VILLAGE OF SCHAUMBURG, ILLINOIS
COMPFEHENSNE ANNUAL FINANCIAL REPORT
For the Year Ended April 30,2002
Prepared by:
Department of Finance and Administration
Keith R. Wendland, Director Steven J. Shields, Assistance Director VILLAGE OF SCHAUMBURG, ILLINOIS TABLE OF CONTENTS
INTRODUCTORY SECTION
Officers and Officials ...... i
. . Organization Chart ...... 11
Certificate of Achievement for Excellence ... in Financial Reporting...... 111
Letter of Transmittal ...... iv-xii
FINANCIAL SECTION
INDEPENDENT AUDITOR'S REPORT ......
GENERAL PURPOSE FINANCIAL STATEMENTS
Combined Balance Sheet - All Fund Types and Account Groups ...... 3-6 Combined Statement of Revenues, Expenditures and Changes in Fund Balances - All Governmental Fund Types and Similar Trust Funds ...... 7 Combined Statement of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual - All Governmental Fund Types ...... 8-9 Combined Statement of Revenues, Expenses and Changes in Retained Earnings - All Proprietary Fund Types ...... 10 Combined Statement of Cash Flows - Proprietary Fund Type ...... 11 Combined Statement of Changes in Plan Net Assets - Pension Trust Funds ...... 12 Notes to Financial Statements ...... 13-42
REQUIRED SUPPLEMENTARY INFORMATION
Schedule of Funding Progress Illinois Municipal Retirement Fund ...... Police Pension Fund ...... Firefighters' Pension Fund ...... VILLAGE OF SCHAUMBURG, ILLINOIS TABLE OF CONTENTS (Continued)
Pagels) FINANCIAL SECTION (Continued)
REQUIRED SUPPLEMENTARY INFORMATION (Continued)
Schedule of Employer Contributions Illinois Municipal Retirement Fund ...... ,...... 46 Police Pension Fund ...... 47 Firefighters' Pension Fund ...... 48
COMBINING, WIVIDUAL FUND AND ACCOUNT GROUP FINANCIAL STATEMENTS AND SCHEDULES
GOVERNMENTAL FUND TYPES
General Fund
Balance Sheet ...... 49 Statement of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual ...... 50 Schedule of Revenues - Budget and Actual ...... 51-53 Schedule of Expenditures - Budget and Actual ...... 54-71
Special Revenue Funds
Combining Balance Sheet ...... 72 Combining Statement of Revenues, Expenditures and Changes in Fund Balances ...... 73 Statement of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual Motor Fuel Tax Fund ...... 74 Schaurnburg Transit Program Fund ...... ,...... +...... +,...... ,,..... 7 5 Community Development Block Grant Fund ...... 76 9 11 Phone Fund...... 77
Debt Service Funds
Combining Balance Sheet ...... ,...... 78 Combining Statement of Revenue, Expenditures and Changes in Fund Balances - Budget and Actual ...... 79-80 VILLAGE OF SCHAUMBURG, ILLINOIS TABLE OF CONTENTS (Continued)
Pagels1 FINANCIAL SECTION (Continued)
COMBINING, INDIVIDUAL FUND AND ACCOUNT GROUP FINANCIAL STATEMENTS AND SCHEDULES (Continued)
GOVERNMENTAL FUND TYPES (Continued)
Capital Projects Funds
Combining Balance Sheet ...... Combining Statement of Revenues, Expenditures and Changes in Fund Balances...... Statement of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual Capital hprovernent Fund ...... Olde Schaumburg Centre Special Allocation Fund ...... 2000 Land Acquisition and Street Improvement Fund ...... Special Service Area #6 Fund ...... Special Service Area #7 Fund ...... Special Service Area #8 Fund ...... Special Service Area #9 Fund ...... Special Service Area #10 Fund ......
PROPRIETARY FUND TYPE
Enterprise Funds
Combining Balance Sheet ...... 93-94 Combining Schedule of Changes in Contributed Capital ...... 95 Combining Statement of Revenues, Expenses and Changes in Retained Earnings (Accumulated Deficit) ...... 96-97 Combining Statement of Cash Flows ...... 98-99
Waterworks and Sewerage Fund Schedule of Operating Revenues - Budget and Actual ...... 100 Schedule of Operating Expenses - Budget and Actual ...... 101-1 02
Commuter Parking Lot Fund Schedule of Operating Revenue and Expenses - Budget and Actual ......
Schaumburg Regional Airport Fund Schedule of Operating Revenue and Expenses - Budget and Actual ...... 104 VILLAGE OF SCHAUMBURG, ILLINOIS TABLE OF CONTENTS (Continued)
Pagels) FINANCIAL SECTION (Continued)
COMBINING, INDIVIDUAL FUND AND ACCOUNT GROUP FINANCIAL STATEMENTS AND SCHEDULES (Continued)
PROPRIETARY FUND TYPE (Continued)
Enterprise Funds(Continued)
Schaumburg Baseball Stadium Fund Schedule of Operating Revenues - Budget and Actual ...... 105 Schedule of Operating Expenses - Budget and Actual ...... 106
Internal Service Funds
Combining Balance Sheet ...... 107 Combining Schedule of Changes in Contributed Capital ...... 108 Combining Statement of Revenue, Expenses and Changes in Retained Earnings ...... 109 Combining Statement of Cash Flows ...... 110 Schedule of Revenue, Expenses and Changes in Retained Earnings - Budget and Actual (Budgetary Basis) Vehicular Replacement Fund ...... 111 Office Equipment Replacement Fund ...... 112 Building Replacement Fund ...... 113
FIDUCIARY FUND TYPE
Trust And Agency Funds
Combining Balance Sheet ...... 114 Combining Statement of Plan Net Assets - Pension Trust Funds ...... 115 Statement of Changes in Plan Net Assets - Pension Trust Fund ...... 116 Statement of Revenue, Expenditures and Changes in Fund Balance - Expendable Trust Fund Medical Facility Fund ...... 117 Combining Balance Sheet - Agency Funds ...... 118 Combining Statement of Changes in Assets and Liabilities - Agency Funds ...... 119- 120 VILLAGE OF SCHAUMBURG, ILLINOIS TABLE OF CONTENTS (Continued)
COMBINING, INDIVLDUAL FUND AND ACCOUNT GROUP FINANCIAL STATEMENTS AND SCHEDULES (Continued)
ACCOUNT GROUPS
General Fixed Assets Account Group
Schedule of General Fixed Assets - by Source ...... 121 Schedule of General Fixed Assets - by Function and Activity ...... 122 Schedule of Changes in General Fixed Assets - by Function and Activity ...... 123
General Long-Term Debt Account Group
Schedule of General Long-Term Debt ...... 124
SUPPLEMENTAL DATA
Long-Term Debt Requirements General Obligation Bonds ...... 125 General Obligation Note ...... 126
STATISTICAL SECTION (Unaudited)
General Revenues by Source - Last Ten Fiscal Years ...... General Governmental Expenditures by Function - Last Ten Fiscal Years ...... Property Tax Levies and Collections - Last Ten Fiscal Years ...... Assessed and Estimated Actual Value of Taxable Property - Last Ten Fiscal Years ...... Property Tax Rates - All Overlapping Governments (Per $100 Assessed Valuation) - Last Ten Fiscal Years ...... Ratio of Annual Principal and Interest Expenditures for General Bonded Debt to Total General Expenditures ...... Computation of Direct and Overlapping Bonded Debt ...... Schedule of Legal Debt Margin ...... Ratio of Net General Obligation Bonded Debt to Assessed Value and Net General Obligation Bonded Debt Per Capita - Last Ten Fiscal Years ...... Schedule of Revenue Bond Coverage - Waterworks and Sewerage Fund...... Salaries and Surety Bonds of Principal Officials ...... Demographic Statistics - Last Ten Fiscal Years ...... VILLAGE OF SCHAUMBURG. ILLINOIS TABLE OF CONTENTS (Continued)
STATISTICAL SECTION (Unaudited) (Continued)
Construction Activity .Last Ten Fiscal Years ...... Major Shopping Centers ...... Major Office Parks ...... Property Value and Construction ...... Pr~ncipalTaxpayers ...... Ten Largest Employers ...... Schedule of Insurance in Force ...... Miscellaneous Statistics ...... Sales Tax Receipts ...... Sales Tax Receipts by Month ...... Home Rule Sales Tax Receipts by Month ...... Sales Tax Receipts by Category ...... 2001 Retail Sales Volume - Top Ten Illinois Communities ...... Hotel Tax Revenues ...... Other Village Revenues ...... VILLAGE OF SCHAUMBURG, ILLINOIS
OFFICERS AND OFFICIALS
April 30,2002
LEGISLATIVE
VILLAGE BOARD OF TRUSTEES
A1 Larson, President
Marge Connelly Mary Ecker
Thomas Dailly Patrick Riley
George Dunharn Jack Sullivan
Penny Dietrich, Clerk
ADMINISTRATION
Kenneth Fritz, Village Manager
DEPARTMENT OF FINANCE AND ADMINISTRATION
Keith R. Wendland, Director
Steven J. Shields, Assistant Director VILLAGE OF SCHAUMBURG
ORGANIZATION CHART
(23Village Clerk
Commissions
Assistant
Department
Department Department Certificate of Achievement for Excellence in Financial Reporting
Presented to Village of Schaumburg, Illinois
For its Comprehensive Annual Financial Report for the Fiscal Year Ended April 30,2001
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 (CAFRs) achieve the highest standards in government accounting and financial reporting.
Executive, Director November 15,2002
To: The President and Members of the Board of Trustees And the Citizens of the Village of Schaumbuxg
Ladies and Gentlemen:
The Comprehensive Annual Financial Report ("CAFR") of the Village of Schaumburg, Illinois ("Village"), for the fiscal year ended April 3 0. 2002, i s h ereby s ubmitted, a s r equired b y the Illinois Revised Statutes. Responsibility for both the accuracy of the data and the completeness and fairness of the presentation, including all djsclosures, rests with the Village. To the best of our knowledge and belief, the enclosed data is accurate in all material respects and is reported in a manner designed to present fairly the financial position and results of operations of the various funds and account groups of the Village. All disclosures necessary to enable the reader to gain an understanding of the Village's financial activities have been included.
The CAFR includes all funds and account groups of the Village and is presented in three sections: introductory, financial and statistical. The introductory section includes a list of principal officers and officials, this transmittal letter, the Village's organization chart, and GFOA Certificate of Achievement. The financial section includes the independent auditor's report, the general purpose financial statements; the combining, individual fund and account group statements and schedules; and supplementary information. The statistical section includes selected financial and demographic information, generally presented on a multiyear basis.
Accountin: System
In developing and evaluating the Village's accounting system, consideration is given to the adequacy of the internal accounting controls. Internal accounting controls are designed to provide reasonable, but not absolute, assurance regarding (1) the disposition and (2) the reliability of financial records for assets. The concept of reasonable assurance recognizes that (1) the cost of a control should not exceed the benefits likely to be derived and (2) the evaluation of costs and benefits requires estimates and judgments by management.
All internal control evaluations occur within the above framework. We believe that the Village's intenla1 accounting controls adequately safeguard assets and provide reasonable assurance of proper recording of financial transactions. The Reporting Entity and Its Services
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 2 100."
In accordance with GASB Codification Section 2 100, for financial reporting purposes the Village's financial statements include all funds, account groups, departments, agencies, boards, commissions and other organizations over which Village officials exercise financial accountability. Financial accountability includes appointment of the organization's governing body, imposition of will and fiscal dependency.
The Village considered the following entities when implementing GASB Codification Section 2100. The criteria did not require the inclusion of these entities as component units in the Village's financial statements principally because the Village does not exercise financial accountability over such entities. Listed below are the entities that were considered:
Northwest Suburban Municipal Joint Action Water Agency Schaumburg Park District Schaumburg Township
The Village of Schaumburg was incorporated March 7, 1956. The Village operates under a Board-Manager form of government and provides the following services as authorized by its charter: public safety (police and fire), highways and streets, sanitation, health and social services, culture-recreation, education, public improvements, planning and zoning, and general administrative services.
Economic Condition and Outlook
The general economic outlook for the Schaurnburg area has moderated over the past year. However, the Village's economic base continues to be very strong. This is evidenced by the fact that the Village's taxable base continues to expand. During the last five years, for example, the taxable base has expanded by 34.86%. It is expected that development will continue in the near future at a sustainable rate of 2% to 3% annually.
With respect to the diversity of the Village's sales tax base, the following categorical breakdown illustrates the percentage of sales tax that the Village receives from ten different categories calculated by the State of Illinois Department of Revenue: Percentage of 2001 Categorv Sales Tax Produced
General merchandise Food Drinking and eating establishments Apparel Furniture and radio Lumber, building and hardware Auto and filling stations Drug and other retail Agriculture and extractive Manufacturing
Although the percentage produced by the auto and filling station category appears high, it should be noted that, in spite of sales tax growth, this number has declined from 31.8% in 1987, indicating much faster growth rates in most of the other categories.
The Village's most important source of revenue, sales tax, decreased during the 2001-02 fiscal year, due to the slowing economy. Sales tax, which makes up approximately 65% of General Fund revenues, decreased slightly by 0.7% from the previous year. We feel confident that growth in this category will return to a rate of 2% to 3% in future years, as the economy begins to pick UP.
The aftermath of the events of September 11, 2001 were felt in the Village of Schaumburg, most notably in the area of hotel taxes. During the 2001-02 fiscal year overall hotel tax receipts decreased by approximately 15%. The village is hopeful that with the improving economy and the addition of three new hotels in fiscal year 2002-03, that hotel tax revenues will stabilize. The Village's food and beverage tax continued to rise, with fiscal year 2001-02 showing an increase of 1.0%.
Maior Initiatives for 2001-02
The construction of a baseball stadium for Schaumburg's minor league franchise in the independent Northern League, the Schaumburg Flyers, was completed in 1999. The stadium, which is a joint venture with the Schaumburg Park District, has a capacity of 7,200 and opened for play in May 1999. Due to the early success of the team, drawing an average of 5,600 per game in its initial season, a Stadium Club was constructed and opened for the 2001 season to add to the attractiveness of the stadium.
In March 2000, the Village issued $16.6 million in Variable Rate Demand Bonds. The proceeds of the issue were used to purchase 45 acres of land, one of the last remaining large tracks of land in the village. During 2001-2002 the Village considered the funding and construction of a major convention center, performing arts center and a hotel. The project would act as a major catalyst for the Village's rapidly growing hospitality industry. The Village, now a regional center for hotel rooms (over 3,000 available) and restaurants (over 300), could benefit considerably from a major project such as this and the increased business and tax revenue it would generate.
The exact size and scope of the project is being reviewed by the President and Village Board of Trustees with help from outside consultants. Many items will enter into the decision-making process, including tax revenue generated, debt service and its impact on finances, and general economic conditions. It is assumed at this point in time that if approved, the project would not be completed for 3 to 4 years. It is the Village's hope that a partnership can be developed with a major hotel chain so that a convention center in Schaurnburg may eventually become a reality.
General Governmental Functions
Revenues for general governmental functions (the General Fund, Special Revenue Funds, Debt Service Funds, Capital Projects Funds and Expendable Trust Funds) totaled $77,416,720 for the fiscal year ended April 30, 2002, a decrease of $6,454,723, or 7.7% from last year. Intergovernmental revenue accounted for 72% of general governmental revenues, compared to- 77% during the previous fiscal year. The amount of revenue from various sources and the changes from last year are shown below:
Revenue Percent Change From Source Amount of Total Last Year
Taxes Licenses and permits Intergovernmental Charges for services Fines and forfeits Grants Miscellaneous Investment income Donations Total
The Village's equalized assessed value o f $3,049,370,153 shows an i ncrease from 1ast year's $2,606,502,817. Although the Village's assessed valuation showed an increase during the 2001- 02 fiscal year, the financial impact on the Village was negligible since the Village does not levy a property tax.
Expenditures for general governmental purposes totaled $85,8 18,375, an increase of $12,274,579 or 16.7% from last year. Expenditures for major general governmental functions of the Village and the changes from last year are as follows:
vii Percent Change From Function Amount of Total Last Year
General government $18,190,083 Public Safety 35,821,394 Highway and street 8,504,483 Health and Welfare 2,3 14,848 Capital Outlay 15,055,379 Debt 4,037,792 Prairie Center & community events 1,894,396 Total $85,818,375
On the expenditure side, the increase in capital outlay expenditures was due to higher levels of general capital improvements, which is more in line with the typical capital spending done each year.
Debt Administration
The Village for the first time sold general obligation bonds in September 1987. The purpose of the bond issue was to address long-term capital needs (for the next five years) that previously would have been paid for through general operating revenues. The majority of the $30.6 million issue addresses various street resurfacing and reconstruction projects along with the wide array of other capital construction items, including a large addition to the Public Safety (Police) facility. The bond issue has been rated AA-1 by Moody's Investors Service and AA-1- by Standard & Poor's.
Although the first security for the debt service on this issue was the property tax, it was anticipated that the tax would not have to be levied given several taxes enacted at that time by the Village for this purpose.
A 1% food and beverage tax and a $1/$1,000 real estate transfer tax have generated enough revenue to offset all debt service commitments and help Schaurnburg remain as one of the few communities in the State of Illinois without a property tax.
In December 1989, the Village issued $10.0 million of general obligation bonds for the purpose of financing a large road project in the Village. The bulk of these funds ($9.0 million) were to be utilized for the construction of the Martingale Road extension, a vital north and south transportation link. These bonds also have been rated AA-1 by Moody's Investors Service and AA+ by Standard & Poor's.
As with the 1987 bonds, the first security for the debt service on this issue was the property tax. However, it was anticipated that the tax would not have to be levied since the Village enacted a special 112% sales tax that has been dedicated to retire this debt service.
. . . Vlll During January of 1993, decreases in prevailing interest rates made it advantageous for the Village to refinance the 1987 bonds. Approximately $80,000 per year in debt service payments will be saved as a result of this refinancing, for a net present value savings of slightly over 5% of the original bonds issued.
During January of 1994, decreases in interest rates made it advantageous to refinance the 1989 general obligation bonds with the issuance of $6.8 million of general obligation refunding bonds.
During March of 1996, $27,800,000 General Obligation Variable Rate Demand Bonds, Tax Exempt Series 1996A and B were issued to repay outstanding lines of credit and finance improvements at both Olde Schaumburg Centre and the Schaumburg Airport. These bonds also have been rated AA-1 by Moody's Investors Service and AA-t by Standard & Poor's.
In 1998, $15,000,000 General Obligation Variable Rate Demand Bonds were issued to finance the construction of a 7,200-seat baseball stadium as a joint venture with the Schaumburg Park District. The bonds also have been rated AA-1 by Moody's Investors Service and AA+ by Standard & Poor's.
In 2000, $16,600,000 General Obligation Variable Rate Demand Bonds were issued to finance the purchase of 45 acres of land in Schaumburg. A feasibility study is being undertaken to determine if the construction of a convention center is possible for the site. The bonds have also been rated AA-1 by Moody's Investors Service and AAk by Standard & Poor's.
In 2002, $33,875,000 General Obligation Capital Improvement Bonds were issued to finance construction of a new fire station, repair and rehabilitation of existing fire stations, construct an emergency communicatio~lscenter, renovatelremodel the existing Public Works complex, and a program of overhead utility burial along major roadway corridors. The bonds have been rated AA-1 by Moody7 Investors Service and AA+ by Standard & Poor's
General Fixed Assets
The general fixed assets of the Village are those fixed assets used in the performance of general government functions and exclude the fixed assets of the enterprise funds. As of April 30, 2002, the general fixed assets of the Village amounted to $48,880,680. This amount represents the original 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.
Cash Management
Cash temporarily idle during the year was invested in United States Government Securities, time deposits and certificates of deposit. The terms of investment ranged from 3 days to 25 years. Competitive bids are sought on investments to secure the best rate of return for the Village. Cash and investments held at April 30, 2002, totaled $193,049,186, Investment earnings by fund type are as follows: Fiscal Year Ended -Fund April 30,2000 April 30,2001 April 30,2002 General Special revenue Debt service Capital projects Expendable trust Enterprise Internal service Pension trust
Proprietary Operations
The Village's water and sewer system remained stable during the 2001-02 fiscal year. Gross revenues slightly decreased by 2.0% during the period, while operating expenses increased by 5.2% during the same period. The increase in operating expenses is mainly due to personnel services and commodities, both increasing by $287,987 and $212,988, respectively, over the previous year. Since approximately $5 million in capital i~nprovernentsare currently planned for the Waterworks and Sewerage Fund, a rate study will help properly match revenues and expenses for the next four-year period. Currently, the Waterworks and Sewerage Fund has no outstanding bond issues. The rate study was completed early in the 2002-03 fiscal year and provided for r ate increase o n 1 0/0 1102,O 5/01/03,O 5/01/04, and 0 5/0 1/05. Rate i ncreases will average 5.5%.
Risk Management
During 200 1-02 the village continued to emphasize its risk management program in cooperation with its property, liability, and casualty insurance carrier, the St. Paul Company. The program includes mandatory training programs for all employees and the evaluation of all accidents by a village wide safety committee. The safety committee then makes recommendations for implementation to Village management.
In addition to the above program, in the property, casualty section of the Village's risk program, the Village continues to provide both individual and aggregate stop loss insurance protection for its self-funded medical program. This program has greatly limited the Village's exposure to catastrophic medical claims and helped keep the village's medial costs at manageable levels. Finance Department Goals
The Village administration is intent upon maintaining its strong financial condition and maintaining sewice levels without the use of ad-valorem property taxes. Budget plans are now being implemented that emphasize the following goals:
1. Greater reliance on technology and improved data processing capability to increase internal efficiency and reduce the need for additional personnel.
2. Continued emphasis on expansion of the commercial and industrial tax base through tax incentives such as industrial revenue bonds.
3. Emphasis on long-term fiscal planning through multiyear budgeting and detailed analysis of the fiscal impact of new development.
It i s hoped that this t hree-point p rogram o f i mproved t ethnology and b udgetary analysis will allow the Village to limit increases in personnel levels of resource outlay in the operating budget.
Certificate of Achievement for Excellence in Financial Reporting
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 Schaumburg for its Comprehensive Annual Financial Report for the fiscal year ended April 30, 2001.
In order to be awarded a Certificate of Achievement, a governmental unit must publish an easily readable and efficiently organized Comprehensive Annual Financial Report, whose contents conform to program standards. Such reports must satisfy both generally accepted accounting principles and applicable legal requirements.
