City of Evanston, Illinois

City of Evanston, Illinois
_________________________________________________________________
Annual Comprehensive Financial Report
For the Year Ended December 31, 2023

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CITY OF EVANSTON, ILLINOIS
ANNUAL COMPREHENSIVE
FINANCIAL REPORT
For the Year Ended
December 31, 2023
Prepared by the Finance Division of the City Manager’s Office

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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 1-8
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

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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 ............................................................................. 26-96
Required Supplementary Information
Schedule of Revenues, Expenditures, and Changes in Fund Balance -
Budget and Actual
General Fund .................................................................................................. 97
ARPA Fund .................................................................................................... 98
Schedule of Changes in the Employer’s Total OPEB Liability
and Related Ratios
Other Postemployment Benefits Plan ................................................................. 99
Schedule of Employer Contribution
Illinois Municipal Retirement Fund ............................................................... 100
Police Pension Fund ....................................................................................... 101
Firefighters' Pension Fund .............................................................................. 102
Schedule of Changes in the Employer’s Net Pension Liability
and Related Ratios
Illinois Municipal Retirement Fund ................................................................ 103-104
Police Pension Fund ....................................................................................... 105-106
Firefighters’ Pension Fund ............................................................................. 107-108

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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 ....................................................................................... 109
Firefighters’ Pension Fund ............................................................................. 110
Notes to Required Supplementary Information .................................................. 111
COMBINING AND INDIVIDUAL FUND
FINANCIAL STATEMENTS AND SCHEDULES
MAJOR GOVERNMENTAL FUNDS
General Fund
Schedule of Revenues - Budget and Actual ................................................... 112-115
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 Service 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

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CITY OF EVANSTON, ILLINOIS
TABLE OF CONTENTS (Continued)
Page(s)
FINANCIAL SECTION (Continued)
COMBINING AND INDIVIDUAL FUND
FINANCIAL 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
Crown Construction Fund .............................................................................. 139
Crown Maintenance Fund .............................................................................. 140
Special Assessment Capital Projects Fund ..................................................... 141
Combining Schedule of Revenues, Expenditures, and
Changes in Fund Balances - Budget and Actual
Debt Service Funds......................................................................................... 142-145
ENTERPRISE FUNDS
Water Fund
Schedule of Revenues, Expenses, and Changes in Net Position -
Budget and Actual ........................................................................................ 146
Schedule of Operating Revenues - Budget and Actual
Operation and Maintenance Account ........................................................... 147
INTERNAL SERVICE FUNDS
Combining Statement of Net Position ................................................................. 148
Combining Statement of Revenues, Expenses, and
Changes in Net Position .................................................................................... 149
Combining Statement of Cash Flows .................................................................. 150-151
COMPONENT UNIT - PUBLIC LIBRARY
Governmental Funds
Statement of Net Position and Combining Balance Sheet ............................. 152-153
Statement of Activities and Combining Statement of Revenues,
Expenditures, and Changes in Fund Balances .............................................. 154-155

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CITY OF EVANSTON, ILLINOIS
TABLE OF CONTENTS (Continued)
Page(s)
FINANCIAL SECTION (Continued)
COMBINING AND INDIVIDUAL FUND
FINANCIAL STATEMENTS AND SCHEDULES (Continued)
COMPONENT UNIT - PUBLIC LIBRARY (Continued)
Library Operating Fund
Schedule of Revenues, Expenditures, and Changes in
Fund Balance - Budget and Actual ............................................................... 156
STATISTICAL SECTION
Net Position by Component .......................................................................................... 157-158
Changes in Net Position ................................................................................................ 159-162
Fund Balances of Governmental Funds ........................................................................ 163-164
Changes in Fund Balances of Governmental Funds ..................................................... 165-166
Equalized Assessed Value and Actual Value of Taxable Property .............................. 167
Principal Property Taxpayers ........................................................................................ 168
Property Tax Levies and Collections ............................................................................ 169
Ratios of General Bonded Debt Outstanding................................................................ 170
Ratios of Outstanding Debt by Type ............................................................................ 171
Direct and Overlapping Governmental Activities Debt................................................ 172
Legal Debt Margin ........................................................................................................ 173
Pledged-Revenue Coverage .......................................................................................... 174
Principal Employers ...................................................................................................... 175
Demographic and Economic Statistics ......................................................................... 176
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

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INTRODUCTORY SECTION

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CITY OF EVANSTON
Principal Officials
December 31, 2023
______________________________________________________________________
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 	Interim Corporation Counsel
Michael Rivera
Interim Chief Information Security
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
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City of Evanston
Organizational Chart
Residents
Mayor
City Council
City Clerk
Police
Fire
Community
Development
Public Works
Agency
Health and
Human
Services
Parks, Recreation
& Community
Services
Law
Administrative
Services
Deputy City Manager	Assistant City
Manager
CFO/City
Treasurer
Boards and
Commissions
Library

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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, 2022
Executive Director/CEO
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City Manager’s Office
2100 Ridge Avenue
Evanston, Illinois 60201-2798
T 847.866.2936
TTY 847.448.8064
www.cityofevanston.org
June 27, 2024
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, 2023, 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, 	2023, 	to 	December 	31, 	2023.
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
2 	CFR 	part 	200, 	subpart 	F, 	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
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2100 Ridge Avenue
Evanston, Illinois 60201-2798
T 847.328.2100
TTY 847.448 8064
www.cityofevanston.org
internal control 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, 2023, 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, 2023, 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,
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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 of
approximately eight square miles 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.
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2100 Ridge Avenue
Evanston, Illinois 60201-2798
T 847.328.2100
TTY 847.448 8064
www.cityofevanston.org
Budget Process: The City’s fiscal year 2024 began on January 1, 2024. The City
Manager submitted to the City Council a proposed operating budget in October 2023 for
the fiscal year 2024 commencing the following January 1. The City’s budget team
started the budget process for fiscal year 2024 in late summer followed by a meeting
with all departments for their individual budgets. On December 12, 2023, the Council
adopted Ordinance 82-O-23 approving the FY 2024 budget. The City operates under
the Illinois Budget Act, adopting a budget by an ordinance. All Funds are included in
the Ordinance.
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.
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 expenditure of any fund must be approved by the City Council.
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. 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 2024 budget, the City projected that 33.0% ($143.9 million-including transfers) of
all City expenditures will occur in the General Fund. Other major funds include the
Capital Improvement, General Obligation Debt, ARPA, 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,
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2100 Ridge Avenue
Evanston, Illinois 60201-2798
T 847.328.2100
TTY 847.448 8064
www.cityofevanston.org
water user fees are recognized as revenue when bills are produced).
Financial Control Procedures: The City reports financial results based on generally
accepted accounting principles as promulgated by the GASB. The accounts of the City
are divided into separate self-balancing funds comprised of its assets, liabilities, fund
equity, revenues, and expenditures, as appropriate.
The City’s expenditures are monitored on a regular basis by the Finance Department.
Disbursements are made by fund and only if expenditures are within the authorized
budget.
MAJOR INITIATIVES – FISCAL YEAR 2024
The following are annual goals and major initiatives by department as a part of budget
document preparation.
The City Manager’s Office will: (1) Increase communication platform, branding, and
social media training for staff. (2) Implement the 2-year strategic plan for arts and
culture in Evanston (3) Implement Evanston Thrives Recommendations (4) Working
with the Finance and Budget Committee and City Departments to improve projections
and forecasts in all City Funds. (5) Develop Comprehensive Civic Engagement Policy
and Plan. (6) Updating the Bid/RFP/RFQ Templates and Forms. (7) Introduce ZenDesk
to streamline email notifications and requests (8) Continue to implement
recommendations of the Environmental Justice Resolution.
The Law Department will: (1) Work with IT and the Collector’s Office to bring the
application and payment process for liquor licensing to an online platform. (2) 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. (3) 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. (4) Identify opportunities
for training and education for staff to increase knowledge surrounding real estate and
land use. (5) Work with the collector’s office to recover money owed to the City.
The Administrative Services Department will: (1) Continue to expand its use of the
VueWorks program to better plan maintenance, replacements and improvements at our
City Facilities in a manner that is proactive rather than reactive. (2) Parking staff will be
reviewing a parking study report prepared by a consultant and bringing forward any
thoughtful changes to City Council for review. (3) Parking staff will be evaluating
revenues 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. (4) IT staff will
continue to work on improving 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.
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2100 Ridge Avenue
Evanston, Illinois 60201-2798
T 847.328.2100
TTY 847.448 8064
www.cityofevanston.org
The Community Development Department will: (1) Implement updated permit software.
(2) Initiate new Comprehensive Plan process. (3) Implement programs and projects
under the American Rescue Plan Act (ARPA). (4) Implement projects and programs to
address homeless & unstably housed with HOME-ARPA. (5) Investigate, track, monitor
and inspect vacant buildings and rental properties. (6) Enhance our communication with
landlords and property managers. (7) Implement landlord tenant and inclusionary
housing waitlist programs. (8) Coordinate the CTA Purple Line Modernization Program
in Evanston. (9) Implement ADA bus stop conversion project and coordinate new bus
shelter program. (10) Continue and refine social services funding process to address
inequities in access to services. (11) Assess and amend the inclusionary housing
ordinance to respond to improve its effectiveness. (12) Expand tools to address the
housing needs of low-, moderate-, and middle-income residents.
The Police Department will: (1) Fill vacant positions with competent, qualified personnel.
(2) Research and evaluate Tyler’s Enterprise Public Safety system. (3) Development
and implementation of a new 911 Continuity of Operations Center during system failure
in case of needed backup. (4) Review and implementation of new performance
evaluations.
(4) 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) Enhancing lifeguard protocols, using lessons learned after
a successful first season. (2) Contract with a vendor to better organize, update and
review policies and procedures, General Orders, Standard Operating Procedures, etc.,
ensuring up to date with local, State and Federal policies. (3) Equip all stations with
security cameras to ensure the safety of the stations, employees, and equipment. (4)
Replace and update major medical equipment from Stryker Corporation through
ALS360.
The Health and Human Services Department will: (1) Continue to prioritize the response
to COVID-19 in the community including schools, facilities housing high-risk populations
such as in our long-term care facilities and congregate settings. (2) Apply for additional
grants to support operations and activities of the Department. (3) Create a
clearinghouse of data to better measure health equity achievements. (4) Continue to be
leaders in progressive tobacco cessation policies and implement strategies in Evanston
to deter unhealthy behaviors. (5) Continue to incorporate the City’s EPLAN in City
operations and goals thereby using it as a tool to make significant positive impacts to
equity and disparity issues in the community. (6) Begin enforcement of the plastic bag
ordinance for establishments less than 10,000 sq ft (7) Improve licensing and inspecting
efficiency by partnering with Byrne Software to work on Accela
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2100 Ridge Avenue
Evanston, Illinois 60201-2798
T 847.328.2100
TTY 847.448 8064
www.cityofevanston.org
The Public Works Agency will: (1) Complete construction and engineering of projects
that are part of the CIP plan. (2) Continue incorporation of CARP goals into City
infrastructure projects. (3) Begin implementing recommendations from the Stormwater
Master Plan and develop long-term goals for stormwater mitigation. (4) Finalize
development of the Lead Service Line Replacement Program in compliance with State
of Illinois regulatory requirements. (5) Establish and maintain a section pruning program
and prune all trees on a seven-year cycle by completing pruning of trees in 1/7th of the
City. (6) Replace approximately 65 light fixtures in street light poles with new LED
fixtures in conformance with the Street Light Master Plan. (7) Install ComEd meters in
four street light power centers to get them off dusk to dawn charges.
The Parks, Recreation and Community Services will: (1) Implement a new Community
Affiliates Program to mirror current Sports Affiliate Program, strengthening partnerships
with community and social service partners. (2) Continue implementation of free
Starlight Concert and Movie Series in all nine wards with an increase in community
engagement to select musical performers and movie titles. (3) Explore and test new
recreation software system for special events, park/field permits, and facility rentals. (4)
Revival of special events with the addition of the Special Events Coordinator, expanding
events throughout the nine wards. (5) Establish work plan, including objectives that are
SMART (Specific, Measurable, Achievable, Relevant, Time Bound) 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 Annual Report.
Local Economy: 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 three 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 mainly due to increased
consumer spending in an inflationary environment.
With some exceptions, General Fund revenues remained strong during 2023, with
Sales Taxes and Home Rule Sales Taxes outperforming 2022 results. Other local
revenues like Recreation Program Fees, Building Permits, Ticket Fines, GEMT (Ground
Emergency Medical Transportation), Investment Income, and Ambulance Fees also met
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2100 Ridge Avenue
Evanston, Illinois 60201-2798
T 847.328.2100
TTY 847.448 8064
www.cityofevanston.org
or exceeded 2022 totals.
Many of the positive revenue returns are largely due to economic recovery and
consumer spending, it is also a result of high inflation rates over the past two years.
According to the BLS, the Consumer Price Index measures inflation as experienced by
consumers in their day-to-day living expenses. While CPI stood at 5.3% in October
2021, it peaked at 9.1% in July 2022, the highest rate in nearly 40 years. Throughout
2023, CPI has stabilized around 2.5%, but the 17 months of rates greater than 5%
continue to have a lingering effect on the City’s finances.
In 2023, Evanston’s City Council also approved the replacement of the 97-year-old
Ryan Field, home to Northwestern Football games. This project is expected to cost
$800 million, generate $12 million in local permit fees, and increase a variety of local
taxes with football games and up to six concerts planned at the stadium once
construction is completed in 2026. 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.
Additionally, the City was fortunate to receive $43 million in federal relief funding from
the American Recovery Plan and has used those funds to implement new social
programs and offset expenses typically covered by other City revenues.
While inflation and these other items have resulted in increases in revenues, the 2023
budget warned that there would be a lag effect on the City’s expenses, which has
become apparent. All four of the City’s collective bargaining contracts were approved in
2023 at higher than budgeted levels, more closely mirroring inflation rates from early
2021. 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.
One additional challenge the City faced in 2023 was the impact of inflation on the cost
of capital improvement projects as several came in well over the amount budgeted. As
a result, the City used $3.4 million to cover overages on a variety of projects. In 2023,
the City utilized available General Fund reserves to address several other ongoing
challenges including $4.5 million in additional pension contributions to exceed statutory
requirements and fully fund public safety pensions by 2040.
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2100 Ridge Avenue
Evanston, Illinois 60201-2798
T 847.328.2100
TTY 847.448 8064
www.cityofevanston.org
As a result of these wage increases and capital project cost overruns, General Fund
expenditures finished 111% of budgeted expenditures with nearly all City departments
reporting higher than budgeted expenditures for FY 2023. As noted, revenues finished
the year at 114% of the budget. Overall, revenues in the General Fund finished at
$16.5 million higher than budgeted numbers. As a result, the General Fund finished with
a deficit of $8.6 million, compared to the budgeted deficit of $10.1 million, drawing from
General Fund excess reserves.
For the 2024 Budget, the City continued its focus on maintaining core services and
advancing progress towards City Council goals and priorities. On October 10, 2023,
staff presented the proposed budget to the City Council. The council deliberated on the
budget at several City Council meetings before approval on December 11, 2023.
As part of the adopted budget, the City utilized the available General Fund surplus to
add 22 new staff positions and to provide $4.9 million in funding beyond the Public
Safety Pension Levy to the Public Safety Pension Funds. The City Council held the
property tax levy for the fourth consecutive year while also approving one of the largest
Capital Improvement Plans in City history at $98 million with the largest project being
the continued replacement of a 60-inch water intake pipeline that extends one mile in
Lake Michigan.
The 2024 budget also includes the issuance of General Obligation Bonds for capital
improvement and water projects. Historically, the City has issued GO Bonds on a
nearly annual basis to finance capital improvement projects. The City has been able to
utilize available cash and reserves to advance these projects given the challenging
interest rate environment. However, much of these available reserves and cash have
been drawn down and future large capital projects will require action on bond
issuances, further drawdown of reserves, deferral of projects, or identification of other
funding sources.
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, 2022. 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
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2100 Ridge Avenue
Evanston, Illinois 60201-2798
T 847.328.2100
TTY 847.448 8064
www.cityofevanston.org
current annual comprehensive financial report continues to meet the Certificate of
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 2024 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
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FINANCIAL SECTION

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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, 2023, 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, 2023, 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.
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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.
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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.
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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 27, 2024 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 27, 2024
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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, 2023, 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 27, 2024.
The financial statements of 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.
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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 these 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 27, 2024
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GENERAL PURPOSE EXTERNAL
FINANCIAL STATEMENTS

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MD&A 1
MANAGEMENT’S
DISCUSSION AND ANALYSIS
DECEMBER 31, 2023
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 $9,633,950 from the prior fiscal year. The governmental net
position increased by $5,195,148 or 17.0% from the prior period and the business-type activities net
position increased by $4,438,802 or 1.4% from the prior period.
B. The governmental activities revenue decreased by $4,272,025 or 2.4% from the prior period principally
due to decrease in operating grants and contributions and charges for services. The expenses increased
by $32,030,123 or 22.3% principally due to an increase in all governmental activities.
C. The business-type activities revenue increased by $2,074,516 or 4.3% due to an increase in charges for
services and investment income. The expenses increased by $5,553,934 or 15.9% from the prior period
due to increases in all business-type activities.
D. The total cost of all City programs increased by $37,584,057 or 21.0%. This increase was mainly
attributable to increases in wages across all City programs.
E. Total assets of the City decreased by $49,591,801; while total liabilities decreased by $28,270,698.
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 shown as a
discretely presented component unit beginning in 2013.

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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.

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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.

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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 97-111 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 112. 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 $9,633,950 from $287,144,314 to $296,778,264.
STATEMENT OF POSITION
The City's total revenues decreased by $ 2,197,509 or .1%. The City's total expenses for all programs
increased by $37,584,057 or 21.0%. Business-type activity revenues increased by $2,074,516 in the current
fiscal period mainly due to an increase in charges for services. Business-type activity expenses increased
by $5,553,934, while Governmental activity expenses increased by $32,030,123 due to increased costs in
in wages. The list of revenues and expenses can be found in the table below.
2023 2022 2023 2022 2023 2022
Current and Other Assets 194,740,275	$ 	248,350,460	$ 	29,066,672 37,514,732 223,806,947 285,865,192
Capital Assets 	231,696,070 228,756,629 390,457,572 380,930,569 622,153,642 609,687,198
Total Assets 	426,436,345 477,107,089 419,524,244 418,445,301 845,960,589 895,552,390
Deferred Outflows 45,910,708 55,577,584 8,438,372 4,935,510 54,349,080 60,513,094
472,347,053 532,684,673 427,962,616 423,380,811 900,309,669 956,065,484
Long-Term Liabilities 390,982,159 422,853,966 95,475,109 83,423,489 486,457,268 506,277,455
Other Liabilities 	51,110,301 53,440,394 3,535,247 9,655,666 54,645,548 63,096,060
Total Liabilities 442,092,460 476,294,360 99,010,356 93,079,155 541,102,816 569,373,515
Deferred Inflows 	55,735,055 87,065,923 6,693,534 12,481,732 62,428,589 99,547,655
Total Liabilities and
Deferred Inflows 497,827,515 563,360,283 105,703,890 105,560,887 603,531,405 668,921,170
Net Investment in
Capital Assets 	93,847,182 80,017,854 302,774,179 296,945,278 396,621,361 376,963,132
Restricted 	25,274,487 62,604,468 	- 9,267,670 25,274,487 71,872,138
Unrestricted (Deficit) (144,602,131) (173,297,932) 19,484,547 11,606,976 (125,117,584) (161,690,956)
Restatement 	- 	- 	- 	- 	- 	-
Total Net Position (25,480,462)	$ 	(30,675,610)	$ 	322,258,726 317,819,924 296,778,264 287,144,314
Governmental Activities 	Business-type Activities Total Primary Government

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MD&A 5
The governmental activities and business-type activities saw net position balance increases of $5,195,148
and of $4,483,802, respectively. The following table provides a summary of the City's changes in net
position:
STATEMENT OF CHANGES IN NET POSITION
Governmental Activities Business-Type Activities Total Primary Government
2023 2022 2023 2022 2023 2022
Revenue
Program Revenues:
Charges for services 	29,232,736	$ 	32,625,387	$ 	48,087,216 46,776,641 77,319,952 79,402,028
Operating grants and 	- - 	- -
contributions 	7,529,896 9,913,241 	7,529,896 9,913,241
Capital grants and 	- - 	- -
contributions 	910,849 936,608 	910,849 936,608
General Revenues: 	- - 	- -
Sales taxes 	23,725,230 23,443,235 	23,725,230 23,443,235
Property taxes 	54,425,981 52,498,104 1,332,500 1,332,500 55,758,481 53,830,604
Utility taxes 	6,176,206 6,878,514 	6,176,206 6,878,514
Income taxes 	12,558,980 12,826,057 	12,558,980 12,826,057
Other 	35,015,735 39,200,596 - - 35,015,735 39,200,596
Investment income 	5,808,554 1,334,450 763,849 (92) 6,572,403 1,334,358
Total Revenue 	175,384,167 179,656,192 50,183,565 48,109,049 225,567,732 227,765,241
Expenses
General management and
support 	29,867,575 22,825,409 	29,867,575 22,825,409
Public safety 	79,009,306 70,097,181 	79,009,306 70,097,181
Public works 	29,297,432 20,711,786 	29,297,432 20,711,786
Health and human 	- - 	-
resources development 6,095,290 3,158,454 	6,095,290 3,158,454
Recreation and cultural 	- - 	- -
opportunities 	11,929,994 11,098,493 	11,929,994 11,098,493
Housing and economic 	- - 	- -
development 	15,346,710 10,317,825 	15,346,710 10,317,825
Interest 	3,854,428 5,161,464 	3,854,428 5,161,464
Water 	- - 17,482,399 14,562,608 17,482,399 14,562,608
Sewer 	6,942,639 6,385,682 6,942,639 6,385,682
Solid Waste 	6,191,417 5,148,518 6,191,417 5,148,518
M otor vehicle parking 	9,916,592 8,882,305 9,916,592 8,882,305
system 	- - - - - -
Total Expense 	175,400,735 143,370,612 40,533,047 34,979,113 215,933,782 178,349,725
Increase (decrease) in net
position before transfers 	(16,568) 36,285,580 9,650,518 13,129,936 9,633,950 49,415,516
Transfers 	5,211,716 4,789,583 (5,211,716) (4,789,583) - -
Increase/(Decrease) in
Net Position 	5,195,148 41,075,163 4,438,802 8,340,353 9,633,950 49,415,516
Net Position - Beginning (30,675,610) (71,750,773) 317,819,924 309,479,571 287,144,314 237,728,798
Change in accounting principle - - - - - -
Net Position - Beginning, Restated (30,675,610) (71,750,773) 317,819,924 309,479,571 287,144,314 237,728,798
Net Position - Ending 	(25,480,462)	$ 	(30,675,610)	$ 322,258,726 317,819,924 296,778,264 287,144,314

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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 $74,274,461 as of December 31, 2023, which includes $4,407,258 non-spendable, $25,417,382
restricted, $20,057,926 assigned and $24,391,895 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.
In these statements, the General Fund includes the Human Services Fund and the Foreign Fire Insurance
Fund. The fund balance of these funds reported a decrease of $9,424,474 with actual revenue of
$130,379,878 and expenditures of $137,971,207, before transfers. The City reported a decrease in fund
balance mainly due to an increase in wages and unbudgeted transfers. The total General Fund balance on
page 16 is $51,698,732.
As a result of higher than budgeted wage increases and transfers to other funds including Fleet Fund,
Insurance Fund and CIP fund for cost overages, GF expenditures were significantly higher than the original
budget. The City also utilized General Fund reserves to contribute around $4.5M towards public safety
pensions as a part of funding 100% by 2040 goal.
The General Fund revenues (before transfers) finished at $7.5M higher than budgeted resulting in an actual
deficit of $8.7M against the budgeted deficit of $10.1M, drawing from General Fund excess reserves.
The Capital Improvement Fund has a fund balance deficit of $8,173,411 due to the City not issuing bonds
but continuing to pay for Capital Improvement expenses. The fund balance reported a decrease of
$10,140,303 with actual revenues of $759,985 and expenditures of $14,164,514, before transfers. This fund
received a transfer of $3,264,226 from the General Fund to fund overages on CIP projects.
The fund balance of the General Obligation Debt Service Fund had an increase of $939,225 from
$1,965,810 to $2,905,035, resulting primarily from transfers in from other funds.
Fund 	General Fund Human Services
Fund
Foreign Fire
Insurance Fund
Total
Combined
Operating Revenue 	126,559,988 3,571,686 248,204 130,379,878
Operating Expenses 	(133,462,855) (4,246,737) (261,615) (137,971,207)
Transfers In 	7,733,940 - 	7,733,940
Transfers Out 	(9,567,085) - 	(9,567,085)
Net Change In Fund Balances (8,736,012) (675,051) (13,411) (9,424,474)
-
Fund Balances January 1 57,802,487 3,064,061 256,658 61,123,206
Net Change In Fund Balances (8,736,012) (675,051) (13,411) (9,424,474)
Fund Balances December 31 49,066,475	$ 	2,389,010	$ 	243,247	$ 	51,698,732

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MD&A 7
The ARPA Fund reported an increase of fund balance of $1,503,803 from $531,170 to $2,034,973 due to
investment income.
Combined Nonmajor Governmental Funds
Combined nonmajor fund balances totaled $25,809,132, a decrease of $115,852 from prior period of
$25,924,984.
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 $4,438,802 in the net position. The Water Fund reported the highest
increase in the amount of $3,848,343. The Solid Waste Fund added $491,616 to the net position during the
year. The Sewer Fund reported an increase of $1,969,663, while Parking Fund reported a decrease of
$1,870,820. It should also be noted that the Water and Sewer Funds carry substantial debt levels, although
Parking and Solid Waste Funds have lesser debts.
Internal Service Funds
The City's combined internal service fund’s net position increased by $7,623,884 from a $7,520,619, as of
January 1, 2023 to a net position of $15,144,503 as of December 31, 2023. Of the total net position,
$8,121,631 is unrestricted. The increase in net position can be attributed to transfers received in Fleet
Services Fund and Insurance Fund of $1,900,000 and 3,000,000 from the General Fund, respectively.
Capital Assets
The City’s Capital Asset policy generally includes capitalizing assets or properties with $20,000 or more
in value (with the exception of vehicles to the $20,000 threshold). The City's capital assets (net of
depreciation) for governmental and business-type activities as of December 31, 2023, was $622,153,642.
The governmental funds capital assets had a net increase of $2,939,441, while business type capital assets
increased by $9,527,003. 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, 2023, the City had outstanding total general obligation bonded debt of $160,138,849
of which $31,624,005 was for business type activities to be paid for by the City's Water, Solid Waste and
Sewer Funds. Overall general obligation bonded debt represents a $11,684,269 decrease from 2022. The
City's general obligation debt service principal payments for 2023 totaled $11,684,269. During the current
year, the City did not issue general obligation 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 2023 General obligation bonds are rated AA (stable outlook) by S&P and AA+ by Fitch Ratings.

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MD&A 8
Economic Factors
Evanston is a diverse community consisting primarily of residential homes, several nonprofit organizations
including a very well-known private university, two hospitals, and many smaller scale retail shops and
restaurants as well as some popular big box retailers.
Local Economy:
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 three 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 mainly due to increased consumer spending in an inflationary
environment.
With some exceptions, General Fund revenues remained strong during 2023, with Sales Taxes and Home
Rule Sales Taxes outperforming 2022 results. Other local revenues like Recreation Program Fees, Building
Permits, Ticket Fines, GEMT (Ground Emergency Medical Transportation), Investment Income, and
Ambulance Fees also met or exceeded 2022 totals.
Many of the positive revenue returns are largely due to economic recovery and consumer spending, it is
also a result of high inflation rates over the past two years. According to the BLS, the Consumer Price Index
measures inflation as experienced by consumers in their day-to-day living expenses. While CPI stood at
5.3% in October 2021, it peaked at 9.1% in July 2022, the highest rate in nearly 40 years. Throughout 2023,
CPI has stabilized around 2.5%, but the 17 months of rates greater than 5% continue to have a lingering
effect on the City’s finances.
One additional challenge the City faced in 2023 was the impact of inflation on the cost of capital
improvement projects as several came in well over the amount budgeted. As a result, the City used $3.4
million to cover overages on a variety of projects. In 2023, the City utilized available General Fund reserves
to address a number of other ongoing challenges including $4.5 million in additional pension contributions
to exceed statutory requirements and fully fund public safety pensions by 2040.
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.

