Page 1

Comprehensive Finencial

Annuel Report 2014

I


ELK GROVE PARK DISTRICT, ILLINOIS COMPREHENSIVE ANI\UAL FINANCIAL REPORT FOR THE FISCAL YEAR ENDED DECEMBER 31,2014

Prepared by the Finance Department

Thomas A. Busby, Finance Manager


ELK GROVE PARK DISTRICT,ILLINOIS TABLE OF'CONTENTS

PAGE

INTRODUCTORY SECTION Principal Officials...... Or ganization Chart..... Letter of Transmittal .. Certificate of Achievement for Excellence in Financial Reporting....

...1

.ii vi vii

111

FINANCIAL SECTION

t-2

INDEPENDENT AUDITORS' REPORT

MANAGEMENT'S DISCUSSION AND ANALYSIS

....MD&A I -

....

14

BASIC FINANCIAL STATEMENTS: Govemment-Wide Financial Statements Statement of Net Position Statement of Activitres

3-4 5-6

Fund Financial Statements Balance Sheet - Govemmental Funds ................ Reconciliation of Total Govemmental Fund Balance to the Statement of Net Position - Governmental Activities........... Statement of Revenues, Expenditures and Changes in Fund Balances - Governmental Funds Reconciliation of the Statement of Revenues, Expenditures and Changes in Fund Balances to the Statement of Activities - Governmental Activities .......... Statement of Net Position - Proprietary Fund...... Statement of Revenues, Expenses and Changes in Fund Net Position - Proprietary Fund Statement of Cash Flows - Proprietary Fund

9

... 10 -

11

..12 .. 13

14

.15

16

Notes to Financial Statements

-8

7

40

REQUIRED SUPPLEMENTARY INFORMATION Schedule of Funding Progress and Employer Contributions

4l

Illinois Municipal Retirement Fund......... Schedule of Revenues, Expenditures and Changes in Fund Balance General Fund ........

Recreation

-

Special Revenue Fund.........

-

Budget and Actual 42 43


ELK GROVE PARI( 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.............44 Schedule of Expenditures by Program - Budget and Actual - Recreation Special Revenue Fund.......45 Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual 46 Debt Service Fund 47 Capital Projects Fund......... 48 49 Combining Balance Sheet - Nonmajor Governmental - Special Revenue Funds Combining Statement of Revenues, Expenditures and Changes in Fund Balances

-

-

Nonmajor Governmental - Special Revenue Funds........ Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual Associations - Special Revenue Fund......... Paving and Lighting - Special Revenue Fund......... Audit - Special Revenue Fund......... Liability Insurance - Special Revenue Fund......... Illinois Municipal Retirement - Special Revenue Fund......... Police Protection - Special Revenue Fund......... Social Security - Special Revenue Fund......... Special Recreation - Special Revenue Fund... Museum - Special Revenue Fund Schedule of Revenues, Expenses and Changes in Net Position - Budget and Actual Golf Course - Enterprise Fund

STATISTICAL

S

50-51 ..52 ..53 54

..55 .......56 .57 .58 59

60 .61

ON lllnauditedĂŹ

Net Position by Component - Last Ten Fiscal Years........ Changes in Net Position - Last Ten Fiscal Years.. Fund Balances of Governmental Funds - Last Ten Fiscal Years........ Changes in Fund Balances for Governmental Funds - Last Ten Fiscal Years........ Equalized Assessed Value and Actual Value of Taxable Property - Last Ten Fiscal Years Direct and Overlapping Property Tax Rates - Last Ten Fiscal Years Elk Grove Township. Schaumburg Township Principal Property Tax Payers - Current Fiscal Year and Nine Fiscal Years Ago Property Tax Levies and Collections - Last Ten Fiscal Years........ Ratios of Outstanding Debt by Type - Last Ten Fiscal Years Ratio of Net General Obligation Debt to Equalized Assessed Value and Net General Obligation Bonded Debt Per Capita - Last Ten Fiscal Years..... Schedule of Direct and Overlapping Govemmental Activities Debt.... Legal Debt Margin - Last Ten Fiscal Years........ Demographic and Economic Statistics - Last Ten Fiscal Years Principal Employers - Current Fiscal Year and Nine Fiscal Years 4go...... Government Employees by Function/Program - Last Ten Fiscal Years Operating Indicators by Function/Program - Last Ten Fiscal Years Capital Asset Statistics by FunctiorVProgram - Last Ten Fiscal Years .

62-63 64-6s 66-67 68-69

70-7r

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 Executive Director, and Certificate of Achievement for Excellence in Financial Reporting.


ELK GROVE PARK DISTRICT, ILLINOIS Principal Off誰cials December 31,,2014

BOARD OF COMMISSIONERS

Thomas E. Cooke, President

Bill O'Malley, Vice President

Ralph Souder, Treasurer

John Walz, Secretary

Bob Biedke, Commissioner

OFFICERS Tom Hoffrnan, Attorney

PARK DISTRICT STAFF Mike Brottman, Executive Director Thomas A. Busby, Finance Manager

I


Elk Grove Park District

- Management

Park Board

Team

of

Commissioners

Executive Director Mike Brottman

Director of Fยกnance

Director of Leisure

DirectorofParks &

Supt of Golf

Services

Planning

Operations

Tammy Miller

Ben Gurcio

OPEN

Tom Busby

Supt of Human Resources

Christine Matlak

Safety Coordinator

Anita Healy

Supt of lT

Supt of Rec

Kevin Sanabrais

Jeff Collier

I

Supt of Rec ll A.J. Collier

Supt of Marketing Kelly Carbon

Supt of Parks & Facilities

Public Relations Manager

OPEN

Diane Malinowski


March 13,2015

To the Citizens of the Elk Grove Park District: Elk Grove Park District Board of Commissioners Bob Biedke

Tom Cooke

Bill O'Malley Ralph Souder John Walz

Mike Brot[man, Executive Director

The comprehensive annual financial report of the Elk Grove Park District, Illinois (District) for the fiscal year ended December 31, 2014, is hereby submitted as mandated by State Statutes. The District is required to issue annually a report of its financial position and activity presented in conformance with generally accepted accounting principles (GAAP) and audited in accordance with generally accepted auditing standards by an independent firm of certified public accountants. Responsibility for both the accuracy of the data, and the completeness and fairness of the presentation, including all disclosures, rests with the District. To the best of our knowledge and beliet the enclosed data is accurate in all material respects and is reported in a manner designed to present fairly the financial position and results of operations of the various funds and account groups of the District. All disclosures necessary to enable the reader to gain an understanding of the District's financial activities have been included.

The District has established a comprehensive set of internal controls that are designed to protect the District's assets from loss, theft, or misuse. These internal controls are also used to compile suffrcient reliable information for the preparation of the District's financial statements in conformity with GAAP. Because the cost of internal 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 hnancial statements will be free from material misstatements. Generally accepted accounting principles, (GAAP) require that management provide a narrative introduction, overview, and analysis to accompany the basic 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.

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

Elk Grove Park District 499 Biesterfield Road Elk Grove Village,lL 贸0007 Phone 847-贸901190 Fax 847-228-3508

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 acres 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 20052006, and re-opened in 2006, is a water theme park that includes a large pool, diving boards, five water slides, zero depth access, lazy river, and other water attractions.

www.elkgroveparks.org

lll


Other special facilities operated by the District include a covered outdoor skate boarding facility; an 18-hole golf course and clubhouse located on 161 acres; driving range; farmhouse museum; fitness center; senior centerĂžreschool facility; banquet facility. Indoor/outdoor swimming pools, which were renovated in 2013, with the addition of a warm water therapy pool, are included 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 ECONOMIC CONDITION, AND OUTLOOK

in 1966, is located in a northwest suburb of Chicago, approximately 22 miles nofthwest of Chicago's Loop area and is a twenty-minute drive from O'Hare International Airport. EIk Grove Village is located in southern Cook County with a small section of the District in northem DuPage County. Elk Grove is a community of 33,419 residents and covers approximately 12 square miles with roughly 6 square miles of residential area, and 6 The District, incorporated

square miles of industrial area.

The industrial park has over 3,800 hrms that employ over 100,000 full+ime employees. The largest employers include Automatic Data Processing, Alexian Brothers Medical Center, Harvard Maintenance, Steiner Electric, Little Lady Foods Inc., Topco, New Albertsons, Fort Dearborn, Village of Elk Grove, and Ready Set Services. 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 ofthe District's tax base is concentrated in industrial and commercialproperties.

The District operates under a board-manager form of government. The Board consists of five individuals who are elected from the District at large to serve six-year staggered terms. The Board is vested with all policymaking and legislative responsibilities. The Board employs an Executive Director to administer the policies, programs, and direct staff. Some of the Board's responsibilities include approval of the budget, tax levy, ordinances, long-term financial and capital planning; as well as establishment of committees and appointment of the District's attorney.

The unemployment rate for the Village decreased to 3.9 percent in2014. The Village's2014 unemployment rate is below the State's 2014 unemployment rate of 5.7 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.

IV


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

During 2014, the majority 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.

For lhe Future. A master plan of the District was completed with an outside consultant during 2012.The consultant met with staff and focus groups, along with visiting each park and facility. After reviewing the master plan with the Board of Commissioners projects have been added to the 2016 capital list.

The Pavilion Recreation Center is in need of some improvements, as it is almost twenty years old. New floors will be installed, the Garden Terrace restrooms will be updated, and all the old wallpaper will be removed from the walls and given a fresh coat of paint. The District is planning to begin the schematic design for renovations to the central buildings and fields at the Community Athletic Fields. Plans for this project include the reconstruction of concessions area, restrooms, storage, maintenance facilities, and field improvements. Potential construction start date is 2016 or 2017 .

OTHER INFORMATION Independent Audit. Illinois Compiled Statutes require an annual audit by independent certihed public accountants. The District's Board of Park Commissioners selected the accounting firm of Lauterbach & Amen, LLP, Certified Public Accountants. The auditor's report on the generalpurpose financial statements and combining and individual fund statements and schedules is included in the financial section of this report.

Awards. The Govemment 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, 2013. This was the thirteenth consecutive year the District has achieved this prestigious award. In order to be awarded a Certificate of Achievement, a govemment must publish an easily readable and efficiently organized comprehensive annual frnancial report. This report must satisfy both generally accepted accounting principles and applicable legal requirements.

A Certif,rcate of Achievement is valid for a period of one year only. We believe that our cunent comprehensive annual financial report continues to meet the Certificate of Achievement Program's requirements and we are submitting it to the GFOA to determine its eligibility for another certificate.

V


The Illinois Association of Park Districts (IAPD) and the Illinois Park and Recreation Association (IPRA)'s Distinguished Park and Recreation Accreditation Committee (DPRAC) awarded the District the Distinguished Accreditation award in 2013. The goal of the Illinois Distinguished Accreditation program is to improve the delivery of recreation services to the residents of Illinois through a voluntary comprehensive evaluation process. The desired result is to improve the quality of life for lllinois residents and to recognize those agencies that provide this quality service.

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

ln closing, without the leadership and support of the governing body of the District, preparation of this report would not have been possible.

Sincerely,

-<{

.,o,2

l//ÂĄ'ryr7.Ăž''-t,'t 4>-

tit-'

/

Thomas Busby

Executive

Director \

v1


( Government Finance Officers Association

Certificate of Achievement for Excellence in Financial Reporting Presented to

EIk Grove Park District Illinois For its Comprehensive Annual Financial Report for the Fiscal Year Ended

December 31r 201.3

ffirVĂ&#x160;tuExecutive Director/CEO

vil


F'INANCIAL SECTION This section includes: O

Independent Auditors' Report

a

Management's Discussion and Analysis

a

Basic Financial Statements

a

Required Supplementary Information

o

Combining and Individual Fund Statements and Schedules


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


Lauterb ach &, Amen, LLP

27W457 WARRENVILLE RD.

o WARBENVILLE, ILLINOIS 60555

PHONE 630.393.1483

.

FAX 630.393.2516

www.lauterbachamen.com CERTIFIED PUBLIC ACCOUNTANTS

Ma¡ch 13,2015 Members of the Board of Commissioners Elk Grove Park District Elk Grove Village, Illinois

We 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 3l,20l4,and the related notes to the financial statements, which collectively comprise the District's basic financial statements as listed in the table of contents.

Management's Responsibility for the Financial statements Management is responsible for the preparation and fair presentation of these financial statements in accordance with accounting principles generally accepted in the United States of America; this includes the design, implementation, and maintenance of intèrnal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, wtreitrei due to fraud or erTor.

Auditor's Responsibility Our responsibility is to express opinions on these financial statements 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, whethei duè to fraud or enor. In relevant to the District's preparation dit procedures that are appropriate in on the effectiveness of the District,s h opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reásonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the ñnancial statementsl We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinions.

Opinions

In our opinion, the financial statements referred to above present fairly, in all material

respects, the respective financial position of the governmental activities, tlie business-type activities, each mäjor fund, the aggregate remaining fund information of the Elk Grove Park Distriót, illinois, as of December 11d 31, 2014, and the respective changes in financial position and, where applicable, cash flows thereof for the year then ended in accordance with accounting principles generafy accepted in the United States of America.


Elk Grove Park District, Illinois March 13,2015 Page2

Other Matters Require d Supplementary Information

Accounting principles generally accepted in the United States of America require that the management's discussion and analysis as listed in the table of contents and budgetary information reported in the required supplementary information as listed in the table of contents, be presented to supplement the basic financial statements. Such information, although not part of the basic financial statements, is required by the Govemmental Accounting Standards Board, who considers it to be an essential part of financial reporting for placing the basic financial statements in an appropriate operational, economic, or historical context. We have applied certain limited procedures to the required supplementary information in accordance with auditing standards generally accepted in the United States of America, which consisted of inquiries of management about the methods of preparing the information and comparing the information for consistency with management's responses to our inquiries, the basic financial statements, and other knowledge we obtained during our audit of the basic financial statements. We do not express an opinion or provide any assurance on the information because the limited procedures do not provide us with sufficient evidence to express an opinion or provide any assurance. Other Information

Our audit was conducted for the purpose of forming opinions on the financial statements that collectively comprise the Elk Grove Park District, Illinois', financial statements as a whole. The introductory section, combining and individual fund financial statements and budgetary comparison schedules, and statistical section are presented for purposes of additional analysis and are not a required part of the financial statements.

The combining and individual fund financial statements and budgetary comparison schedules are the responsibility of management and were derived from and relate directly to the underlying accounting and other records used to prepare the financial statements. Such information has been subjected to the auditing procedures applied in the audit of the financial statements and certain additional procedures, including comparing and reconciling such information directly to the underlying accounting and other records used to prepare the basic financial statements or to the basic financial statements themselves, and other additional procedures in accordance with auditing standards generally accepted in the United States of America. In our opinion, the combining and individual fund financial statements and budgetary comparison schedules are fairly stated, in all material respects, in relation to the basic financial statements as a whole.

The introductory and statistical sections have not been subjected to the auditing procedures applied in the audit of the basic financial statements and, accordingly, we do not express an opinion or provide any assurance on them.

Ă&#x2C6;

LAUTERBACH & AMEN, LLP 2


MANAGEMENT'S DISCUSSION AND ANALYSIS


ELK GROVE PARK DISTRICT,ILLINOIS Management's Discussion and Analysis December 31,2014

Our discussion and analysis of the Elk Grove Park District's financial performance provides an overview of the District's hnancial activities for the hscal year ended December 31,2014. Please read it in conjunction with the transmittal letter on pages iii - vii and the District's f,rnancial statements, which begin on page 3.

FINANCIAL HIGHLIGHTS

o

The District's net position increased approximately $0.9 million or 1.2 percent for the fiscal year ended December 31, 2014. The District reported approximately $75.8 million in net position composed of $59.0 million in governmental and $16.8 million in business-type net position.

o

Governmental debt was reduced $2,465,000, leaving an outstanding balance of $8,650,000. This reflects a decrease of 22.2Yo.

o

The General Fund has an Unassigned Fund Balance of $5,736,613 or 100 percent expenditures.

o

The Enterprise Fund reported a decrease resulting in a year-end balance of $31,644.

o

The Park District's financial status continues to be strong. The combined fund equity for all funds at December 31, 2014 was $10,610,912 and $9,966,615 if you exclude the Capital Projects Fund.

of Unrestricted Net Position of

of

525,625

USING THIS ANNUAL REPORT This annual report consists of a series of financial statements. The Statement of Net Position and the Statement of Activities (on pages 3 - 6) provide information about the activities of the District as a whole and present a longer-term view of the District's finances. Fund financial statements begin on page 7. For governmental activities, these statements tell how services were financed in the short term as well as what remains for future spending. Fund financial statements also report the District's operation in more detail than the govemment-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 frnances, in a matter similar to a private-sector business. The government-wide financial statements can be found on pages 3 - 6 of this report.

