CARY PARK DISTRICT, ILLINOIS...CARY PARK DISTRICT, ILLINOIS TABLE OF CONTENTS 1 2 Transmittal Letter 3 - 8 9 INDEPENDENT AUDITORS' REPORT 10 - 11 MANAGEMENT’S DISCUSSION AND ANALYSIS

CARY PARK DISTRICT, ILLINOIS COMPREHENSIVE ANNUAL FINANCIAL

REPORT

FOR THE FISCAL YEAR ENDED APRIL 30, 2019

CARY PARK DISTRICT, ILLINOIS

COMPREHENSIVE ANNUAL FINANCIAL REPORT

FOR THE FISCAL YEAR ENDED APRIL 30, 2019

Daniel C. Jones Executive Director

Vicki A. Krueger

Director of Finance and Administration

Prepared by: Finance and Administration Department


TABLE OF CONTENTS

1

2

Transmittal Letter 3 - 8

9

INDEPENDENT AUDITORS' REPORT 10 - 11

MANAGEMENT’S DISCUSSION AND ANALYSIS 12 - 21

BASIC FINANCIAL STATEMENTS

Government-Wide Financial Statements

Statement of Net Position 22 - 23

Statement of Activities 24 - 25

Fund Financial Statements

Balance Sheet – Governmental Funds 26

Reconciliation of Total Governmental Fund Balance to the

Statement of Net Position – Governmental Activities 27

Statement of Revenues, Expenditures and Changes in

Fund Balances – Governmental Funds 28

Reconciliation of the Statement of Revenues, Expenditures and Changes in

Fund Balances to the Statement of Activities – Governmental Activities 29

Statement of Revenues, Expenditures and Changes in Fund Balance – Budget and Actual

General Fund 30

Statement of Net Position – Proprietary Fund 31

Statement of Revenues, Expenses, and Changes in Net Position – Proprietary Fund 32

Statement of Cash Flows – Proprietary Fund 33

Notes to Financial Statements 34 - 69

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INTRODUCTORY SECTION

Principal Officials

Organizational Chart

Certificate of Achievement for Excellence in Financial Reporting

FINANCIAL SECTION


TABLE OF CONTENTS

REQUIRED SUPPLEMENTARY INFORMATION

Schedule of Employer Contributions

Illinois Municipal Retirement Fund 70

Schedule of Changes in the Employer’s Net Pension Liability

Illinois Municipal Retirement Fund 71 - 72

Schedule of Changes in the Employer's Total OPEB Liability

Retiree Benefit Plan 73

OTHER SUPPLEMENTARY INFORMATION

Schedule of Revenues, Expenditures and Changes in Fund Balance – Budget and Actual

Debt Service Fund 74

Combining Balance Sheet – Nonmajor Governmental Funds 75 - 76

Combining Statement of Revenues, Expenditures and Changes in Fund Balances

Nonmajor Governmental Funds 77 - 78

Schedule of Revenues, Expenditures and Changes in Fund Balance – Budget and Actual

Illinois Municipal Retirement(IMRF)/Social Security – Special Revenue Fund 79

Liability Insurance – Special Revenue Fund 80

Audit – Special Revenue Fund 81

Special Recreation – Special Revenue Fund 82

Paving and Lighting – Special Revenue Fund 83

Schedule of Revenues, Expenses and Changes in Net Position – Budget and Actual

Foxford Hills Golf Course – Enterprise Fund 84

Consolidated Year-End Financial Report 85

SUPPLEMENTAL SCHEDULES

Long-Term Debt Requirements

General Obligation Alternate Revenue Source Bonds Series 2013A 86

General Obligation Alternate Revenue Source Bonds Series 2018A 87

General Obligation Limited Tax Park Bonds Series 2018B 88

Debt Certificates Series 2017 89

PAGE

FINANCIAL SECTION – Continued


TABLE OF CONTENTS

Net Position by Component – Last Ten Fiscal Years 90 - 91

Changes in Net Position – Last Ten Fiscal Years 92 - 93

Fund Balances of Governmental Funds – Last Ten Fiscal Years 94 - 95

Changes in Fund Balances of Governmental Funds – Last Ten Fiscal Years 96 - 97

Assessed Value and Actual Value of Taxable Property – Last Ten Tax Levy Years 98 - 99

Direct and Overlapping Property Tax Rates – Last Ten Tax Levy Years 100 - 101

Principal Property Tax Payers – Current Levy Year and Nine Levy Years Ago 102

Property Tax Extensions and Collections – Last Ten Fiscal Years 103

Ratios of Outstanding Debt by Type – Last Ten Fiscal Years 104 - 105

Ratios of General Bonded Debt Outstanding – Last Ten Fiscal Years 106

Schedule of Direct and Overlapping Governmental Actvities Debt 107

Legal Debt Margin – Last Ten Fiscal Years 108 - 109

Demographic and Economic Statistics – Last Ten Fiscal Years 110

Principal Employers – Current Fiscal Year and Nine Fiscal Years Ago 111

Full-Time Equivalent District Employees by Function – Last Ten Fiscal Years 112 - 113

Operating Indicators by Function/Program – Last Ten Fiscal Years 114 - 115

Capital Asset Statistics by Function/Program – Last Ten Fiscal Years 116 - 117

PAGE

STATISTICAL SECTION (Unaudited)

INTRODUCTORY SECTION

This section includes:

• Principal Officials

• Organizational Chart

• Transmittal Letter

• Certificate of Achievement for Excellence in Financial Reporting

CARY PARK DISTRICT, ILLINOIS Principal Officials April 30, 2019

BOARD OF COMMISSIONERS

Michael Renner, President Keith Frangiamore, Vice President Erin Hauck, Commissioner Josh Howell, Commissioner Philip Stanko, Commissioner

PARK DISTRICT STAFF

Daniel Jones, Secretary/Executive Director

Vicki Krueger, Treasurer/Director of Finance and Administration

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The Cary Park District provides for recreation, parks and open space opportunities. The Park District has 47 parks and open space sites totaling 863 acres. The Park District operates a Community Center with outdoor swimming, diving and children’s pools, fitness equipment and programming/meeting rooms including kitchen facilities. Outdoor facilities include playgrounds, athletic fields, tennis courts, an 18-hole disc golf course and a 6-hole “short course”, picnic facilities, a dog park, a skate park, a prairie nature preserve, trails, and an outdoor amphitheater for concerts and movies. The Park District owns and, through contracted management, operates an 18-hole golf course and lighted driving range. The Park District also operates a senior center, preschool and before and after school programs. The Board of Commissioners is required to pass a Combined Annual Budget and Appropriation of Funds Ordinance before or within the first quarter of that budget’s fiscal year. This annual budget serves as the foundation for the Cary Park District’s financial planning and control. The budget is prepared by fund, department/program area, and object. Expenditures may not legally exceed appropriations, including Board approved appropriation transfers, at the object category level. All appropriations lapse at fiscal year- end. Local Economy The Cary Park District is located in a substantially residential area with limited commercial and industrial development. Residential real estate taxes continue to account for approximately 87% of the total property tax collected. The local economy is showing signs of recovery. For the fourth year in a row, since 2008, the total taxable assessed value for the District increased. The increase in the total taxable assessed value for the District in tax year 2018 is $34,895,639 or 6.01% more than tax year 2017. As a result, the District’s tax rate decreased by .0252 to .7797 per $100 of Assessed Value in tax year 2018. The District’s tax collections continue to remain high at 99.96% of taxes extended. As demographic information is not available specifically to the Cary Park District, the following demographic information is for the Village of Cary which comprises approximately 80% of the Park District’s land area and equalized assessed valuation. According to the US Census Bureau, American Factfinder, the Village of Cary had a median household income of $98,529. This compares to $82,230 for McHenry County and $61,229 for the State of Illinois. Long-term Financial Planning The Board of Commissioners adopted the 2016 Comprehensive Master Plan Update (CMP) at a special meeting held on September 8th, 2016. The previous CMP was approved in 2006. On April 12, 2018, the Board of Commissioners approved a 2018 CMP Action Plan update. This document updated the five year strategic plan within the ten year vision and is intended to be a tool to guide the Park District in its decision making thru FY 25/26.

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Additionally, on March 28, 2019, the Board accepted the 2019 Indoor Recreation & Outdoor Aquatic Feasibility Study. The District updated the 10 Year Capital Financial Projection and presented the updated projection to the Board of Commissioners during the budget process. Relevant Financial Policies The Park District places a high priority on maintaining what it currently owns. The capital equipment replacement fund (CERF) provides the financial plan to provide for timely replacement of equipment, including mechanical equipment and building components. A ten year estimated replacement schedule is used with monies budgeted annually from available revenues for placement into this fund. In order to aid in the accumulation of funding for capital projects, the Park District policy provides for investment interest received in certain operating funds to be set aside for future capital needs. The District has also established policies for minimum fund balance requirements for both the Corporate Fund and the Recreation Fund. Both Funds are part of the General Fund. These amounts are determined annually during the budget process and are based on three months of next year’s budgeted operating expenditures. Major Initiatives The District’s CMP is the working master plan document for the District going forward and can be found on the District’s website; www.carypark.com. Chapter four is the Action Plan which outlines the highest priority strategies into a five-year action plan. The CMP 2018 Action Plan has been updated, as stated above, to allow for an analysis in FY 18/19 of an indoor recreation center and/or an outdoor aquatic facility. The Action Plan designates when strategies will occur, how to accomplish them, and the leadership in charge of implementing each initiative. For the Year. Walnut Hollow Disc Golf Course Walnut Hollow Disc Golf Course opened in August 2018. This new course traverses some of the best landscapes at Hoffman Park and is designed to be enjoyed by players of all ages. Walnut Hollow has an 18-hole course and 6-hole family course over 36 acres of land. Multi Use Trail/ITEP Grant On May 11, 2018, the Cary Park District received a $1,104,000 Illinois Transportation Enhancement Project (ITEP) Grant from the Illinois Department of Transportation to construct a 1.4 mi. trail at Hoffman Park. In the summer of 2018, the Park District received a donation of $300,000 to be used towards a multi-use trail, Phase II & III Engineering at Hoffman Park. Together, these funds will be used to fund the trail extension to connect

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the existing 2.1 miles of trail at Hoffman Park and provide for a continuous loop throughout

the park, as well as, connections to the Meyer-Lafarge gravel pit which is in its final stages

of restoration and the Route 31 trail. Once constructed, the Park District will manage over

8 miles of trail throughout the community which link many local residents to parks,

neighborhoods, natural areas and several Cary community resources. The trail is expected

to be constructed in 2020.