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BASIC FINANCIAL STATEMENTS

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Component Unit
Governmental Business-Type Evanston Public
Activities Activities Total Library
ASSETS
Cash and equivalents 34,923,544	$ 2,704,939	$ 37,628,483	$ 8,618,383	$
Investments 82,215,248 6,055,579 88,270,827 -
Receivables (net, where applicable, of
allowances for uncollectibles)
Property taxes 48,209,794 1,332,500 49,542,294 8,901,308
Utility taxes 648,337 - 648,337 -
Accounts - 10,313,849 10,313,849 -
Notes 75,000 - 75,000 -
Loans 9,470,772 - 9,470,772 -
Special assessments 835,099 - 835,099 -
Leases 625,334 5,120,889 5,746,223 -
Accrued interest 552 7,132 7,684 -
Other 1,491,868 357,998 1,849,866 -
Due from other governments 10,628,083 - 10,628,083 -
Due from primary government - - - 188,291
Internal balances (2,189,205) 2,189,205 - -
Inventories 1,776,576 935,118 2,711,694 -
Prepaid items 6,029,273 49,463 6,078,736 -
Capital assets
Capital assets not being depreciated 55,956,089 16,992,831 72,948,920 311,380
Capital assets being depreciated, net 175,739,981 373,464,741 549,204,722 10,491,351
Total assets 426,436,345 419,524,244 845,960,589 28,510,713
DEFERRED OUTFLOWS OF RESOURCES
Asset retirement obligations - 3,543,173 3,543,173 -
Pension items - Police 9,964,173 - 9,964,173 -
Pension items - Fire 13,002,707 - 13,002,707 -
Pension items - IMRF 19,036,860 4,712,589 23,749,449 2,519,160
OPEB items 3,906,968 182,610 4,089,578 58,046
Total deferred outflows of resources 45,910,708 8,438,372 54,349,080 2,577,206
Total assets and deferred outflows
of resources 472,347,053 427,962,616 900,309,669 31,087,919
Primary Government
CITY OF EVANSTON, ILLINOIS
STATEMENT OF NET POSITION
December 31, 2023
(This statement is continued on the following page.)
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Component Unit
Governmental Business-Type Evanston Public
Activities Activities Total Library
LIABILITIES
Vouchers payable 19,652,638	$ 2,840,875	$ 22,493,513	$ 124,788	$
Retainage payable - 399,713 399,713 -
Deposits payable - - - -
Accrued payroll 2,289,226 - 2,289,226 -
Accrued interest 442,015 294,659 736,674 18,440
Due to other governments 4,475,106 - 4,475,106 -
Due to component unit 188,291 - 188,291 -
Due to fiduciary funds 429,444 - 429,444 -
Unearned revenue 23,633,581 - 23,633,581 -
Noncurrent liabilities
Due within one year 13,744,790 6,605,814 20,350,604 451,180
Due in more than one year 377,237,369 88,869,295 466,106,664 6,963,814
Total liabilities 442,092,460 99,010,356 541,102,816 7,558,222
DEFERRED INFLOWS OF RESOURCES
Pension items - Police Pension 2,156,892 - 2,156,892 -
Pension items - Fire Pension - - - -
Pension items - IMRF 717,799 177,692 895,491 94,987
OPEB items 5,010,944 234,209 5,245,153 74,447
Property taxes levied for future periods 47,251,160 1,332,500 48,583,660 8,788,341
Leases 598,260 4,949,133 5,547,393 -
Total deferred inflows of resources 55,735,055 6,693,534 62,428,589 8,957,775
Total liabilities and deferred inflows
of resources 497,827,515 105,703,890 603,531,405 16,515,997
NET POSITION
Net investment in capital assets 93,847,182 302,774,179 396,621,361 4,081,234
Restricted for
Highway maintenance 6,284,204 - 6,284,204 -
Emergency telephone system 1,560,774 - 1,560,774 -
HUD approved projects 458,142 - 458,142 -
Neighborhood improvements 3,282,640 - 3,282,640 -
Reparations 1,554,075 - 1,554,075 -
Sustainability 787,300 - 787,300 -
Governmental services 2,034,973 - 2,034,973 -
Capital improvements 188,325 - 188,325 -
Debt service 7,829,210 - 7,829,210 2,781
General assistance 1,294,844 - 1,294,844 -
Endowment - - - 4,453,815
Unrestricted (deficit) (144,602,131) 19,484,547 (125,117,584) 6,034,092
TOTAL NET POSITION (DEFICIT) (25,480,462)	$ 322,258,726	$ 296,778,264	$ 14,571,922	$
Primary Government
CITY OF EVANSTON, ILLINOIS
STATEMENT OF NET POSITION (Continued)
December 31, 2023
See accompanying notes to financial statements.
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Operating Capital
Charges for Grants and Grants and
FUNCTIONS/PROGRAMS Expenses Services Contributions Contributions
PRIMARY GOVERNMENT
Governmental Activities
General management and support 29,867,575	$ 9,545,528	$ 127,408	$ -	$
Public safety 79,009,306 7,244,971 70,442 -
Public works 29,297,432 550,150 3,459,705 585,849
Health and human resource development 6,095,290 359,897 1,131,791 -
Recreational and cultural opportunities 11,929,994 7,207,494 489,512 -
Housing and economic development 15,346,710 4,324,696 2,251,038 325,000
Interest 3,854,428 - - -
Total governmental activities 175,400,735 29,232,736 7,529,896 910,849
Business-Type Activities
Water 17,482,399 23,679,652 - -
Sewer 6,942,639 9,348,891 - -
Solid waste 6,191,417 5,328,363 - -
Motor vehicles parking system 9,916,592 9,730,310 - -
Total business-type activities 40,533,047 48,087,216 - -
TOTAL PRIMARY GOVERNMENT 215,933,782	$ 77,319,952	$ 7,529,896	$ 910,849	$
COMPONENT UNIT
Evanston Public Library 9,321,197	$ 49,269	$ 645,160	$ -	$
Program Revenues
CITY OF EVANSTON, ILLINOIS
STATEMENT OF ACTIVITIES
For the Year Ended December 31, 2023
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-- 41 of 223 --

Component
Unit
Total Evanston
Governmental Business-Type Primary Public
Activities Activities Government Library
(20,194,639)	$ -	$ (20,194,639)	$ -	$
(71,693,893) - (71,693,893) -
(24,701,728) - (24,701,728) -
(4,603,602) - (4,603,602) -
(4,232,988) - (4,232,988) -
(8,445,976) - (8,445,976) -
(3,854,428) - (3,854,428) -
(137,727,254) - (137,727,254) -
- 6,197,253 6,197,253 -
- 2,406,252 2,406,252 -
- (863,054) (863,054) -
- (186,282) (186,282) -
- 7,554,169 7,554,169 -
(137,727,254) 7,554,169 (130,173,085) -
- - - (8,626,768)
General Revenues
Taxes
Property tax 54,425,981 1,332,500 55,758,481 8,253,648
Other taxes 10,544,622 - 10,544,622 -
Personal property replacement taxes 4,087,124 - 4,087,124 -
Sales and home rule tax 23,725,230 - 23,725,230 -
Utility tax 6,176,206 - 6,176,206 -
Liquor tax 3,772,043 - 3,772,043 -
Parking tax 2,952,554 - 2,952,554 -
Real estate transfer tax 3,310,770 - 3,310,770 -
Intergovernmental 7,434,037 - 7,434,037 -
Income tax 12,558,980 - 12,558,980 -
Investment income 5,808,554 763,849 6,572,403 774,987
Miscellaneous 2,914,585 - 2,914,585 4,867
Transfers 5,211,716 (5,211,716) - -
Total 142,922,402 (3,115,367) 139,807,035 9,033,502
CHANGE IN NET POSITION 5,195,148 4,438,802 9,633,950 406,734
NET POSITION (DEFICIT), JANUARY 1 (30,675,610) 317,819,924 287,144,314 14,165,188
NET POSITION (DEFICIT), DECEMBER 31 (25,480,462)	$ 322,258,726	$ 296,778,264	$ 14,571,922	$
Net (Expense) Revenue and Change in Net Position
Primary Government
See accompanying notes to financial statements.
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General
Capital Obligation
General Improvements Debt Service
Cash and equivalents 5,712,759	$ 1,492,097	$ 2,331,863	$
Investments 43,862,173 4,312,680 585,651
Receivables
Property taxes 33,038,341 - 12,969,760
Utility 648,337 - -
Notes 75,000 - -
Loans - - -
Special assessments - - -
Leases 270,454 - -
Accrued interest 347 - -
Other 1,491,868 - -
Due from other governments 9,499,314 - -
Due from other funds 1,009,276 1,964,464 -
Advances to other funds 4,300,000 - -
Inventories 32,258 - -
TOTAL ASSETS 99,940,127	$ 7,769,241	$ 15,887,274	$
LIABILITIES
Vouchers payable 3,053,940	$ 11,289,239	$ -	$
Accrued payroll 2,289,226 - -
Accrued interest 39,005 - -
Unearned revenue - 353,413 -
Due to other governments 4,296,596 - -
Due to component unit 188,291 - -
Due to other funds 5,280,149 - 216,146
Due to fiduciary funds 429,444 - -
Advances from other funds - 4,300,000 -
Total liabilities 15,576,651 15,942,652 216,146
DEFERRED INFLOWS OF RESOURCES
Long-term loans - - -
Property taxes levied for future periods 32,407,402 - 12,766,093
Leases 257,342 - -
Total deferred inflows of resources 32,664,744 - 12,766,093
Total liabilities and deferred inflows
of resources 48,241,395 15,942,652 12,982,239
CITY OF EVANSTON, ILLINOIS
BALANCE SHEET
GOVERNMENTAL FUNDS
December 31, 2023
ASSETS
LIABILITIES, DEFERRED INFLOWS
OF RESOURCES, AND FUND BALANCES
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-- 43 of 223 --

Nonmajor Total
Governmental Governmental
ARPA Funds Funds
393,380	$ 23,369,295	$ 33,299,394	$
27,255,596 6,199,148 82,215,248
- 2,201,693 48,209,794
- - 648,337
- - 75,000
- 9,470,772 9,470,772
- 835,099 835,099
- 354,880 625,334
- 205 552
- - 1,491,868
- 1,128,769 10,628,083
- 707,954 3,681,694
- - 4,300,000
- - 32,258
27,648,976	$ 44,267,815	$ 195,513,433	$
1,478,095	$ 3,081,272	$ 18,902,546	$
- - 2,289,226
- - 39,005
23,280,168 - 23,633,581
- 178,510 4,475,106
- - 188,291
855,740 2,474,447 8,826,482
- - 429,444
- - 4,300,000
25,614,003 5,734,229 63,083,681
- 10,305,871 10,305,871
- 2,077,665 47,251,160
- 340,918 598,260
- 12,724,454 58,155,291
25,614,003 18,458,683 121,238,972
(This statement is continued on the following page)
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General
Capital Obligation
General Improvements Debt Service
FUND BALANCES
Nonspendable
Advances 4,300,000	$ -	$ -	$
Notes 75,000 - -
Inventory 32,258 - -
Restricted -
Highway maintenance - - -
Emergency telephone system - - -
HUD approved projects - - -
Neighborhood improvements - - -
Reparations - - -
Sustainability - - -
Governmental services - - -
Debt service - - 2,905,035
General assistance - - -
Capital improvements - - -
Assigned
Capital improvements - - -
Other 14,588,779 - -
Unassigned (deficit) 32,702,695 (8,173,411) -
Total fund balances (deficit) 51,698,732 (8,173,411) 2,905,035
TOTAL LIABILITIES, INFLOWS OF
RESOURCES, AND FUND BALANCES 99,940,127	$ 7,769,241	$ 15,887,274	$
CITY OF EVANSTON, ILLINOIS
BALANCE SHEET (Continued)
GOVERNMENTAL FUNDS
December 31, 2023
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-- 45 of 223 --

Nonmajor Total
Governmental Governmental
ARPA Funds Funds
-	$ -	$ 4,300,000	$
- - 75,000
- - 32,258
- 6,284,204 6,284,204
- 1,560,774 1,560,774
- 458,142 458,142
- 3,425,535 3,425,535
- 1,554,075 1,554,075
- 787,300 787,300
2,034,973 - 2,034,973
- 4,924,175 7,829,210
- 1,294,844 1,294,844
- 188,325 188,325
- 5,469,147 5,469,147
- - 14,588,779
- (137,389) 24,391,895
2,034,973 25,809,132 74,274,461
27,648,976	$ 44,267,815	$ 195,513,433	$
See accompanying notes to financial statements.
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-- 46 of 223 --

FUND BALANCES OF GOVERNMENTAL FUNDS 74,274,461	$
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 231,696,070	$
Less internal service fund portion 7,999,675 223,696,395
Total OPEB liability payable is not due and payable in the current period
and, therefore, is not reported in the governmental funds (22,858,273)
Interest payable is not due and payable in the current period and, therefore,
not reported in the governmental funds (403,010)
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 (128,514,844)	$
Less internal service fund portion (660,000) (127,854,844)
Bonds premium liability (9,334,044)
Compensated absences payable (12,321,470)
Net pension liability/asset is shown as a liability/asset on the statement of
net position
Illinois Municipal Retirement Fund (5,432,157)
Police Pension Fund (106,273,070)
Firefighters' Pension Fund (102,455,458)
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 18,319,061
Police Pension Fund 7,807,281
Firefighters' Pension Fund 13,002,707
OPEB (1,098,415)
Deferred inflows for long-term loans are not a available and, therefore, not
revenue in fund financial statements 10,305,871
The net position of the internal service fund is included in the governmental
activities on the statement of net position 15,144,503
NET POSITION OF GOVERNMENTAL ACTIVITIES (25,480,462)	$
December 31, 2023
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.
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-- 47 of 223 --