MD&A

1


ELK GROVE PARK DISTRICT, ILLINOIS Management's Discussion and Analysis December 3lr2014

USING THIS ANNUAL REPORT

-

Continued

Government-\ilide 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 hnancial position of the District is improving or deteriorating. Consideration of other non-financial factors, such as changes in the District's property tax base and the quality of recreation programs offered, is needed to assess the overall health of the District.

The Statement of Activities presents information showing how the District's net position changed during the most recent fiscal year. All changes in net position are reported as soon as the underlying event giving rise to the change occurs, regardless of the timing of related cash flows. Thus, revenues and expenses are reported in this statement for some items that will only result in cash flows in future fiscal periods (e.g., uncollected taxes and earned but unused vacation leave).

Both of the government-wide hnancial statements distinguish functions of the Park District that are principally supported by taxes and intergovernmental revenues (govemmental activities) from other functions that are intended to recover all or a signihcant 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 l8-hole golf course and driving range. Fund Financial Statements

A fund is a grouping of related accounts that is used to maintain control over

resources that have

been segregated for specific activities or objectives. The Elk Grove Park District, like other local

governments, uses fund accounting to ensure and demonstrate compliance with finance-related legal requirements. All of the funds for the District can be divided into two categories: governmental funds and proprietary funds.

Governmental Funds Governmental funds are used to account for essentially the same functions reported as govemmental 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 f,rscal year. Such information may be useful in evaluating the District's near-term financing requirements.

l/4D&,A2


ELK GROVE PARK DISTRICT, ILLINOIS Management's Discussion and Analysis December 3lr2014

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 governmental activities in the government-wide financial statements. By doing so, readers may better understand the long-term impact of the govemment's near-term

financing decisions. Both the govemmental fund balance sheet and the governmental fund statement of revenues, expenditures, and changes in fund balances provide a reconciliation to facilitate the comparison between govemmental 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 govemmental funds is provided elsewhere in this report.

The District adopts an annual appropriated budget for all of the governmental funds. A budgetary comparison schedule for these fi.rnds 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 - 40 of this report.

MD&A

3


ELK GROVE PARI( DISTRICT, ILLINOIS Management's Discussion and Analysis December 3lr2014

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 4I - 43 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 onpages 44 - 6l ofthis 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 $75.8 million. Net Position Governmental

Business-type

Activities

Activities

20t4 Cunent and Other Assets Capital Assets TotalAssets

Long-Term Debt Other Liabilities/Def. Infl ows

$

2013

Total

2014

2013

23,904,608

25,033,974

117,733

57,372,780

58,981,727

t6,767,944

16,957,253

16,995,677

l7

81,277,388 84,015,701 6,738,285

122,576

20t4 24,022,341

25, I 56,550

74,140,724

75,938,980

,019,829 99,163,065

101,095,530

8,93 1,459

10,393

4,093

6,748,679

8,935,542

15,612,524

17,224,292

15,536,828

I

i, I 63,068

75,696

61,224

22,275,113

26.094.527

86,089

65,307 22,361,202

48,572,175

47,686,001

Restricted

1,002,304

979,277

Unrestricted

9,427,796

9,255,896

Total Liabilities

2013

26,159,934

Net Postion Net Investment in CapitalAssets

TotalNet Position

16,767,944 31.644

59,002,275 57,921,174

MD&A

4

16,

16,957,253

57,269

65,340,119

64,643,254

1,002,304

979,277

9,459,440

9,3 13,165

799,588 17,014,522 75,901,963

74,935,696


ELK GROVE PARK DISTRICT, ILLINOIS Management's Discussion and Analysis December 31,2014

GOVERNMENT-WIDE FINANCIAL ANALYSIS

-

Continued

By far the largest portion of the Elk Grove Park District's net position, which is 86.2 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 1.3 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 12.5 percent, or $9.5 million, represents unrestricted net position, and may be used to meet the District's ongoing obligations to citizens and creditors.

For 2014, net position of the Elk Grove Park District's governmental activities increased by 1.9 percent or $l.l million to $59.0 million. Net position of business-type activities decreased I .3 percent to $ 16.8 million Total revenues govemment-wide were reported at $19.2 million for the 2014 fiscal year. Charges for services (34.2 percent) and property tax revenue (60.2 percent) accounted for 94.5 percent of the total revenue. The total cost of all programs and services for the Elk Grove Park District was reported at $18.3 million. Of this total, general government expenses captured 32.7 percentand culture and recreation expenses accounted for 56.0 percent of the total costs for 2014.

MD&A

5


ELK GROVE PARK DISTRICT, ILLINOIS Management's Discussion and Analysis December 3lr2014

GOVERNMENT-WIDE FINANCIAL ANALYSIS

-

Continued

Changes in Net Position

Govemmental

Business-Type

Activities

Activities

20t4

2013

2014

Total

2013 2014

2013

Revenues

Program Revenues

$

Charges for Services

5,454,720

5,621,453 25,069

0perating Grants/Contrib.

7,257,224

7,071,381

23,539

25,069

23,539

I

11,544,731

1,635,'.171

1,622,661

General Revenues 11,544,731

Property Taxes

I 1,618,03

Interest Income

62,349

Miscellaneous

411,056 18,226,349

Total Revenues

1

457

36,899

238,466

17,959,028

1,636,228

1,622,661

Expenses

General Government Culture and Recreation

I

5,993,042

5,7 I 5,104

0,947,078

9,076,509

205,128

235,197

Intere$ on Long-Term Debt

-

Golf Course Total Expenses

Change in Net Position Before

17,145,248

Transfers

l,08l,l0l 2,932,218

l,08l,l0l

62,806

l3贸,899

471,056

238,466

19,862,577

19,581,689

5,993,042

5,715,104

10,947,078

9,016,509

1,85 1,1 贸2

1,988,484

1,851,162

1,988,484

205,128

235,197

1,851,162

1,988,484

18,996,410

11,015,294

(214,934) (365,823) 866'167

(300,000)

Transfers In/(Out)

Change in Net Position

I 5,026,8 0 I

2,566,395

300,000

2,632,218 (214,934) (65,823) 866,167 17.014,522

Net Position-Beginning

57,921,114

55,288,956

Net Position-Ending

59

57,921,174 I

MD&A

I

487,373

501,691

487,373

501,691

Replacement Taxes

I I ,618,03

6

g8

17,080,345

74,935,696

17,01

75,801,863

2,566,395

12,369 ,301


ELK GROVE PARK DISTRICT, ILLINOIS Management's Discussion and Analysis December 3lr2014

GOVERNMENT-WIDE FINANCIAL ANALYSIS

-

Continued

Governmental Activities Revenues for governmental activities totaled $18.2 million for hscal year 2014. Property tax revenue and replacement tax revenue represented the largest portion of the revenue base, generating 66.1 percent of the total. Charges for services accounted for 30.8 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.

of all

govemmental activities this year was $17.1 million. General government expenses, which primarily reflect the support services needed to provide the recreational program and services, accounted for 35.0 percent of total expenses or $6.0 million. Culture and recreation expenses captured 63.8 percent of the total expenses or $10.9 million. Culture and recreation expenses primarily reflect expenses associated with providing recreation programming and services. The majority of the increase in culture and recreation in 2014 is due to the reopening of the Pavilion Aquatics Center in February.

The cost

The following table graphically depicts the major revenue sources of the Elk Grove Park District. It shows very clearly the reliance of property taxes to fund governmental activities. It also clearly identifies the significant percentage the Elk Grove Park District receives from user fees (charges for services).

MD&A

7


ELK GROVE PARI( DISTRICT,ILLINOIS Management's Discussion and Analysis December 31, 2014

GOVERNMENT-WIDE FINANCIAL ANALYSIS Governmental Activities

-

-

Continued

Continued

Revenues by Source - Governmental Activities Interest Income

03%

Miscellaneous

2.6% Replacement Taxes

2.誰Yr Charges for Services

30.8%

Operating Grants/Contrib. 0.1%

Property Taxes 63.4%

Expenses and Program Revenues - Governmental

Activities

lRevenues lExpenses

$12,000,000 $ 10,000,000 $8,ooo,ooo $6,000,000 $4,000,000 $2,000,000

sGeneral 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 PARK DISTRICT,ILLINOIS Management's Discussion and Analysis December 31,2014

GOVERNMENT-WIDE FINANCIAL ANALYSIS

-

Continued

Business-Type Activities Operating revenues of the District's business-type activities were $1.6 million and operating expenses were $1.9 million for fiscal 2014. Charges for services primarily reflect green fees for the l8-hole golf course, driving range revenue, bar and grill sales, banquet sales, merchandise sales, and cart rentals. Expenses reflect costs associated with the operation of the golf course and driving range, including depreciation expense. Expenses and Program Revenues - Business-Type

Activities

I

Revenues

lExpenses $1,900,000 $

1,850,000

$

1,800,000

$1,750,000 $1,700,000 $1,650,000 $1,600,000 $1,550,000 $1,500,000

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 le gal 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 yeaf.

MD&A

9


ELK GROVE PARK DISTRICT,ILLINOIS Management's Discussion and Analysis December 3lr2014

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 $10.6 million, reflecting an increase of $0.2 million. Included in this year's total change in fund balance is a $0.1 million increase reported in the Recreation Fund. The General Fund reported a surplus in the current year of $109,706 compared to a budgeted def,rcit of $329,336. The surplus was primarily due to decreased expenditures by approximately $800,000 which more than ofĂ&#x;et the decreased revenue. 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 other positions that started later than expected. Actual benefits were also lower than

budget for the same reason actual wages were down. Supply accounts that were below budget include uniforms, vehicle fuel, horticulture supplies, and turf supplies. Actual contractual expenditures were lower than budget due to a reduction of spending on consultants, training and development, and legal services. Capital expenditures were lower than budget due to the Pavilion Aquatic project. Total revenue was lower than budget. The District's collection of property tax was 91 .7% of budget. The collection is normally higher but due to the General Fund hitting the tax rate ceiling the collection was lower than budget. Interest revenue continues to decline with the low interest rates. The General Fund continues to meet the District's fund balance reserve policy of maintaining a reserve equivalent to six months of budgeted expenditures. The Recreation Fund reported a surplus for the year of 5129p84 compared to a budgeted surplus of $303,245. Similar to the General Fund, expenditures were controlled and advantageous pricing in supplies and contractual services resulted in lower expenditures. In 2014, Pirates' Cove had its best year ever. Revenue was $400,187 in2014, compared to $381,685 in2013, and $353,429 in 2012. Pirates' Cove surplus also increased to $145,907 in2014, compared to $137,168 in 2013, and $118,613 in2012. The Fitness Center continues to be a steady performer with revenue of 51,400,263. Program revenue was $1,850,850 in 2014, compared to $1,695,898 in 2013. Program revenue was up in2074, due to the re-opening of the Pavilion Aquatics Center in February. The Recreation Fund continues to meet the District's fund balance reserve policy of maintaining a reserve equivalent to three months of budgeted expenditures. The Debt Service Fund reported a $74,085 deficit due primarily to lower property taxes. The Debt Service Fund is not part of the fund balance policy; however the fund maintains a reserve.

The Capital Projects Fund reported a $58,955 deficit due primarily to spending of prior issues reserves. The Fund ended the year with a fund balance of 5644,297 .

MD&A

10


ELK GROVE PARK DISTRICT,ILLINOIS Management's Discussion and Analysis December 3lr2014

FINANCIAL ANALYSIS OF THE GOVERNMENT'S FUNDS

-

Continued

Proprietary Fund The Elk Grove Park District's proprietary fund provides the same type of information found in the government-wide financial statements, but in more detail.

The District reports its golf and driving range operations as a major proprietary fund. This fund accounts for all of the operations of the 18-hole golf course and driving range. The District owns the golf course land, but leases the property for the driving range from the Metropolitan Water Reclamation District. The District annually pays both base and percentage of net income rent to the Metropolitan Water Reclamation District. The golf course and driving range are fully supported by user fees. The goal of the operation is to be profitable, as fund equity is consistently reinvested into the course. For fiscal year 2014, the golf course and range operations produced a 8214,934 deficit. Net position decreased to $16.8 million from $17.0 million. The deficit was caused by lower revenue due to a downturn in golfers. Cash and cash equivalents decreased to $40,182. Although the net position is primarily composed of capital assets ($16.8 million), the operation has 531,644 in unrestricted net position. The net position reserve policy is not being met due to a $2.3 million investment in the course renovations completed in20l3.

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 3I,2014 were $74.1 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

20t3

2014

Land

$

14,149,158

Land Improvements

Machinery and Equipment

13,470,356 13,470,356

4,149, I 58

27,619,514

4,679,410

4,676,539

2,363,962

2,497,013

34,428,535

27,971,358

718,185

789,671

35,146,720

4,397,042

198,896

177,931

4,314,573

4,115,677

16,545

57,372,780 58,981,72T

MD&A

20t3 2'.1,619,514

7,787,630

Fumiture and Fixtures

Total

20t4

20t3

7,787,630

Construction in Progress

Buildings

I

2014

Total

11

16,76',1,944

7,043,312

22,282

t6,957

,253

16,545

7

4,t40,724

7,173,552 28,761,029 4,57

4,973

22,282

75,938,980


ELK GROVE PARK DISTRICT, ILLINOIS Management's Discussion and Analysis December 31,2014

CAPITAL ASSETS AND DEBT ADMINISTRATION

-

Continued

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

o o o o o o . . . o

Emerald Ash Borer tree removal and replacement Fairchild Park playground improvements Jensen Park playground improvements Al Hattendorf Center parking lot replacement Fox Run golf cart replacement Fitness Center equipment replacement Pavilion Fieldhouse gym window replacement Completion of the Pavilion Aquatics Center Vehicle and equipment replacement Computer network infrastructure upgrades

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 $8.7 million as compared to $11.1 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

20t4

20t3

$ 8,650,000 11,115,000

General Obligation Bgnds

}/4D&,{12


ELK GROVE PARK DISTRICT, ILLINOIS Management's Discussion and Analysis December 3lr2014

CAPITAL ASSETS AND DEBT ADMINISTRATION Debt Administration

-

-

Continued

Continued

The District has been issuing

$ 1 ,500,000 - $ I ,700,000 annually in general obligation bonds to fund projects. its annual capital In2014, the District issued $1,700,000 in bonds with a ten month maturity. These annual issues have been on a three-year retirement schedule until 2007 when the maturities of the bonds were reduced to two years. Since 2012, these issues maturities have been reduced to ten months. By reducing the maturity schedule, the District will be paying less interest expense, which ultimately increases the amount of funding available for future projects.

In 2010, Moody's

increased the District's credit rating to Aaa. In 2012 and 2013, Moody's reviewed and once again assigned the District a credit rating of Aaa. Additional information on the Elk Grove Park District's long-term debt can be found in Note 3 on pages 29 - 3l of this report.

ECONOMIC FACTORS The District's elected officials considered many factors when setting the fiscal-year 2015 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 2014 was 3.9 percent, which is under the state unemployment rate of 5.7 percent.

Due to the housing market issues the District's Equalized Assessed Valuation (EAV) decreased 13.47% to $1,468,217,210. This affected the property tax collection for the General Fund as it hit the tax rate ceiling. It is not anticipated to adversely affect 2015 collections as more tax dollars have been levied in the Recreation Fund. It is projected that 2015 tax collections will increase l%o from2014 actual.

MD&A

13


ELK GROVE PARI( DISTRICT, ILLINOIS Management's Discussion and Analysis December 31,2014

ECONOMIC FACTORS

-

Continued

Budget and Rates for 2015 The 2015 budgeted revenue is $21,886,050, consistent with the2014 budget of $21,884,232. Fees and Admissions is budgeted to decrease 4%o due to less golf and fitness revenue. The bond issue is budgeted to increase by $300,000 to pay for the additional capital items in the 2015 budget. The 2015 budgeted expenditures are increasing to 522,838,419,a6 percent increase from the 2014 budget. The main reason for the increase is capital expenditures are increasing 59Yo or 51,176,174. Overall operating expenditures are consistent with the 2014 budget.

Included in 2015 capital budget are planned capital expenditures of $3.2 million. The capital budget includes major projects such as:

o o o o . o o' o . o o o o o o .

Emerald Ash Borer tree replacement Audubon Park playground improvements Community Athletic Fields A&E fees Tennis court resurfacing Al Hattendorf Center flooring improvements Al Hattendorf Center roof replacement Signage improvements along Biesterf,reld Rd. Boiler replacements Pavilion interior improvements Pavilion restroom renovation Jumps n' Jiggles upgrades Fitness Center equipment replacement Pirates' Cove new ride Pirates' Cove gate house improvements Rainbow Falls Fun House infrastructure repair Vehicle and equipment replacement

REQUESTS FOR INFORMATION This financial report is designed to provide a general overview of the Elk Grove Park District's finances for all those with an interest in the government's finances. Questions concerning any of the information provided in this report or requests for additional information should be directed to Thomas Busby, Executive Director, Elk Grove Park District,499 Biesterheld Road, Elk Grove, Illinois 60007.

