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COMPREHENSIVE ANNUAL
FINANCIAL REPORT
Prepared by:
Department of Finance
Page(s)
INTRODUCTORY SECTION
Organization Chart 11
FINANCIAL SECTION
Governmental Funds
Balance Sheet . 19-20
Reconciliation of Fund Balances of Governmental Funds to the
Governmental Activities in the Statement of Net Assets 21
Statement of Revenues, Expenditures and Changes in Fund Balances . 22-23
Reconciliation of the Governmental Funds Statement of Revenues,
Expenditures and Changes in Fund Balances to the Governmental
Activities in the Statement of Activities 24
Proprietary Funds
Statement of Net Assets . 25-26
Statement of Revenues, Expenses and Changes in Net Assets . 27-28
Statement of Cash Flows .. 29-30
Fiduciary Funds
Statement of Fiduciary Net Assets . 31
Statement of Changes in Fiduciary Net Assets - Pension Trust Funds .. 32
Page(s)
FINANCIAL SECTION (Continued)
Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual
General Fund ... ....... .... . ... ... ... ... ... ...... ... ... ... ... ... ...... ... ....... .. ... ... ... ... ..... 72
Schedule of Funding Progress
Illinois Municipal Retirement Fund ... ... ... ...... .. . ... ... ... ... ... ... ... ... ... ... .... .... 73
Police Pension Fund 74
Firefighters' Pension Fund 75
Other Postemployment Benefit Plan 76
Schedule of Employer Contributions
Illinois Municipal Retirement Fund ... ... .. ... ... ... ..... ... . ..... . ..... . .... .. ... ..... 77
Police Pension Fund 78
Firefighters' Pension Fund 79
Other Postemployment Benefit Plan ... ... ... .. ... ... ... ... ... ... ... ... ... ... ... ... 80
Notes to Required Supplementary Information 81-82
Page(s)
FINANCIAL SECTION (Continued)
Page(s)
Fiduciary Funds
Agency Funds
Combining Balance Sheet - Agency Funds . 120
Combining Statement of Changes in Assets and Liabilities -
Agency Funds . 121-124
Supplemental Data
Page(s)
Financial Trends
Net Assets by Component . 149
Changes in Net Assets .. 150-151
Fund Balances, Governmental Funds .. 152
Changes in Fund Balances, Governmental Funds .. 153-154
Revenue Capacity
Sales Tax by Category . 155
Direct and Overlapping Sales Tax Rates .. 156
Sales Tax Receipts . 157
Sales Tax Receipts by Month .. 158
Home Rule Sales Tax Receipts by Month .. 159
Retail Sales Volume .. 160
Hotel Tax Revenues . 161
Other Village Revenues . 162
Debt Capacity
Assessed and Estimated Actual Value of Taxable Property . 163
Ratios of Outstanding Debt by Type . 164
Ratio of General Bonded Debt Outstanding . 165
Direct and Overlapping Governmental Activities Debt . 166
Operating Information
Full-Time Employees . 169
Operating Indicators .. 170
Capital Asset Statistics by Function/Program . 171
VILLAGE OF SCHAUMBURG, ILLINOIS
LEGISLATIVE
Al Larson, President
ADMINISTRATION
DEPARTMENT OF FINANCE
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VILLAGE OF SCHAUMBURG
ORGANIZATION CHART
Residents
of
Schaumburg
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Certificate of
Achievement
for Excellence
in Financial
Reporting
Presented to
Village of Schaumburg
Illinois
For its Comprehensive Annual
Financial Report
for the Fiscal Year Ended
April 30, 2008
A Certificate of Achievement for Excellence in Financial
Reporting is presented by the Government Finance Officers
Association of the United States and Canada to
government units and public employee retirement
systems whose comprehensive annual financial
reports (CAFRs) achieve the highest
standards in government accounting
and financial reporting.
President
Executive Director
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M
~--y
VILLAGE OF SCHAUMBURG
The Finance Department is pleased to submit the Comprehensive Annual Financial Report (CAFR) of the
Village of Schaumburg, Illinois (the Village) for the fiscal year ended April 30, 2009. The submittal of this
report complies with the requirements of both Illinois state law and the Village of Schaumburg Code of
Ordinances that annual financial statements be prepared in conformance with generally accepted accounting
principles (GAAP) and audited in accordance with generally accepted auditing standards by an independent
firm of certified public accountants.
Responsibility for both the accuracy of the data and the completeness and fairness of presentation, including
disclosures, rests with the Village. We believe the data presented is accurate in all material respects and that
it is presented in a manner designed to fairly set forth the financial position and results of operations of the
Village as measured by the financial activity of its various funds. All disclosures necessary to enable
interested citizens and investors to gain a reasonable understanding of the Village's financial activities have
been included.
Miller, Cooper & Co., Ltd., a firm of licensed certified public accountants, has issued an unqualified opinion
on the Village of Schaumburg's financial statements for the fiscal year ended April 30, 2009. The
independent auditors' report is located at the front of the financial section of this report.
Management's discussion and analysis (MD&A) immediately follows the independent auditors' report in the
financial section of the CAFR. The MD&A provides a narrative introduction, overview, and analysis of the
basic financial statements, and complements this letter of transmittal and should be read in conjunction with
it.
The Village receives financial assistance through various federal grant programs. As required by the Single
Audit Act of 1984, P.L. 98-502 and amendments of 1996, and Office of Management and Budget Circular A-
133, audits of programs receiving federal grants have been performed for the fiscal year ended April 30,
2009. The required reports on supplementary information, compliance, internal controls, and various
supplementary schedules are included in a separately issued document. Copies of this report can be obtained
by contacting the Village's Finance Department.
The Village of Schaumburg was incorporated on March 7,1956, and is located approximately 26 miles
northwest of downtown Chicago. The Village is bordered by Interstate 290 on the east, and Interstate 90
runs near its northern border. More than 99% of the Village is located in Cook County, with a small portion
located within DuPage County. The Village currently has a land area of 19.13 square miles and serves a
population of75,936. The Village is a home-rule community as defined by the Illinois Constitution,
meaning that it has no tax rate or debt limits, nor is it required to conduct a referendum to authorize
IV
PROGRESS THROUGH THOUGHTFUL PLANNING
additional debt or to raise taxes. The Village is empowered by the state to levy a property tax on real
property located within its boundaries, but, to date, the Village has never levied a real property tax. The
property tax revenue as reported in this report pertains to special service areas and a tax increment financing
district.
The Village operates under the council-manager form of government. Policy making and legislative
authority are vested in the Village Board, which consists of a Village President and six trustees elected at
large. A Village Manager is hired by the Village Board to carry out the policies and ordinances of the Board
and to oversee the day-to-day operations of the Village. The Village provides the following services to its
residents:
This report includes all activities and functions of the Village that are under the jurisdiction of the Board of
Trustees, as set forth in state and local law. There are two blended component units included in this report,
those being the Police Pension Fund and the Firefighters' Pension Fund. These two pension plans are
governed by a separate board, but the Village is obligated to fund the two plans based on actuarial valuations.
The Village's Renaissance Schaumburg Hotel and Convention Center operates on a different fiscal year than
other Village operations. The Hotel and Convention Center Fund is reported on a fiscal year ending the
Friday closest to December 31 st. This report includes the financial position of the hotel and convention
center as of January 2, 2009, and the results of operations for the year beginning December 29,2007 and
ended January 2, 2009.
The Village's accounting system supports an adequate internal control structure. This structure helps
safeguard the Village's assets against loss, theft, or misuse. The accounting system provides reliable
financial records for preparing financial statements in conformity with accounting principles generally
accepted in the United States of America. The internal control structure provides reasonable, but not
absolute, assurance that the Village's assets are safeguarded. The concept of reasonable assurance first
recognizes that the cost of a control should not exceed the benefits likely to be derived. Secondly, the
evaluation of costs and benefits requires estimates and judgments by management.
The annual budget serves as the foundation for the Village's financial planning and control. It also serves as
the legal authority to spend public funds. The Village Board has adopted the Budget Act for purposes of
legally appropriating public funds.
The Village Manager has been designated by the Village Board as the Budget Officer. All departments
submit their budget requests to the Village Manager on or before January 1st. The Director of Finance
v
prepares an estimate of revenues to be received during the fiscal year. The Village Manager, Director of
Finance, and appropriate staff review all budget requests and revenue estimates and develop a proposed
budget. The Village Manager presents his proposed budget to the Village Board and public at least two
weeks prior to a formal public hearing in April. By state law, the annual budget must be adopted by the
Village Board prior to the first day of the fiscal year. The hotel and convention center budget is prepared
each fall by the Director of Finance and the management of Renaissance Hotel Management Company. The
proposed Hotel budget is then presented to the Village Board and public hearings are held. The Hotel budget
is adopted by the Village Board prior to the end of the calendar year.
The Budget Officer may approve the transfer of budgeted funds from one account to another, provided the
two accounts are within the same object class and within the same department and fund. Any other
amendments or increases to the annual budget may be done only by a two-thirds vote of the Village Board.
To help insure its continued ability to meet immediate and long-term service objectives, the Village has
adopted and adheres to several financial policies. These policies govern the allocation and management of
resources. Some of the more salient policies include the following:
• An investment policy, providing for a high investment return while protecting principal;
• A purchasing policy, setting forth the procedures for ensuring that the best products and services are
received at the lowest possible price;
• A policy requiring a six-month review of revenues and expenditures compared to budget, ensuring
that the Village Board is aware of major variances;
• A capital policy, setting forth the thresholds for capitalizing capital assets; and
• A fund balance policy, setting forth the benchmark reserve levels to be maintained in the various
funds to ensure proper working capital; rainy-day funds are maintained to protect against unforeseen
economic events.
The Village maintains a five-year financial forecast for all funds that is updated several times per year.
These forecasts project revenues, expenditures, fund balance levels, and cash and investment levels. The
forecasts are used for purposes of monitoring the long-term financial outlook of the Village, determining
available funding for the Capital Improvements Plan, and assisting the Village Manager in setting initial
budget goals for department directors.
The Village prepares a comprehensive five-year Capital Improvements Plan (CIP) which lays out in detail all
planned capital projects and major capital expenditures for the current fiscal year and five subsequent fiscal
years. The CIP is reviewed and adjusted to reflect expected available resources. The CIP is reviewed by the
Manager's Office and presented to both the Committee of the Whole and the Village Board prior to the
annual budget being prepared and presented to the Village Board.
The Village of Schaumburg is a leading economic center in the Chicago metropolitan area. There is in
excess of9.5 million square feet of commercial space (including a very successful 2.7 million square foot
Woodfield Mall), 12 million square feet of office space, and over 13 million square feet of industrial
development. The Village remains the second highest producer of retail sales in the state of Illinois, behind
VI
the City of Chicago. Retail sales totaled $26.7 billion in the fiscal year ended April 30, 2009, which was a
decrease of 11.4% from the preceding year. The global economic recession that started in December of
2007 continued to impact retail sales through the entire fiscal year. At the present time, there are economic
indicators suggesting the worst may be over.
While there has definitely been a slow down, some new commercial construction is still taking place. A new
Hilton Gardens Hotel opened in the fall of 2008, with a 137 room Cambria Suites hotel under construction.
Also under construction are a large Whole Foods grocery store and a Pier 1 Imports store.
The current economic downturn has resulted in significant jumps in unemployment nationwide. The
unemployment rate for the Village was reported at 9.6% for June 2009, compared to 10.5% for the state of
Illinois and 9.7% for the United States. The Village's unemployment rate was 5.7% for June 2008.
The Village is monitoring revenues and expenditures of the 200911 0 fiscal year carefully, given the long-
running recession and its impact on Village tax revenues. The approved 200911 0 budget calls for a draw-
down of $3.2 million from reserves in the General Fund to balance the budget. This includes the one-time
transfer of $3.7 million from two other funds. As of July 31, 2009, the General Fund operating deficit for
200911 0 was projected to now be $8.1 million. The Village Board and staff are currently reviewing
alternatives in order to eliminate the projected General Fund deficits for the upcoming fiscal year.
Major Initiatives
The fiscal year ended April 30, 2009 saw several accomplishments and major initiatives come to fruition,
including:
• The Police Department installed a new personnel scheduling and record management software.
• In addition to other resurfacing and reconstruction projects, the Village participated with the County
on the total reconstruction and improvement of Wise Road, from Roselle Road to Plum Grove Road.
• A new 311 information call system went operational in September 2008, only the second such
system in the State of Illinois.
• A new emergency operations center was constructed.
• The Schaumburg Youth Orchestra was named Illinois Youth Orchestra of the Year.
• A comprehensive "Green Action Plan" was adopted.
• The conversion to the Munis ERP system was completed.
• A new Transit-Oriented Development plan was adopted, and a new tax increment financing district
was created to undertake public improvements in the area.
Some of the more significant initiatives planned for the 200911 0 fiscal year are as follows:
• The Village Board is expected to address the operating deficits projected for the General Fund.
• Several redevelopment activities are planned for within the Village's Olde Schaumburg Centre Tax
Increment Financing District, including parking lot improvements.
• The Village's web site is expected to be totally redeveloped, enhancing readability and functionality.
The Government Finance Officers Association of the United States of America (GFOA) awarded a
Certificate of Achievement for Excellence in Financial Reporting to the Village of Schaumburg for its
vii
Comprehensive Annual Financial Report (CAFR) for the fiscal year ended April 30, 2008. This represented
the twenty-fourth consecutive year that the Village has received this prestigious award. In order to be
awarded a Certificate of Achievement, the Village must publish an easily readable and efficiently organized
CAFR that satisfies both generally accepted accounting principles and applicable legal requirements.
A Certificate of Achievement is valid for a period of one year only. We believe that our current CAFR
continues to meet the Certificate of Achievement Program's requirements and are submitting it to the GFOA
to determine its eligibility for another certificate.
We would like to express our sincere gratitude to the Village personnel who contributed to this report,
especially the personnel in the Accounting Division. The Village President and Village Board of Trustees
must be acknowledged and thanked for setting the highest standards of professionalism in the oversight and
management of the Village's finances.
Respectfully submitted,
K~
Village Manager
Douglas R. Ellsworth, CPA
Director of Finance & Treasurer
V111
MILLER
CCIDPER
&Co.,Ltd
ACCOUNTANTS AND CONSULTANTS
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
Schaumburg, Illinois, as of and for the year ended April 30, 2009, which collectively comprise the
Village's basic financial statements, as listed in the table of contents. These financial statements are the
responsibility of the Village's management. Our responsibility is to express opinions on these financial
statements based on our audit. We did not audit the operations (assets, liabilities, revenues, and
expenses) of the Schaumburg Hotel and Convention Center as of January 2, 2009 which constitute 3%,
2%, 100%, and 80%, respectively of the consolidated totals. Those statements were audited by other
auditors whose report has been furnished to us, and our opinion, insofar as it relates to the amounts
included for the Schaumburg Convention Center, is based solely on the report of the other auditors.
We conducted our audit in accordance with auditing standards generally accepted in the United States of
America and the standards applicable to financial audits contained in Government Auditing Standards,
issued by the Comptroller General of the United States. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts
and disclosures in the financial statements. An audit also includes assessing the accounting principles
used and significant estimates made by management, as well as evaluating the overall financial
statement presentation. We believe that our audit and the report of the other auditors provide a
reasonable basis for our opinions.
In our opinion, based on our audit and the report of the other auditors, 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 Schaumburg, Illinois, as of April 30, 2009, and the respective changes in financial
position and cash flows, where applicable, thereof for the year then ended in conformity with
accounting principles generally accepted in the United States of America.
(Continued)
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1751 Lake Cook Road, Suite 400, Deerfield, IL 60015 • 500 West Madison Street, Suite 3350, Chicago, IL 60661
847.205.5000 • Fax 847.205.1400 • www.millercooper.com NEXIA
INTERNATIONAL
The Honorable President
Members ofthe Board of Trustees
Village of Schaumburg, Illinois
In accordance with Government Auditing Standards, we have also issued our report dated September
18, 2009 on our consideration of the Village's internal control over financial reporting and our tests of
its compliance with certain provisions of laws, regulations, contracts and grant agreements, and other
matters. The purpose of that report is to describe the scope of our testing of internal control over
financial reporting and compliance and the results of that testing, and not to provide an opinion on the
internal control over financial reporting or on compliance. That report is an integral part of an audit
performed in accordance with Government Auditing Standards and should be considered in assessing
the results of our audit.
The management's discussion and analysis on pages 3 through 15 and the Illinois Municipal Retirement
Fund, Police and Firefighters' Pension Funds, and Other Postemployment Benefit supplementary
information, and budgetary comparison information on pages 73 through 80 are not a required part of
the basic financial statements but are supplementary information required by accounting principles
generally accepted in the United States of America. We have applied certain limited procedures, which
consisted principally of inquiries of management regarding the methods of measurement and
presentation of the required supplementary information. However, we did not audit the information and
express no opinion on it.
Our audit was conducted for the purpose of forming OpIniOnS on the financial statements that
collectively comprise the Village's basic financial statements. The combining and individual nonmajor
fund financial statements and other schedules as listed in the table of contents are presented for
purposes of additional analysis and are not a required part of the basic financial statements. Such
information has been subjected to the auditing procedures applied in the audit of the basic financial
statements and, in our opinion, is fairly stated in all material respects in relation to the basic financial
statements taken as a whole.
The accompanying introductory and statistical sections, as listed in the table of contents, are presented
for purposes of additional analysis and are not a required part of the basic financial statements. This
information has not been subjected to the auditing procedures applied in the audit of the basic financial
statements and, accordingly, we express no opinion on them.
Deerfield, Illinois
September 18, 2009
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As management of the Village of Schaumburg, Illinois (the "Village"), we offer readers of the Village's
Comprehensive Annual Financial Report (CAFR) this narrative overview and analysis of the financial
activities of the Village for the year ended April 30, 2009. We encourage readers to consider the information
presented here in conjunction with additional information that we have furnished in our letter of transmittal
located in the Introductory Section of this report.
FINANCIAL HIGHLIGHTS
This discussion and analysis is intended to serve as an introduction to the Village of Schaumburg's basic
financial statements. The Village's basic financial statements are comprised of three components: I)
government-wide financial statements, 2) fund financial statements, and 3) notes to the financial statements.
This report also contains other supplementary information in addition to the basic financial statements
themselves.
The government-wide financial statements are designed to provide readers with a broad overview of the
Village of Schaumburg's finances, in a manner similar to private-sector business.
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The statement of net assets presents information on all of the Village's assets and liabilities, with the
difference between the two being reported as net assets. Over time, increases or decreases in net assets may
serve as a useful indicator of whether the financial position of the Village is improving or deteriorating.
The statement of activities presents information showing how the Village's net assets changed during the
most recent fiscal year. All changes in net assets 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.
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, highways
and streets, health and welfare, cultural and recreation, and interest expense on debt. The business-type
activities ofthe Village include waterworks and sewerage, a regional airport, commuter parking lots, a minor
league baseball stadium, and the convention center and hotel.
The government-wide financial statements can be found on pages 16-18 of this report.
Fund financial statements are prepared for all individual funds maintained by the Village. The Village, like
other state and local governments, uses fund accounting to maintain control over resources that have been
segregated for specific activities or objectives and 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 fund financial statements are prepared using the
current financial resources measurement focus and the modified accrual basis of accounting. Proprietary and
fiduciary funds are prepared using the total economic resources measurement focus and the accrual basis of
accounting. A full description of fund accounting can be found in the notes to the financial statements.
Governmental Funds. 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 funds balance sheet and the governmental funds statement of revenues,
expenditures, and changes in fund balances provide a reconciliation to facilitate this comparison between
governmental funds and governmental activities.
The Village maintains 21 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 Fund, aide Schaumburg Centre Special Allocation Fund, Capital
Improvements Fund, and 2008 Capital Projects Fund, all of which are considered to be major funds. Data
from the other 17 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 basic governmental fund financial statements can be found on pages 19-24 of this report.
Proprietary funds. The Village maintains two different types of proprietary funds. Enterprise funds are
used to report the same functions presented as business-type activities in the government-wide financial
statements. The Village uses enterprise funds to account for its water and sewer operations, its commuter
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parking lots, its regional airport, its minor league baseball stadium, and the hotel and convention center.
Internal service funds are an accounting device used to accumulate and allocate costs internally among the
Village's various functions. The Village uses internal service funds to account for its fleet of vehicles,
computers and other office equipment, system repairs and improvements to its public buildings, and risk
management activities. The internal service funds have been allocated between the governmental and
business-type activities in the government-wide financial statements based on service charges paid into each
fund by the user department.
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 Waterworks and Sewerage Fund, Schaumburg Regional Airport Fund, Schaumburg Baseball Stadium
Fund, and Schaumburg Hotel and Convention Center Fund, all of which are considered to be major funds of
the Village. The Village's Commuter Parking Lot Fund and the Performing Arts Center Fund are the only
nonmajor business-type funds. Conversely, all of the internal service funds are combined into a single,
aggregated presentation in the proprietary fund financial statements. Individual fund data for the internal
service funds is provided in the form of combining statements elsewhere in this report.
The basic proprietary fund financial statements can be found on pages 25-30 of this report.
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 used for
fiduciary funds is much like that used for proprietary funds.
The basic fiduciary fund financial statements can be found on pages 31-32 of this report.
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
33-71 of this report.
D. Other Information
In addition to the basic financial statements and accompanying notes, this report also presents certain
required supplementary information. Included in this report is a budgetary comparison statement for the
General Fund and information regarding the Village's progress in funding its obligation to provide pension
and other postemployment benefits to its employees.
As noted earlier, net assets may serve over time as a useful indicator of a government's financial position. In
the case of the Village of Schaumburg, assets exceeded liabilities by $253,951,572 at April 30, 2009.
Following is a table that shows total net assets of the Village for the past three fiscal years.
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A. Analysis of Net Assets
Following is a table that summarizes the Statement of Net Assets of the Village at the close of the fiscal year
by governmental activities, business-type activities, and Village-wide. A comparison to the preceding fiscal
year is presented for all three categories.
Current and other assets $ 87,362 $ 82,549 $ 41,082 $ 47,167 $128,444 $129,716
Ca ital assets 142,036 143,279 327,548 315,660 469,584 458,939
Total assets 229,398 225,828 368,630 362,827 598,028 588,655
Current and other liabilities 16,577 18,285 9,990 11,267 26,567 29,552
Lon -term liabilities 63,068 65,896 240,409 239,256 303,477 305,152
Total liabilities 79,645 84,181 250,399 250,523 330,044 334,704
Net assets:
Invested in capital assets,
net of related debt 79,031 85,296 90,028 78,593 169,059 163,889
Restricted 19,409 13,517 19,409 13,517
Unrestricted
Total net assets
51,313
$149,753
42,834
$141,647
28,203
$118,231
° 33,711
$112,304
° 79,516
$267,984
76,545
$253,951
By far the largest portion of the Village's net assets reflects its investment in capital assets (e.g., land,
buildings, machinery and equipment, and infrastructure), less any related debt used to acquire those assets
still outstanding. As of April 30, 2009, capital assets net of related debt totaled $163,888,792, representing
65% of total net assets. 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 resources, since the capital assets themselves cannot be used to liquidate these liabilities.
Just over $13.5 million (or 5.3%) of the Village's net assets represents resources that are subject to external
restrictions on how they may be used, such as for debt service, capital projects, and pensions. The remaining
balance of unrestricted net assets, $76,545,690, may be used to meet the Village's ongoing obligations to
citizens and creditors.
At the end of the current fiscal year, the Village is able to report positive balances in all three categories of
net assets, both for the government as a whole, and for its separate governmental and business-type activities.
The same situation held true for the prior fiscal year.
Total net assets of the Village decreased by $14,032,620 during the year. Net assets related to governmental
activities decreased by $8,105,570 and net assets related to business-type activities decreased by $5,927,050.
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Following is a table that summarizes the change in net assets, with a comparison to the preceding year.