A Certificate of Achievement is valid for a period of one year only. I believe our current report continues to conform to the Certificate of Achievement Program requirements, and I am submitting it to GFOA to determine its eligibility for another certificate.
Independent Audit
The Illinois statutes require an independent audit for all funds and accounts of a municipality. This requirement has been complied with, and the auditor's opinion is included in this report. 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 Department of Finance and Administration. I would like to express my appreciation to all members of the department who assisted and contributed to its preparation. I would also like to thank the Village President, Board of Trustees, and the Village Manager for their interest and support in planning and conducting the financial operations of the Village in a responsible and progressive manner.
Respectfilly submitted,
Keith Wendland Director of Finance and Administration
xii MEMBERS OF
AMERICAN INSTITUTE OF Sikich Gardner & Co, LLP CERTIFIED PUBLIC ACCOUNTANTS Accountants & Consultants ILLINOIS CPA SOCIETY
998 Corporate Boulevard Aurora, IL 60504
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INDEPENDENT AUDITOR'S REPORT
The Honorable President Members of the Board of Trustees Village of Schaumburg 101 Schaumburg Court Schaumburg, Illinois 60507
We have audited the accompanying general purpose financial statements of the Village of Schaumburg, Illinois (the Village) as of and for the year ended April 30, 2002, as listed in the table of contents. These general purpose financial statements are the responsibility of the Village's management. Our responsibility is to express an opinion on these general purpose financial statements based on our audit.
We conducted our audit in accordance with auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the general purpose financial statements are free from material misstatement. 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 Schaurnburg, Illinois at April 30, 2002, and the results of its operations and the cash flows of the Proprietary Funds for the year then ended, in confomity with accounting principles generally accepted in the United States of America.
In accordance with Government Auditing Standurds, we have also issued a report dated September 13,2002 on our consideration of the Village of Schaumburg, Illinois' internal control over financial reporting and our tests of it's compliance with certain provisions of laws, regulations, contracts and grants. That report is an integral part of an audit performed in accordance with Government Audit Stundards and should be read in conjunction with this report in considering the results of our audit. Our audit was made for the purpose of forming an opinion on the general purpose financial statements taken as a whole. The combining and individual fund financial statements and schedules and the supplemental data listed in the table of contents are presented for the purposes of additional analysis and are not a required part of the general purpose financial statements of the Village of Schaumburg, Illinois. Such information has been subjected to the auditing procedures applied in the audit of the general purpose financial statements and, in our opinion, is fairly stated in all material respects in relation to the general purpose financial statements taken as a whole.
The required supplementary information listed in the table of contents is not a required part of the general purpose financial statements but is supplementary information required by the Governmental Accounting Standards Board. We have applied certain limited procedures, which consisted principally of inquiries of management regarding the methods of measurement and presentation of the supplementary infomation. However, we did not audit the information and express no opinion on it.
The information in the introductory and statistical sections listed in the table of contents was not audited by us and we express no opinion thereon.
Aurora, Illinois September 13,2002 GENERAL PURPOSE FINANCIAL STATEMENTS VILLAGE OF SCHAUMBURG, ILLINOIS
COMBINED BALANCE SHEET ALL FUND TYPES AND ACCOUNT GROUPS
April 30,2002
Governmental Fund Types Special Debt Capital General Revenuc Service Projecls
ASSETS AND OTHER DEBITS
ASSETS Cash and cash equivalcnts Invcstrnents Rccelvablcs Property taxes C'uslomer accounts Fines and fees Accrued interest Other Deposits Inventories Loan receivable Due from olhcr governments Due froin other funds Advances to other funds Prepad items Land held for resale Property and equipment (nct of accumulated depreciation) Roild issuancc costs, nct of amo~-i~zation 0TIIP;R DEBlTS Aillounts available 111 the debt servicc fund Amount to be provided for retirernent of general long-term debt
TOTAL ASSE'TS AND OTHER DEBITS Proprictary Fiduciary Fund Typc Fund Type Account Ciroups Total Intcrnal Tn~stand General Flxed Gencral Long- (Mcniorandum Enterprise Service Agency 1;unds Assets Term Debt Only)
(This statement is continued on thc following page.) - 4 - VILLAGE OF SCHAUMBURG, ILLINOIS
COMBINED BALANCE SHEET (Continued) ALL FUND TYPES AND ACCOUNT GROUPS
Aprll30, 2002
Governmental Fund Tvnes Special Debt Capital Gencral Rcvenue Service Projccts
LIABILITIES, EQUITY AND O'FHER CREDITS
LlABI1,ITIES Accounts payable Accrucd payroll Accrued interest payable C'ompensatcd absences Deposits Captlal lcase payablc Other liabilities Claims payablc Due to property owncrs Dcferred revenuc Due to other funds Advances from other funds General obligat~onbonds Notes, judgements and contracts
Total liabilities
EQUITY AND OTHER CREDITS Contributed capital Investn~enlsin general fixcd assets Relaincd Earnings Unreserved Fund balances Reserved for advances Reservcd for inventories Reserved for prepaid items Reserved for loan receivable Reserved for land held for resale Reserved for employees' pension benefits Unreserved Undesigilatcd
Total cquity and other credits
TOTAL LIABILLTIES, EQUITY AND OTHER CKEDITS Proprietary 1;iduciary Fund Type 1;~1ndType Accoullt Groups 'l'ntal Intcmal Trust and Ccneral Fixed General Long- (Mcmnrat~d~~m Enterprise Scrvice Agency Funds Assets Term Debt Only)
See accompanying notes to financial statements -6- VILLAGE OF SCHAUMBURG, ILLINOIS
COMRINED STA1EMFNrI OF REVtNlJES, EXPENDIlURES AND CHANGES IN 1-UND RALANC'ES Al,L GOVERNMENTAL FlJND 1 YPES AND SIMILAR TRUST FIJNDS
For the Year Ended April 30,2002
Fiduciary Govern~iientalFund 'l'ypes Fund Typr Total Spccial Debt Capital Expendable (Memorandum General Revenue Service Projects Trusts Only)
REVENUES Taxes License.: and peniiits Inlergovcrnmmtal Cliargcs Ibl- serviccs I'incs and forfc~ts GI-ants Donat~ons Invcstmenl incornc Miscellaneous
Total rcvenues
EXPENDITURES C~lrrent Gencral governtrrent Public safcty Highways and strccts Ilcalth and wclfare Prairie Centcr and comnlunity evcr~ts Debt service Princ~pal Interest Capital outlay
Total expenditures
EXCESS (DEFICIENCY) OP REVENUES OVER EXPENDlTURES
OTHER FINANCING SOURCES (USES) Operating transfcrs in Opcratlng transltl-s (out) Borid pi-occcds
Total other financing sourccs (uses)
EXCESS (DEF1C:IENCY) 01' REVENUES AND OTIIER FINANCING SOURCES OVER EXPBNDITUKES AND OTHER FINANCING USES
FUND BALANCES, MAY I
Prior period adjustment
FUND BALANCES, MAY I, RESTATED
Rcsidual equity [I-ansfcr
FllNU BALANCES, APRlL 30
Scc acco~npar~yingnotes to financial statements VIL1,AGE OF SCHAUMBIJRG, ILLINOIS
COMUlNED S I'ATEMENT 01' REVENUES, EXPENDl'SURES AND CHANGES IN FUND UALANCCS - BUDGET AND ACTUAL ALL GOVERNMENTAL 1:IJND 'I YPES
For tlic Year Ended April 30,2002
General Special Kcvenue Varia~icc Variancc Favorable Favorable Budgct Actual (Ilnfavorable) Budget Aclual (Ilnfavorable)
REVENUES Taxcs Licenses and pemiits Intergovernmental Charges for serviccs Fines and forreits Grants Donations lnvest~nentirrcoiiie Miscellancous
'I'otal revenues
EXPENDITURES C:lirrcnt General government Public safety llighways and streets Health and welfarc Prairie Centcr aid co~ntrrunityevcnts Debt Service Principal Interest Capital outlay
Yotal uxpenditures
EXCESS (DEFICltNCY) OF KEVENUhS OVER EXPENDITURES
07'1IER FINANCING SOURCES (USES) Operating transfers in Opcratiiig transfers (out) Sale of fixcd asset Bond proceeds
'l'otal other fi~lancingsources (uscs)
BX(:ESS (DEFICIENCY) OF KBVENUES AND OTHER FINANCING SOIJRC:ES OVER EXPFNDlTllRES AND OTIIER FINANCING USES
FUND BALANCES, MAY I
Prior period adjustnient
FUND BAI,ANCE, MAY I, RESTATED
Kcsidual equity lrimsfcr
FUND BALANCES, APRII, 30 Dcbt Service Capital Pro,jccls 'Total (Memorandum Only) Variance Variancc Variance Favorable Favorable Favorable Budgct Actual (LJnljvorablc) Budget Actual (Unfavorable) Budget Actual (Unlhvorablc)
Sec acco~lipanyingnotes to financial statcments. -9- VIL,I,AGE OF SCHAIJMBURG, ILLINOIS
COMBINED STATEMENT OF REVENUES, EXPENSES AND CHANOES IN RETAlNED EARNINGS ALL PKOPRIETARY FUND TYPES
For the Year Ended April 30,2002
Total lntemal (Memorandum Enterprise Scrvice Only)
OPERATING REVENUES Charges for services Miscellatieoils
Total operating revenues 14,033,73 1 2,129,265 16,162,996
OPERATING EXPENSES EXCLUDING DEPRECTATION AND AMORTIZATION Personnel services 3,571,958 3371,958 Contractual scrvices 1,842,209 1,842,299 C'ommodilies 7,819,247 7,819,247 Repa~rsand replacement 59X,177 1,089,880 1,688,057
'I'otal operating cxpenses excluding depreciation and amortizatioll 13,831,681 1,089,880 14,921,561
OPERAI'ING INCOME BEFORE DEPRECIM'ION AND AMORTIZATION
DEPRECIATION AND AMORTIZA'I'ION 4,500,802 1,163,619 5,664,421
OI'ERATING INCOME (LOSS) (4,298,752) (124,234) (4,422,986)
NONOPkKATING MCOME (EXPENSES) Invcstmenl income Other Income Interest expense Othcr expense Ga~non disposal of propcrty and eq~lipmcnt
Total nonoperating income (expenses) (773,066) 72 1,496 (5 1,570)
INCOME (LOSS) REFORE Ol'ERATING TRANSFERS (5,07 1 ,X 18) 597,262 (4,474,556)
OPERATING TIUNSFERS Operating transfers in Operating transfers (out)
Total operating transfers 2,933,650 2,933,650
NET INCOME (LOSS) (2,138,168) 597,262 ( 1,540,906)
KE'I'AINED EARNINGS (DEFICIT), MAY 1 (40,371,203) 8,523,453 (3 1,847,750)
Prior period adjustment 1,122,206 (850,100) 272,106
RETAINED EARNINGS (DEFICIT), MAY I, RESTA'rED (39,248,997) 7,673,353 (31,575,644)
RETAINED EARNINGS (DEFICI'I'), APRIL 30 $ (41,387,165) $ 8,270,6 15 F (33,116,550)
See accompanying notcs to financial statements. - 10- VII.LAGE OF SCHAUMBURG, ILLINOIS
COMBINED STA'I'EMEN'T OF CASH FI,OWS PROPRIETARY FUND TYPE
For thc Year Ended April 30,2002
'I'otal Internal (Memon-andun1 Enterprise Service Only)
CASII FLOWS FROM OPERATING ACTIVITIES Operating incorne (loss) Adjustments to reconcile operating income (loss) to nct cash from opcrating activitics Dcprcciation and amortization Other nonopcrating incorne (Increase) decrease in Receivables Prcpaid items Increase (decrease) in Accounts payable Compensated absences Othcr liabilities
Net cash from opcrating activities
CASH FL,OWS FROM C:APITAI, AND REI,ATED FINANCING ACTIVITIES Duc from othcr govcrnmcnts Payrncntq on bonds payable Proceeds from note payable Paymcnts of notc payahlc Purchase of properly and equipment Proceeds fro111 the sale of equipment C'apltal lease payments Interest pa~d
Nct cash from capital and related linancing activities
CASII FLOWS FROM INVES'l'INC; RC:~l'lVITlES Purchasc of invcstmcnts Procceds from sales of irrvestrrients Investment incollie received
Net cash lro~n~nvesting activitics
CASH F1,OWS FROM NONCAPITAL FINANC'ING ACTIVITIES Operat~ngtransfcrs Advances lion1 other funds
Net cash from noncapital finarrcing aclivilies
NET INCRbASk (LIPCREASE) IN CASH AND CASH EQUIVALENTS
CASH AND CASII EQUIVALEN'I'S, MAY 1
CASH AND CASH EQUIVALENTS, APRIL 30
SUPPI,F,MENTAL SCHEDULE OF NONCASH INVESTING, CAPI'TAL ANII FINANCING AC"I'IVI I'IES lrrcrcase in I'alr value of ~nvestments
Sec accompanying notes to financial statements. - 11 - VILLAGE OF SCHAUMBURG, ILLINOIS
COMBINED STATEMENT OF CHANGES IN PLAN NET ASSETS PENSION TRUST FUNDS
For the Year Ended April 30,2002
ADDITIONS Contributions Employer Plan member
Total contributions
Investment Income Net appreciation (depreciation) in fair value of investments Interest and dividends
Total investment income Less investment expense
Net investment income
Total additions
DEDUCTIONS Benefits Refunds Administrative expenses
Total deductions
NET INCREASE
NET ASSETS HELD IN TRUST FOR PENSION BENEFITS May 1
April 30
See accompanying notes to financial statements. - 12- VILLAGE OF SCHAUMBURG, ILLINOIS
NOTES TO FINANCIAL STATEMENTS
April 30,2002
INDEX
Note Page
Summary of Significant Accounting Policies 14-21
Cash and Investments 21-23
Property Taxes 23
Fixed Assets 24
Risk Management 25
Long-Term Debt 26-30
Tax Increment Financing 30
Interfund AssetsILiabilities 30-32
Contingent Liabilities 32-33
Contributed Capital 34
Segment Information - Enterprise Funds 34
Joint Venture 35
Baseball Stadium 3 6
Defined Benefit Pension Plans 36-4 1
Prior Period Adjustment 42 VILLAGE OF SCHAUMBURG, ILLINOIS
NOTES TO FINANCIAL STATEMENTS
April 30,2002
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The Village of Schaurnburg, Illinois (the Village) was incorporated on March 7, 1956. The Village operates under a board-manager form of government as a home rule community (as defined by the State of Illinois Constitution) and provides the following services as authorized by its charter: public safety (police and fire), highway and street maintenance, water and sewer utility, public improvements, planning and zoning, health and social services, culture, recreation, education and general governmental administrative services.
The accompanying financial statements of the Village have been prepared in conformity with accounting principles generally accepted in the United States of America, as applied to government units (hereinafter referred to as generally accepted accounting principles (GM)).The Govemental Accounting Standards Board (GASB) is the accepted standard-setting body for establishing governmental accounting and financial reporting principles. The more significant of the Village's accounting policies are described below,
a. Reporting Entity
The financial reporting entity consists of the primary government, as well as its component units, which are legally separate organizations for which the elected officials of the primary government are financially accountable. Financial accountability is defined as:
1) Appointment of a voting majority of the component unit's board, and either a) the ability to impose will by the primary government, or b) the possibility that the component unit will provide a financial benefit to, or impose a financial burden on the primary government; or
2) Fiscal dependency on the primary government.
Blended Component Units
Police Pension Plan
The Village's police employees participate in the Police Pension Plan, which is governed by a separate board. The Village and Police Pension Plan participants are obligated to fund all Police Pension Plan costs based upon actuarial valuations. VILLAGE OF SCHAUMBURG, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued)
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
a. Reporting Entity (Continued)
Firefighters' Pension Plan
The Village's firefighter's employees participate in the Firefighters' Pension Plan, which is governed by a separate board. The Village and Firefighters' Plan participants are obligated to fund all Firefighters' Plan costs based upon actuarial valuations.
b. Basis of Presentation - Fund Accounting
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. Government resources are allocated to and accounted for in individual funds based on the purposes for which they are to be spent and the means by which spending activities are controlled. The various funds are grouped, in the financial statements, into six fund types and three fund categories as follows:
Governmental Fund Types
Governmental Funds are those through which most governmental functions of the Village are financed. The Village's expendable financial resources (except those accounted for in proprietary funds) are accounted for through governmental funds. The measurement focus is based upon determination of changes in financial position, rather than upon net income determination. The following are the Village's Governmental Fund Types:
General Fund - The General Fund is the general operating fund of the Village. It is used to account for all financial resources except those required to be accounted for in another fund.
Special Revenue Funds - The Special Revenue Funds are used to account for the proceeds of specific revenue sources (other than major capital projects) that are legally restricted to expenditures for specified purposes.
Debt Service Fund - The Debt Service Fund is used to account for the accumulation of resources for, and the payment of, general obligation long- term debt principal, interest and related costs (other than those financed by proprietary funds).
Capital Projects Funds - The Capital Projects Funds are used to account for financial resources to be used for the acquisition or construction of major capital items (other than those financed by proprietary funds). VILLAGE OF SCHAUMBURG, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued)
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
b. Basis of Presentation - Fund Accounting (Continued)
Proprietary Fund Type
Proprietary Funds are used to account for the Village's ongoing activities that are similar to those found in the private sector. The measurement focus is based on the determination of net income:
Enterprise and Lnternal Service Funds - These Funds are used to account for operations (a) that are financed and operated in a manner similar to private business enterprises where the intent of the governing body is that the costs (expenses, including depreciation) of providing goods or services to the general public on a continuing basis be financed or recovered primarily through user charges; or (b) where the governing body has decided that periodic determination of revenues earned, expenses incurred and/or net income is appropriate for capital maintenance, public policy, management control, accountability or other purposes. Enterprise Funds provides goods and services to customers outside the primary government and Internal Service Funds' customers are within the primary government.
Fiduciary Fund Type
Fiduciary Funds are used to account for assets held by the Village in a trust capacity or as an agent for individuals, private organizations, other governmental units andlor other funds.
Trust and Agency Funds - Trust Funds are used to account for assets held by the Village in a trustee capacity. Police and Firefighters' Pension Trust Funds are accounted for in essentially the same manner as proprietary funds. Agency Funds are custodial in nature (assets equal liabilities) and do not involve measurement of results of operations. Expendable Trust Funds are accounted for in essentially the same manner as governmental funds.
Account Groups
Account groups are used to establish accounting control and accountability for the Village's general fixed assets and general long-term debt. The following are the Village's account groups:
General Fixed Assets Account Group - This account group is established to account for all fixed assets in the Village, other than those accounted for in the proprietary funds.
General Long-Term Debt Account Group - This account group is established to account for all long-term debt of the Village except that accounted for in the proprietary funds. - 16- VILLAGE OF SCHAUMBURG, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued)
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
c. Basis of Accouliting
The modified accrual basis of accounting is followed by the governmental funds, expendable trust and agency funds. Under the modified accrual basis of accounting, revenues are recorded when susceptible to accrual, i.e., both measurable and available. "Measurable" means the amount of the transaction can be determined and "available" means collectible within the current period or soon enough thereafter to be used to pay liabilities of the current period. The Village considers property taxes as available if they are collected within 60 days after year end of the year intended to finance. 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.
Shared revenues remitted from the state government (state sales taxes), are accrued applying the susceptible to accrual concept based upon the month they are owed to the state.
In applying the susceptible to accrual concept to intergovernmental revenues, the legal and contractual requirements of the numerous individual programs are used as guidance. There are, however, essentially two types of these revenues. In one type, monies must be expended on the specific purpose or project before any amounts will be paid to the Village; therefore, revenues are recognized based upon the expenditure recorded. In the other type, monies are virtually unrestricted as to purpose of expenditure and are usually revocable only for failure to comply with prescribed compliance requirements. These resources are reflected as revenues at the time of receipt or earlier if the susceptible to accrual criteria are met.
License and permit fees, charges for services (other than enterprise funds) and miscellaneous revenues (except investment earnings) are recorded as revenues when received in cash because they are generally not measurable until actually received. Investment earnings are recorded as earned because they are measurable and available.
The accrual basis of accounting is utilized by proprietary funds and pension trust funds. Revenues and additions are recognized when earned and expenses and deductions are recorded when the liability is incurred.
The Village applies only statements and interpretations of the Financial Accounting Standards Board, Accounting Principles Board Opinions and Accounting Research Bulletins issued on or before November 30, 1989 to its proprietary funds. VILLAGE OF SCHAUMBURG, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued)
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
d. Budgets and Budgetary Accounting
The governmental, proprietary and trust (pension and expendable trust) fund types have legally adopted annual budgets prepared on a basis consistent with generally accepted accounting principles. Budgetary comparisons are reflected in the financial statements for all governmental and enterprise funds. The Village follows these procedures in establishing the budgetary data reflected in the financial statements.
1) The Village Manager submits a proposed appropriation ordinance to the Village Board for review and approval. The proposed ordinance is made available for public inspection at least 10 days prior to final Board action.
2) Public hearings are conducted to obtain taxpayer comments on the proposed fiscal year appropriation ordinance.
3) The appropriation ordinance is legally enacted prior to August 1. Appropriations lapse at year end.
4) The Board of Trustees may:
By two-thirds vote transfer within any department amounts appropriated for an object or purpose to another object or purpose. No object or purpose can be reduced below an amount sufficient to provide for all obligations incurred or to be incurred against the appropriation.
Adopt a supplemental appropriation ordinance in an amount not to exceed any additional revenue available, including unappropriated fund balances or amounts estimated to be received after adoption of the annual appropriation ordinance. No supplemental appropriation ordinance was passed.
