VILLAGE OF DARIEN ANNUAL FINANCIAL REPORT FOR THE …555B48AD-D1F6-4E05...BAB bonds 2010 interest...

Note antic notes not GO. Disclose capacity Town note is GO BAB bonds 2010 interest rate subsidy agreement rebate.

VILLAGE OF DARIEN

ANNUAL FINANCIAL REPORT

FOR THE YEAR ENDED DECEMBER 31, 2014

VILLAGE OF DARIEN TABLE OF CONTENTS

For the Year Ended December 31, 2014 Page Independent Auditor’s Report 1 - 2 Basic Financial Statements: Government-wide Financial Statements: Statement of Net Position 3 Statement of Activities 4 Fund Financial Statements: Balance Sheet - Governmental Funds 5 Statement of Revenues, Expenditures, and Changes in Fund Balances - Governmental Funds 6 - 7 Reconciliation of the Statement of Revenues, Expenditures and Changes In Fund Balances of Governmental Funds to the Statement of Activities 8 Statement of Revenues, Expenditures, and Changes in Fund Balances - Budget and Actual - General Fund 9 Statement of Net Position - Proprietary Funds 10 Statement of Revenues, Expenses, and Changes in Fund Net Position - Proprietary Funds 11 Statement of Cash Flows - Proprietary Funds 12 - 13 Statement of Fiduciary Net Position - Fiduciary Funds 14 Notes to the Financial Statements 15 - 38 Supplementary Information: Nonmajor Governmental Funds - Combining Balance Sheet 40 - 41 Nonmajor Governmental Funds - Combining Statement of Revenues, Expenditures and Changes in Fund Balances 42 - 43 General Fund - Schedule of Revenues - Budget and Actual 44 - 45 General Fund - Schedule of Expenditures - Budget and Actual 46 - 48 Schedule of Water Utility Operating Revenues and Expenses 49 Schedule of Sewer Utility Operating Revenues and Expenses 50

Independent Auditor’s Report To the Village Board Village of Darien Walworth County, Wisconsin I have audited the accompanying financial statements of the governmental activities, business-type activities, each major fund, and the aggregate remaining fund information of the Village of Darien, as of and for the year ended December 31, 2014, and the related notes to the financial statements, which collectively comprise the Village of Darien’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 My responsibility is to express opinions on these financial statements based on my audit. I conducted my audit in accordance with auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States. Those standards require that I plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain 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 entity’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 entity’s internal control. Accordingly, I 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. I believe that the audit evidence I have obtained is sufficient and appropriate to provide a basis for my audit opinions.

1

Opinions

In my opinion, the financial statements referred to above present fairly, in all material respects, the respective financial position of the governmental activities, business-type activities, each major fund, and the aggregate remaining fund information of the Village of Darien as of December 31, 2014, and the respective changes in financial position and, where applicable, the cash flows thereof and the respective budgetary comparison for the general fund for the year then ended in conformity with accounting principles generally accepted in the United States of America. Other Matters

Required Supplementary Information

Management has omitted Management’s Discussion and Analysis that accounting principles generally accepted in the United States of America require to be presented to supplement the basic financial statements. Such missing 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. My opinion on the basic financial statements is not affected by this missing information. Other Information

My audit was conducted for the purpose of forming opinions on the financial statements that collectively comprise the Village of Darien’s basic financial statements. The accompanying supplemental information, as listed in the table of contents, is presented for purposes of additional analysis and are not a required part of the of the basic financial statements.

This supplemental information is the responsibility of management and was derived from and relate directly to the underlying accounting and other records used to prepare the financial statements. Such 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 financial statements themselves, and other additional procedures in accordance with auditing standards generally accepted in the United States of America. In my opinion, the information is fairly stated in all material respects in relation to the basic financial statements taken as a whole. Other Reporting Required by Government Auditing Standards

In accordance with Government Auditing Standards, I have also issued my report dated June 11, 2015, on my consideration of the Village of Darien’s internal control over financial reporting and on my tests of its compliance with certain provisions of laws, regulations, contracts, and grant agreements and other matters. The purpose of that report is to describe the scope of my testing of internal control over financial reporting and compliance and the results of that testing, and not to provide an opinion on internal control over financial reporting or on compliance. That report is an integral part of an audit performed in accordance with Government Auditing Standards in considering Village of Darien’s internal control over financial reporting and compliance.

PATRICK W. ROMENESKO, S.C. CERTIFIED PUBLIC ACCOUNTANT

Lake Geneva, Wisconsin June 11, 2015

2

Governmental Business-typeActivities Activities Total

AssetsCash and investments 1,141,943$ 48,114$ 1,190,057$ Receivables:

2014 tax levy 1,720,966 - 1,720,966 Delinquent personal property tax (net of allowance

for uncollectibles) 151 - 151 Accounts and other 33,164 93,488 126,652 Prepaid expenditures 11,491 - 11,491 Special assessments 15,069 - 15,069

Internal balances 456,038 (456,038) - Inventories - 10,199 10,199 Restricted assets:

Cash and investments 401,782 265,654 667,436 Other deferred debits (net of accumulated amortization) - 73,326 73,326 Capital assets not being depreciated:

Land 389,482 77,172 466,654 Capital assets (net of accumulated depreciation):

Land improvements 106,862 - 106,862 Structures and improvements 4,601,685 1,112,202 5,713,887 Machinery and equipment 991,989 1,570,908 2,562,897 Infrastructure 944,670 5,397,052 6,341,722 Less: accumulated depreciation (1,900,733) (2,598,191) (4,498,924)

Total assets 8,914,559 5,593,886 14,508,445

LiabilitiesAccounts payable and other accrued liabilities 95,481 54,558 150,039 Accrued interest payable 30,811 37,299 68,110 Deferred revenue 15,069 - 15,069 Non-current liabilities:

Bonds and notes payable, due within one year 1,369,488 137,874 1,507,362 Bonds and notes payable, due in more than one year 3,209,080 2,346,362 5,555,442 Other non-current liabilities, due in more than one year 57,094 40,516 97,610

Total liabilities 4,777,023 2,616,609 7,393,632

Deferred Inflows of ResourcesProperty taxes 1,775,811 - 1,775,811

Net PositionInvested in capital assets, net of related debt 555,387 3,074,907 3,630,294 Restricted for debt service - 174,110 174,110 Restricted for capital projects and equipment 401,782 91,544 493,326 Unrestricted 1,404,556 (363,284) 1,041,272

Total net position 2,361,725$ 2,977,277$ 5,339,002$

See accompanying notes to financial statements.3

VILLAGE OF DARIENSTATEMENT OF NET POSITION

DECEMBER 31, 2014

VILLAGE OF DARIENSTATEMENT OF ACTIVITIES

FOR THE YEAR ENDED DECEMBER 31, 2014Net (Expense) Revenue and

Changes in Net Position

Operating CapitalCharges for Grants and Grants and Governmental Business-type

Services Contributions Contributions Activities Activities TotalFunctions/Programs

Governmental activities:General government 320,502$ 9,555$ 32,178$ 34,929$ (243,840)$ -$ (243,840)$ Police 549,331 33,150 - - (516,181) - (516,181) Fire protection and EMS 68,763 - 4,456 - (64,307) - (64,307) Building inspection 33,934 48,826 - - 14,892 - 14,892 Streets, sidewalks and other public works 257,829 1,866 78,407 8,303 (169,253) - (169,253) Garbage and recycling 102,366 - 6,013 - (96,353) - (96,353) Health and human services 43,498 - 21,225 - (22,273) - (22,273) Culture, recreation and education 306,022 3,000 57,826 - (245,196) - (245,196) Conservation and development 2,339 500 - - (1,839) - (1,839) Interest on long-term debt 119,344 - - - (119,344) - (119,344)

Total governmental activities 1,803,928 96,897 200,105 43,232 (1,463,694) - (786,853)

Business-type activities:Water 620,650 341,704 138,355 2,000 - (138,591) (138,591) Sewer 447,690 493,890 - 10,000 - 56,200 56,200

Total business-type activities 1,068,340 835,594 138,355 12,000 - (82,391) (82,391) Total 2,872,268 932,491 338,460 55,232 (1,463,694) (82,391) (869,244)

General revenues:Property taxes levied for general purposes 1,599,386 - 1,599,386 Property taxes levied for debt service 151,580 - 151,580 Intergovernmental revenues not restricted to specific programs 277,073 - 277,073 Unrestricted investment earnings 1,893 217 2,110 Property sales and recoveries 49,973 - 49,973

Total general revenues and transfers 2,079,905 217 2,080,122 Change in net position 616,211 (82,174) 534,037

Net position - beginning 1,745,514 3,059,451 4,804,965

Net position - ending 2,361,725$ 2,977,277$ 5,339,002$

4

Program Revenues

Primary Government

Expenses

See accompanying notes to financial statements.

