Loading...
HomeMy WebLinkAboutCAFR1998 VILLAGE OF MORTON GROVE, ILLINOIS COMPREHENSIVE ANNUAL FINANCIAL REPORT oiL,4„, 7.1 r ; FOR THE EIGHT. MONTHS ENDED DECEMBER 31, 1998 VILLAGE OF :MORTON GROVE, ILLINOIS COMPREHENSIVE ANNUAL FINANCIAL REPORT FOR THE EIGHT MONTHS ENDED DECEMBER 31, 1998 PREPARED BY THE DEPARTMENT OF FINANCE DAVID O. ERB FINANCE DIRECTOR/TREASURER TABLE OF CONTENTS INTRODUCTORY SECTION Letter of Transmittal Certificate of Achievement for Excellence in Financial Reporting xvii Organization Chart xviii Principal Officials and Officers xix FINANCIAL SECTION Independent Auditor's Report 1 Combined Statements - Overview("Liftable" General- Purpose Financial Statements): Combined Balance Sheet-All Fund Types, Account Groups and Discretely Presented Component Unit 3 Combined Statement of Revenues,Expenditures and Changes in Fund Balances-All Governmental Fund Types and Discretely Presented Component Unit 6 Combined Statement of Revenues, Expenditures and Changes in Fund Balances-Budget and Actual- All Governmental Fund Types 7 Statement of Revenues, Expenses and Changes in Retained Earnings-Proprietary Fund Type 9 Statement of Cash Flows-Proprietary Fund Type 10 Combined Statement of Changes in Plan Net Assets- Trust Fund Type 11 Notes to Financial Statements 12 Required Supplemental Information (Unaudited): Required Year 2000 Disclosure 43 Required Pension and Retirement Information 45 Combining and Individual Fund Statements: General Fund: Comparative Balance Sheet 49 Statement of Revenues, Expenditures and Changed in Fund Balances-Budget and Actual 50 Statement of Expenditures Compared to Budget 51 Special Revenue Funds: Combining Balance Sheet 56 Combining Statement of Revenues, Expenditures and Changes in Fund Balances 57 Municipal Employees'Retirement Fund: Comparative Balance Sheet 58 Statement of Revenues, Expenditures and Changes in Fund Balance-Budget and Actual 59 Motor Fuel Tax Fund: Comparative Balance Sheet 60 Statement of Revenues, Expenditures and Changes in Fund Balance -Budget and Actual 61 Community Development Block Grant Fund: Comparative Balance Sheet 62 Statement of Revenues, Expenditures and Changes in Fund Balance -Budget and Actual 63 Revolving Equipment Replacement Fund: Comparative Balance Sheet 64 Statement of Revenues,Expenditures and Changes in Fund Balance-Budget and Actual 65 Commuter Parking Facility Fund: Comparative Balance Sheet 66 Statement of Revenues,Expenditures and Changes in Fund Balance-Budget and Actual 67 9-1-1 Emergency Telephone System Fund: Comparative Balance Sheet 68 Statement of Revenues, Expenditures and Changes in Fund Balance-Budget and Actual 69 Tax Increment Financing Fund: Comparative Balance Sheet 70 Statement of Revenues, Expenditures and Changes in Fund Balance-Budget and Actual 71 Economic Development Fund: Comparative Balance Sheet 73 Statement of Revenues,Expenditures and Changes in Fund Balance-Budget and Actual 74 Debt Service Funds: Debt Service Fund: Comparative Balance Sheet 76 Statement of Revenues, Expenditures and Changes in Fund Balance-Budget and Actual 77 Capital Projects Funds: Combining Balance Sheet 79 Combining Statement of Revenues, Expenses and Changes in Fund Balances 80 Capital Project Fund: Comparative Balance Sheet 81 Statement of Revenues, Expenditures and Changes r in Fund Balance-Budget and Actual 82 Capital Projects Fund- 1999 Bond Issue Proceeds: Balance Sheet 83 Enterprise Fund-Water and Sewer Fund: Comparative Balance Sheet 85 Statement of Revenues, Expenses and Changes in Retained Earnings 87 Statement of Cash Flows 88 Trust Funds: Pension Trust Funds: Combining Statement of Plan Net Assets 90 Combining Statement of Changes in Plan Net Assets 91 Component Unit-Public Library: Combining Balance Sheet-All Fund Types and Account Groups 93 Combining Statement of Revenues, Expenditures and Changes in Fund Balances-All Governmental Fund Types 95 Other Supplemental Information Supporting Schedules: Information Required by Water Revenue Bond Ordinances: Statement of Revenue,Expenses and Retained Earnings 96 by Fund Within Water and Sewer Fund Insurance Policies and Coverages in Effect 97 Number of Water Department Customers 97 STATISTICAL SECTION (Unaudited): Primary Government-General Governmental Expenditures and Other Uses by Function- 98 Last Ten Fiscal Periods Primary Government- General Governmental Revenues and Other Financing Sources- 99 Last Ten Fiscal Periods Primary Government-General Governmental Tax Revenues 100 by Source-Last Ten Fiscal Periods Statutory 1% Sales Tax Collected by"Kind of Business" - 101 Last Ten Calendar Years Property Tax Levies and Collections-Last Ten 102 Fiscal Periods Assessed and Estimated Actual Value of Taxable 103 Property-Last Ten Fiscal Periods Ratio of Net General Bonded Debt to Assessed Value and Net Bonded Debt Per Capita-Last 104 Ten Fiscal Periods Legal Debt Margin 105 Ratio of Annual Debt Service Expenditures for General Bonded Debt to Total General Governmental Expenditures-Last Ten Fiscal Periods 106 Revenue Bond Coverage-Last Ten Fiscal Periods 107 Property Tax Rates -All Direct and Overlapping Governments (Per$100 of Assessed Valuation) -Last Ten Fiscal Periods 108 Computation of Direct and Overlapping General Obligation Debt 109 Miscellaneous Statistics 110 Permit Fees and Value of Construction- Last Ten Fiscal Periods 111 Principal Taxpayers 112 Equalized Assessed Valuation(EAV) and Other Demographic Information-Last Ten Fiscal Periods 113 Introductory Section a r` { t } 1_- 4 " tia r ' Village of orton grove June 30, 1999 TO: The Citizens of the Village of Morton Grove, Village President Daniel D. Scanlon, Board of Trustees and Other Interested Parties INTRODUCTION The Comprehensive Annual Financial Report(CAFR) of the Village of Morton Grove(Village)for the eight month period ended December 31, 1998 is hereby submitted. Responsibility for both the accuracy of the data, and the completeness and fairness of the presentation, including all disclosures,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 fonds and account groups of the Village. All disclosures are included which are necessary to enable the reader to gain an understanding of the Village's financial activities. Although the Village is only required to issue an annual audited financial statement,we are issuing the CAFR to dearly communicate the Village's financial story and enhance understanding of the traditional governmental financial reporting modeL The CAFR is the twelfth annual published report of its kind by the Village. It is prepared according to the guidelines recommended by the Government Finance Officer's Association(GFOA) of the United States and Canada. The GFOA awards Certificates of Achievement for Excellence in Financial Reporting to governments with annual financial reports judged to conform substantially with generally accepted accounting principles established by the Governmental Accounting Standards Board(GASB). To qualify,the CAFR must be formatted in an easily readable and efficiently organized manner. The Village of Morton Grove was awarded a Certificate of Achievement for its Annual Financial Report for the fiscal year ended April 30, 1998 for the tenth consecutive year. h is our belief that the accompanying Financial Report will meet program standards and is being submitted to the Government Finance Officer's Association for review. In conformance with GASB pronouncements concerning financial report presentations, this report is organized into the following three sections: Part 1 - The Introductory Section contains this letter of transmittal from the Village Administrator and the Village Finance Director. This letter contains a discussion concerning the community, its economic outlook,financial highlights for the fiscal period and other presentations to give the reader a general overview. Part 1 also provides a listing of Village officials and department heads and an organizational chart of Village operations. Richard T. Flicle4nger Municipal Center 6101 Capulina Avenue • Morton Grove, Illinois 60053-2985 -F-3 Tel: (847) 965-4100 • TDD (847) 470-5249 • Fax: (847) 965-4162 Recycled Paper Part 2- The Financial Section contains the Independent Certified Public Accountant's opinion and the Village's financial statements. The financial report reflects the "pyramid" statement format as required by GASB Statement 1. Under this method,the General-Purpose Financial Statements are presented first(at the"top"), and are comprised of all the "combined" statements, exhibits, and notes to the financial statements for all the funds. This will provide the reader with a general overview of the Village's financial condition. As more levels of reporting data are desired, the reader may descend through the "pyramid" to the more detailed financial statement sections which will be presenting data by fund type(i.e., Governmental,Proprietary,Fiduciary) and from within fund type,by individual fund. • Part 3 - The Statistical Section contains selected financial and demographic information, generally on a multi-year basis. REPORTING ENTITY The financial reporting entity(the government)includes all of the funds and account groups of the primary government(i.e.,the Village of Morton Grove as legally defined), as well as all of its component units(Morton Grove Liirary). Component units are legally separate entities for which the primary government is financially accountable. The Morton Grove Library is a separate, semi- autonomous entity with its own governing board elected by the eligible voters of the Village and operating under the Illinois Local Library Act(75 ILCS 5). However,the Village of Morton Grove Board is required to approve its annual budget, snmial tax levy, and all types of debt. For this reason,the public library's activities are included in the report as a"discretely presented" component unit. Pursuant to standards promulgated by the Governmental Accounting Standards Board(GASB#14), "discretely presented" component units are reported in a separate column in the Combined Financial Statements to emphasize that they are legally separate from the primary government and to differentiate their financial position,results of operation and cash flows from those of the primary government. The Morton Grove Park District and the various school districts - located in Morton Grove have not met any of the established criteria for inclusion as component units under the reporting entity, and are therefore excluded from this report. The Village of Morton Grove provides a full range of services which includes police and fire protection;paramedic services; solid waste disposal;water distribution; maintenance of highways, streets and other Vie;building code enforcement;planning and community development activities; and health and human services. 12. The Village Board has adopted Vision and Mission statements which serve as a focus for policy discussions regarding the future of the community. The Vision and Mission Statements are: Vision Statement To preserve and enhance the overall quality of Itfe within the Village. To provide quality municipal services and infrastructure improvements in a cost effective manner so that the Village is held in high esteem by residents, municipal organizations and professional associations. To participate in advantageous intergovernmental activities and maintain positive relationships with other government agencies To provide quality and affordable housing in livable residential neighborhoods. To preserve and enhance the open space and recreational facilities now available within the community. To promote positive economic development within the framework of reasonable codes and zoning standards to facilitate future business and industrial development. To be an innovative "leadership"community while avoiding highly experimental policies or programs. Mission Statement To provide municipal services,public improvements and economic development activities in an efficient and effective manner in order to preserve and enhance the quality of life within the community. VILLAGE FINANCIAL ACTIVITY AND OTHER HIGHLIGHTS DURING THE BUDGET TRANSITION PERIOD(19981 1. The Village completed a Master Building Plan Study of the Richard T. Flickinger Municipal Center. This facility houses the Village's Administrative Offices and Police Department. The services of Sente and Rubel Architects were engaged to provide architectural, engineering, space planning, and interior design services. At a Board of Trustees Workshop on September 10, 1998,the firm provided the Village with a space needs analysis, building renovation review, and expansion solution for the Police Department. The study also provided Village Trustees with options for renovating and expanding the existing building or constructing a new building on the existing site. The Board took the study under advisement and will defer a decision until the Village's new Comprehensive Plan is completed. iii 2. The Village awarded a contract to Telecom Innovations Group for the purrhase and installation of a new telephone system. After a needs analysis and feasibility study was conducted by Wilson Consulting Group, Inc.,it was determined that improved telephone . service to the community and greater staff productivity could be provided by a new telephone system at Village Hall. The new system integrates with equipment at each Village off-site facility, and provides among other features, new telephone instruments for all users, voice mail system, expanded direct inward dial services, a dedicated municipal information hot-line, and 9-1-1 caller identification for all Village facilities. 3. The Village prepared its first Calendar Year Budget. The new budget fiscal year period begins on Jarniary 1 and ends on December 31. The Calendar Year 1999 Budget was adopted by the passage of Ordinance 98-48 on December 15, 1998. Although changing the Village's budget fiscal period to a calendar year required the preparation of two budgetary documents in 1998,the long-term benefits of changing the fiscal period will have a positive impact on Village operations. The Village is now receiving property tax revenues in the budget they are dedicated for planning for the construction cycle now begins in the fall when bidding yields better contract rates; and the budget preparation process begins in the fall when municipal operations are generally at a more manageable level. 4. The Village continued implementation of its redevelopment plans within the designated Tax Increment Financing(TIF)District. With construction of a 14,000 square foot Walgreen's Drug Store beginning on the Redevelopment Area "A" site, a Request For Proposal(RFP) was sent to commercial retail developers in July 1998 for the redevelopment of Area 'B" located further south within the TIF District. The RFP outlined a need for an all retail plan; however, the Village would consider a mixed use retail/residential plan if economically feasible. In August 1998, four development proposals were received. The firms of Trammel Crow,Next Realty, Taxman Corporation, and Norwood Builders provided the Village with a variety of redevelopment proposals. The Village expects to select a developer during the spring of 1999. 5. The Village continued with its efforts to prepare its new comprehensive plan. Throughout the transition year, the consultants Trkla, Pettigrew, Allen&Payne, Inc. and the Village's Comprehensive Plan Project Advisory Committee met with various departments, service districts, and institutions within the community in order to identify planning and development issues that need to be addressed in Morton Grove's new Comprehensive Plan. While the plan is approximately 75% complete,the consultants and Committee expect to present the complete plan to residents during the summer of 1999. iv A BRIEF INTRODUCTION ABOUT THE VILLAGE AND ITS SERVICES The Village of Morton Grove, Cook County, Illinois,was incorporated in 1895. It is a northern suburb of Chicago, located ten miles northeast of O'Hare International Airport. The Village encompasses an area of five square miles and has a population of 22,373 residents according to the revised 1990 census. Almost one-third of the land area is dedicated to recreational purposes between land owned by either the County Forest Preserve or the Park District. This has a positive effect on the quality of life enjoyed by Village residents. The Village is a diversified and balanced community of residential and commercial structures with light to medium manufacturing and warehouse facilities. Village residents are served by five elementary and two secondary school districts. Morton Grove's principal growth took place during the late 50's and early 60's when the population increased from 7,427 to 20,533 residents. The Village has been built out primarily with residential land uses. Significant industrial, office and commercial land uses are also located in the community. Very little vacant land remains for commercial and office development or light manufacturing. The Village of Morton Grove is governed as a home rule community under Illinois law and operates under a President/Trustee form of government with a fiill-time Administrator. The home rule status was confirmed by a special referendum held on March 18, 1980. Under home rule powers,the Village is permitted to carry out its own governing procedures except where specifically prohibited by the State Legislature. The Village President and a six-member Board of Trustees are elected at large for four year terms. The President,with concurrence from the Board, appoints the Village Administrator and all Department Directors. The Village Administrator is the Chief Administrative Officer who oversees the day-today operations of the Village. The Village has 170 U1-time employees and 42 part-time/seasonal employees who work in any one of seven departments: police, fire,public works, community development, health and human services, code enforcement,finance or administration. FINANCIAL SUMMARY VILLAGE BASIS OF ACCOUNTING: The Village's governmental funds(general, special revenue, debt service, and capital projects) are maintained and reported on the modified accrual basis of accounting,whereby revenues are recognized when measurable and available, and expenditures are recognized when the related liability is incurred. The proprietary(water and sewer) and fiduciary(police and firefighters' pension)funds are accounted for using the accrual basis of accounting recognizing revenues when earned and expenses when incurred. v INTERNAL CONTROL: Village management is responsible for establishing and maintaining an internal control structure designed to ensure assets of the Village are protected from loss, theft or misuse and to ensure that adequate accounting data is compiled to allow for the preparation of financial statements in conformity with generally accepted accounting principles. The internal control structure is designed to provide reasonable, but not absolute, assurance that these objectives are met. 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 valuation of cost and benefits requires estimates and judgments by management. The Village has a complete set of internal controls, which are reviewed annually as part of the independent audit. Cost effective management and accounting internal control recommendations are generally implemented by the Village. We believe the Vill age's internal accounting controls adequately safeguard assets and provide reasonable assurances of the proper recording of financial transactions. We also subscribe to the theory that accounting policies, systems and procedures along with internal controls, should be constantly monitored and revised to meet r.hanging requirements and also to provide credible and timely information in the most efficient manner. BUDGETARY CONTROL: Budgetary appropriations for the operations of various Village departments are established through the adoption of an annual Budget Ordinance by the Village Board of Trustees. On November 10, 1997,the Village Board of Trustees approved Ordinance 97-53 that changed the fiscal year end date from April 30 to December 31. This was done to align property tax receipts with the year they are intended,take advantage of more favorable construction rates(bids are done in the fall rather than early summer) and to allow the budget preparation process to begin in the fall when municipal operations are generally at a more manageable level. Budgetary control over expenditures at the L line-item level is facilitated through the maintenanrq of an encumbrance system for purchase orders. Encumbered amounts lapse.at year end. However, encumbrances generally are reappropriated as part of the following year's budget. Budget authority is flexible in that the Village Administrator may make certain transfers within departments when considered necessary for the proper administration of Village government. The Village Board may revise the budget at any time through interdepartmental transfers within any fund by passage of a resolution upon recommendation by the Village Administrator. The resolution would not change fund totals. Transfers, however, between two or more funds or additional appropriations to any fund require the passage of a Supplemental Appropriations Ordinance. vi GENERAL GOVERNMENTAL FUNCTIONS: The Capital Projects Funds are not included in any of the tables discussing the general governmental functions of this transmittal letter. As the amount of Capital Projects will vary greatly from year-to-year, data is purposely excluded from tables in the transmittal letter to avoid distorting comparisons from year-to-year. REVENUE: The following schedule presents a summary of General, Special Revenue, and Debt Service Fund revenues of the primary government for the eight month period ended December 31, 1998, and the amount and percentages of increases and decreases in relation to prior year revenues. INCREASE (DECREASE) EIGHT MONTHS FROM 1997-98 ENDED % SOURCE 12/31/98 TOTAL AMOUNT Taxes $ 9,531,802 40.70% $(5,567,547) (36.87)% Licenses&Permits 234,726 1.00 (457,472) (66.09) Intergovernmental 75,350 0.32 (39,756) (34.54) Surcharge Fees(E9-1-1) 89,206 0.38 (40,533) (31.24) Charges for Services 232,445 0.99 (62,629) (21.22) Fines 187,757 0.80 (154,826) (45.19) Investment Income 187,127 0.80 36,250 24.03 Cable TV&Franchise Fees 108,164 0.46 (70,191) (39.36) Other Miscellaneous 429.663 1.84 247.557 135.94 Total Revenues 11.076,240 47.29 (6.109.147) (35.55) Other Financing Sources: Operating Transfers-in 715,159 3.05 241,757 51.07 Bond Proceeds 10,165,000 43.40 10,165,000 Installment Loan Proceeds - - (368,798) (100.00) Sale of Land 1,400,000 5.98 1,400,000 - Sale of Surplus Equipment 66.939 0.28 (27.575) (100.00) Total Other Financing Sources 12347,098 52.71 11.410.384 1,218.13 Total Revenue&Other Financing Sources S 23,423,338 )00.00% S 5,301,237 29.25% vii Total revenue and other sources for the general governmental functions totaled $23,423,338 for the eight month period ended December 31, 1998. This is an increase of 29.25% from the prior twelve month period ended April 30, 1998. Excluding bond proceeds ($10,165,000) and sale of land ($1,400,000)related to the TIF District there would have been a decrease of$6,263,763 or 34.56%. Since the current period was only eight months, a decrease of this magnitude was expected. The largest dollar decrease was seen in revenue generated from taxes. Tax revenue fell $5,567,547, or 36.87%from the prior year. This was due in part to the receipt of only 50% of the 1997 property tax levy. Property tax bills are due March 1 and September 1 each year. Since the transition period ran from May 1 to December 31,it was only able to capture one of the two collection periods. Also, other tax revenue such as sales, income, replacement and real estate transfer were lower due to receiving only eight twelfths (8/12) of the regular annual allotments. The next largest decrease from the prior year was in licenses and permits. Revenue in this category fell$457,472 or 66.09% from the prior year. Again, due to the timing of the transition period, revenue generated from the issuance of vehicle stickers and business licenses was not captured. Annually, revenue generated from these two sources is$335,000 and $125,000,respectively. Other decreases in this revenue category are due to the shortened fiscal year. Revenue from service charges, intergovernmental grants,E-9-1-1 surcharges, fines and cable TV and franchise fees dropped an average of 34.70% from the prior