VILLAGE OF PINGREE GROVE, ILLINOIS

VILLAGE OF PINGREE GROVE, ILLINOIS

COMPREHENSIVE ANNUAL FINANCIAL REPORT

FOR THE FISCAL YEAR ENDEDAPRIL 30, 2019


COMPREHENSIVE ANNUAL FINANCIAL REPORT

FOR THE FISCAL YEAR ENDED APRIL 30, 2019

Prepared by:

Finance Department


TABLE OF CONTENTS

12

Letter of Transmittal 3 - 67

INDEPENDENT AUDITORS' REPORT 8 - 9

MANAGEMENT’S DISCUSSION AND ANALYSIS 10 - 21

BASIC FINANCIAL STATEMENTS

Government-Wide Financial StatementsStatement of Net Position 22 - 23Statement of Activities 24 - 25

Fund Financial StatementsBalance Sheet – Governmental Funds 26 - 27Reconciliation of Total Governmental Fund Balance to the

Statement of Net Position – Governmental Activities 28Statement of Revenues, Expenditures and Changes in

Fund Balances – Governmental Funds 29 - 30Reconciliation of the Statement of Revenues, Expenditures and Changes in

Fund Balances to the Statement of Activities 31Statement of Net Position – Proprietary Fund 32 - 33Statement of Revenues, Expenses, and Changes in Net Position – Proprietary Fund 34Statement of Cash Flows – Proprietary Fund 35Statement of Fiduciary Net Position 36

Notes to Financial Statements 37 - 65

REQUIRED SUPPLEMENTARY INFORMATION

Schedule of Employer ContributionsIllinois Municipal Retirement Fund 66

Schedule of Changes in the Employer’s Net Pension Liability

Illinois Municipal Retirement Fund 67 - 68Schedule of Revenues, Expenditures and Changes in Fund Balance – Budget and Actual

General Fund 69

PAGE

INTRODUCTORY SECTION

Principal Officials Organizational Chart

Certificate of Achievement for Excellence in Financial Reporting

FINANCIAL SECTION


TABLE OF CONTENTS

OTHER SUPPLEMENTARY INFORMATION

Schedule of Revenues – Budget and Actual – General Fund. 70Schedule of Expenditures – Budget and Actual – General Fund 71 - 76Schedule of Revenues, Expenditures and Changes in Fund Balance – Budget and Actual

Debt Service Fund 77Capital Improvement – Capital Projects Fund 78

Schedule of Expenditures – Budget and Actual

Capital Improvement – Capital Projects Fund 79Schedule of Revenues, Expenditures and Changes in Fund Balance – Budget and Actual

Special Service Area #4 – Capital Projects Fund 80Combining Balance Sheet – Nonmajor Governmental Funds 81Combining Statement of Revenues, Expenditures and Changes in Fund Balance

Nonmajor Governmental Funds 82Schedule of Revenues, Expenditures and Changes in Fund Balance – Budget and Actual

Motor Fuel – Special Revenue Fund 83Schedule of Revenues, Expenditures and Changes in Fund Balance – Budget and Actual

Tax Increment Financing – Bell-Harris – Special Revenue Fund 84Schedule of Revenues, Expenditures and Changes in Fund Balance – Budget and Actual

Special Service Area #9 – Capital Projects Fund 85Schedule of Revenues, Expenses and Changes in Net Position – Budget and Actual

Water and Sewer – Enterprise Fund 86Schedule of Operating Expenses – Budget and Actual

Water and Sewer – Enterprise Fund 87 - 89Combining Statement of Changes in Assets and Liabilities

Special Service Areas – Agency Fund 90Consolidated Year-End Financial Report 91

PAGE

FINANCIAL SECTION – Continued


TABLE OF CONTENTS

Net Position by Component – Last Ten Fiscal Years 92 - 93Changes in Net Position – Last Ten Fiscal Years 94 - 95Fund Balances of Governmental Funds – Last Ten Fiscal Years 96 - 97Changes in Fund Balances for Governmental Funds – Last Ten Fiscal Years 98 - 99Assessed Value and Actual Value of Taxable Property – Last Ten Fiscal Years 100 - 101Direct and Overlapping Property Tax Rates – Last Ten Fiscal Years 102 - 103Principal Property Tax Payers – Current Fiscal Year and Nine Fiscal Years Ago 104Property Tax Levies and Collections – Last Ten Fiscal Years 105Ratios of Outstanding Debt by Type – Last Ten Fiscal Years 106 - 107Ratios of General Bonded Debt Outstanding – Last Ten Fiscal Years 108Schedule of Direct and Overlapping Governmental Activities Debt 109Schedule of Legal Debt Margin – Last Ten Fiscal Years 110 - 111Pledged-Revenue Coverage – Last Ten Fiscal Years 112Demographic and Economic Statistics – Last Ten Fiscal Years 113Principal Employers – Current Fiscal Year and Nine Fiscal Years Ago 114Full-Time Equivalent Village Government Employees by Function – Last Ten Fiscal Years 115Operating Indicators by Function/Program – Last Ten Fiscal Years 116 - 117Capital Asset Statistics by Function/Program – Last Ten Fiscal Years 118

PAGE

STATISTICAL SECTION (Unaudited)

INTRODUCTORY SECTION

This section includes miscellaneous data regarding the Village of Pingree Grove, Illinois including the List of Principal Officials, Organizational Chart, Transmittal Letter, and Certificate of Achievement for Excellence in Financial Reporting.


List of Principal Officials April 30, 2019

Title Name Term Expires

Village President Steve Wiedmeyer May, 2019

Trustee Robert Spieker May, 2019

Trustee Charles Pearson May, 2019

Trustee Bernard Thomas May, 2019

Trustee Patricia Dulkoski May, 2021

Trustee Joseph Hirschbein May, 2021

Trustee Amber Kubiak May, 2021

Village Attorney, Dean Frieders

Village Clerk, Dawn R. Grivetti

Finance Director, Karen Plaza

Public Works Director, Pat Doherty

1

VILLAGE OF PINGREE GROVE

ORGANIZATIONAL CHART

PLANNING & ZONING COMMISSION VILLAGE CLERK ATTORNEYLIQUOR COMMISSION FINANCE BUILDING INSPECTOREVENTS COMMITTEE POLICE ENGINEERPARKS COMMITTEE PUBLIC WORKS PLANNER

As of 4/30/2019

ADVISORY COMMISSIONSAND COMMITTEES

RESIDENTS OF PINGREE GROVE

VILLAGE PRESIDENT

BOARD OF TRUSTEES

PROFESSIONALSERVICES

VILLAGEDEPARTMEMTS

2

October 17, 2019 To The Village President, Members of the Village Board of Trustees, and the Citizens of the Village of Pingree Grove: The Comprehensive Annual Financial Report (CAFR) for the Village of Pingree Grove, for the year ending April 30, 2019 is hereby submitted. The CAFR is the management’s annual report to its

taxpayers, governing board, oversight bodies, investors and creditors. Village Management is responsible for all financial transactions for the Village of Pingree Grove and for the contents of this Comprehensive Annual Financial Report. We believe the data, as presented, is accurate in all material aspects and is reported in a manner designed to present fairly the financial position and results of operations of the various funds of the Village. All disclosures necessary to enable the reader to gain an understanding of the Village of Pingree Grove financial activities have been included. The Comprehensive Annual Financial Report consists of the Village’s representations concerning the

finances of the Village. Management assumes full responsibility for the completeness and reliability of all of the information presented in this report. To provide a reasonable basis for making these representations, management has continued to focus on the internal controls that are designed to protect the Village’s assets from loss, theft or misuse and to compile sufficiently reliable information for the

preparation of the Village’s financial statements in conformity with GAAP. Because the cost of a control should not exceed the benefits to be derived, the objective is to provide reasonable, rather than absolute assurance, that the financial statements are free of any material misstatements. Management continues to revise processes, implement internal controls, and establish new financial policies that allow us to successfully address the prior years’ accounting issues and meet the required

deadline for the issuance of this fiscal year’s report. Management asserts that, to the best of our knowledge and belief, this financial report is complete and reliable in all material respects.

3

Fiscal Management

Annually the Village adopts a budget that defines its legal spending authority. In January the Departments are given budgetary information, and in February the departments submit their requests to the Finance Director who prepares a budget by fund, department, function and activity. The budget is presented to the Village Board for review. The Village Board holds a public hearing and makes adjustments to the requested budgeted amounts. The Village’s budget is approved by the Village Board

by May 1st. State statutes require an annual audit by independent Certified Public Accountants. The Village of Pingree Grove selected the accounting firm of Lauterbach & Amen, LLP to conduct the annual audit. The auditor's report on the general-purpose financial statements and combining and individual fund statements and schedules is included in the financial section of this report.

Fiscal Report

Lauterbach & Amen, LLP has concluded that there was a reasonable basis for rendering an unmodified opinion that the Village of Pingree Grove’s financial statements for the fiscal year ended April 30, 2019, are presented fairly, in conformity with GAAP. The independent auditor’s report is located at the front

of the financial section of this report.

GAAP requires that management provide a narrative introduction, overview and analysis to accompany the basic financial statements in the form of Management’s Discussion and Analysis (MD&A). This

letter of transmittal is designed to complement the MD&A and is meant to be read in conjunction with it. The Village’s MD&A can be found immediately following the report of the independent auditors.

ECONOMIC CONDITION AND OUTLOOK

Local Economy

The Village of Pingree Grove was incorporated in 1907. The Village is a non-home rule community governed by a Village President (Mayor) and a six member Board of Trustees, elected for overlapping four-year terms. The Board now appoints a Police Chief, Finance Director, Public Works Director, Attorney, Building Code Official and Engineer. The Village of Pingree Grove is located in Kane County, Illinois and lies approximately 48 miles northwest of the City of Chicago. The Village of Pingree Grove covers an area of approximately 5.35 square miles. Located within commuting distance of Chicago and its suburbs, the Village of Pingree Grove has experienced an increase in equalized assessed valuation as a result of continued new residential construction. During the next fiscal year the growth is expected to continue. According to the 2010 Census, the Village of Pingree Grove has a population of 4,532. It is estimated that the population now exceeds 8,000. This population increase will also impact the need to establish a police pension as defined by state law after the next census in 2020.

4

Data Regarding Major Industry Affecting the Local Economy

The largest employer in Pingree Grove is the Cambridge Lakes Charter School. The major businesses located in the Village of Pingree Grove are: Minuteman International, a manufacturer of industrial cleaning equipment and supplies; Elgin Die Mold, a contract die mold manufacturer; the Cambridge Lakes Community Center; MAS Supply, a manufacturer of custom kitchen cabinets; Kindred at Home, providing home health services; The Outpost, a bar/restaurant; and Lazar Brothers BP Gas and Mini Mart. Economic Condition and Outlook

The Village’s past fiscal year has continued to experience variable economic conditions resulting in no significant increases in anticipated revenue sources. The Village continues to issue new construction building permits at a consistent level. While the Village is pleased with the number of building permits, the Village continues to be fiscally conservative in the revenue projections for next fiscal year due to restrictions in state funding. The increase in building impacts water and sewer services which is causing the Village to review it service rates to ensure these services are self-sustaining. Overall, the Village has maintained a steady course in keeping expenses down and holding at current revenue sources. With increasing population, the Village continues to research revenue enhancements and cost containments in order to meet future obligations of Village operations.

MAJOR INITIATIVES

For the Year

In Fiscal Year 2019, the Village achieved the following goals:

• Annexation of the Pioneer Landing development on Route 47; • 10th Amendment to the Cambridge Lakes Annexation Agreement; • Groundbreaking and construction of the Municipal Center; • Continued commercial development in the Bell Land TIF District.

For the Future

Major projects planned for Fiscal Year 2020 include:

• Construction of road improvements on State Route 72 and Richard J. Brown Boulevard; • Completion of the Municipal Center, June 2019; • Completion of the Water and Sewer Facility Expansion Plan; • Sale redevelopment of the former Village Hall site; • Completion of the Water and Sewer Facility Expansion Plan;

5

FINANCIAL SECTION

This section includes:

Independent Auditors’ Report

Management’s Discussion and Analysis

Basic Financial Statements

Required Supplementary Information

Other Supplementary Information

INDEPENDENT AUDITORS’ REPORT

This section includes the opinion of the Village’s independent auditing firm.

INDEPENDENT AUDITORS' REPORT

October 17, 2019

The Honorable Village President Members of the Board of Trustees Village of Pingree Grove, Illinois

We have audited the accompanying financial statements of the governmental activities, the business-type activities, each major fund, and the aggregate remaining fund information of the Village of Pingree Grove, Illinois, as of and for the year ended April 30, 2019, and the related notes to the financial statements, which collectively comprise the Village’s basic financial statements as listed in the table of contents.

Management’s Responsibility for the Financial Statements

Management is responsible for the preparation and fair presentation of these financial statements in accordance with accounting principles generally accepted in the United States of America; this includes the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error.

Auditor’s Responsibility

Our responsibility is to express opinions on these financial statements based on our audit. We conducted our audit in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor’s judgment, including the

assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the Village’s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Village’s internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinions.

Opinions

In our opinion, the financial statements referred to above present fairly, in all material respects, the respective financial position of the governmental activities, the business-type activities, each major fund, and the aggregate remaining fund information of the Village of Pingree Grove, Illinois, as of April 30, 2019, and the respective changes in financial position and, where applicable, cash flows thereof for the year then ended in accordance with accounting principles generally accepted in the United States of America.

8

Village of Pingree Grove, Illinois October 17, 2019 Page 2

Other Matters

Required Supplementary Information

Accounting principles generally accepted in the United States of America require that the management’s

discussion and analysis as listed in the table of contents and budgetary information reported in the required supplementary information as listed in the table of contents, be presented to supplement the basic financial statements. Such information, although not a part of the basic financial statements, is required by the Governmental Accounting Standards Board, who considers it to be an essential part of financial reporting for placing the basic financial statements in an appropriate operational, economic, or historical context. We have applied certain limited procedures to the required supplementary information in accordance with auditing standards generally accepted in the United States of America, which consisted of inquiries of management about the methods of preparing the information and comparing the information for consistency with management’s responses to our inquiries, the basic financial statements, and other knowledge we obtained during our audit of the basic financial statements. We do not express an opinion or provide any assurance on the information because the limited procedures do not provide us with sufficient evidence to express an opinion or provide any assurance. Other Information

Our audit was conducted for the purpose of forming opinions on the financial statements that collectively comprise the Village of Pingree Grove, Illinois’ basic financial statements. The introductory section, combining and individual fund financial statements and budgetary comparison schedules, and statistical section are presented for purposes of additional analysis and are not a required part of the basic financial statements. The combining and individual fund financial statements and budgetary comparison schedules are the responsibility of management and were derived from and relate directly to the underlying accounting and other records used to prepare the basic financial statements. Such information has been subjected to the auditing procedures applied in the audit of the basic financial statements and certain additional procedures, including comparing and reconciling such information directly to the underlying accounting and other records used to prepare the basic financial statements or to the basic financial statements themselves, and other additional procedures in accordance with auditing standards generally accepted in the United States of America. In our opinion, the combining and individual fund financial statements and budgetary comparison schedules are fairly stated, in all material respects, in relation to the basic financial statements as a whole. The introductory and statistical sections have not been subjected to the auditing procedures applied in the audit of the basic financial statements and, accordingly, we do not express an opinion or provide any assurance on them.

Lauterbach & Amen, LLP LAUTERBACH & AMEN, LLP

9

MANAGEMENT’S DISCUSSION AND ANALYSIS

VILLAGE OF PINGREE GROVE, ILLINOIS Management’s Discussion and Analysis April 30, 2019 Our discussion and analysis of the Village of Pingree Grove’s (Village) financial performance provides an overview of the Village’s financial activities for the fiscal year ended April 30, 2019. Please read it in conjunction with the transmittal letter which begins on page 3 and the Village’s financial statements, which begin on page 22. FINANCIAL HIGHLIGHTS

• The Village’s net position increased as a result of this year’s operations. Net position of the governmental activities increased by $336,098 or 2.0 percent and net position of business-type activities increased by $89,631, or less than one percent.

• During the year, government-wide revenues totaled $6,995,940, while expenses totaled $6,570,211, resulting in an increase to net position of $425,729.

• The Village’s net position totaled $50,957,138 on April 30, 2019, which includes $38,901,794 net investment in capital assets, $1,321,495 subject to external restrictions, and $10,733,849 unrestricted net position that may be used to meet the ongoing obligations to citizens and creditors.

• The General Fund reported a surplus in the current year of $488,927, which includes an

increase in revenues of $189,538 compared to prior year, resulting in ending fund balance of $2,990,564, an increase of 19.5 percent.

USING THIS ANNUAL REPORT This annual report consists of a series of financial statements. The Statement of Net Position and the Statement of Activities (on pages 22 - 25) provide information about the activities of the Village as a whole and present a longer-term view of the Village’s finances. Fund financial statements begin on page 26. For governmental activities, these statements tell how these services were financed in the short term as well as what remains for future spending. Fund financial statements also report the Village’s operations in more detail than the government-wide statements by providing information about the Village’s most significant funds. The remaining statements provide financial information about activities for which the Village acts solely as a trustee or agent for the benefit of those outside of the government. Government-Wide Financial Statements The government-wide financial statements provide readers with a broad overview of the Village’s finances, in a matter similar to a private-sector business. The government wide financial statements can be found on pages 22 - 25 of this report. The Statement of Net Position reports information on all of the Village’s assets/deferred outflows and liabilities/deferred inflows, with the difference between the two reported as net position. Over time, increases or decreases in net position may serve as a useful indicator of whether the financial position of the Village is improving or deteriorating. Consideration of other nonfinancial factors, such as changes in the Village’s property tax base and the condition of the Village’s infrastructure, is needed to assess the overall health of the Village.

10

VILLAGE OF PINGREE GROVE, ILLINOIS Management’s Discussion and Analysis April 30, 2019 USING THIS ANNUAL REPORT – Continued Government-Wide Financial Statements – Continued The Statement of Activities presents information showing how the government’s net position changed during the most recent fiscal year. All changes in net position are reported as soon as the underlying event giving rise to the change occurs, regardless of the timing of related cash flows. Thus, revenues and expenses are reported in this statement for some items that will only result in cash flows in future fiscal periods (e.g., uncollected taxes and earned but unused vacation leave). Both of the government-wide financial statements distinguish functions of the Village that are principally supported by taxes and intergovernmental revenues (governmental activities) from other functions that are intended to recover all or a significant portion of their costs through user fees and charges (business-type activities). The governmental activities of the Village include general government, public safety, and highways and streets. The business-type activities of the Village include water and sewer operations. Fund Financial Statements A fund is a grouping of related accounts that is used to maintain control over resources that have been segregated for specific activities or objectives. The Village, like other local governments, uses fund accounting to ensure and demonstrate compliance with finance-related legal requirements. All of the funds of the Village can be divided into three categories: governmental funds, proprietary funds, and fiduciary funds. Governmental Funds Governmental funds are used to account for essentially the same functions reported as governmental activities in the government-wide financial statements. However, governmental fund financial statements focus on near-term inflows and outflows of spendable resources, as well as on balances of spendable resources available at the end of the fiscal year. Such information may be useful in evaluating the Village’s near-term financing requirements.

11

VILLAGE OF PINGREE GROVE, ILLINOIS Management’s Discussion and Analysis April 30, 2019 USING THIS ANNUAL REPORT – Continued Fund Financial Statements – Continued Governmental Funds – Continued Because the focus of governmental funds is narrower than that of the government-wide financial statements, it is useful to compare the information presented for governmental funds with similar information presented for governmental activities in the government-wide financial statements. By doing so, readers may better understand the long-term impact of the government’s near-term financing decisions. Both the governmental fund balance sheet and the governmental fund statement of revenues, expenditures, and changes in fund balances provide a reconciliation to facilitate the comparison between governmental funds and governmental activities. The Village maintains nine individual governmental funds. Information is presented separately in the governmental fund balance sheet and in the governmental fund statement of revenues, expenditures, and changes in fund balances for the General, Debt Service, Capital Improvements, Special Service Area #2, Special Service Area #4, and Special Service Area #7 Funds, all of which are considered major funds. Data from the other three governmental funds are combined into a single, aggregated presentation. Individual fund data for each of these nonmajor governmental funds is provided in the form of combining statements elsewhere in this report. The Village adopts an annual appropriated budget for all of the governmental funds, except the Special Service Area #2 and Special Service Area #7 Funds. A budgetary comparison schedule for the remaining funds has been provided to demonstrate compliance with this budget. The basic governmental fund financial statements can be found on pages 26 - 31 of this report. Proprietary Funds The Village maintains one proprietary fund type: enterprise funds. Enterprise funds are used to report the same functions presented as business-type activities in the government-wide financial statements. The Village utilizes enterprise funds to account for its water and sewer operations. Proprietary fund financial statements provide the same type of information as the government-wide financial statements, only in more detail. The proprietary fund financial statements provide separate information for the Water and Sewer Fund, which is considered to be a major fund of the Village. The basic proprietary fund financial statements can be found on pages 32 - 35 of this report.