TIF No. 2 Public Facilities Other TotalCapital Capital Governmental Governmental

General Projects Projects Funds FundsAssetsCash and investments 414,499$ 184,019$ 39,526$ 503,899$ 1,141,943$ Receivables:

2014 tax levy 960,291 580,433 - 180,242 1,720,966 Delinquent personal property 151 - - - 151 Accounts and other 32,899 - 265 - 33,164 Special assessments 15,069 - - - 15,069 Due from other funds 11,124 120,211 208,809 80,977 421,121

Prepayments 11,491 - - - 11,491 Restricted assets:

Cash and investments - 401,782 - - 401,782 Advances to other funds 1,516,596 - - - 1,516,596 Total assets 2,962,120 1,286,445 248,600 765,118 5,262,283

LiabilitiesAccounts payable 42,759 - 11,798 27,773 82,330 Accrued payroll 8,423 - - 4,729 13,152 Due to other funds 277,632 27,178 80,977 11,123 396,910 Deferred special assessments 15,069 - - - 15,069 Advances from other funds - 1,084,768 - - 1,084,768

Total liabilities 343,883 1,111,946 92,775 43,625 1,592,229

Deferred Inflows of ResourcesProperty taxes 1,015,136 580,433 - 180,242 1,775,811

Fund BalancesNonspendable for:

Delinquent taxes receivable 151 - - - 151 Prepaid expenditures 11,491 - - - 11,491 Advances to other funds 1,516,596 - - - 1,516,596 Special revenue funds - - - 8,000 8,000

Restricted for unspent loan proceeds - 401,782 - - 401,782 Assigned, reported in:

Special revenue funds - - - 211,642 211,642 Debt service funds - - - 3,763 3,763 Capital projects funds - (807,716) 155,825 317,846 (334,045)

Unassigned 74,863 - - - 74,863 Total fund balances 1,603,101 (405,934) 155,825 541,251 1,894,243

Total liabilities, deferred inflows ofresources and fund balances 2,962,120$ 1,286,445$ 248,600$ 765,118$

Amounts reported for governmental activities in the statement of net position are different because:Capital assets used in governmental activities are not financial

resources and, therefore, are not reported in the funds. 5,133,955Certain additional accrued expenses are recorded in the

government-wide statements but not in the funds. (30,811)Long-term liabilities, including bonds payable, are not due and payable

in the current period and, therefore, are not reported in the funds. (4,635,662)Net position of governmental activities 2,361,725$


VILLAGE OF DARIENBALANCE SHEET

GOVERNMENTAL FUNDSDECEMBER 31, 2014

A two-page statement of revenues, expenditures and changes in fund balances - governmental funds - follows.


General Projects Projects Funds FundsRevenuesGeneral property taxes 775,480$ 578,753$ -$ 396,733$ 1,750,966$ Intergovernmental 361,585 4,364 34,929 30,921 431,799 Licenses and permits 56,083 - - - 56,083 Fines and forfeitures 33,150 - - - 33,150 Charges for services 4,866 - - - 4,866 Investment income 550 615 - 728 1,893 Other 34,976 - - 56,433 91,409

Total Revenues 1,266,690 583,732 34,929 484,815 2,370,166

ExpendituresCurrent:

General government 288,570 2,768 - - 291,338 Public safety 632,528 - - 3,528 636,056 Public works 310,567 - - - 310,567 Health and human services 2,000 - - 41,498 43,498 Culture, recreation and education 81,237 - - 161,993 243,230 Conservation and development 1,926 413 - - 2,339

Debt service:Principal - 191,250 - 108,750 300,000 Interest - 16,430 - 102,800 119,230

Capital outlay 19,933 143,055 1,926,410 106,577 2,195,975 Total Expenditures 1,336,761 353,916 1,926,410 525,146 4,142,233

Excess (Deficiency) of Revenuesover Expenditures (70,071)$ 229,816$ (1,891,481)$ (40,331)$ (1,772,067)$


VILLAGE OF DARIENSTATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES

GOVERNMENTAL FUNDSFOR THE YEAR ENDED DECEMBER 31, 2014


General Projects Projects Funds FundsOther Financing Sources (Uses)Interim financing note issued -$ -$ 1,059,488$ -$ 1,059,488$ Long-term debt issued - - 609,080 - 609,080 Property sales and recoveries 49,973 - - - 49,973 Transfers in 235,621 - - 35,312 270,933 Transfers out (35,312) (116,774) - (118,847) (270,933)

Total Other Financing Sources (Uses) 250,282 (116,774) 1,668,568 (83,535) 1,718,541

Net change in fund balances 180,211 113,042 (222,913) (123,866) (53,526)

Fund balances - beginning 1,422,890 (518,976) 378,738 665,117 1,947,769

Fund balances - ending 1,603,101$ (405,934)$ 155,825$ 541,251$ 1,894,243$


VILLAGE OF DARIENSTATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES

GOVERNMENTAL FUNDSFOR THE YEAR ENDED DECEMBER 31, 2014

Amounts reported for governmental activities in the statement ofactivities (page 4) are different because:

Net change in fund balances - total governmental funds (pages 6 and 7) (53,526)$

Governmental funds report capital outlays as expenditures. However, in thestatement of activities the cost of those assets is allocated over their estimateduseful lives and reported as depreciation expense. This is the amount by which capital outlays exceeded depreciation in the current period.

Certain capital outlay capitalized as assets in the government-wide statements 2,177,303Depreciation expense is recorded in the government-wide statements (160,850)

The issuance of long-term debt provides current financial resourcesto governmental funds, while the repayment of the principal of long-term debt consumes the current financial resources of governmental funds. Neither transactions, however, has any effect on net assets. Also, governmental funds report the effect of issuance costs, premiums, discounts, and similar items when debt is first issued, whereas these amounts are deferred and amortized in the statement of activities. This amount is the net effect of these differences in the treatment of long-term debt and related items.

Debt principal payments 300,000Proceeds from debt issued (1,668,568)

Some expenses reported in the statement of activities do not require the use of current financial resources and, therefore, are not reported as expenditures ingovernmental funds.

Accrued interest on long-term debt (114)Accrued compensated absences 17,741Unfunded retirement liability 4,225

Change in net position of governmental activities (Page 4) 616,211$



VILLAGE OF DARIENRECONCILIATION OF THE STATEMENT OF REVENUES,

EXPENDITURES AND CHANGES IN FUND BALANCE OF GOVERNMENTALFUNDS TO THE STATEMENT OF ACTIVITIES

VarianceActual with Final

Original Final Amounts BudgetRevenues

Taxes 773,135$ 773,135$ 775,480$ 2,345$ Intergovernmental 361,520 361,520 361,585 65 Licenses and permits 16,750 16,750 56,083 39,333 Fines and forfeitures 42,000 42,000 33,150 (8,850) Charges for services 2,000 2,000 4,866 2,866 Investment income 500 500 550 50 Other 25,000 25,000 34,976 9,976

Total Revenues 1,220,905 1,220,905 1,266,690 45,785


General government 366,580 366,580 288,570 78,010 Public safety 586,764 586,764 632,528 (45,764) Public works 292,258 292,258 310,567 (18,309) Health and human services 2,000 2,000 2,000 - Culture, recreation and education 75,834 75,834 81,237 (5,403) Conservation and development 13,469 13,469 1,926 11,543 Capital outlay - - 19,933 (19,933)

Total Expenditures 1,336,905 1,336,905 1,336,761 144

Excess (Deficiency) of Revenuesover Expenditures (116,000) (116,000) (70,071) 45,929

Other Financing Sources (Uses)Transfer in - tax equivalent 116,000 116,000 - (116,000) Transfer in - other - 235,621 235,621 - Property sales and recoveries - - 49,973 49,973 Transfers out - - (35,312) (35,312)

Total Other Financing Sources (Uses) 116,000 351,621 250,282 (101,339)

Net Change in Fund Balances - 235,621 180,211 (55,410)

Fund Balances - Beginning 1,422,890 1,422,890 1,422,890 -

Fund Balances - Ending 1,422,890$ 1,658,511$ 1,603,101$ (55,410)$



VILLAGE OF DARIENGENERAL FUND

STATEMENT OF REVENUES, EXPENDITURES AND CHANGES INFUND BALANCES - BUDGET AND ACTUAL

Budgeted Amounts

Water SewerUtility Utility Totals

AssetsCurrent assets:

Cash and investments 28,039$ 20,075$ 48,114$ Customer accounts receivable 36,057 50,594 86,651 Other accounts receivable 2,833 4,004 6,837 Due from other funds 42,367 27,178 69,545 Inventories 10,199 - 10,199

Other deferred debits (net of accumulated amortization) - 73,326 73,326

Advances to other funds 4,427 - 4,427 Restricted assets:

Cash and investments 174,110 91,544 265,654 Capital assets (net of accumulated depreciation) 3,611,723 1,947,420 5,559,143

Total assets 3,909,755 2,214,141 6,123,896

LiabilitiesCurrent liabilities:

Accounts payable 30,593 17,271 47,864 Accrued wages 4,385 2,309 6,694 Due to other funds 51,388 42,367 93,755 General obligation notes payable - current - 27,874 27,874 Accrued interest payable - 27,180 27,180

Liabilities payable from restricted assets:Revenue bonds payable - current 85,000 25,000 110,000 Accrued interest payable 7,769 2,350 10,119

Noncurrent liabilities:General obligation notes payable - noncurrent - 596,362 596,362 Revenue bonds payable - noncurrent 1,345,000 405,000 1,750,000 Advances from other funds 86,697 349,558 436,255 Accrued compensated absences 20,258 20,258 40,516

Total Liabilities 1,631,090 1,515,529 3,146,619

Net PositionInvested in capital assets, net of related debt 2,181,723 893,184 3,074,907 Restricted for debt service 174,110 - 174,110 Restricted for capital projects and equipment - 91,544 91,544 Unrestricted (77,168) (286,116) (363,284)

Total Net Position 2,278,665$ 698,612$ 2,977,277$

10See accompanying notes to financial statements.

Business Type Activities - Enterprise Funds

VILLAGE OF DARIENSTATEMENT OF NET POSITION

DECEMBER 31, 2014PROPRIETARY FUNDS


Operating Revenues 341,704$ 493,890$ 835,594$

Operating ExpensesOperating and maintenance 272,362 311,545 583,907 Depreciation 152,019 33,472 185,491 Taxes 145,170 4,252 149,422

Total Operating Expenses 569,551 349,269 918,820

Operating Income (Loss) (227,847) 144,621 (83,226)

Nonoperating Revenues (Expenses)Investment income 175 42 217 Interest on long-term debt (51,099) (29,406) (80,505) Amortization of WalCoMet connection costs - (69,015) (69,015)

Total Nonoperating Revenue (Expenses) (50,924) (98,379) (149,303)

Income (Loss) before Contributions and Other (278,771) 46,242 (232,529)

Contributed capital 2,000 10,000 12,000 Waived tax equivalent 138,355 - 138,355

Change in net position (138,416) 56,242 (82,174)

Total net position - beginning 2,417,081 642,370 3,059,451

Total net position - ending 2,278,665$ 698,612$ 2,977,277$


Business Type Activities - Enterprise Funds


VILLAGE OF DARIENSTATEMENT OF REVENUES, EXPENSES AND

CHANGES IN FUND NET POSITIONPROPRIETARY FUNDS

A two-page statement of cash flows - proprietary funds follows.


