ANNUAL FINANCIAL YEAR ENDED APRIL 30, 2015

Transcription

1 CRETE TOWNSHIP DISTRICT, FIRE PROTECTION ILLINOIS ANNUAL FINANCIAL REPORT YEAR ENDED APRIL 30, 2015

2 ANNUAL FINANCIAL REPORT YEAR ENDED APRIL 30, 2015 CONTENTS INTRODUCTORY SECTION: Names and Titles of Principal Officials FINANCIAL Independent SECTION: Auditor's Report 11 - IV Management's Discussion and Analysis v - xiii Basic Financial Statements: Government-wide Financial Statements: Statement of Net Position - Governmental Statement of Activities Fund Financial Statements: Activities 1 2 Balance Sheet - Governmental Funds 3 Reconciliation of the Balance Sheet of Governmental Funds to the Statement of Net Position Statement of Revenues, Expenditures and Changes in Fund Balances - Governmental Funds Reconciliation of the Statement of Revenues, Expenditures and Changes in Fund Balances of Governmental Funds to the Statement of Activities Statement of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual- General Fund and Major Special Revenue Fund Notes to Basic Financial Statements 11-20

3 ANNUAL FINANCIAL REPORT YEAR ENDED APRIL 30, 2015 CONTENTS Comparative Major Fund Financial Statements: General Fund: Balance Sheet Statement of Revenues, Expenditures and Changes in Fund Balances Ambulance Fund: Balance Sheet Statement of Revenues, Expenditures and Changes in Fund Balances OTHER INFORMATION SECTION: Schedule of Assessed Valuations, Tax Rates, Extensions and Collections 25-26

4 INTRODUCTORY SECTION

5 NAMES AND TITLES OF PRINCIPAL OFFICIALS APRIL 30, 2015 Timothy Miller President Robert Zimmerman Secretary Mark Rosandich Treasurer JeffPanega Chief

6 FINANCIAL SECTION

7 MULCAHY, PAURITSCH, SALVADOR&co.,LTD Certified Public Accountants/ Business and Personal Consultants To the Honorable Board of Trustees Crete Township Fire Protection District, Illinois INDEPENDENT AUDITOR'S REPORT We have audited the accompanying financial statements of the governmental activities and each major fund of Crete Township Fire Protection District, Illinois, as of and for the year ended April 30, 2015, and the related notes to the financial statements, which collectively comprise the District's basic financial statements as listed in the table of contents. Management's Responsibility for the Financial Statements Management is responsible for the preparation and fair presentation of these financial statements in accordance with accounting principles generally accepted in the United States of America; this includes the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error. Auditor's Responsibility Our responsibility is to express opinions on these financial statements based on our audit. We conducted our audit in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor's judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity's preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity's internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinions Ravinia Ave. Suite 200 Orland Park, IL / Fax 708/ I S. LaSalle St. Suite 606 Chicago, IL / Fax 708/ S. County Line Rd. Burr Ridge, IL / Fax 630/

8 Opinions In our opinion, the financial statements referred to above present fairly, in all material respects, the respective financial position of the governmental activities and each major fund of Crete Township Fire Protection District, Illinois, as of April 30, 2015, and the respective changes in financial position thereof, and the respective budgetary comparison for the General Fund and the major special revenue fund for the year then ended in accordance with accounting principles generally accepted in the United States of America. Other Matters Required Supplementary Information Accounting principles generally accepted in the United States of America require that the management's discussion and analysis on pages v through xiii be presented to supplement the basic financial statements. Such information, although not a part of the basic financial statements, is required by the Governmental Accounting Standards Board, who considers it to be an essential part of financial reporting for placing the basic financial statements in an appropriate operational, economic, or historical context. We have applied certain limited procedures to the required supplementary information in accordance with auditing standards generally accepted in the United States of America, which consisted of inquiries of management about the methods of preparing the information and comparing the information for consistency with management's responses to our inquiries, the basic financial statements, and other knowledge we obtained during our audit of the basic financial statements. We do not express an opinion or provide any assurance on the information because the limited procedures do not provide us with sufficient evidence to express an opinion or provide any assurance. Other Information Our audit was conducted for the purpose of forming opinions on the financial statements that collectively comprise the basic financial statements of Crete Township Fire Protection District, Illinois. The introductory section, comparative major fund financial statements, and other information section are presented for purposes of additional analysis and are not a required part ofthe basic financial statements. The individual fund financial statements for the year ended April 30, 2015 included in the comparative major fund financial statements are the responsibility of management and were derived from and relate directly to the underlying accounting and other records used to prepare the basic financial statements. Such information has been subjected to the auditing procedures applied in the audit of the basic financial statements and certain additional procedures, including comparing and reconciling such information directly to the underlying accounting and other records used to prepare the basic financial statements or to the basic financial statements themselves, and other additional procedures in accordance with auditing standards generally accepted in the United States of America. In our opinion, individual financial statements for the year ended April 30, 2015 are fairly stated, in all material respects, in relation to the basic financial statements as a whole. 111

9 We also have previously audited, in accordance with auditing standards generally accepted in the United States of America, the basic financial statements of Crete Township Fire Protection District, for the year ended April 30, 2014, which are not presented with the accompanying financial statements and we expressed unmodified opinions on the respective financial statements of the governmental activities and each major fund. That audit was conducted for the purpose of forming opinions on the financial statements that collectively comprise the basic financial statements of Crete Township Fire Protection District, as a whole. The individual fund financial statements for the year ended April 30, 2014 included in the comparative financial statements are presented for purposes of additional analysis and are not a required part of the basic financial statements. Such information is the responsibility of management and was derived from and relates directly to the underlying accounting and other records used to prepare the basic financial statements for the year ended April 30, The information has been subjected to the auditing procedures applied in the audit of those basic financial statements and certain additional procedures, including comparing and reconciling such information directly to the underlying accounting and other records used to prepare the basic financial statements or to the basic financial statements themselves, and other additional procedures in accordance with auditing standards generally accepted in the United States of America. In our opinion, the April 30, 2014 individual fund financial statements are fairly stated in all material respects in relation to the basic financial statements from which they have been derived. The introductory and other information sections have not been subjected to the auditing procedures applied in the audit of the basic financial statements and, accordingly, we do not express an opinion or provide any assurance on them. Orland Park, Illinois July 14,2015 IV

