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Home My WebLink About2024 Annual Comprehensive Financial Report City of Evanston, Illinois _________________________________________________________________ Annual Comprehensive Financial Report For the Year Ended December 31, 2024 CITY OF EVANSTON, ILLINOIS ANNUAL COMPREHENSIVE FINANCIAL REPORT For the Year Ended December 31, 2024 Prepared by the Finance Division of the City Manager’s Office CITY OF EVANSTON, ILLINOIS TABLE OF CONTENTS Page(s) INTRODUCTORY SECTION Principal Officials ......................................................................................................... i Organization Chart ........................................................................................................ ii Certificate of Achievement for Excellence in Financial Reporting .............................. iii Letter of Transmittal ..................................................................................................... iv-xiii FINANCIAL SECTION INDEPENDENT AUDITOR’S REPORT .................................................................... 1-4 INDEPENDENT AUDITOR’S REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING AND ON COMPLIANCE AND OTHER MATTERS BASED ON AN AUDIT OF FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE WITH GOVERNMENT AUDITING STANDARDS ....................... 5-6 GENERAL PURPOSE EXTERNAL FINANCIAL STATEMENTS Management’s Discussion and Analysis .................................................................. MD&A 1-9 Basic Financial Statements Government-Wide Financial Statements Statement of Net Position ............................................................................... 7-8 Statement of Activities ................................................................................... 9-10 Fund Financial Statements Governmental Funds Balance Sheet ............................................................................................. 11-14 Reconciliation of Fund Balances of Governmental Funds to the Governmental Activities in the Statement of Net Position ................ 15 Statement of Revenues, Expenditures, and Changes in Fund Balances .... 16-17 Reconciliation of Governmental Funds Statement of Revenues, Expenditures, and Changes in Fund Balances to the Governmental Activities in the Statement of Activities .................................................. 18 CITY OF EVANSTON, 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 .......................................................................... 19-20 Statement of Revenues, Expenses, and Changes in Net Position .............. 21 Statement of Cash Flows ........................................................................... 22-23 Fiduciary Funds Statement of Fiduciary Net Position .......................................................... 24 Statement of Changes in Fiduciary Net Position ....................................... 25 Notes to Financial Statements ............................................................................. 26-97 Required Supplementary Information Schedule of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual General Fund .................................................................................................. 98 ARPA Fund .................................................................................................... 99 Schedule of Changes in the Employer’s Total OPEB Liability and Related Ratios Other Postemployment Benefits Plan ................................................................. 100 Schedule of Employer Contribution Illinois Municipal Retirement Fund ............................................................... 101 Police Pension Fund ....................................................................................... 102 Firefighters' Pension Fund .............................................................................. 103 Schedule of Changes in the Employer’s Net Pension Liability and Related Ratios Illinois Municipal Retirement Fund ................................................................ 104-105 Police Pension Fund ....................................................................................... 106-107 Firefighters’ Pension Fund ............................................................................. 108-109 CITY OF EVANSTON, ILLINOIS TABLE OF CONTENTS (Continued) Page(s) FINANCIAL SECTION (Continued) GENERAL PURPOSE EXTERNAL FINANCIAL STATEMENTS (Continued) Required Supplementary Information (Continued) Schedule of Investment Returns Police Pension Fund ....................................................................................... 110 Firefighters’ Pension Fund ............................................................................. 111 Notes to Required Supplementary Information .................................................. 112 COMBINING AND INDIVIDUAL FUND STATEMENTS AND SCHEDULES MAJOR GOVERNMENTAL FUNDS General Fund Schedule of Revenues - Budget and Actual ................................................... 113-115 Schedule of Expenditures - Budget and Actual .............................................. 116 Schedule of Revenues, Expenditures, and Changes in Fund Balances - Budget and Actual Capital Improvements Fund ........................................................................... 117 General Obligation Debt Fund ...................................................................... 118 NONMAJOR GOVERNMENTAL FUNDS Combining Balance Sheet ................................................................................... 119-122 Combining Statement of Revenues, Expenditures, and Changes in Fund Balances .......................................................................... 123-126 Schedule of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual Motor Fuel Tax Fund ...................................................................................... 127 Emergency Telephone System Fund .............................................................. 128 Affordable Housing Fund ............................................................................... 129 HOME Fund ................................................................................................... 130 Community Development Block Grant Fund ................................................. 131 Schedule of Expenditures - Budget and Actual (Budgetary Basis) Community Development Block Grant Fund ................................................. 132 Schedule of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual Community Development Loan Fund ............................................................ 133 Special Service District No. 9 Fund ............................................................... 134 CITY OF EVANSTON, ILLINOIS TABLE OF CONTENTS (Continued) Page(s) FINANCIAL SECTION (Continued) COMBINING AND INDIVIDUAL FUND STATEMENTS AND SCHEDULES (Continued) NONMAJOR GOVERNMENTAL FUNDS (Continued) Schedule of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual (Continued) Reparations Fund ............................................................................................ 135 Sustainability Fund ......................................................................................... 136 Good Neighbor Fund ...................................................................................... 137 General Assistance Fund ................................................................................ 138 Human Services Fund ..................................................................................... 139 Crown Construction Fund .............................................................................. 140 Crown Maintenance Fund .............................................................................. 141 Special Assessment Capital Projects Fund ..................................................... 142 Combining Schedule of Revenues, Expenditures, and Changes in Fund Balances - Budget and Actual Debt Service Funds ......................................................................................... 143-146 ENTERPRISE FUNDS Water Fund Schedule of Revenues, Expenses, and Changes in Net Position - Budget and Actual ........................................................................................ 147 Schedule of Operating Revenues - Budget and Actual Operation and Maintenance Account ........................................................... 148 INTERNAL SERVICE FUNDS Combining Statement of Net Position ................................................................. 149 Combining Statement of Revenues, Expenses, and Changes in Net Position .................................................................................... 150 Combining Statement of Cash Flows .................................................................. 151-152 COMPONENT UNIT - PUBLIC LIBRARY Governmental Funds Statement of Net Position and Combining Balance Sheet ............................. 153-154 Statement of Activities and Combining Statement of Revenues, Expenditures, and Changes in Fund Balances .............................................. 155-156 CITY OF EVANSTON, ILLINOIS TABLE OF CONTENTS (Continued) Page(s) FINANCIAL SECTION (Continued) COMBINING AND INDIVIDUAL FUND STATEMENTS AND SCHEDULES (Continued) COMPONENT UNIT - PUBLIC LIBRARY (Continued) Library Operating Fund Schedule of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual ............................................................... 157 STATISTICAL SECTION Financial Trends Net Position by Component ..................................................................................... 158-159 Changes in Net Position ........................................................................................... 160-163 Fund Balances of Governmental Funds ................................................................... 164-165 Changes in Fund Balances of Governmental Funds ................................................ 166-167 Revenue Capacity Equalized Assessed Value and Actual Value of Taxable Property.......................... 168 Principal Property Taxpayers ................................................................................... 169 Property Tax Levies and Collections ....................................................................... 170 Debt Capacity Ratio of General Bonded Debt Outstanding ............................................................ 171 Ratio of Outstanding Debt by Type ......................................................................... 172 Direct and Overlapping Governmental Activities Debt ........................................... 173 Legal Debt Margin ................................................................................................... 174 Demographic and Economic Information Principal Employers ................................................................................................. 175 Demographic and Economic Statistics..................................................................... 176 Operating Information Full-Time Equivalent City Government Employees by Function ........................... 177 Property Tax Rates per $100 - Direct and Overlapping Governments .................... 178 Water Sold by Type of Customer (in 100 cubic feet) .............................................. 179 Water Sold by Major Customers .............................................................................. 180 Operating Indicators by Function/Program .............................................................. 181 Capital Assets Statistics by Function ....................................................................... 182 INTRODUCTORY SECTION CITY OF EVANSTON Principal Officials December 31, 2024 ______________________________________________________________________ LEGISLATIVE Daniel Biss, Mayor Clare Kelly 1st Ward Krissie Harris 2nd Ward Melissa A. Wynne 3rd Ward Jonathan Nieuwsma 4th Ward Bobby Burns 5th Ward Thomas M. Suffredin 6th Ward Eleanor Revelle 7th Ward Devon Reid 8th Ward Juan Geracaris 9th Ward Stephanie Mendoza, City Clerk EXECUTIVE Luke Stowe, City Manager Hitesh Desai, CFO / Treasurer ADMINISTRATIVE Interim Administrative Services Director Corporation Counsel Michael Rivera Interim Chief Information Officer Dmitry Shub Health and Human Services Director Ikenga Ogbo Community Development Director Sarah Flax Parks & Recreation Director Audrey Thompson Alexandra Ruggie Public Works Agency Director Edgar Cano Police Chief Schenita Stewart Fire Chief Paul Polep Executive Director Library Yolande Wilburn - i - - ii - Government Finance Officers Association Certificate of Achievement for Excellence in Financial Reporting Presented to City of Evanston Illinois For its Annual Comprehensive Financial Report For the Fiscal Year Ended December 31, 2023 Executive Director/CEO - iii - City Manager’s Office 909 Davis Street Evanston, Illinois 60201-2798 T 847.866.2936 TTY 847.448.8064 www.cityofevanston.org June 26, 2025 The Honorable Mayor Daniel Biss, Members of the City Council, and Citizens of the City of Evanston, Illinois INTRODUCTION The Annual Comprehensive Financial Report (Annual Report) of the City of Evanston (City) for the fiscal year ended December 31, 2024, is hereby submitted. The Annual report is prepared by the City’s Finance Division in accordance with the financial reporting principles and standards set forth by the Governmental Accounting Standards Board (GASB). Responsibility for both the accuracy of the data and the completeness and fairness of the presentation, including all disclosures, rests with the City. We believe the enclosed data is accurate in all material respects and is reported in a manner designed to fairly present the financial position and results of operations of the various funds and capital assets of the City. All disclosures needed to enable the reader to understand the City's financial activities have been included. This report consists of management’s representations concerning the finances of the City of Evanston for the period of January 1, 2024, to December 31, 2024. Management assumes full responsibility for the completeness and reliability of the information presented in this report. To provide a reasonable basis for making these representations, City management has established a comprehensive internal control framework that is designed to both protect the government’s assets from loss, theft, or misuse and to compile sufficient, reliable information for the preparation of the City of Evanston’s financial statements in conformity with Generally Accepted Accounting Principles (GAAP) within the United States of America. Because the cost of internal controls should not outweigh their benefits, the City’s comprehensive framework of internal controls has been designed to provide reasonable, rather than absolute, assurance that the financial statements will be free from material misstatement. As management, we assert that to the best of our knowledge and belief, this financial report is complete and reliable in all material respects. The City is required to undergo an annual single audit in conformity with the provisions of the Single Audit Act of 1984 as amended and U.S. Office of Management and Budget Circular A-133, Audits of States, Local Governments, and Non-Profit Organizations. Information related to this single audit, including the schedule of federal financial assistance, findings and recommendations, and auditors' reports on the internal control - iv - 2100 Ridge Avenue Evanston, Illinois 60201-2798 T 847.328.2100 TTY 847.448 8064 www.cityofevanston.org structure and compliance with applicable laws and regulations, is to be presented in a separate single audit report. The attached report includes all the funds and capital assets of the City and its component unit, the Evanston Library. The Town of the City of Evanston (the Township) has been previously presented as a separate legal entity which administered General Assistance for food, shelter and medical needs. Effective May 1, 2014, the City of Evanston assumed all the responsibility of providing the services that were previously provided by the Township. City audits after 2014 include the functions of the Township. Library activity numbers are shown separately as a discrete component unit based on an ordinance passed by the City Council on March 10, 2012 giving the Library independence in running day to day operations. The Library has a separate Board whose members are appointed by the Mayor. The City’s financial statements have been audited by Sikich CPA LLC, a firm of licensed certified public accountants. The goal of the independent audit is to provide reasonable assurance that the financial statements of the City of Evanston for the fiscal year ended December 31, 2024, 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 by management, and evaluating the overall financial statement presentation. The independent auditors concluded, based upon the audit, that there was a reasonable basis for rendering an unmodified opinion that the City’s financial statements for the fiscal year ended December 31, 2024, are fairly presented in conformity with GAAP. The independent auditors’ 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 EVANSTON The City: The City of Evanston constitutes many communities, perspectives, and qualities as a Chicago suburb with a major university, urban center, and lakefront. Evanston has apartments, condominiums, and student housing; its residents are commuters and locally employed workers; its downtown is prospering, and neighborhood commercial centers are also stable. It is a part of the Chicago-land economy and has a vigorous commercial and professional economy of its own. A population of approximately 78,000 is diverse by race, religion, age, education, - v - 2100 Ridge Avenue Evanston, Illinois 60201-2798 T 847.328.2100 TTY 847.448 8064 www.cityofevanston.org economics, and occupation. With 10,000 people per square mile, Evanston has double the population density of the average North and Northwest suburb, and approximately half the density of Chicago. The City has over 260 acres in 75 parks and 5 beaches. Evanston is contiguous with Chicago, and only 13 miles by rapid transit, commuter rail, expressway, or parkway from downtown Chicago. It borders the north shore communities of Skokie and Wilmette. In 1863, the Village of Evanston was incorporated as a town, and after several annexations in 1892, the town became a City. The City’s southern boundary was established with the City of Chicago and the present City limits. The City also has four miles of shoreline along Lake Michigan. Evanston is the home of Northwestern University, aptly named to serve the Northwest Territory. The University first platted the village which surrounded it. The continued vitality of the University and the cooperative relationship between the City and University adds to the total Evanston community. The Government: The City is a home rule municipality under the Illinois Constitution. As such, it has no tax rate or debt limits imposed by Illinois statute, nor is it required to conduct a referendum to authorize the increase of debt or the imposition of real estate property taxes. The City has a Council/Manager form of government with an elected Mayor. The Mayor is elected to a four-year term. Each Alderman represents one of nine wards and are elected to terms of four years. The City Council is organized into five standing committees: Administration and Public Works, Human Services, Planning and Development, Rules, and Referrals. The City Council has also established several special committees, commissions and advisory boards. The City Manager is the Chief Executive Officer of the City and is responsible for the management of all City operations under the direction of the City Council. The City Manager appoints directors and supervises the City’s 10 departments. The City provides a broad range of municipal services, including police and fire protection, streets and parking, water and sewer service, public libraries, health services, lakefront beaches, parks and recreation activities, cultural events, and community and economic development activities. Schools are provided by separate school districts which are governed by elected school boards. A portion of the City is served by the Ridgeville Park District. Wastewater treatment is provided by the Metropolitan Water Reclamation District. - vi - 2100 Ridge Avenue Evanston, Illinois 60201-2798 T 847.328.2100 TTY 847.448 8064 www.cityofevanston.org Budget Process: The City of Evanston operates under the Illinois Budget Act, adopting a budget through an ordinance that includes all funds appropriated by the City. The City Manager is authorized to transfer budgeted amounts between departments within any fund (such as the General Fund). However, any revisions that increase the total expenditures of any fund must be approved by the City Council. The City’s budget team started the budget process for Fiscal Year (FY) 2025 in February 2024, meeting individually with City Council members and the Mayor about preliminary budgetary ideas and priorities, followed by meetings with departments in May 2024. In late summer 2024, staff met with the City Manager’s Office and each department to discuss their individual operating budgets. The City Manager submitted to the City Council a proposed operating budget in October 2024. On November 25, 2024, the Council adopted Ordinance 77-O-24 approving the FY 2025 budget. Budgets are legally adopted on a basis consistent with accounting principles generally accepted in the United States of America. For purposes of preparing the General Fund schedule of revenues (budget and actual), GAAP revenue and expenditures have been adjusted to the budgetary basis. The budgets of the governmental type funds are prepared on a cash basis. The Annual Comprehensive Financial Report (ACFR) of the City presents expenditures and revenues on both a GAAP basis and a budgetary basis for comparison. Fund Accounting: The City uses funds to report on both its financial position and results of its operations. The accounts of the City are divided into separate self-balancing funds comprising its assets, liabilities, fund equity, revenues, and expenditures, as appropriate. Fund accounting is designated to demonstrate legal compliance and to aid in financial management by segregating transactions related to certain City functions or activities. Each fund is a separate, self-balancing accounting entity. In the City, there are three categories of funds: Governmental, Proprietary and Fiduciary. Governmental funds are used to account for all or most of the City’s general activities, including the collection and disbursement of earmarked monies (special revenue funds), the acquisition or construction of capital assets (capital project funds), and the servicing of general long-term debt (debt service funds). The General Fund is used to account for all activities of the City not accounted for in other funds. In the fiscal year 2025 budget, the City projected that 38.0% ($151.3 million-including transfers) of all City expenditures will occur in the General Fund. Other major funds include the Capital Improvement, General Obligation Debt, Parking, Water, and Sewer Funds. The Enterprise Funds (Water, Parking, Solid Waste Fund and Sewer) are operated and budgeted on a full accrual basis. Expenditures are recognized when a commitment is made, and revenues are recognized when they are obligated to the City (For example, water user fees are recognized as revenue when bills are produced). The City’s expenditures are monitored on a regular basis by the Finance Department. - vii - 2100 Ridge Avenue Evanston, Illinois 60201-2798 T 847.328.2100 TTY 847.448 8064 www.cityofevanston.org Disbursements are made by fund and only if expenditures are within the authorized budget. MAJOR INITIATIVES – FISCAL YEAR 2025 Following are annual goals and major initiatives by department as set in the FY 2025 adopted budget. The City Manager’s Office and its divisions will: (1) Relocate operations to the new Civic Center at 909 Davis Street. (2) Work with the Finance and Budget Committee and City Council regarding public safety pensions and revenue ideas. (3) Re-establish inclusive, internal staff engagement events. (4) Divvy station expansion and roll out of the Divvy for Everyone access program. (5) Submitting an RFP for a new applicant tracking system/onboarding system which will allow for new hires to complete new hire paperwork electronically as opposed to paper documents. (6) Implement Evanston Thrives Recommendations. (7) Continued development of community benchmarking efforts around property taxes, pensions, and debt. The Law Department will: (1) In conjunction with the City Policy Coordinator, monitor proposed and potential state laws that can or will have an impact on the City, its operations and residents. (2) In conjunction with the City Manager’s Office, conduct a comprehensive review of the City Code, looking for conflicts within the Code and with state law. (3) Identify opportunities for training and education for staff to increase knowledge surrounding real estate and land use. (4) Assist all client departments with review of internal City policies. (5) Return to handling 80% or more of the City’s litigation in-house. The Administrative Services Department will: (1) Continue to expand on its use of the CMMS program in order to better plan maintenance, replacements and improvements at our City Facilities in a manner that is proactive rather than reactive. (2) Evaluate revenues in order to recommend increases to monthly lot permit parking as well as residential parking districts, areas that have not had a fee increase in many years. (3) Improve cybersecurity posture in an ongoing effort to ensure the City assets are kept safe, and continue to work on the City’s website ensuring accessibility. (4) Share the information obtained through the Fleet Electrification and Rightsizing Study to develop and implement in a phased manner and pace a strategy that is financially responsible. (5) Deploy a web based public portal to promote transparency, efficiency and reduce FOIA requests and plan to migrate the City’s contract database to the public portal along with other department records. The Community Development Department will: (1) Ensure approval and implementation of the new Comprehensive Plan & Zoning Code. (2) Implement amendments to the Inclusionary Housing Ordinance to increase its effectiveness. (3) Continue - viii - 2100 Ridge Avenue Evanston, Illinois 60201-2798 T 847.328.2100 TTY 847.448 8064 www.cityofevanston.org implementing programs and projects funded by the American Rescue Plan Act (ARPA), maintain compliance with requirements, and report to the U.S. Treasury. (4) Fund the rehabilitation of non-congregate and congregate shelter projects, the Margarita Inn and Hilda’s Place respectively. (5) Complete implementation of the rental housing inspection and registration/licensing program that focuses resources on problem properties, rewards housing providers that maintain their properties, and improves the quality of rental housing, particularly for lower-income residents. (6) Monitor and inspect vacant and dangerous buildings to mitigate impact on neighborhoods. (7) Enhance communication with housing providers and property managers. The Police Department will: (1) Fill vacant positions with competent, qualified personnel as quickly as possible. (2) Implement Tyler’s Enterprise Public Safety system. (3) Research and development of a master plan for the replacement or complete renovation of the Evanston Police Department Building in conjunction with City Departments and stakeholders. The Fire Department will: (1) Replace turnout gear on its ten year replacement schedule. (2) Enhance Special Operations protocols. (3) Implement new cardiac monitors on all response vehicles. (3) Receive and put in rotation Truck 22, with a 100’ retractable ladder for ventilation and rescues. (4) Complete the new Policy and Procedure Manuals. (5) Plan/budget for future vehicle replacements and facility upgrades. The Health and Human Services Department will: (1) Continue to prioritize the response to MDRO’s and other disease outbreaks in the community including schools, facilities housing high-risk populations such as in our long-term care facilities and congregate settings. (2) Acquire grants to support operations and activities of the Department. (3) Improve licensing and inspecting efficiency by partnering with Accela. (4) Establish a community health hub which would serve as a safe and trustworthy community space by increasing hyperlocal access to health resources for community members who most need them. (5) Provide resources and assistance for eligible households who have been severely impacted by crime and violence. The Public Works Agency will: (1) Reconstruct Green Bay Rd from Mccormick Blvd to Isabella St to begin, a project in which was provided an STP grant in the amount of $4.8 million. (2) Move replacement of the Lincoln Street bridge into the design phase. (3) Beck Park Expansion is expected to go into construction in 2025. (4) Electrical Reliability Project at the water plant, (funded by an IEPA state revolving loan.) (5) Continue Implementation of the Sidewalk Improvement and Sidewalk Gap Infill Programs. (6) Continue the incorporation of CARP goals into City infrastructure projects. (7) Increase tree planting to 550 trees for next fiscal year. (8) Finalize development of the Lead Service Line Replacement Program in compliance with State of Illinois regulatory requirements. (8) Replace approximately 75 light fixtures in street - ix - 2100 Ridge Avenue Evanston, Illinois 60201-2798 T 847.328.2100 TTY 847.448 8064 www.cityofevanston.org light poles with new LED fixtures in conformance with the Street Light Master Plan in 2025. The Parks, Recreation and Community Services will: (1) The creation of a process that reduces duplication of events as a means to maximize special events budget for the Department. (2) Establish an MOA between the City of Evanston and the Evanston Environmental Association to raise money for the canoe launch. (3) Oversee creation of dedicated pickleball courts. (4) Expand the alternative response program to include additional call types. (5) Strengthen partnership with Canal Shores to expand golf programs now that renovations are completed. (6) Further develop partnerships with District 65 to offer year-round programs. (7) Establish a work plan, including objectives that are SMART for each division that will be used to implement Parks and Strategic Green Space Plan. Library operations are shown separately in the City’s Annual Comprehensive Financial Report as a discrete component unit. The Evanston Public Library promotes the development of independent, self-confident, and literate citizens through the provision of open access to cultural, intellectual, and informational resources for all ages. FACTORS AFFECTING FINANCIAL CONDITION The following are factors which could give a broader context to the financial information contained in this Consolidated Annual Financial Report. Local Economy: The City is committed to long-term financial planning. The City closely monitors factors that contribute to long-term financial stability, including, bond ratings, debt ratios, and equalized assessed valuation. The City is also pursuing strategies to expand the City's revenue base and diversify revenue sources. As home to Northwestern University and nine unique business districts, Evanston’s thriving local economy has continued to generate strong local revenues over the past four years. Revenue from Sales Taxes, Home Rule Sales Taxes, Real Estate Transfer Taxes, and several other economy based revenues rebounded from pandemic lows to record highs in 2022 and 2023 mainly due to increased consumer spending in an inflationary environment. With some exceptions, General Fund revenues remained strong during 2024 , with Sales Taxes and Home Rule Sales Taxes again reaching record highs. Other local revenues like Recreation Program Fees, Ticket Fines, Real Estate Transfer Taxes, Investment Income, and Ambulance Fees also met or exceeded 2023 totals. Building permit revenue exceeded the budget in 2024 by nearly $12 million with the City Council approving the replacement of 97-year old Ryan Field, home to Northwestern University’s football games. Other revenues like Personal Property Replacement Taxes - x - 2100 Ridge Avenue Evanston, Illinois 60201-2798 T 847.328.2100 TTY 847.448 8064 www.cityofevanston.org (PPRT) and State Use Taxes have fallen from record highs immediately following the pandemic. Many of the positive revenue returns are largely due to economic recovery and consumer spending, it is also a result of high inflation rates. Data for the Chicago-Naperville-Elgin area Consumer Price Index (CPI) in October 2024 registered 21.4%, higher than in October 2019. While month-over-month increases to the CPI have leveled out, the CPI remains significantly above its 10-year average, highlighting the continual challenge of rising operating costs for the City. While a decrease and stabilization of the CPI is expected in the future, its impact on expenses is still evident. Inflation has also impacted the cost of the City’s capital projects. According to the Producer Price Index (U.S. Bureau of Labor Statistics, October 2024), commodities like iron and steel (+50%), asphalt (+43%), copper wire and cable (+54%), concrete (38%), and construction machinery and equipment (+30%) have increased at rates well above CPI since February 2020. Historically, the City has issued approximately $10 million in new General Obligation (GO) bonds annually as $10 million in previously issued debt is retired. $10 million covers far fewer projects than when the retired bonds were originally issued due to the impact of inflation on capital costs. In 2024, construction began on Northwestern’s Ryan Field project. Construction is expected to be completed for the 2026-2027 college football season. This project is expected to cost $800 million and increase a variety of local taxes with football games and up to six concerts planned at the stadium each year. Along with the approval of the stadium, the City Council approved a Community Benefits Agreement (CBA) between Northwestern and the City of Evanston. Among the many components of the CBA is a $3 million annual contribution to the Good Neighbor Fund for fifteen years beginning in 2024. Of that $3 million, $1 million is to be directed to Affordable Housing, and $500,000 is to be directed towards Sustainability efforts. The remaining $1.5 million can be allocated as the City Council chooses on an annual basis. While inflation and these other items have resulted in increases in revenues, the City continues to see increases to expenses, particularly in the areas of labor and construction. All four of the City’s collective bargaining contracts were approved in 2023 at higher than budgeted levels. In 2023, a 4.5% increase was budgeted for salaries. Police Patrol (18%), Police Sergeants (~8%), Fire (11%), AFSCME (11%), and non-Union received increases commensurate with inflation over the past two years and to put salaries more in line with comparable communities. As a service organization, these wage increases have resulted in increases in many of the City’s funds where employees are budgeted. While these unbudgeted increases to labor and capital costs significantly impacted 2023 financials, the City was better prepared for them in 2024. As a result, General - xi - 2100 Ridge Avenue Evanston, Illinois 60201-2798 T 847.328.2100 TTY 847.448 8064 www.cityofevanston.org Fund expenditures (including transfers) finished at 105% ($7.4 million over) of adopted budgeted expenditures with a majority of overages tied to the one-time unbudgeted purchase of a new South End Recreation Center and one-time transfers for alley replacements and purchase of a fire truck. As noted, revenues (including transfers) finished the year at 113% of budget or $17.7 million greater than budget. The largest cause of revenues finishing above budget was $12 million in one-time revenues from the previously mentioned Ryan Field project. As a result, the General Fund finished with a deficit of just ($45,821), compared to the budgeted deficit of $10.5 million. For the 2025 Budget, the City continued its focus on maintaining core services and advancing progress towards City Council goals and priorities. On October 14, 2024, staff presented the proposed budget to the City Council. The council deliberated on the budget at several City Council meetings before approval on November 25, 2024. As part of the adopted FY 2025 budget, the City Council utilized available General Fund reserves to provide $9.6 million in funding beyond the Public Safety Pension Levy to the Public Safety Pension Funds and to hold the City’s portion of the property tax levy for the fifth consecutive year. This is the amount required in contributions to public safety pensions in order to put them on track to full funding by 2040. The City Council also approved a variety of increases to various fees and implementation of new fees as part of the FY 2025 budget totalling $1.5 million. The adopted FY 2025 General Fund budget assumes the use of $11.1 million in available excess reserves to balance. The 2025 budget also includes the issuance of General Obligation Bonds for capital improvement projects. Historically, the City has issued GO Bonds on a nearly annual basis to finance capital improvement projects. The City was able to utilize available cash and reserves to advance projects during a difficult rate environment in 2022 and 2023, but issued $17.1 million and $14.4 million in bonds in 2024 for capital and water projects, respectively. An additional bond issuance will be needed in summer 2025 given large capital project needs. AWARDS AND ACKNOWLEDGMENTS The Government Finance Officers Association (GFOA) awarded a Certificate of Achievement for Excellence in Financial Reporting to the City for its comprehensive annual financial report for the fiscal year ended December 31, 2023. To be awarded a Certificate of Achievement, the government published an easily readable and efficiently organized comprehensive annual financial report. This report satisfied both generally accepted accounting principles and applicable legal requirements. A Certificate of Achievement is valid for a period of one year only. We believe that our current annual comprehensive financial report continues to meet the Certificate of - xii - 2100 Ridge Avenue Evanston, Illinois 60201-2798 T 847.328.2100 TTY 847.448 8064 www.cityofevanston.org Achievement Program's requirements, and we are submitting it to the GFOA to determine its eligibility for another year. In addition, the City also received the GFOA's Award for Distinguished Budget Presentation for its annual 2025 budget. To qualify for the Distinguished Budget Presentation Award, the government's budget document was judged to be proficient in several categories, including policy documentation, financial planning, and organization. The City has been getting this GFOA budget award for many years. We acknowledge the contributions and excellent work of the accounting staff in preparing the financial statements. Appreciation is also extended to all department directors and other staff who contributed to the preparation of this report. We also express gratitude to the Mayor’s Office and Members of City Council for their direction and support in planning and conducting the City’s financial affairs. Respectfully submitted, _______________________________ _______________________________ Luke Stowe Hitesh Desai City Manager Chief Financial Officer/Treasurer - xiii - FINANCIAL SECTION 1415 West Diehl Road, Suite 400 Naperville, IL 60563 630.566.8400 INDEPENDENT AUDITOR’S REPORT The Honorable Daniel Biss, Mayor and Members of the City Council City of Evanston, Illinois Report on the Audit of the Financial Statements Opinions We have audited the accompanying financial statements of the governmental activities, the business - type activities, the discretely presented component unit, each major fund, and the aggregate remaining fund information of the City of Evanston , Illinois (the City), as of and for the year ended December 31, 2024, and the related notes to the financial statements, which collectively comprise the City’s basic financial statements as listed in the table of contents . In our opinion, the financial statements referred to above present fairly, in all material respects, the respective financial position of the governmental activities, the business -type activities, the discretely presented component unit, each major fund, and the aggregate remaining fund information of the City of Evanston, Illinois, as of December 31, 202 4, and the respective changes in financial position, and, where applicable, cash flows thereof for the year ended in conformity 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) and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States. 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 that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinions. The financial statements of the Evanston Public Library were not audited in accordance with Government Auditing Standards. Change in Accounting Principle As described in Note 18 to the financial statements, the City adopted the Governmental Accounting Standards Board (GASB) and Statement No. 100, Accounting Changes and Error Corrections and GASB Statement No. 101, Compensated Absences, for the year ended December 31, 2024. The implementation of GASB Statement No. 101 resulted in changes to accrual of compensated absence balances. Our opinion was not modified with respect to this matter. - 1 - - 2 - 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 and for 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 and Government Auditing Standards 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 and Government Auditing Standards, 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. - 2 - - 3 - 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 control-related matters that we identified during the audit. Other Matters Required Supplementary Information Accounting principles generally accepted in the United States of America require that the management’s discussion and analysis and the required supplementary information listed in the table of contents be presented to supplement the basic financial statements. Such information is the responsibility of management and, 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 opinions on the financial statements that collectively comprise the City ’s basic financial statements. 