ANNUAL FINANCIAL REPORT For the Year Ended District/IL Glen Ellyn Public Library... · MAJOR...
Transcript of ANNUAL FINANCIAL REPORT For the Year Ended District/IL Glen Ellyn Public Library... · MAJOR...
GLEN ELLYN PUBLIC LIBRARY
GLEN ELLYN, ILLINOIS
ANNUAL FINANCIAL REPORT
For the Year Ended December 31, 2015
GLEN ELLYN PUBLIC LIBRARY
GLEN ELLYN, ILLINOIS
TABLE OF CONTENTS
Page(s)
INDEPENDENT AUDITOR’S REPORT ............................................................................ 1-2
GENERAL PURPOSE EXTERNAL FINANCIAL STATEMENTS
Management’s Discussion and Analysis .................................................................. MD&A 1-11
Basic Financial Statements
Government-Wide Financial Statements
Statement of Net Position ................................................................................... 3
Statement of Activities ....................................................................................... 4
Fund Financial Statements
Governmental Funds
Balance Sheet ..................................................................................................... 5-6
Reconciliation of Fund Balances of Governmental Funds to
the Governmental Activities in the Statement of Net Position ....................... 7
Statement of Revenues, Expenditures and Changes in Fund Balances ............ 8-9
Reconciliation of the Governmental Funds Statement of Revenues,
Expenditures and Changes in Fund Balances to the Governmental
Activities in the Statement of Activities .......................................................... 10
Notes to Financial Statements ...................................................................................... 11-25
Required Supplementary Information
Schedule of Revenues, Expenditures and
Changes in Fund Balance - Budget and Actual - General Fund ............................ 26
Illinois Municipal Retirement Fund
Schedule of Employer Contributions ................................................................. 27
Schedule of Changes in the Library’s Proportionate Share
Of the Net pension Liability ............................................................................. 28
Notes to Required Supplementary Information ....................................................... 29
GLEN ELLYN PUBLIC LIBRARY
GLEN ELLYN, ILLINOIS
TABLE OF CONTENTS (Continued)
Page(s)
COMBINING AND INDIVIDUAL FUND
FINANCIAL STATEMENTS AND SCHEDULES
MAJOR GOVERNMENTAL FUNDS
Schedule of Expenditures - Budget and Actual
General Fund ........................................................................................................... 30
Schedule of Revenues, Expenditures and Changes in Fund Balance -
Budget and Actual
Building and Equipment Fund ................................................................................ 31
Debt Service Fund ................................................................................................... 32
NONMAJOR GOVERNMENTAL FUNDS
Combining Balance Sheet ............................................................................................ 33
Combining Statement of Revenues, Expenditures
and Changes in Fund Balances .................................................................................. 34
Schedule of Revenues, Expenditures and
Changes in Fund Balance - Budget and Actual
Miscellaneous Grant Fund ...................................................................................... 35
Special Gifts Fund ................................................................................................... 36
Per Capita Grant Fund ............................................................................................. 37
Nonresident Card Subsidy Fund ............................................................................. 38
SUPPLEMENTARY INFORMATION
Schedule of Tax Levy Collections, Amounts Expended
and Unexpended Balance ................................................................................................ 39
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INDEPENDENT AUDITOR’S REPORT
Members of the Library Board of Trustees
Glen Ellyn Public Library
Glen Ellyn, Illinois
We have audited the accompanying financial statements of the governmental activities, each major
fund and the aggregate remaining fund information of the Glen Ellyn Public Library, Glen Ellyn,
Illinois (the Library), as of the year ended December 31, 2015 and the related notes to financial
statements, which collectively comprise the Library’s basic financial statements as listed in the table
of contents.
Management’s Responsibility for the Financial Statements
Management is responsible for the preparation and fair presentation of these financial statements in
accordance with accounting principles generally accepted in the United States of America; this
includes the design, implementation and maintenance of internal control relevant to the preparation
and fair presentation of financial statements that are free from material misstatement, whether due to
fraud or error.
Auditor’s Responsibility
Our responsibility is to express opinions on these financial statements based on our audit. We
conducted our audit in accordance with auditing standards generally accepted in the United States of
America. Those standards require that we plan and perform the audit to obtain reasonable assurance
about whether the financial statements are free of material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures
in the financial statements. The procedures selected depend on the auditor’s judgment, including the
assessment of the risks of material misstatement of the financial statements, whether due to fraud or
error. In making those risk assessments, the auditor considers internal control relevant to the
Library’s preparation and fair presentation of the financial statements in order to design audit
procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion
on the effectiveness of the Library’s internal control. Accordingly, we express no such opinion. An
audit also includes evaluating the appropriateness of accounting policies used and the reasonableness
of significant accounting estimates made by management, as well as evaluating the overall
presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis
for our audit opinions.
- 1 -
- 2 -
Opinions In our opinion, the basic financial statements referred to above present fairly, in all material respects, the respective financial position of the governmental activities, each major fund and the aggregate remaining fund information of the Glen Ellyn Public Library, Glen Ellyn, Illinois as of December 31, 2015 and the respective changes in financial position for the year then ended in conformity with accounting principles generally accepted in the United States of America. Change in Accounting Principle As discussed in Note 11, the Library adopted GASB Statement No. 68, Accounting and Financial Reporting for Pensions, which established standards for measuring and recognizing liabilities, deferred inflows and outflows of resources and expenses; modified certain disclosures in the notes to financial statement; and the required supplementary information. Our opinion is not modified with respect to his matter.
Other Matters Required Supplementary Information Accounting principles generally accepted in the United States of America require that the management’s discussion and analysis and the other required supplementary information listed in the table of contents be presented to supplement the basic financial statements. Such information, although not a part of the basic financial statements, is required by the Governmental Accounting Standards Board, who considers it to be an essential part of financial reporting for placing the basic financial statements in an appropriate operational, economic or historical context. We have applied certain limited procedures to the required supplementary information in accordance with auditing standards generally accepted in the United States of America, which consisted of inquiries of management about the methods of preparing the information and comparing the information for consistency with management’s responses to our inquiries, the basic financial statements, and other knowledge we obtained during our audit of the basic financial statements. We do not express an opinion or provide any assurance on the information because the limited procedures do not provide us with sufficient evidence to express an opinion or provide any assurance. Other Information Our audit was conducted for the purpose of forming opinions on the financial statements that collectively comprise the Library’s basic financial statements. The combining and individual fund financial statements and schedules and supplementary information are presented for purposes of additional analysis and are not a required part of the basic financial statements. The combining and individual fund financial statements and schedules and supplementary information are the responsibility of management and were derived from and relate directly to the underlying accounting and other records used to prepare the basic financial statements. 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, the information is fairly stated in all material respects in relation to the basic financial statements as a whole. Naperville, Illinois June 9, 2016
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(See independent auditor’s report)
- MD&A 1 -
GLEN ELLYN PUBLIC LIBRARY
MANAGEMENT’S DISCUSSION AND ANALYSIS
December 31, 2015
As the management of the Glen Ellyn Public Library (the “Library”), we offer readers of
the Library’s financial statements this narrative overview and analysis of the financial
activities of the Library for the fiscal year ended December 31, 2015. We encourage
readers to consider the information presented here in conjunction with additional
information that we have furnished in the Library’s Financial Statements (beginning on
page 3).
This discussion and analysis is designed to (1) assist the reader in focusing on significant
financial issues, (2) provide an overview of the Library’s financial activity, (3) identify
changes in the Library’s financial position (its ability to address the next and subsequent
year’s challenges), (4) identify any material deviations from the financial plan (the
approved budget), and (5) identify individual fund issues or concerns.
It is of the utmost importance when reviewing the information here as well as the
Library’s Financial Statements to take into consideration the fact that the previous fiscal
year being used for comparison includes financial information pertaining to May 1, 2014
thru December 31, 2014 (referred to as SY2014 during the course of this report), and
therefore only reflects eight months of financial data whereas the year closed
December 31, 2015 (referred to as FY2015) contains twelve months of data. Comparing
financial reports or statements to the previous fiscal year will not be a fully accurate
comparison.
USING THE FINANCIAL SECTION OF THIS ANNUAL REPORT
Historically, the primary focus of local government financial statements has been
summarized fund type information on a current financial resource basis. This approach
was modified by Government Accounting Standards Board Statement No. 34 and was
implemented for the first time for FY2004. The Library’s financial statements now
present two kinds of statements, each with a different snapshot of the Library’s finances.
The focus of the financial statements is now on both the Library as a whole (government-
wide) and on the major individual funds. Both perspectives (government-wide and major
fund) allow the user to address relevant questions, broaden a basis for comparison (year
to year or government to government) and enhance the Library’s accountability.
Government-Wide Financial Statements
The government-wide financial statements are designed to provide readers with a broad
overview of the Library’s finances, in a manner similar to a private-sector business. The
focus of the Statement of Net Position presents information on all of the Library’s assets
GLEN ELLYN PUBLIC LIBRARY
GLEN ELLYN, ILLINOIS
MANAGEMENT’S DISCUSSION AND ANALYSIS (Continued)
(See independent auditor’s report)
- MD&A 2 -
and liabilities, with the difference between the two reported as net position. This
statement combines and consolidates governmental fund’s current financial resources
(short-term spendable resources) with capital assets and long-term obligations using the
accrual basis of accounting and economic resources measurement focus. Over time,
increases or decreases in net position may serve as a useful indicator of whether the
financial position of the Library is improving or deteriorating.