12

VILLAGE OF PINGREE GROVE, ILLINOIS Management’s Discussion and Analysis April 30, 2019 USING THIS ANNUAL REPORT – Continued Fiduciary Funds Fiduciary funds are used to account for resources held for the benefit of parties outside the government. Fiduciary funds are not reflected in the government-wide financial statements because the resources of those funds are not available to support the Village’s own programs. The accounting use for fiduciary funds is much like that used for proprietary funds. The basic fiduciary fund financial statements can be found on page 36 of this report. Notes to the Financial Statements The notes provide additional information that is essential to a full understanding of the data provided in the government-wide and fund financial statements. The notes to the financial statements can be found on pages 37 - 65 of this report. Other Information In addition to the basic financial statements and accompanying notes, this report also presents certain required supplementary information concerning the Village’s I.M.R.F. employee pension obligation and the budgetary comparison schedule for the General Fund. Required supplementary information can be found on pages 66 - 69 of this report. The combining statements referred to earlier in connection with non-major governmental funds are presented immediately following the required supplementary information on pensions. Combining and individual fund statements and schedules can be found on pages 70 - 91 of this report.

13

VILLAGE OF PINGREE GROVE, ILLINOIS Management’s Discussion and Analysis April 30, 2019 GOVERNMENT-WIDE FINANCIAL ANALYSIS Net position may serve over time as a useful indicator of a government’s financial position. The following tables show that in the case of the Village, assets/deferred outflows exceeded liabilities/deferred inflows by $50,957,138.

2019 2018 2019 2018 2019 2018

Current and Other Assets $ 7,710,328 10,233,034 6,412,124 5,183,740 14,122,452 15,416,774Capital Assets 15,556,681 12,651,058 28,795,765 30,023,664 44,352,446 42,674,722

Total Assets 23,267,009 22,884,092 35,207,889 35,207,404 58,474,898 58,091,496Deferred Outflows 243,461 165,730 88,347 60,462 331,808 226,192

Total Assets/Deferred Outflows 23,510,470 23,049,822 35,296,236 35,267,866 58,806,706 58,317,688

Long-Term Debt 4,776,817 4,736,285 1,114,917 1,153,226 5,891,734 5,889,511Other Liabilities 788,889 670,592 238,433 233,944 1,027,322 904,536

Total Liabilities 5,565,706 5,406,877 1,353,350 1,387,170 6,919,056 6,794,047Deferred Inflows 918,889 953,168 11,623 39,064 930,512 992,232

Total Liabilities/Deferred Inflows 6,484,595 6,360,045 1,364,973 1,426,234 7,849,568 7,786,279

Net PositionNet Investment in Capital Assets 11,142,977 10,706,664 27,758,817 28,881,481 38,901,794 39,588,145Restricted 1,321,495 1,130,096 - - 1,321,495 1,130,096Unrestricted 4,561,403 4,853,017 6,172,446 4,960,151 10,733,849 9,813,168

Total Net Position 17,025,875 16,689,777 33,931,263 33,841,632 50,957,138 50,531,409

Total

Net PositionGovernmental

ActivitiesBusiness-Type

Activities

A large portion of the Village’s net position, $38,901,794 or 76.3 percent, reflects its investment in capital assets (for example, land, buildings, machinery, and equipment), less any related debt used to acquire those assets that is still outstanding. The Village uses these capital assets to provide services to citizens; consequently, these assets are not available for future spending. Although the Village’s investment in its capital assets is reported net of related debt, it should be noted that the resources needed to repay this debt must be provided from other sources, since the capital assets themselves cannot be used to liquidate these liabilities. An additional portion, $1,321,495 or 2.6 percent, of the Village’s net position represents resources that are subject to external restrictions on how they may be used. The remaining 21.1 percent, or $10,733,849, represents unrestricted net position and may be used to meet the government’s ongoing obligations to citizens and creditors.

14

VILLAGE OF PINGREE GROVE, ILLINOIS Management’s Discussion and Analysis April 30, 2019 GOVERNMENT-WIDE FINANCIAL ANALYSIS – Continued

2019 2018 2019 2018 2019 2018

RevenuesProgram Revenues

Charges for ServicesGeneral Government $ 791,650 955,175 - - 791,650 955,175Public Safety 92,826 84,020 - - 92,826 84,020Water and Sewer - - 2,993,840 2,758,873 2,993,840 2,758,873

Capital Grants/Contrib. 115,043 150,535 - - 115,043 150,535General Revenues

Property Taxes 894,047 845,437 - - 894,047 845,437Municipal Utility Taxes 338,301 379,267 - - 338,301 379,267Replacement Taxes 187 156 - - 187 156Use Taxes 140,206 119,847 - - 140,206 119,847Sales Taxes 296,947 200,692 - - 296,947 200,692Income Taxes 468,860 412,411 - - 468,860 412,411Other General Revenues 841,472 713,845 22,561 8,685 864,033 722,530

Total Revenues 3,979,539 3,861,385 3,016,401 2,767,558 6,995,940 6,628,943

ExpensesGeneral Government 1,636,536 1,688,955 - - 1,636,536 1,688,955Public Safety 1,138,318 1,014,855 - - 1,138,318 1,014,855Highways and Streets 774,582 652,691 - - 774,582 652,691Interest on Long-Term Debt 191,773 80,542 - - 191,773 80,542Water and Sewer - - 2,829,002 2,846,133 2,829,002 2,846,133

Total Expenses 3,741,209 3,437,043 2,829,002 2,846,133 6,570,211 6,283,176

Changes in Net Position Prior to Transfers 238,330 424,342 187,399 (78,575) 425,729 345,767

Transfers 97,768 - (97,768) - - -

Change in Net Position 336,098 424,342 89,631 (78,575) 425,729 345,767

Net Position-Beginning 16,689,777 16,265,435 33,841,632 33,920,207 50,531,409 50,185,642

Net Position-Ending 17,025,875 16,689,777 33,931,263 33,841,632 50,957,138 50,531,409

Total

Changes in Net PositionGovernmental

ActivitiesBusiness-Type

Activities

15

VILLAGE OF PINGREE GROVE, ILLINOIS Management’s Discussion and Analysis April 30, 2019 GOVERNMENT-WIDE FINANCIAL ANALYSIS – Continued Net position of the Village’s governmental activities increased by 2.0 percent ($16,689,777 in 2018 compared to $17,025,875 in 2019). Unrestricted net position, the part of net position that can be used to finance day-to-day operations without constraints, totaled $4,561,403 at April 30, 2019. Net position of business-type activities increased by less than one percent ($33,841,632 in 2018 compared to $33,931,263 in 2019). Governmental Activities Revenues for governmental activities totaled $3,979,539, while the cost of all governmental functions totaled $3,741,209. This results in a surplus of $238,330, prior to transfers in of $97,768. The Village saw revenues increase $118,154, or 3.1 percent due to increases in other general revenues and in all of the tax related items, except municipal utility tax. The expenses for governmental activities increased $304,166 or 8.8 percent due to increased expenses in public safety, highways and streets, and interest on long-term debt activities. The following table graphically depicts the major revenue sources of the Village. It depicts very clearly the reliance of charges for services, property taxes, and income taxes to fund governmental activities. It also clearly identifies the less significant percentage the Village receives from municipal utility taxes and sales taxes.

16

VILLAGE OF PINGREE GROVE, ILLINOIS Management’s Discussion and Analysis April 30, 2019 GOVERNMENT-WIDE FINANCIAL ANALYSIS – Continued Governmental Activities – Continued The ‘Expenses and Program Revenues’ Table identifies those governmental functions where program expenses greatly exceed revenues.

Business-Type Activities Business-Type activities posted total revenues of $3,016,401, while the cost of all business-type activities totaled $2,829,002, which includes non-cash depreciation expense of $1,388,365. This results in an increase of $187,399, prior to transfers out of $97,768.

The above graph compares program revenues to expenses for utility operations.

17

VILLAGE OF PINGREE GROVE, ILLINOIS Management’s Discussion and Analysis April 30, 2019 FINANCIAL ANALYSIS OF THE GOVERNMENT’S FUNDS As noted earlier, the Village uses fund accounting to ensure and demonstrate compliance with finance-related legal requirements. Governmental Funds The focus of the Village’s governmental funds is to provide information on near-term inflows, outflows, and balances of spendable resources. In particular, unassigned fund balance may serve as a useful measure of a government’s net resources available for spending at the end of the fiscal year. The Village’s governmental funds reported combining ending fund balances of $6,285,960, which is $2,678,015, or 29.9 percent, lower than last year’s total of $8,963,975. Of the $6,285,960 total, $4,923,984, or 78.3 percent, of the fund balance constitutes unrestricted fund balance. The General Fund reported a surplus in fund balance for the year of $488,927, an increase of 19.5 percent. This is due primarily to revenues increasing $189,538 over the prior year, particularly in interest, which increased $140,738. The General Fund is the chief operating fund of the Village. At April 30, 2019, unassigned fund balance in the General Fund was $2,950,083, which represents 98.6 percent of the total fund balance. As a measure of the General Fund’s liquidity, it may be useful to compare unassigned fund balance to total fund expenditures. Unassigned fund balance in the General Fund represents approximately 129.6 percent of total General Fund expenditures. In the prior fiscal year, this percentage was 109.2 percent. The Debt Service Fund reported a deficit for the year of $14,487. The Village created the Debt Service Fund in the current fiscal year. The Capital Improvements Fund reported a deficit for the year of $3,343,854. This was due to the Village spending $3,757,960 in capital related projects in the current fiscal year. The Special Service Area #2, Fund reported a deficit in fund balance of $3,006 as a result of increased expenditures in the special service area. The Special Service Area #4 Funs reported a surplus in fund balance of $122,057 as a result of decreased expenditures in the special service area. The Special Service Area #7 Fund reported a deficit in fund balance of $9,087 as a result of increased expenditures in the special service area.

18

VILLAGE OF PINGREE GROVE, ILLINOIS Management’s Discussion and Analysis April 30, 2019 FINANCIAL ANALYSIS OF THE GOVERNMENT’S FUNDS – Continued Proprietary Funds The Village’s proprietary funds provide the same type of information found in the government-wide financial statements, but in more detail. The Village reports the Water and Sewer as a major proprietary fund, which accounts for all of the operations of the municipal water and sewer system. The spread between purchase and sale rates is intended to finance the operations of the utility system, including labor costs, supplies, and infrastructure maintenance. The Village intends to run the fund at a breakeven rate. Periodically, there will be an annual surplus or draw down due to timing of capital projects. The surplus in the Water and Sewer Fund during the current fiscal year was $89,631. Depreciation expense accounts for $1,388,365 of the total fund’s operating expenses of $2,805,798, or 49.5 percent. GENERAL FUND BUDGETARY HIGHLIGHTS The Village made an amendment to the original budget during the year. The General Fund actual revenues for the year totaled $2,914,472 compared to budgeted revenues of $2,497,363. The Village saw increases in sales taxes, sales tax, and income tax due to the continued modest economic upturn. These increases contributed to the surplus of revenues for the year. The General Fund actual expenditures for the year were $114,999 lower than budgeted ($2,276,663 actual compared to $2,391,662 final budgeted). This was primarily due lower than expected engineering costs in the central services division and in the personnel services in the public safety function.

19

VILLAGE OF PINGREE GROVE, ILLINOIS Management’s Discussion and Analysis April 30, 2019 CAPITAL ASSETS AND DEBT ADMINISTRATION Capital Assets The Village’s investment in capital assets for its governmental and business type activities as of April 30, 2019, was $44,352,446 (net of accumulated depreciation). This investment in capital assets includes land, construction in progress, buildings, machinery and equipment, water and sewer system improvements, and infrastructure.

2019 2018 2019 2018 2019 2018

Land $ 372,341 372,341 11,834,312 11,834,312 12,206,653 12,206,653Construction in Progress 3,989,075 430,379 57,822 - 4,046,897 430,379Buildings 2,091,393 2,236,838 7,315,704 7,906,191 9,407,097 10,143,029Machinery and Equipment 122,294 146,753 221,257 248,943 343,551 395,696Water Distribution System - - 6,405,469 6,866,783 6,405,469 6,866,783Sewer System - - 2,961,201 3,167,435 2,961,201 3,167,435Infrastructure 8,981,578 9,464,747 - - 8,981,578 9,464,747

Total 15,556,681 12,651,058 28,795,765 30,023,664 44,352,446 42,674,722

Capital Assets - Net of Depreciation

TotalBusiness-typeGovernmental

Activities Activities

There were $3,719,162 of capital asset additions in the current year, which included the following:

Construction in Progress $ 3,616,518 Equipment 102,644

3,719,162

Additional information on the Village’s capital assets can be found in note 3 of this report.

20

VILLAGE OF PINGREE GROVE, ILLINOIS Management’s Discussion and Analysis April 30, 2019 CAPITAL ASSETS AND DEBT ADMINISTRATION – Continued Debt Administration At year-end, the Village had total outstanding debt of $5,450,652. The following is a comparative statement of outstanding debt:

2019 2018 2019 2018 2019 2018

Debt Certificates $ - 1,474,382 - - - 1,474,382General Obligation Bonds 4,342,679 3,030,000 - - 4,342,679 3,030,000Installment Contracts 71,025 92,829 71,025 92,829 142,050 185,658IEPA Loan Payable - - 965,923 1,049,354 965,923 1,049,354

Total 4,413,704 4,597,211 1,036,948 1,142,183 5,450,652 5,739,394

Long-Term Debt Outstanding

TotalBusiness-typeGovernmental

Activities Activities

The Village’s issued general obligation bonds of $1,439,663 in this fiscal year to refund prior year debt issued for capital purchases. State statutes limit the amount of general obligation debt a non-home rule governmental entity may issue to 8.625 percent of its total assessed valuation. The current debt limit for the Village is $18,580,675. Additional information on the Village’s long-term debt can be found in Note 3 of this report. ECONOMIC FACTORS AND NEXT YEAR’S BUDGET AND RATES The Village’s elected and appointed officials considered many factors when setting the fiscal year 2020 budget, including tax rates, and fees that will be charged for its various activities. One of those factors is the economy. The Village is faced with a similar economic environment as many of the other local municipalities are faced with, including inflation, unemployment rates, and a slow residential housing market. REQUESTS FOR INFORMATION This financial report is designed to provide a general overview of the Village of Pingree Grove’s finances for all those with an interest in the government’s finances. Questions concerning any of the information provided in this report or requests for additional information should be directed to Office of the Finance Director, 14N042 Reinking Rd., Pingree Grove, Illinois 60140.

21

• Government-Wide Financial Statements

• Fund Financial Statements

Governmental Funds

Proprietary Fund

Fiduciary Funds

BASIC FINANCIAL STATEMENTS

The basic financial Statements include integrated sets of financial statements as required by the GASB. The setsof statements include:

In addition, the notes to the financial statements are included to provide information that is essential to a user’sunderstanding of the basic financial statements.


Statement of Net PositionApril 30, 2019

See Following Page


Statement of Net PositionApril 30, 2019

Business-TypeActivities Totals

Current AssetsCash and Investments $ 6,458,810 5,902,077 12,360,887Receivables - Net of Allowances 1,201,006 510,047 1,711,053Due from Other Governments 10,031 - 10,031Prepaids 40,481 - 40,481

Total Current Assets 7,710,328 6,412,124 14,122,452

Noncurrent AssetsCapital Assets

Nondepreciable 4,361,416 11,892,134 16,253,550Depreciable 18,561,923 32,781,086 51,343,009

22,923,339 44,673,220 67,596,559Accumulated Depreciation (7,366,658) (15,877,455) (23,244,113)

Total Noncurrent Assets 15,556,681 28,795,765 44,352,446

Total Assets 23,267,009 35,207,889 58,474,898

Deferred Items - IMRF 243,461 88,347 331,808

Total Assets and Deferred Outflows of Resources 23,510,470 35,296,236 58,806,706

ActivitiesGovernmental

ASSETS

DEFERRED OUTFLOWS OF RESOURCES

The notes to the financial statements are an integral part of this statement.22

Business-TypeActivities Totals

Current LiabilitiesAccounts Payable $ 467,369 112,347 579,716Accrued Salaries Payable 25,854 8,902 34,756Deposits Payable 34,286 - 34,286Deferred Grant 10,000 - 10,000Accrued Interest Payable 46,028 7,258 53,286Current Portion of Long-Term Debt 205,352 109,926 315,278

Total Current Liabilities 788,889 238,433 1,027,322

Noncurrent LiabilitiesCompensated Absences Payable 63,049 8,167 71,216Net Pension Liability - IMRF 489,654 177,686 667,340General Obligation Bonds 4,175,804 - 4,175,804Installment Contract Payable 48,310 48,310 96,620IEPA Loan Payable - 880,754 880,754

Total Noncurrent Liabilities 4,776,817 1,114,917 5,891,734Total Liabilities 5,565,706 1,353,350 6,919,056

Deferred Items - IMRF 32,030 11,623 43,653Property Taxes 886,859 - 886,859

Total Deferred Inflows of Resources 918,889 11,623 930,512Total Liabilities and Deferred Inflows of Resources 6,484,595 1,364,973 7,849,568

Net Investment in Capital Assets 11,142,977 27,758,817 38,901,794Restricted

Property Tax LeviesSpecial Service Areas 432,506 - 432,506Tax Increment Financing 33,768 - 33,768

Highways and Streets 855,221 - 855,221Unrestricted 4,561,403 6,172,446 10,733,849

Total Net Position 17,025,875 33,931,263 50,957,138

NET POSITION

LIABILITIES

GovernmentalActivities

DEFERRED INFLOWS OF RESOURCES



Statement of ActivitiesFor the Fiscal Year Ended April 30, 2019

Charges Capitalfor Grants/

Services Contributions

Governmental ActivitiesGeneral Government $ 1,636,536 791,650 - Public Safety 1,138,318 92,826 - Highways and Streets 774,582 - 115,043Interest on Long-Term Debt 191,773 - -

Total Governmental Activities 3,741,209 884,476 115,043

Business-Type ActivitiesWater and Sewer 2,829,002 2,993,840 -

Total Primary Government 6,570,211 3,878,316 115,043

General Revenues Taxes Property Taxes

Municipal Utility Taxes Use Taxes Intergovernmental - Unrestricted Sales Taxes Income Taxes Replacement Taxes Interest Income MiscellaneousTransfers - Internal Activities

Change in Net Position

Net Position - Beginning

Net Position - Ending

Program Revenues

Expenses


Governmental Business-TypeActivities Activities Totals

(844,886) - (844,886)(1,045,492) - (1,045,492)

(659,539) - (659,539)(191,773) - (191,773)

(2,741,690) - (2,741,690)

- 164,838 164,838

(2,741,690) 164,838 (2,576,852)

894,047 - 894,047338,301 - 338,301140,206 - 140,206

296,947 - 296,947468,860 - 468,860

187 - 187265,712 22,561 288,273575,760 - 575,76097,768 (97,768) -

3,077,788 (75,207) 3,002,581

336,098 89,631 425,729

16,689,777 33,841,632 50,531,409

17,025,875 33,931,263 50,957,138

Net (Expenses)/RevenuesPrimary Government



Balance Sheet - Governmental Funds

April 30, 2019

DebtService

Cash and Investments $ 2,879,480 - Receivables - Net of Allowances

Taxes 726,025 - Accounts 80,354 -

Due from Other Funds 14,487 - Due from Other Governments - - Prepaids 40,481 -

Total Assets 3,740,827 -

Accounts Payable 197,891 - Accrued Salaries 25,854 - Due to Other Funds - 14,487Deferred Grant - - Deposits Payable 34,286 -

Total Liabilities 258,031 14,487

Property Taxes 492,232 - Total Liabilities and Deferred Inflows of Resources 750,263 14,487

Nonspendable 40,481 - Restricted - - Committed - - Unassigned 2,950,083 (14,487)

Total Fund Balances 2,990,564 (14,487)

Total Liabilities, Deferred Inflows of Resources and Fund Balances 3,740,827 -

FUND BALANCES

General

ASSETS

LIABILITIES



Special Special SpecialCapital Service Service Service

Improvements Area No. 2 Area No. 4 Area No. 7 Nonmajor Totals

2,250,636 8,065 377,782 8,970 933,877 6,458,810

- - 349,056 - 45,571 1,120,652- - - - - 80,354- - - - - 14,487- - - - 10,031 10,031- - - - - 40,481

2,250,636 8,065 726,838 8,970 989,479 7,724,815

252,248 - 5,398 - 11,832 467,369- - - - - 25,854- - - - - 14,487

10,000 - - - - 10,000- - - - - 34,286

262,248 - 5,398 - 11,832 551,996

- - 349,056 - 45,571 886,859262,248 - 354,454 - 57,403 1,438,855

- - - - - 40,481- 8,065 372,384 8,970 932,076 1,321,495

1,988,388 - - - - 1,988,388- - - - - 2,935,596

1,988,388 8,065 372,384 8,970 932,076 6,285,960

2,250,636 8,065 726,838 8,970 989,479 7,724,815

Capital Projects



Reconciliation of Total Governmental Fund Balance to

Net Position of Governmental Activities

April 30, 2019

Total Governmental Fund Balances $ 6,285,960

Amounts reported for governmental activities in the Statement of Net Positionare different because:

Capital assets used in governmental activities are not financialresources and therefore, are not reported in the funds. 15,556,681

Deferred outflows (inflows) of resources related to the pensions not reportedin the funds.

