HomeMy WebLinkAboutVillage of Oswego - Public Financial ReportP O P U L A R A N N U A L F I N A N C I A L R E P O R T
FOR Th E FI s CAL y EAR EN dIN g APRIL 30, 2021
Village of Oswego, Illinois
2021
Coming together.
On the cover: An Oswego resident waves a flag at essential workers who caravaned throughout the community during the state-mandated
Stay At Home Order.
T A B L E O F C O N T E N T s
3 vILLAgE PROFILE
4 A mE ss Ag E FROm T hE v ILLAgE PREsI dENT
5 g OvERN m ENT ORg ANIz ATION
8 vILLAgE INITIATI v E s
9 OswEgO ’s ECONOmy
10 ACCOmPLIshmENTs
12 mEgAPRO jECTs
14 vILLAgE RE vENUEs
15 vILLAgE ExPENsEs
16 PROPERTy TAxEs
18 FINANCIAL sTATEmENTs
OswegoOswego
FY 2021 POPULAR ANNUAL FINANCIAL REPORT | 3
Fast Facts about the Village of Oswego
Population 34,585 34,585 35,237
Per capita personal income $36,472 $35,471 $37,839
Median household income $101,191 $97,374 $102,110
Unemployment rate 2.5%15.1%5.8%
Total taxable assessed value $925,404,344 $973,194,606 $1,013,517,970
Village employees full/part-time 110/17 113/18 114/15
Outstanding bonded debt $44,470,000 $56,575,000 $54,370,000
Bond rating (Moody’s)Aa2 Aa2 Aa2
Among the fastest-growing communities
in Illinois, Oswego boasts a vision of
smart growth and dedication to small
town feel, all nestled in the verdant Fox
River Valley.
4 | VILLAGE OF OSWEGO
We are committed
to being responsible
with every dollar
you as a resident
or business owner
entrust to us to
provide services you
use every day.
0
30
60
90
120
150
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Total number of employeesIncludes full time and part time
Administrative Police Public Works
2020 2021
Members of the Oswego Village Board, from left to right, Trustee Terry Olson, Trustee Jennifer Jones-
Sinnott, Trustee Tom Guist, Village President Troy Parlier, Trustee Kit Kuhrt, Trustee James Marter, Jr., and
Trustee Brian Thomas.
FY 2021 POPULAR ANNUAL FINANCIAL REPORT | 5
Village Board
meetings are held
at 7 p.m. on the
first and third
Tuesdays at
Village Hall.
The Government
Finance Officers
Association
has awarded
the Village of
Oswego for its
outstanding
achievements in
governmental
accounting for the
past 18 years.
6 | VILLAGE OF OSWEGO
The GFOA recognizes governments that have received
GFOA Certificates of Achievement for Excellence in
Financial Reporting, Popular Annual Financial Reporting
Award, and the Distinguished Budget Presentation Award.
Goverments who achieve all three are designated Triple
Crown winners. The Village is proud to hold this title.
FY 2021 POPULAR ANNUAL FINANCIAL REPORT | 7
8 | VILLAGE OF OSWEGO
Above: In February 2021, Village staff and elected officials helped Shodeen cut the ribbon on The Reserve
at Hudson Crossing. Below: New housing developments and new businesses that have opened their doors
throughout Oswego this year.
The Reserve at Hudson Crossing
Poise Dance Center
IVF1
Menchies
Label Tek
La Michoacana Magna
7-Eleven
RV’s Home of the Hoagy
Raising Cane’s
Delta Sonic
Urban Ops Training
La Marimba
113 Main
Emerson Creek
Welcome, new businesses
FY 2021 POPULAR ANNUAL FINANCIAL REPORT | 9
Above: In February 2021, Village staff and elected officials helped Shodeen cut the ribbon on The Reserve
at Hudson Crossing. Below: New housing developments and new businesses that have opened their doors
throughout Oswego this year.