The Statement of Activities presents information showing how the Library’s net position
changed during the most recent fiscal year. All changes in net position are reported as
soon as the underlying event giving rise to the change occurs, regardless of the timing of
the 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., earned but unused
compensated absences).
Fund Financial Statements
Traditional users of governmental financial statements will find the Fund Financial
Statements to be more familiar. The focus of the presentation is on major funds rather
than fund types. 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
Library, like other state and local governments, uses fund accounting to ensure and
demonstrate compliance with finance-related legal requirements. All of the funds of the
Library are in one category: governmental 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, unlike the government-wide financial statements, governmental
fund financial statements focus on near-term inflows and outflows of spendable
resources, as well as balances of spendable resources available at the end of the fiscal
year. Such information may be useful in evaluating a government’s near-term financing
requirements.
Because the focus of governmental funds is narrower than that of the government-wide
financial statements, it is useful to compare the information presented for governmental
funds with similar information presented for governmental activities in the government-
wide financial statements. By doing so, readers may better understand the long-term
impact of the government’s near-term financing decisions. Both the governmental fund
balance sheet and the governmental fund statement of revenues, expenditures, and
changes in fund balances provide a reconciliation to facilitate this comparison between
governmental funds and governmental activities.
The Library maintains nine individual governmental funds. Information is presented
separately in the governmental fund balance sheet and statement of revenues,
expenditures, and changes in fund balances for the General Fund, Debt Service Fund, and
Building and Equipment Fund which were considered to be the “major” funds. Data
GLEN ELLYN PUBLIC LIBRARY
GLEN ELLYN, ILLINOIS
MANAGEMENT’S DISCUSSION AND ANALYSIS (Continued)
(See independent auditor’s report)
- MD&A 3 -
from the other six governmental funds are combined into a single, aggregate presentation.
Individual fund data for each of these non-major governmental funds is provided in the
form of combining statements elsewhere in this report.
The Library adopts an annual budget for each of its governmental funds. A budgetary
comparison statement has been provided elsewhere in this report to demonstrate
compliance with the budget. The basic governmental fund financial statements can be
found on pages 3 through 10 of this report.
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. The notes to the
financial statements can be found on pages 11 through 25 of this report.
Other Information
In addition to the basic financial statements and accompanying notes, this report also
presents certain required supplementary information concerning the Library’s progress in
funding its obligation to provide benefits to its employees. Required supplementary
information can be found on pages 26 through 29 of this report.
The combining statements referred to earlier in connection with non-major governmental
funds are presented immediately following the required supplementary information.
Combining and individual fund statements and schedules can be found on pages 30
through 38 of this report.
GLEN ELLYN PUBLIC LIBRARY
GLEN ELLYN, ILLINOIS
MANAGEMENT’S DISCUSSION AND ANALYSIS (Continued)
(See independent auditor’s report)
- MD&A 4 -
GOVERNMENT-WIDE STATEMENTS
Net Position
The following table reflects the condensed Statement of Net Position as of December 31,
2014 compared to December 31, 2015.
Table 1
Statement of Net Position
Governmental Activities
FY2015 SY2014
Current and Other Assets $ 7,780,568 $ 7,728,135
Capital Assets 7,464,146 6,893,555
Deferred Outflows 651,095 -
Total Assets and Deferred Outflows $ 15,895,809 $ 15,895,809
Long-Term Liabilities $ 2,728,079 $ 2,252,226
Other Liabilities 807,005 610,181
Deferred Inflows 4,444,251 4,292,184
Total Liabilities and Deferred Inflows $ 7,979,335 $ 7,154,591
Net Position
Net Investment in Capital Assets $ 5,254,146 $ 4,283,555
Restricted 1,300,342 1,745,476
Unrestricted 1,361,986 1,438,068
Total Net Position $ 7,916,474 $ 7,467,099
The Library’s combined net position increased by $449,375 or 6% from $7,467,099 to
$7,916,474 during FY 2015.
For more detailed information, see the Statement of Net Position on page 3.
GLEN ELLYN PUBLIC LIBRARY
GLEN ELLYN, ILLINOIS
MANAGEMENT’S DISCUSSION AND ANALYSIS (Continued)
(See independent auditor’s report)
- MD&A 5 -
GOVERNMENT-WIDE STATEMENTS (Continued)
Activities
The following table summarizes the revenue and expenses of the Library’s activities for
SY 2014 compared to FY 2015:
Table 2
Changes in Net Position
Governmental Activities
FY2015 SY2014
Revenues
Program Revenues
Charges for Services $ 140,472 $ 60,055
Operating and Capital Gains 104,512 46,153
General Revenues
Property Taxes 4,282,593 4,205,642
Replacement Taxes 32,785 17,634
Investment Income 1,306 461
Miscellaneous 50,132 73,841
Total Revenues $ 4,611,800 $ 4,403,786
Expenses
Culture and Recreation $ 3,871,612 $ 2,911,767
Interest 115,678 85,985
Total Expenses $ 3,987,290 $ 2,997,752
Changes in Net Position $ 624,510 $ 1,406,034
Changes in Accounting Principle $ (175,135) $ -
Total Net Position, Beginning of Year $ 7,467,099 $ 6,061,065
Total Net Position, End of Year $ 7,916,474 $ 7,467,099
GLEN ELLYN PUBLIC LIBRARY
GLEN ELLYN, ILLINOIS
MANAGEMENT’S DISCUSSION AND ANALYSIS (Continued)
(See independent auditor’s report)
- MD&A 6 -
FINANCIAL OVERVIEW
GLEN ELLYN PUBLIC LIBRARY
INCOME SOURCES FY2015 SY2014
Local Property Taxes 92.8% 95.5%
Service Fees, Rentals, Photocopies 3.0% 1.4%
Grants, Gifts 3.3% 2.7%
Replacement Taxes 0.8% 0.4%
Interest Income 0.1% 0.00%
Total Income: $ 4,611,800 $ 4,403,786
EXPENDITURES BY CATEGORY
Salaries and Benefits 45.6% 34.7%
Materials, Programs and Automation 9.2% 8.8%
Capital Outlay 2.9% 2.9%
Building Maintenance 23.7% 42.5%
Contractual Services and Supplies 16.2% 8.0%
Bond Interest 2.4% 3.1%
Total Expenditures: $ 4,898,777 $ 4,146,472
There are seven basic impacts on revenues and expenses as reflected below:
Normal Impacts
Revenues
Property Tax Rate. The Library, based on its organization under Illinois statutes,
approves an annual tax levy request which is forwarded to the Village of Glen Ellyn
Board of Trustees for final adoption. The Library’s 2014 tax rate (property taxes
received in FY 2015) was $0.2950 for corporate purposes and $0.3634 including special
purpose levies. Growth in property tax revenues is largely dependent upon growth in
community assessed property values.
Changing patterns in intergovernmental and grant revenue (both recurring and
non-recurring. Certain recurring revenues (Village impact fees, State per capita grant,
State replacement taxes, etc.) may experience significant changes periodically while non-
recurring or one-time grants are less predictable and often distort their impact on year-to-
year comparisons.
GLEN ELLYN PUBLIC LIBRARY
GLEN ELLYN, ILLINOIS
MANAGEMENT’S DISCUSSION AND ANALYSIS (Continued)
(See independent auditor’s report)
- MD&A 7 -
Normal Impacts (Continued) Market impacts on investment income. The Library’s investment portfolio is concentrated in local bank and money market funds similar to many other governments. Market conditions may cause investment income to fluctuate. Most funds are invested in the Illinois Funds accounts, which offer a competitive return, liquidity and safety, requisites of the Library’s investment policy. Expenses Introduction of new programs. Within functional expense categories, individual programs may be added or deleted in order to meet the changing needs of the Library. Changes in authorized personnel. Changes in service demand may cause the Library Board to increase or decrease staffing levels. Personnel costs are the Library’s most significant operating cost. Salary increases (annual adjustments). The ability to attract and retain quality personnel requires the Library to strive to have competitive salary ranges and pay practices. Inflation. While overall inflation has increased, some of the Library’s functions and services may experience unusual commodity-specific increases.
Current Year Impacts
Revenues For the fiscal year ended December 31, 2015, revenues totaled $4,611,800. Property taxes, the Library’s largest single revenue source, amounted to $4,282,593 representing 92.8% of total revenues. Property taxes increased by $76,951 or 1.7% compared to the prior fiscal year 2014. The increase in property tax revenue was used to fund both Library operations and long term capital repairs and replacements. Property values in Glen Ellyn decreased at a rate of .8% in 2014 compared to the 4.2% decrease experienced in 2013. Property taxes received by the Library in FY 2015 represent about 4.2% of the typical Glen Ellyn property tax bill. Expenses The Library’s expenses were $3,987,290 in FY 2015. As required by GASB Statement No. 34, the expense totals include depreciation expense of $378,499 for governmental activities. Because of the Library’s full twelve-month fiscal year cycle, most expense categories increased when compared to the previous short eight-month fiscal year cycle.