Deferred Items - IMRF 211,431

Long-term liabilities are not due and payable in the currentperiod and therefore are not reported in the funds.

Compensated Absences Payable (78,811)Net Pension Liability - IMRF (489,654)General Obligation Bonds Payable (4,342,679)Installment Contracts Payable (71,025)Accrued Interest Payable (46,028)

Net Position of Governmental Activities 17,025,875



Statement of Revenues, Expenditures and Changes in Fund Balances - Governmental Funds

For the Fiscal Year Ended April 30, 2019

See Following Page


Statement of Revenues, Expenditures and Changes in Fund Balances - Governmental Funds


Debt Service

RevenuesTaxes $ 925,438 - Intergovernmental 785,186 -

678,529 - Fines and Forfeits 73,846 - Charges for Services 113,121 - Interest 202,072 - Miscellaneous 136,280 -

Total Revenues 2,914,472 -

ExpendituresCurrent

General Government 1,020,359 - Public Safety 1,072,862 - Highways and Streets 183,442 -

Capital Outlay - - Debt Service

Principal Retirement - 190,194Interest and Fiscal Charges - 156,609

Total Expenditures 2,276,663 346,803

Excess (Deficiency) of RevenuesOver (Under) Expenditures 637,809 (346,803)

Other Financing Sources (Uses)Disposal of Capital Assets - Debt Issuance - 1,439,663Payment to Escrow Agent - (1,417,463)Transfers In - 310,116Transfers Out (148,882) -

(148,882) 332,316

Net Change in Fund Balances 488,927 (14,487)

Fund Balances - Beginning 2,501,637 -

Fund Balances - Ending 2,990,564 (14,487)

General

Licenses and Permits


Special Special SpecialCapital Service Service Service

Improvements Area No. 2 Area No. 4 Area No. 7 Nonmajor Totals

- - 357,240 - 89,664 1,372,342- - - - 115,043 900,229- - - - - 678,529- - - - - 73,846- - - - - 113,121

42,665 199 - 181 20,595 265,712400,000 20,230 - 19,250 - 575,760442,665 20,429 357,240 19,431 225,302 3,979,539

- 23,435 235,183 28,518 55,593 1,363,088- - - - - 1,072,862- - - - 26,202 209,644

3,757,960 - - - 62,072 3,820,032

21,804 - - - - 211,9983,289 - - - - 159,898

3,783,053 23,435 235,183 28,518 143,867 6,837,522

(3,340,388) (3,006) 122,057 (9,087) 81,435 (2,857,983)

60,000 - - - - 60,000- - - - - 1,439,663- - - - - (1,417,463)

100,000 - - - - 410,116(163,466) - - - - (312,348)

(3,466) - - - - 179,968

(3,343,854) (3,006) 122,057 (9,087) 81,435 (2,678,015)

5,332,242 11,071 250,327 18,057 850,641 8,963,975

1,988,388 8,065 372,384 8,970 932,076 6,285,960

Capital Projects



Reconciliation of the Statement of Revenues, Expenditures and Changes in Fund Balances of

Governmental Funds to the Statement of Activities


Net Change in Fund Balances - Total Governmental Funds $ (2,678,015)

Amounts reported for governmental activities in the Statement of Activitiesare different because:

Governmental funds report capital outlays as expenditures. However, in theStatement of Activities the cost of those assets is allocated over their estimateduseful lives and reported as depreciation expense.

Capital Outlays 3,558,696Depreciation Expense (653,073)

The net effect of deferred outflows (inflows) of resources related to the pensionsnot reported in the funds.

Change in Deferred Items - IMRF 152,778

The issuance of long-term debt provides current financial resources togovernmental funds, while the repayment of the principal on long-termdebt consumes the current financial resources of the governmental funds.

(Additions) to Compensated Absences Payable (15,447)(Additions) to Net Pension Liability - IMRF (186,764)Issuance of Debt (1,439,663)Retirement of Debt 1,623,170

Changes to accrued interest on long-term debt in the Statement of Activitiesdoes not require the use of current financial resources and, therefore, are notreported as expenditures in the governmental funds. (25,584)

Changes in Net Position of Governmental Activities 336,098



Statement of Net Position - Proprietary Fund - Business-Type Activities - Enterprise Fund

April 30, 2019

See Following Page


Statement of Net Position - Proprietary Fund - Business-Type Activities - Enterprise FundApril 30, 2019

Current AssetsCash and Investments $ 5,902,077Receivables - Net of Allowances

Accounts 510,047Total Current Assets 6,412,124

Noncurrent AssetsCapital Assets

Nondepreciable 11,892,134Depreciable 32,781,086Accumulated Depreciation (15,877,455)

Total Noncurrent Assets 28,795,765

Total Assets 35,207,889

Deferred Items - IMRF 88,347

Total Assets and Deferred Outflows of Resources 35,296,236

Sewer

Waterand

ASSETS

DEFERRED OUTFLOWS OF RESOURCES


Current LiabilitiesAccounts Payable $ 112,347Accrued Salaries Payable 8,902Accrued Interest Payable 7,258Compensated Absences Payable 2,042Installment Contract Payable 22,715IEPA Loan Payable 85,169

Total Current Liabilities 238,433

Noncurrent LiabilitiesCompensated Absences Payable 8,167Net Pension Liability - IMRF 177,686Installment Contract Payable 48,310IEPA Loan Payable 880,754

Total Noncurrent Liabilities 1,114,917

Total Liabilities 1,353,350

Deferred Inflows - IMRF 11,623

Total Liabilities and Deferred Inflows of Resources 1,364,973

Net Investment in Capital Assets 27,758,817Unrestricted 6,172,446

Total Net Position 33,931,263

NET POSITION

LIABILITIES


Waterand

Sewer



Statement of Revenues, Expenses and Changes in

Net Position - Business-Type Activities - Enterprise Fund


Operating RevenuesCharges for Services $ 2,986,665Miscellaneous 7,175

Total Operating Revenues 2,993,840

Operating ExpensesOperations

Water 600,999Sewer 682,612Capital Maintenance 133,822

Depreciation 1,388,365Total Operating Expenses 2,805,798

Operating Income 188,042

Nonoperating Revenues (Expenses)Interest Income 22,561Interest and Fiscal Charges (23,204)

(643)

Income Before Transfers 187,399

Transfers Out (97,768)

Change in Net Position 89,631

Net Position - Beginning 33,841,632

Net Position - Ending 33,931,263

Waterand

Sewer



Statement of Cash Flows - Proprietary Fund - Business-Type Activities - Enterprise Fund


Cash Flows from Operating ActivitiesReceipts from Customers and Users $ 2,912,889Payments to Suppliers (1,041,864)Payments to Employees (331,595)

1,539,430

Cash Flows from Noncapital Financing ActivitiesTransfers Out (97,768)

Cash Flows from Capital and Related Financing ActivitiesPurchase of Capital Assets (160,466)Retirement of Debt (105,235)Interest Expense (23,204)

(288,905)

Cash Flows from Investing ActivitiesInterest Income 22,561

Net Change in Cash and Cash Equivalents 1,175,318

Cash and Cash Equivalents - Beginning 4,726,759

Cash and Cash Equivalents - Ending 5,902,077

Reconciliation of Operating Income to Net Cash Provided (Used) by Operating ActivitiesOperating Income (Loss) 188,042Adjustments to Reconcile Operating Income

Income to Net Cash Provided by(Used in) Operating Activities:

Depreciation 1,388,365(Increase) Decrease in Current Assets (80,951)Increase (Decrease) in Current Liabilities 43,974

Net Cash Provided by Operating Activities 1,539,430

Waterand

Sewer



Statement of Fiduciary Net PositionApril 30, 2019

Cash and Cash Equivalents $ 2,907,809

LIABILITIES

Due to Bondholders 2,907,809

ASSETS

Agency



Notes to the Financial Statements April 30, 2019

NOTE 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

The Village of Pingree Grove (the Village), Illinois, is a municipal corporation governed by an elected president and six-member Board of Trustees. The Village’s major operations include police safety, highway and street, maintenance and reconstruction, economic development, public improvements, water and sewer services and general administrative services.

The government-wide financial statements are prepared in accordance with generally accepted accounting principles (GAAP). The Governmental Accounting Standards Board (GASB) is responsible for establishing GAAP for state and local governments through its pronouncements (Statements and Interpretations). The more significant of the Village’s accounting policies established in GAAP and used by the Village are described below.

REPORTING ENTITY

In determining the financial reporting entity, the Village complies with the provisions of GASB Statement No. 61, “The Financial Reporting Omnibus – an Amendment of GASB Statements No. 14 and No. 34,” and includes all component units that have a significant operational or financial relationship with the Village. Based upon the criteria set forth in the GASB Statement No. 61, there are no component units included in the reporting entity.

BASIS OF PRESENTATION

Government-Wide Statements

The Village’s basic financial statements include both government-wide (reporting the Village as a whole) and fund financial statements (reporting the Village’s major funds). Both the government-wide and fund financial statements categorize primary activities as either governmental or business-type. The Village’s police safety, economic development, highway and street maintenance and reconstruction, public improvements, and general administrative services are classified as governmental activities. The Village’s water and sewer services are classified as business-type activities.

In the government-wide Statement of Net Position, both the governmental and business-type activities columns are: (a) presented on a consolidated basis by column, and (b) reported on a full accrual, economic resource basis, which recognizes all long-term assets/deferred outflows and receivables as well as long-term debt/deferred inflows and obligations. The Village’s net position is reported in three parts: net investment in capital assets; restricted; and unrestricted. The Village first utilizes restricted resources to finance qualifying activities.

37



NOTE 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES – Continued

BASIS OF PRESENTATION – Continued

Government-Wide Statements – Continued

The government-wide Statement of Activities reports both the gross and net cost of each of the Village’s functions and business-type activities (general government, highways and streets, etc.). The functions are supported by general government revenues (property, sales and use taxes, certain intergovernmental revenues, fines, permits and charges, etc.).

The Statement of Activities reduces gross expenses (including depreciation) by related program revenues, which include 1) changes to customers or applicants who purchase, use or directly benefit from goods, services or privileges provided by a given function or segment and 2) grants and contributions that are restricted to meeting the operational or capital requirements of a particular function or segment.

The net costs (by function or business-type activity) are normally covered by general revenue (property tax, sales tax, intergovernmental revenues, interest income, etc.).

The Village allocates indirect costs to the proprietary funds for personnel who perform administrative services for those funds, along with other indirect costs deemed necessary for their operations, but are paid through the General Fund.

This government-wide focus concentrates on the sustainability of the Village as an entity and the change in the Village’s net position resulting from the current year’s activities.

Fund Financial Statements

The financial transactions of the Village are reported in individual funds in the fund financial statements. Each fund is accounted for by providing a separate set of self-balancing accounts that comprises its assets/deferred outflows, liabilities/deferred inflows, fund equity, revenues and expenditures/expenses. Funds are organized into three major categories: governmental, proprietary, and fiduciary. The emphasis in fund financial statements is on the major funds in either the governmental or business-type activities categories. Nonmajor funds by category are summarized into a single column.

GASB Statement No. 34 sets forth minimum criteria (percentage of the assets/deferred outflows, liabilities/deferred inflows, revenues or expenditures/expenses of either fund category or the governmental and enterprise combined) for the determination of major funds. The Village electively added funds, as major funds, which either had debt outstanding or specific community focus. The nonmajor funds are combined in a single column in the fund financial statements.

A fund is considered major if it is the primary operating fund of the Village or meets the following criteria:

38

VILLAGE OF PINGREE GROVE, ILLINOIS Notes to the Financial Statements April 30, 2019 NOTE 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES – Continued BASIS OF PRESENTATION – Continued Fund Financial Statements – Continued

Total assets/deferred outflows, liabilities/deferred inflows, revenues, or expenditures/expenses of that individual governmental or enterprise fund are at least 10 percent of the corresponding total for all funds of that category or type; and Total assets/deferred outflows, liabilities/deferred inflows, revenues, or expenditures/expenses of the individual governmental fund or enterprise fund are at least 5 percent of the corresponding total for all governmental and enterprise funds combined.

The various funds are reported by generic classification within the financial statements. The following fund types are used by the Village: Governmental Funds The focus of the governmental funds’ measurement (in the fund statements) is upon determination of financial position and changes in financial position (sources, uses, and balances of financial resources) rather than upon net income. The following is a description of the governmental funds of the Village: 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. The General Fund is a major fund. Debt service funds are used to account for the accumulation of funds for the periodic payment of principal and interest on general long-term debt. The Debt Service Fund is treated as a major fund and records all of the Village’s general obligation and tax increment financing debt activity. Special revenue funds are used to account for the proceeds of specific revenue sources that are legally restricted to expenditures for specified purposes. The Village maintains one nonmajor special revenue fund. Capital projects funds are used to account for financial resources to be used for the acquisition or construction of major capital facilities. The Village maintains six capital projects funds. The Special Service Area No. 2 Fund, the Special Service Area No. 4 Fund, and the Special Service Area No. 7 Fund are major funds and are used to account for the proceeds of the Special Service Area bonds and the related capital outlays. The Capital Improvements Fund is a major fund and used to account for the proceeds of bonds and expenditures restricted for capital improvements. Proprietary Funds The focus of proprietary fund measurement is upon determination of operating income, changes in net position, financial position, and cash flows. The generally accepted accounting principles applicable are those similar to businesses in the private sector. The following is a description of the proprietary fund of the Village:

39




BASIS OF PRESENTATION – Continued

Fund Financial Statements – Continued

Proprietary Funds – Continued

Enterprise funds are required to account for operations for which a fee is charged to external users for goods or services and the activity (a) is financed with debt that is solely secured by a pledge of the net revenues, (b) has third party requirements that the cost of providing services, including capital costs, be recovered with fees and charges or (c) establishes fees and charges based on a pricing policy designed to recover similar costs. The Water and Sewer Fund, a major fund, accounts for the provision of water and sewer services to the residents of the Village. All activities necessary to provide such services are accounted for in this fund, including but not limited to, administration, operations, maintenance, repair, financing and billing and collection.

Fiduciary Funds

Fiduciary funds are used to report assets held in a trustee or agency capacity for others and therefore are not available to support Village programs. The reporting focus is on net position and changes in net position and is reported using accounting principles similar to proprietary funds.

Agency funds are used to account for assets held by the Village in a purely custodial capacity. The Village maintains two Special Service Area Funds which are used to accumulate monies for the payment of special assessment bonds and vouchers of various amounts, which are due upon call for payment, with financing provided by an annual assessment upon the benefiting property owners. The Special Service Area Funds accumulate monies for the payment of bank loans, the proceeds of which were used to finance improvements. Financing is provided by an annual property tax levy upon the benefiting property owners.

The agency funds are presented in the fiduciary fund financial statements. Since by definition these assets are being held for the benefit of a third party (other local governments, private parties, pension participants, etc.) and cannot be used to address activities or obligations of the Village, these funds are not incorporated into the government-wide statements.

MEASUREMENT FOCUS AND BASIS OF ACCOUNTING

Measurement focus is a term used to describe “which” transactions are recorded within the various financial statements. Basis of accounting refers to “when” transactions are recorded regardless of the measurement focus applied.

On the government-wide Statement of Net Position and the Statement of Activities, both governmental and business-type activities are presented using the economic resources measurement focus as defined below.

40




MEASUREMENT FOCUS AND BASIS OF ACCOUNTING – Continued

Measurement Focus

In the fund financial statements, the “current financial resources” measurement focus or the “economic resources” measurement focus is used as appropriate.

All governmental funds utilize a “current financial resources” measurement focus. Only current financial assets/deferred outflows and liabilities/deferred inflows are generally included on their balance sheets. Their operating statements present sources and uses of available spendable financial resources during a given period. These funds use fund balance as their measure of available spendable financial resources at the end of the period.

All proprietary funds utilize an “economic resources” measurement focus. The accounting objectives of this measurement focus are the determination of operating income, changes in net position (or cost recovery), financial position, and cash flows. All assets/deferred outflows and liabilities/deferred inflows (whether current or noncurrent) associated with their activities are reported. Proprietary fund equity is classified as net position.

Agency funds are not involved in the measurement of results of operations; therefore, measurement focus is not applicable to them.

Basis of Accounting

In the government-wide Statement of Net Position and Statement of Activities, both governmental and business-type activities are presented using the accrual basis of accounting. Under the accrual basis of accounting, revenues are recognized when earned and expenses are recorded when the liability/deferred inflow is incurred or economic asset used. Revenues, expenses, gains, losses, assets/deferred outflows, and liabilities/deferred inflows resulting from exchange and exchange-like transactions are recognized when the exchange takes place.

In the fund financial statements, governmental funds are presented on the modified accrual basis of accounting. Under this modified accrual basis of accounting, revenues are recognized when “measurable and available.” Measurable means knowing or being able to reasonably estimate the amount. Available means collectible within the current period or within sixty days after year-end. The Village recognizes property taxes when they become both measurable and available in accordance with GASB Codification Section P70. A sixty-day availability period is used for revenue recognition for all other governmental fund revenues. Expenditures (including capital outlay) are recorded when the related fund liability is incurred, except for general obligation bond principal and interest which are recognized when due.

41




MEASUREMENT FOCUS AND BASIS OF ACCOUNTING – Continued

Basis of Accounting – Continued

In applying the susceptible to accrual concept under the modified accrual basis, those revenues susceptible to accrual are property taxes, sales and use taxes, franchise taxes, licenses, interest revenue, and charges for services. All other revenues are not susceptible to accrual because generally they are not measurable until received in cash.

All proprietary and agency funds utilize the accrual basis of accounting. Under the accrual basis of accounting, revenues are recognized when earned and expenses are recorded when the liability is incurred or economic asset used.

Proprietary funds distinguish operating revenues and expenses from nonoperating items. Operating revenues and expenses generally result from providing services and producing and delivering goods in connection with a proprietary fund’s principal ongoing operations. The principal operating revenues of the Village’s enterprise funds, are charges to customers for sales and services. The Village also recognizes as operating revenue the portion of tap fees intended to recover the cost of connecting new customers to the system. Operating expenses for enterprise funds include the cost of sales and services, administrative expenses, and depreciation on capital assets. All revenues and expenses not meeting this definition are reported as nonoperating revenues and expenses.

