===== PDF PAGE 2 ===== [Extraction: OCR (rendered-page OCR)] DRAFT MINUTES- Pending Approval CITY OF WEST CHICAGO — 475 Main Street FINANCE COMMITTEE MINUTES Regular Meeting May 6, 2024 1. Call to Order, Roll Call and Establishment of a Quorum Alderman Dimas called the meeting to order at 6:30 p.m. on May 6, 2024. Roll call found Daniel M. Beebe, Christine Dettmann, Sandy Dimas, Joseph Morano, Jayme Sheahan, Rebecca Stout and Chris Swiatek present. Alderman Dimas announced a quorum. Staff in attendance: City Administrator Michael Guttman, Finance Director Nikki Giles, and Assistant Finance Director Diana Soltess. 2. Finance Committee Meeting Minutes of March 4, 2024. Alderman Swiatek made a motion, seconded by Alderman Morano, to approve the minutes of March 4, 2024. Voting Aye: Alderman Beebe, Dettmann, Dimas, Morano, Sheahan, Stout and Swiatek. Voting Nay: 0. Motion carried. 3. Public Participation / Presentations 4. Items for Consent A. Resolution No. 24-R-0036 — Write Off of General Corp Fund and Water and Sewer Fund Bad Debts B. Resolution No. 24-R-0044 — Leadership Development Program Alderman Morano moved and Alderman Stout seconded a motion to approve the Consent Agenda. Voting Aye: Alderman Beebe, Dettmann, Dimas, Morano, Sheahan, Stout and Swiatek. Voting Nay: 0. Motion carried. 5. Items for Discussion. None 6. Unfinished Business. None 7. New Business. None 8. Reports from Staff. City Administrator Michael Guttmann said there is a possibility a June meeting will not be held, however a meeting would be held in July or August. 9. Executive Session (if needed). None 10. Adjournment. ===== PDF PAGE 3 ===== [Extraction: OCR (rendered-page OCR)] At 6:39 p.m., Alderman Stout made a motion, seconded by Alderman Dettmann, to adjourn the meeting. All Aldermen voted Aye by voice vote. Respectfully submitted, Josie Avilez ===== PDF PAGE 4 ===== [Extraction: OCR (rendered-page OCR)] CITY OF WEST CHICAGO, ILLINOIS ANNUAL COMPREHENSIVE FINANCIAL REPORT ( @ I I >" o FE | west Churcaco | I L L I N ce} I s FOR THE FISCAL YEAR ENDED DECEMBER 31, 2023 475 Main Street West Chicago, IL 60185 Phone: 630.293.2200 Fax: 630.293.3028 www.westchicago.org ===== PDF PAGE 5 ===== [Extraction: embedded PDF text] CITY OF WEST CHICAGO, ILLINOIS ANNUAL COMPREHENSIVE FINANCIAL REPORT FOR THE FISCAL YEAR ENDED DECEMBER 31, 2023 Prepared by Nikki Giles Finance Director ===== PDF PAGE 6 ===== [Extraction: embedded PDF text] CITY OF WEST CHICAGO, ILLINOIS TABLE OF CONTENTS PAGE INTRODUCTORY SECTION Principal Officials 1 Organization Chart 2 Letter of Transmittal 3 Certificate of Achievement for Excellence 9 FINANCIAL SECTION INDEPENDENT AUDITOR'S REPORT 12 INDEPENDENT AUDITOR'S REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING AND ON COMPLIANCE AND OTHER MATTERS BASED ON AN AUDIT OF FINANCIAL STATEMENT PERFORMED IN ACCORDANCE WITH 15 GOVERNMENTAL AUDITING STANDARDS MANAGEMENT’S DISCUSSION AND ANALYSIS 18 BASIC FINANCIAL STATEMENTS Government-Wide Financial Statements Statement of Net Position 32 Statement of Activities 34 Fund Financial Statements Balance Sheet – Governmental Funds 36 Reconciliation of Total Governmental Fund Balance to the Statement of Net Position – Governmental Activities 38 Statement of Revenues, Expenditures and Changes in Fund Balances – Governmental Funds 40 Reconciliation of the Statement of Revenues, Expenditures and Changes in Fund Balances to the Statement of Activities – Governmental Activities 42 Statement of Net Position – Proprietary Funds 44 Statement of Revenues, Expenses, and Changes in Net Position – Proprietary Funds 46 Statement of Cash Flows – Proprietary Funds 47 Statement of Fiduciary Net Position 48 Statement of Changes in Fiduciary Net Position 49 Notes to Financial Statements 50 REQUIRED SUPPLEMENTARY INFORMATION Schedule of Employer Contributions Illinois Municipal Retirement Fund 88 Police Pension Fund 89 ===== PDF PAGE 7 ===== [Extraction: embedded PDF text] CITY OF WEST CHICAGO, ILLINOIS TABLE OF CONTENTS PAGE FINANCIAL SECTION – Continued REQUIRED SUPPLEMENTARY INFORMATION – Continued Schedule of Changes in the Employer’s Net Pension Liability/(Asset) Illinois Municipal Retirement Fund 91 Police Pension Fund 93 Schedule of Investment Returns Police Pension Fund 95 Schedule of Changes in the Employer’s Total OPEB Liability Retiree Benefits Plan 97 Schedule of Revenues, Expenditures and Changes in Fund Balance – Budget and Actual General Fund 99 Community Park - Special Revenue Fund 100 Motor Fuel Tax – Special Revenue Fund 101 OTHER SUPPLEMENTARY INFORMATION Schedule of Revenues – Budget and Actual – General Fund 105 Schedule of Expenditures – Budget and Actual – General Fund 107 Schedule of Detailed Expenditures – Budget and Actual – General Fund 108 Schedule of Revenues, Expenditures and Changes in Fund Balance – Budget and Actual Capital Improvement - Capital Projects Fund 116 Schedule of Expenditures – Budget and Actual Capital Improvement – Capital Projects Fund 117 Combining Balance Sheet – Nonmajor Governmental Funds 118 Combining Statement of Revenues, Expenditures and Changes in Fund Balances Nonmajor Governmental Funds 119 Schedule of Revenues, Expenditures and Changes in Fund Balance – Budget and Actual TIF Special Tax Allocation #2 – Special Revenue Fund 120 TIF Special Tax Allocation #3 – Special Revenue Fund 121 Capital Equipment Replacement – Capital Projects Fund 122 Schedule of Revenues, Expenses and Changes in Net Position – Budget and Actual Waterworks – Enterprise Fund 123 Schedule of Operating Expenses – Budget and Actual – Waterworks – Enterprise Fund 124 Schedule of Revenues, Expenses and Changes in Net Position – Budget and Actual Sewerage – Enterprise Fund 127 ===== PDF PAGE 8 ===== [Extraction: embedded PDF text] CITY OF WEST CHICAGO, ILLINOIS TABLE OF CONTENTS PAGE FINANCIAL SECTION – Continued OTHER SUPPLEMENTARY INFORMATION – Continued Schedule of Operating Expenses – Budget and Actual – Sewerage – Enterprise Fund 128 Schedule of Revenues, Expenses and Changes in Net Position – Budget and Actual Commuter Parking – Enterprise Fund 130 Schedule of Operating Expenses – Budget and Actual – Commuter Parking – Enterprise Fund 131 Consolidated Year-End Financial Report 132 STATISTICAL SECTION (Unaudited) Net Position by Component – Last Ten Fiscal Years 135 Changes in Net Position – Last Ten Fiscal Years 137 Fund Balances of Governmental Funds – Last Ten Fiscal Years 139 Changes in Fund Balances for Governmental Funds – Last Ten Fiscal Years 141 Assessed Value and Actual Value of Taxable Property Last Ten Fiscal Years 143 Direct and Overlapping Property Tax Rates – Last Ten Tax Levy Years 145 Principal Property Tax Payers – Current Fiscal Year and Nine Fiscal Years Ago 147 Property Tax Levies and Collections – Last Ten Fiscal Years 148 Ratios of Outstanding Debt by Type – Last Ten Fiscal Years 149 Ratio of General Bonded Debt Outstanding – Last Ten Fiscal Years 150 Schedule of Direct and Overlapping Governmental Activities Debt 151 Schedule of Legal Debt Margin 152 Demographic and Economic Statistics – Last Ten Fiscal Years 153 Principal Employers – Current Fiscal Year and Nine Fiscal Years Ago 154 Full-Time Equivalent City Government Employees by Function – Last Ten Fiscal Years 155 Operating Indicators by Function/Program – Last Ten Fiscal Years 157 Capital Asset Statistics by Function/Program – Last Ten Fiscal Years 159 ===== PDF PAGE 9 ===== [Extraction: embedded PDF text] CITY OF WEST CHICAGO, ILLINOIS List of Principal Officials December 31, 2023 LEGISLATIVE City Mayor: Ruben Pineda ALDERMEN Daniel M. Beebe Joseph Morano Heather Brown Jayme Sheahan Lori Chassee Jeanne Short Melissa Birch Ferguson Alton Hallett Sandra Dimas John C. Smith Jr. Christine Dettmann Rebecca Stout Christopher Swiatek ADMINISTRATIVE City Administrator: Michael L. Guttman Assistant City Administrator: Tia Messino FINANCE Finance Director: Nikki Giles Assistant Finance Director: Diana Soltess 1 ===== PDF PAGE 10 ===== [Extraction: embedded PDF text] CITY OF WEST CHICAGO ORGANIZATIONAL CHART City of West Chicago Residents ORGANIZATIONAL HIERARCHY Mayor & Community City Council Stakeholders 118 TOTAL STAFF City Administrator Staff City Administrator’s Office: 7 Department Heads Administrative Support Resident Finance: 7 Assistant Advisory Boards Department Heads & Commissions Community Development: 9 Division Heads City Police: 51 Administrator Supporting Staff Members Public Works: 44 Management Executive Fellow Office Manager Director of Assistant City Director of Chief Director of Finance Administrator Community of Police Public Works Development Administrative Administrative Management Administrative Assistant Assistant Analyst Assistant Assistant Assistant Director Assistant Deputy Chief Director of Director of Community of Police Public Works of Finance Development Human Chief Support Services & Patrol Streets Division Marketing & Resources Building Investigations Commander Superintendent Communications Manager Official Commander Manager Water Treatment Division Superintendent Records Utility Division Supervisor Superintendent Facilities Management & Fleet Maintenance Division Superintendent Account GIS Economic Police Crew Leader (6) Clerk (4) Coordinator Development Sergeant (6) Mechanic (2) Coordinator Police Contracted Water Plant (36) Special Events Officers Operator (6) IT Staff Coordinator Maintenance Senior Civil Engineer Social Worker Worker II (11) Civil Engineer Evidence MaintenanceWorker I (12) Permit Clerk Property Custodian Contracted Inspectional Staff Community Contracted Service Officer Museum Manager Contracted 2 Records Clerks WESTCHICAGO.ORG ===== PDF PAGE 11 ===== [Extraction: embedded PDF text] June 21, 2024 The Honorable Mayor Ruben Pineda Members of the West Chicago City Council City Administrator Michael Guttman Citizens of the City of West Chicago The Annual Comprehensive Financial Report of the City of West Chicago (City) for the Fiscal Year ended December 31, 2023, is hereby submitted as mandated by local ordinances and state statutes. These ordinances and statutes require that the City issue a report on its financial position and activity following the end of a fiscal period, and that this report be audited by an independent accounting firm of certified public accountants. Responsibility for both the accuracy of the data, and the completeness and reliability of the information presented in this report, including all disclosures, rests with management. The City is also responsible for establishing and maintaining internal controls designed to ensure that the assets of the City are protected from loss, theft or misuse, and to ensure adequate accounting of data is compiled to allow for the preparation of the City of West Chicago’s financial statements in accordance with generally accepted accounting principles (GAAP). Internal control is designed to provide reasonable, but not absolute, assurance that these objectives are met. The concept of reasonable assurance recognizes that the cost of a control should not exceed the benefits likely to be derived and that the valuation of the costs and benefits requires estimates and judgments by management. As management, we assert that, to the best of our knowledge and belief, this financial report is complete and reliable in all material respects. The City’s financial statements have been audited by Lauterbach & Amen, LLP, a firm of licensed certified public accountants. The goal of the independent audit is to provide reasonable assurance that the financial statements of the City of West Chicago for the fiscal period ended December 31, 2023, are free of material misstatement. The auditors’ report is presented as the first component of the financial section of this report. GAAP requires that management provide an introduction, overview and analysis to accompany the basic financial statements in the form of Management’s Discussion and Analysis (MD&A). This letter of transmittal is designed to complement the MD&A and should be read in conjunction with it. The City’s MD&A can be found immediately following the report of the independent auditors. 3 ===== PDF PAGE 12 ===== [Extraction: embedded PDF text] PROFILE OF THE CITY OF WEST CHICAGO The City of West Chicago is a diverse, family-oriented community with a rich cultural mix and a proud heritage, located in northeastern Illinois, approximately 30 miles west of Chicago. West Chicago is the first Illinois community established by the railroads and continues to be a convenient transportation hub served by three major rail lines, Illinois' third-busiest airport and three State highways. The population has nearly tripled since the 1970s, with an official population of 25,632, based upon the results of the census conducted in 2020. West Chicago became a home rule unit of government on March 3, 2004. The equalized assessed valuation of the City reflects its strong economic condition. The City’s assessed valuation has more than doubled since 1996 and increased by an astounding $54 million in 2023. One of the City’s primary goals continues to be the active pursuit of commercial and industrial development that will aid in alleviating the tax burden on residents and business owners, while diversifying the long-term tax base. The City operates under the Mayor-Council form of government. Policymaking and legislative authority are vested in the City Council, which is comprised of a Mayor and two Aldermen from each of seven wards. The City Council is responsible for, among many responsibilities, passing ordinances, adopting an annual budget, appointing committees and hiring the City Administrator. The Council members are elected to four-year staggered terms with seven Council members being elected every two years. The Mayor is elected to a four-year term. The City Administrator is responsible for carrying out the policies of and ordinances adopted by the City Council, for overseeing the day-to-day operations of the City, and for appointing all City staff except the Chief of Police. The City provides a full range of services, including: police protection, the construction and maintenance of streets and other infrastructure, water and wastewater treatment, the distribution of potable water, the collection of wastewater and stormwater, cultural events, as well as community and economic development. The annual budget serves as the foundation for the City’s financial planning and control. It further prioritizes our core services and administrative functions and reflects the policy direction established by the City Council. All department directors of the City are required to submit their budget requests to the City Administrator, who then uses these requests as the starting point for developing a proposed budget. The City Administrator presents the proposed budget to the City Council, and budget workshops with the Finance Committee begin shortly thereafter. The City targets budget adoption at a Council meeting approximately one month prior to the beginning of the fiscal year. Once approved, the City Administrator is given the flexibility to transfer amounts between Department Budgets and line items within a Fund, but City Council action is necessary to transfer money between Funds. The following are some of the major components of the Budget Policy that the City Council has used as a continuing foundation for fiscal discipline: 4 ===== PDF PAGE 13 ===== [Extraction: embedded PDF text] • Revenues are conservatively projected using historical trends, reasonably expected changes in the coming year, and an analysis of anticipated economic conditions in the region, the state and the nation. • Expenditures reflect realistic projections of anticipated expenses. Efforts are made to ensure that programs and services are realistically funded. Expenditures will be paid with current revenues. MAJOR INITIATIVES The City has been involved in a variety of projects throughout the year, which reflect its commitment to ensuring that its citizens are able to experience a high quality of life in an enviable environment. The most significant of these projects are outlined below: • Over $8 million in infrastructure projects, and an additional $1.5 million towards annual infrastructure programs, were completed in 2023, including the following, to name just a few: resurfacing a portion of Technology Boulevard and other road resurfacing, rehabilitating sanitary sewer lines, replacing sidewalks and curbs, making significant building repairs, continuing the tree-replacement program, and installing LED lights throughout the City on municipally-owned poles. • The City was awarded more than $2.6 million, receiving more than $1.3 million in grant funding, while spending $1.6 million on various grant projects. The largest grant projects included: the Fair Meadows Subdivision Street Rehabilitation Project, the Sophia Street Rehabilitation Project, a K-9 Grant for a second City canine, and a GIS Parkway Tree Inventory Program & Urban Forestry Management Plan. • The City completed its Space Needs Analysis, which outlines the City’s organizational needs and identifies how to meet the expanding service requirements of its customers. This important analysis is the first step towards creating a new municipal campus along West Washington Street and preparing the current City Hall site for redevelopment. These actions will serve as catalysts to revitalize the downtown and offer a City Hall that is more welcoming to its visitors. FACTORS AFFECTING LOCAL FINANCIAL CONDITION Local Economy As West Chicago has persistently transitioned itself into a center for commerce and industry, the diversity of its retail and industrial bases has helped to reduce dependency on outside revenues. The City continues to aggressively pursue economic development opportunities and partnerships with commercial and corporate developers, and business owners, while supporting existing relationships, despite the current state of the economy. Long-Term Financial Planning The City performs an annual review of its strategy designed to address the structural and cyclical financial challenges that continue to face the City. This strategy includes five major components: 5 ===== PDF PAGE 14 ===== [Extraction: embedded PDF text] Reduction in Operating Expenditures – To address the structural challenge of rising operating costs, the City annually undergoes an annual, comprehensive, multi-phased review of both the budget and cost for services, and continues to determine alternative ways of providing existing services, with any cost savings that result from such adjustments being reallocated to other operational and maintenance needs. Systematic Use of Fund Reserves – As part of its Policy, the City met its reserve target for the fiscal period ending December 31, 2023. The City maintains operating reserves that may be utilized during economic downturns and other unexpected circumstances. The systematic use of reserves helps to smooth the City’s expenditure patterns and minimize fluctuations in the level of services provided and maintained. Identification and Implementation of New Revenues – The City annually assesses new sources of revenue to ensure the continued delivery of core services to our customers. New revenue sources that are adopted adhere to the City Council’s direction that users should pay for certain services from which only they benefit and/or require. Increased Economic Development Focus – The City’s Economic Development Program is designed to increase and diversify the City’s sales tax, utility tax and real estate tax bases. By doing so, the City has become more self-sufficient, generating revenues and reducing dependency on outside revenue sources. Maintain and Improve City Services – The City has a proud history of providing exceptional services. During the implementation of this strategy, it was imperative that the residents and businesses not experience a reduction in service levels unless absolutely necessary. With few exceptions, the City has been able to provide excellent service with fewer employees and leaner budgets. In addition to this financial strategy, the City continues to have a five-year Capital Improvement Plan (CIP) and a process that projects future operating budgets. The CIP lends guidance and continuity in the planning and development of budgets, but more importantly, it identifies and prioritizes infrastructure maintenance and replacement needs, and plans for projects several years in advance. The Capital Projects Fund, Motor Fuel Tax Fund, Water Fund and Sewer Fund each have their respective five-year plans. Policy and Decision Impacts on Financial Statements The following policies and decisions had significant impact on the City’s financial statements: • Inflation, materials costs, contract and service costs, and supply-chain issues have significantly impacted the costs and timing of the City’s infrastructure projects. The 2023 water and sewer infrastructure cost is approximately $4.5 million, which represents a nearly 65% increase from what was budgeted for maintenance and repairs. To help offset some of these costs, the City has and will continue to pursue grant funding. It also made the difficult, yet necessary decision, to increase its water and sewer rates. It is only the second time that the City raised water rates since 2006 and sewer rates since 2008. Most grant funding and the new water and sewer rates will be invested directly back into City infrastructure. 6 ===== PDF PAGE 15 ===== [Extraction: embedded PDF text] • West Chicago saw more than $66 million invested in its business community in 2023. The DuPage Business Center and other industrial areas accounted for nearly 1.8 million square feet of new industrial space valued at $95 million. The County’s expected expansion of Fabyan Parkway into four lanes and the traffic signal at Route 38 and Technology Boulevard are significant improvements to support that growth. West Chicago welcomed 72 new businesses that eventually will employ more than 400 people. More than $10 million in community investments is expected from the fifteen existing businesses that have expanded or are in the process of expanding their operations. Ten businesses made infrastructure expansions, which resulted in the completion and occupancy of nearly one million square feet of new construction and the addition of 120 new employees. • The City prepared zoning ordinance amendments, updated the sign ordinance, welcomed seven members to the new Economic Development Commission, completed a companion document to the Development Design Guidelines, and the permit fee structure was reviewed and updated to align with comparable communities. • There has been a renewed interest in West Chicago’s downtown area, with several new restaurants and the Puerto Rican Cultural Center opening in 2023. The majority of the City’s vacant buildings and strip centers now are fully occupied. There is a significant positive financial impact from these businesses regarding permit fees, tax dollars, and employees and their vendors and employees utilizing the local economy. West Chicago will continue to attract and retain businesses through the guidance of its Community Development Department staff and its Economic Development Commission. • West Chicago welcomed a new 24-unit multi-family development. This independent-living facility, built for people with disabilities, is the first multi-family downtown development in almost two decades. • The City continued the practice of raising the property tax levy by the maximum amount permitted by non-home rule units of government to keep pace with the increases associated with police personnel, primarily the significant year over year increases in the cost to fund their pensions. AWARDS AND ACHIEVEMENTS Recently, there has been tremendous interest and investment in West Chicago’s real estate. As a result, the City was a finalist for the Illinois Real Estate Journal’s City of the Year Award. In 2022, the City of West Chicago was given was given the designation of being ranked #9 for “Best Places to Live for Families” in the United States by Fortune Magazine and was the only Illinois municipality to make this list. 7 ===== PDF PAGE 16 ===== [Extraction: embedded PDF text] The Government Finance Officers Association of the United States and Canada (GFOA) awarded a Certificated of Achievement for Excellence in Financial Reporting to the City of West Chicago for its annual comprehensive financial report for the fiscal year ended December 31, 2022. In order to be awarded a Certificate of Achievement for Excellence in Financial Reporting from The Government Finance Officers Association of the United States and Canada (GFOA), the City must publish an easily readable and efficiently organized annual comprehensive financial report. This report must satisfy both generally accepted accounting principles and applicable legal requirements, and can be viewed on the City’s website at www.westchicago.org. A Certificate of Achievement is valid for a period of one year only. We believe that our current annual comprehensive financial report continues to meet the Certificate of Achievement Program’s requirements, and we are submitting it to the GFOA to determine its eligibility for another certificate. The preparation of this report was made possible by the dedicated service of the entire staff of the Finance Department. Each member of the Department has my sincere appreciation for the contribution made in the preparation of this report. In closing, I would like to acknowledge and thank the Mayor and City Council for their leadership and support in planning and conducting the financial operations of the City in a progressive manner throughout the year, and for their support in maintaining high standards of professionalism in the management of the City’s finances. Respectfully submitted, Nikki Giles Finance Director 8 ===== PDF PAGE 17 ===== [Extraction: embedded PDF text] Government Finance Officers Association Certificate of Achievement for Excellence in Financial Reporting Presented to City of West Chicago Illinois For its Annual Comprehensive Financial Report For the Fiscal Year Ended December 31, 2022 Executive Director/CEO 9 ===== PDF PAGE 18 ===== [Extraction: embedded PDF text] FINANCIAL SECTION This section includes: • Independent Auditor’s Reports • Management’s Discussion and Analysis • Basic Financial Statements • Required Supplementary Information • Other Supplementary Information • Supplemental Schedule 10 ===== PDF PAGE 19 ===== [Extraction: OCR (rendered-page OCR)] INDEPENDENT AUDITOR’S REPORTS 11 ===== PDF PAGE 20 ===== [Extraction: embedded PDF text] INDEPENDENT AUDITOR’S REPORT June 21, 2024 The Honorable City Mayor Members of the City Council City of West Chicago, Illinois Report on the Audit of the Financial Statements Opinion 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 City of West Chicago, Illinois, as of and for the year ended December 31, 2023, and the related notes to the financial statements, which collectively comprise the City’s basic financial statements as listed in the table of contents. In our opinion, the financial statements referred to above present fairly, in all material respects, the respective financial position of the governmental activities, the business-type activities, each major fund, and the aggregate remaining fund information of the City of West Chicago, Illinois, as of December 31, 2023, and the respective changes in financial position, and, where applicable, cash flows thereof for the year then ended in accordance with accounting principles generally accepted in the United States of America. Basis for Opinions 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. Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our report. We are required to be independent of the City, and to meet our other ethical responsibilities, in accordance with the relevant ethical requirements relating to our audit. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinions. Responsibilities of Management for the Financial Statements Management is responsible for the preparation and fair presentation of the financial statements in accordance with accounting principles generally accepted in the United States of America, and for 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. In preparing the financial statements, management is required to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the City’s ability to continue as a going concern for twelve months beyond the financial statement date, including any currently known information that may raise substantial doubt shortly thereafter 12 ===== PDF PAGE 21 ===== [Extraction: embedded PDF text] City of West Chicago, Illinois June 21, 2024 Auditor’s Responsibilities for the Audit of the Financial Statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinions. Reasonable assurance is a high level of assurance but is not absolute assurance and therefore is not a guarantee that an audit conducted in accordance with generally accepted auditing standards will always detect a material misstatement when it exists. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Misstatements are considered material if there is a substantial likelihood that, individually or in the aggregate, they would influence the judgment made by a reasonable user based on the financial statements. In performing an audit in accordance with generally accepted auditing standards and Government Auditing Standards, we: • Exercise professional judgment and maintain professional skepticism throughout the audit. • Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and design and perform audit procedures responsive to those risks. Such procedures include examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. • Obtain an understanding of internal control relevant to the audit 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 City’s internal control. Accordingly, no such opinion is expressed. • Evaluate the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluate the overall presentation of the financial statements. • Conclude whether, in our judgment, there are conditions or events, considered in the aggregate, that raise substantial doubt about the City’s ability to continue as a going concern for a reasonable period of time. We are required to communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit, significant audit findings, and certain internal control-related matters that we identified during the audit. Required Supplementary Information Accounting principles generally accepted in the United States of America require that the management’s discussion and analysis, the budgetary comparison schedules, and supplementary pension and other post- employment benefit (OPEB) schedules, as listed in the table of contents, be presented to supplement the basic financial statements. Such information is the responsibility of management and, 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. 