal letter, the government's organizational chart and a list of principal officials. The financial section includes the general purpose financial statements and the combining, individual fund and account group financial statements and schedules, as well as the independent auditor's report on the financial statements and schedules. The statistical section includes selected financial and demographic information, generally presented on a multiyear basis. iv The Reporting Entity and its Services The Village of Mount Prospect was incorporated in 1917 and operates under the Board/Manager form of government. It is a home rule community as defined by the Illinois Constitution. Mount Prospect is located approximately twenty miles northwest of the City of Chicago in Cook County with a land area of 10.2 square miles and a population of 53,170 as of the 1990 census. The Village grew slowly from 1917 to 1950 with the 1950 population totaling 4,009. By 1960, the Village's population had increased to 18,905, then almost doubling to 34,995 at the 1970 Census and leveling off at 52,634 at the 1980 Census. The 1990 Census figure is 53,170. The Village's most notable characteristics are its residential streets which are shaded by more than 19,000 parkway trees; outstanding schools and parks; Randhurst Mall Shopping Center, the first under -one -roof retail complex of its kind; and the more recently developed Kensington Center for Business which consists of 300 acres of quality industrial and office buildings in a spacious park -like environment. For financial reporting purposes, this report includes all of the funds and account groups of the Village. It also includes all activities considered to be part of (controlled by or dependent on) the Village, as determined by the application of the criteria set forth in "Defining the Governmental Reporting Entity - GASB Codification Section 2100." (The criteria deal with existence as an organized entity, governmental character, and substantial autonomy.) Based on these criteria, the various funds and account groups shown in the Table of Contents make up the reporting entity. Included in the reporting entity are the Police Pension Employees Retirement System, the Firefighters' Pension Employees Retirement System, and the Mount Prospect Public Library. School District #26, District #57, District #59, High School District #214, Community College District #512, Mount Prospect Park District and River Trails Park District are excluded from the reporting entity. The aforementioned entities are separately governed taxing bodies and are not dependent on or controlled by the Village of Mount Prospect. The Village provides the full range of municipal services contemplated by statute or charter. These services include public safety, highways and streets, health and social services, refuse disposal, public improvements, planning and zoning, engineering and inspection, water and sewer utility service, and general administrative services. Accounting System and Budgetary Control The accounts of the Village are organized on the basis of funds and account groups, each of which is considered a separate accounting entity. The operations of each fund are accounted for with a separate set of self -balancing accounts that comprise its assets, liabilities, fund equity, revenues, and expenditures or expenses, as appropriate. Resources are allocated to and accounted for in individual funds based upon the purposes for which °`- they are to be spent and the means by which spending activities are controlled. The Village's accounting records for general governmental operations are maintained on a modified accrual basis, with revenues being recorded when available and measurable and expenditures being recorded when the services or goods are received and the liabilities are incurred. Accounting records for the Village's enterprise funds, internal service funds and pension trust funds are maintained on the accrual basis. Fixed assets used in governmental fund type operations are accounted for in the General Fixed Assets Account Group rather than in the governmental funds themselves. Long term liabilities expected to be financed from governmental funds are accounted for in the General Long -Term Debt Account Group, not in the governmental funds. The two account groups are not funds, they are concerned only with the measurement of financial position. They are not involved with measurement of results of operation. The Village of Mount Prospect has adopted sections 8-2-9.1, through and including sections 8-2-9.10 of Chapter 24 of the Illinois Revised Statutes providing for an annual municipal budget in lieu of the passage of an annual appropriation ordinance. Budgetary control is maintained by the use of encumbrance accounting under which purchase orders, contracts and other commitments for the expenditure of monies are recorded in order to reserve that portion of the applicable appropriation. Encumbrances outstanding at year end, if any, are reported as reservations of fund balances since they do not constitute expenditures or liabilities. General Governmental Operations Revenues and other financing sources for general governmental functions (the General, Special Revenue and Debt Service Funds) totalled $23,971,034 for the fiscal year ended April 30, 1991, an increase of $524,763, or 2.2% from the previous fiscal year. The amounts received from various sources and the amount and percentage of increases and decreases in relation to last year are shown below: Increase Percent Percent < Decrease > of Increase Amount of Total from 1990 < Decrease > Revenues Property Taxes $ 8,623,183 36.0% $ 408,536 5.0% Sales Tax 5,897,182 24.6 114,769 2.0 Other Taxes . -. LO 499 4.0 - RU 24.6 Total Taxes $15,486,864 64.6% $ 713,985 4.8% Licenses and Permits $ 1,876,570 7.8 $ < 143,549 > < 7.1 > % Intergovernmental 4,224,734 17.7 < 337,187 > < 7.4 > Charges for Services 320,044 1.3 30,718 10.6 Fines and Forfeits 340,460 1.4 9,618 2.9 Interest 595,038 2.5 < 21,352 > < 3.5 > Miscellaneous 11 0 4.5 _A640215 76.8 Total Revenues $23,913,909 99.8% $ 717,158 3.1% Other (grc Operating Transfers In 57.125 0.2 < 192,395 > < 77.1 > Total Revenues and Other Sources _$23 971 034 1 (.)6o _5=214A76.3 2.2% Vi From the preceding summary it can be seen that Other Taxes and Miscellaneous show significant percentage increases and that Licenses and Permits and Intergovernmental show noteworthy decreases. The increase in Other Taxes reflects an increase from $1.00 per $1,000 to $3.00 per $1,000 in the Real Estate Transfer Tax and the increase in the Miscellaneous category is primarily due to a one-time reimbursement of $377,846 for a joint Village/County street project. The decrease in Licenses and Permits represents a decline from near peak levels of construction in the prior year and the decrease in Intergovernmen- tal is due to the recording of the State Income Tax Surcharge in a Capital 'Projects Fund in 1990/1991 rather than in the General Fund. The increase in Sales Tax is somewhat less than it has been in recent years and reflects a general slowdown in the economy. Expenditures and other financing uses for general governmental functions (the General, Special 'Revenue and Debt Service Funds) totaled $23,535,31.1, an increase of $1,226,906 or 5.5% over last year. Expenditures and other uses for major functions of the Village in comparison to last year are recorded as follows: Increase Percent Percent <Decrease> of Increase Amount of Total from 1990 <Decrease> Ext)enditures General Government $ 1,629,270 6.9% $ < 62,346 > < 3.7 > % Public Safety 9,409,590 40.0 302,739 3.3 Highways & Streets 5,105,807 21.7 < 1,184> <0.1> r Health 2,116,301 9.0 263,450 14.2 Welfare 1,171,177 5.0 304,455 35.1 Culture & Recreation 2,287,169 9.7 404,858 21.5 Miscellaneous 677,270 2.9 63,017 10.3 Debt Service 10 4.6 < 51,283 > <4.5> Total Expenditures $23,478,186 99.8% $1,223,706 5.5% 'A Other Uses Operating Transfers Out 57.125 0_2 3.200 5.9 Total Expenditures and Other Uses 2 5351.226 906 5.5% The relatively modest overall increase of 5.5% in Total Expenditures and Other Uses reflects a leveling off of expenditures for the General Governmental, Public Safety, Highways and Streets, and Debt Service functions. However, the Health, Welfare, Culture and Recreation, and Miscellaneous functions show significant increases. The Health function, which accounts for the Village's refuse pick-up and disposal and recycling costs, shows an increase of $263,450, or 14.2% over the previous year. This Vii amount can be attributed to the costs associated with a Village -wide recycling program and the increasing costs due to limited landfill locations. The Welfare category includes ongoing projects founded by Community Development Block Grants (CDBG) and the operations of the Village's Human Services Division. The extraordinary increase during the past year is the result of funding a $400,000 street improvement project with CDBG funds. The increase in Culture and Recreation reflects an expansion of services by the Mount Prospect Library, and the increase in the Miscellaneous category represents higher IMRF Pension and FICA contributions. Fund Balances of the General, Special Revenue and Debt Service Funds totaled $5,859,839 as of April 30, 1991. The balance of the General Fund stands at $3,003,754 with the Special Revenue and Debt Service Funds at $1,876,817 and $979,268, respectively. The Unreserved -Undesignated General Fund balance of $2,829,192 represents 15.5% of General Fund expenditures and other uses. Property Tax Information In Illinois, property taxes attach as an enforceable lien on January 1 of the tax year but are not billed and collected until the next calendar year. Tax bills for the Village of Mount Prospect are prepared by Cook County and issued on or about February 1 and August 1 and are payable on or about March 1 and September 1. The County collects such taxes and remits them periodically to the Village. Property taxes provide the largest single source for financing Village services. The 1990 tax levy amounted to $9,168,488 and the 1989 and 1988 levies were $8,791,210 and $8,142,834, respectively. Property tax collections for the 1989 levy were at the 99.0% level which is generally consistent with collection ratios over the past ten years. As a home rule community, the Village does not have a tax rate limit. Accordingly, the actual tax rate is dependent upon the amount of taxes levied and property valuations. Illinois statutes require property to be assessed at 33% of fair market value and to ensure equity in assessment practices, the Illinois Department of Revenue can add a multiplier to achieve the 33% level. In Mount Prospect, equalized assessed valuation (EAV) within the Village for 1990 totaled $775,783,364, an increase of 5.5% over the 1989 total of $735,079,199. Allocation of the property tax levy for 1990 and the two preceding years resulted in the following tax rates (rates per $100 equalized assessed valuation): 1990 Lew 19I& 9'vy P r talc General Fund $ .6575 $ .6579 $ .7753 Special Revenue Funds .3606 .3498 .3771 Debt Service Funds .1052 .1122 .1482 Capital Projects Funds .0531 .0561 .0697 Trust and Agency Funds .0066 .0210 .0087 Total Village Tax Rate,`1 K- "'1.12DO 1-1,3112M Starting in 1985, the tax levy for public libraries has been listed as a separate tax rate on individual property tax bills. The above rates for Special Revenue Funds include the rates for the Mount Prospect Public Library. The Library rate for 1990 was $.2730 and for 1989 and 1988 it was $.2720 and $.2990, respectively. In addition to the general property tax levy for Village and Library purposes, the Village has four special service areas which were created for financing improvements that were undertaken for the benefit of specific areas. Special Service Areas 1, 2, & 6 erre relatively small in size. Special Service Area No. 5 includes approximately 75% of the Village and is being used to finance the fixed costs of a joint venture established to supply Labe Michigan water to the Village. Following is a comparison of tax rates and tax levies for the special service areas for 1990 and '1.989: Additional information regarding equalized assessed valuations, tax levies, tax rates and tax collections can be found in the Statistical Section on pages 148-151. Debt Administration Mount Prospect's bonded debt has been rated Aa by Moody's Investor Service, Inc. since 1973. That rating was confirmed for the Village's General Obligation Bonds, Series 1991 A and B which were sold on May 7, 1991. Bonds which are rated Aa are judged to be of high quality by all standards and are generally known as high grade bonds. The ratio of net bonded debt to assessed valuation and the amount of net bonded debt per capita are useful indicators of a municipality's debt position. This information is helpful not only to Village authorities, but also to citizens and investors in Villagebonds. This data for the Village as of April 30, °1991 is as follows: Net general obligation debt $5,981,378 Ratio of debt to assessed value 0.8% Ratio of debt to actual value 0.3% Debt per capita 112.50 ix 1990 1989 "I"Arx. R° "I"dx T' x Rr e "�I°wrx Lev SSA No. 1 $.609 $ 21,000 $.713 $ 23,404 SSA No. 2 .720 23,362 .968 30,135 SSA No. 5 .249 1,637,750 .261 1,627,250 SSA No. 6 .761 32,550 .798 32,550 Additional information regarding equalized assessed valuations, tax levies, tax rates and tax collections can be found in the Statistical Section on pages 148-151. Debt Administration Mount Prospect's bonded debt has been rated Aa by Moody's Investor Service, Inc. since 1973. That rating was confirmed for the Village's General Obligation Bonds, Series 1991 A and B which were sold on May 7, 1991. Bonds which are rated Aa are judged to be of high quality by all standards and are generally known as high grade bonds. The ratio of net bonded debt to assessed valuation and the amount of net bonded debt per capita are useful indicators of a municipality's debt position. This information is helpful not only to Village authorities, but also to citizens and investors in Villagebonds. This data for the Village as of April 30, °1991 is as follows: Net general obligation debt $5,981,378 Ratio of debt to assessed value 0.8% Ratio of debt to actual value 0.3% Debt per capita 112.50 ix Net general obligation debt of $5,981,378 is made up of total general obligation debt at April 30, 1991.of $6,960,646 less available fend balances of $979,268 as of the same date. "111ese amounts (to not include $7,475,000 in general obligation bonds issued on May 7, 1991. Total debt of $2,240,000 to be retired from enterprise fund revenues consists of $1,690,000 in bonds which were issued as general obligation bonds and $550,000 in bonds issued as special service area bonds. The general obligation bonds include $1,365,000 of the 1987 Series B Bonds and $325,000 of Series 1988 Bonds. Bonds for Special Service Areas No. 1, 2, & 6 which are not a commitment of the Village or the Village's enterprise funds total $565,000. These bonds are not recorded as an obligation of the Village and are secured by the levy of an annual tax on the real property within the special service area. The Village acts as an agent for the property owners in levying and collecting the tax and forwarding the collections to the bondholders when principal and interest payments are due. Additional information regarding the Village's debt position may be found on pages 23 through 27 of Notes to the Financial Statements and in the Statistical Section, pages 153 through 157. Long-term debt schedules are included on pages 135 through 145. Capital Projects Funds Proceeds from general obligation bond issues, the special tax for capital improvements, and certain other revenues are recorded and accounted for in Capital Projects Funds. When the improvement projects are completed and/or equipment is obtained, the expenditures are normally capitalized in the General Fixed Asset Account Group. During the fiscal year ended April 30, 1991, the Village expended $294,121 for public improvements, $242,569 for property acquisition, and $209,527 for new equipment and equipment replacement and repair. Additionally, $455,000 from the Capital Improvement Fund was used for vehicle lease payments to the Vehicle Replacement Fund, an internal service fund. Water and Sewer System The Water and Sewer Fund recorded net income of $26,986 for the fiscal year that ended April 30, 1991. The financial condition of the Water and Sewer Fund continues to remain strong with net working capital amounting to $3,673,100 and unrestricted cash and investments totaling $3,019,238 as of April 30, 1991. The combined water and sewer rate of $2.50 per 1,000 gallons which had been in effect since May 1, 1989 was increased to $2.62 per 1,000 gallons on July 1, 1991. A rate study prepared in September 1990 indicated that rates will need to be increased approximately 5% per year to provide adequate operating revenues. Residential customers are billed on a bi-monthly cycle and commercial, industrial and institutional customers are billed on a monthly cycle. x The Village is one of seven members of the Northwest Suburban Municipal Joint Action Water Agency ("Agency"), whose purpose is to supply Lake Michigan water to the member municipalities. Since January 1986, the Village has been receiving all of its water requirements for the Village system from the Agency. Please refer to Note 153 on pages 35 through 41 of the Notes to the Financial Statements, for further information. The Village water and sewer system: provides service to approximately 75% of the Village with the balance of the Village serviced by Citizens Utilities Company. That portion of the Village serviced by the Village system has been incorporated into a Special Service Tax District (Special Service Area No. 5) to provide property tax revenue for certain costs associated with the Agency. It is the Village's intention to finance the Village's share of fixed costs of the Agency with property taxes from the Special Service Tax District and to finance all otherwater and sewer costs from water and sewer rates. Risk Management The Village maintains a self-insurance program which is accounted for in the Risk Management Fund, an internal service fund. Included in this program is the administration of claims for property losses, general and automobile liability, workers' compensation and employees' and retirees' medical benefits. Additionally, an integral part of the Village's self-insurance program is an emphasis on loss prevention. Departmental safety committees review accident reports and actively promote safety practices. Financing for the Risk Management. Fund is provided by contributions from employees and retirees for medical benefits, service charges from the General Fund, Library Fund, Water and Sewer Fund, and parking System Revenue Fund, and from investment income. For the fiscal year ended April 30, 1991, a net loss of $17,686 was realized. However, total fund equity as of the same date was $1,305,195. All known claims and a provision for claims incurred but not reported are recorded as liabilities of the Risk Management Fund. On April 1, 1987, the Village joined the High -Level Excess Liability Pool (HELP), a consortium of fifteen municipalities formed to provide excess liability insurance. HELP currently provides $5,000,000 liability coverage in excess of a $1,000,000 self-insured retention. Specific information regarding the HELP joint -venture can be found in Note 15.A, pages 31-35 in the Notes to the Financial Statements. Employee Pensions Police sworn personnel are covered by the Police Pension Employees Retirement System and fire sworn personnel are covered by the Firefighters' Pension Employees Retirement System. Both of these plans are single -employer plans administered by local boards of trustees. The defined benefits and employer and employee contribution levels are governed. by Illinois State Statutes. Police plan participants are required to contribute 9% of their base salary and fire plan members contribute 8.25% of their base salaries. The Village is required to contribute the remaining amounts necessary to finance the plana as determined by an enrolled actuary. By the year 2020, each plan must be fully funded. X1 Actuarial services are provided by the State of Illinois Department of Insurance, however, a municipality also has the option of engaging an independent actuary. For the year ended April 30, 1991, the Village contracted with Miller, Mason & Dickenson, Inc. to perform these actuarial valuations. Following is a summary of information for the two funds: Police Pension Fund Pension Benefit Obligation May 1, 1990 $11,914,797 Net Assets Available May 1, 1990 $14,674,462 Percent Funded at May 1, 1990 123.2% Net Income May 1, 1990 - April 30, 1991 $ 1,231,904 Net Assets Available April 30, 1991 $15,906,366 Firemen's Pension Fund $12,427,200 $16,566,696 133.3% $ 1,308,350 $17,875,046 The actuarial assumptions used by Miller, Mason & Dickenson, Inc. included investment return of 8%, earnings progressions of 5.50% and UP -1984 Mortality Tables. From the information provided it can be seen that full -funding has been achieved in each fund. It is the Village's intention to continue to obtain an independent actuarial valuation for each fund and to maintain full -funding based upon the actuarial requirements. All other full-time employees are covered by the Illinois Municipal Retirement Fund (IMRF), a state-wide pension plan, and Social Security. IMRF acts as a common investment and administrative agent for local governments and school districts in Illinois. Benefit provisions and funding requirements are established by Illinois State Statutes. Participating members are required to contribute 4.5 % of their annual salary and the Village is required to contribute the remaining amounts necessary to fund the coverage of its employees in the system. The Village's contribution rate for 1990 was 10.29% and for 1991 the rate is 10.94%. Please see pages 46-55 and 122-127 for more information on employee pensions. General Fixed Assets The General Fixed Assets of the Village are those fixed assets used in the performance of general governmental functions and exclude the fixed assets of enterprise and internal service funds. As of April 30, 1991, the general fixed assets of the Village amounted to $16,701,175 (excluding the cost of roads, bridges, curbs and gutters, streets and sidewalks, drainage systems, traffic signals and lighting systems). This amount represents the historical cost of the assets and is considerably less than their present value. Depreciation of general fixed assets is not recognized in the Village's accounting system. xii During the fiscal year ended April 30, 1991, the Village established the Vehicle Replace- ment Fund, an internal service fund, to account for the acquisition and depreciation of all Village vehicles. Motor vehicles with a book value of $3,919,225, which were previously reported in General Fixed Assets, were transferred to the Vehicle Replacement Fund in the fiscal year ended April 30, 1991. Cash Management and Investments The Village's policy regarding cash management is based upon the realization that there is a time -value to money. A high priority has been placed on procedures to ensure that all monies due the Village are collected and deposited as promptly as possible. Disbursements are closely controlled and wire transfers are used for receipts and disbursements whenever appropriate. Of equal importance is the emphasis on investment portfolio management. An investment of temporarily idle funds may be made for a period of one day to an excess of one year depending on when the money is needed The Village pools the cash of various funds, except in certain restricted and special accounts, to maximize interest earnings. As a result, almost every fund has a certain amount of investment income regardless of the fund's size. The Village's guidelines for cash management and investment procedures were formalized in an investment policy that was adopted by the Village Board on July 2, 1985. The policy identifies the responsibility for the investment program, criteria for depositories including collateralization, allowable investments, and reporting requirements. It is the Village's determination to maintain a high priority for cash management and investment procedures. Included in the investment portfolio of the Village are the investments of the Police Pension Fund and the Firefighters' Pension Fund. These funds have been established to provide pension payments to retired and/or disabled police officers and firefighters and their dependents. During the fiscal year, $1,431,395 was earned as interest income in the Police Pension Fund and $1,603,486 in the Firefighters' Pension Fund. Total interest income earned in all funds during the fiscal year that ended April 30, 1991 was $4,099,795 compared to $3,840,037 for the previous fiscal year for an increase of $259,758. A comparison of interest income earned during the past two years is presented below: Interest Income Fiscal Year Ending Agril 30. April 3Q, 199( General Fund $ 406,355 $ 402,657 Special Revenue Funds 121,372 141,378 Debt Service Funds 67,311 72,355 Capital Projects Funds 45,013 87,142 Enterprise Funds 292,914 313,958 Internal Service Funds 112,980 103,795 Expendable Trust Funds 18,969 14,342 Pension Trust Funds 3881 � 04 4'1 (:) 3140 f) �' The above totals reflect an average yield of 7.34% on short-term investments in the year ended April 30, 1991 compared to an average yield of 8.56% the previous year. Long-term investments in the Pension Trust Funds earned 9.71% in the current year compared to 8.96% the previous year. One of the objectives of the Village's investment policy is to minimize credit and market risks while maintaining a competitive yield on its portfolio. Accordingly, deposits are either insured by federal depository insurance or collateralized. Collateral on deposits is held by the Village, its agent or a financial institution's trust department in the Village's name. At year-end the carrying amount of the Village's deposits totaled $1,271,554 and the bank balances totaled $1,568,538. That total amount was insured or collateralized by collateral held by the Village's agent in the Village's name. As of April 30, 1991, the Village had total investments with a book value of $51,892,187 and a market value of $52,407,789. Of that total, 82% are classified in the category of lowest credit risk as defined by the Governmental Accounting Standards Board. The balance of the investments includes 8% held in the Illinois Public Treasurers' Investment Pool in which the State of Illinois holds collateral valued at 110%, 2% held in the Village's name by a counter -party financial institution's trust department, and 8% held by the trustee of the Village's Deferred Compensation Plan. The only investments which are either uninsured or uncollateralized are $1,314,913 in Guaranteed Investment Contracts and Separate Accounts of insurance companies authorized to do business in Illinois. Economic Outlook 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 the most objective evaluation comes from the rating agencies and ultimately from the purchasers of Village bonds. Moody's Municipal Credit Report that was issued in conjunction with the Village's 1991 General Obligation Bond sale on May 7, 1991 states: "Sound finances, supported by a diverse revenue stream and a growing tax base, provide high grade security for general obligation debt of this affluent community." Although the opinion specifically relates to the potential payment of the bonds, the corollary for the Village's general economic outlook applies. Mount Prospect's median family income, as of the 1980 Census, was 41% higher than the norms for the Great Lakes Region and 54% higher than the total United States. Housing values as of the same date were almost twice the regional and national norms and unemployment has been consistently 2% to 4% lower than state and national averages. Currently the Village is realizing the results of extraordinary economic growth with approximately $100 million in residential construction value and $180 million in commercial and industrial construction value added to the Village's tax base over the last ten years. Additionally, the Village economy is the beneficiary of continuing economic development in nearby communities. The Village of Mount Prospect is located on the eastern edge of the "Golden Corridor" which extends along Interstate 90 from O'Hare Airport to Elgin. Over the past twenty years, this particular area has been one of the fastest growing areas in the entire Midwest. xiv Economic development is expected to continue at a strong pace as evidenced by the recent announcement of Sears to relocate their merchandising group from Chicago to this area. The Sears" Project, consisting of the development of 800 acres approximately 15 miles west of Mount, Prospect, is expected to be the focal point of continued expansion for many years to come. The Village actively encourages economic development as evidenced by the level of activity during the past ten years. Following is a description of some of the major development projects currently in progress within the Village: Downtown Redevelopment District No. 1 - A Tax Increment Redevelopment Plan has been adopted for Downtown Redevelopment District No. 1. Implementation of the redevelopment project continues. In Target Area A, fifty-one townhomes were constructed, and were fully occupied in 1991. The Redevelopment District was amended in December of 1988 to expand the boundaries one block west of Main Street, to Wille Street. This move offers greater potential for commercial redevelopment in the downtown area. Property acquisition and development discussions with Broadacre Inc. (the selected developer) ft)r this area are underway. Mount Prospect Plaza - Over the past four years, Western Development Corporation has completely renovated this community shopping center of 300,000 square feet. Approval was recently granted for Phase II of this project which will include 11.4,000 square feet for a Wal-Mart store. Construction of the Wal-Mart facility is underway and should be completed by November 1991. Kensington Center for Business - Opus, Inc. is nearing completion of a 300 acre site with quality office and industrial buildings. A total of 51 buildings have been constructed in the Kensington Center with nine lots remaining available for develop- ment. Metropolitan Life and NTN Bearing are the newest corporate tenants in the park, each occupying 90,000 square foot buildings. Country Club Village at Old Orchard - Lexington Development is constructing 344 residential housing units on 38 acres as a planned unit development. Construction is substantially completed with 202 units occupied as of April 30, 1991. I.,ake Center Plaza - The Alter Group has completed ;all public improvements for this 38 acre project that ultimately will provide 1,000,000 square feet of high-tech light industrial and office development. One 16,000 square foot: corporate office and warehouse is currently under construction. xv Rogers Corporate Park - Three high quality multi -tenant industrial buildings with a total capacity of 114,000 square feet have been completed. Volvo Hydraulics is a major tenant in this industrial and office park. Courtesy Home Center - The approval for the addition of 21,000 square feet of retail space and 68,000 square feet for a self -storage warehouse has been obtained. Construction of an Aldi's Food Store has recently been completed. In addition to the economic development projects above, the Village has demonstrated a commitment to the infrastructure and public facility needs of the Village. During 1988, the Village's Public Works Department moved into a new 70,000 square foot building to house its Streets, Water and Sewer, Vehicle Maintenance, Forestry and Parking Divisions. An advisory referendum in April 1991 approved the construction of a new central Police and Fire building. Construction on the new 45,000 square foot facility is expected to start in November 1991 with a completion date of June 1993. A $1.5 million sanitary sewer project has been completed and other water and sewer improvements are proceeding as scheduled. The Village Board has approved a study identifying $12 million in needed stormwater improvements. Engineering has started for the first phase with construction expected to begin in September 1991 and extending over a period of five to six years. The project will be funded by a 1/4¢ sales tax which became effective September 1, 1991. Another high priority with the Village Board of Trustees is upgrading Village streets and bridges. In the 90/91 fiscal year, $1.8 million was expended for street improvements and $1.5 million has been appropriated in the 91/92 fiscal year. The extent of development within the Village of Mount Prospect is starting to level off with most of the choice building locations either developed or currently under construction. With the exception of certain unincorporated areas to the south of the Village, future expansion will be limited. However, Mount Prospect will continue to participate in the strong economic growth of the area through the emergence of Mount Prospect as an ideal place to live and raise a family. One of Mount Prospect's strongest qualities is the residential character of the Village. With an excellent range of housing, increasing property values, access to transportation, outstanding schools and parks, a renowned shopping center, and economical municipal services Mount Prospect will continue to attract residents, employers and customers to the Village. These factors, coupled with the commitment by Village officials to address emerging issues, should enable the Village to maintain its economic stability in the years to come. Local Initiatives During the past several years the Village has undertaken a number of initiatives to improve Village services. In 1989, the Village's Police Department achieved accreditation from the Commission On Accreditation for Law Enforcement Agencies. Also in 1989, the Village's Human Services Division received the Governor's Home Town Award for its Network 50 Program which matches more mature residents with job opportunities. In 1987, the xvi Village's Fire Department and Public Works Department achieved a Class II fire rating from the Insurance Service Organization. Only ten communities in Illinois have achieved a Class II rating and only two communities in the State have an accredited Police Department and a Class II fire rating. One of the other major initiatives that the Village has undertaken is in the area of recycling and refuse disposal. Under the direction of the Public Works Department, and as a result of the recommendations of the Recycling Commission, a pilot recycling program encompassing 1,000 homes was originated in February 1959. ne test program was so successful that it was expanded to a Village -wide program in May 1989. During 1990,.the first full year of operation, an average of 78% of all Village single-fa:inily residential properties participated in the program. The results have been encouraging with a total of 7.6 million pounds (6,914 cubic yards) of recyclables eliminated from the refuse stream. The recycling program initially included newsprint, glass and aluminum, but the program was expanded in 1991 to add plastics, metal containers and mixed papers. Also, in 1991, the recycling program is being extended to include 7,500 multi -family residences in the Village. A further effort to reduce the amount of refuse going to the landfills is being accomplished by the State mandated prohibition of disposing of yard waste at landfills, effective July 1, 1990. The Village implemented a separate yard waste program as of April 1, 1990, and in 1990, a total of 3,335 cubic yards of yard waste was collected and composted. The above efforts are in addition to a leaf collection and composting program that has been in effect in the Village for the past twenty years. As an economy measure, the Village started collecting the leaves and composting them in a rural area west of the Village. During 1990, the leaf collection program resulted in approximately 6,700 cubic yards of leaves being collected and composted. Also in the area of refuse disposal, the Village is a member of the Solid Waste Agency of Northern Cook County. The purpose of the Agency is to plan, construct:, finance, operate and maintain a solid waste disposal system to serve its twenty-six member municipalities. The Agency has acquired land for a "balefill" disposal system and is proceeding with engineering plans and securing the necessary permits. It is expected that construction of the facility in western Cook County will start in 1992. The Agency is being accounted for as a joint venture. Please see Note 15.C, pages 41-45 for further information. Independent Audit Illinois Statues require an independent audit for all funds and accounts of the Village. This requirement has l�eet� complied p " with and the independent auditor's report is included in the . financial section of this report. In addition to meeting the requirements set forth in state statutes, the audit was designed to meet the requirements of the federal Siegle Audit Act of °1.954 and related OMB Circular A-125. The auditor's reports related specifically to the single audit are included in a separate report. xvii Certificate of Achievement 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 fiscal year ended April 30, 1990. 