Annual Financial Report

Gompnehensiue Financial

Annual Repont

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ELK GROVE PARK DISTRICT, ILLINOIS For lhe yeor ended December 31, 2012

ELK GROVE PARK DISTRICT, ILLINOIS COMPREHENSIVE ANNUAL FINANCIAL REPORT FOR THE YEAR ENDED DECEMBER 3t,2012

Prepared by the Finance Department Thomas A. Busby, Finance Manager

ELK GROVE PARK DISTRICT, ILLINOIS TABLE OF CONTENTS

PAGE

TNTROpUCT9RY pECTION I

Principal Offrcials Organization Chart......

Letter of Transmittal ............

Certificate of Achievement for Excellence in Financial Reporting......

ll lll vr v11

FINANCIAL SECTION

t-2

INDEPENDENT AUDITORS' R.EPORT MANAGEMENT'S DISCUSSION AND ANALYSIS

MD&A

..

T

-

14

BASIC FINANCIAL STATEMENTS: Government-Wide Financial Statements Statement of Net Position Statement of Activities ..........

3- 4 5

6

Fund Financial Statements 7 -8 Balance Sheet - Governmental Funds ................ the Balance to Reconciliation of Total Govemmental Fund 9 Statement of Net Position - Governmental Activities...... in and Changes Expenditures Statement of Revenues, ..... 10 - 11 Fund Balances - Governmental Funds..... in Expenditures and Changes Revenues, the Statement of Reconciliation of t2 Fund Balances to the Statement of Activities - Governmental Activities ........ l3 Statement of Net Position - Proprietary Fund......

I4 Statement of Revenues, Expenses and Changes in Fund Net Position - Proprietary Fund ....

15 Statement of Cash Flows - Proprietary Fund

16-41

Notes to Financial Statements

REQUIRED SUPPLEMENTARY INF'ORMATION Schedule of Funding Progress and Employer Contributions

Illinois Municipal Retirement Fund.........

Schedule of Revenues, Expenditures and Changes in Fund Balance

42

-

Budget and Actual

General Fund

43

Recreation - Special Revenue Fund.

Associations - Special Revenue Fund ............

44 45

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.............46 Schedule of Expenditures by Program - Budget and Actual - Recreation Special Revenue Fund.......47 Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual Debt Service ...................48

-

Fund Fund.........

Capital Projects ......49 Combining Balance Sheet - Nonmajor Governmental - Special Revenue 50 - 5l Combining Statement of Revenues, Expenditures and Changes in Fund Balances Nonmajor Governmental - Special Revenue ......52 - 53 Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual Paving and Lighting - Special Revenue ......................54 Audit - Special Revenue .........55 Liability Insurance - Special Revenue ......56 Illinois Municipal Retirement - Special Revenue .......57 Police Protection - Special Revenue .........58 Social Security - Special Revenue ............59 Special Recreation - Special Revenue Fund ......60 Museum - Special Revenue Fund 6l Schedule of Revenues, Expenses and Changes in Net Position - Budget and Actual Golf Course - Enterprise ..................62

Funds........

Funds -

Fund.........

Fund.........

Fund.........

Fund.........

Fund.........

Fund......... .........

Fund

STATISTICAL SECTION (Unaudited)

Years........

Net Position by Component - Last Ten Fiscal Changes in Net Position - Last Ten Fiscal Years........

Fund Balances of Governmental Funds - Last Ten Fiscal Changes in Fund Balances for Governmental Funds - Last Ten Fiscal Equalized Assessed Value and Actual Value of Taxable Property - Last Ten Fiscal Direct and Overlapping Property Tax Rates - Last Ten Fiscal Years Elk Grove

63 - 64 65

Years........

66 - 67 Years........ ........ 68 - 69 Years 70 - 7I

Township.

Schaumburg Township...............

Principal Property Tax Payers - Cunent Fiscal Year and Nine Fiscal Years Ago Property Tax Levies and Collections - Last Ten Fiscal Ratios of Outstanding Debt by Type - Last Ten Fiscal Ratio of Net General Obligation Debt to Equalized Assessed Value and Net General Obligation Bonded Debt Per Capita - Last Ten Fiscal Schedule of Direct and Overlapping Governmental Activities Legal Debt Margin - Last Ten Fiscal Demographic and Economic Statistics - Last Ten Fiscal Principal Employers - Current Fiscal Year and Nine Fiscal Years 4go...........

Government Employees by FunctionÆrogram - Last Ten Fiscal Operating Indicators by Function/Program - Last Ten Fiscal Capital Asset Statistics by Function/Program - Last Ten Fiscal

Years........

Years

Years........

.......72 -73 .......74 - 75 .......76 ......................77 ............78

..........

Years........

Debt.........

Years

Years Years Years

...............79 ...........80 ...... 81 - 82 ........83 84 ..............85 86 - 87 ........ 88 - 89

INTRODUCTORY SECTION This section includes miscellaneous data regarding the Elk Grove Park District including: Principal Officials, Organization Chart, Letter of Transmittal from the Finance Manager, an-d certificate of Achievement for Excellence in Financial Reporting.

ELK GROVE PARK DISTRICT, ILLINOIS Principal Officials December 31,2012

BOARD OF COMMISSIONERS

Bill O'Malley, President Ronald J. Nunes, Vice President

Thomas E. Cooke, Treasurer

Ralph Souder, Secretary

John V/alz, Commissioner

OFF'ICERS Tom Hofirnan, Attomey

PARK DISTRICT STAF'F Mike Brottman, Executive Director Thomas A. Busby, Finance Manager

Residents of Elk Grove Village

Board of Commissioners

Mike Brottman Executive Dยกrector

Alann Petersen Director of Parks & Planning

Greg Thalmann Supt of Golf Operations

Margarel Holler Supt of Marketing

Tammy Miller Director of Leisure Services

Facility Maintenance

Clubhouse

Public Relations

Rec Facilities

Administation Services

Golf Greens

Graphics

Rec Programs

Finance

Grounds Maยกntenance

Parks & Facilities

Marketing

Tom Busby Director of

Finance

Human Resources

IT

March 15,2013

To the Citizens of the Elk Grove Park District: Elk Grove Park District Board of Commissioners Tom Cooke RonaldJ. Nunes

BillO'Malley Ralph Souder John Walz

Mike Brottman, Executive Director

The comprehensive annual financial report of the Elk Grove Park District, Illinois @istrict) for the fiscal year ended December 31, 2012, is hereby submitted as mandated by State Statutes. The District is required to issue annually a report of its financial position and activĂž presented in conformance with generally aecepted accounting principles (GAAP) and audited in accordance with generally accepted auditing standards by an independent firm of certihed 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 belief, 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 intemal controls that are designed to protect the District's assets from loss, theft, or misuse. These internal controls are also used to compile sufficient reliable information for the preparation of the District's financial statements in conformity with GAAP. Because the cost of intemal controls should not outweigh their benefits, the District's framework of intemal 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 aocompany the basic financial statements in the form of Management's Discussion and Analysis (MD&A). This letter of transmittal is designed to complement the MD&A and 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.

Elk Grove Park District 499 Biesterfield Road Elk Grove Village, IL 60007 Phone:847 -437 -9494

This report includes all funds of the Elk Grove Park District (the primary government). The District provides a full range of services and facilities.

These services include recreation programs, park management, capital development, and general administration. 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 aqes featuring a pirate ship, climbing wall, children's play area, carousel, bumper boats, and other attractions for children ages 3-12. 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.

Fax: 847-228-3508 www.elkgroveparks.org

tll

Other special facilities operated by the District include a covered outdoor skate boarding facility; an l8-hole golf course and clubhouse located on 161 acres; driving range; farmhouse museum; fitness center; senior centerĂžreschool facility; banquet facility; indoor/outdoor swimming pools housed in a 140,000 square foot recreation center; and athletic fields. The District constructed a new maintenance facility in 2010 to house its fleet, parks, and grounds operations.

GOVERNMENTAL STRUCTURE,

LOCAL ECONOMTC

CONDTTTON, AND

OUTLOOK The District, incorporated in 1966, is located in a nofthwest suburb of Chicago, approximately 22 miles northwest of Chicago's Loop area and is a ten-minute drive from O'Hare International Airport. Elk Grove Village is located in southem Cook County with a small section of the District in northern DuPage County. Elk Grove is a communiff of 33,127 residents and covers approximately 12 square miles with roughly 6 square miles of residential area, and 6 square miles of industrial area.

The industrial park has over 3,800 firms that employ over 100,000 full-time employees. The largest employers include Automatic Data Processing, Alexian Brothers Medical Center, Wirtz Beverage of Illinois LLC, Symons, Little Lady Foods Inc., Executive Building Maintenance Inc., Clear Lam packaging Inc., Groot Industries Inc., Tredroc Tire Services, and Ceva Logistics U.S. Inc. 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 govemment. 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 decreased to 7 percent in 2012. The Village's 2072 unemployment rate is below the State's 2012 unemployment rate of 8.6 percent.

Based upon the information available, staff anticipates the economic condition and outlook the District to remain stable.

of

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.

1V

The plan is revised annually to reflect changes in the population being served, the frnancial capacity, and condition of the District, and the impact these two factors have on the programming needs of the citizens.

of the District's capital improvements focused on park improvements, vehicle and equipment replacement, technology upgrades, repair and/or renovation of existing facilities, as well as compliance with safety standards and legal requirements. Projects for the year included the completion of new playground equipment and park improvements at Debra Park and Lindbergh Park; renovation of the Pavilion parking lot; replacement of f,rtness equipment; Fox Run Golf Course improvements to the back nine holes; vehicle and equipment replacements; various technology improvements; phase one of the renovation of the Pirate Ship at Pirate's Cove; and A&E fees for the Pavilion Aquatic Center renovation.

During 2012, the majority

For lhe Future. The District completed a master plan of the District 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 will potentially be added to the 2014 capital list.

The Pavilion Aquatic Center is projected to be completed in 2013 at an estimated cost of $7,500,000. The Aquatic Center renovation planning is completed with the bid opening in April 2013. The renovated Aquatic Center will consist of an 8 lane indoor lap pool; wann water therapy pool; separate locker rooms for fitness and aquatics; an outdoor pool; and new mechanical equipment.

The District is planning on starting schematic design for renovations to the central buildings at the Community Athletic Fields. This includes the reconstruction of concessions, restrooms, storage, and maintenance facilities. Potential construction start date is 2014 or 2015.

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 general-purpose 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, 2011. This was the eleventh consecutive year the District has achieved this prestigious award. [n order to be awarded a Certificate of Achievement, a govemment must publish an easily readable and efficiently organized comprehensive annual financial report.

This report must satisff both generally accepted accounting principles and applicable legal requirements.

V

rWe believe that our current A Certificate of Achievement is valid for a period of one year only. 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 eligibilĂž for

another certificate.

Acknowledgments. The preparation of the comprehensive annual financial report on a timely basis was rĂąade possibte Ăˆy itre dedicated service of the entire staff of the finance department. in the Each member of the department has our sincere appreciation for the contributions made preparation of this rePort.

support of the governing body preparation of this report would not have been possible'

In closing, without the leadership and

of the District,

Sincerely,

Thomas A. Busby Director of Finance

Mike Brottman Executive Director

v1

Certificate of Achievement for Excellence in Financial Reporting Presented to

Elk Grove Park District Illinois For its Comprehensive Annual Financial Report

for the Fiscal Year Ended December

3l,20Il

A Certificate of Achievement for Excellence in Financial Reporting is presented by the Government Finance Ofhcers Association of the United States and Canada to government units and public employee reúrement systerns whose comprehensive annual financial reports (CAFRs) achieve the highest standards in government accounting and financial reporting.

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@Ftqn;tt President

Ør?F*Executive Director

vii

FINANCIAL SECTION This section includes: a

Independent Auditors' Report

o

Management's Discussion and Analysis

a

Basic Financial Statements

a

Required Supplementary Information

a

Combining and Individual Fund Statements and Schedules

INDEPENDENT AUDITORS' REPORT This section includes the opinion of the District's independent auditing firm.

27W457 WARRENVILLE RD.

Lauterbach & Amen, LLP

.

WARRENVI

60555

.

PHONE 630.393.1483 FAX 630.393.2s16 www. lauterbachamen.com

CERTIFIED PUBLIC ACCOUNIANIS

INDEPENDENT AUDITORS' REPORT

March 15,2013

Members of the Board of Commissioners Elk Grove Park District

Elk Grove,Illinois V/e have audited the accompanying financial statements of the governmental activities, the business-type activities, each major fund, and the aggregate remaining fund information of the Elk Grove Park District, Illinois, as of and for the year ended December 31,2012, which collectively comprise the District's basic financial statements as listed in the table of contents, and the related notes to the financial statements.

Management's

Re sp ons

ibility for the Financ ial

State ments

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 e1Tor.

Auditor's

Re

sponsibility

Our responsibility is to express opinions on these financial statemerfs based on our audit. We conducted our audit in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether 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 intemal 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. \Me believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for

our audit opinions.

1

Elk Grove Park District, Illinois March 15,2013 Page2

Opinions

In our opinion, the financial statements referred to above present fairly, in all material respects, the respective financial position of the governmental activities, the business-type activities, each major fund, and the aggregate remaining fund information of the Elk Grove Park District, Illinois, as of December 31, 2012, and the respective changes in financial position and, where applicable, cash flows thereof for the year then ended in accordance with accounting principles generally accepted in the United States of America.

Other Matters

Our audit was conducted for the purpose of forming opinions on the financial statements that collectively comprise the Elk Grove Park District, Illinois', financial statements as a whole. The introductory section, combining and individual fund financial statements and schedules, and statistical section are presented for purposes of additional analysis and are not a required part of the f,rnancial statements. The combining and individual fund financial statements and schedules and supplemental 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. The 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 financial statements or to the financial statements themselves, and other additional procedures in accordance with auditing standards generally accepted in the United States of America. ln our opinion, the information is fairly stated in all material respects in relation to the 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.

furJ"J^.Ăš^r^tÂżP LAUTERBACH & AMEN, LLP

2

MANAGEMENT'S DISCUSSION AND ANALYSIS

ELK GROVE PARK DISTRICT, ILLINOIS Management's Discussion and Analysis December 3lr2012

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 3I, 2012.

Please read it in conjunction with the transmittal letter on pages iii - vi and the District's financial statements, which begin on page 3.

FINANCIAL HIGHLIGHTS

o

The District's net position increased approximately $2.1 million or 2.95 percent for the fiscal year ended December 3I,2012. The District reported approximately 872.4 million in net position composed of $55.3 million in governmental and $17.1 million in business-type net position.

o

The 2004

o

The General Fund has an Unassigned Fund Balance of $5,601,256 or 93.5Yo of

B &, 2004 C issues were recalled and refinanced, saving the District $626,585. Total debt was reduced from $8.7 million to $6.7 million. expenditures.

o

The Enterprise Fund reported a decrease of Unrestricted Net Position of $1,317,941 resulting in a negative $140,393 at year end. The decrease is attributable to capital spending to complete the Golf Course renovations.

o

The Park District's financial status continues to be strong. The combined fund equity for all funds at December 31, 2012 was $9,581,663 and $8,926,576 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 govemmental 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 govemment-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 31,2012

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-frnancial 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 government'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 govemments, uses fund accounting to ensure and demonstrate compliance with f,rnance-related legal requirements. All of the funds for the District can be divided into two categories: governmental funds and proprietary funds.