year. This is consistent with expectations for an eight month comparison. As mentioned earlier, bond proceeds of$10,165,000 and revenue from the sale of land for $1,400,000 were received during the transition period. This money was used to redevelop property within the Village's TIF District. Proceeds were used to acquire and ready properties for resale to the developer. (This Space Intentionally Blank) viii Like most municipalities across the nation,the largest source of revenue to the Village is taxes. Tax revenues from the General, Special Revenue and Debt Service Funds are primarily comprised of nine distinct resources summarized below with prior year comparisons: INCREASE (DECREASE) SOURCE 12/31/98 4/30/98 AMOUNT '/o Sales Tax $ 4,751,853 $ 6,287,133 $ (1,535,280) (24.42)% Property Tax-General 2,615,321 5,343,631 (2,728,310) (51.05) Property Tax-Spec. Area#1 - 68,514 (68,514) (100.00) Property Tax-TIP 57,688 123,265 (65,577) (53.20) State Income Tax 793,078 1,366,279 (573,201) (41.95) Motor Fuel Tax 365,463 517,044 (151,581) (29.32) Telecommunications Tax 505,398 759,385 (253,987) (33.45) Personal Property Replacement Tax 152,491 236,457 (83,966) (35.51) Real Estate Transfer Tax 228,578 300,054 (71,476) (23.82) Hotel/Motel Tax 48,317 84,799 (36,482) (43.02) Foreign Fire Insurance Tax 13.615 12.788 827 6.47 Total Taxes $ 9.531,802 $15,099,349 $ (5,567,54D (36.87)% Tax revenue for the general governmental functions totaled$9,531,802 for the eight month period ended December 31, 1998. This is a decrease of$5,567,547,or 36.87%from the prior year ended Apri130, 1998. The general portion property tar had the largest decrease of all taxes, $2,728,310 or 51.05%from the prior year. This is due to receiving only one installment during the shortened fiscal year. The 51% drop from fiscal year aided April 30, 1998,is consistent with this expectation. The next largest decline for tax revenue was in sales tax. Sales tax dropped$1,535,280 or 24.42% from the prior year A drop of only 24% in this shortened period indicates growth for this type of revenue. All things being equal, a reduction of 33%would be expected when comparing the eight month transition year to the prior twelve month period. Table 2B illustrates this growth. For calendar year 1998, the state portion(1%) sales tax grew 9.65%from 1997. Most of the growth coming from the furniture/appliances sector,no doubt a reflection of the impact Alit Electronics has in the community. All the other tax revenue sources dropped as expected when comparing the two fiscal periods. The average decrease for the remaining sources from the prior period was 37.59%. As stated earlier, a decrease of 33.3%would be considered normal. Only the Foreign Fire Insurance Tax was up $827 or 6.47%from the prior year. This tax is received once a year and unlike the others,was not affected by the shortened period. ix The majority of taxes collected are sales taxes rather than property taxes as has been the case during most of Morton Grove's history. This change has met an objective set by the Village at the beginning of the decade to lower reliance on local property taxes. In the 1990 fiscal year, 54.1% of the taxes collected for operations of the General, Special Revenue, and Debt Service Funds came from the local property tax. With the enactment of the local option sales tax in September 1992 and the increase in that rate in January 1995, along with the enactment of the telecommunications tax, the general property tax share dropped to 27.4%in this transition year. The decreasing reliance on the property tax is important for two reasons. One, property tax caps in Cook County have become a reality. Although the Village is a home rule community(exempt from the cap at this time),the pressure will always exist for the Village to follow the tax cap provision whether home rule or not. Second,to maintain a favorable tax base for both commercial and residential property owners, it is important property taxes remain stable. EXPENDITURES: The following schedule presents a summary of General, Special Revenue, and Debt Service Fund expenditures for the eight month period ended December 31, 1998, and the percentage of increases and decreases in relation to prior year amounts. INCREASE (DECREASE) • EIGHT MONTHS FROM 1997-98 ENDED % OF FUNCTION 12/31/98 TOTAL AMOUNT •/. General Government S 1,007,294 4.97% S (662,429) (39.67)% Public Safety 5,268,669 26.00 (2,353,233) (30.88) Streets & Sidewalks 1,324,842 6.54 (648,900) (32.88) Sanitation 896,496 4:42 (435,666) (32.70) Vehicle Maintenance 485,204 2.39 (213,524) (30.56) Health&Human Services 259,782 1.28 (123,702) (32.26) Community Development 8,137,405 40.15 6,807,226 511.75 Code Enforcement 153,724 0.76 (69,428) (31.11) Municipal Buildings 156,769 0.77 (104,064) (39.90) Village Share of Retirement Costs 101,927 0.50 (109,109) (51.70) Refund of Fund Surplus - - (96,653) (100.00) Principal Debt Retirement 1,028,904 5.08 (411,087) (28.53) Interest&Fiscal Charges 725.340 3.58 (5.657) (0.77) Total Expenditures 19,546,356 96.44 1,573,774 8.76 Operating Transfers-out 722.259 3.56 (160.573) (18.19) Total Expenditures and Other Financing Uses $20,268,615 100.00% ,413,201 7.50% x Total expenditures for the general governmental functions totaled $20,268,615 for the eight month period ended December 31, 1998. This is an increase of 7.50%from the twelve month period ended April 30, 1998. Comparisons between the two years are difficult due to the length of periods beginning compared (8 months vs. 12 months) and the additional capital spending within the TIP District during the transition year. Excluding TIF spending, total expenditures decreased 31.52% from the period ended April 30, 1998. The 51.70% drop in the employees' pension expenditures reflects only one payment into the plan by the Village rather than the typical two. Employee pension contributions are intended to be made using property tax receipts. Since only one-half of this revenue source was received during the transition year, a corresponding similar payment was made to the plan. Regular twice annual payments will be made to the plan beginning with the 1999 calendar year. Expenditures for interest remained relatively flat in spite of the shortened period. This was due to the additional debt issued to provide for TT redevelopment. Interest from this debt accounted for$250,629 of the $725,340 total reported during the transition year. ENTERPRISE FUND: The Enterprise Fund is established to account for the financing of self-supporting municipal activities which render services generally on a user-charge basis. The most significant attribute of an Enterprise Fund is that by financing this activity primarily with user charges and,using accounting principles similar to those used in private industry, it is possible to show whether the fund is operating at a profit or loss. The Water and Sewer Fund had a net income of$355,637 for the period ended December 31, 1998. This is an increase of$189,491 from the period ended April 30, 1998. This was as a result of the Village instituting a rate increase beginning May 1, 1998. The Board of Trustees approved Ordinance 98-10 on April 13, 1998, providing for an across-the-board rate increase of 9.8%to its existing Water and Sewer rates. This was in response to higher operating costs and a rate increase by the City of Chicago in January 1997. The rates were last increased in May 1996. It should also be pointed out that cash outlays for Capital Equipment and Debt Reduction are not reflected as an"expenditure" as they are in the General Governmental Funds discussed earlier. On the other hand, depreciation expense which is a non-cash outlay is reflected as an expense. These treatments are in accordance with generally accepted accounting principles(GAAP)and will have differing effects on the "change in cash position"versus "net income." A reconciliation of cash flows and operating income can be found on page 89 of this CAFR PENSION TRUST FUNDS: Pension Trust Funds are established for the purpose of accounting for money and property held by a governmental unit in the capacity of trustee, custodian or agent for individuals. Pension Trust Funds which the Village has in its custody are the Police and Firefighters'Pension Funds. xi For the period ending December 31, 1998,the combined increase in plan assets (which include payment of all pension benefits) of both Pension Funds was $1,985,458 vs. $2,246,751 in the prior year. The change in plan assets from the prior year had decreased due to the shortened transition period. Interest earnings for the year were down 34.33%while the net appreciation in fair value of investments was almost equal to that of the prior year($1,582,533 in the period ended December 31, 1998 and $1,620,314 in the period ended April 30, 1998). This was due to favorable interest rate changes throughout this period. The combined net assets held in trust for pension benefits for both pension funds now total $38,203,408. This represents an increase of 5.48% over the previous fiscal year. As of Jam,ary 1, 1998, the Fire and Police Pension Funds were funded at 93.62% and 102.06%respectively. There was a change by the Department of Insurance in interpreting the applicability of holiday pay for pension purposes during the 1996-97 fiscal year. This resulted in an increase in benefits and corresponding decrease in the funding level in the pension funds. With the approval of the Calendar Year 1999 Budget, $47,400 in"employer contribution" (taxes)will be allocated to the Firefighters' Pension Fund to help fund this deficiency. As noted, fluctuations in interest rates will drastically affect the market value of fixed income securities (despite those securities being held to maturity). Both pension funds have formalized written investment policies and have adopted an "active" management style for their fixed income portfolios. Investments will no longer automatically be held to maturity, but possibly bought and sold as market conditions dictate. Equities have become an authorized investment effective Apiary 1, 1998, but only the fire pension has added equities into its investment portfolio. As equities have traditionally out-performed fixed income securities in a long term market, an increase in our funding level is likely to result in future years. Nevertheless, the funding will be continuously monitored and kept at the level necessary to insure adequate funding of benefits and administrative costs in future years. (This Space Intentionally Blank) xii DEBT ADMINISTRATION: The ratio of net general obligation bonded debt to equalized assessed valuation and the amount of bonded debt per capita are useful indicators of the Village's debt position. This data as of December 31, 1998, is as follows: Ratio of Debt to Debt Equalized Assessed Per Amount Valuation Canita Net General Obligation Debt' $22,514,3202 4.70% $1,006.32 During the fiscal year,the total long-term debt3 obligation of the Village increased from $15,983,000 to $24,398,000. A summary of the long-term debt as of December 31, 1998,is as follows: Summary of Lone-Term Deb? 1994 General Obligation Bonds $ 7,000,000 1991 General Obligation Bonds 740,000 General Obligation Bank Promissory Note for projects related to TIF Fund and Economic Development Fund 3,165,000 Tax-exempt bank note for acquisition of properties and related preparation expenses for TIF District 4,000,000 Taxable bank note for acquisition of properties and related preparation expenses for TIF District 3,000,000 Installment notes on various Village equipment 494,000 IEPA loan for South Central&Parkview Projects 5,111,000 Bank loan for Washington Street Project 47,000 1965 Water Revenue Bonds 40,E IEPA loan for mandated sewer repair 798.000 Total outstanding debt 24,395,000 Accumulated unpaid compensated absences 3.000 Total long-term debt? s 24398.000 To be supported from property tax levy and is considered general obligations of the Village supported by its "full faith and credit." 2 Excludes the Water Revenue Bonds which are considered to be self-supporting from fees collected from water sales. Also excludes =PA Revolving Loan for.mandated sewer rehabilitation project as considered to be self-supporting from sewer charges. Further, excludes debt of the component unit (Morton Grove Library) which is reported separately from the primary government (Village) to emphasize the legal separation as explained earlier in the reporting entity section. The total debt indicated above is net of the year end fund balance in the Debt Service Fund. a Rounded to the nearest thousand. Xiii The 1991 and 1994 General Obligation Bonds are rated AAA-MBIA insured. The 1959 and 1965 Water Revenue Bonds continue to be rated A. r. - CASH MANAGEMENT: The V'llage's investment policies are governed by Illinois Statutes. Idle cash during the period was invested in secured demand deposits through the Illinois Public Treasurers' Investment Pool-IPTIP (managed through the State Treasurer's Office); the Illinois Government Cash and Investment Fund (managed by the trust department of a major Illinois banking institution); the Illinois Metropolitan Investment Fund (intermediate U.S. government pool between 1-5 years managed by the trust department of a major Illinois banking institution); and other obligations of the U.S. Treasury or a U.S. Government Agency. Collateral is required for demand deposits and any certificates of deposit over the amount covered by the Federal Deposit Insurance Corporation. Obligations currently pledged as collateral include various Governmental Revenue Bonds and Federal National Mortgage Association Bond Pools (FNMA pools). The amount of interest income by fund for the eight month period ended December 31, 1998, and the preceding fiscal year is as follows: Investment Income by Fund EIGHT MONTHS FISCAL YEAR ENDED 12/31/98 ENDED 4/30/98 General Fund $ 36,797* $ 49,686* Special Revenue Funds 87,771 22,554 Debt Service Funds 62,559 78,637 Capital Projects Funds 5,685 22,207 Enterprise(Water& Sewer)Fund 62 1.003 Investment Income before Pension Funds 192,874 174,087 Firefighters' &Police Pension Funds 2.621.022 3.201.776 Total Investment Income $ 2,813,896 $ 3,375,863 * Includes $674 and $2,452 received during the 12/31/98 and 4/30/98 periods, respectively, from interest on undistributed property tax from the Cook County Treasurer. The decrease was primarily due to the shortened transition period. Only the special revenue funds showed an increase from the prior year. This was due to the additional finds on hand from the issuance of the bonds and short-term notes in the TIP Fund. The net appreciation in market value of investments was $1,652,128. This is a decrease of$4,339 or 0.26%from the prior year. xiv RISK MANAGEMENT: The Village is currently self-insured for workers'compensation,general liability, public officials liability, auto collision and liability, property and casualty, and boiler and machinery as a member of the Intergovernmental Risk Management Agency(IRMA). IRMA is an organization consisting of 68 municipalities and special districts in Northeastern Illinois which formed an association under the Illinois Intergovernmental Agreement Statute to pool risk management needs. Along with providing insurance needs,IRMA also provides a claim/litigation management program; extensive safety/loss control consulting and training risk information system and financiat reporting services for its members. The Village has participated in many of these programs as well as its own safety pros to help meinimi7n accident related losses. Coverage through IRMA has provided claims over the$1,000 deductible at various:l. evels:as.disaussedin_the Supplementary Information Section of this annual report. PROSPECTS FOR THE FUTURE The Calendar Year 1999 Budget was adopted on a balanced basis. The property tax levy to support this budget was approved by the Board of Trustees of the Village on December 15, 1998. There was a minimal increase($4,773)in the levy from the prior year. As was mentioned earlier, a greater reliance was put on other types of revenue to fund operations. The Village again expects the same as we prepare the levy for 1999. As we approach the next millennium,we remain cautiously optimistic about the Village's financial future. As noted earlier in the report, revenue from the sales tax and telecommunications tax remains strong and there does not appear to be any significant problems with the local economy. Pm-active long-term steps continue to be taken to retain and improve the economic climate and encourage development/redevelopment throughout the Village. In addition,the Board of Trustees approved a Public Improvements Bond Issue in January 1999 to raise the capital necessary to complete construction on several major capital improvement projects which were identified in the Capital Improvement Plan. The Board of Trustees is also expected to address the need for implementing a municipal electric tax during the summer of 1999. One-half of the revenue generated from this tax would be designated to the Capital Projects Fund to further provide additional public improvement projects. As indicated earlier,the Village will continue completing its obligation for redevelopment of sites "A' and "B"with the Waukegan Road Tax Increment Financing District Furthermore,the Village continues to receive inquiries regarding new development in other parts of the community that would have a positive impact on the local economy. The economic conditions continue to remain upbeat with inflation, interest rates, and unemployment remaining low in Northern Cook County. This trend should continue into the foreseeable future. xv There will, of course, always be potential problems which could affect this optimistic forecast. For example, economic conditions could soften and adversely affect the Village's sales tax base. However,the Village has a diverse sales tax base which should be able to weather any major economic downturn. While other problems such as increased state and federal unfunded mandates, increased demand for municipal services, and continuing need to repair aging infrastructure exist, the Village is generally doing very well as we approach the turn of the century. INDEPENDENT AUDIT Paragraph 8, Division 8, Section 3 of the Illinois Municipal Code requires an annual audit of a municipality's funds and accounts by an independent certified public accountant appointed by the Village Board of Trustees. The accounting firm of Clifton Gunderson L.L.C. was selected to perform the audit for the period ended December 31, 1998 and their opinion is included in this report. CONCLUSION While the Village has adopted �B P�mound financial policies to meet all of its current short-term and long- term obligations, a continuous effort must be maintained to monitor the adequacy and diversity of revenue sources so the Village is not overly dependent on one source of revenue. Tight financial controls must be maintained to insure that expenditures are properly managed. This is especially evident in meeting ongoing service demands and unfunded federal and state mandates while keeping tax increases to a minimum ACKNOWLEDGMENTS This report is intended to provide complete and reliable information to the citizens of the Village of Morton Grove,its governing body, investors and creditors on the financial operations of the Village. 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 the Administrator's office. We would like to express our appreciation to all members of these departments who assisted and contributed to its preparation. We would also like to thank the Mayor and members of the Board of Trustees for their interest and support in planning and conducting the financial operations of the Village in a responsible and progressive manner. Respectfully submitted, VILLAGE OF MORTON GROVE � / Zoo ' ` N. Arft David O. Erb V age Administrator Finance Director/Treasurer erb\cafr.99 Xvi Certificate of Achievement for Excellence in Financial Reporting Presented to Village of Morton Grove, Illinois For its Comprehensive Annual Financial Report for the Fiscal Year Ended April 30, 1998 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 f3nandaf reports(CAFRs) achieve the highest standards in government accounting and financial reporting. gin k eel-a -€4 ), 111/4 President n Executive Director xvii u z c7) cp o II to e W O w Z a Jill!!w E 0 w Q `° Q w l Z � N W — 1 i m a > liii '^ Z VJ W . i- a (n N o I D 03 . , Z 9 t W o m ii I o 8 I �C3 i b W d Th. Co 1 i 0 W 7 1111 \ 5 \\ > Y 1 C4 ! 111111 W I la hut!aco 0- U W J i a o 'liii VILLAGE OF MORTON GROVE PRINCIPAL OFFICIALS AND OFFICERS DECEMBER 31, 1998 TERM/ APPOINTMENT ELECTED ENDS Daniel D. Scanlon Mayor April 2001 James Karp Trustee April 2001 Teresa Hoffman Liston Trustee April 2001 Don Sneider Trustee April 2001 Eileen Coursey Winkler Village Clerk April 2001 Ronna Brenner Trustee April 1999 Joseph Moll Trustee April 1999 Larry Schulte Trustee April 1999 APPOINTED Larry N. Ant Village Administrator January 1, 2000 Jeffrey D. O'Dell Assistant Village Administrator January 1, 2000 Gabriel Berrafato Corporation Counsel January 1, 2000 Ralph Czerwinski The Chief January 1, 2000 Charles C. Collett Director of Public Works January 1, 2000 Ed Hildebrandt Building Commissioner January 1, 2000 David O. Erb Director of Finance/Treasurer January 1, 2000 James C. Huber Dir of Health and Human Services January 1, 2000 George Incledon Police Chief January 1, 2000 Craig Karas ESDA Director January 1, 2000 Jeffrey Lyons Village Prosecutor January 1, 2000 Charles Scheck Community Development Director January 1, 2000 Neal C. Walter Village Prosecutor January 1, 2000 buchappointist r Financial Section r a v. r L +Y C_: 1 t_. rte.. r ! " L L Auditor's Report on the Financial Statement t : r_ { aJ � Gu>�de Lisa Coaled Pubic nccoa,ta,a&con.na,a Independent Auditor's Report To the Honorable President and Members of the Board of Trustees of the Village of Morton Grove Morton Grove, Illinois We have audited the accompanying general-purpose financial statements, and the combining and individual fund and account group financial statements of the Village of Morton Grove, Illinois, as of and for the eight month period ended December 31, 1998, as listed in the table of contents. These general-purpose financial statements are the responsibility of the Village of Morton Grove'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 generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the general-purpose financial statements are free of material misstatement. An audit inclu•es examining, on a test basis, evidence supporting the amounts and disclosures in the general-purpose financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall general- purpose financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. In our opinion, the general se financial atatanents icfeu= to above present fairly, in all• material respects, the financial position of the Village of Morton Grove, Illinois, as of December 31, 1998, and results of operations and cash flows of its proprietary fund type for the eight month period then ended in conformity with generally accepted accounting principles. Also, in our opinion, the combining and individual fund and account group financial statements referred to above present fairly, in all material respects, the fmanrial position of each of the individual fiends and account groups of the Village of Morton Grove, Illinois, as of December 31, 1998,and the_results of operations of such fiends and the cash flows of the proprietary fund for the eight month period then ended in conformity with generally accepted accounting principles. Our audit was made for the of forming an opinion on the general-purpose financial statements taken as a whole on the combining and individual fiend and account group financial statements. The accompanying financial information listed as supporting schedules in the table of contents is presented for purposes of additional analysis and is not a required part of the general- purpose financial statements of the Village of Morton Grove, Illinois. Such information, except for that portion marked "unaudited," on which we express no opinion has been subjected to the auditing procedures applied in the audit of the general-purpose, combining, and individual fund and account group financial statements and, in our opinion, is presented fairly in all material respects in relation to the financial statements of each of the respective individual funds and account groups taken as a whole. 