Memorandum To: J Mark Rooney, Village Manager From: Hitesh Desai, Finance Director Katrina Hanna, Assistant Finance Director Subject: August 2017 Monthly Staff and Financial Report Date: September 22, 2017 Please find attached the unaudited financial statements for the fiscal period ended August 31, 2017. A summary by fund for total revenues, expenditures/expenses, and fund balances is as follows: Fund Financial Performance Summary Fund Number Revenue Expenditure Net Fund Balance, net of Capital Cash & Investment Balance Fund Name General Fund 001 19,603,917 18,067,250 1,536,668 10,616,823 6,069,213 Escrow Fund 003 766-766 31,051 415,157 Debt Service Fund 030 1,577,527 741,998 835,528 1,872,584 1,871,487 Strengthening Families Fund 090 19,799 12,560 7,239 94,320 94,490 Water and Sewer Fund 100 5,863,657 4,629,376 1,234,281 8,390,741 9,880,657 Capital Equipment Replacement Fund 235 539,287 654,065 (114,778) 435,174 392,546 Capital Projects Fund 299 538,626 1,841,340 (1,302,714) 7,304,542 7,447,822 Veterans Garden Fund 328 629-629 3,519 3,518 Motor Fuel Tax Fund 400 651,087 321,131 329,956 1,090,515 1,006,872 SSA # 1 Newport Cove 701 18,751 6,166 12,586 7,358 7,358 SSA # 2 Oak Meadows 702 533 375 158 2,822 2,822 SSA # 3 Keele Farms 703-2,190 (2,190) 37,299 37,299 SSA # 21 White Oaks 721 2,279 1,465 814 9,855 9,855 TIF # 1 Spring Hill Mall 801 311,548 35,998 275,550 544,067 542,704 TIF # 3 Route 25 803 294,855 59,451 235,404 (6,728,941) * - TIF # 4 Spring Hill Mall Redevelopment 804 515 1,313 (797) (1,363) ** - TIF #5 Old Town 805 119,499 897,343 (777,844) 2,187,640 2,043,866 Foreign Fire Tax Board 967 6 24,779 (24,773) 21,987 21,987 Park Trust Fund (Restricted) 970 34,737 14,615 20,122 324,085 324,085 Insurance Fund 998 2,979,624 2,932,116 47,508 932,485 46,359 Total $ 32,557,643 $ 30,243,531 $ 2,314,113 $ 27,176,562 30,218,097 This summary does not include Police and Fire Pension Funds * Entire amount is recognized as an advance from the General Fund. This loan will be repaid as the fund begins receiving revenues. ** Entire amount is recognized as an advance from TIF #1. This loan will be repaid as the fund begins receiving revenues. YTD i
Included above are the balances for the year ending as of August 31, 2017 for both fund and cash balances. Of these two amounts, cash balance is the more meaningful metric since this represents liquid cash and/or invested assets which may be used (or easily sold) to support and fund current operations. While ending fund balance is also an important measurement of the Village s financial health, it usually includes illiquid assets or future cash receipts or disbursements such as receivables (including property tax) due to the Village and accounts payable/accrued expenses., the General Fund is reporting a cash and investment balance of $6,069,213. The majority of the difference between fund balance and cash balance is a long-term receivable of roughly $2.4 million from TIF #3 Fund and a little over $2.8 million receivable from the State of Illinois for various tax disbursements. to actual for revenues are 63.8% while expenditures are 59.0% compared to target level of 66.7%. Kane County made the first