Top Employers in Oswego
Employer Number of
employees
Percentage
of Oswego
population
Oswego 308 School District 1,893 5.4%
Jewel-Osco 362 1.0%
Meijer 300 0.9%
Wal-Mart 283 0.8%
Radiac Abrasives 250 0.7%
Coldwell Banker Honig-Bell 225 0.6%
Target 136 0.4%
Village of Oswego 119 0.3%
Home Depot 115 0.3%
UPS 100 0.3%
In a biennial survey, 88% of
residents said Oswego was a good or
excellent place to live, and 99% said
they felt safe in their neighborhoods.
10 | VILLAGE OF OSWEGO
The Village of Oswego joined with the Kendall County Health Department, Oswego 308 School
District, Oswego Area Chamber of Commerce and other commnity partners to produce a
series of mass vaccination clinics to fight the COVID-19 pandemic.
Construction did not slow down, and the
new 113 Main opened its doors in December
2020 on the site of the former Village Hall.
The Village adapted its beloved annual events
for socially distanced formats. At the holidays,
the Public Works department led the charge
with two illuminated holiday caravans.
The Village approved engineering and broke ground on Venue 1012, located near the site of
the proposed future Metra station in the Orchard Road corridor.
FY 2021 POPULAR ANNUAL FINANCIAL REPORT | 11
The Village broke ground on Venue 1012, an entertainment venue
co-located at the site of the proposed Metra station.
A study is underway to investigate in detail the costs associated
with securing drinking water from Lake Michigan or the Fox
River. An intensive study now will help ensure an informed,
cost-effective choice for securing safe
drinking water for
generations.
Plans for Wolf’s Crossing include additional lanes, stoplight-controlled intersections, realigning
Douglas Road, and roundabouts, all of which will improve both safety and traffic flow.
FY 2021 POPULAR ANNUAL FINANCIAL REPORT | 13
The Village broke ground on Venue 1012, an entertainment venue
co-located at the site of the proposed Metra station.
0
$5,000,000
$10,000,000
$15,000,000
$20,000,000
$25,000,000
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Taxes
FY 2021 FY 2020 FY 2019 FY 2018
Revenue by Source, year over year
14 | VILLAGE OF OSWEGO
0
$5,000,000
$10,000,000
$15,000,000
$20,000,000
$25,000,000
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FY 2021 FY 2020 FY 2019 FY 2018
Expenditures, year over year
FY 2021 POPULAR ANNUAL FINANCIAL REPORT | 15
EAV ÷ 100 x Tax Rate = Taxes Owed
$77,333 ÷ 100 x 9.4490 = $7,037.23
$116.85
Less than 2¢ of every dollar
you pay in property tax
goes to the Village of Oswego
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16 | VILLAGE OF OSWEGO
0
$200,000,000
$400,000,000
$600,000,000
$800,000,000
$1,000,000,000
$1,200,000,000
Residential Commercial Industrial Farm
2020*2019201820172016201520142013201220112010200920082007
Historic Equalized Assessed Value in Oswego
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FY 2021 POPULAR ANNUAL FINANCIAL REPORT | 17
0.00
0.05
0.10
0.15
0.20
0.25
20202019201820172016201520142013201220112010200920082007200620052004
Historic Property Tax Rate
$0
$200,000
$400,000
$600,000
$800,000
$1,000,000
$1,200,000
$1,400,000
$1,600,000
20202019201820172016201520142013201220112010200920082007200620052004
Historic Property Tax Levy, in dollars
Top:
Left:
Bottom:
*Calculated using an average home price of $250,000
Governmental Activities Business-Type Activities Total Primary Government
Current and other assets $31,135,643 $27,585,812 $13,890,371 $14,562,765 $45,026,014 $42,148,577
Capital assets 292,204,563 287,879,077 55,236,656 57,213,241 347,441,219 345,092,318
Total assets 323,340,206 315,464,889 69,127,027 71,776,006 392,467,233 387,240,895
Deferred outflows 4,644,866 2,948,643 908,550 804,759 5,553,416 3,753,402
Total assets and deferred outflows 327,985,072 318,413,532 70,035,577 72,580,765 398,020,649 390,994,297
Current liabilities 5,834,981 5,279,852 3,667,012 3,932,986 9,801,993 9,212,838