1 AMERICAN INSIRUIE CF CER➢FEC PUSUC ARIZONA COLORADO IWNOS INDIANA IOWA MARYLAND MISSOURI OHIO IEC S VIRGINIA VASCONSiN ACC:AINIANIS The year 2000 supplemental information on pages 43 and 44 is not a required part of the general- purpose financial statements but is supplemental 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 supplemental information. However,we did not audit the information and do not express an opinion on it. In addition, we do not provide assurance that the Village of Morton Grove is or will become Year 2000 compliant, that the Village of Morton Grove's year 2000 remediation efforts will be successful in whole or in part, or that parties with which the Village of Morton Grove does business are or will become year 2000 compliant. Oak Brook, Illinois April28, 1999 G' 2 Combined Statements Overview ("Liftable" General Purpose Financial Statements) r j'- i . f ' _ Li 0 p„o „I'.1�1�pp� ' n`O toV�O. n W T al tTIp< NrY.O q0 wig P O r `.01N in mNNm T1� NNV N Ram L.-7g T- R a AIMS a Y F pr a le m t <P O*y'0 m T ' P$ E $ ySam US'p. �t�pp'/'1 I.I Y.y T N Y�p Pr ...7 '0 CONS R gi N`O Yk�I ii n gG S n °y` QQ 'O Ve 9 n n ■ $9 r. °. a N a0. » » U ' P2 <p s h!z N alt.”; q • N »O M..T4TNY iii H j ■� N- N t € » - F Y • s a 3 las » . . n = ir0 if q pNVfTMNON c.OVO • -. T T T `ON SO gv" NNyt A S y d a r< T p o< N Y 1-sta.: s a '0 N N W— as °' A 0L g� A«At�per4 Er m T M It ^ A T • y . 1 . . . en v o am m O O� `O O a en a re en E p, .^ G HUM t. buy O N tl Y ON O 9p° ° 1T� r a—rT-bT aO♦p T I' b21 Y - NO_'O." VcN O d D •. .p•l� T € a T [[ ° 5§E V en y T «N• _ 0 inc.CV' m v a N } : 811g nit q ... i g H apq f i « " Al l§ 8 p V ^ ..0 N $ G. O. N 7. ^ . I r p . Pn a p s . . . $ „� 111 a B ne a - T e 2 a a N v aY Y M P . „ . ry Y . . V . p n = Ny = .. g p f f es hI all y Ta = S 111 a iS, P_ O = O r 2 P 814 N g O y C O nO m O P OOr N I �n Y m EA 0 p f N pN P n f e. S< ,..a ^m , O G Y all ; a Y S s v. Cam} a '•_ S }� �aSj�-'tp• rypn R H� ^S i H HNO •O O N II g n = • . . . . • • ry 2 _ b N 4 K H f pp 8 N :11 O N•1 ' P iIl r !� pOgY P P A N O ONt� ey� sq=� NC_ N f N f V P N tri Y Y le 11 d'M in N I I I Jill g • g V es ce N N . a x a n I � M N M �i ni �i 3 rei . . I SS N • . N . • . .. S Oa•nNp O m A `: i t 11 1 11 1 1111 I1Lii4hiIIIJiflII Ao. cy a ' F< L 3 nNVi2m.7t2i3§ Q.RH�ye. moceiao�� iR a g gm§R n i o _. �QQ�at^.f oir-.-.Nov.�p- m$ n y�yevia t��'.�.i.�tib�re' ge Q$ yr a r. a m P4 tl Tcmi�aoN N.O��C Ogn4""".!.- on a d �e=v .O o eel N yrNr Op r r A ^r N b N N F a .NO N NO N .7:-; G VS 2 $. �^v m Cl m Pi pea in wit n in a ° °4 :1 N ■ N a• yy Q e�` �I1 GAR2N x=32 �."o e�a.pg�°a�� ' a iF�i e� a �N�a n. m m A ¢ - � .N.00 t�. ::�0�°a $tai• maQeYN.m..N..N........ �N 0 N N -v w g a N e• - F O �v1.� 00 r N v ^.-. eV N Y N yN y N i1.: M1� � 4 sL� ,y�% N . N . . . • . m . 0090 N „ h , N O 0" F., OD N .° .O.° N N N N N $ -el :.� b O V1 b a ti r $ N S Nv m m q�a a- FFF ,z. ---111 gg nr " o� o MM el ^M ^mot . . 00 a 00 a 00 00 00 01 pr`flit P mm a Rg a v ■n N H �_ e-r ee�� _ eryy sr.-I§ pp �n/0w § 'Q N pap ,O.n . 1 .ey� . . . p . . .N . 00 h .+. T l8'i , N �Orp. a 04L a ...- tmt10 a .gig ' moo .�.. - N .._ � .�iY b N N 1n r �: m — o-. m " m 9 ,re ., . me-.$ '&'n '��il NN . . . . S 83 'm a n 8 m ■ r vS<vi ■'n ac tee t�mlpri.e.ria.ovi.d o ' S F. °1 - a tee v G vNi't� �:; ^'°.�.mo BNp pmetN.�t�.e.N..N. n t�` e a - ■ N a -1.1 g$ c+0� o • 4 I i 31 g 1 illi 1 E/ v El E Aga $ aft a $. w fISeniwz 1 I1!i11iIiI1J11Iii! 11111 O a ra 1m o o 2 W ; f] ralc"'5r- °^ ° �.drg y �" '° C � Lr " 1 6 l .a. e. y ^ b —.a CO J p - M N N P V C N 00 N v— a c 6 00 d �W O0,°PFAYIW V P W IA Yo a VrN• S la la A • • • • a —..-�pr.8 •O gip@ O 80 OuO• VuWO°AU40•V A r0 O • O • OOW N r4r 0° �l M r r N N A Mb" P hw N u G1�1� q u 4 P 4 W W O 0 O W 000- u W M C O PWP•D4�Ppyuppp. V o P p •N•pp O,. VWOPO�IL 000• A -.4 . JV • uc-a - A O • • • • V A A N A F A • W W ° :c.l A 3 ' �� A 1:4U wits. u....,-...1.1. M r4.41. Oe0 ymiA e � P . M OVP0Vu' • i 9 "• O u a. p y rr• W).001 A a caw • pW b j> =r N 4 V. N S • J • • N W • A O r O O S • J el v .4 V F 3 - "y — 5,. o4oppi �p�p O may yO Wf0 O OV W 's 4. J Yq 6 . ■ `„ _N N � y E ° f {yr ppp III y p pp 1Ad P r00 NWP P ' O �I.N �I pNP E -O 0 • • • 431 • • O. . . . 0 • O • • NP • 00P� • V s St 0 A 12 _ A b 43•41. A pA y bp La 00 r u 0 P O O °• vP • W W • P • • P '� p y 51 v "3 ii Al IA�yyl yyN�p O• WW WO W 1i ea up A t • O A •• O • • O V r It�y+ �gg+ y •yfL C t., yAt u OA ka: Jyr ? • r a A a P F v W • 00 0 • • • O V v Z' y tii 1.1 P K. A 03 41 kl �Np W V R O 4 O 0 O — (� °OD • • . • • O . • • • O . a v y Ns p 2 V b V U. > I ° A �l ! ka 4 O P g u P P q 400 G v • • M • • 1.1 • b y t e W Itel O N ta g �1". yp° M 'a e a.�° 4 4 tWi• • • • O • • U • • • • v A 1„,..1 t z eeq - G g vtv O C a og O Pi91 1 . ga,c e. h PA a I9I zbe tit Iiit I e H J I�pi N Il 8 O O O 0 eO • 00 W AA N 4 3 O. w�� O W V W UI N 1 I pppp 8 Off. W pp.0 G• .OD W a N v • % . v8 « i l I : 4 ^ W C • TO W a O W p 88pp}�.p fr IN' b . V y i w b a •M 40N ua O • O 8 812 p 16! a N �1 •oj I O O O n Q i i 166Q$ 8 80tS N W L 0 » M b vt U I s O. • • • • M u a P LIE o i Ii Oi p roi y W i a p i S1.4, N • O. v •� ra I i • • • as li a s VILLAGE OF MORTON GROVE.ILLINOIS STATEMENT OF REVENUES, EXPENSES AND CHANGES IN RETAINED EARNINGS-PROPRIETARY FUND TYPE For the Eieht Month Period Ended December 31. 1998 OPERATING REVENUES Water sales $ 1,956,887 Sewer charges 456,235 Meter and connection fees 5,033 Rental income 46,877 Miscellaneous 25 Total operating revenues 2,465,057 OPERATING EXPENSES Personal services 599,318 Contractual services and other charges 67,990 Water purchases 914,502 Sewer repair and rehabilitation 179,556 Commodities 115,513 Utilities 58,551 Total operating expenses 1,935,430 Operating income before depreciation 529,627 Depreciation 147,361 Operating income 382,266 NON-OPERATING REVENUES(EXPENSES) Interest income 62 Interest expense and fiscal agent fees (33,791) Total non-operating revenues(expenses) (33,729) Net income before operating transfers in 348,537 Operating transfers in: Commuter Parking Fund 7,100 NET INCOME 355,637 RETAINED EARNINGS,BEGINNING OF PERIOD 2,135,815 RETAINED EARNINGS,END OF PERIOD $ 2,491,452 These financial statements should be read only in connection with the notes to financial statements. 9 VILLAGE OF MORTON GROVE,ILLINOIS STATEMENT OF CASH FLOWS-PROPRIETARY FUND TYPE For the Eieht Month Period Ended December 31. 1998 CASH FLOWS FROM OPERATING ACTIVITIES Operating income $ 382,266 Adjustments to reconale operating income to net cash provided by operating activities: [=' Depredation 147,361 Effects of changes in operating assets and liabilities: Receivables 36,281 Prepaid expenses and other assets 32,188 Refundable deposits 2,200 Deferred revenues ( Accounts payable and accrued expenses 140,835) Net cash provided by operating activities 412,795 CASH FLOWS FROM NON-CAPITAL FINANCING ACTIVITIES Net operating transfers-in from other funds 7,100 CASH FLOWS FROM CAPITAL AND RELATED FINANCING ACTIVITIES Principal �oaehabAilitation loan program for 56,365 Acquisition of capital assets 72,779 Prindpal payments on installment loans 38,272 Interest paid on bonds,mortgage and installment notes 33,791 ` Redemption of water bonds and principal payments an general purpose bonds (218,750) Net cash used in capital and related Smarming activities (419,957) CASH FLOWS FROM INVESTING ACTIVITIES Interest on investments 62 NET INCREASE IN CASH AND CASH EQUIVALENTS - CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD - CASH AND CASH EQUIVALENTS,END OF PERIOD $ - • These financial statements should be read only in connection with the notes to financial statements. 10 VILLAGE OF MORTON GROVE,ILLINOIS COMBINED STATEMENT OF CHANGES IN PLAN NET ASSETS TRUST FUND TYPE For the Eight Month Period Ended December 31, 1998 ADDITIONS Contributions: Employer $ 26,932 Employee 293,093 Total contributions 320,025 Investment income: Net appreciation in fair value of investments 1,582,533 Interest 1,038,489 2,621,022 Less investment expense 21,520 Net investment income 2,599,502 Other miscellaneous income 225 Total additions 2,919,752 DEDUCTIONS Retirement benefits 729,298 Duty disability benefits 113,389 Surviving spouse benefits 81,579 Children's benefits 5,755 Administrative expenses 4,273 Total deductions 934,294 NET INCREASE 1,985,458 NET ASSETS HELD IN TRUST FOR PENSION BENEFITS,BEGINNING OF PERIOD 36,217,950 NET ASSETS HELD IN TRUST FOR PENSION BENEFITS,END OF PERIOD $ 38,203,408 These financial statements should be read only in connection with the notes to financial statements. I1 VILLAGE OF MORTON GROVE,ITJ,INOIS NOTES TO FINANCIAL STATEMENTS December 31.1998 NOTE 1 -SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The Village of Morton Grove, Illinois(the "Village")was incorporated in 1895 and operates under a President-Trustee form of government employing a full-time a ministrator. The Village provides the following services as authorized by its governing board: public safety (police and fire, including paramedic services), highways, streets and sanitation, health and human services, public improvements, community development and general, and administrative services. Beginning May 1, 1998,the Village changed to a December 31 year end. The accounting policies of the Village conform to generally accepted accounting principles for local governmental units. The Government Accounting Standards Board(GASB)is the accepted standard- setting body for establishing governmental accounting and financial reporting principles. The following is a summary of the more significant policies: A. Reporting Entity As required by generally accepted accounting principles, these financial statements present the Village and its component units, entities for which the Village is considered to be financially accountable. The blended component unit, although a legally separate entity,is,in substance,part of the Village's operations and so data from this unit is combined with data of the primary government The discretely presented component unit, on the other band,is reported in a separate column in the combined financial statements to emphasize it is legally separate from the Village. The blended and discretely presented component units have a December 31 year end. Included within the reporting entity: Discretely Presented Component Unit - Morton Grove Public Library. The Morton Grove Public Library's budget is subject to the approval of the Village of Morton Grove's governing body. In addition, the taxing authority and issuance of debt is also subject to the approval of the Village of Morton Grove's governing body. Additionally, the activities of the Morton Grove Public Library are open to all citizens and benefit the citizens of the Village of Morton Grove. Because separate financial statements of the Library are not available, its financial statements are included in the financial section of these general-purpose financial statements. Blended Component Unit- Municipal Employees' Retirement Fund. This Fund is included as a special revenue fund because its function is mainly to collect tax revenues and remit them to the private insurance company which administers the plan. The Fund is a legally separate entity. The retirement plan is gimilar to the Illinois Municipal Retirement Plan which is not required to be recorded as a pension trust or agency fund. B. Fund accounting The accounts of the Village and Library 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, and revenues and expenditures or expenses, as appropriate. Government resources are allocated to and accounted for in individual finds based upon the purposes for which they are to be spent and the means by which spending activities are controlled. The various funds of the Village are grouped, in the financial statements in this report,into six generic fund types and three broad fund categories as follows: 12 VILLAGE OF MORTON GROVE,II TJNOIS NOTES TO FINANCIAL STATEMENTS December 31.1998 NOTE 1—SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) Governmental Funds 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- Special Revenue Funds are used to account for the proceeds of specific revenue sources(other than special assessments, expendable trusts, or major capital projects)that are legally restricted to expenditures for specified purposes. Debt Service Funds - The Debt Service Funds are used to account for the accumulation of resources for and the payment of general long-term debt principal,interest,and related costs. 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 facilities(other than those financed by proprietary funds and trust funds). Proprietary Funds Enterprise Fund-The Enterprise Fund is 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. Fiduciary Funds Fiduciary Funds are used to account for assets held by the Village in a trustee capacity or as an agent for individuals, private organizations, other governments, and/or other funds. When these assets are held under the terms of a formal trust agreement, either a pension trust fund, a non- expendable trust fund or an expendable trust fiord is used The terms "non-expendable" and "expendable"refer to whether or not the government is under an obligation to mamt"in the trust principal. The Village utilizes a pension trust fund. Agency funds generally are used to account for assets that the government holds on behalf of others as their agent. The various funds of the Library are grouped into two generic fund types (General and Debt Service Funds)under the broad find category of governmental funds. The descriptions of these two fund types explained above for the Village also apply to the Library. C. Repo ing changes Over the past two fiscal periods, deferred compensation plan transactions formerly reported in the Agency Fund are excluded from the Village's financial reporting. 13 • VILLAGE OF MORTON GROVE,ILLINOIS NOTES TO FINANCIAL STATEMENTS December 31 1998 NOTE 1 -SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES(CONTINUED) D. Fixed assets and long-term liabilities The accounting and reporting treatment applied to the fixed assets and long-term liabilities - associated with a fund are determined by its measurement focus. All governmental funds are accounted for on a spending or"financial flow"measurement focus. This means that only current assets and current liabilities are generally included on their balance sheets. Their reported fund balance (net current assets) is considered a measure of "available spendable resources." Governmental fund operating statements present increases(revenues and other financing sources) and decreases(expenditures and other financing uses)in net current assets. Accordingly,they are said to present a summary of sources and uses of'available spendable resources" during a period. Fixed assets used in governmental fund type operations(general fixed assets) are accounted for in the General Fixed Asset Account Group rather than in governmental funds. Public domain ("infra-structure") 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. No depreciation has been provided on general fixed assets. Fixed assets are valued at historical cost,with the exception of Public Library assets on band as of April 30, 1969, which are valued at $517,954, representing appraised market value at that date. Donated fixed assets are valued at their estimated fair value on the date donated. Long-term liabilities expected to be financed from governmental funds are generally accounted for in the General Long-Term Debt Account Group,not in the governmental funds. The two account groups are not "funds." They are concerned only with the measurement of financial position. They are not involved with measurement of results of operations. Because of their spending measurement focus, expenditure recognition for governmental fund types is limited to exclude amounts represented by non-current liabilities. Since they do not affect net current assets, such long-term amounts are not recognized as governmental fund type expenditures or fund liabilities. They are instead reported as liabilities in the General Long-Term Debt Account Group. All proprietary funds and pension trust funds are accounted for on a cost of services or "capital maintenance"measurement focus. This means that all assets and all liabilities (whether want or non-current) associated with their activity are included on their balance sheets. Their reported fund equity (net total assets) is segregated into contributed capital and retained earnings components. Proprietary fund type operating statements present increases (revenues) and decreases(expenses)in net total assets. 14 VILLAGE OF MORTON GROVE.ILLINOIS NOTES TO FINANCIAL STATEMENTS December 31. 1998 NOTE 1—SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES(CONTINUED) Depreciation of all exhaustible fixed assets used by proprietary funds is charged as an expense against their operations. Accumulated depreciation is reported on proprietary fund balance sheets. Depreciation has been provided over the estimated useful lives using the straight-line method. The estimated useful lives are as follows: Estimated Useful Lives Reservoirs,pump house and water mains 50-100 years Garage and fence 50 years Office building,remodeling and improvements 10-50 years Improvements to water system 20 years Equipment 5- 10 years Water meters 10- 15 years E. Basis of scrum Basis of accounting refers to when revenues and apmditu es or expenses are recognized in the accounts and reported in the financial statements. Basis of accounting relates to the timing of the measurements made,regardless of the measurement focus applied. All governmental funds are accounted for using the modified accrual basis of ac canting Their revenues are recognized when they become measurable and available as net current assets. Taxpayer assessed income (property tax), gross receipts, and sales taxes are considered "measurable" when in the hands of intermediary collecting governments and are recognized as revenue at that time. Anticipated refunds of such taxes are recorded as liabilities and reductions of revenue when they are measurable and their validity seems certain. Revenues considered to be susceptible to accrual are: Taxes: Sales Income Fines and forfeits: Court fines Intergovernmental revenues: Motor fuel tax allotments Highway meintin,ince payments Interest on investments Telephone line payments Cable television payments Telephone surcharge fees 15 VILLAGE OF MORTON GROVE,ILLINOIS NOTES TO FINANCIAL STATEMENTS December 31, 1998 NOTE 1-SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES(CONTINUED) Property tax revenue recognition: 1998 property taxes attach as an enforceable lien on property as of January 1, 1998. Taxes are levied the subsequent December by passage of a Tax Levy Ordinance. Tax bills are prepared by the County and issued on or about February 1, 1999 and August 1, 1999, and are payable in two installments on or about March 1, 1999 and September 1, 1999. The County collects such taxes and remits them periodically. Property tax revenues are recognized when they become both measurable and available. Available means collected within the current period or expected to be collected soon enough thereafter to be used to pay liabilities of the current period. Both installments of the 1998 tax levy are intended to finance the fiscal year 1999 budget. Both installments are treated as deferred revenue under this definition. Expenditures: Expenditures are generally recognized under the modified accrual basis of accounting when the related fund liability is incurred. Accumulated unpaid compensated absences: Village and Library employees are granted vacation pay in varying amounts. The Village and Library have calculated the following amounts with respect to accrued vacation pay at December 31, 1998: Current $ 21,507 Long-term 3.339 Total $ 24.846 Accumulated unpaid compensated absences are accrued when incurred in proprietary funds (using the accrual basis of accounting). Such amounts (current portion) are accrued in governmental finds (using the modified accrual basis of accounting), and in the general long- term debt account group (non-current portion). However, the Library Fund accrued all amounts on a current basis. Proprietary, pension trust funds and agency funds: All proprietary funds and pension trust funds are accounted for using the accrual basis of accounting. Their revenues are recognized when they are earned and their expenses are recognized when they are incurred. Agency funds are accounted for using the modified accrual basis of accounting. The proprietary funds apply all Financial Accounting Standards Board (FASB) Statements and Interpretations applicable, except for those that conflict with or contradict GASB pronouncements. Only those FASB Statements and Interpretations that are developed for business enterprises are applied. 16 VILLAGE OF MORTON GROVE,ILLINOIS NOTES TO FINANCIAL STATEMENTS December 31. 1998 NOTE 1-SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) F. Budgets and budgetary accounting The Village follows these procedures in establishing the budgetary data reflected in the financial statements: 1. The Village Administrator and Director of Finance propose an operating budget to the Board of Trustees based upon requests submitted by individual departments for the following fiscal year. The operating budget includes proposed expenditures and the means of financing them. 2. Budget hearings are conducted by the Board of Trustees. 3. The Village Administrator is authorized to transfer budgeted amounts within departments. The legal level of control is at the department level for the General Fund and at the fund level for all other funds. Any revision that alters a specific department's total appropriation (and does not affect that fund's total appropriation)is done by Board resolution. Any revision that alters the total expenditure of any fund is made through the passage of a supplemental appropriations ordinance. Appropriations lapse at year-end. There were no supplemental appropriations during the period. 4. Budgets for the General, Special Revenue, Debt Service, Capital Projects, Enterprise and Pension Trust Funds are legally adopted on a basis consistent with generally accepted accounting principles("GAAP"),through passage of an appropriations ordinance. G. Cash and cash equivalents For purposes of the Statement of Cash Flows for proprietary and similar trust funds, the Village considers all highly liquid investments, including restricted rash, with a maturity of three months or less when purchased to be cash equivalents. H. Investments Investments in the Police and Firefighters' Pension Funds, the Debt Service Fund, the Tax Increment Financing Fund, and the Economic Development Fund are carried at fair market value. The Pension Funds'investment policy is set by State statute. L Encumbrances Encumbrance accounting,under which purchase orders, contracts, and other commitments for the expenditure of monies are recorded in order to reserve that portion of the applicable appropriation, is employed as an extension of formal budgetary control in the General, Special Revenue, and Capital Projects funds. Encumbrances lapse at year-end and are reappropriated in subsequent year budgetary accounts. 17 VILLAGE OF MORTON GROVE. ILLINOIS NOTES TO FINANCIAL STATEMENTS December 31. 1998 NOTE 1—SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES(CONTINUED) J. Residual equity transfers Nonrecurring or nonroutine transfers of equity between funds are recorded as equity transfers, and, accordingly, are reported as additions to or deductions from fund balances of governmental fund types. K. Financial reporting Comparative data The comparative total data for the prior year has been presented in the accompanying balance sheets only. Total columns on Combined Statements-Overview l' Total cohimns on the Combined Statements - Overview are captioned "Memorandum Only" to indicate that they are presented only to facilitate financial analysis. Data in these columns does not present financial position in conformity with generally accepted accounting principles. Neither is such data comparable to a consolidation. Interfuad eliminations have not been made in t_ the aggregation of this data. NOTE 2- PRIOR PERIOD ADJUSTMENTS The following prior period adjustments were recorded by the Village: IRC Section 457 Deferred Compensation Plan As of April 30, 1998,the Village implemented a new standard requiring changes to the accounting and financial reporting for the deferred compensation plans created in accordance with Internal s Revenue Code Section 457. The plans are administered by independent plan administrators through administrative service agreements. The Village's administrative involvement is limited to transmitting amounts withheld from payroll to the plan administrator who performs investing functions. Amendments to the laws governing Section 457 plans substantially became effective January 1, 1997. The Village approved plan amendments such that plan assets are held in trust for the benefit of the plan participants and their beneficiaries. The assets will not be diverted to any other purpose. Therefore, the financial activity of these plans is no longer reported in the Village's Agency Fund. As a result, Agency Fund assets and liabilities were decreased by $2,452,637 as of Apri130, 1998. Accrued Salaries Fund balance at the beginning of the eight month period ended December 31, 1998 has been adjusted to correct an error for the understatement of accrued salaries as of April 30, 1998. Accrued salaries as of April 30, 1998 was $299,130. 