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Joint Review Board Packet 2010 06-08-10 (Fox Industrial) AGENDA ANNUAL JOINT REVIEW BOARD OF THE UNITED CITY OF YORKVILLE FOR THE FOX INDUSTRIAL PARK REDEVELOPMENT PROJECT AREA June 8, 2010 United City of Yorkville, City Hall 1:30 p.m. 800 Game Farm Road, Yorkville, Illinois 1. Roll Call United City of Yorkville Kendall Township Kendall County Waubonsee Community College Dist. #516 Yorkville School District#115 Bristol-Kendall Fire Protection District Bristol Township 2. Call Meeting to Order 3. Motion to elect or re-elect Public Member 4. Motion to elect or re-elect Chairperson 5. Review of Annual Report(s) for Fox Industrial Park Redevelopment Project Area 6. Adjournment NOTICE OF MEETING OF JOINT REVIEW BOARD Kendall Township Kendall County 9513 Walker Road 111 West Fox Street Yorkville, Illinois 60560 Yorkville, Illinois 60560 Waubonsee Community College Dist. #516 Yorkville School District#115 Route 47 at W aubonsee Drive 602 Center Parkway,#A Sugar Grove, Illinois 60554 Yorkville, Illinois 60560 Bristol-Kendall Fire Protection District United City of Yorkville 103 East Beaver Street 800 Game Farm Road Yorkville, Illinois 60560 Yorkville, Illinois 60560 Bristol Township 9075 Corneils Bristol, Illinois 60512 YOU ARE HEREBY NOTIFIED that a meeting of the annual Joint Review Board(s) to review the annual report(s) for the Fox Industrial Park, Downtown, and US Route 34/IL Route 47 Countryside Shopping Center Tax Increment Financing Redevelopment Project Areas will be convened on June 8, 2010 at 1:30 p.m. at the United City of Yorkville, City Hall, 800 Game Farm Road, Yorkville, Illinois 60560. PLEASE BE ADVISED that the Joint Review Board(s) shall elect or re-elect a public member as well as a chairperson. In accordance with the provisions of the Tax Increment Allocation Redevelopment Act (the "Act") (65 ILCS 5/11-74.1-1, et seq.), the Joint Review Board(s) shall review the annual report(s) for the Fox Industrial Park, Downtown, and US Route 34/IL Route 47 Countryside Shopping Center Redevelopment Project Areas. /s/Jackie Milschewski, Village Clerk LAW OFFICE KATHLEEN FIELD ORR & AssOCIATEs 180 NORTH MICHIGAN AVENUE SUITE 1040 Cmir-ACo, ILLINOIS 6o6ai (312) 382.2113 KATHLEEN FIELD ORR FAX: {312) 332.2127 LISA GAGLIANO BERNSTEIN kfocckfoassot.tom fYb�7 kfoasso0.COm November 12, 2009 Daniel W. Hynes, State Comptroller State of Illinois Building 100 West Randolph Street Suite 15-500 Chicago, Illinois 60601 Re: Fox Industrial Park Area Tax Increment Finance Redevelopment Project Area for the Fiscal Year Ending April 30, 2009 Dear Sir: I, Kathleen Field Orr, am the Tax Increment Financing attorney for the United City of Yorkville, Kendall County, Illinois, and have been such throughout the fiscal year covered by this Report. I reviewed all of the information provided to me by the City Administration and I find that the United City of Yorkville, Illinois, has conformed with all of the applicable provisions of the Illinois Tax Increment Allocation Redevelopment Act. This opinion relates only to the time periods set forth and is based on all information available to me at the end of said fiscal year. Very truly yours, KATHLEEN FIELD ORR& ASSOCIATES K HLEEN FIEL ORR KFO/kms ,�Ea Clpy Jz� p United City of Yorkville 800 Game Farm Road 1836 Yorkville, Illinois, 60560 0 I" Telephone: 630-553-4350 CERTIFICATION OF CHIEF EXECUTIVE OFFICER I, Valerie Burd, Mayor of the United City of Yorkville, Kendall County, Illinois, certify that the City has complied with all of the requirements of the Tax Increment Allocation Redevelopment Act, 65 ILCS 5111-74.4-1 et seq. during the fiscal year ending April 30, 2009, in connection,with the administration of the Fox Industrial Park Area Tax Increment Financing District. Valerie Burd, Mayor DANIEL w HY Es FY 2009 0CDMF'TROLLER www.ioc.etate.11.us ANNUAL TAX INCREMENT FINANCE REPORT Name of Municipality United City of Yorkville Reporting Fiscal Year 2009 Unifi Code 047/035/30 Fiscal Year End 4/30/2009 County KENDALL T1F Adrriinis#r4or Cootie nformatioii First Name: I JSusan Mika,City Administrator Address: 800 Game Farrn Road City: Yorkville, Illinois Zip; 60560 Telephone: (630)553-4350 i -M Hi 1 attest to the best of my knowledge, this report of the redevelopment project areas in: United City of Yorkville City is complete and accurate at the end of this reporting fiscal year under the Tax Increment Allocation Redevelopment Act[65 ILCS 5111-74.4-3 et. seq.] Or the Industrial Jobs Recovery Law[65 ILCS 5111-74.6-10 et. seq.] C,- X111+ • 0- 1-n Written signature of TIF Administrator Date Section 1 (65 ILCS 5111-74.4-5(d) (1.5)and 65 ILCS 5111-74.6-22(d)(1.5)x) FI(L'OUT ONLY ONCE(PER MUNICIPALITY),ADD ADDITIONAIL ROWS AS NECESSARY Name of Redevelopment Project Area Date Designated Date Terminated Downtown Yorkville 611312006 Fox Industrial Park 5/10/2001 U.S.Route 34 2/15/2005 'All statutory citations refer to one of two sections of the Illinois Municipal Code: the Tax Increment Allocation Redevelopment Act[65 ILCS 5111-74.4-3 eL seq.]or the Industrial Jobs Recovery Law 165 ILCS 5/11-74.6-10 et.seq.] 100 West Randolph Street,Sulte 15-500 Chicago.lllinois 60601-3252 Tel:(B77)304-3899 Fax:(312)6142986 .wa�a+nr SECTION 2[Sections 2 through 5 must be completed for each redevelopment project area listed in Section 1.1 Name of Redevelopment Project Area: Fox Industrial Park Area Primary Use of Redevelopment Project Area*: Industrial If"Combination/Mixed" List Component Types: NIA Under which section of the Illinois Municipal Code was Redevelopment Project Area designated? (check one): Tax Increment Allocation Redevelopment Act X Industrial Jobs Recovery Law No Yes Were there any amendments to the redevelopment plan, the redevelopment project area, or the State Sales Tax Boundary? (65 ILCS 5111-74.4-5 (d) (1)and 5111-74.6-22 (d) (1)] If yes, please enclose the amendment labeled Attachment A X Certification of the Chief Executive Officer of the municipality that the municipality has complied with all of the requirements of the Act during the preceding fiscal year. [65 ILCS 5111-74.4-5 (d) (3) and 5111-74.6- 22 (d) (3)] Please enclose the CEO Certification labeled Attachment B X Opinion of legal counsel that municipality is in compliance with the Act. [65 ILCS 5111-74.4-5 (d) (4) and 5111-74.6-22(d) (4)] Please enclose the Legal Counsel Opinion labeled Attachment C X Were there any activities undertaken in furtherance of the objectives of the redevelopment plan, including any project implemented in the preceding fiscal year and a description of the activities undertaken? [65 ILCS 5111-74.4-5 (d) (7) (A and B) and 5111-74.6-22(d) (7) (A and B)] If yes, please enclose the Activities Statement labeled Attachment D X Were any agreements entered into by the municipality with regard to the disposition or redevelopment of any property within the redevelopment project area or the area within the State Sales Tax Boundary? [65 ILCS 5111-74.4-5 (d) (7) (C) and 5111-74.6-22 (d) (7) (C)] If yes, please enclose the Agreement(s) labeled Attachment E X Is there additional information on the use of all funds received under this Division and steps taken by the municipality to achieve the objectives of the redevelopment plan? (65 ILCS 5111-74.4-5 (d) (7) (D) and 5111-74.6-22(d) (7) (D)] If yes, please enclose the Additional Information labeled Attachment F X Did the municipality's TIF advisors or consultants enter into contracts with entities or persons that have received or are receiving payments financed by tax increment revenues produced by the same TIF? [65 ILCS 5111-74.4-5 (d) (7) (E) and 5111-74.6-22 (d) (7) (E)] If yes, please enclose the contract(s) or description of the contract(s) labeled Attachment G X Were there any reports submitted to the municipality by the joint review board? [65 ILCS 5/11-74.4-5 (d) (7) (F) and 5111-74.6-22(d) (7) (F)] If yes, please enclose the Joint Review Board Report labeled Attachment H X Were any obligations issued by municipality? [65 ILCS 5111-74.4-5 (d)(8) (A) and 5111-74.6-22(d) (8) (A)] If yes, please enclose the Official Statement labeled Attachment I X Was analysis prepared by a financial advisor or underwriter setting forth the nature and term of obligation and projected debt service including required reserves and debt coverage? [65 ILCS 5/11-74.4-5 (d) (8) (B) and 5111-74.6-22 (d) (8) (B)] If