In the minutes: Oakbrook Terrace packet, flock camera (Oct 13)

City of Oakbrook Terrace
City Hall
17W275 Butterfield Rd.
Oakbrook Terrace, IL 60181
www.oakbrookterrace.net

City Council Regular Meeting Agenda
Tuesday, October 13, 2026, at 7:00 PM
Council Chambers - City Hall - 17W261 Butterfield Road

City of Oakbrook Terrace
City Council Regular Meeting
October 13, 2026
2

CITY COUNCIL REGULAR MEETING AGENDA
Tuesday, October 13, 2026 at 7:00 PM
Council Chambers - City Hall - 17W261 Butterfield Road
www.oakbrookterrace.net

Mayor Paul Esposito
City Clerk Michael Shadley
City Council Members:
Ward 1: Alderman Charlie Barbari and Alderman Eric Biskup
Ward 2: Alderman Michael Sarallo and Alderman Dennis Greco
Ward 3: Alderman Bob Rada and Geza Petro
I.

CALL TO ORDER

II.

ROLL CALL

III.

PLEDGE OF ALLEGIANCE

IV.

ADDITIONS OR DELETIONS TO THE AGENDA

V.

APPROVAL OF MINUTES - CHANGES OR CORRECTIONS
Approval of Meeting Minutes from September 22, 2026.

VI.

PUBLIC PARTICIPATION

VII.

ACTION ITEMS / CONSENT AGENDA
Payment of City Bills: October 13, 2026, in the amount of $291,061.69.

VIII.

ITEMS REMOVED FROM THE CONSENT AGENDA

IX.

RECESS TO COMMITTEE OF THE WHOLE

X.

MAYOR ESPOSITO

XI.

COMMITTEE OF THE WHOLE
1. Michael Ledonne from York Township Mental Health Commission to present.
2. Presentation of FY26 Audit by Nick Bava from Sikich.
3. Discussion on Landscaping Timbers (Commercial).
4. PRMS Agreement.

City of Oakbrook Terrace
City Council Regular Meeting
October 13, 2026
3
5. DuPage County Visitor’s Bureau (DCVB) Annual Agreement.
XII.

COUNCIL MEMBER COMMENTS

XIII.

CITY ATTORNEY

XIV.

CITY CLERK

XV.

CITY ADMINISTRATOR

XVI.

RECONVENE THE CITY COUNCIL MEETING

XVII.

RECESS TO EXECUTIVE SESSION

XVIII.

EXECUTIVE SESSION
Closed session pursuant to Section 2(c)(5) of the Open Meetings Act to discuss the purchase or
discussing whether a particular parcel should be acquired.

XIX.

RECONVENE THE CITY COUNCIL MEETING

XX.

NEW BUSINESS
1. Approval of PRMS Agreement.
2. Approval of DCVB Annual Agreement.
3. Ordinance 26-73 Ratifying the Execution of a Real Estate Sale Agreement for the
Acquisition of Real Property – City of Oakbrook Terrace – 17W071 Hodges Road, Oakbrook
Terrace, Illinois.

XXI.

ADJOURN
The next Regular City Council Meeting is scheduled for Tuesday, October 27, at 7:00 pm.

In compliance with the Americans with Disabilities Act and other applicable Federal and State laws, the
City of Oakbrook Terrace meetings will be accessible to individuals with disabilities. Persons requiring
auxiliary aids and services should contact the Executive Offices at 17W275 Butterfield Road, Oakbrook
Terrace, Illinois 60181, or call (630) 941-8300 in advance of the meeting to inform them of their
anticipated attendance.

City of Oakbrook Terrace
City Hall
17W275 Butterfield Rd.
Oakbrook Terrace, IL 60181
www.oakbrookterrace.net

City Council Regular Meeting Minutes
Tuesday, September 22, 2026, at 7:00 PM
Council Chambers - City Hall - 17W261 Butterfield Road

City of Oakbrook Terrace
City Council Regular Meeting
September 22, 2026
2

CITY COUNCIL REGULAR MEETING MINUTES
Tuesday, September 22, 2026 at 7:00 PM
Council Chambers - City Hall - 17W261 Butterfield Road
www.oakbrookterrace.net
Mayor Paul Esposito
Deputy City Clerk Margie Tannehill
City Council Members:
Ward 1: Alderman Charlie Barbari and Alderman Eric Biskup
Ward 2: Alderman Michael Sarallo and Alderman Dennis Greco
Ward 3: Alderman Bob Rada and Geza Petro
I.

CALL TO ORDER
Mayor Esposito called September 22, 2026, Regular and Committee of the Whole Meeting of
the City Council to order at 7:00 PM.

II.

ROLL CALL
Roll call indicated the following City Council members in attendance.
Present: Aldermen Barbari, Biskup, Greco, Petro, Rada, Sarallo and Mayor Esposito.
Also in attendance: City Administrator: T. Walker, and City Attorney R. Ramello.

III.

MAYOR ESPOSITO LED IN THE PLEDGE OF ALLEGIANCE

IV.

ADDITIONS OR DELETIONS TO THE AGENDA
None

V.

APPROVAL OF MINUTES - CHANGES OR CORRECTIONS
A motion to approve the Regular City Council Meeting Minutes from September 8, 2026 was
made by Alderman Greco and seconded by Alderman Rada. The motion carried.

VI.

PUBLIC PARTICIPATION
None

VII.

ACTION ITEMS/CONSENT AGENDA
Payment of City Bills: September 22, 2026, in the amount of $279,350.17.

City of Oakbrook Terrace
City Council Regular Meeting
September 22, 2026
3
A motion to approve the Action Items/Consent Agenda as noted above was made by Alderman
Biskup and seconded by Alderman Rada.
Roll call
Ayes: Barbari, Biskup, Greco, Petro, Rada and Sarallo
Nayes: None
Absent: None
VIII.

ITEMS REMOVED FROM THE CONSENT AGENDA
None

IX.

RECESS TO COMMITTEE OF THE WHOLE
Motion to Recess to Committee of the Whole made by Alderman Rada and seconded by
Alderman Petro.

X.

MAYOR ESPOSITO
Mayor Esposito provided the following updates:
•

September 11 Fire: On September 11, a house fire occurred at 17W161 Monterey. Several fire
departments responded to the scene. Mayor Esposito thanked Chief Turkovich and his team for
taking control of the fire, as well as the surrounding communities for their assistance. The
residents were not injured and were provided with temporary accommodations at a hotel.

•

Shred Drive and Electronic Recycling: The annual Shred Drive and Electronic Recycling
event was held on September 19. Residents expressed their appreciation for the event.

•

Historical Society Hippach Chapel: The Historical Society held a 100-year celebration of the
Hippach Chapel last Sunday, which included the unveiling of the chapel’s urn containing
numerous historical artifacts. Bob Shanahan noted that four great-grandchildren of the Hippach
family were in attendance. Posters commemorating the event will be displayed at the Historical
Society.

•

Oktoberfest: The 1st Annual Oktoberfest will be held at Gulliver’s on October 3 from 12:00 p.m.
to 11:00 p.m. Residents will receive a complimentary bratwurst and their choice of beverage
with proof of residency.

•

District 88 Curriculum Night: On September 10, District 88 celebrated 190 years of
Curriculum Night. Mayor Esposito thanked the Superintendent, Board, and teachers for their
efforts.

•

Pumpkins in the Park: Pumpkins in the Park will be held on October 17 from 12:00 p.m. to
2:00 p.m. at Dorothy Drennon Park. The event will include a hayride, inflatables, face painting,
and donuts.

•

Fire District Open House: The Oakbrook Terrace Fire Protection District, Station 49, will host
an open house on October 10 from 9:00 a.m. to 12:00 p.m.

City of Oakbrook Terrace
City Council Regular Meeting
September 22, 2026
4
•

Lions Club Pasta Dinner: The Lions Club’s 35th Annual Pasta Dinner will be held on October
10 at the Salvation Army. Tickets may be purchased at the door. The Lions Club is now a
501(c)(3) organization, making qualifying donations tax-deductible.

•

Council Chambers: Work on the Council Chambers will begin October 23. As a result, the
meeting room will not be available for the Council meeting scheduled for October 27. The
meeting may be held at an alternate location or may be cancelled.

XI.

COMMITTEE OF THE WHOLE
1. Ordinance 26-70 Adjusting the Number of Class “A” Liquor Licenses – Summit Twin
Restaurants, LLC by One; and Notice, Declaration and Order – Forfeiture of Liquor License
and Certificate of Service (Twin Peaks Restaurant).
On May 19, 2026, Twin Restaurants Oakbrook, LLC through bankruptcy court received
authority to sell to Summit Twin Restaurants Oakbrook, LLC. As a result of change in
ownership, the City will decrease by one the number of Class “A” liquor licenses held under
Twin Restaurants Oakbrook LLC.
Summit Twin Restaurants Oakbrook LLC has submitted an application for a Class “A” liquor
license. The Mayor, acting in his capacity as Liquor Commissioner, requested approval of a
Class “A” liquor license for Summit Twin Restaurants, LLC.
Attorney, Joseph DePalma explained that the application is essentially a reapplication for
the same liquor license due to the change in ownership.
Alderman Rada questioned the reason for the change. Attorney DePalma clarified that the
change is necessary because of the change in ownership of the restaurant.
Moved to New Business.
2. Ordinance 26-71 Adjusting the Number of Class “A” Liquor Licenses – Millhurst Charhouse
& Banquets, Inc., doing business as Millhurst Charhouse; and Notice, Declaration and Order
– Forfeiture of Liquor License and Certificate of Service (Millhurst Charhouse).
It was reported that Millhurst Charhouse & Banquets, Inc., doing business as Millhurst
Charhouse, is decreasing its Class “A” liquor license by one.
Alderman Rada questioned whether the restaurant would remain closed. The Mayor
explained that Millhurst primarily operates as a special events venue.
Alderman Biskup confirmed that, as liquor licenses are increased, the Board has authorized
a maximum of 21 Class “A” liquor licenses.
Moved to New Business.

City of Oakbrook Terrace
City Council Regular Meeting
September 22, 2026
5
3. Ordinance 26-72 Adjusting the Number of Class “A” Liquor Licenses – Oakbrook Enterprise,
LLC, doing business as Comfort Suites; and Notice, Declaration and Order – Forfeiture of
Liquor License and Certificate of Service (Comfort Suites).
It was reported that Comfort Suites is decreasing its Class “A” liquor license by one. The
hotel was recently sold to Sean Thacker. If Mr. Thacker chooses to serve alcohol at the
hotel, he will be required to submit a new application for a Class “A” liquor license.
Alderman Sarallo reiterated that the hotel currently cannot serve alcohol.
Moved to New Business.
4. Resolution 26-26 In Support of an Illinois Transportation Enhancement Program (ITEP)
Grant Application for the Terrace View Path Improvements.
The Resolution supports the City’s application for an Illinois Transportation Enhancement
Program (ITEP) grant for the Terrace View Path Improvements. If awarded, the ITEP grant
would provide funding for approximately 80% of the engineering, design, and construction
costs associated with the project.
C. Ward reported that the Illinois Open Lands Acquisition and Development (OSLAD)
program has accepted the City’s grant application, which was discussed at the previous
meeting. The City will be notified once a decision has been made regarding the application.
Approval of the ITEP grant will help pay for 80% of engineering, design and construction.
Moved to New Business.
5. Department Head Updates.
C. Ward, Public Works: Terrace View Park has been restored now that the summer concerts
have ended. The 2026 surplus vehicles have been sold through Municibid. A total of
$24,550 was received for the vehicles.
M. Headley, Community Development: 24 permits were issued since last month’s update.
Currently remodel permits are being reviewed for a couple of tenants. There will be
changes in signage at Sabrinas. The annual aesthetics inspections are almost done.
Permits are being issued for a home located in the City where the driveway is collapsing.
J. Wade, Finance: The annual audit is nearly done, auditors will be present at the October
13th Council Meeting to present their findings. A project is underway in reviewing files for
records destruction.
Chief Calvello, Police: In the process of making an offer to two lateral officers bringing the
City to full capacity with 25 officers. A successful lockdown drill was performed at Stella
Mae School.

City of Oakbrook Terrace
City Council Regular Meeting
September 22, 2026
6
Alderman Barbari asked how many flock cameras the City currently has and what
information can be viewed or monitored through the cameras. you can actually see and
watch.
Chief Calvello explained that the cameras capture vehicles and their license plates. Mayor
Esposito added that the cameras were installed to assist law enforcement with solving
crimes and to help monitor traffic violations.
Alderman Biskup complemented Chief Calvello about the police presence with kids back to
school.
Alderman Geza asked how long the loop is on the flock camera in which Chief Calvello
replied 30 days unless set otherwise.
XII.

COUNCIL MEMBER COMMENTS
Alderman Rada stated that the Presidents Cup is beginning and the Junior cup just finished.
Alderman Greco said that if there are any historical documents founds as J. Wade goes through
files, to give them to the Historical Society. Maintenance program for the creek and treating the
invasive plants looks good.
Alderman Biskup thanked the department heads for their monthly reports. Oakbrook Terrace
Fire Protection did a fantastic job with the recent house fire.
Alderman Barbari questioned the properties that have been damaged or destroyed by fire and
subsequently boarded up, including how long a property may remain boarded up. The Mayor
referred to the Property Maintenance Code, which allows a property to remain boarded up for
up to one year. He noted that one of the fire-damaged properties is approaching the one-year
limit, and the owner is currently considering whether to rebuild the property.
Alderman Sarallo requested that any historical information J. Wade may discover wile reviewing
and organizing older files be preserved.
Alderman Petro expressed his thanks for the police involvement with Birkshire. Questioned M.
Headley about the home inspections and process.

XIII.

CITY ATTORNEY
No comment.

XIV.

DEPUTY CLERK
No comment.

XV.

CITY ADMINISTRATOR
Social media page has all the events the City is hosting. Both J. Wade and M. Tannehill are
volunteering for the President’s Cup.

City of Oakbrook Terrace
City Council Regular Meeting
September 22, 2026
7
XVI.

RECONVENE THE CITY COUNCIL MEETING
Motion to reconvene the City Council meeting was made by Alderman Rada and seconded by
Alderman Greco. Motion approved via an acclamation vote.

XVII.

RECESS TO EXECUTIVE SESSION
Motion to recess to executive session was made by Alderman Biskup and seconded by
Alderman Sarallo.
Roll call
Ayes: Barbari, Biskup, Greco, Petro, Rada and Sarallo
Nayes: None
Absent: None

XVIII.

EXECUTIVE SESSION
Closed session pursuant to Section 2(c)(5) of the Open Meetings Act to discuss the purchase or
lease of real property for the use of the city, including, but not limited to, the purpose of
discussing whether a particular parcel should be acquired.

XIX.

RECONVENE THE CITY COUNSEL MEETING
Motion to reconvene the City Council Meeting was made by Alderman Greco and seconded by
Alderman Petro. Motion approved via an acclamation vote.

XX.

NEW BUSINESS
1. Ordinance 26-70 Adjusting the Number of Class “A” Liquor Licenses – Summit Twin
Restaurants, LLC by One; and Notice, Declaration and Order – Forfeiture of Liquor License
and Certificate of Service (Twin Peaks Restaurant).
Motion to approve Ordinance 26-70 Adjusting the Number of Class “A” Liquor Licenses –
Summit Twin Restaurants, LLC by One; and Notice, Declaration and Order – Forfeiture of
Liquor License and Certificate of Service (Twin Peaks Restaurant) was made by Alderman
Barbari and seconded by Alderman Sarallo.
Roll call
Ayes: Barbari, Biskup, Greco, Petro, Rada and Sarallo
Nayes: None
Absent: None
2. Ordinance 26-71 Adjusting the Number of Class "A" Liquor Licenses - Millhurst Charhouse &
Banquets, Inc., doing business as Millhurst Charhouse; and Notice, Declaration and Order –
Forfeiture of Liquor License and Certificate of Service (Millhurst Charhouse).
Motion to approve Ordinance 26-71 Adjusting the Number of Class "A" Liquor Licenses Millhurst Charhouse & Banquets, Inc., doing business as Millhurst Charhouse; and Notice,
Declaration and Order – Forfeiture of Liquor License and Certificate of Service (Millhurst
Charhouse) was made by Alderman Greco and seconded by Alderman Barbari.

City of Oakbrook Terrace
City Council Regular Meeting
September 22, 2026
8
Roll call
Ayes: Barbari, Biskup, Greco, Petro, Rada and Sarallo
Nayes: None
Absent: None
3. Ordinance 26-72 Adjusting the Number of Class "A" Liquor Licenses - Oakbrook Enterprise,
LLC, doing business as Comfort Suites; and Notice, Declaration and Order – Forfeiture of
Liquor License and Certificate of Service (Comfort Suites).
Motion to approve Ordinance 26-72 Adjusting the Number of Class "A" Liquor Licenses Oakbrook Enterprise, LLC, doing business as Comfort Suites; and Notice, Declaration and
Order – Forfeiture of Liquor License and Certificate of Service (Comfort Suites) was made
by Alderman Barbari and seconded by Alderman Rada.
Roll call
Ayes: Barbari, Biskup, Greco, Petro, Rada and Sarallo
Nayes: None
Absent: None
4. Resolution 26-26 In Support of an Illinois Transportation Enhancement Program (ITEP)
Grant Application for the Terrace View Path Improvements.
Motion to approve Resolution 26-26 In Support of an Illinois Transportation Enhancement
Program (ITEP) Grant Application for the Terrace View Path Improvements was made by
Alderman Biskup and seconded by Alderman Barbari.
Roll call
Ayes: Barbari, Biskup, Greco, Petro, Rada and Sarallo
Nayes: None
Absent: None
ADJOURN
Motion to adjourn was made by Alderman Rada and seconded by Alderman Petro at 8:04 PM.
Acclamation vote was made with all Ayes. Motion carried unanimously.
The next Regular City Council Meeting is scheduled for Tuesday, October 13, 2026 at 7:00 pm.
Respectfully submitted,

_____________________________________________________
Margie Tannehill, Deputy Clerk

City of Oakbrook Terrace
City Council Regular Meeting
September 22, 2026
9
Attested:

_____________________________________________________
Michael Shadley, Clerk

In compliance with the Americans with Disabilities Act and other applicable Federal and State
laws, the City of Oakbrook Terrace meetings will be accessible to individuals with
disabilities. Persons requiring auxiliary aids and services should contact the Executive Offices
at 17W275 Butterfield Road, Oakbrook Terrace, Illinois 60181, or call (630) 941-8300 in advance
of the meeting to inform them of their anticipated attendance.

Short Announcements for Municipality Communication Channels:

OPTION 1 FOR NEWSLETTERS & OTHER ANNOUNCEMENTS:
York Township Community Mental Health Board Grant Opportunity
The York Township Community Mental Health Board is now accepting grant applications
from qualified organizations providing mental health, substance use, and developmental
disability services to York Township residents. This funding opportunity is part of the
Board's mission to strengthen local services and improve access to care following the
voter-approved establishment of the 708 Mental Health Board. Eligible service providers
are encouraged to apply and partner in building a healthier, more connected community.
Application information and submission guidelines are available at
https://yorktwsp.com/supervisor-home/708-mental-health-board/

OPTION 2 FOR NEWSLETTERS & OTHER ANNOUNCEMENTS:
Investing in Mental Health for York Township
The York Township Community Mental Health Board is pleased to announce that grant
applications are now open for organizations serving residents with mental health,
substance use, and developmental disability needs. This initiative represents an important
investment in expanding local services and supporting the well-being of individuals and
families throughout our community. Qualified providers are encouraged to learn more and
apply by visiting https://yorktwsp.com/supervisor-home/708-mental-health-board/

SOCIAL MEDIA:
Now Accepting Grant Applications!
The York Township Community Mental Health Board is seeking qualified organizations that
provide mental health, substance use, and developmental disability services for York
Township residents. Together, we're building a stronger network of care and investing in the
health and well-being of our community. Learn more and apply today:
https://yorktwsp.com/supervisor-home/708-mental-health-board/

#YorkTownship #MentalHealth #CommunityWellness #BehavioralHealth
#708MentalHealthBoard

YORK TOWNSHIP COMMUNITY
MENTAL HEALTH BOARD
YORK
TOWNSHIP
VOTED!

TH
On NOVEMBER 26 , 2024, York Township residents

VOTED for the referendum to form the 708 Community
Mental Health Board by over 65% of the vote.

A 708 COMMUNITY MENTAL HEALTH BOARD
is a behavioral health authority established by
local municipalities, townships, or counties in
Illinois under the state's Community Mental
Health Act. They are funded by local property
taxes to plan, coordinate, and fund services

for mental health, substance use, and
developmental disabilities.

WHAT COMES
NEXT?

WHAT IS A 708
COMMUNITY
MENTAL
HEALTH
BOARD?

COMMUNITY NEEDS
ASSESSMENT
A community needs assessment is a systematic
research process used to identify a community's
strengths, resources, and service gaps.

Why is it conducted?
Identify needs
Map resources
Drive action
Increase community engagement
Help shape the future of our township with your valuable feedback!
Your input will help us understand your awareness of and experiences with the
township that will shape how we align services to support residents and our mission.

https://yorktwsp.com/supervisorhome/708-mental-health-board/

York Township Community Mental Health Board
1502 S. Meyers Rd., Lombard, IL 60148 | (630) 620-2400

FOR IMMEDIATE RELEASE
York Township Community Mental Health Board to Begin Accepting Grant
Applications for Mental Health, Developmental Disability, and Substance
Use Services
Funding opportunity marks a significant milestone in expanding access to behavioral
health services for York Township residents
YORK TOWNSHIP, Ill. (July 1, 2026) — The York Township Community Mental Health Board
(708 Board) is pleased to announce that it will begin accepting grant applications from
qualified organizations providing mental health services, substance use disorder treatment
and recovery services, and programs supporting individuals with developmental
disabilities beginning July 1, 2026.
Eligible nonprofit organizations and service providers serving York Township residents are
encouraged to apply for funding to support programs that improve access to care, promote
early intervention, strengthen community resources, and enhance the overall well-being of
individuals and families throughout the township.
This funding opportunity represents a historic milestone following the overwhelming
support of York Township voters, who approved the referendum establishing the 708
Community Mental Health Board by more than 65 percent in the November 26, 2024
election. Through this voter-approved investment, the Board is committed to creating a
coordinated, community-driven system of care that addresses the evolving behavioral
health needs of residents.
"Today marks the beginning of an exciting partnership with the organizations that serve our
community every day," said Michael Ledonne, President of the York Township
Community Mental Health Board. "We encourage providers of all sizes to apply and help
us build a stronger, more connected network of services that ensures every resident has
access to the mental health, developmental disability, and substance use resources they
need to thrive. Together, we have an incredible opportunity to make a lasting impact on the
health and well-being of York Township."

https://yorktwsp.com/supervisor-home/708-mental-health-board/

The York Township Community Mental Health Board was established under Illinois'
Community Mental Health Act and is funded through a voter-approved property tax
dedicated to supporting mental health, developmental disability, and substance use
services for township residents. Rather than providing direct services, the Board identifies
community needs, develops strategic funding priorities, and partners with qualified local
agencies to expand access to high-quality care.
The Board encourages eligible service providers interested in applying for funding to review
the application requirements and submission guidelines.
•
•
•
•

All grant application agencies must be in business/in operation at least 3 years at
the time of application.
All funds requested must be used to directly benefit York Township residents
Grants for expansion of services will be given higher consideration than those of
startup or new services
Grants will be given up to a maximum of $50,000 per organization in 2026-2027.
However, the YTCMHB has the discretion to award multiple grants to an
organization based on funding availability and community needs.

Grant applications and additional information will be available starting July 1, 2026 at:
https://yorktwsp.com/supervisor-home/708-mental-health-board/
##
About the York Township Community Mental Health Board
The York Township Community Mental Health Board is a local governmental body
established under Illinois' Community Mental Health Act to support mental health,
developmental disability, and substance use services for York Township residents. Funded
through a voter-approved property tax, the Board identifies community needs, develops
strategic plans, and provides funding to qualified local agencies that deliver essential
services. Through collaboration, responsible stewardship, and community engagement,
the Board works to improve access to care, promote early intervention, and enhance the
quality of life for individuals and families throughout York Township.
Media Contact
York Township Community Mental Health Board
Michelle Padula
Media Contact
Phone: (630) 721-7435
Email: [email protected]

https://yorktwsp.com/supervisor-home/708-mental-health-board/

City of Oakbrook Terrace, Illinois

Annual Comprehensive
Financial Report
For the Year Ended
April 30, 2026

CITY OF OAKBROOK TERRACE, ILLINOIS
ANNUAL COMPREHENSIVE
FINANCIAL REPORT
For the Year Ended
April 30, 2026

Prepared by Finance Department
Tanya Walker
City Administrator/Finance Director

CITY OF OAKBROOK TERRACE, ILLINOIS
TABLE OF CONTENTS

Page(s)
INTRODUCTORY SECTION
Principal Officials .............................................................................................................

i

Organizational Chart .........................................................................................................

ii

Certificate of Achievement for Excellence in Financial Reporting ..................................

iii

Letter of Transmittal .........................................................................................................

iv-viii

FINANCIAL SECTION
INDEPENDENT AUDITOR’S REPORT ........................................................................

1-3

GENERAL PURPOSE EXTERNAL FINANCIAL STATEMENTS
Management’s Discussion and Analysis ..................................................................MD&A 1-13
Basic Financial Statements
Government-Wide Financial Statements
Statement of Net Position ...................................................................................

4-5

Statement of Activities .......................................................................................

6-7

Fund Financial Statements
Governmental Funds
Balance Sheet.................................................................................................

8

Reconciliation of Fund Balances of Governmental
Funds to the Governmental Activities in the
Statement of Net Position ............................................................................

9

Statement of Revenues, Expenditures, and Changes
in Fund Balances..........................................................................................

10

Reconciliation of the Governmental Funds Statement of
Revenues, Expenditures, and Changes in Fund Balances
to the Governmental Activities in the Statement of Activities ....................

11

CITY OF OAKBROOK TERRACE, ILLINOIS
TABLE OF CONTENTS (Continued)

Page(s)
FINANCIAL SECTION (Continued)
GENERAL PURPOSE EXTERNAL FINANCIAL STATEMENTS (Continued)
Basic Financial Statements (Continued)
Fund Financial Statements (Continued)
Proprietary Funds
Statement of Net Position ..............................................................................

12-13

Statement of Revenues, Expenses, and Changes in Net Position ..................

14

Statement of Cash Flows ...............................................................................

15-16

Fiduciary Funds
Statement of Fiduciary Net Position ..............................................................

17

Statement of Changes in Fiduciary Net Position ...........................................

18

Notes to Financial Statements .................................................................................

19-58

Required Supplementary Information
Schedule of Revenues, Expenditures, and Changes in Fund Balance Budget and Actual
General Fund ......................................................................................................
Schedule of Employer Contributions
Illinois Municipal Retirement Fund ...................................................................
Illinois Municipal Retirement Fund - SLEP .......................................................
Police Pension Fund ...........................................................................................
Schedule of Changes in the Employer’s Net Pension Liability (Asset)
and Related Ratios
Illinois Municipal Retirement Fund ...................................................................
Illinois Municipal Retirement Fund - SLEP .......................................................
Schedule of Changes in the Employer’s Net Pension Liability
and Related Ratios
Police Pension Fund ...........................................................................................
Schedule of Changes in the Employer’s Total OPEB Liability
and Related Ratios
Other Postemployment Benefit Plan ..................................................................
Notes to Required Supplementary Information ......................................................

59
60
61
62
63-64
65-66
67-68
69
70

CITY OF OAKBROOK TERRACE, ILLINOIS
TABLE OF CONTENTS (Continued)

Page(s)
FINANCIAL SECTION (Continued)
COMBINING AND INDIVIDUAL FUND FINANCIAL STATEMENTS
AND SCHEDULES
MAJOR GOVERNMENTAL FUNDS
Schedule of Revenues - Budget and Actual
General Fund ......................................................................................................
Schedule of Expenditures - Budget and Actual
General Fund ......................................................................................................
Schedule of Revenues, Expenditures, and Changes in Fund Balance Budget and Actual
Capital Improvements Fund ...............................................................................

71-72
73-79
80-81

NONMAJOR GOVERNMENTAL FUNDS
Combining Balance Sheet .......................................................................................
Combining Statement of Revenues, Expenditures, and
Changes in Fund Balances ....................................................................................
Schedule of Revenues, Expenditures, and
Changes in Fund Balance - Budget and Actual
Motor Fuel Tax Fund..........................................................................................
2012/2021 Refunding Bond Fund ......................................................................
Special Service Area #2 Fund ............................................................................

82
83
84
85
86

MAJOR ENTERPRISE FUND
Schedule of Revenues, Expenses, and Changes in Net Position Budget and Actual
Water Fund .........................................................................................................

87-89

SUPPLEMENTAL DATA
Schedule of Long-Term Debt Requirements
General Obligation Refunding Bonds Series 2013 .............................................
General Obligation Refunding Bonds Series 2021 .............................................

90
91

CITY OF OAKBROOK TERRACE, ILLINOIS
TABLE OF CONTENTS (Continued)

Page(s)
STATISTICAL SECTION
Financial Trends
Net Position by Component .............................................................................................
92-93
Change in Net Position.....................................................................................................
94-97
Fund Balances of Governmental Funds ...........................................................................
98-99
Changes in Fund Balances of Governmental Funds ........................................................ 100-101
Revenue Capacity
Equalized Assessed Value and Estimated Actual Value of Taxable Property ................
102
Property Tax Rates - Direct and Overlapping Governments...........................................
103
Principal Property Taxpayers ...........................................................................................
104
Property Tax Levies and Collections ...............................................................................
105
Sales Tax Collected by Category .....................................................................................
106
Direct and Overlapping Sales Tax Rates .........................................................................
107
Retailers’ Occupation, Service Occupation, and Use Tax...............................................
108
Hotel Tax Collections.......................................................................................................
109
Debt Capacity
Ratios of Outstanding Debt by Type................................................................................
110
Ratios of General Bonded Debt Outstanding ..................................................................
111
Direct and Overlapping Bonded Debt..............................................................................
112
Legal Debt Margin Information .......................................................................................
113
Demographic and Economic Information
Demographic Statistics.....................................................................................................
114
Principal Employers .........................................................................................................
115
Operating Information
Full-Time Equivalent Employees ....................................................................................
116
Operating Indicators ......................................................................................................... 117-118
Ten Largest Consumers - Waterworks and Sewerage Systems ......................................
119
Capital Asset Statistics .....................................................................................................
120
Surety Bonds of Principal Officers ..................................................................................
121

INTRODUCTORY SECTION

City of Oakbrook Terrace, Illinois
Principal Officials
April 30, 2026

MAYOR
Paul Esposito

CITY COUNCIL
Charlie Barbari
Eric Biskup
Dennis Greco

Michael Sarallo
Robert Rada
Geza Petro

CITY CLERK
Michael Shadley

APPOINTED OFFICIALS
Tanya Walker
Tanya Walker
Casey Calvello
Melissa Headley
Craig Ward
Storino, Ramello, & Durkin

City Administrator
Finance Director
Police Chief
Community Development Director
Public Services Director
City Attorney

-i-

City of Oakbrook Terrace Organizational Chart
Fiscal Year Ended April 30, 2026
City of Oakbrook
Terrace Residents

City Council

City Administrator

Mayor

City Attorney

City Clerk

Boards and
Commissions

Police Department
Community
Development

Finance/HR
Department
Public Services
Street Division
Water Division

Hotel
Commission

Community
Development
Department
Special Events and
Tourism

Police
Commission
Police Pensions
Board
- ii -

Government Finance Officers Association

Certificate of
Achievement
for Excellence
in Financial
Reporting
Presented to

City of Oakbrook Terrace
Illinois
For its Annual Comprehensive
Financial Report
For the Fiscal Year Ended
April 30, 2025

Executive Director/CEO

- iii -

WARD 1
Alderman Charlie Barbari
Alderman Eric Biskup

MAYOR
Paul Esposito
CITY CLERK
Michael Shadley
INTERIM CITY
ADMINISTRATOR
Tanya Walker

WARD 2
Alderman Frank Sarallo
Alderman Dennis Greco

CITY OF OAKBROOK TERRACE
17W275 BUTTERFIELD ROAD
OAKBROOK TERRACE, IL 60181
630-941-8300 FAX 630-617-0036

WARD 3
Alderman Robert Rada
Alderwoman Mary Fitzgerald

September 28, 2026
The Honorable Mayor Esposito
Members of the City Council and
Citizens of the City of Oakbrook Terrace, Illinois
We are pleased to submit the Annual Comprehensive Financial Report (ACFR) of the City of Oakbrook
Terrace, Illinois, for the fiscal year ending April 30, 2026. Illinois Compiled Statute numbered 65 ILCS5/88-3 requires the Finance Department to submit the audited financial statements to the City Council within six
(6) months of the fiscal year-end. Responsibility for both the accuracy of the data and the completeness and
fairness of the presentation, including all disclosures, rests with management. To the best of our knowledge
and belief, the enclosed data is accurate in all material respects and is reported in a manner designed to present
fairly the financial position and results of operations of the various funds and component units of the City of
Oakbrook Terrace. All disclosures necessary to enable the reader to gain the maximum understanding of the
City’s financial affairs have been included.
In developing and evaluating the City’s financial position, consideration is given tothe adequacy of internal
accounting controls. Internal accounting controls are designed to protect the government’s assets from loss,
theft or misuse and to compile sufficient reliable financial records in accordance with generally accepted
accounting principles (GAAP). As management, we assert that, to the best of our knowledge and belief, this
financial report is complete and reliable in all material respects.
Sikich CPA LLC, a firm of licensed certified public accountants, has audited the City of Oakbrook Terrace’s
financial statements. The goal of the independent audit is to provide reasonable assurance that the financial
statements of the City of Oakbrook Terrace for the fiscal year ended April 30, 2026, are free of material
misstatement. The independent audit involved examining on a test basis, evidence supporting the amounts
and disclosures in the financial statements; assessing the accounting principles used and significant estimates
made by management; and evaluating the overall financial statement presentation. The independent auditor
concluded, based upon the audit, that there was a reasonable basis for rendering an unmodified opinion that
the City of Oakbrook Terrace’s financial statements for the fiscal year ended April 30, 2026, are fairly
presented in conformity with GAAP. The independent auditor’s report is presented as the first component of
the financial section of this report.
GAAP requires that management provide a narrative introduction, overview and analysis to accompany the
basic financial statements in the form of Management’s Discussion and Analysis (MD&A). This letter of
transmittal is designed to complement the MD&A and should be read in conjunction with it. The City’s
MD&A can be found immediately following the report of the independent auditors.
PROFILE OF THE CITY OF OAKBROOK TERRACE
The City of Oakbrook Terrace (the “City”) is a home rule unit of local government as defined by the Illinois
Constitution and Illinois Statutes. It was incorporated in 1958 as the City of Utopia, but its name was
subsequently changed to the City of Oakbrook Terrace. The government operates under the city form as

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defined by Illinois Statutes, with an elected Mayor and six (6) Aldermen, who collectively form the City
Council. A professional City Administrator is employed, along with other staff positions that have been
created by local ordinance. The City is located approximately 17 miles directly west of the City of Chicago in
DuPage County. The City currently has a land area of 1.8 square miles and an estimated overnight population
of 2,751, but has an estimated daytime population of 30,000 to 50,000. The City is home to numerous
restaurants, retailers, seven (7) hotels, entertainment venues, and over 4,000,000 square feet of office
development. The City’s major employer is Commonwealth Edison with about 1,600 employees.
The City Council sets policy through adopting ordinances, resolutions, and the annual budget. The Mayor and
City Clerk are elected to four-year terms. Aldermen are elected to staggered four-year terms from three (3)
aldermanic districts. The mayor is the Chief Executive Officer of the City and ensures that the laws and
ordinances are faithfully executed. The mayor has supervision over all executive officers and employees of
the City. The mayor appoints by and with the advice and consent of the City Council, the City Administrator,
the City Treasurer, the City Attorney, the Chief of Police, Department Heads, and the Commission members.
The City Administrator is responsible for the proper administration of the affairs of the City as assigned by
the Mayor. The City has 50 full-time employees, which includes 22 sworn police officers.
The City provides a full range of services including police protection, construction and maintenance of streets
and infrastructure; potable water utility service; community development and general administrative services.
Fire Protection, Emergency Medical Services, and Parks and Recreation are provided by other local
governments. In addition to these services, the City also contributes towards a Police Pension Employment
System. The police pension is included in this report as a fiduciary component unit. The City levies an annual
property tax for the police pension actuarial required contribution. The property tax levy serves as the major
revenue source for the police pension.
The annual budget serves as the foundation for the City’s financial planning and control. All departments of
the City government are required to submit their budget requests to the City Administrator by the first week
in February of each year. The City Administrator, in their role as the appointed Budget Officer, uses these
requests as a starting point for developing the budget that will be presented to the City Council pursuant to the
provisions of the Illinois Budget Officer Act (65 ILCS 5/8-2-9.1) and the City’s home rule powers. After the
proposed budget is presented to the City Council, they are required to hold at least one (1) public hearing
concerning the proposed budget, and to adopt a final budget prior to May 1st, the beginning of the new fiscal
year. The budget is prepared by fund and appropriations are made at the department line-item level. The
budget also includes information on the past year actual expenditures, current year estimates, and requested
figures for the next fiscal year. Subsequent to budget approval, and during the course of the fiscal year, the
budget may be amended by a two-thirds majority of the City Council. In addition, the Budget Officer may
make line-item transfers under $10,000 within a department and/or between departments within the same fund.
Budget transfers that are greater than $10,000 require the approval of the City Council. The City’s legal level
of budgetary control is that expenditures may not legally exceed the budget at the fund level.
MAJOR INITIATIVES
(Present and Future)
Presented below is a fiscal year 2026 progress report, of the Council’s major initiatives.
City of Oakbrook Terrace Strategic and Comprehensive Plans:
In November of 2024, the city approved a new Strategic Planning & Goal Development Initiative. This major
city project began back in 2022 with the Northern Illinois Center for Governmental Studies. During the
strategic planning process, interviews with city leaders were conducted along with residents, business partners,
community organizations, and city staff to identify key short and long-term priorities for the city.
The short-term goals, which have a 1-3 year time frame that identified the highest priorities as; Support
employee retention through retirements and incorporating recruitment initiatives; Proactively enhance current

-v-

revenue streams and continuously evaluate new revenue and economic development opportunities and; Create
development/beautification plans for each business corridor within city limits.
The long-term goals have a 4-to-8 year time frame and included; Implement strategies identified in the
development/beautification plans for each business corridor with city limits; Develop a formal employee
retirement(s) succession plan for the city to maintain staffing in reducing turnover and; Focus on larger scale
projects such as annexation and development of the city’s open lands.
With the strategic plan serving as our roadmap, the city is now moving into the action planning process that
will focus on developing clear and measurable steps to achieve the plans goals.
City Grant Initiatives:
The city is committed to its ongoing efforts to secure and implement grant funding to address critical
community and infrastructure needs. Since 2024, the city has applied for over 3.6 million in available
grants, and since then have received over $615,000 in grant awards. One of our recently awarded grants was
through the Illinois Department of Commerce and Economic Opportunity for $215,000 towards our Salt
Storage Facility. This funding will be going towards the city’s upcoming curb and gutter infrastructure
project on three (3) designated city streets. The city also has some submitted grant applications that are still
pending possible approval from the end of 2025 to current. The City of Oakbrook Terrace will continuously
pursue new grant opportunities with our goals of supporting public safety, the community, economic
development, and infrastructure needs in the city’s continuing efforts to provide meaningful and quality
services to our residents.
FINANCIAL POLICIES SIGNIFICANT IMPACT ON FINANCIAL STATEMENTS
Budget Reserves
The City’s Budget Reserves policy requires that the City will maintain a General Fund reserve equal to at least
40% of estimated yearly revenues. Fiscal year 2026 resulted in an unassigned fund balance of $12,858,634
which represents approximately 108% of the fiscal year 2026 General Fund actual revenues of $11,865,742.
Accordingly, the City continues to surpass the budget reserve criteria. Since the reserve requirement has been
met, the excess reserves will provide added flexibility when considering operational and capital project needs.
Debt Administration
The City aspires to maintain good communication with bond rating agencies about its financial condition. The
City’s most recent bond ratingreceived an AA bond rating from Standard and Poor’s, which is the second
highest rating possible from this rating agency. The City has three (2) general obligation debt issues
outstanding at year end. The City’s total debt outstanding as of April 30, 2026,is $2,105,000. There are no
plans to issue new bonds. The City annually abates the bonds and uses alternate revenue sources to pay down
the principal and interest. Through abating these bonds, no property taxes are collected, thereby lowering tax
bills. SSA # 2 Bonds were paid off in this fiscal year and levies will stop in year ahead.