5) Expenditures may not legally exceed budgeted appropriations at the fund level.
e. Cash and Investments
Cash and Cash Equivalents
For purposes of the statement of cash flows, the Village's proprietary fund types consider their equity in pooled cash and all highly liquid investments, including restricted cash and investments, with an original maturity of three months or less when purchased to be cash equivalents. VILLAGE OF SCHAUMBURG, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued)
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICES (Continued)
e. Cash and Lnvestments (Continued)
Investments
Investments with a maturity of one year or greater at the time of purchase and all investments of the pension funds are stated at fair value except for non-negotiable certificates of deposit which are recorded at cost. Fair value has been based on quoted market prices at April 30,2002 for debt and equity securities and contract values for insurance contracts.
f. Interfund ReceivablesIPayables
During the course of operations, numerous transactions occur between individual funds for goods provided or services rendered. These short-term 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 receivableslpayables. Long-term interfund loans are classified as advances tolfrom.
g. Receivables
Receivables consist primarily of property taxes, intergovernmental and other miscellaneous amounts due the Village.
h. Vacation and Sick Pay Liability
Vested or accumulated vacation leave. Compensatory time off and longevity pay 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. Since all vested or accumulated amounts are expected to be liquidated with expendable available financial resources, no amounts are reported in the General Long-Tern Debt Account Group. Vested or accumulated vacation leave of proprietary funds is recorded as an expense and liability of those funds as the benefits accrue to employees. No liability is recorded for nonvesting accumulating rights to receive sick pay benefits, as this liability is recognized only when the rights are used. VILLAGE OF SCHAUMBURG, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued)
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
i. Long-Term Obligations
Long-term debt is recognized as a liability of a governmental fund when due. 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. Long-term debt expected to be financed from proprietary fund operations is accounted for in those funds.
j. Fund Equity
Contributed capital is recorded in proprietary funds that have received capital grants (prior to May 1,2001) or contributions from developers, customers or other funds. Reserves of fund balances 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 the future use of financial resources.
k. Interfund Transactions
Quasi-external transactions are accounted for as revenues, expenditures or expenses. Transactions that constitute reimbursements to a fund for expenditureslexpenses initially made from it that are properly applicable to another fund are recorded as expenditures/expenses in the reimbursing fund and as reductions of expenditureslexpenses 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.
1 General Fixed Assets
Fixed assets acquired for use in governmental fund type operations are recorded as expenditures in the fund making the expenditure and are capitalized at historical cost in the General Fixed Assets Account Group. Public domain (infrastructure) general fixed assets consisting of certain improvements other than buildings, including roads, bridges, curbs and gutters, streets and sidewalks, drainage systems and lighting systems are not capitalized with other general fixed assets as these assets are immovable and of value only to the Village. No depreciation is taken on the general fixed assets nor is interest capitalized for these assets. VILLAGE OF SCHAUMBURG, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued)
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
m. Property, Plant and Equipment
Proprietary fund assets are stated at historical cost or, if donated, fair market value at the date of donation in the fund in which they are utilized. Depreciation has been provided over the estimated useful lives using the straight-line method. Estimated useful lives are as follows:
Land improvements 7 - 20 years Building 20 - 45 years Wells, plan and transmission system 3 - 3 1 years Machinery and equipment 3 - 15 years Vehicles 2 - 15 years
n. Total (Memorandum Only) 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 cash flows 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 these data.
CASH AND INVESTMENTS
Cash and investments are held separately and in pools by several of the Village's funds. The Village invests these funds pursuant to investment guidelines established by the Board of Trustees and by the Village Finance Director. The deposits and investments of the Pension Trust Funds are held separately.
Investments in the Illinois Funds, a money market pool created by the Illinois State Legislature under the control of the Illinois State Treasurer, is reported at $1 per share value, which equals the Village's fair value of the pool.
Illinois Metropolitan Investment Fund (MET) is a non-for-profit investment trust formed pursuant to the Illinois Municipal Code and managed by a Board of Trustees elected from the participating members. IMET is not registered with the SEC as an investment company. Investments in MET are valued at MET'S share price, which is the price the investment could be sold for. VILLAGE OF SCHAUMBURG, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued)
2. CASH AND INVESTMENTS (Continued)
a. Deposits
At year-end the canylng amount of the Village's deposits totaled $60,730,475 and the bank balances totaled $63,124,192. The bank balance is categorized as follows (cash on hand of $4,492 has been excluded from the amounts below):
Bank Balances
Category 1 Deposits covered by federal depository insurance, or by collateral held by the Village, or its agent, in the Village's name. $ 23,602,685
Category 2 Deposits covered by collateral held by the pledging financial institution's trust department, or by its agent, in the Village'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 Village's name, and deposits which are uninsured and uncollateralized. 19,276,620
TOTAL DEPOSITS $ 63,124,192
b. Investments
Investments are categorized in accordance with the following categories of custodial credit risk:
Category 1 includes investments that are insured or registered or for which the securities are held by the Village or its agent in the Village'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 Village's name.
Category 3 includes uninsured and unregistered investments for which the securities are held by the counterparty in the Village's name, or held by any third party, but not in the Village's name. VILLAGE OF SCHAUMBURG, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued)
2. CASH AND INVESTMENTS (Continued)
b. Investments (Continued)
Fair Value Category 1 2 3 Amount
U.S. Government Securities U.S. Agency Securities
*Insurance Contracts "Illinois Funds Investment Pool *Financial Investors Trust *Illinois Metropolitan Investment Fund *Money Markets *Mutual Funds
TOTAL INVESTMENTS
* Not subject to Risk Categorization.
3. PROPERTY TAXES
The Village has no corporate tax levy. It does levy taxes for payment of special service area bonds and receives, but does not levy for, road and bridge and tax increment financing district property taxes.
The Village's property tax is levied each calendar year on all taxable real property located in the Village. For governmental funds property taxes which are due within the current fiscal year, the year intended to finance, and collected within 60 days subsequent to year end are recorded as revenue.
The County Assessor is responsible for assessment of all taxable real property within Cook County (the County), except for certain railroad property which is assessed directly by the state. The Township assessor is responsible for assessment of all taxable real property. Reassessments occur based on market conditions. The County Clerk computes the annual tax for each parcel of real property and prepares tax books used by the County Collector as the basis for issuing tax bills to all taxpayers in the County.
Property taxes are collected by the County Collector and are submitted to the County Treasurer, who remits to the units their respective shares of the collections. Taxes levied in one year become due and payable in two installments on March 1 and September 1 during the following year. Taxes must be levied by the last Tuesday in December of the levy year and the levy becomes an enforceable lien against the property as of January I of the levy year. VILLAGE OF SCHAUMBURG, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued)
4. FIXED ASSETS
Changes in general fixed assets for the year ended April 30,2002 are presented below:
Balances May 1, Balances Restated Additions Deletions April 30
Land and improvements $ 20,946,780 $ 112,531 $ - $ 21,059,311 Building 19,858,932 88,342 19,947,274 Office equipment 1,879,575 276,620 1,602,955 Other equipment 2,037,073 332,444 80,467 2,289,050 Furniture 1,642,107 - - 1,642,107 Construction in progress 61,557 2,504,093 225,667 2,339,983
TOTAL
The General Fixed Asset Account Group has been restated as of May 1 to reflect a change in the capitalization threshold. This resulted in a decrease of $7,157,144.
Enterprise Fund property, plant and equipment at April 30,2002 consisted of the following:
Internal Enterprise Service Total
Construction in progress Land and improvements Buildings Machinery and equipment Furniture and fixtures Wells and water mains Capitalized Interest Vehicles Office equipment
Less accumulated depreciation
NET ENTERPRISE FIXED ASSETS $ 95,438,240 $ 6,389,649 $101,827,889 VILLAGE OF SCHAUMBURG, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued)
5. RtSK MANAGEMENT
a. General Liability, Workers' Compensation and Other
The Village is exposed to various risks of loss related to torts; theft of, damage to or destruction of assets; errors or omissions; injuries to employees or natural disasters.
The Village has purchased insurance from private insurance companies for risk including general liability, workers' compensation and others. There were no significant reductions in insurance coverage for the past three years.
b. Self-Insured Health
The Village is self-insured for employee health and dental insurance. The Village has contracted with third party administrators (TPAs) to administer the health insurance program and to review and process claims. In addition, the Village has contracted with third party carriers for specific and aggregate stop loss coverage to limit the Village's exposure to losses. Losses have not exceeded coverages for the last three years. The specific and aggregate stop loss coverages which are consistent with the prior year are as follows:
Health Insurance - The Village is self-insured for $75,000 per individual per year with a specific stop loss of $75,000 per individual and an aggregate stop loss at $3,878,506.
A reconciliation of claims payable for the years ended April 30,2002 and 2001 is as follows:
CLAIMS PAYABLE, BEGINNING OF PERIOD $ 279,493 $ 334,389 Add claims incurred 3,884,026 2,866,577 Less claims paid 3,455,578 2,921,473
CLAIMS PAYABLE, END OF PERIOD VILLAGE OF SCHAUMBURG, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued)
6. LONG-TERM DEBT
The following is a summary of changes in bonds, notes and other long-term liabilities during the year ended April 30,2002 by fund type and account group:
May 17 Restated Additions Reductions April 30
GENERAL LONG-TERM DEBT General Obligation Bonds $ 26,510,000 $ 33,875,000 $ 2,900,000 $ 57,485,000 General Obligation Note 235,000 35,000 200,000 Capital lease 429,594 135,764 293,830 Judgements payable 6,394,443 1,838,888 4,555,555
TOTAL GENERAL LONG-TERM DEBT $ 33,569,037 $ 33,875,000 $ 4,909,652 $ 62,534,385
PROPRIETARY FUNDS General Obligation Bonds Schaumburg Regional Airport General Obligation Bonds $ 17,200,000 $ - $ 1,500,000 $ 15,700,000 Schaumburg Baseball Stadium General Obligation Bonds 13,600,000 700,000 12,900,000
Total General Obligation Bonds 30,800,000 2,200,000 28,600,000
Waterworks and Sewerage General Obligation Notes 3,675,154 3,480,000 3,797,475 3,357,679
Capital leases Vehicular replacement 39,590 39,590 Office equipment replacement 8 1,969 34,543 47,426
Total capital leases 121,559 74,133 47,426
TOTAL PROPRIETARY FUNDS $ 34,596,713 $ 3,480,000 $ 6,071,608 $ 32,005,105
The General Long-Tenn Debt Account Group has been restated as of May 1 to reflect a prior year judgement payable. This reflected in an increase of $6,394,443. VILLAGE OF SCHAUMBURG, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued)
6. LONG-TERM DEBT (Continued)
a. Bonds Payable
General Obligation Bonds
General Long-Term Debt Account Group (Debt Service Funds)
$20,340,000 1993 General Obligation Refunding serial bonds, due in annual installments of $575,000 to $2,950,000 through 2009 plus interest at 4.65% to 6.10% due June 1 and December 1 $ 4,790,000
$6,800,000 1994 General Obligation Refunding serial bonds, due in annual installments of $805,000 to $1,055,000 through 2005 plus interest at 3.45% to 4.35% due June 1 and December 1 3,020,000
* $13,500,000 2000A General Obligation Variable Rate demand bonds, in annual installments of $800,000 to $10,200,000 through 2005 plus variable interest due monthly 12,700,000
* $3,100,000 2000B General Obligation variable rate demand bonds, due on December 1, 2005 plus variable interest due monthly 3,100,000
$33,875,000 2002A General Obligation serial bonds, due in annual installments of $1,125,000 to $2,585,000 through 2021 plus interest from 4.00% to 5.50% due January 1 and July 1 33,875,000
TOTAL $ 57.485.000
Schaurnburg Regional Airport Fund
* $21,700,000 1996A General Obligation variable rate demand bonds, due in annual installments of $30,000 to $45,000 through 2007 plus interest at 5.00% to 6.00% due April 1 and October 1 $ 15,700,000
Schaumburg Baseball Stadium Fund
* $12,200,000 1998A General Obligation variable rate demand bonds, due in annual installments of $600,000 to $1,100,000 through 201 3 plus variable interest due monthly $ 10,400,000
* $2,800,000 1998B General Obligation variable rate demand bonds, due in annual installments of $100,000 to $300,000 through 2013 plus variable interest due monthly 2,500,000
TOTAL $ 12.900.000 VILLAGE OF SCHAUMBURG, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued)
6. LONG-TERM DEBT (Continued)
a. Bonds Payable (Continued)
*These bonds described above from time to time bear interest under three different modes and may be converted from one mode to another, and each series may be outstanding in more than one mode. The modes permitted by the indenture provide for payment to the holder of par and accrued interest on notice of a weekly period, commercial paper periods of up to 360 days, and adjustable periods of not less than one month and other periods up to maturity of the bonds.
Effective March 1,2000, purchases of the bonds tendered for all issues described above, to the extent not remarketed, will initially be funded under Stand-by Bond Purchase Agreements with The First National Bank of Chicago and American National Bank and Trust Company of Chicago (the Banks). The Stand-by Bond Purchase Agreements initially expire on March 1,2003, and are subject to a commitment fee of.125% of the outstanding principal balance of the bonds not purchased under these agreements. Bonds purchased by the Banks under these agreements shall thereupon become payable to the Banks in ten semiannual installments beginning after the expiration date of these agreements in effect at time of bond purchase.
General Obligation Notes
General Long-Term Debt Account Group (Debt Service Fund)
$485,000 Special Service Area #5 General Obligation note, due in annual installments of $30,000 to $45,000 through 2007 plus interest at 5.00% to 6.00% due April 1 and October 1 $ 200,000
Waterworks and Sewerage Fund
$3,480,000 General Obligation refunding note, due in monthly installments of $40,631 to $52,683 through 2008 plus interest at 4.22% due monthly $ 3,357,679
b. Capital Leases
General Long-Term Debt Account Group (General Fund)
Capital lease agreement commencing March 25, 1999, due in monthly installments of $10,500 to $13,500 through March 2004 plus interest at 5.25% VILLAGE OF SCHAUMBURG, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued)
6. LONG-TERM DEBT (Continued)
b. Capital Leases (Continued)
General Long-Term Debt Account Group (General Fund) (Continued)
Capital lease agreements commencing on May 1, 1999 and September 1, 1999, due in monthly installments of $430 to $770 through 2003 plus interest at 8.30% $ 47,426
TOTAL
c. Judgements Payable
General Long-Term Debt Account Group (General Fund)
Judgement payable commencing May 1,2000, due in monthly installments of $1 8,287 to $171,528 through August 2006 -$ 4,555,555
d. Debt Requirements to Maturity
The annual requirements to amortize all debt outstanding as of April 30,2002, including interest payments of approximately $26,859,046 are as follows:
General General Obligation Obligation Capital Judgements April 30 Bonds* Notes Leases Payable Total
2003 $ 7,951,707 $ 679,887 $ 194,938 $1,985,185 $ 10,811,717 2004 8,415,531 682,825 165,269 2,058,333 11,321,958 2005 11,172,820 680,625 219,444 12,072,889 2006 24,721,863 678,325 219,444 25,619,632 2007 10,203,171 680,774 73,149 10,957,094 2008 and thereafter 49,980,821 634,425 - 50,615,246
TOTAL PRINCIPAL AND
INTEREST PORTION $ 26,360,913 $ 479,182 $ 18,951 $ - $ 26,859,046
*An interest rate of 4.0% is assumed for all general obligation variable rate demand bonds. VILLAGE OF SCHAUMBURG, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued)
6. LONG-TERM DEBT (Continued)
e. Noncommitment Debt
Special Service Area Bonds
Special service area bonds outstanding as of the date of this report totaled $330,000. These bonds are not 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 is not obligated in any manner for any portion of this debt but is only acting as agent for the property owners in levying and collecting the tax, and forwarding the collections to bondholders.
Special Assessment Debt
Special assessment bonds outstanding as of the date of this report totaled $3,360,000. The Village is not obligated in any manner for any portion of this debt and is not acting as the agent for the assessed property owners.
f. Conduit Debt
The Village has issued Industrial Development Revenue Bonds (IDRBs) to provide financial assistance to private organizations for the construction and acquisition of industrial and commercial facilities deemed to be in the public interest and to provide financing for low interest mortgages to qualified applicants. The bonds are secured solely by the property or mortgages financed and are payable solely from the payments received on the underlying mortgage loans on the property. The Village is not obligated in any manner for the repayment of the bonds. Accordingly, the bonds outstanding are not reported as a liability in these financial statements. The aggregate principal payable for these issues could not be determined.
7. TAX INCREMENT FINANCING
The Village has designated the approximately one square mile area at the intersection of Schaumburg and Roselle Roads ("Olde Schaumburg Centre") as a redevelopment project area in accordance with the Tax Increment Allocation Redevelopment Act of the State of Illinois. The act provides for tax increment financing to fund the cost of approved property redevelopment. Under tax increment financing, tax revenues are derived from the increase in the current equalized assessed valuation of real property within the redevelopment area over and above the certified initial equalized assessed valuation of the property. These tax revenues are to be exclusively utilized for the redevelopment of the project area. VILLAGE OF SCHAUMBURG, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued)
8. INTERFUND ASSETSILIABILITIES
a. Due FromITo Other Funds
Receivable Fund Payable Fund Amount
General Community Development Block Grant $ 165,483 General Commuter Parking Lot 200,000 General Schaumburg Transit Program 78,130 General Special Service Area Number 6 2,440 General Special Service Area Number 7 4,662 General Special Service Area Number 8 1,300 General Vehicular Replacement 95 General Waterworks and Sewerage 1,821,252 General Office Equipment Replacement 39,852 General Obligation Refunding Bonds, Series 1993 Firefighters' Pension Special Service Area #10 Special Service Area #6 Special Service Area #10 Special Service Area #7 Special Service Area #10 Special Service Area #8 Olde Schaumburg Centre Special Allocation Capital Improvement 10,104 Capital Improvement 2000 Land Acquisition and Street Improvements 132 Capital Improvement Special Assessments 235,172 2000 Land Acquisition and General Obligation Variable Rate Street Improvements Demand Bonds, Series 2000 500,000 Commuter Parking Lot Vehicular Replacement 240 General Obligation Variable Rate Demand Bonds, Series 1996B General Schaumburg Regional Airport General Office Equipment Replacement Vehicular Replacement Police Pension General Builders' Escrow General
TOTAL
b. Advances tolfrom Other Funds
Receivable Fund Payable Fund Amount
General Olde Schaumburg Centre Special Allocation $ 6,116,488 General Schaurnburg Baseball Stadium 2,420,152
TOTAL VILLAGE OF SCHAUMBURG, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued)
8. INTERFUND ASSETSILIABILITIES (Continued)
c. Deficit Fund BalancesIRetained Earnings of Individual Funds
The following funds had a deficit fund balancelretained earnings as of April 30, 2002:
Deficit Fund Balance
Schaunlburg Transit Progranl Community Development Block Grant Olde Schaumburg Centre Special Allocation Special Service Area #6 Special Service Area #7 Special Service Area #8 Waterworks and Sewerage Schaumburg Regional Airport
These deficits will be funded by future operating revenues.
d. Excess of Actual ExpendituresIExpenses over Budget in Individual Funds
The following funds had an excess of actual expenditures/expenses (exclusive of depreciation and amortization) over budget for the fiscal year:
Fund Excess
General 9 11 Telephone Office Equipment Replacement
9. CONTINGENT LIABILITIES
a. Contractual Commitments
The Village has contractual commitments for various construction and other projects of $25,877,763.
The Village has committed to purchase water from the Northwest Suburban Municipal Joint Action Water Agency. The Village expects to pay minimum amounts totaling $3,147,098 through fiscal year 2003. This amount has been computed using the Village's current allocation percentage of 26.3%. In future years, this allocation percentage may be subject to change. VILLAGE OF SCHAUMBURG, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued)
9. CONTINGENT LIABILITIES (Continued)
b. Grants
The Village participates in federally assisted grant programs. These programs are subject to program compliance audits by the grantors or their representatives. The audits of these programs including the year ended April 30,2002, have not been conducted. Accordingly, the Village's compliance with applicable grant requirements will be established at some future date. The amount, if any, of expenditures which may be disallowed by the granting agencies cannot be determined at this time, although the Village expects such amounts, if any, to be immaterial.
c. Litigation
The Village is a defendant in various lawsuits. Although the outcome of these lawsuits is not presently determinable, it is the opinion of the Village's attorney that the resolution of these matters will not have a material adverse effect on the financial condition of the Village.
d. Letters of Credit
Local contractors have issued letters of credit to the Village totaling approximately $17,000,000 as of April 30,2002, to guarantee their performance of construction contracts. VILLAGE OF SCHAUMBURG, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued)
10. CONTRIBUTED CAPITAL
During the fiscal year contributed capital in the proprietary fund increasedldecreased by the following amounts:
Waterworks Commuter Schaumburg and Parking Regional Sewerage Lot Airport Total Increases Grant entitlements for acquisition/construction of capital assets $ - $ - $ - $ Contributions for purchase of equipment 65,200 65,200
Total increases 65,200 65,200
Decreases None
Net Increase (decrease) 65,200 65,200
Contributed Capital May 1 93,016,264 3,972,060 23,535,475 120,523,799
April 30
1 1. SEGMENT INFORMATION - ENTERPRISE FUNDS
The Village maintains the following enterprise funds 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:
Waterworks Commuter Schaumburg Schaumburg and Parking Regional Baseball Sewerage Lot Airport Stadium Total
Operating revenues Depreciation and arnortizatiotl expense Operating income (loss) Net operating transfers Net income (loss) Property and equipment additions Net working capital Total assets Total equity VILLAGE OF SCHAUMBURG, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued)
12. JOINT VENTURE
Northwest Suburban Municipal Joint Action Water Agency
The Village 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.
The seven members of the Agency and their percentage shares based on formula contained in the water supply agreement as of April 30,2002, are as follows:
Village of Elk Grove Village Village of Hanover Park Village of Hoffman Estates Village of Mount Prospect City of Rolling Meadows Village of Schaumburg Village of Streamwood
TOTAL 100.0%
These percentage shares 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, Illinois. Under the 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, and 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 and adopts bylaws.
Complete financial statements for the Agency can be obtained from the Agency's administration offices at 903 Brantwood Avenue, Elk Grove, Illinois. VILLAGE OF SCHAUMBURG, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued)
13, BASEBALL STADIUM
On March 21, 1998, the Village entered into an intergovernmental agreement with the Schaumburg Park District (the District) for the ownership, development and operation of the Schaumburg Baseball Stadium. All operating revenues and costs associated with the stadium are shared equally by the Village and the District, unless otherwise agreed to. The Village's shared operating costs (net of shared revenues) are reimbursed by the District and any intergovernmental receivable related to these costs are considered short-term in nature,
The District is also obligated for its share of the 1998A & 1998B General Obligation Variable Rate Demand Bonds. The principal only portion is considered long-term in nature, with the interest portion included in operating costs. The long-term receivable to be paid by the District each year is as follows:
2003 2004 2005 2006 2007 2008 and Thereafter
TOTAL RECEIVABLE
14. DEFINED BENEFIT PENSION PLANS
The Village contributes to three defined benefit pension plans, the Illinois Municipal Retirement Fund (IMRF), an agent-multiple-employer public employee retirement system; the Police Pension Plan which is a single-employer pension plan; and, the Firefighters' Pension Plan which is also a single-employer pension plan. The benefits, benefit levels, employee contributions and employer contributions for all three plans are governed by Illinois Compiled Statutes and can only be amended by the Illinois General Assembly.