ASSETS/DEFERRED OUTFLOWS, LIABILITIES/DEFERRED INFLOWS, AND NET POSITION OR EQUITY

Cash and Investments

Cash and cash equivalents on the Statement of Net Position are considered to be cash on hand, demand deposits, cash with fiscal agent. For the purpose of the proprietary funds “Statement of Cash Flows,” cash and cash equivalents are considered to be cash on hand, demand deposits, cash with fiscal agent, and all highly liquid investments with an original maturity of three months or less.

Investments are generally reported at fair value. Short-term investments are reported at cost, which approximates fair value. For investments, the Village categorizes its fair value measurements within the fair value hierarchy established by generally accepted accounting principles. The hierarchy is based on the valuation inputs used to measure the fair value of the asset. Level 1 inputs are quoted prices in active markets for identical assets; Level 2 inputs are significant other observable inputs; Level 3 inputs are significant unobservable inputs. All of the Village’s investments are in 2a7-like investment pools that are measured at the net asset value per share determined by the pool.

42




ASSETS/DEFERRED OUTFLOWS, LIABILITIES/DEFERRED INFLOWS, AND NET POSITION OR EQUITY – Continued

Receivables

In the government-wide financial statements, receivables consist of all revenues earned at year-end and not yet received. Allowances for uncollectible accounts receivable are based upon historical trends and the periodic aging of accounts receivable. Major receivables balances for governmental activities include property taxes, sales and use taxes, franchise taxes, and grants. Business-type activities report water and sewer charges as their major receivables.

Interfund Receivables, Payables and Activity

Interfund activity is reported as loans, services provided, reimbursements or transfers. Loans are reported as interfund receivables and payables as appropriate and are subject to elimination upon consolidation. Services provided, deemed to be at market or near market rates, are treated as revenues and expenditures/expenses. Reimbursements occur when one fund incurs a cost, charges the appropriate benefiting fund and reduces its related cost as a reimbursement. All other interfund transactions are treated as transfers. Transfers between governmental or proprietary funds are netted as part of the reconciliation to the government-wide financial statements.

Prepaids

Prepaids are valued at cost, which approximates market, using the first-in/first-out (FIFO) method. The costs of governmental fund-type prepaids are recorded as expenditures when consumed rather than when purchased. Certain payments to vendors reflect costs applicable to future accounting periods and are recorded as prepaids in both the government-wide and fund financial statements.

Capital Assets

Capital assets purchased or acquired with an original cost of $50,000 or more are reported at historical cost or estimated historical cost. Contributed assets are reported at acquisition value as of the date received. Additions, improvements and other capital outlays that significantly extend the useful life of an asset are capitalized. Other costs incurred for repairs and maintenance are expensed as incurred.

The accounting and financial reporting treatment applied to a fund is determined by its measurement focus. General capital assets are long-lived assets of the Village as a whole. Infrastructure such as streets, traffic signals and signs are capitalized. The valuation basis for general capital assets are historical cost, or where historical cost is not available, estimated historical cost based on replacement costs.

43

VILLAGE OF PINGREE GROVE, ILLINOIS Notes to the Financial Statements April 30, 2019 NOTE 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES – Continued ASSETS/DEFERRED OUTFLOWS, LIABILITIES/DEFERRED INFLOWS, AND NET POSITION OR EQUITY – Continued Capital Assets – Continued Capital assets in the proprietary funds are capitalized in the fund in which they are utilized. The valuation basis for proprietary fund capital assets are the same as those used for the general capital assets. Donated capital assets are capitalized at acquisition value on the date donated. Depreciation on all assets is computed and recorded using the straight-line method of depreciation over the following estimated useful lives:

Buildings 25 Years Machinery and Equipment 7 Years Water Distribution System 25 Years Sewer System 25 Years Infrastructure 30 Years

Deferred Outflows/Inflows of Resources Deferred outflow/inflow of resources represents an acquisition/reduction of net position that applies to a future period and therefore will not be recognized as an outflow of resources (expense)/inflow of resources (revenue) until that future time. Compensated Absences The Village accrues accumulated unpaid vacation and associated employee-related costs when earned (or estimated to be earned) by the employee. In accordance with GASB Statement No. 16, no liability is recorded for nonvesting accumulation rights to receive sick pay benefits. However, a liability is recognized for that portion of accumulated sick leave that is estimated to be taken as “terminal leave” prior to retirement. All vacation pay is accrued when incurred in the government-wide and proprietary fund financial statements. A liability for these amounts is reported in the governmental funds only if they have matured, for example, as a result of employee resignations and retirements.

44




ASSETS/DEFERRED OUTFLOWS, LIABILITIES/DEFERRED INFLOWS, AND NET POSITION OR EQUITY – Continued

Long-Term Obligations

In the government-wide financial statements, and proprietary fund types in the fund financial statements, long-term debt and other long-term obligations are reported as liabilities in the applicable governmental activities, business-type activities, or proprietary fund type Statement of Net Position. Bond premiums and discounts are deferred and amortized over the life of the bonds using the effective interest method. Bonds payable are reported net of the applicable bond premium or discount. Bond issuance costs are reported as expenses at the time of issuance.

In the fund financial statements, governmental fund types recognize bond premiums and discounts, as well as bond issuance costs, during the current period. The face amount of debt issued is reported as other financing sources. Premiums received on debt issuances are reported as other financing sources while discounts on debt issuances are reported as other financing uses. Issuance costs, whether or not withheld from the actual debt proceeds received, are reported as debt service expenditures.

Net Position

In the government-wide financial statements, equity is classified as net position and displayed in three components:

Net Investment in Capital Assets – Consists of capital assets including restricted capital assets, net of accumulated depreciation and reduced by the outstanding balances of any bonds, mortgages, notes or other borrowings that are attributable to the acquisition, construction, or improvement of those assets.

Restricted – Consists of net position with constraints placed on the use either by (1) external groups such as creditors, grantors, contributors, or laws or regulations of other governments; or (2) law through constitutional provisions or enabling legislations.

Unrestricted – All other net position balances that do not meet the definition of “restricted” or “net investment in capital assets.”

45

VILLAGE OF PINGREE GROVE, ILLINOIS Notes to the Financial Statements April 30, 2019 NOTE 2 – STEWARDSHIP, COMPLIANCE AND ACCOUNTABILITY BUDGETARY INFORMATION Budgets are adopted on a basis consistent with generally accepted accounting principles. Annual budgets are adopted for all funds, except the Special Service Area #2 and #7 Capital Projects Funds. All annual budgets lapse at fiscal year-end. All departments of the Village submit requests for budgets to the Village Administrator so that a budget may be prepared. The budget is prepared by function and activity, and includes information on the past year, current year estimates, and requested budgets for the next fiscal year. The proposed budget is presented to the governing body for review. The governing body holds public hearings and may add to, subtract from, or change budgeted amounts, but may not change the form of the budget. The Village Administrator is authorized to transfer budgeted amounts between departments within a fund; however, any revisions that alter the total expenditures of any fund must be approved by the governing body. Expenditures may not legally exceed budgeted appropriations at the fund level. The Village Board did amend the budget during the year. EXCESS OF ACTUAL EXPENDITURES OVER BUDGET IN INDIVIDUAL FUND The following fund had an excess of actual expenditures over budget as of the date of this report:

Fund

Debt Service $ 36,687

Excess

DEFICIT FUND BALANCE The following fund had deficit fund balance as of the date of this report:

Fund

Debt Service $ 14,487

Deficit

46

VILLAGE OF PINGREE GROVE, ILLINOIS Notes to the Financial Statements April 30, 2019 NOTE 3 – DETAIL NOTES ON ALL FUNDS DEPOSITS AND INVESTMENTS The Village maintains a cash and investment pool that is available for use by all funds. Each fund type's portion of this pool is displayed on the financial statements as "cash and investments." In addition, investments are separately held by several of the Village's funds. Permitted Deposits and Investments – Statutes authorize the Village to make deposits/invest in commercial banks, savings and loan institutions, obligations of the U.S. Treasury and U.S. Agencies, obligations of States and their political subdivisions, credit union shares, repurchase agreements, commercial paper rated within the three highest classifications by at least two standard rating services, and the Illinois Funds. Illinois Funds is an investment pool managed by the Illinois public Treasurer’s Office which allows governments within the State to pool their funds for investment purposes. The Illinois Funds is not registered with the SEC as an investment company. Investments in Illinois Funds are valued at the share price, the price for which the investment could be sold. Village Interest Rate Risk, Credit Risk, Custodial Credit Risk and Concentration Risk Deposits. At year-end, the carrying amount of the Village’s deposits for governmental and business-type activities totaled $4,562,706 and the bank balances totaled $4,563,586. Additionally, at year-end, the Village has $7,798,181 invested in the Illinois Funds. Interest Rate Risk. Interest rate risk is the risk that changes in interest rates will adversely affect the fair value of an investment. The Village’s investment policy states that the Village will attempt to match its investments with anticipated cash flow requirements. Unless matched to a specific cash flow, the Village will not directly invest in securities maturing more than two years from the date of purchase. The average maturity for investments in the Illinois Funds is less than one year. At April 30, 2019, the Village does not have any other investments outstanding other than the investment in the Illinois Funds.

47

VILLAGE OF PINGREE GROVE, ILLINOIS Notes to the Financial Statements April 30, 2019 NOTE 3 – DETAIL NOTES ON ALL FUNDS – Continued DEPOSITS AND INVESTMENTS – Continued Village Interest Rate Risk, Credit Risk, Custodial Credit Risk and Concentration Risk – Continued Credit Risk. Credit risk is the risk that an issuer or other counterparty to an investment will not fulfill its obligations. Besides investing in instruments authorized under State Statute, the Village’s investment policy does not further limit investment instrument choices. At April 30, 2019, the Village’s investment in the Illinois Funds is rated AAAm by Standard & Poor’s. Custodial Credit Risk. In the case of deposits, this is the risk that in the event of a bank failure, the Village’s deposits may not be returned to it. At year-end all of the bank balances of the deposits were covered by federal depository or equivalent insurance. For an investment, this is the risk that in the event of the failure of the counterparty, the Village will not be able to recover the value of its investments or collateral securities that are in the possession of an outside party. The Village’s investment policy states that all funds on deposit in banks are to be at a collateralization level of 110% of market value of principal and accrued interest. At year-end, the Village’s investment in the Illinois Funds is not subject to custodial credit risk. Concentration Credit Risk. This is the risk of loss attributed to the magnitude of the Village’s investment in a single issuer. The Village’s investment policy states that the Village shall diversify investments by security type and institution. With the exception of U.S. Treasury securities and authorized investment pools, no more than 50% of the Villages total investment portfolio will be invested in a single security type or with a single financial institution. At year-end, the Village does not have any investments over 5 percent of the total cash and investment portfolio (other than investments issued or explicitly guaranteed by the U.S. government and investments in mutual funds, external investment pools, and other pooled investments). PROPERTY TAXES Property taxes for 2018 attach as an enforceable lien on January 1, on property values assessed as of the same date. Taxes are levied by December of the subsequent fiscal year (by passage of a Tax Levy Ordinance). Tax bills are prepared by Kane County and are payable in two installments, on or about June 1 and September 1. The County collects such taxes and remits them periodically.

48

VILLAGE OF PINGREE GROVE, ILLINOIS Notes to the Financial Statements April 30, 2019 NOTE 3 – DETAIL NOTES ON ALL FUNDS – Continued CAPITAL ASSETS Governmental Activities Governmental capital asset activity for the year was as follows:

EndingIncreases Decreases Balances

Nondepreciable Capital AssetsLand $ 372,341 - - 372,341Construction in Progress 430,379 3,558,696 - 3,989,075

802,720 3,558,696 - 4,361,416

Depreciable Capital AssetsBuildings 3,636,117 - - 3,636,117Machinery & Equipment 430,726 - - 430,726Infrastructure 14,495,080 - - 14,495,080

18,561,923 - - 18,561,923

Less Accumulated DepreciationBuildings 1,399,279 145,445 - 1,544,724Machinery & Equipment 283,973 24,459 308,432Infrastructure 5,030,333 483,169 - 5,513,502

6,713,585 653,073 - 7,366,658

Total Net Depreciable Capital Assets 11,848,338 (653,073) - 11,195,265

Total Net Capital Assets 12,651,058 2,905,623 - 15,556,681

BalancesBeginning

Depreciation expense was charged to governmental activities as follows:

General Government $ 150,207

Highways and Streets 502,866 653,073

49



NOTE 3 – DETAIL NOTES ON ALL FUNDS – Continued

CAPITAL ASSETS – Continued

Business-Type Activities

Business-type capital asset activity for the year was as follows:

EndingIncreases Decreases Balances

Nondepreciable Capital AssetsLand $ 11,834,312 - - 11,834,312Construction in Progress - 57,822 - 57,822

11,834,312 57,822 - 11,892,134

Depreciable Capital AssetsBuildings 14,762,170 - - 14,762,170Equipment 912,308 102,644 - 1,014,952Water Distribution System 11,632,567 - - 11,632,567Sewer System 5,371,397 - - 5,371,397

32,678,442 102,644 - 32,781,086

Less Accumulated DepreciationBuildings 6,855,979 590,487 - 7,446,466Equipment 663,365 130,330 - 793,695Water Distribution System 4,765,784 461,314 - 5,227,098Sewer System 2,203,962 206,234 - 2,410,196

14,489,090 1,388,365 - 15,877,455

Total Net Depreciable Capital Assets 18,189,352 (1,285,721) - 16,903,631

Total Net Capital Assets 30,023,664 (1,227,899) - 28,795,765

BalancesBeginning

Depreciation expense of $1,388,365 was charged to the water and sewer business-type activities.

50

VILLAGE OF PINGREE GROVE, ILLINOIS Notes to the Financial Statements April 30, 2019 NOTE 3 – DETAIL NOTES ON ALL FUNDS – Continued NTERFUND RECEIVABLES, PAYABLES, AND TRANSFERS Interfund Transfers Interfund transfers for the year consisted of the following:

Transfers In Transfers Out

Debt Service General $ 48,882Debt Service Capital Improvement 163,466Debt Service Water and Sewer 97,768

Capital Improvement General 100,000

410,116

Amount

Transfers are used to (1) move receipts restricted to debt service from the funds collecting the receipts to the Debt Service Fund as debt service payments become due, and (2) use unrestricted revenues collected in the General Fund to finance various programs accounted for in other funds in accordance with budgetary authorizations. Interfund Balances Interfund balances are advances in anticipation of receipts to cover temporary cash shortages. The composition of interfund balances as of the date of this report, is as follows:

Receivable Fund Payable Fund Amount

General Debt Service $ 14,487

LONG-TERM DEBT Installment Contract Payable The Village issues installment contracts payable to provide funds for the purchase of capital assets. Installment contracts currently outstanding are as follows:

Fund Debt EndingIssue Retired By Issuances Retirements Balances

Capital Improvements $ 92,829 - 21,804 71,025

Water andSewer 92,829 - 21,804 71,025

185,658 - 43,608 142,050

BeginningBalances

Installment Contract of 2017, due inannual installments of $51,364,including interest at4.18% throughSeptember 12, 2021.

51

VILLAGE OF PINGREE GROVE, ILLINOIS Notes to the Financial Statements April 30, 2019 NOTE 3 – DETAIL NOTES ON ALL FUNDS – Continued LONG-TERM DEBT – Continued General Obligation Bonds The Village issues general obligation bonds to provide funds for the acquisition and construction of major capital facilities. General obligation bonds are direct obligations and pledge the full faith and credit of the Village. General obligation bonds currently outstanding are as follows:

Fund Debt Ending

Issue Retired By Issuances Retirements Balances

Capital Improvements $ 3,030,000 - 60,000 2,970,000

Debt Service - 1,439,663 66,984 1,372,679

3,030,000 1,439,663 126,984 4,342,679

General Obligation RefundingPromissory Notes, of 2018, due inquarterly installments plus interestat 3.70% through July 1, 2028.

BeginningBalances

General Obligation Bonds(Alternate Revenue Source) of2018, due in annual installments of$45,000 to $315,000 plus interest at2.00% to 4.00% through December15, 2037.

Debt Certificates The Village issues debt certificates to provide funds for the acquisition and construction of major capital facilities. Debt certificates currently outstanding are as follows:

Fund Debt Ending Issue Retired by Issuances Retirements Balances

Capital 1,411,172 *Improvements $ 1,474,382 - 63,210 -

1,474,382 - 1,474,382 -

Balances

Debt Certificates of 2008, due inquarterly installments plus interestat 4.44% through July 1, 2028.

Beginning

*Refunded

52

VILLAGE OF PINGREE GROVE, ILLINOIS Notes to the Financial Statements April 30, 2019 NOTE 3 – DETAIL NOTES ON ALL FUNDS – Continued LONG-TERM DEBT – Continued Defeased Debt On November 7, 2018, the Village issued $1,439,663 General Obligation Refunding Promissory Note of 2018 to refund $1,411,172 of the Debt Certificates of 2008. The Village defeased bonds by placing the proceeds of the new bonds in an irrevocable trust to provide for all future debt service payment of the old bonds. Since the requirements that normally satisfy defeasance have been met, the financial statements reflect satisfaction of the original liability through the irrevocable transfer to an escrow agent of an amount computed to be adequate to meet the future debt service requirements of the issue. Accordingly, the trust account assets and the liability for the defeased bonds are not included in the government’s basic financial statements. Through this refunding, the amounts the Village reduced its total debt service and economic gain were not available. IEPA Loans The Village has entered into loan agreements with the IEPA to provide low interest financing for the construction of water and sewer capital assets. IEPA loans currently outstanding are as follows:

Fund Debt Ending Issue Retired by Issuances Retirements Balances

Waterand

Sewer $ 265,263 - 23,660 241,603

Waterand

Sewer 349,473 - 31,171 318,302

Waterand

Sewer 434,618 - 28,600 406,018

1,049,354 - 83,431 965,923

IEPA Loan #L17-2688 of 2008,due in annual installments plusinterest at 2.5% through February28, 2028.

IEPA Loan #L17-3003 of 2011,due in annual installments plusinterest at 1.25% through October12, 2031.

BeginningBalances

IEPA Loan #L17-2686 of 2008,due in annual installments plusinterest at 2.5% through February28, 2028.

53

VILLAGE OF PINGREE GROVE, ILLINOIS Notes to the Financial Statements April 30, 2019 NOTE 3 – DETAIL NOTES ON ALL FUNDS – Continued LONG-TERM DEBT – Continued Long-Term Liability Activity Changes in long-term liabilities during the fiscal year were as follows:

AmountsEnding Due within

Additions Deductions Balances One Year

Governmental ActivitiesCompensated Absences $ 63,364 30,894 15,447 78,811 15,762Net Pension Liability - IMRF 302,890 186,764 - 489,654 - Debt Certificates 1,474,382 - 1,474,382 - - General Obligation Bonds 3,030,000 1,439,663 126,984 4,342,679 166,875Installment Contracts Payable 92,829 - 21,804 71,025 22,715

4,963,465 1,657,321 1,638,617 4,982,169 205,352

Business-Type ActivitiesCompensated Absences 7,222 5,974 2,987 10,209 2,042Net Pension Liability - IMRF 110,502 67,184 - 177,686 - IEPA Loans Payable 1,049,354 - 83,431 965,923 85,169Installment Contracts Payable 92,829 - 21,804 71,025 22,715

1,259,907 73,158 108,222 1,224,843 109,926

BalancesBeginning

Type of Debt

For the governmental activities, the General Fund is generally used to liquidate the compensated absences and the net pension liability. The Debt Service Fund and Capital Improvements Fund make payments on the general obligation bonds. The Capital Improvements Fund makes payments on the debt certificates and installment contracts payable. For the business-type activities, the Water and Sewer Fund makes payments on the compensated absences, the net pension liability, the IEPA loans payable, and the installment contracts payable.