few property tax disbursements in May through August, while the rest of property tax is received in September. This is one of the main reasons for revenues approximating the budgeted target. Some of other major revenues like Sales Tax, Income Tax, and Telecommunication Tax include estimates because of the time lag in disbursements from the State. General Fund Restricted fund balance for Asset Forfeiture $160,974.90 General Fund Assigned fund balance from Video Gaming revenues (for Community Improvements) $81,421.27. In January 2017, Video Gaming transferred $100,000 to the CIP Fund for matching funds Keith Andres Park IEPA 319 Grant. The Fund Balance assigned to Video Gaming will continue to increase during the year, as revenues are received. Both of the above items require specific, approved expenditures in order to be drawn upon. The majority of the cash balance in the Capital Projects fund is set aside for current and future bond related projects. Finance anticipates receiving more invoices in the upcoming months for some of the major infrastructure projects. The entire cash balance in the Park Trust Fund is held in Trust. This Fund was established through an endowment which requires minimum annual distributions per IRS rules and regulations. Attached is to Reports for all the funds including General, Water/Sewer, CERF, and Capital Projects Funds. Please note that these balances could change as a result of the annual audit process. If there are any questions on the attached report, please contact me by phone at (224-293-1630) or by email: hdesai@cville.org. ii
General Fund YTD * Property Tax 11,128,933 11,104,190 11,499,793 6,165,742 53.6% (1) Property Tax - Fire Protection Dist 820,000 875,000 869,700 482,000 55.4% Income Tax 3,600,000 3,668,994 3,924,000 2,787,958 71.0% Sales Tax - Municipal 3,152,000 3,542,989 3,390,000 2,319,906 68.4% Sales Tax - Home Rule 4,248,000 4,750,148 4,470,000 3,056,905 68.4% Utility Tax 1,440,000 1,509,812 1,560,000 1,074,308 68.9% State Use Tax 725,000 919,839 876,000 588,658 67.2% Telecommunication Tax 468,000 445,169 456,000 278,538 61.1% Personal Property Replacement Tax 145,000 177,526 142,000 142,378 100.3% Video Gaming Tax 50,000 136,640 110,000 109,651 99.7% Cable Franchise Fees 420,000 422,842 400,000 317,138 79.3% License Fees - Business and Liquor 85,000 103,350 85,350 20,700 24.3% License Fees - Rental 166,260 194,081 163,497 136,150 83.3% Permit Fees - Building 203,469 121,731 175,000 77,941 44.5% Permit Fees - Electrical 30,556 58,854 56,646 60,662 107.1% Permit Fees - Plumbing 36,604 12,150 29,945 8,424 28.1% Permit Fees - Other 57,604 28,050 39,250 37,090 94.5% Public Service Fee - 300 - - 0.0% Fines and Forfeitures 233,920 417,242 277,000 276,212 99.7% Charges for Service 1,627,930 1,962,376 1,938,114 1,471,817 75.9% Intergovernmental - 1,724-11,872 100.0% Rent 81,578 87,082 87,828 74,914 85.3% Other 44,660 198,408 61,605 79,211 128.6% Interest Income 9,600 19,245 13,000 22,614 174.0% Sale of Equipment - - - - 0.0% Interfund Transfers In 93,714 71,544 86,378 3,127 3.6% (2) Total 28,867,828 30,829,285 30,711,106 19,603,917 63.8% Legislative 270,394 258,303 245,285 121,526 49.5% Administration 