13 ===== PDF PAGE 22 ===== [Extraction: embedded PDF text] City of West Chicago, Illinois June 21, 2024 Supplementary Information Our audit was conducted for the purpose of forming opinions on the financial statements that collectively comprise the City of West Chicago, Illinois’ basic financial statements. The other supplementary information and supplemental schedules 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. The 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, other supplementary information and supplemental schedules are fairly stated, in all material respects, in relation to the basic financial statements as a whole. Other Information Management is responsible for the other information included in the annual report. The other information comprises the introductory and statistical sections but does not include the basic financial statements and our auditor’s report thereon. Our opinions on the basic financial statements do not cover the other information, and we do not express an opinion or any form of assurance thereon. In connection with our audit of the basic financial statements, our responsibility is to read the other information and consider whether a material inconsistency exists between the other information and the basic financial statements, or the other information otherwise appears to be materially misstated. If, based on the work performed, we conclude that an uncorrected material misstatement of the other information exists, we are required to describe it in our report. Other Reporting Required by Government Auditing Standards In accordance with Government Auditing Standards, we have also issued our report dated June 21, 2024, on our consideration of the City’s internal control over financial reporting and on 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 effectiveness of the City’s internal control over financial reporting or on compliance. That report is an integral part of an audit performed in accordance with Government Auditing Standards in considering the City’s internal control over financial reporting and compliance. Lauterbach & Amen, LLP LAUTERBACH & AMEN, LLP 14 ===== PDF PAGE 23 ===== [Extraction: embedded PDF text] INDEPENDENT AUDITOR’S REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING AND ON COMPLIANCE AND OTHER MATTERS BASED ON AN AUDIT OF FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE WITH GOVERNMENT AUDITING STANDARDS June 21, 2024 The Honorable City Mayor Members of the City Council City of West Chicago, Illinois We have audited, in accordance with the 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, the financial statements of the governmental activities, the business-type activities, each major fund, and the aggregate remaining fund information of the City of West Chicago, Illinois, as of and for the year ended December 31, 2023, and the related notes to the financial statements, which collectively comprise the City’s basic financial statements, and have issued our report thereon dated June 21, 2024. Report on Internal Control Over Financial Reporting In planning and performing our audit of the financial statements, we considered the City’s internal control over financial reporting (internal control) as a basis for designing audit procedures that are appropriate in the circumstances for the purpose of expressing our opinions on the financial statements, but not for the purpose of expressing an opinion on the effectiveness of the City’s internal control. Accordingly, we do not express an opinion on the effectiveness of the City’s internal control. A deficiency in internal control exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent, or detect and correct, misstatements, on a timely basis. A material weakness is a deficiency, or a combination of deficiencies, in internal control, such that there is a reasonable possibility that a material misstatement of the City’s financial statements will not be prevented, or detected and corrected, on a timely basis. A significant deficiency is a deficiency, or a combination of deficiencies, in internal control that is less severe than a material weakness, yet important enough to merit attention by those charged with governance. Our consideration of internal control was for the limited purpose described in the first paragraph of this section and was not designed to identify all deficiencies in internal control that might be material weaknesses or, significant deficiencies. Given these limitations, during our audit we did not identify any deficiencies in internal control that we consider to be material weaknesses. However, material weaknesses or significant deficiencies may exist that were not identified. 15 ===== PDF PAGE 24 ===== [Extraction: embedded PDF text] City of West Chicago, Illinois June 21, 2024 Report on Compliance and Other Matters As part of obtaining reasonable assurance about whether the City’s financial statements are free from material misstatement, we performed tests of its compliance with certain provisions of laws, regulations, contracts, and grant agreements, noncompliance with which could have a direct and material effect on the financial statements. However, providing an opinion on compliance with those provisions was not an objective of our audit, and accordingly, we do not express such an opinion. The results of our tests disclosed no instances of noncompliance or other matters that are required to be reported under Government Auditing Standards. Purpose of this Report The purpose of this report is solely to describe the scope of our testing of internal control and compliance and the results of that testing, and not to provide an opinion on the effectiveness of the City’s internal control or on compliance. This report is an integral part of an audit performed in accordance with Government Auditing Standards in considering the City’s internal control and compliance. Accordingly, this communication is not suitable for any other purpose. Lauterbach & Amen, LLP LAUTERBACH & AMEN, LLP 16 ===== PDF PAGE 25 ===== [Extraction: OCR (rendered-page OCR)] MANAGEMENT?’S DISCUSSION AND ANALYSIS 17 ===== PDF PAGE 26 ===== [Extraction: embedded PDF text] CITY OF WEST CHICAGO, ILLINOIS Management’s Discussion and Analysis December 31, 2023 Our discussion and analysis of the City of West Chicago’s financial performance provides an overview of the City of West Chicago’s financial activities for the fiscal year ended December 31, 2023. Please read it in conjunction with the transmittal letter, which can be found in the introductory section of this report and the City of West Chicago’s financial statements, located in the basic financial statements section of this report. FINANCIAL HIGHLIGHTS • The City’s net position increased as a result of this year’s operations. Net position of business- type activities increased by $2,091,702, or 2.4 percent and net position of the governmental activities increased by $2,144,533 or 4.5 percent. • During the year, government-wide revenues for the primary government totaled $48,504,599, while expenses totaled $44,268,364, resulting in an increase to net position of $4,236,235. • The City of West Chicago’s net position totaled $137,979,398 at December 31, 2023, which includes $144,140,292 net investment in capital assets, $13,735,151 subject to external restrictions, and $19,896,045 unrestricted deficit net position that is relative to the continued increase in non-current liabilities, specifically police pension. • The General Fund reported a decrease this year of $3,019,116, resulting in an ending fund balance of $8,520,790, a decrease of 26.2 percent. • Beginning net position/fund balances were restated to ensure the proper recording of liability insurance expenses/expenditures. USING THIS REPORT This annual report consists of a series of financial statements. The Statement of Net Position and the Statement of Activities provide information about the activities of the City of West Chicago as a whole and present a longer-term view of the City’s finances. For governmental activities, these statements tell how these services were financed in the short term as well as what remains for future spending. Fund financial statements also report the City’s operations in more detail than the government-wide statements by providing information about the City of West Chicago’s most significant funds. The remaining statements provide financial information about activities for which the City acts solely as a trustee or agent for the benefit of those outside of the government. Government-Wide Financial Statements The government-wide financial statements provide readers with a broad overview of the City of West Chicago’s finances, in a manner similar to a private-sector business. The Statement of Net Position reports information on all of the City of West Chicago’s assets/deferred outflows and liabilities/deferred inflows, with the difference between the two reported as net position. Over time, increases or decreases in net position may serve as a useful indicator of whether the financial position of the City is improving or deteriorating. Consideration of other non-financial factors, such as changes in the City’s property tax base and the condition of the City’s infrastructure, is needed to assess the overall health of the City of West Chicago. 18 ===== PDF PAGE 27 ===== [Extraction: embedded PDF text] CITY OF WEST CHICAGO, ILLINOIS Management’s Discussion and Analysis December 31, 2023 USING THIS REPORT – Continued Government-Wide Financial Statements – Continued The Statement of Activities presents information showing how the government’s net position changed during the most recent fiscal period. All changes in net position are reported as soon as the underlying event giving rise to the change occurs, regardless of the timing of related cash flows. Thus, revenues and expenses are reported in this statement for some items that will only result in cash flows in future fiscal periods (e.g., uncollected taxes and earned but unused vacation leave). Both of the government-wide financial statements distinguish functions of the City of West Chicago 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 City of West Chicago include general government, public safety and culture and recreation. The business-type activities of the City of West Chicago include waterworks, sewerage and commuter parking operations. Fund Financial Statements A fund is a grouping of related accounts that is used to maintain control over resources that have been segregated for specific activities or objectives. The City of West Chicago, like other local governments, uses fund accounting to ensure and demonstrate compliance with finance-related legal requirements. All of the funds of the City can be divided into three categories: governmental funds, proprietary funds, and fiduciary funds. Governmental Funds Governmental funds are used to account for essentially the same functions reported as governmental activities in the government-wide financial statements. However, governmental fund financial statements focus on near-term inflows and outflows of spendable resources, as well as on balances of spendable resources available at the end of the fiscal period. Such information may be useful in evaluating the City of West Chicago’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 the comparison between governmental funds and governmental activities. The City of West Chicago maintains eight 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, Community Park Fund, Downtown TIF #2 Fund, Motor Fuel Tax Fund, and Capital Improvement Fund, all of which are considered major funds. Data from the other three governmental funds are combined into a single, aggregated presentation. Individual fund data for each of these nonmajor governmental funds is provided in the form of combining statements elsewhere in this report. 19 ===== PDF PAGE 28 ===== [Extraction: embedded PDF text] CITY OF WEST CHICAGO, ILLINOIS Management’s Discussion and Analysis December 31, 2023 USING THIS REPORT – Continued Fund Financial Statements – Continued Governmental Funds – Continued The City of West Chicago adopts an annual budget for all of the governmental funds, except for the Downtown TIF #2 Fund. A budgetary comparison schedule for these funds has been provided to demonstrate compliance with this budget. Proprietary Funds The City of West Chicago maintains one proprietary fund type: enterprise. Enterprise funds are used to report the same functions presented as business-type activities in the government–wide financial statements. The City of West Chicago utilizes enterprise funds to account for its water and sewer operations, water and sewer construction, water and sewer debt retirement, and commuter parking operations. Proprietary fund financial statements provide the same type of information as the government-wide financial statements, only in more detail. The proprietary fund financial statements provide separate information for the Waterworks and Sewerage Funds, which are considered to be major funds of the City, and the Commuter Parking Fund, which is a nonmajor fund. 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 City of West Chicago’s own programs. The accounting use for fiduciary funds is much like that used for proprietary funds. Notes to the Financial Statements The notes provide additional information that is essential to a full understanding of the data provided in the government-wide and fund financial statements. Other Information In addition to the basic financial statements and accompanying notes, this report also presents certain required supplementary information concerning the City of West Chicago’s Illinois Municipal Retirement Fund (I.M.R.F.), Police Pension Fund, and retiree benefits plan, as well as budgetary comparison schedules for the General Fund and any major special revenue funds. The combining statements referred to earlier in connection with nonmajor governmental funds are presented immediately following the required supplementary information on pensions. 20 ===== PDF PAGE 29 ===== [Extraction: embedded PDF text] CITY OF WEST CHICAGO, ILLINOIS Management’s Discussion and Analysis December 31, 2023 GOVERNMENT-WIDE FINANCIAL ANALYSIS Net position may serve over time as a useful indicator of a government’s financial position. The following tables show that in the case of the City of West Chicago, assets/deferred outflows exceeded liabilities/deferred inflows by $137,979,398. Net Position Governmental Business-Type Activities Activities Totals 2023 2022 2023 2022 2023 2022 Current Assets $ 38,835,173 $ 36,020,148 $ 1,797,873 $ 1,352,327 $ 40,633,046 $ 37,372,475 Capital Assets 50,120,415 50,991,911 94,713,338 94,359,016 144,833,753 145,350,927 Total Assets 88,955,588 87,012,059 96,511,211 95,711,343 185,466,799 182,723,402 Deferred Outlflows 11,214,910 11,311,732 2,398,631 3,093,011 13,613,541 14,404,743 Total Assets/Deferred Outflows 100,170,498 98,323,791 98,909,842 98,804,354 199,080,340 197,128,145 Current Liabilities 5,465,426 4,517,859 6,169,585 6,872,951 11,635,011 11,390,810 Noncurrent Liabilities 35,238,904 34,622,835 4,543,658 6,038,816 39,782,562 40,661,651 Total Liabilities 40,704,330 39,140,694 10,713,243 12,911,767 51,417,573 52,052,461 Deferred Inflows 9,670,802 11,791,550 12,567 20,102 9,683,369 11,811,652 Total Liabilities/Deferred Inflows 50,375,132 50,932,244 10,725,810 12,931,869 61,100,942 63,864,113 Net Position Net Investment in Capital Assets 50,120,415 50,991,911 94,019,877 92,989,578 144,140,292 143,981,489 Restricted 13,554,830 8,713,917 180,321 180,321 13,735,151 8,894,238 Unrestricted (Deficit) (13,879,879) (12,314,281) (6,016,166) (7,297,414) (19,896,045) (19,611,695) Total Net Position $ 49,795,366 $ 47,391,547 $ 88,184,032 $ 85,872,485 $ 137,979,398 $ 133,264,032 A large portion of the City’s net position, $144,140,292, reflects its investment in capital assets (i.e., land, construction in progress, land improvements, buildings and improvements, machinery and equipment, and infrastructure), less any related debt used to acquire those assets that is still outstanding. The City uses these capital assets to provide services to citizens; consequently, these assets are not available for future spending. Although the City’s investment in its capital assets is reported net of related debt, it should be noted that the resources needed to repay this debt must be provided from other sources, since the capital assets themselves cannot be used to liquidate these liabilities. An additional portion, $13,735,151, of the City of West Chicago’s net position represents resources that are subject to external restrictions on how they may be used. The remaining $19,896,045 represents unrestricted deficit net position that is relative to the continued increase in non-current liabilities, specifically police pension. 21 ===== PDF PAGE 30 ===== [Extraction: embedded PDF text] CITY OF WEST CHICAGO, ILLINOIS Management’s Discussion and Analysis December 31, 2023 GOVERNMENT-WIDE FINANCIAL ANALYSIS – Continued Changes in Net Position Governmental Business-Type Activities Activities Totals 2023 2022 2023 2022 2023 2022 Revenues Program Revenues Charges for Services $ 6,715,302 $ 6,792,303 $ 14,608,248 $ 9,578,031 $ 21,323,550 $ 16,370,334 Operating Grants/Contrib. 2,262,849 1,112,088 540,000 - 2,802,849 1,112,088 Capital Grants/Contrib. - 616,114 - - - 616,114 General Revenues Property Taxes 4,538,891 4,086,790 10,290 9,354 4,549,181 4,096,144 Other Taxes 725,822 639,735 - - 725,822 639,735 Sales and Use Taxes 10,127,058 10,725,087 - - 10,127,058 10,725,087 Income Taxes 4,091,052 4,173,731 - - 4,091,052 4,173,731 Replacement Taxes 527,994 630,453 - - 527,994 630,453 Utility Taxes 2,131,218 2,219,966 - - 2,131,218 2,219,966 Video Gaming Taxes 38,789 7,836 - - 38,789 7,836 Interest Income 450,063 104,248 284,253 75,725 734,316 179,973 Miscellaneous 973,362 1,144,739 479,408 265,490 1,452,770 1,410,229 Total Revenues 32,582,400 32,253,090 15,922,199 9,928,600 48,504,599 42,181,690 Expenses General Government 9,057,223 8,457,023 - - 9,057,223 8,457,023 Public Safety 10,976,733 11,601,093 - - 10,976,733 11,601,093 Culture and Recreation 47,062 49,691 - - 47,062 49,691 Streets and Highways 9,664,763 5,916,606 - - 9,664,763 5,916,606 Waterworks - - 7,703,453 7,485,333 7,703,453 7,485,333 Sewerage - - 6,735,252 6,169,629 6,735,252 6,169,629 Commuter Parking - - 83,878 90,272 83,878 90,272 Total Expenses 29,745,781 26,024,413 14,522,583 13,745,234 44,268,364 39,769,647 Change in Net Position Before Transfers 2,836,619 6,228,677 1,399,616 (3,816,634) 4,236,235 2,412,043 Transfers (692,086) (15,406,100) 692,086 15,406,100 - - Change in Net Position 2,144,533 (9,177,423) 2,091,702 11,589,466 4,236,235 2,412,043 Net Position - Beginning as Restated 47,650,833 56,568,970 86,092,330 74,283,019 133,743,163 130,851,989 Net Position - Ending $ 49,795,366 $ 47,391,547 $ 88,184,032 $ 85,872,485 $ 137,979,398 $ 133,264,032 Net position of the City of West Chicago’s governmental activities increased 4.5 percent ($49,795,366 at December 31, 2023, compared to a restated $47,650,833 at December 31, 2022). Unrestricted net position, the part of net position that can be used to finance day-to-day operations without constraints, totaled a deficit of $13,879,879 at December 31, 2023. Net position of business-type activities increased 2.4 percent ($88,184,032 at December 31, 2023 compared to a restated $86,092,330 at December 31, 2022). The City reported a surplus of $1,535,046 in the Waterworks Fund, a surplus of $573,777 in the Sewerage Fund, and a deficit of $17,121 in the Commuter Parking Fund. 22 ===== PDF PAGE 31 ===== [Extraction: embedded PDF text] CITY OF WEST CHICAGO, ILLINOIS Management’s Discussion and Analysis December 31, 2023 GOVERNMENT-WIDE FINANCIAL ANALYSIS – Continued Governmental Activities Revenues for governmental activities totaled $32,582,400 while the cost of all governmental functions totaled $29,745,781. This results in a net position increase of $2,836,619 before transfers at December 31, 2023. At December 31, 2022, revenues for governmental activities totaled $32,253,090, while the cost of all governmental functions totaled $26,024,413, which resulted in a surplus of $6,228,677. Revenues for operating grants/contributions, property taxes, and interest income increased by $1,150,761, $452,101, and $345,815, respectively. Revenues for capital grants/contributions, sales and use taxes, and miscellaneous revenues decreased by $616,114, $598,029, and $171,377, respectively. The following table graphically depicts the major revenue sources of the City of West Chicago. It depicts very clearly the reliance on property taxes, sales and use taxes, charges for services and other general revenues to fund governmental activities. It also clearly identifies the less significant percentage the City receives from capital grants and contributions, other taxes, and replacement taxes. Revenues by Source - Governmental Activities Interest Income, Misc, 3.0% 1.4% Other, 6.5% Charges for Video Gaming Services, 20.6% Taxes, 0.1% Operating Replacement Grants/Contrib., 6.9% Taxes, 1.6% Income Taxes, 12.6% Property Taxes, Sales and Use 13.9% Taxes, 31.2% Other Taxes, 2.2% 23 ===== PDF PAGE 32 ===== [Extraction: embedded PDF text] CITY OF WEST CHICAGO, ILLINOIS Management’s Discussion and Analysis December 31, 2023 GOVERNMENT-WIDE FINANCIAL ANALYSIS – Continued Governmental Activities – Continued The ‘Expenses and Program Revenues’ Chart identifies those governmental functions where program expenses greatly exceed revenues. These expenses and revenues do not include the major revenue sources, such as property taxes, sales and use taxes and income taxes, described earlier. The Statement of Activities further outlines those revenues and expenses considered program specific. Expenses and Program Revenues - Governmental Activities Revenues Expenses $12,000,000 $10,000,000 $8,000,000 $6,000,000 $4,000,000 $2,000,000 $- General Public Safety Culture and Streets and Government Recreation Highways Business-Type Activities Business-type activities posted total revenues of $15,922,199, while the cost of all business-type activities totaled $14,522,583. This results in a net position increase of $1,399,616 prior to transfers in of $692,086. At December 31, 2022, revenues of $9,928,600, were less than expenses of $13,745,234, resulting in a decrease of $3,816,634 prior to transfers in of $15,406,100. The increase in the current year is due to the increase in both the water and sewer rates, meter fees and base charges. The chart below compares program revenues to expenses for business-type activities. Program Revenues and Expenses - Business-Type Activities Revenues Expenses $8,000,000 $7,000,000 $6,000,000 $5,000,000 $4,000,000 $3,000,000 $2,000,000 $1,000,000 $- Waterworks Sewerage Commuter Parking 24 ===== PDF PAGE 33 ===== [Extraction: embedded PDF text] CITY OF WEST CHICAGO, ILLINOIS Management’s Discussion and Analysis December 31, 2023 FINANCIAL ANALYSIS OF THE GOVERNMENT’S FUNDS As noted earlier, the City of West Chicago uses fund accounting to ensure and demonstrate compliance with finance-related legal requirements. Governmental Funds The focus of the City of West Chicago’s governmental funds is to provide information on near-term inflows, outflows, and balances of spendable resources. In particular, unassigned fund balance may serve as a useful measure of a government’s net resources available for spending at the end of the fiscal year. At December 31, 2023, the City’s governmental funds reported combined ending fund balances of $28,960,861, which is an increase of $1,282,020 from last year’s restated total of $27,678,841. Of the $28,960,861 total, $7,495,737 or 25.9 percent, of the fund balance constitutes unassigned fund balance, while $439,702, or 1.5 percent, is designated as nonspendable, $13,554,830, or 46.8 percent, has been classified as restricted funds and $7,470,592, or 25.8 percent, has been classified as assigned funds. The General Fund is the chief operating fund of the City. The General Fund reported a decrease in fund balance for the fiscal year of $3,019,116, a decrease of 26.2 percent. The General Fund decrease was due to interfund transfers to the Motor Fuel Tax, the Community Park, and the Waterworks Funds. These variances are further outlined on the General Fund Schedule of Revenues, Expenditures, and Changes in Fund Balance. The Community Park Fund will be used to fund the construction of a new park on the former Rare Earths Facility site and its future maintenance. The fund balance in The Community Park Fund increased by $3,597,212 due to two General Fund transfers totaling $3.5 million for preplanning work and so that work can begin on the Project in 2024. The TIF Special Tax Allocation #1 Fund was closed and re-opened as TIF Downtown #2 Fund. It reported an increase of $28,144 for the year. As a result of the revenues of $37,104 exceeding expenditures of $8,960, the resulting fund balance of $28,144 will be used for prospective development. The Motor Fuel Tax Fund reported an increase of $2,994,175 for the year. This increase is due to revenue exceeding expenditures by $1.2 million and a General Fund transfer. The Capital Improvement Fund reported a decrease in fund balance of $2,536,456 for the year, which resulted from actual expenditures of $7,751,594 exceeding actual revenues of $5,215,138, a result of capital outlay expenditures. 25 ===== PDF PAGE 34 ===== [Extraction: embedded PDF text] CITY OF WEST CHICAGO, ILLINOIS Management’s Discussion and Analysis December 31, 2023 FINANCIAL ANALYSIS OF THE GOVERNMENT’S FUNDS – Continued Proprietary Funds The City of West Chicago’s proprietary funds provide the same type of information found in the government-wide financial statements, but in more detail. The City reports the Waterworks Fund and the Sewerage Funds as two major proprietary funds. The Waterworks Fund accounts for all of the operations of the municipal water plant and distribution system while the Sewerage Fund accounts for all of the operations of the municipal sewer treatment plant and collection system. Water is sold to municipal customers at a rate of $9.00 per one thousand gallons of water and a rate of $10.00 per one thousand gallons of sewerage. The variance between the cost of operations and the rates charged to customers is intended to finance the debt and infrastructure of the utility system, including labor costs, supplies, infrastructure maintenance and future infrastructure improvements. The Commuter Parking Fund is recorded as a non-major fund. Each year, the City of West Chicago projects the user rates charged to be sufficient that the funds operate at a breakeven level, including amortization of future capital costs. Periodically, there will be an annual surplus or decrease due to the timing of capital projects. The increase in net position in the Waterworks Fund during the fiscal year was $1,535,046, while the increase in the previous fiscal year was $6,237,578. The increase in the current year is due primarily to an increase in rates per 1,000 gallons of metered service and associated meter fees. The Sewerage Fund experienced an increase in net position of $573,777, while the previous fiscal year reported an increase of $5,383,568. The increase in the current year is due to an increase in rates per 1,000 gallons of metered service and associated base charges. The Commuter Parking Fund had a decrease in net position for the fiscal year of $17,121 compared to the decrease in the previous fiscal year of $31,680. The decrease in the current year is due to actual expenses of $83,878 exceeding actual revenues of $66,549. Total net position in the Proprietary Funds was $88,184,032 (net investment in capital assets, restricted, and unrestricted (deficit) at December 31, 2023. GENERAL FUND BUDGETARY HIGHLIGHTS The City of West Chicago Council made one budget amendment to the General Fund during the fiscal year. General Fund actual revenues for the year totaled $24,406,191 compared to budgeted revenues of $21,850,700. There was better than anticipated actual results within most revenue categories, except intergovernmental revenues which came in slightly lower than anticipated. 26 ===== PDF PAGE 35 ===== [Extraction: embedded PDF text] CITY OF WEST CHICAGO, ILLINOIS Management’s Discussion and Analysis December 31, 2023 GENERAL FUND BUDGETARY HIGHLIGHTS – Continued Original budgeted expenditures of $22,440,100 were increased $250,000 primarily due to reimbursable expenditures associated with the Lakeshore Recycling System Siting Application. The General Fund actual expenditures for the year were $1,254,938 lower than budgeted ($21,435,162 actual compared to $22,690,100 final budgeted). The general government’s actual expenditures were lower than budgeted expenditures by $1,705,753 due to overall cost controlling measures. In addition, public safety actual expenditures were higher than budgeted expenditures by $450,815 due to equipment purchases from drug asset forfeiture fund proceeds. CAPITAL ASSETS AND DEBT ADMINISTRATION Capital Assets The City of West Chicago’s investment in capital assets for its governmental and business type activities as of December 31, 2023 was $144,833,753, net of accumulated depreciation. This investment in capital assets includes land, construction on progress, land improvements, buildings and improvements, machinery and equipment, and infrastructure. Capital Assets - Net of Depreciation Governmental Business-Type Activities Activities Totals 2023 2022 2023 2022 2023 2022 Land $ 20,218,128 $ 20,218,128 $ 28,040,111 $ 28,040,111 $ 48,258,239 $ 48,258,239 Construction in Progress 376,982 82,094 1,614,110 273,807 1,991,092 355,901 Land Improvements 1,213,011 1,269,327 389,272 421,384 1,602,283 1,690,711 Buildings and Improvements 4,823,951 4,522,450 17,538,801 18,329,739 22,362,752 22,852,189 Machinery and Equipment 2,276,974 2,320,962 3,131,701 3,007,081 5,408,675 5,328,043 Infrastructure 21,211,369 22,578,950 43,999,343 44,286,894 65,210,712 66,865,844 Totals $ 50,120,415 $ 50,991,911 $ 94,713,338 $ 94,359,016 $ 144,833,753 $ 145,350,927 This year’s major additions included: Construction in Progress $ 1,771,393 Buildings and Improvements 413,273 Machinery and Equipment 776,685 Infrastructure 1,087,437 $ 4,048,788 Additional information on the City of West Chicago’s capital assets can be found in Note 3 of this report. 