18 VILLAGE OF MORTON GROVE.ILLINOIS NOTES TO FINANCIAL STATEMENTS December 31.1998 NOTE 3-DEPOSITS AND INVESTMENTS The primary government's deposits and investments are summarized as follows: Deposits All deposits are in financial institutions and are carried at cost. Carrying Bank Amount Balance Fund Insured(FDIC): Checking $ 3,142 $ 3,142 Community Development Block Grant 13,307 100,000 General 14,031 14,031 Motor Fuel 5,950 5,950 Debt Service 4,045 4,045 Economic Development 86,949 86,949 Enhanced 9-1-1 Emergency Telephone Service 30,732 30,732 Commuter Parking Facility Service Area#1 9,251 9,251 Tax Increment Financing 37,496 37,496 Capital Projects 14.725 14.725 1999 Bond Total insured deposits 219,628 306.321 Uninsured: Collateral held by Village's agent pledged to the Village Checking - 292,799 General Money Market Funds 499,047 499,047 Firefighters'Pension 502.401 502.401 Police Pension Total uninsured deposits 1.001.448 1.294.247 Total deposits $1221 076 S 1.600.568 19 VILLAGE OF MORTON GROVE,ILLINOIS NOTES TO FINANCIAL STATEMENTS December 31, 1998 NOTE 3-DEPOSITS AND INVESTMENTS(CONTINUED) Investments Investments are stated at market value with accrued interest shown under a separate caption on the balance sheet. Reported Fair Amount Value Fund Other investments,which are inrhided in cash and cash equivalents in the accompanying combined balance sheet at December 31, 1998,include the following: Investment in Illinois Public Treasurer's Investment Pool, Illinois Governmental Cash Investment Fund and Illinois Metropolitan Investment Fund $ 110,215 $ 110,215 Commuter Parking Facility 809,389 809,389 Debt Service 17,625 17,625 Revolving Equipment Replacement 16,420 16,420 Municipal Employees' Retirement 761,122 761,122 General 151,900 151,900 Firefighters' Pension 29,996 29,996 Police Pension 65,910 65,910 Capital Projects 681 681 Motor Fuel 3,522,696 3,522,696 Tax Increment Financing 128.747 128.747 Economic Development 5 614.701 5.614.701 20 VILLAGE OF MORTON GROVE.ILLINOIS NOTES TO FINANCIAL STATEMENTS December 31. 1998 NOTE 3—DEPOSITS AND INVESTMENTS(CONTINUED) Reported Fair Amount Value U. S.Treasury,Notes and Bonds U. S. Treasury Notes held by the Village's agent in the Village's name 7,901,508 7,901,508 Firefighters'Pension U. S. Treasury Notes held by the Village's agent in the Village's name 15.817.234 15.817.234 Police Pension 23.718.742 23.718.742 Federal Home Loan Bank Notes held by the Village's agent in the Village's name 339.766 339.766 Firefighters'Pension Federal Home Loan Mortgage Corp. Bonds held by the Village's agent in the Village's name 4,031,595 4,031,595 Firefighters'Pension Federal Home Loan Mortgage Corp. Bonds held by the Village's agent in the Village's name 4.938.529 4.938.529 Police Pension 8.970.124 8.970.124 Common stock held by the Village's agent in the Village's name 3.573.733 3.573.733 Firefighters'Pension Total investments S 42 217 066 S 42.217.066 21 VILLAGE OF MORTON GROVE,ILLINOIS NOTES TO FINANCIAL STATEMENTS December 31,1998 NOTE 3-DEPOSITS AND INVESTMENTS(CONTINUED) The Library's deposits and investments are summarized as follows: Deposits Carrying Bank Amount Balance Insured(FDIC): Checking $ 19,308 $ 27,289 Money Market Funds 18.910 18.910 Total insured deposits 38.218 46.199 Total deposits $ 38.218 $ 46 199 r Investments Investments are stated at market value. Reported Fair Amount Value Other investments: Investment in Illinois Public Treasurer's Investment Pool $ 726.543. S 726.543. Total deposits and investments 5 764 761, S 772,742 t . All deposits are in financial institutions and are carried at cost. The Village and Library maintain i. passbook and money market accounts, as well as the Illinois Public Treasurer's Investment Pool,the Illinois Governmental Cash Investment Fund and the Illinois Metropolitan Investment Fund for all • governmental fund types. Each fund type's portion of the account is displayed on the combined balance sheet as investments. Each fund is allocated investment income based on its portion of the pooled balance. In addition, separate passbook and money market accounts, as well as the Illinois Public Treasurer's Investment Pool are maintained for the Enterprise Fund. The Trust and Agency Funds are held separate from other Village funds and with a trustee. The trustee holds the investments in the name of the Trust and Agency Fund. At December 31, 1998, the carrying amount and bank balance of the Village's deposits was $1,221,076. Deposit amounts in excess of the Federal Deposit Insurance Corporation limit of $100,000 were$1,001,448 and are fully collateralized with securities held by its agent. At December 31, 1998, the carrying amount and bank balance of the Library's deposits was $38,218. There are no deposit amounts in excess of the Federal Deposit Insurance Corporation limit of$100,000. 22 VILLAGE OF MORTON GROVE.ILLINOIS NOTES TO FINANCIAL STATEMENTS December 31. 1998 NOTE 3-DEPOSITS AND INVESTMENTS(CONTINUED) Illinois statutes authorize the Village to invest in obligations of the U. S. Treasury, agencies and instrumentalities, obligations of state and local governments, commercial paper issued by corporations with assets exceeding $500,000,000, money market funds, repurchase agreements, the Illinois Public Treasurers' Investment Pool, the Dlinois Governmental Cash Investment Fund and the Illinois Metropolitan Investment Fund, savings accounts, and certificates of deposit from financial institutions insured by the Federal Deposit Insurance Corporation. The Village's pension funds have formal investment policies, and limits investments to U. S. Treasury securities, certificates of deposit, the Illinois Public Treasurers' Investment Pool, the Illinois Governmental Cash Investment Fund and the Illinois Metropolitan Investment Fund. The Village's deposits at December 31, 1998 are categorized below to give an indication of the level of risk assumed by the Village at period end. Category "One" includes deposits that are insured or collateralized with securities held by the Village or by its agent in the Village's name. Category "Two" includes deposits collateralized with securities held by the pledging financial institution's trust department or agent in the Village's name. Category "Three" includes uninsured, uncollaterahzed deposits. Bank Category Total Carrying Balance One Two Three Value Checking $ 599,120 $ 599,120 $ - $ - $ 219,628 Money Market Funds 1.001.448 - 1.001.448 - 1.001.448 Total deposits S 1.600.568 $ 599 120 S 1.001.448 $_._ $1.221.076 The Library's deposits at December 31, 1998 are categorized as follows: Bank Category Total Carrying Balance One Two Three Value Checking $ 27,289 $ 27,289 $ - $ - $ 19,308 Money MarcetFunds 18.910 18.910 - - 18.910 Total deposits S 46199 $ 46199 $ - $ $ 38.218 The Village's investments at December 31, 1998 are categorized below to give an indication of the level of risk assumed by the Village at period end. Category "A" includes insured or registered, or securities held by the Village or its agent in the Village's name. 23 VILLAGE OF MORTON GROVE, ILLINOIS NOTES TO FINANCIAL STATEMENTS December 31., 1998 NOTE 3-DEPOSITS AND INVESTMENTS(CONTINUED) Category "B" includes uninsured and unregistered, with securities held by the counterparty's trust department or agent in the Village's name. Category "C" includes uninsured and unregistered, with securities held by the counterparty, or by its trust department or agent but not in the Village's name. Certain investments did not lend themselves to categorization, and accordingly, are presented only at their total carrying value. CateEory Total Reported "A" "B" "C" Value U. S. Treasury Notes and Bonds $23,718,742 $ - $ - $23,718,742 Federal Home Loan Bank Notes 339,766 - - 339,766 Federal Home Loan Mortgage Corp:Bonds 8,970,124 - - 8,970,124 £' Common stock 3.573.733 - - 3.573.733 $36.601365 $ - S - 36,602,365 Investment in Illinois Public Treasurer's Investment Pool, Illinois Governmental Cash Investment Fund and Illinois Metropolitan Investment Fund 3.277,024 Total investments $39 879 389 The Police and Firefighters'Pension Trust Funds own all of the U. S. Government securities. The Library's investments, which we included as cash and cash equivalents in the accompanying combined balance sheet, at December 31, 1998 are categorized as follows: Category Total Reported nBn no, Value - Investment in Illinois Public Treasurer's Investment Pool S 726.543 24 VILLAGE OF MORTON GROVE, ILLINOIS NOTES TO FINANCIAL STATEMENTS December 31,1998 NOTE 4-RENTAL INCOME General Fund The Village leases a building to a company specializing in the sterilization of medical devices and other non-hazardous items by the use of radiation. This lease expires May, 2001. The Village also leases a space of land near the south side of Village Hall with a cellular communication company. The tenant has constructed a tower and a building to be used for telecommunications antenna purposes. This lease expires May, 2008. Future minimum rentals on these non-cancelable leases are as follows: 1999 $ 66,999 2000 69,129 2001 38,585 2002 16,000 2003 19,000 Later years 76.000 $ 2$1713 Water and Sewer Fund The Village leases land and space by the north and south-elevated water tanks to two cellular communications companies through five separate leases. These leases expire in March, 2003. Future minimum rentals on these non-cancelable leases are as follows: 1999 $ 72,100 2000 74,263 2001 76,491 2002 78,786 2003 81,149 Later years 349.683 S 732.472 NOTE 5-PENSION AND RETIREMENT Plan Descriptions The Village contributes to three single-employer defined benefit pension plans: Municipal Employees' Retirement Plan, Police Pension Plan and Firefighters' Pension Plan. Each plan provides retirement, disability, and pension benefits to plan members and beneficiaries. The plan documents establish the benefit provisions of the plans that can only be amended by the Village's Pension Boards. The plans do not issue a publicly available financial report that includes financial statements and required supplementary information. 25 VILLAGE OF MORTON GROVE,If d.TNOIS NOTES TO FINANCIAL STATEMENTS ` December 31, 1998 NOTE 5-PENSION AND RETIREMENT(CONTINUED) Membership of each plan consisted of the following at the date of the latest actuarial valuation: MEPP PPP FPP Retirees and beneficiaries receiving benefits 5 28 18 Terminated plan members entitled to but 10 1 1 not yet receiving benefits Active plan members 98 45 42 Total in B 41 F_ Funding Policy and Annual Pension Cost The Board of Trustees of each plan establishes and may amend, the contribution requirements of Plan members and the Village. The Village's annual = pension cost and related information for each plan is located in the required supplemental information section of this report r r NOTE 6-LONG-TERM DEBT(ALL AMOUNTS IN THOUSANDS OF DOLLARSI Primary Government A. Changes in long-term debt The following is a summary of changes in long-term debt of the primary government for the year ended December 31, 1998 in thousands: Contracts, Unpaid Notes Payable General and Compensated Oblieation Revenue Mort¢aees Absences Total Long-term debt, beginning of period $ 8,435 $ 85 $ 7,053 $ 410 $ 15,983 New contracts and mortgages - - 10,165 - 10,165 Changes in compensated absences - - - Repayments 695 145) 603 (407) ___(1,M)- Long-term debt,end of period $ 7 740 $ 40 $ 16,615 $ 3 $ 24.398 26 VILLAGE OF MORTON GROVE.ILLINOIS NOTES TO FINANCIAL STATEMENTS December 31. 1998 NOTE 6-LONG-TERM DEBT(ALL AMOUNTS IN THOUSANDS OF DOLLARS) (CONTINUED) Long-term debt at December 31, 1998 is comprised of the following individual items (in thousands): General Obligation Bonds: $3,920 Corporate Purpose serial bonds dated November 1, 1991, due in annual installments ranging from$150 to$740 from 1993 to 2000; interest ranging between 4.5% and 5.75% due on January 1 and July 1 of each year. $ 740 $7,000 Corporate Purpose bonds dated May 1, 1994, due in annual installments ranging from$645 to$910 from 2000 to 2008; interest ranging between 5.3% and 7.3%due on June 1 and December 1 of each year. 7 000 7740 Revenue Bonds: $695 Water Revenue bonds dated November 1, 1965, due in annual installments of$20 through 2000;interest ranging between 3.75% and 4%due March 1 and September 1 of each year. 40 40 Contracts, Notes Payable and Mortgages: EPA revolving line-of-credit for Parkview and South Central sewer rehabilitation projects, payable semi-annually over 20 years upon presentation of invoice by IEPA. Interest is at 3.58%. 5,111 Installment notes payable, secured by equipment, due in yearly installments at various amounts over the next four years, plus interest ranging from 4.15%to 4.885%of prime. 494 $235 bank loan for Village share of Washington Street project, due in annual installments over the next five years. Interest is at 5.06%. 47 $3,165 General Obligation Bank Promissory Note for projects related to the Tax Increment Financing Fund and the Economic Development Fund, principal is payable semi-anmially over 18 years beginning in 2002. Interest is at 5.32% and is due beginning July 6, 1999. 3,165 27 VILLAGE OF MORTON GROVE.ILl INOIS NOTES TO FINANCIAL STATEMENTS December 31.1998 NOTE 6- LONG-TERM DEBT(ALL AMOUNTS IN THOUSANDS OF DOLLARS) (CONTINUED) IEPA revolving line-of-credit for mandated sewer rehabilitation, payable semi-annually over 20 years upon presentation of 798 invoice by the'Ea Interest is at 2.5%. $4,000 tax-exempt bank note for the acquisition of properties and related preparation expenses for the Waukegan Tax Increment Financing District Redevelopment Area"B"Project, due in semi-anmal payments of$100 beginning February 2002 with a balloon payment of$3,800 due August 13, 2003. Interest is at 4.26% and is due beginning February 13, 1999. 4,000 $3,000 taxable bank note for the acquisition of properties and related preparation expenses for the Waukegan Tax Increment Financing District Redevelopment Area"B"Project, due in semi-annual payments of$75 beginning February 2002 with a balloon payment of$2,775 due August 13, 2003. Interest is at 6.22% and is due beginning February 13, 1999. 3 000 16.615 Accumulated unpaid compensated absences 3 Total long-term debt $24.398 28 VILLAGE OF MORTON GROVE,ILLINOIS NOTES TO FINANCIAL STATEMENTS December 31, 1998 NOTE 6- LONG-TERM DEBT(ALL AMOUNTS IN THOUSANDS OF DOLLARS) (CONTINUED) B. Debt service requirements to maturity The annual requirements to amortize all debt outstanding as of December 31, 1998, including interest payments of approximately$7,847, are as follows(in thousands); Contract,Notes Fiscal Year General Payable and Endine December 31 Oblieation Revenue Mortnages Total 1999 $ 428 $ 21 $ 1,352 $ 1,801 2000 1,812 21 1,278 3,111 2001 1,039 1,199 2,238 2002 1,020 1,610 2,630- 7,882 2004 1,017 - 8,899 2005 887 1,904 1,014 - 877 1,891 2006 1,009 - 867 1,876 2007 1,006 - 2008 881 - 857 1,863 847 1,837 2009 2010 _ 837 837 2011 - 827 827 2012 - -2013 - 739 739 587 587 - 244 244 2014 - 2015 234 234 - 224 224 2016 - 2017 - 214 214 2018 - - 204 204 - 194 194 $ 1014 1_-_12 $ 21.960 SLIUU 29 VILLAGE OF MORTON GROVE,ILLINOIS NOTES TO FINANCIAL STATEMENTS December 31. 1998 NOTE 6- LONG-TERM DEBT(ALL AMOUNTS IN THOUSANDS OF DOLLARS) (CONTINUED) C. Sources for repayment of long-term debt Type of Debt ,Sources of Repayment General Obligation Bonds: Corporate Purpose bonds See below Municipal Building bonds and Property tax revenue,Debt special taxing district bonds Service Funds Revenue bonds: Water Revenue bonds of 1965 Water revenue m Contracts and Mortgages: Installment notes General Fund and Water and Sewer Fund revenues IEPA revolving line-of- credit and bank line- General Fund,Water and Sewer of-credit Fund revenues Bank promissory notes and Tax Increment Fund and Economic tax-exempt and taxable Development Fund revenues bank notes The trustees, by resolution, abated the taxes levied in 1998 to pay a portionof the principal and interest on the$3,920 corporate purpose bonds and the$7,000 corporate purpose bonds through July 31, 1998. Component Unit A. Changes in Long-term Debt The following is a summary of changes in long-tam debt of the Library for the eight months ended December 31, 1998(m thousands): Mo a e Long-team debt,beginning of period $ (57 Repayments Long-term debt,end of period 30 VILLAGE OF MORTON GROVE,ILLINOIS NOTES TO FINANCIAL STATEMENTS December 31, 1998 NOTE 7-WATER REVENUE BONDS ORDINANCE REOUIREMENTS The revenue bond ordinances require that all monies held in the Water Fund be segregated and restricted in separate special reserve accounts, in the priority indicated by the order of the following: Nature of Account Amount Authorized Expenditures a. Operation and Sufficient amount to pay Expenses of operating, maintenance reasonable expenses maintaining and repairing the system b. Bond and interest Amount sufficient to pay the Paying principal and interest sinking fund current bond and interest on bonds maturities c. Bond reserve $450 per month until the Paying principal and interest account aggregates$90,000 on bonds d. Depreciation $350 per month until the Cost of extraordinary repairs account aggregates$70,000 and replacements to the system e. Surplus The amount remaining after Improvement and extension payment into the above four of the waterworks and accounts;at the end of the sewerage system,to call year,not less than 50%of this bonds or any lawful corporate amount shall be credited to purpose the bond redemption account The Village complied with all provisions of the applicable ordinances fix the eight month period ended December 31, 1998. 31 VILLAGE OF MORTON GROVE,ILLINOIS NOTES TO FINANCIAL STATEMENTS December 31,1998 NOTE 8- COMMITMENTS AND CONTINGENCIES At December 31, 1998, several construction contracts were outstanding in which the Village has committed to but not accrued the full expenditure or expense as the work has not yet been completed. The estimated amount for which the Village is committed to complete these contracts is $519,948. F- Federally Assisted Programs-Compliance Audits The Village participates in numerous federally assisted programs, on both a direct and state pass-through basis, as well as on a service-provider basis. Principal among these are Community Development Block Grants. In connection with these grants, the Village is required to comply with specific terms and agreements, as well as applicable federal and State laws and regulations. Such compliance is subject to review and audit by the grantors and their representatives. In the opinion of management, the Village has complied with all requirements. However, since such programs are subject to future audit or review, the possibility of disallowed expenditures exists. In the event of any disallowance of claimed expenditures, the Village expects the resulting liability to be immaterial. Post Retirement Benefits The Village pays for 50% of the cost of health insurance benefits that are provided to all fiill- time employees who are retired (including dependents) and who were receiving benefits under one of the Village's approved retirement plans. The Village accounts for the plan as a current year expenditure and does not provide for any reservation of fund balance or liability for unpresented and unpaid claims. The cost incurred for the 30 retirees covered under the plan for the eight month period ended December 31, 1998,was$50,812. Solid Waste Agency of Northern Cook County The Village is a member of the Solid Waste Agency of Northern Cook County ("SWANCC"), a municipal corporation whose purpose is to dispose of solid waste. The Village is one of many suburban municipalities maintaining membership in SWANCC. During the fiscal year ended April 30, 1992, SWANCC issued $55.6 million of revenue bonds. The members of SWANCC are liable for the servicing of this debt in the event SWANCC defaults on the payments. The Village share ranges from 2.71%to 3.76% of the unpaid but due debt service payments. During the eight month period ended December 31, 1998, the Village made total debt service payments of$160,438. 32 VILLAGE OF MORTON GROVE,ILLINOIS NOTES TO FINANCIAL STATEMENTS December 31, 1998 NOTE 8- COMMITMENTS AND CONTINGENCIES (CONTINUED) Risks of Loss The Village is exposed to various risks of loss related to torts;theft oi; damage to, and destruction of assets; errors and omissions; injuries to employees; and natural disasters. These risks are covered by the Village's participation in Intergovernmental Risk Management Association(IRMA), a public entity risk pool currently operating as a common risk management and insurance program for municipalities and special districts in Northeastern Illinois. Each member assumes the first $1,000 of each occurrence and IRMA has a mix of self-insurance and commercial insurance at various amounts above that level. The Village paid an original contribution that was based on the Village's eligible revenue as defined in the by-laws of IRMA and experience modification factors based on past member loss experience. The Village has a contractual obligation to fund any deficit of IRMA attributable to a membership year during which the Village was a member. Supplemental contributions may be required to fund these deficits. No supplemental contributions were due at December 31, 1998. On January 1, 1990, the Village became self-insured for health insurance of all employees. The plan requires the employees to pay 10%of the premium cost with the Village paying the other 90%. The premium is based on projected claims by all employees for the calendar year. The Village is solely responsible to pay the claims for the corridor from the projected claim amount to the aggregate stop loss which is equal to 140% of the total projected claims. The Village has chosen to designate $513,141 of its fund balance for this corridor. For the eight month period ended December 31, 1998, the Village paid net claims totaling$25,269. Litigation The Village is party to various legal proceedings which normally occur in governmental operation. The final outcome of these proceedings cannot be determined at this time. Any loss or range of loss resulting from unfavorable outcomes which would not be covered by insurance cannot reasonably be estimated. Accrued Employee Benefits The Village has chosen to designate $401,276 of its fund balance for severance payments to be made in the future to all civilian employees who are at least age 60 and have 5 years or more of service or are any age, but have 30 years of service and sworn personnel who are at least age 50 and have 20 years of service. The amount designated represents the amount of benefits earned by each employee who meets the criteria noted above. 