General
Capital Obligation
General Improvements Debt Service
REVENUES
Taxes 71,051,672	$ -	$ 13,454,095	$
Licenses and permits 9,845,981 - -
Special assessments - - -
Intergovernmental 27,779,639 335,849 -
Fees - 32,748 -
Charges for services 13,009,442 82,036 -
Fines and forfeits 4,094,917 - -
Investment income 2,384,515 309,352 369,711
Miscellaneous 2,213,712 - -
Total revenues 130,379,878 759,985 13,823,806
EXPENDITURES
Current
General management and support 22,608,932 62 35
Public safety 79,003,597 1,563 -
Public works 13,908,332 8,176,789 -
Health and human resource development 5,961,497 - -
Recreational and cultural opportunities 12,982,724 - -
Housing and economic development 3,467,120 - -
Capital outlay - 5,986,100 -
Debt service
Principal - - 9,971,562
Interest 39,005 - 5,225,660
Fiscal charges - - 6,300
Total expenditures 137,971,207 14,164,514 15,203,557
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES (7,591,329) (13,404,529) (1,379,751)
OTHER FINANCING SOURCES (USES)
Transfers in 7,733,940 3,264,226 2,318,976
Transfers (out) (9,567,085) - -
Total other financing sources (uses) (1,833,145) 3,264,226 2,318,976
NET CHANGE IN FUND BALANCES (9,424,474) (10,140,303) 939,225
FUND BALANCES, JANUARY 1 61,123,206 1,966,892 1,965,810
FUND BALANCES (DEFICIT), DECEMBER 31 51,698,732	$ (8,173,411)	$ 2,905,035	$
CITY OF EVANSTON, ILLINOIS
STATEMENT OF REVENUES, EXPENDITURES, AND
CHANGES IN FUND BALANCES
GOVERNMENTAL FUNDS
For the Year Ended December 31, 2023
(This statement is continued on the following page.)
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Nonmajor Total
Governmental Governmental
ARPA Funds Funds
-	$ 12,753,901	$ 97,259,668	$
- - 9,845,981
- 186,037 186,037
7,434,037 5,722,388 41,271,913
- 480,754 513,502
- - 13,091,478
- - 4,094,917
1,503,803 1,241,173 5,808,554
- 1,098,405 3,312,117
8,937,840 21,482,658 175,384,167
2,972,848 4,403,276 29,985,153
1,085,026 1,574,398 81,664,584
- 2,831,572 24,916,693
- - 5,961,497
- - 12,982,724
- 10,564,349 14,031,469
776,163 824,561 7,586,824
- - 9,971,562
- - 5,264,665
- - 6,300
4,834,037 20,198,156 192,371,471
4,103,803 1,284,502 (16,987,304)
- 1,006,750 14,323,892
(2,600,000) (2,407,104) (14,574,189)
(2,600,000) (1,400,354) (250,297)
1,503,803 (115,852) (17,237,601)
531,170 25,924,984 91,512,062
2,034,973	$ 25,809,132	$ 74,274,461	$
See accompanying notes to financial statements.
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NET CHANGE IN FUND BALANCES -
TOTAL GOVERNMENTAL FUNDS (17,237,601)	$
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 13,112,429
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 (10,899,202)
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 9,971,562
The amortization of premium on long-term debt is reported as a reduction
of interest expense on the statement of activities 918,325
Changes in total other postemployment benefits obligations are reported
only in the statement of activities (2,508,591)
The change in compensated absences payable is shown as an expense on
the statement of activities (2,392,934)
The change in the accrual of interest is reported as interest expense on the
statement of activities 498,212
The change in the net pension liability (asset) is reported only in the
statement of activities
Illinois Municipal Retirement Fund (44,524,483)
Police Pension Fund 22,662,185
Firefighters' Pension Fund 8,120,190
The change in deferred inflows and outflows of resources is reported
only in the statement of activities
Illinois Municipal Retirement Fund 43,108,773
Police Pension Fund (17,847,655)
Firefighters' Pension Fund (6,068,481)
OPEB 801,430
The change in deferred inflows for long-term loans is not an expense on
the statement of activities (142,895)
Internal service funds are reported separately in the fund financial statements 7,623,884
CHANGE IN NET POSITION OF GOVERNMENTAL ACTIVITIES 5,195,148	$
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, 2023
See accompanying notes to financial statements.
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Governmental
Activities
Motor Vehicle Internal Service
Water Sewer Solid Waste Parking System Total Funds
CURRENT ASSETS
Cash and cash equivalents 300	$ 7,500	$ 1,136,421	$ 1,560,718	$ 2,704,939	$ 1,624,150	$
Investments 4,520,909 1,332,566 - 202,104 6,055,579 -
Receivables
Property taxes - - 1,332,500 - 1,332,500 -
Accounts - water and sewerage charges
Accounts - billed 6,493,780 143,261 163,223 - 6,800,264 -
Accounts - unbilled 1,389,935 1,365,782 757,868 - 3,513,585 -
Leases - - - 5,120,889 5,120,889 -
Accrued interest - - - 7,132 7,132 -
Other - - 133,784 224,214 357,998 -
Inventories 793,962 141,156 - - 935,118 1,744,318
Prepaid items 49,463 - - - 49,463 6,029,273
Due from other funds 17,905,288 5,772,432 1,020,449 417,857 25,116,026 2,955,583
Total current assets 31,153,637 8,762,697 4,544,245 7,532,914 51,993,493 12,353,324
NONCURRENT ASSETS
Capital assets
Capital assets not being depreciated 12,596,353 - - 4,396,478 16,992,831 -
Capital assets being depreciated 187,416,585 267,455,359 1,122,235 94,393,841 550,388,020 28,547,053
Accumulated depreciation (44,538,079) (82,702,613) (348,204) (49,334,383) (176,923,279) (20,547,378)
Total capital assets 155,474,859 184,752,746 774,031 49,455,936 390,457,572 7,999,675
Other assets
Notes receivable - - - - - -
Total other assets - - - - - -
Total noncurrent assets 155,474,859 184,752,746 774,031 49,455,936 390,457,572 7,999,675
Total assets 186,628,496 193,515,443 5,318,276 56,988,850 442,451,065 20,352,999
DEFERRED OUTFLOWS OF RESOURCES
Asset retirement obligations 3,543,173 - - - 3,543,173 -
Pension items - IMRF 2,684,652 601,551 759,163 667,223 4,712,589 -
OPEB items 79,433 42,853 28,320 32,004 182,610 19,678
Total deferred outflows of resources 6,307,258 644,404 787,483 699,227 8,438,372 19,678
Total assets and deferred
outflows of resources 192,935,754 194,159,847 6,105,759 57,688,077 450,889,437 20,372,677
CITY OF EVANSTON, ILLINOIS
STATEMENT OF NET POSITION
PROPRIETARY FUNDS
December 31, 2023
Business-Type Activities
(This statement is continued on the following page.)
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Governmental
Activities
Motor Vehicle Internal Service
Water Sewer Solid Waste Parking System Total Funds
CURRENT LIABILITIES
Vouchers payable 1,975,356	$ 154,388	$ 534,858	$ 176,273	$ 2,840,875	$ 750,092	$
Retainage payable 399,713 - - - 399,713 -
Deposits payable - - - - - -
Unearned revenue - - - - - -
Interest payable - restricted 224,515 67,298 - 2,846 294,659 -
Notes payable - IEPA 1,555,423 2,931,450 - - 4,486,873 -
Current portion of GO bonds payable 1,643,095 249,592 - 45,000 1,937,687 -
Current portion of total OPEB liability 14,351 7,970 5,764 6,308 34,393 3,870
Claims payable - - - - - 621,750
Due to other funds 22,926,821 - - - 22,926,821 -
Compensated absences payable 84,452 21,996 15,779 24,634 146,861 18,222
Total current liabilities 28,823,726 3,432,694 556,401 255,061 33,067,882 1,393,934
NONCURRENT LIABILITIES
Notes payable - IEPA 40,049,898 8,772,899 - - 48,822,797 -
General obligation bonds payable 27,267,888 3,385,663 - 1,382,772 32,036,323 660,000
Asset retirement obligations 5,081,625 - - - 5,081,625 -
Total OPEB liability 415,745 230,894 166,986 182,745 996,370 112,113
Claims payable - - - - - 2,963,999
Compensated absences payable 337,810 87,985 63,115 98,536 587,446 72,889
Net pension liability 766,064 171,652 216,627 190,391 1,344,734 -
Total noncurrent liabilities 73,919,030 12,649,093 446,728 1,854,444 88,869,295 3,809,001
Total liabilities 102,742,756 16,081,787 1,003,129 2,109,505 121,937,177 5,202,935
DEFERRED INFLOWS OF RESOURCES
Pension items - IMRF 101,227 22,682 28,625 25,158 177,692 -
OPEB items 101,878 54,962 36,322 41,047 234,209 25,239
Deferred property taxes - - 1,332,500 - 1,332,500 -
Leases - - - 4,949,133 4,949,133 -
Total deferred inflows of resources 203,105 77,644 1,397,447 5,015,338 6,693,534 25,239
Total liabilities and deferred
inflows of resources 102,945,861 16,159,431 2,400,576 7,124,843 128,630,711 5,228,174
NET POSITION
Net investment in capital assets 84,558,842 169,413,142 774,031 48,028,164 302,774,179 7,022,872
Unrestricted 5,431,051 8,587,274 2,931,152 2,535,070 19,484,547 8,121,631
TOTAL NET POSITION 89,989,893	$ 178,000,416	$ 3,705,183	$ 50,563,234	$ 322,258,726	$ 15,144,503	$
Business-Type Activities
PROPRIETARY FUNDS
December 31, 2023
CITY OF EVANSTON, ILLINOIS
STATEMENT OF NET POSITION (Continued)
See accompanying notes to financial statements.
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Governmental
Activities
Motor Vehicle Internal Service
Water Sewer Solid Waste Parking System Total Funds
OPERATING REVENUES
Charges for services 22,853,411	$ 9,324,141	$ 5,286,652	$ 9,297,572	$ 46,761,776	$ 25,639,998	$
Miscellaneous 826,241 24,750 41,711 432,738 1,325,440 10,590
Total operating revenues 23,679,652 9,348,891 5,328,363 9,730,310 48,087,216 25,650,588
OPERATING EXPENSES EXCLUDING
DEPRECIATION
Administration 2,033,258 1,869,994 1,831,618 2,260,434 7,995,304 -
Operations 10,511,088 699,094 4,247,575 4,533,524 19,991,281 23,330,179
Total operating expenses excluding
depreciation 12,544,346 2,569,088 6,079,193 6,793,958 27,986,585 23,330,179
OPERATING INCOME (LOSS) BEFORE
DEPRECIATION AND AMORTIZATION 11,135,306 6,779,803 (750,830) 2,936,352 20,100,631 2,320,409
Depreciation and amortization 3,560,735 3,872,791 112,224 3,086,651 10,632,401 1,596,479
OPERATING INCOME (LOSS) 7,574,571 2,907,012 (863,054) (150,299) 9,468,230 723,930
NON-OPERATING REVENUES (EXPENSES)
Investment income 387,878 187,267 22,170 166,534 763,849 24,450
Property taxes - - 1,332,500 - 1,332,500 -
Interest expense (1,351,812) (401,808) - (35,983) (1,789,603) -
Gain (loss) on disposal of capital assets (25,506) (98,952) - - (124,458) 238,503
Claims reimbursements - - - - - -
Total non-operating revenues (expenses) (989,440) (313,493) 1,354,670 130,551 182,288 262,953
INCOME (LOSS) BEFORE TRANSFERS AND
CAPITAL CONTRIBUTIONS 6,585,131 2,593,519 491,616 (19,748) 9,650,518 986,883
TRANSFERS AND CONTRIBUTIONS
Transfers in 137,792 - - 1,121,316 1,259,108 6,637,001
Transfers (out) (4,049,568) (623,856) - (2,972,388) (7,645,812) -
Capital contributions 1,174,988 - - - 1,174,988 -
Total transfers and capital contributions (2,736,788) (623,856) - (1,851,072) (5,211,716) 6,637,001
NET INCOME (LOSS) 3,848,343 1,969,663 491,616 (1,870,820) 4,438,802 7,623,884
NET POSITION, JANUARY 1 86,141,550 176,030,753 3,213,567 52,434,054 317,819,924 7,520,619
NET POSITION, DECEMBER 31 89,989,893	$ 178,000,416	$ 3,705,183	$ 50,563,234	$ 322,258,726	$ 15,144,503	$
CITY OF EVANSTON, ILLINOIS
STATEMENT OF REVENUES, EXPENSES, AND CHANGES IN NET POSITION
PROPRIETARY FUNDS
For the Year Ended December 31, 2023
Business-Type Activities
See accompanying notes to financial statements.
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Governmental
Activities -
Motor Vehicle Internal Service
Water Sewer Solid Waste Parking System Total Funds
CASH FLOWS FROM OPERATING
ACTIVITIES
Receipts from customers and users 23,776,574	$ 9,479,944	$ 5,269,533	$ 9,764,753	$ 48,290,804	$ 3,931,840	$
Receipts from (payments for)
interfund services provided (1,845,132) (808,632) (500,092) (711,621) (3,865,477) 21,105,667
Receipts from other agencies - - - - - 618,075
Payments to suppliers (10,231,000) (629,594) (3,637,398) (4,333,380) (18,831,372) (2,941,620)
Payments to employees (309,183) (1,248,382) (1,572,897) (1,626,696) (4,757,158) (4,768,932)
Payments for insurance premiums - - - - - (15,915,273)
Net cash from operating activities 11,391,259 6,793,336 (440,854) 3,093,056 20,836,797 2,029,757
CASH FLOWS FROM NONCAPITAL
FINANCING ACTIVITIES
Property taxes - - 1,332,500 - 1,332,500 -
Transfers in 137,792 - - 1,121,316 1,259,108 6,637,001
Transfers (out) (4,049,568) (623,856) - (2,972,388) (7,645,812) -
Interfund activity 2,952,323 (1,855,722) 222,605 (635,850) 683,356 (6,110,704)
Net cash from noncapital financing
activities (959,453) (2,479,578) 1,555,105 (2,486,922) (4,370,848) 526,297
CASH FLOWS FROM CAPITAL AND
RELATED FINANCING ACTIVITIES
Sale of capital assets - - - - - 255,552
Acquisition and construction of capital assets (17,469,165) (1,078,203) - (131,180) (18,678,548) (2,339,743)
Proceeds from loans 7,648,773 - - - 7,648,773 -
Principal paid on general obligation bonds (1,436,736) (235,971) - (40,000) (1,712,707) -
Interest paid on general obligation bonds and
IEPA loans (1,391,170) (457,858) - (41,813) (1,890,841) -
Principal paid on IEPA loans (1,185,806) (3,183,578) - - (4,369,384) -
Net cash from capital and related
financing activities (13,834,104) (4,955,610) - (212,993) (19,002,707) (2,084,191)
CASH FLOWS FROM INVESTING
ACTIVITIES
Sale (Purchase) of investments 3,136,323 - - (9,131) 3,127,192 -
Interest income 265,975 127,068 22,170 165,264 580,477 24,450
Net cash from investing activities 3,402,298 127,068 22,170 156,133 3,707,669 24,450
NET INCREASE (DECREASE) IN CASH
AND CASH EQUIVALENTS - (514,784) 1,136,421 549,274 1,170,911 496,313
CASH AND CASH EQUIVALENTS,
JANUARY 1 300 522,284 - 1,011,444 1,534,028 1,127,837
CASH AND CASH EQUIVALENTS,
DECEMBER 31 300	$ 7,500	$ 1,136,421	$ 1,560,718	$ 2,704,939	$ 1,624,150	$
CITY OF EVANSTON, ILLINOIS
STATEMENT OF CASH FLOWS
PROPRIETARY FUNDS
For the Year Ended December 31, 2023
(This statement is continued on the following page.)
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Governmental
Activities -
Motor Vehicle Internal Service
Water Sewer Solid Waste Parking System Total Funds
RECONCILIATION OF OPERATING
INCOME (LOSS) TO NET CASH FLOWS
FROM OPERATING ACTIVITIES
Operating income (loss) 7,574,571	$ 2,907,012	$ (863,054)	$ (150,299)	$ 9,468,230	$ 723,930	$
Adjustments to reconcile operating income
to net cash from operating activities
Depreciation 3,560,735 3,872,791 112,224 3,086,651 10,632,401 1,596,479
Changes in assets and liabilities
Accounts receivable 96,922 131,243 (58,830) 141,204 310,539 4,994
Lease items - - - (106,761) (106,761) -
Prepaid expenses (49,463) - - - (49,463) 120,557
Inventories 64,805 (2,891) - - 61,914 (4,828)
Compensated absences 2,311 14,956 19,464 21,791 58,522 5,297
OPEB items (2,104) 5,698 18,660 14,917 37,171 8,912
Pension items - IMRF 58,736 52,330 44,106 45,405 200,577 -
Deposits payable - (190) (1,605) - (1,795) -
Vouchers payable 13,883 (187,613) 288,181 40,148 154,599 125,909
Deferred outflows -
asset retirement obligations 70,863 - - - 70,863 -
Claims payable - - - - - (551,493)
NET CASH FROM OPERATING
ACTIVITIES 11,391,259	$ 6,793,336	$ (440,854)	$ 3,093,056	$ 20,836,797	$ 2,029,757	$
NONCASH INVESTING, CAPITAL,
AND RELATED FINANCING ACTIVITIES
Capital assets acquired through vouchers
and retainage payable 399,713	$ -	$ -	$ -	$ 399,713	$ 316,803	$
Capital asset contributions 1,174,988 - - - 1,174,988 -
IEPA loan receivable (2,526,454) - - - (2,526,454) -
Change in fair value of investments 121,903 60,199 - 9,114 191,216 -
TOTAL NONCASH INVESTING, CAPITAL,
AND RELATED FINANCING ACTIVITIES (829,850)	$ 60,199	$ -	$ 9,114	$ (760,537)	$ 316,803	$
PROPRIETARY FUNDS
For the Year Ended December 31, 2023
CITY OF EVANSTON, ILLINOIS
STATEMENT OF CASH FLOWS (Continued)
See accompanying notes to financial statements.
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Pension Trust
Funds
ASSETS
Cash and cash equivalents 21,419,363	$
Investments
U.S. Treasury obligations 23,273,388
U.S. agency obligations 10,119,483
Corporate bonds 10,604,326
Common stock 54,221,395
Equity mutual funds 69,827,992
Real estate 1,210,129
Investments held in the Illinois Firefighters'
Pension Investment Fund 99,355,205
Prepaids 9,245
Receivables
Accounts 3,123
Accrued interest 404,100
Due from City 429,444
Total assets 290,877,193
LIABILITIES
Vouchers payable 19,054
Total liabilities 19,054
NET POSITION RESTRICTED
FOR PENSIONS 290,858,139	$
CITY OF EVANSTON, ILLINOIS
STATEMENT OF FIDUCIARY NET POSITION
FIDUCIARY FUNDS
December 31, 2023
See accompanying notes to financial statements.
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Pension Trust
Funds
ADDITIONS
Contributions
Contributions - employer 25,565,498	$
Contributions - plan members 2,961,276
Total contributions 28,526,774
Investment income
Net appreciation in fair
value of investments 34,480,603
Interest on investments 5,933,646
Less investment expenses (491,881)
Total investment income 39,922,368
Total additions 68,449,142
DEDUCTIONS
Administration 176,522
Benefit payments and refunds 27,410,575
Total deductions 27,587,097
NET INCREASE 40,862,045
NET POSITION RESTRICTED
FOR PENSIONS
January 1 249,996,094
December 31 290,858,139	$
CITY OF EVANSTON, ILLINOIS
STATEMENT OF CHANGES IN FIDUCIARY NET POSITION
FIDUCIARY FUNDS
For the Year Ended December 31, 2023
See accompanying notes to financial statements.
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CITY OF EVANSTON, ILLINOIS
NOTES TO THE FINANCIAL STATEMENTS
December 31, 2023
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The financial statements of the City of Evanston, Illinois (the City) and Evanston Public Library
(the Library or EPL) 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
accountable 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
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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 assumed 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 EPL 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 Trustees. The board members
are appointed by the Mayor of the City.
The Library Director submits a proposed budget to the EPL 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.
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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 EPL serves the community through two branches. The EPL partners with
Northwestern University and other agencies to implement digitally based science,
technology, and math learning opportunities for teens. The EPL 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 EPL 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 percentage 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.
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 is authorized to approve the actuarial assumptions used
in the determination of contribution levels. Accordingly, the FPERS is fiscally
dependent on the City.
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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 Footnote 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 statements
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 include (1)
charges to customers or applicants who purchase, use, or directly benefit from goods,
services, or privileges provided by a given function or segment and (2) grants and
contributions that are restricted to meeting the operational or capital requirements of a
particular function or segment. Taxes and other items not properly included among
program revenues are reported instead as general revenues.
Separate financial statements are provided for governmental funds, proprietary funds,
and fiduciary funds, even though the latter are excluded from the government-wide
financial statements. Major individual governmental funds and major individual
enterprise funds are reported as separate columns in the fund financial statements.
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 its
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.”
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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.
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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 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.
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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 Solid Waste Fund accounts for the recycling, refuse, and yard waste removal
services related fees and expenses. Refuse and yard waste are contracted out, while
recycling is handled by the City staff. The City has elected to present this fund as
major.
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.
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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. Unearned 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.
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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 purchased 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.
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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 assets. 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
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 pay 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.
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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
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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 2022 tax levy received during the fiscal period between
January 1, 2023 and December 31, 2023. A 3% allowance for loss is reflected in the City
and the Library financial statements.
The 2023 tax levy collections are intended to finance the 2024 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.
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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% 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 any 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.
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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 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, 2023,
outstanding bond balance of the 2019A Revenue Bonds was $3,335,000 and outstanding
balance of the 2019B Revenue Bonds was $3,335,000.
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 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, 2023, outstanding bond balance was $8,275,000.
2. STEWARDSHIP, COMPLIANCE, AND ACCOUNTABILITY
The Five Fifths Tax Increment District had a net deficit of $137,389 as of December 31, 2023.
The City plans to use current resources to pay for future liabilities.
The Capital Improvement Fund had a net deficit of $8,173,411 as of December 31, 2023. The
City plans to use current resources to pay for future liabilities.
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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 significant
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 (IMET), 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 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 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.
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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 needs. 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 each
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.
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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, 2023:
Investment Maturities (in Years)
Investment Type Fair Value
Less
than 1 1-5 6-10
Greater
than 10
U.S. Treasury
obligations $ 45,142,659 $ 25,766,690 $ 19,375,969 $ - $ -
Municipal bonds 6,850,456 5,177,592 1,672,864 - -
Negotiable CDs 1,706,669 1,706,669 - - -
TOTAL $ 53,699,784 $ 32,650,951 $ 21,048,833 $ - $ -
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, 2023.
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.
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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, 2023.
4. RECEIVABLES
a. Summary of Receivables
Other receivables as of December 31, 2023 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 $ 128,402 $ - $ 128,402
Hotel tax 114,596 - 114,596
Liquor tax 356,795 - 356,795
Local motor fuel tax 76,755 - 76,755
Parking tax 90,826 - 90,826
Transportation network tax 222,324 - 222,324
Athletic tax 482,037 - 482,037
Other miscellaneous 20,133 357,998 378,131
NET TOTAL RECEIVABLES $ 1,491,868 $ 357,998 $ 1,849,866
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.
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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 due 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% $ 2,731,610 $ - $ 249,131 $ - $ 2,482,479
Amortizing 0% - 8% 2,681,863 - 48,633 - 2,633,230
Forgivable 0% - 8% 4,452,200 - - (19,137) 4,433,063
Allowance (78,000) - - - (78,000)
TOTAL LOANS $ 9,787,673 $ - $ 297,764 $ (19,137) $ 9,470,772
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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, 2023, 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 - - 471,051
Construction in progress 22,471,879 11,271,306 4,204,110 29,539,075
Total capital assets not being depreciated 48,888,893 11,271,306 4,204,110 55,956,089
Capital assets being depreciated/amortized
Buildings and improvements 144,816,807 3,377,453 - 148,194,260
Office equipment and furniture 7,792,312 - - 7,792,312
Intangible assets 8,314,832 - - 8,314,832
Machinery and equipment 31,809,160 2,358,078 1,412,351 32,754,887
Infrastructure 212,779,154 2,649,445 - 215,428,599
Capitalized leases 502,532 - - 502,532
Total capital assets being
depreciated/amortized 406,014,797 8,384,976 1,412,351 412,987,422
Less accumulated depreciation/amortization
for
Buildings and improvements 50,186,654 3,018,243 - 53,204,897
Office equipment and furniture 5,945,166 426,298 - 6,371,464
Intangible assets 7,548,487 205,329 - 7,753,816
Machinery and equipment 23,485,532 1,925,554 1,395,301 24,015,785
Infrastructure 138,482,598 6,916,349 - 145,398,947
Capitalized leases 498,624 3,908 - 502,532
Total accumulated depreciation/amortization 226,147,061 12,495,681 1,395,301 237,247,441
Total capital assets being
depreciated/amortized, net 179,867,736 (4,110,705) 17,050 175,739,979
GOVERNMENTAL ACTIVITIES
CAPITAL ASSETS, NET $ 228,756,629 $ 7,160,601 $ 4,221,160 $ 231,696,068
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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 1,721,265 10,415,909 96,236 12,040,938
Artwork 359,752 - - 359,752
Total capital assets not being depreciated 6,673,158 10,415,909 96,236 16,992,831
Capital assets being depreciated/amortized
Land improvements 10,316,777 - - 10,316,777
Buildings and improvements 78,875,610 131,180 - 79,006,790
Leasehold improvements 772,131 - - 772,131
Plant 71,977,498 1,121,147 - 73,098,645
Transmission and distribution system 106,461,668 7,562,796 91,445 113,933,019
Sewer system and underground lines 264,005,606 608,784 - 264,614,390
Intangible assets 1,250,490 - - 1,250,490
Equipment 5,358,794 469,419 226,176 5,602,037
Parking meters 1,793,741 - - 1,793,741
Total capital assets being
depreciated/amortized 540,812,315 9,893,326 317,621 550,388,020
Less accumulated depreciation/amortization
Land improvements 4,900,590 486,147 - 5,386,737
Buildings and improvements 38,343,510 2,083,595 - 40,427,105
Leasehold improvements 430,825 23,404 - 454,229
Plant 25,329,326 1,864,591 - 27,193,917
Transmission and distribution system 15,399,902 1,625,281 65,939 16,959,244
Sewer system and underground lines 77,342,902 3,604,412 - 80,947,314
Intangible assets 1,029,448 93,022 - 1,122,470
Equipment 2,478,531 585,652 127,224 2,936,959
Parking meters 1,299,870 195,434 - 1,495,304
Total accumulated depreciation/amortization 166,554,904 10,561,538 193,163 176,923,279
Total capital assets being depreciated and
amortized, net 374,257,411 (668,212) 124,458 373,464,741
BUSINESS-TYPE ACTIVITIES
CAPITAL ASSETS, NET $ 380,930,569 $ 9,747,697 $ 220,694 $ 390,457,572
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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 $ 473,334
Public safety 727,235
Public works 8,890,173
Housing and economic development 9,303
Recreation and cultural opportunities 799,157
Internal service funds 1,596,479
TOTAL DEPRECIATION EXPENSE -
GOVERNMENTAL ACTIVITIES $ 12,495,681
BUSINESS-TYPE ACTIVITIES
Water $ 3,489,872
Sewer 3,872,791
Solid waste 112,224
Motor vehicle parking 3,086,651
TOTAL DEPRECIATION EXPENSE -
BUSINESS-TYPE ACTIVITIES $ 10,561,538
b. Construction Commitments
The value of construction contracts signed, where the work has not yet been performed at
December 31, 2023 is as follows:
Capital Improvement Fund $ 17,346,155
Crown Capital Improvement Fund 441,974
Motor Fuel Tax Fund 528,191
Water Fund 41,682,512
Sewer Fund 676,678
Motor Vehicle Parking System Fund 4,785
West Evanston TIF 439,070
Special Assessment Fund 30,797
Chicago Main TIF 2,349,666
Five Fifth TIF 74,011
Sustainability Fund 27,100
TOTAL CONSTRUCTION COMMITMENTS $ 63,600,939
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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 $ 1,009,276 $ 5,280,149
General Obligation Debt Service - 216,146
Capital Improvement 1,964,464 -
ARPA - 855,740
Water 17,905,288 22,926,821
Sewer 5,772,432 -
Solid Waste 1,020,449 -
Motor Vehicle Parking System 417,857 -
Nonmajor Governmental 707,954 2,474,447
Internal Service 2,955,583 -
TOTAL $ 31,753,303 $ 31,753,303
b. Advances from/to other funds are as follows:
Advance
From
Advance
To
General $ 4,300,000 $ -
Capital Improvement - 4,300,000
TOTAL $ 4,300,000 $ 4,300,000
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.
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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, 2023 were as follows:
Transfers
In
Transfers
Out
Governmental Funds
General
Emergency Telephone System $ 90,000 $ -
Special Assessment 91,992 -
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 4,049,568 137,792
Sewer 339,996 -
Motor Vehicle Parking System 2,972,388 21,316
SSA #9 - 206,750
Capital Improvements - 3,264,226
Crown Community Center - 174,996
Sustainability - 200,004
Reparations - 425,000
Internal Service Funds - 5,137,001
Total General 7,733,940 9,567,085
General Obligation Debt Service
Sewer 283,860 -
Special Assessment 363,360 -
Chicago Main Tax Increment District 241,356 -
Dempster-Dodge Tax Increment District 164,484 -
Howard Ridge Tax Increment District 320,916 -
Crown Construction 945,000 -
Total General Obligation Debt Service 2,318,976 -
ARPA
Motor Vehicle Parking System - 1,100,000
Equipment Replacement - 1,500,000
Total ARPA - 2,600,000
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CITY OF EVANSTON, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
6. INTERFUNDS (Continued)
c. Interfund Transfers (Continued)
Transfers
In
Transfers
Out
Governmental Funds (Continued)
Capital Improvements
General $ 3,264,226 -
Total Capital Improvements 3,264,226 -
Nonmajor Governmental
Emergency Telephone System
General - 90,000
Total Emergency Telephone System - 90,000
Sustainability
General 200,004 -
Total Sustainability 200,004 -
Chicago Main Tax Increment District
General - 30,000
General Obligation Debt Service - 241,356
Total Chicago Main Tax Increment District - 271,356
Dempster-Dodge Tax Increment District
General - 9,996
General Obligation Debt Service - 164,484
Total Dempster-Dodge Tax Increment District - 174,480
Howard Ridge Tax Increment District
General - 75,000
General Obligation Debt Service - 320,916
Total Howard Ridge Tax Increment District - 395,916
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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 - 945,000
Total Crown Construction - 945,000
Crown Maintenance
General 174,996 -
Total Crown Maintenance 174,996 -
Special Assessment
General - 91,992
General Obligation Debt Service - 363,360
Total Special Assessment - 455,352
Reparations
General 425,000 -
Total Reparations 425,000 -
SSA#9
General 206,750 -
Total SSA#9 206,750 -
Total Nonmajor Governmental Funds 1,006,750 2,407,104
Total Governmental Funds 14,323,892 14,574,189
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CITY OF EVANSTON, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
6. INTERFUNDS (Continued)
c. Interfund Transfers (Continued)
Transfers
In
Transfers
Out
Enterprise Funds
Water
General $ 137,792 $ 4,049,568
Total Water 137,792 4,049,568
Sewer
General - 339,996
General Obligation Debt Service - 283,860
Total Sewer - 623,856
Motor Vehicle Parking System
General 21,316 2,972,388
ARPA 1,100,000 -
Total Motor Vehicle Parking System 1,121,316 2,972,388
Total Enterprise Funds 1,259,108 7,645,812
Internal Service Funds
Equipment Replacement
General 5,137,001 -
ARPA 1,500,000 -
Total Equipment Replacement 6,637,001 -
Total Internal Service Funds 6,637,001 -
TOTAL PRIMARY GOVERNMENT $ 22,220,001 $ 22,220,001
Transfers between the primary government and component unit have been reclassified
on the statement of activities.
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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 Issued Payments
Balances
December 31
Current
Portion
Series 2013A 2.00%-4.75% 12/1/2033 $ 6,640,000 $ - $ 565,000 $ 6,075,000 $ 585,000
Series 2013B 2.00%-3.00% 12/1/2025 3,649,872 - 1,892,504 1,757,368 866,570
Series 2014A 1.25%-5.00% 12/1/2034 6,305,000 - 450,000 5,855,000 470,000
Series 2015A 2.00%-4.00% 12/1/2035 5,470,000 - 355,000 5,115,000 370,000
Series 2016A 2.00%-4.00% 12/1/2036 7,060,000 - 455,000 6,605,000 470,000
Series 2016B 2.00%-3.00% 12/1/2026 3,310,000 - 790,000 2,520,000 815,000
Series 2017A 3.00%-4.00% 12/1/2037 9,365,000 - 520,000 8,845,000 540,000
Series 2017B 4.00%-5.00% 12/1/2027 4,293,598 - 809,072 3,484,526 832,057
Series 2017C 2.05%-4.00% 12/1/2035 4,290,000 - 260,000 4,030,000 270,000
Series 2018A 3.12%-5.00% 12/1/2043 23,815,000 - 595,000 23,220,000 750,000
Series 2018B 2.29%-5.00% 12/1/2038 9,570,176 - 108,187 9,461,989 450,292
Series 2018C 4.00%-5.00% 12/1/2038 4,178,713 - 618,915 3,559,798 647,991
Series 2018D 3.70%-4.25% 12/1/2038 3,390,000 - 185,000 3,205,000 160,000
Series 2019A 1.72%-2.85% 12/1/2043 12,420,000 - 350,000 12,070,000 365,000
Series 2019B 1.66%-2.68% 12/1/2039 6,352,866 - 247,086 6,105,780 258,068
Series
2020A&B 1.42%-1.61% 12/1/2040 16,753,881 - 997,398 15,756,483 1,225,792
Series 2021 2.00%-5.00% 12/1/2041 11,622,300 - 773,400 10,848,900 798,150
Subtotal G.O. debt governmental activities 138,486,406 - 9,971,562 128,514,844 9,873,920
Bonds premium 10,252,369 - 918,325 9,334,044 -
OPEB liability - City 20,349,682 2,508,591 - 22,858,273 762,734
OPEB liability - Internal Service Funds 103,014 12,969 - 115,983 3,870
Net pension liability - IMRF - 5,432,157 - 5,432,157 -
Net pension liability - Police Pension 128,935,255 - 22,662,185 106,273,070 -
Net pension liability - Firefighters’ Pension 110,575,648 - 8,120,190 102,455,458 -
Compensated absences payable - City 9,928,536 4,594,125 2,201,191 12,321,470 2,464,294
Compensated absences payable - Internal
Service Funds 85,814 22,460 17,163 91,111 18,222
Claims payable 4,137,242 1,504,250 2,055,743 3,585,749 621,750
Subtotal other governmental activities
liabilities 284,367,560 14,074,552 35,974,797 262,467,315 3,870,870
TOTAL GOVERNMENTAL ACTIVITIES
DEBT AND LIABILITIES $ 422,853,966 $ 14,074,552 $ 45,946,359 $ 390,982,159 $ 13,744,790
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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 Issued Payments
Balances
December 31
Current
Portion
Series 2013A 2.00%-4.75% 12/1/2033 $ 1,285,000 $ - $ 95,000 $ 1,190,000 $ 100,000
Series 2014 1.25%-5.00% 12/1/2034 1,880,000 - 125,000 1,755,000 130,000
Series 2015A 2.00%-4.00% 12/1/2035 4,020,000 - 245,000 3,775,000 255,000
Series 2016A 2.00%-4.00% 12/1/2036 2,765,000 - 160,000 2,605,000 170,000
Series 2017A 3.00%-4.00% 12/1/2037 780,000 - 45,000 735,000 45,000
Series 2018B 2.29%-5.00% 12/1/2038 4,785,087 - 54,094 4,730,993 225,146
Series 2018C 4.00%-5.00% 12/1/2038 851,287 - 126,085 725,202 132,009
Series 2019B 1.66%-2.68% 12/1/2039 3,556,519 - 138,326 3,418,193 144,474
Series 2020 2.00%-5.00% 12/1/2040 10,966,119 - 412,602 10,553,517 414,208
Series 2021 2.00%-5.00% 12/1/2041 2,447,700 - 311,600 2,136,100 321,850
Subtotal G.O. debt business-type activities 33,336,712 - 1,712,707 31,624,005 1,937,687
IEPA loans 2.535%-3.590% Various 47,503,827 10,175,227 4,369,384 53,309,670 4,486,873
Bonds premium 2,544,974 - 194,969 2,350,005 -
Compensated absences payable - City 675,785 193,679 135,157 734,307 146,861
Asset retirement obligations 5,081,625 - - 5,081,625 -
Net pension liability - IMRF - 1,344,734 - 1,344,734 -
OPEB liabilities 955,944 74,819 - 1,030,763 34,393
Subtotal other business-type activities
liabilities 9,258,328 1,613,232 330,126 10,541,434 181,254
TOTAL BUSINESS-TYPE ACTIVITIES
DEBT AND LIABILITIES $ 90,098,867 $ 11,788,459 $ 6,412,217 $ 95,475,109 $ 6,605,814
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 General Fund has been used to liquidate the
liability for compensated absences of governmental funds.
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 2023. 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 2042. Annual principal and interest
on the loans are expected to require $5,304,556 of net revenues for the fiscal year 2024.
The total principal and interest remaining to be paid on the loans is $60,222,506. Principal
and interest paid for the current period and total customer net revenues were $5,090,202
,and $10,175,227, respectively.
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CITY OF EVANSTON, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
7. LONG-TERM DEBT (Continued)
c. 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
2024 $ 9,873,920 $ 4,836,112 $ 14,710,033 $ 1,937,687 $ 1,091,779 $ 3,029,466
2025 10,226,121 4,437,788 14,663,909 2,013,796 1,011,868 3,025,664
2026 9,487,199 4,020,490 13,507,689 1,951,405 925,817 2,877,222
2027 8,818,941 3,627,235 12,446,176 2,033,130 841,884 2,875,014
2028 8,182,897 3,257,430 11,440,327 2,109,854 761,238 2,871,092
2029-2033 37,584,553 11,851,667 49,436,220 10,719,039 2,613,855 13,332,894
2034-2038 29,080,858 5,843,613 34,924,471 8,644,389 1,013,035 9,657,424
2039-2043 15,260,355 1,703,968 16,964,322 2,214,705 73,085 2,287,790
TOTAL $ 128,514,844 $ 39,578,303 $ 168,093,147 $ 31,624,005 $ 8,332,561 $ 39,956,566
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
2024 $ 4,486,873 $ 817,683 $ 5,304,556
2025 4,236,689 765,904 5,002,593
2026 4,024,275 686,370 4,710,645
2027 3,657,361 611,706 4,269,067
2028 2,780,877 548,337 3,329,214
2029-2033 13,234,972 2,113,514 15,348,486
2034-2038 12,253,263 1,098,235 13,351,498
2039-2043 8,064,653 265,774 8,330,427
2044-2048 570,707 5,313 576,020
TOTAL $ 53,309,670 $ 6,912,836 $ 60,222,506
d. 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 52 years.
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CITY OF EVANSTON, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
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 $180,000 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 $3,091,632 and $2,988,609,
respectively, as of December 31, 2023.
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 $56,026 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 $667,875 and $639,040, respectively, as of December 31, 2023.
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 $1,361,382 and $1,321,483,
respectively, as of December 31, 2023.
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 $15,932 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 $184,013 and $176,158, respectively, as of December 31, 2023.
The City entered into a lease arrangement on December 1, 2016 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 $9,162 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 86,441 and $81,185, respectively, as of
December 31, 2023.
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CITY OF EVANSTON, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
8. LESSOR DISCLOSURES (Continued)
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 $55,418 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 $252,118 and $242,322, respectively, as of
December 31, 2023.
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 $33,359 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 $102,762 and $98,596, respectively, as of
December 31, 2023.
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/sewer 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 interest
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.
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CITY OF EVANSTON, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
9. INDIVIDUAL FUND DISCLOSURES (Continued)
b. Water Fund (Continued)
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
(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.
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 2023
was $227,835 which includes an estimated allowance amount of $7,835.
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 2023 was $146,392 which includes an
estimated allowance amount of $4,528.
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 2023 was $62,062 which includes an estimated
allowance amount of $1,919.
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CITY OF EVANSTON, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
9. INDIVIDUAL FUND DISCLOSURES (Continued)
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 levy for 2023 was $610,995 which includes an estimated
allowance amount of $18,330.
10. FUND EQUITY
a. Restricted Net Position - Fiduciary Funds
Police Pension Fund for employee pension benefits $ 176,071,940
Firefighters’ Pension Fund restrictions for employee
pension benefits 114,786,199
TOTAL FIDUCIARY FUNDS $ 290,858,139
b. Assigned Fund Balances
General Fund
Assigned for Arts Council $ 29,706
Assigned for Parks & Recreation programs 1,737,160
Assigned for Mayor’s program 93,679
Assigned for Public Safety programs 344,185
Other assignments 153,050
Assigned for subsequent year’s budget 12,230,999
Total general fund 14,588,779
TOTAL ASSIGNED FUND BALANCES $ 14,588,779
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CITY OF EVANSTON, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
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.
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.
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, 2021 $ 2,092,600 $ 5,410,000 $ 7,502,600
New claims/estimate revisions 521,059 (595,887) (74,828)
Claims payments (1,171,417) (2,119,113) (3,290,530)
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
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CITY OF EVANSTON, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
11. RISK MANAGEMENT (Continued)
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 exercise 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 disallowed 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.
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 (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.
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CITY OF EVANSTON, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
13. JOINT VENTURES (Continued)
Solid Waste Agency of Northern Cook County (Continued)
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 administers 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 retirees and their spouses
at established contribution rates.
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.
b. Benefits Provided
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.
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CITY OF EVANSTON, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
14. OTHER POSTEMPLOYMENT BENEFITS (Continued)
b. Benefits Provided (Continued)
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, 2022 (most recent information available), membership consisted of:
Inactive fund members and beneficiaries
currently receiving benefit payments 71
Inactive fund members entitled to but not
yet receiving benefit payments 8
Active fund members 690
TOTAL 769
Participating employers 1
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, 2023,
the estimated contribution to the plan is $812,414. 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.
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CITY OF EVANSTON, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
14. OTHER POSTEMPLOYMENT BENEFITS (Continued)
e. Actuarial Assumptions
The total OPEB liability was determined by an actuarial valuation performed as of
December 31, 2023 using the following actuarial methods and assumptions.
Actuarial valuation date December 31, 2022
Measurement date December 31, 2023
Actuarial cost method Entry-age normal
Assumptions
Inflation 3.50%
Discount rate 3.77%
Healthcare cost trend rates 6.75% 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.
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, 2023.
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CITY OF EVANSTON, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
14. OTHER POSTEMPLOYMENT BENEFITS (Continued)
g. Changes in the Total OPEB Liability
Total OPEB
Liability
BALANCES AT JANUARY 1, 2023 $ 21,712,503
Changes for the period
Service cost 1,829,446
Interest 862,905
Changes in assumptions 754,687
Difference between expected
and actual experience -
Benefit payments (812,414)
Other changes -
Net changes 2,634,624
BALANCES AT DECEMBER 31, 2023 $ 24,347,127
There were changes in assumptions related to the discount rate in 2023.
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, 2023 was $24,005,019.
The Library’s proportionate share of the total OPEB liability at December 31, 2023 was
$342,108.
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 3.77% 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 (2.77%) or 1 percentage point higher (4.77%) than
the current rate:
1% Decrease
Current
Discount Rate 1% Increase
(2.77%) (3.77%) (4.77%)
Total OPEB liability $ 27,253,777 $ 24,347,127 $ 21,869,991
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CITY OF EVANSTON, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
14. OTHER POSTEMPLOYMENT BENEFITS (Continued)
h. Rate Sensitivity (Continued)
The table below presents the total OPEB liability of the City calculated using the
healthcare rate of 4.50% to 6.75% 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
5.75%) or 1 percentage point higher (5.50% to 7.75%) than the current rate:
1% Decrease
Current
Healthcare Rate 1% Increase
(3.50% to 5.75%) (4.50% to 6.75%) (5.50% to 7.75%)
Total OPEB liability $ 20,960,336 $ 24,347,127 $ 28,607,925
i. OPEB Expense and Deferred Outflows of Resources and Deferred Inflows of
Resources Related to OPEB
For the year ended December 31, 2023, the City recognized OPEB expense of
$2,591,939. At December 31, 2023, 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 $ - $ 3,492,826 $ - $ 49,953 $ - $ 3,542,779
Changes in assumption 4,089,578 1,752,327 58,046 24,494 4,147,624 1,776,821
Net difference between
projected and actual earnings
on pension plan investments - - - - - -
TOTAL $ 4,089,578 $ 5,245,153 $ 58,046 $ 74,447 $ 4,147,624 $ 5,319,600
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,
2024 $ (100,415)
2025 (100,415)
2026 (100,415)
2027 (100,415)
Thereafter (770,316)
TOTAL $ (1,171,976)
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CITY OF EVANSTON, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
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 financial 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 of and for the year ended December 31,
2023:
Police Firefighters’
IMRF Pension Pension Total
Net pension liability $ 6,776,891 $ 106,273,070 $ 102,455,458 $ 215,505,419
Deferred outflows of
resources 23,749,449 9,964,173 13,002,707 46,716,329
Deferred inflows of
resources 895,491 2,156,892 - 3,052,383
Pension expense (income) 3,084,085 8,730,026 9,969,233 21,783,344
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.
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CITY OF EVANSTON, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
15. EMPLOYEE RETIREMENT SYSTEMS (Continued)
a. Plan Descriptions (Continued)
Illinois Municipal Retirement Fund (Continued)
Plan Administration and Benefits Provided (Continued)
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,
2023 was 3.30% of covered payroll.
Plan Membership
At December 31, 2022 (most recent information available), IMRF membership consisted
of:
Inactive employees or their beneficiaries
currently receiving benefits 726
Inactive employees entitled to but not yet
receiving benefits 440
Active employees 532
TOTAL 1,698
Actuarial Assumptions
The City’s net pension liability was measured as of December 31, 2022, 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.
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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 (Continued)
Actuarial valuation date December 31, 2022
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
For nondisabled retirees, the Pub-2010, Amount-Weighted, below-median income,
General, Retiree, Male (adjusted 106%) and Female (adjusted 105%) tables and future
mortality improvements projected using scale MP-2020. 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-2020. 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-2020.
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 contribution 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.
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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, 2022 $ 274,421,785 $ 328,145,831 $ (53,724,046)
Changes for the period
Service cost 3,688,135 - 3,688,135
Interest 19,445,021 - 19,445,021
Difference between expected
and actual experience (635,408) - (635,408)
Changes in assumptions - - -
Employer contributions - 2,000,416 (2,000,416)
Employee contributions - 1,891,800 (1,891,800)
Net investment income - (42,076,770) 42,076,770
Benefit payments and refunds (16,117,334) (16,117,334) -
Administrative expense - - -
Other (net transfer) - (537,476) 537,476
Net changes 6,380,414 (54,839,364) 61,219,778
BALANCES AT
DECEMBER 31, 2022 $ 280,802,199 $ 273,306,467 $ 7,495,732
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, 2022, the employer
contributions, and the net pension liability at December 31, 2023 was $(48,359,996),
$1,808,576, and $6,776,891, respectively. The Library’s proportionate share of the net
pension liability (asset) at January 1, 2022, the employer contributions and the net
pension liability at December 31, 2023 was $(5,364,050), $191,840, and $718,841,
respectively.
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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, 2023, the City recognized pension income of
$3,084,085. At December 31, 2023, 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 $ 2,476,251 $ 650,419 $ 262,662 $ 68,991 $ 2,738,913 $ 719,410
Changes in assumption - 245,072 - 25,996 - 271,068
Net difference between
projected and actual earnings
on pension plan investments 19,805,428 - 2,100,808 - 21,906,236 -
Employer contributions
subsequent to the measurement
date 1,467,770 - 155,690 - 1,623,460 -
TOTAL $ 23,749,449 $ 895,491 $ 2,519,160 $ 94,987 $ 26,268,609 $ 990,478
$1,623,460 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 reporting year ending December 31, 2024. 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
2024 $ (642,378) $ (68,138) $ (710,516)
2025 3,667,470 389,017 4,056,487
2026 6,534,619 693,142 7,227,761
2027 11,826,476 1,254,463 13,080,939
Thereafter - - -
TOTAL $ 21,386,187 $ 2,268,484 $ 23,654,671
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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 sensitivity analysis of the net pension liability (asset) to changes in the
discount rate. The table below presents the net pension liability (asset) of the City
calculated using the discount rate of 7.25% as well as what the City’s net pension liability
(asset) would be if it were calculated using a discount rate that is 1 percentage point lower
(6.25%) or 1 percentage point higher (8.25%) than the current rate:
1% Decrease
Current
Discount Rate 1% Increase
(6.25%) (7.25%) (8.25%)
Net pension liability (asset)
City $ 34,344,217 $ 6,776,891 $ (15,032,165)
Library 3,642,971 718,841 (1,594,498)
TOTAL $ 37,987,188 $ 7,495,732 $ (16,626,663)
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.
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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, 2023, the Police Pension Plan membership consisted of:
Inactive plan members currently receiving
benefits 197
Inactive plan members entitled to but not
yet receiving benefits 22
Active plan members 130
TOTAL 349
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 $113,645, 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 to
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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 Plan. However, the City has elected to fund
100% of the past service cost by 2040. The City’s contribution was 78.5% of covered
payroll for the year ended December 31, 2023.
Investment Policy
Statutes and the Police Pension Fund’s (the Fund) investment policy authorize the Fund
to make deposits/invest in insured commercial banks, savings and loan institutions,
obligations of the U.S. Treasury and U.S. agencies, insured credit union shares, money
market mutual funds with portfolios of securities issued or guaranteed by the United
States Government or agreements to repurchase these same obligations, repurchase
agreements, short-term commercial paper rated within the three highest classifications by
at least two standard rating services, The Illinois Funds, IMET, certain non-U.S.
obligations, Illinois municipal corporations tax anticipation warrants, veteran’s loans,
obligations of the State of Illinois and its political subdivisions, and Illinois insurance
company general and separate accounts, mutual funds and equity securities (not to exceed
65% of the total net position of the Fund), contracts and agreements of life insurance
companies (no more than 10% of portfolio in real estate and no more than 10% of
portfolio in bonds with ratings of less than Baa1), and corporate bonds. During the year,
no changes to the investment policy were approved by the Board of Trustees.
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CITY OF EVANSTON, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
15. EMPLOYEE RETIREMENT SYSTEMS (Continued)
a. Plan Descriptions (Continued)
Police Pension Plan (Continued)
Investment Policy (Continued)
The Fund’s investment policy allows investments in all of the above listed accounts, but
does exclude any repurchase agreements. The Fund’s investment policy, in accordance
with Illinois Statutes, establishes the following target allocation across asset classes:
Asset Class Target
Long-Term
Expected Real
Rate of Return
Domestic Large-Cap Equities 52.00% 1.80%
Domestic Small-Cap Equities 5.00% 2.10%
International Equities 5.00% 4.20%
Fixed Income 32.00% 0.30%
Real estate 3.00% 3.40%
Cash 3.00% (1.00%)
The long-term expected rate of return on the Fund’s investments was determined using a
building-block method in which best-estimate ranges of expected future real rates of
return (expected returns, net of pension plan investment expenses, and inflation) are
developed for each major asset class. These ranges are combined to produce the long-
term expected rate of return by weighting the expected future real rates of return by the
target asset allocation percentage and by adding expected inflation. Best estimates of
arithmetic real rates of return for each major asset class included in the Fund’s target asset
allocation as of December 31, 2023 are listed in the table above.
Investment Valuations
All investments in the plan are stated at fair value and are recorded as of the trade date.
Fair value is based on quoted market prices at December 31 for debt securities, equity
securities and mutual funds, and contract values for any insurance contracts. Investment
income is recognized as earned. Gains and losses on sales and exchanges of fixed income
securities are recognized on the transaction date.
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CITY OF EVANSTON, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
15. EMPLOYEE RETIREMENT SYSTEMS (Continued)
a. Plan Descriptions (Continued)
Police Pension Plan (Continued)
Investment Rate of Return
For the year ended December 31, 2023, the annual money-weighted rate of return on
pension plan investments, net of pension plan investment expense, was 15.06%. The
money-weighted rate of return expresses investment performance, net of investment
expense, adjusted for the changing amounts actually invested.
Deposits with Financial Institutions
Custodial credit risk for deposits with financial institutions is the risk that in the event of
a bank’s failure, the 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.
Interest Rate Risk
The following table presents the investments and maturities of the Fund’s debt securities
as of December 31, 2023:
Investment Maturities (in Years)
Investment Type Fair Value
Less
than 1 1-5 6-10
Greater
than 10
Corporate bonds $ 10,604,326 $ - $ 5,274,510 $ 4,385,239 $ 944,577
U.S. Treasury obligations 23,273,388 2,026,836 7,784,809 8,995,002 4,466,741
U.S. agency obligations 10,119,483 130 220,459 1,040,552 8,858,342
TOTAL $ 43,997,197 $ 2,026,966 $ 13,279,778 $ 14,420,793 $ 14,269,660
The Fund categorizes its 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 Fund has the following recurring fair value
measurements as of December 31, 2023: the U.S. Treasury obligations, equity securities,
and equity mutual funds are valued using quoted prices in active markets for identical
assets (Level 1 inputs), corporate bonds and U.S. agency obligations are valued using
quoted matrix pricing models (Level 2 inputs).
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CITY OF EVANSTON, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
15. EMPLOYEE RETIREMENT SYSTEMS (Continued)
a. Plan Descriptions (Continued)
Police Pension Plan (Continued)
Interest Rate Risk (Continued)
Interest rate risk is the risk that changes in interest rates will adversely affect the fair value
of an investment. In accordance with its investment policy, the Fund limits its exposure
to interest rate risk by structuring the portfolio to provide liquidity for operating funds
and maximizing yields for funds not needed within a one-year period. The investment
policy does not limit the maximum maturity length of investments in the Fund.
Credit Risk
The Funds’ limits its exposure to credit risk, the risk that the issuer of a debt security will
not pay its par value upon maturity, by investing in obligations guaranteed by the United
States Government or securities issued by agencies of the United States Government that
are explicitly or implicitly guaranteed by the United States Government bonds and
investment grade bonds. The U.S. Treasury and agency obligations are rated by Moody’s
Aaa and the corporate bonds are rated between Baa3 and Aaa. The Illinois Funds and
IMET are rated Aaa.
Custodial Credit Risk
Custodial credit risk for investments is the risk that, in the event of the failure of the
counterparty to the investment, the Fund will not be able to recover the value of its
investments that are in possession of an outside party. To limit its exposure, the Fund’s
investment policy requires all security transactions that are exposed to custodial credit
risk to be processed on a delivery versus payment (DVP) basis with the underlying
investments held by a third party acting as the Fund’s agent separate from where the
investment was purchased in the Fund’s name. The Illinois Funds, IMET, and equity
mutual funds are not subject to custodial credit risk.
Concentration of Credit Risk
There are no significant investments (other than United States Government guaranteed
obligations and mutual funds) in any one organization that represents 5% or more of the
Fund’s investments.
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CITY OF EVANSTON, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
15. EMPLOYEE RETIREMENT SYSTEMS (Continued)
a. Plan Descriptions (Continued)
Police Pension Plan (Continued)
Pooled Real Estate Fund
The Fund invests in a pooled real estate fund measured at net asset value (NAV) valued
at $1,210,129 as of December 31, 2023. This investment focuses primarily on private
equity commercial real estate, which will generate returns based on lease income and
appreciation in building values. There are no unfunded commitments at December 31,
2023. Requests for withdrawals and transfers may be subject to contractual limitations in
the investment, which allows for the investment to pay them out in a series of payments
over the span of three years from the effective date of the limitation, which began on
July 1, 2022.
Changes in the Net Pension Liability
(a)
Total
Pension
(b)
Plan
Fiduciary
(a) - (b)
Net
Pension
Liability Net Position Liability
BALANCES AT
JANUARY 1, 2023 $ 279,885,313 $ 150,950,058 $ 128,935,255
Changes for the period
Service cost 3,574,325 - 3,574,325
Interest 17,900,355 - 17,900,355
Difference between expected
and actual experience (2,875,856) - (2,875,856)
Changes in assumptions - - -
Changes of benefit terms - - -
Employer contributions - 13,544,556 (13,544,556)
Employee contributions - 1,711,047 (1,711,047)
Net investment income - 26,066,421 (26,066,421)
Benefit payments and refunds (16,139,127) (16,139,127) -
Administrative expense - (61,015) 61,015
Net changes 2,459,697 25,121,882 (22,662,185)
BALANCES AT
DECEMBER 31, 2023 $ 282,345,010 $ 176,071,940 $ 106,273,070
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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 (Continued)
The plan’s fiduciary net position as a percentage of the total pension liability was 62.36%
at December 31, 2023.
In 2023, there were no changes in assumptions.
Actuarial Assumptions
The total pension liability above was determined by an actuarial valuation performed as
of December 31, 2023, using the following actuarial methods and assumptions.
Actuarial valuation date December 31, 2023
Measurement date December 31, 2023
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.
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CITY OF EVANSTON, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
15. EMPLOYEE RETIREMENT SYSTEMS (Continued)
a. Plan Descriptions (Continued)
Police Pension Plan (Continued)
Discount Rate
The discount rate used to measure the total pension liability was 6.50%. The projection
of cash flows used to determine the discount rate assumed that member contributions will
be made at the current contribution rate and that the City’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.
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 City calculated
using the discount rate of 6.50% as well as what the City’s net pension liability would be
if it were calculated using a discount rate that is 1 percentage point lower (5.50%) or
1 percentage point higher (7.50%) than the current rate:
1% Decrease
Current
Discount Rate 1% Increase
(5.50%) (6.50%) (7.50%)
Net pension liability $ 145,221,783 $ 106,273,070 $ 74,515,955
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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
For the year ended December 31, 2023, the City recognized police pension expense of
$8,730,026. At December 31, 2023, 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 $ 4,089,023 $ 2,156,892
Changes in assumption 3,149,116 -
Net difference between projected and actual earnings
on pension plan investments 2,726,034 -
TOTAL $ 9,964,173 $ 2,156,892
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,
2024 $ 2,910,531
2025 2,762,736
2026 5,391,087
2027 (3,257,073)
2028 -
Thereafter -
TOTAL $ 7,807,281
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CITY OF EVANSTON, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
15. EMPLOYEE RETIREMENT SYSTEMS (Continued)
a. Plan Descriptions (Continued)
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.
Plan Membership
At December 31, 2023, the Firefighters’ Pension Plan membership consisted of:
Inactive plan members currently receiving
benefits 149
Inactive plan members entitle to but not
yet receiving benefits 6
Active plan members 105
TOTAL 260
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CITY OF EVANSTON, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
15. EMPLOYEE RETIREMENT SYSTEMS (Continued)
a. Plan Descriptions (Continued)
Firefighters’ Pension Plan (Continued)
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 retirement 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 to 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 benefit. 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 $113,645, 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 to
30 years to a maximum of 75% of such salary. Employees with at least ten years may
retire at or after age 50 and receive a reduced benefit (i.e., ½% for each month under 55).
The monthly benefit of a Tier 2 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.
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CITY OF EVANSTON, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
15. EMPLOYEE RETIREMENT SYSTEMS (Continued)
a. Plan Descriptions (Continued)
Firefighters’ Pension Plan (Continued)
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 90.9% of covered payroll for the year
ended December 31, 2023.
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.
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 market value of the deposits. The
collateral will be held in a safekeeping by a third party and evidenced by a written
agreement.
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CITY OF EVANSTON, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
15. EMPLOYEE RETIREMENT SYSTEMS (Continued)
a. Plan Descriptions (Continued)
Firefighters’ Pension Plan (Continued)
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, 2023.
Net Asset Value
The Net Asset Value (NAV) of the plan’s pooled investment in IFPIF was $99,355,205
at December 31, 2023. 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, 2023. 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 14th 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.
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CITY OF EVANSTON, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
15. EMPLOYEE RETIREMENT SYSTEMS (Continued)
a. Plan Descriptions (Continued)
Firefighters’ Pension Plan (Continued)
Investment Rate of Return
For the year ended December 31, 2023, the annual money-weighted rate of return on
pension plan investments, net of pension plan investment expense, was 15.50% The
money-weighted rate of return expresses investment performance, net of investment
expense, adjusted for the changing amounts actually invested.
Changes in the Net Pension Liability
(a)
Total
Pension
(b)
Plan
Fiduciary
(a) - (b)
Net
Pension
Liability Net Position Liability
BALANCES AT
JANUARY 1, 2023 $ 209,621,684 $ 99,046,036 $ 110,575,648
Changes for the period
Service cost 2,964,280 - 2,964,280
Interest 13,451,766 - 13,451,766
Changes in benefit terms - - -
Difference between expected
and actual experience 2,475,375 - 2,475,375
Changes in assumptions - - -
Employer contributions - 12,020,942 (12,020,942)
Employee contributions - 1,250,229 (1,250,229)
Net investment income - 13,855,947 (13,855,947)
Benefit payments and refunds (11,271,448) (11,271,448) -
Administrative expense - (115,507) 115,507
Net changes 7,619,973 15,740,163 (8,120,190)
BALANCES AT
DECEMBER 31, 2023 $ 217,241,657 $ 114,786,199 $ 102,455,458
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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 (Continued)
The plan’s fiduciary net position as a percentage of the total pension liability was 52.84%
at December 31, 2023. 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.
Actuarial Assumptions
The total pension liability above was determined by an actuarial valuation performed as
of December 31, 2023 using the following actuarial methods and assumptions.
Actuarial valuation date December 31, 2023
Measurement date December 31, 2023
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.
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CITY OF EVANSTON, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
15. EMPLOYEE RETIREMENT SYSTEMS (Continued)
a. Plan Descriptions (Continued)
Firefighters’ Pension Plan (Continued)
Discount Rate
The discount rate used to measure the total pension liability was 6.50%. The projection
of cash flows used to determine the discount rate assumed that member contributions will
be made at the current contribution rate and that the City contributions will be made at
rates equal to the difference between actuarially determined contribution rates and the
member rate. Based on those assumptions, the Fund’s fiduciary net position was
projected to be available to make all projected future benefit payments of current plan
members. 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.
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 City calculated
using the discount rate of 6.50% as well as what the City’s net pension liability would be
if it were calculated using a discount rate that is 1 percentage point lower (5.50%) or
1 percentage point higher (7.50%) than the current rate:
1% Decrease
Current
Discount Rate 1% Increase
(5.50%) (6.50%) (7.50%)
Net pension liability $ 132,523,335 $ 102,455,458 $ 77,925,761
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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
For the year ended December 31, 2023, the City recognized firefighters’ pension expense
of $9,969,233. At December 31, 2023, 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 $ 4,224,740 $ -
Changes in assumption 4,877,157 -
Net difference between projected and actual earnings
on pension plan investments 3,900,810 -
TOTAL $ 13,002,707 $ -
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,
2024 $ 4,078,666
2025 3,561,718
2026 4,930,704
2027 19,056
2028 412,563
Thereafter -
TOTAL $ 13,002,707
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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 $ 6,310,913 $ 15,108,450 $ 21,419,363
Investments
U.S. Treasury obligations 23,273,388 - 23,273,388
U.S. agency obligations 10,119,483 - 10,119,483
Corporate bonds 10,604,326 - 10,604,326
Common stock 54,221,395 - 54,221,395
Equity mutual funds 69,827,992 - 69,827,992
Real estate 1,210,129 - 1,210,129
Investments held in the Illinois
Firefighters’ Pension Investment
Fund - 99,355,205 99,355,205
Prepaid items - 9,245 9,245
Receivables
Accounts - 3,123 3,123
Accrued interest 348,984 55,116 404,100
Due from City 155,330 274,114 429,444
Total assets 176,071,940 114,805,253 290,877,193
LIABILITIES
Accounts payable - 19,054 19,054
Total liabilities - 19,054 19,054
NET POSITION HELD IN TRUST
FOR PENSION BENEFITS $ 176,071,940 $ 114,786,199 $ 290,858,139
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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 $ 13,544,556 $ 12,020,942 $ 25,565,498
Plan members 1,711,047 1,250,229 2,961,276
Total contributions 15,255,603 13,271,171 28,526,774
Investment income
Net appreciation in fair
value of investments 22,765,890 11,714,713 34,480,603
Interest 3,638,698 2,294,948 5,933,646
Total investment income 26,404,588 14,009,661 40,414,249
Less investment expense (338,167) (153,714) (491,881)
Net investment income 26,066,421 13,855,947 39,922,368
Total additions 41,322,024 27,127,118 68,449,142
DEDUCTIONS
Administrative 61,015 115,507 176,522
Benefits and refunds 16,139,127 11,271,448 27,410,575
Total deductions 16,200,142 11,386,955 27,587,097
NET INCREASE 25,121,882 15,740,163 40,862,045
NET POSITION HELD IN TRUST
FOR PENSION BENEFITS
January 1 150,950,058 99,046,036 249,996,094
December 31 $ 176,071,940 $ 114,786,199 $ 290,858,139
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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 investment
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 operations in shorter
term securities.
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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 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.
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, 2023, all of the
Library’s deposits were insured or collateralized by an agent of the Library in the
Library’s name.
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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, 2023, 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 20,928,250 1,048,586 - 21,976,836
Office equipment and furniture 2,285,009 - - 2,285,009
Infrastructure 230,006 105,775 - 335,781
Library collections 8,433,561 - 8,433,561 -
Capitalized leases 266,190 - 266,190 -
Total capital assets being
depreciated/amortized 32,143,016 1,154,361 8,699,751 24,597,626
Less accumulated
depreciation/amortization for:
Buildings and improvements 10,981,912 618,927 - 11,600,839
Office equipment and furniture 2,285,009 - - 2,285,009
Infrastructure 199,260 21,167 - 220,427
Library collections 8,409,889 15,283 8,425,172 -
Capitalized leases 266,190 - 266,190 -
Total accumulated
depreciation/amortization 22,142,260 655,377 8,691,362 14,106,275
Total capital assets being
depreciated/amortized, net 10,000,756 498,984 8,389 10,491,351
GOVERNMENTAL ACTIVITIES
CAPITAL ASSETS, NET $ 10,312,136 $ 498,984 $ 8,389 $ 10,802,731
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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, 2023 was as follows:
Interest
Rate
Final
Maturity
Date
Balance
January 1,
2023 Issued Payments
Balance
December 31,
2023
Due Within
One Year
General obligation debt
Series 2013B 2.00% - 3.00% 12/1/2025 $ 85,128 $ - $ 27,496 $ 57,632 $ 28,430
Series 2016A 2.00% - 4.00% 12/1/2036 500,000 - 30,000 470,000 30,000
Series 2017A 3.00% - 4.00% 12/1/2037 1,130,000 - 60,000 1,070,000 60,000
Series 2017B 4.00% - 5.00% 12/1/2027 376,402 - 70,928 305,474 72,943
Series 2018B 2.29% - 5.00% 12/1/2038 2,009,737 - 22,719 1,987,018 94,561
Series 2019B 1.66% - 2.68% 12/1/2039 1,660,614 - 64,587 1,596,027 67,458
Total general
obligation debt 5,761,881 - 275,730 5,486,151 353,392
Bonds premiums 469,021 - 32,990 436,031 -
Total OPEB Liability 303,863 38,245 - 342,108 11,415
Net pension liability -
IMRF - 718,841 - 718,841 -
Compensated
absences payable 352,300 150,023 70,460 431,863 86,373
TOTAL LONG-TERM
DEBT $ 6,887,065 $ 907,109 $ 379,180 $ 7,414,994 $ 451,180
Debt service requirements to maturity are as follows:
Fiscal Year
Ending
December 31, Principal Interest Total
2024 $ 353,392 $ 221,284 $ 574,676
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
2029-2033 1,711,408 599,975 2,311,383
2034-2038 1,879,753 249,688 2,129,441
2039-2042 139,941 6,997 146,938
TOTAL $ 5,486,151 $ 1,812,443 $ 7,298,594
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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. SUBSEQUENT EVENTS
On May 28, 2024, the City authorized the issuance of not to exceed $35,500,000 General
Obligation Corporate Purpose Bonds, Series 2024, to finance capital improvements.
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REQUIRED SUPPLEMENTARY INFORMATION

