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Comprehensive
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Annuol Reporl 201 5
ELK GROVE PARK DISTRICT, ILLINOIS
COMPREHENSIVE ANNUAL FINANCIAL REPORT
FOR THE FISCAL YEAR ENDED DECEMBER 31, 2015
Prepared by: Finance Department Rhonda P. Brewer, Finance Manager
ELK GROVE PARK DISTRICT, ILLINOIS TABLE OF CONTENTS
PAGE INTRODUCTORY SECTION Principal Officials ........................................................................................................................................ i Organization Chart ...................................................................................................................................... ii Letter of Transmittal ............................................................................................................................ iii - vi Certificate of Achievement for Excellence in Financial Reporting .......................................................... vii FINANCIAL SECTION INDEPENDENT AUDITORS' REPORT ......................................................................................... 1 - 2 MANAGEMENT’S DISCUSSION AND ANALYSIS ...................................................... MD&A 1 - 14 BASIC FINANCIAL STATEMENTS Government-Wide Financial Statements Statement of Net Position ................................................................................................................ 3 - 4 Statement of Activities ..................................................................................................................... 5 - 6 Fund Financial Statements Balance Sheet – Governmental Funds ............................................................................................. 7 - 8 Reconciliation of Total Governmental Fund Balance to the Statement of Net Position – Governmental Activities .....................................................................9 Statement of Revenues, Expenditures and Changes in Fund Balances – Governmental Funds .................................................................................. 10 - 11 Reconciliation of the Statement of Revenues, Expenditures and Changes in Fund Balances to the Statement of Activities – Governmental Activities.....................................12 Statement of Net Position – Proprietary Fund .....................................................................................13 Statement of Revenues, Expenses and Changes in Fund Net Position – Proprietary Fund.................14 Statement of Cash Flows – Proprietary Fund ......................................................................................15 Notes to Financial Statements ............................................................................................................ 16 - 43 REQUIRED SUPPLEMENTARY INFORMATION Schedule of Employer Contributions Illinois Municipal Retirement Fund .....................................................................................................44 Schedule of Changes in the Employer’s Net Pension Liability Illinois Municipal Retirement Fund .....................................................................................................45 Schedule of Revenues, Expenditures and Changes in Fund Balance – Budget and Actual General Fund ........................................................................................................................................46 Recreation – Special Revenue Fund ....................................................................................................47
ELK GROVE PARK DISTRICT, ILLINOIS TABLE OF CONTENTS
PAGE FINANCIAL SECTION – Continued COMBINING AND INDIVIDUAL FUND STATEMENTS AND SCHEDULES Schedule of Revenues by Program – Budget and Actual – Recreation – Special Revenue Fund .............48 Schedule of Expenditures by Program – Budget and Actual – Recreation – Special Revenue Fund .......49 Schedule of Revenues, Expenditures and Changes in Fund Balance – Budget and Actual Debt Service Fund................................................................................................................................50 Capital Projects Fund ...........................................................................................................................51 Combining Balance Sheet – Nonmajor Governmental – Special Revenue Funds ............................ 52 - 53 Combining Statement of Revenues, Expenditures and Changes in Fund Balances Nonmajor Governmental – Special Revenue Funds .................................................................... 54 - 55 Schedule of Revenues, Expenditures and Changes in Fund Balance – Budget and Actual Associations – Special Revenue Fund .................................................................................................56 Paving and Lighting – Special Revenue Fund .....................................................................................57 Audit – Special Revenue Fund ............................................................................................................58 Liability Insurance – Special Revenue Fund .......................................................................................59 Illinois Municipal Retirement – Special Revenue Fund ......................................................................60 Police Protection – Special Revenue Fund ..........................................................................................61 Social Security – Special Revenue Fund .............................................................................................62 Special Recreation – Special Revenue Fund .......................................................................................63 Museum – Special Revenue Fund........................................................................................................64 Schedule of Revenues, Expenses and Changes in Net Position – Budget and Actual Golf Course – Enterprise Fund ............................................................................................................65 STATISTICAL SECTION (Unaudited) Net Position by Component – Last Ten Fiscal Years ........................................................................ 66 - 67 Changes in Net Position – Last Ten Fiscal Years .............................................................................. 68 - 69 Fund Balances of Governmental Funds – Last Ten Fiscal Years ...................................................... 70 - 71 Changes in Fund Balances for Governmental Funds – Last Ten Fiscal Years .................................. 72 - 73 Equalized Assessed Value and Actual Value of Taxable Property – Last Ten Fiscal Years ............ 74 - 75 Direct and Overlapping Property Tax Rates – Last Ten Fiscal Years Elk Grove Township .................................................................................................................... 76 - 77 Schaumburg Township ................................................................................................................ 78 - 79 Principal Property Tax Payers – Current Fiscal Year and Nine Fiscal Years Ago....................................80 Property Tax Levies and Collections – Last Ten Fiscal Years ..................................................................81 Ratios of Outstanding Debt by Type – Last Ten Fiscal Years ..................................................................82 Ratio of Net General Obligation Debt to Equalized Assessed Value and Net General Obligation Bonded Debt Per Capita – Last Ten Fiscal Years .........................................83 Schedule of Direct and Overlapping Governmental Activities Debt.........................................................84 Legal Debt Margin – Last Ten Fiscal Years ...................................................................................... 85 - 86 Demographic and Economic Statistics – Last Ten Fiscal Years ..............................................................87 Principal Employers – Current Fiscal Year and Nine Fiscal Years Ago ...................................................88 Government Employees by Function/Program – Last Ten Fiscal Years ...................................................89 Operating Indicators by Function/Program – Last Ten Fiscal Years ................................................ 90 - 91 Capital Asset Statistics by Function/Program – Last Ten Fiscal Years............................................. 92 - 93
INTRODUCTORY SECTION This section includes miscellaneous data regarding the Elk Grove Park District including: Principal Officials, Organization Chart, Letter of Transmittal from the Executive Director, and Certificate of Achievement for Excellence in Financial Reporting.
ELK GROVE PARK DISTRICT, ILLINOIS Principal Officials December 31, 2015
BOARD OF COMMISSIONERS Bill O’Malley, President
Ralph Souder, Vice President
John Walz, Treasurer
Bob Biedke, Secretary
Thomas E. Cooke, Commissioner
OFFICERS Tom Hoffman, Attorney
PARK DISTRICT STAFF Thomas A. Busby, Executive Director Rhonda P. Brewer, Finance Manager
i
Elk Grove Park District
- Management
Team
Park Board of
Commissioners
Executive Director Tom Busby
Director of Finance
Director of Leisure
Director of Parks &
General Manager
Services
Planning
Fox Run
Tammy Miller
Ben Curcio
Tom Klaas
Rhonda Brewer
Supt of Human Resources
Christine Matlak
Supt of lT
Supt of Rec
Kevin Sanabrais
Jeff Collier
Supt of Rec ll
I
A,J. Collier
Risk Manager ,Anila Healy
ll
Supt of Marketing Kelly Carbon
Supt of Parks & Facilities
Public Relations Manager
OPEN
Diane MalinowskĂ
ร pril29,2016
To the Citizens of the Elk Grove Park District: Elk Grove Park District Board of Commissioners Bob Biedke
Tom Cooke
Bill O'Malley Ralph Souder
JohnWalz Thomas A. Busby
Executive Director
The comprehensive annual frnancial report of the Elk Grove Park District, Illinois (District) for the fiscal year ended December 31, 2015, is hereby submitted as mandated by State Statutes. The District is required to issue annually a report of its financial position and activity presented in conformance with generally accepted accounting principles (GAAP) and audited in accordance with generally accepted auditing standards by an independent firm of certified public accountants. Responsibility for both the accuracy of the data, and the completeness and fairness of the presentation, including all disclosures, rests with the District. To the best of our knowledge and beliet the enclosed data is accurate in all material respects and is reported in a manner designed to present fairly the financial position and results of operations of the various funds and account groups of the District. All disclosures necessary to enable the reader to gain an understanding of the District's financial activities have been included.
The District has established a comprehensive set of internal controls that are designed to protect the District's assets from loss, theft, or misuse. These intemal controls are also used to compile sufficient reliable information for the preparation of the District's frnancial statements in conformity with GAAP. Because the cost of intemal controls should not outweigh their benefits, the District's framework of internal controls has been designed to provide reasonable rather than absolute assurance that the financial statements will be free from material misstatements. Generally accepted accounting principles, (GAAP) require that management provide a narrative introduction, overview, and analysis to accompany the basic frnancial statements in the form of Management's Discussion and Analysis (MD&A). This letter of transmittal is designed to complement the MD&A and is meant to be read in conjunction with it. The District's MD&A can be found immediately following the report of the independent auditors.
This report includes all funds of the Elk Grove Park District (the primary govemment). The District provides a full range of services and facilities. These
Elk Grove Park District 499 Biesterfieid Road Elk Grove Village, IL รณ0007 Phone:847-รณ901190
Fax: 847-228-3508
services include recreation programs, park management, capital development, and general adminishation. Additionally, the District operates a variety of facilities for all ages, including Pirates' Cove and Rainbow Falls. Pirates' Cove, built in 1980, is a unique theme park on 2.5 acres featuring a pirate ship, climbing wall, children's play area, carousel, bumper boats, and other attractions for children ages3-12, including a new Pirates' Ship ride in 2015. Rainbow Falls, which opened in 1986, renovated in 2005-2006, and re-opened in 2006, is a water theme park that includes a large pool, diving boards, five water slides, zero depth access, lazy river, and other water attractions.
www.elkgroveparks.ory
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Other special facilities operated by the District include a covered outdoor skate boarding facility; an 18-hole golf course and clubhouse located on 161 acres; driving range; farmhouse museum; fitness center; senior center/preschool facility; banquet facility and community athletic fields. Indoor/outdoor swimming pools were renovated in 2013, with the addition of a warm water therapy pool. These pools are included in a 140,000 square foot recreation center, which was updated in 2015. The District constructed a new maintenance facility in 2010 to house its fleet, parks, and grounds operations. GOVERNMENTAL STRUCTURE, LOCAL ECONOMIC CONDITION AND OUTLOOK
The District, incorporated in 1966, is located in a northwest suburb of Chicago, approximately 22 miles northwest of Chicago’s Loop area and is a twenty-minute drive from O’Hare International Airport. Elk Grove Village is located in southern Cook County with a small section of the District in northern DuPage County. Elk Grove is a community of approximately 33,000 residents and covers roughly 12 square miles with 6 square miles of residential area, and 6 square miles of industrial area. The industrial park has over 62 million square feet of space with a vacancy rate of 5.97%, one of the lowest in the O’Hare area. The largest employers include Alexian Brothers Medical Center, Automatic Data Processing, Harvard Maintenance, Village of Elk Grove Village, Ready Set Services, Apple Vacations, Steiner Electric Company and Metal Impact. The District has the authority to levy a property tax on all real and personal property within its boundaries. The strength of the tax base of both the District and the Village is the high concentration of industrial and commercial properties. Approximately 65 percent of the District’s tax base is concentrated in industrial and commercial properties. The District operates under a board-manager form of government. The Board consists of five individuals who are elected from the District at large to serve six-year staggered terms. The Board is vested with all policymaking and legislative responsibilities. The Board employs an Executive Director to administer the policies, programs, and direct staff. Some of the Board’s responsibilities include approval of the budget, tax levy, ordinances, long-term financial and capital planning; as well as establishment of committees and appointment of the District's attorney. The unemployment rate for the Village was 4.7% in 2015. The Village’s 2015 unemployment rate is below the State’s 2015 unemployment rate of 5.9 percent. Based upon the information available, staff anticipates the economic condition and outlook of the District to remain stable. MAJOR INITIATIVES For the Year. Each year when preparing the budget, the District reviews its annual capital project plan. Each department prepares a ten-year capital plan which identifies facilities, equipment, or programs that need to be either acquired, developed, or expanded to better meet the needs of the citizens and to enhance the quality of recreation within the community.
iv
The plan is revised annually to reflect changes in the population being served, the financial capacity and condition of the District, as well as the impact these two factors have on the programming needs of the citizens. During 2015, the majority of the District's capital improvements focused on facility improvements, park improvements, vehicle and equipment replacement, technology upgrades, and compliance with safety standards and legal requirements. For the Future. A master plan of the District was completed with an outside consultant during 2012. The consultant met with staff and focus groups, along with visiting each park and facility. After reviewing the master plan with the Board of Commissioners, projects have been added to the 2016 capital list. The District plans to conduct a community-wide survey in 2016, which will help in planning for future capital projects. A major project for the district in 2016 will be improvements at Community Athletic Fields including a new multipurpose building used as a gathering space, concession area, restrooms and storage space for athletic equipment along with a separate new maintenance building. The project is slated to begin in July, 2016 and be completed in spring of 2017. OTHER INFORMATION Independent Audit. Illinois Compiled Statutes require an annual audit by independent certified public accountants. The District’s Board of Park Commissioners selected the accounting firm of Lauterbach & Amen, LLP, Certified Public Accountants. The auditor's report on the generalpurpose financial statements and combining and individual fund statements and schedules is included in the financial section of this report. Awards. The Government Finance Officers Association of the United States and Canada (GFOA) awarded a Certificate of Achievement for Excellence in Financial Reporting to Elk Grove Park District for its comprehensive annual financial report for the fiscal year ended December 31, 2014. This was the fourteenth consecutive year the District has achieved this prestigious award. In order to be awarded a Certificate of Achievement, a government must publish an easily readable and efficiently organized comprehensive annual financial report. This report must satisfy both generally accepted accounting principles and applicable legal requirements. A Certificate of Achievement is valid for a period of one year only. We believe that our current comprehensive annual 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 certificate. The Illinois Association of Park Districts (IAPD) and the Illinois Park and Recreation Association (IPRA)’s Distinguished Park and Recreation Accreditation Committee (DPRAC) awarded the District the Distinguished Accreditation award in 2013. The goal of the Illinois Distinguished Accreditation program is to improve the delivery of recreation services to the residents of Illinois through a voluntary comprehensive evaluation process. The desired result is to improve the quality of life for Illinois residents and to recognize those agencies that provide this quality service.
v
In 2015, the Village of Elk Grove Village was one of three cities in the State of Illinois to receive the Playful City USA designation. Elk Grove Village and the Elk Grove Park District work together toward a desirable and healthy community of recreation and play for all residents. By providing a wide range of activities and a variety of venues, every child in the community has access to free recreation.
Acknowledgments. The preparation of the comprehensive annual financial report on a timely basis wÂżs made possible by the dedicated service of the entire staff of the finance department. Each member of the department has our sincere appreciation for the contributions made in the preparation of this report.
In closing, without the leadership and
support
of the governing body of the District,
preparation of this report would not have been possible.
Sincerely,
7rt,r,Âż*&*"uto Thomas Busby
Executive Director
Rhonda Brewer Director of Business Services
V1
( Government Finance Officers Association
Certificate of Achievement for Excellence in Financial Reporting Presented to
Etk Grove Park District Illinois For its Comprehensive Annual Financial Report for the Fiscal Year Ended
December
31,r 2A14
Ă˜rrrĂŠtuExecutive Director/CEO
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FINANCIAL SECTION This section includes:
Independent Auditors’ Report
Management’s Discussion and Analysis
Basic Financial Statements
Required Supplementary Information
Combining and Individual Fund Statements and Schedules
INDEPENDENT AUDITORS’ REPORT This section includes the opinion of the District’s independent auditing firm.
@
Lauterb ach &, Amen, LLP
27W457 WARRENVILLE RD.
CERIIFIED PUBLIC ACCOUNTANTS
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WARRENVILLE, ILLINOIS 60555
PHONE 630.393.1483
.
FAX 630.393.2516 www.lauterbachamen.com
INDEPENDENT AUDITORS' REPORT April29,2016 Members of the Board of Commissioners Elk Grove Park District Elk Grove Village, Illinois
V/e have audited the accompanying financial statements of the govemmental activities, the business-type activities, each major fund, and the aggregate remaining fund information of the Elk Grove Park Distriot, Illinois, as of and for the year ended December 3I,2015, and the related notes to the financial statements, which collectively comprise the District's basic financial statements as listed in the table of contents.
Management's Responsibility for the Financial Statements Management is responsible for the preparation and fair presentation of these financial statements in accordance with accounting principles generally accepted in the United States of America; this includes the design, implementation, and maintenance of intemal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or elTor.
Auditoros Responsibility 'We
Our responsibility is to express opinions on these financial statements based on our audit. conducted our audit in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor's judgment, including the assessment of risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the District's preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the District's internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinions.
Opinions
In our opinion, the financial statements referred to above present fairly, in all material respects,
the governmental position respective financial of the activities, the business-type activities, each major fund, and the aggregate remaining fund information of the Elk Grove Park District, Illinois, as of December 31, 2015, and the respective changes in financial position and, where applicable, cash flows thereof forthe year then ended in accordance with accounting principles generally accepted in the United States of America.
Elk Grove Park District, Illinois April 29, 2016 Page 2
Other Matters Required Supplementary Information Accounting principles generally accepted in the United States of America require that the management’s discussion and analysis as listed in the table of contents and budgetary information reported in the required supplementary information as listed in the table of contents, be presented to supplement the basic financial statements. Such information, although not 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. Other Information Our audit was conducted for the purpose of forming opinions on the financial statements that collectively comprise the Elk Grove Park District, Illinois’, basic financial statements. The introductory section, combining and individual fund financial statements and budgetary comparison schedules, and statistical section are presented for purposes of additional analysis and are not a required part of the financial statements. The combining and individual fund financial statements and budgetary comparison schedules are the responsibility of management and were derived from and relate directly to the underlying accounting and other records used to prepare the financial statements. Such information has been subjected to the auditing procedures applied in the audit of the 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 budgetary comparison schedules are fairly stated, in all material respects, in relation to the basic financial statements as a whole. The introductory and statistical sections have not been subjected to the auditing procedures applied in the audit of the basic financial statements and, accordingly, we do not express an opinion or provide any assurance on them.
LAUTERBACH & AMEN, LLP
2
MANAGEMENT’S DISCUSSION AND ANALYSIS
ELK GROVE PARK DISTRICT, ILLINOIS Management’s Discussion and Analysis December 31, 2015
Our discussion and analysis of the Elk Grove Park District’s financial performance provides an overview of the District’s financial activities for the fiscal year ended December 31, 2015. Please read it in conjunction with the transmittal letter on pages iii - vii and the District’s financial statements, which begin on page 3. FINANCIAL HIGHLIGHTS •
The District’s net position increased approximately $0.5 million or 0.6 percent for the fiscal year ended December 31, 2015. The District reported approximately $76.8 million in net position composed of $60.0 million in governmental and $16.8 million in business-type net position.
•
Governmental debt was reduced $4,140,000, leaving an outstanding balance of $6,510,000. This reflects a decrease of 24.7%.
•
The General Fund has an Unassigned Fund Balance of $5,956,954 or 100 percent of expenditures.
•
The Enterprise Fund reported an increase of Unrestricted Net Position of $159,130 resulting in a year-end balance of $190,774.
•
The Park District’s financial status continues to be strong. The combined fund equity for all funds at December 31, 2015 was $11,048,799 and $10,828,575 if you exclude the Capital Projects Fund.
USING THIS ANNUAL REPORT This annual report consists of a series of financial statements. The Statement of Net Position and the Statement of Activities (on pages 3 - 6) provide information about the activities of the District as a whole and present a longer-term view of the District’s finances. Fund financial statements begin on page 7. For governmental activities, these statements tell how services were financed in the short term as well as what remains for future spending. Fund financial statements also report the District’s operation in more detail than the government-wide statements by providing information about the most significant funds. Government-Wide Financial Statements The government-wide financial statements provide readers with a broad overview of the District’s finances, in a matter similar to a private-sector business. The government-wide financial statements can be found on pages 3 - 6 of this report.