Revenues
Program revenues
Charges for services $ 9,562 $ 7,995 $ 59,366 $ 62,522 $ 68,928 $ 70,517
Operating grants 594 446 0 0 594 446
Capital grants & contrib. 58 172 0 1,000 58 1,172
General revenues
Taxes 40,521 37,190 6,448 6,523 46,969 43,713
Intergovernmental 41,251 37,485 231 563 41,482 38,048
Other eneral revenues 5,037 4,771 1,960 637 6,997 5,408
Total revenues 97,023 88,059 68,005 71,245 165,028 159,304
Expenses
General government 15,582 19,339 0 0 15,582 19,339
Public safety 45,023 44,427 0 0 45,023 44,427
Highways and streets 25,119 22,693 0 0 25,119 22,693
Health and welfare 3,385 3,660 0 0 3,385 3,660
Culture and recreation 2,649 2,392 0 0 2,649 2,392
Interest on long-term debt 3,077 3,019 0 0 3,077 3,019
Water and sewer 0 0 18,618 18,554 18,618 18,554
Airport 0 0 2,621 2,227 2,621 2,227
Baseball stadium 0 0 762 819 762 819
Hotel and convention center 0 0 53,170 55,425 53,170 55,425
Commuter arkin 0 0 714 782 714 782
Total ex enses 94,835 95,530 75,885 77,807 170,720 173,337
Change in net assets before
transfers, contributions and
s ecial items 2,188 (7,471) (7,880) (6,562) 5,692) (14,033)
Transfers (Net) (2,369) (635) 2,369 635 0 0
Contributions 0 0 435 0 435 0
Chan e in net assets (181) (8,106) (5,076) (5,927) (5,257) (14,033)
Net assets - Ma I 149,934 149,753 123,307 118,231 273,241 267,984
Net assets - A ril30 $149,753 $141,647 $118,231 $112,304 $267,984 $253,951
For governmental activities, program expenses of $95,529,829 exceeded program revenues of$8,612,628 by
$86,917,201. For business-type activities, program expenses of $77,807,079 exceeded program revenues of
$63,522,331 by $14,284,748.
Revenues associated with governmental activities totaled $88,059,234, a decrease of $8,964,444, or 9.2%,
from the prior year. Charges for services decreased by $1.6 million, or 16%, mostly due to declining
building activity and related building permits. Tax revenue of $37.2 million is $3.3 million, or 8%, less than
the preceding year. The worst economic recession since the Great Depression has resulted in lower revenues
from the hotel tax, home-rule sales tax, food and beverage tax, and real estate transfer tax.
Intergovernmental revenues totaled $37.5 million, a decrease of $3.8 million, or 9%. Significant decreases
were experienced in the state sales tax and state income tax remittances.
-7-
Expenses associated with governmental activities totaled $95,529,829, representing an increase of $694,415,
or 0.7%, over the prior year. General governmental expenses of $19.3 million are up $3.8 million over the
preceding year due to various capital projects benefiting general government. All other categories are
showing a decrease in spending compared to the prior year.
Net transfers out of the governmental activities totaled $634,975, reflecting a transfer to the Baseball
Stadium Fund for debt service.
Revenues associated with business-type activities totaled $71.2 million, an increase of 4.8% over the
preceding year. Charges for services increased 5.3% to $62.5 million. Hotel and convention center service
charges of $42.7 million increased 7% from the prior year. However, it should be pointed out that the
revenue reported for the hotel and convention center reflects results from calendar year 2008. Hotel revenues
are expected to drop approximately 25% in calendar year 2009 due to the current economic climate. Water
and sewer user charges generated $17.9 million, 4% higher than the $17.2 million recorded the preceding
year. Tax revenue reported in the business-type activities totaled $6.5 million, just slightly above the $6.4
million reported last year.
Expenses of the business-type activities totaled $77,807,079, an increase of 2.5% over the preceding year.
Hotel and convention center expenses totaled $55.4 million, representing an increase of 4.2% over the
preceding year.
As noted earlier, the Village of Schaumburg uses fund accounting to ensure and demonstrate compliance
with finance-related legal requirements.
A. Governmental Funds
The focus of the Village's governmental funds is to provide information on near-term inflows, outflows, and
balances of spendable resources. Such information is useful in assessing the Village's financing
requirements. In particular, unreserved fund balance may serve as a useful measure of a government's net
resources available for spending at the end of the fiscal year.
As of April 30, 2009, the Village's governmental funds reported combined ending fund balances of
$56,515,998, representing a decrease of $2,609,032 from the preceding year. Approximately 66%
($37,248,433) constitutes unreserved, undesignated fund balance, which is available for spending at the
Village's discretion. The remainder of fund balance is reserved or designated, to indicate that it is not
available for new spending because it has already been committed: I) to liquidate contracts and purchase
orders for the previous year, 2) to pay debt service, or 3) for a variety of other restricted purposes.
General Fund. The General Fund is the primary operating fund of the Village. At April 30, 2009, total fund
balance was $29,211,112, of which $27,895,490 was classified as unreserved. As a measure of the General
Fund's liquidity, it may be useful to compare both unreserved fund balance and total fund balance to total
fund expenditures. Unreserved fund balance represents 35.6% of total expenditures, while total fund balance
represents 37% of expenditures. The Village's fund balance policy states that it will try to maintain
unreserved fund balance equal to 40% of the subsequent year's budgeted expenditures and other financing
uses. As of April 30, 2009, the Village's unreserved fund balance represented 35.2% of budgeted
°
expenditures and other financing uses for the 200911 fiscal year.
-8-
Expenditures of $78.3 million exceeded revenues of$73.1 million by $5.2 million. Net other financing uses
of $1.1 million resulted in a total net decrease in fund balance of $6.3 million. As will be explained more
fully later in this correspondence, the recession has resulted in significant reductions in General Fund
revenues, resulting in the deficit. The original and final budgets called for decreases in fund balance of
$2,966,983 and $4,014,309, respectively.
Olde Schaumburg Centre Special Allocation Fund. This fund was created in 1989 to account for the
revenues and expenditures related to the Village's tax increment financing redevelopment area.
Expenditures of $2,837,335 exceeded revenues of $2,640,770, resulting in a reduction in fund balance of
$196,595. Fund balance at April 30, 2009 totaled $3,646,514. Significant capital improvements are planned
for the 200911 0 fiscal year.
Capital Improvements Fund. The Capital Improvements Fund was created to account for financial
resources to be used for the acquisition or construction of major capital facilities and improvements. Net
assets increased by $584,199 during the 2008/09 fiscal year. Expenditures of $3,452,683 exceeded revenues
of $2,183,512 by $1,269,171, but there was also a one-time transfer of $1,853,370 from the Facilities Fund
during the year. Net assets at April 30, 2009 totaled $3,173,644.
2008 Capital Projects Fund. The 2008 Capital Projects Fund was created to account for the proceeds from
the Series 2008 bond sale which closed in December, 2008. Bond proceeds are being used to fund the
construction of various improvements within the Olde Schaumburg Centre Tax Increment Financing District.
Net proceeds from the bond sale earmarked for governmental activities totaled $8,568,000. Expenditures
totaled only $88,536, as most of the planned improvements are not expected to be undertaken until 2009110.
The fund is showing total fund balance of $8,492,102 at April 30, 2009.
B. Proprietary Funds
The Village's proprietary funds provide the same type of information found III the government-wide
financial statements, but in more detail.
At April 30, 2009, net assets of the proprietary funds totaled $109,719,805, a decrease of $5,569,742 from
the prior year. Assets totaled $360,593,671 and liabilities totaled $250,873,866. Net capital assets of the
proprietary funds totaled $314,430,250. Bonds payable at April 30, 2009 totaled $240,519,662.
For all proprietary funds, combined operating income before depreciation and amortization expense totaled
$10,869,211 on operating revenues of $62.5 million and operating expenses of $51.7 million. Depreciation
and amortization expense totaled $13,999,571, resulting in a combined operating loss of $3,130,360.
Nonoperating revenues and expenses decreased net assets by an additional $4,074,499. There were also net
transfers from other funds of $634,975 and contributions of $1,000,142 reported for the year.
Waterworks and Sewerage Fund: Total net assets amounted to $41.1 million on April 30, 2009, an increase
of$510,253. Operating income before depreciation and amortization expense totaled $2,533,262. Operating
revenues of $18,059,370 came in $1,249,226 (6.5%) lower than budget projections. The negative budget
variance can be attributed to lower than expected water consumption due to a cooler and rainy summer.
Operating expenses (excluding depreciation and amortization) totaled $15,526,108, which was $2,313,713,
or 13%, under budget. $1.8 million of the budget variance can be attributed to lower costs of water
purchased, due to the lower demand for water. After deducting $2,450,406 for depreciation and amortization
expenses, a net operating profit of $82,856 was reported. Net nonoperating expenses totaled $41,697. There
was also a $1,000,142 contribution reported for the year. Cash and investments totaled $4,604,874 at April
30,2009.
-9-
Hotel and Convention Center Fund: The Village-owned 500 room hotel and convention center opened for
business on July 17, 2006. As explained in the notes to the financial statements, the fiscal year-end of the
Hotel and Convention Center Fund was established as the Friday closest to December 31 sl to coincide with
the fiscal year of Renaissance Hotel Management Company, the facility's operating manager. The CAFR for
the year ended April 30, 2009 includes the financial results of the hotel and convention center for the year
ended January 2,2009.
For the fiscal year ended January 2, 2009, net assets of the Hotel and Convention Center Fund decreased by
$5,563,097, resulting in total net assets of $38,166,325. Operating income before depreciation and
amortization expense was $8,616,449. Depreciation and amortization expense totaled $9,871,797, resulting
in a net operating loss of $1,255,348. Nonoperating revenue recorded in the Hotel and Convention Center
Fund totaled $7,116,513, consisting of $386,789 of investment income and $6,729,724 from various tax
revenues earmarked for a portion of the hotel and convention center's debt service. The only nonoperating
expense was that of interest expense, which totaled $11,424,262.
The Village maintains four internal service funds. Three funds cover the systematic replacement of vehicles,
office equipment, and building system components. The fourth fund covers the Village's risk management
activities, including employees' health and life benefits, worker's compensation, and property and casualty.
Total net assets at April 30, 2009 were $19,451,922, a decrease of $966,080 from the preceding year.
Operating income before depreciation expense was $440,397. After depreciation expense of $1,176,495, a
net operating loss of $736,098 was reported. Nonoperating revenue totaled $770,018. A one-time transfer of
$1,000,000 was made from the Vehicle Replacement Fund to the General Fund during the year to help offset
a portion of the revenue shortfall reported in the General Fund.
The Risk Management Fund reported a $466,620 reduction in net assets, primarily the result of higher than
expected claim expense in the area of general liability and worker's compensation.
D. Fiduciary Funds
The Village's fiduciary funds consist of various agency funds and two pension trust funds, those being the
Police Pension Fund and the Firefighters' Pension Fund.
Net assets held by the pension trust funds totaled $126,458,971 at April 30, 2009, a decrease of $12,928,940
from the preceding year. Benefit and administrative expenses totaled $7,807,577. Contributions into the two
pension funds totaled $7,703,873, but there was a net investment loss of $12,825,236 during the year due to
the major decline in the stock market. The combined unfunded actuarial accrued liability of the Police and
Firefighters' Pension Funds totaled $66.2 million at April 30, 2008, the most recent actuarial data available.
At April 30, 2008, the Police Pension Fund was 69% funded and the Firefighters' Pension Fund was 66%
funded.
A. Amendments to Budget
Amendments to the budget are made throughout the year. The Village Manager, as Budget Officer, is
authorized to implement a budget transfer between accounts within the same object class, provided it is
within the same department and fund. Numerous transfers were authorized by the Budget Officer during the
- 10-
year. Budget transfers between object classes and any increases to the total budget must be approved by the
Village Board. The Village Board approved various amendments to the budget on April 22, 2008 and
January 13, 2009.
Revenue projections were decreased by a total of $3,790,830 during the year, bringing the total to
$77,043,848. Budget projections for revenue from the state sales tax and home-rule sales tax were decreased
by a collective $3,293,433. There were less significant increases and decreases in several other revenue
sources. The projections for other financing sources were increased by $2,124,000 due to the Board's
decision to transfer funds from the Medical Facility Fund and Performing Arts Center Fund as a means of
lessening the deficit.
The Village Board amended the total 2008/09 General Fund expenditure budget by $472,121, reducing it
from $80,148,615 to $79,676,494. The budget for the Engineering and Public Works Department was
increased by $731,345 on account of unanticipated severe wind and snow storms. Other departments all saw
decreases in their budgets relating to a hiring freeze, reductions in replacement fund charges, and other
expenditure cuts. The budget for other financing uses decreased by $147,383, as the operating transfer to
the Transit Fund was reduced during the year to reflect board-approved service reductions.
The following table summarizes General Fund revenues and expenditures, with a comparison to budget, and
the preceding fiscal year's actual, for the fiscal year ended April 30, 2009.
- 11 -
As can be seen in the above table, the General Fund reported a $6.3 million decline in fund balance for the
fiscal year ended April 30, 2009, compared to the $4.0 million reduction in fund balance called for in the
final budget, and significantly worse than the original budget deficit of $3.0 million. As will be explained
further below, the decline in the results of operations can be attributed to the continued recession that began
in December 2007. Revenues and other financing sources came in $3.9 million, or 5%, below the final
budget projections, and $5.6 million below the original budget projection. Expenditures and other financing
uses came in $1.6 million, or 2%, below the final budget, and $2.2 million below the original budget.
C. Tax Revenue
Tax revenue of $27 million fell short of the final budget by $1,921,448, or 6.6%. This was 11 % less than the
amount of tax revenue received the preceding year. The Village is one of the few municipalities in the state
of Illinois that does not levy a property tax for operations. Tax revenue for the General Fund consists
primarily of a 1% home-rule sales tax and portions of both a 2% food and beverage tax and 8% hotel tax, all
of which continued to fall due to the recession.
Home rule sales tax revenue of $18,905,780 came in $1,425,973, or 7%, less than the final budget and 12%
less than the original budget. Food and beverage tax receipts of $3.8 million fell short of budget by
$250,367, or 2.7%. Hotel tax receipts of $2,437,034 fell short of final budget by $211,070, or 8%.
Telecommunications tax revenue of 1.7 million came 1% below the revised budget estimate.
Revenue from licenses and permits totaled $3,370,977, exceeding the final budget by $60,517, and falling
short of the original budget by 10%. Negative budget variances were seen in the areas of vehicle licenses,
building permits, and public improvement permits.
E. Intergovernmental Revenue
Intergovernmental revenue totaled $33,796,243, which was $2.5 million, or 6.9%, less than the final budget,
and $4.6 million less than the original budget. Intergovernmental revenues fell 10.4% below the amount
received the preceding fiscal year. Intergovernmental revenue in the General Fund consists mostly of the 1%
state sales tax allocated on a point-of-sale basis, and the allotment of state income tax.
State sales tax revenue totaled $26,556,100, which was $2,192,065 (7.6%) lower than the final budget, and
$4.3 million below the original budget. State income tax revenue, which is allocated on a per-capita basis,
totaled $6,770,138, coming in below the final budget projection by $361,021, or 5.1 %.
Charges for services totaled $4,334,792, falling short of the final budget projection by $175,487, or 3.9%.
The negative budget variance can be attributed to reductions in plan examinations, framing inspection fees,
security services fees, and ambulance service fees.
G. Other Revenue
Other revenues totaled $4.58 million, exceeding the final budget projection by $623,000, or 15.7%. Revenue
from fines came in at $2.4 million, comparing favorably to the $1.3 million that was included in the budget
projection. The variance in fines was due to the installation of red light cameras at one of the Village's busy
intersections, which brought in an unexpected $990,000 of revenue. The right turn on red cameras were
disconnected after only three months, and the other cameras were removed shortly after the end of the fiscal
- 12 -
year. The red light camera revenue was not included in the budget projections. Grant revenue came in at
$445,560, falling short of budget by $485,177. The second installment of a state grant for a child care center
construction project did not come in before the end of the year as projected.
There were two transfers made into the General Fund during the year, totaling $2,161,352. The Medical
Facilities Fund was closed during the year, and its $1,161,352 balance was moved to the General Fund.
Also, $1,000,000 was transferred from the Vehicle Replacement Fund as a means of lessening the deficit
within the General Fund.
Expenditures and other financing uses totaled $81,585,262, which was $1.6 million, or 2.0%, below the final
budget, and $2.2 million, or 2.7%, below the original budget. Expenditures and other financing sources for
2008/09 came in 4.3% below the amount actually incurred the preceding fiscal year.
General governmental expenditures of $13,571,687 came in $299,267, or 2.2%, below the final budget, and
relatively unchanged from the prior year. The only significant budget variance can be found in the Support
Services program of the Information Technology Department, ERP software expenditures and professional
services expenditures came in $173,553 under budget.
Public safety expenditures for the 2008/09 fiscal year totaled $44,013,966, which was $902,934, or 2.0%,
below the final budget. Total current year expenditures were 2.2% lower than the prior year due to vacant
positions being unfilled. Police Department expenditures of $24,974,387 came in 1.3% below final budget,
and Fire Department expenditures of $19,039,579 came in 2.9% under budget. The positive budget variance
in the Fire Department is due to the firefighters' contract not being settled yet, resulting in no pay increases
being implemented on May 1, 2008, as budgeted.
Expenditures relating to highways and streets totaled $14,992,906, which was $399,705 over the final
budget, and $1,044,558 higher than the original budget. Current year expenditures came in significantly over
budget due to the area experiencing severe wind storms in the fall and severe snow storms in the winter,
resulting in higher than normal expenditures for overtime, road salt, and certain contractual services. This
was the second consecutive year that Engineering & Public Works Department expenditures came in
significantly over budget due to severe weather.
Health and welfare expenditures of $3,373,823 came in $581,536, or 14.7%, under the final budget. Current
year expenditures were 7.6% higher than the preceding year. Both the positive budget variance in the current
year and the increase over the prior year are related to grant expenditures for the early childhood center
construction project. The Village received $187,500 of the $750,000 grant in 2008/09, even though the
entire $750,000 was expected and budgeted for.
Culture and recreation expenditures totaled $2,334,855, which was two-tenths of one percent below the final
budget. Current year expenses were 11.3% below the prior year, due to the $202,300 charged in 2007/08 for
the biennial trip of the Schaumburg Youth Orchestra.
Other financing uses, consisting of transfers to various other funds, totaled $3,298,025, which was $233,638,
or 6.6%, below final budget. The positive budget variance can be found in the transfers to the Transit
Program Fund and the Baseball Stadium Fund. The transfer to the Transit Program Fund came in $149,843
under budget due to the decision halfway through the year to eliminate the lunchtime shoppers shuttle. The
transfer to the Baseball Stadium Fund came in under budget due to the fact that interest rates on the Series
- 13 -
1998 variable rate debt came in lower than expected. Current year other financing sources were significantly
lower than the $6.3 million reported last year. The reduction is mostly due to the prior year reflecting
$2,287,250 of one-time transfers to two funds as part of an excess fund balance distribution, Last year was
also the final year that debt service on the airport bonds had to be paid by the General Fund as a transfer to
the Airport Fund due to the bonds reaching final maturity.
CAPITAL ASSETS
The Village's total net investment in capital assets at April 30, 2009 was $458,939,611 (net of accumulated
depreciation), of which $143,279,396 related to governmental activities and $315,660,215 related to
business-type activities. This investment in capital assets includes land, buildings, machinery and vehicles,
streets, water and sewer systems, and other infrastructure assets. Net capital assets decreased by $10,644,881
during the year. Depreciation expense charged for the year totaled $20,318,253.
Major capital asset events during the current fiscal year include the following:
• Governmental net capital assets increased by $1,243,213. Additions to governmental capital assets
(net of dispositions) totaled $7,450,819. Depreciation expense totaled $6,207,606. Land valued at
$1.9 million was purchased by the Olde Schaumburg Tax Increment Financing Fund. $1.8 million
of street improvements were capitalized. Vehicles and equipment totaling $2 million were
purchased.
• Business-type net capital assets decreased by $11,888,094, with $2,222,554 of additions and
$14,110,648 of depreciation expense. Water system improvements totaled $1,250,143. New
equipment purchases totaled $534,905.
Further information regarding the Village's capital assets can be found in Note 5 of the notes to the financial
statements on pages 47-48 ofthis report.
DEBT ADMINISTRATION
At April 30, 2009, the Village of Schaumburg had total bonded debt outstanding of $307,545,000, all of
which is backed by the full-faith and credit of the Village. During the year, the Village's total outstanding
bonded debt increased by $1,595,000. The Village issued $9 million of general obligation bonds on
December 9, 2008 to fund various improvements within the Olde Schaumburg Tax Increment Financing
District and the Schaumburg Regional Airport. Bonds totaling $7,405,000 were retired during the year.
The Village has both fixed rate and variable rate debt outstanding. The following table summarizes the type
of debt outstanding as of the end of both the current and preceding fiscal years.
- 14 -
The interest rate on the tax-exempt variable rate debt was 0.51 % as of April 30, 2009, compared to 2.46% on
April 30, 2008. The interest rate on the taxable variable rate debt was 1.15% on April 30, 2009, compared to
2.87% one year earlier.
The Village of Schaumburg's general obligation bonds continue to be rated Aal by Moody's Investors
Service and AA+ by Standard and Poor's, ratings which are judged to be of high quality by all standards, and
are generally known as high grade bonds. The Village has maintained these high ratings since 1987.
Additional information on the Village's long-term debt can be found in Note 7 on pages 50-56 of this report.
This financial report is designed to provide a general overview of the Village of Schaumburg's finances for
all those with an interest in the Village's finances. Questions concerning any of the information provided in
this report or requests for additional financial information should be addressed to Douglas R. Ellsworth,
Director of Finance, Village of Schaumburg, 101 Schaumburg Court, Schaumburg, IL 60193.