33 VILLAGE OF MORTON GROVE,ILLINOIS NOTES TO FINANCIAL STATEMENTS December 31, 1998 NOTE 8- COMMITMENTS AND CONTINGENCIES(CONTINUED) Intergovernmental Agreement with School District 67 In 1996, the Village entered into an agreement with Morton Grove School District 67. The agreement acknowledges the negative impact on the future property tax revenue of the school district as a result of the TIE, which calls for the freezing of the equalized assessed valuation. The deferred revenues have been set aside for economic development activities. The agreement calls for the Village to remit to the school district a portion of the proposed deferred tax revenue due to projected growth in the equalized assessed valuation for existing properties located on Waukegan Road and existing on the date when the TIP was formed. Payments are deferred until December 31 of each year and shall continue until the conclusion of the TIF at which time all fixture growth in the equalized assessed valuation will be released for distribution of property tax revenues to the overlapping taxing jurisdictions. During the eight month period ended December 31, 1998,the Village made total intergovernmental payments of$23,206. A payment of$31,529 will be recorded in 1999 and is due December 31, 1999. Because the deferred tax revenue is determined on an annual basis, any future liability is indeterminable at this time. NOTE 9-CHANGES IN GENERAL FIXED ASSETS A summary of rhanges in general fixed assets of the primary government follows: Balance, Balance, of Period Additions Deletions End of Period Land $ 264,167 $ - $ - $ 264,167 Buildings 4,794,215 7,165,891 4,019,055 7,941,051 Improvements other than buildings 1,434,066 93,509 - 1,527,575 Equipment 8.647.656 355.097 250.389 8.752.364 Total $15 140 104 $7 614 497 $4.269.444 $18.485.157 A summary of changes in the fixed assets of the Library follows: Balance, Beginning Balance, of Period Additions Deletions End of Period Buildings $ 1,566,305 $ - $ - $ 1,566,305 Improvements other than buildings 7,208 - - 7,208 EquiPmeat 562,042 33.182 - 595.224 Total $ 2.135.555 $ 331$2 $ - $ 2.168337 34 VILLAGE OF MORTON GROVE,ILLINOIS NOTES TO FINANCIAL STATEMENTS December 31. 1998 NOTE 9- CHANGES IN GENERAL FIXED ASSETS(CONTINUED) A summary of proprietary fund type (Water and Sewer Fund) property, plant and equipment at December 31, 1998 is as follows: Land $ 20,762 4,965,400 Improvements other than buildings 130,309 Equipment 1.790.569 Total, at cost 6,907,E Less accumulated depreciation 3.594.289 Net property and equipment $ 3.312,751, SCHEDULE OF GENERAL FIXED ASSETS-BY SOURCES General fixed assets: Land $ 264,167 Buildings 7,941,051 Improvements other than buildings 1,527,575 Equipment 8.751364 Total general fixed assets $ 18.485.157 Prior years'amounts $ 10,870,660 Current period additions: Bank notes 7,140,641 General fund revenues 450,571 Special revenue fund revenues 23,285 S 18.485.157 35 VILLAGE OF MORTON GROVE,ILLINOIS NOTES TO FINANCIAL STATEMENTS December 31. 1998 NOTE 9-CHANGES IN GENERAL FIXED ASSETS(CONTINUED) SCIIEDULE OF GENERAL FIXED ASSETS-BY FUNCTION AND ACTIVITY Improvements Machinery Other than and Function and Activity Total Land Bm7dines Bm7dinnr Eumoment General government: General government buildings S 9.768.223 $ 264.167 $5.765.827 $______ $3.738.229 Total general government 9.768.223 264.167 5,765.827 - 3.738.229 Public safety, Police protection 845,237 - 37,586 - 807,651 The protection 1.998.164 - 537.174 - 1.460.990 Total public safety 2.843.401 - 574.760 - 2.268,641 Streets_sidewalks and sewers 5.399.721 - 1.600.464 1.062.183 2 737 074 Public welfare 473.812 - - 465.392 8.420 Total general lined assets allocated to functions $18.485.157 $ 264.167 $7 941 051 $1.527.575 $8.752.364 SCHEDULE OF CHANGES IN FIXED ASSETS-BY FUNCTION AND ACTIVITY General General Fixed Fired Assets Asset Function and Activity 4/30/98 Additions Deductions 12/31/98 General government General government buildings S 6.468.233 V.319.045 $4.019.055 $ 9.768,223 Total general government 6,468.233 7.319.045 4.019.055 9.768.223 Public safety; Police 855,075 69,061 78,899 845,237 Fire protection 1.989.673 34.893 26.402 1.998.164 Total public safety 2.844.748 103.954 105.301 2.843.401 36 VILLAGE OF MORTON GROVE,ILLINOIS NOTES TO FINANCIAL STATEMENTS December 31,1998 NOTE 9- CHANGES IN GENERAL FIXED ASSETS(CONTINUED) SCHEDULE OF CHANGES IN FIXED ASSETS -BY FUNCTION AND ACTIVITY (CONTINUED) General General Fixed Fixed Assets Assets Function and Activity 4/30/98 Additions Deductions 12/31/98 $treets,sidewalks and sewers 5.353.311 191.498 145.088 5.399.721 Public welfare 473.812 - - 473 812 Total general fixed assets S15.140.104 V.614.497 $4 269 4.44 S 18,45.157 NOTE 10-OTHER REOU]BED INDIVIDUAL FUND DISCLOSURES Generally accepted accounting principles require disclosure, as part of the Combined Statements - Overview, of certain information concerning individual funds, including: A. Excesses of expenditures over appropriations in individual funds and departments: Fund/Department Appropriation Expenditures Excess Debt Service Fund $1,719,156 $1,754,244 $ 35,088 B. Individual fund interfund receivable and payable balances: Such balances as of December 31, 1998, are as follows: Receivables Pavables General Fund: Community Development Block Grant Fund $ 7,098 $ - Revolving Equipment Replacement Fund 207,531 - Capital Projects Fund 4,290 Water and Sewer Fund - 88 Police Pension Fund - 3 Firefighters' Pension Fund - 1.153 218.919 1.244 Municipal Employees' Retirement Fund - Commuter Parking Facility Fund - 33.345 37 VILLAGE OF MORTON GROVE.ILLINOIS NOTES TO FINANCIAL STATEMENTS December 31, 1998 NOTE 10-OTHER REQUIRED INDIVIDUAL FUND DISCLOSURES(CONTINUED) Receivables Pavables Community Development Block Grant Fund r General Fund - 7.098 Revolving Equipment Replacement Fund - 207,531 Debt Service Fund - 88,663 Water and Sewer Fund 13.770 - 13.770 296.194 Commuter Parking Facility Fund: Municipal Employees' Retirement Fund 33.345 - Economic Development Fund: Water and Sewer Fund - 78 r' Debt Service Fund - 16.218 16.296 Debt Service Fund: Water and Sewer Fund 21,521 - Revolving Equipment Replacement Fund 88,663 - Tax Increment Financing Fund 206,072 - - Economic Development Fund 16.218 - f 332.474 - Capital Projects Fund: General Fund - 4,290 Capital Projects Fund 66.655 66.655 4.290 Water and Sewer Fund: General Fund 88 - Debt Service Fund - 21,521 Capital Project Fund - 66,655 Economic Development Fund 78 - Revolving Equipment Replacement Fund - 13.770 166 101.946 Tax Increment Financing Fund: Debt Service Fund - 206.072 38 VILLAGE OF MORTON GROVE.ILLINOIS NOTES TO FINANCIAL STATEMENTS December 31. 1998 NOTE 10-OTHER REQUIRED INDIVIDUAL FUND DISCLOSURES(CONTINUED) Receivables Pavables Police Pension Fund: 3 - General Fund Firefighters' Pension Fund: 1.153 - General Fund Total all funds $666.485 $666485 C. The following fiends had a deficit fund balance at December 31, 1998: Fund Deficit Municipal Employees'Retirement Fund $ 22,147 4,267 Revolving qui Development Replacement ment Fund 203,557 Revolving Equip NOTE 11-RELATED ENTITIES Regional Emergency Dispatch Center(RED) The Regional Emergency Dispatch Center is a joint venture of Illinois municipalities which is used to account for the resources involved in dispatrbing fire and medical emergency services to a six-community area The fiord is supported by contributions by the seven member departments Management consists of a Board of Directors comprised of one elected officer from each member. There is also a Joint Chiefs Authority which is comprised of the fire chief from each member,which takes care of day-to-day activities. The Village does not exercise any control over the activities of the Center beyond its representation on the Board of Directors and Joint Chiefs Authority. The financial statements of the Project, dated December 31, 1998 are not available. Annual contributions are determined each year based on the estimated number of fire calls for the upcoming year. Each year, the members sign a contract which denotes the amount o f contribution for the year. The Board of Directors has the power to levy special a deficit or emergency arise. Complete separate financial statements for the Center may be obtained at the Center's office located at 1815 Glenview Road, Glenview,Illinois. 39 VILLAGE OF MORTON GROVE.TI.LINOIS NOTES TO FINANCIAL STATEMENTS December 31. 1998 NOTE 11 -RELATED ENTITIES(CONTINUED) Joint Computer Project for Libraries(JCPL) The Joint Computer Project for Libraries is a joint venture between the Morton Grove Public Library and three other libraries whose purpose is to advance the services provided to the general public through the utilisation of computers in libraries. Management consists of a Board of Directors comprised of the head librarian for each member. In addition,there is a project manager. The Morton Grove Library does not exercise any control over the activities of the Project beyond its representation on the Board of Directors. The latest available financial statements of the Project, dated April 30, 1998, show the following: Morton Grove Public library Total assets $2,203,690 $260,347 Total liabilities 120,724 13,171 Total revenue 601,795 65,656 Total expenditures 570,983 62,294 Total debt Current - - Long-tam - - Annual contributions are determined on the number of patrons served, number of items owned and number of items in circulation. Complete separate financial statements for the Project may be obtained at the Project's office located at 120 N. County St.,Waukegan,Illinois when available. NOTE 12-ECONOMIC DEVELOPMENT AGREEMENT In 1990, the Village of Morton Grove entered into an agreement with a retail establishment that calls for the Village to remit back to the establishment a portion of the sales tax receipts collected on sales made by the establishment at their Morton Grove store. This agreement was modified during 1995 to provide that sales tax receipts are to be divided in the following manner Annual Sales Vdlaue Share Retail Establishment 0 to$65,000,000 100% 0% Over$65,000,000 50% 50% The Village remitted back to the establishment $236,348 in sales tax receipts for the eight month period ended December 31, 1998. 40 VILLAGE OF MORTON GROVE.ILLINOIS NOTES TO FINANCIAL STATEMENTS December 31. 1998 NOTE 13-SUBSEOUENT EVENT General Obligation Bonds,Series 1999 On February 8, 1999, the Village approved an ordinance authorizing the issuance of General Obligation Bonds, Series 1999. The aggregate principal amount of the bonds is not to exceed $15,495,000. The proceeds will be used to pay costs of the 1999 Municipal Capital Improvements Project and to refund General Obligation Corporate Purpose Bonds, Series 1994. Current interest rates appear to be favorable to realize savings by refunding the outstanding bonds. The Village has developed preliminary estimates of costs involved in the 1999 Municipal Capital Improvements Project. The estimated cost of these improvements is $10,400,000. The Village also approved a tax levy of a direct annual tax to find debt service. First draw of five-year installment note On February 26, 1999,the Village authorized the release of the first draw on the installment note with the Northern Trust Company dated February 1, 1999. The amount of the first draw is $420,588. The proceeds will be used to fund various capital equipment that was previously purchased and expenses related to the 1998 Sewer Replacement Program NOTE 14-STATUS OF CERTAIN BOND ISSUES In November of 1991, the Village of Morton Grove issued $3,920,000 of corporate purpose serial bonds. The proceeds of the bonds were used to advance refund the callable portion of the 1984 corporate purpose bonds to payoff the mortgage on the public works building and to build an addition to the current public works building. As part of the issuance of the$3,920,000 in corporate purpose serial bonds, $2,600,000 of the proceeds were to provide resources to purrhace U.S. Government and State and local government securities that were placed in an irrevocable trust for the purpose of generating resources for all future debt service payments of the refunded debt. As a result,the refunded bonds are considered to be defeased and the liability has been removed from the general long-term debt account group and from the water and sewer fund which had$650,000 of the $2,600,000 of defeased debt. This advance refunding was undertaken to reduce total debt service over the next eight years beginning with the year ended Apri130, 1992 by $145,276, and to obtain an economic gain (difference between the present value of the debt service payments of the refunded and refunding bonds) of$115,585. In the water and sewer fund, the advance refunding reduces debt service over the same eight years by $48,425, and results in an economic gain of $38,529 before costs of$110,000 which were recognized in the year ended April 30, 1992. The balance of the 1984 corporate purpose bonds were redeemed in January of 1995. 41 e. : VILLAGE OF MORTON GROVE, ILLINOIS NOTES TO FINANCIAL STATEMENTS December 31, 1998 NOTE 15-TAX INCREMENTAL FINANCING During the fiscal year ended April 30, 1996, the Village authorized the establishment of a tax incremental financing district, and approved the related tax incremental financing, pursuant to the n Tax Incremental Allocation Redevelopment Act of the Illinois Municipal Code (the "Act"). This type of financing is available for redevelopment projects that are in a"blighted area" as defined in the Act. The Village can acquire and construct redevelopment projects in accordance with a redevelopment plan and finance the project costs through the issuance of tax incremental bonds. These bonds are not deemed to constitute general obligations of the Village,payable solely from tax receipts. Neither the full faith and credit nor the general taxing power of the Village is pledged to the payment of the principal or interest on the bonds. Therefore, tax incremental bonds would not be included in the Village's General Long-Term Debt Account Group. The Tax Incremental Financing Fund was established in May 1996. F During the period ended December 31, 1998, the Village issued debt of$9,572,487 related to Tax Incremental Financing District activities. $2,572,487 of this amount was provided from a $3,165,000 general obligation bank promissory note used for the purchase of properties within the Tax Incremental Financing District. The remaining $592,513 was used for the purchase of €' properties contiguous to the Tax Incremental Financing District paid for by other than Tax Incremental Financing revenues. In addition$7,000,000 of installment notes were issued to pay for the properties within the Tax Incremental Financing District. $4,000,000 of the installment notes are considered tax-exempt; to be repaid with Tax Incremental Financing and other economic development funds created by the redevelopment project. $3,000,000 is taxable and payable from private capital,through the resale of real estate. NOTE 16-RECLASSIFICATIONS "' Certain amounts for April 30, 1998 have been reclassified to conform with the December 31, 1998 presentation. This information is an integral part of the accompanying financial statements. 42 Required Supplemental Information (Unaudited) - 1 r r r P L . VILLAGE OF MORTON GROVE.ITL.INOIS REOUIBED YEAR 2000 DISLOSIJRE December 31. 1998 Like most entities, the Village of Morton Grove may be exposed to risks associated with Year 2000 dating problems. This problem affects computer software and hardware; transactions with taxpayers, vendors, funding sources and other entities; and equipment dependent on microchips. The Village has begun but not yet completed the process of identifying and remediating potential Year 2000 problems. It is not possible for any entity to guarantee the results of its own remediation efforts or to accurately predict the impact of Year 2000 dating problems on third parties with which the Village conducts business. If remediation efforts of the Village or third parties with which it does business are not successful, it is possible the Year 2000 dating problem could negatively impact the village of Morton Grove's financial position and results of operations. The Village's identification and remediation process includes identifying those computer systems and other electronic equipment that are necessary to conduct the Village's operations and that may be affected by the Year 2000 problem. The process includes the following stages that have been identified as necessary to implement a Year 2000-compliant system: Stage I - Awareness Stage - This stage encompasses establishing a budget and project plan for dealing with the Year 2000 problem. Stage 2- Assessment Stage - This stage encompasses the process of identifying all of the systems and individual components for Year 2000 compliance through a risk identifies only mission-critical systems and equipment to compliance. Stage 3 - Remediation Stage - This stage encompasses the process of making the changes to systems and equipment. It deals primarily with the technical issues of converting existing systems and equipment or changing to compliant systems and equipment. It includes deciding how to make the systems, equipment or processes Year 2000 compliant, and making the necessary changes. Stage 4- Validation/I'esting Stage - This stage encompasses the process of validating and testing the conversion. It deals with developing test data and test scripts, running test scripts and reviewing the results of such tests. It also includes determining if exceptions noted require further corrections and testing. 43 VILLAGE 01?MORTON GROVE,ILLINOIS REOUIRED YEAR 2000 DISLOSURE December 31. 1998 The following table illustrates, with an X in the applicable column, the current stage in process and the remaining stages, as of December 31, 1998, for the various systems and equipment that have been identified as mission critical: Current Stage in Process System/Equipment 1 2 3 4 Accounting and financial reporting X Payroll and employee benefits X Billing and tax collection X F Utilities—'water and sewer X 911 police and fire emergency X reporting Electrical distribution X Electronic equipment X At December 31, 1998, the Village had no outstanding contracts with vendors for assistance in addressing the Year 2000 problem. 44 VILLAGE OF MORTON GROVE.ILLINOIS REOUIRED PENSION AND RETIREMENT December 31. 1998 L SCHEDULES OF FUNDING PROGRESS Municipal Emnlovees' Retirement Fund (6) (Evens)/ (3) Unfunded (2) (Excess of AAL as a (1) Actuarial Assets Over)/ (4) Percentage Actuarial Actuarial Accrued Unfunded Funded (5) of Covered Valuation Value of Liabilities AAL Ratio Cove o d Payroll Assets (AAL) ( 1 ( 1 ( 1 ' ( 1 r 1/1/93 $3,120,433 $3,109,789 $ (10,644) 100.34% $3,137,143 (0.34%) 1/1/94 3,482,451 3,728,048 245,597 93.41% 3,253,217 7.55% 1/1/95 3,795,444 4,150,122 354,678 91.45% 3,393,436 10.45% 1/1/96 3,918,685 4,421,951 503,266 88.62% 3,539,474 14.22% 1/1/97 4,353,345 5,319,100 965,755 81.84% 3,781,744 25.54% 1/1/98 4,957,489 6,048,523 1,091,034 81.96% 3,954,073 27.59% Police Pension Fund (6) (2) (3) Excess as a (1) Actuarial Excess of (4) Percentage Actuarial Actuarial Accrued Assets Over Funded (5) of Covered Valuation Value of Liabilities AAL Ratio Covered Payroll Date Assets (AAL1 (21-(11 (1)+(21 Pa roll (3)=(5) 4/30/92 $15,417,142 $13,534,970 $(1,882,172) 113.91% $2,648,753 (71.06%) 4/30/93 16,381,435 13,374,126 (3,007,209) 122.49% 2,727,238 (110.27%) 4/30/94 17,389,360 14,967,611 (2,421,749) 116.18% 2,778,227 (87.17%) 4/30/95 18,238,960 15,889,706 (2,349,254) 114.78% 2,937,580 (79.97%) 4/30/96 19,073,836 17,681,890 (1,391,946) 107.87% 3,031,937 (45.91%) 4/30/97 19,693,691 19,296,271 (397,420) 102.06% 3,195,104 (12.44%) 45 VILLAGE OF MORTON GROVE,ILLINOIS REOUIRED PENSION AND RETIREMENT INFORMATION December31, 1998 L SCHEDULES OF FUNDING PROGRESS (CONTINUED) Firefighters' Pension Fund (6) (3) Unfunded (2) (Excess of AAL as a (1) Actuarial Assets Over)/ (4) Percentage Actuarial Actuarial Accrued Unfunded Funded (5) of Covered Valuation Value of Liabilities AAL Ratio Covered Payroll Date Assets (AAL) (2)- (1) (11=(2) Payroll (3)+(5) 4/30/92 $11,144,601 $ 8,984,491 $(2,160,110) 124.04% $2,099,656 (102.88%) 4/30/93 11,769,546 10,288,540 (1,481,006) 114.39% 2,222,234 (66.64%) 4/30/94 12,343,684 11,261,201 (1,082,483) 109.61% 2,319,578 (46.67%) 4/30/95 13,012,366 12,549,939 (462,427) 103.68% 2,373,652 (19.48%) 4/30/96 13,726,048 14,058,904 332,856 97.63% 2,567,556 12.96% r, 4/30/97 14,277,508 15,251,198 973,690 93.62% 2,651,654 36.72% IL SCHEDULES OF EMPLOYER CONTRIBUTIONS Annual Percentage Net Year Pension of APC Pension Ending Cost(APC) Contributed Obligation Municipal Employees' Retirement 1/1/93 $ 142,798 100% $ - 1/1/94 132,430 100% - 1/1/95 176,115 100% - 1/1/96 192,460 100% - 1/1/97 209,810 100% - 1/1/98 279,423 108% - . Police Pension 4/30/92 - 100% - 4/30/93 - 100% - 4/30/94 - 100% - 4/30/95 - 100% - 4/30/96 - 100% - 4/30/97 182,777 14% 157,018 Firefighters'Pension 4/30/92 - 100% - 4/30/93 - 100% - 4/30/94 - 100% - 4/30/95 - 100% - 4/30/96 11,067 100% - 4/30/97 373,156 7% 347,201 46 VILLAGE OF MORTON GROVE, ILLINOIS REOUIRED PENSION AND RETIREMENT INFORMATION December 31, 1998 III. NOTES TO REQUIRED SUPPLEMENTARY INFORMATION Municipal Fire- Employees' Police fighters' Retirement Pension Pension Contribution rates: Village N/A N/A N/A Plan members 2.0% 9.0% 8.25% Annual pension cost $279,423 $182,777 $373,156 Contributions made 302,011 25,759 25,955 Actuarial valuation date January 1, 1998 Apri130, 1997 Apri130, 1997 Actuarial cost method Projected Entry age Entry age unit credit Amortization method Level percent of Level percent of Level percent of payroll, closed payroll, closed payroll, closed period period period Remaining amortization period 36 years 36 years 36 years Asset valuation method Market value Market value Market value Actuarial assumptions: Rate of return or invest- 8.0% 7.5% 7.5% merit of present and compounded compounded compounded future assets* annually annually annually Payroll growth 4.0% 4.0% 4.0% Projected salary increases 5.0% 5.0% 5.0% attributable to inflation* compounded compounded compounded annually annually annually *Includes inflation at 4.0% 4.0% 4.0% Cost of living adjustments N/A 3%of the 3%of the current current amount of amount of benefit benefit 47 E : F z Governmental Fund Types L r.. F! f. VILLAGE OF MORTON GROVE,ILLINOIS GENERAL FUND The General Fund is used to account for resources traditionally associated with governments which are not required to be accounted for in another fund. It receives a greater variety and amount of revenues and finances a wider range of governmental activities than any other fiord. Major functions financed by the General Find inc ule: Legislative Administrative Finance Police Fire Public Works Vehicle Maintenance Solid Waste Disposal Health and Human Services Community Development Code Enforcement 48 VILLAGE OF MORTON GROVE,ILLINOIS GENERAL FUND COMPARATIVE BALANCE SHEET December 31. 1998 and April 30, 1998 1998 ASSETS December 31 April 30 Cash and cash equivalents $ 774,429 $ 1,296,866 Property taxes receivable-net 4,062,544 2,074,288 Sales tax receivable 1,569,508 1,131,957 State income tax receivable 85,504 154,497 Miscellaneous accounts receivable 178,804 168,726 Due from other funds 218,919 689,747 Prepaid insurance premiums 335 245,774 Equity in IRMA members' reserve 813,526 530,095 TOTAL ASSETS $ 7,703,569 $ 6,291,950 LIABILITIES AND FUND BALANCES ¢' Accounts payable $ 340,157 $ 341,657 Accrued salaries and payroll tax withholdings 127,524 6,190 Compensated absences payable 12,494 132,884 Deferred property tax revenue 4,062,544 2,074,288 finds Due to other 1,244 7 Deposit refundable 19,497 13,779 Total liabilities 4,563,460 2,568,805 Fund balances: L. Reserved for prepaid insurance premiums 335 245,774 Unreserved, designated for escrow for excess losses-IRMA 813,526 530,095 `' Unreserved, designated for self health insurance costs 513,141 290,266 Unreserved, designated for accrued employee benefits 401,276 405,949 Unreserved, designated for Village Hall rehabilitation 500,000 500,000 Unreserved, designated for Drug Enforcement Act 5,156 5,051 Unreserved, undesignated 906,675 1,746,010 Total fund balances 3,140,109 3,723,145 TOTAL LIABILITIES AND FUND BALANCES $ 7,703,569 $ 6,291,950 These financial statements should be read only in connection with the notes to financial statements. 