Governmental Funds Govemmental 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.

}lD&,A2

ELK GROVE PARK DISTRICT,ILLINOIS Management's Discussion and Analysis December 3lr2012

USING THIS ANNUAL REPORT Fund Financial Statements Governmental Funds

-

-

-

Continued

Continued

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 govemmental 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 firnd statement of revenues, expenditures, and changes in fund balances provide a reconciliation to facilitate the comparison between governmental funds and govemmental 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 frrnds 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 l8-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 - 4l of this report.

MD&A

3

ELK GROVE PARK DISTRICT, ILLINOIS Management's Discussion and Analysis December 31,2012

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 42 - 45 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 46 - 62 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 572.4 million.

Net Position Business{ype

Govemmental

Cunent and Other Assets CapitalAssets Total Assets

Long-Term Debt Other Liabil ities/Def. Infl ows Total Liabilities

s

Total

Activities

Activities

20n

20t2

20t2

20tl

2011

2012

23,2'79,845

22,461,040

20,598

1,394,735

23,300,443

52,423,474

52,076,230

17,220,738

t6,4lT,987

69,644,212

17,241,336

17,912,722 92,944,655

75,703,319 '.14,537,270

ll,4l9

4,ggo,g3g

148,817

205,768

15,584,416

160,991

2l'7,187 20,575,354

4,978,764

6,938,986

12,174

15,435,599

14,900,088

20,414,363 21,839,0',14

23,855,775 68,494,217

92,349,992

6,950,405 15, I

05,856

22,056,261

Net Postion Net Investment in Capital Assets Restricted

45,708,474

43,406,230

16,417,98'.1

1,312,738

955,077

Umestricted

Total Net Position

17,220,738

117

1

55,288,956

5

196

t7

MD&A

4

t7

5

62,929,212

59,824,217

955,011

1,312,738

t2

9,156,'.|76

731

ELK GROVE PARK DISTRICT, ILLINOIS Management's Discussion and Analysis December 31,2012

GOVERNMENT-WIDE FINANCIAL ANALYSIS

-

Continued

By far the largest portion of the Elk Grove Park District's net position, which is 86.96 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 1.32 percent or $1.0 million of the Elk Grove Park District's net position represents resources that are subject to extemal restrictions on how they may be used. These restrictions represent legal or contractual obligations on how the assets may be expended. The remaining 1I.72 percent, or $8.5 million, represents unrestricted net position, and may be used to meet the District's ongoing obligations to citizens and creditors.

For 2012, net position of the Elk Grove Park District's governmental activities increasedby 4.92 percent or $2.6 million to $55.3 million.

Net position of business-type activities decreased 2.93 percent to $17.1 million.

Total revenues government-wide were reported at $19.7 million for the 2012 fiscal

year.

Charges for services (37 percent) and property tax revenue (58 percent) accounted for 95 percent of the total revenue. The total cost of all programs and services for the Elk Grove Park District was reported at $17.6 million. Of this total, general govemment expenses captured 33 percent and culture and recreation expenses accounted for 54 percent ofthe total costs for2012.

MD&A

5

ELK GROVE PARK DISTRICT, ILLINOIS Management's l)iscussion and Analysis December 3lr2012

GOVERNMENT-WIDE FINANCIAL ANALYSIS

-

Continued

Changes in Net Position

Governmental

Business-Type

Activities

Activities

20t2

20n

2012

Total 201 I

2012

20n

Revenues Program Revenues

S 5,769,206

5,650,420

39,440

1,461,081

7,230,287

'1,113,733

347,835

39,440

347,835

11,462,116

11,288,749

11,462,116

11,288,749

Replacement Taxes

439,634

438,827

439,634

438,82',t

Interest Income

143,879

147,490

Charges for Services

Operating Grants/Contrib,

1,463,313

General Revenues

Properly Taxes

Miscellaneous Total Revenues

352,389

7,008

29,256

408,334

18,206,664 18,281,655

1,468,089

150,887

176,746

352,389

408,334

1.492,569 19,674,753

19,774,224

Expenses

General Government

5,8 17,198

5,736,601

5,817,198

5,736,601

Culture and Recreation

g,5g4,g6l

9,702,708

9,584,861

9,702,708

Interest on Long-Term Debt

213,845

213,845

406,472

1,983,279

Golf Course Total Expenses

Change in Net Position

15,615,904 15,845,781 1,983,279

1,830,010

l,gg3,2'lg

406,472

l,g3o,o l o

17,599,183

17,675,791

2,590,760 2,435,874 (515,190) (337,441) 2,075,570

2,098,433

1,830,010

Net Position-Beginning

52,698,196 50,262,322

l'1,932,976 70,293,731

68,195,298

Net Position-Ending

55,288,956 52,698,196 17,080,345 17,595,535 72,369,301

70,293,731

MD&A

17,595,535

6

ELK GROVE PARK DISTRICT, ILLINOIS Management's Discussion and Analysis December 31,2012

GOVERNMENT-WIDE FINANCIAL ANALYSIS

-

Continued

Governmental Activities Revenues for governmental activities totaled $18.2 million for fiscal year 2012. Property tax revenue and replacement tax revenue represented the largest portion of the revenue base, generating 64 percent of the total. Charges for services accounted for 32 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 $15.6 million. General govemment expenses, which primarily reflect the support services needed to provide the recreational program and services, accounted for 37 percent of total expenses or $5.8 million. Culture and recreation expenses captured 61 percent of the total expenses or $9.6 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. shows very clearly the reliance of property taxes to fund governmental activities. It also clearly identifies the signifrcant percentage the Elk Grove Park District receives from user fees (charges for services).

It

l/4D&,^7

ELK GROVE PARK DISTRICT,ILLINOIS Management's I)iscussion and Analysis December 3lr2012

GOVERNMENT-WIDE FINĂ„NCIAL ANALYSIS Governmental Activities

-

-

Continued

Continued

Revenues by Source - Governmental Activities Interest Income Replacement Taxes

Miscellaneous

t%

2yo

Charges for Services 32%

2%

Operating Grants/ Contributions 0%

Propefty Taxes 64Yo

Expenses and Program Revenues - Governmental

Activities

lRevenues IExpenses

$12,000,000

s10,000,000 $8,000,000 $6,0oo,ooo $4,000,000 $2,000,000 $General Government

Culture and

Interest on Long-

Recreation

Term 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 PARI( DISTRICT,ILLINOIS Managementts Discussion and Analysis December 3lr20l2

GOVERNMENT-WIDE FINANCIAL ANALYSIS

-

Continued

Business-Type Activities Revenues of the District's business-type activities were $1.47 million and expenses were $1.98 million for fiscal 2012. 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 taĂŽge,

including depreciation expense.

Expenses and Program Revenues - Business-Type

Activities

IRevenues

lExpenses $2,500,000 $2,000,000 $1,500,000

$1,000,000 $500,000

$-

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 31,2012

FINANCIAL ANALYSIS OF THE GOVERNMENT'S FUNDS Governmental Funds

-

-

Continued

Continued

As of the end of the current fiscal year, the governmental funds reported combined ending fund balances of $9.7 million, reflecting an increase of $0.3 million. Included in this year's total change in fund balance is a $0.3 million increase reported in the Capital Projects Fund.

The General Fund reported a deficit in the current year of 5349,420 compared to a budgeted deficit of $1,608,912. The budgeted dehcit was due to a capital budget of $2,033,000 for a parking lot project. The project bids were rejected in 2011 and rebid in20l2. The project actual 2012 expenditure of $1,277,289 was favorable compared to budget. The other actual capital outlay of $230,862 consists of A&E fees for the Pavilion Aquatic Center project. Operational expenditures were approximately $317,000 below budget. Actual wages were lower than budget due to actual merit increases that were lower than budgeted increases, positions that remained open throughout the year and others that started later than expected. Actual contractual expenditures were lower than budget due to a reduction of spending on consultants. Favorable prices in natural gas resulted in reduced expenditures. Total revenue was slightly higher (less than lYo) than budget. The District's collection of property tax was 98.7% of budget. Interest revenue continues to decline with the low interest rates. Miscellaneous revenue is higher than budget due to receiving two TIF (tax increment financing) rebates from Elk Grove Village.

The Recreation Fund reported a surplus for the year of 5347,529 compared to a budget of 537,662. The surplus was primarily due to decreased expenditures in wages, benefits, utilities, and supplies. Similar to the General Fund, expenditures were controlled and favorable pricing resulted in lower expenditures. In 2012, Rainbow Falls aquatic center had its best year since reopening in 2006. Revenue was $693,18I in 2012 compared to $658,958 in 201I and $618,958 in 2010. Pirates' Cove also had a great year with revenue of $353,429 in 2012 compared to 5292,040 in 2011 and 5248,465 in 2010. The Fitness Center continues to be a steady performer with revenue of $ 1 ,441 ,924. Program revenue was $ 1 ,83 7,3 84 in 2012 compared to 8l ,7 57 ,732

in20ll.

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. The Metropolitan V/ater Reclamation District owns the driving range property. The District annually pays both base and percentage of net income rent to the Metropolitan Water Reclamation District.

MD&A

IO

ELK GROVE PARI( DISTRICT, ILLINOIS Management's Discussion and Analysis December 31,2012

FINANCIAL ANALYSIS OF THE GOVERNMENT'S FUNDS - Continued Proprietary Fund

-

Continued

The golf course and driving range are fully supported by user fees. The goal of the operation is to be profitable, as fund equity are consistently reinvested into the course. For fiscal year 2012, the golf course and range operations produced a $515,190 dehcit, thus decreasing its net position to $17.1 million from $17.6 million. The deficit was caused by lower revenue due to closing the back nine holes starting in September for course renovations plus a delayed opening due to the work done on the front nine holes in 2011. Net change in cash and cash equivalents decreased $1,325,866 due to renovation costs for the back nine holes. Although the net position is primarily composed of capital assets (5I7.2 million), the operation has a $140,393 deficit in unrestricted net position. This deficit was caused by a $2.3 million investment into course renovations in 2011-12 and reduced revenue due to the renovations.

CAPITAL ASSETS AND DEBT ADMINISTRATION Capital Assets The Elk Grove Park District's investments in capital assets for its governmental and business type activities as of December 31, 2012 were $69.6 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.

Capital Assets - Net of Depreciation Governmental

Business-type

Activities

Activities

2012

Land

$

2012

20ll

2012

13,470,356

13,470,356

27,619,514

201 I

14,149,158 14,149,158

Construction in Progress Land Improvements

Buildings Machinery and Equipment

1,329,229

4,870,978

3,529,675

2,643,911

2011

27,619,514 1,329,229

379,340

7,5 14,889

3,909,015

29,031,511

30,238,554

843,536

914,77 4

29,875,047

31,153,328

4,371,827

4,1 58,843

254,994

312,382

4,626,711

4,471,225

Furniture and Fixtures

Total

Total

8,051

52,423,474

52,076.230

17.220.738

MD&A

11

11,906

9,051

16,417,987 69,644,212

ll,906 69,494,217

ELK GROVE PARI( DISTRICT, ILLINOIS Management's Discussion and Analysis December 3lr2012

CAPITAL ASSETS AND DEBT ADMINISTRATION

-

Continued

Capital Assets - Continued This year's major additions included the following

o o o o o o o o

Playground renovations and park improvements at Debra Park Playground renovations and park improvements at Lindbergh Park Phase one of the renovation of the Pirate's Cove pirates ship Renovation of the Pavilion parking lot A&E fees for the Pavilion AquĂ tic Center Replacement of fitness equipment and indoor track Golf Course renovations and improvements to the back nine holes at Fox Run Vehicle and equipment replacement

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 $6.7 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 2012

$ 6,715,000

General Obligation Bonds

}.lD&,{12

20tt 8,670,000

ELK GROVE PARK DISTRICT, ILLINOIS Management's Discussion and Analysis December 3lr2012

CAPITAL ASSETS AND DEBT ADMINISTRATION Debt Administration

-

-

Continued

Continued

The District has been issuing $1,500,000 annually in general obligation bonds to fund its annual capital projects. In 2012, the District issued $1,500,000 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. 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 and in 2012 Moody's reviewed and 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 - 32 of this report.

ECONOMIC FACTORS The District's elected officials considered many factors when setting the fiscal-year 2013 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 2012 was 7.0 percent, which is under the state unemployment rate of 8.6 percent and the national unemployment rate of 7.8 percent.

Due to the housing market issues the District's Equalized Assessed Valuation (EAV) decreased 10.25% to $1,857,753,871. This did not affect the property tax collection during 2012 and is not anticipated to adversely affect 2013 collections. It is projected that 2013 tax collections will remain consistent with 2012 actual.

MD&A

13

ELK GROVE PARK DISTRICT, ILLINOIS Management's Discussion and Analysis I)ecember 3lr2012

ECONOMIC FACTORS

-

Continued

Budget and Rates for 2013 The 2013 budgeted revenue is $28,350,167, a37 percent increase from the 2012budget. The increase is mainly contributed to an $8.8 million bond issue and slight increase in Property Tax revenue. Approximately $7.1 million will be used to renovate the Pavilion Aquatic Center and the remaining amount is to be used for general capital projects. The 2013 budgeted expenditures are increasing to 528,170,236, a24Yo increase from the 2012budget. As stated above, the main reason for the increase is the renovation of the Pavilion Aquatic Center. Overall operating expenditures are decreasing slightly from the 2012budget.

Included in 2013 capital budget are planned capital expenditures budget includes major projects such as:

. o o o o o o o o o

of $9.0 million. The capital

Pavilion Aquatic Center Mather Park playground improvements Marshall Park playground improvements Johnson Park playground improvements Pirates' Cove pirate ship renovations Mead Park inline rink improvements Fitness Center equipment replacement Pavilion multi-purpose gym improvements A&E fees for Community Athletic Fields improvements Vehicle and equipment replacement

REQUESTS FOR INFORMATION This f,rnancial report is designed to provide a general overview of the Elk Grove Park District's finances for all those with an interest in the goveflrment's finances. Questions concerning any of the information provided in this report or requests for additional information should be directed to Thomas Busby, Director of Finance, Elk Grove Park District, 499 Biesterheld 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 Governmental Accounting Standards Board (GASB). The sets of statements include:

ยก

Government-WideFinancialstatements

.