10 MANAGEMENT'S DISCUSSION AND ANALYSIS

11 MANAGEMENT'S DISCUSSION AND ANALYSIS (UNAUDITED) APRIL 30, 2015 As management of Crete Township Fire Protection District, Illinois (the District), we offer readers of the District's Annual Financial Report this narrative and analysis of the financial activities of the District for the fiscal year ended April 30, Financial Highlights The assets of the District exceeded its liabilities and deferred inflows of resources at the close of the most recent fiscal year by $4,041,904 (net position). Of this amount, $3,249,548 is invested in capital assets and $562,179 is restricted; $230,177 remains unrestricted. The total net position of the District increased by $255,655 during the year ended April 30, 2015 due to increases in property taxes received, ambulance call volume, and collections from insurance for ambulance transports during the year. As of April 30, 2015, the District's governmental funds reported combined ending fund balances of $808,495. Approximately 5.1% of this amount ($41,384) is available for spending at the District's discretion (unassignedfund balance). For the fiscal year ended April 30, 2015, total governmental fund revenues exceeded expenditures by $198,324. This was also due primarily to increases in property taxes received, ambulance call volume, and collections from insurance for ambulance transports during the year. At the end of the current fiscal year, unrestricted fund balance (the total of the committed, assigned and unassigned components of fund balance) for the General Fund was $41,384, or approximately 5.1% of total General Fund expenditures. The District's long-term liabilities at April 30, 2015 totaled $1,692,338. There were no borrowings in Overview of the Financial Statements The discussion and analysis are intended to serve as an introduction to the District's basic financial statements. These basic financial statements are comprised of three components: 1) government-wide financial statements, 2) fund financial statements, and 3) notes to basic financial statements. This report also contains other supplementary information in addition to the basic financial statements themselves. Government-wide Financial Statements The government-wide financial statements are designed to provide readers with a broad overview of the District's finances, in a manner similar to a private-sector business. The statement of net position presents information on all of the District's assets, liabilities, deferred inflows of resources, with the difference reported as net position. Over time, increases or decreases in net position may serve as a useful indicator of whether the financial position of the District is improving or deteriorating. v

12 MANAGEMENT'S DISCUSSION AND ANALYSIS (UNAUDITED) APRIL 30, 2015 The statement of activities presents information showing how the District's net position changed during the most recent fiscal year. All changes in net position are reported as soon as the underlying event giving rise to the change occurs, regardless of the timing of related cash flows. Thus, revenues and expenses are reported in this statement for some items that will only result in cash flows in future fiscal periods (e.g., uncollected taxes). The government-wide financial statements can be found on pages 1-2 ofthis report. Fund Financial Statements A fund is a grouping of related accounts that is used to maintain control over resources that have been segregated for specific activities or objectives. The District, like other state and local governments, uses fund accounting to ensure and demonstrate compliance with finance-related legal requirements. All of the funds of the District can be categorized as governmental funds. Governmental funds are used to account for essentially the same functions reported as governmental activities in the government-wide financial statements. However, unlike the government-wide financial statements, governmental fund financial statements focus on near-term inflows and outflows of spendable resources, as well as balances of spendable resources available at the end of the fiscal year. Such information may be useful in evaluating a government's near-term financing requirements. Because the focus of governmental funds is narrower than that of the government-wide financial statements, it is useful to compare the information presented for governmental funds with similar information presented for governmental activities in the government-wide financial statements. By doing so, readers may better understand the long-term impact of the government's near-term financing decisions. Both the governmental fund balance sheet and the governmental fund statement of revenues, expenditures, and changes in fund balances provide a reconciliation to facilitate this comparison between governmental funds and governmental activities. The District maintains two governmental funds: the General Fund and the Ambulance Fund. Information for each of these funds is presented separately in the fund financial statements. The District adopts an annual appropriated budget for each of the governmental funds. Budgetary comparison statements for the General Fund and the Ambulance Fund have been provided to demonstrate compliance with the budget. The basic fund financial statements can be found of pages 3-10 of this report. Notes to Financial Statements The notes provide additional information that is necessary to acquire a full understanding of the data provided in the government-wide and fund financial statements. The notes to the basic financial statements can be found on pages ofthis report. VI

13 MANAGEMENT'S DISCUSSION AND ANALYSIS (UNAUDITED) APRIL 30, 2015 Government-wide Overall Financial Analysis Statement of Net Position - Governmental Activities As noted earlier, net position may serve over time as a useful indicator of a government's financial position. In the case of the District, assets exceeded liabilities and deferred inflows of resources by $4,041,904 at the close ofthe most recent fiscal year. Crete Township Fire Protection District, Illinois Statements of Net Position - Governmental Activities as of April 30, 2015 and Assets: Current and other assets $ 2,515,330 $ 2,373,920 Capital assets 4,941,886 5,030,888 Total assets 7,457,216 7,404,808 Liabilities: Current liabilities 43,304 73,005 Noncurrent liabilities ,584 Total liabilities 1,735, ,589 Deferred inflows of resources: Unavailable revenue - property taxes 1.679, Net position: Net investment in capital assets 3,249,548 3,193,304 Restricted 562, ,937 Unrestricted 230, ,008 Total net position $ 4, $ 3,786,249 vii

14 MANAGEMENT'S DISCUSSION AND ANALYSIS (UNAUDITED) APRIL 30, 2015 Assets Cash, investments, receivables and prepaid expenses are current assets. These assets are available to provide resources for the near-term operations of the District. The majority of the current assets are the results of the property tax collection process; the District expects to receive the majority of the annual property tax assessment for the 2014 levy in the fiscal year ending April 30, Capital assets are used in the operations of the District. These are land, improvements, buildings apparatus, vehicles and equipment. Capital assets are discussed in greater detail in the section titled, "Capital Assets and Debt Administration," elsewhere in this analysis. An investment of $4,941,886 in land, improvements, buildings, apparatus, vehicles and equipment, to provide services to the District's residents, represents 66.3% of the District's total assets. Liabilities Current and long-term obligations are classified based on anticipated payment date either in the near-term or in the future. Current obligations include accounts payable, accrued salaries and accrued interest. Longterm obligations, which are comprised of the Series 2009 General Obligation Bonds, will be liquidated from resources that will become available in the future. Deferred Inflows o(resources Unavailable revenue in the form of assessed 2015 property taxes to be collected after fiscal year 2015 totaled $1,679,670 at year-end. Net Position The assets of the District exceed liabilities and deferred inflows of resources resulting in a net position of $4,041,904, of which $230,177 is unrestricted. Total net position of the District does not include internal balances. V111

