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HomeMy WebLinkAboutVillage of Winfield - Public Financial ReportPOPULAR ANNUAL FINANCIAL REPORT VILLAGE OF WINFIELD, ILLINOIS For the Fiscal Year May 1, 2020 - April 30, 2021 A Message to the Village of Winϐield Dear Reader, The Village strongly believes that maintaining good communication with our residents and customers is vital in order to have a successful and responsive government. We are pleased to present the Popular Annual Financial Report (PAFR). The Village has received the Award for Outstanding Achievement in Financial Reporting from the Government Finance Ofϐicers Association for the last ϐive years. The PAFR is a snapshot of data representing the ϐinancial activities of the Village. While the PAFR is an unaudited document, information presented is drawn from the substantially more detailed 2020-2021 Comprehensive Annual Financial Report (CAFR), commonly known as the audit, which is completed by an independent audit ϐirm. The PAFR is not intended to replace the full ϐinancial statements and note disclosures contained in the CAFR, but to be used by the reader as a tool to gain a general understanding of the Village’s ϐinancial activities regardless of ϐinancial background or training. The CAFRs for the last 10 ϐiscal years are available on the Village website under the Finance Department page at www.villageofwinϐield.com. We thank you for taking an active role in your Village and community. We hope the information in this report provides you with an easy to understand overview of the Village’s economic and ϐinancial outlook. Sincerely, Curt Barrett Suzy Mika Village Manager Finance Director Winϐield Fast Facts 9,820 Residents Call Winϐield Home 38 Employees 16 Parks 5 School Districts $113,583 Median Household Income 49.7 Median Age Aa2 Village Bond Rating from Moody’s In Fiscal Year 2020‐21, the Village... Responded to 94 FOIA Requests Drafted 136 Agendas Responded to 218 Service Requests Issued 750 Building Permits Had 21 Snow Plowing Events Repaired 16 Watermain Breaks Maintained High Safety and Livability Rankings Inside Page 02 ‐ About Winfield Page 03 ‐ Major IniƟaƟves Page 04 ‐ Village Projects Page 05 ‐ About Government Finance Page 06 ‐ Village Departments Page 07 ‐ Enterprise Funds Page 08 ‐ Village Debt Page 09 ‐ Village Property Taxes Page 09 ‐ Where Your Money Goes Page 10 ‐ Financial Stability Page 10 ‐ COVID‐19 Impact Page 11 ‐ Revenues and Expenditures Winϐield - Past and Present Before the Village of Winϐield was ofϐicially established, the Winϐield area was associated with Gary's Mill, a lumbering settlement established in the 1830’s by Erastus, Jude, and Charles Gary, two miles northeast of Warren's Station. James P. Doe of New Hampshire received a land grant for the area in 1845, and originally platted Winϐield as the Town of Fredericksburg in 1853. The following year, however, it appeared on railroad maps as Winϐield. The namesake for Winϐield is United States Army General Winϐield Scott (June 13, 1786 – May 29, 1866), who was also honored by Winϐield Township. Stagecoach-related business and signiϐicant freight shipping for the region were largely responsible for Winϐield's early growth. John Hedges built the ϐirst train station in Winϐield, which still exists and is the oldest remaining train depot in Illinois. Winϐield served as the major freight depot for the area, until a railroad was established in Naperville in 1864. After this, the bulk of the freight business in Winϐield was lost. Another draw to the area occurred in 1897 when Jessie P. Forsythe's rest home was established. In 1909 it became the Chicago-Winϐield Tuberculosis Sanatorium, and since 1964 it has been the site of Central DuPage Hospital, a nationally recognized, award winning acute care facility with over 300 beds. Today, Winϐield is a vibrant Village with 9,820 residents, providing many community groups, places of worship, and cultural activities, offering something for the entire family. A variety of local events and amenities draw over 2 million visitors through Winϐield per year. These include the Good Old Days celebration and the Winϐield Criterium cycling race event. Various local attractions such as Central DuPage Hospital, Ronald McDonald House, Cantigny Gardens and Golf Course, the Robert McCormick Museum, the U.S. Army First Division Museum, the Illinois Prairie Path, and numerous other attractions bring in visitors from across the nation. 