Long-term liabilities 68,532,371 57,186,608 8,077,954 6,789,948 76,610,325 63,976,555
Total liabilities 74,367,352 62,466,459 11,744,966 10,722,934 86,112,318 73,189,393
Deferred inflows 5,045,813 11,523,412 231,854 439,127 5,277,677 11,962,539
Total liabilities and deferred inflow 79,413,165 73,989,871 11,976,820 11,162,061 91,389,985 85,151,932
Net invested in capital assets 254,669,794 251,882,561 47,567,560 50,472,036 302,237,354 302,354,597
Restricted 2,976,610 3,865,539 829,180 829,180 3,805,790 4,694,719
Unrestricted (9,074,497)(11,324,439)9,662,017 10,117,488 587,520 (1,206,951)
TOTAL NET POSITION $248,571,907 $244,423,661 $58,058,757 $61,418,704 $306,630,664 $305,842,365
This statement summaries the Village’s net position. The majority of the Village of Oswego’s net position reflects its investment in capital assets (e.g. land, buildings, machinery &
equipment and infrastructure), less any related outstanding debt used to acquire or construct those assets. The Village of Oswego uses these capital assets to provide services to citizens,
consequently, these assets are not available for future spending. The Unrestricted amount at the end of the fiscal year is a deficit of $1.2 million. This amount is the result of the net
pension liabilities and related activity for the Village’s Illinois Municipal Retirement Fund and Police Pension Fund. The implementation of a new financial reporting standard in FY
2016 resulted in the recognition of pension liabilities and deferred inflows and outflows of resources. Prior to FY 2016, the Village’s obligations to the pension funds did not impact
the Village’s Statement of Net Position.
18 | VILLAGE OF OSWEGO
*All of the financial information comes from the Annual Financial Report (AFR) using the same basis of accounting as presented in the AFR. For additional financial information for the
Village please view the AFR on the Village’s website
Governmental Activities Business-Type Activities Total Primary Government
PROGRAM REVENUES
Charges for Services $2,018,506 $1,332,072 $10,204,680 $10,876,771 $12,223,186 $12,208,843
Operating Grants/Contributions 1,943,544 2,761,196 1,943,544 2,761,196
Capital Grants/Contributions 299,380 2,352,709 299,380 2,352,709
GENERAL REVENUES
Property Taxes 1,581,654 1,715,309 1,581,654 1,715,309
Other Taxes 19,758,011 20,966,271 19,758,011 20,966,271
Other 2,958,299 2,335,918 255,341 562,444 3,213,640 2,898,362
Total Revenues 28,559,394 31,463,475 10,460,021 11,439,215 39,019,415 42,902,690
General Government 6,719,919 3,854,944 0 0 6,719,919 3,854,944
Building and Zoning 775,692 748,242 0 0 775,692 748,242
Community Development 12,515,585 9,700,687 0 0 12,515,585 9,700,687
Public Safety 11,816,661 9,562,974 0 0 11,816,661 9,562,974
Public Works 8,853,849 10,017,599 0 0 8,853,849 10,017,599
Interest on Debt 1,457,477 1,727,275 0 0 1,457,447 1,727,275
Water and Sewer 5,491,171 5,403,616 5,491,171 5,403,616
Garbage 2,584,452 2,675,076 2,584,452 2,675,076
Municipal Parking 576 576
Total Expenses 42,139,153 35,611,721 8,075,623 8,079,623 50,214,776 43,690,989
Change in Net Position (13,579,759)(4,148,426)2,384,398 3,359,947 (11,195,361)(788,299)
Net position, beginning of year 262,151,666 248,571,907 55,674,359 58,058,757 317,826,025 306,630,664
NET POSITION, END OF YEAR $248,571,907 $244,423,661 $58,058,757 $61,418,704 $306,630,664 $305,842,365
This statement summarizes the reasons behind the change (increase or decrease) in the Village’s net position. Revenues include program revenues (charges for services and
grants received for providing specific Village services) and general revenues (property taxes, sales taxes and other taxes). Expenses are the costs of providing all of the Village
services during the fiscal year.
FY 2021 POPULAR ANNUAL FINANCIAL REPORT | 19
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