15 MANAGEMENT'S DISCUSSION AND ANALYSIS (UNAUDITED) APRIL 30, 2015 Statement of Activities The following statements show the revenue and expenses of the District's activities during 2015 and Crete Township Fire Protection District, Illinois Statement of Activities for the Years Ended April 30, 2015 and Revenues: Program revenues: Charges for services $ 332,571 $ 242,380 Grants and contributions 11,330 40,356 General revenues: Property taxes 1699,998 1,646,042 Personal property replacement taxes 12,948 13,270 Foreign fire insurance ,822 Interest income 3,182 2,434 Other income 11, Total revenues Expenses: Governmental activities: Fire and rescue 728, ,349 Emergency medical service 869, ,889 General government 162, ,189 Interest Total expenses Changes in Net Position 255, ,718 Net Position, beginning of year Net Position, end of year $ $ Governmental activities increased the District's net position by $255,655, or 6.8%. Key elements contributing to this net change are summarized below. Revenues For the year ended April 30, 2015, total revenues from governmental activities increased by $115,743, or 5.9%. IX

16 MANAGEMENT'S DISCUSSION AND ANALYSIS (UNAUDITED) APRIL 30, 2015 Total program revenues, which include charges for services as well as grants and contributions, increased by $61,165, or 21.6%. Charges for services increased by $90,191, or 37.2%. The increase in charges for services is related to increases in ambulance call volume and collections from insurance for ambulance transports during the year. General revenues, which includes property taxes, personal property replacement taxes, investment income, and other income increased by $54,578, or 3.3% due mostly to an increase in property taxes. Property taxes increased by $53,956, or 3.3%. The property tax extension (total property taxes billed) for the 2013 levy, which was received during the year ended April 30, 2015, increased by 3.6%. Expenses Expenses from governmental activities increased by $47,806 (2.7%). Emergency medical services increased $92,306 while expenses in other areas decreased $44,500. Financial Analysis of District's Funds As noted earlier, the District uses fund accounting to ensure and demonstrate compliance with financerelated legal requirements. The focus of the District's governmental funds is to provide information on near-term inflows, outflows, and balances of spendable resources. Such information is useful in assessing the District's financing requirements. In particular, unassigned fund balance may serve as a useful measure of a government's resources available for spending at the end of the fiscal year. As of the end of the current fiscal year, the District's governmental funds reported combined ending fund balance of $808,495, an increase of $198,324 compared to the prior year. Of the total, $152,445 is considered nonspendable because it has been used for interfund advances and prepaid items. 70%, or $562,179, of the total is restricted due to external limitations on its use. These uses include social security ($147,741) and tort/liability insurance ($414,438). The remaining 5.1%, or $41,384, is unassigned. The General Fund is the main operating fund of the District. At the end of the current fiscal year, unassigned fund balance of the General Fund was $41,384, while total fund balance of the General Fund was $456,548. As a measure of the General Fund's liquidity, it may be useful to compare the unassigned fund balance and total fund balance to total fund expenditures. Unassigned fund balance represents 9.0% of total fund balance. Total General Fund expenditures for were $805,025. Total fund balance represents 56.7% of General Fund expenditures. The Ambulance Fund accounts for the direct costs of emergency medical services. At the end of the current fiscal year, fund balance of the Ambulance Fund was $351,947. This balance increased by $122,775 compared to the prior year. x

17 MANAGEMENT'S DISCUSSION AND ANALYSIS (UNAUDITED) APRIL 30, 2015 Crete Township Fire Protection District, Illinois General Fund Budgetary Highlights For the Fiscal Year Ended April 30, 2015 Percentage Variance of Actual Budget Actual with Budget to Budget Revenues: Property taxes $ 860,140 $ 856,126 $ (4,014) 99.5 % Foreign fire insurance 3,500 4, Grants 22,529 6,165 (16,364) 27.4 Interest income 1,200 1, Personal property replacement taxes 6,200 6, Other revenues 8,000 6,094 (1,906) 76.2 Total revenues ,574 (20,995) 97.7 Expenditures: Personnel 443, ,620 (970) 100,2 Communications 19,473 19, Dues and subscriptions 2,800 2,908 (108) Gas and oil 26,000 16,520 9, Insurance 62,000 58,903 3, Professional fees 11,000 9,729 1, Public education and safety 3,000 2, ,5 Repairs and maintenance 90,000 53,940 36, Supplies 10,000 6,716 3, Utilities 23,500 18,111 5, Capital outlay 338,956 68, ,610 20,2 Debt service: Principal 72,500 72, Interest Total expenditures 1.134, , , Excess (deficiency) of revenues over expenditures $ ( ) $ 75,549 ~ 308,004 The District did not amend the 2015 budget. Xl

18 MANAGEMENT'S DISCUSSION AND ANALYSIS (UNAUDITED) APRIL 30, 2015 Capital Assets The District's investment in capital assets for its governmental activities as of April 30, 2015 amounts to $4,941,886. The District's investment in capital assets decreased by $89,002 due to disposals and normal depreciation of assets. The investment in capital assets is summarized as follows: Crete Township Fire Protection District, Illinois Capital Assets (net of accumulated depreciation) April 30, 2015 and Land Buildings and improvements Apparatus and vehicles Equipment $ 397,000 $ 3,411,295 1,017, , ,000 3,503,192 1,076, Total capital assets $ 4,941,886 ~$=~5,~03~0~,8;,;;;,8=8 Additional information on the District's capital assets can be found in the notes to basic financial statements. Long-term Liabilities The District has outstanding general obligation bonds of$i,692,338 at the end ofthe current fiscal year. Annual debt service payments were made as scheduled for the general obligation bond held by the District. No refinancing of debt occurred during the year. Crete Township Fire Protection District, Illinois Long-term Liabilities April 30, 2015 and Bonds payable including issuance premium $ $ 1.837,584 xii