2 ArƟst RendiƟon of Gary’s Mill ‐ H.G. Foote The Chicago‐Winϔield Tuberculosis Sanatorium circa 1914 Central DuPage Hospital circa 2014 Above : Winϔield Criterium Top and Bottom Right: Robert McCormick and First Division Museums at Cantigny Park Winϐield Government The elected Village Board serves as the corporate authority that sets Village policy. The Village Board is composed of six Village Trustees and a Village President elected at-large on a staggered basis for four-year terms. The Village Board appoints a Village Manager responsible for the day-to-day management of the Village, as well as carrying out policy set by the Village Board. The Village provides a full range of services. These services include Village administration, community development, police protection, roadway infrastructure construction and maintenance, water distribution, and wastewater collection. The Village operates under ϐive departments with lean stafϐing. In total, Winϐield employs 34 full-time and 4 part-time employees across all Village departments. Major Initiatives in FY 2020-2021 3 Strategic Goals of the Village Board Improved Sustainable Revenue Effective Communication Maintain Quality of Life Commercial Development Continued implementing commercial development initiatives on Roosevelt Road and in Town Center Maintained strong Village Bond rating at Aa2 Maintained strong ϐinancial reserve position Closely monitored and responded to the COVID-19 pandemic Approved Town Center development agreement with Northwestern Medicine Began redevelopment efforts in Town Center Substantial completion of Winϐield Station, with opening set for late summer 2021 Continued working with developer of the North Avenue Commerce Center to secure tenants Continued Village branding initiative Communicated Village events via press releases, email blasts, website and public access channel updates, as well as announcements at Village Board meetings Promoted 2020 Census participation Maintained low municipal property tax rate Substantial completion on OSLAD grant supported Riverwalk Park Phase 1 project, which is scheduled to be completed in late Summer 2021 Maintained 20 year road replacement schedule and resumed delayed capital improvement projects 4 Despite the Village’s small size, there are a number of initiatives undertaken by the Village over the course of the year. Below is a summary of some of the major accomplishments during Fiscal Year 2020-2021, as well as a list of projects and initiatives to be accomplished in Fiscal Year 2021-2022. Major Projects Completed in Fiscal Year 2021 Approved Town Center Development Agreement with NM-CDH to revitalize Winϐield’s Town Center Substantial completion of the Winϐield Station apartment building in Town Center, set to open in summer 2021 Worked with developer to secure tenants for the North Avenue Commerce Center, a 265,000 square foot industrial complex Successfully completed new grant agreement with Northwestern Medicine DuPage Hospital for $690,000 per year, helping municipal service costs Worked extensively with design and construction ϐirms towards completing Riverwalk Phase 1 construction, set to be opened late summer 2021 Continued work towards achieving Strategic Plan goals Continued implementation of the 2014 Comprehensive Plan Maintained strong Village bond rating of Aa2 from Moody’s Maintained low crime rate throughout the Village Managed the Village response to the COVID-19 pandemic Major Projects Planned in Fiscal Year 2021 Continue Casey’s Service Station development progress and marketing the remaining Roosevelt Road properties Facilitate a development partnership with NM-CDH to attract new businesses to Town Center Complete Phase 1 of the Riverwalk Park project and begin work on Phase 2 Continue water, sewer, and road infrastructure projects throughout the Village Facilitate Strategic Planning process with new Village Board Maintain low crime rate throughout the Village Maintain various top-ten rankings as a safe and family friendly community Continue to assess and respond to the impact of COVID-19 Town Center Retail and Medical Ofϔice Building Rendering Village Projects Above: NM‐CDH Parking Deck Rendering Below: Construction Progress on Parking Deck Center and Right: Winϔield Riverwalk Phase 1 Construction Left: Winϔield Station Apartments Nearing Completion About Government Finance 5 In total, the Village uses 10 different funds that can be grouped into 3 categories. Below is a summary of how each fund ϐits into each category. Governmental Funds - Activity in these funds represent the majority of local government