MD&A 1
ELK GROVE PARK DISTRICT, ILLINOIS Management’s Discussion and Analysis December 31, 2015
USING THIS ANNUAL REPORT – Continued Government-Wide Financial Statements –Continued The Statement of Net Position reports information on all of the Elk Grove Park District’s assets/deferred outflows and liabilities/deferred inflows, with the difference between the two reported as net position. Over time, increases or decreases in net position may serve as a useful indicator of whether the financial position of the District is improving or deteriorating. Consideration of other non-financial factors, such as changes in the District’s property tax base and the quality of recreation programs offered, is needed to assess the overall health of the District. The Statement of Activities presents information showing how the District’s net position changed during the most recent fiscal year. All changes in net position are reported as soon as the underlying event giving rise to the change occurs, regardless of the timing of related cash flows. Thus, revenues and expenses are reported in this statement for some items that will only result in cash flows in future fiscal periods (e.g., uncollected taxes and earned but unused vacation leave). Both of the government-wide financial statements distinguish functions of the Park District that are principally supported by taxes and intergovernmental revenues (governmental activities) from other functions that are intended to recover all or a significant portion of their costs through user fees and charges (business-type activities). The governmental activities of the District include general government and culture and recreation. The business-type activities of the District include the operation and maintenance of its 18-hole golf course and driving range. Fund Financial Statements A fund is a grouping of related accounts that is used to maintain control over resources that have been segregated for specific activities or objectives. The Elk Grove Park District, like other local governments, uses fund accounting to ensure and demonstrate compliance with finance-related legal requirements. All of the funds for the District can be divided into two categories: governmental funds and proprietary funds. Governmental Funds Governmental funds are used to account for essentially the same functions reported as governmental activities in the government-wide financial statements. However, governmental fund financial statements focus on near-term inflows and outflows of spendable resources, as well as on balances of spendable resources available at the end of the fiscal year. Such information may be useful in evaluating the District’s near-term financing requirements.
MD&A 2
ELK GROVE PARK DISTRICT, ILLINOIS Management’s Discussion and Analysis December 31, 2015
USING THIS ANNUAL REPORT – Continued Fund Financial Statements – Continued Governmental Funds – Continued Because the focus of governmental funds is narrower than that of the government-wide financial statements, it is useful to compare the information presented for governmental funds with similar information presented for governmental activities in the government-wide financial statements. By doing so, readers may better understand the long-term impact of the government’s near-term financing decisions. Both the governmental fund balance sheet and the governmental fund statement of revenues, expenditures, and changes in fund balances provide a reconciliation to facilitate the comparison between governmental funds and governmental activities. The District maintains thirteen individual governmental funds. Information is presented separately in the governmental fund balance sheet and in the governmental fund statement of revenues, expenditures, and changes in fund balances for the General Fund, Recreation Fund, Associations Fund, Debt Service Fund, and the Capital Projects Fund, all of which are considered major funds. Data from the non-major governmental funds are combined into a single, aggregated presentation. Individual fund data for the non-major governmental funds is provided elsewhere in this report. The District adopts an annual appropriated budget for all of the governmental funds. A budgetary comparison schedule for these funds has been provided to demonstrate compliance with this budget. The basic governmental fund financial statements can be found on pages 7 - 12 of this report. Proprietary Funds The District maintains one proprietary fund and utilizes an enterprise fund to account for the operations of its Fox Run 18-hole golf course, bar and grill, banquet, and driving range facility. The enterprise fund is used to report the same functions presented as business-type activities in the government-wide financial statements. The basic proprietary fund financial statements can be found on pages 13 - 15 of this report. Notes to the Financial Statements The notes provide additional information that is essential to a full understanding of the data provided in the government-wide and fund financial statements. The notes to the financial statements can be found on pages 16 - 43 of this report.
MD&A 3
ELK GROVE PARK DISTRICT, ILLINOIS Management’s Discussion and Analysis December 31, 2015
USING THIS ANNUAL REPORT – Continued Other Information In addition to the basic financial statements and accompanying notes, this report also presents certain required supplementary information concerning the District’s I.M.R.F. employee pension obligation and the budgetary comparison schedules for the General, Recreation, and Associations Funds. Required supplementary information can be found on pages 44 - 47 of this report. The information for the non-major governmental fund referred to earlier is presented immediately following the required supplementary information. Combining and individual fund statements and schedules can be found on pages 48 - 65 of this report. GOVERNMENT-WIDE FINANCIAL ANALYSIS Net position may serve over time as a useful indicator of a government’s financial position. The following tables show that in the case of the Elk Grove Park District, assets/deferred outflows exceeded liabilities/deferred inflows by $76.8 million. Net Position Business-type Activities 2015 2014
Governmental Activities 2015 2014 23,904,608 57,372,780 81,277,388
277,997 16,581,871 16,859,868
2014
25,213,761 73,406,901 98,620,662
24,022,341 74,140,724 98,163,065
Current and Other Assets Capital Assets Total Assets
$ 24,935,764 56,825,030 81,760,794
Deferred Outflows Total Assets/ Deferred Otuflows
2,038,498 83,799,292
81,277,388
16,859,868
16,885,677
100,659,160
98,163,065
Long-Term Debt Other Liabilities Total Liabilities
7,195,317 4,330,587 11,525,904
6,738,285 3,654,495 10,392,780
10,772 76,451 87,223
10,393 75,696 86,089
7,206,089 4,407,038 11,613,127
6,748,678 3,730,191 10,478,869
Deferred Inflows Total Liabilities/ Deferred Inflows
12,204,112
11,882,333
12,204,112
11,882,333
23,730,016
22,275,113
87,223
86,089
23,817,239
22,361,202
Net Position Net Investment in Capital Assets Restricted Unrestricted
50,194,546 1,096,843 8,777,887
48,572,175 1,002,304 9,427,796
16,581,871 190,774
16,767,944 31,644
66,776,417 1,096,843 8,968,661
65,340,119 1,002,304 9,459,440
Total Net Position
60,069,276
59,002,275
16,772,645
16,799,588
76,841,921
75,801,863
-
-
-
MD&A 4
117,733 16,767,944 16,885,677
Total 2015
-
-
2,038,498
-
ELK GROVE PARK DISTRICT, ILLINOIS Management’s Discussion and Analysis December 31, 2015
GOVERNMENT-WIDE FINANCIAL ANALYSIS – Continued By far the largest portion of the Elk Grove Park District’s net position, which is 86.9 percent, reflects its investment in capital assets (for example, land, buildings, machinery, and equipment), less any related debt used to acquire those assets that is still outstanding. The Elk Grove Park District uses these capital assets to provide services to citizens; consequently, these assets are not available for future spending. Although the District’s investment in its capital assets is reported net of related debt, it should be noted that the resources needed to repay this debt must be provided from other sources, since the capital assets themselves cannot be used to liquidate these liabilities. An additional 1.4 percent or $1.1 million of the Elk Grove Park District’s net position represents resources that are subject to external restrictions on how they may be used. These restrictions represent legal or contractual obligations on how the assets may be expended. The remaining 11.7 percent, or $9.0 million, represents unrestricted net position, and may be used to meet the District’s ongoing obligations to citizens and creditors. For 2015, restated net position of the Elk Grove Park District’s governmental activities increased by 1.0 percent or $.5 million to $60.1 million. The restatement was due to a new valuation method of pension calculations as required by the Governmental Accounting Standards Board. Net position of business-type activities decreased 0.8 percent to $16.8 million. Total revenues government-wide were reported at $20.2 million for the 2015 fiscal year. Charges for services (37.4 percent) and property tax revenue (57.3 percent) accounted for 94.8 percent of the total revenue. The total cost of all programs and services for the Elk Grove Park District was reported at $19.8 million. Of this total, general government expenses captured 36.9 percent and culture and recreation expenses accounted for 52.8 percent of the total costs for 2015.
MD&A 5
ELK GROVE PARK DISTRICT, ILLINOIS Management’s Discussion and Analysis December 31, 2015
GOVERNMENT-WIDE FINANCIAL ANALYSIS – Continued Governmental Activities 2015 2014 Revenues Program Revenues Charges for Services - Recreation Operating Grants/Contrib. General Revenues Property Taxes Replacement Taxes Interest Income Miscellaneous Total Revenues Expenses General Government Recreation Interest on Long-Term Debt Golf Course Total Expenses Change in Net Position Before Transfers Transfers In/ (Out) Change in Net Position
$
Changes in Net Position Business-Type Activities 2015 2014
Total 2015
2014
5,839,879 23,946
5,621,453 25,069
1,735,411 -
1,635,771 -
7,575,290 23,946
7,257,224 25,069
11,602,822 534,796 53,469 445,380 18,500,292
11,544,731 501,691 62,349 471,056 18,226,349
1,013 1,736,424
457 1,636,228
11,602,822 534,796 54,482 445,380 20,236,716
11,544,731 501,691 62,806 471,056 19,862,577
7,302,183 10,437,137 157,181 17,896,501
5,993,042 10,947,078 205,128 17,145,248
1,868,569 1,868,569
1,851,162 1,851,162
7,302,183 10,437,137 157,181 1,868,569 19,765,070
5,993,042 10,947,078 205,128 1,851,162 18,996,410
603,791
1,081,101
471,646
866,167
(105,202)
-
(132,145) 105,202
498,589
1,081,101
Net Position-Beginning as Restated
59,570,687
57,921,174
16,799,588
Net Position-Ending
60,069,276
59,002,275
16,772,645
MD&A 6
(26,943)
(214,934) (214,934)
-
-
471,646
866,167
17,014,522
76,370,275
74,935,696
16,799,588
76,841,921
75,801,863
ELK GROVE PARK DISTRICT, ILLINOIS Management’s Discussion and Analysis December 31, 2015
GOVERNMENT-WIDE FINANCIAL ANALYSIS – Continued Governmental Activities Revenues for governmental activities totaled $18.5 million for fiscal year 2015. Property tax revenue and replacement tax revenue represented the largest portion of the revenue base, generating 65.6 percent of the total. Charges for services accounted for 31.6 percent of total revenues. Because the District does not receive 100 percent of its funding through property tax revenue, it must charge a fee for programs and services that it provides to its residents in order to cover all costs associated with the program offerings. Staff provides pricing recommendations for programs and services annually to the Park District Board of Commissioners, who approve any increases. The cost of all governmental activities this year was $17.9 million. General government expenses, which primarily reflect the support services needed to provide the recreational program and services, accounted for 40.8 percent of total expenses or $7.3 million. The increase in general government expenses is due to a new valuation method of pension calculations as required by the Governmental Accounting Standards Board. Culture and recreation expenses captured 58.3 percent of the total expenses or $10.4 million. Culture and recreation expenses primarily reflect expenses associated with providing recreation programming and services. The following table graphically depicts the major revenue sources of the Elk Grove Park District. It shows very clearly the reliance of property taxes to fund governmental activities. It also clearly identifies the significant percentage the Elk Grove Park District receives from user fees (charges for services).
MD&A 7
ELK GROVE PARK DISTRICT, ILLINOIS Management’s Discussion and Analysis December 31, 2015
GOVERNMENT-WIDE FINANCIAL ANALYSIS – Continued Governmental Activities – Continued Revenues by Source - Governmental Avtivities Replacement Taxes 3%
Interest Income 0% Miscellaneous 2% Charges for Services 32%
Operating Grants/Contrib. 0% Property Taxes 63%
Expenses and Program Revenues - Governmental Activities Revenues Expenses
$12,000,000 $10,000,000 $8,000,000 $6,000,000 $4,000,000 $2,000,000 $General Government
Recreation
Interest on LongTerm Debt
The ‘Expenses and Program Revenues’ table reveal the governmental functions where program expenses greatly exceed revenues. The “Culture and Recreation” programs are funded primarily through user fees (charges for services). However, property tax revenue is used to subsidize a portion of specific programs or user groups. Historically, in the Recreation Fund property tax revenue has averaged approximately 23 percent of the total revenue derived from recreation programming and operations. Property tax is not included in the above graph.
MD&A 8
ELK GROVE PARK DISTRICT, ILLINOIS Management’s Discussion and Analysis December 31, 2015
GOVERNMENT-WIDE FINANCIAL ANALYSIS – Continued Business-Type Activities Operating revenues of the District’s business-type activities were $1.7 million and operating expenses were $1.9 million for fiscal 2015. Charges for services primarily reflect green fees for the 18-hole golf course, driving range revenue, bar and grill sales, banquet sales, merchandise sales, and cart rentals. Expenses reflect costs associated with the operation of the golf course and driving range, including depreciation expense. Expenses and Program Revenues - BusinessType Activities Revenues Expenses
$1,900,000 $1,850,000 $1,800,000 $1,750,000 $1,700,000 $1,650,000 Golf Course
The above graph compares program revenues to expenses for the golf course and driving range operations. FINANCIAL ANALYSIS OF THE GOVERNMENT’S FUNDS As noted earlier, the Elk Grove Park District uses fund accounting to ensure and demonstrate compliance with finance-related legal requirements. Governmental funds The focus of the District’s governmental funds is to provide information on near-term inflows, outflows, and balances of spendable resources. In particular, unassigned fund balance may serve as a useful measure of a government’s net resources available for spending at the end of the fiscal year.
MD&A 9
ELK GROVE PARK DISTRICT, ILLINOIS Management’s Discussion and Analysis December 31, 2015
FINANCIAL ANALYSIS OF THE GOVERNMENT’S FUNDS – Continued Governmental Funds – Continued As of the end of the current fiscal year, the governmental funds reported combined ending fund balances of $10.9 million, reflecting an increase of $0.3 million. The General Fund reported a surplus in the current year of $135,316 compared to a budgeted deficit of $278,386. The surplus was primarily due to decreased expenditures of $473,502 which more than offset the decrease in revenue. Actual wages were lower than budget due to lower than budgeted merit increases, positions that remained open throughout the year, and other positions that started later than expected. Actual benefits were also lower than budget due to a change in health insurance. Total supplies were $82,000 under budget, with the largest savings being in vehicle fuels due to lower oil prices. Actual contractual expenditures were lower than budget due to a reduction of spending on consultants, training and development, and advertising. Capital expenditures were on target with budget. Total revenue was lower than budget. The District’s collection of property tax was 98.7% of budget. Interest revenue continues to decline with the low interest rates. The General Fund meets the District’s fund balance reserve policy of maintaining a reserve equivalent to six months of budgeted expenditures. The Recreation Fund reported a surplus for the year of $476,542 compared to a budgeted surplus of $53,390. Similar to the General Fund, expenditures were controlled and advantageous pricing in supplies and contractual services resulted in lower expenditures. Salaries and Wages were $22,892 under budget as positions were open during the year. In 2015, Rainbow Falls had a good year despite the rainy season, with a surplus of $206,452 compared to a budgeted surplus of $111,700. Pirates’ Cove surplus also increased to $151,724 in 2015, compared to a budgeted surplus of $132,969. The Fitness Center continues to be a steady performer with revenue of $1,483,650. Program revenue held steady with revenue of $1,858,769 in 2015 compared to $1,850,850 in 2014. The Recreation Fund continues to meet the District’s fund balance reserve policy of maintaining a reserve equivalent to three months of budgeted expenditures. The Debt Service Fund reported a $2,637 deficit due primarily to lower property taxes. The Debt Service Fund is not part of the fund balance policy; however, the fund maintains a reserve. The Capital Projects Fund reported a $424,073 deficit due primarily to spending of prior issues reserves. The Fund ended the year with a fund balance of $220,224.
MD&A 10
ELK GROVE PARK DISTRICT, ILLINOIS Management’s Discussion and Analysis December 31, 2015
FINANCIAL ANALYSIS OF THE GOVERNMENT’S FUNDS – Continued Proprietary Fund The Elk Grove Park District’s proprietary fund provides the same type of information found in the government-wide financial statements, but in more detail. The District reports its golf and driving range operations as a major proprietary fund. This fund accounts for all of the operations of the 18-hole golf course and driving range. The District owns the golf course land, but leases the property for the driving range from the Metropolitan Water Reclamation District. The District annually pays both base and percentage of net income rent to the Metropolitan Water Reclamation District. The golf course and driving range are fully supported by user fees. The goal of the operation is to be profitable, as fund equity is consistently reinvested into the course. For fiscal year 2015, the golf course and range operations produced a $26,943 deficit. Net position remained consistent at $16.8 million. The deficit was reduced from prior year by $187,991 as revenue increased in Fees & Admissions, Rental Income and Sales. Cash and cash equivalents increased to $200,712, an increase of $160,530 from the prior year. Although the net position is primarily composed of capital assets ($16.6 million), the operation has $190,774 in unrestricted net position. The net position reserve policy is not being met due to a $2.3 million investment in the course renovations completed in 2013. CAPITAL ASSETS AND DEBT ADMINISTRATION Capital Assets The Elk Grove Park District’s investments in capital assets for its governmental and businesstype activities as of December 31, 2015 were $73.4 million (net of accumulated depreciation). This investment in capital assets includes land, buildings and improvements, land improvements, vehicles, machinery and equipment, swimming pools, and park facilities. Governmental Activities 2015 2014 Land Land Improvements Buildings Machinery and Equipment Furniture and Fixtures Total
Capital Assets - Net of Depreciation Business-type Activities 2015 2014
Total 2015
2014
$ 14,149,158 4,881,571 34,133,376 3,660,925 -
14,149,158 4,679,410 34,428,535 4,115,677 -
13,470,356 2,227,720 665,660 206,065 12,070
13,470,356 2,363,962 718,185 198,896 16,545
27,619,514 7,109,291 34,799,036 3,866,990 12,070
27,619,514 7,043,372 35,146,720 4,314,573 16,545
56,825,030
57,372,780
16,581,871
16,767,944
73,406,901
74,140,724
MD&A 11
ELK GROVE PARK DISTRICT, ILLINOIS Management’s Discussion and Analysis December 31, 2015
CAPITAL ASSETS AND DEBT ADMINISTRATION – Continued Capital Assets – Continued This year’s major additions included the following:
Roof Replacement at Al Hattendorf Center Al Hattendorf Center Preschool flooring improvements Titan Trax Sport Court installation at Fairchild, Mather, Udall and Jaycee Parks Audubon Park playground renovation Vehicle and equipment replacement Computer network infrastructure upgrades Purchase of new electronic Pavilion sign in conjunction with the Village of Elk Grove Rainbow Falls Funhouse renovation Pirates’ Cove gatehouse improvement New Pirates’ Cove Pirate Jet ride Fitness Center equipment replacement Pavilion interior improvements, including bathroom renovations Pavilion boiler replacements (2)
Additional information on the Elk Grove Park District’s capital assets can be found in note 3 on pages 27 - 28 of this report. Debt Administration At year-end, the Elk Grove Park District had a total outstanding bonded debt of $6.5 million as compared to $8.7 million the previous year. The golf and driving range operation has no outstanding debt. The following is a comparative statement of outstanding debt: Long-Term Debt Outstanding Governmental Activities 2015 2014 General Obligation Bonds
$
MD&A 12
6,510,000
8,650,000
ELK GROVE PARK DISTRICT, ILLINOIS Management’s Discussion and Analysis December 31, 2015
CAPITAL ASSETS AND DEBT ADMINISTRATION – Continued Debt Administration – Continued The District has been issuing $1,500,000 - $2,000,000 annually in general obligation bonds to fund its annual capital projects. In 2015, the District issued $2,000,000 in bonds with a ten month maturity. These annual issues have been on a three-year retirement schedule until 2007 when the maturities of the bonds were reduced to two years. Since 2012, these issues maturities have been reduced to ten months. By reducing the maturity schedule, the District will be paying less interest expense, which ultimately increases the amount of funding available for future projects. In 2010, Moody’s increased the District’s credit rating to Aaa. In 2012 and 2013, Moody’s reviewed and once again assigned the District a credit rating of Aaa. Additional information on the Elk Grove Park District’s long-term debt can be found in Note 3 on pages 29 - 31 of this report. ECONOMIC FACTORS The District’s elected officials considered many factors when setting the fiscal-year 2016 budget, including fees that will be charged for its governmental and business-type activities. One of those factors is the economy. The unemployment rate for Elk Grove Village in December 2015 was 4.7 percent, which is under the state unemployment rate of 5.9 percent. Due to housing market issues beginning in 2008, the District’s Equalized Assessed Valuation gradually decreased over the subsequent years to hit a low point in 2014. In 2015 there was a turnaround as (EAV) increased 1.9% to 1,495,914,672. It is anticipated that EAV will increase further in 2016.