27 ===== PDF PAGE 36 ===== [Extraction: embedded PDF text] CITY OF WEST CHICAGO, ILLINOIS Management’s Discussion and Analysis December 31, 2023 CAPITAL ASSETS AND DEBT ADMINISTRATION – Continued Debt Administration At December 31, 2023, the City of West Chicago had total outstanding debt of $693,461 as compared to $1,369,438 at December 31, 2022, a decrease of $675,977. The following is a comparative statement of outstanding debt: Long-Term Debt Outstanding Governmental Business-Type Activities Activities Totals 2023 2022 2023 2022 2023 2022 IEPA Revolving Loan $ - $ - $ 693,461 $ 1,369,438 $ 693,461 $ 1,369,438 Chapter 65, Section 5/8-5-1 of the Illinois Compiled Statutes governs computation of the legal debt margin. The City is a home rule municipality and to date, the Illinois General Assembly has set no limits for home rule municipalities. Additional information on the City of West Chicago long-term debt can be found in Note 3 of this report. ECONOMIC FACTORS AND NEXT YEAR’S BUDGET AND RATES The 2023 overall inflation rate for the United States was 4.1 percent. The 2023 inflation rate in Illinois was 3.4 percent. The 2023 inflation rate in the overall local area was 3.5 percent, which is 2.0 percent less than 2022, but significantly greater than the 2019 and 2020 average of 1.55 percent. The items that rose the highest were food and energy, shelter, other goods & services, and recreation. Amounts available for appropriation in the General Fund are $24,844,500 an increase of 9.49% from the final 2023 budget General Fund appropriation of $22,690,100. The City of West Chicago has budgeted increases in property taxes of 4.9 percent and home rule sales tax of 0.5 percent, the latter to fund the principal and interest payments of a debt issuance for the resurfacing of the City’s industrial streets. The City’s major initiatives in the 2024 budget include a return to an aggressive street resurfacing program, the installation of the traffic signal at Il-38 and Technology Boulevard, the reconstruction of Harvester Road, the painting of the Fremont Street Water Tower, and the final environment remediation of the City’s West Washington Street Redevelopment Area. The City of West Chicago maintains its strong commitment to fiscal accountability and pledges to continue to seek innovative strategies to maximize financial responsibility. 28 ===== PDF PAGE 37 ===== [Extraction: embedded PDF text] CITY OF WEST CHICAGO, ILLINOIS Management’s Discussion and Analysis December 31, 2023 ECONOMIC FACTORS AND NEXT YEAR’S BUDGET AND RATES – Continued The City of West Chicago’s elected and appointed officials considered many factors when setting the fiscal year 2024 budget, tax rates and fees that will be charged for its governmental and business-type activities. One of those factors is the economy. Unemployment Rates for December 2023, for DuPage County was 3.1 percent and the state and national Unemployment Rates were 4.5 and 3.7 percent, respectively. The City of West Chicago’s citywide Unemployment Rate was 4.90 percent, which peaks in the winter months due to the seasonal nature of the jobs held by a larger portion of its workforce; during the rest of the year, West Chicago has one of the lowest Unemployment Rates in DuPage County. Additionally, scheduled capital improvement projects will have a significant budgetary impact, with the noteworthy increases in the Motor Fuel Tax Fund assisting to offset those costs by approximately $4.5 million. Long-awaited grant funding with the State of Illinois has been secured, which also will offset capital costs. REQUESTS FOR INFORMATION This financial report is designed to provide a general overview of the City of West Chicago’s finances for all those with an interest in the government’s finances. Questions concerning any of the information provided in this report or requests for additional information should be directed to the Finance Director, City of West Chicago, 475 Main Street, West Chicago, IL 60185. 29 ===== PDF PAGE 38 ===== [Extraction: embedded PDF text] BASIC FINANCIAL STATEMENTS The basic financial Statements include integrated sets of financial statements as required by the GASB. The sets of statements include: • Government-Wide Financial Statements • Fund Financial Statements Governmental Funds Proprietary Funds Fiduciary Fund In addition, the notes to the financial statements are included to provide information that is essential to a user’s understanding of the basic financial statements. 30 ===== PDF PAGE 39 ===== [Extraction: embedded PDF text] CITY OF WEST CHICAGO, ILLINOIS Statement of Net Position December 31, 2023 See Following Page 31 ===== PDF PAGE 40 ===== [Extraction: embedded PDF text] CITY OF WEST CHICAGO, ILLINOIS Statement of Net Position December 31, 2023 Governmental Business -Type Activities Activities Totals ASSETS Current Assets Cash and Investments $ 28,003,605 $ 507,160 $ 28,510,765 Receivables - Net of Allowances 9,466,287 1,966,538 11,432,825 Internal Balances 925,579 (925,579) - Prepaids/Inventories 439,702 249,754 689,456 Total Current Assets 38,835,173 1,797,873 40,633,046 Noncurrent Assets Capital Assets Nondepreciable 20,595,110 29,654,221 50,249,331 Depreciable 80,030,450 114,377,542 194,407,992 Accumulated Depreciation (50,505,145) (49,318,425) (99,823,570) Total Capital Assets 50,120,415 94,713,338 144,833,753 Total Assets 88,955,588 96,511,211 185,466,799 DEFERRED OUTFLOWS OF RESOURCES Deferred Items - IMRF 1,746,547 1,613,353 3,359,900 Deferred Items - Police Pension 9,438,363 - 9,438,363 Deferred Items - ARO 30,000 785,278 815,278 Total Deferred Outflows of Resources 11,214,910 2,398,631 13,613,541 Total Assets and Deferred Outflows of Resources 100,170,498 98,909,842 199,080,340 The notes to the financial statements are an integral part of this statement. 32 ===== PDF PAGE 41 ===== [Extraction: embedded PDF text] Governmental Business -Type Activities Activities Totals LIABILITIES Current Liabilities Accounts Payable $ 1,931,940 $ 1,374,718 $ 3,306,658 Retainage Payable 92,766 107,342 200,108 Accrued Payroll 617,175 165,542 782,717 Accrued Interest Payable - 5,942 5,942 Deposits Payable 2,150,256 - 2,150,256 Other Payables 300,416 3,791,535 4,091,951 Current Portion of Long-Term Debt 372,873 724,506 1,097,379 Total Current Liabilities 5,465,426 6,169,585 11,635,011 Noncurrent Liabilities Compensated Absences Payable 1,491,494 124,179 1,615,673 Net Pension Liability - IMRF 1,883,299 1,739,678 3,622,977 Net Pension Liability - Police Pension 27,704,774 - 27,704,774 Total OPEB Liability - RBP 4,084,337 1,829,801 5,914,138 Asset Retirement Obligation 75,000 850,000 925,000 Total Noncurrent Liabilities 35,238,904 4,543,658 39,782,562 Total Liabilities 40,704,330 10,713,243 51,417,573 DEFERRED INFLOWS OF RESOURCES Deferred Items - IMRF 13,606 12,567 26,173 Deferred Items - Police Pension 4,875,437 - 4,875,437 Property Taxes 4,781,759 - 4,781,759 Total Deferred Inflows of Resources 9,670,802 12,567 9,683,369 Total Liabilities and Deferred Inflows of Resources 50,375,132 10,725,810 61,100,942 NET POSITION Net Investment in Capital Assets 50,120,415 94,019,877 144,140,292 Restricted - Motor Fuel Tax 7,877,676 - 7,877,676 Restricted - Public Safety 591,457 - 591,457 Restricted - Property Taxes - TIF 401,254 - 401,254 Restricted - Community Park Projects 4,684,443 - 4,684,443 Restricted - Water - 180,321 180,321 Unrestricted (Deficit) (13,879,879) (6,016,166) (19,896,045) Total Net Position $ 49,795,366 $ 88,184,032 $ 137,979,398 The notes to the financial statements are an integral part of this statement. 33 ===== PDF PAGE 42 ===== [Extraction: embedded PDF text] CITY OF WEST CHICAGO, ILLINOIS Statement of Activities For the Fiscal Year Ended December 31, 2023 Program Revenues Charges Operating Capital for Grants/ Grants/ Expenses Services Contributions Contributions Governmental Activities General Government $ 9,057,223 $ 2,913,391 $ - $ - Public Safety 10,976,733 2,617,987 61,747 - Culture and Recreation 47,062 1,183,924 696,650 - Streets and Highways 9,664,763 - 1,504,452 - Total Governmental Activities 29,745,781 6,715,302 2,262,849 - Business-Type Activities Waterworks 7,703,453 7,787,790 540,000 - Sewerage 6,735,252 6,753,909 - - Commuter Parking 83,878 66,549 - - Total Business-Type Activities 14,522,583 14,608,248 540,000 - Total Primary Government $ 44,268,364 $ 21,323,550 $ 2,802,849 $ - General Revenues Taxes Property Taxes Telecommunications Taxes Amusement Taxes Cannabis Taxes Intergovernmental - Unrestricted Sales and Use Taxes Income Taxes Replacement Taxes Utility Taxes Video Gaming Taxes Interest Income Miscellaneous Transfers - Internal Balances Change in Net Position Net Position - Beginning as Restated Net Position - Ending The notes to the financial statements are an integral part of this statement. 34 ===== PDF PAGE 43 ===== [Extraction: embedded PDF text] Net (Expenses)/Revenues Primary Government Governmental Business-Type Activities Activities Totals $ (6,143,832) $ - $ (6,143,832) (8,296,999) - (8,296,999) 1,833,512 - 1,833,512 (8,160,311) (8,160,311) (20,767,630) - (20,767,630) - 624,337 624,337 - 18,657 18,657 - (17,329) (17,329) - 625,665 625,665 (20,767,630) 625,665 (20,141,965) 4,538,891 10,290 4,549,181 539,995 - 539,995 147,040 - 147,040 38,787 - 38,787 10,127,058 - 10,127,058 4,091,052 - 4,091,052 527,994 - 527,994 2,131,218 - 2,131,218 38,789 - 38,789 450,063 284,253 734,316 973,362 479,408 1,452,770 (692,086) 692,086 - 22,912,163 1,466,037 24,378,200 2,144,533 2,091,702 4,236,235 47,650,833 86,092,330 133,743,163 $ 49,795,366 $ 88,184,032 $ 137,979,398 The notes to the financial statements are an integral part of this statement. 35 ===== PDF PAGE 44 ===== [Extraction: embedded PDF text] CITY OF WEST CHICAGO, ILLINOIS Balance Sheet - Governmental Funds December 31, 2023 Special Community General Park ASSETS Cash and Investments $ 7,158,948 $ 4,684,443 Receivables - Net of Allowances Property Taxes 4,678,641 - Other 3,516,166 - Due From Other Funds 925,579 - Prepaids/Inventories 433,596 - Total Assets 16,712,930 4,684,443 LIABILITIES Accounts Payable 761,377 - Retainage Payable - - Accrued Payroll 601,866 - Deposits Payable 2,150,256 - Other Payables - - Total Liabilities 3,513,499 - DEFERRED INFLOWS OF RESOURCES Property Taxes 4,678,641 - Total Liabilities and Deferred Inflows of Resources 8,192,140 - FUND BALANCES Nonspendable 433,596 - Restricted 591,457 4,684,443 Assigned - - Unassigned 7,495,737 - Total Fund Balances 8,520,790 4,684,443 Total Liabilities, Deferred Inflows of Resources and Fund Balances $ 16,712,930 $ 4,684,443 The notes to the financial statements are an integral part of this statement. 36 ===== PDF PAGE 45 ===== [Extraction: embedded PDF text] Revenue Capital Motor Projects Downtown Fuel Capital TIF #2 Tax Improvement Nonmajor Totals $ 28,144 $ 7,928,751 $ 4,089,496 $ 4,113,823 $ 28,003,605 - - - 102,830 4,781,471 - 99,971 1,068,679 - 4,684,816 - - - - 925,579 - - 6,106 - 439,702 28,144 8,028,722 5,164,281 4,216,653 38,835,173 - 151,046 422,734 596,783 1,931,940 - - 92,766 - 92,766 - - 15,309 - 617,175 - - - - 2,150,256 - - 300,416 - 300,416 - 151,046 831,225 596,783 5,092,553 - - 288 102,830 4,781,759 - 151,046 831,513 699,613 9,874,312 - - 6,106 - 439,702 28,144 7,877,676 - 373,110 13,554,830 - - 4,326,662 3,143,930 7,470,592 - - - - 7,495,737 28,144 7,877,676 4,332,768 3,517,040 28,960,861 $ 28,144 8,028,722 $ 5,164,281 $ 4,216,653 $ 38,835,173 The notes to the financial statements are an integral part of this statement. 37 ===== PDF PAGE 46 ===== [Extraction: embedded PDF text] CITY OF WEST CHICAGO, ILLINOIS Reconciliation of Total Governmental Fund Balance to the Statement of Net Position - Governmental Activities December 31, 2023 Total Governmental Fund Balances $ 28,960,861 Amounts reported for governmental activities in the Statement of Net Position are different because: Capital assets used in governmental activities are not financial resources and therefore, are not reported in the funds. 50,120,415 Deferred outflows (inflows) of resources related to the pensions not reported in the funds. Deferred Items - IMRF 1,732,941 Deferred Items - Police Pension 4,562,926 Deferred Items - Asset Retirement Obligation 30,000 Long-term liabilities are not due and payable in the current period and therefore are not reported in the funds. Compensated Absences Payable (1,864,367) Net Pension Liability - IMRF (1,883,299) Net Pension Liability - Police Pension (27,704,774) Total OPEB Liability - RBP (4,084,337) Asset Retirement Obligation (75,000) Net Position of Governmental Activities $ 49,795,366 The notes to the financial statements are an integral part of this statement. 38 ===== PDF PAGE 47 ===== [Extraction: embedded PDF text] CITY OF WEST CHICAGO, ILLINOIS Statement of Revenues, Expenditures and Changes in Fund Balances - Governmental Funds For the Fiscal Year Ended December 31, 2023 See Following Page 39 ===== PDF PAGE 48 ===== [Extraction: embedded PDF text] CITY OF WEST CHICAGO, ILLINOIS Statement of Revenues, Expenditures and Changes in Fund Balances - Governmental Funds For the Fiscal Year Ended December 31, 2023 Special Community General Park Revenues Taxes $ 5,124,262 $ - Intergovernmental 12,432,839 38,789 Charges for Services 2,451,966 58,423 Licenses and Permits 1,244,151 - Fines and Forfeitures 1,835,261 - Interest Income 434,843 - Miscellaneous 882,869 - Total Revenues 24,406,191 97,212 Expenditures General Government 8,853,747 - Public Safety 12,581,415 - Capital Outlay - - Total Expenditures 21,435,162 - Excess (Deficiency) of Revenues Over (Under) Expenditures 2,971,029 97,212 Other Financing Sources Transfers In - 3,500,000 Transfers Out (5,990,145) - Disposal of Capital Assets - - (5,990,145) 3,500,000 Net Change in Fund Balances (3,019,116) 3,597,212 Fund Balances - Beginning as Restated 11,539,906 1,087,231 Fund Balances - Ending $ 8,520,790 $ 4,684,443 The notes to the financial statements are an integral part of this statement. 40 ===== PDF PAGE 49 ===== [Extraction: embedded PDF text] Revenue Capital Motor Projects Downtown Fuel Capital TIF #2 Tax Improvement Nonmajor Totals $ 37,104 $ - $ 741,709 $ 103,347 $ 6,006,422 - 1,504,452 4,461,171 - 18,437,251 - - - 1,125,501 3,635,890 - - - - 1,244,151 - - - - 1,835,261 - 15,220 - - 450,063 - - 12,258 42,235 937,362 37,104 1,519,672 5,215,138 1,271,083 32,546,400 8,000 157,046 - - 9,018,793 - - - - 12,581,415 960 166,510 7,751,594 1,089,022 9,008,086 8,960 323,556 7,751,594 1,089,022 30,608,294 28,144 1,196,116 (2,536,456) 182,061 1,938,106 - 1,798,059 - - 5,298,059 - - - - (5,990,145) - - - 36,000 36,000 - 1,798,059 - 36,000 (656,086) 28,144 2,994,175 (2,536,456) 218,061 1,282,020 - 4,883,501 6,869,224 3,298,979 27,678,841 $ 28,144 7,877,676 $ 4,332,768 $ 3,517,040 $ 28,960,861 The notes to the financial statements are an integral part of this statement. 41 ===== PDF PAGE 50 ===== [Extraction: embedded PDF text] CITY OF WEST CHICAGO, ILLINOIS Reconciliation of the Statement of Revenues, Expenditures and Changes in Fund Balances to the Statement of Activities - Governmental Activities For the Fiscal Year Ended December 31, 2023 Net Change in Fund Balances - Total Governmental Funds $ 1,282,020 Amounts reported for governmental activities in the Statement of Activities are different because: 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. Capital Outlays 1,178,410 Depreciation Expense (2,049,906) Deferred outflows (inflows) of resources related to the pensions not reported in the funds. Change in Deferred Items - IMRF (427,758) Change in Deferred Items - Police Pension 2,786,774 Change in Deferred Items - Asset Retirement Obligation (15,000) The issuance of long-term debt provides current financial resources to governmental funds, while the repayment of the principal on long-term debt consumes the current financial resources of the governmental funds. Change in Compensated Absences Payable 30,310 Change in Net Pension Liability - IMRF 561,256 Change in Net Pension Liability - Police Pension (1,097,767) Change in Total OPEB Liability - RBP (103,806) Changes in Net Position of Governmental Activities $ 2,144,533 The notes to the financial statements are an integral part of this statement. 42 ===== PDF PAGE 51 ===== [Extraction: embedded PDF text] CITY OF WEST CHICAGO, ILLINOIS Statement of Net Position - Proprietary Funds December 31, 2023 See Following Page 43 ===== PDF PAGE 52 ===== [Extraction: embedded PDF text] CITY OF WEST CHICAGO, ILLINOIS Statement of Net Position - Proprietary Funds December 31, 2023 Business-Type Activities - Enterprise Nonmajor Commuter Waterworks Sewerage Parking Totals ASSETS Current Assets Cash and Investments $ - $ 277,959 $ 229,201 $ 507,160 Receivables - Net of Allowances Property Taxes - 10,149 - 10,149 Accounts 1,009,699 944,265 2,425 1,956,389 Advances to Other Funds - 1,850,000 - 1,850,000 Prepaids 139,727 110,027 - 249,754 Total Current Assets 1,149,426 3,192,400 231,626 4,573,452 Noncurrent Assets Capital Assets Nondepreciable 28,835,159 594,997 224,065 29,654,221 Depreciable 90,375,731 23,317,249 684,562 114,377,542 Accumulated Depreciation (38,956,786) (9,805,353) (556,286) (49,318,425) Total Noncurrent Assets 80,254,104 14,106,893 352,341 94,713,338 Total Assets 81,403,530 17,299,293 583,967 99,286,790 DEFERRED OUTFLOWS OF RESOURCES Deferred Items - IMRF 890,940 713,036 9,377 1,613,353 Deferred Items - ARO 785,278 - - 785,278 Total Deferred Outflows of Resources 1,676,218 713,036 9,377 2,398,631 Total Assets and Deferred Outflows of Resources 83,079,748 18,012,329 593,344 101,685,421 The notes to the financial statements are an integral part of this statement. 44 ===== PDF PAGE 53 ===== [Extraction: embedded PDF text] Business-Type Activities - Enterprise Nonmajor Commuter Waterworks Sewerage Parking Totals LIABILITIES Current Liabilities Accounts Payable $ 397,113 $ 895,353 $ 82,252 $ 1,374,718 Retainage Payable 74,664 32,678 - 107,342 Accrued Payroll 93,948 70,528 1,066 165,542 Accrued Interest Payable 5,942 - - 5,942 Due to Other Funds 925,579 - - 925,579 Advances from Other Funds 1,850,000 - - 1,850,000 Other Payables 3,694,246 79,439 17,850 3,791,535 Current Portion of Long-Term Debt 723,229 1,277 - 724,506 Total Current Liabilities 7,764,721 1,079,275 101,168 8,945,164 Noncurrent Liabilities Compensated Absences 119,072 5,107 - 124,179 Net Pension Liability - IMRF 960,700 768,867 10,111 1,739,678 Total OPEB Liability - RBP 914,880 914,921 - 1,829,801 IEPA Revolving Loan - - - - Asset Retirement Obligation 850,000 - - 850,000 Total Noncurrent Liabilities 2,844,652 1,688,895 10,111 4,543,658 Total Liabilities 10,609,373 2,768,170 111,279 13,488,822 DEFERRED INFLOWS OF RESOURCES Deferred Items - IMRF 6,940 5,554 73 12,567 Total Liabilities and Deferred Inflows of Resources 10,616,313 2,773,724 111,352 13,501,389 NET POSITION Net Investment in Capital Assets 79,560,643 14,106,893 352,341 94,019,877 Restricted - Sewer - 180,321 - 180,321 Unrestricted (Deficit) (7,097,208) 951,391 129,651 (6,016,166) Total Net Position $ 72,463,435 $ 15,238,605 $ 481,992 $ 88,184,032 The notes to the financial statements are an integral part of this statement. 45 ===== PDF PAGE 54 ===== [Extraction: embedded PDF text] CITY OF WEST CHICAGO, ILLINOIS Statement of Revenues, Expenses and Changes in Net Position - Proprietary Funds For the Fiscal Year Ended December 31, 2023 Business-Type Activities - Enterprise Nonmajor Commuter Waterworks Sewerage Parking Totals Operating Revenues Charges for Services $ 7,780,371 $ 6,753,829 $ 38,523 $ 14,572,723 Licenses and Permits - - 28,026 28,026 Total Operating Revenues 7,780,371 6,753,829 66,549 14,600,749 Operating Expenses Operations 5,564,421 6,323,551 71,892 11,959,864 Depreciation and Amortization 2,113,943 411,701 11,986 2,537,630 Total Operating Expenses 7,678,364 6,735,252 83,878 14,497,494 Operating Income (Loss) 102,007 18,577 (17,329) 103,255 Nonoperating Revenues (Expenses) Water and Sewer Connection Fees 7,419 80 - 7,499 Property Taxes - 10,290 - 10,290 Interest Income 28,172 256,081 - 284,253 Grants 540,000 - - 540,000 Other Income 190,451 288,749 208 479,408 Interest Expense and Fiscal Charges (25,089) - - (25,089) 740,953 555,200 208 1,296,361 Income (Loss) before Transfers 842,960 573,777 (17,121) 1,399,616 Transfers In 692,086 - - 692,086 Change in Net Position 1,535,046 573,777 (17,121) 2,091,702 Net Position - Beginning as Restated 70,928,389 14,664,828 499,113 86,092,330 Net Position - Ending $ 72,463,435 $ 15,238,605 $ 481,992 $ 88,184,032 The notes to the financial statements are an integral part of this statement. 46 ===== PDF PAGE 55 ===== [Extraction: embedded PDF text] CITY OF WEST CHICAGO, ILLINOIS Statement of Cash Flows - Proprietary Funds For the Fiscal Year Ended December 31, 2023 Business-Type Activities - Enterprise Funds Nonmajor Waterworks Sewerage Commuter Fund Fund Parking Totals Cash Flows from Operating Activities Receipts from Customers and Users $ 8,597,414 $ 7,094,189 $ 77,677 $ 15,769,280 Payments to Employees (1,833,627) (1,425,238) (23,318) (3,282,183) Payments to Suppliers (4,715,523) (5,056,791) 17,889 (9,754,425) 2,048,264 612,160 72,248 2,732,672 Cash Flows from Noncapital Financing Activities Property Taxes - 10,290 - 10,290 Transfers In 692,086 - - 692,086 692,086 10,290 - 702,376 Cash Flows from Capital and Related Financing Activities Purchase of Capital Assets (2,067,456) (627,107) (175,815) (2,870,378) Interest on Capital Debt (25,089) - - (25,089) Principal on Capital Debt (675,977) - - (675,977) (2,768,522) (627,107) (175,815) (3,571,444) Cash Flows from Investing Activities Interest Received 28,172 256,081 - 284,253 Net Change in Cash and Cash Equivalents - 251,424 (103,567) 147,857 Cash and Cash Equivalents - Beginning - 26,535 332,768 359,303 Cash and Cash Equivalents - Ending - 277,959 229,201 507,160 Reconciliation of Operating Income to Net Cash Provided (Used) by Operating Activities Operating (Loss) 102,007 18,577 (17,329) 103,255 Adjustments to Reconcile Operating Income to Net Cash Provided by Operating Activities: Depreciation and Amortization 2,113,943 411,701 11,986 2,537,630 Other Income 737,870 288,829 208 1,026,907 (Increase) Decrease in Current Assets 79,173 51,531 10,920 141,624 Increase (Decrease) in Current Liabilities (984,729) (158,478) 66,463 (1,076,744) Net Cash Provided by Operating Activities $ 2,048,264 $ 612,160 $ 72,248 $ 2,732,672 The notes to the financial statements are an integral part of this statement. 47 ===== PDF PAGE 56 ===== [Extraction: embedded PDF text] CITY OF WEST CHICAGO, ILLINOIS Statement of Fiduciary Net Position December 31, 2023 Pension Trust Police Pension ASSETS Cash and Cash Equivalents $ 1,377,326 Investments Illinois Police Officer's Pension Investment Fund 44,460,951 Receivables 441 Prepaids 7,131 Total Assets 45,845,849 LIABILITIES Accounts Payable 3,995 NET POSITION Net Position Restricted for Pensions $ 45,841,854 The notes to the financial statements are an integral part of this statement. 48 ===== PDF PAGE 57 ===== [Extraction: embedded PDF text] CITY OF WEST CHICAGO, ILLINOIS Statement of Changes in Fiduciary Net Position For the Fiscal Year Ended December 31, 2023 Pension Trust Police Pension Additions Contributions - Employer $ 3,064,900 Contributions - Plan Members 1,099,740 Total Contributions 4,164,640 Investment Income Interest Earned 27,387 Net Change in Fair Value 5,405,592 5,432,979 Less Investment Expenses (65,617) Net Investment Income 5,367,362 Total Additions 9,532,002 Deductions Administration 57,200 Benefits and Refunds 3,066,533 Total Deductions 3,123,733 Change in Fiduciary Net Position 6,408,269 Net Position Restricted for Pensions Beginning 39,433,585 Ending $ 45,841,854 The notes to the financial statements are an integral part of this statement. 49 ===== PDF PAGE 58 ===== [Extraction: embedded PDF text] CITY OF WEST CHICAGO, ILLINOIS Notes to the Financial Statements December 31, 2023 NOTE 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The City of West Chicago (City), Illinois, incorporated in 1849, is a municipal corporation governed by an elected Mayor and City Council. The City’s major operations include public safety, highway and street maintenance and reconstruction, forestry, building, code enforcement, public improvements, economic development, planning and zoning, water, sewer, commuter parking services, and general administrative services. The government-wide financial statements are prepared in accordance with generally accepted accounting principles (GAAP). The Governmental Accounting Standards Board (GASB) is responsible for establishing GAAP for state and local governments through its pronouncements (Statements and Interpretations). The more significant of the City’s accounting policies established in GAAP and used by the City are described below. REPORTING ENTITY The City is a municipal corporation governed by an elected mayor and fourteen‐member Board of Aldermen. The accompanying financial statements present the government and its component units, entities for which the government is considered to be financially accountable. Blended component units are, in substance, part of the primary government’s operations, even though they are legally separate entities. Thus, blended component units are appropriately presented as funds of the primary government. Each discretely presented component unit is reported in a separate column in the government‐wide financial statements to emphasize that it is both legally and substantively separate from the government. Management has determined that there is one fiduciary component units that are required to be included in the financial statements of the City a pension trust fund and there are no discretely component units to include in the reporting entity. Police Pension Employees Retirement System The City’s sworn police employees participate in the Police Pension Employees Retirement System (PPERS). PPERS functions for the benefit of these employees and is governed by a five-member pension board. Two members are appointed by the City’s Mayor, one elected pension beneficiary and two elected police employees constitute the Pension Board. The participants are required to contribute a percentage of salary as established by state statute and the City is obligated to fund all remaining PPERS costs based upon actuarial valuations. The State of Illinois is authorized to establish benefit levels and the City is authorized to approve the actuarial assumptions used in the determination of contribution levels. Although it is legally separate from the City, the PPERS is reported as if it were part of the primary government because its sole purpose is to provide retirement benefits for the City’s police employees. The PPERS is reported as a fiduciary fund, and specifically a pension trust fund, due to the fiduciary responsibility exercised over the PPERS. 50 ===== PDF PAGE 59 ===== [Extraction: embedded PDF text] CITY OF WEST CHICAGO, ILLINOIS Notes to the Financial Statements December 31, 2023 NOTE 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES – Continued BASIS OF PRESENTATION Government-Wide Statements The City’s basic financial statements include both government-wide (reporting the City as a whole) and fund financial statements (reporting the City’s major funds). Both the government-wide and fund financial statements categorize primary activities as either governmental or business-type. The City’s police, highway and street maintenance and reconstruction, forestry, building, code enforcement, public improvements, economic development, planning and zoning, and general administrative services are classified as governmental activities. The City’s waterworks, sewerage and commuter parking services are classified as business-type activities. In the government-wide Statement of Net Position, both the governmental and business-type activities columns are: (a) presented on a consolidated basis by column; and (b) reported on a full accrual, economic resource basis, which recognizes all long-term assets/deferred outflows and receivables as well as long-term debt/deferred inflows and obligations. The City’s net position is reported in three parts: net investment in capital assets; restricted; and unrestricted. The City first utilizes restricted resources to finance qualifying activities. The government-wide Statement of Activities reports both the gross and net cost of each of the City’s functions and business-type activities (general government, public safety, water, sewer, etc.). The functions are supported by general government revenues (property, sales and use taxes, certain intergovernmental revenues, fines, permits and charges, etc.). The Statement of Activities reduces gross expenses (including depreciation) by related program revenues, which include 1) 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. The net costs (by function or business-type activity) are normally covered by general revenue (property tax, sales tax, intergovernmental revenues, interest income, etc.). The City allocates indirect costs paid from the General Fund to other funds for personnel who perform administrative services for those funds, along with other indirect costs deemed necessary for their operations. This government-wide focus is more on the sustainability of the City as an entity and the change in the City’s net position resulting from the current year’s activities. 