Cash Flows from Operating ActivitiesReceipts from customers and users 335,820$ 500,806$ 836,626$ Payments to suppliers (170,574) (348,380) (518,954) Payments to employees (85,603) (55,416) (141,019)

Net cash flows from operating activities 79,643 97,010 176,653

Cash Flows from Capital and Related Financing Activities

Capital contributions - 10,000 10,000 Acquisition and construction of capital assets (14,503) (5,097) (19,600) Advances received (repaid) 86,697 (17,651) 69,046 Principal paid on general obligation bonds and notes - (26,420) (26,420) Principal paid on revenue bonds (80,000) (122,496) (202,496) Interest paid on bonds and notes (53,341) (31,796) (85,137)

Net cash flows from financing activities (61,147) (193,460) (254,607)

Cash Flows from Investing ActivitiesInvestment income received 175 42 217

Net change in cash and cash equivalents 18,671 (96,408) (77,737)

Cash and cash equivalents - Beginning 183,478 208,027 391,505

Cash and cash equivalents - Ending 202,149 111,619 313,768

Noncash Capital and Related Financing Activities

Plant additions contributed by customers 2,000$ -$ 2,000$

VILLAGE OF DARIENSTATEMENT OF CASH FLOWS

PROPRIETARY FUNDSFOR THE YEAR ENDED DECEMBER 31, 2014

Business-type Activities - Enterprise Funds



Reconciliation of Operating Income (Loss) to Net Cash Provided by Operating Activities:

Operating income (loss) (227,847)$ 144,621$ (83,226)$ Adjustments to reconcile operating income (loss) to

net cash provided by (used for) operating activities:Depreciation 152,019 33,472 185,491 Depreciation charged to clearing account 3,659 (3,659) - Waived tax equivalent 138,355 - 138,355 (Increase) decrease in accounts receivable (5,884) 6,916 1,032 (Increase) decrease in due from other funds (5,584) - (5,584) (Increase) decrease in inventories 852 - 852 Increase (decrease) in accounts payable 21,911 (90,631) (68,720) Increase (decrease) in accrued payroll 1,575 120 1,695 Increase (decrease) in compensated absences 587 587 1,174 Increase (decrease) in due to other funds - 5,584 5,584

Total adjustments 307,490 (47,611) 259,879

Net cash flows from operating activities 79,643 97,010 176,653

Reconciliation of Cash and Cash Equivalents to theStatement of Net Position - Proprietary FundsCash and investments 28,039 20,075 48,114Restricted cash and investments 174,110 91,544 265,654

Total Cash and Cash Equivalents 202,149$ 111,619$ 313,768$

13See accompanying notes to financial statements.

VILLAGE OF DARIENSTATEMENT OF CASH FLOWS

PROPRIETARY FUNDSFOR THE YEAR ENDED DECEMBER 31, 2014

Business-type Activities - Enterprise Funds

2014 MunicipalTax Roll Court Totals

AssetsCash and investments 1,200,372$ 629$ 1,201,001$ Taxes receivable - - -

Total Assets 1,200,372 629 1,201,001

LiabilitiesAccounts payable 6,862 - 6,862 Due to other governments 1,193,510 - 1,193,510 Court bonds held - 629 629

Total Liabilities 1,200,372$ 629$ 1,201,001$


DECEMBER 31, 2014

VILLAGE OF DARIEN

FIDUCIARY FUND TYPESSTATEMENT OF NET POSITION

VILLAGE OF DARIEN INDEX TO NOTES TO FINANCIAL STATEMENTS

For the Year Ended December 31, 2014 Note Number Page 1. Summary Of Significant Accounting Policies A. Reporting Entity 16 B. Government-Wide and Fund Financial Statements 16 C. Measurement Focus, Basis of Accounting, and Financial Statement Presentation 17 - 19

D. Assets, Liabilities, and Net Position or Equity 1. Cash and Investments 19 2. Receivables and Payables 20 3. Inventories and Prepaid Items 21 4. Utility Restricted Assets 21 5. Capital Assets 22 6. Compensated Absences 22 7. Long-Term Obligations 23 8. Fund Equity 23

2. Reconciliation of Government-Wide and Fund Financial Statements

A. Explanation of Certain Differences Between the Governmental Fund Balance Sheet and the Government-Wide Statement of Net Position 23 - 24 3. Stewardship, Compliance, and Accountability A. Budgetary Information 24 B. Deficit Fund Equity 25 C. General Fund Nonspendable Fund Balances 25 4. Detailed Notes on All Funds A. Cash and Investments 25 - 27 B. Receivables 27 C. Capital Assets 28 - 29 D. Interfund Receivables, Payables and Transfers 30 - 31 E. Long-Term Obligations 31 - 35 F. Utility Other Deferred Debits 35 5. Other Information A. Risk Management 35 B. Employees’ Pensions 35 - 36 C. Tax Incremental District 37 D. Joint Ventures 37 E. Bond Covenant Compliance 38 F. Litigation, Contingencies and Commitments 38 G. Property Tax Levy Limit 38 H. Subsequent Events 38

15

VILLAGE OF DARIEN NOTES TO THE FINANCIAL STATEMENTS

DECEMBER 31, 2014

Note 1 - Summary Of Significant Accounting Policies

The accompanying financial statements have been prepared in conformity with generally accepted accounting principles of state and local governments, except the Management’s Discussion and Analysis has not been presented. Statement No. 34 of the Governmental Accounting Standards Board calls for the inclusion of this information as required supplementary information. A. Reporting Entity

The reporting entity for the village is based upon criteria set forth by GASB Statement No. 61, “The Financial Reporting Entity: Omnibus” The reporting entity consists of (a) the primary government, (b) organizations for which the primary government is financially accountable, and (c) other organizations for which the nature and significance of their relationship with the primary government are such that their exclusion would cause the reporting entity’s financial statements to be misleading or incomplete. Component units are legally separate organizations for which the elected officials of the primary government are financially accountable. The primary government is financially accountable if it appoints a voting majority of the organization’s governing body and (1) it is able to impose its will on that organization or (2) there is a potential for the organization to provide specific financial benefits to or burdens on the primary government. The primary government is a separately elected governing body that is legally separate and fiscally independent. The accompanying financial statements do not contain any component units. B. Government-Wide and Fund Financial Statements

The government-wide financial statements (i.e., the statement of net position and the statement of changes in net position) report information on all of the nonfiduciary activities of the primary government and its component units. For the most part, the effect of interfund activity has been removed 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. Likewise, the primary government is reported separately from certain legally separate component units for which the primary government is financially accountable. The statement of activities demonstrates the degree to which the direct expenses of a given function or segment 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 contributions 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, proprietary funds, and fiduciary funds, even though the latter are excluded from the government-wide financial statements. Major individual governmental funds and major individual enterprise funds are reported as separate columns in the fund financial statements.

16

Note 1 - Summary Of Significant Accounting Policies - Continued C. 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, as are the proprietary fund and the fiduciary fund financial statements. Revenues are recorded when earned and expenses are recorded when a liability is incurred, regardless of the timing of related cash flows. Property taxes are recognized as revenues in the year for which they are levied. 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. For this purpose, the government 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 liability is incurred, as under accrual accounting. However, debt service expenditures, as well as expenditures related to compensated absences and claims and judgments, are recorded only when payment is due. Property taxes, franchise fees, licenses, and interest associated with the current fiscal period are all considered to be susceptible to accrual and so have been recognized as revenues of the current fiscal period. Only the portion of special assessments receivable due within the current fiscal period is considered to be susceptible to accrual as revenue of the current period. All other revenue items are considered to be measurable and available only when cash is received by the government. Funds are organized as either major funds or non-major funds within the governmental, proprietary, and fiduciary statements. A fund is considered major if it is the primary operating fund of the government or meets the following criteria:

1. Total assets, liabilities, revenues, or expenditures/expenses of that individual governmental or enterprise fund are at least 10 percent of the corresponding total for all funds of that category or type, and

2. Total assets, liabilities, revenues or expenditures/expenses of the individual governmental fund

or enterprise fund are at least 5 percent of the corresponding total for all governmental and enterprise funds combined.

3. In addition, any other governmental or proprietary fund that the government considers to be

particularly important to financial statement users may be reported as a major fund. Major Funds The village reports the following major governmental funds:

General fund is the village’s primary operating fund. It accounts for all financial resources of the village except those required to be accounted for in another fund.

TIF No. 2 capital projects fund accounts for the financial resources segregated for the acquisition and construction of major capital facilities for the village’s Tax Incremental Financing District No. 2.

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Note 1 - Summary Of Significant Accounting Policies - Continued

C. Measurement Focus, Basis of Accounting, and Financial Statement Presentation - Continued

Major Funds - Continued Village hall capital projects fund accounts for the financial resources segregated for the construction of the new village municipal building.

The village reports the following major proprietary funds:

Water utility enterprise fund - accounts for the activities of operating the village water utility. Sewer utility enterprise fund - accounts for the activities of operating the village sewer utility.

Non-Major Funds

The village reports the following non-major governmental funds:

Special Revenue Funds - Special revenue funds are used to account for the proceeds of specific revenue sources that are restricted to expenditures for specified purposes. Library Operations Community Development Block Grant Family Connections

Senior Center

Capital Projects Funds - Capital projects funds are used to account for financial resources segregated for the acquisition and construction of major capital facilities. Revolving Capital Projects Impact Fees Fund

Debt Service Fund - Debt service funds are used to account for the accumulation of resources for, and the payment of general long-term debt principal and interest.