None of the pension plans issue separate reports on the pension plans, However, MRF does issue a publicly available report that includes financial statements and supplementary information for the plan as a whole, but not for individual employers. That report can be obtained from IMRF, 221 1 York Road, Suite 500, Oak Brook, Illinois 60523. VILLAGE OF SCHAUMBURG, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued)
14. DEFINED BENEFIT PENSION PLANS (Continued)
a. Plan Descriptions
Illinois Municipal Retirement Fund
All employees (other than those covered by the Police or Firefighters' plans) 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 eight years of credited service are entitled to an annual retirement benefit, payable monthly for life, in an amount equal to 1 213% of their final rate of earnings, for each year of credited service up to 15 years, and 2% for each year thereafter. lMRF also provides death and disability benefits. These benefit provisions and all other requirements are established by state statute. Participating members are required to contribute 4.5% of their annual salary to IMRF. The Village is required to contribute the remaining amounts necessary to fund the IMRJ? as specified by statute, The employer contribution rate for the calendar year 2001 and 2000 was 6.62% and 7.39% of covered payroll, respectively.
Police Pension Plan
Police sworn personnel are covered by the Police Pension Plan. Although this is a single-employer pension plan, the defined benefits and employee and employer contribution levels are governed by Illinois Compiled Statutes (40 ILCS 513-1) and may be amended only by the Illinois legislature. The Village accounts for the plan as a pension trust fund. At April 30,2001, the Police Pension Plan membership consisted of:
Retirees and beneficiaries currently receiving benefits and terminated employees entitled to benefits but not yet receiving them Current employees Vested Nonvested
TOTAL VILLAGE OF SCHAUMBURG, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued)
14. DEFINED BENEFIT PENSION PLANS (Continued)
a. Plan Descriptions (Continued)
Police Pension Plan (Continued)
The Police Pension Plan provides retirement benefits as well as death and disability benefits. Covered employees attaining the age of 50 or more with 20 or more years of creditable service are entitled to receive an annual retirement benefit equal to one- half of the salary attached to the rank held on the last day of service, or for one year prior to the last day, whichever is greater. The annual benefit shall be increased by 2.50% of such salary for each additional year of service over 20 years up to 30 years, to a maximum of 75.00% of such salary. Employees with at least eight years but less than 20 years of credited service may retire at or after age 60 and receive a reduced benefit. The monthly benefit of a police officer who retired with 20 or more years of service after January 1, 1977 shall be increased annually, following the first anniversary date of retirement upon reaching the age of at least 55 years, by 3.00% of the original pension and 3.00% compounded annually thereafter.
Employees are required by ILCS to contribute 9.91% of their base salary to the Police Pension Plan. If an employee leaves covered employment with less than 20 years of service, accumulated employee contributions may be refunded without accumulated interest. The Village is required to contribute the remaining amounts necessary to finance the plan as actuarially determined by an enrolled actuary. Effective July 1, 1993, the Village has until the year 2033 to fully fund the past service cost for the Police Pension Plan. For the year ended April 30,2001, the Village's contribution was 22.5 1% of covered payroll.
Firefighters' Pension Plan
Fire sworn personnel are covered by the Firefighters' Pension Plan, Although this is a single-employer pension plan, the defined benefits and employee and employer contribution levels are governed by Illinois Compiled Statutes (40 ILCS 514-1) and may be amended only by the Illinois legislature. The Village accounts for the plan as a pension trust fund. At April 30,2001, the Firefighters' Pension Plan membership consisted of:
Retirees and beneficiaries currently receiving benefits and terminated elnployees entitled to benefits but not yet receiving them Current employees Vested Nonvested
TOTAL VILLAGE OF SCHAUMBURG, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued)
14. DEFINED BENEFIT PENSION PLANS (Continued)
a. Plan Descriptions (Continued)
Firefighters' Pension Plan (Continued)
The Firefighters' Pension Plan provides retirement benefits as well as death and disability benefits. Covered 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 monthly salary attached to the rank held in the fire service at the date of retirement. The monthly pension shall be increased by 1/12 of 2.50% of such monthly salary for each additional month over 20 years of service through 30 years of service, to a maximum of 75.00% of such monthly salary. Employees with at least ten years but less than 20 years of credited service may retire at or after age 60 and receive a reduced retirement benefit. The monthly pension of a covered employee who retired with 20 or more years of service after January 1, 1977 shall be increased annually, following the first anniversary date of retirement upon reaching the age of at least 55 by 3.00% of the original pension and 3.00% compounded annually thereafter.
Covered employees are required to contribute 8.455% of their base salary to the Firefighters' Pension Plan. If an employee leaves covered employment with less than 20 years of service, accumulated employee contributions may be refunded without accumulated interest. The Village is required to finance the plan as actuarially determined by an enrolled actuary. Effective July 1, 1993, the Village has until the year 2033 to fully fund the past services costs for the Firefighters' Pension Plan. For the year ended April 30,2001, the Village's contribution was 21 -99% of covered payroll.
b. Significant Investments
There are no significant investments (other than U.S. Government guaranteed obligations) in any one organization that represent 5.00% or more of plan net assets for either the Police or the Firefighters' Pension Plans. Information for the IMRF is not available. VILLAGE OF SCHAUMBURG, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued)
14. DEFINED BENEFIT PENSION PLANS (Continued)
c. Annual Pension Costs
Employer contributions have been determined as follows:
Illinois Municipal Police Firefighters' Retirement Pension Pension
Actuarial valuation date December 3 1, April 30, April 30, 1999 2000 2000
Actuarial cost method Entry-age Entry-age Entry-age Normal Normal Normal
Asset valuation method 5 Year Market Market Smoothed Market
Amortization method Level Level Level Percentage of Percentage of Percentage of Payroll Payroll Payroll
Amortization period 3 1 Years, 32 Years, 32 Years, Closed Closed Closed
Significant actuarial assumptions a) Rate of return on 7.50% 7.50% 7.50% present and future assets Compounded Compounded Compounded Annually Annually Annually
b) Projected salary increase - 4.00% 4.50% 4.50% attributable to inflation Compounded Compounded Compounded Annually Annually Annually
c) Additional projected .40 to 1 1.60% Not Available Not Available salary increases - senioritylmerit
Employer annual required contributions (ARC), actual contributions and the net pension obligation (NPO) are as follows. The NPO is the cumulative difference between the ARC and the contributions actually made. VILLAGE OF SCHAUMBURG, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued)
14. DEFINED BENEFIT PENSION PLANS (Continued)
c. Annual Pension Costs (Continued)
For Illinois Fiscal Municipal Police Firefighters' Year Retirement Pension Pension
Annual pension cost (APC)
Actual contribution
Percentage of APC contributed 1999 100.00% 137.9% 134.1% 2000 100.OO 153.9 138.8 200 1 100.00 137.8 123.9
NPO (asset)
The NPO at April 30, 2001 (the latest available) has been calculated as follows:
Police Firefighters' Pension Pension
Annual required contribution Interest on net pension obligation Adjustment to annual required contribution
Annual pension cost Contributions made
Increase (decrease) in net pension obligation Net pension obligation (asset) beginning of year
NET PENSION OBLIGATION (ASSET) END OF YEAR VILLAGE OF SCHAUMBURG, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued)
15. PRIOR PERIOD ADJUSTMENTS
The Village has restated fund balanceslretained earnings as of May 1,2001 to a) implement GASB Statement No. 33, Accounting for Nonexchange Transaction, b) adjust fixed assets for a change in capitalization threshold, c) recognize an expense in the proper period, d) recognize revenue in the proper period and e) properly present advance to other fund.
Special Capital Internal Gencral Rcvenue Projects Enterprise Service
FUND BALANCEIRETAINED EARNINGS, MAY 1 (AS PREVIOUSLY REPORTED) $ 41,134,221 $ 2,346,318 $ 10,114,252 $(40,371,203) $ 8,523,453
Restated for: a) Irnplernentation of GASB Statement No. 33, Accouiit~ng Jor Nonexchange Transact~ons 2,749,952 297,5 19 222,700 b) Change in capitalmition threshold - (1,206,602) (850,100) c) Recognize expcnse in the proper per~od (64,500) d) Recognize revenue in thc proper period (50,387) 25 1,52 1 (29,353) 230,122 e) Properly present advance to othcr fund (2,163,186) 2,163,186
Subtotal restatcrnents
FUND BALANCEIRETAINED EARNINGS, MAY 1, RESTATED REQUIRED SUPPLEMENTARY INFORMATION VILLAGE OF SCHAUMBURG, ILLINOIS
REQUIRED SUPPLEMENTARY TNFORMATION SCHEDULE OF FUNDING PROGRESS ILLINOIS MUNICIPAL RETIREMENT FUND
April 30, 2002
UAAL (2) (4) (OAAL) Actuarial Unfunded As a Actuarial (1) Accrued (3) (Overfunded) Percentage Valuation Actuarial Liability Funded AAL (5) of Covered Date Value of (AAL) Ratio (UAAL) Covered Payroll December 3 1, Assets - Entry Age (1) 1 (2) (2) - (1) Payroll (4) 1 (5)
(See independent auditor's report.) -43 - VILLAGE OF SCHAUMBURG, ILLINOIS
REQUIRED SUPPLEMENTARY INFORMATION SCHEDULE OF FUNDING PROGRESS POLICE PENSION FUND
April 30,2002
(2) UAAL Actuarial (4) As a Actuarial (1) Accrued (3) Unfunded Percentage Valuation Actuarial Liability Funded AAL (5) of Covered Date Value of (AAL) Ratio (UAAL) Covered Payroll April 30, Assets - Entry Age (1) /(2) (2) - (1) Payroll (4) l(5)
1996 NIA NIA NIA NIA NIA NIA
Note: Information is presented prospectively until six years of data is available in accordance with GASB Statement No. 27.
(See independent auditor's report.) -44- VILLAGE OF SCHAUMBURG, ILLINOIS
REQUIRED SUPPLEMENTARY INFORMATION SCHEDULE OF FUNDING PROGRESS FIREFIGHTERS' PENSION FUND
April 30, 2002
(2) (4) UAAL Actuarial Unfunded As a Actuarial (1) Accrued (3) AAL Percentage Valuation Actuarial Liability Funded (UAAL) (5) of Covered Date Value of (AAJ-) Ratio (OAAL) Covered Payroll April 30, Assets - Entry Age (1) /(2) (2) - (1) Payroll (4) 1 (5)
Note: Information is presented prospectively until six years of data is available in accordance with GASB Statement No. 27.
(See independent auditor's report.) - 45 - VILLAGE OF SCHAUMBURG, ILLINOIS
REQULRED SUPPLEMENTARY INFORMATION SCHEDULE OF EMPLOYER CONTRIBUTIONS ILLINOIS MUNICIPAL RETIREMENT FUND
April 30,2002
Annual Pension Calendar Employer Cost Percentage Year Contributions (APC) Contributed
100%
(See independent auditor's report.) - 46 - VILLAGE OF SCHAUMBURG, ILLINOIS
REQUIRED SUPPLEMENTARY INFORMATION SCHEDULE OF EMPLOYER CONTRIBUTIONS POLICE PENSION FUND
April 30,2002
Annual Pension Fiscal Employer Cost Percentage Year Contributions @PC) Contributed
Note: Information is presented prospectively until six years of data is available in accordance with GASB Statement No. 27.
(See independent auditor's report.) - 47 - VILLAGE OF SCHAUMBURG, ILLINOIS
REQUIRED SUPPLEMENTARY INFORMATION SCHEDULE OF EMPLOYER CONTRIBUTIONS FIREFIGHTERS' PENSION FUND
April 30, 2002
Annual Pension Fiscal Employer Cost Percentage Year Contributions Contributed
Note: Information is presented prospectively until six years of data is available in accordance with GASB Statement No. 27.
(See independent auditor's report.) - 48 - COMBINING, INDIVDUAL FUND AND ACCOUNT GROUP FINANCIAL STATEMENTS AND SCHEDULES GOVERNMENTAL FUND TYPES GENERAL FUND
To account for resources traditionally associated with governments which are not required to be accounted for in another fund. VILLAGE OF SCHAUMBURG, IIdLINOIS
BALANCE SHEET GENERAL FlJND
April 30, 2002
ASSETS
Cash and cash equivalents Investnlents Receivables Property taxes Fines and fees Accrued interest Other Inventories Loan receivables Due fro111 other governinelits Duc from other funds Advances to other funds Prcpaid items
TOTAL ASSETS
LlABILITTES AND FUND BALANCE
LlABILITTES Accounts payablc Accrued payroll Cornpeiisalcd absences Otlicr liabilities Claims payablc Defert-cd revenue Due to other limds
Total liabilities
FUND BALANCE Reserved for advanccs Reserved for inverltorics Reserved for prcpaid items Rescrved for loan rcceivable Unrcserved Undesignated
Total fund bala~~clcc
TOTAI, LIABLLITIES AND FUND BALANCE
(See independent auditor's report.) - 49 - VJ LLAGE OF SCHAUMBIJRG, I1,LINOIS
STATEMENT OF REVENUES, EXPEN1)ITURES ANT) CHANGES TN FUND BALANCE - BUDGET AND ACTIJAL GENERAL FUND
For the Ycar Ended April 30,2002
Variance Favorable Budget Actual (Un hvorablc)
REVENUES Liccnses and permits intergovernmental Charges for services Fines and forfeits Grants Investment income Miscellaneous
Total revenues
EXPENDITURES Currcnt Gcneral government I'ublic safety Highways and streets Health arld welfarc Prairlc Center and community events
Total cxpendilures
EXCESS (DEFICIENCY) OF REVENUES OVER EXPhN DITURES
OTHER FINANCING SOURCES (IJSES) Operat~nglransfcr In Operatrng transfcr (out)
Total other financing sourccs (uses)
EXCESS (DEFICIENCY) OF REVENLIES AND OTHER FINANCING SOURCES OVER EXI'LNDITURES AND OTHER FINANCTNG USES
FUND BALANCE, MAY 1
Prior pcriod adjustmellt
FUND BALANCE, MAY 1, RESTATED
Tiesidual equity transfer
FUND BALANCE, APRIL 30
(Scc independent auditor's report.) - 50 - VILLAGE OF SCHAUMBURG. 1l~LINOIS
SCHEDULE OF REVENUES - BUDGET AND ACTUAL GENERAL FUND
For the Year Ended April 30,2002
Variance Favorable Budget Actual (Unfavorable)
LICENSES AND PERMITS Licenscs Liquor Class A Class B Class C Class D Class E Class F Class H Class I Class J Class K Professional and occupational Commercial Vending machines Vehiclc licenses Housing maintenance inspection Nonhousing rental licensc Animal license Other Entertainment Permits Building Single family Townhouses Other Commercial Industrial Additions and conversions - conlmcrcial Fences Public itnprovements Sign
Total licenses and pcmmits
INTERGOVERNMENTAL Revenues from othcr agencies Sales/usc tax Home rule sales tax Income tax Food and beverage taxes County gasoline tax - rebate Hotel tax Automobile rental tax Forelgn fire insurance lax Village share of township road and br~dgetax Personal property replacement tax Photo processing tax
Total intcrgovernmental
(This sclmcdule is continued on the following pages.) - 51 - VILIAGE OF SCHAUMBURC, ILLINOIS
SCFIEDULE OF REVENUES - BUDGET AND ACTUAL (Continued) GENERAL FUND
For thc Year Ended April 30,2002
Variance Favorable Budget Actual (Unfavorable)
CHARGES FOR SERVICES Copy fees Plan and specification fees Zoning fees Ticket sales - credit cards Family counseling fees Police - youth consultant fecs Plans' examination fees Plan review - fire systems Plumbing and fixture fees Health inspection fees Framing inspection fees Electrical inspection fecs Elcvator inspection fees Code violation fees Occupany permit fecs Fire permit fees Tap on fees - residenial scwcr Sign variation fees Cable TV franchise fees IRB fees Security alarm service and fees Police and fire exam fees Ambulance service fees Sale of ordinance, maps and codes Police - traffic and miscellaneous details Building rentals Building labor Tickct sales PCA miscellaneous fees Building comnlission Street signs Police accidcnt reports Fire - fire watch Delinquent pcnalty fees Health department fees
Total charcs for services
FINES AND FORFEITS County Village Other fines - Village
Total fincs and forfeits
GRANTS
INVESTMENT INCOME
('l'his schedulc is continued on the following page.) - 52 - VILLAGE OF SCHAUMBURG, ILLINOIS
SCIIEDIJ1,E OF REVDNlJES - BUDGET AND ACTUAL (Continued) GENERAL FUND
For the Ycar Ended April 30,2002
Variance Favorable Budget Actual (Unfavorable)
MISCELLANEOUS Police training roimbursenient Insurance claim settlenicnts Miscellaneous Policelfirc donations Septemberfcst Fast track plan revicw JAWA fuel and mainte~~~lcereiniburscmcnt Warranty reimburscmcnt Hospitalization reimbursement Employee reiniburse~nent Accident reimbursement Seizure fund Donations Corporate donations Foundation gifts Program ads Sidewalk replacement Paper recycling Auction - miscellaneous items
Total Miscellaneous
TOTAL REVENUES
(Sec independent auditor's report.) - 53 - VILLAGE OF SCHAUMBUKG, ILLTNOlS
SCHEDULE OF EXPENDITURES - BUDGET AND ACTUAL GtiNERAL FUND
For the Year Ended April 30,2002
Variance Favorable Budget Actual (Unfavorable)
GENERAL GOVERNMENT Village President and Board of Trustccs Personml services Salaries and wages - regular Salaries and wages - longevity Salaries and wages - ovcrtime Salarics and wages - meetings I-icalth insurancc Life insurance Dental insurance Vision insurance IMRF FICAImedicare Autonlobile allowance Other scrvices and charges Communications Travel, meetings and training Dues and subscriptions Maintenance - machinery and cquipnient Professional scrvices Supplies Printing Food, drugs and chemicals Office supplies Postage Operating supplics and equipment
'I'otal Village President and Board oTrTrustces
Plans Cornmission Personnel serviccs Salaries and wages - stipends Salaries and wages - ovcrtime TMW FICAImcdicare Other scrvices and charges l'ravcl, meetings and training Advcrtising Dues and subscriptions Professional scrvices Supplies Office supplies Poslagc
Total plans commission 11,222 8,855 2,367
(This schedule is continued on the following pages.) - 54 - VILLAGE OF SCHAUMBURG. ILLINOIS
SCHEDULE OF EXPENDITURES - BUDGET AND ACTUAL (Continued) GENERAL FUND
For the Year Ended April 30,2002
Variance Favorable Budget Actual (Unfavorable)
GENERAL GOVERNMENT (Continued) Zoning Board Personnel services Salaries and wages - stlpeilds Salaries and wages - ovcrtinie lMRF PICA/medicarc Othcr services and charges Advert~sing Dues and subscriptions Travcl, meetings and tralnlng Supplies Office supplics Postagc
Total Zoning Board
Env~ronmentalCommrttee Personllcl servlces Salarics and wages - stipends FIC:A/medicare Othei- serviccs and chargcs Dues and subscriptions Supplics Printlng Food, drugs and chemicals Operating supplics and equipment Office supplies Postagc
Total Environmental Committee
Schaumburg Busincss Development Commiss~on Personnel services Salaries and wages - ovcrtinie IMRF FICAlmcdicare Other servlces and charges Advertising Travel, meetings and training Professional services Prrrlting Food, drugs and chen~icals Operating supplies and equi~ment Other contractual services
Total Schaumburg Business Dcvelopmellt Commission 39,110 34,880 4,230
(This schedulc is conlillucd on the followil~gpages.) - 55 - VILLAGE OF SCHAUMBURG, ILLINOIS
SCHEDULE Of; EXPENDTTUIES - BUDGET AND ACTI.JAI, (Continued) GENERAL FIJND
For the Year Ended April 30,2002
Variance Favorable Budget Actual (Unfavorable)
GENERAL GOVERNMENT (Continued) Old Schaumburg Ce11trltl.e Commissiol~ Pcrsonnel services Salaries and wages - stipend Salaries and wages - overtime TMRF I:lCA/medtcare Other serviccs and charges Advertis~ng Silpplics Office supplies Postage
Total Olde Schaumburg Centre Commission
Electric Cormnission Personnel services Salaries and wages - stipend Salaries and wages - overtime IM w FICAImedicare Other services and charges Dues and subscriptions Office supplies
Total Electric Commission
Bikeways Conimittee Pcrsonnel services Salal-ies and wages - stipend Salaries and wages - overtin~e IMRF FICAirnedicare Other services and charges Dues and subscriptiolls
Total Bikeways Uonmittee
Spccial Account Personnel services Salaries and wages - regular Salarics 2nd wages - part-time Salartes and wagcs - longevity llealtli insurance Life insurancc
(This schedule is continued on the followillg pages.) - 56 - VILLAGE OF SCHAUMBURG, ILLINOIS
SCHEDULE OF EXPENDITURES - BUDGET AND ACTUAL (Continued) GENERAL FUND
For tlie Year Ended April 30,2002
Variance Favorable Budget Actual (Unfavorable)
GENERAL GOVERNMENT (Continued) Special Account (Continued) 1)ersonncl scrvices (Continued) Dental insurance Vision insurance IMRF FTCAlmcdicare Workcrs' conipensation Other services and charges Utilities - gas and elcctric C~ornrnunications Travcl, meetings and training Dues and subscriptions Professional services Maintenance of machinery and equipment Property - general liability Convention centerhureau Seizure fund Foreign firc insurance Othcr contractual scrvices Supplies Printing Oftice supplies Postage Othcr capital outlay Judgment and claims Contingency
Total Special Account
Managers Personnel services Salarics and wages - regular Salaries and wages - part-time Salarics and wages - longevity Salarres and wages - overtime Health insurance Life insurance Dcntal insurance Vision insurance IMRF FIC~Allncdicare
(This schedule is continued on the following pages.) - 57 - VILLAGE OF SCHAUMBURG. ILLINOIS
SCHEDULE OF EXPENDITURES - BUDGET AND ACTUAL (Continued) GENERAL FUND
For thc Year Elided April 30, 2002
V''iiiance .' Favorable Budgct Actual (Unfavorable)
GENERAL GOVEKNMENT (Contiriued) Managers (Continued) Other services and charges Conlrnunications Travel, meetings and training Automobile expense Ducs and subscriptiolls Professional services Maintenance - machincry and equipment Othcr contractual serviccs Advertising Supplics Printing Food, drugs and chemicals Operating supplies and equipment Office supplies Postage Janitorial Minor apparatus and tools Capital outlay Office funiiturc and cquipnient Adnlinistration
Total Managers