MD&A

14


BASIC FINANCIAL STATEMENTS The basic financial Statements include integrated sets

of financial statements as required Governmental Accounting Standards Board (GASB). The sets of statements include:

o

Government-Wide Financial Statements

o

Fund Financial Statements

by

the

Governmental Funds

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


ELK GROVE PARK DISTRICT, ILLINOIS Statement of Net PositÍon I)ecember 3lr2014

See

Following Page


ELK GROVE PARK DISTRICT,ILLINOIS Statement of Net Position

I)ecember 31,2014

Governmental

Business-Type

Activities

Activities

Totals

ASSETS Current Assets Cash and Investments

Receivables - Net of Allo\ryances

$

t r,763,788

40,182

11,803,970

12,003,612

5,399

r2,009,0',11

Inventories and Prepaids

t37,148

Total Current Assets

23,904,608

72,152

209,300

177,',733

24,022,341

Land

14,149,158 13,410,356

27,619,514

Land Improvements

10,427,035

3,617,957

14,044,992

Buildings

52,660,156

2,155,113

54,815,269

Machinery and Equipment

11,403,467

2,125,897

13,529,364

Noncurrent Assets Capital Assets

Furniture and Fixtures Accumulated Depreciation

150,981

(3t,267,036) (4,752,360)

150,981

(36,019,396)

Total Noncurrent Assets

57,372,780

76,767,944

74,140,124

Total Assets

81,277,388 16,885,677

98,163,065

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


Governmental

Business-Type

Activities

Activities

Total

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

$

325,400

23,100

348,500

193,525

76,54r

210,066 r4,417

924,082 2,197,071

33,457

957,539

2,598

2,199.669

3,654,495

75,696

14,417

Other Payables

Current Portion Long-Term Debt Total Current Liabilities

3,730,191

Noncurrent Liabilities Compensated Absences Payable

107,801

General Obligation Bonds Payable - Net

10,393

6,630,494

Total Noncurrent Liabilities Total Liabilities

6,738,285 10,392,780

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

r1,882,333 22,275,113

10,393 86,089

118,194

6,630,484 6,748,678 10,479,969

11,882,333

86,089

22,361,202

NET POSITION

48,572,175 16,767,944

Net Investment in Capital Assets Restricted - Special Levies Paving and Lighting

Audit Liability Insurance Illinois Municipal Retirement

r28,783

128,783

10,530

10,530

120,168

1

123,250

123,250

45,664

45,664

191,699

r91,699

349,051

349,051

33,r59

33,159

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

9,427,796

Total Net Position

59.002.275

31,644

16,799,588

The notes to the financial statements are an integral part of this statement 4

65,340,119

20,1 68

9,459,440 75.801,863


ELK GROVE PARK DISTRICT, ILLINOIS Statement of Activities For the Fiscal Year Ended December 31,2014

Program Revenues Charges Expenses

Operating

for

Grants/

Services

Contributions

Governmental Activities General Government

s

Culture and Recreation Interest on Long-Term Debt

10,947,079

Golf Course Total Primary Government

5,621,453

25,069

17,145,248

5,621,453

25,069

1,85t,t62

1,635,771

18.996.41 0

7.257.224

205 128

Total Governmental Activities

Business-Type Activities

5,993,042

'(

25.069

General Revenues Taxes

Properly Taxes Intergovernmental - Unrestricted Replacement Taxes Interest 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

Total Primary Government Business-Type

Activities

Activities

(5,993,042)

(5,993,042) (5,300,556) (205,128) (11,498,726)

(5,300,556)

(205,128) (11,498,726)

(r1,498,726)

Totals

(215,39t)

(2t5,39t)

(2rs ,391)

(11,7 r4,117)

17,544,731

11,544,731

501,691

501,691

62,349

457

62,806

457

12,580,284

471 056

12,579,827

l,og1,l01

471 056

(214,934)

866,767

57,921,174

17,014,522

74,935,696

59.002.275

l6^ 799.588

7s.80 1.863

The notes to the financial statements are an integral part of this statement. 6


ELK GROVE PARK DISTRICT, ILLINOIS Balance Sheet - Governmental Funds December 31,2014

Special Revenue General

Recreation

5,797,997

3,788,537

5,030,000

1,890,000

13,743

8,796

69,493

26,594 5,r97

122,800

9,151

I 1,034,033

5.728.275

68, I 08

74,598

ASSETS

$

Cash and Investments

Receivables - Net of Allowances Taxes

Accrued Interest Accounts Inventories Prepaids

Total Assets

LIABILITIES Accounts Payable Accrued Payroll Other Payables Total Liabilities

76,512

114,231 590,609

144,620

779,438

5,03o,ooo

1,890,000

5,174,620

2,669,439

122,800

14,348

DEFERRED INFLOWS OF RESOURCES Property Taxes

Total Liabilities and Deferred Inflows of Resources

FUND BALANCES Nonspendable Restricted

Committed

3,044,489

Assigned Unassigned

5,736,673

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

5

859 413

a

J 0s8 837

of I1,034,033

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

5,728,275


Debt Service

47,454

Capital Proiects

Nonmaior

Totals

715,715

1,414,085

11,763,788

2,128,000 2,591

11,882,333

2,834,333 122

25,252 96,087 5,197 131

2.881.909

715.715

3.544-676

ZJ _904.608

71,418

lll,276

325,400

2,782

193,525

924,082

333,473

71,418

447,531

7r,418

2,128,000 2,575,531

2,934,333 2,834,333

9sl

1,443,007

1

1,882,333

13,325,340

137,148 969,145

47,576

1,016,721

3,044,489 644,297

644,297 5

47,576

644,297

81

71

969,145

J

715

76

The notes to the financial statements are an integral part of this statement' 8

736 613

r0.579.268

23

608


ELK GROVE PARK DISTRICT, ILLINOIS Reconciliation of Total Governmental Fund Balance to the Statement of Net Position - Governmental Activities December

3lr20l4

Total Governmental Fund Balances

s

10,579,269

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.

Long-term liabilities are not due and payable in the current period and therefore are not reported in the funds. General Obligation Bonds Payable - Net Compensated Absences payable

Accrued Interest Payable

Net Position of Governmental Activities

The notes to the financial statement are an integral part of this statement. 9

57,372,790


ELK GROVE PARK DISTRICT,ILLINOIS Statement of Revenues, Expenditures and Changes in Fund Balances Governmental Funds For the Fiscal Year Ended December 31,2014

See

Following Page


ELK GROVE PARK DISTRICT, ILLINOIS Statement of Revenues, Expenditures and Changes in Fund Balances - Governmental Funds For the Fiscal Year Ended December 31,2014

Special Revenue General

Recreation

Revenues

Taxes Charges

$

5,525,745

for Services

1,618,976

4,924,014

Grants and Donations Interest

18,015

Miscellaneous

Total Revenues

26,167

17,950

297,739 5,849,650

172,151

6,750,906

Expenditures

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

3,977,936 6,620,922

265,499 1,355,000

14t,620 s,739,944

6,620,922

109,706

129,984

109,706

729,984

Fund Balances - Beginning

5,749,707

2,928,853

Fund Balances - Ending

5

Excess (Deficiency) of Revenues

Over (Under) Expenditures Other Financing Sources

Debt Issuance Net Change in Fund Balances

59

4t3

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

l0

J

0s8 837


Debt

Capital

Service

Projects

2,927,737

Nonmajor

Totals

2,074,064 697,439 7,054

12,046,422

62,349

5,621,453 25,069

6,125

6,885

5,322 1,167

471,056

2,833,862

6,885

2,785,046

18,226,349

1,467,210

5,445,046

1,098,643

7,779,565

126,3gg

2,157,727

1,765,840

2,glo,ooo

4,165,000

97,947

239,567

2,907,947

(74,085)

1,765,840

(1,758,955)

2,692,252

19,726,905

92,794

(1,500,556)

1,700,000 (74,085)

(58,955)

l2l,66l 47,576

1,700,000

92,794

199,444

703,252

876,351

10,379,824

644,297

969,745

10,579.268

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

ll


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

For the Fiscal Year Ended December 31,2014

Net Change in Fund Balances - Total Governmental Funds

$

199,444

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

1,229,744

(2,837,691)

The issuance of long-term debt provides current financial resources to Governmental Funds, while the repayment of the principal on long-term debt consumes the current financial resources ofthe governmental funds. Issuance ofBonds

Retirement

(1,700,000)

of

Bonds Amortization of Bond Premium Increase in Compensated Absences payable

4,165,000 30,121 (8,835)

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

4,319

_lpgl,r01

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

t2


ELK GROVE PARK DISTRICT, ILLINOIS Statement of Net Position - Proprietaly Fund December 31,2014

Business - Type

Activities Golf Course ASSETS Current Assets

$

Cash and Investments

Receivables - Net of Allowances

Accrued Interest Accounts Inventories

40,182

r82 5,217 65,672

Prepaids

6,490

Total Current Assets

117,733

Noncurrent Assets Capital Assets Land

13,470,356

Land Improvements

3,617,957

Buildings Machinery and Equipment Furniture and Fixtures Accumulated Depreciation Total Noncurrent Assets Total Assets

2,155,113 2,125,997 l50,gg

1

(4,752,360) 16,767 ,944 16.88s ,677

LIABILITIES Current Liabilities Accounts Payable

23,100

Accrued Payroll

16,541

Other Payables

33,457

Compensated Absences Payable Total Current Liabilities

2,599 75 696

Noncurrent Liabilities Compensated Absences Payable

10,393

Total Liabilities

86,089

NET POSITION Investment in Capital Assets

16,767,944

Unrestricted

31,644

Total Net Position

16,799,599

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

l3


ELK GROVE PARK DISTRICT, ILLINOIS statement of Revenues, Expenses and changes in Net position - proprietary Fund For the Fiscal Year Ended December 3lr20l4

Business - Type

Activities Golf Course Operating Revenues Charges for Services

$1

63s 77t

Operating Expenses

Administration

390,960

Operations

l,161, I 55

Depreciation Total Operating Expenses

317 132

I,859 ,247

Operating Income (Loss)

(223 ,476\

Nonoperating Revenues Disposal of Capital Assets

8,085

Interest Income

4s7 8,542

Change in Net Position

(214,934)

Net Position - Beginning

17,014,522

Net Position - Ending

16.t99.588

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

t4


ELK GROVE PARK DISTRICT,ILLINOIS Statement of Cash Flows - Proprietary Fund For the Fiscal Year Ended December 31,2014

Business - Type

Activities Golf Course Cash Flows from Operating

Activities

$

Receipts from Customers and Users Payments to Suppliers

1,619,382

(757,054) (764,279)

Payments to Employees

98,049 Cash Flows from Capital and Related

Financing Activities Sale of Capital Assets Purchase of Capital Assets

8,085

(t27,823) (

Cash Flows from Investing

I 19,73 8)

Activities

Interest Received

457

Net Change in Cash and Cash Equivalents

(21,232)

Cash and Cash Equivalents - Beginning

61,414

Cash and Cash Equivalents - Ending

40,182

Reconciliation of Operating Income to Net Cash Provided (Used) by Operating Activities: Operating Income (Loss) Adjustments to Reconcile Operating Income to Net Income to Net Cash Provided by (Used in) Operating Activities: Depreciation Expense (Increase) Decrease in Current Assets Increase (Decrease) in Current Liabilities

(223,476)

317,132 (1

6,389)

20,782

Net Cash Provided by Operating Activities

98,049

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

l5


ELK GROVE PARK DISTRICT,ILLINOIS Notes to the Financial Statements December 3lr2014

NOTE

1

-

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

The Elk Grove Park District (District) of Illinois is duly organized and existing under the provisions of the laws of the State of Illinois. The District is operating under the provisions of the Park District Code of the State of Illinois approved July 8, 1947 and under all laws amendatory thereto. The District operates under the commissioner-director form of government. The District provides a variety of recreational facilities, pro grams and services.

The govemment-wide financial statements are prepared in accordance with generally accepted accounting principles (GAAP). The Governmental Accounting Standards Board (GASB) is responsible for establishing GAAP for state and local governments through its pronouncements (Statements and Interpretations). The more significant of the District's accounting policies established in GAAP and used by the District are described below. REPORTING ENTITY

In determining the financial reporting entity, the District complies with the provisions of

GASB an - Amendment of GASB Statements No. 14 and No. 34," and includes all component units that have a significant operational or financial relationship with the District. Based upon the criteria set forth in the GASB Statement No. 61, there are no component units included in the reporting entity. Statement No. 61, "The Financial Reporting Omnibus

BASIS OF'PRESENTATION Government-Wide Statements The District's basic financial statements include both government-wide (reporting the District as a whole) and fund financial statements (reporting the District's major funds). Both the government-wide and fund financial statements categorize primary activities as either governmental or business-type. The District's preservation of open space, recreational program activities, development and maintenĂ nce 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.

T6


ELK GROVE PARK DISTRICT, ILLINOIS Notes to the Financial Statements December 31,2014

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 govemment, 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 normally covered by general revenue (property and personal property replacement taxes, certain intergovernmental revenues, interest income, etc.). The District does not allocate indirect costs. An administrative service fee is charged by the General Fund to the other operating funds that is eliminated like a reimbursement (reducing the revenue and expense in the General Fund) to recover the direct costs of General Fund services provided (hnance, 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 arc organized into two major categories: governmental and proprietary. An emphasis is placed on major funds within the governmental category. A fund is considered majorif 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 arc at least 10 percent of the corresponding total for all funds of that category or type; and

I7


ELK GROVE PARK DISTRICT, ILLINOIS Notes to the Financial Statements December 31,2014

NOTE I

-

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

BASIS OF PRESENTATION Fund 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 classif,rcation within the financial statements. The following fund types are used by the District:

Governmental Funds The focus of the governmental funds' measurement (in the fund statements) is upon determination of financial position and changes in financial position (sources, uses, and balances of financial resources) rather than upon net income. The following is a description of the governmental funds of the District: General fund is the general operating fund of the District. It accounts for all revenues and expenditures of the Park District which are not accounted for in other funds. The General Fund is a major fund. Special revenue funds are used to account for the proceeds of specific revenue sources that are legally restricted to expenditures for specified pu{poses. The District maintains ten special revenue funds. The Recreation Fund, a major fund, accounts for revenues and expenditures related to the establishment and maintenance of the following programs: sports and fitness, visual and performing arts, youth and adult general interest, camps, teens, preschoolers, seniors and aquatics. The Recreation Fund reports charges for services for recreation programs and property taxes as the major revenue sources for the fund. Charges for services are committed to future recreation programs and facilities and property taxes are restricted to future recreation programs and facilities.

Debt service funds are used to account for the accumulation of funds for the periodic payment of principal and interest on general long-term debt. The Debt Service Fund is treated as a major fund and records the District's general obligation debt activity.

Capitat projects funds are used to account for financial resources to be used for the acquisitton 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 31,2014

NOTE

1

-

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 accóunting principles appli-cable are those similar to businesses in the private sector. The following is a description of the propii.tu.y 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 ,".rrr.ã 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 poti.y designed to recover similar costs. The Golf Fund, a major fund, accounts for the operationbf tne gìHcô*r. Ld th" 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 spéndable financial resources during a given period. These funds use fund balance as their measure of ávailable spendable financial resources at the end ofthe 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 po.iti* (or cost recovery), financial position, and cash flows. All assets/defened outflows and liabilitiesTdefened inflows (whether current or noncurrent) associated with their activities are reported. Proprietary fund equity is classified as net position.

l9


ELK GROVE PARK DISTRICT, ILLINOIS Notes to the Financial Statements December 3lr2014

NOTE

1

- SUMMARY

OF SIGNIFICANT ACCOUNTING POLICIES

MEASUREMENT FOCUS AND BASIS OF ACCOUNTING

-

-

Continued

Continued

Basis of Accounting

In the government-wide Statement of Net Position and Statement of Activities, both govemmental and business-type activities are presented using the accrual basis of accounting. Under the accrual basis of accounting, revenues are recognized when earned and expenses are recorded when the liability/defened inflow is incurred or economic asset used. Revenues, expenses, gains, losses, assets/deferred outflows, and liabilities/deferred inflows resulting from exchange and exchange-like transactions are recognized when the exchange takes place.

In the fund financial statements, governmental funds are presented on the modified accrual basis of accounting. Under this modified accrual basis of accounting, revenues are recognized when "measurable and available." Measurable means knowing or being able to reasonably estimate the amount. Available means collectible within the current period or within sixty days after year end. The District recognizes property taxes when they become both measurable and available in accordance with GASB Codification Section P70. A sixty-day availability period is used for revenue recognition for all other governmental fund revenues. Expenditures (including capital outlay) are recorded when the related fund liability is incurred, except for general obligation bond principal and interest which are recognized when due.