General Debt Service

Additionally, the village reports the following fund type:

Agency Funds - Trust and agency funds are used to account for assets held by the government in a trustee capacity or as an agent for individuals, private organizations, other governments and/or other funds. For the village, the agency funds are: Tax Roll Fund Municipal Court Bond Fund

As a general rule the effect of interfund activity has been eliminated from the government-wide financial statements. Exceptions to this general rule are payments-in-lieu of taxes and other charges between the government’s water and sewer function and various other functions of the government. Elimination of these charges would distort the direct costs and program revenues reported for the various functions concerned. Amounts reported as program revenues include 1) charges to customers or applicants for goods, services, or privileges provided, 2) operating grants and contributions, and 3) capital grants and contributions, including special assessments. Internally dedicated resources are reported as general revenues rather than as program revenues. Likewise, general revenues include all taxes.

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C. Measurement Focus, Basis of Accounting, and Financial Statement Presentation - Continued Proprietary funds distinguish operating revenues and expenses from nonoperating items. Operating revenues and expenses generally result from providing services and producing and delivering goods in connection with a proprietary fund’s principal ongoing operations. The principal operating revenues of the water enterprise fund and the sewer enterprise fund are charges to customers for sales and services. The water and sewer enterprise funds also recognize as operating revenue the portion of tap fees intended to recover the cost of connecting new customers to the system. Operating expenses for enterprise funds include the cost of sales and services, administrative expenses, and depreciation on capital assets. All revenues and expenses not meeting this definition are reported as nonoperating revenues and expenses. D. Assets, Liabilities, and Net Position or Equity 1. Cash and Investments Deposit and investment of village funds are restricted by state statutes. Permitted investments for the village include any of the following: (1) Time deposits maturing within three years in any credit union, bank, savings bank, trust company or savings and loan association which is authorized to do business in Wisconsin. (2) Bonds or securities issued or guaranteed by the federal government and its agencies. (3) The Wisconsin Local Government Investment Pool and Wisconsin Investment Trust. (4) Bonds or securities of any county, village, drainage district, technical college district, local exposition district, local professional baseball park district, village, town, or school district of the state and the University of Wisconsin Hospitals and Clinics Authority. (5) Any security which matures or which may be tendered for purchase at the option of the holder within not more than seven years of the date which it is acquired, if that security has a rating which is the highest or second highest rating category assigned by a nationally recognized rating agency or if that security is senior to, or on parity with, a security of the same issuer which has such a rating. (6) Repurchase agreements with public depositories, if the agreement is secured by federal bonds or securities. (7) Securities of open-end management companies or investment trusts (mutual funds) if the portfolio is limited to (a) bonds or securities issued by the federal government or a commission, board or other instrumentality of the federal government, (b) bonds that are guaranteed as to principal and interest by the federal government or a commission, board or other instrumentality of the federal government, and (c) repurchase agreements that are fully collateralized by these bonds and securities. For purposes of the statement of cash flows, cash equivalents are temporary cash investments with a maturity of three months or less at the date of purchase.

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Note 1 - Summary Of Significant Accounting Policies - Continued D. Assets, Liabilities, and Net Position or Equity - Continued

2. Receivable and Payables Accounts receivable in all funds report amounts that have arisen in the ordinary course of business and are stated net of allowances for uncollectable amounts.

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 non-current portion of interfund loans). All other outstanding balances between funds are reported as “due to/from other funds.” Any residual balances outstanding between the governmental activities and business-type activities are reported in the government-wide financial statements as “internal balances.”

Advances between funds, as reported in the fund financial statements, are offset by a fund balance reserve account in applicable governmental funds to indicate that they are not available for appropriation and are not expendable available financial resources.

Property taxes are levied in December on the assessed value as of the prior January 1. Property taxes are recorded as a receivable and deferred revenue in the appropriate fund in the year levied because the taxes are restricted to funding the succeeding year’s budget appropriations. In addition to property taxes for the village, taxes are collected for and remitted to the state and county governments as well as the local school districts and technical college district. Taxes for all state and local governmental units billed in the current year for the succeeding year are reflected as deferred revenues and due to other governments on the statement of net position. Property tax payments received prior to year end are reflected in the agency fund. Interest on delinquent property taxes is recognized as revenue when received. Details of the village’s property tax calendar follows:

Lien and levy dates December 2014 Real estate collection due dates: First installment due January 31, 2015 Second installment due July 31, 2015 Personal property tax due in full January 31, 2015 Final settlement with county August 2015 Tax sale of 2014 delinquent real estate taxes October 2017

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Note 1 - Summary Of Significant Accounting Policies - Continued E. Assets, Liabilities, and Net Position or Equity - Continued

3. Inventories and Prepaid Items Inventories of the utility enterprise fund are generally used in the operation and maintenance of the water utility. The inventories are valued at cost (first-in, first-out method), which is not in excess of market value. Inventories of governmental funds are recorded as expenditures when consumed rather than when purchased. 4. Utility Restricted Assets Cash and investments of the village water and sewer utilities have been restricted by either bond ordinance or board resolution for the following purposes:

Water Sewer Utility Utility Water and Sewer 2013 Revenue Bonds Reserve Fund Provisions of the water and sewer 2013 revenue bonds require a debt service reserve fund for the payment of the bonds in the event that other funds are insufficient for payment. $ 174,110 $ - - - Sewer 2010 Build America Bonds Unspent Loan Proceeds - - - 56,504 Sewer equipment replacement fund - - - 35,040 $ 174,110 $ 91,544 The bond provisions referred to above require a $173,953 bond reserve account balance. The water utility sufficiently funded this account at December 31, 2014.

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E. Assets, Liabilities, and Net Position or Equity - Continued 5. Capital Assets Capital assets, which include land, buildings, equipment and infrastructure assets (e.g. roads, bridges, sidewalks, and similar items), are reported in the applicable governmental or business-type activities columns in the government-wide financial statements. Capital assets are defined by the government as assets with an initial, individual cost of more than $3,000 and an estimated useful life in excess of two years. 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 assets lives are not capitalized. Major outlays for capital assets and improvements are capitalized as projects are constructed. Interest incurred during the construction phase of capital assets of business-type activities is included as part of the capitalized value of assets constructed. Property, plant, and equipment of the primary government, as well as the component units, is depreciated using the straight line method over the following estimated useful lives:

Assets Years Buildings 15 - 50 Land improvements 15 - 20 Storm sewers 50 Roads and sidewalks 20 - 25 Vehicles 3 - 15 Office equipment and furnishings 5 - 15 Computer equipment 3 6. Compensated Absences

Village employees earn vacation time in varying amounts. Employees are required to use their available vacation time by their anniversary date or forfeit it. Consequently, the amount of accumulated vacation time has been determined to be immaterial and has not been recorded in the financial statements. Village employees also earn sick leave in varying amounts. Upon termination or retirement, employees are paid for their accumulated sick leave up to 120 days. At December 31, 2014, the total sick leave benefits payable upon termination or retirement were approximately $50,426 for the governmental activities and $40,232 for the business-type activities. Village employees may also accumulate compensatory time for overtime hours worked but not used as vacation at year end. At December 31, 2014, the total compensatory leave benefits payable recorded were $6,668 for the governmental activities and $284 for business-type activities.

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E. Assets, Liabilities, and Net Position or Equity - Continued 7. Long-Term Obligations In the government-wide financial statements, and proprietary fund types in the fund financial statements, long-term debt and other long-term obligations are reported as liabilities in the applicable governmental activities, business-type activities, or proprietary fund type statement of net position. In the fund financial statements, governmental fund types recognize bond premiums and discounts, as well as bond issuance costs, during the current period. The face amount of debt issued is reported as other financing sources. Premiums received on debt issuances are reported as other financing sources while discounts on debt issuances are reported as other financing uses. Issuance costs, whether or not withheld from the actual debt proceeds received, are reported as debt service expenditures.

8. Fund Equity

The components of fund balances reported in the fund financial statements are defined as follows:

Nonspendable - This component of fund balance includes amounts that cannot be spent because they are either (a) not in spendable form or (b) legally or contractually required to be maintained intact. The “not in spendable form” criterion includes items that are not expected to be converted to cash such as inventories and prepaid amounts.

Restricted - This component of fund balance is used when constraints placed on the use of resources are either (a) externally imposed by creditors (such as through debt covenants), grantors, contributors, or law or regulations of other governments; or (b) imposed by law through constitutional provisions or enabling legislation.

Assigned - This component of fund balance represents amounts that are constrained by the village’s intent to be used for specific purposes.

Unassigned - This component of fund balance is the residual classification for the general fund. Note 2 - Reconciliation of Government-Wide and Fund Financial Statements

A. Explanation of Certain Differences Between the Governmental Fund Balance Sheet and the Government-Wide Statement of Net Position

The governmental fund balance sheet includes a reconciliation between fund balance - total governmental funds and net position - governmental activities as reported in the government-wide statement of net position. One element of that reconciliation explains that “capital assets used in governmental activities are not financial resources and, therefore, are not reported in the fund” The details of this difference is as follows:

Capital assets $ 7,325,607 Accumulated depreciation (1,900,732) Net adjustment $ 5,424,875

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Note 2 - Reconciliation of Government-Wide and Fund Financial Statements - Continued

A. Explanation of Certain Differences Between the Governmental Fund Balance Sheet and the Government-Wide Statement of Net Position - Continued

Another element of that reconciliation explains that “certain accrued expenses are recorded in the government-wide financial statements but not in the funds” The details of this difference is as follows:

Accrued interest on long-term debt $ 30,811

Another element of that reconciliation explains that “long-term liabilities, including bonds payable, are not due and payable in the current period and, therefore, are not reported in the funds.” The details of this difference are as follows:

Bonds and notes payable $ 4,578,568 Compensated absences 57,094 Net adjustment $ 4,635,662

Note 3 - Stewardship, Compliance, and Accountability A. Budgetary Information

The village reviews and adopts its annual budget by December or earlier of the preceding year. The budgetary information included in the accompanying financial statements is comprised of the originally approved budget plus or minus approved revisions of budgeted revenues and expenditures. These budgets are adopted on a basis consistent with GAAP. Management control of the budgetary process has been established at the departmental level of expenditure. A department can be a fund, cost center, program or other activity for which control of expenditures is considered desirable. Budget appropriations for certain capital projects funds are project oriented, often possessing multi-year lives; consequently, budgeted capital projects expenditures are controlled through fund balances. The budget is amended for supplemental appropriations periodically during the year. Budget changes require a two-thirds approval by the village board. The village amended its budget during the year.