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 combining and individual fund financial statements and schedules are 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 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. - 3 - - 4 - 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. Other Reporting Required by Government Auditing Standards In accordance with Governmental Auditing Standards, we have also issued our report dated June 26, 2025 on our consideration of the City ’s internal control over financial reporting and on our tests of its compliance with certain provisions of laws, regulations, contracts and grant agreements, and other matters. The purpose of that report is to describe the scope of our testing of internal control over financial reporting and compliance and the results of that testing and not to provide an opinion on internal control over financial reporting or on compliance. That report is an integral part of an audit performed in accordance with Governmental Auditing Standards in considering the City’s internal control over financial reporting and compliance. Naperville, Illinois June 26, 2025 - 4 - 1415 West Diehl Road, Suite 400 Naperville, IL 60563 630.566.8400 INDEPENDENT AUDITOR’S REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING AND ON COMPLIANCE AND OTHER MATTERS BASED ON AN AUDIT OF FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE WITH GOVERNMENT AUDITING STANDARDS The Honorable Mayor Members of the City Council City of Evanston, Illinois We have audited, in accordance with auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards issued by the Comptroller General of the United States, the financial statements of the governmental activities, business-type activities, the discretely presented component unit, each major fund, and the aggregate remaining fund information of the City of Evanston, Illinois (City) as of and for the year ended December 31, 2024, and the related notes to the financial statements, which collectively comprise the City’s basic financial statements and have issued our report thereon dated June 26, 2025. The financial statements of the Evanston Public Library were not audited in accordance with Government Auditing Standards and accordingly this report does not include reporting on internal control over financial reporting or instances of reportable noncompliance associated with the Evanston Public Library. Report on Internal Control Over Financial Reporting In planning and performing our audit of the financial statements, we considered the City’s internal control over financial reporting (internal control) as a basis for designing audit procedures that are appropriate in the circumstances for the purpose of expressing our opinions on the finanicial statements, but not for the purpose of expressing an opinion on the effectiveness of the City’s internal control. Accordingly, we do not express an opinion on the effectiveness of the City’s internal control. A deficiency in internal control exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent, or detect and correct , misstatements on a timely basis. A material weakness is a deficiency, or a combination of deficiencies, in internal control such that there is a reasonable possibility that a material misstatement of the the entity’s financial statements will not be prevented, or detected and corrected on a timely basis. A significant deficiency is a deficiency, or a combination of deficiencies, in internal control that is less severe than a material weakness, yet important enough to merit attention by those charged with governance. - 5 - - 6 - Our consideration of internal control was for the limited purpose described in the first paragraph of this section and was not designed to identify all deficiencies in internal control that might be material weaknesses or significant deficiencies. Given th ese limitations, during our audit we did not identify any deficiencies in internal control that we consider to be material weaknesses. However, material weaknesses or significant deficiencies may exist that have not been identified. Report on Compliance and Other Matters As part of obtaining reasonable assurance about whether the City’s financial statements are free of material misstatement, we performed tests of its compliance with certain provisions of laws, regulations, contracts, and grant agreements, noncompliance with which could have a direct and material effect on the financial statements. However, providing an opinion on compliance with those provisions was not an objective of our audit and, accordingly, we do not express such an opinion. The results of our tests disclosed no instances of noncompliance or other matters that are required to be reported under Government Auditing Standards. Purpose of this Report This purpose of this report is solely to describe the scope of our testing of internal control and compliance and the results of that testing, and not to provide an opinion on the effectiveness of the entity’s internal control or on compliance. This report is an integral part of an audit performed in accordance with Government Auditing Standards in considering the entity’s internal control and compliance. Accordingly, this communication is not suitable for any other purpose. Naperville, Illinois June 26, 2025 - 6 - GENERAL PURPOSE EXTERNAL FINANCIAL STATEMENTS - MD&A 1 - MANAGEMENT’S DISCUSSION AND ANALYSIS DECEMBER 31, 2024 The City of Evanston (the City) Discussion and Analysis is designed to (1) assist the reader in focusing on significant financial issues, (2) provide an overview of the City's financial activity, (3) identify changes in the City's financial position (its ability to address the next and subsequent year challenges), (4) identify any material deviations from the financial plan (the approved budget), and (5) identify individual fund issues or concerns. We encourage readers to consider the information presented here in conjunction with additional information that we have furnished in our letter of transmittal, which can be found on page iv of this report. FINANCIAL HIGHLIGHTS A. The City's net position increased by $10,342,477 from the prior fiscal year. The governmental net position increased by $7,974,364 or 31.3% from the prior period and the business -type activities net position increased by $2,368,113 or .73% from the prior period. B. The governmental activities revenue increased by $21,743,228 or 12.4% from the prior period principally due to increase in charges for services. The expenses increased by $18,110,217 or 10.3% principally due to an increase in public safety and public works expenses. C. The business-type activities revenue increased by $3,587,070 or 7.1% due to an increase in charges for services and investment income. The expenses increased by $5,190,733 or 12.8% from the prior period due to increases in all business-type activities. D. The total cost of all City programs increased by $23,300,955 or 10.8%. This increase was mainly attributable to increases in wages across all City programs. E. Total assets of the City increased by $57,749,123; while total liabilities increased by $47,406,646. USING THIS ANNUAL REPORT The financial statements focus 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 and enhance the City's accountability. The City's financial reporting includes the funds of the City (primary government) and additionally, organizations for which the City is accountable (component unit - the Library). Effective May 1, 2014 the City of Evanston assumed all rights, powers, assets, properties and duties of the Evanston Township, including the responsibility of providing the services that were previously provided by the Township. The functions of the Township are reported along with the City, while the Library financials are sho wn as a discretely presented component unit beginning in 2013. - MD&A 2 - REPORTING THE CITY AS A WHOLE Government-wide Financial Statements The City's annual report includes two government-wide financial statements. These statements provide both short-term and long-term information about the City's overall status. Financial reporting at this level uses a perspective similar to that found in the private sector with its basis in full accrual accounting and elimination or reclassification of internal activities (e.g., the City’s Fleet Services Fund). The first of these government-wide statements is the Statement of Net Position. This is the City-wide statement of financial position presenting information that includes all the City's assets, deferred outflows of resources, liabilities and deferred inflows of resources, with the difference reported as net position. Beginning in 2013, this statement also includes separate presentation of Library assets and liabilities. Over time, increases or decreases in net position may serve as a useful indicator of whether the financial position of the City as a whole is improving or deteriorating. Evaluation of the overall financial health of the City would extend to other non-financial factors such as diversification of the taxpayer base or the condition of City infrastructure in addition to the financial information provided in this report. The second government-wide statement is the Statement of Activities - which reports how the City's net position changed during the current fiscal period. All current period revenues and expenses for the City and Library are included regardless of when the cash was received or paid. An important purpose of the design of the statement of activities is to show the financial reliance of the City's distinct activities or functions on revenues provided by all government-wide sources. Both government-wide financial statements distinguish governmental activities of the City that are principally supported by taxes and intergovernmental revenues, such as grants, revenues from business- type activities that are intended to recover all or a significant portion of their costs through user fees and charges. Governmental activities include general government, public safety, public service, fleet service, insurance fund, and culture and recreation. Business-type activities include water and sewer utilities, solid waste services, parking and garages. Fiduciary activities, such as employee pension plans and agency funds, are not included in the government-wide statements since these assets are not available to fund City programs. The government-wide financial statements are presented on pages 7-10 of this report. REPORTING THE CITY'S MOST SIGNIFICANT FUNDS Fund Financial Statements A fund is an accountability unit used to maintain control over resources segregated for specific activities or objectives. The City uses funds to ensure and demonstrate compliance with finance -related laws and regulations. Within the basic financial statements, fund financial statements focus on the City's most significant funds, rather than the City as a whole. Major funds are separately reported, while all others are combined into a single aggregated presentation. Individual fund data for non-major funds is provided in the form of combining schedules in a later section of this report. - MD&A 3 - The City has three kinds of funds: Governmental funds are reported in the fund financial statements and encompass essentially the same functions reported as governmental activities in the government-wide financial statements. However, the focus is very different with fund statements providing a distinctive view of the City's governmental funds. These statements report short-term fiscal accountability focusing on the use of spendable resources and balances of spendable resources available at the end of the period. They are useful in evaluating annual financing requirements of governmental programs and the commitment of spendable resources for the near- term. Since the government-wide focus includes the long-term view, comparisons between these two perspectives may provide insight into the long-term impact of the short-term financing decision. Both the governmental fund balance sheet and the governmental fund statement of revenues, expenditures, and changes in fund balances provide a reconciliation to assist in understanding the differences between these two perspectives. Budgetary comparison statements for General Fund and major special revenue funds are included in the required supplementary section of this report. Budgetary comparison schedules for nonmajor special revenue funds, capital projects funds and the debt service funds are also included in the supplementary information section of this report. These statements and schedules demonstrate compliance with the City's adopted and final revised budget. The basic government fund financial statements are presented on pages 11-18 of this report. Proprietary funds reported in the fund financial statements generally report services for which the City charges customers a fee. There are two kinds of proprietary funds. These are enterprise funds and internal service funds. Enterprise funds essentially encompass the same functions reported as business-type activities in the government-wide statements. Services such as the water utilities and the parking garages are provided to customers external to the City organization. Internal service funds provide services and charge fees to customers within the City organization, such as equipment services (repair and maintenance of city vehicles) and the insurance fund. Because the City's internal service funds primarily serve governmental functions, they are included within the governmental activities of the government-wide financial statements. Proprietary fund statements and statements for discretely presented component units (reporting is similar to proprietary funds) provide both short-term and long-term financial information consistent with the focus provided by the government-wide financial statements. Individual fund information for internal service funds is found in combining schedules in a later section of this report. The basic proprietary fund financial statements are presented on pages 19-23 of this report. Fiduciary funds such as the Police and Firefighter's pension plans are reported in the fiduciary fund financial statements but are excluded from the government-wide reporting. Fiduciary fund financial statements report resources that are not available to fund City programs. These financial statements report similarly to proprietary funds. The basic fiduciary fund financial statements are presented on pages 24-25 of this report. Notes to the financial statements The accompanying notes to financial statements provide information essential to a full understanding of the government-wide and fund financial statements. The notes to the financial statements begin on page 26 of this report. - MD&A 4 - Other information In addition to the basic financial statements and accompanying notes, this report also presents certain required supplementary information concerning the City's progress in funding its obligations to provide pension benefits to its employees. Other supplementary information includes detail by fund and component unit for receivables, payables, transfers, and payments within the reporting entity. Required supplementary information can be found on pages 98-112 of this report. Major funds and component units are reported in the basic financial statements, as discussed. Combining statements, individual statements and schedules for nonmajor and internal service funds are presented in a subsequent section of this report beginning on page 113. Additional information on capital assets and long-term debt can be found on page 45-47 and 53-54, respectively. Financial Analysis of the City as a Whole The City's combined net position increased by $10,342,477 from $296,778,264 as previously reported to $307,120,741. STATEMENT OF NET POSITION The City's total revenues increased by $25,330,298 or 11.2%. The City's total expenses for all programs increased by $23,300,950 or 10.8%. Business-type activity revenues increased by $3,587,070 in the current fiscal period mainly due to an increase in charges for services and investment income. Business-type activity expenses increased by $5,190,733, while Governmental activity expenses increased by $18,110,217 due to increased costs in in wages. The list of revenues and expenses can be found in the table below. The governmental activities and business-type activities saw net position balance increases of $7,974,364 ($11,603,981 change in net position and $(3,629,617) restatement resulting from change in accounting principle) and of $2,368,113 ($3,064,789 change in net position and $(696,676) resulting from change in accounting principle), respectively. The following table provides a summary of the City's changes in net position: 2024 2023 2024 2023 2024 2023 Current and Other Assets 191,580,235$ 194,740,275$ 45,968,514 29,066,672 237,548,749 223,806,947 Capital Assets 244,067,697 231,696,070 407,812,877 390,457,572 651,880,574 622,153,642 Total Assets 435,647,932 426,436,345 453,781,391 419,524,244 889,429,323 845,960,589 Deferred Outflows 60,918,009 45,910,708 7,711,460 8,438,372 68,629,469 54,349,080 Total Assets & Deferred Outflows 496,565,941 472,347,053 461,492,851 427,962,616 958,058,792 900,309,669 Long-Term Liabilities 389,745,932 390,982,159 117,021,645 95,475,109 506,767,577 486,457,268 Other Liabilities 55,719,321 51,110,301 13,808,831 3,535,247 69,528,152 54,645,548 Total Liabilities 445,465,253 442,092,460 130,830,476 99,010,356 576,295,729 541,102,816 Deferred Inflows 68,606,786 55,735,055 6,035,536 6,693,534 74,642,322 62,428,589 Total Liabilities and Deferred Inflows 514,072,039 497,827,515 136,866,012 105,703,890 650,938,051 603,531,405 Net Investment in Capital Assets 100,702,714 93,847,182 302,477,575 302,774,179 403,180,289 396,621,361 Restricted 30,879,155 25,274,487 270,955 - 31,150,110 25,274,487 Unrestricted (Deficit)(149,087,967) (144,602,131) 21,878,309 19,484,547 (127,209,658) (125,117,584) Restatement - - - - - - Total Net Position (17,506,098)$ (25,480,462)$ 324,626,839 322,258,726 307,120,741 296,778,264 Governmental Activities Business-Type Activities Total Primary Government - MD&A 5 - STATEMENT OF CHANGES IN NET POSITION Governmental Activities Business-Type Activities Total Primary Government 2024 2023 2024 2023 2024 2023 Revenue Program Revenues: Charges for services 41,549,567$ 29,232,736$ 51,272,632 48,087,216 92,822,199 77,319,952 Operating grants and contributions 7,932,150 7,529,896 - - 7,932,150 7,529,896 Capital grants and - - contributions 2,718,027 910,849 3,210,809 - 5,928,836 910,849 General Revenues: Sales taxes 24,771,263 23,725,230 - - 24,771,263 23,725,230 Property taxes 54,019,576 54,425,981 1,332,500 1,332,500 55,352,076 55,758,481 Utility taxes 5,850,776 6,176,206 - - 5,850,776 6,176,206 Income taxes 13,446,239 12,558,980 - - 13,446,239 12,558,980 Other 40,862,217 35,015,735 133,582 - 40,995,799 35,015,735 Investment income 5,977,579 5,808,554 826,584 763,849 6,804,163 6,572,403 Total Revenue 197,127,394 175,384,167 56,776,107 50,183,565 253,903,501 225,567,732 Expenses General management and support 29,548,742 29,867,575 29,548,742 29,867,575 Public safety 93,152,007 79,009,306 93,152,007 79,009,306 Public works 35,019,244 29,297,432 35,019,244 29,297,432 Health and human resources development 6,977,088 6,095,290 - - 6,977,088 6,095,290 Recreation and cultural opportunities 10,748,433 11,929,994 - - 10,748,433 11,929,994 Housing and economic development 13,634,282 15,346,710 - - 13,634,282 15,346,710 Interest 4,431,155 3,854,428 - - 4,431,155 3,854,428 Water - - 22,299,358 17,482,399 22,299,358 17,482,399 Sewer 6,755,584 6,942,639 6,755,584 6,942,639 Solid Waste 6,294,948 6,191,417 6,294,948 6,191,417 Motor vehicle parking 10,373,890 9,916,592 10,373,890 9,916,592 system - - - - - - Total Expense 193,510,951 175,400,735 45,723,780 40,533,047 239,234,731 215,933,782 Increase (decrease) in net position before transfers 3,616,443 (16,568) 11,052,327 9,650,518 14,668,770 9,633,950 Transfers 7,987,538 5,211,716 (7,987,538) (5,211,716) - - Increase/(Decrease) in Net Position 11,603,981 5,195,148 3,064,789 4,438,802 14,668,770 9,633,950 Net Position - Beginning (25,480,462) (30,675,610) 322,258,726 317,819,924 296,778,264 287,144,314 Change in accounting principle (3,629,617) - (696,676) - (4,326,293) - Net Position - Beginning, Restated (29,110,079) (30,675,610) 321,562,050 317,819,924 292,451,971 287,144,314 Net Position - Ending (17,506,098)$ (25,480,462)$ 324,626,839 322,258,726 307,120,741 296,778,264 - MD&A 6 - Financial Analysis of the City's Funds Governmental Funds As discussed, governmental funds are reported in the fund statement with a short-term inflow and outflow of spendable resources focus. This information is useful in assessing resources available at the end of the period in comparison with upcoming financing requirements. Governmental funds reported fund balances of $76,566,560 as of December 31, 2024, which includes $339,219 non-spendable, $29,834,279 restricted, $19,334,515 assigned and $27,058,547 unassigned fund balance. The restricted fund balance consists of amounts required to be set aside by external authorities. Fund Balance amounts reported for governmental activities are different than the statement of net position because of the treatment of capital assets, liabilities, payables and most importantly pension liabilities. This reporting difference is clearly stated on page 15 of this report. Major Governmental Funds The General Fund is the City's primary operating fund and the largest source of day-to-day service delivery. The total General Fund balance on page 16 is $49,020,653 of which $13,367,263 is assigned and $339,219 is non-spendable. The total unassigned fund balance as of December 31, 2024 is $35,314,171 with actual revenues of $141,220,080 and expenditures of $147,012,399. The Capital Improvement Fund has a fund balance deficit of ($8,090,525) due to the City not issuing bonds in prior years but continuing to pay for Capital Improvement expenses. In 2024, the City issued $17,135,000 General Obligation bonds allocated to governmental activities . The fund balance reported a decrease of $8,173,411 with actual revenues of $2,872,989 and expenditures of $20,957,828, before transfers. The fund balance of the General Obligation Debt Service Fund had an increase of $547,971 from $2,905,035 to $3,453,006, resulting primarily from transfers in from other funds. The ARPA Fund reported a fund balance of $1,392,844 with actual revenues of $10,484,559 and expenditures of $9,459,488. Combined Nonmajor Governmental Funds Combined nonmajor fund balances totaled $30,790,582 an increase of $4,981,449 from prior period reported nonmajor fund balances of $25,809,132. $2,632,258 of the increase resulted from a change in the reporting entity. Proprietary Funds The proprietary fund statements share the same focus as the government-wide statements, reporting both short-term and long-term information about financial status. The proprietary funds operated by the City are the Water, Sewer, Solid Waste and Parking Funds. These funds have a combined net increase of $2,368,113 in the net position. $3,064,789 is the combined net income of the funds while $(696,676) is associated with the restatement of beginning net position due to a change in accounting principle. The Water Fund reported the highest increase in the amount of $2,520,936. The Solid Waste Fund added $728,196 to the net position during the year. The Sewer Fund reported an increase of $1,733,353, while Parking Fund reported a decrease of $2,614,372. - MD&A 7 - Internal Service Funds The City's combined internal service fund’s net position increased by $4,181,234 from the net position balance of $15,144,503, as previously reported, to a net position of $19,325,737 at December 31, 2024. The internal service funds reported a restatement of beginning net position of ($134,944) resulting from a change in accounting principle. Of the total net position, $10,911,602 is unrestricted. The increase in net position can be mainly attributed to the $2,300,000 transfer received in Equipment Replacement Fund from the General Fund. Capital Assets The City’s Capital Asset policy generally includes capitalizing assets or properties with $25,000 or more in value. The City's capital assets (net of depreciation) for governmental and business-type activities as of December 31, 2024, was $651,880,574. The governmental funds capital assets had a net increase of $12,371,627, while business type capital assets increased by $17,355,305. The net increase in capital assets were principally due to an increase in capital projects for the year. Readers desiring more detailed information on capital asset activity should refer to Note 5 in the Notes to the Financial Statements. Long-Term Debt As of December 31, 2024, the City had outstanding total general obligation bonded debt of $179,907,241 of which $135,775,923 was for governmental activities and $44,131,318 was for business type activities to be paid for by the City's Water, Solid Waste and Sewer Funds. The City's general obligation debt service principal payments for 2024 totaled $11,811,608. During the current year, the City issued $31,580,000 of GO bonds. As a home rule government under Illinois law, there is no legal debt limit for the City. Readers desiring more detailed information on long-term debt should refer to Note 7 in the Notes to the Financial Statements. Bond Ratings The City's 2024 General obligation bonds are rated AA (stable outlook) by S&P. Local Economy: The City is committed to long-term financial planning. The City closely monitors factors that contribute to long-term financial stability, including, bond ratings, debt ratios, and equalized assessed valuation. The City is also pursuing strategies to expand the City's revenue base and diversify revenue sources. As home to Northwestern University and nine unique business districts, Evanston’s thriving local economy has continued to generate strong local revenues over the past four years. Revenue from Sales Taxes, Home Rule Sales Taxes, Real Estate Transfer Taxes, and several other economy-based revenues rebounded from pandemic lows to record highs in 2022 and 2023 mainly due to increased consumer spending in an inflationary environment. With some exceptions, General Fund revenues remained strong during 2024, with Sales Taxes and Home Rule Sales Taxes again reaching record highs. Other local revenues like Recreation Program Fees, Ticket Fines, Real Estate Transfer Taxes, Investment Income, and Ambulance Fees also met or exceeded 2023 totals. Building permit revenue exceeded the budget in 2024 by nearly $12 million with the City Council approving the replacement of 97 -year-old Ryan Field, home to Northwestern University’s football games. Other revenues like Personal Property Replacement Taxes (PPRT) and State Use Taxes have fallen from record highs immediately following the pandemic. - MD&A 8 - Many of the positive revenue returns are largely due to economic recovery and consumer spending, it is also a result of high inflation rates. Data for the Chicago-Naperville-Elgin area Consumer Price Index (CPI) in October 2024 registered 21.4%, higher than in October 2019. While month-over-month increases to the CPI have leveled out, the CPI remains significantly above its 10-year average, highlighting the continual challenge of rising operating costs for the City. While a decrease and stabilization of the CPI is expected in the future, its impact on expenses is still evident. Inflation has also impacted the cost of the City’s capital projects. According to the Producer Price Index (U.S. Bureau of Labor Statistics, October 2024), commodities like iron and steel (+50%), asphalt (+43%), copper wire and cable (+54%), concrete (38%), and construction machinery and equipment (+30%) have increased at rates well above CPI since February 2020. Historically, the City has issued approximately $10 million in new General Obligation (GO) bonds annually as $10 million in previously issued debt is retired. $10 million covers far fewer projects than when the retired bonds were originally issued due to the impact of inflation on capital costs. In 2024, construction began on Northwestern’s Ryan Field project. Construction is expected to be completed for the 2026-2027 college football season. This project is expected to cost $800 million and increase a variety of local taxes with football games and up to six concerts planned at the stadium each year. Along with the approval of the stadium, the City Council approved a Community Benefits Agreement (CBA) between Northwestern and the City of Evanston. Among the many components of the CBA is a $3 million annual contribution to the Good Neighbor Fund for fifteen years beginning in 2024. Of that $3 million, $1 million is to be directed to Affordable Housing, and $500,000 is to be directed towards Sustainability efforts. The remaining $1.5 million can be allocated as the City Council chooses on an annual basis. While inflation and these other items have resulted in increases in revenues, the City continues to see increases to expenses, particularly in the areas of labor and construction. All four of the City’s collective bargaining contracts were approved in 2023 at higher than budgeted levels. In 2023, a 4.5% increase was budgeted for salaries. Police Patrol (18%), Police Sergeants (~8%), Fire (11%), AFSCME (11%), and non- Union received increases commensurate with inflation over the past two years and to put sal aries more in line with comparable communities. As a service organization, these wage increases have resulted in increases in many of the City’s funds where employees are budgeted. While these unbudgeted increases to labor and capital costs significantly impacted 2023 financials, the City was better prepared for them in 2024. As a result, General Fund expenditures (including transfers) finished at 105% ($7.4 million over) of adopted budgeted expenditures with most overages tied to the one-time unbudgeted purchase of a new South End Recreation Center and one-time transfers for alley replacements and purchase of a fire truck. As noted, revenues (including transfers) finished the year at 113% of budget or $17.7 million greater than budget. The largest cause of revenues finishing above budget was $12 million in one-time revenues from the previously mentioned Ryan Field project. As a result, the General Fund finished with a deficit of just ($45,821), compared to the budgeted deficit of $7.5 million. For the 2025 Budget, the City continued its focus on maintaining core services and advancing progress towards City Council goals and priorities. On October 14, 2024, staff presented the proposed budget to the City Council. The council deliberated on the budget at several City Council meetings before approval on November 25, 2024. - MD&A 9 - As part of the adopted FY 2025 budget, the City Council utilized available General Fund reserves to provide $9.6 million in funding beyond the Public Safety Pension Levy to the Public Safety Pension Funds and to hold the City’s portion of the property tax levy for the fifth consecutive year. This is the amount required in contributions to public safety pensions in order to put them on track to full funding by 2040. The City Council also approved a variety of increases to various fees and implementation of new fees as part of the FY 2025 budget totaling $1.5 million. The adopted FY 2025 General Fund budget assumes the use of $11.1 million in available excess reserves to balance. The 2025 budget also includes the issuance of General Obligation Bonds for capital improvement projects. Historically, the City has issued GO Bonds on a nearly annual basis to finance capital improvement projects. The City was able to utilize available cash and reserves to advance projects during a difficult rate environment in 2022 and 2023 but issued $17.1 million and $14.4 million in bonds in 2024 for capital and water projects, respectively. An additional bond issuance will be needed in summer 2025 given large capital project needs. Contacting the City's Financial Management This financial report is designed to provide a general overview of the City's finances, comply with finance- related laws and regulations, and demonstrate the City's commitment to public accountability. If you have questions about this report or would like to request additional information, contact the City Manager’s Office, Finance Division at the City of Evanston, 2100 Ridge Avenue, Evanston, Illinois 60201 , Telephone 847-448-8082, or access the website at www.cityofevanston.org. BASIC FINANCIAL STATEMENTS Component Unit Governmental Business-Type Evanston Public Activities Activities Total Library ASSETS Cash and equivalents 23,002,355$ 5,414,029$ 28,416,384$ 10,248,159$ Investments 92,224,176 15,913,806 108,137,982 - Receivables (net, where applicable, of allowances for uncollectibles) Property taxes 47,786,190 950,000 48,736,190 9,204,848 Utility taxes 662,834 - 662,834 - Accounts - 14,245,845 14,245,845 - Notes 75,000 - 75,000 - Loans 9,506,839 - 9,506,839 - Special assessments 677,120 - 677,120 - Leases 514,451 5,061,911 5,576,362 - Accrued interest 473 6,766 7,239 - Other 1,515,056 362,788 1,877,844 15,550 Due from other governments 10,741,086 - 10,741,086 - Due from component unit 375,156 - 375,156 - Internal balances (2,558,678) 2,558,678 - - Inventories 1,861,849 1,033,598 2,895,447 - Prepaid items 4,029,540 150,138 4,179,678 - Net pension asset 1,166,788 270,955 1,437,743 148,645 Capital assets Capital assets not being depreciated 74,905,831 40,205,954 115,111,785 311,380 Capital assets being depreciated, net 169,161,866 367,606,923 536,768,789 9,896,656 Total assets 435,647,932 453,781,391 889,429,323 29,825,238 DEFERRED OUTFLOWS OF RESOURCES Asset retirement obligations - 3,472,310 3,472,310 - Pension items - Police 24,141,207 - 24,141,207 - Pension items - Fire 15,760,845 - 15,760,845 - Pension items - IMRF 17,558,840 4,077,566 21,636,406 2,236,932 OPEB items 3,457,117 161,584 3,618,701 92,138 Total deferred outflows of resources 60,918,009 7,711,460 68,629,469 2,329,070 Total assets and deferred outflows of resources 496,565,941 461,492,851 958,058,792 32,154,308 Primary Government CITY OF EVANSTON, ILLINOIS STATEMENT OF NET POSITION December 31, 2024 (This statement is continued on the following page.) - 7 - Component Unit Governmental Business-Type Evanston Public Activities Activities Total Library LIABILITIES Vouchers payable 19,163,631$ 3,936,693$ 23,100,324$ 229,016$ Retainage payable - 1,230,133 1,230,133 - Deposits payable - - - - Accrued payroll 3,023,207 - 3,023,207 - Accrued interest 469,505 235,905 705,410 17,239 Due to other governments 2,545,949 - 2,545,949 - Due to primary government - - - 375,156 Due to fiduciary funds 10,108 - 10,108 - Unearned revenue 14,857,495 - 14,857,495 - Noncurrent liabilities Due within one year 15,649,426 8,406,100 24,055,526 533,233 Due in more than one year 389,745,932 117,021,645 506,767,577 6,244,132 Total liabilities 445,465,253 130,830,476 576,295,729 7,398,776 DEFERRED INFLOWS OF RESOURCES Pension items - Police Pension 10,568,027 - 10,568,027 - Pension items - Fire Pension 837,700 - 837,700 - Pension items - IMRF 341,859 79,388 421,247 43,552 OPEB items 8,614,183 402,621 9,016,804 229,583 Property taxes levied for future periods 47,763,964 950,000 48,713,964 9,201,293 Leases 481,053 4,603,527 5,084,580 - Total deferred inflows of resources 68,606,786 6,035,536 74,642,322 9,474,428 Total liabilities and deferred inflows of resources 514,072,039 136,866,012 650,938,051 16,873,204 NET POSITION Net investment in capital assets 100,702,714 302,477,575 403,180,289 4,672,236 Restricted for Highway maintenance 7,076,642 - 7,076,642 - Emergency telephone system 1,190,782 - 1,190,782 - Public safety 281,891 - 281,891 - HUD approved projects 439,328 - 439,328 - Neighborhood improvements 5,430,719 - 5,430,719 - Reparations 145,015 - 145,015 - Sustainability 979,553 - 979,553 - Governmental services 1,392,844 - 1,392,844 - Human services 1,444,945 - 1,444,945 - Capital improvements 1,053,734 - 1,053,734 - Debt service 9,060,375 - 9,060,375 2,781 General assistance 1,216,539 - 1,216,539 - Pensions 1,166,788 270,955 1,437,743 148,645 Endowment - - - 4,751,143 Unrestricted (deficit)(149,087,967) 21,878,309 (127,209,658) 5,706,299 TOTAL NET POSITION (DEFICIT)(17,506,098)$ 324,626,839$ 307,120,741$ 15,281,104$ Primary Government CITY OF EVANSTON, ILLINOIS STATEMENT OF NET POSITION (Continued) December 31, 2024 See accompanying notes to financial statements. - 8 - Operating Capital Charges for Grants and Grants and FUNCTIONS/PROGRAMS Expenses Services Contributions Contributions PRIMARY GOVERNMENT Governmental Activities General management and support 29,548,742$ 9,230,685$ 345,321$ -$ Public safety 93,152,007 7,277,149 141,866 - Public works 35,019,244 679,177 3,546,052 1,783,027 Health and human resource development 6,977,088 379,052 1,536,689 - Recreational and cultural opportunities 10,748,433 7,514,599 346,767 500,000 Housing and economic development 13,634,282 16,468,905 2,015,455 435,000 Interest 4,431,155 - - - Total governmental activities 193,510,951 41,549,567 7,932,150 2,718,027 Business-Type Activities Water 22,299,358 25,640,279 - 3,210,809 Sewer 6,755,584 9,353,365 - - Solid waste 6,294,948 5,665,846 - - Motor vehicles parking system 10,373,890 10,613,142 - - Total business-type activities 45,723,780 51,272,632 - 3,210,809 TOTAL PRIMARY GOVERNMENT 239,234,731$ 92,822,199$ 7,932,150$ 5,928,836$ COMPONENT UNIT Evanston Public Library 9,576,707$ 47,343$ 750,396$ -$ Program Revenues CITY OF EVANSTON, ILLINOIS STATEMENT OF ACTIVITIES For the Year Ended December 31, 2024 - 9 - Component Unit Total Evanston Governmental Business-Type Primary Public Activities Activities Government Library (19,972,736)$ -$ (19,972,736)$ -$ (85,732,992) - (85,732,992) - (29,010,988) - (29,010,988) - (5,061,347) - (5,061,347) - (2,387,067) - (2,387,067) - 5,285,078 - 5,285,078 - (4,431,155) - (4,431,155) - (141,311,207) - (141,311,207) - - 6,551,730 6,551,730 - - 2,597,781 2,597,781 - - (629,102) (629,102) - - 239,252 239,252 - - 8,759,661 8,759,661 - (141,311,207) 8,759,661 (132,551,546) - - - - (8,778,968) General Revenues Taxes Property tax 54,019,576 1,332,500 55,352,076 8,835,845 Other taxes 11,209,752 133,582 11,343,334 - Personal property replacement taxes 2,457,303 - 2,457,303 - Sales and home rule tax 24,771,263 - 24,771,263 - Utility tax 5,850,776 - 5,850,776 - Liquor tax 3,217,898 - 3,217,898 - Parking tax 3,093,968 - 3,093,968 - Real estate transfer tax 4,083,708 - 4,083,708 - Intergovernmental 9,171,093 - 9,171,093 - Income tax 13,446,239 - 13,446,239 - Investment income 5,977,579 826,584 6,804,163 826,401 Miscellaneous 7,628,495 - 7,628,495 6,418 Transfers 7,987,538 (7,987,538) - - Total 152,915,188 (5,694,872) 147,220,316 9,668,664 CHANGE IN NET POSITION 11,603,981 3,064,789 14,668,770 889,696 NET POSITION (DEFICIT), JANUARY 1 (AS REPORTED)(25,480,462) 322,258,726 296,778,264 14,571,922 Restatement - change in accounting principle (3,629,617) (696,676) (4,326,293) (180,514) NET POSITION (DEFICIT), JANUARY 1 (AS RESTATED)(29,110,079) 321,562,050 292,451,971 14,391,408 NET POSITION (DEFICIT), DECEMBER 31 (17,506,098)$ 324,626,839$ 307,120,741$ 15,281,104$ Net (Expense) Revenue and Change in Net Position Primary Government See accompanying notes to financial statements. - 10 - General Capital Obligation General Improvements Debt Service Cash and equivalents 4,094,953$ 1,288,754$ -$ Investments 48,835,323 3,019,652 10,238,681 Receivables Property taxes 29,458,084 - 12,766,093 Utility 662,834 - - Notes 75,000 - - Loans - - - Special assessments - - - Leases 248,440 - - Accrued interest 320 - - Other 1,463,428 - - Due from other governments 9,955,732 - - Due from component unit 375,156 - - Due from other funds - - - Advances to other funds 227,349 - - Inventories 36,870 - - TOTAL ASSETS 95,433,489$ 4,308,406$ 23,004,774$ LIABILITIES Vouchers payable 3,974,980$ 9,535,380$ -$ Accrued payroll 3,023,207 - - Accrued interest - - - Unearned revenue 413,607 334,812 - Due to other governments 1,778,006 - - Due to other funds 7,542,476 2,528,739 6,785,675 Due to fiduciary funds 10,108 - - Advances from other funds - - - Total liabilities 16,742,384 12,398,931 6,785,675 DEFERRED INFLOWS OF RESOURCES Long-term loans - - - Property taxes levied for future periods 29,439,902 - 12,766,093 Leases 230,550 - - Total deferred inflows of resources 29,670,452 - 12,766,093 Total liabilities and deferred inflows of resources 46,412,836 12,398,931 19,551,768 CITY OF EVANSTON, ILLINOIS BALANCE SHEET GOVERNMENTAL FUNDS December 31, 2024 ASSETS LIABILITIES, DEFERRED INFLOWS OF RESOURCES, AND FUND BALANCES - 11 - Nonmajor Total Governmental Governmental ARPA Funds Funds 1,461,852$ 14,390,911$ 21,236,470$ 17,779,936 12,350,584 92,224,176 - 5,562,013 47,786,190 - - 662,834 - - 75,000 - 9,506,839 9,506,839 - 677,120 677,120 - 266,011 514,451 - 153 473 - - 1,463,428 - 785,354 10,741,086 - - 375,156 - 9,017,618 9,017,618 - - 227,349 - - 36,870 19,241,788$ 52,556,603$ 194,545,060$ 1,088,624$ 4,090,261$ 18,689,245$ - - 3,023,207 - - - 14,109,076 - 14,857,495 - 767,943 2,545,949 2,651,244 688,037 20,196,171 - - 10,108 - 227,349 227,349 17,848,944 5,773,590 59,549,524 - 10,183,959 10,183,959 - 5,557,969 47,763,964 - 250,503 481,053 - 15,992,431 58,428,976 17,848,944 21,766,021 117,978,500 (This statement is continued on the following pages) - 12 - General Capital Obligation General Improvements Debt Service FUND BALANCES Nonspendable Advances 227,349$ -$ -$ Notes 75,000 - - Inventory 36,870 - - Restricted - Highway maintenance - - - Emergency telephone system - - - Public safety - - - HUD approved projects - - - Neighborhood improvements - - - Reparations - - - Sustainability - - - Governmental services - - - Debt service - - 3,453,006 General assistance - - - Human services Capital improvements - - - Assigned Capital improvements - - - Other 13,367,263 - - Unassigned (deficit)35,314,171 (8,090,525) - Total fund balances (deficit)49,020,653 (8,090,525) 3,453,006 TOTAL LIABILITIES, INFLOWS OF RESOURCES, AND FUND BALANCES 95,433,489$ 4,308,406$ 23,004,774$ CITY OF EVANSTON, ILLINOIS BALANCE SHEET (Continued) GOVERNMENTAL FUNDS December 31, 2024 - 13 - Nonmajor Total Governmental Governmental ARPA Funds Funds -$ -$ 227,349$ - - 75,000 - - 36,870 - 7,076,642 7,076,642 - 1,190,782 1,190,782 - 281,891 281,891 - 439,328 439,328 - 5,552,631 5,552,631 - 145,015 145,015 - 979,553 979,553 1,392,844 - 1,392,844 - 5,607,369 9,060,375 - 1,216,539 1,216,539 1,444,945 1,444,945 - 1,053,734 1,053,734 - 5,967,252 5,967,252 - - 13,367,263 - (165,099) 27,058,547 1,392,844 30,790,582 76,566,560 19,241,788$ 52,556,603$ 194,545,060$ See accompanying notes to financial statements. - 14 - FUND BALANCES OF GOVERNMENTAL FUNDS 76,566,560$ 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 Total governmental capital assets 244,067,697$ Less internal service fund portion (9,224,273) 234,843,424 Total OPEB liability payable is not due and payable in the current period and, therefore, is not reported in the governmental funds (19,842,605) Interest payable is not due and payable in the current period and, therefore, not reported in the governmental funds (469,505) Long-term liabilities, including bonds payable, are not due and payable in the current period and, therefore, are not reported in the governmental funds General obligation bonds payable Total governmental general obligation bonds payable (135,775,923)$ Less internal service fund portion 660,000 (135,115,923) Bonds premium liability (9,422,626) Compensated absences payable (14,500,628) Net pension liability/asset is shown as a liability/asset on the statement of net position Illinois Municipal Retirement Fund 1,166,788 Police Pension Fund (114,756,044) Firefighters' Pension Fund (106,067,450) Differences between expected and actual experiences, assumption changes, net differences between projected, and actual earnings are recognized as deferred outflows and inflows of resources on the statement of net position Illinois Municipal Retirement Fund 17,216,981 Police Pension Fund 13,573,180 Firefighters' Pension Fund 14,923,145 OPEB (5,131,091) Deferred inflows for long-term loans are not a available and, therefore, not revenue in fund financial statements 10,183,959 The net position of the internal service fund is included in the governmental activities on the statement of net position 19,325,737 NET POSITION OF GOVERNMENTAL ACTIVITIES (17,506,098)$ December 31, 2024 CITY OF EVANSTON, ILLINOIS RECONCILIATION OF FUND BALANCES OF GOVERNMENTAL FUNDS TO THE GOVERNMENTAL ACTIVITIES IN THE STATEMENT OF NET POSITION See accompanying notes to financial statements. - 15 - General Capital Obligation General Improvements Debt Service REVENUES Taxes 68,242,882$ -$ 13,025,460$ Licenses and permits 21,883,218 - - Special assessments - - - Intergovernmental 28,995,673 1,331,279 - Fees - 25,329 - Charges for services 13,469,099 62,422 - Fines and forfeits 3,984,307 - - Investment income 2,262,491 422,163 373,621 Miscellaneous 2,382,410 1,031,796 - Total revenues 141,220,080 2,872,989 13,399,081 EXPENDITURES Current General management and support 25,316,780 60 6,323 Public safety 82,811,682 - - Public works 14,463,820 16,228,134 - Health and human resource development 1,959,221 - - Recreational and cultural opportunities 18,328,754 - - Housing and economic development 4,132,142 - - Capital outlay - 4,573,909 - Debt service Principal - - 9,873,921 Interest - - 5,146,428 Fiscal charges - 155,725 6,650 Total expenditures 147,012,399 20,957,828 15,033,322 EXCESS (DEFICIENCY) OF REVENUES OVER EXPENDITURES (5,792,319) (18,084,839) (1,634,241) OTHER FINANCING SOURCES (USES) Transfers in 10,040,588 - 2,182,212 Transfers (out)(4,294,090) - - Issuance of bonds - 17,135,000 - Premium on issuance of bonds - 1,032,725 - Total other financing sources (uses)5,746,498 18,167,725 2,182,212 NET CHANGE IN FUND BALANCES (45,821) 82,886 547,971 FUND BALANCES (DEFICIT), JANUARY 1 (AS REPORTED)51,698,732 (8,173,411) 2,905,035 Restatement - change in reporting entity (2,632,258) - - FUND BALANCES (DEFICIT), JANUARY 1 (AS RESTATED)49,066,474 (8,173,411) 2,905,035 FUND BALANCES (DEFICIT), DECEMBER 31 49,020,653$ (8,090,525)$ 3,453,006$ CITY OF EVANSTON, ILLINOIS STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES GOVERNMENTAL FUNDS For the Year Ended December 31, 2024 (This statement is continued on the following page.) - 16 - Nonmajor Total Governmental Governmental ARPA Funds Funds -$ 14,666,878$ 95,935,220$ - - 21,883,218 - 189,110 189,110 9,171,093 7,174,176 46,672,221 - 486,037 511,366 - - 13,531,521 - - 3,984,307 1,313,466 1,605,838 5,977,579 - 5,028,646 8,442,852 10,484,559 29,150,685 197,127,394 4,031,727 5,213,196 34,568,086 4,415,739 2,088,273 89,315,694 - 3,055,472 33,747,426 - 5,218,272 7,177,493 - - 18,328,754 - 8,808,789 12,940,931 1,012,022 593,519 6,179,450 - - 9,873,921 - - 5,146,428 - - 162,375 9,459,488 24,977,521 217,440,558 1,025,071 4,173,164 (20,313,164) - 2,875,000 15,097,800 (1,667,200) (4,698,972) (10,660,262) - - 17,135,000 - - 1,032,725 (1,667,200) (1,823,972) 22,605,263 (642,129) 2,349,192 2,292,099 2,034,973 25,809,132 74,274,461 - 2,632,258 - 2,034,973 28,441,390 74,274,461 1,392,844$ 30,790,582$ 76,566,560$ See accompanying notes to financial statements. - 17 - NET CHANGE IN FUND BALANCES - TOTAL GOVERNMENTAL FUNDS 2,292,099$ 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 21,716,429 Some expenses in the statement of net position (e.g., depreciation) do not require the use of current financial resources and, therefore, are not reported as expenditures in governmental funds Depreciation (10,569,400) The repayment of long-term debt is reported as an expenditure when due in governmental funds but as a reduction of principal outstanding in the statement of activities 9,873,921 The issuance of long-term debt is reported as an other financing source in governmental funds, but as an increase in debt outstanding on the statement of activities Debt issued (17,135,000) Premium on debt issued (1,032,725) The amortization of premium on long-term debt is reported as a reduction of interest expense on the statement of activities 944,143 Changes in total other postemployment benefits obligations are reported only in the statement of activities 3,015,668 The change in compensated absences payable is shown as an expense on the statement of activities 1,315,515 The change in the accrual of interest is reported as interest expense on the statement of activities (66,495) The change in the net pension liability (asset) is reported only in the statement of activities Illinois Municipal Retirement Fund 6,598,945 Police Pension Fund (8,482,974) Firefighters' Pension Fund (3,611,992) The change in deferred inflows and outflows of resources is reported only in the statement of activities Illinois Municipal Retirement Fund (1,102,080) Police Pension Fund 5,765,899 Firefighters' Pension Fund 1,920,438 OPEB (4,032,676) The change in deferred inflows for long-term loans is not an expense on the statement of activities (121,912) Internal service funds are reported separately in the fund financial statements 4,316,178 CHANGE IN NET POSITION OF GOVERNMENTAL ACTIVITIES 11,603,981$ CITY OF EVANSTON, 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 December 31, 2024 See accompanying notes to financial statements. - 18 - Governmental Activities Motor Vehicle Nonmajor Internal Service Water Sewer Parking System Solid Waste Total Funds CURRENT ASSETS Cash and cash equivalents 300$ 840,007$ 2,648,973$ 1,924,749$ 5,414,029$ 1,765,885$ Investments 15,913,426 - 380 - 15,913,806 - Receivables Property taxes - - - 950,000 950,000 - Accounts - water and sewerage charges Accounts - billed 10,036,919 172,165 - 154,944 10,364,028 - Accounts - unbilled 1,665,651 1,398,949 - 817,217 3,881,817 - Leases - - 5,061,911 - 5,061,911 - Accrued interest - - 6,766 - 6,766 - Other - - 282,925 79,863 362,788 51,628 Inventories 896,719 136,879 - - 1,033,598 1,824,979 Prepaid items 150,138 - - - 150,138 4,029,540 Due from other funds - 8,692,095 - 1,057,557 9,749,652 8,716,106 Total current assets 28,663,153 11,240,095 8,000,955 4,984,330 52,888,533 16,388,138 NONCURRENT ASSETS Capital assets Capital assets not being depreciated 35,809,475 - 4,396,479 - 40,205,954 - Capital assets being depreciated 188,995,138 268,026,740 94,533,277 1,122,235 552,677,390 30,185,115 Accumulated depreciation (45,767,150) (86,547,505) (52,295,384) (460,428) (185,070,467) (20,960,842) Total capital assets 179,037,463 181,479,235 46,634,372 661,807 407,812,877 9,224,273 Other assets Net pension asset - IMRF 158,956 28,714 39,501 43,784 270,955 - Total other assets 158,956 28,714 39,501 43,784 270,955 - Total noncurrent assets 179,196,419 181,507,949 46,673,873 705,591 408,083,832 9,224,273 Total assets 207,859,572 192,748,044 54,674,828 5,689,921 460,972,365 25,612,411 DEFERRED OUTFLOWS OF RESOURCES Asset retirement obligations 3,472,310 - - - 3,472,310 - Pension items - IMRF 2,392,109 432,107 594,446 658,904 4,077,566 - OPEB items 70,287 37,919 28,319 25,059 161,584 17,412 Total deferred outflows of resources 5,934,706 470,026 622,765 