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Original Final
Budget Budget Actual Variance
REVENUES
Taxes 63,127,402	$ 63,127,402	$ 71,051,672	$ 7,924,270	$
Licenses and permits 10,643,450 10,643,450 9,845,981 (797,469)
Intergovernmental 23,583,184 23,583,184 27,779,639 4,196,455
Charges for services 10,521,075 10,521,075 13,009,442 2,488,367
Fines 3,255,500 3,255,500 4,094,917 839,417
Investment income 55,000 55,000 2,384,515 2,329,515
Miscellaneous 11,749,054 11,749,054 2,213,712 (9,535,342)
Total revenues 122,934,665 122,934,665 130,379,878 7,445,213
EXPENDITURES
General management and support 21,680,985 27,796,923 22,608,932 (5,187,991)
Public safety 72,993,518 73,230,913 79,003,597 5,772,684
Public works 13,708,631 13,708,631 13,908,332 199,701
Health and human services development 5,864,256 5,864,256 5,961,497 97,241
Recreation and cultural opportunities 12,576,312 12,576,312 12,982,724 406,412
Housing and economic development 4,183,421 4,183,421 3,467,120 (716,301)
Debt service
Interest - - 39,005 39,005
Total expenditures 131,007,123 137,360,456 137,971,207 610,751
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES (8,072,458) (14,425,791) (7,591,329) 6,834,462
OTHER FINANCING SOURCES (USES)
Transfers in 8,028,949 8,028,949 7,733,940 (295,009)
Transfers (out) (1,181,750) (10,145,769) (9,567,085) 578,684
Total other financing sources (uses) 6,847,199 (2,116,820) (1,833,145) 283,675
NET CHANGE IN FUND BALANCE (1,225,259)	$ (16,542,611)	$ (9,424,474) 7,118,137	$
FUND BALANCE, JANUARY 1 61,123,206
FUND BALANCE, DECEMER 31 51,698,732	$
CITY OF EVANSTON, ILLINOIS
SCHEDULE OF REVENUES, EXPENDITURES,
AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL
GENERAL FUND
For the Year Ended December 31, 2023
(See independent auditor's report.)
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Original Final
Budget Budget Actual Variance
REVENUES
Intergovernmental -	$ -	$ 7,434,037	$ 7,434,037	$
Investment income - - 1,503,803 1,503,803
Total revenues - - 8,937,840 8,937,840
EXPENDITURES
General management and support 19,650,000 4,650,000 2,972,848 (1,677,152)
Public safety 500,000 500,000 1,085,026 585,026
Capital outlay - - 776,163 776,163
Total expenditures 20,150,000 5,150,000 4,834,037 (315,963)
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES (20,150,000) (5,150,000) 4,103,803 9,253,803
OTHER FINANCING SOURCES (USES)
Transfers (out) (2,600,000) (2,600,000) (2,600,000) -
Other financing sources (uses) - net (2,600,000) (2,600,000) (2,600,000) -
NET CHANGE IN FUND BALANCE (22,750,000)	$ (7,750,000)	$ 1,503,803 9,253,803	$
FUND BALANCE, JANUARY 1 531,170
FUND BALANCE, DECEMBER 31 2,034,973	$
CITY OF EVANSTON, ILLINOIS
SCHEDULE OF REVENUES, EXPENDITURES,
AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL
ARPA FUND
For the Year Ended December 31, 2023
(See independent auditor's report.)
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MEASUREMENT DATE DECEMBER 31, 2018 2019 2020 2021 2022 2023
TOTAL OPEB LIABILITY
Service cost 1,050,028	$ 974,443	$ 1,249,550	$ 1,544,418	$ 1,613,298	$ 1,829,446	$
Interest 630,168 733,796 593,787 442,412 434,590 862,905
Benefit changes - - (53,511) - - -
Differences between expected
and actual experience - - (2,856,275) - (2,081,084) -
Changes in assumptions (1,272,525) 2,879,775 2,471,462 370,681 (1,428,232) 754,687
Implicit benefit payments (797,159) (860,932) (925,502) (827,885) (890,214) (812,414)
Other changes - - - - - -
Net change in total OPEB liability (389,488) 3,727,082 479,511 1,529,626 (2,351,642) 2,634,624
Total OPEB liability - beginning 18,717,414 18,327,926 22,055,008 22,534,519 24,064,145 21,712,503
TOTAL OPEB LIABILITY - ENDING 18,327,926	$ 22,055,008	$ 22,534,519	$ 24,064,145	$ 21,712,503	$ 24,347,127	$
Covered-employee payroll 59,333,084	$ 60,964,744	$ 59,251,377	$ 61,325,175	$ 61,334,086	$ 63,480,779	$
Employer's total OPEB liability
as a percentage of covered-employee payroll 30.89% 36.18% 38.03% 39.24% 35.40% 38.35%
No assets accumulate in a trust that meets the criteria in paragraph 4 in GASB Statement No. 75.
There was a change in assumptions related to the discount rate in 2023.
There was a change in assumptions related to the discount rate in 2022.
There was a change in assumptions related to the discount rate in 2021.
There was a change in assumptions related to the discount rate in 2019.
There was a change in assumptions related to the discount rate and mortality rate assumptions in 2018.
The information above is presented for the City and Library in total.
There was a change in assumptions related to the mortality rates assumption and discount rate in 2020. There was a change in benefit terms related to the elimination of the
excise tax in 2020.
Ultimately, this schedule should present information for the last ten years. However, until ten years of information can be compiled, information will be presented for as many
years as is available.
CITY OF EVANSTON, ILLINOIS
SCHEDULE OF CHANGES IN THE EMPLOYER'S
TOTAL OPEB LIABILITY AND RELATED RATIOS
OTHER POSTEMPLOYMENT BENEFIT PLAN
Last Six Fiscal Years
(See independent auditor's report.)
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FISCAL YEAR ENDED DECEMBER 31, 2015 2016 2017 2018 2019 2020 2021 2022 2023
Actuarially determined contribution 3,977,718	$ 3,882,629	$ 3,695,564	$ 3,634,209	$ 2,379,845	$ 3,235,547	$ 3,245,589	$ 2,000,416	$ 1,560,298	$
Contributions in relation to the actuarially
determined contribution 4,018,268 3,963,856 3,702,271 3,634,209 2,379,845 3,235,547 3,245,589 2,000,416 1,560,298
CONTRIBUTION DEFICIENCY (Excess) (40,550)	$ (81,227)	$ (6,707)	$ -	$ -	$ -	$ -	$ -	$ -	$
Percentage contributed 101.02% 102.09% 100.18% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
Covered payroll 37,703,487	$ 37,477,116	$ 37,480,368	$ 38,519,776	$ 38,103,750	$ 37,019,990	$ 40,098,516	$ 41,244,660	$ 47,268,309	$
Contributions as a percentage of
covered payroll 10.66% 10.58% 9.88% 9.43% 6.25% 8.74% 8.09% 4.85% 3.30%
Notes to the Required Supplemental Information
Ultimately, this schedule should present information for the last ten years. However, until ten years of information can be compiled, information will be presented for as many years as is available.
CITY OF EVANSTON, ILLINOIS
SCHEDULE OF EMPLOYER CONTRIBUTIONS
ILLINOIS MUNICIPAL RETIREMENT FUND
Last Nine Fiscal Years
The information presented was determined as part of the actuarial valuations as of January 1 of the prior fiscal year. Additional information as of the latest actuarial valuation presented is as follows: the
actuarial cost method was entry-age normal; the amortization method was level percent of pay, closed and the amortization period was 21 years; the asset valuation method was five-year smoothed fair
value; and the significant actuarial assumptions were an investment rate of return at 7.25% annually, projected salary increases assumption of 2.85% to 13.75% annually, and postretirement benefit
increases of 2.75% compounded annually.
(See independent auditor's report.)
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FISCAL YEAR ENDED DECEMBER 31, 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
Actuarially determined contribution 8,358,924	$ 8,257,475	$ 9,380,940	$ 10,237,200	$ 10,462,704	$ 10,502,308	$ 11,225,650	$ 11,431,461	$ 11,194,538	$ 11,548,482	$
Contributions in relation to the actuarially
determined contribution 8,644,196 8,804,264 9,450,824 10,300,549 10,462,704 10,502,308 11,225,650 11,501,791 11,405,076 13,544,556
CONTRIBUTION DEFICIENCY (Excess) (285,272)	$ (546,789)	$ (69,884)	$ (63,349)	$ -	$ -	$ -	$ (70,330)	$ (210,538)	$ (1,996,074)	$
Percentage contributed 103.41% 106.62% 100.74% 100.62% 100.00% 100.00% 100.00% 100.62% 101.88% 117.28%
Covered payroll 13,537,726	$ 14,921,328	$ 17,474,672	$ 15,352,846	$ 15,845,701	$ 15,980,131	$ 15,368,002	$ 15,371,756	$ 13,396,912	$ 17,265,863	$
Contributions as a percentage of
covered payroll 63.85% 59.00% 54.08% 67.09% 66.03% 65.72% 73.05% 74.82% 85.13% 78.45%
Notes to the Required Supplemental Information
CITY OF EVANSTON, ILLINOIS
SCHEDULE OF EMPLOYER CONTRIBUTIONS
POLICE PENSION FUND
Last Ten Fiscal Years
The information presented was determined as part of the actuarial valuations as of January 1 of the prior fiscal year. Additional information as of the latest actuarial valuation presented is as follows: the actuarial cost
method was entry-age normal; the amortization method was level percent of pay, closed and the amortization period was 18 years; the asset valuation method was five-year smoothed fair value and the significant
actuarial assumptions were an investment rate of return at 6.50% annually, projected salary increases assumption of 3.62% to 7.36% annually, and postretirement benefit increases of 3.00% compounded annually.
(See independent auditor's report.)
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FISCAL YEAR ENDED DECEMBER 31, 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
Actuarially determined contribution 6,239,481	$ 5,903,483	$ 7,350,865	$ 8,148,709	$ 8,344,947	$ 8,266,584	$ 9,247,042	$ 9,626,778	$ 9,528,524	$ 11,793,978	$
Contributions in relation to the actuarially
determined contribution 6,527,697 6,385,244 7,396,641 8,205,800 8,344,947 8,266,584 9,257,516 9,670,974 9,707,213 12,020,942
CONTRIBUTION DEFICIENCY (Excess) (288,216)	$ (481,761)	$ (45,776)	$ (57,091)	$ -	$ -	$ (10,474)	$ (44,196)	$ (178,689)	$ (226,964)	$
Percentage contributed 104.62% 108.16% 100.62% 100.70% 100.00% 100.00% 100.11% 100.46% 101.88% 101.92%
Covered payroll 9,520,925	$ 10,396,357	$ 10,546,779	$ 10,311,920	$ 11,618,255	$ 10,341,544	$ 10,428,768	$ 11,012,470	$ 11,523,258	$ 13,222,940	$
Contributions as a percentage of
covered payroll 68.56% 61.42% 70.13% 79.58% 71.83% 79.94% 88.77% 87.82% 84.24% 90.91%
Notes to the Required Supplemental Information
CITY OF EVANSTON, ILLINOIS
SCHEDULE OF EMPLOYER CONTRIBUTIONS
FIREFIGHTERS' PENSION FUND
Last Ten Fiscal Years
The information presented was determined as part of the actuarial valuations as of January 1 of the prior fiscal year. Additional information as of the latest actuarial valuation presented is as follows: the actuarial cost
method was entry-age normal; the amortization method was level percent of pay, closed and the amortization period was 18 years; the asset valuation method was five-year smoothed fair value; and the significant
actuarial assumptions were an investment rate of return at 6.50% annually, projected salary increases assumption of 3.62% to 7.36% annually, and postretirement benefit increases of 3.00% compounded annually.
(See independent auditor's report.)
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MEASUREMENT DATE DECEMBER 31, 2014 2015 2016 2017 2018 2019 2020 2021 2022
TOTAL PENSION LIABILITY
Service cost 3,898,440	$ 3,910,996	$ 3,951,687	$ 3,970,214	$ 3,671,434	$ 3,926,313	$ 3,850,771	$ 3,420,369	$ 3,688,135	$
Interest 14,880,724 16,235,086 16,947,408 17,355,320 17,185,510 17,812,836 18,314,051 18,507,004 19,445,021
Changes in benefit terms - - - - - - - - -
Differences between expected
and actual experience 3,043,895 1,465,442 (2,905,680) (2,489,328) 2,992,302 (166,989) (2,056,346) 6,705,189 (635,408)
Changes of assumptions 7,927,038 266,906 (269,039) (7,652,648) 6,567,349 - (1,993,968) - -
Benefit payments, including refunds
of member contributions (11,468,097) (11,928,345) (12,270,564) (12,922,439) (13,674,160) (14,305,617) (14,936,529) (15,539,235) (16,117,334)
Net change in total pension liability 18,282,000 9,950,085 5,453,812 (1,738,881) 16,742,435 7,266,543 3,177,979 13,093,327 6,380,414
Total pension liability - beginning 202,194,485 220,476,485 230,426,570 235,880,382 234,141,501 250,883,936 258,150,479 261,328,458 274,421,785
PLAN FIDUCIARY NET POSITION 220,476,485	$ 230,426,570	$ 235,880,382	$ 234,141,501	$ 250,883,936	$ 258,150,479	$ 261,328,458	$ 274,421,785	$ 280,802,199	$
PLAN FIDUCIARY NET POSITION
Contributions - employer 3,963,983	$ 4,018,268	$ 3,963,856	$ 3,702,271	$ 3,634,209	$ 2,379,845	$ 3,235,547	$ 3,245,589	$ 2,000,416	$
Contributions - member 1,710,168 1,767,523 1,705,636 1,693,912 1,847,906 1,845,576 1,684,700 1,806,941 1,891,800
Net investment income 12,425,190 1,062,353 14,441,739 39,438,193 (14,090,715) 43,379,549 37,552,547 49,648,106 (42,076,770)
Benefit payments, including refunds
of member contributions (11,468,097) (11,928,345) (12,270,564) (12,922,439) (13,674,160) (14,305,617) (14,936,529) (15,539,235) (16,117,334)
Administrative expense/other 2,322,043 737,427 (142,981) (4,817,948) 3,915,577 647,604 1,390,447 (1,512,861) (537,476)
Net change in plan fiduciary net position 8,953,287 (4,342,774) 7,697,686 27,093,989 (18,367,183) 33,946,957 28,926,712 37,648,540 (54,839,364)
Plan fiduciary net position - beginning 206,588,617 215,541,904 211,199,130 218,896,816 245,990,805 227,623,622 261,570,579 290,497,291 328,145,831
PLAN FIDUCIARY NET POSITION - ENDING 215,541,904	$ 211,199,130	$ 218,896,816	$ 245,990,805	$ 227,623,622	$ 261,570,579	$ 290,497,291	$ 328,145,831	$ 273,306,467	$
EMPLOYER'S NET PENSION LIABILITY (ASSET) 4,934,581	$ 19,227,440	$ 16,983,566	$ (11,849,304)	$ 23,260,314	$ (3,420,100)	$ (29,168,833)	$ (53,724,046)	$ 7,495,732	$
CITY OF EVANSTON, ILLINOIS
SCHEDULE OF CHANGES IN THE EMPLOYER'S
NET PENSION LIABILITY AND RELATED RATIOS
ILLINOIS MUNICIPAL RETIREMENT FUND
Last Nine Fiscal Years
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MEASUREMENT DATE DECEMBER 31, 2014 2015 2016 2017 2018 2019 2020 2021 2022
Plan fiduciary net position
as a percentage of the total pension liability (asset) 97.76% 91.66% 92.80% 105.06% 90.73% 101.32% 111.16% 119.58% 97.33%
Covered payroll 35,171,426	$ 37,703,487	$ 37,477,116	$ 37,480,368	$ 38,519,776	$ 38,103,750	$ 37,019,990	$ 40,098,516	$ 41,244,660	$
Employer's net pension liability
as a percentage of covered payroll 14.03% 51.00% 45.32% (31.61%) 60.39% (8.98%) (78.79%) (133.98%) 18.17%
There was a change in assumptions related to the retirement age and mortality rates in 2020.
There were changes in assumptions related to the discount rate in 2018.
Ultimately, this schedule should present information for the last ten years. However, until ten years of information can be compiled, information should be presented for as many years as is available.
There were changes in assumptions related to price inflation, salary increases, retirement age, and mortality rates in 2017. There was a change in assumption related to the discount rate made since the prior measurement date.
The discount rate used in the actuarial valuation dated December 31, 2016 is 7.50%. The discount rate used in the prior actuarial valuations, dated December 31, 2015 and December 31, 2014 was 7.49% and 7.50%,
(See independent auditor's report.)
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MEASUREMENT DATE DECEMBER 31, 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
TOTAL PENSION LIABILITY
Service cost 3,439,223	$ 3,488,385	$ 3,679,212	$ 3,993,751	$ 4,285,425	$ 3,980,758	$ 4,018,178	$ 3,842,941	$ 3,614,698	$ 3,574,325	$
Interest 12,284,036 12,663,010 13,192,680 14,088,889 14,433,770 15,128,398 16,138,601 16,648,988 17,149,791 17,900,355
Changes in benefit terms - - - - - 853,365 - - - -
Differences between expected
and actual experience - 3,928,479 (3,214,201) 424,390 3,079,328 4,364,013 2,021,226 3,025,037 2,912,380 (2,875,856)
Changes of assumptions - 5,791,392 11,039,027 7,096,300 (7,459,427) 4,127,403 - - 4,102,024 -
Benefit payments, including refunds
of member contributions (9,891,045) (10,424,955) (10,970,916) (11,475,943) (11,937,685) (12,522,660) (13,376,879) (14,924,443) (16,243,656) (16,139,127)
Net change in total pension liability 5,832,214 15,446,311 13,725,802 14,127,387 2,401,411 15,931,277 8,801,126 8,592,523 11,535,237 2,459,697
Total pension liability - beginning 183,492,025 189,324,239 204,770,550 218,496,352 232,623,739 235,025,150 250,956,427 259,757,553 268,350,076 279,885,313
TOTAL PENSION LIABILITY - ENDING 189,324,239	$ 204,770,550	$ 218,496,352	$ 232,623,739	$ 235,025,150	$ 250,956,427	$ 259,757,553	$ 268,350,076	$ 279,885,313	$ 282,345,010	$
PLAN FIDUCIARY NET POSITION
Contributions - employer 8,644,196	$ 8,804,264	$ 9,450,824	$ 10,300,549	$ 10,462,704	$ 10,502,308	$ 11,225,650	$ 11,501,791	$ 11,405,076	$ 13,544,556	$
Contributions - member 1,565,053 1,454,720 1,731,740 1,521,467 1,570,309 1,583,631 1,522,969 1,523,341 1,327,634 1,711,047
Net investment income 8,675,133 430,756 7,544,856 15,240,680 (4,911,053) 25,043,593 17,521,008 26,382,486 (28,069,391) 26,066,421
Benefit payments, including refunds
of member contributions (9,891,045) (10,424,955) (10,970,916) (11,475,943) (11,937,685) (12,522,660) (13,376,879) (14,924,443) (16,243,656) (16,139,127)
Administrative expense (68,938) (71,408) (123,796) (148,631) (58,885) (52,088) (66,152) (44,442) (44,775) (61,015)
Net change in plan fiduciary net position 8,924,399 193,377 7,632,708 15,438,122 (4,874,610) 24,554,784 16,826,596 24,438,733 (31,625,112) 25,121,882
Plan fiduciary net position - beginning 90,763,143 99,687,542 98,558,837 106,191,545 121,629,667 116,755,057 141,309,841 158,136,437 182,575,170 150,950,058
Prior period adjustment - (1,322,082) - - - - - - - -
Plan fiduciary net position - beginning, restated 90,763,143 98,365,460 98,558,837 106,191,545 121,629,667 116,755,057 141,309,841 158,136,437 182,575,170 150,950,058
PLAN FIDUCIARY NET POSITION - ENDING 99,687,542	$ 98,558,837	$ 106,191,545	$ 121,629,667	$ 116,755,057	$ 141,309,841	$ 158,136,437	$ 182,575,170	$ 150,950,058	$ 176,071,940	$
EMPLOYER'S NET PENSION LIABILITY 89,636,697	$ 106,211,713	$ 112,304,807	$ 110,994,072	$ 118,270,093	$ 109,646,586	$ 101,621,116	$ 85,774,906	$ 128,935,255	$ 106,273,070	$
CITY OF EVANSTON, ILLINOIS
SCHEDULE OF CHANGES IN THE EMPLOYER'S
NET PENSION LIABILITY AND RELATED RATIOS
POLICE PENSION FUND
Last Ten Fiscal Years
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MEASUREMENT DATE DECEMBER 31, 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
Plan fiduciary net position
as a percentage of the total pension liability 52.65% 48.13% 48.60% 52.29% 49.68% 56.31% 60.88% 68.04% 53.93% 62.36%
Covered payroll 13,537,726	$ 14,921,328	$ 17,474,672	$ 15,352,846	$ 15,845,701	$ 15,980,131	$ 15,368,002	$ 15,371,756	$ 13,396,912	$ 17,265,863	$
Employer's net pension liability
as a percentage of covered payroll 662.13% 711.81% 642.67% 722.95% 746.39% 686.14% 661.25% 558.00% 962.43% 615.51%
For the measurement date December 31, 2022, there were changes in assumptions related to the mortality tables.
For the measurement date December 31, 2019, there were no changes in assumptions. There were changes in plan benefits required under PA-101-0610 (SB 1300).
For the measurement date December 31, 2018, there were changes in assumptions related to the mortality tables. Additionally, the discount rate was increased to 6.50%.
The discount rate used in the valuation dated December 31, 2017 is 6.25%. The discount rate used in the prior actuarial valuation, dated December 31, 2015 is 6.50%. The discount rate used in the valuation dated, dated
December 31, 2014 was 6.75%.
(See independent auditor's report.)
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MEASUREMENT DATE DECEMBER 31, 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
TOTAL PENSION LIABILITY
Service cost 2,326,092	$ 2,431,680	$ 2,731,257	$ 2,813,961	$ 3,026,223	$ 2,763,258	$ 2,948,710	$ 2,739,481	$ 2,889,155	$ 2,964,280	$
Interest 9,391,253 9,656,198 9,922,911 10,507,435 10,741,734 11,061,538 12,013,035 12,303,886 12,731,909 13,451,766
Changes in benefit terms - - - - - 799,936 - - - -
Differences between expected
and actual experience - 1,184,609 (3,239,221) 368,761 384,928 5,218,449 122,642 2,117,644 288,722 2,475,375
Changes of assumptions - 4,239,272 7,971,672 5,192,584 (6,192,362) 4,549,731 - - 6,178,299 -
Benefit payments, including refunds
of member contributions (7,727,683) (8,067,965) (8,343,940) (8,609,369) (9,150,830) (9,624,766) (10,255,160) (10,545,893) (10,905,542) (11,271,448)
Net change in total pension liability 3,989,662 9,443,794 9,042,679 10,273,372 (1,190,307) 14,768,146 4,829,227 6,615,118 11,182,543 7,619,973
Total pension liability - beginning 140,667,430 144,657,092 154,100,886 163,143,565 173,416,937 172,226,630 186,994,776 191,824,023 198,439,141 209,621,684
TOTAL PENSION LIABILITY - ENDING 144,657,092	$ 154,100,886	$ 163,143,565	$ 173,416,937	$ 172,226,630	$ 186,994,776	$ 191,824,023	$ 198,439,141	$ 209,621,684	$ 217,241,657	$
PLAN FIDUCIARY NET POSITION
Contributions - employer 6,527,697	$ 6,385,244	$ 7,396,641	$ 8,205,800	$ 8,344,947	$ 8,266,584	$ 9,257,516	$ 9,670,974	$ 9,707,213	$ 12,020,942	$
Contributions - member 919,874 956,092 997,198 974,992 1,098,506 954,112 986,040 1,041,229 1,089,524 1,250,229
Net investment income 3,549,131 228,236 3,894,765 7,974,296 (3,478,827) 14,527,581 11,387,655 13,515,733 (15,351,364) 13,855,947
Benefit payments, including refunds
of member contributions (7,727,683) (8,067,965) (8,343,940) (8,609,369) (9,150,830) (9,624,766) (10,255,160) (10,545,893) (10,905,542) (11,271,448)
Administrative expense (52,248) (44,597) (85,750) (72,640) (105,755) (97,588) (148,979) (123,642) (86,309) (115,507)
Net change in plan fiduciary net position 3,216,771 (542,990) 3,858,914 8,473,079 (3,291,959) 14,025,923 11,227,072 13,558,401 (15,546,478) 15,740,163
Plan fiduciary net position - beginning 65,024,941 68,241,712 66,741,084 70,599,998 79,073,077 75,781,118 89,807,041 101,034,113 114,592,514 99,046,036
Prior period adjustment - (957,638) - - - - - - - -
Plan fiduciary net position - beginning , restated 65,024,941 67,284,074 66,741,084 70,599,998 79,073,077 75,781,118 89,807,041 101,034,113 114,592,514 99,046,036
PLAN FIDUCIARY NET POSITION - ENDING 68,241,712	$ 66,741,084	$ 70,599,998	$ 79,073,077	$ 75,781,118	$ 89,807,041	$ 101,034,113	$ 114,592,514	$ 99,046,036	$ 114,786,199	$
EMPLOYER'S NET PENSION LIABILITY 76,415,380	$ 87,359,802	$ 92,543,567	$ 94,343,860	$ 96,445,512	$ 97,187,735	$ 90,789,910	$ 83,846,627	$ 110,575,648	$ 102,455,458	$
CITY OF EVANSTON, ILLINOIS
SCHEDULE OF CHANGES IN THE EMPLOYER'S
NET PENSION LIABILITY AND RELATED RATIOS
FIREFIGHTERS' PENSION FUND
Last Ten Fiscal Years
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MEASUREMENT DATE DECEMBER 31, 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
Plan fiduciary net position
as a percentage of the total pension liability 47.17% 43.31% 43.27% 45.60% 44.00% 48.03% 52.67% 57.75% 47.25% 52.84%
Covered payroll 9,520,925	$ 10,396,357	$ 10,546,779	$ 10,311,920	$ 11,618,255	$ 10,341,544	$ 10,428,768	$ 11,012,470	$ 11,523,258	$ 13,222,940	$
Employer's net pension liability
as a percentage of covered payroll 802.60% 840.29% 877.46% 914.90% 830.12% 939.78% 870.57% 761.38% 959.59% 774.83%
For the measurement date December 31, 2022, there were changes in assumptions related to the mortality tables.
The discount rate used in the valuation dated December 31, 2017 is 6.25%. The discount rate used in the prior actuarial valuation, dated December 31, 2015, is 6.50%. The discount rate used in the actuarial valuation dated
December 31, 2014 was 6.75%.
For the measurement date December 31, 2019, there were no changes in assumptions. There were changes in plan benefits required under PA-101-0610 (SB 1300).
For the measurement date December 31, 2018, there were changes in assumptions related to the mortality tables. Additionally, the discount rate was increased to 6.50%.
(See independent auditor's report.)
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FISCAL YEAR ENDED DECEMBER 31, 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
Annual money-weighted rate of return,
net of investment expense 9.54% 1.45% 6.90% 14.25% (5.20%) 21.13% 12.88% 16.65% (16.78%) 15.06%
CITY OF EVANSTON, ILLINOIS
SCHEDULE OF INVESTMENT RETURNS
POLICE PENSION FUND
Last Ten Fiscal Years
(See independent auditor's report.)
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FISCAL YEAR ENDED DECEMBER 31, 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
Annual money-weighted rate of return,
net of investment expense 5.47% 0.36% 5.90% 11.42% (4.54%) 19.62% 12.72% 13.91% (14.94%) 15.50%
CITY OF EVANSTON, ILLINOIS
SCHEDULE OF INVESTMENT RETURNS
FIREFIGHTERS' PENSION FUND
Last Ten Fiscal Years
(See independent auditor's report.)
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CITY OF EVANSTON, ILLINOIS
NOTES TO REQUIRED SUPPLEMENTARY INFORMATION
December 31, 2023
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, 2024.
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. 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, 2023.
Fund Actual Final Budget Variance
General $ 137,971,207 $ 137,360,456 $ 610,751
Good Neighbor $ 557,887 $ 472,887 $ 85,000
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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 primarily 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.