GLEN ELLYN PUBLIC LIBRARY
GLEN ELLYN, ILLINOIS
MANAGEMENT’S DISCUSSION AND ANALYSIS (Continued)
(See independent auditor’s report)
- MD&A 8 -
FINANCIAL ANALYSIS OF THE LIBRARY’S FUNDS
As noted earlier, the Library uses fund accounting to ensure and demonstrate compliance
with finance-related legal requirements. As of December 31, 2015, the governmental
funds (as presented on the balance sheet on page 5 and 6) had combined fund balances of
$2,943,485. This reflects a combined decrease of $286,977 over the prior year.
Table 3
General Fund Budgetary Highlights
For the Fiscal Year Ended December 31, 2015
Original and
Final Budget
Actual
Revenues
Property Taxes 3,771,777 3,800,594
Replacement Taxes 26,000 32,785
Charges for Services 106,000 140,472
Investment Income 100 696
Miscellaneous - 194
Total Revenues $ 3,903,877 $ 3,974,741
Expenditures
Personnel $ 2,305,982 $ 2,231,312
Contractual Services 520,400 448,597
Supplies 486,500 417,866
Capital Outlay 161,000 139,924
Total Expenditures $ 3,473,882 $ 3,237,699
Excess (Deficiency) of Revenues
Over Expenditures
429,995
737,042
Other Financing Sources (Uses)
Net Transfer In - 3,072
Net Transfer Out (416,000) (566,000)
Net Changes in Fund Balance $ 13,995 $ 174,114
GLEN ELLYN PUBLIC LIBRARY
GLEN ELLYN, ILLINOIS
MANAGEMENT’S DISCUSSION AND ANALYSIS (Continued)
(See independent auditor’s report)
- MD&A 9 -
FINANCIAL ANALYSIS OF THE LIBRARY’S FUNDS (Continued)
General Fund revenues concluded the year over the budgeted amount. Charges for
services exceeded the budgeted amount as well as replacement tax revenue. Impact fees
received from the Village, which are historically difficult to forecast, ended the year
above the budgeted amount due to some new development in the community. Both of
these revenue sources are rather small in relation to the total revenue budget of the
Library.
Transfers were made into the General Fund in the amount of $3,072. The $3,072 was
transferred into the General Fund from the Nonresident Card Subsidy Fund (a special
revenue fund set up to subsidize out of town library cards). This transfer will continue to
occur. Transfers were made out of the General Fund into the Building, Equipment, and
Maintenance Fund in the amount of $566,000. This transfer will continue to occur. The
net amount of transfers equals $562,928.
General Fund expenditures for FY2015 were $236,183 below the adopted expenditure
budget. The largest variance from the General Fund budget was in Personnel. Of the
$2,305,982 budgeted, $2,231,312 was actually spent.
GLEN ELLYN PUBLIC LIBRARY
GLEN ELLYN, ILLINOIS
MANAGEMENT’S DISCUSSION AND ANALYSIS (Continued)
(See independent auditor’s report)
- MD&A 10 -
FINANCIAL ANALYSIS OF THE LIBRARY’S FUNDS (Continued)
Capital Assets
The following schedule reflects the Library’s capital asset balances as of December 31,
2015:
Table 4
Capital Assets
As of December 31, 2015
Governmental Activities
Capital Assets Not Being Depreciated
Land
Construction in Progress
$ 500,000
-
Total Capital Assets Not Being
Depreciated
500,000
Capital Assets Being Depreciated
Buildings and Improvements 9,458,652
Furniture and Equipment 1,340,905
Total Capital Assets Being
Depreciated
10,799,577
Less Accumulated Depreciation For
Buildings and Improvements 3,611,023
Furniture and Equipment 224,388
Total Accumulated Depreciation 3,835,411
Total Capital Assets Being
Depreciated, Net
6,964,146
Governmental Activities Capital Assets, Net $ 7,464,146
At year-end, the Library’s investment in capital assets (net of accumulated depreciation)
for its governmental-type activities was $ 7,464,146. The major capital asset event that
was finished in FY2015 was the Youth Department remodel. See Note 4 to the financial
statements for further information regarding capital assets.
GLEN ELLYN PUBLIC LIBRARY
GLEN ELLYN, ILLINOIS
MANAGEMENT’S DISCUSSION AND ANALYSIS (Continued)
(See independent auditor’s report)
- MD&A 11 -
Long-Term Debt
The table below summarizes the Library’s outstanding long-term debt:
Table 5
Long-Term Debt
Balances As of December 31, 2015
Intergovernmental Payable
Village Bonds Series 2010 $ 2,210,000
Accrued Compensated Absences Payable
Net Pension Liability
41,727
890,525
Total Long-Term Liabilities $ 3,142,252
The Village of Glen Ellyn has issued bonds to finance capital improvements at the
Library, which the Library is repaying. Village Bonds payable Series 2010 are Build
America Bonds dated January 5, 2010, issued to remodel and repair the Library building
on Duane Street. See Note 7 to the financial statements for further information regarding
long term debt.
CONTACTING THE LIBRARY’S FINANCIAL MANAGEMENT
This financial report is designed to provide our citizens with a general overview of the
Library’s finances and to demonstrate accountability for the money it receives.
Questions concerning this report or requests for additional financial information should
be directed to Maria Tachna, Business Manager, Glen Ellyn Public Library, 400 Duane
Street, Glen Ellyn, Illinois, 60137.
Governmental
Activities
ASSETS
Cash and investments 3,335,126$
Receivables (net where applicable
of allowance for uncollectibles)
Property taxes 4,444,251
Due from Municipality 1,191
Capital assets not being depreciated 500,000
Capital assets being depreciated
(net of accumulated depreciation) 6,964,146
Total assets 15,244,714
DEFERRED OUTFLOWS OF RESOURCES
Pension items - IMRF 651,095
Total deferred outflows of resources 651,095
Total assets and deferred outflows of resources 15,895,809
LIABILITIES
Accounts payable 317,641
Accrued payroll 66,079
Unearned revenue 9,112
Long-term liabilities
Due within one year 414,173
Due in more than one year 2,728,079
Total liabilities 3,535,084
DEFERRED INFLOWS OF RESOURCES
Deferred revenue - property taxes 4,444,251
Total deferred inflows of resources 4,444,251
Total liabilities and deferred inflows of resources 7,979,335
NET POSITION
Net investment in capital assets 5,254,146
Restricted for non-expendable
Working cash 329,610
Restricted for expendable
Future building and equipment costs 682,507
Debt service 102,234
Specific purposes 185,991
Unrestricted 1,361,986
TOTAL NET POSITION 7,916,474$
GLEN ELLYN PUBLIC LIBRARY
STATEMENT OF NET POSITION
December 31, 2015
GLEN ELLYN, ILLINOIS
See accompanying notes to financial statements.- 3 -
Net (Expense)
Revenue and
Change in
Net Position
Operating Capital
Charges Grants and Grants and Governmental
FUNCTIONS/PROGRAMS Expenses for Services Contributions Contributions Activities
PRIMARY GOVERNMENT
Governmental Activities
Culture and recreation 3,871,612$ 140,472$ 71,831$ 32,681$ (3,626,628)$
Interest 115,678 - - - (115,678)
Total governmental activities 3,987,290 140,472 71,831 32,681 (3,742,306)
TOTAL PRIMARY GOVERNMENT 3,987,290$ 140,472$ 71,831$ 32,681$ (3,742,306)
General Revenues
Taxes
Property 4,282,593
Replacement 32,785
Investment income 1,306
Miscellaneous 50,132
Total 4,366,816
CHANGE IN NET POSITION 624,510
NET POSITION, JANUARY 1 7,467,099
Change in accounting principle (175,135)
NET POSITION, MAY 1 - AS RESTATED 7,291,964
NET POSITION, DECEMBER 31 7,916,474$
Program Revenues
GLEN ELLYN PUBLIC LIBRARY
GLEN ELLYN, ILLINOIS
STATEMENT OF ACTIVITIES
For the Year Ended December 31, 2015
See accompanying notes to financial statements.- 4 -
Building
and Debt
General Equipment Service
Cash and investments 1,702,732$ 971,808$ 102,234$
Receivables
Property taxes 3,961,874 - 482,377
Due from Municipality 1,191 - -
TOTAL ASSETS 5,665,797$ 971,808$ 584,611$
LIABILITIES
Accounts payable 28,340$ 289,301$ -$
Accrued payroll 66,079 - -
Unearned revenue 1,612 - -
Total liabilities 96,031 289,301 -
DEFERRED INFLOWS OF RESOURCES
Unavailable revenue - property taxes 3,961,874 - 482,377
Total deferred inflows of resources 3,961,874 - 482,377
Total liabilities and deferred inflows of resources 4,057,905 289,301 482,377
FUND BALANCES
Nonspendable
Working cash - - -
Restricted
Specific purpose 182,699 - -
Building and equipment costs - 682,507 -
Debt service - - 102,234
Assigned
Technology upgrades, materials,
programs and special projects - - -
Unassigned 1,425,193 - -
Total fund balances 1,607,892 682,507 102,234
TOTAL LIABILITIES, DEFERRED INFLOWS
OF RESOURCES AND FUND BALANCES 5,665,797$ 971,808$ 584,611$
GLEN ELLYN PUBLIC LIBRARY
GLEN ELLYN, ILLINOIS
BALANCE SHEET
GOVERNMENTAL FUNDS
December 31, 2015
OF RESOURCES AND FUND BALANCES
LIABILITIES, DEFERRED INFLOWS
ASSETS
- 5 -
Nonmajor Total
Governmental Governmental
Funds Funds
558,352$ 3,335,126$
- 4,444,251
- 1,191
558,352$ 7,780,568$
-$ 317,641$
- 66,079
7,500 9,112
7,500 392,832
- 4,444,251
- 4,444,251
7,500 4,837,083
329,610 329,610
3,292 185,991
- 682,507
- 102,234
217,950 217,950
- 1,425,193
550,852 2,943,485
558,352$ 7,780,568$
See accompanying notes to financial statements.- 6 -
FUND BALANCES OF GOVERNMENTAL FUNDS 2,943,485$
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 governmental funds 7,464,146
Net pension liability for the Illinois Municipal Retirement Fund is
shown as a liability on the statement of net position (890,525)
Differences between expected and actual experiences, assumption
changes, net differences between projected and actual earnings,
for the Illinois Municipal Retirement Fund are recognized
as deferred outflows of resources on the statement of net position 651,095