MD&A 13
ELK GROVE PARK DISTRICT, ILLINOIS Management’s Discussion and Analysis December 31, 2015
ECONOMIC FACTORS – Continued Budget and Rates for 2016 The 2016 budgeted revenue is $21,782,550, consistent with the 2015 budget of $21,886,050. The 2016 budget shows revenue increases above 2015 actual in all revenue categories except Bond Proceeds where there is a decrease of $200,000. Major increases are in categories of Interest, Sales, Fees and Admissions. Budgeted expenditures are $23,397,526, a 2.4% increase from 2015 budget. The major increase occurs in the General Fund where a Community Athletics Field (CAF) project is budgeted for $1,500,000. In addition to the CAF project, planned 2016 capital budget expenditures total $1,870,362, which include projects such as:
Andrews Park playground improvements Architectural & Engineering fees and furniture for the CAF Project ADA Playground Surface replacement at Pirates’ Cove Emerald Ash Borer tree replacement Inline Hockey Rink scoreboard and improvements Al Hattendorf Adult Center floor replacement Electronic sign final payment Fitness Center equipment replacement Vehicle and equipment replacement Pirates’ Cove concession area improvements Fun House painting and panel replacement Rainbow Falls Rainbow Falls flume slide painting Recreation software upgrade Computer and Security System infrastructure upgrades
REQUESTS FOR INFORMATION This financial report is designed to provide a general overview of the Elk Grove Park District’s finances for all those with an interest in the government’s finances. Questions concerning any of the information provided in this report or requests for additional information should be directed to Thomas Busby, Executive Director, Elk Grove Park District, 499 Biesterfield Road, Elk Grove, Illinois 60007.
MD&A 14
BASIC FINANCIAL STATEMENTS The basic financial Statements include integrated sets of financial statements as required by the GASB. The sets of statements include: • Government-Wide Financial Statements • Fund Financial Statements Governmental Funds Proprietary Fund In addition, the notes to the financial statements are included to provide information that is essential to a user’s understanding of the basic financial statements.
ELK GROVE PARK DISTRICT, ILLINOIS Statement of Net Position December 31, 2015
See Following Page
ELK GROVE PARK DISTRICT, ILLINOIS Statement of Net Position December 31, 2015
Governmental Activities
Business-Type Activities
12,497,044
200,712
12,697,756
12,320,138
9,413
12,329,551
Inventories and Prepaids
118,582
67,872
186,454
Total Current Assets
24,935,764
277,997
25,213,761
Totals
ASSETS Current Assets Cash and Investments Receivables - Net of Allowances
$
Noncurrent Assets Capital Assets Land Land Improvements Buildings Machinery and Equipment Furniture and Fixtures Accumulated Depreciation
14,149,158 10,965,188 53,882,301 11,695,619 (33,867,236)
13,470,356 3,634,857 2,155,113 2,159,348 150,981 (4,988,784)
27,619,514 14,600,045 56,037,414 13,854,967 150,981 (38,856,020)
Total Noncurrent Assets
56,825,030
16,581,871
73,406,901
Total Assets
81,760,794
16,859,868
98,620,662
DEFERRED OUTFLOWS OF RESOURCES Deferred Items - IMRF Total Assets and Deferred Outflows of Resources
2,038,498
83,799,292
-
16,859,868
The notes to the financial statements are an integral part of this statement. 3
2,038,498
100,659,160
Governmental Activities
Business-Type Activities
722,761 79,647 219,420 10,850 890,461 2,407,448 4,330,587
21,688 18,409 33,661 2,693 76,451
744,449 79,647 237,829 10,850 924,122 2,410,141 4,407,038
109,308 2,835,646 4,250,363 7,195,317 11,525,904
10,772 10,772 87,223
120,080 2,835,646 4,250,363 7,206,089 11,613,127
12,165,450 38,662 12,204,112 23,730,016
87,223
12,165,450 38,662 12,204,112 23,817,239
50,194,546
16,581,871
66,776,417
121,107 8,761 137,731 152,274 50,972 225,633 366,276 34,089 8,777,887
190,774
121,107 8,761 137,731 152,274 50,972 225,633 366,276 34,089 8,968,661
60,069,276
16,772,645
76,841,921
Totals
LIABILITIES Current Liabilities Accounts Payable Retainage Payable Accrued Payroll and Related Accrued Interest Payable Other Payables Current Portion of Long-Term Debt Total Current Liabilities Noncurrent Liabilities Compensated Absences Payable Net Pension Liability - IMRF General Obligation Bonds Payable - Net Total Noncurrent Liabilities Total Liabilities DEFERRED INFLOWS OF RESOURCES Property Taxes Deferred Items - IMRF Total Deferred Inflows of Resources Total Liabilities and Deferred Inflows of Resources NET POSITION Net Investment in Capital Assets Restricted - Special Levies Paving and Lighting Audit Liability Insurance Illinois Municipal Retirement Police Protection Social Security Culture and Recreation Restricted - Debt Service Unrestricted Total Net Position
$
The notes to the financial statements are an integral part of this statement. 4
ELK GROVE PARK DISTRICT, ILLINOIS Statement of Activities For the Fiscal Year Ended December 31, 2015
Governmental Activities General Government Culture and Recreation Interest on Long-Term Debt Total Governmental Activities
Business-Type Activities Golf Course Total Primary Government
$
Expenses
Program Revenues Charges Operating for Grants/ Services Contributions
7,302,183 10,437,137 157,181 17,896,501
5,839,879 5,839,879
23,946 23,946
1,868,569
1,735,411
-
19,765,070
7,575,290
23,946
General Revenues Taxes Property Taxes Intergovernmental - Unrestricted Replacement Taxes Interest Income Miscellaneous Transfers - Internal Activity
Change in Net Position Net Position - Beginning as Restated Net Position - Ending
The notes to the financial statements are an integral part of this statement. 5
Governmental Activities
(7,302,183) (4,573,312) (157,181) (12,032,676)
(12,032,676)
11,602,822 534,796 53,469 445,380 (105,202) 12,531,265 498,589
Net (Expenses)/Revenues Total Primary Government Business-Type Activities
-
Totals
(7,302,183) (4,573,312) (157,181) (12,032,676)
(133,158)
(133,158)
(133,158)
(12,165,834)
1,013 105,202 106,215 (26,943)
11,602,822 534,796 54,482 445,380 12,637,480 471,646
59,570,687
16,799,588
76,370,275
60,069,276
16,772,645
76,841,921
The notes to the financial statements are an integral part of this statement. 6
ELK GROVE PARK DISTRICT, ILLINOIS Balance Sheet - Governmental Funds December 31, 2015
General
Special Revenue Recreation
$ 6,015,366
4,450,047
5,301,000 15,878 68,197 37,775
1,877,000 13,820 50,193 8,882 9,781
11,438,216
6,409,723
54,620 87,867 142,487
280,916 24,598 128,252 563,578 997,344
5,301,000 5,443,487
1,877,000 2,874,344
37,775 5,956,954 5,994,729
18,663 3,516,716 3,535,379
11,438,216
6,409,723
ASSETS Cash and Investments Receivables - Net of Allowances Taxes Accrued Interest Accounts Inventories Prepaids Total Assets LIABILITIES Accounts Payable Retainage Payable Accrued Payroll Other Payables Total Liabilities DEFERRED INFLOWS OF RESOURCES Property Taxes Total Liabilities and Deferred Inflows of Resources FUND BALANCES Nonspendable Restricted Committed Assigned Unassigned Total Fund Balances Total Liabilities, Deferred Inflows of Resources and Fund Balances
The notes to the financial statements are an integral part of this statement. 7
Debt Service
Capital Projects
Nonmajor
Totals
42,124
520,004
1,469,503
12,497,044
2,814,450 2,815 -
62,144
2,173,000 3,785 -
12,165,450 36,298 118,390 8,882 109,700
2,859,389
582,148
3,646,288
24,935,764
306,875 55,049 361,924
80,350 3,301 326,883 410,534
722,761 79,647 219,420 890,461 1,912,289
2,814,450 2,814,450
361,924
2,173,000 2,583,534
12,165,450 14,077,739
44,939 44,939
62,144 158,080 220,224
1,062,754 1,062,754
118,582 1,107,693 3,516,716 158,080 5,956,954 10,858,025
2,859,389
582,148
3,646,288
24,935,764
-
The notes to the financial statements are an integral part of this statement. 8
ELK GROVE PARK DISTRICT, ILLINOIS Reconciliation of Total Governmental Fund Balance to the Statement of Net Position - Governmental Activities December 31, 2015
Total Governmental Fund Balances
$ 10,858,025
Amounts reported for Governmental Activities in the Statement of Net Position are different because:
Capital assets used in Governmental Activities are not financial resources and therefore, are not reported in the funds.
Deferred outflows (inflows) of resources related to the pensions not reported in the funds. Deferred Items - IMRF
Long-term liabilities are not due and payable in the current period and therefore are not reported in the funds. General Obligation Bonds Payable - Net Compensated Absences Payable Net Pension Liability - IMRF Accrued Interest Payable
Net Position of Governmental Activities
The notes to the financial statement are an integral part of this statement. 9
56,825,030
1,999,836
(6,630,484) (136,635) (2,835,646) (10,850)
60,069,276
ELK GROVE PARK DISTRICT, ILLINOIS Statement of Revenues, Expenditures and Changes in Fund Balances - Governmental Funds For the Fiscal Year Ended December 31, 2015
See Following Page
ELK GROVE PARK DISTRICT, ILLINOIS Statement of Revenues, Expenditures and Changes in Fund Balances - Governmental Funds For the Fiscal Year Ended December 31, 2015
Revenues Taxes Charges for Services Grants and Donations Interest Miscellaneous Total Revenues Expenditures Current General Government Culture and Recreation Capital Outlay Debt Service Principal Retirement Interest and Fiscal Charges Total Expenditures Excess (Deficiency) of Revenues Over (Under) Expenditures Other Financing Sources (Uses) Disposal of Capital Assets Debt Issuance Transfers Out
Net Change in Fund Balances
General
Special Revenue Recreation
$ 5,397,754 21,014 263,959 5,682,727
1,836,866 5,154,822 16,700 17,957 180,553 7,206,898
3,937,324 17,885
6,730,356 -
1,375,000 112,000 5,442,209
6,730,356
240,518
476,542
(105,202) (105,202)
-
135,316
476,542
Fund Balances - Beginning
5,859,413
3,058,837
Fund Balances - Ending
5,994,729
3,535,379
The notes to the financial statements are an integral part of this statement. 10
Debt Service
2,833,639 7,593 2,841,232
2,765,000 78,869 2,843,869
Capital Projects
Nonmajor
Totals
1,788 1,788
2,069,359 685,057 7,246 5,117 868 2,767,647
12,137,618 5,839,879 23,946 53,469 445,380 18,500,292
2,437,361
1,450,465 1,080,996 142,577
5,387,789 7,811,352 2,597,823
2,437,361
2,674,038
4,140,000 190,869 20,127,833
(2,637)
(2,435,573)
93,609
(1,627,541)
-
11,500 2,000,000 2,011,500
-
11,500 2,000,000 (105,202) 1,906,298
(2,637)
(424,073)
93,609
278,757
47,576
644,297
969,145
10,579,268
44,939
220,224
1,062,754
10,858,025
The notes to the financial statements are an integral part of this statement. 11
ELK GROVE PARK DISTRICT, ILLINOIS Reconciliation of the Statement of Revenues, Expenditures and Changes in Fund Balances to the Statement of Activities - Governmental Activities For the Fiscal Year Ended December 31, 2015
Net Change in Fund Balances - Total Governmental Funds
$
278,757
Amounts reported for Governmental Activities in the Statement of Activities are different because:
Governmental Funds report capital outlays as expenditures. However, in the Statement of Activities the cost of those assets is allocated over their estimated useful lives and reported as depreciation expense. Capital Outlays Depreciation Expense
The net effect of deferred outflows (inflows) of resources related to the pensions not reported in the funds. Change in Deferred Items - IMRF
The issuance of long-term debt provides current financial resources to Governmental Funds, while the repayment of the principal on long-term debt consumes the current financial resources of the governmental funds. Issuance of Bonds Retirement of Bonds Amortization of Bond Premium Additions in Compensated Absences Payable Additions to Net Pension Liability - IMRF
Changes to accrued interest on long-term debt in the Statement of Activities does not require the use of current financial resources and, therefore, are not reported as expenditures in the Governmental Funds.
Changes in Net Position of Governmental Activities
The notes to the financial statements are an integral part of this statement. 12
2,127,450 (2,675,200)
353,759
(2,000,000) 4,140,000 30,121 (1,884) (1,757,981)
3,567
498,589
ELK GROVE PARK DISTRICT, ILLINOIS Statement of Net Position - Proprietary Fund December 31, 2015
Business - Type Activities Golf Course ASSETS Current Assets Cash and Investments Receivables - Net of Allowances Accrued Interest Accounts Inventories Prepaids Total Current Assets
$
200,712 665 8,748 61,170 6,702 277,997
Noncurrent Assets Capital Assets Land Land Improvements Buildings Machinery and Equipment Furniture and Fixtures Accumulated Depreciation Total Noncurrent Assets Total Assets
13,470,356 3,634,857 2,155,113 2,159,348 150,981 (4,988,784) 16,581,871 16,859,868 LIABILITIES
Current Liabilities Accounts Payable Accrued Payroll Other Payables Compensated Absences Payable Total Current Liabilities
21,688 18,409 33,661 2,693 76,451
Noncurrent Liabilities Compensated Absences Payable Total Liabilities
10,772 87,223 NET POSITION
Investment in Capital Assets Unrestricted Total Net Position The notes to the financial statements are an integral part of this statement. 13
16,581,871 190,774 16,772,645
ELK GROVE PARK DISTRICT, ILLINOIS Statement of Revenues, Expenses and Changes in Net Position - Proprietary Fund For the Fiscal Year Ended December 31, 2015
Business - Type Activities Golf Course Operating Revenues Charges for Services Operating Expenses Administration Operations Depreciation Total Operating Expenses Operating Income (Loss) Nonoperating Revenues Interest Income Income (Loss) Before Transfers
$
1,735,411
361,654 1,215,639 291,276 1,868,569 (133,158)
1,013 (132,145)
Transfers In
105,202
Change in Net Position
(26,943)
Net Position - Beginning
16,799,588
Net Position - Ending
16,772,645
The notes to the financial statements are an integral part of this statement. 14
ELK GROVE PARK DISTRICT, ILLINOIS Statement of Cash Flows - Proprietary Fund For the Fiscal Year Ended December 31, 2015
Business - Type Activities Golf Course Cash Flows from Operating Activities Receipts from Customers and Users Payments to Suppliers Payments to Employees
Cash Flows from Noncapital Financing Activities Transfers In Cash Flows from Capital and Related Financing Activities Purchase of Capital Assets Cash Flows from Investing Activities Interest Received Net Change in Cash and Cash Equivalents Cash and Cash Equivalents - Beginning Cash and Cash Equivalents - Ending Reconciliation of Operating Income to Net Cash Provided (Used) by Operating Activities: Operating Income (Loss) Adjustments to Reconcile Operating Income to Net Income to Net Cash Provided by (Used in) Operating Activities: Depreciation Expense (Increase) Decrease in Current Assets Increase (Decrease) in Current Liabilities Net Cash Provided by Operating Activities
The notes to the financial statements are an integral part of this statement. 15
$
1,735,677 (808,158) (768,001) 159,518
105,202
(105,203)
1,013 160,530 40,182 200,712
(133,158)
291,276 266 1,134 159,518
ELK GROVE PARK DISTRICT, ILLINOIS Notes to the Financial Statements December 31, 2015
NOTE 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The Elk Grove Park District (District) of Illinois is duly organized and existing under the provisions of the laws of the State of Illinois. The District is operating under the provisions of the Park District Code of the State of Illinois approved July 8, 1947 and under all laws amendatory thereto. The District operates under the commissioner-director form of government. The District provides a variety of recreational facilities, programs and services. The government-wide financial statements are prepared in accordance with generally accepted accounting principles (GAAP). The Governmental Accounting Standards Board (GASB) is responsible for establishing GAAP for state and local governments through its pronouncements (Statements and Interpretations). The more significant of the District’s accounting policies established in GAAP and used by the District are described below. REPORTING ENTITY In determining the financial reporting entity, the District complies with the provisions of GASB Statement No. 61, “The Financial Reporting Omnibus – an Amendment of GASB Statements No. 14 and No. 34,” and includes all component units that have a significant operational or financial relationship with the District. Based upon the criteria set forth in the GASB Statement No. 61, there are no component units included in the reporting entity. BASIS OF PRESENTATION Government-Wide Statements The District’s basic financial statements include both government-wide (reporting the District as a whole) and fund financial statements (reporting the District’s major funds). Both the government-wide and fund financial statements categorize primary activities as either governmental or business-type. The District’s preservation of open space, recreational program activities, development and maintenance of the District’s various parks and facilities, and general administration are all classified as governmental activities. The District’s golf services are classified as business-type activities. In the government-wide Statement of Net Position, both the governmental and business-type activities columns are (a) presented on a consolidated basis by column, and (b) reported on a full accrual, economic resource basis, which recognizes all long-term assets/deferred outflows and receivables as well as long-term debt/deferred inflows and obligations. The District’s net position is reported in three parts: net investment in capital assets; restricted; and unrestricted. The District first utilizes restricted resources to finance qualifying activities.
16
ELK GROVE PARK DISTRICT, ILLINOIS Notes to the Financial Statements December 31, 2015
NOTE 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES – Continued BASIS OF PRESENTATION – Continued Government-Wide Statements – Continued The government-wide Statement of Activities reports both the gross and net cost of each of the District’s functions and business-type activities (general government, culture and recreation, etc.). The functions are supported by general government revenues (property and personal property replacement taxes, certain intergovernmental revenues, interest income, etc.). The Statement of Activities reduces gross expenses (including depreciation) by related program revenues, which include 1) changes 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. The net costs (by function) are normally covered by general revenue (property and personal property replacement taxes, certain intergovernmental revenues, interest income, etc.). The District does not allocate indirect costs. An administrative service fee is charged by the General Fund to the other operating funds that is eliminated like a reimbursement (reducing the revenue and expense in the General Fund) to recover the direct costs of General Fund services provided (finance, personnel, purchasing, legal, technology management, etc.). This government-wide focus is more on the sustainability of the District as an entity and the change in the District’s net position resulting from the current year’s activities. Fund Financial Statements The financial transactions of the District are reported in individual funds in the fund financial statements. Each fund is accounted for by providing a separate set of self-balancing accounts that comprise its assets/deferred outflows, liabilities/deferred inflows, fund equity, revenues and expenditures/expenses. Funds are organized into two major categories: governmental and proprietary. An emphasis is placed on major funds within the governmental category. A fund is considered major if it is the primary operating fund of the District or meets the following criteria: Total assets/deferred outflows, liabilities/deferred inflows, revenues, or expenditures/expenses of that individual governmental or enterprise fund are at least 10 percent of the corresponding total for all funds of that category or type; and
17
ELK GROVE PARK DISTRICT, ILLINOIS Notes to the Financial Statements December 31, 2015
NOTE 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES – Continued BASIS OF PRESENTATION – Continued Fund Financial Statements – Continued Total assets/deferred outflows, liabilities/deferred inflows, revenues, or expenditures/expenses of the individual governmental or enterprise fund are at least 5 percent of the corresponding total for all governmental and enterprise funds combined. The various funds are reported by generic classification within the financial statements. The following fund types are used by the District: Governmental Funds The focus of the governmental funds’ measurement (in the fund statements) is upon determination of financial position and changes in financial position (sources, uses, and balances of financial resources) rather than upon net income. The following is a description of the governmental funds of the District: General fund is the general operating fund of the District. It accounts for all revenues and expenditures of the Park District which are not accounted for in other funds. The General Fund is a major fund. Special revenue funds are used to account for the proceeds of specific revenue sources that are legally restricted to expenditures for specified purposes. The District maintains ten special revenue funds. The Recreation Fund, a major fund, accounts for revenues and expenditures related to the establishment and maintenance of the following programs: sports and fitness, visual and performing arts, youth and adult general interest, camps, teens, preschoolers, seniors and aquatics. The Recreation Fund reports charges for services for recreation programs and property taxes as the major revenue sources for the fund. Charges for services are committed to future recreation programs and facilities and property taxes are restricted to future recreation programs and facilities. Debt service funds are used to account for the accumulation of funds for the periodic payment of principal and interest on general long-term debt. The Debt Service Fund is treated as a major fund and records the District’s general obligation debt activity. Capital projects funds are used to account for financial resources to be used for the acquisition or construction of major capital facilities. The District maintains one major capital projects fund, the Capital Projects Fund, which accounts for all the capital improvements not specifically accounted for in other funds.