610,443 404,003 467,447 306,797 65.6% Financial Operations 523,868 470,965 471,867 308,903 65.5% I.T. 447,186 419,125 422,511 261,998 62.0% General Services 4,077,750 3,924,923 4,268,982 2,474,104 58.0% Public Buildings 337,490 313,667 403,103 207,897 51.6% Parks 212,362 170,567 244,524 113,050 46.2% Streets 2,257,852 2,257,051 2,554,057 1,382,819 54.1% Vehicle Maintenance 863,815 692,143 827,490 415,488 50.2% Community Development 1,199,037 1,271,247 1,345,027 858,478 63.8% Police and Fire Commission 36,890 17,904 45,390 14,555 32.1% Police 11,496,738 11,191,385 11,692,907 7,010,708 60.0% Fire 6,474,102 6,443,764 6,677,970 4,008,213 60.0% ESDA 3,850 2,422 3,950 2,348 59.4% Page 1 of 14
YTD * Transfer to Debt Service Fund 259,034 259,034 243,536 80,367 33.0% (3) Transfer to Capital Projects Fund 1,200,000 1,200,000 100,000 100,000 100.0% (4) Transfer to CERF Fund 400,000 400,000 600,000 400,000 66.7% Transfer to MFT Fund 500,000 500,000 - - 0.0% Transfer to Insurance Fund 300,000 300,000 - - 0.0% Total 31,470,811 30,496,503 30,614,046 18,067,250 59.0% Net Surplus (Deficit) (2,602,983) 332,782 97,060 1,536,668 Beginning Fund Balance 8,747,373 9,080,155 Ending Fund Balance 9,080,155 10,616,823 (1) The first property tax distribution occured in May (2) These transfers will occur in December (3) The remainder of the transfer will occur in December (4) Keith Andres IEPA 319 Matching/paid from Video Gaming Page 2 of 14
Water and Sewer Fund Charges for Service - Water 4,033,010 4,284,908 3,979,820 2,864,259 72.0% Charges for Service - Sewer 3,883,341 4,002,570 3,687,829 2,674,897 72.5% Service Fees and Penalties 272,695 278,166 251,000 173,362 69.1% Capital Grants and Contributions - 691,246 - - 0.0% Rent 41,475 73,566 42,204 75,779 179.6% Other 180 2,478 100 7,690 7690.1% Interest Income 8,600 14,447 27,700 67,670 244.3% Total 8,239,301 9,347,382 7,988,653 5,863,657 73.4% Finance and General Services 729,065 740,642 753,256 467,907 62.1% Water Facilities 1,643,447 1,580,541 1,667,469 881,747 52.9% Sewer 1,636,850 1,638,547 1,747,735 1,053,668 60.3% Underground 1,177,300 1,045,299 1,141,635 629,420 55.1% Capital Vehicles & Equipment 701,700 543,526 263,000 250,091 95.1% Engineering, Construction, and Improvements 467,662 186,521 2,559,325 38,416 1.5% Depreciation and Assets Capitalized - 1,735,598 - - 0.0% Debt Service Principal 1,268,530-1,269,314 943,888 74.4% (1) Interest 556,156 375,174 474,833 363,657 76.6% (1) Issuance Costs 13,710 13,707 - - 0.0% Agent Fees 4,280 2,976 2,905 583 20.1% Total 8,198,700 7,862,532 9,879,472 4,629,376 46.9% Net Surplus (Deficit) 40,601 1,484,850 (1,890,819) 1,234,281 Beginning Fund Balance 40,497,776 41,982,626 Ending Fund Balance 41,982,626 43,216,906 Less Investment in Capital Assets (34,826,165) (34,826,165) Available Fund Balance 7,156,461 8,390,741 YTD * (1) Debt service payments are made in January and July/June and December (GO Bonds), April and October (IEPA) Page 3 of 14