Investment Policy
Safety of the principal is the foremost objective of the investment policy. The purpose of the investment policy
is to also ensure the liquidity of investments so that the City can pay its bill on-time. Return on investment is
of secondary importance compared to the safety and liquidity of the account. The City also has a tri-party
collateralization agreement in place so that the fair market value of the City’s investments will not be less than
110%. Collateralization is needed because the Federal Depository Insurance Corporation only ensures bank
balances up to $250,000. In fiscal year 2026, the City earned a total of $662,611 in interest income in
Governmental Activities and $59,543 in Business-Type Activities, which was $109,571 more than the prior
year. The police pension investments through the Illinois Police Officers’ Investment Fund turned in an

- vi -

increase in fair value of $5,329,307 during fiscal year 2026. The police pension investments are governed by
a separate board and financial advisors.
FACTORS AFFECTING FINANCIAL CONDITION
Net Position
In previous years, the City implemented GASB 67 and 68 which required the City to record pension liabilities
for the Illinois Municipal Retirement Fund (IMRF), and Police Pension Plan on the Statement of Net Position.
The net pension liabilities for fiscal year 2026 were reported at $5,141,752. Beginning in fiscal year 2019, the
City implemented GASB 75, which improves the accounting and financial reporting for postemployment
benefits other than pensions (OPEB). The OPEB liability for fiscal year 2026 was reported at $295,159. Even
with this new requirement, the City still ended with a positive net position of $43,943,405 for Governmental
Activities (of which $12,095,650 is unrestricted) and $1,535,335 for Business-Type Activities.
Local Economy
General Fund fiscal year 2026 expenditures at $11,126,653 increased by $1,372,912 from fiscal year 2025.
This increase is primarily attributed to continuing rising costs of services and goods. Robust increases in Local
taxes as well as intergovernmental revenues increase in The General Fund revenues by $809,324 resulting in
total Fiscal Year 2026 General Fund revenues of $11,865,742.
The City’s equalized assessed valuation increasedfrom $318,380,222 for the 2024 tax levy to $326,510,978
for the 2025 tax levy representing a increase of $8,130,756 million. For fiscal year 2026, the City collected
$1,167,550 in property taxes that were earmarked for the police pension.
According to the current Census Bureau records, the per capita within the City is 2,751 an increase of 617 or
approximately 29% from the 2020 Census. This increase has impacted positively concerning our state shared
revenues going forward.
Long-term Financial Planning
The City adopts a budget on an annual basis that serves as the roadmap for all City operations. The City also
has a detailed Capital Improvement Program (CIP). The CIP covers the period of one (1) to five (5) years in
detail. As part of the budget preparation process, the CIP is reviewed, modified, and approved annually.
Beginning with the 2018 levy, the City Council switched to the 15-Year Open approach to finance the actuarial
required contribution. At the start, higher contributions to the police pension are required to remove a few
years to arrive at the 15-year point. The City is on target to achieve, if not exceed, the 90% funded actuarial
liability by 2040.
OTHER INFORMATION
Awards
The Government Finance Officers Association (GFOA) awards Certificates of Achievements for Excellence
in Financial Reporting to governments who publish an easily readable and efficiently organized Annual
Financial Report (AFR), which satisfies both generally accepted accounting principles and applicable legal
requirements.
A Certificate of Achievement is valid for a period of one (1) year only. We believe our current report meets
the Certificate of Achievement Program’s requirements and we are submitting it to the GFOA to determine its
eligibility for a certificate. If awarded to the City’s ACFR for the fiscal year ending April 30, 2026, it will be
the twenty-second (23rd) Certificate of Achievement for the City of Oakbrook Terrace.

- vii -

Acknowledgements
I would like to thank Mayor Esposito and the City Council for their direction and support in guiding the
administration in the planning and conducting the operations of the City in a responsible and progressive
manner.
Furthermore, the work of the independent auditors from Sikich CPA LLC is greatly appreciated.
Respectfully submitted,

Tanya Walker
City Administrator
Finance Director/Treasurer

- viii -

FINANCIAL SECTION

Certified Public Accountants & Advisors
Members of American Institute of Certified Public Accountants

1415 West Diehl Road, Suite 400
Naperville, IL 60563
+1 (630) 566-8400
sikich.com

INDEPENDENT AUDITOR’S REPORT
The Honorable Mayor
Members of the City Council
City of Oakbrook Terrace, Illinois
Report on the Audit of the Financial Statements
Opinions
We have audited the accompanying financial statements of the governmental activities, the businesstype activities, each major fund, and the aggregate remaining fund information of the City of Oakbrook
Terrace, Illinois (the City) as of and for the year ended April 30, 2026, and the related notes to financial
statements, which collectively comprise the City’s basic financial statements as listed in the table of
contents.
We did not audit the financial statements of the Police Pension Fund of the City which represents
98%, 98%, and 95%, respectively, of the assets, net position/fund balance and revenue/additions of
the aggregate remaining fund information of the City. Those financial statements were audited by
other auditors whose report thereon has been furnished to us, and our opinion, insofar as it relates to
the amounts included for the Police Pension Fund of the City is based on the report of the other
auditors.
In our opinion, based on our audit and the report of the other auditors, the financial statements referred
to above present fairly, in all material respects, the respective financial position of the governmental
activities, the business-type activities, each major fund, and the aggregate remaining fund information
of the City of Oakbrook Terrace, Illinois, as of April 30, 2026, and the respective changes in financial
position and, where applicable, cash flows thereof for the year then ended in accordance with
accounting principles generally accepted in the United States of America.
Basis for Opinions
We conducted our audit in accordance with auditing standards generally accepted in the United States
of America (GAAS). Our responsibilities under these standards are further described in the Auditor’s
Responsibilities for the Audit of the Financial Statements section of our report. We are required to be
independent of the City and to meet our other ethical responsibilities, in accordance with the relevant
ethical requirements relating to our audit. We believe the audit evidence we have obtained is sufficient
and appropriate to provide a basis for our audit opinions.

-1-

Responsibilities of Management 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.
In preparing the financial statements, management is required to evaluate whether there are conditions
or events, considered in the aggregate, that raise substantial doubt about the City’s ability to continue
as a going concern for 12 months beyond the financial statement date, including any currently known
information that may raise substantial doubt shortly thereafter.
Auditor’s Responsibilities for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole
are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that
includes our opinions. Reasonable assurance is a high level of assurance but is not absolute assurance
and, therefore, is not a guarantee that an audit conducted in accordance with GAAS will always detect
a material misstatement when it exists. The risk of not detecting a material misstatement resulting
from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery,
intentional omissions, misrepresentations, or the override of internal control. Misstatements are
considered material if there is a substantial likelihood that, individually or in the aggregate, they would
influence the judgment made by a reasonable user based on the financial statements.
In performing an audit in accordance with GAAS, we:
•

Exercise professional judgment and maintain professional skepticism throughout the
audit.

•

Identify and assess the risks of material misstatement of the financial statements, whether
due to fraud or error, and design and perform audit procedures responsive to those risks.
Such procedures include examining, on a test basis, evidence regarding the amounts and
disclosures in the financial statements.

•

Obtain an understanding of internal control relevant to the audit in order to design audit
procedures that are appropriate in the circumstances, but not for the purpose of expressing
an opinion on the effectiveness of the City’s internal control. Accordingly, no such
opinion is expressed.

•

Evaluate the appropriateness of accounting policies used and the reasonableness of
significant accounting estimates made by management, as well as evaluate the overall
presentation of the financial statements.

•

Conclude whether, in our judgment, there are conditions or events, considered in the
aggregate, that raise substantial doubt about the City’s ability to continue as a going
concern for a reasonable period of time.

We are required to communicate with those charged with governance regarding, among other matters,
the planned scope and timing of the audit, significant audit findings, and certain internal controlrelated matters that we identified during the audit.
-2-

Other Matters
Required Supplementary Information
Accounting principles generally accepted in the United States of America require that the
management’s discussion and analysis and 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.
Supplementary Information
Our audit was conducted for the purpose of forming opinion on the City’s basic financial statements
as a whole. The combining and individual fund financial statements and schedules 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 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.
Other Information
Management is responsible for the other information included in the annual report. The other
information comprises the introductory section, supplemental data, and statistical section but does not
include the basic financial statements and our auditor’s report thereon. Our opinions on the basic
financial statements do not cover the other information, and we do not express an opinion or any form
of assurance thereon.
In connection with our audit of the basic financial statements, our responsibility is to read the other
information and consider whether a material inconsistency exists between the other information and
the basic financial statements, or the other information otherwise appears to be materially misstated.
If, based on the work performed, we conclude that an uncorrected material misstatement of the other
information exists, we are required to describe it in our report.

Naperville, Illinois
September 28, 2026

-3-

GENERAL PURPOSE EXTERNAL
FINANCIAL STATEMENTS

CITY OF OAKBROOK TERRACE
MANAGEMENT’S DISCUSSION AND ANALYSIS
APRIL 30, 2026
The City of Oakbrook Terrace’s (the City) Management’s Discussion and Analysis (MD&A) is designed
to (a) assist the reader in focusing on significant financial issues, (b) provide an overview of the City’s
financial activity, (c) identify changes in the City’s financial position (its ability to address the next and
subsequent year challenges), (d) identify any material deviations from the financial plan (the approved
budget), and (e) identify individual fund issues or concerns.
Since the Management’s Discussion and Analysis (MD&A) is designed to focus on the current year’s
activities, resulting changes and currently known facts, please read it in conjunction with the City’s basic
financial statements (beginning on page 4).
FINANCIAL HIGHLIGHTS
➢ The City’s net position was $50,385,208 at the end of the 2026 fiscal year reflecting an increase of
$3,319,677 or approximately 7.1% from $47,065,531 last year. The Governmental Activities (tax
supported) resulted in a year-end increase in net position of $3,262,883, while the Business-Type
Activities (user fees based) experienced an increase of $56,794.
➢ The City’s net position for Governmental Activities was $43,943,405 and $6,441,803 for BusinessType Activities. Also, the City’s total assets and deferred outflows of $66,998,321 exceeded total
liabilities and deferred inflows of $16,613,113 by $50,385,208 demonstrating the City’s ability to meet
its current and future obligations.
➢ The City has outstanding debt of $2,105,000 which decreased by $500,000 from the prior year. The
City has no intentions of issuing any new bonds in the coming years.
➢ Total City revenues increased by $909,656 or approximately 5.8% to $16,540,208 from last year’s total
of $15,630,552. Fiscal year revenues, not including transfers in, from Governmental Activities equaled
$15,139,339 and $1,400,869 for Business-Type Activities. The total cost for City programs was
$13,220,531 compared to $11,625,148 last year reflecting an increase of $1,595,383.
➢ The ending fund balance for the General Fund increased by $738,351 from $12,726,677 last year to
$13,465,028 this year. Of the total General Fund’s fund balance, $12,858,634 is unassigned and can
be used to meet the City’s ongoing obligations to residents and creditors.
USING THE FINANCIAL SECTION OF THIS COMPREHENSIVE ANNUAL REPORT
The financial statements focus is on both the City 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 City’s
accountability.

- MD&A 1 -

Government-Wide Statements
The government-wide financial statements (see pages 4-7) are designed to be corporate-like in that all
governmental and business-type activities are consolidated into columns, which add to a total for the
Primary Government. The focus of the Statement of Net Position (the “Unrestricted Net Position”) is
designed to be similar to bottom line results for the City and its governmental and business-type activities.
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.
The Statement of Activities (see pages 6-7) is focused on both the gross and net cost of various activities
(including governmental and business-type), which are supported by the government’s general taxes and
other resources. This is intended to summarize and simplify the user’s analysis of the cost of various
governmental services and/or subsidy reflected in general revenue of the City.
The governmental activities reflect the City’s basic services, including general government, public safety,
public services, and culture and recreation. The business-type activities reflect private sector type
operations (Water System), where the fee for service typically covers all or most of the cost of operation,
including depreciation.
Fund Financial Statements
A fund is a grouping of related accounts that is used to maintain control over resources that have been
segregated for specific activities or objectives. The City, like other state and local governments, uses fund
accounting to ensure and demonstrate compliance with finance-related legal requirements. All funds of the
City can be divided into three categories: governmental funds, proprietary funds, and fiduciary funds.
Governmental Funds
Governmental funds are used to account for essentially the same functions reported as governmental
activities in the government-wide financial statements. However, 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 City maintains five (5) individual governmental funds. Information is presented separately in the
governmental fund balance sheet and in the governmental fund statement of revenues, expenditures, and
changes in fund balance for the General Fund, and the Capital Improvements Fund which are considered
major funds, while the Motor Fuel Tax Fund, Debt Service SSA II Fund, and the 2021 Debt Service Bond
Fund are considered non-major funds.
The City adopts an annual budget for all the major and non-major governmental funds. A budgetary
comparison statement for the General Fund has been provided on page 59 to demonstrate compliance with
this budget. Budgetary information for the other funds can be found elsewhere in the report.
The basic governmental fund financial statements can be found on pages 4-11 of this report.

- MD&A 2 -

Proprietary Funds
The City maintains only one type of proprietary fund, an enterprise fund which is used to report the same
functions presented as business-type activities in the government-wide financial statements. The City uses
an enterprise fund to account for its Water Utility.
The City’s proprietary funds provide the same type of information found in the government-wide financial
statements, but in more detail. This fund accounts for all the operations of the municipal water system.
Water is purchased from the DuPage Water Commission and then sold to municipal customers and
distributed through the City’s water main system. The City sells water to municipal customers at rates that
are intended to provide sufficient resources for current operations as well as necessary investments in the
capital infrastructure supporting the water system. The basic proprietary fund financial statements can be
found on pages 12-16 of this report.
Fiduciary Funds
Fiduciary funds are used to account for resources held for the benefit of parties outside the government.
Fiduciary funds are not reflected in the government-wide financial statements because the resources of
fiduciary funds are not available to support the City of Oakbrook Terrace’s own programs. The accounting
used for fiduciary funds is much like that used for proprietary funds. The basic fiduciary fund financial
statements for the Police Pension Fund can be found on pages 17-18 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 19-58 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 City of Oakbrook Terrace Illinois Municipal
Retirement Fund, police employee pension and post-employment healthcare benefits obligations. Required
supplementary information can be found on pages 59-70 of this report. Combining and individual fund
statements and schedules can be found beginning on page 71 of this report.
Infrastructure Assets
Historically, a government’s largest group of assets (infrastructure assets – i.e., roads, bridges etc.) have
not been reported nor depreciated in governmental financial statements. GASB Statement No. 34 requires
that these assets be valued and reported within the Governmental column of the Government-Wide
Statements. Additionally, the government must elect to either (1) depreciate these assets over their
estimated useful life, or (2) develop a system of asset management designed to maintain the service delivery
potential to near perpetuity. If the government develops the asset management system, (the modified
approach) which periodically (at least every third year), by category, measures and demonstrates its
maintenance of locally established levels of service standards, the government may record its cost of
maintenance in lieu of depreciation. The City has chosen to depreciate assets over their useful life.

- MD&A 3 -

GOVERNMENT WIDE FINANCIAL ANALYSIS
Statement of Net Position
Net position serves as a useful indicator of a government’s financial position. The City’s net position is
comprised of net investment in capital assets, restricted position, and unrestricted position. The City uses
the total net investment in capital assets totaling $36,039,711 to provide services to citizens; consequently,
these assets are not available for future spending. These capital assets include land, buildings, streets, water
infrastructure, and equipment less any unpaid debt issued in order to acquire such assets. Although the
City’s investment in its capital assets is reported net of related debt, it should be noted that the resources
needed to repay this debt must be provided from other sources, since the capital assets themselves cannot
be used to liquidate these liabilities.
The Governmental Activities net position is used to carry-out the City’s daily operations including police,
while the Business-Type Activities utilizes net position to finance the operations of water service delivery.
The Governmental Activities restricted net position of $714,512, consists of Motor Fuel Tax, Debt Service,
DUI Equipment and can only be used for these designated purposes. Governmental Activities has an
unrestricted net position of $12,095,650.
Table 1 reflects the condensed Statement of Net Position compared to fiscal year 2026. Table 2 focuses on
the Changes in Net Position compared to fiscal year 2025.
Table 1
Statement of Net Position
As of April 30, 2026 and 2025
Governmental
Activities
2026
2025
Assets
Current and Other Assets
Capital Assets
Total Assets

$

Deferred Outflows of Resources
Unamortized Loss on Refunding
Pensions
Total Deferred Outflows

26,053,624
33,496,431
59,550,055

$

24,672,007
33,078,894
57,750,901

Business-Type
Activities
2026
2025
$

1,919,224
4,906,468
6,825,692

$

Total
City
2026

1,726,015
5,052,718
6,778,733

$ 27,972,848
38,402,899
66,375,747

2025
$

26,398,022
38,131,612
64,529,634

72,769
536,053
608,822

100,059
1,201,862
1,301,921

13,752
13,752

70,011
296,940

72,769
549,805
622,574

100,059
1,271,873
1,371,932

Liabilities
Other Liabilities
Long-term Liabilities
Total Liabilities

827,729
8,108,914
8,936,643

755,635
14,891,652
15,647,287

75,343
226,792
302,135

92,970
369,747
462,717

903,072
8,335,706
9,238,778

848,605
15,261,399
16,110,004

Deferred Inflows of Resources
Unearned Property Taxes
Lease
Pensions
Total Deferred Inflows

1,143,115
982,450
5,153,264
7,278,829

1,165,053
1,160,271
399,689
2,725,013

-

-

95,506
95,506

1,018
12,537

1,143,115
982,450
5,248,770
7,374,335

1,165,053
1,160,271
400,707
2,726,031

Net Position
Net Investment in Capital Assets
Restricted
Unrestricted
Total Net Position

31,133,243
714,512
12,095,650
43,943,405

30,110,073
1,168,973
9,401,476
40,680,522

4,906,468
1,535,335
6,441,803

5,052,718
1,332,291
6,385,009

36,039,711
714,512
13,630,985
$ 50,385,208

35,162,791
1,168,973
10,733,767
47,065,531

$

$

$

$

For more detailed information, see the Statement of Net Position (pages 4-5).

- MD&A 4 -

$

Current Year Impacts
The total net pension liabilities for governmental activities went from $11,191,977 last year to $6,890,323
this year for a decrease of $4,301,654. The net pension liability is the unfunded pension liability that is
calculated by an actuary and is the City’s total pension liability for the Police and IMRF plans, less the
amount currently on hand to fund the liability. Deferred inflows and outflows are also recorded because
some of the changes to the total pension liability are recognized over time rather than in the current year.
Deferred inflows are increases to net position that will be recognized in future years. Deferred outflows
will decrease net pension in future years.
The City has $38,402,899 in capital assets with $33,496,431 in Governmental Activities and $4,906,468 in
Business-Type Activities. Total capital assets increased by $271,287 due to purchases of new assets
outpacing current year depreciation expense. Current and other assets increased by $1,574,826 primarily
driven by a strong year in the City’s investment portfolio, resulting in an increase in fair value of
investments as of fiscal year end. Long-term liabilities decreased by $6,913,908 from the prior year due to
positive actuarial results in the City’s pension plans as well as the final repayment of the special service
area bonds taking place in fiscal year 2026.
Changes in Net Position
Total revenues increased by $909,656 due to increase in other taxes and intergovernmental revenues,
primarily through continued sales tax growth spurred by three consecutive years of a generally positive
economy. Hotel/motel tax continues to be a significant revenue stream where the City generates tax dollars
through its various hotel and motel locations, specifically the City obtains 6% of gross sales on a monthly
basis. Expenses increased by $1,585,484, primarily due to the continuing increase in costs for materials
along with adding more police officers, resulting in an increase in salary and benefit related expenses.
Changes in net position for the year are shown in the following table.

- MD&A 5 -

Table 2
Changes in Net Position
Years Ended April 30, 2025 and 2026
Governmental
Activities
2026
2025
Revenue
Program Revenues
Charges for Service
Capital Grants and Contributions
Operating Grants and Contributions
General Revenue
Property
Other Taxes and Intergovernmental
Revenues
Other Revenues
Total Revenue

$

Expenses
Governmental
General Government
Culture and Recreation
Public Safety
Public Services
Interest
Business-Type Activities
Water
Total Expenses
Transfers in (out)
Total Transfers

1,125,274
226,187
122,528

$

1,001,524
124,341
72,929

Business-Type
Activities
2026
2025
$

967,813
-

$

Total
City
2026

1,027,699
-

1,167,550

1,129,115

12,385,309
112,491
15,139,339

11,797,804
60,127
14,185,840

3,766,819
266,346
5,879,432
1,598,669
81,690

2,938,828
141,964
5,360,603
1,466,784
99,293

11,592,956

10,007,472

1,627,575
1,627,575

1,617,676
1,617,676

(283,500)
(283,500)

(283,500)
(283,500)

283,500
283,500

283,500
283,500

-

$

-

433,056
1,400,869

417,013
1,444,712

-

-

2025

2,093,087
226,187
122,528

$

2,029,223
124,341
72,929

1,167,550

1,129,115

12,818,365
112,491
16,540,208

12,214,817
60,127
15,630,552

3,766,819
266,346
5,879,432
1,598,669
81,690

2,938,828
141,964
5,360,603
1,466,784
99,293

1,627,575
13,220,531

1,617,676
11,625,148

-

-

Change in Net Position

3,262,883

3,894,868

56,794

110,536

3,319,677

4,005,404

Net Position May 1

40,680,522

36,785,654

6,385,009

6,274,473

47,065,531

43,060,127

Net Position, April 30

$

43,943,405

$

40,680,522

$

6,441,803

$

6,385,009

$

50,385,208

$

47,065,531

Current Year Impacts
Total City revenues equaled $16,540,208 while expenses were $13,220,531 resulting in an increase of
$3,319,677 in net position.
Governmental Activities
Revenues:
Revenues for Governmental Activities equaled $15,139,339 in fiscal year 2026 representing an increase of
$953,449 or 6.7% higher from fiscal year 2025. The graph below depicts the City’s diverse revenue groups
and the City’s reliance on charges for services, sales taxes and hotel taxes.

- MD&A 6 -

Expenses:
For the fiscal year ended April 30, 2026, expenses from Governmental Activities totaled $11,592,956
representing an increase of 1,595,383 or 13.7% from fiscal year 2025.
Public safety comprised approximately 50.72% of total expenses at $5,879,432 and culture and recreation
represented 2.30% at $266,346. Public services at $1,598,669 represented 13.79% of the total expenses
and general government comprised 32.49% at $3,766,819.

Business-Type Activities
Revenues:
Revenues supporting the City’s Business-Type Activities equaled $1,684,369 in fiscal year 2026. The
graph below depicts the revenue sources for Business-Type Activities. Total revenues for the Water Fund
decreased slightly by $43,843 or 2.5% compared to last year. This slight decrease is a direct correlation to
less water usage (charges for services revenue) by residents and commercial users compared to fiscal year
2025.

- MD&A 7 -

The last water rate increase was on January 1, 2015. The City purchases water from the DuPage Water
Commission at a rate of $5.80 per 1,000 gallons. Oakbrook Terrace residents pay $9.97 for every 1,000
gallons, with a bimonthly minimum of 6,000 gallons. The difference between the amount paid to the
DuPage Water Commission and the customer rate covers the Water Fund’s operational costs and future
capital improvements.
In terms of revenues by source, charges for services at $967,813 comprised 57.46% of total revenues for
fiscal year 2026, while the electrical utility tax, at $3668,166, represented 21.86%.

Expenses:
Expenses for Business-Type Activities equaled $1,627,575, reflecting an increase of $9,899 or
approximately less than 1% from last year’s total of $1,617,676. This ever-so-slight increase is the result
of the increase in water costs with the DuPage Water Commission, offset by decreases in spending around
salaries and benefits as well as contractual related obligations. The expenses for the Business-Type
Activities included salaries and wages and other personnel benefits totaling $534,242 or 32.8%. Water
purchased from the DuPage Water Commission (DWC) represented expenses of $598,496 or 36.8%.
Depreciation expense totaled $275,190 or 16.9%.

- MD&A 8 -

FINANCIAL ANALYSIS OF THE CITY’S FUNDS
Governmental Funds
The focus of the City’s governmental funds is to provide information on near-term inflows, outflows, and
balances of spendable resources. Such information is useful in assessing the City’s financing requirements.
In particular, unassigned fund balance may serve as a useful measure of a government’s net resources
available for spending at the end of the fiscal year.
The General Fund is the City’s primary operating fund. The fund balance for the General Fund increased
by $738,351 from $12,726,677 in fiscal year 2025 to $13,465,028 in fiscal year 2026. This increase results
primarily in due to $185,000 in grant revenue ($0 in the prior year), roughly $60,000 in investment income
increases compared to the prior year, and some larger developmental buildouts in the City resulting in
building permit revenue increases compared to the prior year.
The Capital Improvements Fund (CIF) is another major governmental fund. The fund balance of the CIF
Fund on April 30, 2026, was $8,984,077, an increase of $1,216,977 from fiscal year 2025.
The reserves of the Capital Improvement Fund act as a savings account for future capital improvements so
from time to time there may be a deficit between the revenues and expenses. Capital Improvement Fund
revenues increased by roughly $110,000 due to strong year with home rule sales taxes along with
investment income gains on the portfolio invested within the fund. These revenue streams outpaced current
year capital project-related spending, resulting in the large increase in fund balance at fiscal year end.
As of the end of the current fiscal year, the governmental funds reported combined ending fund balances
of $23,123,749 which is an increase of $1,501,718 from the beginning of the year at $21,622,031.
Of the total fund balance, $12,858,634 is unassigned and represents the portion that can be used to finance
day-to-day operations without any constraints. This unassigned fund balance represents 108% of fiscal
year 2026 General Fund revenues budgeted at $11,865,742. The City’s policy is to maintain a General
Fund reserve which is equal to at least 40% of estimated yearly revenues. Accordingly, the City is once
again well above the requirement.

- MD&A 9 -

The remainder of the fund balance is split between the following three (3) classifications. The nonspendable portion of fund balance represents $566,908; essentially meaning this amount cannot be spent
because it is comprised of inventories and prepaid items. The restricted portion of fund balance at $714,130
means this amount can only be spent for specific purposes as prescribed by City and State laws. In the
City’s case, the restricted fund balance is earmarked for roadway maintenance and SSA II debt service
payments (which were fully paid off during the fiscal year 2026). The assigned fund balance portion at
$8,984,077 is allocated to be spent for capital purposes by management. The City’s Five (5) Year Capital
Improvement Plan is approved annually and determines how the committed fund balance can be spent on
capital projects.
The table below provides information on the fund balance classifications in the governmental funds.
Table 3
Governmental Funds
Fund Balance Analysis
As of April 30, 2026
Current
Year
Fund Balances
Nonspendable
Advance to other funds
Prepaid Items
Inventories
Restricted
Maintenance of Roadways
Debt Service
DUI Equipment
Assigned for
Capital Improvements
Unassigned
Total Fund Balances

$

259,043
234,153
73,712

Prior
Year
$

Change

% Change

259,043
240,273
76,572

(6,120)
(2,860)

0%
-3%
-4%

117,742
556,902
39,486

521,477
608,010
39,486

(403,735)
(51,108)
-

-77%
-8%
0%

8,984,077
12,858,634

7,766,672
12,110,498

1,217,405
748,136

16%
6%

$ 23,123,749

$ 21,622,031

$ 1,501,718

7%

- MD&A 10 -

General Fund Budgetary Highlights
For fiscal year 2026, General Fund actual revenues totaled $11,865,742 and were 6% higher than budget
because of our strong sales tax base as discussed in greater detail earlier in the MD&A. Actual expenditures
for 2026 came in at $11,126,653 which was $55,622 higher than projected, also due to the reduced costs
all around.
Table 4
General Fund Budgetary Highlights
Year Ended April 30, 2026
Final
Budget

General Fund
Revenues
Taxes
Intergovernmental
Other
Total Revenue

$

Expenditures
Excess (Deficiency) of Revenues
Over Expenditures
Other Financing Sources
Transfers Out
Total other financing sources (uses)
Change in Fund Balance

$

Actual

5,827,106
3,701,509
1,674,295
11,202,910

$

5,898,442
4,243,071
1,724,229
11,865,742

11,071,031

11,126,653

131,879

739,089

-

(738)
(738)

131,879

$

738,351

CAPITAL ASSETS AND DEBT ADMINISTRATION
Capital Assets
The City of Oakbrook Terrace’s investment in capital assets for its governmental and business-type
activities as of April 30, 2026, was $38,253,180 (net of accumulated depreciation and amortization). This
investment in capital assets includes land, buildings and improvements, land improvements, vehicles,
machinery and equipment, roads, bridges, and utility infrastructure. Additionally, the City implemented
GASB Statement No. 96, Subscription Based Information Technology Arrangements, which resulted in the
City recording intangible right-to-use capital assets associated with software subscriptions. Total capital
assets increased by $121,568 in fiscal year 2026 with a $417,537 increase in Governmental Activities and
a $295,969 decrease in Business-Type Activities. The reconciliation below summarizes the changes in
Capital Assets which are presented in detail on pages 29-31 in the Notes to Financial Statements.

- MD&A 11 -

Table 5
Capital Assets at Year End Net of Depreciation and Amortization
As of April 30, 2026 and 2025
Governmental
Activities
2026
2025
Land
Construction in Progress
Right of Way Land
Land Improvements
Buildings & Improvements
Vehicles
Machinery & Equipment
Streets, Storm Drainage and Bridges
Intangible Assets (GASB 96)
Water Distribution System
Total

Business-Type
Activities
2026
2025

Total
City
2026

2025

$

4,634,298
855,526
4,909,736
484,107
12,842,434
1,046,603
344,364
8,146,615
232,748
-

$

4,634,298
845,276
4,909,736
551,164
12,545,461
777,085
352,377
8,170,703
292,794
-

$

235,000
4,521,749

$

235,000
4,817,718

$

4,869,298
855,526
4,909,736
484,107
12,842,434
1,046,603
344,364
8,146,615
232,748
4,521,749

$

4,869,298
845,276
4,909,736
551,164
12,545,461
777,085
352,377
8,170,703
292,794
4,817,718

$

33,496,431

$

33,078,894

$

4,756,749

$

5,052,718

$

38,253,180

$

38,131,612

Debt Administration
On April 30, 2026, the City had two (2) outstanding General Obligation Debt issues totaling $2,105,000,
representing a $500,000 decrease from last year. . A refunding of 2012A (General Obligation Bonds 2021),
with an outstanding balance of $1,085,000. The final bond issue is the General Obligation 2013 with an
outstanding balance of $1,020,000. These bonds refinanced a portion of the 2008 bonds for the Public
Services building to a lower interest rate saving the City approximately $254,000. The City’s rating from
Standard and Poor’s remains at a rating of AA. The Special Service Area Bonds were issued to provide a
connection to the City’s potable water supply for several businesses which were served by private wells
and these bonds were paid off during the fiscal year 2026.
The City, under its home-rule authority, does not have a legal debt limit.
For more detailed information, see pages 32-34 of the Notes to Financial Statements.
ECONOMIC FACTORS AND NEXT YEAR’S BUDGET
Fiscal year 2026 saw the General Fund continue to build up its reserves, as overall fund balance exceeded
$13.4 million, eclipsing its previous apex of $12.7 million in the year prior. The City’s primary locally
sourced revenue streams, consisting of sales taxes, property taxes, income taxes and Hotel Tax, have thus
far remained resilient and continue to grow. Furthermore, based on the overall operating results of fiscal
year 2026 and the events that have come to pass thus far in fiscal year 2027, it would appear that the local
economy has continued to remain stable and that development in Oakbrook Terrace continues to carry on
in a progressive manner, as the City remains committed to developing economic incentives and other
measures to attract and retain businesses.
As the City moved forward into the subsequent fiscal year, management continued its practice of
conservatively projecting revenues, while looking for ways to reduce expenditures, in order to maintain
adequate fund balances and cash reserves. In addition, management continues to monitor the fiscal activities
of the State of Illinois, in order to ascertain the impact, if any, of how additional State budget cuts would
impact Oakbrook Terrace’s share of State revenues.
The City’s current assessed value has grown by $62 million to $318,166,449 since 2016, due to economic
recovery. The City’s lowest assessed value recorded over the last 10 years was $256,150,685 for the 2016
levy year.

- MD&A 12 -

CONTACTING THE CITY’S FINANCIAL MANAGEMENT
This financial report is designed to provide our citizens, taxpayers, customers, and investors and creditors
with a general overview of the City’s finances and to demonstrate the City’s accountability for the money
it receives. Questions concerning any of the information in this report, or requests for additional financial
information, should be addressed to the Finance Director, 17W275 Butterfield Road, Oakbrook Terrace, IL
60181.

