Elk Grove Village, Illinois
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Elk Grove Village, Illinois Comprehensive Annual Financial Report Fiscal Year Ended April 30, 2020 VILLAGE OF ELK GROVE VILLAGE ILLINOIS Comprehensive Annual Financial Report For The Fiscal Year Ended April 30, 2020 Prepared by Department of Finance VILLAGE OF ELK GROVE VILLAGE, ILLINOIS TABLE OF CONTENTS PAGE INTRODUCTORY SECTION List of Principal Officials 1 Organizational Chart 2 Letter of Transmittal 3 - 8 GFOA Certificate of Achievement for Excellence in Financial Reporting 9 FINANCIAL SECTION INDEPENDENT AUDITORS' REPORT 10 - 11 MANAGEMENT’S DISCUSSION AND ANALYSIS 12 - 24 BASIC FINANCIAL STATEMENTS Government-Wide Financial Statements Statement of Net Position 25 - 26 Statement of Activities 27 - 28 Fund Financial Statements Reconciliation of Total Governmental Fund Balance to the Net Position of Governmental Activities 29 Balance Sheet – Governmental Funds 30 - 31 Statement of Revenues, Expenditures and Changes in Fund Balances – Governmental Funds 32 - 33 Reconciliation of the Statement of Revenues, Expenditures and Changes in Fund Balances to the Statement of Activities – Governmental Activities 34 Statement of Net Position – Proprietary Funds 35 - 36 Statement of Revenues, Expenses, and Changes in Net Position – Proprietary Funds 37 Statement of Cash Flows – Proprietary Funds 38 Statement of Fiduciary Net Position 39 Statement of Changes in Fiduciary Net Position 40 Notes to Financial Statements 41 - 98 REQUIRED SUPPLEMENTARY INFORMATION Notes to the Required Supplementary Information - Budget 99 Schedule of Employer Contributions Illinois Municipal Retirement Fund 100 Police Pension Fund 101 Fire Pension Fund 102 VILLAGE OF ELK GROVE VILLAGE, ILLINOIS TABLE OF CONTENTS PAGE FINANCIAL SECTION – Continued REQUIRED SUPPLEMENTARY INFORMATION – Continued Schedule of Changes in the Employer’s Net Pension Liability Illinois Municipal Retirement Fund 103 - 104 Police Pension Fund 105 - 106 Fire Pension Fund 107 - 108 Schedule of Investment Returns Police Pension Fund 109 Fire Pension Fund 110 Schedule of Changes in the Employer's Total OPEB Liability Retiree Benefits Plan 111 Schedule of Revenues, Expenditures and Changes in Fund Balance – Budget and Actual General Fund 112 Business Leaders Forum – Special Revenue Fund 113 COMBINING AND INDIVIDUAL FUND STATEMENTS AND SCHEDULES Governmental Funds Major Governmental Funds General Fund Schedule of Revenues – Budget and Actual 114 - 116 Schedule of Expenditures – Budget and Actual 117 - 119 Debt Service Fund Schedule of Revenues, Expenditures and Changes in Fund Balance – Budget and Actual 120 Capital Projects Fund Schedule of Revenues, Expenditures and Changes in Fund Balance – Budget and Actual 121 Grove Mall Redevelopment – Capital Projects Fund Schedule of Revenues, Expenditures and Changes in Fund Balance – Budget and Actual 122 Busse/Elmhurst Redevelopment – Capital Projects Fund Schedule of Revenues, Expenditures and Changes in Fund Balance – Budget and Actual 123 Higgins Road Redevelopment – Capital Projects Fund Schedule of Revenues, Expenditures and Changes in Fund Balance – Budget and Actual 124 Nonmajor Governmental Funds Combining Balance Sheet 125 - 126 Combining Statement of Revenues, Expenditures and Changes in Fund Balances 127 - 128 Nonmajor Special Revenue Funds Schedule of Revenues, Expenditures and Changes in Fund Balance – Budget and Actual Motor Fuel Tax – Special Revenue Fund 129 VILLAGE OF ELK GROVE VILLAGE, ILLINOIS TABLE OF CONTENTS PAGE FINANCIAL SECTION – Continued COMBINING AND INDIVIDUAL FUND STATEMENTS AND SCHEDULES – Continued Governmental Funds – Continued Nonmajor Governmental Funds – Continued Nonmajor Special Revenue Funds Schedule of Revenues, Expenditures and Changes in Fund Balance – Budget and Actual Green – Special Revenue Fund 130 Asset Seizure – Special Revenue Fund 131 Foreign Fire Insurance Tax – Special Revenue Fund 132 Cable Television – Special Revenue Fund 133 Nonmajor Capital Projects Funds Schedule of Revenues, Expenditures and Changes in Fund Balance – Budget and Actual Devon/Rohlwing Redevelopment – Capital Projects Fund 134 Residential Enhancement – Capital Projects Fund 135 Proprietary Funds Enterprise Fund Waterworks and Sewerage Fund Schedule of Revenues, Expenses and Changes in Net Position – Budget and Actual 136 Schedule of Operating Revenues – Budget and Actual 137 Schedule of Operating Expenses – Budget and Actual 138 - 139 Internal Service Funds Capital Replacement Schedule of Revenues, Expenses and Changes in Fund Balance – Budget and Actual 140 Schedule of Operating Revenues – Budget and Actual 141 Schedule of Operating Expenses – Budget and Actual 142 Fiduciary Funds Pension Trust Funds Combining Statement of Fiduciary Net Position 143 Combining Statement