yes, please enclose the Analysis labeled Attachment J X Cumulatively, have deposits equal or greater than $100,000 been made into the special tax allocation fund?65 ILCS 5111-74.4-5 (d) (2)and 5111-74.6-22(d) (2) If yes, please enclose Audited financial statements of the special tax allocation fund `l labeled Attachment K 7+ Cumulatively, have deposits of incremental revenue equal to or greater than $100,000 been made into the special tax allocation fund? 65 ILCS 5111-74.4-5 (d) (9) and 5111-74.6-22 (d) (9) If yes, please enclose a Certified audit report reviewing compliance with the Act labeled Attachment L `Types include: Central Business District, Retail, Other Commercial, Industrial, Residential, and Combination/Mixed. FY 2009 TIF Name: Fox Industrial Paris Area SECTION 3.1 - (65 ILCS 5111-74.4.5(d) (5) and 65 ILCS 5111.74.6-22 (d) (5)) Provide an analysis of the special tax allocation fund. Reporting Year Cumulative Fund Balance at Beginning of Reporting Period $ 183,227.00 Revenue/Cash Receipts Deposited in Fund During Reporting FY: % of Total Property Tax Increment $ 207,398 $ 653,073 97% State Sales Tax Increment 0% Local Sales Tax Increment 0% State Utility Tax Increment 0% Local Utility Tax Increment 0% Interest $ 1,504 $ 21,461 3% Land/Building Sale Proceeds 0% Bond Proceeds 0% Transfers from Municipal Sources 0% Private Sources 000 Other(identify source ; if multiple other sources, attach schedule) 0% Total Amount Deposited in Special Tax Allocation Fund During Reporting Period $ 208,902 Cumulative Total Revenues/Cash Receipts $ 674,534 100% Total Expenditures/Cash Disbursements (Carried forward from Section 3.2) $ 106,486.00 Distribution of Surplus $ Total Expenditures/Disbursements $ 106,486 NET INCOMEXASH RECEIPTS OVER/(UNDER) CASH DISBURSEMENTS $ 102,418 FUND BALANCE, END OF REPORTING PERIOD $ 285,643 -if there is a positive fund balance at the end of the reporting period, you must complete Section 3.3 FY 2009 TIF Name �T dkko+f (L( SECTION 3.2 A-(65 ILCS 5111-74.4-5(d)(5)and 65 ILCS 5111-74.6-22(d)(5)) ITEMIZED LIST OF ALL EXPENDITURES FROM THE SPECIAL TAX ALLOCATION FUND (by category of permissible redevelopment cost,amounts expended dunng reporting period) FOR AMOUNTS>$5,000 SECTION 3.2 B MUST BE COMPLETED Category of Permissible Redevelopment Cost(65 ILCS 511i-74.4-3(q)and 65 ILCS 5111-74.6-10(o]] 1.Costs of studies,administration and professional services—Subsections 1 and o 1 Reporting Fiscal Year Administrative Fees 25.931 3 2.Cost of marketing sites—Subsections 1.8 and o 1.6 25,93i - 3. Property assembly, demolition, site preparation and environmental site improvement costs. $ Subsection 2,Co H2)and o 3 5 - 4. Costs of rehabilitation. reconstruction, repair or remodeling and replacement of existing pu lic buildings.Subsection 3 and(0)(4) 5.Costs of construction of public works and improvements.Subsection 4 and(o)(5) $ 5 6. Costs of removing contaminants required by environmental laws or rules(o)(6)-Industrial Jobs Recovery TIFs ONLY $ FY 2009 TIF Name.Fox Industrial Park Area 7 Cost of lob training and retraining,including"welfare to work"programs Subsection(q)(5), (0)(7) and(o)(12) S 5.FinancinQ costs.Subsection B and(o)(8) Debt Service Payments 80,555 9.Approved capital costs.Subsection and(o)(9) S 80,555 3 10. Cost of Reimbursing school districts for their increased costs caused by TIP assisted housing projects Subsection 7 5 -Tax Increment Allocation Redevelo ment TIFs ONLY S 11.Relocation costs.Subsection B and o 10 5 - 12.Payments in lieu of taxes.Subsection 9 and(o)(1 1 - 13. Costs of Job training, retraining advanced vocational or career education provided by other $ taxing bodies.Subsection 10 and o 12 3 FY 2009 TIF Name.Fox Industria[Park Area 14. Costs of reimbursing private developers for interest expenses incurred on approved redevelopment erojects.Subsection 11)(A-E)and(o)(1 3 A-g S - 15. Costs of construction of new housing units for low income and very low-Income households Subsection 11 F -Tax Increment Allocation Redevelopment TIFs ONLY a 16 Cost of day care services and operational costs of day care centers.Subsection(q)(11.5)-Tax Increment Allocation Redevelopment TIFs ONLY a TOTAL ITEMIZED EXPENDITURES $ '106.486 FY 2009 TIF Name.Fox Industrial Park Area Section 3.2 B List all vendors, including other municipal funds,that were paid in excess of$5,000 during the current reporting year. _Xi There were no vendors, including other municipal funds, paid in excess of$5,000 during the current reporting period. Name Service Amount General Fund Reimbursement for in Town Road Work Completed $ 25,680.00 FY 2009 TIF Name: Fox Industrial Park Area SECTION 3.3 -(65 ILCS 5111-74.4.5 (d) (5) 65 ILCS 11-74.6-22 (d) (5)) Breakdown of the Balance in the Special Tax Allocation Fund At the End of the Reporting Period (65 ILCS 5111-74.4-5 (d) (5) (D) and 65 ILCS 5111-74.6-22 (d) (5) (D)) FUND BALANCE, END OF REPORTING PERIOD $ 285.643 Amount of Original Issuance Amount Designated 1. Description of Debt Obligations Bonds for Infrastructure $ 280,000 $ 313,072 Total Amount Designated for Obligations Is 280,000 S 313,072 2. Description of Project Costs to be Paid Total Amount Designated for Project Costs $ - TOTAL AMOUNT DESIGNATED Is 313,072 SURPLUS-/(DEFICIT) $ (27,429) NOTE: If a surplus is calculated, the municipality may be required to repay the amount to overlapping taxing FY 2009 T1F Name: Fox Industrial Park Area SECTION 4 [65 ILCS 5/11-74.4-5 (d) (6)and 65 ILCS 5/11-74.6-22(d) (6)] Provide a description of all property purchased by the municipality during the reporting fiscal year within the __X_ No property was acquired by the Municipality Within the Redevelopment Project Area Property Acquired by the Municipality Within the Redevelopment Project Area Property(1): Street address Approximate size or description of property: Purchase price: Seller of property: Property (2): Street address Approximate size or description of property Purchase price: Seller of property: Property (3): Street address Approximate size or description of property: Purchase price: Seiler of property: Property(4): Street address Approximate size or description of property: Purchase price: Seller of property: FY 2009 TIF Name: Fox Industrial Park Area SECTION 5-65 ILCS 5111-74.4-5(d)(7)(G)and 65 ILCS 5111-74.6-22(d)(7)(G) Please include a brief description of each project, No Projects Were Undertaken by the Municipality Within the Redevelopment Project Area Estimated Investment for Subsequent Fiscal Total Estimated to 1111199 to pate Year Complete Project TOTAL: Private Investment Undertaken See Instructions $ $ _ $ Public Investment Undertaken $ $ $ Ratio of Private/Public Investment 0 0 Project 1: Private Investment Undertaken See Instructions Public Investment Undertaken Ratio of Private/Public Investment 0 0 Project 2: Private Investment Undertaken See Instructions Public Investment Undertaken Ratio of Private/Public Investment 0 0 Project 3: Private Investment Undertaken See Instructions Public Investment Undertaken Ratio of Private/Public Investment 0 0 Project 4: Private Investment Undertaken See Instructions Public Investment Undertaken Ratio of Private/Public Investment 0 0 Project 5: Private Investment Undertaken See Instructions Public Investment Undertaken Ratio of Private/Public Investment 0 0 Project 6: Private Investment Undertaken See Instructions Public Investment Undertaken Ratio of Private/Public.Investment 0 0 Project 7: Private Investment Undertaken See Instructions Public Investment Undertaken Ratio of Private/Public Investment 0 0 FY 2009 TIF Name:Fox Industrial Park Area Project 8: Private Investment Undertaken See Instructions Public Investment Undertaken Ratio of Private/Public Investment 0 0 Project 9: Private Investment Undertaken See Instructions) Public Investment Undertaken Ratio of PrivatelPublic Investment 0 0 Project 10: Private Investment Undertaken See Instructions Public Investment Undertaken Ratio of Private/Public Investment 0 0 Project 11: Private Investment Undertaken See Instructions Public Investment Undertaken Ratio of Private/Public Investment 0 0 Project 12: Private Investment Undertaken See Instructions Public Investment Undertaken Ratio of Private/Public Investment 0 0 Project 13: Private Investment Undertaken See Instructions Public Investment Undertaken Ratio of PrivatelPublic Investment 0 0 Project 14: Private Investment Undertaken