54

VILLAGE OF PINGREE GROVE, ILLINOIS Notes to the Financial Statements April 30, 2019 NOTE 3 – DETAIL NOTES ON ALL FUNDS – Continued LONG-TERM DEBT – Continued Debt Service Requirements to Maturity The annual debt service requirements to maturity, including principal and interest, are as follows:

Principal Interest Principal Interest Principal Interest Principal Interest

$ 166,875 155,554 22,715 2,967 85,169 18,634 22,715 2,967176,634 149,594 23,658 2,024 86,947 16,856 23,658 2,024181,573 143,756 24,652 1,030 88,764 15,039 24,652 1,030186,697 137,620 - - 90,622 13,181 - - 192,012 131,179 - - 92,524 11,280 - - 202,528 124,425 - - 94,466 9,339 - - 208,251 117,203 - - 96,454 7,349 - - 214,187 109,767 - - 98,487 5,317 - - 225,347 102,107 - - 100,564 3,238 - - 143,575 95,157 - - 32,395 1,548 - - 235,000 91,500 - - 32,802 1,142 - - 245,000 83,275 - - 33,213 730 - - 250,000 74,700 - - 33,516 314 - - 260,000 65,950 - - - - - - 270,000 56,850 - - - - - - 280,000 47,400 - - - - - - 290,000 36,200 - - - - - - 300,000 24,600 - - - - - - 315,000 12,600 - - - - - -

4,342,679 1,759,437 71,025 6,021 965,923 103,967 71,025 6,021

20372036

2031

InstallmentContracts Payable

Business-Type ActivitiesGovernmental ActivitiesGeneral

Obligation BondsInstallment

Contracts Payable

2026202720282029

2025

20322033

20352034

2030

Totals

Loans PayableIEPA

20212020

YearFiscal

2038

202220232024

Non-Commitment Debt Tax Increment Financing Notes Tax increment financing notes outstanding as of the date of this report totaled $2,123,906. These bonds are not an obligation of the government and are secured by the levy of tax increment assessments on the real property within the tax increment financing district. The government is in no way liable for repayment but is only acting as agent for the property owners in levying and collecting the assessments, and forwarding the collections to bondholders.

55

VILLAGE OF PINGREE GROVE, ILLINOIS Notes to the Financial Statements April 30, 2019 NOTE 3 – DETAIL NOTES ON ALL FUNDS – Continued LONG-TERM DEBT – Continued Non-Commitment Debt – Continued Special Service Area Debt The Village authorized the establishment of Special Service Area No. 2 on June 20, 2005. Bonds were issued on July 13, 2005 for $23,400,000 for the purpose of financing improvements within the area. On February 24, 2015 the bonds were fully refunded in the amount of $21,240,000 by the issuance of $22,425,000 bonds. At April 30, 2019, $19,701,000 was outstanding. These bonds are not an obligation of the Village and are secured by the levy of real estate taxes on certain property within the special service area. The Village is in no way liable for repayment but is only acting as agent for the property owners in levying and collecting the assessments and forwarding the collections to bondholders. The Village authorized the establishment of Special Service Area No. 7 on May 11, 2006. Bonds were issued on May 11, 2006 for $26,700,000 for the purpose of financing improvements within the area. On June 24, 2015 the bonds were fully refunded in the amount of $24,986,000 by the issuance of $25,435,200 bonds. At April 30, 2019, $22,977,000 was outstanding. These bonds are not an obligation of the Village and are secured by the levy of real estate taxes on certain property within the special service area. The Village is in no way liable for repayment but is only acting as agent for the property owners in levying and collecting the assessments and forwarding the collections to bondholders. Legal Debt Margin Chapter 65, Section 5/8-5-1 of the Illinois Compiled Statutes provides, “…no municipality having a population of less than 500,000 shall become indebted in any manner or for any purpose, to an amount, including existing indebtedness in the aggregate exceeding 8.625% on the value of the taxable property therein, to be ascertained by the last assessment for state and county purposes, previous to the incurring of the indebtedness or, until January 1, 1983, if greater, the sum that is produced by multiplying the municipality’s 1978 equalized assessed valuation by the debt limitation percentage in effect on January 1, 1979.”

Assessed Valuation - 2018 $ 215,428,119

Legal Debt Limit - 8.625% of Assessed Value 18,580,675

Amount of Debt Applicable to LimitLimited General Obligation Bonds 2,970,000Promissory Note 1,372,679

4,342,679

Legal Debt Margin 14,237,996

56

VILLAGE OF PINGREE GROVE, ILLINOIS Notes to the Financial Statements April 30, 2019 NOTE 3 – DETAIL NOTES ON ALL FUNDS – Continued NET POSITION – NET INVESTMENT IN CAPITAL ASSETS Net investment in capital assets was comprised of the following as of April 30, 2019:

Governmental ActivitiesCapital Assets - Net of Accumulated Depreciation $ 15,556,681

Less Capital Related Debt:General Obligation Bonds of 2018 (2,970,000)General Obligation Refunding Promissory Notes of 2018 (1,372,679)Installment Contract of 2017 (71,025)

Net Investment in Capital Assets 11,142,977

Business-Type ActivitiesCapital Assets - Net of Accumulated Depreciation 28,795,765

Less Capital Related Debt:IEPA Loan #17--2686 of 2008 (241,603)IEPA Loan #17--2688 of 2008 (318,302)IEPA Loan #17--3003 of 2011 (406,018)Installment Contract of 2017 (71,025)

Net Investment in Capital Assets 27,758,817

FUND BALANCE CLASSIFICATIONS In the governmental funds financial statements, the Village considers restricted amounts to have been spent when an expenditure is incurred for purposes for which both restricted and unrestricted fund balance is available. The Village first utilizes committed, then assigned and then unassigned fund balance when an expenditure is incurred for purposes for which all three unrestricted fund balances are available. Nonspendable Fund Balance. Consists of resources that cannot be spent because they are either: a) not in a spendable form; or b) legally or contractually required to be maintained intact. Restricted Fund Balance. Consists of resources that are restricted to specific purposes, that is, when constraints placed on the use of resources are either: a) externally imposed by creditors (such as through debt covenants), grantors, contributors, or laws or regulations of other governments; or b) imposed by law through constitutional provisions or enabling legislation.

57

VILLAGE OF PINGREE GROVE, ILLINOIS Notes to the Financial Statements April 30, 2019 NOTE 3 – DETAIL NOTES ON ALL FUNDS – Continued FUND BALANCE CLASSIFICATIONS Committed Fund Balance. Consists of resources constrained (issuance of an ordinance) to specific purposes by the government itself, using its highest level of decision-making authority, the Board of Trustees; to be reported as committed, amounts cannot be used for any other purpose unless the government takes the same highest-level action to remove or change the constraint. Assigned Fund Balance. Consists of amounts that are constrained by the Board of Trustees’ intent to be used for specific purposes but are neither restricted nor committed. Intent is expressed by a) the Board of Trustees itself or b) a body or official to which the Board of Trustees has delegated the authority to assign amounts to be used for specific purposes. The Village’s highest level of decision-making authority is the Board of Trustees, who is authorized to assign amounts to a specific purpose. Unassigned Fund Balance. Consists of residual net resources of a fund that has not been restricted, committed, or assigned within the General Fund and deficit fund balances of other governmental funds. The following is a schedule of fund balance classifications for the governmental funds as of the date of this report:

Special Special SpecialDebt Capital Service Service Service

Service Improvements Area No. 2 Area No. 4 Area No. 7 Nonmajor Totals

Fund BalancesNonspendable

Prepaids $ 40,481 - - - - - - 40,481

RestrictedProperty Tax Levies

Special Service Areas - - - 8,065 372,384 8,970 43,087 432,506 Tax Increment Financing - - - - - - 33,768 33,768

Highways and Streets - - - - - - 855,221 855,221 - - - 8,065 372,384 8,970 932,076 1,321,495

CommittedCapital Projects - - 1,988,388 - - - - 1,988,388

Unassigned 2,950,083 (14,487) - - - - - 2,935,596

Total Fund Balances 2,990,564 (14,487) 1,988,388 8,065 372,384 8,970 932,076 6,285,960

General

Capital Projects

Minimum Fund Balance Policy. The Village’s policy manual states that the Corporate Fund should maintain a minimum fund balance equal to three months of budgeted operating expenditures, excluding transfers and capital expenditures. Fund balances in excess of said levels may be transferred to the capital projects fund at the discretion of the Board.

58



NOTE 4 – OTHER INFORMATION

RISK MANAGEMENT

The Village is exposed to various risks of loss related to torts; theft of, damage to and destruction of assets; errors and omissions; natural disasters; and injuries to the Village’s employees. The Village has purchased insurance from private insurance companies, covered risks included medical, dental, life and other. Premiums have been displayed as expenditures/expenses in appropriate funds. There were no significant changes in insurance coverages from the prior year and settlements did not exceed insurance coverage in any of the past three fiscal years.

CONTINGENT LIABILITIES

Litigation

The Village is a defendant in various lawsuits. Although the outcome of these lawsuits is not presently determinable, in the opinion of the Village’s attorney, the resolution of these matters will not have a material adverse effect on the financial condition of the Village.

Grants

Amounts received or receivable from grantor agencies are subject to audit and adjustment by grantor agencies, principally the federal government. Any disallowed claims, including amounts already collected, may constitute a liability of the applicable funds. The amount, if any, of expenditures which may be disallowed by the grantor cannot be determined at this time although the Village expects such amounts, if any, to be immaterial.

EMPLOYEE RETIREMENT SYSTEM – DEFINED BENEFIT PENSION PLAN

Illinois Municipal Retirement Fund (IMRF)

The Village contributes to the Illinois Municipal Retirement Fund (IMRF), a defined benefit agent multiple-employer public employee retirement system. IMRF issues a publicly available financial report that includes financial statements and required supplementary information for the plan as a whole, but not by individual employer. That report may be obtained online at www.imrf.org. The benefits, benefit levels, employee contributions, and employer contributions are governed by Illinois Compiled Statutes (ILCS) and can only be amended by the Illinois General Assembly.

Plan Descriptions

Plan Administration. All employees hired in positions that meet or exceed the prescribed annual hourly standard must be enrolled in IMRF as participating members. The plan is accounted for on the economic resources measurement focus and the accrual basis of accounting. Employer and employee contributions are recognized when earned in the year that the contributions are required, benefits and refunds are recognized as an expense and liability when due and payable.

59



NOTE 4 – OTHER INFORMATION – Continued

EMPLOYEE RETIREMENT SYSTEM – DEFINED BENEFIT PENSION PLAN – Continued

Illinois Municipal Retirement Fund (IMRF) – Continued

Plan Descriptions – Continued

Benefits Provided. IMRF has three benefit plans. The vast majority of IMRF members participate in the Regular Plan (RP). The Sheriff’s Law Enforcement Personnel (SLEP) plan is for sheriffs, deputy sheriffs, and selected police chiefs. Counties could adopt the Elected County Official (ECO) plan for officials elected prior to August 8, 2011 (the ECO plan was closed to new participants after that date).

IMRF provides two tiers of pension benefits. Employees hired before January 1, 2011, are eligible for Tier 1 benefits. Tier 1 employees are vested for pension benefits when they have at least eight years of qualifying service credit. Tier 1 employees who retire at age 55 (at reduced benefits) or after age 60 (at full benefits) with eight years of service are entitled to an annual retirement benefit, payable monthly for life, in an amount equal to 1-2/3% of the final rate of earnings for the first 15 years of service credit, plus 2% for each year of service credit after 15 years to a maximum of 75% of their final rate of earnings. Final rate of earnings is the highest total earnings during any consecutive 48 months within the last 10 years of service, divided by 48. Under Tier 1, the pension is increased by 3% of the original amount on January 1 every year after retirement.

Employees hired on or after January 1, 2011, are eligible for Tier 2 benefits. For Tier 2 employees,pension benefits vest after ten years of service. Participating employees who retire at age 62 (at reducedbenefits) or after age 67 (at full benefits) with ten years of service are entitled to an annual retirement benefit, payable monthly for life, in an amount equal to 1-2/3% of the final rate of earnings for the first 15 years of service credit, plus 2% for each year of service credit after 15 years to a maximum of 75% of their final rate of earnings. Final rate of earnings is the highest total earnings during any 96 consecutive months within the last 10 years of service, divided by 96. Under Tier 2, the pension is increased on January 1 every year after retirement, upon reaching age 67, by the lesser of:

3% of the original pension amount, or

1/2 of the increase in the Consumer Price Index of the original pension amount.

Plan Membership. As of December 31, 2018, the measurement date, the following employees were covered by the benefit terms:

Inactive Plan Members Currently Receiving Benefits 8Inactive Plan Members Entitled to but not yet Receiving Benefits 14Active Plan Members 19

Total 41

60







Contributions. As set by statute, the Village’s Regular Plan Members are required to contribute 4.50% of their annual covered salary. The statute requires employers to contribute the amount necessary, inaddition to member contributions, to finance the retirement coverage of its own employees. For the year-ended April 30, 2019, the Village’s contribution was 10.89% of covered payroll.

Net Pension Liability. The Village’s net pension liability was measured as of December 31, 2018. The total pension liability used to calculate the net pension liability was determined by an actuarial valuation as of that date.

Actuarial Assumptions. The total pension liability was determined by an actuarial valuation performed, as of December 31, 2018, using the following actuarial methods and assumptions:

Actuarial Cost Method Entry AgeNormal

Asset Valuation Method Market

Actuarial AssumptionsInterest Rate 7.25%

Salary Increases 3.39% - 14.25%

Cost of Living Adjustments 2.50%

Inflation 2.50%

For non-disabled retirees, an IMRF specific mortality table was used with fully generational projection scale MP-2017 (base year 2015). The IMRF specific rates were developed from the RP-2014 Blue Collar Health Annuitant Mortality Table with adjustments to match current IMRF experience. For disabled retirees, an IMRF specific mortality table was used with fully generational projection scale MP-2017 (base year 2015). The IMRF specific rates were developed from the RP-2014 Disabled Retirees Mortality Table applying the same adjustment that were applied for non-disabled lives. For active members, an IMRF specific mortality table was used with fully generational projection scale MP-2017 (base year 2015). The IMRF specific rates were developed from the RP-2014 Employee Mortality Table with adjustments to match current IMRF experience.

61







Actuarial Assumptions – Continued. The long-term expected rate of return on pension plan investments was determined using a building-block method in which best-estimate ranges of expected future real rates of return (expected returns, net of pension plan investment expense, and inflation) are developed for each major asset class. These ranges are combined to produce the long-term expected rate of return by weighting the expected future real rates of return to the target asset allocation percentage and adding expected inflation. The target allocation and best estimates of geometric real rates of return for each major asset class are summarized in the following table:

Long-TermExpected Real

Target Rate of Return

Fixed Income 28.00% 3.75%Domestic Equities 37.00% 7.15%International Equities 18.00% 7.25%Real Estate 9.00% 6.25%Blended 7.00% 3.20% - 8.50%Cash and Cash Equivalents 1.00% 2.50%

Asset Class

Discount Rate

The discount rate used to measure the total pension liability was 7.25% and 7.50% in the prior valuation. The projection of cash flows used to determine the discount rate assumed that member contributions will be made at the current contribution rate and that Village contributions will be made at rates equal to the difference between the actuarially determined contribution rates and the member rate. Based on those assumptions, the Fund’s fiduciary net position was projected to be available to make all project future benefit payments of current plan members. Therefore, the long-term expected rate of return on pension plan investments was applied to all period of projected benefit payments to determine the total pension liability.

62






Discount Rate Sensitivity

The following is a sensitivity analysis of the net pension liability to changes in the discount rate. The table below presents the pension liability of the Village calculated using the discount rate as well as what the Village’s net pension liability would be if it were calculated using a discount rate that is one percentage point lower or one percentage point higher than the current rate:

Current Discount Rate 1% Increase

(7.25%) (8.25%)

Net Pension Liability $ 1,042,541 667,340 362,656

1% Decrease(6.25%)

Changes in the Net Pension Liability

Plan Fiduciary Net PensionNet Position Liability

(B) (A) - (B)

Balances at December 31, 2017 $ 1,952,257 1,538,865 413,392

Changes for the Year:Service Cost 113,399 - 113,399Interest on the Total Pension Liability 149,091 - 149,091Difference Between Expected and Actual Experience of the Total Pension Liability 31,973 - 31,973Changes of Assumptions 81,962 - 81,962Contributions - Employer - 126,356 (126,356)Contributions - Employees - 50,364 (50,364)Net Investment Income - (66,524) 66,524Benefit Payments, including Refunds of Employee Contributions (42,154) (42,154) - Other (Net Transfer) - 12,281 (12,281)

Net Changes 334,271 80,323 253,948

Balances at December 31, 2018 2,286,528 1,619,188 667,340

(A)

PensionLiability

Total

63

VILLAGE OF PINGREE GROVE, ILLINOIS Notes to the Financial Statements April 30, 2019 NOTE 4 – OTHER INFORMATION – Continued EMPLOYEE RETIREMENT SYSTEM – DEFINED BENEFIT PENSION PLAN – Continued Illinois Municipal Retirement Fund (IMRF) – Continued Pension Expense, Deferred Outflows of Resources, and Deferred Inflows of Resources Related to Pensions For the year ended April 30, 2019, the Village recognized pension expense of $171,305. At April 30, 2019, the Village reported deferred outflows of resources and deferred inflows of resources related to pensions from the following sources:

DeferredInflows ofResources Totals

Difference Between Expected and Actual Experience $ 124,149 - 124,149

Change in Assumptions 66,968 (43,653) 23,315

Net Difference Between Projected and Actual Earnings on Pension Plan Investments 101,261 - 101,261

Total Pension Expense to be Recognized in Future Periods 292,378 (43,653) 248,725

Pension Contributions Made Subsequent to the Measurement Date 39,430 - 39,430

Total Deferred Amounts Related to IMRF 331,808 (43,653) 288,155

DeferredOutflows ofResources

$39,430 reported as deferred outflows of resources related to pensions resulting from employer contributions subsequent to the measurement date and will be recognized as a reduction of the net pension liability in the reporting year ended April 30, 2020.

64






Pension Expense, Deferred Outflows of Resources, and Deferred Inflows of Resources Related to Pensions – Continued

Amounts reported as deferred outflows of resources and deferred inflows of resources related topensions will be recognized in pension expense in future periods as follows:

FiscalYear

2020 $ 91,4592021 63,5172022 33,2202023 60,2142024 315

Thereafter -

Total 248,725

of Resources Outflows

Net Deferred

OTHER POST-EMPLOYMENT BENEFITS

The Village has evaluated its potential other post-employment benefits liability. Former employees who choose to retain their rights to health insurance through the Village are required to pay 100% of the current premium. However, there is minimal participation. As the Village provides no explicit benefit, and there is minimal participation, there is no material implicit subsidy to calculate in accordance with GASB Statement No. 75, Accounting and Financial Reporting for Post-Employment Benefits Other Than Pensions. Therefore, the Village has not recorded a liability as of April 30, 2019.

65

• Schedule of Employer ContributionsIllinois Municipal Retirement Fund

• Schedule of Changes in the Employer’s Net Pension LiabilityIllinois Municipal Retirement Fund

• Budgetary Comparison ScheduleGeneral Fund

Notes to the Required Supplementary Information

REQUIRED SUPPLEMENTARY INFORMATION

Required supplementary information includes financial information and disclosures that are required by theGASB but are not considered a part of the basic financial statements. Such information includes:

Budgetary Information – Budgets are adopted on a basis consistent with generally accepted accountingprinciples.


Illinois Municipal Retirement Fund

Required Supplementary InformationSchedule of Employer ContributionsApril 30, 2019

Contributions asFiscal a Percentage ofYear Covered Payroll

2016 $ 106,439 $ 106,439 $ - $ 1,038,429 10.25%2017 94,917 94,917 - 952,985 9.96%2018 109,096 109,096 - 990,673 11.01%2019 125,461 125,461 - 1,151,718 10.89%

Notes to the Required Supplementary Information:

Actuarial Cost Method Entry Age NormalAmortization Method Level % Pay (Closed)Remaining Amortization Period 25 YearsAsset Valuation Method 5-Year Smoothed Market; 20% CorridorInflation 2.75%Salary Increases 3.75% - 14.50%Investment Rate of Return 7.50%Retirement Age See the Notes to the Financial StatementsMortality

Note: This schedule is intended to show information for ten years. Additional information will be displayed as it becomes available.

Determined Determined Excess/ CoveredContribution Contribution (Deficiency) Payroll

IMFR specific mortality table was used with fully generational projection scale MP-2014 (base year 2012).