- 15 -
VILLAGE OF SCHAUMBURG, ILLINOIS
Primary Government
Governmental Business-Type
Activities Activities Total
ASSETS
Cash and cash equivalents $ 21,254,518 $ 17,773,104 $ 39,027,622
Investments 36,656,119 13,083,248 49,739,367
Receivables, net of allowance where applicable
Customer accounts 1,373,198 1,373,198
Unbilled services 1,368,382 1,368,382
Accrued interest 190,892 23,927 214,819
Other 3,031,239 3,296,128 6,327,367
Prepaid items 604,267 122,604 726,871
Inventories 271,636 294,424 566,060
Deposits 1,440,580 1,440,580
Due from other governments 12,038,687 3,942,669 15,981,356
Internal balances (97,097) 92,215 (4,882)
Internal balances - advances 139,605 (139,605)
Advances to fiduciary funds 437,090 437,090
Land held for resale 1,470,493 1,470,493
Net pension asset 6,718,533 6,718,533
Capital assets
Nondepreciable 49,615,443 29,419,114 79,034,557
Depreciable, net of accumulated depreciation 93,663,953 286,241,101 379,905,054
Bond issuance costs, net of amortization 269,847 4,059,331 4,329,178
LIABILITIES
Accounts payable 6,530,895 3,140,228 9,671,123
Accrued interest 790,704 973,007 1,763,711
Accrued payroll 1,500,261 315,059 1,815,320
Other liabilities 670,022 2,473,256 3,143,278
Unearned revenue 869,399 2,507,683 3,377,082
Long-term liabilities
Due within one year 7,223,132 1,835,118 9,058,250
Due in more than one year 65,895,771 239,255,569 305,151,340
Premium on bonds issued, net of amortization 297,352 23,196 320,548
Net postemployment obligation 403,421 403,421
NET ASSETS
Invested in capital assets, net of related debt 85,295,859 78,592,933 163,888,792
Restricted for
Debt service 3,100,193 3,100,193
Highways and streets 991,977 991,977
Capital projects (5,327,820) (5,327,820)
Traffic impact 5,154,182 5,154,182
Other 9,598,558 9,598,558
Unrestricted 42,834,229 33,711,461 76,545,690
STATEMENT OF ACTIVITIES
Program Revenues
Operating Capital
Charges Grants and Grants and
FUNCTIONS/PROGRAMS Expenses for Services Contributions Contributions
PRIMARY GOVERNMENT
Governmental Activities
General government $ 19,339,324 $ 5,096,922 $ - $
Public safety 44,426,914 2,305,463 127,857
Highways and streets 22,692,790 96,236 278,035 171,874
Health and welfare 3,660,172 42,094
Culture and recreation 2,391,524 454,479 39,668
Interest on debt 3,019,105
Total governmental activities 95,529,829 7,995,194 445,560 171,874
Business-Type Activities
Waterworks and sewerage 18,554,539 18,059,370 1,000,142
Schaumburg regional airport 2,226,567 1,190,916
Schaumburg baseball stadium 818,777 279,453
Schaumburg hotel and convention center 55,424,831 42,745,221
Commuter parking lot 782,365 247,229
Total business-type activities 77,807,079 62,522,189 1,000,142
General Revenues
Taxes
Property
Telecommunications
Home rule sales
Hotel/motel
Real estate transfer tax
Amusement
Food and beverage
Other
Intergovernmental - Unrestricted
Personal property replacement tax
Road/bridge tax
Sales tax
Use tax
State income tax
Motor fuel tax
Other
Investment income
Miscellaneous
Transfers in (out)
Total
$ (14,242,402) $ - $ (14,242,402)
(41,993,594) (41,993,594)
(22,146,645) (22,146,645)
(3,618,078) (3,618,078)
(1,897,377) (1,897,377)
(3,019,105) (3,019,105)
(86,917,201) (86,917,201 )
504,973 504,973
(1,035,651 ) (1,035,651)
(539,324) (539,324)
(12,679,610) (12,679,610)
(535,136) (535,136)
(14,284,748) (14,284,748)
2,606,427 2,606,427
4,125,680 2,113,308 6,238,988
18,905,780 183,448 19,089,228
3,655,551 2,684,273 6,339,824
1,157,559 1,157,559
7,655,839 384,377 8,040,216
241,358 241,358
22,433 22,433
430,469 430,469
26,556,100 183,448 26,739,548
1,069,028 1,069,028
6,770,138 148,756 6,918,894
2,022,538 2,022,538
613,912 230,513 844,425
1,044,488 566,651 1,611,139
3,726,865 70,390 3,797,255
(634,975) 634,975
78,811,631 8,357,698 87,169,329
- 18 -
VILLAGE OF SCHAUMBURG, ILLINOIS
BALANCE SHEET
GOVERNMENTAL FUNDS
aIde
Schaumburg 2008 Nonmajor Total
Centre Special Capital Capital Governmental Governmental
General Allocation Improvements Project Funds Funds
ASSETS
Cash and cash equivalents $ 7,260,301 $ 1,774,922 $ 1,716,792 $ 4,514,602 $ 3,737,057 $ 19,003,674
Investments 12,786,431 499,947 1,385,514 4,498,987 7,628,419 26,799,298
Receivables
Locally imposed taxes 527,300 - 24,527 - 395,785 947,612
Fines and fees 583,880 - - - - 583,880
Accrued interest 150,290 - 1,036 - 27,292 178,618
Other 257,549 - 238,105 - 894,373 1,390,027
Inventories 271,636 - - - - 271,636
Loan receivable 69,720 - 40,000 - - 109,720
Due from other governments 11,204,239 - 92,855 - 741,593 12,038,687
Due from other funds 232,372 - 2,407 - 100,195 334,974
Advances to other funds 553,902 - 121,600 - - 675,502
Prepaid items 95,116 - - - 10,000 105,116
Land held for resale - 1,470,493 - - - 1,470,493
- 19-
aIde
Schaumburg 2008 Nonmajor Total
Centre Special Capital Capital Governmental Governmental
General Allocation Improvements Project Funds Funds
LIABILITIES
Accounts payable $ 2,541,949 $ 78,825 $ 441,239 $ 17,190 $ 309,228 $ 3,388,431
Accrued payroll 1,496,429 - - - 3,832 1,500,261
Other liabilities 643,867 20,023 6,132 - - 670,022
Unearned revenue - - - - 869,399 869,399
Due to other funds 99,379 - 1,821 - 328,029 429,229
Advances from other funds - - - 504,297 31,600 535,897
Total liabilities 4,781,624 98,848 449,192 521,487 1,542,088 7,393,239
FUND BALANCES
Reserved
Advances 553,902 - 90,000 - - 643,902
Inventories 271,636 - - - - 271,636
Prepaid items 95,116 - - - - 95,116
Loan receivable 69,720 - - - - 69,720
Land held for resale - 1,470,493 - - - 1,470,493
Public safety - - - - 3,910 3,910
Debt service - - - - 3,100,193 3,100,193
Highway and streets - - - - 991,977 991,977
Capital projects - - 3,083,644 - - 3,083,644
Traffic impact - - - - 5,154,182 5,154,182
Other 325,248 - - - - 325,248
Unreserved
Designated
General 1,283,580 - - - - 1,283,580
Special revenue funds - - - - 2,773,964 2,773,964
Undesignated
General 26,611,910 - - - - 26,611,910
Special revenue funds - 2,176,021 - - - 2,176,021
Capital projects funds - - - 8,492,102 (31,600) 8,460,502
Total fund balances 29,211,112 3,646,514 3,173,644 8,492,102 11,992,626 56,515,998
TOTAL LIABILITIES AND
FUND BALANCES $ 33,992,736 $ 3,745,362 $ 3,622,836 $ 9,013,589 $ 13,534,714 $ 63,909,237
Olde
Schaumburg 2008 Nonmajor Total
Centre Special Capital Capital Governmental Governmental
General Allocation Improvements Project Funds Funds
REVENUES
Taxes $ 27,030,218 $ 2,606,427 $ 697,036 $ - $ 6,856,954 $ 37,190,635
Licenses and permits 3,370,977 - - - - 3,370,977
Intergovernmental 33,796,243 - 1,069,028 - 2,619,347 37,484,618
Charges for services 4,334,792 - - - 289,426 4,624,218
Fines and forfeits 2,373,379 - - - - 2,373,379
Grants 445,560 - 171,874 - - 617,434
Contributions - - - - 7,900 7,900
Investment income 621,626 33,668 42,440 12,638 334,115 1,044,487
Miscellaneous 1,140,096 675 203,134 - 1,681 1,345,586
EXPENDITURES
Current
General government 13,571,687 286,746 - - 2,223,820 16,082,253
Public safety 44,013,966 - - - 21,369 44,035,335
Highways and streets 14,992,906 - - - - 14,992,906
Health and welfare 3,373,823 - - - - 3,373,823
Culture and recreation 2,334,855 - - - - 2,334,855
Debt service
Principal - - - - 5,715,267 5,715,267
Interest - - - - 2,893,926 2,893,926
Bond issuance costs - - - 69,556 19,099 88,655
Capital outlay - 2,550,589 3,452,683 18,980 4,062,019 10,084,271
- 22-
Olde
Schaumburg 2008 Nonmajor Total
Centre Special Capital Capital Governmental Governmental
General Allocation Improvements Project Funds Funds
Total other financing sources (uses) (1,136,673) - 1,853,370 8,568,000 (351,672) 8,933,025
NET CHANGE IN FUND BALANCES (6,311,019) (196,565) 584,199 8,492,102 (5,177,749) (2,609,032)
Changes in net pension assets are reported only in the statement of activities 652,791
Governmental
Business-Type Activities Activities
Schaumburg
Waterworks Schaumburg Schaumburg Hotel and Nonmajor
and Regional Baseball Convention Enterprise Internal
Sewerage Airport Stadium Center Funds Total Service Funds
CURRENT ASSETS
Cash and cash equivalents $ 2,426,723 $ 875,551 $ 222,281 $ 13,653,654 $ 310,875 $ 17,489,084 $ 2,534,864
Investments 2)78,151 399,926 - 6,943,515 2,244,955 11,766,547 11,173,522
Receivables
Customer accounts 1,373,198 25,918 - - - 1,399,116
Unbilled services 1,368,382 - - - - 1,368,382
Accrued interest 16,314 - - 6,924 - 23,238 12,963
Other 30,412 60,601 335,682 2,801,409 2,106 3,230,210
Deposits 1,424,130 - - 16,450 - 1,440,580
Due from other funds 8,761 - 17,899 67,555 - 94,215 38
Due from other governments - - 659,844 661,935 20,890 1,342,669
Prepaid expenses 6,875 - - 67,363 - 74,238 547,517
Inventory - - - 294,424 - 294,424
Total current assets 8,832,946 1,361,996 1,235,706 24,513,229 2,578,826 38,522,703 14,268,904
NONCURRENT ASSETS
Capital Assets
Non-depreciable 695,200 13,878,500 1,212,651 12,908,164 724,599 29,419,114
Depreciable 113,880,273 20,365,122 9,080,406 257,042,947 4,574,451 404,943,199 16,666,194
Less accumulated depreciation (75,870,596) (12,950,294) (3,333,279) (24,286,913) (3,490,981 ) (119,932,063) (8,042,680)
Net capital assets 38,704,877 21,293,328 6,959,778 245,664,198 1,808,069 314,430,250 8,623,514
Other
Advance to other funds 437,090 504,297 - - - 941,387
Due from other governments - - 2,600,000 - - 2,600,000
Other receivables - - 40,000 - - 40,000
Bond issuance costs, net of amortization 36,499 - 96,781 2,578,181 - 2,711,461
Discount on bonds issued - - - 1,347,870 - 1,347,870
Other noncurrent assets 473,589 504,297 2,736,781 3,926,051 - 7,640,718
Total noncurrent assets 39,178,466 21,797,625 9,696,559 249,590,249 1,808,069 322,070,968 8,623,514
- 25 -
Governmental
Business- T~ctivities Activities
Schaumburg
Waterworks Schaumburg Schaumburg Hotel and Nonmajor
and Regional Baseball Convention Enterprise Internal
Sewerage Airport Stadium Center Funds Total Service Funds
CURRENT LIABILITIES
Accounts payable $ 1,089,148 $ 26,760 $ 396,883 $ 1,239,808 $ 92,747 $ 2,845,346 $ 356,022
Accrued payroll 106,545 5,066 - 203,448 - 315,059
Accrued interest payable 85,059 5,992 3,167 878,789 - 973,007
Unearned revenue - - - 2,507,683 - 2,507,683
Compensated absences 571,025 - - - - 571,025
Due to other funds - 978 - - 752 1,730 3,150
Due to others - - - 160,918 - 160,918
General obligation variable
rate demand bonds payable - - 1,100,000 - - 1,100,000
General obligation bonds payable 609,662 105,000 - - - 714,662
Taxes payable - 1,577 - 170,174 - 171,751
Advance from other funds - - 110,000 - - 110,000
Claims payable - - - - - - 3,081,324
Other liabilities - 53,904 - 2,086,333 350 2,140,587
Total current liabilities 2,461,439 199,277 1,610,050 7,247,153 93,849 11,611,768 3,440,496
LONG-TERM LIABILITIES
General obligation variable
rate demand bonds payable - - 5,200,000 - - 5,200,000
General obligation bonds payable 4,420,000 395,000 - 228,690,000 - 233,505,000
Advances from other funds - - 533,902 - - 533,902
Premium on bonds issued, net of amortization 19,996 3,200 - - - 23,196
NET ASSETS
Invested in capital assets, net of related debt 33,924,877 20,846,046 3,809,778 16,974,198 1,808,069 77,362,968 8,623,514
Unrestricted (deficit) 7,185,100 1,716,098 (221,465) 21,192,127 2,484,977 32,356,837 10,828,408
TOTAL NET ASSETS $ 41,109,977 $ 22,562,144 $ 3,588,313 $ 38,166,325 $ 4,293,046 109,719,805 $ 19,451,922
Adjustment to reflect the consolidation of internal service fund activities related to enterprise funds 2,584,589
$ 112,304,394
Governmental
Business-Type Activities Activities
Schaumburg
Waterworks Schaumburg Schaumburg Hotel and Nonmajor
and Regional Baseball Convention Enterprise Internal
Sewerage Airport Stadium Center Funds Total Service Funds
OPERATING REVENUES
Charges for services $ 17,927,738 $ 1,190,916 $ 137,830 $ 42,745,221 $ 247,229 $ 62,248,934 $ 14,774,816
Tap on fees 102,775 - - - - 102,775
Miscellaneous 28,857 - 141,623 - - 170,480
Total operating revenues 18,059,370 1,190,916 279,453 42,745,221 247,229 62,522,189 14,774,816
DEPRECIATION AND AMORTIZATION 2,450,406 841,523 342,574 9,871,797 493,271 13,999,571 1,176,495
-
OPERATING INCOME (LOSS) $ 82,856 $ (1,029,955) $ (392,776) $ (1,255,348) $ (535,136) $ (3,130,359) $ (736,098)
- 27 -
Governmental
Business-Type Activities Activities
Schaumburg
Waterworks Schaumburg Schaumburg Hotel and Nonmajor
and Regional Baseball Convention Enterprise Internal
Sewerage Airport Stadium Center Funds Total Service Funds
TRANSFERS
Transfers in - - 634,975 - 541,048 1,176,023
Transfers (out) (531,048) - (10,000) - - (541,048) (1,000,000)
Total transfers (531,048) - 624,975 - 541,048 634,975 _ _(1,000,000)
CHANGE IN NET ASSETS 510,253 (793,235) 87,175 (5,563,097) 189,162 (5,569,742) (966,080)
NET ASSETS, MAY 1 40,599,724 23,355,379 3,501,138 43,729,422 4,103,884 115,289,547 20,418,002
NET ASSETS, APRIL 30 $41,109,977 $22,562,144 $ 3,588,313 $38,166,325 $ 4,293,046 $ 109,719,805 $ 19,451,922
Governmental
Business-Type Activities Activities
Schaumburg
Waterworks Schaumburg Schaumburg Hotel and Nonmajor
and Regional Baseball Convention Enterprise Internal
Sewerage Airport Stadium Center Funds Total Service Funds
Net cash from (for) operating activities 2,999,000 (114,613) 138,622 9,263,463 185,466 12,471,938 1,732,281
Net cash from (for) capital and related financing activities (1,069,820) 509,191 (747,531) (442,315) (87,290) (1,837,765) _ _(4,006,145)
Net cash from (for) investing activities (293,449) 106,367 1,524 (16,576,525) (1,763,954) (18,526,037) 398,647
- 29-
Governmental
Business-Type Activities Activities
Schaumburg
Waterworks Schaumburg Schaumburg Hotel and Nonmajor
and Regional Baseball Convention Enterprise Internal
Sewerage Airport Stadium Center Funds Total Service Funds
Net cash from (for) noncapital financing activities (476,270) (273,910) 675,196 5,617,443 551,451 6,093,910 (968,831)
CASH AND CASH EQUIVALENTS, MAY I 1,267,262 648,516 154,470 15,791,588 1,425,202 19,287,038 5,378,912
CASH AND CASH EQUIVALENTS, APRIL 30 $ 2,426,723 $ 875,55 I $ 222,281 $ 13,653,654 $ 310,875 $ 17,489,084 $ 2,534,864
NET CASH FROM (FOR) OPERATING ACTIVITIES $ 2,999,000 $ (114,613) $ 138,622 $ 9,263,463 $ 185,466 $ 12,471,938 $ 1,732,281
Pension
Trust Agency
ASSETS
Cash and cash equivalents $ 5,273,607 $ 170,387
Investments
U.S. government obligations 28,395,673
U.S. agency obligations 54,256,241
Mutual funds 5,212,456
Municipal bonds 666,723
Equity securities 31,954,028
Receivables
Accrued interest 711,170
Other 34,883 437,090
LIABILITIES
Accounts payable 45,810
Deposits 170,387
Advance from other funds 437,090
ADDITIONS
Contributions
Employer $ 5,659,402
Plan members 1,948,775
Miscellaneous revenue 336
Creditable service transfer 95,360
Investment income
Net depreciation in fair value
of investments (17,060,641)
Interest and dividends 4,667,262
DEDUCTIONS
Benefits 7,674,498
Administrative 133,079
May 1 139,387,911
April 30 $ 126,458,971
INDEX
4 Receivables 45
5 Capital Assets 47
6 Risk Management 49
7 Long-Term Debt 50
9 Interfund Balances 57
10 Contingent Liabilities 60
11 Joint Venture 61
12 Baseball Stadium 61
- 33 -
VILLAGE OF SCHAUMBURG, ILLINOIS
The Village of Schaumburg, Illinois (the Village) was incorporated on March 7, 1956. The Village
operates under a board-manager form of government as a home rule community (as defined by the State of
Illinois Constitution) and provides the following services as authorized by its charter: public safety (police
and fire), highway and street maintenance, water and sewer utility, public improvements, planning and
zoning, health and social services, culture, recreation and general governmental administrative services.
The accompanying financial statements of the Village have been prepared in conformity with accounting
principles generally accepted in the United States of America, as applied to government units (hereinafter
referred to as generally accepted accounting principles (GAAP». The Governmental Accounting
Standards Board (GASB) is the accepted standard-setting body for establishing governmental accounting
and financial reporting principles. The more significant of the Village's accounting policies are described
below.
The Village of Schaumburg's fiscal year end is April 30 of each year. The accompanying financial
statements of the Village are for the fiscal year ended April 30, 2009. The Schaumburg Hotel and
Convention Center has a fiscal year-end as of the Friday closest to December 31 in any calendar year,
effective with the fiscal period beginning May 1, 2006. Amounts included in this report are as of and for
the year ended January 2,2009.
a. Reporting Entity
The financial reporting entity consists of the primary government, as well as its component units,
which are legally separate organizations for which the elected officials of the primary government
are financially accountable. Financial accountability is defined as:
1) Appointment of a voting majority of the component unit's board, and either a) the ability to
impose will by the primary government, or b) the possibility that the component unit will provide a
financial benefit to, or impose a financial burden on, the primary government; or
Police Pension Plan: The Village's police employees participate in the Police Pension Plan, which is
governed by a separate board. The Village is obligated to fund the Police Pension Plan costs based
upon actuarial valuations.
Firefighters' Pension Plan: The Village's firefighter employees participate in the Firefighters'
Pension Plan, which is governed by a separate board. The Village is obligated to fund the
Firefighters' Pension Plan costs based upon actuarial valuations.
- 34 -
VILLAGE OF SCHAUMBURG, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
The accounts of the Village are organized based on funds, each of which is considered a separate
accounting entity. The operations of each fund are accounted for with a separate set of self-balancing
accounts that comprise its assets, liabilities, fund equity, revenues and expenditures, or expenses, as
appropriate. Government resources are allocated to and accounted for in individual funds based on
the purposes for which they are to be spent and the means by which spending activities are
controlled. Funds are classified into the following categories: governmental, proprietary, and
fiduciary.
Governmental Funds
Governmental funds are those through which most governmental functions of the Village are
financed. The Village's expendable financial resources (except those accounted for in proprietary
funds) are accounted for through governmental funds. The measurement focus is based upon
determination of changes in financial position, rather than upon net income determination. The
following are the Village's governmental fund types:
General Fund - The General Fund is the general operating fund of the Village. It is used to
account for all financial resources except those required to be accounted for in another fund.
Special Revenue Funds - The Special Revenue Funds are used to account for the proceeds of
specific revenue sources (other than major capital projects) that are legally restricted to
expenditures for specified purposes.
Debt Service Funds - The Debt Service Funds are used to account for the accumulation of
resources for, and the payment of, general obligation long-term debt principal, interest, and
related costs (other than those financed by proprietary funds).
Capital Projects Funds - The Capital Projects Funds are used to account for financial resources
to be used for the acquisition or construction of major capital items (other than those financed
by proprietary funds).
Proprietary Funds
Proprietary Funds are used to account for the Village's ongoing activities that are similar to those
found in the private sector. The measurement focus is based on the determination of net income.
These funds account for operations (a) that are financed and operated in a manner similar to private
business enterprises where the intent of the governing body is that the costs (expenses, including
depreciation) of providing goods or services to the general public on a continuing basis be financed
or recovered primarily through user charges or (b) where the governing body has decided that
periodic determination of revenues earned, expenses incurred, and/or net income is appropriate for
capital maintenance, public policy, management control, accountability, or other purposes. The
following are the Village's proprietary fund types:
Enterprise Funds - Enterprise Funds provide goods and services to customers outside the
primary government.
- 35 -
VILLAGE OF SCHAUMBURG, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
Internal Service Funds - Internal Service Funds are used to account for goods and services where the
customers are within the primary government.
Fiduciary Funds
Fiduciary Funds are used to account for assets held by the Village in a trust capacity or as an agent
for individuals, private organizations, other governmental units, and/or other funds. The Village
utilizes pension trust funds and agency funds, which are generally used to account for assets that the
Village holds in a fiduciary capacity or on behalf of others as their agent.
The government-wide financial statements (i.e., the statement of net assets and the statement of
activities) report information on all of the nonfiduciary activities of the Village. The effect of
material interfund activity has been eliminated from these statements. Interfund services provided
and used are not eliminated in the process of consolidation. Governmental activities, which normally
are supported by taxes and intergovernmental revenues, are reported separately from business-type
activities, which rely to a significant extent on fees and charges for support.
The statement of activities demonstrates the degree to which the direct expense of a given function,
segment, or program are offset by program revenues. Direct expenses are those that are clearly
identifiable with a specific function or segment. Program revenues include 1) charges 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 shared revenues that are restricted to meeting the
operational or capital requirements of a particular function or segment. Taxes and other items not
properly included among program revenues are reported instead as general revenues.
Separate financial statements are provided for governmental funds, proprietary funds, and fiduciary
funds, even though the latter are excluded from the government-wide financial statements. M~or
individual governmental funds and major individual enterprise funds are reported as separate
columns in the fund financial statements.
The General Fund is used to account for the resources traditionally associated with governments
which are not required to be accounted for in another fund.
The Olde Schaumburg Centre Special Allocation Fund (Tax Increment Area Number One) is
used to account for the financial resources to be used for the construction of various corporate,
public works, and community development projects. Financing is provided by incremental
property taxes.
The Capital Improvements Fund is used to account for financial resources to be used for the
acquisition or construction of major capital facilities. Financing is provided by developer and
intergovernmental contributions.
- 36-
VILLAGE OF SCHAUMBURG, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
The 2008 Project Fund is used to account for the financial resources to be used for the Village's
current capital improvement program consisting of various public works improvements and
community development projects within the tax increment financing district, including, but not
limited to, Pleasant Square detention and infrastructure improvements, parking lot expansion,
various traffic signals, streets and sidewalk improvements, and to pay the costs of the issuance
of the bonds.
The Waterworks and Sewerage Fund accounts for the provision of water and sewer services to
the residents and businesses of the Village financed by user fees.
The Schaumburg Regional Airport Fund accounts for the operating revenue and expenses of the
V illage of Schaumburg Regional Airport.
The Schaumburg Baseball Stadium Fund accounts for the operating revenue and expenses of
the Village's share of the Schaumburg Baseball Stadium.
The Schaumburg Hotel and Convention Center Fund accounts for the operating revenue and
expenses of the Village of Schaumburg Hotel and Convention Center.
The Vehicle Replacement Fund accounts for the costs of providing certain operating vehicles
used by Village departments. Financing is provided by charges to other funds.
The Technology Replacement Fund accounts for the costs of providing certain office equipment
used by Village departments. Financing is provided by charges to other funds.
The Building Replacement Fund accounts for the costs of maintaining certain buildings used by
Village departments. Financing is provided by charges to other funds.
The Risk Management Fund accounts for the servicing and payment of claims for liability,
property, casualty, worker's compensation, and medical benefits. Financing is provided by
charges to the various Village funds.
The Village reports pension trust funds as fiduciary funds to account for the Police Pension Fund and
Firefighters' Pension Fund. Furthermore, the Village reports the following agency funds as fiduciary
funds: Builders' Escrow and Special Service Area Numbers Six through Eleven.
- 37 -
VILLAGE OF SCHAUMBURG, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
The government-wide financial statements are reported using the economic resources measurement
focus and the accrual basis of accounting, as are the proprietary fund and fiduciary fund financial
statements, with the exception of the agency fund financial statements, which have no measurement
focus. Revenues and additions are recorded when earned and expenses and deductions are recorded
when a liability is incurred. Property taxes are recognized as revenues in the year for which they are
levied (i.e., intended to finance). Grants and similar items are recognized as revenue as soon as all
eligibility requirements imposed by the provider have been met. Operating revenues/expenses
include all revenues/expenses directly related to providing enterprise fund services. Incidental
revenues/expenses are reported as nonoperating.
Governmental fund financial statements are reported using the current financial resources
measurement focus and the modified accrual basis of accounting. Revenues are recognized as soon
as they are both measurable and available. Revenues are considered to be available when they are
collectible within the current period or soon enough thereafter to pay liabilities of the current period.
The Village considers revenues to be available if they are collected within 60 days of the end of the
current fiscal period, except sales and telecommunications taxes, which are 90 days, and
intergovernmental revenues which are individually determined by their own legal and contractual
requirements. Expenditures generally are recorded when a fund liability is incurred. However, debt
service expenditures are recorded only when payment is due.
Property taxes, sales taxes owed to the state at year-end, franchise taxes, licenses, and interest
associated with the current fiscal period are all considered susceptible to accrual and are recognized
as revenues of the current fiscal period. Licenses and permit fees, charges for services (other than
enterprise funds), and miscellaneous revenues are recorded as revenues when received in cash
because they are generally not measurable until actually received.