49 VILLAGE OF MORTON GROVE.ILLINOIS GENERAL FUND STATEMENT OF REVENUES.EXPENDITURES AND CHANGES IN FUND BALANCES BUDGET AND ACTUAL For the Eieht Month Period Ended April 30, 1998 Variance Favorable Budeet Actual (Unfavorable) REVENUES Sales taxes $3,929,700 $4,068,303 $ 138,603 Property taxes 2,007,261 1,995,844 (11,417) Share of State income taxes 558,452 573,518 15,066 Telecommunication taxes 496,000 505,398 9,398 Other taxes 370,750 412,284 41,534 Licenses and permits 241,750 234,726 (7,024) Intergovernmental 9,500 5,605 (3,895) Charges for services 125,500 131,927 6,427 Fines 225,000 187,757 (37,243) Interest 35,500 36,797 1,297 Cable TV and Ameritech franchise fees 83,000 108,164 25,164 Miscellaneous 136,781 429,663 292,882 Total revenues 8,219,194 8,689,986 470,792 EXPENDITURES General government 803,009 1,007,294 (204,285) Public safety 5,213,166 5,028,787 184,379 Streets and sidewalks 1,084,445 1,005,640 78,805 Sanitation 926,315 896,496 29,819 Vehicle maintenance 606,884 485,204 121,680 Health and welfare 278,538 259,782 18,756 Community development 290,213 266,594 23,619 Code enforcement 163,775 153,724 10,051 Municipal buildings 171,049 156,769 14,280 Total expenditures 9,537,394 9,260,290 277,104 Excess(deficiency)of revenues over expenditures (1,318,200) (570,304) 747,896 Other financing sources(uses): Operating transfers in- Water and Sewer Fund 60,800 - (60,800) Motor Fuel Tax Fund 173,500 173,500 - Commuter Parking Facility 48,200 48,200 - Operating transfers out- Com.Dev.Block Grant Fund (3,000) (2,104) 896 Sale of surplus equipment 47,700 66,939 19,239 Excess(deficiency)of revenues and other financing sources over expenditures and other financing uses $ (991,000) (283,769) $ 707,231 FUND BALANCES,BEGINNING OF PERIOD, AS PREVIOUSLY REPORTED 3,723,008 Prior period adjustment-understatement of accrued salaries (299,130) FUND BALANCES,BEGINNING OF PERIOD, AS RESTATED 3,423,878 FUND BALANCES,END OF PERIOD $3,140,109 These financial statements should be read only in connection with the notes to financial statements. 50 VILLAGE OF MORTON GROVE.ILLINOIS - GENERAL FUND - STATEMENT OF EXPENDITURES COMPARED TO BUDGET For the Eieht Month Period Ended December 31.1998 Variance Favorable Budget Actual (Unfavorable) GENERAL GOVERNMENT Legislative: Personal services $ 48,485 $ 45,334 $ 3,151 Contractual services 29,175 20,183 8,992 Commodities 300 324 (24) Total legislative 77,960 65,841 12,119 Administrative: Personal services 184,028 183,650 378 Contractual services 24,525 23,736 789 Commodities 1,600 2,708 (1,108) Total administrative 210,153 210,094 59 s Financial: Personal services 191,642 168,531 23,111 Contractual services 117,219 389,334 (272,115) Commodities 11,000 9,318 1,682 Capital outlay - 2,160 (2,160) Total financial 319,861 569,343 (249,482) Legal: Contractual services 102,485 116,520 (14,035) Total legal 102,485 116,520 (14,035) Other expenditures: Health insurance accPcsment 73,500 25,269 48,231 Other 19,050 20,227 (1,177) Total other expenditures 92,550 45,496 47,054 TOTAL GENERAL GOVERNMENT 803,009 1,007,294 (204,285) (continued) 51 VILLAGE OF MORTON GROVE,ILLINOIS GENERAL FUND STATEMENT OF EXPENDITURES COMPARED TO BUDGET For the Eight Month Period Ended December 31. 1998 Variance Favorable Budget Actual (Unfavorable) PUBLIC SAFETY Police: Personal services 2,644,350 2,517,866 126,484 Contractual services 104,054 95,109 8,945 Commodities 63,274 71,787 (8,513) Capital outlay 35,083 45,776 (10,693) Total police 2,846,761 2,730,538 116,223 Fire: Personal services 2,130,636 2,046,841 83,795 Contractual services 112,808 114,395 (1,587) Commodities 106,470 95,697 10,773 Capital outlay 9,700 34,893 (25,193) Total fire 2,359,614 2,291,826 67,788 Civil preparedness: Personal services 471 412 59 Contractual services 2,820 2,919 (99) Commodities 2,700 2,082 618 Capital outlay 800 1,010 (210) Total civil preparedness 6,791 6,423 368 TOTAL PUBLIC SAFETY 5,213,166 5,028,787 184,379 STREETS AND SIDEWALKS Personal services 828,503 790,200 38,303 Contractual services 192,468 165,237 27,231 Commodities 52,674 45,723 6,951 Capital outlay 10,800 4,480 6,320 TOTAL STREETS AND SIDEWALKS 1,084,445 1,005,640 78,805 SANITATION Services and charges 926,315 897,189 29,126 Commodities - (693) 693 TOTAL SANITATION 926,315 896,496 29,819 (continued) 52 VILLAGE OF MORTON GROVE,ILLINOIS GENERAL FUND STATEMENT OF EXPENDITURES COMPARED TO BUDGET For the Eieht Month Period Ended December 31.1998 Variance Favorable Budeet Actual (Unfavorable) VEHICLE MAINTENANCE Personal services 229,414 192,461 36,953 Contractual services 38,063 33,533 4,530 Commodities 214,407 165,701 48,706 Capital outlay 125,000 93,509 31,491 TOTAL VEHICLE MAINTENANCE 606,884 485,204 121,680 HEALTH AND WELFARE Health and Human Services: Personal services 162,310 151,314 10,996 E Contractual services 6,297 3,526 2,771 i Commodities 1,170 2,108 (938) Capital outlay - 196 (196) r i Total health and human services 169,777 157,144 12,633 Senior Services: Personal services 90,495 84,343 6,152 Contractual services 16,933 16,954 (21) Commodities 1,333 1,341 (8) Total senior services 108,761 102,638 6,123 TOTAL HEALTH AND WELFARE 278,538 259,782 18,756 COMMUNITY DEVELOPMENT Personal services 218,633 176,541 42,092 Contractual services 65,470 86,117 (20,647) Commodities 2,410 1,040 1,370 Capital outlay 3,700 2,896 804 „_ TOTAL COMMUNITY DEVELOPMENT 290,213 266,594 23,619 CODE ENFORCEMENT Personal services 158,429 150,793 7,636 Contractual services 4,676 2,278 2,398 Commodities 670 653 17 TOTAL CODE ENFORCEMENT 163,775 153,724 10,051 (continued) 53 VILLAGE OF MORTON GROVE.ILLINOIS GENERAL FUND STATEMENT OF EXPENDITURES COMPARED TO BUDGET For the Eight Month Period Ended December 31. 1998 Variance Favorable Budget Actual (Unfavorable) MUNICIPAL BUILDINGS Personal services 14,089 9,665 4,424 Contractual services 151,860 143,203 8,657 Commodities 5,100 3,901 1,199 TOTAL MUNICIPAL BUILDINGS 171,049 156,769 14,280 TOTAL EXPENDITURES $ 9,537,394 $ 9,260,290 - $ 277,104 These financial statements should be read only in connection with the notes to financial statements. 54 l f • VILLAGE OF MORTON GROVE,ILLINOIS SPECIAL REVENUE FUNDS Special Revenue Funds are used to account for the proceeds of specific revenue sources (other than expendable trusts or for major capital projects) that are legally restricted to expenditures for specific purposes. Nine individual finds are reported within the Special Revenue Fund as follows: Municipal Employees' Retirement Fund - accounts for taxes levied to provide retirement benefits and long-teen disability insurance for all f it tine civilian employees. The Village provides its own private insurance for the benefits and is not a participant of the Illinois Municipal Retirement Fund. Motor Fuel Tax Fund-accounts for monies received from the State levied tax on the sale of filets and the expenditures for capitalized construction, improvements or general maintenance to the Village roadway system. Community Development Block Grant Fund - accounts for federal and county grant revenues used for residential rehabilitation, code enforcement and other related expenditures. Revolving Equipment ' lacement Fund - accounts for the cost of replacing major equipment in the Public W.. or Fire department areas. Revenues are primarily received from the share of the State income tax and the State of Illinois as a reimbursement for maintenance of state-owned highways within the corporate limits ofMorton Grove. Commuter Parking Facility Fund-accounts for the cost of major improvements and general maintenance to the commuter parting facility on Lehigh Avenue. Revenues are primarily received from the daily parking fee imposed on the users of the facility. 9-1-1 Emergency Telephone System Fund-accounts for telephone surcharge fees collected -far the 9-1-I emergency telephone system. The funds are to be disbursed for the purchase and subsequent maintenance of that system. Tax Increment Financing Fund - accounts for tax inch meat revenue and other financial resources received along with the costs related to the Village's Tax Increment Financing(TIE) Projects. The find entails the TIE District along-Waukegan Road. The TIE District is authorized by State law and is created to promote redevelopment of certain parcels declared as "blighted"into a higher and more productive land use. Economic Development Fund - accounts for expenditures related to promoting economic development throughout the Village. The fiord also accounts for non-11F redevelopment costs inchiding those that support an existing TIP but whose redevelopment is not directly within a TIP established district. 55 N r p Of 0.. 0 • O N N Q m T 00 O a ON N 0 V • W N— - b .. —m N(T h mM m at:. 00 r• Oh 1T _ p N N WI . e v a � •OM [� VN . v 40,00 O M Q O Is N n 0 T '. Y p !hII Q V Ypp a Y �.t I I h I I I t� g ' * m I T Q n O m n N M ot Cl N N N en C eN•1 b 8 N •mG er�f M 8 _ ii y N iuA a — N G p �y V p 5 • grim � I .I I I m I eNn "t 10 b I .D 1 NI pY a ^ 0 V V OOp N p0%% Op 0% qE F Qt Apr IM^. I� 'm^ ^ [V en ^ ^ •i• I.i W en M M M M •a a a a N tl 'tem . V7 m M I M V V m I ` ■ tT p 0 m r M N N N N M p y gym H E ' ' iii ilili ' ' I I I (�t I N [II q i'.jiY H b w g h tY Q Y h I r m 0 I I I V .+ I n V T S Sr.. tin Q ti h N Vhf T p 6 .r r M M b !� M M M N O r O. N N N N Q 111. N N H! ,o -... tint v . 8a I I I I ti� 1 myq I '0 b N p L V Ca I � v N 1 I I I I I I I p p N 21 n q ' a a n t� fo - 2 $e - v °h° .N.I .N.• a V h 9 G N 1p N h H 1G IleNpf I I I I I .�. N� 4 I ... �"• T V l 'Caen M N .b+ M N I^O M T v a`I N v !V X. '4N el toN N '4 =.. 9 p � � p5 § 6 a i aq 3'� 8 >Tl S g IGl '3 9 � C drilb_ m "e 11111t11 en s }j : m m e m 1111 III P7 rn Un6 Gra F F Op.~+'N70.m+ cN1 m0.~+N N N „ O5 N b �. ..1....t—ltl'�V� ql� �Imnn�m01 m IIL 00pp0 In N aae. .....Vr bb M� NV NIn CNO�� h .Qr vm+� b N eqn �'1 N m C'.l en In y y Y e IJ '� 1 1 1 1 1 I N 1 1 .q I , 1 .m1 1 O N 70 N T O O f N !� N n N li e 00 ti V N - g Q E y ten M N N h 'C V y y� iQi "t mu m 1 1 1 1 .I IQ O z 1 1 IV 1 (�j m M N O O �O r 'O V O 'O N m 9JU m f� OI $ O O N O In 1' Tp OBI ' v�i� ern 9 a ..... y 2 EA a 1 1 1 1 o 1 1 N N 0 1 1 1 O 00 11 1 N m „ pC O B O p O O 7 ,18141 s 0e0 ~ 01 000 COO Q 3 n S m i. y y S 4 . s al s mpbr�ff11 0 1 p b b 1 1 1 a - e ' 1 O e (1�n 'q� o $ N V1 O !n N tel A et 46iY1 W y N .N.1 b N N Y N v a�0 y V m O. ` 1� i S a' 1 bA 1 1 N ' Cl CI ^b 1 1 „ „ R‘1. Y aIO b N V. 1��0 11 O „ `9�O vt J _�O4 y~.y V N N .„.ip N `�-. N N m fOIY O N WWWW v v Io ... - biz 1 1 1 1 1 II I 1 ^ I V O I} 1 ' Cl o. C I!P l: l` o ff`y�CT Q ? O ^ !`f a+ m V IO b m m v,a y y d - F1 1 (11 1 1 1 1 N 1 0 1 1 0 N O 1 1 fmn Oi a m. FIt m 00 v v ern oN m 71 i e�C b b O O b N '' N I IG II a en en N N .+ ' y — W 3 • e Ni g111 1 1 1 1 N 1 1 1 N .�. 1 1 1 Q O w 'o v 1 w 6 rtm .+ V N T en. V .� to ... .+ N .■n * g e■I 4 dyy RRWIiI 'r o �' ga OD ika o y.• o is '• 9 ~"Q ibo o so mg w .g 3 n 11 w $ S o l 11 og as /1 /t .t"IHuIb °arema> P rte. GZo 03 co Em VILLAGE OF MORTON GROVE.ILLINOIS MUNICIPAL EMPLOYEES'RETIREMENT FUND COMPARATIVE BALANCE SHEET December 31, 1998 and April 30. 1998 1998 ,SAS December 31 April 30 Cash and cash equivalents $ 16,420 $ 30,270 Property taxes receivable-net 203,796 97,199 Prepaid retirement plan contribution - 148,610 TOTAL ASSETS $ 220,216 $ 276,079 F` f-' LIABILITIES AND FUND DEFICITS Accounts T $ 5,222 $ 213,344 Due to t hlef rods 33,345 - Deferred property tax revenue 203,796 97,199 Total liabilities 242,363 310,543 Fund balances(deficits): Reserved for retirement plan contribution - 148,610 Unreserved,=designated (22,147) (183,074) • Total fund deficits (22,147) (34,464) TOTAL LIABILITIES AND FUND DEFICITS $$ 220,216 $ 276,079 These financial statements should be read only in connection with the notes to financial statements. 58 VILLAGE OF MORTON GROVE,ILLINOIS MUNICIPAL EMPLOYEES'RETIREMENT FUND STATEMENT OF REVENUES.EXPENDITURES AND CHANGES IN FUND BALANCE BUDGET AND ACTUAL For the Eight Month Period Ended December 31, 1998 Variance Favorable Budget Actual (Unfavorable) REVENUES Property taxes $ 94,466 $ 93,717 $ (749) Other taxes 15,150 17,102 1,952 Interest 2,000 3,425 1,425 Total revenues 111,616 114,244 2,628 EXPENDITURES Village share of retirement cost 153,500 93,068 60,432 Long-term disability insurance premiums 7,400 6,180 1,220 Actuarial fees 4,500 - 375 4,125 Attorneys fee 500 2,304 (1,804) Total expenditures 165,900 101,927 63,973 Excess (deficiency)of revenues over expenditures $ (54,284) 12,317 $ (41,967) FUND DEFICIT,BEGINNING OF PERIOD (34,464) FUND DEFICIT,END OF PERIOD $ (22,147) These financial statements should be read only in connection with the notes to financial statements. 59 VILLAGE OF MORTON GROVE.ILLINOIS MOTOR FUEL TAX FUND COMPARATIVE BALANCE SHEET December 31.1998 and April 30, 1998 1998 ASSETS December 31 April 30, F " Cash and cash equivalents $ 14,712 $ 20,273 Receivable from State of Illinois- allotments available 43,912 45,394 TOTAL ASSETS $ 58,624 $ 65,667 LIABILITIES AND FUND BALANCE Accounts payable $ 12,914 $ 12,819 Total liabilities 12,914 12,819 Fund balance 45,710 52,848 TOTAL LIABILITIES AND FUND BALANCE $ 58,624 $ 65,667 These financial statements should be read only in connection with the notes to financial statements. 60 VILLAGE OF MORTON GROVE,ILLINOIS MOTOR FUEL TAX FUND STATEMENT OF REVENUES,EXPENDITURES AND CHANGES IN FUND BALANCE BUDGET AND ACTUAL For the Eight Month Period Ended December 31, 1998 Variance Favorable Budget Actual (Unfavorable) REVENUES Share of motor fuel taxes $ 355,500 $ 365,463 $ 9,963 Interest 2,500 1,379 (1,121) Total revenues 358,000 366,842 8,842 EXPENDITURES Streets and sidewalks: Materials 213,200 176,585 36,615 Lighting 14,493 23,895 (9,402) Total expenditures 227,693 200,480 27,213 Excess of revenues over expenditures 130,307 166,362 36,055 Other financing uses: Operating transfers out- General Fund (173,500) (173,500) - Excess (deficiency)of revenues over expenditures and other financing uses $ (43,193) (7,138) $ 36,055 FUND BALANCE,BEGINNING OF PERIOD 52,848 FUND BALANCE,END OF PERIOD $ 45,710 These financial statements should be read only in connection with the notes to financial statements. 61 VILLAGE OF MORTON GROVE,ILLINOIS COMMUNITY DEVELOPMENT BLOCK GRANT FUND COMPARATIVE BALANCE SI;FF,T December 31, 1998 and April 30, 1998 1998 ASSETS December 31 April 30 Cash and cash equivalents $ 3,142 $ 9,092 TOTAL ASSETS $ 3,142 $ 9,092 LIABILITIES AND FUND BALANCE(DEFICITI Accounts payable $ 311 $ 993 €' Due to other funds 7,098 67 Total liabilities 7,409 1,060 Fund balance(deficit) (4,267) 8,032 TOTAL LIABILITIES AND FUND BALANCE (DEFICIT) $ 3,142 $ 9,092 These financial statements should be read only in connection with the notes to financial statements. 62 VILLAGE OF MORTON GROVE,ILLINOIS COMMUNITY DEVELOPMENT BLOCK GRANT FUND STATEMENT OF REVENUES,EXPENDITURES AND CHANGES IN FUND BALANCE BUDGET AND ACTUAL For the Eieht Month Period Ended December 31, 1998 Variance Favorable Budget Actual (Unfavorable) REVENUES Intergovernmental $ 136,607 $ 69,745 $ (66,862) Total revenues 136,607 69,745 (66,862) EXPENDITURES Residential Rehabilitation: Personal services 17,607 7,153 10,454 Contractual services 90,000 29,995 60,005 Home Care Services: Contractual services 32,000 47,000 (15,000) Total expenditures 139,607 84,148 55,459 Deficiency of revenues over expenditures (3,000) (14,403) (11,403) Other financing sources: Operating transfers in- General Fund 3,000 2,104 (896) Deficiency of revenues and other financing sources over expenditures $ - (12,299) $ (12,299) FUND BALANCE,BEGINNING OF PERIOD 8,032 FUND DEFICIT,END OF PERIOD $ (4,267) These financial statements should be read only in connection with the notes to financial statements. 63 VILLAGE OF MORTON GROVE,ILLINOIS REVOLVING EOUIPMENT REPLACEMENT FUND COMPARATIVE BALANCE SHEET December 31,1998 and Ana 30, 1998 1998 F- ASSETS December 31 April 30 (. r and cash equivalents $ 17,625 $ 68,767 t Accounts receivable 25,795 State income tax receivable 21,391 10,975 Intergovernmental receivables 15,403 - Due from other finds 13,770 13,770 TOTAL ASSETS $ 93,984 $ 93,512 LIABILITIES AND FUND BALANCE(DEFICIT) Vouchers payable $ 1,347 $ 11,990 Due to other finds 296,194 - Total liabilities 297,541 11,990 Fund balance(deficit) (203,557) 81,522 A. TOTAL LIABILITIES AND FUND BALANCE (DEFICIT) $ 93,984 $ 93,512 These financial statements should be read only in connection with the notes to financial statements. 64 VILLAGE OF MORTON GROVE,ILLINOIS REVOLVING EOUIPMENT REPLACEMENT FUND STATEMENT OF REVENUES,EXPENDITURES AND CHANGES IN FUND BALANCE BUDGET AND ACTUAL For the Eight Month Period Ended December 31, 1998 Variance Favorable Budget Actual (Unfavorable) REVENUES Share of State income taxes $ 139,741 $ 143,485 $ 3,744 Other taxes 12,700 13,615 915 Charges for services 45,200 45,678 478 Interest 1,400 3,519 2,119 Total revenues 199,041 206,297 7,256 EXPENDITURES lic safety: Capital outlay 297,000 159,182 137,818 Streets and sidewalks: Capital outlay 239,200 91,468 147,732 Total expenditures 536,200 250,650 285,550 Excess(deficiency) of revenues over expenditures (337,159) (44,353) 292,806 Other financing sources(uses): Operating transfers out- Debt Service Fund (241,841) (240,726) 1,115 Installment loan proceeds 524,000 - (524,000) Sale of surplus equipment 5,000 - (5,000) Deficiency of revenues and other financing sources over expenditures and other financing uses $ (50,000) (285,079) $ (235,079) FUND BALANCE,BEGINNING OF PERIOD 81,522 FUND DEFICIT END OF PERIOD $ (203,557) These financial statements should be read only in connection with the notes to financial statements. 65 VILLAGE OF MORTON GROVE.ILLINOIS COMMUTER PARKING FACILITY FUND COMPARATIVE BALANCE SHEET December 31. 1998 and April 30.1998 1998 ASSETS December 31 April 30 Cash and cash equivalents $ 140,947 $ 189,921 Due to other finds 33,345 - TOTAL ASSETS $ 174,292 $ 189,921 LIABILITIES AND FUND BALANCE Accounts payable $ 69 $ 590 Total liabilities 69 590 Fund balance 174,223 189,331 TOTAL LIABILITIES AND FUND BALANCE $ 174,292 $ 189,921 These financial statements should be read only in connection with the notes to financial statements. 66 VILLAGE OF MORTON GROVE.ILLINOIS COMMUTER PARKING FACILITY FUND STATEMENT OF REVENUES.EXPENDITURES AND CHANGES IN FUND BALANCE BUDGET AND ACTUAL For the Eight Month Period Ended December 31. 1998 Variance Favorable Budget Actual (Unfavorable) REVENUES Charges for services $ 52,600 $ 54,840 $ 2,240 9,000 12,606 3,606 Total revenues 61,600 67,446 5,846 EXPENDITURES Construction services 23,367 24,348 (981) Utilities and maintenance of street lighting 1,535 1,109 426 Commodities 6,217 1,797 4,420 Total expenditures 31,119 27,254 3,865 Excess of revenues over expenditints 30,481 40,192 9,711 Other financing uses: Operating transfers out- General Fund (48,200) (48,200) - Water/Sewer Fund (7,100) (7,100) - Excess(deficiency)of revenues over expenditures and other financing uses $ (24,819) (15,108) $ 9,711 FUND BALANCE,BEGINNING OF PERIOD 189,331 FUND BALANCE,END OF PERIOD $ 174,223 These financial statements should be read only in connection with the notes to financial statements. 67 VILLAGE OF MORTON GROVE,ILLINOIS 9-1-1 EMERGENCY TELEPHONE SYSTEM FUND COMPARATIVE BALANCE SHEET December 31.1998 and April 30,1998 1998 ASSETS December 31 Ana 30 Cash and cash equivalents $ 86,949 $ 76,633 Miscellaneous accounts receivable 11,244 11,103 TOTAL ASSETS $ 98,193 $ 87,736 4.: LIABILITIES AND FUND BALANCE Accounts payable $ 23,657 $ 22,957 Total liabilities 23,657 22,957 Fund balance 74,536 64,779 TOTAL LIABILITIES AND FUND BALANCE $ 98,193 $ 87,736 These financial statements should be read only in connection with the notes to financial statements. 68 VILLAGE OF MORTON GROVE,ILLINOIS 9-1-1 EMERGENCY TELEPHONE SYSTEM FUND STATEMENT OF REVENUES.EXPENDITURES AND CHANGES IN FUND BALANCE BUDGET AND ACTUAL For the Eight Month Period Ended December 31, 1998 Variance Favorable Budget Actual (Unfavorable) REVENUES Surcharge fees $ 86,000 $ 89,206 $ 3,206 Interest 500 1,252 752 Total revenues 86,500 90,458 3,958 EXPENDITURES Personal services 31,693 32,718 (1,025) Contractual services 30,436 24,228 6,208 Commodities 1,375 469 906 Capital outlay 21,619 23,285 (1,666) Total expenditures 85,123 80,700 4,423 Excess of revenues over expenditures $ 1,377 9,758 $ 8,381 FUND BALANCE,BEGINNING OF PERIOD 64,778 FUND BALANCE,END OF PERIOD $ 74,536 These financial statements should be read only in connection with the notes to financial statements. 69 VILLAGE OF MORTON GROVE.ILLINOIS TAX INCREMENT FINANCING FUND COMPARATIVE BALANCE SHEET December 31. 1998 and Apri130.1998 1998 ASSETS December 31 April 30 Cash and cash equivalents $ 3,531,947 $ 22,207 Prepaid deposits 56,485 - TOTAL ASSETS $ 3,588,432 $ 22,207 LIABILITIES AND FUND BALANCE(DEFICIT) Accounts payable $ 182,496 $ 48,913 Due to other funds 206,072 115,050 Total liabilities 388,568 163,963 Fund balance(deficit): Unreserved,undesignated 3,199,864 (141,756) Total fund balance(deficit) 3,199,864 (141,756) TOTAL LIABILITIES AND FUND BALANCE(DEFICIT) $ 3,588,432 $ 22,207 These financial statements should be read only in connection with the notes to financial statements. 70 VILLAGE OF MORTON GROVE,ILLINOIS TAX INCREMENT FINANCING FUND STATEMENT OF REVENUES.EXPENDITURES AND CHANGES IN FUND BALANCE BUDGET AND ACTUAL For the Eight Month Period Ended December 31. 1998 Variance Favorable Budget Actual (Unfavorable) REVENUES Property taxes $ 111,700 $ 57,688 $ (54,012) Net increase in fair value of investments - 38,976 38,976 Interest 32,100 22,520 (9,580) Total revenues 143,800 119,184 (24,616) EXPENDITURES Community development Initial start-up costs: Contractual services 20,300 22,213 (1,913) Commercial corridor study: Contractual services 93,500 31,293 62,207 Redevelopment of area"A": Contractual services 259,750 252,969 6,781 Capital outlay 3,250,000 3,530,423 (280,423) Total redevelopment of area"A" 3,509,750 3,783,392 (273,642) Redevelopment of area"B": Contractual services 620,000 75,024 544,976 Capital outlay 5,525,000 3,587,500 1,937,500 Total redevelopment of area"B" 6,145,000 3,662,524 2,482,476 Total expenditures 9,768,550 7,499,422 2,269,128 Excess (deficiency) of revenues over expenditures (9,624,750) (7,380,238) 2,244,512 71 VILLAGE OF MORTON GROVE,ILLINOIS TAX INCREMENT FINANCING FUND STATEMENT OF REVENUES,EXPENDITURES AND CHANGES IN FUND BALANCE BUDGET AND ACTUAL For the Eight Month Period Ended December 31.1998 Variance Favorable Budget Actual (Unfavorable) Other financing sources (uses): Operating transfers out- Debt Service Fund (32,000) (250,629) (218,629) Note payable proceeds 9,628,750 9,572,487 (56,263) Sale of real property 1,400,000 1,400,000 - Excess of revenues and other financing sources over r expenditures and other financing uses $ 1,372,000 3,341,620 $ 1,969,620 FUND DEFICIT, ` BEGINNING OF PERIOD (141,756) FUND BALANCE,END OF PERIOD $ 3,199,864 These financial statements should be read only in connection with the notes to financial statements. 72 VILLAGE OF MORTON GROVE.ILLINOIS ECONOMIC DEVELOPMENT FUND COMPARATIVE BALANCE SHEET December 31.1998 and April 30. 1998 1998 ASSETS December 31 Anril 30, Cash and cash equivalents $ 132,792 $ 4,928 Sales tax receivable 67,555 252,067 TOTAL ASSETS $ 200,347 $ 256,995 LIABILITIES AND FUND BALANCE(DEFICIT) Accounts payable $ 52,302 $ 270,555 Due to other funds 16,296 465,991 Total liabilities 68,598 736,546 Fund balance(deficit): 131,749 (479,551) Unreserved,undesignated Total fund balance(deficit) 131,749 (479,551) TOTAL LIABILITIES AND FUND BALANCE (DEFICIT) $ 200,347 $ 256,995 These financial statements should be read only in connection with the notes to financial statements. 73 VILLAGE OF MORTON GROVE.ILLINOIS ECONOMIC DEVELOPMENT FUND STATEMENT OF REVENUES,EXPENDITURES AND CHANGES IN FUND BALANCE BUDGET AND ACTUAL For the Eieht Month Period Ended December 31,1998 Variance Favorable Budget Actual (Unfavorable) REVENUES Other taxes $ 237,060 $ 301,934 $ 64,874 Interest - 4,094 4,094 Total revenues 237,060 306,028 68,968 EXPENDITURES Commercial corridor study: Contractual services 30,000 - 30,000 ,:, Community Development , Redevelopment of area"A": Contractual services 66,050 11,957 54,093 t Note interest 16,666 16,218 448 Capital outlay - 22,718 (22,718) r Total redevelopment of area "A" improvement 82,716 50,893 31,823 Administrative Activities: Contractual services 190,394 236,348 (45,954) Total expenditures 303,110 287,241 15,869 , Excess (deficiency)of revenues L over expenditures (66,050) 18,787 84,837 Other financing sources: a_ Note payable proceeds 163,050 592,513 429,463 Excess of revenues and other financing financing sources over and other financing uses $ 97,000 611,300 $ 514,300 FUND DEFICIT, BEGINNING OF PERIOD (479,551) FUND BALANCE,END OF PERIOD $ 131,749 These financial statement should be read only in connection with the notes to financial statements. 74 VILLAGE OF MORTON GROVE,ILLINOIS DEBT SERVICE FUND The Debt Service Fund accounts for monies accumulated to pay for the payment of general long-term debt principal,interest and related costs. The Debt Service Fund accounts for the payment of all long- term debt incurred by the Wage,except for the Water Revenue Bonds,which are accounted for in the Enterprise Fund. A description of the Debt Service Fund is as follows: Includes the 1991 Corporate Purpose Serial Bonds, the 1994 Corporate Purpose General Obligation Bond Issue,the Illinois Environmental Protection Agency revolving line-of-credit for the Capulina and Pauirview sewer relief projects, the General Obligation Bank Promissory Note, the tax-exempt and taxable bank notes,and various installment notes on major pieces of equipment. 