See Instructions Public Investment Undertaken Ratio of Private/Public Investment 0 0 Project 15: Private Investment Undertaken See Instructions Public Investment Undertaken Ratio of Private/Public Investment 0 0 Project 16: Private Investment Undertaken See Instructions Public Investment Undertaken Ratio of PrivatelPublic Investment 0 0 FY 2009 TIF Name:Fox Industrial Park Area Project 17: Private Investment Undertaken See Instructions Public Investment Undertaken Ratio of Private/Public Investment 0 0 Project 18: Private Investment Undertaken See Instructions Public Investment Undertaken Ratio of PrivatelPublic Investment 0 0 Project 19: Private Investment Undertaken See Instructions Public Investment Undertaken Ratio of Private/Public Investment 0 0 Project 20: Private Investment Undertaken See Instructions Public Investment Undertaken Ratio of PriivalelPublic Investment 0 0 Project 21: Private Investment Undertaken See Instructions Public Investment Undertaken Ratio of Private/Public Investment 0 0 Project 22: Private Investment Undertaken See Instructions Public Investment Undertaken Ratio of Private/Public Investment 0 0 Project 23: Private Investment Undertaken See Instructions Public Investment Undertaken Ratio of Private/Public Investment 0 0 Project 24: Private Investment Undertaken See Instructions Public Investment Undertaken Ratio of Private/Public;Investment 0 0 Project 25: Private Investment Undertaken See Instructions Public Investment Undertaken Ratio of Private/Public Investment 0 0 FY 2009 TIF Name:Fox Industrial Park Area Optional: Information in the following sections is not required by law, but would be helpful in evaluating the performance of TIF in Illinois. SECTION 6 Provide the base EAV(at the time of designation)and the EAV for the year reported for the redevelopment project area Year redevelopment project area was Reporting Fiscal Year designated Base EAV EAV $ - $ - List all overlapping tax districts in the redevelopment project area. If overlapping taxing district received a surplus, list the surplus. The overlapping taxing districts did not receive a surplus. Surplus Distributed from redevelopment Overlapping Taxing District project area to overlapping districts $ $ $ - SECTION 7 Provide information about job creation and retention Description and Type Number of Jobs Number of Jobs (Temporary or Retained Created Permanent)of Jobs Total Salaries Paid $ $ SECTION B Provide a general description of the redevelopment project area using only major boundaries, Optional Documents E=nclosed Legal description of redevelopment project area Map of District FY 2009 TIF Dame- Fox Industrial Park Area UNITED CITY OF YORKVILLE,ILLINOIS Schedule of Revenues,Expenditures and Changes in Fund Balance-Budget and Actual Fox Industrial TIF Fund For the Year Ended April 30,2009 Variance from Final Budget Budget Actual Over(Under) Revenues Property Taxes $ 200,863 207,398 6,535 Investment Income 1,800 1,504 296) Total Revenues 202,663 208,902 6,239 Expenditures Current Community Development Administration Fees 375 251 (124 Debt Service Principal 65,000 65,000 Interest 15,555 15,555 Total Debt Service 80,555 80,555 - Total Expenditures 80,930 80,806 (124) Other Financing Uses Transfers Out 25,680) 25,680 Net Change in Fund Balance 96,053 102,416 6,115 Fund Balance at Beginning of Year 183,227 183,227 Fund Balance at End of Year S 279 280 285,643 6,115 92 UNITED CITY OF YORKVILLE,ILLINOIS Notes to the Financial Statements(Cont) April 30.2009 5. Changes in Long-Term Debt(Cont.) Governmental activities: General Obligation and Alternate Revenue Source Bonds Series of2002 $625,000 payable to BNY Midwest Trust Company at an interest rate ranging from 3.00% to 4.75% and maturing December 2012. Payable from For Industrial(Special Revenue)Fund. Debt service to maturity is as follows: Year Ended April 30 Princi al Interest Total 2010 S 65,000 12,793 77,793 2011 70,000 9,933 79,933 1.012 70,000 6,783 76,783 2013 75,000 3,563 78,563 S 200,000 33,072 _313,072 Series of 2005 $3,525,000 payable to BNY Midwest Trust Company at an interest rate ranging from 3.50% to 4.35%and maturing December 2024. Payable from Countryside TIT(Special Revenue)Fund. Debt