Kaper Park & Lions Park Revitalization Projects

In the summer of 2018, construction begun at both Lion’s & Kaper Park. Improvements

to Kaper Park include the replacement of Timbertown with a new playground area,

restrooms and storage building, splash pad, and a new walkway from the parking lot to the

playground. Improvements to Lions Park include ballfield renovations, lacrosse and

football field improvements, a refurbished plaza with picnic shelter, benches, spectator

bleachers, and the renovation and expansion of restrooms and concession building.

Hampton Park

Construction at Hampton Park was completed in November 2018. The park’s upgrades

include a new play structure, benches, accessible picnic table, and a concrete path to

improve the site and play area accessibility. Hampton Park is the fifth playground

replacement since 2014.

Sands Main Street Prairie Advancement Plan

In June 2018, the Board of commissioners approved a comprehensive six year action plan

for the Sands Main Street Prairie Site. The first tasks to be completed are a Phase I

archeological survey of the remnant prairie located on the western portion of the site, and

a prioritized vegetation management and enhancement plan to assist staff with invasive

plant control and also to increase plant diversification through the entire prairie.

Thor Guard Lightning Prediction System

In November 2018, installation was completed on the Thor Guard lightening prediction

system. Audible horns are located throughout the Park District. The system helps alert

park users to hazardous weather conditions throughout the District.

For the Future

Kaper Park & Lions Park Revitalization Project

Kaper and Lion’s Park received renovations beginning in the summer of 2018. Kaper Park

opened to the public on June 21st and Lions Park opened to the public on May 21st. The

revitalization effort at both parks added new and modernized features to improve the

experience of visitors at each location.

Multi Use Trails – Phase 2 Engineering, begin Phase 3 Engineering and Construction

ITEP IDOT engineering agreement approval is expected in the fall of 2019. Topo and geo-

tech data collection and trail design are expected to occur in late fall 2019 and State bidding

of the trail project during spring 2020. Construction would then follow during summer/fall

2020.

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Preschool

While the current preschool facilities have served the community well for almost 30 years,

the facility has reached the end of its useful life. Anticipating this, over the past several

years, the board of Commissioners and staff have been evaluating other options to locate

the program. When a preschool and an early childhood programming facility became

available for purchase, staff and the Board of Commissioners felt that this facility would

be a great opportunity to meet the needs of both the Park District and the community. On

August 16th, 2019 the Park District purchased the property at 100 Cary Algonquin Road as

the future site of the Cary Park District Preschool program. The building is 5,600 square

feet, and includes 5 classrooms, office and workspace, a kitchen, storage, restrooms,

parking lot, and a fenced in play yard. The increase of classrooms and space will allow for

more enrollment opportunities with the Preschool program, the expansion of Sunshine

Camp and an alternative location to host Park District programs.

Sands Main Street Prairie Advancement Plan

In year two of the action plan for the Sands Main Street Prairie Site, the following items

will be addressed:

• Continuation of best practice maintenance tasks such as controlled burns, brush

mowing, dormant seeding, and invasive species control.

• Grant research

• Phase I archeological survey

• Re-establishment of a volunteer stewardship program

• Identification, documentation and prioritized enhancement plan of plant species

native to the site

Playground Replacement

As a matter of good practice the District reviews playground structures for replacement

once they reach 25 years in age. The District plans to complete the planning and design

for Brittany, Knotty Pines, and Fox Trails Parks in the upcoming year. Playground

equipment replacement, accessibility and amenity improvements will be planned for these

parks. Projects will be bid in spring/summer 2020 and completed in fall 2020.

Awards & Acknowledgements

The Cary Park District earned the Distinguished Accredited Agency Award presented by

the Illinois Association of Park Districts and the Illinois Park and Recreation Association

in 2018. The Cary Park District has held this designation since 2000 and is a four time

recipient of this honor. This award is the highest accreditation possible in the state of

Illinois for a park and recreation agency. The goal of this accreditation program is to

improve the delivery of recreation services through an extensive and detailed review in six

categories including General Management, Finance and Business Operations, Facilities

and Parks, Personnel, Recreation Services, and Legal. Prior to this award, the Park District

had been recognized as an Illinois Distinguished Park and Recreation Agency.

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The Government Finance Officers Association of the United States and Canada (GFOA)

awarded a Certificate of Achievement for Excellence in Financial Reporting to the Cary

Park District for its comprehensive annual financial report (CAFR) for the fiscal year ended

April 30, 2018. This was the thirteenth consecutive year that the Park District has applied

for and received this prestigious award. In order to be awarded a Certificate of

Achievement, a government must publish an easily readable and efficiently organized

comprehensive annual financial report. This report must satisfy both generally accepted

accounting principles and applicable legal requirements.

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

current comprehensive annual financial report continues to meet the Certificate of

Achievement Program’s requirements and we are submitting it to the GFOA to determine

its eligibility for another certificate.

During the year, the Executive Director, Deputy Director and the Superintendent of

Recreation renewed their CPRP certifications.

The preparation of this report would not have been possible without the efficient and

dedicated service of the entire staff of the Finance and Administration Department. We

wish to express our appreciation to all members of the Department who assisted and

contributed to the preparation of this report. Credit also must be given to the Board of

Commissioners for their unfailing support for maintaining the highest standards of

professionalism in the management of the Cary Park District’s finances.

Respectfully submitted,

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GBGovernment Finance Officers Association

Certificate ofAchievementfor Excellence

in FinancialReporting

Presented to

Cary Park DistrictIllinois

For its Comprehensive AnnualFinancial Report

for the Fiscal Year Ended

April 30, 2018

Executive Director/CEO

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FINANCIAL SECTION

This section includes:

Independent Auditors’ Report

Management’s Discussion and Analysis

Basic Financial Statements

Required Supplementary Information

Other Supplementary Information

Supplemental Schedules

INDEPENDENT AUDITORS’ REPORT

This section includes the opinion of the District’s independent auditing firm.

INDEPENDENT AUDITORS' REPORT

August 27, 2019

Members of the Board of Commissioners

Cary Park District, 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 Cary Park District,

Illinois, as of and for the year ended April 30, 2019, and the statement of revenues, expenditures and

changes in fund balance – budget and actual for the General Fund, 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 internal control relevant to the preparation and fair

presentation of financial statements that are free from material misstatement, whether due to fraud or error.

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 the risks of material misstatement of the financial statements, whether due to fraud or error.

In making those risk assessments, the auditor considers internal control relevant to the District’s

preparation and fair presentation of the financial statements in order to design audit procedures that are

appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of

the District’s internal control. Accordingly, we express no such opinion. An audit also includes evaluating

the appropriateness of accounting policies used and the reasonableness of significant accounting estimates

made by management, as well as evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for

our audit opinions.

Opinions

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

respective financial position of the governmental activities, the business-type activities, each major fund,

and the aggregate remaining fund information of the Cary Park District, Illinois, as of April 30, 2019, and

the respective changes in financial position and, where applicable, cash flows thereof and the respective

budgetary comparison for the General Fund for the year then ended in accordance with accounting

principles generally accepted in the United States of America.

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Cary Park District, Illinois

August 27, 2019

Page 2

Other Matters


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 a part of the basic financial statements, is required by the

Governmental Accounting Standards Board, who considers it to be an essential part of financial reporting

for placing the basic financial statements in an appropriate operational, economic, or historical context. We

have applied certain limited procedures to the required supplementary information in accordance with

auditing standards generally accepted in the United States of America, which consisted of inquiries of

management about the methods of preparing the information and comparing the information for consistency

with management’s responses to our inquiries, the basic financial statements, and other knowledge we

obtained during our audit of the basic financial statements. We do not express an opinion or provide any

assurance on the information because the limited procedures do not provide us with sufficient evidence to

express an opinion or provide any assurance.

Other Information

Our audit was conducted for the purpose of forming opinions on the financial statements that collectively

comprise the Cary Park District, Illinois’ basic financial statements. The introductory section, combining

and individual fund financial statements and budgetary comparison schedules, supplemental schedules, and

statistical section are presented for purposes of additional analysis and are not a required part of the basic

financial statements.

The combining and individual fund financial statements and budgetary comparison schedules and

supplemental schedules are the responsibility of management and were derived from and relate directly to

the underlying accounting and other records used to prepare the basic financial statements. Such information

has been subjected to the auditing procedures applied in the audit of the basic financial statements and

certain additional procedures, including comparing and reconciling such information directly to the

underlying accounting and other records used to prepare the basic financial statements or to the basic

financial statements themselves, and other additional procedures in accordance with auditing standards

generally accepted in the United States of America. In our opinion, the combining and individual fund

financial statements and budgetary comparison schedules and supplemental schedules are fairly stated, in

all material respects, in relation to the basic financial statements as a whole.