In applying the susceptible to accrual concept to intergovernmental revenues (i.e., federal and state
grants), the legal and contractual requirements of the numerous individual programs are used as
guidance. There are, however, essentially two types of these revenues. In one, monies must be
expended on the specific purpose or project before any amounts will be paid to the Village; therefore,
revenues are recognized based upon the expenditures/expenses recorded. In the other, monies are
virtually unrestricted as to purpose of expenditure/expense and are generally revocable only for
failure to comply with prescribed eligibility requirements, such as equal employment opportunity.
These resources are reflected as revenues at the time of receipt or earlier if they meet the availability
criterion.
The Village reports unearned revenue on its financial statements. Unearned revenues arise when
potential revenue does not meet both the measurable and available or earned criteria for recognition
in the current period. Unearned revenues also arise when resources are received by the Village
before it has a legal claim to them or prior to the provision of services, as when grant monies are
received prior to the incurrence of qualifying expenditures/expenses. In subsequent periods, when
both revenue recognition criteria are met, or when the Village has a legal claim to the resources, the
liability for unearned revenue is removed from the financial statements and revenue is recognized.
- 38 -
I----~~----------------------------------------
!
I
For purposes of the statement of cash flows, the Village's proprietary funds consider their equity in
pooled cash and alJ highly liquid investments with an original maturity of three months or less when
purchased to be cash equivalents.
Investments
Investments with a maturity of one year or greater at the time of purchase and all investments of the
pension funds are stated at fair value except for non-negotiable certificates of deposit which are
recorded at cost. Fair value has been based on quoted market prices at April 30, 2009 for debt and
equity securities and contract values for insurance contracts.
f. Interfund Receivables/Payables
During the course of operations, numerous transactions occur between individual funds for goods
provided or services rendered. These short-term receivables and payables are classified as "due from
other funds" or "due to other funds" on the balance sheet. Long-term interfund loans are classified as
advances to/from.
g. Receivables
Receivables consist primarily of tax increment financing property taxes, intergovernmental, user fees,
and other miscellaneous amounts due the Village.
h. Inventories
Inventories are valued at cost, which approximates market, using the first-in/first-out (FIFO) method.
The costs of governmental inventories, if any, are recorded as expenditures when consumed rather
than when purchased.
1. Compensated Absences
Vested or accumulated vacation leave, compensatory time off, longevity pay, and accumulated sick
leave for those eligible for the sick time reimbursement plan that is due to employees who have
retired or terminated by the end of the year is reported as an expenditure and a fund liability of the
governmental fund that will pay it. Vested or accumulated vacation leave, compensatory time off,
longevity pay, and accumulated sick leave for those eligible for the sick time reimbursement plan of
proprietary funds and governmental activities are recorded as an expense and liability of those funds
as the benefits accrue to employees. No liability is recorded for nonvesting accumulating rights to
receive sick pay benefits, as this liability is recognized only when the rights are used.
~ 39-
VILLAGE OF SCHAUMBURG, ILLINOIS
NQTES TO FINANCIAL STATEMENTS (Continued)
J. 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 financial statements. Bond
premiums and discounts, as well as issuance costs, are unearned and amortized over the life of the
bonds. Bond issuance costs are reported as unearned charges and amortized over the term of the
related debt.
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 expenditures.
In the fund financial statements, governmental funds report reservations of fund balance for amounts
that are not available for appropriation or are legally restricted by outside parties for use for a specific
purpose. Designations of fund balance represent management plans that are subject to change. In the
government-wide financial statements, restricted net assets are legally restricted by outside parties for
a specific purpose. Capital assets, net of related debt, is the book value of the capital assets less the
outstanding principal balance of long-term debt issued to construct or acquire the capital asset.
$1,317,225 of the Village's restricted net assets (all highways and streets and a portion of restricted for
other) is a result of enabling legislation. This number is comprised of $253,004 for foreign fire
insurance expenses, $42,006 for DUI technology expenses, $30,238 for drug seizure expenses, and
$991,977 for Motor Fuel Fund expenses.
1. Interfund Transactions
Interfund service transactions are accounted for as revenues, expenditures, or expenses. Transactions
that constitute reimbursements to a fund for expenditures/expenses initially made from it that are
properly applicable to another fund are recorded as expenditures/expenses in the reimbursing fund and
as reductions of expenditures/ expenses in the fund that is reimbursed.
All other interfund transactions, except interfund service transactions and reimbursements, are reported
as transfers.
- 40 -
VILLAGE OF SCHAUMBURG, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
m. Capital Assets
Capital assets, which include property, plant, equipment, and infrastructure assets (e.g., roads, bridges,
storm sewers and similar items), are reported in the applicable governmental or business-type activities
columns in the government-wide financial statements. Capital assets are defined by the Village as
assets with an initial, individual cost of more than $20,000 ($50,000 for infrastructure) and an
estimated useful life in excess of one year. Such assets are recorded at historical cost or estimated
historical cost if purchased or constructed. Donated capital assets are recorded at estimated fair market
value at the date of donation. The costs of normal maintenance and repairs, including street overlays,
that do not add to the value or service capacity of the asset or materially extend asset lives are not
capitalized.
Major outlays for capital assets and improvements are capitalized as projects are constructed. Interest
incurred during the construction phase of capital assets of business-type activities is included as part of
the capitalized value of the assets constructed. Property, plant, and equipment are depreciated using
the straight-line method over the following estimated useful lives:
The following fund had a deficit fund balance/net assets as of April 30, 2009:
Deficit
Fund Balance
- 41 -
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Deposits and investments are held separately and in pools by several of the Village's funds. The Village
invests these funds pursuant to investment guidelines established by the Board of Trustees and by the
Village's Director of Finance. The deposits and investments of the Pension Trust Funds are held
separately.
Investments in The Illinois Funds, a money market pool created by the Illinois State Legislature under the
control of the Illinois State Treasurer, are reported at $1 per share value, which equals the Village's fair
value of the pool.
Illinois Metropolitan Investment Fund (!MET) is a not-for-profit investment trust formed pursuant to the
Illinois Municipal Code and managed by a Board of Trustees elected from the participating members.
IMET is not registered with the Securities and Exchange Commission (SEC) as an investment company.
Investments in IMET are valued at IMET's share price, the price for which the investment could be sold.
a. Deposits
At year-end, the carrying amount of the Village's deposits, including the pension funds, totaled
$26,086,818 and the bank balances totaled $26,925,589 (cash on hand of $3,350 has been
excluded). The bank balances are covered by federal depository insurance or by collateral held by
the Village, or its agent, in the Village's name.
To guard against credit risk for deposits with financial institutions, the Village's investment policy
requires that deposits with financial institutions in excess of the Federal Deposit Insurance
Corporation (FDIC) insurance be collateralized with collateral in an amount of 110% of the
uninsured deposits.
b. Investments
As of April 30, 2009, the Village had the following investments and maturities.
Investment Maturities
oto 6 months 1 to 5
Fair Value 6 months to 1 year years
The Illinois Funds $ 28,450,885 $ 28,450,885 $ $
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VILLAGE OF SCHAUMBURG, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
b. Investments (Continued)
As of April 30, 2009, the Police Pension Fund had the following investments and maturities.
Investment Maturities
Fair Less than More than
Value 1 year 1 to 5 years 6 to 10 years 10 years
The Illinois Funds $ 266,390 $ 266,390 $ $ $
Equity Securities 19,877,879 19,877,879
U.S. Treasury Strips 3,650,331 1,075,320 1,393,783 1,181,228
U.S. Treasury Notes 2,827,968 2,291,562 536,406
U.S. Treasury Bonds 4,421,517 2,096,221 2,325,296
U.S. Agency
Securities 16,863,366 557,221 11,543,438 4,251,590 511,117
Mortgage-Backed
Securities 11,784,329 40,970 762,071 6,011,781 4,969,507
TOTAL $ 59,691,780 $ 20,742,460 $ 15,672,391 $ 14,289,781 $ 8,987,148
As of April 30, 2009, the Firefighters' Pension Fund had the following investments and maturities.
Investment Maturities
Fair Less than More than
Value 1 year I to 5 years 6 to 10 years 10 years
The Illinois Funds $ 896,771 $ 896,771 $ - $ $
Mutual Funds 5,212,457 5,212,457
Equity Securities 12,076,149 12,076,149
Municipal Bonds 666,723 101,631 227,268 337,824
U.S. Treasury Bill 249,062 249,062
U.S. Treasury Strips 7,101,177 1,440,840 4,662,840 997,497
U.S. Treasury Notes 6,479,565 1,790,049 2,773,014 1,041,284 875,218
U.S. Treasury Bonds 3,666,052 1,647,997 2,018,055
U.S. Agency
Securities 13,135,894 352,007 8,284,256 3,964,713 534,918
Mortgage-Backed
Securities 12,472,651 704 86,823 2,761,728 9,623,396
TOTAL $ 61,956,501 $ 20,429,768 $ 13,061,263 $ 14,416,386 $ 14,049,084
- 43 -
VILLAGE OF SCHAUMBURG, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
b. Investments (Continued)
In accordance with the investment policy, the Village, Police Pension Fund, and Firefighters'
Pension Fund limit their exposure to interest rate risk by structuring the portfolios to meet the daily
cash flow demands while providing the highest investment return with the maximum security. The
portion of the Village's portfolio that is invested with the Illinois Metropolitan Investment Fund
(IMET) has an average maturity of 1.64 years and a duration of 1.71 years, and is subject to interest
rate risk.
Credit Risk
The Village, Police Pension Fund, and Firefighters' Pension Fund limit their exposure to credit risk,
the risk that the issuer of a debt security will not pay its par value upon maturity, by primarily
investing in securities issued by agencies of the United States Government that are legally or
implicitly guaranteed by the United States Government. The various agency securities are not rated,
but the overall ratings of the agency's long-term debt are Aal as rated by Moody's Investors
Service and AA+ by Standard & Poor's.
The Illinois Funds, a state investment pool, was rated AAAm by Standard & Poor's and the IMET
fund was rated AAAf/s1 by Moody's Investors Service. The money market mutual fund held by the
Bank of New York was rated Aaa by Moody's Investors Service and AA by Standard & Poor's.
In order to limit its exposure to concentration of credit risk, the Village's investment policy limits
the investment in anyone financial institution to twenty-five percent (25%), exclusive of any United
States treasury or agency securities held in safekeeping by that institution on the Village's behalf,
up to forty percent (40%) in Illinois Funds, and up to twenty-five percent (25%) for IMET. At April
30, 2009, the Village had 32.14% invested in The Illinois Funds. Concentration of credit risk
excludes investments that are issued or explicitly guaranteed by the U.S. government and
investments in mutual funds.
At April 30, 2009, the Police Pension Fund had 28.2% invested in U.S. Agency Securities. It is the
policy of the Police Pension Fund to invest a maximum of 85% in U.S. Treasury Bonds and Agency
Securities.
At April 30, 2009, the Firefighters' Pension Fund had 20.1 % invested in Mortgage-Backed
Securities. It is the policy of the Fire Pension Board to invest a maximum of 85% in U.S. Treasury
Bonds and Agency Securities. The Pension Fund also owns three municipal bonds. All bonds are
insured and have received an Aaa rating from Moody's and AAA from Standard and Poor's.
- 44-
VILLAGE OF SCHAUMBURG, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
b. Investments (Continued)
The Village, Police Pension Fund, and Firefighters' Pension Fund limit their exposure to custodial
credit risk, the risk that, in the event of the failure of the counterparty, the Village or Pension Funds
will not be able to recover the value of their investments or collateral securities that are in the
possession of an outside party, by utilizing independent third-party institutions, selected by the
Village or Pension Funds, to act as custodians for their securities and collateral.
The Village's investments are not denominated in foreign currency and, therefore, are not subject to
foreign currency risk.
The Police Pension Fund's investment policy permits it to invest up to twenty percent (20%) of total
investments in international equity funds, and its current position is 10.3%. The Fund's investments
are not denominated in foreign currency and, therefore, are not subject to foreign currency risk.
The Firefighters' Pension Fund's investment policy permits it to invest up to five percent (5%) of
total investments in international equity funds and its current position is 3.3%. The Fund's
investments are not denominated in foreign currency and, therefore, are not subject to foreign
currency risk.
4. RECEIVABLES
Property Taxes
The Village does not levy a property tax for corporate purposes. It does levy taxes for payment of special
service area bonds and receives, but does not levy for road and bridge and tax increment financing district
property taxes.
The Village's property tax is levied each calendar year on all taxable real property located within the
applicable Special Service Area. Governmental funds' property taxes which are due within the current
fiscal year, the year intended to finance, and collected within 60 days subsequent to year-end are recorded
as revenue.
The County Assessor is responsible for assessment of all taxable real property within the County, except
for certain railroad property, which is assessed directly by the state. Reassessments occur based on market
conditions. The County Clerk computes the annual tax for each parcel of real property and prepares tax
books used by the County Collector as the basis for issuing tax bills to all taxpayers in the County.
- 45 -
VILLAGE OF SCHAUMBURG, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
4. RECEIVABLES (Continued)
Property taxes are collected by the County Collector and are submitted to the County Treasurer, who remits
to the units their respective shares of the collections. Taxes levied in one year become due and payable in
two installments on March 1 and September 1 during the following year. Taxes must be levied by the last
Tuesday in December of the levy year and the levy becomes an enforceable lien against the property as of
January 1 of the levy year. The 2008 tax levy collections are intended to finance the 2010 fiscal year, are
not considered available for current operations, and are, therefore, shown as unearned revenue. The 2009
tax levy has not been recorded as a receivable at April 30, 2009, as the tax attached as a lien on property as
of January 1, 2009; however, the tax will not be levied until December 2009 and, accordingly, is not
measurable at April 30, 2009.
OTHER RECEIVABLES
Locally imposed
Hotel Tax
Amusement tax
Food and beverage tax
Total locally imposed
Fines and fees
Ambulance fees
False alarms
Miscellaneous
Total fines and fees
Other receivables
Community grant rehabilitation
Hotel charges
Airport rentals
Baseball rentals
Miscellaneous
Total other
Loans
Due from others
TOTAL OTHER RECEIVABLES
Sales tax
Income tax
Home rule sales tax
Transit program
Motor fuel tax allotments
Telecommunications tax
Schaumburg Park District
Miscellaneous
TOTAL DUE FROM OTHER
GOVERNMENTS
1-------
5. CAPITAL ASSETS
The following is a summary of capital asset activity during the fiscal year:
Beginning Ending
Balance Increases Decreases Balance
GOVERNMENTAL ACTIVITIES
Capital assets not being depreciated
Land $ 11,598,078 $ 1,900,647 $ $ 13,498,725
Land right of way 35,488,291 35,488,291
Construction in progress 35,095 26,847 61,942
Internal service assets
Construction in progress 44,358 595,169 11,100 628,427
Total capital assets not being
depreciated 47,165,822 2,522,663 73,042 49,615,443
GOVERNMENT ACTIVITIES
CAPITAL ASSETS, NET $142,036,183 $1.491,447 $248,234 $143,279,396
Total governmental activities capital assets, excluding internal service funds $135,886,637
- 47 -
VILLAGE OF SCHAUMBURG, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
Beginning Ending
Balance Increases Decreases Balance
BUSINESS-TYPE ACTIVITIES
Capital assets not being depreciated
Land $ 29,419,114 $ $ - $ 29,419,114
Construction in progress
Total capital assets not being
depreciated 29,419,114 29,419,114
BUSINESS-TYPE ACTIVITIES
CAPITAL ASSETS, NET $327,548,309 $(11,888,094) $ $315,660,215
GOVERNMENTAL ACTIVITIES
General government $ 571,532
Public safety 683,856
Public works, including depreciation of general infrastructure assets 3,884,161
Health and welfare 10,845
Culture and recreation 108,145
Internal service funds 949,067
- 48-
VILLAGE OF SCHAUMBURG, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
6. RISK MANAGEMENT
Self-Insurance Program
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 also offers
two health plans for employee health and dental insurance: a self-insured indemnity plan and a
conventional HMO plan.
These risks are provided for through a limited self-insurance program. The Village is self-insured for the
first $50,000 for property claims, $125,000 per employee for medical claims, $100,000 for liability claims,
and $550,000 for worker's compensation claims. The Village has contracted with third-party
administrators (TPAs) to administer these insurance programs and to review and process claims.
Commercial insurance is carried for amounts in excess of the self-insured amounts. There have been no
significant reductions in insurance coverage during the current year. For all insured programs, settlement
amounts have not exceeded insurance coverage for the current or two prior years. The Village's self-
insurance activities are reported in the Risk Management Fund.
Premiums are paid by the Risk Management Fund based upon historical cost estimates. Liabilities are
reported when it is probable that a loss has occurred and the amount of the loss can be reasonably
estimated.
A reconciliation of claims liability for the current year and that of the preceding year is reported below.
- 49-
VILLAGE OF SCHAUMBURG, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
7. LONG-TERM DEBT
The following is a summary of changes in bonds, notes, and other long-term liabilities during the year
ended April 30, 2009.
The following is a summary of changes in bonds, notes, and other long-term liabilities during the year
ended April 30, 2009.
TOTAL BUSINESS-TYPE
ACTIVITIES $242.114,532 $678.700 $1.702,545 $241.090,687 $1.835.118
In business-type activities, compensated absences are liquidated by the Waterworks and Sewerage Fund
and the Airport Fund.
- 50 -
VILLAGE OF SCHAUMBURG, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
a. Bonds Payable
- 51 -
VILLAGE OF SCHAUMBURG, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
*These bonds described above from time to time bear interest under three different modes and may be
converted from one mode to another, and each series may be outstanding in more than one mode. The
modes permitted by the indenture provide for payment to the holder of par and accrued interest on
notice of a weekly period, commercial paper periods of up to 360 days, and adjustable periods of not
less than one month and other periods up to maturity of the bonds.
Effective March 1, 2000, purchases of the bonds tendered for all issues described above, to the extent
not remarketed, will initially be funded under Stand-by Bond Purchase Agreements with JP Morgan
Chase Bank, National Association, and the Northern Trust Company (the Banks). The Stand-by-Bond
- 52 -
VILLAGE OF SCHAUMBURG, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
Purchase Agreements initially expired on March 1,2003, and, as such, amendments extending the
expiration date were executed. The current agreements expire on March 31, 2012. The Stand-by-Bond
Purchase Agreements are subject to a commitment fee of 0.125% of the outstanding principal balance of
the bonds not purchased under these agreements.
Bonds purchased by the Banks under these agreements shall thereupon come payable to the Banks in ten
semiannual installments beginning after the expiration date of these agreements in effect at the time of
bond purchase.
b. Capital Lease
- 53 -
VILLAGE OF SCHAUMBURG, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
The annual requirements to amortize all debt outstanding as of April 30, 2009 are as follows:
- 54-
VILLAGE OF SCHAUMBURG, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
*An interest rate of 2.50% is assumed for tax-exempt and 3.75% for taxable General Obligation variable
rate demand bonds.
- 55 -
VILLAGE OF SCHAUMBURG, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
d. Noncommitment Debt
Special assessment bonds outstanding as of the date of this report totaled $2,960,000. The Village is
not obligated in any manner for any portion of this debt and is not acting as the agent for the assessed
property owners.
e. Conduit Debt
The Village has issued Industrial Development Revenue Bonds (IDRBs) to provide financial
assistance to private organizations for the construction and acquisition of industrial and commercial
facilities deemed to be in the public interest. The bonds are secured solely by the property or
mortgages financed and are payable solely from the payments received on the underlying mortgage
loans on the property. The Village is not obligated in any manner for the repayment of the bonds.
Accordingly, the bonds outstanding are not reported as a liability in these financial statements.
The Village has four issues outstanding as of April 30, 2009. The aggregate principal amount payable
for the four series which could be determined was $11,451,233.
The Village has designated the approximately one square mile area at the intersection of Schaumburg
and Roselle Roads ("Olde Schaumburg Centre") as a redevelopment project area in accordance with
the Tax Increment Allocation Redevelopment Act of the State of Illinois. The act provides for tax
increment financing to fund the cost of approved property redevelopment. Under tax increment
financing, tax revenues are derived from the increase in the current equalized assessed valuation of real
property within the redevelopment area over and above the certified initial equalized assessed
valuation of the property. These tax revenues are to be exclusively utilized for the redevelopment of
the project area.
- 56 -
VILLAGE OF SCHAUMBURG, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
9. INTERFUND BALANCES
TOTAL $434,942
*Net of due to/froms as of April 30, 2009 due to the Hotel and Convention
Center being reported on a different fiscal year-end 72,437
Reconciliation of internal balances: ($ 4,882)
Each year, the baseball stadium reduces the advance created from the construction costs of the baseball
stadium and related off-site improvements, which were higher than the bond proceeds for the project.
$154,967 of the General Fund receivable from a nonmajor governmental fund relates to the
Schaumburg Transit Program Fund. The Village's fund balance policy requires that the fund balance
in the Schaumburg Transit Program Fund always be $0 at each fiscal year-end.
- 57 -
VILLAGE OF SCHAUMBURG, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
As such, after all journal entries are posted for GAAP purposes, the fund balance in the Schaumburg
Transit Program Fund is analyzed and adjusted accordingly.
The 2005A Capital Improvements Project Fund owes $87,659 to the Motor Fuel Fund due to the re-
allocation of expenses incurred during the fiscal year.
TOTAL $ 1,616,889
Due to construction costs of the baseball stadium and related off-site improvements being higher than
the bond proceeds received for the project, the General Fund advanced the Schaumburg Baseball
Stadium Fund money. Annually, a cash flow analysis is performed to determine the amount of the
advance reduction. In the current year, no reduction was made and the balance remains the same as of
April 30, 2009 at $553,902.
The Capital Improvements Fund advanced the Schaumburg Baseball Stadium Fund $90,000 in the
fiscal year to paint the stadium.
The Capital Improvements Fund advanced the Special Assessment #3 Construction Fund $130,746 in
the summer of 2003 for roadway improvements related to McLin Boulevard. Financing to repay the
advance is provided by annual special assessments on all property located within the special
assessment area. As of the April 30, 2009, the advance balance was reduced down to $31,600 due to
special assessment payments.
The Special Service Area No.9, 10, and 11 project costs were charged to the Waterworks and
Sewerage Fund. Advances were created to show the receivables that are reduced annually as special
service area property taxes are received. The Fiduciary Fund type payable for Special Service Area
No.9, 10, and 11 exists solely to collect the special service area tax and repay the Waterworks and
Sewerage Fund.
In 2008, the Village issued General Obligation Bonds for various projects, including $500,000 for T-
Hangar construction at the Schaumburg Airport. Including the accrued interest and bond premium,
$504,297 was transferred from the Airport Fund to the 2008 Project Fund to cover construction
expense related to the hangar project.
- 58 -
VILLAGE OF SCHAUMBURG, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
c. Interfund Transfers
Interfund transfers during the year ended April 30, 2009 consisted of the following:
The General Fund transfers in include a transfer of $1,161,352 of excess equity due to the closure of
the Medical Facilities Fund and a $1,000,000 transfer from the Vehicle Replacement fund.
The General Fund transfers out include $1,664,825 to the Schaumburg Transit Program Fund to cover
the cost of the transit programs above the financing provided by fares and operating grants; $634,975
was transferred to the Schaumburg Baseball Stadium Fund for the 1998 Series debt service payments
that occurred in fiscal year-end 2009. The amount represents one-half of the overall debt service
payments as the Schaumburg Park District shares in the responsibility of the annual debt service
payments; $657,000 was transferred to the General Obligation Bonds Series 2005B Fund for the
annual debt service payments and to set up a small reserve; $341,225 was transferred to the General
Obligation Bonds Series 2004B Fund for the debt service payments that occurred in fiscal year-end
2009.
The Capital Improvements Fund transfers in of $1,853,370 is from the Facilities Fund to transfer
excess residual equity.
The transfers in for nonmajor governmental funds include the Schaumburg Transit Program Fund of
$1,664,825 from the General Fund, $341,225 from the General Fund to the General Obligation Bonds
Series 2004B Fund, and $657,000 from the General Fund to the General Obligation Bonds Series
2005B Fund.
- 59 -
VILLAGE OF SCHAUMBURG, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
The transfers out for nonmajor governmental funds include the $1,161,352 to the General Fund and the
transfer of $1 ,853,370 to the Capital Improvements Fund.
Transfers out for the Water & Sewerage Fund are $531,048 for operating expenses for the Performing
Arts Center.