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 (CAFR), whose contents conform to program standards. Such CAFR 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 for the last seven consecutive years. We believe our current report continues to conform to the Certificate of Achievement program requirements, and we are submitting it to GFOA. Acknowledgments 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 my appreciation to Carol Widmer, Assistant Finance Director, and all members of the Finance Department who assisted and contributed to its preparation. Additionally, I would like to acknowledge the Mayor, the Board of Trustees and the Village Manager for their leadership and support in planning and conducting the financial operations of the Village in a responsible and progressive manner. Respectfully submitted, David C. Jepson, CPA Director of Finance DCJ/sm COVER AND DIVIDER ILLUSTRATIONS FRONT COVER �n Top: Looking east on Prospect Avenue in Downtown Mount Prospect, this photograph shows one of the buildings that has taken part in the Village's award winning facade improvement program. Bottom: A mirror image reflects in the lake adjacent to the Kensington Office Plaza in the Kensington Business Center. INTRODUCTORY SECTION Top: This photograph shows the Village Hall at 100 South Emerson Street. Bottom: Looking west on Central Road, this photograph shows the Herbert L. Weeks Public Works Facility which was completed in' 1988. FINANCIAL SECTION Top: This photograph shows the Kensington Corporate Center Building, home of Metropolitan Life Insurance Company, in the Kensington Business Center. Bottom: The interior of the Randlturst Mall Shopping Center, the first enclosed shopping mall in the nation, is shown in this photograph. STATISTICAL SECTION "Fop: One of the many fine quality townhoine projects in Mount Prospect. This photograph shows one of the buildings in the Country Club Village of Old Orchard. Bottom: METRA Commuter trains provide convenient access to Chicago and other suburban communities. This photograph shows commuters waiting to board one of the early -morning trains. ` xix Financial Section INDEPENDENT AUDITOR'S REPORT olf( C parry. Certified Public Accountants INDEPENDENT AUDITOR'S REPORT The Honorable Mayor Members of the Board of Trustees Village of Mount Prospect, Illinois 2100 Manchester Road Suite 1750 Wheaton, Illinois 60187-9820 (708) 665-5900 FAX 665-8973 We have audited the general purpose financial statements and the combining, individual fund, and account group financial statements of the Village of Mount Prospect, Illinois, as of and for the year ended April 30, 1991, as listed in the accompanying table of contents. These financial statements are the responsibility of the Village of Mount Prospect, Illinois' management. Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstate- ment. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. In our opinion, the general purpose financial statements referred to above present fairly, in all material respects, the financial position of the Village of Mount Prospect, Illinois, as of April 30, 1991, and the results of its operations and the cash flows of its proprietary types for the year then ended in conformity with generally accepted accounting principles. Also, in our opinion, the combining, individual fund, and account group financial statements referred to above present fairly, in all material respects, the financial position of each of the individual funds and account groups of the Village of Mount Prospect, Illinois, as of April 30, 1991, and the results of operations of such funds and the cash flows of individual proprietary funds for the year then ended in conformity with generally accepted accounting principles. Our audit was made for the purpose of forming an opinion on the general purpose financial statements and on the combining, individual fund, and account group financial statements taken as a whole. The accompanying financial information listed as supplemental and schedules in the accompanying table of contents is presented for purposes of additional analysis and is not a required part of the general purpose financial statements of the Village of Mount Prospect, Illinois. 7 Oak Brook • Wheaton Such information has been subjected to the auditing procedures applied in the audit of the general purpose, combining, individual fund, and account group financial statements and, in our opinion, is fairly stated in all material respects in relation to the general purpose financial statements and each of the combining, individual fund, and account group financial statements taken as a whole. The statistical information listed in the table of contents was not audited by us and, accordingly, we do not express an opinion thereon. July 19 1991 W*X, 2 Wolf C pang Ca"rt&w�d PutiW6r: Arrwamuniswts GENERAL PURPOSE FINANCIAL STATEMENTS VILLAGE OF MOUNT PROSPECT, ILLINOIS ALL FUND TYPES AND ACCOUNT GROUPS COMBINED BALANCE SHEET APRIL 30, 1991 (See Following Page) ASSETS AND OTHER DEBITS Assets Cash and Investments Receivables (Net, Where Applicable, of Allowances for Uncollectibles) Taxes Other Taxes Accounts Accrued Interest Other Prepaid Items/Expenses Inventories Due from Other Funds Due from Other Governments Assets Held by Agents Deposit - Interinsurance Restricted Assets Cash and Investments Deposit with Joint Venture Fixed Assets - (Net) Long -Term Loans Receivable Investment in Joint Venture Other Debits Amount Available for Debt Service Amount to be Provided for Retirement of General Long -Term Debt Total Assets and Other Debits VILLAGE OF MOUNT PROSPECT, ILLINOIS ALL FUND TYPES AND ACCOUNT GROUPS COMBINED BALANCE SHEET APRIL 30, 1991 Proprietary Fiduciary Account Groups Governmental Fund TvuesFund Tvoes Fund T General General Totals Special Debt Capital Internal Trust and Fixed Long -Term JM=rondum Only)_ General Revenue Service Projects Rtmriae Service Agency Assets Debt 1991 1990 $3,165,561 1,962,918 1,001,878 2,799,434 3,218,052 1,580,460 35,163,008 2,667,532 1,543,095 413,343 216,386 835,884 57,749 919,375 20,088 476,722 9,089 71,734 16,806 11,825 63,224 102,087 41,146 322,593 129,891 13,715 179,241 27,410 136,632 18,673 78,574 274,257 12,859 6,550 501 508,615 340,380 174,570 53,137 3,947,080 109,152 327,750 391,321 10,245,905 2,175,323 128,479 2,003,452 226,990 48,891,311 45,194,569 5,733,989 5,562,149 919,375 1,085,498 505,899 528,791 629,415 315,033 322,847 131,862 164,042 132,970 97,247 86,244 294,167 80,502 1,076,702 1,400,351 3,947,080 2,720,223 109,152 109,152 327,750 327,750 391,321 468,087 16,701,175 29,122,403 29,643,492 128,479 191,573 2,230,442 2,230,442 979,268 979,268 907,532 6,098.40_6 6,098,400 6.693.293 7.911.527 33889,7731 427 04 3,273,702 17,912, 125 4 285 34 9£490,_91 6,701,_7 7,077,676 101 469-297 97 809,513 LIABILITIES AND EQUITY AND OTHER CREDITS Liabilities Accounts Payable Accrued Payroll Accrued Interest Payable Claims Payable Deposits Payable Other Payables Deferred Revenues Deferred Property Taxes Due to Other Funds Due to Participants Due to Bondholders Pension Contributions Payable Compensated Absences Payable Installment Contracts Payable Installment Note Payable Special Service Area Bonds Payable General Obligation Bonds Payable Total Liabilities Proprietary Fiduciary Account Groups Governmental Fund T p es Fund Types Fund Type General General Totals Special Debt Capital Internal Trust and Fixed Long -Term { - random Onlyl General Revenue Service Projieeta Enterprise Service Agency Assets Debt 1991 1990 $ 535,803 282,438 194,496 336,848 53,243 1,402,828 316,779 38,825 42,691 398,295 60,498 60,498 389,661 389,661 11309,312 1,309,312 34,435 16,929 350 591 52,305 732,594 148,598 116,240 15,565 1,012,997 2,667,532 1,543,095 413,343 216,386 4,840,356 12,173 235,789 14,346 31,859 294,167 3,947,080 3,947,080 164,479 164,479 61,589 61,589 642,892 79,981 55,441 778,314 61,000 61,000 100,000 100,000 550,000 550,000 _L,_69L000 8,48946 4.907,773 2,0€2.956 447.778 663.600 2 890,954 458.469 5.453,321 - 7.077,676 23 912,527 Equity and Other Credits Contributed Capital 3,489,457 2,788,923 Tnvertmant in General Fixed Assets 16,701,175 Retained Earnings Unreserved 11,531,714 1,037,950 Fund Balance Reserved for Prepaid Items 27,410 Reserved for Inventory 18,673 Reserved for Long -Term Receivables 128,479 Reserved for Debt Service 979,268 Reserved for Employees' Benefits 256,198 Reserved for Employees' Retirement 33,781,412 Unreserved - Designated for Capital Projects 2,610,102 Unreserved - Undesignated 2.829.192 X876.817 Total Equity and Other Credits 3.003,754 , 876,817 979,268 2,610,102 15.021.171 2 826.873 34.037.610 16.701,175 Total Liabilities and 1,297,177 341,378 72,681 521,144 1,429,910 9,419 1,356,068 4,609,026 80,502 2,720,223 165,213 710,653 97,328 200,000 775,000 9.109.965 6,278,380 3,700,759 16,701,175 19,401,047 12,569,664 12,262,489 27,410 18,673 15,624 128,479 191,573 979,268 907,532 256,198 263,231 33,781,412 31,241,158 2,610,102 1,940,226 4,706, 009 4 ;0309 387 78 056,770 74,313 826 Equity and Other Credits 7,913,527 3 889 773 1 427 046 3 273 702 17,912.125 4,285,342 39,490,931 16,701 175 7 077 676 101. 969 297 97.809.513 See accompanying Notes to the Financial Statements. 3 VILLAGE OF MOUNT PROSPECT, ILLINOIS ALL GOVERNMENTAL AND FIDUCIARY (EXPENDABLE TRUST) FUND TYPES COMBINED STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES FOR THE YEAR ENDED APRIL 30, 1991 Revenues Taxes Licenses and Permits Intergovernmental Charges for Services Fines and Forfeits Interest Miscellaneous Total Revenues Expenditures Current General Government Public Safety Highways and Streets Health Welfare Culture and Recreation Miscellaneous Capital Outlay Debt Service Principal Retirement Interest and Fiscal Charges Total Expenditures Excess (Deficiency) of Revenues over Expenditures Fiduciary Governmental Fund Types Fund Typa_ Totals Special Debt Capital Expendable (Memorandum Only) General Revenue Service Pro-ects Trust 1991 1990 $11,770,364 2,687,898 1,028,602 406,557 15,893,421 15,197,383 1,876,570 1,876,570 2,020,119 2,387,458 1,823,576 13,700 1,375,508 5,600,242 4,572,837 320,044 15,750 335,794 293,707 285,435 55,025 340,460 330,842 406,355 121,372 67,311 45,013 18,969 659,020 717,874 1.016,371 53.821 28.265 1,098,464 1.034,788 18.062,604 4.741.692 1.109,613 1,871,093 18.964 25,803.971 24,1,67.548 1,629,270 1,629,270 1,691,616 9,409,590 9,409,590 9,106,851 3,957,177 1,148,630 5,105,807 5,106,991 2,116,301 2,116,301 1,852,851 541,089 630,088 1,171,177 866,722 75,910 2,211,259 2,287,169 1,882,311 10,599 666,671 26,002 703,272 642,981 1,201,217 1,201,217 1,043,479 616,328 616,328 628,172 465.274 465.274 504,713 17.739,938 4.656.848 1.081,602 1.201.217 26.002 244705,405 23.326.687 322.66$ 85.044 28.011 869,876 (7.033) 1,098.568 840.$+51. Other Financing Sources (Uses) Operating Transfers In Operating Transfers (Out) Excess (Deficiency) of Revenues and Other Financing Sources over Expendi- tures and Other Financing Uses Fund Balances May 1 Residual Equity Transfers In Residual Equity Transfers (Out) April 30 Governmental Fund Tunes Special Debt Capital General Revenue Service Pr0-9cta 13,400 43,725 $ (57.125) (57.125) 13.400 43.725 265.543 98.444 71.736 3,775,460 1,778,373 907,532 (1,037,249) 2.738.211 1.778,373 907.532 3,003.6754 1"876.,.817 979,268 See accompanying Notes to the Financial Statements, 4 Fiduciary Fund Tie Totals Expendable � - ran_dum siv) Trust 1991 1990 57,125 249,520 (57.125) (249,520) 669,876 (7.033) 1.098,566 _84M61 902,977 263,231 7,627,573 6,786,712 1,037,249 1,037,249 (1.037.249) 1.440.226 263.231 7.627,573 6.786.712 2,610,102 25 8 726,139 7.627.573 Revenues Taxes Licenses and Permits Intergovernmental Charges for Services Fines and Forfeits Interest Miscellaneous Total Revenues Expenditures Current General Government Public Safety Highways and Streets Health Welfare Culture and Recreation Miscellaneous Capital Outlay Debt Service Principal Retirement Interest and Fiscal Charges Total Expenditures Excess (Deficiency) of Revenues over Expenditures Other Financing Sources (Uses) Bond/Note Proceeds Operating Transfers In Operating Transfers (Out) Excess (Deficiency) of Revenues and Other Financing Sources over Expendi- tures and Other Financing Uses Fund Balances May 1 Residual Equity Transfers In Residual Equity Transfers (Out) VILLAGE OF MOUNT PROSPECT, ILLINOIS ALL GOVERNMENTAL FUND TYPES COMBINED STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES - BUDGET AND ACTUAL FOR THE YEAR ENDED APRIL 30, 1991 General Sum Actual $11,952,000 11,770,364 1,888,500 1,876,570 2,111,000 2,387,458 309,500 320,044 280,500 285,435 410,000 406,355 1,038.3700 1.016.378 17,989,500 18,062.604 1,613,240 9,486,595 4,032,595 2,165,250 548,195 75,900 10,600 1,629,270 9,409,590 3,957,177 2,116,301 541,089 75,910 10,599 _Special Revenue Debt Service Bud et Actual Supet Actual 2,628,120 2,687,898 911,700 1,028,602 1,871,105 1,823,576 13,700 13,700 40,000 55,025 466,022 465,274 62,100 121,372 56,025 67,311 472,120 53,821 5,073,445 4,741,692 _951,425 1,109.613 1,361,000 1,148,630 639,725 630,088 2,546,920 2,211,259 677,000 666,671 Capital Projects u _0t Actual 412,400 406,557 1,500,000 1,375,508 13,500 15,750 82,500 45,013 150,000 28,265 2,158,400 1.871,093 5,991,815 1,201,217 616,328 616,328 466,022 465,274 17,932,375 17.739.436 5,224,645 4.656,648 1.092,350 1,281,602 5,991,815 1,201,217 Totals Memorandum Onl Bud et Actual 15,904,220 15,893,421 1,888,500 1,876,570 5,495,805 5,600,242 323,000 335,794 320,500 340,460 610,625 640,051 1,660,120 1.098.464 26,202.770 25,785,002 1,613,240 1,629,270 9,486,595 9,409,590 5,393,595 5,105,807 2,165,250 2,116,301 1,187,920 1,171,177 2,622,820 2,287,169 687,600 677,270 5,991,815 1,201,217 616,328 616,328 466,022 465,274 30,231,185 24.679.403 57,125 322=668 (151,200) 85,044 (100,925) 28,011 (3,833,415) 661.979 14.028.4).5) 1,105,599 5,000,000 5,000,000 13,400 13,400 96,970 43,725 110,370 57,125 (57,125) (57,125) (53,245) (110,370) (57,125) (57,125) (57,125) 13,400 13,400 96,970 43,725 4,946,755 - 5,000,000 April 30 See accompanying notes to the Financial Statements, 265,543 _(137 800) 98,444 3 955) 71,736 1,113,340 669.876 9 85 1 105,599 1. 3,775,460 1,778,373 907,532 902,977 7,364,342 1,037,249 1,037,249 (1,037,249) (1,037,249) 2,738,211 1,778,373 907,532 1,940,226 7,364,342 _3,003,754 1 676 917 979,268 2,610,202 8,469,941 5 VILLAGE OF MOUNT PROSPECT, ILLINOIS ALL PROPRIETARY AND FIDUCIARY (PENSION TRUST) FUND TYPES COMBINED STATEMENT OF REVENUES, EXPENSES, AND CHANGES IN RETAINED EARNINGS - FUND BALANCES FOR THE YEAR ENDED APRIL 30, 1991 See accompanying Notes to the Financial Statements„ 6 Fiduciary Proprietary Fund Types Fund Type Totals Internal Pension (Memorandum Only) Enterprise Service Trust 1991 1990 Operating Revenues Taxes 52,688 52,688 151,508 Charges for Services $ 4,117,788 2,131,490 6,249,278 5,740,428 Contributions 237,855 476,190 714,045 646,678 Interest 3,034,881 3,034,881 2,704,410 Miscellaneous 23.281 23.281 14.213 Total Operating Revenues 4.117.788 2.392.626 3.563.759 10.074.173 9.257.237 Operating Expenses Administration and Maintenance 5,640,140 67,844 17,605 5,725,589 6,108,555 Depreciation 584,078 367,946 952,024 574,863 Insurance and Claims 1,865,699 1,865,699 1,637,830 Benefits and Refunds 1,005,900 1,005,900 1,182,744 Other 1.412 1.412 2.499 Total Operating Expenses 6.224.218 2,302.901 1.023.505 9.550.624 9.506.491 Operating Income (Loss) _(2.106.430) 89.725 2.540.254 523,549 (249.254) Nonoperating Revenues (Expenses) Property Taxes 1,631,157 1,631,157 1,628,966 Grants 392,415 392,415 599,370 Interest Income 292,914 112,980 405,894 417,753 JAWA Interest Income 65,328 65,328 166,194 Gain - Sale of Fixed Assets 12,364 12,364 3,500 Joint Venture Income (Loss) (149,229) Interest Expense (183.278) (183.278) (212.046) 2.198.536 125.344 - 2.323.880 2.454,508 Net Income 92,106 215,069 2,540,254 2,847,429 2,205,254 Retained Earnings/Fund Balances May 1 11.439.608 822.881 31.241.158 43.503.647 41.298.393 April 30 _11 531,714 1,0 37550 33,781.412 46,351,076 43,503,647 See accompanying Notes to the Financial Statements„ 6 VILLAGE OF MOUNT PROSPECT, ILLINOIS ALL PROPRIETARY FUND TYPES COMBINED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED APRIL 30, 1991 Cash Flows from Operating Activities Operating Income Adjustments to Reconcile Net Income to Net Cash Providing Operating Activities Depreciation Changes in Assets and Liabilities Receivables Inventories Interfund Assets Prepaid Expenses Due from Other Government Units Accounts Payable Claims Payble Accrued Payroll Accured Interest Deferred Revenues Compensated Absences Interfund Liabilities Other Payable General Obligation Bonds Payable Special Service Area Bonds Payable Cash Flows from Noncapital Financing Activities Other Nonoperating Revenues Cash Flows from Capital and Related Financing Activities Fixed Assets Purchased Principal Paid on General Obligation Bonds Principal Paid on Special Service Area Bonds Interest Paid on General Obligation Bonds Interest Paid on Special Service Area Bonds Proceeds from Sale of Fixed Assets Cash Flows from Investing Activities Purchase of Investment Securities Proceeds from Sale and Maturities of Investment Securities Interest on Investments Net (Decrease) in Cash and Cash Equivalents Cash and Cash Equivalents May 1 April 30 Proprietary Fund Types Totals Internal Memorandum Only) Enterprise Service 1991 1990 $(2,106,430) 89,725 (2,016,705) (2,342,363) 584,078 367,946 952,024 574,863 (237,201) (7,580) (244,781) (85,633) (7,954) (7,954) 15,855 29,788 (6,550) 23,238 (25,018) (3,662) (3,662) (15,705) 181,370 181,370 (234,507) (52,293) 24,362 (27,931) (78,271) (131,483) (131,483) 250,792 3,500 3,500 (312) (12,183) (12,183) 11,120 103,440 1,261 104,701 7,254 4,662 4,662 (7,246) 14,346 (6,000) 8,346 11,518 48,034 25,000 25,000 (15,000) 5,000 5.000 (25.000) _LJ,jk4,.U7) 328.019 (1.136,858) (1.909,619) 2.023,572 2.023.572 2.228.336 (379,640) (263,532) (643,172) (534,265) (170,000) (170,000) (230,000) (225,000) (225,000) (250,000) (120,692) (120,692) (131,792) (62,586) (62,586) (80,254) 21,550 21.550 (957.918) (241,982) (1.199.900) (1.226,311) (2,912,429) (1,313,042) (4,225,471) 2,580,253 2,580,253 292,914 112.980 405.894 (39.262) (1.200.062) (1,239.324) (438,485) (1,114,025) (1,552,510) 1.071.858 1.381.443 2.453.301 633.373 267,418 900,791 (1,972,855) 530,442 417.753 (1.024.660) (1,932,254) 4,385.555 2,453.301 Noncash Investing, Capital and Financing Activities During the fiscal year the Waterworks and Sewerage Fund (Enterprise) and the Vehicle Replacement Fund (Internal Serivice) received $288,698 and $2,288,923, respectively, in contributed fixed assets which were recorded as additions to contributed capital. See accompanying Notes to the Financial Statements. 7 VILLAGE OF MOUNT PROSPECT, ILLINOIS NOTES TO THE FINANCIAL STATEMENTS APRIL 30, 1991 NOTE PAGE 1. Summary of Significant Accounting Policies A. Reporting Entity 8-10 B. Fund Accounting 11 C. Basis of Accounting 12-13 D. Budgets 13 E. Cash and Investments 13-14 F. Short-term Interfund Receivables/Payables 14 G. Inventories 14 H. Prepaid Items/Expenses 14 I. Restricted Assets 15 J. Fixed Assets 15 K. Compensated Absences 16 L. Long -Term Obligations 16 M. Fund Equity 16 N. Bond Discounts/Issuance Costs 17 0. Interfund Transactions 17 P. Memorandum Only - Total Columns 17 Q. Comparative Data 17 2. Legal Compliance and Accountability A. Budgets 18 B. Deficit Fund Balances/Retained Earnings of Individual Funds 18 C. Excess of Actual Expenditures/Expenses over Budget in Individual Funds 18 3. Deposits and Investments 18-19 A. Deposits 19 B. Investments 20 4. Receivables - Taxes 20 5. Fixed Assets A. General Fixed Assets Account Group 21 B. Proprietary Fixed Assets 21-22 6. Risk Management A. Self -Insurance Fund 22 B. High -Level Excess Liability Pool (HELP) 22 VILLAGE OF MOUNT PROSPECT, ILLINOIS NOTES TO THE FINANCIAL STATEMENTS APRIL 30, 1991 NOTE A. High -Level Excess Liability Pool (HELP) PAGE 7. Lease Obligations 22 8. Long -Term Debt A. General Obligation Bonds 23-24 B. Special Service Area Bonds 24 C. Installment Contracts/Notes Payable 25 D. Debt Service Requirements to Maturity 25 E. Changes in Long -Term Liabilities 26 F. Legal Debt Margin 26 G. Noncommitment Debt - Special Service Area Bonds 27 9. Commitments 14. Subsequent Events 31 15. Joint Ventures A. High -Level Excess Liability Pool (HELP) 31-35 B. Northwest Suburban Municipal Joint Action Water Agency (JAWA) 35-41 C. Solid Waste Agency of Northern Cook County (SWANCC) 41-45 16. Deferred Compensation Plan 45 A. High -Level Excess Liability Pool (HELP) 27 B. Northwest Suburban Municipal Joint Action Water Agency (JAWA) 28 C. Solid Waste Agency of Northern Cook County (SWANCC) 28 10. Interfund Assets/Liabilities - Due From/To Other Funds 28 11. Segment Information - Enterprise Funds 29 12. Contributed Capital 30 13. Contingent Liabilities A. Litigation 30 B. Grants 30 C. High -Level Excess Liability Pool (HELP) 31 D. Northwest Suburban Municipal Joint Action Water Agency (JAWA) 31 E. Solid Waste Agency of Northern Cook County (SWANCC) 31 14. Subsequent Events 31 15. Joint Ventures A. High -Level Excess Liability Pool (HELP) 31-35 B. Northwest Suburban Municipal Joint Action Water Agency (JAWA) 35-41 C. Solid Waste Agency of Northern Cook County (SWANCC) 41-45 16. Deferred Compensation Plan 45 VILLAGE OF MOUNT PROSPECT, ILLINOIS NOTES TO THE FINANCIAL STATEMENTS APRIL 30, 1991 NOTE 17. Post -Employment Health Care Benefits 18. Employee Retirement Systems PAGE 46 A. Plan Descriptions and Provisions 46-49 B. Summary of Significant Accounting Policies and Plan Asset Matters 49-50 C. Funding Status and Progress 50-53 D. Contributions Required and Contributions Made 53-55 E. Trend Information 55 VILLAGE OF MOUNT PROSPECT, ILLINOIS NOTES TO THE FINANCIAL STATEMENTS APRIL 30, 1991 1. Summary of Significant Accounting Policies The financial statements of the Village of Mount Prospect, Illinois (government), have been prepared in conformity with generally accepted accounting principles (GAAP) as applied to government units. The Governmental Accounting Standards Board (GASB) is the accepted standard- setting body for establishing governmental accounting and financial reporting principles. The more significant of the government's accounting policies are described below. A. Reporting Entity In evaluating how to define the government, for financial reporting purposes, management has considered all potential component units. The decision to include a potential component unit in the reporting entity was made by applying the criteria set forth in GAAP. The basic --but not the only --criterion for including a potential component unit within the reporting entity is the governing body's ability to exercise oversight responsibility. The most significant manifestation of this ability is financial interdependency. Other manifestations of the ability to exercise oversight responsibility include, but are not limited to, the selection of governing authority, the designation of management, the ability to significantly influence operations, and accountability for fiscal matters. A second criterion used in evaluating potential component units is the scope of public service. Application of this criterion involves considering whether the activity is conducted within the geographic boundaries of the government and is generally available to its citizens. A third criterion used to evaluate potential component units for inclusion or exclusion from the reporting entity is the existence of special financing relationships, regardless of whether the government is able to exercise oversight responsibilities. Based upon the application of these criteria, the following is a brief review of each potential component unit addressed in defining the government's reporting entity. Included within the Reporting Entity: Police Pension Employees Retirement System The government'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 government's Mayor, one elected pension beneficiary, and two elected police employees constitute the pension board. The government and PPERS participants are obligated to fund all PPERS costs based upon actuarial valuations. The state of Illinois is authorized to establish benefit levels and the government 8 VILLAGE OF MOUNT PROSPECT, ILLINOIS NOTES TO THE FINANCIAL STATEMENTS APRIL 30, 1991 1. Summary of Significant Accounting Policies (Cont.) A. Reporting Entity (Cont.) Included within the Reporting Entity (Cont.): Police Pension Employees Retirement System (Cont.) is authorized to approve the actuarial assumptions used in the determination of contribution levels. Firefighters' Pension Employees Retirement System The government's sworn fire personnel participate in the Firefighters' Pension Employees Retirement System (FPERS). The FPERS functions for the benefit of these employees and is governed by a nine -member pension board. The government's Mayor, Treasurer, Clerk, Attorney, and Fire Chief, one elected pension beneficiary, and three elected fire employees constitute the pension board. The government and FPERS participants are obligated to fund all FPERS costs based upon actuarial valuations. The state of Illinois is authorized to establish benefit levels and the government is authorized to approve the actuarial assumptions used in the determination of contribution levels. Mount Prospect Public Library This component unit has a separate elected board and provides services to residents, generally within the geographic boundaries of the government. This component unit is included within the reporting entity because the government approves the budget and annual tax levy. In addition, bond issuance authorizations are approved by the government and the legal liability for the general obligation portion of the Library's debt remains with the government. Excluded from the Reporting Entity: Mount Prospect Park District River Trails Park District School Districts 26, 57 and 59 High School District 214 Community College District 512 0 VILLAGE OF MOUNT PROSPECT, ILLINOIS NOTES TO THE FINANCIAL STATEMENTS APRIL 30, 1991 1. Summary of Significant Accounting Policies (Cont.) A. Reporting Entity (Cont.) Excluded from the Reporting Entity (Cont.): These potential component units have separate elected boards and provide services to residents, generally within the geographic boundaries of the government. These potential component units are excluded from the reporting entity because the government does not have the ability to exercise influence over their daily operations, approve budgets or provide funding. High -Level Excess Liability Pool (HELP) HELP is a proprietary venture established for the purpose of seeking the prevention or lessening of liability claims made against its member municipalities. Management consists of a Board of Directors comprised of one appointed representative from each member. The government does not exercise any control over the activities of the Agency beyond its representation on the Board of Directors. HELP is reported as a proprietary joint venture. Northwest Suburban Municipal Joint Action Water Agency (JAWA) JAWA is a municipal corporation empowered to construct and maintain a joint water supply system to serve its member municipalities. Management consists of a Board of Directors comprised of one appointed representative from each member. The government does not exercise any control over the activities of the Agency beyond its representation on the Board of Directors. JAWA is reported as a proprietary joint venture. Solid Waste Agency of Northern Cook County (SWANCC) SWANCC is a municipal corporation empowered to plan, finance, construct and operate a solid waste disposal system to serve its member municipalities. Management consists of a Board of Directors comprised of one appointed representative from each member. The government does not exercise any control over the activities of the Agency beyond its representation on the Board of Directors. SWANCC is reported as a proprietary joint venture. 10 VILLAGE OF MOUNT PROSPECT, ILLINOIS NOTES TO THE FINANCIAL STATEMENTS APRIL 30, 1991 1. Summary of Significant Accounting Policies (Cont.) B. Fund Accounting The government uses funds and account groups to report on its financial position and the results of its operations. Fund accounting is designed to demonstrate legal compliance and to aid financial management by segregating transactions related to certain government functions or activities. A fund is a separate accounting entity with a self -balancing set of accounts. An account group, on the other hand, is a financial reporting device designed to provide accountability for certain assets and liabilities that are not recorded in the funds because they do not directly affect net expendable available financial resources. Funds are classified into the following categories: governmental, proprietary, and fiduciary. Each category, in turn, is divided into separate "fund types". Governmental funds are used to account for all or most of a government's general activities, including the collection and disbursement of earmarked monies (special revenue funds), the acquisition or construction of general fixed assets (capital projects funds), and the servicing of general long-term debt (debt service funds). The general fund is used to account for all activities of the general government not accounted for in some other fund. Proprietary funds are used to account for activities similar to those found in the private sector, where the determination of net income is necessary or useful to sound financial administration. Goods or services from such activities can be provided either to outside parties (enterprise funds) or to other departments or agencies primarily within the government (internal service funds). Fiduciary funds are used to account for assets held on behalf of outside parties, including other governments, or on behalf of other funds within the government. When these assets are held under the terms of a formal trust agreement, either a pension trust fund, a nonexpendable trust fund, or an expendable trust fund is used. The terms "nonexpendable" and "expendable" refer to whether or not the government is under an obligation to maintain the trust principal. Agency funds generally are used to account for assets that the government holds on behalf of others as their agent. 11 VILLAGE OF MOUNT PROSPECT, ILLINOIS NOTES TO THE FINANCIAL STATEMENTS APRIL 30, 1991 1. Summary of Significant Accounting Policies (Cont.) C. Basis of Accounting The accounting and financial reporting treatment applied to a fund is determined by its measurement focus. All governmental funds and expendable trust funds are accounted for using a current financial resources measurement focus. With this measurement focus, only current assets and current liabilities generally are included on the balance sheet. Operating statements of these funds present increases (i.e., revenues and other financing sources) and decreases (i.e., expenditures and other financing uses) in net current assets. All proprietary funds and pension trust funds are accounted for on a flow of economic resources measurement focus. With this measurement focus, all assets and all liabilities associated with the operation of these funds are included on the balance sheet. Fund equity (i.e., net total assets) in proprietary funds is segregated into contributed capital and retained earnings components. Proprietary fund -type operating statements present increases (e.g., revenues) and decreases (e.g., expenses) in net total assets. The modified accrual basis of accounting is used by all governmental fund types, expendable trust funds, and agency funds. Under the modified accrual basis of accounting, revenues are recognized when susceptible to accrual (i.e., when they become both measurable and available). "Measurable" means the amount of the transaction can be determined and "available" means collectible within the current period. The government recognizes property taxes when they become both measurable and available in accordance with GASB Codification Section P70. A one-year availability period is used for revenue recognition for all other governmental fund revenues. Expenditures are recorded when the related fund liability is incurred. Principal and interest on general long-term debt are recorded as fund liabilities when due or when amounts have been accumulated in the debt service fund for payments to be made early in the following year. Those revenues susceptible to accrual are property taxes, franchise taxes, licenses, interest revenue, and charges for services. Sales, income, and motor fuel taxes collected and held by the state at year end on behalf of the government also are recognized as revenue. Fines and permits revenues are not susceptible to accrual because generally they are not measurable until received in cash. 12 VILLAGE OF MOUNT PROSPECT, ILLINOIS NOTES TO THE FINANCIAL STATEMENTS APRIL 30, 1991 1. Summary of Significant Accounting Policies (Cont.) C. Basis of Accounting (Cont.) The accrual basis of accounting is utilized by proprietary fund types and pension trust funds. Under this method, revenues are recorded when earned and expenses are recorded at the time liabilities are incurred. The government reports deferred revenue on its combined balance sheet. Deferred revenues arise when a potential revenue does not meet both the "measurable" and "available" criteria for recognition in the current period. Deferred revenues also arise when resources are received by the government before it has a legal claim to them, as when grant monies are received prior to the incurrence of qualifying expenditures. In subsequent periods, when both revenue recognition criteria are met, or when the government has a legal claim to the resources, the liability for deferred revenue is removed from the combined balance sheet and revenue is recognized. D. Budgets 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. Encumbrances represent commitments related to unperformed contracts for goods or services. Encumbrance accounting --under which purchase orders, contracts and other commitments for the expenditure of resources are recorded to reserve that portion of the applicable appropriation --is utilized in the governmental funds. Material encumbrances outstanding at year end, if any, are reported as reservations* of fund balances and do not constitute expenditures or liabilities because the commitments will be honored during the subsequent year. E. Cash and Investments Cash and Cash Equivalents For purposes of the statement of cash flows, the government's proprietary fund types consider all highly liquid investments with an original maturity of three months or less when purchased to be cash equivalents. 