18
ELK GROVE PARK DISTRICT, ILLINOIS Notes to the Financial Statements December 31, 2015
NOTE 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES – Continued BASIS OF PRESENTATION – Continued Fund Financial Statements – Continued Proprietary Funds The focus of proprietary fund measurement is upon determination of operating income, changes in net position, financial position, and cash flows. The generally accepted accounting principles applicable are those similar to businesses in the private sector. The following is a description of the proprietary funds of the District: Enterprise funds are required to account for operations for which a fee is charged to external users for goods or services and the activity (a) is financed with debt that is solely secured by a pledge of the net revenues, (b) has third party requirements that the cost of providing services, including capital costs, be recovered with fees and charges or (c) establishes fees and charges based on a pricing policy designed to recover similar costs. The Golf Fund, a major fund, accounts for the operation of the golf course and the driving range. MEASUREMENT FOCUS AND BASIS OF ACCOUNTING Measurement focus is a term used to describe “which” transactions are recorded within the various financial statements. Basis of accounting refers to “when” transactions are recorded regardless of the measurement focus applied. Measurement Focus On the government-wide Statement of Net Position and the Statement of Activities, both governmental and business-type activities are presented using the economic resources measurement focus as defined below. In the fund financial statements, the “current financial resources” measurement focus or the “economic resources” measurement focus is used as appropriate. All governmental funds utilize a “current financial resources” measurement focus. Only current financial assets/deferred outflows and liabilities/deferred inflows are generally included on their balance sheets. Their operating statements present sources and uses of available spendable financial resources during a given period. These funds use fund balance as their measure of available spendable financial resources at the end of the period. All proprietary funds utilize an “economic resources” measurement focus. The accounting objectives of this measurement focus are the determination of operating income, changes in net position (or cost recovery), financial position, and cash flows. All assets/deferred outflows and liabilities/deferred inflows (whether current or noncurrent) associated with their activities are reported. Proprietary fund equity is classified as net position. 19
ELK GROVE PARK DISTRICT, ILLINOIS Notes to the Financial Statements December 31, 2015
NOTE 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES – Continued MEASUREMENT FOCUS AND BASIS OF ACCOUNTING – Continued Basis of Accounting In the government-wide Statement of Net Position and Statement of Activities, both governmental and business-type activities are presented using the accrual basis of accounting. Under the accrual basis of accounting, revenues are recognized when earned and expenses are recorded when the liability/deferred inflow is incurred or economic asset used. Revenues, expenses, gains, losses, assets/deferred outflows, and liabilities/deferred inflows resulting from exchange and exchange-like transactions are recognized when the exchange takes place. In the fund financial statements, governmental funds are presented on the modified accrual basis of accounting. Under this modified accrual basis of accounting, revenues are recognized when “measurable and available.” Measurable means knowing or being able to reasonably estimate the amount. Available means collectible within the current period or within sixty days after year end. The District recognizes property taxes when they become both measurable and available in accordance with GASB Codification Section P70. A sixty-day availability period is used for revenue recognition for all other governmental fund revenues. Expenditures (including capital outlay) are recorded when the related fund liability is incurred, except for general obligation bond principal and interest which are recognized when due. In applying the susceptible to accrual concept under the modified accrual basis, those revenues susceptible to accrual are property taxes, interest revenue, and charges for services. All other revenues are not susceptible to accrual because generally they are not measurable until received in cash. All proprietary funds utilize the accrual basis of accounting. Under the accrual basis of accounting, revenues are recognized when earned and expenses are recorded when the liability is incurred or economic asset used. Proprietary funds distinguish operating revenues and expenses from nonoperating items. Operating revenues and expenses generally result from providing services and producing and delivering goods in connection with a proprietary fund’s principal ongoing operations. The principal operating revenues of the District’s enterprise fund are charges to customers for sales and services. Operating expenses for enterprise funds include the cost of sales and services, administrative expenses, and depreciation on capital assets. All revenues and expenses not meeting this definition are reported as nonoperating revenues and expenses.
20
ELK GROVE PARK DISTRICT, ILLINOIS Notes to the Financial Statements December 31, 2015
NOTE 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES – Continued ASSETS/DEFERRED OUTFLOWS, POSITION OR EQUITY
LIABILITIES/DEFERRED
INFLOWS,
AND
NET
Cash and Investments For the purpose of the Statement of Net Position, the District’s cash and cash equivalents are considered to be cash on hand, demand deposits, and cash with fiscal agent. For the purpose of the proprietary funds’ Statement of Cash Flows, cash and cash equivalents are considered to be cash on hand, demand deposits, cash with fiscal agent, and all highly liquid investments with an original maturity of three months or less. Investments are reported at fair value. Short-term investments are reported at cost, which approximates fair value. Securities traded on national exchanges are valued at the last reported sales price. Investments that do not have any established market, if any, are reported at estimated fair value. Interfund Receivables, Payables and Activity Interfund activity is reported as loans, services provided, reimbursements or transfers. Loans are reported as interfund receivables and payables as appropriate and are subject to elimination upon consolidation. Services provided, deemed to be at market or near market rates, are treated as revenues and expenditures/expenses. Reimbursements are when one fund incurs a cost, charges the appropriate benefiting fund and reduces its related cost as a reimbursement. All other interfund transactions are treated as transfers. Prepaids/Inventories Prepaids/inventories are valued at cost, which approximates market, using the first-in/first-out (FIFO) method. The costs of governmental fund-type prepaids/inventories are recorded as expenditures when consumed rather than when purchased. Certain payments to vendors reflect costs applicable to future accounting periods and are recorded as prepaids in both the government-wide and fund financial statements. Capital Assets Capital assets purchased or acquired with an original cost of $5,000 or more are reported at historical cost or estimated historical cost. Contributed assets are reported at fair market value as of the date received. Additions, improvements and other capital outlays that significantly extend the useful life of an asset are capitalized. Other costs incurred for repairs and maintenance are expenses as incurred.
21
ELK GROVE PARK DISTRICT, ILLINOIS Notes to the Financial Statements December 31, 2015
NOTE 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES – Continued ASSETS/DEFERRED OUTFLOWS, POSITION OR EQUITY – Continued
LIABILITIES/DEFERRED
INFLOWS,
AND
NET
Capital Assets – Continued The accounting and financial reporting treatment applied to a fund is determined by its measurement focus. General capital assets are long-lived assets of the District as a whole. When purchased, such assets are recorded as expenditures in the governmental funds and capitalized. The valuation basis for general capital assets are historical cost, or where historical cost is not available, estimated historical cost based on replacement costs. Depreciation on all assets is computed and recorded using the straight-line method of depreciation over the following estimated useful lives: Land Improvements
20 Years
Buildings
30 Years
Machinery and Equipment
5 - 10 Years
Furniture and Fixtures
7 Years
Deferred Outflows/Inflows of Resources Deferred outflow/inflow of resources represents an acquisition of net position that applies to a future period and therefore will not be recognized as an outflow or resources (expense)/inflow of resources (revenue) until that future time. Compensated Absences The District accrues accumulated unpaid vacation and associated employee-related costs when earned (or estimated to be earned) by the employee. In accordance with GASB Statement No. 16, no liability is recorded for nonvesting accumulation rights to receive sick pay benefits. However, a liability is recognized for that portion of accumulated sick leave that is estimated to be taken as “terminal leave” prior to retirement. All vacation pay is accrued when incurred in the government-wide and proprietary fund financial statements. A liability for these amounts is reported in the governmental funds only if they have matured, for example, as a result of employee resignations and retirements.
22
ELK GROVE PARK DISTRICT, ILLINOIS Notes to the Financial Statements December 31, 2015
NOTE 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES – Continued ASSETS/DEFERRED OUTFLOWS, POSITION OR EQUITY – Continued
LIABILITIES/DEFERRED
INFLOWS,
AND
NET
Long-Term Obligations In the government-wide financial statements, long-term debt and other long-term obligations are reported as liabilities in the governmental activities Statement of Net Position. Bond premiums and discounts are deferred and amortized over the life of the bonds using the effective interest method. Bonds payable are reported net of the applicable bond premium or discount. Bond issuance costs are reported as expenses at the time of issuance. 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 expenses. Net Position In the government-wide financial statements, equity is classified as net position and displayed in three components: Net Investment in Capital Assets – Consists of capital assets, including restricted capital assets, net of accumulated depreciation, and reduced by the outstanding balances of any bonds, mortgages, notes or other borrowings that are attributable to the acquisition, construction, or improvement of those assets. Restricted – Consists of net position with constraints placed on the 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 legislations. Unrestricted – All other net position balances that do not meet the definition of “restricted” or “net investment in capital assets.”
23
ELK GROVE PARK DISTRICT, ILLINOIS Notes to the Financial Statements December 31, 2015
NOTE 2 – STEWARDSHIP, COMPLIANCE AND ACCOUNTABILITY BUDGETARY INFORMATION Budgetary funds are controlled by an integrated budgetary accounting system in accordance with various legal requirements that govern the District. The Combined Budget and Appropriation Ordinance is prepared in tentative form by the Executive Director and is made available by the Board of Park Commissioners for public inspection 30 days prior to final Board action. A public hearing is held on the tentative budget to obtain taxpayer comments. Prior to April 1 the appropriations are legally enacted through the passage of a combined budget and appropriation ordinance. All actual expenditures/expenses contained herein have been compared to the annual operating budget. The Board of Park Commissioners may: Amend the Budget and Appropriation Ordinance in the same manner as its original enactment. Transfer between items of any fund not exceeding in the aggregate 10% of the total amount appropriated in such fund. After six months of the fiscal year, by two-thirds vote, transfer any appropriation item that it anticipates will be unexpended, to any other appropriation item. The Executive Director is authorized to transfer budgeted amounts between line items within any fund; however, any revisions that alter the total expenditures of any fund must be approved by the Board of Park Commissioners. Expenditures may not legally exceed budgeted appropriations at the fund level. During the year, no supplementary appropriations were made. EXCESS OF ACTUAL EXPENDITURES OVER BUDGET IN INDIVIDUAL FUNDS The following fund had an excess of actual expenditures over budget for the fiscal year: Fund
Excess
Illinois Municipal Retirement
24
$
44,292
ELK GROVE PARK DISTRICT, ILLINOIS Notes to the Financial Statements December 31, 2015
NOTE 3 – DETAIL NOTES ON ALL FUNDS DEPOSITS AND INVESTMENTS The District maintains a cash and investment pool that is available for use by all funds. Each fund type's portion of this pool is displayed on the combined balance sheet as "cash and investments." In addition, investments are separately held by several of the District's funds. Permitted Deposits and Investments – Statutes authorize the District to make deposits/invest in commercial banks, savings and loan institutions, obligations of the U.S. Treasury and U.S. Agencies, obligations of States and their political subdivisions, credit union shares, repurchase agreements, commercial paper rated within the three highest classifications by at least two standard rating services, and the Illinois Metropolitan Investment Fund (IMET) and the Illinois Park District Liquid Asset Fund. The IMET is a non-for-profit investment trust formed pursuant to the Illinois Municipal Code. IMET is managed by a Board of Trustees elected from the participating members. IMET is not registered with the SEC as an Investment Company. Investments in IMET are valued at the share price, the price for which the investment could be sold. The Illinois Park District Liquid Asset Fund allows Illinois park districts, forest preserves and joint recreational programs to pool their funds for investment purposes. The Illinois Park District Liquid Asset Fund is composed of finance officials and treasurers all of whom are employees of the Illinois public agencies, which are investors in the Illinois Park District Liquid Asset Fund. Although not registered with the SEC, the IMET and the Illinois Park District Liquid Asset Fund do operate in a manner consistent with Rule 2a7 of the Investment Company Act of 1940. Investments in both Funds are valued at the share price, the price for which the investment could be sold. Interest Rate Risk, Credit Risk, Concentration Risk, and Custodial Credit Risk At year-end, the carrying amount of the District’s deposits totaled $3,464,093 and the bank balances totaled $3,688,855. In addition, the District had $51 invested in IMET and $9,233,612 in the Illinois Park District Liquid Asset Fund. Interest Rate Risk. Interest rate risk is the risk that changes in interest rates will adversely affect the fair value of an investment. The District limits its exposure to interest rate risk by attempting to coincide its investment maturities with projected cash flow needs. The District’s investment policy does not further limit interest rate risk. The District’s investments in IMET and the Illinois Park District Liquid Asset Fund have an average maturity of less than one year. Credit Risk. Credit risk is the risk that an issuer or other counterparty to an investment will not fulfill its obligations. State law limits investments in commercial paper, corporate bonds and mutual funds to the top two ratings issued by nationally recognized statistical rating organizations. The District’s investment policy does not further limit its investment choices. As of December 31, 2015, the District’s investment in the Illinois Park District Liquid Asset Fund was rated AAAm by Standard & Poor’s. The IMET Trust Convenience Fund was not rated. 25
ELK GROVE PARK DISTRICT, ILLINOIS Notes to the Financial Statements December 31, 2015
NOTE 3 – DETAIL NOTES ON ALL FUNDS – Continued DEPOSITS AND INVESTMENTS – Continued Interest Rate Risk, Credit Risk, Concentration Risk, and Custodial Credit Risk – Continued Concentration of Credit Risk. Concentration of credit risk is the risk of loss attributed to the magnitude of the District’s investment in a single issuer. The District’s investment policy states that investments in commercial paper are not to exceed 10% of the District’s investment portfolio, but no other concentration restrictions are outlined in the investment policy. At year-end, the District’s investments in the Illinois Park District Liquid Asset Fund represent over 5% of the District’s total investment portfolio. Custodial Credit Risk. In the case of deposits, this is the risk that in the event of a bank failure, the District’s deposits may not be returned to it. The District’s investment policy states that deposit amounts in excess of the federally insured amount must be collateralized to the extent of 110% of market value of the deposits. At year-end, the entire amount of the bank balance of deposits was covered by collateral, federal depository or equivalent insurance. For an investment, this is the risk that, in the event of the failure of the counterparty, the District will not be able to recover the value of its investments or collateral securities that are in the possession of an outside party. At December 31, 2015, the District’s investment in the Illinois Park District Liquid Asset Fund is not subject to custodial credit risk. The IMET Convenience Fund is a depository vehicle that is 110 percent collateralized with obligations of the United States Treasury and its agencies. All collateral securities are held in the name of IMET at the Federal Reserve Bank of New York. PROPERTY TAXES Property taxes for 2014 attach as an enforceable lien on January 1, on property values assessed as of the same date. Taxes are levied by December of the subsequent fiscal year (by passage of a Tax Levy Ordinance). Tax bills are prepared by Cook County and are payable in two installments on or about March 1 and August 1. The County collects such taxes and remits them periodically. The allowance for uncollectible taxes has been stated at 1% of the tax levy, to reflect actual collection experience. INTERFUND TRANSFERS Interfund transfers for the year consisted of the following: Transfer In
Transfer Out
Golf Course
General Fund
26
Amount $
105,202
ELK GROVE PARK DISTRICT, ILLINOIS Notes to the Financial Statements December 31, 2015
NOTE 3 – DETAIL NOTES ON ALL FUNDS – Continued INTERFUND TRANSFERS – Continued Transfers are used to move unrestricted revenues collected in the General Fund to finance various programs accounted for in other funds in accordance with budgetary authorizations. CAPITAL ASSETS Governmental Activities Governmental capital asset activity for the year was as follows: Beginning Balances Nondepreciable Capital Assets Land Depreciable Capital Assets Land Improvements Buildings Machinery and Equipment
Less Accumulated Depreciation Land Improvements Buildings Machinery and Equipment
$ 14,149,158
Increases
-
Decreases
Ending Balances
-
14,149,158
10,427,035 52,660,156 11,403,467 74,490,658
538,153 1,222,145 367,152 2,127,450
75,000 75,000
10,965,188 53,882,301 11,695,619 76,543,108
5,747,625 18,231,621 7,287,790 31,267,036
335,992 1,517,304 821,904 2,675,200
75,000 75,000
6,083,617 19,748,925 8,034,694 33,867,236
Total Depreciable Capital Assets
43,223,622
(547,750)
-
42,675,872
Total Capital Assets
57,372,780
(547,750)
-
56,825,030
27
ELK GROVE PARK DISTRICT, ILLINOIS Notes to the Financial Statements December 31, 2015
NOTE 3 – DETAIL NOTES ON ALL FUNDS – Continued CAPITAL ASSETS – Continued Governmental Activities – Continued Depreciation expense was charged to governmental activities as follows: General Government Culture and Recreation
$
508,288 2,166,912 2,675,200
Business-Type Activities Business-type capital asset activity for the year was as follows: Beginning Balances Nondepreciable Capital Assets Land Depreciable Capital Assets Land Improvements Buildings Machinery and Equipment Furniture and Fixtures
Less Accumulated Depreciation Land Improvements Buildings Machinery and Equipment Furniture and Fixtures
Total Depreciable Capital Assets Total Capital Assets
$ 13,470,356
Increases
-
Decreases
Ending Balances
-
13,470,356
3,617,957 2,155,113 2,125,897 150,981 8,049,948
16,900 88,303 105,203
54,852 54,852
3,634,857 2,155,113 2,159,348 150,981 8,100,299
1,253,995 1,436,928 1,927,001 134,436 4,752,360
153,142 52,525 81,134 4,475 291,276
54,852 54,852
1,407,137 1,489,453 1,953,283 138,911 4,988,784
3,297,588
(186,073)
-
3,111,515
16,767,944
(186,073)
-
16,581,871
Depreciation expense of $291,276 was charged to the golf business-type activities. 28
ELK GROVE PARK DISTRICT, ILLINOIS Notes to the Financial Statements December 31, 2015
NOTE 3 – DETAIL NOTES ON ALL FUNDS – Continued LONG-TERM DEBT General Obligation Bonds The District issues general obligation bonds to provide funds for the acquisition and construction of major capital facilities. General obligation bonds are direct obligations and pledge the full faith and credit of the District. General obligation bonds currently outstanding are as follows:
Issue
Beginning Balances
General Obligation Refunding Park Bonds of 2012A - Due in annual installments of $365,000 to $1,130,000 plus interest at 2.00% through December 1, 2018.
$ 3,050,000
General Obligation Limited Tax Park Bonds of 2013 - Due in annual installments of $635,000 to $2,355,000 plus interest at 2.00% through December 1, 2019.
5,600,000
General Obligation Limited Tax Park Bonds of 2015 - Due in one installment of $2,000,000 plus interest at 0.50% on December 1, 2015.