The Schaumburg Baseball Stadium Fund received $634,975 from the General Fund for the 1998 Series
debt service payments that occurred in fiscal year-end 2009. The Schaumburg Baseball Stadium Fund
transferred out $10,000 to the Commuter Parking Lot Fund for lot maintenance. The amount
represents the payment to the Village from the Schaumburg Flyer's professional baseball team for a
METRA parking lot use fee per an agreement between the Village and the team. The Performing Arts
Fund received $531,048 from the Water & Sewerage Fund. These amounts are reflected as a transfer
in for nonmajor enterprise funds.
a. Contractual Commitments
The Village has contractual commitments for various construction and other projects of $2,948,248.
The Village has committed to purchase water from the Northwest Suburban Municipal Joint Action
Water Agency (JAWA). This agreement expires in 2022, with minimum amounts of gallons required
for purchase every five years. The Village expects to pay minimum amounts totaling $6,0 I0,590
through fiscal year 2009. This amount has been computed using the minimum amount to be purchased
per the agreement between the Village and JAWA multiplied by the average cost per gallon of $2.38
charged by JAWA in the fiscal year-end 2009.
b. Grants
Amounts received or receivable from grantors are subject to audit and adjustment by the grantors.
Any disallowed claims, including amounts already collected, may constitute a liability of the
applicable funds. This amount, if any, of the expenditures which may be disallowed by the grantor
cannot be determined at this time. The Village believes that there is no liability.
c. Litigation
The Village has several pending legal proceedings that, in the opinion of management, are ordinary
routine matters incidental to the normal business conducted by the Village. In the opinion of
management, the outcome is neither probable nor estimable, and the ultimate dispositions of such
proceedings are not expected to have a material adverse effect on the Village's net assets or activities.
- 60-
VILLAGE OF SCHAUMBURG, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
The Village is a member of the Northwest Suburban Municipal Joint Action Water Agency (the Agency),
which consists of seven municipalities. The Agency is a municipal corporation and public body politic and
corporate established pursuant to the Constitution of the State of Illinois and the Intergovernmental
Cooperation Act of the State of Illinois, as amended (the Act). The Agency is empowered under the Act to
plan, construct, improve, extend, acquire, finance, operate, and maintain a joint water supply system to
serve its members and other potential water purchasers.
The members form a contiguous geographic service area, which is located 15 to 30 miles northwest of
downtown Chicago, Illinois. Under the agreement, additional members may join the Agency upon the
approval of each member.
The Agency is governed by a Board of Directors, which consists of one elected official from each member
municipality. Each director has an equal vote, and the officers of the Agency are appointed by the Board
of Directors. The Board of Directors determines the general policy of the Agency, makes all
appropriations, approves contracts for sale or purchase of water, adopts resolutions providing for the
issuance of bonds or notes by the Agency and adopts bylaws.
Complete financial statements for the Agency can be obtained from the Agency's administration offices at
903 Brantwood Avenue, Elk Grove, Illinois.
On March 21, 1998, the Village entered into an intergovernmental agreement with the Schaumburg Park
District (the District) for the ownership, development, and operation of the Schaumburg Baseball Stadium.
All operating revenues and costs associated with the stadium are shared equally by the Village and the
District, unless otherwise agreed to. The Village's shared operating costs (net of shared revenues) are
reimbursed by the District and any intergovernmental receivables related to these costs are considered
short-term in nature.
The District is also obligated for its share of the 1998A and 1998B General Obligation Variable Rate
Demand Bonds. Only the principal portion is considered long-term in nature, with the interest portion
included in operating costs. The long-term receivable to be paid by the District each year is as follows:
2010 $ 550,000
2011 600,000
2012 650,000
2013 650,000
2014 700,000
TOTAL RECEIVABLE $ 3,150,000
- 61 -
VILLAGE OF SCHAUMBURG, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
None of the pension plans issue separate reports on the pension plans. However, IMRF does issue a
publicly available report that includes financial statements and supplementary information for the plan as a
whole, but not for individual employers. That report can be obtained online at www.imrf.org.
1. Plan Description
All employees (other than those covered by the Police or Firefighters' plans) hired in positions that
meet or exceed the prescribed annual hourly standard must be enrolled in IMRF as participating
members. Pension benefits vest after eight years of service. Participating members who retire at or
after age 60 with eight years of credited service are entitled to an annual retirement benefit, payable
monthly for life, in an amount equal to 1 2/3% of their final rate of earnings, for each year of
credited service up to 15 years, and 2% for each year thereafter.
2. Funding Policy
Participating members are required to contribute 4.50% of their annual salary to IMRF. The Village
is required to contribute the remaining amounts necessary to fund the IMRF as specified by statute.
The employer contribution rate for calendar year 2009 is 10.56% of covered payroll. The employer
contribution rate for the calendar year 2008,2007, and 2006 was 10.38%, 10.98%, and 11.57%, of
covered payroll, respectively. The Village also contributes to IMRF for disability benefits, post
retirement increase, and death benefits to plan members and beneficiaries, all of which are pooled at
the IMRF level. Contribution rates for disability and death benefits are set by the IMRF Board of
Trustees, while the supplemental retirement benefits rate is set by statute.
For 2008, the Village's annual pension cost for IMRF of $2,288,162 for the Regular plan was equal
to the employer required and actual contributions
- 62 -
VILLAGE OF SCHAUMBURG, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
The required contribution for 2008 was determined as part of the December 31, 2006 actuarial
valuation using the entry age normal actuarial cost method. The actuarial assumptions at December
31, 2006 included (a) 7.5 percent investment rate of return (net of administrative and direct
investment expenses), (b) projected salary increases of 4% a year, attributable to inflation, (c)
additional projected salary increases ranging from 0.4% to 11.6% per year depending on age and
service, attributable to seniority/merit, and (d) postretirement benefit increases of3% annually. The
actuarial value of the Village's Regular Plan assets was determined using techniques that spread the
effects of short-term volatility in the market value of investments over a five-year period with a
20% corridor between the actuarial and market value of assets. The Village's Regular Plan's
unfunded actuarial accrued liability is being amortized as a level percentage of projected payroll on
a closed basis. The remaining amortization period at the December 31, 2006 valuation was twenty-
four years.
As of December 31, 2008, the most recent actuarial valuation date, the Regular Plan was 71.82%
funded. The actuarial accrued liability for benefits was $62,083,025 and the actuarial value of
assets was $44,586,013, resulting in an underfunded actuarial accrued liability (VAAL) of
$17,497,012. The covered payroll (annual payroll of active employees covered by the plan) was
$22,043,956 and the ratio of the VAAL to the covered payroll was 79.37%.
The schedule of funding progress, presented as required supplementary information (RSI) following
the notes to the financial statements, presents multiyear trend information about whether the
actuarial value of plan assets is increasing or decreasing over time relative to the actuarial accrued
liability for benefits.
1. Plan Description
Police sworn personnel are covered by the Police Pension Plan. Although this is a single-employer
pension plan, the defined benefits and employee and employer contribution levels are governed by
Illinois Compiled Statutes (40 ILCS 5/3-1) and may be amended only by the Illinois legislature.
The Village accounts for the plan as a pension trust fund. At April 30, 2008, the Police Pension Plan
membership consisted of:
- 63 -
VILLAGE OF SCHAUMBURG, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
The Police Pension Plan provides retirement benefits as well as death and disability benefits.
Covered employees attaining the age of 50 or more with 20 or more years of creditable service are
entitled to receive an annual retirement benefit equal to one-half of the salary attached to the rank
held on the last day of service, or for one year prior to the last day, whichever is greater. The annual
benefit shall be increased by 2.50% of such salary for each additional year of service over 20 years
up to 30 years, to a maximum of 75.00% of such salary. Employees with at least eight years but
less than 20 years of credited service may retire at or after age 60 and receive a reduced benefit.
The monthly benefit of a police officer who retired with 20 or more years of service after January I,
1977 shall be increased annually, following the first anniversary date of retirement upon reaching
the age of at least 55 years, by 3.00% of the original pension and 3.00% compounded annually
thereafter. Benefits and refunds are recorded when due in accordance with the terms of the plan.
The pension trust funds utilize the accrual basis of accounting. The costs of administering the plan
are financed through interest earnings.
2. Funding Policy
Employees are required by ILCS to contribute 9.91 % of their base salary to the Police Pension Plan.
If an employee leaves covered employment with less than 20 years of service, accumulated
employee contributions may be refunded without accumulated interest. The Village is required to
contribute the remaining amounts necessary to finance the plan as actuarially determined by an
enrolled actuary. Effective July 1, 1993, the Village has until the year 2033 to fully fund the past
service cost for the Police Pension Plan. For the year ended April 30, 2008, the Village's
contribution was 25.80% of covered payroll.
Employer annual required contributions (ARC), actual contributions and the net pension obligation
(NPO) follow in Note 13-D. The NPO is the cumulative difference between the ARC and the
contributions actually made.
- 64-
VILLAGE OF SCHAUMBURG, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
1. Plan Description
Fire sworn personnel are covered by the Firefighters' Pension Plan. Although this is a single-
employer pension plan, the defined benefits and employee and employer contribution levels are
governed by Illinois Compiled Statutes (40 ILCS 5/4-1) and may be amended only by the Illinois
legislature. The Village accounts for the plan as a pension trust fund. At April 30, 2008, the
Firefighters' Pension Plan membership consisted of:
Retirees and beneficiaries currently receiving benefits and terminated
employees entitled to benefits but not yet receiving them 70
Current employees
Vested 96
Nonvested 31
TOTAL 197
The Firefighters' Pension Plan provides retirement benefits as well as death and disability benefits.
Covered employees attaining the age of 50 or more with 20 or more years of creditable service are
entitled to receive an annual retirement benefit of one-half of the monthly salary attached to the rank
held in the fire service at the date of retirement. The monthly pension shall be increased by II 12 or
2.50% of such monthly salary for each additional month over 20 years of service through 30 years
of service, to a maximum of 75.00% of such monthly salary. Employees with at least ten years but
less than 20 years of credited service may retire at or after age 60, and ten years but less than 20
years of credited service may retire at or after age 60 and receive a reduced retirement benefit. The
monthly pension of a covered employee who retired with 20 or more years of service after January
1, 1977 shall be increased annually, following the first anniversary date of retirement upon reaching
the age of at least 55 by 3.00% of the original pension and 3.00% compounded annually thereafter.
Benefits and refunds are recorded when due in accordance with the terms of the plan.
2. Funding Policy
Covered employees are required to contribute 9.455% of their base salary to the Firefighters'
Pension Plan. If an employee leaves covered employment with less than 20 years of service,
accumulated employee contributions may be refunded without accumulated interest. The Village is
required to finance the plan as actuarially determined by an enrolled actuary. Effective July 1,
1993, the Village has until the year 2033 to fully fund the past services costs for the Firefighters'
Pension Plan. For the year ended April 30, 2008, the Village's contribution was 28.82% of covered
payroll.
- 65 -
VILLAGE OF SCHAUMBURG, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
The NPO at April 30, 2008 (the latest available) has been calculated as follows:
Firefighters'
Police Pension
Pension
Annual required contribution $ 2,444,323 $ 2,502,065
Interest on net pension obligation (262,644) (192,287)
Adjustment to annual required contribution 192,990 141,292
Annual pension cost 2,374,669 2,451,070
Contributions made 2,590,962 2,887,568
Decrease in net pension obligation (216,293) (436,498)
Net pension asset beginning of year (3,501,918) (2,563,824)
NET PENSION ASSET END OF YEAR $(3,718,211) $ (3,000,322)
- 66-
VILLAGE OF SCHAUMBURG, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
Receivables
Due from participants 23,984 10,899 34,883
Accrued interest 345,302 365,868 711,170
Total receivables 369,286 376,767 746,053
LIABILITIES
Accounts payable 10,860 34,950 45,810
Total liabilities 10,860 34,950 45,810
- 67 -
VILLAGE OF SCHAUMBURG, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
Investment income
Net appreciation in fair value
of investments (9,999,398) (7,061,243) (17,060,641)
Interest and dividends 2,146,216 2,521,046 4,667,262
Total investment income (7,853,182) (4,540,197) (12,393,379)
Less investment expense:
Miscellaneous bank fees 18,530 16,915 35,445
Investment managers/advisors fees 191,399 240,458 431,857
Net investment income (8,063,111) (4,797,570) (12,860,681)
Total additions (4,339,871) (816,937) (5,156,808)
DEDUCTIONS
Benefits
Retirement 3,186,781 2,487,039 5,673,820
Non-duty disability 88,477 88,477
Duty disability 351,830 512,564 864,394
Surviving spouse 338,877 236,861 575,738
Occupational disease 357,278 357,278
Creditable service transfer 114,791 114,791
Administrative expenses
Travel, meetings and training 1,079 168 1,247
Fiduciary liability insurance 9,820 9,900 19,720
Professional services 8,357 10,681 19,038
Dues and subscriptions 400 400
Legal fees 20,597 19,795 40,392
IDOl compliance fee 8,000 8,000 16,000
Supplies 36 36 72
Minor capital outlay 765 765
Total deductions 4,129,045 3,643,087 7,772,132
NET DECREASE (8,468,916) (4,460,024) ( 12,928,940)
- 68-
VILLAGE OF SCHAUMBURG, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
a. Plan Description
In addition to providing the pension benefits described, the Village provides postemployment health
care and life insurance benefits (OPEB) for retired employees through a single-employer defined
benefit plan. The benefits, benefit levels, employee contributions and employer contributions are
governed by the Village and can be amended by the Village through its personnel manual and union
contracts. The plan is not accounted for as a trust fund, as an irrevocable trust has not been established
to account for the plan. The plan does not issue a separate report. The activity of the plan is reported in
the Village's Risk Management Fund, an internal service fund.
b. Benefits Provided
The Village provides postemployment health care and life insurance benefits to its retirees. To be
eligible for benefits, an employee must qualify for retirement under one of the Village's retirement
plans. Elected officials are eligible for benefits if they qualify for retirement through the Illinois
Municipal Retirement Fund.
All health care benefits are provided through the Village's self-insured health plan. The benefit levels
are the same as those afforded to active employees. Benefits include general inpatient and outpatient
medical services; mental, nervous, and substance abuse care; vision care; dental care; and
prescriptions. Upon a retiree reaching age 65 years of age, Medicare becomes the primary insurer, and
the Village's plan becomes secondary.
c. Membership
TOTAL
- 69-
VILLAGE OF SCHAUMBURG, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
The Village had an actuarial valuation performed for the plan as of April 30, 2009 to determine the
funded status of the plan as of that date as well as the employer's annual required contribution (ARC)
for the fiscal year ended April 30, 2009. The Village's annual OPEB cost (expense) of $520,045 was
greater than the ARC for the fiscal year. The Village's annual OPEB cost, the percentage of annual
OPEB cost contributed to the plan, and the net OPEB obligation for 2009 were as follows:
The net OPEB obligation (NOPEBO) as of April 30, 2009 was calculated as follows:
Funded Status and Funding Progress. The funded status of the plan as of April 30, 2009 was as
follows:
Actuarial valuations of an ongoing plan involve estimates of the value of reported amounts and
assumptions about the probability of occurrence of events far into the future. Examples include
assumptions about future employment, mortality, and the health care cost trend. Amounts determined
regarding the funded status of the plan and the annual required contributions of the employer are
subject to continual revision, as actual results are compared with past expectations and new estimates
are made about the future. The schedule of funding progress, presented as required supplementary
information following the notes to the financial statements, presents multiyear trend information that
shows whether the actuarial value of plan assets is increasing or decreasing over time relative to the
actuarial accrued liabilities for benefits.
- 70-
VILLAGE OF SCHAUMBURG, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
Projections of benefits for financial reporting purposes are based on the substantive plan (the plan as
understood by the employer and plan members) and include the types of benefits provided at the time
of each valuation and the historical pattern of sharing of benefit costs between the employer and plan
members to that point. The actuarial methods and assumptions used include techniques that are
designed to reduce short-term volatility in actuarial accrued liabilities and the actuarial value of assets,
consistent with the long-term perspective of the calculations.
In the April 30, 2009 actuarial valuation, the entry age actuarial cost method was used. The actuarial
assumptions included a 5.0% investment rate of return (net of administrative expenses) and an annual
health care cost trend rate of 8.0%. Both rates include a 3.0% inflation assumption. The actuarial value
of assets was not determined, as the Village has not advance funded its obligation. The plan's
unfunded actuarial accrued liability is being amortized as a level percentage of projected payroll on a
closed basis. The remaining amortization period at April 30, 2009 was twenty-nine years.
- 71 -
REQUIRED SUPPLEMENTARY INFORMATION
VILLAGE OF SCHAUMBURG, ILLINOIS
Variance
Original Final Over
Budget Budget Actual (Under)
REVENUES
Taxes $ 30,407,041 $ 28,951,666 $ 27,030,218 $ (1,921,448)
Licenses and pennits 3,746,260 3,310,460 3,370,977 60,517
Intergovernmental 38,371,418 36,313,074 33,796,243 (2,516,83 I)
Charges for services 4,646,590 4,510,279 4,334,792 (175,487)
Fines and forfeits 1,299,840 1,299,840 2,373,379 1,073,539
Grants 830,737 930,737 445,560 (485,177)
Investment income 675,407 675,407 621,626 (53,781)
Miscellaneous 857,385 1,052,385 1,140,096 87,711
EXPENDITURES
Current
General government 14,256,138 13,870,954 13,571,687 (299,267)
Public safety 45,715,117 44,916,900 44,013,966 (902,934)
Highways and streets 13,948,348 14,593,201 14,992,906 399,705
Health and welfare 3,801,078 3,955,359 3,373,823 (581,536)
Culture and recreation 2,427,934 2,340,080 2,334,855 (5,225)
EXCESS OF REVENUES
OVER EXPENDITURES 686,063 (2,632,646) (5,174,346) (2,541,700)
-72-
VILLAGE OF SCHAUMBURG, ILLINOIS
UAAL
(2) (4) (OAAL)
Actuarial Unfunded Asa
Actuarial (1) Accrued (3) (Overfunded) Percentage
Valuation Actuarial Liability Funded AAL (5) of Covered
Date Value of (AAL) Ratio (UAAL) Covered Payroll
December 31 Assets - Entry Age (1)/(2) (2)-(1) Payroll (4) / (5)
- 73 -
VILLAGE OF SCHAUMBURG, ILLINOIS
UAAL
(2) (4) (OAAL)
Actuarial Unfunded Asa
Actuarial (I) Accrued (3) (Overfunded) Percentage
Valuation Actuarial Liability Funded AAL (5) of Covered
Date Value of (AAL) Ratio (VAAL) Covered Payroll
April 30, Assets - Entry Age (1)/(2) (2)-(1) Payroll (4) / (5)
- 74-
VILLAGE OF SCHAUMBURG, ILLINOIS
UAAL
(2) (4) (OAAL)
Actuarial Unfunded Asa
Actuarial (1) Accrued (3) (Overfunded) Percentage
Valuation Actuarial Liability Funded AAL (5) of Covered
Date Value of (AAL) Ratio (UAAL) Covered Payroll
April 30, Assets - Entry Age (1)/(2) (2)-(1) Payroll (4) / (5)
- 75 -
VILLAGE OF SCHAUMBURG, ILLINOIS
Note: The Village implemented GASB Statement 45 for the fiscal year ended April 30, 2007. Information
for prior years is not available.
- 76-
VILLAGE OF SCHAUMBURG, ILLINOIS
Annual
Required
Calendar Employer Contribution Percentage
Year Contributions (ARC) Contributed
- 77-
L-- . _
VILLAGE OF SCHAUMBURG, ILLINOIS
Annual
Required
Fiscal Employer Contribution Percentage
Year Contributions (ARC) Contributed
Note: The annual required contribution for 2009 is not yet available.
-78 -
VILLAGE OF SCHAUMBURG, ILLINOIS
Annual
Required
Fiscal Employer Contribution Percentage
Year Contributions (ARC) Contributed
Note: The annual required contribution for 2009 is not yet available.
- 79-
VILLAGE OF SCHAUMBURG, ILLINOIS
Annual
Required
Fiscal Employer Contribution Percentage
Year Contributions (ARC) Contributed
Note: The Village implemented GASB Statement 45 for the fiscal year ended April 30, 2007. Information
for prior years is not available.
- 80 -
VILLAGE OF SCHAUMBURG, ILLINOIS
A. Budgets
The governmental, proprietary and trust funds (excluding the pension funds) have legally
adopted annual budgets prepared in accordance with generally accepted accounting principles
(GAAP). Budgetary comparisons are reflected in the financial statements for all
governmental and enterprise funds. The Village follows these procedures in establishing the
budgetary data reflected in the financial statements.
I. The Village Manager, who also serves as the Budget Officer, submits a proposed budget
ordinance to the Village Board for review and approval. The proposed ordinance is made
available for public inspection at least 10 days prior to final Board action.
2. Public hearings are conducted to obtain taxpayer comments on the proposed fiscal year
budget ordinance.
3. The budget ordinance is legally enacted prior to May I. Budgets lapse at year-end.
4. The Budget Officer may approve the transfer of budgeted funds from one account to
another provided they are within the same object class, same department, and same fund.
a. By two-thirds vote, transfer within any fund amounts budgeted for an object or
purpose to another object or purpose.
Below are the funds that had an excess of actual expenditures/expenses (exclusive of
depreciation, amortization and transfers) over budget for the fiscal year:
- 81 -
VILLAGE OF SCHAUMBURG, ILLINOIS
NOTES TO REQUIRED SUPPLEMENTARY INFORMATION (Continued)
The actuarial assumptions used to determine the actuarial accrued liability for 2008 are based
on the 2005-2007 Experience Study. The accrued liability for 2007 was based on the 2002-
2004 Experience Study.
- 82-
COMBINING AND INDIVIDUAL FUND
FINANCIAL STATEMENTS AND SCHEDULES
VILLAGE OF SCHAUMBURG, ILLINOIS
ASSETS
Cash and cash equivalents $ 2,804,864 $ 766,397 $ 165,796 $ 3,737,057
Investments 6,103,537 1,524,882 7,628,419
Receivables
Locally imposed taxes 395,785 395,785
Accrued interest 27,292 27,292
Other 894,373 894,373
Due from other funds 90,222 9,973 100,195
Due from other governments 259,555 482,038 741,593
Prepaid expenses 10,000 10,000
Total assets $ 10,189,843 $ 3,179,075 $ 165,796 $ 13,534,714
LIABILITIES
Accounts payable $ 224,548 $ 6,543 $ 78,137 $ 309,228
Accrued salaries 3,832 3,832
Unearned revenue - Rehab loans 868,601 868,601
Unearned revenue - Meadow Knolls 798 798
Due to other funds 168,031 72,339 87,659 328,029
Advances from other funds 31,600 31,600
Total liabilities 1,265,810 78,882 197,396 1,542,088
FUND BALANCES
Reserved for public safety 3,910 3,910
Reserved for debt service 3,100,193 3,100,193
Reserved for highways and streets 991,977 991,977
Reserved for traffic impact 5,154,182 5,154,182
Unreserved
Designated for streetlights 1,572,486 1,572,486
Designated for traffic signals 194,669 194,669
Designated for sidewalks/bikepaths 211,224 211,224
Designated for parkway trees 565,171 565,171
Designated for rights of way 230,414 230,414
Undesignated - capital projects (31,600) (31,600)
- 83 -
VILLAGE OF SCHAUMBURG, ILLINOIS
REVENUES
Taxes $ $ 6,856,954 $ $ 6,856,954
Intergovernmental 2,619,347 2,619,347
Charges for services 289,426 289,426
Contributions 7,900 7,900
Investment income 259,345 38,711 36,059 334,115
Miscellaneous 1,681 1,681
Total revenues 3,169,799 6,895,665 43,959 10,109,423
EXPENDITURES
Current
General government 2,223,820 2,223,820
Public safety 21,369 21,369
Debt service
Principal 5,715,267 5,715,267
Interest 2,893,926 2,893,926
Miscellaneous 23,372 (4,273) 19,099
Capital outlay 2,286,741 1,775,278 4,062,019
Total expenditures 4,531,930 8,632,565 1,771,005 14,935,500
(DEFICIENCY) OF REVENUES
OVER EXPENDITURES (1,362,131 ) (1,736,900) (1,727,046) (4,826,077)
- 84 -
NONMAJOR SPECIAL REVENUE FUNDS
Motor Fuel Tax Fund - to account for revenues received from the State of Illinois for the
maintenance, improvement and construction of streets and roads.
Schaumburg Transit Program Fund - to account for the cost of providing local public
transportation. Financing is provided by fares and operating grants.
Community Development Block Grant Fund - to account for the use of grant momes
earmarked for specific projects.