13 VILLAGE OF MOUNT PROSPECT, ILLINOIS NOTES TO THE FINANCIAL STATEMENTS APRIL 30, 1991 1. Summary of Significant Accounting Policies (Cont.) E. Cash and Investments (Cont.) Cash and Cash Equivalents (Cont.) Proprietary Fund Types Internal Enterprise Service Cash and Cash Equivalents $ 633,373 267,418 Investments 2,912:429 1.313.042 Total Cash and Investments 3 545,802 1,5580,;,460 Investments Investments are stated at cost or amortized cost, subject to adjustment for market declines judged to be other than temporary (lower of cost or market), except for investments in the deferred compensation agency fund and insurance company separate accounts in the pension trust funds which are reported at market value. F. Short-term Interfund Receivables/Payables During the course of operations, numerous transactions occur between individual funds for goods provided or services rendered. These receivables and payables are classified as "due from other funds" or "due to other funds" on the balance sheet. Short-term interfund loans, if any, are classified as "interfund receivables/payables". G. Inventories Inventories are valued at cost, which approximates market, using the first-in/first-out (FIFO) method. The costs of governmental fund -type inventories are recorded as expenditures when consumed rather than when purchased. H. Prepaid Items/Expenses Payments made to vendors for services that will benefit periods beyond the date of this report are recorded as prepaid items/expenses. 14 VILLAGE OF MOUNT PROSPECT, ILLINOIS NOTES TO THE FINANCIAL STATEMENTS APRIL 30, 1991 1. Summary of Significant Accounting Policies (Cont.) I. Restricted Assets Certain proceeds of enterprise fund special service area bonds are classified as restricted assets on the balance sheet because their use is limited by applicable bond covenants. See the note on long-term debt for additional disclosures. J. Fixed Assets General fixed assets are not capitalized in the funds used to acquire or construct them. Instead, capital acquisition and construction are reflected as expenditures in governmental funds, and the related assets are reported in the general fixed assets account group. All purchased fixed assets are valued at cost where historical records are available and at an estimated historical cost where no historical records exist. Donated fixed assets are valued at their estimated fair market value on the date received. Assets in the general fixed assets account group are not depreciated. Depreciation of buildings, equipment, water/sewer systems, and vehicles in the proprietary fund types is computed using the straight-line method. The costs of normal maintenance and repairs that do not add to the value of the asset or materially extend asset lives are not capitalized. Improvements are capitalized and depreciated over the remaining useful lives of the related fixed assets, as applicable. Depreciation on fixed assets acquired through intergovernmental grants, entitlements, or shared revenues externally restricted to capital acquisitions is closed to contributed capital. Public domain ("infrastructure") general fixed assets consisting of roads, bridges, curbs and gutters, streets and sidewalks, drainage systems and lighting systems are not capitalized, as these assets are immovable and of value only to the government. Interest is capitalized on proprietary fund assets acquired with tax- exempt debt. The amount of interest to be capitalized is calculated by offsetting interest expense incurred from the date of the borrowing until completion of the project with interest earned on invested proceeds over the same period. 15 VILLAGE OF MOUNT PROSPECT, ILLINOIS NOTES TO THE FINANCIAL STATEMENTS APRIL 30, 1991 1. Summary of Significant Accounting Policies (Cont.) K. Compensated Absences Vested or accumulated vacation leave that is expected to be liquidated with expendable available financial resources is reported as an expenditure and a fund liability of the governmental fund that will pay it. Amounts of vested or accumulated vacation leave that are not expected to be liquidated with expendable available financial resources are reported in the general long-term debt account group. No expenditure is reported for these amounts. Vested or accumulated vacation leave of proprietary funds is recorded as an expense and liability of those funds as the benefits accrue to employees. In accordance with the provisions of Statement of Financial Accounting Standards No. 43, Accounting for Compensated Absences, no liability is recorded for nonvesting accumulating rights to receive sick pay benefits. However, an expenditure is reported and a liability is recognized for that portion of accumulating sick leave benefits that it is estimated will be taken as "terminal leave" at retirement. L. Long -Term Obligations Long-term debt is recognized as a liability of a governmental fund when due, or when resources have been accumulated in the debt service fund for payment early in the following year. For other long-term obligations, only that portion expected to be financed from expendable available financial resources is reported as a fund liability of a governmental fund. The remaining portion of such obligations is reported in the general long-term debt account group. Capital Appreciation Bonds are reported in the General Long -Term Debt Account Group at their accreted value. Long-term liabilities expected to be financed from proprietary fund operations are accounted for in those funds. M. Fund Equity Contributed capital is recorded in proprietary funds that have received capital grants or contributions from developers, customers, or other funds. Reserves represent those portions of fund equity not appropriable for expenditure or legally segregated for a specific future use. Designated fund balances represent tentative plans for future use of financial resources. 16 1. VILLAGE OF MOUNT PROSPECT, ILLINOIS NOTES TO THE FINANCIAL STATEMENTS APRIL 30, 1991 Summary of Significant Accounting Policies (Cont.) N. Bond Discounts/Issuance Costs In governmental fund types, bond discounts and issuance costs are recognized in the current period. Bond discounts and issuance costs for proprietary fund types are deferred and amortized over the term of the bonds using the bonds -outstanding method, which approximates the effective interest method. Bond discounts are presented as a reduction of the face amount of bonds payable whereas issuance costs are recorded as deferred charges. 0. Interfund Transactions Quasi -external transactions are accounted for as revenues, expenditures, or expenses. Transactions that constitute reimbursements to a fund for expenditures/expenses initially made from it that are properly applicable to another fund, are recorded as expenditures/ expenses in the reimbursing fund and as reductions of expenditures/ expenses in the fund that is reimbursed. All other interfund transactions, except quasi -external transactions and reimbursements, are reported as transfers. Nonrecurring or nonroutine permanent transfers of equity are reported as residual equity transfers. All other interfund transfers are reported as operating transfers. P. Memorandum Only - Total Columns Total columns on the general purpose financial statements are captioned "memorandum only" to indicate that they are presented only to facilitate financial analysis. Data in these columns do not present financial position, results of operations, or changes in financial position in conformity with generally accepted accounting principles. Neither are such data comparable to a consolidation. Interfund eliminations have not been made in the aggregation of this data. Q. Comparative Data Comparative total data for the prior year have been presented in the accompanying financial statements in order to provide an understanding of changes in the government's financial position and operations. However, comparative data have not been presented in all statements because their inclusion would make certain statements unduly complex and difficult to understand. The comparative data for the Public Library Fund's portion of the Deferred Compensation Fund have been restated to provide a more meaningful comparison to the current year. 17 VILLAGE OF MOUNT PROSPECT, ILLINOIS NOTES TO THE FINANCIAL STATEMENTS APRIL 30, 1991 2. Legal Compliance and Accountability A. Budgets All departments of the government submit requests for appropriation to the government's manager so that a budget may be prepared. The budget is prepared by fund, function, and activity, and includes information on the past year, current year estimates, and requested appropriations for the next fiscal year. 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 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 several supplementary appropriations were necessary. B. Deficit Fund Balances/Retained Earnings of Individual Funds The following fund had a deficit in fund balance/retained earnings as of the date of this report: Fund Deficit Balance Downtown Redevelopment of 1985 $150,261 C. Excess of Actual Expenditures/Expenses over Budget in Individual Funds No fund had an excess of actual expenditures/expenses (exclusive of depreciation and amortization) over budget for the fiscal year. 3. Deposits and Investments The government 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 combined balance sheet as "cash and investments". In addition, investments are separately held by several of the government's funds. The deposits and investments of the pension trust funds are held separately from those of other funds. Cash on hand of $2,400 has been excluded from the amounts shown below. 18 VILLAGE OF MOUNT PROSPECT, ILLINOIS NOTES TO THE FINANCIAL STATEMENTS APRIL 30, 1991 3. Deposits and Investments (Cont.) Permitted Deposits and Investments - Statutes authorize the government 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 agree- ments, commercial paper rated within the three highest classifications by at least two standard rating services, and the Illinois Public Treasurer's Investment Pool. Pension funds may also invest in certain non -U.S. obligations, mortgages, veteran's loans, and life insurance company contracts. A. Deposits At year-end the carrying amount of the government's deposits totaled $1,271,554 and the bank balances totaled $1,568,538 Bank Balances Category 1 Deposits covered by federal depository insurance, or by collateral held by the government, or its agent, in the government's name. $1,568,538 Category 2 Deposits covered by collateral held by the pledging financial institution's trust department, or by its agent, in the government's name. Category 3 Deposits covered by collateral held by the pledging financial institution, or its trust department, or its agent but not in the government's name, and de- posits which are uninsured and uncol- lateralized. Total Deposits 1 568 538 For pension trust funds the types of deposits authorized and the mix of credit risk categories do not differ significantly from the other funds of the government. 19 VILLAGE OF MOUNT PROSPECT, ILLINOIS NOTES TO THE FINANCIAL STATEMENTS APRIL 30, 1991 3. Deposits and Investments (Cont.) B. Investments The government's investments are categorized to give an indication of the level of risk assumed by the entity at year-end. Category 1 includes investments that are insured or registered or for which the securities are held by the government or its agent in the government's name. Category 2 includes uninsured and unregistered investments for which the securities are held by the counterparty's trust department or agent in the government's name. Category 3 includes uninsured and unregistered investments for which the securities are held by the counterparty, or by the counterparty's trust department or agent but not in the government's name, and uninsured, unregistered and uncollateralized investments. Carryig& Am2unt Cat2gqry Market 1 2 3 Totals Value U.S. Government Securities $18,474,206 18,474,206 18,671,038 Mortgages (GNMA) 24,069,768 24,069,768 24,388,538 Life Insurance Contracts 1.314.913 1,314,913 1,314,913 4242 5�4�3,_974 1.314.913 43,858,887 44,374,489 * Deferred Compensation Plan Assets 3,947,080 3,947,080 * Illinois Public Treasurer's Investment Pool 4.086.220 4.086.220 Total Investments 51.892.187 5252 4 * (Not Subject to Risk Categorization) The pension trust funds own approximately 76 percent of the investments in Category 1, and 100 percent of the investments in Category 3. 4. Receivables - Taxes Property taxes for 1990 attach as an enforceable lien on January 1, 1990, on property values assessed as of the same date. Taxes are levied by the second Tuesday in December of the subsequent fiscal year (by passage of a Tax Levy Ordinance). Tax bills are prepared by the County and issued on or about February 1, 1991, and August 1, 1991, and are payable in two installments, on or about March 1, 1991, and September 1, 1991. The County collects such taxes and remits them periodically. The allowance for uncollectible taxes has been stated at 3% of the tax levy, to reflect actual collection experience. c VILLAGE OF MOUNT PROSPECT, ILLINOIS NOTES TO THE FINANCIAL STATEMENTS APRIL 30, 1991 5.. Fixed Assets A. General Fixed Assets Account Group The following is a summary of changes in the general fixed assets account group during the fiscal year: System Vehicle Sewer Revenue Balances 930 $ 82,952 Transfers Balances 2,892,301 May 1 Additions Retirements out April 30 Land $ 2,819,785 230,000 3,049,785 Buildings and Improvements 7,621,061 40,504 7,661,565 Machinery and Equipment 2,521,668 261,762 25,614 2,757,816 Motor Vehicle Equipment 3,844,749 74,476 3,919,225 Furniture and Fixtures 616,723 8,454 625,177 Books 2.289.882 351.770 34,820 2,606.832 19 71 1168 966,966 60,434 3,919,225 16.701.175 B. Proprietary Fixed Assets The following is a summary of proprietary fund -type fixed assets as of the date of this report: Land and Improvements Buildings Equipment Motor Vehicle Equipment Combined Water and Sewer System Less Accumulated Depreciation 21 Enterprise Internal Water Parking Service and System Vehicle Sewer Revenue Replacement 930 $ 82,952 548,660 2,892,301 2,481,162 259,563 3,943,836 9,936,798 15,393,213 808,223 3,943,836 5,608,238 34� 1.768.513 9 784 975 460 930 2,,175,123 VILLAGE OF MOUNT PROSPECT, ILLINOIS NOTES TO THE FINANCIAL STATEMENTS APRIL 30, 1991 5. Fixed Assets (Cont.) B. Proprietary Fixed Assets (Cont.) In proprietary funds, the following estimated useful lives are used to compute depreciation: Buildings 15-20 years Trucks and Equipment 4-10 years Parking Equipment & Improvements 10-20 years Water System 25-100 years 6. Risk Management A. Self -Insurance Fund The government has established a Self -Insurance Fund (an internal service fund). The government is self-insured for general liability, workers' compensation, medical, and other risks. The government has also purchased excess coverage policies. Each participating fund makes payments to the Self -Insurance Fund for amounts which are actuarially determined. Such payments are displayed on the financial statements as revenues and expenditures/expenses (quasi -external transfers). Claims payable are reported in the Self - Insurance Fund in accordance with GASB Codification Section C50. B. High -Level Excess Liability Pool (HELP) The government participates in the High -Level Excess Liability Pool (HELP). HELP is a joint venture established by certain municipalities in Illinois to provide excess liability coverage ($5,000,000 of coverage after a $1,000,000 self-insurance retention). The government's payments to HELP are displayed on the financial statements as expenditures/expenses in appropriate funds. 7. Lease Obligations No material capital or operating leases were in effect as of the date of this report. 22 VILLAGE OF MOUNT PROSPECT, ILLINOIS NOTES TO THE FINANCIAL STATEMENTS APRIL 30, 1991 8. Long -Term Debt A. General Obligation Bonds The government issues general obligation bonds to provide funds for the acquisition and construction of major capital facilities. General obligation bonds have been issued for both general government and proprietary activities. General obligation bonds are reported in the proprietary funds if they are expected to be repaid from proprietary revenues. General obligation bonds are direct obligations and pledge the full faith and credit of the government. General obligation bonds currently outstanding are as follows: Issue $2,000,000 Corporate Purpose Bonds dated Dec. 1, 1973 due in annual installments of $55,000 to $150,000 through Jan. 1, 1995 plus interest of 4 to 6% $4,000,000 Corporate Purpose Bonds dated Dec. 1, 1974 due in annual installments of $200,000 through Jan. 1, 1996 plus interest at 5 to 6.5% $334,271 General Obligation Bonds dated June 1, 1987 due in annual installments of $53,885 to $99,460 through Jan. 1, 2007 plus interest at 6.8 to 7.3% $4,725,000 General Obligation Bonds dated June 1, 1987 due in annual installments of $100,000 to $365,000 through Jan. 1, 2006 plus interest at 6.6 to 7.OX $425,000 General Obligation Bonds dated June 1, 1987 due in annual installments of $55,000 to $90,000 through Jan. 1, 1998 plus interest at 6.7 to 6.8% Fund Debt Balances Balances Retired By May 1 Issuances Retirements April 30 Debt Service $ 710,000 130,000 580,000 Debt Service 1,200,000 200,000 1,000,000 Debt Service 409,965 29,681(1) 439,646 Debt Service 2,935,000 150,000 2,785,000 Water and Sewer 1,435,000 70,000 1,365,000 Debt Service 425,000 425,000 23 VILLAGE OF MOUNT PROSPECT, ILLINOIS NOTES TO THE FINANCIAL STATEMENTS APRIL 30, 1991 8. Long -Term Debt (Cont.) A. General Obligation Bonds (Cont.) Issue $1,570,000 General Obligation Bonds dated Oct. 1, 1987 due in annual installments of $15,000 to $330,000 through Dec. 1, 2002 plus interest at 6.75 to 7.50% $500,000 General Obligation Bonds dated July 1, 1988 due in annual installments of $75,000 to $125,000 through Dec. 1, 1993 plus Fund Debt Balances Balances Retired By May 1 Issuances Retirements April 30 Debt Service Water and interest at 5.70 to 6.50% Sewer 425.000 100.000 325.000 9 109 -965 29_681 650000 8 489646 (1) These bonds are capital appreciation bonds. The $29,681 reported as issued represents the increase in the accreted value of the bonds during the fiscal year ended April 30, 1991. The balance as of April 30 includes a total of $105,375 in accreted value since these bonds were issued. B. Special Service Area Bonds The government also issues bonds where the government pledges income derived from the special service area to pay debt service. Special Service Area #5 is a "service" special service area and the bonds which were issued for enterprise fund purposes are currently outstanding as follows: $1,570,000 1,570,000 Issue $1,900,000 Special Service Area #5 Bonds dated Dec. 1, 1982 due in annual install- ments of $125,000 to $300,000 through Dec. 1, 1992 plus interest at 8 to 10% Fund Debt Balances Balances Retired By May 1 Issuances Retirements April 30 Water and Sewer 24 775 000 225,000 550.000 VILLAGE OF MOUNT PROSPECT, ILLINOIS NOTES TO THE FINANCIAL STATEMENTS APRIL 30, 1991 8. Long -Term Debt (Cont.) C. Installment Contracts/Notes Payable The government enters into installment contracts/notes payable to provide funds for the acquisition of capital assets. Installment contracts/notes payable currently outstanding are as follows: Issue $500,000 Installment Note dated June 1, 1986 due in annual installments of $100,000 through June 1, 1991 plus interest at 5.975% $175,000 Installment Contract dated Nov. 2, 1987 due in installments of $21,222 to $39,778 through Nov. 1, 1992 Fund Debt Balances Balances Retired By May 1 Issuances Retirements April 30 Debt Service Debt plus interest at 9% Service 97.328 36.328 297.328 - 136.328 D. Debt Service Requirements to Maturity $200,000 100,000 Annual debt service requirements to maturity are as follows: Total Principal 100,000 61.000 161.000 Totals 1,758,770 1,657,486 1,311,733 1,171,865 1,016,010 792,965 692,960 652,130 686,735 707,605 731,710 753,540 403,400 404,800 407,800 405.000 and Interest 2.518.430 10,239,573 12.758.003 628.000 168.506 13.554.509 Interest Portion 828.430 3.545.302 4,373.732 78.000 7.506 4.459.238 25 General Pbligatipp Bonds Fiscal Year General Service Ending Long -Term Area Installment April 30 Proprietary Debt Totals Bonds Contracts 1992 $ 288,700 1,023,108 1,311,808 300,250 146,712 1993 272,275 1,035,667 1,307,942 327,750 21,794 1994 296,685 1,015,048 1,311,733 1995 158,700 1,013,165 1,171,865 1996 163,340 852,670 1,016,010 1997 157,220 635,745 792,965 1998 161,110 531,850 692,960 1999 154,300 497,830 652,130 2000 147,500 539,235 686,735 2001 140,600 567,005 707,605 2002 133,600 598,110 731,710 2003 126,600 626,940 753,540 2004 119,600 283,800 403,400 2005 112,600 292,200 404,800 2006 85,600 322,200 407,800 2007 405.000 405.000 Total Principal 100,000 61.000 161.000 Totals 1,758,770 1,657,486 1,311,733 1,171,865 1,016,010 792,965 692,960 652,130 686,735 707,605 731,710 753,540 403,400 404,800 407,800 405.000 and Interest 2.518.430 10,239,573 12.758.003 628.000 168.506 13.554.509 Interest Portion 828.430 3.545.302 4,373.732 78.000 7.506 4.459.238 25 VILLAGE OF MOUNT PROSPECT, ILLINOIS NOTES TO THE FINANCIAL STATEMENTS APRIL 30, 1991 8. Long -Term Debt (Cont.) E. Changes in Long -Term Liabilities During the fiscal year the following changes occurred in liabilities reported in the general long-term debt account group: Balances Balances May 1 Additions Retirements April 30 Pension Contributions Payable 61,589 61,589 Compensated Absences Payable Installment Note/ Contract Payable General Obligation Bonds Payable F. Legal Debt Margin $ 53,532 1,909 297,328 7,249,965, 29.681 7 600 825 93.179 The government is a home rule municipality. 55,441 136,328 161,000 480.000 6.799.646 Article VII, Section 6(k) of the 1970 Illinois Constitution governs computation of the legal debt margin. "The General Assembly may limit by law the amount and require referendum approval of debt to be 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 General Assembly has set no limits for home rule municipal- ities. 26 VILLAGE OF MOUNT PROSPECT, ILLINOIS NOTES TO THE FINANCIAL STATEMENTS APRIL 30, 1991 8. Long -Term Debt (Cont.) G. Noncommitment Debt - Special Service Area Bonds Special service area bonds outstanding as of the date of this report totaled $565,000. These bonds are not an obligation of the government and are secured by the levy of an annual tax on the real property within the special service area. The government is not liable for repayment but is only acting as agent for the property owners in levying and collecting the tax, and forwarding the collections to bondholders. 9. Commitments A. High -Level Excess Liability Pool (HELP) The government has committed to purchase excess liability insurance from the High -Level Excess Liability Pool (Agency), a joint venture of Illinois municipalities. The government expects to pay the following minimum amounts (these amounts represent the government's share of the principal and interest - "fixed costs" - of the Agency): Year Ending Amount 1992 $52,670 1993 52,485 1994 52,135 1995 53,485 1996 54,555 1997 53,460 1998 54,070 These amounts have been calculated using the government's current allocation percentage of 7.5%. In future years this allocation percentage will be subject to change, because the Agency's Agreement provides that each year Members will be assessed based upon a formula which specifies the following four criteria for allocating premium costs: Miles of Streets Full -Time Equivalent Employees Number of Motor Vehicles Operating Revenues 27 VILLAGE OF MOUNT PROSPECT, ILLINOIS NOTES TO THE FINANCIAL STATEMENTS APRIL 30, 1991 9. Commitments (Cont.) B. Northwest Suburban Municipal Joint Action Water Agency (JAWA) The government has committed to purchase water from the Northwest Suburban Municipal Joint Action Water Agency. The government expects to pay the following minimum amounts: Year Ending Amount 1992 $1,193,440 1993 1,192,700 1994 1,196,460 1995 1,193,050 1996 1,193,020 1997 1,193,035 1998 1,193,280 1999 1,193,730 2000 1,193,045 2001 1,193,790 2002 1,193,120 2003 1,193,220 2004 1,193,270 2005 1,193,660 These amounts have been calculated using the government's current allocation percentage of 11.63%. In future years this allocation percentage will be subject to change. C. Solid Waste Agency of Northern Cook County (SWANCC) The government has committed to make payments to the Solid Waste Agency of Northern Cook County. The government expects to pay approximately $66,000 for the year ending April 30, 1992. 10. Interfund Assets/Liabilities - Due From/To Other Funds Receivable Fund General General General General General Illinois Municipal Retirement Illinois Municipal Retirement Vehicle Replacement Police Pension Firefighters' Pension ',a'abie _Egnd Amount Downtown Redevelopment of 1985 $230,000 Police/Fire Building Construction 5,789 Water and Sewer 4,429 Parking System Revenue 2,180 Escrow Deposit 31,859 General 11,672 Water and Sewer 1,187 Water and Sewer 6,550 General 255 General 246 28 VILLAGE OF MOUNT PROSPECT, ILLINOIS NOTES TO THE FINANCIAL STATEMENTS APRIL 30, 1991 11. Segment Information - Enterprise Funds The government maintains the following enterprise funds which are intended to be self-supporting through user fees charged for services to the public. Financial segment information as of the date of this report and for the fiscal year is as follows: Operating Revenues Depreciation, and Amortization Expense Operating Income (Loss) Operating Grants, Entitlements, and Shared Revenues Operating Transfers In Operating Transfers Out Tax Revenues Net Income Current Capital Contributions Current Capital Transfers Plant, Property, and Equipment Additions Deletions Total Assets Net Working Capital Bonds and Other Long -Term Liabilities Payable from Operating Revenues Payable from Other Sources Total Equity 29 Water Parking 26,986 and System - 288,698 Sewer Revenue Totals $ 3,950,326 167,462 4,117,788 539,813 44,265 584,078 (2,157,532) 51,102 (2,106,430) 392,415 - 392,415 1,631,157 - 1,631,157 26,986 65,120 92,106 288,698 - 288,698 514,944 153,394 668,338 18,953 5,043 23,996 17,134,186 777,939 17,912,125 3,673,100 194,643 3,867,743 1,815,000 - 1,815,000 14,365,598 655,573 15,021,171 VILLAGE OF MOUNT PROSPECT, ILLINOIS NOTES TO THE FINANCIAL STATEMENTS APRIL 30, 1991 12. Contributed Capital During the fiscal year contributed capital increased/decreased by the following amounts: Enterprise Water Internal Service and Risk Vehicle Sewer Management Replacement Increases Developer Contributions $ 288,698 Transfer of Assets from General Fixed Assets Group (Net of Accumulated Depreciation) 2.288.923 288,698 - 2,288,923 Decreases Net Increase 288,698 _ 2,288,923 Contributed Capital May 1 3.200,Z59, 500.000 April 30 3,489,457 X001000 21288&923 13. Contingent Liabilities A. Litigation The government is a defendant in various lawsuits. Although the outcome of these lawsuits is not presently determinable, in the opinion of the government's attorney the resolution of these matters will not have a material adverse effect on the financial condition of the government. B. Grants Amounts received or receivable from grantor agencies are subject to audit and adjustment by grantor agencies, principally the federal government. Any disallowed claims, including amounts already collected, may constitute a liability of the applicable funds. The amount, if any, of expenditures which may be disallowed by the grantor cannot be determined at this time although the government expects such amounts, if any, to be immaterial. 30 VILLAGE OF MOUNT PROSPECT, ILLINOIS NOTES TO THE FINANCIAL STATEMENTS APRIL 30, 1991 13. Contingent Liabilities (Cont.) C. High -Level Excess Liability Pool (HELP) The government's agreement with the High -Level Excess Liability Pool provides that each member is liable for its proportionate share of any costs arising from defaults in payment obligations by other members. D. Northwest Suburban Municipal Joint Action Water Agency (JAWA) The government's water purchase contract with the Northwest Suburban Municipal Joint Action Water Agency provides that each member is liable for its proportionate share of any costs arising from defaults in payment obligations by other members. E. Solid Waste Agency of Northern Cook County (SWANCC) The government's contract with the Solid Waste Agency of Northern Cook County provides that each member is liable for its proportionate share of any costs arising from defaults in payment obligations by other members. 14. Subsequent Events The government authorized issuance of General Obligation Bond Series 1991A in the amount of $6,950,000 and General Obligation Bond Series 1991B in the amount of $525,000 in May 1991. 15. Joint Ventures A. High -Level Excess Liability Pool (HELP) Description of Joint Venture The High -Level Excess Liability Pool (the "Agency") is a proprietary joint venture and was organized on April 1, 1987. The purpose of the Agency is to act as a joint self-insurance pool for the purpose of seeking the prevention or lessening of liability claims for injuries to persons or property or claims for errors and omissions made against the Members and other parties included within the scope of coverage of the Agency. 31 VILLAGE OF MOUNT PROSPECT, ILLINOIS NOTES TO THE FINANCIAL STATEMENTS APRIL 30, 1991 15. Joint Ventures (Cont.) A. High -Level Excess Liability Pool (HELP) (Cont.) Description of Joint Venture (Cont.) At April 30, 1990, the following municipalities were members of the Agency: Share Share Village of Arlington Heights 11.78% Village of Mt. Prospect 7.50% Village of Chicago Ridge 2.17 Village of Oak Lawn 9.79 Village of Deerfield 3.61 City of Park Ridge 5.83 City of Des Plaines 10.92 Village of Skokie 10.32 Village of Elk Grove Village 7.74 Village of Streamwood 4.29 Village of Glenview 6.35 City of Wheaton 7.15 Village of Hoffman Estates 6.78 Village of Winnetka 4.41 Village of Lincolnshire 1.36 100.00 These percentage shares are subject to change in future years based upon a formula specified in the Agency Agreement. The Agency 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 the Agency are appointed by the Board of Directors. The Board of Directors determines the general policy of the Agency, makes all appropriations, approves contracts, adopts resolutions providing for the issuance of debt by the Agency, adopts by-laws, rules and regulations, and exercises such powers and performs such duties as may be prescribed in the Agency Agreement or the by-laws. The government does not exercise any control over the activities of the Agency beyond its representation on the Board of Directors. 32 VILLAGE OF MOUNT PROSPECT, ILLINOIS NOTES TO THE FINANCIAL STATEMENTS APRIL 30, 1991 15. Joint Ventures (Cont.) A. High -Level Excess Liability Pool (HELP) (Cont.) Summary Financial Information of Joint Venture Summary of Financial Position as of April 30, 1990: Assets Liahilities Liabilitiesand Fupd 8 u`t Current Assets Current Liabilities Cash and Investments Accounts Payable $ 16,301 Unrestricted $2,326,749 Due to Village of Escrow Agreement 5,635,173 Elk Grove Village 400,000 7,961,922 Accrued Interest Payable 126,437 Receivables 107,875 Deferred Revenues 529,455 Accounts OZ2.193 Long -Term Liabilities Due to Village of Elk Grove Village 3,875,000 Rebate Payable 96,078 3,971.078 Total Liabilities 5,043,271 Fund Equity Retained Earnings 3,026,526 Total Liabilities Total Assets 8,069,797 and Fund Equity 8,069 33 VILLAGE OF MOUNT PROSPECT, ILLINOIS NOTES TO THE FINANCIAL STATEMENTS APRIL 30, 1991 15. Joint Ventures (Cont.) A. High -Level Excess Liability Pool (HELP) (Cont.) Summary Financial Information of Joint Venture (Cont.) Summary of Revenues, Expenses, and Changes in Retained Earnings for the year ended April 30, 1990: Operating Revenues $ 964,059 Operating Expenses 33375 Operating Income 230.684 Nonoperating Revenues (Expenses) Interest Income 510,632 Interest Expense (287,542) Claims Adjustments 273,090 Net Income 1,203,774 Retained Earnings May 1 1.822.75?. April 30 3 026 526 Government's Share of Assets, Liabilities, Fund Equity and Changes for the year ended April 30, 1990. Total Liabilities and Fund Equity 547.526 09 605.235 Government's Share of Net Income 88 461 34 Balances Increases Balances May (Decreases) AARril 30 Total Assets54' 5 7( 9 05 235 a. Total Liabilities 408,997 (30,752) 378,245 Fund Equity Retained Earnings 138.529 88.461 226.990 Total Liabilities and Fund Equity 547.526 09 605.235 Government's Share of Net Income 88 461 34 VILLAGE OF MOUNT PROSPECT, ILLINOIS NOTES TO THE FINANCIAL STATEMENTS APRIL 30, 1991 15. Joint Ventures (Cont.) A. High -Level Excess Liability Pool (HELP) (Cont.) Joint Venture Debt - Changes in Long -Term Debt Balances May 1 Issuances Retirements Due to Village of Elk Grove Village for Retirement of General Obligation Bonds Joint Venture Debt - Security for the Debt Balances April 30 4,275,000 The Village of Elk Grove Village, Illinois (the initial Host Member) issued $5,000,000 of general obligation bonds in 1987 to provide initial funding for the Agency. The bond proceeds were put into escrow with LaSalle National Bank as escrow agent. An intergovernmental agreement among the Agency, the Village of Elk Grove Village, and the Members provides that the Agency and its Members are obligated to the Village of Elk Grove Village for payment of principal and interest on the bonds until such bonds have been retired. Additionally each Member is liable for its proportionate share of any default by other Members. The obligations of the Agency and its Members are unconditional. B. Northwest Suburban Municipal Joint Action Water Agency (JAWA) Description of Joint Venture The government is a member of the Northwest Suburban Municipal Joint Action Water Agency (the "Agency") which consists of seven municipalities. The Agency is a municipal corporation and public body politic and corporate established pursuant to the Constitution of the State of Illinois and the Intergovernmental Cooperation Act of the State of Illinois, as amended (the 'Act"). The Agency is empowered under the Act to plan, construct, improve, extend, acquire, finance, operate and maintain a joint water supply system to serve its members and other potential water purchasers. 