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Variance
Original Final Over
Budget Budget Actual (Under)
REVENUES
Taxes
Property
Current year levy 32,157,402	$ 32,157,402	$ 32,968,493	$ 811,091	$
Total property taxes 32,157,402 32,157,402 32,968,493 811,091
Personal property replacement tax 2,855,000 2,855,000 4,087,124 1,232,124
Other taxes
State use tax 2,650,000 2,650,000 3,040,435 390,435
Sales tax - home rule 8,000,000 8,000,000 10,396,123 2,396,123
Auto rental tax 50,000 50,000 69,883 19,883
Transportation network provider tax 700,000 700,000 855,245 155,245
Athletic contest tax 800,000 800,000 747,432 (52,568)
Municipal hotel tax 1,300,000 1,300,000 2,546,217 1,246,217
Utility tax 6,300,000 6,300,000 6,176,206 (123,794)
Cigarette tax 200,000 200,000 225,000 25,000
Evanston motor fuel tax 965,000 965,000 897,720 (67,280)
Liquor tax 3,000,000 3,000,000 3,772,043 772,043
Medical cannabis tax 50,000 50,000 - (50,000)
Recreational cannabis tax - - 312,259 312,259
Bag tax - - 78,617 78,617
Parking tax 2,600,000 2,600,000 2,952,554 352,554
Amusement tax 750,000 750,000 1,367,347 617,347
Foreign fire tax - - 248,204 248,204
Real estate transfer tax 750,000 750,000 310,770 (439,230)
Total other taxes 28,115,000 28,115,000 33,996,055 5,881,055
Total taxes 63,127,402 63,127,402 71,051,672 7,924,270
Licenses and permits
Vehicle licenses 3,100,000 3,100,000 2,875,749 (224,251)
Business licenses 20,000 20,000 31,970 11,970
Sealant office visits - - - -
Bed and breakfast licenses 150 150 - (150)
Collection box license 2,500 2,500 1,700 (800)
Pet licenses 15,000 15,000 26,963 11,963
Contractor licenses 170,000 170,000 186,475 16,475
Rooming house licenses - - 1,500 1,500
Liquor licenses 500,000 500,000 540,463 40,463
One-day liquor licenses 12,000 12,000 17,619 5,619
Farmer's market licenses 51,250 51,250 57,210 5,960
Rental building registration 360,000 360,000 322,316 (37,684)
Other licenses 20,000 20,000 - (20,000)
Long-term care license 120,000 120,000 116,040 (3,960)
Seasonal foot ESTB 15,000 15,000 7,575 (7,425)
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 4,058,773 (166,327)
Elevator permits 42,000 42,000 40,026 (1,974)
CITY OF EVANSTON, ILLINOIS
SCHEDULE OF REVENUES - BUDGET AND ACTUAL
GENERAL FUND
For the Year Ended December 31, 2023
(This schedule is continued on the following pages.)
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Variance
Original Final Over
Budget Budget Actual (Under)
REVENUES (Continued)
Licenses and permits (Continued)
Right of way permits 358,000	$ 358,000	$ 312,511	$ (45,489)	$
Residents parking permit 228,000 228,000 1,160 (226,840)
Visitor parking permit 13,000 13,000 - (13,000)
Dumpster permit fee - - 8,100 8,100
Fire suppression/alarm permit - - 890 890
Oversize truck permit 20,000 20,000 23,475 3,475
Moving van permit 57,000 57,000 54,470 (2,530)
Plat PR and sign application fee - - - -
IL Bell franchise fee 90,000 90,000 98,573 8,573
Alarm panel franchise fee 4,000 4,000 - (4,000)
Northwestern University easement 47,000 47,000 119,882 72,882
Easements - - - -
Cable franchise fee 950,000 950,000 825,835 (124,165)
PEG fees - Comcast 145,000 145,000 113,813 (31,187)
Nicor franchise fee 75,000 75,000 - (75,000)
Plumbing permits - - 90 90
Other permits - - 2,803 2,803
Permit penalty fees - - - -
Total licenses and permits 10,643,450 10,643,450 9,845,981 (797,469)
Intergovernmental - revenue from other agencies
Retailer and service occupation tax 11,000,000 11,000,000 13,329,108 2,329,108
State income tax 11,500,000 11,500,000 12,558,980 1,058,980
State highway maintenance 83,000 83,000 82,356 (644)
Health Department Basic Service Grant 125,432 125,432 28,767 (96,665)
Illinois tobacco free community 27,594 27,594 20,761 (6,833)
IL HIV Surveillance Grant 34,150 34,150 13,472 (20,678)
NEA Grant 15,000 15,000 11,250 (3,750)
Aspire Program Grant 133,000 133,000 200,000 67,000
Other State/County Grant - - 410,068 410,068
Fire Department training - - - -
CRI Grant 62,697 62,697 67,187 4,490
PEHP Grant 62,944 62,944 80,164 17,220
Lead Paid Hazard Grant 150,000 150,000 - (150,000)
Beach Grant 15,097 15,097 23,098 8,001
Federal Grant/Aid 206,000 206,000 594,869 388,869
Commission on Aging Grant - Advocate 64,000 64,000 107,334 43,334
Vacant Property Grant - - - -
Market link vouchers 30,000 30,000 (53,076) (83,076)
Civil Defense Grants (F.E.M.A.) - - - -
Narcotics enforcement revenue 40,000 40,000 94,171 54,171
Police training 5,000 5,000 - (5,000)
eShare revenue - - 7,408 7,408
Police DUI reimbursement 15,000 15,000 543 (14,457)
You Streets Grant - - 65,030 65,030
COVID-19 Mass Vaccination Grant - - 138,149 138,149
ARPA - - - -
Cook County WNV Grant 14,270 14,270 - (14,270)
Total intergovernmental - revenue from other agencies 23,583,184 23,583,184 27,779,639 4,196,455
GENERAL FUND
For the Fiscal Year Ended December 31, 2023
CITY OF EVANSTON, ILLINOIS
SCHEDULE OF REVENUES - BUDGET AND ACTUAL (Continued)
(This schedule is continued on the following pages.)
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Variance
Original Final Over
Budget Budget Actual (Under)
GENERAL FUND
For the Fiscal Year Ended December 31, 2023
CITY OF EVANSTON, ILLINOIS
SCHEDULE OF REVENUES - BUDGET AND ACTUAL (Continued)
REVENUES (Continued)
Charges for services
Recreation
Recreation - program 5,371,375	$ 5,371,375	$ 7,111,501	$ 1,740,126	$
Recreation - other - - 6,416 6,416
Recreation - charges 3,000 3,000 - (3,000)
Recreation - special events 12,500 12,500 26,831 14,331
Total recreation 5,386,875 5,386,875 7,144,748 1,757,873
Other charges for services
Health clinic fees - food establishment 230,000 230,000 209,040 (20,960)
Homeless health clinic - - - -
Sanitation classes - - 500 500
Infrastructure maintenance fees - - - -
Temporary license fee 11,000 11,000 2,997 (8,003)
Food delivery vehicle 6,500 6,500 2,800 (3,700)
Beverage snack vending machine 44,000 44,000 45,889 1,889
Tobacco license 17,000 17,000 14,000 (3,000)
Beekeeper license 300 300 300 -
Funeral director license 6,000 6,000 - (6,000)
Temp funeral director licenses - - - -
Birth/death certificates 80,000 80,000 122,948 42,948
Wood recyling - - 2,970 2,970
Parking enforcement reimbursement - - - -
Property clean up - - - -
Senior Taxi coupon sales 85,000 85,000 59,322 (25,678)
Fire cost recovery charge - - - -
Historic preservation 30,000 30,000 4,630 (25,370)
Tree preservation revenue 5,000 5,000 35,051 30,051
Ambulance service 4,100,000 4,100,000 4,994,318 894,318
Police CTA detail 357,000 357,000 271,805 (85,195)
Police report fees 25,000 25,000 23,696 (1,304)
Officer and gentlemen - - 1,000 1,000
Zoning fees 50,000 50,000 31,900 (18,100)
Fire building inspections - - - -
Fire report fee - - - -
Aging Well conference 2,000 2,000 - (2,000)
Alarm panel subscription fees - - - -
Background check daycare providers 400 400 - (400)
New pavement degradation 80,000 80,000 41,511 (38,489)
I Heart Evanston Trees project - - 17 17
Plan review 5,000 5,000 - (5,000)
Total other service charges 5,134,200 5,134,200 5,864,694 730,494
Total charges for services 10,521,075 10,521,075 13,009,442 2,488,367
Fines
Ticket fines - parking 3,000,000 3,000,000 3,868,180 868,180
Regular fines 115,000 115,000 130,916 15,916
Animal ordinance penalties 7,500 7,500 - (7,500)
Boot release fee 50,000 50,000 52,049 2,049
Fire false alarm fines - - - -
(This schedule is continued on the following page.)
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Variance
Original Final Over
Budget Budget Actual (Under)
GENERAL FUND
For the Fiscal Year Ended December 31, 2023
CITY OF EVANSTON, ILLINOIS
SCHEDULE OF REVENUES - BUDGET AND ACTUAL (Continued)
REVENUES (Continued)
Fines (Continued)
Housing code violation fines -	$ -	$ 500	$ 500	$
Health code violation fees 3,000 3,000 - (3,000)
LEP program penalties - - 14,732 14,732
Administrative adjudication fee 80,000 80,000 28,540 (51,460)
Total fines 3,255,500 3,255,500 4,094,917 839,417
Investment income 55,000 55,000 2,384,515 2,329,515
Other revenues
Police equipment reimbursement 20,000 20,000 5,015 (14,985)
Rethink your drink 5,000 5,000 - (5,000)
Holiday food drive 10,000 10,000 - (10,000)
We're Out Walking 6,000 6,000 - (6,000)
Property sales and rentals 51,100 51,100 163,483 112,383
Donation 23,900 23,900 28,331 4,431
Miscellaneous revenue 522,100 522,100 889,164 367,064
Sale of other assets 1,500 1,500 1,478 (22)
Reimbursements - serve and protect 32,000 32,000 11,024 (20,976)
Reimbursements - salt use 32,000 32,000 35,336 3,336
Reimbursements - fire department - - - -
Reimbursements - police 540,000 540,000 570,531 30,531
Community relief program - - - -
Payment in lieu of taxes 85,000 85,000 60,000 (25,000)
Fund balance applied 10,085,454 10,085,454 - (10,085,454)
Chargeback revenue 300,000 300,000 341,898 41,898
Insurance proceeds - - 2,451 2,451
Private Elm Trees Insurance 20,000 20,000 30,390 10,390
Citizens CPR class fees - - 10,160 10,160
Surface lot permits - - - -
Telecommunication maintenance fee - - 37,658 37,658
Commercial drive permits - - - -
Parking permits - Ryan Field 15,000 15,000 - (15,000)
Right-to-use lease amortization - - 26,793 26,793
Total other revenues 11,749,054 11,749,054 2,213,712 (9,535,342)
TOTAL REVENUES 122,934,665	$ 122,934,665	$ 130,379,878	$ 7,445,213	$
(See independent auditor's report.)
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Variance
Original Final Over
Budget Budget Actual (Under)
EXPENDITURES
General management and support
City Council 658,324	$ 658,324	$ 627,836	$ (30,488)	$
City Manager and Budget Management 7,336,325 13,011,364 7,213,026 (5,798,338)
City Clerk 360,108 360,108 421,653 61,545
Law Department 988,558 988,558 1,040,936 52,378
Administrative services 12,337,670 12,778,569 13,305,481 526,912
Total general management and support 21,680,985 27,796,923 22,608,932 (5,187,991)
Public safety
Police 54,303,533 54,303,533 57,764,709 3,461,176
Fire 18,689,985 18,927,380 21,238,888 2,311,508
Total public safety 72,993,518 73,230,913 79,003,597 5,772,684
Public works
Public Works Director 3,500,846 3,500,846 3,585,597 84,751
Municipal Service Center 2,071,307 2,071,307 2,242,386 171,079
City Engineer 385,457 385,457 478,200 92,743
Traffic Engineer 4,111,935 4,111,935 4,088,348 (23,587)
Streets 3,505,130 3,505,130 3,380,854 (124,276)
Sanitation 133,956 133,956 132,947 (1,009)
Total public works 13,708,631 13,708,631 13,908,332 199,701
Health and Human Services Development
COVID contact tracing - - 172,113 172,113
Health and Human Services Director 164,842 164,842 137,263 (27,579)
Health Department 1,248,156 1,248,156 1,397,528 149,372
Mental health and community purchased services - - 6,036 6,036
Human relations 4,451,258 4,451,258 4,248,557 (202,701)
Total Health and Human Services Development 5,864,256 5,864,256 5,961,497 97,241
Recreation and cultural opportunities
Recreation 11,207,520 11,207,520 11,724,431 516,911
Ecology Center 778,336 778,336 681,113 (97,223)
Cultural Arts 590,456 590,456 577,180 (13,276)
Total recreation and cultural opportunities 12,576,312 12,576,312 12,982,724 406,412
Housing and Economic Development
Community development administration 1,099,268 1,099,268 356,432 (742,836)
Planning and zoning 961,876 961,876 1,006,315 44,439
Housing rehabilitation and property standards 727,322 727,322 680,322 (47,000)
Building code compliance 1,394,955 1,394,955 1,424,051 29,096
Total housing and economic development 4,183,421 4,183,421 3,467,120 (716,301)
Debt Service
Interest - - 39,005 39,005
Total debt service - - 39,005 39,005
TOTAL EXPENDITURES 131,007,123	$ 137,360,456	$ 137,971,207	$ 610,751	$
CITY OF EVANSTON, ILLINOIS
GENERAL FUND
SCHEDULE OF EXPENDITURES - BUDGET AND ACTUAL
For the Year Ended December 31, 2023
(See independent auditor's report.)
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Original and
Final Budget Actual Variance
REVENUES
Intergovernmental 4,592,500	$ 335,849	$ (4,256,651)	$
Contributions 335,000 - (335,000)
Fees - 32,748 32,748
Charges for services - 82,036 82,036
Investment income - 309,352 309,352
Total revenues 4,927,500 759,985 (4,167,515)
EXPENDITURES
General management and support - 62 62
Public works 10,130,000 8,176,789 (1,953,211)
Public safety - 1,563 1,563
Capital outlay 5,362,500 5,986,100 623,600
Total expenditures 15,492,500 14,164,514 (1,327,986)
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES (10,565,000) (13,404,529) (2,839,529)
OTHER FINANCING SOURCES (USES)
Transfers in 85,000 3,264,226 3,179,226
Issuance of bonds 17,015,000 - (17,015,000)
Total other financing sources (uses) 17,100,000 3,264,226 (13,835,774)
NET CHANGE IN FUND BALANCE 6,535,000	$ (10,140,303) (16,675,303)	$
FUND BALANCE, JANUARY 1 1,966,892
FUND BALANCES (DEFICIT), DECEMBER 31 (8,173,411)	$
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, 2023
(See independent auditor's report.)
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Original and
Final Budget Actual Variance
Taxes
Property taxes
Current year levy, net 12,878,258	$ 13,454,095	$ 575,837	$
Investment income 10,000 369,711 359,711
Total revenues 12,888,258 13,823,806 935,548
General management and support 100 35 (65)
Debt service
Principal 9,971,562 9,971,562 -
Interest 5,825,561 5,225,660 (599,901)
Fiscal agent fees 6,500 6,300 (200)
Total expenditures 15,803,723 15,203,557 (600,166)
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES (2,915,465) (1,379,751) 1,535,714
Transfers in 2,918,969 2,318,976 (599,993)
Total other financing sources (uses) 2,918,969 2,318,976 (599,993)
NET CHANGE IN FUND BALANCE 3,504	$ 939,225 935,721	$
FUND BALANCE, JANUARY 1 1,965,810
FUND BALANCE, DECEMBER 31 2,905,035	$
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, 2023
(See independent auditor's report.)
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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.
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.
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.