In

applying the susceptible to accrual concept under the modified accrual basis, those revenues susceptible to accrual are property taxes, interest revenue, and charges for services. All other revenues are not susceptible to accrual because generally they are not measurable until received in cash.

All

proprietary funds utilize the accrual basis of accounting. Under the accrual basis of accounting, revenues are recognized when eamed and expenses are recorded when the liability is incurred or economic asset used. Proprietary funds distinguish operating revenues and expenses from nonoperating items. Operating revenues and expenses generally result from providing services and producing and delivering goods in connection with a proprietary fund's principal ongoing operations. The principal operating revenues of the District's enterprise fund are charges to customers for sales and services. Operating expenses for enterprise funds include the cost of sales and services, administrative expenses, and depreciation on capital assets, All revenues and expenses not meeting this definition are reported as nonoperating revenues and expenses.

20


ELK GROVE PARK DISTRICT, ILLINOIS Notes to the Financial Statements December 31,2014

NOTE

1

-

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

-

Continued

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

NET

Cash and Investments For the purpose of the Statement of Net Position, the District's cash and cash equivalents are considered

to be cash on hand, demand deposits, and cash with fiscal agent. For the purpose of the proprietary funds' Statement of Cash Flows, cash and cash equivalents are considered to be cash on hand, 達emand deposits, cash with fiscal agent, and all highly liquid investments with an original maturity of three months or less. Investments are reported at fair value. Short-term investments are reported at cost, which approximates fair value. Securities traded on national exchanges are valued at the last reported sales price. Investments that do not have any established market, if any, are reported at estimated fair value.

Interfund Receivables, Payables and Activity Interfund activity is reported as loans, services provided, reimbursements or transfers. Loans are reported as interfund receivables and payables as appropriate and are subject to elimination upon consolidation. Services provided, deemed to be at market or near market rates, are treated as revenues and expenditures/expenses. Reimbursements are when one fund incurs a cost, charges the appropriate benefiting fund and reduces its related cost as a reimbursement. All other interfund transactions are treated as transfers.

Prepaids/Inventories Prepaids/inventories are valued at cost, which approximates market, using the first-in/first-out (FIFO) method. The costs of governmental fund-type prepaids/inventories are recorded as expenditures when consumed rather than when purchased. Certain payments to vendors reflect costs applicable to future accounting periods and are recorded as prepaids in both the government-wide and fund financial statements.

Capital Assets Capital assets purchased or acquired with an original cost of $5,000 or more are reported at historical cost or estimated historical cost. Contributed assets are reported at fah 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 I)ecember 31,2014

NOTE

1- SUMMARY

OF SIGNIFICANT ACCOUNTING POLICIES

ASSETS/DEFERRED OUTFLO\ilS, LIABILITIES/DEFERRED POSITION OR EQUITY - Continued Capital Assets

-

-

Continued

INFLOWS, 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. When purchased, such assets are recorded as expenditures in the governmental funds and capitalized. The valuation basis for general capital assets are historical cost, or where historical cost is not available. estimated historical cost based on replacement costs. Depreciation on all assets is computed and recorded using the straight-line method of depreciation over the following estimated useful lives: Land

Improvements

20 years

Buildings Machinery and Fumiture and

30 years

Equipment

5

-

10 years

Fixtures

7 years

Compensated Absences The District accrues accumulated unpaid vacation and associated employee-related costs when earned (or estimated to be earned) by the employee. In accordance with GASB Statement No. 16, no liability is recorded for nonvesting accumulation rights to receive sick pay benefits. However, a liability is recognized for that portion of accumulated sick leave that is estimated to be taken as "terminal leave" prior to retirement.

All vacation pay is accrued when incurred in the govemment-wide and proprietary fund financial statements. A liability for these amounts is reported in the governmental funds only if they have

matured, for example, as a result of employee resignations and retirements.

22


ELK GROVE PARK DISTRICT, ILLINOIS Notes to the Financial Statements December 31,2014

NOTE I

-

SUMMARY OF SIGNIF'ICANT ACCOUNTING POLICIES

ASSETS/DEFERRED OUTF'LOWS, LIABILITIES/DEF'ERRED POSITION OR EQUITY - Continued

-

Continued

INFLOWS, AND NET

Long-Term Obligations

In the govemment-wide financial statements, long-term debt and other long-term obligations are reported as liabilities in the govemmental activities Statement of Net Position. Bond premiums and discounts are deferred and amortized over the life of the bonds using the effective interest method. Bonds payable are reported net of the applicable bond premium or discount. Bond issuance costs are reported as expenses at the time of issuance. In the fund financial statements, govemmental fund types recognize bond premiums and discounts, as well as bond issuance costs, during the current period. The face amount of debt issued is reported as other financing sources. Premiums received on debt issuances are reported as other financing sources while discounts on debt issuances are reported as other financing uses. Issuance costs, whether or not withheld from the actual debt proceeds received, are reported as debt service expenses.

Net Position

In the government-wide financial statements, equity is classified as net position and displayed in three components:

Net investment in capital assets - Consists of capital assets, including restricted capital assets, net of accumulated depreciation, and reduced by the outstanding balances of any bonds, mortgages, notes or other borrowings that are attributable to the acquisition, construction, or improvement of those assets. Restricted - Consists of net position with constraints placed on the use either by (1) external groups such as creditors, grantors, contributors, or laws or regulations of other governments; or (2) law through constitutional provisions or enabling legislations.

Unrestricted - All other net position balances that do not meet the definition of "restricted" or "net investment in capital assets."

23


ELK GROVE PARK DISTRICT, ILLINOIS Notes to the Financial Statements December 3lr2014

NOTE 2 - STEWARDSHIP, COMPLIANCE AND ACCOUNTABILITY BUDGETARY INFORMATION Budgetary funds are controlled by an integrated budgetary accounting system various legal requirements that govern the District.

in accordance with

The Combined Budget and Appropriation Ordinance is prepared in tentative form by the Executive Director and is made available by the Board of Park Commissioners for public inspection 30 days prior to final Board action. A public hearing is held on the tentative budget to obtain taxpayer comments. Prior to April 1 the appropriations are legally enacted through the passage of a combined budget and appropriation ordinance. All actual expenditures/expenses contained herein have been compared to the annual operating budget. The Board of Park Commissioners may

Amend the Budget and Appropriation Ordinance in the same manner as its original enactment.

Transfer between items of any fund not exceeding in the aggregate 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 made.

EXCESS OF ACTUAL EXPENDITURES OVER BUDGET IN INDIVIDUAL FUNDS The following fund had an excess of actual expenditures over budget for the fiscal year: Fund

Excess

$

Capital Projects

629,755

Associations

37,201

Illinois Municipal Retirement

16,462

24


ELK GROVE PARK DISTRICT, ILLINOIS Notes to the Financial Statements December 3lr2014

NOTE 3 - DETAIL NOTES ON ALL FUNDS DEPOSITS AND INVESTMENTS The District maintains a cash and investment pool that is available for use by all funds. Each fund type's portion of this pool is displayed on the combined balance sheet as "cash and investments." In addition, investments are separately held by several of the District's funds.

Permitted Deposits and Investments - Statutes authorize the District to make deposits/invest in commercial banks, savings and loan institutions, obligations of the U.S. Treasury and U.S. Agencies, obligations of States and their political subdivisions, credit union shares, repurchase agreements, commercial paper rated within the three highest classifications by at least two standard rating setvices, and the Illinois Metropolitan Investment Fund (IMET) and the Illinois Park District Liquid Asset Fund. The IMET is a non-for-profit investment trust formed pursuant to the Illinois Municipal Code. IMET is managed by a Board of Trustees elected from the participating members. IMET is not registered with the SEC as an Investment Company. Investments in IMET are valued at the share price, the price for which the investment could be sold. The Illinois Park District Liquid Asset Fund allows Illinois park districts, forest preserves and joint recreational programs to pool their funds for investment purposes. Although not registered with the SEC, the IMET and the Illinois Park District Liquid Asset Fund do operate in a manner consistent with Rule 2a7 of the Investment Company Act of 1940. Investments in both Funds are valued at the share price, the price for which the investment could be sold.

Interest Rate Risk, Credit Risk, Concentration Risk, and Custodial Credit Risk

At year-end, the carrying amount of the District's deposits totaled 54,527,821 and the bank balances totaled 54,643,230. In addition, the District had $51 invested in IMET and57,276,098 in the Illinois Park District Liquid Asset Fund.

Interest Rate Risk. Interest rate risk is the risk that changes in interest rates will adversely affect the fair value of an investment. The District limits its exposure to interest rate risk by attempting to coincide its investment maturities with projected cash flow needs. The District's investment policy does not further limit interest rate risk. Credit Risk. Credit risk is the risk that an issuer or other counterparty to an investment will not fulfill its obligations. State law limits investments in commercial paper, corporate bonds and mutual funds to the top two ratings issued by nationally recognized statistical rating organizations. The District's investment policy does not further limit its investment choices. As of December 31,2014, 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 not rated.

25


ELK GROVE PARK DISTRICT,ILLINOIS Notes to the Financial Statements December 3lr2014

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 I0%o of the District's investment portfolio, but no other concentration restrictions are outlined in the investment policy. At year-end, the District's investments in the Illinois Park District Liquid Asset Fund represent over 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 II0o/o of market value of the deposits. At year-end, the entire amount of the bank balance of deposits was covered by collateral, federal depository or equivalent insurance. For an investment, this is the risk that, in the event of the failure of the counterparty, the District will not be able to recover the value of its investments or collateral securities that are in the possession of an outside party.At December 31, 2014, 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 ll0 percent collateralized with obligations of the United States Treasury and its agencies. All collateral securities are held in the name of IMET at the Federal Reserve Bank of New York.

PROPERTY TAXES Property taxes for 2014 attach as an enforceable lien on January 1, on property values assessed as of the same date. Taxes are levied by December of the subsequent fiscal year (by passage of a Tax Levy Ordinance). Tax bills are prepared by Cook County and are payable in two installments on or about March I and August l. The County collects such taxes and remits them periodically. The allowance for uncollectible taxes has been stated at lVo of the tax levy, to reflect actual collection experience.

26


ELK GROVE PARK DISTRICT,ILLINOIS Notes to the Financial Statements December 31,2014

NOTE 3 - DETAIL NOTES ON ALL FUNDS

-

Continued

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

Beginning Balances

Nondepreciable Capital Assets Land Construction in Progress

$

Increases

Decreases

Balances

14,149,158

14,149,158

7.787,630 7,787,630

7,787,630 21,936,788

14,149,158

Depreciable Capital Assets Land Improvements

10,106,500

320,535

10,427,035

Buildings Machinery and Equipment

44,726,413

7,933,743

52,660,156

10,641,371

762,096

65,474,284

9,016,374

tr.403,467 74.490,658

Less Accumulated Depreciation

5,429,961

317,664

5,747,625

16,755,055

1,476,566

18,231,62r

6,244,329

1,043,461

7,287,790

28,429,345

2,837,691

31.267,036

Total Depreciable Capital Assets

37,044,939

6.178,683

43,223,622

Total Capital Assets

58.981.727

6.178.683

Land Improvements

Buildings Machinery and Equipment

7,787,630

Depreciation expense was charged to govemmental activities as follows:

$

General Government Culture and Recreation

539,161

2,298,530 2,937,691

27

s7.372.780


ELK GROVE PARK DISTRICT, ILLINOIS Notes to the Financial Statements December 31,2014

NOTE 3 - DETAIL NOTES ON ALL FUNDS

CAPITAL ASSETS

-

-

Continued

Continued

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

Ending

Increases

Balances

Decreases

Balances

Nondepreciable Capital Assets

Land Depreciable Capital Assets Land Improvements

Buildings Machinery and Equipment Furniture and Fixtures

$

13,4

56

3,592,57I 2,155,113 2,047,960 l50,gg 1

5

7

13,470,356

25,396

3,617,957

2,r55,r13

102,437

24,500

2,125,997

t27,923

24,500

g,04g,g4g

l50,gg

l

Less Accumulated Depreciation

Land Improvements Buildings Machinery and Equipment Furniture and Fixtures

1,095,559

158,437

1,253,995

1,365,442

71,486

1,436,929

1,870,029

81,472

4,459 Total Depreciable Capital Assets Total Capital Assets

728

3,496,997 16.9s7

24,500

5,737

T2

3

317,132

134,436

24,500

4,752,360

(189,309)

3,297,5gg

t189.309)

16,767.944

Depreciation expense of $317,132 was charged to the golf business-type activities.

28

1,927,001


ELK GROVE PARK DISTRICT, ILLINOIS Notes to the Financial Statements December 31,2014

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: Ending

Beginning

Bonds

Issuances

Balances

Issue

of 20094 - Due in

Retirements

Balances

annual

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

720,000

720 000

$

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

4,160,000

1,110,000

3,050,000

6,235,000

635,000

5,600,000

General Obligation Limited Tax Park

2013 - Due installments of $635,000 to

Bonds

of

in

annual

$2,355,000

plus interest at 2.00o/o through December 1,2019.

General Obligation Limited Tax Park Bonds of 2014 - Due in one installment of $1,700,000 plus interest at 0.40o/o on December 1,2014.

l,7oo,o0o

l1

29

11

01

000

1,700,000 165

00


ELK GROVE PARK DISTRICT,ILLINOIS Notes to the X'inancial Statements December 31,2014

NOTE 3 - DETAIL NOTES ON ALL FUNDS

LONG-TERM DEBT

-

Continued

-

Continued

Long-Term Liability Activity Changes in long-term liabilities during the hscal year were as follows: Amounts Beginning Type ofDebt Governmental Activities Compensated Absences General Obligation Bonds Plus: Unamortized Bond Premium

Additions

Balances

$

Deductions

125,916

77,670

8,835

I1,115,000

l,7oo,ooo

4,165,000

Ending

Due within

Balances

One Year

134,751 9,650,000

2,140,000

30,r2r 150,605

180,726

lt,42l,642 r,717,670 4,203,956 9,935,356 Business-Type Activities Compensated Absences

26,950

5,104

7,887

15,77 4

30,121

2,197,071

12,991

2,598

Payments on the general obligation bonds are made by the Debt Service Fund. For the govemmental activities, compensated absences are generally liquidated by the General Fund and for the business-type activities compensated absences are liquidated by the Golf Course Fund.

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

Fiscal Year 2015 2016

Obligation Bonds

Principal

$

Interest

2,140,000

173,000

2,35o,ooo

130,200

20t7

1,995,000

83,200

2018

1,3 1 5,000

45,300

2019

950,000

26,300

Total

8,650,000 30

458,000


ELK GROVE PARK DISTRICT, ILLINOIS Notes to the Financial Statements December 31,2014

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 payment of the expenses incident thereto, or for the acquisition of real estate and lands to be used as a site for an arTnory, 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 l, 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."

$ r,468,217,210

Assessed Valuation - 2013

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

42,211,245

Legal Debt Margin

33,561,245

8,650,000

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

8,442,249

Non-Referendum Legal Debt Margin

2,842,249

31

5,600,000


ELK GROVE PARK DISTRICT, ILLINOIS Notes to the Financial Statements December 3lr2014

NOTE 3 - DETAIL NOTES ON ALL FUNDS

-

Continued

NET POSITION CLASSIFICATIONS Net investment in capital assets was comprised of the following as of December

3I,2Ol4

Governmental Activities

Capital Assets - Net of Accumulated Depreciation

Less Capital Related Debt: General Obligation Refunding Park Bonds of 2012A General Obligation Limited Tax Park Bonds of 2013

Unamortized Bond Premium

g

57,372,780

(3,050,000)

(5,600,000) (

Net Investment in Capital Assets

150,605)

48,572,175

Business-Type Activities

Capital Assets - Net of Accumulated Depreciation

t6,767,944

F'UND 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. Formal Board action thru the adoption of an ordinance/resolution is required to establish, modify, or rescind a fund balance commitment. The District's Board of Commissioneis, through formal board action (resolution), has committed these funds to future recreation programs, facilities and improvements.

Assigned Fund Balance. The District reports assigned fund balance in the Capital Projects Fund, a major fund. The District's Board/Executive Director, under authorization assigned in the Disttict's furrd balalce reserve policy, has assigned these for future park improvement projects and equipment and vehicle purchases based on approved Board/management expenditures as determined throughĂŹhe annual budget process.