35 VILLAGE OF MOUNT PROSPECT, ILLINOIS NOTES TO THE FINANCIAL STATEMENTS APRIL 30, 1991 15. Joint Ventures (Cont.) B. Northwest Suburban Municipal Joint Action Water Agency (JAWA) (Cont.) Description of Joint Venture (Cont.) The seven members of the Agency and their percentage shares as of the date of this report are as follows: Share Village of Elk Grove Village 16.23% Village of Hanover Park 9.88 Village of Hoffman Estates 18.33 Village of Mount Prospect 11.63 City of Rolling Meadows 8.68 Village of Schaumburg 25.35 Village of Streamwood 9.90 These percentage shares are based on formulae contained in the water supply agreement and are subject to change in future years based on 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 the Agency upon the approval of each member. The Agency 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 the Agency are appointed by the Board of Directors. The Board of Directors determines the general policy of the Agency, makes all appropriations, approves contracts for sale or purchase of water, adopts resolutions providing for the issuance of Bonds or Notes by the Agency, adopts by-laws, rules and regulations, and exercises such powers and performs such duties as may be prescribed in the Agency Agreement or the by-laws. The Agency started delivering water to the member municipalities in fiscal 1986. 36 VILLAGE OF MOUNT PROSPECT, ILLINOIS NOTES TO THE FINANCIAL STATEMENTS APRIL 30, 1991 15. Joint Ventures (Cont.) B. Northwest Suburban Municipal Joint Action Water Agency (JAWA) (Cont.) Summary Financial Information of Joint Venture Summary of Financial Position as of April 30, 1990: Assets Liabilities and Fund Equity Current Assets Current Liabilities Cash - Operating $ 1,293,757 Accounts Payable $ 880,058 Accounts Receivable 964,623 Other 6,950 Other 81731, 887.008 2340.111 Current Liabilities Payable from Restricted Assets Restricted Assets Cash and Investments 11,716,777 Revenue Bonds Payable 2,055,000 Other 1,067 Interest Payable 4.10„0.9.2A 11,717,844 6,155,923 Fixed Assets 77,202,825 Accumulated Depreciation 5 530 000) Long -Term Liabilities 71� Revenue Bonds Payable 121,895,000 Unamortized Discount (8,517.949) Other Fixed Assets 32� 113 �377 Due To Illinois State Toll Highway Authority 740,000 Deposits Payable - Members (Trustee Accounts) 2,144,348 Deposits Payable - Members Deferred Charges (Agency Accounts) 1,316,051 Unamortized Bond Other 155 355 Issuance Costs 6,112,898 4,355,754 Unamortized Cost of Reacquiring Debt 17 Total Liabilities 124775.736 23 Fund Equity Contributed Capital 18,515,257 Retained Earnings Reserved 3,416,507 Unreserved (4,701.894) Total Retained Earnings _„j„1,285ft7) Total Fund Equity 17.229.870 Total Liabilities Total Assets 142 005 6p6 and Fund Equity 142 QQ5 606 37 VILLAGE OF MOUNT PROSPECT, ILLINOIS NOTES TO THE FINANCIAL STATEMENTS APRIL 30, 1991 15. Joint Ventures (Cont.) B. Northwest Suburban Municipal Joint Action Water Agency (JAWA) (Cont.) Summary Financial Information of Joint Venture (Cont.) Summary of Revenues, Expenses, and Changes in Retained Earnings Unreserved for the year ended April 30, 1990: Operating Revenues $22,249,268 Operating Expenses Excluding Depreciation and Amortization 11,923-499 Operating Income before Depreciation 10,325,769 Depreciation and Amortization _ 2,324 538 Operating Income 8-.231 Nonoperating Revenue (Expenses) Interest Income 435,953 Interest Expense (8,201,846) Water Purchases - Chicago Buy Back (2.014.455) (9,Z§0,348) Net (Loss) (1,779,117) Other Changes in Retained Earnings - Unreserved Intrafund Transfers Out - Retained Earnings Reserved - Restricted Accounts (412.915) Net (Decrease) in Retained Earnings - Unreserved (2,193,092) Retained Earnings - Unreserved May 1 (.2.8.8032) April 304 701 894) 38 VILLAGE OF MOUNT PROSPECT, ILLINOIS NOTES TO THE FINANCIAL STATEMENTS APRIL 30, 1991 15. Joint Ventures (Cont.) Balances Balances B. Northwest Suburban Municipal Joint Action Water Agency (JAWA) (Cont.) Summary Financial Information of Joint Venture (Cont.) Revenue Bonds Government's Share of Assets, Liabilities, Fund Equity and Changes for the year ended April 30, 1990: $ 29,455,000 1,385,000 28,070,000 Balances Increases Balances May (Decreases) April 30 Total Assets $171,0331698 (536,51 ) 16,497,184 Total Liabilities 14,792,556 (298,824) 14,493,732 Fund Equity Contributed Capital 2,153,767 - 2,153.767 Retained Earnings Reserved 420,484 55,307 475,791 Unreserved (333.109) 2,-,997) (626.106) _ 37.5 (23 aid) 150, 315) Total Fund Equity _-„2241,1.42, (237.690) 2.003.452 Total Liabilities and Fund Equity 17 033 698 (536,514) 16149Z,184 Government's Share of Net Income (Loss) (230) Joint Venture Debt - Changes in Long -Term Debt Balances Balances May 1 Issuances Retirements April 30 Revenue Bonds of 1985 $ 29,455,000 1,385,000 28,070,000 Revenue Bonds of 1986 96.41.5,000 535,000 95,880.000 125 870 000000 1,920 000 123 950 000 VILLAGE OF MOUNT PROSPECT, ILLINOIS NOTES TO THE FINANCIAL STATEMENTS APRIL 30, 1991 15. Joint Ventures (Cont.) B. Northwest Suburban Municipal Joint Action Water Agency (JAWA) (Cont.) Joint Venture Debt - Security for the Debt The 1985 and 1986 Bonds are revenue obligations. They are limited obligations of the Agency with a claim for payment solely from and secured by a pledge of the Revenues of the System and amounts in various Funds and Accounts established by Agency resolutions. The 1985 and 1986 Bonds are not a debt of any member. The Agency has no power to levy taxes. 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 moneys and required to be deposited in the Revenue Fund; and (c) all income, fees, water service charges and all rates, rents and receipts derived by the Agency from the ownership and operation of the system and the sale of water. The Agency covenants to establish fees and charges sufficient to provide revenues to meet all its requirements. The Agency 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. The Agency 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 the Agency through the year 2020. The obligation of the government to make all payments as required by this Agreement is unconditional and irrevocable, without regard to performance or nonperformance by the Agency of its obligations under this Agreement. The payments required to be made by the government under this Agreement shall be required to be made solely from revenues to be derived by the government from the operation of the government 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 government within the meaning of any statutory or constitutional limitation. 40 VILLAGE OF MOUNT PROSPECT, ILLINOIS NOTES TO THE FINANCIAL STATEMENTS APRIL 30, 1991 15. Joint Ventures (Cont.) B. Northwest Suburban Municipal Joint Action Water Agency (JAWA) (Cont.) Joint Venture Debt - Security for the Debt (Cont.) The obligation of the government to make payments required by this Agreement from revenues of the government's System shall be payable from the operation and maintenance account of the government's System Fund and from all other accounts of the government's System Fund in which there are available funds. C. Solid Waste Agency of Northern Cook County (SWANCC) Description of Joint Venture The government is a member of the Solid Waste Agency of Northern Cook County (the "Agency") which consists of twenty-six municipalities. The Agency is a municipal corporation and public body politic and corporate established pursuant to the Constitution of the State of Illinois and the Intergovernmental Cooperation Act of the State of Illinois, as amended, (the "Act"). The Agency is empowered under the Act to plan, construct, finance, operate and maintain a solid waste disposal system to serve its members. The members of the Agency and their percentage shares based on formulae contained in the Agency agreement as of April 30, 1990 are: 41 X X Share Share Arlington Heights 8.71% Mount Prospect 6.93% Barrington 1.19 Niles 4.00 Buffalo Grove 4.26 Northbrook 4.38 Des Plaines 7.30 Northfield .64 Elk Grove Village 4.37 Palatine 4.51 Evanston 9.71 Park Ridge 5.10 Glencoe 1.21 Prospect Heights 1.75 Glenview 4.37 Rolling Meadows 2.88 Hoffman Estates 5.90 Skokie 7.94 Inverness .69 South Barrington .24 Kenilworth .36 Wheeling 3.46 Lincolnwood 1.57 Wilmette 3.72 Morton Grove 3.13 Winnetka 1,68 41 15 VILLAGE OF MOUNT PROSPECT, ILLINOIS NOTES TO THE FINANCIAL STATEMENTS APRIL 30, 1991 Joint Ventures (Cont.) C. Solid Waste Agency of Northern Cook County (SWANCC) (Cont.) Description of Joint Venture (Cont.) These percentage shares are subject to change in future years based on the population of the municipalities. The members form a contiguous geographic service area which is located northwest of downtown Chicago. Under the Agency Agreement, additional members may join the Agency upon the approval of each member. The Agency is governed by a Board of Directors which consists of one appointed Mayor or President from each member municipality. Each Director has an equal vote. The officers of the Agency are appointed by the Board of Directors. The Board of Directors determines the general policy of the Agency, makes all appropriations, approves contracts, adopts resolutions providing for the issuance of Bonds or Notes by the Agency, adopts by-laws, rules and regulations, and exercises such powers and performs such duties as may be prescribed in the Agency Agreement or the by-laws. Summary Financial Information of Joint Venture Summary of Financial Position as of April 30, 1990: Assets Liabilities and Fund Equity Current Assets Current Liabilities Cash and Investments $ 44,871 Accounts Payable $ 499,926 Receivables and Other 19.529 Accrued Interest 217.458 64.400 717,384 Restricted Assets Long -Term Liabilities Cash and Investments 1,841,936 Bonds Payable 7,500,000 Accrued Interest Unamortized Discout (43.006) Receivable 1.691 7.456.994 1.843.627 Total Liabilities 8.174.378 Other Assets Unamortized Bond Fund Equity Issuance Cost 98,329 Retained Earnings Deferred Project Costs 6.168.022 6.266.351 Total Liabilities Total Assets 8,1746.178 and Fund Equity _8,174,378 42 VILLAGE OF MOUNT PROSPECT, ILLINOIS NOTES TO THE FINANCIAL STATEMENTS APRIL 30, 1991 15. Joint Ventures (Cont.) C. Solid Waste Agency of Northern Cook County (SWANCC) (Cont.) Summary Financial Information of Joint Venture (Cont.) Summary of Revenues, Expenses, and Changes in Retained Earnings for the year ended April 30, 1990: Total Revenues - Total Expenses Net Loss - Retained Earnings May 1 April 30 Government's Share of Assets, Liabilities, Fund Equity and Changes for the year ended April 30, 1990: Total Assets Total Liabilities Fund Equity Contributed Capital Retained Earnings Total Fund Equity Total Liabilities and Fund Equity Government's Share of Net Income 43 BalancesBalances Increases 162 893 484 403.591 162,893 566,484 403.591 6 393 JIL,484 VILLAGE OF MOUNT PROSPECT, ILLINOIS NOTES TO THE FINANCIAL STATEMENTS APRIL 30, 1991 15. Joint Ventures (Cont.) C. Solid Waste Agency of Northern Cook County (SWANCC) (Cont.) Joint Venture Debt - Changes in Long -Term Debt Balances Balances MAY 1 Issuances Retirements April 30 Contract Revenue and Bond Anticipation Note - Series of 1988 $5,500,000 5,500,000 Contract Revenue and Bond Anticipation Note - Series of 1989 2.000.000 2M0,00. Joint Venture Debt - Security for the Debt The 1988 and 1989 Bonds are revenue obligations. They are limited obligations of the Agency with a claim for payment solely from and secured by a pledge of the Revenues of the System and amounts in various Funds and Accounts established by Agency resolutions. The 1988 and 1989 Bonds are not a debt of any member. The Agency has no power to levy taxes. Revenues of the system consist of (a) all receipts derived from Solid Waste Disposal Contracts or any other contracts for the disposal of waste; (b) all income derived from the investment of moneys; and (c) all income, fees, service charges and all grants, rents and receipts derived by the Agency from the ownership and operation of the system. The Agency covenants to establish fees and charges sufficient to provide revenues to meet all its requirements. The Agency has entered into Solid Waste Disposal Contracts with the member municipalities. The Contracts are irrevocable and may not be terminated or amended except as provided in the Contract. Each member is obligated, on a "take or pay" basis, to purchase or in any event to pay for a minimum annual cost of the system. 44 VILLAGE OF MOUNT PROSPECT, ILLINOIS NOTES TO THE FINANCIAL STATEMENTS APRIL 30, 1991 15. Joint Ventures (Cont.) C. Solid Waste Agency of Northern Cook County (SWANCC) (Cont.) Joint Venture Debt - Security for the Debt (Cont.) The obligation of the government to make all payments as required by this Contract is unconditional and irrevocable, without regard to performance or nonperformance by the Agency of its obligations under this Contract. The payments required to be made by the government under this Contract shall be required to be made solely from revenues to be derived by the government from the operation of the government's System. The government is not prohibited by the Contract from using any other available funds to make the payments required by the Contract. The Contract shall not constitute an indebtedness of the government within the meaning of any statutory or constitutional limitation. 16. Deferred Compensation Plan The government offers its employees a deferred compensation plan created in accordance with Internal Revenue Code Section 457. The plan, available to all government employees, permits them to defer a portion of their salary until future years. Participation in the plan is optional. The deferred compensation is not available to employees until termination, retirement, death or unforeseeable emergency. All amounts of compensation deferred under the plan, all property and rights purchased with those amounts, and all income attributable to those amounts, property, or rights are (until paid or made available to the employee or other beneficiary) solely the property and rights of the government subject only to the claims of the government's general creditors. Participants' rights under the plan are equal to those of general creditors of the government in an amount equal to the fair market value of the deferred account for each participant. It is the opinion of the government's legal counsel that the government has no liability for losses under the plan but does have the duty of due care that would be required of an ordinary prudent investor. The government believes that it is unlikely that it will use the assets to satisfy the claims of general creditors in the future. 45 VILLAGE OF MOUNT PROSPECT, ILLINOIS NOTES TO THE FINANCIAL STATEMENTS APRIL 30, 1991 17. Post -Employment Health Care Benefits In addition to providing pension benefits, the government provides certain health care benefits for retired employees. Substantially all of the government's employees may become eligible for those benefits if they reach normal retirement age while working for the government. The cost of retiree health care benefits is recognized as an expense as claims are paid. For the fiscal year those costs total $224,582. The retirees pay an annual premium which is equal to the actuarially determined cost for each plan year. Accordingly no liability has been recorded for post-retirement health care benefits. 18. Employee Retirement Systems A. Plan Descriptions and Provisions Illinois Municipal Retirement The government contributes to the Illinois Municipal Retirement Fund ("IMRF"), a defined benefit agent multiple -employer public employee retirement system that acts as a common investment and administrative agent for local governments and school districts in Illinois. The government's total payroll for the year ended December 31, 1990, was $10,858,125. Of this amount, $5,371,358 in payroll earnings were reported to and covered by the IMRF system. All employees hired in positions that meet or exceed the prescribed annual hourly standard must be enrolled in IMRF as participating members. Pension benefits vest after eight years of service. Participating members who retire at or after age 60 with 8 years of service are entitled to an annual retirement benefit, payable monthly for life, in an amount equal to 1 2/3 percent of their final rate (average of the highest 48 consecutive months' earnings during the last 10 years) of earnings, for each year of credited service up to 15 years, and 2 percent for each year thereafter. IMRF also provides death and disability benefits. These benefit provisions and all other requirements are established by Illinois State Statute. Participating members are required to contribute 4.5 percent of their annual salary to IMRF. The government is required to contribute the remaining amounts necessary to fund the coverage of its own employees in the System, using the actuarial basis specified by state statute (entry age normal); for 1990 the rate was 10.30 percent. 46 VILLAGE OF MOUNT PROSPECT, ILLINOIS NOTES TO THE FINANCIAL STATEMENTS APRIL 30, 1991 18. Employee Retirement Systems (Cont.) A. Plan Descriptions and Provisions (Cont.) Police Pension Police sworn personnel are covered by the Police Pension Plan which is a defined benefit single -employer pension plan. Although this is a single -employer pension plan, the defined benefits and employee and employer contributions levels are governed by Illinois State Statutes (Chapter 108 1/2 Article 3) and may be amended only by the Illinois legislature. The government accounts for the plan as a pension trust fund. The government's payroll for employees covered by the Police Pension Plan for the year ended April 30, 1991 was $2,733,057 out of a total payroll of $11,038,319. At April 30, 1991 the Police Pension Plan membership consisted of: Retirees and Beneficiaries Currently Receiving Benefits and Terminated Employees Entitled to Benefits but not yet Receiving Them 24 Current Employees Vested Nonvestod 69 Total 93 The following is a summary of the Police Pension Plan as provided for in Illinois State Statutes. The Police Pension Plan provides retirement benefits as well as death and disability benefits. Employees attaining the age of 50 or more with 20 or more years of creditable service are entitled to receive an annual retirement benefit of one-half of the salary attached to the rank held on the last day of service, or for one year prior to the last day, whichever is greater. The pension shall be increased by 2% of such salary for each additional year of service over 20 years up to 30 years, and 1% of such salary for each additional year of service over 30 years, to a maximum of 75% of such salary. Employees with at least 8 years but less than 20 years of credited service may retire at or after age 60 and receive a reduced benefit. The monthly pension of a police officer who retired with 20 or more years of service after January 1, 1977 shall be increased annually, following the first anniversary date of retirement and be paid upon reaching the age of at least 55 years, by 3% of the original pension and 3% simple interest annually thereafter. 47 VILLAGE OF MOUNT PROSPECT, ILLINOIS NOTES TO THE FINANCIAL STATEMENTS APRIL 30, 1991 18. Employee Retirement Systems (Cont.) A. Plan Descriptions and Provisions (Cont.) Police Pension (Cont.) Covered employees are required to contribute 9% 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 government is required to contribute the remaining amounts necessary to finance the plan as actuarially determined by an enrolled actuary. By the year 2020 the government's contributions must accumulate to the point where the past service cost for the Police Pension Plan is fully funded. Firefighters' Pension Fire sworn personnel are covered by the Firefighters' Pension Plan which is a defined benefit single -employer pension plan. Although this is a single -employer pension plan, the defined benefits as well as the employee and employer contributions levels are mandated by Illino-'s State Statutes (Chapter 108 1/2 - Article 4) and may be amended only Dy the Illinois legislature. The government accounts for the plan as a pension trust fund. The government's payroll for employees covered by the Firefighters' Pension Plan for the year ended April 30, 1991 was $2,864,886 out of a total payroll of $11,038,319. At April 30, 1991 the Firefighters' Pension Plan membership consisted of: Retirees and Beneficiaries Currently Receiving Benefits and Terminated Employees Entitled to Benefits but not yet Receiving Them 24 Current Employees Vested ] Nonvested ] 71 Total 95 The following is a summary of the Firefighters' Pension Plan as provided for in Illinois State Statutes. The Firefighters' Pension Plan provides retirement benefits as well as death and disability benefits. Employees attaining the age of 50 or more with 20 or more years of creditable service are entitled to receive a monthly retirement benefit of one-half of the monthly salary attached to the rank held in the fire service at the date of retirement. The monthly pension shall be increased by one -twelfth of 48 VILLAGE OF MOUNT PROSPECT, ILLINOIS NOTES TO THE FINANCIAL STATEMENTS APRIL 30, 1991 18. Employee Retirement Systems (Cont.) A. Plan Descriptions and Provisions (Cont.) Firefighters' Pension (Cont.) 2% of such monthly salary for each additional month over 20 years of service through 30 years of service and one -twelfth of 1% of such monthly service for each additional month over 30 years of service, to a maximum of 75% of such monthly salary. Employees with at least 10 years but less than 20 years of credited service may retire at or after age 60 and receive a reduced retirement benefit. The monthly pension 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 paid upon reaching at least the age 55, by 3% of the original pension and 3% annually thereafter. Covered employees are required to contribute 8 1/4% of their salary to the Firemen's Pension Plan. If an employee leaves covered employment with less than 20 years of service, accumulated employee contributions may be refunded without interest. The government is required to contribute the remaining amounts necessary to finance the plan as actuarially determined by an enrolled actuary. By the year 2020 the government's contributions must accumulate to the point where the past service cost for the Firefighters' Pension Plan is fully funded. B. Summary of Significant Accounting Policies and Plan Asset Matters Basis of Accounting The financial statements are prepared using the accrual basis of accounting. Employee and employer contributions are recognized as revenues in the period in which employee services are performed. Method Used to Value Investments Fixed-income securities are reported at amortized cost with discounts or premiums amortized using the effective interest rate method, subject to adjustment for market declines judged to be other than temporary (lower of cost or market). Investment income is recognized as earned. Gains and losses on sales and exchanges of fixed-income securities are recognized on the transaction date. Equity securities represented by insurance company separate accounts, are reported at market value. 49 VILLAGE OF MOUNT PROSPECT, ILLINOIS NOTES TO THE FINANCIAL STATEMENTS APRIL 30, 1991 18. Employee Retirement Systems (Cont.) B. Summary of Significant Accounting Policies and Plan Asset Matters (Cont.) Significant Investments There are no investments (other than U.S. government and U.S. government -guaranteed obligations) in any one organization that represent 5 percent or more of net assets available for benefits. Related Party Transactions There are no securities of the employer or any other related parties included in plan assets, including any loans. C. Funding Status and Progress The amount shown below as the "pension benefit obligation" is a standardized disclosure measure of the present value of pension benefits, adjusted for the effects of projected salary increases and step -rate benefits, estimated to be payable in the future as a result of employee service to date. The measure is intended to help users assess the funding status of the system on a going -concern basis, assess progress made in accumulating sufficient assets to pay benefits when due, and make comparisons among employers. The measure is the actuarial present value of credited projected benefits and is independent of the funding method used to determine contributions to the System. 50 VILLAGE OF MOUNT PROSPECT, ILLINOIS NOTES TO THE FINANCIAL STATEMENTS APRIL 30, 1991 18. Employee Retirement Systems (Cont.) C. Funding Status and Progress (Cont.) Actuarial Valuation Date Significant Actuarial Assumptions a) Rate of Return on Invest- ment of Present and Future Assets b) Projected Salary Increases - Attributable to Inflation c) Additional Projected Salary Increases - Attributable to Seniority/Merit d) Postretirement Benefit Increases 51 Illinois 8.00% Fire - Municipal Police fighters' Retirement Pension Pension December 31, May 1, May 1, 1990 1990 1990 7.00% 8.00% 8.00% compounded compounded compounded annually annually annually 4.25% 4.00% 4.00% compounded compounded compounded annually annually annually 1.00% 1.50% 1.50% 3.00% 3.00% 3.00% simple compounded interest annually annually VILLAGE OF MOUNT PROSPECT, ILLINOIS NOTES TO THE FINANCIAL STATEMENTS APRIL 30, 1991 18. Employee Retirement Systems (Cont.) C. Funding Status and Progress (Cont.) Illinois Municipal Retirement Pension Benefit Obligation Retirees and Beneficiaries Currently Receiving Benefits and Terminated Employees not yet Receiving Benefits Current Employees Accumulated Employee Contributions Including Allocated Investment Earnings Employer - Financed Vested Employer - Financed Nonvested Total Pension Benefit Obligation Net Assets Available for Benefits, at Lower of Cost or Market (Market Values) (IMRF - $ 5,329,206) (Police - 13,958,128) (Firemen's - 15,771,555) (Totals - 35) Unfunded (Assets in Excess of) Pension Benefit Obligation (Note A) $ 917,610 Fire- Totals Police fighters' (Memorandum Pension Pension Only) 5,305,394 4,810,992 11,033,996 1,932,000 1,651,886 1,577,654 5,161,540 4,141,298 ) 4,957,517 ) 6,038,554 15,137,369 D ) 775,155 ) 775,155 7,766,063 11,914,797 12,427,200 32,108,060 5,224,832 14,674,462 16,566,696 (36,465,990) 2,541,231 (2,7�) (4,139,496) (4�) (Note A) The pension benefit obligation applicable to retirees and beneficiaries currently receiving benefits is not included in the above schedule due to the fact that this obligation was transferred from the government to IMRF as a whole when the annuity became payable. 52 18. VILLAGE OF MOUNT PROSPECT, ILLINOIS NOTES TO THE FINANCIAL STATEMENTS APRIL 30, 1991 Employee Retirement Systems (Cont.) C. Funding Status and Progress (Cont.) Effects on the Pension Benefit Obligation of Current -Year Changes Illinois Municipal Retirement Current -year changes in the actuarial assumptions, benefit provisions and methodology are reflected in the pension benefit obligation shown above. This amount has been calculated by the System's actuary using the measure described above. The dollar effect of these changes on the pension benefit obligation was not economically determinable on an individual employer basis by IMRF. Police Pension and Firefighters' Pension There were no current -year changes in the actuarial assumptions and benefit provisions. D. Contributions Required and Contributions Made Illinois Municipal Retirement, Police Pension, and Firefighters' Pension The Systems' funding policy provides for actuarially determined periodic contributions at rates that, for individual employees, accumulate assets gradually over time so that sufficient assets will be available to pay benefits when due. The rate for the government's employee group as a whole has tended to remain level as a percentage of annual covered payroll. The contributions rate for normal cost is determined using the entry age normal actuarial funding method. The Systems' used the level, percentage of payroll method to amortize the unfunded liability over a 40 year period. The significant actuarial assumptions used to compute the actuarially determined contribution requirements are the same as those used to compute the pension benefit obligation as described in C. above. 53 VILLAGE OF MOUNT PROSPECT, ILLINOIS NOTES TO THE FINANCIAL STATEMENTS APRIL 30, 1991 18. Employee Retirement Systems (Cont.) D. Contributions Required and Contributions Made (Cont.) Illinois Municipal Retirement, Police Pension, and Firefighters' Pension (Cont.) 54 Illinois Fire- Totals Municipal Police fighters' (Memorandum Retirement Pension Pension Only) December 31, May 1, May 1, Actuarial Valuation Date 1990 1990 1990 Actuarially Determined Contri- bution Requirement - Employer As a Dollar Amount Normal Cost $372,772 298,781 367,453 1,039,006 Amortization of Unfunded Actu- arial Accrued Liability 153,083 (212,614) (339,343) (398,874) Death and Disability Cost 27.394 27.394 5549 62 86 167 2.8 1 667 '526 As a X of Current Covered Payroll Normal Cost 6.94% 10.93 12.83 9.47 Amortization of Unfunded Actu- arial Accrued Liability 2.85 (7.78) (11.84) (3.64) Death and Disability Cost 51 •25 100.30 3.115 .9�9 6.08 Contribution Made As a Dollar Amount Employer 553,249 51,794 894 605,937 Employee 241.712 240.000 232.797 714.509 794.961 29194 233.691 1 3'20 446 As a X of Current Covered Payroll Employer 10.30 1.90 .03 5.52 Employee 4.50 8.78 8_13 6.51 14.80 1068 8.16 12.03 54 VILLAGE OF MOUNT PROSPECT, ILLINOIS NOTES TO THE FINANCIAL STATEMENTS APRIL 30, 1991 18. Employee Retirement Systems (Cont.) D. Contributions Required and Contributions Made (Cont.) Effects on the Contribution Requirements of Current -Year Changes Illinois Municipal Retirement The new actuarial assumptions adopted in 1990 have been incorporated into the 1992 contribution rates. The net effect of these changes is estimated to increase conributions by 1% or less of payroll. Separate dollar effects of each change were not economically determinable by IMRF. Police Pension and Firefighters' Pension There were no current -year changes in the actuarial assumptions, actuarial funding method, or benefit provisions. E. Trend Information Trend information gives an indication of the progress made in accumulating sufficient assets to pay benefits when due. Ten-year trend information may be found in the supplemental section of the government's annual financial report. Net Assets Available for Bene- fits As a % of the Pension Benefit Obligation (PBO) Unfunded (Assets in Excess of) PBO As a % of Annual Covered Payroll (Expressing the unfunded pension benefit obligation as a percent- age of annual covered payroll approximately adjusts for the effects of inflation for analysis purposes) Employer Contributions As a % of Annual Covered Payroll Required Made Year 1989 1990 1991 1969 1990 1991 1989 1990 1991 1989 1990 1991 1989 1990 1991 Illinois Municipal Police Retirement Pension 70.00% 122.93 68.99 123.16 67.28 Firefighters' (116.26) Pension Totals 133.29 114.50 133.31 * 115.28 * 40.80 (116.26) (163.60) (44.81) 42.39 (112.67) (158.02) (41.74) 47.31 6.80 2.90 - 4.20 8.76 4.09 1.91 5.84 10.30 1.90 .03 5,52 $315,885 2,248 - 318,133 440,274 54,220 - 494,494 553,249 86,167 28,110 667,526 315,887 62,789 - 378,676 440,274 101,508 50,000 591,782 553,249 51,794 894 605,937 * The actuarial valuation for May 1, 1991 is not available as of the date of this report. 55 GOVERNMENTAL FUND TYPES GENERAL FUND GENERAL FUND General Fund - to account for resources traditionally associated with govern- ments which are not required to be accounted for in another fund. VILLAGE OF MOUNT PROSPECT, ILLINOIS GENERAL FUND BALANCE SHEET APRIL 30, 1991 LIABILITIES AND FUND BALANCE Liabilities Accounts Payable 535,803 604,023 Accrued Payroll 316,779 274,277 Other Payables 4,069 Deferred Revenues 732,594 785,406 Deferred Property Taxes 2,667,532 2,518,712 Due to Other Funds 12,173 30,492 Compensated Absences Payable 642.892 581.802 Total Liabilities 4,907,773 4 798 781 Fund Balance Reserved for 1991 1990 ASSETS Reserved for Inventory Cash and Investments $3,165,561 4,104,734 Receivables 128,479 191,573 Taxes 2,667,532 2,518,712 Other Taxes 919,375 1,085,498 Accrued Interest 71,734 7,232 Other 129,891 86,680 Prepaid Items 27,410 8 574 241 Inventories 18,673 15,624 Due from Other Funds 274,257 50,010 Due from Other Governments 508,615 514,178 Long -Term Loans Receivable 128479 191,573 Total Assets 7,911,527 8 574 24 LIABILITIES AND FUND BALANCE Liabilities Accounts Payable 535,803 604,023 Accrued Payroll 316,779 274,277 Other Payables 4,069 Deferred Revenues 732,594 785,406 Deferred Property Taxes 2,667,532 2,518,712 Due to Other Funds 12,173 30,492 Compensated Absences Payable 642.892 581.802 Total Liabilities 4,907,773 4 798 781 Fund Balance Reserved for Prepaid Items 27,410 Reserved for Inventory 18,673 15,624 Reserved for Long -Term Receivables 128,479 191,573 Unreserved - Designated for Capital Projects 1,037,249 Unreserved - Undesignated 2 8829 1.92 2.531,014 Total Fund Balance 3,003,754 ,.5,�5 469 Total Liabilities and Fund Balance 7,911,;527 8 574 241 See accompanying Notes to the Financial Statements. 56 VILLAGE OF MOUNT PROSPECT, ILLINOIS GENERAL FUND STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL FOR THE YEAR ENDED APRIL 30, 1991 Revenues Taxes Licenses and Permits Intergovernmental Charges for Services Fines and Forfeits Interest Miscellaneous Total Revenues Expenditures General Government Public Safety Highways and Streets Health Welfare Culture and Recreation Miscellaneous Total Expenditures Excess of Revenues over Expenditures Other Financing (Uses) Operating Transfers (Out) Illinois Municipal Retirement Fund Installment Contract of 1987 Fund Excess of Revenues over Expenditures and Other Financing Uses Fund Balance May 1 Residual Equity Transfer (Out) Police and Fire Building Construction Fund April 30 1991 Budget Actual $11,952,000 1,888,500 2,111,000 309,500 280,500 410,000 �00 _x.7.989, 500 1,613,240 9,486,595 4,032,595 2,165,250 548,195 75,900 10,600 17,932,375 57,125 (13,400) 11,770,364 1,876,570 2,387,458 320,044 285,435 406,355 x,016,378 18 062 604 1,629,270 9,409,590 3,957,177 2,116,301 541,089 75,910 10.599 17,739,936 322,668 (13,400) 11,414,192 2,020,119 3,103,300 289,326 275,086 402,657 482,416 17,992,096 1,691,616 9,106,851 3,936,586 1,852,851 492,166 58,437 29,367 17,167,874 824,222 (10,200) (43,25) .