- MD&A 13 -

BASIC FINANCIAL STATEMENTS

CITY OF OAKBROOK TERRACE, ILLINOIS
STATEMENT OF NET POSITION
April 30, 2026

Governmental
Activities
ASSETS
Cash and cash equivalents
Investments
Receivables, net of allowance
for uncollectibles
Property taxes
Accounts
Lease
Accrued interest
Other taxes
Due from other governments
Prepaid items
Inventory
Internal balances
Net pension asset
Tangible and intangible capital assets
Nondepreciable
Depreciable and amortizable, net of
accumulated depreciation and amortization

$

Primary Government
Business-Type
Activities

16,562,731
4,710,724

$

1,606,349
-

$

Total

18,169,080
4,710,724

1,143,115
124,808
1,091,336
37,871
629,526
1,492,003
234,153
73,712
(46,737)
382

157,882
29,643
78,613
46,737
-

1,143,115
282,690
1,091,336
37,871
659,169
1,492,003
312,766
73,712
382

10,399,560

235,000

10,634,560

23,096,871

4,671,468

27,768,339

59,550,055

6,825,692

66,375,747

DEFERRED OUTFLOWS OF RESOURCES
Pension Items - IMRF
Pension Items - IMRF SLEP
Pension Items - Police Pension
Unamortized loss on refunding

104,256
18,471
413,326
72,769

13,752
-

118,008
18,471
413,326
72,769

Total deferred outflows of resources

608,822

13,752

622,574

60,158,877

6,839,444

66,998,321

Total assets

Total assets and deferred outflows of resources
LIABILITIES
Accounts payable
Accrued payroll
Accrued interest payable
Deposits payable
Unearned revenue
Noncurrent liabilities
Due within one year
Due in more than one year

453,117
154,934
23,801
195,877

26,826
11,415
37,102
-

479,943
166,349
23,801
37,102
195,877

668,437
7,440,477

12,908
213,884

681,345
7,654,361

Total liabilities

8,936,643

302,135

9,238,778

(This statement is continued on the following page.)
-4-

CITY OF OAKBROOK TERRACE, ILLINOIS
STATEMENT OF NET POSITION (Continued)
April 30, 2026

Governmental
Activities
DEFERRED INFLOWS OF RESOURCES
Deferred property taxes
Leases
Pension Items - IMRF
Pension Items - IMRF SLEP
Pension Items - Police Pension

$

Primary Government
Business-Type
Activities

1,143,115
982,450
723,797
25,098
4,404,369

$

95,506
-

$

Total

1,143,115
982,450
819,303
25,098
4,404,369

Total deferred inflows of resources

7,278,829

95,506

7,374,335

Total liabilities and deferred inflows
of resources

16,215,472

397,641

16,613,113

31,133,243

4,906,468

36,039,711

117,742
556,902
39,486
382
12,095,650

1,535,335

117,742
556,902
39,486
382
13,630,985

NET POSITION
Net investment in capital assets
Restricted for
Maintenance of roadways
Debt service
DUI equipment
Net pension asset
Unrestricted
TOTAL NET POSITION

$

43,943,405

$

6,441,803

See accompanying notes to financial statements.
-5-

$

50,385,208

CITY OF OAKBROOK TERRACE, ILLINOIS
STATEMENT OF ACTIVITIES
For the Year Ended April 30, 2026

FUNCTIONS/PROGRAMS
PRIMARY GOVERNMENT
Governmental Activities
General government
Culture and recreation
Public safety
Public services
Interest

$

Total governmental activities
Business-type activities
Water Fund
Total business-type activities
TOTAL PRIMARY GOVERNMENT

Charges
for Services

Expenses

$

3,766,819
266,346
5,879,432
1,598,669
81,690

$

955,327
150,337
19,610
-

Program Revenues
Operating
Capital
Grants and
Grants and
Contributions
Contributions

$

122,528
-

$

226,187
-

11,592,956

1,125,274

122,528

226,187

1,627,575

967,813

-

-

1,627,575

967,813

-

-

13,220,531

-6-

$

2,093,087

$

122,528

$

226,187

Net (Expense) Revenue and Change in Net Position
Primary Government
Governmental Business-Type
Activities
Activities
Total

$

(2,811,492) $
(266,346)
(5,606,567)
(1,352,872)
(81,690)

-

(10,118,967)

-

(10,118,967)

-

(659,762)

(659,762)

-

(659,762)

(659,762)

(10,118,967)

(659,762)

(10,778,729)

1,167,550
1,802,042
372,644
1,216,493
126,610
1,260,849
2,923,517

368,166
-

1,167,550
1,802,042
740,810
1,216,493
126,610
1,260,849
2,923,517

3,511,613
504,417
4,513
662,611
112,491
(283,500)

59,543
5,347
283,500

3,511,613
504,417
4,513
722,154
117,838
-

13,381,850

716,556

14,098,406

CHANGE IN NET POSITION

3,262,883

56,794

3,319,677

NET POSITION, MAY 1

40,680,522

6,385,009

47,065,531

General Revenues
Taxes
Property
Hotel/motel
Utility
Amusement/entertainment
Grocery
Food/beverage
Sales - home rule
Intergovernmental - unrestricted
Sales and use tax
Shared income tax
Replacement tax
Investment income
Miscellaneous
Transfers
Total

NET POSITION, APRIL 30

$

43,943,405

$

See accompanying notes to financial statements.
-7-

6,441,803

$

$

(2,811,492)
(266,346)
(5,606,567)
(1,352,872)
(81,690)

50,385,208

CITY OF OAKBROOK TERRACE, ILLINOIS
BALANCE SHEET
GOVERNMENTAL FUNDS
April 30, 2026

General

Capital
Nonmajor
Improvements Governmental

Total

ASSETS
Cash and cash equivalents
Investments
Receivables, net of allowance
for uncollectibles
Property taxes
Accounts
Lease
Accrued interest
Other taxes
Due from other governments
Prepaid items
Inventory
Due from other funds
Advances to other funds

$

7,962,522
4,294,648

$

1,143,115
124,808
1,091,336
34,307
629,526
771,050
234,153
73,712
259,043

TOTAL ASSETS

7,978,038
416,076

$

3,564
669,325
265,934
-

622,171
-

$

51,628
12,538
-

16,562,731
4,710,724

1,143,115
124,808
1,091,336
37,871
629,526
1,492,003
234,153
73,712
278,472
259,043

$

16,618,220

$

9,332,937

$

686,337

$

26,637,494

$

389,464
154,934
195,877
287,352

$

51,960
296,900

$

11,693
-

$

453,117
154,934
195,877
584,252

LIABILITIES, DEFERRED INFLOWS
OF RESOURCES, AND FUND BALANCES
LIABILITIES
Accounts payable
Accrued payroll
Unearned revenue
Due to other funds
Total liabilities

1,027,627

348,860

11,693

1,388,180

1,143,115
982,450

-

-

1,143,115
982,450

Total deferred inflows of resources

2,125,565

-

-

2,125,565

Total liabilities and deferred inflows of resources

3,153,192

348,860

11,693

3,513,745

234,153
73,712
259,043

-

-

234,153
73,712
259,043

39,486

-

117,742
556,902
-

117,742
556,902
39,486

DEFERRED INFLOWS OF RESOURCES
Unavailable property taxes
Unavailable revenue - leases

FUND BALANCES
Nonspendable
Prepaid items
Inventory
Advance to other funds
Restricted
Maintenance of roadways
Debt service
DUI equipment
Assigned
Capital improvements
Unassigned
Total fund balances
TOTAL LIABILITIES, DEFERRED INFLOWS
OF RESOURCES, AND FUND BALANCES

$

12,858,634

8,984,077
-

-

8,984,077
12,858,634

13,465,028

8,984,077

674,644

23,123,749

16,618,220

$

9,332,937

See accompanying notes to financial statements.
-8-

$

686,337

$

26,637,494

CITY OF OAKBROOK TERRACE, ILLINOIS
RECONCILIATION OF FUND BALANCES OF GOVERNMENTAL FUNDS TO THE
GOVERNMENTAL ACTIVITIES IN THE STATEMENT OF NET POSITION
April 30, 2026

FUND BALANCES OF GOVERNMENTAL FUNDS

$

23,123,749

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

33,496,431

Differences between expected and actual experiences, assumption
changes, net differences between projected and actual earnings,
and contributions subsequent to the measurement date for the
Illinois Municipal Retirement Fund are recognized as deferred
outflows and inflows of resources on the statement of net position

(619,541)

Differences between expected and actual experiences, assumption
changes, net differences between projected and actual earnings,
and contributions subsequent to the measurement date for the
Illinois Municipal Retirement Fund - SLEP are recognized as deferred
outflows and inflows of resources on the statement of net position

(6,627)

Differences between expected and actual experiences, assumption
changes, net differences between projected and actual earnings
for the Police Pension Fund are as deferred outflows and inflows
of resources on the statement of net position

(3,991,043)

The IMRF SLEP net pension asset is not a current resource and,
therefore, are not reported in the governmental funds

382

Long-term liabilities are not due and payable in the current period
and, therefore, are not reported in the governmental funds
General obligation bonds payable
SBITAs payable
Unamortized premium
Unamortized loss on refunding
OPEB liability
Net pension liability - Police Pension Fund
Net pension liability - IMRF
Accrued interest
Compensated absences
NET POSITION OF GOVERNMENTAL ACTIVITIES

See accompanying notes to financial statements.
-9-

(2,105,000)
(204,014)
(126,943)
72,769
(284,108)
(4,645,161)
(343,507)
(23,801)
(400,181)
$

43,943,405

CITY OF OAKBROOK TERRACE, ILLINOIS
STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES
GOVERNMENTAL FUNDS
For the Year Ended April 30, 2026

General
REVENUES
Taxes
Licenses and permits
Intergovernmental
Charges for services
Fines and forfeits
Investment income
Miscellaneous

$

Total revenues

5,898,442
761,184
4,243,071
178,388
185,702
491,864
107,091

Capital
Nonmajor
Improvements Governmental

$

2,758,618
140,227
5,400

$

212,645
126,187
30,520
-

Total

$

8,869,705
761,184
4,369,258
178,388
185,702
662,611
112,491

11,865,742

2,904,245

369,352

15,139,339

3,640,626
266,346
6,258,795
932,490
-

1,047
1,022,023

544,480
-

3,641,673
266,346
6,258,795
1,476,970
1,022,023

26,011
2,385

341,338
44,062

235,000
44,220

602,349
90,667

11,126,653

1,408,470

823,700

13,358,823

EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES

739,089

1,495,775

(454,348)

1,780,516

OTHER FINANCING SOURCES (USES)
Transfers in
Transfers (out)
Sale of capital assets

(738)
-

(283,500)
4,702

738
-

738
(284,238)
4,702

Total other financing sources (uses)

(738)

(278,798)

738

(278,798)

738,351

1,216,977

(453,610)

1,501,718

12,726,677

7,767,100

1,128,254

21,622,031

EXPENDITURES
Current
General government
Culture and recreation
Public safety
Public services
Capital outlay
Debt service
Principal
Interest and fiscal charges
Total expenditures

NET CHANGE IN FUND BALANCES
FUND BALANCES, MAY 1
FUND BALANCES, APRIL 30

$

13,465,028

$

8,984,077

$

See accompanying notes to financial statements.
- 10 -

674,644

$

23,123,749

CITY OF OAKBROOK TERRACE, ILLINOIS
RECONCILIATION OF THE GOVERNMENTAL FUNDS STATEMENT OF REVENUES,
EXPENDITURES, AND CHANGES IN FUND BALANCES TO THE
GOVERNMENTAL ACTIVITIES IN THE STATEMENT OF ACTIVITIES
For the Year Ended April 30, 2026

NET CHANGE IN FUND BALANCES TOTAL GOVERNMENTAL FUNDS

$

1,501,718

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
Capitalized capital assets
Depreciation expense
Amortization expense

1,407,319
(866,591)
(60,046)

Proceeds from the disposal of capital assets are recognized in governmental
funds but the loss is recognized in the statement of activities

(63,145)

The repayment of the principal portion of long-term debt is reported as an
expenditure when due in governmental funds but as a reduction of principal
outstanding on the statement of net position

602,349

Amortization of premium on bonds is reported as a reduction of interest
expense on the statement of activities

29,085

Amortization of the loss on refunding is reported as interest expense on the
statement of activities

(27,290)

The change in compensated absences does not require a current financial
resource

(26,576)

The change in the net pension liability, deferred outflows and deferred inflows
of resources for the Illinois Municipal Retirement Fund is reported only
in the statement of activities

(16,201)

The change in the net pension liability (asset), deferred outflows and deferred inflows
of resources for the Illinois Municipal Retirement Fund - SLEP is reported
only in the statement of activities

(2,894)

The change in the net pension liability, deferred outflows and deferred inflows
of resources for the Police Pension Fund is reported only in the statement
of activities

803,402

The change in accrued interest payable is reported as an expense on the statement
of activities

7,182

The change in the other postemployment benefit liability is reported only in the
statement of activities

(25,429)

CHANGE IN NET POSITION OF GOVERNMENTAL ACTIVITIES

See accompanying notes to financial statements.
- 11 -

$

3,262,883

CITY OF OAKBROOK TERRACE, ILLINOIS
STATEMENT OF NET POSITION
PROPRIETARY FUNDS
April 30, 2026

CURRENT ASSETS
Cash and cash equivalents
Receivables
Accounts
Other taxes
Due from other funds
Prepaid items

$

1,606,349
157,882
29,643
305,780
78,613

Total current assets

2,178,267

NONCURRENT ASSETS
Capital assets
Nondepreciable
Depreciable, net of accumulated
depreciation

235,000
4,671,468

Total capital assets

4,906,468

Total noncurrent assets

4,906,468

Total assets

7,084,735

DEFERRED OUTFLOWS OF RESOURCES
Pension items - IMRF

13,752

Total deferred outflows of resources

13,752

CURRENT LIABILITIES
Accounts payable
Accrued payroll
Deposits payable
Compensated absences
OPEB liability
Total current liabilities

(This statement is continued on the following page.)
- 12 -

26,826
11,415
37,102
12,531
377
88,251

CITY OF OAKBROOK TERRACE, ILLINOIS
STATEMENT OF NET POSITION (Continued)
PROPRIETARY FUNDS
April 30, 2026

NONCURRENT LIABILITIES
Advance from other funds
Compensated absences
OPEB liability
Net pension liability - IMRF

$

259,043
50,126
10,674
153,084

Total noncurrent liabilities

472,927

Total liabilities

561,178

DEFERRED INFLOWS OF RESOURCES
Pension items - IMRF

95,506

Total deferred inflows of resources

95,506

NET POSITION
Net investment in capital assets
Unrestricted
TOTAL NET POSITION

See accompanying notes to financial statements.
- 13 -

4,906,468
1,535,335
$

6,441,803

CITY OF OAKBROOK TERRACE, ILLINOIS
STATEMENT OF REVENUES, EXPENSES, AND
CHANGES IN NET POSITION
PROPRIETARY FUNDS
For the Year Ended April 30, 2026

OPERATING REVENUES
Charges for services

$

Total operating revenues

967,813
967,813

OPERATING EXPENSES
Operations
Depreciation

1,352,385
275,190

Total operating expenses

1,627,575

OPERATING INCOME (LOSS)

(659,762)

NON-OPERATING REVENUES (EXPENSES)
Investment income
Electric utility tax
Miscellaneous

59,543
368,166
5,347

Total non-operating revenues (expenses)

433,056

INCOME (LOSS) BEFORE TRANSFERS

(226,706)

TRANSFERS
Transfers in

283,500

Total transfers

283,500

CHANGE IN NET POSITION

56,794

NET POSITION, MAY 1
NET POSITION, APRIL 30

See accompanying notes to financial statements.
- 14 -

6,385,009
$

6,441,803

CITY OF OAKBROOK TERRACE, ILLINOIS
STATEMENT OF CASH FLOWS
PROPRIETARY FUNDS
For the Year Ended April 30, 2026

CASH FLOWS FROM OPERATING ACTIVITIES
Receipts from customers and users
Receipts from miscellaneous revenues
Payments to suppliers
Payments to employees

$

995,438
5,347
(821,812)
(525,757)

Net cash from operating activities

(346,784)

CASH FLOWS FROM NONCAPITAL
FINANCING ACTIVITIES
Electric utility taxes
Receipts (payments) on interfund loans
Transfers in from other funds

368,166
(717,413)
283,500

Net cash from noncapital financing activities

(65,747)

CASH FLOWS FROM CAPITAL AND
RELATED FINANCING ACTIVITIES
Purchase of capital assets

(128,940)

Net cash from capital and related
financing activities

(128,940)

CASH FLOWS FROM INVESTING ACTIVITIES
Interest received

59,543

Net cash from investing activities

59,543

NET (DECREASE) IN CASH
AND CASH EQUIVALENTS

(481,928)

CASH AND CASH EQUIVALENTS, MAY 1

2,088,277

CASH AND CASH EQUIVALENTS, APRIL 30

(This statement is continued on the following page.)
- 15 -

$

1,606,349

CITY OF OAKBROOK TERRACE, ILLINOIS
STATEMENT OF CASH FLOWS (Continued)
PROPRIETARY FUNDS
For the Year Ended April 30, 2026

RECONCILIATION OF OPERATING INCOME
(LOSS) TO NET CASH FLOWS FROM
OPERATING ACTIVITIES
Operating income (loss)
Adjustments to reconcile operating income (loss)
to net cash from operating activities
Depreciation
Miscellaneous
Changes in net position
Accounts receivable
Prepaid items
Accounts payable
Accrued payroll
Compensated absences
Deposits payable
Pension items - IMRF
Pension items - OPEB
NET CASH FROM OPERATING ACTIVITIES

See accompanying notes to financial statements.
- 16 -

$

(659,762)

275,190
5,347
27,625
14,653
(18,897)
693
3,588
575
2,127
2,077
$

(346,784)

CITY OF OAKBROOK TERRACE, ILLINOIS
STATEMENT OF FIDUCIARY NET POSITION
FIDUCIARY FUNDS
April 30, 2026

Pension Trust
Police
Pension
ASSETS
Cash
Investments held in the
Illinois Police Officers'
Pension Investment Fund
Prepaids

$

237,704

28,674,275
550

Total assets

28,912,529

LIABILITIES
Accounts payable

1,956

Total liabilities

1,956

NET POSITION RESTRICTED
Restricted for pension benefits
TOTAL NET POSITION

See accompanying notes to financial statements.
- 17 -

28,910,573
$

28,910,573

CITY OF OAKBROOK TERRACE, ILLINOIS
STATEMENT OF CHANGES IN FIDUCIARY NET POSITION
FIDUCIARY FUNDS
For the Year Ended April 30, 2026

Pension Trust
Police
Pension
ADDITIONS
Contributions
Employer contributions
Employee contributions

$

1,420,111
271,688

Total contributions

1,691,799

Investment income
Net appreciation in fair
value of investments
Interest and dividends

5,329,307
145,632

Total investment income
Less investment expense

5,474,939
(23,450)

Net investment income

5,451,489

Total additions

7,143,288

DEDUCTIONS
Pension benefits and refunds
Administrative expenses

2,015,058
95,193

Total deductions

2,110,251

CHANGE IN NET POSITION

5,033,037

NET POSITION
May 1

23,877,536

April 30

$

See accompanying notes to financial statements.
- 18 -

28,910,573

CITY OF OAKBROOK TERRACE, ILLINOIS
NOTES TO FINANCIAL STATEMENTS
April 30, 2026

1.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The financial statements of the City of Oakbrook Terrace, Illinois (the City) have been
prepared in accordance with accounting principles generally accepted in the United States
of America, as applied to government 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 City’s accounting policies are described
below.
a.

Reporting Entity
The City is a municipal corporation governed by a seven-member council consisting
of six aldermen and the mayor. As required by GAAP, these financial statements
present the City (the primary government). In evaluating how to define the reporting
entity, management has considered all potential component units. The decision to
include a potential component unit in the reporting entity was made based upon the
significance of their operational or financial relationships with the primary
government. Based on these criteria, the City is not considered a component unit of
any other governmental unit.
The Police Pension Fund has been included as a fiduciary component unit reported as
a Pension Trust Fund. The Police Pension Fund functions for the benefit of the City’s
sworn police employees and is governed by a five-member pension board. Two
members appointed by the Mayor, one elected pension beneficiary, and two elected
police officers constitute the pension board. The City and the Police Pension Fund
participants are obligated to fund all the Police Pension Fund costs based upon
actuarial valuations, including administrative costs. The State of Illinois is authorized
to establish benefit levels and the City is authorized to approve the actuarial
assumptions used in the determination of the contribution levels. Accordingly, the
Police Pension Fund is fiscally dependent on the City. The Police Pension Fund issues
a stand-alone financial report, which may be obtained from the Treasurer at 17W275
Butterfield Rd., Oakbrook Terrace, IL 60181.

b.

Fund Accounting
The accounts of the City 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 number of funds is maintained consistent with legal and
managerial requirements.
19 --- 17

CITY OF OAKBROOK TERRACE, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)

1.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
b.

Fund Accounting (Continued)
Funds are classified into the following categories: governmental, proprietary, and
fiduciary.
Governmental funds are used to account for all or most of a City’s general activities,
including the collection and disbursement of restricted or committed monies (special
revenue funds), the funds committed, restricted, or assigned for the acquisition or
construction of capital assets (capital projects funds), and the funds committed,
restricted, or assigned for the servicing of long-term debt (debt service funds). The
General Fund is used to account for all activities of the City not accounted for in some
other fund.
Proprietary funds are used to account for activities similar to those found in the private
sector, where the determination of net income is necessary or useful to sound financial
administration. Goods or services from such activities can be provided either to outside
parties (enterprise funds) or to other departments or agencies primarily within the City
(internal service funds).
Fiduciary funds are used to account for fiduciary activities (e.g., assets held on behalf
of outside parties, including other governments). The City utilizes a pension trust fund,
which is used to account for assets that the City holds in a fiduciary capacity.

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 nonfiduciary activities of the City.
The effect of material interfund activity, other than interfund services, 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 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 and (2) grants and shared
revenues that are restricted to meeting the operational or capital requirements of a
particular function. 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.
20 --- 18

CITY OF OAKBROOK TERRACE, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)

1.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
c.

Government-Wide and Fund Financial Statements (Continued)
The City reports the following major governmental funds:
The General Fund is the City’s primary operating fund. It accounts for all
financial resources of the general government, except those accounted for in
another fund. The services which are administered by the City and accounted for
in the General Fund include general government, public safety, public services
and tourism.
This Capital Projects fund accounts for resources, including the City’s Home
Rule Sales taxes, which provides infrastructure construction and other capital
improvements.
The City reports the following major proprietary funds:
The Water Fund accounts for the provision of water services to the residents of
the City. All activities necessary to provide such services are accounted for in
this fund including, but not limited to, administration, operations, financing and
related debt service, and billing and collections.
Additionally, the City reports the following fiduciary funds:
The Police Pension Fund is used to account for the police pension activities.

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, as are the proprietary fund and
fiduciary fund financial statements. Revenues and additions are recorded when earned
and expenses and deductions are recorded when a liability is incurred. Property taxes
are recognized as revenues in the year for which they are levied (i.e., intended to
finance). Grants and similar items are recognized as revenue as soon as all eligibility
requirements imposed by the provider have been met. Operating revenues/expenses
include all revenues/expenses directly related to providing enterprise fund services.
Incidental revenues/expenses are reported as non-operating.
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 City considers revenues to be
available if they are collected within 60 days of the end of the current fiscal period, except
for sales taxes and telecommunication taxes which use a 90-day period. Expenditures
generally are recorded when a fund liability is incurred. However, debt service
expenditures are recorded only when payment is due, unless due the first day of the
following fiscal year.
21 --- 19

CITY OF OAKBROOK TERRACE, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)

1.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
d.

Measurement Focus, Basis of Accounting, and Financial Statement Presentation
(Continued)
Property taxes, sales taxes (owed to the state at year end), simplified telecommunication
taxes, utility taxes, franchise taxes, licenses, charges for services, 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. All other revenue items are considered
to be measurable and available only when cash is received by the City.
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 City; 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 City reports unavailable/deferred revenue and unearned revenue on its financial
statements. Unavailable/deferred revenues arise when a potential revenue does not
meet both the measurable and available or earned criteria for recognition in the current
period. Unearned revenues also arise when resources are received by the City before
it has a legal claim to 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 City has a legal claim to
the resources, the unavailable/unearned/deferred revenue is removed from the
financial statements and revenue is recognized.

e.

Cash and Cash Equivalents
Cash and cash equivalents include amounts in demand deposits and investments with
a maturity date of three months or less from the date acquired by the City.

f.

Investments
Investments with a maturity of less than one year when purchased, non-negotiable
certificates of deposit and other nonparticipating investments are stated at cost or
amortized cost. Investments with a maturity greater than one year when purchased and
all investments of the pension trust fund are stated at fair value. Fair value is the price
that would be received to sell an asset or paid to transfer a liability in an orderly
transaction between market participants at the measurement date.
22 --- 20

CITY OF OAKBROOK TERRACE, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)

1.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
g.

Property Taxes
Property taxes for 2025 attach as an enforceable lien on January 1, 2025 on property
values assessed as of the same date. Taxes are levied by December of the subsequent
fiscal year (by passage of a Tax Levy Ordinance).
Tax bills are prepared by the County and issued on or about May 1, 2026, and are
payable in two installments, on or about June 1, 2026 and September 1, 2026. The
County collects such taxes and remits them periodically. As the 2025 tax levy is
intended to fund expenditures for the 2026-2027 fiscal year, these taxes are reported
as unavailable/deferred as of April 30, 2026.
The 2026 tax levy, which attached as an enforceable lien on property as of January 1,
2026, has not been recorded as a receivable as of April 30, 2026, as the tax has not yet
been levied by the City and will not be levied until December 2026; therefore, the levy
is not measurable at April 30, 2026.

h.

Interfund Transactions
During the course of operations, numerous transactions occur between individual
funds for goods provided or services rendered. These receivables and payables are
classified as “due from other funds” or “due to other funds.” Short-term interfund
loans, if any, are classified as “interfund receivables/payables.” Long-term interfund
loans are classified as “advances to/from other funds.”
Interfund services 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.

i.

Prepaid Items
Payments made to vendors for services that will benefit periods beyond the date of this
report, if any, are recorded as prepaid items. Prepaid items are recognized on the
consumption method in governmental funds.

j.

Inventory
Inventory of supplies is valued at the cost on a first-in/first-out (FIFO) basis. The costs
of governmental fund inventories are recorded as expenditures when consumed.

23 --- 21

CITY OF OAKBROOK TERRACE, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)

1.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
k.

Capital Assets
Capital assets, which include property, plant, equipment, and infrastructure assets
(e.g., roads, bridges, and storm sewers), are reported in the applicable governmental
or business-type activities column in the government-wide financial statements.
Capital assets are defined by the City as assets with an initial, individual cost of more
than $25,000 and an estimated useful life in excess of one year. Such assets are
recorded at historical cost or estimated historical cost if purchased or constructed.
Donated capital assets are recorded at acquisition value at the date of donation.
The costs of normal maintenance and repairs, including street overlays that do not add
to the value or service capacity 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 are depreciated using the straight-line
method over the following estimated useful lives:
Assets

Years

Governmental activities
Building and improvements
Land improvements
Vehicles, machinery and equipment
Infrastructure

50
20
10
50

Business-type activities
Water distribution system and improvements
Building improvements
Equipment and vehicles

10-40
10
3-10

Intangible capital assets represent the City’s right-to-use assets. These intangible
assets, as defined by GASB Statement No. 96, Subscription-Based Information
Technology Arrangements, are for nonfinancial assets for software arrangements,
which are amortized over the shorter of the arrangement term or useful life of the
intangible asset.
l.

Long-Term Obligations
In the government-wide financial statements and proprietary funds 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
financial statements. 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 expensed in the year of issuance.
24 --- 22

CITY OF OAKBROOK TERRACE, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)

1.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
l.

Long-Term Obligations (Continued)
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.

m.

Compensated Absences
In accordance with GASB Statement No. 101, Compensated Absences, vested or
accumulated vacation and sick leave that is due to employees who have retired or
terminated by the end of the year is reported as an expenditure and a fund liability of
the governmental fund that will pay it. Vested or accumulated vacation and sick leave
of proprietary funds and governmental activities is recorded as an expense and liability
of those funds as the benefits accrue to employees. The entire balance of vacation leave
is recognized as a liability at year end. A liability is recognized for the portion of
accumulating sick leave benefits that is estimated to be more likely than not to be used
for time off or otherwise paid in cash or settled through noncash means.

n.

Fund Balances/Net Position
In the fund financial statements, governmental funds report nonspendable fund
balance for amounts that are either not in spendable form or are 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 or from enabling legislation adopted by the City.
Committed fund balance is constrained by formal actions of the City Council, which
is considered the City’s highest level of decision-making authority.
Formal actions include ordinances approved by the City Council. Assigned fund
balance represents amounts constrained by the City’s intent to use them for a specific
purpose. The authority to assign fund balance has been delegated to the City Manager
and Finance Director as directed by the City’s fund balance policy. Any residual fund
balance in the General Fund, including fund balance targets and any deficit fund
balance of any other governmental fund is reported as unassigned. The City will
maintain a General Fund unassigned balance equal to at least 40% of estimated yearly
revenues. The Council shall determine the disposition of fund balance in excess of this
amount.

25 --- 23

CITY OF OAKBROOK TERRACE, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)

1.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
n.

Fund Balances/Net Position (Continued)
The City’s flow of funds assumption 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 City considers committed funds to be
expended first followed by assigned funds and then unassigned funds.
In the government-wide financial statements, restricted net positions are legally
restricted by outside parties for a specific purpose. Net investment in capital assets
represents the book value of capital assets less any outstanding long-term debt to
acquire or construct the capital assets as well as any other non-debt capital related
liabilities.
None of the restricted net positions or restricted fund balance results from enabling
legislation adopted by the City.

o.

Deferred Outflows/Inflows of Resources
In addition to assets, the statement of financial 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.

p.

Use of Estimates
The preparation of financial statements in conformity with GAAP 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 City and Police Pension Fund categorize the fair value measurements within the fair
value hierarchy established by GAAP. The hierarchy is based on the valuation inputs used
to measure the fair value of the asset. Level 1 inputs are quoted prices in active markets for
identical assets; Level 2 inputs are significant other observable inputs; and Level 3 inputs
are significant unobservable inputs.
26 --- 24

CITY OF OAKBROOK TERRACE, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)

2.

DEPOSITS AND INVESTMENTS (Continued)
State statutes and the City’s investment policy authorize the City to make deposits in
commercial banks and savings and loan institutions, and to make investments in obligations
of the U.S. Treasury, GNMAs, Federal Home Loan Bank, bank managed money market
funds, The Illinois Funds, and the Illinois Metropolitan Investment Fund (IMET).
It is the policy of the City to invest its funds in a manner which will provide the highest
investment return with the maximum security while meeting the daily cash flow demands of
the City and conforming to all state and local statutes governing the investment of public
funds, using the “prudent person” standard for managing the overall portfolio. The primary
objective of the policy is safety (preservation of capital and protection of investment
principal), liquidity, yield, and public trust.
a.

City Deposits with Financial Institutions
Custodial credit risk for deposits with financial institutions is the risk that in the event
of a bank’s failure, the City’s deposits may not be returned to it. The City’s investment
policy requires pledging of collateral with a fair value of 110% of all bank balances in
excess of federal depository insurance, evidenced by a written collateral agreement
with the collateral held by an agent of the City in the City’s name. As of April 30,
2026, the City was properly collateralized in accordance with its policy.

b.

City Investments
The City has the following recurring fair value measurements as of April 30, 2026:
The U.S. agency securities, U.S. Treasury securities, and the negotiable certificates of
deposit are valued using quoted matrix pricing models based on various market and
industry inputs (Level 2 inputs).
The following table presents the investments and maturities of the City’s debt
securities as of April 30, 2026:
Investment Maturities (in Years)
Investment Type

Less
than 1

Fair Value

U.S. agency securities
U.S. Treasury securities
Negotiable certificates
of deposits

$

223,613
3,702,959

$

213,743
3,156,408

756,747

332,755

TOTAL

$ 4,683,319

$ 3,702,906

27 --- 25

1-5
$

9,870
546,551

$

423,992
$

980,413

Greater
than 10

6-10
-

$

$

-

-

$

-

CITY OF OAKBROOK TERRACE, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)

2.

DEPOSITS AND INVESTMENTS (Continued)
b.

City Investments (Continued)
Interest rate risk is the risk that changes in interest rates will adversely affect the fair
value of an investment. The City’s investment policy requires the investment portfolio
to be structured so the securities mature to meet cash requirements for ongoing
operations, thereby avoiding the need to sell securities on the open market prior to
maturity. Investments of operating funds should primarily be in shorter-term
securities, money market funds or similar investment pools.
The City limits its exposure to credit risk, the risk that the issuer of a debt security will
not pay its par value upon maturity, by limiting investments to the safest type of
securities, pre-qualifying the financial institutions the City does business with, and by
diversifying the portfolio to minimize potential losses. The U.S. agency securities are
rated AA+ by S&P. The negotiable certificates of deposit are not rated.
Custodial credit risk for investments is the risk that, in the event of the failure of the
counterparty to the investment, the City will not be able to recover the value of its
investments that are in possession of an outside party. The City’s investment policy is
states that the City is required that funds on deposit be covered FDIC insurance and
some form of collateral must secure funds on deposit in excess of Banking Insurance
Fund and Savings Associate Insurance Fund limits.
Concentration of credit risk is the risk that the City has a high percentage of its
investments invested in one type of investment. The City’s investment policy states
investments should be diversified and to avoid over-concentration from any one issuer
or business sector (excluding U.S. Treasury securities) but has no set percentage limits
and, therefore, no specific concentrations were identified at April 30, 2026.

28 --- 26

CITY OF OAKBROOK TERRACE, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)

3.

CAPITAL ASSETS
Capital asset activity for governmental activities for the year ended April 30, 2026 was as
follows:
Beginning
Balances
GOVERNMENTAL ACTIVITIES
Capital assets not being depreciated
Land
Construction in progress
Right-of-way land
Total capital assets not being
depreciated

$

Tangible capital assets being depreciated
Land improvements
Buildings and improvements
Vehicles
Machinery and equipment
Infrastructure
Storm drainage
Bridges
Streets
Total tangible capital assets being
depreciated
Intangible capital assets being amortized
Software
Total intangible capital assets being
amortized
Less accumulated depreciation for tangible
assets
Land improvements
Buildings and improvements
Vehicles
Machinery and equipment
Infrastructure
Storm drainage
Bridges
Streets
Total accumulated depreciation for
tangible assets
Less accumulated amortization for
intangible assets
Software
Total accumulated amortization for
intangible assets
Total capital assets being depreciated
and amortized, net
GOVERNMENTAL ACTIVITIES
CAPITAL ASSETS, NET

$

4,634,298
845,276
4,909,736

Increases

$

Ending
Balances

Decreases

10,250
-

$

-

$

4,634,298
855,526
4,909,736

10,389,310

10,250

-

10,399,560

1,506,299
16,698,117
1,490,284
1,177,118

640,491
469,404
53,560

186,855
-

1,506,299
17,338,608
1,772,833
1,230,678

3,528,468
1,847,296
7,476,868

233,614
-

-

3,762,082
1,847,296
7,476,868

33,724,450

1,397,069

186,855

34,934,664

366,195

-

-

366,195

366,195

-

-

366,195

955,135
4,152,656
713,199
824,741

67,057
343,518
136,741
61,573

123,710
-

1,022,192
4,496,174
726,230
886,314

1,460,026
834,294
2,387,609

72,906
36,946
147,850

-

1,532,932
871,240
2,535,459

11,327,660

866,591

123,710

12,070,541

73,401

60,046

-

133,447

73,401

60,046

-

133,447

22,689,584

470,432

63,145

23,096,871

33,078,894

29 --- 27

$

480,682

$

63,145

$

33,496,431

CITY OF OAKBROOK TERRACE, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)

3.

CAPITAL ASSETS (Continued)
Depreciation and amortization expense was charged to functions/programs of the
governmental activities as follows:
GOVERNMENTAL ACTIVITIES
General government
Public safety
Public services

$

45,368
301,107
520,116

TOTAL DEPRECIATION EXPENSE GOVERNMENTAL ACTIVITIES

$

866,591

GOVERNMENTAL ACTIVITIES
Public safety

$

60,046

TOTAL AMORTIZATION EXPENSE GOVERNMENTAL ACTIVITIES

$

60,046

Capital asset activity for business-type activities for the year ended April 30, 2026 was as
follows:
Beginning
Balances
BUSINESS-TYPE ACTIVITIES
Capital assets not being depreciated
Land
Total capital assets not being
depreciated

$

235,000

Increases

$

Ending
Balances

Decreases

-

$

-

$

235,000

235,000

-

-

235,000

Capital assets being depreciated
Water distribution system and
improvements
Building improvements
Machinery and equipment
Vehicles
Total capital assets being depreciated

10,304,626
8,647
99,401
241,590
10,654,264

128,940
128,940

-

10,304,626
137,587
99,401
241,590
10,783,204

Less accumulated depreciation for
Water distribution system and
improvements
Building improvements
Machinery and equipment
Vehicles
Total accumulated depreciation

5,526,220
8,647
99,401
202,278
5,836,546

256,657
8,596
9,937
275,190

-

5,782,877
17,243
99,401
212,215
6,111,736

4,817,718

(146,250)

-

4,671,468

Total capital assets being depreciated,
net
BUSINESS-TYPE ACTIVITIES
CAPITAL ASSETS, NET

$

5,052,718

30 --- 28

$

(146,250)

$

-

$

4,906,468

CITY OF OAKBROOK TERRACE, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)

3.

CAPITAL ASSETS (Continued)
Depreciation expense was charged to the business-type activities as follows:

4.