Development Contribution Fund - to account for monies received from fees imposed by the
Village for development of Village improvements such as traffic signals, streetlights, utilities,
and sidewalks.
Justice Assistance Grant Fund - to account for the use of grant monies used to provide a safe
and educational environment for youths during the evening hours of the summer.
Medical Facility Fund - to account for monies held and interest earned on such amounts for the
purpose of supporting the home health aid program.
VILLAGE OF SCHAUMBURG, ILLINOIS
ASSETS
LIABILITIES
Accounts payable $ 73,300 $ 141,256 $ 7,473 $ 2,519 $ - $ - $ 224,548
Accrued salaries 3,832 3,832
Unearned revenue -Rehab loans 868,601 868,601
Unearned revenue -Meadow Knolls 798 798
Due to other funds 154,967 13,064 168,031
Total liabilities 73,300 300,055 889,936 2,519 1,265,810
FUND BALANCES
Reserved for highways and streets 991,977 991,977
Reserved for traffic impact 5,154,182 5,154,182
Reserved for public safety 3,910 3,910
Unreserved
Designated for streetlights 1,572,486 1,572,486
Designated for traffic signals 194,669 194,669
Designated for sidewalks/bikepaths 211,224 211,224
Designated for parkway trees 565,171 565,171
Designated for rights of way 230,414 230,414
Total fund balances 991,977 7,928,146 3,910 8,924,033
- 85 -
VILLAGE OF SCHAUMBURG, ILLINOIS
REVENUES
Intergovernmental $2,022,538 $ 196,189 $ 375,341 $ - $ 25,279 $ - $2,619,347
Charges for services 193,189 96,237 289,426
Investment income 19,371 6,179 217,505 16,290 259,345
Miscellaneous 736 945 1,681
EXPENDITURES
Current
General government 2,060,382 160,504 2,934 2,223,820
Public safety 21,369 21,369
Capital outlay 1,869,900 215,573 201,268 2,286,741
- 86-
VILLAGE OF SCHAUMBURG, ILLINOIS
Variance
Original Final Over
Budget Budget Actual (Under)
REVENUES
Intergovernmental
Motor fuel tax $ 2,159,294 $ 2,051,000 $ 1,981,571 $ (69,429)
Motor fuel tax - high growth 38,576 38,576 40,967 2,391
Investment income 3,500 3,500 19,371 15,871
EXPENDITURES
Capital outlay
Roadway improvements 2,801,690 1,869,900 1,869,900
- 87 -
-- ------------------------------------------------
Variance
Original Final Over
Budget Budget Actual (Under)
REVENUES
Intergovernmental
Operating assistance - RTA $ 173,419 $ 173,419 $ 196,189 $ 22,770
Charges for services
Mass transit fares 63,750 63,750 78,487 14,737
Woodfield shuttle reimbursement 118,729 111,984 114,702 2,718
Investment income 3,000 3,000 6,179 3,179
Total revenues 358,898 $ 352,153 $ 395,557 $ 43,404
EXPENDITURES
General government
Lunchtime Shopper Shuttle
Personnel services 25,549 25,549 23,993 (1,556)
Supplies 17,947 24,153 18,338 (5,815)
Services and charges 229,999 203,726 203,023 (703)
Total Lunchtime Shopper Shuttle 273,495 253,428 245,354 (8,074)
DART Program
Personnel services 56,763 56,763 55,761 (1,002)
Supplies 71,625 107,713 95,401 (12,312)
Services and charges 989,657 989,007 973,051 (15,956)
Total DART Program 1,118,045 1,153,483 1,124,213 (29,270)
Original Variance
Original and Final Over
Budget Budget Actual (Under)
EXPENDITURES (Continued)
General government (Continued)
PACE Route 602
Personnel services 6,155 $ 6,155 $ 6,179 $ 24
Services and charges 80,560 55,297 23,154 (32,143)
Total PACE Route 602 86,715 61,452 29,333 (32,119)
(DEFICIENCY) OF REVENUES
OVER EXPENDITURES (1,966,337) (1,821,413) (1,664,825) 156,588
- 89-
VILLAGE OF SCHAUMBURG, ILLINOIS
Variance
Original Final Over
Budget Budget Actual (Under)
REVENUES
Intergovernmental
Entitlements $ 680,107 $ 793,007 $ 375,341 $ (417,666)
Miscellaneous 25,000 736 (24,264)
EXPENDITURES
General government
Personnel services 13,771 25,742 14,699 (11,043)
Supplies 650 650 446 (204)
Travel, meetings and trainings 1,200 1,200 1,084 (116)
Advertising 1,000 1,000 599 (401)
Dues and subscriptions 930 930 927 (3)
Public services - CDBG 228,630 270,086 142,723 (127,363)
Miscellaneous 26 26 26
Capital outlay
Building improvements 433,900 518,373 215,573 (302,800)
- 90-
VILLAGE OF SCHAUMBURG, ILLINOIS
Original Variance
and Final Over
Budget Actual (Under)
REVENUES
Charges for services
Street lights $ 25,000 $ 66,424 $ 41,424
Traffic impact 25,000 18,360 (6,640)
Parkway trees 25,000 11,453 (13,547)
Right of way improvements 25,000 (25,000)
Miscellaneous
Contributions from property owners 50,000 (50,000)
Investment income 151,233 217,505 66,272
EXPENDITURES
General government
Bad debt expense 2,934 2,934
Capital outlay
Enhancement improvements 200,000 98,993 (101,007)
Roadway improvements 90,693 39,375 (51,318)
Street lighting improvements 62,900 62,900
- 91 -
- - - - - - - - - - - - - - - - - - - - - - - -
Variance
Original Final Over
Budget Budget Actual (Under)
REVENUES
Intergovernmental
Grants $ - $ 16,119 $ 25,279 $ 9,160
EXPENDITURES
Public safety
Personnel 16,119 14,056 (2,063)
Grant expense 7,313 7,313
- 92-
VILLAGE OF SCHAUMBURG, ILLINOIS
Variance
Original Final Over
Budget Budget Actual (Under)
REVENUES
Developer donations $ 7,500 $ 7,500 $ 945 $ (6,555)
Investment income 26,000 26,000 16,290 (9,710)
EXPENDITURES
None
Total expenditures
- 93-
NONMAJOR DEBT SERVICE FUNDS
General Obligation Capital Improvement Bonds, Series 2002A - to accumulate monies for
payment of 2002A Series, $33,875,000 General Obligation Capital Improvement Bonds which
are Serial Bonds due in annual installments until maturity in 2021. These bonds were issued to
finance the improvements to fire stations, emergency communications center, utility burials and
renovation of the Public Works Center. Financing is being provided by revenues other than
property taxes.
General Obligation Refunding Bonds, Series 2002B - to accumulate monies for payment of
2002B Series, $6,655,000 General Obligation Refunding Bonds which are Serial Bonds due in
annual installments until maturity in 2009. These bonds were issued to refund $4,215,000
outstanding principal amount of General Obligation Refunding Bonds Series of 1993 and
$2,060,000 outstanding principal amount of General Obligation Refunding Bonds Series of 1994
and to pay costs of the Village's Capital Improvement Program. Financing is being provided by
revenues other than property taxes.
General Obligation Bonds, Series 2004A - to accumulate monies for payment of 2004A
Series, $17,050,000 General Obligation Bonds which are Serial Bonds due in annual installments
until maturity in 2024. These bonds were issued to finance improvements within the Village.
Financing is being provided by revenues other than property taxes.
General Obligation Bonds, Series 2004B - to accumulate monies for payment of2004B Series,
$4,505,000 General Obligation Bonds which are Serial Bonds due in annual installments until
maturity in 2025. These bonds were issued to acquire land for future Village development.
Financing is being provided by revenues other than property taxes.
General Obligation Bonds, Series 2005A - to accumulate monies for payment of 2005A
Series, $21,180,000 General Obligation Bonds which are Serial Bonds due in annual installments
until maturity in 2024. These bonds were issued to finance improvements within the Village.
Financing is being provided by revenues other than property taxes.
General Obligation Bonds, Series 2005B - to accumulate monies for payment of 2005B Series,
$3,320,000 General Obligation Bonds which are Serial Bonds due in annual installments until
maturity in 2009. These bonds were issued to finance a portion of the pension liability created
by the Village offering non-sworn employees the option of participating in an early retirement
incentive program in calendar year 2004. Financing is being provided by revenues other than
property taxes.
General Obligation Bonds, Series 2008 - to accumulate monies for payment of 2008 Series,
$8,500,000 General Obligation Bonds which are Serial Bonds due in annual installments until
maturity in 2013. These bonds were issued to finance improvements within the Village.
Financing is being provided by revenues other than property taxes.
General Obligation Note (Special Service Area Five Project) Fund of 1991 - to accumulate
monies for payment of 1991 General Obligation Not~: of $485,000. The note was issued to
finance special local improvements within this special service area. Financing is being provided
from a special two percent (2%) tax on the equalized assessed value of property within the area.
VILLAGE OF SCHAUMBURG, ILLINOIS
General
Obligation General
Capital Obligation General General General General General General
Improvement Refunding Obligation Obligation Obligation Obligation Obligation Obligation
Bonds, Bonds, Bonds, Bonds, Bonds, Bonds, Bonds Note Fund
Series 2002A Series 2002B Series 2004A Series 2004B Series 2005A Series 2005B Series 2008 of 1991 Total
ASSETS
Cash and cash equivalents $ 97,496 $ 19,343 $ 366,575 $ - $ 272,I05 $ 5,835 $ 5,043 $ - $ 766,397
Investments 1,299,887 - 74,998 - 149,997 - - - 1,524,882
Due from other funds 1 - 274 - 9,698 - - - 9,973
Receivables
Hotel tax 73,565 - - - 33,423 - - - 106,988
Food and beverage tax 30,315 42,550 97,706 - 118,226 - - - 288,797
Telecommunications tax 482,038 - - - - - - - 482,038
LIABILITIES
Accrued interest payable $ - $ - $ - $ - $ - $ - $ 5,043 $ - $ 5,043
Accounts payable - - 1,500 - - - - - 1,500
Due to other funds IO,438 61,893 - - 8 - - - 72,339
FUND BALANCES
Reserved for debt service 1,972,864 - 538,053 - 583,441 5,835 - - 3,IOO,193
- 94-
VILLAGE OF SCHAUMBURG, ILLINOIS
General
Obligation General
Capital Obligation General General General General General General
Improvement Refunding Obligation Obligation Obligation Obligation Obligation Obligation
Bonds, Bonds, Bonds, Bonds, Bonds, Bonds, Bonds, Note Fund
Series 2002A Series 2002B Series 2004A Series 2004B Series 2005A Series 2005B Series 2008 ofl991 Total
REVENUES
Taxes
Telecommunications $ 2,062,840 $ - $ - $ - $ - $ - $ - $ - $ 2,062,840
Hotel/motel 837,852 - - - 380,665 - - - 1,218,517
Food and beverage 370,359 567,166 1,193,683 - 1,444,389 - - - 3,575,597
Investment income 24,308 4,021 6,202 - 3,963 217 - - 38,711
EXPENDITURES
Professional fees 600 300 4,000 - 2,500 358 - - 7,758
Debt service
Bond principal 2,570,000 830,000 680,000 170,000 860,000 605,267 - - 5,715,267
Interest 1,203,831 29,050 652,496 171,225 775,544 61,780 - - 2,893,926
Rebate expense - - - - - - - 15,614 15,614
Total expenditures 3,774,431 859,350 1,336,496 341,225 1,638,044 667,405 - 15,614 8,632,565
NET CHANGE IN FUND BALANCES (479,072) (288,163) (136,611) - 190,973 (10,188) - (15,614) (738,675)
FUND BALANCES, MAY 1 2,451,936 288,163 674,664 - 392,468 16,023 - 15,614 3,838,868
- 95 -
VILLAGE OF SCHAUMBURG, ILLINOIS
Variance
Original Final Over
Budget Budget Actual (Under)
REVENUES
Taxes
Telecommunications $ 1,856,648 $ 2,084,743 $ 2,062,840 $ (21,903)
Hotel/motel 1,081,510 910,418 837,852 (72,566)
Food and beverage 390,000 390,000 370,359 (19,641 )
Investment income 24,000 24,000 24,308 308
EXPENDITURES
Professional fees 1,000 1,000 600 (400)
Debt service
Bond principal 2,570,000 2,570,000 2,570,000
Interest 1,203,832 1,203,832 1,203,831 (1)
- 96-
VILLAGE OF SCHAUMBURG, ILLINOIS
Original Variance
and Final Over
Budget Actual (Under)
REVENUES
Taxes
Food and beverage $ 547,414 $ 567,166 $ 19,752
Investment income 7,000 4,021 (2,979)
EXPENDITURES
Professional fees 1,150 300 (850)
Debt service
Bond principal 830,000 830,000
Interest 29,050 29,050
- 97-
---------------
Original Variance
and Final Over
Budget Actual (Under)
REVENUES
Taxes
Food and beverage $ 1,257,000 $ 1,193,683 $ (63,317)
Investment income 12,000 6,202 (5,798)
EXPENDITURES
Professional fees 3,000 4,000 1,000
Debt service
Bond principal 680,000 680,000
Interest 652,496 652,496
- 98 -
VILLAGE OF SCHAUMBURG, ILLINOIS
Original Variance
and Final Over
Budget Actual (Under)
REVENUES
None $ - $ - $
Total revenues
EXPENDITURES
Debt service
Bond principal 170,000 170,000
Interest 171,225 171,225
(DEFICIENCY) OF REVENUES
OVER EXPENDITURES (341,225) (341,225)
- 99-
VILLAGE OF SCHAUMBURG, ILLINOIS
Variance
Original Final Over
Budget Budget Actual (Under)
REVENUES
Taxes
Hotel/motel $ 491,429 $ 413,634 $ 380,665 $ (32,969)
Food and beverage 1,521,000 1,521,000 1,444,389 (76,611)
Investment income 10,000 10,000 3,963 (6,037)
EXPENDITURES
Professional fees 3,000 3,000 2,500 (500)
Debt service
Bond principal 860,000 860,000 860,000
Interest 775,544 775,544 775,544
- 100 -
VILLAGE OF SCHAUMBURG, ILLINOIS
Original Variance
and Final Over
Budget Actual (Under)
REVENUES
Investment income $ 400 $ 217 $ (183)
EXPENDITURES
Professional fees 500 358 (142)
Debt service
Bond principal 605,267 605,267
Interest 61,780 61,780
(DEFICIENCY) OF REVENUES
OVER EXPENDITURES (667,147) (667,188) (41 )
- 101 -
VILLAGE OF SCHAUMBURG, ILLINOIS
Original Variance
and Final Over
Budget Actual (Under)
REVENUES
Property taxes $ - $ - $
Total revenues
EXPENDITURES
Debt service
Rebate expense 15,614 15,614
- 102 -
NONMAJOR CAPITAL PROJECTS FUNDS
Facilities Fund - to account for the financial resources to be used for construction and
improvements of public buildings, the purchase of land and for certain street improvements
throughout the Village. Financing is provided by the issuance of $16,600,000 of general
obligation bonds in 2000.
Special Assessment #3 - Construction Fund - to account for the financial resources to be used
for the construction of McLin Boulevard. Financing is provided by an annual special assessment
on all property located within the special assessment area.
2005A Capital Improvement Project - to account for the financial resources to be used for the
improvement and construction of streets and roads. Financing is provided by the issuance of
general obligation bonds in 2005.
VILLAGE OF SCHAUMBURG, ILLINOIS
Special 2005A
Assessment Capital
#3 - Improvement
Facilities Construction Project Total
ASSETS
Cash and cash equivalents $ $ $ 165,796 $ 165,796
LIABILITIES
Accounts payable $ $ $ 78,137 $ 78,137
Advances from other funds 31,600 31,600
Due to other funds 87,659 87,659
- 103 -
VILLAGE OF SCHAUMBURG, ILLINOIS
Special 2005A
Assessment Capital
#3 - Improvement
Facilities Construction Project Total
REVENUES
Contributions $ - $ 7,900 $ - $ 7,900
Investment income 19,253 16,806 36,059
EXPENDITURES
Capital outlay 98,960 1,676,318 1,775,278
Debt service (4,273) (4,273)
- 104 -
VILLAGE OF SCHAUMBURG, ILLINOIS
Variance
Original Final Over
Budget Budget Actual (Under)
REVENUES
Investment income $ - $ - $ 19,253 $ 19,253
EXPENDITURES
Capital outlay
General projects
Building improvements 67,500 117,663 85,460 (32,203)
Utility burial 25,000 14,500 13,500 (1,000)
Total expenditures 92,500 132,163 98,960 (33,203)
DEFICIENCY OF REVENUES
OVER EXPENDITURES (92,500) (132,163) (79,707) 52,456
- 105 -
VILLAGE OF SCHAUMBURG, ILLINOIS
Original Variance
and Final Over
Budget Actual (Under)
REVENUES
Contributions $ 7,900 $ 7,900 $
EXPENDITURES
None
Total expenditures
- 106 -
VILLAGE OF SCHAUMBURG, ILLINOIS
Variance
Original Final Over
Budget Budget Actual (Under)
REVENUES
Investment income $ 7,000 $ 7,000 $ 16,806 $ 9,806
Total revenues 7,000 7,000 16,806 9,806
EXPENDITURES
Capital outlay
Roadway improvements 955,093 1,680,093 1,676,318 (3,775)
Debt Service 6,000 6,000 (4,273) (10,273)
Total expenditures 961,093 1,686,093 1,672,045 (14,048)
- 107 -
NONMAJOR ENTERPRISE FUNDS
Commuter Parking Lot Fund - to account for the financial resources involved in operating the
commuter parking lot. Financing is provided primarily from user charges and supplemented
with investment earnings. Expenses are primarily contractual services to maintain the lot as well
as some expenses for supplies.
Performing Arts Center Fund - to account for the financial resources to be used for the
construction of a performing arts center to be built in future years on the property adjacent to the
Schaumburg Hotel and Convention Center. Financing is provided currently by a percentage of
intergovernmental revenues, transfers from other funds, and interest income.
VILLAGE OF SCHAUMBURG, ILLINOIS
Commuter Performing
Parking Arts
Lot Center Total
ASSETS
LIABILITIES
Accounts payable $ 92,747 $ - $ 92,747
Deposits 350 350
Due to other funds 752 752
Total liabilities 93,849 93,849
FUND BALANCES
Net invested in capital assets 1,808,069 1,808,069
Unreserved 581,651 1,903,326 2,484,977
Total fund balances 2,389,720 1,903,326 4,293,046
- 108 -
VILLAGE OF SCHAUMBURG, ILLINOIS
Commuter Performing
Parking Arts
Lot Center Total
OPERATING REVENUES
Charges for services $ 247,229 $ - $ 247,229
NONOPERATING INCOME
Investment income 11,560 22,934 34,494
Income tax 148,756 148,756
TRANSFERS
Transfers in 10,000 531,048 541,048
. 109·
VILLAGE OF SCHAUMBURG, ILLINOIS
Commuter Performing
Parking Arts Center Total
NET INCREASE IN
CASH AND CASH EQUIVALENTS (174,726) (939,601) (1,114,327)
- 110 -
VILLAGE OF SCHAUMBURG, ILLINOIS
Commuter Performing
Parking Arts Center Total
- 111 -
INTERNAL SERVICE FUNDS
Vehicle Replacement Fund - to account for costs of providing certain operating vehicles used
by Village departments. Financing is provided by charges to other funds.
Technology Replacement Fund - to account for costs of providing certain equipment used by
Village departments. Financing is provided by charges to other funds.
Building Replacement Fund - to account for costs of major repairs and improvements of
certain buildings used by Village departments. Financing is provided by charges to other funds.
Risk Management Fund - to account for the servicing and payment of claims for liability,
property and casualty coverage, workers' compensation, and medical benefits. Financing is
provided by charges to the various Village funds.
VILLAGE OF SCHAUMBURG, ILLINOIS
CURRENT ASSETS
Cash and cash equivalents $ 606,335 $ 128,476 $ 355,944 $ 1,444,109 $ 2,534,864
Investments 2,791,425 649,268 1,128,951 6,603,878 11,173,522
Receivables
Accrued interest 1,938 7,833 3,192 12,963
Due from other funds 38 38
Prepaid expenses 547,517 547,517
CURRENT LIABILITIES
Accounts payable 42,459 7,000 168,638 137,925 356,022
Due to other funds 3,150 3,150
Claims payable 3,081,324 3,081,324
NET ASSETS
Invested in capital assets, net of
related debt 5,713,347 130,823 2,779,344 8,623,514
Unrestricted 3,357,239 770,782 1,324,090 5,376,297 10,828,408
- 112 -
VILLAGE OF SCHAUMBURG, ILLINOIS
OPERATING REVENUES
Charges for services $ 1,126,074 $ 420,000 $ 473,034 $12,755,708 $14,774,816
OPERATING EXPENSES
(EXCLUDING DEPRECIATION)
Capital outlay 95,259 529,792 92,307 717,358
Services and charges 42,520 13,574,541 13,617,061
NONOPERATING REVENUE
Investment income 121,706 18,811 47,374 187,940 375,831
Miscellaneous revenue 135,614 164,273 299,887
Gain on disposal of capital assets 94,000 300 94,300
TRANSFERS
Transfers out (1,000,000) (1,000,000)
- 113 -
VILLAGE OF SCHAUMBURG, ILLINOIS
CASH AND CASH EQUIVALENTS, MAY 1 1,734,010 757,151 780,178 2,107,573 5,378,912
CASH AND CASH EQUIVALENTS, APRIL 30 $ 606,335 $ 128,476 $ 355,944 $ 1,444,109 $ 2,534,864
- 114 -
VILLAGE OF SCHAUMBURG, ILLINOIS
NET CASH FROM OPERATING ACTIVITIES $ 1,166,429 $ (108,888) $ 439,617 $ 235,123 $1,732,281
- 115 -
VILLAGE OF SCHAUMBURG, ILLINOIS
Variance
Original Final Over
Budget Budget Actual (Under)
OPERATING REVENUES
Charges for services
Vehicle rental charges $ 1,126,074 $ 1,126,074 $ 1,126,074 $
OPERATING EXPENSES
EXCLUDING DEPRECIAnON
Capital outlay 1,896,703 2,654,384 2,305,243 (349,141)
Less: Amount capitalized (2,209,984) (2,209,984)
Total operating expenses excluding
depreciation 1,896,703 2,654,384 95,259 (2,559,125)
NONOPERATING REVENUE
Investment income 100,000 100,000 121,706 21,706
Miscellaneous revenue 105,320 105,320 135,614 30,294
Gain on disposal of capital assets 94,000 94,000
Total nonoperating revenue 205,320 205,320 351,320 146,000
TRANSFERS
Transfers out (1,000,000) (1,000,000)
- 116 -
VILLAGE OF SCHAUMBURG, ILLINOIS
Variance
Original Final Over
Budget Budget Actual (Under)
OPERATING REVENUES
Charges for services
Equipment rental charges $ 745,000 $ 420,000 $ 420,000 $
NONOPERATING REVENUE
Investment income 20,000 20,000 18,811 (1,189)
Gain on sale of assets 300 300
- 117 -
VILLAGE OF SCHAUMBURG, ILLINOIS
Variance
Original Final Over
Budget Budget Actual (Under)
OPERATING REVENUES
Charges for services
Building rental charges $ 946,067 $ 473,034 $ 473,034 $
OPERATING EXPENSES
EXCLUDING DEPRECIATION
Capital outlay 2,677,500 2,260,000 92,307 (2,167,693)
Contractual services 75,000 75,000 42,520 (32,480)
- 118 -
VILLAGE OF SCHAUMBURG, ILLINOIS
Variance
Original Final Over
Budget Budget Actual (Under)
OPERATING REVENUES
Charges for services
Property and casualty $ 1,021,096 $ 1,021,096 $ 1,021,096 $
Workers compensation 1,428,350 1,428,350 1,428,350
Employee benefits 10,513,138 10,357,276 10,306,262 (51,014)
OPERATING EXPENSES
Contractual services
Property and casualty 1,021,095 1,021,095 1,470,634 449,539
Workers compensation 1,253,350 1,253,350 1,520,472 267,122
Employee benefits 10,598,154 10,598,154 10,583,435 (14,719)
NONOPERATING REVENUE
Investment income 138,000 138,000 187,940 49,940
Miscellaneous revenue 164,273 164,273
- 119-
AGENCY FUNDS
Special Service Area #6, #7, #8, #9, #10, #11 Bonds and Interest Funds - to account for the
financial resources to be used for the construction of certain sanitary sewage and water main
systems. Financing is provided by levy of an annual tax on all property located within the
special service area.