(._43,225) (43,726) -. (57,125) (57,.1.25) (53,925) 26,5 54 770,297 3,775,460 3,005,163 (L037,249) 2 738,211 3,005,163 3 0� 3,775,460 See accompanying Notes to the Financial Statements. 57 VILLAGE OF MOUNT PROSPECT, ILLINOIS GENERAL FUND SCHEDULE OF REVENUES - BUDGET AND ACTUAL FOR THE YEAR ENDED APRIL 30, 1991 58 991 1990_ Budget Actual Act��ual, Taxes Property Taxes -General -Current $ 1,514,500 1,491,872 1,404,694 Property Taxes -General -Prior 1,723,300 1,699,954 1,815,353 Property Taxes -Garbage -Current 745,600 780,365 755,308 Property Taxes -Garbage -Prior 926,600 914,071 856,016 Property Taxes -R&B -Current 12,000 10,231 11,286 Property Taxes -R&B -Prior 12,000 10,190 13,303 Retailers Occupation Tax 5,925,000 5,770,367 5,782,413 Sales Tax - Special Payment 126,815 Foreign Fire Insurance Tax 25,138 20,703 Auto Rental Tax 6,000 7,351 6,626 Real Estate Transfer Tax 525,000 389,764 196,187 Food and Beverage Tax 550,000 529,091 532,403 Electronics Game Tax 12,000 _ 15,155 19,900 11.952.000 11.770.364 11,414,192 Licenses and Permits Building Permit Fees 275,000 251,830 328,198 Electrical Permit Fees 45,000 46,804 57,722 Plumbing Permit Fees 27,500 26,202 33,201 Plan Examination Fees 50,000 43,783 59,141 Street Opening Fees 500 1,050 750 Vehicle License Fees 730,000 733,066 713,880 Dog Licenses 12,000 10,681 11,957 Liquor Licenses 127,500 122,533 125,855 Business Licenses 160,000 184,445 250,488 Public Improvement Inspections 65,000 67,979 73,805 Rental Fees 45,000 22,500 22,875 Fees - Board of Appeals 15,000 17,259 22,323 Centel Franchise Fees 31,000 24,615 26,068 Bell System Franchise Fees 92,000 92,381 91,030 Elevator Inspections 13,000 12,390 11,790 False Alarm Fees 10,000 7,055 9,110 Cable TV Franchise 155,000 174,988 153,646 Landlord/Tenant Fees 35.000 3Z,,0_09 28,280 1,888,500 1 876570 2,020,119 58 VILLAGE OF MOUNT PROSPECT, ILLINOIS GENERAL FUND SCHEDULE OF REVENUES - BUDGET AND ACTUAL (CONT.) FOR THE YEAR ENDED APRIL 30, 1991 Fines and Forfeits Fines - Local 135,000 119,327 130,309 Fines - Circuit Court 145,000 165,608 144,262 Fines - Local Ordinances 509 590 51.5 280,500 285435_ 2Z5,086 Interest Interest Income 290,000 279,293 259,748 Interest - Other 1,20 000 127,062 ___142.909 410,009 40� 402.65.7 59 99 1990 Budget Actual ctu.aI Intergovernmental Replacement Taxes $ 137,500 104,909 112,378 Replacement Taxes - R & B 3,500 3,646 3,287 State Income Tax 1,775,000 1,942,818 1,775,156 State Sales Tax 125,000 98,920 96,818 State Income Tax - Surcharge 1,037,249 State Use Tax 159,311 Grant - Senior Citizens Taxi 221 Employment Counselor Grants 20,000 22,630 17,000 Charitable Games Tax 2,185 Grant - Recycling 2,500 2,500 22,500 Grant - Police MEG 10,000 10,000 Grant - ILEC Police Training 20,000 25,590 22,151 Grant - State Fire Training 17,,,500 14,-9_49 1§.540 „2.1]7 000, 2.387.458 3.103.300 Charges for Services Water & Sewer Service Charge 200,000 200,000 175,000 Maintenance of State Highways 50,000 50,571 59,071 Forest River Rural FPD 14,500 18,339 10,916 Ambulance Transport Fees 4+ .QQQ 51J34 44,339 3 __320.,044 289.326 Fines and Forfeits Fines - Local 135,000 119,327 130,309 Fines - Circuit Court 145,000 165,608 144,262 Fines - Local Ordinances 509 590 51.5 280,500 285435_ 2Z5,086 Interest Interest Income 290,000 279,293 259,748 Interest - Other 1,20 000 127,062 ___142.909 410,009 40� 402.65.7 59 VILLAGE OF MOUNT PROSPECT, ILLINOIS GENERAL FUND SCHEDULE OF REVENUES - BUDGET AND ACTUAL (CONT.) FOR THE YEAR ENDED APRIL 30, 1991 991 1990 Budget Actual Actual Miscellaneous Sale of Code Books $ 1,500 1,040 1,475 Sale of Refuse Bags/Stickers 312,500 312,069 Sale of Recycling Bins 408 Recycling Income 40,000 42,698 40,823 Senior Center Revenue 5,000 6,179 5,231 Special Detail Revenue 10,000 11,935 12,731 Reimburse - Village Property 15,000 34,769 24,963 Reimburse - Youth Counseling 35,000 37,461 29,295 Fire and Police Reports 12,000 12,712 12,566 Other Revenue 25,000 9,748 20,549 MROT Interest Distribution 29,016 Interest - Flood Loans 16,000 14,469 19,232 Principal - Flood Loans 40,000 Reimbursement - Central Road 20,105 140,000 Reimbursement - Wolf Road 6,334 39,038 Reimbursement - Forest Avenue 21,000 Reimbursement - Schoenbeck Road 400,000 377,846 Shared Cost - Sidewalk 25,000 23,514 22,006 Shared Cost - Tree Replacement 60,000 42,910 60,656 Fire Training Program Recovery 20,000 62.181 29.835 1.038.000 1,016,378 487,416 Total Revenues 17,989,500, 18.062a604 17,992.096 We VILLAGE OF MOUNT PROSPECT, ILLINOIS GENERAL FUND SCHEDULE OF EXPENDITURES - BUDGET AND ACTUAL FOR THE YEAR ENDED APRIL 30, 1991 General Government Public Representation Division Village Manager's Office Communications Division Department of Finance Village Clerk's Office Public Safety Inspection Services Department Police Department Fire and Emergency Protection Highways and Streets Street Department Engineering Division Health Refuse Disposal Division Welfare Human Services Division Planning & Zoning Department Culture and Recreation Community and Civic Services Miscellaneous Pension Benefits Total Expenditures 2,165,250 2,116,301 283,770 279,711 264,425 261,378 548,195 541,089 7L900 75,910 10,600 10,599 17,932 375 17,739,936 61 1,852,85], 250,046 242,120 492,166 58.437 29,367 991 -LL90-. Budget Actual Acs $ 63,250 72,302 65,903 435,750 473,165 337,189 181,170 154,023 105,071 785,775 788,468 1,047,152 147,295 141,312 136,301 ,6, ,_3,240 1 ZO 1 691 616 457,915 441,866 415,278 4,643,355 4,576,656 4,214,501 4,385,325 4,391,068 4.477,072 9,486,595 9@ 4Q9 , 590 9.106J51, 3,661,770 3,570,154 3,495,891 370,825 387,923 440 695 4,032,595 3 457 177 3,936 586 2,165,250 2,116,301 283,770 279,711 264,425 261,378 548,195 541,089 7L900 75,910 10,600 10,599 17,932 375 17,739,936 61 1,852,85], 250,046 242,120 492,166 58.437 29,367 VILLAGE OF MOUNT PROSPECT, ILLINOIS GENERAL FUND SCHEDULE OF EXPENDITURES - BUDGET AND ACTUAL (CONT.) FOR THE YEAR ENDED APRIL 30, 1991 62 1991 199Q - Budget Actual Actua„ General Government Public Representation Division Mayor and Board of Trustees Personal Services 17,500 18,208 18,000 Contractual Services 39,000 45,269 39,051 Commodities 4.000 _-2-,-6�5 ..... 60,500 71.10263,182 Advisory Boards & Commissions Contractual Services 2,500 429 1,732 Commodities 771 989 --2.-7 5 Q 1.200 L,-721 Total Public Representation Division 63.250 72.302 65.903 Village Manager's Office Administration and Support Personal Services 168,430 158,966 147,003 Contractual Services 18,250 19,249 14,340 Commodities 1,800 1,817 1,540 Capital Expenditures - -gip --l-.,-50 895 -!U-,480 1.53,..E 1632_7 8 Legal Services Contractual Services 165.000 211.247 139.632 Personnel Management/Training Personal Services 47,020 40,980 6,964 Contractual Services 33,300 37,947 25,077 Commodities 950 --u.z_ _12.3-8 33.77� Total Village Manager's Office 435.750 473.165 337.189 Communications Division Cable TV Operations Personal Services 83„420 18,152 67,363 Contractual Services 27,810 29,087 18,130 Commodities 11.440 7,271 11,860 Capital Expenditures 9,500 8. 86 7.7L8 13� 1.2� 1.0 62 VILLAGE OF MOUNT PROSPECT, ILLINOIS GENERAL FUND SCHEDULE OF EXPENDITURES - BUDGET AND ACTUAL (CONT.) FOR THE YEAR ENDED APRIL 30, 1991 General Government (Cont.) Communications Division (Cont.) Telephone Service Contractual Services Capital Expenditures Total Communications Division Department of Finance Administration and Support Personal Services Contractual Services Commodities Capital Expenditures Accounting Personal Services Contractual Services Commodities Purchasing Personal Services Contractual Services Commodities Capital Expenditures Electronic Data Processing Personal Services Contractual Services Commodities Capital Expenditures 1991 Budget Actual 47,500 31,427 00 49,000 31.427 181.170 80,725 3,550 750 85.025 21,800 600 1,900 24.300 154.023 21,720 625 946 23.291 Duplicating Services Contractual Services 25,000 25,898 Commodities 7,500 6.927 32�500 32.825 63 105.071 58,717 26,383 5,865 90.965 VILLAGE OF MOUNT PROSPECT, ILLINOIS GENERAL FUND SCHEDULE OF EXPENDITURES - BUDGET AND ACTUAL (CONT.) FOR THE YEAR ENDED APRIL 30, 1991 Cash Management Personal Services 1991 23,622 1990 Contractual Services Budget Actual Actual General Government (Cont.) 24.110 23,622 Department of Finance (Cont.) 785,775 788,468 1.047.152 Telephone Service Personal Services 17,082 Contractual Services 61,445 60,599 46,664 Capital Expenditures 32,850 30,947 777 Commodities 5.000 6,066 64.523 Insurance 99.295 9712 92.446 Personal Services $ 30,135 30,420 29,109 Contractual Services 182„950 197950 424,200 Commodities 213.085 228370 453,309 Customer Service 48.000 ___43..700 43.855 Personal Services 113,685 113,527 89,403 Contractual Services 32,500 29,715 30,566 Commodities 154.185 149.908 127 3„58 Cash Management Personal Services 23,610 23,622 21,306 Contractual Services 500 24.110 23,622 Total Department of Finance 785,775 788,468 1.047.152 Village Clerk's Office Administration and Support Personal Services 61,445 60,599 58,868 Contractual Services 32,850 30,947 28,438 Commodities 5.000 6,066 __5._140 99.295 9712 92.446 Village Newsletter Contractual Services 45,500 39,514 41,444 Commodities 2,500 4,186 2,411 48.000 ___43..700 43.855 Total Village Clerk's Office 147.295 14 .312 136,301 Total General Government 11 6_ , ,.13,,24 h !..6 916 ff-A VILLAGE OF MOUNT PROSPECT, ILLINOIS GENERAL FUND SCHEDULE OF EXPENDITURES - BUDGET AND ACTUAL (CONT.) FOR THE YEAR ENDED APRIL 30, 1991 Public Safety Inspection Services Department Inspection Services Personal Services Contractual Services Commodities Capital Expenditures Total Inspection Services Department Police Department Administration and Support Personal Services Contractual Services Commodities Capital Expenditures Patrol and Traffic Enforcement Personal Services Contractual Services Commodities Crime Prevention Personal Services Contractual Services Commodities Investigative and Juvenile Personal Services Contractual Services Commodities Budget Actual $ 361,390 358,357 87,725 77,132 8,300 6,377 500 457,915 482,795 240,850 10,250 4 000 737,895 2,565,355 294,390 29 250 2,888,295 115,290 15,100 3 600 133.990 533,555 45,800 5 476,416 236,501 7,723 3..999 7,24.639 2,521,132 293,394 -- 25.503 2,840,029 119,086 14,775 3,450 137,311 540,879 44,234 1, 655 586768 Crossing Guards Personal Services 48,000 42,960 Commodities 500 500, 48,500 43,460 65 340,175 67,512 7,591 41,5 � 2Z 8 457,377 139,223 8,854 5,000 6m 2,421,101 242,548 2,691,678 93,097 13,492 3,304 109,893 455,556 37,057 1,969 494.582 45,898 282 VILLAGE OF MOUNT PROSPECT, ILLINOIS GENERAL FUND SCHEDULE OF EXPENDITURES - BUDGET AND ACTUAL (CONT.) FOR THE YEAR ENDED APRIL 30, 1991 Fire Department Operations Personal Services 2,745,135 991 1990 Contractual Services Budget Actual Actual Public Safety (Cont.) 11,760 11,539 11,419 Police Department (Cont.) 46.710 44,744 356,704 Equipment Maintenance 3,046,145 3,060,516 3,321,009 Personal Services $ 52,870 45,490 54,593 Contractual Services 69,550 56,304 69,778 Commodities 124,000 1.37,252 123,644 Capital Expenditures 6,200 5.403 13,699 252_.620 , 2A4 �449 261,114 Total Police Department 4..643„355, 4,576,656 4.214.501 Fire and Emergency Protection Administration and Support Personal Services 299,985 299,692 275,379 Contractual Services 172,750 165,791 69,103 Commodities 32,800 31,842 32,697 Capital Expenditures 5,96_5 6,080 2,943 511,500 503,405 380.122 Fire Department Operations Personal Services 2,745,135 2,761,791 2,735,622 Contractual Services 242,540 242,442 217,264 Commodities 11,760 11,539 11,419 Capital Expenditures 46.710 44,744 356,704 3,046,145 3,060,516 3,321,009 Fire Training Academy Personal Services 20,000 19,000 28,093 Commodities 10,000 15,954 Capital Expenditures 30.000 34.,954 Fire Prevention Personal Services 229,405 229,394 196,941 Contractual Services 39,400 37,507 31,396 Commodities 5,715 5,679 5,296 Capital Expenditures 2,11.5. 1,987 321 276 635 274,567 233,954 Communications Contractual Services 36,000 38.330 28,093 66 VILLAGE OF MOUNT PROSPECT, ILLINOIS GENERAL FUND SCHEDULE OF EXPENDITURES - BUDGET AND ACTUAL (CONT.) FOR THE YEAR ENDED APRIL 30, 1991 Emergency Preparedness Personal Services 3,000 991 1990 Contractual Services Budget Actual Actual Public Safety (Cont.) 910 826 773 Fire and Emergency Protection (Cont.) 6,763 6,.a70 Equipment Maintenance 14,975 17.487 13768 Personal Services $ 62,240 61,907 58,076 Contractual Services 22,230 17,587 5,320 Commodities 46,000 42,727 46,404 Capital Expenditures 4 3� 4,321068 4 47 Total Public Safety 130,470 x.22,221 123,506, Emergency Preparedness Personal Services 3,000 3,011 2,965 Contractual Services 3,560 6,887 3,460 Commodities 910 826 773 Capital Expenditures 7 505 6,763 6,.a70 14,975 17.487 13768 Central Dispatch Service Contractual Services 332.6og 339_,588 376,620 Total Fire and Emergency Protection 4 3� 4,321068 4 47 Total Public Safety 9,486,325 9.�9 9,x,,59, 9210 851 Highways and Streets Street Department Administration and Support Personal Services 206,585 208,411 191,387 Contractual Services 167,700 164,965 94,327 Commodities 14,000 17,663 15,120 Capital Expenditures 2,500 2,500 952 393,53986 Maintenance - Public Buildings Personal Services 200,820 194,800 179,814 Contractual Services 87,500 74,212 63,199 Commodities 86,300 91,962 98,852 Capital Expenditures IMOO 6295 384,620 36� 4 MA VILLAGE OF MOUNT PROSPECT, ILLINOIS GENERAL FUND SCHEDULE OF EXPENDITURES - BUDGET AND ACTUAL (CONT.) FOR THE YEAR ENDED APRIL 30, 1991 Street Maintenance Personal Services 1991 91,066 1990 Contractual Services Budget Actual Actual Highways and Streets (Cont.) 36,600 36,157 26,736 Street Department (Cont.) -993,250 974,456 1,026,864 Maintenance of Grounds 1,176,475 1,154,904 1..,.177,807 Personal Services $ 126,455 132,072 130,679 Contractual Services 27,500 25,571 24,789 Commodities 6,950 6,997 4,659 Capital Expenditures _ 2.700 2 __160_.,193 163,605 16� 162,458 Street Maintenance Personal Services 88,325 91,066 82,292 Contractual Services 58,300 53,225 41,915 Commodities 36,600 36,157 26,736 Capital Expenditures -993,250 974,456 1,026,864 Storm Sewer/Basin Maintenance 1,176,475 1,154,904 1..,.177,807 Snow Removal Personal Services 95,710 73,365 87,932 Contractual Services 7,000 5,661 7,110 Commodities 10,000 8.,..185 5,086 1,12.710 ---AZ 211 100,,128 Leaf Removal Personal Services 71,840 83,465 73,948 Contractual Services 20,000 19,056 16,000 Commodities 14,300 14,,691 13,425 106,140 117.212, 103,373 Storm Sewer/Basin Maintenance Personal Services 47,050 41,086 41,769 Contractual Services 138,850 191,387 93,796 Commodities 13,850 11,515 24,628 199.750 243„„988 __160_.,193 Forestry Personal Services 199,760 190,229 185,427 Contractual Services 226,250 209,215 228,403 Commodities 8,600 10,610 434,610 407,849 1 424,440 99 VILLAGE OF MOUNT PROSPECT, ILLINOIS GENERAL FUND SCHEDULE OF EXPENDITURES - BUDGET AND ACTUAL (CONT.) FOR THE YEAR ENDED APRIL 30, 1991 991 1990 Budget Actual Actual. Highways and Streets (Cont.) Street Department (Cont.) Traffic Sign Maintenance Personal Services $ 44,970 65,064 47,839 Commodities 23,700 23,775 21,995 68,670 88,839 69,834 Public Grounds Beautification Personal Services 36,385 33,489 40,169 Contractual Services 10,000 9,725 10,000 Commodities 9,300 8,884 8,731 Capital Expenditures 100,90Q 103,905 104,198 156,585 156.003 163 098 Maintenance of State Highways Personal Services 11,165 8,576 11,852 Contractual Services 21,800 10,181 9,514 Commodities 28,000 12,658 19,223 60,965 31,41540589, Equipment Maintenance Personal Services 113,905 101,817 104,869 Contractual Services 5,000 2,415 3,722 Commodities 130,5QQ 120,819 129,036, 249,405 225,051 237,627 Pool Vehicle Maintenance Personal Services 6,835 5,328 5,802 Contractual Services 5,500 5,000 4,217 Commodities 12�00„0 _--9-.324 9,346 24,335 19,652 19,365 Traffic Signal/Street Lighting Personal Services 6,115 946 Contractual Services 117,000 100,450 110,947 Commodities 6,000 4,728 5,356 Capital Expenditures 4,000 1,951 730 133 ,115 10807_5 l 17� 033 Total Street Department 3,661,770 3.570.154 3.495.891 VILLAGE OF MOUNT PROSPECT, ILLINOIS GENERAL FUND SCHEDULE OF EXPENDITURES - BUDGET AND ACTUAL (CONT.) FOR THE YEAR ENDED APRIL 30, 1991 70 1991 1990 0 Budget Actual Actual Highways and Streets (Cont.) Engineering Division Administration and Support Personal Services $ 293,600 291,642 269,778 Contractual Services 66,725 85,483 157,993 Commodities 6,500 5,937 6,067 Capital Expenditures 4,000 3,961 6,857 Total Engineering Division 370,825 387,023 440.695 Total Highways and Streets 4,032,595 3.957.177 3,936.586 Health Refuse Disposal Division Solid Waste Disposal Personal Services 19,250 33,603 17,918 Contractual Services 2,066,000 2,022,280 1,726,539 Commodities 80.000 60,418 108,394 Total Health 2165,250, 2,116,301 1.852,851 Welfare Human Services Division Information and Counseling Personal Services 97,480 97,793 82,304 Contractual Services 32,570 32,815 23,029 Commodities 4,550 4,551 3,779 Capital Expenditures 1,500 2.438 3,759 136.100 13197 112.871 Recreation and Education Personal Services 14,720 14,856 13,834 Contractual Services 2.315 2.689 2.281 17,035 17,545, 16.115 Homebound Services Personal Services 50,725 51,574 46,886 Contractual Services 15.15 15,283 14,978 65 875 66,857 61,864 70 VILLAGE OF MOUNT PROSPECT, ILLINOIS GENERAL FUND SCHEDULE OF EXPENDITURES - BUDGET AND ACTUAL (CONT.) FOR THE YEAR ENDED APRIL 30, 1991 Economic Development Personal Services 51,165 43,344 48,051 Contractual Services 15,350 28,916 14,117 Capital Expenditures 29,999 1�7 16J21 $2"260 X989 Downtown Redevelopment Personal Services 13.800 18.812 15.137 Total Planning & Zoning Department 264.425 261.378 242.120 Total Welfare 548.195 541.089 492.166 71 1991 1990 Budget Actual Actual Welfare (Cont.) Human Services Division (Cont.) Community Activities Personal Services $ 38,355 34,116 34,970 Contractual Services 550 505 402 Commodities 1.100 1.070 905 40.005 35.691 26,27Z Blood Donor Program Personal Services 2,805 2,803 2,803 Commodities 1,450 1,218 1,116 4,255 Social Agencies Contractual Services 20.500 18.000 19.000 Total Human Services Division 283.770 279.711 250.046 Planning & Zoning Department Administration Personal Services 131,310 130,081 124,691. Contractual Services 26,750 24,792 20,080 Commodities 5,050 4,834 2,291 Capital Expenditures --- 1.Q -0Q 99 932 164.11Q 161306 147.994 Economic Development Personal Services 51,165 43,344 48,051 Contractual Services 15,350 28,916 14,117 Capital Expenditures 29,999 1�7 16J21 $2"260 X989 Downtown Redevelopment Personal Services 13.800 18.812 15.137 Total Planning & Zoning Department 264.425 261.378 242.120 Total Welfare 548.195 541.089 492.166 71 VILLAGE OF MOUNT PROSPECT, ILLINOIS GENERAL FUND SCHEDULE OF EXPENDITURES - BUDGET AND ACTUAL (CONT.) FOR THE YEAR ENDED APRIL 30, 1991 72 1991 1990 Bum Actual Act ugl Culture and Recreation Community and Civic Services Community Groups Contractual Services $ 14.500 19,430, 13,460 4th of July and Civic Events Personal Services 15,000 13,828 12,909 Contractual Services 21,000 15,740 15,612 Commodities 10,950 13,211 6,224 46,950 42,779 34.745 Holiday Decorations Personal Services 2,950 2,908 924 Contractual Services 10,500 9,676 8,500 Commodities 1,000 1,117 808 50 13,701 10,232 Total Culture and Recreation Z5,900 75,2107 Miscellaneous Pension Benefits Contractual Services 10.600 1.0,599 29_.367 Total Miscellaneous 10,600 10.599 29,367 Total Expenditures 17 932 375 17 739 936 17,167-874 72 SPECIAL REVENUE 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. Illinois Municipal Retirement Fund - The Illinois Municipal Retirement fund is used to account for the revenue and expenditures associated with providing pension and disability benefits for Mount Prospect employees. This fund also provides the employer portion of F.I.C.A. Contributions. Community Development Fund - The Community Development Fund is used to account for the revenue and expenditures of the Community Development Block Grant Program. Public Library Fund - The Library Fund is used to account for the resources necessary to provide the educational, cultural and recreational activities of the Mount Prospect Public Library. VILLAGE OF MOUNT PROSPECT, ILLINOIS SPECIAL REVENUE FUNDS COMBINING BALANCE SHEET APRIL 30, 1991 Illinois Motor Fuel Municipal Community Public Totals Tax Retirement Development Library 1991 1990 ASSETS Cash and Investments $629,711 17,243 2,279 1,313,685 1,962,918 1,874,740 Receivables Taxes 357,034 1,186,061 1,543,095 1,455,659 Accrued Interest 9,353 778 6,675 16,806 12,492 Other 13,715 13,715 28,282 Due from Other Funds 12,859 12,859 Due from Other Governments 76,_759 263.621 340.380 651,666 Total Assets 729,538 387,914 265.900 2.506 421 3 889 773 41022.839 LIABILITIES AND FUND BALANCES Liabilities Accounts Payable 77,999 116,135 88,304 282,438 197,685 Accrued Payroll 1,167 37,658 38,825 27,910 Deferred Revenues 148,598 148,598 543,558 Deferred Property Taxes 357,034 1,186,061 1,543,095 1,455,659 Due to Other Funds 19.654 Total Liabilities 77,999 357,034 265,900 1,312,023 2,012,956 2,244,466 Fund Balances Unreserved - Undesignated 651.539 10,880 - 1,194.398 1.876,8.7 1.778.373 Total Liabilities and Fund Balances72 538 3871914 265_4900 2,5� 3,889,773 4,022,;839 See accompanying Notes to the Financial Statements. 73 Revenues Taxes Intergovernmental Fines and Forfeits Interest Miscellaneous Total Revenues Expenditures Highways and Streets Welfare Culture and Recreation Miscellaneous Total Expenditures Excess of Revenues over Expenditures Other Financing Sources Operating Transfers In Excess of Revenues and Other Financing Sources over Expenditures Fund Balances VILLAGE OF MOUNT PROSPECT, ILLINOIS SPECIAL REVENUE FUNDS COMBINING STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES FOR THE YEAR ENDED APRIL 30, 1991 Illinois Motor Fuel Municipal Community Public Totals Tax Retirement OevelUm nt Library 1991 1990 612,299 2,075,599 2,687,898 2,439,060 $1,066,065 52,500 630,088 74,923 1,823,576 1,446,021 55,025 55,025 55,756 40,358 3,686 77,328 121,372 141,378 43,635 10.186 53,821 117,858 1,150,058 LU_,485 630,Q88 2,293.Q61 4.741.692 4.200.073 1,148,630 1,148,630 1,170,405 630,088 630,088 374,556 2,211,259 2,211,259 1,823,874 666.671 666.671 584,886 1.148.630 666,671 630.088 2,211,259 4,656,648 3.953.721 1,428 1,814 81,802 85,044 246,352 13,400 - 13.400 10,200 1,428 15,214 May 1 650.111 15.666 April 30 651.539 30.U880 See accompanying Notes to the Financial Statements. 74 81,802 98,444 1.112.596 1.778,373 IA194{_398 1.8761.817 256,552 1.521.821 1.778,373 VILLAGE OF MOUNT PROSPECT, ILLINOIS MOTOR FUEL TAX FUND STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL FOR THE YEAR ENDED APRIL 30, 1991 Revenues Intergovernmental Motor Fuel Tax Allotments Interest Interest Income Miscellaneous Project Reimbursements Total Revenues Expenditures Highways and Streets Street Department Engineering Division Total Expenditures Excess (Deficiency) of Revenues over Expenditures Fund Balance May 1 April 30 1991 1990 Budget Actual Actuali, $1,150,000 1,066,065 998,884 19,000 40,358 58,390 41.000 43,635 3 _1 2 0 000 1.150.058 1,06 1,345,000 1,140,630 1,159,408 16.000 8.000 10.997 1 3� 1.148.630 1.170.405 U516000) 1,428 (76,739) 650,111 726,8-5Q 651 539 650 111 See accompanying Notes to the Financial Statements. 75 VILLAGE OF MOUNT PROSPECT, ILLINOIS MOTOR FUEL TAX FUND SCHEDULE OF EXPENDITURES - BUDGET AND ACTUAL FOR THE YEAR ENDED APRIL 30, 1991 1991. 1990 Budget Actual Actual Highways and Streets Street Department Street Maintenance Contractual Services $1.060.000 949,490 238,974 Snow Removal Commodities 75.Q.p Traffic Signal/Street Lighting Contractual Services 129,000 115,226 137,014 Capital Expenditures 81 OOO 14,041 20,96, 219,000 129,262 __157.981 Total Street Department 1.345,000 1,140,630 1.159.408 Engineering Division Engineering Service Contractual Services 16,000 8,009 10,997 Total Expenditures 1 361 OOO 1,148, 1 170 405 76 VILLAGE OF MOUNT PROSPECT, ILLINOIS ILLINOIS MUNICIPAL RETIREMENT FUND STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL FOR THE YEAR ENDED APRIL 30, 1991 Revenues Taxes Property Taxes - Current Property Taxes - Prior Intergovernmental Replacement Taxes Interest Interest Income Total Revenues Expenditures Miscellaneous Pension Benefits Excess (Deficiency) of Revenues over Expenditures Other Financing Sources Operating Transfers In General Fund Excess of Revenues and Other Financing Sources over Expenditures Fund Balance May 1 April 30 1991 — 1229 -Budget Actual Actual $307,600 302,966 255,606 313,600 309,333 269,118 52,500 52,500 60,000 3.100 3.686 5.478 676,800 668,485 590,202 677.000 666.671 584.886 (200) 1,814 5,316 13.400 13.400 10.200 13.200 15,214 15,516 See accompanying Notes to the Financial Statements. 77 15.666 15,666 VILLAGE OF MOUNT PROSPECT, ILLINOIS ILLINOIS MUNICIPAL RETIREMENT FUND SCHEDULE OF EXPENDITURES - BUDGET AND ACTUAL FOR THE YEAR ENDED APRIL 30, 1991 78 1991 1990 Budget Actual c'ua'1 Public Representation Division Miscellaneous Pension Benefits $ 1,340 1,393 1,361 Village Manager's Office Miscellaneous Pension Benefits 33,200 33,280 23,811 Communications Division Miscellaneous Pension Benefits 15,170 14,846 10,668 Finance Department Miscellaneous Pension Benefits 71,855 70,877 64,983 Village Clerk's Office Miscellaneous Pension Benefits 10,850 10,712 9,574 Inspection Services Department Miscellaneous Pension Benefits 62,955 62,591 56,289 Police Department Miscellaneous Pension Benefits 98,500 95,468 86,804 Fire and Emergency Department Miscellaneous Pension Benefits 40,385 40,423 33,246 Street Department Miscellaneous Pension Benefits 219,365 214,376 191,580 Engineering Division Miscellaneous Pension Benefits 50,385 49,702 44,283 78 VILLAGE OF MOUNT PROSPECT, ILLINOIS ILLINOIS MUNICIPAL RETIREMENT FUND SCHEDULE OF EXPENDITURES - BUDGET AND ACTUAL (CONT.) FOR THE YEAR ENDED APRIL 30, 1991 1991 1990 Budget Actual Actual Refuse Disposal Division Miscellaneous Pension Benefits $ 3,500 4,241 3,016 Human Services Division Miscellaneous Pension Benefits 36,205 35,632 30,325 Planning and Zoning Department Miscellaneous Pension Benefits 33.290 33.130 28.946 Total Expenditures P 67 000 �� 6661 584„6 79 VILLAGE OF MOUNT PROSPECT, ILLINOIS COMMUNITY DEVELOPMENT FUND STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL FOR THE YEAR ENDED APRIL 30, 1991 91 1990 Budget Actual Actual Revenues Intergovernmental Grant - CDBG $589,725 630,088 309,952 Miscellaneous Program Income 50.000 ,_6A 604 Total Revenues 639.725 630.088 374,556 Expenditures Welfare Administration 42,925 39,732 74,916 Community Programs 61,900 59,972 45,235 Neighborhood Improvements 359,000 400,087 Residential Rehabilitation 103,400 120,849 124,533 Commercial Rehabilitation 32,500 938 54,668 Multi -Family Rehabilitation 40,000 8,510 489 Downtown Improvements 74.715 Total Expenditures 639.725630.088 374.556 Excess of Revenues over Expenditures Fund Balance May 1 April 30�„� See accompanying Notes to the Financial Statements. 80 VILLAGE OF MOUNT PROSPECT, ILLINOIS COMMUNITY DEVELOPMENT FUND SCHEDULE OF EXPENDITURES - BUDGET AND ACTUAL FOR THE YEAR ENDED APRIL 30, 1991 Community Programs Capital Expenditures 61.900 59.972 45.235 Neighborhood Improvement Capital Expenditures 359.000 400.087 Residential Rehabilitation Personal Services 3,400 1,359 3,372 Capital Expenditures 10� 119,490 121,161. —IDI.AQ-0 120.,842 1,2,4,533 Commercial Rehabilitation Personal Services 99 603 —12-9-9— Contractual Services Budget Actual Agtual Welfare 20.000 335 _48,445- Planning and Zoning Department 32,500 938 54,6,68 Administration Personal Services $ 36,675 36,969 30,061 Contractual Services 4,550 2,668 37,653 Commodities 950 95 698 Other 6,322 Capital Expenditures 750 179 Contractual Services 42.925 39.732 74,916 Community Programs Capital Expenditures 61.900 59.972 45.235 Neighborhood Improvement Capital Expenditures 359.000 400.087 Residential Rehabilitation Personal Services 3,400 1,359 3,372 Capital Expenditures 10� 119,490 121,161. —IDI.AQ-0 120.,842 1,2,4,533 Commercial Rehabilitation Personal Services 7,500 603 5,105 Contractual Services 5,000 1,118 Capital Expenditures 20.000 335 _48,445- 32,500 938 54,6,68 Multi -Family Rehabilitation Personal Services 489 Capital Expenditures 40.000 8.510 40.000 8.510 _ 489 Downtown Improvements Personal Services 179 Contractual Services 9,389 Capital Expenditures 65.147 74.715 Total Expenditures _639.725 6.30.088 374 556 81 VILLAGE OF MOUNT PROSPECT, ILLINOIS PUBLIC LIBRARY FUND STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL FOR THE YEAR ENDED APRIL 30, 1991 See accompanying Notes to the Financial Statements. 82 1991 1990 Budget Actual Actual Revenues Taxes Property Taxes $2,006,920 2,075,599 1,914,336 Intergovernmental Replacement Taxes 26,600 22,289 24,551 Grant Per Capita 52,280 52,634 52,634 Fines and Forfeits 40,000 55,025 55,756 Interest 40,000 77,328 77,510 Miscellaneous 381J20 IO J86 Total Revenues 2,,546,,920 2,293,061 2,141,649 Expenditures Culture and Recreation Administration 1,671,920 1,512,845 1,256,065 Building Maintenance 380,000 243,160 177,504 Books and Library Materials 495,OQO 455,254 390,305 Total Expenditures _2,546,9929 2,211,259 1,823.87h Excess of Revenues over Expenditures 81,802 317,775 Fund Balance May 1,112,596 794,821 April 1 1'94 398 1 112 596 See accompanying Notes to the Financial Statements. 82 DEBT SERVICE FUNDS DEBT SERVICE FUNDS General Obligation Bonds Corporate Purpose Bonds of 1973 - to accumulate monies for payment of principal and interest for bonds issued for flood control purposes. Bonds were issued December 1, 1973 with final payment due January 1, 1995. Financing is being provided by an annual property tax levy plus an allocation of Personal Property Replacement Tax. Corporate Purpose Bonds of 1974 - to accumulate monies for payment of principal and interest for bonds issued for construction of Library and purchase of Village Hall. Bonds were issued December 1, 1974 with final payment due January 1, 1996. Financing is being provided by an annual property tax levy plus an allocation of Personal Property Replacement Tax. General Obligation Bonds of 1987B - to accumulate monies for payment of principal and interest for bonds issued for the construction of a public works facility and for data processing equipment. The bonds were issued June 1, 1987 and mature January 1, 2005. Financing is being provided by an annual property tax levy. General Obligation Bonds of 1987C - to accumulate monies for payment of principal and interest for bonds issued for acquisition of property and public improvements in Downtown Redevelopment Tax Incremental Financing District No. 1. Bonds were issued June 1, 1987 and mature January 1, 1998. Financing is being provided by sources other than property taxes. General Obligation Bonds of 1987D - to accumulate monies for payment of principal and interest for bonds issued to refund bonds outstanding from General Obligation Bond Series of 1985. The 1985 Bonds were issued for acquisition of property and public improvements in Downtown Redevelopment Tax Incremental District No. 1. The Bonds were issued October 1, 1987 and mature December 1, 2002. Financing will be provided by sources other than a property tax levy. Installment Note/Contract Installment Note of 1986 - to accumulate monies for payment of principal and interest for bonds issued to provide additional reserves in the Village's Risk Management Fund. Bonds were issued June 1, 1986 with final payment June 1, 1991. Financing will be provided by an annual property tax levy. Installment Contract of 1987 - to accumulate monies for payment of principal and interest for an installment contract to finance loans made to residents who suffered flood losses in 1987. The contract was entered into on November 2, 1987 with final payment due November 1, 1992. Financing will be provided by loan payments from residents and sources other than property taxes. VILLAGE OF MOUNT PROSPECT, ILLINOIS DEBT SERVICE FUNDS COMBINING BALANCE SHEET APRIL 30, 1991 See accompanying Notes to the Financial Statements. 83 Corporate Corporate General General General Purpose Purpose Obligation Obligation Obligation Installment Installment Bonds Bonds Bonds Bonds Bonds Note Contract Totals of 1973 of 1974 of 19878 of 1987C of 1987D of 1986 of 1987 1991 1990 ASSETS Cash and Investments $151,648 226,457 366,852 115,617 139,304 1,001,878 901,604 Receivables Taxes 83,639 132,692 197,012 413,343 418,875 Accrued Interest 1,998 3,000 5,600 558 669 11,825 5,928 Total Assets 237 285 362 149 57.1b,464 a 1 5 11399.7373 - 164276046 1"326 407 LIABILITIES AND FUND BALANCES Liabilities Other Payables 34,435 34,435 Deferred Property Taxes 83,639 132,692 197,012 413,343 418,875 Total Liabilities 83,639 132,692 197,012 34,435 - - 447,778 418,875 Fund Balances Reserved for Debt Service 153,646 229,457 374,452 81,740 139,973 - 979.268 907,532 Total Liabilities and Fund Balances 237,285 362,149 571,46 - 116,175 1373 14427,046 1,326,40077 See accompanying Notes to the Financial Statements. 