683,963 7,711,460 17,412 Total assets and deferred outflows of resources 213,794,278 193,218,070 55,297,593 6,373,884 468,683,825 25,629,823 CITY OF EVANSTON, ILLINOIS STATEMENT OF NET POSITION PROPRIETARY FUNDS December 31, 2024 Business-Type Activities (This statement is continued on the following page.) - 19 - Governmental Activities Motor Vehicle Nonmajor Internal Service Water Sewer Parking System Solid Waste Total Funds CURRENT LIABILITIES Vouchers payable 2,112,077$ 754,134$ 501,353$ 569,129$ 3,936,693$ 474,386$ Retainage payable 1,230,133 - - - 1,230,133 - Deposits payable - - - - - - Unearned revenue - - - - - - Interest payable - restricted 182,412 50,835 2,658 - 235,905 - Notes payable - IEPA 2,869,441 2,119,989 - - 4,989,430 - Current portion of GO bonds payable 2,148,972 259,825 45,000 - 2,453,797 - Current portion of total OPEB liability 16,501 10,913 9,274 8,052 44,740 4,730 Claims payable - - - - - 1,062,750 Due to other funds 6,889,778 - 301,196 - 7,190,974 96,231 Compensated absences payable 511,087 141,980 166,699 98,367 918,133 108,481 Total current liabilities 15,960,401 3,337,676 1,026,180 675,548 20,999,805 1,746,578 NONCURRENT LIABILITIES Notes payable - IEPA 54,154,291 6,652,911 - - 60,807,202 - Notes payable - WIFIA 4,823,650 - - - 4,823,650 - General obligation bonds payable 40,261,517 3,087,870 1,332,109 - 44,681,496 660,000 Asset retirement obligations 5,081,625 - - - 5,081,625 - Total OPEB liability 379,341 250,849 213,176 185,081 1,028,447 108,741 Claims payable - - - - - 3,665,000 Compensated absences payable 400,916 52,099 91,602 54,608 599,225 80,380 Total noncurrent liabilities 105,101,340 10,043,729 1,636,887 239,689 117,021,645 4,514,121 Total liabilities 121,061,741 13,381,405 2,663,067 915,237 138,021,450 6,260,699 DEFERRED INFLOWS OF RESOURCES Pension items - IMRF 46,573 8,413 11,574 12,828 79,388 - OPEB items 175,135 94,483 70,563 62,440 402,621 43,387 Deferred property taxes - - - 950,000 950,000 - Leases - - 4,603,527 - 4,603,527 - Total deferred inflows of resources 221,708 102,896 4,685,664 1,025,268 6,035,536 43,387 Total liabilities and deferred inflows of resources 121,283,449 13,484,301 7,348,731 1,940,505 144,056,986 6,304,086 NET POSITION Net investment in capital assets 87,199,865 169,358,640 45,257,263 661,807 302,477,575 8,414,135 Restricted for pensions 158,956 28,714 39,501 43,784 270,955 - Unrestricted 5,152,008 10,346,415 2,652,098 3,727,788 21,878,309 10,911,602 TOTAL NET POSITION 92,510,829$ 179,733,769$ 47,948,862$ 4,433,379$ 324,626,839$ 19,325,737$ Business-Type Activities PROPRIETARY FUNDS December 31, 2024 CITY OF EVANSTON, ILLINOIS STATEMENT OF NET POSITION (Continued) See accompanying notes to financial statements. - 20 - Governmental Activities Motor Vehicle Nonmajor Internal Service Water Sewer Parking System Solid Waste Total Funds OPERATING REVENUES Charges for services 24,882,935$ 9,328,315$ 9,967,609$ 5,658,245$ 49,837,104$ 27,209,547$ Miscellaneous 757,344 25,050 645,533 7,601 1,435,528 - Total operating revenues 25,640,279 9,353,365 10,613,142 5,665,846 51,272,632 27,209,547 OPERATING EXPENSES EXCLUDING DEPRECIATION Administration 1,234,941 1,637,153 2,335,838 1,631,912 6,839,844 - Operations 15,457,436 958,741 5,043,088 4,550,812 26,010,077 24,948,816 Total operating expenses excluding depreciation 16,692,377 2,595,894 7,378,926 6,182,724 32,849,921 24,948,816 OPERATING INCOME (LOSS) BEFORE DEPRECIATION AND AMORTIZATION 8,947,902 6,757,471 3,234,216 (516,878) 18,422,711 2,260,731 Depreciation and amortization 3,510,919 3,844,892 2,961,001 112,224 10,429,036 1,799,729 OPERATING INCOME (LOSS)5,436,983 2,912,579 273,215 (629,102) 7,993,675 461,002 NON-OPERATING REVENUES (EXPENSES) Investment income 496,271 139,970 163,088 27,255 826,584 91,610 Property taxes - - - 1,332,500 1,332,500 - Intergovernmental 205,337 - - - 205,337 - Other taxes - - - 133,582 133,582 - Interest expense (1,679,188) (314,798) (33,963) - (2,027,949) - Gain (loss) on disposal of capital assets (416,874) - - - (416,874) 213,566 Total non-operating revenues (expenses)(1,394,454) (174,828) 129,125 1,493,337 53,180 305,176 INCOME BEFORE TRANSFERS AND CAPITAL CONTRIBUTIONS 4,042,529 2,737,751 402,340 864,235 8,046,855 766,178 TRANSFERS AND CONTRIBUTIONS Transfers in - - - 47,170 47,170 3,550,000 Transfers (out)(4,129,008) (933,312) (2,972,388) - (8,034,708) - Capital contributions 3,005,472 - - - 3,005,472 - Total transfers and capital contributions (1,123,536) (933,312) (2,972,388) 47,170 (4,982,066) 3,550,000 NET INCOME (LOSS)2,918,993 1,804,439 (2,570,048) 911,405 3,064,789 4,316,178 NET POSITION, JANUARY 1 (AS REPORTED)89,989,893 178,000,416 50,563,234 3,705,183 322,258,726 15,144,503 Restatement - change in accounting principle (398,057) (71,086) (44,324) (183,209) (696,676) (134,944) NET POSITION, JANUARY 1 (AS RESTATED)89,591,836 177,929,330 50,518,910 3,521,974 321,562,050 15,009,559 NET POSITION, DECEMBER 31 92,510,829$ 179,733,769$ 47,948,862$ 4,433,379$ 324,626,839$ 19,325,737$ CITY OF EVANSTON, ILLINOIS STATEMENT OF REVENUES, EXPENSES, AND CHANGES IN NET POSITION PROPRIETARY FUNDS For the Year Ended December 31, 2024 Business-Type Activities See accompanying notes to financial statements. - 21 - Governmental Activities - Motor Vehicle Nonmajor Internal Service Water Sewer Parking System Solid Waste Total Funds CASH FLOWS FROM OPERATING ACTIVITIES Receipts from customers and users 25,176,176$ 9,291,293$ 10,267,803$ 5,668,697$ 50,403,969$ 3,740,114$ Receipts from (payments for) interfund services provided (2,645,681) (830,533) (776,850) (617,987) (4,871,051) 22,660,977 Receipts from other agencies - - - - - 793,746 Payments to suppliers (15,219,285) (16,716) (4,510,012) (4,097,945) (23,843,958) (1,778,726) Payments to employees 629,442 (1,109,450) (1,780,280) (1,667,836) (3,928,124) (5,356,073) Payments for insurance premiums - - - - - (15,047,942) Net cash from operating activities 7,940,652 7,334,594 3,200,661 (715,071) 17,760,836 5,012,096 CASH FLOWS FROM NONCAPITAL FINANCING ACTIVITIES Property and other taxes - - - 1,466,082 1,466,082 - Transfers in - - - 47,170 47,170 3,550,000 Transfers (out)(4,129,008) (933,312) (2,972,388) - (8,034,708) - Interfund activity 1,868,245 (2,919,663) 719,053 (37,108) (369,473) (5,664,292) Net cash from noncapital financing activities (2,260,763) (3,852,975) (2,253,335) 1,476,144 (6,890,929) (2,114,292) CASH FLOWS FROM CAPITAL AND RELATED FINANCING ACTIVITIES Sale of capital assets - - - - - 176,648 Acquisition and construction of capital assets (23,583,639) (571,381) (139,436) - (24,294,456) (3,024,327) Proceeds from loans 18,442,733 - - - 18,442,733 - Proceeds from general obligation bonds 15,315,708 - - - 15,315,708 - Principal paid on general obligation bonds (1,643,096) (249,591) (45,000) - (1,937,687) - Interest paid on general obligation bonds and IEPA loans (1,673,386) (369,230) (39,814) - (2,082,430) - Principal paid on IEPA and WIFIA loans (1,555,424) (2,931,449) - - (4,486,873) - Net cash from capital and related financing activities 5,302,896 (4,121,651) (224,250) - 956,995 (2,847,679) CASH FLOWS FROM INVESTING ACTIVITIES Sale (purchase) of investments (11,392,517) 1,332,566 201,724 - (9,858,227) - Interest income 409,732 139,973 163,455 27,255 740,415 91,610 Net cash from investing activities (10,982,785) 1,472,539 365,179 27,255 (9,117,812) 91,610 NET INCREASE IN CASH AND CASH EQUIVALENTS - 832,507 1,088,255 788,328 2,709,090 141,735 CASH AND CASH EQUIVALENTS, JANUARY 1 300 7,500 1,560,718 1,136,421 2,704,939 1,624,150 CASH AND CASH EQUIVALENTS, DECEMBER 31 300$ 840,007$ 2,648,973$ 1,924,749$ 5,414,029$ 1,765,885$ CITY OF EVANSTON, ILLINOIS STATEMENT OF CASH FLOWS PROPRIETARY FUNDS For the Year Ended December 31, 2024 (This statement is continued on the following page.) - 22 - Governmental Activities - Motor Vehicle Nonmajor Internal Service Water Sewer Parking System Solid Waste Total Funds RECONCILIATION OF OPERATING INCOME (LOSS) TO NET CASH FLOWS FROM OPERATING ACTIVITIES Operating income (loss)5,436,983$ 2,912,579$ 273,215$ (629,102)$ 7,993,675$ 461,002$ Adjustments to reconcile operating income (loss) to net cash from operating activities Depreciation 3,510,919 3,844,892 2,961,001 112,224 10,429,036 1,799,729 Changes in assets and liabilities Accounts receivable (464,103) (62,072) (58,711) 2,851 (582,035) (14,710) Lease items - - (286,628) - (286,628) - Prepaid expenses (100,675) - - - (100,675) 1,999,734 Inventories (102,757) 4,276 - - (98,481) (80,661) Compensated absences 91,684 13,012 90,807 (109,128) 86,375 (37,194) OPEB items 48,149 67,353 66,598 49,762 231,862 17,902 Pension items - IMRF (687,131) (45,191) (170,701) (175,949) (1,078,972) - Deposits payable - - - - - - Vouchers payable 136,720 599,745 325,080 34,271 1,095,816 (275,707) Deferred outflows - asset retirement obligations 70,863 - - - 70,863 - Claims payable - - - - - 1,142,001 NET CASH FROM OPERATING ACTIVITIES 7,940,652$ 7,334,594$ 3,200,661$ (715,071)$ 17,760,836$ 5,012,096$ NONCASH INVESTING, CAPITAL, AND RELATED FINANCING ACTIVITIES Capital assets acquired through vouchers and retainage payable 830,423$ -$ -$ -$ 830,423$ 150,138$ Capital asset contributions 3,005,472 - - - 3,005,472 - IEPA loan receivable (3,354,752) - - - (3,354,752) - Change in fair value of investments 86,539 768 116 - 87,423 - TOTAL NONCASH INVESTING, CAPITAL, AND RELATED FINANCING ACTIVITIES 567,682$ 768$ 116$ -$ 568,566$ 150,138$ PROPRIETARY FUNDS For the Year Ended December 31, 2024 CITY OF EVANSTON, ILLINOIS STATEMENT OF CASH FLOWS (Continued) See accompanying notes to financial statements. - 23 - Pension Trust Funds ASSETS Cash and cash equivalents 6,068,622$ Investments Common stock 300,343 Investments held in the Illinois Firefighters' Pension Investment Fund 127,289,161 Investments held in the Illinois Police Pension Investment Fund 196,981,138 Prepaids 9,254 Receivables Accounts 3,123 Accrued interest 5,514 Due from City 10,108 Total assets 330,667,263 LIABILITIES Vouchers payable 7,125 Total liabilities 7,125 NET POSITION RESTRICTED FOR PENSIONS 330,660,138$ CITY OF EVANSTON, ILLINOIS STATEMENT OF FIDUCIARY NET POSITION FIDUCIARY FUNDS December 31, 2024 See accompanying notes to financial statements. - 24 - Pension Trust Funds ADDITIONS Contributions Contributions - employer 25,570,855$ Contributions - plan members 3,066,946 Total contributions 28,637,801 Investment income Net appreciation in fair value of investments 34,324,383 Interest on investments 5,571,377 Less investment expenses (642,434) Total investment income 39,253,326 Total additions 67,891,127 DEDUCTIONS Administration 182,840 Benefit payments and refunds 27,906,288 Total deductions 28,089,128 NET INCREASE 39,801,999 NET POSITION RESTRICTED FOR PENSIONS January 1 290,858,139 December 31 330,660,138$ CITY OF EVANSTON, ILLINOIS STATEMENT OF CHANGES IN FIDUCIARY NET POSITION FIDUCIARY FUNDS For the Year Ended December 31, 2024 See accompanying notes to financial statements. - 25 - CITY OF EVANSTON, ILLINOIS NOTES TO THE FINANCIAL STATEMENTS December 31 , 2024 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The financial statements of the City of Evanston, Illinois (the City) and Evanston Public Library (the Library ) have been prepared in conformity 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 This report includes all of the funds of the City and the Library. The reporting entity for the City consists of the primary government and its component units. Component units are legally separate organizations for which the primary government is financially account able or other organizations for which the nature and significance of their relationship with the primary government are such that their exclusion would cause the reporting entity ’s financial statements to be misleading. The primary government is financially accountable if (1) it appoints a voting majority of the organization ’s governing body and it is able to impose its will on that organization , (2) it appoints a voting majority of the organization ’s governing body and there is a potential for the organization to provide specific financial benefits to , or impose specific financial burdens on , the primary government, and (3) the organization is fiscally dependent on and there is a potential for the organization to provide specific financial benefits to , or impose specific financial burdens on, the primary government. Certain legally separate , tax exempt organizations should also be reported as a component unit if all of the following criteria are met: (1) the economic resources received or held by the separate organization are entirely or almost entirely for the direct benefit of the primary government , its component units, or its constituents; (2) the primary government or its component units , is entitled to , or has the ability to access , a majority of the economic resources received or held by the separate organization; and (3) the economic resources received or held by an individual organization that the primary government , or its component units , is entitled to , or has the ability to otherwise access , are significant to the primary government. Component units are reported using one of two methods , discrete presentation or blending. Generally , component units should be discretely presented in a separate column in the financial statements. A component unit should be reported as part of the primary government using the blending method if it meets any one of the following criteria: (1) the primary government and the component unit have substantively the same governing body and a financial benefit or burden relationship exists; (2) the primary government - 26 - CITY OF EVANSTON, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) a. Reporting Entity (Continued) and the component unit have substantively the same governing body and management of the primary government has operational responsibility for the component unit; (3) the component unit serves or benefits , exclusively or almost exclusively , the primary government rather than its citizens; or (4) the total debt of the component unit will be paid entirely or almost entirely from resources of the primary government. Blended Component Unit The Town of the City of Evanston, Illinois (the Township) has been previously presented as a separate legal entity which administers General Assistance , a public welfare program assigned by Illinois law to townships. Eligible clients received General Assistance for food, shelter, and medical needs. Through the town fund levy , the Township also supported a number of community action programs , which provided direct services to welfare recipients. The Township was governed by a Township Board of Trustees and provided services within the same geographic boundaries of the City. The Township Board of Trustees were the same individuals as the City Council. The Township board levied taxes and was responsible for adopting the Township budget and approving payment of bills. On April 30, 2014, the Township was discontinued and dissolved following the March 18, 2014 general election vote taken by the registered voters of the Township. Pursuant to 60 ILCS 1/27-15 and 1/27-20, effective 12:00 am May 1, 2014, the City ass umed all rights, powers, assets, property, obligations , and duties of the Township, including the responsibility of providing the services that were previously provided by the Township. Beginning May 1 , 2014, the functions of the Township are reported along with the City. Discrete Component Unit The Library promotes the development of independent , self-confident, and literate citizens through the provision of open access to cultural , intellectual , and informational resources for all ages. Beginning FY 2013 , the Library financials are shown separately as a discrete component unit of the City. However , the Library does not issue its own independent set of financial statements. The Library Debt Service Fund was created as a part of FY2014 budget. The Library is governed by the Library Board of Trust ees. The board members are appointed by the Mayor of the City. The Library Director submits a proposed budget to the Library Board of Trustees for the upcoming calendar year. This budget is included in the budget documents submitted by the City Manager to the City Council. The Library budget is legally enacted through passage of an ordinance by the City Council. - 27 - CITY OF EVANSTON, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) a. Reporting Entity (Continued) Discrete Component Unit (Continued) The Library serves the community through two branches. The Library partners with Northwestern University and other agencies to implement digitally based science , technology, and math learning opportunities for teens. The Library is continually focused on expanding summer reading programs to serve the patrons of all ages. The Library has also expanded community outreach by promoting library services at various local places and events. The Library does not issue separate financial statements. The City’s financial statements include two pension trust funds: Police Pension Employees Retirement System The City’s financial statements include the Police Pension Employees Retirement System (PPERS) as a fiduciary component unit reported as a pension trust fund. The City’s sworn police employees participate in the PPERS. PPERS functions for the benefit of these employees and is governed by a five -member pension board. Two members appointed by the City Council , one elected pension beneficiary , and two elected police employees constitute the pension board. The participants are required to contribute a percen tage of salary as established by state statute and the City is obligated to fund all remaining PPERS costs based upon actuarial valuations. 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 City’s contribution levels. Accordingly , the PPERS is fiscally dependent on the City. PPERS does not issue a stand -alone financial report. Firefighters’ Pension Employees Retirement System The City’s financial statements include the Firefighters ’ Pension System (the FPERS ) as a fiduciary component unit reported as a Pension Trust Fund. The City ’s sworn full-time firefighters participate in the FPERS. FPERS functions for the benefit of these employees and is governed by a five -member pension board. Two members appointed by the City Council , one elected pension beneficiary, and two elected from active participants of the Firefighters ’ Pension Fund constitute the pension board. The participants are required to contribute a percentage of salary as established by state statute and the City is obligated to fund all remaining FPERS costs based upon actuarial valuations. The State of Illinois is authorized to establish benefit levels and the City i s authorized to approve the actuarial assumptions used in the determination of contribution levels. Accordingly , the FPERS is fiscally dependent on the City. FPERS does not issue a stand -alone financial report. - 28 - CITY OF EVANSTON, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) b. Joint Ventures The City participates in one joint venture , which is reported as non-equity governmental joint venture and is described in Note 13. The joint venture is Solid Waste Agency of Northern Cook County (SWANCC). 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 and the Library. The effect of interfund activity has been removed from these statement s excluding interfund services provided. 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 or segment are offset by program revenues. Direct expenses are those that are clearly identifiable with a specific function or segment. Program revenues in clude (1) charges to customers or applicants who purchase , use, or directly benefit from goods, services, or privileges provided by a given function or segment and (2) grants and contributions that are restricted to meeting the operational or capital requi rements of a particular function or segment. Taxes and other items not properly included among program revenues are reported instead as general revenues. Separate financial statements are provided for governmental funds , proprietary funds, and fiduciary funds , even though the latter are excluded from the government -wide financial statements. Major individual governmental funds and major individual enterprise funds are reported as separate columns in the fund financial statements. Nonmajor funds are reported in the supplementary information. d. Fund Accounting The City and the Library use funds to report on its financial position and the results of i ts operations. A fund is a separate accounting entity with a self -balancing set of accounts. Fund accounting is designed to demonstrate legal compliance and to aid financial management by segregating transactions related to certain government functions or activities. Funds are classified into three categories: governmental , proprietary, and fiduciary. Each category, in turn, is divided into separate “fund types.” - 29 - CITY OF EVANSTON, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) d. Fund Accounting (Continued) Governmental funds are used to account for all or most of the 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 general capital assets (capital projects funds), and the funds restricted , committed, or assigned for the servicing of general 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 for 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). Internal service funds are included with the governmental funds on the government-wide financial statements. Fiduciary funds are used to account for assets held on behalf of outside parties , including other governments. When these assets are held under the terms of a formal trust agreement, a private purpose trust fund is used. The pension trust fund accounts for the activities of the Police and Firefighters ’ Pension Funds, which accumulate resources for pension benefit payments to retired police and fire personnel. e. 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 statements. Revenues and additions are recorded when earned and expenses and deductions are recorded when a liability is incurred, regardless of the timing of related cash flows. Property taxes are recognized as revenues in the year for which they are levied. Grants and similar items are recognized as revenue as soon as all eligibility requirements imposed by the provider have been met. The City’s and the Library’s 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, generally 60 days except for sales taxes and telecommunication taxes which use 90 days. Expenditures generally are recorded when a liability is incurred, as under accrual accounting. However, debt service expenditures, as well as expenditures related to compensated absences , are recorded when payment is due or when amounts have been accumulated in the debt service fund for payment to be made early in the following year. - 30 - CITY OF EVANSTON, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) e. Measurement Focus, Basis of Accounting, and Financial Statement Presentation (Continued) The following revenues associated with the current fiscal period are all considered to be susceptible to accrual and so have been recognized as revenues of the current fiscal period. 1. Taxes 5. Recycling program fees and sales Property* Sales 6. Fines Utility Traffic fines Personal property Hotel tax 7. Intergovernmental Athletic contest tax Motor fuel tax allotments Cigarette tax Local motor fuel tax allotments Liquor tax Grants Parking tax Supplemental Security income reimbursements 2. Licenses Income taxes Sales taxes 3. Franchise fees Use tax 4. Charges for services 8. Investment income *Property taxes are defined as available if collected within at most 60 days after fiscal year end. All other revenue items are considered to be measurable and available only when cash is received by the City and the Library. 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 Capital Improvement Fund is a capital projects fund to account for capital improvements of the City, financed by earmarking revenues to provide for the costs associated with the projects. The City has elected to present this fund as major. The General Obligation Debt Fund is a debt service fund which accumulate monies for the principal and interest payments on general obligation debt. The ARPA Fund is used to account for the State and Local Fiscal Recovery Funds as provided for by the American Rescue Plan Act of 2021. - 31 - CITY OF EVANSTON, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) e. Measurement Focus, Basis of Accounting, and Financial Statement Presentation (Continued) Governmental funds report deferred inflows of resources in connection with receivables for revenues that are not considered to be available to liquidate liabilities of the current period. The City reports the following major proprietary funds: The Water Fund accounts for the provision of water services to the residents of the City and the sale of water to the Villages of Skokie and Lincolnwood , Illinois and the Northwest Water Commission and Morton Grove Niles Water Commission. All activities necessary to provide such services are accounted for in this fund , including, but not limited to, administration, operation, maintenance, financing and related debt service, and billing and collection. The Sewer Fund accounts for the provision of sewer repair and improvement services to the residents of the City. All activities necessary to provide such services are accounted for in this fund, including administration, operations, financing, and billing and collection. The Motor Vehicle Parking System accounts for the provision of the public and residential parking facility on Church Street , Maple Avenue, and Sherman Avenue, as well as all the City ’s parking lots and meters. All activities are accounted for including administration, operations, financing, and revenue collection. Additionally, the City reports the following fund types: Internal Service Funds account for the fleet management and insurance services provided to other departments or agencies of the government , or to other governments, on a cost reimbursement basis. Pension Trust Funds account for the activities of the Police and Firefighters ’ Pension Funds, which accumulate resources for pension benefit payments to qualified public safety employees. The Library reports the Operating Fund, Endowment Fund, Capital Improvement Fund, and Debt Service Fund. - 32 - CITY OF EVANSTON, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) e. Measurement Focus, Basis of Accounting, and Financial Statement Presentation (Continued) As a general rule, the effect of interfund activity has been eliminated from the government - wide financial statements. Exceptions to this general rule are charges between the City ’s enterprise funds and various other functions of the government. Elimination of these charges would distort the direct costs and program revenues reported for the various functions concerned. Amounts reported as program revenues include (1) charges to customers for goods, services, or privileges provided, (2) operating grants and contributions, and (3) capital grants and contributions, including assessments. Internally dedicated resources are reported as general revenue rather than as program revenue. Likewise, general revenues include all taxes. Proprietary funds distinguish operating revenues and expenses from non -operating items. Operating revenues and expenses generally result from providing services and producing and delivering goods in connection with a proprietary fund ’s principal ongoing operations. The principal operating revenues of the enterprise funds and of the City ’s internal service funds are charges to customers for sales and services. Operating expenses for enterprise funds and internal service funds include the cost of sales and services, administrative expenses, and depreciation on capital assets. All revenues and expenses not meeting this definition are reported as non-operating revenues and expenses. When both restricted and unrestricted resources are available for use , it is the City and Library’s policy to use restricted resources first , then unrestricted resources as they are needed. The City and Library report unearned revenue and unavailable/deferred revenue on its financial statements. Unavailable revenues arise when a potential revenue does not meet both the measurable and available criteria for recognition in the current period , under the modified accrual basis of accounting. Deferred revenues arise when property tax levies are intended to finance the next fiscal year. Unearned revenue arises when a revenue is measurable but not earned under the accrual basis of accounting. Unear ned revenues also arise when resources are received by the City and Library before it has a legal claim to them or prior to the provision of services, as when grant monies are received prior to the issuance of qualifying expenditures. In subsequent periods, when both revenue recognition criteria are met, or when the City and Library have a legal claim to the resources , the liability and deferred inflows of resource for unearned and unavailable/deferred revenue are removed from the financial statements and revenue is recognized. - 33 - CITY OF EVANSTON, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) f. Cash and Equivalents Cash and equivalents represent cash on hand, cash deposited in interest-bearing and non- interest-bearing checking accounts, and investments in money markets, certificates of deposit, and treasury obligations with maturities of three months or less at the date of acquisition, and cash deposited with The Illinois Funds. g. 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 funds 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. h. Inventories and Prepaid Items Inventories in the Water, Sewer, and Fleet Service Funds are valued at cost. Inventory amounts are recorded on the basis of a physical count. Certain payments to vendors reflect costs applicable to future accounting periods and are recorded as prepaid items in both government -wide and fund financial statements. In governmental funds, prepaid items are recorded based on consumption method. i. Tangible and Intangible Capital Assets A capital asset is property, such as equipment, buildings, land, utility infrastructure, roads, bridges with a cost or value equal to or greater than $20,000 (per asset) at the date of acquisition and an expected useful life of more than one year (12 months or longer). Acquisition of motor vehicles is an exception to the $20,000 threshold. Also additional cost of less than $20,000 associated with an asset may be capitalized if the expense is necessary to put the asset in service or its intended use; and/or if it extends the service life of the asset. Such assets are recorded at historical cost or estimated historical cost if pur chased or constructed. Donated capital assets are recorded at acquisition value at the date of donation. The costs of normal maintenance and repairs that do not add to the value of the asset or materially extend assets’ lives are not capitalized. Infrastructure acquired prior to the February 28, 2003 implementation of GASB Statement No. 34 has been reported. Major outlays for capital assets and improvements are capitalized as projects are constructed. - 34 - CITY OF EVANSTON, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) i. Tangible and Intangible Capital Assets (Continued) Property, plant, and equipment are depreciated, and intangible assets are amortized using the straight-line method over the following estimated useful lives: Description Years Description Years Land improvements 10-100 Buildings and improvements 10-50 Lease improvements 10-100 Office equipment and furniture 5-15 Plant 20-100 Machinery and equipment 3-15 Transmission and distribution system 5-100 Infrastructure 30-100 Sewer system and underground lines 75-100 Library collections 7 Parking meters 15 Intangible assets 5-10 Intangible assets represent the City’s right-to-use leased asset s. These intangible assets, as defined by GASB Statement No. 87, Leases and GASB Statement No. 96, Subscription-Based Information Technology Arrangements, are for lease or subscription contracts of nonfinancial assets including equipment, buildings, and software and are amortized over the shorter of the lease term or useful life of the intangible asset. j. Compensated Absences The City implemented GASB Statement 101, Compensated Absences in 2024. Restated beginning balances resulting from the implementation of GASB Statement 101 are presented in footnotes 7 and 18. It is the City’s and the Library’s policy to permit employees to accumulate earned but unused vacation and sick pay benefits. Vested or accumulated leave time or benefits owed to retirees or terminated employees, if applicable, is reported as an expenditure and a fund liability of the governmental fund that will settle it in the fund financial statements. Vested or accumulated leave time or benefits of proprietary funds and governmental activities is recorded as an expense and liability as the benefits accrue to employees. k. Long-Term Obligations In the government -wide financial statements and proprietary fund types in the fund financial statements, long-term debt, and other long-term obligations are reported as liabilities in the applicable governmental activities , business-type activities , or proprietary fund type statement of net position. Bond premiums and discounts , if material, are deferred and amortized over the life of the bonds. Bonds payable are reported net of the applicable bond premium or discount. In the fund financial statements, governmental fund types recognize bond premiums and discounts , as well as bond issuance costs, during the current period. The face amount of debt issued is reported as other financing sources. Premiums received on debt issuances are reported as other financing sources , while discounts on debt issuances are reported as other financing uses. Issuance costs, whether or not withheld from the actual debt proceeds received, are reported as debt service expenditures. - 35 - CITY OF EVANSTON, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) l. Self-Insurance The City and the Library are self-insured to certain limits for general liability claims and for workers’ compensation insurance. A liability is recorded when it is probable that a loss has occurred and the amount of the loss can be reasonably estimated. Claims liabilities are based on estimates of the ultimate cost of reported claims including future claims adjustment expenses. General liability and workers’ compensation claims are paid out of the Insurance Fund. m. Deferred Inflows/Outflows 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. n. Property Taxes Property taxes are collected by the Cook County Collector and are remitted periodically to all taxing bodies , including the City and Library. Distributions are made more often during the two main collection periods. Property taxes are levied on a calendar year basis by passage of a tax levy ordinance. The property tax calendar for Cook County is as follows: Description Date Lien date January 1 of levy year Levy date December of levy year First installment due date (55% of prior bill) March 1/April 1 of year following levy year Second installment due date (balance of total bill ) September 1/October 1 of year following levy year - 36 - CITY OF EVANSTON, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) n. Property Taxes (Continued) Property taxes are recognized as revenues in the year for which they are levied (i.e., intended to finance). On this basis, property tax revenue includes all cash distributions of property tax related to the 202 3 tax levy received during the fiscal period between January 1, 2024 and December 31, 2024. A 3% allowance for loss is reflected in the City and the Library financial statements. The 2024 tax levy collections are intended to finance the 202 5 fiscal year and are not considered available for current operations and , therefore, are shown as unavailable/deferred revenue. o. Fund Equity Governmental fund equity is classified as fund balance. In February 2009 , GASB issued Statement No. 54, Fund Balance Reporting and Governmental Fund Type Definitions . This statement establishes fund balance classifications based primarily on the extent to which the government is bound to honor constraints on the use of the resources reported in each governmental fund as well as establishes additional notes disclosures regarding fund balance classification policies and procedures. The City Council may , by an ordinance, establish, modify, or remove a fund balance commitment. In accordance with GASB Statement No. 54 , the City and the Library classifies governmental fund balance as follows: 1. Nonspendable - Includes fund balance amounts that can not be spent either because they are not in spendable form or because legal or contractual stipulations require them to be maintained intact. 2. Restricted - Consists of fund balances with constraints placed on their use either by (1) external groups such as creditors , grantors, contributors, or laws or regulations of other governments or (2) law through constitutional provisions or enabling legislation. 3. Committed - Includes fund balance amounts that are constrained for specific purposes that are internally imposed by the government through formal action of the highest level of decision-making authority. Fund balance amounts are committed through a formal action of the City. This formal action must occur prior to the end of the reporting period, but the amount of commitment , which will be subject to constraints , may be determined in the subsequent period. Any changes to the constraints imposed require the same formal action of the City that originally created the commitment. - 37 - CITY OF EVANSTON, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) o. Fund Equity (Continued) 4. Assigned - Includes spendable fund balance amounts that are intended to be used for specific purposes that are not considered restricted or committed. Fund balance may be assigned through the following: (1) Council may take official action to assign amounts or (2) all remaining positive spendable amounts in governmental funds , other than the General Fund, that are neither restricted nor committed. Assignments may take place after the end of the reporting period. 5. Unassigned - Includes residual positive fund balance within the General Fund which has not been classified within the other above mentioned categories. Unassigned fund balance may also include negative balances for any governmental fund if expenditures exceeds amounts restricted, committed, or assigned for those purposes. Assignments may not create unassigned deficits in any fund. However , nonspendable, restricted, or committed fund balance may create an unassigned deficit. Also , restricted, committed, and assigned balances themselves may not be negative. The City has established a policy requiring a minimum of 16.6 0% or two months of operating expenditures to be maintained as a reserve. This is reported as unassigned fund balance. The City and the Library consider restricted amounts to be spent first when both restricted and unrestricted fund balance is available unless there are legal documents/contracts that prohibit doing this , such as in grant agreements requiring dollar for dollar spending. Additionally, the City and the Library would first use committed , then assigned, and lastly unassigned amounts of unrestricted fund balance when expenditures are made. In the government-wide and proprietary financial statements , restricted net position is legally restricted by outside parties for a specific purpose. Net position has not been restricted by enabling legislation adopted by the City. Net investment in capital assets represents the book value of capital assets less an y long-term debt outstanding issued to construct the capital assets. p. Interfund Transactions 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 are reported as transfers. - 38 - CITY OF EVANSTON, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) q. Use of Estimates In preparing financial statements , management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities , the disclosure of contingent assets and liabilities at the date of the financial statements , and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. r. Conduit Debt The City approved the issuance of $5 ,000,000 Series 2010 Revenue Bonds during the fiscal year 2010-2011 to provide financial assistance to Chiaravalle Montessori School , deemed to be in the public interest. The use of proceeds includes the property purchase from the City , improvement to the existing building , refinancing existing debt , and payment of miscellaneous costs. The bonds are secured by the property or mortgages financed and are payable from the monies , securities, and other revenues pledged under the indenture by the school. The City is not obligated in any manner for the repayment of bonds. Accordingly, the bonds outstanding are not reported as a liability in these financial statements. The Series 2010 Revenue Bonds were refunded in 2019 , and the City approved the issuance of $3 ,925,000 Series 2019A Revenue Bonds and $3 ,735,000 Series 2019B Revenue Bonds, dated December 1 , 2019. As of December 31, 2024, outstanding bond balance of the 2019A Revenue Bonds was $3,200,000 and outstanding balance of the 2019B Revenue Bonds was $3 ,225,000. The City approved the issuance of $8 ,275,000 Series 2021 Revenue Bonds during the fiscal period ended December 31, 2021. The use of proceeds includes the refunding of outstanding balance of the “Series 2011” bonds, fund one or more debt service reserve funds and to pay certain costs incurred in connection with the issuance of the bonds. The bonds are secured by the property or mortgages financed and are payable from the moneys, securities, and other revenues pledged under the indenture by the Roycemore school. The City is not obligated in any manner for the repayment of bonds. Accordingly , the bonds outstanding are not reported as a liability in these financial statements. As of December 31, 2024, outstanding bond balance was $8,275,000. 2. STEWARDSHIP, COMPLIANCE, AND ACCOUNTABILITY The Chicago Main Tax Increment District had a net deficit of $165,099 as of December 31, 2024. The City plans to use current resources to pay for future liabilities. The Capital Improvement Fund had a net deficit of $8 ,090,525 as of December 31, 2024. The City plans to use current resources to pay for future liabilities. - 39 - CITY OF EVANSTON, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) 3. DEPOSITS WITH FINANCIAL INSTITUTIONS AND INVESTMENTS The City and pension funds 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 significan t unobservable inputs. a. Types of Accounts and Securities Illinois Statutes and the City ’s investment policies authorize the City to invest in obligations of the U.S. Treasury, in Government Sponsored Enterprises (GSE) such as Federal Home Loan Mortgage Corporation (FHLMC ), Federal Home Loan Bank (FHLB), and Fannie Mae (FNMA); bankers acceptances as well as commercial paper rated only in the highest tier; repurchase agreements of the highest grade; collateralized certificates of deposit issued by FDIC insured financial institutions , money market mutual funds with portfolios limited to securities guaranteed by the United States Government , the Illinois Metropolitan Investment Fund , and The Illinois Funds. The Illinois Funds, created by the Illinois State Legislature under the control of the State Comptroller, operates as qualified external investment pools in accordance with the criteria established in GASB Statement No. 79 , Certain External Investment Pools and Pool Participants, and thus, reports all investments at amortized cost rather than fair value. The investment in The Illinois Funds by participants is also reported at amortized cost. The Illinois Funds does not have any limitations or restrictions on participant withdrawals. The Illinois Funds Treasurer ’s Office issues a separate financial report for The Illinois Funds which may be obtained by contacting the Administrative Office at Illinois Business Center, 400 West Monroe Street, Suite 401, Springfield, Illinois 62704. The Illinois Metropolitan Investment Fund (IMET) is a local government investment pool. Created in 1996 as a not-for-profit trust formed under the Intergovernmental Cooperation Act and the Illinois Municipal Code . IMET was formed to provide Illinois government agencies with safe, liquid, attractive alternatives for investing and is managed by a Board of Trustees elected from the participating members. IMET offers participants two separate vehicles to meet their inve stment needs. The IMET Core Fund is designed for public funds that may be invested for longer than one year. The Core Fund carries the highest rating available (AAAf/bf) from Moody ’s for such funds. Member withdrawals can be made from the core fund with a five-day notice. The IMET Convenience Fund (CVF) is designed to accommodate funds requiring high liquidity, including short term cash management programs and temporary investment of bond proceeds. It is comprised of collateralized and FHLB LoC backed bank deposits, FDIC insured certificates of deposit and U.S. Government securities . Member withdrawals are generally on the same day as requested. Investments in IMET are valued at IMET’s share price, which is the price the investment could be sold . - 40 - CITY OF EVANSTON, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) 3. DEPOSITS WITH FINANCIAL INSTITUTIONS AND INVESTMENTS (Continued) a. Types of Accounts and Securities (Continued) It is the policy of the City to invest public funds in a manner whereby its investment objectives are prioritized in the following order: safety of principal, liquidity, and rate of return. The City also seeks to maintain diversification of investments to avoid overconcentration of any one specific issuer or business sector. To mitigate interest rate risk, the City tries to structure the investment portfolio to meet daily cash flow needs so as to avoid needing to sell securities on the open market. The City seeks to attain market rates of return consistent with constraints imposed by safety and cash flow ne eds. The City invests to conform to all state and local statutes governing the investment of public funds. More detail is available in the City ’s investment policy. The Firefighters’ and Police Pension Funds are set up for the exclusive purpose of providing retirement and other benefits to plan participants and beneficiaries. All investments are governed and authorized by the respective Fire and Police Pension Boards. The investment objectives and parameters mirror those listed above for the City. However , unlike the City ’s public funds, the Firefighters’ and Police Pension Funds may invest in various equity accounts up to a limit of 65% of the aggregate value of eac h respective fund ’s assets. The pension funds invest to conform to all state and local statutes governing pension funds. Additional detail is available in each pension fund ’s investment policies. b. Pooling of Cash and Investments Except for cash and investments in certain restricted and special accounts , the City pools the cash of various funds to maximize interest earnings. Interest income is allocated to the various funds based upon their respective participation. c. Types of Investments Interest Rate Risk. The City’s investment policy does not limit investment maturities as a means of managing its exposure to fair value losses arising from increasing interest rates. The objective is to maintain a core portfolio with maturities primarily in the three month to three years range. - 41 - CITY OF EVANSTON, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) 3. DEPOSITS WITH FINANCIAL INSTITUTIONS AND INVESTMENTS (Continued) c. Types of Investments (Continued) The following table presents the investment and maturities of the City ’s debt securities as of December 31 , 2024: Investment Maturities (in Years) Investment Type Fair Value Less than 1 1-5 6-10 Greater than 10 U.S. Treasury obligations $ 50,738,175 $ 15,099,110 $ 35,639,065 $ - $ - Municipal bonds 4,769,614 1,825,760 2,943,854 - - Negotiable CDs 737,541 737,541 - - - TOTAL $ 56,245,330 $ 17,662,411 $ 38,582,919 $ - $ - Credit Risk. State law limits investments in commercial paper, corporate bonds, and mutual bonds funds to the top two ratings issued by nationally recognized statistical rating organizations. The City ’s investment policy does not impose further limits on investment choices. The Illinois Funds and money markets were rated AAA by Standard & Poor ’s. IMET exclusively invests in AAA Standard & Poor ’s securities, such as treasury and agency obligations. The City ’s municipal bond investments were rated from Aa3 to Aa2 by Moody’s. IMET’s Convenience Fund collateralizes all of its deposits 110%. Investments in negotiable CDs were not rated. The investments of the City in The Illinois Funds, PMA, and IMET are valued at the funds ’ share price, the price for which the investments could be sold. The City has the following recurring fair value measurements as of December 31, 2024: The investments in municipal bonds and negotiable CDs are valued using quoted matrix pricing models (Level 2 inputs ). The U.S. Treasury obligations use Level 1 inputs. Custodial Credit Risk. For an investment, custodial credit risk is the risk that , in the event of the failure of the counterparty , the City will not be able to recover the value of its investment or collateral securities that are in the possession of an outside party. All of the City’s investments were insured , registered, or held by the counterparty ’s trust department in the City ’s name. Concentration of Credit Risk. It is the policy of the City to diversify its investment portfolio. Investments shall be diversified to eliminate the risk of loss resulting from overconcentration in a security , maturity, issuer, or class of securities. - 42 - CITY OF EVANSTON, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) 3. DEPOSITS WITH FINANCIAL INSTITUTIONS AND INVESTMENTS (Continued) d. Deposits Custodial Credit Risk. For a deposit, custodial credit risk is the risk that , in the event of the failure of the counterparty , the City will not be able to recover the value of its deposit or collateral securities that are in the possession of an outside party. Collateral is required for City deposits equal to or greater than the amount of City deposits which exceed FDIC insured amounts. The City’s depository pledges a Federal Home Loan Bank line of credit in the City’s name as collateral. All of the City ’s deposits were insured or collateralized at December 31, 2024. 