51 ===== PDF PAGE 60 ===== [Extraction: embedded PDF text] CITY OF WEST CHICAGO, ILLINOIS Notes to the Financial Statements December 31, 2023 NOTE 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES – Continued BASIS OF PRESENTATION – Continued Fund Financial Statements The financial transactions of the City are reported in individual funds in the fund financial statements. Each fund is accounted for by providing a separate set of self-balancing accounts that comprises its assets/deferred outflows, liabilities/deferred inflows, fund equity, revenues and expenditures/expenses. Funds are organized into three major categories: governmental, proprietary, and fiduciary. The emphasis in fund financial statements is on the major funds in either the governmental or business-type activities categories. GASB Statement No. 34 sets forth minimum criteria (percentage of the assets/deferred outflows, liabilities/deferred inflows, revenues or expenditures/expenses of either fund category or the governmental and enterprise combined) for the determination of major funds. The City can electively add funds, as major funds, which either have debt outstanding or specific community focus. The nonmajor funds are combined in a column in the fund financial statements. A fund is considered major if it is the primary operating fund of the City or meets the following criteria: Total assets/deferred outflows, liabilities/deferred inflows, revenues, or expenditures/expenses of that individual governmental or enterprise fund are at least 10 percent of the corresponding total for all funds of that category or type. Total assets/deferred outflows, liabilities/deferred inflows, revenues, or expenditures/expenses of the individual governmental fund or enterprise fund are at least 5 percent of the corresponding total for all governmental and enterprise funds combined. The various funds are reported by generic classification within the financial statements. The following fund types are used by the City: 52 ===== PDF PAGE 61 ===== [Extraction: embedded PDF text] CITY OF WEST CHICAGO, ILLINOIS Notes to the Financial Statements December 31, 2023 NOTE 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES – Continued BASIS OF PRESENTATION – Continued Governmental Funds The focus of the governmental funds’ measurement (in the fund statements) is upon determination of financial position and changes in financial position (sources, uses, and balances of financial resources) rather than upon net income. The following is a description of the governmental funds of the City: General Fund is the general operating fund of the City. It is used to account for all financial resources except those required to be accounted for in another fund. The General Fund is a major fund. Special revenue funds are used to account for the proceeds of specific revenue sources that are legally restricted to expenditures for specified purposes. The City maintains three major and two nonmajor special revenue funds. The three major funds are the Community Park Fund (formerly the Public Benefit Fund), which is used to account for the accumulation of restricted funds from Kerr McGee to fund projects that meet the criteria established by the City Council and as detailed in the City Code, the Downtown TIF #2 Fund, which is used to account for the accumulation of funds from restricted incremental revenue generated within the Downtown TIF #2 area, and the Motor Fuel Tax Fund is used to account for motor fuel tax allocations from the State of Illinois and expenditures related to the City’s annual road rehabilitation and construction program. Debt service funds are used to account for the accumulation of funds for the periodic payment of principal and interest on general long-term debt. The City does not currently utilize debt service funds. Capital projects funds are used to account for financial resources to be used for the acquisition or construction of major capital facilities (other than those financed by business-type/proprietary funds). The City maintains one major and one nonmajor capital projects fund. The Capital Improvement Fund, the major fund, is used to account for natural gas use taxes and home rule sales taxes that are set aside for funding major capital improvements throughout the City. Proprietary Funds The focus of proprietary fund measurement is upon determination of operating income, changes in net position, financial position, and cash flows. The generally accepted accounting principles applicable are those similar to businesses in the private sector. The following is a description of the proprietary funds of the City: Enterprise funds are required to account for operations for which a fee is charged to external users for goods or services and the activity (a) is financed with debt that is solely secured by a pledge of the net revenues, (b) has third party requirements that the cost of providing services, including capital costs, be recovered with fees and charges, or (c) establishes fees and charges based on a pricing policy designed to recover similar costs. 53 ===== PDF PAGE 62 ===== [Extraction: embedded PDF text] CITY OF WEST CHICAGO, ILLINOIS Notes to the Financial Statements December 31, 2023 NOTE 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES – Continued BASIS OF PRESENTATION – Continued Fund Financial Statements – Continued Proprietary Funds – Continued Enterprise funds – Continued. The City maintains two major and one nonmajor enterprise funds; the major funds are the Waterworks and the Sewerage Funds. The Waterworks Fund is used to account for the provision of potable water and water treatment services to the residents of the City. All activities necessary to provide such services are accounted for in this fund, including, but not limited to, administration, operations and maintenance, financing and related debt service, billing and collection. The Sewerage Fund is used to account for the provision of sewer repair, treatment, and improvement services to the residents of the City. All activities necessary to provide such services are accounted for in this fund, including, but not limited to, administration, operations and maintenance, financing and related debt service, billing and collection. Fiduciary Funds Fiduciary funds are used to report assets held in a trustee or agency capacity for others and therefore are not available to support City programs. The reporting focus is on net position and changes in net position and is reported using accounting principles similar to proprietary funds. Pension trust funds are used to account for assets held in a trustee capacity for pension benefit payments. The Police Pension Fund accounts for the accumulation of resources to be used for disability and retirement annuity payments to employees covered by the plan. The City’s fiduciary fund is presented in the fiduciary fund financial statements. Since by definition these assets are being held for the benefit of a third party (other local governments, private parties, pension participants, etc.) and cannot be used to address activities or obligations of the City, this fund is not incorporated into the government-wide statements. MEASUREMENT FOCUS AND BASIS OF ACCOUNTING Measurement Focus Measurement focus is a term used to describe “which” transactions are recorded within the various financial statements. Basis of accounting refers to “when” transactions are recorded regardless of the measurement focus applied. 54 ===== PDF PAGE 63 ===== [Extraction: embedded PDF text] CITY OF WEST CHICAGO, ILLINOIS Notes to the Financial Statements December 31, 2023 NOTE 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES – Continued MEASUREMENT FOCUS AND BASIS OF ACCOUNTING – Continued Measurement Focus – Continued On the government-wide Statement of Net Position and the Statement of Activities, both governmental and business-type activities are presented using the economic resources measurement focus as defined below. In the fund financial statements, the “current financial resources” measurement focus or the “economic resources” measurement focus is used as appropriate. All governmental funds utilize a “current financial resources” measurement focus. Only current financial assets/deferred outflows and liabilities/deferred inflows are generally included on their balance sheets. Their operating statements present sources and uses of available spendable financial resources during a given period. These funds use fund balance as their measure of available spendable financial resources at the end of the period. All proprietary and pension trust funds utilize an “economic resources” measurement focus. The accounting objectives of this measurement focus are the determination of operating income, changes in net position (or cost recovery), financial position, and cash flows. All assets/deferred outflows and liabilities/deferred inflows (whether current or noncurrent) associated with their activities are reported. Proprietary and pension trust fund equity is classified as net position. Basis of Accounting In the government-wide Statement of Net Position and Statement of Activities, both governmental and business-type activities are presented using the accrual basis of accounting. Under the accrual basis of accounting, revenues are recognized when earned and expenses are recorded when the liability/deferred inflow is incurred or economic asset is used. Revenues, expenses, gains, losses, assets/deferred outflows, and liabilities/deferred inflows resulting from exchange and exchange-like transactions are recognized when the exchange takes place. In the fund financial statements, governmental funds are presented on the modified accrual basis of accounting. Under this modified accrual basis of accounting, revenues are recognized when “measurable and available.” Measurable means knowing or being able to reasonably estimate the amount. Available means collectible within the current period or within sixty days after year-end. The City recognizes property taxes when they become both measurable and available in accordance with GASB Codification Section P70. 55 ===== PDF PAGE 64 ===== [Extraction: embedded PDF text] CITY OF WEST CHICAGO, ILLINOIS Notes to the Financial Statements December 31, 2023 NOTE 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES – Continued MEASUREMENT FOCUS AND BASIS OF ACCOUNTING – Continued Basis of Accounting – Continued A sixty-day availability period is used for revenue recognition for all other governmental fund revenues. Expenditures (including capital outlay) are recorded when the related fund liability is incurred, except for general obligation bond principal and interest which are recognized when due. In applying the susceptible to accrual concept under the modified accrual basis, those revenues susceptible to accrual are property taxes, sales and use taxes, franchise fees, interest revenue, and charges for services. All other revenues are not susceptible to accrual because generally they are not measurable until received in cash. All proprietary and pension trust utilize the accrual basis of accounting. Under the accrual basis of accounting, revenues are recognized when earned and expenses are recorded when the liability is incurred or economic asset is used. Proprietary funds distinguish operating revenues and expenses from nonoperating items. Operating revenues and expenses generally result from providing services and producing and delivering goods in connection with a proprietary fund’s principal ongoing operations. The principal operating revenues of the City’s enterprise funds are charges to customers for sales and services. The City also recognizes as operating revenue the portion of tap on fees intended to recover the cost of connecting new customers to the system. Operating expenses for enterprise funds include the cost of sales and services, administrative expenses, and depreciation of capital assets. All revenues and expenses not meeting this definition are reported as nonoperating revenues and expenses. ASSETS/DEFERRED OUTFLOWS, LIABILITIES/DEFERRED INFLOWS, AND NET POSITION OR EQUITY Cash and Investments Cash and cash equivalents on the Statement of Net Position are considered to be cash on hand, demand deposits, and cash with fiscal agent. For the purpose of the proprietary funds “Statement of Cash Flows,” cash and cash equivalents are considered to be cash on hand, demand deposits, cash with fiscal agent, and all highly liquid investments with an original maturity of three months or less. Investments are generally reported at fair value. Short-term investments are reported at cost, which approximates fair value. For investments, the City categorizes its fair value measurements within the fair value hierarchy established by generally accepted accounting principles. The hierarchy is based on the valuation inputs used to measure the fair value of the asset. Level 1 inputs are quoted prices in active markets for identical assets, Level 2 inputs are significant other observable inputs, and Level 3 inputs are significant unobservable inputs. 56 ===== PDF PAGE 65 ===== [Extraction: embedded PDF text] CITY OF WEST CHICAGO, ILLINOIS Notes to the Financial Statements December 31, 2023 NOTE 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES – Continued ASSETS/DEFERRED OUTFLOWS, LIABILITIES/DEFERRED INFLOWS, AND NET POSITION OR EQUITY – Continued Receivables In the government-wide financial statements, receivables consist of all revenues earned at year-end and not yet received. Allowances for uncollectible accounts receivable are based upon historical trends and the periodic aging of accounts receivable. Major receivable balances for governmental activities include property taxes, sales and use taxes, franchise fees, and grants. Business-type activities report utility charges as their major receivables. Interfund Receivables, Payables and Activity Interfund activity is reported as loans, services provided, reimbursements or transfers. Loans are reported as interfund receivables and payables as appropriate and are subject to elimination upon consolidation. Services provided, deemed to be at market or near market rates, are treated as revenues and expenditures/expenses. Reimbursements are when one fund incurs a cost, charges the appropriate benefiting fund and reduces its related cost as a reimbursement. All other interfund transactions are treated as transfers. Transfers between governmental or proprietary funds are netted as part of the reconciliation to the government-wide financial statements. Prepaids/Inventories Certain payments to vendors reflect costs applicable to future accounting periods and are recorded as prepaids in both the government-wide and fund financial statements. Prepaids/inventories are valued at cost, which approximates market, using the first-in/first-out (FIFO) method. The costs of governmental fund-type prepaids/inventories are recorded as expenditures when consumed rather than when purchased. Capital Assets Capital assets purchased or acquired with an original cost of $10,000 - $30,000 or more, depending on asset class, are reported at historical cost or estimated historical cost. Contributed assets are reported at acquisition value as of the date received. Additions, improvements and other capital outlays that significantly extend the useful life of an asset are capitalized. Other costs incurred for repairs and maintenance are expensed as incurred. 57 ===== PDF PAGE 66 ===== [Extraction: embedded PDF text] CITY OF WEST CHICAGO, ILLINOIS Notes to the Financial Statements December 31, 2023 NOTE 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES – Continued ASSETS/DEFERRED OUTFLOWS, LIABILITIES/DEFERRED INFLOWS, AND NET POSITION OR EQUITY – Continued Capital Assets – Continued The accounting and financial reporting treatment applied to a fund is determined by its measurement focus. General capital assets are long-lived assets of the City as a whole. Infrastructure such as streets and traffic signals are capitalized. The valuation basis for general capital assets are historical cost, or where historical cost is not available, estimated historical cost based on replacement costs. Capital assets in the proprietary funds are capitalized in the fund in which they are utilized. The valuation bases for proprietary fund capital assets are the same as those used for the general capital assets. Depreciation on all assets is computed and recorded using the straight-line method of depreciation over the following estimated useful lives: Land Improvements 20 Years Buildings and Improvements 50 Years Machinery and Equipment 5 - 15 Years Infrastructure 65 Years Deferred Outflows/Inflows of Resources Deferred outflow/inflow of resources represents a consumption/acquisition of net assets that applies to a future period and therefore will not be recognized as an outflow of resources (expense)/inflow of resources (revenue) until that future time. Compensated Absences The City accrues accumulated unpaid vacation and associated employee-related costs when earned (or estimated to be earned) by the employee. In accordance with GASB Statement No. 16, no liability is recorded for nonvesting accumulation rights to receive sick pay benefits. However, a liability is recognized for that portion of accumulated sick leave that is estimated to be taken as “terminal leave” prior to retirement. All vacation pay is accrued when incurred in the government-wide and proprietary fund financial statements. A liability for these amounts is reported in the governmental funds only if they have matured, for example, as a result of employee resignations and retirements. 58 ===== PDF PAGE 67 ===== [Extraction: embedded PDF text] CITY OF WEST CHICAGO, ILLINOIS Notes to the Financial Statements December 31, 2023 NOTE 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES – Continued ASSETS/DEFERRED OUTFLOWS, LIABILITIES/DEFERRED INFLOWS, AND NET POSITION OR EQUITY – Continued Long-Term Obligations In the government-wide financial statements and for proprietary fund types in the fund financial statements, long-term debt and other long-term obligations are reported as liabilities in the applicable governmental activities, business-type activities, or proprietary fund type Statement of Net Position. Bond premiums and discounts are deferred and amortized over the life of the bonds using the effective interest method. Bonds payable are reported net of the applicable bond premium or discount. Bond issuance costs are reported as expenses at the time of issuance. In the fund financial statements, governmental fund types recognize bond premiums and discounts, as well as bond issuance costs, during the current period. The face amount of debt issued is reported as other financing sources. Premiums received on debt issuances are reported as other financing sources while discounts on debt issuances are reported as other financing uses. Issuance costs, whether or not withheld from the actual debt proceeds received, are reported as debt service expenditures. Net Position In the government-wide financial statements, equity is classified as net position and displayed in three components: Net Investment in Capital Assets – Consists of capital assets including restricted capital assets, net of accumulated depreciation and reduced by the outstanding balances of any bonds, mortgages, notes or other borrowings that are attributable to the acquisition, construction, or improvement of those assets. Restricted – Consists of net position with constraints placed on the use either by (1) external groups such as creditors, grantors, contributors, or laws or regulations of other governments; or (2) law through constitutional provisions or enabling legislations. Unrestricted – All other net position balances that do not meet the definition of “restricted” or “net investment in capital assets”. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumption that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenditures/expenses during the reporting period. Actual results could differ from those estimates. 59 ===== PDF PAGE 68 ===== [Extraction: embedded PDF text] CITY OF WEST CHICAGO, ILLINOIS Notes to the Financial Statements December 31, 2023 NOTE 2 – STEWARDSHIP, COMPLIANCE AND ACCOUNTABILITY BUDGETARY INFORMATION Budgets are adopted on a basis consistent with generally accepted accounting principles. Annual appropriations are adopted for the General, special revenue, capital projects, and enterprise funds, except for the Downtown TIF #2 Fund. All annual appropriations lapse at fiscal year end. All departments of the City submit requests for appropriation to the City Administrator so that a budget may be prepared. The budget is prepared by fund, function, and activity, and includes information on the past year, current year estimates, and requested appropriations for the next fiscal year. The proposed budget is presented to the governing body for review. The governing body holds a public hearing and may add to, subtract from, or change appropriations, but may not change the form of the budget. The Budget Officer is authorized to transfer budgeted amounts between departments and line items within any fund; however, any revisions that alter the total expenditures of any fund must be approved by the City Council. Expenditures may not legally exceed budgeted appropriations at the fund level. During the year, two supplementary appropriations were approved. NOTE 3 – DETAIL NOTES ON ALL FUNDS DEPOSITS AND INVESTMENTS The City maintains a cash and investment pool that is available for use by all funds except the pension trust fund. Each fund type's portion of this pool is displayed on the financial statements as "cash and investments”. In addition, investments are separately held by several of the City's funds. The deposits and investments of the pension trust fund are held separately from those of other funds. Permitted Deposits and Investments – Statutes authorize the City to make deposits/invest in commercial banks, savings and loan institutions, obligations of the U.S. Treasury and U.S. Agencies, obligations of States and their political subdivisions, credit union shares, repurchase agreements, commercial paper rated within the three highest classifications by at least two standard rating services, Illinois Funds and the Illinois Metropolitan Investment Fund. Illinois Funds is an investment pool managed by the Illinois Public Treasurer’s Office which allows governments within the State to pool their funds for investment purposes. The Illinois Funds is not registered with the SEC as an investment company. Investments in Illinois Funds are valued at the share price, the price for which the investment could be sold. The Illinois Metropolitan Investment Fund (IMET) is a non-for-profit investment trust formed pursuant to the Illinois Municipal Code. IMET is managed by a Board of Trustees elected from the participating members. IMET is not registered with the SEC as an Investment Company. Investments in IMET are valued at the share price, the price for which the investment could be sold. 60 ===== PDF PAGE 69 ===== [Extraction: embedded PDF text] CITY OF WEST CHICAGO, ILLINOIS Notes to the Financial Statements December 31, 2023 NOTE 3 – DETAIL NOTES ON ALL FUNDS – Continued DEPOSITS AND INVESTMENTS – Continued City Deposits and Investments. At year-end, the carrying amount of the City’s deposits for governmental and business-type activities totaled $17,852,648 and the bank balances totaled $18,006,011. Additionally, at year-end the City had $10,615,950 invested in the Illinois Funds and $42,167 invested in the Illinois Metropolitan Investment Fund, which are both measured at net asset value per share as determined by the pool. Interest Rate Risk. Interest rate risk is the risk that changes in interest rates will adversely affect the fair value of an investment. The City’s investment policy states that the investment portfolio shall remain sufficiently liquid to enable the City to meet all operating requirements which may be reasonably anticipated in any City Fund. The average maturity for the Illinois Funds is less than one year and the Illinois Metropolitan Investment Fund is less than one year to three years. Credit Risk. Credit risk is the risk that an issuer or other counterparty to an investment will not fulfill its obligations. Besides investing in instruments authorized under State Statute, the City’s investment policy does not further limit investment choices. The City limits its exposure to credit risk by primarily investing in Illinois Funds which were rated AAAmmf by Fitch, in Illinois Metropolitan Investment Trust Convenience Fund which has no rating available, and in the Illinois Metropolitan Investment Trust 1-3 Year Fund that is rated AAAf/bf by Moody’s. Custodial Credit Risk. In the case of deposits, this is the risk that in the event of a bank failure, the City’s deposits may not be returned to it. To limit its exposure, the City’s investment policy states funds on deposit in excess of FDIC or Federal Savings and Loan Insurance Corporation limits must be secured by collateral. Acceptable collateral shall consist of any of the following: U.S. Government Securities, obligations of Federal Agencies, obligations of the State of Illinois, general obligations of Municipal Bonds rated “A” or better, and any other collateral identified by the Illinois State Statutes as acceptable for use by the Treasurer of the State of Illinois. At year-end, the entire amount of the bank balance of deposits was covered by collateral, federal depository or equivalent insurance. In the case of investments, this is the risk that, in the event of the failure of the counterparty, the City will not be able to recover the value of its investments or collateral. The City’s investment policy does not specifically address custodial credit risk for investments. At year-end, the City’s investment in the Illinois Funds and the Illinois Metropolitan Investment Trust are not subject to custodial credit risk. Concentration of Credit Risk. This is the risk of loss attributed to the magnitude of the City’s investment in a single issuer. The City’s investment policy states that the investment portfolio of the City shall not exceed the following limits: • No financial institution shall hold more than 40% of the portfolio. This shall not include United States of America Securities held in safekeeping • The Illinois Investment Pool shall not exceed 80% of the portfolio 61 ===== PDF PAGE 70 ===== [Extraction: embedded PDF text] CITY OF WEST CHICAGO, ILLINOIS Notes to the Financial Statements December 31, 2023 NOTE 3 – DETAIL NOTES ON ALL FUNDS – Continued DEPOSITS AND INVESTMENTS – Continued City - Continued Concentration of Credit Risk - Continued. At year-end, the City does not have any investments over five percent of cash and investments (other than investments issued or explicitly guaranteed by the U.S. government and investments in mutual funds, external investment pools, and other pooled investments). Police Pension Fund The Illinois Police Officers Pension Investment Fund (IPOPIF) is an investment trust fund responsible for the consolidation and fiduciary management of the pension assets of Illinois suburban and downstate police pension funds. IPOPIF was created by Public Act 101-0610, and codified within the Illinois Pension Code, becoming effective January 1, 2020, to streamline investments and eliminate unnecessary and redundant administrative costs, thereby ensuring assets are available to fund pension benefits for the beneficiaries of the participating pension funds. Participation in IPOPIF by Illinois suburban and downstate police pension funds is mandatory. Investments of the Fund are combined in a commingled external investment pool and held by IPOPIF. A schedule of investment expenses is included in IPOPIF‘s annual comprehensive financial report. For additional information on IPOPIF’s investments, please refer to their annual comprehensive financial report, which can be obtained from IFPIF at 456 Fulton Street, Suite 402 Peoria, Illinois 61602 or at www.ipopif.org. Deposits. The Fund retains all its available cash with one financial institution. Available cash is determined to be that amount which is required for the current expenditures of the Fund. The excess of available cash is required to be transferred to IPOPIF for purposes of the long-term investment for the Fund. At year-end, the carrying amount of the Fund’s cash on hand totaled $1,377,326 and the bank balances totaled $1,381,291. Custodial Credit Risk. In the case of deposits, this is the risk that in the event of a bank failure, the Fund’s deposits may not be returned to it. The Fund’s investment policy states security shall be held with a third-party custodian and all securities purchased by, and all collateral obtained by, the Board should be properly designated as an asset of the Board. No withdrawal of securities, in whole or in part, shall be made from safekeeping except by an authorized member of the Board or the Board’s designee. The Fund will accept any of the following assets as collateral: government securities, obligations of Federal Agencies, obligations of Federal Instrumentalities, and obligations of the State of Illinois. Securities transactions between a broker/dealer and the third-party custodian involving a purchase or sale of securities by transfer of money or securities must be made on a “delivery versus payment” basis, if applicable, to insure that the third party custodian will have the security or money, as appropriate, in hand at the conclusion of the transaction. 62 ===== PDF PAGE 71 ===== [Extraction: embedded PDF text] CITY OF WEST CHICAGO, ILLINOIS Notes to the Financial Statements December 31, 2023 NOTE 3 – DETAIL NOTES ON ALL FUNDS – Continued DEPOSITS AND INVESTMENTS – Continued Police Pension Fund - Continued Investments. At year-end the Fund has $44,460,951 invested in IPOPIF. The pooled investments consist of the investments as noted in the target allocation table available at www.ipopif.org. Investments in IPOPIF are valued at IPOPIF’s share price, which is the price the investment could be sold. There are no unfunded commitments at year-end. The fund may redeem shares with a seven calendar day notice. IPOPIF may, at its sole discretion and based on circumstances, process redemption requests with fewer than a seven calendar day notice. Regular redemptions of the same amount on a particular day of the month may be arranged with IPOPIF. Investment Policy. IPOPIF’s current investment policy was adopted by the Board of Trustees on December 17, 2021. IPOPIF is authorized to invest in all investments allowed by Illinois Compiled Statutes (ILCS). The IPOPIF shall not be subject to any of the limitations applicable to investments of pension fund assets currently held by the transferor pension funds under Sections 1-113.1 through 1- 113.12 or Article 3 of the Illinois Pension Code. Rate of Return At year-end, the annual money-weighted rate of return on pension plan investments, net of pension plan investment expense, was 13.66%. The money-weighted rate of return expresses investment performance, net of investment expense, adjusted for the changing amounts actually invested. SALES TAX AGREEMENT The City of West Chicago entered into a tax rebate agreement with a corporation in 2015. Under this agreement, the City rebates a portion of sales taxes. For the fiscal year ended December 31, 2023, the City rebated a total of $130,064 in taxes under this agreement. PROPERTY TAXES Property taxes for 2022 attach as an enforceable lien on January 1, on property values assessed as of the same date. Taxes are levied by December of the subsequent fiscal year (by passage of a Tax Levy Ordinance). Tax bills are prepared by DuPage County and are payable in two installments, on or about June 1 and September 1. The County collects such taxes and remits them periodically. 