The introductory and statistical sections have not been subjected to the auditing procedures applied in the

audit of the basic financial statements and, accordingly, we do not express an opinion or provide any

assurance on them.

Lauterbach & Amen, LLP LAUTERBACH & AMEN, LLP

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MANAGEMENT’S DISCUSSION AND ANALYSIS

Cary Park District Management’s Discussion and Analysis

April 30, 2019

As management of the Cary Park District (District), we offer readers of the District’s financial statements this narrative overview and analysis of its financial activities for the fiscal year ended April 30, 2019. We encourage readers to consider the information presented here in conjunction with additional information that we have furnished in our letter of transmittal, which can be found on pages 3 - 8 of this report. Financial Highlights

• The District’s beginning net position for governmental activities for FY 18/19 was restated due to the implementation of GASB Statement No. 75; Accounting and Financial Reporting for Post-Employment Benefits Other Than Pensions. The District’s beginning net position, governmental activities for FY 18/19 was restated as $29,159,311 for a decrease of $98,971 or .34%. The District’s net position continued to increase in the current year. At $29,982,348, net position is $823,037 or 2.8% higher than the prior year.

• Governmental fund balances also grew during the year to $4,792,510, a $954,000 or 24.9% increase.

• Collection of current property taxes at 99.96% remains at a level consistent with prior years. With an allowed CPI increase of 2.1% for tax capped funds, the District collected $4,669,286 for the current year, an increase of $115,825.

Overview of the Financial Statements Management’s Discussion and Analysis introduces the District’s basic financial statements. The basic financial statements include: (1) government-wide financial statements; (2) fund financial statements, and (3) notes to the financial statements. The District also includes in this report additional information to supplement the basic financial statements. Government-wide Financial Statements The District’s annual report includes two government-wide financial statements. These statements provide both long-term and short-term information about the District’s overall status. Financial reporting at this level uses a perspective similar to that found in the private sector with its basis in full accrual accounting and elimination of internal transactions. The first of these government-wide statements is the Statement of Net Position. This statement presents information that includes all of the District’s assets and deferred outflows of resources as compared to the District’s liabilities and deferred inflows of resources. The difference is reported as net position. Over time, increases or decreases in net position may serve as a useful indicator of whether the financial condition of the District as a whole is improving or deteriorating. The second government-wide statement is the Statement of Activities which reports how the District’s net position changed during the current fiscal year. All current year revenues and expenses are included regardless of when cash is received or paid. An important purpose of the design of the Statement of

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Government-wide Financial Statements (cont’d) Activities is to show the financial reliance of the District’s activities on revenues provided by the District’s taxpayers. Both government-wide financial statements distinguish governmental activities of the District that are principally supported by taxes and some user charges, from the District’s business-type activities that are intended to recover all of their costs through user charges. The government-wide financial statements are presented on pages 22-25 of this report. Fund Financial Statements A fund is an accountability unit used to maintain control over resources segregated for specific activities or objectives. The District uses funds to ensure and demonstrate compliance with finance-related laws and regulations. Within the basic financial statements, fund financial statements focus on the District’s most significant funds rather than the District as a whole and therefore provide additional information that won’t be found in the Statement of Net Position or the Statement of Activities. Major funds are separately reported while all others are combined into a single, aggregated presentation. Individual fund data for non-major funds is provided in the form of combining statements in a later section of this report. The District has two kinds of funds: Governmental funds are reported in the fund financial statements and encompass essentially the same functions reported as governmental activities in the government-wide financial statements. However, the focus is very different with fund statements providing a distinctive view of the District’s governmental funds. These statements report short-term fiscal accountability focusing on the use of spendable resources and balances of spendable resources available at the end of the year. They are useful in evaluating annual financing requirements of governmental programs and the commitment of spendable resources for the near-term. Since the government-wide focus includes the long-term view, comparisons between these two perspectives may provide insight into the long-term impact of short-term financing decisions. Both the Balance Sheet - Governmental Funds and the Statement of Revenues, Expenditures and Changes in Fund Balances - Governmental Funds provide reconciliations to assist in understanding the differences between these two perspectives. In addition, a budgetary comparison statement for the District’s general fund is presented. The District maintains seven individual governmental funds for external financial reporting purposes. 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 and Debt Service Funds, each of which is considered to be a major fund. Data from the other five governmental funds are combined into a single, aggregated presentation. Individual fund data for each of these non-major governmental funds is provided in the form of combining statements elsewhere in this report. The governmental fund financial statements are presented on pages 26-30 of this report. Proprietary funds are reported in the fund financial statements and report services for which the District charges customers a fee intended to recover the District’s cost for these services. Proprietary fund statements provide both long-term and short-term financial information consistent with the focus provided by the government-wide financial statements. There are two kinds of proprietary funds, enterprise and

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Fund Financial Statements (cont.)

internal service funds. Enterprise funds essentially encompass the same functions reported as business-type activities in the government-wide statements. The District reports the financial results of the Foxford Hills Golf Course as an enterprise fund. The District does not have internal service funds. The Enterprise Fund financial statements are presented on pages 31-33.

Notes to the Financial Statements

The accompanying notes to the financial statements provide information essential to a full understanding of the government-wide and fund financial statements. The notes to the financial statements begin on page 34 of this report.


This section presents information concerning the District’s progress in funding its obligation to provide pension benefits to its employees and other post-employment benefits. Required supplementary information can be found on pages 70-73 of this report.

Other Supplementary Information:

The combining statements referred to earlier in connection with non-major governmental funds are presented in the supplementary information section of the report. In addition, a budgetary comparison schedule for the debt service fund, a major fund, is included within this section. Combining and individual fund statements and schedules can be found on pages 74-85 of this report.

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Government-wide Financial Analysis

In compliance with Governmental Accounting Standards Board Statement 34, year-to-year changes in the

District’s net position are being reported and compared for use in analyzing the changing financial

condition of the District as a whole.

2019 2018 Restated 2019 2018 2019 2018 RestatedCurrent and Other Assets 10,662,471$ 8,922,590$ (514,430)$ (490,266)$ 10,148,041$ 8,432,324$ Capital Assets 30,633,332 27,686,451 4,658,691 4,601,400 35,292,023 32,287,851 Total Assets 41,295,803 36,609,041 4,144,261 4,111,134 45,440,064 40,720,175

Deferred Outflows of Resources 679,340 46,639 - - 679,340 46,639

Total Assets and Deferred Outflows of Resources 41,975,143$ 36,655,680$ 4,144,261$ 4,111,134$ 46,119,404$ 40,766,814$

Long Term Liabilities Outstanding 4,672,289$ 1,012,027$ 1,178,811$ 2,615,348$ 5,851,100$ 3,627,375$ Other Liabilities 2,350,035 1,620,805 1,703,590 1,591,919 4,053,625 3,212,724 Total Liabilities 7,022,324 2,632,832 2,882,401 4,207,267 9,904,725 6,840,099

Deferred Inflows of Resources 4,970,471 4,863,537 - - 4,970,471 4,863,537

Total Liabilities and Deferred Inflows of Resources 11,992,795$ 7,496,369$ 2,882,401$ 4,207,267$ 14,875,196$ 11,703,636$

Net Position:Net Investment in Capital Assets 27,311,644$ 26,472,872$ 2,043,343$ 604,452$ 29,354,987$ 27,077,324$ Restricted 962,516 664,677 - - 962,516 664,677 Unrestricted 1,708,188 2,021,762 (781,483) (700,585) 926,705 1,321,177

Total Net Position 29,982,348$ 29,159,311$ 1,261,860$ (96,133)$ 31,244,208$ 29,063,178$

Business-type Activities TotalGovernmental Activities

2018 amounts have been restated to (1) properly report deferred outflows of resources and deferred

inflows of resources arising from differences between projected and actual pension plan investment

earnings in different measurement periods. The differences are aggregated and reported as a net deferred

outflow of resources related to pensions and (2) present the comparative OPEB Liability and adjustment

to Net Position for GASB 75 Accounting and Financial Reporting for Post-Employment Benefits Other

Than Pensions.

During the current fiscal year, the District’s total net position for governmental activities increased by

$823,077 to $29,982,348; a percentage increase of approximately 2.8%. While the total net position for

business-type activities is $1,261,860 at April 30, 2019; this is an increase of $1,357,993. The increase in

the business-type activities net position is due to a transfer-in/loan from the Corporate Fund to the Golf

Course Fund to pay the acquisition debt associated with the golf course. The acquisition debt will

essentially be paid off on December 15, 2020. At this time, discussions on the long term payback of the

intercompany loan related to the acquisition debt should be had by the board seated at that time. Overall,

the total net position of the District has increased by $2,181,030 or approximately 7.5%.

The largest portion of the District’s net position, net investment in capital assets, continues to grow with

a net change this year of $2,277,663 from $27,077,324 to $29,354,987. This increase is due to the net

increase in capital related debt of $804,510 and net capital additions of $3,648,947 offset by depreciation

and amortization recorded during the year of $566,774. The District issued $3,400,000 in General

Obligation Debt (Alternate Revenue Source) for the Lions & Kaper Park Revitalization Projects in June

2018. The District uses these capital assets to provide services to the community; consequently, these

assets are not available for future spending.