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Note 3 - Stewardship, Compliance, and Accountability - Continued

B. Deficit Fund Equity

The following individual fund had a deficit fund balance as of December 31, 2014.

Amount of Deficit

Special Revenue Fund: Senior center special revenue fund $ (6,004)

Capital Projects Fund: TIF No. 2 capital projects fund $ (405,934)

The senior center deficit fund balance is due to excess transfers to the general fund and will be repaid by future general appropriations. The TIF No. 2 deficit fund balance is due to prior year cost advances from the water and sewer utility funds that are being deficit repaid through the general fund with future tax increment collections.

C. General Fund Nonspendable Fund Balances

The fund balance of the general fund was nonspendable at December 31, 2014 for the following:

Delinquent personal property taxes $ 151 Prepaid expenditures 11,491 Advances to other funds 1,429,899 Total $ 1,441,541

Note 4 - Detailed Notes on All Funds

A. Cash and Investments

The village’s cash and investments at December 31, 2014 consisted of the following:

Uncollateralized/ Carrying Amounts Uninsured Amount Deposited Deposits

Non-interest bearing checking $ 129,830 $ 129,830 $ - - - Interest bearing demand accounts 2,023,957 2,039,006 1,045,351 Certificates of deposit 229,425 229,425 - - -

Subtotal 2,383,212 $ 2,398,261 $ 1,045,351 State Local Government

Investment Pool 674,732 Petty cash 550

Total $ 3,058,494

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Note 4 - Detailed Notes on All Funds - Continued

A. Cash and Investments - Continued Total cash and investments above reconcile to the financial statements as follows: Statement of Net Position: Cash and investments $ 1,190,057 Restricted cash and investments 667,436 Total reported on statement of net position 1,857,493 Fiduciary funds statement of net position 1,201,001 Total Cash and Investments $ 3,058,494 Village deposits are insured by the FDIC for up to $250,000 for time and savings deposits (including interest-bearing NOW accounts), and an additional $250,000 of FDIC insurance is available for demand (non-interest bearing checking accounts) for each bank used. All village deposits are also insured by the State Deposit Guarantee Fund in the amount of $400,000. However, due to the relatively small size of Guarantee Fund in relationship to the total deposits covered and other legal implications, recovery of material principal losses of the pool may not be significant to individual municipalities. The village has entered into an agreement with its financial institution to collateralize all amounts deposited with the institution in the form of securities held by its trust department in the village’s name. For all investments shown, the fair value at the balance sheet date is substantially the same as the carrying value. The difference between the amounts reported as bank deposits and the carrying amounts above is due to the effect of outstanding checks and deposits in transit on the village’s cash balances. The village addresses the following risks related to its cash and investments:

Custodial Credit Risk Custodial credit risk represents the risk that in the event of a financial institution failure, the village’s deposits may not be recovered. The village maintains collateral agreements with its financial institution. At December 31, 2014, collateral pledged by the bank totaled $945,000, resulting in uninsured and uncollateralized deposits of $1,045,351. Credit Risk Credit risk is the risk that an issuer of an investment will not fulfill its obligation to the investment. The village has deposits in the Local Government Investment Pool which is not rated, however, consists of investments in federal government securities. Interest Rate Risk The village does not have formal policies related to interest rate risk, the risk that changes in interest rates will adversely affect the fair value of an investment. At December 31, 2014 the village’s investment in the Local Government Investment Pool (LGIP) had a fair value balance of $674,732. The LGIP had a weighted average maturity of 117 days at December 31, 2014.

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Note 4 - Detailed Notes on All Funds - Continued A. Cash and Investments - Continued The Local Government Investment Pool (LGIP) is an investment fund managed by the State of Wisconsin Investment Board. The LGIP accepts deposits from governmental units within the State of Wisconsin. The objectives of the LGIP are to provide safety of principal, liquidity and a reasonable rate of return. The LGIP is regulated by sections 25.14 and 25.17 of the Wisconsin Statutes and is not a SEC registered investment. The yield of the LGIP changes daily and its participants may invest or withdraw any or all amounts at par value at any time. The LGIP balance reported in the financial statements at December 31, 2014 is $674,732 at cost basis. The fair value of the LGIP investment at December 31, 2014 did not materially differ from its cost basis. A surety bond issued by Financial Security, Inc. insures the investments of the LGIP. This bond provides unlimited coverage on all of the LGIP’s investments except U.S. Government and agency securities. B. Receivables Receivables as of the yearend for the village’s individual major, and nonmajor and fiduciary funds in the aggregate, including the applicable allowances for uncollectable accounts, are as follows:

TIF No. 2 Village Nonmajor Capital Hall Capital Water Sewer and Other General Projects Projects Utility Utility Funds Totals

Receivables: Taxes - current $ 960,291 $ 580,433 $ - - - $ - - - $ - - - $ 180,242 $ 1,720,966 Taxes - delinquent 151 - - - - - - - - - - - - - - - 151 Accounts 32,900 - - - 265 36,057 50,594 - - - 119,816 Special assessments 15,069 - - - - - - - - - - - - - - - 15,069 Other - - - - - - - - - 2,833 4,004 - - - 6,837

Net total receivables $ 1,008,411 $ 580,433 $ 265 $ 38,890 $ 54,598 $ 180,242 $ 1,862,839

Governmental funds report deferred revenue in connection with receivables for revenues that are not considered to be available to liquidate liabilities of the current period. Governmental funds also report deferred inflows of resources in connection with resources that have been received, but not yet earned. At the end of the current fiscal year, the various components of deferred revenue and deferred inflows of resources reported in the governmental funds were as follows:

Unavailable Unearned

Property and other taxes receivable $ - - - $ 1,775,811 Special assessments not yet due (general fund) - - - 15,069

Total deferred/unearned revenue for governmental funds $ - - - $ 1,790,880

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Note 4 - Detailed Notes on All Funds - Continued C. Capital Assets

Capital asset activity for the year ended December 31, 2014 was as follows: Beginning Ending Balance Increases Decreases Balance

Governmental Activities Capital assets, not being depreciated: Land $ 374,855 $ 14,627 $ - - - $ 389,482 Preliminary construction design 131,369 - - - (131,369) - - -

Total capital assets, not being depreciated 506,224 14,627 (131,369) 389,482

Capital assets, being depreciated: Land improvements 106,862 - - - - - - 106,862 Buildings and improvements 2,535,916 2,356,689 - - - 4,892,605 Machinery and equipment 984,737 7,252 - - - 991,989 Infrastructure 723,646 221,024 - - - 944,670

Total capital assets being depreciated 4,351,161 2,584,965 - - - 6,936,126

Less accumulated depreciation for: Land improvements (100,490) (1,988) - - - (102,478) Buildings and improvements (649,311) (77,484) - - - (726,795) Machinery and equipment (803,712) (52,476) - - - (856,188) Infrastructure (186,370) (28,902) - - - (215,272)

Total accumulated depreciation (1,739,883) (160,850) - - - (1,900,733)

Total capital assets, being depreciated, net 2,611,278 2,424,115 - - - 5,035,393

Governmental activities capital assets, net $ 3,117,502 $ 2,438,742 $ (131,369) $ 5,424,875

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Note 4 - Detailed Notes on All Funds - Continued C. Capital Assets - Continued Business Type Activities

Beginning Ending Balance Increases Decreases Balance

Capital assets, not being depreciated: Land $ 77,172 $ - - - $ - - - $ 77,172

Total capital assets, not being depreciated 77,172 - - - - - - 77,172

Capital assets, being depreciated: Structures and improvements 1,112,202 - - - - - - 1,112,202 Machinery and equipment 1,557,074 13,834 - - - 1,570,908 Transmission, distribution and collection 5,393,287 7,765 (4,000) 5,397,052

Total capital assets being depreciated 8,062,563 21,599 (4,000) 8,080,162

Less: accumulated depreciation (2,416,700) (185,491) 4,000 (2,598,191)

Total capital assets, being depreciated, net 5,645,863 (163,892) - - - 5,481,971

Business-type activities capital assets, net $ 5,723,035 $ (163,892) $ - - - $ 5,559,143

Accumulated depreciation by capital asset category for the business type activities is not available. Depreciation expense was charged to functions/programs of the village as follows:

Governmental activities: General government $ 21,928 Public safety 26,551 Highways and streets, including depreciation of general infrastructure assets 54,749 Culture and recreation 57,622

Total depreciation expense - governmental activities $ 160,850

Business-type activities: Water $ 155,777 Sewer 29,714

Total depreciation expense - business-type activities $ 185,491 The village has elected to report infrastructure of its governmental activities prospectively. Consequently, non-utility infrastructure acquired prior to 2004 is not included in the financial statements.

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Note 4 - Detailed Notes on All Funds - Continued D. Interfund Receivables, Payables and Transfers

The composition of interfund balances as of December 31, 2014 is as follows:

Due to/from other funds:

Receivable Fund Payable Fund Amount

General Library $ 6,823 General fund Senior center 4,301 TIF No. 2 capital projects Water utility 51,388 TIF No. 2 capital projects General 68,823 Village hall capital projects General 208,809 Revolving capital improvements Village hall capital projects 80,977 Water utility Sewer utility 42,367 Sewer utility TIF No. 2 capital projects 27,178

$ 490,666

Outstanding balances between funds result primarily from working capital loans that were not settled at year end. Settlement of these amounts is expected in 2015. Advances to/from other funds:

Receivable Fund Payable Fund Amount

General fund TIF No. 2 capital projects $ 1,080,341 General fund Water utility 86,697 General fund Sewer utility 349,558 Water utility TIF No. 2 capital projects 4,427

$ 1,521,023

The outstanding balance between the general fund and the TIF No. 2 capital projects fund represent the amount transferred from an advance initially owed to the water utility by the TIF No. 2 capital projects fund for cost advances made by the utilities for TIF eligible construction costs. The general fund exchanged the advance receivable with the water utility for assumption of certain outstanding bonds payable and settlement of an interfund receivable from the water utility. A repayment schedule for this advance is yet to be established. The outstanding balance between the general fund and the sewer utility represent amounts advanced to provide working capital to the utility. The village anticipates the payment of interest on the advances upon settlement of the balances.