Village Clerk Personnel scrvices Salaries and wages - regular Salarics and wages - mcctings IMRF FICAImedicare Other sei-vices and charges Travel, meetings and training Advertising Dues and subscriptions Mainteirancc - machinery and equipment Supplies Printing Operating supplies and cquipment Office supplies Postage Capital outlay Officc furniture and cquipment
Total Village C'lcrk
(This schedille is continued on thc following pages.) - 58 - VILLAGE OF SCHAUMBUR(3, ILLINOIS
SCHEDULE OF EXPENDITURES - BUDGET AND ACTUAL (Continued) GENERAL FIN11
For thc Year Endcd April 30, 2002
Variance Favorable Budget Actual (Unfavorable)
GENERAL GOVERNMENT (Continued) Finance and administration Personnel services Salaries and wages - regular Salaries and wages - part-time Salaries and wages - longevity Salaries and wages - overtime 1-lealth insurance Life insurance Dental insurance Vision insurance IMRF FICAImedicare Serviccs and charges Travel, nleelings and training Autonlobi le expense Cornnlunications Advertising Dues and subscriptions Maintenance - machinery and equipment Annual audit Proressional services Other contractual services Actuarial studics Supplies Printing Office supplies Postage Operating supplies and equipment Miscellaneous bank fees Minor apparatus and tools Orfilicc furniture itnd ecluipnle~ltless tlian $1,500 Capital Outlay Capitalized other capital outlay Contingency
Total linancc and adniinistratlon 1,3!)2,501 1,596,058 (203,557)
Information technology Pel-sonncl services Salanes and wages - regular Salaries and wages - part-time Salaries itnd wages - longev~ty Salaries and wagcs - overtimc Health insurance
(This schedule is continued on the lollowing pagcs.) - 59 - VILLAGE OF SCHAUMBURG, ILLINOIS
SCHEDLJLE OF bXPENDITURES - BUDGET AND ACTUAL (Contrnued) GENFKAL FUND
For the Year Ended April 30, 2002
Var~ance Favorable 13udgct Actual (Unfavorable)
GENERAL GOVERNMENT (Continued) Informatron technology (Continued) Persollllcl services (Continued) Life msilrallce Dental insurance Vision insurance IMR!? FICAImedicare Services and charges Automobile allowance Cornniunications Travel, meetings and training Dues and subscriptions ProTessional services Maintenance - machinery and cquipment Othcr contracti~alservices Grant expense Supplics Printing Food, drugs and chemicals Operating supplies and equipment OTfice supplies Postage Minor apparatus and tools Office capital outlay less than $1,500 Office furniture and equipnlent lcss than $1,500 Capital outlay Capitalized other capital outlay
Total infomiation technology
I-luman services Personnel serviccs Salaries and wages - regular Salaries and wages - longevity Salaries and wages - overtime Health insurance Life insurance Dental insurance Vision insurance Unemployment insurance IMRF FICAIrnedicare
(This schedule is continued on the followilig pages.) - 60 - VILLAGE OF SCIIAUMBURG, TLI,INOIS
SCHEDULE OF EXPENDITURbS - BUDGET AND ACTIJAL (Continued) GENb;KAL FUND
For the Year hied Apr1130, 2002
Vanance Favorable Budget Actual (Unfavorable)
GENERAL GOVERNMENT (Continued) Iluman services (Continued) Scrvices and charges Auton~obileallowancc Incentive allowancc Travel, meetings and training Comnlunications Actuarial studies Tuition reimbursenlent Advertising Dues and subscriptions Professional services Maintenance - machinery and equipment Other contractual scrviccs Supplies Printing Food, drugs and chemicals Office supplics Postagc Minor apparatus Office furniture and equipment less than $1,500 Operating supplies and equipment Capital Outlay Capitalized other capital outlay
Total liuman resources
Building Personnel serviccs Salarics and wages - I-egular Salarics and wages - part-time Salaries and wages - longevity Salaries and wages - overtime Salarres and wages - fast track ovcrtime Health insurance Life insurance Dental insurance Vtsion insurancc IMRF FTCAhnedicarc Clothing allowance Serviecs and chal-ges Communications Travel, meetings and training Dues and subscriptions
(This schedulc is continued on the following pages.) - 61 - VILLAGE OF SCHAUMBURG, lLLINOTS
SCHEDULE OF EXPENDITURES - BUDGET AND ACTUAL (Continued) GENERAL FUND
For the Year Ended Aprjl30,2002
Var~ance Favorable Budget Actual (Unfavorable)
GENERAL GOVERNMENT (Continued) Building (Continued) Scrvices and charges (Continued) Maintenallce - macliinety and equipllleill Professional services Other contractual services Supplies Printing Clothing and linen Officc supplies Postagc Opcrating supplies and equipment Minor apparatus and tools Office fi~mitureand equipment less than $1,500 Ofice capital outlay less than $1,500 Capital outlay Office rumiture and equipment
Total building
Planning Personncl servlces Salarics and wages - regular Salarics and wages - part-timc Salat~esand wages - longev~ty Salaries and wages - overtiine Health insurance Life insurance Dental insurance Vision insurance IMRF FICA/medicare Automobile allowance Services and cliarges Advertising Conul~unicalions Travel, mectings and training Dues and subscriptions Maintenance - machinery and equipment Professional services Other contractual scl-vices Supplies Printing Food, drugs and chemicals Office supplies
(This schedule is contillued on the following pages.) - 62 - VILLAGE OF SCHAUMBURG, ILLINOIS
SCHEDULE OF EXPENL)lTURES - BUDGET AND ACTUAL (Continued) GENERAL FUND
For the Year Ended April 30, 2002
Variancc Favorable Budgct Actual (Unfnvorablc)
GENERAL GOVERNMENT (Continued) Plali~iing(Continued) Supplies (Cont~nued) Postage Operat~ngsupplics and equipment Minor apparatus and 1001s Office furniture and equipment less that] $1,500 Clothing and linen Capital outlay Admin~stration
Total planning
Transportation Personnel serviccs Salaries and wages - rcgular Salaries and wages - part-time Salaries and wages - lorlgevity Salaries and wages - overtimc Health insurance Lifc insurance Dental insurance Vision insurance IMRF FICAImedicare Cafeteria plan expcnse Services and cllargcs Automobile allowance Commnunications Travel, meetings and training Dues and subscriptions Professional scrvices Scnior citizcn cab program Maintenance - machilicry and equipment Service contract cost Supplies Printing Clothing and linen Operating supplies and equipment Office supplies Postage Minor apparatus and tools Capital outlay Capitalizcd other capital outlay
Total transportation
(This schcdule is continued on the followillg pages.) - 63 - VILLAGE OF SCHAUMBIJRG, ILLINOIS
SCHEDULE OF EXPENDITURES - BUDGET AND ACTUAL (Continued) GENERAL FIJND
For the Year Ended April 30, 2002
Variance Favorable Budget Actual (Unfavorable)
GENERAL GOVERNMENT (Cor1lini;ed) Engineering Personnel services Salaries and wages - regular Salaries and wages - part-time Salaries and wages - longevity Salaries and wagcs - overtime Salaries and wages - fast track Healtli insurance Life insurance Dental insurance Vision insurance IMRI; FICAImedicare Clothing allowa~~ce Services and charges Conlnlullicatiolls Travel, meetings and training Dues and subscriptions Advertising Automobile allowance Maintenance - niachiriery and equipment Professional services Other contractual services Supplies Printing Clothing and linen Food, drugs and chemicals Officc supplies Postage Operating supplies and equipment Minor apparatus and tools Capital outlay Administration
Total engineering
Total general government
PUBLIC SAFETY 1;irc and Police Commission Personnel services Salaries and wages - stipends Salaries and wages - ova-time IMW FICAiniedicare
(This schedule is continued on thc following pages.) - 64 - VILLAGE OF SCHAUMBUKG. T1,LINOIS
SCHEIIULE OF EXPENDITURES - BIJDGET AND ACTUAL (Contini~cd) GENERAL FTJND
For thc Year Ended April 30, 2002
Variailce Favorable Budget Actual (Unfavorable)
PIJBI,lC SAFETY (Continued) Firc and Police Commission (Continued) Serviccs and charges Travel, rneetings and training Advertising Professional services Maintenance of machinery arid equipment Supplies Printing Office si~pplies Poslagc
Total firc and police cornmission
Police Department Perso~ui~clserviccs Salaries and wages - regular Salaries aid wages - part-time Salaries and wages - longevity Salaries and wages - overtime Salarics and wages - holiday Salaries and wages - othcr Salaries arid wages - court time I-lcalth illsurance Life insurance Dcntal insurance Vision insurance lMRF 1~1CAlmcdicare Police pension Physical exams - enlployecs Clothing allowance Services and charges Educatiollal incentive Comlunications Travel, meetings and training Dues and subscriptions Professional ser-vices Maintenance - machinery and equipment Advertising Other contractual services L.A.T.E,K Grant
(Thls schedule 1s continued on the followrng pages.) - 65 - VILLAGE OF SCHAUMBTSRG, ILLlNOIS
SCHEDlJLE OF EXPENDITURES - BUDGET AND ACTUAL (Cont~nued) GENERAL FUND
lor the Year Endcd April 30, 2002
Variance Favorable Budget Actual (Unfavorable)
PUBLIC SAFETY (Conlinucd) Police Dcpartment (Continued) Supplies Printing Quartellr~asterprogram Clothing and lincn Food, drugs and chemicals Operating supplics and equipment Ofice supplics Postage Minor apparatus and tools Operating equipment rcplacelncnt less than $1,500 Other capital outlay less than $1,500 Ol-ficc furniturc and equipment less than $1,500 Building inlprovenlerlts less than $1,500 Purchasc of new vehicle less than $1,500 Capital outlay Administration Purchasc of vehicular equipment - new Capitalized building improvements Capitalizcd other capital outlay Chpitalized vpcrating cquip~ncntreplacenlent Capitalized other improvements Technical Services Resource investigations Patrol
Total police departnient 19,422,641 20,9 13,520; (1,490,885)
Fire Departlnent Personnel services Salltries and wages - regular Salaries and wages - longcvlty Salaries and wages - ovcrtirne Salal-iesand wages - firewatch overtilnc Health insurance Life insurance Dental insurance Vision insurance lMRF FlCAlmedicare Firemen's pcnsion Physical exams - employees Clothing allowance
(This schedule is continued on the Following pages.) - 66 - VILLAGE OF SCHAUMBURG, ILLINOIS
SCHEDULE OF EXPENDITURES - BUDGET AND ACTUAL (Continued) GENERAL FUND
For the Ycar Ended April 30,2002
Variance Favorable Budget Actual (IJnfavoriible)
PUBLIC SAFETY (Continued) Fire Dcpal-tment (Continucd) Services and charges Communications Travel, meetings and training Advertising Dues and subscriptions Repairs and maintenance of building ProTessional services Maintcnance - ~nachineryand equipment Other contractual services Si~pplies Printing Clothing and linen Office supplies Postage Ja~iitorial Quartennaster program Foods, cirugs and chemicals Opel-ating supplies and equipment Minor apparatus and tools Other capital outlay less than $1,500 Operating equipment repliicement less than $1,500 Capital outlay Capitalizcd operating equipment replacement Capitalized other capital oirtlay Operations
Total fire department
Total pilhlic safety
IIIGHWAYS AND STREETS Public Works Personnel serviccs Salarics and wages - regular Salaries and wages - part-time Salaries and wages - longevity Salaries and wages - ovcrtirne Salaries and wages - snow rcmoval Health insurance Life insurance Dental insurance Vision insurance IMRF
(This schedule is continued on the following pages.) - 67 - VILLAGE OF SCtlAUMBURG, ILLINOIS
SCHEDULE OF EXPENDITURES - BUDGET AND ACTUAL (Continued) GENERAL FUND
Fol- the Ycar Ended April 30, 2002
Vartance Favoriablc Budget Actual (Un ravoriiblc)
HIGHWAYS AND STREETS (Continued) Public Works (Continued) Personnel services (Continued) FICAIrncdicare Physical exams - elnployees Clothing allowance Tool allowance Automobile allowance Services and charges LJtilities - gas and clcctric Communications Travel, meetings and training Dues and suhscriptiolis Profcssional services Mailltcllallcc - machinery and equipment Other contractual scrviccs Repair and maintenance of building Supplies Printing Operating supplies and equipment Office srlpplics Postage Clothing and linen Food, drugs and chemicals Minor apparatus and to& Maintcnance and repairs Operational supplies Quartermaster prograni Office furniture and equipmcrlt less than $1,500 Other capital outlay less than $1,500 Operating equipment replacement lcss than $1,500 Rililding ilnprovcrncnts less than $1,500 Other inlprovements Inventory Freight Capital outlay Capitiilizcd other iniprovements Capitalized building iniprovements Capilalized operating equipnient replacement Capitalized other capital outlay Capitalized office furniture and equipment Buildings 'Traffic Admillistratioll Fleet
(?'his schedule 1s continued on the followirig pages.) - 68 - VILLAGE OF SCklAUMBURG, ILLINOIS
SCHEDULE OF EXPENDITURES - BUDGhT AND ACTUAL (Continued) GENERAL FUND
For the Ycar Ended April 30,2002
Variance Favorable Budget Actual (tinfavorable)
HIGHWAYS AND STREETS (Continued) Public Works (Continucd) Capital outlay (Continued) Landscape Streets
Total highways and streets
HEALTH AND WELFARE Health and I-lurnan Scrviccs Personnel scl-vices Salaries and wagcs - regular Salaries and wages - part-time Salaries and wages - longevity Salaries and wages - overtimc Hcalth insurance Life illsura~lce Dental insurance Vision insurance TMRX: l~lCA/medicare Physical cxarns - employees Services and charges Communications Travcl, mcetings and training Dues and subscriptions Professional services Maintenancc - machinery and equipment Other contractual services Supplics Printing Food, d~ugsand chemicals Operating supplies and equipment Office supplies Postagc Minor apparatus and tools Clothing and linen Operating cquipment replacement less than $1,500 Office fun~itureand equipment less than $1,500 Building inlprovelnents less than $1,500 Capital outlay Administration Capitalized office furniture and cquipment Capitalized othcr capital outlay Capitalized other improve~ncnts
Total health and human services 2,168,46 1 2,291,971 (123,510)
(This schedi~leis continued on the following pages.) - 69 - VILLAGE OF SCHAIIMBURG, ILLINOIS
SCHEDULE OF EXPENDITURES - BUDGET AND ACTUAL (Continued) GENERAL FLJND
For thc Year Ended April 30,2002
Variance Favorable Budget Actual (Unfavorable)
HEALTH AN13 WELFARE (Continued) Board of Health Other services and charges Salarics and wages - stipcnds FICAln~edicarc Postagc Prillt~ng Office s~~pplies Dues and subscriptions
Total Board of Health
Rlood Program Committee Salar~esand wages - stipends FICAlrncdicare Comn~urilcations Food, drugs and chen~icals Operating supplies and cquipn~enl
Total Blood Prograiii Cornrnittce
Fanlily Counseling Center Other scrvices and chargcs Salaries and wages - stipends FlCAImedicare
Total Family Counselirzg Centcr
Teen Centcr Committee
Peer Jury
Committee on Aging
Policc Pension Board
Total health and wclfare
PRAIRIE CENTER AND COMMUNITY EVENTS Personnel serviccs Salaries and wages - regular Salarics and wages - part-time Salarics and wages - longevity Salar~esand wages - stlpends Salaries and wages - overtimc
(This schedule is continued on thc following page.) - 70 - VILLAGE 01: SCHAUMBURG. ILLINOTS
SCHEDULE OX: EXPENDITURES - BUDGET AND ACTUAL (Continued) GENERAL FUND
For the Ycar Ended April 30,2002
Variance Favorable Budget Actual (UnTavorable)
PRAIRIE CENTER AND COMMUNITY EVENTS (Continued) Personnel services (Continued) Hcalth insilrancc Lifc insurance Dental insurance Vision insitrancc IMRF FTCAImcd~care Automobile allowance Other services and charges Communications Travcl, meetings and training Advertising Septcmherfest Dues and subscriptiolls Mairiteniince - machincry and equipment Proressional services Edge city cxpenses Other contractual services Supplies Printing Food, drugs and chenlicals Postage Officc supplies Operating supplies and equip~llcnt Clothing and linen Janitorial Miscellaneous hank fees Minor apparatus and tools Operating equipment replacement lcss than $1?500 Othcr capital outlay less than $1,500 Capital outlay Capitalized officc furniture and equipment Capitalized other capital outlay Capitalized building illlprovements
Total Prairie Center and commullity events
TOTAL EXPENDITURES
(See independent auditor's report.) - 71 - SPECIAL REVENUE FUNDS
Motor Fuel Tax Fund - to account for revenues received from the State of Illinois for the maintenance, improvement and construction of streets and roads.
Schaumburg Transit Program Fund - to account for the cost of providing local public transportation. Financing is provided by fares and operating grants.
Community Development Block Grant Fund - to account for the use of grant monies earmarked for specific projects.
911 Phone Fund - to account for the accumulation of surcharges of fund "91 1" equipment and administrative costs. VILLAGE OF SCHAUMBURG, ILLINOIS
COMBINING BALANCE SHEET SPECIAL REVENUE FUNDS
April 30,2002
Motor Schaumburg Community Fuel Transit Development 91 1 Tax Program Block Grant Phone Total
ASSETS
Cash and cash equivalents $ 2,285,328 $ 13,196 $ 5,713 $ - $ 2,304,237 Receivable fees 18,136 581,081 - 599,217 Due from other governments - federal grants 173,413 - 165,413 338,826
TOTAL ASSETS $ 2,458,741 $ 31,332 $ 586,794 $ 165,413 $ 3,242,280
LIABILITIES AND FUND BALANCES
LIABILITIES Accounts payable Deferred revenues Due to other funds
Total liabilities 260,808 632,985 893,793
FUND BALANCES Unreserved and undesignated 2,458,741 (229,476) (46,191) 165,413 2,348,487
Total fund balances 2,458,741 (229,476) (46,191) 165,413 2,348,487
TOTAL LIABILITIES AND FUND BALANCES $ 2,458,741 $ 31,332 $ 586,794 $ 165,413 $ 3,242,280
(See independent auditor's report.) - 72 - VILLAGE OF SCHAUMBURG, ILLINOIS
COMBINrNG STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES SPECIAL REVENUE FUNDS
For the Year Ended April 30,2002
Motor Schaumburg Community Fuel Transit Development 91 1 Tax Program Block Grant Phone Total
REVENUES Intergovernmental Charges for services Investment income Donations Miscellaneous
Total revenues 2,232,094 347,478 255,083 42 1,358 3,256,013
EXPENDITURES Current General government Capital outlay
Total expenditures
EXCESS (DEFICIENCY) OF REVENUES OVER EXPENDITURES 1,568,705 (1,476,696) (1,443) (144,309) (53,743)
OTHER FINANCING SOURCES (USES) Operating transfers in Operating transfers (out)
Total other financing sources (uses) (1,250,000) 1,404,543 154,543
EXCESS (DEFICIENCY) OF REVENUES AND OTHER FINANCING SOURCES OVER EXPENDITURES AND OTHER FINANCING USES 3 18,705 (72,153) (1,443) (144,309) 1 00,800
FUND BALANCES, MAY 1 1,974,437 (1 57,323) (296,269) 825,473 2,346,3 18
Prior period adjustment 165,599 251,521 131,920 549,040
FUND BALANCE, MAY 1, RESTATED 2,140,036 (157,323) (44,748) 957,393 2,895,358
Residual equity transfer (647,67 1) (647,67 1)
FUND BALANCES, APRIL 30 $ 2,458,741 $ (229,476) $ (46,191) $ 165,413 $ 2,348,487
(See independent auditor's report.) - 73 - VILLAGE OF SCHAUMBURG, ILLINOIS
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL MOTOR FUEL TAX FUND
For the Year Ended April 30,2002
Variance Favorable Budget Actual (Unfavorable)
REVENUES Intergovernmental Motor he1 tax Investment income
Total revenues
EXPENDITURES Capital outlay Roadway improvements
Total expenditures
EXCESS (DEFICIENCY) OF REVENUES OVER EXPENDITURES
OTHER FINANCING SOURCES (USES) Operating transfers (out)
Total other financing sources (uses)
EXCESS (DEFICIENCY) OF REVENUES AND OTHER FINANCING SOURCES OVER EXPENDITURES AND OTHER FINANCING USES
FUND BALANCE, MAY 1
Prior period adjustment
FUND BALANCE, MAY 1, RESTATED
FUND BALANCE, APRIL 30
(See independent auditor's report.) - 74 - VILLAGE OF SCHAUMBURG, ILLINOIS
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL SCHAUMBURG TRANSIT PROGRAM FUND
For the Year Ended April 30,2002
Variance Favorable Budget Actual (Unfavorable)
REVENUES Intergovernmental Mass transit fares Operating assistance - RTA Woodfield shuttle reimbursement Grant entitlements Investment income Miscellaneous
Total revenues
EXPENDITURES General government Contractual services Purchased transport service Advertising Commodities Operating supplies and equipment Other miscellaneous
Total expenditures
EXCESS (DEFICIENCY) OF REVENUES OVER EXPENDITURES
OTHER FINANCING SOURCES (USES) Operating transfers in
Total other financing sources (uses)
EXCESS (DEFICIENCY) OF REVENUES AND OTHER FINANCING SOURCES OVER EXPENDITURES AND OTHER FINANCING USES
FUND BALANCE, MAY 1
FUND BALANCE, APRIL 30
(See independent auditor's report.) - 75 - VILLAGE OF SCHAUMBURG, ILLINOIS
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL COMMUNITY DEVELOPMENT BLOCK GRANT FUND
For the Year Ended April 30,2002
Variance Favorable Budget Actual (Unfavorable)
REVENUES Intergovernmental Entitlements
Total revenues
EXPENDITURES General government Printings, postage and office supplies Public services Capital outlay Building improvements
Total expenditures
EXCESS (DEFICIENCY) OF REVENUES OVER EXPENDITURES
OTHER FINANCING SOURCES (USES) Operating transfers (out)
Total other financing sources (uses)
EXCESS (DEFICIENCY) OF REVENUES AND OTHER FINANCING SOURCES OVER EXPENDITURES AND OTHER FINANCING USES
FUND BALANCE, MAY 1
Prior period adjustment
FUND BALANCE, MAY 1, RESTATED
FUND BALANCE, APRIL 30
(See independent auditor's report.) -76 - VILLAGE OF SCHAUMBURG, ILLINOIS
STATEMENT OF REVENUES, EXPENDITURES AND CHANGESINFUNDBALANCE-BUDGETANDACTUAL 91 1 PHONE FUND
For the Year Ended April 30,2002
Variance Favorable Budget Actual (Unfavorable)
REVENUES Charges for service - 91 1 surcharge Investment income Donations
Total revenues
EXPENDITURES General government Contractual services Communications Travel, meeting and training Dues and subscriptions Maintenance of equipment Operating supplies and equipment
Total expenditures
EXCESS (DEFICIENCY) OF REVENUES OVER EXPENDITURES
FUND BALANCE, MAY 1
Prior period adjustment
FUND BALANCE, MAY 1, RESTATED
Residual equity transfer
FUND BALANCE, APRIL 30
(See independent auditor's report.) DEBT SERVICE FUNDS
General Obligation Refunding Bonds Series 1993 - to accumulate monies for payment of 1993 Series $20,340,000 General Obligation Refunding Bonds, which are Serial Bonds due in annual installments until maturity in 2008. These bonds were issued to advance refund $18,880,000 outstanding principal amount of General Obligation Bonds Series of 1987. Financing is being provided by food and beverage taxes and real estate transfer taxes.