15

Government-wide Financial Analysis (cont’d)

Another category of the District’s net position represents resources that are subject to external restrictions

on how they may be used such as: audit fees, insurance costs, capital projects and purchases. The current

year saw an increase of $297,839 or 44.8% in total restricted funds, from $664,677 to $962,516. The

amount restricted for capital projects and purchases increased by $469,261. The increase was due to the

reimbursement of a transfer out for the Lions & Kaper Park revitalization projects for $227,500 and the

balance of the increase represents developer donations received during the year. Partially offsetting this

was a decrease in restricted funds in the Special Recreation Fund of $141,796. These funds were

transferred into the Capital Projects Fund for the Lions & Kaper Park revitalization projects along with

Hampton Park to be used for the cost of improvements related to the accessibility of the District’s facilities

and implementation of the District’s ADA Transition Plan related to these projects. Additionally, the

restricted funds in the Liability Insurance Fund decreased by $34,589 when the District budgeted for and

purchased a lightening detection system; planned fund level reduction.

The final group of net position, categorized as unrestricted, decreased in total from $1,321,177 to $926,705

or by $394,472. Although the governmental activities saw an increase of $313,574 in unrestricted net

position, the balance of the decrease was in the District’s business-type activities.

16

Governmental activities

Governmental activities increased the District’s net position by $823,037 to $29,982,348.

2019 2018 2019 2018 2019 2018Revenues:Program Revenues: Charges for Services 1,128,640$ 1,178,776$ 1,393,354$ 1,400,940$ 2,521,994$ 2,579,716$ Operating Grants/Contributions 8,446 13,032 - - 8,446 13,032 Capital Grants/Contributions 543,960 54,557 - - 543,960 54,557 General Revenues: Property Taxes 4,669,286 4,553,461 - - 4,669,286 4,553,461 Other Taxes 46,936 49,328 - - 46,936 49,328 Interest Income 163,551 52,714 - - 163,551 52,714 Miscellaneous 3,754 5,173 2,963 3,679 6,717 8,852

Total Revenues 6,564,573 5,907,041 1,396,317 1,404,619 7,960,890 7,311,660

Expenses: Recreation and Open Space 4,261,313 4,039,071 1,298,680 1,262,142 5,559,993 5,301,213 Interest 153,774 101,744 66,093 87,759 219,867 189,503

Total Expenses 4,415,087 4,140,815 1,364,773 1,349,901 5,779,860 5,490,716

Change in Net Postion Before Transfers 2,149,486 1,766,226 31,544 54,718 2,181,030 1,820,944

Transfers (1,326,449) (108,183) 1,326,449 108,183 - -

Change in Net Position 823,037 1,658,043 1,357,993 162,901 2,181,030 1,820,944

Net Postion, beginning of the year as previously reported 29,258,282 27,600,239 (96,133) (259,034) 29,162,149 27,341,205 Restatement of beginning net position (98,971) - - - (98,971) - Net position, beginning of the year as restated 29,159,311 27,600,239 (96,133) (259,034) 29,063,178 27,341,205

Net position, end of the year 29,982,348$ 29,258,282$ 1,261,860$ (96,133)$ 31,244,208$ 29,162,149$

Governmental Activities Business-type Activities Total

Property tax revenue, including prior year taxes collected in the current year, at $4,669,286 are $115,825

more than the prior year. The District experienced an increase in EAV of 6.01% for tax levy year 2018;

this is the fourth consecutive year the EAV increased since tax levy year 2008. The District has sufficient

tax rate limits to capture allowed tax revenue under current tax cap legislation.

During the current fiscal year, the District saw charges for services, specifically program revenue for

services, decrease by $50,136 to $1,128,640 when compared to the prior year. This decrease was a result

of the District’s efforts to increase total enrollment in the extended time (ET) program by offering

opportunities for reduced rates while adding a fourth location.

Recreation and open space expenses showed an increase of 5.5% or $222,242 to $4,261,313 as compared

to last year. This is attributable to personnel and payroll related costs that increased by $122,527 and

services which increased by $34,642. The personnel and payroll related costs increased, in part, due to

re-organization of the recreation department staff and the addition of a program recreation manager.

Building rental, which is underneath services, increased by $20,000 for the lease of additional

administrative office space.

17

Business-type activities.

The business-type activities net position increased by $1,357,993 to $1,261,860. The budgeted change in

net position was $1,419,169. The District continues to closely monitor its expenses, while maintaining

the quality of play.

Charges for services for the year at the golf course decreased by $7,586 to $1,393,354 or .5%. The District

saw rounds decrease slightly in the current fiscal year by .9% or 248 rounds when compared to last year.

As a result, golf course fees and charges were down from last year by $23,940. This was partially offset

by an increase in merchandise, food and beverage sales of $13,824.

Starting with FY 16/17, as a long term planning tool, the District added equipment at Foxford Hills Golf

Course to the capital equipment replacement schedule (CERF). As such, funds of $126,449 were

transferred in from governmental activities for the replacement of capital equipment. During the current

fiscal year, Foxford Hills Golf Course saw operating net income decrease by $44,124 or 31.8% to $94,674.

Financial Analysis of the District’s Funds

As noted earlier, the District uses fund accounting to ensure and demonstrate compliance with finance-

related legal requirements.

Governmental funds. The focus of the District’s governmental funds is to provide information on near-

term inflows, outflows, and balances of spendable resources. This information is useful in assessing the

District’s financing requirements. 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 year.

As of the end of the current fiscal year, the District’s governmental funds reported combined ending fund

balances of $4,792,510 an increase of $954,000, as compared to the prior year. This change is due, in

part, to an increase of $1,125,422 or 35% in the General Fund balance resulting in an ending fund balance

of $4,360,781. Additionally, the fund balance for non-major funds decreased by $171,422 or 28.4% to

$603,151.

Due to the current and expected near future level of capital expenditures, the District’s capital projects do

not qualify as a major fund. As such, it is being reported in the General Fund with its fund balance being

reported as assigned in the General Fund.

During the current year, the District paid $127,626 in interest and fiscal charges and $1,108,518 in

principal through the debt service funds. The debt service payments were funded through (1) $714,658

of taxes received for the repayment of the general obligation limited tax park refunding bond, (2) net

transfer from the General Fund of $83,538, (3) $713,365 in proceeds from the issuance of general

obligation bond limited tax park refunding bonds and (4) interest earned on fund balances.

The final category within the governmental funds includes the non-major special revenue funds of the

District. These include the Illinois Municipal Retirement (IMRF)/Social Security Fund, the Liability

Insurance Fund, the Audit Fund, the Special Recreation Fund and the Paving and Lighting Fund. At fiscal

year-end, this category had fund balances totaling $431,729; a decrease of $171,422 as compared to the

prior year. The majority of the decrease, $141,796, was in the Special Recreation Fund. Funds, in the

amount of $236,907, were transferred out of the Special Recreation Fund to assist with the ADA related

components of Hampton Park and the Lions & Kaper revitalization projects.

18

Financial Analysis of the District’s Funds (cont.)

Budgetary Variances

The District’s revenues in the General Fund at $5,170,213 were $238,088 or 4.8% over budget.

Donation/developer contributions and interest income were over budget by $224,406 and $86,946

respectively as District saw increased development and higher interest rates. There were three projects

during the fiscal year that provided developer donations totaling $241,760: PIHRL/Cary Senior Living –

a 62 unit apartment building, Harper Pointe – a 4 unit duplex development, and West Lake Subdivision –

a five year build-out of a subdivision with 160 units. This was offset in the following areas where the

actual results were less than budgeted: program revenues were $30,308 or 2.9% below budget and grants

were below budget by $40,000 or 100%.

Expenditures in the General Fund were $6,620,981 or $864,166 under budget. Personnel and payroll

related costs, services, repairs and maintenance, interest and fiscal charges and capital outlay were under

budget by $68,865, $86,956, $28,243, $68,793 and $579,467, respectively. For FY 18/19, funds for the

full year were budgeted for the re-organization of the recreation department staff. The re-organization of

the recreation department staff was completed in November when a new program manager was hired. As

a result, personnel and payroll costs were under budget for the year in this area. One of the areas services

were under budget is in building rental; administrative and ET. The budget included a full year’s lease

for additional administrative office space. However, the lease for the new administrative office space did

not start until October 1, 2018. And, the hourly rate for building rentals to house the District’s ET program

were 25% less than the budgeted amount. Repairs and maintenance were under in buildings ($12,000)

and grounds ($8,031). Under buildings, the budget captured common area maintenance for the lease of

additional administrative office space. However, this cost was included in the monthly lease fee at a lower

rate. The capital budget was under for a variety of reasons. The main reason is due to the fact that some

of the Park District’s larger projects, such as the Lions & Kaper Park revitalization projects and Hoffman

Park multi-use trail, were a work in progress on April 30, 2019. In the Capital Equipment Replacement

Fund, the Bannerman 6’ Aerator budgeted for was not purchased during the fiscal year. Additionally

several projects, (the Hampton Park playground replacement project, the Hoffman Park multi-use trail

project, and the feasibility study), were under budget.

Capital Asset and Debt Administration

Capital Assets. Capital assets include vacant and improved land (natural areas, athletic fields, golf course,

open space), developed parks, constructed trails, various facilities, (community center, golf clubhouse,

maintenance facilities, other) and equipment. The District’s investment in capital assets for its

governmental and business-type activities as of April 30, 2019, amounts to $35,292,023 (net of

accumulated depreciation), an increase of $3,004,172 from the prior year. Net additions during the current

year of $3,648,947 were offset by current year depreciation of $644,775.