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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.
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.

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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.

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Emergency
Motor Fuel Telephone Neighborhood Affordable
Tax System Improvement Housing HOME
Cash and equivalents 2,460,075	$ 1,123,008	$ 22,872	$ 2,983,598	$ -	$
Investments 3,657,918 - - - -
Receivables
Property tax - - - - -
Loans - - - 2,526,693 5,281,264
Special assessments - - - - -
Leases - - - - -
Accrued interest - - - - -
Due from other governments 304,867 361,300 - - 21,142
Due from other funds - 100,515 13 44,006 -
TOTAL ASSETS 6,422,860	$ 1,584,823	$ 22,885	$ 5,554,297	$ 5,302,406	$
LIABILITIES
Vouchers payable 138,656	$ 24,049	$ -	$ 101,911	$ 7,905	$
Interest payable - - - - -
Due to other governments - - - 155,067 -
Due to other funds - - - - 5,382
Total liabilities 138,656 24,049 - 256,978 13,287
DEFERRED INFLOWS OF RESOURCES
Long-term notes receivable - - - 2,526,693 5,281,264
Unavailable revenue - property taxes - - - - -
Leases - - - - -
Total deferred inflows of resources - - - 2,526,693 5,281,264
Total liabilities and deferred inflows of resources 138,656 24,049 - 2,783,671 5,294,551
FUND BALANCES
Restricted for
Highway maintenance 6,284,204 - - - -
Emergency telephone system - 1,560,774 - - -
HUD approved projects - - - - 7,855
Neighborhood improvements - - 22,885 2,770,626 -
Reparations - - - - -
Sustainability - - - - -
Debt service - - - - -
General assistance - - - - -
Capital improvements - - - - -
Assigned - - - - -
Unassigned (deficit) - - - - -
Total fund balances (deficit) 6,284,204 1,560,774 22,885 2,770,626 7,855
TOTAL LIABILITIES, DEFERRED INFLOWS
OF RESOURCES, AND FUND BALANCES 6,422,860	$ 1,584,823	$ 22,885	$ 5,554,297	$ 5,302,406	$
OF RESOURCES, AND FUND BALANCES
ASSETS
Special Revenue
LIABILITIES, DEFERRED INFLOWS
CITY OF EVANSTON, ILLINOIS
COMBINING BALANCE SHEET
NONMAJOR GOVERNMENTAL FUNDS
December 31, 2023
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Special
Community Community Service Total
Development Development District Good General Special
Block Grant Loan No. 9 Reparations Sustainability Neighbor Assistance Revenue
-	$ 402,485	$ 337,443	$ 1,303,605	$ 828,976	$ 188,325	$ 1,281,268	$ 10,931,655	$
- - - - - - 3,657,918
- - 592,967 - - - 1,069,552 1,662,519
- 1,662,815 - - - - - 9,470,772
- - - - - - - -
- - - - - - - -
- - - - - - - -
441,460 - - - - - - 1,128,769
- 83,510 - 425,000 26,743 - - 679,787
441,460	$ 2,148,810	$ 930,410	$ 1,728,605	$ 855,719	$ 188,325	$ 2,350,820	$ 27,531,420	$
25,834	$ 71,588	$ 324,493	$ 174,406	$ 68,419	$ -	$ 263	$ 937,524	$
- - - - - - - -
- 23,443 - - - - - 178,510
356,303 - - 124 - - 5,713 367,522
382,137 95,031 324,493 174,530 68,419 - 5,976 1,483,556
- 1,662,815 - - - - - 9,470,772
- - 592,665 - - - 1,050,000 1,642,665
- - - - - - - -
- 1,662,815 592,665 - - - 1,050,000 11,113,437
382,137 1,757,846 917,158 174,530 68,419 - 1,055,976 12,596,993
- - - - - - - 6,284,204
- - - - - - - 1,560,774
59,323 390,964 - - - - - 458,142
- - 13,252 - - - - 2,806,763
- - - 1,554,075 - - - 1,554,075
- - - - 787,300 - - 787,300
- - - - - - - -
- - - - - - 1,294,844 1,294,844
- - - - - 188,325 - 188,325
- - - - - - - -
- - - - - - - -
59,323 390,964 13,252 1,554,075 787,300 188,325 1,294,844 14,934,427
441,460	$ 2,148,810	$ 930,410	$ 1,728,605	$ 855,719	$ 188,325	$ 2,350,820	$ 27,531,420	$
Special Revenue
(This schedule is continued on the following pages.)
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Chicago Main Special Special Special Dempster-Dodge
Tax Service Service Service Tax
Increment Area Area Area Increment
District No. 6 No. 7 No. 8 District
Cash and equivalents 2,294,592	$ 327,348	$ 78,192	$ 35,644	$ 650,191	$
Investments - - - - -
Receivables
Property tax - 237,994 158,055 60,835 -
Loans - - - - -
Special assessments - - - - -
Leases - - - - -
Accrued interest - - - - -
Due from other governments - - - - -
Due from other funds - - - - -
TOTAL ASSETS 2,294,592	$ 565,342	$ 236,247	$ 96,479	$ 650,191	$
LIABILITIES
Vouchers payable 36,346	$ 311,116	$ 67,111	$ 29,127	$ 1,933	$
Interest payable - - - - -
Due to other governments - - - - -
Due to other funds 2,036,200 - - - -
Total liabilities 2,072,546 311,116 67,111 29,127 1,933
DEFERRED INFLOWS OF RESOURCES
Long-term notes receivable - - - - -
Unavailable revenue - property taxes - 220,000 154,800 60,200 -
Leases - - - - -
Total deferred inflows of resources - 220,000 154,800 60,200 -
Total liabilities and deferred inflows of resources 2,072,546 531,116 221,911 89,327 1,933
FUND BALANCES
Restricted for
Highway maintenance - - - - -
Emergency telephone system - - - - -
HUD approved projects - - - - -
Neighborhood improvements - 34,226 14,336 7,152 -
Reparations - - - - -
Sustainability - - - - -
Debt service 222,046 - - - 648,258
General assistance - - - - -
Capital improvements - - - - -
Assigned - - - - -
Unassigned (deficit) - - - - -
Total fund balances (deficit) 222,046 34,226 14,336 7,152 648,258
TOTAL LIABILITIES, DEFERRED INFLOWS
OF RESOURCES, AND FUND BALANCES 2,294,592	$ 565,342	$ 236,247	$ 96,479	$ 650,191	$
OF RESOURCES, AND FUND BALANCES
LIABILITIES, DEFERRED INFLOWS
Debt Service
ASSETS
CITY OF EVANSTON, ILLINOIS
COMBINING BALANCE SHEET (Continued)
NONMAJOR GOVERNMENTAL FUNDS
December 31, 2023
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Howard Ridge West Evanston Five-Fifths Total
Tax Tax Tax Total Total Nonmajor
Increment Increment Increment Debt Crown Crown Special Capital Governmental
District District District Service Construction Maintenance Assessment Projects Funds
1,876,101	$ 3,410,785	$ -	$ 8,672,853	$ 2,286,184	$ 665,041	$ 813,562	$ 3,764,787	$ 23,369,295	$
- - - - 2,541,230 - - 2,541,230 6,199,148
8,380 40,349 33,561 539,174 - - - - 2,201,693
- - - - - - - - 9,470,772
- - - - - - 835,099 835,099 835,099
354,880 - - 354,880 - - - - 354,880
205 - - 205 - - - - 205
- - - - - - - - 1,128,769
- - - - - - 28,167 28,167 707,954
2,239,566	$ 3,451,134	$ 33,561	$ 9,567,112	$ 4,827,414	$ 665,041	$ 1,676,828	$ 7,169,283	$ 44,267,815	$
61,811	$ 1,213,185	$ 133,140	$ 1,853,769	$ 11,308	$ -	$ 278,671	$ 289,979	$ 3,081,272	$
- - - - - - - - -
- - - - - - - - 178,510
- 20,915 37,810 2,094,925 12,000 - - 12,000 2,474,447
61,811 1,234,100 170,950 3,948,694 23,308 - 278,671 301,979 5,734,229
- - - - - - 835,099 835,099 10,305,871
- - - 435,000 - - - - 2,077,665
340,918 - - 340,918 - - - - 340,918
340,918 - - 775,918 - - 835,099 835,099 12,724,454
402,729 1,234,100 170,950 4,724,612 23,308 - 1,113,770 1,137,078 18,458,683
- - - - - - - - 6,284,204
- - - - - - - - 1,560,774
- - - - - - - - 458,142
- - - 55,714 - - 563,058 563,058 3,425,535
- - - - - - - - 1,554,075
- - - - - - - - 787,300
1,836,837 2,217,034 - 4,924,175 - - - - 4,924,175
- - - - - - - - 1,294,844
- - - - - - - - 188,325
- - - - 4,804,106 665,041 - 5,469,147 5,469,147
- - (137,389) (137,389) - - - - (137,389)
1,836,837 2,217,034 (137,389) 4,842,500 4,804,106 665,041 563,058 6,032,205 25,809,132
2,239,566	$ 3,451,134	$ 33,561	$ 9,567,112	$ 4,827,414	$ 665,041	$ 1,676,828	$ 7,169,283	$ 44,267,815	$
Capital Projects	Debt Service
(See independent auditor's report.)
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Emergency
Motor Fuel Telephone Neighborhood Affordable
Tax System Improvement Housing HOME
REVENUES
Taxes -	$ 1,714,128	$ -	$ 36,380	$ -	$
Special assessments - - - - -
Intergovernmental 3,371,349 - - 154,765 79,294
Fees - - - - -
Charges for services - - - - -
Investment income 286,401 26,676 590 135,022 641
Miscellaneous
Contributions - - - 325,000 -
Other - - - 4,583 25,227
Total revenues 3,657,750 1,740,804 590 655,750 105,162
EXPENDITURES
Current
General management and support - - - - -
Public safety - 1,574,398 - - -
Public works 2,831,512 - - - -
Housing and economic development - - - 487,487 104,159
Capital outlay - - - - -
Debt service
Interest and fiscal charges - - - - -
Total expenditures 2,831,512 1,574,398 - 487,487 104,159
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES 826,238 166,406 590 168,263 1,003
OTHER FINANCING SOURCES (USES)
Transfers in - - - - -
Transfers (out) - (90,000) - - -
Total other financing sources (uses) - (90,000) - - -
NET CHANGE IN FUND BALANCES 826,238 76,406 590 168,263 1,003
FUND BALANCES (DEFICIT), JANUARY 1 5,457,966 1,484,368 22,295 2,602,363 6,852
FUND BALANCES (DEFICIT), DECEMBER 31 6,284,204	$ 1,560,774	$ 22,885	$ 2,770,626	$ 7,855	$
Special Revenue
CITY OF EVANSTON, ILLINOIS
COMBINING STATEMENT OF REVENUES, EXPENDITURES,
AND CHANGES IN FUND BALANCES
NONMAJOR GOVERNMENTAL FUNDS
For the Year Ended December 31, 2023
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Special
Community Community Service Total
Development Development District Good General Special
Block Grant Loan No. 9 Reparations Sustainability Neighbor Assistance Revenue
-	$ -	$ 642,483	$ 3,000,000	$ -	$ -	$ 1,342,956	$ 6,735,947	$
- - - - - - - -
2,016,980 - - 100,000 - - - 5,722,388
- - - - 480,754 - - 480,754
- - - - - - - -
3,484 - 4,521 32,131 13,131 12,799 56,679 572,075
- - - 9,813 - - - 334,813
- 163,577 - - 276,566 - - 469,953
2,020,464 163,577 647,004 3,141,944 770,451 12,799 1,399,635 14,315,930
- - - 2,261,405 567,747 482,887 1,091,177 4,403,216
- - - - - - - 1,574,398
- - - - - - - 2,831,512
2,020,464 151,862 640,515 - - - - 3,404,487
- - - - - 75,000 - 75,000
- - - - - - - -
2,020,464 151,862 640,515 2,261,405 567,747 557,887 1,091,177 12,288,613
- 11,715 6,489 880,539 202,704 (545,088) 308,458 2,027,317
- - 206,750 425,000 200,004 - - 831,754
- - - - - - - (90,000)
- - 206,750 425,000 200,004 - - 741,754
- 11,715 213,239 1,305,539 402,708 (545,088) 308,458 2,769,071
59,323 379,249 (199,987) 248,536 384,592 733,413 986,386 12,165,356
59,323	$ 390,964	$ 13,252	$ 1,554,075	$ 787,300	$ 188,325	$ 1,294,844	$ 14,934,427	$
Special Revenue
(This schedule is continued on the following pages.)
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Chicago Main Special Special Special Dempster-Dodge
Tax Service Service Service Tax
Increment Area Area Area Increment
District No. 6 No. 7 No. 8 District
REVENUES
Taxes 1,161,052	$ 221,784	$ 144,281	$ 62,448	$ 442,730	$
Special assessments - - - - -
Intergovernmental - - - - -
Fees - - - - -
Charges for services - - - - -
Investment income 89,344 14,646 1,842 807 17,939
Miscellaneous
Contributions - - - - -
Other - - - - -
Total revenues 1,250,396 236,430 146,123 63,255 460,669
EXPENDITURES
Current
General management and support - - - - -
Public safety - - - - -
Public works - - - - -
Housing and economic development 2,450,672 206,759 144,223 60,632 10,943
Capital outlay - - - - -
Debt service
Interest and fiscal charges - - - - -
Total expenditures 2,450,672 206,759 144,223 60,632 10,943
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES (1,200,276) 29,671 1,900 2,623 449,726
OTHER FINANCING SOURCES (USES)
Transfers in - - - - -
Transfers (out) (271,356) - - - (174,480)
Total other financing sources (uses) (271,356) - - - (174,480)
NET CHANGE IN FUND BALANCES (1,471,632) 29,671 1,900 2,623 275,246
FUND BALANCES (DEFICIT), JANUARY 1 1,693,678 4,555 12,436 4,529 373,012
FUND BALANCES (DEFICIT), DECEMBER 31 222,046	$ 34,226	$ 14,336	$ 7,152	$ 648,258	$
Debt Service
CITY OF EVANSTON, ILLINOIS
COMBINING STATEMENT OF REVENUES, EXPENDITURES,
AND CHANGES IN FUND BALANCES (Continued)
NONMAJOR GOVERNMENTAL FUNDS
For the Year Ended December 31, 2023
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Howard Ridge West Evanston Five-Fifths Total
Tax Tax Tax Total Total Nonmajor
Increment Increment Increment Debt Crown Crown Special Capital Governmental
District District District Service Construction Maintenance Assessment Projects Funds
1,146,362	$ 1,919,815	$ 919,482	$ 6,017,954	$ -	$ -	$ -	$ -	$ 12,753,901	$
- - - - - - 186,037 186,037 186,037
- - - - - - - - 5,722,388
- - - - - - - - 480,754
- - - - - - - - -
95,621 115,922 - 336,121 261,785 - 71,192 332,977 1,241,173
- - - - 250,000 - - 250,000 584,813
43,639 - - 43,639 - - - - 513,592
1,285,622 2,035,737 919,482 6,397,714 511,785 - 257,229 769,014 21,482,658
- - - - - - 60 60 4,403,276
- - - - - - - - 1,574,398
- - - - 60 - - 60 2,831,572
1,157,963 2,207,700 920,970 7,159,862 - - - - 10,564,349
- - - - 67,950 - 681,611 749,561 824,561
- - - - - - - - -
1,157,963 2,207,700 920,970 7,159,862 68,010 - 681,671 749,681 20,198,156
127,659 (171,963) (1,488) (762,148) 443,775 - (424,442) 19,333 1,284,502
- - - - - 174,996 - 174,996 1,006,750
(395,916) (75,000) - (916,752) (945,000) - (455,352) (1,400,352) (2,407,104)
(395,916) (75,000) - (916,752) (945,000) 174,996 (455,352) (1,225,356) (1,400,354)
(268,257) (246,963) (1,488) (1,678,900) (501,225) 174,996 (879,794) (1,206,023) (115,852)
2,105,094 2,463,997 (135,901) 6,521,400 5,305,331 490,045 1,442,852 7,238,228 25,924,984
1,836,837	$ 2,217,034	$ (137,389)	$ 4,842,500	$ 4,804,106	$ 665,041	$ 563,058	$ 6,032,205	$ 25,809,132	$
Capital Projects	Debt Service
(See independent auditor's report.)
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Original and
Final Budget Actual Variance
REVENUES
Intergovernmental allotments 2,700,000	$ 3,371,349	$ 671,349	$
Investment income 12,000 286,401 274,401
Total revenues 2,712,000 3,657,750 945,750
EXPENDITURES
Public works 3,641,600 2,831,512 (810,088)
Total expenditures 3,641,600 2,831,512 (810,088)
NET CHANGE IN FUND BALANCE (929,600)	$ 826,238 1,755,838	$
FUND BALANCE, JANUARY 1 5,457,966
FUND BALANCE, DECEMBER 31 6,284,204	$
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, 2023
(See independent auditor's report.)
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Original and
Final Budget Actual Variance
REVENUES
Taxes and special assessments 1,400,000	$ 1,714,128	$ 314,128	$
Investment income 7,000 26,676 19,676
Total revenues 1,407,000 1,740,804 333,804
EXPENDITURES
Public safety 1,582,200 1,574,398 (7,802)
Debt service
Interest and fiscal charges - - -
Total expenditures 1,582,200 1,574,398 (7,802)
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES (175,200) 166,406 341,606
OTHER FINANCING SOURCES (USES)
Transfers (out) (90,000) (90,000) -
NET CHANGE IN FUND BALANCE (265,200)	$ 76,406 341,606	$
FUND BALANCE, JANUARY 1 1,484,368
FUND BALANCE, DECEMBER 31 1,560,774	$
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, 2023
(See independent auditor's report.)
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Original Final
Budget Budget Actual Variance
REVENUES
Affordable housing demo tax 50,000	$ 50,000	$ 36,380	$ (13,620)	$
Intergovernmental 145,000 145,000 154,765 9,765
Developer contributions 125,000 125,000 325,000 200,000
Investment income 4,500 4,500 135,022 130,522
Miscellaneous 5,600 5,600 4,583 (1,017)
Total revenues 330,100 330,100 655,750 325,650
EXPENDITURES
Housing and economic development 1,926,626 926,626 487,487 (439,139)
Total expenditures 1,926,626 926,626 487,487 (439,139)
NET CHANGE IN FUND BALANCE (1,596,526)	$ (596,526)	$ 168,263 764,789	$
FUND BALANCE, JANUARY 1 2,602,363
FUND BALANCE, DECEMBER 31 2,770,626	$
AFFORDABLE HOUSING FUND
For the Year Ended December 31, 2023
SCHEDULE OF REVENUES, EXPENDITURES, AND
CHANGES IN FUND BALANCE - BUDGET AND ACTUAL
CITY OF EVANSTON, ILLINOIS
(See independent auditor's report.)
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-- 166 of 223 --

Original and
Final Budget Actual Variance
REVENUES
Intergovernmental allotments 650,000	$ 79,294	$ (570,706)	$
Investment income 150 641 491
Miscellaneous 25,000 25,227 227
Total revenues 675,150 105,162 (569,988)
EXPENDITURES
Housing and economic development 654,838 104,159 (550,679)
Total expenditures 654,838 104,159 (550,679)
NET CHANGE IN FUND BALANCE 20,312	$ 1,003 (19,309)	$
FUND BALANCE, JANUARY 1 6,852
FUND BALANCE, DECEMBER 31 7,855	$
CITY OF EVANSTON, ILLINOIS
SCHEDULE OF REVENUES, EXPENDITURES, AND
CHANGES IN FUND BALANCE - BUDGET AND ACTUAL
HOME FUND
For the Year Ended December 31, 2023
(See independent auditor's report.)
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-- 167 of 223 --

Original and
Final Budget Actual Variance
REVENUES
Intergovernmental allotments
Grant from U.S. Department of
Housing and Urban Development 3,629,000	$ 2,016,980	$ (1,612,020)	$
Investment income - 3,484 3,484
Total revenues 3,629,000 2,020,464 (1,608,536)
EXPENDITURES
Housing and economic development 3,661,035 2,020,464 (1,640,571)
Total expenditures 3,661,035 2,020,464 (1,640,571)
NET CHANGE IN FUND BALANCE (32,035)	$ - 32,035	$
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, 2023
(See independent auditor's report.)
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-- 168 of 223 --

Original and
Final Budget Actual Variance
Administration/Planning
CDBG administration 3,530,058	$ 358,194	$ (3,171,864)	$
Total administration/planning 3,530,058 358,194 (3,171,864)
Housing
Rehab construction administration 55,977 77,753 21,776
Targeted housing code enforcement - 326,619 326,619
Total housing 55,977 404,372 348,395
Neighborhood Revitalization
Alley paving program - 433,234 433,234
Curbs/sidewalk replacement - 222,500 222,500
Twiggs park - 75,258 75,258
Special assessments - alley - 6,847 6,847
Total neighborhood revitalization - 737,839 737,839
Public Services
Interfaith Action Council - 40,000 40,000
Connection for Homeless - 211,263 211,263
Summer youth employment - 9,679 9,679
Childcare Network Evanston - - -
James Moran Center - 60,000 60,000
YWCA Domestic Violence - 17,500 17,500
Interfaith Housing Program - Homeshare - 20,000 20,000
Family Focus - 26,617 26,617
Books and Breakfast - 20,000 20,000
Connections for Homeless - 100,000 100,000
Direct financial assistance to businesses 75,000 15,000 (60,000)
Total public services 75,000 520,059 445,059
TOTAL EXPENDITURES 3,661,035	$ 2,020,464	$ (1,640,571)	$
CITY OF EVANSTON, ILLINOIS
SCHEDULE OF EXPENDITURES - BUDGET AND ACTUAL (BUDGETARY BASIS)
COMMUNITY DEVELOPMENT BLOCK GRANT FUND
For the Year Ended December 31, 2023
(See independent auditor's report.)
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Original and
Final Budget Actual Variance
REVENUES
Miscellaneous 100,000	$ 163,577	$ 63,577	$
Total revenues 100,000 163,577 63,577
EXPENDITURES
Housing and economic development 325,000 151,862 (173,138)
Total expenditures 325,000 151,862 (173,138)
NET CHANGE IN FUND BALANCE (225,000)	$ 11,715 236,715	$
FUND BALANCE, JANUARY 1 379,249
FUND BALANCE, DECEMBER 31 390,964	$
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, 2023
(See independent auditor's report.)
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-- 170 of 223 --

Original Final
Budget Budget Actual Variance
REVENUES
Property taxes
Current year 595,000	$ 595,000	$ 642,483	$ 47,483	$
Investment income - - 4,521 4,521
Total revenues 595,000 595,000 647,004 52,004
EXPENDITURES
Housing and economic development 575,000 640,515 640,515 -
Total expenditures 575,000 640,515 640,515 -
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES 20,000 (45,515) 6,489 52,004
OTHER FINANCING SOURCES (USES)
Transfers in 206,750 206,750 206,750 -
Total other financing sources (uses) 206,750 206,750 206,750 -
NET CHANGE IN FUND BALANCE 226,750	$ 161,235	$ 213,239 -	$
FUND BALANCE (DEFICIT), JANUARY 1 (199,987)
FUND BALANCE, DECEMBER 31 13,252	$
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, 2023
(See independent auditor's report.)
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Original and
Final Budget Actual Variance
REVENUES
Taxes 3,400,000	$ 3,000,000	$ (400,000)	$
Intergovernmental - 100,000 100,000
Miscellaneous
Contributions - 9,813 9,813
Investment income - 32,131 32,131
Total revenues 3,400,000 3,141,944 (258,056)
EXPENDITURES
General management and support 3,400,000 2,261,405 (1,138,595)
Total expenditures 3,400,000 2,261,405 (1,138,595)
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES - 880,539 880,539
OTHER FINANCING SOURCES (USES)
Transfers in - 425,000 425,000
Total other financing sources (uses) - 425,000 425,000
NET CHANGE IN FUND BALANCE -	$ 1,305,539 1,305,539	$
FUND BALANCE, JANUARY 1 248,536
FUND BALANCE, DECEMBER 31 1,554,075	$
SCHEDULE OF REVENUES, EXPENDITURES, AND
CHANGES IN FUND BALANCE - BUDGET AND ACTUAL
CITY OF EVANSTON, ILLINOIS
For the Year Ended December 31, 2023
REPARATIONS FUND
(See independent auditor's report.)
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Original and
Final Budget Actual Variance
REVENUES
Fees 500,000	$ 480,754	$ (19,246)	$
Investment income - 13,131 13,131
Miscellaneous 500,000 276,566 (223,434)
Total revenues 1,000,000 770,451 (229,549)
EXPENDITURES
General management and support 802,893 567,747 (235,146)
Total expenditures 802,893 567,747 (235,146)
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES 197,107 202,704 5,597
OTHER FINANCING SOURCES (USES)
Transfers in 200,000 200,004 4
Total other financing sources (uses) 200,000 200,004 4
NET CHANGE IN FUND BALANCE 397,107	$ 402,708 5,601	$
FUND BALANCE, JANUARY 1 384,592
FUND BALANCE, DECEMBER 31 787,300	$
CITY OF EVANSTON, ILLINOIS
SCHEDULE OF REVENUES, EXPENDITURES, AND
CHANGES IN FUND BALANCE - BUDGET AND ACTUAL
SUSTAINABILITY FUND
For the Year Ended December 31, 2023
(See independent auditor's report.)
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-- 173 of 223 --

Original Budget Final Budget Actual Variance
REVENUES
Investment income -	$ -	$ 12,799	$ 12,799	$
Total revenues - - 12,799 12,799
EXPENDITURES
General management and support - 472,887 482,887 10,000
Capital outlay - - 75,000 75,000
Total expenditures - 472,887 557,887 85,000
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES - (472,887) (545,088) (72,201)
OTHER FINANCING SOURCES (USES)
Transfers (out) (85,000) (85,000) - 85,000
Total other financing sources (uses) (85,000) (85,000) - 85,000
NET CHANGE IN FUND BALANCE (85,000)	$ (557,887)	$ (545,088) 12,799	$
FUND BALANCE, JANUARY 1 733,413
FUND BALANCE, DECEMBER 31 188,325	$
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, 2023
(See independent auditor's report.)
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Original and
Final Budget Actual Variance
REVENUES
Property taxes 1,300,000	$ 1,342,956	$ 42,956	$
Investment income 1,000 56,679 55,679
Miscellaneous 27,500 - (27,500)
Total revenues 1,328,500 1,399,635 71,135
EXPENDITURES
General management and support 1,360,220 1,091,177 (269,043)
Total expenditures 1,360,220 1,091,177 (269,043)
NET CHANGE IN FUND BALANCE (31,720)	$ 308,458 340,178	$
FUND BALANCE, JANUARY 1 986,386
FUND BALANCE, DECEMBER 31 1,294,844	$
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, 2023
(See independent auditor's report.)
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-- 175 of 223 --

Original and
Final Budget Actual Variance
REVENUES
Investment income 10,000	$ 261,785	$ 251,785	$
Miscellaneous
Contributions 1,000,000 250,000 (750,000)
Total revenues 1,010,000 511,785 (498,215)
EXPENDITURES
Public works - 60 60
Capital outlay 200,000 67,950 (132,050)
Total expenditures 200,000 68,010 (131,990)
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES 810,000 443,775 (366,225)
OTHER FINANCING SOURCES (USES)
Transfers (out) (945,000) (945,000) -
Total other financing sources (uses) (945,000) (945,000) -
NET CHANGE IN FUND BALANCE (135,000)	$ (501,225) (366,225)	$
FUND BALANCE, JANUARY 1 5,305,331
FUND BALANCE, DECEMBER 31 4,804,106	$
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, 2023
(See independent auditor's report.)
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-- 176 of 223 --

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 1 490,045
FUND BALANCE, DECEMBER 31 665,041	$
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, 2023
(See independent auditor's report.)
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-- 177 of 223 --

Original and
Final Budget Actual Variance
REVENUES
Special assessments 155,000	$ 186,037	$ 31,037	$
Investment income - 71,192 71,192
Total revenues 155,000 257,229 102,229
EXPENDITURES
Current
General management and support - 60 60
Capital outlay 681,671 681,611 (60)
Total expenditures 681,671 681,671 -
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES (526,671) (424,442) 102,229
OTHER FINANCING SOURCES (USES)
Transfers (out) (455,360) (455,352) 8
Total other financing sources (uses) (455,360) (455,352) 8
NET CHANGE IN FUND BALANCE (982,031)	$ (879,794) 102,237	$
FUND BALANCE, JANUARY 1 1,442,852
FUND BALANCE, DECEMBER 31 563,058	$
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, 2023
(See independent auditor's report.)
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Original Final Original Final
Budget Budget Actual Budget Budget Actual
Taxes
Property taxes 1,000,000	$ 1,000,000	$ 1,161,052	$ 221,000	$ 221,000	$ 221,784	$
Investment income - - 89,344 250 250 14,646
Miscellaneous - - - - - -
Total revenues 1,000,000 1,000,000.00 1,250,396 221,250 221,250.00 236,430
Housing and economic
development 2,724,000 2,724,000 2,450,672 220,000 220,000 206,759
Total expenditures 2,724,000 2,724,000 2,450,672 220,000 220,000 206,759
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES (1,724,000) (1,724,000) (1,200,276) 1,250 1,250 29,671
Transfers in (out)
General (30,000) (30,000) (30,000) - - -
Other (241,355) (241,355) (241,356) - - -
Total other financing sources (uses) (271,355) (271,355) (271,356) - - -
NET CHANGE IN FUND BALANCE (1,995,355)	$ (1,995,355)	$ (1,471,632) 1,250	$ 1,250	$ 29,671
FUND BALANCE (DEFICIT), JANUARY 1 1,693,678 4,555
FUND BALANCE (DEFICIT), DECEMBER 31 222,046	$ 34,226	$
Increment District
Chicago Main Tax Special Service Area
No. 6
OTHER FINANCING SOURCES (USES)
EXPENDITURES
REVENUES
CITY OF EVANSTON, ILLINOIS
COMBINING SCHEDULE OF REVENUES, EXPENDITURES, AND
DEBT SERVICE FUNDS
For the Year Ended December 31, 2023
CHANGES IN FUND BALANCES - BUDGET AND ACTUAL
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Original Final Original Final Original Final
Budget Budget Actual Budget Budget Actual Budget Budget Actual
142,000	$ 142,000	$ 144,281	$ 60,200	$ 60,200	$ 62,448	$ 180,000	$ 180,000	$ 442,730	$
200 200 1,842 - - 807 1,000 1,000 17,939
- - - - - - - - -
142,200 142,200.00 146,123 60,200 60,200.00 63,255 181,000 181,000.00 460,669
140,000 144,223 144,223 60,200 60,632 60,632 2,000 10,943 10,943
140,000 144,223 144,223 60,200 60,632 60,632 2,000 10,943 10,943
2,200 (2,023) 1,900 - (432) 2,623 179,000 170,057 449,726
- - - - - - (10,000) (10,000) (9,996)
- - - - - - (164,483) (164,483) (164,484)
- - - - - - (174,483) (174,483) (174,480)
2,200	$ (2,023)	$ 1,900 -	$ (432)	$ 2,623 4,517	$ (4,426)	$ 275,246
12,436 4,529 373,012
14,336	$ 7,152	$ 648,258	$
Special Service Area
No. 7
Special Service Area
No. 8
Dempster-Dodge Tax
Increment District
(This schedule is continued on the following pages.)
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Original Final Original Final
Budget Budget Actual Budget Budget Actual
Taxes
Property taxes 1,100,000	$ 1,100,000	$ 1,146,362	$ 1,450,000	$ 1,450,000	$ 1,919,815	$
Investment income 10,000 10,000 95,621 5,000 5,000 115,922
Miscellaneous 5,000 5,000 43,639 10,000 10,000 -
Total revenues 1,115,000 1,115,000 1,285,622 1,465,000 1,465,000 2,035,737
Housing and economic
development 1,035,000 1,157,966 1,157,963 3,865,000 3,865,000 2,207,700
Total expenditures 1,035,000 1,157,966 1,157,963 3,865,000 3,865,000 2,207,700
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES 80,000 (42,966) 127,659 (2,400,000) (2,400,000) (171,963)
Transfers in (out)
General (75,000) (75,000) (75,000) (75,000) (75,000) (75,000)
Other (320,913) (320,913) (320,916) - - -
Total other financing sources (uses) (395,913) (395,913) (395,916) (75,000) (75,000) (75,000)
NET CHANGE IN FUND BALANCE (315,913)	$ (438,879)	$ (268,257) (2,475,000)	$ (2,475,000)	$ (246,963)
FUND BALANCE (DEFICIT), JANUARY 1 2,105,094 2,463,997
FUND BALANCE (DEFICIT), DECEMBER 31 1,836,837	$ 2,217,034	$
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, 2023
West Evanston Tax
Increment District
Howard Ridge Tax
Increment District
REVENUES
EXPENDITURES
OTHER FINANCING SOURCES (USES)
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Original Final Original Final
Budget Budget Actual Budget Budget Actual
-	$ -	$ 919,482	$ 4,153,200	$ 4,153,200	$ 6,017,954	$
- - - 16,450 16,450 336,121
- - - 15,000 15,000 43,639
- - 919,482 4,184,650 4,184,650 6,397,714
100,000 920,970 920,970 8,146,200 9,103,734 7,159,862
100,000 920,970 920,970 8,146,200 9,103,734 7,159,862
(100,000) (920,970) (1,488) (3,961,550) (4,919,084) (762,148)
- - - (190,000) (190,000) (189,996)
- - - (726,751) (726,751) (726,756)
- - - (916,751) (916,751) (916,752)
(100,000)	$ (920,970)	$ (1,488) (4,878,301)	$ (5,835,835)	$ (1,678,900)
(135,901) 6,521,400
(137,389)	$ 4,842,500	$
Five Fifths Tax
Increment District Total
(See independent auditor's report.)
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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.