32


ELK GROVE PARK DISTRICT, ILLINOIS Notes to the Financial Statements I)ecember 31,2014

NOTE 3 - DETAIL NOTES ON ALL FUNDS FUND BALANCE CLASSIFICATIONS

-

-

Continued

Continued

Mi bal the

policy states that the General Fund unrestricted fund xpenditures less capital. Unrestricted fund balance for of operating expenditures less capital. For the Paving and Lighting, Audit, Liability Insurance, Illinois Municipfu Retirement, poücé protection, Social Security, Special Recreation and Museum Funds, the minimum targeted fund balance shall råpresent three to six months of expenditures. The following is a schedule of fund balance classifications for the governmental funds as of the date of this report: Special Revenue General Fund Balances Nonspendable Inventories

$

Prepaids

Debt

Recreation Associations Service

Capital

Proiects Nonmaior

5,197

5,197

I

l3l.95l

14.348

137,148

9.15

Restricted Property Tax Levies Paving and Lighting

t2g,7g3

Audit Liability Insurance Illinois Municipal Retirement Police Protection Social Security Culture and Recreation Debt Service

47.576 47.576

Committed Recreation Programs

Total Fund Balances

10,530

l20,16g

l20,l6g

123,250 45,664

123,250 45,664

l9t,699

l9l,699

349,051

349,051 47,576 1,016,721

3.044.489

644,297

5,736.613

128,793

10,530

969.t4s

3.044.489

Assigned Capital Projects Unassigned

Totals

644,297

5,736.6t3

5.859.413 3.058.8

JJ


ELK GROVE PARK DISTRICT, ILLINOIS Notes to the Financial Statements December 31,2014

NOTE

4_

OTHER INFORMATION

RISK MANAGEMENT Park District Risk Management Agency (PDRMA) The District is exposed to various risks related to torts; theft of, damage to and destruction of assets; errors and omissions; injuries to employees; and net income losses. Since 2005, the District has been a member of the Park District Risk Management Agency (PDRMA) Property/Casualty Program, a joint risk management pool of park and forest preserve districts, and special recreation associations through which property, general liability, automobile liability, crime, boiler and machinery, public ofhcials', 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 31,2014 Member

Coverage

PDRMA SelfInsured Deductible Retention

Limits

PROPERTY Property/B ldg/C ontents

All Losses Per Occurrence Flood/exceptZonesA&V Flood,ZonesA&V

$1,000

Earthquake Shock

$1.000

$1,000

s1,000

1,000,000,000/All Members

$1.000.000 $r,000,000 $1,000,000 $100,000

$

s1,000,000 Included

Included

$25

0,000,000/Occurence/Annual Aggregate

S200,000,000/Occurrence/Annual Aggregate $ I 00,000,000/Occurrence/Annual Aggregate

Auto Physical Damage Comprehensive and Collision

$1,000

Course of Construction/Builders Risk Business Interruption, Rental

$1,000

Income, Tax Income Combined

$1,000

$25,000,000 $I $

Service Interruption

N/A

24 Hours

Boiler and Machinery ProperĂ&#x2039;y Damage

$1,000

Business Income

48 Hours

$9.000

NiA

Fidelity and Crime

$1,000

Seasonal Employees

$1,000

$9,000

Blanket Bond

$1,000

$24,000

N/A

$500,000

WORKERS COMPENSATION Employers Liability

$24,000

34

00,000,O00/Reported Values

500,000/$2, 500,00O/l.tron-Reported Values

$25,000,000 $ I 00,000,000 Equipment Breakdown Property Damage - Included Included $2,000,000/Occurrence $

1,000,0O0/Occurrence

S2,000,00O/Occurrence

$3,500,000 Employers Liabilitv


ELK GROVE PARK DISTRICT, ILLINOIS Notes to the Financial Statements December 31,,2014

NOTE

4

-

OTHER INFORMATION

RISK MANAGEMENT

-

-

Continued

Continued

Park District Risk Management Agency (PDRMA)

-

Continued

PDRMA SelfInsured Deductible Retention Member

Coverage

Limits

LIABILITY None None None None None None

ss00,000

$2 1,500,O00/Occurrence

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

$500,000

$2 1,500,O00/Occurrence

$500,000

$2 1,500,O00/Occurrence

$500,000

$2 1,500,000/Occurrence

$500,000

$2 1,500,000/Occurrence

$500,000

$

POLLUTION LIABILITY Liabilitv - Third Party

None

$25,000

$5,000,000/Occurrence

$ 1.000

$24,000

$30,000.000 3 Year Assresate

24 Hours

N/A

General

Property - First Party

1,000,000/Occurrence

OUTBREAK EXPENSE Outbreak Expense

$15,000 per Day

$1.000.000 Assresate Policy Limit INFORMATION SECURITY AND PRIVACY INSURANCE \ryITH ELECTRONIC MEDIA LIABILITY COVERAGE Information Security & Privacy None Liabilitv $2,000,000/Occurrence/Annual Aggregate $ 100,000 Privacy Notification, Costs Regulatory Defense & Penalties Website Media Content Liability Cyber Extortion

00,000/Occurrence/Annual Aggregate

None None None None

$

100,000

S5

$

100,000

$

100,000

$2,000,00O/Occumence/Annual A ggregate $2,000,000/Occurrence/Annual Aggregate

$

100,000

S2,000,00O/Occurrence/Annual Aggregate

$1.000 8 Hours

$

100,000

$

100,000

$2,000,000/Occurrence/Annual Aggregate $25,000 Hourly Sublimit/$25,000 Forensic Exp./$100,000 Dependent Bus. Interuption

Data Protection & Business

Interruption First Party Business Interruption

VOLUNTEER MEDICAL ACCIDENT None

Volunteer Medical Accident

UNDERGROUND STORAGE TANK

$5,000

$5,000 Medical Expense and AD&D Excess of any other Collectible Insurance

LIABILITY

Underground Storage Tank Liability

None

N/A

$10,000, Follows Illinois Leaking Underground Tank Fund

N/A

N/A

Statutory

UNEMPLOYMENT COMPENSATION Unemployment Compensation

Losses exceeding the per occurrence self-insured and reinsurance

District. 35

limit would be the responsibility of the


ELK GROVE PARK DISTRICT, ILLINOIS Notes to the Financial Statements December 31,2014

NOTE

4

-

OTHER INFORMATION

RISK MANAGEMENT

-

-

Continued

Continued

Park District Risk Management Agency (PDRMA)

As a

of

-

Continued

is

represented on the Property/Casualty Program Council and the Membership Assembly and is entitled to one vote on each. The relationship between the District and PDRMA is governed by a contract and by-laws that have been adopted by resolution of the District's goveming body.

member

PDRMA's Property/Casualty Program, the District

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 summffy of PDRMA's Property/Casualty Program balance sheet at December 3I,2013 and the statement of revenues and expenses for the period ending December 31, 2013.The District's portion of overall equity of the pool is 0.041% or $16,572. Assets

$60,509,769

Liabilities

20,225,423

Member Balances

40,284,346

Revenues

20,737,466

Expenditures

17,177,774

Since 97%o of PDRMA's liabilities are reserves for losses and loss adjustment expenses which are based on an actuarial estimate of the ultimate losses incurred, the Member Balances are adjusted annually as more recent loss information becomes available.

Unemployment Insurance The District is subject to the State of Illinois Unemployment Compensation Act and has elected the reimbursing employer option for providing unemployment insurance benefits for eligible former employees. The District reimburses the State for claims paid by the State. 36


ELK GROVE PARK DISTRICT, ILLINOIS Notes to the Financial Statements December 3lr2014

NOTE

4

-

OTHER INFORMATION

-

Continued

CONTINGENT LIABILITIES

Litigation The District is a defendant in various lawsuits. Although the outcome of these lawsuits is not presently determinable, in the opinion of the District's attorney the resolution of these matters will not have a material adverse effect on the financial condition of the District.

Grants Amounts received or receivable from grantor agencies are subject to audit and adjustment by grantor agencies, principally the federal government. Any disallowed claims, including amounts already collected, may constitute a liability of the applicable funds. The amount, if any, of expenditures which may be disallowed by the grantor cannot be determined at this time although the District expects such amounts, if any, to be immaterial.

EMPLOYEE RETIRBMENT SYSTEM

-

DEX'INED 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 Illinois. The Illinois Pension Code establishes the benefit provisions of the Ăžlan; those provisions can only be amended by the Illinois General Assembly. IMRF provides retirement, disability, annual cost-of-living adjustments and death benefits to plan members and beneficiaries. IMRF issues a publicly available financial report that includes financial statements and required supplementary information for the plan as a whole, but not by individual employer. That report may be obtained online at www.imrf.org. The benefits, benefit levels, employee contributions, and employer contributions are governed by Illinois Compiled Statutes 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. IMRF provides two tiers of pension benefits. Participating members hired before January 1,2011 (Tier 1) who retire at or after age 60 (full benefits) or age 55 (reduced benefits) with 8 years of credited 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 48 consecutive months' earnings during the last l0 years) of earnings, for each year of credited service up to 15 years, and2 percent for each year thereafter. For participating members hired on or after January l, 20ll (Tier 2) who retire at or after age 67 (fulI benefits) or age 62 (reduced benefits) with 10 years of credited 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 96 consecutive months' earnings during the last I 0 years) of earnings, for each year of credited service up to I 5 years, and 2 percent for each year thereafter. 37


ELK GROVE PARK DISTRICT, ILLINOIS Notes to the X'inancial Statements December 31,2014

NOTE

4

-

OTHER INFORMATION

-

Continued

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

-

continued

IMRF also provides death and disability benefits. These beneht provisions and all other requirements are established by state statute. Employees participating in the plan are required to contribute 4.50 percent of theirannual covered salaryto IMRF. The employees'contributionrate is establishedby 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 calendãr year 2014 was 10.95 percent.

Funding Policy and Annual Pension Cost

For December 31,2014, the District's annual pension cost of S580,397 was equal to the District,s required and actual contributions. The required contribution was determined as parlof the December 31,

2012 actuarial valuation using the entry age actuarial cost method. The actuarial assumptions included (a) 7 .50% investment rate of retum (net of administrative and direct investment expenses), (b) projected salary increases of 4.00o/o a year, attributable to inflation, (c) additional projeòted salaiy ìn.i.ur", ranging ftom0.40%o to 10.00% per year, depending on age and service, attribuiable to seniority/merit, (d) post-retirement benefit increases of 3 .00%o annually and (e) an inflation rate of 4.00%. 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 20o/o conidor between the actuarial and market value of assets. IMRF's unfunded actuarial accrued liability is being amortized, as a level percentage of projected payroll on an open basis. The remaining amortization period at December 31, 2012was29 years.

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

Fiscal Year 2012

Annual

Percentage

Net

Pension

of APC Contributed

Obligation

Cost

$

591,566

100.00%

2013

588,418

100.00%

2014

580,397

100.00%

38

Pension

None None None

as


ELK GROVE PARK DISTRICT, ILLINOIS Notes to the Financial Statements December 31,2014

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

Date

l2l3lll4

Funded

85.29%

Actuarial Accrued Liability for Benefits

$16,517,942

Actuarial Value of Assets

$14,088,849

Over (Under) Funded Actuarial Accrued Liability (UAAL)

($2,429,093)

Percent

Covered Payroll (Annual Payroll

of Active Employees Covered by the Plan) Ratio of UAAL to Covered Payroll

$5,300,429

45.83%

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 District has evaluated its potential other post-employment benefits liability. Former employees who choose to retain their rights to health insurance through the District are required to pay I00% of the current premium. However, no former employees have chosen to stay in the District's health insurance plan. Therefore, there has been 0o/o utilization and, therefore, no implicit subsidy to calculate in accordance with GASB Statement No. 45, Accounting and Financial Reporting by Employers for PostEmployment Benefits Other Than Pensions. Additionally, the District had no former employees for which the District was providing an explicit subsidy and no current employees with agreements for future explicit subsidies upon retirement. Therefore, the District has not recorded any post-employment benefit liability as of December 30, 2014. 39


ELK GROVE PARK DISTRICT, ILLINOIS Notes to the Financial Statements December 3lr2014

NOTE

4

-

OTHER INFORMATION

-

Continued

OTHER POST-EMPLOYMENT BENEFITS 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:

Fiscal

Annual OPEB

Year

Cost

2012

$

ofAPC

Net OPEB Obligation

Contributed

(Asset)

Percentage

Actual Contributions

7,296

0.00%

2013

0.00%

2014

0.00%

SUBSEQUENT EVENT On February 26,2015, the District issued $2,000,000 of General Obligation Limited Tax Park Bonds, due in one installment of $2,000,000, plus interest at0.50o/o on December 7,2015.

40


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 : a

Schedule of Funding Progress and Employer Contributions

Illinois Municipal Retirement Fund a

Budgetary Comparison Schedules General Fund Recreation - 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 December 31,2014

Funding Progress (6) Unfunded (Overfunded)

Actuarial Accrued Liability asa

(4) Unfunded (Overfunded)

(2)

(l)

Date

Assets

Dec. 31

s

9,583,744

Liability (AAL)

Funded

Ratio

Liability

Covered

- Entry Age

(l) + (2)

(2) - (1)

Payroll

$

(3)

11,912,954

80.4s%

14,4r4,913

2013

I1,918,868 12,540,29r

14,525,605

8t.6s% 8t.25% 82.68% 86.33%

2014

14,088,849

16,517,942

85.29%

2010

10,298,117

12,612,947

20rl

11,034,023

13,579,693

2012

(s) Annual

Actuarial Accrued

Actuarial Value of Plan

Actuarial Valuation

2009

Actuarial Accrued

2,329,210

$

Percentage

of Covered Payroll (4) + (5)

5,470,667

42.58%

2,314,830 2,545,670 2,496,045

5,393,572

42.92%

5,517,401

46.t4%

5,508,062

45.32%

1,985,314

5,282,025

2,429,093

5,300,429

3759% 4s.83%

$

Employer Contributions Fiscal Year 2009

Employer Contributions $

421,24t

Annual Required

Percent

Contribution

Contributed

$

421,241

100.00%

20r0

554,999

554,999

100.00%

20tl

589,810

5

89,810

100.00%

2012

59r,566

597,566

100.00%

2013

5

88,418

100.00%

2014

580,397

580,397

100.00%

88,418

5

4I


ELK GROVE PARK DTSTRICT, ILLTNOIS General Fund Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual For the Fiscal Year Ended December 3lr20l4

Budgeted

Amounts Original and Final

Actual Amounts

Revenues

Taxes

$

Properly Taxes Replacement Taxes Interest

Miscellaneous Total Revenues

5,478,200

5,024,054

480,000

501,691

27,136 268,254 6,2s3,s90

26,167

297,739 5,849,650

Expenditures General Government

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

r,778,096

1,651,077

2,643,220 665,000

2,326,759 265,488

1,355,000

1,355,000

t4t 620

141,620

6,592,926

5,739,944

(329.336\

Net Change In Fund Balance

109,706

Fund Balance - Beginning Fund Balance - Ending

5,859,413

42


ELK GROVE PARI( DISTRICT, ILLINOIS Recreation - Special Revenue Fund Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual For the Fiscal Year Ended I)ecember 3lr20l4

Budgeted

Amounts Original and Final

Actual Amounts

Revenues

$

Taxes Charges for Services

Grants and Donations Interest

Miscellaneous Total Revenues

1,577,800

1,618,876

5,340,193 21,650

4,924,014 18,015

12,702

17,850

164,390

t72,l5l

7,116,725

6,750,906

6,813,480

6,620p22

303,245

129,984

Expenditures

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

2,929,953

Fund Balance - Ending

3,058,837

43


OTHER SUPPLBMENTARY INFORMATION Other supplementary information includes financial statements and schedules not required by the Govemmental Accounting Standards Board (GASB), nor a part of the basic financial statements, but are presented for purposes of additional analysis. Such statements and schedules include: O

Budgetary Comparison Schedules

a

Combining Statements

a

Budgetary Comparison Schedules

a

Budgetary Comparison Schedule

-

- Nonmajor

Major Governmental Funds Governmental Funds

- Nonmaj or Govemmental Funds

-

Enterprise Fund


COMBINING AND INDIVIDUAL FUND FINANCIAL STATEMENTS AND SCHEDULES GENERAL F'UND 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 of specific revenue sources (other than fiduciary funds or capital project funds) that are legallyĂŹestricted to expenditure for specified purposes.

Recreation X'und 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 pu{pose of athletic association expenditures.

Paving and Lighting X'und

The Paving and Lighting Fund is used to account for revenues and expenditures related to the construction, maintenance and lighting of streets, roadways, pathways anA p^art<ing lots maintained by

the District.

Audit Fund The Audit Fund is used to account for revenues received for payment of audit expenditures.


COMBINING AND INDIVIDUAL FUND FINANCIAL STATBMENTS AND SCHEDULES SPECIAL REVENUE FUNDS

-

Continued

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

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

of

Police Protection X'und The Police Protection Fund is used to account for revenues received for the payment of police services for the parks and facilities. Social Security X'und

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 recreational services for disabled individuals.

of

Museum Fund The Museum Fund is used to account for revenues received for the purpose of the maintenance and operations of the museum.


COMBINING AND INDIVIDUAL FUND FINANCIAL STATEMENTS AND SCHEDULES DEBT SERVICE F'UND The Debt Service Fund accounts for the accumulation of resources for, and the paยกrrnent of, general long-term debt principal and interest.

