Village of Mount Prospect Organizational Structure
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VILLAGE OF MOUNT PROSPECT, ILLINOIS COMPREHENSIVE ANNUAL FINANCIAL REPORT For the Year Ended December 31, 2014 Prepared by: Finance Department David O. Erb Finance Director Lynn M. Jarog Deputy Finance Director VILLAGE OF MOUNT PROSPECT, ILLINOIS TABLE OF CONTENTS Page(s) INTRODUCTORY SECTION List of Principal Officials ....................................................................................................... i Organizational Chart .............................................................................................................. ii Letter of Transmittal ............................................................................................................... iii-viii Certificate of Achievement for Excellence in Financial Reporting ...................................... ix FINANCIAL SECTION INDEPENDENT AUDITOR’S REPORT ............................................................................ 1-3 Management’s Discussion and Analysis .................................................................... MD&A 1-11 GENERAL PURPOSE EXTERNAL FINANCIAL STATEMENTS Basic Financial Statements Government-Wide Financial Statements Statement of Net Position ........................................................................................ 4 Statement of Activities ............................................................................................ 5-6 Fund Financial Statements Governmental Funds Balance Sheet ....................................................................................................... 7-8 Reconciliation of Fund Balances of Governmental Funds to the Governmental Activities in the Statement of Net Position ......................... 9 Statement of Revenues, Expenditures, and Changes in Fund Balances ............. 10-11 Reconciliation of the Governmental Funds Statement of Revenues, Expenditures, and Changes in Fund Balances to the Governmental Activities in the Statement of Activities ........................................................... 12 VILLAGE OF MOUNT PROSPECT, ILLINOIS TABLE OF CONTENTS (Continued) Page(s) FINANCIAL SECTION (Continued) GENERAL PURPOSE EXTERNAL FINANCIAL STATEMENTS (Continued) Basic Financial Statements (Continued) Fund Financial Statements (Continued) Proprietary Funds Statement of Net Position .................................................................................... 13 Statement of Revenues, Expenses, and Changes in Net Position ....................... 14 Statement of Cash Flows ..................................................................................... 15-16 Fiduciary Funds Statement of Fiduciary Net Position ................................................................... 17 Statement of Changes in Fiduciary Net Position ................................................ 18 Notes to Financial Statements ...................................................................................... 19-69 Required Supplementary Information Schedule of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual General Fund ........................................................................................................... 70 Refuse Disposal Fund .............................................................................................. 71 Schedule of Funding Progress Illinois Municipal Retirement Fund ........................................................................ 72 Police Pension Fund ................................................................................................ 73 Firefighters’ Pension Fund ................................................................................. 74 Other Postemployment Benefits Plan ................................................................. 75 Schedule of Employer Contributions Illinois Municipal Retirement Fund ........................................................................ 76 Police Pension Fund ................................................................................................ 77 Firefighters’ Pension Fund ................................................................................. 78 Other Postemployment Benefits Plan ................................................................. 79 VILLAGE OF MOUNT PROSPECT, ILLINOIS TABLE OF CONTENTS (Continued) Page(s) FINANCIAL SECTION (Continued) GENERAL PURPOSE EXTERNAL FINANCIAL STATEMENTS (Continued) Required Supplementary Information (Continued) Schedule of Changes in the Employer’s Net Pension Liability and Related Ratios Police Pension Fund ........................................................................................... 80 Firefighters’ Pension Fund ................................................................................. 81 Schedule of Investment Returns Police Pension Fund ........................................................................................... 82 Firefighters’ Pension Fund ................................................................................. 83 Notes to Required Supplementary Information ....................................................... 84 COMBINING AND INDIVIDUAL FUND FINANCIAL STATEMENTS AND SCHEDULES MAJOR GOVERNMENTAL FUNDS General Fund Schedule of Revenues - Budget and Actual ............................................................ 85-87 Schedule of Expenditures - Budget and Actual ...................................................... 88 Schedule of Detailed Expenditures - Budget and Actual ....................................... 89-99 Special Revenue Fund Refuse Disposal Fund Schedule of Operating Revenues - Budget and Actual ....................................... 100 Debt Service Fund Schedule of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual .................................................... 101 Capital Projects Funds Flood Control Construction Fund Schedule of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual ................................................ 102 Schedule of Expenditures - Budget and Actual .................................................. 103 Street Improvement Construction Fund Schedule of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual ................................................ 104 VILLAGE OF MOUNT PROSPECT, ILLINOIS TABLE OF CONTENTS (Continued) Page(s) FINANCIAL SECTION (Continued) COMBINING AND INDIVIDUAL FUND FINANCIAL STATEMENTS AND SCHEDULES (Continued) NONMAJOR GOVERNMENTAL FUNDS Combining Balance Sheet ............................................................................................ 105 Combining Statement of Revenues, Expenditures, and Changes in Fund Balances ......................................................................................... 106 Nonmajor Special Revenue Funds Combining Balance Sheet ....................................................................................... 107-108 Combining Statement of Revenues, Expenditures, and Changes in Fund Balances .................................................................................... 109-110 Motor Fuel Tax Fund Schedule of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual ................................................ 111 Schedule of Expenditures - Budget and Actual .................................................. 112 Community Development Block Grant Fund Schedule of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual ................................................ 113 Schedule of Expenditures - Budget and Actual .................................................. 114 Schedule of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual Asset Seizure Fund .............................................................................................. 115 Federal Equitable Share Fund ............................................................................. 116 DUI Fines Fund ................................................................................................... 117 Foreign Fire Insurance Fund ................................................................................ 118 Business District Fund ......................................................................................... 119 Nonmajor Capital Projects Funds Combining Balance Sheet ....................................................................................... 120 Combining Statement of Revenues, Expenditures, and Changes in Fund Balances .................................................................................... 121 Capital Improvement Fund Schedule of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual ................................................ 122 Schedule of Expenditures - Budget and Actual .................................................. 123 VILLAGE OF MOUNT PROSPECT, ILLINOIS TABLE OF CONTENTS (Continued) Page(s) FINANCIAL SECTION (Continued) COMBINING AND INDIVIDUAL FUND FINANCIAL STATEMENTS AND SCHEDULES (Continued) NONMAJOR GOVERNMENTAL FUNDS (Continued) Nonmajor Capital Projects Funds (Continued) Downtown Redevelopment Construction Fund Schedule of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual ................................................ 124 Schedule of Expenditures - Budget and Actual .................................................. 125 MAJOR ENTERPRISE FUND Water and Sewer Fund Schedule of Revenues, Expenses, and Changes in Net Position - Budget and Actual .....................................................