activities. Governmental funds have different classiϐications. Winϐield’s Governmental Funds include the General Fund, Debt Service Fund, Capital Project Fund, and three Special Revenue funds. The General Fund can also be called the “catch-all” fund. This fund handles much of the Village operation expenses, and incorporates all expenses that can not be allocated to other funds. The Debt Service Fund is used to track dollars paid towards outstanding Village bonded debt. The Capital Fund tracks major infrastructure improvements in the Village. Special Revenue funds in Winϐield consist of the Motor Fuel Tax, Tax Increment Financing, and CDH Grant funds. Revenues have restrictions and can be only applied to projects that meet fund criteria. Proprietary Funds - These funds handle the “business type activities” of the Village. Proprietary fund types can include enterprise funds or internal service funds. Winϐield utilizes two enterprise funds to manage the Water and Sewer services as well as Commuter Parking in Town Center. Fiduciary Funds - Fiduciary funds are funds held by the Village in a trustee capacity or as an agency for individuals, private organizations, other governments, and/or other funds. While the Village maintains these funds, the Village cannot use these funds to support operations and does not actively invest these funds. The Village uses two ϐiduciary funds to manage Police Pension beneϐits and Impact Fees collected from developers to be disbursed to other local agencies. Impact Fees Police Pension Fund General Fund Special Revenue Capital Fund Debt Service Governmental Fiduciary TIF Motor Fuel Tax Trust Commuter Parking Water and Sewer Proprietary Winϐield Finances Enterprise Funds CDH Grant The General Fund encompasses all Village Departments. These departments are classiϐied by the type of service they provide. There are ϐive operational departments with a total of 38 full-time and part-time employees that ensure the Village stays operational. These departments include Administration, Finance, Community Development, Police, and Public Works. The Village Board and Facility Operations budgets also fall under the General Fund. A brief summary of each department is provided. Administration The Administration Department is responsible for the day-to-day operations of the Village. This department is responsible for the overall management of the Village’s departments, ϐinances, and personnel. Department accomplishments in Fiscal Year 2021 include: Worked with Village Board to execute development agreement with Northwestern Medicine Managed the Village response to the COVID-19 pandemic Began and substantially completed construction for OSLAD grant supported Riverwalk Park Phase 1 Finance The Finance Department manages all of the Village’s programs related to general ϐinance, accounting, budgeting, accounts payable and receivable, human resources, and utility billing. Department accomplishments in Fiscal Year 2021 include: Received Distinguished Budget Presentation Award for the seventeenth consecutive year Received Certiϐicate of Excellence in Financial Reporting for the twenty-ϐifth consecutive year Implemented email billing option for resident water bills Community Development The Community Development department is responsible for current and long-range planning, economic development initiatives, issuing various permits, stormwater management, as well as the enforcement of the Building Code and various zoning ordinances. Department accomplishments in Fiscal Year 2021 include: Guided NM-CDH Town Center development through entitlement process and issued building permits for ϐirst development phases Worked with Winϐield Station developer throughout construction efforts and assisted Town Center Apartments developer through approval process Construction site preparation for Bucky’s Gas Station (now owned by Casey’s) began on the southwest corner of Winϐield and Roosevelt Roads, with anticipated construction completion in 2022 6 General Fund - Village Departments 7 Police Department The Police Department is responsible for community safety. Comprised of three divisions, the Police Department provides patrol enforcement, investigative work, and management of data and records. Department accomplishments in Fiscal Year 2021 include: Maintained low crime rate Began Trafϐic Accident Reduction program Enhanced stafϐing to provide better services Public Works The Public Works Department is responsible for the maintenance and upkeep of Village streets, parkways, trees, and sidewalks. Department