8,650,000
29
Retirements
Ending Balances
-
765,000
2,285,000
-
1,375,000
4,225,000
Issuances
2,000,000
2,000,000
2,000,000
4,140,000
6,510,000
ELK GROVE PARK DISTRICT, ILLINOIS Notes to the Financial Statements December 31, 2015
NOTE 3 – DETAIL NOTES ON ALL FUNDS – Continued LONG-TERM DEBT – Continued Long-Term Liability Activity Changes in long-term liabilities during the fiscal year were as follows:
Type of Debt Governmental Activities Compensated Absences Net Pension Liability General Obligation Bonds Plus: Unamortized Bond Premium
Beginning Balances as Restated
Additions
Deductions
Ending Balances
Amounts Due within One Year
134,751 1,077,665 8,650,000
3,768 1,757,981 2,000,000
1,884 4,140,000
136,635 2,835,646 6,510,000
27,327 2,350,000
30,121
120,484
30,121
$
150,605
-
10,013,021
3,761,749
4,172,005
9,602,765
2,407,448
12,991
948
474
13,465
2,693
Business-Type Activities Compensated Absences
Payments on the general obligation bonds are made by the Debt Service Fund. For the governmental activities, the compensated absences and the net pension liability are generally liquidated by the General Fund and for the business-type activities the compensated absences are liquidated by the Golf Course Fund. Debt Service Requirements to Maturity The annual debt service requirements to maturity, including principal and interest, are as follows: Fiscal Year
General Obligation Bonds Contracts Bonds Principal Interest
2016 2017 2018 2019
$ 2,350,000 1,895,000 1,315,000 950,000
130,200 83,200 45,300 26,300
Totals
6,510,000
285,000
30
ELK GROVE PARK DISTRICT, ILLINOIS Notes to the Financial Statements December 31, 2015
NOTE 3 – DETAIL NOTES ON ALL FUNDS – Continued LONG-TERM DEBT – Continued Legal Debt Margin Chapter 70, Section 1205/6-2 of the Illinois Compiled Statutes provides “…for the payment of land condemned or purchased for parks or boulevards, for the building, maintaining, improving and protection of the same and for the payment of the expenses incident thereto, or for the acquisition of real estate and lands to be used as a site for an armory, any park district is authorized to issue the bonds or notes of such park district and pledge its property and credit therefore to an amount including existing indebtedness of such district so that the aggregate indebtedness of such district does not exceed 2.875% of the value of the taxable property therein, to be ascertained by the last assessment for state and county taxes previous to the issue from time to time of such bonds or notes or, until January 1, 1983, if greater, the sum that is produced by multiplying the district’s 1978 equalized assessed valuation by the debt limitation percentage in effect on January 1, 1979, if a petition, signed by voters in number equal to not less than 2% of the voters of the district, who voted at the last general election in the district, asking that the authorized aggregate indebtedness of the district be increased to not more that .575% of the value of the taxable property therein, is presented to the Board and such increase is approved by the voters of the district at a referendum held on the question.” Assessed Valuation - 2014
$ 1,495,914,672
Legal Debt Limit - 2.875% of Assessed Value Amount of Debt Applicable to Limit
43,007,547 6,510,000
Legal Debt Margin
36,497,547
Non-Referendum Legal Debt Limit 0.575% of Assessed Valuation Amount of Debt Applicable to Debt Limit
8,601,509 4,225,000
Non-Referendum Legal Debt Margin
4,376,509
NET POSITION RESTATEMENT Net position was restated due to the implementation of GASB Statement No. 68. The following is a summary of the net position as originally reported and as restated: Net Position
As Reported
As Restated
Governmental Activities
$ 59,002,275
59,570,687
31
Increase 568,412
ELK GROVE PARK DISTRICT, ILLINOIS Notes to the Financial Statements December 31, 2015
NOTE 3 – DETAIL NOTES ON ALL FUNDS – Continued NET POSITION CLASSIFICATIONS Net investment in capital assets was comprised of the following as of December 31, 2015: Governmental Activities Capital Assets - Net of Accumulated Depreciation Less Capital Related Debt: General Obligation Refunding Park Bonds of 2012A General Obligation Limited Tax Park Bonds of 2013 Unamortized Bond Premium Net Investment in Capital Assets
$ 56,825,030
(2,285,000) (4,225,000) (120,484) 50,194,546
Business-Type Activities Capital Assets - Net of Accumulated Depreciation
16,581,871
FUND BALANCE CLASSIFICATIONS In the governmental funds financial statements, the District considers restricted amounts to have been spent when an expenditure is incurred for purposes for which both restricted and unrestricted fund balance is available. The District first utilizes committed, then assigned and then unassigned fund balance when an expenditure is incurred for purposes for which all three unrestricted fund balances are available. Committed Fund Balance. The District reports committed fund balance in the Recreation Fund, a major fund. Formal Board action thru the adoption of an ordinance/resolution is required to establish, modify, or rescind a fund balance commitment. The District’s Board of Commissioners, through formal board action (resolution), has committed these funds to future recreation programs, facilities and improvements. Assigned Fund Balance. The District reports assigned fund balance in the Capital Projects Fund, a major fund. The District’s Board/Executive Director, under authorization assigned in the District’s fund balance reserve policy, has assigned these for future park improvement projects and equipment and vehicle purchases based on approved Board/management expenditures as determined through the annual budget process.
32
ELK GROVE PARK DISTRICT, ILLINOIS Notes to the Financial Statements December 31, 2015
NOTE 3 – DETAIL NOTES ON ALL FUNDS – Continued FUND BALANCE CLASSIFICATIONS – Continued Minimum Fund Balance Policy. The District’s policy states that the General Fund unrestricted fund balance shall constitute six months of operating expenditures less capital. Unrestricted fund balance for the Recreation Fund shall constitute three months of operating expenditures less capital. For the Paving and Lighting, Audit, Liability Insurance, Illinois Municipal Retirement, Police Protection, Social Security, Special Recreation and Museum Funds, the minimum targeted fund balance shall represent three to six months of expenditures. The following is a schedule of fund balance classifications for the governmental funds as of the date of this report: Special Revenue Recreation
General Fund Balances Nonspendable Inventories Prepaids Restricted Property Tax Levies Paving and Lighting Audit Liability Insurance Illinois Municipal Retirement Police Protection Social Security Culture and Recreation Debt Service
$
37,775 37,775
-
Committed Recreational Programming, Facility Maintenance, and Future Recreation Capital
-
Assigned Capital Projects
-
Unassigned Total Fund Balances
5,994,729
33
Capital Projects
8,882 9,781 18,663
-
62,144 62,144
-
44,939 44,939
-
-
-
3,516,716
5,956,954
Debt Service
-
-
-
-
3,535,379
44,939
158,080 220,224
Nonmajor
-
121,107 8,761 137,731 152,274 50,972 225,633 366,276 1,062,754
Totals
8,882 109,700 118,582
121,107 8,761 137,731 152,274 50,972 225,633 366,276 44,939 1,107,693
-
3,516,716
-
158,080
-
5,956,954
1,062,754 10,858,025
ELK GROVE PARK DISTRICT, ILLINOIS Notes to the Financial Statements December 31, 2015
NOTE 4 – OTHER INFORMATION RISK MANAGEMENT Park District Risk Management Agency (PDRMA) The District is exposed to various risks related to torts; theft of, damage to and destruction of assets; errors and omissions; injuries to employees; and net income losses. Since 2005, the District has been a member of the Park District Risk Management Agency (PDRMA) Property/Casualty Program, a joint risk management pool of park and forest preserve districts, and special recreation associations through which property, general liability, automobile liability, crime, boiler and machinery, public officials’, employment practices liability and workers compensation coverage is provided in excess of specified limits for the members, acting as a single insurable unit. The following table is a summary of the coverage in effect as of December 31, 2015: Member
Coverage PROPERTY Property/Bldg/Contents All Losses Per Occurrence Flood/except Zones A & V Flood, Zones A & V Earthquake Shock Auto Physical Damage Comprehensive and Collision Course of Construction/Builders Risk Business Interruption, Rental Income, Tax Income Combined Service Interruption Boiler and Machinery Property Damage Business Income Fidelity and Crime Seasonal Employees Blanket Bond WORKERS COMPENSATION Employers Liability
PDRMA SelfInsured Deductible Retention
Limits
$1,000 $1,000 $1,000 $1,000
$1,000,000 $1,000,000 $1,000,000 $100,000
$1,000,000,000/All Members $250,000,000/Occurrence/Annual Aggregate $200,000,000/Occurrence/Annual Aggregate $100,000,000/Occurrence/Annual Aggregate
$1,000 $1,000
$1,000,000 Included
Included $25,000,000
$1,000 24 Hours
N/A
$1,000 48 Hours $1,000 $1,000 $1,000
$9,000 N/A $24,000 $9,000 $24,000
$100,000,000/Reported Values $500,000/$2,500,000/Non-Reported Values $25,000,000 $100,000,000 Equipment Breakdown Property Damage - Included Included $2,000,000/Occurrence $1,000,000/Occurrence $2,000,000/Occurrence
N/A
$500,000
$3,500,000 Employers Liability
34
ELK GROVE PARK DISTRICT, ILLINOIS Notes to the Financial Statements December 31, 2015
NOTE 4 – OTHER INFORMATION – Continued RISK MANAGEMENT – Continued Park District Risk Management Agency (PDRMA) – Continued Member
Coverage LIABILITY General Auto Liability Employment Practices Public Officials' Liability Law Enforcement Liability Uninsured/Underinsured Motorists POLLUTION LIABILITY Liability - Third Party Property - First Party OUTBREAK EXPENSE Outbreak Expense
PDRMA SelfInsured Deductible Retention
Limits
None None None None None None
$500,000 $500,000 $500,000 $500,000 $500,000 $500,000
$21,500,000/Occurrence $21,500,000/Occurrence $21,500,000/Occurrence $21,500,000/Occurrence $21,500,000/Occurrence $1,000,000/Occurrence
None $1,000
$25,000 $24,000
$5,000,000/Occurrence $30,000,000 3 Year Aggregate
24 Hours
N/A
$15,000 per Day $1,000,000 Aggregate Policy Limit INFORMATION SECURITY AND PRIVACY INSURANCE WITH ELECTRONIC MEDIA LIABILITY COVERAGE Information Security & Privacy Liability None $100,000 $2,000,000/Occurrence/Annual Aggregate Privacy Notification, Costs None $100,000 $500,000/Occurrence/Annual Aggregate Regulatory Defense & Penalties None $100,000 $2,000,000/Occurrence/Annual Aggregate Website Media Content Liability None $100,000 $2,000,000/Occurrence/Annual Aggregate Cyber Extortion None $100,000 $2,000,000/Occurrence/Annual Aggregate Data Protection & Business Interruption $1,000 $100,000 $2,000,000/Occurrence/Annual Aggregate First Party Business Interruption 8 Hours $100,000 $25,000 Hourly Sublimit/$25,000 Forensic Exp./$100,000 Dependent Bus. Interruption VOLUNTEER MEDICAL ACCIDENT Volunteer Medical Accident None $5,000 $5,000 Medical Expense and AD&D Excess of any other Collectible Insurance UNDERGROUND STORAGE TANK LIABILITY Underground Storage Tank Liability None N/A $10,000, Follows Illinois Leaking Underground Tank Fund UNEMPLOYMENT COMPENSATION Unemployment Compensation N/A N/A Statutory
Losses exceeding the per occurrence self-insured and reinsurance limit would be the responsibility of the District. 35
ELK GROVE PARK DISTRICT, ILLINOIS Notes to the Financial Statements December 31, 2015
NOTE 4 – OTHER INFORMATION – Continued RISK MANAGEMENT – Continued Park District Risk Management Agency (PDRMA) – Continued As a member of PDRMA’s Property/Casualty Program, the District is represented on the Property/Casualty Program Council and the Membership Assembly and is entitled to one vote on each. The relationship between the District and PDRMA is governed by a contract and by-laws that have been adopted by resolution of the District’s governing body. The District is contractually obligated to make all annual and supplementary contributions to PDRMA, to report claims on a timely basis, cooperate with PDRMA, its claims administrator and attorneys in claims investigations and settlement, and to follow risk management procedures as outlined by PDRMA. Members have a contractual obligation to fund any deficit of PDRMA attributable to a membership year during which they were a member. PDRMA is responsible for administering the self-insurance program and purchasing excess insurance according to the direction of the Program Council. PDRMA also provides its members with risk management services, including the defense of and settlement of claims, and establishes reasonable and necessary loss reduction and prevention procedures to be followed by the members. The following represents a summary of PDRMA’s Property/Casualty Program balance sheet at December 31, 2014 and the statement of revenues and expenses for the period ending December 31, 2014. The District’s portion of overall equity of the pool is 0.078% or $32,317. Assets
$62,397,015
Liabilities
21,080,991
Member Balances
41,316,024
Revenues
20,548,979
Expenditures
19,517,301
Since 96% of PDRMA’s liabilities are reserves for losses and loss adjustment expenses which are based on an actuarial estimate of the ultimate losses incurred, the Member Balances are adjusted annually as more recent loss information becomes available. Unemployment Insurance The District is subject to the State of Illinois Unemployment Compensation Act and has elected the reimbursing employer option for providing unemployment insurance benefits for eligible former employees. The District reimburses the State for claims paid by the State. 36
ELK GROVE PARK DISTRICT, ILLINOIS Notes to the Financial Statements December 31, 2015
NOTE 4 – OTHER INFORMATION – Continued CONTINGENT LIABILITIES Litigation The District is a defendant in various lawsuits. Although the outcome of these lawsuits is not presently determinable, in the opinion of the District's attorney the resolution of these matters will not have a material adverse effect on the financial condition of the District. Grants Amounts received or receivable from grantor agencies are subject to audit and adjustment by grantor agencies, principally the federal government. Any disallowed claims, including amounts already collected, may constitute a liability of the applicable funds. The amount, if any, of expenditures which may be disallowed by the grantor cannot be determined at this time although the District expects such amounts, if any, to be immaterial. EMPLOYEE RETIREMENT SYSTEM – DEFINED BENEFIT PENSION PLAN Illinois Municipal Retirement (IMRF) The District contributes to the Illinois Municipal Retirement Fund (IMRF), a defined benefit agent multiple-employer public employee retirement system that acts as a common investment and administrative agent for local governments and school districts in Illinois. The Illinois Pension Code establishes the benefit provisions of the plan; those provisions can only be amended by the Illinois General Assembly. IMRF provides retirement, disability, annual cost-of-living adjustments and death benefits to plan members and beneficiaries. IMRF issues a publicly available financial report that includes financial statements and required supplementary information for the plan as a whole, but not by individual employer. That report may be obtained online at www.imrf.org. The benefits, benefit levels, employee contributions, and employer contributions are governed by Illinois Compiled Statutes (ILCS) and can only be amended by the Illinois General Assembly. Plan Descriptions Plan Administration. All employees hired in positions that need or exceed the prescribed annual hourly standard must be enrolled in IMRF as participating members. The plan is accounted for on the economic resources measurement focus and the accrual basis of accounting. Employer and employee contributions are recognized when earned in the year that the contributions are required, benefits and refunds are recognized as an expense and liability when due and payable.
37
ELK GROVE PARK DISTRICT, ILLINOIS Notes to the Financial Statements December 31, 2015
NOTE 4 – OTHER INFORMATION – Continued EMPLOYEE RETIREMENT SYSTEM – DEFINED BENEFIT PENSION PLAN – Continued Illinois Municipal Retirement – Continued Plan Descriptions – Continued Benefits Provided. IMRF has three benefit plans. The vast majority of IMRF members participate in the Regular Plan (RP). The Sheriff’s Law Enforcement Personnel (SLEP) plan is for sheriffs, deputy sheriffs, and selected police chiefs. Counties could adopt the Elected County Official (ECO) plan for officials elected prior to August 8, 2011 (the ECO plan was closed to new participants after that date). IMRF provides two tiers of pension benefits. Employees hired before January 1, 2011, are eligible for Tier 1 benefits. Tier 1 employees are vested for pension benefits when they have at least eight years of qualifying service credit. Tier 1 employees who retire at age 55 (at reduced benefits) or after age 60 (at full benefits) with eight years of service are entitled to an annual retirement benefit, payable monthly for life, in an amount equal to 1-2/3% of the final rate of earnings for the first 15 years of service credit, plus 2% for each year of service credit after 15 years to a maximum of 75% of their final rate of earnings. Final rate of earnings is the highest total earnings during any consecutive 48 months within the last 10 years of service, divided by 48. Under Tier 1, the pension is increased by 3% of the original amount on January 1 every year after retirement. 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 employees who retire at age 62 (at reduced benefits) or after age 67 (at full benefits) with ten years of service are entitled to an annual retirement benefit, payable monthly for life, in an amount equal to 1-2/3% of the final rate of earnings for the first 15 years of service credit, plus 2% for each year of service credit after 15 years to a maximum of 75% of their final rate of earnings. Final rate of earnings is the highest total earnings during any 96 consecutive months within the last 10 years of service, divided by 96. Under Tier 2, the pension is increased on January 1 every year after retirement, upon reaching age 67, by the lesser of: 3% of the original pension amount, or 1/2 of the increase in the Consumer Price Index of the original pension amount. Plan Membership. As of December 31, 2015, the following employees were covered by the benefit terms: Inactive Plan Members Currently Receiving Benefits Inactive Plan Members Entitled to but not yet Receiving Benefits Active Plan Members Total
87 193 140 420
38
ELK GROVE PARK DISTRICT, ILLINOIS Notes to the Financial Statements December 31, 2015
NOTE 4 – OTHER INFORMATION – Continued EMPLOYEE RETIREMENT SYSTEM – DEFINED BENEFIT PENSION PLAN – Continued Illinois Municipal Retirement – Continued Plan Descriptions – Continued Contributions. As set by statute, the District’s Regular Plan Members are required to contribute 4.5% of their annual covered salary. The statute requires employers to contribute the amount necessary, in addition to member contributions, to finance the retirement coverage of its own employees. The District’s annual contribution rate for calendar year 2015 was 10.57% of covered payroll. Net Pension Liability. The District’s net pension liability was measured as of December 31, 2015. The total pension liability used to calculate the net pension liability was determined by an actuarial valuation as of that date. Actuarial Assumptions. The total pension liability was determined by an actuarial valuation performed, as of December 31, 2015, using the following actuarial methods and assumptions: Actuarial Valuation Date
12/31/2015
Actuarial Cost Method
Entry Age Normal
Asset Valuation Method
Market
Actuarial Assumptions Interest Rate
7.49%
Salary Increases
3.75% to 14.50%
Cost of Living Adjustments
2.75%
Inflation
2.75%
For nondisabled retirees, an IMRF specific mortality table was used with fully generational projection scale MP-2014 (base year 2014). IMRF specific rates were developed from the PR-2014 Blue Collar Health Annuitant Mortality Table with adjustments to match current IMRF experience. For disabled retirees, an IMRF specific mortality tables was used with fully generational projection scale MP-2014 (base year 2014). IMRF specific rates were developed from the RP-2014 Disabled Retirees Mortality Table applying the same adjustment that were applied for nondisabled lives. For active members, an IMRF specific mortality table was used with fully generational projection scale MP-2014 (base year 2014). IMRF specific rates were developed from the RP-2014 Employee Mortality Table with adjustments to match current IMRF experience. 39
ELK GROVE PARK DISTRICT, ILLINOIS Notes to the Financial Statements December 31, 2015
NOTE 4 – OTHER INFORMATION – Continued EMPLOYEE RETIREMENT SYSTEM – DEFINED BENEFIT PENSION PLAN – Continued Illinois Municipal Retirement – Continued Discount Rate A Single Discount Rate of 7.49% was used to measure the total pension liability. The projection of cash flow used to determine this Single Discount Rate assumed that the plan members’ contributions will be made at the current contribution rate, and that employer contributions will be made at rates equal to the difference between actuarially determined contribution rates and the member rate. The Single Discount Rate reflects: 1. The long-term expected rate of return on pension plan investments (during the period in which the fiduciary net position is projected to be sufficient to pay benefits), and 2. The tax-exempt municipal bond rate based on an index of 20-year general obligation bonds with an average AA credit rating (which is published by the Federal Reserve) as of the measurement date (to the extent that the contributions for use with the long-term expected rate of return are not met). For the purpose of the most recent valuation, the expected rate of return on plan investments is 7.50%, the municipal bond rate is 3.57%, and the resulting single discount rate is 7.49%. Discount Rate Sensitivity The following presents the plan’s net pension liability, calculated using a Single Discount Rate of 7.49%, as well as what the plan’s net pension liability would be if it were calculated using a Single Discount Rate that is 1% lower or 1% higher:
1% Decrease (6.49%) Net Pension Liability/ (Asset)
$
6,602,823
40
Current Discount Rate (7.49%) 2,835,646
1% Increase (8.49%) (213,310)
ELK GROVE PARK DISTRICT, ILLINOIS Notes to the Financial Statements December 31, 2015
NOTE 4 – OTHER INFORMATION – Continued EMPLOYEE RETIREMENT SYSTEM – DEFINED BENEFIT PENSION PLAN – Continued Illinois Municipal Retirement – Continued Changes in the Net Pension Liability Total Pension Liability (A) Balances at December 31, 2014
$ 25,125,062
Changes for the year: Service Cost Interest on the Total Pension Liability Difference Between Expected and Actual Experience of the Total Pension Liability Changes of Assumptions Contributions - Employer Contributions - Employees Net Investment Income Benefit Payments, including Refunds of Employee Contributions Other (Net Transfer)
595,947 1,872,612
Net Changes
24,047,397
1,077,665
-
595,947 1,872,612
628,572 239,321 120,132
(53,386) 34,603 (628,572) (239,321) (120,132)
(909,756) -
(909,756) (296,230)
296,230
(217,961)
1,757,981
26,665,082
41
Net Pension Liability (A) - (B)
(53,386) 34,603 -
1,540,020
Balances at December 31, 2015
Plan Fiduciary Net Position (B)
23,829,436
2,835,646
ELK GROVE PARK DISTRICT, ILLINOIS Notes to the Financial Statements December 31, 2015
NOTE 4 – OTHER INFORMATION – Continued EMPLOYEE RETIREMENT SYSTEM – DEFINED BENEFIT PENSION PLAN – Continued Illinois Municipal Retirement – Continued Pension Expense, Deferred Outflows of Resources, and Deferred Inflows of Resources Related to Pensions For the year ended December 31, 2015, the District recognized pension expense of $1,404,222. At December 31, 2015, the District reported deferred outflows or resources and deferred inflows of resources related to pensions from the following sources: Deferred Outflows of Resources Difference Between Expected and Actual Experience
$
Change in Assumptions
91,052
Deferred Inflows of Resources (38,662)
Totals 52,390
418,670
-
418,670
Net Difference Between Projected and Actual Earnings on Pension Plan Investments
1,528,776
-
1,528,776
Total Deferred Amounts Related to IMRF
2,038,498
(38,662)
1,999,836
Amounts reported as deferred outflows of resources and deferred inflows of resources related to pensions will be recognized in pension expense in future periods as follows: Net Deferred Outflows of Resources
Fiscal Year 2016 2017 2018 2019 2020 Thereafter
$
Total
669,630 601,088 394,970 334,148 1,999,836
42
ELK GROVE PARK DISTRICT, ILLINOIS Notes to the Financial Statements December 31, 2015
NOTE 4 – OTHER INFORMATION – Continued OTHER POST-EMPLOYMENT BENEFITS The District has evaluated its potential other post-employment benefits liability. Former employees who choose to retain their rights to health insurance through the District are required to pay 100% of the current premium. However, no former employees have chosen to stay in the District’s health insurance plan. Therefore, there has been 0% utilization and, therefore, no implicit subsidy to calculate in accordance with GASB Statement No. 45, Accounting and Financial Reporting by Employers for PostEmployment Benefits Other Than Pensions. Additionally, the District had no former employees for which the District was providing an explicit subsidy and no current employees with agreements for future explicit subsidies upon retirement. Therefore, the District has not recorded any post-employment benefit liability as of December 30, 2015. SUBSEQUENT EVENT On March 1, 2015, the District issued $1,800,000 of General Obligation Limited Tax Park Bonds of 2016, due in one installment of $1,800,000, plus interest at 0.80% on December 1, 2016.