19 MANAGEMENT'S DISCUSSION AND ANALYSIS (UNAUDITED) APRIL 30, 2015 Additional information on the District's long-term liabilities can be found in the notes to basic financial statements. Economic Factors and Next Year's Budget The District expects to have a decrease in property tax revenue of approximately $28,000 in the fiscal year ended April 30, 2016 due to a decrease in the 2014 property tax levy. The District's equipment and supplies rolling stock continues to be reviewed for replacement and replenishment, sometimes after past recommended lengths of time. These decisions are based on maintenance bill increases. Many energy-saving improvements have been continued at the District's fire stations. Single-pane windows have been replaced with glass block windows at Station 3 for heating efficiency. New energy-efficient garage doors replaced the thirty-five year old doors at Station 3. The District continues to reduce costs in every way possible. Two and three year contracts have been signed for both natural gas and electricity in an effort to keep costs down. The District has been and will continue to scrutinize each and every purchase in an effort to get the best pricing available. The new law requiring fire protection districts to go out for bids for items larger than $25,000 will only assist in keeping costs low. Property and vehicle insurance went out for bid, and the cost of insurance was lowered by approximately $16,000 for the fiscal year. The District aggressively pursues all available fire and medical grants whenever possible. Many mechanical duties normally performed with outside vendors are now being done in-house with the District mechanic. Negotiations with Kurtz Paramedic Services have kept the cost of the contract the same for the past three years. An increase in ambulance fees along with an increase in ambulance responses has provided a significant increase in ambulance billing. Requests for Information This financial report is designed to provide a general overview of the District's finances for all those with an interest in the District. Questions concerning any of the information provided in this report or requests for additional financial information should be addressed to: Crete Township Fire Protection District, Illinois S. Stoney Island Crete, Illinois Xlll

20 BASIC FINANCIAL STATEMENTS

21 GOVERNMENT-WIDE FINANCIAL STATEMENTS

22 STATEMENT OF NET POSITION - GOVERNMENTAL ACTIVITIES APRIL 30, 2015 ASSETS Cash Receivables: Property taxes Ambulance fees Interest refund Prepaid expenses Capital assets not being depreciated: Land Capital assets net of accumulated depreciation: Buildings and improvements Apparatus and vehicles Equipment Total assets $ 657,505 1,679, ,633 8,690 41, ,000 3,411,295 1,017, , LIABILITIES Accounts payable Accrued salaries Accrued interest Noncurrent liabilities: Due within one year Due in more than one year 3,947 14,528 24, , Total liabilities 1, DEFERRED INFLOWS OF RESOURCES Unavailable revenue - property taxes NET POSITION Net investment in capital assets Restricted for: Social security Tort/liability insurance Unrestricted 3,249, , , Total net position $ 4.041,904 See notes to basic financial statements.

23 STATEMENT OF ACTIVITIES YEAR ENDED APRIL 30, 2015 Expenses Program Charges for Services Revenues Operating Grants and Contributions Net (Expense) Revenue and Change in Net Position Functions/programs: Governmental activities: Fire and rescue Emergency medical service General government Interest expense Total governmental activities $ 728,047 $ $ 869, , , $ $ $ 6,165 $ (721,882) 5,165 ( ) (162390) (60,715) ( ) General revenues: Taxes: Property Personal property replacement Foreign fire insurance Interest income Other income Total general revenues Change in net position Net position at beginning of year Net position at end of year 1,699,998 12,948 4,124 3, ,655 3,786,249 $ See notes to basic financial statements. 2

24 FUND FINANCIAL STATEMENTS

25 BALANCE SHEET GOVERNMENTAL FUNDS APRIL 30, 2015 ASSETS Total Governmental General Ambulance Funds Cash $ 334,066 $ 323,439 $ 657,505 Receivables: Property taxes 839, ,835 1,679,670 Ambulance fees 127, ,633 Advances to other fund 110, ,613 Prepaid items ,832 Total assets $ $ 1.311,823 $ 2.617,253 LIABILITIES Accounts payable $ 1,783 $ 2,164 $ 3,947 Accrued salaries 7,264 7,264 14,528 Advances from other fund Total liabilities ,088 DEFERRED INFLOWS OF RESOURCES Unavailable revenue - property taxes , FUND BALANCES Nonspendable 131,529 20, ,445 Restricted 283, , ,179 Assigned 52,487 52,487 Unassigned ].384 Total fund balances Total liabilities, deferred inflows of resources, and fund balances $ $ $ 2,617,253 See notes to basic financial statements. 3

26 RECONCILIATION OF THE BALANCE SHEET OF GOVERNMENTAL FUNDS TO THE STATEMENT OF NET POSITION APRIL 30, 2015 Amounts reported for governmental activities in the statement of net position are different because: Total fund balances - governmental funds $ 808,495 Capital assets used in governmental activities are not financial resources and, therefore, are not reported as assets in the funds. 4,941,886 Long-term liabilities, including bonds payable, are not due and payable in the current year and, therefore, are not reported in the funds. Also, governmental funds report the effect of premiums, discounts and similar items when the debt is first issued, whereas these amounts are deferred and amortized in the statement of activities. Long-term liabilities and related accounts at year-end consisted of: Interest refund receivable Bonds payable Unamortized issuance premium 8,690 (1,690,000) (2,338) Accrued interest payable was recognized for governmental activities, but is not due and payable in the current period and therefore is not reported as a liability in the governmental funds. (24,829) Net position of governmental activities $ 4, See notes to basic financial statements. 4

27 STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES - GOVERNMENTAL FUNDS YEAR ENDED APRIL 30, 2015 Total Governmental General Ambulance Funds Revenues: Property taxes $ 856,126 $ 843,872 $ 1,699,998 Ambulance fees 332, ,571 Foreign fire insurance 4,124 4,124 Grants 6,165 5,165 11,330 Interest income 1,591 1,591 3,182 Personal property replacement taxes 6,474 6,474 12,948 Other revenues 6,094 5,755 11,849 Total revenues 880,574 1,195,428 2,076,002 Expenditures: Current: Fire and rescue 569, ,042 Emergency medical service 784, ,030 General government 64,113 89, ,458 Capital outlay: Fire and rescue 68,346 68,346 Emergency medical service 95,754 95,754 Debt service: Principal 72,500 72, ,000 Interest ,024 62,048 Total expenditures 805,025 'I, ,877,678 Excess of revenues over expenditures 75, , ,324 Fund balances at beginning of year 380, , ,1 71 Fund balances at end of year 456,548 $ 351,947 ~ See notes to basic financial statements. 5