accomplishments in Fiscal Year 2021 include: Maintained schedule of building maintenance for all Village facilities Completed multiple capital improvement projects throughout the Village Completed annual tree removal and 50/50 tree planting program Enterprise funds are different from Governmental type funds because they are ϐinanced primarily by charges to consumers, with accounting statements which show if they are operated in a surplus or deϐicit, much like a private enterprise. The Village has two enterprise funds, the Water & Sewer Fund and the Commuter Parking Fund. Water & Sewer Fund The Water & Sewer fund is the largest enterprise fund operated by the Village, and it accounts for the revenues and expenses associated with the transmission, treatment, storage, system maintenance, and sale of water to residents and businesses within Winϐield. There are currently over 3,800 customers in the system. The water distribution network consists of ϐifty miles of water mains, with an average daily water consumption of over one million gallons. Wastewater treatment is handled through an Intergovernmental Agreement with the City of West Chicago, which Winϐield shares one-third ownership for wastewater treatment, maintenance, and improvement costs of the treatment facility. Commuter Parking Fund The Commuter Parking Fund accounts for the revenues and expenses associated with the maintenance of commuter parking facilities and lots in Winϐield’s Town Center. Revenue is generated through permit and daily parking charges. For daily parking, payment machines allow commuters to pay before riding, or via the Passport Parking smartphone application. Village Departments Continued Enterprise Funds 8 The Village issues general obligation bonds to provide funds for the acquisition and construction of major capital facilities and infrastructure. General Obligation bonds are direct obligations of the Village and pledge the full faith and credit of the Village. The Village can issue two types of debt; debt of governmental funds and debt for enterprise funds. Because of the Village’s strong ϐinancial policies, sufϐicient reserves, and low utilization of debt, Winϐield has maintained a bond rating of Aa2 from Moody’s Investor Service. This rating is considered very high for a municipality of Winϐield’s size and limited commercial and industrial tax base. Government Fund Issued Debt As a non home-rule unit of local government, Winϐield is limited to a maximum of 8.625% of Equalized Assessed Valuation (EAV) for Government issued debt. EAV is equivalent to one third of the assessed valuation of property in the Village of Winϐield. Repayment for this type of debt is handled through collection of property taxes. For Fiscal Year 2020- 2021, the maximum debt the Village could issue was $35,417,131. The actual amount of debt issued by the Village subject to this limit was substantially less, at $3,590,000, or 10% of the maximum allowed by law. This consists of one debt issuance. Series 2014 was to fund the major road resurfacing project in 2014. Enterprise Fund Issued Debt General Obligation bonds issued for enterprise fund related projects are not subject to Winϐield’s debt limitations. These debts are repaid through the user fees charged. For Winϐield, the only debt issued for enterprise funds is for the Water & Sewer Fund. At the end of Fiscal Year 2020-2021, the outstanding debt for the Water & Sewer Fund is $1,850,000. This consists of two debt issuances in 2003 and 2011. Both of these issuances were for capital infrastructure improvements. Village Debt High Quality - Very Low Credit Risk Aaa  Aa1  Aa3  Aa2  Baa, Ba, B  A1, 2, 3  Caa, Ca, C  9 School District(s)* $0.712 Park District* - $0.072 Fire District - $0.047 Village of Winϐield ‐ $0.044 Winϐield Library - $0.030 College of DuPage - $0.028 Other Taxing Bodies - $0.041 Forest Preserve - $0.016 DuPage County - $0.015 Health Department - $0.006 Airport Authority - $0.002 Mosquito District - $0.002 Property taxes paid by Winϐield residents are divided between many taxing districts. The average total property tax rate paid in Winϐield to all local governments is 7.7% of assessed taxable value. The Village’s share accounts for 4.4% of property taxes collected, meaning just over $0.04 per dollar is paid to the Village in property taxes in Fiscal Year 2021. On the right is a representation of how much each dollar of property tax is allocated to the various taxing bodies. The ϐigures provided are averages levied from various taxing districts, as there are a variety of similar tax districts residents may see on their tax bill.