Long-term liabilities, including bonds payable, are not due and
payable in the current period and, therefore, are not reported
in the governmental funds
Intergovernmental payable (2,210,000)
Compensated absences payable (41,727)
NET POSITION OF GOVERNMENTAL ACTIVITIES 7,916,474$
December 31, 2015
GLEN ELLYN, ILLINOIS
GLEN ELLYN PUBLIC LIBRARY
RECONCILIATION OF FUND BALANCES OF GOVERNMENTAL FUNDS TO THE
GOVERNMENTAL ACTIVITIES IN THE STATEMENT OF NET POSITION
See accompanying notes to financial statements.- 7 -
Building
and Debt
General Equipment Service
REVENUES
Property taxes 3,800,594$ -$ 481,999$
Replacement taxes 32,785 - -
Intergovernmental - - 37,519
Charges for services 140,472 - -
Gifts - - -
Investment income 696 432 141
Miscellaneous 194 - -
Total revenues 3,974,741 432 519,659
EXPENDITURES
Current
Culture and recreation
Personnel 2,231,312 - -
Contractual services 448,597 - -
Supplies 417,866 - -
Capital outlay 139,924 1,040,849 -
Debt service
Principal - - 400,000
Interest - - 115,678
Total expenditures 3,237,699 1,040,849 515,678
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES 737,042 (1,040,417) 3,981
OTHER FINANCING SOURCES (USES)
Transfers in 3,072 566,000 -
Transfers (out) (566,000) - -
Total other financing sources (uses) (562,928) 566,000 -
NET CHANGES IN FUND BALANCES 174,114 (474,417) 3,981
FUND BALANCES, JANUARY 1 1,433,778 1,156,924 98,253
FUND BALANCES, DECEMBER 31 1,607,892$ 682,507$ 102,234$
GOVERNMENTAL FUNDS
For the Year Ended December 31, 2015
GLEN ELLYN PUBLIC LIBRARY
GLEN ELLYN, ILLINOIS
STATEMENT OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCES
- 8 -
Nonmajor Total
Governmental Governmental
Funds Funds
-$ 4,282,593$
- 32,785
66,993 104,512
- 140,472
49,938 49,938
37 1,306
- 194
116,968 4,611,800
- 2,231,312
30,000 478,597
69,551 487,417
5,000 1,185,773
- 400,000
- 115,678
104,551 4,898,777
12,417 (286,977)
- 569,072
(3,072) (569,072)
(3,072) -
9,345 (286,977)
541,507 3,230,462
550,852$ 2,943,485$
See accompanying notes to financial statements.- 9 -
NET CHANGES IN FUND BALANCES -
TOTAL GOVERNMENTAL FUNDS (286,977)$
Amounts reported for governmental activities in the statement of
activities are different because:
Governmental funds report capital outlay as expenditures; however,
they are capitalized and depreciated in the statement of activities 949,090
The repayment of the principal portion on long-term debt is reported as
an expenditure when due in governmental funds but as a reduction of
principal outstanding in the statement of activities 400,000
Some expenses in the statement of activities (e.g., depreciation) do not
require the use of current financial resources and, therefore, are not
reported as expenditures in governmental funds (378,499)
The change in compensated absences payable is shown as an expense
on the statement of activities 5,191
The change in the net pension liability for the Illinois Municipal Retirement
Fund is reported only in the statement of activities (715,390)
The change in deferred inflows and outflows of resources for the Illinois
Municipal Retirement Fund is reported only in the statement of activities 651,095
CHANGE IN NET POSITION OF GOVERNMENTAL ACTIVITIES 624,510$
For the Year Ended December 31, 2015
GLEN ELLYN, ILLINOIS
GLEN ELLYN PUBLIC LIBRARY
RECONCILIATION OF THE GOVERNMENTAL FUNDS STATEMENT OF REVENUES,
EXPENDITURES AND CHANGES IN FUND BALANCES TO THE
GOVERNMENTAL ACTIVITIES IN THE STATEMENT OF ACTIVITIES
See accompanying notes to financial statements.- 10 -
- 9 -
GLEN ELLYN PUBLIC LIBRARY
GLEN ELLYN, ILLINOIS
NOTES TO FINANCIAL STATEMENTS
December 31, 2015
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The financial statements of the Glen Ellyn Public Library, Glen Ellyn, Illinois, (the
Library), have been prepared in accordance with accounting principles generally accepted in the United States of America, as applied to governmental units (hereinafter referred to as generally accepted accounting principles (GAAP)). The Governmental Accounting Standards Board (GASB) is the accepted standard-setting body for establishing governmental accounting and financial reporting principles. The more significant of the Library’s accounting policies are described below.
a. Reporting Entity The Library is governed by a seven-member Library Board of Trustees that are
separately elected. The Library Board of Trustees selects management staff and directs the affairs of the Library. As required by GAAP, these financial statements include all funds of the Library. Management has also considered all potential component units. Criteria for including a component unit in the Library’s reporting entity principally consist of the potential component unit’s financial interdependency and accountability to the Library. Based upon those criteria, there are no potential component units to be included in the reporting entity.
b. Fund Accounting The accounts of the Library are organized and operated on the basis of funds. A fund
is an independent fiscal and accounting entity with a self-balancing set of accounts. Fund accounting segregates funds according to their intended purpose and is used to aid management in demonstrating compliance with finance related legal and contractual provisions. The minimum numbers of funds are maintained consistent with legal and management requirements.
Funds are classified into the following categories: governmental, proprietary and
fiduciary. All of the Library’s funds are governmental funds. Governmental funds are used to account for all or most of a government’s general
activities, including the collection and disbursement of restricted, committed or assigned monies (special revenue funds), the funds restricted, committed or assigned for the acquisition or construction of capital assets (capital projects funds), the funds committed, restricted or assigned for the servicing of long-term debt (debt service funds) and the management of funds held in trust that can be used for governmental services (permanent fund). The General Fund is used to account for all activities of the Library not accounted for in some other fund.
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GLEN ELLYN PUBLIC LIBRARY
GLEN ELLYN, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
- 10 -
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
c. Government-Wide and Fund Financial Statements
The government-wide financial statements (i.e., the statement of net position and the
statement of activities) report information on all of the activities of the Library. The
effect of material interfund activity has been eliminated from these statements.
Governmental activities, which normally are supported by taxes and
intergovernmental revenues, are reported separately from business-type activities,
which rely to a significant extent on fees and charges for support. The Library has no
business-type activities.
The statement of activities demonstrates the degree to which the direct expenses of a
given function, segment or program are offset by program revenues. Direct expenses
are those that are clearly identifiable with a specific function or segment. Program
revenues 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 standard revenues that are restricted to meeting the operational or
capital requirements of a particular function or segment. Taxes and other items not
properly included among program revenues are reported instead as general revenues.
Separate financial statements are provided for governmental funds. Major individual
governmental funds are reported as separate columns in the fund financial
statements.
The Library reports the following major governmental funds:
The General Fund is the Library’s primary operating fund. It accounts for all
financial resources of the general government, except those accounted for in
another fund.
The Building and Equipment Fund is for the acquisition, construction,
equipping and maintenance of library facilities.
The Debt Service Fund accounts for the accumulation of resources restricted or
assigned for the payment of principal, interest and related costs of general
long-term debt.
The Library reports the following permanent fund:
The Working Cash Fund is used to account for monies used to provide
temporary loans to operating funds during periods of diminished revenue.
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GLEN ELLYN PUBLIC LIBRARY
GLEN ELLYN, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
- 11 -
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
d. Measurement Focus, Basis of Accounting and Financial Statement Presentation
The government-wide financial statements are reported using the economic resources
measurement focus and the accrual basis of accounting. Revenues are recorded when
earned and expenses are recorded when a liability is incurred. The Library
recognizes property taxes when they are measurable in the period the tax is intended
to finance. Grants and similar items are recognized as revenue as soon as all
eligibility requirements imposed by the provider have been met.
Governmental fund financial statements are reported using the current financial
resources measurement focus and the modified accrual basis of accounting.
Revenues are recognized as soon as they are both measurable and available.