19

Capital Asset and Debt Administration (cont.)

2019 2018 2019 2018 2019 2018Land 21,636,103$ 21,636,103$ 3,435,755$ 3,435,755$ 25,071,858$ 25,071,858$

Land Improvements 1,726,426 1,837,153 241,872 258,899 1,968,298 2,096,052

Buildings 1,993,292 2,109,462 307,174 288,018 2,300,466 2,397,480

Playground and Other equipment 2,203,101 1,776,623 673,890 618,728 2,876,991 2,395,351

Construction in Progress 3,074,410 327,110 - - 3,074,410 327,110

Total 30,633,332$ 27,686,451$ 4,658,691$ 4,601,400$ 35,292,023$ 32,287,851$

TotalGovernmental Activities Business-type Activities

Additional information on the District’s capital assets can be found in Note 3 of this report.

Debt Administration. At the end of the current year, the District had total bond debt of $7,350,891 with

$2,545,469 being current and $4,805,422 being long-term. This debt includes alternate bonds totaling

$6,637,526. Alternate bonds are general obligation bonds payable from a revenue source, other than a

direct tax levy, with the general obligation of the District acting as backup security for the bonds. The

specific intent of these bonds is that revenue sources be sufficient to pay the debt service so that direct

taxes need not be levied and extended. In addition, the District carries debt in the form of debt certificates.

As of fiscal year end, the District owes $206,000.

The District debt also includes Series 2013A, general obligation bonds (alternate revenue source) and

Series 2018A, general obligation park bonds (alternate revenue source) which are rated by Standard &

Poor’s as AA with a stable outlook.

The District also issues, on an annual basis, general obligation bond limited tax park bonds. These bonds

are not classified as long-term debt as bonds are due and payable in less than one year from date of issue.

As of April 30, 2019, $713,365 of bonds were outstanding as compared to $704,005 for the prior year.

State statutes limit the amount of general obligation debt the District may issue to 2.875% of assessed

valuation. The current debt limitation for the District is $17,690,536 of which $919,365 is applied to the

Series 2017 debt certificates and the general obligation limited tax park refunding bond Series 2018 B.

Balances outstanding on the general obligation bonds – alternate revenue source do not apply against the

limitation. Therefore, as of April 30, 2019 the District has a legal debt margin of $16,771,171.

20

Debt Administration (cont.)

2019 2018 2019 2018 2019 2018General obligation bonds: Alternate revenue source 4,144,836$ 1,149,349$ 2,305,164$ 3,575,651$ 6,450,000$ 4,725,000$ Limited tax 713,365 704,005 - - 713,365 704,005 Debt certificates - - 206,000 253,000 206,000 253,000

Total 4,858,201$ 1,853,354$ 2,511,164$ 3,828,651$ 7,369,365$ 5,682,005$

TotalActivities ActivitiesGovernmental Business-type

Additional information on the District’s debt can be found in Note 3 of this report. Factors Bearing on the District’s Future There are currently no known facts, decisions, or conditions that are expected to have a significant effect on financial position (net position) or results of operations (revenues, expenses, and other changes in net assets). Contacting the District’s Financial Management This financial report is designed to provide a general overview of the District’s finances, comply with finance related laws and regulations and demonstrate the District’s commitment to public accountability. If you have any questions about this report or would like to request additional information, please contact; Vicki Krueger, Director of Finance & Administration, Cary Park District, 255 Briargate Road, Cary, IL 60013.

21

• Government-Wide Financial Statements

• Fund Financial Statements

Governmental Funds

Proprietary Fund

BASIC FINANCIAL STATEMENTS

The basic financial Statements include integrated sets of financial statements as required by the GASB. The setsof statements include:

In addition, the notes to the financial statements are included to provide information that is essential to a user’sunderstanding of the basic financial statements.


Statement of Net PositionApril 30, 2019

See Following Page


Statement of Net Position

April 30, 2019

Business-Type

Activities Totals

Current Assets

Cash and Investments $ 5,207,597 1,500 5,209,097

Receivables - Net of Allowances 4,847,559 10,567 4,858,126

Internal Balances 590,493 (590,493) -

Prepaids/Inventories 16,822 63,996 80,818

Total Current Assets 10,662,471 (514,430) 10,148,041

Noncurrent Assets

Capital Assets

Nondepreciable 24,710,513 3,435,755 28,146,268

Depreciable 11,937,447 2,341,385 14,278,832

Accumulated Depreciation (6,014,628) (1,118,449) (7,133,077)

Total Noncurrent Assets 30,633,332 4,658,691 35,292,023

Total Assets 41,295,803 4,144,261 45,440,064

Unamortized Loss on Refunding 33,000 - 33,000

Deferred Items - IMRF 646,340 - 646,340

Total Deferred Outflows of Resources 679,340 - 679,340

Total Assets and Deferred Outflows of Resources 41,975,143 4,144,261 46,119,404

ASSETS

Governmental

Activities

DEFERRED OUTFLOWS OF RESOURCES

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

22

Business-Type

Activities Totals

Current Liabilities

Accounts Payable $ 553,546 136,395 689,941

Retainage Payable 238,393 - 238,393

Accrued Payroll 62,780 - 62,780

Deposits Payable 1,500 5,110 6,610

Unearned Program and Other Revenue 175,291 88,923 264,214

Accrued Interest Payable 61,101 36,625 97,726

Other Payables 23,888 - 23,888

Current Portion of Long-Term Debt 1,233,536 1,436,537 2,670,073

Total Current Liabilities 2,350,035 1,703,590 4,053,625

Noncurrent Liabilities

Compensated Absences Payable 18,901 - 18,901

Net Pension Liability - IMRF 767,763 - 767,763

Total OPEB Liaibility - RBP 102,014 - 102,014

Debt Certificates Payable - 157,000 157,000

General Obligation Bonds - Net 3,783,611 1,021,811 4,805,422

Total Noncurrent Liabilities 4,672,289 1,178,811 5,851,100

Total Liabilities 7,022,324 2,882,401 9,904,725

Property Taxes 4,797,741 - 4,797,741

Deferred Items - IMRF 167,330 - 167,330

Deferred Items - RBP 5,400 - 5,400

Total Deferred Inflows of Resources 4,970,471 - 4,970,471

Total Liabilities and Deferred Inflows of Resources 11,992,795 2,882,401 14,875,196

Net Investment in Capital Assets 27,311,644 2,043,343 29,354,987

Restricted

Capital Projects and Purchases 530,787 - 530,787

Special Levies

Retirement 140,222 - 140,222

Liability Insurance 38,314 - 38,314

Audit 2,259 - 2,259

Special Recreation 194,388 - 194,388

Paving and Lighting 56,546 - 56,546

Unrestricted (Deficit) 1,708,188 (781,483) 926,705

Total Net Position 29,982,348 1,261,860 31,244,208

LIABILITIES

NET POSITION

Governmental

Activities

DEFERRED INFLOWS OF RESOURCES

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

23


Statement of ActivitiesFor the Fiscal Year Ended April 30, 2019

Charges Operating Capitalfor Grants/ Grants/

Services Contributions Contributions

Governmental ActivitiesRecreation and Open Space $ 4,261,313 1,128,640 8,446 543,960Interest on Long-Term Debt 153,774 - - -

Total Governmental Activities 4,415,087 1,128,640 8,446 543,960

Business-Type ActivitiesFoxford Hills Golf Course 1,364,773 1,393,354 - -

Total Primary Government 5,779,860 2,521,994 8,446 543,960

General Revenues Taxes Property Taxes Intergovernmental - Unrestricted Replacement Taxes Interest Income Miscellaneous Transfers

Change in Net Position

Net Position - Beginning as Restated

Net Position - Ending

Expenses

Program Revenues

The notes to the financial statements are an integral part of this statement.24

Governmental Business-TypeActivities Activities Totals

(2,580,267) - (2,580,267)(153,774) - (153,774)

(2,734,041) - (2,734,041)

- 28,581 28,581

(2,734,041) 28,581 (2,705,460)

4,669,286 - 4,669,286

46,936 - 46,936163,551 - 163,551

3,754 2,963 6,717(1,326,449) 1,326,449 - 3,557,078 1,329,412 4,886,490

823,037 1,357,993 2,181,030

29,159,311 (96,133) 29,063,178

29,982,348 1,261,860 31,244,208

Net (Expenses)/RevenuesTotal Primary Government



Balance Sheet - Governmental FundsApril 30, 2019

Debt Service Nonmajor Totals

Cash and Investments $ 4,721,828 - 485,769 5,207,597Receivables - Net of Allowances

Property and Other Taxes 3,419,531 730,087 660,924 4,810,542Accounts 33,257 - - 33,257Deposits 3,760 - - 3,760

Due from Other Funds 590,493 - - 590,493

Total Assets 8,768,869 730,087 1,146,693 10,645,649

Accounts Payable 527,064 - 26,482 553,546Retainage Payable 238,393 - - 238,393Accrued Payroll 59,110 - 3,670 62,780Deposits Payable 1,500 - - 1,500Unearned Program and Other Revenue 175,291 - - 175,291Other Payables - - 23,888 23,888

Total Liabilities 1,001,358 - 54,040 1,055,398

Property Taxes 3,406,730 730,087 660,924 4,797,741Total Liabilities and Deferred Inflows

of Resources 4,408,088 730,087 714,964 5,853,139

Nonspendable 268,000 - - 268,000Restricted 530,787 - 431,729 962,516Assigned 2,221,901 - - 2,221,901Unassigned 1,340,093 - - 1,340,093

Total Fund Balances 4,360,781 - 431,729 4,792,510

Total Liabilities, Deferred Inflows of Resources and Fund Balances 8,768,869 730,087 1,146,693 10,645,649

FUND BALANCES

General

ASSETS

LIABILITIES




Reconciliation of Total Governmental Fund Balance to the Statement of Net Position - Governmental Activities

April 30, 2019

Total Governmental Fund Balances $ 4,792,510

Amounts reported for Governmental Activities in the Statement of Net Positionare different because:

Certain expenses are reported under the purchases method in the governmentalfund statements but shown as prepaid expenses in the Statement of Net Position 16,822

Capital assets used in Governmental Activities are not financialresources and therefore, are not reported in the funds. 30,633,332

Deferred outflows (inflows) of resources related to the pensions are not reported in the funds.