* The Village of Winϐield has one of the lowest levied property tax rates for a municipality in DuPage County. As a Non-Home Rule municipality, Winϐield is restricted by Illinois Tax Caps which limits property tax growth to the lesser of 5% or the Consumer Price Index. *Residents may see D34 and D94, D33 and D94, or CUSD 200 on their tax bill, as well as Winϔield, Carol Stream, or West Chicago Park District, and Winϔield or Milton Township. As such, multiple districts were added together (if necessary) and averaged for equitable comparison. Village Property Taxes Property taxes collected in the General Fund are used to pay for public safety, road maintenance, government services, and capital projects. However, property taxes are only a part of Village revenues. Below is a summary of General fund activity for FY 2021 and FY 2020. $2,268,745 $1,576,507 $592,435 $549,908 $121,687 $2,718,285 $7,827,567 $950,909 $2,946,326 $337,410 $2,178,965 $6,413,610 $888,957 Where Your Money Goes $2,425,695 $2,091,388 $678,139 $305,022 $20,040 $583,204 $6,103,488 $1,116,623 $3,066,417 $401,229 $530,000 $5,114,269 $989,219 Revenues FY 2021 FY 2020 Taxes (property, sales, etc.) Intergovernmental License & permit fees Fines and forfeits Investment income Miscellaneous Total Revenues Expenditures & Transfers General Government Public Safety Highways and Streets Transfer to Capital Projects Total Expenditures Net Change in Fund Balance The Village’s tax rate accounts for 4.4% of property taxes collected, meaning just over $0.04 per dollar is paid to the Village in property taxes for Fiscal Year ended April 30, 2021. Township* - $0.026 10 Financial Stability For a comprehensive look at the ϐinancial health of the Village, it is important to consider the Village’s Net Position. Net Position serves as an indicator of a government’s ϐinancial condition. It reϐlects Village revenues (taxes, fees for service, investment income, etc.) and capital infrastructure against operating expenses, debt payments, and long term liabilities such as pensions. The summary tables below and on the following page are condensed forms of the ϐinancial statements found within the CAFR. Interested readers desiring more detail on Village Finances can read the CAFR online at www.villageofwinϐield.com. Net Position In order to ensure that the Village continues to meet its immediate and long-term service goals, several ϐinancial polices and procedures have been implemented. Highlighted below are some more pertinent actions taken during Fiscal Year 2020-2021 to ensure the Village’s ϐinancial stability. Staff continued the use of a Five‐Year Capital Improvement Plan, including the use of a Capital Vehicle Replacement Model to forecast future capital purchases and infrastructure improvements. Updated annually as part of the budget process, this plan identiϐies, prioritizes, and anticipates the need proactively for capital replacement or major infrastructure repairs. The Village has maintained adherence to our Fund Balance Policy for the General Fund as well as the Water & Sewer Fund. This policy states that the unreserved fund balance for these funds shall be maintained for at least 25% of budgeted annual expenditures. This goal has been achieved for the last several budget cycles. As identiϐied through the Strategic Plan, the Village has maintained our bond rating. The current bond rating provided to the Village by Moody's Investor Service has remained at Aa2. All of these initiatives contribute to the ϐinancial health of the Village, which can be measured by evaluating the Net Position of the Village of Winϐield. The local economic outlook fared better for FY 2021, despite the effects felt globally from the COVID-19 pandemic. The crisis overall did not have a major impact on the Village’s FY 2021 ϐinancials due to having a limited sales tax base, delaying major capital projects, and funding received from the federal government through the CARES Act to offset Village expenses. Due to global shortages and delays, the most signiϐicant impact has been the Village’s ability to procure various products to meet core services. These challenges have resulted in increased costs for FY 2021, which is expected to continue in the immediate future. Despite this, the Village has maintained General Fund reserves, ending FY 2021 with unassigned fund balance of $3.5 million or 68.9% of expenditures/transfers. Staff will continue to monitor the COVID-19 impact in FY 2022. COVID-19 