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Note 4 - Detailed Notes on All Funds - Continued D. Interfund Receivables, Payables and Transfers

Interfund transfers: Transfers In

General Debt Fund Service Total

Transfers Out: TIF No. 2 capital projects $ 116,774 $ - - - $ 116,774 Family connections 46,474 - - - 46,474 Senior center 72,373 - - - 72,373 General - - - 35,312 35,312

$ 235,621 $ 35,312 $ 270,933

The transfer made between the TIF No. 2 capital projects fund and the general fund were for reimbursable administrative costs. The transfers between the family connections and senior center funds and general fund were for fund balances accumulated in excess of needed amounts closed to the general fund.

E. Long-Term Obligations

Outstanding debt and other long-term obligations of the village was comprised of the following at December 31, 2014:

Outstanding Principal Interest Original At 12/31/14 Current

Issue Rate Principal General Proprietary Portion General obligation debt: 2007 refunding notes 4.1 - 4.25% 1,275,000 $ 1,275,000 $ - - - $ - - - 2007 promissory notes (75.0% TIF2) 4.05 - 4.25% 615,000 240,000 - - - 80,000 2010 sewer state trust fund loan 5.5% 715,000 - - - 624,236 27,874 2011 bonds (33.0% TIF2) 1.1 - 4.75% 2,070,000 1,395,000 - - - 230,000 2014A town promissory note Variable 824,250 609,080 - - - - - - 2014B town promissory note Variable 75,750 - - - - - - - - -

Total general obligation debt 3,519,080 624,236 337,874

Utility revenue debt: 2013 water and sewer revenue bonds .75% - 4.65% 1,965,000 - - - 1,860,000 110,000

Other long-term obligations: 2014 note anticipation note 2.145% 1,059,488 1,059,488 - - - 1,059,488 * Compensated absences 57,094 40,516 - - -

Total other long-term obligations 1,116,582 40,516 1,059,488

Total long-term obligations $ 4,635,662 $ 2,524,752 $ 1,507,362

* - The note will be restructured with a Rural Development loan in 2015.

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Note 4 - Detailed Notes on All Funds - Continued E. Long-Term Obligations - Continued

A. General Obligation Debt

General village and proprietary fund indebtedness represented by general obligation bonds and notes totaled $4,143,316 on December 31, 2014. The village’s full faith and credit back the bonds and notes. Transactions for 2014 are summarized as follows: General Proprietary Village Funds Total Balance - January 1, 2014 $ 3,210,000 $ 650,656 $ 3,860,656 Proceeds from borrowing 609,080 - - - 609,080 Principal reductions (300,000) (26,420) (326,420) Balance - December 31, 2014 $ 3,519,080 $ 624,236 $ 4,143,316 Annual debt service requirements to maturity are as follows:

General Village Proprietary Funds Year Principal Interest Principal Interest Totals

2015 $ 310,000 $ 109,472 $ 27,874 $ 34,333 $ 481,679 2016 310,000 92,621 29,317 32,890 464,828 2017 352,137 84,631 31,019 31,188 498,975 2018 343,592 75,386 32,725 29,481 481,184 2019 353,971 68,013 34,525 27,682 484,191 2020-2024 1,639,380 224,510 203,150 107,882 2,174,922 2025 210,000 4,987 265,626 45,407 526,020 Totals $ 3,519,080 $ 659,620 $ 624,236 $ 308,863 $ 5,111,799

Additional information regarding outstanding general obligation debt at December 31, 2014 follows:

2007 General Obligation Refunding Bonds The village issued general obligation refunding bonds totaling $1,275,000 during 2007 which were used to refund the 2004 general obligation note anticipation notes that had an outstanding balance of $1,250,000. The proceeds of the refunded notes were used to finance construction of the library/senior center project (50%) and water utility improvements (50%). Principal installments on the bonds begin in 2017 and are payable in varying annual installments thereafter through 2020. Interest varies from 4.1% to 4.25%.

2007 General Obligation Promissory Notes The village issued general obligation promissory notes totaling $615,000 during 2007. The proceeds of the notes are to be used to finance various TIF No. 2 capital projects (75%) and general capital projects (25%). Principal installments on the notes began in 2009 and are payable in varying annual installments thereafter through 2017. Interest varies from 4.05% to 4.25%.

2010 State Trust Fund Loan The village issued a state trust fund loan totaling $715,000 during 2010. The proceeds of the notes are to be used to finance various sewer utility projects. Principal installments on the notes began in 2011 and are payable in varying annual installments thereafter through 2029. The interest rate is 5.5%, however, interest subsidies received in 2014 of $20,809 reduced the effective interest rate to approximately 3.2%.

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Note 4 - Detailed Notes on All Funds - Continued

E. Long-Term Obligations - Continued

A. General Obligation Debt - Continued

2011 General Obligation Bonds The village issued general obligation bonds totaling $2,070,000 during 2011. The proceeds of the notes were used to refund the 2001 general obligation refunding bonds and 2003 general obligation notes and provide funds for future capital projects. Principal installments on the notes began in 2012 and are payable in varying annual installments thereafter through 2025. Interest varies from 1.1% to 4.75%.

2014A Town Promissory Note The village authorized a general obligation promissory note to the Town of Darien totaling $824,250 during 2014 of which proceeds of $604,080 were drawn (issued) at year end. The note was issued to finance the construction of the village’s one-half interest in a new jointly owned fire and EMS building. The note is amortized using a 30 year repayment schedule after an initial 2 year interest only period, however, the outstanding loan balance is due in 2024. The interest rate is 2.75% for the initial 5 years and is adjustable thereafter to the prime rate plus 2% every 5 years. A constant interest rate of 2.75% was used in the preceding debt service requirements exhibit.

2014B Town Promissory Note The village authorized a general obligation promissory note to the Town of Darien totaling $75,750 during 2014, however, none of the note proceeds were drawn (issued) at year end. The note was issued to finance the purchase of the town’s one-half interest of the jointly owned former fire and EMS building. The note is amortized using a 30 year repayment schedule after an initial 2 year interest only period, however, the outstanding loan balance is due in 2024. The interest rate is 2.75% for the initial 5 years and is adjustable thereafter to the prime rate plus 2% every 5 years. A constant interest rate of 2.75% was used in the preceding debt service requirements exhibit.

B. Revenue Bonds - Proprietary Fund Transactions of the village’s revenue bonds for 2014 are as follows:

Revenue Bonds Balance - January 1, 2014 $ 2,062,496 Proceeds from borrowing - - - Principal reductions (202,496) Balance - December 31, 2014 $ 1,860,000 Annual debt service requirements to maturity are as follows:

Revenue Bonds Year Principal Interest Totals

2015 $ 110,000 $ 60,165 $ 170,165 2016 115,000 58,839 173,839 2017 115,000 57,085 172,085 2018 115,000 54,900 169,900 2019 120,000 52,192 172,192 2020-2024 655,000 201,279 856,279 2025-2029 630,000 58,675 688,675 Totals $ 1,860,000 $ 543,135 $ 2,403,135

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Note 4 - Detailed Notes on All Funds - Continued E. Long-Term Obligations - Continued Additional information regarding outstanding revenue bonds at December 31, 2014 follows: 2013 Water and Sewerage System Revenue Bonds The village authorized the issuance and sale of water and sewer revenue bonds totaling $1,965,000 during 2013. The proceeds of the bonds along with funds on hand were used to refund the 2003 revenue bonds in the amount of $2,370,000. The bonds are payable in varying annual principal installments through 2028 with interest rates varying from .75% to 4.65%. The village resolution authorizing the sale of the 2013 Water and Sewerage System Revenue Refunding Bonds includes a provision for minimum required debt service coverage. The debt service coverage and the related net revenues required are determined as follows. Applicable Revenues: Operating revenues $ 835,594 Investment income 217 Capital contributions - connection fees 10,000

Total applicable revenues 845,811

Applicable Expenses: Operation and maintenance 583,907 Taxes (other than tax equivalent) 11,067

Total applicable expenses 594,974

Net applicable revenues 250,837

Required Net Revenues: Highest annual revenue bond debt service 173,839 Earnings multiplier per ordinance 125%

Required net revenues 217,299

Debt coverage excess $ 33,538

C. 2014 Note Anticipation Note The village issued a note anticipation note with a total borrowing capacity of $1,473,000 during 2014. The note proceeds totaled $1,059,488 at December 31, 2014 and were used to finance the construction of the new village municipal building. This note is not a general obligation debt, however, the village is required to covenant to maintain sufficient general obligation debt capacity to refinance it prior to its 2019 maturity. The interest rate is 2.145%. The note was refunded on March 27, 2015 with the proceeds of Rural Development CDA revenue refunding bonds.

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Note 4 - Detailed Notes on All Funds - Continued E. Long-Term Obligations - Continued D. Margin of Indebtedness The Wisconsin Statutes restrict the village’s general obligation debt to 5% of the equalized value of all property in the village. This amount is compared below with the outstanding debt on December 31, 2014.