CAPITAL PROJECTS F'UNDS Capital Projects Funds are created to account for all resources used for the acquisition facilities by a governmental unit except those financed by Proprietary Funds.

of capital

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 F'UND Enterprise Funds are used to account for operations that are financed and operated in a manner similar to private business enterprises where the intent is that costs of providing goods or services to the general public on a continuing basis be financed or recovered primarily through user charges; or where it has been decided that periodic determination of revenues earned, expenses incurred and/or net income is appropriate for capital maintenance, public policy, management control, accountability or other purpose.

Golf Course Fund The Golf Course Fund is used to account for the District's 18-hole golf course with full pro-shop.


ELK GROVE PARK DISTRICT, ILLINOIS Recreation - Special Revenue Fund Schedule ofRevenues by Program - Budget and Actual

For the Fiscal Year Ended December 31,2014

Budgeted

Amounts

Original and Final

Actual Amounts

s 1,986,406

2,043,491

1,690,685

7,567,904

Pavilion Aquatics Rainbow Falls

522,419

479,303

650,1 30

596,759

Pirates Cove

399,377

400,1 87

21,987

20,536

Administration Programs

.,

Skate Park

1,608,321

Fitness Center Garden Terrace

237,400 7 116 725

Total Revenues

44

1,440,886

20r,840 75

6


ELK GROVE PARK DISTRICT,ILLINOIS Recreation - Special Revenue Fund Schedule of Expenditures by Program - Budget and Actual For the Fiscal Year Ended December 31,2014

Budgeted

Amounts Original and Final

Actual Amounts

$

3,048,280

3,093,082

1,071,964

970,325

Pavilion Aquatics Rainbow Falls

666,977

683,31 I

546,079

508,1 73

Pirates Cove

259,110 27,148

254,280

99r,843 202,t99

901,046

Culture and Recreation Administration Programs

Skate Park

Fitness Center Garden Terrace

6,8Ă&#x;A80

Total Culture and Recreation

45

28,971

r81,734 6,620,922


ELK GROVE PARK DISTRICT, ILLINOIS Debt Service Fund Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual

For the Fiscal Year Ended December 31,2014

Budgeted

Amounts Original and Final

Actual Amounts

$

2,906,800

2,827,737

332

6,125

2,907,132

2,833,862

2,810,000

2,810,000

Interest

96,800

88,1 87

Fiscal Charges Total Expenditures

10,200

9,760

2,9t7,000

2,907,947

Revenues

Taxes

Properly Taxes Interest

Total Revenues Expenditures

Debt Service Principal Retirement

(9,868)

Net Change in Fund Balance

(74,085)

12t,661

Fund Balance - Beginning

47,576

Fund Balance - Ending

46


ELK GROVE PARK DISTRICT, ILLINOIS Capital Projects Fund Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual For the Fiscal Year Ended December 31,2014

Budgeted

Amounts

Original and Final Revenues

$

Interest

1,700

Actual Amounts

6,885

Expenditures

l, 136,085

Capital Outlay

1, 765,840

Excess (Deficiency) of Revenues (

Over (Under) Expenditures

1,134,3 85)

(1,758,955)

1,700,000

I 700,000

Other Financing Sources

Debt Issuance

565,615

Net Change in Fund Balance

'

(58,955)

Fund Balance - Beginning

703,252

Fund Balance - Ending

644,297

47


ELK GROVE PARK DISTRICT,ILLINOTS Nonmajor Governmental - Special Revenue Funds Combining Balance Sheet I)ecember 3lr20l4

See

Following Page


ELK GROVE PARK DISTRICT, ILLINOIS Nonmajor Governmental - Special Revenue Funds Combining Balance Sheet I)ecember 3lr2014

Paving and Associations

Lighting

Audit

ASSETS

$ 350,227

Cash and Investments

128,489

10,505

Receivables - Net of Allowances Taxes

Accrued Interest Total Assets

350,227

72,000

21,000

294

25

200,783

3

1,530

LIABILITIES Accounts Payable Accrued Payroll

16,754

Other Payables

333,473

Total Liabilities

350,227

DEFERRED INFLO\ryS OF RESOURCES

72,000

Property Taxes

Total Liabilities and Deferred Inflows of Resources

350,227

21,000

72,000

21,000

128,783

10,530

200,783

31,s30

FTJND BALANCES Restricted

Total Liabilities, Deferred Inflows Resources and Fund Balances

of 350,227

48


Liability

Illinois Municipal

Insurance

Retirement

Police Protection

Social

Special

Security

Recreation

197,233

243,090

540,000

383

55,000 112

743.250

101.808

202,321

122,867

340,000

620,000

481

542.802

46,696

Totals

118,657

1,414,085

400,000

80,000

466

551

279

2,729,000 2,591

731.699

643 641

198.93 6

3.544.676

I 1,1 18

57r

lll,276

1,837

2,782

199

82,634

Museum

945

333,413

1,144

82,634

I 1,1 l8

2,408

447,531

400,000

80,000

2,r28,000

82,408

2,575,531

116,528

969,145

198.936

3.544.676

340,000

620,000

422,634

620,000

55,000 540,000 56,744 540,000

120,168

123,250

45,664 191,699 232,523

542.802

'143.2s0

101.808

73t,699

49

4l

l,l

18

643.641


ELK GROVE PARK DISTRICT, ILLINOIS Nonmajor Governmental - Special Revenue Funds Combining Statement of Revenues, Expenditures and Changes in Fund Balances For the Fiscal Year Ended December 31,2014

Paving and Associations

Audit

Revenues

Taxes

$

Charges for Services

72,758

20,236

380

38

73,138

20,274

691,337

Grants and Donations Interest

Miscellaneous Total Revenues

691,337

Expenditures

Current General Government

21,095

Culture and Recreation Capital Outlay Total Expenditures

691,337 82,133

69t,337

Net Change in Fund Balances

82,133

(8,995)

Fund Balances - Beginning

-

Fund Balances - Ending

50

21,085

(81l)

137,778

ll,34l

tzt,zt:

to,sยกo


Liability

Illinois Municipal

Insurance

Retirement

299,288

Police Protection

593,898 55,756

Social

Security

543,453

Special Recreation

401,894

Museum

86,781

Totals

2,074,064

6,102 7,054

697,439 5,322

7,054

7,096

I,l4l

552 167

1,167

594,851 55,989

544,549

403,035

101,656

2,785,046

330,536 569,944 54,157

49r,494 317,292

90,014

1,098,643

929

953

233

1

300,2t7

1,467,210 126,399

44,266

330,536 569,944 54,151

61,s 58

90,074

2,692,252

53,055

41,477

11,642

92,794

491,494

3

(30,319)

24,907

150,487

98,343 43,826

138,644

191,046

104,886

876,351

20.1 68

123.250 45,664

r9t,699

232.523

I16.528

969.r45

1

1,838

51


ELK GROVE PARK DISTRICT, ILLINOIS Associations - Special Revenue Fund Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual For the Fiscal Year Ended December 3lr20l4

Budgeted

Amounts

Original and Final

Actual Amounts

Revenues

$ 901,286

Charges for Services

691,337

Expenditures

Culture and Recreation

654 136

Net Change in Fund Balance

247,150

Fund Balance - Beginning Fund Balance - Ending

52

69t J)

I


ELK GROVE PARK DISTRICT, ILLINOIS Paving and Lighting - Special Revenue Fund Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual For the Fiscal Year Ended December 31,2014

Budgeted

Amounts Original and Final

Actual Amounts

Revenues

Taxes

$

Property Taxes Interest

Total Revenues

78,400

72,758

252

380

78,652

73,138

121,300

82,133

(42,648\

(8,995)

Expenditures

Capital Outlay Net Change in Fund Balance Fund Balance - Beginning

137,779

Fund Balance - Ending

t28,793

53


ELK GROVE PARK DISTRICT, ILLINOIS Audit - Special Revenue Fund Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual For the Fiscal Year Ended December 31,2014

Budgeted

Amounts Original and Final

Actual Amounts

Revenues

Taxes

$

Property Taxes Interest

Total Revenues

19,600

20,236

57

38

19,657

20,274

2I

2t

Expenditures General Government

Accounting Services

100

(r,443\

Net Change in Fund Balance

085

(81l)

Fund Balance - Beginning

ll,34l

Fund Balance - Ending

10.530

54


ELK GROVE PARK DISTRICT, ILLINOIS Liability Insurance - Special Revenue Fund Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual For the Fiscal Year Ended December 31,2014

Budgeted

Amounts Original and Final

Actual Amounts

$ 294,000

299,288

765

929

294,765

300,2r7

Administration

337,408

330,536

Net Change in Fund Balance

(42,643)

(30,319)

Revenues

Taxes

Properly Taxes Interest

Total Revenues Expenditures General Government

Fund Balance - Beginning

150,487

Fund Balance - Ending

120,168

55


ELK GROVE PARr( DISTRTCT, ILLINOTS Illinois Municipal Retirement - Special Revenue Fund Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual For the Fiscal Year Ended December 31,2014

Budgeted

Amounts Original and Final

Amounts

$

593,898

Actual

Revenues

Taxes Property Taxes

Interest Total Revenues

578,200 820

953

I

579,020

594,85

553,482

569,944

25,539

24,907

Expenditures General Government

IMRF Employer Contribution Net Change in Fund Balance Fund Balance - Beginning

98,343

Fund Balance - Ending

123,250

56


ELK GROVE PARK DISTRICT, TLLINOIS Police Protection - Special Revenue Fund Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual For the Fiscal Year Ended December 3lr20l4

Budgeted Amounts

Original and Final

Actual Amounts

Revenues

Taxes

$

Property Taxes Interest

53,900

55,756

180

多J3

54,080

55,989

General Government

55,260

54,151

Net Change in Fund Balance

(1,180)

1,838

Total Revenues Expenditures

Fund Balance - Beginning

43,826

Fund Balance - Ending

45.664

57


ELK GROVE PARK DISTRICT,ILLINOIS Social Security - Special Revenue Fund Schedule of Revenues' Expenditures and Changes in Fund Balance - Budget and Actual For the Fiscal Year Ended I)ecember 3lr20l4

Budgeted

Amounts

Original and Final

Actual Amounts

g 529,200

543,453

Revenues

Taxes Property Taxes Interest

Total Revenues

576

1,096

529,776

544,549

510,000

491,494

19,776

53,055

Expenditures General Government

Social Security Employer Contribution Net Change in Fund Balance Fund Balance - Beginning

138,644

Fund Balance - Ending

t91.699

58


ELK GROVE PARK DISTRICT, ILLINOIS Special Recreation - Special Revenue Fund Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual For the Fiscal Year Ended December 31,2014

Budgeted

Amounts

Original and Final

Actual Amounts

Revenues

Taxes

Properly Taxes

$

Interest

Total Revenues

392,000

401,894

8s0

l,l4l

392,950

403,035

317,292

317,292

Expenditures

Culture and Recreation

NWSRA Contribution Capital Outlay Total Expenditures Net Change in Fund Balance

63,205

44,266

380,497

361,559

12,353

41,477

Fund Balance - Beginning

191,046

Fund Balance - Ending

232,523

59


ELK GROVE PARK DISTRICT, ILLINOIS Museum - Special Revenue Fund Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual For the Fiscal Year Ended Decembe r 31,2014

Budgeted

Amounts

Original and Final

Actual Amounts

Revenues

Taxes

Property Taxes

$

Charges for Services

Grants and Donations

83,300

86,791

6,345 433

6,102 7,054 s52

990

1

6,150

Interest Miscellaneous Total Revenues

167

97,219

101,656

95,050

90,014

2,169

17,642

Expenditures

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

104,996

Fund Balance - Ending

Jls528

60


ELK GROVE PARK DISTRICT, ILLINOIS Golf Course - Enterprise Fund Schedule of Revenues, Expenses and Changes in Net Position - Budget and Actual For the Fiscal Year Ended December 3lr20l4

Budgeted

Amounts Originaland Final

Actual Amounts

$

1,85 8,092

r,63s,771

396,930

380,960

l,312,g69

l,161, I 55 317,132

Operating Revenues Charges for Services

Operating Expenses

Administration Operations

Depreciation Total Operating Expenses

397 196 2,1 06,995

Operating Income (Loss)

(248,903)

Nonoperating Revenues Disposal of Capital Assets

1,8 59,247

(223 ,476)

8,085

Interest Income

Change in Net Position

975

457

975

8,542

(247.928)

(214,934)

Net Position - Beginning

t7,0t4 a'))

Net Position - Ending

16,799,599

6t


STATISTICAL SBCTION (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 thL District provides and the activities it performs.


ELK GROVE PARK DISTRICT, ILLINOIS Net Position by Component - Last Ten Fiscal years* I)ecem ber 31, 2014 (Unaudited)

See

Following Page


ELK GROVE PARK DISTRICT,ILLINOIS Net Position by Component - Last Ten Fiscal years* Decem ber 31, 2014 (Unaudited)

Governmental Activities Net Investment in Capital Assets Restricted

s

Unrestricted

2005

2006

24,904,613 6,246,196

32,894,690 2,105,506 5,396,239

5,344,963

Total Governmental Activities Net position

a

J

Business-Type Activities Net Investment in Capital Assets

Unrestricted Total Business-Type Activities Net position Primary Government Net Investment in Capital Assets Restricted

Unrestricted Total Primary Government Net position

* Accrual Basis of Accounting Data Source: District Records

62

662

40

2007

25

14,967,193

l5,l3l,7gg

2,972,732

2,g76,ggg

35,261,733

l,713,4gg 6,3 05,756

43

80 988

15,533,655

2,534,639

17,939,915 19,00g,796

1g,06g,294

39,971,796

48,026,479

50,795,3 gg

6,246,196

2,105,506

1,773,499

8,317,595

8,263.237

8,840 ,395


2008

37,416,77 5

1,749,566 6,91

2010

20tt

2012

2013

2014

32,995,304 7,551,479

40,640,793

43,406,230

45,709,474

47,696,001

1,741,720

48,572,175

1,312,739

955,077

979,277

1,002,304

457

798

4

2009

913

7

47

8

819

7

5

)

00r

I

53

107

ll7

196

5

15,350,523 15,4g6,405 15,379,462 93

514

5,405

7,979

16,417,9g7 1,177 548

617

595

35

956

ss

17,220,739 140,393

t7 080

34s

9,255

969

27,796

t74

75

16,957,253

16,767,944

57

57

69

31,644

l7 l4

79

88

52,767,299

48,471,709

56,020,245

59,924,217

1,749,566

62,929,212

7,551,479

64,643,254

1,741,720

65,340,119

1,312,739

9,565,339

955,077

9,8gg,g0g

979,277

10,43 J,5JJ

1,002,304

9,156,776

9,495,012

9,313,165

9,459,440

65

9t3

6

195

298

70

731

63

69

l7

75

0l

63


ELK GROVE PARK DISTRICT, ILLINOIS Changes in Net Position - Last Ten Fiscal Years* December 31, 2014 (Unaudited)

2006

2005 Expenses Governmental Activities General Govemment Culture and Recreation Interest on Long-Term Debt Total Govemmental Activities Expenses Business-Type Activities Golf Course

Total Primary Govemment Expenses Program Revenues Govemmental Activities Charges for Services Culture and Recreation

Operating Gra¡rts/Contributions Total Governmental Activities Program Revenues Business-Type Activities Charges for Services Golf Course

$

3,124,654 8,38s,897

9l

Net (Expense) Revenue Governmental Activities Business-Type Activities

Total Primary Govemment Net Revenue (Expense)

4,306,922

s,087,290

5,379,509

s,592,692

9,178,027

9,305,677

9,588,600

9,910,476 503 729

9,409,726

167

103

1 AA A O't'l 1Á

^A<

A1

,74< AA'7

1< ?,ro<

r oÁt 10R

r<,4

1A)^a1)e

4,784,s39 5,663,897 s,470,437 l0 723

20tr

?o1 n

3,867,979

12,420,654 13,729,807 14,246,230 I

A)L

)Al

IO

11)41

0?<

I

TtS rqô

11 <tO

^nL

2014

2013

5,8 17,198

5,715,t04

5,993,042

9.s84,861

9,076,509

10,947,07E

205 t28

197

q?R oqq

r

't1 a1ñ q)1

s,s88,109

s,302,4r0

5,s02,049

?1 R 4?R

19.913

98.915

sRR

s,736,601 9,702,708

72,822 15,845,781 15,615,904

15,

', tÐ7 878

2012

1.830.010 t.983.279 11 61\

'791

5,6s0,420 147 835

l7 5gg 113

5,769,206 39.440

7

15

1.988.484 17 O15

)94

'7)?. OA 7

Á <10

tno

1 Á,ÁL 2,e)

'7'f <) <L

t1 <^a Âaa\

(1

0 r nÁ<\

1^a

'7

14

\

851 162

IR

996:4]0

23.s39

s,646,s22

9Á9 ?ÁÁ

't R?o 1r1

t.787268 t-722.192 1.463.313

1.461.081

1

622 661

1.635.771

? ?(R ?Ol

1Át<Á9.