28 RECONCILIATION OF THE STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES OF GOVERNMENTAL FUNDS TO THE STATEMENT OF ACTIVITIES YEAR ENDED APRIL 30, 2015 Amounts reported for governmental activities in the statement of activities are different because: Excess of revenues over expenditures - total governmental funds $ Governmental funds report capital outlays as expenditures. However, in the statement of activities the cost of those assets is allocated over their estimated useful lives and reported as depreciation expense. This is the amount by which depreciation ($178,614) exceeded capitalized capital outlays ($107,092) in the current period. The net effect of transactions involving the disposition of capital assets is to decrease net position. 198,324 (71,522) (17,480) Interest on long-term debt in the statement of activities differs from the amount reported in the governmental funds because interest is recognized as an expenditure in the funds when it is due, and thus requires the use of current financial resources. In the statement of activities, however, interest expense is recognized as the interest accrues, regardless of when it is due. The increase in the interest reported in the statement of activities is the result of changes in the following accounts: Interest refund receivable Accrued interest on long-term debt (586) 1,673 The issuance of long-term debt provides current financial resources to governmental funds, while the repayment of the principal of long-term debt uses the current financial resources of governmental funds. Neither transaction, however, has any effect on net position. Also, governmental funds report the effect of issuance premiums, discounts and similar items when the debt is first issued, whereas these amounts are deferred and amortized in the statement of activities. These transactions are summarized as follows: Repayment of long-term debt principal Amortization of bond premium 145, Change in net position of governmental activities $ 255,655 See notes to basic financial statements. 6

29 STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES - BUDGET AND ACTUAL GENERAL FUND AND MAJOR SPECIAL REVENUE FUND YEAR ENDED APRIL 30, 2015 General Fund Original and Final Variance with Budget Actual Final Budget Revenues: Property taxes $ 860,140 $ 856,126 $ (4,014) Ambulance fees Foreign fire insurance 3,500 4, Grants 22,529 6,165 (16,364) Interest income 1,200 1, Personal property replacement taxes 6,200 6, Other revenues 8,000 6,094 (1.906) Total revenues (20,995) Expenditures: Current: Personnel: Salaries/wages 292, , Payroll taxes 26,450 26, Paramedic/Firemen services 110, ,897 (8,947) Physicals 1, Training and education 12,000 5,766 6,234 Communications 19,473 19,473 Dues and subscriptions 2,800 2,908 (108) Gas and oil 26,000 16,520 9,480 Insurance 62,000 58,903 3,097 Professional fees 11,000 9,729 1,271 Public education and safety 3,000 2, Repairs and maintenance 90,000 53,940 36,060 Supplies 10,000 6,716 3,284 Utilities 23,500 18,111 5,389 Capital outlay 338,956 68, ,610 Debt service: Principal 72,500 72,500 Interest Total expenditures 1.134, , ,999 See notes to basic financial statements. 7

30 Ambulance Fund Original and Final Variance with Budget Actual Final Budget $ 847,829 $ 843,872 $ (3,957) 230, , ,571 22,529 5,165 (17,364) 1,200 1, ,200 6, (245) , ,799 47,951 26,450 28,410 (1,960) 332, ,799 10,052 17,500 17,898 (398) 17,000 14,277 2,723 19,473 19,473 2,800 2,908 (108) 18,500 13,883 4,617 62,000 57,352 4,648 11,000 9,730 1,270 2,300 2,482 (182) 70,000 43,758 26,242 12,000 12,242 (242) 23,500 18,364 5, ,000 95, ,246 72,500 72,500 31, , (continued) 8

31 STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES - BUDGET AND ACTUAL GENERAL FUND AND MAJOR SPECIAL REVENUE FUND YEAR ENDED APRIL 30, 2015 Original and Final Budget General Actual Fund Variance with Final Budget Excess (deficiency) of revenues over expenditures (232,455) 75, ,004 Fund balances at beginning of year 380, Fund balances at end of year $ $ 456,548 $ 308,004 See notes to basic financial statements. 9

32 Ambulance Fund Original and Final Variance with Budget Actual Final Budget (193,011) 122, , $ $ $ (concluded) 10

33 NOTES TO BASIC FINANCIAL STATEMENTS

34 NOTES TO BASIC FINANCIAL STATEMENTS YEAR ENDED APRIL 30, 2015 I. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES A. Description of Government-wide Financial Statements The government-wide financial statements (i.e., the statement of net position and the statement of activities) report information on all of the activities of the District. Governmental activities, which normally are supported by taxes, intergovernmental revenues, and other nonexchange transactions, are reported separately from business-type activities, which rely to a significant extent on fees and charges to external customers for support. The District does not engage in any business-type activities. B. Reporting Entity The District provides fire, rescue, emergency medical, and general administrative services. The accompanying financial statements present the District and its component units, entities for which the District is considered to be financially accountable. At April 30, 2015, there were no entities that would be considered a component unit of the District. Also, the District is not considered a component unit of any other government entity. C. Basis of Presentation - Government-wide Financial Statements While separate government-wide and fund financial statements are presented, they are interrelated. The governmental activities incorporate data from the governmental funds. Separate financial statements are provided for the governmental funds. As a general rule, the effect of interfund activity has been eliminated from the government-wide financial statements. D. Basis of Presentation - Fund Financial Statements The fund financial statements provide information about the District's funds. Separate statements for each fund category are presented. The emphasis of fund financial statements is on major governmental funds. Major individual governmental funds are reported as separate columns in the fund financial statements. The District reports the following major governmental funds: The General Fund is the primary operating fund of the District. It accounts for all financial resources of the general District, except those accounted for in another fund. The Ambulance Fund accounts for the direct costs of emergency medical services. During the course of operations the District has activity between funds for various purposes. Any residual balances outstanding at year end are reported as due from/to other funds and advances to/from other funds. While these balances are reported in the fund financial statements, certain eliminations are made in the preparation of the government-wide financial statements. Balances between the funds included in governmental activities are eliminated. 11