Equalized Value - 2014 $ 98,723,900 Margin of Indebtedness: 5% of Equalized Value 4,936,195 Outstanding General Obligation Debt - December 31, 2014 4,143,316 Margin of Indebtedness $ 792,879 F. Utility Other Deferred Debits

The water and sewer utility enterprise funds report other deferred debits on its statement of net position. These balances arise from various transactions summarized as follows: Amortization Unamortized 2014 Period Balance Expense (Years) Sewer Costs associated with constructing then conveying the ownership of sewer extensions necessary to connect to the Walworth County Metropolitan Sewerage District. The costs will be fully amortized in 2015. $ 73,326 $ 69,015 20 Note 5 - Other Information

A. Risk Management

The village has purchased commercial insurance policies for various risks of loss related to litigation, theft, damage or destruction of assets, errors or omissions, injuries to employees, or acts of God. Payments of premiums for these policies are recorded as expenditures or expenses in the various funds of the village.

B. Employees’ Pensions All eligible village employees participate in the Wisconsin Retirement System (WRS), a cost-sharing, multiple-employer, defined benefit, public employee retirement system. All employees, initially employed by a participating WRS employer prior to July 1, 2011, expected to work at least 600 hours a year (440 hours for teachers and school district education support employees) and expected to be employed for at least one year from employee’s date of hire are eligible to participate in the WRS. All employees, initially employed by a participating WRS employer on or after July 1, 2011, and expected to work at least 1,200 hours a year (880 hours for teachers and school district educational support employees) and expected to be employed for at least one year from employee’s date of hire are eligible to participate in the WRS. Note: Employees hired to work nine or ten months per year, (e.g. teachers contracts), but expected to return year after year are considered to have met the one-year requirement.

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Note 5 - Other Information - Continued

B. Employees’ Pensions - Continued Effective the first day of the first pay period on or after June 29, 2011, the employee required contribution was changed to one-half of the actuarially determined contribution rate for the General Employment category, including Teachers, and Executives and Elected Officials. Required contributions for protective contributions are the same rate as general employees. Employers are required to contribute the remainder of the actuarially determined contribution rate. The employer may not pay the employee required contribution unless provided for by an existing collective bargaining agreement. Contribution rates for 2014 are:

Employee Employer General (including Teachers) 7.00% 8.20% Executives & Elected Officials 7.75% 8.65% Protective with Social Security 7.00% 11.11% Protective without Social Security 7.00% 13.03% The payroll for village employees covered by the WRS for the year ended December 31, 2014 was $357,153; the employer’s total payroll was $485,154. The total required contribution for the year ended December 31, 2014 was $54,287 which consisted of $29,286, or 8.2% of the covered payroll from the employer and $25,001 or 7.0% of the covered payroll from employees. Total contributions for the years ending December 31, 2013 and 2012 were $52,387 and $89,411, respectively, equal to the required contributions for each year. Employees who retire at or after age 65 (62 for elected officials and 54 for protective occupation employees with less than 25 years of service, 53 for protective occupation employees with more than 25 years of service) are entitled to receive a retirement benefit. Employees may retire at age 55 (50 for protective occupation employees) and receive actuarially reduced benefits. The factors influencing the benefit are: (1) final average earnings, (2) years of creditable service, and (3) a formula factor. Final average earnings is the average of the three highest years earnings. Employees terminating covered employment and submitting application before becoming eligible for a retirement benefit may withdraw their contributions and, by doing so, forfeit all rights to any subsequent benefit. For employees beginning participation on or after January 1, 1990 and no longer actively employed on or after April 24, 1998, creditable service in each of five years is required for eligibility for a retirement annuity. Participants employed prior to 1990 and on or after April 24, 1998 and prior to July 1, 2011 are immediately vested. Participants who initially became WRS eligible on or after July 1, 2011 must have five years of creditable service to be vested.

The WRS also provides death and disability benefits for employees. Eligibility and the amount of all benefits is determined under Chapter 40 of the Wisconsin Statutes. The WRS issues an annual financial report which may be obtained by writing to the Department of Employee Trust Funds, PO Box 7931, Madison, Wisconsin 53707-7931.

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C. Tax Incremental District The village has established tax incremental financing (TIF) district no. 2 pursuant to a law enacted to provide a process by which local units of government could finance public works or improvements in blighted areas from taxes levied by county, village, schools and other local jurisdictions based on the increase in property values within a designated geographic area. When a tax incremental district is established, the state determines the aggregate value of taxable property located within the district (the base value). Taxes derived from levies by all local jurisdictions on property values exceeding the base value determined by the state are allocated to the village for financing improvements within the district.

Taxes derived from levies by all local jurisdictions on property values exceeding the base value determined by the state are allocated to the village for financing improvements within the district. The statutory period for completing expenditures on improvement projects in the district will expire in 2017. Tax increments generated within the district will be allocated to the village until project costs for the district are recovered by the village or until the year 2022, whichever occurs first. These costs have been financed by the issuance of general obligation notes and advances from other funds. The following summarizes the transactions to date of the district. From Year Date of Project Costs Ended Creation Capital and administrative expenditures $ 263,010 $5,115,397 Interest and issuance costs on long-term debt 16,430 787,150 Interest on advances from other funds - - - 1,018,488 Debt issuance costs - - - 24,902

Total Project Costs 279,440 6,945,937

Less: Project Revenues Tax increments (578,753) (5,838,761) Intergovernmental (4,364) (36,421) Investment income and other (615) (214,820)

Total Project Revenues (583,732) (6,090,002)

Net Cost Recoverable (Recovered) Through Tax Increments - December 31, 2014 $ (304,292) $ 855,935

D. Joint Ventures The Village of Darien and the Town of Darien jointly operate the Darien emergency services rescue squad and the Darien fire department. The costs of these entities are shared by the municipalities based on their proportionate share of the village’s and town’s equalized values. The governing bodies of the rescue squad and fire department consists of members of the community and are elected by the membership of each entity.

The village’s portion of acquisition costs of the rescue squad’s capital assets are included in the statement of net position. The capital assets of the fire department are not available.

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E. Bond Covenant Compliance Provisions of resolutions for the village water and sewer utility revenue bonds require that a bond reserve fund of $173,953 be maintained in the event that other funds are insufficient for repayment of the debt. The required balance was on deposit at December 31, 2014. Other provisions of the water and sewer utility revenue bonds resolution require the adjusted net revenues of the utilities to be maintained at specified levels. The utility adjusted net revenues of $250,837 for the year ended December 31, 2014 met the required amount of $217,299 by $33,538.

F. Litigation and Contingencies In the opinion of management and the village’s legal counsel, the village is involved in no claims or lawsuits that would have a material effect on the financial statements in the event of an unfavorable outcome. G. Property Tax Levy Limit Wisconsin statutes limit the amount of property taxes that the state’s cities, villages, towns and counties may levy. For 2014, the increase in the allowable maximum tax levy is limited to the change in the equalized value resulting from net new construction. The village’s levy limit for 2014 (2013 tax levy) was $1,169,867, an increase of $10,779, or 0.93% from the prior year. The actual amount levied by the village was $1,169,867. H. Subsequent Events Management has evaluated the need for disclosure or recording of transactions resulting from subsequent events through June 11, 2015 the date the financial statements were available to be issued; and concluded the following matter required disclosure:

On March 27, 2015, the village issued $1,255,200 CDA Revenue Refunding Bonds to refund the 2014 note anticipation notes that had a balance of $1,059,488 at December 31, 2014.

Additional draws made by the village during 2015 on its 2014A and 2014B notes payable to the Town of Darien increased the note balances to $786,972 and $75,750, respectively.

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SUPPLEMENTAL INFORMATION

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A two-page combining balance sheet- nonmajor governmental funds - follows.

CommunityDevelopment Family

Library Block Connections SeniorOperations Grant Fund Center

AssetsCash and investments 217,441$ 33,801$ 3,357$ -$ Due from other funds - - - - Accounts receivable - - - - Taxes receivable 90,000 - 4,900 10,342

Total Assets 307,441 33,801 8,257 10,342

LiabilitiesAccounts payable 16,921 - 14 1,596 Accrued payroll 4,402 - 227 100 Payroll taxes payable 531 - 35 8 Due to other funds 6,823 - - 4,300

Total Liabilities 28,677 - 276 6,004

Deferred Inflows of ResourcesProperty taxes 90,000 - 4,900 10,342

Fund BalancesNonspendable 8,000 - - - Assigned 180,764 33,801 3,081 (6,004)

Total Fund Balances 188,764 33,801 3,081 (6,004)

Total Liabilities, Deferred Inflows ofResources and Fund Balances 307,441$ 33,801$ 8,257$ 10,342$

VILLAGE OF DARIENCOMBINING BALANCE SHEET

DECEMBER 31, 2014

Special Revenue Funds

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NONMAJOR GOVERNMENTAL FUNDS

DebtService Fund

ImpactRevolving Fees General

Capital Capital DebtImprovements Projects Service Totals

86,829$ 158,708$ 3,763$ 503,899$ 80,977 - - 80,977

- - - - 75,000 - - 180,242

242,806 158,708 3,763 765,118

8,668 - - 27,199 - - - 4,729 - - - 574 - - 11,123

8,668 - - 43,625

75,000 - - 180,242

- - - 8,000 159,138 158,708 3,763 533,251

159,138 158,708 3,763 541,251

242,806$ 158,708$ 3,763$ 765,118$

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Capital Projects

A two-page combining statement of revenues, expenditures and changes in fund balances - nonmajor governmental funds - follows.