83 VILLAGE OF MOUNT PROSPECT, ILLINOIS DEBT SERVICE FUNDS COMBINING STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES - BUDGET AND ACTUAL FOR THE YEAR ENDED APRIL 30, 1991 Excess (Deficiency) of Revenues and Other Financing Sources over Expenditures Fund Balances May 1 April 30 X7,530 15,447 950) (7,121) 20-910 22,701 - 138,199 36 7 51 75 - 53-46 229.457 74 452 81,740 W Corporate Corporate General General General Purpose Purpose Obligation Obligation Obligation Bonds of 1973 Bonds of 1974 Bonds of 1987B Bonds of 1987C Bonds of 1987D Dgdgel Actual Bgdget Aotua _ ut Actual Revenues Taxes Property Taxes - Current $ 74,700 73,563 118,500 116,704 175,900 173,278 Property Taxes - Prior 91,400 90,144 122,550 120,927 178,750 176,330 29,178 90,000 189,413 Intergovernmental Replacement Taxes 5,300 5,300 8,400 8,400 Interest Interest Income 10.550 10.840 20.000 17.034 17.500 23.869 375 6.701 Total Revenues 18L2�0 179.847 269.450 263.06573 2.150 373.477 - 29.178 90.37591 6.114 Expenditures Debt Service Principal Retirement 130,000 130,000 200,000 200,000 150,000 150,000 Interest and Fiscal Charges 34.400 34.400 70.400 70.186 201.24002 0.776 29.245 29.178 114.375 114.374 Total Expenditures 164.400 164.400 270.4007� 351.240 350.776 29.245 29.178 114.37511 4.374 Excess (Deficiency) of Revenues over Expenditures 17.550 15.447 (950) (7.121) 20.910 22.7012( 9.245)2( 4.000) 61.740 Other Financing Sources Operating Transfers In General Fund Downtown Redevelopment of 1985 Fund 29,245 24,000 Downtown Redevelopment of 1987 Fund Public Works Facility Fund - - - - 29.245 24.000 - Excess (Deficiency) of Revenues and Other Financing Sources over Expenditures Fund Balances May 1 April 30 X7,530 15,447 950) (7,121) 20-910 22,701 - 138,199 36 7 51 75 - 53-46 229.457 74 452 81,740 W See accompanying Notes to the Financial Statements 84 Installment Installment Totals Note of 1986 Oontract of 1987 1991 1990 Budget Actual But Actual Bud&et Actual Actual Revenues Taxes Property Taxes - Current 369,100 363,545 368,921 Property Taxes - Prior $ 59,900 59,065 542,600 665,057 550,706 Intergovernmental Replacement Taxes 13,700 13,700 12,600 Interest Interest Income 7,600 8,867 56,025 67,311 72,355 Total Revenues 67,500 67,932 - - 981,425 1,109,613 1,004,582 Expenditures Debt Service Principal Retirement 100,000 100,000 36,328 36,328 616,328 616,328 628,172 Interest and Fiscal Charges 8,965 8,963 7,397 7,397 466,022 465,274 504,713 Total Expenditures 108 965 1.08,963 43,725 43,725 1,082,350 1.081,602 1.132,885 Excess (Deficiency) of Revenues over Expenditures 41 465)4( 1,031) (43,725) (43,725) (100,925) 28,011 (128,303) Other Financing Sources Operating Transfers In General Fund 43,725 43,725 43,725 43,725 43,725 Downtown Redevelopment of 1985 Fund 53,245 73,199 Downtown Redevelopment of 1987 Fuad 28,646 Public Works Facility Fund 93.750 - - 43,725 43,725 96.970 43,725 239,320 Excess (Deficiency) of Revenues and Other Financing Sources over Expenditures 41 465) (41,031) - 955) 71,736 111,017 Fund Balances May 1 181,004 _ 907,532 796,515 April 30 139,973 X9796268 907 1532 See accompanying Notes to the Financial Statements 84 CAPITAL PROJECTS FUNDS CAPITAL PROJECTS FUNDS Capital Improvement Fund - to account for the resources to provide for the replacement of Village Equipment. Financing is provided by an annual property tax levy, developer contributions and interest income. Downtown Redevelopment of 1985 Fund - to account for the resources to acquire property and construct certain improvements in the Downtown Redevelopment Tax Incremental Financing District No. 1. Financing was provided by the sale of general obligation bonds in 1985 and the sale of property in 1988. Current funds are being provided by rental income and interest income. Downtown Redevelopment of 1987 Fund - to account for the resources to acquire property and construct certain improvements in the Downtown Redevelopment Tax Incremental District No. 1. Financing was provided by the sale of general obligation bonds in 1987. Police and Fire Building Construction Fund - to account for the resources to construct a new Police and Fire Building at 112 East Northwest Highway. Financing will be provided by Illinois Income Tax Surcharge receipts, interest income, and the sale of general obligation bonds in 1991. See accompanying Notes to the Financial Statements,. 85 VILLAGE OF MOUNT PROSPECT, ILLINOIS CAPITAL PROJECTS FUNDS COMBINING BALANCE SHEET APRIL 30, 1991 Downtown Downtown Police and Fire Capital Redevelopment Redevelopment Building Totals Improvement --2L19-85ofd _gM1Lr2C:.ol 1991 1990 ASSETS Cash and Investments $419,242 191,944 Receivables 2,188,248 2,799,434 976,667 Taxes 216,386 Accounts e - 3,779 16,309 216,386 215,780 Accrued Interest 5,315 2,176 20,224 1,627 Due from Other Funds 55, 733 63,224 2,130 Due from Other Governments -"`"""�" �-' ; 74 570 174.570 �Total Assets _644.722 210.429 418 3.273.702 1.196.204 Q LIABILITIES AND FUND BALANCES Liabilities Accounts Payable 80,735 113,761 Other Payables 16,929 194,496 77,447 Deferred Property Taxes 216,386 16,929 Due to Other Funds 230.000 216,386 215,780 Total Liabilities297,121 _ 360,690 _ 5'789 235:789 5,789 663,600 293,227 Fund Balances Unreserved - Designated for Capital Projects 347.601150 261) �� 2.412.762 2,610,102 902.977 Total Liabilities and Fund Balances 644.722 _210.4292.418.551 3.273.702 1.196.204 See accompanying Notes to the Financial Statements,. 85 VILLAGE OF MOUNT PROSPECT, ILLINOIS CAPITAL PROJECTS FUNDS COMBINING STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES FOR THE YEAR ENDED APRIL 30, 1991 See accompanying Notes to the Financial Statements„ 86 Downtown Downtown Police and Fire Capital Redevelopment Redevelopment Building Totals 1990 Improv ement$87 s 1991 Revenues 406,557 424,504 Taxes $ 406,557 1,375,508 1,375,508 Intergovernmental 15,750 15,297 Charges for Services 15,750 5 45,013 87,142 Interest 33,573 11,435 28.265 155.356 Miscellaneous 15.865 12.400 39.585 - 1.375.513 1.871.093 682.299 Total Revenues 455.995 Expenditures Capital Outlay 549 Department of Finance Inspection Services 6,487 Department 181,312 235,431 Police Department 181,312 Fire and Emergency 243,686 132,553 Protection 243,686 239,529 196,507 Street Department 239,529 294,121 58,119 Public Improvements 160,136 133,985 242.569 413.833 Property Acquisition 242.569 - 1.201.217 1.043.479 Total Expenditures 824.663 376.554 - Excess (Deficiency) of Revenues (368,668) (336,969) _ 1,375,513 669,876 (361,180) over Expenditures Other Financing (Uses) (195.595) Operating Transfers (Out) Excess (Deficiency) of Revenues over Expenditures and Other - 1.375.513 669.876 55( 6.775) Financing Uses (368.668) 33( 6,969) Fund Balances 716,269 186,708 902„977 1,459,752 May 1 1,037.249 1 049 Residual Equity Transfers In - 1.037.249 1,2jL226, 1.459.752 716.269 186.708 347,601 (150,261) - 2,412.762 2 610 10,2 902.977 April 30 See accompanying Notes to the Financial Statements„ 86 VILLAGE OF MOUNT PROSPECT, ILLINOIS CAPITAL IMPROVEMENT FUND STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL FOR THE YEAR ENDED APRIL 30, 1991 See accompanying Notes to the Financial Statements. 87 1991 1990 Budget actual Revenues Taxes Property Taxes - Current $ 186,400 183,614 184,220 Property Taxes - Prior 226,000 222,943 240,284 Interest Interest Income 45,000 33,573 53,813 Miscellaneous Sale of Fire Equipment 5,100 Sale of Police Equipment 49,972 Developer Donations 120,000 12,509 79,652 Sale of Public Works Equipment 3,450 Historical Society Donations 30.000 3.356 17,182 Total Revenues 6077.4_00 455.995 633,673 Expenditures Capital Outlay Department of Finance 549 Inspection Services Department 6,487 Police Department 181,000 181,312 235,431 Fire and Emergency Protection 236,080 243,686 132,553 Street Department 349,000 239,529 196,507 Public Improvements 2071,000 _160.136 33.153 Total Expenditures --3Z3.080 8,24 663 604.,680 Excess (Deficiency) of Revenues over Expenditures (365,680) (368,668) 28,993 Other Financing (Uses) Operating Transfers (Out) General Obligation Bonds of 1987B Fund (93.750) Excess (Deficiency) of Revenues over Expenditures and Other Financing Uses 365,680) (368,668) (64,757) Fund Balance May 1 _716.269 781.026 April 30 347,601 71 6 269 See accompanying Notes to the Financial Statements. 87 VILLAGE OF MOUNT PROSPECT, ILLINOIS CAPITAL IMPROVEMENT FUND SCHEDULE OF EXPENDITURES - BUDGET AND ACTUAL FOR THE YEAR ENDED APRIL 30, 1991 1991 1'990 Budget Actual Actual Capital Outlay Finance Department Capital Expenditures 549 Inspection Services Capital Expenditures 6.487 Police Department Equipment Maintenance Contractual Services $130,000 133,562 Capital Expenditures 51.000 47�750 235.431 181,000 181.J12 235.431 Fire and Emergency Protection Administration and Support Capital Expenditures 9,325 10,024 12,675 Fire Department Operations Capital Expenditures 74,660 81,702 51,669 Fire Prevention Capital Expenditures 399 Communications Capital Expenditures 9,825 9,443 8,596 Equipment Maintenance Contractual Services 135,000 135,000 Capital Expenditures 7.270 7.51 ,Z 59.214 236.080 24� 132.553 Street Department Maintenance of Buildings Capital Expenditures 29,500 27,857 7,619 Maintenance of Grounds Capital Expenditures 1,500 1,500 2,052 Snow Removal Capital Expenditures 20,000 15,671 15,090 Leaf Removal Capital Expenditures 26,207 Traffic Sign Maintenance Capital Expenditures 2,000 1,999 2,519 VILLAGE OF MOUNT PROSPECT, ILLINOIS CAPITAL IMPROVEMENT FUND SCHEDULE OF EXPENDITURES - BUDGET AND ACTUAL (CONT.) FOR THE YEAR ENDED APRIL 30, 1991 1991 1990 Budget Actual Actual Capital Outlay (Cont.) Street Department (Cont.) Equipment Maintenance Contractual Services $190,000 190,000 Capital Expenditures 4,500 2,502 122,239 Pool Vehicle Maintenance Capital Expenditures 1,500 20,781 Traffic Signal/Street Lighting Capital Expenditures 100,000 349,000 239,529 196,507 Public Improvements New Facilities Contractual Services 12,000 800 Capital Expenditures _195.,000 159.336 33.153 0-00 160.136 33.153 Total Expenditures .973,080, 8249663, 604 680 VILLAGE OF MOUNT PROSPECT, ILLINOIS DOWNTOWN REDEVELOPMENT OF 1985 FUND STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL FOR THE YEAR ENDED APRIL 30, 1991 Revenues Charges for Services Rental Income Interest Interest Income Miscellaneous Reimbursements Total Revenues Expenditures Capital Outlay Public Improvements Property Acquisition Total Expenditures Excess (Deficiency) of Revenues over Expenditures Other Financing Sources (Uses) Bond/Note Proceeds Operating Transfers (Out) General Obligation Bonds of 1987C Fund General Obligation Bonds of 1987D Fund Excess (Deficiency) of Revenues and Other Financing Sources over Expenditures and Other Financing Uses Fund Balance May 1 April 30 W., Budget Actual $ 13,500 15,750 12,500 11,435 __12..40 _39-2 311,500 . 682,235 923,735 (967.735) 1,000,000 (29,245) (24.000) 94„6.755 Q, 980) See accompanying Notes to the Financial Statements. 90 133,985 X5-59 376.554 (336.969) (336,969) 186.708 1.50 261 ) 15,297 29,092 44.389 (177.410) (28,646) (73.199) (101.845) (279,255) 465.963 x.86 1. 7.0.8 VILLAGE OF MOUNT PROSPECT, ILLINOIS DOWNTOWN REDEVELOPMENT OF 1987 FUND STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL FOR THE YEAR ENDED APRIL 30, 1991 1991. 1990 Budget Actual Actual. Revenues Interest - - $ 4,237 Expenditures Capital Outlay Property Acquisition 217.000 Excess (Deficiency) of Revenues over Expenditures - (212,763) Fund Balance May 1 - (212.763) April 30 See accompanying Notes to the Financial Statements 91 VILLAGE OF MOUNT PROSPECT, ILLINOIS POLICE AND FIRE BUILDING CONSTRUCTION FUND STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL FOR THE YEAR ENDED APRIL 30, 1991 Revenues Intergovernmental State Income Tax Surcharge Interest Total Revenues Expenditures Capital Outlay Public Improvements Excess (Deficiency) of Revenues over Expenditures Other Financing Sources Bond/Note Proceeds Excess of Revenues and Other Financing Sources over Expenditures Fund Balance May 1 Residual Equity Transfer In General Fund April 30 1991 Budget Actual $ 1,500,000 1,375,508 25.000 5 1,525,000 1,375,513 4,025,QOQ - (2,500,000) 1,375,513 11500,000 1,375,513 1,032.249 2,412,762 See accompanying Notes to the Financial Statements. 92 PROPRIETARY FUND TYPES ENTERPRISE FUNDS ENTERPRISE FUNDS Rater and Sever Fund - to account for the provision of water and serer services to the residents of the Village. All activities necessary to provide such services are accounted for in this fund including but not limited to, administration, operations, maintenance, financing and related debt service, and billing and collection. Parking System Revenue Find - to account for the provision of public parking services for a fee. All activities are accounted for including administration, operations, maintenance, financing and related debt service, and billing and collection. VILLAGE OF MOUNT PROSPECT, ILLINOIS ENTERPRISE FUNDS COMBINING BALANCE SHEET APRIL 30, 1991 See accompanying Notes to the Financial Statements, 93 Parking Water System Totals and Sewer Revenue 1991 1990 ASSETS Current Assets Cash and Investments $ 3,019,238 198,814 3,218,052 3,212,267 Receivables Property Taxes 835,884 835,884 833,360 Accounts - Billed 196,606 196,606 203,896 Accounts - Unbilled 280,116 280,116 280,613 Accrued Interest 99,892 2,195 102,087 21,964 Other 63,241 116,000 179,241 16,900 Inventories 78,574 78,574 70,620 Due from Other Funds 29,788 Due From Other Governments 53.137 53.137 234.507 4.626.688 317.009 4.943.697 4.903.915 Restricted Assets Cash and Investments 327,750 327,750 327,750 Deposit with Joint Venture 391.321 391.321 468.087 719.071 719.071 795.837 Fixed Assets Cost 15,393,213 808,223 16,201,436 15,557,094 Accumulated Depreciation (5,608,238) (347.293) (5.955.531) (5.395.449) 9,784.975 460.930 10,245.905 10.161.645 Other Assets Investment in Joint Venture 2.003.452 2.003.452 2.003.452 Total Assets 17.134,186 777.939 17.912,125 17.864,849 LIABILITIES AND FUND EQUITY Current Liabilities Accounts Payable 333,800 3,048 336,848 389,141 Accrued Payroll 41,793 898 42,691 39,191 Accrued Interest Payable 60,498 60,498 72,681 Other Payables 350 350 350 Deferred Revenues 116,240 116,240 12,800 Due to Other Funds 12,166 2,180 14,346 Compensated Absences Payable 79,981 79,981 75,319 Special Service Area Bonds Payable 250,000 250,000 225,000 General Obligation Bonds Payable 175.000 175.000 170.000 953.588 122.366 1.075.954 984.482 Long -Term Liabilities Special Service Area Bonds Payable 300,000 300,000 550,000 General Obligation Bonds Payable 1.515.000 1.515.000 1.690.000 1.815.000 - 1.815.000 2.240.000 Total Liabilities 2.768.588 122.366 2.890.954 3.224.482 Fund Equity Contributed Capital 3,489,457 3,489,457 3,200,759 Retained Earnings - Unreserved 10.876.141 655.573 11.531.714 11.439.608 Total Fund Equity 14.365.598 655.573 15.021,171 14.640.367 Total Liabilities and Fund Equity 17.134.186 777.939 17 912,125 17.864.849 See accompanying Notes to the Financial Statements, 93 VILLAGE OF MOUNT PROSPECT, ILLINOIS ENTERPRISE FUNDS COMBINING STATEMENT OF REVENUES, EXPENSES, AND CHANGES IN RETAINED EARNINGS FOR THE YEAR ENDED APRIL 30, 1991 See accompanying Notes to the Financial Statements. 94 Parking Water System Totals and Sewer Revenue 1991 1990 Operating Revenues Charges for Services Billings $ 3,712,196 3,712,196 3,927,906 Water and Sewer Taps 91,595 91,595 121,121 Meter Collections 167,462 167,462 157,320 Other 146.535 146.535 226.359 Total Operating Revenues 3.950.326 167.462 4.117,788 4.432.706 Operating Expenses Administration and Maintenance 5,568,045 72,095 5,640,140 6,015,620 Depreciation 539.813 44.265 584.078 574.863 Total Operating Expenses 6.107.858 116.360 6.224.218 6.590.483 Operating Income (Loss) (2.157.532) 51.102 (2.106.430) (2.157.777) Nonoperating Revenues (Expenses) Property Taxes 1,631,157 1,631,157 1,628,966 Grants 392,415 392,415 599,370 Interest Income 278,896 14,018 292,914 313,958 JAWA Interest Income 65,328 65,328 166,194 Gain - Sale of Fixed Assets 3,500 Interest Expense (183,278) (183,278) (212,046) Joint Venture Income (Loss) (237.890) 2.184.518 14.018 2.198,536 2.262.052 Net Income 26,986 65,120 92,106 104,275 Retained Earnings May 1 10.849.155 590.453 11.439.608 11.335.133 April 301010 8y�76�141 655.573 11,531,714 11,439,408 See accompanying Notes to the Financial Statements. 94 VILLAGE OF MOUNT PROSPECT, ILLINOIS ENTERPRISE FUNDS COMBINING STATEMENT OF CASH FLOWS FOR THE YEAR ENDED APRIL 30, 1991 See accompanying Notes to the Financial Statements. 95 Parking Water System Totals and Sewer Revenue 1991 1990 Cash Flows from Operating Activities Operating Income $(2,157,532) 51,102 (2,106,430) (2,157,777) Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities Depreciation 539,813 44,265 584,078 574,863 Changes in Assets and Liabilities Receivables (126,881) (110,320) (237,201) (46,387) Inventories (7,954) (7,954) 15,855 Interfund Assets 29,788 29,788 (25,018) Due from Other Governments 181,370 181,370 (234,507) Accounts Payable (31,731) (20,562) (52,293) 63,174 Accrued Payroll 2,922 578 3,500 (312) Accrued Interest (12,183) (12,183) 11,120 Deferred Revenues (12,800) 116,240 103,440 (920) Compensated Absences 4,662 4,662 (7,246) Interfund Liabilities 12,166 2,180 14,346 5,518 Other Payables 48,034 General Obligation Bonds Payable 25,000 25,000 (15,000) Special Service Area Bonds Payable 5.000 5.000 (25.000) (1.548.360) 83.483 (1.464.877) (1,793.603) Cash Flows from Noncapital Financing Activities Other Nonoperating Revenues 2.023.572 2.023.572 2.228.336 Cash Flows from Capital and Related Financing Activities Fixed Assets Purchased (226,246) (153,394) (379,640) (534,265) Principal Paid on General Obligation Bonds (170,000) (170,000) (230,000) Principal Paid on Special Service Area Bonds (225,000) (225,000) (250,000) Interest Paid on General Obligation Bonds (120,692) (120,692) (131,792) Interest Paid on Special Service Area Bonds (62.586) (62.586) (80.254) (804.524) (153,394) (957.918) (1.226,311) Cash Flows from Investing Activities Purchase of Investment Securities (2,811,453) (100,976) (2,912,429) (1,972,855) Proceeds from Sale and Maturities of Investment Securities 2,384,949 195,304 2,580,253 530,442 Interest on Investments 278.896 14.018 292.914 313.958 (147.608) 108.346 (39.262) (1.128.455) Net Increase (Decrease) in Cash and Cash Equivalents (476,920) 38,435 (438,485) (1,920,033) Cash and Cash Equivalents May 1 1.012.455 59.403 1.071.858 2.991.891 April 30 535 535 97.838 633.3731,071,858 Noncash Investing Capital and Financing Activities. During the Fiscal year the Waterworks and Sewerage Fund received $288,698 in developer contributions of fixed assets which were recorded as additions to contributed capital. See accompanying Notes to the Financial Statements. 95 VILLAGE OF MOUNT PROSPECT, ILLINOIS WATER AND SEWER FUND STATEMENT OF REVENUES, EXPENSES, AND CHANGES IN RETAINED EARNINGS - BUDGET AND ACTUAL FOR THE YEAR ENDED APRIL 30, 1991 Nonoperating Revenues (Expenses) Property Taxes 1991. 1,631,157 1990 Grants Budget Actual Actual Operating Revenues 275,000 278,896 294,250 Charges for Services 50,000 65,328 166,194 Billings 5,000 3,500 Water Charges $ 3,534,000 3,392,523 3,539,155 Sewer Charges 335,000 319,673 388,751 Water and Sewer Taps 2„178,670 2,184,518 2 242 544 Water and Sewer Taps 75,000 91,595 121,121 Other Sewer Inspection Fees 30,000 19,853 32,172 Meter Sales 20,000 21,293 27,234 Water Penalties 60,000 51,302 67,491 Other 65 000 54,087 91,952 Total Operating Revenues 4,119,000 3 961 4,267,876 Operating Expenses Administration and Maintenance 5,882,740 5,568,045 5,929,359 Depreciation 539.813 532.2§2 Total Operating Expenses 5.882J40 6107858 6,461,,621. Operating (Loss) (�1j 63,,,,,74Q) (2.157.532) (2.193.745) Nonoperating Revenues (Expenses) Property Taxes 1,651,800 1,631,157 1,628,966 Grants 392,400 392,415 599,370 Interest Income 275,000 278,896 294,250 JAWA Interest Income 50,000 65,328 166,194 Gain - Sale of Fixed Assets 5,000 3,500 Interest Expense (195,530) (183,278) (212,046) Joint Venture Income (Loss) (237.690) 2„178,670 2,184,518 2 242 544 Net Income 4141930 41fll 111 IIII II IIIWIYY 26,986 48,799 Retained Earnings May 1 10.849.155 10.800,356 April 30 1.0 87( 1.41 10,8491155 See accompanying Notes to the Financial Statements. W. VILLAGE OF MOUNT PROSPECT, ILLINOIS WATER AND SEWER FUND SCHEDULE OF OPERATING EXPENSES - BUDGET AND ACTUAL FOR THE YEAR ENDED APRIL 30, 1991 Maintenance of Buildings Personal Services 43,810 991 1990 Contractual Services Budget Actual Actual Administration and Maintenance 14,500 22,377 10,099 Administration and Support 2,500 2,508 242,305 Personal Services $ 399,185 390,389 224,055 Contractual Services 507,800 542,255 595,142 Commodities 25,500 26,076 23,919 Capital Expenditures 2,500 2,500 1,000 Debt Service -590.530 578,-,278 567,046 11 5 1,539,498 1,411,162 Maintenance of Buildings Personal Services 43,810 35,292 31,922 Contractual Services 13,500 5,446 4,255 Commodities 14,500 22,377 10,099 Capital Expenditures 2,500 2,508 242,305 Water Distribution Maintenance 74,-310 65,,623 48,065 Maintenance of Grounds 145,580 120,811 109,354 Personal Services 36,135 33,827 31,139 Commodities 5,400 5,443 2,855 Capital Expenditures 3,700 x,,699 27,579 45,235 42.969 33,994 Water Supply Maintenance Personal Services 161,535 128,400 136,134 Contractual Services 104,000 57,080 88,533 Commodities 20,500 19,570 17,638 286,035 205,050 242,305 Water Distribution Maintenance Personal Services 145,580 120,811 109,354 Contractual Services 43,950 25,671 18,117 Commodities 49,950 49,502 55,611 Capital Expenditures 107,500 89,943 27,579 346,980 285,927 210,661 97 VILLAGE OF MOUNT PROSPECT, ILLINOIS WATER AND SEWER FUND SCHEDULE OF OPERATING EXPENSES - BUDGET AND ACTUAL (CONT.) FOR THE YEAR ENDED APRIL 30, 1991 98 91 Budget Actual AS=Al Administration and Maintenance (Cont.) Water Valve and Hydrant Maintenance Personal Services 88,045 100,736 97,979 Contractual Services 1,250 433 173 Commodities 36,550 33,731 32,614 Capital Expenditures 10 020 2.500 10.000 135.845 137.400 140.766 Water Meter Installation, Repair and Replacement Personal Services 76,,695 73,219 62,587 Contractual Services 37,000 29,675 33,701 Commodities 84,600 74,474 69,002 Capital Expenditures 25 223,295 2Q2.g46 165.290 Equipment Maintenance Personal Services 130,115 135,656 122,358 Contractual Services 90,500 89,382 2, 3s'�,' Commodities 99,700 101,065 89,941 Capital Expenditures 2,000 1.365 48,575 � 323.31 327.4686�...3 ,x0'2 Sanitary Sewer Maintenance Personal Services 70,040 68,927 75,909 Contractual Services 18,950 6,404 6,684 Commodities 11;,000 1.0,296 10,847 Capital Expenditures __60.,691 ,6� JAA . 8 93.440 Water System Improvements Capital Expenditures 444.000 439.941 287.926 Sanitary Sewer Improvements Personal Services 3,000 61 Contractual Services 9,525 56,629 Capital Expenditures 105.000 13� 683.540 108.000 1.429 740.230 98 VILLAGE OF MOUNT PROSPECT, ILLINOIS WATER AND SEWER FUND SCHEDULE OF OPERATING EXPENSES - BUDGET AND ACTUAL (CONT.) FOR THE YEAR ENDED APRIL 30, 1991 1991 1990 Budget Actual Actual Administration and Maintenance (Cont.) Lake Michigan Water Acquisition Personal Services $ 2,750 265 Contractual Services 3,027,200 2,829,896 2,997,643 Capital Expenditures � 7.220 33 037 950 2.837 Total 66 711 470 6.372.570 $ Less Nonoperating Items Debt Service Fixed Assets Capitalized (590,530) (22-8L.200) (578,278) (567,046) _„(µ226) 1 8 279) X28 730) —LgQ4 525) (705 325) Total Administration and Maintenance 5 832 740 5.568.045 2q L5 9. Depreciation Depreciation 539,813 53 Total Operating Expenses 5 882 740 6 107 858 6"461.6.621 Land Land Improvements Buildings Wells Valves and Hydrants Reservoirs and Tanks Distribution System Meters Sanitary Sewers and Lift Stations Control Equipment Office Equipment Mechanical Equipment Mobile Equipment VILLAGE OF MOUNT PROSPECT, ILLINOIS WATER AND SEWER FUND SCHEDULE OF FIXED ASSETS AND DEPRECIATION FOR THE YEAR ENDED APRIL 30, 1991 Accumulated Denreciati2n Balances Aaaets Balances Balances jrpvisinaetiens Balances May 1 ddi ionsRetirement-$- April 30 $ 59,620 37,870 59,620 13,432 9,900 23,332 2,892,301 23,665 2,892,301 1,514,828 94,684 1,514,828 778,953 35,799 814,752 886,937 71.757 886,937 4,659,040 150,369 4,809,409 421,953 49,493 18,953 452,493 Accumulated Denreciati2n Balances 105,928 Balances May 1 jrpvisinaetiens April 30 190,648 72,308 262,956 695,884 37,870 733,754 416,030 7,742 423,772 420,620 23,665 444,285 1,147,977 94,684 1,242,661 211,870 39,910 18,953 232,827 Net Asset Valu 59,620 23,332 2,629,345 781,074 390,980 442,652 3,566,748 219,666 1,352,451 105,928 1,458,379 473,101 28,424 57,880 501,525 318,339 956,854 260,458 578,797 578,797 275,002 260,459 80,105 43,023 123,128 151,874 241,843 701,920 33,159 130,296 832,216 548,181 62,550 610,731 221,485 80.887 795.147 795,147 642,503 71.757 714,260 14,897,222 5141994 8 953 15,393,213 5,087,37839 8 =9252 608 238 9 784-975 100 VILLAGE OF MOUNT PROSPECT, ILLINOIS PARKING SYSTEM REVENUE FUND STATEMENT OF REVENUES, EXPENSES, AND CHANGES IN RETAINED EARNINGS - BUDGET AND ACTUAL FOR THE YEAR ENDED APRIL 30, 1991 Operating Revenues Charges for Services Meter Collections Rental Fees Meter Collection Unit #1 Meter Collection Unit #2 Space Rent - Wille Street Lot Prospect Avenue Fees Other Parking Study Reimbursement Total Operating Revenues Operating Expenses Administration and Maintenance Depreciation Total Operating Expenses Operating Income Nonoperating Revenues Interest Income Net Income Retained Earnings May 1 April 30 1991 1990 Bu et Actual Actual. $ 2,880 2,880 2,880 82,000 76,649 81,179 66,000 67,906 64,971 9,000 7,822 8,290 12,205 7.510 159.880 167,462 164.830 77,545 72,095 86,261 414..265 601 77.545 11� 128 82,335 51,102 35,968 15.000 _14_,018 19,''8 --2L335 65,120 55,676 590.453 534,777 655573 590„453 See accompanying Notes to the Financial Statements. 101 VILLAGE OF MOUNT PROSPECT, ILLINOIS PARKING SYSTEM REVENUE FUND SCHEDULE OF OPERATING EXPENSES - BUDGET AND ACTUAL FOR THE YEAR ENDED APRIL 30, 1991 1991 1990 Budget Actual Actual Administration and Maintenance Administration and Support Personal Services $ 15,325 16,236 12,104 Contractual Services 3 9850 3 4,050 44,908 55,175 50,21-6 17,-012 Parking Lot Maintenance Personal Services 4,370 4,871 775 Contractual Services 10,200 9,847 7,569 Commodities 5,800 5,358 5,034 Capital Expenditures 157,9-09 155.127 89.418 177,370 175,203 102,796 Less Nonoperating Items Fixed Assets Capitalized (155.000 (153.394)7( 3.547) Total Parking Lot Maintenance 2270 21.809 29.249 Total Administration and Maintenance 77.5 72.095 86,261 Depreciation Depreciation 44.265 42,601 Total Operating Expenses 77545. 116.360 128 882 102 VILLAGE OF MOUNT PROSPECT, ILLINOIS PARKING SYSTEM REVENUE FUND SCHEDULE OF FIXED ASSETS AND DEPRECIATION FOR THE YEAR ENDED APRIL 30, 1991 Assets Balances Balances May 1 Add tions NetiremMts April 30 Land - Main and Busse $ 22,655 22,655 Parking Lot Improvement 218,048 141,345 359,393 Boesche Lot 166,612 166,612 Equipment 247,514 247,514 Collection Equipment 5.043 12.049 5.043 12.049 659 872 153 94 5_0 4 3 808 223 103 308 71 44 265 5.1.043 341 293 460 930 Accumulated Depreciation Net Balances Balances Asset May 1 iona fax stir a to April 30 Value 22,655 118,812 15,574 134,386 225,007 166,612 184,421 27,884 212,305 35,209 4.838 807 5.043 602 11.447 308 71 44 265 5.1.043 341 293 460 930 INTERNAL SERVICE FUNDS INTERNAL SERVICE FUNDS Risk Management Fund - to account for the servicing and payment of claims for liability, property, casualty coverage, workers' compensation and medical benefits. Financing is provided by charges to the various Village funds. Vehicle Replacement Find - to account for the acquisition and depreciation of Village vehicles. Financing is provided by charges to the General, Yater and Sewer, and Parking Funds. VILLAGE OF MOUNT PROSPECT, ILLINOIS INTERNAL SERVICE FUNDS COMBINING BALANCE SHEET APRIL 30, 1991 ASSETS Current Assets Cash and Investments Receivables Accounts Accrued Interest Prepaid Expenses Due from Other Finds Deposit - Interinsurance Fixed Assets Cost Accumulated Depreciation Other Assets Investment in Joint Venture Total Assets LIABILITIES AND FUND EQUITY Current Liabilities Accounts Payable Claims Payable Deferred Revenues Due to Other Funds Total Liabilities Fund Equity Contributed Capital Retained Earnings - Unreserved Total Fund Equity Total Liabilities and Fund Equity See accompanying Notes to Financial Statements, Risk Vehicle Totals 28,881 Management Replacement 1991 1990 $1,249,707 330,753 1,580,460 1,381,443 9,089 9,089 42,655 32,094 9,052 41,146 570.329 136,632 2,288,923 136,632 132,970 805.195 6,550 6,550 822.881 109.152 2.521.678 109.152 109.152 1,536.674 346.355 1.883.029 1.666.220 3,943,836 3,943,836 (1.768.513) (1.768.513) W_ `^ 2.175.323 2.175.323 - 226.990 226.990 226.990 1 763,664 2,521,678 4.285.342 1.893.210 53,243 53,243 28,881 389,661 389,661 521,144 15,565 15,565 14,304 6.000 458.469 - 458.469 570.329 500,000 2,288,923 2,788,923 500,000 805.195 232.755 1.037.950 822.881 1.305.195 2.521.678 3.826.873 1.322.881 & 7 _2.521,6, 7�8, 4.285.342 1 893.210 104 VILLAGE OF MOUNT PROSPECT, ILLINOIS INTERNAL SERVICE FUNDS COMBINING STATEMENT OF REVENUES, EXPENSES, AND CHANGES IN RETAINED EARNINGS FOR THE YEAR ENDED APRIL 30, 1991 See accompanying Notes to Financial Statements. 105 Risk Vehicle Totals Management Replacement 1991 1990 Operating Revenues Charges for Services General $1,295,100 470,000 1,765,100 1,077,290 Public Library 59,090 59,090 54,532 Water and Sewer 207,300 87,500 294,800 172,600 Parking System Revenue 4,000 8,500 12,500 3,300 Contributions Employee 71,216 71,216 63,801 Retiree 130,898 130,898 110,474 Library 28,215 28,215 26,582 Flexcomp 7,526 7,526 6,563 Miscellaneous Other Reimbursements 23,281 23.281 14,213 Total Operating Revenues 1,826,626 566.000 2.392.626 1.529.355 Operating Expenses Administration 67,844 67,844 73,612 Depreciation 367,946 367,946 Insurance and Claims 1,865,699 1,865,699 1,637,830 Other 1.412 1,412 2,499 Total Operating Expenses 1.934.955 367,946 2.302.901 1,713,941 Operating Income (Loss) (108,329) 198.054 89,725 (184,586) Nonoperating Revenues Interest Income 90,643 22,337 112,980 103,795 Joint Venture Income 88,461 Gain - Sale of Fixed Assets 12.364 12.364 90.643 34.701 125,344 192,256 Net Income (Loss) (17,686) 232,755 215,069 7,670 Retained Earnings May 1 822.881 822.881 815,211 April 30 805,19 232,755 1.037,950 18.1 See accompanying Notes to Financial Statements. 105 VILLAGE OF MOUNT PROSPECT, ILLINOIS INTERNAL SERVICE FUNDS COMBINING STATEMENT OF CASH FLOWS FOR THE YEAR ENDED APRIL 30, 1991 Noncash Investing, Capital and Financing Activities During the fiscal year, the Vehicle Replacement Fund received $2,288,923 of fixed assets contributed by the General Fixed Assets Account Group which were recorded as additions to contributed capital. See accompanying Notes to Financial Statements. 106 Risk Vehicle Totals Management Replacement 1991 1990 Cash Flows from Operating Activities Operating Income $ (108,329) 198,054 89,725 (184,586) Adjustments to Reconcile Net Income to Net Cash Providing Operating Activities Depreciation 367,946 367,946 Changes in Assets and Liabilities Receivables 1,472 (9,052) (7,580) (39,246) Interfund Assets (6,550) (6,550) Prepaid Expenses (3,662) (3,662) (15,705) Accounts Payable 24,362 24,362 (141,445) Claims Payable (131,483) (131,483) 250,792 Deferred Revenues 1,261 1,261 8,174 Interfund Liabilities (6.000) (6.000) 6.000 (222.379) 550.398 328.019 (116.016) Cash Flows from Capital and Related Financing Activities Fixed Assets Purchased (263,532) (263,532) Proceeds from Sale of Fixed Assets 21.550 21.550 (241,982) (241.982) Cash Flows from Investing Activities Purchase of Investment Securities (1,010,046) (302,996) (1,313,042) Interest on Investments 90.643 22.337 112.980 103.795 (919.403) (280,659) (1.200.062) 103.795 Net Increase (Decrease) in Cash and Cash Equivalents (1,141,782) 27,757 (1,114,025) (12,221) Cash and Cash Equivalents May 1 1.381.443 1.381,443 1.393.664 April 30 2 27 757 267,418 1"381 Noncash Investing, Capital and Financing Activities During the fiscal year, the Vehicle Replacement Fund received $2,288,923 of fixed assets contributed by the General Fixed Assets Account Group which were recorded as additions to contributed capital. See accompanying Notes to Financial Statements. 106 VILLAGE OF MOUNT PROSPECT, ILLINOIS RISK MANAGEMENT FUND STATEMENT OF REVENUES, EXPENSES, AND CHANGES IN RETAINED EARNINGS - BUDGET AND ACTUAL FOR THE YEAR ENDED APRIL 30, 1991 See accompanying Notes to Financial Statements. 107 1.9911- Budget Actual &Qtual Operating Revenues Charges for Services General $1,295,100 1,295,100 1,077,290 Public Library 61,000 59,090 54,532 Water and Sewer 207,300 207,300 172,600 Parking System Revenue 4,000 4,000 3,300 Contributions Employee 67,000 71,216 63,801 Retiree 126,500 130,898 110,474 Library 30,500 28,215 26,582 Flexcomp 6,000 7,526 6,563 Miscellaneous Other Reimbursements 25,0001 14,213 Total Operating Revenues 1,822,400 1,826,626 X29 X55 Operating Expenses Administration - Claims 72,000 67,844 73,612 Insurance and Claims Insurance - HELP 71,000 77,458 70,482 Insurance - General 175,000 177,653 140,143 Insurance - Medical 175,000 181,119 129,921 Insurance - Group Life 24,000 25,043 22,955 Claims - General 325,000 242,976 388,00' Claims - Medical 1,050,000 1,119,524 843,186 Claims - U/C 6,000 2,786 9,620 Claims - Vehicle 20,000 24,249 13,620 Claims - Miscellaneous 20,000 14,891 19,899 Other Safety/Health Education 3,000 1 41,2 2,499 Total Operating Expenses 1,941,090 1 9,55 1.213.941 Operating (Loss) __(118,600) (108,329) (184,586) Nonoperating Revenues Interest Income 85,500 90,643 103,795 Joint Venture Income (Loss) 88.461 85,500 90,-,643 192,2 6 Net Income (Loss) X33 100) (17,686) 7,670 Retained Earnings May 1 822,881 815.211. April 30 805 1.95 822881 See accompanying Notes to Financial Statements. 107 VILLAGE OF MOUNT PROSPECT, ILLINOIS VEHICLE REPLACEMENT FUND STATEMENT OF REVENUES, EXPENSES, AND CHANGES IN RETAINED EARNINGS - BUDGET AND ACTUAL FOR THE YEAR ENDED APRIL 30, 1991 Operating Revenues Charges for Services General Fund Inspection Services Human Services Planning & Zoning Police Department Fire Department Street Department Water and Sewer Fund Parking Fund Total Operating Revenues Operating Expenses Administration Capital Outlay Loss Nonoperating Expenses Fixed Assets Capitalized Total Administration Depreciation Depreciation Total Operating Expenses Operating Income Nonoperating Revenues Interest Income Gain - Sale of Fixed Assets Net Income Retained Earnings May 1 April 30 1991 Budget Actual $ 12,000 12,000 1,500 1,500 1,500 1,500 130,000 130,000 135,000 135,000 190,000 190,000 87,500 87,500 8'500 8.500 566,000 566.000 469,200 263,531 469 200) X263 531) 367.946 367.946 5 198.054 5,000 22,337 22,500 1 2� ; 4,701 593,500 232,755 See accompanying Notes to the Financial Statements. 