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Original and
Final Budget Actual
OPERATING REVENUES
Charges for services 24,092,234.00	$ 22,853,411	$
Miscellaneous 540,650 826,241
Total operating revenues 24,632,884 23,679,652
OPERATING EXPENSES EXCLUDING DEPRECIATION
Administration 2,242,896 2,033,258
Operations
Pumping 2,991,693 3,153,356
Filtration 3,464,368 2,902,666
Distribution 2,280,400 1,789,017
Meter maintenance 461,382 345,659
Administration 1,346,764 954,188
Other 15,272,382 1,366,202
Total operating expenses excluding depreciation 28,059,885 12,544,346
OPERATING INCOME (LOSS) BEFORE DEPRECIATION (3,427,001) 11,135,306
Depreciation - 3,560,735
OPERATING INCOME (LOSS) (3,427,001) 7,574,571
NON-OPERATING REVENUES (EXPENSES)
Investment income 70,000 387,878
Interest expense (4,072,486) (1,351,812)
Claims reimbursements - -
Gain (loss) on disposal of capital assets - (25,506)
Issuance of bonds 4,933,000 -
Issuance of loans 45,902,000 -
Total non-operating revenues (expenses) 46,832,514 (989,440)
INCOME BEFORE TRANSFERS
AND CONTRIBUTIONS 43,405,513 6,585,131
TRANSFERS AND CONTRIBUTIONS
Transfers in - 137,792
Transfers (out) (4,049,559) (4,049,568)
Contributions - 1,174,988
Total transfers and contributions (4,049,559) (2,736,788)
NET INCOME 39,355,954	$ 3,848,343
NET POSITION, JANUARY 1 86,141,550
NET POSITION, DECEMBER 31 89,989,893	$
CITY OF EVANSTON, ILLINOIS
SCHEDULE OF REVENUES, EXPENSES, AND
CHANGES IN NET POSITION - BUDGET AND ACTUAL
WATER FUND
For the Year Ended December 31, 2023
(See independent auditor's report.)
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Original and
Final Budget Actual
CHARGES FOR SERVICES, NET
Water Sales
Evanston 10,292,856	$ 9,634,189	$
Skokie 4,028,342 3,495,675
Northwest Water Commission 6,373,899 6,825,485
Morton Grove Niles Water Commission 2,364,095 1,933,664
Lincolnwood 1,033,042 964,398
Total charges for services 24,092,234 22,853,411
MISCELLANEOUS
Fees and outside work 85,000 194,363
Fees, merchandise, and other 455,650 631,878
Total miscellaneous 540,650 826,241
TOTAL OPERATING REVENUES 24,632,884	$ 23,679,652	$
CITY OF EVANSTON, ILLINOIS
SCHEDULE OF OPERATING REVENUES - BUDGET AND ACTUAL
OPERATION AND MAINTENANCE ACCOUNT
For the Year Ended December 31, 2023
WATER FUND
(See independent auditor's report.)
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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.

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Equipment Fleet
Replacement Services Insurance Total
CURRENT ASSETS
Cash and cash equivalents 1,092,697	$ -	$ 531,453	$ 1,624,150	$
Inventories - 1,744,318 - 1,744,318
Prepaid items 2,194,480 - 3,834,793 6,029,273
Due from other funds 211,129 46,051 2,698,403 2,955,583
Total current assets 3,498,306 1,790,369 7,064,649 12,353,324
CAPITAL ASSETS
Capital assets being depreciated 27,929,501 617,552 - 28,547,053
Accumulated depreciation (19,929,931) (617,447) - (20,547,378)
Total capital assets 7,999,570 105 - 7,999,675
Total assets 11,497,876 1,790,474 7,064,649 20,352,999
DEFERRED OUTFLOWS OF RESOUCES
OPEB items - 19,678 - 19,678
Total deferred outflows of resources - 19,678 - 19,678
Total assets and deferred outflows of resources 11,497,876 1,810,152 7,064,649 20,372,677
CURRENT LIABILITIES
Vouchers payable 365,130 196,194 188,768 750,092
Due to other funds - - - -
Compensated absences payable - 18,222 - 18,222
Total OPEB liability - 3,870 - 3,870
Claims payable - - 621,750 621,750
Total current liabilities 365,130 218,286 810,518 1,393,934
LONG-TERM LIABILITIES
General obligation bonds payable 660,000 - - 660,000
Compensated absences payable - 72,889 - 72,889
Total OPEB liability - 112,113 - 112,113
Claims payable - - 2,963,999 2,963,999
Total long-term liabilities 660,000 185,002 2,963,999 3,809,001
Total liabilities 1,025,130 403,288 3,774,517 5,202,935
DEFERRED INFLOWS OF RESOURCES
OPEB items - 25,239 - 25,239
Total deferred inflows of resources - 25,239 - 25,239
Total liabilities and deferred inflows of resources 1,025,130 428,527 3,774,517 5,228,174
NET POSITION
Net investment in capital assets 7,022,767 105 - 7,022,872
Unrestricted 3,449,979 1,381,520 3,290,132 8,121,631
TOTAL NET POSITION 10,472,746	$ 1,381,625	$ 3,290,132	$ 15,144,503	$
CITY OF EVANSTON, ILLINOIS
COMBINING STATEMENT OF NET POSITION
INTERNAL SERVICE FUNDS
December 31, 2023
(See independent auditor's report.)
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Equipment Fleet
Replacement Services Insurance Total
OPERATING REVENUES
Charges for services
General Fund 750,000	$ 2,316,996	$ 3,780,000	$ 6,846,996	$
Sewer Fund - 260,004 369,804 629,808
Solid Waste - 321,996 - 321,996
Water Fund - 180,000 1,665,132 1,845,132
Motor Vehicle Parking System Fund - 159,996 369,072 529,068
Library Fund 4,884 5,436 - 10,320
Emergency Telephone System - - 19,140 19,140
Claims reimbursements - - 442,229 442,229
Health insurance contributions
Contributions from other funds - - 10,892,617 10,892,617
Employee contributions - - 3,489,611 3,489,611
Other contributions - 20,269 592,812 613,081
Miscellaneous - 10,590 - 10,590
Total operating revenues 754,884 3,275,287 21,620,417 25,650,588
OPERATING EXPENSES
General support - 1,549,916 43,905 1,593,821
Major maintenance 319 2,587,805 - 2,588,124
General liability claims - - 3,233,225 3,233,225
Workers' compensation claims - - 1,353,807 1,353,807
Health insurance premiums - - 14,561,202 14,561,202
Total operating expenses 319 4,137,721 19,192,139 23,330,179
OPERATING INCOME (LOSS)
BEFORE DEPRECIATION 754,565 (862,434) 2,428,278 2,320,409
Depreciation 1,596,479 - - 1,596,479
OPERATING INCOME (LOSS) (841,914) (862,434) 2,428,278 723,930
NON-OPERATING REVENUES (EXPENSES)
Investment income 15,399 - 9,051 24,450
Gain (loss) on sale of property 238,503 - - 238,503
Total non-operating revenues (expenses) 253,902 - 9,051 262,953
INCOME (LOSS) BEFORE TRANSFERS (588,012) (862,434) 2,437,329 986,883
TRANSFERS
Transfers in 1,737,001 1,900,000 3,000,000 6,637,001
Total transfers 1,737,001 1,900,000 3,000,000 6,637,001
CHANGE IN NET POSITION 1,148,989 1,037,566 5,437,329 7,623,884
NET POSITION (DEFICIT), JANUARY 1 9,323,757 344,059 (2,147,197) 7,520,619
NET POSITION, DECEMBER 31 10,472,746	$ 1,381,625	$ 3,290,132	$ 15,144,503	$
CITY OF EVANSTON, ILLINOIS
COMBINING STATEMENT OF REVENUES, EXPENSES,
INTERNAL SERVICE FUNDS
For the Year Ended December 31, 2023
AND CHANGES IN NET POSITION
(See independent auditor's report.)
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Equipment Fleet
Replacement Services Insurance Total
CASH FLOWS FROM OPERATING ACTIVITIES
Receipts from customers and users -	$ -	$ 3,931,840	$ 3,931,840	$
Receipts from (payments for)
Interfund services provided 754,884 3,255,018 17,095,765 21,105,667
Receipts from other agencies 4,994 20,269 592,812 618,075
Payments to suppliers (302,231) (2,595,484) (43,905) (2,941,620)
Payments to employees - (1,535,707) (3,233,225) (4,768,932)
Payments for insurance premiums - - (15,915,273) (15,915,273)
Net cash from operating activities 457,647 (855,904) 2,428,014 2,029,757
CASH FLOWS FROM NONCAPITAL
FINANCING ACTIVITIES
Interfund transfers 1,737,001 1,900,000 3,000,000 6,637,001
Interfund activity (90,996) (1,044,096) (4,975,612) (6,110,704)
Net cash from noncapital
financing activities 1,646,005 855,904 (1,975,612) 526,297
CASH FLOWS FROM CAPITAL AND
RELATED FINANCING ACTIVITIES
Proceeds from sale of capital assets 255,552 - - 255,552
Acquisition and construction of capital assets (2,339,743) - - (2,339,743)
Net cash from capital and
related financing activities (2,084,191) - - (2,084,191)
CASH FLOWS FROM INVESTING
ACTIVITIES
Interest income 15,399 - 9,051 24,450
Net cash from investing activities 15,399 - 9,051 24,450
NET INCREASE IN CASH AND
CASH EQUIVALENTS 34,860 - 461,453 496,313
CASH AND CASH EQUIVALENTS, JANUARY 1 1,057,837 - 70,000 1,127,837
CASH AND CASH EQUIVALENTS, DECEMBER 31 1,092,697	$ -	$ 531,453	$ 1,624,150	$
RECONCILIATION OF OPERATING INCOME (LOSS)
TO NET CASH FLOWS FROM OPERATING ACTIVITIES
Operating income (loss) (841,914)	$ (862,434)	$ 2,428,278	$ 723,930	$
Adjustments to reconcile operating income (loss) to
Net cash from operating activities
Depreciation 1,596,479 - - 1,596,479
Changes in assets and liabilities
Increase (decrease) in accounts receivable miscellaneous 4,994 - - 4,994
Prepaid expenses (362,613) - 483,170 120,557
Inventories - (4,828) - (4,828)
Compensated absences - 5,297 - 5,297
OPEB items - 8,912 - 8,912
Vouchers payable 60,701 (2,851) 68,059 125,909
Claims payable - - (551,493) (551,493)
NET CASH FROM OPERATING ACTIVITIES 457,647	$ (855,904)	$ 2,428,014	$ 2,029,757	$
CITY OF EVANSTON, ILLINOIS
COMBINING STATEMENT OF CASH FLOWS
INTERNAL SERVICE FUNDS
For the Year Ended December 31, 2023
(This schedule is continued on the following page.)
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Equipment Fleet
Replacement Services Insurance Total
NONCASH INVESTING, CAPITAL, AND RELATED
FINANCING ACTIVITIES
Capital assets acquired through vouchers
and retainage payable 316,803	$ -	$ -	$ 316,803	$
Loss on sale of capital assets (17,049) - - (17,049)
INTERNAL SERVICE FUNDS
For the Year Ended December 31, 2023
CITY OF EVANSTON, ILLINOIS
COMBINING STATEMENT OF CASH FLOWS (Continued)
(See independent auditor's report.)
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COMPONENT UNIT - PUBLIC LIBRARY

-- 191 of 223 --

Permanent Capital
Operating Endowment Improvement
ASSETS
Cash and investments 4,164,568	$ 4,453,815	$ -	$
Property taxes receivable 8,326,631 - -
Other receivables - - -
Due from primary government 185,510 - -
Due from other funds 488,514 - -
Net pension asset - IMRF - - -
Capital assets not being depreciated - - -
Capital assets net of accumulated depreciation - - -
Total assets 13,165,223 4,453,815 -
DEFERRED OUTFLOWS OF RESOURCES
Pension items - IMRF - - -
OPEB items - - -
Total deferred outflows of resources - - -
Total assets and deferred outflows of resources 13,165,223	$ 4,453,815	$ -	$
LIABILITIES
Current liabilities
Accounts payable 124,788	$ -	$ -	$
Accrued interest - - -
Due to other funds - - 488,514
Total current liabilities 124,788 - 488,514
Noncurrent liabilities
Due within one year - - -
Due in more than one year - - -
Total noncurrent liabilities - - -
Total liabilities 124,788 - 488,514
DEFERRED OUTFLOWS OF RESOURCES
Pension items - IMRF - - -
OPEB items - - -
Unavailable property taxes 8,213,664 - -
Total deferred inflows of resources 8,213,664 - -
Total liabilities and deferred inflows of resources 8,338,452 - 488,514
FUND BALANCES/NET POSITION
Net investment in capital assets - - -
Restricted for pensions - - -
Restricted for debt service - - -
Restricted for endowment - 4,453,815 -
Unassigned/unrestricted (deficit) 4,826,771 - (488,514)
Total fund balances (deficit)/net position 4,826,771 4,453,815 (488,514)
TOTAL FUND BALANCE/NET POSITION 13,165,223	$ 4,453,815	$ -	$
CITY OF EVANSTON LIBRARY COMPONENT UNIT
EVANSTON, ILLINOIS
STATEMENT OF NET POSITION AND COMBINING BALANCE SHEET
December 31, 2023
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Statement of
Debt Service Total Adjustments Net Position
-	$ 8,618,383	$ -	$ 8,618,383	$
574,677 8,901,308 - 8,901,308
- - - -
2,781 188,291 - 188,291
- 488,514 (488,514) -
- - - -
- - 311,380 311,380
- - 10,491,351 10,491,351
577,458 18,196,496 10,314,217 28,510,713
- - 2,519,160 2,519,160
- - 58,046 58,046
- - 2,577,206 2,577,206
577,458	$ 18,196,496	$ 12,891,423	$ 31,087,919	$
-	$ 124,788	$ -	$ 124,788	$
- - 18,440 18,440
- 488,514 (488,514) -
- 613,302 (470,074) 143,228
- - 451,180 451,180
- - 6,963,814 6,963,814
- - 7,414,994 7,414,994
- 613,302 6,944,920 7,558,222
- - 94,987 94,987
- - 74,447 74,447
574,677 8,788,341 - 8,788,341
574,677 8,788,341 169,434 8,957,775
574,677 9,401,643 7,114,354 16,515,997
- - 4,081,234 4,081,234
- - - -
2,781 2,781 - 2,781
- 4,453,815 - 4,453,815
- 4,338,257 1,695,835 6,034,092
2,781 8,794,853 5,777,069 14,571,922
577,458	$ 18,196,496	$ 12,891,423	$ 31,087,919	$
(See independent auditor's report.)
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-- 193 of 223 --

Permanent Capital
Operating Endowment Improvement
REVENUES
Property taxes 7,745,736	$ -	$ -	$
Intergovernmental
Grant revenue 250,451 - -
Charges for services 49,269 - -
Fines and forfeits - - -
Other
Investment income 262,236 512,751 -
Donations 394,709 - -
Miscellaneous 4,867 - -
Total revenues 8,707,268 512,751 -
EXPENDITURES
Current
Community services 8,057,563 - -
Capital outlay - - 1,192,903
Debt service
Payment primary government - - -
Principal - - -
Interest and fiscal charges - - -
Total expenditures 8,057,563 - 1,192,903
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES 649,705 512,751 (1,192,903)
OTHER FINANCING SOURCES (USES)
Transfer in 166,460 - -
Transfer (out) - (166,460) -
Total other financing sources (uses) 166,460 (166,460) -
NET CHANGE IN FUND BALANCE 816,165 346,291 (1,192,903)
FUND BALANCE/NET POSITION, JANUARY 1 4,010,606 4,107,524 704,389
FUND BALANCE (DEFICIT)/NET POSITION, DECEMBER 31 4,826,771	$ 4,453,815	$ (488,514)	$
STATEMENT OF ACTIVITIES AND COMBINING STATEMENT OF
REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE
GOVERNMENTAL FUND
For the Year Ended December 31, 2023
CITY OF EVANSTON LIBRARY COMPONENT UNIT
EVANSTON, ILLINOIS
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Statement of
Debt Service Total Adjustments Activities
507,912	$ 8,253,648	$ -	$ 8,253,648	$
- 250,451 - 250,451
- 49,269 - 49,269
- - - -
- 774,987 - 774,987
- 394,709 - 394,709
- 4,867 - 4,867
507,912 9,727,931 - 9,727,931
- 8,057,563 1,065,349 9,122,912
- 1,192,903 (1,192,903) -
- - - -
275,730 275,730 (275,730) -
232,183 232,183 (33,898) 198,285
507,913 9,758,379 (437,182) 9,321,197
(1) (30,448) 437,182 406,734
- 166,460 (166,460) -
- (166,460) 166,460 -
- - - -
(1) (30,448) 437,182 406,734
2,782 8,825,301 5,339,887 14,165,188
2,781	$ 8,794,853	$ 5,777,069	$ 14,571,922	$
(See independent auditor's report.)
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-- 195 of 223 --

Original and
Final Budget Actual Variance
Taxes
Property taxes 7,535,472	$ 7,745,736	$ 210,264	$
Intergovernmental
Grant revenue 331,866 250,451 (81,415)
Charges for services 33,394 49,269 15,875
Other
Investment income 21,600 262,236 240,636
Donations 400,000 394,709 (5,291)
Miscellaneous 5,400 4,867 (533)
Total revenues 8,327,732 8,707,268 379,536
General management and support 8,948,042 8,057,563 (890,479)
Debt service
Interest and fiscal charges - - -
Total expenditures 8,948,042 8,057,563 (890,479)
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES (620,310) 649,705 1,270,015
Transfers in 250,000 166,460 (83,540)
Total other financing sources (uses) 250,000 166,460 (83,540)
NET CHANGE IN FUND BALANCE (370,310)	$ 816,165 1,186,475	$
FUND BALANCE, JANUARY 1 4,010,606
FUND BALANCE, DECEMBER 31 4,826,771	$
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, 2023
(See independent auditor's report.)
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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. 157-166
Revenue Capacity
These schedules contain information to help the reader assess the City’s
most significant local revenue source, the property tax. 167-169
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. 170-174
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.