CommunityDevelopment Family

Block Connections SeniorLibrary Grant Fund Center

RevenuesTaxes 90,000$ -$ 5,953$ 9,542$ Intergovernmental 30,921 - - - Investment income 405 40 - - Donations 19,132 - 4,500 - Other 2,948 16,725 - 4,825

Total Revenues 143,406 16,765 10,453 14,367


General administration - 3,528 - - Public works - - - - Health and human services - 34,125 7,373 - Culture, recreation and education 141,622 - - 20,371

Debt service:Principal - - - - Interest - - - -

Capital outlay - - - -

Total Expenditures 141,622 37,653 7,373 20,371

Other Financing Sources (Uses)Transfers in - - - - Transfers out - - (46,474) (72,373)

Total Other Financing Sources (Uses) - - (46,474) (72,373)

Net changes in fund balances 1,784 (20,888) (43,394) (78,377)

Fund Balances - January 1 186,980 54,689 46,475 72,373

Fund Balances - December 31 188,764$ 33,801$ 3,081$ (6,004)$


Special Revenue Funds

VILLAGE OF DARIENCOMBINING STATEMENT OF REVENUES,

EXPENDITURES AND CHANGES IN FUND BALANCESNONMAJOR GOVERNMENTAL FUNDS

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Debt ServiceFund

Revolving GeneralCapital Impact Debt

Improvements Fees Service Totals

115,000$ -$ 176,238$ 396,733$ - - - 30,921 - 283 - 728 - - - 23,632 - 8,303 - 32,801

115,000 8,586 176,238 484,815

- - - 3,528 - - - - - - - 41,498 - - - 161,993

- - 108,750 108,750 - - 102,800 102,800

106,577 - - 106,577

106,577 - 211,550 525,146

- - 35,312 35,312 - - - (118,847)

- - 35,312 (83,535)

8,423 8,586 - (123,866)

150,715 150,122 3,763 665,117

159,138$ 158,708$ 3,763$ 541,251$

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Capital Projects

Original and Actual Variance withFinal Budgets Amounts Budget

TaxesGeneral property taxes 773,135$ 774,530$ 1,395$ Interest on taxes - 950 950

Total Taxes 773,135 775,480 2,345

Intergovernmental RevenuesState shared revenue 271,520 270,200 (1,320) State exempt computer aid 2,500 2,509 9 State transportation aid 78,000 78,407 407 Fire insurance tax 3,500 4,456 956 State recycling aid 6,000 6,013 13

Total Intergovernmental 361,520 361,585 65

Licenses and PermitsLiquor licenses 3,800 4,040 240 Operators' licenses 950 1,460 510 Cigarette licenses 300 300 - Dog licenses 800 157 (643) Building permits 10,000 48,826 38,826 Zoning permits 500 500 - Other permits and licenses 400 800 400

Total Licenses and Permits 16,750 56,083 39,333

Fines and ForfeituresCourt penalties and costs 42,000 33,150 (8,850)

Charges for ServicesCharges for services-weeds - 743 743 Charges for services-public works - 1,123 1,123 Charges for services-park shelter 2,000 3,000 1,000

Total Charges for Services 2,000$ 4,866$ 2,866$


VILLAGE OF DARIEN

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GENERAL FUNDSCHEDULE OF REVENUES - BUDGET AND ACTUAL


Investment IncomeInterest on investments 500$ 550$ 50$

OtherInsurance dividends and recoveries 500 7,727 7,227 Insurance premiums-other departments 22,000 24,451 2,451 All other 2,500 2,798 298

Total Other 25,000 34,976 9,976

TOTAL REVENUES 1,220,905$ 1,266,690$ 45,785$

GENERAL FUND

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VILLAGE OF DARIEN

SCHEDULE OF REVENUES - BUDGET AND ACTUAL FOR THE YEAR ENDED DECEMBER 31, 2014


General GovernmentVillage board-salaries 14,000$ 11,945$ 2,055$ Village board-benefits 1,071 848 223 Village board-other 600 - 600 Municipal judge-salaries 5,000 5,000 - Municipal judge-benefits 383 353 30 Court clerk-salaries 15,035 15,386 (351) Court clerk-benefits 12,614 12,848 (234) Municipal court-other 4,050 2,853 1,197 Legal counsel 34,000 29,057 4,943 Clerk/treasurer-salaries 63,043 63,201 (158) Clerk/treasurer-benefits 33,359 33,201 158 Clerk/treasurer-other 13,750 17,291 (3,541) Elections-salaries 3,000 2,096 904 Elections-other 1,900 759 1,141 Assessor 6,600 5,291 1,309 Auditing and accounting 9,000 8,344 656 Village hall 34,175 21,649 12,526 Property and liability insurance 40,000 22,971 17,029 Workers compensation 25,000 20,531 4,469 Local government insurance 9,000 9,360 (360) Uncollectible property taxes - 5,586 (5,586) Contingency fund 41,000 - 41,000

Total General Government 366,580 288,570 78,010

Public SafetyPolice-benefits - 15,354 (15,354) Police patrol-contracted services 495,000 495,000 - Police patrol-other 1,500 2,433 (933) Police clerk-salaries 15,035 14,546 489 Police clerk-benefits 12,613 12,517 96 Crossing guards-salaries 2,500 2,010 490 Crossing guards-benefits 191 154 37 Crossing guards-other 250 - 250 Fire department 49,617 54,073 (4,456) Rescue squad 1,208 990 218 Building inspector 8,000 33,934 (25,934) Jail detention 850 1,395 (545) Emergency government-other - 122 (122)

Total Public Safety 586,764$ 632,528$ (45,764)$


GENERAL FUNDSCHEDULE OF EXPENDITURES - BUDGET AND ACTUAL

VILLAGE OF DARIEN

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Public WorksEngineering 18,000$ 4,773$ 13,227$ Machinery and equipment-salaries 12,000 22,121 (10,121) Machinery and equipment-benefits 6,731 8,951 (2,220) Machinery and equipment-other 10,300 18,251 (7,951) Village garage-other 12,100 10,956 1,144 Streets and alleys-salaries 23,500 45,974 (22,474) Streets and alleys-benefits 11,692 19,367 (7,675) Streets and alleys-other 28,087 26,773 1,314 Building maintenance-salaries 11,790 6,734 5,056 Building maintenance-benefits 6,687 5,335 1,352 Street lighting 25,000 29,451 (4,451) Sidewalks 2,000 - 2,000 Storm sewers-salaries 11,790 3,374 8,416 Storm sewers-benefits 6,605 4,789 1,816 Storm sewers-other 5,000 1,352 3,648 Garbage collection 52,000 54,895 (2,895) Recycling-salaries 12,487 11,340 1,147 Recycling-benefits 8,489 7,773 716 Recycling-other 28,000 28,358 (358)

Total Public Works 292,258 310,567 (18,309)

Health and Human ServicesCemetery 2,000 2,000 -

Culture, Recreation and EducationParks-salaries 29,655 30,565 (910) Parks-benefits 13,979 12,942 1,037 Parks-other 31,200 36,730 (5,530) Celebrations 1,000 1,000 -

Total Culture, Recreation and Education 75,834$ 81,237$ (5,403)$

GENERAL FUNDSCHEDULE OF EXPENDITURES - BUDGET AND ACTUAL


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VILLAGE OF DARIEN


Conservation and DevelopmentPlanning commission-salaries 900 540 360 Planning commission-benefits 69 41 28 Zoning 2,500 384 2,116 Urban development 10,000 961 9,039

Total Conservation and Development 13,469 1,926 11,543

Capital OutlayFire - 19,933 (19,933)

Total Capital Outlay - 19,933 (19,933)

TOTAL EXPENDITURES 1,336,905$ 1,336,761$ 144$

SCHEDULE OF EXPENDITURES - BUDGET AND ACTUAL

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GENERAL FUNDVILLAGE OF DARIEN

Operating RevenuesSales of Water:

Unmetered sales 3,153$ Metered sales - residential 174,171 Metered Sale - multi-family 11,267 Metered sales - commercial 11,745 Metered sales - industrial 13,721

Total Metered sales 210,904

Private fire protection 8,001 Public fire protection 107,819 Other sales to public authorities 4,811

Total Sales of Water 334,688

Other Operating revenues:Forfeited discounts 1,545 Other water revenues 5,471

Total Operating Revenues 341,704

Operating ExpensesOperation and Maintenance Expenses:

Plant Operation and Maintenance Expenses:Salaries and wages 54,292 Power purchased for pumping 29,668 Chemicals 6,203 Supplies and expenses 12,918 Repairs to water plant 74,532 Transportation expense 2,720

Total Plant Operation and Maintenance Expenses 180,333

General Expenses:Administrative and general expenses 29,952 Office supplies and expenses 2,524 Outside services employed 13,248 Insurance 3,973 Employee pensions and benefits 38,309 Regulatory commission 653 Miscellaneous general expenses 3,370

Total General Expenses 92,029

Total Operation and Maintenance Expenses 272,362

Depreciation expense 152,019 Taxes 145,170

Total Operating Expenses 569,551

Operating Loss (227,847)$ 49

VILLAGE OF DARIENPROPRIETARY FUND TYPE - ENTERPRISE FUND

SCHEDULE OF WATER UTILITY OPERATING REVENUES AND EXPENSESFOR THE YEAR ENDED DECEMBER 31, 2014

Operating RevenuesSewage Revenues:

Residential 390,622$ Multi-family 25,677 Commercial 27,236 Industrial 36,308 Public authorities 11,298

Total Sewage Revenues 491,141

Other Operating Revenues:Forfeited discounts 2,325 Miscellaneous revenues 424

Total Operating Revenues 493,890

Operating ExpensesOperation and Maintenance Expenses:

Plant Operation and Maintenance Expenses:Supervision and labor 24,028 Power for pumping 3,708 Operating supplies and expenses 5,067 Maintenance 9,494 Sewage treatment - contract services 190,296

Total Plant Operation and Maintenance Expenses 232,593

Customer Accounting and Collection Expenses:Billing and collecting 31,378 Meter reading 641

Total Customer Accounts and Collection Expenses: 32,019

General Expenses:Office supplies and expenses 218 Outside services employed 5,712 Insurance 3,973 Employee pensions and benefits 34,361 Other general expenses 2,669

Total General Expenses 46,933

Total Operation and Maintenance Expenses 311,545

Depreciation expense 33,472 Taxes 4,252

Total Operating Expenses 349,269

Operating Income 144,621$

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VILLAGE OF DARIENPROPRIETARY FUND TYPE - ENTERPRISE FUND

SCHEDULE OF SEWER UTILITY OPERATING REVENUES AND EXPENSESFOR THE YEAR ENDED DECEMBER 31, 2014

VILLAGE OF DARIEN ANNUAL FINANCIAL REPORT FOR THE …555B48AD-D1F6-4E05...BAB bonds 2010 interest...

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