BUSINESS-TYPE ACTIVITIES
Water

$

275,190

TOTAL DEPRECIATION EXPENSE BUSINESS-TYPE ACTIVITIES

$

275,190

GOVERNMENTAL RECEIVABLES
The amount presented as due from other governments on the government-wide Statement of
Net Position was comprised of the following:
GOVERNMENTAL ACTIVITIES
Sales tax
Use tax
Motor fuel tax
Business district tax
Home rule sales tax

$

TOTAL GOVERNMENTAL ACTIVITIES

765,064
5,986
10,155
41,473
669,325

$ 1,492,003

The amount presented as other taxes receivable on the government-wide Statement of Net
Position was comprised of the following:
GOVERNMENTAL ACTIVITIES
Cannabis tax
Hotel/motel tax
Food and beverage tax
Grocery tax
Amusement tax
Video gaming tax

$

25,561
156,140
117,497
95,143
107,632
127,553

TOTAL GOVERNMENTAL ACTIVITIES

$

629,526

BUSINESS-TYPE ACTIVITIES
Utility tax

$

29,643

TOTAL BUSINESS-TYPE ACTIVITIES

$

29,643

31 --- 29

CITY OF OAKBROOK TERRACE, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)

5.

RISK MANAGEMENT
The City is exposed to various risks of loss related to torts; theft of, damage to, and
destruction of assets; errors and omissions; injuries to employees; employee health and net
income losses. To insure against the various risks, the City purchases commercial third-party
insurance. The City has not had any settlements that exceeded insurance coverage for the
past four years.

6.

LONG-TERM DEBT
a.

Governmental Activities - General Obligation Bonds
Issue

Fund Debt
Retired by

Balances
May 1

2013 General Obligation
Refunding Bonds,
$3,695,000 original issue,
due in annual installments
of $35,000 to $375,000
through December 15,
2028; interest at 2.00% to
3.00%.

Capital
Improvements
Fund
$ 1,330,000

2021 General Obligation
Refunding Bonds,
$1,900,000 original issue,
due in annual installments
of $145,000 to $225,000
through December 15,
2030; interest at 1.25% to
4.00%.

2012/2021
Refunding
Bond Fund

TOTAL

b.

Issuances

Retirements

Balances
April 30

Due Within
One Year

$

$

310,000

$ 1,020,000

$

190,000

1,085,000

500,000

$ 2,105,000

Retirements

Balances
April 30

1,275,000

-

-

$ 2,605,000

$

-

Balances
May 1

Issuances

$

315,000

210,000
$

525,000

Special Service Area Debt
Issue

Special Service Area
Number 2 Bonds, Series
2006, $600,000 original
issue, due in annual
installments of $25,000 to
$45,000 through
December 15, 2025;
interest at 3.50% to
5.40%.

Fund Debt
Retired by

Debt Service SSA II Fund $

45,000

32 --- 30

$

-

$

45,000

$

Due Within
One Year

-

$

-

CITY OF OAKBROOK TERRACE, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)

6.

LONG-TERM DEBT (Continued)
c.

SBITA Liability
In accordance with GASB Statement No. 96, Subscription-Based Information
Technology Arrangements (SBITA), the City’s SBITA activity is as follows:
The City entered into subscription arrangements for public safety software through
February 27, 2031. At April 30, 2026, the City reported SBITA assets of $366,195 and
liabilities in the amount of $204,014. Principal reduction of $57,349 was reported for
the year ended April 30, 2026.

d.

Debt Service Requirements to Maturity
Annual debt service requirements to maturity are as follows:
Fiscal Year
Ending
April 30,

Governmental Activities
General Obligation Bonds
Principal
Interest

2027
2028
2029
2030
2031

$

525,000
560,000
630,000
195,000
195,000

$

63,470
45,620
26,520
5,070
2,633

TOTAL

$ 2,105,000

$

143,313

Fiscal Year
Ending
April 30,

Governmental Activities
SBITA Liability
Principal
Interest

2027
2028
2029
2030

$

58,786
60,260
50,341
34,627

$

5,118
3,645
2,138
872

TOTAL

$

204,014

$

11,773

33 --- 31

CITY OF OAKBROOK TERRACE, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)

6.

LONG-TERM DEBT (Continued)
e.

Changes in Long-Term Liabilities
The following is a summary of changes in debt and other long-term liabilities during
fiscal year 2026:
Balances
May 1

GOVERNMENTAL
ACTIVITIES
General obligation bonds
Unamortized bond premium
Special service area bonds
SBITA liability
Total OPEB liability (1)
Net pension liability IMRF Regular (1)
Net pension liability IMRF SLEP (1) (3)
Net pension liability police pension (1)
Compensated absences (2)
TOTAL GOVERNMENTAL
ACTIVITIES

$ 2,605,000
156,028
45,000
261,363
258,679

Additions

$

Balances
April 30

Reductions

25,429

$

Due Within
One Year

500,000
29,085
45,000
57,349
-

$ 2,105,000
126,943
204,014
284,108

$

525,000
58,786
4,615

1,476,090

-

1,132,583

343,507

-

3,678

-

3,678

-

-

9,712,209
373,605

26,576

5,067,048
-

4,645,161
400,181

80,036

52,005

$ 6,834,743

$ 8,108,914

$ 14,891,652

$

$

668,437

(1) These liabilities have historically been retired by the General Fund.
(2) The amount presented as issuances or retirements is presented net of the change in
liability.
(3) The SLEP IMRF net pension liability is now reported as a net pension asset at
April 30, 2026.
Balances
May 1
BUSINESS-TYPE
ACTIVITIES
Net pension liability IMRF Regular
Total OPEB liability
Compensated absences (1)
TOTAL BUSINESS-TYPE
ACTIVITIES

Additions

Balances
April 30

Reductions

Due Within
One Year

$

301,704
8,974
59,069

$

2,077
3,588

$

148,620
-

$

153,084
11,051
62,657

$

377
12,531

$

369,747

$

5,665

$

148,620

$

226,792

$

12,908

(1) The amount presented as issuances or retirements is presented net of the change in
liability.
34 --- 32

CITY OF OAKBROOK TERRACE, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)

7.

DEFINED BENEFIT PENSION PLANS
The City contributes to two defined benefit pension plans: the Illinois Municipal Retirement
Fund (IMRF), an agent multiple-employer public employee retirement system, and the
Police Pension Plan (collectively called the pension plans) which is a single-employer
pension plan. The benefits, benefit levels, employee contributions, and employer
contributions for all plans are governed by Illinois Compiled Statutes (ILCS) and can only
be amended by the Illinois General Assembly. The Police Pension Fund issues a stand-alone
financial report, which may be obtained from the Treasurer at 17W275 Butterfield Rd.,
Oakbrook Terrace, Illinois 60181. IMRF does issue a publicly available report that includes
financial statements and supplementary information for the plan as a whole, but not for
individual employers. That report can be obtained from IMRF, 2211 York Road, Suite 500,
Oak Brook, IL 60523 and www.imrf.org.
The table below is a summary for all pension plans as of and for the year ended April 30,
2026:
IMRF
Regular
Net pension liability (asset)
Deferred outflows of resources
Deferred inflows of resources
Pension expense

a.

$

496,591
118,008
819,303
364,776

IMRF
SLEP
$

(382)
18,471
25,098
2,615

Police
Pension

Total

$ 4,645,161
413,326
4,404,369
616,709

$ 5,141,370
549,805
5,248,770
984,100

Plan Descriptions
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.
Plan Membership
At December 31, 2025 (most recent available), IMRF membership consisted of:
Inactive employees or their beneficiaries currently receiving benefits
Inactive employees entitled to but not yet receiving benefits
Active employees

43
16
23

TOTAL

82
35 --- 33

CITY OF OAKBROOK TERRACE, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)

7.

DEFINED BENEFIT PENSION PLANS (Continued)
a.

Plan Descriptions (Continued)
Illinois Municipal Retirement Fund (Continued)
Benefits Provided
All employees (other than those covered by the Police Pension Plan and SLEP Plan)
hired in positions that meet or exceed the prescribed annual hourly standard must be
enrolled in IMRF as participating members. 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 are
established by state statute.
Contributions
Participating members are required to contribute 4.50% of their annual covered salary
to IMRF. The City is required to contribute the remaining amounts necessary to fund
IMRF as specified by statute. The employer contribution rates for the fiscal year ended
April 30, 2026 was 17.33% of covered payroll.
Actuarial Assumptions
The City’s net pension liability was measured as of December 31, 2025 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.

36 --- 34

CITY OF OAKBROOK TERRACE, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)

7.

DEFINED BENEFIT PENSION PLANS (Continued)
a.

Plan Descriptions (Continued)
Illinois Municipal Retirement Fund (Continued)
Actuarial Assumptions (Continued)
Actuarial valuation date

December 31, 2025

Actuarial cost method

Entry-age normal

Assumptions
Inflation
Salary increases
Interest rate
Cost of living adjustments

2.25%
2.85% to 13.75%
7.25%
3.00%

Asset valuation method

Fair value

For non-disabled retirees, the Pub-2010, Amount-Weighted, below-median income,
General, Retiree, Male (adjusted 108.0%) and Female (adjusted 106.4%) tables, and
future mortality improvements projected using scale MP-2021. For disabled retirees,
the Pub-2010, Amount-Weighted, below-median income, General, Disabled Retiree,
Male and Female (both unadjusted) tables, and future mortality improvements
projected using scale MP-2021. For active members, the Pub-2010,
Amount-Weighted, below-median income, General, Employee, Male and Female
(both unadjusted) tables, and future mortality improvements projected using scale
MP-2021.
Discount Rate
The discount rate used to measure the total pension liability was 7.25%. 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 City’s 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 to be available to make all projected future benefit payments of current plan
members.

37 --- 35

CITY OF OAKBROOK TERRACE, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)

7.

DEFINED BENEFIT PENSION PLANS (Continued)
a.

Plan Descriptions (Continued)
Illinois Municipal Retirement Fund (Continued)
Long-Term Expected Rate of Return
The long-term expected rate of return on pension plan investments was determined
using a building-block method in which best-estimate ranges of expected future real
rates of return (expected returns, net of pension plan investment expense, and inflation)
are developed for each major asset class. These ranges are combined to produce the
long-term expected rate of return by weighting the expected future real rates of return
to the target asset allocation percentage and adding expected inflation. The target
allocation and best estimates of geometric real rates of return for each major asset class
are summarized in the following table:
Portfolio
Target
Percentage

Long-Term
Expected Real
Rate of Return

Domestic equity
International equity
Fixed income
Real estate
Alternative investments
Cash equivalents

32.50%
18.00%
24.00%
10.50%
14.00%
1.00%

7.35%
7.45%
4.75%
6.25%
3.90% to 8.50%
3.00%

TOTAL

100.00%

Asset Class

38 --- 36

CITY OF OAKBROOK TERRACE, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)

7.

DEFINED BENEFIT PENSION PLANS (Continued)
a.

Plan Descriptions (Continued)
Illinois Municipal Retirement Fund (Continued)
Changes in the Net Pension Liability

BALANCES AT
JANUARY 1, 2025

(a)
Total
Pension
Liability

(b)
Plan
Fiduciary
Net Position

(a) - (b)
Net
Pension
Liability

$ 12,285,121

$ 10,507,327

$ 1,777,794

165,711
871,735

-

165,711
871,735

(3,033)
(688,093)
-

374,858
88,296
1,887,062
(688,093)
(34,600)

(3,033)
(374,858)
(88,296)
(1,887,062)
34,600

346,320

1,627,523

(1,281,203)

$ 12,631,441

$ 12,134,850

Changes for the period
Service cost
Interest
Difference between expected
and actual experience
Changes in assumptions
Employer contributions
Employee contributions
Net investment income
Benefit payments and refunds
Other (net transfer)
Net changes
BALANCES AT
DECEMBER 31, 2025

39 --- 37

$

496,591

CITY OF OAKBROOK TERRACE, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)

7.

DEFINED BENEFIT PENSION PLANS (Continued)
a.

Plan Descriptions (Continued)
Illinois Municipal Retirement Fund (Continued)
Pension Expense and Deferred Outflows of Resources and Deferred Inflows of
Resources
For the year ended April 30, 2026, the City recognized pension expense of $364,776.
At April 30, 2026, the City reported deferred outflows of resources and deferred
inflows of resources related to IMRF from the following sources:
Deferred
Outflows of
Resources
Difference between expected and actual experience
$
Changes in assumption
Net difference between projected and actual earnings
on pension plan investments
Employer contributions after the measurement date

102,280

TOTAL

118,008

$

15,728
-

Deferred
Inflows of
Resources
$

1,802
60
817,441
-

$

819,303

$102,280 reported as deferred outflows of resources related to pensions resulting from
the City contributions subsequent to the measurement date will be recognized as a
reduction of the net pension liability in the year ending April 30, 2027. Other amounts
reported as deferred outflows of resources and deferred inflows of resources related to
IMRF will be recognized in pension expense for the City as follows:
Year Ending
April 30,
2027
2028
2029
2030
2031
Thereafter

$

TOTAL

$ (803,575)

40 --- 38

64,683
(354,151)
(287,170)
(226,937)
-

CITY OF OAKBROOK TERRACE, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)

7.

DEFINED BENEFIT PENSION PLANS (Continued)
a.

Plan Descriptions (Continued)
Illinois Municipal Retirement Fund (Continued)
Discount Rate Sensitivity
The following is a sensitivity analysis of the net pension liability (asset) to changes in
the discount rate. The table below presents the net pension liability (asset) of the City
calculated using the discount rate of 7.25% as well as what the City’s net pension
liability (asset) would be if it were calculated using a discount rate that is 1 percentage
point lower (6.25%) or 1 percentage point higher (8.25%) than the current rate:

1% Decrease
(6.25%)
Net pension liability (asset)

$

2,055,913

Current
Discount Rate
(7.25%)
$

496,591

1% Increase
(8.25%)
$

(770,665)

Sheriff’s Law Enforcement Personnel
Benefits Provided
SLEP members having accumulated at least 20 years of SLEP service and terminating
IMRF participation or after January 1, 1988, may elect to retire at or after age 50 with
no early retirement discount penalty. SLEP members meeting these two qualifications
are entitled to an annual retirement benefit payable monthly for life, in an amount
equal to 2 1/2% of their final rate of earnings for each year of credited service up to
20 years, 2% of their final earnings rate for the next ten years of credited service and
1% for each year thereafter. For SLEP members retiring with less than 20 years of
SLEP service, the regular IMRF pension formula applies. SLEP also provides death
and disability benefits. These benefit provisions and all other requirements are
established by ILCS.
Contributions
Participating members are required to contribute 7.50% of their annual salary to SLEP.
The City is required to contribute the remaining amounts necessary to fund SLEP as
specified by statute. The required employer contribution for the fiscal year ended
April 30, 2026, was 9.60% of covered payroll.

41 --- 39

CITY OF OAKBROOK TERRACE, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)

7.

DEFINED BENEFIT PENSION PLANS (Continued)
a.

Plan Descriptions (Continued)
Sheriff’s Law Enforcement Personnel (Continued)
Plan Membership
At December 31, 2025 (most recent information available), SLEP membership
consisted of:
Inactive employees or their beneficiaries
currently receiving benefits
Inactive employees entitled to but not yet
receiving benefits
Active employees

1

TOTAL

1

-

Actuarial Assumptions
The City’s net pension liability was measured as of December 31, 2025 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, 2025

Actuarial cost method

Entry-age normal

Assumptions
Inflation
Salary increases
Interest rate

2.25%
2.85% to 13.75%
7.25%

Asset valuation method

Fair value

For non-disabled retirees, the Pub-2010, Amount-Weighted, below-median income,
General, Retiree, Male (adjusted 108.0%) and Female (adjusted 106.4%) tables, and
future mortality improvements projected using scale MP-2021. For disabled retirees,
the Pub-2010, Amount-Weighted, below-median income, General, Disabled Retiree,
Male and Female (both unadjusted) tables, and future mortality improvements
projected using scale MP-2021. For active members, the Pub-2010, AmountWeighted, below-median income, General, Employee, Male and Female (both
unadjusted) tables, and future mortality improvements projected using scale MP-2021.

42 --- 40

CITY OF OAKBROOK TERRACE, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)

7.

DEFINED BENEFIT PENSION PLANS (Continued)
a.

Plan Descriptions (Continued)
Sheriff’s Law Enforcement Personnel (Continued)
Discount Rate
The discount rate used to measure the total pension liability was 7.25%. 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 City’s contributions will be
made at rates equal to the difference between actuarially determined contribution rates
and the member rate. Based on those assumptions, SLEP’s fiduciary net position was
projected to be available to make all projected future benefit payments of current plan
members. Therefore, the long-term expected rate of return on pension plan
investments was applied to all periods of projected benefit payments to determine the
total pension liability.
Long-Term Expected Rate of Return
The long-term expected rate of return on pension plan investments was determined
using a building-block method in which best-estimate ranges of expected future real
rates of return (expected returns, net of pension plan investment expense, and inflation)
are developed for each major asset class. These ranges are combined to produce the
long-term expected rate of return by weighting the expected future real rates of return
to the target asset allocation percentage and adding expected inflation. The target
allocation and best estimates of geometric real rates of return for each major asset class
are summarized in the following table:
Portfolio
Target
Percentage

Long-Term
Expected Real
Rate of Return

Domestic equity
International equity
Fixed income
Real estate
Alternative investments
Cash equivalents

32.50%
18.00%
24.00%
10.50%
14.00%
1.00%

7.35%
7.45%
4.75%
6.25%
3.90% to 8.50%
3.00%

TOTAL

100.00%

Asset Class

43 --- 41

CITY OF OAKBROOK TERRACE, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)

7.

DEFINED BENEFIT PENSION PLANS (Continued)
a.

Plan Descriptions (Continued)
Sheriff’s Law Enforcement Personnel (Continued)
Changes in the Net Pension Liability (Asset)
(a)
Total
Pension
Liability
BALANCES AT
JANUARY 1, 2025

$

Changes for the period
Service cost
Interest
Difference between expected
and actual experience
Changes of assumptions
Employer contributions
Employee contributions
Net investment income
Benefit payments and refunds
Other (net transfer)
Net changes
BALANCES AT
DECEMBER 31, 2025

$

44 --- 42

221,143

(b)
Plan
Fiduciary
Net Position

(a) - (b)
Net Pension
Liability
(Asset)

$

$

217,465

3,678

21,066
16,797

-

21,066
16,797

5,255
-

14,119
9,546
28,016
(4,503)

5,255
(14,119)
(9,546)
(28,016)
4,503

43,118

47,178

(4,060)

264,261

$

264,643

$

(382)

CITY OF OAKBROOK TERRACE, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)

7.

DEFINED BENEFIT PENSION PLANS (Continued)
a.

Plan Descriptions (Continued)
Sheriff’s Law Enforcement Personnel (Continued)
Pension Expense and Deferred Outflows of Resources and Deferred Inflows of
Resources
For the year ended April 30, 2026, the City recognized pension expense of $2,615.
At April 30, 2026, the City reported deferred outflows of resources and deferred
inflows of resources related to SLEP from the following sources:
Deferred
Outflows of
Resources

Deferred
Inflows of
Resources

Difference between expected and actual experience
Changes in assumption
Net difference between projected and actual earnings
on pension plan investments
Contributions subsequent to measurement date

$

$

TOTAL

$

12,962
5,509
18,471

14,828
2,599
7,671
-

$

25,098

$5,509 reported as deferred outflows of resources related to pensions resulting from
City contributions subsequent to the measurement date will be recognized as a
reduction of the net pension liability in the year ending April 30, 2027. Other amounts
reported as deferred outflows of resources and deferred inflows of resources related
to SLEP will be recognized in pension expense as follows:
Year Ending
April 30,
2027
2028
2029
2030
2031
Thereafter

$

325
(4,581)
(6,620)
(1,260)
-

TOTAL

$

(12,136)

45 --- 43

CITY OF OAKBROOK TERRACE, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)

7.

DEFINED BENEFIT PENSION PLANS (Continued)
a.

Plan Descriptions (Continued)
Sheriff’s Law Enforcement Personnel (Continued)
Discount Rate Sensitivity
The following is a sensitivity analysis of the net pension liability (asset) to changes in
the discount rate. The table below presents the net pension liability (asset) of the City
calculated using the discount rate of 7.25% as well as what the City’s net pension
liability (asset) would be if it were calculated using a discount rate that is 1 percentage
point lower (6.25%) or 1 percentage point higher (8.25%) than the current rate:

1% Decrease
(6.25%)
Net pension liability (asset)

$

29,261

Current
Discount Rate
(7.25%)
$

(382) $

1% Increase
(8.25%)
(25,911)

Police Pension Plan
Plan Administration
Police sworn personnel are covered by the Police Pension Plan. Although this is a
single-employer pension plan, the defined benefits and employee and employer
contribution levels are governed by Illinois Compiled Statutes (40 ILCS 5/3-1) and
may be amended only by the Illinois legislature. The City accounts for the plan as a
pension trust fund.
The plan is governed by a five-member Board of Trustees. Two members of the Board
of Trustees are appointed by the City President, one member is elected by pension
beneficiaries and two members are elected by active sworn police employees.
Plan Membership
At April 30, 2026, membership consisted of:
Inactive plan members currently receiving benefits
Inactive plan members entitled to but not yet receiving benefits
Active plan members

18
8
19

TOTAL

45

46 --- 44

CITY OF OAKBROOK TERRACE, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)

7.

DEFINED BENEFIT PENSION PLANS (Continued)
a.

Plan Descriptions (Continued)
Police Pension Plan (Continued)
Benefits Provided
The Police Pension Plan provides retirement benefits as well as death and disability
benefits. Tier 1 employees (those hired prior to January 1, 2011) attaining the age of
50 or older with 20 or more years of creditable service are entitled to receive an annual
retirement benefit equal to one-half of the salary attached to the rank held on the last
day of service, or for one year prior to the last day, whichever is greater. The annual
benefit shall be increased by 2.50% of such salary for each additional year of service
over 20 years up to 30 years to a maximum of 75% of such salary. Employees with at
least eight years but less than 20 years of credited service may retire at or after age 60
and receive 2.50% of salary for each year of service. The monthly benefit shall be
increased annually, following the first anniversary date of retirement and be paid upon
reaching the age of at least 55 years, by 3% of the original pension and 3%
compounded annually thereafter.
Tier 2 employees (those hired on or after January 1, 2011) attaining the age of 55 or
older with ten or more years of creditable service are entitled to receive an annual
retirement benefit equal to the greater of the average monthly salary obtaining by
devising the total salary during the 48 consecutive months of service within the last of
60 months in which the total salary was the highest by the number of months in that
period; or the average monthly salary obtained by dividing the total salary of the police
officer during the 96 consecutive months of service within the last 120 months of
service in which the total salary was the highest by the number of months of service
in that period. Police officers’ salary for pension purposes is capped at $106,800, plus
the lesser of ½ of the annual change in the Consumer Price Index or 3% compounded.
The annual benefit shall be increased by 2.50% of such salary for each additional year
of service over 20 years up to 30 years to a maximum of 75% of such salary.
Employees with at least ten years may retire at or after age 50 and receive a reduced
benefit (i.e., ½% for each month under 55). The monthly benefit of a Tier 2 police
officer shall be increased annually at age 60 on the January 1st after the police officer
retires, or the first anniversary of the pension starting date, whichever is later.
Noncompounding increases occur annually, each January thereafter. The increase is
the lesser of 3% or ½ of the change in the Consumer Price Index for the proceeding
calendar year.

47 --- 45

CITY OF OAKBROOK TERRACE, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)

7.

DEFINED BENEFIT PENSION PLANS (Continued)
a.

Plan Descriptions (Continued)
Police Pension Plan (Continued)
Contributions
Employees are required by ILCS to contribute 9.91% of their base salary to the Police
Pension Plan. If an employee leaves covered employment with less than 20 years of
service, accumulated employee contributions may be refunded without accumulated
interest. The City is required to contribute the remaining amounts necessary to finance
the plan and the administrative costs as actuarially determined by an enrolled actuary.
Effective January 1, 2011, the City has until the year 2040 to fund 90% of the past
service cost for the Police Pension Plan. The City has adopted a policy to fund 100%
of the past service costs by 2040 using the entry-age normal actuarial cost method. For
the year ended April 30, 2026, the City’s contribution was 66.80% of covered payroll.
Illinois Police Officers’ Pension Investment Fund
The Illinois Police Officers’ Pension Investment Fund (IPOPIF) is an investment trust
fund responsible for the consolidation and fiduciary management of the pension assets
of Illinois suburban and downstate police pension funds. IPOPIF was created by Public
Act 101-0610 and codified within the Illinois Pension Code, becoming effective
January 1, 2020, to streamline investments and eliminate unnecessary and redundant
administrative costs, thereby ensuring assets are available to fund pension benefits for
the beneficiaries of the participating pension funds as defined in 40 ILCS 5/22B-105.
Participation in IPOPIF by Illinois suburban and downstate police pension funds is
mandatory.
Deposits with Financial Institutions
The plan retains all of its available cash with one financial institution. Available cash
is determined to be that amount which is required for the current expenditures of the
plan. The excess of available cash is required to be transferred to IPOPIF for purposes
of the long-term investment for the plan.
Custodial credit risk for deposits with financial institutions is the risk that in the event
of bank failure, the plan’s deposits may not be returned to it. The plan’s investment
policy requires pledging of collateral for all bank balances held in the plan’s name in
excess of federal depository insurance, at amounts ranging from 110% to 115% of the
fair value of the funds secured, with the collateral held by an independent third party
or the Federal Reserve Bank.

48 --- 46

CITY OF OAKBROOK TERRACE, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)

7.

DEFINED BENEFIT PENSION PLANS (Continued)
a.

Plan Descriptions (Continued)
Police Pension Plan (Continued)
Investments
Investments of the plan are combined in a commingled external investment pool and
held by IPOPIF. A schedule of investment expenses is included in IPOPIF’s annual
comprehensive financial report. For additional information on IPOPIF’s investments,
please refer to their most recent annual comprehensive financial report. A copy of that
report can be obtained from IPOPIF at 456 Fulton Street, Suite 402, Peoria, IL 61602
or at www.ipopif.org.
Fair Value Measurement
The plan categorizes fair value measurements within the fair value hierarchy
established by GAAP. The hierarchy is based on the valuation inputs used to measure
the fair value of the asset. Level 1 inputs are quoted prices in active markets for
identical assets; Level 2 inputs are significant other observable inputs; and Level 3
inputs are significant unobservable inputs. The plan held no investments subject to fair
value measurement at April 30, 2026.
Net Asset Value
The Net Asset Value (NAV) of the plan’s pooled investment in IPOPIF was
$28,674,275 at April 30, 2026. Investments in IPOPIF are valued at IPOPIF’s share
price, which is the price the investment could be sold. There are no unfunded
commitments at April 30, 2026. The plan may redeem shares with a seven-calendar
day notice. IPOPIF may, at its sole discretion and based on circumstances, process
redemption requests with fewer than a seven-calendar day notice. Regular redemptions
of the same amount on a particular day of the month may be arranged with IPOPIF.
Investment Rate of Return
For the year ended April 30, 2026, the annual money-weighted rate of return on
pension plan investments, net of pension plan investment expense, was 23.16%. The
money-weighted rate of return expresses investment performance, net of investment
expense, adjusted for the changing amounts actually invested.

49 --- 47

CITY OF OAKBROOK TERRACE, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)

7.

DEFINED BENEFIT PENSION PLANS (Continued)
a.

Plan Descriptions (Continued)
Police Pension Plan (Continued)
Discount Rate
The discount rate used to measure the total pension liability was 6.50%. 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 City contributions will be
made at rates equal to the difference between actuarially determined contribution rates
and the member rate. Based on those assumptions, the fund’s fiduciary net position
was projected to be available to make all projected future benefit payments of current
plan members.
Changes in the Net Pension Liability

BALANCES AT
MAY 1, 2025
Changes for the period
Service cost
Interest
Difference between expected
and actual experience
Changes in assumptions
Changes in benefit terms
Employer contributions
Employee contributions
Buy back contributions
Net investment income
Benefit payments and refunds
Administrative expense

(a)
Total
Pension
Liability

(b)
Plan
Fiduciary
Net Position

$ 33,589,745

$ 23,877,536

554,593
2,153,892

-

554,593
2,153,892

(788,436)
60,998
(2,015,058)
-

1,420,111
210,690
60,998
5,451,489
(2,015,058)
(95,193)

(788,436)
(1,420,111)
(210,690)
(5,451,489)
95,193

(34,011)

5,033,037

(5,067,048)

$ 33,555,734

$ 28,910,573

Net changes
BALANCES AT
APRIL 30, 2026

50 --- 48

(a) - (b)
Net
Pension
Liability

$

$

9,712,209

4,645,161

CITY OF OAKBROOK TERRACE, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)

7.

DEFINED BENEFIT PENSION PLANS (Continued)
a.

Plan Descriptions (Continued)
Police Pension Plan (Continued)
Changes in the Net Pension Liability (Continued)
The funded status of the plan as of the most recent measurement date is 86.16%.
Actuarial Assumptions
The total pension liability above was determined by an actuarial valuation performed
as of May 1, 2025 using the following actuarial methods and assumptions and other
inputs, applied to all periods included in the measurement, unless otherwise specified.
The total pension liability was rolled forward by the actuary using updating procedures
to April 30, 2026, including updating the discount rate at April 30, 2026, as noted
below.
Actuarial valuation date

May 1, 2025

Actuarial cost method

Entry-age normal

Assumptions
Inflation
Salary increases
Interest rate
Cost of living adjustments

2.50%
Service-based
6.50%
3.00% (Tier 1)
1.25% (Tier 2)

Asset valuation method

Fair value

For active lives, mortality rates were based on PubS-2010 Employee mortality,
projected five years past the valuation date with Scale MP-2021. 10% of active deaths
are assumed to be in the line of duty. For inactive lives, rates were based on PubS-2010
Healthy Retiree mortality, projected five years past the valuation date with Scale
MP-2021. For beneficiaries, rates were based on PubS-2010 Survivor mortality,
projected five years past the valuation date with Scale MP-2021. For disabled lives,
rates were based on PubS-2010 Disabled mortality, projected five years past the
valuation date with Scale MP-2021.

51 --- 49

CITY OF OAKBROOK TERRACE, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)

7.

DEFINED BENEFIT PENSION PLANS (Continued)
a.

Plan Descriptions (Continued)
Police Pension Plan (Continued)
Discount Rate Sensitivity
The following is a sensitive analysis of the net pension liability to changes in the
discount rate. The table below presents the net pension liability of the City calculated
using the discount rate of 6.50% as well as what the City’s net pension liability would
be if it were calculated using a discount rate that is 1 percentage point lower (5.50%)
or 1 percentage point higher (7.50%) than the current rate:
1% Decrease
(5.50%)
Net pension liability

$

9,516,921

Current
Discount Rate
(6.50%)
$

4,645,161

1% Increase
(7.50%)
$

683,869

Pension Expense and Deferred Outflows of Resources and Deferred Inflows of
Resources
For the year ended April 30, 2026, the City recognized pension expense of $616,709.
At April 30, 2026, the City reported deferred outflows of resources and deferred
inflows of resources related to the police pension from the following sources:
Deferred
Outflows of
Resources

Deferred
Inflows of
Resources

Difference between expected and actual experience
Changes in assumptions
Net difference between projected and actual earnings
on pension plan investments

$

$

TOTAL

$

392,062
21,264

837,857
-

-

3,566,512

413,326

$ 4,404,369

Changes in the net pension liability related to the difference in actual and expected
experience, or changes in assumptions regarding future events, are recognized in
pension expense over the expected remaining service life of all employees (active and
retired) in the plan. Differences in projected and actual earnings over the measurement
period are recognized over a five-year period.

52 --- 50

CITY OF OAKBROOK TERRACE, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)

7.

DEFINED BENEFIT PENSION PLANS (Continued)
a.

Plan Descriptions (Continued)
Police Pension Plan (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 the police pension will be recognized in pension expense as follows:
Year Ending
April 30,

8.

2027
2028
2029
2030
2031
Thereafter

$

(875,043)
(1,084,094)
(1,091,958)
(939,948)
-

TOTAL

$ (3,991,043)

OTHER POSTEMPLOYMENT BENEFITS
a.

Plan Description
In addition to the pension benefits described in Note 7, the City provides
postemployment health care benefits (OPEB) to certain retirees under its Healthcare
Benefits Program, a single-employer plan. The benefits, benefit levels, employee
contributions, and employer contributions are governed by the City and can be
amended by the City under its personnel manual and union contracts. To be eligible,
employees must be enrolled in the City’s healthcare plan at time of retirement, and
receive a pension from either IMRF or the fund. For certain disabled employees who
qualify for health insurance benefits under the Public Safety Employee Benefits Act
(PSEBA), the City is required to pay 100% of the cost of basic health insurance for
the employee and their dependents until Medicare age is reached. Upon a retiree
reaching age 65 years of age, Medicare becomes the primary insurer, and the retiree is
no longer eligible to participate in the plan but can purchase a Medicare supplement
plan from the City’s insurance provider. No assets are accumulated in a trust that meets
the criteria in paragraph 4 of GASB Statement No. 75.

53 --- 51

CITY OF OAKBROOK TERRACE, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)

8.

OTHER POSTEMPLOYMENT BENEFITS (Continued)
b.

Benefits Provided
All healthcare benefits are provided through the City’s health plan. The benefit levels
are similar to those afforded to active employees. Benefits include general in-patient
and out-patient medical services, vision care, dental care, and prescriptions. Upon a
retired participant reaching the age of 65, Medicare becomes the primary insurer and
the City’s plan becomes secondary. A separate, audited GAAP basis report is not
issued for the plan.

c.

Membership
At April 30, 2024 (most recent data available), membership consisted of:

d.

Inactive employees or beneficiaries currently receiving
benefit payments
Inactive employees entitled to but not yet receiving
benefit payments
Active employees

35

TOTAL

35

-

Total OPEB Liability
The City’s total OPEB liability of $295,159 was measured as of April 30, 2026 and
was determined by an actuarial valuation as of April 30, 2024.

e.

Actuarial Assumptions and Other Inputs
The total OPEB liability at April 30, 2026, as determined by an actuarial valuation as
of April 30, 2024, using the alternative measurement method, was determined using
the following actuarial assumptions and other inputs, applied to all periods included
in the measurement, unless otherwise specified. The total OPEB liability was rolled
forward by the actuary using updated procedures at April 30, 2026, including updating
the discount rate at April 30, 2026, as noted below.
Actuarial cost method

Entry-age normal

Actuarial value of assets

N/A

Salary increases

2.50%

Discount rate

4.42%

Healthcare cost trend rates

6.75% Initial
4.00% Ultimate
54 --- 52

CITY OF OAKBROOK TERRACE, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)

8.

OTHER POSTEMPLOYMENT BENEFITS (Continued)
e.

Actuarial Assumptions and Other Inputs (Continued)
The high-quality municipal bond rate was based on the measurement date of the S&P
Municipal Bond 20 Year High Grade Rate Index as published by S&P Dow Jones
Indices. The S&P Municipal 20 Year High Grade Rate Index consists of bonds in the
S&P Municipal Bond Index with a maturity of 20 years. Eligible bonds must be rated
at least AA by Standard and Poor’s Ratings Services, Aa2 by Moody’s or AA by Fitch.
If there are multiple ratings, the lowest rating is used.
For all lives, mortality rates were PubG-2010 Mortality Tables projected to the
valuation date using Projection Scale MP-2019.

f.

Changes in the Total OPEB Liability
Total OPEB
Liability
BALANCES AT MAY 1, 2025

$

Changes for the period
Service cost
Interest
Differences between expected
and actual experience
Changes in assumptions
Benefit payments

267,653
11,812
12,852
7,834
(4,992)

Net changes

27,506

BALANCES AT APRIL 30, 2026

$

295,159

Changes in assumptions related to the discount rate.
g.

Rate Sensitivity
The following is a sensitivity analysis of the total OPEB liability to changes in the
discount rate and the healthcare cost trend rate. The table below presents the total
OPEB liability of the City calculated using the current discount rate as well as what
the City’s total OPEB liability would be if it were calculated using a discount rate that
is 1 percentage point lower or 1 percentage point higher than the current rate:
1% Decrease
(3.42%)
Total OPEB liability

$
55 --- 53

334,326

Current
Discount Rate
(4.42%)
$

295,159

1% Increase
(5.42%)
$

261,582

CITY OF OAKBROOK TERRACE, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)

8.

OTHER POSTEMPLOYMENT BENEFITS (Continued)
g.

Rate Sensitivity (Continued)
The table below presents the total OPEB liability of the City calculated using the
current healthcare rate as well as what the City’s total OPEB liability would be if it
were calculated using a healthcare rate that is 1 percentage point lower or 1 percentage
point higher than the current rate:

1% Decrease
(3.00% to 5.75%)
Total OPEB liability
h.