35 NOTES TO BASIC FINANCIAL STATEMENTS YEAR ENDED APRIL 30, 2015 Further, certain activity occurs during the year involving transfers of resources between funds. In fund financial statements these amounts are reported at gross amounts as transfers in/out. While reported in fund financial statements, certain eliminations are made in the preparation of the government-wide financial statements. Transfers between the funds included in governmental activities are eliminated. E. Measurement Focus and Basis of Accounting The accounting and financial reporting treatment is determined by the applicable measurement focus and basis of accounting. Measurement focus indicates the type of resources being measured such as current financial resources or economic resources. The basis of accounting indicates the timing of transactions or events for recognition in the financial statements. The government-wide financial statements are reported using the economic resources measurement focus and the accrual basis of accounting. Revenues are recorded when earned and expenses are recorded when a liability is incurred, regardless of the timing of the related cash flows. Property taxes are recognized as revenues in the year for which they are levied. Grants and similar items are recognized as revenue as soon as all eligibility requirements imposed by the provider have been met. The 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 available when they are collectible within the current period or soon enough thereafter to pay liabilities of the current period. For this purpose, the District considers revenues to be available if they are collected within 60 days of the end of the current fiscal period. Additionally, property taxes are recognized as revenues in accordance with the District's appropriation ordinance. Expenditures generally are recorded when a liability is incurred, as under accrual accounting. However, debt service expenditures, as well as expenditures related to claims and judgments, are recorded only when payment is due. General capital asset acquisitions are reported as expenditures in governmental funds. Property taxes, personal property replacement taxes, charges for services, and interest associated with the current fiscal period are all considered to be susceptible to accrual and so have been recognized as revenues of the current fiscal period. Expenditure-driven grants are recognized as revenue when the qualifying expenditures have been incurred and all other eligibility requirements have been met, and the amount is received during the period or within the availability period for this revenue source (within 60 days of year end). All other revenue items are considered to be measurable and available only when cash is received by the District. F. Budgetary Information Annual budgets are adopted on a basis consistent with accounting principles generally accepted in the United States of America for all of the District's funds. 12

36 NOTES TO BASIC FINANCIAL STATEMENTS YEAR ENDED APRIL 30, 2015 The District follows these procedures In establishing the budgetary data reflected In the financial statements: 1. The Chief submits to the District Board of Trustees a proposed operating budget for the fiscal year. The operating budget includes proposed expenditures and the means of financing them for the General and Ambulance funds. 2. Public hearings are conducted by the District to obtain taxpayer comments. 3. The budget is legally enacted through passage of an ordinance. The budget for the year ended April 30,2015 was adopted through the passage of Ordinance on July 14, Formal appropriation integration is employed as a management control device during the year. 5. Appropriation authority lapses at year-end. 6. State law requires that "expenditures be made in conformity with appropriation/budget." Transfers between line items, departments and fund may be made by administrative action. The level of legal control is generally considered the entire appropriation. 7. The budget columns in the budgetary comparison statements represent the working budget amounts used by management. These amounts are equal to or less than the actual appropriated expenditures approved by the Board. The budgeted expenditure appropriations adopted for each fund are as follows: General Fund Ambulance Fund $ 1,378, Total expenditures appropriated $ G. Assets, Liabilities, Deferred Outflows/Inflows of Resources, and Net Position/Fund Balance 1. Cash and Cash Equivalents The District's cash and cash equivalents are considered to be cash on hand, demand deposits, and shortterm investments with original maturities of three months or less from the date of acquisition. 2. Receivables and Payables Ambulance service fees receivable are shown net of an allowance for uncollectibles. 13

37 NOTES TO BASIC FINANCIAL STATEMENTS YEAR ENDED APRIL 30, Prepaid Items Certain payments to vendors reflect costs applicable to future accounting periods and are recorded as prepaid items in both the government-wide and fund financial statements. The cost of prepaid items is recorded as expenses/expenditures when consumed rather than when purchased. 4. Capital Assets Capital assets, which include land, buildings and equipment, reported in the government-wide financial statements are defined by the District as assets with an initial, individual cost of more than $5,000 (amount not rounded) and an estimated useful life in excess of two years. Such assets are recorded at historical cost or estimated historical cost if purchased or constructed. Donated capital assets are recorded at estimated fair value at the date of donation. The costs of normal maintenance the asset's life are not capitalized. and repairs that do not add to the value of the asset or materially extend Major outlays for capital assets and improvements are capitalized as projects are constructed. Buildings and equipment are depreciated using the straight-line method over the following estimated useful lives: Assets Buildings and improvements Apparatus and vehicles Equipment Years Deferred Outflows/Inflows of Resources In addition to assets, the statement of net position and/or balance sheet will sometimes report a separate section for deferred outflows of resources. This separate financial statement element, deferred outflows of resources, represents a consumption of net position that applies to a future period and so will not be recognized as an outflow of resources (expense/expenditure) until then. In addition to liabilities, the statement of net position and/or balance sheet will sometimes report a separate section for deferred inflows of resources. This separate financial statement element, deferred inflows of resources, represents an acquisition of net position that applies to a future period and so will not be recognized as an inflow of resources (revenues) until that time. The District has only one type of item that qualifies for reporting in this category. Accordingly, the item, unavailable revenue, is reported in the government-wide statement of net position and governmental funds balance sheet. The District reports unavailable revenues from one source - property taxes. These amounts are deferred and recognized as an inflow of resources in the period that the amounts become available. 14

38 NOTES TO BASIC FINANCIAL STATEMENTS YEAR ENDED APRIL 30, Long-term Obligations In the government-wide financial statements, long-term debt and other long-term obligations are reported as liabilities in the statement of net position. Bond premiums and discounts, as well as gains (losses) on refundings, are deferred and amortized over the life of the bonds. Bonds payable are reported net of the applicable bond premium or discount. Gains (losses) on refundings are reported as deferred inflows (outflows) of resources. Bond issuance costs, whether or not withheld from the actual debt proceeds received, are reported as expenses. In the fund financial statements, governmental fund types recognize bond premiums and discounts, as well as bond issuance costs, during the current period. The face amount of debt issued is reported as other financing sources. Premiums received on debt issuances are reported as other financing sources while discounts on debt issuances are reported as other financing uses. Issuance costs, whether or not withheld from the actual debt proceeds received, are reported as debt service expenditures. 7. Net Position Flow Assumption Sometimes the District will fund outlays for a particu lar purpose from both restricted (e.g., restricted bond or grant proceeds) and unrestricted resources. In order to calculate the amounts to report as restricted - net position and unrestricted - net position in the government-wide financial statements, a flow assumption must be made about the order in which the resources are considered applied. It is the District's policy to consider restricted - net position to have been depleted before unrestricted - net position is applied. 8. Fund Balance Flow Assumptions Sometimes the District will fund outlays for a particular purpose from both restricted and unrestricted resources (the total of committed, assigned, and unassigned fund balance). In order to calculate the amounts to report as restricted, committed, assigned, and unassigned fund balance in the governmental fund financial statements a flow assumption must be made about the order in which the resources are considered to be applied. It is the District's policy to consider restricted fund balance to have been depleted before using any of the components of unrestricted fund balance. Further, when the components of unrestricted fund balance can be used for the same purpose, committed fund balance is depleted first, followed by assigned fund balance. Unassigned fund balance is applied last. 9. Fund Balance Policies Fund balance of governmental funds is reported in various categories based on the nature of any limitations requiring the use of resources for specific purposes. The District itself can establish limitations on the use of resources through either a commitment (committed fund balance) or an assignment (assigned fund balance). 15