63 ===== PDF PAGE 72 ===== [Extraction: embedded PDF text] CITY OF WEST CHICAGO, ILLINOIS Notes to the Financial Statements December 31, 2023 NOTE 3 – DETAIL NOTES ON ALL FUNDS – Continued CAPITAL ASSETS Governmental Activities Governmental capital asset activity for the year was as follows: Beginning Ending Balances Increases Decreases Balances Nondepreciable Land $ 20,218,128 $ - $ - $ 20,218,128 Construction in Progress 82,094 391,148 96,260 376,982 20,300,222 391,148 96,260 20,595,110 Depreciable/Amortizable Land Improvements 2,040,245 - - 2,040,245 Buildings and Improvements 6,887,597 440,257 - 7,327,854 Machinery and Equipment 7,136,826 443,265 - 7,580,091 Infrastructure 63,082,260 - - 63,082,260 79,146,928 883,522 - 80,030,450 Less Accumulated Depreciation/Amortization Land Improvements 770,918 56,316 - 827,234 Buildings and Improvements 2,365,147 138,756 - 2,503,903 Machinery and Equipment 4,815,864 487,253 - 5,303,117 Infrastructure 40,503,310 1,367,581 - 41,870,891 48,455,239 2,049,906 - 50,505,145 Total Net Depreciable/Amortizable Capital Assets 30,691,689 (1,166,384) - 29,525,305 Total Net Capital Assets $ 50,991,911 $ (775,236) $ 96,260 $ 50,120,415 Depreciation expense was charged to governmental activities as follows: General Government $ 83,432 Public Safety 84,325 Culture and Recreation 47,062 Highways and Streets 1,835,087 $ 2,049,906 64 ===== PDF PAGE 73 ===== [Extraction: embedded PDF text] CITY OF WEST CHICAGO, ILLINOIS Notes to the Financial Statements December 31, 2023 NOTE 3 – DETAIL NOTES ON ALL FUNDS – Continued CAPITAL ASSETS – Continued Business-Type Activities Business-type capital asset activity for the year was as follows: Beginning Ending Balances Increases Decreases Balances Nondepreciable Land $ 28,040,111 $ - $ - $ 28,040,111 Construction in Progress 273,807 1,380,245 39,942 1,614,110 28,313,918 1,380,245 39,942 29,654,221 Depreciable Land Improvements 1,253,338 - - 1,253,338 Buildings and Improvements 30,200,604 109,218 - 30,309,822 Machinery and Equipment 9,291,748 333,420 85,000 9,540,168 Infrastructure 72,186,777 1,087,437 - 73,274,214 112,932,467 1,530,075 85,000 114,377,542 Less Accumulated Depreciation Land Improvements 831,954 32,112 - 864,066 Buildings and Improvements 11,870,865 900,156 - 12,771,021 Machinery and Equipment 6,284,667 208,800 85,000 6,408,467 Infrastructure 27,899,883 1,374,988 - 29,274,871 46,887,369 2,516,056 85,000 49,318,425 Total Net Depreciable Capital Assets 66,045,098 (985,981) - 65,059,117 Total Net Capital Assets $ 94,359,016 $ 394,264 $ 39,942 $ 94,713,338 Depreciation expense was charged to business-type as follows: Waterworks $ 2,092,369 Sewerage 411,701 Commuter Parking 11,986 $ 2,516,056 65 ===== PDF PAGE 74 ===== [Extraction: embedded PDF text] CITY OF WEST CHICAGO, ILLINOIS Notes to the Financial Statements December 31, 2023 NOTE 3 – DETAIL NOTES ON ALL FUNDS – Continued INTERFUND BALANCES Interfund balances are advances to cover cash shortages. The composition of interfund balances as of the date of this report, is as follows: Receivable Fund Payable Fund Amount General Waterworks $ 925,579 INTERFUND ADVANCE Interfund advances as of the date of this report are as follows: Receivable Fund Payable Fund Amount Sewerage Waterworks $ 1,850,000 The interfund advance from the Sewerage Fund was for the payoff of the Waterworks General Obligation Alternate Revenue Source Bonds of 2002. The amount will be repaid, with accrued interest. INTERFUND TRANSFERS Interfund transfers for the year consisted of the following: Transfer In Transfer Out Amount Community Park General $ 3,500,000 (1) Motor Fuel Tax General 1,798,059 (1) Water General 692,086 (1) $ 5,990,145 Transfers are used to (1) move revenues from the fund that statute or budget requires to collect them to the fund that statute or budget requires to expend them. 66 ===== PDF PAGE 75 ===== [Extraction: embedded PDF text] CITY OF WEST CHICAGO, ILLINOIS Notes to the Financial Statements December 31, 2023 NOTE 3 – DETAIL NOTES ON ALL FUNDS – Continued LONG-TERM DEBT IEPA Revolving Loan The City has entered into an agreement with the IEPA to provide low interest financing for waterworks improvements. The IEPA revolving loan currently outstanding is as follows: Fund Debt Beginning Ending Issue Retired By Balances Issuances Retirements Balances IEPA Waterworks Revolving Loan ($11,000,000), due in semi- annual installments of $353,428, including interest at 2.57% through September 9, 2024. Waterworks $ 1,369,438 $ - $ 675,977 $ 693,461 Asset Retirement Obligation The City has recognized an asset retirement obligation (ARO) and related deferred outflow of resources in connection with its obligation to seal and abandon various water wells and demolition of the City’s underground storage tanks at the end of their estimated useful lives in accordance with federal, state, and/or local requirements. The ARO was measured using actual historical costs for similar abandonments, adjusted for inflation through the end of the year. The estimated remaining useful lives of the water wells are 22 - 47 years and the storage tank is 2 years. Legal Debt Margin Article VII, Section 6(k) of the 1970 Illinois Constitution governs the computation of legal debt margin. “The General Assembly may limit by law the amount and require referendum approval of debt to be incurred by home rule municipalities, payable from ad valorem property tax receipts, only in excess of the following percentages of the assessed value of its taxable property…(2) if its population is more than 25,000 and less than 500,000 an aggregate of one percent:…indebtedness which is outstanding on the effective date (July 1, 1971) of this constitution or which is thereafter approved by referendum…shall not be included in the foregoing percentage amounts.” To date the Illinois General Assembly has set no limits for home rule municipalities. The City is a home rule municipality. 67 ===== PDF PAGE 76 ===== [Extraction: embedded PDF text] CITY OF WEST CHICAGO, ILLINOIS Notes to the Financial Statements December 31, 2023 NOTE 3 – DETAIL NOTES ON ALL FUNDS – Continued LONG-TERM DEBT - Continued Long-Term Liability Activity Changes in long-term liabilities during the fiscal year were as follows: Amounts Beginning Ending Due within Type of Debt Balances Additions Deductions Balances One Year Governmental Activities Compensated Absences $ 1,894,677 $ 30,310 $ 60,620 $ 1,864,367 $ 372,873 Net Pension Liability IMRF 2,444,555 - 561,256 1,883,299 - Police Pension 26,607,007 1,097,767 - 27,704,774 - Total OPEB Liability - RBP 3,980,531 103,806 - 4,084,337 - Asset Retirement Obligation 75,000 - - 75,000 - 35,001,770 1,231,883 621,876 35,611,777 372,873 Business-type Activities Compensated Absences 193,744 38,520 77,040 155,224 31,045 Net Pension Liability IMRF 2,563,753 - 824,075 1,739,678 - Total OPEB Liability - RBP 1,776,607 53,194 - 1,829,801 - IEPA Revolving Loan 1,369,438 - 675,977 693,461 693,461 Asset Retirement Obligation 850,000 - - 850,000 - $ 6,753,542 $ 91,714 $ 1,577,092 $ 5,268,164 $ 724,506 For governmental activities, the General Fund makes payments on the net pension liabilities, the total OPEB liability, the compensated absences, and the asset retirement obligation. For business-type activities, the Waterworks Fund makes payments on the IEPA revolving loan. The compensated absences, the net pension liability, and the total OPEB liability are liquidated from the Waterworks and Sewerage Funds. The asset retirement obligation is being liquidated by the Waterworks Fund. 68 ===== PDF PAGE 77 ===== [Extraction: embedded PDF text] CITY OF WEST CHICAGO, ILLINOIS Notes to the Financial Statements December 31, 2023 NOTE 3 – DETAIL NOTES ON ALL FUNDS – Continued LONG-TERM DEBT – Continued Debt Service Requirements to Maturity The annual debt service requirements to maturity, including principal and interest, are as follows: Business-Type Activities IEPA Revolving Fiscal Loan Year Principal Interest Totals 2024 $ 693,461 $ 13,395 $ 706,856 NET POSITION/FUND BALANCE RESTATEMENT Beginning net position/fund balances were restated to ensure the proper recording of liability insurance expenses/expenditures. The following is a summary of the net position/fund balances as originally reported and as restated: Net Position/Fund Balance As Reported As Restated Increase Governmental Activities $ 47,391,547 47,650,833 259,286 Business-Type Activities 85,872,485 86,092,330 219,845 General 11,285,846 11,539,906 254,060 Capital Improvements 6,863,998 6,869,224 5,226 Waterworks 70,804,139 70,928,389 124,250 Sewerage 14,569,233 14,664,828 95,595 69 ===== PDF PAGE 78 ===== [Extraction: embedded PDF text] CITY OF WEST CHICAGO, ILLINOIS Notes to the Financial Statements December 31, 2023 NOTE 3 – DETAIL NOTES ON ALL FUNDS – Continued NET POSITION CLASSIFICATIONS Net investment in capital assets was comprised of the following as of December 31, 2023: Governmental Activities Capital Assets - Net of Accumulated Depreciation 50,120,415 Less Capital Related Debt: None - Investment in Capital Assets $ 50,120,415 Business-Type Activities Capital Assets - Net of Accumulated Depreciation 94,713,338 Less Capital Related Debt: IEPA Revolving Loan (693,461) Net Investment in Capital Assets $ 94,019,877 FUND BALANCE CLASSIFICATIONS In the governmental funds financial statements, the City considers restricted amounts to have been spent when an expenditure is incurred for purposes for which both restricted and unrestricted fund balance is available. The City first utilizes committed, then assigned and then unassigned fund balance when an expenditure is incurred for purposes for which all three unrestricted fund balances are available. Nonspendable Fund Balance. Consists of resources that cannot be spent because they are either: a) not in a spendable form; or b) legally or contractually required to be maintained intact. Restricted Fund Balance. Consists of resources that are restricted to specific purposes, that is, when constraints placed on the use of resources are either: a) externally imposed by creditors (such as through debt covenants), grantors, contributors, or laws or regulations of other governments; or b) imposed by law through constitutional provisions or enabling legislation. Committed Fund Balance. Consists of resources constrained (issuance of an ordinance) to specific purposes by the government itself, using its highest level of decision-making authority, the City Council; to be reported as committed, amounts cannot be used for any other purpose unless the government takes the same highest-level action to remove or change the constraint. Assigned Fund Balance. Consists of amounts that are constrained by the City Council’s intent to be used for specific purposes but are neither restricted nor committed. Intent is expressed by: a) the City Council itself; or b) a body or official to which the City Council has delegated the authority to assign amounts to be used for specific purposes. The City’s highest level of decision-making authority is the City Council, who is authorized to assign amounts to a specific purpose. 70 ===== PDF PAGE 79 ===== [Extraction: embedded PDF text] CITY OF WEST CHICAGO, ILLINOIS Notes to the Financial Statements December 31, 2023 NOTE 3 – DETAIL NOTES ON ALL FUNDS – Continued FUND BALANCE CLASSIFICATIONS – Continued Unassigned Fund Balance. Consists of residual net resources of a fund that has not been restricted, committed, or assigned within the General Fund and deficit fund balances of other governmental funds. Minimum Fund Balance Policy. The City’s budget policy states that General Fund should maintain a minimum fund balance equal to 25% of current budget projected revenue, with a target goal to increase the amount to 35%. The following is a schedule of fund balance classifications for the governmental funds as of the date of this report: Special Revenue Capital Motor Projects Community Downtown Fuel Capital General Park TIF #2 Tax Improvement Nonmajor Totals Fund Balances Nonspendable Prepaids/Inventories $ 433,596 $ - $ - - $ 6,106 $ - $ 439,702 Restricted Motor Fuel Tax - - - 7,877,676 - - 7,877,676 Public Safety 591,457 - - - - - 591,457 Property Taxes TIF - - 28,144 - - 373,110 401,254 Community Park Projects - 4,684,443 - - - - 4,684,443 591,457 4,684,443 28,144 7,877,676 - 373,110 13,554,830 Assigned Capital Projects - - - - 4,326,662 3,143,930 7,470,592 Unassigned 7,495,737 - - - - - 7,495,737 Total Fund Balances $ 8,520,790 $ 4,684,443 $ 28,144 $ 7,877,676 $ 4,332,768 $ 3,517,040 $ 28,960,861 71 ===== PDF PAGE 80 ===== [Extraction: embedded PDF text] CITY OF WEST CHICAGO, ILLINOIS Notes to the Financial Statements December 31, 2023 NOTE 4 – OTHER INFORMATION JOINT VENTURE The West Chicago/Winfield Wastewater Authority (the “Authority”) was created and established by an Intergovernmental Agreement dated April 19, 2018, between the City of West Chicago, Illinois and the Village of Winfield, Illinois for the purpose of jointly treating and processing wastewater. In accordance with the Intergovernmental Agreement dated April 19, 2018, the City of West Chicago is designated as the Operating Agency and has the day-to-day responsibilities of operations and maintenance of the Treatment Plant. The City of West Chicago is reimbursed one-eighth of the cost of salary and benefits paid to its Director of Public Works and his Administrative Assistant. A complete separate financial statement for the Authority can be requested from the Operating Agency at 475 Main Street, West Chicago, Illinois, 60185. RISK MANAGEMENT The City is exposed to various risks of loss related to torts, theft of, damage to, and destruction to assets; errors and omissions; injuries to employees; and natural disasters. The City participates in the Illinois Municipal League (IML), which is an organization of municipalities and special cities throughout the sate of Illinois, which have formed an association under the Illinois Intergovernmental Cooperation’s Stature to pool its risk management needs. The City pays annual premiums to IML for its workers’ compensation, general liability, property coverage and other coverage deemed necessary by the City. The City assumes the first $500 for each occurrence (except of losses as a result of flood or earthquake, for which the City assumes the first $25,000), and IML has a mix of self-insurance and commercial insurance at various amounts above that level. The City appoints one delegate, along with an alternate delegate, to represent the City in voting delegates to the Board of Directors. The City does not exercise any control over the activities of IML beyond its power to vote delegates to the Board of Directors. The City, along with IML’s other members, has a contractual obligation to fund any deficit of IML attributable to a membership year during which it was a member. Supplemental contributions may be required to fund these deficits. Settled claims resulting from these risks have not exceeded insurance coverage in any of the past three fiscal years. 72 ===== PDF PAGE 81 ===== [Extraction: embedded PDF text] CITY OF WEST CHICAGO, ILLINOIS Notes to the Financial Statements December 31, 2023 NOTE 4 – OTHER INFORMATION – Continued CONTINGENT LIABILITIES Litigation From time to time, the City is party to various pending claims and legal proceedings with respect to employment, civil rights, property taxes and other matters. Although the outcome of such matters cannot be forecasted with certainty, it is the opinion of management and the City attorney that the likelihood is remote that any such claims or proceedings will have a material adverse effect on the City's financial position or results of operations. Grants Amounts received or receivable from grantor agencies are subject to audit and adjustment by grantor agencies, principally the federal government. Any disallowed claims, including amounts already collected, may constitute a liability of the applicable funds. The amount, if any, of expenditures which may be disallowed by the grantor cannot be determined at this time although the City expects such amounts, if any, to be immaterial. EMPLOYEE RETIREMENT SYSTEM – DEFINED BENEFIT PENSION PLANS The City contributes to two defined benefit pension plans, the Illinois Municipal Retirement Fund (IMRF), a defined benefit agent multiple-employer public employee retirement system; and the Police Pension Plan that is a single-employer pension plan. Separate financial statements for the Police Pension Plan can be obtained from the Treasurer of the Police Pension Plan at 475 Main Street, West Chicago, IL 60185. IMRF does issue a publicly available financial report that includes financial statements and required supplementary information for the plan as a whole, but not by individual employer. That report may be obtained online at www.imrf.org. The benefit, benefit levels, employee contributions, and employer contributions are governed by Illinois Compiled Statutes (ILCS) and can only be amended by the Illinois General Assembly. The aggregate amount of pension expense recognized for the two pension plans is: Pension Net Pension Deferred Deferred Expenses Liabilities Outflows Inflows IMRF $ 199,947 $ 3,622,977 $ 3,359,900 $ 26,173 Police Pension 1,375,893 27,704,774 9,438,363 4,875,437 $ 1,575,840 $ 31,327,751 $ 12,798,263 $ 4,901,610 73 ===== PDF PAGE 82 ===== [Extraction: embedded PDF text] CITY OF WEST CHICAGO, ILLINOIS Notes to the Financial Statements December 31, 2023 NOTE 4 – OTHER INFORMATION – Continued EMPLOYEE RETIREMENT SYSTEM – DEFINED BENEFIT PENSION PLANS – Continued Illinois Municipal Retirement Fund (IMRF) Plan Descriptions Plan Administration. All employees (other than those covered by the Police Pension Plan) hired in positions that meet or exceed the prescribed annual hourly standard must be enrolled in IMRF as participating members. The plan is accounted for on the economic resources measurement focus and the accrual basis of accounting. Employer and employee contributions are recognized when earned in the year that the contributions are required; benefits and refunds are recognized as an expense and liability when due and payable. Benefits Provided. IMRF has three benefit plans. The vast majority of IMRF members participate in the Regular Plan (RP). The Sheriff’s Law Enforcement Personnel (SLEP) plan is for sheriffs, deputy sheriffs, and selected police chiefs. Counties could adopt the Elected County Official (ECO) plan for officials elected prior to August 8, 2011 (the ECO plan was closed to new participants after that date). IMRF provides two tiers of pension benefits. Employees hired before January 1, 2011, are eligible for Tier 1 benefits. Tier 1 employees are vested for pension benefits when they have at least eight years of qualifying service credit. Tier 1 employees who retire at age 55 (at reduced benefits) or after age 60 (at full benefits) with eight years of service are entitled to an annual retirement benefit, payable monthly for life, in an amount equal to 1-2/3% of the final rate of earnings for the first 15 years of service credit, plus 2% for each year of service credit after 15 years to a maximum of 75% of their final rate of earnings. Final rate of earnings is the highest total earnings during any consecutive 48 months within the last 10 years of service, divided by 48. Under Tier 1, the pension is increased by 3% of the original amount on January 1 every year after retirement. Employees hired on or after January 1, 2011, are eligible for Tier 2 benefits. For Tier 2 employees, pension benefits vest after ten years of service. Participating employees who retire at age 62 (at reduced benefits) or after age 67 (at full benefits) with ten years of service are entitled to an annual retirement benefit, payable monthly for life, in an amount equal to 1-2/3% of the final rate of earnings for the first 15 years of service credit, plus 2% for each year of service credit after 15 years to a maximum of 75% of their final rate of earnings. Final rate of earnings is the highest total earnings during any 96 consecutive months within the last 10 years of service, divided by 96. Under Tier 2, the pension is increased on January 1 every year after retirement, upon reaching age 67, by the lesser of: • 3% of the original pension amount; or • 1/2 of the increase in the Consumer Price Index of the original pension amount. 74 ===== PDF PAGE 83 ===== [Extraction: embedded PDF text] CITY OF WEST CHICAGO, ILLINOIS Notes to the Financial Statements December 31, 2023 NOTE 4 – OTHER INFORMATION – Continued EMPLOYEE RETIREMENT SYSTEM – DEFINED BENEFIT PENSION PLANS – Continued Illinois Municipal Retirement Fund (IMRF) – Continued Plan Descriptions – Continued Plan Membership. As of December 31, 2023, the measurement date, the following employees were covered by the benefit terms: Inactive Plan Members Currently Receiving Benefits 126 Inactive Plan Members Entitled to but not yet Receiving Benefits 59 Active Plan Members 72 Total 257 Contributions. As set by statute, the City’s Regular Plan Members are required to contribute 4.50% of their annual covered salary. The statute requires employers to contribute the amount necessary, in addition to member contributions, to finance the retirement coverage of its own employees. For the year-ended December 31, 2023, the City’s contribution was 7.52% of covered payroll. Net Pension Liability. The City’s net pension liability was measured as of December 31, 2023. The total pension liability used to calculate the net pension liability was determined by an actuarial valuation as of that date. Actuarial Assumptions. The total pension liability was determined by an actuarial valuation performed, as of December 31, 2023, using the following actuarial methods and assumptions: Actuarial Cost Method Entry Age Normal Asset Valuation Method Market Actuarial Assumptions Interest Rate 7.25% Salary Increases 2.85% to 13.75% Cost of Living Adjustments 2.75% Inflation 2.25% 75 ===== PDF PAGE 84 ===== [Extraction: embedded PDF text] CITY OF WEST CHICAGO, ILLINOIS Notes to the Financial Statements December 31, 2023 NOTE 4 – OTHER INFORMATION – Continued EMPLOYEE RETIREMENT SYSTEM – DEFINED BENEFIT PENSION PLANS – Continued Illinois Municipal Retirement Fund (IMRF) – Continued Plan Descriptions – Continued Actuarial Assumptions – Continued. For nondisabled retirees, the Pub-2010, Amount-Weighted, below- median income, General, Retiree, Male (adjusted 106%) and Female (adjusted 105%) tables, and future mortality improvements projected using scale MP-2020. For disabled retirees, the Pub-2010, Amount- Weighted, below-median income, General, Disabled Retiree, Male and Female (both unadjusted) tables, and future mortality improvements projected using scale MP-2020. For active members, the Pub-2010, Amount-Weighted, below-median income, General, Employee, Male and Female (both unadjusted) tables, and future mortality improvements projected using scale MP-2020. The long-term expected rate of return on pension plan investments was determined using a building- block method in which best-estimate ranges of expected future real rates of return (expected returns, net of pension plan investment expense, and inflation) are developed for each major asset class. These ranges are combined to produce the long-term expected rate of return by weighting the expected future real rates of return to the target asset allocation percentage and adding expected inflation. The target allocation and best estimates of geometric real rates of return for each major asset class are summarized in the following table: Long-Term Expected Real Asset Class Target Rate of Return Fixed Income 24.50% 4.75% Domestic Equities 34.50% 5.00% International Equities 18.00% 6.35% Real Estate 10.50% 6.30% Blended 11.50% 6.05% - 8.65% Cash and Cash Equivalents 1.00% 3.80% Discount Rate The discount rate used to measure the total pension liability was 7.25%, the same as in prior valuation. The projection of cash flows used to determine the discount rate assumed that member contributions will be made at the current contribution rate and that City contributions will be made at rates equal to the difference between the actuarially determined contribution rates and the member rate. Based on those assumptions, the Fund’s fiduciary net position was projected to be available to make all projected future benefit payments of current plan members. Therefore, the long-term expected rate of return on pension plan investments was applied to all period of projected benefit payments to determine the total pension liability. 76 ===== PDF PAGE 85 ===== [Extraction: embedded PDF text] CITY OF WEST CHICAGO, ILLINOIS Notes to the Financial Statements December 31, 2023 NOTE 4 – OTHER INFORMATION – Continued EMPLOYEE RETIREMENT SYSTEM – DEFINED BENEFIT PENSION PLANS – Continued Illinois Municipal Retirement Fund (IMRF) – Continued Discount Rate Sensitivity The following is a sensitivity analysis of the net pension liability to changes in the discount rate. The table below presents the net pension liability of the City calculated using the discount rate as well as what the City’s net pension liability would be if it were calculated using a discount rate that is one percentage point lower or one percentage point higher than the current rate: Current 1% Decrease Discount Rate 1% Increase (6.25%) (7.25%) (8.25%) Net Pension Liability $ 8,986,171 $ 3,622,977 $ (632,899) Changes in the Net Pension (Asset)/Liability Total Pension Plan Fiduciary Net Pension Liability Net Position (Asset)/Liability (A) (B) (A) - (B) Balances at December 31, 2022 $ 44,385,972 $ 39,377,664 $ 5,008,308 Changes for the Year: Service Cost 540,973 - 540,973 Interest on the Total Pension Liability 3,135,023 - 3,135,023 Difference Between Expected and Actual Experience of the Total Pension Liability 786,186 - 786,186 Changes of Assumptions (36,928) - (36,928) Contributions - Employer - 492,250 (492,250) Contributions - Employees - 294,485 (294,485) Net Investment Income - 4,446,793 (4,446,793) Benefit Payments, including Refunds of Employee Contributions (2,829,512) (2,829,512) - Other (Net Transfer) - 577,057 (577,057) Net Changes 1,595,742 2,981,073 (1,385,331) Balances at December 31, 2023 $ 45,981,714 $ 42,358,737 $ 3,622,977 77 ===== PDF PAGE 86 ===== [Extraction: embedded PDF text] CITY OF WEST CHICAGO, ILLINOIS Notes to the Financial Statements December 31, 2023 NOTE 4 – OTHER INFORMATION – Continued EMPLOYEE RETIREMENT SYSTEM – DEFINED BENEFIT PENSION PLANS – Continued Illinois Municipal Retirement Fund (IMRF) – Continued Pension Expense, Deferred Outflows of Resources, and Deferred Inflows of Resources Related to Pensions For the year ended December 31, 2023, the City recognized pension expense of $199,947. At December 31, 2023, the City reported deferred outflows of resources and deferred inflows of resources related to pensions from the following sources: Deferred Deferred Outflows of Inflows of Resources Resources Totals Difference Between Expected and Actual Experience $ 1,094,994 $ - $ 1,094,994 Change in Assumptions - (26,173) (26,173) Net Difference Between Projected and Actual Earnings on Pension Plan Investments 2,264,906 - 2,264,906 Total Deferred Amounts Related to IMRF $ 3,359,900 $ (26,173) $ 3,333,727 Amounts reported as deferred outflows of resources and deferred inflows of resources related to pensions will be recognized in pension expense in future periods as follows: Net Deferred Outflows/ Fiscal (Infows) Year of Resources 2024 $ 856,115 2025 1,121,710 2026 1,684,911 2027 (329,009) 2028 - Thereafter - Total $ 3,333,727 78 ===== PDF PAGE 87 ===== [Extraction: embedded PDF text] CITY OF WEST CHICAGO, ILLINOIS Notes to the Financial Statements December 31, 2023 NOTE 4 – OTHER INFORMATION – Continued EMPLOYEE RETIREMENT SYSTEM – DEFINED BENEFIT PENSION PLANS – Continued Police Pension Plan Plan Descriptions Plan Administration. The Police Pension Plan is a single-employer defined benefit pension plan that covers all sworn police personnel. The defined benefits and employee and minimum employer contribution levels are governed by Illinois Compiled Statutes (40 ILCS 5/3-1) and may be amended only by the Illinois legislature. The City accounts for the Fund as a pension trust fund. The Fund is governed by a five-member pension board. Two members of the Board are appointed by the City Mayor, one member is elected by pension beneficiaries and two members are elected by active police members. Plan Membership. At December 31, 2023, the measurement date, membership consisted of the following: Inactive Plan Members Currently Receiving Benefits 45 Inactive Plan Members Entitled to but not yet Receiving Benefits 38 Active Plan Members 15 Total 98 Benefits Provided. The following is a summary of the Police Pension Plan as provided for in Illinois State Statutes. The Police Pension Plan provides retirement benefits through two tiers of benefits as well as death and disability benefits. Covered employees hired before January 1, 2011 (Tier 1), attaining the age of 50 or older with 20 or more years of creditable service are entitled to receive an annual retirement benefit of ½ 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 2.5 percent of such salary for each additional year of service over 20 years up to 30 years, to a maximum of 75 percent 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 1, 1977 shall be increased annually, following the first anniversary date of retirement and be paid upon reaching the age of at least 55 years, by 3 percent of the original pension and 3 percent compounded annually thereafter. 