$

Current
Healthcare Rate
(4.00% to 6.75%)

255,086 $

1% Increase
(5.00% to 7.75%)

295,159 $

342,706

OPEB Expense and Deferred Outflows of Resources and Deferred Inflows of
Resources Related to OPEB
For the year ended April 30, 2026, the City recognized OPEB expense of $34,128. Per
GASB Statement No. 75, under the Alternative Measurement Method, changes in
Total OPEB Liability are immediately recognized as expense, resulting in no deferred
outflows of resources or deferred inflows of resources related to OPEB.

9.

COMMITMENTS AND CONTINGENCIES
Litigation
The City is a defendant in various lawsuits. The outcome of these lawsuits is not presently
determinable in the opinion of the City’s attorneys.
Grants
Amounts received or receivable from grantor agencies are subject to audit and adjustment
by grantor agencies, principally the federal government. Any disallowed claims, including
amounts already collected, may constitute a liability of the applicable funds. The amount, if
any, of expenditures that may be disallowed by the grantor cannot be determined at this time
although the City expects such amounts, if any, to be immaterial.

56 --- 54

CITY OF OAKBROOK TERRACE, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)

10.

INDIVIDUAL FUND DISCLOSURES
Transfers between funds during the year ended April 30, 2026 were as follows:
Transfers
In

Fund

Transfers
Out

General Fund
Capital Improvements Fund
Nonmajor Governmental Funds
Water Fund

$

738
283,500

$

738
283,500
-

TOTAL ALL FUNDS

$

284,238

$

284,238

The purposes of significant interfund transfers are as follows:
•

$283,500 was transferred from the Capital Improvements Fund to the Water Fund to
cover water operations for the fiscal year. This transfer will not be repaid.

Individual fund advances as of April 30, 2026 are as follows:
Advance From
General Fund

Advance To
Water Fund

TOTAL

Amount
$

259,043

$

259,043

The purposes of the advances from/to other funds are as follows:
•

The General Fund issued a cash advance to the Water Fund to be repaid within ten
years. This advance is to assist the funding of the repayment related to a water billing
settlement payment in April of 2019.

Due to/due from other funds as of April 30, 2026 are as follows:
Receivable Fund
Capital Improvements Fund
Nonmajor Governmental Funds
Water Fund
Water Fund
TOTAL

Payable Fund
General Fund
General Fund
General Fund
Capital Improvements Fund

Amount
$

265,934
12,538
8,880
296,900

$

584,252

All due to/from amounts are short term interfund loans for normal operations and activities.
These are expected to be repaid within one year.
57 --- 55

CITY OF OAKBROOK TERRACE, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)

11.

LESSOR DISCLOSURES
In accordance with GASB Statement No. 87, Leases, the City’s lessor activity is as follows:
General Fund
The City has entered into two lease arrangements acting as the lessor in which the City leases
property to private parties. Under these arrangements, the City will be collecting payments,
due in monthly installments, ranging from $6,129 to $9,833, through February 2033. During
the fiscal year, the City collected $196,758 under these arrangements and recognized a
$177,821 reduction in the related deferred inflow of resources. As of April 30, 2026, the
remaining lease receivable and offsetting deferred inflow of resource for these arrangements
is $1,091,336 and $982,450, respectively.

58 --- 56

REQUIRED SUPPLEMENTARY INFORMATION

CITY OF OAKBROOK TERRACE, ILLINOIS
SCHEDULE OF REVENUES, EXPENDITURES, AND
CHANGES IN FUND BALANCE - BUDGET AND ACTUAL
GENERAL FUND
For the Year Ended April 30, 2026

Original and
Final Budget
REVENUES
Taxes
Licenses and permits
Intergovernmental
Charges for services
Fines and forfeits
Investment income
Miscellaneous

$

Total revenues
EXPENDITURES
Current
General government
Culture and recreation
Public safety
Public services
Debt service
Principal
Interest and fiscal charges

5,827,106
701,152
3,701,509
194,643
136,500
580,000
62,000

Actual

$

11,202,910

11,865,742

3,193,598
215,178
6,853,086
809,169

3,640,626
266,346
6,258,795
932,490

-

Total expenditures

5,898,442
761,184
4,243,071
178,388
185,702
491,864
107,091

26,011
2,385

11,071,031

11,126,653

EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES

131,879

739,089

OTHER FINANCING SOURCES (USES)
Transfers (out)

-

(738)

Total other financing sources (uses)

-

(738)

NET CHANGE IN FUND BALANCE

$

131,879

738,351

FUND BALANCE, MAY 1

12,726,677

FUND BALANCE, APRIL 30

$

(See independent auditor's report.)
- 59 -

13,465,028

CITY OF OAKBROOK TERRACE, ILLINOIS
SCHEDULE OF EMPLOYER CONTRIBUTIONS
ILLINOIS MUNICIPAL RETIREMENT FUND
Last Ten Fiscal Years

FISCAL YEAR ENDED APRIL 30,
Actuarially determined contribution

2017
$

Contributions in relation to the actuarially
determined contribution

179,399

2018
$

180,588

2019
$

194,831

2020
$

185,102

185,352

200,794

(5,703) $

(4,764) $

(5,963) $

2021

181,951

$

181,951

2022

188,354

$

188,354

2023

168,895

$

168,895

2024

133,336

$

133,336

2025

129,666

$

129,666

2026

271,246

$

271,246

346,448

346,448

CONTRIBUTION DEFICIENCY (Excess)

$

Covered payroll

$ 1,362,319

$ 1,423,492

$ 1,587,343

$ 1,687,526

$ 1,610,329

$ 1,598,256

$ 1,750,730

$ 1,609,190

$ 1,845,885

$ 1,998,851

13.59%

13.02%

12.65%

10.78%

11.70%

10.57%

7.62%

8.06%

14.69%

17.33%

Contributions as a percentage of
covered payroll

-

$

-

$

-

$

-

$

-

$

-

$

-

Notes to Required Supplementary Information
The information presented was determined as part of the actuarial valuations as of January 1 of the prior calendar 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 18 years; the asset valuation method was five-year smoothed fair value; and
the significant actuarial assumptions were an investment rate of return at 7.25% annually, projected salary increases assumption of 2.85% to 13.75% compounded annually, and postretirement benefit increases of
2.75% compounded annually.

(See independent auditor's report.)
- 60 -

CITY OF OAKBROOK TERRACE, ILLINOIS
SCHEDULE OF EMPLOYER CONTRIBUTIONS
ILLINOIS MUNICIPAL RETIREMENT FUND - SLEP
Last Nine Fiscal Years

FISCAL YEAR ENDED APRIL 30,
Actuarially determined contribution

2018
$

Contributions in relation to the actuarially
determined contribution

2019

15,358

$

15,358

2020

13,526

$

15,092

$

-

$

(1,566) $

Covered payroll

$

131,162

$

138,540

11.71%

10.89%

11,457

$

11,457

CONTRIBUTION DEFICIENCY (Excess)

Contributions as a percentage of
covered payroll

2021

$

2022

12,105

$

12,105

2023

12,484

$

12,484

2024

12,642

$

12,642

2025

14,273

$

14,273

2026

13,235

$

13,235

12,015

12,015

-

$

-

$

-

$

-

$

-

$

-

$

-

144,842

$

144,636

$

149,551

$

153,171

$

163,830

$

124,953

$

125,098

7.91%

8.37%

8.35%

8.25%

8.71%

10.59%

9.60%

Notes to Required Supplementary Information
The information presented was determined as part of the actuarial valuations as of January 1 of the prior calendar 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 18 years; the asset valuation method was fiveyear smoothed fair value; and the significant actuarial assumptions were an investment rate of return at 7.25% annually, projected salary increases assumption of 2.85% to 13.75% compounded
annually, and postretirement benefit increases of 2.75% compounded annually.
Ultimately, this schedule should present information for the last ten years. However, until ten years of information can be compiled, information will be presented for as many years as is
available.

(See independent auditor's report.)
- 61 -

CITY OF OAKBROOK TERRACE, ILLINOIS
SCHEDULE OF EMPLOYER CONTRIBUTIONS
POLICE PENSION FUND
Last Ten Fiscal Years

FISCAL YEAR ENDED APRIL 30,
Actuarially determined contribution

2017
$

Contributions in relation to the actuarially
determined contribution

2018

2019

2020

2021

2022

2023

2024

2025

2026

992,007

$ 1,039,771

$ 1,115,355

$ 1,380,875

$ 1,494,254

$ 1,563,231

$ 1,474,465

$ 1,491,923

$ 1,534,410

$ 1,420,262

995,185

1,039,771

1,115,199

1,378,856

1,493,842

1,561,329

1,557,730

1,561,661

1,574,917

1,420,111

CONTRIBUTION DEFICIENCY (Excess)

$

Covered payroll

$ 1,707,810

$ 1,622,815

$ 1,738,194

$ 1,924,783

$ 1,943,259

$ 1,837,336

$ 1,861,120

$ 2,033,784

$ 1,782,311

$ 2,126,034

58.27%

64.07%

64.16%

71.64%

76.87%

84.98%

83.70%

76.79%

88.36%

66.80%

Contributions as a percentage of
covered payroll

(3,178) $

-

$

156

$

2,019

$

412

$

1,902

$

(83,265) $

(69,738) $

(40,507) $

151

Notes to Required Supplementary Information
The information presented was determined as part of the actuarial valuations as of the beginning 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 period was 11 years; the asset valuation method was five-year smoothed fair value; and the significant actuarial assumptions were an investment rate of
return at 6.50% annually, projected salary increases assumption of 3.50% to 11.00% compounded annually, and postretirement benefit increases of 2.00% compounded annually.

(See independent auditor's report.)
- 62 -

CITY OF OAKBROOK TERRACE, ILLINOIS
SCHEDULE OF CHANGES IN THE EMPLOYER'S
NET PENSION LIABILITY (ASSET) AND RELATED RATIOS
ILLINOIS MUNICIPAL RETIREMENT FUND
Last Ten Calendar Years

MEASUREMENT DATE DECEMBER 31,
TOTAL PENSION LIABILITY
Service cost
Interest
Differences between expected
and actual experience
Changes of assumptions
Benefit payments, including refunds
of member contributions

2016

$

147,736
584,800

$

2019

140,336
576,013

$

158,955
613,429

2020

$

151,994
636,967

2021

$

145,083
643,011

2022

$

138,290
655,571

2023

$

148,864
776,642

2024

$

148,609
845,300

2025

$

165,711
871,735

(295,930)
(222,882)

83,360
250,018

(125,438)
-

(283,631)
(77,343)

(223,154)
-

1,463,308
-

750,705
(14,142)

50,914
-

(3,033)
-

(208,431)

(385,435)

(268,924)

(287,307)

(350,316)

(332,002)

(444,602)

(740,434)

(689,421)

(688,093)

546,299

(171,711)

780,803

359,639

77,671

232,938

1,812,567

921,635

355,402

346,320

7,369,878

7,916,177

7,744,466

8,525,269

8,884,908

8,962,579

9,195,517

11,008,084

11,929,719

12,285,121

$ 7,916,177

$ 7,744,466

$ 8,525,269

$ 8,884,908

$ 8,962,579

$ 9,195,517

$ 11,008,084

$ 11,929,719

$ 12,285,121

$ 12,631,441

$

$

$

$

$

$

$

$

Total pension liability - beginning

PLAN FIDUCIARY NET POSITION
Contributions - employer
Contributions - member
Net investment income
Benefit payments, including refunds
of member contributions
Other (net transfer)

$

2018

96,277
(31,781)

Net change in total pension liability

TOTAL PENSION LIABILITY - ENDING

142,179
548,055

2017

179,399
59,229
406,901

180,587
64,779
1,086,166

200,794 $
167,728
78,899
73,137
(316,398)
1,243,733

191,276
73,567
1,093,409

181,398
69,828
1,499,574

150,316 $
142,370
(1,259,368)

94,557
115,157
991,605

219,903
77,069
1,008,223

374,858
88,296
1,887,062

(208,431)
59,077

(385,435)
(149,318)

(268,924)
20,314

(287,307)
(63,353)

(350,316)
(34,705)

(332,002)
(25,687)

(444,602)
71,365

(740,434)
365,669

(689,421)
(114,758)

(688,093)
(34,600)

496,175

796,779

(285,315)

1,133,938

973,231

1,393,111

(1,339,919)

826,554

501,016

1,627,523

6,011,757

6,507,932

7,304,711

7,019,396

8,153,334

9,126,565

10,519,676

9,179,757

10,006,311

10,507,327

PLAN FIDUCIARY NET POSITION - ENDING

$ 6,507,932

$ 7,304,711

$ 7,019,396

$ 8,153,334

$ 9,126,565

$ 10,519,676

$ 9,179,757

$ 10,006,311

$ 10,507,327

$ 12,134,850

EMPLOYER'S NET PENSION LIABILITY (ASSET)

$ 1,408,245

$

$ 1,505,873

$

$

(163,986) $ (1,324,159) $ 1,828,327

$ 1,923,408

$ 1,777,794

$

Net change in plan fiduciary net position
Plan fiduciary net position - beginning

439,755

731,574

- 63 -

496,591

MEASUREMENT DATE DECEMBER 31,

2016

2017

2018

2019

2020

2021

2022

2023

2024

2025

Plan fiduciary net position
as a percentage of the total pension liability

82.21%

94.32%

82.34%

91.77%

101.83%

114.40%

83.39%

83.88%

85.53%

96.07%

$ 1,316,206

$ 1,394,502

$ 1,523,476

$ 1,625,278

$ 1,634,835

$ 1,551,734

$ 1,747,860

$ 1,664,730

$ 1,712,646

$ 1,962,131

106.99%

31.53%

98.84%

45.01%

(10.03%)

(85.33%)

104.60%

115.54%

103.80%

25.31%

Covered payroll
Employer's net pension liability (asset)
as a percentage of covered payroll

2016: Changes in assumptions related to retirement age and mortality were made since the prior measurement date.
2017: Changes in assumptions related to inflation rates, salary rates, and mortality were made since the prior measurement date.
2018: Changes in assumptions related to the discount rate were made since the prior measurement date.
2020: Changes in assumptions related to inflation rates, retirement age, and mortality were made since the prior measurement date.
2023: Changes in assumptions related to mortality and other demographics were made since the prior measurement date.

(See independent auditor's report.)
- 64 -

CITY OF OAKBROOK TERRACE, ILLINOIS
SCHEDULE OF CHANGES IN THE EMPLOYER'S
NET PENSION LIABILITY (ASSET) AND RELATED RATIOS
ILLINOIS MUNICIPAL RETIREMENT FUND - SLEP
Last Nine Calendar Years

MEASUREMENT DATE DECEMBER 31,
TOTAL PENSION LIABILITY
Service cost
Interest
Differences between expected
and actual experience
Changes of assumptions
Benefit payments, including refunds
of member contributions

2017

$

Net change in total pension liability
Total pension liability - beginning
TOTAL PENSION LIABILITY - ENDING
PLAN FIDUCIARY NET POSITION
Contributions - employer
Contributions - member
Net investment income
Benefit payments, including refunds
of member contributions
Other (net transfer)

2018

-

$

2019

18,188
2,238

$

2020

19,468
4,002

$

2021

19,760
5,929

$

2022

19,165
7,941

$

2023

19,980
10,458

$

2024

20,824
13,377

$

2025

20,141
15,939

$

21,066
16,797

21,586
(844)

2,770
1,528

2,967
-

3,858
(1,495)

7,201
-

9,393
-

7,346
(5,865)

(24,712)
-

5,255
-

-

-

-

-

-

-

-

-

-

20,742

24,724

26,437

28,052

34,307

39,831

35,682

11,368

43,118

-

20,742

45,466

71,903

99,955

134,262

174,093

209,775

221,143

$

20,742

$

45,466

$

71,903

$

99,955

$

134,262

$

174,093

$

209,775

$

221,143

$

264,261

$

17,578
9,625
90

$

15,092 $
8,523
(590)

10,484
8,621
7,727

$

11,581
8,695
9,190

$

12,351
8,755
14,524

$

12,025 $
8,992
(9,468)

13,411
9,262
14,229

$

13,510
9,262
16,006

$

14,119
9,546
28,016

(1,172)

(785)

(1,465)

(1,345)

(2,470)

(2,427)

1,466

(3,812)

(4,503)

26,121

22,240

25,367

28,121

33,160

9,122

38,368

34,966

47,178

-

26,121

48,361

73,728

101,849

135,009

144,131

182,499

217,465

Net change in plan fiduciary net position
Plan fiduciary net position - beginning
PLAN FIDUCIARY NET POSITION - ENDING

$

26,121

EMPLOYER'S NET PENSION LIABILITY (ASSET)

$

(5,379) $

$

48,361

$

(2,895) $

73,728

$

(1,825) $

- 65 -

101,849

$

(1,894) $

135,009

$

144,131

$

182,499

$

217,465

$

264,643

(747) $

29,962

$

27,276

$

3,678

$

(382)

MEASUREMENT DATE DECEMBER 31,

2017

2018

2019

2020

2021

2022

2023

2024

2025

Plan fiduciary net position
as a percentage of the total pension liability

125.93%

106.37%

102.54%

101.89%

100.56%

82.79%

87.00%

98.34%

100.14%

Covered payroll
Employer's net pension liability (asset)
as a percentage of covered payroll

$

112,408

(4.79%)

$

113,654

(2.55%)

$

114,952

(1.59%)

$

115,929

$

(1.63%)

116,740

(0.64%)

$

119,892

24.99%

$

123,489

22.09%

$

123,489

2.98%

2017: Changes in assumptions related to inflation rates, salary rates, and mortality were made since the prior measurement date.
2018: Changes in assumptions related to the discount rate were made since the prior measurement date.
2020: Changes in assumptions related to inflation rates, retirement age, and mortality were made since the prior measurement date.
2023: Changes in assumptions related to mortality and other demographics were made since the prior measurement date.
Ultimately, this schedule should present information for the last ten years. However, until ten years of information can be compiled, information will be presented for as many years as is available.

(See independent auditor's report.)
- 66 -

$

127,283

(0.30%)

CITY OF OAKBROOK TERRACE, ILLINOIS
SCHEDULE OF CHANGES IN THE EMPLOYER'S
NET PENSION LIABILITY AND RELATED RATIOS
POLICE PENSION FUND
Last Ten Fiscal Years

MEASUREMENT DATE APRIL 30,
TOTAL PENSION LIABILITY
Service cost
Interest
Differences between expected
and actual experience
Changes in assumptions
Changes in benefit terms
Contributions - buy back
Benefit payments, including refunds
of member contributions

2017

$

475,653
1,542,084

$

429,350
1,612,233

2020

$

465,649
1,691,623

2021

$

528,826
1,761,447

2022

$

511,522
1,855,113

2023

$

504,516
1,909,828

2024

$

577,469
2,030,557

2025

$

518,746
2,111,043

2026

$

554,593
2,153,892

524,313
(301,707)
10,347

(901,809)
1,145,712
-

(54,531)
50,530
-

381,707
-

(330,827)
127,581
-

777,174
-

156,949
-

(253,284)
-

(788,436)
60,998

(1,129,211)

(1,166,415)

(1,083,921)

(1,116,880)

(1,167,575)

(1,259,760)

(1,369,466)

(1,444,747)

(1,491,227)

(2,015,058)

959,492

1,084,275

1,201,565

1,036,391

1,504,405

903,629

1,822,052

1,320,228

885,278

(34,011)

22,872,430

23,831,922

24,916,197

26,117,762

27,154,153

28,658,558

29,562,187

31,384,239

32,704,467

33,589,745

$ 23,831,922

$ 24,916,197

$ 26,117,762

$ 27,154,153

$ 28,658,558

$ 29,562,187

$ 31,384,239

$ 32,704,467

$ 33,589,745

$ 33,555,734

$

$

$

$

$

$

$

$

$

Total pension liability - beginning

PLAN FIDUCIARY NET POSITION
Contributions - employer
Contributions - member
Contributions - buy back
Net investment income
Other
Benefit payments, including refunds
of member contributions
Administrative expense

$

2019

(134,518)
202,498
-

Net change in total pension liability

TOTAL PENSION LIABILITY - ENDING

535,882
1,484,841

2018

995,185
168,948
969,766
-

1,039,771
160,821
10,347
1,070,751
-

1,115,199
172,255
890,839
15

1,378,855
190,747
270,372
-

1,493,842
192,577
4,257,710
183,885

1,561,329 $
182,080
(959,818)
-

1,557,730
184,437
291,923
-

1,561,661
201,548
1,883,157
-

1,574,917
176,627
2,050,239
-

1,420,111
210,690
60,998
5,451,489
-

(1,129,211)
(43,720)

(1,166,415)
(42,132)

(1,083,921)
(40,280)

(1,116,880)
(39,882)

(1,167,575)
(39,468)

(1,259,760)
(42,370)

(1,369,466)
(46,790)

(1,444,747)
(46,224)

(1,491,227)
(65,124)

(2,015,058)
(95,193)

960,968

1,073,143

1,054,107

683,212

4,920,971

(518,539)

617,834

2,155,395

2,245,432

5,033,037

10,685,013

11,645,981

12,719,124

13,773,231

14,456,443

19,377,414

18,858,875

19,476,709

21,632,104

23,877,536

PLAN FIDUCIARY NET POSITION - ENDING

$ 11,645,981

$ 12,719,124

$ 13,773,231

$ 14,456,443

$ 19,377,414

$ 18,858,875

$ 19,476,709

$ 21,632,104

$ 23,877,536

$ 28,910,573

EMPLOYER'S NET PENSION LIABILITY

$ 12,185,941

$ 12,197,073

$ 12,344,531

$ 12,697,710

$

$ 10,703,312

$ 11,907,530

$ 11,072,363

$

$

Net change in plan fiduciary net position
Plan fiduciary net position - beginning

- 67 -

9,281,144

9,712,209

4,645,161

MEASUREMENT DATE APRIL 30,

2017

Plan fiduciary net position
as a percentage of the total pension liability
Covered payroll
Employer's net pension liability
as a percentage of covered payroll

2018

48.87%
$

1,707,810

713.54%

2019

51.05%
$

1,622,815

751.60%

2020

52.74%
$

1,738,194

710.19%

2021

53.24%
$

1,924,783

659.70%

2022

67.61%
$

1,943,259

477.61%

(See independent auditor's report.)
- 68 -

2023

63.79%
$

1,837,336

582.55%

2024

62.06%
$

1,861,120

639.80%

2025

66.14%
$

2,033,784

544.42%

2026

71.09%
$

1,782,311

544.92%

86.16%
$

2,126,034

218.49%

CITY OF OAKBROOK TERRACE, ILLINOIS
SCHEDULE OF CHANGES IN THE EMPLOYER'S
TOTAL OPEB LIABILITY AND RELATED RATIOS
OTHER POSTEMPLOYMENT BENEFIT PLAN
Last Eight Fiscal Years

MEASUREMENT DATE APRIL 30,
TOTAL OPEB LIABILITY
Service cost
Interest
Differences between expected
and actual experience
Changes in assumptions
Benefit payments, including refunds
of member contributions

2019

$

Net change in total OPEB liability
Total OPEB liability - beginning

12,918
32,953

2020

$

14,308
31,380

2021

$

20,460
30,813

2022

$

19,985
16,457

2023

$

9,366
25,075

2024

$

6,852
31,619

2025

$

10,872
10,689

2026

$

11,812
12,852

53,111

47,660

34,572
(206,515)

(219,743)

(54,863)
124,618

(23,761)

(524,374)
17,282

7,834

(29,330)

(31,896)

(29,039)

(23,179)

(17,788)

(28,036)

(4,245)

(4,992)

69,652

61,452

(149,709)

(206,480)

86,408

(13,326)

(489,776)

27,506

909,432

979,084

1,040,536

890,827

684,347

770,755

757,429

267,653

TOTAL OPEB LIABILITY - ENDING

$

979,084

$ 1,040,536

$

Covered-employee payroll

$ 3,686,411

$ 3,778,571

$ 4,063,342

$ 4,164,926

$ 3,681,015

$ 3,773,040

$ 3,531,476

$ 3,619,763

26.56%

27.54%

21.92%

16.43%

20.94%

20.07%

7.58%

8.15%

Employer's total OPEB liability
as a percentage of covered-employee payroll

890,827

$

684,347

$

770,755

$

757,429

$

267,653

$

295,159

Notes to Required Supplementary Information
Changes of assumptions and other inputs reflect the effects of changes in the discount rate each period. The following are the discount rates used in each period:
Fiscal Year Ended April 30, 2026: 4.42%
Fiscal Year Ended April 30, 2025: 4.64%
Fiscal Year Ended April 30, 2024: 4.42%
Fiscal Year Ended April 30, 2023: 4.14%
Fiscal Year Ended April 30, 2022: 3.98%
Fiscal Year Ended April 30, 2021: 1.83%
Fiscal Year Ended April 30, 2020: 2.85%
Fiscal Year Ended April 30, 2019: 3.21%
Also reflected as assumption changes are updated mortality rates, updated health care costs and premiums, and updated health care coststrend rates.
No assets are accumulated in a trust that meets the criteria in paragraph 4 of GASB Statement No. 75.
Ultimately, this schedule should present information for the last ten years. However, until ten years of information can be compiled, information will be presented for as many years as is available.

(See independent auditor's report.)
- 69 -

CITY OF OAKBROOK TERRACE, ILLINOIS
NOTES TO REQUIRED SUPPLEMENTARY INFORMATION
April 30, 2026

1.

BUDGETS
Budgets are adopted on a basis consistent with GAAP. All departments of the City submit
requests for appropriation to the City Administrator so that a budget may be prepared. The
budget is prepared by fund, function and activity, and includes information on the past year,
current year estimates and requested appropriations for the next fiscal year. The City follows
these procedures in establishing the budgetary data reflected in the financial statements. The
annual appropriated budget is legally enacted and provides for a legal level of control at the
fund level. All annual appropriations lapse at fiscal year end.
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. In addition, the City Administrator may
make line-item transfers under $10,000 within a department and/or between departments
within the same fund. Budget transfers that are greater than $10,000 require the approval of
the City Council.

2.

EXPENDITURES OVER BUDGET OF INDIVIDUAL FUNDS
The following funds had expenditures that exceeded budget during the fiscal year:
Fund

Final Budget

General Fund
Motor Fuel Tax Fund
2012/2021 Refunding Bond Fund

Expenditures

$ 11,071,031 $ 11,126,653
354,000
544,480
231,370
231,970

- 47 - 70 -

COMBINING AND INDIVIDUAL FUND
FINANCIAL STATEMENTS AND SCHEDULES

MAJOR GOVERNMENTAL FUNDS

CITY OF OAKBROOK TERRACE, ILLINOIS
SCHEDULE OF REVENUES - BUDGET AND ACTUAL
GENERAL FUND
For the Year Ended April 30, 2026

Original and
Final Budget
REVENUES
Taxes
Property tax
Telecommunications tax
Amusement tax
Video gaming
Off track betting tax
Hotel/motel tax
Cannabis tax
Grocery tax
Food & beverage tax
Total taxes

$

1,116,313
275,000
450,000
605,212
250,000
1,727,231
244,600
1,158,750

Actual

$

1,119,805
372,644
355,551
694,194
58,934
1,802,042
107,813
126,610
1,260,849

5,827,106

5,898,442

Licenses and permits
Liquor license
Business/vending license
Massage license
Business registration fee
Contractor registration fees
Video gaming fees
Other licenses
Franchise fees
Building permits

138,152
146,000
3,000
5,000
20,000
120,000
40,000
79,000
150,000

110,100
136,963
2,500
4,200
18,275
121,000
28,300
63,743
276,103

Total licenses and permits

701,152

761,184

Intergovernmental
Sales tax
Use tax
Income tax
Personal property replace tax
Dpt. of justice vest reimburse
Grants

3,100,000
103,823
476,061
5,916
709
15,000

3,485,494
26,119
504,417
4,513
222,528

Total intergovernmental

3,701,509

4,243,071

(This schedule is continued on the following page.)
- 71 -

CITY OF OAKBROOK TERRACE, ILLINOIS
SCHEDULE OF REVENUES - BUDGET AND ACTUAL (Continued)
GENERAL FUND
For the Year Ended April 30, 2026

Original and
Final Budget
REVENUES (Continued)
Charges for services
Digital sign fees
Antenna income
Other charge for services

$

102,900
89,043
2,700

Actual

$

95,087
83,021
280

Total charges for services

194,643

178,388

Fines and forfeits
Tickets
Towing fees
Red light camera fines
Court fines
Admin adjudication fees
Business license/reg penalty
E-citation fees
DUI fees
Library fees
Rental inspections
Zoning fees
Report fees

7,000
25,000
60,000
5,000
3,000
1,500
12,000
4,000
11,000
5,500
2,500

1,520
26,000
74
106,550
750
1,885
1,969
11,589
2,900
11,000
19,610
1,855

Total fines and forfeits

136,500

185,702

Investment income

580,000

491,864

Miscellaneous
July 4th sponsor
Event sponsor
Miscellaneous

27,000
25,000
10,000

23,020
14,000
70,071

62,000

107,091

Total miscellaneous
TOTAL REVENUES

$

(See independent auditor's report.)
- 72 -

11,202,910

$

11,865,742

CITY OF OAKBROOK TERRACE, ILLINOIS
SCHEDULE OF EXPENDITURES - BUDGET AND ACTUAL
GENERAL FUND
For the Year Ended April 30, 2026

Original and
Final Budget
GENERAL GOVERNMENT
Executive management
Personal services
Full-time
Part time - regular
Part time - other
Overtime
Police - special events wages
Public services - special events
Sick pay incentive
Admin special event wages
IMRF
FICA
Health insurance
Health savings account contribution
Dental insurance
Life insurance
Unemployment insurance

$

279,981
25,560
70,000
20,000
30,000
2,250
1,000
34,861
28,722
45,474
5,120
3,060
900
2,000

Actual

$

279,737
14,384
64,166
278
137
585
41,126
26,865
29,629
8,641
7,509
1,969

Total personal services

548,928

475,026

Contractual services
General legal services
Prosecutions
Litigation
Labor relations
Admin hearing services
Library services
Residential system rebate
IT services
Risk management contributions
Workers compensation insurance
Contingencies

150,000
55,000
100,000
65,000
3,500
25,000
6,000
20,000
122,789
126,124
30,000

309,743
48,945
64,631
324,413
32,081
37,768
365
48,810
114,347
123,199
-

Total contractual services

703,413

1,104,302

Commodities
Professional services
Codification
Training and conferences
Membership and association fees
Meetings
Advertising and publication fees
Terrace leaves newsletter
Employee assistance program
Equipment lease and rental
Equipment maintenance and repair
Equipment service agreement
Vehicle maintenance and repair
Phone service
Communications
Sales tax audit contingency

45,000
15,000
15,000
12,000
4,000
1,000
16,000
10,500
500
3,500
1,700
10,000
25,000
2,500

164,867
13,803
8,220
340
721
16,089
10,186
1,513
5,616
1,800
1,378
9,034
31,012
-

(This schedule is continued on the following pages.)
- 73 -

CITY OF OAKBROOK TERRACE, ILLINOIS
SCHEDULE OF EXPENDITURES - BUDGET AND ACTUAL (Continued)
GENERAL FUND
For the Year Ended April 30, 2026

Original and
Final Budget
GENERAL GOVERNMENT (Continued)
Executive management (Continued)
Commodities (Continued)
Public information
Special events programming
July 4th programming
Wellness programming
Pumpkins in the park
Veteran's Day
Christmas events
Concerts in the park
Luminaries
Egg hunt and kite fly
Other programming
Sponsorship
Books and publications
Office supplies
Supplies
Software
Hardware
Recognition
Postage

$

Total commodities

3,000
85,000
5,000
5,500
1,400
8,000
80,000
5,000
3,200
3,500
500
5,000
5,000
5,000
15,000
11,000
2,000

Actual

$

33,215
59,975
3,476
5,131
2,825
10,569
111,254
7,096
2,161
69,591
13,000
3,528
13,568
52,796
29,729
3,951
1,717

404,800

688,161

1,657,141

2,267,489

Building and zoning
Personal services
Full time
Overtime
Part time - regular
Part time - other
Special events
Top of the range award
IMRF
FICA
Health insurance
HSA contributions
Dental insurance
Life insurance
Unemployment insurance

281,636
360
46,344
5,000
2,300
42,155
26,477
85,266
12,800
2,500
1,200
1,407

289,154
305
61,238
1,100
106
2,332
59,062
26,059
76,773
11,749
480
1,080

Total personal services

507,445

529,438

Contractual services
City engineer
Code enforcement
Equipment lease and rental
Utilities
Public hearing expense

15,000
9,500
380
145,000
4,000

30,134
8,262
328
198

Total contractual services

173,880

38,922

Total executive management

(This schedule is continued on the following pages.)
- 74 -

CITY OF OAKBROOK TERRACE, ILLINOIS
SCHEDULE OF EXPENDITURES - BUDGET AND ACTUAL (Continued)
GENERAL FUND
For the Year Ended April 30, 2026

Original and
Final Budget
GENERAL GOVERNMENT (Continued)
Building and zoning (Continued)
Commodities
Professional and technical
Training and conferences
Membership and association fees
Equipment maintenance and repair
Phone service
Communications
Public information
Books & publications
Office supplies
Supplies
Software
Hardware
IT services
Postage

$

70,000
2,400
1,000
1,300
3,300
1,615
1,770
200
1,000
2,000
6,500
1,700
5,000
750

Actual

$

56,173
2,629
885
315
3,253
1,518
134
280
165
680
776
3,700
63

Total commodities

98,535

70,571

Total building and zoning

779,860

638,931

Finance
Personal services
Full time
Overtime
Part time - regular
IMRF
FICA
Health insurance
HSA contributions
457b contributions
Dental insurance
Vision insurance
Life insurance
Unemployment insurance

393,472
32,840
29,590
77,285
12,800
3,000
6,000
700
1,500

354,504
2,710
8,890
64,814
24,931
110,587
11,536
1,291
974
3,141

Total personal services

557,187

583,378

Contractual services
Investment management fees
Credit card transaction fees
IT services
Equipment lease and rental
Equipment service agreement

2,500
38,500
5,000
360
15,000

6,396
16,471
328
-

Total contractual services

61,360

23,195

Commodities
Professional and technical services
Training and conferences
Membership an association fees
Meeting reimbursement

100,000
10,000
1,000
750

68,162
177
-

(This schedule is continued on the following pages.)
- 75 -

CITY OF OAKBROOK TERRACE, ILLINOIS
SCHEDULE OF EXPENDITURES - BUDGET AND ACTUAL (Continued)
GENERAL FUND
For the Year Ended April 30, 2026

Original and
Final Budget
GENERAL GOVERNMENT (Continued)
Finance (Continued)
Commodities (Continued)
Equipment maintenance and repair
Phone service
Communications
Collection fees
Public information
Books and publications
Office supplies
Supplies
Software
Hardware
Postage

$

3,000
3,500
6,000
1,800
2,000
2,500
5,000
2,500

Actual

$

28,561
3,687
3,390
678
1,004
468
1,613
4,000
15,250
643

Total commodities

138,050

127,633

Total finance

756,597

734,206

3,193,598

3,640,626

CULTURE AND RECREATION
Tourism
Commodities
Membership and association fees
Advertising/publication fees
Obt History Society contribution
Event sponsorship

82,678
100,000
7,500
25,000

71,783
182,063
7,500
5,000

Total commodities

215,178

266,346

Total tourism

215,178

266,346

Total culture and recreation

215,178

266,346

2,861,044
4,050
332,500
36,000
20,000
12,300
83,215
25,000
8,469
5,000
47,565
254,628
85,600
97,280
-

2,626,466
311,644
33,812
17,998
5,649
62,906
59,438
232,629
83,173
84,067
1,244

Total general government

PUBLIC SAFETY
Police department
Personal services
Full-time
Court stand
Overtime
Part time - regular
Court time
National night out wages
Holiday pay
Vacation buy back
Sick leave buy-back
Top of the range award
IMRF
FICA
Health insurance
HSA contributions
457b contributions

(This schedule is continued on the following pages.)
- 76 -

CITY OF OAKBROOK TERRACE, ILLINOIS
SCHEDULE OF EXPENDITURES - BUDGET AND ACTUAL (Continued)
GENERAL FUND
For the Year Ended April 30, 2026

Original and
Final Budget
PUBLIC SAFETY (Continued)
Police department (Continued)
Personal services (Continued)
Health/dental insurance
Life insurance
Police pension
Unemployment insurance

$

Total personal services

738,760
7,400
1,420,262
9,050

Actual

$

502,594
3,999
1,420,107
10,852

6,048,123

5,456,578

1,000
530
313,443
985
1,000
40,000
-

295,021
285
100
750
562

Total contractual services

356,958

296,718

Commodities
Professional/technical services
Training and conferences
Continuing education
Membership & association fees
Support services
Crime free housing enforcement
Equipment maintenance and repair
Vehicle maintenance and repair
Phone service
Communications
Uniform allowance
Printing
Utilities
Building maintenance
Special events
Books and publications
Office supplies
Office furniture
Admin towing expenses
Supplies
Hardware
Software
Physical exams
Travel
Postage
Fuel
Non-capital equipment

5,000
61,063
3,500
1,055
21,346
300
13,915
45,000
7,500
12,500
63,550
2,000
6,000
47,300
10,000
600
6,000
10,000
500
5,000
5,096
2,240
1,500
54,000
30,475