Deferred Items - IMRF 479,010 Deferred Items - RBP (5,400)

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

Compensated Absences Payable (94,505)Net Pension Liability - IMRF (767,763)Total OPEB Liability - RBP (102,014)General Obligation Bonds Payable - Net (4,941,543)Unamortized Loss on Refunding 33,000Accrued Interest Payable (61,101)

Net Position of Governmental Activities 29,982,348

The notes to the financial statement are an integral part of this statement.27


Statement of Revenues, Expenditures and Changes in Fund Balances - Governmental FundsFor the Fiscal Year Ended April 30, 2019

DebtService Nonmajor Totals

RevenuesTaxes $ 3,292,842 714,658 661,786 4,669,286Intergovernmental 46,936 - - 46,936Charges for Services 1,128,640 - - 1,128,640Grants and Donations 552,406 - - 552,406Interest 145,635 4,283 13,633 163,551Miscellaneous 3,754 - - 3,754

Total Revenues 5,170,213 718,941 675,419 6,564,573

ExpendituresCurrent

Recreation and Open Space 3,111,775 - 570,443 3,682,218Capital Outlay 3,507,999 - 39,491 3,547,490Debt Service

Principal Retirement - 1,108,518 - 1,108,518Interest and Fiscal Charges 1,207 127,626 - 128,833

Total Expenditures 6,620,981 1,236,144 609,934 8,467,059

Excess (Deficiency) of Revenues Over (Under) Expenditures (1,450,768) (517,203) 65,485 (1,902,486)

Other Financing Sources (Uses)Proceeds From Sale of Capital Assets 69,570 - - 69,570Debt Issuance 3,400,000 713,365 - 4,113,365Transfers In 236,907 83,538 - 320,445Transfers Out (1,130,287) (279,700) (236,907) (1,646,894)

Total Other Financing Sources (Uses) 2,576,190 517,203 (236,907) 2,856,486

Net Change in Fund Balances 1,125,422 - (171,422) 954,000

Fund Balances - Beginning 3,235,359 - 603,151 3,838,510

Fund Balances - Ending 4,360,781 - 431,729 4,792,510

General



Reconciliation of the Statement of Revenues, Expenditures and Changes in Fund Balancesto the Statement of Activities - Governmental Activities

For the Fiscal Year Ended April 30, 2019

Net Change in Fund Balances - Total Governmental Funds $ 954,000

Amounts reported for Governmental Activities in the Statement of Activitiesare different because:

Governmental Funds report capital outlays as expenditures. However, in theStatement of Activities the cost of those assets is allocated over their estimateduseful lives and reported as depreciation expense.

Capital Outlays 3,484,029Depreciation Expense (527,294)Disposals - Cost (420,304)Disposals - Accumulated Depreciation 410,450

The net effect of deferred outflows (inflows) of resources relatedto the pensions are not reported in the funds.

Change in Deferred Items - IMRF 665,989Change in Deferred Items - RBP (5,400)

Expenses from the governmental funds that benefit future periods are excludedfrom the statement of activities. 667

The issuance of long-term debt provides current financial resources toGovernmental Funds, while the repayment of the principal on long-termdebt consumes the current financial resources of the governmental funds.

Additons to Compensated Absences Payable (5,604)Additions to Net Pension Liability - IMRF (700,665)Additons to Total OPEB Liability - RBP (3,043)Amortize Premium on Debt Issuance 22,991Amortize Loss on Refunding (9,103)Issuance of Debt (4,113,365)Retirement of Bonds 1,108,518

Changes to accrued interest on long-term debt in the Statement of Activitiesdoes not require the use of current financial resources and, therefore, are notreported as expenditures in the Governmental Funds. (38,829)

Changes in Net Position of Governmental Activities 823,037



General Fund

Statement of Revenues, Expenditures and Changes in Fund Balance - Budget and ActualFor the Fiscal Year Ended April 30, 2019

Original Varianceand Final With FinalBudget Actual Budget

RevenuesTaxes

Property Taxes $ 3,294,779 3,292,842 (1,937)Intergovernmental

Replacement Taxes 40,268 46,936 6,668Charges for Services

Program Revenue 1,047,338 1,017,030 (30,308)Rental Income 114,816 110,510 (4,306)Advertising 4,000 1,100 (2,900)

Grants and DonationsDonations/Developer Contributions 328,000 552,406 224,406Grants 40,000 - (40,000)

Interest 58,689 145,635 86,946Miscellaneous 4,235 3,754 (481)

Total Revenues 4,932,125 5,170,213 238,088Expenditures

Recreation and Open SpacePersonnel and Payroll Related Costs 2,295,858 2,226,993 68,865Professional Services 74,888 64,944 9,944Services 510,485 423,529 86,956Commodities 278,562 256,664 21,898Repairs and Maintenance 167,888 139,645 28,243

Debt ServiceInterest and Fiscal Charges 70,000 1,207 68,793

Capital Outlay 4,087,466 3,507,999 579,467Total Expenditures 7,485,147 6,620,981 864,166

Excess (Deficiency) of Revenues Over (Under) Expenditures (2,553,022) (1,450,768) 1,102,254

Other Financing Sources (Uses)Proceeds From Sale of Capital Assets 77,037 69,570 (7,467)Debt Issuance 3,500,000 3,400,000 (100,000)Transfers In 249,808 236,907 (12,901)Transfers Out (1,164,818) (1,130,287) 34,531

Total Other Financing Sources (Uses) 2,662,027 2,576,190 (85,837)Net Change In Fund Balance 109,005 1,125,422 1,016,417Fund Balance - Beginning 3,235,359Fund Balance - Ending 4,360,781



Statement of Net Position - Proprietary FundApril 30, 2019

Current AssetsCash and Cash Equivalents $ 1,500Receivables 10,567Prepaids 10,287Inventories 53,709

Total Current Assets 76,063

Noncurrent AssetsCapital Assets

Nondepreciable 3,435,755Depreciable 2,341,385Accumulated Depreciation (1,118,449)

Total Noncurrent Assets 4,658,691

Total Assets 4,734,754

Current LiabilitiesAccounts Payable 136,395Deposits Payable 5,110Due to Other Funds 322,493Unearned Program and Other Revenue 88,923Accrued Interest Payable 36,625Current Portion of Long-Term Debt 1,436,537

Total Current Liabilities 2,026,083

Noncurrent LiabilitiesAdvance From Other Funds 268,000Debt Certificates Payable 157,000General Obligation Bonds - Net 1,021,811

Total Noncurrent Liabilities 1,446,811

Total Liabilities 3,472,894

Net Investment in Capital Assets 2,043,343Unrestricted (Deficit) (781,483)

Total Net Position 1,261,860

LIABILITIES

NET POSITION

Business - Type

Foxford HillsGolf Course

ASSETS

Activities



Statement of Revenues, Expenses and Changes in Net Position - Proprietary FundFor the Fiscal Year Ended April 30, 2019

Operating RevenuesCharges for Services $ 1,393,354

Operating ExpensesOperations 1,181,199Depreciation 117,481

Total Operating Expenses 1,298,680

Operating Income 94,674

Nonoperating Revenues (Expenses)Interest Expense (130,206)Amortization of Bond Premium 64,113Gain on Disposal of Capital Assets 2,963

Total Nonoperating Revenues (Expenses) (63,130)

Income Before Transfers 31,544

Transfers In 1,326,449

Change in Net Position 1,357,993

Net Position - Beginning (96,133)

Net Position - Ending 1,261,860

Business - TypeActivities

Golf CourseFoxford Hills



Statement of Cash Flows - Proprietary FundFor the Fiscal Year Ended April 30, 2019

Cash Flows from Operating ActivitiesReceipts from Customers and Users $ 1,402,687Payments to Suppliers (1,118,483)

284,204

Cash Flows from Noncapital Financing ActivitiesTransfers in From Other Funds 1,326,449Advances From Other Funds 28,373

1,354,822

Cash Flows from Capital and RelatedFinancing Activities

Additions to Property, Plant and Equipment (176,800)Proceeds From Sale of Property, Plant and Equipment 4,991Payment of Principal Retirement (1,317,487)Interest on Capital Debt (149,730)

(1,639,026)

Net Change in Cash and Cash Equivalents -

Cash and Cash Equivalents - Beginning 1,500

Cash and Cash Equivalents - Ending 1,500

Reconciliation of Operating Income to Net Cash Provided (Used) by Operating Activities:Operating Income 94,674Adjustments to Reconcile Operating Income to

Net Cash Provided by (Used in) Operating Activities:Depreciation 117,481(Increase) Decrease in Current Assets (4,209)Increase (Decrease) in Current Liabilities 76,258