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Fiscal Year 2014 2015* 2016 2017
GOVERNMENTAL ACTIVITIES
Net investment in capital assets 46,633	$ 47,953	$ 51,588	$ 51,575	$
Restricted 25,446 16,409 18,523 11,990
Unrestricted (11,436) (136,007) (170,270) (164,614)
TOTAL GOVERNMENTAL ACTIVITIES 60,643	$ (71,645)	$ (100,159)	$ (101,049)	$
BUSINESS-TYPE ACTIVITIES
Net investment in capital assets 246,382	$ 255,622	$ 268,851	$ 278,446	$
Restricted 649 - - -
Unrestricted 23,563 22,785 18,928 14,249
TOTAL BUSINESS-TYPE ACTIVITIES 270,594	$ 278,407	$ 287,779	$ 292,695	$
PRIMARY GOVERNMENT
Net investment in capital assets 293,015	$ 303,575	$ 320,439	$ 330,021	$
Restricted 26,095 16,409 18,523 11,990
Unrestricted 12,127 (113,222) (151,342) (150,365)
TOTAL PRIMARY GOVERNMENT 331,237	$ 206,762	$ 187,620	$ 191,646	$
Data Source
City Finance Division
**The City implemented GASB Statement No. 75 which resulted in a decrease in unrestricted net position.
*The City implemented GASB Statement No. 68 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)
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2018** 2019 2020 2021 2022 2023
52,536	$ 53,784	$ 65,388	$ 69,636	$ 80,018	$ 93,847	$
8,708 15,554 19,843 23,472 62,604 25,274
(194,435) (181,451) (199,044) (164,859) (173,298) (144,601)
(133,191)	$ (112,113)	$ (113,813)	$ (71,751)	$ (30,676)	$ (25,480)	$
283,981	$ 289,023	$ 284,516	$ 289,165	$ 289,165	$ 302,774	$
- - - - - -
11,896 9,883 16,150 20,315 20,315 19,485
295,877	$ 298,906	$ 300,666	$ 309,480	$ 309,480	$ 322,259	$
336,517	$ 342,807	$ 349,904	$ 358,801	$ 358,801	$ 396,621	$
8,708 15,554 19,843 23,472 23,472 25,274
(182,539) (171,568) (182,894) (144,544) (144,544) (125,116)
162,686	$ 186,793	$ 186,853	$ 237,729	$ 237,729	$ 296,779	$
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Fiscal Year 2014 2015 2016 2017
EXPENSES
Governmental activities
General management and support 13,811	$ 12,493	$ 18,163	$ 20,890	$
Public safety 58,795 57,443 55,625 61,191
Public works 25,825 20,011 13,668 24,793
Health and human resource development 3,837 2,911 3,319 3,354
Recreational and cultural opportunities 9,358 14,794 14,380 14,744
Housing and economic development 12,443 10,532 21,063 7,023
Interest 3,919 3,757 3,779 3,354
Total governmental activities expenses 127,988 121,941 129,997 135,349
Business-type activities
Water 11,977 10,748 11,450 12,239
Sewer 7,293 6,608 6,683 6,540
Solid waste 4,856 5,150 4,967 4,907
Motor vehicle parking system 7,856 7,862 8,532 8,575
Total business-type activities expenses 31,982 30,368 31,632 32,261
TOTAL PRIMARY GOVERNMENT
EXPENSES 159,970	$ 152,309	$ 161,629	$ 167,610	$
PROGRAM REVENUES
Governmental activities
Charges for services
General management and support 9,374	$ 8,629	$ 10,094	$ 8,145	$
Culture and recreation 5,360 5,572 5,560 5,669
Other activities 15,253 11,268 15,739 12,712
Operating grants and contributions 7,151 5,535 6,809 5,931
Capital grants and contributions 501 275 368 325
Total governmental activities
program revenues 37,639 31,279 38,570 32,782
Business-type activities
Charges for services
Water 15,052 15,722 16,419 17,588
Sewer 12,785 12,511 13,049 12,478
Solid waste 3,971 4,004 4,031 4,061
Motor vehicle parking system 6,080 6,164 6,688 6,530
Operating grants and contributions 15 - 38,400 -
Capital grants and contributions - - - -
Total business-type activities
program revenues 37,903 38,401 78,587 40,657
TOTAL PRIMARY GOVERNMENT
PROGRAM REVENUES 75,542	$ 69,680	$ 117,157	$ 73,439	$
NET REVENUE (EXPENSE)
Governmental activities (90,349)	$ (90,662)	$ (91,427)	$ (102,567)	$
Business-type activities 5,921 8,033 46,955 8,396
TOTAL PRIMARY GOVERNMENT
NET REVENUE (EXPENSE) (84,428)	$ (82,629)	$ (44,472)	$ (94,171)	$
CITY OF EVANSTON, ILLINOIS
CHANGE IN NET POSITION
Last Ten Fiscal Years
(amounts expressed in thousands)
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2018 2019 2020 2021 2022 2023
20,016	$ 19,444	$ 18,630	$ 19,041	$ 22,825	$ 29,868	$
80,789 56,755 83,015 58,842 70,097 79,009
22,718 26,584 18,573 16,861 20,712 29,297
3,455 2,895 3,719 3,970 3,158 6,095
14,061 11,081 1,326 9,148 11,098 11,930
9,129 6,907 20,992 11,046 10,318 15,347
4,683 5,454 5,252 4,430 5,161 3,854
154,851 129,120 151,507 123,338 143,369 175,400
12,964 12,880 13,612 14,562 14,563 17,482
6,735 6,492 6,795 6,706 6,386 6,943
4,852 5,079 5,316 5,476 5,149 6,191
9,321 9,585 8,982 8,395 8,882 9,917
33,872 34,036 34,705 35,139 34,980 40,533
188,723	$ 163,156	$ 186,212	$ 158,477	$ 178,349	$ 215,933	$
8,985	$ 8,768	$ 7,267	$ 8,736	$ 9,403	$ 9,546	$
6,037 6,119 4,831 6,080 6,962 7,207
11,945 10,917 12,200 12,090 16,260 12,480
5,244 5,775 9,672 10,067 9,913 7,530
125 8,630 2,971 4,275 937 911
32,336 40,209 36,941 41,248 43,475 37,674
15,642 17,789 23,934 20,900 22,926 23,680
11,920 10,780 10,242 10,374 9,638 9,349
4,083 4,668 4,618 4,969 5,324 5,328
6,621 10,640 7,289 8,090 8,889 9,730
- - - - - -
- - 383 - - -
38,266 43,877 46,466 44,333 46,777 48,087
70,602	$ 84,086	$ 83,407	$ 85,581	$ 90,252	$ 85,761	$
(122,515)	$ (88,911)	$ (114,566)	$ (82,090)	$ (99,894)	$ (137,726)	$
4,394 9,841 11,761 9,194 11,797 7,554
(118,121)	$ (79,070)	$ (102,805)	$ (72,896)	$ (88,097)	$ (130,172)	$
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Fiscal Year 2014 2015 2016 2017
GENERAL REVENUES AND OTHER
CHANGES IN NET POSITION
Governmental activities
Taxes
Property taxes 48,579	$ 45,840	$ 45,610	$ 46,563	$
Sales taxes 17,362 17,758 17,932 16,071
Intergovernmental - - - -
Investment earnings (258) 30 118 235
Miscellaneous 26,612 30,950 33,217 35,011
Transfers 610 631 434 3,797
Total governmental activities 92,905 95,209 97,311 101,677
Business-type activities
Property taxes - - - -
Investment earnings (156) 27 59 114
Gains on sale of capital assets - - - -
Miscellaneous - 301 (245) 203
Transfers (610) (631) (434) (3,797)
Total business-type activities (766) (303) (620) (3,480)
CHANGE IN NET POSITION
Governmental activities 2,556 4,547 5,884 (890)
Business-type activities 5,155 7,730 46,335 4,916
TOTAL PRIMARY GOVERNMENT
CHANGE IN NET POSITION 7,711	$ 12,277	$ 52,219	$ 4,026	$
Data Source
City Finance Division
CHANGE IN NET POSITION (Continued)
Last Ten Fiscal Years
(amounts expressed in thousands)
CITY OF EVANSTON, ILLINOIS
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2018 2019 2020 2021 2022 2023
47,102	$ 44,163	$ 51,655	$ 53,269	$ 52,498	$ 54,426	$
16,963 16,905 16,445 21,497 23,443 23,725
- - - 4,800 7,659 7,434
778 1,669 423 74 1,334 5,809
38,786 39,051 34,123 42,242 51,246 46,315
1,480 8,203 10,219 2,270 4,790 5,212
105,109 109,991 112,865 124,152 140,970 142,921
410 820 1,333 1,333 1,333 1,333
234 565 140 (39) - 764
- 7 - 217 - -
- - - 379 - -
(1,480) (8,203) (10,219) (2,270) (4,790) (5,212)
(836) (6,811) (8,746) (380) (3,457) (3,115)
(17,406) 21,080 (1,701) 42,062 41,076 5,195
3,558 3,030 3,015 8,814 8,340 4,439
(13,848)	$ 24,110	$ 1,314	$ 50,876	$ 49,416	$ 9,634	$
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Fiscal Year 2014 2015 2016 2017
GENERAL FUND
Nonspendable -	$ 118	$ -	$ 300	$
Assigned 5,347 5,672 5,046 4,180
Unassigned 9,636 4,914 6,622 8,868
TOTAL GENERAL FUND 14,983	$ 10,586	$ 11,668	$ 13,348	$
ALL OTHER GOVERNMENTAL FUNDS
Nonspendable 1,430	$ 2,158	$ -	$ -	$
Restricted 26,003 16,409 18,523 11,418
Committed 3,540 2,556 2,996 -
Assigned 10,467 5,517 7,668 12,301
Unassigned (153) (221) (252) (204)
TOTAL ALL OTHER
GOVERNMENTAL FUNDS 41,287	$ 26,419	$ 28,935	$ 23,515	$
Data Source
City Finance Division
CITY OF EVANSTON, ILLINOIS
FUND BALANCES OF GOVERNMENTAL FUNDS
Last Ten Fiscal Years
(amounts expressed in thousands)
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2018 2019 2020 2021 2022 2023
310	$ 415	$ 220	$ 125	$ 103	$ 4,407	$
4,303 4,330 1,573 1,807 3,345 14,589
9,242 11,145 16,882 31,739 57,675 32,703
13,855	$ 15,890	$ 18,675	$ 33,671	$ 61,123	$ 51,699	$
-	$ -	$ -	$ -	$ -	$ -	$
25,651 15,933 19,457 27,151 22,962 25,417
- - - - - -
17,065 20,306 13,324 12,910 7,762 5,469
(227) (226) (215) (207) (336) (8,310)
42,489	$ 36,013	$ 32,566	$ 39,854	$ 30,388	$ 22,576	$
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Fiscal Year 2014 2015 2016 2017
REVENUES
Taxes 77,933	$ 75,747	$ 76,047	$ 78,157	$
Licenses, fees, and permits 14,503 12,184 17,933 13,358
Special assessments 167 8,312 169 260
Intergovernmental 24,300 3,554 24,886 22,627
Charges for services 7,793 23,834 8,791 8,713
Fines and penalties 3,358 148 3,612 3,468
Investment earnings 89 30 118 235
Other revenues 1,791 1,722 3,892 3,843
Total revenues 129,934 125,531 135,448 130,661
EXPENDITURES
General management and support 13,314 13,444 17,064 18,152
Public safety 59,425 59,654 62,252 64,347
Public works 19,821 19,815 13,477 14,041
Health and human development 3,837 3,141 3,021 3,111
Recreation and cultural opportunities 10,524 11,087 11,894 12,371
Housing and economic development 9,348 13,292 10,477 7,225
Capital outlay 6,286 9,151 9,953 14,953
Debt service
Principal 10,040 20,833 19,661 24,253
Interest 4,411 4,413 4,276 4,040
Fiscal agent fees 43 16 14 2
Total expenditure 137,049 154,846 152,089 162,495
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES (7,115) (29,315) (16,641) (31,834)
OTHER FINANCING SOURCES (USES)
Proceeds from borrowing 9,989 22,377 19,652 26,558
Payment to escrow agent - - - -
Transfers in 9,202 10,308 16,011 17,428
Transfers (out) (9,665) (9,315) (15,542) (15,893)
Total other financing sources (uses) 9,526 23,370 20,121 28,093
NET CHANGE IN FUND BALANCES 2,411	$ (5,945)	$ 3,480	$ (3,741)	$
DEBT SERVICE AS A PERCENTAGE OF
NONCAPITAL EXPENDITURES 11.05% 17.33% 17.62% 19.18%
Data Source
City Finance Division
CITY OF EVANSTON, ILLINOIS
CHANGES IN FUND BALANCES OF GOVERNMENTAL FUNDS
Last Ten Fiscal Years
(amounts expressed in thousands)
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2018 2019 2020 2021 2022 2023
81,281	$ 78,645	$ 82,567	$ 92,738	$ 98,538	$ 97,260	$
11,664 10,012 11,853 11,033 12,562 9,846
199 230 185 109 318 186
23,004 25,278 27,592 38,587 43,756 41,272
10,053 8,925 7,879 10,762 14,549 13,604
3,765 5,108 2,983 3,644 3,790 4,095
778 1,669 423 74 1,334 5,809
5,220 12,130 6,105 6,184 4,810 3,312
135,964 141,997 139,587 163,131 179,657 175,384
18,330 19,206 18,767 19,708 24,065 29,985
65,533 65,821 66,970 67,159 66,387 81,665
22,069 15,848 18,787 20,930 23,663 24,917
3,142 2,989 3,749 4,473 4,781 5,961
12,789 12,247 9,351 11,036 11,352 12,983
9,006 6,567 9,043 10,372 11,432 14,031
11,399 39,796 12,389 2,480 6,676 7,587
17,557 10,166 9,988 9,311 10,054 9,972
4,536 5,749 5,643 5,604 5,642 5,265
537 274 214 172 7 6
164,898 178,663 154,901 151,245 164,059 192,372
(28,934) (36,666) (15,314) 11,886 15,598 (16,988)
46,892 23,976 18,576 12,954 - -
- - (12,143) (3,975) - -
20,698 14,405 15,633 10,831 12,292 14,324
(19,174) (6,156) (7,414) (9,411) (9,903) (14,573)
48,416 32,225 14,652 10,399 2,389 (249)
19,482	$ (4,441)	$ (662)	$ 22,285	$ 17,987	$ (17,237)	$
14.39% 11.62% 11.40% 10.45% 9.57% 8.50%
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CITY OF EVANSTON, ILLINOIS
Equalized Assessed Value and Actual Value of Taxable Property
Last Ten Levy Years
Levy Total Total Total
Year Residential Farm Commercial Industrial Railroad Equalized Actual Tax
Ended Property Property Property Property Property Assessed Value Value Rate
2013 1,653,524,481	$ 15,956	$ 452,108,891	$ 94,820,879	$ 1,226,831	$ 2,201,697,038	$ 6,605,091,114	$ 1.760
2014 1,792,383,435 15,467 416,165,953 34,726,327 1,278,793 2,244,569,975 6,733,709,925 1.766
2015 1,751,252,888 15,467 410,670,248 32,549,681 1,533,241 2,196,021,525 6,588,064,575 1.762
2016 2,151,672,082 15,467 483,830,858 33,333,491 1,559,871 2,670,411,769 8,011,235,307 1.501
2017 2,178,182,897 15,467 527,589,667 32,680,857 1,591,232 2,740,060,120 8,220,180,360 1.490
2018 2,150,065,734 15,467 537,739,734 31,050,996 1,708,983 2,720,580,914 8,161,742,742 1.570
2019 2,653,214,356 15,467 742,361,383 34,692,634 1,864,707 3,432,148,547 10,296,445,641 1.413
2020 2,686,706,545 15,467 735,655,726 37,326,126 1,943,606 3,461,647,470 10,384,942,410 1.452
2021 2,492,953,368 15,467 690,224,247 35,719,445 1,943,606 3,220,856,133 9,662,568,399 1.518
2022 3,005,718,395 15,467 705,199,673 37,413,363 2,318,541 3,750,665,439 11,251,996,317 1.296
Source: Illinois Department of Revenue and Cook County Clerk's Office
Note: Property is reassessed once every three years. Equalized Assessed value is approximately 1/3 of actual value. Tax rates are per $100 of equalized
assessed value.
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CITY OF EVANSTON, ILLINOIS
Principal Property Taxpayers
Current Year and Nine Years Ago
Percentage Percentage
Total of Total City Total of Total City
Equalized Assessed Taxable Equalized Assessed Taxable
Tax Payer Value (EAV) Rank EAV Tax Payer Value (EAV) Rank EAV
Rotary International 46,926,063	$ 1 1.25% Rotary International 25,119,560	$ 1 1.14%
Orrington TT LLC Golub 44,473,433 2 1.19% FSP 909 Davis Street 20,171,381 2 0.92%
1890 Maple LLC 27,070,857 3 0.72% Lowe Enterprises 19,842,592 3 0.90%
FDS/David Alperstein 26,796,438 4 0.71% Church Street Plaza 15,297,739 4 0.69%
TIAA Pk Evanston Inc 24,337,245 5 0.65% Inland 14,032,720 5 0.64%
MB Sherman Highlands 23,087,661 6 0.62% Omni Orrington Hotel 12,188,009 6 0.55%
Omni Orrington Hotel 22,547,402 7 0.60% Northshore University Healthcare 11,529,496 7 0.52%
900 950 Church Street 21,318,371 8 0.57% ITIAA Pk Evanston Inc 10,676,164 8 0.48%
FSP 909 Davis Street 20,283,168 9 0.54% Cambridge Realty 9,571,831 9 0.43%
Albion at Evanston LLC 17,109,427 10 0.46% New Albertson's LLC 9,422,663 10 0.43%
Total 273,950,065	$ 7.30% Total 147,852,155	$ 6.72%
Total EAV 3,750,665,439	$ Total EAV 2,201,697,038	$
Source: Cook County
2022 Levy 2013 Levy
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CITY OF EVANSTON, ILLINOIS
Property Tax Levies and Collections
Last Ten Levy Years
Tax Taxes Levied Collected Receipts Collections Total Collected to Date
Levy for the Percentage in Subsequent Percentage
Year Fiscal Year Amount of Levy Years Amount of Levy
2014 45,557,079	$ 44,280,493	$ 97.20% 270,619	$ 44,551,112	$ 97.79%
2015 46,394,914 44,974,845 96.94% 205,607 45,180,452 97.38%
2016 47,538,529 46,723,672 98.29% 97,249 46,820,921 98.49%
2017 48,161,247 46,866,198 97.31% 197,415 47,063,613 97.72%
2018 49,712,625 49,032,839 98.63% 217,133 49,249,972 99.07%
2019 55,139,563 54,616,777 99.05% 186,248 54,803,025 99.39%
2020 55,711,545 55,836,792 100.22% 538,227 56,375,019 101.19%
2021 55,711,545 57,100,401 102.49% 531,709 57,632,110 103.45%
2022 58,737,165 56,499,872 96.19% 836,393 57,336,265 97.61%
2023 56,344,336 See Note See Note See Note See Note See Note
Note: Levy Year 2023 is collected through December 31, 2024
Source: City Finance Division
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CITY OF EVANSTON, ILLINOIS
Ratio of General Bonded Debt Outstanding
Last Ten Fiscal Years
Net
Gross General
General Debt Debt Net Debt to Debt to Obligation
Fiscal Equalized Obligation Service Payable General Total Equalized Total Bonded
Year Assessed Bonded Monies From Other Obligation Personal Assessed Personal Debt
Ended Population Valuation1 Debt2 Available Revenues3 Debt Income Valuation Income Per Capita
2014 75,282 2,201,697,038	$ 150,421,841	$ 12,209,139	$ 34,614,357	$ 103,598,345	$ 3,112,157,880	$ 6.83% 4.83% 1,376	$
2015 75,603 2,244,569,975 149,352,238 438,453 37,651,325 111,262,460 3,235,052,370 6.65% 4.62% 1,472
2016 75,472 2,196,021,525 147,017,512 745,997 34,547,933 111,723,582 3,316,617,040 6.69% 4.43% 1,480
2017 75,557 2,670,411,769 148,627,212 241,781 37,104,152 111,281,279 3,472,297,492 5.57% 4.28% 1,473
2018 75,157 2,740,060,120 178,238,427 417,987 39,701,503 138,118,937 3,702,459,291 6.50% 4.81% 1,838
2019 74,587 2,720,580,914 195,456,220 417,431 42,263,176 152,775,613 3,857,863,401 7.18% 5.07% 2,048
2020 73,979 3,432,148,547 199,878,623 721,459 38,634,626 160,522,538 3,971,562,615 5.82% 5.03% 2,170
2021 78,454 3,461,647,470 196,907,459 8,675,881 37,196,303 151,035,275 4,520,990,204 5.69% 4.36% 1,925
2022 77,181 3,220,856,133 184,568,601 8,476,464 35,881,685 140,210,452 4,930,939,728 5.73% 3.74% 1,817
2023 77,181 3,750,665,439 171,822,893 7,747,535 33,974,009 130,101,349 4,930,939,728 4.58% 3.48% 1,686
1Equalized assessed values do not include tax increment financing district incremental equalized assessed values.
2Excludes limited purpose special service district bonds.
42023 data not available for Personal Income or Population Data, so 2022 data was used
Source: Cook County and City Finance Division
3These amounts include the general obligation bonds that are being repaid from the Water Fund, Solid Waste Fund, Sewer Fund, Motor Vehicle Parking System Fund, Howard Hartrey Tax Increment
District, Washington National Tax Increment District, and Special Assessment Fund.
4 4
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CITY OF EVANSTON, ILLINOIS
Ratio of Outstanding Debt by Type
Last Ten Fiscal Years
Fiscal General Special General Water Total Percentage
Year Obligation Service District Obligation Revenue IEPA Primary of Personal Per
Ended Bonds Bonds Capital Lease Bonds Bonds Loans Government Income Capita
2014 119,060,744	$ 795,000	$ -	$ 30,566,097	$ -	$ 58,412,659	$ 208,834,500	$ 6.71% 2,774	$
2015 117,035,540 405,000 - 31,911,608 - 51,901,172 201,253,320 6.22% 2,662
2016 116,091,162 - - 30,926,350 - 45,256,237 192,273,749 5.80% 2,548
2017 122,151,162 - - 26,476,050 - 40,328,108 188,955,320 5.44% 2,501
2018 151,056,754 - - 27,182,674 - 34,921,821 213,161,249 5.76% 2,836
2019 164,873,935 - - 30,582,285 - 40,691,551 236,147,771 6.12% 3,166
2020 161,243,997 - - 38,634,626 - 43,407,478 243,286,101 6.13% 3,289
2021 159,711,156 - - 37,196,303 - 40,272,232 237,179,691 5.25% 3,023
2022 148,686,916 - - 35,881,685 - 47,503,827 232,072,428 4.71% 3,007
2023 137,848,888 - - 33,974,010 - 53,309,670 225,132,568 4.57% 2,917
Note: Details regarding the City's outstanding debt can be found in the notes to the financial statements.
Note: See the Schedule of Demographics and Economic Statistics for personal income and population data.
Source: City Finance Division
Governmental Activities Business- Type Activities
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Percentage
of Debt
Total Applicable The City's
Outstanding to the City Share of Debt
Direct debt - bonds, notes, and
contracts outstanding 137,848,884	$ 100.00% 137,848,884	$
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 4,985,250,037	$ 315,176,659	$
(Less Debt Supported by Other Sources)
Note: Overlapping debt calculated based on the pro rata EAV.
Source: Bonds Statement
CITY OF EVANSTON, ILLINOIS
Direct and Overlapping Governmental Activities Debt
As of December 31, 2023
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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, 2023
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.”
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CITY OF EVANSTON, ILLINOIS
Pledged-Revenue Coverage
Last Ten Fiscal Years
Utility Less: Net
Fiscal Year Service Operating Available
Ended Charges Expenses Resources Principal Interest Coverage
2014 15,051,732	$ 7,938,838	$ 7,112,894	$ 305,000	$ 6,672	$ 22.82	$
2015 NA NA NA - - NA
2016 NA NA NA - - NA
2017 NA NA NA - - NA
2018 NA NA NA - - NA
2019 NA NA NA - - NA
2020 NA NA NA - - NA
2021 NA NA NA - - NA
2022 NA NA NA - - NA
2023 NA NA NA - - NA
The City has no revenue bonds outstanding after December 31, 2014.
Source: Various City departments
Water Revenue Bonds
Debt Service
Note: Detail regarding the City's outstanding debt can be found in the notes to the financial statements.
Operating expenses do not include interest, depreciation, or amortization expense.
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CITY OF EVANSTON, ILLINOIS
Principal Employers
Current Year and Nine Years Ago
Employer Employees % Rank Employer Employees % Rank
Northwestern University 6,500 33% 1 Northwestern University 9,471 48% 1
Northshore University Health System 4,652 24% 2 Northshore University Healthcare 3,727 19% 2
PT Solutions Holdings 2,000 10% 3 Evanston School District 65 1,599 8% 3
Evanston School District 65 1,500 8% 5 St. Francis Hospital 1,272 6% 4
KPFF, Inc. 1,293 7% 4 City of Evanston 918 5% 5
City of Evanston 864 4% 6 Presbyterian Homes/McGaw Care 602 3% 6
Presence Saint Francis Hospital 800 4% 7 Rotary International 535 3% 7
School District 202 663 3% 8 School District 202 520 3% 8
FourGen Holdings, Inc. 631 3% 9 C.E. Neihoff & Co 480 2% 9
Right at School, LLC 586 3% 10 Mather Lifeways 450 2% 10
Total 19,489 Total 19,574
Source: City Economic Development Division
2023 2014
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CITY OF EVANSTON, ILLINOIS
Demographic and Economic Statistics
Last Ten Years
Per Education
Total Capita % of Population
Calendar Personal Personal Median with HS Diploma School Unemployment
Year Population Income Income Age or Higher Enrollment Rate
2013 74,937 3,093,699,108	$ 41,284	$ 34.6 94.3% 10,465 8.5%
2014 75,282 3,112,157,880 41,340 34.7 93.8% 10,793 8.2%
2015 75,603 3,235,052,370 42,790 35.2 94.0% 10,671 7.3%
2016 75,472 3,316,617,040 43,945 35.3 94.0% 10,640 6.2%
2017 75,557 3,472,297,492 45,956 36.0 93.4% 10,899 5.0%
2018 75,157 3,702,459,291 49,263 36.2 93.4% 10,980 4.1%
2019 74,587 3,857,863,401 51,723 36.1 93.7% 10,802 4.2%
2020 73,979 3,971,562,615 53,685 36.2 94.2% 10,355 5.0%
2021 78,454 4,520,990,204 57,626 36.6 95.4% 10,946 5.6%
2022 77,181 4,930,939,728 63,888 37.6 95.8% 10,552 6.1%
Note: 2023 data not yet available through US Census
Source: United States Census Bureau
Tables DP03, DP05, S1401, S1501
Using 5-Year Estimates
Note: Figures in this table may differ from past years. After identifying minor inconsistencies with this data, City Staff identified a consistent method for obtaining these
figures from the US Census Bureau.
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CITY OF EVANSTON, ILLINOIS
Budgeted Full-Time Equivalent City Government Employees by Function
Last Ten Fiscal Years
Fund/Program 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
General Fund
City Clerk 2.20 2.00 2.00 2.00 1.00 2.00 1.00 2.00 1.00 2.00
City Manager's Office 14.00 13.00 28.50 32.00 30.00 27.50 28.50 28.50 29.50 32.90
Law 7.00 8.00 8.00 4.50 4.50 4.50 4.50 4.50 7.00 7.00
Administrative Services 49.00 51.00 57.20 57.70 55.70 53.10 54.10 54.50 59.00 65.00
Community Development 21.00 19.00 21.50 26.25 22.00 23.50 25.75 30.15 27.45 29.40
Police 227.00 227.00 225.50 225.80 220.00 217.00 216.00 201.00 201.00 201.00
Fire 110.00 110.00 110.00 110.00 110.00 110.00 110.00 110.00 110.50 118.50
Human and Health Services 21.10 22.10 21.10 21.10 21.75 17.75 8.75 8.75 13.25 11.45
Parks and Recreation 69.64 74.23 77.13 78.83 76.13 75.46 69.08 69.21 73.71 84.84
Public Works 108.45 107.45 84.25 84.25 72.50 70.00 71.00 69.00 78.00 78.50
Total General Fund 629.39 633.78 635.18 642.43 613.58 600.81 588.68 577.61 600.41 630.59
General Assistance Fund 0.00 4.00 4.00 4.00 4.25 4.25 4.25 4.25 4.25 4.25
0.00 0.00 0.00 0.00 0.00 0.00 17.90 17.90 17.00 22.10
Sustainability Fund 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 2.50
Emergency Telephone System (E911) Fund 5.00 5.00 5.00 5.00 5.00 5.00 5.00 6.00 6.00 6.00
CDBG Fund 2.60 2.60 2.80 2.50 2.75 2.90 4.40 2.90 5.60 6.00
HOME Fund 0.00 0.40 0.50 0.50 0.35 0.35 0.35 0.73 0.70 0.70
Affordable Housing Fund 0.00 1.75 1.75 1.75 1.75 1.75 1.50 1.43 1.35 1.10
Parking Fund 15.50 15.50 15.50 15.50 18.00 19.00 17.00 16.50 16.00 16.00
Water Fund 42.50 44.50 44.50 44.50 45.75 45.25 46.25 47.75 48.25 56.25
Sewer Fund 13.33 11.33 11.33 11.33 12.25 12.25 12.25 12.75 11.75 11.75
Solid Waste Fund 9.66 9.66 9.66 9.66 10.50 11.50 13.50 13.50 15.50 15.50
Fleet Services Fund 12.00 12.50 12.50 12.00 9.50 9.90 9.90 10.00 11.00 12.00
Library Fund 63.13 66.45 66.87 73.88 71.05 69.81 78.45 78.04 79.58 78.93
Neighborhood Stabilization Program1 1.31 0.50 0.45 0.30 0.15 0.00 0.00 0.00 0.00 0.00
Economic Development Fund2 6.25 6.25 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 0.00 4.50 4.50 4.50 4.50 0.00 0.00
Insurance Fund4 5.00 5.00 5.00 5.50 5.50 5.50 5.50 5.50 0.00 0.00
Total Non-General Funds 176.28 185.44 179.86 186.42 191.30 191.96 220.75 221.75 216.98 233.08
Total All Funds 805.67 819.22 815.04 828.85 804.88 792.77 809.43 799.36 817.39 863.67
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
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CITY OF EVANSTON, ILLINOIS
Property Tax Rates per $100 - Direct and Overlapping Governments
Last Ten Levy Years
Government Unit 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
City of Evanston1 1.760 1.766 1.800 1.536 1.524 1.604 1.446 1.452 1.560 1.332
City of Evanston Library Fund 0.234 0.265 0.282 0.241 0.247 0.254 0.218 0.216 0.233 0.208
Consolidated Elections 0.031 - 0.034 - 0.031 - 0.030 - 0.019 -
Cook County 0.560 0.568 0.552 0.533 0.496 0.489 0.454 0.453 0.446 0.431
Cook County Forest Preserve District 0.069 0.069 0.069 0.063 0.062 0.060 0.059 0.058 0.058 0.081
Metropolitan Water Reclamation District 0.417 0.430 0.426 0.406 0.402 0.396 0.389 0.378 0.382 0.374
North Shore Mosquito Abatement District 0.007 0.011 0.012 0.010 0.010 0.010 0.009 0.009 0.009 0.008
Evanston Township 0.053 - - - - - - - - -
Community College 535 0.256 0.258 0.271 0.231 0.232 0.246 0.221 0.227 0.252 0.221
School District 202 2.689 2.659 2.792 2.332 2.329 2.462 2.024 2.072 2.286 2.060
School District 65 3.671 3.686 3.810 3.676 3.673 3.891 3.185 3.258 3.593 3.230
Total Tax Rate for Property not in Park District 9.747 9.712 10.048 9.028 9.006 9.412 8.035 8.123 8.838 7.945
Percent of Total Tax Rate Levied by City of Evanston 18.06% 18.18% 17.91% 17.01% 16.92% 17.04% 18.00% 17.88% 17.65% 16.77%
1City of Evanston rate includes General Assistance beginning in 2014. Does not include Library Fund or Special Service Areas
Note: 2023 data not available
Source: Cook County Assessor's Office
Note: This table excludes partial taxing districts, such as Ridgeville Park District, Skokie Park District, and School District 73 1/2, which only impact a
small portion of Evanston residents
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CITY OF EVANSTON, ILLINOIS
Water Sold by Type of Customer
(in 100 cubic feet)
Last Ten Fiscal Years
Type of Customer 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
Single-Family 915,024 949,824 916,853 1,070,119 1,068,781 1,029,919 1,177,703 999,810 897,739 887,598
Multi-Family 1,150,956 1,148,336 1,140,860 1,215,640 1,275,855 1,178,104 1,237,476 1,098,479 104,867 1,048,792
Residential Subtotal 2,065,980 2,098,160 2,057,713 2,285,759 2,344,636 2,208,023 2,415,179 2,098,289 1,002,606 1,936,390
Commercial 1,036,034 1,045,791 1,061,080 1,115,236 1,083,414 1,154,229 953,343 925,927 885,367 845,818
Industrial 11,627 10,772 9,808 12,777 16,405 14,182 12,604 10,589 9,233 8,797
Business Subtotal 1,047,661 1,056,563 1,070,888 1,128,013 1,099,819 1,168,411 965,947 936,516 894,600 854,615
City 13,883 15,221 14,351 16,776 19,137 17,515 11,780 14,633 1,854 15,682
Parks 4,218 6,632 5,969 7,728 5,984 7,429 8,720 13,267 10,588 12,110
Schools 35,631 33,632 37,645 43,043 46,941 44,121 21,706 24,746 33,715 34,806
Public Subtotal 53,732 55,485 57,965 67,547 72,062 69,065 42,206 52,646 46,157 62,598
Overall Total 3,167,373 3,210,208 3,186,566 3,481,319 3,516,517 3,445,499 3,423,332 3,087,451 1,943,363 2,853,603
Total direct rate
per 100 cubic feet 1.98	$ 2.18	$ 2.18	$ 2.31	$ 2.47	$ 2.74	$ 2.74	$ 2.89	$ 3.17	$ 3.33	$
Source: City of Evanston Public Works Agency
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CITY OF EVANSTON, ILLINOIS
Water Sold by Major Customers
Last Ten Fiscal Years
Type of Customer 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
Evanston residents/businesses 5,826,404	$ 6,388,923	$ 6,800,682	$ 6,987,878	$ 7,278,627	$ 7,631,465	$ 8,235,089	$ 8,613,315	$ 8,636,384	$ 9,066,546	$ 9,430,024	$
Village of Skokie 2,772,424 2,805,425 2,863,525 2,941,912 3,635,940 5,773,487 5,572,511 5,455,762 3,491,947 3,335,672 3,495,675
Northwest Water Commission 5,183,425 5,075,042 5,189,439 5,695,812 5,898,634 5,930,626 5,416,394 5,549,357 5,670,328 6,625,624 6,825,485
Morton Grove and Niles - - - - - 27,677 1,075,089 1,918,954 1,813,040 2,077,157 1,933,644
Village of Lincolnwood - - - - - - - 352,370 509,932 931,224 964,398
Total 13,782,253	$ 14,269,390	$ 14,853,646	$ 15,625,602	$ 16,813,201	$ 19,363,255	$ 20,299,083	$ 21,889,757	$ 20,121,631	$ 22,036,223	$ 22,649,226	$
Source: City Utilities Department
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CITY OF EVANSTON, ILLINOIS
Operating Indicators by Function/Programs
Last Ten Years
Function/Program 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
Police
Violent offenses 97 80 130 122 140 73 88 96 114 124
Property offenses 1,959 1,872 1,681 1,777 1,708 1,979 1,481 2,453 2,910 3,439
911 calls received 44,177 46,749 42,763 38,525 36,642 39,357 38,279 40,924 39,634 41,258
Fire
Emergency responses 9,617 9,630 10,267 10,058 10,014 10,256 9,091 9,867 11,083 11,084
Fires extinguished 120 99 114 90 111 69 77 89 105 106
Inspections 740 760 760 1,267 1,275 446 728 850 900 901
EMS Responses (reported beginning 2016) - - 6,441 6,456 6,419 6,678 5,912 6,529 7,542 7,543
Parks and Recreation
Athletic field usage (hours) 16,270 15,531 27,426 22,920 24,263 22,054 8,749 17,287 18,868 20,678
Picnic permits issued 448 404 229 652 572 641 94 644 650 677
Library
Volumes in collection (online & physical materials) 401,300 481,626 534,533 540,696 514,756 562,567 535,527 424,619 654,134 557,615
Total volumes borrowed 1,074,972 1,071,401 1,078,653 1,039,585 1,207,419 1,191,600 699,631 1,139,779 964,682 1,001,132
Water
New connections 18 9 3 3 7 15 8 10 7 11
Water main breaks 70 23 28 28 32 28 29 40 39 34
Average daily consumption
(millions of gallons) 36.79 36.63 39.645 39.645 41.122 43.151 46.50 48.30 46.00 46.08
Peak daily consumption
(millions of gallons) 48.91 50.59 55.084 55.084 55.291 60.248 62.630 66.500 60.760 65.652
Other Public Works
Street resurfacing (estimated miles) 4.9 2.7 2.9 2.9 2.9 1.9 2.9 2.65 2.65 1.60
Note: Indicators are not available for general government functions
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CITY OF EVANSTON, ILLINOIS
Capital Assets Statistics by Function
Last Ten Years
Function/Program 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
Police
Number of stations 1 1 1 1 1 1 1 1 1 1 1
Budgeted sworn officers 164 164 164 165 165 165 166 154 153 153 153
Fire
Fire Stations 5 5 5 5 5 5 5 5 5 5 5
Budgeted sworn firefighters 107 107 107 107 107 107 107 107 107 107 115
Parks and Recreation
Acreage 290 290 290 290 290 290 290 290 290 290 290
Playgrounds 51 51 51 51 51 60 60 60 60 60 60
Baseball/softball diamonds 18 18 18 18 18 13 16 16 16 16 16
Soccer/football fields 27 27 27 27 27 27 27 27 27 27 27
Community centers 5 5 6 6 7 7 7 7 7 7 8
Water
Water mains (miles) 157 157 156.4 155.6 155.6 155.8 157.5 156.2 156.0 156.0 156.1
Fire hydrants 1,399 1,477 1,484 1,490 1,490 1,508 1,511 1,501 1,522 1,531 1,535
Storage capacity (millions of gallons) 22 22 22 22 22 22 22 22 22 22 22
Other Public Works
Streets (miles) 147 147 147 147 147 147 147 147 147 147 147
Streetlights 5,641 5,641 5,641 5,736 5,736 5,736 5,641 5,641 5,675 5,675 5,675
Street resurfacing (estimated miles) 3.40 4.90 2.70 2.90 2.90 2.90 1.90 2.90 2.65 2.65 1.60
Note: No capital asset indicators are available for the general government or library function
Source: Various City departments; Budget
Source: City Finance division
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