Contributionsin Relation to

Actuarially the Actuarially Contribution

66


Illinois Municipal Retirement Fund

Required Supplementary InformationSchedule of Changes in the Employer's Net Pension Liability April 30, 2019

Total Pension LiabilityService Cost $ 125,030 Interest 88,920 Differences Between Expected and Actual Experience 198,880 Change of Assumptions 4,725 Benefit Payments, Including Refunds of Member Contributions (14,594)

Net Change in Total Pension Liability 402,961 Total Pension Liability - Beginning 1,131,963

Total Pension Liability - Ending 1,534,924

Plan Fiduciary Net PositionContributions - Employer $ 106,439 Contributions - Members 46,730 Net Investment Income 4,701 Benefit Payments, Including Refunds of Member Contributions (14,594) Other (Net Transfer) 45,182

Net Change in Plan Fiduciary Net Position 188,458 Plan Net Position - Beginning 870,885

Plan Net Position - Ending 1,059,343

Employer's Net Pension Liability $ 475,581

Plan Fiduciary Net Position as a Percentage of the Total Pension Liability 69.02%

Covered Payroll $ 1,038,429

Employer's Net Pension Liability as a Percentage of Covered Payroll 45.80%

Note:

December 31, 2015

This schedule is intended to show information for ten years. Additional information will be displayed as itbecomes available.

67

December 31, December 31, December 31,2016 2017 2018

112,943 121,831 113,399 117,682 138,271 149,091

85,662 4,393 31,973 (8,237) (66,658) 81,962

(31,990) (56,564) (42,154)

276,060 141,273 334,271 1,534,924 1,810,984 1,952,257

1,810,984 1,952,257 2,286,528

94,917 108,804 126,356 42,884 45,126 50,364 74,411 205,765 (66,524)

(31,990) (56,564) (42,154) (6,040) 2,209 12,281

174,182 305,340 80,323 1,059,343 1,233,525 1,538,865

1,233,525 1,538,865 1,619,188

577,459 413,392 667,340

68.11% 78.82% 70.81%

952,985 1,002,808 1,119,193

60.59% 41.22% 59.63%

68


General Fund

Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual For the Fiscal Year Ended April 30, 2019

Final Actual

RevenuesTaxes $ 890,797 890,797 925,650Intergovernmental 603,215 603,215 784,974

684,825 684,825 678,529Fines and Forfeits 50,400 50,400 73,846Charges for Services 122,216 122,216 113,121Interest 46,660 46,660 202,072Miscellaneous 99,250 99,250 136,280

Total Revenues 2,497,363 2,497,363 2,914,472

ExpendituresGeneral Government 1,070,054 1,070,254 1,020,359Public Safety 1,163,881 1,163,881 1,072,862Highways and Streets 129,527 157,527 183,442

Total Expenditures 2,363,462 2,391,662 2,276,663

Excess (Deficiency) of RevenuesOver (Under) Expenditures 133,901 105,701 637,809

Other Financing (Uses)Transfers Out (100,000) (100,000) (148,882)

Net Change in Fund Balance 33,901 5,701 488,927

Fund Balance - Beginning 2,501,637

Fund Balance - Ending 2,990,564

OriginalBudget

Licenses and Permits

69

Such statements and schedules include:

• Budgetary Comparison Schedules – Major Governmental FundsGeneral FundDebt Service FundCapital Improvements – Capital Projects FundSpecial Service Area No. 4 – Capital Projects Fund

• Combining Statements – Nonmajor Governmental Funds

• Budgetary Comparison Schedules – Nonmajor Governmental FundsMotor Fuel Tax – Special Revenue FundTax Increment Financing – Bell-Harris – Capital Projects Fund Special Service Area No. 9 – Capital Projects Fund

• Budgetary Comparison Schedule – Major Proprietary FundWater and Sewer – Enterprise Fund

• Combining Statement – Agency Funds

• Consilidated Year-End Financial Report

OTHER SUPPLEMENTARY INFORMATION

Other supplementary information includes financial statements and schedules not required by the GASB, nor apart of the basic financial statements, but are presented for purposes of additional analysis.

COMBINING AND INDIVIDUAL FUNDFINANCIAL STATEMENTS AND SCHEDULES

GENERAL FUND

The General Fund is used to account for all financial resources except those required to be accounted for inanother fund.

SPECIAL REVENUE FUND

The Special Service Area No. 2 Fund is used to accumulate monies for the payment of a bank loan, proceeds ofwhich were used to finance improvements. Financing is provided by an annual property tax levy upon thebenefiting property owners. The debt is not an obligation of the Village.

DEBT SERVICE FUND

The Debt Service Fund is used to account for the accumulation of resources for, and the payment of, generallong-term debt principal and interest.

Special Service Area No. 4 Fund

The Special Revenue Funds are used to account for the proceeds of specific revenue sources (other thanfiduciary funds or capital projects funds) that are legally restricted to expenditure for specified purposes.

CAPITAL PROJECTS FUNDS

The Special Service Area No. 4 Fund is used to accumulate monies for the payment of public worksmaintenance and improvements. Financing is provided by an annual property tax levy upon the benefitingproperty owners.

Motor Fuel Tax Fund

The Motor Fuel Tax Fund is used to account for funds received from the State of Illinois Motor Fuel Tax to beused for operating and maintaining local streets and roads.

Capital Improvements Fund

The Capital Improvements Fund is used to account for the proceeds of bonds and expenditures restricted forcapital improvements.


The Water and Sewer Fund is used to account for the provision of potable water and wastewater treatmentservices to the residents of the Village. All activities necessary to provide such services are accounted for in thisfund, including, but not limited to, administration, operations and maintenance, financing and related debtservice, billing and collection.

Tax Increment Financing – Bell-Harris Fund



The Tax Increment Financing Fund – Bell-Harris is used to account for the revenues and expenditures related toan economic development agreement with Bell Land Development.

The Enterprise Funds are used to account for operations that are financed and operated in a manner similar toprivate business enterprises where the intent is that costs of providing goods or services to the general public ona continuing basis be financed or recovered primarily through user charges; or where it has been decided thatperiodic determination of revenues earned, expenses incurred and/or net income is appropriate for capitalmaintenance, public policy, management control, accountability or other purpose. The Village’s enterprise fundis a major fund.



ENTERPRISE FUND

Water and Sewer Fund

AGENCY FUNDS


The Special Service Area No. 9 Fund is used to accumulate monies for the payment of public worksmaintenance and improvements. Financing is provided by an annual property tax levy upon the benefitingproperty owners.


CAPITAL PROJECTS FUNDS – Continued




AGENCY FUNDS – Continued


General Fund

Schedule of Revenues - Budget and ActualFor the Fiscal Year Ended April 30, 2019

Final Actual

TaxesProperty Tax $ 443,353 443,353 447,143Municipal Utility Tax 328,252 328,252 338,301Use Tax 119,192 119,192 140,206

890,797 890,797 925,650

Intergovernmental Sales Tax 169,049 169,049 296,947Income Tax 434,166 434,166 468,860Replacement Tax - - 187Grant - - 18,980

603,215 603,215 784,974

Licenses and Permits Licenses 9,825 9,825 18,880Permits 675,000 675,000 659,649

684,825 684,825 678,529

Fines and Forfeits Police Fines 50,400 50,400 73,846

Charges for ServicesFranchise Fees 122,216 122,216 113,121

InterestInvestment Income 46,660 46,660 202,072

MiscellaneousOther 99,250 99,250 136,280

Total Revenues 2,497,363 2,497,363 2,914,472

BudgetOriginal

70


General Fund

Schedule of Expenditures - Budget and ActualFor the Fiscal Year Ended April 30, 2019

Final Actual

General GovernmentBoards and Commissions

Personnel ServicesWages $ 22,200 22,200 19,025Employer FICA 1,698 1,698 1,452

CommoditiesVillage Board Activities 250 250 272Operating Supplies 150 150 40

ServicesDues and Memberships 2,870 3,070 2,884

Total Boards and Commissions 27,168 27,368 23,673

Central ServicesCommodities

Postage 3,486 3,486 2,398Operating Supplies 3,000 3,000 2,214

ServicesUnemployment Compensation 15,000 15,000 - Gas - - 2,507Electric - - 1,992Telephones 3,600 3,600 4,673

Repairs and MaintenanceOffice Equipment Repair and Main. 7,788 7,788 6,228Website Maintenance 6,714 6,714 6,714Computer Maintenance 26,260 26,260 32,938

Professional ServicesIRMA Insurance 73,350 73,350 83,552Engineering Fees 108,166 108,166 64,992Planning Services 38,000 38,000 41,824

Economic Development 15,000 15,000 15,000Total Central Services 300,364 300,364 265,032

Village AdministratorPersonnel Services

Wages 56,506 56,506 56,574Employer IMRF 6,380 6,380 6,081Employer FICA 4,323 4,323 3,978Insurance 25,021 25,021 24,374

BudgetOriginal

71


General Fund

Schedule of Expenditures - Budget and Actual - ContinuedFor the Fiscal Year Ended April 30, 2019

Final Actual

General Government - ContinuedVillage Administrator - Continued

CommoditiesGasoline $ 440 440 49

ServicesOperating Supplies 2,560 2,560 255Books, Publications and Subscriptions - - 35Cell Phone 120 120 120Printing 2,000 2,000 1,638Dues and Memberships 825 825 596Training 2,400 2,400 79

Repairs and MaintenanceComputer Maintenance 100 100 62

Professional ServicesCodification Services 4,000 4,000 1,652Other Professional Fees 650 650 314

Total Village Administrator 105,325 105,325 95,807

LegalProfessional Services

Legal Fees - General 81,600 81,600 81,600Legal Fees - Prosecution 5,300 5,300 4,939Legal Notices 2,000 2,000 2,115Filing and Recording Fees 1,200 1,200 99

Total Legal 90,100 90,100 88,753

Building DepartmentCommodities

Operating Supplies 800 800 444Services

Telephones 2,664 2,664 2,926Printing 350 350 - Dues and Memberships 140 140 135

Repairs and MaintenanceOther Repairs and Maintenance 250 250 225

BudgetOriginal

72


General Fund


Final Actual

General Government - ContinuedBuilding Department - Continued

Professional ServicesInspections $ 317,200 317,200 317,470

Total Building Department 321,404 321,404 321,200

Finance DepartmentPersonnel Services


CommoditiesGasoline 741 741 - Operating Supplies 2,500 2,500 1,935Books, Publications and Subscriptions 250 250 -

ServicesDues and Memberships 470 470 435Training 500 500 611

Professional ServicesAudit 27,435 27,435 26,240Other Professional Fees 48,000 48,000 51,786

Total Finance Department 205,093 205,093 205,922

Special EventsSpecial Events

Other Special Event 20,600 20,600 19,972

Total General Government 1,070,054 1,070,254 1,020,359

Public SafetyPolice Department

Personnel ServicesWages 732,510 732,510 696,325Employment Testing 2,750 2,750 2,601Employer IMRF 68,505 68,505 61,900Employer FICA 22,578 22,578 20,101Insurance 161,863 161,863 130,617

BudgetOriginal

73


General Fund


Final Actual

Public Safety - ContinuedPolice Department - Continued

CommoditiesGasoline $ 21,250 21,250 23,204Postage - - 83Operating Supplies 6,000 6,000 5,756Uniforms and Safety Equipment 11,250 11,250 5,933Ammunition 5,000 5,000 4,662Vehicle Surplus Expenses 3,000 3,000 - Books, Publications and Subscriptions 7,000 7,000 6,587Investigations 500 500 1,506Police Materials 1,500 1,500 1,035Fingerprinting 300 300 - Prisoner Supplies 150 150 - Range Fees 800 800 671DUI Enforcement 5,000 5,000 2,938Computer Equipment 1,000 1,000 249

ServicesGas Service - - 189Telephone 9,000 9,000 7,481Cell Phones 2,300 2,300 4,717Air Cards-Squads 3,000 3,000 - Printing 1,000 1,000 3,663Dues and Memberships 3,200 3,200 3,881Training 12,000 12,000 11,419

Repairs and MaintenanceEquipment 1,800 1,800 40Vehicles 20,000 20,000 28,116Buildings 20,000 20,000 10,839Other Repair and Maintenance 1,000 1,000 152

Professional ServicesMedical and Hospital 500 500 - Animal Control 1,125 1,125 200Dispatch 38,000 38,000 37,997

Total Public Safety 1,163,881 1,163,881 1,072,862

BudgetOriginal

74


General Fund


Final Actual

Highways and Streets Public Works Department

Personnel ServicesWages $ 26,074 26,074 38,995Employer IMRF 2,456 2,456 2,850Employer FICA 2,260 2,260 2,066Insurance 3,131 3,131 4,192

CommoditiesGasoline 1,250 1,250 5,630Postage 2,500 2,500 14,807Road Materials 2,000 2,000 1,102Uniforms 2,450 2,450 1,686Operating Supplies - - 2,490

ServicesNicor Gas 400 400 493Electricity 200 200 695Cell Phones 1,742 1,742 2,538JULIE 1,380 1,380 1,185Mosquito Abatement 11,456 11,456 8,424Postage 600 600 30Printing 500 500 - Dues and Memberships 1,150 1,150 370Training 2,500 2,500 1,200Equipment Rental 5,600 5,600 3,325Tree Maintenance 1,500 1,500 - Beautification 2,250 2,250 1,607Signage 750 750 544Community Garden 500 500 -

Repairs and MaintenanceEquipment 6,000 6,000 15,327Vehicles 5,752 33,752 8,078Buildings 11,326 11,326 14,155Parkway/Street 33,800 33,800 42,396

BudgetOriginal

75


General Fund


Final Actual

Highways and Streets - ContinuedPublic Works Department - Continued

Professional ServicesIRMA Liability Insurance $ - - 6,385Other Professional Fees - - 2,872

Total Highways and Streets 129,527 157,527 183,442


BudgetOriginal

76


Debt Service Fund


Final Actual

RevenuesTaxes

Property Taxes $ - - -

ExpendituresDebt Service

Principal Retirement 190,194 190,194 190,194Interest and Fiscal Charges 119,922 119,922 156,609

Total Expenditures 310,116 310,116 346,803

Excess (Deficiency) of RevenuesOver (Under) Expenditures (310,116) (310,116) (346,803)

Other Financing Sources (Uses)Debt Issuance - - 1,439,663Payment to Escrow Agent - - (1,417,463)Transfers In 310,116 310,116 310,116

310,116 310,116 332,316

Net Change in Fund Balance - - (14,487)

Fund Balance - Beginning -

Fund Balance - Ending (14,487)

BudgetOriginal

77


Capital Improvement - Capital Projects Fund

Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual


Final Actual

Revenues$ 18,000 18,000 42,665

MiscellaneousDonations 400,000 400,000 400,000

Total Revenues 418,000 418,000 442,665

ExpendituresCapital Outlay 5,724,178 5,829,904 3,757,960Debt Service

Principal Retirement - - 21,804Interest and Fiscal Charges - - 3,289


Excess (Deficiency) of RevenuesOver (Under) Expenditures (5,306,178) (5,411,904) (3,340,388)

Other Financing Sources (Uses)Disposal of Capital Assets - - 60,000Transfers In 100,000 100,000 100,000Transfers Out (163,466) (163,466) (163,466)

(63,466) (63,466) (3,466)

Net Change in Fund Balance (5,369,644) (5,475,370) (3,343,854)

Fund Balance - Beginning 5,332,242

Fund Balance - Ending 1,988,388

BudgetOriginal

Interest

78


Capital Improvement - Capital Projects Fund

Schedule of Expenditures - Budget and ActualFor the Fiscal Year Ended April 30, 2019

Final Actual

Capital OutlayConstruction and Improvements $ 1,372,626 1,432,626 100,301Vehicle & Equipment 148,752 161,252 37,835Professional Services 3,869,000 3,869,000 3,532,277Computer Software 12,500 12,500 - Building Inspections 35,000 35,000 4,851Furniture and Fixtures 67,000 67,000 17,240Salt Storage 200,000 200,000 - Police Department 19,300 52,526 65,456

Total Capital Outlay 5,724,178 5,829,904 3,757,960

Debt ServicePrincipal Retirement - - 21,804Interest and Fiscal Charges - - 3,289

Total Debt Service - - 25,093


BudgetOriginal

79


Special Service Area No. 4 - Capital Projects Fund


Final Actual

RevenuesTaxes

Property Taxes $ 357,998 357,998 357,240

ExpendituresGeneral Government

Personnel ServicesWages 122,102 122,102 98,208Overtime 5,307 5,307 691Employer IMRF 11,479 11,479 11,069Employer FICA 9,879 9,879 8,831Insurance 13,728 13,728 17,641

CommoditiesGasoline 7,450 7,450 4,025Road Materials 97,153 85,653 16,200

ServicesElectricity 3,208 3,208 5,236Signage 3,000 3,000 242Aquatic Weed Control 9,855 9,855 8,208Tree Maintenance 18,750 18,750 7,672Landscaping Maintenance 12,400 12,400 5,392

Repairs and MaintenanceEquipment 15,652 15,652 6,257Vehicles 20,351 20,351 23,129Buildings 25,083 25,083 22,382Streets 6,000 17,500 - Other 8,100 8,100 -

Professional ServicesIRMA Liability Insurance 3,000 3,000 -

Total General Government 392,497 392,497 235,183

Net Change in Fund Balance (34,499) (34,499) 122,057

Fund Balance - Beginning 250,327

Fund Balance - Ending 372,384

OriginalBudget

80


Nonmajor Governmental Funds

Combining Balance SheetApril 30, 2019

TaxIncrement SpecialFinancing Service

Bell-Harris Area No. 9 Totals

ASSETS

Cash and Investments $ 857,022 33,768 43,087 933,877Receivables - Net of Allowances

Taxes - - 45,571 45,571Due from Other Governments 10,031 - - 10,031

Total Assets 867,053 33,768 88,658 989,479

Accounts Payable 11,832 - - 11,832

Property Taxes - - 45,571 45,571Total Liabilities and Deferred Inflows of Resources 11,832 - 45,571 57,403

Restricted 855,221 33,768 43,087 932,076

Total Liabilities, Deferred Inflows of Resourcesand Fund Balances 867,053 33,768 88,658 989,479

Capital ProjectsSpecial


Revenue

FUND BALANCES

LIABILITIES

Tax

MotorFuel

81


Nonmajor Governmental Funds

Combining Statement of Revenues, Expenditures and Changes in Fund BalancesFor the Fiscal Year Ended April 30, 2019

TaxIncrement SpecialFinancing Service

Bell-Harris Area No. 9 Totals

RevenuesTaxes

Property Taxes $ - 42,911 46,753 89,664Intergovernmental 115,043 - - 115,043Interest 20,595 - - 20,595

Total Revenues 135,638 42,911 46,753 225,302

ExpendituresGeneral Government - 32,174 23,419 55,593Highways and Streets 26,202 - - 26,202Capital Outlay 62,072 - - 62,072

Total Expenditures 88,274 32,174 23,419 143,867

Net Change in Fund Balances 47,364 10,737 23,334 81,435

Fund Balances - Beginning 807,857 23,031 19,753 850,641

Fund Balances - Ending 855,221 33,768 43,087 932,076

Capital Projects

Tax

MotorFuel

SpecialRevenue

82


Motor Fuel Tax - Special Revenue Fund


Final Actual

RevenuesIntergovernmental

Motor Fuel Allotment $ 116,699 116,699 115,043Interest 549 549 20,595

Total Revenues 117,248 117,248 135,638

ExpendituresHighways and Streets

ServicesEngineering 4,805 4,235 4,446

CommoditiesRoad Safety Materials 88,546 88,546 21,756

Capital Outlay 73,750 103,266 62,072Total Expenditures 167,101 196,047 88,274

Net Change in Fund Balances (49,853) (78,799) 47,364



OriginalBudget

83


Tax Increment Financing - Bell-Harris - Capital Projects Fund


Final Actual

RevenuesTaxes

Property Taxes $ 42,976 42,976 42,911

ExpendituresGeneral Government 32,232 32,232 32,174




BudgetOriginal

84


Special Service Area No. 9 - Capital Projects Fund


Final Actual

RevenuesTaxes

Property Taxes $ 46,739 46,739 46,753

ExpendituresGeneral Government

Personnel ServicesWages 17,369 17,369 12,714Employer IMRF 1,499 1,499 1,251Employer FICA 1,290 1,290 1,014Insurance 1,793 1,793 2,116

Repairs and MaintenanceBuilding Repair 2,529 2,529 2,923Tree Maintenance 5,895 5,895 - Aquatic Weed Control 4,300 4,300 596Equipment Repair - - 259Vehicle Report - - 2,546