VILLAGE OF SCHAUMBURG, ILLINOIS
ASSETS
Cash and cash equivalents $170,387 $ - $ - $ - $ - $ - $ - $ 170,387
Receivables
Due from property owners 105,898 187,780 143,412 437,090
LIABILITIES
Deposits $ 170,387 $ - $ - $ - $ - $ - $ . $ 170,387
Advance from other funds 105,898 187,780 143,412 437,090
-120 -
VILLAGE OF SCHAUMBURG, ILLINOIS
Balances Balances
May 1 Additions Deductions April 30
ALL FUNDS
ASSETS
Cash and cash equivalents $ 230,798 $ 125,615 $ 186,026 $ 170,387
Receivables
Due from property owners 514,396 77,306 437,090
LIABILITIES
Accounts payable $ - $ 75,250 $ 75,250 $
Deposits 230,798 27,797 88,208 170,387
Advance from other funds 514,396 77,306 437,090
ASSETS
Cash and cash equivalents $ 230,798 $ 22,338 $ 82,749 $ 170,387
LIABILITIES
Accounts payable $ - $ 75,250 $ 75,250 $
Deposits 230,798 27,797 88,208 170,387
Balances Balances
May I Additions Deductions April 30
ASSETS
Cash and cash equivalents $ - $ 2,744 $ 2,744 $
Receivables
Due from property owners 2,690 2,690
LIABILITIES
Advance from General Fund $ 2,690 $ - $ 2,690 $
ASSETS
Cash and cash equivalents $ - $ 3,981 $ 3,981 $
Receivables
Due from property owners 4,641 4,641
LIABILITIES
Advance from General Fund 4,641 $ - $ 4,641
Balances Balances
May I Additions Deductions April 30
ASSETS
Cash and cash equivalents $ - $ 2,304 $ 2,304 $
Receivables
Due from property owners 2,863 2,863
LIABILITIES
Advance from General Fund $ 2,863 $ - $ 2,863 $
ASSETS
Cash and cash equivalents $ - $ 28,228 $ 28,228 $
Receivables
Due from property owners 126,905 21,007 105,898
LIABILITIES
Advance from Waterworks and Sewerage Fund $ 126,905 $ - $ 21,007 $ 105,898
Balances Balances
May I Additions Deductions April 30
ASSETS
Cash and cash equivalents $ - $ 46,060 $ 46,060 $
Receivables
Due from property owners 221,888 34,108 187,780
LIABILITIES
Advance from Waterworks and Sewerage Fund $ 221,888 $ - $ 34,108 $ 187,780
ASSETS
Cash and cash equivalents $ - $ 19,960 $ 19,960 $
Receivables
Due from property owners 155,409 11,997 143,412
LIABILITIES
Advance from Waterworks and Sewerage Fund 155,409 11,997 143,412
- 124 -
VILLAGE OF SCHAUMBURG, ILLINOIS
Variance
Original Final Over
Budget Budget Actual (Under)
TAXES
Telecommunications tax $ 1,499,002 $ 1,683,137 $ 1,665,454 $ (17,683)
Hotel tax 3,145,878 2,648,104 2,437,034 (211,070)
Food and beverage taxes 4,030,959 4,030,959 3,780,592 (250,367)
Foreign fire insurance tax 92,713 92,713 92,147 (566)
Automobile rental tax 165,000 165,000 149,211 (15,789)
Home rule sales tax 21,473,489 20,331,753 18,905,780 (1,425,973)
Variance
Original Final Over
Budget Budget Actual (Under)
mTERGOVERNMENTAL
Revenues from other agencies
Sales tax $ 30,899,862 $ 28,748,165 $ 26,556,100 $ (2,192,065)
Income tax 7,037,806 7,131,159 6,770,138 (361,021)
County gasoline tax rebate 16,900 16,900 17,103 203
Village share of township road and bridge tax 388,850 388,850 430,469 41,619
Personal property replacement tax 28,000 28,000 22,433 (5,567)
Variance
Original Final Over
Budget Budget Actual (Under)
GENERAL GOVERNMENT
Village President and Board of Trustees
Mayor's Office
Personnel services $ 244,733 $ 244,733 $ 248,170 $ 3,437
Supplies 14,400 14,400 12,682 (1,718)
Services and charges 114,940 114,940 111,888 (3,052)
Total 374,073 374,073 372,740 (1,333)
Clerk's Office
Personnel services 10,695 10,695 10,708 13
Supplies 750 750 574 (176)
Services and charges 6,820 6,820 7,236 416
Total 18,265 18,265 18,518 253
Zoning Board
Personnel services 10,610 10,610 9,258 (1,352)
Supplies 180 180 (180)
Services and charges 7,683 7,683 5,510 (2,173)
Total 18,473 18,473 14,768 (3,705)
Board of Health
Personnel services 3,102 3,102 3,133 31
Supplies 35 35 23 (12)
Total 3,137 3,137 3,156 19
Variance
Original Final Over
Budget Budget Actual (Under)
Electrical Commission
Personnel services 2,024 2,024 1,593 (431)
Committee on Aging
Personnel services 8,232 8,232 7,718 (514)
Supplies 1,400 1,400 1,006 (394)
Total 9,632 9,632 8,724 (908)
Peer Jury
Personnel services 1,874 1,874 1,539 (335)
Supplies 450 450 444 (6)
Total 2,324 2,324 1,983 (341)
Cultural Commission
Personnel services 5,991 5,991 6,179 188
Variance
Original Final Over
Budget Budget Actual (Under)
Manager's Office
Management
Personnel services 1,008,773 1,008,773 992,435 (16,338)
Supplies 6,450 6,450 5,027 (1,423)
Services and charges 177,655 127,137 128,800 1,663
Miscellaneous 90,000 90,000 56,863 (33,137)
Total 1,282,878 1,232,360 1,183,125 (49,235)
Legal Services
Personnel services 461,919 461,919 414,248 (47,671)
Supplies 1,100 1,100 742 (358)
Services and charges 332,831 332,831 445,463 112,632
Total 795,850 795,850 860,453 64,603
Public Relations
Personnel services 197,965 197,965 197,789 (176)
Supplies 111,035 106,035 89,648 (16,387)
Services and charges 13,623 13,623 12,647 (976)
Total 322,623 317,623 300,084 (17,539)
Finance Department
Financial Management
Personnel services 354,949 354,949 356,281 1,332
Supplies 14,370 10,170 9,966 (204)
Services and charges 133,440 149,321 183,233 33,912
Total 502,759 514,440 549,480 35,040
Financial Reporting
Personnel services 330,791 330,791 331,300 509
Supplies 4,010 4,010 3,079 (931)
Services and charges 31,046 31,046 34,566 3,520
Miscellaneous 20,000 20,000 12,063 (7,937)
Total 385,847 385,847 381,008 (4,839)
Procurement
Personnel services 562,791 562,791 563,382 591
Supplies 7,645 7,645 7,257 (388)
Services and charges 11,839 11,839 10,643 (1,196)
Capital outlay
Total 582,275 582,275 581,282 (993)
Variance
Original Final Over
Budget Budget Actual (Under)
Licensing
Personnel services 239,988 239,988 237,992 (1,996)
Supplies 45,860 45,860 33,365 (12,495)
Services and charges 70,160 66,160 55,932 (10,228)
Total 356,008 352,008 327,289 (24,719)
Maintenance
Personnel services 694,542 608,851 595,205 (13,646)
Supplies 15,650 20,650 20,725 75
Services and charges 439,552 444,052 425,303 (18,749)
Capital outlay 6,500 5,250 1,009 (4,241)
Total 1,156,244 1,078,803 1,042,242 (36,561 )
Training
Personnel services 77,101 77,101 78,220 1,119
Supplies 2,200 2,200 1,301 (899)
Services and charges 9,121 5,121 886 (4,235)
Total 88,422 84,422 80,407 (4,015)
Variance
Original Final Over
Budget Budget Actual (Under)
Benefits
Personnel services 234,131 234,131 231,776 (2,355)
Supplies 675 825 614 (211 )
Services and charges 1,533 1,533 1,271 (262)
Total 236,339 236,489 233,661 (2,828)
Organizational Development
Personnel services 89,045 89,045 89,580 535
Supplies 4,240 2,330 986 (1,344)
Services and charges 105,103 94,124 94,974 850
Total 198,388 185,499 185,540 41
Variance
Original Final Over
Budget Budget Actual (Under)
Traffic Services
Personnel services $ 2,429,661 $ 2,500,486 $ 2,215,280 $ (285,206)
Supplies 9,325 9,325 7,969 (1,356)
Services and charges 100,581 102,377 448,128 345,751
Capital outlay 17,850 17,850 12,343 (5,507)
Miscellaneous 13,800 13,800 289 (13,511)
Total 2,571,217 2,643,838 2,684,009 40,171
Investigative Services
Personnel services 3,793,919 3,792,719 3,624,392 (168,327)
Supplies 37,768 37,768 34,767 (3,001)
Services and charges 179,063 179,063 157,349 (21,714)
Total 4,010,750 4,009,550 3,816,508 (193,042)
Fire Department
Support Services
Personnel services 955,879 955,879 954,996 (883)
Supplies 15,070 15,070 12,498 (2,572)
Services and charges 680,350 538,648 511,734 (26,914)
Capital outlay 3,750 3,750 1,196 (2,554)
Total 1,655,049 1,513,347 1,480,424 (32,923)
Special Operations
Personnel services 22,443 22,443 13,471 (8,972)
Supplies 3,700 2,700 1,567 (1,133)
Services and charges 10,540 10,540 8,519 (2,021 )
Capital outlay 3,300
Total 39,983 35,683 23,557 (12,126)
Variance
Original Final Over
Budget Budget Actual (Under)
Fire Prevention
Personnel services 161,191 161,191 158,787 (2,404)
Supplies 1,210 1,210 226 (984)
Services and charges 9,560 9,560 8,132 (1,428)
Total 171,961 171,961 167,145 (4,816)
Logistical Support
Personnel services 123,274 123,274 123,281 7
Supplies 4,960 4,914 3,491 (1,423)
Services and charges 768,192 768,192 721,874 (46,318)
Total 896,426 896,380 848,646 (47,734)
Public Education
Personnel services 114,888 74,993 69,717 (5,276)
Supplies 14,978 15,024 7,172 (7,852)
Services and charges 2,428 628 519 (109)
Total 132,294 90,645 77,408 (13,237)
Variance
Original Final Over
Budget Budget Actual (Under)
Building Maintenance
Personnel services 757,618 757,618 724,940 (32,678)
Supplies 119,606 129,606 129,899 293
Services and charges 637,334 559,725 542,950 (16,775)
Capital outlay 192,110 224,677 140,014 (84,663)
Total 1,706,668 1,671,626 1,537,803 (133,823)
Engineering
Personnel services 825,047 825,047 816,338 (8,709)
Supplies 8,978 8,978 7,557 (1,421)
Services and charges 64,673 64,673 69,064 4,391
Total 898,698 898,698 892,959 (5,739)
Landscape Division
Personnel services 922,076 922,076 894,100 (27,976)
Supplies 310,675 310,675 254,732 (55,943)
Services and charges 1,182,338 1,182,338 1,037,408 (144,930)
Capital outlay 16,700 16,700 14,095 (2,605)
Total 2,431,789 2,431,789 2,200,335 (231,454)
Street Maintenance
Personnel services 1,742,254 1,742,254 2,149,130 406,876
Supplies 575,835 1,152,985 1,125,247 (27,738)
Services and charges 868,813 1,018,813 1,530,156 511,343
Total 3,186,902 3,914,052 4,804,533 890,481
Fleet Operations
Personnel services 1,207,576 1,173,009 1,167,173 (5,836)
Supplies 1,040,790 1,105,790 1,095,929 (9,861)
Services and charges 223,835 223,835 199,494 (24,341)
Capital outlay 3,800 3,800 3,528 (272)
Miscellaneous 4,365 4,365 4,363 (2)
Total 2,480,366 2,510,799 2,470,487 (40,312)
Variance
Original Final Over
Budget Budget Actual (Under)
Bikeways
Personnel services 86,252 86,252 82,600 (3,652)
Supplies 10,080 10,080 8,004 (2,076)
Services and charges 3,044 3,044 2,633 (411 )
Capital outlay 1,500 1,500 ( 1,500)
Total 100,876 100,876 93,237 (7,639)
Traffic
Personnel services 228,225 149,529 145,771 (3,758)
Supplies 815 815 523 (292)
Services and charges 76,192 76,192 56,745 (19,447)
Total 305,232 226,536 203,039 (23,497)
Inspection Services
Personnel services 1,537,409 1,537,409 1,549,998 12,589
Supplies 9,533 9,533 10,309 776
Services and charges 61,374 61,374 71,756 10,382
Total 1,608,316 1,608,316 1,632,063 23,747
Variance
Original Final Over
Budget Budget Actual (Under)
Special Events
Personnel services 269,196 267,196 259,043 (8,153)
Supplies 17,575 16,525 10,478 (6,047)
Services and charges 378,687 367,227 362,736 (4,491)
Miscellaneous 3,841 3,841
Total 665,458 650,948 636,098 (14,850)
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VILLAGE OF SCHAUMBURG, ILLINOIS
Variance
Original Final Over
Budget Budget Actual (Under)
REVENUES
Property taxes $ 2,413,900 $ 2,175,000 $ 2,606,427 $ 431,427
Investment income 28,000 28,000 33,668 5,668
Debt service proceeds 5,000,000
Miscellaneous income 200 200 675 475
EXPENDITURES
General government
Postage 1,200 1,200 1,909 709
Professional services 10,000 20,000 88,296 68,296
Consulting services 235,000 159,800 195,241 35,441
Annual audit 1,300 1,300 1,300
Debt service
Principal 1,464,737
Interest expense 159,084
Capital outlay
Building improvements 157,000
Other improvements 477,000 77,000 30,790 (46,210)
Purchase of land 5,331,000 2,780,959 1,911,872 (869,087)
Enhancement improvements 569,000 569,000 285,040 (283,960)
Roadway improvements 1,663,000 352,800 322,887 (29,913)
Sidewalk improvements 60,00,0
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VILLAGE OF SCHAUMBURG, ILLINOIS
Variance
Original Final Over
Budget Budget Actual (Under)
REVENUES
Taxes
Telecommunications tax $ 357,646 $ 401,605 $ 397,386 $ (4,219)
Food and beverage tax 315,545 315,545 299,650 (15,895)
Intergovernmental
Use tax 1,020,000 1,020,000 1,069,028 49,028
Grants 1,106,873 426,000 171,874 (254,126)
Investment income 11,975 11,975 42,440 30,465
Miscellaneous revenue 200,000 200,000 203,134 3,134
EXPENDITURES
Capital Projects
Capital projects
Other capital outlay 18,245 18,245
Bikeway improvements 678,855 678,855 143,276 (535,579)
Building improvements 40,115 40,115
Enhancement improvements 1,283,377 1,283,377 813,999 (469,378)
Roadway improvements 3,196,792 2,391,139 1,535,622 (855,517)
Sidewalk improvements 379,500 379,500 326,160 (53,340)
Stormwater improvements 100,000 100,000 (100,000)
Street lighting improvements 689,000 689,000 558,666 (130,334)
Traffic signal improvements 25,000 25,000 16,600 (8,400)
(DEFICIENCY) OF REVENUES
OVER EXPENDITURES $ (3,340,485) $ (3,171,746) $ (1,269,171) $ 1,902,575
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VILLAGE OF SCHAUMBURG, ILLINOIS
Variance
Original Final Over
Budget Budget Actual (Under)
REVENUES
Investment income $ - $ - $ 12,638 $ 12,638
Bond proceeds 8,568,000 8,568,000
Total revenues 8,568,000 8,580,638 12,638
EXPENDITURES
Capital outlay
Building improvements 913,000 18,980 (894,020)
Other improvements 1,140,356 (1,140,356)
Enhancement improvements 631,410 (631,410)
Roadway improvements 852,788 (852,788)
Debt service
Bond issuance costs 70,000 69,556 (444)
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VILLAGE OF SCHAUMBURG, ILLINOIS
Original Variance
and Final Over
Budget Actual (Under)
TAP-ON FEES
Residential
Sewer 30,000 1,145 (28,855)
Water 35,000 9,160 (25,840)
Other 25,000 92,470 67,470
MISCELLANEOUS
Other
Water meters 25,000 13,637 (11,363)
Hydrant rentals 3,000 2,246 (754)
Turn-on and turn-off fees 12,000 12,974 974
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VILLAGE OF SCHAUMBURG, ILLINOIS
Variance
Original Final Over
Budget Budget Actual (Under)
FINANCE
Revenue Management
Personnel services $ 344,907 $ 344,907 $ 351,592 $ 6,685
Supplies 100,000 100,000 87,640 (12,360)
Services and charges 186,098 186,098 159,104 (26,994)
Capital outlay 350 350 (350)
Miscellaneous 18,000 18,000 5,275 (12,725)
Total finance department $ 649,355 $ 649,355 $ 603,611 $ (45,744)
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---~------------------------
Variance
Original Final Over
Budget Budget Actual (Under)
OPERATING REVENUES
OPERATING EXPENSES
Landscape Services
Supplies 1,000 1,000 1,160 160
Services and charges 36,595 36,595 41,396 4,801
Total Landscape Services 37,595 37,595 42,556 4,961
Street Maintenance
Supplies 500 500 94 (406)
Services and charges 15,231 15,231 20,135 4,904
Total Street Maintenance 15,731 15,731 20,229 4,498
AIRPORT OPERATIONS
Personnelservces $ 175,121 $ 175,121 $ 171,288 $ (3,833)
Supplies 993,350 993,350 699,757 (293,593)
Services and charges 237,860 305,082 284,613 (20,469)
Capital projects 1,718,300 412,400 61,693 (350,707)
Miscellaneous 26,540 26,540 30,946 4,406
Total Airport Operations 3,151,171 1,912,493 1,248,297 (664,196)
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VILLAGE OF SCHAUMBURG, ILLINOIS
Variance
Original Final Over
Budget Budget Actual (Under)
OPERATING REVENUES
Miscellaneous
Naming rights 80,000 80,000 80,000
Reimbursement - Schaumburg Park District 151,417 151,417 61,623 (89,794)
Total miscellaneous 231,417 231,417 141,623 (89,794)
OPERATING EXPENSES
BASEBALL OPERAnONS
Baseball Operations
Personnel services $ 21,420 $ 21,420 $ 20,926 $ (494)
Supplies 1,061 1,061 216 (845)
Services and charges 200,761 222,961 288,301 65,340
Capital Outlay 4,764 4,764
Total Baseball Operations $ 223,242 $ 245,442 $ 314,207 $ 68,765
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VILLAGE OF SCHAUMBURG, ILLINOIS
Variance
Original Final Over
Budget Budget Actual (Under)
OPERATING REVENUES
Charges for services
Hotel room $18,006,191 $17,773,208 $ 16,744,768 $ (1,028,440)
Telephone 622,821 576,376 469,449 (106,927)
Restaurant 3,262,524 3,406,399 3,051,227 (355,172)
Lounge 1,330,096 1,349,092 1,385,913 36,821
Audio visual 2,898,076 3,215,408 2,923,970 (291,438)
Banquet 13,726,675 14,123,838 13,055,069 (1,068,769)
Convention center 753,788 880,146 964,055 83,909
Inducement fee 200,005 200,005 200,005
Exhibit Space Rental 3,200,000 3,197,610 3,950,765 753,155
Total charges for services 44,000,176 44,722,082 42,745,221 (1,976,861)
NOTE: All Hotel and Convention Center Fund activity reported elsewhere throughout this document is
referenced as of April 30, 2009, but figures are all as of the fiscal year ended January 2,2009.
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VILLAGE OF SCHAUMBURG, ILLINOIS
Variance
Original Final Over
Budget Budget Actual (Under)
OPERATING EXPENSES
Capital outlay
Minor capital outlay 532,600 532,600 371,630 (160,970)
NOTE: All Hotel and Convention Center Fund activity reported elsewhere throughout this document is
referenced as of April 30, 2009, but figures are all as of the fiscal year ended January 2,2009
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STATISTICAL SECTION
This part of the Village of Schaumburg's comprehensive annual financial report presents detailed
information as a context for understanding what the information in the financial statements, note
disclosures, and required supplementary information says about the Village's overall financial health.
Contents Page(s)
Governmental activities
Invested in capital assets, net of related debt $ 81,784,982 $ 83,306,917 $ 65,544,459 $ 76,418,770 $ 79,031,183 $ 85,295,859
Restricted 31,423,069 35,698,468 32,621,398 22,800,140 19,408,905 13,517,090
Unrestricted 25,742,133 26,902,397 46,810,020 50,714,796 51,312,660 42,834,229
Total governmental activities net assets $ 138,950,184 $ 145,907,782 $ 144,975,877 $ 149,933,706 $149,752,748 $141,647,178
Business-type activities
Invested in capital assets, net of related debt $ 99,198,093 $ 103,239,901 $ 51,582,257 $ 98,956,035 $ 90,028,309 $ 78,592,933
Unrestricted 13,797,471 14,157,486 70,696,157 24,351,655 28,203,135 33,711,461
Total business-type activities net assets $ 112,995,564 $ 117,397,387 $ 122,278,414 $ 123,307,690 $118,231,444 $ 112,304,394
Primary government
Invested in capital assets, net of related debt $ 180,983,075 $ 186,546,818 $ 117,126,716 $ 175,374,805 $169,059,492 $163,888,792
Restricted 31,423,069 35,698,468 32,621,398 22,800,140 19,408,905 13,517,090
Unrestricted 39,539,604 41,059,883 117,506,177 75,066,451 79,515,795 76,545,690
Total primary government net assets $ 251,945,748 $ 263,305,169 $ 267,254,291 $ 273,241,396 $267,984,192 $253,951,572
Note: The Village implemented GASB S-34 in FY04 and will report prospectively until a full ten-year
trend has been compiled.
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VILLAGE OF SCHAUMBURG, ILLINOIS
Business-type activities:
Waterworks and sewerage 15,952,042 17,251,134 19,653,826 17,907,654 18,617,716 18,554,539
Schaumburg regional airport 2,196,998 2,443,774 2,395,540 2,478,466 2,620,899 2,226,567
Schaumburg baseball stadium 580,190 665,057 449,994 817,383 761,949 818,777
Schaumburg hotel and convention center 117,849 120,849 22,950,123 53,170,027 55,424,831
Commuter parking lot 535,019 563,039 570,893 654,380 714,013 782,365
Total business-type activities expenses 19,264,249 21,040,853 23,191,102 44,808,006 75,884,604 77,807,079
Total primary government expenses $ 107,180,075 $ 104,719,021 $ 117,638,573 $ 132,033,355 $ 170,720,018 $ 173,336,908
Program Revenues
Governmental activities:
Charges for services:
General government $ 5,467,398 $ 6,183,846 $ 6,943,783 $ 5,968,022 $ 6,612,236 $ 5,096,922
Public safety 3,425,853 3,426,311 3,245,176 3,877,436 2,230,578 2,305,463
Highways and streets 946 265,843 369,864 645,435 123,419 96,236
Health and welfare 23,741 25,616 112,238 28,465 108,477 42,094
Prairie Center and community events 764,099 890,545 904,983 960,309 486,922 454,479
Operating grants and contributions 2,843,378 2,974,631 2,756,701 2,340,945 594,155 445,560
Capital grants and contributions 615,400 58,146 171,874
Total governmental activities program revenues 12,525,415 13,766,792 14,332,745 14,436,012 10,213,933 8,612,628
Business-type activities:
Charges for services:
Waterworks and sewerage 14,166,072 15,064,682 17,182,216 16,158,301 17,484,009 18,059,370
Schaumburg regional airport 891,623 1,037,639 1,266,117 1,317,603 1,421,481 1,190,916
Schaumburg baseball stadium 392,991 309,258 417,413 390,681 358,159 279,453
Schaumburg convention center 14,446,682 39,857,091 42,745,221
Commuter parking lot 200,364 201,859 219,454 240,784 244,693 247,229
Operating grants and contributions 5,802
Capital grants and contributions 947,028 55,048 1,000,142
Total business-type activities program revenues 15,656,852 17,560,466 19,140,248 32,554,051 59,365,433 63,522,331
Total primary government program revenues $ 28,182,267 $ 31,327,258 $ 33,472,993 $ 46,990,063 $ 69,579,366 $ 72,134,959
Net (Expense)/Revenue
Governmental activities $ (75,390,411) $ (69,911,376) $ (80,114,726) $ (72,789,337) $ (84,621,481) $ (86,917,201)
Business-type activities (3,607,397) (3,480,387) (4,050,854) (12,253,955) (16,519,171) (14,284,748)
Total primary government net expense $ (78,997,808) $ (73,391,763) $ (84,165,580) $ (85,043,292) $(101,140,652) $(101,201,949)
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VILLAGE OF SCHAUMBURG, ILLINOIS
Business-type activities
Taxes
Teleconununications 763,466 2,281,742 2,281,374 1,322,815 2,089,962 2,113,308
Home rule sales 69,832 177,029 183,448
Hotel/motel 353,738 1,226,039 1,341,431 1,533,975 2,766,767 2,684,273
Amusement 564,166 1,062,508 730,441 1,050,837 1,157,559
Food and beverage 126,570 363,525 384,377
Other 807,509
Intergovernmental
Sales tax 69,832 177,029 183,448
State income tax 148,756
Other 53,888 230,513
Investment income 133,172 2,404,165 5,109,946 1,974,242 1,891,003 566,651
Miscellaneous 23,687 31,665 (391,255) 632,913 68,323 70,390
Contributions 9,342,232 358,258 435,329
Special item (1,164,358)
Transfers in 3,637,303 566,924 692,235 6,464,353 2,369,233 634,975
Total business-type activities 14,253,598 7,882,210 8,931,880 13,283,231 11,442,925 8,357,698
Total primary government $ 78,474,548 $ 84,751,184 $ 88,114,703 $ 91,030,397 $ 95,883,448 $ 87,169,329
Note: The Village implemented GASB Statement 34 in FY04 and will report prospectively until a full ten-year
trend has been compiled.