79 ===== PDF PAGE 88 ===== [Extraction: embedded PDF text] CITY OF WEST CHICAGO, ILLINOIS Notes to the Financial Statements December 31, 2023 NOTE 4 – OTHER INFORMATION – Continued EMPLOYEE RETIREMENT SYSTEM – DEFINED BENEFIT PENSION PLANS – Continued Police Pension Plan – Continued Plan Descriptions – Continued Benefits Provided – Continued. Covered employees hired on or after January 1, 2011 (Tier 2), attaining the age of 55 or older with 10 or more years of creditable service are entitled to receive an annual retirement benefit equal to the average monthly salary obtained by dividing the total salary of the police officer during the 48 consecutive months of service within the last 60 months of service in which the total salary was the highest by the number of months of service in that period. Police officer salary for the pension purposes is capped at $106,800, plus the lesser of ½ of the annual change in the Consumer Price Index or 3 percent compounded. The annual benefit shall be increased by 2.5 percent of such a salary for each additional year of service over 20 years up to 30 years to a maximum of 75 percent of such salary. Employees with at least 10 years may retire at or after age 50 and receive a reduced benefit (i.e., ½ percent for each month under 55). The monthly benefit of a Tier 2 police officer shall be increased annually at age 60 on the January 1st after the police officer retires, or the first anniversary of the pension starting date, whichever is later. Noncompounding increases occur annually, each January thereafter. The increase is the lesser of 3 percent or ½ of the change in the Consumer Price Index for the proceeding calendar year. Contributions. Covered employees are required 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 City is required to contribute the remaining amounts necessary to finance the plan and the administrative costs as actuarially determined by an enrolled actuary. However, effective January 1, 2011, ILCS requires the City to contribute a minimum amount annually calculated using the projected unit credit actuarial cost method that will result in the funding of 90% of the past service cost by the year 2040. For the year-ended December 31, 2023, the City’s contribution was 62.51% of covered payroll. Concentrations. At December 31, 2023 the Pension Fund does not have any investments over five percent of net position available for benefits (other than investments issued or explicitly guaranteed by the U.S. government and investments in mutual funds, external investment pools, and other pooled investments). 80 ===== PDF PAGE 89 ===== [Extraction: embedded PDF text] CITY OF WEST CHICAGO, ILLINOIS Notes to the Financial Statements December 31, 2023 NOTE 4 – OTHER INFORMATION – Continued EMPLOYEE RETIREMENT SYSTEM – DEFINED BENEFIT PENSION PLANS – Continued Police Pension Plan – Continued Actuarial Assumptions The total pension liability was determined by an actuarial valuation performed, as of December 31, 2023, using the following actuarial methods and assumptions: Actuarial Cost Method Entry Age Normal Asset Valuation Method Fair Value Actuarial Assumptions Interest Rate 6.50% Salary Increases 3.00% Cost of Living Adjustments 3.00% Inflation 2.25% Mortality rates were based on PubS-2010(A) adjusted for Plan Status, Collar, and Illinois Public Pension Data, as Described. Discount Rate The discount rate used to measure the total pension liability was 6.50% in the current and prior valuation. The projection of cash flows used to determine the discount rate assumed that member contributions will be made at the current contribution rate and that City contributions will be made at rates equal to the difference between the actuarially determined contribution rates and the member rate. Based on those assumptions, the Fund’s fiduciary net position was projected to be available to make all project future benefit payments of current plan members. Therefore, the long-term expected rate of return on pension plan investments was applied to all period of projected benefit payments to determine the total pension liability. 81 ===== PDF PAGE 90 ===== [Extraction: embedded PDF text] CITY OF WEST CHICAGO, ILLINOIS Notes to the Financial Statements December 31, 2023 NOTE 4 – OTHER INFORMATION – Continued EMPLOYEE RETIREMENT SYSTEM – DEFINED BENEFIT PENSION PLANS – Continued Police Pension Plan – Continued Discount Rate Sensitivity The following is a sensitivity analysis of the net pension liability to changes in the discount rate. The table below presents the net pension liability of the City calculated using the discount rate as well as what the City’s net pension liability would be if it were calculated using a discount rate that is one percentage point lower or one percentage point higher than the current rate: Current 1% Decrease Discount Rate 1% Increase (5.50%) (6.50%) (7.50%) Net Pension Liability $ 39,035,648 $ 27,704,774 $ 18,572,598 Changes in the Net Pension Liability Total Pension Plan Fiduciary Net Pension Liability Net Position Liability (A) (B) (A) - (B) Balances at December 31, 2022 $ 66,040,592 $ 39,433,585 $ 26,607,007 Changes for the Year: Service Cost 1,386,950 - 1,386,950 Interest on the Total Pension Liability 4,184,672 - 4,184,672 Difference Between Expected and Actual Experience of the Total Pension Liability 5,000,947 - 5,000,947 Changes of Assumptions - - - Contributions - Employer - 3,064,900 (3,064,900) Contributions - Employees - 1,099,740 (1,099,740) Net Investment Income - 5,367,362 (5,367,362) Benefit Payments, including Refunds of Employee Contributions (3,066,533) (3,066,533) - Administration Expense - (57,200) 57,200 Net Changes 7,506,036 6,408,269 1,097,767 Balances at December 31, 2023 $ 73,546,628 $ 45,841,854 $ 27,704,774 82 ===== PDF PAGE 91 ===== [Extraction: embedded PDF text] CITY OF WEST CHICAGO, ILLINOIS Notes to the Financial Statements December 31, 2023 NOTE 4 – OTHER INFORMATION – Continued EMPLOYEE RETIREMENT SYSTEM – DEFINED BENEFIT PENSION PLANS – Continued Police Pension Plan – Continued Pension Expense, Deferred Outflows of Resources, and Deferred Inflows of Resources Related to Pensions For the year ended December 31, 2023, the City recognized pension expense of $1,375,893. At December 31, 2023, the City reported deferred outflows of resources and deferred inflows of resources related to pensions from the following sources: Deferred Deferred Outflows of Inflows of Resources Resources Totals Difference Between Expected and Actual Experience $ 4,538,215 $ (1,100,144) $ 3,438,071 Change in Assumptions 2,493,522 (3,775,293) (1,281,771) Net Difference Between Projected and Actual Earnings on Pension Plan Investments 2,406,626 - 2,406,626 Total Deferred Amounts Related to Police Pension $ 9,438,363 $ (4,875,437) $ 4,562,926 Amounts reported as deferred outflows of resources and deferred inflows of resources related to pensions will be recognized in pension expense in future periods as follows: Net Deferred Fiscal Outflows/(Inflows) Year of Resources 2024 $ 248,667 2025 965,080 2026 2,310,588 2027 359,459 2028 679,132 Thereafter - Total $ 4,562,926 83 ===== PDF PAGE 92 ===== [Extraction: embedded PDF text] CITY OF WEST CHICAGO, ILLINOIS Notes to the Financial Statements December 31, 2023 NOTE 4 – OTHER INFORMATION – Continued OTHER POST-EMPLOYMENT BENEFITS General Information about the OPEB Plan Plan Description. The City’s defined benefit OPEB plan, Retiree Benefits Plan (RBP), provides OPEB for eligible permanent full-time general and public safety employees of the City. RBP is a single- employer defined benefit OPEB plan administered by the City. Article 11 of the State Compiled Statutes grants the authority to establish and amend the benefit terms and financing requirements to the City Council. No assets are accumulated in a trust that meets the criteria in paragraph 4 of Statement 75. Benefits Provided. RBP provides healthcare insurance coverage and benefits for eligible retirees and their dependents. The premium cost terms provide for payment of 100 percent of health insurance premiums for non-Medicare-eligible retirees and 100 percent of health insurance premiums for Medicare-eligible retirees paid by retirees. Plan Membership. As of December 31, 2023, the measurement date, the following employees were covered by the benefit terms: Inactive Plan Members Currently Receiving Benefits 22 Inactive Plan Members Entitled to but not yet Receiving Benefits - Active Plan Members 62 Total 84 Total OPEB Liability The City’s total OPEB liability was measured as of December 31, 2023 and was determined by an actuarial valuation as of the same date. Actuarial Assumptions and Other Inputs. The total OPEB liability in the December 31, 2023 actuarial valuation was determined using the following actuarial assumptions and other inputs, applied to all periods included in the measurement, unless otherwise specified: 84 ===== PDF PAGE 93 ===== [Extraction: embedded PDF text] CITY OF WEST CHICAGO, ILLINOIS Notes to the Financial Statements December 31, 2023 NOTE 4 – OTHER INFORMATION – Continued OTHER POST-EMPLOYMENT BENEFITS – Continued Total OPEB Liability – Continued Actuarial Assumptions and Other Inputs – Continued. Inflation 2.25% Salary Increases 3.00% Discount Rate 3.77% Healthcare Cost Trend Rates 7.00% - 7.30% for 2024, Decreasing to an Ultimate Rate of 5.00% for 2033 and Later Years Retirees' Share of Benefit-Related Costs 100% of Projected Health Insurance Premiums for Retirees The discount rate was based on combination of the Expected Long-Term Rate of Return on Plan Assets and the Municipal Bond Rate. Mortality rates were based on the PubG-2010(B) Improved Generationally using MP-2020 Improvement Rates, weighted per IMRF experience Study Report dated December 14, 2020; Age 83 for Males, Age 87 for Females. Change in the Total OPEB Liability Total OPEB Liability Balance at December 31, 2022 $ 5,757,138 Changes for the Year: Service Cost 160,040 Interest on the Total Pension Liability 210,292 Changes of Benefit Terms - Difference Between Expected and Actual Experience (143,550) Changes of Assumptions or Other Inputs 138,489 Benefit Payments (208,271) Net Changes 157,000 Balance at December 31, 2023 $ 5,914,138 85 ===== PDF PAGE 94 ===== [Extraction: embedded PDF text] CITY OF WEST CHICAGO, ILLINOIS Notes to the Financial Statements December 31, 2023 NOTE 4 – OTHER INFORMATION – Continued OTHER POST-EMPLOYMENT BENEFITS – Continued Sensitivity of the Total OPEB Liability to Changes in the Discount Rate The discount rate used to measure the total pension liability was 3.77%, while the prior valuation used 3.72%. The following presents the total OPEB liability, calculated using the discount rate, as well as what the total OPEB liability would be if it were calculated using a discount rate that is one percentage point lower or one percentage point higher: Current 1% Decrease Discount Rate 1% Increase (2.77%) (3.77%) (4.77%) Total OPEB Liability $ 6,548,928 $ 5,914,138 $ 5,374,350 Sensitivity of the Total OPEB Liability to Changes in the Healthcare Cost Trend Rates The following presents the total OPEB liability, calculated using a varied Healthcare Trend Rate, as well as what the total OPEB liability would be if it were calculated using a Healthcare Trend Rate that is one percentage point lower or one percentage point higher: Healthcare Cost Trend 1% Decrease Rates 1% Increase (Varies) (Varies) (Varies) Total OPEB Liability $ 5,294,882 $ 5,914,138 $ 6,654,602 OPEB Expense and Deferred Outflows of Resources and Deferred Inflows of Resources Related to OPEB For the year ended December 31, 2023, the City recognized OPEB revenue of $51,270. Per GASB Statement No. 75, under the Alternative Measurement Method, changes in Total OPEB Liability are immediately recognized as expense, resulting in no deferred outflows of resources or deferred inflows of resources related to OPEB. 86 ===== PDF PAGE 95 ===== [Extraction: embedded PDF text] REQUIRED SUPPLEMENTARY INFORMATION Required supplementary information includes financial information and disclosures that are required by the GASB but are not considered a part of the basic financial statements. Such information includes: • Schedule of Employer Contributions Illinois Municipal Retirement Fund Police Pension Fund • Schedule of Changes in the Employer’s Net Pension Liability/(Asset) Illinois Municipal Retirement Fund Police Pension Fund • Schedule of Investment Returns Police Pension Fund • Schedule of Changes in the Employer's Total OPEB Liability Retiree Benefits Plan • Budgetary Comparison Schedule General Fund Community Park – Special Revenue Fund Motor Fuel Tax - Special Revenue Fund Notes to the Required Supplementary Information Budgetary Information – Budgets are adopted on a basis consistent with generally accepted accounting principles. 87 ===== PDF PAGE 96 ===== [Extraction: embedded PDF text] CITY OF WEST CHICAGO, ILLINOIS Illinois Municipal Retirement Fund Required Supplementary Information Schedule of Employer Contributions December 31, 2023 Contributions in Relation to Contributions as Actuarially the Actuarially Contribution a Percentage of Fiscal Determined Determined Excess/ Covered Covered Year Contribution Contribution (Deficiency) Payroll Payroll 2015 $ 673,208 $ 673,208 $ - $ 5,107,796 13.18% 2016 760,973 760,973 - 5,666,218 13.43% 2017 725,095 725,095 - 5,722,922 12.67% 2018 748,485 748,485 - 6,031,302 12.41% 2019 554,570 554,570 - 5,899,672 9.40% 2020 670,212 670,212 - 5,858,490 11.44% 2021 659,290 659,290 - 5,971,813 11.04% 2022 556,202 556,202 - 6,125,574 9.08% 2023 431,256 492,250 60,994 6,544,095 7.52% Notes to the Required Supplementary Information: Actuarial Cost Method Aggregate Entry Age Normal Amortization Method Level % Pay (Closed) Remaining Amortization Period 20 Years Asset Valuation Method 5-Year Smoothed Fair Value Inflation 2.25% Salary Increases 2.75% to 13.75%, Including Inflation Investment Rate of Return 7.25% Retirement Age Experience-based table of rates that are specific to the type of eligibility condition. Last updated for the 2020 valuation pursuant to an experience study of the period 2017-2019. Mortality For non-disabled retirees, the Pub-2010, Amount-Weighted, below-median income, General, Retiree, Male (adjusted 106%) and Female (adjusted 105%) tables, and future mortality improvements projected using scale MP- 2020. For disabled retirees, the Pub-2010, Amount-Weighted, below-median income, General, Disabled Retiree, Male and Female (both unadjusted) tables, and future mortality improvements projected using scale MP-2020. For active members, the Pub-2010, Amount-Weighted, below-median income, General, Employee, Male and Female (both unadjusted) tables, and future mortality improvements projected using scale MP-2020. Note: This schedule is intended to show information for ten years. Information for additional years will be displayed as it becomes available. 88 ===== PDF PAGE 97 ===== [Extraction: embedded PDF text] CITY OF WEST CHICAGO, ILLINOIS Police Pension Fund Required Supplementary Information Schedule of Employer Contributions December 31, 2023 Contributions in Relation to Contributions as Actuarially the Actuarially Contribution a Percentage of Fiscal Determined Determined Excess/ Covered Covered Year Contribution Contribution (Deficiency) Payroll Payroll 2015 $ 1,953,538 $ 1,800,000 $ (153,538) $ 4,092,955 43.98% 2016 2,496,300 2,174,000 (322,300) 4,279,402 50.80% 2017 2,357,486 2,358,000 514 4,429,181 53.24% 2018 2,499,282 2,500,000 718 4,352,534 57.44% 2019 2,563,133 1,949,252 (613,881) 4,452,989 43.77% 2020 2,662,434 2,662,500 66 4,382,854 60.75% 2021 2,997,288 2,997,288 - 4,354,351 68.83% 2022 3,085,827 3,085,827 - 4,592,835 67.19% 2023 3,064,865 3,064,900 35 4,903,171 62.51% Notes to the Required Supplementary Information: Actuarial Cost Method Entry Age Normal Amortization Method Level % Pay (Closed) Remaining Amortization Period 14 Years Asset Valuation Method Fair Value Inflation 2.25% Salary Increases 3.00% Investment Rate of Return 6.50% Retirement Age Graded by Age (11% at 50 to 100% at age 65) Mortality PubS-2010(A) Adjusted for Plan Status, Collar, and Illinois Public Pension Data, as Appropriate Note: This schedule is intended to show information for ten years. Information for additional years will be displayed as it becomes available. 89 ===== PDF PAGE 98 ===== [Extraction: embedded PDF text] CITY OF WEST CHICAGO, ILLINOIS Illinois Municipal Retirement Fund Required Supplementary Information Schedule of Changes in the Employer's Net Pension Liability(Asset) December 31, 2023 See Following Page 90 ===== PDF PAGE 99 ===== [Extraction: embedded PDF text] CITY OF WEST CHICAGO, ILLINOIS Illinois Municipal Retirement Fund Required Supplementary Information Schedule of Changes in the Employer's Net Pension Liability(Asset) December 31, 2023 12/31/2015 12/31/2016 12/31/2017 Total Pension Liability Service Cost $ 571,996 $ 563,551 $ 620,392 Interest 2,352,359 2,455,010 2,609,972 Differences Between Expected and Actual Experience (9,382) 616,330 (516,181) Change of Assumptions 80,218 (126,634) (1,103,990) Benefit Payments, Including Refunds of Member Contributions (1,512,334) (1,553,071) (1,650,895) Net Change in Total Pension Liability 1,482,857 1,955,186 (40,702) Total Pension Liability - Beginning 31,876,833 33,359,690 35,314,876 Total Pension Liability - Ending $ 33,359,690 $ 35,314,876 $ 35,274,174 Plan Fiduciary Net Position Contributions - Employer $ 673,208 $ 760,973 $ 725,095 Contributions - Members 230,043 254,980 262,899 Net Investment Income 140,645 1,966,231 5,355,309 Benefit Payments, Including Refunds of Member Contributions (1,512,334) (1,553,071) (1,650,895) Administrative Expense 398,615 259,549 (416,512) Net Change in Plan Fiduciary Net Position (69,823) 1,688,662 4,275,896 Plan Net Position - Beginning 28,433,476 28,363,653 30,052,315 Plan Net Position - Ending $ 28,363,653 $ 30,052,315 $ 34,328,211 Employer's Net Pension Liability/(Asset) $ 4,996,037 $ 5,262,561 $ 945,963 Plan Fiduciary Net Position as a Percentage of the Total Pension Liability 85.02% 85.10% 97.32% Covered Payroll $ 5,107,796 $ 5,666,218 $ 5,722,922 Employer's Net Pension Liability/(Asset) as a Percentage of Covered Payroll 97.81% 92.88% 16.53% Note: This schedule is intended to show information for ten years. Information for additional years will be displayed as it becomes available. 91 ===== PDF PAGE 100 ===== [Extraction: embedded PDF text] 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 $ 566,525 $ 602,034 $ 588,612 $ 537,927 $ 564,842 $ 540,973 2,599,095 2,692,802 2,775,712 2,874,428 2,983,718 3,135,023 89,045 (172,461) 408,035 425,475 1,223,702 786,186 1,066,640 - (276,821) - - (36,928) (1,805,678) (1,897,435) (2,046,716) (2,170,482) (2,517,201) (2,829,512) 2,515,627 1,224,940 1,448,822 1,667,348 2,255,061 1,595,742 35,274,174 37,789,801 39,014,741 40,463,563 42,130,911 44,385,972 $ 37,789,801 $ 39,014,741 $ 40,463,563 $ 42,130,911 $ 44,385,972 $ 45,981,714 $ 748,485 $ 554,570 $ 670,212 $ 659,288 $ 556,202 $ 492,250 271,408 265,485 263,633 268,732 275,652 294,485 (1,942,525) 6,121,775 5,300,760 7,083,627 (6,226,566) 4,446,793 (1,805,678) (1,897,435) (2,046,716) (2,170,482) (2,517,201) (2,829,512) 478,710 (124,338) 326,833 2,673 (67,651) 577,057 (2,249,600) 4,920,057 4,514,722 5,843,838 (7,979,564) 2,981,073 34,328,211 32,078,611 36,998,668 41,513,390 47,357,228 39,377,664 $ 32,078,611 $ 36,998,668 $ 41,513,390 $ 47,357,228 $ 39,377,664 $ 42,358,737 $ 5,711,190 $ 2,016,073 $ (1,049,827) $ (5,226,317) $ 5,008,308 $ 3,622,977 84.89% 94.83% 102.59% 112.40% 88.72% 92.12% $ 6,031,032 $ 5,899,672 $ 5,858,490 $ 5,971,815 $ 6,125,574 $ 6,544,095 94.70% 34.17% (17.92%) (87.52%) 81.76% 55.36% 92 ===== PDF PAGE 101 ===== [Extraction: embedded PDF text] CITY OF WEST CHICAGO, ILLINOIS Police Pension Fund Required Supplementary Information Schedule of Changes in the Employer's Net Pension Liability December 31, 2023 12/31/2015 12/31/2016 12/31/2017 Total Pension Liability Service Cost $ 1,339,124 $ 1,346,476 $ 1,426,187 Interest 2,354,602 3,142,264 3,240,378 Change of Benefit Terms - - - Differences Between Expected and Actual Experience 3,296,819 (372,812) 324,349 Change of Assumptions 6,855,504 (631,278) (1,417,146) Benefit Payments, Including Refunds of Member Contributions (1,595,484) (1,696,065) (1,958,572) Pension Plan Administrative Expense - - - Net Change in Total Pension Liability 12,250,565 1,788,585 1,615,196 Total Pension Liability - Beginning 41,676,250 53,926,815 55,715,400 Total Pension Liability - Ending $ 53,926,815 $ 55,715,400 $ 57,330,596 Plan Fiduciary Net Position Contributions - Employer $ 1,800,000 $ 2,174,000 $ 2,358,000 Contributions - Members 416,324 427,412 430,974 Net Investment Income 1,079,639 1,820,171 3,115,545 Benefit Payments, Including Refunds of Member Contributions (1,595,484) (1,696,065) (1,958,572) Administrative Expense (81,217) (71,463) (61,553) Net Change in Plan Fiduciary Net Position 1,619,262 2,654,055 3,884,394 Plan Net Position - Beginning 21,715,759 23,335,021 25,989,076 Plan Net Position - Ending $ 23,335,021 $ 25,989,076 $ 29,873,470 Employer's Net Pension Liability $ 30,591,794 $ 29,726,324 $ 27,457,126 Plan Fiduciary Net Position as a Percentage of the Total Pension Liability 43.27% 46.65% 52.11% Covered Payroll $ 4,092,955 $ 4,279,402 $ 4,429,181 Employer's Net Pension Liability as a Percentage of Covered Payroll 747.43% 694.64% 619.91% Note: This schedule is intended to show information for ten years. Information for additional years will be displayed as it becomes available. 93 ===== PDF PAGE 102 ===== [Extraction: embedded PDF text] 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 $ 1,349,278 $ 1,296,222 $ 1,803,080 $ 1,309,708 $ 1,258,039 $ 1,386,950 3,419,420 3,560,231 3,802,792 3,820,226 4,035,280 4,184,672 - 269,777 - - (28,523) - (338,074) 375,254 (1,541,342) (1,107,534) 400,345 5,000,947 (1,140,533) 7,382,782 (6,109,580) (3,000,207) - - (1,995,003) (2,405,200) (2,214,956) (2,703,046) (2,730,396) (3,066,533) - - (58,044) - - - 1,295,088 10,479,066 (4,318,050) (1,680,853) 2,934,745 7,506,036 57,330,596 58,625,684 69,104,750 64,786,700 63,105,847 66,040,592 $ 58,625,684 $ 69,104,750 $ 64,786,700 $ 63,105,847 $ 66,040,592 $ 73,546,628 $ 2,500,000 $ 1,949,252 $ 2,662,500 $ 2,997,288 $ 3,085,827 $ 3,064,900 432,433 441,291 443,247 426,937 448,692 1,099,740 (1,163,991) 5,220,951 4,871,051 4,287,449 (6,685,198) 5,367,362 (1,995,003) (2,405,200) (2,214,956) (2,703,046) (2,730,396) (3,066,533) (61,890) (61,544) (58,044) (61,973) (65,562) (57,200) (288,451) 5,144,750 5,703,798 4,946,655 (5,946,637) 6,408,269 29,873,470 29,585,019 34,729,769 40,433,567 45,380,222 39,433,585 $ 29,585,019 $ 34,729,769 $ 40,433,567 $ 45,380,222 $ 39,433,585 $ 45,841,854 $ 29,040,665 $ 34,374,981 $ 24,353,133 $ 17,725,625 $ 26,607,007 $ 27,704,774 50.46% 50.26% 62.41% 71.91% 59.71% 62.33% $ 4,352,534 $ 4,452,989 $ 4,382,854 $ 4,354,351 $ 4,592,835 $ 4,903,171 667.21% 771.95% 555.65% 407.08% 579.32% 565.04% 94 ===== PDF PAGE 103 ===== [Extraction: embedded PDF text] CITY OF WEST CHICAGO, ILLINOIS Police Pension Fund Required Supplementary Information Schedule of Investment Returns December 31, 2023 Annual Money- Weighted Rate of Return, Net Fiscal of Investment Year Expense 2015 4.99% 2016 7.85% 2017 12.01% 2018 (3.89%) 2019 17.79% 2020 14.03% 2021 10.62% 2022 19.47% 2023 13.66% Note: This schedule is intended to show information for ten years. Information for additional years will be displayed as it becomes available. 95 ===== PDF PAGE 104 ===== [Extraction: embedded PDF text] CITY OF WEST CHICAGO, ILLINOIS Retiree Benefits Plan Required Supplementary Information Schedule of Changes in the Employer's Total OPEB Liability December 31, 2023 See Following Page 96 ===== PDF PAGE 105 ===== [Extraction: embedded PDF text] CITY OF WEST CHICAGO, ILLINOIS Retiree Benefits Plan Required Supplementary Information Schedule of Changes in the Employer's Total OPEB Liability December 31, 2023 12/31/2017 Total OPEB Liability Service Cost $ 99,027 Interest 220,826 Changes in Benefit Terms - Differences Between Expected and Actual Experience - Change of Assumptions or Other Inputs - Benefit Payments (205,343) Net Change in Total OPEB Liability 114,510 Total OPEB Liability - Beginning 6,517,955 Total OPEB Liability - Ending 6,632,465 Covered-Employee Payroll $ 6,941,141 Total OPEB Liability as a Percentage of Covered-Employee Payroll 95.55% Notes: This schedule is intended to show information for ten years. Information for additional years will be displayed as it becomes available. No assets are accumulated in a trust that meets the criteria in paragraph 4 of GASB Statement 75. Changes of Assumptions. Changes in assumptions related to the discount rate were made in 2017 to 2023. 97 ===== PDF PAGE 106 ===== [Extraction: embedded PDF text] 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 $ 102,436 $ 46,336 $ 93,208 $ 115,236 $ 158,254 $ 160,040 224,412 251,531 184,368 169,318 141,801 210,292 - - - (1,321,475) - - - (1,247,848) - 108,963 - (143,550) (485,359) 1,759,270 1,172,614 10,109 (1,330,339) 138,489 (226,720) (224,709) (206,118) (178,341) (192,274) (208,271) (385,231) 584,580 1,244,072 (1,096,190) (1,222,558) 157,000 6,632,465 6,247,234 6,831,814 8,075,886 6,979,696 5,757,138 6,247,234 6,831,814 8,075,886 6,979,696 5,757,138 5,914,138 $ 7,149,386 $ 7,406,846 $ 7,629,051 $ 7,654,620 $ 6,600,875 $ 6,353,972 87.38% 92.24% 105.86% 91.18% 87.22% 93.08% 98 ===== PDF PAGE 107 ===== [Extraction: embedded PDF text] CITY OF WEST CHICAGO, ILLINOIS General Fund Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual For the Fiscal Year Ended December 31, 2023 Budget Original Final Actual Revenues Taxes $ 4,905,600 $ 4,905,600 $ 5,124,262 Intergovernmental 12,764,000 12,764,000 12,432,839 Charges for Services 2,083,100 2,083,100 2,451,966 Licenses and Permits 948,000 903,000 1,244,151 Fines and Forfeitures 840,000 840,000 1,835,261 Interest Income 5,000 5,000 434,843 Miscellaneous 750,000 350,000 882,869 Total Revenues 22,295,700 21,850,700 24,406,191 Expenditures General Government 10,336,500 10,586,500 8,853,747 Public Safety 12,130,600 12,130,600 12,581,415 Total Expenditures 22,440,100 22,690,100 21,435,162 Excess (Deficiency) of Revenues Over (Under) Expenditures (144,400) (839,400) 2,971,029 Other Financing Sources (Uses) Transfers Out - (1,798,059) (5,990,145) Net Change in Fund Balance $ (144,400) $ (2,190,159) (3,019,116) Fund Balance - Beginning as Restated 11,539,906 Fund Balance - Ending $ 8,520,790 99 ===== PDF PAGE 108 ===== [Extraction: embedded PDF text] CITY OF WEST CHICAGO, ILLINOIS Community Park - Special Revenue Fund Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual For the Fiscal Year Ended December 31, 2023 Budget Original Final Actual Revenues Charges for Services Video Gaming Terminal fee $ 1,000 $ 1,000 $ 58,423 Intergovernmental Video Gaming Taxes 40,000 40,000 38,789 Total Revenues 41,000 41,000 97,212 Expenditures Capital Outlay Building and Grounds Improvement - - - Excess (Deficiency) of Revenues Over (Under) Expenditures 41,000 41,000 97,212 Other Financing Sources Transfers In - - 3,500,000 Net Change in Fund Balance $ 41,000 $ 41,000 3,597,212 Fund Balance - Beginning 1,087,231 Fund Balance - Ending $ 4,684,443 100 ===== PDF PAGE 109 ===== [Extraction: embedded PDF text] CITY OF WEST CHICAGO, ILLINOIS Motor Fuel Tax - Special Revenue Fund Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual For the Fiscal Year Ended December 31, 2023 Budget Original Final Actual Revenues Intergovernmental MFT Allotments $ 1,083,800 $ 1,083,800 $ 1,105,538 Local Motor Fuel Tax - - 398,914 Interest Income 500 500 15,220 Total Revenues 1,084,300 1,084,300 1,519,672 Expenditures General Government Refuse Disposal 45,000 45,000 38,567 Electric 130,000 130,000 118,479 Capital Outlay 741,500 741,500 166,510 Total Expenditures 916,500 916,500 323,556 Excess (Deficiency) of Revenues Over (Under) Expenditures 167,800 167,800 1,196,116 Other Financing Sources Transfers In - 1,798,059 1,798,059 Net Change in Fund Balance $ 167,800 1,965,859 2,994,175 Fund Balance - Beginning 4,883,501 Fund Balance - Ending $ 7,877,676 101 ===== PDF PAGE 110 ===== [Extraction: embedded PDF text] OTHER SUPPLEMENTARY INFORMATION Other supplementary information includes financial statements and schedules not required by the GASB, nor a part of the basic financial statements, but are presented for purposes of additional analysis. Such statements and schedules include: • Budgetary Comparison Schedules – Major Governmental Funds • Combining Statements – Nonmajor Governmental Funds • Budgetary Comparison Schedules – Nonmajor Governmental Funds • Budgetary Comparison Schedules – Enterprise Funds • Consolidated Year-End Financial Report 102 ===== PDF PAGE 111 ===== [Extraction: embedded PDF text] INDIVIDUAL FUND DESCRIPTIONS GENERAL FUND The General Fund 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 fiduciary funds or capital projects funds) that are legally restricted to expenditure for specified purposes. Community Park Fund The Community Park Fund is used to account for the accumulation of funds from Kerr McGee to fund projects that meet the criteria established by the City Council and as detailed in the City Code Downtown TIF #2 The Downtown TIF #2 Fund is used to account for the accumulation of funds from incremental revenue generated within the Downtown TIF #2 area. Motor Fuel Tax Fund The Motor Fuel Tax Fund is used to account for motor fuel tax allocations from the State of Illinois and expenditures related to the City’s annual road rehabilitation and construction program. TIF Special Tax Allocation Fund #2 The TIF Special Tax Allocation #2 Fund is used to account for the accumulation of funds from incremental revenue generated within the TIF #2 area. TIF Special Tax Allocation Fund #3 The TIF Special Tax Allocation #3 Fund is used to account for the accumulation of funds from incremental revenue generated within the TIF #3 area. CAPITAL PROJECTS FUNDS Capital Projects Funds are created to account for all resources used for the acquisition of capital facilities by a governmental unit except those financed by Proprietary Funds. Capital Improvement Fund The Capital Improvement Fund is used to account for property taxes, natural gas use taxes and home rule sales taxes that are set aside for funding major capital improvements throughout the City. 103 ===== PDF PAGE 112 ===== [Extraction: embedded PDF text] INDIVIDUAL FUND DESCRIPTIONS CAPITAL PROJECTS FUNDS - Continued Capital Equipment Replacement Fund The Capital Equipment Replacement Fund is used to account for funds set aside be the City Council during the budget process and costs allocated to user departments for future capital fleet purchases. ENTERPRISE FUNDS Enterprise Funds are used to account for operations that are financed and operated in a manner similar to private business enterprises where the intent is that costs of providing goods or services to the general public on a continuing basis be financed or recovered primarily through user charges; or where it has been 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 purpose. Waterworks Fund The Waterworks Fund is used to account for the provision of potable water and water treatment services to the residents of the City. All activities necessary to provide such services are accounted for in this fund, including, but not limited to, administration, operations and maintenance, financing and related debt service, billing and collection. Sewerage Fund The Sewerage Fund is used to account for the provision of sewer repair, treatment, and improvement services to the residents of the City. All activities necessary to provide such services are accounted for in this fund, including, but not limited to, administration, operations and maintenance, financing and related debt service, billing and collection. Commuter Parking Fund The Commuter Parking Fund is used to account for commuter parking facilities operated be the City that are financed by user fees. PENSION TRUST FUND Police Pension Fund The Police Pension Fund is used to account for the accumulation of resources to be used for retirement annuity payments to employees on the police force at appropriate amounts and times in the future. Resources are contributed by employees at rates fixed by law and by the City at amounts determined by an annual actuarial study. 