Fund Financial Statements

In addition, the notes to the financial statements are included to provide information that essential to a user's understanding of the basic financial statements.

is

ELK GROVE PARr( DTSTRTCT, TLLINOTS Statement of Net Assets I)ecember 3lr2012

See

Following Page

ELK GROVE PARK DISTRTCT, TLLINOTS Statement of Net Position

I)ecember 31,2012

Governmental

Business-Type

Activities

Activities

Totals

ASSETS Current Assets

$

Cash and Investments

Receivables - Net of Allowances

10,716,312 12,491,133

10,716,312

5,753

Internal Balances

49,585

(49,585)

Inventories and Prepaids

22,815

64,430

Total Current Assets

23,279,845

20,598

12,496,896

87,245

23,300,443

Noncurrent Assets Capital Assets

14,149,758 13,470,356

27,619,514

9,805,662

3,583,724

13,399,396

Buildings

44,574,458

2,137,141

46,711,599

Machinery and Equipment

10,012,577

2,011,193

12,023,770

Land Land Improvements

Furniture and Fixtures

129,880

129,880

(26,1t8,381) (4,111,556) (30,229,937)

Accumulated Depreciation Total Noncurrent Assets

52.423,474

17,220,738

69,644,212

Total Assets

75,703,319 17,241,336

92,944,655

The notes to the financial statements are an integral part of this statement. 창

J

Governmental

Business-Type

Activities

Activities

Total

LIABILITIES Current Liabilities Accounts Payable Accrued Payroll and Related Accrued Interest Payable

$

550,439

105,869

656,308

143,906

11,705

155,61I

18,1 l g

Other Payables

28,199 3,044

1,862,735

3.402.830

148,817

3.55t.647

99,764

12,174

1l0,g3g

830,675

Current Portion Long-Term Debt

1,859,69r

Total Current Liabilities

18,1l9 858,974

Noncurrent Liabilities Compensated Absences Payable General Obligation Bonds Payable

4,880.000

Total Noncurrent Liabilities Total Liabilities

4,890,000

4,978,764

12,174

4,990,938

8,3 81,594

160,991

8,542,585

DEFERRED INFLOWS OF RESOURCES Property Taxes Total Liabilities and Deferred Inflows of Resources

12.032.769 20,414,363

12,032.769

160,991

20,575,354

NET POSITION

45,708,474 17,220,739

Net Investment in Capital Assets Restricted - Special Levies

62,929,212

Paving and Lighting

73,972

73,972

Audit Liability Insurance Illinois Municipal Retirement

12,443

12,443

186,481

186,481

175,342

175,342

36,799

36,789

116,425

116,425

267,307

267,307

Police Protection Social Security Culture and Recreation Restricted - Debt Service Unrestricted

86,318 8,625,405

Total Net Position

55.288.9s6

86,3

(t40,393) 17.080.34s

The notes to the financial statements are an integral part of this statement.

4

l8

8,495,012 72.369.301

ELK GROVE PARK DISTRICT,ILLINOIS Statement of ActivĂ?ties Year Ended l)ecember 31,2012

Program Revenues

Expenses

Charges

Operating

for

Grants/

Services

Contributions

Governmental Activities General Government

Culture and Recreation lnterest on Long-Term Debt Total Governmental Activities

$

5,817,198 9,594,961

5,769,206

39,440

15,615,904

5,769,206

39,440

r.983.279

1,461,081

213.845

Business-Type Activities

Golf Course

t7

99 183

7

7

39 440

General Revenues Taxes Property Taxes Replacement Taxes lnterest Income Miscellaneous

Change in Net Position

Net Position - Beginning Net Position - Ending

The notes to the financial statements are an integral part of this statement.

5

Net Expense/Revenue Governmental

Business-Type

Activities

Activities

Totals

(5,8 17,1 98)

(5,817,198)

(3,776,215) (213 84s)

(3,776,215)

(9,807,259)

(9,807,258)

(213,845)

(9,807,258)

(s22.198)

(522,198)

( 522,198)

(10,329,4s6)

11,462,r16

11,462,116

439,634

439,634

r43,g7g

7,008

352,389 12,399,019

150,997

352,389 7,008

2,590,760

12,405,026

2,075,570

(5 1 5,1 90)

s2.698,lg6

17,595,535

70,293,731

s5.288.956

t7

72.369.301

45

The notes to the financial statements are an integral part of this statement.

6

ELK GROVE PARK DISTRICT, ILLINOTS Balance Sheet - Governmental Funds December 3lr20l2

Special General

Recreation

5,886,191

3,096,536

5,534,350

1,571,072

12,696

4,299 37,110

ASSETS

$

Cash and Investments Receivables - Net of Allowances

Taxes

Accrued Interest Accounts Due from Other Funds Inventories

13,067 49,585

6,605

Prepaids

ll

Total Assets

8,693

7,517

72

4,723,129

323,542

71,042

LIABILITIES Accounts Payable Accrued Payroll

56,081

Other Payables

83,762 519,501

Total Liabilities

379,623

674,305

5,515,000

1,565,000

DEFERRED INF'LOWS OF' RESOTIRCES Property Taxes

Total Liabilities and Deferred Inflows of Resources

5

894,623

05

8,693

14,122

FT]I\D BALANCES Nonspendable Restricted

Committed

2,469,702

Assigned Unassigned

Total Fund Balances Total Liabilities, Deferred Inflows Resources and Fund Balances

5,601 ,256 5,609 ,949

2,493,924

11.504 .572

4.723.129

of

The notes to the flrnancial statements are an integral part of this statement.

7

Revenue

Associations

339,343

Debt

Capital Totals

ects

Nonmaior

337,230

964,071

10,716,312

2,957,075

2,015,500

12,077,997

190

2,094

19,259

Service

92,941

343,700

393,877 49,595 6,605 16,210

339,343

3,0s0,206

28,169

680,930

2,98t.665

23.279,845

25,843

101,843

550,439

4,063

143,906

3tt,l74

830,675

339,343

25,843

2,945.769 339,343

2.945.769

25,843

104,437

105,906

1,525,020

2,007,000

12,032,769

2,112,906

13,557.789

868,759

22,815 973,196 2,469,702

655,087

339.343

655,087

104,437

655,087

868,759

5,601,256 9,722,056

3.050.206

930

2.98t.66s

23.279.845

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 31,2012

Total Governmental l'und Balances

$

9,722,056

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.

52,423,474

Long-term liabilities are not due and payable in the current period and therefore are not reported in the funds.

General Obligation Bonds payable

(6,715,000)

Compensated Absences Payable Accrued Interest Payable

(123,455) 8

Net Position of Governmental ActivitĂ?es

ll

55.28 8,956

The notes to the financial statement are an integral part of this statement.

9

ELK GROVE PARK DISTRICT,ILLINOIS Statement of Revenues, Expenditures and Changes in tr'und Balances - Governmental Funds Year Ended December 3lr20l2

See

Following Page

ELK GROVE PARI( DISTRICT,ILLINOIS Statement of Revenues, Expenditures and Changes in Fund Balances - Governmental tr'unds Year Ended December 3lr20l2

Special General

Recreation

5,300,560

1,525,206

Revenues

Taxes

$

Charges for Services

4,936,796 22,735

Grants and Donations Interest

Miscellaneous Total Revenues

66,695

37,349

273,809

76,686

5,641,063

6,599,772

Expenditures

Current General Government

3,750,272

Culture and Recreation Capital Outlay Debt Service Principal Retirement Interest and Fiscal Charges Total Expenditures

6,251,243 1,508,15 I

690,000

42,060 5,990,483

Excess (Deficiency) of Revenues Over (Under) Expenditures

6,251,243

(349,420)

347,529

(349,420)

347,529

Fund Balances - Beginning

5,959,369

2,136,295

Fund Balances - Ending

5,609949

2483,824

Other Financing Sources (Uses)

Debt Issuance Premium on Debt Issuance Payment to Escrow Agent

Net Change in Fund Balances

The notes to the financial statements are an integral part of this statement.

l0

Revenue

Associations

Debt

Capital

Service

Projects

2,940,500 825,076 13,506

825,076

Totals

2,135,494 7,334 3,199

11,901,750

l43,g7g

5,769,206 39,440

21,512

4,575

'13,748 1,895

352,389

2,962,012

18,081

2,16r,660

18,206,664

1,619,401

5,368,673

825,076 1,219,733

825,076

Nonmajor

2,640,000 309 714 2,949,714

12,298

5,290,000

418,540

7,494,959

150,868

2,878,752 3,33o,ooo 351,774

1,219,733

(1,201,652)

2,187,809

(26,149)

19,424,058

(1,217,394)

6,790,000

1,500,000

129,881

129,981

(5,415,000)

(5,415,000)

4,881

1,500,000

17,179

298,348

(26,149)

87,258

356,739

894,908

9,434,569

104.437

6 5 .087

868.7s9

9.722.056

1,504,881

The notes to the financial statements are an integral part of this statement.

l1

287,487

ELK GROVE PARK DISTRICT,ILLINOIS Reconciliation of the Statement of Revenues, Expenditures and Changes in Fund Balances to the Statement of Activities - Governmental Activities Year Ended December 31,2012

$

Net Change in tr'und Balances - Total Governmental Funds

287,487

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

A decrease in the Net other Post-Employment Benefits Asset is shown increase of expenses in the Statement of Activities.

2,639,099

(2,290,955)

as an

The issuance oflong-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

(7,296)

(6,790,000) 8,745,000

Retirement of Compensated Absences Payable

277

Changes to accrued interest on long-term debt in the Statement of Activities does not require the use ofcurrent financial resources and, therefore, are not

reported as expenditures in the Govemmental Funds.

Changes in Net Position of Governmental Activities

8,048

2,590,760

The notes to the financial statements are an integral part of this statement.

l2

ELK GROVE PARK DISTRICT, TLLINOTS Statement of Net Position - Proprietary Fund I)ecember 31,2012

Business - Type

Activities Golf Course ASSETS Current Assets Receivables - Net of Allowances

Accrued Interest Accounts Inventories

$

3,973 1,780

57,800

Prepaids

6,630

Total Current Assets

70,1 83

Noncurrent Assets Capital Assets Land Land Improvements Buildings Machinery and Equipment Furniture and Fixtures Accumulated Depreciation Total Noncurrent Assets Total Assets

13,470,356 3,583,724 2,137,141

2,0lI,lg3 129,gg0

(4,111,556) 17,220,738 17,290,921

LIABILITIES Current Liabilities Accounts Payable Accrued Payroll

105,869

11,705

Other Payables

28,199

Due to Other Funds

49,585 a

Compensated Absences Payable

J 044

Total Current Liabilities

198,402

Noncurrent Liabilities Compensated Absences Payable

t2 174

Total Liabilities

210,576

NET POSITION Net Investment in Capital Assets Unrestricted

17,220,738

(140,393)

Total Net Position

17,080,34s

The notes to the financial statements are an integral part of this statement

l3

ELK GROVE PARK DISTRICT, ILLINOTS Statement of Revenues, Expenses and Changes in Net Position - Proprietary Fund Year Ended December 3lr20l2

Business - T)pe

Activities Golf Course Operating Revenues

$

Charges for Services

1,461,081

Operating Expenses

Administration

370,373

Operations

r,232,381

Depreciation Total Operating Expenses

1,989,464

386,710

(528,383)

Operating Income (Loss)

Nonoperating Revenues Disposal of Capital Assets

6,1 85 7 008

lnterest Income

l3 193 (5 I 5,1 90)

Change in Net Position

Net Position - Beginning

r7,595,535

Net Position - Ending

17.080,345

The notes to the financial statements are an integral part of this statement.

l4

ELK GROVE PARK DISTRICT, ILLINOIS Statement of Cash Flows - Proprietary Fund Year Ended l)ecember 3lr2012

Business - Type

Activities Golf Course Cash Flows from Operating

Activities

s

Receipts from Customers and Users Payments to Suppliers

1,459,767

(776,791) (832,574)

Payments to Employees

(149,598) Cash Flows from Capital and Related

Financing Activities Sale of Capital Assets Purchase of Capital Assets

6,1 g5

(1,189,461)

(1,183,276) Cash Flows from Investing

Activities

Interest Received

7,008

Net Change in Cash and Cash Equivalents

(1,325,866)

Cash and Cash Equivalents - Beginning

t,325,866

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

(528,383)

386,710 (1,314)

(Increase) Decrease in Current Assets Increase (Decrease) in Current Liabilities

(6,611)

Net Cash Provided by Operating Activities

(149,598)

The notes to the financial statements are an integral part of this statement.

15

ELK GROVE PARK DISTRICT, ILLINOIS Notes to the Financial Statements December 3lr2012

NOTE 1_ SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The Elk Grove Park 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.

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.

The government-wide financial statements are prepared

REPORTING ENTITY

In determining the financial reporting entity, the District complies with the provisions of Statement No. 39, "Determining Whether Certain Organizations are Component Units

-

GASB

an Amendment

of GASB Statement No. 14," 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. 39, there are no component units included in the reporting entity.

BASIS OF'PRESENTATION Government-Wide Statements The District's basic financial statements include both govemment-wide (reporting the District as a whole) and fund financial statements (reporting the District's major funds). Both the govemment-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/defened 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

I)ecember 31,2012

NOTE I

-

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

BASIS OF PRESENTATION Government-Wide Statements

-

-

Continued

Continued 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 govemment 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 noffnally covered by general revenue (property and person 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 l0 percent of the corresponding total for all funds of that category or type; and

T7

ELK GROVE PARK DISTRICT, ILLINOIS Notes to the Financial Statements December 31,2012

NOTE I

-

SUMMARY OF'SIGNIFICANT ACCOUNTING POLICIES

BASIS OF PRESENTATION F'und Financial Statements

-

-

-

Continued

Continued

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 offinancial 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 ofspeciflrc revenue sources that are legally restricted to expenditures for specified puposes. 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 Associations Fund, also a major fund, accounts for revenues received for the pu{pose of athletic association expenditures. Financing is provided from fees charged for programs and activities. 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 commiued 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.

l8

ELK GROVE PARK DISTRICT, ILLINOIS Notes to the Financial Statements December 3lr2012

NOTE I

-

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

BASIS OF PRESENTATION Fund Financial Statements

-

-

-

Continued

Continued

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/defened inflows (whether current or noncuffent) associated with their activities are reported. Proprietary fund equity is classified as net position.

I9

ELK GROVE PARK DISTRICT,ILLINOIS Notes to the Financial Statements December 31,2012

NOTE I

-

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

MEASUREMENT

Focus AND BASIS oF

ACCOUNTTNG

-

-

Continued

continued

Basis of Accounting

In the govemment-wide Statement of Net Position and Statement of Activities, both governmental and business-type activities are presented using the accrual basis of accounting. Under thé accrual basis of

accounting, revenues are recognized when earned and expenses are recorded when the liability/deferred inflows is incurred or economic asset used. Revenues, expenses, gains, losses, assets/deferredoutflows, 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 propefty taxes when they become both measurable and available in accordance with GASB Codifióation 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 revãnues of the District's enterprise fund are charges to customers for sales and serviceJ. Opèratinglxpenses 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 ìonoperating revenues and expenses.

20

ELK GROVE PARK DISTRICT,ILLINOIS Notes to the Financial Statements December 31,2012

NOTE

1

-

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

-

Continued

ASSETS/DEFERRED OUTFLOWS, LIABILITIES/DEFERRED INFLOWS, POSITION OR EQUITY

AND

NET

Cash and Investments For 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.

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/f,rrst-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 govemment-wide and fund hnancial 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.

2t

ELK GROVE PARK DISTRICT, ILLINOIS Notes to the Financial Statements December 3lr2012

NOTE I

-

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

-

Continued

ASSETS/DEFERRED OUTFLO}VS, LIABILITIES/DEFERRED INFLO}VS, POSITION OR EQUITY - Continued Capital Assets

-

AND

NET

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. V/hen 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 Furniture and Fixtures

5

-

l0 Years 7 Years

Compensated Absences The District accrues accumulated unpaid vacation and associated employee-related costs when eamed (or estimated to be eamed) 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 goverTĂŹmental 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 3lr2012

NOTE

1

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

-

ASSETS/DEFERRED OUTFLOWS, LIABILITIES/DEFERREI) POSITION OR EQUITY - Continued

-

Continued

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 expenditures/expenses at the time of issuance.