12,151
33,188
1,163
35,136
11,031
67,556
7,590
12,609
61,861
4,985
4,784
36,959
10,417
393
8,282
10,739
15
5,859
2,942
2,240
1,475
2,655
3,740
42,566
60,448

415,440

440,784

6,820,521

6,194,080

Contractual services
Deductible payments
Equipment lease and rental
Du comm
Animal control
Filing fees
IT services
Build maintenance service agreement

Total commodities
Total police department

(This schedule is continued on the following pages.)
- 77 -

CITY OF OAKBROOK TERRACE, ILLINOIS
SCHEDULE OF EXPENDITURES - BUDGET AND ACTUAL (Continued)
GENERAL FUND
For the Year Ended April 30, 2026

Original and
Final Budget
PUBLIC SAFETY (Continued)
Red light camera
Contractual services
Traffic enforcement collection fees

$

Total contractual services

-

Actual

$

291

-

291

-

971

Total commodities

-

971

Total redlight camera

-

1,262

6,600
505

10,450
799

7,105

11,249

1,500
500
500
17,500
60
200
5,000
200

2,100
400
24
44,162
749
26
480
4,263
-

Total commodities

25,460

52,204

Total police commission

32,565

63,453

6,853,086

6,258,795

379,016
1,000
2,750
49,432
29,451
84,035
15,360
3,500
975
1,500

391,971
22,931
71,638
31,380
82,847
9,896
814
1,122

567,019

612,599

Commodities
Communications

Police commission
Personal services
Part time - regular
FICA
Total personal services
Commodities
Professional and technical services
Membership and association fees
Advertising and publication fees
Testing an examinations
Trainings an conferences
Books and publications
Office supplies
Supplies
Postage

Total public safety
PUBLIC SERVICES
Personal services
Full time
Overtime
Top of the range award
IMRF
FICA
Health insurance
HSA contributions
Dental insurance
Life insurance
Unemployment insurance
Total personal services

(This schedule is continued on the following page.)
- 78 -

CITY OF OAKBROOK TERRACE, ILLINOIS
SCHEDULE OF EXPENDITURES - BUDGET AND ACTUAL (Continued)
GENERAL FUND
For the Year Ended April 30, 2026

Original and
Final Budget
PUBLIC SERVICES (Continued)
Contractual services
City engineer
Equipment lease and rental
Equipment service agreement
IT services
Build maintenance service agreement

$

1,000
1,000
9,000
5,000
13,000

Actual

$

3,069
328
1,462

Total contractual services

29,000

4,859

Commodities
Professional and technical services
Training and conferences
Membership and association fees
Meeting reimbursement
Physical exams
Testing and examinations
Equipment maintenance and repair
Vehicle maintenance and repair
Phone service
Communications
Uniform allowance
Mosquito abatement
Traffic signal maintenance
Utilities
Street light maintenance
Street sweeping
Lawn maintenance
Tree care
Building maintenance
Office supplies
Supplies
Lawn maintenance supplies
Street repair materials
NPDES permit
Hardware
Postage
Fuel
Travel
Non-capital equipment

1,000
1,000
450
600
600
13,500
20,000
6,000
3,600
4,500
17,100
20,000
16,000
10,500
9,600
6,500
16,000
20,000
500
5,000
3,000
14,000
3,500
1,000
200
10,000
9,000

451
872
246
1,112
190
36,389
21,856
4,917
10,735
2,695
20,829
19,358
19,862
15,747
6,359
4,432
29,950
79,456
301
8,088
1,266
16,776
184
7,672
56
5,233

Total commodities

213,150

315,032

Total public services

809,169

932,490

-

26,011
2,385

Debt service
Principal
Interest and fiscal charges
TOTAL EXPENDITURES

$

(See independent auditor's report.)
- 79 -

11,071,031

$

11,126,653

CITY OF OAKBROOK TERRACE, ILLINOIS
SCHEDULE OF REVENUES, EXPENDITURES, AND
CHANGES IN FUND BALANCE - BUDGET AND ACTUAL
CAPITAL IMPROVEMENTS FUND
For the Year Ended April 30, 2026

Original and
Final Budget
REVENUES
Taxes
Home rule sales tax
Investment income
Miscellaneous
Total revenues
EXPENDITURES
General government
Contractual services
Investment management fees
Professional services
Capital outlay
ETSB system replacement
Insquad video AXON agreement
Flock ALPR cameras
Lawn mowers
Finance ERA system
Body-worn cameras
Aerial drone
Building automation upgrades
Vehicles/public works equipment
Salt storage
Special projects
Light tower
Streambank stabilization project
Debt service
Principal
Interest and fiscal charges
Total expenditures
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES

$

2,425,308
14,000
-

Actual

$

2,758,618
140,227
5,400

2,439,308

2,904,245

600
20,000

619
428

26,628
16,979
35,500
28,000
60,000
34,900
29,215
12,000
430,344
308,000
50,000
12,000
-

24,293
28,805
77,279
30,563
11,374
469,404
358,505
11,550
10,250

310,000
39,900

341,338
44,062

1,414,066

1,408,470

1,025,242

1,495,775

(This schedule is continued on the following page.)
- 80 -

CITY OF OAKBROOK TERRACE, ILLINOIS
SCHEDULE OF REVENUES, EXPENDITURES, AND
CHANGES IN FUND BALANCE - BUDGET AND ACTUAL (Continued)
CAPITAL IMPROVEMENTS FUND
For the Year Ended April 30, 2026

Original and
Final Budget
OTHER FINANCING SOURCES (USES)
Transfers (out)
Sale of capital assets

$

Total other financing sources (uses)
NET CHANGE IN FUND BALANCE

$

Actual

(283,500) $
-

(283,500)
4,702

(283,500)

(278,798)

741,742

1,216,977

FUND BALANCE, MAY 1

7,767,100

FUND BALANCE, APRIL 30

$

(See independent auditor's report.)
- 81 -

8,984,077

NONMAJOR GOVERNMENTAL FUNDS

CITY OF OAKBROOK TERRACE, ILLINOIS
COMBINING BALANCE SHEET
NONMAJOR GOVERNMENTAL FUNDS
April 30, 2026

Special Revenue
Debt Service
Motor Fuel
2012/2021
Tax
Refunding Bond
SSA II

Total

ASSETS
Cash and investments
Due from other governments
Due from other funds
TOTAL ASSETS

$

118,530
10,155
-

$

503,641
41,473
12,538

$

-

$

622,171
51,628
12,538

$

128,685

$

557,652

$

-

$

686,337

$

10,943

$

750

$

-

$

11,693

LIABILITIES AND FUND BALANCES
LIABILITIES
Accounts payable
Total liabilities
FUND BALANCES
Restricted for maintenance of roadways
Restricted for debt service
Total fund balances
TOTAL LIABILITIES AND FUND BALANCE

$

10,943

750

-

11,693

117,742
-

556,902

-

117,742
556,902

117,742

556,902

-

674,644

128,685

$

557,652

(See independent auditor's report.)
- 82 -

$

-

$

686,337

CITY OF OAKBROOK TERRACE, ILLINOIS
COMBINING STATEMENT OF REVENUES, EXPENDITURES, AND
CHANGES IN FUND BALANCES
NONMAJOR GOVERNMENTAL FUNDS
For the Year Ended April 30, 2026

Special Revenue
Debt Service
Motor Fuel
2012/2021
Tax
Refunding Bond
SSA II
REVENUES
Taxes
Intergovernmental
Investment income

$

Total revenues
EXPENDITURES
Current
Public services
Debt service
Principal
Interest and fiscal charges
Total expenditures
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES
OTHER FINANCING SOURCES (USES)
Transfers in
Total other financing sources (uses)

126,187
14,558

$

164,900
15,962

$

Total

47,745
-

$

212,645
126,187
30,520

140,745

180,862

47,745

369,352

544,480

-

-

544,480

-

190,000
41,970

45,000
2,250

235,000
44,220

544,480

231,970

47,250

823,700

(403,735)

(51,108)

495

(454,348)

-

-

738

738

-

-

738

738

NET CHANGE IN FUND BALANCES

(403,735)

(51,108)

1,233

(453,610)

FUND BALANCES (DEFICIT), MAY 1

521,477

608,010

(1,233)

1,128,254

FUND BALANCES, APRIL 30

$

117,742

$

556,902

(See independent auditor's report.)
- 83 -

$

-

$

674,644

CITY OF OAKBROOK TERRACE, ILLINOIS
SCHEDULE OF REVENUES, EXPENDITURES, AND
CHANGES IN FUND BALANCE - BUDGET AND ACTUAL
MOTOR FUEL TAX FUND
For the Year Ended April 30, 2026

Original and
Final Budget
REVENUES
Intergovernmental
Motor fuel tax allotments
Investment income

$

Total revenues

125,518
-

Actual

$

126,187
14,558

125,518

140,745

EXPENDITURES
Public services
Personnel services
Contractual services
Commodities

21,500
500
332,000

544,480

Total expenditures

354,000

544,480

(228,482)

(403,735)

NET CHANGE IN FUND BALANCE

$

FUND BALANCE, MAY 1

521,477

FUND BALANCE, APRIL 30

(See independent auditor's report.)
- 84 -

$

117,742

CITY OF OAKBROOK TERRACE, ILLINOIS
SCHEDULE OF REVENUES, EXPENDITURES, AND
CHANGES IN FUND BALANCE - BUDGET AND ACTUAL
2012/2021 REFUNDING BOND FUND
For the Year Ended April 30, 2026

Original and
Final Budget
REVENUES
Taxes
Business district sales tax
Investment income

$

130,000
15,000

Actual

$

164,900
15,962

Total revenues

145,000

180,862

EXPENDITURES
Debt service
Principal
Interest and fiscal charges

190,000
41,370

190,000
41,970

Total expenditures

231,370

231,970

(86,370)

(51,108)

NET CHANGE IN FUND BALANCE

$

FUND BALANCE, MAY 1

608,010

FUND BALANCE, APRIL 30

(See independent auditor's report.)
- 85 -

$

556,902

CITY OF OAKBROOK TERRACE, ILLINOIS
SCHEDULE OF REVENUES, EXPENDITURES, AND
CHANGES IN FUND BALANCE - BUDGET AND ACTUAL
SPECIAL SERVICE AREA #2 FUND
For the Year Ended April 30, 2026

Original and
Final Budget
REVENUES
Taxes
Property taxes

$

50,985

Actual

$

47,745

Total revenues

50,985

47,745

EXPENDITURES
Debt service
Principal
Interest and fiscal charges

45,000
3,053

45,000
2,250

Total expenditures

48,053

47,250

EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES

2,932

495

OTHER FINANCING SOURCES (USES)
Transfers in

-

738

-

738

2,932

1,233

Total other financing sources (uses)
NET CHANGE IN FUND BALANCE

$

FUND BALANCE (DEFICIT), MAY 1
FUND BALANCE, APRIL 30

(See independent auditor's report.)
- 86 -

(1,233)
$

-

MAJOR ENTERPRISE FUND

CITY OF OAKBROOK TERRACE, ILLINOIS
SCHEDULE OF REVENUES, EXPENSES, AND CHANGES IN
NET POSITION - BUDGET AND ACTUAL
WATER FUND
For the Year Ended April 30, 2026

Original and
Final Budget
OPERATING REVENUES
Charges for services
User charges
Connection charges
Water meters
Penalties/fines

$

910,000
1,000
1,000
20,000

Actual

$

941,343
26,470

Total operating revenues

932,000

967,813

OPERATING EXPENSES
Public services
Personnel services
Full time
Overtime
Top of the Range Award
IMRF
FICA
Health insurance
HSA contributions
Dental insurance
Life insurance
Unemployment insurance

300,000
20,000
6,500
38,650
23,028
75,000
12,800
2,720
750
2,000

318,143
36,387
65,698
26,541
74,366
11,867
500
740

Total personnel services

481,448

534,242

Contractual services
Professional services
City engineer
Credit card transaction fees
Risk management contribution
Workers compensation
Equipment lease and rental
Equipment service agreement
Phone service
General legal expense
IT services
Utilities
DWC - water purchases

8,000
1,000
6,000
61,352
63,062
500
10,000
6,500
1,000
5,000
13,000
530,100

8,970
535
60,334
61,599
328
960
5,131
15,609
598,496

Total contractual services

705,514

751,962

(This schedule is continued on the following pages.)
- 87 -

CITY OF OAKBROOK TERRACE, ILLINOIS
SCHEDULE OF REVENUES, EXPENSES, AND CHANGES IN
NET POSITION - BUDGET AND ACTUAL (Continued)
WATER FUND
For the Year Ended April 30, 2026

Original and
Final Budget
OPERATING EXPENSES (Continued)
Public services (Continued)
Commodities
Training and conferences
Membership and association fees
Meeting reimbursement
Equipment maintenance and repair
Vehicle maintenance and repair
Communications
Travel expense
Public information
Uniform allowance
Emergency services
Building maintenance
Hardware
Office supplies
Other supplies
Water meters
Postage
Fuel
Non-capital equipment
Total commodities

$

6,500
900
200
10,000
2,500
2,500
100
1,500
7,000
15,000
200
2,500
11,000
5,500
5,500

Actual

$

1,451
546
35,307
3,986
2,190
542
11,558
240
711
2,295
1,056
1,962
2,494
1,843

70,900

66,181

Total operating expenses

1,257,862

1,352,385

OPERATING INCOME (LOSS) BEFORE
DEPRECIATION

(325,862)

(384,572)

-

275,190

OPERATING INCOME (LOSS)

(325,862)

(659,762)

NON-OPERATING REVENUES (EXPENSES)
Investment income
Electric utility tax
Miscellaneous

50,000
400,000
-

59,543
368,166
5,347

Total non-operating revenues (expenses)

450,000

433,056

124,138

(226,706)

DEPRECIATION

INCOME (LOSS) BEFORE TRANSFERS

(This schedule is continued on the following page.)
- 88 -

CITY OF OAKBROOK TERRACE, ILLINOIS
SCHEDULE OF REVENUES, EXPENSES, AND CHANGES IN
NET POSITION - BUDGET AND ACTUAL (Continued)
WATER FUND
For the Year Ended April 30, 2026

Original and
Final Budget
TRANSFERS
Transfers in

$

Total transfers
CHANGE IN NET POSITION

$

Actual

283,500 $

283,500

283,500

283,500

407,638

56,794

NET POSITION, MAY 1

6,385,009

NET POSITION, APRIL 30

$

(See independent auditor's report.)
- 89 -

6,441,803

SUPPLEMENTAL DATA

CITY OF OAKBROOK TERRACE, ILLINOIS
GENERAL OBLIGATION REFUNDING BONDS SERIES 2013
SCHEDULE OF LONG-TERM DEBT REQUIREMENTS
April 30, 2026

Date of Issue
Date of Maturity
Authorized Issue
Interest Rates
Interest Dates
Principal Maturity Date
Payable at

May 2, 2013
December 15, 2028
$3,695,000
2.00% to 3.00%
June 15 and December 15
December 15, 2028
Bank of New York Mellon Trust Company

CURRENT AND FUTURE PRINCIPAL AND INTEREST REQUIREMENTS
Fiscal
Year
2027
2028
2029

Principal
$

Requirements
Interest

Total

June 15

345,600
351,150
386,250

2026
2027
2028

315,000
330,000
375,000

$

30,600
21,150
11,250

$

$ 1,020,000

$

63,000

$ 1,083,000

Interest Due On
Amount
December 15
$

15,300
10,575
5,625

$

31,500

(See independent auditor's report.)
- 90 -

2026
2027
2028

Amount
$

15,300
10,575
5,625

$

31,500

CITY OF OAKBROOK TERRACE, ILLINOIS
GENERAL OBLIGATION REFUNDING BONDS SERIES 2021
SCHEDULE OF LONG-TERM DEBT REQUIREMENTS
April 30, 2026

Date of Issue
Date of Maturity
Authorized Issue
Interest Rates
Interest Dates
Principal Maturity Date
Payable at

April 6, 2021
December 15, 2023
$1,900,000
1.25% to 4.00%
June 15 and December 15
December 15, 2030
Bank of New York Mellon Trust Company

CURRENT AND FUTURE PRINCIPAL AND INTEREST REQUIREMENTS
Fiscal
Year
2027
2028
2029
2030
2031

Principal
$

Requirements
Interest

Total

June 15

242,870
254,470
270,270
200,070
197,633

2026
2027
2028
2029
2030

210,000
230,000
255,000
195,000
195,000

$

32,870
24,470
15,270
5,070
2,633

$

$ 1,085,000

$

80,313

$ 1,165,313

Interest Due On
Amount
December 15
$

16,435
12,235
7,635
2,535
1,316

$

40,156

(See independent auditor's report.)
- 91 -

2026
2027
2028
2029
2030

Amount
$

16,435
12,235
7,635
2,535
1,317

$

40,157

STATISTICAL SECTION
This part of the City of Oak Brook Terrace, Illinois’ annual comprehensive financial report
presents detailed information as a context for understanding what the information in the financial
statements, note disclosures, and required supplementary information says about the City’s overall
financial health.
Contents

Page

Financial Trends
These schedules contain trend information to help the reader understand how
the City’s financial performance and well-being have changed over time.

92-101

Revenue Capacity
These schedules contain information to help the reader assess the City’s most
significant local revenue sources, property taxes, and sales taxes.

102-109

Debt Capacity
These schedules present information to help the reader assess the affordability
of the City’s current levels of outstanding debt and the City’s ability to issue
additional debt in the future.

110-113

Demographic and Economic Information
These schedules offer demographic and economic indicators to help the reader
understand the environment within which the City’s financial activities take
place.

114-115

Operating Information
These schedules contain service and infrastructure data to help the reader
understand how the information in the City’s financial report relates to the
services the City provides and the activities it performs.

116-121

Sources: Unless otherwise noted, the information in these schedules is derived from the annual
comprehensive financial reports for the relevant year.

CITY OF OAKBROOK TERRACE, ILLINOIS
NET POSITION BY COMPONENT
Last Ten Fiscal Years

Fiscal Year

2017

2018

2019

2020

$

27,596,485 $
977,815
(12,365,074)

27,433,435 $
995,972
(8,874,195)

28,790,779 $
921,911
(8,542,975)

29,390,209
769,390
(6,717,534)

TOTAL GOVERNMENTAL ACTIVITIES

$

16,209,226

$

19,555,212

$

21,169,715

$

23,442,065

BUSINESS-TYPE ACTIVITIES
Net investment in capital assets
Unrestricted (deficit)

$

4,745,118
56,032

$

4,681,411
86,815

$

5,654,555
396,198

$

6,182,276
(35,935)

TOTAL BUSINESS-TYPE ACTIVITIES

$

4,801,150

$

4,768,226

$

6,050,753

$

6,146,341

$

32,341,603 $
977,815
(12,309,042)

32,114,846 $
995,972
(8,787,380)

34,445,334 $
921,911
(8,146,777)

35,572,485
769,390
(6,753,469)

$

21,010,376

24,323,438

27,220,468

29,588,406

GOVERNMENTAL ACTIVITIES
Net investment in capital assets
Restricted
Unrestricted (deficit)

PRIMARY GOVERNMENT
Net investment in capital assets
Restricted
Unrestricted (deficit)
TOTAL PRIMARY GOVERNMENT
Data Source
Audited Financial Statements

- 92 -

$

$

$

2021

2022

2023

$

29,076,606 $
1,254,475
(5,145,572)

29,105,398 $
1,720,662
(1,145,235)

29,323,801
2,021,581
1,973,074

$

29,345,769
1,162,763
6,277,122

$

30,110,073
1,168,973
9,401,476

$

31,133,243
714,512
12,095,650

$

25,185,509

$

29,680,825

$

33,318,456

$

36,785,654

$

40,680,522

$

43,943,405

$

5,921,316
235,741

$

5,660,356
531,174

$

5,399,396
859,163

$

5,323,173
951,300

$

5,052,718
1,332,291

$

4,906,468
1,535,335

$

6,157,057

$

6,191,530

$

6,258,559

$

6,274,473

$

6,385,009

$

6,441,803

$

34,997,922 $
1,254,475
(4,909,831)

34,765,754 $
1,720,662
(614,061)

34,723,197
2,021,581
2,832,237

$

34,668,942
1,162,763
7,228,422

$

35,162,791
1,168,973
10,733,767

$

36,039,711
714,512
13,630,985

$

31,342,566

35,872,355

39,577,015

$

43,060,127

$

47,065,531

$

50,385,208

$

$

2024

- 93 -

2025

2026

CITY OF OAKBROOK TERRACE, ILLINOIS
CHANGE IN NET POSITION
Last Ten Fiscal Years

Fiscal Year
EXPENSES
Governmental activities
General government
Public safety
Public services
Culture and recreation
Interest

2017

$

Total governmental activities
expenses
Business-type activities
Water Fund
Total business-type activities
TOTAL PRIMARY GOVERNMENT
EXPENSES
PROGRAM REVENUES
Governmental activities
Charges for services
General government
Public safety
Other activities
Capital grants and contributions
Operating grants and contributions

$

2,131,315
7,661,720
1,059,601
152,794
343,699

$

2,364,140
7,806,814
1,127,278
88,765
280,729

8,709,987

10,287,590

11,349,129

11,667,726

1,208,978

1,235,839

1,637,929

1,345,247

1,208,978

1,235,839

1,637,929

1,345,247

$

11,523,429

$

12,987,058

$

13,012,973

$

953,508
188,621
3,909
54,089
5,246

$

902,195
4,029,845
4,264
54,487
7,436

$

988,986
5,596,982
3,939
54,171
9,056

$

887,469
4,575,241
3,726
117,095
9,154

Total business-type activities
program revenues

TOTAL PRIMARY GOVERNMENT
NET (EXPENSE) REVENUE

2,057,549
6,715,554
989,664
166,971
357,852

2020

9,918,965

Business-type activities
Charges for services
Water Fund
Capital grants and contributions

NET (EXPENSE) REVENUE
Governmental activities
Business-type activities

$

2019

$

Total governmental activities
program revenues

TOTAL PRIMARY GOVERNMENT
PROGRAM REVENUES

2,044,231
5,152,760
969,327
169,897
373,772

2018

1,205,373

4,998,227

6,653,134

5,592,685

955,191
-

919,975
-

882,112
-

817,748
186,500

955,191

919,975

882,112

1,004,248

$

2,160,564

$

(7,504,614) $
(253,787)

$

(7,758,401) $

- 94 -

$

5,918,202

$

7,535,246

$

6,596,933

(5,289,363) $
(315,864)

(4,695,995) $
(755,817)

(6,075,041)
(340,999)

(5,605,227) $

(5,451,812) $

(6,416,040)

2021

$

2,507,052
5,777,607
1,030,752
52,040
230,411

2022

$

2,370,652
6,306,580
887,686
122,332
147,435

2023

$

3,060,263
6,711,444
1,330,549
133,835
210,616

2024

$

2,814,157
6,581,220
1,493,031
169,117
97,147

2025

$

2,938,828
5,360,603
1,466,784
141,964
99,293

2026

$

3,766,819
5,879,432
1,598,669
266,346
81,690

9,597,862

9,834,685

11,446,707

11,154,672

10,007,472

11,592,956

1,142,596

1,155,634

1,343,277

1,499,155

1,617,676

1,627,575

1,142,596

1,155,634

1,343,277

1,499,155

1,617,676

1,627,575

$

10,740,458

$

10,990,319

$

12,789,984

$

12,653,827

$

11,625,148

$

13,220,531

$

1,067,802
2,962,318
2,974
146,725
162,329

$

869,114
3,285,051
4,247
220,762
208,559

$

860,632
2,340,720
4,004
361,379
144,519

$

950,250
1,128,320
1,875
620,823
236,838

$

823,420
170,240
7,864
124,341
72,929

$

955,327
150,337
19,610
226,187
122,528

4,342,148

4,587,733

3,711,254

2,938,106

1,198,794

1,473,989

776,007
-

800,193
-

818,712
-

933,846
-

1,027,699
-

967,813
-

776,007

800,193

818,712

933,846

1,027,699

967,813

$

5,118,155

$

5,387,926

$

4,529,966

$

$

(5,255,714) $
(366,589)

(5,246,952) $
(355,441)

(7,735,453) $
(524,565)

$

(5,622,303) $

(5,602,393) $

(8,260,018) $

3,871,952

$

2,441,802

(8,216,566) $
(565,309)

(8,808,678) $
(589,977)

(10,118,967)
(659,762)

(8,781,875) $

(9,398,655) $

(10,778,729)

- 95 -

$

2,226,493

CITY OF OAKBROOK TERRACE, ILLINOIS
CHANGE IN NET POSITION (Continued)
Last Ten Fiscal Years

Fiscal Year
GENERAL REVENUES AND OTHER
CHANGES IN NET POSITION
Governmental activities
Taxes
Property
Hotel/motel
Utility
Amusement/entertainment
Grocery
Food and beverage
Off-track betting and amusement
Other
Intergovernmental - unrestricted
Sales and use tax
Shared income tax
Replacement tax*
Investment income
Miscellaneous
Capital contribution
Gain on sale of capital assets
Transfers in (out)

2017

$

Total governmental activities
Business-type activities
Taxes
Utility
Miscellaneous
Investment income
Gain on sale of capital assets
Transfers in (out)
Total business-type activities

978,529
1,671,769
735,704
420,124
5,725

2018

$

998,001
1,613,857
716,241
568,214
6,965

2019

$

1,025,782
1,562,493
518,145
685,930
9,701

2020

$

1,053,561
1,313,201
482,233
522,511
9,953

5,123,266
201,210
27,275
236,162
-

3,993,719
207,702
99,766
279,799
151,085
-

4,157,426
220,636
259,846
303,390
(1,665,000)

4,100,520
209,897
329,167
324,553
1,795
-

9,399,764

8,635,349

7,078,349

8,347,391

285,671
1,002
-

280,265
2,675
-

436,154
12,946
1,665,000

414,953
50
18,584
3,000
-

286,673

282,940

2,114,100

436,587

TOTAL PRIMARY GOVERNMENT

$

9,686,437

$

8,918,289

$

9,192,449

$

8,783,978

CHANGE IN NET POSITION
Governmental activities
Business-type activities

$

1,895,150
32,886

$

3,345,986 $
(32,924)

2,382,354
1,358,283

$

2,272,350
95,588

$

1,928,036

$

3,313,062

3,740,637

$

2,367,938

TOTAL PRIMARY GOVERNMENT
CHANGE IN NET POSITION
*Reclassified between general revenue categories
Data Source
Audited Financial Statements

- 96 -

$

2021

$

1,074,842
514,905
367,669
229,203
10,988

2022

$

1,101,053
1,193,054
367,586
457,705
15,610

2023

$

1,114,948
1,573,010
283,863
1,218,482
1,097,661
15,439

2024

$

1,123,103
1,636,544
284,551
1,480,984
1,199,460
2,520,879

2025

$

1,129,115
1,681,980
331,131
1,392,763
1,247,383
2,790,294

2026

$

1,167,550
1,802,042
372,644
1,216,493
126,610
1,260,849
2,923,517

4,052,178
277,210
56,870
415,293
-

5,335,912
390,597
10,581
851,187
18,983
-

5,481,643
428,734
57,752
301,552
(200,000)

3,059,366
353,172
129,076
96,629
(200,000)

3,323,077
478,136
553,040
60,127
(283,500)

3,511,613
504,417
4,513
662,611
112,491
(283,500)

6,999,158

9,742,268

11,373,084

11,683,764

12,703,546

13,381,850

375,539
1,766
-

389,193
149
572
-

386,403
299
4,892
200,000

366,505
5,424
9,294
200,000

373,167
13,650
30,196
283,500

368,166
5,347
59,543
283,500

377,305

389,914

591,594

581,223

700,513

716,556

$

7,376,463

$

10,132,182

$

11,964,678

$

12,264,987

$

13,404,059

$

14,098,406

$

1,743,444
10,716

$

4,495,316
34,473

$

3,637,631
67,029

$

3,467,198
15,914

$

3,894,868
110,536

$

3,262,883
56,794

$

1,754,160

$

4,529,789

$

3,704,660

$

3,483,112

$

4,005,404

$

3,319,677

- 97 -

CITY OF OAKBROOK TERRACE, ILLINOIS
FUND BALANCES OF GOVERNMENTAL FUNDS
Last Ten Fiscal Years

Fiscal Year
GENERAL FUND
Nonspendable
Prepaid items
Inventory
Advance to other funds
Restricted
DUI equipment
Assigned
Subsequent year's budget
Unassigned
TOTAL GENERAL FUND
ALL OTHER GOVERNMENTAL FUNDS
Nonspendable
Prepaids
Restricted
Maintenance of roadways
Debt service
Assigned
Capital improvements
Unassigned (deficit)

2017

$

$

2018

201,243
39,801
-

$

2019

218,348
48,054
-

$

2020

247,684
40,717
-

$

275,148
44,927
-

40,548

19,778

31,840

62,412

6,379,449

8,575,827

9,786,309

7,759,438

8,862,007

$ 10,106,550

$

8,141,925

$

$

428

6,661,041

$

-

$

$

-

-

405,047
532,220

427,598
548,596

441,116
552,177

474,986
283,580

1,730,100
-

2,877,737
-

2,417,907
(104)

2,675,241
(403)

TOTAL ALL OTHER
GOVERNMENTAL FUNDS

$

2,667,367

$

TOTAL GOVERNMENT FUNDS

$

9,328,408

$ 12,715,938

Data Source
Audited Financial Statements

- 98 -

3,853,931

$

3,411,096

$ 13,517,646

$

3,433,832

$ 11,575,757

$

2021

2022

2023

324,172 $
50,805
-

303,888
52,495
-

41,983

6,077

24,062

39,486

39,486

39,486

6,735,420

8,005,561

9,616,218

399,259
10,345,648

12,111,731

12,858,634

$ 10,019,480

$ 11,424,000

$ 12,726,677

$ 13,465,028

$

$

$

$

$

7,152,380

$

8,368,021

$

428

$

428

$

$

2024

315,152
64,048
-

428

$

2025

312,835
67,729
259,043

428

$

2026

239,845
76,572
259,043

428

$

234,153
73,712
259,043

-

577,262
679,377

661,564
1,091,768

545,887
1,484,491

440,342
682,935

521,477
608,010

117,742
556,902

3,678,389
(735)

4,800,764
(1,032)

5,995,304
(4,595)

6,350,734
(1,762)

7,766,672
(1,233)

8,984,077
-

4,934,721

$

6,553,492

$ 12,087,101 $ 14,921,513

$

8,021,515

$ 18,040,995

$

7,472,677

$ 18,896,677

- 99 -

$

8,895,354

$ 21,622,031

$

9,658,721

$ 23,123,749

CITY OF OAKBROOK TERRACE, ILLINOIS
CHANGES IN FUND BALANCES OF GOVERNMENTAL FUNDS
Last Ten Fiscal Years

Fiscal Year
REVENUES
Taxes
Licenses and permits
Intergovernmental
Charges for services
Fines and forfeits
Investment income
Miscellaneous

2017

$

Total revenues
EXPENDITURES
General government
Culture and recreation
Public safety
Public services
Capital outlay
Debt service
Principal
Interest and fiscal charges
Total expenditures
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES

6,369,095
646,509
3,013,431
77,158
187,134
27,275
284,535

DEBT SERVICE AS A PERCENTAGE
OF NONCAPITAL EXPENDITURES

5,912,924
624,207
2,474,218
46,324
4,025,831
99,766
299,221

$

5,891,992
695,108
2,605,017
54,848
5,586,706
259,846
302,966

2020

$

5,478,338
598,544
2,583,786
37,576
4,573,354
329,167
300,079

13,482,491

15,396,483

13,900,844

1,978,635
169,897
4,541,870
663,454
650,281

2,014,805
166,971
6,281,282
587,800
156,488

2,060,145
152,794
7,333,465
640,000
1,830,776

2,263,754
88,765
7,524,710
695,847
1,054,450

550,000
360,563

570,000
343,365

610,000
329,595

3,910,000
314,508

8,914,700

10,120,711

12,956,775

15,852,034

1,690,437

3,361,780

2,439,708

(1,951,190)

-

25,750
-

(1,665,000)
27,000
-

2,950,000
(2,950,000)
9,301
-

-

25,750

(1,638,000)

9,301

801,708

$ (1,941,889)

8.46%

28.62%

Total other financing sources (uses)
$

$

2019

10,605,137

OTHER FINANCING SOURCES (USES)
Transfers in
Transfers (out)
Bond proceeds
Issuance of SBITA
Sale of capital assets
Premium (discount) on bonds
Payment to refunded bond escrow agent

NET CHANGE IN FUND BALANCES

2018

1,690,437

11.20%

Data Source
Audited Financial Statements

- 100 -

$

3,387,530

9.20%

$

2021

$

$

4,359,381
775,513
2,871,678
36,190
2,951,600
56,870
290,074

2022

$

6,253,741
572,426
3,709,291
35,954
3,277,857
10,581
362,358

2023

$

7,960,230
640,568
3,758,341
27,893
2,334,982
57,752
504,572

2024

$

8,239,447
736,083
4,276,274
195,200
1,149,161
129,076
96,629

2025

$

8,567,921
629,590
4,003,228
179,369
192,565
553,040
60,127

2026

$

8,869,705
761,184
4,369,258
178,388
185,702
662,611
112,491

11,341,306

14,222,208

15,284,338

14,821,870

14,185,840

15,139,339

2,623,744
52,040
6,732,363
593,226
193,144

2,430,864
122,332
6,930,694
653,994
613,878

2,971,011
133,835
6,590,088
882,675
618,686

2,831,695
169,117
6,580,879
863,408
2,263,656

3,018,064
141,964
5,807,363
838,210
763,546

3,641,673
266,346
6,258,795
1,476,970
1,022,023

475,000
220,984

505,000
155,084

550,000
218,561

1,281,926
70,816

592,906
108,119

602,349
90,667

10,890,501

11,411,846

11,964,856

14,061,497

11,270,172

13,358,823

450,805

2,810,362

3,319,482

760,373

2,915,668

1,780,516

1,900,000
11,500
198,445
(2,049,406)

40,166
(40,166)
24,050
-

(200,000)
-

(200,000)
285,309
10,000
-

(283,500)
80,886
12,300
-

738
(284,238)
4,702
-

60,539

24,050

(200,000)

95,309

(190,314)

(278,798)

511,344

6.06%

$

2,834,412

6.06%

$

3,119,482

6.83%

$

855,682

11.75%

- 101 -

$

2,725,354

6.93%

$

1,501,718

5.80%

CITY OF OAKBROOK TERRACE, ILLINOIS
EQUALIZED ASSESSED VALUE AND ESTIMATED ACTUAL VALUE
OF TAXABLE PROPERTY
Last Ten Levy Years

Tax
Levy
Year
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025

Residential
Property
$

46,576,075
50,720,681
55,203,783
59,074,315
61,687,032
63,607,788
65,823,430
65,501,474
71,023,593
73,218,451

Equalized
Assessed
Value

Commercial
Property
$

209,574,610
226,655,730
234,340,390
249,395,580
255,607,660
255,521,280
260,460,850
243,473,840
247,356,629
244,947,998

$

256,150,685
277,376,411
289,544,173
308,469,895
317,294,692
319,129,068
326,284,280
308,975,314
318,380,222
318,166,449

Date Source
County Assessor's Office and City records

- 102 -

Total
Direct
Tax Rate
$

0.3715
0.3535
0.3476
0.3332
0.3316
0.3349
0.3283
0.3476
0.3489
0.3590

Estimated
Actual
Value
$

768,528,908
832,212,454
868,719,391
925,502,235
951,979,274
957,482,952
978,950,735
927,018,644
955,236,190
954,594,806

Ratio of Equalized
Assessed Value
to Estimated
Actual Value
33.33%
33.33%
33.33%
33.33%
33.33%
33.33%
33.33%
33.33%
33.33%
33.33%

CITY OF OAKBROOK TERRACE, ILLINOIS
PROPERTY TAX RATES - DIRECT AND OVERLAPPING GOVERNMENTS
Last Ten Levy Years

Tax Levy Year

2016

2017

2018

2019

2020

2021

2022

2023

2024

2025

DIRECT
City of Oakbrook Terrace
General
Police Pension
Total direct rate

0.0000
0.3715
0.3715

0.0000
0.3535
0.3535

0.0000
0.3476
0.3476

0.0000
0.3332
0.3332

0.0000
0.3316
0.3316

0.0000
0.3349
0.3349

0.0000
0.3283
0.3283

0.3476
0.3476

0.3489
0.3489

0.3590
0.3590

OVERLAPPING
DuPage County
DuPage County Forest Preserve District
DuPage Airport Authority
DuPage County Spc Svc 25 (1)
Oakbrook Terrace Spc Svc 2
Oakbrook Terrace Park District
Oakbrook Terrace Fire District
York Center Fire
York Center Park District
York Township
Grade School District 45
Grade School District 48
High School District 88
College DuPage 502

0.1848
0.1514
0.0176
1.1394
1.1570
0.5172
0.8789
0.8891
0.4999
0.0952
3.7870
1.4198
2.3995
0.2626

0.1749
0.1306
0.0166
1.0279
1.0535
0.4828
0.8487
0.8160
0.4771
0.0924
3.6219
1.6577
2.2462
0.2431

0.1673
0.1278
0.0146
0.9379
1.0861
0.4592
0.8235
0.9130
0.4684
0.0909
3.5257
1.6009
2.1815
0.2317

0.1655
0.1242
0.0141
0.9420
1.0158
0.4335
0.7880
0.8423
0.4585
0.0894
3.3180
1.5578
2.0906
0.2112

0.1609
0.1205
0.0148
0.8988
1.0706
0.4214
0.7746
0.8308
0.4276
0.0886
3.4287
1.5504
2.0537
0.2114

0.1587
0.1177
0.0144
0.0000
1.0152
0.4268
0.8009
0.8382
0.4238
0.0890
3.4361
1.5416
2.0378
0.2037

0.1428
0.1130
0.0139
0.0000
0.9506
0.4298
0.8130
0.8442
0.4370
0.0908
3.4927
1.3543
2.0542
0.1946

0.1473
0.1076
0.0132
0.9506
0.4695
0.9431
0.8799
0.4486
0.0473
3.5837
1.4391
2.0846
0.0191

0.1361
0.1310
0.0122
0.9501
0.4663
0.8061
0.8671
0.4953
0.0445
3.4780
1.7654
1.9977
0.1794

0.1265
0.1229
0.0113
1.3205
0.5639
0.9596
0.9674
0.5232
0.1030
2.9559
2.9721
1.9977
0.1687

Total direct and overlapping rates

13.7709

13.2429

12.9761

12.3841

12.3844

11.4388

11.2592

11.4812

11.6781

13.1517

Note: Property tax rates are per $100 of assessed valuation.
Data Sources
Office of the County Clerk, DuPage County
DuPage County Tax Bill

- 103 -

CITY OF OAKBROOK TERRACE, ILLINOIS
PRINCIPAL PROPERTY TAXPAYERS
Current Year and Nine Years Ago

2026

2017
Equalized
Assessed
Value

Taxpayers
Oakbrook Terrace Tower

$

Percentage
of Total
Assessed
Valuation

Equalized
Assessed
Value

Taxpayers

17,182,072

5.40%

Oakbrook Terrace Tower

Versailles North Assoc

15,635,170

4.91%

Versailles At Oakbrook AS

15,364,830

Mid America Plaza

$

Percentage
of Total
Assessed
Valuation

28,171,150

11.00%

Versailles North Assoc

25,912,080

10.12%

4.83%

Mid America Plaza

14,319,430

5.59%

14,431,456

4.54%

ComEd

13,001,640

5.08%

ComEd

10,102,830

3.18%

National Tax Search (Park View Plaza)

8,883,780

3.47%

BPRE OLC Holdings

9,392,856

2.95%

Oakbrook Terrace Corp Center

8,726,340

3.41%

Parkway Bank Tr

8,750,000

2.75%

Parkway Bank Trust

8,129,630

3.17%

Regency Place Owner LLC

8,026,670

2.52%

Regency Place Owner LLC

5,534,460

2.16%

Oakbrook Terrace Corp Center

7,595,670

2.39%

Red Roof Inns Inc.