43
REQUIRED SUPPLEMENTARY INFORMATION Required supplementary information includes financial information and disclosures that are required by the GASB but are not considered a part of the basic financial statements. Such information includes: • Schedule of Employer Contributions Illinois Municipal Retirement Fund • Schedule of Funding Progress and Employer Contributions Illinois Municipal Retirement Fund • Budgetary Comparison Schedule General Fund Recreation – Special Revenue Fund Notes to the Required Supplementary Information Budgetary Information – Budgets are adopted on a basis consistent with generally accepted accounting principles.
ELK GROVE PARK DISTRICT, ILLINOIS Illinois Municipal Retirement Fund Required Supplementary Information Schedule of Employer Contributions December 31, 2015
Actuarially Determined Contribution
Fiscal Year 2015
$
555,784
Contributions in Relation to the Actuarially Determined Contribution $
628,572
Contribution Excess/ (Deficiency) $
72,788
CoveredEmployee Payroll
Contributions as a Percentage of Covered-Employee Payroll
$ 5,258,131
11.95%
Notes to the Required Supplementary Information: Actuarial Cost Method Amortization Method Remaining Amortization Period Asset Valuation Method Inflation Salary Increases Investment Rate of Return Retirement Age Mortality
Entry Age Normal Level % Pay (Closed) 28 Years 5-Year Smoothed Market 3.0% 4.40% - 16.00% 7.50% See the Notes to the Financial Statements RP-2000 Combined Healthy Mortality Table
Note: The information presented above is formatted to comply with the requirement of GASB Statement No. 67.
44
ELK GROVE PARK DISTRICT, ILLINOIS Illinois Municipal Retirement Fund Required Supplementary Information Schedule of Changes in the Employer's Net Pension Liability December 31, 2015
2015 Total Pension Liability Service Cost Interest Changes in Benefit Terms Differences Between Expected and Actual Experience Change of Assumptions Benefit Payments, Including Refunds of Member Contributions
$
595,947 1,872,612 (53,386) 34,603 (909,756)
Net Change in Total Pension Liability Total Pension Liability - Beginning
1,540,020 25,125,062
Total Pension Liability - Ending
26,665,082
Plan Fiduciary Net Position Contributions - Employer Contributions - Members Contributions - Other Net Investment Income Benefit Payments, Including Refunds of Member Contributions Administrative Expense
$
628,572 239,321 120,132 (909,756) (296,230)
Net Change in Plan Fiduciary Net Position Plan Net Position - Beginning
(217,961) 24,047,397
Plan Net Position - Ending
23,829,436
Employer's Net Pension Liability
$
Plan Fiduciary Net Position as a Percentage of the Total Pension Liability Covered-Employee Payroll
89.366% $
Employer's Net Pension Liability as a Percentage of Covered-Employee Payroll
45
2,835,646
5,258,131 53.93%
ELK GROVE PARK DISTRICT, ILLINOIS General Fund Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual For the Fiscal Year Ended December 31, 2015
Revenues Taxes Property Taxes Replacement Taxes Interest Miscellaneous Total Revenues Expenditures General Government Administration Parks Maintenance and Planning Capital Outlay Debt Service Principal Retirement Interest and Fiscal Charges Total Expenditures Excess (Deficiency) of Revenues Over (Under) Expenditures
Budgeted Amounts Original and Final
Actual Amounts
$ 4,929,400 497,000 29,458 286,667 5,742,525
4,862,958 534,796 21,014 263,959 5,682,727
1,852,206 2,549,976 131,729
1,662,121 2,275,203 17,885
1,375,000 112,000 6,020,911
1,375,000 112,000 5,442,209
(278,386)
Other Financing (Uses) Transfers Out
-
Net Change In Fund Balance
(278,386)
240,518
(105,202) 135,316
Fund Balance - Beginning
5,859,413
Fund Balance - Ending
5,994,729
46
ELK GROVE PARK DISTRICT, ILLINOIS Recreation - Special Revenue Fund Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual For the Fiscal Year Ended December 31, 2015
Budgeted Amounts Original and Final Revenues Taxes Charges for Services Grants and Donations Interest Miscellaneous Total Revenues
$
Expenditures Culture and Recreation Net Change in Fund Balance
Actual Amounts
1,852,200 5,366,491 42,100 17,565 176,158 7,454,514
1,836,866 5,154,822 16,700 17,957 180,553 7,206,898
7,401,124
6,730,356
53,390
476,542
Fund Balance - Beginning
3,058,837
Fund Balance - Ending
3,535,379
47
OTHER SUPPLEMENTARY INFORMATION Other supplementary information includes financial statements and schedules not required by the GASB, nor a part of the basic financial statements, but are presented for purposes of additional Such statements and schedules include: • Budgetary Comparison Schedules – Major Governmental Funds • Combining Statements – Nonmajor Governmental Funds • Budgetary Comparison Schedules – Nonmajor Governmental Funds • Budgetary Comparison Schedule – Enterprise Fund
COMBINING AND INDIVIDUAL FUND FINANCIAL STATEMENTS AND SCHEDULES GENERAL FUND The General Fund, a major fund, accounts for all financial resources except those required to be accounted for in another fund.
SPECIAL REVENUE FUNDS The Special Revenue Funds are used to account for the proceeds of specific revenue sources (other than fiduciary funds or capital projects funds) that are legally restricted to expenditure for specified Recreation Fund The Recreation Fund is used to account for revenues and expenditures related to the establishment and maintenance of the following activities: sports and fitness, visual and performing arts, youth and adult general interest, camps, teens, preschoolers, seniors and aquatics. Associations Fund The Associations Fund is used to account for revenues received for the purpose of athletic association expenditures. Paving and Lighting Fund The Paving and Lighting Fund is used to account for revenues and expenditures related to the construction, maintenance and lighting of streets, roadways, pathways and parking lots maintained by the District. Audit Fund The Audit Fund is used to account for revenues received for payment of audit expenditures. Liability Insurance Fund The Liability Insurance Fund is used to account for revenues received for payment of liability insurance expenditures. Illinois Municipal Retirement Fund The Illinois Municipal Retirement Fund is used to account for revenues received for the purpose of funding the plan and the related expenditures paid.
COMBINING AND INDIVIDUAL FUND FINANCIAL STATEMENTS AND SCHEDULES SPECIAL REVENUE FUNDS – Continued Police Protection Fund The Police Protection Fund is used to account for revenues received for the payment of police services for the parks and facilities. Social Security Fund The Social Security Fund is used to account for revenues received for the payment of Social Security and Medicare taxes. Special Recreation Fund The Special Recreation Fund is used to account for revenues and expenditures related to the provision of recreational services for disabled individuals. Museum Fund The Museum Fund is used to account for revenues received for the purpose of the maintenance and operations of the museum.
DEBT SERVICE FUND The Debt Service Fund accounts for the accumulation of resources for, and the payment of, general long-term debt principal and interest.
CAPITAL PROJECTS FUNDS Capital Projects Funds are created to account for all resources used for the acquisition of capital facilities by a governmental unit except those financed by Proprietary Funds. Capital Projects Fund The Capital Projects Fund accounts for all resources used for the acquisition of capital assets by the District not specifically accounted for in other funds.
COMBINING AND INDIVIDUAL FUND FINANCIAL STATEMENTS AND SCHEDULES ENTERPRISE FUND Enterprise Funds are used to account for operations that are financed and operated in a manner similar to private business enterprises where the intent is that costs of providing goods or services to the general public on a continuing basis be financed or recovered primarily through user charges; or where it has been decided that periodic determination of revenues earned, expenses incurred and/or net income is appropriate for capital maintenance, public policy, management control, accountability or other purpose. Golf Course Fund The Golf Course Fund is used to account for the District’s 18-hole golf course with full pro-shop.
ELK GROVE PARK DISTRICT, ILLINOIS Recreation - Special Revenue Fund Schedule of Revenues by Program - Budget and Actual For the Fiscal Year Ended December 31, 2015
Administration Programs Pavilion Aquatics Rainbow Falls Pirates Cove Skate Park Fitness Center Garden Terrace Total Revenues
48
Budgeted Amounts Original and Final
Actual Amounts
$ 2,327,450 1,684,627 595,209 657,986 412,965 22,444 1,526,333 227,500
2,254,886 1,534,138 596,473 678,772 395,509 17,740 1,483,651 245,730
7,454,514
7,206,899
ELK GROVE PARK DISTRICT, ILLINOIS Recreation - Special Revenue Fund Schedule of Expenditures by Program - Budget and Actual For the Fiscal Year Ended December 31, 2015
Culture and Recreation Administration Programs Pavilion Aquatics Rainbow Falls Pirates Cove Skate Park Fitness Center Garden Terrace Total Culture and Recreation
49
Budgeted Amounts Original and Final
Actual Amounts
$ 3,510,542 1,073,972 775,600 546,286 279,997 32,030 984,966 197,731
3,236,880 928,763 704,605 472,321 243,784 22,808 921,427 199,768
7,401,124
6,730,356
ELK GROVE PARK DISTRICT, ILLINOIS Debt Service Fund Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual For the Fiscal Year Ended December 31, 2015
Revenues Taxes Property Taxes Interest Total Revenues Expenditures Debt Service Principal Retirement Interest Fiscal Charges Total Expenditures Net Change in Fund Balance
Budgeted Amounts Original and Final
Actual Amounts
$ 2,834,333 608 2,834,941
2,833,639 7,593 2,841,232
2,765,000 69,333 10,400 2,844,733
2,765,000 68,639 10,230 2,843,869
(9,792)
(2,637)
Fund Balance - Beginning
47,576
Fund Balance - Ending
44,939
50
ELK GROVE PARK DISTRICT, ILLINOIS Capital Projects Fund Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual For the Fiscal Year Ended December 31, 2015
Budgeted Amounts Original and Final Revenues Interest
$
Expenditures Capital Outlay Excess (Deficiency) of Revenues Over (Under) Expenditures Other Financing Sources Disposal of Capital Assets Debt Issuance
Net Change in Fund Balance
Actual Amounts
2,000
1,788
2,586,695
2,437,361
(2,584,695)
(2,435,573)
2,000,000 2,000,000
11,500 2,000,000 2,011,500
(584,695)
(424,073)
Fund Balance - Beginning
644,297
Fund Balance - Ending
220,224
51
ELK GROVE PARK DISTRICT, ILLINOIS Nonmajor Governmental - Special Revenue Funds Combining Balance Sheet December 31, 2015
See Following Page
ELK GROVE PARK DISTRICT, ILLINOIS Nonmajor Governmental - Special Revenue Funds Combining Balance Sheet December 31, 2015
Associations
Paving and Lighting
Audit
ASSETS Cash and Investments Receivables - Net of Allowances Taxes Accrued Interest
$
328,251 -
Total Assets
328,251
120,735
8,735
65,000 372
21,000 26
186,107
29,761
LIABILITIES Accounts Payable Accrued Payroll Other Payables Total Liabilities
1,368 326,883 328,251
-
-
328,251
65,000 65,000
21,000 21,000
121,107
8,761
186,107
29,761
DEFERRED INFLOWS OF RESOURCES Property Taxes Total Liabilities and Deferred Inflows of Resources FUND BALANCES Restricted Total Liabilities, Deferred Inflows of Resources and Fund Balances
328,251
52
Liability Insurance
Illinois Municipal Retirement
Police Protection
Social Security
Special Recreation
Museum
215,606
151,655
51,903
224,876
249,414
118,328
1,469,503
353,000 668
642,000 619
57,000 168
539,000 757
435,000 802
61,000 373
2,173,000 3,785
569,274
794,274
109,071
764,633
685,216
179,701
3,646,288
439 2,202 2,641
80,350 3,301 326,883 410,534
78,543 78,543
-
1,099 1,099
-
-
Totals
353,000 431,543
642,000 642,000
57,000 58,099
539,000 539,000
435,000 435,000
61,000 63,641
2,173,000 2,583,534
137,731
152,274
50,972
225,633
250,216
116,060
1,062,754
569,274
794,274
109,071
764,633
685,216
179,701
3,646,288
53
ELK GROVE PARK DISTRICT, ILLINOIS Nonmajor Governmental - Special Revenue Funds Combining Statement of Revenues, Expenditures and Changes in Fund Balances For the Fiscal Year Ended December 31, 2015
Associations Revenues Taxes Charges for Services Grants and Donations Interest Miscellaneous Total Revenues
$
Expenditures Current General Government Culture and Recreation Capital Outlay Total Expenditures
Paving and Lighting
Audit
680,676 680,676
70,702 509 71,211
19,796 20 19,816
680,676 680,676
78,887 78,887
21,585 21,585
(7,676)
(1,769)
Net Change in Fund Balances
-
Fund Balances - Beginning
-
128,783
10,530
Fund Balances - Ending
-
121,107
8,761
54
Liability Insurance
Illinois Municipal Retirement
330,891 844 331,735
602,390 926 603,316
314,172 314,172
Police Protection
Social Security
Special Recreation
53,733 221 53,954
524,617 1,087 525,704
389,457 1,045 390,502
77,773 4,381 7,246 465 868 90,733
2,069,359 685,057 7,246 5,117 868 2,767,647
574,292 574,292
48,646 48,646
491,770 491,770
309,119 63,690 372,809
91,201 91,201
1,450,465 1,080,996 142,577 2,674,038
17,563
29,024
5,308
33,934
17,693
120,168
123,250
45,664
191,699
232,523
116,528
969,145
137,731
152,274
50,972
225,633
250,216
116,060
1,062,754
55
Museum
(468)
Totals
93,609
ELK GROVE PARK DISTRICT, ILLINOIS Associations - Special Revenue Fund Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual For the Fiscal Year Ended December 31, 2015
Budgeted Amounts Original and Final
Actual Amounts
$ 886,848
680,676
Expenditures Culture and Recreation
681,688
680,676
Net Change in Fund Balance
205,160
Revenues Charges for Services
-
Fund Balance - Beginning
-
Fund Balance - Ending
-
56
ELK GROVE PARK DISTRICT, ILLINOIS Paving and Lighting - Special Revenue Fund Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual For the Fiscal Year Ended December 31, 2015
Budgeted Amounts Original and Final Revenues Taxes Property Taxes Interest Total Revenues
$
Expenditures Capital Outlay Net Change in Fund Balance
Actual Amounts
70,560 517 71,077
70,702 509 71,211
87,740
78,887
(16,663)
(7,676)
Fund Balance - Beginning
128,783
Fund Balance - Ending
121,107
57
ELK GROVE PARK DISTRICT, ILLINOIS Audit - Special Revenue Fund Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual For the Fiscal Year Ended December 31, 2015
Budgeted Amounts Original and Final Revenues Taxes Property Taxes Interest Total Revenues
$
Expenditures General Government Accounting Services Net Change in Fund Balance
20,580 54 20,634
19,796 20 19,816
21,610
21,585
(976)
Fund Balance - Beginning
Actual Amounts
(1,769) 10,530
Fund Balance - Ending
8,761
58
ELK GROVE PARK DISTRICT, ILLINOIS Liability Insurance - Special Revenue Fund Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual For the Fiscal Year Ended December 31, 2015
Revenues Taxes Property Taxes Interest Total Revenues Expenditures General Government Administration Net Change in Fund Balance
Budgeted Amounts Original and Final
Actual Amounts
$ 333,200 586 333,786
330,891 844 331,735
314,172
314,172
19,614
17,563
Fund Balance - Beginning
120,168
Fund Balance - Ending
137,731
59
ELK GROVE PARK DISTRICT, ILLINOIS Illinois Municipal Retirement - Special Revenue Fund Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual For the Fiscal Year Ended December 31, 2015
Revenues Taxes Property Taxes Interest Total Revenues Expenditures General Government IMRF Employer Contribution Net Change in Fund Balance
Budgeted Amounts Original and Final
Actual Amounts
$ 607,600 673 608,273
602,390 926 603,316
530,000
574,292
78,273
29,024
Fund Balance - Beginning
123,250
Fund Balance - Ending
152,274
60
ELK GROVE PARK DISTRICT, ILLINOIS Police Protection - Special Revenue Fund Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual For the Fiscal Year Ended December 31, 2015
Budgeted Amounts Original and Final Revenues Taxes Property Taxes Interest Total Revenues
$
Expenditures General Government Net Change in Fund Balance
Actual Amounts
53,900 232 54,132
53,733 221 53,954
54,600
48,646
(468)
5,308
Fund Balance - Beginning
45,664
Fund Balance - Ending
50,972
61
ELK GROVE PARK DISTRICT, ILLINOIS Social Security - Special Revenue Fund Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual For the Fiscal Year Ended December 31, 2015
Revenues Taxes Property Taxes Interest Total Revenues Expenditures General Government Social Security Employer Contribution Net Change in Fund Balance
Budgeted Amounts Original and Final
Actual Amounts
$ 529,200 860 530,060
524,617 1,087 525,704
510,000
491,770
20,060
33,934
Fund Balance - Beginning
191,699
Fund Balance - Ending
225,633
62
ELK GROVE PARK DISTRICT, ILLINOIS Special Recreation - Special Revenue Fund Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual For the Fiscal Year Ended December 31, 2015
Budgeted Amounts Original and Final
Actual Amounts
$ 392,000 1,105 393,105
389,457 1,045 390,502
Expenditures Culture and Recreation NWSRA Contribution Capital Outlay Total Expenditures
309,119 69,000 378,119
309,119 63,690 372,809
Net Change in Fund Balance
14,986
17,693
Revenues Taxes Property Taxes Interest Total Revenues
Fund Balance - Beginning
232,523
Fund Balance - Ending
250,216
63
ELK GROVE PARK DISTRICT, ILLINOIS Museum - Special Revenue Fund Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual For the Fiscal Year Ended December 31, 2015
Budgeted Amounts Original and Final Revenues Taxes Property Taxes Charges for Services Grants and Donations Interest Miscellaneous Total Revenues
$
Expenditures Culture and Recreation Net Change in Fund Balance
Actual Amounts
78,400 7,316 7,750 582 1,300 95,348
77,773 4,381 7,246 465 868 90,733
101,373
91,201
(6,025)
(468)
Fund Balance - Beginning
116,528
Fund Balance - Ending
116,060
64
ELK GROVE PARK DISTRICT, ILLINOIS Golf Course - Enterprise Fund Schedule of Revenues, Expenses and Changes in Net Position - Budget and Actual For the Fiscal Year Ended December 31, 2015
Operating Revenues Charges for Services Operating Expenses Administration Operations Depreciation Total Operating Expenses Operating Income (Loss)
Budgeted Amounts Original and Final
Actual Amounts
$ 1,745,492
1,735,411
400,174 1,253,601 333,567 1,987,342
361,654 1,215,639 291,276 1,868,569
(241,850)
Nonoperating Revenues Interest Income
163
Income (Loss) Before Transfers
(241,687)
Transfers In
-
Change in Net Position
(241,687)
(133,158)
1,013 (132,145) 105,202 (26,943)
Net Position - Beginning
16,799,588
Net Position - Ending
16,772,645
65
STATISTICAL SECTION (Unaudited) This part of the comprehensive annual financial report presents detailed information as a context for understanding what the information in the financial statements, note disclosures, and required supplementary information says about the District's overall financial health. Financial Trends These schedules contain trend information to help the reader understand how the District's financial performance and well-being have changed over time. Revenue Capacity These schedules contain information to help the reader assess the District's most significant local revenue sources. Debt Capacity These schedules present information to help the reader assess the affordability of the District's current levels of outstanding debt and the District's ability to issue additional debt in the future. Demographic and Economic Information These schedules offer demographic and economic indicators to help the reader understand the environment within which the District's financial activities take place. Operating Information These schedules contain service and infrastructure data to help the reader understand how the information in the District's financial report relates to the services the District provides and the activities it performs.