7 lôq sqt

1 )69 1)7

7 100920

7 282,293

1

a)7 156

(7,62s,392) (7,64t,649) (8,7s6,20s) (9,437,sr0) (10,471,391) (9,871,858) 7a oTfl

I

5,621,453 25.069

5,454,720

4,79s,262 6,088,158 5,490,02s s,806,s47 5,322,323 s,600,964 5,998,2ss 5,80E,646 s,47E,259

Total Primary Govemment Program Revenues

?nôq

2008

2007

toL t32

(

12L 75

3 1 07R

/,

r5

qnTl

7 461 56

(9,E47,s26) (?66 697\

(9,807,2s8)

ß22.198\

(9,s4E,5s1) /365 R?il

/RR50??7ì (e6n?67\ fiO43S413l lr00R776sl (10214,223\ (10.329.456\ ß.914.374\

64

(11,498,726)

t2rs i9rì (11-714.117\


2006

2007

2008

2009

201 0

2011

10,20s,369 469,910

10,333,084 55s,744

l 0,890,766

tt,ltt,445

11,313,273

1r,288,749

t1,462,116 439,634

597,459

561,107

296,026

s01,89s 260,045

497,983 r80,747 336,482

438,827

324,6t0

461,853 281,049 341,941

147,490 408,334

74,018

4r,482

29,2s6

7,008

457

29

7

457

2005

2012

2013

2014

11,544,731 501,691

143,879

11,ó18,031 487,373 136,899

3s2,389

238,466

General Revenues and Other Changes in Net Position Govemmental Activities Taxes

Property Replacement Interest Income

9,s94,667 437,788

Miscellaneous Transfers - lnternal Activity Total Govemmental Activities

12

Business-Type Activities Interest lncome

Total Primary Govemment Changes in Net Position Governmental Activities Business-Type Activities

Total Primary Government

425,161

373,935

62,349 471,056

7

169,946 1s3,630

74,023

Miscellaneous Transfers - Internal Activity Total Business-Type Activities

ll

547,458

I 17,8ó8

131,700

11

16ñ)41

1

t 7n? ?{R

I 1 RO4

?91

l? ?t5 ]RÎ

1) )70 ?0,6

lt

169 96'7

3,329,132 3,890,763 2,894,563 2,799,810 r,724,897 2,4s6,627 284 697 3 613

82s

68 881

?959

644

s9 498

2954061

166 889)

2712921

* Accrual Basis of Accounting Data Sou¡ce: District Records

6s

I

1) 71? 65Á

12 4fl,5 ñ?6

1) ARO169

(174.42s\

2,435,874 (337.441\

2,590,760 t515-190)

2.632.218

I 05 996

830 893

2282202

2.098.433

2.075.570

2.s66.395

65.823\

1?

58,O

)R4

1,081,101

(214.934\ 866.167


ELK GROVE PARK DISTRICT, ILLINOIS Fund Balances of Governmental Funds - Last Ten Fiscar yearsx December 31, 2014 (Unaudited)

2005

2006

2007

GeneralFund Reserved

$

Unreserved

1,489,604

175,740

3,166,922

3,502,339

4,340,675

3

4 40 675

444,661 1,799,753

1,623,147

Nonspendable

Committed Unassigned

Total General Fund

All Other Governmental

4

6

s26

Funds

Reserved Unreserved, Reported in: Special Revenues Funds

Capital Projects Funds

1,353,916

1,755,474

2,056,626

4,560,912

423,907

162,323

Nonspendable Restricted

Committed Assigned

Total

All Other Governmental

Funds

3s9

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

20ll

66

93

979

43


2008

2009

20Il

2010

3,394

3,599

4,970,917

5,507,175

2012

75,745

ll

l0

773

69

l,5l7,g7g 1,319,423

1,203,g29

2,032,567

1,842,115

1,947,957

l

6,285,421

600,571

2g0,0g

J

279

93

20t4

4,210 6,022,359 l,0g0,g l0 4,792,914

97

2013

7

573

59

8,693 5,601

,256

69

9,619

122,900

5,740,09g

5,73 6,613

5 749 707

413

13,524

14,122

14,347

992,166

973,196

3,044,499

14,349

2,122,771

2,469,702

998,012 2,914,506

356,739

655,097

703,252

644,297

475

11

107

tl7

719 855

67

1,016,721


ELK GROVE PARK DTSTRICT,ILLINOIS Changes in Fund Balances

for Governmental Funds - Last Ten Fiscal Years*

December 31, 2014 (Unaudited)

2005

2006

2007

Revenues

$

Taxes Other Taxes Charges for Services

Grants and Donations

10,333,084

9,594,667

8,869,263

437,788 4,784,539

I,806,016

555,744

5,663,897

5,470,437

10,723

424,26t

19,5 88

Interest lncome

597,459

561,107

501,895

Miscellaneous TotalRevenues

324,610

296,026

260,045

15,749,786 17,620,570

17,140,793

Expenditures General Government

3,099,023

3,935,136

4,265,909

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

7,086,766

7,202,233

7,256,214

6,788,778

6,865,123

2,044,407

2,710,000

3,635,000

3,755,000

93t,177

691,941

643,644

20,614,744 22,329,433

17,965,174

Excess (Deficiency) of Revenues Over

(4,864,958) (4,708,863)

(Under) Expenditures Other Financing Sources (Uses) Debt Issuance

2,500,000 1,350,000

(824,38t)

1,350,000

Debt Issuance Premium Payment to Refund Debt 20,000

Transfers In

(20,000)

Transfers Out

6,086,382 (6,086,382)

2,500,000 1,350,000 Net Change in Fund Balances

35

Debt Service as a Percentage of Noncapital Expenditures

* Modified AccrualBasis of Accounting Data Source: District Records

68

26.34%

63

27.21%

20,000 (20,000) 1,350,000 525 619

26.89%


2009

2010

20tt

2012

20t3

2014

10,890,766

ll,lll,445

11,313,273

11,288,149

11,462,r16

I 1,61 8,03 I

11,544,731

547,458

461,853

438,827

439,634

487,373

501,691

5,588, I 09

5,302,410

497,983 5,502,049

5,454,720

23,539

5,621,453 25,069

136,899

62,349

2008

218,438

19,913

98,915

347,835

5,769,206 39,440

425,161

281,049 341,947 77,518,611

180,747

147,490

143,879

373,935

18,043,867

4,744,0r9

5,031,747

7,746,361 1,944,891

7,664,84r 2,455,r95

3,895,000

3,715,000

I 8,91 I

,900

17,929,449

5,161,459 7,546,048

(868,033)

1,500,000

(1 ,857,006

18,206,664

238,466

471,056

17,959,028

18,226,349

5,445,046

5,323,583

5,368,673

5,273,560

7,644,367

7,494,859

7,035,439

7,779,565

5,915,483

2,697,664

2,878,752

9,038,406

4,005,000

4,050,000

3,330,000

4,190,000

4,165,000

351,774

264,702

239,567

23,108,355

)

18,281,655

2,157,727

480,365

19,37 5,617

352,389

408.334

336,482

508,834

581,629

5,650,420

4t0,298 20,125,912

7)

(5,178,906) ( I

19,424,058 25,802,107

(r.217.394)

6,790,000

1,500,000

8,000,000

129,881

(7,843,

079)

79,726,905

1 ,500,5 s6)

8,590,000 210,847

1,700,000

(5,415,000) (30 1,500,000

631.967

1,500,000

8,000,000 6.1

25.67% 23.8r%

(5

.178.906) Ă&#x;44.257)

1,504,881 8,500,847 287.487

657.768

25.70% 25.18% 21.93% 26.31%

69

1,700,000 199.444

23.81%


ELK GROVE PARK DISTRICT, ILLINOIS Equalized Assessed Value and Actual Value of Taxable Property - Last Ten Fiscal Years I)ecember 31, 2014 (Unaudited)

Year

Tax Levy Year

2005

2004

2006

2005

615,745,592

299,132,396

1,284,938,297

2007

2006

638,643,607

287,069,402

r,285,874,586

2008

2007

739,881,569

348,860,705

1,452,043,626

2009

2008

754,995,425

327,747,787

I,235,380,872

2010

2009

825,649,464

279,744,728

1,078,116,581

20tl

2010

776,542,734

263,215,563

1,029,251,636

2012

20lt

728,805,744

228,651,656

899,301,126

2013

20t2

669,094,028

206,930,999

819,686,949

2014

2013

548,528,165

197,921,469

720,380,012

Fiscal

Residential Property

s

Commercial Property

s

572,693,521

274,458,234

Industrial Property

$

1,219,852,836

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 33-113% of market value. All property is reassessed on a repeating triennial cycle.

Data Source: Office of the County Assessor

70


Total

Total

Railroad

Total

Estimated

Assessed

Actual Value

Value

$ 2,067,004,591 $ 710,659 $ 2,067,715,250 $

Direct Tax Rate

6,203,145,747

0.533

2,199,816,275

654,385

2,200,470,660

6,601,411,980

0.531

2,211,587,595

648,823

2,272,236,418

6,636,709,254

0.550

2,540,785,900

698,458

2,541,484,358

7,624,453,074

0.491

2,318,124,084

625,263

2,318,749,347

6,956,248,041

0.490

2,183,510,773

7

5l,317

2,184,262,090

6,552,786,270

0.523

2,069,009,333

937,272

2,069,946,545

6,209,939,635

0.562

1,856,758,526

995,345

7,857,7 53,871

5,573,261,673

0.633

1,695,711,975

1,124,852

1,696,836,827

5,090,510,481

0.711

1,466,829,646

7,387,564

1,468,217,210

4,404,651,630

0.805

71


ELK GROVE PARK DISTRICT, ILLINOIS Direct and Overlapping Property Tax Rates - Last Ten Fiscal Years* Elk Grove Township I)ecember 31, 2014 (Unaudited)

2005

2006

2007

Corporate

0.228

0.239

0.243

Bonds and Interest

0.031

0.052

0.052

Illinois Municipal Retirement

0.014

0.017

0.01s

Police Protection Social Security

0.006

0.004

0.002

0.023

0.024

0.021

Auditing Liability Insurance

0.001

0.001

0.000

0.023

0.000

0.018

Recreation

0.068

0.073

0.074

Paving and Lighting

0.005

0.005

0.004

Museum

0.00s

0.003

0.003

Special Recreation

0.027

0.021

0.021

Limited Bonds Total Direct Rate - Elk Grove Park District

0.097

0.094

0.097

0.533

0.s31

0.s50

Overlapping Rates Cook County

0.593

0.s47

0.500

Forest Preserve

0.060

0.060

0.057

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

0.062

0.062

0.062

0.001

0.005

0.005

0.009

0.009

0.009

0.347

0.284

0.497

0.3i5 0.496

0.1 87

0.1 82

0.1 87

1.972

1.933

2.013

.816

t.'7 59

1.823

0,280

0.281

0.288

5.824

5.649

5.735

6.357

6.1 80

6.285

Direct Rate - Elk Grove Park District

1

Total Tax Rate

Note: The Elk Grove Park District is situated in two counties, Cook and DuPage and two townships, Elk Grove and Schaumburg. The total rate for a taxpayer is determined by the taxing agencies located in the county and township in which a property is located. Data Source: Cook County Clerk's office

* Rates are per $100 of Assessed Value 72

0.507


2008

2009

2010

20tl

20t2

20t3

20t4

0.215

0.215 0.044

0.225

0.241

0.271

0326

0.350

0.045

0.047

0.0s0

0.073

0.081

0.01s

0.018

0.022

0.024

0.0ss 0.029

0.032

0.041

0.001

0.000

0.001

0.002

0.003

0.003

0.004

0.018

0.017

0.021

0.022

0.026

0.030

0.038

0.000

0.001

0.001

0.001

0.001

0.001

0.001

0.019

0.019

0.023

0.025

0.031

0.018

0.021

0.066

0.067

0.071

0.075

0.085

0.093

0.1 13

0.004

0.004

0.000

0.003

0.002

0.005

0.00s

0.002

0.002

0.003

0.005

0.005

0.005

0.006

0.0r9

0.019

0.020

0.02 r

0.022

0.025

0.028

0.087

0.085

0.090

0.093

0.1 03

0.100

0.1

0.491

0.490

0.s23

0.562

0.633

0.711

0.80s

0.458

0.41s

0.41s

0.423

0.487

0.531

0.s9 r

0.053

0.051

0.049

0,051

0.058

0.063

0.069

l6

0.057

0.059

0.064

0.071

0.081

0.092

0.111

0.000

0.000

0.000

0.000

0.000

0.000

0.000

0.008

0.008

0.008

0.009

0.010

0.011

0.013

0.263

0.252

0.261

0.274

0.320

0.370

0.417

0.492

0.490

0.524

0.646

0.750

0.846

0.965

0.167

0.1 68

0.203

0.220

0.26s

0.301

0.34r

1.79t

1.810

1.945

2.r29

2.422

2.673

3.172

1.621

1.587

1.839

2.067

2324

2.768

0.260 s.170

0.256

0.29s

0.334

0.373

0.444

s.096

t.636 0.258 s.363

5.957

6.794

7.584

8,891

s.66t

5.586

5.886

6.519

7.427

8.295

9.696

IJ


ELK GROVE PARK DISTRICT, ILLINOIS Direct and Overlapping Property Tax Rates - Last Ten Fiscal Years* Schaumburg Township December 31, 2014 (Unaudited)

200s

2006

2007

Corporate

0.228 0.037

0.239 0.0s2

0.243

Bonds and Interest

Illinois Municipal Retirement Police Protection Social Security Auditing Liability Insurance

0.014

0.017

0.01s

0.006

0.004

0.002

0.023

0.024

0.021

0.001

0.001

0.000

0.023

0.000

0.018

Recreation

0.068

0.073

0.074

Paving and Lighting

0.005

0.005

0.004

Museum

0.005

0.003

0.003

Special Recreation

0.027

0.021

Limited Bonds Total Direct Rate - Elk Grove Park District

0.097

0.02r 0.094

0.533

0.s31

0.550

Overlapping Rates Cook County

0.593

0.547

0.s00

Forest Preserve

0.060

0.060

0.057

Schaumburg Township

0.1 01

0.1 00

0.104

Schaumburg Township Library Suburban TB Sanitarium Metro Water Reclamation District Northwest Mosquito Abatement Village of Elk Grove Village

0.284

0.277

0.281

0.001

0.005

0.005

0.347

0.315

0.284

0.009

0.009

0.009

0.497

0.496

0.507

School District #54

3.r02

3.003

3.104

High School District #211 Community College District #512 Total Overlapping Rates

2.156

2.t91

2.26t

0.280

0.281

0.288

7.430

7.284

7.406

7 963

7.815

7.956

Direct Rate - Elk Grove Park District

Total Tax Rate

Note: The Elk Grove Park District is situated in two counties, Cook and DuPage and two townships, Elk Grove and Schaumburg. The total rate for a taxpayer is determined by the taxing agencies located in the county and township in which a property is located. Data Source: Cook County Clerk's office * Rates are per $100 of Assessed Value

74

0.052

0.097


2008

2009

20t0

20tl

20t2

2013

2014

0.215

0.225

0.24t

0.211

0.326

0.350

0.04s

0.215 0.044

0.047

0.0s0

0.055

0.073

0.081

0.015

0.018

0.022

0.024

0.029

0.032

0.041

0.001

0.000

0.001

0.002

0.003

0.003

0.004

0.018

0.017

0.021

0.022

0.026

0.030

0.038

0.000

0.001

0.001

0.001

0.001

0.001

0.001

0.019

0.019

0.023

0.025

0.031

0.0r8

0.021

0.066

0.067

0.071

0.07s

0.085

0.093

0.113

0.004

0.004

0.000

0.003

0.002

0.00s

0.00s

0.002

0.002

0.003

0.005

0.005

0.005

0.006

0.019

0.019

0.020

0.021

0.022

0.025

0.028

0.087

0.08s

0.090

0.093

0.1 03

0.100

0.116

0.491.