4,625,940

1.81%

National Tax Search (Park View Plaza)

7,586,300

2.38%

Gozio Properties LLC

3,923,130

1.53%

$ 114,067,854

35.85%

$ 121,227,580

47.34%

Note: Information for the period nine years ago was not available; therefore, information for the period ten years ago is presented.
Data Source
Office of the DuPage County Clerk

- 104 -

CITY OF OAKBROOK TERRACE, ILLINOIS
PROPERTY TAX LEVIES AND COLLECTIONS
Last Ten Levy Years

Tax
Levy
Year

Equalized
Assessed
Valuations

2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
(1)

(2)

$

256,150,685
277,376,411
289,544,173
308,469,895
317,294,692
319,129,068
326,284,280
308,975,314
318,380,222
318,166,449

Total Tax
Levy as
Extended
$

998,330
1,025,921
1,055,567
1,075,254
1,102,952
1,117,648
1,118,157
1,123,995
1,110,829
1,143,115

Tax
Collections (1)
$

998,001
1,025,782
1,053,562
1,074,842
1,101,053
1,114,948
1,116,587
1,122,018
1,109,403
(2)

Percentage
of
Extensions
Collected
99.97%
99.99%
99.81%
99.96%
99.83%
99.76%
99.86%
99.82%
99.87%
N/A

Includes property taxes collected in the current year that may be attributable to prior
years. These collections, if any, are immaterial as 99% or greater of the current
year's tax levy has historically been collected during the respective fiscal year.
Additionally, information to associate any noncurrent tax collections to a specific
tax levy year is not readily available.
2025 Tax Levy to be collected in Fiscal Year 2027.

Property in the City is reassessed each year. Property is assessed at 33% of actual value.
N/A - information not available
Data Sources
County Treasurer's Office
Audited Financial Statements

- 105 -

CITY OF OAKBROOK TERRACE, ILLINOIS
SALES TAX COLLECTED BY CATEGORY
Last Ten Calendar Years

2016
General merchandise

$

160,755

2017
$

1,426,424

2018
$

485,314

2019
$

2020

510,865

$

556,371

2021
$

599,702

2022
$

600,973

2023
$

761,375

2024
$

814,009

2025
$

761,375

Food

386,547

407,381

402,524

398,026

408,366

418,013

456,340

453,515

465,856

455,856

Drinking and eating places

600,115

603,214

601,314

644,972

438,667

648,606

758,627

797,877

811,613

840,380

Apparel

101,346

116,599

124,015

112,413

67,690

90,854

109,298

103,941

92,947

105,340

Furniture, H.H., and radio

125,984

142,986

195,234

221,228

204,538

228,891

495,341

129,386

137,156

147,759

Drugs and miscellaneous retail

592,037

(113,289)

257,348

261,265

246,545

445,175

469,339

439,204

406,343

264,656

Agriculture and all others

160,299

132,284

150,477

140,090

139,677

168,318

186,600

241,279

183,611

208,223

TOTAL

$

2,127,083

$

2,715,599

$

2,216,226

$

2,288,859

$

2,061,854

$

2,599,559

$

3,076,518

$

2,926,577

$

2,911,535

$

2,783,589

CITY DIRECT SALES
TAX RATE

1.00%

1.00%

1.00%

1.00%

1.00%

1.00%

1.00%

1.00%

1.00%

1.00%

CHANGE FROM
PRIOR YEAR

(1.6%)

27.7%

(18.4%)

3.3%

(9.9%)

26.1%

18.3%

(4.9%)

(0.5%)

(4.4%)

- 106 -

CITY OF OAKBROOK TERRACE, ILLINOIS
DIRECT AND OVERLAPPING SALES TAX RATES
Last Ten Fiscal Years

Calendar
Year

City
Direct
Rate

State of
Illinois

DuPage
County

2017
2018
2019
2020
2021
2022
2023
2024
2025
2026

1.00%
1.00%
1.00%
1.00%
1.00%
1.00%
1.00%
1.00%
1.00%
1.00%

5.00%
5.00%
5.00%
5.00%
5.00%
5.00%
5.00%
6.25%
6.25%
6.25%

0.25%
0.25%
0.25%
0.25%
0.25%
0.25%
0.25%
0.25%
0.25%
0.25%

Data Source
City and County Records

- 107 -

DuPage
Regional
County Water Transportation
Commission
Authority
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%

0.75%
0.75%
0.75%
0.75%
0.75%
0.75%
0.75%
0.75%
0.75%
0.75%

Total
7.00%
7.00%
7.00%
7.00%
7.00%
7.00%
7.00%
8.25%
8.25%
8.25%

CITY OF OAKBROOK TERRACE, ILLINOIS
RETAILERS' OCCUPATION, SERVICE OCCUPATION, AND USE TAX
Last Ten Levy Years

State
Sales Tax
Distribution

Fiscal
Year
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026

$

Annual Change
Amount
Percentage

5,046,261
3,917,768
4,079,435
4,002,716
3,942,705
5,208,724
5,348,977
5,470,410
6,036,732
6,409,012

$

Date Source
Illinois Department of Revenue

- 108 -

1,166,350
(1,128,493)
161,667
(76,719)
(60,011)
1,266,019
140,253
121,433
566,322
372,280

30.06%
(22.36%)
4.13%
(1.88%)
(1.50%)
32.11%
2.69%
2.27%
10.35%
6.17%

CITY OF OAKBROOK TERRACE, ILLINOIS
HOTEL TAX COLLECTIONS
Last Ten Fiscal Years

2017

2018

2019

2020

2021

2022

2023

2024

2025

2026

Hotel tax
Online hotel taxes
Extended stay hotel taxes

$

1,556,389
25,411
89,696

$

1,527,946
30,518
55,393

$

1,484,271
29,151
49,071

$

1,248,064
27,064
38,073

$

469,650
18,963
26,292

$

1,104,501
28,229
60,324

$

1,481,913
40,486
50,611

$

1,466,310
124,063
46,170

$

1,490,793
189,464
1,723

$

1,593,953
201,757
6,332

TOTAL

$

1,671,496

$

1,613,857

$

1,562,493

$

1,313,201

$

514,905

$

1,193,054

$

1,573,010

$

1,636,543

$

1,681,980

$

1,802,042

PERCENT CHANGE

(3.5%)

(3.4%)

(3.2%)

(16.0%)

(60.8%)

- 109 -

131.7%

31.8%

4.04%

2.78%

7.14%

CITY OF OAKBROOK TERRACE, ILLINOIS
RATIOS OF OUTSTANDING DEBT BY TYPE
Last Ten Calendar Years

Governmental Activities
General
Special
Obligation
Service
SBITA
Bonds
Area Bonds
Liability

Fiscal
Year
2017

$

10,922,604

$

340,000

$

-

Business-Type
Activities
Percentage
General
of
Obligation Total Primary Personal
Bonds
Government
Income
$

Per
Capita

1,335,000

$ 12,597,604

8.66% $

5,903

1,165,000

11,849,957

7.78%

5,553

2018

10,374,957

310,000

-

2019

9,787,310

280,000

-

-

10,067,310

6.33%

4,718

2020

5,904,663

245,000

-

-

6,149,663

4.02%

2,882

2021

5,515,113

210,000

-

-

5,725,113

2.88%

2,082

2022

5,020,574

170,000

-

-

5,190,574

3.06%

1,887

2023

4,481,227

130,000

-

-

4,611,227

2.32%

1,676

2024*

3,280,113

90,000

238,383

-

3,608,496

1.70%

1,312

2025

2,761,028

45,000

261,363

-

3,067,391

1.45%

1,115

2026

2,231,943

-

204,014

-

2,435,957

1.25%

885

*The 2012B General Obligation Bonds were called on May 22, 2023, and therefore, the remaining debt service payments from
June 15, 2023 to December 15, 2030 were made during the fiscal year ending April 30, 2024.
Note: See schedule of Demographic Statistics for personal income and population data.
Data Sources
Office of the County Clerk
City's Records

- 110 -

CITY OF OAKBROOK TERRACE, ILLINOIS
RATIOS OF GENERAL BONDED DEBT OUTSTANDING
Last Ten Levy Years

Levy
Year

Population (1)

2016

2,134

2017

Equalized
Assessed
Value (2)
$

Gross General
Bonded
Debt (3)

256,150,685

$ 12,257,604

2,134

277,376,411

2018

2,134

2019

Less Debt
Service
Funds
$

Ratio of
Net General
Obligation Debt
Net General
to Equalized
Bonded Debt Assessed Value

Net General
Bonded Debt
Per Capita

532,220

$ 11,725,384

4.58% $

5,494.56

11,539,957

548,596

10,991,361

3.96%

5,150.59

289,544,173

9,787,310

552,177

9,235,133

3.19%

4,327.62

2,134

308,469,895

5,904,663

283,580

5,621,083

1.82%

2,634.06

2020

2,751

317,294,692

5,515,113

678,643

4,836,470

1.52%

1,758.08

2021

2,751

319,129,068

5,020,574

1,091,768

3,928,806

1.23%

1,428.14

2022

2,751

326,284,280

4,481,227

1,484,491

2,996,736

0.92%

1,089.33

2023

2,751

308,975,314

3,280,113

682,935

2,597,178

0.84%

944.09

2024

2,751

318,380,222

2,761,028

608,010

2,153,018

0.68%

782.63

2025

2,751

318,166,449

2,231,943

556,902

1,675,041

0.53%

608.88

Data Sources
(1) U.S. Department of Commerce, Bureau of Census
(2) Office of the County Clerk
(3) City's Records

- 111 -

CITY OF OAKBROOK TERRACE, ILLINOIS
DIRECT AND OVERLAPPING BONDED DEBT
April 30, 2026

Governmental Unit
DIRECT DEBT
City of Oakbrook Terrace
OVERLAPPING DEBT
Grade School District 45
Grade School District 48
High School District #88
College of DuPage 502
DuPage County
Forest Preserve
Oakbrook Terrace Park District
York Center Park District
Total overlapping bonded debt
TOTAL

Gross
Bonded Debt

$

(1)
Percentage
of Debt
Applicable
to City

2,435,957

100.000%

45,945,000
26,510,000
56,665,000
78,748,309
55,545,000
-

8.730%
28.210%
9.610%
0.660%
0.740%
0.740%
70.060%
0.000%

Amount
of City's
Share of
Debt

$

4,010,999
2,547,611
373,989
582,737
411,033
-

263,413,309
$ 265,849,266

2,435,957

7,926,369
$

10,362,326

(1) Determined by ratio of assessed value of property subject to taxation in overlapping unit to
value of property subject to taxation in the City.
Data Source
Office of the County Clerk

- 112 -

CITY OF OAKBROOK TERRACE, ILLINOIS
LEGAL DEBT MARGIN INFORMATION
April 30, 2026

The City is a home rule municipality.
Article VII, Section 6(k) of the 1970 Illinois Constitution governs computation of legal debt
“The General Assembly may limit by law the amount and require referendum approval of
debt to be incurred by home rule municipalities, payable from ad valorem property tax
receipts, only in excess of the following percentage of the assessed value of its taxable
property […] (3) if its population is 25,000 or less, an aggregate of one-half percent.
Indebtedness which is outstanding on the effective date of this constitution (July 1, 1971) or
which is thereafter approved by referendum or assumed from another unit of local
government shall not be included in the foregoing percentage amounts.”
To date the General Assembly has set no debt limits for home rule municipalities.

- 113 -

CITY OF OAKBROOK TERRACE, ILLINOIS
DEMOGRAPHIC STATISTICS
Last Ten Fiscal Years

Fiscal
Year

(1)
Population

2017
2018
2019
2020
2021
2022
2023
2024
2025
2026

2,134
2,134
2,134
2,134
2,751
2,751
2,751
2,751
2,751
2,751

$

(1)
Per Capital
Personal
Income

Estimated
Total Personal
Income of
Population

68,167
71,364
74,500
71,719
72,326
61,563
60,761
77,099
77,094
70,586

$ 145,468,378
152,290,776
159,983,000
153,048,346
198,968,826
169,359,813
167,153,511
212,099,349
212,086,186
194,182,086

Data Sources
City Records and Office of the County Clerk
(1) U.S. Department of Commerce, Bureau of the Census
(2) Bureau of Labor Statistics

- 114 -

Unemployment Rates (2)
City of
Oakbrook
Terrace
4.6%
2.5%
3.0%
10.0%
N/A
5.0%
4.7%
5.4%
4.6%
3.7%

DuPage
County
4.0%
3.3%
3.1%
7.9%
5.9%
4.5%
4.8%
4.5%
4.4%
4.4%

State of
Illinois
5.0%
4.4%
4.0%
9.5%
7.5%
6.1%
4.9%
5.3%
4.7%
5.0%

CITY OF OAKBROOK TERRACE, ILLINOIS
PRINCIPAL EMPLOYERS
Current Year and Nine Years Ago

2026

Employer

Employees

Rank

Exelon
Joint Commission on Accreditation
Robert Bosch
McCain Foods USA
SIRVA, Inc
ACH Food Companies
Invesco Ltd.
Hassett Express LLC
Matson Logistics
Sara Lee Frozen Bakery

1,870
500
500
500
300
300
150
140
100
65

1
2
3
4
5
6
7
8
9
10

TOTAL

4,425

2017
Percentage
of Total
Village
Population
67.98%
18.18%
18.18%
18.18%
10.91%
10.91%
5.45%
5.09%
3.64%
2.36%

Employer

Employees

ComEd
The Joint Commission
Robert Bosch LLC
Red Roof Inn
SIRVA, Inc.
McCain Foods USA
Drury Lane Theatre & Conf Center
Colliers International
Kellogg Company
Invesco

1600
950
600
550
350
300
300
170
165
160

TOTAL

5,145

Data Source
2025 Industry Select and selective telephone survey
2010 Illinois Department of Commerce and Economic Opportunity and selective telephone survey

- 115 -

Rank
1
2
3
4
5
6
7
8
9
10

Percentage
of Total
Village
Population
74.98%
44.52%
28.12%
25.77%
12.72%
10.91%
10.91%
6.18%
6.00%
5.82%

CITY OF OAKBROOK TERRACE, ILLINOIS
FULL-TIME EQUIVALENT EMPLOYEES
Last Ten Fiscal Years

Fiscal Year
GENERAL GOVERNMENT
Executive management
Finance
Legislative
Special events

2017

2018

2019

2020

2021

2022

2023

2024

2025

2026

3.50
2.00
1.00
-

3.50
1.50
1.00
-

2.75
2.25
1.00
-

2.75
2.25
1.00
-

2.75
2.25
0.50
-

2.50
2.50
0.50
-

2.00
2.00
0.50
-

2.00
2.00
0.50
-

2.00
3.50
0.50
-

1.50
3.00
0.50
-

6.50

6.00

6.00

6.00

5.50

5.50

4.50

4.50

6.00

5.00

20.00
6.10

19.00
6.10

19.00
7.10

21.00
7.10

21.00
7.10

19.00
4.00

20.00
3.00

20.00
3.00

19.00
3.00

15.00
5.50

26.10

25.10

26.10

28.10

28.10

23.00

23.00

23.00

22.00

20.50

3.00
3.78
2.75

4.00
3.78
3.00

4.00
3.50
3.00

4.00
4.50
3.00

4.00
3.50
3.00

4.00
3.50
2.50

3.50
3.50
3.00

3.50
3.50
3.00

3.50
3.50
3.00

3.50
4.50
3.50

Total city services

9.53

10.78

10.50

11.50

10.50

10.00

10.00

10.00

10.00

11.50

TOTAL FULL-TIME
EQUIVALENT EMPLOYEES

42.13

41.88

42.60

45.60

44.10

38.50

37.50

37.50

38.00

37.00

Total general government
PUBLIC SAFETY
Police
Sworn
Nonsworn
Total public safety
CITY SERVICES
Building and zoning
Public works
Utilities

(1) Clerk employee is now part of Administration
Data Source
City Payroll Records

- 116 -

CITY OF OAKBROOK TERRACE, ILLINOIS
OPERATING INDICATORS
Last Ten Fiscal Years

Program/Function

2017

GENERAL GOVERNMENT
Building and zoning
Permits issued
Inspections conducted
Business licenses issued
Complaints/service requests responded to
Vehicle maintenance
General government equipment repairs
Utilities equipment repairs

2018

2019

2020

348
699
364
106

326
602
349
210

327
552
360
265

294
521
416
121

552
165

565
171

561
169

575
173

PUBLIC SAFETY - POLICE
Traffic collision investigations
Administrative tows
Incident investigations
Traffic citations
Parking citations
Arrests

466
151
656
1,432
333
311

518
111
665
1,186
346
317

455
62
559
944
676
180

386
48
502
1,154
445
150

HIGHWAYS AND STREETS
Street repairs - tons of asphalt spread
Sidewalk repairs - cubic yards of concrete poured
Snow and ice control/plowed miles
Snow and ice control/salted miles
Number of street signs replaced
Mailboxes replaced
Number of snow events

45
30
8,571
1,310
43
N/A
N/A

50
25
12,577
5,030
38
N/A
24

40
15
15,577
6,230
41
N/A
31

45
20
12,349
4,930
54
N/A
18

1,417
551
551
551
551
0.500
0.254
92,475,350
92,475,350
88,776,336
N/A

1,486
561
561
561
561
0.500
0.247
90,272,000
90,272,000
88,335,500
N/A

1,114
555
555
555
555
0.500
0.243
87,566,000
88,864,000
86,198,000
N/A

1,117
556
556
556
556
0.500
0.236
86,221,000
86,230,000
80,201,000
N/A

N/A

N/A

N/A

N/A

PUBLIC SERVICES
Waterworks and sewerage systems
Number of JULIE Locates
Number of metered customers
Number of nonmetered customers
Number of customers using both water and sewer at end of year
Number of customers using water only at end of year
Number of customers served by water system at end of year
Maximum daily pumping capacity (MGD)
Average daily pumpage (MGD)
Gallons of water purchased (MGD)
Gallons of water pumped (MG)
Gallons of water sold (billed) (MG)
Users discharging nondomestic and industrial wastes and
Total gallons received at water reclamation facility (MGD)
volumes of wastes discharged
MGD = million gallons per day
MG = million gallons
NA - Information unavailable/program non-existent
Data Source
Various City departments

- 117 -

2021

2022

2023

2024

2025

2026

245
564
415
151

282
569
393
68

244
532
377
440

241
557
202
334

242
750
159
256

190
565
607
603

549
168

581
166

562
201

543
194

599
153

651
162

269
13
416
433
30
131

348
32
586
993
75
212

385
58
471
997
131
184

433
59
538
1,639
153
277

433
59
538
1,639
153
277

368
47
435
1,951
82
206

30
10
16,096
5,652
47
69
21

40
15
18,707
6,235
69
91
17

75
30
6,765
2,255
69
65
11

45
25
6,765
2,255
28
42
15

60
35
3,300
1,100
28
42
18

55
30
5,040
1,680
21
44
18

1,237
557
557
557
557
0.500
0.232
82,856,000
84,954,000
69,909,000
N/A

1,335
558
558
558
558
0.500
0.262
93,724,000
95,444,000
72,517,000
N/A

1,611
558
558
558
558
0.500
0.270
98,676,000
101,322,000
97,489,000
N/A

1,057
559
559
559
559
0.500
0.270
96,268,000
96,914,000
89,783,000
N/A

1,057
559
559
559
559
0.500
0.270
96,316,000
96,914,000
89,783,000
N/A

1,343
559
559
559
559
0.500
0.279
100,124,000
101,909,000
101,016,000
N/A

N/A

N/A

N/A

N/A

N/A

N/A

- 118 -

CITY OF OAKBROOK TERRACE, ILLINOIS
TEN LARGEST CONSUMERS - WATERWORKS AND SEWERAGE SYSTEMS
Current Year and Nine Years Ago

Taxpayers

Rank

2026
Total Consumption
(Gallons)

Rank

2017
Total Consumption
(Gallons)

Regency

1

13,050,000

1

14,120

Lincoln Properties

2

5,020,000

4

4,850,000

Courtyard by Mariott

3

4,754,000

2

5,410,000

Pete's Fresh Market

4

4,493,000

Comfort Suites

5

3,532,000

6

3,620,000

Staybridge Suites

6

3,124,000

5

3,890,000

Hilton Suites

7

2,980,000

7

3,450,000

Mid America Plaza

8

2,640,000

8

2,990,000

Oak Brook Terrace Tower

9

2,450,000

3

4,980,000

Versailles Apartments

10

2,110,000

9

2,430,000

Data Source
Finance Department

- 119 -

CITY OF OAKBROOK TERRACE, ILLINOIS
CAPITAL ASSET STATISTICS
Last Ten Fiscal Years

Function/Program

2017

2018

2019

2020

2021

2022

2023

2024

2025

2026

GENERAL GOVERNMENT
Equipment maintenance vehicles

6

6

7

7

7

10

10

11

11

11

PUBLIC SAFETY - POLICE
Vehicles
Squad cars (marked)
Squad cars (unmarked)

7
7

7
6

7
5

8
4

9
3

9
3

8
5

8
5

9
7

10
7

HIGHWAYS AND STREETS
Streets (lane miles)
Right-of-ways (miles)
Traffic signals

75
153
1

75
153
1

75
153
1

75
153
2

75
153
2

75
153
3

75
153
3

75
153
3

75
153
3

75
153
3

138

138

138

138

138

138

138

138

138

138

5
14
N/A
N/A

5
14
N/A
N/A

5
14
N/A
N/A

5
14
N/A
N/A

5
14
N/A
N/A

5
14
N/A
N/A

5
14
N/A
N/A

4
14
N/A
N/A

4
14
N/A
N/A

4
14
N/A
N/A

PUBLIC SERVICES
Stormwater systems
Stormwater mains (miles)
Waterworks and sewerage systems
Vehicles
Water mains (miles)
Sanitary sewers (miles)
Sanitary sewer lift stations
NA - Information unavailable
Data Source
City capital asset records

- 120 -

CITY OF OAKBROOK TERRACE, ILLINOIS
SURETY BONDS OF PRINCIPAL OFFICERS
April 30, 2026

Amount of
Surety Bond

Principal Officer
Mayor
City Administrator
Assistant to the Mayor and City Administrator
Chief of Police
City Clerk
Deputy Clerk (2)
Treasurer
Finance Director

- 121 -

$

3,000
10,000
10,000
10,000
10,000
10,000
10,000
10,000

Interdepartmental Memo

To:

Mayor and City Council
Tanya Walker, City Administrator

From:

Melissa Headley, AICP
Director of Community Development

Re:

Landscape Timber Retaining Walls

Date:

October 8, 2026

REQUEST:
Mayor and City Council to discuss Landscape Timber Retaining Wall Regulations.
BACKGROUND:
Staff has received concerns regarding the long-term durability and maintenance of retaining
walls constructed with landscape timbers on commercial properties. While landscape timbers
can provide an economical means of constructing a retaining wall, the material is susceptible to
rot, decay and deterioration over time and may require periodic repair or replacement.
Staff has received a request to review the City’s existing regulations to determine whether
additional standards are appropriate to ensure that retaining walls on commercial properties are
constructed with materials capable of providing an appropriate level of long-term durability.
There are at least nineteen locations in the City that have landscape timbers as retaining walls.
There are a few that require repair. There are photos below for reference.

1

2

3

The following communities prohibit the use of landscape timbers as retaining walls.
• Village of Carpentersville
• Village of Round Lake
• City of Oak Forest
• Village of Algonquin
Staff is requesting direction from City Council on the following items:
1. Should the City prohibit the use of landscape timbers in retaining walls?
2. Should existing retaining walls be permitted to be repaired or should they be required to
be replaced?

Attachments:
• Examples of Ordinances from other communities
• Photos of existing timber retaining walls in the City
• Draft Language

4

City of Oakbrook Terrace
LANDSCAPE WALL. A structure designed for landscape purposes, including minor grade
changes, that does not affect a building or buildings above or below the wall or maintain an
engineered retention pond or detention area.
•

The height of landscape walls shall not exceed 30 inches above the existing grade.
The depth of any level of a landscape terrace, as extended toward the structure, shall
be no less than 1.5 times the height of the rise in the terrace that is immediately
beneath such level of the landscape terrace. The materials used for the construction of
landscape walls shall be limited to landscape materials. On corner lots, no landscape
wall shall exceed 18 inches above the grade in any portion of the yard situated within
25 feet of the lot corner formed by the curve of any two street lines.

RETAINING WALL. A structure built to fortify an elevation or embankment to create a
change in grade that may structurally affect a building or buildings above or below the
structure, or to permanently maintain an engineered retention pond or detention area.
•

The height of retaining walls shall not exceed the top of the foundation unless
approved by the City Engineer for structural purposes. Any retaining wall that is more
than three feet in height shall be certified by a structural engineer. On corner lots, no
retaining wall shall exceed 18 inches above the grade in any portion of the yard
situated within 25 feet of the lot corner formed by the curve of any two street lines.

Village of Carpentersville
Zoning Code – Chapter 16.80.270
16.80.270 - Retaining walls for landscape screening.
(https://library.municode.com/il/carpentersville/codes/code_of_ordinances?nodeId=TIT16ZO_C
H16.80LASCRE_16.80.270REWALASC)
Retaining walls can be used either as a screen or as part of a berm screen, if approved by
community development department. Acceptable materials that can be used for a retaining wall
are stone, brick or a similar type of masonry material. All retaining walls shall comply with all
manufacturers' design and installation requirements, including a structural engineer's stamp and
seal as required. The maximum height of any retaining wall section cannot exceed seven feet. If
two or more sections of a retaining wall are required, a minimum of a seven-foot horizontal
terrace is required between each vertical section. The maximum number of retaining wall
sections used in conjunction with any development is three, with a maximum height of21 feet.
This terraced area will be required to contain landscaping materials to be reviewed and approved
by the community development department. All retaining walls shall comply with the village
"Engineering Standards."

Village of Round Lake
Zoning Code – Chapter 17.20.030
(https://roundlake.municipalcodeonline.com/book?type=ordinances#name=17.20.030_Permitted
_Accessory_Structures_And_Uses)
O. Retaining walls

5

1. No retaining walls shall be constructed in Village easements or rights-of-way.
2. Mortar/concrete block or reinforced concrete is the recommended material for retaining
walls. Retaining walls shall not be constructed of wood, timbers, or railroad ties.
3. Retaining walls less than thirty-six (36) inches above the lower grade level shall be
buried at least six (6) inches below grade and do not require a permit.
4. Retaining walls thirty-six (36) inches or more above the lower grade level shall be
required to obtain a permit. Walls installed during mass grading will be reviewed with the
grading permit. When possible, all retaining walls shall be installed at the time of mass
grading. Walls installed after mass grading require a separate permit.
5. Plans for retaining walls thirty-six (36) inches or more in height shall be stamped by a
structural engineer to verify that the type of wall is appropriate for the specific location
and the materials to be used are sufficient for the intended use.
6. Slopes of 2 to 1 or steeper shall require the use of retaining walls.
7. Retaining walls exceeding twenty-four (24) inches in height that resist lateral loads in
addition to soil shall be designed to follow International Residential Code, as adopted by
the Village.
8. For safety purposes, retaining walls over three (3) feet above the lower grade level shall
have a fence on top.
9. Retaining walls constructed more than ten (10) feet above the lower grade level shall be
terraced to include a landscaped area to break up the wall.

City of Oak Forest
Building Code – Chapter 151.022 Retaining Walls
(https://codelibrary.amlegal.com/codes/oakforest/latest/oakforest_il/0-0-0-18521)
151.022 RETAINING WALLS.
(A) General. Walls built to retain the lateral pressure of earth or water or other
superimposed loads shall be designed and constructed of approved masonry, reinforced
concrete, steel sheet piling or other approved materials within the allowable stresses specified
in this code.
(B) Design. Retaining walls shall be designed to resist the pressure of retained material,
including both dead and live load surcharges to which the walls are subjected, and to insure
stability against overturning, sliding, excessive foundation pressure and water uplift.
(C) Hydrostatic pressure. Unless drainage is provided the hydrostatic head of the water
pressure shall be assumed to be equal to the height of the wall.
(D) Coping. All masonry retaining walls, other than reinforced concrete walls, shall be
protected with an approved coping.
(Ord. 2008-02-0158O, passed 3-11-2008)

6

Village of Algonquin
Zoning Code – Chapter 21.15 Accessory Buildings & Uses
E. RETAINING WALLS.
1. No retaining walls shall be constructed in Village easements or right of ways.
2. Mortar/concrete block is the recommended material for retaining walls. Retaining walls
shall not be constructed of wood, timbers, or railroad ties. Chapter 21, Section 15, Page 7
5/19/26
3. Retaining walls less than 26 inches above the lower grade level shall be buried at least 6
inches below grade and do not require a site development permit.
4. Retaining walls 26 inches or more above the lower grade level shall be required to obtain
a site development permit. Walls installed during mass grading will be reviewed with the
grading permit. When possible, all retaining walls shall be installed at the time of mass
grading. Walls installed after mass grading require a separate site development permit.
5. Plans for retaining walls 26 inches or more shall be stamped by a structural engineer to
verify that the type of wall is appropriate for the specific location and the materials to be
used are sufficient for the intended use.
6. Slopes of 2 to 1 or steeper shall warrant the use of retaining walls.
7. For safety purposes retaining walls over 4 feet above the lower grade level shall have a
fence on top.
8. Retaining walls constructed more than 10 feet above the lower grade level shall be
terraced to include a landscaped area to break up the wall.

7

ARBOR 40 - 1S055-1S095 SPRING RD

8

1S224 SUMMIT AV

9

1S376 SUMMIT AV

10

GALLERY BUILDING - 1S443 SUMMIT AV

11

HONEY JAM - 1S616 MIDWEST RD

12

2 TRANS AM PLAZA

13

COURTYARD BY MARRIOTT – 6 TRANS AM PLAZA

14

INSURHAUS – 17W045 HODGES RD

15

LILY BRIDAL – 17W170 22ND ST

16

17

18

DXL BIG & TALL – 17W180 22ND ST

19

20

17W240 22ND ST

21

22

RIVIERA FINANCE - 17W415 ROOSEVELT RD

23

COMAR CENTRE - 17W635 BUTTERFIELD RD

24

DENNY’S - 17W660 22ND ST

25

17W731 ROOSEVELT RD

26

17W755 BUTTERFIELD RD

27

28

MIDWEST OFFICE CTR - 17W775 BUTTERFIELD RD

29

DRURY LANE & HILTON SUITES & OAKBROOK
TERRACE TOWER

30

HOME DEPOT NEAR SLEEP INN

31

32

DRAFT TEXT
AMENDMENT
TO THE ZONING
ORDINANCE

33

§ 156.045 Yards.
(A)

Requirements.
(1)

(B)

The following restrictions shall apply to yards in all districts.
(a)

The minimum yard space required for one structure shall not again be considered as minimum
required yard space for another adjoining structure, except that for unsubdivided property in the
R-2 and R-3 zoning districts, the required interval of separation between adjacent buildings shall
be considered as the minimum required yard space for both buildings.

(b)

No lot shall be reduced in area so that the yards or other open spaces become less than the
requirements of this chapter.

(c)

On corner lots, no obstruction in a yard, including trees and shrubs, shall be higher than 18 inches
above the street level if located in that portion of the yard within 25 feet of the corner formed by
the intersection of any two street right- of-way lines; provided that, notwithstanding such height
restriction, existing vegetation shall be allowed to remain unless it creates a hazard to pedestrian
or vehicular traffic as determined by the Director of Community and Economic Development in
consultation with the Chief of Police, the Public Services Director and other consultants as
deemed necessary and appropriate.

(2)

In Single-Family Residence Districts, the maximum number of buildings accessory to any principal
single-family residential building or structure shall be two. Such accessory buildings shall not occupy
more than 8% of the lot area or 950 square feet, whichever amount is less, unless otherwise permitted
by a planned unit development or a variation.

(3)

In Business or Multiple-Family Residence Districts, accessory buildings that are permitted obstructions
in the rear yard shall not occupy more than 30% of the required rear yard or 800 square feet,
whichever is less, unless otherwise permitted by the planned unit development or a variation.

Permitted obstructions. The following shall be permitted obstructions in minimum required yards:
F denotes Minimum Required Front Yard
R denotes Minimum Required Rear Yard
S denotes Minimum Required Side Yard
A denotes All Minimum Required Yards

1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
11.
12.
13.
14.

Sidewalks
Gutters and Eaves1
Canopies1
Awnings1
Ornamental decorations
Signs (See § 156.043)
Fences (See § 156.039)
Landscaping walls2
Retaining walls3
Satellite dish antennas (See § 156.047)
Driveways
Off-street parking (See § 156.100)4
Garages (detached)6
Sheds6

34

F
A
A
A
A
A
A
A
A
S, R
R

15.
16.
17.
18.
19.
20.
21.
22.
23.
24.
25.
26.
27.
28.
29.

Swing sets
Tennis courts5
Barbecue stoves or grills
Non-mechanical laundry drying equipment
Food vegetation
Children's playhouses
Light poles7
Porch Swings8
Flags9
Lawn furniture and benches
Ornamental Entry Gates10
Garbage Containers11
Off-street loading berths12
Above ground service facilities13
Portable toilets at residential construction sites14

R
R
R
R
S, R
R
A
A
F
A
F
S, R
R
A
F

1.

Eaves, gutters, canopies and awnings shall not extend more than four feet into the minimum required front, side or rear yard, except
that eaves and gutters of detached garages and sheds may be located within the required side or rear yard, so long as no portion
thereof is located less than three feet from the rear lot line or less than three feet from the side lot line.

2.

The height of landscape walls shall not exceed 30 inches above the existing grade. The depth of any level of a landscape terrace, as
extended toward the structure, shall be no less than 1.5 times the height of the rise in the terrace that is immediately beneath such
level of the landscape terrace. The materials used for the construction of landscape walls shall be limited to landscape materials.
Landscape timbers, railroad ties, and other untreated or preservative-treated wood members commonly known as landscape
timbers shall not be permitted for the construction of retaining walls, landscape walls, planter walls or similar structures on
commercial properties. Acceptable materials that can be used for a retaining wall are stone, block, brick or a similar type of
masonry material, and poured or reinforced concrete. On corner lots, no landscape wall shall exceed 18 inches above the grade in
any portion of the yard situated within 25 feet of the lot corner formed by the curve of any two street lines.