Net Cash Provided by Operating Activities 284,204

Golf Course

ActivitiesFoxford Hills

Business - Type


CARY PARK DISTRICT, ILLINOIS Notes to the Financial Statements April 30, 2019 NOTE 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The Cary 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 is governed by an elected Board of five District commissioners. The government-wide financial statements are prepared in accordance with generally accepted accounting principles (GAAP). The Governmental Accounting Standards Board (GASB) is responsible for establishing GAAP for state and local governments through its pronouncements (Statements and Interpretations). The more significant of the District’s accounting policies established in GAAP and used by the District are described below. REPORTING ENTITY In determining the financial reporting entity, the District complies with the provisions of GASB Statement No. 61, “The Financial Reporting Omnibus – an Amendment of GASB Statements No. 14 and No. 34.” Based on the criteria set forth in GASB Statement No. 61, there are no component units included in the reporting entity. BASIS OF PRESENTATION Government-Wide Statements The District’s basic financial statements include both government-wide (reporting the District as a whole) and fund financial statements (reporting the District’s major funds). Both the government-wide and fund financial statements categorize primary activities as either governmental or business-type. The District’s preservation of open space, recreational program activities, development and maintenance of the District’s various parks and facilities, and general administration are all classified as governmental activities. The District’s Foxford Hills Golf Course is classified as a business-type activity. In the government-wide Statement of Net Position, both the governmental and business-type activities columns are (a) presented on a consolidated basis by column, and (b) reported on a full accrual, economic resource basis, which recognizes all long-term assets/deferred outflows and receivables as well as long-term debt/deferred inflows and obligations. The District’s net position is reported in three parts: net investment in capital assets; restricted; and unrestricted. The District first utilizes restricted resources to finance qualifying activities.

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CARY PARK DISTRICT, ILLINOIS Notes to the Financial Statements April 30, 2019 NOTE 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES – Continued BASIS OF PRESENTATION – Continued Government-Wide Statements – Continued The government-wide Statement of Activities reports both the gross and net cost of each of the District’s functions and business-type activities (recreation and open space, etc.). The functions are supported by general government revenues (property and personal property replacement taxes, certain intergovernmental revenues, interest income, etc.). The Statement of Activities reduces gross expenses (including depreciation) by related program revenues, which include 1) charges to customers or applicants who purchase, use or directly benefit from goods, services or privileges provided by a given function or segment and 2) grants and contributions that are restricted to meeting the operational or capital requirements of a particular function or segment. The net costs (by function) are normally covered by general revenue (property and personal property replacement taxes, certain intergovernmental revenues, interest income, etc.). This government-wide focus is more on the sustainability of the District as an entity and the change in the District’s net position resulting from the current year’s activities. Fund Financial Statements The financial transactions of the District are reported in individual funds in the fund financial statements. Each fund is accounted for by providing a separate set of self-balancing accounts that comprise its assets/deferred outflows, liabilities/deferred inflows, fund equity, revenues and expenditures/expenses. Funds are organized into three major categories: governmental, proprietary, and fiduciary. The emphasis in fund financial statements is on the major funds in either the governmental or business-type activities categories. GASB Statement No. 34 sets forth minimum criteria (percentage of the assets/deferred outflows, liabilities/deferred inflows, revenues or expenditures/expenses of either fund category or the governmental and enterprise combined) for the determination of major funds. The District electively added funds, as major funds, which either have debt outstanding or a specific or community focus. The nonmajor funds are combined in a single column in the fund financial statements. A fund is considered major if it is the primary operating fund of the District or meets the following criteria:

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CARY PARK DISTRICT, ILLINOIS Notes to the Financial Statements April 30, 2019 NOTE 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES – Continued BASIS OF PRESENTATION – Continued Fund Financial Statements – Continued

Total assets/deferred outflows, liabilities/deferred inflows, revenues, or expenditures/expenses of the individual governmental fund or enterprise fund are at least 10 percent of the corresponding total for all funds of that category or type; and Total assets/deferred outflows, liabilities/deferred inflows, revenues, or expenditures/expenses of the individual governmental fund or enterprise fund are at least 5 percent of the corresponding total for all governmental and enterprise funds combined.

The various funds are reported by generic classification within the financial statements. The following fund types are used by the District: Governmental Funds The focus of the governmental funds’ measurement (in the fund statements) is upon determination of financial position and changes in financial position (sources, uses, and balances of financial resources) rather than upon net income. The following is a description of the governmental funds of the District: General fund is the general operating fund of the District. It accounts for all revenues and expenditures of the District which are not accounted for in other funds. The General Fund is a major fund. Special revenue funds are used to account for the proceeds of specific revenue sources that are legally restricted to expenditures for specified purposes. The District maintains five special revenue funds. 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 accounts for, and the payment of, general long-term debt principal and interest. Proprietary Funds The focus of proprietary fund measurement is upon determination of operating income, changes in net position, financial position, and cash flows. The generally accepted accounting principles applicable are those similar to businesses in the private sector. The following is a description of the proprietary funds of the District:

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CARY PARK DISTRICT, ILLINOIS Notes to the Financial Statements April 30, 2019 NOTE 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES – Continued BASIS OF PRESENTATION – Continued Proprietary Funds – Continued Enterprise funds are required to account for operations for which a fee is charged to external users for goods or services and the activity (a) is financed with debt that is solely secured by a pledge of the net revenues, (b) has third party requirements that the cost of providing services, including capital costs, be recovered with fees and charges or (c) establishes fees and charges based on a pricing policy designed to recover similar costs. The Foxford Hills Golf Course is used to account for the operation of an eighteen-hole golf course and driving range. Operations include golfing activities, equipment and related merchandise sales, food and beverage sales. The cost of operations is recovered through user charges. MEASUREMENT FOCUS AND BASIS OF ACCOUNTING Measurement focus is a term used to describe “which” transactions are recorded within the various financial statements. Basis of accounting refers to “when” transactions are recorded regardless of the measurement focus applied. Measurement Focus On the government-wide Statement of Net Position and the Statement of Activities, both governmental and business-type activities are presented using the economic resources measurement focus as defined below. In the fund financial statements, the “current financial resources” measurement focus or the “economic resources” measurement focus is used as appropriate. All governmental funds utilize a “current financial resources” measurement focus. Only current financial assets/deferred outflows and liabilities/deferred inflows are generally included on their balance sheets. Their operating statements present sources and uses of available spendable financial resources during a given period. These funds use fund balance as their measure of available spendable financial resources at the end of the period. All proprietary funds utilize an “economic resources” measurement focus. The accounting objectives of this measurement focus are the determination of operating income, changes in net position (or cost recovery), financial position, and cash flows. All assets/deferred outflows and liabilities/deferred inflows (whether current or noncurrent) associated with their activities are reported. Proprietary fund equity is classified as net position.

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CARY PARK DISTRICT, ILLINOIS Notes to the Financial Statements April 30, 2019 NOTE 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES – Continued MEASUREMENT FOCUS AND BASIS OF ACCOUNTING – Continued Basis of Accounting In the government-wide Statement of Net Position and Statement of Activities, both governmental and business-type activities are presented using the accrual basis of accounting. Under the accrual basis of accounting, revenues are recognized when earned and expenses are recorded when the liability/deferred inflow is incurred or economic asset used. Revenues, expenses, gains, losses, assets/deferred outflows, and liabilities/deferred inflows resulting from exchange and exchange-like transactions are recognized when the exchange takes place. In the fund financial statements, governmental funds are presented on the modified accrual basis of accounting. Under this modified accrual basis of accounting, revenues are recognized when “measurable and available.” Measurable means knowing or being able to reasonably estimate the amount. Available means collectible within the current period or within thirty days after year end. The District recognizes property taxes when they become both measurable and available in accordance with GASB Codification Section P70. A thirty-day availability period is used for revenue recognition for all other governmental fund revenues. Expenditures (including capital outlay) are generally recorded when the related fund liability is incurred, except for general obligation bond principal and interest which are recognized when due. In applying the susceptible to accrual concept under the modified accrual basis, those revenues susceptible to accrual are property taxes, interest revenue, and charges for services. All other revenues are not susceptible to accrual because generally they are not measurable until received in cash. All proprietary funds utilize the accrual basis of accounting. Under the accrual basis of accounting, revenues are recognized when earned and expenses are recorded when the liability is incurred or economic asset used. Proprietary funds distinguish operating revenues and expenses from nonoperating items. Operating revenues and expenses generally result from providing services and producing and delivering goods in connection with a proprietary fund’s principal ongoing operations. The principal operating revenues of the District’s enterprise fund are charges to customers for sales and services. Operating expenses for enterprise funds include the cost of sales and services, administrative expenses, and depreciation on capital assets. All revenues and expenses not meeting this definition are reported as nonoperating revenues and expenses.