ELK GROVE PARK DISTRICT, ILLINOIS Net Position by Component - Last Ten Fiscal Years* December 31, 2015 (Unaudited)
See Following Page
ELK GROVE PARK DISTRICT, ILLINOIS Net Position by Component - Last Ten Fiscal Years* December 31, 2015 (Unaudited)
Governmental Activities Net Investment in Capital Assets Restricted Unrestricted Total Governmental Activities Net Position Business-Type Activities Net Investment in Capital Assets Unrestricted Total Business-Type Activities Net Position Primary Government Net Investment in Capital Assets Restricted Unrestricted Total Primary Government Net Position
* Accrual Basis of Accounting Data Source: District Records
66
2006
2007
$ 32,894,680 2,105,506 5,386,239
35,261,733 1,713,499 6,305,756
37,416,775 1,749,566 6,914,457
40,386,425
43,280,988
46,080,798
15,131,798 2,876,998
15,533,655 2,534,639
15,350,523 2,650,882
18,008,796
18,068,294
18,001,405
48,026,478 2,105,506 8,263,237
50,795,388 1,713,499 8,840,395
52,767,298 1,749,566 9,565,339
58,395,221
61,349,282
64,082,203
2008
2009
2010
2011
2012
2013
2014
2015
32,985,304 7,551,478 7,268,913
40,640,783 1,741,720 7,879,819
43,406,230 1,312,738 7,979,228
45,708,474 955,077 8,625,405
47,686,001 979,277 9,255,896
48,572,175 1,002,304 9,427,796
50,194,546 1,096,843 8,777,887
47,805,695
50,262,322
52,698,196
55,288,956
57,921,174
59,002,275
60,069,276
15,486,405 2,620,996
15,379,462 2,553,514
16,417,987 1,177,548
17,220,738 (140,393)
16,957,253 57,269
16,767,944 31,644
16,581,871 190,774
18,107,401
17,932,976
17,595,535
17,080,345
17,014,522
16,799,588
16,772,645
48,471,709 7,551,478 9,889,909
56,020,245 1,741,720 10,433,333
59,824,217 1,312,738 9,156,776
62,929,212 955,077 8,485,012
64,643,254 979,277 9,313,165
65,340,119 1,002,304 9,459,440
66,776,417 1,096,843 8,968,661
65,913,096
68,195,298
70,293,731
72,369,301
74,935,696
75,801,863
76,841,921
67
ELK GROVE PARK DISTRICT, ILLINOIS Changes in Net Position - Last Ten Fiscal Years* December 31, 2015 (Unaudited)
2006 Expenses Governmental Activities General Government Culture and Recreation Interest on Long-Term Debt Total Governmental Activities Expenses Business-Type Activities Golf Course Total Primary Government Expenses Program Revenues Governmental Activities Charges for Services Culture and Recreation Operating Grants/Contributions Total Governmental Activities Program Revenues Business-Type Activities Charges for Services Golf Course Total Primary Government Program Revenues Net (Expense) Revenue Governmental Activities Business-Type Activities Total Primary Government Net Revenue (Expense)
$
2007
2008
2009
2010
2011
2012
2013
2014
2015
3,867,979 9,178,027 683,801 13,729,807
4,306,922 9,305,677 633,631 14,246,230
5,087,290 9,588,600 568,167 15,244,057
5,379,509 9,910,476 503,729 15,793,714
5,592,692 9,409,726 470,404 15,472,822
5,736,601 9,702,708 406,472 15,845,781
5,817,198 9,584,861 213,845 15,615,904
5,715,104 9,076,509 235,197 15,026,810
5,993,042 10,947,078 205,128 17,145,248
7,302,183 10,437,137 157,181 17,896,501
1,765,447
1,962,498
2,023,878
1,755,290
1,938,099
1,830,010
1,983,279
1,988,484
1,851,162
1,868,569
15,495,254
16,208,728
17,267,935
17,549,004
17,410,921
17,675,791
17,599,183
17,015,294
18,996,410
19,765,070
5,663,897 424,261
5,470,437 19,588
5,588,109 218,438
5,302,410 19,913
5,502,049 98,915
5,650,420 347,835
5,769,206 39,440
5,454,720 23,539
5,621,453 25,069
5,839,879 23,946
6,088,158
5,490,025
5,806,547
5,322,323
5,600,964
5,998,255
5,808,646
5,478,259
5,646,522
5,863,825
1,664,382
1,868,366
1,839,121
1,787,268
1,722,192
1,463,313
1,461,081
1,622,661
1,635,771
1,735,411
7,752,540
7,358,391
7,645,668
7,109,591
7,323,156
7,461,568
7,269,727
7,100,920
7,282,293
7,599,236
(7,641,649) (101,065)
(8,756,205) (94,132)
(9,437,510) (184,757)
(10,471,391) 31,978
(9,871,858) (215,907)
(9,847,526) (366,697)
(9,807,258) (522,198)
(9,548,551) (365,823)
(11,498,726) (215,391)
(12,032,676) (133,158)
(7,742,714)
(8,850,337)
(9,622,267)
(10,439,413)
(10,087,765)
(10,214,223)
(10,329,456)
(9,914,374)
(11,714,117)
(12,165,834)
68
2006
2007
2008
2009
2010
2011
2012
10,333,084 555,744 501,895 260,045 11,650,768
10,890,766 547,458 425,161 373,935 12,237,320
11,111,445 461,853 281,049 341,941 12,196,288
11,313,273 497,983 180,747 336,482 12,328,485
11,288,749 438,827 147,490 408,334 12,283,400
11,462,116 439,634 143,879 352,389 12,398,018
169,946 169,946
153,630 153,630
117,868 117,868
74,018 74,018
41,482 41,482
29,256 29,256
7,008 7,008
300,000 300,000
457 457
1,013 105,202 106,215
11,702,358
11,804,398
12,355,188
12,270,306
12,369,967
12,312,656
12,405,026
12,480,769
12,580,284
12,637,480
3,890,763 68,881
2,894,563 59,498
2,799,810 (66,889)
1,724,897 105,996
2,456,627 (174,425)
2,435,874 (337,441)
2,590,760 (515,190)
2,632,218 (65,823)
1,081,101 (214,934)
498,589 (26,943)
3,959,644
2,954,061
2,732,921
1,830,893
2,282,202
2,098,433
2,075,570
2,566,395
866,167
471,646
General Revenues and Other Changes in Net Position Governmental Activities Taxes Property $ 10,205,369 Replacement 469,910 Interest Income 561,107 Miscellaneous 296,026 Transfers - Internal Activity Total Governmental Activities 11,532,412 Business-Type Activities Interest Income Miscellaneous Transfers - Internal Activity Total Business-Type Activities Total Primary Government Changes in Net Position Governmental Activities Business-Type Activities Total Primary Government
* Accrual Basis of Accounting Data Source: District Records
69
2013
11,618,031 487,373 136,899 238,466 (300,000) 12,180,769
2014
11,544,731 501,691 62,349 471,056 12,579,827
2015
11,602,822 534,796 53,469 445,380 (105,202) 12,531,265
ELK GROVE PARK DISTRICT, ILLINOIS Fund Balances of Governmental Funds - Last Ten Fiscal Years* December 31, 2015 (Unaudited)
2006 General Fund Reserved Unreserved Nonspendable Committed Unassigned
$
Total General Fund All Other Governmental Funds Reserved Unreserved, Reported in: Special Revenues Funds Capital Projects Funds Nonspendable Restricted Committed Assigned Total All Other Governmental Funds
* Modified Accrual Basis of Accounting Data Source: District Records The District implemented GASB No. 54 in fiscal year 2011.
70
2007
2008
175,740 3,502,338 -
4,340,675 -
3,394 4,970,817 -
3,678,078
4,340,675
4,974,211
1,799,753
1,623,147
1,517,879
1,755,414 423,907 -
2,056,626 162,323 -
2,032,567 290,081 -
3,979,074
3,842,096
3,840,527
2009
2010
2011
2012
2013
2014
2015
3,598 5,507,175 -
4,210 6,022,359 -
75,745 1,090,810 4,792,814
8,693 5,601,256
9,619 5,740,088
122,800 5,736,613
37,775 5,956,954
5,510,773
6,026,569
5,959,369
5,609,949
5,749,707
5,859,413
5,994,729
1,319,423
1,203,829
1,842,115 6,285,421 -
1,947,857 600,571 -
13,524 982,166 2,122,771 356,739
14,122 973,196 2,469,702 655,087
14,347 998,012 2,914,506 703,252
14,348 1,016,721 3,044,489 644,297
80,807 1,107,693 3,516,716 158,080
9,446,959
3,752,257
3,475,200
4,112,107
4,630,117
4,719,855
4,863,296
-
-
71
-
-
-
ELK GROVE PARK DISTRICT, ILLINOIS Changes in Fund Balances for Governmental Funds - Last Ten Fiscal Years* December 31, 2015 (Unaudited)
2006 Revenues Taxes Other Taxes Charges for Services Grants and Donations Interest Income Miscellaneous Total Revenues
$
2007
2008
8,869,263 1,806,016 5,663,897 424,261 561,107 296,026 17,620,570
10,333,084 555,744 5,470,437 19,588 501,895 260,045 17,140,793
10,890,766 547,458 5,588,109 218,438 425,161 373,935 18,043,867
Expenditures General Government Culture and Recreation Capital Outlay Debt Service Principal Interest and Fiscal Charges Total Expenditures
3,935,136 7,202,233 6,865,123
4,265,909 7,256,214 2,044,407
4,744,019 7,746,361 1,944,891
3,635,000 691,941 22,329,433
3,755,000 643,644 17,965,174
3,895,000 581,629 18,911,900
Excess (Deficiency) of Revenues Over (Under) Expenditures
(4,708,863)
(824,381)
1,350,000 6,086,382 (6,086,382) 1,350,000
1,350,000 20,000 (20,000) 1,350,000
(3,358,863)
525,619
Other Financing Sources (Uses) Debt Issuance Debt Issuance Premium Payment to Refund Debt Disposal of Capital Assets Transfers In Transfers Out
Net Change in Fund Balances Debt Service as a Percentage of Noncapital Expenditures * Modified Accrual Basis of Accounting Data Source: District Records
72
27.21%
26.89%
(868,033)
1,500,000 1,500,000 631,967 25.67%
2009
2010
2011
2012
2013
2014
2015
11,111,445 461,853 5,302,410 19,913 281,049 341,941 17,518,611
11,313,273 497,983 5,502,049 98,915 180,747 336,482 17,929,449
11,288,749 438,827 5,650,420 347,835 147,490 408,334 18,281,655
11,462,116 439,634 5,769,206 39,440 143,879 352,389 18,206,664
11,618,031 487,373 5,454,720 23,539 136,899 238,466 17,959,028
11,544,731 501,691 5,621,453 25,069 62,349 471,056 18,226,349
11,602,822 534,796 5,839,879 23,946 53,469 445,380 18,500,292
5,031,747 7,664,841 2,455,195
5,161,459 7,546,048 5,915,483
5,323,583 7,644,367 2,697,664
5,368,673 7,494,859 2,878,752
5,273,560 7,035,439 9,038,406
5,445,046 7,719,565 2,157,727
5,387,789 7,811,352 2,597,823
3,715,000 508,834 19,375,617
4,005,000 480,365 23,108,355
4,050,000 410,298 20,125,912
3,330,000 351,774 19,424,058
4,190,000 264,702 25,802,107
4,165,000 239,567 19,726,905
4,140,000 190,869 20,127,833
(1,857,006)
(5,178,906)
(1,844,257)
(1,217,394)
(7,843,079)
(1,500,556)
(1,627,541)
1,500,000 1,500,000
6,790,000 129,881 (5,415,000) 1,504,881
8,590,000 210,847 (300,000) 8,500,847
1,700,000 1,700,000
2,000,000 11,500 (105,202) 1,906,298
8,000,000 8,000,000 6,142,994 23.81%
(5,178,906)
(344,257)
25.70%
25.18%
287,487 21.93%
73
657,768 26.31%
199,444 23.81%
278,757 24.06%
ELK GROVE PARK DISTRICT, ILLINOIS Equalized Assessed Value and Actual Value of Taxable Property - Last Ten Fiscal Years December 31, 2015 (Unaudited)
Fiscal Year
Tax Levy Year
2006
2005
2007
Residential Property $
Commercial Property
Industrial Property
615,745,592
$ 299,132,396
$
1,284,938,287
2006
638,643,607
287,069,402
1,285,874,586
2008
2007
739,881,569
348,860,705
1,452,043,626
2009
2008
754,995,425
327,747,787
1,235,380,872
2010
2009
825,649,464
279,744,728
1,078,116,581
2011
2010
776,542,134
263,215,563
1,029,251,636
2012
2011
728,805,744
228,651,656
899,301,126
2013
2012
669,094,028
206,930,998
819,686,949
2014
2013
548,528,165
197,921,469
720,380,012
2015
2014
574,797,338
212,523,393
707,131,401
Notes: Assessed value is set by the County Assessor on an annual basis. The assessment level is then adjusted by the State with a County Multiplier based on the factor needed to bring the average prior years' level up to 33-1/3% of market value. All property is reassessed on a repeating triennial cycle. Data Source: Office of the County Assessor
74
Total $
2,199,816,275
Total Assessed Value
Railroad $
654,385
$
Estimated Actual Value
Total Direct Tax Rate
2,200,470,660
$ 6,203,145,747
0.531
2,211,587,595
648,823
2,212,236,418
6,636,709,254
0.550
2,540,785,900
698,458
2,541,484,358
6,636,709,254
0.491
2,318,124,084
625,263
2,318,749,347
7,624,453,074
0.490
2,183,510,773
751,317
2,184,262,090
6,956,248,041
0.523
2,069,009,333
937,212
2,069,946,545
6,552,786,270
0.562
1,856,758,526
995,345
1,857,753,871
5,573,261,613
0.633
1,695,711,975
1,124,852
1,696,836,827
5,090,510,481
0.711
1,466,829,646
1,387,564
1,468,217,210
4,404,651,630
0.805
1,494,452,132
1,446,499
1,495,898,631
4,487,695,893
0.810
75
ELK GROVE PARK DISTRICT, ILLINOIS Direct and Overlapping Property Tax Rates - Last Ten Fiscal Years* Elk Grove Township December 31, 2015 (Unaudited)
2006
2007
2008
Direct Rate - Elk Grove Park District Corporate Bonds and Interest Illinois Municipal Retirement Police Protection Social Security Auditing Liability Insurance Recreation Paving and Lighting Museum Special Recreation Limited Bonds Total Direct Rate - Elk Grove Park District
0.239 0.052 0.017 0.004 0.024 0.001 0.000 0.073 0.005 0.003 0.021 0.094 0.531
0.243 0.052 0.015 0.002 0.021 0.000 0.018 0.074 0.004 0.003 0.021 0.097 0.550
0.215 0.045 0.015 0.001 0.018 0.000 0.019 0.066 0.004 0.002 0.019 0.087 0.491
Overlapping Rates Cook County Forest Preserve Elk Grove Township Suburban TB Sanitarium Northwest Mosquito Abatement Metro Water Reclamation District Village of Elk Grove Village Elk Grove Village Public Library School District #59 High School District #214 Community College District #512 Total Overlapping Rates
0.547 0.060 0.062 0.005 0.009 0.315 0.496 0.182 1.933 1.759 0.281 5.649
0.500 0.057 0.062 0.005 0.009 0.284 0.507 0.187 2.013 1.823 0.288 5.735
0.458 0.053 0.057 0.000 0.008 0.263 0.492 0.167 1.791 1.621 0.260 5.170
6.180
6.285
5.661
Total Tax Rate
Note: The Elk Grove Park District is situated in two counties, Cook and DuPage and two townships, Elk Grove and Schaumburg. The total rate for a taxpayer is determined by the taxing agencies located in the county and township in which a property is located. Data Source: Cook County Clerk's office * Rates are per $100 of Assessed Value 76
2009
2010
2011
2012
2013
2014
2015
0.215 0.044 0.018 0.000 0.017 0.001 0.019 0.067 0.004 0.002 0.019 0.085 0.490
0.225 0.047 0.022 0.001 0.021 0.001 0.023 0.071 0.000 0.003 0.020 0.090 0.523
0.241 0.050 0.024 0.002 0.022 0.001 0.025 0.075 0.003 0.005 0.021 0.093 0.562
0.271 0.055 0.029 0.003 0.026 0.001 0.031 0.085 0.002 0.005 0.022 0.103 0.633
0.326 0.073 0.032 0.003 0.030 0.001 0.018 0.093 0.005 0.005 0.025 0.100 0.711
0.350 0.081 0.041 0.004 0.038 0.001 0.021 0.113 0.005 0.006 0.028 0.116 0.805
0.344 0.055 0.043 0.004 0.037 0.001 0.023 0.130 0.005 0.006 0.028 0.134 0.810
0.415 0.051 0.059 0.000 0.008 0.252 0.490 0.168 1.810 1.587 0.256 5.096
0.415 0.049 0.064 0.000 0.008 0.261 0.524 0.203 1.945 1.636 0.258 5.363
0.423 0.051 0.071 0.000 0.009 0.274 0.646 0.220 2.129 1.839 0.295 5.957
0.487 0.058 0.081 0.000 0.010 0.320 0.750 0.265 2.422 2.067 0.334 6.794
0.531 0.063 0.092 0.000 0.011 0.370 0.846 0.301 2.673 2.324 0.373 7.584
0.591 0.069 0.111 0.000 0.013 0.417 0.965 0.341 3.172 2.768 0.444 8.891
0.568 0.069 0.111 0.000 0.013 0.430 0.951 0.335 3.176 2.776 0.451 8.880
5.586
5.886
6.519
7.427
8.295
9.696
9.690
77
ELK GROVE PARK DISTRICT, ILLINOIS Direct and Overlapping Property Tax Rates - Last Ten Fiscal Years* Schaumburg Township December 31, 2015 (Unaudited)
2006
2007
2008
Direct Rate - Elk Grove Park District Corporate Bonds and Interest Illinois Municipal Retirement Police Protection Social Security Auditing Liability Insurance Recreation Paving and Lighting Museum Special Recreation Limited Bonds Total Direct Rate - Elk Grove Park District
0.239 0.052 0.017 0.004 0.024 0.001 0.000 0.073 0.005 0.003 0.021 0.094 0.531
0.243 0.052 0.015 0.002 0.021 0.000 0.018 0.074 0.004 0.003 0.021 0.097 0.550
0.215 0.045 0.015 0.001 0.018 0.000 0.019 0.066 0.004 0.002 0.019 0.087 0.491