Capital Equipment Replacement Fund Telecommunication Tax 144,000 148,390 145,000 92,846 64.0% Bulletproof Vest Grant 1,000 10,004 5,000 310 6.2% Federal Grants 69,091 69,091 - - 0.0% Interest Income 1,200 2,129 1,700 2,170 127.7% Sale of Equipment - 19,651 10,000 43,961 439.6% Interfund Transfers In 400,000 400,000 600,000 400,000 66.7% Total 615,291 649,265 761,700 539,287 70.8% I.T. 120,500 110,070 159,500 25,986 16.3% Public Buildings 124,200 124,141 241,000 70,841 29.4% Parks - - 45,000 58,139 129.2% Public Works 262,766 239,592 168,000 155,930 92.8% Police 114,240 88,954 97,176 15,769 16.2% Fire 326,052 301,669 349,148 327,400 93.8% Total 947,758 864,426 1,059,824 654,065 61.7% Net Surplus (Deficit) (332,467) (215,161) (298,124) (114,778) Beginning Fund Balance 765,112 549,951 Ending Fund Balance 549,951 435,174 YTD * Page 4 of 14
Capital Projects Fund State Grants 92,000 - - - 0.0% Federal Grants 517,777 530,042 240,000 388,678 161.9% Reimbursements 36,000 - - - 0.0% Interest Income 9,000 45,726 13,000 49,448 380.4% Miscellaneous Income - - - 500 100.0% Transfers In 1,380,000 1,380,000 100,000 100,000 100.0% (1) Total 2,034,777 1,955,768 353,000 538,626 152.6% Engineering and Professional 2,270,554 498,827 3,213,910 270,789 8.4% Construction 2,104,916 1,316,132 3,863,573 646,434 16.7% ROW Acquisition 829,400 213,639 957,125 924,117 96.6% Total 5,204,870 2,028,599 8,034,608 1,841,340 22.9% Net Surplus (Deficit) (3,170,093) (72,831) (7,681,608) (1,302,714) Beginning Fund Balance 8,680,087 8,607,256 Ending Fund Balance 8,607,256 7,304,542 (1) Keith Andres IEPA 319 Matching/paid from Video Gaming YTD * Page 5 of 14
Escrow Fund YTD * Interest Income 100 245 260 766 294.7% Total 100 245 260 766 294.7% Public Works - - - - 0.0% Transfer to Capital Projects 180,000 180,000 - - 0.0% 180,000 180,000 - - 0.0% Net Surplus (Deficit) (179,900) (179,755) 260 766 Beginning Fund Balance 210,040 30,285 Ending Fund Balance 30,285 31,051 Debt Service Fund Property Tax 2,111,014 2,124,715 1,900,000 1,027,224 54.1% (1) Local MFT 200,000 297,557 215,000 169,218 78.7% (2) Impound Fees 10,000 42,500 15,000 24,750 165.0% (3) Interest Rebate 287,712 287,567 287,712 143,706 49.9% Interest Income 1,000 6,331 5,000 7,868 157.4% Bond Proceeds 4,640,420 4,640,420 - - 0.0% Transfers In 635,984 635,984 620,486 204,760 33.0% Total 7,886,130 8,035,075 3,043,198 1,577,527 51.8% Principal 1,445,040 1,445,040 1,373,950-0.0% (5) Interest 1,589,680 1,496,481 1,435,752 740,831 51.6% (5) Issuance Costs 25,545 25,543 - - 0.0% Agent Fees 5,375 5,024 3,500 1,168 33.4% Payment to Escrow Agent 4,705,790 4,705,790 - - 0.0% Transfer to General Fund - - - - 0.0% 7,771,430 7,677,878 2,813,202 741,998 26.38% Net Surplus (Deficit) 114,700 357,197 229,996 835,528 Beginning Fund Balance 679,859 1,037,056 Ending Fund Balance 1,037,056 1,872,584 (1) The first property tax distribution occured in May (2) Payments are received quarterly. The payment for 1st Quarter was in April (3) Impound Fees are making a steady comeback and are above budget (4) The remaining transfers will occur in December (5) Debt service payments are made in June and December YTD * Page 6 of 14