In the fund financial statements, governmental fund types recognize bond premiums and discounts, well as bond issuance costs, during the current period. The face amount of debt issued is reported

as 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 expendifures.

Fund Equity

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".

Budgetary funds are controlled by an integrated budgetary accounting system various legal requirements that govern the District.

23

in

accordance with

ELK GROVE PARK DISTRICT, ILLINOIS Notes to the Financial Statements December 31,2012

NOTE 2 _ STE\ilARDSHIP, COMPLIANCE AND ACCOUNTABILITY BUDGETARY INF'ORMATION 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 m¿Ïnner as its original enactment.

Transfer between items of any fund not exceeding in the aggregate l0% 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 necessary.

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

s

Associations

Audit

l37,2ll 730

24

ELK GROVE PARK DISTRICT, ILLINOIS Notes to the Financial Statements December 3lr2012

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.

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 lllinois 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.

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 lnvestment 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 $7,084,465 and the bank balances totaled 57,154,627. In addition, the District had $1,006,044 invested in IMET and $2,625,803 in the Illinois Park District Liquid Asset Fund. fnterest 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 fuither limit interest rate risk.

Credit Risk. Credit risk is the risk that at 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 31,2012, the District's investment in the Illinois Park District Liquid Asset Fund was rated AAAm by Standard &, Poor's. The IMET Trust Convenience Fund is rated AAAf by Standard & Poors and the 1-3 year Fund is rated AAf by Standard & Poors.

25

ELK GROVE PARK DISTRICT,ILLINOIS Notes to the Financial Statements December 31,2012

NOTE

3

- DETAIL

NOTES ON ALL FUNDS

DEPOSITS AND INVESTMENTS

-

-

Continued

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 lĂŻYo 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 IMET and the Illinois Park District Liquid Asset Fund represent over 5o/o 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 ll}Yo of market value of the deposits. At year-end, the entire amount of the bank balance of deposits \ÂĄ/as 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, 2012, the District's investment in the Illinois Park District Liquid Asset Fund is not categorizable for 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 2012 attach as an enforceable lien on January 1,2012, 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 l, 2013, and August I, 2013. The County collects such taxes and remits them periodically. The allowance for uncollectible taxes has been stated at IYo of the tax levy, to reflect actual collection experience.

26

ELK GROVE PARK DISTRICT, ILLINOIS Notes to the Financial Statements December 3lr2012

NOTE 3 - DETAIL NOTES ON ALL FUNDS

-

Continued

INTERFUND RECEIVABLES, PAYABLES, AND TRANSFERS Interfund Balances The composition of interfund balances as of the date of this report, is as follows: Receivable Fund

Payable Fund

General

Golf Course

Amount

$

49,585

Interfund balances are advances in anticipation of receipts.

CAPITAL ASSETS Governmental Activities Governmental capital asset activity for the year was as follows: Beginning

Ending

Increases

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 7,984,124

Decreases

Balances

14,149,159

1,921,53 g

44,574,458

9,905,662 44,574,458

9,196,016

816,561

10,0t2.577

6t,754.598

2,639,099

64,392,697

4,454,449

480,235

4,934,694

14,335,904

1,207,043

15,542,947

5,037.t73

23,827,526

603,577

5,640,750

2,290,955

26,118,381

Total Depreciable Capital Assets

37.927.072

347,244

38,274,316

Total Capital Assets

52,076,230

347.244

52.423.474

27

ELK GROVE PARK DISTRICT, ILLINOIS Notes to the Financial Statements December 3lr2012

NOTE 3 - DETAIL NOTES ON ALL FUNDS

CAPITAL ASSETS

-

Continued

-

Continued

Governmental Activities

-

Continued

Depreciation expense was charged to governmental activities as follows

$

General Government

Culture and Recreation

441,506 1

2,290,955

Business-Type Activities Business-type capital asset activity for the year was as follows: Beginning

Ending

lncreases

Balances

Nondepreciable Capital Assets Land Construction in Progress

s

Decreases

13,470,356

Balances

13,470,356

r,329,229

1,329,229

1,329,229

14,799,585

13,470,356

Depreciable Capital Assets

Land Improvements Buildings Machinery and Equipment Furniture and Fixtures

1,154,905

2,42g,glg

2,137,141 7,921,422

89,771

2,011,193

2,519,690

7,g6l,g3g

129,880

5,343,248

3,583,724 2,137,141 129,880

Less Accumulated Depreciation Land Improvements

Buildings Machinery and Equipment Furniture and Fixtures

775,465

164,348

939,813

1,222,367

71,238

7,293,605

l,6og,o4o

147,269

1,756,309

ll7,974 3,

Total Depreciable Capital Assets Total Capital Assets

3.855

121,829

386.710

4,ttt,s56

2,131.980

3,750,392

724.846

r,618,402

16.4t7.987 2.r3t-980 1,329.229

Depreciation expense of $386,710 was charged to the golf business-type activities.

28

17.220.738

ELK GROVE PARK DISTRICT, ILLINOIS Notes to the Financial Statements December 3lr2012

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: Beginning Balances

Issue

Ending

Issuances

Retirements

General Obligation Bonds of 20048 Due in annual installments of $550,000 to $1,000,000 plus interest at 3.50% to 5.50% through December 1,2014.

g 2,725,000

General Obligation Bonds of 2004C Due in annual installments of $680,000 to $955,000 plus interest at 4.05Yo to 4.35o/o through December l, 2018.

3,430,000

3,430,000 *

2,1 15,000

690,000

Balances

1,985,000 * 740,000

General Obligation Limited Tax Park

Bonds

of

2009A

- Due in

annual

installments of $690,000 to $2,240,000 plus interes| at 0.70%o to 2.35%o through December 1,2014.

General Obligation Limited Tax Park

Bonds

of 20ll - Due in

annual

installments of $400,000 to $1,100,000 plus interest at 0.65Yo to 1.20%o through December 1,2012.

400,000

*Refunded

29

400,000

1,425,000

ELK GROVE PARK DISTRICT,ILLINOIS Notes to the Financial Statements December 3lr2012

NOTE 3 - DETAIL NOTES ON ALL FUNDS LONG-TERM DEBT

-

-

Continued

Continued

General Obligation Bonds

-

Continued Ending

Beginning Balances

Issue

General Obligation Limited Tax Park Bonds of 2012 - Due in one installment of $1,500,000 plus interest at 0.65%o on December 1,2012.

Issuances

Retirements

1,500,000

$

Balances

1,500,000

General Obligation Refunding Park Bonds of 2012A - Due in annual installments of $365,000 to $1,130,000 plus interest at 2.00Vo through December 1,2018.

8.670.000

000

5

s,290,000

6.790.000

8.745.000

6.715.000

Lon g-Term Liability ActivitY Changes in long-term liabilities during the fiscal yeaf were as follows: Amounts Ending

Due within

Deductions

Balances

One Year

123,455 6,715,000

1,835,000

6,838,455

1,859,691

Beginning Type ofDebt

Additions

Balances

Govemmental Activities Compensated Absences General Obligation Bonds

123,732

277

8,670,000

6.790,000

554 8, 745,000

6,790,277

9,745,554

1,888

944

$

8,

Business-Type Activities Compensated Absences

793,732 74,274

15,218

24,691

3,044

payments on the general obligation bonds are made by the General Fund and Debt Service Fund. For the goĂ­ernmental acti-vities, compensated absences are generally liquidated by the General Fund and for the [usiness-type activities compensated absences are liquidated by the Golf Course Fund.

30

ELK GROVE PARK DISTRICT,ILLINOIS Notes to the Financial Statements December 31,2012

NOTE 3 - DETAIL NOTES ON ALL FUNDS LONG-TERM DEBT

-

-

Continued

Continued

Debt Service Requirements to Maturity The annual debt service requirements to maturity, including principal and interest, are as follows: Governmental Activities General

Obligation Bonds Principal Interest

Fiscal Year

$

1,835,000

138,289

1,930,000

100,120

20t5 20t6

765,000

61,000

950,000

45,700

2017

970,000

26,700

201 8

365,000

7,300

2013 2014

Total

6,715,000

379,109

Bond Refunding On November 26,2012, the District issued $5,290,000 par value General Obligation Refunding Park Bonds of 2012A to refund $740,000 of the General Obligation Bonds of 20048 and $3,430,000 of the General Obligation Bonds of 2004C, which were both callable bonds. The District called the original bonds and issued the 2012A bonds to refund the outstanding balances on the 20048 and2004C Bonds.

Through this refunding, the District reduced its total debt service by $558,576 and obtained an economic gain of $626,585.

3l

ELK GROVE PARK DISTRICT,ILLINOIS Notes to the Financial Statements December 3lr2012

NOTE

3

- DETAIL

NOTES ON ALL FUNDS

LONG-TERM DEBT

-

-

Continued

Continued

Legal Debt Margin Chapter 70, Section 120516-2 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 paynent of the expenses incident thereto, or for the acquisition of real estate and lands to be used as a site for an arrnory, 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 than2o/o 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 -

20ll

$

1,8s7, 753.871

Legal Debt Limit - 2.875% of Assessed Value Amount of Debt Applicable to Limit

53,410,424

Legal Debt Margin

46,695,424

Non-Referendum Legal Debt Limit 0.575% of Assessed Valuation Amount of Debt Applicable to Debt Limit

10,682,085

Non-Referendum Legal Debt Margin

32

6,715,000

1,425,000

9,257,085

ELK GROVE PARK DISTRICT,ILLINOIS Notes to the Financial Statements December 31,2012

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, 2012: Governmental Activities

Capital Assets - Net of Accumulated Depreciation

s

52,423,474

Less Capital Related Debt: General Obligation Limited Tax Park Bonds of 20094

(1,425,000)

General Obligation Refunding Park Bonds of 2012A

(5,290,000)

Net Investment in Capital Assets

45,708,474

Business-Type Activities

Capital Assets - Net of Accumulated Depreciation

17,220,738

FUND BALANCE CLASSIFICATIONS

In the govemmental 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. The District's Board of Commissioners, through formal board action (ordinance andlor 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 management 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.

JJ

ELK GROVE PARK DISTRICT,ILLINOIS Notes to the Financial Statements I)ecember 31,2012

NOTE 3 - DETAIL NOTES ON ALL FUNDS FUND BALANCE CLASSIFICATIONS

-

-

Continued

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 this report:

General

Special Revenue

Debt

Capital

Recreation Association

Service

Proiects

Nonmaior

of

Totals

Fund Balances Nonspendable

$

8,693

22,815

14,122

Restricted Property Tax Levies Paving and Lighting

73,972

73,972

Audit Liability Insurance

12,443

12,443

186,481

186,481

Ill inois Municipal Retirement

175,342

175,342

Police Protection Social Security Culture and Recreation

36,789

36,789

116,425

116,425

267,307

267,307

t04,437

Debt Service

104,437

868,759

104,437

973,196

Committed 2,469,702

Recreation Programs

2,469,702

Assigned

Capital Projects Unassigned

Total Fund Balances

655,087

5,601,256

655,087

5,601,256

5,609,949 2,483,824

34

104,437 6ss.087 868,759 9,722,056

ELK GROVE PARK DISTRICT,ILLINOIS Notes to the Financial Statements December 3lr2012

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; effors 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, 2012: Member

Coverage

PDRMA Setffnsured Deductible Retention

Limits

PROPERTY ProperVBlds/Contents

All Losses Per Occurrence All Losses Annual Aggregate Flood/exceptZonesA&V Flood,ZonesA&V Earthquake Shock Auto Physical Damage Comprehensive and Collision Course of Construction/Builders Risk

$

l,000

$

1,000

$100.000

$25 0,000,00O/Occurrence/Annual Assresate

$

1,000

$250,000 $ 100,000

$I

$

1,000,000

$

1,000,000,000/All Members

$3,000,000

s1.000 $1.000 $

1,000

$

1,000

$

$200,000,00O/Occurrence/Annual Assresate 00.000.000/Occurrence/Annual Aggresate

1.000.000

Included

Included

$25,000,000

Business Intemrption. Rental

Income, Tax Income Combined Service Interruption Boiler and Machinery

Property Damage Business Income Fidelitv and Crime

00,000.000iReported Values 00,000/$2,500,000/Non-Reported Values

$r

0.000.000

$I

00,000,000 Equipment Breakdown

$

N/A

24 hours $

S5

1,000

$9.000

N/A

48 hours

1

Property Damage - Included Included

$

1,000

$24,000

Seasonal Employees

$

I,000

$9,000

Blanket Bond

$

r.000

$24.000

$2,000,000

N/A

$500,000

$3,500,000 Employers

$2,000,000 s

r,000,000

Ă­it

COMPENSATION Employers Liability

35

Liabilitv

ELK GROVE PARK DISTRICT, ILLINOIS Notes to the Financial Statements December 3lr2012

NOTE 4 - OTHER INFORMATION RISK MANAGEMENT

-

-

Continued

Continued

Park Dﾃ行trict Risk Management Agency (PDRMA)

-

Continued

PDRMA SelfInsured Retention Deductible Member

Coverage

Limits

LIABILITY None None None

1,500,000/Occurrence/Annual Aggregate Included $2 I .5 00,O00/Occurrence/Annual Aggregate

s500,000 Included Included Included

S2

Included Included

Included

None

$25,000

$

$1,000

s24,000

24 hours

N/A

General

Auto Liability Employment Practices Public Officials' Liabilitv Law Enforcement Liability Uninsured/Underinsured Motorists

None None None

POLLUTION LIABILITY Liabilitv - Third party Property - First party

S

1.000,000/Occurrence

5,000,000/Occurrence $ 1 0,000,000 General Aggregate

OUTBREAK EXPENSE Outbreak Expense

$15.000 per Dav, $450,000 per Location,

$1,000,000 Aggegate Policy Limit

VOLUNTEER MEDICAL ACCIDENT None Volunteer Medical Accident

s5,000

UNDERGROUND STORAGE TANK LIABILITY None Underground Storage Tank Liability

N/A

andAD&D Medical Excess of Any Other Collectible Insurance $10,000 Follows Illinois Leaking

Underground Tank Fund

UNEMPLOYMENT COMPENSATION Unemployment Compensation

NiA

N/A

Statutory

Losses exceeding the per occuffence self-insured and reinsurance

District.

36

limit would be the responsibility of the

ELK GROVE PARK DISTRICT, ILLINOIS Notes to the Financial Statements December 3lr2012

NOTE

4

-

OTHER INFORMATION

RISK MANAGEMENT

-

-

Continued

Continued

Park District Risk Management Agency (PDRMA)

As a

of

-

Continued

is

member PDRMA's Property/Casualty Program, the District 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 s端nmary of PDRMA's Property/Casualty Program balance sheet at December 31,2011 and the statement of revenues and expenses for the period ending December 31, 20l1.The District's portion of overall equity of the pool is (0.326%) or ($108,208).