Revenues are considered to be available when they are collectible within the current
period or soon enough thereafter to pay liabilities of the current period. The Library
considers revenues to be available if they are collected within 60 days of the end of
the current fiscal period. Expenditures generally are recorded when a fund liability is
incurred. However, debt service expenditures are recorded only when payment is
due.
Property taxes, grants and interest associated with the current fiscal period are all
considered to be susceptible to accrual and are recognized as revenues of the current
fiscal period. Fines and miscellaneous revenues are considered to be measurable and
available only when cash is received by the Library.
In applying the susceptible to accrual concept to intergovernmental revenues (i.e.,
federal and state grants), the legal and contractual requirements of the numerous
individual programs are used as guidance. There are, however, essentially two types
of these revenues. In one, monies must be expended on the specific purpose or
project before any amounts will be paid to the Library; therefore, revenues are
recognized based upon the expenditures recorded. In the other, monies are virtually
unrestricted as to purpose of expenditure and are generally revocable only for failure
to comply with prescribed eligibility requirements, such as equal employment
opportunity. These resources are reflected as revenues at the time of receipt or earlier
if they meet the availability criterion.
The Library reports unearned/deferred and unavailable revenue on its financial
statements. Unavailable revenues arise when a potential revenue does not meet both
the available criteria for recognition in the current period, under the modified accrual
basis of accounting. Unearned/deferred revenue arises when a revenue is measurable
but not earned under the accrual basis of accounting. Unearned/deferred revenues
also arise when resources are received by the Library before it has a legal claim to
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GLEN ELLYN PUBLIC LIBRARY
GLEN ELLYN, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
- 12 -
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) d. Measurement Focus, Basis of Accounting and Financial Statement Presentation (Continued)
them or prior to the provision of services, as when grant monies are received prior to
the incurrence of qualifying expenditures. In subsequent periods, when both revenue
recognition criteria are met, or when the Library has a legal claim to the resources,
the liability or deferred inflows of resource for unearned/deferred and unavailable
revenue are removed from the financial statements and revenue is recognized. e. Investments Investments with a maturity of one year or less are stated at cost or amortized cost.
Investments with a maturity greater than one year are stated at fair value in accordance with GASB Statement No. 31.
f. Capital Assets Capital assets, which include property, plant and equipment, are reported in the
applicable governmental columns in the government-wide financial statements. Capital assets are defined by the Library as assets with an initial, individual cost in excess of the following and an estimated useful life in excess of one year.
Asset Class Capitalization
Threshold
Buildings and improvements $ 20,000 Furniture and equipment 20,000
Such assets are recorded at historical cost or estimated historical cost if purchased or
constructed. Donated capital assets are recorded at estimated fair market value at the date of donation.
The costs of normal maintenance and repairs that do not add to the value of the asset
or materially extend asset lives are not capitalized. Major outlays for capital assets and improvements are capitalized as projects are
constructed. Property, plant and equipment is depreciated using the straight-line method over the following estimated useful lives:
Years
Buildings and improvements 15-40 Furniture and equipment 3-10
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GLEN ELLYN PUBLIC LIBRARY
GLEN ELLYN, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
- 13 -
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
g. Compensated Absences
Vested or accumulated vacation leave and vested sick leave in governmental
activities is recorded as an expense and liability on the statement of net position as
the benefits accrue to employees.
h. Long-Term Obligations
In the government-wide financial statements, long-term debt and other long-term
obligations are reported as liabilities. Bond premiums and discounts are deferred and
amortized over the life of the bonds. Bonds payable are reported net of the applicable
bond premium or discount. Bond issuance costs are reported as expenses in the
current period.
In the fund financial statements, governmental funds 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 expenditures.
i. Prepaid Items/Expenses
Payments made to vendors for services that will benefit periods beyond the date of
this report are recorded as prepaid items/expenses.
j. Deferred Outflows/Inflows of Resources
In addition to assets, the statement of net position will sometimes report a separate
section for deferred outflows of resources. This separate financial statement element,
deferred outflows of resources, represents a consumption of net assets that applies to
a future period(s) and so will not be recognized as an outflow of resources
(expense/expenditure) until then. In addition to liabilities, the statement of financial
position will sometimes report a separate section for deferred inflows of resources.
This separate financial statement element, deferred inflows of resources, represents
an acquisition of net assets that applies to a future period(s) and so will not be
recognized as an inflow of resources (revenue) until that time.
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GLEN ELLYN PUBLIC LIBRARY
GLEN ELLYN, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
- 14 -
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
k. Fund Balance/Net Position
In the fund financial statements, governmental funds report nonspendable fund
balance for amounts that are either not in spendable form or legally or contractually
required to be maintained intact. Restrictions of fund balance are reported for
amounts constrained by legal restrictions from outside parties for use for a specific
purpose, or externally imposed by outside entities. Committed fund balance is
constrained by formal actions of the Library’s Board of Trustees, which is
considered the Library’s highest level of decision-making authority. Formal actions
include ordinances approved by the Board of Trustees. Assigned fund balance
represent amounts constrained by the Library’s intent to use them for a specific
purpose. The authority to assign fund balance has been delegated to the Library’s
Director through the approved fund balance policy of the Library. Any residual fund
balance in the General Fund is reported as unassigned. Deficit fund balances in any
other governmental fund are also reported as unassigned.
The Library’s flow of funds assumptions prescribes that the funds with the highest
level of constraint are expended first. If restricted or unrestricted funds are available
for spending, the restricted funds are spent first. Additionally, if different levels of
unrestricted funds are available for spending, the Library considers committed funds
to be expended first, followed by assigned, and then unassigned funds.
In the government-wide financial statements, restricted net position is legally
restricted by outside parties for a specific purpose. None of the net position is
restricted as a result of enabling legislation adopted by the Library. Net investment in
capital assets is the book value of capital assets less outstanding principal balances of
debt that was issued to construct the capital assets.
l. Interfund Transactions
Interfund transactions are accounted for as revenues, expenditures or expenses.
Transactions that constitute reimbursements to a fund for expenditures/expenses
initially made from it that are properly applicable to another fund, are recorded as
expenditures/expenses in the reimbursing fund and as reductions of
expenditures/expenses in the fund that is reimbursed.
All other interfund transactions, except interfund services and reimbursements, are
reported as transfers.
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GLEN ELLYN PUBLIC LIBRARY
GLEN ELLYN, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
- 15 -
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
m. Interfund Receivables/Payables
Activity between funds that are representative of lending/borrowing arrangements
outstanding at the end of the fiscal year are referred to as either “due to/from other
funds” (i.e., the current portion of interfund loans) or “advances to/from other funds”
(i.e., the noncurrent portion of interfund loans). All other outstanding balances
between funds are reported as “due to/from other funds.”
If applicable, advances between funds, as reported in the fund financial statements,
are offset by a fund balance nonspendable account in applicable governmental funds
to indicate that they are not available for appropriation and are not expendable
available financial resources.
n. Use of Estimates
The preparation of financial statements in conformity with generally accepted
accounting principles requires management to make estimates and assumptions that
affect the reported amount 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.
2. DEPOSITS AND INVESTMENTS
The Library maintains a cash and investment pool that is available for use by all funds.
Each fund types portion of this pool is displayed on the financial statements as “cash and
investments.”
Permitted Deposits and Investments - Statutes authorize the Library to make
deposits/invest in insured commercial banks, savings and loan institutions, obligations of
the U.S. Treasury and U.S. agencies, insured credit union shares, money market mutual
funds with portfolios of securities issued or guaranteed by the United States Government
or agreements to repurchase these same obligations, repurchase agreements, short-term
commercial paper rated within the three highest classifications by at least two standard
rating services and Illinois Funds.
Illinois Funds is an investment pool managed by the State of Illinois, Office of the
Treasurer, which allows governments within the State to pool their funds for investment
purposes. Illinois Funds is not registered with the SEC as an investment company, but does
operate in a manner consistent with Rule 2a7 of the Investment Company Act of 1940.
Investments in Illinois Funds are valued at Illinois Funds’ share price, which is the price
for which the investment could be sold.
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GLEN ELLYN PUBLIC LIBRARY
GLEN ELLYN, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
- 16 -
2. DEPOSITS AND INVESTMENTS (Continued)
a. Library Deposits with Financial Institutions
Custodial credit risk for deposits with financial institutions is the risk that in the
event of a bank failure, the Library’s deposits may not be returned to it. The
Library’s investment policy requires pledging of collateral with a fair value of at
least 110% of all bank balances in excess of federal depository insurance with the
collateral held by the Library or by a third party or an escrow agent of the pledging
institution.
b. Library Investments
Interest rate risk is the risk that change in interest rates will adversely affect the fair
value of an investment.
In accordance with its investment policy, the Library limits its exposure to interest
rate risk by structuring the portfolio to provide liquidity for operating funds. The
investment policy does not limit the maturity lengths of library investments.
The Library limits its exposure to credit risk, the risk that the issuer of a debt security
will not pay its par value upon maturity, by primarily investing in securities
guaranteed explicitly and implicitly by the United States Government and Illinois
Funds. Illinois Funds are rated AAA by Standard and Poor’s.