4. RECEIVABLES a. Summary of Receivables Other receivables as of December 31 , 2024 for the City’s Governmental Activities and Business -Type Activities , including the applicable allowances for uncollectible accounts , are as follows: Governmental Activities Business-Type Activities Total Receivables (net, where applicable, of allowances for uncollectibles) Amusement tax $ 138,853 $ - $ 138,853 Hotel tax 113,696 - 113,696 Liquor tax 303,580 - 303,580 Local motor fuel tax 95,209 - 95,209 Parking tax 94,329 - 94,329 Transportation network tax 242,542 - 242,542 Athletic tax 463,265 - 463,265 Other miscellaneous 63,582 362,788 426,370 NET TOTAL RECEIVABLES $ 1,515,056 $ 362,788 $ 1,877,844 Governmental funds report deferred inflows of resources in connection with receivables for revenues that are not considered to be available to liquidate liabilities of the current period. Governmental funds also defer revenue recognition in connection with resources that have been received , but not yet earned. - 43 - CITY OF EVANSTON, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) 4. RECEIVABLES (Continued) b. Loans Receivable - Special Revenue Funds The City provides resources to city residents for the sale and rehabilitation of single - family and multi -family housing. Initial funding for these resources was from Community Development Block Grant (CDBG) and Housing and Urban Development (HUD) Funds. Three types of loans are made: (1) title transfer loans which are due in full when the housing unit is sold, (2) amortizing loans which are due in monthly installments over varying lengths of time, and (3) forgivable loans which are forgiven over varying lengths of time based on occupancy requirements. Repayments of principal and any interest earned on these receivables , which are recorded in the respective Special Revenue Funds, are used to make additional rehabilitation loans. An allowance of $78 ,000 exists in the Special Revenue Funds du e to doubtful accounts. Loan activity for the current period is summarized as follows on the following page: Loan Type Interest Rates Beginning Loans Made Loan Repayments Loan Adjustments Ending Title transfer 0% - 8% $ 2,482,479 $ 112,453 $ - $ - $ 2,594,932 Amortizing 0% - 8% 2,633,230 - 15,435 - 2,617,795 Forgivable 0% - 8% 4,433,063 - 1,170 (59,781) 4,372,112 Allowance (78,000) - - - (78,000) TOTAL LOANS $ 9,470,772 $ 112,453 $ 16,605 $ (59,781) $ 9,506,839 - 44 - CITY OF EVANSTON, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) 5. CAPITAL ASSETS a. Capital Asset Activity Capital asset activity for the year ended December 31, 2024, was as follows: Beginning Balances Increases Decreases Ending Balances GOVERNMENTAL ACTIVITIES Capital assets not being depreciated Land $ 7,250,067 $ - $ - $ 7,250,067 Right of way 18,695,896 - - 18,695,896 Artwork 471,051 37,429 - 508,480 Construction in progress 29,539,075 20,597,479 1,685,166 48,451,388 Total capital assets not being depreciated 55,956,089 20,634,908 1,685,166 74,905,831 Capital assets being depreciated/amortized Buildings and improvements 148,194,260 685,453 - 148,879,713 Office equipment and furniture 7,792,312 - - 7,792,312 Intangible assets 8,314,832 - - 8,314,832 Machinery and equipment 32,754,887 3,081,821 1,386,264 34,450,444 Infrastructure 215,428,599 1,999,897 - 217,428,496 Capitalized leases 502,532 - - 502,532 Total capital assets being depreciated/amortized 412,987,422 5,767,171 1,386,264 417,368,329 Less accumulated depreciation/amortization for Buildings and improvements 53,204,897 3,025,584 - 56,230,481 Office equipment and furniture 6,371,464 412,327 - 6,783,791 Intangible assets 7,753,816 147,608 - 7,901,424 Machinery and equipment 24,015,785 2,043,565 1,386,264 24,673,086 Infrastructure 145,398,947 6,716,202 - 152,115,149 Capitalized leases 502,532 - - 502,532 Total accumulated depreciation/amortization 237,247,441 12,345,286 1,386,264 248,206,463 Total capital assets being depreciated/amortized, net 175,739,981 (6,578,115) - 169,161,866 GOVERNMENTAL ACTIVITIES CAPITAL ASSETS, NET $ 231,696,070 $ 14,056,793 $ 1,685,166 $ 244,067,697 - 45 - CITY OF EVANSTON, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) 5. CAPITAL ASSETS (Continued) a. Capital Asset Activity (Continued) Beginning Balances Increases Decreases Ending Balances BUSINESS-TYPE ACTIVITIES Capital assets not being depreciated Land $ 4,592,141 $ - $ - $ 4,592,141 Construction in progress 12,040,938 23,870,652 657,529 35,254,061 Artwork 359,752 - - 359,752 Total capital assets not being depreciated 16,992,831 23,870,652 657,529 40,205,954 Capital assets being depreciated/amortized Land improvements 10,316,777 - - 10,316,777 Buildings and improvements 79,006,790 58,836 - 79,065,626 Leasehold improvements 772,131 - - 772,131 Plant 73,098,645 49,580 2,627,859 70,520,366 Transmission and distribution system 113,933,019 4,156,830 - 118,089,849 Sewer system and underground lines 264,614,390 571,382 - 265,185,772 Intangible assets 1,250,490 - - 1,250,490 Equipment 5,602,037 80,601 - 5,682,638 Parking meters 1,793,741 - - 1,793,741 Total capital assets being depreciated/amortized 550,388,020 4,917,229 2,627,859 552,677,390 Less accumulated depreciation/amortization Land improvements 5,386,737 465,967 - 5,852,704 Buildings and improvements 40,427,105 2,060,978 - 42,488,083 Leasehold improvements 454,229 23,404 - 477,633 Plant 27,193,917 1,792,734 2,210,985 26,775,666 Transmission and distribution system 16,959,244 1,647,321 - 18,606,565 Sewer system and underground lines 80,947,314 3,612,706 - 84,560,020 Intangible assets 1,122,470 93,022 - 1,215,492 Equipment 2,936,959 552,313 - 3,489,272 Parking meters 1,495,304 109,728 - 1,605,032 Total accumulated depreciation/amortization 176,923,279 10,358,173 2,210,985 185,070,467 Total capital assets being depreciated and amortized, net 373,464,741 (5,440,944) 416,874 367,606,923 BUSINESS-TYPE ACTIVITIES CAPITAL ASSETS, NET $ 390,457,572 $ 18,429,708 $ 1,074,403 $ 407,812,877 - 46 - CITY OF EVANSTON, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) 5. CAPITAL ASSETS (Continued) a. Capital Asset Activity (Continued) Depreciation and amortization expense was charged to functions/programs of the primary government as follows: GOVERNMENTAL ACTIVITIES General management and support $ 344,252 Public safety 647,499 Public works 8,697,157 Housing and economic development 9,303 Recreation and cultural opportunities 847,346 Internal service funds 1,799,729 TOTAL DEPRECIATION EXPENSE - GOVERNMENTAL ACTIVITIES $ 12,345,286 BUSINESS-TYPE ACTIVITIES Water $ 3,440,056 Sewer 3,844,892 Solid waste 112,224 Motor vehicle parking 2,961,001 TOTAL DEPRECIATION EXPENSE - BUSINESS-TYPE ACTIVITIES $ 10,358,173 The amount reported for Water Fund depreciation and amortization includes $70,86 3 amortization of the City’s asset retirement obligation. b. Construction Commitments The value of construction contracts signed , where the work has not yet been performed at December 31, 2024 is as follows: Capital Improvement Fund $ 12,910,080 General Fund 50,980 Crown Capital Improvement Fund 424,810 Motor Fuel Tax Fund 1,499,235 Water Fund 60,673,821 Sewer Fund 782,769 Motor Vehicle Parking System Fund 182,985 West Evanston TIF 515,487 Special Assessment Fund 18,737 Chicago Main TIF 932,930 Five Fifth TIF 74,011 Sustainability Fund 27,100 TOTAL CONSTRUCTION COMMITMENTS $ 78,092,945 - 47 - CITY OF EVANSTON, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) 6. INTERFUNDS a. Interfund Accounts The outstanding balances between funds result mainly from the time lag between the dates that (1) interfund goods and services are provided or reimbursable expenditures occur, (2) transactions are recorded in the accounting system , and (3) payments between funds are made. Due to/from other funds represent the current portion of these interfund loans, and advances to/from other funds represent the noncurrent portion. Due from/to other funds are as follows: Due From Due To General $ - $ 7,542,476 General Obligation Debt Service - 6,785,675 Capital Improvement - 2,528,739 ARPA - 2,651,244 Water - 6,889,778 Sewer 8,692,095 - Solid Waste 1,057,557 - Motor Vehicle Parking System - 301,196 Nonmajor Governmental 9,017,618 688,037 Internal Service 8,716,106 96,231 TOTAL $ 27,483,376 $ 27,483,376 b. Advances from/to other funds are as follows: Advance From Advance To General $ 227,349 $ - Nonmajor Governmental - 227,349 TOTAL $ 227,349 $ 227,349 c. Interfund Transfers Transfers are used to (1) move revenues from the fund with collection authorization to the Debt Service Fund as debt service principal and interest payments become due , (2) move restricted amounts from borrowings to the Debt Service Fund to establish mandatory reserve accounts , and (3) move restricted General Fund revenues to finance various programs that the government must account for in other funds in accordance with budgetary authorization , including amounts provided as subsidies or matching funds for various grant programs. - 48 - CITY OF EVANSTON, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) 6. INTERFUNDS (Continued) c. Interfund Transfers (Continued) Interfund transfers between funds for the year ended December 31 , 2024 were as follows: Transfers In Transfers Out Governmental Funds General Emergency Telephone System $ 99,996 $ - Special Assessment 92,004 - ARPA 417,200 - Good Neighbor 1,500,000 - Dempster-Dodge Tax Increment District 9,996 - Chicago Main Tax Increment District 30,000 - Howard Ridge Tax Increment District 75,000 - West Evanston Tax Increment District 75,000 - Water 4,129,008 - Sewer 639,996 - General Obligation Debt Service - 571,920 Solid Waste - 47,170 Motor Vehicle Parking System 2,972,388 - Crown Maintenance - 174,996 Sustainability - 200,004 Special Assessment - 1,000,000 Internal Service Funds - 2,300,000 Total General 10,040,588 4,294,090 General Obligation Debt Service General 571,920 - Sewer 293,316 - Chicago Main Tax Increment District 242,484 - Dempster-Dodge Tax Increment District 166,860 - Howard Ridge Tax Increment District 288,516 - Crown Construction 619,116 - Total General Obligation Debt Service 2,182,212 - ARPA General - 417,200 Equipment Replacement - 1,250,000 Total ARPA - 1,667,200 - 49 - CITY OF EVANSTON, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) 6. INTERFUNDS (Continued) c. Interfund Transfers (Continued) Transfers In Transfers Out Governmental Funds (Continued) Nonmajor Governmental Emergency Telephone System General $ - $ 99,996 Total Emergency Telephone System - 99,996 Affordable Housing Good Neighbor 1,000,000 - Total Affordable Housing 1,000,000 - Sustainability General 200,004 - Good Neighbor 500,000 - Total Sustainability 700,004 - Good Neighbor General - 1,500,000 Affordable Housing - 1,000,000 Sustainability - 500,000 Total Good Neighbor - 3,000,000 Chicago Main Tax Increment District General - 30,000 General Obligation Debt Service - 242,484 Total Chicago Main Tax Increment District - 272,484 Dempster-Dodge Tax Increment District General - 9,996 General Obligation Debt Service - 166,860 Total Dempster-Dodge Tax Increment District - 176,856 Howard Ridge Tax Increment District General - 75,000 General Obligation Debt Service - 288,516 Total Howard Ridge Tax Increment District - 363,516 - 50 - CITY OF EVANSTON, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) 6. INTERFUNDS (Continued) c. Interfund Transfers (Continued) Transfers In Transfers Out Governmental Funds (Continued) Nonmajor Governmental (Continued) West Evanston Tax Increment District General $ - $ 75,000 Total West Evanston Tax Increment District - 75,000 Crown Construction General Obligation Debt Service - 619,116 Total Crown Construction - 619,116 Crown Maintenance General 174,996 - Total Crown Maintenance 174,996 - Special Assessment General 1,000,000 92,004 Total Special Assessment 1,000,000 92,004 Total Nonmajor Governmental Funds 2,875,000 4,698,972 Total Governmental Funds 15,097,800 10,660,262 Enterprise Funds Water General - 4,129,008 Total Water - 4,129,008 Sewer General - 639,996 General Obligation Debt Service - 293,316 Total Sewer - 933,312 Solid Waste General 47,170 - Total Solid Waste 47,170 - - 51 - CITY OF EVANSTON, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) 6. INTERFUNDS (Continued) c. Interfund Transfers (Continued) Transfers In Transfers Out Enterprise Funds (Continued) Motor Vehicle Parking System General $ - $ 2,972,388 Total Motor Vehicle Parking System - 2,972,388 Total Enterprise Funds 47,170 8,034,708 Internal Service Funds Equipment Replacement General 2,300,000 - ARPA 1,250,000 - Total Equipment Replacement 3,550,000 - Total Internal Service Funds 3,550,000 - TOTAL PRIMARY GOVERNMENT $ 18,694,970 $ 18,694,970 Transfers between the primary government and component unit have been reclassified on the statement of activities. - 52 - CITY OF EVANSTON, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) 7. LONG-TERM DEBT a. Changes in Long-Term Debt G.O. Debt Governmental Activities Interest Rate Final Maturity Date Balances January 1, Restated Issued Payments Balances December 31, Current Portion Series 2013A 2.00%-4.75% 12/1/2033 $ 6,075,000 $ - $ 585,000 $ 5,490,000 $ 605,000 Series 2013B 2.00%-3.00% 12/1/2025 1,757,368 - 866,570 890,798 890,798 Series 2014A 1.25%-5.00% 12/1/2034 5,855,000 - 470,000 5,385,000 455,000 Series 2015A 2.00%-4.00% 12/1/2035 5,115,000 - 370,000 4,745,000 380,000 Series 2016A 2.00%-4.00% 12/1/2036 6,605,000 - 470,000 6,135,000 480,000 Series 2016B 2.00%-3.00% 12/1/2026 2,520,000 - 815,000 1,705,000 840,000 Series 2017A 3.00%-4.00% 12/1/2037 8,845,000 - 540,000 8,305,000 560,000 Series 2017B 4.00%-5.00% 12/1/2027 3,484,526 - 832,057 2,652,469 859,639 Series 2017C 2.05%-4.00% 12/1/2035 4,030,000 - 270,000 3,760,000 280,000 Series 2018A 3.12%-5.00% 12/1/2043 23,220,000 - 750,000 22,470,000 785,000 Series 2018B 2.29%-5.00% 12/1/2038 9,461,989 - 450,292 9,011,697 473,684 Series 2018C 4.00%-5.00% 12/1/2038 3,559,798 - 647,992 2,911,806 681,222 Series 2018D 3.70%-4.25% 12/1/2038 3,205,000 - 160,000 3,045,000 165,000 Series 2019A 1.72%-2.85% 12/1/2043 12,070,000 - 365,000 11,705,000 385,000 Series 2019B 1.66%-2.68% 12/1/2039 6,105,780 - 258,068 5,847,712 271,795 Series 2020A&B 1.42%-1.61% 12/1/2040 15,756,483 - 1,225,792 14,530,691 1,296,983 Series 2021 2.00%-5.00% 12/1/2041 10,848,900 - 798,150 10,050,750 817,000 Series 2024 4.00%-5.00% 12/1/2044 - 17,135,000 - 17,135,000 520,000 Subtotal G.O. debt governmental activities 128,514,844 17,135,000 9,873,921 135,775,923 10,746,121 Bonds premium 9,334,044 1,032,725 944,143 9,422,626 - OPEB liability - City 22,858,273 - 3,015,668 19,842,605 827,218 OPEB liability - Internal Service Funds 115,983 - 2,512 113,471 4,730 Net pension liability - IMRF 5,432,157 - 5,432,157 - - Net pension liability - Police Pension 106,273,070 8,482,974 - 114,756,044 - Net pension liability - Firefighters’ Pension 102,455,458 3,611,992 - 106,067,450 - Compensated absences payable - City 15,816,143 - 1,315,515 14,500,628 2,900,126 Compensated absences payable - Internal Service Funds 226,055 - 37,194 188,861 108,481 Claims payable 3,585,749 1,485,724 343,723 4,727,750 1,062,750 Subtotal other governmental activities liabilities 266,096,932 14,613,415 11,090,912 269,619,435 4,903,305 TOTAL GOVERNMENTAL ACTIVITIES DEBT AND LIABILITIES $ 394,611,776 $ 31,748,415 $ 20,964,833 $ 405,395,358 $ 15,649,426 - 53 - CITY OF EVANSTON, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) 7. LONG-TERM DEBT (Continued) a. Changes in Long-Term Debt (Continued) G.O. Debt Business-Type Activities Interest Rate Final Maturity Date Balances January 1, Restated Issued Payments Balances December 31, Current Portion Series 2013A 2.00%-4.75% 12/1/2033 $ 1,190,000 $ - $ 100,000 $ 1,090,000 $ 105,000 Series 2014 1.25%-5.00% 12/1/2034 1,755,000 - 130,000 1,625,000 135,000 Series 2015A 2.00%-4.00% 12/1/2035 3,775,000 - 255,000 3,520,000 265,000 Series 2016A 2.00%-4.00% 12/1/2036 2,605,000 - 170,000 2,435,000 175,000 Series 2017A 3.00%-4.00% 12/1/2037 735,000 - 45,000 690,000 45,000 Series 2018B 2.29%-5.00% 12/1/2038 4,730,993 - 225,146 4,505,847 236,842 Series 2018C 4.00%-5.00% 12/1/2038 725,202 - 132,009 593,193 138,778 Series 2019B 1.66%-2.68% 12/1/2039 3,418,193 - 144,474 3,273,719 152,160 Series 2020 2.00%-5.00% 12/1/2040 10,553,517 - 414,208 10,139,309 433,017 Series 2021 2.00%-5.00% 12/1/2041 2,136,100 - 321,850 1,814,250 328,000 Series 2024 4.00%-5.00% 12/1/2044 - 14,445,000 - 14,445,000 440,000 Subtotal G.O. debt business-type activities 31,624,005 14,445,000 1,937,687 44,131,318 2,453,797 IEPA loans 2.535%-3.590% Various 53,309,670 16,973,835 4,486,873 65,796,632 4,989,430 WIFIA loan 2.00% 12/1/2056 - 4,823,650 - 4,823,650 - Bonds premium 2,350,005 870,708 216,738 3,003,975 - Compensated absences payable - City 1,430,983 86,375 - 1,517,358 918,133 Asset retirement obligations 5,081,625 - - 5,081,625 - Net pension liability - IMRF 1,344,734 - 1,344,734 - - OPEB liabilities 1,030,763 42,424 - 1,073,187 44,740 Subtotal other business-type activities liabilities 65,547,780 22,796,992 6,048,345 81,296,427 5,952,303 TOTAL BUSINESS-TYPE ACTIVITIES DEBT AND LIABILITIES $ 96,171,785 $ 37,241,991 $ 7,986,032 $ 125,427,745 $ 8,406,100 Note: Sewer Fund, Water Fund, Solid Waste Fund, Parking Fund, and General Fund have been used to liquidate IMRF pension liability. General Fund, Fleet Fund, Water Fund, Parking Fund, Solid Waste Fund, and Sewer Fund have been used to liquidate other postemployment benefit obligations. The change in compensated absences is reported net of increases and decreases. At December 31, 2024 the City reports an IMRF net pension asset. - 54 - CITY OF EVANSTON, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) 7. LONG-TERM DEBT (Continued) b. Business -Type Activities - IEPA Loans Business -type activities IEPA loans are payable from revenues derived from Sewer and Water service fees. The City has pledged future revenues, net of operating expenses, to repay IEPA loans issued in 1994 through 20 24. Proceeds from the loans provided financing for the Long-Term Sewer and Water Improvement Program . The IEPA loans, payable from operating revenues, are payable through 2044. Annual principal and interest on the loans are expected to require $5,963,483 of net revenues for the fiscal year 202 5. The total principal and interest remaining to be paid on the loans is $74,135,743. Principal and interest paid for the current period and total customer net revenues were $5,304,556, and $8,349,562, respectively. c. Business -Type Activities - WIFIA Loans Business -type activities WIFIA loans are payable from revenues derived from Water service fees. Proceeds from the loan provide financing for the 1909 Intake Replacement Project. The WIFIA loan is a 30 year loan with an interest rate of 2.00%. Annual principal and interest on the loan is deferred until 2026. The total principal and interest remaining to be paid on the loans is $6,503,972. No principal and interest was paid for the current period. d. Debt Service Requirements The following schedule illustrates the annual debt service requirements to maturity for general obligation bonds. Fiscal Year General Obligation Bonds General Obligation Bonds Ending Payable from Governmental Activities Payable by Enterprise Funds December 31, Principal Interest Total Principal Interest Total 2025 $ 10,746,121 $ 5,235,738 $ 15,981,859 $ 2,453,797 $ 1,684,568 $ 4,138,365 2026 10,032,199 4,792,440 14,824,639 2,411,405 1,576,517 3,987,922 2027 9,393,941 4,371,935 13,765,876 2,518,130 1,469,584 3,987,714 2028 8,787,897 3,973,380 12,761,277 2,619,854 1,364,688 3,984,542 2029 8,398,716 3,603,123 12,001,839 2,624,200 1,255,605 3,879,805 2030-2034 40,176,410 13,451,631 53,628,041 13,615,254 4,709,996 18,325,250 2035-2039 31,020,639 6,741,256 37,761,895 11,943,678 2,357,274 14,300,952 2040-2044 17,220,000 1,836,188 19,056,188 5,945,000 630,000 6,575,000 TOTAL $ 135,775,923 $ 44,005,691 $ 179,781,614 $ 44,131,318 $ 15,048,232 $ 59,179,550 - 55 - CITY OF EVANSTON, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) 7. LONG-TERM DEBT (Continued) d. Debt Service Requirements (Continued) The following schedule illustrates the annual debt service requirements to maturity for IEPA Loans. Fiscal Year IEPA Loans Ending Payable by Enterprise Funds December 31, Principal Interest Total 2025 $ 4,989,430 $ 974,053 $ 5,963,483 2026 4,786,379 885,156 5,671,535 2027 4,428,944 801,013 5,229,957 2028 3,562,057 728,047 4,290,104 2029 3,395,522 675,566 4,071,088 2030-2034 17,299,074 2,603,768 19,902,842 2035-2039 16,448,155 1,349,883 17,798,038 2040-2044 10,887,071 321,625 11,208,696 TOTAL $ 65,796,632 $ 8,339,111 $ 74,135,743 The following schedule illustrates the annual debt service requirements to maturity for WIFIA Loans. Fiscal Year WIFIA Loans Ending Payable by Enterprise Funds December 31, Principal Interest Total 2025 $ - $ - $ - 2026 116,108 97,251 213,359 2027 118,430 94,906 213,336 2028 120,799 94,514 215,313 2029 123,215 90,073 213,288 2030-2034 654,038 412,020 1,066,058 2035-2039 722,112 343,265 1,065,377 2040-2044 797,269 267,355 1,064,624 2045-2049 880,251 183,544 1,063,795 2050-2054 971,869 91,010 1,062,879 2055-2059 319,559 6,384 325,943 TOTAL $ 4,823,650 $ 1,680,322 $ 6,503,972 - 56 - CITY OF EVANSTON, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) 7. LONG-TERM DEBT (Continued) e. Asset Retirement Obligations The City has recognized an asset retirement obligation (ARO) and related deferred outflow of resources in connection with its obligation to seal and abandon various intake pipelines at the end of their estimated useful lives in accordance with federal , state and/or local requirements. The ARO was measured using actual historical costs for similar abandonments, adjusted for inflation through the end of the year. The City estimates the remaining useful lives of the intake pipelines are 5 1 years. f. Debt Issuance The City issued $31,580,000 General Obligation Bonds, Series 2024, dated July 3, 2024. $17,135,000 of the proceeds are allocated to governmental activities and $14,445,000 are allocated to Water fund (business -type activities). The proceeds of the bonds are intended to finance capital improvements to the City. Debt service payments ranging from $960,000 to $2,340,000 are due annually through December 1, 20 44 with interest at 4.00% to 5.00% payable each June 1 and December 1. 8. LESSOR DISCLOSURES In accordance with GASB Statement No. 87, Leases, the City’s lessor activity is as follows: The City entered into a lease arrangement on May 1, 2015 to lease commercial property. Payments of $15,000 to $20,101 are due to the City in monthly installments through December 31, 2041. The lease agreement is noncancelable and maintains an interest rate of 1.837%. During the fiscal year, the City collected $188,250 and recognized a $174,943 reduction in the related deferred inflow of resource. The remaining lease receivable and offsetting deferred inflow of resource for this agreement is $3,081,058 and $2,813,666, respectively, as of December 31 , 2024. The City entered into a lease arrangement on October 1, 2016 to lease commercial property . Payments of $3,710 to $6,887 are due to the City in monthly installments through October 31, 2034. The lease arrangement is noncancelable and maintains an interest rate of 1.581%. During the fiscal year , the City collected $57,392 and recognized a $58,988 reduction in the related deferred inflow of resource. The remaining lease receivable and offsetting deferred inflow of resource for this agreement is $620,704 and $580,052, respectively, as of December 31, 202 4. - 57 - CITY OF EVANSTON, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) 8. LESSOR DISCLOSURES (Continued) The City entered into a lease arrangement on August 1, 2020 to lease commercial property. Payments of $110,352 to $133,525 are due to the City in annual installments through October 31, 2035. The lease arrangement is noncancelable and maintains an interest rate of 1.338%. During the fiscal year, the City collected $110,352 and recognized a $111,675 reduction in the related deferred inflow of resource. The remaining lease receivable and offsetting deferred inflow of resource for this agreement is $1,360,150 and $1,209,808, respectively, as of December 31 , 2024. The City entered into a lease arrangement on August 1, 2019 to lease commercial property. Payments of $1,200 to $1,815 are due to the City in monthly installments through July 31, 2034. The lease arrangement is noncancelable and maintains an interest rate of 1.581%. During the fiscal year, the City collected $16,410 and recognized a $16,644 reduction in the related deferred inflow of resource. The remaining lease receivable and offsetting deferred inflow of resource for this agreement is $170,414 and $159,515, respectively, as of December 31, 2024. The City entered into a lease arrangement on December 1, 201 6 to lease commercial property. Payments of $637 to $1,130 are due to the City in variable monthly installments through December 31, 2031. The lease arrangement is noncancelable and maintains an interest rate of 1.458%. During the fiscal year, the City collected $9,621 and recognized a $10,148 reduction in the related deferred inflow of resource. The remaining lease receivable and offsetting deferred inflow of resource for this agreement is $78,025 and $71,037, respectively , as of December 31, 2024. The City entered into a lease arrangement on April 12, 2018 to lease commercial property. Payments of $3,500 to $5,345 are due to the City in variable monthly installments through April 11, 2028. The lease arrangement is noncancelable and maintains an interest rate of 1.008%. During the fiscal year, the City collected $57,357 and recognized a $56,610 reduction in the related deferred inflow of resource. The remaining lease receivable and offsetting deferred inflow of resource for this agreement is $197,052 and $185,712, respectively, as of December 31, 2024. The City entered into a lease arrangement on December 1, 2019 to lease commercial property. Payments of $2,500 to $3,073 are due to the City in variable monthly installments through November 30, 2026. The lease arrangement is noncancelable and maintains an interest rate of 0.830%. During the fiscal year, the City collected $34,526 and recognized a $33,805 reduction in the related deferred inflow of resource. The remaining lease receivable and offsetting deferred inflow of resource for this agreement is $68,959 and $64,791, respectively, as of December 31, 2024. - 58 - CITY OF EVANSTON, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) 9. INDIVIDUAL FUND DISCLOSURES a. General Obligation Debt Service Fund The City usually adopts several resolutions abating portions of the property tax debt service levies. The amount of property taxes abated is derived from principal and interest payments by private assessments on street paving projects; additional water/sew er service fees related to the citywide water/sewer improvement project; revenues from the Motor Vehicle Parking System Fund associated with the Maple Garage , Sherman Garage, and Church Street Self -Park Garage; and General Obligation Debt Service Fund in terest income. b. Water Fund On January 28, 1997, the City executed a long -term water supply contract with the Village of Skokie, Illinois, to replace an expiring contract. The contract took effect on March 1, 1997 and continues in effect for a period of 20 years until February 28, 2017. The contract was extended further until December 31, 2040. The City provides potable Lake Michigan water to the Northwest Water Commission (NWWC) under a long -term water supply contract. Sale of potable water under this contract began on February 28 , 1985 and continues until February 28 , 2030. Under the terms of the current contract , the City is to supply NWWC sufficient potable Lake Michigan water to satisfy NWWC ’s maximum 24-hour demands for Lake Michigan water for resale to NWWC ’s customers. The City provides potable Lake Michigan water to the Morton Grove Niles Water Commission (MGNWC) under a long-term water supply contract. Sale of potable water under this contract began January 24 , 2017 and continues until December 31 , 2056. Under the terms of the current contract , the City is to supply MGNWC sufficient potable Lake Michigan water to satisfy MGNWC ’s maximum 24-hour demands for Lake Michigan water for resale to MGNW ’s customers. The City also provides potable Lake Michigan water to the Village of Lincolnwood under a long-term water supply contract. Sale of potable water under this contract began August 24, 2018 and continues until August 24 , 2047. The Water Fund revenues reflect payment from the Village of Skokie at the rate of $2.06 per 1000 gallons as agreed upon in 2017. - 59 - CITY OF EVANSTON, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) 9. INDIVIDUAL FUND DISCLOSURES (Continued) c. Special Service District No. 6 Special Service District No. 6 comprises the central business district of the City. The special district was established for the purpose of providing funds for special maintenance and repair and for promotion and advertisement. The annual property tax levy for 202 4 was $227,667 which includes an estimated allowance amount of $5,667. d. Special Service District No. 7 On December 9, 2019, the City Council adopted Ordinance No. 159 -O-19 which established Special Service District No. 7. Special Service District No. 7 comprises the central business district of the City. The special district was established for the purpose of providing funds for special maintenance and repair and for promotion and advertisement. The annual property tax levy for 2024 was $145,641 which includes an estimated allowance amount of $3,641. e. Special Service District No. 8 On December 9, 2019, the City Council adopted Ordinance No. 160 -O-19 which created Special Service District No. 8. Special Service District No. 8 comprises the central business district of the City. The special district was established for the purpose of providing funds for special maintenance and repair and for promotion and advertisement. The annual property tax levy for 2024 was $61,744 which includes an estimated allowance amount of $1,544. f. Special Service District No. 9 On December 9, 2019, the City Council adopted Ordinance No. 161 -O-19 which terminated the life of Special Service District No. 4 and reestablished the Special Service Area as Special Service Area No. 9. Special Service District No. 9 comprises the central business district of the City. The special district was established for the purpose of providing funds for special maintenance and repair and for promotion and advertisement. The annual property tax l evy for 2024 was $658,610 which includes an estimated allowance amount of $16,465. g. Special Service District No. 10 On January 22, 2024, the City Council adopted Ordinance No. 03-O-24 established Special Service Area No. 10. Special Service District No. 10 comprises the contiguous area along Howard St from the CTA tracks to just west of Asbury Ave . The special district was established for the purpose of providing funds for special maintenance and repair and for promotion and advertisement . The annual property tax levy for 2024 was $95,000 which includes an estimated allowance amount of $2,376 . - 60 - CITY OF EVANSTON, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) 10. FUND EQUITY a. Restricted Net Position - Fiduciary Funds Police Pension Fund for employee pension benefits $ 201,250,220 Firefighters’ Pension Fund restrictions for employee pension benefits 129,409,918 TOTAL FIDUCIARY FUNDS $ 330,660,138 b. Assigned Fund Balances General Fund Assigned for Parks and Recreation programs $ 1,791,231 Assigned for Mayor’s program 93,679 Assigned for Public Safety programs 335,058 Other assignments 96,878 Assigned for subsequent year’s budget 11,050,417 Total general fund 13,367,263 TOTAL ASSIGNED FUND BALANCES $ 13,367,263 11. 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; natural disasters; and injuries to the City ’s employees. The City maintains commercial all -risk property insurance to cover damage to city facilities and contents and other losses including business interruption and loss of rents. The coverage is subject to a deductible of $50,000 (except $100,000 for flood and earthquake and $10,000 for artwork) for each loss and each location. The City also maintains crime and fidelity insurance coverage with a $25,000 deductible to a limit of $2 ,000,000. In addition, coverage is maintained for ambulance/paramedic liability. For workers’ compensation, specific excess coverage in excess of $750 ,000 per occurrence is purchased from a commercial insurance company. For general liability claims , the City retains risk of loss of $1,250,000 to a limit of $20,000,000. Settled claims have not exceeded this coverage in any of the past three fiscal years. Workers’ compensation and general liability risks are accounted for in the Insurance Fund. The fund was established on March 1 , 1994 to administer general liability claims and workers ’ compensation programs on a cost -reimbursement basis. The fund accounts for the aforementioned liabilities of the City , but does not constitute a transfer of risk from the City. - 61 - CITY OF EVANSTON, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) 11. RISK MANAGEMENT (Continued) The City records estimated liabilities for workers ’ compensation and for general claims. Claims liabilities are based on estimates of the ultimate cost of reported claims including future claim adjustment expenses. Changes in the balances of claims liabilities during the past two fiscal years are as follows: Workers ’ Compensation General Liability Total DECEMBER 31, 2022 $ 1,442,242 $ 2,695,000 $ 4,137,242 New claims/estimate revisions 663,815 (145,001) 518,814 Claims payments (745,307) (325,000) (1,070,307) DECEMBER 31, 2023 1,360,750 2,224,999 3,585,749 New claims/estimate revisions 755,723 730,001 1,485,724 Claims payments (343,723) - (343,723) DECEMBER 31, 2024 $ 1,772,750 $ 2,955,000 $ 4,727,750 For its health insurance coverages , the City participates through a sub -pool in the Intergovernmental Personnel Benefit Cooperative (IPBC). IPBC is a public entity risk pool established in 1979 by certain units of local government in Illinois to administer some or all of the personnel benefit programs (primarily medical , dental, and life insurance coverage ) offered by these members to their officers and employees and to the officers and employees of certain other governmental, quasi-governmental, and nonprofit public service entities. Management consists of a Board of Directors comprised of one appointed representative from each member. The officers of IPBC are chosen by the Board of Directors from among their membership. The City does not exercis e any control over the activities of IPBC beyond its representation on the Board of Directors of the sub -pool. To obtain IPBC ’s financial statements, contact the administrative offices of IPBC at 301 East Irving Park Road , Streamwood, Illinois 60107. 12. CONTINGENCIES There are various claims and legal actions pending against the City for which provision has been made in the financial statements. At the present time , the City believes that the reserves established are sufficient so that the expected liability for these claims and legal actions will not materially exceed the amounts recorded in the financial statements. Amounts received or receivable from grantor agencies are subject to audit and adjustment by grantor agencies , principally the federal government. Any dis allowed claims, including amounts already collected, may constitute a liability of the applicable funds. The amount , if any, of the expenditures which may be disallowed by the grantor cannot be determined at this time although the City expects such amounts , if any, to be immaterial. - 62 - CITY OF EVANSTON, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) 13. JOINT VENTURES Solid Waste Agency of Northern Cook County On March 28, 1988, the Evanston City Council authorized agreements providing for the City ’s participation in the Solid Waste Agency of Northern Cook County (the Agency) and in the interim financing of that Agency. The Agency was planned and developed by the Northwest Municipal Conference, of which the City is a member. The Agency is empowered to plan , finance, construct, and operate a solid waste disposal system. The Agency is a municipal joint action agency created as of May 2 , 1988 under the provisions of the Intergovernmental Cooperation Act (the Act), 5 ILCS 220/3.2. The Agency consists of 23 municipalities. The Agency is governed by a Board of Directors consisting of one official selected by each member community who serves a two -year term. Each director has one vote. The Board of Directors determines the general policies of the Agency. The Executive Committee of the Agency consists of seven persons elected by the Board of Directors. Each person is entitled to one vote. The Executive Committee may take action not specifically reserved to the Board of Directors by the Act , the Agency agreement , or the by-laws. The authority to designate management, influence operations, and formulate budgets rests with the Board of Directors and Executive Committee. No one member has the ability to significantly influence operations; therefore , the Agency is not a component unit of any other governmental reporting entity. Under the 1992 project use agreement executed by the City with the Agency , the City’s share of project costs, including debt service and disposal , is based on its share of deliveries to the Wheeling Transfer Station for each year. The City does not control the Agency ’s fiscal management or operations nor is the City legally responsible for any more than its share of the Agency’s debt or operating deficits , if any. Complete financial statements for the Agency can be obtained at 77 W. Hintz Rd., Suite 200, Wheeling, Illinois, 60090. 14. OTHER POSTEMPLOYMENT BENEFITS a. Plan Administration The City administer s a single-employer defined benefit health care plan which provides coverage to active employees and retired members. Benefit provisions are established through collective bargaining agreements and state that eligible retire es and their spouses at established contribution rates. - 63 - CITY OF EVANSTON, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) 14. OTHER POSTEMPLOYMENT BENEFITS (Continued) b. Benefits Provided 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. The plan is not accounted for as a trust fund, as an irrevocable trust has not been established to account for the plan. The plan does not issue a separate report. The City ’s group health insurance plan provides coverage to active employees and retirees (or other qualified terminated employees ) at blended premium rates. This results in an other postemployment benefit (OPEB) for the retirees , commonly referred to as an implicit rate subsidy. To be eligible for benefits, an employee must qualify for retirement under one of the City’s retirement plans. 