Professional ServicesIrma Liability Insurance 400 400 -

Total General Government 35,075 35,075 23,419




OriginalBudget

85


Water and Sewer - Enterprise Fund

Schedule of Revenues, Expenses and Changes in Net Position - Budget and Actual


Final Actual

Operating RevenuesCharges for Services

Water Sales $ 2,288,998 2,288,998 1,798,456Water Meter Installation/Replacement 21,000 21,000 63,436Sewer Charges 540,000 540,000 1,124,773

Miscellaneous 4,900 4,900 7,175Total Operating Revenues 2,854,898 2,854,898 2,993,840

Operating ExpensesOperations

Water 553,913 553,913 600,999Sewer 792,854 804,454 682,612Capital Maintenance 520,552 520,552 133,822

Depreciation - - 1,388,365Total Operating Expenses 1,867,319 1,878,919 2,805,798

Operating Income 987,579 975,979 188,042

Nonoperating Revenues (Expenses)Interest Income 5,250 5,250 22,561Interest and Fiscal Charges (7,604) (7,604) (23,204)

(2,354) (2,354) (643)

Income Before Transfers 985,225 973,625 187,399

Transfers Out (97,768) (97,768) (97,768)

Change in Net Position 887,457 875,857 89,631

Net Position - Beginning 33,841,632

Net Position - Ending 33,931,263

BudgetOriginal

86



Schedule of Operating Expenses - Budget and ActualFor the Fiscal Year Ended April 30, 2019

Final Actual

OperationsWater

Personnel ServicesWages $ 173,337 173,337 165,797Employer IMRF 18,642 18,642 22,632Employer FICA 13,813 13,813 12,181Insurance 35,196 35,196 39,322

Contractual ServicesGas Service 2,600 2,600 2,734Electric 83,831 83,831 60,463Telephone 2,988 2,988 3,132Cell Phone 2,742 2,742 1,767JULIE 1,380 1,380 1,150Postage 5,418 5,418 717Printing 350 350 - Dues & Memberships 1,225 1,225 860Training/Seminars 1,075 1,075 344Other Services 1,570 1,570 28Repairs and Maintenance

Equipment 14,000 14,000 54,055Vehicles 11,000 11,000 9,358Buildings 4,800 4,800 3,794Water Main 37,000 37,000 25,627Compound Water Meter Testing 1,000 1,000 - Landscaping 2,500 2,500 550Irrigation System 500 500 - Other 15,250 15,250 9,853

Engineering Fees 8,550 8,550 19,664Testing Water Analysis - - 2,815Other Professional Fees 24,694 24,694 7,449

CommoditiesGasoline 11,598 11,598 8,239Laboratory Supplies 2,500 2,500 2,248Operating Supplies 3,000 3,000 2,644Chemicals 41,454 41,454 48,235Uniforms 2,450 2,450 2,205

BudgetOriginal

87



Schedule of Operating Expenses - Budget and Actual - ContinuedFor the Fiscal Year Ended April 30, 2019

Final Actual

Operations - ContinuedWater - Continued

Commodities - ContinuedFire Hydrants $ 8,400 8,400 1,666Water Meters 13,050 13,050 91,470Operating Insurance 8,000 8,000 -

Total Water 553,913 553,913 600,999

SewerPersonnel Services


Contractual ServicesGas Service 6,000 6,000 5,096Electric 92,908 92,908 88,229Telephone 3,576 3,576 3,443Cell Phone 2,742 2,742 76JULIE 1,380 1,380 1,150Postage 5,680 5,680 943Printing 350 350 - Dues & Memberships 1,375 1,375 363Training/Seminars 1,075 1,075 - Other Services 1,000 1,000 - Bank Charges 570 570 - Sludge Hauling 19,725 19,725 19,524Repairs and Maintenance

Equipment 122,900 122,900 68,932Vehicles 11,000 11,000 9,827Buildings 14,500 14,500 3,786Sewer Mains 38,000 38,000 505Landscaping 2,500 2,500 560Other 19,250 19,250 9,190Irrigation 20,000 20,000 25,057

Engineering Fees 10,550 22,150 31,103NPDES Permits 10,000 10,000 - Testing Sewer Analysis 50,106 50,106 56,192Other Professional Fees 52,675 52,675 30,696

BudgetOriginal

88



Schedule of Operating Expenses - Budget and Actual - ContinuedFor the Fiscal Year Ended April 30, 2019

Final Actual

Operations - ContinuedSewer - Continued

CommoditiesGasoline $ 14,163 14,163 4,373Operating Supplies 5,991 5,991 38,872Laboratory Supplies 2,800 2,800 1,930Chemicals 30,600 30,600 41,375Uniforms 2,450 2,450 1,360Operating Insurance 8,000 8,000 -

Total Sewer 792,854 804,454 682,612

Capital MaintenanceContractual Services

Engineering Fees 33,500 33,500 43,468Commodities

Vehicles & Equipment 169,052 169,052 - Construction 318,000 318,000 90,354

Total Capital Maintenance 520,552 520,552 133,822

Depreciation - - 1,388,365

Total Operating Expenses 1,867,319 1,878,919 2,805,798

Debt ServicePrincipal Retirement 105,235 105,235 105,235Interest and Fiscal Charges 7,604 7,604 23,204

112,839 112,839 128,439Less Nonoperating Items

Debt Service (112,839) (112,839) (128,439)

Total Debt Service - - -

BudgetOriginal

89


Agency Funds

Combining Statement of Changes in Assets and Liabilities For the Fiscal Year Ended April 30, 2019

EndingAdditions Deductions Balances

ASSETS

Cash and Investments $ 2,830,808 77,001 - 2,907,809

LIABILITIES

Due to Bondholders 2,830,808 77,001 - 2,907,809

Special Service Area No. 2

Cash and Investments 1,989,164 53,108 - 2,042,272

LIABILITIES

Due to Bondholders 1,989,164 53,108 - 2,042,272

Special Service Area No. 7

Cash and Investments 841,644 23,893 - 865,537

LIABILITIES

Due to Bondholders 841,644 23,893 - 865,537

ASSETS

ASSETS

BeginningBalances

All Funds

90


Consolidated Year-End Financial ReportApril 30, 2019

CSFA # Program Name Federal Other Totals

494-00-1488 Motor Fuel Tax Program $ 88,274 - - 88,274 Other Grant Programs and Activities - 18,980 - 18,980 All Other Costs Not Allocated - - 6,462,957 6,462,957

Totals 88,274 18,980 6,462,957 6,570,211

State

91

Operating Information

These schedules contain service and infrastructure data to help the reader understand how the information in theVillage’s financial report relates to the services the Village provides and the activities it performs.

Revenue Capacity

These schedules contain information to help the reader assess the Village’s most significant local revenuesources.

Debt Capacity

These schedules present information to help the reader assess the affordability of the Village’s current levels ofoutstanding debt and the Village’s ability to issue additional debt in the future.

Demographic and Economic Information

These schedules offer demographic and economic indicators to help the reader understand the environmentwithin which the Village’s financial activities take place.

These schedules contain trend information to help the reader understand how the Village’s financialperformance and well-being have changed over time.

STATISTICAL SECTION(Unaudited)

This part of the comprehensive annual financial report presents detailed information as a context forunderstanding what the information in the financial statements, note disclosures, and required supplementaryinformation says about the Village’s overall financial health.

Financial Trends


Net Position by Component - Last Ten Fiscal Years

2011 2012

Governmental ActivitiesNet Investment in Capital Assets $ 13,713,449 13,227,273 12,735,862 Restricted 569,054 726,658 804,449 Unrestricted 6,437,623 7,132,665 7,908,421

Total Governmental Activities Net Position 20,720,126 21,086,596 21,448,732

Business-Type ActivitiesNet Investment in Capital Assets 34,373,118 33,320,365 33,538,481 Unrestricted 13,833 809,357 796,487

Total Business-Type Activities Net Position 34,386,951 34,129,722 34,334,968

Primary GovernmentNet Investment in Capital Assets 48,086,567 46,547,638 46,274,343 Restricted 569,054 726,658 804,449 Unrestricted 6,451,456 7,942,022 8,704,908

Total Primary Government Net Position 55,107,077 55,216,318 55,783,700

Data Source: Village Records

2010

April 30, 2019 (Unaudited)

92

2013 2014 2015 2016 2017 2018 2019

12,849,430 12,672,649 12,128,714 11,599,785 11,098,281 10,706,664 11,142,977 789,388 728,803 695,583 801,274 913,101 1,130,096 1,321,495

6,365,634 5,814,708 5,824,093 5,710,502 4,254,053 4,853,017 4,561,403

20,004,452 19,216,160 18,648,390 18,111,561 16,265,435 16,689,777 17,025,875

32,431,100 31,268,906 32,062,494 31,257,315 29,990,510 28,881,481 27,758,817 1,341,687 1,582,797 1,863,038 2,459,791 3,929,697 4,960,151 6,172,446

33,772,787 32,851,703 33,925,532 33,717,106 33,920,207 33,841,632 33,931,263

45,280,530 43,941,555 44,191,208 42,857,100 41,088,791 39,588,145 38,901,794 789,388 728,803 695,583 801,274 913,101 1,130,096 1,321,495

7,707,321 7,397,505 7,687,131 8,170,293 8,183,750 9,813,168 10,733,849

53,777,239 52,067,863 52,573,922 51,828,667 50,185,642 50,531,409 50,957,138

93

VIL

LA

GE

OF

PIN

GR

EE

GR

OV

E, IL

LIN

OIS

Ch

an

ges

in N

et

Po

siti

on

- L

ast

Ten

Fis

ca

l Y

ea

rs

2011

2012

2013

2014

2015

2016

2017

2018

2019

Expe

nses

Gov

ernm

enta

l Act

iviti

esG

ener

al G

over

nmen

t$

931,

524

81

0,29

6

811,

199

84

0,05

8

858,

689

1,

132,

351

1,08

0,82

9

2,

663,

117

1,68

8,95

5

1,

636,

536

Pu

blic

Saf

ety

859,

048

68

8,91

3

684,

431

77

5,94

3

857,

615

97

8,41

7

1,02

0,14

2

1,

023,

274

1,01

4,85

5

1,

138,

318

H

ighw

ays a

nd S

treet

s93

1,32

4

972,

456

1,

048,

375

1,09

9,98

5

1,

257,

509

1,04

1,05

3

1,

246,

304

1,31

1,04

8

65

2,69

1

774,

582

Inte

rest

on

Long

-Ter

m D

ebt

120,

654

16

2,45

3

109,

497

98

,957

39,1

98

41

,276

35,5

01

36

,127

80,5

42

19

1,77

3

To

tal G

over

nmen

tal A

ctiv

ities

Exp

ense

s2,

842,

550

2,63

4,11

8

2,

653,

502

2,81

4,94

3

3,

013,

011

3,19

3,09

7

3,

382,

776

5,03

3,56

6

3,

437,

043

3,74

1,20

9

Bus

ines

s-Ty

pe A

ctiv

ities

Wat

er a

nd S

ewer

1,87

7,51

4

1,

862,

028

2,16

2,82

2

2,

185,

190

2,18

1,27

9

2,

393,

622

2,01

7,69

3

2,

030,

266

2,84

6,13

3

2,

829,

002

Tota

l Prim

ary

Gov

ernm

ent E

xpen

ses

4,72

0,06

4

4,

496,

146

4,81

6,32

4

5,

000,

133

5,19

4,29

0

5,

586,

719

5,40

0,46

9

7,

063,

832

6,28

3,17

6

6,

570,

211

Prog

ram

Rev

enue

sG

over

nmen

tal A

ctiv

ities

Cha

rges

for S

ervi

ces

Gen

eral

Gov

ernm

ent

1,56

0,42

6

1,

458,

509

1,25

7,23

3

33

1,30

9

314,

227

57

2,71

5

526,

155

59

6,82

6

955,

175

79

1,65

0

Pu

blic

Saf

ety

38,7

40

36

,586

43,8

05

53

,843

44,0

58

50

,074

48,6

84

64

,305

84,0

20

92

,826

C

apita

l Gra

nts/

Con

tribu

tions

100,

595

11

8,14

9

127,

536

12

4,80

9

129,

195

14

6,84

2

115,

923

11

4,87

0

150,

535

11

5,04

3

To

tal G

over

nmen

tal A

ctiv

ities

Pr

ogra

m R

even

ues

1,69

9,76

1

1,

613,

244

1,42

8,57

4

50

9,96

1

487,

480

76

9,63

1

690,

762

77

6,00

1

1,18

9,73

0

99

9,51

9

Bus

ines

s-Ty

pe A

ctiv

ities

Cha

rges

for S

ervi

ces

Wat

er a

nd S

ewer

941,

747

1,

637,

661

1,08

7,70

6

1,

257,

900

1,31

4,62

7

1,

482,

508

2,26

5,16

8

2,

702,

868

2,75

8,87

3

2,

993,

840

C

apita

l Gra

nts/

Con

tribu

tions

-

-

-

-

-

2,

040,

446

-

-

-

-

To

tal B

usin

ess-

Type

Act

iviti

es P

rogr

am R

even

ues

941,

747

1,

637,

661

1,08

7,70

6

1,

257,

900

1,31

4,62

7

3,

522,

954

2,26

5,16

8

2,

702,

868

2,75

8,87

3

2,

993,

840

To

tal P

rimar

y G

over

nmen

t Pr

ogra

m R

even

ues

2,64

1,50

8

3,

250,

905

2,51

6,28

0

1,

767,

861

1,80

2,10

7

4,

292,

585

2,95

5,93

0

3,

478,

869

3,94

8,60

3

3,

993,

359

Net

(Exp

ense

s) R

even

ues

Gov

ernm

enta

l Act

iviti

es(1

,142

,789

)

(1

,020

,874

)

(1

,224

,928

)

(2,3

04,9

82)

(2

,525

,531

)

(2,4

23,4

66)

(2

,692

,014

)

(4,2

57,5

65)

(2

,247

,313

)

(2,7

41,6

90)

B

usin

ess-

Type

Act

iviti

es(9

35,7

67)

(2

24,3

67)

(1

,075

,116

)

(927

,290

)

(8

66,6

52)

1,12

9,33

2

24

7,47

5

672,

602

(8

7,26

0)

164,

838

Tota

l Prim

ary

Gov

ernm

ent

Net

(Exp

ense

) Rev

enue

(2,0

78,5

56)

(1,2

45,2

41)

(2,3

00,0

44)

(3

,232

,272

)

(3,3

92,1

83)

(1

,294

,134

)

(2,4

44,5

39)

(3

,584

,963

)

(2,3

34,5

73)

(2

,576

,852

)

Ap

ril

30

, 2

01

9 (

Un

au

dit

ed)

2010

94

2011

2012

2013

2014

2015

2016

2017

2018

2019

Gen

eral

Rev

enue

s and

Oth

er C

hang

es in

Net

Pos

ition

Gov

ernm

enta

l Act

iviti

esTa

xes Prop

erty

Tax

es$

561,

366

61

9,77

0

624,

691

56

6,79

5

558,

673

60

5,91

3

667,

863

73

6,76

6

845,

437

89

4,04

7

M

unic

ipal

Util

ity T

axes

112,

295

12

7,24

4

163,

850

29

6,11

0

337,

278

33

8,60

9

317,

820

33

4,58

2

379,

267

33

8,30

1

R

epla

cem

ent T

axes

188

20

9

18

9

187

21

4

209

21

2

222

15

6

187

U

se T

axes

47,4

02

58

,959

66,1

18

72

,730

79,5

12

93

,473

103,

435

10

4,02

9

119,

847

14

0,20

6

Sa

les T

axes

91,9

23

10

9,78

6

134,

340

13

8,90

8

145,

739

14

7,80

2

138,

059

15

5,14

3

200,

692

29

6,94

7

In

com

e Ta

xes

291,

504

32

4,38

8

383,

979

42

8,80

5

432,

799

45

6,58

0

464,

768

40

8,52

4

412,

411

46

8,86

0

In

tere

st11

,624

6,23

2

3,25

8

4,

499

1,62

2

1,

713

5,79

6

48

,514

93,3

46

26

5,71

2

M

isce

llane

ous

445,

879

10

7,40

6

157,

644

63

,868

126,

202

15

4,67

9

154,

329

15

0,40

7

620,

499

57

5,76

0

Tr

ansf

ers

25,0

00

33

,350

52,9

95

55

,200

55,2

00

56

,718

457,

542

47

3,25

2

-

97

,768

To

tal G

over

nmen

tal A

ctiv

ities

1,58

7,18

1

1,

387,

344

1,58

7,06

4

1,

627,

102

1,73

7,23

9

1,

855,

696

2,30

9,82

4

2,

411,

439

2,67

1,65

5

3,

077,

788

Bus

ines

s-Ty

pe A

ctiv

ities

Inte

rest

113

48

8

54

6

948

76

8

1,21

5

1,

641

3,75

1

8,

685

22,5

61

Mis

cella

neou

s-

-

1,

332,

811

220,

500

-

-

-

-

-

-

Tran

sfer

s(2

5,00

0)

(33,

350)

(52,

995)

(5

5,20

0)

(55,

200)

(5

6,71

8)

(457

,542

)

(4

73,2

52)

-

(9

7,76

8)

To

tal B

usin

ess-

Type

Act

iviti

es(2

4,88

7)

(32,

862)

1,28

0,36

2

16

6,24

8

(54,

432)

(5

5,50

3)

(455

,901

)

(4

69,5

01)

8,68

5

(7

5,20

7)

Tota

l Prim

ary

Gov

ernm

ent

1,56

2,29

4

1,

354,

482

2,86

7,42

6

1,

793,

350

1,68

2,80

7

1,

800,

193

1,85

3,92

3

1,

941,

938

2,68

0,34

0

3,

002,

581

Cha

nges

in N

et P

ositi

onG

over

nmen

tal A

ctiv

ities

444,

392

36

6,47

0

362,

136

(6

77,8

80)

(788

,292

)

(5

67,7

70)

(382

,190

)

(1

,846

,126

)

424,

342

33

6,09

8

B

usin

ess-

Type

Act

iviti

es(9

60,6

54)

(2

57,2

29)

20

5,24

6

(761

,042

)

(9

21,0

84)

1,07

3,82

9

(2

08,4

26)

203,

101

(7

8,57

5)

89,6

31

Tota

l Prim

ary

Gov

ernm

ent

(516

,262

)

109,

241

56

7,38

2

(1,4

38,9

22)

(1

,709

,376

)

506,

059

(5

90,6

16)

(1,6

43,0

25)

34

5,76

7

425,

729

Dat

a So

urce

: Vill

age

Rec

ords

2010

95


Fund Balances of Governmental Funds - Last Ten Fiscal Years

2011 2012

General FundReserved $ 24,310 7,130 - Unreserved 802,377 803,407 - Nonspendable - - 19,335 Restricted - - 5,670 Unassigned - - 898,037

Total General Fund 826,687 810,537 923,042

All Other Governmental FundsReserved 3,051,507 3,123,448 - Unreserved, Reported in,

Special Revenue 191,297 276,960 - Capital Projects 2,978,052 3,681,118 -

Nonspendable - - 2,379,501 Restricted - - 798,779 Committed - - 4,649,066 Unassigned - - -

Total All Other Governmental Funds 6,220,856 7,081,526 7,827,346

Total All Governmental Funds 7,047,543 7,892,063 8,750,388

Note: The Village implemented GASB No. 54 in 2012.