0.490

0.523

0.562

0.633

0.71l

0.80s

0.458

0.415

0.415

0.423

0.487

0.s31

0.591

0.0s3

0.051

0.051

0.058

0.063

0.069

0.089

0.089

0.110

0.125

0.r37

0.161

0.256

0.2s4

0.049 0.092 0.2s8

0.29s

0.32r

0.331

0.384

0.000

0.000

0.000

0.000

0.000

0.000

0.000

0.310

0.417

0.263

0.252

0.26t

0.274

0320

0.008

0.008

0.008

0.009

0.010

0.011

0.013

0.492

0.489

0.646

0.846

0.96s

3.578

4.r48 3.\97

2.582 t.972 0.260

2.559

0.s24 2.592

t.928

t.9t6

2.996 2.204

0.2s6

0.2s8

0.295

0.7s0 3.196 2.482 0.334

0.373

0.444

6.433

6.3

0l

6.373

7.303

8.083

9.012

10.3 89

6 924

6.791

6.896

7.86s

8.716

9.723

11.194

75

2.772


ELK GROVE PARK DISTRICT, ILLINOIS Principal Property Tax Payers - Current Fiscal Year and Nine Fiscal Years Ago I)ecember 31, 2014 (Unaudited)

20t4

Crane &

Norcross

Percentage

of Total District

Taxable

of Total District Taxable

Taxable

Taxable

Assessed

Assessed

Assessed

Assessed

Value

Value

Value

Taxpayer

2005 Percentage

Rank

2.20%

37,259,377

1

Prologis Tax Coordinator Draper & Kramer

22,103,430

2

19,772,199

J

Tarantula Ventures LLC

19,233,145

4

Hamilton Properties

18,963,000

Arthur J. Rogers & Co. 25 Northwest PNT BVD 400 New Plan Property Tax

16,346,484 12,414,935

7

0.73%

11,593,847

8

0.68%

FSB Property Management

10,882,242

9

ADP Inc. Centerpoint Properties Gullo Properties Rogers Industrial Par BBKI Northwest Point AMB Properties

10,797,265

I0

$

Rank

$ 62,600,163 I

Value 2.84%

t.3t% t.l7% Ll4%

31,556,786

J^

1.43%

5

l.12Yo

28,791,146

4

l3t%

6

0.97%

0.64%

20,795,616

7

0.92%

0.64%

19,223,458

8

62,979,076 24,325,072 23,635,510

I

0.87% 2.86%

5

t.tt%

10.60%

179,365.924

18,375,424

9

1.07% 0.84%

17,710,I22

10

0.80%

309,392,373

6

14.05%

Note: Every effort has been made to seek out and report the largest taxpayers. However, many of the taxpayers contain multiple parcels, and it is possible that some parcels and their valuations have been overlooked. Data Source: Ofhce of the County Clerk

76


ELK GROVE PARK DISTRICT, ILLINOIS Property Tax Levies and Collections - Last Ten Fiscal Years December 31, 2014 (Unaudited)

Tax Fiscal Year

Levy Year

Tax Extension Grand Total Fiscal Year

Collected within Fiscal Year of the

Amount

the Collections Levy in

Percentage

Subsequent

of Lew

Years

Total Collections to Date Percentage

Amount

ofLew

2005 2004 $ 9,585,281

N/A

N/A

N/A s 9,594,667

2006 2005

10,304,042

N/A

N/A

N/A

10,207,245

99.06%

2007 2006

10,660,588

N/A

N/A

N/A

10,331,802

96.92%

2008 2007

11,025,019

N/A

N/A

N/A

10,992,389

98.80%

2009 2008

t1,356,365

N/A

N/A

N/A

17,111,443

97.84%

2010 2009

11,601,431

N/A

N/A

N/A

11,313,270

97.52%

20tt 2010

71,636,287

N/A

N/A

N/A

11,288,749

97.01%

2012 20t1

1r,763,173

N/A

N/A

N/A

17,462,176

97.44%

20t3 2012 t2,056,227

N/A

N/A

N/A

11,618,030

96.37%

2014 20t3

N/A

N/A

N/A

11,544,731

97.68%

11,818,358

Data Source: Office of County Clerk

N/A - Information is not available

77

100.10%


ELK GROVE PARK DISTRICT,ILLINOIS Ratios of Outstanding Debt by Type - Last Ten Fiscal Years December 31, 2014 (Unaudited)

Fiscal

Year

Governmental Activities Alternate General Revenue Obligation Bonds

Bonds

2005 $ 12,605,000 $ 5,420,000 $

Total Primary Government

Percentage

Per

ofPersonal Income

Population

Capita

18,025,000

1.82%

34,727 $

519

2006

11,695,000

4,045,000

15,740,000

t.59%

34,727

4s3

2001

10,695,000

2,640,000

13,33 5,000

t.35%

34,727

384

2008

9,735,000

1,205,000

10,940,000

097%

34,727

315

2009

15,225,000

15,225,000

133%

34,721

438

20r0

11,220,000

11,220,000

0.97%

34,727

323

20t1

9,670,000

9,670,000

0.80%

33,127

262

2012

6,715,000

6,71 5,000

0.65%

33,127

203

20t3

11,295,726

11,295,726

t.04%

33,127

34t

2014

8,800,605

g,goo,6o5

0.79%

33,419

263

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


DLK GROVE PARK DISTRICT, ILLINOIS Ratio of Net General Obligation Debt to Equalized Assessed Value and Net General Obligation Bonded Debt Per Çapita - Last Ten Fiscal Years December 3I, 2014 (Unaudited)

Gross

Fiscal Year

Net

Debt Payable

Ratio

of

General

from

General

Assessed

Bonded Debt

Obligation

Other

Obligation

to Assessed

Bonds

Sources

Bonds

Value of Property

2005 $ 18,025,000

$

$

18,025,000

Value

Per

Population

Capita

$ 1,817,284,428 0.992% 34,727 $

Stq

2006

11,695,000

I

1,695,000 1,936,849,957 0.604%

34,727

)Jt

2007

10,695,000

10,695,000 1,938,288,815 0.552%

34,72',1

308

0.433%

34,727

280

2009 15,225,000 32,356 15,192,644 2,318,749,347 0.655%

34,727

437

2010 11,220,000 63,284 11,156,716 2,184,262,090 0.511%

34,727

321

2008

9,735,000

5,183

9,729,817

2,246,067,851

20tl

8,670,000 61,097

8,ó08,909 2,069,946,545 0.416%

33,127

260

2012

6,715,000 86,318

6,628,682 1,857,753,871 0.357%

33,127

200

2013 rt,295,726 102,926 11,192,800 1,696,836,827 0.660%

33,127

338

8,767,446 1,468,217,210 0.597%

33,419

262

2014

8,800,605 33,159

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 December 31, 2014 (Unaudited)

*Percentage

Cook County Cook County Forest Preserve District Metro Water Reclamation District

City of Des Plaines Village of Elk Grove Village School District CC #59 Palatine Township High School #2ll Arlington Heights Township High School#214 Harper Community College District #512

District's

District

Debt

Gross Debt

Governmental Unit

Elk Grove Park District

to Debt Applicable to

$

8,800,605

100.00%

Share

$

of

8,800,605

3,578,905,000

1.26%

45,094,203

179,655,000

t.26%

2,263,653

2,168,368,889

1.29%

27,971,959

800,000 50,584,450 7,615,000

63.00% 97.63% 53.05%

504,000 49,385,599

4,039,758

67,105,000

4.st% t7.38%

r1,662,849

175,310,000

9.56%

16,759,636

16,430,000

740,993

Subtotal Overlapping Debt

6,244,773,339

158,422,649

Totals

6.253.573.944

167.223.254

*

Determined by the ratio of assessed value of propefty 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 DTSTRTCT, TLLTNOIS Legal Debt Margin - Last Ten Fiscal Years I)ecember 3t, 2014 (Unaudited)

See

Following Page


ELK GROVE PARK DISTRICT,ILLINOIS Legal Debt Margin - Last Ten Fiscal Years I)ecember 31, 2014 (Unaudited)

2006

2005

Equalized Assessed Valuation Bonded Debt Limit -

2.815% of Assessed Value Amount of Debt Applicable to Limit Legal Debt Margin

$ r.8t7.284.428 t.936.849.957

2007

1.938.288.8rs

2008

2.246.067.851

52,246,927 55,684,436 55,725,803

5,420,000

4,045,000

46,826,927

5t,639,436

64,574,451

2,640,000

1,205,000

53.08s.803

63.369.4sr

Percentage of Legal Debt Margin

to Bonded Debt Limit

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

89.63%

92.74%

95.26%

10,449,385 I1,136,887 ll,145,161

98.t3%

72,974,890

Amount of Debt Applicable to Limit

2,705,000 2,345,000

1,925,000

1,575,000

Legal Debt Margin

7.744.38s

9.220.161

11.339.890

8.791.887

Percentage of Legal Debt Margin

to Bonded Debt Limit

'74.tr%

Data Source: District Records

81

78.94%

82.73%

87.80%


2009

2.3r8.749.347

66,664,044 7,700,000 58.964.044

88.4s%

20t0

2J84.262I90

20tl

20t2

1.857.753.871

2.069.946.545

2013

2014

1.696.836.827

1.468.217.2r0

62,797,535

59,510,963

53,410,424

48,784,059

42,211,245

5,000

2,5 15,000

6,715,000

I 1,l 1s,000

g,650,ooo

58.442.535

56.995,963

46.695.424

37.669,059

33.561.245

4,3

5

93.07%

95.77%

87.43%

77.22%

7951%

13,332,809

12,559,507

11,902,193

10,682,085

9,756,812

8,442,249

7,700,000

4,355,000

2,515,000

1,425,000

6,955,000

5,600,000

5.632.809

8.204.507

9.387.r93

9.257.08s

2.80 r.812

2.842.249

42.2s%

65.33%

78.87%

82

86.66%

28.72%

33.67%


ELK GROVE PARKDTSTRICT,

TLLTNOTS

Demographic and Economic Statistics - Last Ten Fiscal Years I)ecember 31, 2014 (Unaudited)

Per

Fiscal Year

Population

2005

34,727

2006

34,727

2007

$

Total

Capita

Personal

Personal

Unemployment

Income

Income

Rate

$

28,515

5.50%

990,240,405

28,515

4.50%

34,727

1,131,058,390

32,570

4.00%

2008

34,727

1,143,073,932

32,916

4.80%

2009

34,727

1,1

57,798, I 80

33,340

8.70%

2010

34,727

1,129,565,729

32,527

8.50%

2011

33,127

1,077,521,929

32,527

7.80%

2012

33,127

1,039,757,149

31,387

'7.40%

2013

33,127

1,082,656,614

32,682

7.60%

20t4

33,419

1,117,431,103

33,437

3.90%

990,240,405

Data Source: Census Data

83


ELK GROVE PARK DISTRICT, ILLINOIS Principal Employers - current Fiscal Year and Nine Fiscal Years Ago I)ecember 31, 2014 (Unaudited)

2005

2014

Employer

Alexian Brothers Medical Center Automatic Data Processing Harvard Maintenance Steiner Electric Little Lady Foods,Inc. Topco New Ablertsons Fort Dearborn Village of Elk Grove Ready Set Services John B. Sanfillipo

&

Employees

Rank

Employees as

Employees as

a Percentage

a Percentage

of Village Employment

Employees

Rank

of Village Employment

2,200

I

2.20%

2,000

I

2.00%

1,300

2

t.30%

1,000

2

t.00%

a

J

0.42%

415

4

0.42%

383

3

038%

350

4

0,35%

315

5

0.32%

312

6

300

7

300

7

300

7

300

7

0.31% 0.30% 0.30% 0.30% 0.30%

420

4t5

4

0.42%

382

6

0.38%

3s0

7

03s%

3s0

7

330

9

0.3s% 0.33%

306

10

0.3t%

Son Inc.

Metallmpact Ocso Drug Quebecor World Baker & Baker Apple Vacation American Academy of Pediatrics Total

6.47%

s.s6%

Estimated Total Employment

100,000

I

Data Source:2073 and2004Illinois Manufacturers Directory and Illinois Service Directory

84


ELK GROVE PARK DISTRICT,ILLINOIS Government Employees by Function/Program - Last Ten Fiscal Years December 31, 2014 (Unaudited)

FunctionĂ&#x2020;rogram

200s 2006 2007 2008 2009 2010 2011 2012 2013

2014

General Government

l8

t8

20

20

7

9

10

t9 t2

t9 l1

20

6

24

25

29

30

31

30

3l

32

Park Services - Full Time Park Services - Part Time

t6

18

20

21

20

2t

20

7

9

8

10

t3

35

25

Park Services - Seasonal

l5

20

22

36

32

t2

12

38

47

50

67

65

68

57

61

60

57

t4

l6

26

30

26

23

2t

25

22

22

30r

331

329

343

325

293

291

289

282

Administration - Full Time Administration - Part Time

ll

20

20

2t

t2

l1

9

31

30

2t

22

27

28

27

l9

t2

t1

ll

Recreation Recreation - Full Time Recreation - Part Time

315 347 355 373 351 316 312 314 304 Pools - Full Time

2

2

3

3

4

Pools - Part Time

89

95

81

65

65

Pools - Seasonal

77

146

120

123

133

2

2

2

80

96

103

25

83

147

139

173

190

189

Fitness - Full Time Fitness - Part Time

4

5

5

5

5

5

5

67

7t

72

73

65

61

71

76

77

78

70

J

2

J

J

5t

5t

57

65

s4 Total Full Time Total Part Time Total Seasonal

s3

60

57

6l

521 92

564 166

670

',791 ',775 807

2

3

168 243 204 191 202 229 237 278 2t8 Golf - Full Time Golf - Part Time

291 313

274

5

5

6

61

7r

75

7l

72

66

76

80

77

4

J

3

3

3

J

59

70

72

76

83

84

73

75

79

86

87

8l

68

63

77

82

78

73

7l

76

75

556 142

566

539

556

556

579

503

557

159

165

rs9

151

r85

201

200

182

788

778

840

779

838

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,

TLLTNOTS

operating Indicators by Function/Program - Last Ten Fiscal Years I)ecember 31, 2014 (Unaudited)

See

Following Page


ELK GROVE PARK DISTRIÇT, ILLINOIS Operating Indicators by Function/Program - Last Ten Fiscal Years December 31, 2014 (Unaudited)

Function/Proqram

2005

2006

2007

13,462

13,891

14,657

31,390

210,239 31,682

228,814 29,854

6,229 20,327

21,832

55,479

49,990

Parks and Recreation

Pavilion Center Attendance Pavilion Fitness Center Usage Pavilion Aquatic Center Usage Audubon Skate Park Usage

30,316 12,510

6,872

Recreation Program Usage Rainbow Falls Water Park Usage

18,225

Pirates Çove Theme Park Usage

11,091

9,977

ll,44l

Fox Run Golf Rounds

35,623

33,941

34,874

Data Source: District Records

86


2012

20t3

201,4

9,1 03

11,754

12,403

11,809

240,436

240,7 53

240,518 47,318

217,588

219,830

43,569

11,239

16,469

2,950

1,404

2,145

4,172

25,542

2008

2009

20tQ

14,120

I 1,93 8

10,527

233,982

232,11I

2011

18,090

22,563

43,3r7 4,136 25,944

21,272

45,672

19,414

52,r50

47,383

22,378 47,988

21,200

8,578

37,734

13,029

15,678

17,633

18,328

17

|

17,922

19,974

34,453

34,072

32,324

27,235

28,405

28,693

28,456

29,759

44,535

6,175

4,782

87

,67

3


ELK GROVE PARK DISTRICT, ILLINOIS Capital Asset Statistics by Function/Program - Last Ten Fiscal Years December 31, 2014 (Unaudited)

FunctionĂ&#x2020;rogram

200s

2006

2007

474

474

474

45

45

45

Playground

4l

4l

4Q

Indoor Swimming Facilities Outdoor Swimming Facilities

2

2

2

I I

Golf Driving Range Golf Course - 18 Holes

I I I I

1

I I I

1

I

Nature Center

1

Museum

I

I I

I I

Outdoor Skating Rinks

J

J

J

Recreation Center

J

4

4

Football Fields

5

5

5

Ball Diamonds

29

30

30

Soccer Fields

24

30

30

Racquetball Courts Tennis Courts

2

2

2

t9

t7

l6

35

35

35

Parks and Recreation Parks

Total Acreage Number of Parks Facilities (Number)

Outdoor Water Park

Picnic Areas Indoor Basketball Courts Outdoor Basketball Courts

Hill

9

9

9

t4

t4

ll 2

I

2

Concession Stands

4

4

Rollerblading Area

J

J

J

Skateboard Facility

I I

I

l0

Community Garden

Golf

I

1

I

Sled

Frisbee

Data Source: District Records

88


2008

2009

2010

20lt

2012

2013

2014

474

474

474

474

474

474

476

45

45

45

45

45

45

45

40

40

4t

41

4I

4t

4t

2

2

2

2

2

2

J

I

I

1

1

1

1

I

1

1

1

1

I

1

I

I

I

I I

I

1

1

1

1

1

1

I I I

I I

I I I

1

1

I

1

I

1

1

I

1

J

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

1

1

t6

16

t9

t9

t9

t9

t9

35

35

35

35

35

35

35

9

9

5

5

5

5

7

11

l1

13

13

l3

l3

l3

2

2

2

2

2

2

2

4

4

4

4

4

a

J

J

a

J

J

J

J

J

10

10

7

4

J

I

1

I

1

I

1

1

I

1

1

1

89

1

2014 Comprehensive Financial Annual Report  
2014 Comprehensive Financial Annual Report