108 Motor Vehicle Equipment Motor Vehicle Equipment Net Asset Value VILLAGE OF MOUNT PROSPECT, ILLINOIS VEHICLE REPLACEMENT FUND SCHEDULE OF FIXED ASSETS AND DEPRECIATION FOR THE YEAR ENDED APRIL 30, 1991 Fixed AssetE, Balances Transfers Balances May 1 Additions In Retirementa April 30 2271,955 31919,225 247 344 3 943 81.6 Accumulated Depreciation Balances Transfers Balances May 1 Provision In Retirements April 30 367.946L 6301302 2291735 11768 109 FIDUCIARY FUND TYPES TRUST AND AGENCY FUNDS Expendable Trust Finds Benefit Trust #2 Fund - to account for resources to fund a deferred compensation agreement with Paul Watkins. The agreement was entered into on April 18, 1973. Benefit Trust #3 Find - to account for resources to fiord a deferred compensation agreement with Richard Vincenzo. The agreement was entered into on April 18, 1973. Pension Trust Funds Police Pension Fund - 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: a property tax levy and employee withholdings andinvestment income. Firefighters' Pension Fund - 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: a property tax levy and employee withholdings and investment Income. Agency Funds Escrow Deposit Fund - to account for refundable deposits held by the Village to insure the completion of public improvements. The money is held by the Village until the improvements are completed. Flexcomp Escrow Fund - to account for employee payroll deductions pursuant to a Section 125 flexible compensation plan. The money is reimbursed to employees for qualified medical and dependent care expenses. Deferred Compensation Fund - to account for monies on deposit with the trustee of the Village's Deferred Compensation Plan. The plan was created in accordance with Internal Revenue Code Section 457. The trustees, International CityManager's Association (ICHA) Retirement Corporation, and Public Employees Benefit Services Corporation PEBSCO) will make payments directly to the employee or his/her beneficiary upon termination, retirement, death, or unforeseeable emergency. Special Service Areas Fund - to account for the accumulation of resources for debt service payments for Special Service Areas No. 1, 2, and 6. ASSETS Cash and Investments Receivables Taxes Accrued Interest Due from Other Funds Assets Held by Agents Total Assets LIABILITIES AND FUND BALANCES Liabilities Deposits Payable Other Payables Due to Other Funds Due to Participants Due to Bondholders Total Liabilities Fund Balances Reserved for Employees' Benefits Reserved for Employees' Retirement Total Fund Balances Total Liabilities and Fund Balances See accompanying Notes to the Financial Statements. VILLAGE OF MOUNT PROSPECT, ILLINOIS TRUST AND AGENCY FUNDS COMBINING BALANCE SHEET APRIL 30, 1991 Expendable Trust Pension Trust aencv Benefit Benefit Police Firefighters' Escrow Flexcomp Deferred Special Totals Trust 2 Trust 3 Pension Pension Oe s t Escrow ensation Service Areas 1991 1990 $251,934 3,015 15,745,241 17,716,782 1,312,289 591 27,049 1,234 15 133,821 158,018 28,882 255 246 3.947,080 253,168 3030 15U906,366 17 875 046 _1,3414171 91 7 1,309,312 591 31,859 3,947,080 - - - - 1.341.171 591 2,947,080 253,168 3,030 15,906,366 17 875.046 253.168 3.030 15,906,366 17,875.046 _ 253,168 3.4030 15,906,366 17 875,046 1.341.171, 591 3,947,080 110 133,156 35,163,008 32,743,114 30,700 57,749 119,763 623 322,593 265,287 501 704 3,947,080 _2,956 738 164479 3,490,931 36 1085606 1,309,312 1,429,910 591 5,000 31,859 24,356 3,947,080 2,956,738 164.479 164.479 165.213 164.479 5.453.321 4,581.217 256,198 263,231 33.781,412 31,241158 - 34 037.610 31.504,389 1644479 39"490,93.1 36"085 VILLAGE OF MOUNT PROSPECT, ILLINOIS TRUST AND AGENCY FUNDS EXPENDABLE TRUST FUNDS COMBINING STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES FOR THE YEAR ENDED APRIL 30, 1991 Revenues Interest Miscellaneous Contributions Total Revenues Expenditures Miscellaneous Benefits and Refunds Excess (Deficiency) of Revenues over Expenditures Fund Balances May 1 April 30 Benefit Benefit Totals Trust #2 Trust #3 1991 1990 $ 18,755 214 18,969 14,342 _ 274.156 18,755 214 18,969 288,498 26.002 26.002 28.728 (7,247) 214 260.415 2.816 253,168 3.030 See accompanying Notes to the Financial Statements. 111 (7,033) 259,770 263.231 3.461 256 198 263 2 VILLAGE OF MOUNT PROSPECT, ILLINOIS TRUST AND AGENCY FUNDS PENSION TRUST FUNDS COMBINING STATEMENT OF REVENUES, EXPENSES, AND CHANGES IN FUND BALANCES FOR THE YEAR ENDED APRIL 30, 1991 Operating Expenses Administration Police Firefighters' Totals 19,323 Pensio Eension 1991 1990 Operating Revenues Refund of Taxes 51,794 894 52,688 151,508 Contributions 243,393 232,797 476,190 439,258 Interest --1.4311.395 1 6� 3,0342881 2,704,410 Total Operating Expenses 494.678, 528,827 0 3 50� Revenues 1,726.5 2 1.837All 3,563,759 3 95176 Operating Expenses Administration 8,730 8,875 17,605 19,323 Benefits and Refunds Refund of Contributions 7,819 18,835 26,654 288,982 Pension Benefits 478.129501.117 979,246 893.762 Total Operating Expenses 494.678, 528,827 0 3 50� 1,202,967 Net Income 1,231,904 1,308,350 2,540,254 2,093,109 Fund Balances May 1 6Z4.462 16.566.696 21-a4l.158 �5 29 ,14 , W April 30 15241, 1"' 875, 0 3, 811 31 241 15„§ See accompanying Notes to the Financial Statements. 112 VILLAGE OF MOUNT PROSPECT, ILLINOIS AGENCY FUNDS COMBINING STATEMENT OF CHANGES IN ASSETS AND LIABILITIES FOR THE YEAR ENDED APRIL 30, 1991 Balances Balances May 1 Additions Deductions April 30, All Funds ASSETS Cash and Investments $1,564,589 118,553 1,446,036 Receivables Property Taxes 38,847 8,147 30,700 Accrued Interest 2,382 27,123 29,505 Assets Held by Agents 2,25f 738 990.342 : .2AZ.Q Total Assets 4 562 5561.017.465 126.700 5.453.321 LIABILITIES Deposits 1,429,910 120,598 1,309,312 Other Payables 5,000 4,409 591 Due to Participants 2,956,738 990,342 3,947,080 Due to Other Funds 5,695 26,164 31,859 Due to Bondholders 165,213 734 164.479 Total Liabilities 4 562 556 01650625 453 3 See accompanying Notes to the Financial Statements. 113 VILLAGE OF MOUNT PROSPECT, ILLINOIS AGENCY FUNDS COMBINING STATEMENT OF CHANGES IN ASSETS AND LIABILITIES (CONT.) FOR THE YEAR ENDED APRIL 30, 1991 See accompanying Notes to the Financial Statements. 114 Balances Balances May 1 Additions Deductions April 30 Escrow Deposit Fund ASSETS Cash and Investments $1,434,053 121,764 1,312,289 Accrued Interest 1.552 27.330 28.882 Total Assets 1 435 605 27.330 121.64 p 1 341 17 LIABILITIES Deposits 1,429,910 120,598 1,309,312 Due to Other Funds — 5.695_ 26.164 ___LU859 Total Liabilities 1 435 605 26,164 120 A.598 1 341 171 See accompanying Notes to the Financial Statements. 114 VILLAGE OF MOUNT PROSPECT, ILLINOIS AGENCY FUNDS COMBINING STATEMENT OF CHANGES IN ASSETS AND LIABILITIES (CONT.) FOR THE YEAR ENDED APRIL 30, 1991 Balances Cash and Investments Balances 7,620 May 1 Additions Deductions April 30 Deferred 38,847 8,147 Compensation Fund Accrued Interest 830 ASSETS Total Assets 165,213 Assets Held by Agents Village $2,720,223 923,542 3,643,765 Public Library 236 5 5 66.800 303,315_ Total Assets 2 956 738 990,342—, �31 947480 LIABILITIES Due to Participants Village 2,720,223 923,542 3,643,765 Public Library 236,515 66.800 303,,315 Total Liabilities 2 956 738 990,342 _ 3 947 080 Special Service Areas Fund ASSETS Cash and Investments 125,536 7,620 133,156 Receivables Property Taxes 38,847 8,147 30,700 Accrued Interest 830 207 Total Assets 165,213 7,620 8.A.3514 1 641479, LIABILITIES Due to Bondholders 16512L3 734 164 479 See accompanying Notes to the Financial Statements. 115 VILLAGE OF MOUNT PROSPECT, ILLINOIS POLICE PENSION FUND STATEMENT OF REVENUES, EXPENSES, AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL FOR THE YEAR ENDED APRIL 30, 1991 Operating Revenues Taxes Property Taxes - Current Property Taxes - Prior Contributions Policemen's Contributions Interest Interest Income Gain on Sale of Investments Market Gain on Separate Accounts Total Operating Revenues Operating Expenses Administration Administrative Costs - State Administrative Costs - Other Benefits and Refunds Refund of Contributions Pension Benefits Provision for Future Pensions Total Operating Expenses Net Income Fund Balance May 1 April 30 1991 _1920 Budget Actual c u -al $ 100,000 50,000 100,000 2,000 1,794 1,508 240,000 243,393 223,141 1,310,000 1,330,951 1,254,585 38,516 8,752 61,928 11 6� 1.726.582 1,587,986 50 50 50 7,950 8,680 6,555 10,000 7,819 14,825 480,000 478,129 437,863 -4 1 6�2,990 494,678 459,293 1,231,904 1,128,693 14.674.462 13.545.769 15.906,366 74.462 See accompanying Notes to Financial Statements. 116 VILLAGE OF MOUNT PROSPECT, ILLINOIS FIREFIGHTERS' PENSION FUND STATEMENT OF REVENUES, EXPENSES, AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL FOR THE YEAR ENDED APRIL 30, 1991 Operating Revenues Taxes Property Taxes - Prior Property Taxes - Current Contributions Firemen's Contributions Interest Interest Income Gain on Sale of Investments Market Gain on Separate Accounts Total Operating Revenues Operating Expenses Administration Administrative Costs - State Administrative Costs - Other Benefits and Refunds Refund of Contributions Pension Benefits Provision for Future Pensions Total Operating Expenses Net Income Fund Balance May 1 April 30 1291 1990 Budget Actual Actmal„ $ 1,000 894 50 50,000 8,825 50,000 232,000 232,797 216,117 1,470,000 1,502,152 1,432,323 11220,000 48,350 8,750 L'252,000 52,984 74 , 774 1,253,900 JJ37,177 IJOL199 50 50 50 7,950 8,825 12,668 10,000 18,835 274,157 515,000 501,117 455,899 11220,000 L'252,000 528,827 74 , 774 1,308,350 964,416 16,566,696 15,692,280 8^75 04,•. • + "� See accompanying Notes to Financial Statements. 117 GENERAL FIXED ASSETS ACCOUNT GROUP GENERAL FIXED ASSETS ACCOUNT GROUP Fixed assets used in operations are not accounted for in governmental funds. General fixed assets include all fixed assets not accounted for in Proprietary Funds or in Trust Funds. VILLAGE OF MOUNT PROSPECT, ILLINOIS GENERAL FIXED ASSETS ACCOUNT GROUP SCHEDULE OF GENERAL FIXED ASSETS - BY SOURCE APRIL 30, 1991 16,701,175 1,99 , 7'.� INVESTMENT IN GENERAL FIXED ASSETS General Obligation Bonds 9,549,853 9,549,8,53 Federal Grants 45,585 45,585 General Revenue 7,105,737, 1.0118 430 16,701,175 19,71.3 ,868 «. 118 1991 1990 GENERAL FIXED ASSETS Land $ 3,049,785 2,819,785 Buildings and Improvements 7,661,566 7,621,061 Machinery and Equipment 2,757,814 2,521,668 Motor Vehicle Equipment 3,844,749 Furniture and Fixtures 625,178 616,723 Books 2,606,822 2,289,882 , 16,701,175 1,99 , 7'.� INVESTMENT IN GENERAL FIXED ASSETS General Obligation Bonds 9,549,853 9,549,8,53 Federal Grants 45,585 45,585 General Revenue 7,105,737, 1.0118 430 16,701,175 19,71.3 ,868 «. 118 VILLAGE OF MOUNT PROSPECT, ILLINOIS GENERAL FIXED ASSETS ACCOUNT GROUP SCHEDULE OF GENERAL FIXED ASSETS - BY FUNCTION AND ACTIVITY APRIL 30, 1991 Function and Machinery Activity _ Land General Government and Administration $1,398,426 Public Safety 928.638 Police Department 137,563 Fire Department 18,136 58,828 155,699 Public Works 6,948 Street Division 818,108 Engineering Division 2,918,822 546,936 818,108 Culture 56.024 Public Library 677.552 602.960 3.049,785_ Buildings Machinery Furniture and and and IMRrovement E ui went Fixtures 928.638 449,938 281,127 405,943 399,753 58,828 594,946 416.808 6,948 1.. 200._889 816.561 145. 7 2,918,822 546,936 196,155 5,065 56.024 2,923.887 602.960 198.275 2,808._152 888,355 - 7,661,566 2,7573814 625,178 119 Books Totals 3.058,129 1,002,087 1.116.838 2,118,925 4,480,021 63.209 4.543.230 2,606,832 6.980,891 ZM,6,832 16,701,V5 VILLAGE OF MOUNT PROSPECT, ILLINOIS GENERAL FIXED ASSETS ACCOUNT GROUP SCHEDULE OF CHANGES IN GENERAL FIXED ASSETS - BY FUNCTION AND ACTIVITY FOR THE YEAR ENDED APRIL 30, 1991 19,713.868 Balances Function and Activity May 1 General Government Retirements Administration 2,§55,917 Public Safety - Police Department 1,344,616 Fire Department 2,614£886 3931783 3.959.502 Public Works Street Division 6,245,726 Engineering Division 105,621 2.004,465 6.351.347 Culture 1,008 Public Library 6.547.1.02 19,713.868 120 Transfers Balances Additions Retirements Out April 30 255.534 - 53.322 3,058.129 59,426 8,172 3931783 1,002,087 112.634 1 610.682 1.116.838 1 L060 8.172 2.004,465 2..118 925 46,581 1,008 1,811,278 4,480,021 7-,748 50.160 63,209 54.329 1.008 861.438 4,,543,230 485.043 51.254 6.980.891 9.66.966 60,,434 3,9 19,225 16.7 75 120 GENERAL LONG-TERM DEBT ACCOUNT GROUP GENERAL LONG-TERM DEBT ACCOUNT GROUP To account for the noncurrent portion of the Village's General Obligation Bond Issues, Installment Note/Contracts, Compensated Absences, and Pension Contributions. VILLAGE OF MOUNT PROSPECT, ILLINOIS GENERAL LONG-TERM DEBT ACCOUNT GROUP SCHEDULE OF GENERAL LONG-TERM DEBT APRIL 30, 1991 (See Following Page) VILLAGE OF MOUNT PROSPECT, ILLINOIS GENERAL LONG-TERM DEBT ACCOUNT GROUP SCHEDULE OF GENERAL LONG-TERM DEBT APRIL 30, 1991 GENERAL LONG-TERM DEBT PAYABLE Pension Contributions Payable Compensated Absences Payable Installment Contracts Payable Installment Note Payable General Obligation Bonds Payable 580,000 1.000,000 439.646 2.785.000 425.000 1.570,000 580,060 Q00 000 439 646 .,785. fl{i 425,000 570-000 General Obligation Bonds Corporate Corporate General General General General Purpose Purpose Obligation Obligation Obligation Obligation of 1973 of 1974 of 1987A of 19878 of 198M of 1987D AMOUNT AVAILABLE AND TO BE PROVIDED FOR THE RETIREMENT OF GENERAL LONG-TERM DEBT Amount Available for Debt Service $153,646 229,457 374,452 81,740 Amount to be Provided for Retirement of General Long -Term Debt 426.354 770.543 439.646 2.410.548 A25,022 1.488.260 580 000 1 000 000 439:646 ,785,00it 425 p00 GENERAL LONG-TERM DEBT PAYABLE Pension Contributions Payable Compensated Absences Payable Installment Contracts Payable Installment Note Payable General Obligation Bonds Payable 580,000 1.000,000 439.646 2.785.000 425.000 1.570,000 580,060 Q00 000 439 646 .,785. fl{i 425,000 570-000 121 Installment NojelContract Installment Installment Note Contract Compensated Pension Totals of 1486 of 1487 Absences mtributions 1991 1990 AMOUNT AVAILABLE AND TO BE PROVIDED FOR THE RETIREMENT OF GENERAL LONG-TERM DEBT Amount Available for Debt Service $139,973 Amount to be Provided for 979,268 907,532 Retirement of General Long -Term Debt (39,9731) 61.000 55.441 61.589 6,098.408 6,693.293 100 OQO 61 000 55 441 61 584 .7&077 676 7 600 82 GENERAL LONG-TERM DEBT PAYABLE Pension Contributions Payble Compensated Absences Payable 55,441 61,589 61,589 Installment Contracts Payable 61,000 55,441 53,532 Installment Note Payable 100,000 61,000 97,328 General Obligation Bonds Payable 100,000 200,000 6.799,000 7,249,965 100 000 661 000 55.441 61 589 7 077 676 7 600 825 121 SUPPLEMENTAL DATA VILLAGE OF MOUNT PROSPECT, ILLINOIS ILLINOIS MUNICIPAL RETIREMENT FUND REQUIRED SUPPLEMENTARY INFORMATION ANALYSIS OF FUNDING PROGRESS APRIL 30, 1991 (During the implementation transition period all information required is presented for as many years as is available.) Analysis of the dollar amounts of net assets available for benefits, pension benefit obligation, and unfunded pension benefit obligation in isolation can be misleading. Expressing the net assets available for benefits as a percentage of the pension benefit obligation provides one indication of funding status on a going -concern basis. Analysis of this percentage over time indicates whether the system is becoming financially stronger or weaker. Generally, the greater this percentage, the stronger the VERS. Trends in unfunded pension benefit obligation and annual covered payroll are both affected by inflation. Expressing the unfunded pension benefit obligation as a percentage of annual covered payroll approximately adjusts for the effects of inflation and aids analysis of progress made in accumulating sufficient assets to pay benefits when due. Generally, the smaller this percentage, the stronger the PERS. 122 (1) (4) (6) Net Assets Unfunded Unfunded Pension Available (2) (3) Pension (5) Benefit Obligation for Benefits Pension Percentage Benefit Annual as a Percentage Calendar (Lower of Cost Benefit Funded Obligation Covered of Covered Payroll Year or Market) Obligation (1) + (2) (2) - (1) Payroll 4 + 5 1987 $3,687,160 5,527,979 66.7% $1,840,819 4,441,979 41.4% 1988 4,414,042 6,310,156 70.0 1,896,114 4,652,238 40.8 1989 4,742,654 6,873,603 69.0 2,130,949 5,025,960 42.4 1990 5,224,832 7,766,063 67.3 2,541,231 5,371,358 47.3 (During the implementation transition period all information required is presented for as many years as is available.) Analysis of the dollar amounts of net assets available for benefits, pension benefit obligation, and unfunded pension benefit obligation in isolation can be misleading. Expressing the net assets available for benefits as a percentage of the pension benefit obligation provides one indication of funding status on a going -concern basis. Analysis of this percentage over time indicates whether the system is becoming financially stronger or weaker. Generally, the greater this percentage, the stronger the VERS. Trends in unfunded pension benefit obligation and annual covered payroll are both affected by inflation. Expressing the unfunded pension benefit obligation as a percentage of annual covered payroll approximately adjusts for the effects of inflation and aids analysis of progress made in accumulating sufficient assets to pay benefits when due. Generally, the smaller this percentage, the stronger the PERS. 122 VILLAGE OF MOUNT PROSPECT, ILLINOIS POLICE PENSION FUND REQUIRED SUPPLEMENTARY INFORMATION ANALYSIS OF FUNDING PROGRESS APRIL 30, 1991 * The actuarial valuation for May 1, 1991 is not available as of the date of this report. (During the implementation transition period all information required is presented for as many years as is available.) Analysis of the dollar amounts of net assets available for benefits, pension benefit obligation, and unfunded pension benefit obligation in isolation can be misleading. Expressing the net assets available for benefits as a percentage of the pension benefit obligation provides one indication of funding status on a going -concern basis. Analysis of this percentage over time indicates whether the system is becoming financially stronger or weaker. Generally, the greater this percentage, the stronger the PERS. Trends in unfunded pension benefit obligation and annual covered payroll are both affected by inflation. Expressing the unfunded pension benefit obligation as a percentage of annual covered payroll approximately adjusts for the effects of inflation and aids analysis of progress made in accumulating sufficient assets to pay benefits when due. Generally, the smaller this percentage, the stronger the PERS. 123 (4) (6) Unfunded Unfunded (Assets (1) (Assets in in Excess of) Net Assets Excess of) Pension Benefit Available (2) (3) Pension (5) Obligation as for Benefits Pension Percentage Benefit Annual a Percentage of Fiscal (Lower of Cost Benefit Funded Obligation Covered Covered Payroll Year or Market, Obligation (1) + (2) (2) - (1) Payroll 4) a 5 1987 $11,572,929 10,841,939 106.7% $ (730,990) 2,071,868 (35.3)% 1988 12,564,350 11,695,647 107.4 (868,703) 2,176,487 (39.9) 1989 13,545,769 11,019,448 122.9 (2,526,321) 2,172,931 (116.3) 1990 14,674,462 11,914,797 123.2 (2,759,665) 2,449,344 (112.7) 1991 15,906,366 * * * 2,733,057 * The actuarial valuation for May 1, 1991 is not available as of the date of this report. (During the implementation transition period all information required is presented for as many years as is available.) Analysis of the dollar amounts of net assets available for benefits, pension benefit obligation, and unfunded pension benefit obligation in isolation can be misleading. Expressing the net assets available for benefits as a percentage of the pension benefit obligation provides one indication of funding status on a going -concern basis. Analysis of this percentage over time indicates whether the system is becoming financially stronger or weaker. Generally, the greater this percentage, the stronger the PERS. Trends in unfunded pension benefit obligation and annual covered payroll are both affected by inflation. Expressing the unfunded pension benefit obligation as a percentage of annual covered payroll approximately adjusts for the effects of inflation and aids analysis of progress made in accumulating sufficient assets to pay benefits when due. Generally, the smaller this percentage, the stronger the PERS. 123 VILLAGE OF MOUNT PROSPECT, ILLINOIS FIREFIGHTERS' PENSION FUND REQUIRED SUPPLEMENTARY INFORMATION ANALYSIS OF FUNDING PROGRESS APRIL 30, 1991 * The actuarial valuation for May 1, 1991 is not available as of the date of this report. (During the implementation transition period all information required is presented for as many years as is available.) Analysis of the dollar amounts of net assets available for benefits, pension benefit obligation, and unfunded pension benefit obligation in isolation can be misleading. Expressing the net assets available for benefits as a percentage of the pension benefit obligation provides one indication of funding status on a going -concern basis. Analysis of this percentage over time indicates whether the system is becoming financially stronger or weaker. Generally, the greater this percentage, the stronger the PERS. Trends in unfunded pension benefitobligation and annual covered payroll are both affected by inflation. Expressing the unfunded pension benefit obligation as a percentage of annual covered payroll approximately adjusts for the effects of inflation and aids analysis of progress made in accumulating sufficient assets to pay benefits when due. Generally, the smaller this percentage, the stronger the PERS. 124 (4) (6) Unfunded Unfunded (Assets (1) (Assets in in Excess of) Net Assets Excess of) Pension Benefit Available (2) (3) Pension (5) Obligation as for Benefits Pension Percentage Benefit Annual a Percentage of Fiscal (Lower of Cost Benefit Funded Obligation Covered Covered Payroll Year or Market) Obligation (1) _ (2) (2) - (1) Payroll 4 _ 5 1987 $13,291,300 11,282,888 117.82 $(2,008,412) 2,139,898 (93.9)% 1988 14,442,292 12,278,716 117.6 (2,163,576) 2,278,762 (94.9) 1989 15,602,280 11,704,857 133.3 (3,897,423) 2,382,095 (163.6) 1990 16,566,696 12,427,200 133.3 (4,139,496) 2,619,600 (158.0) 1991 17,875,046 * * * 2,864,886 * The actuarial valuation for May 1, 1991 is not available as of the date of this report. (During the implementation transition period all information required is presented for as many years as is available.) Analysis of the dollar amounts of net assets available for benefits, pension benefit obligation, and unfunded pension benefit obligation in isolation can be misleading. Expressing the net assets available for benefits as a percentage of the pension benefit obligation provides one indication of funding status on a going -concern basis. Analysis of this percentage over time indicates whether the system is becoming financially stronger or weaker. Generally, the greater this percentage, the stronger the PERS. Trends in unfunded pension benefitobligation and annual covered payroll are both affected by inflation. Expressing the unfunded pension benefit obligation as a percentage of annual covered payroll approximately adjusts for the effects of inflation and aids analysis of progress made in accumulating sufficient assets to pay benefits when due. Generally, the smaller this percentage, the stronger the PERS. 124 VILLAGE OF MOUNT PROSPECT, ILLINOIS ILLINOIS MUNICIPAL RETIREMENT FUND REQUIRED SUPPLEMENTARY INFORMATION REVENUES BY SOURCE APRIL 30, 1991 N/A - Not Available 125 Employer Revenues by sourgeContributions Calendar Employee Employer Investment as a Percentage Year Contributions Contributions dome _ Totals of Cov o. 1981 $116,785 142,207 - 258,992 5.47 1982 126,431 153,858 - 280,289 5.49 1983 135,977 165,955 - 301,932 5.45 1984 144,947 189,320 - 334,267 5.57 1985 163,775 238,792 - 402,567 6.45 1986 186,406 280,191 - 466,597 6.76 1987 198,631 299,709 - 498,340 6.79 1988 209,351 315,887 - 525,238 6.79 1989 226,169 440,274 - 666,443 8.76 1990 241,712 553,249 - 794,961 10.30 N/A - Not Available 125 VILLAGE OF MOUNT PROSPECT, ILLINOIS POLICE PENSION FUND REQUIRED SUPPLEMENTARY INFORMATION REVENUES BY SOURCE AND EXPENSES BY TYPE APRIL 30, 1991 126 Employer Revenues by Spurge Contributions Fiscal Employee Employer Investment as a Percentage Year Contributions Contributions Income Totals of Cove ed kayrol,l 1982 $129,719 353,139 451,795 934,653 24.65 1983 125,578 400,185 628,330 1,154,093 25.72 1984 138,859 369,896 643,467 1,152,222 22.05 1985 145,503 226,210 779,803 1,151,516 12.44 1986 160,442 216,072 1,055,869 1,432,383 11.71 1987 174,597 140,428 2,908,416 3,223,441 6.78 1988 189,568 113,499 1,052,275 1,355,342 5.48 1989 203,135 62,789 1,112,880 1,378,804 2.88 1990 223,141 101,508 1,263,337 1,587,986 4.09 1991 243,393 51,794 1,431,395 1,726,582 1.90 Exgenses b T e Fiscal Administrative Year Benefits Ex a ses Refunds Totals 1982 $126,684 9,118 5,213 141,015 1983 188,964 10,429 7,281 206,674 1984 216,557 6,248 9,927 232,732 1985 220,788 65 25,328 246,181 1986 254,478 471 11,913 266,862 1987 292,653 6,426 21,904 320,983 1988 318,594 7,403 37,924 363,921 1989 373,463 6,045 17,877 397,385 1990 437,863 6,605 14,825 459,293 1991 478,129 8,730 7,819 494,678 126 VILLAGE OF MOUNT PROSPECT, ILLINOIS FIREFIGHTERS' PENSION FUND REQUIRED SUPPLEMENTARY INFORMATION REVENUES BY SOURCE AND EXPENSES BY TYPE APRIL 30, 1991 Employer Contributions as a Percentage ve a r l: 28.53% 27.97 18.18 .60 1.91 .03 Revenu-2§ 12y §omrce Fiscal Employee Employer Investment Year Contributions Contributions �Income _ Totals 1982 $135,369 499,531 533,512 1,168,412 1983 143,321 511,648 671,292 1,326,261 1984 149,248 337,740 788,375 1,275,363 1985 154,811 11,852 957,110 1,123,773 1986 159,414 - 1,108,839 1,268,253 1987 167,004 - 3,096,825 3,263,829 1988 186,639 - 1,219,038 1,405,677 1989 198,790 - 1,302,457 1,501,247 1990 216,117 50,000 1,441,073 1,707,190 1991 232,797 894 1,603,486 1,837,177 Employer Contributions as a Percentage ve a r l: 28.53% 27.97 18.18 .60 1.91 .03 127 Expenses by Type Fiscal Administrative Year Benefits E e ses Refunds Totals 1982 $ 47,776 671 48,447 1983 46,024 147 - 46,171 1984 47,470 2,669 13,926 64,065 1985 65,219 720 - 65,939 1986 99,030 300 42,927 142,257 1987 192,042 7,568 153 199,763 1988 246,148 6,626 1,911 254,685 1989 333,607 7,652 - 341,259 1990 455,899 12,718 274,157 742,774 1991 501,117 8,875 18,835 528,827 127 VILLAGE OF MOUNT PROSPECT, ILLINOIS COMBINED SCHEDULE OF CASH AND INVESTMENTS APRIL 30, 1991 Fund General General Special Revenue Motor Fuel Tax Illinois Municipal Retirement Community Development Public Library Total Special Revenue Debt Service Debt Service Capital Projects Capital Improvement Downtown Redevelopment of 1985 Downtown Redevelopment of 1987 Total Capital Projects Enterprise Water and Sewer Parking System Revenue Total Enterprise Internal Service Risk Management Vehicle Replacement Total Internal Service Trust and Agency Benefit Trust #2 Benefit Trust #3 Police Pension Firefighters' Pension Escrow Deposit Flexcomp Escrow Special Service Areas Total Trust and Agency Total Cash and Investments Cash Demand Time Totals on Hand Deposits Deposits Investments 1991 1990 $1,500 15.413 133.909 3.014.739 3.165.561 4.104.734 1,563 628,148 629,711 596,264 8,243 9,000 17,243 80,866 2,279 2,279 8,781 700 22.985 1.290.000 1.313.685 1.188.829 700 35.070 - 1.927.148 1.962.918 1.874.740 3.845 - 998.033 1.001.878 901.604 2,409 416,833 419,242 766,890 2,211 189,733 191,944 209,777 1.869 2.186.379 2.188.248 - 6.489 - 2.792.945 2.799.434 976.667 200 15,631 365,502 2,965,655 3,346,988 3,285,310 1.081 197.733 198.814 254.707 200 16.712 365.502 3.163.388 3.545.802 3.540.017 78,151 159,339 1,012,217 1,249,707 1,381,443 832 329.921 330.753 - 78.983 159.339 1.342.138 1.580.460 1.381.443 114 251,820 251,934 260,415 3,015 3,015 2,816 5,755 15,739,486 15,745,241 14,524,565 6,138 17,710,644 17,716,782 16,390,729 3,789 437,749 870,751 1,312,289 1,434,053 591 591 5,000 2.156 131.000 133.156 125.536 18.543 437.749 34.706.716 35.163.008 32.743.114 �2 400 175.055 1.096.499 47.945.107 49.219.061 45.522.319 128 VILLAGE OF MOUNT PROSPECT, ILLINOIS COMBINED SCHEDULE OF INVESTMENTS APRIL 30, 1991 129 Unamortized Interest Maturity Par Premium or Amortized Market Description Rate Date Value (Discount) Cost Value General General Illinois Public Treasurers' Investment Pool 5.90% 5/01/91 $1,146,025 1,146,025 1,146,025 US Treasury Bond 7.75 11/15/92 1.850.000 18.714 1.868.714 1.876.594 Total General 2.996.025 18.714 3.014.739 3.022.619 Special Revenue Motor Fuel Tax Illinois Public Treasurers' Investment Pool 5,90 5/01/91 123,273 123,273 123,273 US Treasury Bond 7.25 8/15/92 500,000 4,875 504,875 503,906 Illinois Municipal Retirement Illinois Public Treasurers' Investment Pool 5.90 5/01/91 9,000 9,000 9,000 Public Library Illinois Public Treasurers' Investment Pool 5.90 5/01/91 1.290.000 1.290.000 1.290.000 Total Special Revenue 1.922.273 4.875 1.927.148 1.926.179 Debt Service Corporate Purpose Bonds of 1973 Illinois Public Treasurers' Investment Pool 5.90 5/01/91 49,757 49,757 49,757 US Treasury Bond 7.25 8/15/92 100,000 978 100,978 100,781 Corporate Purpose Bonds of 1974 Illinois Public Treasurers' Investment Pool 5.90 5/01/91 74,636 74,636 74,636 US Treasury Bond 7,25 8/15/92 150,000 1,463 151,463 151,172 General Obligation Bonds of 1987B Illinois Public Treasurers' Investment Pool 5.90 5/01/91 65,272 65,272 65,272 US Treasury Bond 7.25 8/15/92 300,000 2,927 302,927 302,344 General Obligation Bonds of 1987D Illinois Public Treasurers' Investment Pool 5.90 5/01/91 115,000 115,000 115,000 Installment Note of 1986 Illinois Public Treasurers' Investment Pool 5.90 5/01/91 138.000 138.000 138.000 Total Debt Service 992.665 5.368 998.033 996.962 129 VILLAGE OF MOUNT PROSPECT, ILLINOIS -- COMBINED SCHEDULE OF INVESTMENTS (CONT.) APRIL 30, 1991 Unamortized Interest Maturity Par Premium or Amortized Market Description Rate Date Value (Discount) Cost Value Capital Projects Capital Improvement Illinois Public Treasurers' Investment Pool 5.90% 5/01/91 $ 164,393 164,393 164,393 US Treasury Bond 7«25 8/15/92 250,000 2,440 252,440 251,953 Downtown Redevelopment of 1985 Illinois Public Treasurers' Investment Pool 5,90 5/01/91 88,757 88,757 88,757 US Treasury Bond 7,25 8/15/92 100,000 976 100,976 100,781 Police and Fire Building Construction Illinois Public Treasurers' Investment Pool 5.90 5/01/91 15,000 15,000 15,000 US Treasury Bond 7.25 8/15/92 1,000,000 9,747 1,009,747 1,007,813 US Treasury Note 7„75 11/15/92 1.150.000 11.632 1.161.632 1.166.531 Total Capital Projects 2.768.150 24.795 2.792.945 2.795.228 Enterprise Water and Sewer Illinois Public Treasurers' Investment Pool 5.90 5/01/91 154,202 154,202 154,202 US Treasury Bond 7.25 8/15/92 250,000 2,439 252,439 251,953 US Treasury Note 7.75 11/15/92 2,200,000 22,258 2,222,258 2,231,625 US Treasury Note 10.50 11/15/92 340,000 (3,244) 336,756 358,381 Parking System Revenue Illinois Public Treasurers' Investment Pool 5.90 5/01/91 96,757 96,757 96,757 US Treasury Bond 7.25 8/15/92 100.000 976 100.976 100.781 Total Enterprise 3.140.959 22,429 3.163.388 3.193.699 Internal Service Risk Management Illinois Public Treasurers' Investment Pool 5.90 5/01/91 2,171 2,171 2,171 ,.,. US Treasury Bond 7„25 8/15/92 200,000 1,951 201,951 201,563 US Treasury Note 7.75 11/15/92 800,000 8,095 808,095 811,500 Vehicle Replacement Fund Illinois Public Treasurers' Investment Pool 5.90 5/01/91 26,925 26,925 26,925 US Treasury Bonds 7.25 8/15/92 170,000 976 100,976 100,781 US Treasury Note 7,75 11/15/92 270.000 2.020 202.020 202.875 Total Internal Service 1.329.096 13.042 1.342.138 1.345.815 130 VILLAGE OF MOUNT PROSPECT, ILLINOIS COMBINED SCHEDULE OF INVESTMENTS (CONT.) APRIL 30, 1991 Description Trust and Agency Benefit Trust #2 Illinois Public Treasurers' Investment Pool Benefit Trust #3 Illinois Public Treasurers' Investment Pool Police Pension Illinois Public Treasurers' Investment Pool Guaranteed Investment Contract Phoenix Mutual Annuity Contract Confederated Mutual Annuity Contract American Legacy Variable Annuity US Treasury Note US Treasury Note US Treasury Strip US Treasury Strip US Treasury Strip GNMA's Total Police Pension 131 19.987.158 (4.247.672) 15.739.486 15.962.391 Unamortized Interest Maturity Par Premium or Amortized Market Rate Date Value (Discount) Cost Value 5.901 5/01/91 S 251.820 251.820 251.820 5.90 5/01/91 3.015 3.015 3.015 5.90 5/01/91 33,327 33,327 33,327 8.98 1/19/93 100,000 100,000 100,000 VAR 5/01/91 195,656 195,656 195,656 VAR 5/01/91 162,365 162,365 162,365 VAR 5/01/91 203,908 203,908 203,908 8,.88 7/15/95 500,000 (1,023) 498,977 523,438 8.88 11/15/97 750,000 14,263 764,263 786,328 5/15/01 2,500,000 (1,402,902) 1,097,098 1,103,125 5/15/01 2,000,000 (1,130,778) 869,222 882,500 5/15/06 2,500,000 (1,792,770) 707,230 714,063 9.50 8/15/16 405,673 3,413 409,086 415,942 10.00 12/15/09 263,525 12,147 275,672 275,631 9.50 9/15/16 697,118 8,209 705,327 714,764 10.00 4/15/16 305,914 14,855 320,769 319,967 9.50 11/15/16 942,296 34,782 977,078 966,148 9.50 8/15/17 417,693 4,754 422,447 428,266 9.50 8/15/17 416,217 10,722 426,939 426,752 9.00 12/15/16 441,573 2,387 443,960 443,091 9.50 3/15/18 436,784 2,358 439,142 447,840 9.50 3/15/18 786,768 (6,882) 779,886 806,683 9.00 9/15/19 488,372 (3,043) 485,329 490,050 9.00 9/15/19 497,707 (3,122) 494,585 499,418 9.50 6/15/20 919,643 (6,393) 913,250 942,922 9.50 11/15/20 981,375 (17,777) 963,598 1,006,216 9.50 8/15/20 49,809 (901) 48,908 51,070 9.50 9/15/20 969,224 (17,582) 951,642 993,758 9.00 2/15/21 1,004,054 13,821 1,017,875 1,007,506 9.00 1/15/21 1,018.157 13,790 1.031.947 1.021.657 131 19.987.158 (4.247.672) 15.739.486 15.962.391 VILLAGE OF MOUNT PROSPECT, ILLINOIS COMBINED SCHEDULE OF INVESTMENTS (CONT.) APRIL 30, 1991 Description Trust and Agency (Cont.) Firefighters' Pension Illinois Public Treasurers' Investment Pool Guaranteed Investment Contract Phoenix Mutual Annuity Contract Confederated Mutual Annuity Contract American Legacy Variable Annuity US Treasury Notes US Treasury Notes US Treasury Strip US Treasury Strip US Treasury Strip GNMA's Total Firefighters' Pension Interest Maturity Par Rate Date Value 5.90% 5/01/91 $ 45,234 8.98 1/19/93 100,000 VAR 5/01/91 190,222 VAR 5/01/91 158,854 Unamortized Premium or Amortized Market (Discount) Cost Value 45,234 45,234 100,000 100,000 190,222 190,222 158,854 158,854 VAR 5/01/91 203,908 203,908 203,908 8.88 7/15/95 500,000 (1,023) 498,977 523,438 8.88 11/15/97 1,000,000 19,017 1,019,017 1,048,438 5/15/01 2,500,000 (1,402,902) 1,097,098 1,103,125 5/15/01 2,000,000 (1,130,778) 869,222 882,500 5/15/01 2,000,000 (1,434,216) 565,784 571,250 9.00 8/15/08 20,674 20,674 20,674 9.00 3/15/09 120,551 120,551 120,551 9.00 3/15/09 30,138 30,138 30,138 9.00 3/15/09 30,138 30,138 30,138 9.00 4/15/09 45,346 45,346 45,346 9.00 4/15/09 64,429 64,429 64,429 9.00 5/15/09 45,542 45,542 45,699 9.50 8/15/16 387,322 3,258 390,580 397,126 9.50 10/15/16 700,031 10,792 710,823 717,751 10.00 8/15/16 269,053 11,000 280,053 281,413 9.50 8/15/16 848,983 8,470 857,453 870,473 10.00 9/15/16 227,307 15,198 242,505 237,749 9.50 8/15/17 343,878 6,827 350,705 352,582 9.50 12/15/16 441,573 2,387 443,960 443,091 9.50 7/15/17 785,224 12,830 798,054 805,100 9.50 8/15/17 405,558 10,678 416,236 415,824 9.50 3/15/18 1,310,352 7,074 1,317,426 1,343,520 9.50 3/15/18 901,994 (6,957) 895,037 924,826 9.00 9/15/19 567,012 (3,540) 563,472 568,961 9.00 10/15/18 890,975 (5,822) 885,153 894,038 9.50 5/15/20 502,784 (9,181) 493,603 515,511 9.50 11/15/20 498,801 (9,026) 489,775 511,427 9.50 12/15/18 566,690 (10,263) 556,427 581,034 9.50 11/15/18 191,752 (3,473) 188,279 196,606 9.50 8/15/20 212,724 (3,866) 208,858 218,109 9.00 1/15/21 509,365 6,901 516,266 511,116 9.00 1/15/21 509,365 6,901 516,266 511,116 9.00 1/15/21 1,021,628 13,841 1,035,469 1,025,140 10.25 8/20/15 435.075 14.035 449,110 450.303 132 21,582.482 (3.871.838) 17.710.644 17.956.760 VILLAGE OF MOUNT PROSPECT, ILLINOIS COMBINED SCHEDULE OF INVESTMENTS (CONT.) APRIL 30, 1991 Description Trust and Agency (Cont.) Escrow Deposit Illinois Public Treasurers' Investment Pool US Treasury Note Total Escrow Deposit Special Service Areas Illinois Public Treasurers' Investment Pool Total Trust and Agency Total Investments 133 Unamortized Interest Maturity Par Premium or Amortized Market Rate Date Value (Discount) Cost Value 5,90% 5/01/91 $ 62,656 62,656 62,656 7.75 11/15/92 800.000 8.095 808.095 811.500 862.656 8.095 870.751 874.156 5.90 5/01/91 131.000 131.000 131.000 42.818.131 (8.111.415) 34.706.716 35.180.206 55,967.299 (8.0) 4747 90� 4848 4 133 Tie of Cove age Property - Building & Contents Excess Workers' Compensation High Level Excess Liability Pool Public Officials Liability Paramedic's EMT's Liability W C Self -Insurance Bond Excess Medical Insurance Faithful Performance Bonds Mayor, Village Manager Finance Director/Treasurer Claims Administration Service Contract Self Insurance Bond Police Professional Liability Contingent Tax Interruption VILLAGE OF MOUNT