General Obligation Refunding Bonds, Series 1994 - to accumulate monies for payment of 1994 Series, $6,800,000 General Obligation Refunding Bonds, which are Serial Bonds due in annual installments until maturity in 2004. These bonds were issued to advance refund $6,160,000 outstanding principal amount of General Obligation Bonds Series of 1989. Financing is being provided by an annual tax levy on all taxable property within the Village or other revenue sources as from time to time designated by the Village.
General Obligation Variable Rate Demand Bonds, Series 2000 - to accumulate monies for payment of 2000 Series, $16,600,000 General Obligation Variable Rate Demand Bonds, which are Serial Bonds due in annual installments until maturity in 2015. These bonds were issued to finance the acquisition of land and to finance certain street improvements throughout the Village. Financing is planned to be provided by telecommunications taxes and the increase in hotel taxes.
General Obligation Capital Improvement Bonds, Series 2002A - to accumulate monies for payment of 2002A Series, $33,875,000 General Obligation Capital Improvement Bonds which are Serial Bonds due in annual installments until maturity in 202 1. These bonds were issued to finance the improvements to fire stations, emergency communications center, utility burials and renovation of the Public Works Center. Financing is planned to be provided by sales tax revenues.
General Obligation Note (Special Service Area Five Project) Fund of 1991 - to accumulate monies for payment of 1991 General Obligation Note of $485,000. The note was issued to finance special local improvements within this special service area. Financing is to be provided from a special two percent (2%) tax on the equalized assessed value of property within the area. VlLLAGE OF SCHAUMBURG. ILLINOIS
COMBINING BALANCE SHEET DEBT SERVICE FUNDS
April 30,2002
Cieneral Obligation Cieneral Gcneral General Variable Obligation Obl~gation Obligation Rate Capital General Refunding Refunding Demand Improvement Obligation Bonds, Bonds, Bonds, Bonds, Note Fund Series 1993 Series 1994 Series 2000 Series 2002A of 1991 Total
ASSETS
Cash and cash equivalents Investments Receivables Property taxes Accrued interest Other Due from other funds
TOTAL ASSETS
LIABILITIES AND FUND BALANCES
I,TABILITIES Accounts payable Accrued Interest Deferred revenue Due to other funds
Total liabilities 222 500,000 64,864 23,056 588,142
FIJNI) BALANCES Unrescrved and urldesig~~ated 3,369,169 575,962 864,795 969,196 34,435 5,813,557
'l'otal fund balances 3,369,169 575,962 864,795 969,196 34,435 5,813,557
TOTAL LIABILITIES AND FUND BALANCES $ 3,369,391 $ 575,962 $ 1,364,795 $ 1,034,060 $ 57,491 % 6,401,699
(See independent auditor's report.) - 78 - VILLAGE OF SCHAUMBURG, ILLINOIS
COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES - BUDGET AND ACTUAL DEBT SERVICE FUNDS
For the Year Ended April 30,2002
General Obligation General Obligation Refunding Bonds, Refunding Bonds, Series 1993 Series 1994 Budeet Actual Budget Actual
REVENUES Taxes Property Food and beverage Real estate transfer Investment income
Total revenues
EXPENDITURES Professional fees Debt service Bond principal Interest and agent fees
Total expenditures
EXCESS (DEFICIENCY) OF REVENUES OVER EXPENDITURES
OTHER FINANCING SOURCES (USES) Operating transfers in Operating transfers (out) Bond proceeds
Total other financing sources (uses)
EXCESS (DEFICIENCY) OF REVENUES AND OTHER FlNANCING SOURCES OVER EXPENDITURES AND OTHER FINANCING USES
FUND BALANCES, MAY I
FUND BALANCES, APRIL 30 General Obligation General Obligation Variable Rate Demand Capital Improvement General Obligation Bonds, Series 2000 Bonds, Series 2002A Note Fund of 199 1 Total Budget Actual Budget Actual Budget Actual Budget Actual
(See independent auditor's report.) - 80 - CAPITAL PROJECTS FUNDS
Capital Improvement Fund - to accounts for financial resources to be used for the acquisition or construction of major capital facilities. Financing is provided by developer and intergovernmental contributions.
Tax Increment Area Number One (Olde Schaumburg Centre) Special Allocation Fund - to account for the financial resources to be used for the construction of various corporate, public works and community development projects. Financing is provided by incremental property taxes.
2000 Land Acquisition and Street Improvement Fund - to account for the financial resources to be used for the purchase of land and for certain street improvements throughout the Village. Financing is provided by issuance of $16,600,00 of 2000 General Obligation Bonds and hotel taxes.
Special Service Area Funds (#6, #7, #8, #9 and #lo) - to account for the financial resources to be used for the construction of certain sanitary sewage and water main systems. Financing is provided by levy on annual tax on all property located within the special service area. VILLAGE OF SCHAUMBURG, ILLINOIS
COMBINING BALANCE SHEET CAPITAL PROJECTS FUNDS
April 30, 2002
Olde 2000 Schaumburg Land Centre Acquisition Capital Special and Street Improvement Allocation Improvements
ASSETS
Cash and cash equivalents Investments Receivables (net of allowance for uncollectible amounts) Property taxes Accrued interest Other Due from other funds Land held for resale
TOTAL ASSETS
LIABILITIES AND FUND BALANCES
LIABILITIES Accounts payable Deferred revenue Due to other funds Advances from other funds
Total liabilities
FUND BALANCES Reserved for land held for resalc Unreserved Undesignated
Total fund balances
TOTAL LIABILITIES AND FUND BALANCES Special Special Special Special Special Service Service Servicc Service Service Area #6 Area #7 Area #8 Area #9 Area #10 Total
(See independent auditor's report.) - 82 - VILLAGE OF SCHAUMBUKG, ILLINOIS
COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES CAPITAL PROJECTS FUNDS
For the Year Ended April 30,2002
Olde 2000 Schaumburg Land Centre Acquisition Capital Special and Street Iniprovement Allocation Improvements
REVENUES Property taxes Other taxes Intergovernmental Grants Donations Investment income Miscellaneous
Total revenues
EXPENDITURES General government Capital outlay
Total expenditures
EXCESS (DEFICIENCY) OF REVENUES OVER EXPENDITURES
OTHER FINANCING SOURCES (USES) Operating transfers in Operating transfers (out) Bond proceeds
Total other financing sources (uses)
EXCESS (DEFICIENCY) OF REVENUES AND OTHER FINANCING SOURCES OVER EXPENDITURES AND OTHER FINANCING USES
FUND BALANCES (DEFICIT), MAY 1
Prior period adjustment
FUND BALANCE, MAY 1, RESTATED
FUND BALANCES (DEFICIT), APRIL 30 Special Spccial Special Special Special Service Service Service Service Service Area #6 Area #7 Area #8 Area #9 Area #10 Total
(See independent auditor's report.) - 84 - VILLAGE OF SCHAUMBURG, TZ,LINOIS
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL CAPITAL IMPROVEMENT FUND
For the Year Ended April 30, 2002
Variance Favorable Budget Actual (Unfavorable)
REVENUES Intergovernmental Grants Developer donations Investment incame Miscellaneous
Total revenues
EXPENDITURES Capital outlay General projects Street reconstruction Stormwater improvements Grounds and ROW Building improvements Technology inlprovements Sidewalks Bike paths Street lights Traffic signals
Total expenditures
EXCESS (DEFIClbNCY) OF REVENUES OVER EXPENDITURES
OTHER FINANCING SOURCES (IJSES) Operating transfers in Operating transfers (out)
Total other financing sources (uscs)
EXCESS (DEFICIENCY) OF REVENUES AND OTHER FINANClNCj SOURCES OVER EXPENDITURES AND OTHER FNANCING USES
FUND BALANCE, MAY 1
Prior period adjustment
FUND BALANCE, MAY I, RESTATED
FUND BALANCE, APRIL 30
(See independent auditor's report.) - 85 - VILLAGE OF SCHAUMBURG, ILLINOIS
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL OLDE SCHAUMBURG CENTRE SPECIAL ALLOCATTON FUND
For the Year Ended April 30,2002
Variance Favorable Budget Actual (Unfavorable)
REVENUES Property taxes Investment income
Total revenues
EXPENDITURES General government Operating supplies and equipment Capital outlay Professional services
Total expenditures
EXCESS (DEFICIENCY) REVENUES OVER EXPENDITURES
OTHER FINANCING SOURCES (USES) Operating transfers (out) Sale of fixed asset
Total other financing sources (uses)
EXCESS (DEFICIENCY) OF REVENUES AND OTHER FINANCING SOURCES OVER EXPENDITURES AND OTHER FINANCING USES
FUND BALANCE (DEFICIT), MAY 1
FUND BALANCE (DEFICIT), APRIL 30
(See independent auditor's report.) - 86 - VILLAGE OF SCHAUMBURG, ILLINOIS
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL 2000 LAND ACQUISITION AND STREET IMPROVEMENTS FUND
For the Year Ended April 30,2002
Variance Favorable Budget Actual (Unfavorable)
REVENUES Other taxes Investment income
Total revenues
EXPENDITURES General government Capital outlay
Total expenditures
EXCESS (DEFICIENCY) OF REVENUES OVER EXPENDlTURES
OTHER FINANCING SOURCES (USES) Operating transfers in Operating transfers (out) Bond proceeds
Total other financing sources (uses)
EXCESS (DEFICIENCY) OF REVENUES AND OTHER FINANClNG SOURCES OVER EXPENDITURES AND OTHER FINANCING USES
FUND BALANCE, MAY 1
Prior period adjustment
FUND BALANCE, MAY I, RESTATED
FUND BALANCE, APRIL 30
(See indepcndent auditor's report.) - 87 - VILLAGE OF SCHAUMBURG, ILLINOIS
STATEMENT OF REVENUES. EXPENDITURES AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL SPECIAL SERVICE AREA #6 FUND
For the Year Ended April 30,2002
Variance Favorable Budget Actual (Unfavorable)
REVENUES Property taxes Investment income
Total revenues
EXPENDITURES None
EXCESS (DEFICIENCY) OF REVENUES OVER EXPENDITURES
FUND BALANCE (DEFICIT), MAY 1
FUND BALANCE (DEFICIT), APRIL 30
(See independent auditor's report.) - 88 - VILLAGE OF SCHAUMBURG, ILLINOIS
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL SPECIAL SERVICE AREA #7 FUND
For the Year Ended April 30,2002
Variance Favorable Budget Actual (Unfavorable)
REVENUES Property taxes Investment income
Total revenues
EXPENDITURES None
EXCESS (DEFICIENCY) OF REVENUES OVER EXPENDITURES $ 5,600 6,517 $ 917
FUND BALANCE (DEFICIT), MAY I (1 4,077)
FUND BALANCE (DEFICIT), APRIL 30 $ (7,560)
(See independent auditor's report.) - 89 - VILLAGE OF SCHAUMBURG, ILLINOIS
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL SPECIAL SERVICE AREA #X FUND
For the Year Ended April 30,2002
Variance Favorable Budget Actual (Unfavorable)
REVENUES Property taxes Investment income
Total revenues
EXPENDITURES None
EXCESS (DEFICIENCY) OF REVENUES OVER EXPENDITURES
FUND BALANCE (DEFICIT), MAY 1
FUND BALANCE (DEFICIT), APRIL 30
(See independent auditor's report.) - 90 - VILLAGE OF SCHAUMBURG, ILLINOIS
STATEMENT OF REVENUES, EXPENDlTURES AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL SPECIAL SERVICE AREA #9 FUND
For the Year Ended April 30,2002
Variance Favorable Budget Actual (Unfavorable)
REVENUES Property taxes Investment income
Total revenues
EXPENDITURES None
EXCESS (DEFICIENCY) OF REVENUES OVER EXPENDITURES
OTHER FINANCING SOURCES (USES) Operating transfers (out)
Total other financing sources (uses)
EXCESS (DEFICIENCY) OF REVENUES AND OTHER FINANCING SOURCES OVER EXPENDITURES AND OTHER FINANCING USES
FUND BALANCE, MAY 1
FUND BALANCE, APRIL 30
(See independent auditor's report.) - 91 - VILLAGE OF SCHAUMBURG, ILLINOIS
STATEMENT OF REVENUES, EXPENDlTURES AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL SPECIAL SERVICE AREA #lo FUND
For the Year Ended April 30,2002
Variance Favorable Budget Actual (Unfavorable)
REVENUES Property taxes Investment income
Total revenues
EXPENDITURES None
EXCESS (DEFICIENCY) OF REVENUES OVER EXPENDITURES 45,800 47,900 2,100
OTHER FINANCING SOURCES (USES) Operating transfers (out) (49,000) (28,583) 20,417
Total other financing sources (uses) (49,000) (28,583) 20,4 1 7
EXCESS (DEFICIENCY) OF REVENUES AND OTHER FINANClNG SOURCES OVER EXPENDITURES AND OTHER FINANCING USES $ (3,200) 19,317 $ 22,5 17
FUND BALANCE, MAY 1 5,435
FUND BALANCE, APRIL 30 $ 24,752
(See independent auditor's report.) - 92 - PROPRIETARY FUND TYPE ENTERPRISE FUNDS
Waterworks and Sewerage Fund - to account for all activities necessary for the provision of water and wastewater treatment services to the residents and businesses of the Village, including administration, operations and maintenance, financing, billing and collection.
Commuter Parking Lot Fund - to account for the operating revenue and expenses of the Village of Schaumburg Commuter Parking Lot.
Schaumburg Regional Airport Fund - to account for the operating revenue and expenses of the Village of Schaumburg Regional Airport.
Schaumburg Baseball Stadium Fund - to account for the operating revenue and expenses of the Village's share of the Schaumburg Baseball Stadium. VILLAGE OF SCFIAUMBURG, ILLINOIS
COMBINING BALANCE SHEET ENTERPRISE FUNDS
April 30, 2002
Waterworks Commuter Schaumburg Schaumburg and Parking Regional Baseball Seweragc Lot Airport Stadium Total
ASSETS
CURRENT ASSETS Cash and cash equivalents Investments Receivables Customer accounts Unbilled services Interest Other Deposits Due from other f~~nds Prepaid items
Total current assets
PROPERTY AND EQUIPMENT Construction in progress Land and land improvements Buildings Machinery and equipment Furniture and fixtures Wells and water mains Less accumulated depreciation
Net property and equipment
NONCURRENT ASSETS Due from other gr)vcrnments Bond issuance costs, net of amortization
Total noncurrent assets
TOTAL ASSETS Waterworks Commuter Schaumburg Schaumburg and Parking Regional Baseball Sewerage Lot Airport Stadium Total
LIABILITIES AND FUND EQUITY
CURRENT LIABILI'TILS Accounts payable '$ 448,627 $ 389,351 $ 116,825 $ 51,524 $ 1,006,327 Accrued interest payable 1 1,646 58,875 48,375 118,896 Accrued payroll 25,770 25,770 Compensated absences 250,675 250,675 Notes payable - bank 3,357,679 3,357,679 Other liabilit~es 836,648 125,000 961,648 Due to other funds 1,821,252 200,000 2,02 1,252
Total current liabilities 5,9 15,649 589,351 1,012,348 224,899 7,742,247
LONG-TERM Ll ABILITIES General obligation variable rate demand honds payable 15,700,000 12,900,000 28,600,000 Advances from other funds 2,420,152 2,420,152
Total long-term liabilities 15,700,000 15,320,152 3 1,020,152
Total liabilities 5,915,649 589,35 1 16,712,348 15,545,051 38,762,399
FUND EQUITY Contributed cap~tal 93,016,264 3,972,060 23,600,675 120,588,999 Retained earnlngs (accumulated deficit), unresei-ved (41,590,898) 324,883 (2,383,381) 2,262,231 (41,387,165)
Total fund cquity 5 1,425,366 4,296,943 2 1,217,294 2,262,23 1 79,201,834
TOTAL LIABILITIES AND FUND EQlJlTY
(See independent auditor's report.) - 94 - VILLAGE OF SCHAUMBURG, ILLINOIS
COMBINING SCHEDULE OF CHANGES IN CONTRIBUTED CAPITAL ENTERPRISE FUND
For the Year Ended April 30,2002
Waterworks Commuter Schaumburg Schaumburg and Parking Regional Baseball Sewerage Lot Airport Stadium Total
BALANCE, MAY 1, RESTATED $ 93,016,264 $ 3,972,060 $ 23,535,475 $ - $ 120,523,799
Contributions for acquisition of equipment - 65,200 65,200
BALANCE, APRIL 30
(See independent auditor's report.) - 95 - VILLAGE OF SCHAUMBURG, ILLINOIS
COMBINNG STATEMENT OF REVENUES, EXPENSES AND CHANGES IN RETAWED EARNINGS (ACCUMULATED DEFICIT) ENTERPRISE FUNDS
For the Year Ended April 30, 2002
Waterworks Commuter Schawnburg Schaumburg and Parking Regional Baseball Sewerage Lot Airport Stadium Total
OPERATING REVEWJES Charges for Services Metered services Tap-on fees Rental income Miscellaneous
Total operating revenues
OPERATING EXPENSES EXCLLDING DEPRECIATION AND AMORTIZATION Personnel servlces ContractuaI sen7ices Commodities Repairs and replacement
Total operating expenses excluding depreciation and amortization
OPERATING DICOME (LOSS) BEFORE DEPRECIATION .4KD AMORTIZATION
DEP RECIATIOX AND AMORTIZATION
OPERATING DTCOME (LOSS) Waterworks Commuter Schaumburg Schaurnburg and Parking Regional Baseball Sewerage Lot Airport Stadium Total
NONOPERATING REVENUES (EXPENSES) Investment income Other income Interest expense Other expense
Total nonoperating revenues (expenses), net
INCOME (LOSS) BEFORE OPERATING TRANSFERS
OPERATING TRANSFERS IN (OUT) Operating transfers in Operating transfers (out)
Total operating transfers in (out)
NET INCOME (LOSS)
RETAINED EARNINGS (ACCUMULATED DEFICIT), MAY I
Prior period adjustment
RETAINED EARNINGS (ACCUMULATED DEFICIT), MAY 1. RESTATED
RETAINED EARNINGS (ACCUMULATED DEFICIT), APRIL 30
(See independent auditor's report.) - 97 - VLLLAGE OF SCHAUMBURG, ILLINOIS
COMBINING STATEMENT OF CASH FLOWS ENTERPRISE FUNDS
For the Ye= Ended April 30,2002
\Y atenvorks Commuter Schaumburg Schaumburg and Parking Regional Baseball Sewerage Lot Airport Stadium Total
CASH FLOWS FROM OPERATING ACTIVITIES Operating income (loss) Adjustments to reconcile operating income (loss) to net cash from operating activities Depreciation and amortization Other norroperating expense Changes in Receivables Prepaid items Accounts payable Compensated absences Other liabilities
Net cash from operating activities
CASH FLOWS FROM CAPITAL AND RELATED FINANCING ACTIVITIES Due from other governments Payments on bonds payable Proceeds from note payable Payments of note payable Capital contributions Purchase of property and equipment Interest paid
Net cash from capital and related financing activities Waterworks Commuter Schaumburg Schaumburg and Parking Regional Baseball Sewerage Lot Airport Stadium Total
CASH FLOWS FROM INVESTING ACTIVITIES Purchase of investments Proceeds from sales of investments Investment income received
Net cash from investing activities
CASH FLOWS FROM NONCAPITAL FINANCING ACTIVITIES Operating transfers Advances from other funds
Net cash from noncapital financing activities
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS
CASH AND CASH EQUIVALENTS, MAY 1
CASH AND CASH EQUIVALENTS, APRIL 30
(See independent auditor's report.) - 99 - VILLAGE OF SCHAUMBURG, ILLINOIS
SCHEDULE OF OPERATING REVENUES - BUDGET AND ACTUAL WATERWORKS AND SEWERAGE FUND
For the Year Ended April 30,2002
Variance Favorable Budget Actual (Unfavorable)
CHARGES FOR SERVICES Metered services Penalties
Total charges for services
Tap-on fees Residential Sewer Water Other than sewer
Total tap-on fees
MISCELLANEOUS Other Water meters Turn-on and turn-off fees Miscellaneous - hydrant meter rental
Total miscellaneous
TOTAL OPERATING REVENUES
(See independent auditor's report.) - 100 - VILLAGE OF SCHAUMBURG, ILLINOIS
SCHEDULE OF OPERATING EXPENSES - BUDGET AND ACTUAL WATERWORKS AND SEWERAGE FUND
For the Year Ended April 30,2002
Variance Favorable Budget Actual (Unfavorable)
PERSONNEL SERVICES Salaries and wages Regular Part-time Longevity Overtime Health insurance Life insurance Dental insurance Vision insurance Cafeteria plan IMRF FICA Medicare Workers' compensation Clothing allowance Physical exams
Total personnel services
CONTRACTUAL SERVICES Utilities Communications Travel, meetings and training General property and automobile insurance Dues and subscriptions Professional services Advertising Maintenance Buildings and improvements Machinery and equipment Other contractual services Annual audit
Total contractaul services
(This schedule is continued on the following page.) - 101 - VILLAGE OF SCHAUMBURG, ILLINOIS
SCHEDULE OF OPERATING EXPENSES - BUDGET AND ACTUAL (Continued) WATERWORKS AND SEWERAGE FUND
For the Year Ended April 30,2002
Variance Favorable Budget Actual (Unfavorable)
COMMODITIES Printing, postage and office supplies Clothing and linen Food, dnigs and chemicals Operating supplies and equipment Inventory consumed Janitorial Water meters Minor apparatus and tools Purchase of water Miscellaneous
Total commodities
REPAIRS AND REPLACEMENT Water and sewer improvements 2,23 1,600 18,759 2,212,841 Operating equipment replacement expenses 82,400 328,375 (245,975)
Total repairs and replacement
TOTAL OPERATING EXPENSES
(See independent auditor's report.) - 102 - VILLAGE OF SCHAUMBURG, ILLINOIS
SCHEDULE OF OPERATING REVENUES AND EXPENSES - BUDGET AND ACTUAL COMMUTER PARKING LOT FUND
For the Year Ended April 30,2002
Variance Favorable Budget Actual (Unfavorable)
OPERATING REVENUES Charges for services - parking fees $ 175,000 $ 202,865 $ 27,865
OPERATING EXPENSES Contractual services Utilities $ 6,000 $ - $ 6,000 Maintenance of building and improvements 102,750 60,299 42,45 1
Total contractual services 108,750 60,299 48,45 1
Commodities Operating supplies Minor apparatus and tools Food, drugs and chemicals Printing
Total commodities 50,500 35,748 14,752
TOTAL OPERATING EXPENSES
(See independent auditor's report.) - 103 - VILLAGE OF SCHAUMBURG, ILLINOIS
SCHEDULE OF OPERATING REVENUES AND EXPENSES - BUDGET AND ACTUAL SCHAUMBURG REGIONAL AIRPORT FUND
For the Year Ended April 30,2002
Variance Favorable Budget Actual (Unfavorable)
OPERATING REVENUES Rental income Miscellaneous
TOTAL OPERATING REVENUES
OPERATING EXPENSES Contractual services Liability insurance Professional services Comnlunications Property taxes Travel, meetings and training Repair and nlaintenance of buildinglequipment Utilities Miscellaneous
Total contractual services
Commodities Operating supplies and equipment Printing, postage and office supplies Other
Total commodities
Repair and replacement Capitalized building improvements Capitalized other improvements Airport construction projects
Total repair and replacement
TOTAL OPERATlNG EXPENSES
(See independent auditor's report.) - 104 - VILLAGE OF SCHAUMBURG, ILLINOIS
SCHEDULE OF OPERATING REVENUES - BUDGET AND ACTUAL SCHAUMBURG BASEBALL STADIUM FUND
For the Year Ended April 30,2002
Variance Favorable Budget Actual (Unfavorable)
CHARGES FOR SERVICES Rental income
MISCELLANEOUS Other Naming rights Reimbursement - Schaumburg Park District Reimbursement - traffic control Grants
Total miscellaneous 974.500 587.464 1387.036)
TOTAL OPERATING REVENUES $ 1,199,500 $ 695,873 $ (503,627)
(See independent auditor's report.) - 105 - VILLAGE OF SCHAUMBURG, ILLINOIS
SCHEDULE OF OPERATING EXPENSES - BUDGET AND ACTUAL SCHAUMBURG BASEBALL STADIUM FUND
For the Year Ended April 30,2002
Variance Favorable Budget Actual (Unfavorable)
PERSONNEL SERVICES Salaries and wages - traffic control
CONTRACTUAL SERVICES Maintenance of building and improvements General property and automobile insurance Professional services Communications Miscellaneous Contingency
Total contractual services
REPAIR AND REPLACEMENT Capitalized building improvements Capitalized other improvements
Total repair and replacement
TOTAL OPERATING EXPENSES
(See independent auditor's report.) - 106 - INTERNAL SERVICE FUNDS
Vehicular Replacement Fund - to account for costs of providing and maintaining certain operating vehicles used by Village departments. Financing is provided by charges to other funds.