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 for their lifetime. The benefit levels are the same as those afforded to active employees. Benefits include general inpatient and outpatient medical services; mental , nervous and substance abuse care; vision care; dental care ; and prescriptions. Upon a retiree reaching age 65 years of age, Medicare becomes the primary insurer and the City ’s plan becomes secondary. c. Membership At December 31, 2024, membership consisted of: Inactive fund members and beneficiari es currently receiving benefit payments 71 Inactive fund members entitled to but not yet receiving benefit payments 5 Active fund members 784 TOTAL 860 Participating employers 1 - 64 - CITY OF EVANSTON, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) 14. OTHER POSTEMPLOYMENT BENEFITS (Continued) d. Contributions Contribution requirements are established through Illinois State laws. The City and the Library implicitly contribute the difference between retiree ’s contributions and unblended rates. Retirees pay 100% of the blended premiums to cover themselves and their covered dependents ranging from $595 for single coverage to $2 ,134 for family coverage. The City pays 100% of health care premiums for police officers and firefighters, their dependents and their surviving spouses and dependent children if they were injured or killed in the line of duty during an emergency , ranging from $595 for single coverage to $2,134 for family coverage. For the year ended December 31, 2024, the estimated contribution to the plan is $899,265. The annual OPEB cost (expense) is calculated based on the annual required contribution of the employer (ARC), an amount actuarially determined in accordance with parameters of GASB Statement No. 75. The ARC represents a level of funding that, if paid on an ongoing basis, is projected to cover normal cost each year and amortize any unfunded actuarial liabilities (or funding excess) over a period not to exceed 30 years. e. Actuarial Assumptions The total OPEB liability was determined by an actuarial valuation performed as of December 31, 2024 using the following actuarial methods and assumptions. Actuarial valuation date December 31, 2024 Measurement date December 31, 2024 Actuarial cost method Entry-age normal Assumptions Inflation 3.50% Discount rate 4.08% Healthcare cost trend r ates 6.50% initial to an ultimate trend rate of 4.50% Asset valuation method N/A Probabilities of death for participants were according to PubS-2010 base rates projected Fully Generationally using scale MP2021 for Police and Fire. For all others, the PubG - 2010 base rates projected Fully Generationally using scale MP2021 was used. - 65 - CITY OF EVANSTON, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) 14. OTHER POSTEMPLOYMENT BENEFITS (Continued) f. Discount Rate The discount rate was based on the S&P Municipal Bond 20 -year high-grade rate index rate for tax exempt general obligation municipal bonds rated AA or better at December 31, 2024. g. Changes in the Total OPEB Liability Total OPEB Liability BALANCES AT JANUARY 1, 2024 $ 24,347,127 Changes for the period Service cost 2,007,380 Interest 900,936 Changes in assumptions 107,608 Difference between expected and actual experience (4,892,979) Benefit payments (899,265) Other changes - Net changes (2,776,320) BALANCES AT DECEMBER 31, 2024 $ 21,570,807 There were changes in assumptions related to the discount rate and healthcare trend rates in 2024. The table presented above includes amounts for both the City and the Library. The City ’s proportionate share of the total OPEB liability at December 31, 2024 was $21,029,264. The Library’s proportionate share of the total OPEB liability at December 31, 202 4 was $541,543. h. Rate Sensitivity The following is a sensitive analysis of 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 and Library calculated using the discount rate of 4.08% as well as what the City’s and Library’s total OPEB liability would be if it were calculated using a discount rate that is 1 percentage point lower (3.08%) or 1 percentage point higher (5.08%) than the current rate: - 66 - CITY OF EVANSTON, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) 14. OTHER POSTEMPLOYMENT BENEFITS (Continued) h. Rate Sensitivity (Continued) 1% Decrease Current Discount Rate 1% Increase (3.08%) (4.08%) (5.08%) Total OPEB liability - City $ 23,213,218 $ 21,029,264 $ 19,100,619 Total OPEB liability - Library 597,784 541,543 491,877 Total OPEB liability $ 23,811,002 $ 21,570,807 $ 19,592,496 The table below presents the total OPEB liability of the City calculated using the healthcare rate of 4.50% to 6.50% 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 (3.50% to 5.50%) or 1 percentage point higher (5.50% to 7.50%) than the current rate: 1% Decrease Current Healthcare Rate 1% Increase (3.50% to 5.50%) (4.50% to 6.50%) (5.50% to 7.50%) Total OPEB liability - City $ 18,469,121 $ 21,029,264 $ 24,137,128 Total OPEB liability - Library 475,615 541,543 621,576 Total OPEB liability $ 18,944,736 $ 21,570,807 $ 24,758,704 i. OPEB Expense and Deferred Outflows of Resources and Deferred Inflows of Resources Related to OPEB For the year ended December 31 , 2024, the City recognized OPEB expense of $1,199,310. The Library’s share of OPEB expense was $320,479. At December 31, 2024, the City reported deferred outflows of resources and deferred inflows of resources related to OPEB from the following sources: City Library Total Deferred Outflows of Deferred Inflows of Deferred Outflows of Deferred Inflows of Deferred Outflows of Deferred Inflows of Resources Resources Resources Resources Resources Resources Difference between expected and actual experience $ - $ 7,414,329 $ - $ 190,933 $ - $ 7,605,262 Changes in assumption 3,618,701 1,602,475 92,138 38,650 3,710,839 1,641,125 Net difference between projected actual earnings on pension plan investments - - - - - - TOTAL $ 3,618,701 $ 9,016,804 $ 92,138 $ 229,583 $ 3,710,839 $ 9,246,387 - 67 - CITY OF EVANSTON, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) 14. OTHER POSTEMPLOYMENT BENEFITS (Continued) i. OPEB Expense and Deferred Outflows of Resources and Deferred Inflows of Resources Related to OPEB (Continued) Amounts reported as deferred outflows of resources and deferred inflows of resources related to OPEB will be recognized as OPEB expense as follows: Year Ending December 31 , 2025 $ (482,627) 2026 (482,627) 2027 (482,627) 2028 (482,627) 2029 (482,627) Thereafter (3,122,413) TOTAL $ (5,535,548) 15. EMPLOYEE RETIREMENT SYSTEMS The City contributes to three different defined benefit pension plans , the Illinois Municipal Retirement Fund (IMRF), an agent multiple-employer public employee retirement system; the Police Pension Plan , which is a single-employer pension plan; and the Firefighters’ Pension Plan, which is also a single-employer pension plan. The benefits , benefit levels, employee contributions , and employer contributions for all three plans are governed by Illinois Compiled Statutes (ILCS ) and can only be amended by the Illinois General Assembly. None of the pension plans issue separate reports on the pension plans. However, IMRF issues a publicly available report that includes fi nancial statements and supplementary information for the plan as a whole, but not for individual employers. Those reports can be obtained from IMRF, 2211 York Road, Suite 500, Oak Brook, Illinois 60523 or at imrf.org. The table below is a summary for all pension plans as reported as of and for the year ended December 31, 2024: Police Firefighters’ IMRF Pension Pension Total Net pension asset $ 1,437,743 $ - $ - $ 1,437,743 Net pension liability - 114,756,044 106,067,450 220,823,494 Deferred outflows of resources 21,636,406 24,141,207 15,760,845 61,538,458 Deferred inflows of resources 421,247 10,568,027 837,700 11,826,974 Pension expense (income) (5,161,739) 15,932,747 14,046,737 24,817,745 - 68 - CITY OF EVANSTON, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) 15. EMPLOYEE RETIREMENT SYSTEMS (Continued) a. Plan Descriptions Illinois Municipal Retirement Fund Plan Administration and Benefits Provided All employees (other than those covered by the Police Pension Plan or Firefighters’ Pension 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. Contributions These benefit provisions and all other requirements are established by state statute. Participating members are required to contribute 4.50% of their annual salary to IMRF. The City is required to contribute the remaining amounts necessary to fund IMRF as specified by statute. The employer contribution for the fiscal year ended December 31, 2024 was 2.91% of covered payroll. Plan Membership At December 31, 2023, IMRF membership consisted of: Inactive employees or their beneficiaries currently receiving benefits 742 Inactive employees entitled to but not yet receiving benefits 478 Active employees 536 TOTAL 1,756 - 69 - CITY OF EVANSTON, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) 15. EMPLOYEE RETIREMENT SYSTEMS (Continued) a. Plan Descriptions (Continued) Illinois Municipal Retirement Fund (Continued) Actuarial Assumptions The City’s net pension liability was measured as of December 31, 2023, 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 , 2023 Actuarial cost method Entry-age normal Assumptions Inflation 2.25% Salary increases 2.85% to 13.75% Interest rate 7.25% Asset valuation method Fair value The City has elected to report the data from the prior year IMRF valuation date due to when the current year valuation and audited financial statements become available. 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 contributions will be made at rates equal to the difference between actuarially determined co ntribution rates and the member rate. Based on those assumptions, the IMRF’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 of 7.25% was used to determine the total pension liability. - 70 - CITY OF EVANSTON, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) 15. EMPLOYEE RETIREMENT SYSTEMS (Continued) a. Plan Descriptions (Continued) Illinois Municipal Retirement Fund (Continued) Changes in the Net Pension Liability (Asset) (a) Total Pension (b) Plan Fiduciary (a) - (b) Net Pension Liability Liability Net Position (Asset) BALANCES AT JANUARY 1, 2023 $ 280,802,199 $ 273,306,467 $ 7,495,732 Changes for the period Service cost 3,824,107 - 3,824,107 Interest 19,885,915 - 19,885,915 Difference between expected and actual experience 9,012,648 - 9,012,648 Changes in assumptions (316,479) - (316,479) Employer contributions - 1,560,298 (1,560,298) Employee contributions - 2,204,956 (2,204,956) Net investment income - 30,319,316 (30,319,316) Benefit payments and refunds (16,851,528) (16,851,528) - Administrative expense - - - Other (net transfer) - 7,403,741 (7,403,741) Net changes 15,554,663 24,636,783 (9,082,120) BALANCES AT DECEMBER 31 , 2023 $ 296,356,862 $ 297,943,250 $ (1,586,388) The table presented above includes amounts for both the City and the Library. The City’s proportionate share of the net pension liability (asset) at January 1, 2023, the employer contributions, and the net pension liability at December 31, 2024 was $6,776,891, $1,414,098, and $(1,437,743), respectively. The Library’s proportionate share of the net pension liability at January 1, 2023, the employer contributions and the net pension liability at December 31 , 2024 was $718,841, $146,200, and $(148,645), respectively. - 71 - CITY OF EVANSTON, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) 15. EMPLOYEE RETIREMENT SYSTEMS (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 December 31 , 2024, the City recognized pension income of $(5,161,739). The Library recognized net pension income of $(490,493). At December 31, 2024, the City and the Library reported deferred outflows of resources and deferred inflows of resources related to IMRF from the following sources: City Library Total Deferred Outflows of Deferred Inflows of Deferred Outflows of Deferred Inflows of Deferred Outflows of Deferred Inflows of Resources Resources Resources Resources Resources Resources Difference between expected and actual experience $ 6,375,519 $ 221,424 $ 659,148 $ 22,892 $ 7,034,667 $ 244,316 Changes in assumption - 199,823 - 20,660 - 220,483 Net difference between projected and actual earnings on pension plan investments 13,853,028 - 1,432,229 - 15,285,257 - Employer contributions subsequent to the measurement date 1,407,859 - 145,555 - 1,553,414 - TOTAL $ 21,636,406 $ 421,247 $ 2,236,932 $ 43,552 $ 23,873,338 $ 464,799 $1,553,414 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 net pension liability in the reporti ng year ending December 31, 2025. Other amounts reported as deferred outflows of resources and deferred inflows of resources related to IMRF will be recognized in pension expense as follows: Year Ending December 31, City Library Total 2025 $ 4,125,595 $ 426,534 $ 4,552,129 2026 6,999,720 723,683 7,723,403 2027 10,623,386 1,098,324 11,721,710 2028 (1,941,401) (200,716) (2,142,117) Thereafter - - - TOTAL $ 19,807,300 $ 2,047,825 $ 21,855,125 - 72 - CITY OF EVANSTON, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) 15. EMPLOYEE RETIREMENT SYSTEMS (Continued) a. Plan Descriptions (Continued) Illinois Municipal Retirement Fund (Continued) Discount Rate Sensitivity The following is a sensitiv ity 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 Current Discount Rate 1% Increase (6.25%) (7.25%) (8.25%) Net pension liability (asset) City $ 27,756,990 $ (1,437,743) $ (24,650,474) Library 2,869,732 (148,645) (2,548,557) TOTAL $ 30,626,722 $ (1,586,388) $ (27,199,031) 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 Police Pension 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’s Council, one member is elected by pension beneficiaries and two members are elected by active police employees. 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. - 73 - CITY OF EVANSTON, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) 15. EMPLOYEE RETIREMENT SYSTEMS (Continued) a. Plan Descriptions (Continued) Police Pension Plan (Continued ) Plan Membership At December 31, 2024, the Police Pension Plan membership consisted of: Inactive plan members currently receiving benefits 203 Inactive plan members entitle d to but not yet receiving benefits 24 Active plan members 136 TOTAL 363 Benefits Provided The Police Pension Plan provides retirement benefits through two tiers of 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 a reduced benefit. The monthly benefit of a police officer who retired with 20 or more years of service after January 1 , 1977 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 dividing 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 $1 13,645, 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 t o - 74 - CITY OF EVANSTON, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) 15. EMPLOYEE RETIREMENT SYSTEMS (Continued) a. Plan Descriptions (Continued) Police Pension Plan (Continued ) Benefits Provided (Continued) 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. Contributions Covered 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 Police Pension Plan as actuarially determined by an enrolled actuary , including amounts for administrative costs . Benefits and refunds are recorded as a liability when due and payable. Effective January 1, 2011, the City has until the year 2040 to fund 90% of the past service cost for the Police Pension Pla n. However, the City has elected to fund 100% of the past service cost by 2040. The City’s contribution was 76.31% of covered payroll for the year ended December 31, 2024. 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 w ithin 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 t he 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. - 75 - CITY OF EVANSTON, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) 15. EMPLOYEE RETIREMENT SYSTEMS (Continued) a. Plan Descriptions (Continued) Police Pension Plan (Continued ) Deposits with Financial Institutions The plan retains all of its available cash with two financial institutions. 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 a bank’s failure, the fund’s deposits may not be returned to them. The fund’s investment policies do not require pledging of collateral for all bank balances in excess of federal depository insurance, since flow -through FDIC insurance is available for the fund’s deposits with financial institutions. 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 report. For additional information on IPOPIF’s investments, please refer to their annual report as of June 30, 2024. 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 significan t unobservable inputs. The plan held no investments subject to fair value measurement at December 31, 2024. - 76 - CITY OF EVANSTON, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) 15. EMPLOYEE RETIREMENT SYSTEMS (Continued) a. Plan Descriptions (Continued) Police Pension Plan (Continued ) Net Asset Value The Net Asset Value (NAV) of the plan’s pooled investment in IPOPIF was $196,981,138 at December 31, 2024. The pooled investments consist of the investments as noted in the target allocation table below. 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 December 31, 2024. 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 Policy IPOPIF’s investment policy was originally adopted by the Board of Trustees on December 17, 2021. IPOPIF has the authority to invest trust fund assets in any type of security subject to the requirements and restrictions set forth in the Illinois Pension Code and is not restricted by the Pension Code sections that pertain exclusively to the Article 3 participating police pension funds. IPOPIF shall be subject to the provisions of the Illinois Pension Code including, but not limited to, utilization of emerging investment managers and utilization of businesses owned by minorities, women and persons with disabilities. Investment Rate of Return For the year ended December 31, 2024, the annual money-weighted rate of return on pension plan investments, net of pension plan investment expense, was 13.47%. The money-weighted rate of return expresses investment performance, net of investment expense, adjusted for the changing amounts actually invested. - 77 - CITY OF EVANSTON, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) 15. EMPLOYEE RETIREMENT SYSTEMS (Continued) a. Plan Descriptions (Continued) Police Pension Plan (Continued) Changes in the Net Pension Liability (a) Total Pension (b) Plan Fiduciary (a) - (b) Net Pension Liability Net Position Liability BALANCES AT JANUARY 1, 2024 $ 282,345,010 $ 176,071,940 $ 106,273,070 Changes for the period Service cost 4,158,038 - 4,158,038 Interest 18,095,141 - 18,095,141 Difference between expected and actual experience 27,640,583 - 27,640,583 Changes in assumptions - - - Changes of benefit terms - - - Employer contributions - 13,215,672 (13,215,672) Employee contributions - 1,716,365 (1,716,365) Net investment income - 26,540,549 (26,540,549) Benefit payments and refunds (16,232,508) (16,232,508) - Administrative expense - (61,798) 61,798 Net changes 33,661,254 25,178,280 8,482,974 BALANCES AT DECEMBER 31 , 2024 $ 316,006,264 $ 201,250,220 $ 114,756,044 The plan’s fiduciary net position as a percentage of the total pension liability was 63.69% at December 31, 2024. In 2024, there were no changes in assumptions. - 78 - CITY OF EVANSTON, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) 15. EMPLOYEE RETIREMENT SYSTEMS (Continued) a. Plan Descriptions (Continued) Police Pension Plan (Continued ) Actuarial Assumptions The total pension liability above was determined by an actuarial valuation performed as of December 31, 2024, using the following actuarial methods and assumptions. Actuarial valuation date December 31 , 2024 Measurement date December 31 , 2024 Actuarial cost method Entry-age normal Assumptions Inflation 2.50% Salary increases 3.00% to 9.00% Interest rate 6.50% Cost of living adjustments Tier 1 at 3.00% Tier 2 at 1.25% Asset valuation method Fair value The discount rate was based on The Bond Buyer 20 -Bond GO Index , which is based on an average of certain general obligation municipal bonds maturing in 20 years and having an average rating equivalent of Moody ’s Aa2 and Standard & Poor’s AA. Mortality rates were based on the PubS.H-2010 Study using improvement scale MP - 2020. 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 ’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 fund’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. - 79 - CITY OF EVANSTON, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) 15. EMPLOYEE RETIREMENT SYSTEMS (Continued) a. Plan Descriptions (Continued) Police Pension Plan (Continued ) Discount Rate Sensitivity The following is a sensitivity analysis of the net pension liability to changes in the discount rate. The table below presents the net pension liability of the Plan calculated using the discount rate of 6.50% as well as what the Plan’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 Current Discount Rate 1% Increase (5.50%) (6.50%) (7.50%) Net pension liability $ 158,469,507 $ 114,756,044 $ 79,155,433 Pension Expense and Deferred Outflows of Resources and Deferred Inflows of Resources For the year ended December 31, 2024, the City recognized police pension expense of $15,932,747. At December 31, 2024, the City reported deferred outflows of resources and deferred inflows of resources related to the police pension from the following sources: Deferred Outflows of Deferred Inflows of Resources Resources Difference between expected and actual experience $ 22,500,397 $ 1,437,928 Changes in assumption 1,640,810 - Net difference between projected and actual earnings on pension plan investments - 9,130,099 TOTAL $ 24,141,207 $ 10,568,027 - 80 - CITY OF EVANSTON, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) 15. EMPLOYEE RETIREMENT SYSTEMS (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 December 31, 2025 $ 6,659,380 2026 9,287,731 2027 639,571 2028 (3,013,502) 2029 - Thereafter - TOTAL $ 13,573,180 Firefighters’ Pension Plan Plan Administration Fire sworn personnel are covered by the Firefighters ’ 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 5/4-1) and may be amended only by the Illinois legislature. The City accounts for the Firefighters’ Pension 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 ’s Council, one member is elected by pension beneficiaries and two members are elected by active firefighter employees. 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. - 81 - CITY OF EVANSTON, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) 15. EMPLOYEE RETIREMENT SYSTEMS (Continued) a. Plan Descriptions (Continued) Firefighters’ Pension Plan (Continued) Plan Membership At December 31, 2024, the Firefighters’ Pension Plan membership consisted of: Inactive plan members currently receiving benefits 146 Inactive plan members entitle to but not yet receiving benefits 7 Active plan members 115 TOTAL 268 Benefits Provided The Firefighters’ Pension Plan provides retirement benefits through two tiers of 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 re tirement benefit equal to one-half of the salary attached to the rank held at the date of retirement. The annual benefit shall be increased by 2.50% of such salary for each additional year of service over 20 years up t o 30 years to a maximum of 75% of such salary. Employees with at least ten years but less than 20 years of credited service may retire at or after age 60 and receive a reduced bene fit. The monthly benefit of a covered employee who retired with 20 or more years of service after January 1, 1977 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 dividing 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 firefighter 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. Firefighters’ salary for pension purposes is capped at $1 13,645, 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 t o 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). - 82 - CITY OF EVANSTON, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) 15. EMPLOYEE RETIREMENT SYSTEMS (Continued) a. Plan Descriptions (Continued) Firefighters’ Pension Plan (Continued) Benefits Provided (Continued) The monthly benefit of a Tier 2 firefighter shall be increased annually at age 60 on the January 1st after the firefighter 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. Contributions Covered employees are required to contribute 9.455% of their base salary to the Firefighters’ 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 finance the Firefighters’ Pension Plan as actuarially determined by an enrolled actuary including amounts for administrative costs. Benefits and refunds are recorded as a liability when due and payable. Effective January 1, 2011, the City has until the year 2040 to fund 90% of the past services costs for the Firefighters ’ Pension Plan. However, the City has elected to fund 100% of the past service cost by 2040. The City’s contribution was 86.49% of covered payroll for the year ended December 31, 2024. Illinois Firefighters’ Pension Investment Fund The Illinois Firefighters ’ Pension Investment Fund (IFPIF) is an investment trust fund responsible for the consolidation and fiduciary management of the pension assets of Illinois suburban and downstate firefighter pension funds. IFPIF 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. Participation in IFPIF by Illinois suburban and downstate firefighter pension funds is mandatory. The pension fund transferred their investment assets to the IFPIF in January 2022. - 83 - CITY OF EVANSTON, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) 15. EMPLOYEE RETIREMENT SYSTEMS (Continued) a. Plan Descriptions (Continued) Firefighters’ Pension Plan (Continued) 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 IFPIF 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 fund’s deposits may not be returned to it. The fund’s investment policy requires that any funds deposited directly in financial institutions should be made with fully federally insured financial institutions and that any deposits in excess of FDIC insurance should be collateralized at 110% of the fair marke t value of the deposits. The collateral will be held in a safekeeping by a third party a nd evidenced by a written agreement. Investments Investments of the plan are combined in a commingled external investment pool and held by IFPIF. A schedule of investment expenses is included in IFPIF ’s annual report. For additional information on IFPIF’s investments, please refer to their annual report as of June 30, 2023. A copy of that report can be obtained from IFPIF at 1919 South Highland Avenue, Building A, Suite 237, Lombard, Illinois 60148 or at https://ifpif.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 December 31, 2024. - 84 - CITY OF EVANSTON, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) 15. EMPLOYEE RETIREMENT SYSTEMS (Continued) a. Plan Descriptions (Continued) Firefighters’ Pension Plan (Continued) Net Asset Value The Net Asset Value (NAV) of the plan’s pooled investment in IFPIF was $127,289,161 at December 31, 202 4. The pooled investments consist of the investments as noted in the target allocation table available at https://ifpif.org. Investments in IFPIF are valued at IFPIF’s share price, which is the price the investment could be sold. There are no unfunded commitments at December 31, 202 4. The plan may redeem shares by giving notice by 5:00 pm central time on the 1st of each month. Requests properly submitted on or before the 1st of each month will be processed for redemption by the 14 th of the month. Expedited redemptions may be processed at the sole discretion of IFPIF. Investment Policy IFPIF’s current investment policy was adopted by the Board of Trustees on June 17, 2022. IFPIF is authorized to invest in all investments allowed by ILCS. The IFPIF shall not be subject to any of the limitations applicable to investments of pension fund assets currently held by the transferor pension funds under Sections 1 -113.1 through 1-113.12 or Article 4 of the Illinois Pension Code. Investment Rate of Return For the year ended December 31, 2024, the annual money-weighted rate of return on pension plan investments, net of pension plan investment expense , was 11%. The money- weighted rate of return expresses investment performance , net of investment expense, adjusted for the changing amounts actually invested. - 85 - CITY OF EVANSTON, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) 15. EMPLOYEE RETIREMENT SYSTEMS (Continued) a. Plan Descriptions (Continued) Firefighters’ Pension Plan (Continued) Changes in the Net Pension Liability (a) Total Pension (b) Plan Fiduciary (a) - (b) Net Pension Liability Net Position Liability BALANCES AT JANUARY 1, 2024 $ 217,241,657 $ 114,786,199 $ 102,455,458 Changes for the period Service cost 3,743,916 - 3,743,916 Interest 13,984,665 - 13,984,665 Changes in benefit terms - - - Difference between expected and actual experience 12,180,910 - 12,180,910 Changes in assumptions - - - Employer contributions - 12,355,183 (12,355,183) Employee contributions - 1,350,581 (1,350,581) Net investment income - 12,712,777 (12,712,777) Benefit payments and refunds (11,673,780) (11,673,780) - Administrative expense - (121,042) 121,042 Net changes 18,235,711 14,623,719 3,611,992 BALANCES AT DECEMBER 31, 2024 $ 235,477,368 $ 129,409,918 $ 106,067,450 The plan’s fiduciary net position as a percentage of the total pension liability was 54.96% at December 31, 2024. See the schedule of changes in the employer’s net pension liability and related ratios in the required supplementary information for additional information related to the funded status of the fund. - 86 - CITY OF EVANSTON, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) 15. EMPLOYEE RETIREMENT SYSTEMS (Continued) a. Plan Descriptions (Continued) Firefighters’ Pension Plan (Continued) Actuarial Assumptions The total pension liability above was determined by an actuarial valuation performed as of December 31, 2024 using the following actuarial methods and assumptions. Actuarial valuation date December 31 , 2024 Measurement date December 31 , 2024 Actuarial cost method Entry-age normal Assumptions Inflation 2.50% Salary increases 3.62% to 7.36% Interest rate 6.50% Cost of living adjustments Tier 1 at 3.00% Tier 2 at 1.25% Asset valuation method Fair value The discount rate was based on The Bond Buyer 20 -Bond GO Index , which is based on an average of certain general obligation municipal bonds maturing in 20 years and having an average rating equivalent of Moody ’s Aa2 and Standard & Poor’s AA. Mortality rates were based on the PubS .H-2010 Study using improvement scale MP-2020 applied on a fully generational basis. 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. Therefore, the long-term expected rate of return on pensio n plan investments was applied to all periods of projected benefit payments to determine the total pension liability. - 87 - CITY OF EVANSTON, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) 15. EMPLOYEE RETIREMENT SYSTEMS (Continued) a. Plan Descriptions (Continued) Firefighters’ Pension Plan (Continued) Discount Rate Sensitivity The following is a sensitivity analysis of the net pension liability to changes in the discount rate. The table below presents the net pension liability of the Plan calculated using the discount rate of 6.50% as well as what the Plan’s net pension liability would be if it were calculated using a discount rate that is 1 p ercentage point lower (5.50%) or 1 percentage point higher (7.50%) than the current rate: 1% Decrease Current Discount Rate 1% Increase (5.50%) (6.50%) (7.50%) Net pension liability $ 138,811,909 $ 106,067,450 $ 79,351,030 Pension Expense and Deferred Outflows of Resources and Deferred Inflows of Resources For the year ended December 31, 2024, the City recognized firefighters’ pension expense of $14,046,737. At December 31, 2024, the City reported deferred outflows of resources and deferred inflows of resources related to the firefighters ’ pension from the following sources: Deferred Outflows of Deferred Inflows of Resources Resources Difference between expected and actual experience $ 12,671,694 $ - Changes in assumption 3,089,151 - Net difference between projected and actual earnings on pension plan investments - 837,700 TOTAL $ 15,760,845 $ 837,700 - 88 - CITY OF EVANSTON, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) 15. EMPLOYEE RETIREMENT SYSTEMS (Continued) a. Plan Descriptions (Continued) Firefighters’ 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 firefighters pension will be recognized in pension expense as follows: Year Ending December 31 , 2025 $ 4,553,956 2026 5,922,942 2027 1,011,294 2028 1,404,801 2029 2,030,152 Thereafter - TOTAL $ 14,923,145 - 89 - CITY OF EVANSTON, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) 16. PENSION TRUST FUNDS Fiduciary Funds Summary Financial Information The following is summary financial information for the Police Pension Plan and the Firefighters’ Pension Plan. Statement of Net Position Pension Trust Police Pension Firefighters’ Pension Total ASSETS Cash and cash equivalents $ 3,968,739 $ 2,099,883 $ 6,068,622 Investments Common stock 300,343 - 300,343 Investments held in the Illinois Firefighters’ Pension Investment Fund - 127,289,161 127,289,161 Investments held in the Illinois Police Pension Investment Fund 196,981,138 - 196,981,138 Prepaid items - 9,254 9,254 Receivables Accounts - 3,123 3,123 Accrued interest - 5,514 5,514 Due from City - 10,108 10,108 Total assets 201,250,220 129,417,043 330,667,263 LIABILITIES Accounts payable - 7,125 7,125 Total liabilities - 7,125 7,125 NET POSITION HELD IN TRUST FOR PENSION BENEFITS $ 201,250,220 $ 129,409,918 $ 330,660,138 - 90 - CITY OF EVANSTON, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) 16. PENSION TRUST FUNDS (Continued) Fiduciary Funds Summary Financial Information (Continued) Changes in Plan Net Position Pension Trust Police Pension Firefighters’ Pension Total ADDITIONS Contributions Employer $ 13,215,672 $ 12,355,183 $ 25,570,855 Plan members 1,716,365 1,350,581 3,066,946 Total contributions 14,932,037 13,705,764 28,637,801 Investment income Net appreciation in fair value of investments 24,202,859 10,121,524 34,324,383 Interest 2,831,520 2,739,857 5,571,377 Total investment income 27,034,379 12,861,381 39,895,760 Less investment expense (493,830) (148,604) (642,434) Net investment income 26,540,549 12,712,777 39,253,326 Total additions 41,472,586 26,418,541 67,891,127 DEDUCTIONS Administrative 61,798 121,042 182,840 Benefits and refunds 16,232,508 11,673,780 27,906,288 Total deductions 16,294,306 11,794,822 28,089,128 NET INCREASE 25,178,280 14,623,719 39,801,999 NET POSITION HELD IN TRUST FOR PENSION BENEFITS January 1 176,071,940 114,786,199 290,858,139 December 31 $ 201,250,220 $ 129,409,918 $ 330,660,138 - 91 - CITY OF EVANSTON, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) 17. EVANSTON LIBRARY COMPONENT UNIT This report contains the Evanston Public Library (the Library), which is included as a component unit. Financial information is presented as a discrete column in the statement of net position and statement of activities. In addition to the basic financial statements and the preceding notes to financial statements which apply , the following additional disclosures are considered necessary for a fair presentation. a. Basis of Accounting/Measurement Focus The Library follows the accrual basis of accounting and the flow of economic resources measurement focus at the government -wide level and the modified accrual basis of accounting and the current financial resources measurement focus for its governmental funds. b. Deposits and Investments Illinois Statutes authorize the Library to invest in obligations of the U.S. Treasury , in Government Sponsored Enterprises (GSE) such as Federal Home Loan Mortgage Corporation (FHLMC), Federal Home Loan Bank (FHLB), and Fannie Mae (FNMA); bankers acceptances as well as commercial paper rated only in the highest tier; repurchase agreements of the highest grade; collateralized certificates of deposit issued by FDIC insured financial institutions , money market mutual funds with portfolios limited to securities guaranteed by the United States Government , IMET, and The Illinois Funds. Library investments consists of equities , ETFs, money market funds, mutual funds, corporate bonds, and U.S. Treasuries. Investments are reported at fair value , except that non-negotiable certificate of deposits are stated at cost. The Library has a formal investment policy adopted by its governing board to handle endowment funds. The funds will be invested and administered by a three -member committee. It is the general policy of the Library to invest its funds in a manner which will provide the highest in vestment return with the maximum security while meeting the daily cash flow demands of the Library and conforming to all state and local statutes governing the investment of public funds using “prudent person” standard for managing the overall portfolio. It may be noted though that the Library has investments in equities which is not permissible under the state statutes. Interest Rate Risk is the risk that changes in interest rates will adversely affect the fair value of an investment. The exposure to interest rate risk can be limited by structuring the portfolio to provide liquidity for cash requirements for ongoing opera tions in shorter term securities. - 92 - CITY OF EVANSTON, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) 17. EVANSTON LIBRARY COMPONENT UNIT (Continued) b. Deposits and Investments (Continued) Credit Risk is the risk that the issuer of the debt security will not pay its par value upon maturity. The Library’s investment policy has several guidelines to minimize the potential losses on individual investment by diversifying the investment portfolio , not permitting the investment in certain high risk securities. State law limits investments in commercial paper, corporate bonds , and mutual bonds funds to the top two ratings issued by nationally recognized statistical rating organizations. The Illinois Funds, created by the Illinois State Legislature under the control of the State Comptroller, operates as qualified external investment pools in accordance with the criteria established in GASB Statement No. 79 , Certain External Investment Pools and Pool Participants, and thus, reports all investments at amortized cost rather than fair value. The investment in The Illinois Funds by participants is also reported at amortized cost. The Illinois Funds does not have any limitations or restrictions on participant withdrawals. The Illinois Funds Treasurer ’s Office issues a separate financial report for The Illinois Funds which may be obtained by contacting the Administrative Office at Illinois Business Center, 400 West Monroe Street, Suite 401, Springfield, Illinois 62704. IMET is a local government investment pool. Created in 1996 as a not-for-profit trust formed under the Intergovernmental Cooperation Act and the Illinois Municipal Code . IMET was formed to provide Illinois government agencies with safe, liquid, attractive alternatives for investing and is managed by a Board of Trustees elected from the participating members. IMET offers participants two separate vehicles to meet their investment needs. The IMET Core Fund is designed for public funds that may be invested for longer than one year. The Core Fund carries the highest rating available (AAAf/bf) from Moody's for su ch funds. Member withdrawals can be made from the core fund with a five-day notice. The IMET Convenience Fund (CVF) is designed to accommodate funds requiring high liquidity, including short term cash management programs and temporary investment of bond proceeds. It is comprised of collateralized and FHLB LoC backed bank deposits, FDIC insured certificates of depo sit and U.S. Government securities. Member withdrawals are generally on the same day as requested. Investments in IMET are valued at IMET’s share price, which is the price the investment could be sold. c. Custodial Credit Risk For a deposit , custodial credit risk is the risk that , in the event of the failure of the counterparty, the Library will not be able to recover the value of its deposit or collateral securities that are in the possession of an outside party. At December 31 , 2024, all of the Library’s deposits were insured or collateralized by an agent of the Library in the Library’s name. - 93 - CITY OF EVANSTON, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) 17. EVANSTON LIBRARY COMPONENT UNIT (Continued) c. Custodial Credit Risk (Continued) For an investment , custodial credit risk is the risk that , in the event of the failure of the counterparty, the Library will not be able to recover the value of its investment or collateral securities that are in the possession of an outside party. The Illinois Funds are not subject to custodial credit risk. d. Capital Asset Activity Library capital asset activity for the year ended December 31 , 2024, was as follows: Beginning Balances Increases Decreases Ending Balances Capital assets not being depreciated Land $ 311,380 $ - $ - $ 311,380 Total capital assets not being depreciated/amortized 311,380 - - 311,380 Capital assets being depreciated Buildings and improvements 21,976,836 116,250 - 22,093,086 Office equipment and furniture 2,285,009 - - 2,285,009 Infrastructure 335,781 - - 335,781 Total capital assets being depreciated/amortized 24,597,626 116,250 - 24,713,876 Less accumulated depreciation/amortization for: Buildings and improvements 11,600,839 685,610 - 12,286,449 Office equipment and furniture 2,285,009 - - 2,285,009 Infrastructure 220,427 25,335 - 245,762 Total accumulated depreciation/amortization 14,106,275 710,945 - 14,817,220 Total capital assets being depreciated/amortized, net 10,491,351 (594,695) - 9,896,656 GOVERNMENTAL ACTIVITIES CAPITAL ASSETS, NET $ 10,802,731 $ (594,695) $ - $ 10,208,036 - 94 - CITY OF EVANSTON, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) 17. EVANSTON LIBRARY COMPONENT UNIT (Continued) e. Long-Term Debt Long-term obligations activity for the year ended December 31, 2024 was as follows: Interest Rate Final Maturity Date Balance January 1, 2024, Restated Issued Payments Balance December 31, 2024 Due Within One Year General obligation debt Series 2013B 2.00% - 3.00% 12/1/2025 $ 57,632 $ - $ 28,430 $ 29,202 $ 29,202 Series 2016A 2.00% - 4.00% 12/1/2036 470,000 - 30,000 440,000 30,000 Series 2017A 3.00% - 4.00% 12/1/2037 1,070,000 - 60,000 1,010,000 65,000 Series 2017B 4.00% - 5.00% 12/1/2027 305,474 - 72,943 232,531 75,361 Series 2018B 2.29% - 5.00% 12/1/2038 1,987,018 - 94,561 1,892,457 99,474 Series 2019B 1.66% - 2.68% 12/1/2039 1,596,027 - 67,458 1,528,569 71,046 Total general obligation debt 5,486,151 - 353,392 5,132,759 370,083 Bonds premiums 436,031 - 32,990 403,041 - Total OPEB Liability 342,108 199,435 - 541,543 22,576 Net pension liability - IMRF 718,841 - 718,841 - - Compensated absences payable 612,377 87,645 - 700,022 140,574 TOTAL LONG-TERM DEBT $ 7,595,508 $ 287,080 $ 1,105,223 $ 6,777,365 $ 533,233 Debt service requirements to maturity are as follows: Fiscal Year Ending December 31, Principal Interest Total 2025 $ 370,083 $ 206,866 $ 576,949 2026 356,396 191,425 547,821 2027 372,929 176,153 549,082 2028 302,249 160,055 462,304 2029 317,081 147,392 464,473 2030-2034 1,778,336 532,049 2,310,385 2035-2039 1,635,685 177,219 1,812,904 TOTAL $ 5,132,759 $ 1,591,159 $ 6,723,918 - 95 - CITY OF EVANSTON, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) 17. EVANSTON LIBRARY COMPONENT UNIT (Continued) f. Employee Retirement System The Library contributes to IMRF an agent multiple-employer pension plan that acts as a common investment and administrative agent for local governments and school districts in Illinois through the City. The Illinois Pension Code establishes the benefit provisions of the plan that can only be amended by the Illinois General Assembly. IMRF issues a publicly available financial report that includes financial statements and required supplementary information. That report may be obtained by writing to the Illinois Municipal Retirement Fund , 2211 York Road, Suite 500, Oak Brook, Illinois 60523. The employees of the Library are pooled with the employees of City for purposes of actuarial valuation. 18. RESTATEMENTS OF BEGINNING BALANCES The City’s beginning balances were adjusted due to a change in reporting entity and a change in accounting principle, as follows: Reporting Units Affected by Restatements of Beginning Balance Government-Wide Governmental Activities Business-Type Activities Component Unit DECEMBER 31, 2023, AS PREVIOUSLY REPORTED $ (25,480,462) $ 322,258,726 $ 14,571,922 Change in accounting principle (3,629,617) (696,676) (180,514) DECEMBER 31, 202 3, AS RESTATED $ (29,110,079) $ 321,562,050 $ 14,391,408 Reporting Units Affected by Restatements of Beginning Balance (Continued) Funds Nonmajor Governmental General Water Sewer DECEMBER 31, 2023, AS PREVIOUSLY REPORTED $ 25,809,132 $ 51,698,732 $ 89,989,893 $ 178,000,416 Change within reporting entity 2,632,258 (2,632,258) - - Change in accounting principle - - (398,057) (71,086) DECEMBER 31, 202 3, AS RESTATED $ 28,441,390 $ 49,066,474 $ 89,591,836 $ 177,929,330 - 96 - CITY OF EVANSTON, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) 18. RESTATEMENTS OF BEGINNING BALANCES (Continued) Reporting Units Affected by Restatements of Beginning Balance (Continued) Funds Solid Waste Motor Vehicle Parking System Fleet Services DECEMBER 31, 2023, AS PREVIOUSLY REPORTED $ 3,705,183 $ 50,563,234 $ 1,381,625 Change in accounting principle (183,209) (44,324) (134,944) DECEMBER 31, 202 3, AS RESTATED $ 3,521,974 $ 50,518,910 $ 1,246,681 The change within the reporting entity was made to present the Foreign Fire Insurance Fund and Human Services Fund, which were previously accounted for and reported as departments of the General Fund, as separate funds as a result of continuing operations. For the fiscal year ended December 31, 2024, the City implemented GASB Statement No. 101, Compensated Absences. In addition to the value of unused time owed to employees upon separation of employment, the City now recognizes an estimated amount of sick leave earned as of year-end that will be used by employees as time off in future years as part of the liability for compensated absences. For the implementation, the beginning net position has been restated as presented above. - 97 - REQUIRED SUPPLEMENTARY INFORMATION Original Final Budget Budget Actual Variance REVENUES Taxes 67,947,402$ 68,047,402$ 68,242,882$ 195,480$ Licenses and permits 10,111,450 10,111,450 21,883,218 11,771,768 Intergovernmental 25,769,034 25,769,034 28,995,673 3,226,639 Charges for services 13,890,200 13,890,200 13,469,099 (421,101) Fines 3,348,000 3,348,000 3,984,307 636,307 Investment income 500,000 500,000 2,262,491 1,762,491 Miscellaneous 12,348,293 12,348,293 2,382,410 (9,965,883) Total revenues 133,914,379 134,014,379 141,220,080 7,205,701 EXPENDITURES General management and support 26,759,808 26,759,808 25,316,780 (1,443,028) Public safety 79,197,142 83,457,142 82,811,682 (645,460) Public works 15,868,893 15,868,893 14,463,820 (1,405,073) Health and human services development 1,817,273 1,817,273 1,959,221 141,948 Recreation and cultural opportunities 14,372,351 17,712,351 18,328,754 616,403 Housing and economic development 4,687,076 4,687,076 4,132,142 (554,934) Debt service Interest - - - - Total expenditures 142,702,543 150,302,543 147,012,399 (3,290,144) EXCESS (DEFICIENCY) OF REVENUES OVER EXPENDITURES (8,788,164) (16,288,164) (5,792,319) 10,495,845 OTHER FINANCING SOURCES (USES) Transfers in 9,973,390 9,973,390 10,040,588 67,198 Transfers (out)(1,225,000) (1,225,000) (4,294,090) (3,069,090) Total other financing sources (uses)8,748,390 8,748,390 5,746,498 (3,001,892) NET CHANGE IN FUND BALANCE (39,774)$ (7,539,774)$ (45,821) 7,493,953$ FUND BALANCE, JANUARY 1 (AS REPORTED)51,698,732 Restatement - change in reporting entity (2,632,258) FUND BALANCES, JANUARY 1 (AS RESTATED)49,066,474 FUND BALANCE, DECEMER 31 49,020,653$ CITY OF EVANSTON, ILLINOIS SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL GENERAL FUND For the Year Ended December 31, 2024 (See independent auditor's report.) - 98 - Original Final Budget Budget Actual Variance REVENUES Intergovernmental -$ -$ 9,171,093$ 9,171,093$ Investment income 50,000 50,000 1,313,466 1,263,466 Total revenues 50,000 50,000 10,484,559 10,434,559 EXPENDITURES General management and support 19,862,191 7,862,191 4,031,727 (3,830,464) Public safety - - 4,415,739 4,415,739 Capital outlay 3,995,900 3,995,900 1,012,022 (2,983,878) Total expenditures 23,858,091 11,858,091 9,459,488 (2,398,603) EXCESS (DEFICIENCY) OF REVENUES OVER EXPENDITURES (23,808,091) (11,808,091) 1,025,071 12,833,162 OTHER FINANCING SOURCES (USES) Transfers (out)(1,250,000) (1,250,000) (1,667,200) (417,200) Other financing sources (uses) - net (1,250,000) (1,250,000) (1,667,200) (417,200) NET CHANGE IN FUND BALANCE (25,058,091)$ (13,058,091)$ (642,129) 12,415,962$ FUND BALANCE, JANUARY 1 2,034,973 FUND BALANCE, DECEMBER 31 1,392,844$ CITY OF EVANSTON, ILLINOIS SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL ARPA FUND For the Year Ended December 31, 2024 (See independent auditor's report.) - 99 - ME A S U R E M E N T D A T E D E C E M B E R 3 1 , 20 1 8 20 1 9 20 2 0 20 2 1 20 2 2 20 2 3 20 2 4 TO T A L O P E B L I A B I L I T Y Se r v i c e c o s t 1, 0 5 0 , 0 2 8 $ 97 4 , 4 4 3 $ 1, 2 4 9 , 5 5 0 $ 1, 5 4 4 , 4 1 8 $ 1, 6 1 3 , 2 9 8 $ 1, 8 2 9 , 4 4 6 $ 2, 0 0 7 , 3 8 0 $ In t e r e s t 63 0 , 1 6 8 73 3 , 7 9 6 59 3 , 7 8 7 44 2 , 4 1 2 43 4 , 5 9 0 86 2 , 9 0 5 90 0 , 9 3 6 Be n e f i t c h a n g e s - - (5 3 , 5 1 1 ) - - - - Di f f e r e n c e s b e t w e e n e x p e c t e d a n d a c t u a l e x p e r i e n c e - - (2 , 8 5 6 , 2 7 5 ) - (2 , 0 8 1 , 0 8 4 ) - (4 , 8 9 2 , 9 7 9 ) Ch a n g e s i n a s s u m p t i o n s (1 , 2 7 2 , 5 2 5 ) 2, 8 7 9 , 7 7 5 2, 4 7 1 , 4 6 2 37 0 , 6 8 1 (1 , 4 2 8 , 2 3 2 ) 75 4 , 6 8 7 10 7 , 6 0 8 Im p l i c i t b e n e f i t p a y m e n t s (7 9 7 , 1 5 9 ) (8 6 0 , 9 3 2 ) (9 2 5 , 5 0 2 ) (8 2 7 , 8 8 5 ) (8 9 0 , 2 1 4 ) (8 1 2 , 4 1 4 ) (8 9 9 , 2 6 5 ) Ot h e r c h a n g e s - - - - - - - Ne t c h a n g e i n t o t a l O P E B l i a b i l i t y (3 8 9 , 4 8 8 ) 3, 7 2 7 , 0 8 2 47 9 , 5 1 1 1, 5 2 9 , 6 2 6 (2 , 3 5 1 , 6 4 2 ) 2, 6 3 4 , 6 2 4 (2 , 7 7 6 , 3 2 0 ) To t a l O P E B l i a b i l i t y - b e g i n n i n g 18 , 7 1 7 , 4 1 4 18 , 3 2 7 , 9 2 6 22 , 0 5 5 , 0 0 8 22 , 5 3 4 , 5 1 9 24 , 0 6 4 , 1 4 5 21 , 7 1 2 , 5 0 3 24 , 3 4 7 , 1 2 7 TO T A L O P E B L I A B I L I T Y - E N D I N G 18 , 3 2 7 , 9 2 6 $ 22 , 0 5 5 , 0 0 8 $ 22 , 5 3 4 , 5 1 9 $ 24 , 0 6 4 , 1 4 5 $ 21 , 7 1 2 , 5 0 3 $ 24 , 3 4 7 , 1 2 7 $ 21 , 5 7 0 , 8 0 7 $ Co v e r e d - e m p l o y e e p a y r o l l 59 , 3 3 3 , 0 8 4 $ 60 , 9 6 4 , 7 4 4 $ 59 , 2 5 1 , 3 7 7 $ 61 , 3 2 5 , 1 7 5 $ 61 , 3 3 4 , 0 8 6 $ 63 , 4 8 0 , 7 7 9 $ 80 , 8 4 1 , 1 3 0 $ Em p l o y e r ' s t o t a l O P E B l i a b i l i t y a s a p e r c e n t a g e o f c o v e r e d - e m p l o y e e p a y r o l l 30 . 