3.

The height of retaining walls shall not exceed the top of the foundation unless approved by the City Engineer for structural purposes.
Any retaining wall that is more than three feet in height shall be certified by a structural engineer. On corner lots, no retaining wall
shall exceed 18 inches above the grade in any portion of the yard situated within 25 feet of the lot corner formed by the curve of any
two street lines. Landscape timbers, railroad ties, and other untreated or preservative-treated wood members commonly known
as landscape timbers shall not be permitted for the construction of retaining walls, landscape walls, planter walls or similar
structures on commercial properties. Acceptable materials that can be used for a retaining wall are stone, block, brick or a similar
type of masonry material, and poured or reinforced concrete.

4.

For off-street parking, see regulations in each zoning district in addition to § 156.100.

5.

Tennis courts shall be located not less than ten feet from the rear lot line.

6.

Detached garages and sheds, including any eaves or gutters, shall be located not less than three feet from the rear lot line and not
less than three feet from any side lot line. The vertical wall of any detached garage or shed shall be located not less than ten feet
from the vertical wall of a principal building or structure.

7.

In single-family detached residential zoning districts, light poles shall not be located in any required yard other than the front yard
and shall not exceed eight feet in height; provided that light poles may be located in a rear yard inside the fence required in
conjunction with a swimming pool, at a height not to exceed four feet. For off-street parking in business zoning districts, or when
accessory to attached residential buildings, multiple-family residential buildings or nonresidential uses in all residential zoning
districts, light poles may be located in the front, side or rear yards and shall not exceed 16 feet in height.

8.

Porch swings shall not extend more than four feet into the minimum required front, side or rear yard.

9.

No more than two flags shall be permitted on any zoning lot used for residential purposes in a residential zoning district, at a
maximum height not to exceed the maximum building height permitted in the relevant zoning district. No more than five flags shall
be permitted for nonresidential uses in any residential zoning district or for any use in a business district, at a maximum height of 35
feet. No ground-mounted flag shall hang more than one- third of the length of the pole on which it is displayed. Flags on zoning lots
on which public buildings are located shall be exempt from these restrictions.

35

10. No more than one ornamental entry gate shall be permitted on each side of an entrance from a street frontage, not exceeding eight
feet in height, and such gates shall be set back not less than five feet from the front lot line, street pavement and driveway. Such
gates shall be subject to the approval of the City Engineer and shall be certified by a structural engineer.

11. Dumpsters in commercial districts may be located only in the required side and rear yards. Residential garbage cans may be located
only in the required side and rear yards and shall comply with the requirements of § 156.101(A)(1)(h).

12. For off-street loading berths, see regulations in §§ 156.103 and 156.104.
13. Above ground service facilities shall comply with the requirements of § 156.051.
14. Portable toilets at residential construction sites shall be located away from any sidewalks, and as close to the front wall of the
principal structure as practical, and shall be permitted only until a temporary certificate of occupancy is issued.

36

INTERGOVERNMENTAL AGREEMENT BETWEEN
THE COUNTY OF DUPAGE, ILLINOIS
AND
THE

, ILLINOIS

This Intergovernmental Agreement (“Agreement”) between the County of DuPage,
, Illinois, a
Illinois, a body corporate and politic and the Village/City of
municipal corporation ("Participant").
Recitals

WHEREAS, the County of DuPage ("County"), Illinois is a unit of local government
and a body corporate and politic, organized, and existing pursuant to the Illinois
Counties Code; and

WHEREAS, the Participant is a unit of local government and a municipal
corporation organized and existing pursuant to the Illinois Municipal Code
comprised of territory located within, or partially within, the geographical
boundaries of DuPage County; and

WHEREAS, the Constitution of the State of Illinois, the Intergovernmental
Cooperation Act, and other provisions of Illinois law authorize units of local
government to contract to obtain or share services and to exercise, combine, or
transfer any power or function, in any manner not prohibited by law or by
ordinance, and to use their credit, revenues, and other resources to pay costs and
to service debt related to intergovernmental activities; and

WHEREAS, the Participant currently reimburses the County for use of its
RMS systems with Octave, formerly known as Intergraph Corporation d.b.a.
Hexagon Safety & Infrastructure(“Octave”); and

WHEREAS, the County, the Clerk of the Circuit Court, the State's Attorney,
the Sheriff, , the DuPage Mayors and Managers Conference, the DuPage County
Chiefs of Police Association, and others (the “Consortium”) have collaborated to
continue the DuPage Justice Information System ("DuJIS")/Police Records
Management Systems (“PRMS”) Project with its goal to improve and continue the
integration of the various information systems used by judicial and emergency
response agencies throughout the County using modern technology and
standardized reporting methods; and

WHEREAS, the PRMS Committee has selected Mark43 as the vendor to
continue the operation and goals of the Consortium from September 1, 2026, or
1

upon the date this Agreement is executed by the Parties through August 31, 2032;
and

NOW, THEREFORE, in consideration of the mutual covenants and agreements
contained herein, the Parties hereto hereby agree as follows:
Article I.

General Provisions

Section 1.01 Recitals Incorporated. The recitals set forth above are incorporated
and made a part of this Agreement as if fully contained herein.

Section 1.02 Purpose. The Parties have entered into this Intergovernmental Agreement
for the purpose of providing for the long-term operation and maintenance of the
DUJIS/PRMS(“System”) throughout DuPage County.

Section 1 .03 Scope. The Parties intend that this Agreement shall in all respects govern
or provide for the operation, maintenance, upgrade, and replacement of the System.

Section 1.04 Definitions. As used in this Agreement,

(a) "County" means the County of DuPage, Illinois and all departments, agencies, and

instrumentalities thereof under the direct supervision and control of the County
Board. The term "County" does not include the ETSB, the Circuit Clerk, the State's
Attorney, the Judiciary, or the elected countywide Officers.
(b) "Circuit Clerk" means the Clerk of the Circuit Court of the Eighteenth Judicial
Circuit, DuPage County, Illinois.
(c) “ETSB” means the Emergency Telephone System Board of DuPage County.
(d) "Information Technology Department" means the County's Information
Technology Department or its successor agency.
(e) "Mayor" means the elected chief executive officer of a municipality regardless of
the title used for such position by the municipality.
(f) "Municipality" means a city, village, or incorporated town.
(g) "NIBRS" means National Incident Based Reporting System, an incident-based
reporting system used by law enforcement agencies in the United States for
collecting and reporting data on crimes. Local, state, and federal agencies
generate NIBRS data from their records management systems.
(h) "NIEM" means National Information Exchange Model. NIEM is an XML- based
information exchange framework from the United States. NIEM represents a
collaborative partnership of agencies and organizations across all levels of
government (federal, state, tribal, and local) and with private industry. The
2

purpose of this partnership is to share critical information effectively and
efficiently at key decision points throughout the whole of the justice, public
safety, emergency and disaster management, intelligence, and homeland security
enterprise. NIEM is designed to develop, disseminate, and support enterprisewide information exchange standards and processes that will enable
jurisdictions to automate information sharing.
(i) "PRMS Oversight Committee" means the committee formed pursuant to Article
IV of this Agreement.
(j) "Participant" means an entity contracting with the County to participate in the
System in accordance with the provisions of this Agreement.
(k) "Parties" means the County and the Participants collectively.
(I) "Party" means a party to this agreement, e.g., the County, or the Participant.
(m) "PRMS System Replacement Fund" means a reserve fund created in the County
treasury to be used to pay the costs associated with the eventual replacement of
the System as provided in Section 2.05.

(n) "PRMS Operations Fund" means a fund created in the County treasury to pay

the costs associated with the operation of the System as provided i n Section
2.04.

(o) "Sheriff” means the DuPage County Sheriff.

(p) "State's Attorney" means the DuPage County State's Attorney.
(q) "Treasurer" means the DuPage County Treasurer.

(r) "User" means an employee or other authorized agent of a Participant to

whom unique credentials are assigned for access to the System on a
Participant 's behalf. The number of System Users assigned to a Participant
shall be determined by the PRMS Oversight Committee.

(s) "Vendor" means Mark43.
(t) “Task Force” means a collaborative operational unit composed of personnel

assigned from two or more law enforcement agencies to conduct a common
law enforcement mission. A Task Force may receive independent funding or
administrative support but is not a separate governmental entity, political
subdivision, or legal organization, and has no independent authority to enter
into contracts or agreements unless expressly authorized by law.
(u) "Task Force Only User" means a user who is not otherwise employed by a
DuPage PRMS Consortium Participant and whose access to services
provided under this Agreement is authorized for an approved Task Force by
the PRMS Oversight Committee. A Task Force Only User's access shall be
funded by the applicable Task Force in accordance with this Agreement.
3

(v) “MERIT” means the DuPage Metropolitan Emergency Response and

Investigations Team, a Task Force.

Section 1.05 Joint Purchasing. To the greatest extent authorized by the Constitution
and laws of Illinois, a joint-purchasing agreement is hereby created between the
County and the Participant, for the joint purchase of personal property, supplies,
and services. At the request of the County or the Participant, the Participant may
be included in any invitation to bid, request for proposal or contract. Each Party
will be responsible for its own purchase of any assets and services made pursuant
to such solicitation.

Section 1 .06 System Configuration. The Parties agree that the System shall
continue to be configured as one unified, countywide application adhering to NIEM
and NIBRS standards or any other standards required by Federal or State Law
subsequent to and or currently enacted at the time of this Agreement. The Parties
agree that the map of the System shall be configured as one unified, countywide
map to allow for seamless reporting and analytics.

Section 1 .07 Agreements with Other Governmental Entities. The County may, with the
consent of the PRMS Oversight Committee, enter into agreements with other units of
local government or governmental entities which are not a party to this Agreement, for
the purposes and objectives set forth in the Recitals but which may contain terms and
conditions and impose duties upon such units of local government or governmental
entities which may be different from those contained in this Agreement. Terms and
Conditions of future agreements made under this section shall not modify this
agreement.

Section 1.08 Agreements with Officers and Agencies of DuPage County. The County
may enter into similar agreements with the State's Attorney, the Sheriff, and other
elected Countywide officers or agencies not under the direct supervision and
control of the County Board, pursuant to the same terms and conditions. These
officers or agencies shall participate in the System on the same terms as the
municipal Participants entering this Agreement.
Section 1.09 Transition of Equipment Replacement Fund to a System Replacement
Fund. The parties to this Agreement may elect to transition the equipment
replacement fund to a system replacement fund. The PRMS Oversight Committee
may determine how this transition will occur.
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Article II.

Responsibilities of the County

Section 2.0 I Generally. The County shall administer the Police Records Management
System on behalf of the Participant.
Section 2.02 Staff. The County shall employ personnel deemed necessary by the
PRMS Oversight Committee and the Information Technology Department, to
maintain and manage the Police Records Management System, including its
operating system, system software, database management software and other
hardware and software components necessary to operate and manage the System.
The portion of the cost of the salary and benefits of such persons which are directly
attributable to their work on the System shall be paid from the PRMS Operations
Fund. These salary and benefits shall be paid consistent with County payroll
practices. The Information Technology Department shall notify the PRMS
Oversight Committee and seek prior authorization for any major variances in
staffing such as the addition of personnel and/or if the budgeted personnel costs
exceed the budgeted amount.

Section 2.03 System Hosting and Management. The System shall be hosted and
maintained within a cloud-based environment, which may be provided and
operated by the vendor or through an alternative arrangement as approved by the
Oversight Committee. Responsibility for operation and maintenance of the hosting
environment, including all underlying infrastructure, platforms, associated
services, and any required hardware necessary for operation of the System, shall
reside with the hosting provider. The County shall retain responsibility for
governance, administrative control, and oversight of the System, except to the
extent that any portion of the System is integrated with or dependent upon the
Computer Aided Dispatch (CAD) System of the ETSB. In such cases, the County, in
cooperation with the ETSB, shall coordinate oversight, configuration, and support
of those shared or integrated components.

Section 2.04 PRMS Operations Fund. The PRMS Operations Fund shall be an
interest-bearing account, and the funds therein shall not be co-mingled with any
other funds. This fund shall be managed by the DuPage County Treasurer. Payment
of budgeted payroll expenditures shall not require additional approval from the
PRMS committee.

Section 2.05 PRMS System Replacement Fund. The County shall maintain a reserve
fund in the County treasury known as the PRMS System Replacement Fund to be
5

used to pay the costs associated with the replacement of the System. Upon
direction by the PRMS Oversight Committee, the County shall transfer funds from
the PRMS System Replacement Fund to the PRMS Operations Fund for
disbursement in accordance with the provisions of Article V. The PRMS System
Replacement Fund shall be an interest-bearing account, and the funds shall be
accounted for on a separate balance sheet from the PRMS Operations Fund. The
County shall maintain a record of the individual contributions of each Participant
for deposit into the PRMS System Fund. The PRMS Oversight Committee may
transfer funds from this balance to cover operating expenses for the express
purpose of ensuring reimbursement to the County General Fund. Additionally,
portions of an agency’s invoice payments distinct from annual contributions to the
System Replacement Fund shall replenish these operational transfers. This fund
shall only be maintained until such time the provisions of Section 1.09 are enacted
by the PRMS Committee.
Section 2.06 System Oversight. The PRMS Oversight Committee is the designated
entity responsible for oversight of the PRMS system.

Section 2.07 The County shall require the County Auditor or its external auditor to
audit the PRMS System Replacement Fund and the PRMS Operations Fund annually
for compliance with this Agreement and report thereon to the County Board and
to the PRMS Oversight Committee. The County may invoice the PRMS committee for
the actual costs of the audit being conducted on these funds.

Section 2.08 Additional Administrative Responsibilities. The County shall provide
the PRMS Oversight Committee with reasonable assistance in performing its duties
under this Agreement. Such assistance shall include administrative, clerical, and
compliance-related functions including those required by the Freedom of
Information Act, the Open Meetings Act, and the Local Records Act. County staff shall
assist the PRMS Oversight Committee in the preparation of its annual budget and
quarterly or other financial reports. County staff shall, at the request of the PRMS
Oversight Committee prepare all solicitations for bids or proposals and perform
procurement functions on behalf of the PRMS Oversight Committee in the same
manner it provides such functions on behalf of the departments of County Government
as required by the County's Procurement Ordinance.

Section 2.09 Deposit of Funds. The Treasurer shall deposit all money collected from
Participants, or transferred by the County, for the operation or replacement of the
System into the PRMS Operations Fund or PRMS System Replacement Fund,
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respectively.

Article III. Responsibilities of the Participant

Section 3.01 Payment. The Participant shall make annual payments to the County for
the purposes set forth in this Agreement in accordance with the schedule adopted by
the County in Section 5.04.

Section 3.02 Operation. The Participant shall ensure that its personnel utilize the
System in accordance with the policies and regulations the PRMS Oversight Committee
may from time-to-time adopt and amend, including those which require the
standardization of data and data entry procedures.

Section 3.03 Network Connectivity. The Participant shall, at its own expense, provide
network connectivity to the System that shall conform to the minimum specifications
adopted by the PRMS Oversight Committee, which may from time-to-time be amended
based on the operating needs of the System and in accordance with CJIS Security Policy.

Section 3.04 Hardware. The Participant shall, at its own expense, procure and maintain
such hardware as may be necessary for the use of the System by its personnel that shall
conform to minimum specifications adopted by the PRMS Oversight Committee, which
may from time to time be amended based on the operating needs of the System or CJIS
Security Policy requirements.

Section 3.05 Data Ownership. Ownership of shared data elements, including but not
limited to master indices and other consolidated or system-wide records, shall be
collectively held by the participating members. Ownership of agency-specific records
shall remain with the originating agency.

In the event a Participant withdraws from the consortium, the withdrawing agency
shall have the right to obtain a complete copy of its agency-specific records, and such
records shall be removed from the System within 15 business days after said
withdrawal from the consortium The withdrawing agency shall also be provided a copy
of shared data elements in their then-current form.
The consortium shall retain shared data elements necessary to preserve system
functionality, continuity, and historical integrity; however, such retained data shall not
include agency-specific records in their original form.

Section 3.06 PRMS Agency Representative Designation and Maintenance. Each
Participant Agency shall designate and maintain, at all times, a minimum of one (1)
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Primary PRMS Agency Representative, one (1) Alternate PRMS Agency Representative,
and one (1) Agency Leadership Contact (collectively, “Designated Contacts”). These
Designated Contacts serve as the official points of communication between the
Participant Agency and the DuPage County PRMS team for all matters related to the
Police Records Management System. In circumstances where staffing limitations exist,
a single individual may fulfill more than one Designated Contact role; however,
Participant Agencies are strongly encouraged to designate separate individuals where
practicable to ensure continuity of communication and oversight. Participant Agencies
are responsible for ensuring that Designated Contact information remains current and
accurate. The County may conduct periodic audits of Designated Contact information to
confirm accuracy and continued assignment. Participant Agencies shall notify the
County PRMS team of any changes to Designated Contacts, including but not limited to
personnel changes, role changes, or updates to contact information, within ten (10)
business days of such change. Failure to maintain current Designated Contacts or to
respond to contact verification requests may result in delayed communications, missed
system updates, or other impacts to the Member Agency’s participation in PRMS-related
activities. The County reserves the right to rely on the most recently confirmed
Designated Contacts on record for all official communications and coordination efforts.

Section 3.07 Data Sharing. Each Participant shall share all data with the Participants of
the Consortium, except as referenced below. This data includes all information entered
into the PRMS system by Participant. Participating members shall make available to
other authorized participants all agency-created shared data elements and agencyspecific records maintained within the System, in accordance with established access
controls and user permissions. Participating members shall not distribute records
generated by other member agencies.
A participating member may restrict or withhold access to specific data elements or
records where such access would reasonably be expected to: (i) violate applicable
federal, state, or local law; (ii) conflict with administrative or regulatory requirements;
(iii) compromise an active investigation or law enforcement operation; or (iv) create a
risk of harm to individuals. Any such restriction shall be limited in scope and duration
to the extent reasonably necessary, and the restricting agency shall, upon request from
another user, provide, in writing, a general basis for the restriction consistent with
applicable law and operational sensitivity.
Task Forces, as authorized by the PRMS Oversight Committee, shall have access to
Consortium data, limited to that which is necessary for task force investigations. This
limited access applies to individual Task Force Only Users.
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Article IV.

PRMS Oversight Committee

Section 4.01 Composition. The PRMS Oversight Committee shall consist of members
appointed as follows:
(a) The Chair of the County Board or his or her designee;
(b) The Sheriff or his or her designee;
(c) The State's Attorney or his or her designee;
(d) The Chief Financial Officer of the County, or his or her designee;
(e) The Chief Information Officer of the County, or his or her designee;
(f) The Chair of the Emergency Telephone System Board (ETSB), or his or her
designee;
(g) Six (6) mayors or chief administrative officers of municipalities which are
Participants in the System appointed by the Board of Directors of the DuPage
Mayors and Managers Conference (DMMC) in the manner it determines. Mayors
or chief administrative officers appointed under this paragraph need not be
appointed from municipalities which are members of the DMMC.
(h) Persons designated to serve in the stead of the County officers or staff members
listed in paragraphs (a)-(f) of this Section shall be employees reporting to the
respective designating authority who are vested with substantial authority over
the operations or finances of the designating authority's office or department.
Oversight Committee membership is limited to active participating member
agency representatives.

Section 4.02 Ex-Officio Members: Two (2) members of Law Enforcement Command
Staff shall also be selected by the DuPage County Chiefs of Police Association to serve
as Ex-Officio Members of the PRMS Oversight Committee. These Ex-Officio members
shall not be voting members of the PRMS Oversight Committee.
Section 4.03 Powers and Duties. The PRMS Oversight Committee shall:

(a) Develop and maintain rules which shall provide for the selection and terms of its

officers and its operations.
(b) Organize and appoint members to committees and working groups as it
deems necessary for System operation.

(c) Develop policies and regulations governing System usage consistent with the

goal of standardization.

(d) Review requests from prospective Participants, including new Member Agencies

and Task Forces, to join the System and either approve or disapprove the request
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and determine a fair share payment of the applicant if approval is granted.
(e) Review and determine the minimum specifications for any hardware used
with the System and ensure Participant compliance.

(f) Review and determine minimum specifications for network connections to the
System and ensure participant compliance.

(g) Direct the County to transfer funds from the PRMS System Replacement Fund

or make disbursements from the PRMS Operations Fund to the extent
authorized by this Agreement.

(h) Fully comply with the requirements of the Open Meetings Act and the

Freedom of Information Act.

(i) Determine, no less frequently than annually, the total number of users who

will access the System and allocate that number among system Participants.
The PRMS Oversight Committee and the affected Participant shall jointly
agree to increase or decrease the allocation of users to a Participant.
(j) Determine the budget for the annual operation of the PRMS System.
(k) Adopt reasonable rules consistent with the provisions of this Agreement for
the ongoing administration, operation, and replacement of the System. The
bylaws currently in place, as approved by the PRMS Oversight Committee,
shall remain in place unless acted upon separately by said Committee.
(I)

Establish policies and procedures to provide for the withdrawal of any
Participant from the System including those providing for the retrieval and
export of the Participant's data.; (Refer to Section 6.03)

(m) Provide guidance and advice to the Information Technology Department

regarding the job performance of County employees assigned to administer
or manage the System.

(n) Make recommendations to the Information Technology Department regarding

changes in personnel requirements necessary to operate the System efficiently.

(o) Fully reimburse the County for all costs incurred in implementing the new System

other than the costs attributable to any PRMS Applications and those PRMS costs
attributable to County agencies participating in the System under Section 1.07 of
this Agreement.

(p) Provide quarterly updates to all Participants, including committee meeting

minutes and financial reports.
(q) Each Oversight Committee member serving as a designated representative of a
municipal district shall provide periodic updates to the participating members
within their respective district no less than quarterly. Such updates shall include, at
a minimum, material information regarding System performance, ongoing
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initiatives, significant decisions, and any matters reasonably affecting participating
members.
Updates may be delivered in a format determined by the representative, including
written summaries, virtual meetings, or in-person briefings, as appropriate.

In the event the PRMS Oversight Committee determines that updates are not being
provided in a timely or appropriate manner, the Committee may require that such
updates be subject to prior review and approval and/or subsequent audit in
accordance with established governance procedures.

(r) Develop policies and procedures, in accordance with the law, governing the

documentation, retention, ownership, and management of electronic data
storage, provided that any policy or procedure which may impact CAD or CAD
processes shall not become effective without the consent of the ETSB; and,

(s) Perform any other administrative functions necessary and proper to carry out the

purposes of this Agreement and the goals of standardization and interoperability
not otherwise provided for herein.

Section 4.04 Finance and Procurement Policies.

(a) In General. The PRMS Oversight Committee shall have the exclusive

authority to authorize the County to transfer funds from the PRMS System
Replacement Fund to the PRMS Operations Fund and to authorize
expenditures from the PRMS Operations Fund, except for the salary and
benefits of County Information Technology staff which shall be paid
consistent with County payroll policies. The County Information Technology
Department shall seek prior approval from the PRMS Oversight Committee
for any major variances in staffing. A major variance is defined as any
additions to staffing that would result in costs which exceed approved
annual budget.

(b) Competitive Bidding Required. The provisions of State law applicable to the

procurement of services, materials, equipment, or supplies, other than
professional services, by County Boards as set forth in 55 ILCS 5/5-1022 of
the Counties Code shall apply to all contracts authorized by the PRMS
Oversight Committee.

(c) Applicability of the DuPage County Procurement Ordinance. The provisions

of the DuPage County Procurement Ordinance shall apply to all purchases
authorized by the PRMS Oversight Committee. Where the Procurement
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Ordinance specifies that an action must be taken by the County Board, the
PRMS Oversight Committee shall have the authority to act. Where the
Procurement Ordinance provides that an action must be taken by the Chair
of the County Board, the Chair of the PRMS Oversight Committee shall have
the authority to Act.

(d) Transfers from the PRMS System Replacement Fund. The PRMS Oversight

Committee shall from time-to-time direct the Treasurer to transfer funds
from the PRMS System Replacement Fund to the PRMS Operations Fund for
disbursement. Such funds may only be disbursed to pay the costs associated
with the upgrade or replacement of the System or consistent with a policy
adopted by the PRMS Oversight Committee in accordance with Section 5.02.

(e) Expenditures from the PRMS Operations Fund. The PRMS Oversight

Committee shall use funds in the PRMS Operations Fund for the purposes of:

(i) Reimbursing the County for costs expended in the implementation of the

System.

(ii) Paying the ongoing periodic costs associated with maintaining the System,
(iii) Paying the costs of system upgrade or replacement when such funds have

been transferred from the PRMS System Replacement Fund for that
purpose,

(iv) Reimbursement of Participant funds consistent with a policy adopted by

the PRMS Oversight Committee in accordance with Section 5.02, or

(v) Any other purpose the PRMS Oversight Committee may expressly

authorize, provided that funds shall only be authorized for costs associated
with the System.

Section 4.05 Meetings of the PRMS Oversight Committee.

(a) Open Meetings Act. The provisions of the Open Meetings Act shall apply to

all meetings of the PRMS Oversight Committee. The County shall cause
notice of such meetings and their agendas to be posted on its website in
accordance with the Act. The County shall furnish meeting space when
requested to do so by the PRMS Oversight Committee. Consistent with the
provisions of the Open Meetings Act, members of the PRMS Oversight
Committee may attend meetings remotely when they are unable to attend in
person for any reason authorized by the Act with reasonable notice to the
PRMS Oversight Committee and its approval.

(b) Quorum. Quorum for a meeting of the PRMS Oversight Committee shall be

three-quarters (3/4) of the members (excluding Ex-Officio members) entitled
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to be appointed to the Committee.
(c) Super Majority Required. All actions of the PRMS Oversight Committee shall
require the affirmative vote of three-quarters (3/4) of the membership
(excluding Ex-Officio member) entitled to be appointed to the Committee. So
long as the PRMS Oversight Committee consists of twelve (12) members,
nine (9) members shall constitute three-quarters (3/4) of the membership
entitled to be appointed.

(d) Meeting Schedule. The PRMS Oversight Committee shall annually give notice

of its meeting schedule which shall include at least one meeting scheduled
per quarter.
Article V. Finance

Section 5.01 Costs Attributable to System Operation. The following costs are
deemed attributable to System Operation and shall be paid from the PRMS
Operations Fund:
(a) The total cost of annual System licensing and maintenance paid to the

Vendor;
(b) The full salary, benefits, and related expenses of County personnel devoting
100% of their duties to the maintenance or operating of the System;

(c) The proportion of the annual salary and benefits of County personnel
devoting at least 40% of their duties to the maintenance or operation of the
System as determined by the Information Technology Department and
approved by the PRMS Oversight Committee
(d) If an agency requires additional interfaces with the RMS to their unique software
applications, it will need to obtain them, and the cost will be the responsibility
of the impacted agency. The PRMS Committee will provide all organizations
with an estimate of the cost of these interfaces;
(e) Ongoing maintenance costs of System equipment; and

(f) Other costs related to System operation when expressly determined as such
and authorized by the PRMS Oversight Committee, including commodities,
hardware, professional services, and capital.

(g) “Task Force Only User” system costs shall be invoiced directly to the
appropriate Task Force.

Section 5.02 System Cost Allocation Formula. The PRMS Oversight Committee shall
allocate the cost of System operation among Participants in accordance with the
13

following formulae:
Total System Cost =

Cost Per User =

(Capital costs)
+ (Salary and benefits of System personnel)
+ (Annual service and maintenance costs)
+ (System Replacement Contribution)
+ (Other authorized costs)
Total System Cost
Total number of authorized users Systemwide

Annual Participant Cost =

Cost per user * (number of users per Participant)

Section 5.03 PRMS System Replacement Contribution. Beginning with the
execution of this Intergovernmental Agreement, the funds remaining in the
Equipment Replacement Fund shall be designated as the PRMS System
Replacement Fund.

Section 5.03.1 Use of Reserve Fund. The Reserve Fund should have a target balance
of $3,000,000 (Three Million dollars) by September of 2032. The PRMS Oversight
Committee shall annually review the estimated costs associated with replacing the
System and may increase the total replacement costs. If the PRMS Oversight
Committee determines that the replacement costs shall increase, it will compute
the estimated costs associated with replacing the System at the end of its useful life
and determine, based on the number of users allocated to each Participant, each
Participant's anticipated proportional share of the cost of System replacement
following the expiration of the Agreement. Each Participant's anticipated
proportional share of the cost of System replacement costs shall be divided by the
number of years in the term of this Agreement, or the remaining number of years
in the Agreement, and shall represent the Participant's annual share of System
replacement that each Participant shall pay for deposit into the PRMS Equipment
Replacement Fund. Each Participant's portion of the Equipment Replacement
Contribution shall be determined by dividing the total estimated System
Replacement Contribution by the number of users Systemwide and multiplying
that result by the number of users assigned to the Participant in accordance with
the following formulae:

14

Per User System Replacement Contribution =

Total estimated System Replacement Cost

Total number of authorized users systemwide

Per User System Replacement Contribution *
(number users per Participant)

Participant Replacement Share =

Unless otherwise determined by the PRMS Oversight Committee, the Total Estimated
System Replacement Cost is $3,000,000.

Section 5.04 Invoice Schedule. The County, through its Chief Financial Officer, shall
annually invoice the Participant for System operation and for system replacement.
Each Participant shall pay such invoices in accordance with the provisions of the
Local Government Prompt Payment Act.

Section 5.05 Self-Sufficient Fund. The PRMS Committee shall be self-sufficient, and
members’ contributions shall be set at an amount to cover the annual costs of
personnel, maintenance, and other contractual obligations. If the operations fund
balance is not sufficient to cover these costs, the PRMS Oversight Committee shall
work with members to set aside additional funds to ensure that the fund is selfsustaining and requires no payment from the County or ETSB.

Section 5.06 Expansion of Participation. The admission of a new Participant Agency
or the approval of a Task Force for participation under this Agreement may result in
additional costs to the Consortium. Unless otherwise provided in a subsequent
agreement authorized under Section 1.07, such costs shall be allocated in a manner
consistent with Section 5.02 of this Agreement.
Article VI. Term and Termination

Section 6.01 Effective Date. This Agreement shall become effective on September
1, 2026, or upon the date it is executed by the Parties, whichever occurs later.
Thereafter, the obligations of the respective Parties as set forth in this Agreement
shall be immediately binding on the Parties until such time that the IGA is
terminated or renewed.

Section 6.02 Term of Agreement. The Term of this Agreement shall be co-terminus with
the Vendor contract. Thereafter, the Agreement shall renew for successive two (2) year
terms commencing each subsequent year. Upon execution of any modification or
15

restatement of the Vendor Agreement that extends the term, the PRMS Oversight
Committee shall initiate a review of this Agreement and provide Participants a
reasonable opportunity to review and comment on any proposed amendments for a
period of not less than thirty (30) but not to exceed sixty (60) calendar days, unless a
longer period of review is established by the PRMS Oversight Committee. If, following
such review, the Oversight Committee determines that no substantive amendments to
this Agreement are necessary, the term of this Agreement shall automatically be
amended as necessary to remain co-terminus with the Vendor Agreement. Any
adjustment or extension of the term of this Agreement made solely to maintain a coterminus term with a modified Vendor Agreement shall be deemed part of the Initial
Term and shall not be considered a renewal, extension, or successive term under this
Agreement.

Section 6.03 Termination of Participation. If a Party wishes to withdraw from
Consortium membership after the initial term, it must provide notice no later than
of the year prior to the renewal of the Agreement. If a Party elects to withdraw from
consortium membership during the initial term, the terms contained in the
initial agreement remain in effect for the remainder of the Vendor Agreement.
The withdrawing Party agrees to remit payments for all costs allocated to it under
Section 5.02 of this Agreement that would have been payable had it maintained
Consortium membership for the complete initial term. If the Consortium receives
a Party's notice of withdrawal during the review period triggered by a modification
or restatement of the Vendor Agreement, the withdrawing Party's allocated costs
shall not include any extension of the Initial Term resulting from such modification
or restatement. For purposes of calculating the withdrawing Party's allocated
costs, the "Number of Users per Participant" component of the cost allocation
formula shall be deemed to equal the greater of (i) the number of users attributable
to the withdrawing Party on the date the Consortium receives its official notice of
withdrawal, or (ii) the official user count for the withdrawing Party as of the end
of the immediately preceding fiscal year. As agreed to by the parties, this
remittance may be made as a lump sum at the time of withdrawal, or the
withdrawing Party may remain on the annual invoicing schedule maintained by
the Consortium.

The withdrawing Party shall reimburse the Consortium for all additional costs
incurred as a direct result of the Party's withdrawal. Additional incurred costs
include but are not limited to the following: data extraction, shared data remediation,
record segregation, legal, procurement, and accounting costs, configuration changes,
16

and cybersecurity risk mitigation.

Section 6.04. This Agreement shall replace the Intergovernmental Agreement which
automatically renewed on May 1, 2026, pertaining to the Octave/Hexagon system, for all
Parties, except those that have entered into an Exit Agreement. Parties who have elected
not to participate with Mark43 in addition to the Parties to this Agreement, shall continue
with the Octave/Hexagon system contract which terminates on June 30, 2027. These
Parties understand that the Consortium will continue to work with Octave/Hexagon until
the Mark43 system is operational and additional terms will be negotiated to address the
Octave/Hexagon contract termination on June 30, 2027.
Article VII. Miscellaneous Terms

Section 7.01 No Joint Venture. This Agreement shall not be construed in such a way
that any Party is or is deemed to be, the representative, agent, employee, partner,
or joint venture of the other. The Parties shall neither have the authority to enter
into any agreement, nor to assume any liability on behalf of any other Party, nor to
bind or commit to the other Party in any manner, except as expressly provided
herein.

Section 7.02 Notice. All notices required to be given pursuant to this Agreement
shall be in writing and addressed to the Parties at their respective addresses set
forth below. All such notices shall be deemed duly given if personally delivered, or
if deposited in the United States mail, registered or certified return receipt
requested, or upon receipt of facsimile transmission. Notice given as provided
herein does not waive service of summons or process.
If to the County, to:
Du Page County
421 County Farm Road
Wheaton, IL 60187

If to the Participant to:

Attention: Anthony McPhearson
IT Department

Section 7.03 Entire Agreement. This Agreement constitutes the entire agreement
with respect to the subject matter hereof and supersedes all other prior and
contemporary agreements, understandings, representations, negotiations, and
commitments between the Parties with respect to the subject matter hereof.
17

Section 7.04 Approval Required and Binding Effect. This Agreement shall not
become effective unless authorized by each Party's respective corporate
authorities or governing body. Upon authorization, this Agreement constitutes a
legal, valid, and binding agreement, enforceable against the Parties.

Section 7.05 Representations. Each Party represents that it has the authority to
enter into this Agreement and undertake the duties and obligations contemplated
by this Agreement and that it has taken or caused to be taken all necessary action
to authorize the execution and delivery of this Agreement.

Section 7.06 Indemnification. The Parties hereby release and agree that each shall
indemnify and hold harmless the other Party and all of its present, former, and
future officers, including board members, commissioners, employees, attorneys,
agents and assigns from and against any and all losses, liabilities, damages,
claims, demands, fines, penal ties, causes of action, costs and expenses
whatsoever, including, but not limited to, attorneys' fees and court costs,
present or future, known or unknown , sounding in law or equity that arise out
of or from or otherwise relate, directly or indirectly, to this Agreement to the
extent authorized by law, including, but not limited to any injury or damage
caused by the failure of System to function properly, the quality of the data
contained in the System, or the failure of the System to operate as designed.
This Section is an agreement between local public entities to allocate or share
liability from an injury resulting from their joint undertaking of a shared
function under Article VII of the Local Government and Governmental
Employees Tort Immunity Act.

Section 7.07 Committee Composition. The PRMS Committee may from time to time
and by a three-quarters (3/4) vote of members entitled to be appointed, make
changes to the composition, manner of selection, or number of their respective
memberships. So long as the PRMS Oversight Committee consists of twelve (12)
members (excluding Ex-Officio members), nine (9) members shall constitute threequarters (3/4) of members entitled to be appointed.
Section 7.08 Appropriations. The Parties hereby agree that the duties imposed by
this Agreement contemplate the appropriation of funds required to perform such
duties. To the extent authorized by law, the Parties agree to appropriate when
necessary, and in the manner provided by law, such funds as may be required to
perform their respective duties under the Agreement.
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Section 7.09 Amendments. This Agreement may be amended upon the written
agreement of the Parties.

Section 7.10 Operational Inquiries. The Participant shall advise the PRMS Committee
and the Information Technology department in writing of any systems issues or
complaints. The Information Technology department will respond within 14 days. All
reasonable operational inquiries will be resolved in a timeframe that is mutually
agreed upon by both parties.

WHEREFORE, the Parties have signed and executed this Agreement as of the dates
written below in the County of DuPage, State of Illinois.
County of DuPage, Illinois
BY:

BY:

Chair, DuPage County Board

Date:

_____________________________

Date:______________________________

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