Office Equipment Replacement Fund - to account for costs of providing and maintaining certain office equipment used by Village departments. Financing is provided by charges to other funds.
Building Replacement Fund - to account for costs of maintaining certain buildings used by Village departments. Financing is provided by charges to other funds. VILLAGE OF SCHAUMBURG, ILLINOIS
COMBINING BALANCE SHEET INTERNAL SERVICE FUNDS
April 30,2002
Office Vehicular Equipment Building Replacement Replacement Replacement Total
ASSETS
CURRENT ASSETS Cash and cash equivalents Investments Receivables Accrued interest Due from other funds
Total current assets
PROPERTY AND EQUlPMENT Vehicles Office equipment Building improvements Construction in progress Less accumulated depreciation
Net property and equipment
TOTAL ASSETS
LIABILITIES AND FUND EQUITY
CURRENT LIABILITIES Accounts payable Capital lease - current portion Due to other funds
Total current liabilities
LONG-TERM LIABILITIES Capital lease - net of current portion
Total liabilities
FUND EQUITY Contributed capital Retained carnings Unreserved
Total fund equity
TOTAL LIABILITIES AND FUND EQUITY
(See independent auditor's report.) - 107- VILLAGE OF SCHAUMBURG, ILLINOIS
COMBDING SCHEDILE OF CHANGES IN CONTRIBUTED CAPITAL INTERNAL SERVICE FUNDS
For the Year Ended April 30,2002
Office Vehicular Equipment Building Replacement Replacement Replacement Total
BALANCE, MAY 1 $ 1,130,492 $ 633,928 $ - $ 1,764,420
Contributions for acquisition of equipment
BALANCE, APRIL 30 $ 1,130,492 $ 633,928 $ - $ 1,764,420
(See independent auditor's report.) - 108 - VlLLAGE OF SCHAUMBURG, ILLINOIS
COMBINWG STATEMENT OF REVENUE, EXPENSES AND CHANGES IN RETAINED EARNINGS INTERNAL SERVICE FUNDS
For the Ycar Ended April 30, 2002
Office
Vehicular Equipment Building- Replacement Replacement Kcplacement Total
OPERATING REVENUE Charges for services Equipment rental charges
OPERATTNG EXPENSES Contractual services Other expcnses
Total operating expenses excluding depreciation 99,096 954,683 36,101 1,089,880
OPERATNG lNCOME (LOSS) BEFORE DEPRECIATION 980,169 (379,683) 438,899 1,039,385
DEPRECIATION 1 ,I 06,673 55,007 1,939 1,163,619
OPERATING INCOME (LOSS) (126,504) (434,690) 436,960 (1 24,234)
NONOPERATING WCOME (EXPENSE) Investment income 139,438 27,758 6,89 1 174,087 Gain on disposal of property and equipment 552,498 220 552,7 18 Interest expcnse (5,309) (5,309)
Total nonoperating income (expense) 691,936 22,669 6,89 1 72 1,496
NET INCOME (LOSS) 565,432 (41 2,021) 443,851 597,262
RETAINED EARNINGS, MAY I 7,604,454 778,564 140,435 8,523,453
Prior period adjustment
RETAINED EARNINGS, MAY 1, RESTATED 7,015,973 516,945 140,435 7,673,353
RETAINED EARNINGS, APRIL 30 $ 7,581,405 $ 104,924 $ 584,286 $ 8,270,615
(See indepcndent auditor's report.) - 109 - VILLAGE OF SCHAUMBURG, ILLINOIS
COMBINING STATEMENT OF CASH FLOWS INTERNAL SERVICE FUNDS
For the Year Ended April 30,2002
Office Vehicular Equipment Building Replacement Replacement Replacement Total
CASH FLOWS FROM OPERATING ACTIVITIES Operating income (loss) Adjustments to reconcile operating income (loss) to net cash from operating activitics Depreciation and amortization (Increase) decrease in Due from other funds Increase (decrease) in Accounts payable Due to other funds
Net cash from operating activities
CASH FLOWS FROM CAPITAL AND RELATED FINANCING ACTIVITIES Purchase of property and equipment Proceeds from the sale of equipment Capital lease payments Interest expense
Net cash from capital and related financing activities
CASH FLOWS FROM INVESTING ACTIVITIES Purchase of investments Proceeds from sales of investments Investment income received
Net cash from investing activities
CASH FLOWS FROM NONCAPITAL FINANCING ACTIVlTlES None
Net cash from noncapital financing activities
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS
CASH AND CASH EQUIVALENTS, MAY 1
CASH AND CASH EQUIVALENTS, APRIL 30
SUPPLEMENTAL SCHEDULE OF NONCASH INVES'TING, CAPITAL AND FINANCING ACTIVI'TI ES Increasc In fair value of investrncnts
(See independent auditor's report.) - 110- VILLAGE OF SCHAUMBURG, ILLINOIS
SCHEDULE OF REVENUE, EXPENSES AND CHANGES IN RETAINED EARNINGS - BUDGET AND ACTUAL (BUDGETARY BASIS) VEHICULAR REPLACEMENT FUND
For the Year Ended April 30,2002
Variance Favorable Budget Actual (Unfavorable)
OPERATING REVENUE Charges for services Equipment rental charges
OPERATING EXPENSES Capital outlay
Total operating expenses
OPERATING INCOME (LOSS) (1,424,147) (1,063,189) 360,958
NONOPERATING INCOME Investment income 175,000 139,438 (35,562) Gain on disposal of property and equipment 75,000 552,498 477,498
Total nonoperating income
INCOME BEFORE NONBUDGETED ITEM AND RECONCILIATION TO GENERALLY ACCEPTED ACCOUNTING PRINCIPLES (GAAP) $ (1,174,147) (371,253) $ 802,894
NONBUDGETED ITEM AND RECONCILIATION TO GAAP Depreciation (1,106,673) Capitalization of property and equipment 2,043,358
NET INCOME GAAP BASIS 565,432
RETAINED EARNINGS, MAY 1 7,604,454
Prior period adjustment
RETAINED EARNINGS, MAY 1, RESTATED
MTAINED EARNINGS, APRIL 30 $ 7,581,405
(See independent auditor's report.) - 111 - VILLAGE OF SCHAUMBURG, ILLINOIS
SCHEDULE OF REVENUE, EXPENSES AND CHANGES IN RETAINED EARNINGS - BUDGET AND ACTUAL (BUDGETARY BASIS) OFFICE EQUIPMENT REPLACEMENT FUND
For the Year Ended April 30,2002
Variance Favorable Budget Actual (Unfavorable)
OPERATING REVENUE Charges for services Equipment rental charges
OPERATING EXPENSES Capital outlay
Total operating expenses
OPERATING INCOME (LOSS)
NONOPERATING INCOME (EXPENSE) Investment income Gain on disposal of property and equipment Interest expense
Total nonoperating income (expense)
INCOME BEFORE NONBUDGETED ITEM AND RECONCILIATION TO GENERALLY ACCEPTED ACCOUNTING PRINCIPLES (GAAP)
NONBUDGETED ITEM AND RECONCILIATION TO GAAP Depreciation Capitalization of property and equipment
NET INCOME GAAP BASIS
RETAINED EARNINGS, MAY I
Prior period adjustment
RETAINED EARNINGS, MAY 1, RESTATED
RETAINED EARNINGS, APRIL 30
(See independent auditor's report.) - 112- VILLAGE OF SCHAUMBURG, ILLINOIS
SCHEDULE OF REVENUE, EXPENSES AND CHANGES IN RETAINED EARNINGS - BUDGET AND ACTUAL (BUDGETARY BASIS) BUILDING REPLACEMENT FUND
For the Year Ended April 30,2002
Variance Favorable Budget Actual (Unfavorable)
OPERATING REVENUE Charges for services Equipment rental charges
OPERATING EXPENSES Capitalized building improvements Contractual services
Total operating expenses
OPERATING INCOME (LOSS)
NONOPERATING INCOME Investment income
INCOME BEFORE NONBUDGETED ITEM AND RECONCILIATION TO GENERALLY ACCEPTED ACCOUNTING PRINCIPLES (GAAP) $ 75,000 199,803 $ 124,803 F
NONBUDGETED ITEM AND RECONCILIATION TO GAAP Depreciation (1,939) Capitalization of property and equipment 245,987
NET INCOME GAAP BASIS 443,85 1
RETAINED EARNINGS, MAY 1 140,435
RETAINED EARNINGS, APRIL 30 $ 584,286
(See independent auditor's report.) - 113- FIDUCIARY FUND TYPE TRUST AND AGENCY FUNDS
Pension Trust Funds
Police Pension Fund - to account for the accumulation of resources to be used for retirement annuity payments to employees covered by the plan. Resources are contributed by sworn officers at rates fixed by law and by the Village at amounts determined by an annual actuarial study.
Firefighters' Pension Fund - to account for the accumulation of resources to be used for retirement armuity payments to employees covered by the plan. Resources are contributed by employees at rates fixed by law and by the Village at amounts determined by an annual actuarial study.
Expendable Trust Fund
Medical Facility Fund - to account for monies held in trust and the interest earned on such amounts for the purpose of providing medical service.
Agency Funds
Builders' Escrow Fund - to account for the retention of escrow deposits.
Special Assessments Fund - to account for the collection of assessments levied to retire special assessments for which the Village has no obligation,
The Special Service Area #3 and #4 Bond and Interest Fund - to account the collection of taxes levied to retire special service area bonds for which the Village has no obligation. VILLAGE OF SCHAUMBURG, ILLINOIS
COMBWING BALANCE SHEET TRUST AND AGENCY FUNDS
April 30,2002
Expendable Trust Pension Medical Trust Facility Agency Total
ASSETS
Cash and cash equivalents Investments Receivables Properly taxcs Accrued I~~CI-est Other Due from other funds
TOTAL ASSETS $ 94,416,817 $ 1,071,273 $ 10,322,650 $ 105,810,740
LIABTLI'TIFS AND FUND BALANCES
LIABILIT 1 ES Accounts payable $ - $ -$ 2,750 $ 2,750 Deposits 8,455,846 8,455,846 Due to property owners 1,628,882 1,628,882 Due to other funds 885 235,172 236,057
Total liabilities 885 10,322,650 10,323,535
FUND BALANCES Reserved for employees' pension benefits 94,415,932 94,415,932 Unreserved and undesignated 1,071,273 1,071,273
Total fund balances
TOTAL LIABILITIES AND FUND BALANCES $ 94,416,817 $ 1,071,273 $ 10,322,650 $ 105,810,740
(See independent auditor's report.) - 114- VILLAGE OF SCHAUMBURG, ILLINOIS
COMBINING STATEMENT OF PLAN NET ASSETS PENSION TRUST FUNDS
April 30, 2002
Police Firefighters' Pension Pension Total
ASSETS Cash and cash equivalents $ 2,563,129 $ 3,036,783 $ 5,599,912
Investments, at fair value U.S. Government obligations 1,501,269 3,299,22 1 4,800,490 Federal National Mortgage Association securities 354,253 2,179,25 1 2,533,504 Federal National Mortgage 6,368,123 4,292,232 10,660,355 Federal Home Loan Bank securities 15,028,7 18 10,480,885 25,509,603 Government National Mortgage Association securities 11,590,376 13,894,365 25,484,74 1 Mutual funds 5331,699 5,541,352 11,073,05 1 Insurance contracts 4,200,207 4,007,3 19 8,207,526
Total investments, at fair value 44,574,645 43,694,625 88,269,270
Receivables Accrued interest
Due from other funds
LIABILITIES Due to other funds
NET ASSETS HELD IN TRUST FOR PENSION BENEFITS $ 47,455,816 $ 46,960,116 $ 94,415,932
(See independent auditor's report.) - 115- VILLAGE OF SCHAUMRURG, ILLINOIS
COMBINING STATEMENT OF CHANGES IN PLAN NET ASSETS PENSION TRUST FUNDS
For the Year Ended April 30,2002
Police Firefighters' Pension Pension Total
ADDITIONS Contributions Employer Plan member
Total Contributions
lnvestnlent Income Net appreciation (depreciation) in fair value of investments Interest and dividends
Total investment income Less investment expense
Net investment income
Total additions
DEDUCTIONS Benefits Refunds Administrative expenscs
Total deductions
NET INCREASE
NET ASSETS HELD IN TRUST FOR PENSION BENEFITS May 1
April 30
(See independent auditor's report.) - 116- VILLAGE OF SCHAUMBURG, ILLINOTS
STATEMENT OF REVENUE, EXPENDITURES AND CHANGES IN FUND BALANCE EXPENDABLE TRUST FUND - MEDICAL FACILITY FUND
For the Year Ended April 30,2002
REVENUE lnvestment income Miscellaneous - contributions from developers
Total revenue
EXPENDITURES None
EXCESS (DEFICIENCY) OF REVENUES OVER EXPENDITURES
OTHER FINANCNG SOURCES (USES) Operating transfers (out)
EXCESS (DEFICIENCY) OF REVENUES AND OTHER FINANCING SOURCES OVER EXPENDITURES AND OTHER FINANCING USES
FUND BALANCE, MAY 1
FUND BALANCE, APRIL 30
(See independent auditor's report.) - 117- VILLAGE OP SCHAUMBURG, ILLINOIS
COMBINING BALANCE SHEET AGENCY FUNDS
April 30,2002
Special Special Service Arca Service Area Number 'Threc Number Four Builders' Special Bond and Bond and Escrow Assessments Interest lnterest Total
ASSETS
Cash and cash equivalents $ 2,925,348 % 41 1,552 $ 280,793 $ 858,003 $ 4,475,696 Investments 5,473,390 5,473,390 Rcccivablcs Property taxes 78,012 78,012 Accrued interest 45,063 45,063 Other 14,755 235,604 250,449 Due [ram other funds 40 40
TOTAL ASSETS
Accounts payablc $ 2,750 $ - $ - $ - $ 2,750 Deposits 8,455,846 8,455,846 Due to property owners 412,074 280,793 936,015 1,628,882 Due to other Cunds 235,172 235,172
TOTAL LI ABJLlTTES
(See independent auditor's report.) - 118- VILLAGE OF SCHAUMBURG, ILLINOIS
COMBINING STATEMENT OF CHANGES IN ASSETS AND LIABILITIES AGENCY FUNDS
For the Year Ended April 30,2002
Balances Balances May I Additions Deductions April 30
ALL FUNDS
ASSETS
Cash and cash equivalents Investments Receivables Property taxes Accrued interest Other Due from other funds
TOTAL ASSETS
Accounts payable Deposits Due to property owners Due to other funds
TOTAL LIABILITIES
BUILDERS' ESCROW FUND
ASSETS
Cash and cash equivalents Investments Receivables Accrued interest Other Due from other funds
TOTAL ASSETS
LIABILITIES
Accounts payable Deposits
TOTAL LIABILlTl ES
(This statement is continued on the following page.) - 119- VILLAGE OF SCHAUMBURG, ILLINOIS
COMBINING STATEMENT OF CHANGES IN ASSETS AND LIABILITIES (Continued) AGENCY FUNDS
For the Year Ended April 30,2002
Balances Balances May 1 Additions Deductions April 30
SPECIAL ASSESSMENT FUND
ASSETS
Cash and cash equivalents Receivables - other
TOTAL ASSETS
LIABILITIES
Due to property owners Due to other funds
TOTAL LIABILITIES
SPECIAL SERVICE AREA NUMBER 'THREE BOND AND INTEREST FUND
ASSETS
Cash and cash equivalents
LIABlLlTlES
Due to property owners
SPECIAL SERVICE AREA NUMBER FOUR BOND AND INTEREST FUND
ASSETS
Cash and cash equivalents Receivables Property taxes
TOTAL ASSETS
LlABILITIES
Due to property owners
(See independent auditor's report.) - 120 - ACCOUNT GROUPS GENERAL FIXED ASSETS ACCOUNT GROUP
The General Fixed Assets Account Group is used to account for all fixed assets note accounted for in proprietary funds or trust funds. VILLAGE OF SCHAUMBURG, ILLINOIS
SCHEDULE OF GENERAL FIXED ASSETS - BY SOURCE GENERAL FIXED ASSETS ACCOUNT GROUP
April 30,2002
GENERAL FIXED ASSETS Land and land improvements Buildings Office equipment Other equipment Furniture Constnlction in progress
TOTAL GENERAL FIXED ASSETS
INVESTMENT IN GENERAL FIXED ASSETS General revenue General obligation bonds
TOTAL INVESTMENT 1N GENERAL FIXED ASSETS
(See independent auditor's report.) - 121 - VILLAGE OF SCHAUMBURG, ILLINOIS
SCHEDULE OF GENERAL FIXED ASSETS - BY FUNCTION AND ACTIVITY GENERAL FIXED ASSETS ACCOUNT GROUP
April 30, 2002
Land and Land Office Other Construction Function Improvements Buildings Equipment Equipment Furniture in Progress Total
GENERAL GOVERVMENT Mayor's office $ - $ - S - $ 25,650 $ - $ - $ 25,650 Clerk collectors 42,9 12 42,912 Informdon services division 1,231,647 1,231,647
Total general government 1,274,559 25,650 1,300,209
PUBLIC SAFETY Police Fire Public works Health department
Total public safety 480,541 1O,X3 1,990 274,783 1,934,132 304,250 2,223,182 16,048,878
CULTURAL CENTER 28,967 4,734,630 53,613 329,268 6 1,729 5,208,207
CIVIC CENTER 959,222 3,880,654 1,276,128 116,801 6,232,805
TOWN SQUARE CENTRE 6,682,417 6,682,417
ASSETS HELD FOR FUTURE USE 12,908,164 500,000 13,408,164
TOTAL GENERAL FIXED ASSETS $ 21,059,311 $ 19,947,274 $ 1,602,955 $ 2,289,050 $ 1,642,107 $ 2,339,983 $ 48,880,680
(See independent auditor's report .) - 122 - VILLAGE OF SCHAUMBURG, ILLINOIS
SCHEDULE OF CHANGES IN GENERAL FIXED ASSETS - BY FUNCTION AND ACTIVITY GENERAL FIXED ASSETS ACCOUNT GROUP
For the Year Ended April 30,2002
Balances, Balances, Function May 1, Rcstated Additions Deletions April 30
GENERAL GOVERNMENT Mayor's office $ 106,117 $ - $ 80,467 $ 25,650 Financc and administration 42,912 42,912 Information services division 1,388,889 157,242 1,231,647
Total general government 1,537,918 237,709 1,300,209
PUBLIC SAFETY Police Fire Public works Health dcpartnient
Total public safety 13,545,688 2,735,704 232,5 14 16,048,878
CULTIJKAL CENTER 5,208,207 5,208,207
CIVIC CENTER 6,043,630 301,706 112,53 1 6,232,805
TOWN SQUARE CENTRE 6,682,417 6,682,4 17
ASSETS IlELD FOR FUTUKE lJSE 13,408,164 13,408,164
TOTAL CiCNERAL FIXED ASSETS $ 46,426,024 $ 3,037,410 $ 582,754 $ 48,880,680
(See independent auditor's repor-t.) - 123 - GENERAL LONG-TERM DEBT ACCOUNT GROUP
The General Long-Term Debt Account Group is an independent self-balancing account group set up to record noncurrent obligations legally payable from general revenues and backed by the full faith and credit of the Village. VILLAGE OF SCHAUMBURG, ILLINOIS
SCHEDULE OF GENERAL LONG-TEICM DEBT GENERAL LONG-TERM DEBT ACCOUNT GROUP
April 30, 2002
OTHER DEBITS Amount to be provided for payment of general long-term debt Amount available in Debt Service Funds for payment of bond principal and interest Long-term general obligation bonds and notes Amount to be provided for retircment of general long-term debt
TOTAL OTHER DEBITS
LIABILITIES General obligation bonds Series 1993 Series 1994 Variable rate demand bonds - Series 2000A Variable rate demand bonds - Series 2000B Series 2002A
Total general obligation bonds
Notes, contracts and judgements Special Service Area Number Five general obligation note Capital lease Judgements payable
Total notes, contracts and judgements
TOTAL LIABILITIES
(See independent auditor's report.) - 124 - SUPPLEMENTAL DATA VILLAGE OF SCHAUMBURG, ILLINOIS
LONG-TERM DEBT REQUIREMENTS GENERAL OBLIGATION BONDS
April 30,2002
Fiscal Scrics 1993 Series 1994 Scrics 2002A Year Ended Dated November 15, 1992 Dated January 1, 1994 Date April 15, 2002 Total April 30 Principal Intercst Pri~lc~pal Lnterest Principal Intcrest Pr~nc~pal Interest
(Sec independent auditor's report.) - 125- VILLAGE OF SCHAUMBURG, ILLINOIS