75 VILLAGE OF MORTON GROVE,ILLINOIS DEBT SERVICE FUND COMPARATIVE BALANCE SHEET December 31, 1998 and April 30. 1998 1998 ASSETS December 31 April 30 Cash and cash equivalents $ 815,339 $ 1,391,494 Property taxes receivable-net 1,090,330 544,799 Sales tax receivable 153,019 86,102 State income tax receivable 11,342 10,165 Due from other funds 332,474 - TOTAL ASSETS $ 2,402,504 $ 2,032,560 t.: LIABILITIES AND FUND BALANCE Accounts payable $ 600 $ Accrued interest 268,575 227,883 Deferred property tax revenue 1,090,330 544,799 Total liabilities 1,359,505 772,682 t; Fund balance,reserved for debt service 1,042,999 1,259,878 TOTAL LIABILITIES AND FUND BALANCE $ 2,402,504 $ 2,032,560 L These financial statements should be read only in connection with the notes to financial statements. 76 VILLAGE OF MORTON GROVE.ILLINOIS DEBT SERVICE FUND STATEMENT OF REVENUES,EXPENDITURES AND CHANGES IN FUND BALANCE BUDGET AND ACTUAL For the Eight Month Period Ended December 31. 1998 Variance Favorable Budget Actual (Unfavorable) REVENUES Property taxes $ 529,962 $ 525,760 $ (4,202) Sales taxes 406,345 381,616 (24,729) State income taxes 74,059 76,075 2,016 Net increase in fair value of investments 29,400 30,619 1,219 Interest 14,500 31,940 17,440 Total revenues 1,054,266 1,046,010 (8,256) EXPENDITURES Principal retirement 1,024,803 1,028,904 (4,101) Interest 691,953 723,312 (31,359) Fiscal agent fees 2,400 2,028 372 Total expenditures 1,719,156 1,754,244 (35,088) Deficiency of revenues over expenditures (664,890) (708,234) (43,344) Other financing sources: Operating transfers in- Revolving Equipment Replacement Fund 241,841 240,726 (1,115) Tax Increment Financing Fund 32,000 250,629 218,629 Excess (deficiency) of revenues and other financing sources over expenditures $ 3 (216,879) $ 174,170 FUND BALANCE,BEGINNING OF PERIOD 1,259,878 FUND BALANCE,END OF PERIOD $ 1,042,999 These financial statements should be read only in connection with the notes to financial statements. 77 r:- VILLAGE OF MORTON GROVE,ILLINOIS CAPITAL PROJECTS FUNDS The Capital Projects Funds are used to account for the financial resources used for major infrastructure and other capital improvements (other than those financed by the Proprietary Fund)within the Village of Morton Grove. When there is a bond issue used to finance a specific capital project, the proceeds accounting fir the expenditures of that project will be separately accounted for in this section. The description of the Capital Project Funds are as follows: Capital Projects Fund - accounts for property taxes levied and other resources accumulated primarily for major infrastructure and other Capital improvements. During the 1998 fiscal year, major expenditures included the local street resurfacing project, the alley paving project and the neighborhood street lighting project. Capital Projects Fund — 1999 Bond Issue Proceeds -initial establishment of 1999 Both Issue Proceeds Fund. Proceeds used fir major infrastructure and other capital improvements. The only activity in this fiord during the transitional year was the receipt of a refmdable deposit fir work to be done on the Waukegan Road Corridor Improvements. The sale of bonds occurred during February 1999. Other work planned includes Beckwith Road/Church Street Resurfacing, Lyons Street Reconstruction and Master Plan Projects. 78 VILLAGE OF MORTON GROVE,ILLINOIS CAPITAL PROJECTS FUND COMBINING BALANCE SHEET, December 31,1998 With Comparative Totals for the Year Ended April 30. 1998 1999 Bond - Capital Issue Total Projects Proceeds December 31, Apri130, ASSETS Fund Fund 1998 1998 Cash and cash equivalents $ 103,405 $ 14,725 $ 118,130 $ 565,147 Property taxes receivable-net 621,482 - 621,482 324,643 Sales tax receivable 42,063 - 42,063 58,443 State income tax receivable 32,191 32,191 22,315 Intergovernmental receivable 38,314 - 38,314 - F, Due from other funds 66,655 - 66,655 - f L TOTAL ASSETS $ 904,110 $ 14,725 $ 918,835 $ 970,548 LIABILITIES AND FUND BALANCES Accounts payable $ 50,316 $ - $ 50,316 $ 92,906 Deferred property tax revenue 621,482 - 621,482 324,643 Due to other funds 4,290 - 4,290 47,939 l Deposits refundable 151,319 14,725 166,044 133,804 Total liabilities 827,407 14,725 842,132 599,292 Fund balances: Unreserved,=designated 76,703 - 76,703 371,256 Total fund balances 76,703 - 76,703 371,256 TOTAL LIABILITIES AND FUND BALANCES $ 904,110 $ 14,725 -$ 918,835 $ 970,548 - These financial statements should be read only in connection with the notes to financial statements. 79 VILLAGE OF MORTON GROVE.ILLINOIS CAPITAL PROJECTS FUND COMBINING STATEMENT OF REVENUES,EXPENSES AND CHANGES IN FUND BALANCES For the Eisht Month Period Ended December 31, 1998 1999 Bond Capital Issue Projects Proceeds Fund Fund Total REVENUES Sales taxes $ 104,900 $ - $ 104,900 Property taxes 313,275 - 313,275 Share of State income taxes 215,926 - 215,926 Intergovernmental 50,592 . - 50,592 Other taxes 12,758 - 12,758 Interest 5,685 - 5,685 Total revenues 703,136 - 703,136 EXPENDITURES Contractual services 997,689 - 997,689 Total expenditures 997,689 - 997,689 Deficiency of revenues over. expenditures (294,553) - (294,553) FUND BALANCES,BEGINNING OF PERIOD 371,256 - 371,256 FUND BALANCES,END OF PERIOD $ 76,703 $ - $ 76,703 These financial statements should be read only in connection with the notes to financial statements. 80 VILLAGE OF MORTON GROVE,ILLINOIS CAPITAL PROJECT FUND COMPARATIVE BALANCE SHEET December 31. 1998 and April 30.1998 1998 ASSETS December 31 April 30 Cash and cash equivalents $ 103,405 $ 565,147 Property taxes receivable-net 621,482 324,643 Sales tax receivable 42,063 58,443 State income tax receivable 32,192 22,315 Intergovernmental receivable 38,314 - Due from other funds 66,655 - TOTAL ASSETS $ 904,110 $ 970,548 LIABILITIES AND FUND BALANCE Accounts payable $ 50,317 $ 92,906 Deferred property tax revenue 621,482 324,643 Due from other funds 4,290 47,939 Deposits refundable 151,319 133,804 Total liabilities 827,408 599,292 Fund balance: Unreserved,=designated 76,703 371,256 -- Total find balance 76,703 371,256 TOTAL LIABILITIES AND FUND BALANCE $ 904,110 $ 970,548 These financial statements should be read only in connection with the notes to financial statements. 81 VILLAGE OF MORTON GROVE.ILLINOIS CAPITAL PROJECT FUND STATEMENT OF REVENUES.EXPENDITURES AND CHANGES IN FUND BALANCE BUDGET AND ACTUAL For the Eight Month Period Ended December 31.1998 Variance Favorable Budget Actual (Unfavorable) REVENUES Sales taxes $ 111,689 $ 104,900 $ (6,789) Property taxes 315,779 313,275 (2,504) Share of State income taxes 210,248 215,926 5,678 Other taxes 11,300 12,758 1,458 Intergovernmental 63,700 50,592 (13,108) Interest 2,900 5,685 2,785 Total revenues 715,616 703,136 (12,480) EXPENDITURES Local street resurfacing Construction 750,609 731,964 18,645 Alley paving Construction 131,365 121,683 9,682 Beckwith Road/Church Street resurfacting: Construction 91,000 81,637 9,363 Neighborhood street lighting Construction 84,350 57,709 26,641 Lincoln/Lehigh storm sewer. Engineering - 4,696 (4,696) Techny Trail bike path: Engineering 1,200 - 1,200 Total expenditures 1,058,524 997,689 60,835 Excess(deficiency)of revenues and other financing sources over expenditures $ (342,908) (294,553) $ 48,355 FUND BALANCE,BEGINNING OF PERIOD 371,256 FUND BALANCE,END OF PERIOD $ 76,703 These financial statements should be read only in connection with the notes to financial statements 82 VILLAGE OF MORTON GROVE.ILLINOIS CAPITAL PROJECTS FUND- 1999 BOND ISSUE PROCEEDS BALANCE SHEET December 31. 1998 ASSETS Cash and cash equivalents $ 14,725 TOTAL ASSETS $ 14,725 LIABILITIES AND FUND BALANCE r- Refundable deposits $ 14,725 Total liabilities 14,725 Fund balance: Unreserved,=designated - TOTAL LIABILITIES AND FUND BALANCE $ 14,725 R, These financial statements should be read only in connection with the notes to financial statements. 83 Y Proprietary Fund Types C r L 40 is i _ VILLAGE OF MORTON GROVE,ILLINOIS ENTERPRISE FUND Enterprise fiords are used to account for operations that are financed and operated in a manner similar to private business enterprises - where the intent of the Village governing board is that the costs of providing goods or services to the general public on a continuing basis be financed or recovered primarily through user charges, or where the Village board has decided that periodic dete ninatioa of net income is appropriate for accountability purposes. The only current Enterprise Fund is: Water and Sewer Fund - accounts for the provisions of water services to the residents of the Village. All activities necsvlry to provide such services are accounted for in this fund inchuhing,but not limited to,wholesale purchase of water from the City of Chicago, and administration, operations, financing and related debt service, and billing and collection. In addition,the find also accounts for maintaining the storm and sanitary sewer collection system under the Village jurisdiction. 84 VILLAGE OF MORTON GROVE,ILLINOIS WATER AND SEWER FUND _ COMPARATIVE BALANCE SHEET December 31. 1998 and April 30. 1998 1998 ASSETS December 31 April 30 E; CURRENT ASSETS t. Accounts receivable $ 426,066 $ 434,900 Due from other fiords 166 78 Prepaid insurance - 24,223 Prepaid retirement plan contribution - 36,469 Total current assets 426,232 495,670 t' OTHER ASSETS Escrow for excess losses-IRMA 108,371 79,867 PROPERTY,PLANT AND EQUIPMENT Fixed assets -net 3,312,751 3,387,333 t-_ U S ii TOTAL ASSETS $ 3,847,354 $ 3,962,870 85 VILLAGE OF MORTON GROVE,ILLINOIS WATER AND SEWER FUND COMPARATIVE BALANCE SHEET December 31, 1998 and April 30, 1998 1998 LIABILITIES AND RETAINED EARNINGS December 31 April 30, CURRENT LIABILITIES Accounts payable $ 145,989 $ 221,024 Accrued expenses: Compensated absences payable - 51,657 Interest 3,324 17,467 Due to other funds 101,94.6 74,411 Refundable deposits 7,900 5,700 Deferred revenues 11,667 58,333 Installment purchase contract- current installment 20,744 38,272 Notes payable-current maturities 57,782 56,365 Bonds payable-current maturities 205,000 218,750 Total current liabilities 554,352 741,979 LONG-TERM LIABILITIES Installment purchase contract-less current i allments included above 41,487 62,231 Notes payable-less current portion included above 740,063 797,845 Bonds payable-less current maturities included above 20,000 225,000 Total long-term liabilities 801,550 1,085,076 Total liabilities 1,355,902 1,827,055 FUND EQUITY Retained earnings 2,491,452 2,135,815 TOTAL LIABILITIES AND RETAINED EARNINGS $ 3,847,354 $ 3,962,870 These financial statements should be read only in connection with the notes to financial statements. 86 VILLAGE OF MORTON GROVE.ILLINOIS STATEMENT OF REVENUES.EXPENSES AND CHANGES IN RETAINED EARNINGS-PROPRIETARY FUND TYPE For the Eieht Month Period Ended December 31.1998 F" OPERATING REVENUES Water sales $ 1,956,887 Sewer charges 456,235 Meter and connection fees 5,033 Rental income 46,877 Miscellaneous 25 Total operating revenues 2,465,057 OPERATING EXPENSES Personal services 599,318 Contractual services and other charges 67,990 Water purchases 914,502 r Sewer repair and rehabilitation 179,556 Commodities 115,513 Utilities 58,551 Total operating expenses 1,935,430 Operating income before depreciation 529,627 Depreciation 147,361 Operating income 382,266 NON-OPERATING REVENUES(EXPENSES) Interest income 62 Interest expense and fiscal agent fees (33,791) Total non-operating revenues(expenses) (33,729) Net income before operating transfers in 348,537 E Operating transfers in: Commuter Parking Fund 7,100 NET INCOME 355,637 RETAINED EARNINGS,BEGINNING OF PERIOD 2,135,815 RETAINED EARNINGS,END OF PERIOD $ 2,491,452 These financial statements should be read only in connection with the notes to financial statements. 87 VILLAGE OF MORTON GROVE.ILLINOIS WATER AND SEWER FUND STATEMENT OF CASH FLOWS For the Eight Month Period December 31.1998 CASH FLOWS FROM OPERATING ACTIVITIES Operating income $ 382,266 Adjustments to reconcile operating income to net cash provided by operating activities: Depreciation 147,361 Effects of changes in operating assets and liabilities: Receivables 36,281 Prepaid expenses and other assets 32,188 Refundable deposits 2,200 Deferred revenues (46,666) Accounts payable and accrued expenses (140,835) Net cash provided by operating activities 412,795 CASH FLOWS FROM NON-CAPITAL FINANCING ACTIVITIES Net operating transfers-in from other fiords 7,100 CASH FLOWS FROM CAPITAL AND RELATED FINANCING ACTIVITIES Principal payments on IEPA revolving loan program for mandated sewer rehabilitation (56,365) Acquisition of capital assets (72,779) Principal payments on installment purchase contract (38,272) Interest paid on bonds and installment notes (33,791) Redemption of water bonds and principal payments on (218,750) general purpose bonds ( Net cash used in capital and related financing activities (419,957) CASH FLOWS FROM INVESTING ACTIVITIES Interest on investments 62 Net cash provided by investing activities 62 NET INCREASE IN CASH AND CASH EQUIVALENTS CASH AND CASH EQUIVALENTS,BEGINNING OF PERIOD - CASH AND CASH EQUIVALENTS,END OF PERIOD S - These financial statements should be read only in connection with the notes to financial statements. 88 r r k L� l.s Fiduciary Fund Types r [- . 1 f__ t r L (_ 1 1 F. I t E ` LL L.: r 1 L VILLAGE OF MORTON GROVE,ILLINOIS TRUST FUNDS Firefighters' Pension Fund-accounts for the accumulation of resources to be used for retirement and disability pensions for the Village's sworn fire personneL Most rules and regulations of the fund are established by the pension division of the Illinois Department of Insurance. Police Pension Fund - accounts for the accumulation of resources to be used for retirement and disability pensions for the Village's sworn police personneL Most rules and regulations of the fund are established by the pension division of the Illinois Department of Insurance. 89 VILLAGE OF MORTON GROVE.ILLINOIS TRUST FUNDS PENSION TRUST FUNDS COMBINING STATEMENT OF PLAN NET ASSETS December 31.1998 With Comparative Totals at April 30.1998 Firefighters' Police Total ` Pension Pension December 31, Apr1130, Fund Fund 1998 1998 r- ASSETS Cash and cash equivalents $ 650,947 $ 532,397 $ 1,183,345 $ 2,975,330 Receivables: Property taxes-net 41,596 - 41,596 23,784 Accrued interest 182,686 265,528 448,214 319,280 Due from other fimds 1,153 3 1,156 7 r Investments,at fair value: U.S.Government obligations 15,846,602 20,755,763 36,602,365 32,943,105 = Total assets 16,722,984 21,553,692 38,276,676 36,261,506 LIABILITIES Accounts payable 12,174 19,498 31,672 19,772 Deferred property tax revenue 41,596 - 41,596 23,784 Total liabilities 53,770 19,498 73,268 43,556 NET ASSETS HELD IN TRUST FOR PENSION BENEFITS (A schedule of funding progress for each plan is presented on pages 45 through 46) $ 16,669,214 $ 21,534,194 $ 38,203,408 i $ 36,217,950 These financial statements should be read only in connection with the notes to financial statements. 90 VILLAGE OF MORTON GROVE.ILLINOIS TRUST FUNDS PENSION TRUST FUNDS COMBINING STATEMENT OF CHANGES IN PLAN NET ASSETS For the Ei¢ht Month Period Ended December 31. 1998 Firefighters' Police Pension Pension Fund Fund Total ADDITIONS Contributions: Employer $ 26,932 $ - $ 26,932 Employee 141,572 151,521 293,093 Total contributions 168,504 151,521 320,025 Investment income: Net appreciation in fair value of investments 833,181 749,352 • 1,582,533 Interest 470,714 567,775 1,038,489 1,303,895 1,317,127 2,621,022 Less investment expense 5,316 16,204 21,520 Net investment income 1,298,579 1,300,923 2,599,502 Other miscellaneous income 225 - 225 Total additions 1,467,308 1,452,444 2,919,752 DEDUCTIONS Retirement benefits 242,273 487,025 729,298 Duty disability benefits 84,769 28,620 113,389 Surviving spouse benefits 25,839 55,740 81,579 Children's benefits 5,755 - 5,755 Administrative expenses 2,433 1,840 4,273 Total deductions 361,069 573,225 934,294 NET INCREASE. 1,106,239 879,219 1,985,458 NET ASSETS HELD IN TRUST FOR PENSION BENEFITS,BEGINNING OF PERIOD 15,562,975 20,654,975 36,217,950 NET ASSETS HELD IN TRUST FOR PENSION BENEFITS, END OF PERIOD $ 16,669,214 $ 21,534,194 $ 38,203,408 These financial statements should be read only in connection with the notes to financial statements. 91 I F� f ` l.e s L Component Unit - Public Library r €' L. 1 r L k VILLAGE OF MORTON GROVE.ILLINOIS COMPONENT UNIT Refer to Note 1 for description of the component unit and the criteria for component unit classification. 92 e § - \� . a " a \ CO IS Elen _0NN .IN 2 \ \Nk 01 rid e a � § A . . § _ ■ . . , „ I E . | s2 . 2 ° \° a / \ § . . 0 . §il0 - , , . . !flt \ T72 eeec.4c n c-l ' c � _ I l eel e,ri §§ - - , . , . , A3� i . ) /kj ® © 2 a u c e ur§ § nal \ \ u . ■ 0 a _ E ] § § _ A !j\ k � \ 741 kf�§ § ■ § ° § / hk k ) a - - k a \ k )2 § o §at w , !. J Fo_ k ua . q E 3 n —o I (nN N v'�i a On 3 EC:4 O, Ci' CN.I-1 N V1 00 N •+ M vis a00 .'n..^-� �O h N en .N+ tNn W b a N O, .. 00 O Oi el N en 4 H a O een ''n- a 00 en N ' b .» I. SR .• b O T n n ^� O\ 0o HI N N b N b W v - .» .. N' - N f9 f CA 6A g Q • „ , Q y E rl 0♦ oa a U y a � V 1 y ,,`` w t� 0 I'� 00 a , n , , , n Gel ee en eef en N Di G 4 W Y a N N N 0 .� 64 oao a w coo _ b 'tea' en a w.0 L a a • L a a s F c espy O F� iJ w as vi 64 E O se El Fri• �p Kil Q a i. 1.14) O W Q'`Wn' p > �cc �O Q ' .n. b N N a .�7 1p�.1 V O a ... 01 O CO . � ,G U LO 00 eOn� N (.74 b m b „O• o V ^ ,I'1 b b N C: U G7 ts Ca g F A ibc o 8 o as u C Q W c F3 71 d C L' � c O u 3.0 .p- = � ` A oa 2.2'. 2 ...12. g ii..... 1-sin g r .. � ° aoz48saU ` 0sRa ti a a pa e 43 a also. o0 a O F VILLAGE OF MORTON GROVE,ILLINOIS COMPONENT UNIT-PUBLIC LIBRARY COMBINING STATEMENT OF REVENUES,EXPENDITURES AND CHANGES IN FUND BALANCES-ALL GOVERNMENTAL FUND TYPES For the Eight Month Period Ended December 31, 1998 Governmental Fund Types Debt General Service Totals REVENUES Taxes $ 765,314 $ - $ . 765,314 Intergovernmental 27,709 - 27,709 Charges for services 8,293 - 8,293 Fines 18,657 - 18,657 Interest 23,229 - 23,229 Miscellaneous 7,943 - 7,943 Total revenues 851,145 - 851,145 EXPENDITURES Current: Culture and recreation 1,036,779 - 1,036,779 Debt Service: Principal retirement - 57,142 57,142 Interest - 1,727 1,727 Total expenditures 1,036,779 58,869 1,095,648 Deficiency of revenues over expenditures (185,634) (58,869) (244,503) OTHER FINANCING SOURCES(USES) Operating transfers in - 58,869 58,869 Operating transfers out (58,869) - (58,869) Excess (deficiency) of revenues and other E financing sources over expenditures and other financing uses (244,503) - (244,503) FUND BALANCES,BEGINNING OF PERIOD 932,582 - 932,582 FUND BALANCES,END OF PERIOD $ 688,079 $ - $ 688,079 These financial statements should be read only in connection with the accompanying accountant's report. 95 Supplemental Data \ : 2 "E E . L lei N eo 4 v 0 en en v es .. en N N G9 a 1 C. 0 C s. C1 1 so 0. 0 sei I--.¢. b v C o fro a 41 en C v O N O a - 69 ,-, 5 2 o C O I O O 2 m U ° 00 co co -9 4 O O ry pp of vi O •-• v p 'O 4 A $ v v m t7 a 69 a es Ca Oo, p .. 8 8 OOM 0 ° oo0 00 C 0 A S I 2 O S '2 .v .i A A° 99 s9 '7 8 0 G FA C V 0 PO4fxb w o v o C.,7' ai C ° Oo ' 1 o0 a C 7L z w b t 0 0 36' .5 a°, 2 o C 4 a a ° c 11).1e a 3L s x ° a H a o e 0 Os E to CV ^ i a°g3 'a Fa 'O ar 0 I eOh O L 'GO O O w r p oo O E . O C 8 0 8 id �7 C %0 o0 00 e4 o ° 'B T1 pqp • — - par 7 en N v ° .r7 C p i IZ ~ V9 8 C O i a Q w a+ a+ .� �..fl o Op i ea o h O .�+ 8 1 e,_, C O 0 m p N M P1 N aw 8 b Q V 0 .$' C h. O �, ,a o = C 0o m a a 4+ L ° E 'O o a 8 o N 0 ea o ce 0 0 A -0 c 22 c o o O 0 a:a H $ en c W , ' = Z ix c ° a w eel m A C 'O V 'se o OM o x ° W O e g eO c ,- c a Z a ust w A dC 4 o m Cl ° °n o W as O 0'ia w 0 8 a9 = a q C Oar o .'�.es.C.) r4 eD,CB V .0 6 O 8 O o 00 0 2. 8 °in 0 0 o co O Ca Q Oa V] w w 0 O a 0.5 is as z F =I - N en■ .. P v v v v v v VILLAGE OF MORTON GROVE.ILLINOIS INFORMATION REOUIRED BY WATER REVENUE BOND ORDINANCES (Continued) For the Eight Month Period Ended December 31.1998 2. The Village of Morton Grove is a member of the Minis Risk Management Association(IRMA). IRMA is a self-insured pool consisting of various mmzidpalitiea which provides the following coverages as of December 31, 1998: Expiration Coverage Date C Intergovernmental Risk Management Agency • Comprehensive General and Auto Liability 10,000,000 per occuaencce 12/31/99 motorists 1,000,000 any accoaence 12/31/99 Public Officials Liability 10,000,000 per occrQeeace 1231/99 Employee Benefits Liability 10,000,000 per occurrence 12/31/99 Police Professienal Liability 10,000,000 per occurrence 12/31/99 Employer's Liability 1,000,000 per occurrence 12/31)99 Property-Building and Cow • - 1,000,000,000 • any one location,per 12/31/99 ocooacccts except flood and earthquake Boiler Machinay 50,000,000 per occurrence 1231)99 - Employee Theft and Computer Fraud 5,000,000 blanket limit 12/3 U99 Forgery&Alteration 5,000,000 r- Flood and Earthquake 15,000,000 per accosence 12131)99 Theft,Disappearance,Destruction,Robbery 1,000,000 blanket limit 12/31)99 &Safe Burglary Workers' full statutory benefits 1231/99 Disease/Employers'Liability Underground Storage Tank and Corrective 1,000,000 per occnce 12/31)99 Action Sales Tax Inhrroption Coverage 3,000,000 per occurrence 1231/99 Accidental Death&Dismemberment for 125,000 per occoBeoce,in course of 12/31)99 Volunteers drnies as vohmieer Medical Expense for Volunteers 10,000 per occurrence,in course of 1231/99 . duties as volunteer Disability Income 500 pa week 12/31/99 The following is a summary of other insurance policies in effect and coverage as of December 31, 1998: Public Officials Surety Bonds: Daniel Scanlon,Village President 50,000 1231/99 y Arft,Village Administrator 50,000 12/31)99 Eileen Cooney,Village Clerk 5,000 1231/99 David 0.Fab,Finance Director 1,000,000 1231/99 Darlene Waala,Asst Finance Director 100,000 12/31/99 Gabriel Beaafato,Village Attorney 50,000 1231/99 Jim Karp,Trustee 50,000 1231)99 Joseph Alessi,Police/Fire Commission 500 1231)99 Delores Grazin,Police/Fire Commission 500 1231/99 Mike Simkins,Police/fire Commission 500 1231/99 3. At December 31,1998,the Village of Morton Grove Water Department had 7,692 metered customers. There were no=metered water customers connected with the system. 97 Statistical Section (Unaudited) • r i_ rkr f'; L .. in It I& In IA IA ga 4Q la 4$ $'a00 — G. g� gmoa $^ gog r ri O. a ''�^ m N N N N W tO Xr ea rem to XQap.p Xr gm OgO.m Xa O m NN bf Ni V.0 .H.O mm Nn mV .m. y+ Ji (1.-.. r• GO a fm b �b fA Nn Nn NO N fJ c' V m '0 m V h i N Xb $a �b XN It . ea Xa Xb Xm go, 3 mf .. n ben fa NY f V O`� m • �y sows Nen Nb Nm NV. .-set aH YI m bb • �O g �� nq NQ N„ Hp .Hr� Ns �� Hg ft •Ud -Wq a in 4 a w fV yy Y o XO Xen Xo XV. b$. m n$ em I b n0 V.r v.m ^n pq� CS m.O 0i Oin Ob r: v.m o0� of tem Net ' y � M� QN a0� �d ^G .g 'N ON i,N WV i — AA r r 0 N — .f. N N V a Z iG �M�A �Ti YS pX . n 'n Xf Xm to g . Q �� O , O n 00 rT mam0 m1� .O , 3 a �� r N o 5. ° 4. ^e . e a o 0 6 6 6 6 0 '^g m ° . o� Q N b N 9 Y ■ 9 N p�p�ao a 8 ' 8 ' 8 ' X . c ' . ' 8 ' sop a^ -�v t. 1 l ifdU . B . d d d d d d d on r$ ..a y e 'in .. Z t ,.°,a' g a ` �YYj p fl qp3 m bN•O2 O. Y. 'I'O s�p O OW Ot Oa OC{of 9 d 6o d^ do d1. da0 do da d.e Udm A- Pk, 1 " I as Y gr. X gr. gm 'gm X n gm m XN XO 14 ] ��(7� fi O.O raw ma nr No $ Oat Nea0� .m0'' .m n J 6 4 ..1: mm fOn ^b,'N NO VI r'0 N.n. mg N Om O Og f reb.. r'a 'Al N w. en N 111 a kJ . r m q0.^ MNO1 ..N fN Nr ..1 � X ey1 d O r 1111���.� .O N n f 0.i Ynt Y dr dtn r„ On Oi' O� om Co og dm ^ q .fa0. 6 •�' aF .1 a] 4 m $0a 0.49.1 .1 A m le a X$ ■ XV1 fn ea Fia V. O xb "m �sdj� L] 9 J e r N ^ 6y. .p m V. n n n n m f Iii ' 'Net Oa ben Nm� ^ n d^ oen or o0 3 3 eci t. b bV VX.n NN .'. Om .n b N NN Nb b 0 N f ^O N r d 0 0 9 a. 3 N N N lV N N rN .1 N N H ry 9 ga ^ate XN XN hot Xo ;IF .�V. Xf Xb Xn I. i nn b ..O Nf.l b ma O Nn f n m.N a . . . . .na m.. nN mr ar oo f0. fj� 3 y0 O� Ob Om OO Or. Or Or Or NN N OO Lb Q Ot ■ W O 0 _ 9 a s Xr Xv. gel Xb Xn Xr gr. L.fi X.. go U a6 7 8 O bb ..b fr bn = .ON bN son fa S' .J Y met a'O Nee me'{ eg '0r Nr aV. mm mC{ y G b'. O'G .IN at-- NO% NN oON db m .1G ffi 8 . C NC nr MICA NN n0. br MW bn '0 f Y .• Q n in a '0 O K N m N ! f'^ U U C7a .e a 0 ^ •^• a :3 4 4 4 4 4 a m 7.111 O 2 m Q ` 2 2 Q. rm = e e c °e a S e e • to \°p.. e- \°00 to e M tN too \°.. e g O °00 000 g70 O.-. On °Oh 000 •e'j OC O� 0ee OM OHO OVA 00 000 O� a 0.:r ow otri owl 9.0i. Cps Cv1 On In OA p O^0 O^^ OON 0-. O„ O.T 000 O7 OM O.N. W.O1+12 4 F •gym ■.p ■In ■b O y N N .