39 NOTES TO BASIC FINANCIAL STATEMENTS YEAR ENDED APRIL 30, 2015 The committed fund balance classification includes amounts that can be used only for specific purposes determined by a formal action of the District's highest level of decision-making authority. The Board of Trustees is the highest level of decision-making authority for the District that can, by adoption of an ordinance prior to the end of the fiscal year, commit fund balance. Once adopted, the limitation imposed by the ordinance remains in place until a similar action is taken (the adoption of another ordinance) to remove or revise the limitation. Amounts in the assigned fund balance classification are intended to be used by the District for specific purposes but do not meet the criteria to be classified as committed. The Board of Trustees may by resolution authorize an individual or body to assign fund balance. The Board of Trustees has not adopted such a resolution. The Board of Trustees may also assign fund balance as it does when appropriating fund balance to cover a gap between estimated revenue and appropriations in the subsequent year's appropriated budget. Unlike commitments, assignments generally only exist temporarily. In other words, an additional action does not normally have to be taken for the removal of an assignment. Conversely, as discussed above, an additional action is essential to either remove or revise a commitment. H. Revenues and Expenditures/Expenses I. Program Revenues Amounts reported as program revenues include I) 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 contributions that are restricted to meeting the operational or capital requirements of a particular function or segment. All taxes, including those dedicated for specific purposes, and other internally dedicated resources are reported as general revenues rather than as program revenues. 2. Property Taxes Property taxes are levied as of January I on property values assessed on the same date. The lien date for the levy is January I. The tax levy is payable in two installments, on June I and September 1. The billings are considered past due 30 days after the respective billing date at which time the applicable property is subject to lien and penalties and interest are assessed. The District receives significant distributions of tax receipts approximately one month after the due dates. I. Estimates Management uses estimates and assumptions in preparing financial statements. Those estimates and assumptions affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities, and the reported revenues and expenses/expenditures. Actual results could differ from those estimates. 16

40 NOTES TO BASIC FINANCIAL STATEMENTS YEAR ENDED APRIL 30, 2015 II. DET AILED NOTES ON ALL ACTIVITIES AND FUNDS A. Deposits Custodial credit risk for deposits is the risk that, in the event of a bank failure, the District's deposits might not be recovered. The District does not have a deposit policy for custodial credit risk. As of April 30, 2015, $471,767 of the District's bank balances of $721,767 was uninsured and collateralized with securities held by the pledging financial institution. B. Receivables The allowance for uncollectible ambulance accounts receivable of $17,354 is based on previous collection experience. C. Interfund Receivables and Payables As of April 30, 2015, the General Fund has advanced the Ambulance Fund $110,613 to fund operations. Repayment of the advance is not expected in the subsequent year. D. Capital Assets Capital asset activity for the year ended April 30, 2015 was as follows: Beginning Decreases/ Ending Balance Increase. Transfers Balance Governmental activities: Capital assets, not being depreciated: Land $ $ $ $ Capital assets, being depreciated: Buildings and improvements 4,493,049 4,493,049 Apparatus and vehicles 2,072,855 30,994 (30,994) 2,072,855 Equipment Total capital assets, being depreciated (30.994) Less accumulated depreciation for: Buildings and improvements 989,857 91,897 1,081,754 Apparatus and vehicles 996,742 72,306 (13,514) 1,055,534 Equipment 197, Total accumulated depreciation (13.514) Total capital assets, being depreciated, net (71,522) ( ) 4,544,886 Governmental activities capital assets, net $ $ (71.522). ( ) $

41 NOTES TO BASIC FINANCIAL STATEMENTS YEAR ENDED APRIL 30, 2015 Depreciation expense was charged to functions/programs as follows: Governmental activities: Fire and rescue Emergency medical service General government $ 84,842 84,841 8,931 Total depreciation expense - governmental activities $ 178,614 E. Long-term Liabilities Long-term liability activity for the year ended April 30, 2015 was as follows: Beginning Ending Due Within Balance Additions Reductions Balance One Year General obligation (ARS) bonds $ 1,835,000 $ $ 145,000 $ 1,690,000 $ 145,000 Issuance premium ,338 Total long-term liabilities $ 1.837,584 $ $ $ $ The schedule of general obligation bonds outstanding at April 30, 2015 is as follows: General Obligation (Alternate Revenue Source) Bonds, Series Build America Bonds Issued November 5, 2009 Year Ending Total Debt April 30, Principal Interest Payment 2016 $ 145,000 $ 55,946 $ 200, ,000 51, , ,000 47, , ,000 42, , ,000 37, , ,000 32, , ,000 26, , ,000 20, , ,000 13, , , ,150 Total $ 1.690,000 $ $ 2.025,770 18

42 NOTES TO BASIC FINANCIAL STATEMENTS YEAR ENDED APRIL 30, 2015 Denomination Bonds due each year Interest dates Interest rates Paying agent Total original issue $5,000 January 15th January 15th and July 15th 1.30% % The Bank of New York Mellon Trust Company, National Association, Chicago, Illinois. $2,380,000 Interest expense and interest rates are reported net of the refund expected from the Internal Revenue Service under terms of the agreement. F. Fund Balances As of April 30, 2015, fund balances were comprised of the following: Total General Ambulance Governmental Fund Fund Funds Nonspendable: Prepaid items $ 20,916 $ 20,916 $ 41,832 Advances to other fund ,613 Total nonspendable 131,529 20, Restricted: Social security 72,864 74, ,741 Tort / liability insurance , Total restricted 283, , Assigned: Emergency medical service Unassigned ,384 Total fund balances $ $ $