Overlapping Rates Cook County Forest Preserve Schaumburg Township Schaumburg Township Library Suburban TB Sanitarium Metro Water Reclamation District Northwest Mosquito Abatement Village of Elk Grove Village School District #54 High School District #211 Community College District #512 Total Overlapping Rates
0.547 0.060 0.100 0.277 0.005 0.315 0.009 0.496 3.003 2.191 0.281 7.284
0.500 0.057 0.104 0.287 0.005 0.284 0.009 0.507 3.104 2.261 0.288 7.406
0.458 0.053 0.089 0.256 0.000 0.263 0.008 0.492 2.582 1.972 0.260 6.433
7.815
7.956
6.924
Total Tax Rate
Note: The Elk Grove Park District is situated in two counties, Cook and DuPage and two townships, Elk Grove and Schaumburg. The total rate for a taxpayer is determined by the taxing agencies located in the county and township in which a property is located. Data Source: Cook County Clerk's office * Rates are per $100 of Assessed Value 78
2009
2010
2011
2012
2013
2014
2015
0.215 0.044 0.018 0.000 0.017 0.001 0.019 0.067 0.004 0.002 0.019 0.085 0.490
0.225 0.047 0.022 0.001 0.021 0.001 0.023 0.071 0.000 0.003 0.020 0.090 0.523
0.241 0.050 0.024 0.002 0.022 0.001 0.025 0.075 0.003 0.005 0.021 0.093 0.562
0.271 0.055 0.029 0.003 0.026 0.001 0.031 0.085 0.002 0.005 0.022 0.103 0.633
0.326 0.073 0.032 0.003 0.030 0.001 0.018 0.093 0.005 0.005 0.025 0.100 0.711
0.350 0.081 0.041 0.004 0.038 0.001 0.021 0.113 0.005 0.006 0.028 0.116 0.805
0.344 0.055 0.043 0.004 0.037 0.001 0.023 0.130 0.005 0.006 0.028 0.134 0.810
0.415 0.051 0.089 0.254 0.000 0.252 0.008 0.489 2.559 1.928 0.256 6.301
0.415 0.049 0.092 0.258 0.000 0.261 0.008 0.524 2.592 1.916 0.258 6.373
0.423 0.051 0.110 0.295 0.000 0.274 0.009 0.646 2.996 2.204 0.295 7.303
0.487 0.058 0.125 0.321 0.000 0.320 0.010 0.750 3.196 2.482 0.334 8.083
0.531 0.063 0.137 0.331 0.000 0.370 0.011 0.846 3.578 2.772 0.373 9.012
0.591 0.069 0.161 0.384 0.000 0.417 0.013 0.965 4.148 3.197 0.444 10.389
0.568 0.069 0.163 0.386 0.000 0.430 0.013 0.951 4.168 3.213 0.451 10.412
6.791
6.896
7.865
8.716
9.723
11.194
11.222
79
ELK GROVE PARK DISTRICT, ILLINOIS Principal Property Tax Payers - Current Fiscal Year and Nine Fiscal Years Ago December 31, 2015 (Unaudited)
2015
Taxpayer Crane & Norcross $ Prologis Tax Coordinator Draper & Kramer Tarantula Ventures LLC Hamilton Properties Arthur J. Rogers & Co. 25 Northwest PNT BVD 400 New Plan Property Tax FSP Property Management ADP Inc. Centerpoint Properties Gullo Properties Rogers Industrial Par BBKI Northwest Point AMB Properties
Taxable Assessed Value 31,237,116 23,218,210 19,441,898 25,623,143 18,638,680 15,905,080 12,709,674 11,869,093 11,140,593 11,053,599
180,837,086
2006
Percentage of Total District Taxable Assessed Rank Value 1 2 3 4 5 6 7 8 9 10
1.81% 1.49% 1.35% 1.13% 1.08% 0.92% 0.74% 0.69% 0.65% 0.64%
10.50%
Taxable Assessed Value $
Percentage of Total District Taxable Assessed Rank Value
62,600,163
1
2.84%
31,556,786
3
1.43%
28,791,146
4
1.31%
20,195,616 19,223,458 62,979,076 24,325,072 23,635,510 18,375,424 17,710,122
7 8 1 5 6 9 10
0.92% 0.87% 2.86% 1.11% 1.07% 0.84% 0.80%
309,392,373
14.05%
Note: Every effort has been made to seek out and report the largest taxpayers. However, many of the taxpayers contain multiple parcels, and it is possible that some parcels and their valuations have been overlooked. Data Source: Office of the County Clerk
80
ELK GROVE PARK DISTRICT, ILLINOIS Property Tax Levies and Collections - Last Ten Fiscal Years December 31, 2015 (Unaudited)
Fiscal Year
Tax Levy Year
Tax Extension Grand Total Fiscal Year
Collected within the Collections Fiscal Year of the Levy in Percentage Subsequent Amount of Levy Years
2006
2005
$ 10,304,042
N/A
N/A
N/A
$ 10,207,245
99.06%
2007
2006
10,660,588
N/A
N/A
N/A
10,331,802
96.92%
2008
2007
11,025,019
N/A
N/A
N/A
10,892,389
98.80%
2009
2008
11,356,365
N/A
N/A
N/A
11,111,443
97.84%
2010
2009
11,601,431
N/A
N/A
N/A
11,313,270
97.52%
2011
2010
11,636,287
N/A
N/A
N/A
11,288,749
97.01%
2012
2011
11,763,173
N/A
N/A
N/A
11,462,116
97.44%
2013
2012
12,056,227
N/A
N/A
N/A
11,618,030
96.37%
2014
2013
11,818,358
N/A
N/A
N/A
11,544,731
97.68%
2015
2014
12,110,425
N/A
N/A
N/A
11,603,823
95.82%
Data Source: Office of County Clerk N/A - Information is not available.
81
Total Collections to Date Percentage Amount of Levy
ELK GROVE PARK DISTRICT, ILLINOIS Ratios of Outstanding Debt by Type - Last Ten Fiscal Years December 31, 2015 (Unaudited)
Governmental Activities General Alternate Obligation Revenue Bonds Bonds
Fiscal Year 2006
$
11,695,000
$
4,045,000
Total Primary Government $
Percentage of Personal Income
Per Capita
Population
15,740,000
1.59%
34,727
$
453
2007
10,695,000
2,640,000
13,335,000
1.18%
34,727
384
2008
9,735,000
1,205,000
10,940,000
0.97%
34,727
315
2009
15,225,000
-
15,225,000
1.33%
34,727
438
2010
11,220,000
-
11,220,000
0.97%
34,727
323
2011
8,670,000
-
8,670,000
0.77%
33,127
262
2012
6,715,000
-
6,715,000
0.65%
33,127
203
2013
11,295,726
-
11,295,726
1.04%
33,127
341
2014
8,800,605
-
8,800,605
0.79%
33,419
263
2015
6,630,484
-
6,630,484
N/A
N/A
N/A
Note: Details regarding the District's outstanding debt can be found in the notes to the financial statements. See the Demographic and Economic Statistics schedule for personal income data. Data Source: District Records N/A - not available
82
ELK GROVE PARK DISTRICT, ILLINOIS Ratio of Net General Obligation Debt to Equalized Assessed Value and Net General Obligation Bonded Debt Per Capita - Last Ten Fiscal Years December 31, 2015 (Unaudited)
Fiscal Year
Gross General Obligation Bonds
Debt Payable from Other Sources
2006
$ 18,025,000
2007
10,695,000
-
10,695,000
2,212,236,418
0.483%
34,727
308
2008
9,735,000
5,183
9,729,817
2,541,484,358
0.383%
34,727
280
2009
9,735,000
32,356
9,702,644
2,318,749,347
0.418%
34,727
279
2010
15,225,000
63,284
15,161,716
2,184,262,090
0.694%
34,727
437
2011
11,220,000
61,091
11,158,909
2,069,946,545
0.539%
33,127
337
2012
8,670,000
86,318
8,583,682
1,857,753,871
0.462%
33,127
259
2013
6,715,000
102,926
6,612,074
1,696,836,827
0.390%
33,127
200
2014
8,800,605
33,159
8,767,446
1,468,217,210
0.597%
33,419
262
2015
6,630,484
34,089
6,596,395
1,495,898,631
0.441%
N/A
$
Net General Obligation Bonds
Assessed Value of Property
-
$ 18,025,000
$ 2,200,470,660
0.819%
34,727
Ratio of Bonded Debt to Assessed Value Population
Note: Details regarding the District's outstanding debt can be found in the notes to the financial statements. Data Source: United States Department of Commerce, Census Bureau N/A - not available
83
Per Capita $
519
N/A
ELK GROVE PARK DISTRICT, ILLINOIS Schedule of Direct and Overlapping Governmental Activities Debt December 31, 2015 (Unaudited)
Gross Debt
Governmental Unit Elk Grove Park District Cook County Cook County Forest Preserve District Metro Water Reclamation District City of Des Plaines Village of Elk Grove Village School District CC #59 Palatine Township High School #211 Arlington Heights Township High School #214 Harper Community College District #512
$
*Percentage to Debt Applicable to District
6,630,484
100.00%
3,466,835,000 172,535,000 2,642,374,005 645,000 51,818,829 20,685,000 11,380,000 58,210,000 170,935,000
1.26% 5.03% 5.23% 16.61% 97.63% 53.05% 0.59% 41.65% 20.51%
District's Share of Debt $
6,630,484 43,682,121 8,678,020 138,310,153 107,154 50,590,723 10,973,393 66,940 24,247,137 35,060,133
Subtotal Overlapping Debt
6,595,417,834
311,715,773
Totals
6,602,048,318
318,346,257
* Determined by the ratio of assessed value of property in the District subject to taxation by the Governmental Unit to the total assessed value of property of the Governmental Unit. Data Sources: Office of the County Clerk and Various Governmental Units
84
ELK GROVE PARK DISTRICT, ILLINOIS Legal Debt Margin - Last Ten Fiscal Years December 31, 2015 (Unaudited)
See Following Page
ELK GROVE PARK DISTRICT, ILLINOIS Legal Debt Margin - Last Ten Fiscal Years December 31, 2015 (Unaudited)
Equalized Assessed Valuation Bonded Debt Limit 2.875% of Assessed Value Amount of Debt Applicable to Limit Legal Debt Margin Percentage of Legal Debt Margin to Bonded Debt Limit
$
2006
2007
2008
2009
1,936,849,957
1,938,288,815
2,246,067,851
2,318,749,347
55,684,436
55,725,803
64,574,451
66,664,044
4,045,000
2,640,000
1,205,000
7,700,000
51,639,436
53,085,803
63,369,451
58,964,044
92.74%
95.26%
98.13%
88.45%
Non-Referendum Legal Debt Limit .575% of Assessed Value
11,136,887
11,145,161
12,914,890
13,332,809
Amount of Debt Applicable to Limit
2,345,000
1,925,000
1,575,000
7,700,000
Legal Debt Margin
8,791,887
9,220,161
11,339,890
5,632,809
Percentage of Legal Debt Margin to Bonded Debt Limit
78.94%
Data Source: District Records
85
82.73%
87.80%
42.25%
2010
2011
2012
2013
2014
2015
2,184,262,090
2,069,946,545
1,857,753,871
1,696,836,827
1,468,217,210
1,495,914,672
62,797,535
59,510,963
53,410,424
48,784,059
42,211,245
43,007,547
4,355,000
2,515,000
6,715,000
11,115,000
8,650,000
6,510,000
58,442,535
56,995,963
46,695,424
37,669,059
33,561,245
36,497,547
93.07%
95.77%
87.43%
77.22%
79.51%
84.86%
12,559,507
11,902,193
10,682,085
9,756,812
8,442,249
8,601,509
4,355,000
2,515,000
1,425,000
6,955,000
5,600,000
4,225,000
8,204,507
9,387,193
9,257,085
2,801,812
2,842,249
4,376,509
65.33%
78.87%
86.66%
28.72%
86
33.67%
50.88%
ELK GROVE PARK DISTRICT, ILLINOIS Demographic and Economic Statistics - Last Ten Fiscal Years December 31, 2015 (Unaudited)
Per Capita Personal Income
Unemployment Rate
990,240,405
$ 28,515
4.50%
Total Personal Income
Fiscal Year
Population
2006
34,727
2007
34,727
1,131,058,390
32,570
4.00%
2008
34,727
1,143,073,932
32,916
4.80%
2009
34,727
1,157,798,180
33,340
8.70%
2010
34,727
1,129,565,129
32,527
8.50%
2011
33,127
1,077,521,929
32,527
7.80%
2012
33,127
1,039,757,149
31,387
7.40%
2013
33,127
1,082,656,614
32,682
7.60%
2014
33,419
1,117,431,103
33,437
3.90%
2015
N/A
N/A
N/A
4.70%
$
Data Source: Census Data
87
ELK GROVE PARK DISTRICT, ILLINOIS Principal Employers - Current Fiscal Year and Nine Fiscal Years Ago December 31, 2015 (Unaudited)
2015
Employer Alexian Brothers Medical Center Automatic Data Processing Harvard Maintenance Village of Elk Grove Ready Set Services Apple Vacations Steiner Electric Metal Impact R.R. Donnelley & Sons ITW Medalist John B. Sanfilippo & Sons Field Container Quebecor World H.C. Brill Co. American Academy of Pediatrics
2006
Employees as a Percentage of Village Employees Rank Employment 2,900 1,300 420 330 306 300 300 300 250 205
1 2 3 4 5 6 7 7 9 10
2.90% 1.30% 0.42% 0.33% 0.31% 0.30% 0.30% 0.30% 0.25% 0.21%
Total Estimated Total Employment
Data Source: Village of Elk Grove Village
88
Employees
Employees as a Percentage of Village Rank Employment
1,800 850
1 2
1.80% 0.85%
383
3
0.38%
300
7
0.30%
316
6
0.32%
350 350 300 300 300
4 4 7 7 7
0.35% 0.35% 0.30% 0.30% 0.30%
6.62%
5.25%
100,000
100,000
ELK GROVE PARK DISTRICT, ILLINOIS Government Employees by Function/Program - Last Ten Fiscal Years December 31, 2015 (Unaudited)
Function/Program
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
18 7 25
20 9 29
20 10 30
19 12 31
19 11 30
20 11 31
20 12 32
20 11 31
21 9 30
21 8 29
18 9 20 47
20 8 22 50
21 10 36 67
20 13 32 65
21 35 12 68
20 25 12 57
21 28 12 61
22 27 11 60
27 19 11 57
27 21 9 57
16 331 347
26 329 355
30 343 373
26 325 351
23 293 316
21 291 312
25 289 314
22 282 304
22 291 313
24 313 337
Pools - Full Time Pools - Part Time Pools - Seasonal
2 95 146 243
3 81 120 204
3 65 123 191
4 65 133 202
2 80 147 229
2 96 139 237
2 103 173 278
3 25 190 218
2 83 189 274
2 105 152 259
Golf - Full Time Golf - Part Time
5 71 76
5 72 77
5 73 78
5 65 70
5 67 72
5 61 66
5 71 76
5 75 80
6 71 77
6 74 80
Fitness - Full Time Fitness - Part Time
2 51 53
3 57 60
3 65 68
4 59 63
3 70 73
3 72 75
3 76 79
3 83 86
3 84 87
3 85 88
61 564 166
77 556 142
82 566 159
78 539 165
73 556 159
71 556 151
76 579 185
75 503 201
81 557 200
83 606 161
791
775
807
782
788
778
840
779
838
850
General Government Administration - Full Time Administration - Part Time
Park Services - Full Time Park Services - Part Time Park Services - Seasonal
Recreation Recreation - Full Time Recreation - Part Time
Total Full Time Total Part Time Total Seasonal
Data Source: District Records The figures represent the number of employees on payroll during the year. Employee turnover and work schedules affect the employee count. Multiple employees may be used to staff a single position.
89
ELK GROVE PARK DISTRICT, ILLINOIS Operating Indicators by Function/Program - Last Ten Fiscal Years December 31, 2015 (Unaudited)
See Following Page
ELK GROVE PARK DISTRICT, ILLINOIS Operating Indicators by Function/Program - Last Ten Fiscal Years December 31, 2015 (Unaudited)
Function/Program Parks and Recreation Pavilion Center Attendance Pavilion Fitness Center Usage Pavilion Aquatic Center Usage Audubon Skate Park Usage Recreation Program Usage Rainbow Falls Water Park Usage Pirates Cove Theme Park Usage Fox Run Golf Rounds
Data Source: District Records
90
2006
2007
2008
13,891 210,239 31,682 6,229 20,327 55,479 9,977
14,657 228,814 29,854 6,872 21,832 49,990 11,441
14,120 233,982 29,759 6,175 18,090 45,672 13,029
33,941
34,874
34,453
2009
2010
2011
2012
2013
2014
2015
11,938 232,171 44,535 4,782 22,563 19,414 15,678
10,527 240,436 43,317 4,136 25,944 52,150 17,633
9,103 240,753 43,569 2,850 25,542 47,383 18,328
11,754 240,518 47,318 1,404 22,378 47,988 17,671
12,403 217,588 11,239 2,145 21,272 38,578 17,922
11,809 219,830 16,469 4,172 21,200 37,734 19,974
11,698 220,474 16,146 3,801 20,976 46,361 18,404
34,072
32,324
27,235
28,405
28,693
28,456
31,973
91
ELK GROVE PARK DISTRICT, ILLINOIS Capital Asset Statistics by Function/Program - Last Ten Fiscal Years December 31, 2015 (Unaudited)
Function/Program Parks and Recreation Parks Total Acreage Number of Parks Facilities (Number) Playground Indoor Swimming Facilities Outdoor Swimming Facilities Outdoor Water Park Golf Driving Range Golf Course - 18 Holes Nature Center Museum Outdoor Skating Rinks Recreation Center Football Fields Ball Diamonds Soccer Fields Racquetball Courts Tennis Courts Picnic Areas Indoor Basketball Courts Outdoor Basketball Courts Sled Hill Concession Stands Rollerblading Area Skateboard Facility Community Garden Frisbee Golf
Data Source: District Records
92
2006
2007
2008
474 45
474 45
474 45
41 2 1 1 1 1 1 1 3 4 5 30 30 2 17 35 9 14 2 4 3 1 1
40 2 1 1 1 1 1 1 3 4 5 30 30 2 16 35 9 11 2 3 10 1
40 2 1 1 1 1 1 1 3 4 5 30 30 2 16 35 9 11 2 3 10 1
2009
2010
2011
2012
2013
2014
2015
474 45
474 45
474 45
474 45
474 45
476 45
476 45
40 2 1 1 1 1 1 1 3 4 5 30 30 2 16 35 9 11 2 3 10 1
41 2 1 1 1 1 1 1 3 4 5 30 30 2 19 35 5 13 2 4 3 7 1 1
41 2 1 1 1 1 1 1 3 4 5 30 30 2 19 35 5 13 2 4 3 4 1 1
41 2 1 1 1 1 1 1 3 4 5 30 30 2 19 35 5 13 2 4 3 3 1 1
41 2 1 1 1 1 1 1 3 4 5 30 30 1 19 35 5 13 2 4 3 1 1 1
41 3 1 1 1 1 1 1 3 4 5 30 30 1 19 35 7 13 2 4 3 1 1
41 3 1 1 1 1 1 1 3 4 5 29 30 1 18 36 7 13 2 4 3 1 1
93