8 9 % 36 . 1 8 % 38 . 0 3 % 39 . 2 4 % 35 . 4 0 % 38 . 3 5 % 26 . 6 8 % No a s s e t s a c c u m u l a t e i n a t r u s t t h a t m e e t s t h e c r i t e r i a i n p a r a g r a p h 4 i n G A S B S t a t e m e n t N o . 7 5 . Th e r e w a s a c h a n g e i n a s s u m p t i o n s r e l a t e d t o t h e d i s c o u n t r a t e a n d h e a l t h c a r e r e n d r a t e s i n 2 0 2 4 . Th e r e w a s a c h a n g e i n a s s u m p t i o n s r e l a t e d t o t h e d i s c o u n t r a t e i n 2 0 2 3 . Th e r e w a s a c h a n g e i n a s s u m p t i o n s r e l a t e d t o t h e d i s c o u n t r a t e i n 2 0 2 2 . Th e r e w a s a c h a n g e i n a s s u m p t i o n s r e l a t e d t o t h e d i s c o u n t r a t e i n 2 0 2 1 . Th e r e w a s a c h a n g e i n a s s u m p t i o n s r e l a t e d t o t h e d i s c o u n t r a t e i n 2 0 1 9 . Th e r e w a s a c h a n g e i n a s s u m p t i o n s r e l a t e d t o t h e d i s c o u n t r a t e a n d m o r t a l i t y r a t e a s s u m p t i o n s i n 2 0 1 8 . Th e i n f o r m a t i o n a b o v e i s p r e s e n t e d f o r t h e C i t y a n d L i b r a r y i n t o t a l . Ul t i m a t e l y , th i s sc h e d u l e sh o u l d pr e s e n t in f o r m a t i o n fo r th e la s t te n ye a r s . Ho w e v e r , un t i l te n ye a r s of in f o r m a t i o n ca n be co m p i l e d , in f o r m a t i o n wi l l be pr e s e n t e d fo r as ma n y ye a r s as is av a i l a b l e . CI T Y O F E V A N S T O N , I L L I N O I S SC H E D U L E O F C H A N G E S I N T H E E M P L O Y E R ' S TO T A L O P E B L I A B I L I T Y A N D R E L A T E D R A T I O S OT H E R P O S T E M P L O Y M E N T B E N E F I T P L A N La s t S e v e n F i s c a l Y e a r s Th e r e w a s a c h a n g e i n a s s u m p t i o n s r e l a t e d t o t h e m o r t a l i t y r a t e s a s s u m p t i o n a n d d i s c o u n t r a t e i n 2 0 2 0 . T h e r e w a s a c h a n g e i n b e n e f i t t e r m s r e l a t e d t o t h e e l i m i n a t i o n o f t h e e x c i s e t a x i n 2 0 2 0 . (S e e i n d e p e n d e n t a u d i t o r ' s r e p o r t . ) - 1 0 0 - FI S C A L Y E A R E N D E D D E C E M B E R 3 1 , 20 1 5 20 1 6 20 1 7 20 1 8 20 1 9 20 2 0 20 2 1 20 2 2 20 2 3 20 2 4 Ac t u a r i a l l y d e t e r m i n e d c o n t r i b u t i o n 3, 9 7 7 , 7 1 8 $ 3, 8 8 2 , 6 2 9 $ 3, 6 9 5 , 5 6 4 $ 3, 6 3 4 , 2 0 9 $ 2, 3 7 9 , 8 4 5 $ 3, 2 3 5 , 5 4 7 $ 3, 2 4 5 , 5 8 9 $ 2, 0 0 0 , 4 1 6 $ 1, 5 6 0 , 2 9 8 $ 1, 5 1 0 , 6 7 2 $ Co n t r i b u t i o n s i n r e l a t i o n t o t h e a c t u a r i a l l y d e t e r m i n e d c o n t r i b u t i o n 4, 0 1 8 , 2 6 8 3, 9 6 3 , 8 5 6 3, 7 0 2 , 2 7 1 3, 6 3 4 , 2 0 9 2, 3 7 9 , 8 4 5 3, 2 3 5 , 5 4 7 3, 2 4 5 , 5 8 9 2, 0 0 0 , 4 1 6 1, 5 6 0 , 2 9 8 1, 5 1 0 , 6 7 2 CO N T R I B U T I O N D E F I C I E N C Y ( E x c e s s ) (4 0 , 5 5 0 ) $ (8 1 , 2 2 7 ) $ (6 , 7 0 7 ) $ - $ - $ - $ - $ - $ - $ - $ Pe r c e n t a g e c o n t r i b u t e d 10 1 . 0 2 % 10 2 . 0 9 % 10 0 . 1 8 % 10 0 . 0 0 % 10 0 . 0 0 % 10 0 . 0 0 % 10 0 . 0 0 % 10 0 . 0 0 % 10 0 . 0 0 % 10 0 . 0 0 % Co v e r e d p a y r o l l 37 , 7 0 3 , 4 8 7 $ 37 , 4 7 7 , 1 1 6 $ 37 , 4 8 0 , 3 6 8 $ 38 , 5 1 9 , 7 7 6 $ 38 , 1 0 3 , 7 5 0 $ 37 , 0 1 9 , 9 9 0 $ 40 , 0 9 8 , 5 1 6 $ 41 , 2 4 4 , 6 6 0 $ 47 , 1 3 8 , 9 1 4 $ 51 , 9 1 3 , 1 2 1 $ Co n t r i b u t i o n s a s a p e r c e n t a g e o f c o v e r e d p a y r o l l 10 . 6 6 % 10 . 5 8 % 9. 8 8 % 9. 4 3 % 6. 2 5 % 8. 7 4 % 8. 0 9 % 4. 8 5 % 3. 3 1 % 2. 9 1 % No t e s t o t h e R e q u i r e d S u p p l e m e n t a l I n f o r m a t i o n CI T Y O F E V A N S T O N , I L L I N O I S SC H E D U L E O F E M P L O Y E R C O N T R I B U T I O N S IL L I N O I S M U N I C I P A L R E T I R E M E N T F U N D La s t T e n F i s c a l Y e a r s Th e in f o r m a t i o n pr e s e n t e d wa s de t e r m i n e d as pa r t of th e ac t u a r i a l va l u a t i o n s as of Ja n u a r y 1 of th e pr i o r fi s c a l ye a r . Ad d i t i o n a l in f o r m a t i o n as of th e la t e s t ac t u a r i a l va l u a t i o n pr e s e n t e d is as fo l l o w s : th e ac t u a r i a l co s t me t h o d wa s en t r y - a g e no r m a l ; th e am o r t i z a t i o n me t h o d wa s le v e l pe r c e n t of pa y , cl o s e d an d th e am o r t i z a t i o n pe r i o d wa s 20 ye a r s ; th e as s e t va l u a t i o n me t h o d wa s fi v e - y e a r sm o o t h e d fa i r va l u e ; an d th e si g n i f i c a n t ac t u a r i a l a s s u m p t i o n s w e r e a n i n v e s t m e n t r a t e o f r e t u r n a t 7 . 2 5 % a n n u a l l y , p r o j e c t e d s a l a r y i n c r e a s e s a s s u m p t i o n o f 2 . 7 5 % t o 1 3 . 7 5 % a n n u a l l y , a n d p o s t r e t i r e m e n t b e n e f i t i n c r e a s e s o f 2 . 7 5 % c o m p o u n d e d a n n u a l l y . (S e e i n d e p e n d e n t a u d i t o r ' s r e p o r t . ) - 1 0 1 - FI S C A L Y E A R E N D E D D E C E M B E R 3 1 , 20 1 5 20 1 6 20 1 7 20 1 8 20 1 9 20 2 0 20 2 1 20 2 2 20 2 3 20 2 4 Ac t u a r i a l l y d e t e r m i n e d c o n t r i b u t i o n 8, 2 5 7 , 4 7 5 $ 9, 3 8 0 , 9 4 0 $ 10 , 2 3 7 , 2 0 0 $ 10 , 4 6 2 , 7 0 4 $ 10 , 5 0 2 , 3 0 8 $ 11 , 2 2 5 , 6 5 0 $ 11 , 4 3 1 , 4 6 1 $ 11 , 1 9 4 , 5 3 8 $ 11 , 5 4 8 , 4 8 2 $ 13 , 2 1 5 , 0 0 1 $ Co n t r i b u t i o n s i n r e l a t i o n t o t h e a c t u a r i a l l y d e t e r m i n e d c o n t r i b u t i o n 8, 8 0 4 , 2 6 4 9, 4 5 0 , 8 2 4 10 , 3 0 0 , 5 4 9 10 , 4 6 2 , 7 0 4 10 , 5 0 2 , 3 0 8 11 , 2 2 5 , 6 5 0 11 , 5 0 1 , 7 9 1 11 , 4 0 5 , 0 7 6 13 , 5 4 4 , 5 5 6 13 , 2 1 5 , 6 7 2 CO N T R I B U T I O N D E F I C I E N C Y ( E x c e s s ) (5 4 6 , 7 8 9 ) $ (6 9 , 8 8 4 ) $ (6 3 , 3 4 9 ) $ - $ - $ - $ (7 0 , 3 3 0 ) $ (2 1 0 , 5 3 8 ) $ (1 , 9 9 6 , 0 7 4 ) $ (6 7 1 ) $ Pe r c e n t a g e c o n t r i b u t e d 10 6 . 6 2 % 10 0 . 7 4 % 10 0 . 6 2 % 10 0 . 0 0 % 10 0 . 0 0 % 10 0 . 0 0 % 10 0 . 6 2 % 10 1 . 8 8 % 11 7 . 2 8 % 10 0 . 0 1 % Co v e r e d p a y r o l l 14 , 9 2 1 , 3 2 8 $ 17 , 4 7 4 , 6 7 2 $ 15 , 3 5 2 , 8 4 6 $ 15 , 8 4 5 , 7 0 1 $ 15 , 9 8 0 , 1 3 1 $ 15 , 3 6 8 , 0 0 2 $ 15 , 3 7 1 , 7 5 6 $ 13 , 3 9 6 , 9 1 2 $ 17 , 2 6 5 , 8 6 3 $ 17 , 3 1 9 , 5 2 6 $ Co n t r i b u t i o n s a s a p e r c e n t a g e o f c o v e r e d p a y r o l l 59 . 0 0 % 54 . 0 8 % 67 . 0 9 % 66 . 0 3 % 65 . 7 2 % 73 . 0 5 % 74 . 8 2 % 85 . 1 3 % 78 . 4 5 % 76 . 3 1 % No t e s t o t h e R e q u i r e d S u p p l e m e n t a l I n f o r m a t i o n CI T Y O F E V A N S T O N , I L L I N O I S SC H E D U L E O F E M P L O Y E R C O N T R I B U T I O N S PO L I C E P E N S I O N F U N D La s t T e n F i s c a l Y e a r s Th e in f o r m a t i o n pr e s e n t e d wa s de t e r m i n e d as pa r t of th e ac t u a r i a l va l u a t i o n s as of Ja n u a r y 1 of th e pr i o r fi s c a l ye a r . Ad d i t i o n a l in f o r m a t i o n as of th e la t e s t ac t u a r i a l va l u a t i o n pr e s e n t e d is as fo l l o w s : th e ac t u a r i a l co s t me t h o d wa s en t r y - a g e no r m a l ; th e am o r t i z a t i o n me t h o d wa s le v e l pe r c e n t of pa y , cl o s e d an d th e am o r t i z a t i o n pe r i o d wa s 17 ye a r s ; th e as s e t va l u a t i o n me t h o d wa s fi v e - y e a r sm o o t h e d fa i r va l u e an d th e si g n i f i c a n t ac t u a r i a l a s s u m p t i o n s w e r e a n i n v e s t m e n t r a t e o f r e t u r n a t 6 . 5 0 % a n n u a l l y , p r o j e c t e d s a l a r y i n c r e a s e s a s s u m p t i o n o f 3 . 6 2 % t o 7 . 3 6 % a n n u a l l y , a n d p o s t r e t i r e m e n t b e n e f i t i n c r e a s e s o f 3 . 0 0 % c o m p o u n d e d a n n u a l l y . (S e e i n d e p e n d e n t a u d i t o r ' s r e p o r t . ) - 1 0 2 - FI S C A L Y E A R E N D E D D E C E M B E R 3 1 , 20 1 5 20 1 6 20 1 7 20 1 8 20 1 9 20 2 0 20 2 1 20 2 2 20 2 3 20 2 4 Ac t u a r i a l l y d e t e r m i n e d c o n t r i b u t i o n 5, 9 0 3 , 4 8 3 $ 7, 3 5 0 , 8 6 5 $ 8, 1 4 8 , 7 0 9 $ 8, 3 4 4 , 9 4 7 $ 8, 2 6 6 , 5 8 4 $ 9, 2 4 7 , 0 4 2 $ 9, 6 2 6 , 7 7 8 $ 9, 5 2 8 , 5 2 4 $ 11 , 7 9 3 , 9 7 8 $ 12 , 3 5 5 , 1 8 3 $ Co n t r i b u t i o n s i n r e l a t i o n t o t h e a c t u a r i a l l y d e t e r m i n e d c o n t r i b u t i o n 6, 3 8 5 , 2 4 4 7, 3 9 6 , 6 4 1 8, 2 0 5 , 8 0 0 8, 3 4 4 , 9 4 7 8, 2 6 6 , 5 8 4 9, 2 5 7 , 5 1 6 9, 6 7 0 , 9 7 4 9, 7 0 7 , 2 1 3 12 , 0 2 0 , 9 4 2 12 , 3 5 5 , 1 8 3 CO N T R I B U T I O N D E F I C I E N C Y ( E x c e s s ) (4 8 1 , 7 6 1 ) $ (4 5 , 7 7 6 ) $ (5 7 , 0 9 1 ) $ - $ - $ (1 0 , 4 7 4 ) $ (4 4 , 1 9 6 ) $ (1 7 8 , 6 8 9 ) $ (2 2 6 , 9 6 4 ) $ - $ Pe r c e n t a g e c o n t r i b u t e d 10 8 . 1 6 % 10 0 . 6 2 % 10 0 . 7 0 % 10 0 . 0 0 % 10 0 . 0 0 % 10 0 . 1 1 % 10 0 . 4 6 % 10 1 . 8 8 % 10 1 . 9 2 % 10 0 . 0 0 % Co v e r e d p a y r o l l 10 , 3 9 6 , 3 5 7 $ 10 , 5 4 6 , 7 7 9 $ 10 , 3 1 1 , 9 2 0 $ 11 , 6 1 8 , 2 5 5 $ 10 , 3 4 1 , 5 4 4 $ 10 , 4 2 8 , 7 6 8 $ 11 , 0 1 2 , 4 7 0 $ 11 , 5 2 3 , 2 5 8 $ 13 , 2 2 2 , 9 4 0 $ 14 , 2 8 4 , 3 0 5 $ Co n t r i b u t i o n s a s a p e r c e n t a g e o f c o v e r e d p a y r o l l 61 . 4 2 % 70 . 1 3 % 79 . 5 8 % 71 . 8 3 % 79 . 9 4 % 88 . 7 7 % 87 . 8 2 % 84 . 2 4 % 90 . 9 1 % 86 . 4 9 % No t e s t o t h e R e q u i r e d S u p p l e m e n t a l I n f o r m a t i o n CI T Y O F E V A N S T O N , I L L I N O I S SC H E D U L E O F E M P L O Y E R C O N T R I B U T I O N S FI R E F I G H T E R S ' P E N S I O N F U N D La s t T e n F i s c a l Y e a r s Th e in f o r m a t i o n pr e s e n t e d wa s de t e r m i n e d as pa r t of th e ac t u a r i a l va l u a t i o n s as of Ja n u a r y 1 of th e pr i o r fi s c a l ye a r . Ad d i t i o n a l in f o r m a t i o n as of th e la t e s t ac t u a r i a l va l u a t i o n pr e s e n t e d is as fo l l o w s : th e ac t u a r i a l co s t me t h o d wa s en t r y - a g e no r m a l ; th e am o r t i z a t i o n me t h o d wa s le v e l pe r c e n t of pa y , cl o s e d an d th e am o r t i z a t i o n pe r i o d wa s 17 ye a r s ; th e as s e t va l u a t i o n me t h o d wa s fi v e - y e a r sm o o t h e d fa i r va l u e ; an d th e si g n i f i c a n t ac t u a r i a l a s s u m p t i o n s w e r e a n i n v e s t m e n t r a t e o f r e t u r n a t 6 . 5 0 % a n n u a l l y , p r o j e c t e d s a l a r y i n c r e a s e s a s s u m p t i o n o f 3 . 6 2 % t o 7 . 3 6 % a n n u a l l y , a n d p o s t r e t i r e m e n t b e n e f i t i n c r e a s e s o f 3 . 0 0 % c o m p o u n d e d a n n u a l l y . (S e e i n d e p e n d e n t a u d i t o r ' s r e p o r t . ) - 1 0 3 - ME A S U R E M E N T D A T E D E C E M B E R 3 1 , 20 1 4 20 1 5 20 1 6 20 1 7 20 1 8 20 1 9 20 2 0 20 2 1 20 2 2 20 2 3 TO T A L P E N S I O N L I A B I L I T Y Se r v i c e c o s t 3, 8 9 8 , 4 4 0 $ 3, 9 1 0 , 9 9 6 $ 3, 9 5 1 , 6 8 7 $ 3, 9 7 0 , 2 1 4 $ 3, 6 7 1 , 4 3 4 $ 3, 9 2 6 , 3 1 3 $ 3, 8 5 0 , 7 7 1 $ 3, 4 2 0 , 3 6 9 $ 3, 6 8 8 , 1 3 5 $ 3, 8 2 4 , 1 0 7 $ In t e r e s t 14 , 8 8 0 , 7 2 4 16 , 2 3 5 , 0 8 6 16 , 9 4 7 , 4 0 8 17 , 3 5 5 , 3 2 0 17 , 1 8 5 , 5 1 0 17 , 8 1 2 , 8 3 6 18 , 3 1 4 , 0 5 1 18 , 5 0 7 , 0 0 4 19 , 4 4 5 , 0 2 1 19 , 8 8 5 , 9 1 5 Ch a n g e s i n b e n e f i t t e r m s - - - - - - - - - - Di f f e r e n c e s b e t w e e n e x p e c t e d a n d a c t u a l e x p e r i e n c e 3, 0 4 3 , 8 9 5 1, 4 6 5 , 4 4 2 (2 , 9 0 5 , 6 8 0 ) (2 , 4 8 9 , 3 2 8 ) 2, 9 9 2 , 3 0 2 (1 6 6 , 9 8 9 ) (2 , 0 5 6 , 3 4 6 ) 6, 7 0 5 , 1 8 9 (6 3 5 , 4 0 8 ) 9, 0 1 2 , 6 4 8 Ch a n g e s o f a s s u m p t i o n s 7, 9 2 7 , 0 3 8 26 6 , 9 0 6 (2 6 9 , 0 3 9 ) (7 , 6 5 2 , 6 4 8 ) 6, 5 6 7 , 3 4 9 - (1 , 9 9 3 , 9 6 8 ) - - (3 1 6 , 4 7 9 ) Be n e f i t p a y m e n t s , i n c l u d i n g r e f u n d s o f m e m b e r c o n t r i b u t i o n s (1 1 , 4 6 8 , 0 9 7 ) (1 1 , 9 2 8 , 3 4 5 ) (1 2 , 2 7 0 , 5 6 4 ) (1 2 , 9 2 2 , 4 3 9 ) (1 3 , 6 7 4 , 1 6 0 ) (1 4 , 3 0 5 , 6 1 7 ) (1 4 , 9 3 6 , 5 2 9 ) (1 5 , 5 3 9 , 2 3 5 ) (1 6 , 1 1 7 , 3 3 4 ) (1 6 , 8 5 1 , 5 2 8 ) Ne t c h a n g e i n t o t a l p e n s i o n l i a b i l i t y 18 , 2 8 2 , 0 0 0 9, 9 5 0 , 0 8 5 5, 4 5 3 , 8 1 2 (1 , 7 3 8 , 8 8 1 ) 16 , 7 4 2 , 4 3 5 7, 2 6 6 , 5 4 3 3, 1 7 7 , 9 7 9 13 , 0 9 3 , 3 2 7 6, 3 8 0 , 4 1 4 15 , 5 5 4 , 6 6 3 To t a l p e n s i o n l i a b i l i t y - b e g i n n i n g 20 2 , 1 9 4 , 4 8 5 22 0 , 4 7 6 , 4 8 5 23 0 , 4 2 6 , 5 7 0 23 5 , 8 8 0 , 3 8 2 23 4 , 1 4 1 , 5 0 1 25 0 , 8 8 3 , 9 3 6 25 8 , 1 5 0 , 4 7 9 26 1 , 3 2 8 , 4 5 8 27 4 , 4 2 1 , 7 8 5 28 0 , 8 0 2 , 1 9 9 PL A N F I D U C I A R Y N E T P O S I T I O N 22 0 , 4 7 6 , 4 8 5 $ 23 0 , 4 2 6 , 5 7 0 $ 23 5 , 8 8 0 , 3 8 2 $ 23 4 , 1 4 1 , 5 0 1 $ 25 0 , 8 8 3 , 9 3 6 $ 25 8 , 1 5 0 , 4 7 9 $ 26 1 , 3 2 8 , 4 5 8 $ 27 4 , 4 2 1 , 7 8 5 $ 28 0 , 8 0 2 , 1 9 9 $ 29 6 , 3 5 6 , 8 6 2 $ PL A N F I D U C I A R Y N E T P O S I T I O N Co n t r i b u t i o n s - e m p l o y e r 3, 9 6 3 , 9 8 3 $ 4, 0 1 8 , 2 6 8 $ 3, 9 6 3 , 8 5 6 $ 3, 7 0 2 , 2 7 1 $ 3, 6 3 4 , 2 0 9 $ 2, 3 7 9 , 8 4 5 $ 3, 2 3 5 , 5 4 7 $ 3, 2 4 5 , 5 8 9 $ 2, 0 0 0 , 4 1 6 $ 1, 5 6 0 , 2 9 8 $ Co n t r i b u t i o n s - m e m b e r 1, 7 1 0 , 1 6 8 1, 7 6 7 , 5 2 3 1, 7 0 5 , 6 3 6 1, 6 9 3 , 9 1 2 1, 8 4 7 , 9 0 6 1, 8 4 5 , 5 7 6 1, 6 8 4 , 7 0 0 1, 8 0 6 , 9 4 1 1, 8 9 1 , 8 0 0 2, 2 0 4 , 9 5 6 Ne t i n v e s t m e n t i n c o m e 12 , 4 2 5 , 1 9 0 1, 0 6 2 , 3 5 3 14 , 4 4 1 , 7 3 9 39 , 4 3 8 , 1 9 3 (1 4 , 0 9 0 , 7 1 5 ) 43 , 3 7 9 , 5 4 9 37 , 5 5 2 , 5 4 7 49 , 6 4 8 , 1 0 6 (4 2 , 0 7 6 , 7 7 0 ) 30 , 3 1 9 , 3 1 6 Be n e f i t p a y m e n t s , i n c l u d i n g r e f u n d s o f m e m b e r c o n t r i b u t i o n s (1 1 , 4 6 8 , 0 9 7 ) (1 1 , 9 2 8 , 3 4 5 ) (1 2 , 2 7 0 , 5 6 4 ) (1 2 , 9 2 2 , 4 3 9 ) (1 3 , 6 7 4 , 1 6 0 ) (1 4 , 3 0 5 , 6 1 7 ) (1 4 , 9 3 6 , 5 2 9 ) (1 5 , 5 3 9 , 2 3 5 ) (1 6 , 1 1 7 , 3 3 4 ) (1 6 , 8 5 1 , 5 2 8 ) Ad m i n i s t r a t i v e e x p e n s e / o t h e r 2, 3 2 2 , 0 4 3 73 7 , 4 2 7 (1 4 2 , 9 8 1 ) (4 , 8 1 7 , 9 4 8 ) 3, 9 1 5 , 5 7 7 64 7 , 6 0 4 1, 3 9 0 , 4 4 7 (1 , 5 1 2 , 8 6 1 ) (5 3 7 , 4 7 6 ) 7, 4 0 3 , 7 4 1 Ne t c h a n g e i n p l a n f i d u c i a r y n e t p o s i t i o n 8, 9 5 3 , 2 8 7 (4 , 3 4 2 , 7 7 4 ) 7, 6 9 7 , 6 8 6 27 , 0 9 3 , 9 8 9 (1 8 , 3 6 7 , 1 8 3 ) 33 , 9 4 6 , 9 5 7 28 , 9 2 6 , 7 1 2 37 , 6 4 8 , 5 4 0 (5 4 , 8 3 9 , 3 6 4 ) 24 , 6 3 6 , 7 8 3 Pl a n f i d u c i a r y n e t p o s i t i o n - b e g i n n i n g 20 6 , 5 8 8 , 6 1 7 21 5 , 5 4 1 , 9 0 4 21 1 , 1 9 9 , 1 3 0 21 8 , 8 9 6 , 8 1 6 24 5 , 9 9 0 , 8 0 5 22 7 , 6 2 3 , 6 2 2 26 1 , 5 7 0 , 5 7 9 29 0 , 4 9 7 , 2 9 1 32 8 , 1 4 5 , 8 3 1 27 3 , 3 0 6 , 4 6 7 PL A N F I D U C I A R Y N E T P O S I T I O N - E N D I N G 21 5 , 5 4 1 , 9 0 4 $ 21 1 , 1 9 9 , 1 3 0 $ 21 8 , 8 9 6 , 8 1 6 $ 24 5 , 9 9 0 , 8 0 5 $ 22 7 , 6 2 3 , 6 2 2 $ 26 1 , 5 7 0 , 5 7 9 $ 29 0 , 4 9 7 , 2 9 1 $ 32 8 , 1 4 5 , 8 3 1 $ 27 3 , 3 0 6 , 4 6 7 $ 29 7 , 9 4 3 , 2 5 0 $ EM P L O Y E R ' S N E T P E N S I O N L I A B I L I T Y ( A S S E T ) 4, 9 3 4 , 5 8 1 $ 19 , 2 2 7 , 4 4 0 $ 16 , 9 8 3 , 5 6 6 $ (1 1 , 8 4 9 , 3 0 4 ) $ 23 , 2 6 0 , 3 1 4 $ (3 , 4 2 0 , 1 0 0 ) $ (2 9 , 1 6 8 , 8 3 3 ) $ (5 3 , 7 2 4 , 0 4 6 ) $ 7, 4 9 5 , 7 3 2 $ (1 , 5 8 6 , 3 8 8 ) $ CI T Y O F E V A N S T O N , I L L I N O I S SC H E D U L E O F C H A N G E S I N T H E E M P L O Y E R ' S NE T P E N S I O N L I A B I L I T Y A N D R E L A T E D R A T I O S IL L I N O I S M U N I C I P A L R E T I R E M E N T F U N D La s t T e n F i s c a l Y e a r s - 1 0 4 - ME A S U R E M E N T D A T E D E C E M B E R 3 1 , 20 1 4 20 1 5 20 1 6 20 1 7 20 1 8 20 1 9 20 2 0 20 2 1 20 2 2 20 2 3 Pl a n f i d u c i a r y n e t p o s i t i o n a s a p e r c e n t a g e o f t h e t o t a l p e n s i o n l i a b i l i t y ( a s s e t ) 97 . 7 6 % 91 . 6 6 % 92 . 8 0 % 10 5 . 0 6 % 90 . 7 3 % 10 1 . 3 2 % 11 1 . 1 6 % 11 9 . 5 8 % 97 . 3 3 % 10 0 . 5 4 % Co v e r e d p a y r o l l 35 , 1 7 1 , 4 2 6 $ 37 , 7 0 3 , 4 8 7 $ 37 , 4 7 7 , 1 1 6 $ 37 , 4 8 0 , 3 6 8 $ 38 , 5 1 9 , 7 7 6 $ 38 , 1 0 3 , 7 5 0 $ 37 , 0 1 9 , 9 9 0 $ 40 , 0 9 8 , 5 1 6 $ 41 , 2 4 4 , 6 6 0 $ 47 , 1 3 8 , 9 1 4 $ Em p l o y e r ' s n e t p e n s i o n l i a b i l i t y a s a p e r c e n t a g e o f c o v e r e d p a y r o l l 14 . 0 3 % 51 . 0 0 % 45 . 3 2 % (3 1 . 6 1 % ) 60 . 3 9 % (8 . 9 8 % ) (7 8 . 7 9 % ) (1 3 3 . 9 8 % ) 18 . 1 7 % (3 . 3 7 % ) Th e r e w a s a c h a n g e i n a s s u m p t i o n s r e l a t e d t o m o r t a l i t y a n d o t h e r d e m o g r a p h i c a s s u m p t i o n s i n 2 0 2 3 . Th e r e w a s a c h a n g e i n a s s u m p t i o n s r e l a t e d t o t h e r e t i r e m e n t a g e a n d m o r t a l i t y r a t e s i n 2 0 2 0 . Th e r e w e r e c h a n g e s i n a s s u m p t i o n s r e l a t e d t o t h e d i s c o u n t r a t e i n 2 0 1 8 . Th e i n f o r m a t i o n a b o v e i s p r e s e n t e d f o r t h e C i t y a n d L i b r a r y i n t o t a l . Th e r e we r e ch a n g e s in as s u m p t i o n s re l a t e d to pr i c e in f l a t i o n , sa l a r y in c r e a s e s , re t i r e m e n t ag e , an d mo r t a l i t y ra t e s in 20 1 7 . Th e r e wa s a ch a n g e in as s u m p t i o n re l a t e d to th e di s c o u n t ra t e ma d e si n c e th e pr i o r me a s u r e m e n t da t e . Th e di s c o u n t r a t e u s e d i n t h e a c t u a r i a l v a l u a t i o n d a t e d D e c e m b e r 3 1 , 2 0 1 6 i s 7 . 5 0 % . T h e d i s c o u n t r a t e u s e d i n t h e p r i o r a c t u a r i a l v a l u a t i o n s , d a t e d D e c e m b e r 3 1 , 2 0 1 5 a n d D e c e m b e r 3 1 , 2 0 1 4 w a s 7 . 4 9 % a n d 7 . 5 0 % , r e s p e c t i v e l y . (S e e i n d e p e n d e n t a u d i t o r ' s r e p o r t . ) - 1 0 5 - ME A S U R E M E N T D A T E D E C E M B E R 3 1 , 20 1 5 20 1 6 20 1 7 20 1 8 20 1 9 20 2 0 20 2 1 20 2 2 20 2 3 20 2 4 TO T A L P E N S I O N L I A B I L I T Y Se r v i c e c o s t 3, 4 8 8 , 3 8 5 $ 3, 6 7 9 , 2 1 2 $ 3, 9 9 3 , 7 5 1 $ 4, 2 8 5 , 4 2 5 $ 3, 9 8 0 , 7 5 8 $ 4, 0 1 8 , 1 7 8 $ 3, 8 4 2 , 9 4 1 $ 3, 6 1 4 , 6 9 8 $ 3, 5 7 4 , 3 2 5 $ 4, 1 5 8 , 0 3 8 $ In t e r e s t 12 , 6 6 3 , 0 1 0 13 , 1 9 2 , 6 8 0 14 , 0 8 8 , 8 8 9 14 , 4 3 3 , 7 7 0 15 , 1 2 8 , 3 9 8 16 , 1 3 8 , 6 0 1 16 , 6 4 8 , 9 8 8 17 , 1 4 9 , 7 9 1 17 , 9 0 0 , 3 5 5 18 , 0 9 5 , 1 4 1 Ch a n g e s i n b e n e f i t t e r m s - - - - 85 3 , 3 6 5 - - - - - Di f f e r e n c e s b e t w e e n e x p e c t e d a n d a c t u a l e x p e r i e n c e 3, 9 2 8 , 4 7 9 (3 , 2 1 4 , 2 0 1 ) 42 4 , 3 9 0 3, 0 7 9 , 3 2 8 4, 3 6 4 , 0 1 3 2, 0 2 1 , 2 2 6 3, 0 2 5 , 0 3 7 2, 9 1 2 , 3 8 0 (2 , 8 7 5 , 8 5 6 ) 27 , 6 4 0 , 5 8 3 Ch a n g e s o f a s s u m p t i o n s 5, 7 9 1 , 3 9 2 11 , 0 3 9 , 0 2 7 7, 0 9 6 , 3 0 0 (7 , 4 5 9 , 4 2 7 ) 4, 1 2 7 , 4 0 3 - - 4, 1 0 2 , 0 2 4 - - Be n e f i t p a y m e n t s , i n c l u d i n g r e f u n d s o f m e m b e r c o n t r i b u t i o n s (1 0 , 4 2 4 , 9 5 5 ) (1 0 , 9 7 0 , 9 1 6 ) (1 1 , 4 7 5 , 9 4 3 ) (1 1 , 9 3 7 , 6 8 5 ) (1 2 , 5 2 2 , 6 6 0 ) (1 3 , 3 7 6 , 8 7 9 ) (1 4 , 9 2 4 , 4 4 3 ) (1 6 , 2 4 3 , 6 5 6 ) (1 6 , 1 3 9 , 1 2 7 ) (1 6 , 2 3 2 , 5 0 8 ) Ne t c h a n g e i n t o t a l p e n s i o n l i a b i l i t y 15 , 4 4 6 , 3 1 1 13 , 7 2 5 , 8 0 2 14 , 1 2 7 , 3 8 7 2, 4 0 1 , 4 1 1 15 , 9 3 1 , 2 7 7 8, 8 0 1 , 1 2 6 8, 5 9 2 , 5 2 3 11 , 5 3 5 , 2 3 7 2, 4 5 9 , 6 9 7 33 , 6 6 1 , 2 5 4 To t a l p e n s i o n l i a b i l i t y - b e g i n n i n g 18 9 , 3 2 4 , 2 3 9 20 4 , 7 7 0 , 5 5 0 21 8 , 4 9 6 , 3 5 2 23 2 , 6 2 3 , 7 3 9 23 5 , 0 2 5 , 1 5 0 25 0 , 9 5 6 , 4 2 7 25 9 , 7 5 7 , 5 5 3 26 8 , 3 5 0 , 0 7 6 27 9 , 8 8 5 , 3 1 3 28 2 , 3 4 5 , 0 1 0 TO T A L P E N S I O N L I A B I L I T Y - E N D I N G 20 4 , 7 7 0 , 5 5 0 $ 21 8 , 4 9 6 , 3 5 2 $ 23 2 , 6 2 3 , 7 3 9 $ 23 5 , 0 2 5 , 1 5 0 $ 25 0 , 9 5 6 , 4 2 7 $ 25 9 , 7 5 7 , 5 5 3 $ 26 8 , 3 5 0 , 0 7 6 $ 27 9 , 8 8 5 , 3 1 3 $ 28 2 , 3 4 5 , 0 1 0 $ 31 6 , 0 0 6 , 2 6 4 $ PL A N F I D U C I A R Y N E T P O S I T I O N Co n t r i b u t i o n s - e m p l o y e r 8, 8 0 4 , 2 6 4 $ 9, 4 5 0 , 8 2 4 $ 10 , 3 0 0 , 5 4 9 $ 10 , 4 6 2 , 7 0 4 $ 10 , 5 0 2 , 3 0 8 $ 11 , 2 2 5 , 6 5 0 $ 11 , 5 0 1 , 7 9 1 $ 11 , 4 0 5 , 0 7 6 $ 13 , 5 4 4 , 5 5 6 $ 13 , 2 1 5 , 6 7 2 $ Co n t r i b u t i o n s - m e m b e r 1, 4 5 4 , 7 2 0 1, 7 3 1 , 7 4 0 1, 5 2 1 , 4 6 7 1, 5 7 0 , 3 0 9 1, 5 8 3 , 6 3 1 1, 5 2 2 , 9 6 9 1, 5 2 3 , 3 4 1 1, 3 2 7 , 6 3 4 1, 7 1 1 , 0 4 7 1, 7 1 6 , 3 6 5 Ne t i n v e s t m e n t i n c o m e 43 0 , 7 5 6 7, 5 4 4 , 8 5 6 15 , 2 4 0 , 6 8 0 (4 , 9 1 1 , 0 5 3 ) 25 , 0 4 3 , 5 9 3 17 , 5 2 1 , 0 0 8 26 , 3 8 2 , 4 8 6 (2 8 , 0 6 9 , 3 9 1 ) 26 , 0 6 6 , 4 2 1 26 , 5 4 0 , 5 4 9 Be n e f i t p a y m e n t s , i n c l u d i n g r e f u n d s o f m e m b e r c o n t r i b u t i o n s (1 0 , 4 2 4 , 9 5 5 ) (1 0 , 9 7 0 , 9 1 6 ) (1 1 , 4 7 5 , 9 4 3 ) (1 1 , 9 3 7 , 6 8 5 ) (1 2 , 5 2 2 , 6 6 0 ) (1 3 , 3 7 6 , 8 7 9 ) (1 4 , 9 2 4 , 4 4 3 ) (1 6 , 2 4 3 , 6 5 6 ) (1 6 , 1 3 9 , 1 2 7 ) (1 6 , 2 3 2 , 5 0 8 ) Ad m i n i s t r a t i v e e x p e n s e (7 1 , 4 0 8 ) (1 2 3 , 7 9 6 ) (1 4 8 , 6 3 1 ) (5 8 , 8 8 5 ) (5 2 , 0 8 8 ) (6 6 , 1 5 2 ) (4 4 , 4 4 2 ) (4 4 , 7 7 5 ) (6 1 , 0 1 5 ) (6 1 , 7 9 8 ) Ne t c h a n g e i n p l a n f i d u c i a r y n e t p o s i t i o n 19 3 , 3 7 7 7, 6 3 2 , 7 0 8 15 , 4 3 8 , 1 2 2 (4 , 8 7 4 , 6 1 0 ) 24 , 5 5 4 , 7 8 4 16 , 8 2 6 , 5 9 6 24 , 4 3 8 , 7 3 3 (3 1 , 6 2 5 , 1 1 2 ) 25 , 1 2 1 , 8 8 2 25 , 1 7 8 , 2 8 0 Pl a n f i d u c i a r y n e t p o s i t i o n - b e g i n n i n g 99 , 6 8 7 , 5 4 2 98 , 5 5 8 , 8 3 7 10 6 , 1 9 1 , 5 4 5 12 1 , 6 2 9 , 6 6 7 11 6 , 7 5 5 , 0 5 7 14 1 , 3 0 9 , 8 4 1 15 8 , 1 3 6 , 4 3 7 18 2 , 5 7 5 , 1 7 0 15 0 , 9 5 0 , 0 5 8 17 6 , 0 7 1 , 9 4 0 Re s t a t e m e n t (1 , 3 2 2 , 0 8 2 ) - - - - - - - - - Pl a n f i d u c i a r y n e t p o s i t i o n - b e g i n n i n g , r e s t a t e d 98 , 3 6 5 , 4 6 0 98 , 5 5 8 , 8 3 7 10 6 , 1 9 1 , 5 4 5 12 1 , 6 2 9 , 6 6 7 11 6 , 7 5 5 , 0 5 7 14 1 , 3 0 9 , 8 4 1 15 8 , 1 3 6 , 4 3 7 18 2 , 5 7 5 , 1 7 0 15 0 , 9 5 0 , 0 5 8 17 6 , 0 7 1 , 9 4 0 PL A N F I D U C I A R Y N E T P O S I T I O N - E N D I N G 98 , 5 5 8 , 8 3 7 $ 10 6 , 1 9 1 , 5 4 5 $ 12 1 , 6 2 9 , 6 6 7 $ 11 6 , 7 5 5 , 0 5 7 $ 14 1 , 3 0 9 , 8 4 1 $ 15 8 , 1 3 6 , 4 3 7 $ 18 2 , 5 7 5 , 1 7 0 $ 15 0 , 9 5 0 , 0 5 8 $ 17 6 , 0 7 1 , 9 4 0 $ 20 1 , 2 5 0 , 2 2 0 $ EM P L O Y E R ' S N E T P E N S I O N L I A B I L I T Y 10 6 , 2 1 1 , 7 1 3 $ 11 2 , 3 0 4 , 8 0 7 $ 11 0 , 9 9 4 , 0 7 2 $ 11 8 , 2 7 0 , 0 9 3 $ 10 9 , 6 4 6 , 5 8 6 $ 10 1 , 6 2 1 , 1 1 6 $ 85 , 7 7 4 , 9 0 6 $ 12 8 , 9 3 5 , 2 5 5 $ 10 6 , 2 7 3 , 0 7 0 $ 11 4 , 7 5 6 , 0 4 4 $ CI T Y O F E V A N S T O N , I L L I N O I S SC H E D U L E O F C H A N G E S I N T H E E M P L O Y E R ' S NE T P E N S I O N L I A B I L I T Y A N D R E L A T E D R A T I O S PO L I C E P E N S I O N F U N D La s t T e n F i s c a l Y e a r s - 1 0 6 - ME A S U R E M E N T D A T E D E C E M B E R 3 1 , 20 1 5 20 1 6 20 1 7 20 1 8 20 1 9 20 2 0 20 2 1 20 2 2 20 2 3 20 2 4 Pl a n f i d u c i a r y n e t p o s i t i o n a s a p e r c e n t a g e o f t h e t o t a l p e n s i o n l i a b i l i t y 48 . 1 3 % 48 . 6 0 % 52 . 2 9 % 49 . 6 8 % 56 . 3 1 % 60 . 8 8 % 68 . 0 4 % 53 . 9 3 % 62 . 3 6 % 63 . 6 9 % Co v e r e d p a y r o l l 14 , 9 2 1 , 3 2 8 $ 17 , 4 7 4 , 6 7 2 $ 15 , 3 5 2 , 8 4 6 $ 15 , 8 4 5 , 7 0 1 $ 15 , 9 8 0 , 1 3 1 $ 15 , 3 6 8 , 0 0 2 $ 15 , 3 7 1 , 7 5 6 $ 13 , 3 9 6 , 9 1 2 $ 17 , 2 6 5 , 8 6 3 $ 17 , 3 1 9 , 5 2 6 $ Em p l o y e r ' s n e t p e n s i o n l i a b i l i t y a s a p e r c e n t a g e o f c o v e r e d p a y r o l l 71 1 . 8 1 % 64 2 . 6 7 % 72 2 . 9 5 % 74 6 . 3 9 % 68 6 . 1 4 % 66 1 . 2 5 % 55 8 . 0 0 % 96 2 . 4 3 % 61 5 . 5 1 % 66 2 . 5 8 % Fo r t h e m e a s u r e m e n t d a t e D e c e m b e r 3 1 , 2 0 2 2 , t h e r e w e r e c h a n g e s i n a s s u m p t i o n s r e l a t e d t o t h e m o r t a l i t y t a b l e s . Fo r t h e m e a s u r e m e n t d a t e D e c e m b e r 3 1 , 2 0 1 9 , t h e r e w e r e n o c h a n g e s i n a s s u m p t i o n s . T h e r e w e r e c h a n g e s i n p l a n b e n e f i t s r e q u i r e d u n d e r P A - 1 0 1 - 0 6 1 0 ( S B 1 3 0 0 ) . Fo r t h e m e a s u r e m e n t d a t e D e c e m b e r 3 1 , 2 0 1 8 , t h e r e w e r e c h a n g e s i n a s s u m p t i o n s r e l a t e d t o t h e m o r t a l i t y t a b l e s . A d d i t i o n a l l y , t h e d i s c o u n t r a t e w a s i n c r e a s e d t o 6 . 5 0 % . Th e di s c o u n t ra t e us e d in th e va l u a t i o n da t e d De c e m b e r 31 , 20 1 7 is 6. 2 5 % . Th e di s c o u n t ra t e us e d in th e pr i o r ac t u a r i a l va l u a t i o n , da t e d De c e m b e r 31 , 20 1 5 is 6. 5 0 % . Th e di s c o u n t ra t e us e d in th e va l u a t i o n da t e d , da t e d De c e m b e r 3 1 , 2 0 1 4 w a s 6 . 7 5 % . (S e e i n d e p e n d e n t a u d i t o r ' s r e p o r t . ) - 1 0 7 - ME A S U R E M E N T D A T E D E C E M B E R 3 1 , 20 1 5 20 1 6 20 1 7 20 1 8 20 1 9 20 2 0 20 2 1 20 2 2 20 2 3 20 2 4 TO T A L P E N S I O N L I A B I L I T Y Se r v i c e c o s t 2, 4 3 1 , 6 8 0 $ 2, 7 3 1 , 2 5 7 $ 2, 8 1 3 , 9 6 1 $ 3, 0 2 6 , 2 2 3 $ 2, 7 6 3 , 2 5 8 $ 2, 9 4 8 , 7 1 0 $ 2, 7 3 9 , 4 8 1 $ 2, 8 8 9 , 1 5 5 $ 2, 9 6 4 , 2 8 0 $ 3, 7 4 3 , 9 1 6 $ In t e r e s t 9, 6 5 6 , 1 9 8 9, 9 2 2 , 9 1 1 10 , 5 0 7 , 4 3 5 10 , 7 4 1 , 7 3 4 11 , 0 6 1 , 5 3 8 12 , 0 1 3 , 0 3 5 12 , 3 0 3 , 8 8 6 12 , 7 3 1 , 9 0 9 13 , 4 5 1 , 7 6 6 13 , 9 8 4 , 6 6 5 Ch a n g e s i n b e n e f i t t e r m s - - - - 79 9 , 9 3 6 - - - - - Di f f e r e n c e s b e t w e e n e x p e c t e d a n d a c t u a l e x p e r i e n c e 1, 1 8 4 , 6 0 9 (3 , 2 3 9 , 2 2 1 ) 36 8 , 7 6 1 38 4 , 9 2 8 5, 2 1 8 , 4 4 9 12 2 , 6 4 2 2, 1 1 7 , 6 4 4 28 8 , 7 2 2 2, 4 7 5 , 3 7 5 12 , 1 8 0 , 9 1 0 Ch a n g e s o f a s s u m p t i o n s 4, 2 3 9 , 2 7 2 7, 9 7 1 , 6 7 2 5, 1 9 2 , 5 8 4 (6 , 1 9 2 , 3 6 2 ) 4, 5 4 9 , 7 3 1 - - 6, 1 7 8 , 2 9 9 - - Be n e f i t p a y m e n t s , i n c l u d i n g r e f u n d s o f m e m b e r c o n t r i b u t i o n s (8 , 0 6 7 , 9 6 5 ) (8 , 3 4 3 , 9 4 0 ) (8 , 6 0 9 , 3 6 9 ) (9 , 1 5 0 , 8 3 0 ) (9 , 6 2 4 , 7 6 6 ) (1 0 , 2 5 5 , 1 6 0 ) (1 0 , 5 4 5 , 8 9 3 ) (1 0 , 9 0 5 , 5 4 2 ) (1 1 , 2 7 1 , 4 4 8 ) (1 1 , 6 7 3 , 7 8 0 ) Ne t c h a n g e i n t o t a l p e n s i o n l i a b i l i t y 9, 4 4 3 , 7 9 4 9, 0 4 2 , 6 7 9 10 , 2 7 3 , 3 7 2 (1 , 1 9 0 , 3 0 7 ) 14 , 7 6 8 , 1 4 6 4, 8 2 9 , 2 2 7 6, 6 1 5 , 1 1 8 11 , 1 8 2 , 5 4 3 7, 6 1 9 , 9 7 3 18 , 2 3 5 , 7 1 1 To t a l p e n s i o n l i a b i l i t y - b e g i n n i n g 14 4 , 6 5 7 , 0 9 2 15 4 , 1 0 0 , 8 8 6 16 3 , 1 4 3 , 5 6 5 17 3 , 4 1 6 , 9 3 7 17 2 , 2 2 6 , 6 3 0 18 6 , 9 9 4 , 7 7 6 19 1 , 8 2 4 , 0 2 3 19 8 , 4 3 9 , 1 4 1 20 9 , 6 2 1 , 6 8 4 21 7 , 2 4 1 , 6 5 7 TO T A L P E N S I O N L I A B I L I T Y - E N D I N G 15 4 , 1 0 0 , 8 8 6 $ 16 3 , 1 4 3 , 5 6 5 $ 17 3 , 4 1 6 , 9 3 7 $ 17 2 , 2 2 6 , 6 3 0 $ 18 6 , 9 9 4 , 7 7 6 $ 19 1 , 8 2 4 , 0 2 3 $ 19 8 , 4 3 9 , 1 4 1 $ 20 9 , 6 2 1 , 6 8 4 $ 21 7 , 2 4 1 , 6 5 7 $ 23 5 , 4 7 7 , 3 6 8 $ PL A N F I D U C I A R Y N E T P O S I T I O N Co n t r i b u t i o n s - e m p l o y e r 6, 3 8 5 , 2 4 4 $ 7, 3 9 6 , 6 4 1 $ 8, 2 0 5 , 8 0 0 $ 8, 3 4 4 , 9 4 7 $ 8, 2 6 6 , 5 8 4 $ 9, 2 5 7 , 5 1 6 $ 9, 6 7 0 , 9 7 4 $ 9, 7 0 7 , 2 1 3 $ 12 , 0 2 0 , 9 4 2 $ 12 , 3 5 5 , 1 8 3 $ Co n t r i b u t i o n s - m e m b e r 95 6 , 0 9 2 99 7 , 1 9 8 97 4 , 9 9 2 1, 0 9 8 , 5 0 6 95 4 , 1 1 2 98 6 , 0 4 0 1, 0 4 1 , 2 2 9 1, 0 8 9 , 5 2 4 1, 2 5 0 , 2 2 9 1, 3 5 0 , 5 8 1 Ne t i n v e s t m e n t i n c o m e 22 8 , 2 3 6 3, 8 9 4 , 7 6 5 7, 9 7 4 , 2 9 6 (3 , 4 7 8 , 8 2 7 ) 14 , 5 2 7 , 5 8 1 11 , 3 8 7 , 6 5 5 13 , 5 1 5 , 7 3 3 (1 5 , 3 5 1 , 3 6 4 ) 13 , 8 5 5 , 9 4 7 12 , 7 1 2 , 7 7 7 Be n e f i t p a y m e n t s , i n c l u d i n g r e f u n d s o f m e m b e r c o n t r i b u t i o n s (8 , 0 6 7 , 9 6 5 ) (8 , 3 4 3 , 9 4 0 ) (8 , 6 0 9 , 3 6 9 ) (9 , 1 5 0 , 8 3 0 ) (9 , 6 2 4 , 7 6 6 ) (1 0 , 2 5 5 , 1 6 0 ) (1 0 , 5 4 5 , 8 9 3 ) (1 0 , 9 0 5 , 5 4 2 ) (1 1 , 2 7 1 , 4 4 8 ) (1 1 , 6 7 3 , 7 8 0 ) Ad m i n i s t r a t i v e e x p e n s e (4 4 , 5 9 7 ) (8 5 , 7 5 0 ) (7 2 , 6 4 0 ) (1 0 5 , 7 5 5 ) (9 7 , 5 8 8 ) (1 4 8 , 9 7 9 ) (1 2 3 , 6 4 2 ) (8 6 , 3 0 9 ) (1 1 5 , 5 0 7 ) (1 2 1 , 0 4 2 ) Ne t c h a n g e i n p l a n f i d u c i a r y n e t p o s i t i o n (5 4 2 , 9 9 0 ) 3, 8 5 8 , 9 1 4 8, 4 7 3 , 0 7 9 (3 , 2 9 1 , 9 5 9 ) 14 , 0 2 5 , 9 2 3 11 , 2 2 7 , 0 7 2 13 , 5 5 8 , 4 0 1 (1 5 , 5 4 6 , 4 7 8 ) 15 , 7 4 0 , 1 6 3 14 , 6 2 3 , 7 1 9 Pl a n f i d u c i a r y n e t p o s i t i o n - b e g i n n i n g 68 , 2 4 1 , 7 1 2 66 , 7 4 1 , 0 8 4 70 , 5 9 9 , 9 9 8 79 , 0 7 3 , 0 7 7 75 , 7 8 1 , 1 1 8 89 , 8 0 7 , 0 4 1 10 1 , 0 3 4 , 1 1 3 11 4 , 5 9 2 , 5 1 4 99 , 0 4 6 , 0 3 6 99 , 0 4 6 , 0 3 6 Re s t a t e m e n t (9 5 7 , 6 3 8 ) - - - - - - - - - Pl a n f i d u c i a r y n e t p o s i t i o n - b e g i n n i n g , r e s t a t e d 67 , 2 8 4 , 0 7 4 66 , 7 4 1 , 0 8 4 70 , 5 9 9 , 9 9 8 79 , 0 7 3 , 0 7 7 75 , 7 8 1 , 1 1 8 89 , 8 0 7 , 0 4 1 10 1 , 0 3 4 , 1 1 3 11 4 , 5 9 2 , 5 1 4 99 , 0 4 6 , 0 3 6 11 4 , 7 8 6 , 1 9 9 PL A N F I D U C I A R Y N E T P O S I T I O N - E N D I N G 66 , 7 4 1 , 0 8 4 $ 70 , 5 9 9 , 9 9 8 $ 79 , 0 7 3 , 0 7 7 $ 75 , 7 8 1 , 1 1 8 $ 89 , 8 0 7 , 0 4 1 $ 10 1 , 0 3 4 , 1 1 3 $ 11 4 , 5 9 2 , 5 1 4 $ 99 , 0 4 6 , 0 3 6 $ 11 4 , 7 8 6 , 1 9 9 $ 12 9 , 4 0 9 , 9 1 8 $ EM P L O Y E R ' S N E T P E N S I O N L I A B I L I T Y 87 , 3 5 9 , 8 0 2 $ 92 , 5 4 3 , 5 6 7 $ 94 , 3 4 3 , 8 6 0 $ 96 , 4 4 5 , 5 1 2 $ 97 , 1 8 7 , 7 3 5 $ 90 , 7 8 9 , 9 1 0 $ 83 , 8 4 6 , 6 2 7 $ 11 0 , 5 7 5 , 6 4 8 $ 10 2 , 4 5 5 , 4 5 8 $ 10 6 , 0 6 7 , 4 5 0 $ CI T Y O F E V A N S T O N , I L L I N O I S SC H E D U L E O F C H A N G E S I N T H E E M P L O Y E R ' S NE T P E N S I O N L I A B I L I T Y A N D R E L A T E D R A T I O S FI R E F I G H T E R S ' P E N S I O N F U N D La s t T e n F i s c a l Y e a r s - 1 0 8 - ME A S U R E M E N T D A T E D E C E M B E R 3 1 , 20 1 5 20 1 6 20 1 7 20 1 8 20 1 9 20 2 0 20 2 1 20 2 2 20 2 3 20 2 4 Pl a n f i d u c i a r y n e t p o s i t i o n a s a p e r c e n t a g e o f t h e t o t a l p e n s i o n l i a b i l i t y 43 . 3 1 % 43 . 2 7 % 45 . 6 0 % 44 . 0 0 % 48 . 0 3 % 52 . 6 7 % 57 . 7 5 % 47 . 2 5 % 52 . 8 4 % 54 . 9 6 % Co v e r e d p a y r o l l 10 , 3 9 6 , 3 5 7 $ 10 , 5 4 6 , 7 7 9 $ 10 , 3 1 1 , 9 2 0 $ 11 , 6 1 8 , 2 5 5 $ 10 , 3 4 1 , 5 4 4 $ 10 , 4 2 8 , 7 6 8 $ 11 , 0 1 2 , 4 7 0 $ 11 , 5 2 3 , 2 5 8 $ 13 , 2 2 2 , 9 4 0 $ 14 , 2 8 4 , 3 0 5 $ Em p l o y e r ' s n e t p e n s i o n l i a b i l i t y a s a p e r c e n t a g e o f c o v e r e d p a y r o l l 84 0 . 2 9 % 87 7 . 4 6 % 91 4 . 9 0 % 83 0 . 1 2 % 93 9 . 7 8 % 87 0 . 5 7 % 76 1 . 3 8 % 95 9 . 5 9 % 77 4 . 8 3 % 74 2 . 5 5 % Fo r t h e m e a s u r e m e n t d a t e D e c e m b e r 3 1 , 2 0 2 2 , t h e r e w e r e c h a n g e s i n a s s u m p t i o n s r e l a t e d t o t h e m o r t a l i t y t a b l e s . Th e di s c o u n t ra t e us e d in th e va l u a t i o n da t e d De c e m b e r 31 , 20 1 7 is 6. 2 5 % . Th e di s c o u n t ra t e us e d in th e pr i o r ac t u a r i a l va l u a t i o n , da t e d De c e m b e r 31 , 20 1 5 , is 6. 5 0 % . Th e di s c o u n t ra t e us e d in th e ac t u a r i a l va l u a t i o n da t e d De c e m b e r 3 1 , 2 0 1 4 w a s 6 . 7 5 % . Fo r t h e m e a s u r e m e n t d a t e D e c e m b e r 3 1 , 2 0 1 9 , t h e r e w e r e n o c h a n g e s i n a s s u m p t i o n s . T h e r e w e r e c h a n g e s i n p l a n b e n e f i t s r e q u i r e d u n d e r P A - 1 0 1 - 0 6 1 0 ( S B 1 3 0 0 ) . Fo r t h e m e a s u r e m e n t d a t e D e c e m b e r 3 1 , 2 0 1 8 , t h e r e w e r e c h a n g e s i n a s s u m p t i o n s r e l a t e d t o t h e m o r t a l i t y t a b l e s . A d d i t i o n a l l y , t h e d i s c o u n t r a t e w a s i n c r e a s e d t o 6 . 5 0 % . (S e e i n d e p e n d e n t a u d i t o r ' s r e p o r t . ) - 1 0 9 - FI S C A L Y E A R E N D E D D E C E M B E R 3 1 , 20 1 5 20 1 6 20 1 7 20 1 8 20 1 9 20 2 0 20 2 1 20 2 2 20 2 3 20 2 4 An n u a l m o n e y - w e i g h t e d r a t e o f r e t u r n , n e t o f i n v e s t m e n t e x p e n s e 1. 4 5 % 6. 9 0 % 14 . 2 5 % (5 . 2 0 % ) 21 . 1 3 % 12 . 8 8 % 16 . 6 5 % (1 6 . 7 8 % ) 15 . 0 6 % 13 . 4 7 % CI T Y O F E V A N S T O N , I L L I N O I S SC H E D U L E O F I N V E S T M E N T R E T U R N S PO L I C E P E N S I O N F U N D La s t T e n F i s c a l Y e a r s (S e e i n d e p e n d e n t a u d i t o r ' s r e p o r t . ) - 1 1 0 - FI S C A L Y E A R E N D E D D E C E M B E R 3 1 , 20 1 5 20 1 6 20 1 7 20 1 8 20 1 9 20 2 0 20 2 1 20 2 2 20 2 3 20 2 4 An n u a l m o n e y - w e i g h t e d r a t e o f r e t u r n , n e t o f i n v e s t m e n t e x p e n s e 0. 3 6 % 5. 9 0 % 11 . 4 2 % (4 . 5 4 % ) 19 . 6 2 % 12 . 7 2 % 13 . 9 1 % (1 4 . 9 4 % ) 15 . 5 0 % 11 . 0 0 % CI T Y O F E V A N S T O N , I L L I N O I S SC H E D U L E O F I N V E S T M E N T R E T U R N S FI R E F I G H T E R S ' P E N S I O N F U N D La s t T e n F i s c a l Y e a r s (S e e i n d e p e n d e n t a u d i t o r ' s r e p o r t . ) - 1 1 1 - - 63 - CITY OF EVANSTON, ILLINOIS NOTES TO REQUIRED SUPPLEMENTARY INFORMATION December 31, 2024 BUDGETARY INFORMATION The City follows these procedure in establishing the budgetary data reflected in the financial statements: 1. Because of a calendar year, the City Manager will submit to the City Council a proposed operating budget for the upcoming fiscal year commencing January 1, 2025. The operating budget includes proposed expenditures and the means of financing them. 2. Public budget hearings are conducted. Taxpayer comments are received and noted. 3. The budget is legally enacted through passage of a resolution . 4. The City Manager is authorized to transfer budgeted amounts between departments within any fund; however, any revisions that alter the total expenditures of any fund must be approved by the City Council . There were budget allocations within General Fund. 5. Budgets are legally adopted on a basis consistent with GAAP. Annual appropriated budgets are adopted for the General, Special Revenue, Debt Service, Capital Projects, Enterprise, Internal Service Funds, and Pension Trust Funds. A budget was not adopted for the Neighborhood Improvement Fund, Foreign Fire Insurance Fund, and Special Service Area No. 10 Fund. All annual budgets lapse at fiscal year end. The level of control (level at which expenditures may not exceed budget) is the fund. All unencumbered annual appropriations lapse at the end of the fiscal year. During the year, budget amendments were approved by the City Council. The following funds had an excess of actual budgetary expenditures over original and final budget for the fiscal year ended December 31, 202 4. Fund Actual Final Budget Variance Special Assessment $ 483,919 $ 452,550 $ 31,369 - 112 - COMBINING AND INDIVIDUAL FUND STATEMENTS AND SCHEDULES MAJOR GOVERNMENTAL FUNDS General Fund - to account for all financial resources of the City except those accounted for in another fund. Capital Improvements Fund - to account for capital projects not funded through special revenue, tax increment financing, or enterprise funds. Capital projects include, but are not limited to: long- term improvements to public buildings, the paving of city streets, and the improvement and development of recreation facilities. Financing is provided primaril y by grants and general obligation bond proceeds. General Obligation Debt Fund - to account for non-abated, general obligation payments on the principal and interest related to bonds and/or other city debt. ARPA Fund - to account for the State and Local Fiscal Recovery Funds as provided for by the American Rescue Plan Act of 2021. Variance Original Final Over Budget Budget Actual (Under) REVENUES Taxes Property Current year levy 29,047,402$ 29,047,402$ 29,045,356$ (2,046)$ Total property taxes 29,047,402 29,047,402 29,045,356 (2,046) Personal property replacement tax 3,500,000 3,500,000 2,457,303 (1,042,697) Other taxes State use tax 3,200,000 3,200,000 2,768,657 (431,343) Sales tax - home rule 10,600,000 10,600,000 10,856,616 256,616 Auto rental tax 60,000 60,000 75,116 15,116 Transportation network provider tax 700,000 700,000 937,411 237,411 Athletic contest tax 800,000 800,000 799,176 (824) Municipal hotel tax 2,350,000 2,350,000 2,664,421 314,421 Utility tax 6,650,000 6,650,000 5,850,776 (799,224) Cigarette tax 200,000 200,000 144,000 (56,000) Evanston motor fuel tax 990,000 990,000 1,289,317 299,317 Liquor tax 3,100,000 3,100,000 3,217,898 117,898 Recreational cannabis tax - 100,000 306,622 206,622 Bag tax 200,000 200,000 89,054 (110,946) Parking tax 2,900,000 2,900,000 3,093,968 193,968 Amusement tax 900,000 900,000 1,548,571 648,571 Foreign fire tax - - 14,912 14,912 Real estate transfer tax 2,750,000 2,750,000 3,083,708 333,708 Total other taxes 35,400,000 35,500,000 36,740,223 1,240,223 Total taxes 67,947,402 68,047,402 68,242,882 195,480 Licenses and permits Vehicle licenses 2,800,000 2,800,000 2,748,583 (51,417) Business licenses 25,000 25,000 39,989 14,989 Bed and breakfast licenses 150 150 - (150) Collection box license 2,500 2,500 1,750 (750) Pet licenses 20,000 20,000 29,501 9,501 Contractor licenses 170,000 170,000 182,200 12,200 Rooming house licenses - - 1,050 1,050 Liquor licenses 500,000 500,000 512,344 12,344 One-day liquor licenses 15,000 15,000 22,119 7,119 Farmer's market licenses 51,250 51,250 56,530 5,280 Rental building registration 360,000 360,000 194,277 (165,723) Other licenses 20,000 20,000 20,265 265 Long-term care license 120,000 120,000 90,780 (29,220) Seasonal foot ESTB 15,000 15,000 5,289 (9,711) Mobile food vehicle license 1,450 1,450 - (1,450) Hen coop license 800 800 - (800) Resident care home license 1,200 1,200 - (1,200) Building permits 4,225,100 4,225,100 16,214,371 11,989,271 Elevator permits 42,000 42,000 32,444 (9,556) Right of way permits 358,000 358,000 494,941 136,941 Residents parking permit - - 3,020 3,020 Dumpster permit fee - - 14,015 14,015 Fire suppression/alarm permit - - 25,431 25,431 CITY OF EVANSTON, ILLINOIS SCHEDULE OF REVENUES - BUDGET AND ACTUAL GENERAL FUND For the Year Ended December 31, 2024 (This schedule is continued on the following pages.) - 113 - Variance Original Final Over Budget Budget Actual (Under) REVENUES (Continued) Licenses and permits (Continued) Oversize truck permit 20,000$ 20,000$ 51,400$ 31,400$ Moving van permit 57,000 57,000 37,225 (19,775) IL Bell franchise fee 90,000 90,000 97,143 7,143 Northwestern University easement 47,000 47,000 78,838 31,838 Cable franchise fee 950,000 950,000 733,368 (216,632) PEG fees - Comcast 145,000 145,000 105,992 (39,008) Nicor franchise fee 75,000 75,000 90,218 15,218 Plumbing permits - - 135 135 Total licenses and permits 10,111,450 10,111,450 21,883,218 11,771,768 Intergovernmental - revenue from other agencies Retailer and service occupation tax 13,000,000 13,000,000 13,914,646 914,646 State income tax 11,500,000 11,500,000 13,446,239 1,946,239 State highway maintenance 83,000 83,000 63,556 (19,444) Health Department Basic Service Grant 166,875 166,875 161,074 (5,801) Illinois tobacco free community 27,954 27,954 27,954 - IL HIV Surveillance Grant 34,150 34,150 20,879 (13,271) DIS Grant - - 114,528 114,528 IAC Project Grant - - 56,900 56,900 NEA Grant 15,000 15,000 77,950 62,950 Other State/County Grant 220,000 220,000 16,080 (203,920) CRI Grant 64,841 64,841 56,553 (8,288) PEHP Grant 62,944 62,944 61,765 (1,179) Lead Paid Hazard Grant 150,000 150,000 - (150,000) Beach Grant 23,000 23,000 - (23,000) Federal Grant/Aid 317,000 317,000 528,991 211,991 Market link vouchers 35,000 35,000 44,103 9,103 Civil Defense Grants (F.E.M.A.)- - 65,284 65,284 Narcotics enforcement revenue 40,000 40,000 72,249 32,249 eShare revenue - - 142,571 142,571 Police DUI reimbursement 15,000 15,000 - (15,000) COVID-19 Mass Vaccination Grant - - 124,351 124,351 Cook County WNV Grant 14,270 14,270 - (14,270) Total intergovernmental - revenue from other agencies 25,769,034 25,769,034 28,995,673 3,226,639 Charges for services Recreation Recreation - program 7,052,000 7,052,000 7,385,022 333,022 Recreation - concessions 80,000 80,000 - (80,000) Recreation - special events 80,000 80,000 81,637 1,637 Total recreation 7,212,000 7,212,000 7,466,659 254,659 Other charges for services Health clinic fees - food establishment 230,000 230,000 216,420 (13,580) Temporary license fee 11,000 11,000 5,901 (5,099) Food delivery vehicle 6,500 6,500 4,150 (2,350) Beverage snack vending machine 47,000 47,000 38,203 (8,797) Tobacco license 17,000 17,000 18,222 1,222 Beekeeper license 300 300 350 50 Funeral director license 6,000 6,000 - (6,000) GENERAL FUND For the Fiscal Year Ended December 31, 2024 CITY OF EVANSTON, ILLINOIS SCHEDULE OF REVENUES - BUDGET AND ACTUAL (Continued) (This schedule is continued on the following page.) - 114 - Variance Original Final Over Budget Budget Actual (Under) GENERAL FUND For the Fiscal Year Ended December 31, 2024 CITY OF EVANSTON, ILLINOIS SCHEDULE OF REVENUES - BUDGET AND ACTUAL (Continued) REVENUES (Continued) Other charges for services (Continued) Birth/death certificates 92,000$ 92,000$ 114,713$ 22,713$ Senior Taxi coupon sales 75,000 75,000 54,818 (20,182) Historic preservation 30,000 30,000 1,925 (28,075) Tree preservation revenue 5,000 5,000 96,879 91,879 Ambulance service 5,700,000 5,700,000 5,111,437 (588,563) Police CTA detail 357,000 357,000 252,213 (104,787) Police report fees 25,000 25,000 19,943 (5,057) Officer and gentlemen 1,000 1,000 - (1,000) Zoning fees 50,000 50,000 37,830 (12,170) Background check daycare providers 400 400 - (400) New pavement degradation 20,000 20,000 29,436 9,436 Plan review 5,000 5,000 - (5,000) Total other service charges 6,678,200 6,678,200 6,002,440 (675,760) Total charges for services 13,890,200 13,890,200 13,469,099 (421,101) Fines Ticket fines - parking 3,100,000 3,100,000 3,830,638 730,638 Regular fines 115,000 115,000 86,654 (28,346) Boot release fee 50,000 50,000 38,390 (11,610) Health code violation fees 3,000 3,000 - (3,000) Administrative adjudication fee 80,000 80,000 28,625 (51,375) Total fines 3,348,000 3,348,000 3,984,307 636,307 Investment income 500,000 500,000 2,262,491 1,762,491 Other revenues Police equipment reimbursement 20,000 20,000 10,403 (9,597) Rethink your drink 5,000 5,000 - (5,000) We're Out Walking 6,000 6,000 - (6,000) Property sales and rentals 75,000 75,000 99,571 24,571 Donation 24,500 24,500 100,179 75,679 Miscellaneous revenue 548,500 548,500 945,685 397,185 Sale of other assets 1,500 1,500 - (1,500) Reimbursements - serve and protect 8,000 8,000 31,197 23,197 Reimbursements - salt use 32,000 32,000 15,676 (16,324) Reimbursements - police 640,000 640,000 676,248 36,248 Payment in lieu of taxes 85,000 85,000 75,000 (10,000) Fund balance applied 10,532,793 10,532,793 - (10,532,793) Chargeback revenue 300,000 300,000 361,110 61,110 Insurance proceeds - - 1,634 1,634 Private Elm Trees Insurance 20,000 20,000 31,955 11,955 Citizens CPR class fees - - 6,960 6,960 Telecommunication maintenance fee 35,000 35,000 - (35,000) Parking permits - Ryan Field 15,000 15,000 - (15,000) Right-to-use lease amortization - - 26,792 26,792 Total other revenues 12,348,293 12,348,293 2,382,410 (9,965,883) TOTAL REVENUES 133,914,379$ 134,014,379$ 141,220,080$ 7,205,701$ (See independent auditor's report.) - 115 - Variance Original Final Over Budget Budget Actual (Under) EXPENDITURES General management and support City council 594,133$ 594,133$ 593,974$ (159)$ City manager and budget management 9,327,531 9,327,531 8,128,893 (1,198,638) City clerk 535,355 535,355 457,842 (77,513) Law department 1,354,786 1,354,786 1,311,895 (42,891) Administrative services 14,948,003 14,948,003 14,824,176 (123,827) Total general management and support 26,759,808 26,759,808 25,316,780 (1,443,028) Public safety Police 57,086,479 58,005,479 60,041,057 2,035,578 Fire 22,110,663 25,451,663 22,770,625 (2,681,038) Total public safety 79,197,142 83,457,142 82,811,682 (645,460) Public works Public works director 3,984,528 3,984,528 4,072,116 87,588 Municipal service center 2,197,253 2,197,253 2,317,101 119,848 City engineer 763,030 763,030 614,506 (148,524) Traffic engineer 4,120,994 4,120,994 3,377,470 (743,524) Streets 4,803,088 4,803,088 4,082,627 (720,461) Total public works 15,868,893 15,868,893 14,463,820 (1,405,073) Health and human services development Health and human services director 193,050 193,050 209,900 16,850 Health department 1,624,223 1,624,223 1,749,321 125,098 Total health and human services development 1,817,273 1,817,273 1,959,221 141,948 Recreation and cultural opportunities Recreation 12,924,432 16,264,432 16,805,009 540,577 Ecology center 911,107 911,107 955,433 44,326 Cultural arts 536,812 536,812 568,312 31,500 Total recreation and cultural opportunities 14,372,351 17,712,351 18,328,754 616,403 Housing and economic development Community development administration 724,620 724,620 585,915 (138,705) Planning and zoning 1,325,013 1,325,013 992,371 (332,642) Housing rehabilitation and property standards 561,617 561,617 822,015 260,398 Building code compliance 2,075,826 2,075,826 1,731,841 (343,985) Total housing and economic development 4,687,076 4,687,076 4,132,142 (554,934) Debt service Interest - - - - Total debt service - - - - TOTAL EXPENDITURES 142,702,543$ 150,302,543$ 147,012,399$ (3,290,144)$ CITY OF EVANSTON, ILLINOIS GENERAL FUND SCHEDULE OF EXPENDITURES - BUDGET AND ACTUAL For the Year Ended December 31, 2024 (See independent auditor's report.) - 116 - Original Final Budget Budget Actual Variance REVENUES Intergovernmental 1,470,000$ 1,470,000$ 1,331,279$ (138,721)$ Fees - - 25,329 25,329 Charges for services - - 62,422 62,422 Investment income - - 422,163 422,163 Contributions - - 1,031,796 1,031,796 Total revenues 1,470,000 1,470,000 2,872,989 1,402,989 EXPENDITURES General management and support - - 60 60 Public works 23,758,500 20,758,500 16,228,134 (4,530,366) Capital outlay 1,460,000 1,460,000 4,573,909 3,113,909 Debt service Fiscal charges - - 155,725 155,725 Total expenditures 25,218,500 22,218,500 20,957,828 (1,260,672) EXCESS (DEFICIENCY) OF REVENUES OVER EXPENDITURES (23,748,500) (20,748,500) (18,084,839) 2,663,661 OTHER FINANCING SOURCES (USES) Transfers in - - - - Issuance of bonds 23,283,500 23,283,500 17,135,000 (6,148,500) Premium on issuance of bonds - - 1,032,725 1,032,725 Total other financing sources (uses)23,283,500 23,283,500 18,167,725 (5,115,775) NET CHANGE IN FUND BALANCE (465,000)$ 2,535,000$ 82,886 (2,452,114)$ FUND BALANCE (DEFICIT), JANUARY 1 (8,173,411) FUND BALANCES (DEFICIT), DECEMBER 31 (8,090,525)$ CITY OF EVANSTON, ILLINOIS SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL CAPITAL IMPROVEMENTS FUND For the Year Ended December 31, 2024 (See independent auditor's report.) - 117 - Original and Final Budget Actual Variance Taxes Property taxes Current year levy, net 12,766,093$ 13,025,460$ 259,367$ Investment income 10,000 373,621 363,621 Total revenues 12,776,093 13,399,081 622,988 General management and support 100 6,323 6,223 Debt service Principal 9,873,920 9,873,921 1 Interest 5,586,114 5,146,428 (439,686) Fiscal agent fees 6,500 6,650 150 Total expenditures 15,466,634 