PROSPECT, ILLINOIS SCHEDULE OF INSURANCE IN FORCE APRIL 30, 1991 134 Specific Aggregate Self -Insured Excess Excess Expiration Retention Limit Limit Insurance Carrier Date $ 10,000 5,000,000 17,810,000 Arkwright Mutual Insurance Co, 01/01/92 350,000 Statutory 1,000,000 Midwest Employers Casualty Co. 01/01/92 1,000,000 5,000,000 5,000,000 HELP Pool 05/01/92 25,000 1,000,000 1,000,000 International Insurance Co. 01/01/92 250 1,000,000 1,000,000 Western World 01/01/92 N/A N/A N/A Kemper Group 01/01/92- 50,000 50,000 N/A Lexington Insurance Co. 07/01/91 N/A 100,000 100,000 Hartford Insurance Group 05/01/92 N/A 250,000 250,000 Hartford Insurance Group 05/01/92 N/A N/A N/A GAB Business Services, Inc. 01/01/92 N/A 100,000 100,000 Irland and Rogers 06/08/92 100,000 1,000,000 1,000,000 Scottsdale Insurance Co. 01/01/92 101,000 7,750,000 7,750,000 Arkwright Mutual Insurance Co. 01/01/92 134 VILLAGE OF MOUNT PROSPECT, ILLINOIS LONG-TERM DEBT REQUIREMENTS CORPORATE PURPOSE BOND SERIES OF 1973 APRIL 30, 1991 Date of Issue Date of Maturity Authorized Issue Denomination of Bonds Interest Rates Interest Dates Principal Maturity Date Payable at December 1, 1973 January 1, 1995 $2,000,000 $ 5,000 1- 78 - 6.00% 79- 94 - 5.75% 95-370 - 5.00% 371-400 - 4.00% July 1 and January 1 January 1 First National Bank of Chicago Chicago, Illinois Tax Interest Due on July 1 Levy Bond Amount Tax L2= $13,750 Year Numbers Principal Interest Totals 1990 285-311 $135,000 27,500 162,500 1991 312-340 145,000 20,750 165,750 1992 341-370 150,000 13,500 163,500 1993 371-400 150,000 6,000 156,000 580,000 _67.750 647,750 135 33,875 Interest Due on July 1 Amount Jan. 1 Amount 1991 $13,750 1992 $13,750 1992 10,375 1993 10,375 1993 6,750 1994 6,750 1994 3,000 1995 3,000 33,875 VILLAGE OF MOUNT PROSPECT, ILLINOIS LONG-TERM DEBT REQUIREMENTS CORPORATE PURPOSE BOND SERIES OF 1974 APRIL 30, 1991 Date of Issue Date of Maturity u Authorized Issue Denomination of Bonds Interest Rates Interest Dates Principal Maturity Date Payable at Tax Levy Year 1990 1991 1992 1993 1994 December 1, 1974 January 1, 1996 $4,000,000 $ 5,000 1 - 320 - 6.50% 321 - 360 - 6.10% 361 - 520 - 5.90% 521 - 600 - 6.10% 601 - 720 - 6.30% 721 - 800 - 5.00% July 1 and January 1 January 1 First National Bank of Mount Prospect Mount Prospect, Illinois Bond Interest Due on Tax L July 1 Numbers Principal Interest Totals 601-640 $ 200,000 57,800 257,800 641-680 200,000 45,200 245,200 681-720 200,000 32,600 232,600 721-760 200,000 20,000 220,000 761-800 _ 200.000 10.000 210.000 1.00M00 165 600 1.165.600 136 Interest Due on July 1 Amount Jan. 1 Amount 1991 $28,900 1992 $28,900 1992 22,600 1993 22,600 1993 16,300 1994 16,300 1994 10,000 1995 10,000 1995 5.000 1996 5.000 82.800 82 800 VILLAGE OF MOUNT PROSPECT, ILLINOIS LONG-TERM DEBT REQUIREMENTS GENERAL OBLIGATION BOND SERIES OF 1987A APRIL 30, 1991 Date of Issue Date of Maturity Authorized Issue Denomination of Bonds Interest Rates Interest Dates Principal Maturity Date Payable at Tax June 1, 1987 January 1, 2007 $334,271 $1,000 (Maturity Value) 1-125 6.80% 406- 471 7.15% 126-172 6.90% 472- 538 7.20% 173-293 7.00% 539- 689 7.25% 294-405 7.10% 690-1094 7.30% Interest Payables at Maturity Only January 1 Village of Mount Prospect Mount Prospect, Illinois Levy Bond JgA Levy Accreted EayMent Due On Year Numbers Principal Interest Totals Jan. 1 Amount 1998 1- 125 $ 53,885 71,115 125,000 2000 $ 125,000 1999 126- 172 18,703 28,297 47,000 2001 47,000 2000 173- 293 44,362 76,638 121,000 2002 121,000 2001 294- 405 37,760 74,240 112,000 2003 112,000 2002 406- 471 20,587 45,413 66,000 2004 66,000 2003 472- 538 19,316 47,684 67,000 2005 67,000 2004 539- 689 40,198 110,802 151,000 2006 151,000 2005 690-1094 99.460 305.540 405 000 2007 405,000 31,838 471,484 334 271 Z521 29 1 094 000 (72,836) 1 094,11 000 137 Increase Accreted Increase Accreted Date (Decrease) Value Date (Decrease) Value June 01, 1987 334,271 April 30, 1997 $ 47,170 668,800 April 30, 1988 $22,199 356,470 April 30, 1998 48,447 717,247 April 30, 1989 25,810 382,280 April 30, 1990 51,956 769,203 April 30, 1990 27,685 409,965 April 30, 2000 (72,121) 697,082 April 30, 1991 29,681 439,646 April 30, 2001 2,840 699,922 April 30, 1992 31,838 471,484 April 30, 2002 (72,836) 627,086 April 30, 1993 34,137 505,621 April 30, 2003 (68,182) 558,904 April 30, 1994 36,622 542,243 April 30, 2004 (26,459) 532,445 April 30, 1995 39,272 581,515 April 30, 2005 (29,499) 502,946 April 30, 1996 42,115 623,630 April 30, 2006 (116,770) 386,176 137 VILLAGE OF MOUNT PROSPECT, ILLINOIS LONG-TERM DEBT REQUIREMENTS GENERAL OBLIGATION BOND SERIES OF 1987B - GENERAL CORPORATE PURPOSES APRIL 30, 1991 Date of Issue Date of Maturity Authorized Issue �Denomination of Bonds Interest Rates Interest Dates Principal Maturity Date Payable at June 1, 1987 January 1, 2006 $3,190,000 General Corporate Purposes $1,535,000 Water and Sewer Purposes 1- 20 6.50% 369-615 6.80% 21-368 6.70% 616-649 6.90% 650-945 7.00% July 1 and January 1 January 1 American National Bank and Trust Co. Chicago, Illinois CURRENT AND FUTURE PRINCIPAL AND INT 'REST REQUIREMENTS Tax Levy Bond Tax Levy "interest Due on Year Numbers Principal Interest Totals July 1 Amount Jan. 1 Amount 1990 116-151 $ 180,000 190,290 370,290 1991 $ 95,145 1992 $ 95,1145 1991 167-217 255,000 178,230 433,230 1992 89,115 1993 89,115 1992 232-282 255,000 161,145 416,145 1993 80,573 1994 80,572 1993 299-352 270,000 144,060 414,060 1994 72,030 1995 72,030 1994 369-423 275,000 125,970 400,970 1995 62,985 1996 62,985 1995 442-494 265,000 107,270 372,270 1996 53,635 1997 53,635 1996 513-542 150,000 89,240 239,240 1997 44,620 1998 44,620 1997 563-595 165,000 79,050 244,050 1998 39,525 1999 39,525 1998 616-629 70,000 67,830 137,830 1999 33,915 2000 33,915 1999 650-679 150,000 63,000 213,000 2000 31,500 2001 31,500 2000 700-718 95,000 52,500 147,500 2001 26,250 2002 26,250 2001 739-761 115,000 45,850 160,850 2002 22,925 2003 22,925 2002 782-817 180,000 37,800 217,800 2003 18,900 2004 18,900 2003 838-877 200,000 25,200 225,200 2004 12,600 2005 12,600 2004 898-929 160,000 11.200 171.200 2005 5.600 2006 5.600 2,785,000 1 378,635 41163,635 689,318 689,317 138 VILLAGE OF MOUNT PROSPECT, ILLINOIS LONG-TERM DEBT REQUIREMENTS GENERAL OBLIGATION BOND SERIES OF 1987B - WATER AND SEWER PURPOSES APRIL 30, 1991 Date of Issue Date of Maturity Authorized Issue Denomination of Bonds Interest Rates Interest Dates Principal Maturity Date Payable at June 1, 1987 January 1, 2006 $3,190,000 General Corporate Purposes $1,535,000 Water and Sewer Purposes 1-20 6.60% 369-615 6.80% 21-368 6.70% 616-649 6.90% 650-945 7.00% July 1 and January 1 January 1 American National Bank and Trust Co. Chicago, Illinois 139 CULZRENT AND =E PRINCIPAL AND I REST RMUIREKENTS IQ AL E61D DX 1HE WATERW:E Tax Levy Bond Ta a Interest Due on Year Numbers Principal Interest Totals July 1 Amount Jan. 1 Amount 1990 152-166 $ 75,000 93,775 168,775 1991 $ 46,887 1992 $ 46,888 1991 218-231 70,000 88,750 158,750 1992 44,375 1993 44,375 1992 283,298 80,000 84,060 164,060 1993 42,030 1994 42,030 1993 352,368 80,000 78,700 158,700 1994 39,350 1995 39,350 1994 424-441 90,000 73,340 163,340 1995 36,670 1996 36,670 1995 495-512 90,000 67,220 157,220 1996 33,610 1997 33,610 1996 543-562 100,000 61,110 161,110 1997 30,555 1998 30,555 1997 596-615 100,000 54,300 154,300 1998 27,150 1999 27,150 1998 630-649 100,000 47,500 147,500 1999 23,750 2000 23,750 1999 680-699 100,000 40,600 140,600 2000 20,300 2001 20,300 2000 719-738 100,000 33,600 133,600 2001 16,800 2002 16,800 2001 762-781 100,000 26,600 126,600 2002 13,300 2003 13,300 2002 818-837 100,000 19,600 119,600 2003 9,800 2004 9,800 2003 878,897 100,000 12,600 112,600 2004 6,300 2005 6,300 2004 930-945 80.000 5.600 85.600 2005 2.800 2006 2.800 1,365.000 787.355 2.152,355 393,677 393,678 139 VILLAGE OF MOUNT PROSPECT, ILLINOIS LONG-TERM DEBT REQUIREMENTS GENERAL OBLIGATION BOND SERIES OF 1987C APRIL 30, 1991 Date of Issue Date of Maturity Authorized Issue Denomination of Bonds Interest Rates Interest Dates Principal Maturity Date Payable at Tax Levy Year 1990 1991 1992 1993 1994 1995 1996 Bond Numbers 1-18 19-29 30-40 41-51 52-62 63-73 74-85 June 1, 1987 January 1, 1998 $425,000 $ 5,000 1-51 6.70% 52-85 6.80% July i and January 1 January 1 American National Bank and Trust Co. Chicago, Illinois 425,000 108,895 533 895 140 Interest Due o July 1 Tax Le Jan. 1 Principal Interest Totals $ 90,000 28,645 118,645 55,000 22,615 77,615 55,000 18,930 73,930 55,000 15,245 70,245 55,000 11,560 66,560 55,000 7,820 62,820 60.000 4.080 64.080 425,000 108,895 533 895 140 Interest Due o July 1 Amount Jan. 1 Amount 1991 $14,323 1992 $14,322 1992 11,308 1993 11,307 1993 9,465 1994 9,465 1994 7,622 1995 7,623 1995 5,780 1996 5,780 1996 3,910 1997 3,910 1997 2.040 1998 2.040 54 448 54.447 VILLAGE OF MOUNT PROSPECT, ILLINOIS LONG-TERM DEBT REQUIREMENTS GENERAL OBLIGATION BOND SERIES OF 1987D APRIL 30, 1991 Date of Issue Date of Maturity Authorized Issue Denomination of Bonds Interest Rates Interest Dates Principal Maturity Date Payable at October 1, 1987 December 1, 2002 $1,570,000 $ 5,000 1- 3 6.75% 103-142 7.20% 4- 11 6.80% 143-191 7.10% 12- 24 6.90% 192-248 7.20% 25-102 7.50% 249-314 7.30% June 1 and December 1 December 1 American National Bank and Trust Co. Chicago, Illinois Tax Le nt�r��t Due on Levy Year Bond Numbers Principal ax Interest Totals JILn. _e l M -at ems^ 11 °tet 113,873 113,873 1991 $ 56,937 1991 $ 56,936 1990 113,872 113,872 1992 56,936 1992 56,936 1991 1992 1- 3 $ 15,000 113,873 128,873 1993 56,936 1993 56,937 1993 4- 11 40,000 112,860 152,860 1994 56,430 1994 56,430 55,070 1994 12- 24 65,000 110,140 175,140 1995 55,070 52,827 1995 1996 52,828 1995 25- 43 95,000 105,655 200,655 1996 1997 49,265 1997 49,265 1996 44- 69 130,000 98,530 88,780 228,530 253,780 1998 44,390 1998 44,390 1997 1998 70-102 103-142 165,000 200,000 76,405 276,405 1999 38,203 1999 38,202 1999 143-191 245,000 62,005 307,005 2000 31,002 2000 31,003 22,305 2000 192-245 285,000 44,610 329,610 2001 22,305 12.045 2001 2002 12,045 2001 249-314 330,000 24,090 354.090 2002 1,570,000 1,064,693 2,634,693 532,346 532,347 141 VILLAGE OF MOUNT PROSPECT, ILLINOIS LONG-TERM DEBT REQUIREMENTS GENERAL OBLIGATION BOND SERIES OF 1988 - WATER AND SEWER PURPOSES APRIL 30, 1991 Date of Issue Date of Maturity Authorized Issue Denomination of Bonds Interest Rates Interest Dates Principal Maturity Date Payable at Tax Inte e t Due on Levy Bond Year Numbers 1990 36- 55 1991 56- 75 1992 76-100 July 1, 1988 December 1, 1993 $500,000 $ 5,000 1-15 7.20% 36- 55 5.7OX 16-35 6.50% 56- 75 5.90% 12-24 6.9OX 76-100 6.10% June 1 and December 1 December 1 American National Bank and Trust Co. Chicago, Illinois j Tax La Principal Interest Totals $100,000 19,925 119,925 100,000 13,525 113,525 125.000 7.625 132.625 325y000 41.075 366.075 142 4„53'8 20.537 Inte e t Due on June 1 Amount Dec. 1 Amount 1991 $ 9,963 1991 $ 9,962 1992 6,762 1992 6,763 1993 _IA13 1993 3.812 4„53'8 20.537 VILLAGE OF MOUNT PROSPECT, ILLINOIS LONG-TERM DEBT REQUIREMENTS SPECIAL SERVICE AREA #5 BOND SERIES OF 1982 - WATER AND SEWER PURPOSES APRIL 30, 1991 Date of Issue Date of Maturity Authorized Issue Denomination of Bonds Interest Rates Interest Dates Principal Maturity Date Payable at December 1, 1982 December 1, 1992 $1,900,000 $ 5,000 1 - 80 - 10.00% 81 - 110 - 9.60% 111 - 145 - 8.00% 146 - 185 - 8.25% 186 - 225 - 8.50% 226 - 270 - 8.75% 271 - 320 - 9.00% 321 - 380 - 9.25% June 1 and December 1 December 1 First National Bank of Chicago Chicago, Illinois NMI WISSHM 143 P WA E. Tax Le Interest Due an Levy Year Bond Numbers Principal a Interest Totals ua : W urn 2002 n� 1990 271-320 $250,000 50,250 300,250 1991 $25,125 1991 1992 $25,125 13.875 1991 321-380 300.000 U.7.20 327.750 1992 13.875 550.000 '78,.000 228,000 3 3. 143 VILLAGE OF MOUNT PROSPECT, ILLINOIS LONG-TERM DEBT REQUIREMENTS INSTALLMENT NOTE OF 1986 APRIL 30, 1991 �m. Date of Issue June 1, 1986 Date of Maturity June 1 1991 Amount of Loan $500,000 Interest Rates 1-5 5.975% Interest Dates December 1 and June 1 Principal Maturity Date June 1 Payable at Countryside Bank Mount Prospect, Illinois ` C RRE AND T E PRINIP 1« D ITR SL2EMIREMENTS Tax Levy Bond Tax L Interest Due on Year Numbers ° Princival Interest Totals June 1 Amount 1989 5 100.00002,987 105.975 1991 $2,987 144 VILLAGE OF MOUNT PROSPECT, ILLINOIS LONG-TERM DEBT REQUIREMENTS Date of Contract Date of Maturity Amount of Contract Interest Rates Interest Dates Principal Maturity Date Payable to INSTALLMENT CONTRACT OF 1987 APRIL 30, 1991 November 2, 1987 November 1, 1992 $175,000 9.0% First day of each month First day of each month First Chicago Bank of Mount Prospect Mount Prospect, Illinois Mb M. . {. AI X4 p1 Year Ended Installment &Xil 30 Numbers 1992 43-54 1993 55-60 Re uirements rincigmere. otz.lA $39,778 3,947 43,725 61, 0900 44519 65 519 145 Statistical Section Fiscal Year Taxes Licenses and Permits Intergovernmental Charges for Services Fines and Forfeits Interest Miscellaneous Total Revenues Operating Transfers In Bond/Note Proceeds Total Revenues and Other Financing Sources VILLAGE OF MOUNT PROSPECT, ILLINOIS GENERAL GOVERNMENTAL REVENUES BY SOURCE AND OTHER FINANCING SOURCES LAST TEN FISCAL YEARS APRIL 30, 1991 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 $ 7,975,636 8,600,213 9,152,521 9,934,768 9,436,641 11,100,526 11,708,902 13,093,049 14,772,879 15,486,864 504,485 987,336 1,063,621 1,218,145 1,452,058 1,692,552 1,798,794 2,052,767 2,020,119 1,876,570 2,344,427 2,366,918 2,694,799 2,712,048 3,012,229 3,003,074 3,032,995 3,137,113 4,561,921 4,224,734 102,775 121,500 120,000 118,000 120,000 130,000 145,000 240,358 289,326 320,044 212,996 210,837 236,536 286,604 310,106 358,461 361,666 280,999 330,842 340,460 420,028 288,761 360,730 473,379 381,430 316,518 325,492 442,410 616,390 595,038 185.345 430.361 332.729 ,89,_561 400.110 396.815 502.442 394.981 605.274 2,070,199 j,I,745.692 13'ODL,926 13K 60, 36 15.132.505 15.112.574 16.997.949 17,875.291 19.641,677 23 196..751 23,913,909 219,094 293,826 430,262 249,520 57,125 aI 220,0000 175.000 719.094 468.826 430.262 249.520 57.125 11 745 642 13 005 926 13 960 936 25,132.505 1515 112_ 5_74574 17.717.043 18 344 116 0 077. 939 23.446.271 3 9 (1) Excludes refunding principal of $1,570,000 NOTE: Includes General, Special Revenue, and Debt Service Funds. Data Source Village Records 146 VILLAGE OF MOUNT PROSPECT, ILLINOIS GENERAL GOVERNMENTAL EXPENDITURES BY FUNCTION AND OTHER FINANCING USES LAST TEN FISCAL YEARS APRIL 30, 1991 Fiscal Year 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 General Government $ 1,175,176 1,189,434 1,241,287 1,087,151 1,201,347 1,223,411 1,699,697 1,678,188 1,691,616 1,629,270 Public Safety 4,905,003 4,994,286 5,317,381 5,656,090 6,190,222 6,620,594 7,327,763 7,940,610 9,106,851 9,409,590 Highways and Streets 2,560,853 2,370,507 2,024,933 2,662,151 3,116,957 3,195,480 3,292,501 3,796,675 5,106,991 5,105,807 Health 1,054,350 1,121,506 1,125,052 1,225,592 1,192,079 1,200,511 1,396,276 1,478,389 1,852,851 2,116,301 Welfare 526,274 507,046 696,183 666,212 859,887 663,264 583,356 754,327 866,722 1,171,177 Culture and Recreation 750,471 972,104 1,301,238 1,217,050 1,371,496 1,546,822 1,683,419 1,823,827 1,882,311 2,287,169 Miscellaneous 229,940 244,007 261,379 287,804 330,545 394,657 435,236 511,793 614,253 677,270 cu Debt Service 625,980 659.634 946.496 904.01.0 914.660 1,147.156 1,015.342 1.177,368 1.132.885 1,081,602 Total Expenditures 11,828,047 12,058,524 12,913,949 13,711,060 15,177,193 15,991,895 17,433,590 19,161,177 22,254,480 23,478,186 Operating Transfers Out - 6 316,395 658,576 822,660 989,923 69,862 43,725 53,925 57,125 Total Expenditures and Other Financing Uses11,8 28067 12,058.5 13.2"1,44 14,369,636 16 981 818 1T 503-45 19,2 0.902 2,308.4fl5 23,E+78f186 0) Excludes Refunding Principal of $1,570,000 NOTE: Includes General, Special Revenue, and Debt Service Funds. Data Source Village Records 147 VILLAGE OF MOUNT PROSPECT, ILLINOIS PROPERTY TAX ASSESSED VALUATIONS, RATES, AND EXTENSIONS LAST TEN FISCAL YEARS APRIL 30, 1991 (See Following Page) lax L= Year Assessed Valuation Tax Extensions General General - Garbage Illinois Municipal Retirement Public Library Debt Service Capital Improvements Police Pension Firefighters' Pension VILLAGE OF MOUNT PROSPECT, ILLINOIS PROPERTY TAX ASSESSED VALUATIONS, RATES, AND EXTENSIONS LAST TEN FISCAL YEARS APRIL 30, 1991 1981 8428.b55.141 Rate* Amount .3484 1,492,789 .2643 1,133,000 .0627 268,624 .2489 1,067,285 .1436 615,537 .0312 133,900 .0746 319,873 .1063 455.778 1,2 8.0 0 5,4 1982 460,309 540 Rate* Amount .3357 1,545,558 .2350 1,081,500 .0716 329,600 .2107 969,745 .1293 595,301 .0224 103,000 .0807 371,454 .1046 481.526 LimL477168 Uncollectible Provision 3.0% 3.0% 1 4495405 Rate* Amount .4360 1,960,138 .2406 1,081,500 .0745 334,750 .2426 1,090,564 .1137 511,035 .0229 103,000 .0786 353,532 .0741 333.160 1.2830 ai767 679 1984 1485 ** 463 517-517�.6r Rate* Amount Rate* Amount .3990 1,854,855 .4369 2,268,444 .2521 1,169,050 .2359 1,220,550 .0761 352,775 .0548 283,250 .2409 1,117,550 .2420 1,249,802 .0812 376,831 .0709 366,648 .0444 206,000 .0597 309,000 .0444 206,000 .0398 206,000 1 5 283-061.41.644 3.0% Tax Levy Year Assessed Valuation MOA MEU9 90 541,377,360 566t,427 664 5'}0.778,708 735,079.19 775 783 364 Uncollectible Provision 3.O% * Property tax rates are per $100 of assessed valuation. ** Starting in 1985, the Library levy appears as a separate item on tax bills. Data Source Office of the County Clerk 148 3.0% 3.0% Rate* Amount Rate* Amount Rate* Amount Rate* Amount Rate* Amount Tax Extensions General .4810 2,616,473 .4964 2,806,750 .5269 3,112,660 .4281 3,141,500 .4318 3,347,500 General - Garbage .2283 1,236,000 .2591 1,467,750 .2484 1,467,750 .2298 1,689,200 .2257 1,751,000 Illinois Municipal Retirement .0609 329,600 .0709 401,700 .0781 461,440 .0778 571,650 .0876 679,800 Public Library .2690 1,452,454 .2700 1,524,446 .2990 1,761,804 .2720 1,997,293 .2730 2,110,955 Debt Service .1179 638,193 .1077 610,092 .1482 875,680 .1122 825,067 .1052 815,733 Capital Improvements .0571 309,000 .0727 412,000 .0697 412,000 .0561 412,000 .0531 412,000 Police Pension .0238 128,750 .0182 103,000 .0087 51,500 .0140 103,000 .0066 51,500 Firemen's Pension .0070 51.500 1.2380 6 710 470 1,2950 7,325,738 1.3790 11 142 834 1.1970 8 741 210 1.1830 9 168 488 Uncollectible Provision 3.O% * Property tax rates are per $100 of assessed valuation. ** Starting in 1985, the Library levy appears as a separate item on tax bills. Data Source Office of the County Clerk 148 3.0% 3.0% VILLAGE OF MOUNT PROSPECT, ILLINOIS PROPERTY TAX COLLECTIONS LAST TEN FISCAL YEARS X11 APRIL 30, 1991 lax_Le= Yeer 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 General $1,032,512 1,476,601 1,569,659 1,986,773 1,872,440 2,270,717 2,593,089 2,773,690 3,113,086 3,104,648 General - Garbage 831,967 1,133,000 1,076,854 1,077,696 1,164,719 1,211,224 1,230,771 1,450,464 1,467,952 1,669,379 Illinois Municipal Retirement 210,808 268,624 256,374 256,590 269,376 281,084 328,312 396,968 461,501 564,940 Public Library 683,367 1,067,285 1,039,155 1,163,706 1,195,506 1,242,253 1,450,189 1,511,430 1,774,109 1,988,834 Debt Service 603,367 615,537 591,556 508,579 377,223 363,844 635,601 602,908 875,801 815,388 Capital Improvements 104,948 133,900 102,670 102,638 205,239 306,637 307,830 407,150 412,054 407,162 Police Pension 312,421 319,873 369,574 352,289 205,239 204,427 128,310 101,789 51,508 101,794 Firemen's Pension 397.626 455.778 476.697 331.992 50.894 44 1 5,470.598 5,482,53 5,7110 263 289 742 56880 1116 6,74,102 7,244,399 8 6&011 86703,039 L a Lended 4.177.154 5,4,786 5477.6$4 5 767 679 5 8<461 5 403,694 t�,710,470 7 325-738 .I42.834 x,791=210 Percent Collected 14 99,7 100iX 01 10 99�bX 9 4 ltd 99.0X (') The 1990 tax levy is not due until September 1, 1991. Data Source Office of the County Treasurer 149 VILLAGE OF MOUNT PROSPECT, ILLINOIS ASSESSED AND ESTIMATED ACTUAL VALUE OF TAXABLE PROPERTY LAST TEN FISCAL YEARS APRIL 30, 1991 Data Source Office of the County Clerk 150 Ratio of Total Tax Equalized Estimated Assessed Value Levy Assessed Actual to Total Estimated Year Value Value Actual Value 1981 $428,655,141 $1,285,965,000 33.3 1982 460,309,540 1,380,928,000 33.3 1983 449,546,305 1,348,652,000 33.3 1984 463,833,274 1,391,500,000 33.3 1985 517,263,736 1,551,791,000 33.3 1986 541,377,360 1,624,132,000 33.3 1987 566,427,664 1,699,283,000 33.3 1988 590,778,708 1,772,336,000 33.3 1989 735,079,199 2,205,238,000 33.3 1990 775,783,364 2,327,350,000 33.3 Data Source Office of the County Clerk 150 VILLAGE OF MOUNT PROSPECT, ILLINOIS PROPERTY TAX RATES* - DIRECT AND OVERLAPPING GOVERNMENTS LAST TEN FISCAL YEARS APRIL 30, 1991 Village of Mount Prospect Village Purposes Library Purposes Total Village of Mount Prospect County of Cook Forest Preserve District Metropolitan Water Reclamation District Suburban TB Sanitarium Town of Elk Grove Town of Maine Town of Wheeling General Assistance Elk Grove General Assistance Maine General Assistance Wheeling Road and Bridge Elk Grove Road and Bridge Maine Road and Bridge Wheeling Northwest Mosquito Abatement Arlington Heights High School #214 Community College District #512 Arlington Heights Park District Village of Mount Prospect Special Service Area #6 Village of Mount Prospect Special Service Area #5 Village of Mount Prospect Special Service Area #4 Village of Mount Prospect Special Service Area #3 Village of Mount Prospect Special Service Area #2 Village of Mount Prospect Special Service Area #1 Tax Lave Year 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1.031 .979 1.040 .898 .898 .969 1.025 1.080 .925 .910 .249 .211 .243 .241 .242 .269 .270 .299 .272 .273 1.280 1.190 1.283 1.139 1.140 1.238 1.295 1.379 1.197 1.183 .703 .820 .865 .929 .847 .858 .913 1.128 1.048 1.068 .107 .117 .116 .118 .107 .106 .102 .101 .099 .080 .643 .664 .715 .694 .612 .635 .517 .536 .522 .525 .013 .012 .012 .012 .011 .010 .010 .010 .009 .008 .051 .036 .037 .057 .062 .065 .063 .061 .052 .049 .037 .049 .062 .064 .054 .088 .099 .104 .091 .087 .016 .016 .023 .014 .011 .031 .028 .029 .047 .056 .013 .024 .021 .013 .013 .012 .011 .010 .017 .013 .016 .022 .018 .019 .020 .021 .017 .014 .016 .016 .023 .014 .011 .031 .028 .029 .011 .003 .013 .024 .021 .013 .013 .012 .007 .007 .044 .044 .047 .051 .043 .066 .065 .069 .059 .057 .008 .009 .009 .007 .013 .015 .016 .016 .016 .013 .012 .011 .011 .009 .008 1.763 1.934 2.050 2.071 1.986 2.159 2.196 2.238 1.883 1.938 .194 .188 .187 .176 .279 .279 .304 .319 .290 .278 .475 .460 .449 .518 .497 .505 .516 .535 .476 .485 1.013 .798 .761 .082 .252 .275 .290 .291 .299 .312 .261 ,249 1.111 .975 .962 .999 .834 .818 .810 .138 .549 .613 .618 .641 .622 .509 .525 .301 1.484 1.415 1.420 1.724 1.270 1.179 1.098 1.237 .968 .720 .184 1.166 1.190 1.014 1.027 1.016 1.018 .954 .713 .609 School District #59 Mount Prospect Park District School District #57 School District #25 Arlington Heights River Trails Park District Prospect Heights Fire Protection Bond Prospect Heights Library - Bond School District #26 Prospect Meadow Sanitary District Prospect Heights Park District School District #23 School District #21 Des Plaines Park District Prospect Heights Old Town Sanitary High School #207 Community College #535 School District #62 Total Tax Rate per $100 of Assessed Valuation for property located in Village of Mount Prospect, Elk Grove Township, and School District #57 Share of Total Tax Rate Levied by the Village of Mount Prospect, Illinois for Village Purposes 7.587 7.813 8.465 8.295 8.265 8.613 6.8000 9.787 8.920 9.119 13.6% 12.5% 12.3% 10.8% 10 9% 11.3X 11.6% 11.0% 10.4% 10.0% * Property tax rates are per $100 of assessed valuation. Data Source Office of the County Clerk 151 Tax Levy Year 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1,897 1.918 1.887 1.678 1.450 1.637 1.718 1.805 1.731 1,779 .530 .546 .529 .526 .505 .502 .523 .557 .540 .552 2.222 2.170 2.326 2.269 2.375 2.436 2.517 3.114 2.992 3.164 2.904 2.881 3.028 2.928 3.038 3.115 3.160 3.235 3.037 3.218 .358 .334 .346 .287 .311 .323 .335 .400 .338 .440 .058 .028 .025 .023 .022 .020 .020 .020 .013 2.470 2.494 2.813 3.232 3.233 3.181 3.259 3.200 3.138 3.128 .115 .107 .110 .505 .480 .468 .443 .632 .690 .678 .666 .620 .645 3.037 2.992 2.969 2.948 2.973 2.962 3.308 3.616 3.639 3.810 2.297 2.579 2.524 2.425 2.460 2.614 2.561 2.944 2.638 2.694 .366 .348 .357 .357 .299 .423 .437 .442 .419 .412 .289 .258 .235 .195 .152 .133 .120 .149 .117 .115 2.344 2.246 2.271 2.323 2.243 2.233 2.225 2.231 2.114 2.162 .213 .213 .211 .206 .201 .189 .189 .190 .167 .200 2.052 1.966 1.796 2.240 1.950 2.240 2.315 2.370 2.427 2.446 7.587 7.813 8.465 8.295 8.265 8.613 6.8000 9.787 8.920 9.119 13.6% 12.5% 12.3% 10.8% 10 9% 11.3X 11.6% 11.0% 10.4% 10.0% * Property tax rates are per $100 of assessed valuation. Data Source Office of the County Clerk 151 VILLAGE OF MOUNT PROSPECT, ILLINOIS SPECIAL SERVICE AREA COLLECTIONS LAST TEN FISCAL YEARS APRIL 30, 1991 Tax Levy Amount Total Percent Year Levied Collections Collected 1982 $311,679 $308,660 99.0% 1983 271,400 271,470 100.0 1984 231,000 231,172 100.0 1985 234,189 232,685 99.3 1986 236,460 236,043 99.8 1987 262,501 260,260 99.1 1988 231,000 230,642 99.8 1989 262,500 260,876 99.4 1990 (1) 273,000 124,371 45.6 (1) The 1990 levy is currently under collection. Note: The special service area was established in 1982. Data Source Village Records 152 Fiscal Year Population Assessed Value (1) Gross General Obligation Debt Less Debt Service Funds Net General Obligation Debt Ratio of Net General Obligation Debt to Assessed Value Net General Obligation Debt Per Capita VILLAGE OF MOUNT PROSPECT, ILLINOIS RATIO OF NET GENERAL OBLIGATION DEBT TO ASSESSED VALUE AND NET GENERAL OBLIGATION DEBT PER CAPITA LAST TEN FISCAL YEARS APRIL 30, 1991 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 52,634 52,581 52,581 53,390 53,390 54,630 54,630 54,630 54,630 53,170 $428,655,141 460,309,540 449,546,305 463,833,274 517,263,736 541,377,360 566,427,664 590,778,708 735,079,199 775,783,364 4,169,750 3,963,626 4,134,959 3,727,864 5,021,045 5,135,503 8,705,000 8,147,780 7,547,293 6,960,646 415,179 468,094 854,340 869,109 729,050 708,557 739,715 796,515 907,532 979,268 3,754,571 3,495,532 3,280,619 2,858,755 4,291,995 4,426,946 7,965,285 7,351,265 6,639,761 5,981,378 .9% .8% .7% .6X .8X .81 1.4% 1.2% .9% .8% 71.33 66.48 62.39 54.37 80.39 81.04 145.80 134.56 121.54 112.50 (1) Does not include general obligation debt retired by the Water and Sewer Fund. Data Sources Office of Revenue Sharing Office County Clerk Village Records 153 VILLAGE OF MOUNT PROSPECT, ILLINOIS SCHEDULE OF DIRECT AND OVERLAPPING BONDED DEBT APRIL 30, 1991 Governmental Unit Village of Mount Prospect $ Village of Mount Prospect Special Service Area #1 Special Service Area #2 Special Service Area #5 Special Service Area #6 County of Cook, Including Forest Preserve District Metropolitan Water Reclamation District Community College District #512 School District #57 School District #25 School District #26 School District #23 School District #21 Arlington Heights Park District Des Plaines Park District Elk Grove Rural Fire Protection District Mount Prospect Park District River Tails Park District Prospect Heights Park District Prospect Heights (1) (2) * Percentage of Gross Debt Applicable Bonded Debt to Government 8,489,646 135,000 100,000 550,000 330,000 624,705,000 739,390,000 10,610,000 4,146,000 16,230,000 6,015,000 5,360,000 6,200,000 5,060,000 595,000 215,000 2,670,000 660,000 710,000 Library District 2,900,000 100.0% 100.0 100.0 100.0 100.0 1.47 1.50 8.77 93.52 2.82 84.53 6.62 2.26 1.88 1.16 7.23 56.80 80.36 13.29 9.05 (3) **Government's Share of Debt $ 8,489,646 135,000 100,000 550,000 330,000 9,164,422 11,090,850 930,815 3,877,339 458,173 5,084,540 354,564 140,182 95,330 6,896 15,540 1,516,507 530,396 93,685 262.450 * - Determined by ratio of assessed value of property subject to taxation in overlapping unit to value of property subject to taxation in Village of Mount Prospect. ** - Amount in column (2) multiplied by amount in column (1). Data Source Office of the County Clerk 154 VILLAGE OF MOUNT PROSPECT, ILLINOIS SCHEDULE OF LEGAL DEBT MARGIN APRIL 30, 1991 The government is a home rule municipality. Article VII, Section 6(k) of the 1970 Illinois Constitution governs computation of the legal debt margin. "The General Assembly may limit by law the amount and require referendum approval of debt to be 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 per cent: ... 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. 155 Fiscal Year (1) Principal Interest Total Debt Service (2) Total General Govern- mental Expenditures and Other Financing Uses Ratio of Debt Service to General Govern- mental Expenditures and Other Financing Uses VILLAGE OF MOUNT PROSPECT, ILLINOIS RATIO OF ANNUAL DEBT SERVICE EXPENDITURES FOR GENERAL OBLIGATION DEBT TO TOTAL GENERAL GOVERNMENTAL EXPENDITURES AND OTHER FINANCING USES LAST TEN FISCAL YEARS APRIL 30, 1991 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 $ 330,000 350,000 360,000 337,553 346,402 464,722 576,973(3) 583,030 628,172 616,328 263.905 244.655 226_.084 225.011 204.930 315.834 438,369 594.338 504.713 463.274 593.905 594.655 586,060 562-564 55L332 800,556 1,015.342 I, 177, 368 _1-132,$85 1,079,602 11,828,047 12.058,425 13 230.344 14,369.636 15,999,853 16,981.818 17,503.452(3) _19.204 X02 22.308£405 23.535.311 502% 4.93% 4.43% 3.91% 3.45% 4.71% 5.80% 6.13% 5�.08% 4�59�% (1) Does not include general obligation debt retied by the Waterworks and Sewerage Fund. (2) Includes General, Special Revenue, and Debt Service Funds. (3) Excludes refunding principal of $1,570,000. Data Source Village Records 156 Fiscal Year (1) Gross Revenue (2) Expenses (3) Net Revenue Available for Debt Service Debt Service Requirements (4) Principal Interest Total Debt Service (5) Coverage VILLAGE OF MOUNT PROSPECT, ILLINOIS SCHEDULE OF REVENUE BOND COVERAGE LAST TEN FISCAL YEARS APRIL 30, 1991 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 $2,600,884 2,274,436 3,033,527 4,553,262 4,975,040 5,038,723 5,090,725 6,242,416 6,790,462 6,252,794 1,738,008 1.742.050 2.472.421 2.157.593 2,844,616 4.791.970 4,189,,745 5.411.599929.3 5,568.045 862 876 532 386 361 106395 669 125 424 246 753 200 980 830 817 861 103 684 749 175,000 175,090 400,000 34,200 25.575 11,512 209.200 4,12 2.65 36 (1) Total operating revenues, operating transfers, property taxes, grants, and interest income. (2) Total operating expenses and operating transfers exclusive of depreciation, interest expense and other nonoperating expenses. (3) Gross revenue minus expenses. (4) Principal in 1984 includes a repayment of $225,000 from Bond Reserve Account Assets. (5) Net revenue available for debt service divided by total debt requirements. 157 Fiscal (1) Year u' atiioD (5) 1982 52,634 1983 52,581 1984 52,581 1985 53,390 1986 53,390 1987 54,630* 1988 54,630* 1989 54,630* 1990 54,630* 1991 53,170 VILLAGE OF MOUNT PROSPECT, ILLINOIS DEMOGRAPHIC STATISTICS LAST TEN FISCAL YEARS APRIL 30, 1991 (3) Education (2) Level In (4) (5) Per (2) Years of School Unemploy- Capita Median Formal Enroll- ment Income Age g oo h ment . costa $12,957 31.4 15.9 7,093 5.9 N/A N/A N/A 6,813 7.7 13,916 N/A N/A 7,146 8.4 N/A N/A N/A 6,991 6.3 15,229 N/A N/A 6,723 6.1 N/A N/A N/A 6,703 3.1 N/A N/A N/A 6,493 3.5 N/A N/A N/A 6,352 2.8 N/A N/A N/A 6,456 3.2 N/A N/A N/A 6,649 3.9 Data Sources (1) Bureau of the Census Office of Revenue Sharing * Estimated (2) Bureau of the Census Office of Revenue Sharing Northeastern Illinois Planning Commission (3) Bureau of the Census (4) District School Administration Offices (5) Bureau of Labor Statistics N/A Not Available 158 VILLAGE OF MOUNT PROSPECT, ILLINOIS PROPERTY VALUE, CONSTRUCTION, AND BANK DEPOSITS LAST TEN FISCAL YEARS APRIL 30, 1991 (2) (3) Bank (1) Value Deposits (1) Commercial din Thousands) Residential Residential and Industrial $ 628,810,000 Construction Construction Fiscal Number 536,361 636,053,000 Year of Units Value Value 1982 23 $ 1,543,500 $ 1,136,300 1983 115 4,174,800 1,522,700 1984 56 1,906,045 2,554,200 1985 18 2,760,071 13,160,190 1986 58 8,291,137 23,608,714 1987 55 6,875,178 25,897,875 1988 94 13,501,989 24,745,960 1989 263 32,705,309 34,803,787 1990 165 17,971,709 26,078,128 1991 77 9,198,016 24,410,034 (2) (3) Bank Property Value Deposits Commercial din Thousands) and Industrial Residential $415,041 $ 628,810,000 $ 657,155,000 489,675 654,450,000 726,478,000 536,361 636,053,000 712,599,000 560,171 660,476,000 731,024,000 605,857 705,868,000 845,923,000 641,149 738,804,000 885,328,000 826,938 788,467,000 910,816,000 867,814 829,895,000 942,441,000 853,261 1,036,462,000 1,168,776,000 886,616 1,114,801,000 1,212,549,000 Data Sources (1) Based upon building permits; property values are estimated construction costs. (2) Data obtained from annual Statements of Condition of First National Bank of Mount Prospect, First Chicago Bank of Mount Prospect, and Countryside Bank. (3) Property values are estimated and based upon data from County Assessor's Office and building permits. 159 VILLAGE OF MOUNT PROSPECT, ILLINOIS PRINCIPAL TAXPAYERS APRIL 30, 1991 Taxpayers Rouse Company Salvatore DiMucci, Sr. OPUS Corporation Chicago Colony Apts. Association Bennett & Kahnweler RS&P Kensington AM International, Inc. Western Development Corp. Forest Cove Venture PS Shell Oil Co. lyge pf Bu.nes Randhurst Shopping Center Shopping Center & Multi -Family Commercial Development Colony Square Apartments Property Management Property Management Multigraphics-Offset Equipment Shopping Center Forest Cove Apartments Storage Facilities Total 1990 Assessed Valuation Data Source Office of the County Clerk 160 1990 Assessed Valuation $ 60,993,236 Percentage of Total Assessed Valuation 7.86% 21,148,692 2.73 16,981,456 2.19 16,102,216 2.08 11,977,056 1.54 9,639,916 1.24 7,426,751 .96 6,680,235 5,792,304 .- 733,849 1.62 475.711 7751783,364 100.00 VILLAGE OF MOUNT PROSPECT, ILLINOIS MISCELLANEOUS STATISTICS APRIL 30, 1991 Date of Incorporation February 3, 1917 Form of Government Board - Manager Geographic Location Northwest Suburb of Chicago located in Cook County Area 10.28 square miles Population 1950 4,009 1960 18,905 1970 34,995 1980 52,634 1990 53,170 Municipal Services & Facilities Number of Full -Time Employees 272 Number of Part -Time Employees 28 Miles of Streets & Roads 158.5 Building Inspection Number of Permits Issued in FY91 1,920 Value of Construction in FY91 33,608,050 Fire Protection Number of Firefighters 68 Number of Stations 3 Number of Fire Hydrants 2,011 ,w I.S.O. Rating Class 2 Police Protection rrrr Number of Police 69 Number of Crossing Guards 14 Number of Stations 1 Library Services Number of Branch Libraries 1 w Number of Books 232,218 Number of Registered Borrowers 46,911 161 VILLAGE OF MOUNT PROSPECT, ILLINOIS MISCELLANEOUS STATISTICS (CONT.) APRIL 30, 1991 Municipal Water Utility Average Daily Pumpage (gallons) Miles of Water Mains Number of Metered Accounts Elections Number of Registered Voters Number of Votes Cast in Last Municipal Election Percentage of Registered Voters Voting in Last Municipal Election Data Source Village Records 162 4,062,822 151.4 11,550 26,297 6,594 25.08%