Assets

$55,041,677

Liabilities

2r,875,5r1

Member Balances

33,166,166

Revenues

18,480,463

Expenditures

17,708,721

Since 97% 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.

37

ELK GROVE PARK DISTRICT, ILLINOIS Notes to the Financial Statements December 3lr2012

NOTE

4

-

OTHER INF'ORMATION

-

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 BENEF'IT PENSION PLAN Plan Descriptions, Provisions and Funding Policies

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 lllinois. 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 hnancial 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 and can only be amended by the Illinois General Assembly.

All

employees hired in positions that meet or exceed the prescribed annual hourly standard must be enrolled in IMRF as participating members. Participating members hired before January 1,2011 who retire at or after age 60 with 8 years of service are entitled to an annual retirement benefit, payable monthly for life, in an amount equal to l-213 percent of their final rate (average of the highest 48 consecutive months' earnings during the last 10 years) of earnings, for each year of credited service up to 15 years, and 2 percent for each year thereafter. For participating members hired on or after January 1, 2011 who retire at or after age 67 with 10 years of service are entitled to an annual retirement benefit, payable monthly for life in an amount equal to I-213 percent of their final rate (average of the highest 96 consecutive months' earnings during the last 10 years) of earnings, for each year of credited service, with a maximum salary cap of $ 106,800 at Jaruary I , 20II .

38

ELK GROVE PARK DISTRICT, ILLINOIS Notes to the Financial Statements December 3lr2012

NOTE

4

-

OTHER INFORMATION

-

Continued

EMPLOYEE RETIREMENT SYSTEM _ DEFINED BENEFIT PENSION PLAN Plan Descriptions, Provisions and Funding Policies

-

-

ContiNuEd

Continued

The maximum salary cap increases each year thereafter. The monthly pension of a member hired on or after January I,2011, shall be increased annually, following the later of the first anniversary date of retirement or the month following the attainment of age 62, by the lesser of 3o/o or Y. of the consumer price index. Employees with at least 10 years of credited service may retire at or after age 62 and receive a reduced benefit. IMRF also provides death and disability benefits. These benefit provisions and all other requirements are established by state statute. Employees participating in the plan are required to contribute 4.50 percent of their annual covered salary to IMRF. The employees' contribution rate is established by state statute. The District is required to contribute the remaining amount necessary to fund the IMRF plan as specified by statute. The employer contribution and annual required contribution rate for calendar year 2012 was 10.74 percent.

Funding Policy and Annual Pension Cost

For December 31,2012, the District's annual pension cost of $591,566 was equal to the District's required and actual contributions. The required contribution was determined as part of the December 31, 2010 actuarial valuation using the entry age actuarial cost method. The actuarial assumptions included (a) 75% investment rate of return (net of administrative and direct investment expenses), (b) projected salary increases of 4.00Yo a year, attributable to inflation, (c) additional projected salary increases ranging from0.4Yo to 10.0% per year, depending on age and service, attributable to seniority/merit and (d) post-retirement benefit increases of 3o/o annually. The actuarial value of IMRF assets was determined using techniques that spread the effects of short-term volatility in the market value of investments over a five-year period with a 20Yo corridor between the actuarial and market value of assets. IMRF's unfunded actuarial accrued liability is being amof端zed as a level percentage of projected payroll on an open basis. The remaining amortization period at December 31, 2012 was 30 years.

Trend Information Employer annual pension cost (APC), actual contributions and the net pension obligation (NPO) are as follows. The NPO is the cumulative difference between the APC and the contributions actually made.

Annual

Percentage

Net

Pension

ofAPC

Pension

Cost

Contributed

Obligation

554,999

100.00%

20tt

589,810

100.00%

20t2

591,566

100.00%

None None None

Fiscal Year 2010

s

39

ELK GROVE PARK DISTRICT,ILLINOIS Notes to the Financial Statements December 3lr2012

NOTE

4

-

OTHER INFORMATION

-

Continued

EMPLOYEE RETIREMENT SYSTEM

-

DEFINED BENEFIT PENSION PLAN

-

Continued

Funded Status and Funding Progress The District's funded status for the current year and related information for IMRF is as follows: Actuarial Valuation Percent

Date

Funded

I2l3l/12 82.68%

Actuarial Accrued Liability for Benefits

s14,414,913

Actuarial Value of Assets

s I 1,918,868

Over (Under) Funded Actuarial Accrued Liability (UAAL)

(s2,496,045)

Covered Payroll (Annual Payroll

of Active Employees Covered by the Plan)

$5,508,062

Ratio of UAAL to Covered

Payroll

4s.32%

The schedule of funding progress, presented as Required Supplementary Information (RSI) following the notes to the financial statements, presents multiyear trend information about whether the actuarial value of plan assets are increasing or decreasing over time relative to the actuarial accrued liability for benefits.

OTHER POST-EMPLOYMENT BENEFITS The Park District has evaluated its potential other post-employment benefits liability. Former employees who choose to retain their rights to health insurance through the Park District are required to pay I00% of the current premium. However, no former employees have chosen to stay in the Park District's health insurance plan. Therefore, there has been 0%o ttilization and, therefore, no implicit subsidy to calculate in accordance with GASB Statement No. 45, Accounting and Financial Reporting by Employers for Post-Employment Benefits Other Than Pensions. Additionally, the Park District had no former employees for which the Park District was providing an explicit subsidy and no current employees with agreements for future explicit subsidies upon retirement. Therefore, the Park District has not recorded any post-employment benefit liability as of December 30, 2012.

40

ELK GROVE PARK DISTRICT,ILLINOIS Notes to the Financial Statements December 31,2012

NOTE 4 - OTIIER INFORMATION

-

Continued

OTHER POST.EMPLOYMENT BENEFITS Annual OPEB Costs and Net OPEB Obligation The net OPEB obligation (NOPEBO) as of December 31,2012, was calculated as follows: Annual Required Contribution Interest on the NPO Adjustment to the ARC

s (36s) 7,661

Annual OPEB Cost

7,296

Actual Contribution Change in NOPEBO^IOPEBA

7,296

NOPEBA - Beginning of Year

(7,296)

NOPEBA - End of Year

Trend Information The District's annual OPEB cost, actual contributions, the percentage of annual OPEB cost contributed, and the net OPEB obligation are as follows: Annual OPEB Cost

Fiscal Year

$

of APC Contributed

Net OPEB Obligation (Asset)

Percentage

Actual Contributions

8,000

9,688

l2l.t0%

(6,216)

2011

9,1 89

10,269

lll.75%

(7,296)

2012

7,296

2010

0.00%

SUBSEQUENT EVENT On March 7,2013, the District issued $8,590,000 of General Obligation Limited Tax Park Bonds, due in annual installments of $635,000 to $2,355,000, plus interestat2.}}Yothrough December 1,2019.

4t

REQUIRED SUPPLEMENTARY INFORMATION Required supplementary information includes financial information and disclosures that are required by the Governmental Accounting Standards Board (GASB) but are not considered a part of the basic financial statements. Such information includes: o

Schedule of Funding Progress and Employer Contributions

Illinois Municipal Retirement Fund Other Post-Employment Benefit Plan a

Budgetary Comparison Schedules General Fund Recreation - Special Revenue Fund Associations - Special Revenue Fund

Notes to the Required Supplementary Information Budgetary Information accounting principles.

-

Budgets are adopted on a basis consistent with generally accepted

ELK GROVE PARK DISTRICT, ILLINOIS Illinois Municipal Retirement Fund Required Supplementary Information Schedule of Funding Progress and Employer Contributions I)ecember 31,2012

Funding Progress (6) Unfunded (Overfunded)

(2) Actuarial Accrued

(l) Date

Actuarial Value of Plan

Dec. 31

Assets

Actuarial Valuation

2007 2008

2009 2010

20tl 2012

$

10,563,701

Liability (AAL) - Entry Age S

9,467,648 9,583,744 10,298,177 11,034,023 1 1,918,868

10,024,669 11,033,053 11,912,954 12,612,947 13,579,693 14,414,913

Actuarial Accrued

(4) Unfunded (Overfunded) (3) Funded

Ratio (1) * (2)

t}s38%

(s)

Percentage

Annual

Liability

Covered

(l)

Payroll

of Covered Payroll (4) * (5)

(s39,032)

4,654,214

(l r.s8)% 30.84% 42.58%

2,545,670

5,076,634 5,470,667 5,393,572 5,577,401

2,496,045

5,508,062

8s.81%

1,565,405

80.4s%

2,329,210 2,314,830

8t.65% 81.25% 82.68%

asa

Actuarial Accrued (2) $

Liability

S

42.92%

46.14% 4532%

Employer Contributions Annual Fiscal

Year 2007 2008

2009 2010

20tt 2012

Employer Contributions $

372,337

Required

Percent

Contribution

Contributed

$

372,337

397,500

397,500

421,241 554,999 589,810 591,566

421,241 554,999 5 89,810 597,566

42

100.00% 100.00% 100.00% 100.00% 100.00% 100.00%

ELK GROVE PARK DTSTRICT, ILLINOIS General Fund Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual Year Ended December 3lr20l2

Budgeted

Amounts

Original and Final

Actual Amounts

Revenues

Taxes

$

PropeĂşy Taxes Replacement Taxes

Interest Miscellaneous Total Revenues

4,923,270

4,960,926

440,000

439,634

78,717

66,695

191,337

273,808 5,64r,063

5,623,324

Expenditures General Govemment

Administration Parks Maintenance and Planning Capital Outlay Debt Service Principal Retirement Interest and Fiscal Charges Total Expenditures

1,445,718

1,306,599

2,621,459 2,433,000

2,443,673

690,000

690,000

42 060

42 060

7,232,236

5,990,493

(1,608.912)

Net Change In Fund Balance Fund Balance - Beginning

1,508,151

(349,420) 5,959,369

Fund Balance - Ending

43

ELK GROVE PARK DISTRICT, ILLINOIS Recreation - Special Revenue Fund Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual

Year Ended December

3lr20l2

Budgeted

Amounts

Original and Final

Actual Amounts

Revenues

$

Taxes Charges for Services

Grants and Donations Interest

1,544,400

1,525,206

4,997,009

4,936,796

25,500 171,634

22,735 37,349 76,686

6,764,329

6,598,772

6,726,667

6,251,243

37,662

347,529

25,797

Miscellaneous Total Revenues Expenditures

Culture and Recreation Net Change in Fund Balance Fund Balance - Beginning

2,r3 6,295

Fund Balance - Ending

2,493,924

44

ELK GROVE PARK DISTRICT, ILLINOIS Associations - Special Revenue Fund Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual Year Ended December 3lr20t2

Budgeted

Amounts Original and Final

Actual Amounts

Revenues Charges

$

for Services

938,469

825,076

Culture and Recreation

687,965

825,076

Net Change in Fund Balance

250,604

Expenditures

Fund Balance - Beginning Fund Balance - Ending

45

OTHER SUPPLEMENTARY INFORMATION Other supplementary information includes financial statements and schedules not required by the Governmental Accounting Standards Board (GASB), nor a part of the basic financiai statements, but are presented for purposes ofadditional analysis.

Such statements and schedules include:

o

Budgetary comparison Schedules

o

Combining Statements

ยก

Budgetary comparison schedules -Nonmajor Governmental Funds

o

Budgetary Comparison Schedule

- Major Governmental

- Nonmajor

-

Funds

Govemmental Funds

Enterprise Fund

COMBINING AND INDIVIDUAL FUND FINANCIAL STATEMENTS AND SCHEDULES GENERAL FTJND The General Fund accounts for all financial resources except those required to be accounted for in another fund.

SPECIAL REVENUE FUNDS Special Revenue Funds are created to account for the proceeds ofspecific revenue sources (other than fiduciary funds or capital project funds) that are legally iestricted to expenditure for specified purposes.

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 paynent of audit expenditures.

COMBINING AND INDIVIDUAL FUND FINANCIAL STATEMENTS AND SCHEDULES SPECIAL REVENUE FUNDS

-

Continued

Liability fnsurance Fund The Liability Insurance Fund is used to account for revenues received for payrnent of liability insurance expenditures.

Illinois Municipal Retirement Fund The Illinois Municipal Retirement Fund is used to account for revenues received for the pqpose of funding the plan and the related expenditures paid.

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 puqpose of the maintenance and operations of the museum.

COMBINING AND INDIVIDUAL FUNI) FINANCIAL STATEMENTS AND SCHEDULBS 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.

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 eamed, expenses incurred andlor 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 l8-hole golf course with full proshop.

ELK GROVE PARK DISTRICT, ILLINOIS Recreation - Special Revenue Fund Schedule ofRevenues by Program - Budget and Actual Year Ended l)ecember 3lr20l2

Budgeted

Amounts Original and Final

Actual Amounts

s 1,957,354

1,865,255

1,617,405

1,601,294

Pavilion Aquatics Rainbow Falls

373,052 604,686

438,204

Pirates Cove

329,973

Administration Programs

Skate Park

1,588,447

693,t82 353,428 22,468 r,441,925

253,100

183,026

6,764,329

6.598.772

40,312

Fitness Center Garden Terrace

Total Revenues

46

ELK GROVE PARK DISTRICT, ILLINOIS Recreation - Special Revenue Fund Schedule of Expenditures by Program - Budget and Actual Year Ended December 31,2012

Budgeted

Amounts Original and Final

Actual Amounts

$ 3,187,570

2,817,945

Culture and Recreation

Administration Programs

1,090,335

994,634

Pavilion Aquatics Rainbow Falls

56l,lg6

629,579

505,293

527,858

Pirates Cove

241,273

Skate Park

234,816 26,915

Fitness Center

39,847 g04,2gg

Garden Terrace

196,875

169,458

6,726,667

6,25t.243

Total Culture and Recreation

47

850, I 39

ELK GROVE PARK DISTRICT,ILLINOIS Debt Seruice Fund Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual Year Ended I)ecember 3lr20l2

Budgeted

Amounts

Original and Final

Actual Amounts

s

2,971,448

2,940,500 21,512 2,962,012

2,640,000

2,640,000

322,972

300,500

I1,050

9,214 2,949,714

Revenues

Taxes

Properly Taxes lnterest Total Revenues

2,970,471 977

Expenditures

Debt Service Principal Retirement lnterest Fiscal Charges

Total Expenditures

2,974,022

Excess (Deficiency) of Revenues

Over (Under) Expenditures

Q.574\

12,298

Other Financing Sources (Uses) Debt Issuance Premium on Debt Issuance

5,290,000 l29,gg

Payment to Escrow Agent

(

1

15,000) 4,881

Net Change in Fund Balance

(2.s74)

Fund Balance - Beginning

17,179 87,258

Fund Balance - Ending

104,437

48

ELK GROVE PARK DISTRICT, ILLINOIS Capital Projects Fund Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual Year Ended I)ecember 31,2012

Budgeted

Amounts

Original and Final

Actual Amounts

Revenues Grants and Donations Interest

$

Total Revenues

13,506 1,300

4,575

1,300

18,081

I,569,s65

1,219,733

(1,568,265)

(1,201,652)

1,500,000

1,500,000

Expenditures

CapitalOutlay Excess (Deficiency) of Revenues

Over (Under) Expenditures Other Financing Sources Debt Issuance Net Change in Fund Balance