15,033,322 (433,312) EXCESS (DEFICIENCY) OF REVENUES OVER EXPENDITURES (2,690,541) (1,634,241) 1,056,300 Transfers in 2,693,941 2,182,212 (511,729) Total other financing sources (uses)2,693,941 2,182,212 (511,729) NET CHANGE IN FUND BALANCE 3,400$ 547,971 544,571$ FUND BALANCE, JANUARY 1 2,905,035 FUND BALANCE, DECEMBER 31 3,453,006$ REVENUES EXPENDITURES OTHER FINANCING SOURCES (USES) CITY OF EVANSTON, ILLINOIS SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL GENERAL OBLIGATION DEBT SERVICE FUND For the Year Ended December 31, 2024 (See independent auditor's report.) - 118 - NONMAJOR GOVERNMENTAL FUNDS SPECIAL REVENUE FUNDS Special Revenue Funds are used to account for specific revenues that are restricted or committed for a particular purpose. Motor Fuel Tax - to account for the operation of street maintenance programs and capital projects as authorized by the Illinois Department of Transportation. Financing is provided by the City’s share of gasoline taxes. Emergency Telephone System - to account for revenues and expenditures for 911 emergency telephone service. Financing provided by network connection surcharges. Foreign Fire Insurance – to account for monies distributed from the State of Illinois Municipal League for the fire department. Financing provided by foreign fire insurance license fees. Neighborhood Improvement - to account for a portion of the sales tax revenues derived from retail sales of the Home Depot U.S.A. Inc. store in the City. Sales tax revenues allocated to this fund are to be expended on public projects that will benefit the immediate neighborhood of the store. Affordable Housing - to account for costs associated with housing-related programs of the City. HOME - to account for the activity of the HOME program. Financing is provided by the federal government. Expenditures are made in accordance with the requirements of federal law. Community Development Block Grant - to account for revenues and expenditures of the Community Block Grant program. Financing is provided by the federal government on a reimbursement basis in accordance with federal formula. Expenditures are made in accordance with the requirements of federal law. Community Development Loan - to account for residential rehabilitation loans to residents. Special Service District No. 9 - (successor to SSA #4) was reestablished in 2019 to provide certain public services to supplement services currently or customarily provided by the City to the Area. Services include the promotion and advertisement of the Area in order to attract businesses and consumers, and provide any other public services to the Area which the City may deem appropriate from time to time. SSA#9 is managed by Downtown Evanston (formerly EvMark), an Illinois not- for-profit corporation. Financing is provided by the City through an annual property tax levy. Special Service District No. 10 - was established in 2024 to provide certain public services to supplement services currently or customarily provided by the City to the Area. Services include the promotion and advertisement of the Area in order to attract businesses and consumers, and provide any other public services to the Area which the City may deem appropriate from time to time. Financing is provided by the City through an annual property tax levy. Reparations - to account for the municipal tax revenues (at 3% of retail price) collected from the sales of recreational cannabis. Sustainability - to account for the resources provided by the City’s Climate Action and Resilience Plan. NONMAJOR GOVERNMENTAL FUNDS (Continued) SPECIAL REVENUE FUNDS (Continued) Good Neighbor - to account for the resources provided by Northwestern University to assist city functions and increase programming. General Assistance - to account for the assistance given to persons and/or families to meet their basic living expenses. Human Services - to account for benefits and facilities such as education, food subsidies, health care, and subsidized housing provided by the City. DEBT SERVICE FUNDS Debt Service Funds are used to account for the servicing of general long-term debt. Chicago Main TIF - to account for principal and interest payments on debt proceeds issued and allocated to this tax increment financing district. Special Service Area No. 6 Fund - to account for promotion, advertisement, and street maintenance costs of the area located in the City’s commercial district surrounding Dempster, Chicago, and Main. Financing is provided by the City through an annual special service area property tax levy. Special Service Area No. 7 Fund - to account for the City’s support of commercial properties located in the Central Street merchant district. SSA #7 represents the east portion of Central Street located between Hartrey on the west, Eastwood on the east, Isabella on the north and Lincoln on the south. The purpose of the Central Street SSA districts is to help the merchant association grow and establish a stable funding stream for merchant and business district activities. Financing is provided by the City through an annual special service area property tax levy. Special Service Area No. 8 Fund - to account for the City’s support of commercial properties located in the Central Street merchant district. SSA #8 represents the west portion of Central Street located between Central Park Ave. on the west and Ewing Ave. on the east. The purpose of the Central Street SSA districts is to help the merchant association grow and establish a stable funding stream for merchant and business district activities. Financing is provided by the City through an annual special service area property tax levy. Dempster-Dodge TIF - to account for principal and interest payments on debt proceeds issued and allocated to this tax increment financing district. Howard/Ridge TIF - to account for principal and interest payments on debt proceeds issued and allocated to this tax increment financing district. West Evanston TIF - to account for principal and interest payments on debt proceeds issued and allocated to this tax increment financing district. Five Fifths TIF - to account for principal and interest payments on debt proceeds issued and allocated to this tax increment financing district. NONMAJOR GOVERNMENTAL FUNDS (Continued) CAPITAL PROJECTS FUNDS Capital Projects Funds are used to account for activity related to capital improvements. Crown Construction - to account for capital improvements (primarily alley paving) financed by both special assessments on property owners and city contributions. Crown Maintenance - to account for capital improvements (primarily alley paving) financed by both special assessments on property owners and city contributions. Special Assessment - to account for capital improvements (primarily alley paving) financed by both special assessments on property owners and City contributions. Emergency Motor Fuel Telephone Foreign Fire Neighborhood Affordable Tax System Insurance Improvement Housing HOME Cash and equivalents 1,560,372$ 931,861$ 281,891$ 23,465$ 2,394,793$ 19,940$ Investments 5,404,563 - - - 2,032,402 - Receivables Property tax - - - - - - Loans - - - - 2,518,551 5,221,483 Special assessments - - - - - - Leases - - - - - - Accrued interest - - - - - - Due from other governments 293,310 210,355 - - - 24,954 Due from other funds 6,958 65,092 - 17 180 11,326 TOTAL ASSETS 7,265,203$ 1,207,308$ 281,891$ 23,482$ 6,945,926$ 5,277,703$ LIABILITIES Vouchers payable 188,561$ 16,526$ -$ -$ 41,536$ 18,889$ Interest payable - - - - - - Due to other governments - - - - 161,622 - Due to other funds - - - - - - Advances from other funds - - - - - - Total liabilities 188,561 16,526 - - 203,158 18,889 DEFERRED INFLOWS OF RESOURCES Long-term notes receivable - - - - 2,518,551 5,221,483 Unavailable revenue - property taxes - - - - - - Leases - - - - - - Total deferred inflows of resources - - - - 2,518,551 5,221,483 Total liabilities and deferred inflows of resources 188,561 16,526 - - 2,721,709 5,240,372 FUND BALANCES Restricted for Highway maintenance 7,076,642 - - - - - Emergency telephone system - 1,190,782 - - - - Public safety - - 281,891 - - - HUD approved projects - - - - - 37,331 Neighborhood improvements - - - 23,482 4,224,217 - Reparations - - - - - - Sustainability - - - - - - Debt service - - - - - - General assistance - - - - - - Human services Capital improvements - - - - - - Assigned - - - - - - Unassigned (deficit)- - - - - - Total fund balances (deficit)7,076,642 1,190,782 281,891 23,482 4,224,217 37,331 TOTAL LIABILITIES, DEFERRED INFLOWS OF RESOURCES, AND FUND BALANCES 7,265,203$ 1,207,308$ 281,891$ 23,482$ 6,945,926$ 5,277,703$ CITY OF EVANSTON, ILLINOIS COMBINING BALANCE SHEET NONMAJOR GOVERNMENTAL FUNDS December 31, 2024 OF RESOURCES, AND FUND BALANCES ASSETS Special Revenue LIABILITIES, DEFERRED INFLOWS - 119 - Special Special Community Community Service Service Total Development Development District District Good General Human Special Block Grant Loan No. 9 No. 10 Reparations Sustainability Neighbor Assistance Services Revenue 108,380$ 362,344$ 14,002$ -$ 284,850$ 1,181,752$ 1,053,600$ 1,237,413$ 1,841,415$ 11,296,078$ - - - - - - - - - 7,436,965 - - 642,145 92,624 - - - 749,593 3,650,000 5,134,362 - 1,766,805 - - - - - - - 9,506,839 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 256,735 - - - - - - - - 785,354 - 874 82 - - - 134 - - 84,663 365,115$ 2,130,023$ 656,229$ 92,624$ 284,850$ 1,181,752$ 1,053,734$ 1,987,006$ 5,491,415$ 34,244,261$ 62,980$ 170$ -$ -$ 64,815$ 12,500$ -$ 52$ 229,254$ 635,283$ - - - - - - - - - - - 20,374 - - - - - - - 181,996 90,463 - - - 20 189,699$ - 20,415 167,216 467,813 152,349 - - - 75,000 - - - - 227,349 305,792 20,544 - - 139,835 202,199 - 20,467 396,470 1,512,441 - 1,766,805 - - - - - - - 9,506,839 - - 642,145 92,624 - - - 750,000 3,650,000 5,134,769 - - - - - - - - - - - 1,766,805 642,145 92,624 - - - 750,000 3,650,000 14,641,608 305,792 1,787,349 642,145 92,624 139,835 202,199 - 770,467 4,046,470 16,154,049 - - - - - - - - - 7,076,642 - - - - - - - - - 1,190,782 - - - - - - - 281,891 59,323 342,674 - - - - - - - 439,328 - - 14,084 - - - - - - 4,261,783 - - - - 145,015 - - - - 145,015 - - - - - 979,553 - - - 979,553 - - - - - - - - - - - - - - - - - 1,216,539 - 1,216,539 1,444,945 1,444,945 - - - - - - 1,053,734 - - 1,053,734 - - - - - - - - - - - - - - - - - - - - 59,323 342,674 14,084 - 145,015 979,553 1,053,734 1,216,539 1,444,945 18,090,212 365,115$ 2,130,023$ 656,229$ 92,624$ 284,850$ 1,181,752$ 1,053,734$ 1,987,006$ 5,491,415$ 34,244,261$ Special Revenue (This schedule is continued on the following pages.) - 120 - Chicago Main Special Special Special Dempster-Dodge Howard Ridge Tax Service Service Service Tax Tax Increment Area Area Area Increment Increment District No. 6 No. 7 No. 8 District District Cash and equivalents 91,953$ 278,643$ 20,867$ 8,708$ 175,588$ 10,523$ Investments - - - - - - Receivables Property tax - 221,000 142,000 60,200 - - Loans - - - - - - Special assessments - - - - - - Leases - - - - - 266,011 Accrued interest - - - - - 153 Due from other governments - - - - - - Due from other funds 2,841,697 - 123 51 805,831 1,894,251 TOTAL ASSETS 2,933,650$ 499,643$ 162,990$ 68,959$ 981,419$ 2,170,938$ LIABILITIES Vouchers payable 3,098,749$ -$ -$ -$ 202$ 6,131$ Interest payable - - - - - - Due to other governments - - - - - - Due to other funds - 220,224 - - - - Advances from other funds - - - - - - Total liabilities 3,098,749 220,224 - - 202 6,131 DEFERRED INFLOWS OF RESOURCES Long-term notes receivable - - - - - - Unavailable revenue - property taxes - 221,000 142,000 60,200 - - Leases - - - - - 250,503 Total deferred inflows of resources - 221,000 142,000 60,200 - 250,503 Total liabilities and deferred inflows of resources 3,098,749 441,224 142,000 60,200 202 256,634 FUND BALANCES Restricted for Highway maintenance - - - - - - Emergency telephone system - - - - - - Public safety HUD approved projects - - - - - - Neighborhood improvements - 58,419 20,990 8,759 - - Reparations - - - - - - Sustainability - - - - - - Debt service - - - - 981,217 1,914,304 General assistance - - - - - - Health and human services - - - - - - Capital improvements - - - - - - Assigned - - - - - - Unassigned (deficit)(165,099) - - - - - Total fund balances (deficit)(165,099) 58,419 20,990 8,759 981,217 1,914,304 TOTAL LIABILITIES, DEFERRED INFLOWS OF RESOURCES, AND FUND BALANCES 2,933,650$ 499,643$ 162,990$ 68,959$ 981,419$ 2,170,938$ ASSETS CITY OF EVANSTON, ILLINOIS COMBINING BALANCE SHEET (Continued) NONMAJOR GOVERNMENTAL FUNDS December 31, 2024 Debt Service OF RESOURCES, AND FUND BALANCES LIABILITIES, DEFERRED INFLOWS - 121 - West Evanston Five-Fifths Total Tax Tax Total Total Nonmajor Increment Increment Debt Crown Crown Special Capital Governmental District District Service Construction Maintenance Assessment Projects Funds 66,027$ 145,256$ 797,565$ 205,489$ 840,037$ 1,251,742$ 2,297,268$ 14,390,911$ - - - 4,913,619 - - 4,913,619 12,350,584 - 4,451 427,651 - - - - 5,562,013 - - - - - - - 9,506,839 - - - - - 677,120 677,120 677,120 - - 266,011 - - - - 266,011 - - 153 - - - - 153 - - - - - - - 785,354 2,636,719 727,061 8,905,733 8,107 - 19,115 27,222 9,017,618 2,702,746$ 876,768$ 10,397,113$ 5,127,215$ 840,037$ 1,947,977$ 7,915,229$ 52,556,603$ 280,675$ 1,044$ 3,386,801$ -$ -$ 68,177$ 68,177$ 4,090,261$ - - - - - - - - - 585,947 585,947 - - - - 767,943 - - 220,224 - - - - 688,037 - - - - - - - 227,349 280,675 586,991 4,192,972 - - 68,177 68,177 5,773,590 - - - - - 677,120 677,120 10,183,959 - - 423,200 - - - - 5,557,969 - - 250,503 - - - - 250,503 - - 673,703 - - 677,120 677,120 15,992,431 280,675 586,991 4,866,675 - - 745,297 745,297 21,766,021 - - - - - - - 7,076,642 - - - - - - - 1,190,782 281,891 - - - - - - - 439,328 - - 88,168 - - 1,202,680 1,202,680 5,552,631 - - - - - - - 145,015 - - - - - - - 979,553 2,422,071 289,777 5,607,369 - - - - 5,607,369 - - - - - - - 1,216,539 - - - - - - - 1,444,945 - - - - - - - 1,053,734 - - - 5,127,215 840,037 - 5,967,252 5,967,252 - - (165,099) - - - - (165,099) 2,422,071 289,777 5,530,438 5,127,215 840,037 1,202,680 7,169,932 30,790,582 2,702,746$ 876,768$ 10,397,113$ 5,127,215$ 840,037$ 1,947,977$ 7,915,229$ 52,556,603$ Capital ProjectsDebt Service (See independent auditor's report.) - 122 - Emergency Motor Fuel Telephone Foreign Fire Neighborhood Affordable Tax System Insurance Improvement Housing HOME REVENUES Taxes -$ 1,497,617$ -$ -$ 40,500$ -$ Special assessments - - - - - - Intergovernmental 3,471,996 56,599 273,156 - 179,471 156,462 Fees - - - - - - Charges for services - - - - - - Investment income 366,006 29,548 - 597 184,711 525 Miscellaneous Contributions - - - - 435,000 - Other - - - - 5,000 42,384 Total revenues 3,838,002 1,583,764 273,156 597 844,682 199,371 EXPENDITURES Current General management and support - - - - - - Public safety - 1,853,760 234,513 - - - Public works 3,045,564 - - - - - Health and human resource development - - - - - - Housing and economic development - - - - 391,091 169,895 Capital outlay - - - - - - Total expenditures 3,045,564 1,853,760 234,513 - 391,091 169,895 EXCESS (DEFICIENCY) OF REVENUES OVER EXPENDITURES 792,438 (269,996) 38,643 597 453,591 29,476 OTHER FINANCING SOURCES (USES) Transfers in - - - - 1,000,000 - Transfers (out)- (99,996) - - - - Total other financing sources (uses)- (99,996) - - 1,000,000 - NET CHANGE IN FUND BALANCES 792,438 (369,992) 38,643 597 1,453,591 29,476 FUND BALANCES (DEFICIT), JANUARY 1 (AS REPORTED)6,284,204 1,560,774 - 22,885 2,770,626 7,855 Restatement - change in reporting entity - - 243,248 - - - FUND BALANCES (DEFICIT), JANUARY 1 (AS RESTATED)6,284,204 1,560,774 243,248 22,885 2,770,626 7,855 FUND BALANCES (DEFICIT), DECEMBER 31 7,076,642$ 1,190,782$ 281,891$ 23,482$ 4,224,217$ 37,331$ CITY OF EVANSTON, ILLINOIS COMBINING STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES NONMAJOR GOVERNMENTAL FUNDS For the Year Ended December 31, 2024 Special Revenue - 123 - Special Special Community Community Service Service Total Development Development District District Good General Human Special Block Grant Loan No. 9 No. 10 Reparations Sustainability Neighbor Assistance Services Revenue -$ -$ 609,713$ -$ 1,180,000$ -$ -$ 1,080,338$ 3,360,000$ 7,768,168$ - - - - - 10,000 - - - 10,000 1,679,521 - - - - - - - 856,971 6,674,176 - - - - - 486,037 - - - 486,037 - - - - - - - - - - 3,388 - 9,460 - 25,401 23,778 23,882 82,590 57,236 807,122 - - - - 3,499 - 4,092,489 - - 4,530,988 - 8,813 - - - 69,909 - 5,506 - 131,612 1,682,909 8,813 619,173 - 1,208,900 589,724 4,116,371 1,168,434 4,274,207 20,408,103 - - - - 2,617,960 1,097,475 250,962 1,246,739 - 5,213,136 - - - - - - - - - 2,088,273 - - - - - - - - - 3,045,564 - - - - - - - - 5,218,272 5,218,272 1,682,909 57,103 618,341 - - - - - - 2,919,339 - - - - - - - - - - 1,682,909 57,103 618,341 - 2,617,960 1,097,475 250,962 1,246,739 5,218,272 18,484,584 - (48,290) 832 - (1,409,060) (507,751) 3,865,409 (78,305) (944,065) 1,923,519 - - - - - 700,004 - - - 1,700,004 - - - - - - (3,000,000) - - (3,099,996) - - - - - 700,004 (3,000,000) - - (1,399,992) - (48,290) 832 - (1,409,060) 192,253 865,409 (78,305) (944,065) 523,527 59,323 390,964 13,252 - 1,554,075 787,300 188,325 1,294,844 - 14,934,427 - - - - - - - - 2,389,010 2,632,258 59,323 390,964 13,252 - 1,554,075 787,300 188,325 1,294,844 2,389,010 17,566,685 59,323$ 342,674$ 14,084$ -$ 145,015$ 979,553$ 1,053,734$ 1,216,539$ 1,444,945$ 18,090,212$ Special Revenue (This schedule is continued on the following pages.) - 124 - Chicago Main Special Special Special Dempster-Dodge Howard Ridge Tax Service Service Service Tax Tax Increment Area Area Area Increment Increment District No. 6 No. 7 No. 8 District District REVENUES Taxes 1,167,349$ 220,108$ 143,776$ 58,230$ 488,906$ 1,311,460$ Special assessments - - - - - - Intergovernmental - - - - - - Fees - - - - - - Charges for services - - - - - - Investment income 87,655 18,315 2,722 1,209 48,700 101,625 Miscellaneous Contributions - - - - - - Other 50,000 - - - - 66,046 Total revenues 1,305,004 238,423 146,498 59,439 537,606 1,479,131 EXPENDITURES Current General management and support - - - - - - Public safety - - - - - - Public works - - - - - - Health and human resource development - - - - - - Housing and economic development 1,419,665 214,230 139,844 57,832 27,791 1,038,148 Capital outlay - - - - - - Total expenditures 1,419,665 214,230 139,844 57,832 27,791 1,038,148 EXCESS (DEFICIENCY) OF REVENUES OVER EXPENDITURES (114,661) 24,193 6,654 1,607 509,815 440,983 OTHER FINANCING SOURCES (USES) Transfers in - - - - - - Transfers (out)(272,484) - - - (176,856) (363,516) Total other financing sources (uses)(272,484) - - - (176,856) (363,516) NET CHANGE IN FUND BALANCES (387,145) 24,193 6,654 1,607 332,959 77,467 FUND BALANCES (DEFICIT), JANUARY 1 (AS REPORTED)222,046 34,226 14,336 7,152 648,258 1,836,837 Restatement - change in reporting entity - - - - - - FUND BALANCES (DEFICIT), JANUARY 1 (AS RESTATED)222,046 34,226 14,336 7,152 648,258 1,836,837 FUND BALANCES (DEFICIT), DECEMBER 31 (165,099)$ 58,419$ 20,990$ 8,759$ 981,217$ 1,914,304$ CITY OF EVANSTON, ILLINOIS COMBINING STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES (Continued) NONMAJOR GOVERNMENTAL FUNDS For the Year Ended December 31, 2024 Debt Service - 125 - West Evanston Five-Fifths Total Tax Tax Total Total Nonmajor Increment Increment Debt Crown Crown Special Capital Governmental District District Service Construction Maintenance Assessment Projects Funds 2,088,286$ 1,420,595$ 6,898,710$ -$ -$ -$ -$ 14,666,878$ - - - - - 179,110 179,110 189,110 - - - 500,000 - - 500,000 7,174,176 - - - - - - - 486,037 - - - - - - - - 168,156 22,106 450,488 311,793 - 36,435 348,228 1,605,838 - - - 250,000 - - 250,000 4,780,988 - - 116,046 - - - - 247,658 2,256,442 1,442,701 7,465,244 1,061,793 - 215,545 1,277,338 29,150,685 - - - - - 60 60 5,213,196 - - - - - - - 2,088,273 - - - 9,908 - - 9,908 3,055,472 - - - - - - - 5,218,272 1,976,405 1,015,535 5,889,450 - - - - 8,808,789 - - - 109,660 - 483,859 593,519 593,519 1,976,405 1,015,535 5,889,450 119,568 - 483,919 603,487 24,977,521 280,037 427,166 1,575,794 942,225 - (268,374) 673,851 4,173,164 - - - - 174,996 1,000,000 1,174,996 2,875,000 (75,000) - (887,856) (619,116) - (92,004) (711,120) (4,698,972) (75,000) - (887,856) (619,116) 174,996 907,996 463,876 (1,823,972) 205,037 427,166 687,938 323,109 174,996 639,622 1,137,727 2,349,192 2,217,034 (137,389) 4,842,500 4,804,106 665,041 563,058 6,032,205 25,809,132 - - - - - - - 2,632,258 2,217,034 (137,389) 4,842,500 4,804,106 665,041 563,058 6,032,205 28,441,390 2,422,071$ 289,777$ 5,530,438$ 5,127,215$ 840,037$ 1,202,680$ 7,169,932$ 30,790,582$ Capital ProjectsDebt Service (See independent auditor's report.) - 126 - Original Final Budget Budget Actual Variance REVENUES Intergovernmental allotments 2,986,239$ 2,986,239$ 3,471,996$ 485,757$ Investment income 15,000 15,000 366,006 351,006 Total revenues 3,001,239 3,001,239 3,838,002 836,763 EXPENDITURES Public works 6,620,000 4,620,000 3,045,564 (1,574,436) Total expenditures 6,620,000 4,620,000 3,045,564 (1,574,436) NET CHANGE IN FUND BALANCE (3,618,761)$ (1,618,761)$ 792,438 2,411,199$ FUND BALANCE, JANUARY 1 6,284,204 FUND BALANCE, DECEMBER 31 7,076,642$ CITY OF EVANSTON, ILLINOIS SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL MOTOR FUEL TAX FUND For the Year Ended December 31, 2024 (See independent auditor's report.) - 127 - Original Final Budget Budget Actual Variance REVENUES Taxes and special assessments 1,450,000$ 1,450,000$ 1,497,617$ 47,617$ Intergovernmental - - 56,599 56,599 Investment income 7,000 7,000 29,548 22,548 Total revenues 1,457,000 1,457,000 1,583,764 126,764 EXPENDITURES Public safety 1,677,823 1,853,760 1,853,760 - Total expenditures 1,677,823 1,853,760 1,853,760 - EXCESS (DEFICIENCY) OF REVENUES OVER EXPENDITURES (220,823) (396,760) (269,996) 126,764 OTHER FINANCING SOURCES (USES) Transfers (out)(100,000) (100,000) (99,996) 4 NET CHANGE IN FUND BALANCE (320,823)$ (496,760)$ (369,992) 126,768$ FUND BALANCE, JANUARY 1 1,560,774 FUND BALANCE, DECEMBER 31 1,190,782$ CITY OF EVANSTON, ILLINOIS SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL EMERGENCY TELEPHONE SYSTEM FUND For the Year Ended December 31, 2024 (See independent auditor's report.) - 128 - Original Final Budget Budget Actual Variance REVENUES Affordable housing demo tax 50,000$ 50,000$ 40,500$ (9,500)$ Intergovernmental 145,000 145,000 179,471 34,471 Investment income 8,000 8,000 184,711 176,711 Miscellaneous Developer contributions 125,000 125,000 435,000 310,000 Other 5,000 5,000 5,000 - Total revenues 333,000 333,000 844,682 511,682 EXPENDITURES Housing and economic development 2,927,538 1,927,538 391,091 (1,536,447) Total expenditures 2,927,538 1,927,538 391,091 (1,536,447) EXCESS (DEFICIENCY) OF REVENUES OVER EXPENDITURES (2,594,538) (1,594,538) 453,591 2,048,129 OTHER FINANCING SOURCES (USES) Transfers in 1,000,000 1,000,000 1,000,000 - Total other financing sources (uses)1,000,000 1,000,000 1,000,000 - NET CHANGE IN FUND BALANCE (1,594,538)$ (594,538)$ 1,453,591 2,048,129$ FUND BALANCE, JANUARY 1 2,770,626 FUND BALANCE, DECEMBER 31 4,224,217$ AFFORDABLE HOUSING FUND For the Year Ended December 31, 2024 SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL CITY OF EVANSTON, ILLINOIS (See independent auditor's report.) - 129 - Original and Final Budget Actual Variance REVENUES Intergovernmental allotments 2,345,000$ 156,462$ (2,188,538)$ Investment income 150 525 375 Miscellaneous 25,000 42,384 17,384 Total revenues 2,370,150 199,371 (2,170,779) EXPENDITURES Housing and economic development 2,021,202 169,895 (1,851,307) Total expenditures 2,021,202 169,895 (1,851,307) NET CHANGE IN FUND BALANCE 348,948$ 29,476 (319,472)$ FUND BALANCE, JANUARY 1 7,855 FUND BALANCE, DECEMBER 31 37,331$ CITY OF EVANSTON, ILLINOIS SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL HOME FUND For the Year Ended December 31, 2024 (See independent auditor's report.) - 130 - Original and Final Budget Actual Variance REVENUES Intergovernmental allotments Grant from U.S. Department of Housing and Urban Development 3,068,463$ 1,679,521$ (1,388,942)$ Investment income - 3,388 3,388 Total revenues 3,068,463 1,682,909 (1,385,554) EXPENDITURES Housing and economic development 3,115,539 1,682,909 (1,432,630) Total expenditures 3,115,539 1,682,909 (1,432,630) NET CHANGE IN FUND BALANCE (47,076)$ - 47,076$ FUND BALANCE, JANUARY 1 59,323 FUND BALANCE, DECEMBER 31 59,323$ CITY OF EVANSTON, ILLINOIS SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL COMMUNITY DEVELOPMENT BLOCK GRANT FUND For the Year Ended December 31, 2024 (See independent auditor's report.) - 131 - Original and Final Budget Actual Variance Administration/Planning CDBG administration 2,973,148$ 349,362$ (2,623,786)$ Total administration/planning 2,973,148 349,362 (2,623,786) Housing Rehab construction administration 67,391 89,494 22,103 Targeted housing code enforcement - 357,025 357,025 Total housing 67,391 446,519 379,128 Neighborhood revitalization Special assessments - alley - 6,470 6,470 Other improvements - 600,000 600,000 Total neighborhood revitalization - 606,470 606,470 Public services James moran center - 60,000 60,000 YWCA domestic violence - 15,000 15,000 Interfaith housing program - homeshare - 20,000 20,000 Family focus - 30,000 30,000 Books and breakfast - 20,000 20,000 Connections for homeless - 120,558 120,558 Direct financial assistance to businesses 75,000 15,000 (60,000) Total public services 75,000 280,558 205,558 TOTAL EXPENDITURES 3,115,539$ 1,682,909$ (1,432,630)$ CITY OF EVANSTON, ILLINOIS SCHEDULE OF EXPENDITURES - BUDGET AND ACTUAL (BUDGETARY BASIS) COMMUNITY DEVELOPMENT BLOCK GRANT FUND For the Year Ended December 31, 2024 (See independent auditor's report.) - 132 - Original and Final Budget Actual Variance REVENUES Investment income 5,000$ -$ (5,000)$ Miscellaneous 443,121 8,813 (434,308) Total revenues 448,121 8,813 (439,308) EXPENDITURES Housing and economic development 440,000 57,103 (382,897) Total expenditures 440,000 57,103 (382,897) NET CHANGE IN FUND BALANCE 8,121$ (48,290) (56,411)$ FUND BALANCE, JANUARY 1 390,964 FUND BALANCE, DECEMBER 31 342,674$ CITY OF EVANSTON, ILLINOIS SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL COMMUNITY DEVELOPMENT LOAN FUND For the Year Ended December 31, 2024 (See independent auditor's report.) - 133 - Original Final Budget Budget Actual Variance REVENUES Property taxes Current year 592,665$ 592,665$ 609,713$ 17,048$ Investment income - - 9,460 9,460 Total revenues 592,665 592,665 619,173 26,508 EXPENDITURES Housing and economic development 575,000 619,000 618,341 (659) Total expenditures 575,000 619,000 618,341 (659) NET CHANGE IN FUND BALANCE 17,665$ (26,335)$ 832 27,167$ FUND BALANCE, JANUARY 1 13,252 FUND BALANCE, DECEMBER 31 14,084$ CITY OF EVANSTON, ILLINOIS SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL SPECIAL SERVICE DISTRICT NO. 9 FUND For the Year Ended December 31, 2024 (See independent auditor's report.) - 134 - Original and Final Budget Actual Variance REVENUES Taxes 1,400,000$ 1,180,000$ (220,000)$ Intergovernmental 100,000 - (100,000) Investment income 2,500 25,401 22,901 Miscellaneous Contributions - 3,499 3,499 Total revenues 1,502,500 1,208,900 (293,600) EXPENDITURES General management and support 3,501,000 2,617,960 (883,040) Total expenditures 3,501,000 2,617,960 (883,040) NET CHANGE IN FUND BALANCE (1,998,500)$ (1,409,060) 589,440$ FUND BALANCE, JANUARY 1 1,554,075 FUND BALANCE, DECEMBER 31 145,015$ SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL CITY OF EVANSTON, ILLINOIS For the Year Ended December 31, 2024 REPARATIONS FUND (See independent auditor's report.) - 135 - Original and Final Budget Actual Variance REVENUES Intergovernmental 10,000$ 10,000$ -$ Fees 1,000,000 486,037 (513,963) Investment income 2,000 23,778 21,778 Miscellaneous Contributions 150,000 69,909 (80,091) Total revenues 1,162,000 589,724 (572,276) EXPENDITURES General management and support 2,000,488 1,097,475 (903,013) Total expenditures 2,000,488 1,097,475 (903,013) EXCESS (DEFICIENCY) OF REVENUES OVER EXPENDITURES (838,488) (507,751) 330,737 OTHER FINANCING SOURCES (USES) Transfers in 700,000 700,004 4 Total other financing sources (uses)700,000 700,004 4 NET CHANGE IN FUND BALANCE (138,488)$ 192,253 330,741$ FUND BALANCE, JANUARY 1 787,300 FUND BALANCE, DECEMBER 31 979,553$ CITY OF EVANSTON, ILLINOIS SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL SUSTAINABILITY FUND For the Year Ended December 31, 2024 (See independent auditor's report.) - 136 - Original and Final Budget Actual Variance REVENUES Investment income 1,000$ 23,882$ 22,882$ Miscellaneous 3,000,000 4,092,489 1,092,489 Total revenues 3,001,000 4,116,371 1,115,371 EXPENDITURES General management and support 314,000 250,962 (63,038) Total expenditures 314,000 250,962 (63,038) EXCESS (DEFICIENCY) OF REVENUES OVER EXPENDITURES 2,687,000 3,865,409 1,178,409 OTHER FINANCING SOURCES (USES) Transfers (out)(3,000,000) (3,000,000) - Total other financing sources (uses)(3,000,000) (3,000,000) - NET CHANGE IN FUND BALANCE (313,000)$ 865,409 1,178,409$ FUND BALANCE, JANUARY 1 188,325 FUND BALANCE, DECEMBER 31 1,053,734$ CITY OF EVANSTON, ILLINOIS SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL GOOD NEIGHBOR FUND For the Year Ended December 31, 2024 (See independent auditor's report.) - 137 - Original and Final Budget Actual Variance REVENUES Property taxes 1,050,000$ 1,080,338$ 30,338$ Investment income 1,000 82,590 81,590 Miscellaneous 27,500 5,506 (21,994) Total revenues 1,078,500 1,168,434 89,934 EXPENDITURES General management and support 1,420,890 1,246,739 (174,151) Total expenditures 1,420,890 1,246,739 (174,151) NET CHANGE IN FUND BALANCE (342,390)$ (78,305) 264,085$ FUND BALANCE, JANUARY 1 1,294,844 FUND BALANCE, DECEMBER 31 1,216,539$ CITY OF EVANSTON, ILLINOIS SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL GENERAL ASSISTANCE FUND For the Year Ended December 31, 2024 (See independent auditor's report.) - 138 - Original and Final Budget Actual Variance REVENUES Property taxes 3,360,000$ 3,360,000$ -$ Intergovernmental 114,000 856,971 742,971 Investment income 6,000 57,236 51,236 Miscellaneous 20,000 - (20,000) Total revenues 3,500,000 4,274,207 774,207 EXPENDITURES Health and human resource development 5,258,432 5,218,272 (40,160) Total expenditures 5,258,432 5,218,272 (40,160) NET CHANGE IN FUND BALANCE (1,758,432)$ (944,065) 814,367$ FUND BALANCE, JANUARY 1 (AS REPORTED)- Restatement - change in reporting entity 2,389,010 FUND BALANCE, JANUARY 1 (AS RESTATED)2,389,010 FUND BALANCE, DECEMBER 31 1,444,945$ CITY OF EVANSTON, ILLINOIS SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL HUMAN SERVICES FUND For the Year Ended December 31, 2024 (See independent auditor's report.) - 139 - Original and Final Budget Actual Variance REVENUES Intergovernmental -$ 500,000$ 500,000$ Investment income 10,000 311,793 301,793 Miscellaneous Contributions 1,000,000 250,000 (750,000) Total revenues 1,010,000 1,061,793 51,793 EXPENDITURES Public works 60 9,908 9,848 Capital outlay 200,000 109,660 (90,340) Total expenditures 200,060 119,568 (80,492) EXCESS (DEFICIENCY) OF REVENUES OVER EXPENDITURES 809,940 942,225 132,285 OTHER FINANCING SOURCES (USES) Transfers (out)(619,118) (619,116) 2 Total other financing sources (uses)(619,118) (619,116) 2 NET CHANGE IN FUND BALANCE 190,822$ 323,109 132,287$ FUND BALANCE, JANUARY 1 4,804,106 FUND BALANCE, DECEMBER 31 5,127,215$ CITY OF EVANSTON, ILLINOIS SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL CROWN CONSTRUCTION FUND For the Year Ended December 31, 2024 (See independent auditor's report.) - 140 - Original and Final Budget Actual Variance REVENUES None -$ -$ -$ Total revenues - - - EXPENDITURES Capital outlay 175,000 - (175,000) Total expenditures 175,000 - (175,000) EXCESS (DEFICIENCY) OF REVENUES OVER EXPENDITURES (175,000) - 175,000 OTHER FINANCING SOURCES (USES) Transfers in 175,000 174,996 (4) Total other financing sources (uses)175,000 174,996 (4) NET CHANGE IN FUND BALANCE -$ 174,996 174,996$ FUND BALANCE, JANUARY 1 665,041 FUND BALANCE, DECEMBER 31 840,037$ CITY OF EVANSTON, ILLINOIS SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL CROWN MAINTENANCE FUND For the Year Ended December 31, 2024 (See independent auditor's report.) - 141 - Original and Final Budget Actual Variance REVENUES Special assessments 155,000$ 179,110$ 24,110$ Investment income 5,000 36,435 31,435 Total revenues 160,000 215,545 55,545 EXPENDITURES Current General management and support 50 60 10 Capital outlay 452,500 483,859 31,359 Total expenditures 452,550 483,919 31,369 EXCESS (DEFICIENCY) OF REVENUES OVER EXPENDITURES (292,550) (268,374) 24,176 OTHER FINANCING SOURCES (USES) Transfers in - 1,000,000 1,000,000 Transfers (out)(425,652) (92,004) 333,648 Total other financing sources (uses)(425,652) 907,996 1,333,648 NET CHANGE IN FUND BALANCE (718,202)$ 639,622 1,357,824$ FUND BALANCE, JANUARY 1 563,058 FUND BALANCE, DECEMBER 31 1,202,680$ CITY OF EVANSTON, ILLINOIS SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL SPECIAL ASSESSMENT CAPITAL PROJECTS FUND For the Year Ended December 31, 2024 (See independent auditor's report.) - 142 - Original Final Original Final Budget Budget Actual Budget Budget Actual Taxes Property taxes 1,000,000$ 1,000,000$ 1,167,349$ 221,000$ 221,000$ 220,108$ Investment income 5,000 5,000 87,655 250 250 18,315 Miscellaneous 1,880,000 1,880,000 50,000 - - - Total revenues 2,885,000 2,885,000 1,305,004 221,250 221,250.00 238,423 Housing and economic development 525,010 1,419,669 1,419,665 220,000 220,000 214,230 Total expenditures 525,010 1,419,669 1,419,665 220,000 220,000 214,230 EXCESS (DEFICIENCY) OF REVENUES OVER EXPENDITURES 2,359,990 1,465,331 (114,661) 1,250 1,250 24,193 Transfers in (out) General (30,000) (30,000) (30,000) - - - Other (242,480) (242,480) (242,484) - - - Total other financing sources (uses)(272,480) (272,480) (272,484) - - - NET CHANGE IN FUND BALANCE 2,087,510$ 1,192,851$ (387,145) 1,250$ 1,250$ 24,193 FUND BALANCE (DEFICIT), JANUARY 1 222,046 34,226 FUND BALANCE (DEFICIT), DECEMBER 31 (165,099)$ 58,419$ CITY OF EVANSTON, ILLINOIS COMBINING SCHEDULE OF REVENUES, EXPENDITURES, AND DEBT SERVICE FUNDS For the Year Ended December 31, 2024 CHANGES IN FUND BALANCES - BUDGET AND ACTUAL OTHER FINANCING SOURCES (USES) EXPENDITURES REVENUES Increment District Chicago Main Tax Special Service Area No. 6 - 143 - Original Final Original Final Original Final Budget Budget Actual Budget Budget Actual Budget Budget Actual 142,000$ 142,000$ 143,776$ 60,200$ 60,200$ 58,230$ 180,000$ 180,000$ 488,906$ 200 200 2,722 - - 1,209 1,000 1,000 48,700 - - - - - - - - - 142,200 142,200.00 146,498 60,200 60,200.00 59,439 181,000 181,000.00 537,606 140,000 140,000 139,844 60,200 60,200 57,832 2,000 27,791 27,791 140,000 140,000 139,844 60,200 60,200 57,832 2,000 27,791 27,791 2,200 2,200 6,654 - - 1,607 179,000 153,209 509,815 - - - - - - (10,000) (10,000) (9,996) - - - - - - (166,857) (166,857) (166,860) - - - - - - (176,857) (176,857) (176,856) 2,200$ 2,200$ 6,654 -$ -$ 1,607 2,143$ (23,648)$ 332,959 14,336 7,152 648,258 20,990$ 8,759$ 981,217$ Dempster-Dodge Tax Increment District Special Service Area No. 7 Special Service Area No. 8 (This schedule is continued on the following pages.) - 144 - Original Final Original Final Budget Budget Actual Budget Budget Actual Taxes Property taxes 1,100,000$ 1,100,000$ 1,311,460$ 1,450,000$ 1,450,000$ 2,088,286$ Investment income 10,000 10,000 101,625 5,000 5,000 168,156 Miscellaneous 5,000 5,000 66,046 - - - Total revenues 1,115,000 1,115,000 1,479,131 1,455,000 1,455,000 2,256,442 Housing and economic development 115,000 1,038,151 1,038,148 4,332,000 4,332,000 1,976,405 Total expenditures 115,000 1,038,151 1,038,148 4,332,000 4,332,000 1,976,405 EXCESS (DEFICIENCY) OF REVENUES OVER EXPENDITURES 1,000,000 76,849 440,983 (2,877,000) (2,877,000) 280,037 Transfers in (out) General (75,000) (75,000) (75,000) (75,000) (75,000) (75,000) Other (288,513) (288,513) (288,516) - - - Total other financing sources (uses)(363,513) (363,513) (363,516) (75,000) (75,000) (75,000) NET CHANGE IN FUND BALANCE 636,487$ (286,664)$ 77,467 (2,952,000)$ (2,952,000)$ 205,037 FUND BALANCE (DEFICIT), JANUARY 1 1,836,837 2,217,034 FUND BALANCE (DEFICIT), DECEMBER 31 1,914,304$ 2,422,071$ REVENUES EXPENDITURES OTHER FINANCING SOURCES (USES) Howard Ridge Tax Increment District West Evanston Tax Increment District CITY OF EVANSTON, ILLINOIS COMBINING SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES - BUDGET AND ACTUAL (Continued) DEBT SERVICE FUNDS For the Year Ended December 31, 2024 - 145 - Original Final Original Final Budget Budget Actual Budget Budget Actual -$ -$ 1,420,595$ 4,153,200$ 4,153,200$ 6,898,710$ - - 22,106 21,450 21,450 450,488 - - - 1,885,000 1,885,000 116,046 - - 1,442,701 6,059,650 6,059,650 7,465,244 100,000 1,015,535 1,015,535 5,494,210 8,253,346 5,889,450 100,000 1,015,535 1,015,535 5,494,210 8,253,346 5,889,450 (100,000) (1,015,535) 427,166 565,440 (2,193,696) 1,575,794 - - - (190,000) (190,000) (189,996) - - - (697,850) (697,850) (697,860) - - - (887,850) (887,850) (887,856) (100,000)$ (1,015,535)$ 427,166 (322,410)$ (3,081,546)$ 687,938 (137,389) 6,521,400 289,777$ 7,209,338$ Five Fifths Tax Increment District Total (See independent auditor's report.) - 146 - ENTERPRISE FUNDS Water Fund - To account for all activity related to providing water to the City’s residents, as well as the Village of Skokie and the Northwest Water Commission. All activities necessary to provide such services are accounted for in this fund, including, but not limited to: administration, operation, maintenance, debt service, and billing/collection. Original Final Budget Budget Actual OPERATING REVENUES Charges for services 24,872,551$ 24,872,551$ 24,882,935$ Miscellaneous 1,635,650 1,635,650 757,344 Total operating revenues 26,508,201 26,508,201 25,640,279 OPERATING EXPENSES EXCLUDING DEPRECIATION Administration 2,047,689 2,047,689 1,234,941 Operations Pumping 3,195,864 3,195,864 3,264,196 Filtration 3,453,662 3,453,662 3,325,961 Distribution 7,514,173 7,514,173 3,503,390 Meter maintenance 402,715 402,715 449,442 Administration 59,364,733 29,364,733 3,488,719 Other 2,622,960 2,622,960 1,425,728 Total operating expenses excluding depreciation 78,601,796 48,601,796 16,692,377 OPERATING INCOME (LOSS) BEFORE DEPRECIATION (52,093,595) (22,093,595) 8,947,902 Depreciation - - 3,510,919 OPERATING INCOME (LOSS)(52,093,595) (22,093,595) 5,436,983 NON-OPERATING REVENUES (EXPENSES) Investment income 70,000 70,000 496,271 Intergovernmental - - 205,337 Interest expense (4,826,609) (4,826,609) (1,679,188) Gain (loss) on disposal of capital assets - - (416,874) Issuance of bonds 18,181,000 18,181,000 - Issuance of loans 46,854,000 46,854,000 - Total non-operating revenues (expenses)60,278,391 60,278,391 (1,394,454) INCOME (LOSS) BEFORE TRANSFERS AND CONTRIBUTIONS 8,184,796 38,184,796 4,042,529 TRANSFERS AND CONTRIBUTIONS Transfers (out)(4,129,000) (4,129,000) (4,129,008) Contributions - - 3,005,472 Total transfers and contributions (4,129,000) (4,129,000) (1,123,536) NET INCOME (LOSS)4,055,796$ 34,055,796$ 2,918,993 NET POSITION, JANUARY 1 (AS REPORTED)89,989,893 Restatement - change in accounting principle (398,057) NET POSITION, JANUARY 1 (AS RESTATED)89,591,836 NET POSITION, DECEMBER 31 92,510,829$ CITY OF EVANSTON, ILLINOIS SCHEDULE OF REVENUES, EXPENSES, AND CHANGES IN NET POSITION - BUDGET AND ACTUAL WATER FUND For the Year Ended December 31, 2024 (See independent auditor's report.) - 147 - Original and Final Budget Actual CHARGES FOR SERVICES, NET Water sales Evanston 11,372,000$ 11,444,806$ Skokie 3,613,234 3,215,905 Northwest Water Commission 6,717,398 7,164,185 Morton Grove Niles Water Commission 2,210,036 2,024,170 Lincolnwood 959,883 1,033,869 Total charges for services 24,872,551 24,882,935 MISCELLANEOUS Fees and outside work 185,000 201,490 Fees, merchandise, and other 1,450,650 555,854 Total miscellaneous 1,635,650 757,344 TOTAL OPERATING REVENUES 26,508,201$ 25,640,279$ CITY OF EVANSTON, ILLINOIS SCHEDULE OF OPERATING REVENUES - BUDGET AND ACTUAL OPERATION AND MAINTENANCE ACCOUNT For the Year Ended December 31, 2024 WATER FUND (See independent auditor's report.) - 148 - INTERNAL SERVICE FUNDS Equipment Replacement Fund - To account for the costs associated with the purchase of vehicles and equipment. Fleet Services Fund - To account for the cost of operating the municipal service center maintenance facility for transportation vehicles/equipment used by city departments. Such costs are billed to the user departments. Insurance Fund - To account for all costs related to general liability and workers ’ compensation claims. Health insurance premiums are also accounted for in this fund. This internal service fund uses “funding premium” payments from city operating funds to pay claim and premium costs incurred. Equipment Fleet Replacement Services Insurance Total CURRENT ASSETS Cash and cash equivalents 559,817$ 352,309$ 853,759$ 1,765,885$ Receivables Other 36,918 14,710 - 51,628 Inventories - 1,824,979 - 1,824,979 Prepaid items 1,067,167 - 2,962,373 4,029,540 Due from other funds 3,109,980 - 5,606,126 8,716,106 Total current assets 4,773,882 2,191,998 9,422,258 16,388,138 CAPITAL ASSETS Capital assets being depreciated 29,567,563 617,552 - 30,185,115 Accumulated depreciation (20,343,395) (617,447) - (20,960,842) Total capital assets 9,224,168 105 - 9,224,273 Total assets 13,998,050 2,192,103 9,422,258 25,612,411 DEFERRED OUTFLOWS OF RESOUCES OPEB items - 17,412 - 17,412 Total deferred outflows of resources - 17,412 - 17,412 Total assets and deferred outflows of resources 13,998,050 2,209,515 9,422,258 25,629,823 CURRENT LIABILITIES Vouchers payable 150,138 235,767 88,481 474,386 Total OPEB liability - 4,730 - 4,730 Claims payable - - 1,062,750 1,062,750 Due to other funds - 96,231 - 96,231 Compensated absences payable - 108,481 - 108,481 Total current liabilities 150,138 445,209 1,151,231 1,746,578 LONG-TERM LIABILITIES General obligation bonds payable 660,000 - - 660,000 Total OPEB liability - 108,741 - 108,741 Claims payable - - 3,665,000 3,665,000 Compensated absences payable - 80,380 - 80,380 Total long-term liabilities 660,000 189,121 3,665,000 4,514,121 Total liabilities 810,138 634,330 4,816,231 6,260,699 DEFERRED INFLOWS OF RESOURCES OPEB items - 43,387 - 43,387 Total deferred inflows of resources - 43,387 - 43,387 Total liabilities and deferred inflows of resources 810,138 677,717 4,816,231 6,304,086 NET POSITION Net investment in capital assets 8,414,030 105 - 8,414,135 Unrestricted 4,773,882 1,531,693 4,606,027 10,911,602 TOTAL NET POSITION 13,187,912$ 1,531,798$ 4,606,027$ 19,325,737$ CITY OF EVANSTON, ILLINOIS COMBINING STATEMENT OF NET POSITION INTERNAL SERVICE FUNDS December 31, 2024 (See independent auditor's report.) - 149 - Equipment Fleet Replacement Services Insurance Total OPERATING REVENUES Charges for services General Fund 750,000$ 3,012,096$ 3,893,508$ 7,655,604$ Sewer Fund - 338,004 369,804 707,808 Solid Waste - 418,596 - 418,596 Water Fund - 234,000 1,665,132 1,899,132 Motor Vehicle Parking System Fund - 207,996 369,072 577,068 Library Fund 4,884 5,436 - 10,320 Emergency Telephone System - - 19,140 19,140 Claims reimbursements - - 85,756 85,756 Health insurance contributions Contributions from other funds - - 11,373,309 11,373,309 Employee contributions - - 3,654,358 3,654,358 Other contributions - 112,901 695,555 808,456 Total operating revenues 754,884 4,329,029 22,125,634 27,209,547 OPERATING EXPENSES General support - 1,594,513 162,498 1,757,011 Major maintenance 34,348 2,453,113 - 2,487,461 General liability claims - - 3,742,268 3,742,268 Workers' compensation claims - - 1,592,683 1,592,683 Health insurance premiums - - 15,369,393 15,369,393 Total operating expenses 34,348 4,047,626 20,866,842 24,948,816 OPERATING INCOME BEFORE DEPRECIATION 720,536 281,403 1,258,792 2,260,731 Depreciation 1,799,729 - - 1,799,729 OPERATING INCOME (LOSS)(1,079,193) 281,403 1,258,792 461,002 NON-OPERATING REVENUES (EXPENSES) Investment income 30,793 3,714 57,103 91,610 Gain on sale of property 213,566 - - 213,566 Total non-operating revenues (expenses)244,359 3,714 57,103 305,176 INCOME (LOSS) BEFORE TRANSFERS (834,834) 285,117 1,315,895 766,178 TRANSFERS Transfers in 3,550,000 - - 3,550,000 Total transfers 3,550,000 - - 3,550,000 CHANGE IN NET POSITION 2,715,166 285,117 1,315,895 4,316,178 NET POSITION, JANUARY 1 (AS REPORTED)10,472,746 1,381,625 3,290,132 15,144,503 Restatement - change in accounting principle - (134,944) - (134,944) NET POSITION, JANUARY 1 (AS RESTATED)10,472,746 1,246,681 3,290,132 15,009,559 NET POSITION, DECEMBER 31 13,187,912$ 1,531,798$ 4,606,027$ 19,325,737$ CITY OF EVANSTON, ILLINOIS COMBINING STATEMENT OF REVENUES, EXPENSES, INTERNAL SERVICE FUNDS For the Year Ended December 31, 2024 AND CHANGES IN NET POSITION (See independent auditor's report.) - 150 - Equipment Fleet Replacement Services Insurance Total CASH FLOWS FROM OPERATING ACTIVITIES Receipts from customers and users -$ -$ 3,740,114$ 3,740,114$ Receipts from (payments for) Interfund services provided 754,884 4,216,128 17,689,965 22,660,977 Receipts from other agencies - 98,191 695,555 793,746 Payments to suppliers 877,973 (2,494,201) (162,498) (1,778,726) Payments to employees - (1,613,805) (3,742,268) (5,356,073) Payments for insurance premiums - - (15,047,942) (15,047,942) Net cash from operating activities 1,632,857 206,313 3,172,926 5,012,096 CASH FLOWS FROM NONCAPITAL FINANCING ACTIVITIES Interfund transfers 3,550,000 - - 3,550,000 Interfund activity (2,898,851) 142,282 (2,907,723) (5,664,292) Net cash from noncapital financing activities 651,149 142,282 (2,907,723) (2,114,292) CASH FLOWS FROM CAPITAL AND RELATED FINANCING ACTIVITIES Proceeds from sale of capital assets 176,648 - - 176,648 Acquisition and construction of capital assets (3,024,327) - - (3,024,327) Net cash from capital and related financing activities (2,847,679) - - (2,847,679) CASH FLOWS FROM INVESTING ACTIVITIES Interest income 30,793 3,714 57,103 91,610 Net cash from investing activities 30,793 3,714 57,103 91,610 NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS (532,880) 352,309 322,306 141,735 CASH AND CASH EQUIVALENTS, JANUARY 1 1,092,697 - 531,453 1,624,150 CASH AND CASH EQUIVALENTS, DECEMBER 31 559,817$ 352,309$ 853,759$ 1,765,885$ RECONCILIATION OF OPERATING INCOME (LOSS) TO NET CASH FLOWS FROM OPERATING ACTIVITIES Operating income (loss)(1,079,193)$ 281,403$ 1,258,792$ 461,002$ Adjustments to reconcile operating income (loss) to Net cash from operating activities Depreciation 1,799,729 - - 1,799,729 Changes in assets and liabilities Increase (decrease) in accounts receivable miscellaneous - (14,710) - (14,710) Prepaid expenses 1,127,314 - 872,420 1,999,734 Inventories - (80,661) - (80,661) Compensated absences - (37,194) - (37,194) OPEB items - 17,902 - 17,902 Vouchers payable (214,993) 39,573 (100,287) (275,707) Claims payable - - 1,142,001 1,142,001 NET CASH FROM OPERATING ACTIVITIES 1,632,857$ 206,313$ 3,172,926$ 5,012,096$ CITY OF EVANSTON, ILLINOIS COMBINING STATEMENT OF CASH FLOWS INTERNAL SERVICE FUNDS For the Year Ended December 31, 2024 (This schedule is continued on the following page.) - 151 - Equipment Fleet Replacement Services Insurance Total NONCASH INVESTING, CAPITAL, AND RELATED FINANCING ACTIVITIES Capital assets acquired through vouchers and retainage payable 150,138$ -$ -$ 150,138$ Loss on sale of capital assets - - - - INTERNAL SERVICE FUNDS For the Year Ended December 31, 2024 CITY OF EVANSTON, ILLINOIS COMBINING STATEMENT OF CASH FLOWS (Continued) (See independent auditor's report.) - 152 - COMPONENT UNIT - PUBLIC LIBRARY Permanent Capital Operating Endowment Improvement ASSETS Cash and investments 5,494,235$ 4,751,143$ -$ Property taxes receivable 8,627,902 - - Other receivables 15,550 - - Due from other funds 655,764 - - Net pension asset - IMRF - - - Capital assets not being depreciated - - - Capital assets net of accumulated depreciation - - - Total assets 14,793,451 4,751,143 - DEFERRED OUTFLOWS OF RESOURCES Pension items - IMRF - - - OPEB items - - - Total deferred outflows of resources - - - Total assets and deferred outflows of resources 14,793,451$ 4,751,143$ -$ LIABILITIES Current liabilities Accounts payable 191,216$ -$ 37,800$ Accrued interest - - - Due to primary government 375,156 - - Due to other funds - - 655,764 Total current liabilities 566,372 - 693,564 Noncurrent liabilities Due within one year - - - Due in more than one year - - - Total noncurrent liabilities - - - Total liabilities 566,372 - 693,564 DEFERRED OUTFLOWS OF RESOURCES Pension items - IMRF - - - OPEB items - - - Unavailable property taxes 8,624,347 - - Total deferred inflows of resources 8,624,347 - - Total liabilities and deferred inflows of resources 9,190,719 - 693,564 FUND BALANCES/NET POSITION Net investment in capital assets - - - Restricted for debt service - - - Restricted for pensions - - - Restricted for endowment - 4,751,143 - Unassigned/unrestricted (deficit)5,602,732 - (693,564) Total fund balances (deficit)/net position 5,602,732 4,751,143 (693,564) TOTAL FUND BALANCE/NET POSITION 14,793,451$ 4,751,143$ -$ CITY OF EVANSTON LIBRARY COMPONENT UNIT EVANSTON, ILLINOIS STATEMENT OF NET POSITION AND COMBINING BALANCE SHEET December 31, 2024 - 153 - Statement of Debt Service Total Adjustments Net Position 2,781$ 10,248,159$ -$ 10,248,159$ 576,946 9,204,848 - 9,204,848 - 15,550 - 15,550 - 655,764 (655,764) - - - 148,645 148,645 - - 311,380 311,380 - - 9,896,656 9,896,656 579,727 20,124,321 9,700,917 29,825,238 - - 2,236,932 2,236,932 - - 92,138 92,138 - - 2,329,070 2,329,070 579,727$ 20,124,321$ 12,029,987$ 32,154,308$ -$ 229,016$ -$ 229,016$ - - 17,239 17,239 - 375,156 - 375,156 - 655,764 (655,764) - - 1,259,936 (638,525) 621,411 - - 533,233 533,233 - - 6,244,132 6,244,132 - - 6,777,365 6,777,365 - 1,259,936 6,138,840 7,398,776 - - 43,552 43,552 - - 229,583 229,583 576,946 9,201,293 - 9,201,293 576,946 9,201,293 273,135 9,474,428 576,946 10,461,229 6,411,975 16,873,204 - - 4,672,236 4,672,236 2,781 2,781 - 2,781 - - 148,645 148,645 - 4,751,143 - 4,751,143 - 4,909,168 797,131 5,706,299 2,781 9,663,092 5,618,012 15,281,104 579,727$ 20,124,321$ 12,029,987$ 32,154,308$ (See independent auditor's report.) - 154 - Permanent Capital Operating Endowment Improvement REVENUES Property taxes 8,261,169$ -$ -$ Intergovernmental Grant revenue 272,666 - - Charges for services 47,343 - - Fines and forfeits - - - Other Investment income 355,503 470,898 - Donations 477,730 - - Miscellaneous 6,418 - - Total revenues 9,420,829 470,898 - EXPENDITURES Current Community services 8,818,438 - - Capital outlay - - 205,050 Debt service Payment primary government - - - Principal - - - Interest - - - Total expenditures 8,818,438 - 205,050 EXCESS (DEFICIENCY) OF REVENUES OVER EXPENDITURES 602,391 470,898 (205,050) OTHER FINANCING SOURCES (USES) Transfer in 173,570 - - Transfer (out)- (173,570) - Total other financing sources (uses)173,570 (173,570) - NET CHANGE IN FUND BALANCE 775,961 297,328 (205,050) FUND BALANCE (DEFICIT)/NET POSITION, JANUARY 1 (AS REPORTED)4,826,771 4,453,815 (488,514) Restatement - Change in accounting principle - - - FUND BALANCE (DEFICIT)/NET POSITION, JANUARY 1 (AS RESTATED)4,826,771 4,453,815 (488,514) FUND BALANCE (DEFICIT)/NET POSITION, DECEMBER 31 5,602,732$ 4,751,143$ (693,564)$ STATEMENT OF ACTIVITIES AND COMBINING STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES For the Year Ended December 31, 2024 CITY OF EVANSTON LIBRARY COMPONENT UNIT EVANSTON, ILLINOIS - 155 - Statement of Debt Service Total Adjustments Activities 574,676$ 8,835,845$ -$ 8,835,845$ - 272,666 - 272,666 - 47,343 - 47,343 - - - - - 826,401 - 826,401 - 477,730 - 477,730 - 6,418 - 6,418 574,676 10,466,403 - 10,466,403 - 8,818,438 571,176 9,389,614 - 205,050 (205,050) - - - - - 353,392 353,392 (353,392) - 221,284 221,284 (34,191) 187,093 574,676 9,598,164 (21,457) 9,576,707 - 868,239 21,457 889,696 - 173,570 (173,570) - - (173,570) 173,570 - - - - - - 868,239 21,457 889,696 2,781 8,794,853 5,777,069 14,571,922 - - (180,514) (180,514) 2,781 8,794,853 5,596,555 14,391,408 2,781$ 9,663,092$ 5,618,012$ 15,281,104$ (See independent auditor's report.) - 156 - Original and Final Budget Actual Variance Taxes Property taxes 8,213,664$ 8,261,169$ 47,505$ Intergovernmental Grant revenue 272,213 272,666 453 Charges for services 37,394 47,343 9,949 Other Investment income 25,000 355,503 330,503 Donations 400,000 477,730 77,730 Miscellaneous 5,400 6,418 1,018 Total revenues 8,953,671 9,420,829 467,158 General management and support 9,941,139 8,818,438 (1,122,701) Total expenditures 9,941,139 8,818,438 (1,122,701) EXCESS (DEFICIENCY) OF REVENUES OVER EXPENDITURES (987,468) 602,391 1,589,859 Transfers in 216,991 173,570 (43,421) Total other financing sources (uses)216,991 173,570 (43,421) NET CHANGE IN FUND BALANCE (770,477)$ 775,961 1,546,438$ FUND BALANCE, JANUARY 1 4,826,771 FUND BALANCE, DECEMBER 31 5,602,732$ REVENUES EXPENDITURES OTHER FINANCING SOURCES (USES) CITY OF EVANSTON LIBRARY COMPONENT UNIT EVANSTON, ILLINOIS SCHEDULE OF REVENUES, EXPENDITRUES, AND CHANGES IN FUND BALANCES - BUDGET AND ACTUAL LIBRARY OPERATING FUND For the Year Ended December 31, 2024 (See independent auditor's report.) - 157 - STATISTICAL SECTION This part of the City of Evanston, 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 displays about the City’s overall financial health. Contents Page(s) Financial Trends These schedules contain trend information to help the reader understand how the City’s financial performance and well-being have been changed over time. 158-167 Revenue Capacity These schedules contain information to help the reader assess the City’s most significant local revenue source, the property tax. 168-170 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. 