LONG-TERM DEBT REQUIREMENTS GENERAL OBLIGATION NOTE
April 30, 2002
Fiscal Installment Note Dated Year Ended October 1, 1991 April 30 Princi~al Interest
2003
2004
2005
2006
2007
(See independent auditor's report.) - 126 - STATISTICAL SECTION (Unaudited) VILLAGE OF SCHAUMBURG, ILLINOIS
GENERAL REVENUES BY SOURCE
Last Ten Fiscal Years
Licenses Charges Grants Fiscal and Inter- for Fines and and Investment Year Taxes Permits governmental Services Forfeits Donations Income Miscellaneous Total
Note: Includes all governmental and fiduciary fund - expendable trust types VILLAGE OF SCHAUMBURG, ILLINOIS
GENERAL GOVERNMENTAL EXPENDITURES BY FUNCTION
Last Ten Fiscal Years
Prairie Center and Fiscal General Public Highways Health and Community Debt Capital Year Government Safety and Streets Welfare Events Service Outlay Total
Note: Includes all governmental and fiduciary fund - expendabIe trust types VILLAGE OF SCHAUMBURG, ILLINOIS
PROPERTY TAX LEVIES AND COLLECTIONS
Last Ten Fiscal Years
The Village's only source of property taxes is for special service and special tax allocation areas and is considered immaterial to the financial statements. VILLAGE OF SCHAUMBURG, ILLINOIS
ASSESSED AND ESTIMATED ACTUAL VALUE OF TAXABLE PROPERTY
Last Ten Fiscal Years
Ratio of Total Assessed Real Property Value to Equalized Estimated Total Tax Levy Assessed Actual Estimated Equalization Year Valuation Value Actual Value Factor
Source: County Clerks offices, Revenue Division. VILLAGE OF SCHAUMBURG, ILLINOIS
PROPERTY TAX RATES - ALL OVERLAPPING GOVERNMENTS (Per $100 Assessed Valuation)
Last Ten Levy Years
Cook County Forest Preserve District of Cook County Suburban T.B. Sanitarium Metropolitan Sanitary District N.W. Mosquito Abatement District Schaumburg Township Schaumburg Township Library Schaumburg Park District School District #54 High School District #2 1 I Harper College District #5 12 Consolidated Elections
Data Source
Cook County Clerk VILLAGE OF SCHAUMBURG, ILLINOIS
RATIO OF ANNUAL PRINCIPAL AND INTEREST EXPENDITURES FOR GENERAL BONDED DEBT TO TOTAL GENERAL EXPENDITURES
Last Ten Fiscal Years
Ratio of Principal Principal Total and Interest Fiscal and General to General Year Principal Interest Interest Expenditures Expenditures
1993 2,705,000 $ 2,508,560 $ 5,213,560 $ 49,249,015 10.59% 1994 3,185,000 2,124,947 5,309,947 52,097,5 19 10.19% 1995 3,350,000 1,726,848 5,076,848 48,138,698 10.55% 1996 3,550,000 1,604,893 5,154,893 52,389,304 9.84% 1997 3,795,000 2,580,889 6,375,889 57,968,169 1 1.00% 1998 3,470,000 1,555,392 5,025,392 65,870,545 7.63% 1999 6,165,989 1,319,066 7,485,055 7 1,182,957 10.52% 2000 7,549,853 1,091,061 8,640,914 88,194,120 9.80% 200 1 3,116,241 1,478,513 4,594,754 73,543,796 6.25% 2002 2,935,000 1,102,792 4,037,792 85,818,375 4.71%
Note: Includes total gross bonded debt, including all components of the general long-term debt account group. VILLAGE OF SCHAUMBURG, ILLINOIS
COMPUTATION OF DIRECT AND OVERLAPPWG BONDED DEBT
April 30,2002
(2) Percentage of Village of (1) Debt Applicable Schaumburg's GOVERNMENT Gross Bonded to Village of Share of UNIT Debt Schaumburg* Debt*"
OTHER: Cook County and Forest Preserve DuPage County and Forest Preserve Metropolitan Sanitary District Schaumburg Township
LIBRARY DISTRICTS: Palatine Public Library District Schaumburg Public Library District
PARK DISTRICTS: Hoffman Estates Park District Palatine Park District Roselle Park District Schaumburg Park District
SCHOOL DISTRICTS: Palatine School District #I 5 Roselle School District # 12 Elgin School District #46 Schaumburg School District #54 Palatine School District #2 1 1 Lake Park School District # 108 Elgin Community College District #509 Harper Community College #5 12
Total 4,235,065,226 225,247,137
VILLAGE OF SCHAUMBURG
*Determined by ratio of assessed value of property subject to taxation in overlapping unit to value of property subject to taxation in the Village ofSchaumburg.
**Amount in column (1) multiplied by amount in column (2).
Data Source
Governmental units listed VILLAGE OF SCHAUMBURG, ILLINOIS
SCHEDULE OF LEGAL DEBT MARGIN
April 30,2002
The Village 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 percentage of the assessed value of its taxable property.. . (2) if its population is more than 25,000 and less than 500,000 an aggregate of one percent.. .indebtedness which is outstanding on the effective date (July 1, 1971) of this constitution or which is thereafter approved by referendum.. .shall not be included in the foregoing percentage amounts."
To date, the General Assembly has set no limits for home rule municipalities. VILJAGE OF SCHAUMBURG, ILLINOIS
RATIO OF NET GENERAL OBLIGATION BONDED DEBT TO ASSESSED VALUE AND NET GENERAL OBLIGATION BONDED DEBT PER CAPITA
Last Ten Fiscal Years
Fiscal Year 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002
(1) Population 68,586 68,586 73,745 74,058 74,058 74,058 74,058 74,058 75,386 75,386
Assessed value
(3) Gross general obligation bonded debt S 37,675,000 $ 34,945,000 $ 3 1,020,000 $ 55,270,000 $ 51,500,000 $ 48,060,000 $ 55,445,000 $ 62,455,000 $ 57,3 10,000 $ 86,085,000
(3) Less Debt service funds 5,202,946 6,741,906 6,690,969 7,587,344 7,722,473 8,527,757 8,781,115 8,766,409 5,809,579 5,813,557
Net general obligation bonded debt $ 32,472,054 $ 28,203,094 $ 24,329,031 $ 47,682,656 $ 43,777,527 $ 39,532,243 $ 46,663,885 $ 53,688,591 $ 51,500,421 $ 80,271,443
Ratio of net genera1 obligation bonded debt to assessed value 1.63% 1.41% 1.19% 2.18% 1.95% 1.75% 1.92% 2.09% 1.98% 2.63%
Net general obligation bonded debt per capita $473.45 $411.21 $329.91 $643.86 $591.12 $533.80 S630.10 $724.95 $683.16 5 1,064.8 1
Data Sources
(1) U.S. Department of Commerce, Bureau of Census
(2) Office of the County Clerk
(3) Village records VILLAGE OF SCHAUMBURG, ILLINOIS
SCHEDULE OF REVENUE BOND COVERAGE WATERWORKS AND SEWERAGE FUND
Last Ten Fiscal Years
Fiscal Year 1993 1994 1995 1996 1997*
(1) Operating Revenue $ 11,183,901 $ 10,719,772 $ 12,332,977 $ 11,145,844 $ 11,525,142
(2) Expenses
(3) Net Revenue Available for Debt Service
Debt Service Requirements
Principal $ 250,000 $ 185,000 $ 190,000 $ 190,000 $ 195,000
Interest 55,550 4 1,800 3 1,625 21,175 10,725
Total Debt Service $ 305,550 $ 226,800 $ 221,625 $ 211,175 $ 205,725
(4) Coverage 4.27 2.07 5.44 3.08 3.35
(1) Revenue generated from operations of the waterworks and sewerage system.
(2) Total expenses exclusive of depreciation, amortization and bond interest.
(3) Gross revenue minus expenses.
(4) Net revenue available for debt service divided by total debt service requirements.
'Revenue bonds were retired as of April 30, 1997. VILLAGE OF SCHAUMBURG, ILLINOIS
SALARIES AND SURETY BONDS OF PRINCIPAL OFFICIALS
April 30,2002
Amount of Position Salary Surety Bonds
Mayor Village Trustees Village Clerk Village Manager Director of Finance and Administration/Treasurer Police Chief Fire Chief Director of Health and Human Services Director of Engineering Director of Public Works Director of Planning Director of Building Director of Information Technology Director of Human Resources Director of Transportation Director of Cultural Services
NIA - Not Applicable
Data Source
Village Ordinance VILLAGE OF SCHAUMBURG, ILLINOIS
DEMOGRAPHIC STATISTICS
Last Ten Fiscal Years
Education Fiscal Level in Year (2) (1) Years of (3) (1) Ended (1) Per Capita Median Formal School Unemployment April 30 Population Income Age Schooling Enrollment Percentage
Data Source
(1) Department of Commerce, Bureau of Census and Village of Schaumburg - Department of Planning
(2) U.S.Department of Treasury - Federal Revenue Sharing Allocation Data
(3) School Districts #15, #54, #211, U-46, Schaumburg Christian School, St. Peter Lutheran and St. John Lutheran Total school enrollment VILLAGE OF SCHAUMBURG, ILLINOIS
CONSTRUCTION ACTIVITY
Last Ten Fiscal Years
Commercial/ Residential Industrial Miscellaneous Total Construction Fiscal Number Number Number Number Year of Permits Value of Permits Value of Permits Value of Permits Value
Source: Village Records VILLAGE OF SCHAUMBURG, ILLINOIS
MAJOR SHOPPING CENTERS
April 30,2002
Floor Year Aroa in Shopping Centers* Opened Square Feet
Woodfield Mall Churchill Square Weathersfield Cornnlons Schaumi~burgComers Schaumburg Plaza Versailles Village Center Wcathcrway Plaza Algonqu~nPlaza Carson Plr~cScott Furniture Gallery W~sewayPlaza Harvest Plaza Park Plaza Colony Lake Plaza I & I1 Salcrn Plaza 1 6r I1 Famgale Shopping Center Woodfield Co~l~rnonsWest Suburban Equitics Plaza Nantucket Square Woodfield Commons Schaumburg Marketplace Golf Point Plaza Kingsport Plaza Markct Square Poplar Creek Shopping Center Golf Road Shopping Center Schoolhouse Square Spring Cove Shopping Center Renliilglon Plaza Golfwood Square Scharrir~gtonSquare Schaumnburg Townccntcr Shops at Copley Center Spring Valley Plaza Streets of Woodfield Coriniurn Plaza I & I1 Woodfield Plaza Prairme Townc Center National Plaza Park St. Claire Plaza Woodfield Village Green Shops at Schaumhurg Court Town Squarc - Dodi Town Square - Bolger Promenade Ventimre 1 Promenade Venture I1
* Major shopping centers ovcr 18,000 sq.ft.
Data Source
Village records VILLAGE OF SCHAUMBURG, ILLINOIS
MAJOR OFFICE PARKS
April 30,2002
Square Year Fcct of Officc Park* Opened Development
Motorola Center 1968,1991 Woodfield Executive Plaza 1973 One National Plaza 1974 Onc Woodfield Place 1974 Two National Plaza 1975 Woodfield Exccutivc Center 1978 Three Natiomal Plaza 1978 Walden Office Square 1 - I11 1978 Salt Creek Office Centcr 1979 Onc Woodfield Lake 1979 Cilibank Officc Plaza 1979 Centennial Center I 1980 Schaumburg Corporate Ccnter I 1980 Woodfield Lake Office Court I - I11 1981 Woodfield Corporatc Center I - I11 1982 Two Woodfield Lake 1982 Commerce Tech Center 1984 Schaumburg Atrium Center 1984 Woodfield Financial Center 1 1985 One Century Centre 1985 Three Woodfield Lake 1985 Embassy Plaza 1985 Woodficld Green Executive Center 1985 Plum Grove Exccutive Center I9S5 NSA Financial Centcr 1986 Schaumburg Corporate Ccnter I1 1986 Zurich Towers 1 1986 Prudential Office Building I 1987 Illinois Depad~~lentof Transportation 1987 Seven Woodfield Lake 1988 Four Woodfield Lake 1989 Chatham Ccntre I 1989 Two Century Centre 1989 Zurich Towcrs TI 1990 Windy Point Office Building 1 1099 Woodfield Prcscrve Office Center I 2000 Woodfrcld Preserve Office Center I1 200 1 Parkway Corporate Center 200 1 Windy Point Officc Building I1 2001 Schaumburg Corporate Center I11 2002 Ctlatharri Centre I1 Planncd Five Woodfield Lake Planncd Prudential Office Building I1 Planned Opus Woodfield Lake West Planned Six Woodficld Lake Planned Hillcrest Commons 11 Planned
* Major office parks over 100,000 sq.ft.
Data Sourcc
Village records VILLAGE OF SCHAUMBURG, ILLINOIS
PROPERTY VALUE AND CONSTRUCTION
Last Ten Fiscal Years
Property Value Fiscal Construction Residential Year Value and Commercial VILLAGE 01: SCHAUMBURG, ILLINOIS
PNNCIPAL TAXPAYERS
April 30, 2002
Percentage 200 1 of Total Type of Assessed Assessed Taxpayer Business Valuation Valuation
Woodfield Mall Shopping Center Prudential Insurance Insurance CompanyIOffice Complex Zurich Insurance Insurance CompanyIOffice Coinplex Motorola, Inc. Electronic Manufacturer Manulife Insurance Insurance CompanyIOffice Complex Streets of Woodfield Shopping Center Woodfield Village Green Shopping Center Marshall Fields Retail Store Woodfield Corporate Center Commercial Office Buildings Sears Roebuck Retail Store
TOTAL $ 604,547,623 19.84%
VILLAGE OF SCHAUMBURG TOTAL EQUALIZED ASSESSED VALUATION
Data Source
Office of the Township Assessor VILLAGE OF SCHAUMBURG, ILLINOIS
TEN LARGEST EMPLOYERS
April 30,2002
Number of Company Employees
Motorola Inc. Woodfield Shopping Center School District #54 Zurich American Insurance Group Experian Cingular Zurich Life Il3M G.E. Financial Assurance Village of Schaumburg
Data Source
Village Records VILLAGE OF SCHAUMBURG, ILLINOIS
SCHEDULE OF INSURANCE IN FORCE
April 30,2002
-- -
Expiration Date Insureds Amount of Policy
Property and personal property $ 59,503,706 1010 1102 Automobile liability 2,000,000 1010 1I02 Umbrella - primary 23,000,000 10/01/02 General liability 3,000,000 1010 1102 Public Officials 2,000,000 1010 1I02 Police professional 2,000,000 1O/O 1/02 Workers' compensation - employees 2,000,000 1010 1102 Treasurer's bond 250,000 1010 1102 Airport liability 50,000,000 1010 1102 Liquor liability 1,000,000 1010 1102 Pollution liability 4,000,000 1010 1102 VILLAGE OF SCHAUMBURG, ILLINOIS
MISCELLANEOUS STATISTICS
April 30, 2002
Date of Incorporation March 7, 1956
Form of Government
Geographic Location Approximately 26 miles northwest of Chicago
Area 19.13 square miles
Population
Municipal Services and Facilities
Number of employees (full-time) Miles of streets Miles of sanitary sewers VILLAGE OF SCHAUMBURG, ILLINOIS
MISCELLANEOUS STATISTICS (Continued)
April 30,2002
Fire Protection
Number of firefighters 144 Number of stations 4 Number of fire hydrants 4,400 I.S.O. rating 2
Police Protection
Number of police 138 Number of crossing guards 14 Number of police vehicles 78
Library Services (Schaumburg, Township Library)
Number of branch libraries 3 Number of books 53,000 Number of registered borrowers 125,000 1998 book circulation 2,200,000 Number of audiovisual items 87,400
Recreation Facilities (Schaumbura Park District)
Number of parks and playgrounds 53 and 47 Park area in acres 1,200 Tennis courts 18 Baseball fields 30 Soccer fields 32
Municipal Water Utility
Population services 75,386 Rated daily pumping capacity 54 MGD Average daily pumpage 10.1 MGD Miles of water mains 260 Number of metered accounts 25,589 Gallons of water pumped during fiscal year 2002 3,774,430 Gallons of water billed during fiscal year 2002 3,465,697 VILLAGE OF SCHAUMBURG, ILLINOIS
MISCELLANEOUS STATISTICS (Continued)
April 30,2002
Number of registered voters Number of votes cast in last municipal election Percentage of registered voters voting in the last municipal election
Lodging
Number of hotels Number of rooms
Newspaper
Number of village weeklies Number of suburban dailies Number of Chicago dailies Number of national dailies
Education
Number of elementary schools Number of junior high schools Number of high schools Number of private elementaryljunior high schools
Data Source
Village records VILLAGE OF SCHAUMBURG, ILLINOIS
SALES TAX RECEIPTS CASH BASIS
Last Ten Fiscal Years
Village Share1 Fiscal Year State Sales Tax Home Rule Total Ended Receipts Sales Tax Sales Tax
Data Sources
Village records VILLAGE OF SCHAUMBURG, ILLINOIS
SALES TAX RECEIPTS BY MONTH CASH BASIS
Last Two Years Next Years Projection
Fiscal Year Actual Actual Projected Change From Prior Year Ended 200 1 2002 2003 2002 2003
May June July August September October November December January February March April
TOTAL $ 29,987,793 $ 29,756,858 $ 31,122,008 (0.8%) 4.6%
Data Sources
Village records VILLAGE OF SCHAUMBURG, ILLINOIS
HOME RULE SALES TAX RECEIPTS BY MONTH CASH BASIS
Last Two Years Next Years Projection
Fiscal Year Actual Actual Projected Change From Prior Year Ended 2001 2002 2003 2002 2003
May June July August September October November December January February March Apri 1
TOTAL
Data Sources
Village records VILLAGE OF SCHAUMBURG, ILLINOIS
SALES TAX RECEIPTS BY CATEGORY STATE FISCAL YEAR ENDING JUNE 30,2001
July 1,2000 - June 30,2003
Gross Percent Category Receipts Of Total
General Merchandise $ 4,458,255 14.85% Food 1,467,374 4.89% Drinking & Eating Places 2,493,912 8.3 1% Apparel 2,947,895 9.82% Furniture & Radio 2,414,669 8.04% Lumber, Building, & Hardware 772,825 2.57% Automotive & Filling Stations 8,95 1,946 29.81% Drugs & Other Retail 5,042,933 16.79% Agriculture & All Others 2,284,700 7.61% Manufacturers (807,351) (2.69%)
Total $ 30,027,158 100.00%
Data Sources
Illinois Department of Revenue VILLAGE OF SCHAUMBURG, ILLINOIS
2001 RETAIL SALES VOLUME - TOP TEN lLLlNOIS COMMUNlTIES STATE FISCAL YEAR ENDING JUNE 30,2001
July 1,2000 - June 30,2001
Estimated Sales 2000 Municipality Rank Sales Per Capita Population
Chicago Schaumburg Naperville Rockford Springfield Peoria Joliet Aurora Orland Park Champaign
Illinois - 130,444,088,173 11,011 1 1,846,544
Data Source
Illinois Department of Revenue VILLAGE OF SCHAUMBURG, ILLTNOIS
HOTEL TAX REVENUES HOTEL TAX HISTORY - CASH BASIS
Last Twelve Quarters
Quarter Tax Percent Ending Year Revenue Change
April 1 - June 30 July 1 - September 30 October 1 - December 3 1 January 1 - March 3 1 April 1 - June 30 July 1 - September 30 October 1 - December 3 1 January 1 - March 3 1 April 1 - June 30 July 1 - September 30 October 1 - December 3 1 January 1 - March 3 1
Rate increased from 4% to 6% effective 1/1/00
Data Sources
Village records VILLAGE OF SCHAUMBURG, ILLINOIS
OTHER VILLAGE REVENUES CASH BASlS
Last Five Fiscal Years and Projection
Real Estate Transfer Tax
Fiscal Year % Change From Ended April30 Amount Prior Fiscal Year
1998 1999 2000 2001 2002 2003 (Projected)
Food and Beverage Tax
1998 1999 2000 2001 2002 2003 (Projected)
Telecommunication Tax
1998 1999 2000 200 1 2002 2003 (Projected)
Telecommunications use tax rate increased from 1% to 3% effective 6/1/00