-, ■ N app Ipp 222333 fie+ pppp,, e e e e a e e a 3 W m gpm. eO nR °v1.^. eO a,. e n a b gel ea 'a IF y H �+ .07 NeY 7N Ova b0. �m �ve'0i emelh ryv�1� �O v, Y t. bm 4N ttelm Nm me mao 41 ha N. v O O a o 00 o ee In h mo n a q "^L •y% W ui N b .p a0 .N. ytey gam. G = I IQQ_ U .y e N a�p a ea e T a \° ° \° \° \°m co O Opp ye g00 00 ON a0`O N00 ech Q.b N_ 1�eN.f Fpm < I 8jo t� .j� y O t-:- 1yv1 �O 'pen nn Oi 'nun Ol^ O00 COQ 0 'O 1 on �w as .+N ..f -F4 ^N4 Ml NN Nn N7 N.O NN S g g .e 'OHO a Cc' O t N N N M h V°1 v eenn °v e ,g Q I 0 .. I O e 41 e 7 e v e n e h e n \°e0 a b e v a.Nr C 4 5 E 0 mo NN eo vNO eon °On b.. WM OW O .3 *O y� ....h 00. CO O, * C.. . N Neo Ntri OM Om $,�.5$y C .N-, .M., 00 00 m 00 r M N. 5a� ^ v M N v _ 5 t i . 0 8 m t g e e e e e e a en ei A 5 e < e oo e0 a e1 a.0 a N e M a O. em a N 0 E NN MCC ull.+ ■M NM On NO. OW NUn Nn S O a NC 000 MM N.-� VO OOH l�� bn nh !fin a Z444 N N N N N N �M M en � > C Sra '$9ga� $ c O. . gg Z ....!N ei, ten en eo ev, eo to e v e'n 5 e V 5a" a 0 Z C v tart, Ne'1 vv1.n Om 0.0 we em. on .off 0 4.41 ta...� e1 net a Ov eej via ho a IgPi WI E" w°e t ..o NN ..n -M NC . 3 —N ..v1 ..vl om IS A S 8 iy7°Mg$W��f 1 WOVJ V ..r N N enn en N N N N N ^ i W ij gst-�7 .5 OAeN gave t'O tO% em. em em en e.e ea 11 I i s ° 1 Z oN MO e� all 74 In NN 00' vn slat .�{ SjS m C Qa. N„ NM ^� O^ '-Zr. en mq v1 _g G^ ON a'C 2q a., 0 400 N M N N m N ■ li V°.∎Q oP. 2 e e e e e e e e e e i O E a 0 e< e R e m a N e m e.. a.0 em e N 0 3L O' 'o' ���j"+' °� O.O NO. n.0 nm On Om 000. V100 m0. n 9 Q.0 to 7' O? O.O� ON .pm 0.7 Oa0 V1� Q. _ ijil C e+10 m`° `^O. eV0 vN Nem.1 `^0 vInn `^ON. °tM„ .v 7 h e �o e n N 'C '� , ii.a 1. a 5e S° S y S ._ e e e e e e e e e e z r e M a e0 a, a 00 eN a.0 a.0 a N e.p m F ° 0 41 t- - 42 Men WnN p.ln No° Null bh eenN NN II'T ^.p f 1 U 7O NW Nun iV ■in NO 7V 0 ), O o R ■.+M enr - V1■: 040C trig .p.+ NV1 m0 NO. Nn -fj'Ug mom{ 0 G, a 00.0 NN vlvf vlp. OM ism a0N my 0000 v.. , 0.0. 5 M N O T n In v O L O O 0 .N.. .m.. ti .,. ^ u S p°n a0 ' ae t .6 l'� : eS a N a a aS �+ 5c 9 't.•e o 0 0 0 0 0 0 0 0 = - 3 ' i '$ 41 5.� 04 W v v v v vv Tr v v v en S 4 .U9 .P, 5 A O A N O. • V. eM gG si" s7' gq WA s � sn gi sg g, V O O 0 N Cl N NI Q h b 6 °e " g ' $ ' I ' 1 ' 1 ' 1 ' 1 ' es 4n 4 / gee o O 0 0 O 0 0 OO Oy O N ■ Mk C- 2 de- f% co x$ xu A$ Nm Zee Xoe �X`+e g ' oo Qn mm Qw' moo �o ,om ryt; .vim Q,y OA.E0. N N tV N N N 0 4 is I W al m gm v� gm Nip all a .OV e0 -`'O -O Moo m' oq 4.4. US. Qa p h A °a°S S'^ ap QNN aA o' maR ao °m'$,_ 8'_ r 9 (� = e o e N N e Y, YI a �.�3 c8 00 (� W 0 - a O tie t Xa' Xm o' em n X— a to' Xe Xm g m 0 im :aa" <� AP Me e� $ A$ WA ga mo NN s CO a NN .�^ ..ry —r .�N '- oyf .■n ..N ..p NCO ppN . . E N O' N A N N OA N � b P F o. 8 xx ! g� u. h� vXim v.°,` X� Y' Xa- ee°I n� N� F� a 9 1 . rY.. en WI WI vI- eg vI. he YI'' WIN e� " .0.� I ml �e�°,� o� oe Om mg o$ og og mg om ov v ° T Y ,.7„tq a u X�' gr. X °o' Xa be .n o' Xm XY, lE ,a O meld ;°a "e.In N8 _S'e $mn °0 S e o p RN ^'o Is .Q'a _- 6R o6 ov on a— O.= O^n' On arc ON o^ °a 0. a� 2 - g a at 5 a a] t w z.c� Y Xq' Xo X� X- Xw 8 °� Io 8 wl O . a a en,i, nQ n Y'm O 0 N p� (.> gi Q3 nn enm nn am my n� a '^ e. 0Vz .yg eVI whet n e'o "+VI nisei Ina "+„� ^N '^a rimer'o %. 4 a a Q e Q e Yt e n Y, m •m B t ' S a g m n v°O a 0 e E" .g 0 U X— goo gm X'o gn 5'm Xm gm em X o� m A O poi a n YIN not 'C 91 (IV 'n n'.I Q �'a Oo 00 a Jr m m °m O "w a ° -^g - -m --oa °'m °°a mo o:g a'rai mg ,� 1.9 1 0. a m $ p m : g ° — ° x x J gh X i a gr.,. �°e� 5.� gm Xm X'o It. Xo �+ X'n O1 ''Dp a Y' Y+'o N C n o' NM 'o Niel Pd.` y 3 'o 0. °^ayYYYeIII O.m QY' Yl Nt1 'Om QYl NN 0.-:N i a . 6 - 4 NN N.0 N" mm r10 Q^ Q— QN QYI e000 u Y m N N ri v n w 'd 'd 'd v of a 9 9 „� 9 g 3 1 o_g H 8 anNmW E0VII TO [�N xO NYI O'In Y'O Ve. NQ 7 .�Y am A H■aL 0 mb 'OYI QVN mN YIC Nm N�NI NC 'ON S" O tl s Y C 0.Y -∎ _'c -p c c" '"gi ..N N N -ti m F i" ■=10. 0' N .� w oaC .9`ow 1 V. alt s OX'Ya, gg em em $y em Xo' gSN X ' ' O g F 9 4.14 VO OVp'' In NON TQ -- mC 'OON Pty NC NW\ O ! 9 p -N r...&OT O^ 'nod fir. 00' ore oo' 'OIn oCm O = 4 . 1 1 I $ N m QN n; Vg m M e1Q NON. 9 0 C1 p� Zl T q 0. M R. Op. r e Yi vi h r Yi r w, N :R 0.Y >H x F `4 gg,, QQ' °u W e d 'o n m 00 " ^ Y V 0.0. C e - C O e e V O 00 0', o'0 om Co oN o0 ON to.0 — om T SS pC o op" o- RS SS 'DP ov; qt-. o {- �o 0 o0'C oN oee' O'o OM ON Co OM ON Oen [� N b a �.V.. �N '-.00 �.O'O- ,O. n � m '-' N m u d N N N e•i M M M en ter < Bo j8 Y 9'i a,- a'o ea en epo.e em to a — ern Ito gGof Y. .N NN @N NN 011 NT VN Nemn eel .0'O Oo pip - C� my �O' 7M M NNCO eYm fV �O NOS V ■- = O VY N CO OO m O. O. m N 11'42 X 3 o 111 t p 4N E. e'Vo eN e'o ea em to o° m p- a o M M t-:1-. .3 N o OM,a O N nn .NO .-- 'I 'S N.O aL'F$oE'O v.m• „n N.N.. Nn ' MN M- Nro M ,NMn Q\ b V - °D^ O e H • • - M �- a 3 S c ■ d e. e m e.n et- to' en e- ten to to 2 0 0 am N0, ON earl.-. Na NO ON NIA ppN WIN and t I. 0.0 NO MN Nom- o' '0 N V. 7 ,i: e•i N V m M O V 0o n1 O V'N N t+i N N N - e+l a N O C o m O - 0 - 0 0 � 0.14:n. 8 69 m ea m� °� ma inm 0000 aV AV No ea,— mM N''DO N''00 o°o ,0n a >,E. �a HO �m ie2 bV N- roc Oen eiN qt all' .Oa Mm b � �u� Og one say sic era r-. Nee .6m .ON? .dm .dv vio. 5- $ .i . T. a W a N N N N N N N N N N O G W H lag a. '� p� e,n ea eo. e- to to eN tN� em em . Qa OQa 7 NV m- ma mm mm VO NV N ,e NM 'sew a�F< O Nb Nov mm MM 1N MN Na ; O NV U A op}. .'^..0. .vi NN men o ern NV °e N °a.N. 00 ,M- 66 /A t'^ef CRRR��-s'C a zaa G4� en en en M en en en en en en ^; G P' a GGG3 O p� < VU . .° ea a to en eV eN ;AO em e - ° M g3 xix� y C O, O, ,n.0 NV MM my, OW NO of V �io6 2i Q ; VON VN. NN. p'N NO, rim- O.N N mM m . .1 � 7 or B IS en NW Om CNN ON mN o N ofN� v .o - N W J 4 eenn en N en en -V en ma en •-e N 80 '1 ._ cc p , 04 y gE8L �y to e- eN e.0 e'0 ea em ea e ,n em �s03 e Y NO' inc VM m'a V Om ON N 'O NV NN X00 . . -,- 6. m a MO MN WO WIN N,0 OHO m .- MCI I Nom m g! . >, a 'CM .NN NM NW .V.,.O Nw —a ON my vm ppO 7 a < V e —h v v < —a — ? .0+ W O H � � S$ p e ®s ;= to eN eN em eel e N to e . et- a i .,2`� � [' s p u O 0 0 m N ,�O.O NO O, 00 Co 'N°.MO n 0 ,Nn emn ee,, OM. 0 L' � fl •_. (I] o ■ mm ^m ..O NN .ro M,� of.r 'O - NW *eT M= 00 .40-12 .2 M O' -N m -a -N -m - N - m Co o$� Q v — M M M M M N in 'O in N . p a Op «i p E w e >y a 09 e. e- e e eo em eb e , em oral elms;pd - mn oeiN N-- odN -.o 'dN NNE ON — en ao R u 2e __ = WOO N N N N -M '-.O V M — V 0V O 9 p a aaaLLLpfff L AAR'� 0 r >, p G 0 p em em *N QM eN a.- em eN eV eO a Q0Oo V 0 N.- V N Ow N,C NN M m'e WO WO N >,.. .s g e n vi rn M V a ,o n en X0'0 N o' a n RN ry eh °' .5 o l.. e bN N`0' O MN aN NM NO' ewN Nm V O 0 O yA— „n- .a- N0 NN No Na Ng NO NV M ? S oo ,o 4 e - .-- - p= p y ., g a o.g Y '4 0 e 0= m 00' O' 0' V' a' M M o' Om' H 43'21 a a a a a o, a a a a o U w 0 Ca C las Qj u C,5 ..S > 04-1 11:1000 m■D al u m w u u « o a, g v a t go �a=CSC m 0 M0)4 ea Nvoot, ommOO as u 0 9 • aaoo0a`MOd o o� d� c GL.9 yFF bog U g u we 0 ^ a0i 0 >w E l g 0 0-m a" a ��wo o�� �� m '91 6 � O1•000m OVI • oovv u N i] O�'� ed aOM C tflOOOOOOov 'SINN u � _ o is .0. , ,e3I� tr a v"OO r- Dorm 0'� .o 0 V o ='o tu u ?'� [r N�d'� 0 .. N .N. mm O O 0 re -z �v't a 9 It o E.r).� 5 m « Or g .5 .=.-r 9 u V m F4U T- a a,ac8 .. a,'sa 3 ON a04q Out M1000MOM..NN , m-20%}'�•-1 w 04.0•-• 7 r7 F ua+ OONOOnovloo0 w 1020 u o a id b ►y °i Et 14 dOOao OeiaCOa oC� m u'5 u� �F'E1 d U� ?U a m0' rnrno aoa as c 9 d ›,.. , ,000 0 or: a+ a+Ey •e u• 0 „=Moo o m Ca'��rl �F deb„ d� �� 0 W z�� mS =� o 'NO" F o� gg � o Ed+ aWf�. N a 1ONOOVNVI .. N'OS = 00 a0i u ua�j 'b O M O cm:.v.. V 1O N%O OO 't N O N a0 O c T 'dam � T �r ra o0 .-• O m •-�00oN pp -O b a A F y OMNP-v1 enen 0 Q• m N a a .1 V'O 0 F .. eoo O .-+ M MOMS yy Fi a m m O ilk<F ..°• N000vv'Umm �m T... d m v1 u�� C E"m F U ss vi�vivivivivivl vi ��= d M `a m m +fie .2 Or4 -0 tg v1 M\ONM ov1v1 O " - > �+Cv_ « a M R0,7mNNa0N g 'a'j a ,•T 0 8r._-. E" Go Ts M4a1000OO'O•o1Orn a a b .. o� -0 arnol °1 a+0 - OO1.:NNN.:.-:N.+ y 0 >� § 0 0.aaa ON it .. O v01M1ON V1 Mm V V OZ q O m �j E„y M 010\..�v1 .000000101 u .y d G .S 0 0 O N &.1 vi∎ov1viviviintnvi lo a� u.e. u � 'q — Fi D o « I gi^� � .6 -0� Q C u S O WO � u co 0 .. O ,-• NM � v1ONMW 0 p O6 s. w E• bM• u o rnarno rnrnrnaaa J � « . '8 .o r4 � m� � u -- 000000000 -tie �cmQ\cmQme = u d u 0 ad 0 O.0 , vv{sap,iW � 8.O g o� >' aaa 4 _ m�d g -4 °�° g v a 1 w .e go 441 t us. 00010 - NM 'tv1101- o = g'4 �+ O u���' •� O .4 a¢ OoOOaaaaoholoACA F U W waL3 Fv]'0 'O F� wi t) o1 0 a Oi c7, 0 01 0101 0\ F .. N M 4 TABLE 4 VILLAGE OF MORTON GROVE,ILLINOIS ASSESSED AND ESTIMATED ACTUAL VALUE OF TAXABLE PROPERTY' LAST TEN FISCAL PERIODS' Ratio of Total Assessed Value Real Property to Total Tax Levy Equalized Estimated Estimated Actual Year Assessed Value Actual Value Value 1988 $275,889,067 $ 827,749,976 33.33% 1989 346,941,601 1,040,928,895 33.33% 1990 " 365,190,900 1,095,682,268 33.33% 1991 371,026,380 1,113,079,140 33.33% 1992 429,611,056 1,288,962,064 33.33% _- 1993 441,564,117 1,324,824,833 33.33% 1994 433,014,535 1,299,173,522 33.33% 1995 472,188,805 1,416,708,086 33.33% 1996 477,122,412 1,431,510,387 33.33% 1997 478,928,650 1,436,929,643 33.33% 1• Personal property tax was abolished by the State of Illinois in 1979. Therefore, no amounts are indicated for the Personal Property Section. 2 Information related to the 1998 tax levy was not available at the time this report was prepared. The most current information available is fix the 1997 tax year and April 30, 1998 fiscal year. 103 CC 0 a0i wit Kr�.b�.�. to 4. 1 Ca a+ Q 000110 V1't MCTO1NM 2 ^ W E • 49 Let y V't7. Ct 4OO.6 CTo C�nt` .D p «1000 m V ra, Z"LI0A ti NN cn'n tN'Ob41O 0 4CI V °°'� �r m Q �.H8a:� 3 ts W a.&I o en am v 'o t, O Vd A,1 0 u 0 �" CC 04-1 N V V 'O N.r V1 M V1 0 C. 01 0 d ya c� N F O N'Ow. v°1i� 101� N10M0ON01 [�[� >y 09 2 i a�'a V W0 0 0 0 we)1 - - tV tV N M M N N� Qom• O C O.co A +'0aQa O1 .0 OOmS 0 W 0 �:a tat sa .--,, Elo .ncag9 w olr .nvorn'o - - o a � a•w m • V 0 00 01 00 01 0 vt 0010N — �a au —O Tr v1 ON 10 0t10 Tr M "' �. V 4g O F __ •1+ L cn1vt OMVi.--i777 Vw0 8 0'O a m V V 00N000tn0 ht-— 00 V p Cl) - Z C' IO �N �M10 — NM Cl in 41 IV� �U ° M �'dt Q °Ui' a vi oOO -0 0"vid"cnN y.W .apt U 8 & 'o ▪H — V —MVt %OO10N00001 N� -.0 �:O m a. 0 OW A 0" Vr�10TrONOer OiN •ov p,�' o T 1 Xi n L' 0 a 1041 10.. Mamt`viv 0.01 '2'2JD'0� In A vl u� CIO OM Cn O MtaNO m,.. W 0 = 14 fr4 44 14 44 r7 U bco is a'a' 0 o A OW osmov .. H a m a ® V d V — a b� O0W a 00000vtoo— T01 �v� V�� WE n m V 00000 t. M'OccnnM 0'$Q 'O 1 NQi s E., .e u.A are-. vivirN01vt-- 020 5 q 0n0 V 0 C C V 'tmN —M7007MV1 COQ r5 wen 4-• 0 W Ad L y'� •-•— N n b t-<r'0 10 cn _., a s.m CA O 'o C7Wa 0 C4 C 10t`0:N—n10InTrN '.'mp'V 0 'OUP" " O Xi .0 z- W V O. �@ a0 ... b m.g o O 1c.�. dp —O Obn .r. v'. N CD CD "a d O� O 'O 00 co v1 —MO -1n1r T m ��' a; g o V ��MO —v1 x071010 q� co 0 0•p F+ .gy. a . Ia eI — 010•-• v v ao NOti 01i 8 m a• °per 701 NNO .-, 00NNN 44.1.4 O m .0 sQ R D\.. 0 o v1 0 — .. O1 0A O.4: .V m1 0 ++ il p•m� 1p v — O —MNNW m O ,,,,,,��1••• 7 m O.0 CO'i a W W C 7 10 N N 7 M t—N t-[- i 2 7 M M M 7 7 7 7 7 7 7 F e b W 2T v " 0.a.0 t- C S '• ao '� E'4 1 O o 0 0 M M M M e n M M M 0 0.�,p g c a Q W r:. OONNNNNt-NN 1j' ,O a3 �• W N7M MMM Myna en a t �c0 >No ,m_.O O 7 4'N N N N N NNNN .C. 01 a �••' d\ NNNNN NNNNN . V •a p w 0 6m1� O CO 1..64'11 � k0 P+� O .-' NM 74110 t` 00 GO Prp. V O.G 0� T 0\ 0101010\Ot o.01T lic p c s Ccti N aV,C C 7 7 R 7 Tr Vim'Tr Vim'N •• W - TABLE 6 VILLAGE OF MORTON GROVE,ILLINOIS LEGAL DEBT MARGIN December 31. 1998 The Village is a home rule municipality. A special referendum was held on March 18, 1980 • confirming the home rule status of the Village. Article VII, Section 6(k) of the 1970 Illinois constitution governs computation of the legal debt margin "The General Assembly may limit by law the amount and require referendum approval of debt to be incurred by home rule municipalities, payable from ad valorem property tax receipts, only in excess of the following percentages of the assessed value of its taxable property:. . .(3) if its population is 25,000 or less, an aggregate of one half. 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. 105 TABLE 7 VILLAGE OF MORTON GROVE.ILLINOIS RATIO OF ANNUAL DEBT SERVICE EXPENDITURES FOR GENERAL BONDED DEBT'TO TOTAL GENERAL GOVERNMENTAL EXPENDITURES LAST TEN FISCAL PERIODS Ratio of Total Debt Service Fiscal Interest and General To General Period Paying Agent Total Debt Governmental Governmental Ending Principal Fees Service' Expenditures2'3 Expenditures 4/30/90 $ :512,398 $522,287 $1,034,685 $ 12,684,130 8.16 4/30/91 809,404 514,899 1,324,303 14,937,560 8.87 4/30/92 1,049,522 451,658 1,501,180 18,570,047 8.08 4/30/93 1,749,234 547,097 2,296,331 19,613,252 :8.54 4/30/94 1,114,960 448,611 1,563,571 15,352,931 10.18 4/30/95 1,228,908 875,991 2,104,899 18,299,391 11.50 4/30/96 1,281,105 843,894 2,124,999 21,083,238 10.08 4/30/97 1,266,328 754,081 2,020,409 20,145,938 10.03 4/30/98 1,439,991 730,997 2,170,988 19,938,309 10.89 12/30/984 1,028,904 725,340 1,755,684 21,266,304 8.26 ' Includes all general obligation bonds including 1992 Special Service Area#1, installment purchase contracts, and mortgages on Village Hall and Public Works buildings. Excludes Water Revenue Bonds and Enterprise Fund share of debt. Prior to the 1993 fiscal year, Table 7 included the Debt Service of both the Village and the Morton Grove Library. Beginning with the 1993 fiscal year,the Table includes only the debt service of the Village (as Primary Government) and excludes the debt of the Library as the library is considered a component unit pursuant to GASB#14. 2 Includes expenditures of General, Special Revenue, Debt Service and Capital Projects Funds, as well as operating transfers out of these funds. Prior to the 1993 fiscal year, Table 7 included the Debt Service of both the Village and the Morton Grove Library. Beginning with the 1993 fiscal year, the Table includes only the debt service of the Village (as Primary Government) and excludes the debt of the Library as the Library is considered a component unit pursuant to GASB#14. 3 Excludes$2,141,484 in payments to bond trustee during 1992 fiscal year. 4 Represents an eight month transition period due to a change in fiscal year ending date. The fiscal year ending date was changed from 4/30 to 12/31. 106 61 .-+ CO q N R! 6 °v001NOaoo .°nVOi .~•+N100 g Q" I �; NG . . MCl I�M .'•MMMM �. .. •p O� �ed O WC = m V 9a m ° QO ea .0 °: 2 O .0 `r en I� V• 000 M .+10 V1 Q1N �O1 n; 00N •-• M00 N0010NM -� N 00 r O M V1 �O 01 V1 V1 N 0 N .-r .--� N t+ .. F en 10 V"N01DOOi 10.O °. w 69-W 90 Cp N N N V1 M V' N N .• CN 0 a p 07V I I 88 � L b 73 a a .a ' 1:—.++, N 00V•00010 Naples r .0 °m' d ttm'a' °� 00 N.-. .+ O lV,,, ONNvM1c�nN.V) 0iin 'd P 3 .w 5.9 � 00 en--1 s"% 1 V)M O W N g a0 F. C .-'NN .r.O M MM N .r m oit I••1 a - N I tb'v 4 �h�.a of a 0 .a 'C Fl pyp C C m OV• m � V1 N10N VI p v v�j m Ile 000-�tt N.-- MOab �� 0 �--� M V1 V'•••�M 10 D\ fn 8 1/42 a 0 0 V1 M amt 00'n .•N 00 01.+ 00 N .-. °p V A V' h V1 V10000C.. 010 -A 2 a` Nf .... .+ o of � 0y�Oa A� O Ned m W• V d ° I'o $ :w 8 .E a AV 3 � 1 y, M k „ o Qpp���]i Qi"i p 42 .• U 00100 et Cl V• 01 V' C .0 C 18DI O w m .. E aiA �I C.pm N 017001.00 .O.+V' 00 p� �. m p m4°i 0 W W P.,p ° tt 0C 0.0 N V"p- O 1p -6'd ° •A O.^7 a0 '� F .-+v1007 N 00 l� 00M w' ad3 ae z N V'Vl N N el- V'V• Vi O m I '� In P .4 D�ri Z•4A in ds i tAil cc, u- 1�01� N 0oo O7000 • i _ Aa+ o 0 �O1 0R 'C-10 .. .210 "1 V' M e-5 °1 �A tre▪ y .. o0"O V"l�ao"o�rnvi vi d ° m 700 m $; d• • 1. 20 O h.-.10 h N P V' M '0 m N '—'Al 'fl ~V cW HV"NNNNNNN� 4 d 3g3 0 t X33 m B 'O O '00 7 Oa0 G a co exit 1 1- 7 41 10 N N M o0 N 7 2 O C so f■I m d N M •V''V 00 01 M 1■ O. '-• N �`S7 '� w 4" g •C7 40 C b- an 1000 .•V100 ON b C 0 „I N N a] C�.-. n y Vi 00-I-000MCiOMN r •�:: 0 5 ? i Ft `a ° O i N\O en .M V`0100V1 r- 4P t) N.� m .m+ r+ L , 000 V;7 tel 7 0 '1 O V' Ci .9. m a+ L. O G.yCG 6M9�MNNNe+iacmt a`3 9'� m v •^� �v _ _ 7 b0 .+'.LG� m UI N V1 �C.C 0 .• NM0- V1101� 0000 `' 45 V.�-�6N9 W�-• 'O 77777701010. 7 Q C 00000 0 0 0 0 - 000000000 — .. N n a h •a 41•C 'O en .I1 Cy M M M M S1 Ln fn Gzap; W vV• V• vvvvV• vN N •-- MOOmNme■N0,O ‘OV'••"f0O000\ 1/4000 .-. a V0m0000Vd11-, .nd-NwI Naoavvo ,1 ON Nf•fo0N1n .„V'MONO1OV.V.V.V. •„ OOO 1'" •" NMNMNNN 0 10 •OONNt.,0No V1O, 000, V•N.. O,10NMOO — '0 01 V M1-1 WIONN‘ON000NTO'.ONlVO .-. O\ NNOOV:v1OMNOAN°lOV•v, V.et — OOO t O ~ •+ NMNMNN.- w E •S q C' b N 000 .„ O V1 V' M M M N V1 Vf N W b V1 00 ,- C1 mN0 00 00 00 10NOMN00, OfONv 0 .•„ I 0 t0 MNO�NOOttn.C.V.•" OO .,q M •"- — NMNMNN— .-- •0 O V NV'OOOOV1NNhV1V1MMVnmVfOOf00o0OV1 2 8 C\ V' oo M oo 1O N M M V1 0• N 0. O V1 OO V1 O O\ o a C1 tnN PV.fOMV1MONONOV:V»V----0OV.•- 1-1 MM Ci M ti fV f`I • 0 0 n7 M 1-10kONNO0 1.•NOOMN .• O' V101 'OO' OO .- O�. 8 . .. O01 .."f000et nNIOWI O .„ .tea NNOO V.MN ' .-• O'.NO'.O ' V•etet- 0OO & NMNc'W m o CL Q4 lV f000NNO —.--.OM 0.10 MOr•t� M MN 00O 8 1 °0 V1 V' N O .-•f0 O•O M N'.o t-- M O V' V'V1 O.•. - � - a NN NO1 +NNONei" 0. .v. .d:•+ OOO o� t �7 �„" a NNNNNN- ■� t a )7 c' 01 t�OV' CON %N V'M V'N •r WN N N OO N 4 m an�yy "'� [� 1�.•� MV1N .+ O t�[�1O 1000 .-+ M !` f0 vlO .•� Ri CC W _I - NO,MNN0I dc.1 N a 0 a 0 :1= 4 O W W� O ooNV• h0 OOONOoOOcOV1t- N00OOVt00N U 0� ON .•-i 10 %0 °1 fO fO b b M O b OO N O1 V1 O Vf M O .••• di .5 CO ►a M C1 V' N °1MNOON�+ NNOOV1V. cn � — OOO 'O ta.• O M FFWr .� .: NMNNNN." .+ 00 ."cg 0 F Wa Z eats OO1NOfONw1 V'0t.00 °1N V'V' V' N V' °1N �p m m it WW 00 b V1 M v„... m t--V•f0 V• 0,N n - -'O M O ." A F C\ V••NOONONO .�10.-. O -— '.O m00 � 0 g o' W4241-1 0 " 01 OO 000o000O,cr .0 .•.0000 ."f0V1f0 V• NOV1 C �/ 0o 0 141 f0 OO f0 M V' M t-0 N O M M ."f0 0 V' .„ .-• 2 M l h g C1 CO N V1 00 .. O\ M N oo.••. .•. .••� V1 V1 V:V'.. O O 0 0) 0•Fd 0 4.4 g e" �E.... �i 0 0 i0 cd m 0 CO ONO a M M >33, ,s 0. in q F' ai a o O N 0 a) t4 a 4t t u t a) N ca 0 co m .+ .° U 0 10.. u0. O ��O �. x A 'AA °o,, A� a .5 °n, q,o o ›.05 cCF) tio stAA�j aP� °A14''3�paO 4 1y _mmmm .00 �SSt;6 da EE A F F m Wd ° AAAAA q 0 0 ad� .4 E2 ° g.q c .a tO00000OOr4WSUU0 °o °.50 INS. 0 . « m t ° ° 0 0 °s.r) -g-� .� O O cr",1 v U U U•�•^OO 0 0 0 ° 0.0" m,-..0 0 O E- . �Atntnr�tnM= 0°of �C7.4ZMZ M TABLE 10 VILLAGE OF MORTON GROVE.ILLINOIS COMPUTATION OF DIRECT AND OVERLAPPING GENERAL OBLIGATION DEBT April 30, 19983 Percentage Vil lage of of Debt Morton ■ Applicable Grove's to Village of Share of Governmental Unit Gross Debt Morton Grove Debt Village of Morton Grovel $ 16,078,000 100.00% $ 16,078,00 Morton Grove Library 57,000 100.00 57,000 Metro Water Reclamation Dist. 985,320,000 0.65 6,416,015 Cook County2 1,546,600,000 0.64 9,854,302 Cook County Forest Preserve 43,305,000 0.64 275,922 School District#63 21,190,000 12.90 2,734,393 School District #67 3,595,000 70.76 2,543,804 s School District#68 6,410,000 0.50 32,143 School District#69 6,550,000 14.75 965,830 School District#70 1,580,000 64.18 1,014,070 School District#71 6,270,000 10.11 643,111 High School District#207 16,540,000 3.22 532,189 High School District#219 29,281,000 15.64 4,580,612 Morton Grove Park District 1,515,000 99.21 1,503,030 Skokie Park District 33,955,000 0.39 132,176 Glenview Park District 17.622.000 0.32 55.649 Totals $2331908 000 $47 409 246 Source of Data: Cook County Tax Extension Office 1 Includes General Obligation Bonds, notes, Capulina g rids, all installment no loans to IEPA for and Parkview Sewer rehabilitation projects, mandated sewer rehabilitation loans financed through sewer use fees, and 1959 and 1965 Water Revenue Bonds. 2 Excludes Chicago Public Building Commission Bonds. . 3 Due to an unusual delay in the release of 1998 tax information by the County, the most current information available is for the 1997 tax year and April 30, 1998 fiscal year. 109 TABLE 11 VILLAGE OF MORTON GROVE, ILLINOIS MISCELLANEOUS STATISTICS December 31. 1998 1. Date of Incorporation: December 24, 1895 2. Form of Government: Seven Member Board of Trustees including Mayor,Village Administrator appointed by Board of Trustees 3. Area-Square Miles: 5.2(1/3 of which is recreational-Forest Preserve or Park District) 4. Miles of Streets: 64.89 5. Number of Metered Water Customers: 7,692 6. Water System Pumping Capacity: 20,160,000 Gallons Per Day 7. Present Water Consumption 3,484,000 Gallons Per Day 8. Police Protection: 46 Sworn Full-Time Officers 8 Full-Time Civilian Dispatchers 11 Full-Time Civilian Staff Support 18 Part-Time School Crossing Guards 9. Fire Protection 43 Sworn Full-Time Firefighters 2 Full-Time Civilian Staff Support 2 Fire Stations Insurance Class Rating-3 10. Number of Employees: 170 Full-Time 42 Part-Time 11. Recreation Parks-73.14 acres Playgrounds- 13 Swimming Pools-2 12. Education 5 -Elementary Schools 2-Special Education Schools 1 -Junior High School 13. Census: 1950 - 3,926 1960 - 20,533 1970 - 26,369 1980 - 23,747 1990 - 22,408 1991 - 22,373 (revised) 14. Median Household Income: $47,808 (Ranked 35 out of 130 Cook County Communities per 1990 census) 110 TABLE 12 VILLAGE OF MORTON GROVE,ILLINOIS PERMIT FEES AND VALUE OF CONSTRUCTION LAST TEN FISCAL PERIODS i Fiscal i Period Number of Fees Value of 1 En din¢ Permits Issued Generated Construction E i 4/30/90 789 $ 151,819 $ 12,817,691 4/30/91 1,219 89,379 9,093,151 4/30/92 1,656 132,215 10,792,298 4/30/93 720 109,010 8,597,989 4/30/94 631 120,710 9,543,587 4/30/95 642 130,080 10,969,941 en 4/30/96 650 158,812 22,888,028 r 4/30/97 721 155,882 19,059,121 4/30/98 703 207,986 9,634,513 12/31/981 574 79,594 8,349,675 Source: Village Building Department. Note: The table reporting deposit information with the two major banks in Morton Grove has been omitted. The information has become less pertinent for two reasons: (1) a major bank in Morton Grove is no longer considered an individual, independent bank — but a branch of a major bank holding company and, accordingly, does not report deposits by individual locations, and (2) citizens increasingly use the services of banks that may not be in their immediate geographical area. Accordingly, information on bank deposits is being omitted from this table. 1 Represents an eight month transition period due to a change in fiscal year ending date. The fiscal year ending was changed from 4/30 to 12/31. -- 111 TABLE 13 VILLAGE OF MORTON GROVE.ILLINOIS PRINCIPAL TAXPAYERS Aiwa 30,19981 1997 Percentage Equalized of Total Assessed Assessed Taxpavers Type of Business Valuation Valuation Federal Center, Inc. - Shopping Center $ 14,379,579 3.00% Rose Real Estate& Development Office&Warehouse Bldgs. 13,461,636 2.81 Bell&Gossett Pumps, Compressors& Valve Manufacturer 8,695,131 1.82 Avon Cosmetics,Beauty Aids 8,623,546 1.81 Marvin F.Poer& Co. (Crane) Packing Materials Mfg. 7,151,283 1.49 Schwartz Paper Co. Paper Goods Distributor 7,038,694 1.47 Lawnware Products Patio Furniture 5,443,843 1.14 3 Com Computer Accessory 4,941,913 1.03 Manufacturer Schwinge Family Ltd. Shopping Centers 4,545,811 0.95 Highland Square Shopping Center 4.503.309 0.94 Total of Principal Taxpayers $ 78.783.745 16.45°A Total Village Equalized Assessed Valuation-1997 $ 478 928 650 100.00% Source: Cook County Tax Extension Office I Due to an unusual delay in the release of 1998 tax information by the County, the most current information available is for the 1997 tax year and April 30, 1998 fiscal year. 112 TABLE 14 VILLAGE OF MORTON GROVE,ILLINOIS EOIIALIZE.n ASSESSED VALUATION(EAV)AND OTHER DEMOGRAPHIC INFORMATION , LAST TEN FISCAL PERIODS (5) (1) (2) (3) (1) (1) (4) f= Fiscal Average Per i Period School Unemployment Median Home Capita Ending Enrollment Population Rate Mig Value Income 4/30/90 15,266 24,200 3.2% 39.0 $ 153,855 $20,206 4/30/91 16,001 22,408 3.0% 42.7 $ 159,713 $20,206 4/30/92 16,450 22,373 4.6% 42.7 $ 171,334 $20,206 €, , 4/30/93 16,626 22,373 4.6% 43.0 $ 171,959 $20,206 4/30/94 17,107 22,373 4.7% 43.0 $ 173,737 $20,206 F 4/30/95 17,941 22,373 3.7% 43.0 $ 189,598 $20,206 4/30/96 18,148 22,373 3.2% 43.0 $ 184,321 $20,206 4/30/97 18,468 22,373 3.3% 43.0 $ 191,501 $20,206 4/30/98 18,937 22,373 3.1% 43.0 $ 202,578 $20,206 12/31/98 18,937 22,373 3.1% 43.0 $ 202,578 $20,206 (1) "Living in Greater Chicago" as published by Myers Communication Group. (2) Population for two of ten years is based on estimates provided by Village Community Development Department. For last eight years, it is based on the actual 1990 U.S. Canals (1992-1998 are revised 1990 census figures). (3) Illinois Bureau of Employment Security. (4) Northeastern Illinois Planning Commission has stated this has not been revised by the Census Bureau since the 1990 census. (5) The fiscal year ending date was changed from 4/30 to 12/31 beginning 5/1/1998. 113