171-174 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. 175-176 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. 177-182 Sources: Unless otherwise noted, the information in these schedules is derived from the annual comprehensive financial reports for the relevant year. Fiscal Year 2015*2016 2017 2018** GOVERNMENTAL ACTIVITIES Net investment in capital assets 47,953$ 51,588$ 51,575$ 52,536$ Restricted 16,409 18,523 11,990 8,708 Unrestricted (136,007) (170,270) (164,614) (194,435) TOTAL GOVERNMENTAL ACTIVITIES (71,645)$ (100,159)$ (101,049)$ (133,191)$ BUSINESS-TYPE ACTIVITIES Net investment in capital assets 255,622$ 268,851$ 278,446$ 283,981$ Restricted - - - - Unrestricted 22,785 18,928 14,249 11,896 TOTAL BUSINESS-TYPE ACTIVITIES 278,407$ 287,779$ 292,695$ 295,877$ PRIMARY GOVERNMENT Net investment in capital assets 303,575$ 320,439$ 330,021$ 336,517$ Restricted 16,409 18,523 11,990 8,708 Unrestricted (113,222) (151,342) (150,365) (182,539) TOTAL PRIMARY GOVERNMENT 206,762$ 187,620$ 191,646$ 162,686$ Data Source City Finance Division *The City implemented GASB Statement No. 68 which resulted in a decrease in unrestricted net position. **The City implemented GASB Statement No. 75 which resulted in a decrease in unrestricted net position. CITY OF EVANSTON, ILLINOIS NET POSITION BY COMPONENT Last Ten Fiscal Years (accrual basis of accounting) (amounts expressed in thousands) - 158 - 2019 2020 2021 2022 2023 2024 53,784$ 65,388$ 69,636$ 80,018$ 93,847$ 100,703$ 15,554 19,843 23,472 62,604 25,274 30,879 (181,451) (199,044) (164,859) (173,298) (144,601) (149,088) (112,113)$ (113,813)$ (71,751)$ (30,676)$ (25,480)$ (17,506)$ 289,023$ 284,516$ 289,165$ 289,165$ 302,774$ 302,478$ - - - - - 271 9,883 16,150 20,315 20,315 19,485 21,878 298,906$ 300,666$ 309,480$ 309,480$ 322,259$ 324,627$ 342,807$ 349,904$ 358,801$ 358,801$ 396,621$ 403,181$ 15,554 19,843 23,472 23,472 25,274 31,150 (171,568) (182,894) (144,544) (144,544) (125,116) (127,210) 186,793$ 186,853$ 237,729$ 237,729$ 296,779$ 307,121$ - 159 - Fiscal Year 2015 2016 2017 2018 EXPENSES Governmental activities General management and support 12,493$ 18,163$ 20,890$ 20,016$ Public safety 57,443 55,625 61,191 80,789 Public works 20,011 13,668 24,793 22,718 Health and human resource development 2,911 3,319 3,354 3,455 Recreational and cultural opportunities 14,794 14,380 14,744 14,061 Housing and economic development 10,532 21,063 7,023 9,129 Interest 3,757 3,779 3,354 4,683 Total governmental activities expenses 121,941 129,997 135,349 154,851 Business-type activities Water 10,748 11,450 12,239 12,964 Sewer 6,608 6,683 6,540 6,735 Solid waste 5,150 4,967 4,907 4,852 Motor vehicle parking system 7,862 8,532 8,575 9,321 Total business-type activities expenses 30,368 31,632 32,261 33,872 TOTAL PRIMARY GOVERNMENT EXPENSES 152,309$ 161,629$ 167,610$ 188,723$ PROGRAM REVENUES Governmental activities Charges for services General management and support 8,629$ 10,094$ 8,145$ 8,985$ Culture and recreation 5,572 5,560 5,669 6,037 Other activities 11,268 15,739 12,712 11,945 Operating grants and contributions 5,535 6,809 5,931 5,244 Capital grants and contributions 275 368 325 125 Total governmental activities program revenues 31,279 38,570 32,782 32,336 Business-type activities Charges for services Water 15,722 16,419 17,588 15,642 Sewer 12,511 13,049 12,478 11,920 Solid waste 4,004 4,031 4,061 4,083 Motor vehicle parking system 6,164 6,688 6,530 6,621 Operating grants and contributions - 38,400 - - Capital grants and contributions - - - - Total business-type activities program revenues 38,401 78,587 40,657 38,266 TOTAL PRIMARY GOVERNMENT PROGRAM REVENUES 69,680$ 117,157$ 73,439$ 70,602$ NET REVENUE (EXPENSE) Governmental activities (90,662)$ (91,427)$ (102,567)$ (122,515)$ Business-type activities 8,033 46,955 8,396 4,394 TOTAL PRIMARY GOVERNMENT NET REVENUE (EXPENSE)(82,629)$ (44,472)$ (94,171)$ (118,121)$ CITY OF EVANSTON, ILLINOIS CHANGE IN NET POSITION Last Ten Fiscal Years (amounts expressed in thousands) - 160 - 2019 2020 2021 2022 2023 2024 19,444$ 18,630$ 19,041$ 22,825$ 29,868$ 29,549$ 56,755 83,015 58,842 70,097 79,009 93,152 26,584 18,573 16,861 20,712 29,297 35,019 2,895 3,719 3,970 3,158 6,095 6,977 11,081 1,326 9,148 11,098 11,930 10,748 6,907 20,992 11,046 10,318 15,347 13,634 5,454 5,252 4,430 5,161 3,854 4,431 129,120 151,507 123,338 143,369 175,400 193,510 12,880 13,612 14,562 14,563 17,482 22,299 6,492 6,795 6,706 6,386 6,943 6,756 5,079 5,316 5,476 5,149 6,191 6,295 9,585 8,982 8,395 8,882 9,917 10,374 34,036 34,705 35,139 34,980 40,533 45,724 163,156$ 186,212$ 158,477$ 178,349$ 215,933$ 239,234$ 8,768$ 7,267$ 8,736$ 9,403$ 9,546$ 9,231$ 6,119 4,831 6,080 6,962 7,207 7,515 10,917 12,200 12,090 16,260 12,480 24,804 5,775 9,672 10,067 9,913 7,530 7,932 8,630 2,971 4,275 937 911 2,718 40,209 36,941 41,248 43,475 37,674 52,200 17,789 23,934 20,900 22,926 23,680 25,640 10,780 10,242 10,374 9,638 9,349 9,353 4,668 4,618 4,969 5,324 5,328 5,666 10,640 7,289 8,090 8,889 9,730 10,613 - - - - - 3,211 - 383 - - - - 43,877 46,466 44,333 46,777 48,087 54,483 84,086$ 83,407$ 85,581$ 90,252$ 85,761$ 106,683$ (88,911)$ (114,566)$ (82,090)$ (99,894)$ (137,726)$ (141,310)$ 9,841 11,761 9,194 11,797 7,554 8,759 (79,070)$ (102,805)$ (72,896)$ (88,097)$ (130,172)$ (132,551)$ - 161 - Fiscal Year 2015 2016 2017 2018 GENERAL REVENUES AND OTHER CHANGES IN NET POSITION Governmental activities Taxes Property taxes 45,840$ 45,610$ 46,563$ 47,102$ Sales taxes 17,758 17,932 16,071 16,963 Intergovernmental - - - - Investment earnings 30 118 235 778 Miscellaneous 30,950 33,217 35,011 38,786 Transfers 631 434 3,797 1,480 Total governmental activities 95,209 97,311 101,677 105,109 Business-type activities Property taxes - - - 410 Other taxes - - - - Investment earnings 27 59 114 234 Gains on sale of capital assets - - - - Miscellaneous 301 (245) 203 - Transfers (631) (434) (3,797) (1,480) Total business-type activities (303) (620) (3,480) (836) CHANGE IN NET POSITION Governmental activities 4,547 5,884 (890) (17,406) Business-type activities 7,730 46,335 4,916 3,558 TOTAL PRIMARY GOVERNMENT CHANGE IN NET POSITION 12,277$ 52,219$ 4,026$ (13,848)$ Data Source City Finance Division CHANGE IN NET POSITION (Continued) Last Ten Fiscal Years (amounts expressed in thousands) CITY OF EVANSTON, ILLINOIS - 162 - 2019 2020 2021 2022 2023 2024 44,163$ 51,655$ 53,269$ 52,498$ 54,426$ 54,020$ 16,905 16,445 21,497 23,443 23,725 24,771 - - 4,800 7,659 7,434 9,171 1,669 423 74 1,334 5,809 5,978 39,051 34,123 42,242 51,246 46,315 50,986 8,203 10,219 2,270 4,790 5,212 7,988 109,991 112,865 124,152 140,970 142,921 152,914 820 1,333 1,333 1,333 1,333 1,333 - - - - - 134 565 140 (39) - 764 827 7 - 217 - - - - - 379 - - - (8,203) (10,219) (2,270) (4,790) (5,212) (7,988) (6,811) (8,746) (380) (3,457) (3,115) (5,694) 21,080 (1,701) 42,062 41,076 5,195 11,604 3,030 3,015 8,814 8,340 4,439 3,065 24,110$ 1,314$ 50,876$ 49,416$ 9,634$ 14,669$ - 163 - Fiscal Year 2015 2016 2017 2018 GENERAL FUND Nonspendable 118$ -$ 300$ 310$ Assigned 5,672 5,046 4,180 4,303 Unassigned 4,914 6,622 8,868 9,242 TOTAL GENERAL FUND 10,586$ 11,668$ 13,348$ 13,855$ ALL OTHER GOVERNMENTAL FUNDS Nonspendable 2,158$ -$ -$ -$ Restricted 16,409 18,523 11,418 25,651 Committed 2,556 2,996 - - Assigned 5,517 7,668 12,301 17,065 Unassigned (221) (252) (204) (227) TOTAL ALL OTHER GOVERNMENTAL FUNDS 26,419$ 28,935$ 23,515$ 42,489$ Data Source City Finance Division CITY OF EVANSTON, ILLINOIS FUND BALANCES OF GOVERNMENTAL FUNDS Last Ten Fiscal Years (amounts expressed in thousands) - 164 - 2019 2020 2021 2022 2023 2024 415$ 220$ 125$ 103$ 4,407$ 339$ 4,330 1,573 1,807 3,345 14,589 13,367 11,145 16,882 31,739 57,675 32,703 35,315 15,890$ 18,675$ 33,671$ 61,123$ 51,699$ 49,021$ -$ -$ -$ -$ -$ -$ 15,933 19,457 27,151 22,962 25,417 29,834 - - - - - - 20,306 13,324 12,910 7,762 5,469 5,967 (226) (215) (207) (336) (8,310) (8,255) 36,013$ 32,566$ 39,854$ 30,388$ 22,576$ 27,546$ - 165 - Fiscal Year 2015 2016 2017 2018 REVENUES Taxes 75,747$ 76,047$ 78,157$ 81,281$ Licenses, fees, and permits 12,184 17,933 13,358 11,664 Special assessments 8,312 169 260 199 Intergovernmental 3,554 24,886 22,627 23,004 Charges for services 23,834 8,791 8,713 10,053 Fines and penalties 148 3,612 3,468 3,765 Investment earnings 30 118 235 778 Other revenues 1,722 3,892 3,843 5,220 Total revenues 125,531 135,448 130,661 135,964 EXPENDITURES General management and support 13,444 17,064 18,152 18,330 Public safety 59,654 62,252 64,347 65,533 Public works 19,815 13,477 14,041 22,069 Health and human development 3,141 3,021 3,111 3,142 Recreation and cultural opportunities 11,087 11,894 12,371 12,789 Housing and economic development 13,292 10,477 7,225 9,006 Capital outlay 9,151 9,953 14,953 11,399 Debt service Principal 20,833 19,661 24,253 17,557 Interest 4,413 4,276 4,040 4,536 Fiscal agent fees 16 14 2 537 Total expenditure 154,846 152,089 162,495 164,898 EXCESS (DEFICIENCY) OF REVENUES OVER EXPENDITURES (29,315) (16,641) (31,834) (28,934) OTHER FINANCING SOURCES (USES) Transfers in 10,308 16,011 17,428 20,698 Transfers (out)(9,315) (15,542) (15,893) (19,174) Proceeds from borrowing 22,377 19,652 26,558 46,892 Premium on issuance of bonds - - - - Payment to escrow agent - - - - Total other financing sources (uses)23,370 20,121 28,093 48,416 NET CHANGE IN FUND BALANCES (5,945)$ 3,480$ (3,741)$ 19,482$ DEBT SERVICE AS A PERCENTAGE OF NONCAPITAL EXPENDITURES 17.33%17.62%19.18%14.39% Data Source City Finance Division CITY OF EVANSTON, ILLINOIS CHANGES IN FUND BALANCES OF GOVERNMENTAL FUNDS Last Ten Fiscal Years (amounts expressed in thousands) - 166 - 2019 2020 2021 2022 2023 2024 78,645$ 82,567$ 92,738$ 98,538$ 97,260$ 95,935$ 10,012 11,853 11,033 12,562 9,846 21,883 230 185 109 318 186 189 25,278 27,592 38,587 43,756 41,272 46,672 8,925 7,879 10,762 14,549 13,604 14,042 5,108 2,983 3,644 3,790 4,095 3,984 1,669 423 74 1,334 5,809 5,978 12,130 6,105 6,184 4,810 3,312 8,443 141,997 139,587 163,131 179,657 175,384 197,126 19,206 18,767 19,708 24,065 29,985 34,568 65,821 66,970 67,159 66,387 81,665 89,316 15,848 18,787 20,930 23,663 24,917 33,747 2,989 3,749 4,473 4,781 5,961 7,177 12,247 9,351 11,036 11,352 12,983 18,329 6,567 9,043 10,372 11,432 14,031 12,941 39,796 12,389 2,480 6,676 7,587 6,179 10,166 9,988 9,311 10,054 9,972 9,874 5,749 5,643 5,604 5,642 5,265 5,146 274 214 172 7 6 162 178,663 154,901 151,245 164,059 192,372 217,439 (36,666) (15,314) 11,886 15,598 (16,988) (20,313) 14,405 15,633 10,831 12,292 14,324 15,098 (6,156) (7,414) (9,411) (9,903) (14,573) (10,661) 23,976 18,576 12,954 - - 17,135 - - - - - 1,033 - (12,143) (3,975) - - - 32,225 14,652 10,399 2,389 (249) 22,605 (4,441)$ (662)$ 22,285$ 17,987$ (17,237)$ 2,292$ 11.62%11.40%10.45%9.57%8.93%7.67% - 167 - CI T Y O F E V A N S T O N , I L L I N O I S Eq u a l i z e d A s s e s s e d V a l u e a n d A c t u a l V a l u e o f T a x a b l e P r o p e r t y La s t T e n L e v y Y e a r s Le v y To t a l To t a l To t a l Ye a r Re s i d e n t i a l Fa r m Co m m e r c i a l In d u s t r i a l Ra i l r o a d Eq u a l i z e d Ac t u a l Ta x En d e d Pr o p e r t y Pr o p e r t y Pr o p e r t y Pr o p e r t y Pr o p e r t y As s e s s e d V a l u e Va l u e Ra t e 20 1 4 1, 7 9 2 , 3 8 3 , 4 3 5 $ 15 , 4 6 7 $ 41 6 , 1 6 5 , 9 5 3 $ 34 , 7 2 6 , 3 2 7 $ 1, 2 7 8 , 7 9 3 $ 2, 2 4 4 , 5 6 9 , 9 7 5 $ 6, 7 3 3 , 7 0 9 , 9 2 5 $ 1. 7 6 6 20 1 5 1, 7 5 1 , 2 5 2 , 8 8 8 15 , 4 6 7 41 0 , 6 7 0 , 2 4 8 32 , 5 4 9 , 6 8 1 1, 5 3 3 , 2 4 1 2, 1 9 6 , 0 2 1 , 5 2 5 6, 5 8 8 , 0 6 4 , 5 7 5 1. 7 6 2 20 1 6 2, 1 5 1 , 6 7 2 , 0 8 2 15 , 4 6 7 48 3 , 8 3 0 , 8 5 8 33 , 3 3 3 , 4 9 1 1, 5 5 9 , 8 7 1 2, 6 7 0 , 4 1 1 , 7 6 9 8, 0 1 1 , 2 3 5 , 3 0 7 1. 5 0 1 20 1 7 2, 1 7 8 , 1 8 2 , 8 9 7 15 , 4 6 7 52 7 , 5 8 9 , 6 6 7 32 , 6 8 0 , 8 5 7 1, 5 9 1 , 2 3 2 2, 7 4 0 , 0 6 0 , 1 2 0 8, 2 2 0 , 1 8 0 , 3 6 0 1. 4 9 0 20 1 8 2, 1 5 0 , 0 6 5 , 7 3 4 15 , 4 6 7 53 7 , 7 3 9 , 7 3 4 31 , 0 5 0 , 9 9 6 1, 7 0 8 , 9 8 3 2, 7 2 0 , 5 8 0 , 9 1 4 8, 1 6 1 , 7 4 2 , 7 4 2 1. 5 7 0 20 1 9 2, 6 5 3 , 2 1 4 , 3 5 6 15 , 4 6 7 74 2 , 3 6 1 , 3 8 3 34 , 6 9 2 , 6 3 4 1, 8 6 4 , 7 0 7 3, 4 3 2 , 1 4 8 , 5 4 7 10 , 2 9 6 , 4 4 5 , 6 4 1 1. 4 1 3 20 2 0 2, 6 8 6 , 7 0 6 , 5 4 5 15 , 4 6 7 73 5 , 6 5 5 , 7 2 6 37 , 3 2 6 , 1 2 6 1, 9 4 3 , 6 0 6 3, 4 6 1 , 6 4 7 , 4 7 0 10 , 3 8 4 , 9 4 2 , 4 1 0 1. 4 5 2 20 2 1 2, 4 9 2 , 9 5 3 , 3 6 8 15 , 4 6 7 69 0 , 2 2 4 , 2 4 7 35 , 7 1 9 , 4 4 5 1, 9 4 3 , 6 0 6 3, 2 2 0 , 8 5 6 , 1 3 3 9, 6 6 2 , 5 6 8 , 3 9 9 1. 5 1 8 20 2 2 3, 0 0 5 , 7 1 8 , 3 9 5 15 , 4 6 7 70 5 , 1 9 9 , 6 7 3 37 , 4 1 3 , 3 6 3 2, 3 1 8 , 5 4 1 3, 7 5 0 , 6 6 5 , 4 3 9 11 , 2 5 1 , 9 9 6 , 3 1 7 1. 2 9 6 20 2 3 3, 0 7 7 , 2 4 9 , 6 9 8 15 , 4 6 7 72 8 , 2 0 3 , 1 6 8 37 , 1 2 6 , 6 0 8 2, 5 0 5 , 8 6 6 3, 8 4 5 , 1 0 0 , 8 0 7 11 , 5 3 5 , 3 0 2 , 4 2 1 1. 2 6 9 No t e : So u r c e : Il l i n o i s D e p a r t m e n t o f R e v e n u e a n d C o o k C o u n t y C l e r k ' s O f f i c e Pr o p e r t y is re a s s e s s e d on c e ev e r y th r e e ye a r s . Eq u a l i z e d As s e s s e d va l u e is ap p r o x i m a t e l y 1/ 3 of ac t u a l va l u e . Ta x ra t e s ar e pe r $1 0 0 of eq u a l i z e d as s e s s e d v a l u e . - 1 6 8 - CI T Y O F E V A N S T O N , I L L I N O I S Pr i n c i p a l P r o p e r t y T a x p a y e r s Cu r r e n t Y e a r a n d N i n e Y e a r s A g o Pe r c e n t a g e Pe r c e n t a g e To t a l of T o t a l C i t y To t a l of T o t a l C i t y Eq u a l i z e d A s s e s s e d Ta x a b l e Eq u a l i z e d A s s e s s e d Ta x a b l e Ta x P a y e r Va l u e ( E A V ) Ra n k EA V Ta x P a y e r Va l u e ( E A V ) Ra n k EA V RO T A R Y I N T E R N A T I O N A L 48 , 4 1 2 , 3 1 3 $ 1 1. 2 6 % Ro t a r y I n t e r n a t i o n a l 25 , 7 1 5 , 9 1 2 $ 1 1. 1 5 % OR R I N G T O N T T L L C G O L U B 45 , 4 9 2 , 4 9 8 2 1. 1 8 % FS P 9 0 9 D a v i s S t r e e t 20 , 3 9 1 , 5 7 2 2 0. 9 1 % 18 9 0 M A P L E L L C 27 , 9 2 8 , 2 5 1 3 0. 7 3 % Lo w e E n t e r p r i s e s 18 , 4 8 4 , 9 6 3 3 0. 8 2 % TI A A P K E V A N S T O N I N C 25 , 1 0 8 , 0 5 8 4 0. 6 5 % Mc C a f f e r y I n t e r e s t s 15 , 6 3 6 , 2 2 6 4 0. 7 0 % OM N I O R R I N G T O N H O T E L 23 , 2 6 1 , 5 2 8 5 0. 6 0 % Ev a n s t o n H o t e l A s s o c . 9, 9 9 2 , 4 6 5 5 0. 4 5 % MB S H E R M A N H I G H L A N D S 23 , 1 3 0 , 4 0 0 6 0. 6 0 % In l a n d 9, 7 5 9 , 4 7 4 6 0. 4 3 % 90 0 9 5 0 C H U R C H S T R E E T 23 , 0 5 1 , 4 9 4 7 0. 6 0 % No r t h s h o r e U n i v e r s i t y H e a l t h c a r e 9, 5 5 7 , 4 0 4 7 0. 4 3 % FS P 9 0 9 D A V I S S T R E E T 20 , 9 2 5 , 5 8 1 8 0. 5 4 % Ta r g e t P k E v a n s t o n I n c 7, 4 9 2 , 5 2 0 8 0. 3 3 % AL B I O N A T E V A N S T O N L L C 17 , 6 5 1 , 3 1 9 9 0. 4 6 % IT A A P k E v a n s t o n I n c 7, 3 7 9 , 4 1 2 9 0. 3 3 % AZ Z U R R I O F E V A N S T O N 16 , 9 0 8 , 4 0 4 10 0. 4 4 % 50 0 D a v i s S t . H o l d i n g s 7, 0 1 3 , 4 7 2 10 0. 3 1 % T o t a l 27 1 , 8 6 9 , 8 4 6 $ 7. 0 7 % T o t a l 13 1 , 4 2 3 , 4 2 0 $ 5. 8 6 % To t a l E A V 3, 8 4 5 , 1 0 0 , 8 0 7 $ To t a l E A V 2, 2 4 4 , 5 6 9 , 9 7 5 $ So u r c e : C o o k C o u n t y 20 2 3 L e v y 20 1 4 L e v y - 1 6 9 - CITY OF EVANSTON, ILLINOIS Property Tax Levies and Collections Last Ten Levy Years Tax Gross Taxes Net Taxes Collections Levy Levied for the Levied for the Percentage in Subsequent Percentage Year Fiscal Year Fiscal Year Amount of Net Levy Years Amount of Net Levy 2015 $45,685,118 $44,990,594 $44,974,845 99.96%$205,607 $45,180,452 100.42% 2016 $47,388,805 $46,667,135 $46,723,672 100.12%$97,249 $46,820,921 100.33% 2017 $48,494,650 $47,749,032 $46,866,198 98.15%$197,415 $47,063,613 98.56% 2018 $50,497,912 $49,712,625 $49,032,839 98.63%$217,133 $49,249,972 99.07% 2019 $57,067,300 $55,139,563 $54,616,777 99.05%$186,248 $54,803,025 99.39% 2020 $57,709,576 $55,711,545 $55,836,792 100.22%$538,227 $56,375,019 101.19% 2021 $57,700,503 $55,711,545 $57,100,401 102.49%$531,709 $57,632,110 103.45% 2022 $57,689,881 $55,711,545 $56,499,872 101.42%$836,393 $57,336,265 102.92% 2023 $58,341,381 $56,344,336 $56,641,731 100.53%$38,756 $56,680,487 100.60% 2024 $58,283,145 $56,757,288 See Note See Note See Note See Note See Note Note:Levy Year 2024 is collected through December 31, 2025 Note:Levy Amounts and Receipts include Library and General Assistance, but exclude Special Service Areas Source:City Finance Division Collected Receipts Total Collect Receipts in Levy Year To Date - 170 - CI T Y O F E V A N S T O N , I L L I N O I S Ra t i o o f G e n e r a l B o n d e d D e b t O u t s t a n d i n g La s t T e n F i s c a l Y e a r s Ne t Gr o s s Ge n e r a l Ge n e r a l De b t De b t Ne t De b t t o De b t t o Ob l i g a t i o n Fi s c a l Eq u a l i z e d Ob l i g a t i o n Se r v i c e Pa y a b l e Ge n e r a l To t a l Eq u a l i z e d To t a l Bo n d e d Ye a r As s e s s e d Bo n d e d Mo n i e s Fr o m O t h e r Ob l i g a t i o n Pe r s o n a l As s e s s e d Pe r s o n a l De b t En d e d Po p u l a t i o n Va l u a t i o n 1 De b t 2 Av a i l a b l e Re v e n u e s 3 De b t In c o m e Va l u a t i o n In c o m e Pe r C a p i t a 20 1 5 75 , 6 0 3 2, 2 4 4 , 5 6 9 , 9 7 5 14 9 , 3 5 2 , 2 3 8 43 8 , 4 5 3 37 , 6 5 1 , 3 2 5 11 1 , 2 6 2 , 4 6 0 3, 2 3 5 , 0 5 2 , 3 7 0 6. 6 5 % 4. 6 2 % 1, 4 7 2 20 1 6 75 , 4 7 2 2, 1 9 6 , 0 2 1 , 5 2 5 14 7 , 0 1 7 , 5 1 2 74 5 , 9 9 7 34 , 5 4 7 , 9 3 3 11 1 , 7 2 3 , 5 8 2 3, 3 1 6 , 6 1 7 , 0 4 0 6. 6 9 % 4. 4 3 % 1, 4 8 0 20 1 7 75 , 5 5 7 2, 6 7 0 , 4 1 1 , 7 6 9 14 8 , 6 2 7 , 2 1 2 24 1 , 7 8 1 37 , 1 0 4 , 1 5 2 11 1 , 2 8 1 , 2 7 9 3, 4 7 2 , 2 9 7 , 4 9 2 5. 5 7 % 4. 2 8 % 1, 4 7 3 20 1 8 75 , 1 5 7 2, 7 4 0 , 0 6 0 , 1 2 0 17 8 , 2 3 8 , 4 2 7 41 7 , 9 8 7 39 , 7 0 1 , 5 0 3 13 8 , 1 1 8 , 9 3 7 3, 7 0 2 , 4 5 9 , 2 9 1 6. 5 0 % 4. 8 1 % 1, 8 3 8 20 1 9 74 , 5 8 7 2, 7 2 0 , 5 8 0 , 9 1 4 19 5 , 4 5 6 , 2 2 0 41 7 , 4 3 1 42 , 2 6 3 , 1 7 6 15 2 , 7 7 5 , 6 1 3 3, 8 5 7 , 8 6 3 , 4 0 1 7. 1 8 % 5. 0 7 % 2, 0 4 8 20 2 0 73 , 9 7 9 3, 4 3 2 , 1 4 8 , 5 4 7 19 9 , 8 7 8 , 6 2 3 72 1 , 4 5 9 38 , 6 3 4 , 6 2 6 16 0 , 5 2 2 , 5 3 8 3, 9 7 1 , 5 6 2 , 6 1 5 5. 8 2 % 5. 0 3 % 2, 1 7 0 20 2 1 78 , 4 5 4 3, 4 6 1 , 6 4 7 , 4 7 0 19 6 , 9 0 7 , 4 5 9 8, 6 7 5 , 8 8 1 37 , 1 9 6 , 3 0 3 15 1 , 0 3 5 , 2 7 5 4, 5 2 0 , 9 9 0 , 2 0 4 5. 6 9 % 4. 3 6 % 1, 9 2 5 20 2 2 77 , 1 8 1 3, 2 2 0 , 8 5 6 , 1 3 3 18 4 , 5 6 8 , 6 0 1 8, 4 7 6 , 4 6 4 35 , 8 8 1 , 6 8 5 14 0 , 2 1 0 , 4 5 2 4, 9 3 0 , 9 3 9 , 7 2 8 5. 7 3 % 3. 7 4 % 1, 8 1 7 20 2 3 76 , 5 5 2 3, 7 5 0 , 6 6 5 , 4 3 9 17 1 , 8 2 2 , 8 9 3 7, 7 4 7 , 5 3 5 33 , 9 7 4 , 0 0 9 13 0 , 1 0 1 , 3 4 9 5, 0 5 1 , 5 1 3 , 3 7 6 4. 5 8 % 3. 4 0 % 1, 7 0 0 20 2 4 76 , 5 5 2 3, 8 4 5 , 1 0 0 , 8 0 7 19 2 , 3 3 3 , 8 4 2 8, 8 9 5 , 2 7 6 47 , 1 3 5 , 2 9 3 13 6 , 3 0 3 , 2 7 3 5, 0 5 1 , 5 1 3 , 3 7 6 5. 0 0 % 3. 8 1 % 1, 7 8 1 1Eq u a l i z e d a s s e s s e d v a l u e s d o n o t i n c l u d e t a x i n c r e m e n t f i n a n c i n g d i s t r i c t i n c r e m e n t a l e q u a l i z e d a s s e s s e d v a l u e s . 2Ex c l u d e s l i m i t e d p u r p o s e s p e c i a l s e r v i c e d i s t r i c t b o n d s . 420 2 4 d a t a n o t a v a i l a b l e f o r P e r s o n a l I n c o m e o r P o p u l a t i o n D a t a , s o 2 0 2 3 d a t a w a s u s e d So u r c e : Co o k C o u n t y a n d C i t y F i n a n c e D i v i s i o n 3Th e s e a m o u n t s i n c l u d e t h e g e n e r a l o b l i g a t i o n b o n d s t h a t a r e b e i n g r e p a i d f r o m t h e W a t e r F u n d , S o l i d W a s t e F u n d , S e w e r F u n d , M o t o r V e h i c l e P a r k i n g S y s t e m F u n d , Ho w a r d H a r t r e y T a x I n c r e m e n t D i s t r i c t , W a s h i n g t o n N a t i o n a l T a x I n c r e m e n t D i s t r i c t , a n d S p e c i a l A s s e s s m e n t F u n d . 4 4 - 1 7 1 - CI T Y O F E V A N S T O N , I L L I N O I S Ra t i o o f O u t s t a n d i n g D e b t b y T y p e La s t T e n F i s c a l Y e a r s Fi s c a l Ge n e r a l Sp e c i a l Ge n e r a l Wa t e r To t a l Pe r c e n t a g e Ye a r Ob l i g a t i o n Se r v i c e D i s t r i c t Ob l i g a t i o n Re v e n u e IE P A WI F I A Pr i m a r y of P e r s o n a l Pe r En d e d Bo n d s Bo n d s Ca p i t a l L e a s e Bo n d s Bo n d s Lo a n s Lo a n s Go v e r n m e n t In c o m e Ca p i t a 20 1 5 11 7 , 0 3 5 , 5 4 0 $ 40 5 , 0 0 0 $ - $ 31 , 9 1 1 , 6 0 8 $ - $ 51 , 9 0 1 , 1 7 2 $ - $ 14 9 , 3 5 2 , 1 4 8 $ 4. 6 2 % 1, 9 7 5 $ 20 1 6 11 6 , 0 9 1 , 1 6 2 - - 30 , 9 2 6 , 3 5 0 - 45 , 2 5 6 , 2 3 7 - 14 7 , 0 1 7 , 5 1 2 4. 4 3 % 1, 9 4 8 $ 20 1 7 12 2 , 1 5 1 , 1 6 2 - - 26 , 4 7 6 , 0 5 0 - 40 , 3 2 8 , 1 0 8 - 14 8 , 6 2 7 , 2 1 2 4. 2 8 % 1, 9 6 7 $ 20 1 8 15 1 , 0 5 6 , 7 5 4 - - 27 , 1 8 2 , 6 7 4 - 34 , 9 2 1 , 8 2 1 - 17 8 , 2 3 9 , 4 2 8 4. 8 1 % 2, 3 7 2 $ 20 1 9 16 4 , 8 7 3 , 9 3 5 - - 30 , 5 8 2 , 2 8 5 - 40 , 6 9 1 , 5 5 1 - 19 5 , 4 5 6 , 2 2 0 5. 0 7 % 2, 6 2 1 $ 20 2 0 16 1 , 2 4 3 , 9 9 7 - - 38 , 6 3 4 , 6 2 6 - 43 , 4 0 7 , 4 7 8 - 19 9 , 8 7 8 , 6 2 3 5. 0 3 % 2, 7 0 2 $ 20 2 1 15 9 , 7 1 1 , 1 5 6 - - 37 , 1 9 6 , 3 0 3 - 40 , 2 7 2 , 2 3 2 - 19 6 , 9 0 7 , 4 5 9 4. 3 6 % 2, 5 1 0 $ 20 2 2 14 8 , 6 8 6 , 9 1 6 - - 35 , 8 8 1 , 6 8 5 - 47 , 5 0 3 , 8 2 7 - 18 4 , 5 6 8 , 6 0 1 3. 7 4 % 2, 3 9 1 $ 20 2 3 13 7 , 8 4 8 , 8 8 4 - - 33 , 9 7 4 , 0 1 0 - 53 , 3 0 9 , 6 7 0 - 17 1 , 8 2 2 , 8 9 4 3. 4 0 % 2, 2 4 5 $ 20 2 4 14 5 , 1 9 8 , 5 4 9 - - 47 , 1 3 5 , 2 9 3 - 65 , 7 9 6 , 6 3 2 4, 8 2 3 , 6 5 0 19 7 , 1 5 7 , 4 9 2 3. 9 0 % 2, 5 7 5 $ No t e : De t a i l s r e g a r d i n g t h e C i t y ' s o u t s t a n d i n g d e b t c a n b e f o u n d i n t h e n o t e s t o t h e f i n a n c i a l s t a t e m e n t s . No t e : Se e t h e S c h e d u l e o f D e m o g r a p h i c s a n d E c o n o m i c S t a t i s t i c s f o r p e r s o n a l i n c o m e a n d p o p u l a t i o n d a t a . So u r c e : Ci t y F i n a n c e D i v i s i o n Go v e r n m e n t a l A c t i v i t i e s Bu s i n e s s - T y p e A c t i v i t i e s - 1 7 2 - Percentage of Debt The City's Total Applicable Share of Debt Outstanding to the City (1) Direct debt - bonds, notes, and contracts outstanding 145,198,547$ 100.00%145,198,547$ Other bonded debt by taxing body High School District 202 25,840,000 91.19%23,563,532 School District 65 55,463,965 91.19%50,577,667 Community College District 535 54,930,000 12.77%7,012,489 Cook County 2,093,131,750 2.03%42,492,721 Cook County Forest Preserve District 90,940,000 2.03%1,846,155 Metropolitan Water Reclamation District 2,503,179,075 2.06%51,654,947 Skokie Park District 23,916,363 0.75%180,265 Total Overlapping Debt 4,847,401,153 177,327,775 Total Direct and Overlapping Debt 4,992,599,700$ 322,526,322$ (Less Debt Supported by Other Sources) Note: Overlapping debt calculated based on the pro rata EAV. Note: 2024 figures not available for Other Bonded Debt. 2023 figures used instead. Source: Bonds Statement CITY OF EVANSTON, ILLINOIS Direct and Overlapping Governmental Activities Debt As of December 31, 2024 - 173 - The City is a home rule municipality. To date, the Illinois General Assembly has set no limits for home rule municipalities. CITY OF EVANSTON, ILLINOIS Legal Debt Margin December 31, 2024 Chapter 65, Section 5/8-5-1 of the Illinois Compiled Statutes governs computation of the legal debt margin. “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 percentages of the assessed value of its taxable property...(2)if its population is more than 25,000 and less than 500,000 an aggregate of one percent...indebtedness which is outstanding on the effective date (July 1,1971)of this constitution or which is thereafter approved by referendum...shall not be included in the foregoing percentage amounts.” - 174 - CI T Y O F E V A N S T O N , I L L I N O I S Pr i n c i p a l E m p l o y e r s Cu r r e n t Y e a r a n d N i n e Y e a r s A g o Em p l o y e r Em p l o y e e s % Ra n k Em p l o y e r Em p l o y e e s % Ra n k No r t h w e s t e r n U n i v e r s i t y 6, 7 7 0 34 % 1 No r t h w e s t e r n U n i v e r s i t y 9, 5 3 4 49 % 1 No r t h s h o r e U n i v e r s i t y H e a l t h S y s t e m 4, 6 0 0 23 % 2 No r t h s h o r e U n i v e r s i t y H e a l t h c a r e 4, 1 7 6 21 % 2 PT S o l u t i o n s H o l d i n g s 2, 0 0 0 10 % 3 Ev a n s t o n S c h o o l D i s t r i c t 6 5 1, 5 0 8 8% 3 Ev a n s t o n S c h o o l D i s t r i c t 6 5 1, 5 0 0 8% 5 St . F r a n c i s H o s p i t a l 1, 1 0 5 6% 4 KP F F , I n c . 1, 2 9 3 7% 4 Ci t y o f E v a n s t o n 81 7 4% 5 Ci t y o f E v a n s t o n 88 4 4% 6 Pr e s b y t e r i a n H o m e s / M c G a w C a r e 59 7 3% 6 Pr e s e n c e S a i n t F r a n c i s H o s p i t a l 80 0 4% 7 Sc h o o l D i s t r i c t 2 0 2 57 4 3% 7 Sc h o o l D i s t r i c t 2 0 2 67 2 3% 8 Ro t a r y I n t e r n a t i o n a l 51 3 3% 8 Fo u r G e n H o l d i n g s , I n c . 63 1 3% 9 ZS A s s o c i a t e s 34 6 2% 9 Ri g h t a t S c h o o l , L L C 58 6 3% 10 C. E . N e i h o f f & C o 32 4 2% 10 To t a l 19 , 7 3 6 To t a l 19 , 4 9 4 So u r c e : C i t y E c o n o m i c D e v e l o p m e n t D i v i s i o n 20 2 4 20 1 4 - 1 7 5 - CI T Y O F E V A N S T O N , I L L I N O I S De m o g r a p h i c a n d E c o n o m i c S t a t i s t i c s La s t T e n Y e a r s Pe r Ed u c a t i o n To t a l Ca p i t a % o f P o p u l a t i o n Ca l e n d a r Pe r s o n a l Pe r s o n a l Me d i a n wi t h H S D i p l o m a Sc h o o l Un e m p l o y m e n t Ye a r Po p u l a t i o n In c o m e In c o m e Ag e or H i g h e r En r o l l m e n t Ra t e 20 1 4 75 , 2 8 2 $3 , 1 1 2 , 1 5 7 , 8 8 0 $4 1 , 3 4 0 34 . 7 93 . 8 % 10 , 7 9 3 8. 2 % 20 1 5 75 , 6 0 3 $3 , 2 3 5 , 0 5 2 , 3 7 0 $4 2 , 7 9 0 35 . 2 94 . 0 % 10 , 6 7 1 7. 3 % 20 1 6 75 , 4 7 2 $3 , 3 1 6 , 6 1 7 , 0 4 0 $4 3 , 9 4 5 35 . 3 94 . 0 % 10 , 6 4 0 6. 2 % 20 1 7 75 , 5 5 7 $3 , 4 7 2 , 2 9 7 , 4 9 2 $4 5 , 9 5 6 36 . 0 93 . 4 % 10 , 8 9 9 5. 0 % 20 1 8 75 , 1 5 7 $3 , 7 0 2 , 4 5 9 , 2 9 1 $4 9 , 2 6 3 36 . 2 93 . 4 % 10 , 9 8 0 4. 1 % 20 1 9 74 , 5 8 7 $3 , 8 5 7 , 8 6 3 , 4 0 1 $5 1 , 7 2 3 36 . 1 93 . 7 % 10 , 8 0 2 4. 2 % 20 2 0 73 , 9 7 9 $3 , 9 7 1 , 5 6 2 , 6 1 5 $5 3 , 6 8 5 36 . 2 94 . 2 % 10 , 3 5 5 5. 0 % 20 2 1 78 , 4 5 4 $4 , 5 2 0 , 9 9 0 , 2 0 4 $5 7 , 6 2 6 36 . 6 95 . 4 % 10 , 9 4 6 5. 6 % 20 2 2 77 , 1 8 1 $4 , 9 3 0 , 9 3 9 , 7 2 8 $6 3 , 8 8 8 37 . 6 95 . 8 % 10 , 5 5 2 6. 1 % 20 2 3 76 , 5 5 2 $5 , 0 5 1 , 5 1 3 , 3 7 6 $6 5 , 9 8 8 38 . 0 96 . 4 % 10 , 5 5 7 6. 3 % No t e : 20 2 4 d a t a n o t y e t a v a i l a b l e t h r o u g h U S C e n s u s No t e : Fi g u r e s i n t h i s t a b l e m a y d i f f e r f r o m p a s t y e a r s . A f t e r i d e n t i f y i n g m i n o r i n c o n s i s t e n c i e s w i t h t h i s d a t a , Ci t y S t a f f i d e n t i f i e d a c o n s i s t e n t m e t h o d f o r o b t a i n i n g t h e s e f i g u r e s f r o m t h e U S C e n s u s B u r e a u . So u r c e : Un i t e d S t a t e s C e n s u s B u r e a u Ta b l e s D P 0 3 , D P 0 5 , S 1 4 0 1 , S 1 5 0 1 Us i n g 5 - Y e a r E s t i m a t e s - 1 7 6 - CITY OF EVANSTON, ILLINOIS Budgeted Full-Time Equivalent City Government Employees by Function Last Ten Fiscal Years Fund/Program 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 General Fund City Clerk 2.00 2.00 2.00 1.00 2.00 1.00 2.00 1.00 2.00 2.00 City Manager's Office 13.00 28.50 32.00 30.00 27.50 28.50 28.50 29.50 32.90 36.50 Law 8.00 8.00 4.50 4.50 4.50 4.50 4.50 7.00 7.00 9.00 Administrative Services 51.00 57.20 57.70 55.70 53.10 54.10 54.50 59.00 65.00 68.00 Community Development 19.00 21.50 26.25 22.00 23.50 25.75 30.15 27.45 29.40 32.50 Police 227.00 225.50 225.80 220.00 217.00 216.00 201.00 201.00 201.00 203.00 Fire 110.00 110.00 110.00 110.00 110.00 110.00 110.00 110.50 118.50 118.50 Human and Health Services 22.10 21.10 21.10 21.75 17.75 8.75 8.75 13.25 11.45 12.25 Parks and Recreation 74.23 77.13 78.83 76.13 75.46 69.08 69.21 73.71 84.84 86.48 Public Works 107.45 84.25 84.25 72.50 70.00 71.00 69.00 78.00 78.50 81.50 Total General Fund 633.78 635.18 642.43 613.58 600.81 588.68 577.61 600.41 630.59 649.73 General Assistance Fund 4.00 4.00 4.00 4.25 4.25 4.25 4.25 4.25 4.25 4.25 0.00 0.00 0.00 0.00 0.00 17.90 17.90 17.00 22.10 21.30 Sustainability Fund 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 2.50 2.50 Emergency Telephone System (E911) Fund 5.00 5.00 5.00 5.00 5.00 5.00 6.00 6.00 6.00 6.00 CDBG Fund 2.60 2.80 2.50 2.75 2.90 4.40 2.90 5.60 6.00 4.70 HOME Fund 0.40 0.50 0.50 0.35 0.35 0.35 0.73 0.70 0.70 0.60 Affordable Housing Fund 1.75 1.75 1.75 1.75 1.75 1.50 1.43 1.35 1.10 0.40 Parking Fund 15.50 15.50 15.50 18.00 19.00 17.00 16.50 16.00 16.00 14.00 Water Fund 44.50 44.50 44.50 45.75 45.25 46.25 47.75 48.25 56.25 58.33 Sewer Fund 11.33 11.33 11.33 12.25 12.25 12.25 12.75 11.75 11.75 12.50 Solid Waste Fund 9.66 9.66 9.66 10.50 11.50 13.50 13.50 15.50 15.50 16.67 Fleet Services Fund 12.50 12.50 12.00 9.50 9.90 9.90 10.00 11.00 12.00 12.00 Library Fund 66.45 66.87 73.88 71.05 69.81 78.45 78.04 79.58 78.93 81.20 Neighborhood Stabilization Program1 0.50 0.45 0.30 0.15 0.00 0.00 0.00 0.00 0.00 0.00 Economic Development Fund2 6.25 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Capital Improvements Fund3 0.00 0.00 0.00 4.50 4.50 4.50 4.50 0.00 0.00 0.00 Insurance Fund4 5.00 5.00 5.50 5.50 5.50 5.50 5.50 0.00 0.00 0.00 Total Non-General Funds 185.44 179.86 186.42 191.30 191.96 220.75 221.75 216.98 233.08 234.45 Total All Funds 819.22 815.04 828.85 804.88 792.77 809.43 799.36 817.39 863.67 884.18 1Positions in Neighborhood Stablization Program were rolled into the CDBG Fund in 2019 2Positions in the Economic Development Fund were rolled into the General Fund (CMO) in 2016 3Positions in the Capital Improvements Fund were rolled into the General Fund (Public Works) in 2022 4Positions in the Insurance Fund were rolled into the General Fund (Law) in 2022 Source: City of Evanston HR Division Human Services Fund - 177 - CI T Y O F E V A N S T O N , I L L I N O I S Pr o p e r t y T a x R a t e s p e r $ 1 0 0 - D i r e c t a n d O v e r l a p p i n g G o v e r n m e n t s La s t T e n L e v y Y e a r s Go v e r n m e n t U n i t 20 1 4 20 1 5 20 1 6 20 1 7 20 1 8 20 1 9 20 2 0 20 2 1 20 2 2 20 2 3 Ci t y o f E v a n s t o n 1 1. 7 6 6 1. 8 0 0 1. 5 3 6 1. 5 2 4 1. 6 0 4 1. 4 4 6 1. 4 5 2 1. 5 6 0 1. 3 3 2 1. 3 2 5 Ci t y o f E v a n s t o n L i b r a r y F u n d 0. 2 6 5 0. 2 8 2 0. 2 4 1 0. 2 4 7 0. 2 5 4 0. 2 1 8 0. 2 1 6 0. 2 3 3 0. 2 0 8 0. 2 2 1 Co n s o l i d a t e d E l e c t i o n s - 0. 0 3 4 - 0. 0 3 1 - 0. 0 3 0 - 0. 0 1 9 - 0. 0 3 2 Co o k C o u n t y 0. 5 6 8 0. 5 5 2 0. 5 3 3 0. 4 9 6 0. 4 8 9 0. 4 5 4 0. 4 5 3 0. 4 4 6 0. 4 3 1 0. 3 8 6 Co o k C o u n t y F o r e s t P r e s e r v e D i s t r i c t 0. 0 6 9 0. 0 6 9 0. 0 6 3 0. 0 6 2 0. 0 6 0 0. 0 5 9 0. 0 5 8 0. 0 5 8 0. 0 8 1 0. 0 7 5 Me t r o p o l i t a n W a t e r R e c l a m a t i o n D i s t r i c t 0. 4 3 0 0. 4 2 6 0. 4 0 6 0. 4 0 2 0. 3 9 6 0. 3 8 9 0. 3 7 8 0. 3 8 2 0. 3 7 4 0. 3 4 5 No r t h S h o r e M o s q u i t o A b a t e m e n t D i s t r i c t 0. 0 1 1 0. 0 1 2 0. 0 1 0 0. 0 1 0 0. 0 1 0 0. 0 0 9 0. 0 0 9 0. 0 0 9 0. 0 0 8 0. 0 0 8 Co m m u n i t y C o l l e g e 5 3 5 0. 2 5 8 0. 2 7 1 0. 2 3 1 0. 2 3 2 0. 2 4 6 0. 2 2 1 0. 2 2 7 0. 2 5 2 0. 2 2 1 0. 2 2 7 Sc h o o l D i s t r i c t 2 0 2 2. 6 5 9 2. 7 9 2 2. 3 3 2 2. 3 2 9 2. 4 6 2 2. 0 2 4 2. 0 7 2 2. 2 8 6 2. 0 6 0 2. 1 1 2 Sc h o o l D i s t r i c t 6 5 3. 6 8 6 3. 8 1 0 3. 6 7 6 3. 6 7 3 3. 8 9 1 3. 1 8 5 3. 2 5 8 3. 5 9 3 3. 2 3 0 3. 3 2 2 To t a l T a x R a t e f o r P r o p e r t y n o t i n P a r k D i s t r i c t 9. 7 1 2 10 . 0 4 8 9. 0 2 8 9. 0 0 6 9. 4 1 2 8. 0 3 5 8. 1 2 3 8. 8 3 8 7. 9 4 5 8. 0 5 3 Pe r c e n t o f T o t a l T a x R a t e L e v i e d b y C i t y o f E v a n s t o n 18 . 1 8 % 17 . 9 1 % 17 . 0 1 % 16 . 9 2 % 17 . 0 4 % 18 . 0 0 % 17 . 8 8 % 17 . 6 5 % 16 . 7 7 % 16 . 4 5 % 1Ci t y o f E v a n s t o n r a t e i n c l u d e s G e n e r a l A s s i s t a n c e b e g i n n i n g i n 2 0 1 4 . D o e s n o t i n c l u d e L i b r a r y F u n d o r S p e c i a l S e r v i c e A r e a s No t e : 20 2 4 d a t a n o t a v a i l a b l e No t e : Th i s t a b l e e x c l u d e s p a r t i a l t a x i n g d i s t r i c t s , s u c h a s R i d g e v i l l e P a r k D i s t r i c t , S k o k i e P a r k D i s t r i c t , an d S c h o o l D i s t r i c t 7 3 1 / 2 , w h i c h o n l y i m p a c t a s m a l l p o r t i o n o f E v a n s t o n r e s d i e n t s So u r c e : Co o k C o u n t y A s s e s s o r ' s O f f i c e - 1 7 8 - CI T Y O F E V A N S T O N , I L L I N O I S Wa t e r S o l d b y T y p e o f C u s t o m e r (i n 1 0 0 c u b i c f e e t ) La s t T e n F i s c a l Y e a r s Ty p e o f C u s t o m e r 20 1 5 20 1 6 20 1 7 20 1 8 20 1 9 20 2 0 20 2 1 20 2 2 20 2 3 20 2 4 S i n g l e - F a m i l y 94 9 , 8 2 4 91 6 , 8 5 3 1, 0 7 0 , 1 1 9 1, 0 6 8 , 7 8 1 1, 0 2 9 , 9 1 9 1, 1 7 7 , 7 0 3 99 9 , 8 1 0 89 7 , 7 3 9 88 7 , 5 9 8 83 7 , 0 2 6 M u l t i - F a m i l y 1, 1 4 8 , 3 3 6 1, 1 4 0 , 8 6 0 1, 2 1 5 , 6 4 0 1, 2 7 5 , 8 5 5 1, 1 7 8 , 1 0 4 1, 2 3 7 , 4 7 6 1, 0 9 8 , 4 7 9 10 4 , 8 6 7 1, 0 4 8 , 7 9 2 1, 0 2 1 , 3 5 0 R e s i d e n t i a l S u b t o t a l 2, 0 9 8 , 1 6 0 2, 0 5 7 , 7 1 3 2, 2 8 5 , 7 5 9 2, 3 4 4 , 6 3 6 2, 2 0 8 , 0 2 3 2, 4 1 5 , 1 7 9 2, 0 9 8 , 2 8 9 1, 0 0 2 , 6 0 6 1, 9 3 6 , 3 9 0 1, 8 5 8 , 3 7 6 C o m m e r c i a l 1, 0 4 5 , 7 9 1 1, 0 6 1 , 0 8 0 1, 1 1 5 , 2 3 6 1, 0 8 3 , 4 1 4 1, 1 5 4 , 2 2 9 95 3 , 3 4 3 92 5 , 9 2 7 88 5 , 3 6 7 84 5 , 8 1 8 84 1 , 8 9 5 I n d u s t r i a l 10 , 7 7 2 9, 8 0 8 12 , 7 7 7 16 , 4 0 5 14 , 1 8 2 12 , 6 0 4 10 , 5 8 9 9, 2 3 3 8, 7 9 7 8, 7 0 7 B u s i n e s s S u b t o t a l 1, 0 5 6 , 5 6 3 1, 0 7 0 , 8 8 8 1, 1 2 8 , 0 1 3 1, 0 9 9 , 8 1 9 1, 1 6 8 , 4 1 1 96 5 , 9 4 7 93 6 , 5 1 6 89 4 , 6 0 0 85 4 , 6 1 5 85 0 , 6 0 2 C i t y 15 , 2 2 1 14 , 3 5 1 16 , 7 7 6 19 , 1 3 7 17 , 5 1 5 11 , 7 8 0 14 , 6 3 3 1, 8 5 4 15 , 6 8 2 13 , 6 8 4 P a r k s 6, 6 3 2 5, 9 6 9 7, 7 2 8 5, 9 8 4 7, 4 2 9 8, 7 2 0 13 , 2 6 7 10 , 5 8 8 12 , 1 1 0 14 , 2 2 2 S c h o o l s 33 , 6 3 2 37 , 6 4 5 43 , 0 4 3 46 , 9 4 1 44 , 1 2 1 21 , 7 0 6 24 , 7 4 6 33 , 7 1 5 34 , 8 0 6 34 , 8 6 5 P u b l i c S u b t o t a l 55 , 4 8 5 57 , 9 6 5 67 , 5 4 7 72 , 0 6 2 69 , 0 6 5 42 , 2 0 6 52 , 6 4 6 46 , 1 5 7 62 , 5 9 8 62 , 7 7 1 Ov e r a l l T o t a l 3, 2 1 0 , 2 0 8 3, 1 8 6 , 5 6 6 3, 4 8 1 , 3 1 9 3, 5 1 6 , 5 1 7 3, 4 4 5 , 4 9 9 3, 4 2 3 , 3 3 2 3, 0 8 7 , 4 5 1 1, 9 4 3 , 3 6 3 2, 8 5 3 , 6 0 3 2, 7 7 1 , 7 4 9 To t a l d i r e c t r a t e p e r 1 0 0 c u b i c f e e t 2. 1 8 $ 2. 1 8 $ 2. 3 1 $ 2. 4 7 $ 2. 7 4 $ 2. 7 4 $ 2. 8 9 $ 3. 1 7 $ 3. 3 3 $ 3. 9 1 $ So u r c e : C i t y o f E v a n s t o n P u b l i c W o r k s A g e n c y - 1 7 9 - CI T Y O F E V A N S T O N , I L L I N O I S Wa t e r S o l d b y M a j o r C u s t o m e r s La s t T e n F i s c a l Y e a r s Ty p e o f C u s t o m e r 20 1 5 20 1 6 20 1 7 20 1 8 20 1 9 20 2 0 20 2 1 20 2 2 20 2 3 20 2 4 E v a n s t o n r e s i d e n t s / b u s i n e s s e s 6, 8 0 0 , 6 8 2 $ 6, 9 8 7 , 8 7 8 $ 7, 2 7 8 , 6 2 7 $ 7, 6 3 1 , 4 6 5 $ 8, 2 3 5 , 0 8 9 $ 8, 6 1 3 , 3 1 5 $ 8, 6 3 6 , 3 8 4 $ 9, 0 6 6 , 5 4 6 $ 9, 4 3 0 , 0 2 4 $ 11 , 2 5 2 , 0 6 8 $ V i l l a g e o f S k o k i e 2, 8 6 3 , 5 2 5 2, 9 4 1 , 9 1 2 3, 6 3 5 , 9 4 0 5, 7 7 3 , 4 8 7 5, 5 7 2 , 5 1 1 5, 4 5 5 , 7 6 2 3, 4 9 1 , 9 4 7 3, 3 3 5 , 6 7 2 3, 4 9 5 , 6 7 5 3, 2 1 5 , 9 0 5 N o r t h w e s t W a t e r C o m m i s s i o n 5, 1 8 9 , 4 3 9 5, 6 9 5 , 8 1 2 5, 8 9 8 , 6 3 4 5, 9 3 0 , 6 2 6 5, 4 1 6 , 3 9 4 5, 5 4 9 , 3 5 7 5, 6 7 0 , 3 2 8 6, 6 2 5 , 6 2 4 6, 8 2 5 , 4 8 5 7, 1 6 4 , 1 8 5 M o r t o n G r o v e a n d N i l e s - - - 27 , 6 7 7 1, 0 7 5 , 0 8 9 1, 9 1 8 , 9 5 4 1, 8 1 3 , 0 4 0 2, 0 7 7 , 1 5 7 1, 9 3 3 , 6 4 4 2, 0 2 4 , 1 7 0 V i l l a g e o f L i n c o l n w o o d - - - - - 35 2 , 3 7 0 50 9 , 9 3 2 93 1 , 2 2 4 96 4 , 3 9 8 1, 0 3 3 , 8 6 9 To t a l 14 , 8 5 3 , 6 4 6 $ 15 , 6 2 5 , 6 0 2 $ 16 , 8 1 3 , 2 0 1 $ 19 , 3 6 3 , 2 5 5 $ 20 , 2 9 9 , 0 8 3 $ 21 , 8 8 9 , 7 5 7 $ 20 , 1 2 1 , 6 3 1 $ 22 , 0 3 6 , 2 2 3 $ 22 , 6 4 9 , 2 2 6 $ 24 , 6 9 0 , 1 9 7 $ So u r c e : C i t y U t i l i t i e s D e p a r t m e n t - 1 8 0 - CI T Y O F E V A N S T O N , I L L I N O I S Op e r a t i n g I n d i c a t o r s b y F u n c t i o n / P r o g r a m s La s t T e n Y e a r s Fu n c t i o n / P r o g r a m 20 1 5 20 1 6 20 1 7 20 1 8 20 1 9 20 2 0 20 2 1 20 2 2 20 2 3 20 2 4 Po l i c e Vi o l e n t o f f e n s e s 80 13 0 12 2 14 0 73 88 96 11 4 12 4 11 1 Pr o p e r t y o f f e n s e s 1, 8 7 2 1, 6 8 1 1, 7 7 7 1, 7 0 8 1, 9 7 9 1, 4 8 1 2, 4 5 3 2, 9 1 0 3, 4 3 9 3, 1 0 4 91 1 c a l l s r e c e i v e d 46 , 7 4 9 42 , 7 6 3 38 , 5 2 5 36 , 6 4 2 39 , 3 5 7 38 , 2 7 9 40 , 9 2 4 39 , 6 3 4 41 , 2 5 8 41 , 3 9 5 Fi r e Em e r g e n c y r e s p o n s e s 9, 6 3 0 10 , 2 6 7 10 , 0 5 8 10 , 0 1 4 10 , 2 5 6 9, 0 9 1 9, 8 6 7 11 , 0 8 3 11 , 0 8 4 12 , 0 6 3 Fi r e s e x t i n g u i s h e d 99 11 4 90 11 1 69 77 89 10 5 10 6 10 5 In s p e c t i o n s 76 0 76 0 1, 2 6 7 1, 2 7 5 44 6 72 8 85 0 90 0 90 1 90 0 EM S R e s p o n s e s ( r e p o r t e d b e g i n n i n g 2 0 1 6 ) - 6, 4 4 1 6, 4 5 6 6, 4 1 9 6, 6 7 8 5, 9 1 2 6, 5 2 9 7, 5 4 2 7, 5 4 3 8, 2 7 7 Pa r k s a n d R e c r e a t i o n At h l e t i c f i e l d u s a g e ( h o u r s ) 15 , 5 3 1 27 , 4 2 6 22 , 9 2 0 24 , 2 6 3 22 , 0 5 4 8, 7 4 9 17 , 2 8 7 18 , 8 6 8 20 , 6 7 8 21 , 0 7 3 Pi c n i c p e r m i t s i s s u e d 40 4 22 9 65 2 57 2 64 1 94 64 4 65 0 67 7 65 8 Li b r a r y Vo l u m e s i n c o l l e c t i o n ( o n l i n e & p h y s i c a l m a t e r i a l s ) 48 1 , 6 2 6 53 4 , 5 3 3 54 0 , 6 9 6 51 4 , 7 5 6 56 2 , 5 6 7 53 5 , 5 2 7 42 4 , 6 1 9 65 4 , 1 3 4 55 7 , 6 1 5 To t a l v o l u m e s b o r r o w e d 1, 0 7 1 , 4 0 1 1, 0 7 8 , 6 5 3 1, 0 3 9 , 5 8 5 1, 2 0 7 , 4 1 9 1, 1 9 1 , 6 0 0 69 9 , 6 3 1 1, 1 3 9 , 7 7 9 96 4 , 6 8 2 1, 0 0 1 , 1 3 2 Wa t e r Ne w c o n n e c t i o n s 9 3 3 7 15 8 10 7 11 - Wa t e r m a i n b r e a k s 23 28 28 32 28 29 40 39 34 31 Av e r a g e d a i l y c o n s u m p t i o n ( m i l l i o n s o f g a l l o n s ) 36 . 6 3 39 . 6 4 5 39 . 6 4 5 41 . 1 2 2 43 . 1 5 1 46 . 5 0 48 . 3 0 46 . 0 0 46 . 0 8 46 . 6 5 Pe a k d a i l y c o n s u m p t i o n ( m i l l i o n s o f g a l l o n s ) 50 . 5 9 55 . 0 8 4 55 . 0 8 4 55 . 2 9 1 60 . 2 4 8 62 . 6 3 0 66 . 5 0 0 60 . 7 6 0 65 . 6 5 2 63 . 6 3 2 Ot h e r P u b l i c W o r k s St r e e t r e s u r f a c i n g ( e s t i m a t e d m i l e s ) 2. 7 2. 9 2. 9 2. 9 1. 9 2. 9 2. 6 5 2. 6 5 1. 6 0 2. 5 0 No t e : I n d i c a t o r s a r e n o t a v a i l a b l e f o r g e n e r a l g o v e r n m e n t f u n c t i o n s - 1 8 1 - CI T Y O F E V A N S T O N , I L L I N O I S Ca p i t a l A s s e t s S t a t i s t i c s b y F u n c t i o n La s t T e n Y e a r s Fu n c t i o n / P r o g r a m 20 1 5 20 1 6 20 1 7 20 1 8 20 1 9 20 2 0 20 2 1 20 2 2 20 2 3 20 2 4 Po l i c e Nu m b e r o f s t a t i o n s 1 1 1 1 1 1 1 1 1 1 Bu d g e t e d s w o r n o f f i c e r s 16 4 16 5 16 5 16 5 16 6 15 4 15 3 15 3 15 3 15 3 Fi r e Fi r e S t a t i o n s 5 5 5 5 5 5 5 5 5 5 Bu d g e t e d s w o r n f i r e f i g h t e r s 10 7 10 7 10 7 10 7 10 7 10 7 10 7 10 7 11 5 11 5 Pa r k s a n d R e c r e a t i o n Ac r e a g e 29 0 29 0 29 0 29 0 29 0 29 0 29 0 29 0 29 0 29 0 Pl a y g r o u n d s 51 51 51 60 60 60 60 60 60 60 Ba s e b a l l / s o f t b a l l d i a m o n d s 18 18 18 13 16 16 16 16 16 16 So c c e r / f o o t b a l l f i e l d s 27 27 27 27 27 27 27 27 27 27 Co m m u n i t y c e n t e r s 6 6 7 7 7 7 7 7 8 8 Wa t e r Wa t e r m a i n s ( m i l e s ) 15 6 . 4 15 5 . 6 15 5 . 6 15 5 . 8 15 7 . 5 15 6 . 2 15 6 . 0 15 6 . 0 15 6 . 1 15 6 . 1 Fi r e h y d r a n t s 1, 4 8 4 1, 4 9 0 1, 4 9 0 1, 5 0 8 1, 5 1 1 1, 5 0 1 1, 5 2 2 1, 5 3 1 1, 5 3 5 1, 5 3 3 St o r a g e c a p a c i t y ( m i l l i o n s o f g a l l o n s ) 22 22 22 22 22 22 22 22 22 22 Ot h e r P u b l i c W o r k s St r e e t s ( m i l e s ) 14 7 14 7 14 7 14 7 14 7 14 7 14 7 14 7 14 7 14 7 St r e e t l i g h t s 5, 6 4 1 5, 7 3 6 5, 7 3 6 5, 7 3 6 5, 6 4 1 5, 6 4 1 5, 6 7 5 5, 6 7 5 5, 6 7 5 5, 6 8 0 St r e e t r e s u r f a c i n g ( e s t i m a t e d m i l e s ) 2. 7 0 2. 9 0 2. 9 0 2. 9 0 1. 9 0 2. 9 0 2. 6 5 2. 6 5 1. 6 0 2. 5 0 No t e : N o c a p i t a l a s s e t i n d i c a t o r s a r e a v a i l a b l e f o r t h e g e n e r a l g o v e r n m e n t o r l i b r a r y f u n c t i o n So u r c e : V a r i o u s C i t y d e p a r t m e n t s ; B u d g e t So u r c e : C i t y F i n a n c e D i v i s i o n - 1 8 2 -