Custodial credit risk for investments is the risk that, in the event of the failure of the
counterparty to the investment, the Library will not be able to recover the value of its
investments that are in the possession of an outside party. To limit its exposure, the
Library’s investment policy requires all security transactions that are exposed to
custodial credit risk to be processed on delivery versus payment (DVP) basis with
the underlying investments held by a third party custodian. Illinois Funds are not
subject to custodial credit risk.
Concentration of credit risk is the risk of loss attributed to the magnitude of the
Library’s investment in a single issuer. The Library places no limit on the amount
that may be invested in any one issuer, stating only that the Library diversify its
investments to the best of its ability based on the nature of the funds invested and the
cash flow needs of those funds.
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GLEN ELLYN PUBLIC LIBRARY
GLEN ELLYN, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
- 17 -
3. PROPERTY TAXES
Property taxes for 2015 attached as an enforceable lien on January 1, 2015, on property
values assessed as of the same date. Taxes are levied by December 31 of the subsequent
fiscal year (by passage of a Tax Levy Ordinance). Tax bills are prepared by the County and
issued on or about April 1, 2016, and are payable in two installments, on or about June 1,
2016 and September 1, 2016. The County collects such taxes and remits them periodically.
Because the 2015 levy is intended to finance the fiscal year ended December 31, 2016, it
has been offset by deferred/unavailable revenue at December 31, 2015.
4. CAPITAL ASSETS
Capital asset activity for the Library for the year ended December 31, 2015 was as follows:
Beginning
Balances
Increases
Decreases
Ending
Balances
GOVERNMENTAL ACTIVITIES
Capital assets not being depreciated
Land $ 500,000 $ - $ - $ 500,000
Total capital assets not being depreciated 500,000 - - 500,000
Capital assets being depreciated
Buildings and improvements 9,018,207 440,445 - 9,458,652
Furniture and equipment 832,260 508,645 - 1,340,905
Total capital assets being depreciated 9,850,467 949,090 - 10,799,557
Less accumulated depreciation for
Buildings and improvements 3,329,276 281,747 - 3,611,023
Furniture and equipment 127,636 96,752 - 224,388
Total accumulated depreciation 3,456,912 378,499 - 3,835,411
Total capital assets being depreciated, net 6,393,555 570,591 - 6,964,146
GOVERNMENTAL ACTIVITIES
CAPITAL ASSETS, NET $ 6,893,555 $ 570,591 $ - $ 7,464,146
5. RISK MANAGEMENT
The Library has purchased insurance from private insurance companies. Risks covered
included general liability, workers’ compensation and other. Premiums have been
displayed as expenditures in appropriate funds. Medical insurance is through the Village of
Glen Ellyn (the Village). Losses have not exceeded coverage for the last three years.
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GLEN ELLYN PUBLIC LIBRARY
GLEN ELLYN, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
- 18 -
6. CONTINGENT LIABILITIES - GRANTS Amounts received or receivable from grantor agencies are subject to audit and adjustment
by grantor agencies. 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 Library expects such amounts, if any, to be immaterial.
7. CHANGES IN LONG-TERM LIABILITIES
Issue
Balances January 1, Restated
Increases
Decreases
Balances
December 31
Current Portion
Intergovernmental payable $ 2,610,000 $ - $ 400,000 $ 2,210,000 $ 410,000 Compensated absences payable 46,918 - 5,191 41,727 4,173 Net Pension Liability 175,135 715,390 - 890,525 -
TOTAL $ 2,832,053 $ 715,390 $ 405,191 $ 3,142,252 $ 414,173
Beginning balances were restated in accordance with GASB Statement No. 68. The intergovernmental payable represents the principal outstanding on the Village’s Series
2010 Refunding and Series 2010 Taxable General Obligation Bonds which were issued for library purposes and are being repaid by the Library.
The annual debt service requirements are as follows:
Year Ending Principal Interest Total
2016 $ 410,000 $ 100,328 $ 510,328 2017 425,000 83,108 508,108 2018 440,000 63,982 503,982 2019 460,000 44,182 504,182 2020 475,000 22,562 497,562
TOTAL $ 2,210,000 $ 314,162 $ 2,524,162
8. EMPLOYEE RETIREMENT SYSTEM The Library contributes to a defined benefit pension plans, the Illinois Municipal
Retirement Fund (IMRF), an agent multiple-employer public employees retirement system. However, the Library’s participation in IMRF is equivalent to a cost sharing multiple-employer pension plan since only one actuarial valuation is performed for both the Village and the Library combined. All disclosures for an agent multiple-employer plan can be found in the Village’s comprehensive annual financial report.
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GLEN ELLYN PUBLIC LIBRARY
GLEN ELLYN, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
- 19 -
9. EMPLOYEE RETIREMENT SYSTEMS (Continued)
Illinois Municipal Retirement Fund
Plan Administration
All employees 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. Investments are reported at fair value.
Benefits Provided
IMRF provides two tiers of pension benefits. Employees hired prior to January 1, 2011 are
eligible for Tier 1 benefits. For Tier 1 employees, pension benefits vest after eight years of
service. Participating members who retire at age 55 (reduced benefits) or after age 60 (full
benefits) with eight years of credited service are entitled to an annual retirement benefit,
payable monthly for life, in an amount equal to 1 2/3% of their final rate of earnings, for
each year of credited service up to 15 years, and 2% for each year thereafter. 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 members who retire at age 62
(reduced benefits) or after age 67 (full benefits) with ten years of credited service are
entitled to an annual retirement benefit, payable monthly for life, in an amount equal to
1 2/3% of their final rate of earnings, for each year of credited service up to 15 years, and
2% for each year thereafter. IMRF also provides death and disability benefits. These
benefit provisions and all other requirements are established by state statute. Contributions
Participating members are required to contribute 4.5% of their annual salary to IMRF. The
Village and Library are required to contribute the remaining amounts necessary to fund
IMRF as specified by statute. The employer contribution rate for the year ended
December 31, 2015 was 10.82% of covered payroll. For the year ended December 31,
2015, salaries totaling $1,438,872 were paid that required employer contributions of
$155,686, which was are equal to the Library’s actual contributions.
Net Pension Liability
At December 31, 2015, the Library reported a liability of $890,525 for its proportionate
share of the net pension liability. The net pension liability was measured as of
December 31, 2015, and the total pension liability used to calculate the net pension liability
was determined by an actuarial valuation as of that date.
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GLEN ELLYN PUBLIC LIBRARY
GLEN ELLYN, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
- 20 -
9. EMPLOYEE RETIREMENT SYSTEMS (Continued)
Illinois Municipal Retirement Fund (Continued)
Net Pension Liability (Continued)
The Library’s proportion of the net pension liability was based on a projection of the
Library’s long-term share of contributions to the pension plan relative to the projected
contributions of the Village and the Library combined. At December 31, 2015, the
Library’s proportion was 18.58%, which was an increase (decrease) of 0.20% from its
proportion measured as of December 31, 2014.
Actuarial Assumptions
The Library’s net pension liability was measured as of December 31, 2015 and the total
pension liability used to calculate the net pension liability was determined by an actuarial
valuation performed as of the same date using the following actuarial methods and
assumptions.
Actuarial valuation date December 31, 2015
Actuarial cost method Entry-age normal
Assumptions
Inflation 2.75%
Salary increases 3.75% to 14.50%
Interest rate 7.50%
Cost of living adjustments 2.75%
Asset valuation method Market value
For nondisabled retirees, an IMRF specific mortality table was used with fully generational
projection scale MP-2014 (base year 2014). IMRF specific rates were developed from the
RP-2014 Blue Collar Health Annuitant Mortality Table with adjustments to match current
IMRF experience. For disabled retirees, an IMRF specific mortality table was used with
fully generational projection scale MP-2014 (base year 2014). IMRF specific rates were
developed from the RP-2014 Disabled Retirees Mortality Table applying the same
adjustment that were applied for nondisabled lives. For active members, an IMRF specific
mortality table was used with fully generational projection scale MP-2014 (base year
2014). IMRF specific rates were developed from the RP-2014 Employee Mortality Table
with adjustments to match current IMRF experience.
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GLEN ELLYN PUBLIC LIBRARY
GLEN ELLYN, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
- 21 -
9. EMPLOYEE RETIREMENT SYSTEMS (Continued)
Illinois Municipal Retirement Fund (Continued)
Discount Rate
The discount rate used to measure the total pension liability was 7.49%. 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 the Library contributions will be made at
rates equal to the difference between actuarially determined contribution rates and the
member rate. Based on those assumptions, the fiduciary net position was projected not 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 of 7.5% was
blended with the index rate of 3.57% for tax exempt general obligation municipal bonds
rated AA or better at December 31, 2015 to arrive at a discount rate of 7.49% used to
determine the total pension liability.