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VILLAGE OF SCHAUMBURG, ILLINOIS
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009
General Fund
Reserved $12,335,502 $12,878,334 $ 8,969,337 $ 8,525,793 $ 6,541,379 $ 5,500,167 $ 4,894,829 $ 1,490,297 $ 1,247,899 $ 1,315,622
Unreserved 27,902,740 28,255,887 25,206,425 18,703,685 22,300,273 30,142,816 37,161,063 38,252,777 34,274,232 27,895,490
Total general fund $40,238,242 $41,134,221 $34,175,762 $27,229,478 $28,841,652 $35,642,983 $42,055,892 $39,743,074 $35,522,131 $29,211,112
Note: The Village implemented GASH Statement 34 at April 30, 2004. Prior to FY04, the Special Revenue Funds have been restated to include the Medical Facility Fund.
Note (I): The Village issued $33,875,000 of bonds to finance the improvements to fire stations, the emergency communications center, utility burials and the renovation
of the Public Works Center.
Note (2): The Village issued $17,050,000 of bonds to finance improvements within the Village. In addition, $4,505,000 of bonds were issued to acquire land for
future Village development.
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VILLAGE OF SCHAUMBURG, ILLINOIS
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009
Revenues
Taxes $ 5,219,925 $ 4,657,079 $ 10,121,268 $ 27,316,960 $ 31,360,045 $ 38,454,792 $ 41,097,332 $ 41,077,575 $ 40,520,992 $ 37,190,635
Licenses and permits 2,964,421 3,936,459 3,079,541 3,211,227 3,808,275 4,231,280 4,816,897 3,914,322 4,663,154 3,370,977
Intergovernmental 56,290,688 64,663,768 56,220,442 37,045,442 35,984,291 38,879,966 39,700,281 41,276,562 41,250,638 37,484,618
Charges for services 6,227,669 2,888,430 3,119,988 3,803,222 4,283,538 4,962,154 5,103,908 5,727,136 4,898,482 4,Q24,218
Fines and forfeits 682,219 1,001,141 1,122,333 1,072,011 1,213,421 1,125,249 1,112,865 1,291,870 1,143,183 2,373,379
Grants 436,622 2,547,399 392,269 179,196 200,092 138,323 254,589 727,135 652,301 617,434
Contributions 2,724 37,530 79,773 872,354 15,560 28,040 21,900 7,900 7,900
Investment income 2,025,381 2,635,682 2,002,243 1,719,096 258,589 938,753 2,230,994 2,890,520 2,373,197 1,044,487
Miscellaneous 1,219,535 1,503,955 1,278,863 2,071,478 1,075,548 2,224,689 2,611,221 1,647,361 1,513,845 1,345,586
Total revenues 75,069,184 83,871,443 77,416,720 77,290,986 78,199,359 90,983,246 96,928,087 98,574,381 97,023,692 88,059,234
Expenditures
General government 13,903,514 14,829,420 18,190,083 23,615,138 28,827,286 13,920,506 18,685,347 15,878,988 16,062,304 16,082,253
Public safety 30,145,468 31,569,181 35,821,394 35,706,495 35,402,967 37,969,283 39,502,210 41,905,992 45,016,275 44,035,335
Highways and streets 7,230,875 7,934,254 8,504,483 8,990,589 8,390,414 10,731,199 10,811,588 13,159,776 14,665,505 14,992,906
Health and welfare 1,953,057 2,050,999 2,314,848 2,264,593 2,165,662 4,064,418 2,967,325 3,121,697 3,135,360 3,373,823
Culture and recreation 1,625,243 1,718,425 1,894,396 1,962,826 1,889,519 1,919,416 2,304,387 2,316,818 2,631,094 2,334,855
Contingency 63,759
Debt service
Principal 7,549,853 3,116,241 2,935,000 2,370,000 2,550,000 5,295,000 17,475,000 5,608,708 5,638,779 5,715,267
Interest 1,091,061 1,478,513 1,102,792 2,140,435 2,064,576 2,517,032 4,369,957 3,405,972 3,133,334 2,893,926
Bond issuance costs 4,273 88,655
Arbitrage rebate 1,664
Capital outlay 24,695,049 10,846,763 15,055,379 21,950,686 11,599,858 14,207,919 23,033,951 15,698,451 10,553,680 10,084,271
Total expenditures 88,194,120 73,543,796 85,818,375 99,000,762 92,890,282 90,688,532 119,149,765 101,096,402 100,842,268 99,601,291
- 153 -
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009
Transfers in $ 11,993,350 $ 11,353,329 $ 17,618,335 $ 11,824,213 $ 6,850,126 $ 2,237,015 $ 2,890,544 $ 2,458,972 $ 3,986,642 $ 6,677,772
Transfers out (10,697,590) (14,920,760) (20,551,985) (15,421,317) (10,199,253) (2,803,939) (3,582,779) (8,923,325) (6,355,875) (6,312,747)
Proceeds on sale of capital assets 34,739
Bonds issued 16,376,860 34,705,055 6,781,847 17,050,000 4,505,000 23,558,093 8,500,000
Premium (Discount) on bonds issued 195,340 33,406 (23,344) 68,000
Proceeds from debt restructured as long-term
Payment to escrow agent (6,322,167)
Total other financing sources (uses) 17,672,620 (3,567,431) 31,771,405 (3,137,424) 13,930,952 3,971,482 22,842,514 (6,464,353) (2,369,233) 8,933,025
Net change in fund balances $ 3,913,756 $ 6,506,310 $ 24,648,516 $ (25,009,139) $ 2,825,327 $ 10,801,910 $ 620,836 $ (8,986,374) $ (6,187,809) $ (2,609,032)
Note: The Village implemented GASB S-34 at April 30, 2004. Prior to FY04, the Governmental Funds have been restated to include the Medical Facility Fund.
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VILLAGE OF SCHAUMBURG, ILLINOIS
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009
General merchandise $ 4,293,729 $ 4,155,896 $ 4,546,272 $ 4,312,700 $ 4,383,469 $ 4,239,898 $ 3,746,339 $ 3,996,163 $ 3,742,905 $ 3,419,942
Food 1,501,020 1,506,752 1,469,029 1,452,752 1,402,340 1,475,285 1,388,397 1,428,233 1,457,478 1,377,237
Drinking and eating places 2,059,362 2,474,163 2,514,255 2,595,409 2,826,690 3,010,978 3,120,234 3,457,879 3,547,727 3,363,317
Apparel 3,062,114 3,160,028 2,917,023 2,815,444 2,882,589 3,088,509 3,293,531 3,523,031 3,501,815 3,224,484
Furniture, H.H. and radio 2,845,782 2,528,408 2,405,412 2,910,705 3,637,720 3,966,708 3,729,404 3,351,235 3,245,845 2,833,067
Lumber, building and hardware 658,979 644,189 826,379 779,934 814,703 796,853 735,146 817,151 803,809 662,675
Automotive and filling stations 7,788,714 8,165,123 8,875,546 8,425,155 8,445,615 8,346,847 8,226,576 8,998,594 8,524,427 7,194,950
Drugs and other retail 4,405,419 4,981,673 5,037,427 4,520,636 3,783,558 3,711,240 3,691,025 3,749,894 3,580,480 3,178,587
Agriculture and all others 2,753,803 2,282,585 2,236,836 1,041,889 887,315 775,197 1,018,575 1,103,279 1,051,642 1,273,281
Manufacturers (1) 606,556 (353,832) (823,454) (858,595) (547,512) 477,712 544,838 736,327 671,519 754,766
Total (2) $ 29,975,478 $ 29,544,986 $ 30,004,726 $ 27,996,029 $ 28,516,486 $ 29,889,229 $ 29,494,065 $ 31,161,785 $ 30,127,649 $ 27,282,307
Village direct sales tax rate 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00%
Note (1): The credits in the Manufacturers category represent reductions in the sales tax allotment by the state for a vendor that was misallocated to the Village of Schaumburg.
The state reduced the Village's monthly allotment over a 48-month period, beginning in fiscal year 2001 and ending in fiscal year 2004.
Note (2): Gross receipts include both Cook and DuPage County 1% municipal sales tax. Amounts reflect sales tax collected between July 1 and June 30 as reported by the State.
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VILLAGE OF SCHAUMBURG, ILLINOIS
(3) (2)
(1) Cook Regional
Village Cook Village County Transportation Total
Fiscal Direct State County Home Rule Home Rule Authority(RTA) Direct
Year Rate Rate Rate Sales Tax Sales Tax Tax Rate Rate
Note (1): The Home Rule Sales Tax rate increased from 0.50% to 1.00% effective January 1, 2004.
Note (2): RTA Tax rate increased from 0.75% to 1.00% effective April 1,2008.
Note (3): Cook County Home Rule Sales Tax increased from 0.75% to 1.75% effective July 1,2008.
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VILLAGE OF SCHAUMBURG, ILLINOIS
2000 $ 29,823,948 (1) 13.5 $ 10,482,829 (1) 11.2 $ 40,306,777 (1) 12.9 %
2001 29,987,793 (1) 0.5 10,331,361 (1) (1.4) 40,319,154 (1) 0.0
2002 29,756,859 (0.8) 10,010,922 (3.1) 39,767,781 (1.4)
2003 28,341,629 (4.8) 9,594,090 (4.2) 37,935,719 (4.6)
2004 28,047,300 (1.0) 10,293,325 (2) 7.3 38,340,625 (2) 1.1
2005 30,017,456 (1) 7.0 20,834,828 (1,2) 102.4 50,852,284 (1,2) 32.6
2006 29,612,897 (1.3) 21,731,194 4.3 51,344,091 1.0
2007 30,943,276 4.5 21,348,661 (1.8) 52,291,937 1.8
2008 30,228,598 (2.3) 21,046,503 (1.4) 51,275,102 (1.9)
2009 28,077,130 (7.1) 19,837,326 (5.7) 47,914,456 (6.6)
Note (1): The Illinois Department of Revenue began deducting $102,160 per month from the Village's state sales
tax receipts and $51,080 per month from the Village's home-rule sales tax receipts on May 1, 2000 as
repayment of taxes remitted to the Village in error in fiscal years ending April30, 1999 and 2000. The
repayments ended on April 30, 2004.
Note (2): The Village's home-rule sales tax rate increased from one-half of one percent to one percent effective
January 1,2004 (April 2004 tax receipts).
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VILLAGE OF SCHAUMBURG, ILLINOIS
Percentage Change
Fiscal Year Fiscal Year Fiscal Year From Preceding Year
Month Ended 4/30107 Ended 4/30108 Ended 4/30109 FY 2007 FY 2008 FY 2009
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- ---------- - - -- -- -------------
Percentage Change
Fiscal Year Fiscal Year Fiscal Year From Preceding Year
Month Ended 4/30/07 Ended 4/30/08 Ended 4/30/09 FY 2007 FY 2008 FY 2009
Note: The Village's home-rule sales tax rate increased from one-half of one percent to one percent effective
January 1,2004 (April 2004 receipt).
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VILLAGE OF SCHAUMBURG, ILLINOIS
(1)
Estimated Sales 2000
Municipality Rank Sales Per Capita Population
Note (1): Distributions to municipalities of the 1% municipal tax were used to calculate the
estimated retail sales. Actual sales tax amounts were received by the municipalities
July 1,2008 through June 30, 2009.
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VILLAGE OF SCHAUMBURG, ILLINOIS
Note: The Percent Change is based on the change from the same quarter of the previous year.
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VILLAGE OF SCHAUMBURG, ILLINOIS
Telecommunications Tax
Note: Telecommunications use tax rate increased from 4% to 6% effective January 1, 2004.
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VILLAGE OF SCHAUMBURG, ILLINOIS
Ratio of
Total
Equalized
Real Property Assessed
Equalized Estimated Value to
Tax Levy Assessed Actual Estimated Equalization
Year Valuation Value Actual Value Factor
Note (1): Equalized Assessed Valuation for 2008 not available at time of report
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VILLAGE OF SCHAUMBURG, ILLINOIS
2002 (7) 57,685,000 293,830 4,555,555 31,957,679 47,426 94,539,490 3.15 1,254
2006 (8,9) 75,488,093 42,135 73,149 (9) 247,181,641 322,785,018 10.94 4,282
Note (I): Retail Sales tax amounts provided by the lllinois Department of Revenue based on sales taxes received by the Village between
July I and June 30.
Note (2): See the Schedule of Demographic and Economic Statistics on page 167 for population data.
Note (3): The Village issued $15,000,000 of bonds in FY99 for the acquisition ofland for the development and construction
of the Schaumburg Baseball Stadium.
Note (4): The Village issued $16,600,000 of bonds in FYOO for the acquisition ofland for future use and for certain street improvements.
Note (5): The Village issued $17,050,000 of bonds in FY04 for the construction of a new fire station, remodeling of three existing
fire stations and the expansion of the Public Works building.
Note (6): The Village issued $239,320,000 of bonds in FY05, of which $228,690,000 was used for the construction of the Hotel and
Convention Center, $6,125,000 was used to replace all residential water meters and $4,505,000 to fund property acquisition.
Note (7): The Village issued $33,875,000 of bonds in FY02 for various capital improvements.
Note (8): The Village issued $21,180,000 of bonds in FY06 to fund road and bridge improvements and to refinance the
Series 2000 bonds balloon payment.
Note (9): The Village issued $3,320,000 of taxable bonds in FY06 to fund the employer cost of an employee early retirement incentive plan.
Note (10): The Village issued $9,000,000 of bonds in FY09 for various public works improvements, community development projects, airport
improvements and to pay the costs of issuance of the Bonds.
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VILLAGE OF SCHAUMBURG, ILLINOIS
Less: Amounts
General Available Percentage of
Fiscal Obligation In Debt Taxable Per
Year Bonds\Notes (1) Service Fund Total Retail Sales Capita
Note (1): Represents outstanding debt for governmental activities only, and excludes bonds and
notes outstanding in business-type funds.
Note: Details of the Village's outstanding debt can be found in the notes to the financial
statements.
Note: Taxable Retail Sales provided by the Illinois Department of Revenue based on sales
taxes collected between July 1 and June 30.
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VILLAGE OF SCHAUMBURG, ILLINOIS
Estimated
Estimated Share of
Debt Percentage Overlapping
Governmental Unit Outstanding Applicable* Debt
OTHER:
Cook County $ 2,897,975,000 2.82 % 81,722,895
Cook County Forest Preserve 115,105,000 2.82 3,245,961
Metropolitan Water Reclamation District 1,379,237,302 2.88 39,722,034
DuPage County 176,865,000 0.01 17,687
DuPage County Forest Preserve 243,048,400 0.01 24,305
DuPage Water Commision 24,310,000 0.06 14,586
LIBRARY DISTRICTS:
Palatine Public Library 3,270,000 6.79 222,033
Schaumburg Township Public Library 6,075,000 73.75 4,480,313
Poplar Creek Public Library District 22,300,000 5.85 1,304,550
PARK DISTRICTS:
Hoffman Estates Park District 42,355,000 4.61 1,952,566
Palatine Park District 20,495,000 7.04 1,442,848
Roselle Park District 5,142,000 0.63 32,395
Schaumburg Park District 36,155,000 92.14 33,313,217
SCHOOL DISTRICTS:
Roselle SD #12 3,535,000 1.18 41,713
Palatine CCSD #15 64,100,000 4.58 2,935,780
Elgin USD #46 316,460,991 1.60 5,063,376
Schaumburg CCSD #54 8,380,000 71.81 6,017,678
Lake Park (Roselle) CHSD #108 55,715,000 0.14 78,001
Palatine HSD #211 41,820,000 46.29 19,358,478
College ofDuPage #502 170,920,000 om 11,964
Elgin Community College #509 58,478,541 1.03 602,329
Harper Community College #512 195,405,000 18.45 36,052,223
*Determined by ratio of assessed value of property subject to taxation in overlapping unit to value of property
subject to taxation in the Village of Schaumburg.
*2007 Equalized Assessed Valuations were used in the calculations of this statement
Sources: Offices of the Cook and DuPage County Clerks and the Treasurer of Metropolitan Water
Reclamation District of Greater Chicago
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VILLAGE OF SCHAUMBURG, ILLINOIS
Note (1): Children from Schaumburg attend District 54, District 211, District U-46, and District 15.
Note (2): Unemployment Rates are based on the Village's fiscal year.
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VILLAGE OF SCHAUMBURG, ILLINOIS
PRINCIPAL EMPLOYERS
2009 2000
Percentage Percentage
of Total Village of Total Village
Employer Employees Rank Employment Employees Rank Employment
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VILLAGE OF SCHAUMBURG, ILLINOIS
FULL-TIME EMPLOYEES
Function/Program 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009
General Government
Managers Office II II 13 13 13 13 12 13 13 13
Finance 25 25 24 24 24 22 22 23 23 22
Information Technology 16 16 17 18 18 19 20 20 21 21
Human Resources 7 8 8 8 8 8 9 8 8 8
Planning 18 12 12 12 12 II 0 0 0 0
Community Development 0 0 0 0 0 0 46 47 47 47
Public Safety
Police 205 204 211 211 217 201 205 205 181 181
Fire 149 149 151 150 149 147 136 136 136 136
Highways and Streets
Engineering 18 18 18 18 18 16 0 0
Engineering and Public Works 103 99 101 104 101 99 99 101 100 100
Transportation 0 6 6 7 7 6 6 6 6 6
Health and Welfare
Building and Code Enforcement 25 25 25 26 25 31 0 0 0 0
Health 23 24 24 24 24 16 14 14 13 13
Culture and Recreation
Cultural Services 10 10 10 10 10 10 10 10 10 10
Total 610 607 620 625 626 599 579 583 558 557
Note: The Village underwent some organizational changes in FY06, including the creation of the Community Development Department.
This department includes what was formerly known as the Planning Department and Building and Code Enforcement Department.
Note: In addition, the Engineering Department was f<>lled into the Public Works Department and renamed as the Engineering and Public
Works Department.
Note: The Village experienced its period of largest employment in FY04. As can be seen in FY06, there was a decrease of 47 positions,
or 7.5%. Management is of the opinion that the service levels provided to Schaumburg residents and businesses have not been
reduced despite the reduction in staffing. Further, it is important to note that the Village was able to accomplish the reduction
through retirements and attrition, and not through layoffs.
Note: The Village Board authorized during FY07 for the Village to join Northwest Central Dispatch Center, which resulted in a decrease
of 23 positions in the Police Department for FY08.
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VILLAGE OF SCHAUMBURG, ILLINOIS
OPERATING INDICATORS
Function/Program 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009
General Government
Commuter lot parking permits N/A N/A 6,844 6,913 6,998 7,293 7,615 7,488 8,182 8,761
Construction activity (value)
Residential $ 3,520,000 $ 995,000 $ 6,582,450 $ 20,352,482 $ 5,105,000 $ 21,414,238 $ 20,528,735 $ 20,153,527 $ 6,915,293 $ 1,918,990
Commercial/Industrial 69,387,322 198,737,795 83,151,209 68,195,278 55,061,071 249,912,670 153,708,244 95,804,411 126,077,707 61,148,067
Miscellaneous 14,563,530 21,095,915 15,575,915 25,490,567 29,636,768 27,165,111 25,126,409 16,981,086 29,331,878 15,172,105
Total $ 87,470,852 $ 220,828,710 $ 105,309,574 $ 114,038,327 $ 89,802,839 $ 298,492,019 $ 199,363,388 $ 132,939,024 $ 162,324,878 $ 78,239,162
Public Safety
Police
Incidents 57,710 56,516 59,335 60,242 58,327 50,952 48,352 46,705 47,055 35,658
Parking violations N/A N/A N/A 25,131 22,686 25,257 21,796 21,340 21,096 21,828
Village crashes 6,528 6,824 6,220 6,102 5,884 5,339 5,142 5,043 5,233 4,955
False alarms 5,485 5,307 5,051 4,302 3,549 3,264 3,011 3,292 2,968 2,953
9-1-1 call center volume N/A N/A N/A N/A 148,598 140,623 134,021 131,278 N/A N/A
Fire
Rescue incidents 4,485 3,732 2,002 2,840 2,838 2,862 3,130 2,993 2,986 2,795
Average response time (minutes) N/A N/A N/A N/A 6.25 6.55 6.42 5.99 5.23 5.08
EMS activity 4,255 4,681 5,032 5,019 4,884 4,836 4,699 4,865 5,873 5,712
Highways and Streets
Street resurfacing (miles) 6.70 4.10 4.52 5.76 5.51 4.85 2.66 2.67 5.34 2.21
Potholes repaired N/A N/A N/A NfA 1,240 2,211 4,738 3,996 9,773 11,575
Water
Water main breaks 97 42 66 81 74 62 105 49 39 46
Number of water bills issued NfA 121,353 124,552 124,837 125,240 125,838 126,509 126,483 308,232 310,396
Services:
Residential NfA NfA NfA NfA 23,419 23,395 23,530 23,551 23,259 23,238
Commerical and manufacturing NfA NfA NfA NfA 2,598 2,622 2,638 2,685 2,639 2,643
Total NfA NfA NfA NfA 26,017 26,017 26,168 26,236 25,898 25,881
Gallons billed
Residential (in thousands) N/A NfA 1,539,132 1,574,292 1,422,500 1,406,141 1,582,488 1,416,203 1,443,790 1,296,855
Commercial (in thousands) NfA NfA 1,968,235 1,791,010 1,676,705 1,658,316 1,709,756 1,685,540 1,677,149 1,610,462
Total (in thousands) NfA NfA 3,507,367 3,365,302 3,099,205 3,064,457 3,292,244 3,101,743 3,120,939 2,907,317
Note: Some historical information is no longer available, but the Village will report prospectively until a full ten-year trend has been compiled.
Fiscal 2008 - 911 calls go to Northwest Central Dispatch
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VILLAGE OF SCHAUMBURG, ILLINOIS
Function/Prograrn 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009
Public safety
Police
Stations 1 1 1 1 1 1 1 1 1 1
Vehicles 74 74 78 78 78 72 71 77 77 80
Fire
Stations 4 4 4 4 4 4 4 4 5 5
Highways and streets
Miles of streets 217 217 217 217 217 217 217 217 217 224
Culture and recreation
Performing arts theatre
Water and sewer
Water mains (miles) 260 260 260 260 260 260 265 275 275 275
Fire hydrants 4,400 4,400 4,400 4,400 4,400 4,400 4,400 4,600 4,600 4,600
Sanitary sewers (miles) 240 240 240 240 240 240 240 250 250 250
Airports 1 1 1 1 1 1 1 1 1 1
Baseball Stadium 1 1 1 1 1 1 1 1 1 1
Hotel and convention center
Hotels 0 0 0 0 0 0 0
Convention centers 0 0 0 0 0 0 0
Commuter parking lots 1 1 1 1 1 1 1
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