104 ===== PDF PAGE 113 ===== [Extraction: embedded PDF text] CITY OF WEST CHICAGO, ILLINOIS General Fund Schedule of Revenues - Budget and Actual For the Fiscal Year Ended December 31, 2023 Budget Original Final Actual Taxes Property Taxes $ 4,241,600 $ 4,241,600 $ 4,398,440 Telecommunications Tax 500,000 500,000 539,995 Amusement Tax 100,000 100,000 147,040 Cannabis Tax 64,000 64,000 38,787 4,905,600 4,905,600 5,124,262 Intergovernmental Sales Tax 5,460,000 5,460,000 5,363,669 Income Tax 3,800,000 3,800,000 4,091,052 Utility Tax 1,400,000 1,400,000 1,389,509 Use Tax 1,000,000 1,000,000 998,868 Personal Property Replacement Tax 500,000 500,000 527,994 Grants 604,000 604,000 61,747 12,764,000 12,764,000 12,432,839 Charges for Services Weed Cutting Fees 2,500 2,500 6,933 Brush Collection Fees 106,000 106,000 106,895 Police Counter Service 15,000 15,000 - Police Contractual Services 346,000 346,000 592,776 Change of Occupancy Fees 125,000 125,000 124,790 Rental Inspections 160,000 160,000 221,347 Business Registration 30,000 30,000 33,770 Foreclosed or Vacant Registration 20,000 20,000 15,840 Relocate Fees 5,000 5,000 11,775 Police Towing 35,000 35,000 169,050 Plan Review Fees 13,600 13,600 10,823 Engineering Fees 300,000 300,000 63,076 Transfer Station Fees 650,000 650,000 841,671 Cable Franchise Fee 275,000 275,000 211,893 Tower Rental Fees - - 41,327 2,083,100 2,083,100 2,451,966 105 ===== PDF PAGE 114 ===== [Extraction: embedded PDF text] CITY OF WEST CHICAGO, ILLINOIS General Fund Schedule of Revenues - Budget and Actual - Continued For the Fiscal Year Ended December 31, 2023 Budget Original Final Actual Licenses and Permits Building Permits $ 600,000 $ 600,000 $ 970,115 Building Contractors Licenses 50,000 50,000 53,675 Oversize Truck Permits 50,000 50,000 20,900 Liquor Licenses 150,000 105,000 126,536 Vending Machine/Business Licenses 75,000 75,000 55,755 Other Licenses and Permits 23,000 23,000 17,170 948,000 903,000 1,244,151 Fines and Forfeits Circuit Court Fines 255,000 255,000 474,007 Local Fines 585,000 585,000 1,287,042 Seizures - - 74,212 840,000 840,000 1,835,261 Interest Interest Income 5,000 5,000 434,843 Miscellaneous Cemetery Lot Sales 40,000 40,000 28,975 Other Reimbursements 50,000 50,000 399,151 Health Insurance Reimbursements 160,000 160,000 306,411 IPBC and IML Revenue 400,000 - - Other Miscellaneous 100,000 100,000 148,332 750,000 350,000 882,869 Total Revenues $ 22,295,700 $ 21,850,700 $ 24,406,191 106 ===== PDF PAGE 115 ===== [Extraction: embedded PDF text] CITY OF WEST CHICAGO, ILLINOIS General Fund Schedule of Expenditures - Budget and Actual For the Fiscal Year Ended December 31, 2023 Budget Original Final Actual General Government Legislative $ 225,400 $ 225,400 $ 174,117 Administration 4,495,600 4,745,600 3,509,496 Finance Dept 537,500 537,500 486,528 Public Works 3,030,700 3,030,700 2,933,774 Community Development 2,020,300 2,020,300 1,749,832 10,336,500 10,586,500 8,853,747 Public Safety Police Department 12,130,600 12,130,600 12,581,415 Total Expenditures $ 22,440,100 $ 22,690,100 $ 21,435,162 107 ===== PDF PAGE 116 ===== [Extraction: embedded PDF text] CITY OF WEST CHICAGO, ILLINOIS General Fund Schedule of Detailed Expenditures - Budget and Actual For the Fiscal Year Ended December 31, 2023 Budget Original Final Actual General Government Legislative Personal Services Salary of Aldermen $ 33,600 $ 33,600 $ 23,615 Salary of Mayor 15,000 15,000 15,000 Salary of Corporate Counsel 3,000 3,000 3,000 FICA and Medicare 3,800 3,800 2,954 Contractual Services Legal Fees 40,000 40,000 34,298 Consultants 1,000 1,000 - Training and Tuition 3,000 3,000 - Memberships/Dues/Subscriptions 45,000 45,000 27,037 Legal Notices 1,500 1,500 594 Printing and Binding 10,000 10,000 1,217 Legal Reporter Fees 500 500 - Commodities Computer and Office Supplies 800 800 181 Postage 700 700 84 Miscellaneous Commodities 2,500 2,500 1,927 Grant Distribution 64,000 64,000 64,000 Other Charges 1,000 1,000 210 Total Legislative 225,400 225,400 174,117 108 ===== PDF PAGE 117 ===== [Extraction: embedded PDF text] CITY OF WEST CHICAGO, ILLINOIS General Fund Schedule of Detailed Expenditures - Budget and Actual - Continued For the Fiscal Year Ended December 31, 2023 Budget Original Final Actual General Government - Continued Administration Personal Services Administrative Salaries $ 455,000 $ 455,000 $ 464,155 FICA and Medicare 35,100 35,100 31,961 ICMA 10,300 10,300 10,587 IMRF 30,100 30,100 30,510 Health, Dental, Life Insurance 2,036,500 2,036,500 1,974,611 Contractual Services Legal Fees 61,300 61,300 17,464 Newsletter Preparation 28,000 28,000 21,102 Training and Tuition 35,700 35,700 7,625 Memberships/Dues/Subscriptions 10,300 10,300 4,691 Software Maintenance 183,800 183,800 83,883 Telephone and Alarms 34,000 34,000 30,528 Electric 1,000 1,000 1,070 Printing and Binding 500 500 - Advertising 54,000 54,000 35,167 Other Contractual Services 1,357,100 1,357,100 492,148 IML General Insurance 4,200 4,200 3,599 Recycling - 250,000 197,379 Commodities Sales Tax Rebate 100,000 100,000 68,219 Computer and Office Supplies 27,300 27,300 8,820 Gallery 200 6,000 6,000 6,000 Arts Programming Supplies 2,500 2,500 2,028 Special Events 9,500 9,500 10,992 Gas and Oil 1,100 1,100 1,107 Postage 500 500 38 Miscellaneous 10,300 10,300 5,661 Other Charges 1,500 1,500 151 Total Administration 4,495,600 4,745,600 3,509,496 109 ===== PDF PAGE 118 ===== [Extraction: embedded PDF text] CITY OF WEST CHICAGO, ILLINOIS General Fund Schedule of Detailed Expenditures - Budget and Actual - Continued For the Fiscal Year Ended December 31, 2023 Budget Original Final Actual General Government - Continued Finance Dept Personal Services Administrative Salaries $ 391,900 $ 391,900 $ 347,596 FICA and Medicare 30,100 30,100 25,328 ICMA 7,400 7,400 1,768 IMRF 25,900 25,900 20,090 Contractual Services Legal Fees 1,500 1,500 1,137 Audit Fees 18,000 18,000 16,069 Training and Tuition 5,000 5,000 2,678 Memberships/Dues/Subscriptions 2,200 2,200 1,305 Software Maintenance 20,000 20,000 14,402 Telephone and Alarms 3,600 3,600 8,814 Other Contractual Services 5,000 5,000 22,102 IML General Insurance 4,200 4,200 3,599 Postage Meter Rental 2,000 2,000 1,404 Copier Fees 1,100 1,100 1,420 Commodities Computer and Office Supplies 4,000 4,000 2,993 Postage 5,000 5,000 2,076 Miscellaneous Commodities 400 400 236 Bank Fees 10,000 10,000 13,458 Other Charges 200 200 53 Total Finance Dept 537,500 537,500 486,528 110 ===== PDF PAGE 119 ===== [Extraction: embedded PDF text] CITY OF WEST CHICAGO, ILLINOIS General Fund Schedule of Detailed Expenditures - Budget and Actual - Continued For the Fiscal Year Ended December 31, 2023 Budget Original Final Actual General Government - Continued Public Works Personal Services Administrative Salaries $ 219,000 $ 219,000 $ 191,880 Operating Salaries 791,500 791,500 799,062 Administrative Salaries - Overtime 73,000 73,000 63,119 FICA and Medicare 83,000 83,000 80,209 IMRF 71,600 71,600 79,969 Contractual Services Legal Fees 6,000 6,000 915 Legal Notices 100 100 46 Pre-employment Exams 800 800 - Training and Tuition 16,000 16,000 18,196 Memberships/Dues/Subscriptions 1,500 1,500 1,353 Telephone and Alarms 90,900 90,900 25,149 Interments Program 20,000 20,000 16,150 Brush Pickup 105,800 105,800 96,775 Grounds Maintenance 54,600 54,600 55,425 Cemetery Maintenance 7,200 7,200 7,200 Janitor Contract 45,300 45,300 49,084 Heating Gas 7,300 7,300 10,369 Electric 1,500 1,500 6,811 Other Contractual Services 150,700 150,700 142,221 111 ===== PDF PAGE 120 ===== [Extraction: embedded PDF text] CITY OF WEST CHICAGO, ILLINOIS General Fund Schedule of Detailed Expenditures - Budget and Actual - Continued For the Fiscal Year Ended December 31, 2023 Budget Original Final Actual General Government - Continued Public Works - Continued Contractual Services - Continued IML General Insurance $ 58,400 $ 58,400 $ 50,344 Other Insurance 16,500 16,500 5,406 Payment to Taxing Bodies 182,000 182,000 225,914 Vehicle Maintenance and Repair 51,500 51,500 65,652 Commodities Computer and Office Supplies 5,500 5,500 3,173 Parts for Vehicles 185,000 185,000 170,150 Tools and Equipment 46,000 46,000 36,856 Gas and Oil 85,100 85,100 74,332 Postage 500 500 26 Uniforms and Safety Equipment 15,700 15,700 14,824 Miscellaneous 88,700 88,700 93,164 Capital Outlay Vehicles 550,000 550,000 550,000 Total Public Works 3,030,700 3,030,700 2,933,774 112 ===== PDF PAGE 121 ===== [Extraction: embedded PDF text] CITY OF WEST CHICAGO, ILLINOIS General Fund Schedule of Detailed Expenditures - Budget and Actual - Continued For the Fiscal Year Ended December 31, 2023 Budget Original Final Actual General Government - Continued Community Development Personal Services Commissions Salary $ 1,000 $ 1,000 $ 530 Administrative Salaries 612,100 612,100 646,763 FICA and Medicare 47,000 47,000 47,994 IMRF 44,600 44,600 65,586 Contractual Services Legal Fees 60,000 60,000 124,416 Training and Tuition 3,500 3,500 2,510 Memberships/Dues/Subscriptions 4,000 4,000 5,329 Enforcement & Inspections 390,000 390,000 325,738 Plan Review 132,000 132,000 98,910 Software Maintenance 29,600 29,600 13,848 Legal Notices 6,500 6,500 2,295 Telephone and Alarms 137,500 137,500 38,648 Weed Cutting 6,000 6,000 4,960 Printing and Binding 2,200 2,200 848 Legal Reporter 7,000 7,000 5,233 Filing Fees 5,000 5,000 7,410 Microfiche Expenditures 9,000 9,000 8,780 Other Contractual Services 243,900 243,900 120,910 IML General Insurance 7,900 7,900 6,768 Copier Fees 1,000 1,000 2,024 Grounds Maintenace 15,000 15,000 - Commodities Computer and Office Supplies 2,900 2,900 3,541 Maps and Plats 2,000 2,000 8,003 Gas and Oil 600 600 310 Postage 1,600 1,600 - Uniforms and Safety Equipment 200 200 35 Miscellaneous Commodities 200 200 - Special Events 168,000 168,000 151,729 Prospect Development 1,000 1,000 813 Other Charges 400 400 37,600 113 ===== PDF PAGE 122 ===== [Extraction: embedded PDF text] CITY OF WEST CHICAGO, ILLINOIS General Fund Schedule of Detailed Expenditures - Budget and Actual - Continued For the Fiscal Year Ended December 31, 2023 Budget Original Final Actual General Government - Continued Community Development - Continued Capital Outlay Office Equipment $ 12,700 $ 12,700 $ 48 Machinery 5,900 5,900 5,913 Other 60,000 60,000 12,340 Total Community Development 2,020,300 2,020,300 1,749,832 Total General Government 10,336,500 10,586,500 8,853,747 Public Safety Police Department Personal Services Administrative Salaries 926,500 926,500 834,913 Patrolman Salaries 3,900,000 3,900,000 4,213,646 Sergeants Salaries 821,500 821,500 731,374 CSO Salaries 123,800 123,800 123,516 Contract Services Salaries 10,000 10,000 18,359 Administrative Services - Overtime 480,000 480,000 543,023 CSO - Overtime 10,000 10,000 6,485 FICA and Medicare 479,800 479,800 483,078 Police Pension 3,064,900 3,064,900 3,064,900 IMRF 26,100 26,100 29,259 Unemployment Insurance 27,000 27,000 30,021 ICMA - - 19,643 Contractual Services Legal Fees 126,300 126,300 123,484 Training and Tuition 90,200 90,200 82,343 Officer Training and Mileage 7,000 7,000 9,887 Memberships/Dues/Subscriptions 21,600 21,600 22,039 Software Maintenance 118,500 118,500 56,056 Telephone and Alarms 65,600 65,600 118,764 Printing and Binding 7,000 7,000 7,549 Grounds Maintenance 1,300 1,300 1,305 DuComm Quarterly Share 601,800 601,800 597,313 Other Contractual Services 132,800 132,800 143,457 114 ===== PDF PAGE 123 ===== [Extraction: embedded PDF text] CITY OF WEST CHICAGO, ILLINOIS General Fund Schedule of Detailed Expenditures - Budget and Actual - Continued For the Fiscal Year Ended December 31, 2023 Budget Original Final Actual Public Safety - Continued Police Department - Continued Contractual Services - Continued Graffiti Removal $ 12,400 $ 12,400 $ 14,242 Reception Support 148,500 148,500 106,996 Crossing Guard - Contractual 77,000 77,000 53,032 IML General Insurance 222,100 222,100 191,722 Other Insurance 10,000 10,000 4,232 Radio/Radar Equipment Maint. and Repair 25,500 25,500 24,452 Office Equipment and Repair 11,700 11,700 14,127 Postage Meter Rental 1,200 1,200 2,192 Copier Fees 7,100 7,100 5,161 Commodities Computer and Office Supplies 5,200 5,200 4,825 Field Equipment 40,300 40,300 39,556 Gas and Oil 79,600 79,600 102,827 Postage 6,300 6,300 6,230 Uniform and Safety Equipment 81,300 81,300 70,976 Vehicle License Fees 3,900 3,900 453 First Aid Supplies 2,000 2,000 1,017 Ammunition and Firearms 33,500 33,500 28,759 Cert Supplies 5,000 5,000 2,356 Miscellaneous Commodities 16,500 16,500 16,416 Tools and Equipment 100 100 - Crime Prevention 33,200 33,200 353,554 Capital Outlay Vehicles 266,500 266,500 277,876 Total Public Safety 12,130,600 12,130,600 12,581,415 Total Expenditures $ 22,440,100 $ 22,690,100 $ 21,435,162 115 ===== PDF PAGE 124 ===== [Extraction: embedded PDF text] CITY OF WEST CHICAGO, ILLINOIS Capital Improvement - Capital Projects Fund Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual For the Fiscal Year Ended December 31, 2023 Budget Original Final Actual Revenues Taxes Utility Taxes $ 750,000 $ 750,000 $ 741,709 Intergovernmental Sales Taxes 3,600,000 3,600,000 3,764,521 Grants 909,800 909,800 696,650 Interest Income 2,000 2,000 - Miscellaneous 4,500 4,500 12,258 Total Revenues 5,266,300 5,266,300 5,215,138 Expenditures Capital Outlay 9,267,800 9,267,800 7,751,594 Net Change in Fund Balance $ (4,001,500) $ (4,001,500) (2,536,456) Fund Balance - Beginning as Restated 6,869,224 Fund Balance - Ending $ 4,332,768 116 ===== PDF PAGE 125 ===== [Extraction: embedded PDF text] CITY OF WEST CHICAGO, ILLINOIS Capital Improvement - Capital Projects Fund Schedule of Expenditures - Budget and Actual For the Fiscal Year Ended December 31, 2023 Budget Original Final Actual Capital Outlay Administrative Salaries $ 133,400 $ 133,400 $ 134,011 Operational Salaries 200,000 200,000 199,491 Administrative Salaries - Overtime 21,000 21,000 12,095 FICA and Medicare 27,200 27,200 26,110 Health/Dental/Life Insurance 45,300 45,300 43,727 IMRF 23,400 23,400 31,075 Legal Fees - - 4,137 Auditing Fees 4,400 4,400 4,591 Legal Notices 1,000 1,000 - Other Contractual Services 1,197,600 1,197,600 1,271,550 Traffic Signal Maintenance 32,500 32,500 49,870 Street Light Maintenance 27,500 27,500 36,529 IML General Insurance 5,600 5,600 4,796 Sales Tax Rebate 60,000 60,000 61,845 Street Patch Materials 2,000 2,000 - Street Paint 3,000 3,000 3,309 Ice Control Materials 68,300 68,300 15,869 Street Light Materials 60,000 60,000 47,632 Storm Sewer Repair 55,000 55,000 23,897 Rock Salt 405,000 405,000 213,888 Bit Patch Cold 11,000 11,000 10,675 Bit Patch Hot 51,000 51,000 44,524 Building and Grounds Improvements 528,300 528,300 423,870 Street Improvements 3,071,200 3,071,200 2,725,713 Other Capital Outlay 3,234,100 3,234,100 2,362,390 Total Expenditures $ 9,267,800 $ 9,267,800 $ 7,751,594 117 ===== PDF PAGE 126 ===== [Extraction: embedded PDF text] CITY OF WEST CHICAGO, ILLINOIS Nonmajor Governmental Funds Combining Balance Sheet December 31, 2023 Capital Special Revenue Projects TIF TIF Capital Special Tax Special Tax Equipment Allocation #2 Allocation #3 Replacement Totals ASSETS Cash and Investments $ 254,924 $ 118,186 $ 3,740,713 $ 4,113,823 Receivables - Net of Allowances Property Taxes 69,222 33,608 - 102,830 Total Assets 324,146 151,794 3,740,713 4,216,653 LIABILITIES Accounts Payable - - 596,783 596,783 DEFERRED INFLOWS OF RESOURCES Property Taxes 69,222 33,608 - 102,830 Total Liabilities and Deferred Inflows of Resources 69,222 33,608 596,783 699,613 FUND BALANCES Restricted 254,924 118,186 - 373,110 Assigned - - 3,143,930 3,143,930 Total Fund Balances 254,924 118,186 3,143,930 3,517,040 Total Liabilities, Deferred Inflows of Resources and Fund Balances $ 324,146 $ 151,794 $ 3,740,713 $ 4,216,653 118 ===== PDF PAGE 127 ===== [Extraction: embedded PDF text] CITY OF WEST CHICAGO, ILLINOIS Nonmajor Governmental Funds Combining Statement of Revenues, Expenditures and Changes in Fund Balances For the Fiscal Year Ended December 31, 2023 Capital Special Revenue Projects TIF TIF Capital Special Tax Special Tax Equipment Allocation #2 Allocation #3 Replacement Totals Revenues Taxes $ 69,570 $ 33,777 $ - $ 103,347 Charges for Services - - 1,125,501 1,125,501 Miscellaneous - 38,109 4,126 42,235 Total Revenues 69,570 71,886 1,129,627 1,271,083 Expenditures Capital Outlay - 8,371 1,080,651 1,089,022 Excess (Deficiency) of Revenues Over (Under) Expenditures 69,570 63,515 48,976 182,061 Other Financing Sources Disposal of Capital Assets - - 36,000 36,000 Net Change in Fund Balances 69,570 63,515 84,976 218,061 Fund Balances - Beginning 185,354 54,671 3,058,954 3,298,979 Fund Balances - Ending $ 254,924 $ 118,186 $ 3,143,930 $ 3,517,040 119 ===== PDF PAGE 128 ===== [Extraction: embedded PDF text] CITY OF WEST CHICAGO, ILLINOIS TIF Special Tax Allocation #2 - Special Revenue Fund Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual For the Fiscal Year Ended December 31, 2023 Budget Original Final Actual Revenues Taxes Property Taxes $ 30,000 $ 30,000 $ 69,570 Expenditures General Government Capital Outlay Prospect Development - - - Net Change in Fund Balance $ 30,000 $ 30,000 69,570 Fund Balance - Beginning 185,354 Fund Balance - Ending $ 254,924 120 ===== PDF PAGE 129 ===== [Extraction: embedded PDF text] CITY OF WEST CHICAGO, ILLINOIS TIF Special Tax Allocation #3 - Special Revenue Fund Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual For the Fiscal Year Ended December 31, 2023 Budget Original Final Actual Revenues Taxes Property Taxes $ 3,500 $ 3,500 $ 33,777 Miscellaneous - - 38,109 Total Revenues 3,500 3,500 71,886 Expenditures General Government Capital Outlay Prospect Development 25,000 25,000 8,371 Net Change in Fund Balance $ (21,500) $ (21,500) 63,515 Fund Balance - Beginning 54,671 Fund Balance - Ending $ 118,186 121 ===== PDF PAGE 130 ===== [Extraction: embedded PDF text] CITY OF WEST CHICAGO, ILLINOIS Capital Equipment Replacement - Capital Projects Fund Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual For the Fiscal Year Ended December 31, 2023 Budget Original Final Actual Revenues Charges for Services Other $ 1,133,300 $ 1,133,300 $ 1,125,501 Interest Income 400 400 - Miscellaneous - - 4,126 Total Revenues 1,133,700 1,133,700 1,129,627 Expenditures Capital Outlay Vehicles 1,686,600 1,686,600 1,080,651 Excess (Deficiency) of Revenues Over (Under) Expenditures (552,900) (552,900) 48,976 Other Financing Sources Disposal of Capital Assets - - 36,000 Net Change in Fund Balance $ (552,900) (552,900) 84,976 Fund Balance - Beginning 3,058,954 Fund Balance - Ending $ 3,143,930 122 ===== PDF PAGE 131 ===== [Extraction: embedded PDF text] CITY OF WEST CHICAGO, ILLINOIS Waterworks - Enterprise Fund Schedule of Revenues, Expenses and Changes in Net Position - Budget and Actual For the Fiscal Year Ended December 31, 2023 Budget Original Final Actual Operating Revenues Charges for Services Water Service $ 6,000,000 $ 6,000,000 $ 7,780,371 Operating Expenses Operations Water Distribution 5,700,500 5,700,500 2,876,808 Water Treatment Plant 3,155,400 3,155,400 2,687,613 Depreciation and Amortization - - 2,113,943 Total Operating Expenses 8,855,900 8,855,900 7,678,364 Operating Income (Loss) (2,855,900) (2,855,900) 102,007 Nonoperating Revenues (Expenses) Connection Fees 24,000 24,000 7,419 Interest Income 1,000 1,000 28,172 Grants 1,290,000 1,290,000 540,000 Other Income 97,000 97,000 190,451 Principal Retirement (659,000) (659,000) - Interest Expense (48,000) (48,000) (25,089) 705,000 705,000 740,953 Income (Loss) before Transfers (2,150,900) (2,150,900) 842,960 Transfers In - - 692,086 Net Change in Fund Balance $ (2,150,900) (2,150,900) 1,535,046 Net Position - Beginning as Restated 70,928,389 Net Position - Ending $ 72,463,435 123 ===== PDF PAGE 132 ===== [Extraction: embedded PDF text] CITY OF WEST CHICAGO, ILLINOIS Waterworks - Enterprise Fund Schedule of Operating Expenses - Budget and Actual For the Fiscal Year Ended December 31, 2023 Budget Original Final Actual Operations Water Distribution Personal Services Administrative Salaries $ 631,200 $ 631,200 $ 626,839 Operational Salaries 471,000 471,000 490,832 Administrative Salaries - Overtime 50,000 50,000 39,397 FICA and Medicare 88,200 88,200 86,646 ICMA 7,300 7,300 5,824 Health/Dental/Life Insurance 467,700 467,700 452,102 IMRF 76,000 76,000 83,299 Contractual Services Legal Fees 25,000 25,000 189 Auditing Fees 15,400 15,400 15,150 JULIE System 2,500 2,500 - Consultants 68,600 68,600 - Pre-Employment Exams 600 600 - Training and Tuition 4,000 4,000 2,243 Memberships/Dues/Subscriptions 2,500 2,500 748 Software Maintenance 47,400 47,400 25,416 Legal Notices 500 500 - Telephone and Alarms 100,000 100,000 38,317 Heating and Gas 3,000 3,000 4,328 Electric 305,000 305,000 355,437 Lab Services 19,500 19,500 16,922 Printing and Binding 2,500 2,500 3,164 Grounds Maintenance 8,000 8,000 8,095 Other Contractual Services 93,400 93,400 56,579 IML General Insurance 105,500 105,500 91,164 Copier Rental 800 800 1,273 Vehicle Maintenance and Repair 20,000 20,000 8,009 Building Maintenance and Repair 5,000 5,000 1,828 Distribution System Maintenance and Repair 270,000 270,000 59,245 Pump Station Maintenance and Repair 340,000 340,000 (663) Reservoir Maintenance and Repair 500 500 - Postage Meter Rental 1,500 1,500 1,404 124 ===== PDF PAGE 133 ===== [Extraction: embedded PDF text] CITY OF WEST CHICAGO, ILLINOIS Waterworks - Enterprise Fund Schedule of Operating Expenses - Budget and Actual - Continued For the Fiscal Year Ended December 31, 2023 Budget Original Final Actual Operations - Continued Water Distribution - Continued Commodities Computer and Office Supplies $ 4,000 $ 4,000 $ 3,456 Parts for Vehicles 20,000 20,000 13,009 Tools and Equipment 6,000 6,000 5,430 Gas and Oil 32,000 32,000 27,921 Postage 5,000 5,000 4,127 Uniforms and Safety Equipment 10,000 10,000 9,140 Parts and Equipment - Wells 10,000 10,000 820 Parts and Equipment - Distribution 110,000 110,000 82,814 Parts and Equipment - Pump Station 5,000 5,000 9,894 Lab Supplies 2,000 2,000 383 Water Meters 123,000 123,000 100,687 Miscellaneous Commodities 8,000 8,000 10,364 Bank Fees 15,000 15,000 13,476 Capital Outlay Vehicles 121,500 121,500 121,500 Other Capital Outlay 1,971,400 1,971,400 - MIS Replacement 25,000 25,000 - Total Water Distribution 5,700,500 5,700,500 2,876,808 Water Treatment Plant Personal Services Administrative Salaries 217,000 217,000 191,542 Operational Salaries 472,200 472,200 338,135 Administrative Salaries - Overtime 68,500 68,500 146,882 FICA and Medicare 58,000 58,000 53,037 IMRF 50,000 50,000 47,540 Bad Debt - - 52,863 IMRF Pension Expense - - (94,509) OPEB Pension Expense - - 26,599 Contractual Services Training and Tuition 2,600 2,600 1,594 Memberships/Dues/Subscriptions 500 500 357 Telephone and Alarms 90,400 90,400 30,002 125 ===== PDF PAGE 134 ===== [Extraction: embedded PDF text] CITY OF WEST CHICAGO, ILLINOIS Waterworks - Enterprise Fund Schedule of Operating Expenses - Budget and Actual - Continued For the Fiscal Year Ended December 31, 2023 Budget Original Final Actual Operations - Continued Water Treatment Plant - Continued Contractual Services - Continued Heating and Gas $ 4,500 $ 4,500 $ 4,825 Electric 120,000 120,000 178,063 Lab Results 3,000 3,000 4,872 Refuse Disposal 360,000 360,000 548,353 Grounds Maintenance 10,000 10,000 6,525 Janitorial Service 22,500 22,500 24,560 Other Contractual Services 29,000 29,000 118,205 IML General Insurance 38,900 38,900 33,587 Building Maintenance and Repair 90,000 90,000 188,582 WTP Operations Repair 201,000 201,000 137,269 Copier Rental 5,000 5,000 3,648 Equipment Rental 3,500 3,500 - Commodities Computer and Office Supplies 1,000 1,000 1,938 Parts for Vehicles 2,000 2,000 39 Tools and Equipment 2,500 2,500 2,957 Gas and Oil 5,500 5,500 1,871 Uniforms and Safety Equipment 7,100 7,100 5,340 Parts for Building Repairs 17,000 17,000 8,842 Lab Supplies 25,000 25,000 14,551 Chemicals 702,000 702,000 541,513 Parts for WTP Operations 15,000 15,000 13,825 Miscellaneous Commodities 2,000 2,000 8,614 Capital Outlay Other Capital Outlay 529,700 529,700 45,592 Total Water Treatment Plant 3,155,400 3,155,400 2,687,613 Total Operations 8,855,900 8,855,900 5,564,421 Depreciation and Amortization - - 2,113,943 Total Operating Expenses $ 8,855,900 $ 8,855,900 $ 7,678,364 126 ===== PDF PAGE 135 ===== [Extraction: embedded PDF text] CITY OF WEST CHICAGO, ILLINOIS Sewerage - Enterprise Fund Schedule of Revenues, Expenses and Changes in Net Position - Budget and Actual For the Fiscal Year Ended December 31, 2023 Budget Original Final Actual Operating Revenues Charges for Services Sewer Service $ 5,000,000 $ 5,000,000 $ 6,753,829 Operating Expenses Operations Sanitary Sewer Collection 8,157,900 8,157,900 6,292,615 Special Service Area #2 50,800 50,800 30,936 Depreciation - - 411,701 Total Operating Expenses 8,208,700 8,208,700 6,735,252 Operating (Loss) (3,208,700) (3,208,700) 18,577 Nonoperating Revenues Connection Fees 25,000 25,000 80 Property Taxes 9,000 9,000 10,290 Interest Income 1,000 1,000 256,081 Other Income 60,000 60,000 288,749 95,000 95,000 555,200 Net Change in Fund Balance $ (3,113,700) $ (3,113,700) 573,777 Net Position - Beginning as Restated 14,664,828 Net Position - Ending $ 15,238,605 127 ===== PDF PAGE 136 ===== [Extraction: embedded PDF text] CITY OF WEST CHICAGO, ILLINOIS Sewerage - Enterprise Fund Schedule of Operating Expenses - Budget and Actual For the Fiscal Year Ended December 31, 2023 Budget Original Final Actual Operations Sanitary Sewer Collection Personal Services Administrative Salaries $ 679,600 $ 679,600 $ 678,267 Operational Salaries 711,600 711,600 708,756 Administrative Salaries - Overtime 50,000 50,000 32,589 FICA and Medicare 110,300 110,300 105,180 ICMA 7,300 7,300 5,824 Health/Dental/Life Insurance 467,700 467,700 452,122 IMRF 95,000 95,000 104,337 IMRF Pension Expense - - (62,486) Bad Debt Expense - - 79,294 OPEB Pension Expense - - 26,595 Contractual Services Legal Fees 15,000 15,000 - Auditing Fees 8,700 8,700 8,723 JULIE System 2,500 2,500 - Consultants 68,600 68,600 60,874 Training and Tuition 7,000 7,000 3,075 Software Maintenance 47,400 47,400 24,998 Telephone and Alarms 60,000 60,000 41,520 Heating Gas 6,500 6,500 26,629 Electric 52,000 52,000 55,329 Grounds Maintenance 5,000 5,000 3,740 Other Contractual Services 93,400 93,400 83,743 Wastewater Treatment 2,874,300 2,874,300 2,609,895 IML General Insurance 111,100 111,100 95,961 Vehicle Maintenance and Repair 20,000 20,000 2,476 Lift Station Maintenance and Repair 40,000 40,000 89,170 Sewer Main Maintenance and Repair 600,000 600,000 692,021 Postage Meter Rental 1,400 1,400 1,404 128 ===== PDF PAGE 137 ===== [Extraction: embedded PDF text] CITY OF WEST CHICAGO, ILLINOIS Sewerage - Enterprise Fund Schedule of Operating Expenses - Budget and Actual - Continued For the Fiscal Year Ended December 31, 2023 Budget Original Final Actual Operations - Continued Sanitary Sewer Collection - Continued Commodities Copier and Rental $ 500 $ 500 $ 1,273 Computer and Office Supplies 5,000 5,000 5,062 Parts for Vehicles 50,000 50,000 39,430 Tools and Equipment 10,000 10,000 4,002 Gas and Oil 16,000 16,000 9,495 Postage 2,000 2,000 1,925 Chemicals 2,500 2,500 2,046 Parts for Lift Stations 15,000 15,000 24,762 Material for Trench Backfill 15,000 15,000 15,164 Parts for Mains 3,500 3,500 16,891 Miscellaneous Commodities 10,000 10,000 8,840 Bank Fees 13,500 13,500 13,667 Capital Outlay Vehicles 205,000 205,000 205,000 Other Capital Outlay 1,675,500 1,675,500 15,022 Total Sanitary Sewer Collection 8,157,900 8,157,900 6,292,615 Special Service Area #2 Personal Service Operational Salaries 5,600 5,600 5,558 Administrative Salaries - Overtime 200 200 68 FICA and Medicare 500 500 432 IMRF 400 400 376 Commodities Electric 5,000 5,000 6,703 Grounds Maintenance 2,600 2,600 1,980 Capital Outlay Other Capital Outlay 36,500 36,500 15,819 Total Special Service Area #2 50,800 50,800 30,936 Total Operations 8,208,700 8,208,700 6,323,551 Depreciation - - 411,701 Total Operating Expenses $ 8,208,700 $ 8,208,700 $ 6,735,252 129 ===== PDF PAGE 138 ===== [Extraction: embedded PDF text] CITY OF WEST CHICAGO, ILLINOIS Commuter Parking - Enterprise Schedule of Revenues, Expenses and Changes in Net Position - Budget and Actual For the Fiscal Year Ended December 31, 2023 Budget Original Final Actual Operating Revenues Charges for Services Parking Fees $ 20,000 $ 20,000 $ 38,523 Licenses and Permits 20,000 20,000 28,026 Total Operating Revenues 40,000 40,000 66,549 Operating Expenses Operations 287,100 287,100 71,892 Depreciation - - 11,986 Total Operating Expenses 287,100 287,100 83,878 Operating (Loss) (247,100) (247,100) (17,329) Nonoperating Revenues Other Income - - 208 Change in Net Position $ (247,100) $ (247,100) (17,121) Net Position - Beginning 499,113 Net Position - Ending $ 481,992 130 ===== PDF PAGE 139 ===== [Extraction: embedded PDF text] CITY OF WEST CHICAGO, ILLINOIS Commuter Parking - Enterprise Fund Schedule of Operating Expenses - Budget and Actual For the Fiscal Year Ended December 31, 2023 Budget Original Final Actual Operations Personal Services Administrative Salaries $ 7,500 $ 7,500 $ 7,581 Operational Salaries 14,300 14,300 14,899 Administrative Salaries Overtime 1,500 1,500 838 FICA and Medicare 1,800 1,800 1,770 Unemployment Insurance - - 1,551 IMRF 1,600 1,600 1,377 IMRF Pension Expense - - (1,810) Contractual Services Auditing Fees 1,500 1,500 1,840 Telephone and Alarms 6,500 6,500 11,024 Electric 12,500 12,500 375 Printing and Binding 400 400 4,580 Grounds Maintenance 5,000 5,000 3,738 Janitorial Services 3,500 3,500 13,670 Contractual Services 20,000 20,000 1,847 Commodities Postage 1,500 1,500 840 Miscellaneous Commodities 2,000 2,000 7,577 Bank Fees 2,500 2,500 195 Capital Outlay Building and Ground Improvements 205,000 205,000 - Total Operations 287,100 287,100 71,892 Depreciation - - 11,986 Total Operating Expenses $ 287,100 $ 287,100 $ 83,878 131 ===== PDF PAGE 140 ===== [Extraction: embedded PDF text] CITY OF WEST CHICAGO, ILLINOIS Consolidated Year-End Financial Report December 31, 2023 CSFA # Program Name State Federal Other Totals 120-00-1758 Site Improvements $ 11,650 $ 660,000 $ - $ 671,650 420-00-1769 Installation and/or Replacement of Utilities - 540,000 - 540,000 493-80-2595 State Police Revocation Enforcement - 6,058 - 6,058 494-10-0343 State and Community Highway Safety/National Priority Safety Program - 9,062 - 9,062 Other Grant Programs and Activities - 366,385 - 366,385 All Other Costs Not Allocated - - 42,675,209 42,675,209 Totals $ 11,650 $ 1,581,505 $ 42,675,209 $ 44,268,364 132 ===== PDF PAGE 141 ===== [Extraction: embedded PDF text] STATISTICAL SECTION (Unaudited) This part of the annual comprehensive 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 City’s overall financial health. Financial Trends These schedules contain trend information to help the reader understand how the City’s financial performance and well-being have changed over time. Revenue Capacity These schedules contain information to help the reader assess the City’s most significant local revenue sources. Debt Capacity These schedules present information to help the reader assess the affordability of the City’s current levels of outstanding debt and the City’s ability to issue additional debt in the future. Demographic and Economic Information These schedules offer demographic and economic indicators to help the reader understand the environment within which the City’s financial activities take place. Operating Information These schedules contain service and infrastructure data to help the reader understand how the information in the City’s financial report relates to the services the City provides and the activities it performs. 