Pension Expense and Deferred Outflows of Resources and Deferred Inflows of
Resources
For the year ended December 31, 2015, the Library recognized pension expense of
$219,981. At December 31, 2015, the District reported deferred outflows of resources and
deferred inflows of resources related to IMRF from the following sources:
Deferred
Outflows of
Deferred
Inflows of
Resources Resources
Difference between expected and actual experience $ 81,305 $ -
Changes in assumption 8,269 -
Net difference between projected and actual
earnings on pension plan investments 561,521 -
TOTAL $ 651,095 $ -
- 23 -
GLEN ELLYN PUBLIC LIBRARY
GLEN ELLYN, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
- 22 -
9. EMPLOYEE RETIREMENT SYSTEMS (Continued)
Illinois Municipal Retirement Fund (Continued)
Pension Expense and Deferred Outflows of Resources and Deferred Inflows of
Resources (Continued)
Amounts reported as deferred outflows of resources and deferred inflows of resources
related to IMRF will be recognized in pension expense as follows:
Year Ending December 31,
2016 $ 185,711 2017 184,624 2018 140,380 2019 140,380
TOTAL $ 651,095
Sensitivity of the Library’s Proportionate Share of the Net Pension Liability to
Changes in the Discount Rate
The following presents the Library’s proportionate share of the net pension liability
calculated using the discount rate of 7.49%, as well as what the Library’s net pension
liability would be if it were calculated using a single discount rate that is 1 percentage point
lower or 1 percentage point higher than the current rate:
Current Single
Discount Rate
1% Decrease Assumption 1% Increase
(6.49%) (7.49%) (8.49%)
Net pension liability (asset) $ 2,237,178 $ 890,525 $ (216,815)
10. INDIVIDUAL FUND DISCLOSURES
Individual fund transfers are as follows:
Transfers In Transfers Out
General $ 3,072 $ 566,000
Building and Equipment 566,000 -
Nonmajor Governmental
Nonresident Card Subsidy - 3,072
TOTAL $ 569,072 $ 569,072
- 24 -
GLEN ELLYN PUBLIC LIBRARY
GLEN ELLYN, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
- 23 -
10. INDIVIDUAL FUND DISCLOSURES (Continued)
The $3,072 transfer to the General Fund from the Nonresident Card Subsidy Fund is to
reimburse expenses incurred by the General Fund relating to the issuance of library cards
to nonresidents through the subsidy program. The transfer will not be repaid.
The $566,000 transfer to the Building and Equipment Fund from the General Fund is to
transfer the unreserved monies, determined by the SY2014 audit and the $.04 increase in
corporate taxes, as specified in the Levy and Appropriation from last year into the Building
Equipment and Maintenance Fund. The transfer will not be repaid.
11. OTHER POSTEMPLOYMENT BENEFITS
The Library has evaluated its potential other postemployment benefits liability. The
Library provides continued health insurance coverage at the active employer rate to all
eligible employees in accordance with Illinois statues, which creates an implicit subsidy of
retiree health insurance. Former employees who choose to retain their rights to health
insurance through the Library are required to pay 100% of the current premium. The
Library has one former employee who has chosen to stay in the Library’s health insurance
plan and the Library has deemed the calculation of the implicit subsidy in accordance with
GASB Statement No. 45, Accounting and Financial Reporting by Employers for
Postemployment Benefits Other Than Pensions, not significant. Additionally, the Library
has no former employees for which the Library was providing an explicit subsidy and no
current employees with agreements for future explicit subsidies upon retirement.
Therefore, the Library has not recorded any postemployment benefit liability as of
December 31, 2015.
12. CHANGE IN ACCOUNTING PRINCIPLE
With the implementation of GASB Statement No. 68, the Library is required to
retroactively record the net pension liability. The Library recorded the following change in
accounting principle during the period ended December 31, 2015: Increase
(Decrease)
GOVERNMENTAL ACTIVITIES To record the IMRF net pension asset $ (175,135)
TOTAL GOVERNMENTAL ACTIVITIES $ (175,135)
- 25 -
GLEN ELLYN PUBLIC LIBRARY
GLEN ELLYN, ILLINOIS
SCHEDULE OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL
GENERAL FUND
For the Year Ended December 31, 2015
Original Final
Budget Budget Actual
REVENUES
Taxes
Property taxes 3,771,777$ 3,771,777$ 3,800,594$
Replacement taxes 26,000 26,000 32,785
Charges for services
Fines 60,000 60,000 72,587
Impact fees 3,000 3,000 18,342
Videos - - 9
Out-of-town cards 26,000 26,000 28,982
Lost books 8,000 8,000 6,901
Copier income 8,000 8,000 12,511
Meeting room rentals 1,000 1,000 1,140
Investment income 100 100 696
Miscellaneous
Other miscellaneous - - 194
Total revenues 3,903,877 3,903,877 3,974,741
EXPENDITURES
Current
Culture and recreation
Personnel 2,305,982 2,305,982 2,231,312
Contractual services 520,400 520,400 448,597
Supplies 486,500 486,500 417,866
Capital outlay 161,000 161,000 139,924
Total expenditures 3,473,882 3,473,882 3,237,699
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES 429,995 429,995 737,042
OTHER FINANCING SOURCES (USES)
Transfers in - - 3,072
Transfers (out) (416,000) (416,000) (566,000)
Total other financing sources (uses) (416,000) (416,000) (562,928)
NET CHANGES IN FUND BALANCE 13,995$ 13,995$ 174,114
FUND BALANCE, JANUARY 1 1,433,778
FUND BALANCE, DECEMBER 31 1,607,892$
(See independent auditor's report.)- 26 -
Contractually required contribution 155,686$
Contributions in relation to the contractually
155,686
CONTRIBUTION DEFICIENCY (Excess) -$
Library's Covered-employee payroll 1,438,872$
Contributions as a percentage of
covered-employee payroll 10.82%
Notes to Required Supplementary Information
The information presented was determined as part of the actuarial valuations as of January 1 of the prior
fiscal year. Additional information as of the latest actuarial valuation presented is as follows: the
actuarial cost method was entry-age normal; the amortization method was level percent of pay, closed
and the amortization period was 28 years; the asset valuation method was five-year smoothed market;
and the significant actuarial assumptions were an investment rate of return at 7.5% annually, projected
salary increases assumption of 4.4% to 16.0% compounded annually and postretirement benefit
increases of 3% compounded annually.
GLEN ELLYN PUBLIC LIBRARY
GLEN ELLYN, ILLINOIS
SCHEDULE OF EMPLOYER CONTRIBUTIONS
ILLINOIS MUNICIPAL RETIREMENT FUND
December 31, 2015
required contribution
(See independent auditor's report.)- 27 -
Library's proportion of net pension asset 18.58%
Library's proportionate share of net pension liability (asset) 890,525$
Library's covered employee payroll 1,489,158
Library's proportionate share of the net pension liability
as a percentage of its covered-employee payroll 59.80%
Plan fiduciary net position as a percentage of the total
pension liability 91.80%
GLEN ELLYN PUBLIC LIBRARY
GLEN ELLYN, ILLINOIS
SCHEDULE OF CHANGES IN THE LIBRARY'S PROPORTIONATE
SHARE OF THE NET PENSION LIABILITY
ILLINOIS MUNICIPAL RETIREMENT FUND
December 31, 2015
(See independent auditor's report.)- 28 -
- 21 -
GLEN ELLYN PUBLIC LIBRARY
GLEN ELLYN, ILLINOIS
NOTES TO REQUIRED SUPPLEMENTARY INFORMATION
December 31, 2015
1. BUDGET
Budgets are adopted on a basis consistent with generally accepted accounting principles.
Annual appropriated budgets are adopted for the general, special revenue, debt service and
capital project funds.
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 public hearings and may add to, subtract from or change appropriations, but may not
change the form of the budget.
The budget may be amended by the governing body. Amendments were adopted by the
Board of Trustees during this fiscal year.
Expenditures may not legally exceed budgeted appropriations at the fund level. All
appropriations lapse at fiscal year end.