(68.26s',)

298,348

Fund Balance - Beginning

356,739

Fund Balance - Ending

65 5.087

49

ELK GROVE PARK DISTRICT,ILLINOIS Combining Balance Sheet Nonmajor Governmental - Special Revenue Funds December 3lr2012

See

tr'ollowing Page

ELK GROVE PARK DISTRICT, ILLINOIS Combining Balance Sheet Nonmajor Governmental - Special Revenue Funds I)ecember 31,2012

Paving and

Lighting

Audit

ASSETS

s

Cash and Investments

73,941

12,334

92,122

20,078

259

3l

t66,322

32,443

Receivables - Net of Allowances Taxes

Accrued Interest Total Assets

LIABILITIES Accounts Payable Accrued Payroll Total Liabilities

350 350

DEFERRED INFLOWS OF RESOURCES Property Taxes Total Liabilities and Deferred Inflows of Resources

92,000

20,000

92,350

20,000

73,972

12,443

FI]ND BALANCES Restricted Total Liabilities, Deferred Inflows of Resources and Fund Balances

50

166,322

32.443

Liability

Illinois Municipal

Insurance

Retirement

Police Protection

Social

Special

SecuriW

Recreation

Museum

Totals

285,355

l72,g4l

38,218 714,203 172,435

94,744

964,071

302,221

547,085

55,229

506,864

406,572

85,329

2,015,500

312

416

88

358

464

166

2,094

587.888

720.342

93.535

5

579.471

r80.239

2.981.66s

62

874 872

856

101,843

1,644

1,547

4,063

101,407

1,746

2,403

105,906

99,763

300,000

545,000

55,000 505,000

405,000

85,000

2,007,000

401,407

545,000

s6,746

s05,000

405,000

87,403

2,112,906

186,481

175,342

36,789

116,425

174,471

92,836

868,759

s87.888

720.342

93.s3s

621.425

579,47t

180.239

2.981.66s

51

ELK GROVE PARK DISTRICT, ILLINOIS Combining Statement of Revenues, Expenditures and Changes in Fund Balances Nonmajor Governmental - Special Revenue Funds Year Ended I)ecember 31,2012

Paving and

Lightine

Audit

Revenues

$

Taxes

30,503

19,738

905

151

31,408

19,ggg

Charges for Services

Grants and Donations Interest

Miscellaneous Total Revenues Expenditures

Current General Government

22,085

Culture and Recreation Capital Outlay Total Expenditures

50,464 50,464

(19,056)

Net Change in Fund Balances

22,085

(2,196)

Fund Balances - Beginning

93,029

14,639

Fund Balances - Ending

73.972

12.443

52

Liability

Illinois Municipal

Insurance

Retirement

Police Protection

558,046 523,953 57,419

Social

Special

Security

Recreation

468,328

394,957

Museum

3,r99

2,135,484 7,334 3,199

1,225

13,748

1,879

1,895

96,177

2,161,660

82,540

7,334 3,584

2,998

s28

2,178

2,179

t6

561,646 526,951 57,947

470,506

521,695 56,714

493,274

524,633

397,136

1,618,401

89,930

418,540

412,164

89,930

2,t87,809

(15,028)

6,247

328,610 83,554

16,850

541,483 521,695 56,714 20,163

5,256

493,274

1,233 (22,768)

Totals

150,868

(26,149)

166,318 170,086 35,556

139,193

189,499

86,589

894,908

36,789

tt6,42s

t74.471

92-836

868.759

186.481

175.342

53

ELK GROVE PARK DISTRICT, ILLINOIS Paving and Lighting - Special Revenue Fund Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual Year Ended l)ecember 31,2012

Budgeted

Amounts

Original and Final

Actual Amounts

Revenues

Taxes

s

Property Taxes

Interest Total Revenues

29,700

30,503

1,900

905

31,600

31,408

61,200

50,464

(29,600\

(19,056)

Expenditures

Capital Outlay Net Change in Fund Balance Fund Balance - Beginning

93,028

Fund Balance - Ending

73,972

54

ELK GROVE PARK DISTRICT, ILLINOIS Audit - Special Revenue Fund Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual Year Ended l)ecember 3lr20l2

Budgeted

Amounts Original and Final

Actual Amounts

Revenues

Taxes

$

Properly Taxes Interest

Total Revenues

19,800

19,738

190

tsl

19,990

l9,ggg

21,355

22,085

0,36s)

(2,196)

Expenditures General Government

Accounting Services Net Change in Fund Balance Fund Balance - Beginning

14,639

Fund Balance - Ending

12,443

55

ELK GROVE PARK DISTRICT, ILLINOIS Liability fnsurance - Special Revenue Fund Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual

Year Ended December

3lr20l2

Budgeted

Amounts

Original and Final

Actual Amounts

Revenues

Taxes

$

Properly Taxes Interest

Miscellaneous Total Revenues

564,300

558,046

2,104 2,169

3,584

568,573

56t,646

547,932

524,633

26,300

16,850

574,232

541,483

l6

Expenditures General Government

Administration Capital Outlay Total Expenditures

(5,659)

Net Change in Fund Balance

20,163

l8

Fund Balance - Beginning

166,3

Fund Balance - Ending

186.481

56

ELK GROVE PARK DISTRICT, ILLINOIS Illinois Municipal Retirement - Special Revenue Fund Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual Year Ended December 3lr20l2

Budgeted

Amounts

Originaland Final

Actual Amounts

Revenues

Taxes

$

Property Taxes Interest

Total Revenues

529,650

523,953

2,714

2,ggg

532,364

526,951

t66

521 69s

(6.802)

5,256

Expenditures General Government

IMRF Employer Contribution

539

Net Change in Fund Balance Fund Balance - Beginning Fund Balance - Ending

17s.342

57

ELK GROVE PARK DISTRICT, ILLINOIS Police Protection - Special Revenue Fund Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual Year Ended December 3lr20l2

Budgeted

Amounts

Original and Final

Actual Amounts

Revenues

Taxes

$

Property Taxes

59,400

57,419

679

s28

60,079

57,947

General Government

65,3r1

56,774

Net Change in Fund Balance

( .232\

Interest

Total Revenues Expenditures

1,233

Fund Balance - Beginning

35,556

Fund Balance - Ending

36,789

58

ELK GROVE PARK DISTRICT,ILLINOIS Social Security - Special Revenue Fund Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual Year Ended I)ecember 31,2012

Budgeted

Amounts

Original and Final

Actual Amounts

s 475,200

468,328

2,714 477,914

470,506

500,000

493,274

(22,086\

(22,768)

Revenues

Taxes

Propefty Taxes Interest

Total Revenues

2,178

Expenditures General Government Social Security Employer Contribution

Net Change in Fund Balance Fund Balance - Beginning

139,193

Fund Balance - Ending

t16.425

59

ELK GROVE PARK DISTRICT, ILLINOIS Special Recreation - Special Revenue Fund Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual Year Ended I)ecember 3lr20l2

Budgeted

Amounts

Original and Final

Actual Amounts

s

393,030

394,957

3,31 I 396,34t

2,r79 397,136

328,609

328,610

Revenues

Taxes

PropeĂşy Taxes Interest

Total Revenues Expenditures

Culture and Recreation

NWSRA Contribution Capital Outlay Total Expenditures

85,000

83,554

413,609

412,764

Net Change in Fund Balance

(17,268',)

(15,028)

Fund Balance - Beginning

189,499

Fund Balance - Ending

174.471

60

ELK GROVE PARK DISTRICT,ILLINOIS Museum - Special Revenue Fund Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual Year Ended l)ecember 31,2012

Budgeted

Amounts

Original and Final

Actual Amounts

Revenues

Taxes

$

Propefy Taxes Charges for Services Grants and Donations Interest Miscellaneous Total Revenues

84,150

82,540

5,690

7,334

2,600

3,199

9s0

1,225

4,329 97,719

96,177

Expenditures Culture and Recreation

107,812

89,930

Net Change in Fund Balance

(10,093)

6,247

1,979

Fund Balance - Beginning 92.836

Fund Balance - Ending

6l

ELK GROVE PARK DISTRICT, ILLINOIS Golf Course - Enterprise Fund Schedule of Revenues, Expenses and Changes in Net Position - Budget and Actual Year Ended December 3lr20l2

Budgeted

Amounts

Actual

Original and Final

Amounts

$

1,629,509

1.461,081

396,479

370,373

Operations

1,220,237

1,232,381

Depreciation Total Operating Expenses

292,26r

386,7r0

1,908,977

r,989,464

Operating Revenues Charges for Services

Operating Expenses

Administration

(279,468)

Operating Income (Loss)

(528,383)

Nonoperating Revenues Disposal of Capital Assets

6,1 85

20,358 20,358

Interest Income

(2s9.r 10)

Change in Net Position

7,008 1

3,1 93

(515,190)

Net Position - Beginning

17,595,535

Net Position - Ending

17,080,345

62

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, 2012 (Unaudited)

See

Following Page

ELK GROVE PARK DISTRICT, ILLINOIS Net Position by Component - Last Ten Fiscal Years*

I)ecember 31, 2012 (Unaudited)

2004

200s

27,356,316 2,078,380 2,576,589

29,551,657

24,904,613

32.01t.28s

33

14,413,979

14,780,985

2,813,453

2,974,237

2003 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

1.038

s.222

17

41,770,295 2,078,380

44,332,642 1,549,805 5,373,813

6,246,186 5,344,863 36.495.662

14,967,183 2,972,732

t7-939-915

39,87r,796 6,246,786 8,317,595

49,238317 s12s6260 s4.Ă&#x;5ffi

Total Primary Government Net Position

t

499,576

17.227.432

5,390,042

Unrestricted

1,549,805 ,)

Accrual Basis of Accounting

Data Source: District Records The District implemented GASB No. 34 in fiscal year 2003.

63

2006

32,894,680 2,705,506 s.386.239

2007

2008

2009

20r0

20rt

2012

35,261,733 1,713,499 6.305.756

37,416,775 1,749,566

32,985,304 7,551,478

40,640,783 1,741,720

43,406,230 1,312,739

l3

7.879.8r9

7.979.228

45,708,474 955,077 8.62s.405

6,9t4.4s7

40.386.42s 43.280-988 46.080.798 1,798

15,533,655

2,876,998

2,534,639

I 5,13

r5,350,523 2.6s0.882

^40s

18.008.796

18.068

I 8-00 l

48,026,478

50,795,388 1,713,499 8,840,395

52,767,298 1,749,566

2,105,506 8,263,237

7

47.805

502627

225 2.698.196

15,486,405

15,379,462

16,417,987

2.620.996

2,553,sl4

t.177.548

1

8. 1 07^40

I

48,471,709

7,551,478

9,565,339

s8.39s.221 6t.349.282 64.082.203

6gs

6s.9

l7 .932.97

6

56,020,245 1,747,720 10.433,333

17

s9s

5

35

59,824,217 1,312,738

9,r56,776

13.096 68-19s-298 70.293.731

64

55.288-956

17,220,738 (140.393)

t7 080-345

62,929,2r2 955,077 8,485,012 72.369.301

ELK GROVE PARK DISTRICT, ILLINOIS Changes in Net Position - Last Ten Fiscal Years* December 31, 2012 (Unaudited)

).îo4

2003 Expenses Govemmental Activities General Government Crfture and Recreation Interest on Long-Term Debt Total Governmental Activities Expenses Business-Type Activities Golf Course

Total Primary Government Expenses

5

3,403,329 8,519,682 548,252

3,009,201 8,965,175

483,100

2005

2006

3,124,6s4

3,867,979

8,385,897 910,103

9,178,027 683,801

2007

2009

2008

201 I

2010

2012

4,306,922 5,087,290 5,379,s09 s,s92,692 s,736,601 9,305,677 9,588,600 9,9t0,476 9,409,726 9,702,708

633,631 568,167 503,729 470,404 406,472

12,471,263 12,457,476 12,420,6s4 13,729,807 14,246,230 75,244,0s7 15,793,714 15,472,822 15,845,781

1-682-612 1.738.191 t-644-977 t-76s.447 1.962.498 r4r{?R75

s,817,198

1^1q<661 140Ás6?1 154q5?54 16)0*7)9,

2.023.878

17)61

g?S

1 7S\

11

290

549004

1 9?8 099

174109).1

l

9,584,861

213,845

15,615,904

RiO 0.t0

1

98t279

11 675191

t7

5SS lR?

Program Revenues

Governmental Activities Charges for Services Culhre and Recreation

Operating Grants/Contributions Total Governmental Activities Program Revenues Business-Type Activities Charges for Services Golf Cou¡se

s.221,823 5,060,292 4,784,s39 1ñ 1)1

o5 5¿l

1N?RR

Net @xpense) Revenue Govemmental Activities Business-Type Activities

Total Primary Govemment Net Revenue @xpense)

5,470,437

4)4)61

l9-s88

5,588,109 5,302,410 s,s02,049 s,650,420 2IR4?R

rs st?

9RSl5

?,47 R75

5.232,111 5,155,833 4,795,262 6,088,15E 5,490,02s 5,806,547 s,322,323 5,600,964 5,998,255 t

111 )Ã9

1

1)Â a?)

1

1)19/l1

Total Primary Governm€nt Program Revenues

5,663,897

Áaa2 a1a

Á RR' ?ÁI

6 Slq

roq

1.664.382 1-868-366 1 1a)

\40

7 ?51 ?ql

l-839-l2l

1 7R7 )6R

1

7).)

1 Á45 Á6R

7 ros ssl

7

?)? 156

(7,239,1s2) (7,301,643) (7,62s,392) (7,641,649) (8,756,205) (9,437,s10) (t0,47r,39r) )R 65Á

t,1

.1^^OA\

fi I

659ì

/7 1r12lìr\

72970 t1 <^AA))\

fiot

065ì

('7',|I)'71A\

(94172\

/ee<n??7\

(1R4757\

lOÃ)))A1\

3r

.978

lln4?OÁt?l

19).

(9,871,8s8) (215.907\

/1nnR77ÁS\

5,769,206 79 440 5,808,646

1 46?111

I 461 081

56*

7 ).69 7),7

(9,847,s26)

(9,807,2s8)

(366.697\

(522.198\

7 461

(lÔ)1A7)?\

llO??O¿{61

1

2003 General Revenues and Other Changes in Net Position Governmental Activities Taxes

Property

$

7,540,835

284,531

Replacernent lnterest lncome

151,619

Miscellaneous Total Governmental Activities Business-Type Activities Interest Income

68,670

2004

8,180,088

318,484 150,970 241

9,s94,667 437,788 597,4s9

a

Changes in Net Position Govemmental Activities Business-Type Activities

Total Primary Govenìment

+

2009

20r0

10,20s,369 469,910

10,333,084 555,744

10,890,766

tt,lll,445

11,313,273

s61,107

s01,895

?n(

?<a

904,703

1,589,753 3,329,132 3,890,763

11

1^ñ)¿1

.l

e o<Q

^nt ^to

)o12

11,288,749

t1,462,t16

547,458 425,161

46t,853

497,983

438,827

439,634

281,049

180,747

t47,490

t43,879

117,868

74,018

41,482

29,256

7,008

700

t1t <t<

97 7)6 1

?.008

66,909 74,023 169,946 1s3,630

Miscellaneous Total Business-Type Activities Total Prima¡y Government

20tt

2007

?_005

1

r 1 erM

?oQ

l,

?5s

lRÎ

284.693

RRI

2,894,563 s9 498

2,799,810

ss 250 n^2

? Á1? Pt<

<^ /l

,) O</t lìÁ1

', 1") A)1

1 Á,t<

Accrual Basis of Accounting

Data Source: District Records The District implemented GASB No. 34 in fiscal year 2003.