Impact 2021 2020 2021 2020 2021 2020 Total Assets 29,068,089 27,465,524 30,049,166 29,458,931 59,117,255 56,924,455 Total Deferred Outflows of Resources 896,022 1,550,195 213,882 327,280 1,109,904 1,877,475 Total Liabilities 13,251,369 15,781,761 3,575,681 4,879,604 16,827,050 20,661,365 Total Deferred Inflows of Resources 4,557,503 3,516,745 505,796 222,847 5,063,299 3,739,592 Net Position Net Investment in Capital 13,405,260 13,503,071 15,024,093 14,835,151 28,429,353 28,338,222 Restricted 2,872,444 1,877,467 548,042 555,338 3,420,486 2,432,805 Unrestricted (4,122,465) (5,663,325) 10,609,436 9,293,271 6,486,971 3,629,946 Total Net Position 12,155,239 9,717,213 26,181,571 24,683,760 38,336,810 34,400,973 For the Fiscal Years Ending April 30, 2021 and April 30, 2020 Statement of Net Position Governmental Business‐typeTotal Primary Govt. Revenues and Expenditures 11 Below is a summary of the changes in Winϐield’s Net Position. The Governmental activities’ net position increased by $1.6 million over the prior year net position and the Business-type activities’ net position increased by $1.4 million. Under Governmental activities, the revenues (other revenues) and expenditures (general government) both include a $2.2 million purchase and sale of land related to the Casey’s service station development. Revenues 2021 2020 2021 2020 2021 2020 Program Revenues: Charge for Services 1,657,599 1,513,263 6,228,141 6,183,247 7,885,740 7,696,510 Operating Grants & Contributions 2,034,224 1,296,287 - - 2,034,224 1,296,287 Capital Grants & Contributions 215,726 - - - 215,726 - General Revenues: Property Taxes 1,597,010 1,544,002 - - 1,597,010 1,544,002 State Income Tax 1,125,738 1,064,334 - - 1,125,738 1,064,334 Sales and Use Tax 1,129,037 1,004,403 - - 1,129,037 1,004,403 Utility Tax 852,959 825,941 - - 852,959 825,941 Other Taxes 24,204 13,200 - - 24,204 13,200 Other Revenues 254,176 2,564,688 231,169 298,459 485,345 2,863,147 Special Items - - 8,555 32,096 8,555 - Total Revenues 8,890,673 9,826,118 6,467,865 6,513,802 15,358,538 16,307,824 Expenses General Government 1,989,326 4,144,315 - 1,989,326 4,144,315 Public Safety 2,534,514 2,983,462 - 2,534,514 2,983,462 Highways and Streets 1,784,038 904,507 - 1,784,038 904,507 Water and Sewer - - 4,829,422 5,001,082 4,829,422 5,001,082 Parking Facilities - - 140,632 130,543 140,632 130,543 Interest on Long Term Debt 144,769 149,284 - - 144,769 149,284 Total Expenses 6,452,647 8,181,568 4,970,054 5,131,625 11,422,701 13,313,193 Transfers ‐ ‐ - - - - Changes in Net Position 2,438,026 1,644,550 1,497,811 1,382,177 3,935,837 2,994,631 Net Position, May 1 9,717,213 8,072,663 24,683,760 23,301,583 34,400,973 31,374,246 Ending Net Position 12,155,239 9,717,213 26,181,571 24,683,760 38,336,810 34,368,877 Changes in of Net Position For the Fiscal Years Ending April 30, 2021 and April 30, 2020 Governmental Activities Business‐type Activities Total Primary Government Village President Village Trustee Village Trustee Carl Sorgatz Dennis Hogan Emily Jacobs csorgatz@villageofwinϐield.com dhogan@villageofwinϐield.com ejacobs@villageofwinϐield.com Village Trustee Village Trustee Village Trustee Don Longacre Debra Piscola Dan Janowick dlongacre@villageofwinϐield.com dpiscola@villageofwinϐield.com djanowick@villageofwinϐield.com Village Trustee Village Clerk Phil Hardy Nicole Cannizzo phardy@villageofwinϐield.com ncannizzo@villageofwinϐield.com Mailing Address Water Bill Remittance Address Village of Winϐield Village of Winϐield 27W465 Jewell Road P.O. Box 517 Winϐield, IL 60190 Bedford Park, IL 60499-0517 Hours: Monday - Friday, 8:00 a.m. - 4:30 p.m. Village Hall (630) 933-7100 Village Hall Fax (630) 665-1767 www.villageofwinϐield.com info@villageofwinϐield.com Police Emergency 911 Police Department (630) 933-7160 Public Works (630) 933-7140 The Village of Winϐield Staff Directory Village Manager Curt Barrett cbarrett@villageofwinϐield.com Community Development Director Peter Krumins pkrumins@villageofwinϐield.com Finance Director Suzy Mika smika@villageofwinϐield.com Police Chief David Schar dschar@villageofwinϐield.com Public Works Superintendent Tye Loomis tloomis@villageofwinϐield.com Want to know more? The Village’s website contains addiƟonal financial informaƟon including the Comprehensive Annual Financial Report and Village Budget. www.villageofwinfield.com The Village website is a great resource for informaƟon on all Village services and events. MeeƟng agendas, minutes, and recordings of past Village Board meeƟngs are also available. Elected Ofϐicials