Financial Report

At the Park District of La Grange, our mission is to provide quality recreation programs, facilities, and parks that enhance the health, happiness, and quality of life of Park District residents and program participants. We appreciate your support and invite you to visit your local parks and facilities.

The Park District has several different revenue sources from taxes and fees to grants and bonds. Recreation user fees include program activity fees, fitness center memberships and rental fees for the use of the Park District facilities. This year the Park District was closed for one and a half months at year end due to the Covid 19 pandemic. This shut down caused about a 10% reduction in recreation user fees for the year ended April 30, 2020.

Combined Statement of Revenues, Expenditures, and Changes in Fund Balance For the Fiscal Year Ended April 30, 2020

Revenues Taxes Recreation User Fees Interest Miscellaneous

Expenditures General Government Program Expenses Capital Outlay Debt Service

Deficiency of Revenue under Expenditures

Other Financing Sources Debt Issuance Disposal of Capital Assets

Net Change in Fund Balance $ 3,008,566 2,410,485 117,668 47,201 5,583,920

981,669 3,225,475 873,609 1,131,645 6,212,398

(628,478)

338,800 10,500 349,300

$ (279,178) 53.9% 43.2% 2.1% 0.8% 100.0%

17.6% 57.8% 15.6% 20.3% 111.3%

-11.3%

During this past fiscal year, expenditures exceeded revenue and other financing sources by $279,178 for the District as a whole. In the General and Special Revenue Funds, revenues exceeded expenditures for the year by $391,218, allowing the District to transfer $309,700 to the Capital Projects Fund. Above average spending on capital projects created the deficit for this fiscal year. However, many of these projects were deemed necessary and had been delayed due to lack of funding.

Even though the combined net change in fund balances was a decrease, the District still retained sufficient fund balances to fulfill its mission to provide quality recreation programs, facilities, and parks.

What share of your property tax bill goes to the Park District?

Often, residents are not aware that the Park District is a separate taxing body from the Village of La Grange. The Park District is governed by a five- member Board of Commissioners that is elected by the residents. As a separate governmental entity, the Park District can levy and collect taxes on all taxable property within the District. Based on a typical 2019 tax bill approximately 4.5 cents of every tax dollar are for the Park District of La Grange.

Based on 2019 Tax Levy

School Districts Village of La Grange

Village of La Grange Library

County of Cook Park District Fund Balance Park District of La Grange Other Agencies -6 The Cook County Assessor’s Office calculates the Equalized Assessed Value (EAV) on business and personal properties annually to help determine the amount of property taxes to be paid per business or household. Based on the results of these assessed values, the Park District uses its current tax rate to draw revenue from each property’s EAV to support and provide its public service. In 2019, the tax rate for the Park District of La Grange was 41.7 cents.

Investing in Capital Projects

Each year, the District prepares a capital budget for repairs and/or replacement of equipment or amenities. The capital projects are financed with a combination of non-referendum bond money, grants, and surplus from the operating funds. During this past year, many projects were completed but most of the spending was on several roofing and paving projects. By grouping the projects together, we were able to obtain better pricing. Roofing projects were the replacement of the Community Center roof and a section of the Recreation Center roof. Paving projects were replacing the north and west parking lots at Sedgewick Park, resurfacing the tennis courts at Sedgewick Park, and replacing and widening the walking path at Gilbert Park.

Debt Administration

General obligation park bonds were issued for a total of $338,800. This is the normal annual rollover that the Park District issues each year to pay debt service on alternate revenue bonds with any remaining balance allocated to capital projects. Overall, there was a net decrease in general obligation park bonds outstanding of $608,174.

Excellence in Reporting

At the conclusion of each fiscal year, the Park District prepares a Comprehensive Annual Financial Report (CAFR) that clearly communicates the financial condition of the Park District and provides details on activities and balances for the fiscal year. This report is audited by a professional, independent audit firm whose opinion appears as part of the report.

This report is also submitted to the Government Finance Officers Association’s award program. This organization has awarded our report the Certificate of Achievement for Excellence in Financial Reporting every year since 1995. To achieve this award, the District’s CAFR must clearly communicate its financial story to the reader and satisfy all the applicable legal requirements and generally accepted accounting principles. The CAFR is available on our website at www.pdlg.org.