65

166_889)

0 )1¡t.106

D.?69967

12712.656

1,724,897 10s.99ó

2,4s6,627 (174-425\

2,435,874

1 R?O Rq?

) )*)

,

70?

ß37.441\ noe ¿??

12-405-026

2,590,760

t5t5-190)

t n7r 57n

ELK GROVE PARK DTSTRICT, TLLINOTS Fund Balances of Governmental Funds - Last Ten Fiscal Years* Decem ber 31, 2012 (Unaud ited)

2003 General Fund Reserved Unreserved Nonspendable

s

2004

1,546,670

l,3lg,gg5

r,209,792

2,430,160

2005

1,489,604 3,166,922

Committed Unassigned

2J56As2 3J50Jss

Total GeneralFund

All

Other Governmental Funds Reserved Unreserved, Reported in: Special Revenues Funds Capital Projects Funds Nonspendable Restricted

300,518 422,366 1,549,639 351,674

4.65

444,661

l,257,ggg

1,353,916

9,394,961

4,560,912

Committed Assigned

Total

All Other Governmental

2,201,830 t0.06s.326

Funds

* Modified Accrual Basis of Accounting Data Source: District Records The District implemented GASB No. 54 in fiscal year 2011.

66

6.359.489

2006

2007

3,394

175,740

3,502,338

4,340,675

675

4,970,877

4.974.211

3.678.078

4740

1,799,753

1,623,147

1,517,8

1,755,414 423,907

2,056,626

2,032,567 290,081

162,323

2010

2009

2008

79

3,598 5,507,175

6.026.s69

r,3r9,423

1,203,829

6,285,421

75,745 1,090,810

8,693

4,792,8r4

5,607,256

5.959.369

s.609.q49

13,524

14,122

982,t66

973,196 2,469,702

1,947,857 600,571

2,122,771 356,739

3.979.074

3.842.096 3.840.527

9

9

67

20t2

4,210 6,022,359

5.51 0 773

l,g42,lr5

20tr

3.752.257

3.47

655,087

4.112-r07

ELK GROVE PARK DISTRTCT, TLLINOIS Changes in Fund Balances for Governmental Funds - Last Ten Fiscal Years* December 31, 2012 (Unaudited)

2003

2004

2005

Revenues

Taxes Other Taxes

$

Charges for Services

8,180,088

378,484

437,788

5,221,823

4,794,539

10,288

5,060,292 95,541

151,619

150,970

597,459

Grants and Donations Interest Income Miscellaneous

236,578

Total Revenues

13,445,674

Expenditures General Government Culture and Recreation

6,918,910 1,762,397 2,310,000 570,541

Interest and Fiscal Charges

047.229

Excess ofRevenues Over (Under) Expenditures

324,610 15.749.786

3,015,695 6,973,327

3,098,023 7,096,766

2,096,861

6,798,778

9,000,000

2,710,000 931,177

447,082

5

14,222,109 2l

Total Expenditures

10,723

24t,854 14,

3,360,267

Capital Outlay Debt Service Principal

9,594,667

7,540,835 284,531

(776,435) (7,475,736)

20.6t4,744

(4,864,958)

Other Financing Sources (Uses) 1,000,000

Debt Issuance Debt Issuance Premium Payment to Refund Debt

(42,065)

Transfers In Transfers Out

40,640

20,000

20,000

(40,640)

(20,000)

(20,000)

1,000,000

223.56s

Net Change in Fund Balances Debt Service as a Percentage of Noncapital

Note:

2,5oo,ooo

16,375,000

Expenditures

16,33 8.

Data Source: District Records

68

7.r99

2.500.000

(2-364-958\

22.06% 48.61%

1999 through 2002 includes General, Special Revenue and Debt Service Funds.

2003 GASB 34 was implemented. Includes all Governmental Funds.

* Modified Accrual Basis of Accounting

2.93s

26.34%

2007

2008

2009

2010

20lt

2012

8,869,263 1,806,016 5,663,997

10,333,084 555,744 5,470,437

10,890,766 547,459 5,588,109

ll,lll,445

11,313,273

461,953

497,983 5,502,049

11,288,749 438,827

11,462,116 439,634

424,261

19,589

lg,gl3

5,650,420 347,835

5,769,206 39,440

561,107

501,895

296.026

260,045

218,439 425,161 373.93s

147,490 408.334

143,879 352,389 19,206,664

2006

l7,620,570 3,935,136 7,202,233 6,865,123 3,635,000 691,941

17.140.793

4,744,019 7,746,361

2,044,407

l,g44,ggl

3,755,000

3,895,000 581,629

643.644

(4.708.863)

174

281,049

98,915 180,747

341,941

336,482

18,043,867 17,518.61I

4,265,909 7,256,214

17

5,302,410

I

1,350,000 1,350,000 1,500,000

18,281,655

7,664,94r

5,161,459 7,546,048

5,323,583 7,644,367

2,455,195

5,915,483

2,697,664

3,715,000 508.834

4,005,000 480.365

4,050,000 410,298

5,031,747

t7

l1

(824,381) (868.033)

17.929.449

I

12

125

fl.857 ,006) (5,178,906)

fl.

9,000,000

5,368,673 7,494,959 2,979,752 3,33o,ooo

35t.774

t9

058

(1,217,394)

1,500,000

6,790,000 129,gg1

(5,415,000)

6,086,382

20,000

(6,086.382)

(20,000)

1.350.000 13.358-8631 27 .21%

1,350,000 1.500.000 525.619

26.89%

631.967 25.67o/n

9.000 ,000 6

1.500.000

142.994 15.178.906) 23.81%

69

25.70o/o

(344 2 25

t8%

1,504.881

287.487

2193%

ELK GROVE PARK DISTRICT, ILLINOIS Equalized Assessed Value and Actual Value of Taxable Property - Last Ten tr'iscal Years December 31, 2012 (Unaudited)

Year

Tax Levy Year

2003

2002

2004

2003

508,428,895

253,678,966

1,120,505,143

2005

2004

572,693,521

274,458,234

1,219,852,836

2006

200s

615,745,592

299,132,396

1,284,938,287

2007

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

20tt

20t0

776,542,134

263,215,563

1,029,251,636

2012

20tt

N/A

N/A

Fiscal

Residential Properly

$

Industrial

Commercial PropeĂşy

s

512,090,635

N/A

257,122,134

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-l/3% of market value. All property is reassessed on a repeating triennial cycle.

Detail for the 201I assessed valuation is not available.

The 2012 assessed valuation is not currently available.

Data Source: Office of the County Assessor

70

Property

s

1,146,447,373

Total

Total

Railroad

Total

Estimated

Assessed

Actual Value

Value

s 1,915,660,142 $ 632,031 $ 1,916,292,173 $

Direct Tax Rate

5,74g,976,519

0.458

1,882,613,004

877,829

1,883,490,833

5,650,472,499

0.504

2,067,004,591

710,659

2,067,715,250

6,203,r45,747

0.533

2,199,816,275

654,395

2,200,470,660

6,601,411,980

0.531

2,211,597,595

648,823

2,212,236,419

6,636,709,254

0.5s0

2,540,785,900

698,459

2,541,484,359

7,624,453,074

0.491

2,318,124,084

625,263

2,318,749,347

6,956,248,047

0.490

2,183,510,773

751,3r7

2,184,262,090

6,552,786,270

0.523

2,069,009,333

937,212

2,069,946,545

6,209,839,635

0.562

N/A

N/A

1,857,753,871

5,573,261,613

0.633

7t

ELK GROVE PARK DISTRICT, ILLINOIS Direct and Overlapping Property Tax Rates - Last Ten Fiscal Years* Elk Grove Township December 31, 2012 (Unaudited)

2003

2004

Corporate Bonds and Interest

0.233 0.000

0.2s0

Illinois Municipal Retirement Police Protection Social Security Auditing Liability Insurance

0.013

200s

Direct Rate - Elk Grove Park District

0.006

0.029 0.001

0.000 0.070 0.005 0.006

Recreation Paving and Lighting Museum Special Recreation Limited Bonds Total Direct Rate - Elk Grove Park District

0.012

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

0.068

0.005

0.005

0.005

0.00s 0.027 0.097

0.659

0.593

0.061

0.0s9

0.060

0.070 0.006 0.009 0.371 0.462 0.180

0.072 0.004 0.010

0.062

0.361

0.512

0.533

0.001

0.009 0.347 0.497

0.195 2.127

0.1 87

1.816

0.295

t.982 0.3 r0

5.887

6.291

0.280 5.824

6.34s

6.795

6.357

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.

72

0.023

0.690

Note: The Elk Grove Park District is situated in two counties, Cook and DuPage

N/A- Information not Available

0.00r

0.082 0.458

1.855

Data Source: Cook County Clerk's office * Rates are per $100 of Assessed Value

0.037

0.014 0.006 0.023

0.015 0.095 0.504

1.888

Total Tax Rate

0.000 0.014 0.008 0.030 0.002 0.006 0.07s

0.228

and two townships,

1.972

2006

2007

2008

2009

20t0

20tt

2012

0.239 0.052

0.243

0.215

0.017 0.004

0.015 0.002

0.241 0.0s0 0.024

0.271

0.045 0.015

0.215 0.044

0.225

0.052

0.024

0.021

0.001

0.000

0.000 0.018

0.001

0.073

0.074

0.005

0.004

0.018 0.000 0.019 0.066 0.004

0.003

0.003

0.002

0.021 0.094

0.021

0.019 0.087

0.s31

0.547 0.060

0.097 0.550

0.500

0.491

0.458 0.0s3

0.0s7 0.062

0.0s7

0.009

0.00s 0.009

0.000 0.008

l5

0.284

0.496

0.507

0.263 0.492

0.1 82

0.1 87

1.933 1.759

2.013

0.062 0.005 0.3

0.047 0.022

0.055

0.018 0.000 0.017

0.001

0.02t

0.002 0.022

0.001

0.001

0.001

0.001

0.019 0.067 0.004 0.002 0.019 0.085 0.490

0.023

0.025

0.031

0.071

0.075

0.085

0.000

0.003

0.002

0.003

0.00s 0.021

0.005

0.415 0.051

0.059 0.000 0.008 0.252 0.490

0.020 0.090

0.003

0.026

0.022

0.093

0.103

0.523

0.562

0.633

0.415 0.049

0.423 0.051

0.487 0.058

0.064

0.07r

0.081

0.000 0.008

0.000 0.009 0.274

0.000 0.010

0.261 0.524

0.320

0.646

0.750

0.220

0.265

2.t29

2.422 2.067

0.r68 L810 1.587

0.203 1.945 1.636

0.281

1.823 0.288

0.167 1.791 1.621

0.260

5.735

5.170

0.256 5.096

0.258 5.363

0.29s

5.649

6.285

I

5.886

t9

73

0.029

1.839

5.957

0.334 6.794

ELK GROVE PARK DISTRICT, ILLINOIS Direct and Overlapping Property Tax Rates - Last Ten Fiscal Years* Schaumburg Township December 31, 2012 (Unaudited)

2003

2004

200s

Corporate Bonds and Interest

0.233

0.228

Illinois Municipal Retirement

0.013

Police Protection Social Security

0.006

Auditing Liability Insurance

0.001

0.2s0 0.000 0.014 0.008 0.030 0.002 0.006

Direct Rate - Elk Grove Park District 0.000

0.029 0.000 0.070

Recreation Paving and Lighting Museum Special Recreation Limited Bonds Total Direct Rate - Elk Grove Park District

0.005

0.006 0.012 0.082 0.458

Overlapping Rates Cook County

0.690

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 Total Tax Rate

0.075

0.00s 0.00s 0.015

0.09s 0.504

74

0.023 0.068 0.00s 0.005

0.027 0.097 0.533

0.061

0.s93 0.060

0.1 05

0.1il

0.101

0.304 0.006 0.371 0.009 0.462

0.319 0.004

0.284 0.00r

0.361

0.347 0.009 0.497

3.142

3.4t4

2.067 0.295

2.165

3.102 2.156

0.310

0.280

7.512

7.924

7.430

7.970

8.428

7.963

taxing agencies located in the county and township in which a property is located.

* Rates are per $100 of Assessed Value N/A- Information not Available

0.001

0.659 0.059

0.010

0.512

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

Data Source: Cook County Clerk's office

0.037 0.014 0.006 0.023

2006

2007

2008

2009

2010

20rt

2012

0.239 0.0s2

0.243

0.215

0.2t5 0.044

0.017 0.004

0.015 0.002

0.045 0.015

0.22s 0.047 0.022

0.271

0.0s2

0.024

0.021

0.001

0.000 0.018

0.018 0.000 0.017

0.001

0.241 0.0s0 0.024 0.002

0.021

0.022

0.001

0.001

0.001

0.001

0.019 0.067 0.004 0.002 0.019 0.08s

0.023

0.025

0.031

0.071

0.075

0.085

0.000

0.003

0.002

0.003

0.00s

0.005

0.020 0.090

0.021

0.022

0.097 0.550

0.019 0.066 0.004 0.002 0.019 0.087

0.093

0.103

0.491

0.490

0.523

0.562

0.633

0.s00

0.458

0.415

0.053

0.051

0.415 0.049

0.423 0.051

0.487 0.0s8

0.089

0.1l0

0.t25

0.2s8 0.000

0.295

0.321 0.000

0.3 15

0.284

0.263

0.009

0.009 0.507

0.008

0.089 0.254 0.000 0.252 0.008 0.489

0.092

0.005

0.057 0.104 0.287 0.005

0.000 0.073 0.005 0.003

0.021 0.094 0.531

0.547 0.060 0.1 00

0.277

0.496

0.074 0.004 0.003 0.021

0.001

0.018 0.000

0.256 0.000

0.492 2.582

2.191

3.104 2.261

0.281

0.288

7.284

7.406

0.260 6.433

7.815

7.956

6.924

3.003

1.972

0.26r 0.008 0.524

0.055

0.029 0.003

0.026

0.000 0.274 0.009 0.646

0.010 0.750

3.196 2.482 0.334

0320

2.559

2.592

1.928 0.256

0.258

2.996 2.204 0.295

6.301

6.373

7.303

8.083

6.79t

6.896

7,

8.716

75

1.916

ELK GROVE PARK DTSTRICT,

TLLTNOTS

Principal Property Tax Payers - Current Fiscal Year and Nine Fiscal Years Ago December 31, 2012 (Unaudited)

20t2

2003 Percentage

Percentage

Taxable

of Total District Taxable

Taxable

Assessed

Assessed

Rank

Value

Value

I

Assessed

Taxpayer Crane & Norcross $ Arthur J. Rogers & Co. AMB Property RE Tax Co. John Buck Co. ADP Inc. FSB Propefty Management American Service Insurance Tarantula Ventures LLC New Plan Property Tax KTR Capital Partner Tax Dept.