43 NOTES TO BASIC FINANCIAL STATEMENTS YEAR ENDED APRIL 30, 2015 G. Risk Management The District is exposed to various risks of loss related to torts; theft of, damage to, and destruction of assets; errors and omissions; employee medical coverage; injury to employees; and natural disasters. In order to protect against such losses, the District has purchased insurance from private insurance companies. The amount of coverage has not decreased nor have the amount of settlements exceeded coverage in the current year or any of the past three years. H. Jointly Governed Organization The District is a member of Eastcom. Eastcom was formed as part of an intergovernmental agreement that provides 911 and dispatching services to its member districts and departments throughout eastern Will County. The District paid $38,946 for these services during the year ended April 30, I. Tort Immunity Expenditures During the year ended April 30, 2015, the District expended worker's compensation insurance coverage. $306,218 for property, general liability, and J. Subsequent Events Management has evaluated subsequent events through July 14, 2015, which is the date the financial statements were available to be issued. Subsequent to April 30, 2015, the District entered into a contract to purchase a new ambulance for approximately $221,

44 COMPARATIVE MAJOR FUND FINANCIAL STATEMENTS

45 GENERAL FUND

46 GENERAL FUND BALANCE SHEET APRIL 30, 2015 WITH COMPARATIVE AMOUNTS FOR APRIL 30, 2014 ASSETS Cash $ 334,066 $ 235,185 Receivables: Property taxes 839, ,140 Grants 9,019 Advances to other fund 110, ,613 Prepaid items 20,916 45,850 Total assets $ $ 1,260,807 LIABILITIES Accounts payable $ 1,783 $ 13,161 Accrued salaries 7,264 6,507 Total liabilities 9,047 19,668 DEFERRED INFLOWS OF RESOURCES Unavailable revenue - property taxes 839, ,140 FUND BALANCES Nonspendable 131, ,463 Restricted 283, ,635 Unassigned ,901 Total fund balances 456, ,999 Total liabilities, deferred inflows of resources, and fund balances $ $ 1.260,807 21

47 GENERAL FUND STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES YEAR ENDED APRIL 30, 2015 WITH COMPARATIVE AMOUNTS FOR THE YEAR ENDED APRIL 30, Revenues: Property taxes $ 856,126 $ 905,233 Foreign fire insurance 4,124 3,822 Grants 6,165 12,859 Interest income 1,591 1,217 Personal property replacement taxes 6,474 6,635 Other revenues Total revenues ,876 Expenditures: Current: Personnel: Salaries/wages 292, ,501 Payroll taxes 26,264 24,105 Paramedic/Firemen services 119, ,262 Physicals Training and education 5,766 7,419 Communications 19,473 19,908 Dues and subscriptions 2,908 2,607 Gas and oil 16,520 17,517 Insurance 58,903 57,719 Professional fees 9,729 9,824 Public education and safety 2,235 2,318 Repairs and maintenance 53,940 54,979 Supplies 6,716 9,047 Utilities 18,111 19,350 Capital outlay 68,346 17,392 Debt service: Principal 72,500 85,000 Interest ,810 Total expenditures ,008 Excess of revenues over expenditures 75,549 66,868 Fund balances at beginning of year 380, ,131 Fund balances at end of year ~ $ 380,999 22

48 AMBULANCE FUND

49 AMBULANCE FUND BALANCE SHEET APRIL 30, 2015 WITH COMPARATIVE AMOUNTS FOR APRIL 30, 2014 ASSETS Cash $ 323,439 $ 193,024 Receivables: Property taxes 839, ,830 Ambulance fees 127, ,707 Grants 16,039 Prepaid items 20,916 45,850 Total assets $ 1,311,823 $ LIABILITIES Accounts payable $ 2,164 $ 20,328 Accrued salaries 7,264 6,507 Advances from other fund 110, ,613 Total liabilities 120, DEFERRED INFLOWS OF RESOURCES Unavailable revenue - property taxes 839, ,830 FUND BALANCES (DEFICIT) Nonspendable 20,916 45,850 Restricted 278, ,302 Assigned 52,487 Unassigned (22,980) Total fund balances (deficit) ,172 Total liabilities, deferred inflows of resources, and fund balances (deficit) $ 1,311,823 $ 1,

50 AMBULANCE FUND ST ATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE YEAR ENDED APRIL 30, 2015 WITH COMPARATIVE AMOUNTS FOR THE YEAR ENDED APRIL 30, t Revenues: Property taxes $ 843,872 $ 740,809 Ambulance fees 332, ,380 Grants 5,165 27,497 Interest income 1,591 1,217 Personal property replacement taxes 6,474 6,635 Other revenues 5,755 5,845 Total revenues 1,195, ,383 Expenditures: Current: Personnel: Salaries/wages 309, ,50 I Payro II taxes 28,410 24,105 Paramedic/Firemen services 322, ,262 Physicals 17,898 18,165 Training and education 14,277 5,955 Commun ications 19,473 19,908 Dues and subscriptions 2,908 2,604 Gas and oil 13,883 11,774 Insurance 57,352 56,039 Professional fees 9,730 9,824 Public education and safety 2,482 2,318 Repairs and maintenance 43,758 62,368 Supplies 12,242 12,232 Utilities 18,364 19,349 Capital outlay 95,754 41,548 Debt service: Principal 72,500 70,000 Interest ,810 Total expenditures 1,072, ,762 Excess of revenues over expenditures 122, ,621 Fund balances at beginning of year 229, ,551 Fund balances at end of year $ $ 229,172 24

51 OTHER INFORMATION SECTION

52 SCHEDULE OF ASSESSED VALUATIONS, TAX RATES, EXTENSIONS AND COLLECTIONS APRIL 30, Assessed valuations $ 142,079,878 $ 150,124,759 $ ,671 $ ,703 Tax rates: Corporate % % % % Ambulance Tort liability Audit Social security Total % % % % Tax extensions: Corporate $ 568,320 $ 600,499 $ $ 729,947 Ambulance 568, , , ,460 Tort liability 461, ,364 4 t 7, ,456 Audit 7,104 7,506 8,241 9,124 Social security 74, , Total $ 1,679,670 $ 1,707,969 $ 1,649,350 $ 1, Tax collections $ 0 $ 1,699,998 $ 1.646,042 $ Percent collected 0.00 % % % % 25

53 $ 198,073,049 $ 210,754,252 $ 212,286, % % % % % % $ 792,292 $ 842,174 $ 849,[46 594, , , , , ,173 9, III 8, ,553 63,226 60,077 $ I,792,957 $ 1, $ 1,854,322 $ 1,780,330 $ 1,863,900 $ 1,854, % % % 26