133 ===== PDF PAGE 142 ===== [Extraction: embedded PDF text] CITY OF WEST CHICAGO, ILLINOIS Net Position by Component - Last Ten Fiscal Years December 31, 2023 (Unaudited) See Following Page 134 ===== PDF PAGE 143 ===== [Extraction: embedded PDF text] CITY OF WEST CHICAGO, ILLINOIS Net Position by Component - Last Ten Fiscal Years December 31, 2023 (Unaudited) 2014 2015 2016 2017 Governmental Activities Net Investment in Capital Assets $ 55,050,037 $ 55,619,533 $ 54,867,141 $ 49,943,090 Restricted 3,218,725 3,305,503 2,636,828 2,216,378 Unrestricted (Deficit) 12,673,884 (9,065,624) (10,545,812) (12,294,029) Total Governmental Activities Net Position 70,942,646 49,859,412 46,958,157 39,865,439 Business-Type Activities Net Investment in Capital Assets 102,204,573 103,770,812 104,429,071 105,803,874 Restricted 1,040,810 1,088,552 2,409 - Unrestricted (Deficit) 3,785,237 2,453,473 1,383,690 (554,848) Total Business-Type Activities Net Position 107,030,620 107,312,837 105,815,170 105,249,026 Primary Government Net Investment in Capital Assets 157,254,610 159,390,345 159,296,212 155,746,964 Restricted 4,259,535 4,394,055 2,639,237 2,216,378 Unrestricted (Deficit) 16,459,121 (6,612,151) (9,162,122) (12,848,877) Total Primary Government Net Position $ 177,973,266 $ 157,172,249 $ 152,773,327 $ 145,114,465 Data Source: City Records 135 ===== PDF PAGE 144 ===== [Extraction: embedded PDF text] 2018 2019 2020 2021 2022 2023 $ 54,014,124 $ 54,970,284 $ 53,700,103 $ 52,198,435 $ 50,991,911 $ 50,120,415 2,944,399 3,615,057 5,316,225 8,507,381 8,713,917 13,554,830 (15,056,308) (17,252,817) (13,606,301) (4,136,846) (12,314,281) (13,879,879) 41,902,215 41,332,524 45,410,027 56,568,970 47,391,547 49,795,366 105,354,380 95,532,108 94,081,605 93,502,440 92,989,578 94,019,877 - 180,321 180,321 180,321 180,321 180,321 (10,658,958) (14,775,689) (19,069,338) (19,399,742) (7,297,414) (6,016,166) 94,695,422 80,936,740 75,192,588 74,283,019 85,872,485 88,184,032 159,368,504 150,502,392 147,781,708 145,700,875 143,981,489 144,140,292 2,944,399 3,795,378 5,496,546 8,687,702 8,894,238 13,735,151 (25,715,266) (32,028,506) (32,675,639) (23,536,588) (19,611,695) (19,896,045) $ 136,597,637 $ 122,269,264 $ 120,602,615 $ 130,851,989 $ 133,264,032 $ 137,979,398 136 ===== PDF PAGE 145 ===== [Extraction: embedded PDF text] CITY OF WEST CHICAGO, ILLINOIS Changes in Net Position - Last Ten Fiscal Years December 31, 2023 (Unaudited) 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 Expenses Governmental Activities General Government $ 11,058,516 $ 13,280,738 $ 13,704,876 $ 13,329,708 $ 13,667,469 $ 9,256,029 $ 12,085,019 $ 7,502,977 $ 8,457,023 $ 9,057,223 Public Safety 1,955,626 - - - - 12,429,913 10,448,934 8,922,067 11,601,093 10,976,733 Culture and Recreation 12,592 - - - - 49,692 49,692 47,062 49,691 47,062 Streets and Highways 9,701,162 12,524,954 11,555,771 11,092,178 10,121,701 5,193,137 1,170,904 5,494,248 5,916,606 9,664,763 Interest on Long-Term Debt 1,195 608 518 407 339 250 1,115 69 - - Total Governmental Activities Expenses 22,729,091 25,806,300 25,261,165 24,422,293 23,789,509 26,929,021 23,755,664 21,966,423 26,024,413 29,745,781 Business-Type Activities Waterworks 5,812,503 6,211,353 6,923,648 6,208,086 6,936,383 6,710,153 7,223,329 5,826,807 7,485,333 7,703,453 Sewerage 5,888,300 6,075,753 6,552,406 6,061,776 6,822,477 5,776,914 5,895,441 5,365,676 6,169,629 6,735,252 Commuter Parking 140,431 91,985 99,935 113,075 127,980 114,234 100,012 92,619 90,272 83,878 Total Business-Type Activities Activities Net Position 11,841,234 12,379,091 13,575,989 12,382,937 13,886,840 12,601,301 13,218,782 11,285,102 13,745,234 14,522,583 Total Primary Government Expenses 34,570,325 38,185,391 38,837,154 36,805,230 37,676,349 39,530,322 36,974,446 33,251,525 39,769,647 44,268,364 Program Revenues Governmental Activities Charges for Services General Government 2,018,188 2,391,549 2,810,520 2,365,076 3,082,228 4,041,799 3,433,651 3,657,317 3,830,671 2,913,391 Public Safety 788,000 796,700 780,800 851,100 278,100 1,551,190 1,345,890 1,093,943 1,993,128 2,617,987 Culture and Recreation - - - - - 896,500 953,800 570,800 968,504 1,183,924 Streets and Highways 1,178,937 1,400,121 1,297,112 1,257,271 1,759,322 - - - - - Operating Grants/Contributions 51,746 19,280 15,150 3,820 194,395 128,544 7,227 376,506 1,112,088 2,262,849 Capital Grants/Contributions 930,849 688,950 716,433 704,074 732,621 895,088 1,643,965 1,700,033 616,114 - Total Governmental Activities Program Revenues 4,967,720 5,296,600 5,620,015 5,181,341 6,046,666 7,513,121 7,384,533 7,398,599 8,520,505 8,978,151 Business-Type Activities Charges for Services Waterworks 4,889,559 4,581,798 4,430,455 4,423,819 1,163,807 3,934,811 3,422,705 4,857,273 5,003,039 7,787,790 Sewerage 6,022,231 5,768,370 6,070,820 6,218,263 3,106,749 4,678,920 3,641,234 5,093,945 4,516,550 6,753,909 Commuter Parking 137,147 139,635 139,977 141,988 158,493 150,690 44,302 39,591 58,442 66,549 Operating Grants/Contributions - - - - - - - - - 540,000 Capital Grants/Contributions - 1,051,704 - 645,461 355,577 219,837 - - - - Total Business-Type Activities Program Revenues 11,048,937 11,541,507 10,641,252 11,429,531 4,784,626 8,984,258 7,108,241 9,990,809 9,578,031 15,148,248 Total Primary Government Program Revenues $ 16,016,657 $ 16,838,107 $ 16,261,267 $ 16,610,872 $ 10,831,292 $ 16,497,379 $ 14,492,774 $ 17,389,408 $ 18,098,536 $ 24,126,399 137 ===== PDF PAGE 146 ===== [Extraction: embedded PDF text] 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 Net (Expenses) Revenues Governmental Activities $ (17,761,371) $ (20,509,700) $ (19,641,150) $ (19,240,952) $ (17,742,843) $ (19,415,900) $ (16,371,131) $ (14,567,824) $ (17,503,908) $ (20,767,630) Business-Type Activities (792,297) (837,584) (2,934,737) (953,406) (9,102,214) (3,617,043) (6,110,541) (1,294,293) (4,167,203) 625,665 Total Primary Government Net Revenues (Expenses) (18,553,668) (21,347,284) (22,575,887) (20,194,358) (26,845,057) (23,032,943) (22,481,672) (15,862,117) (21,671,111) (20,141,965) General Revenues and Other Changes in Net Position Governmental Activities Taxes Property Taxes 4,492,371 4,436,897 4,448,829 4,489,622 4,623,840 4,666,636 4,713,460 5,134,372 4,086,790 4,538,891 Telecommunications Taxes 926,440 853,407 806,698 759,135 669,750 562,050 577,082 659,823 495,381 539,995 Amusement Taxes 106,572 107,849 108,211 103,978 94,615 79,390 88,601 103,148 102,460 147,040 Cannabis Taxes - - - - - - 15,720 37,400 41,894 38,787 Intergovernmental - Sales and Use Taxes 5,476,959 4,855,454 4,544,609 6,178,849 6,871,960 7,470,171 8,163,522 10,385,591 10,725,087 10,127,058 Income Taxes 2,593,317 2,882,037 2,636,660 2,487,827 2,593,920 2,883,008 2,943,407 3,566,536 4,173,731 4,091,052 Replacement Taxes 170,517 187,625 160,396 173,517 152,578 198,860 166,337 295,815 630,453 527,994 Utility Taxes 2,111,109 2,029,538 1,994,900 1,909,065 2,070,351 2,205,508 2,083,483 2,156,333 2,219,966 2,131,218 Video Gaming Taxes - - - - - - - - 7,836 38,789 Interest Income (7,465) 3,522 6,983 13,271 12,224 25,729 6,086 1,643 104,248 450,063 Miscellaneous 1,607,960 1,102,056 2,032,609 560,955 637,785 732,686 1,690,936 3,386,106 1,144,739 973,362 Transfers - - - - - 22,171 - - (15,406,100) (692,086) Total Governmental Activities 17,477,780 16,458,385 16,739,895 16,676,219 17,727,023 18,846,209 20,448,634 25,726,767 8,326,485 22,912,163 Business-Type Activities Property 8,888 8,604 8,894 8,907 9,049 8,882 9,916 11,005 9,354 10,290 Sales and Use 1,153,993 1,201,919 1,185,841 - - - - - - - Interest Income 4,654 1,175 2,660 6,878 8,095 7,598 1,538 - 75,725 284,253 Miscellaneous 544,194 266,782 239,675 371,477 584,062 428,265 354,935 373,719 265,490 479,408 Transfers - - - - - (10,586,384) - - 15,406,100 692,086 Total Business-Type Activities 1,711,729 1,478,480 1,437,070 387,262 601,206 (10,141,639) 366,389 384,724 15,756,669 1,466,037 Total Primary Government 19,189,509 17,936,865 18,176,965 17,063,481 18,328,229 8,704,570 20,815,023 26,111,491 24,083,154 24,378,200 Changes in Net Position Governmental Activities (283,591) (4,051,315) (2,901,255) (2,564,733) (15,820) (569,691) 4,077,503 11,158,943 (9,177,423) 2,144,533 Business-Type Activities 919,432 640,896 (1,497,667) (566,144) (8,501,008) (13,758,682) (5,744,152) (909,569) 11,589,466 2,091,702 Total Primary Government $ 635,841 $ (3,410,419) $ (4,398,922) $ (3,130,877) $ (8,516,828) $ (14,328,373) $ (1,666,649) $ 10,249,374 $ 2,412,043 $ 4,236,235 Data Source: City Records 138 ===== PDF PAGE 147 ===== [Extraction: embedded PDF text] CITY OF WEST CHICAGO, ILLINOIS Fund Balances of Governmental Funds - Last Ten Fiscal Years December 31, 2023 (Unaudited) 2014 2015 2016 2017 General Fund Nonspendable $ 1,104,969 $ 736,988 $ 549,669 $ 94,055 Restricted 846,315 846,315 360,944 624,061 Unassigned 11,507,102 12,302,595 12,733,258 11,841,410 Total General Fund 13,458,386 13,885,898 13,643,871 12,559,526 All Other Governmental Funds Nonspendable 2,029 12,815 2,056 2,176 Restricted 2,372,410 2,459,188 2,275,884 1,592,317 Assigned 4,636,090 4,006,583 4,190,745 5,109,310 Total All Other Governmental Funds 7,010,529 6,478,586 6,468,685 6,703,803 Total All Governmental Funds $ 20,468,915 $ 20,364,484 $ 20,112,556 $ 19,263,329 Data Source: City Records 139 ===== PDF PAGE 148 ===== [Extraction: embedded PDF text] 2018 2019 2020 2021 2022 2023 $ 78,908 $ 105,861 $ 115,884 $ 110,793 $ 158,471 $ 433,596 1,211,793 1,535,492 2,998,432 2,945,142 2,503,160 591,457 12,126,823 13,844,971 15,925,019 19,254,290 8,624,215 7,495,737 13,417,524 15,486,324 19,039,335 22,310,225 11,285,846 8,520,790 2,275 2,568 2,610 956 933 6,106 1,732,606 2,079,565 2,317,793 5,562,239 6,210,757 12,963,373 5,896,981 4,745,724 6,537,372 8,923,836 9,922,019 7,470,592 7,631,862 6,827,857 8,857,775 14,487,031 16,133,709 20,440,071 $ 21,049,386 $ 22,314,181 $ 27,897,110 $ 36,797,256 $ 27,419,555 $ 28,960,861 140 ===== PDF PAGE 149 ===== [Extraction: embedded PDF text] CITY OF WEST CHICAGO, ILLINOIS Changes in Fund Balances for Governmental Funds - Last Ten Fiscal Years December 31, 2023 (Unaudited) 2014 2015 2016 2017 Revenues Taxes $ 8,383,993 $ 8,216,205 $ 8,109,944 $ 9,308,149 Intergovernmental 8,475,887 7,844,832 7,321,942 7,501,738 Charges for Services 2,718,832 2,982,446 3,193,936 2,987,175 Licenses and Permits 484,106 608,401 843,502 653,852 Fines and Forfeits 782,187 997,523 850,994 832,420 Interest Income (7,465) 3,522 6,983 13,271 Miscellaneous 1,607,960 1,102,056 2,032,609 560,955 Total Revenues 22,445,500 21,754,985 22,359,910 21,857,560 Expenditures General Government 8,128,303 8,361,285 7,893,627 8,591,562 Public Safety 9,162,072 9,104,514 9,849,220 10,003,049 Capital Outlay 3,722,023 4,393,009 4,924,842 4,176,432 Debt Service Interest and Fiscal Charges 1,195 608 518 407 Total Expenditures 21,013,593 21,859,416 22,668,207 22,771,450 Excess (Deficiency) of Revenues Over (Under) Expenditures 1,431,907 (104,431) (308,297) (913,890) Other Financing Sources (Uses) Disposal of Capital Assets - - 56,369 64,663 Transfer In 7,776 - 25,643 - Transfer Out (7,776) - (25,643) - - - 56,369 64,663 Net Change in Fund Balances $ 1,431,907 $ (104,431) $ (251,928) $ (849,227) Debt Service as a Percentage of Noncapital Expenditures 0.01% 0.00% 0.00% 0.00% Data Source: City Records 141 ===== PDF PAGE 150 ===== [Extraction: embedded PDF text] 2018 2019 2020 2021 2022 2023 $ 7,611,134 $ 6,330,796 $ 6,108,938 $ 6,701,024 $ 5,531,158 $ 6,006,422 10,392,896 12,758,459 14,293,866 17,714,533 18,680,642 18,437,251 2,951,250 4,365,673 3,737,997 3,158,622 3,916,364 3,635,890 887,198 1,108,091 1,023,714 1,291,445 1,522,441 1,244,151 1,281,202 1,015,725 971,630 871,993 1,353,498 1,835,261 12,224 25,729 6,086 1,643 104,248 450,063 637,785 732,686 1,690,936 3,386,106 1,056,194 937,362 23,773,689 26,337,159 27,833,167 33,125,366 32,164,545 32,546,400 8,150,224 8,894,550 8,994,426 9,022,394 9,061,329 9,018,793 10,011,442 9,886,973 10,388,620 10,994,269 12,236,400 12,581,415 3,825,627 6,312,762 2,866,077 4,208,488 4,926,962 9,008,086 339 250 1,115 69 - - 21,987,632 25,094,535 22,250,238 24,225,220 26,224,691 30,608,294 1,786,057 1,242,624 5,582,929 8,900,146 5,939,854 1,938,106 - 22,171 - - 88,545 36,000 - 500,000 - 4,620,000 511,380 5,298,059 - (500,000) - (4,620,000) (15,917,480) (5,990,145) - 22,171 - - (15,317,555) (656,086) $ 1,786,057 $ 1,264,795 $ 5,582,929 $ 8,900,146 $ (9,377,701) $ 1,282,020 0.00% 0.00% 0.01% 0.00% 0.00% 0.00% 142 ===== PDF PAGE 151 ===== [Extraction: embedded PDF text] CITY OF WEST CHICAGO, ILLINOIS Assessed Value and Actual Value of Taxable Property - Last Ten Fiscal Years December 31, 2023 (Unaudited) Tax Levy Fiscal Residential Commercial Year Year Property Farm Property 2014 2014 $ 354,736,670 $ 426,235 $ 79,649,467 2015 2015 363,843,948 462,209 81,068,291 2016 2016 390,758,862 487,626 89,670,605 2017 2017 409,838,459 537,746 95,961,612 2018 2018 427,634,113 512,185 95,314,124 2019 2019 445,466,549 498,632 97,014,387 2020 2020 463,824,523 497,883 97,567,069 2021 2021 475,426,960 563,293 112,256,047 2022 2022 500,075,590 519,152 118,452,799 2023 2023 523,039,265 623,917 125,639,593 Data Source: DuPage County Clerk's and Treasurer's Offices 143 ===== PDF PAGE 152 ===== [Extraction: embedded PDF text] Total Total Industrial Assessed Direct Property Railroad Value Tax Rate $ 119,236,720 $ - $ 554,049,092 0.6187 122,668,530 - 568,042,978 0.6031 133,199,600 - 614,116,693 0.5582 143,776,700 5,370,770 655,485,287 0.5441 159,831,453 5,545,256 688,837,131 0.5178 173,613,020 5,783,209 722,375,797 0.5034 204,433,800 5,896,762 772,220,037 0.4996 223,859,460 6,140,529 818,246,289 0.4999 246,868,400 6,472,447 872,388,388 0.5094 304,795,931 6,754,743 960,853,449 0.4900 144 ===== PDF PAGE 153 ===== [Extraction: embedded PDF text] CITY OF WEST CHICAGO, ILLINOIS Direct and Overlapping Property Tax Rates - Last Ten Tax Levy Years December 31, 2023 (Unaudited) Taxing Body 2014 2015 2016 Countywide DuPage County 0.2057 0.1971 0.1848 Forest Preserve District 0.1691 0.1622 0.1514 DuPage Airport Authority 0.0196 0.0188 0.0176 Local Wayne Township 0.1025 0.1007 0.0959 Wayne Township Road 0.0855 0.0840 0.0800 City of West Chicago - Wayne Township 0.6187 0.6031 0.5582 Winfield Township 0.1396 0.1370 0.1275 Winfield Township Road 0.1835 0.1801 0.1676 City of West Chicago - Winfield Township 0.6187 0.6031 0.5582 West Chicago Park District 0.4239 0.5054 0.4889 West Chicago Fire Protection District 1.0652 1.0556 0.9971 West Chicago Mosquito District 0.0161 0.0160 0.0152 West Chicago Library District 0.3400 0.3367 0.3153 Educational Grade School District 33 5.5749 5.5167 5.1727 High School District 94 2.6731 2.6293 2.4677 College of DuPage District 502 0.2975 0.2786 0.2626 Total Tax Rate - Winfield Township 11.7269 11.6366 10.9266 Share of Total Tax Rate Levied by the City of West Chicago 5.28% 5.18% 5.11% Total Tax Rate - Wayne Township 11.2942 11.5918 11.5042 Share of Total Tax Rate Levied by the City of West Chicago 5.48% 5.20% 4.85% Property tax rates are per $100 of assessed valuation. Data Source: DuPage County Clerk 145 ===== PDF PAGE 154 ===== [Extraction: embedded PDF text] 2017 2018 2019 2020 2021 2022 2023 0.1749 0.1673 0.1655 0.1609 0.1587 0.1428 0.1473 0.1306 0.1278 0.1242 0.1205 0.1177 0.1130 0.1076 0.0166 0.0146 0.0141 0.0148 0.0144 0.0139 0.0132 0.0940 0.0929 0.0911 0.0904 0.0899 0.0891 0.0884 0.0784 0.0775 0.0744 0.0728 0.0724 0.0717 0.0712 0.5441 0.5178 0.5034 0.4996 0.4999 0.5094 0.4900 0.1192 0.1008 0.0939 0.0811 0.0435 0.0756 0.0726 0.1587 0.1526 0.1483 0.1448 0.1437 0.1440 0.1396 0.5441 0.5178 0.5034 0.4996 0.4999 0.5094 0.4900 0.4744 0.4683 0.4603 0.4339 0.4296 0.4265 0.4162 0.9663 0.9448 0.9295 0.9126 0.9080 0.8856 0.8573 0.0148 0.0143 0.0135 0.0136 0.0127 0.0113 0.0104 0.3056 0.2968 0.2893 0.2841 0.2819 0.2830 0.2774 4.8967 4.7555 4.6806 4.5774 4.5384 4.4888 4.4062 2.3770 2.3136 2.2573 2.2082 2.1843 2.1762 2.1468 0.2431 0.2317 0.2112 0.2114 0.2037 0.1946 0.1907 10.4220 10.1059 9.8911 9.6629 9.5365 9.4647 9.2753 5.22% 5.12% 5.09% 5.17% 5.12% 5.38% 5.28% 10.8074 10.3165 10.0229 9.8144 9.5116 9.4059 9.2227 5.03% 5.02% 5.02% 5.09% 5.17% 5.42% 5.31% 146 ===== PDF PAGE 155 ===== [Extraction: embedded PDF text] CITY OF WEST CHICAGO, ILLINOIS Principal Property Tax Payers - Current Fiscal Year and Nine Fiscal Years Ago December 31, 2023 (Unaudited) 2023 2014 Percentage Percentage of Total City of Total City Taxable Taxable Taxable Taxable Assessed Assessed Assessed Assessed Value Rank Value Value Rank Value Discovery Drive Investors $ 15,640,880 1 1.54% TMIF II Timber Lake LLC 14,682,943 2 1.45% Discovery Drive Investors II 14,548,810 3 1.44% STAG Industrial Holdings 14,209,640 4 1.40% DS Containers 12,334,640 5 1.22% GSI Family Investments AZ 11,360,980 6 1.12% Ball Horticultural Co 8,335,790 7 0.82% Clemenceau Logistics 8,078,700 8 0.80% 280 Westgate Drive LTD 7,070,440 9 0.70% Alpha Z Chi Ind 5 LLC 7,057,290 10 0.70% DuPage Airport Authority $ 11,966,970 1 2.08% Blackhawk Center, LLC 8,186,810 2 1.43% Cobalt Industrial REIT II 7,665,890 3 1.34% Centerpoint Properties 4,013,940 4 0.70% Mapei Corp 3,955,480 5 0.69% LaGrou Properties 3,901,490 6 0.68% Platinum Health Care 2,984,240 7 0.52% Prologis 2,854,260 8 0.50% Menards, Inc. 2,740,460 9 0.48% St. Andrews Country Club 2,505,340 10 0.44% $ 113,320,113 11.19% $ 50,774,880 8.86% Data Source: DuPage County Clerk's Office 147 ===== PDF PAGE 156 ===== [Extraction: embedded PDF text] CITY OF WEST CHICAGO, ILLINOIS Property Tax Levies and Collections - Last Ten Tax Levy Years December 31, 2023 (Unaudited) Taxes Collected within the Collections Tax Levied Fiscal Year of the Levy in Total Collections to Date Levy for the Percentage Subsequent Percentage Year Fiscal Year Amount of Levy Years Amount of Levy 2013 $ 3,458,756 $ 3,452,708 99.83% $ N/A $ 3,452,708 99.83% 2014 3,458,444 3,453,211 99.85% N/A 3,453,211 99.85% 2015 3,458,315 3,450,239 99.77% N/A 3,450,239 99.77% 2016 3,460,067 3,455,985 99.88% N/A 3,455,985 99.88% 2017 3,568,729 3,563,021 99.84% N/A 3,563,021 99.84% 2018 3,569,845 3,560,169 99.73% N/A 3,560,169 99.73% 2019 3,632,174 3,632,174 100.00% N/A 3,632,174 100.00% 2020 3,823,499 3,823,499 100.00% N/A 3,823,499 100.00% 2021 3,991,102 3,991,102 100.00% N/A 3,991,102 100.00% 2022 4,653,454 4,545,987 97.69% N/A 4,545,987 97.69% Note: Levies for all Special Services Area have been excluded from this table. Data Source: DuPage County Clerk's Office N/A - Not Available 148 ===== PDF PAGE 157 ===== [Extraction: embedded PDF text] CITY OF WEST CHICAGO, ILLINOIS Ratios of Outstanding Debt by Type - Last Ten Fiscal Years December 31, 2023 (Unaudited) Business-Type Activities IEPA Total Percentage Fiscal Revenue Primary of Personal Per Year Bonds Government Income (1) Capita (1) 2014 $ 6,198,456 $ 6,198,456 0.82% $ 229 2015 5,647,382 5,647,382 0.82% 208 2016 5,082,055 5,082,055 0.75% 188 2017 4,502,105 4,502,105 0.64% 166 2018 3,907,155 3,907,155 0.55% 144 2019 3,296,816 3,296,816 0.45% 122 2020 2,670,691 2,670,691 0.35% 99 2021 2,028,371 2,028,371 0.24% 79 2022 1,369,438 1,369,438 0.16% 53 2023 693,461 693,461 0.07% 27 Data Source: City's Records Note: Details regarding the City's outstanding debt can be found in the notes to the financial statements. (1) See the Schedule of Demographic and Economic Statistics for personal income and population data. 149 ===== PDF PAGE 158 ===== [Extraction: embedded PDF text] CITY OF WEST CHICAGO, ILLINOIS Ratios of General Bonded Debt Outstanding - Last Ten Fiscal Years December 31, 2023 (Unaudited) Gross Less: Amounts Percentage of General Available in Equalized Fiscal Obligation Debt Service Assessed Per Year Bonds Funds Totals Value (1) Capita (2) 2014 $ - $ - $ - 0.00% $ - 2015 - - - 0.00% - 2016 - - - 0.00% - 2017 - - - 0.00% - 2018 - - - 0.00% - 2019 - - - 0.00% - 2020 - - - 0.00% - 2021 - - - 0.00% - 2022 - - - 0.00% - 2023 - - - 0.00% - Data Source: City Records Note: Details regarding the City's outstanding debt can be found in the notes to the financial statements. (1) See the Ratios of Outstanding Debt by Type Schedule for Equalized Assessed Value data (Actual Taxable Value of Property). (2) See the Demographic and Economic Statistics Schedule for the Per Capita Income data. 150 ===== PDF PAGE 159 ===== [Extraction: embedded PDF text] CITY OF WEST CHICAGO, ILLINOIS Schedule of Direct and Overlapping Bonded Debt December 31, 2023 (Unaudited) Percentage to Debt City's Applicable Share of Governmental Unit Gross Debt to City (1) Debt City of West Chicago $ - 100.00% $ - DuPage County 96,510,000 2.10% 2,026,710 Forest Preserve District 86,520,878 2.10% 1,816,938 West Chicago Park District 24,107,000 89.17% 21,496,212 Winfield Park District 6,375,000 28.41% 1,811,138 School District #25 5,140,000 24.34% 1,251,076 School District #33 25,170,000 91.39% 23,002,863 School District #94 37,629,352 65.73% 24,733,773 U-46 School District 185,951,524 0.82% 1,524,802 U-303 School District 22,260,000 86.80% 19,321,680 Community College District #502 93,225,000 2.00% 1,864,500 Community College District #509 133,850,000 11.46% 15,339,210 Total Overlapping Debt 716,738,754 114,188,902 Total Direct and Overlapping Debt $ 716,738,754 $ 114,188,902 Data Source: DuPage County Clerk's Office Note: Overlapping governments are those that coincide, at least in part, with the geographic boundaries of the City. This schedule estimates the portion of outstanding debt of those overlapping governments that is borne by the residents and businesses of the City. Every resident is not responsible for paying the debt of each overlapping government. (1) Determined by the ratio of assessed value of property in the City subject to taxation by the Governmental Unit to the total assessed value of property of the Governmental Unit. 151 ===== PDF PAGE 160 ===== [Extraction: embedded PDF text] CITY OF WEST CHICAGO, ILLINOIS Schedule of Legal Debt Margin December 31, 2023 (Unaudited) The City is a home rule municipality. Article VII, Section 6(k) of the 1970 Illinois constitution governs computation of legal debt margin. The General Assembly may limit by law the amount and require referendum approval of debt to be incurred by some home rule municipalities, payable from ad valorem property tax receipts, only in excess of the following percentages of the assessed value of its taxable property...(2) if its population is more than 25,000 and less than 500,000 an aggregate of one percent: indebtedness which is outstanding on the effective date (July 1, 1971) of this constitution or which is thereafter approved by referendum...shall not be included in the foregoing percentage amounts. To date the General Assembly has set no limits for home rule municipalities. 152 ===== PDF PAGE 161 ===== [Extraction: embedded PDF text] CITY OF WEST CHICAGO, ILLINOIS Demographic and Economic Statistics - Last Ten Fiscal Years December 31, 2023 (Unaudited) Per (2) Capita (1) (2) Fiscal (1) Personal Personal Median School Unemployment Year Population Income Income Age Enrollment Rate 2014 27,086 $ 751,636,500 $ 27,750 33.2 7,552 5.5 2015 27,086 692,182,730 25,555 30.1 8,005 5.4 2016 27,086 681,104,556 25,146 31.6 8,390 6.4 2017 27,086 706,998,772 26,102 33.2 8,301 4.3 2018 27,086 706,782,084 26,094 33.0 8,350 3.0 2019 27,086 731,619,946 27,011 33.0 8,202 3.6 2020 27,086 768,971,540 28,390 34.0 8,463 6.8 2021 25,614 855,341,169 33,394 34.0 7,817 4.9 2022 25,614 846,517,086 33,049 35.2 5,725 4.8 2023 25,632 925,110,144 36,092 35.8 5,447 4.0 Data Sources (1) U.S. Census Bureau (2) Illinois Department of Employment Security (using annual averages) 153 ===== PDF PAGE 162 ===== [Extraction: embedded PDF text] CITY OF WEST CHICAGO, ILLINOIS Principal Employers - Current Fiscal Year and Nine Fiscal Years Ago December 31, 2023 (Unaudited) 2023 2014 Percentage Percentage of Total of Total City City Employer Employees Rank Employment Employees Rank Employment The Jel Sert Co 900 1 5.68% 1,000 1 6.77% West Chicago Elementary School District 33 760 2 4.80% 650 2 4.40% Ball Horticultural Company 507 3 3.20% 425 5 2.88% Epsilon Data Management, LLC 450 4 2.84% Amazon.com Services LLC 341 5 2.15% OSI Industries 335 6 2.11% 230 10 1.56% FXI Inc. 320 7 2.02% Mapei Corporation 292 8 1.84% Avient Colorants USA LLC 280 9 1.77% AJR Filtration 278 10 1.75% General Mills 500 3 3.39% Aspen Marketing Services 425 4 2.88% Siemens Industry 350 6 2.37% Advanced Urethane Technologies 350 7 2.37% Sims Recycling Solutions 250 8 1.69% Community High School District 94 250 9 1.69% 4,463 28.16% 4,430 30.00% Data Sources: City Community Development Department Records and U.S. Census Bureau. 154 ===== PDF PAGE 163 ===== [Extraction: embedded PDF text] CITY OF WEST CHICAGO, ILLINOIS Full-Time Equivalent City Government Employees by Function - Last Ten Fiscal Years December 31, 2023 (Unaudited) Function 2014 2015 2016 General Government Administration 1.00 1.00 1.00 Finance/Administrative Services 4.13 4.13 4.13 Museum/Marketing 0.50 0.50 0.25 Public Works 11.51 11.51 11.19 Community Development 3.50 3.50 3.75 Public Safety Police 49.00 49.00 52.50 Waterworks and Sewerage 35.00 35.43 33.65 Commuter Parking 0.25 0.25 0.25 Totals 104.89 105.32 106.72 Data Source: City Records 155 ===== PDF PAGE 164 ===== [Extraction: embedded PDF text] 2017 2018 2019 2020 2021 2022 2023 1.50 1.50 1.50 1.50 1.50 3.25 3.15 4.13 4.13 4.13 4.13 4.13 2.50 2.50 0.25 0.25 0.25 0.25 0.25 0.25 0.25 11.19 11.19 11.94 12.00 12.00 12.75 12.75 4.75 4.75 4.75 4.75 4.75 5.75 7.78 53.00 51.00 51.00 47.00 48.00 51.00 53.00 39.34 38.12 38.72 39.01 39.07 38.32 38.32 0.25 0.25 0.25 0.25 0.25 0.25 0.25 114.41 111.19 112.54 108.89 109.95 114.07 118.00 156 ===== PDF PAGE 165 ===== [Extraction: embedded PDF text] CITY OF WEST CHICAGO, ILLINOIS Operating Indicators by Function/Program - Last Ten Fiscal Years December 31, 2023 (Unaudited) Function/Program 2014 2015 2016 General Government Public Works Number of Parkway Trees Planted 130 170 135 Number of Parkway Trees Trimmed 1,944 2,459 2,430 Brush Pickup Program (Days to Collect) 4.8 6.0 5.5 Building Safety Inspections 12 12 12 Tunnel - Paint and Light Lens Replacements - 10 6 Special Events Handled 4 3 4 Community Development Number of Building Permits Issued 790 990 1,155 Number of Building Inspections 899 962 882 Highways and Streets Sidewalk Replaced (Sq. Ft.) 8,742 12,500 11,142 Crack Sealing (Lbs. Installed) 35,518 42,240 32,000 Tons of Salt Used 3,180 3,210 2,500 Public Safety Fire Number of Fire Calls 1,122 1,130 1,095 Number of EMS Calls 1,778 1,934 2,073 ISO Rating 3/3 3/3 4 Police Part I Crime 373 383 329 Part II Crime 1,521 1,315 1,427 Calls for Service 31,053 34,028 44,087 Parking Tickets Issued 3,413 3,049 3,780 Waterworks and Sewerage Number of metered Accounts 6,428 6,471 6,452 Water Meters Read 2,500 9,911 152 Water Meter Service Requests 75 61 1,471 Water Meters Replaced 3,000 39 75 Average Daily Treated Water (Million Gallons) 3.36 3.45 3.54 Sanitary Sewer Repairs 2 1 2 Data Source: City Records Note: Indicators are not available for the general government function. 157 ===== PDF PAGE 166 ===== [Extraction: embedded PDF text] 2017 2018 2019 2020 2021 2022 2023 106 110 160 180 134 133 130 2,958 2,566 800 3,218 2,600 2,295 2,201 4.8 4.7 4.9 4.7 4.0 4.0 4.0 12 12 12 12 10 12 12 5 6 10 4 1 13 14 22 19 15 2 12 6 8 1,044 1,352 1,264 1,110 1,132 1,167 789 1,056 1,211 1,251 1,322 1,209 1,257 1,162 1,884 12,545 920 11,464 31,889 15,183 39,539 35,360 27,330 - - - 70,538 - 2,050 2,270 2,540 2,700 3,967 2,478 1,764 1,113 1,238 1,250 1,138 1,439 1,439 1,474 2,134 2,339 2,350 2,148 2,371 2,371 2,607 2 2 2 2 2 2 2 342 265 258 271 251 261 846 1,456 1,589 1,596 708 692 692 551 42,780 40,713 33,516 31,689 33,868 34,623 39,534 3,026 3,094 2,301 1,293 3,860 2,134 4,083 6,450 6,455 6,455 6,457 6,551 6,635 6,597 29 - - - - - - 1,252 961 723 586 594 595 447 50 35 16 20 35 65 94 3.42 3.66 3.62 3.43 2.99 2.99 2.54 4 4 1 4 - - - 158 ===== PDF PAGE 167 ===== [Extraction: embedded PDF text] CITY OF WEST CHICAGO, ILLINOIS Capital Asset Statistics by Function/Program - Last Ten Fiscal Years December 31, 2023 (Unaudited) Function/Program 2014 2015 2016 General Government Public Works Streets (Miles) 174.18 174.06 174.06 Sidewalks (Miles) 111.00 111.00 111.03 Streetlights 961 1,046 1,168 Public Safety Police Stations 1 1 1 Patrol Units 27 26 26 Fire Stations 4 4 4 Waterworks and Sewerage Water Mains (Miles) 127.99 128.87 128.87 Fire Hydrants 1,528 1,537 1,537 Sanitary Sewers (Miles) 106.34 106.43 106.43 Manholes 2,211 2,213 2,213 Data Source: City Records 159 ===== PDF PAGE 168 ===== [Extraction: embedded PDF text] 2017 2018 2019 2020 2021 2022 2023 174.06 174.21 175.02 175.02 175.02 175.90 175.38 111.03 111.38 111.38 111.38 111.38 111.38 113.50 1,168 1,168 1,169 1,197 1,197 1,197 1,210 1 1 1 1 1 1 1 26 26 26 26 26 31 28 4 4 4 4 4 4 4 129.64 129.90 130.05 130.05 130.05 130.05 130.50 1,551 1,555 1,557 1,557 1,557 1,557 1,484 106.43 106.60 106.60 106.60 106.60 106.60 106.60 2,213 2,217 2,217 2,217 2,217 2,217 2,233 160