Hamilton Partners Centerpoint Properties TrammellCrow Company Draper & Kramer Rodgers Industrial Park PNWP LLC BBKI Incorporated Baird & Warner

Value 53,804,274 17,296,865 15,450,025 15,150,987 14,462,779 13,961,241 13,133,617 12,577,357 12,056,896 11,865,747

of Total District

5

2.90% 0.93% 0.83% 0.82% 0.78%

6

0.75%

7

0.71% 0.68% 0.6s% 0.64%

2 J

4

I 9 1

0

$

9.68%

Assessed

Rank

Value

1,309,187

2

1.98%

16,076,196

9

1.02%

58,222,834 29,680,347

I

3.68%

J

1.88%

29,970,459

4

23,506,347 20,628,976 18,556,912 17,554,478

5

r.90% t.49%

6

t3t%

7

Lt1%

3

I 179,759,788

Taxable

ll9

00

257,625,236

I I0

t.tl% 0.77% 16.3

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

76

1o/n

ELK GROVE PARK DISTRICT,ILLINOIS Property Tax Levies and Collections - Last Ten Fiscal Years December 31, 2012 (Unaudited)

Tax Fiscal Year

Levy Year

Extension Grand Total Fiscal Year

Collected within the Collections Fiscal Year of the Levy in

Amount

Percentage

Subsequent

ofLew

Years

2003 2002 s 7,713,951

N/A

N/A

N/A

2004

2003

8,328,093

N/A

N/A

2005

2004

9,585,281

N/A

2006 2005

10,304,042

2007 2006

Total Collections to Date Percentage

Amount

ofLew

$ 7,540,835

97.t6%

N/A

8,180,088

98.22%

N/A

N/A

9,594,667

100.10%

N/A

N/A

N/A

10,207,245

99.06%

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

t1,356,365

N/A

N/A

N/A

tt,ttt,443

97.84%

2010 2009

11,601,431

N/A

N/A

N/A

11,313,270

97.52%

20tl 2010

11,636,287

N/A

N/A

N/A

t1,288,749

97.01%

20t2 20tt

1t,763,t73

N/A

N/A

N/A

t1,462,116

97.44%

77

ELK GROVE PARK DTSTRTCT, TLLINOTS Ratios of Outstanding Debt by Type - Last Ten Fiscal Years December 31, 2012 (Unaudited)

Governmental Activities Alternate Obligation Revenue General

Fiscal Year

Bonds

Bonds

Total Primary Government

Percentage

ofPersonal Income

Per

Population

Capita

2003$3,325,000$7,535,000$10,960,000

0.46%

34,727 $

313

2004

I1,760,000

6,475,000

18,235,000

0.77%

34,727

525

2005

12,605,000

5,420,000

18,025,000

0.72%

34,727

519

2006

11,695,000

4,045,000

15,740,000

0.63%

34,727

453

2007

10,695,000

2,640,ooo

13,335,000

0.53%

34,727

384

2008

9,735,000

1,205,000

10,940,000

0.44%

34,727

315

2009

15,225,000

15,225,000

0.61%

34,727

438

2010

11,220,000

11,220,000

0.45%

34,727

323

20tt

8,670,000

8,670,000

0.36%

33,127

262

2012

8,745,000

8,745,000

0.37%

33,127

264

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

78

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 I)ecember 31, 2012 (Unaudited)

Fiscal Year

Net

Gross General

Debt Payable

from

General

Assessed

Obligation

Other

Obligation

Value of Property

Bonds

Sources

Bonds

Ratio of Bonded Debt to Assessed

Value

Per

Population

Capita

2003 $ 10,860,000 $ 83,919 $ 10,776,081 $ 1,684,981,270 0.640% 34,727 $

310

2004 18,235,000 62,196 18,172,804 1,653,968,775 1.099%

34,727

523

2005 18,025,000 60,712 17,964,288 1,817,284,428 0.989%

34,727

517

2006 11,695,000 59,073 77,635,927 1,936,849,957 0.601%

34,727

335

2007 10,695,000 55,222 10,639,778 1,938,288,815 0.549%

34,727

306

9,735,000 50,242 9,684,758 2,246,067,851 0.431%

34,727

279

2009 15,225,000 72,490 15,152,510 2,318,749,347 0.653%

34,727

436

2,184,262,090 0.509%

34,727

320

2}ll

8,670,000 87,258 8,582,742 2,069,946,545 0.415%

33,127

259

2012

g,745,000 104,437 8,640,563 1,857,753,871 0.465%

33,127

26t

2008

2010 1r,220,000 93,277 11,126,723

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

79

ELK GROVE PARK DISTRICT, ILLINOIS Schedule of Direct and Overlapping Governmental Activities Debt

I)ecember 31, 2012 (Unaudited)

*Percentage

Governmental Unit

Elk Grove Park District

to Debt Applicable to

District's

District

Debt

Gross Debt

$

8,745,000

Cook County Cook County Forest Preserve District

3,719,535,000 131,500,000

Metro Water Reclamation District City of Des Plaines Village of Elk Grove Village School District CC #59 Palatine Township High School#2ll Arlington Heights Township High School#zl{ Harper Community College District #512

2,296,170,090

100.00% 1.22% 1.22% 1.25%

800,000 49,405,000 13,455,000

0.63% 90.28% 49.99%

24,970,000

3.77% 16.44%

46,530,000 178,285,000

9.00%

Share

$ #

of

8,745,000 45,415,410 1,605,61I 28,604,337 5,019 44,602,632 6,725,910

940,176 7,650,008 16,047,459

Subtotal Overlapping Debt

6,460,650,090

151,596,562

Totals

6.469.395.090

160.34t,562

+ 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

80

ELK GROVE PARK DISTRICT, ILLINOIS Legal Debt Margin - Last Ten tr'iscal Years December 31, 2012 (Un audited)

See

Following Page

ELK GROVE PARK DISTRICT, ILLINOIS Legal Debt Margin - Last Ten Fiscal Years I)ecember 31, 2012 (Unaudited)

2004

2003

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

2005

1.684.981.270 t.653.968.77s 1.8r7.284.428

1,936.849,957

48,443,212 47,551,602 52,246,927 7,s3s,000

40.908.212 84.4s%

55,684,436

6,47s,000

5.420.000

4.04s.000

4t.076.602

46 826 92 7

s1 639.436

86.38%

89.63%

Non-Referendum Legal Debt Limit .575% of Assessed Value

9,688,642 9,510,320 10,449,385

Amount of Debt Applicable to Limit

3,325,000

1,860,000 2,705,000

Legal Debt Margin

6.363.642

7.650.320

Percentage of Legal Debt Margin to Bonded Debt Limit

6s.68%

Data Source: District Records

8l

80.44%

7.744.385

74.tt%

92.74%

I1,136,887 2,345,000 8^791^887

78.94%

2007

1.93 8.288.815

2008

2.246.067.8s1

20r0

2009

2.184-262-090

2.318.749.347

20rl

2012

2.069.946.545

1.857.753.871

59,510,963

53,410,424

55,725,803

64,574,451

66,664,044

62,797,535

2,640,000

1,20s,000

7.700.000

4,355,000

2.51s,000

6.71s.000

63 169 45 I

s8.964.044

58.442.515

56.995-963

46.69s.424

53.085-803

98.13o/o

9s.26%

93.07%

88.45%

95.77%

87.43%

10,682,085

I 1,145,161

12,914,890

13,332,809

12,559,507

11,902,193

1,925,000

1.57s.000

7,700,000

4.3s5.000

2,515,000

1.425.000

-339.890

5.632.809

8.204.507

9.387.193

9.257.085

9.220.161

1r

65.33%

87.80%

82

86.

ELK GROVE PARK DISTRICT, ILLINOIS Demographic and Economic Statistics - Last Ten Fiscal Years I)ecember 31, 2012 (Unaudited)

Per

Fiscal Year

Population

2003

34,727

2004

34,727

2005

s

Total

Capita

Personal Income

Personal Income

2,3 58,136,935

$

Unemployment Rate

67,905

5.90%

2,358,136,935

67,905

s.70%

34,727

2,494,579,318

71,834

5.50%

2006

34,727

2,494,579,319

71,834

4.50%

2007

34,727

2,494,579,318

71,834

4.00%

2008

34,727

2,494,579,318

71,834

4.80%

2009

34,727

2,494,579,319

71,834

8.70%

2010

34,727

2,494,579,318

71,834

8.50%

20tt

33,r27

2,379,644,919

77,834

8.s0%

2012

33,127

2,379,644,918

71,834

7.80%

Data Source: Census Data

83

ELK GROVE PARK DISTRICT, ILLINOIS Principal Employers - Current Fiscal Year and Nine Fiscal Years Ago I)ecember 31, 2012 (Unaudited)

2003

2012

Employees as

Ti:l:채i# Employer

Employees

Rank

3,100

I

1,500

2

1,000

J

3.r0% 150% 1.00%

Symons

770

4

0.77%

Little Lady Foods, Inc. Executive Building Maintenance, Inc

700

5

632

6

Clear Lam Packaging, Inc. Groot Industries, Inc. Tredroc Tire Services Ceva Logistics U.S., Inc.

600 600 s00

7

500

9

0.70% 0.63% 0.60% 0.60% 0.s0% 0.50%

Alexian Brothers Medical Center Automatic Data Processing Wirtz Beverage of Illinois, LLC

a Percentage

of Village Employment

8

9

United Airlines Field Container Co. LP John B. Sanfillipo & Son Inc. Clark Food Service, Inc. Judge & Dolph LTD Quebecor World, Chicago Division The Pollak and Shan Group Albertson's Warehouse

Rank

of Village Employment

2,500

2

250%

1,300

5

1.30%

3,732

I

3.73%

1,700

J

1.70%

1,400

4

t.40%

900 500 s00 450 450

6

0.90% 0.50%

7 7 8

8

050% 0.45% 0.45%

Total

9.90%

13.43%

Estimated Total Employment

100,000

100,000

Data Source:2012 and 2003 Illinois Manufacturers Directory and Illinois Service Directory

84

ELK GROVE PARK DISTRICT,ILLINOIS Government Employees by Function/Program - Last Ten Fiscal Years December 31, 2012 (Unaudited)

FunctionĂ&#x2020;rosram General Government Administration - Full Time Administration - Parl Time

Park Services - Full Time Park Services - Part Time Park Services - Seasonal

Recreation Recreation - Full Time Recreation - Part Time

Pools - Full Time Pools - Part Time Pools - Seasonal

Golf - Full Time Golf - Paft Time

Fitness - Full Time Fitness - Part Time

Total Full Time Total Part Time Total Seasonal

2003 2Q04 2005 2006 2007 2008 2009 2010 20tt 20

20

l9

7

39 2t l6 8

45

18

l8

6

7

27

24

2s

t9

t6

l7 l6

7

l5

52

20 10

t9 t2 3t

t9

20

20

30

3r

32

11

ll

12

29

30

l8

20

2t

20

2l

8

2l l0

20

9

l3

35

25

28

20

22

36

32

t2

t2

t2 6t

26 329

30 343

26

23

2l

25

325

293

291

289 314

47

38

20 9

20t2

50

67

65

68

57

t7

l8

l4

t6

374

349

301

331

I

I

J

J

4

2

2

2

88

2 89 77

2

64 90

95

8l

65

65

80

96

146

120

t23

133

147

139

r03 173

391 367 315 347 355 373 351 316 312 ll6

155 205 168 243 204 l9l 5

4

67

69

72

73

4 67

7t

202 229 237

278

5

5

5

5

5

5

5

7t

72

73

65

67

6t

71

66

76

76

77

78

70

72

J

J

J

2

J

J

J

J

60

5l

5l

57 60

65

4 59

J

5l

70

72

68

63

73

75

76 79

82

78 539

73

7l

566

5s6

s56

76 579

159

165

159

l5l

185

s4

63

54

53

67

65

57

6t

591

590

564

98

r32

521 92

t66

77 556 142

756 787 670 791 775 807 782 788 778

840

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.

85

ELK GROVE PARK DTSTRTCT, TLLINOTS Operating Indicators by Function/Program - Last Ten Fiscal Years December 31, 2012 (Unaudited)

See

Following Page

ELK GROVE PARK DISTRICT, ILLINOIS Operating Indicators by Function/Program - Last Ten Fiscal Years December 31, 2012 (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

2003

2004

2005

13,635

13,145

13,462

N/A

N/A

10,869

18,024 6,018

31,390 30,316 12,510

5,452 20,160 29,878

Fox Run Golf Rounds

N/A - Information Not Available Data Source: District Records

86

18,987

18,225

11,987

25,353 10,620

11,091

36,483

36,096

35,623

2006

2007

13,891

14,657

2t0,239 31,682

228,8r4 29,854 6,872 21,832

6,229 20,327 55,479 9,977 33,941

2008

2009

20t0

20tl

I4,120 233,982 29,759 6,175

11,938

10,527

232,171

240,436

44,535

43,317

4,782 22,563

25,944

9,103 240,753 43,569 2,850 25,542

19,414 15,678

52,150 17,633

47,383

22,378 47,988

18,328

17,671

34,072

32,324

27,235

28,405

lr,44l

18,090 45,672 13,029

34,874

34,453

49,990

87

4,r36

2012

r1,754 240,518

47,318 1,404

ELK GROVE PARK DISTRICT, ILLINOIS Capital Asset Statistics by Function/Program - Last Ten Fiscal Yearc December 31, 2012 (Unaudited)

Function/Proeram

2003

2004

2005

474

474

474

45

45

45

4l

4t

4t

2

2

2

1

1

I

1

1

Parks and Recreation Parks

Total Acreage Number of Parks Facilities (Number) Playground

Indoor Swimming Facilities Outdoor Swimming Facilities Outdoor rilater Park

I I I I I

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

I

1

1

I

1

1

I

1

3

J

J

4

4

J

5

5

5

29 24

29 24

29 24

2

2

2

l9

t9

19

35

35

35

9

9

9

t5

15

1

I

t4 I

Concession Stands

4

4

4

Rollerblading Area

2

2

J

Skateboard Facility

I

Community Garden

1

I I

1

1

Sled

Hill

Frisbee

Golf

Data Source: Dishict Records

88

I

I I

2006

2007

2008

2009

20r0

20tt

2012

474

474

474

474

474

474

474

45

45

45

45

45

45

45

4t

40

40

40

4I

4t

4t

2

2

2

2

2

2

2

1

1

1

1

I

I

1

I

1

1

1

1

1

1

1

I

1

1

1

I

1

1

1

1

I

I

1

I

1

I

I I I I

I I

1

1

1

I

I I

3

J

J

J

J

J

J

4

4

4

4

4

4

4

5

5

5

5

5

5

5

30

30 30

30

30

30

30

30

30

30 30

30 30

30 2

2

2

2

2

2

2

t7

t6

t6

I6

I9

t9

t9

35

35

3s

35

35

35

35

9

9

9

5

5

5

l4

n

ll

9

1l

13

13

13

2

2

2

2

2

2

2

4

4

4

J

J

J

J

3

J

J

I

l0

l0

10

7

4

J

I

1

I

I I

4

89

1 1

I I