2. EXPENDITURES EXCEEDING BUDGETED AMOUNTS
The following funds had expenditures exceeding budgeted amounts for the year ended
December 31, 2015:
Budget Actual
Per Capita Grant $ 34,000 $ 34,313
- 29 -
GLEN ELLYN PUBLIC LIBRARY
GLEN ELLYN, ILLINOIS
SCHEDULE OF EXPENDITURES - BUDGET AND ACTUAL
GENERAL FUND
For the Year Ended December 31, 2015
Original Final
Budget Budget Actual
PERSONNEL
Salaries/overtime - regular 1,763,982$ 1,763,982$ 1,733,744$
FICA taxes 134,000 134,000 127,431
IMRF employer contributions 168,000 168,000 155,686
Insurance benefits 240,000 240,000 214,451
Total personnel 2,305,982 2,305,982 2,231,312
CONTRACTUAL SERVICES
Maintenance - building and grounds 265,000 265,000 233,694
Postage 8,000 8,000 11,325
Printing 11,750 11,750 13,100
Marketing 5,000 5,000 5,409
Professional expense 31,500 31,500 18,753
Professional services - audit 5,500 5,500 5,515
Professional services - Village 3,300 3,300 3,400
Professional services - legal 5,000 5,000 1,414
Programs 52,250 52,250 44,506
Telephone 16,800 16,800 19,823
Utilities 16,000 16,000 13,460
Insurance liabilities 60,000 60,000 45,572
Cancellation refunds 600 600 219
Employee education 35,000 35,000 28,999
Dues and membership fees 3,700 3,700 3,280
Recruiting and testing 500 500 -
Travel 500 500 128
Total contractual services 520,400 520,400 448,597
SUPPLIES
General office supplies 42,000 42,000 43,445
Maintenance supplies 16,000 16,000 14,248
Print materials - adult service 328,500 328,500 285,017
Print materials - youth service 99,000 99,000 74,144
Miscellaneous refunds 1,000 1,000 1,012
Total supplies 486,500 486,500 417,866
CAPITAL OUTLAY
Automation program 93,000 93,000 91,054
Office equipment and furniture 68,000 68,000 48,870
Total capital outlay 161,000 161,000 139,924
TOTAL EXPENDITURES 3,473,882$ 3,473,882$ 3,237,699$
(See independent auditor's report.)- 30 -
Original Final
Budget Budget Actual
REVENUES
Investment income -$ -$ 432$
Total revenues - - 432
EXPENDITURES
Capital outlay 1,109,000 1,109,000 1,040,849
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES (1,109,000) (1,109,000) (1,040,417)
OTHER FINANCING SOURCES (USES)
Transfers in 566,000 566,000 566,000
Total other financing sources (uses) 566,000 566,000 566,000
NET CHANGES IN FUND BALANCE (543,000)$ (543,000)$ (474,417)
FUND BALANCE, JANUARY 1 1,156,924
FUND BALANCE, DECEMBER 31 682,507$
For the Year Ended December 31, 2015
GLEN ELLYN PUBLIC LIBRARY
SCHEDULE OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCE - BUDGET AND ACTUAL
BUILDING AND EQUIPMENT FUND
GLEN ELLYN, ILLINOIS
(See independent auditor's report.)- 31 -
GLEN ELLYN PUBLIC LIBRARY
GLEN ELLYN, ILLINOIS
SCHEDULE OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCE - BUDGET AND ACTUAL
DEBT SERVICE FUND
For the Year Ended December 31, 2015
Original Final
Budget Budget Actual
REVENUES
Property taxes 470,000$ 470,000$ 481,999$
Intergovernmental 42,000 42,000 37,519
Investment income - - 141
Total revenues 512,000 512,000 519,659
EXPENDITURES
Debt service
Principal retirement 390,000 400,000 400,000
Interest and fiscal charges 128,978 116,000 115,678
Total expenditures 518,978 516,000 515,678
NET CHANGES IN FUND BALANCE (6,978)$ (4,000)$ 3,981
FUND BALANCE, JANUARY 1 98,253
FUND BALANCE, DECEMBER 31 102,234$
(See independent auditor's report.)- 32 -
Nonresident Permanent
Miscellaneous Special Per Capita Card Working
Grant Gifts Grant Subsidy Cash Total
Cash and investments 7,500$ 217,950$ -$ 3,292$ 329,610$ 558,352$
TOTAL ASSETS 7,500$ 217,950$ -$ 3,292$ 329,610$ 558,352$
LIABILITIES
Unearned revenue 7,500$ -$ -$ -$ -$ 7,500$
Total liabilities 7,500 - - - - 7,500
FUND BALANCES
Nonspendable
Working cash - - - - 329,610 329,610
Restricted
Specific purpose - - - 3,292 - 3,292
Assigned
Technology upgrades, materials, programs
and special projects - 217,950 - - - 217,950
Unassigned - - - - - -
Total fund balances - 217,950 - 3,292 329,610 550,852
TOTAL LIABILITIES AND FUND BALANCES 7,500$ 217,950$ -$ 3,292$ 329,610$ 558,352$
GLEN ELLYN PUBLIC LIBRARY
GLEN ELLYN, ILLINOIS
COMBINING BALANCE SHEET
NONMAJOR GOVERNMENTAL FUNDS
December 31, 2015
LIABILITIES AND FUND BALANCES
ASSETS
Special Revenue
(See independent auditor's report.)- 33 -
Nonresident Permanent
Miscellaneous Special Per Capita Card Working
Grant Gifts Grant Subsidy Cash Total
REVENUES
Grants 32,680$ -$ 34,313$ -$ -$ 66,993$
Gifts - 43,885 - 6,053 - 49,938
Investment income - 37 - - - 37
Total revenues 32,680 43,922 34,313 6,053 - 116,968
EXPENDITURES
Current
Contractual services
Maintenance - building and grounds 30,000 - - - - 30,000
Supplies
Adult services materials - 20,000 34,313 - - 54,313
Youth services materials - 10,000 - - - 10,000
Business services programs 3,738 1,500 - - - 5,238
Capital outlay - 5,000 - - - 5,000
Total expenditures 33,738 36,500 34,313 - - 104,551
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES (1,058) 7,422 - 6,053 - 12,417
OTHER FINANCING SOURCES (USES)
Transfers (out) - - - (3,072) - (3,072)
Total other financing sources (uses) - - - (3,072) - (3,072)
NET CHANGES IN FUND BALANCES (1,058) 7,422 - 2,981 - 9,345
FUND BALANCES, JANUARY 1 1,058 210,528 - 311 329,610 541,507
FUND BALANCES, DECEMBER 31 -$ 217,950$ -$ 3,292$ 329,610$ 550,852$
For the Year Ended December 31, 2015
GLEN ELLYN PUBLIC LIBRARY
GLEN ELLYN, ILLINOIS
Special Revenue
COMBINING STATEMENT OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCES
NONMAJOR GOVERNMENTAL FUNDS
(See independent auditor's report.)- 34 -
Original Final
Budget Budget Actual
REVENUES
Grants 34,000$ 34,000$ 32,680$
Total revenues 34,000 34,000 32,680
EXPENDITURES
Current
Contractual services
Maintenance - building and grounds 30,000 30,000 30,000
Supplies
Business services programs 4,000 4,000 3,738
Total expenditures 34,000 34,000 33,738
NET CHANGES IN FUND BALANCE 30,000$ 30,000$ (1,058)
FUND BALANCE JANUARY 1 1,058
FUND BALANCE, DECEMBER 31 -$
For the Year Ended December 31, 2015
GLEN ELLYN PUBLIC LIBRARY
SCHEDULE OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCE - BUDGET AND ACTUAL
MISCELLANEOUS GRANT FUND
GLEN ELLYN, ILLINOIS
(See independent auditor's report.)- 35 -
Original Final
Budget Budget Actual
REVENUES
Gifts 24,000$ 45,000$ 43,885$
Investment income - - 37
Total revenues 24,000 45,000 43,922
EXPENDITURES
Current
Supplies
Adult services materials 20,000 20,000 20,000
Youth services materials 10,000 10,000 10,000
Business services programs 10,000 10,000 1,500
Capital outlay 5,000 5,000 5,000
Total expenditures 45,000 45,000 36,500
NET CHANGES IN FUND BALANCE (21,000)$ -$ 7,422
FUND BALANCE, JANUARY 1 210,528
FUND BALANCE, DECEMBER 31 217,950$
For the Year Ended December 31, 2015
GLEN ELLYN PUBLIC LIBRARY
SCHEDULE OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCE - BUDGET AND ACTUAL
SPECIAL GIFTS FUND
GLEN ELLYN, ILLINOIS
(See independent auditor's report.)- 36 -
Original Final
Budget Budget Actual
REVENUES
Grants 34,000$ 34,000$ 34,313$
Total revenues 34,000 34,000 34,313
EXPENDITURES
Current
Supplies
Adult services materials 34,000 34,000 34,313
NET CHANGES IN FUND BALANCE -$ -$ -
FUND BALANCE, JANUARY 1 -
FUND BALANCE, DECEMBER 31 -$
For the Year Ended December 31, 2015
GLEN ELLYN PUBLIC LIBRARY
SCHEDULE OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCE - BUDGET AND ACTUAL
PER CAPITA GRANT FUND
GLEN ELLYN, ILLINOIS
(See independent auditor's report.)- 37 -
Original Final
Budget Budget Actual
REVENUES
Gifts 5,000$ 5,000$ 6,053$
Total revenues 5,000 5,000 6,053
EXPENDITURES
None - - -
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES 5,000 5,000 6,053
OTHER FINANCING SOURCES (USES)
Transfers in (out) (5,000) (5,000) (3,072)
Total other financing sources (uses) (5,000) (5,000) (3,072)
NET CHANGES IN FUND BALANCE -$ -$ 2,981
FUND BALANCE, JANUARY 1 311
FUND BALANCE, DECEMBER 31 3,292$
For the Year Ended December 31, 2015
GLEN ELLYN PUBLIC LIBRARY
SCHEDULE OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCE - BUDGET AND ACTUAL
NONRESIDENT CARD SUBSIDY FUND
GLEN ELLYN, ILLINOIS
(See independent auditor's report.)- 38 -
Balances Levy Amount Balances
January 1 Collections Expended December 31
LEVY
General Fund
Operating 1,195,753$ 3,476,514$ 2,937,285$ 1,734,982$
IMRF 81,993 169,703 155,686 96,010
FICA 67,594 135,523 127,431 75,686
SUI 5,687 - - 5,687
Audit (286) 5,892 5,515 91
Tort liability 4,046 12,962 11,783 5,225
TOTAL LEVY 1,354,787$ 3,800,594$ 3,237,700$ 1,917,681$
For the Year Ended December 31, 2015
GLEN ELLYN PUBLIC LIBRARY
SCHEDULE OF TAX LEVY COLLECTIONS,
AMOUNTS EXPENDED AND UNEXPENDED BALANCE
GLEN ELLYN, ILLINOIS
(See independent auditor's report.)- 39 -