2010

96

2013 2014 2015 2016 2017 2018 2019

- - - - - - - - - - - - - -

21,956 26,531 28,978 22,479 33,701 25,977 40,481 6,444 - - - - - -

1,103,669 1,216,261 1,531,407 1,870,025 2,211,022 2,475,660 2,950,083

1,132,069 1,242,792 1,560,385 1,892,504 2,244,723 2,501,637 2,990,564

- - - - - - -

- - - - - - - - - - - - - -

2,380,280 2,381,407 1,809,084 1,809,664 - - - 782,944 728,803 695,583 801,274 913,101 1,130,096 1,321,495

2,892,921 2,228,898 2,557,474 2,301,124 2,356,516 5,332,242 1,988,388 - - - - - - (14,487)

6,056,145 5,339,108 5,062,141 4,912,062 3,269,617 6,462,338 3,295,396

7,188,214 6,581,900 6,622,526 6,804,566 5,514,340 8,963,975 6,285,960

97


Changes in Fund Balances of Governmental Funds - Last Ten Fiscal Years

2011 2012

RevenuesTaxes $ 1,104,678 1,240,356 1,373,167 Intergovernmental 100,595 118,149 127,536 Licenses and Permits 234,412 149,080 158,515 Fines and Forfeitures 38,740 36,586 43,805 Charges for Services 1,326,014 1,309,429 1,098,718 Interest 11,624 6,232 3,258 Miscellaneous 445,879 107,406 157,644

Total Revenues 3,261,942 2,967,238 2,962,643

ExpendituresGeneral Government 762,524 671,322 661,431 Public Safety 720,123 688,913 684,431 Highways and Streets 317,850 213,631 238,105 Capital Outlay 801,635 270,256 322,161 Debt Service

Principal Retirement 140,774 147,732 142,497 Interest and Fiscal Charges 122,675 164,214 108,688


Excess (Deficiency) of RevenuesOver (Under) Expenditures 396,361 811,170 805,330

Other Financing Sources (Uses)Debt Issuance - - - Payment to Escrow Agent - - - Disposal of Capital Assets - - - Transfers In 74,224 169,558 268,486 Transfers Out (49,224) (136,208) (215,491)

25,000 33,350 52,995

Net Change in Fund Balances 421,361 844,520 858,325

Debt Service as a Percentageof Noncapital Expenditures 11.15% 14.47% 11.64%



2010

98

2013 2014 2015 2016 2017 2018 2019

935,822 975,677 1,038,204 1,089,330 1,175,165 1,344,339 1,372,342 692,522 707,733 751,224 718,750 678,971 764,006 900,229 277,300 254,211 505,204 446,564 500,585 849,321 678,529 53,843 44,058 50,074 48,684 64,305 84,020 73,846 54,009 60,016 67,511 79,591 96,241 105,854 113,121

4,499 1,622 1,713 5,796 48,514 93,346 265,712 63,868 126,202 154,679 154,329 150,407 620,499 575,760

2,081,863 2,169,519 2,568,609 2,543,044 2,714,188 3,861,385 3,979,539

692,409 699,526 899,129 858,766 864,781 1,452,601 1,363,088 775,943 857,615 928,200 957,563 1,023,274 1,014,855 1,072,862 247,935 342,339 306,582 732,861 827,015 149,825 209,644 966,487 737,565 287,324 105,890 31,032 724,437 3,820,032

149,671 153,932 121,752 124,402 127,110 155,559 211,998 100,392 40,056 41,714 39,064 36,356 62,984 159,898

2,932,837 2,831,033 2,584,701 2,818,546 2,909,568 3,560,261 6,837,522

(850,974) (661,514) (16,092) (275,502) (195,380) 301,124 (2,857,983)

- - - - - 3,148,511 1,439,663 - - - - - - (1,417,463) - - - - (1,568,098) - 60,000

250,077 255,260 286,778 810,007 834,471 200,000 410,116 (194,877) (200,060) (230,060) (352,465) (361,219) (200,000) (312,348)

55,200 55,200 56,718 457,542 (1,094,846) 3,148,511 179,968

(795,774) (606,314) 40,626 182,040 (1,290,226) 3,449,635 (2,678,015)

10.80% 7.77% 6.32% 5.80% 5.62% 7.39% 11.34%

99


Assessed Value and Actual Value of Taxable Property - Last Ten Fiscal Years

Tax

Fiscal LevyYear Year

2010 2009 $ 123,925,355 $ 841,331 $ 1,276,717 $ 2,151,811

2011 2010 119,026,388 667,232 1,933,753 2,019,691

2012 2011 110,619,871 665,229 1,742,387 1,829,841

2013 2012 107,591,731 607,235 1,591,114 1,665,886

2014 2013 117,268,984 594,634 1,526,379 1,687,323

2015 2014 134,487,361 747,138 1,767,862 1,991,672

2016 2015 158,804,772 757,556 2,118,453 2,189,833

2017 2016 184,713,400 862,205 2,506,142 2,275,318

2018 2017 209,802,744 804,518 3,063,994 2,447,008

2019 2018 247,251,249 809,342 2,144,182 2,566,560

Data Source: Office of the County Clerk

PropertyCommercial Industrial


Property PropertyResidential

Farm

100

EqualizedAssessed

Value as aPercentage ofActual Value

145,190 $ - $ 128,340,404 0.1675 $ 385,021,212 33%

167,821 - 123,814,885 0.1787 371,444,655 33%

82,743 - 114,940,071 0.1948 344,820,213 33%

57,191 - 111,513,157 0.2241 334,539,471 33%

68,423 - 121,145,743 0.2515 363,437,229 33%

49,322 - 139,043,355 0.2611 417,130,065 33%

65,694 - 163,936,308 0.2574 491,808,924 33%

71,394 - 190,428,459 0.2419 571,285,377 33%

74,635 - 216,192,899 0.2324 648,578,697 33%

74,635 - 252,845,968 0.2284 758,537,904 33%

TotalAssessed Direct TaxTax-Exempt

Less: ActualTaxableValue

EstimatedTotalTaxable

ValueState

Railroad RateProperty

101


Direct and Overlapping Property Tax Rates - Last Ten Fiscal Years

2010 2011 2012

Village Direct RatesGeneral 0.1206 0.1293 0.1409 Audit 0.0121 0.0129 0.0141 Liability Insurance 0.0242 0.0259 0.0282 Social Security 0.0107 0.0107 0.0116

Total Direct Rates 0.1675 0.1787 0.1948

Overlapping RatesKane County 0.3336 0.3398 0.3990 Kane Forest Preserve 0.1932 0.1997 0.2609 Rutland Township 0.0385 0.0372 0.0410 Rutland Township Road District 0.0665 0.0642 0.0703 School District 300 3.8603 3.9687 4.7987 Elgin College 509 0.3275 0.3833 0.4454 Ella Johnson Library 0.1010 0.1011 0.1204 Pingree Grove Fire District 0.5643 0.5654 0.6480

Total Direct and Overlapping Rates 5.6524 5.8381 6.9785


Note: (1) Rates are per $1,000 of Assessed Value


102

2013 2014 2015 2016 2017 2018 2019

0.1848 0.1891 0.1964 0.1936 0.1819 0.1748 0.1721 0.0045 0.0100 0.0104 0.0102 0.0096 0.0092 0.0085 0.0113 0.0244 0.0291 0.0249 0.0234 0.0225 0.0223 0.0235 0.0280 0.0253 0.0286 0.0269 0.0259 0.0256 0.2241 0.2515 0.2611 0.2574 0.2419 0.2324 0.2284

0.4336 0.4623 0.4684 0.4479 0.4201 0.4025 0.3877 0.2710 0.3039 0.3126 0.2944 0.2253 0.1658 0.1607 0.0449 0.0443 0.0434 0.0418 0.0362 0.0347 0.0345 0.0770 0.0839 0.0829 0.0761 0.0658 0.0601 0.0598 5.6752 6.3182 6.7211 6.5440 6.1397 5.8763 5.6964 0.5215 0.5707 0.6076 0.5609 0.5296 0.4999 0.5075 0.1355 0.1504 0.1597 0.1571 0.1475 0.1425 0.1388 0.7239 0.8033 0.8247 0.8141 0.7743 0.7502 0.7374

8.1068 8.9885 9.4815 9.1937 8.5804 8.1644 7.9513

103


Principal Property Tax Payers - Current Fiscal Year and Nine Fiscal Years Ago

Percentage Percentageof Total of TotalVillage VillageTaxable TaxableAssessed Assessed

Taxpayer Rank Value Rank Value

Hako Minuteman, Inc. $ 1,123,574 1 0.44% $ 1,277,620 2 1.01%DRH Cambridge Homes, Inc 976,367 2 0.39% 3,334,207 1 2.63%Pingree Grove & Countryside FPD 735,070 3 0.29%Pingree Grove LLC 628,460 4 0.25%LB Five LLC 620,130 5 0.25%Goebbert Holdings, Inc. 313,351 6 0.12% 150,286 7 0.12%CL Quick Stop of Belvidere Inc 228,603 9 0.09%AMH 2015-1 Borrower, LLC 220,786 10 0.09%Elm Street Homes, LLC 284,300 8 0.11%Premier Flora, Inc. 298,675 7 0.12%Elgin Die Mold 699,346 3 0.55%Lou Morris Property 374,060 4 0.29%MAS Supply 298,817 5 0.24%Lazar Brothers 298,357 6 0.24%Kellenberger 100,295 8 0.08%Outpost Tavern 63,408 9 0.05%O & S Property 3,033 10 0.00%

5,429,316 2.15% 6,599,429 5.21%



Value Value

2019 2010

Taxable TaxableAssessed Assessed

104


Property Tax Levies and Collections - Last Ten Fiscal Years


TaxFiscal Levy Percentage PercentageYear Year of Levy of Levy

2010 2008 $ 596,260 $ 570,728 95.72% $ - $ 570,728 95.72%

2011 2009 616,394 615,920 99.92% - 615,920 99.92%

2012 2010 616,246 613,957 99.63% - 613,957 99.63%

2013 2011 561,398 560,652 99.87% - 560,652 99.87%

2014 2012 552,779 552,064 99.87% - 552,064 99.87%

2015 2013 604,024 599,163 99.20% - 599,163 99.20%

2016 2014 660,081 658,198 99.71% - 658,198 99.71%

2017 2015 701,383 699,248 99.70% - 699,248 99.70%

2018 2016 796,661 795,353 99.84% - 795,353 99.84%

2019 2017 846,091 846,091 100.00% - 846,091 100.00%


Taxes Collected within the CollectionsLevied for Fiscal Year of the Levy in Total Collections to Date

SubsequentYear Amount Years Amount

the Fiscal

105


Ratios of Outstanding Debt by Type - Last Ten Fiscal Years


Fiscal Debt InstallmentYear Certificates Contracts

2010 $ 166,497 $ 2,404,858 $ - $ -

2011 105,944 2,317,679 - -

2012 54,340 2,226,786 - -

2013 - 2,131,455 - -

2014 - 1,977,523 - -

2015 - 1,855,771 - -

2016 - 1,731,369 - -

2017 - 1,604,259 - -

2018 - 1,474,382 92,829 3,030,000

2019 - - 71,025 4,342,679

Note: (1) Details regarding the Village's outstanding debt can be found in the notes to the financial statements. (2) See the Schedule of Demographic and Economic Statistics for personal income and population data.

BondsPayable

GeneralNotes Obligation

Governmental Activities (1)

106

Percentageof

Installment PersonalContracts Income (2)

$ 1,004,807 - $ 3,576,162 3.69% $ 147.08

964,343 - 5,705,645 5.18% 234.66

1,729,932 - 6,237,844 4.76% 215.65

1,441,751 - 5,704,661 5.41% 245.35

1,366,452 - 5,321,498 5.00% 226.64

1,289,598 - 5,001,140 3.62% 164.00

1,211,154 - 4,673,892 3.08% 139.51

1,131,085 - 4,339,603 2.86% 129.53

1,049,354 92,829 5,646,565 3.72% 168.54

965,923 71,025 5,450,652 3.59% 162.70

Capita (2)Per

TotalIEPA

Business-TypeActivities (1)

Bonds GovernmentRevenue Primary

107

Percentage ofTotal Taxable

AssessedFiscal Value ofYear Property (2)

2010 $ - $ - $ - 0.00% $ -

2011 - - - 0.00% -

2012 - - - 0.00% -

2013 - - - 0.00% -

2014 - - - 0.00% -

2015 - - - 0.00% -

2016 - - - 0.00% -

2017 - - - 0.00% -

2018 3,030,000 - 3,030,000 1.59% 668.58

2019 4,342,679 - 4,342,679 2.01% 958.23

Note: (1) Details regarding the Village's outstanding debt can be found in the notes to the financial statements. (2) See the Schedule of Assessed Value and Actual Value of Taxable Property for property value data.


Ratios of General Bonded Debt Outstanding - Last Ten Fiscal Years

(3) See the Demographic and Economic Statistics for per capita data.


Per Capita (3)Totals

GeneralObligationBonds (1) Fund

Debt ServiceAvailable for

Less: Amounts

108


Schedule of Direct and Overlapping Governmental Activities Debt

Percentage ofDebt

ApplicableGovernmental Unit to Village (1)

Village $ 4,413,704 100.000% $ 4,413,704

Overlapping DebtKane County 37,551,448 1.504% 564,645

Kane County Forest Preserve 157,737,317 1.504% 2,371,829

School District 300 330,066,908 8.513% 28,098,059

Elgin College 509 175,826,341 2.723% 4,787,540

Total Overlapping Debt 701,182,014 35,822,074

Total Direct and Overlapping Debt 705,595,718 40,235,778

Data Source: Kane County Tax Extension Department


(1) Determined by ratio of assessed valuation of property subject to taxation in the Village to valuation ofproperty subject to taxation in overlapping unit.

Share ofGross Debt Debt

Village's

109


Schedule of Legal Debt Margin - Last Ten Fiscal Years

2011 2012 2013

Legal Debt Limit $ 11,069,360 10,679,034 9,913,581 9,618,010

Total Net Debt Applicable to Limit 2,404,858 2,137,679 2,226,786 2,131,455

Legal Debt Margin 8,664,502 8,541,355 7,686,795 7,486,555

Total Net Debt Applicable to the Limitas a Percentage of Debt Limit 21.73% 20.02% 22.46% 22.16%



2010

110

2014 2015 2016 2017 2018 2019

10,448,820 11,992,489 11,992,489 14,139,507 16,424,455 18,580,675

1,977,523 1,855,771 1,731,369 1,604,259 4,504,382 4,342,679

8,471,297 10,136,718 10,261,120 12,535,248 11,920,073 14,237,996

18.93% 18.93% 14.44% 11.35% 27.42% 23.37%

Assessed Value $ 215,428,119

Bonded Debt Limit - 8.625% of Assessed Value 18,580,675

Amount of Debt Applicable to Limit 4,342,679

Legal Debt Margin 14,237,996

Legal Debt Margin Calculation for Fiscal Year 2019

111

FiscalYear

2010 $ 941,747 $ 758,061 $ 183,686 $ 40,666 $ 26,234 $ 13.78

2011 1,637,661 744,480 893,181 40,464 24,331 2.60

2012 1,087,706 901,567 186,139 47,749 23,754 3.15

2013 1,257,900 960,086 297,814 60,638 34,007 3.63

2014 1,314,627 906,517 408,110 75,299 37,269 3.99

2015 1,482,508 1,034,510 447,998 76,854 35,400 3.99

2016 2,265,168 637,018 1,628,150 78,444 33,802 14.51

2017 2,702,868 660,116 2,042,752 80,069 23,276 19.77

2018 2,758,873 1,436,164 1,322,709 81,731 21,605 12.80

2019 2,993,840 1,417,433 1,576,407 83,431 19,896 15.26

(1) As defined in applicable bond indentures and governing laws.(2) Total expenses exclusive of depreciation and bond interest.(3) Gross revenues minus expenses(4) Net revenue available for debt service divided by total debt requirements.


Revenues (1) Expenses (2) Coverage (4)



Pledged-Revenue Coverage - Last Ten Fiscal Years

Principal Interest

Less:Operating Debt Service

Net Available

Revenue (3)

Water and Sewer IEPA Bonds

Operating

112

Fiscal UnemploymentYear Population Rate

2010 3,986 $ 96,919,590 $ 24,315 9.60%

2011 4,538 110,195,580 24,315 8.90%

2012 4,532 131,092,632 28,926 8.70%

2013 4,532 105,373,532 23,251 8.90%

2014 4,532 106,411,360 23,480 9.20%

2015 4,532 138,203,340 30,495 5.10%

2016 4,532 151,831,064 33,502 5.10%

2017 4,532 151,831,064 33,502 4.70%

2018 4,532 151,831,064 33,502 3.80%

2019 4,532 151,831,064 33,502 3.70%

Data Source: Illinois Department of Employment Security (IDES)

Demographic and Economic Statistics - Last Ten Fiscal Years



PersonalIncome

PerCapita

PersonalIncome

113

Principal Employers - Current Fiscal Year and Nine Fiscal Years Ago

Percentage Percentageof Total of TotalVillage Village

Employer Employees Rank Employment Employees Rank Employment

Cambridge Lakes Charter School 100 1 2.86%Minuteman International 94 2 2.72% 100 1 2.51%Elgin Die Mold 65 3 1.86% 50 2 1.25%Village of Pingree Grove 29 4 0.89%Cambridge Lakes Community Center 25 5 0.72%MAS Supply 18 6 0.51% 11 4 0.28%Kindred at Home 7 7 0.23%Upland Concrete 6 8 0.17%Outpost Tavern 5 10 0.14%BP Gas and Mini Mart 5 10 0.14%Goebbert Holdings 15 3 0.38%Cowan Electric 10 5 0.25%

354 10.24% 186 4.67%

Data Source: Village Records and U.S. Census Bureau.

Note: The Village has provided all available information for 2010.



20102019

114


Full-Time Equivalent Village Government Employees by Function - Last Ten Fiscal Years

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

General GovernmentVillage Manager 1.0 1.0 1.0 1.0 0.8 2.0 1.0 1.0 1.0 1.0 Finance Department 1.0 1.0 1.0 1.0 1.0 2.0 2.0 1.5 1.0 1.0

Public SafetyPolice

Officers - Full-Time/Part-Time 15.0 15.0 16.0 16.0 18.0 17.0 18.0 19.0 18.0 15.0 Civilians - Part-Time 2.0 2.0 1.0 1.0 1.0 1.0 1.0 1.0 1.5 1.5

Highways and Streets 3.0 3.0 2.5 3.5 3.5 5.5 3.0 4.0 5.5 5.0

Water and Sewer 3.5 3.0 3.0 3.0 2.5 7.0 4.0 4.5 4.0 4.5

Total 25.5 25.0 24.5 25.5 26.8 34.5 29.0 31.0 31.0 28.0

Data Source: Various Village Departments


115


Operating Indicators by Function/Program - Last Ten Fiscal Years

2010 2011 2012

General GovernmentTobacco Licenses 2 2 1 Liquor Licenses 2 3 3 Video Gaming Licenses - - -

Public SafetyPolice

Part I Crimes 27 24 31 Part II Crimes 79 55 68 Physical Arrests 92 68 48 Parking Violations 984 738 760 Traffic Violations 493 387 539

Highways and StreetsParkway Trees Planted 33 43 68 Parkway Trees Trimmed 50 354 1,172

Water and SewerNumber of Metered Accounts 1,482 1,550 1,625 Number of Hydrants Flushed/Inspected 408 408 408 New Connections 54 21 70 Water Average Daily

Consumption (Thousands of Gallons) 271,789 284,316 279,000 Average Daily Sewage

Treatment (Thousands of Gallons) 210,515 294,034 286,000



116

2013 2014 2015 2016 2017 2018 2019

1 1 1 1 1 1 13 3 2 4 4 4 4- 2 9 14 14 18 18

29 23 19 11 17 36 508 7 3 2 5 1 72

77 71 63 51 77 61 84285 272 785 746 1,023 1,206 1187708 556 765 868 1,076 798 832

134 156 93 38 36 73 38251 850 - - 330 - 50

1,980 2,060 2,225 2,629 2,846 3,108 3457442 442 442 450 450 450 450181 80 145 404 285 262 249

335,600 346,000 389 412 384 409 484

290,180 315,000 375 451 432 402 402

117


Capital Asset Statistics by Function/Program - Last Ten Fiscal Years


2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

Public SafetyPolice

Stations 1 1 1 1 1 1 1 1 1 1 Patrol Units 3 4 3 4 4 4 4 4 4 4

Highways and StreetsStreets (Miles) 5.35 18.01 18.03 15.85 18.54 18.54 18.54 21.12 21.12 21.12 Streetlights 382 258 263 251 330 330 330 355 355 355

Water and SewerWater Mains (Miles) 27.2 27.2 30.0 30.3 30.3 30.3 30.3 30.3 30.3 30.3 Fire Hydrants 408 408 421 442 442 442 442 442 442 442 Sanitary Sewers (Miles) 26.8 26.8 29.0 29.4 29.4 29.4 29.4 29.4 29.4 29.4


118

VILLAGE OF PINGREE GROVE, ILLINOIS

Documents

Transcript of VILLAGE OF PINGREE GROVE, ILLINOIS