service to maturity is as follows: Year Ended April 30 Princi al Interest Total 2010 $ 165,000 142,868 307,868 2011 170,000 137,093 307,093 2012 175,000 131,143 306,143 2013 180,000 124,668 304,668 2014 185,000 117,738 302,738 2015-2019 I,050,000 471,813 1,521,813 2020-2024 1,300,000 236,485 1,536,485 2025 300,000 13,050 3I3,050 $ 3,525 000 1,374,858 4.999,858 43 United City of Yorkville, Illinois Fox Industrial Tax Increment Financing Report on Compliance With Illinois Public Act 85-1142 For the Year Ended April 30,2009 Wolf & Company LLP Certified Public Accountants INDEPENDENT AUDITOR'S REPORT Wolf Company LLP XVIZ A Wolf Financial Group lylember SCHEDULE L INDEPENDENT AUDITOR'S REPORT ON COMPLIANCE The Honorable Mayor Members of the City Council United City of Yorkville,Illinois We have audited the basic financial statements of the United City of Yorkville, Illinois for the year ended April 30,2009,and have issued our report thereon dated October 28,2009. We have also audited the Village's compliance with the provisions of subsection(q)of Section 11-74.4-3 of the Illinois Tax Increment Redevelopment Allocation Act(Illinois Public Act 85-1142). The management of the United City of Yorkville, Illinois is responsible for the City's compliance with those requirements. Our responsibility is to express an opinion on compliance with those requirements. We conducted our audit in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether material noncompliance with the requirements referred to above occurred. An audit includes examining, on a test basis, evidence about the United City of Yorkville, Illinois' compliance with those requirements. We believe that our audit provides a reasonable basis for our opinion. In our opinion, the United City of Yorkville, Illinois complied, in all material respects, with the requirements of subsection (q) of Section 11-74.4-3 of the Illinois Tax Increment Redevelopment Allocation Act(Illinois Public Act 85-1142). Oak Brook,Illinois October 28,2009 1 2100 Clearwater Drive • Oak Brook, Illinois 60523-1927 630.545.4500.Warn • 630.574.7818 f sx • www.wolfcpa.com SUPPLEMENTARY INFORMATION Wolf Company LLP NAZ A Wolf Financial Group Alember INDEPENDENT AUDITOR'S REPORT ON SUPPLEMENTARY INFORMATION The Honorable Mayor Members of the City Council United City of Yorkville,Illinois We have audited the basic financial statements of the United City of Yorkville, Dlinois for the year ended April 30,2009,and have issued our report thereon dated October 28,2009. The financial statements are the responsibility of the United City of Yorkville, Illinois' management. Our responsibility is to express an opinion on the basic financial statements based on our audit. Our audit was made in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts, and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. Our audit was made for the purpose of forming an opinion on the basic financial statements of the United City of Yorkville, Illinois taken as a whole. The accompanying schedule of revenues, expenditures, and changes in fund balance of the Fox.Industrial Park Redevelopment Project Fund is presented for purposes of additional analysis and is not a required part of the basic financial statements. The information in this schedule has been subjected to the auditing procedures applied in the audit of the basic financial statements and, in our opinion, is fairly presented in all material respects in relation to the basic financial statements taken as a whole. Oak Brook,Illinois October 28,2009 2 2100 Clearwater Drive + Oak Brook, Illinois 60523-1927 630.545.4500 mart + 630.574.7818 far • www.wolfcpa.com ATTACHMENT K UNITED CITY OF YORKVULLE,ILLINOIS Fox Industrial Park Redevelopment Project Fund Schedule of Revenues,Expenditures and Changes in Fund Balance Year Ended April 30,2009 Revenues Property Tax 207,398 Investment Income 1,504 Total Revenues 208,902 Expenditures Community Development Administration Fees 251 Debt Service Principal 65,000 Interest 15,555 Total Expenditures 80,806 Excess of Revenue over Expenditures 128,096 Other Financing Uses Transfers Out 25,680 Net Change in Fund Balance 102,416 Fund Balance May 1 183,227 April 30 S 285,643 3