of Changes in Fiduciary Net Position 144 Schedule of Changes in Fiduciary Net Position – Budget and Actual Police Pension – Pension Trust Fund 145 Firefighters’ Pension – Pension Trust Fund 146 Consolidated Year-End Financial Report 147 Report on Internal Control Over Financial Reporting and on Compliance and Other Matters Based on an Audit of Fianncial Statements Performed in Accordance with Governmental Auditing Standards 148 - 149 VILLAGE OF ELK GROVE VILLAGE, ILLINOIS TABLE OF CONTENTS PAGE FINANCIAL SECTION – Continued SUPPLEMENTAL SCHEDULES Schedule of General Long-Term Debt 150 Long-Term Debt Requirements General Obligation Bonds of 2012 151 General Obligation Bonds of 2013 152 General Obligation Bonds of 2017 153 General Obligation Bonds of 2017A 154 Schedule of Insurance in Force 155 - 156 STATISTICAL SECTION (Unaudited) Net Position by Component – Last Ten Fiscal Years 157 - 158 Changes in Net Position – Last Ten Fiscal Years 159 - 160 Fund Balances of Governmental Funds – Last Ten Fiscal Years 161 - 162 Changes in Fund Balances of Governmental Funds – Last Ten Fiscal Years 163 - 164 Assessed Value and Actual Value of Taxable Property – Last Ten Tax Levy Years 165 - 166 Direct and Overlapping Property Tax Rates – Addison Township Last Ten Tax Levy Years 167 - 168 Direct and Overlapping Property Tax Rates – Elk Grove Township Last Ten Tax Levy Years 169 - 170 Direct and Overlapping Property Tax Rates – Schaumburg Township Last Ten Tax Levy Years 171 - 172 Principal Property Tax Payers – Current Tax Levy Year and Nine Tax Levy Years Ago 173 Property Tax Levies and Collections – Last Ten Tax Levy Years 174 Taxable Sales by Category – Last Ten Calendar Years 175 - 176 Direct and Overlapping Sales Tax Rates – Last Ten Calendar Years 177 Schedule of Legal Debt Margin 178 Ratios of Outstanding Debt by Type – Last Ten Fiscal Years 179 Ratios of General Bonded Debt Outstanding – Last Ten Fiscal Years 180 Schedule of Direct and Overlapping Governmental Activities Debt 181 Demographic and Economic Statistics – Last Ten Calendar Years 182 Principal Employers – Current Fiscal Year and Nine Fiscal Years Ago 183 Full-Time Equivalent Village Government Employees by Function – Last Ten Fiscal Years 184 - 185 Operating Indicators by Function/Program – Last Ten Calendar Years 186 - 187 Capital Asset Statistics by Function/Program – Last Ten Fiscal Years 188 - 189 Continuing Disclosures 190 - 201 INTRODUCTORY SECTION VILLAGE OF ELK GROVE VILLAGE, ILLINOIS PRINCIPAL OFFICIALS April 30, 2020 VILLAGE BOARD Craig B. Johnson, Mayor Nancy J. Czarnik Samuel L. Lissner Patton L. Feichter Stephen Schmidt Jeffrey C. Franke Christine Prochno ADMINISTRATION Village Manager Raymond R. Rummel Village Clerk Loretta M. Murphy Village Attorney/Prosecutor George B. Knickerbocker Director of Finance/Treasurer Christine L. Tromp Chief of Police Charles G. Walsh Fire Chief Richard J. Mikel Director of Public Works Colby J. Basham Director of Community Development Mary J. Pye 1 Village of Elk Grove Village, IL Organizational Chart Electorate Mayor & Board of Trustees Village Village Attorney Clerk Village Manager & Deputy Village Manager Director of Business Human Resources Director of I/T Development & Director Marketing Director of Director of Fire Police Director of Public Community Finance Chief Chief Works Development Boards and Commissions Appointed by Mayor with Concurrence of Trustees Fire Pension Board Fire and Police Commission Plan Commission Business Leaders Forum Police Pension Board Board of Zoning & Appeals 2 Profile of the Government Incorporated in 1956, the Village of Elk Grove is a home-rule community as defined by the Illinois Constitution. The Village operates under the council-manager form of government. This form of government combines the leadership and policy-making skills of elected officials with the professional administrative training of the Village Manager. Under this popular form of government, the elected representatives establish policies steering the Village's purpose, values, mission, and goals. It is the role of the Village Manager to implement those policies in an efficient and effective manner. Located approximately 22 miles northwest of the City of Chicago, Elk Grove Village has a land area of 11.6 square miles with approximately 136 miles of streets. The Village provides a full range of services to its citizens including police and fire protection, health and social services, water and sewer utilities, planning and zoning, the construction and maintenance of streets and infrastructure, and general administrative services. The financial reporting entity of the Village of Elk Grove is comprised of all the funds of the primary government (the Village of Elk Grove as legally defined), and its component unit, the Elk Grove Village Public Library. The