Strengthening Families Fund YTD * Contributions 13,334 24,445 26,667 19,778 74.2% Interest 10 24 26 21 80.1% Total 13,344 24,469 26,693 19,799 74.2% Strengthening Families 14,537 12,293 17,637 12,560 71.2% Net Surplus (Deficit) (1,193) 12,176 9,056 7,239 Beginning Fund Balance 74,905 87,081 Ending Fund Balance 87,081 94,320 Veteran's Garden Fund Contributions 50 990 70 590 842.9% Interest 12 24 24 39 162.8% Total 62 1,014 94 629 669.2% Community Development 440 440 3,000-0.0% Transfers - - 49,000 49,000 100.0% 440 440 52,000 49,000 0.0% Net Surplus (Deficit) (378) 574 (51,906) (48,371) Beginning Fund Balance 51,316 51,890 Ending Fund Balance 51,890 3,519 YTD * Page 7 of 14
Motor Fuel Tax Fund MFT Allotments 900,000 963,750 940,000 647,330 68.9% MFT High Growth 40,000 43,480 40,000-0.0% Federal Grants 200,000 132,940 - - 0.0% Interest Income 1,500 2,611 2,440 3,757 154.0% Interfund Transfer In 500,000 500,000 - - 0.0% Total 1,641,500 1,642,780 982,440 651,087 66.3% Public Works 635,000 515,962 583,937 146,240 25.0% Capital Outlay 700,000 543,849 150,000 50,498 33.7% Transfer 376,950 376,950 376,950 124,394 33.0% Total 1,711,950 1,436,761 1,110,887 321,131 28.9% Net Surplus (Deficit) (70,450) 206,021 (128,447) 329,956 Beginning Fund Balance 554,538 760,559 Ending Fund Balance 760,559 1,090,515 YTD * Page 8 of 14
SSA #1 Newport Cove YTD * Property Tax 13,700 13,658 35,000 18,751 53.6% (1) Public Works 31,855 31,853 18,400 6,166 33.5% Net Surplus (Deficit) (18,155) (18,195) 16,600 12,586 Beginning Fund Balance 12,967 (5,228) Ending Fund Balance (5,228) 7,358 SSA #2 Oak Meadows YTD * Property Tax 1,000 997 1,000 533 53.3% (1) Public Works 1,000 750 1,000 375 37.5% Net Surplus (Deficit) - 247-158 Beginning Fund Balance 2,417 2,664 Ending Fund Balance 2,664 2,822 Page 9 of 14
SSA #3 Keele Farms YTD * Property Tax 5,000 4,986 - - 0.0% Public Works 7,000 4,380 20,000 2,190 11.0% Net Surplus (Deficit) (2,000) 606 (20,000) (2,190) Beginning Fund Balance 38,883 39,489 Ending Fund Balance 39,489 37,299 SSA #21 White Oaks YTD * Property Tax 4,500 4,494 4,500 2,279 50.7% (1) Public Works 7,765 7,764 10,000 1,465 14.7% Net Surplus (Deficit) (3,265) (3,269) (5,500) 814 Beginning Fund Balance 12,310 9,041 Ending Fund Balance 9,041 9,855 (1) The first property tax distribution occured in May Page 10 of 14
TIF #1 Spring Hill YTD * Property Tax 550,000 620,764 600,000 309,130 51.5% (1) Interest Income 3,000 4,635 1,500 2,418 161.2% Total 553,000 625,399 601,500 311,548 51.8% Community Development 118,200 12,182 2,300 35,998 1565.1% Capital Outlay - - 155,000-0.0% Transfer to General Fund 23,280 11,551 16,776-0.0% Transfer to TIF#5 3,300,000 3,300,000 487,400-0.0% (2) Total 3,441,480 3,323,733 661,476 35,998 5.4% Net Surplus (Deficit) (2,888,480) (2,698,334) (59,976) 275,550 Beginning Fund Balance 2,966,851 268,517 Ending Fund Balance 268,517 544,067 TIF #3 Route 25 Property Tax 20,000 149,763 465,000 294,855 63.4% (1) Community Development 4,319,363 4,316,403 1,100 3,282 298.3% Capital Outlay 605,000 563,579 30,000 56,169 187.2% Transfer to General Fund 23,280 11,551 33,551-0.0% Total 4,947,643 4,891,533 64,651 59,451 92.0% Net Surplus (Deficit) (4,927,643) (4,741,770) 400,349 235,404 Beginning Fund Balance (2,222,575) (6,964,345) Ending Fund Balance (6,964,345) (6,728,941) (1) The first property tax distribution occured in May (2) This transfer will occur after the majority of property tax is received YTD * Page 11 of 14
TIF #4 Spring Hill Mall Rehab Property Tax - 326 325 515 158.5% Community Development 892 892 1,100 1,313 119.3% Net Surplus (Deficit) (892) (566) (775) (797) Beginning Fund Balance - (566) Ending Fund Balance (566) (1,363) TIF #5 Route Old Town Property Tax - - - 49,929 100.0% (1) State Grants - 163,738 - - 0.0% Reimbursement 111,624 111,624 - - 0.0% Interest Income - 3,901 2,400 10,570 440.4% Transfer from Veteran's Garden - - 49,000 49,000 100.0% Transfer from TIF #1 3,300,000 3,300,000 487,400-0.0% (2) Transfer from Park Trust - - 10,000 10,000 100.0% Total 3,411,624 3,579,263 548,800 119,499 21.8% Community Development - 7,352 21,100 2,601 12.3% Capital Outlay 1,983,663 569,173 4,061,772 897,343 22.1% Transfer to General Fund 34,655 34,654 33,551-0.0% Total 2,018,318 611,178 4,116,423 899,944 21.9% Net Surplus (Deficit) 1,393,306 2,968,085 (3,567,623) (780,445) Beginning Fund Balance - 2,968,085 Ending Fund Balance 2,968,085 2,187,640 (1) The first property tax distribution occured in May (2) This transfer will occur after the majority of property tax is received YTD * YTD * Page 12 of 14
Foreign Fire Tax Board Fund YTD * Foreign Fire 26,400 33,070 26,400-0.0% (1) Interest Income 8 8 9 6 62.8% Total 26,408 33,078 26,409 6 0.02% Fire 22,650 22,047 14,600 19,686 134.8% Capital Outlay 7,000 6,023 11,800 5,093 43.2% Total 29,650 28,070 26,400 24,779 93.9% Net Surplus (Deficit) (3,242) 5,008 9 (24,773) Beginning Fund Balance 41,752 46,760 Ending Fund Balance 46,760 21,987 Park Trust Fund (Restricted) YTD * Interest Income 5,457 2,944 Gain/Loss on Investment (1,872) 31,793 Park Trust Income 13,787 - Total 17,371 34,737 Investment Fees 2,088 1,488 Transfers 13,787 13,127 Total 15,875 14,615 Net Surplus (Deficit) 1,496 20,122 Beginning Fund Balance 302,467 303,963 Ending Fund Balance 303,963 324,085 (1) This revenue is generally received in the last quarter of the year Page 13 of 14
Insurance Fund YTD * Employee Contributions 333,004 343,584 356,042 236,800 66.5% Cobra Reimbursement 360,000 272,203 300,000 225,067 75.0% PSEBA Reimbursement 3,895 4,286 4,834 2,437 50.4% Reimbursement - General Fund 3,014,269 3,011,037 3,184,993 2,123,329 66.7% Reimbursement - W/S Fund 578,610 581,842 587,986 391,991 66.7% Transfer from General Fund 300,000 300,000 - - 0.0% Total 4,589,778 4,512,952 4,433,855 2,979,624 67.2% Health Insurance Employee 3,080,571 3,065,103 3,252,847 2,068,822 63.6% Cobra 360,000 272,208 300,000 207,619 69.2% PSEBA 32,108 32,695 34,222 19,112 55.8% Opt-out 14,000 14,067 8,000 7,875 98.4% (1) Contractual Services 10,300 13,742 12,800 8,304 64.9% Risk Management Insurance Claims 250,000 (51,960) 250,000 172,619 69.0% Professional Services - - - 15,000 100.0% Liability Insurance Premium 492,000 491,291 481,000 363,191 75.5% (2) Worker's Comp Premium 85,700 85,635 91,000 69,574 76.5% (2) Total 4,324,679 3,922,781 4,429,869 2,932,116 66.2% Net Surplus (Deficit) 265,099 590,172 3,986 47,508 Beginning Fund Balance 294,805 884,977 Ending Fund Balance 884,977 932,485 (1) Opt-out payments are made to employees on a quarterly basis. (2) amounts less than budget due to favorable bid process. Page 14 of 14