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CARY PARK DISTRICT, ILLINOIS Notes to the Financial Statements April 30, 2019 NOTE 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES – Continued ASSETS/DEFERRED OUTFLOWS, LIABILITIES/DEFERRED INFLOWS, AND NET POSITION OR EQUITY Cash and Investments For the purpose of the Statement of Net Position, cash and cash equivalents are considered to be cash on hand, demand deposits, and cash with fiscal agent. For the purpose of the proprietary funds’ Statement of Cash Flows, cash and cash equivalents are considered to be cash on hand, demand deposits, cash with fiscal agent, and all highly liquid investments with an original maturity of three months or less. Investments are generally reported at fair value. Short-term investments are reported at cost, which approximates fair value. For investments, the District categorizes its fair value measurements within the fair value hierarchy established by generally accepted accounting principles. The hierarchy is based on the valuation inputs used to measure the fair value of the asset. Level 1 inputs are quoted prices in active markets for identical assets; Level 2 inputs are significant other observable inputs; Level 3 inputs are significant unobservable inputs. All of the District’s investments are in 2a7-like investment pools that are measured at the net asset value per share determined by the pool. Interfund Receivables, Payables and Activity Transactions between funds that are representative of lending/borrowing arrangements outstanding at the end of the fiscal year are referred to as either “interfund receivables/payables” (the current portion of interfund loans) or “advances to/from other funds” (the noncurrent portion of interfund loans). All other outstanding balances between funds are reported as “due to/from other funds.” Any residual balances outstanding between the governmental activities and business-type activities are reported in the government-wide financial statements as “internal balances.” Advances between funds as reported in the fund financial statements, are offset by a fund balance reserve account in applicable governmental funds to indicate that they are not available for appropriation, and are not expendable available resources.

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CARY PARK DISTRICT, ILLINOIS Notes to the Financial Statements April 30, 2019 NOTE 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES – Continued ASSETS/DEFERRED OUTFLOWS, LIABILITIES/DEFERRED INFLOWS, AND NET POSITION OR EQUITY – Continued Inventories Inventories in the proprietary fund consist of merchandise and food and beverages stated at the lower of cost or market, using the first-in, first-out (FIFO) method. 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 acquisition 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 expensed as incurred. 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 10 - 60 Years Building 5 - 50 Years Playground, Machinery and Other Equipment 5 - 30 Years

Compensated Absences Employees are entitled to vacation and personal time off (PTO) in varying amounts in accordance with Park District policy. Employees are eligible for vacation benefits upon full-time employment. The vacation benefit is accounted for beginning in the first month after the anniversary month is completed. Vacation leave can be accumulated up to a total of twenty days at any given point in time. Employees are eligible for payment of accumulated vacation leave up to the maximum accumulated twenty days upon separation from the District. Full-time employees are eligible for illness or other personal need benefits as personal time off (PTO). PTO is accumulated at the rate of 8 days per year. PTO is awarded on January 1 of each calendar year for each existing employee. New full-time employees begin to accrue PTO after the first three months of employment at the rate of ¾ day per month. PTO can be accumulated up to a total of 60 days available for personal need use or IMRF retirement credit.

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CARY PARK DISTRICT, ILLINOIS Notes to the Financial Statements April 30, 2019 NOTE 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES – Continued ASSETS/DEFERRED OUTFLOWS, LIABILITIES/DEFERRED INFLOWS, AND NET POSITION OR EQUITY – Continued Deferred Outflows/Inflows of Resources Deferred outflow/inflow of resources represents an acquisition/reduction of net position that applies to a future period and therefore will not be recognized as an outflow of resources (expense)/inflow of resources (revenue) until that future time. Long-Term Obligations In the government-wide financial statements, long-term debt and other long-term obligations are reported as liabilities in the governmental activities Statement of Net Position. Bond premiums and discounts are deferred and amortized over the life of the bonds using a straight line method that approximates the effective interest method. Bonds payable are reported net of the applicable bond premium or discount. Bond issuance costs are reported as expenses at the time of issuance. In the fund financial statements, governmental fund types recognize bond premiums and discounts, as well as bond issuance costs, during the current period. The face amount of debt issued is reported as other financing sources. Premiums received on debt issuances are reported as other financing sources while discounts on debt issuances are reported as other financing uses. Issuance costs, whether or not withheld from the actual debt proceeds received, are reported as debt service expenditures. 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 (excluding unspent bond proceeds) 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.”

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CARY PARK DISTRICT, ILLINOIS Notes to the Financial Statements April 30, 2019 NOTE 2 – STEWARDSHIP, COMPLIANCE AND ACCOUNTABILITY BUDGETARY INFORMATION The Board of Commissioners follows these procedures in establishing the budgetary data reflected in the financial statements:

The Board directs the Executive Director to prepare a tentative budget. The Executive Director submits a proposed budget for the fiscal year, which includes proposed expenditures and the means of financing them.

Public hearings are conducted to obtain taxpayer comments.

Prior to the end of the first quarter of the following fiscal year, the budget is legally enacted

through the passage of a Budget and Appropriation Ordinance.

The Board of Commissioners may: o Amend the Budget and Appropriation Ordinance in the same manner as its original

enactment. o Transfer between object categories of any fund not exceeding in the aggregate ten percent

of the total amount appropriated in such fund. o After six months of the fiscal year, by two-thirds vote, transfer any appropriation object

category it anticipates to be unexpended to any other appropriation object category.

All appropriations lapse at year end. Expenditures may not legally exceed budgeted appropriations at the object category level.

Budgets for all funds are adopted on a basis consistent with accounting principles generally

accepted in the United States of America. The adopted budget is being presented for comparative purposes in the financial statements. Amounts in excess of the budget in the financial statements did not exceed appropriation.

During the year, there were no supplemental amendments to the budget.

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CARY PARK DISTRICT, ILLINOIS Notes to the Financial Statements April 30, 2019 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." Permitted Deposits and Investments - Statutes authorize the District to make deposits/invest in commercial banks, savings and loan institutions, obligations of the U.S. Treasury and U.S. Agencies, obligations of States and their political subdivisions, credit union shares, repurchase agreements, commercial paper rated within the three highest classifications by at least two standard rating services, and Illinois Funds. The Illinois Funds is an investment pool managed by the Illinois Public Treasurer’s Office, which allows governments within the State to pool their funds for investment purposes. Although not registered with the SEC, the Illinois Funds does operate in a manner consistent with Rule 2a7 of the Investment Company Act of 1940. Investments in the Illinois 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 $1,898,273 and the bank balances totaled $1,810,348. In addition, the District had $3,310,824 invested in the Illinois Funds with an average maturity of less than one year. 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. While the District has no formal policy relating to a specific investment-related risk, the District manages its interest rate risk by investing any surplus funds for a specific maturity date that is required whether for cash flow purposes or for conformance to maturity guidelines, in such instruments that would be most advantageous under prevailing market conditions, in accordance with its investment policy. 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 address credit risk. At April 30, 2019 the District’s investment in the Illinois Funds were rated AAAm by Standard and Poors.

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CARY PARK DISTRICT, ILLINOIS Notes to the Financial Statements April 30, 2019 NOTE 3 – DETAIL NOTES ON ALL FUNDS – Continued DEPOSITS AND INVESTMENTS – Continued Interest Rate Risk, Credit Risk, Concentration Risk, and Custodial Credit Risk – Continued Concentration of Credit Risk. Concentration of credit risk is the risk of loss attributed to the magnitude of the District’s investment in a single issuer. The District’s investment policy does not address concentration of credit risk. At year-end, the District does not have any investments over 5 percent of the total cash and investment portfolio (other than investments issued or explicitly guaranteed by the U.S. government and investments in mutual funds, external investment pools, and other pooled investments). 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. In accordance with its investment policy, all deposits with financial institutions are fully insured or collateralized by approved securities pledged to the District. 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. To limit its exposure, the District requires all security transactions that are exposed to custodial credit risk to be processed on a delivery versus payment basis with the underlying investment held by a third party acting as the District’s agent separate from where the investment was purchased, even though not required by investment policy. PROPERTY TAXES The District’s property tax is levied each calendar year on all taxable real property located within the District. The District must file its tax levy ordinance by the last Tuesday in December of each year. Taxes levied in one calendar year become due and payable in two installments in June and September during the following calendar year. The levy becomes an enforceable lien against the property as of January 1 of the levy year. The County collects such taxes and remits them to the District periodically throughout the year.

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CARY PARK DISTRICT, ILLINOIS Notes to the Financial Statements April 30, 2019 NOTE 3 – DETAIL NOTES ON ALL FUNDS – Continued INTERFUND RECEIVABLES, PAYABLES, AND TRANSFERS Interfund Balances The composition of interfund balances as of the date of this report, is as follows:

Receivable Fund Payable Fund Amount

General Foxford Hills Golf Course $ 590,493

Interfund balances are advances in anticipation of receipts. At April 30, 2019, the Foxford Hills Golf Course Fund owes the General Fund $590,493, of which $322,493 is expected to be repaid in the next fiscal year and the remaining $268,000 is expected in future periods. Interfund Transfers Interfund transfers for the year consisted of the following:

Transfer In Transfer Out

Foxford Hills Golf Course General $ 920,300 (3)Foxford Hills Golf Course General 126,449 (3)Foxford Hills Golf Course Debt Service 279,700 (1)

General Nonmajor Governmental 236,907 (4)Debt Service General 83,538 (2)

1,646,894

Amount

Transfers are used to (1) move revenues from the fund that statute or budget requires to collect them to the fund that statute or budget requires to expend them, (2) move receipts restricted to debt service from the funds collecting the receipts to the Debt Service Fund as debt service payments become due, (3) use unrestricted revenues collected in the General Fund to finance capital purchases of $126,449 and debt service payments of $920,300 in the Foxford Hills Golf Course Fund in accordance with budgetary authorizations and (4) move revenues from the Special Recreation Fund to the General Fund for planned capital expenditures in accordance with budgetary authorization.

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CARY PARK DISTRICT, ILLINOIS Notes to the Financial Statements April 30, 2019 NOTE 3 – DETAIL NOTES ON ALL FUNDS – Continued CAPITAL ASSETS Governmental Activities Governmental capital asset activity for the year was as follows:

Ending Increases Decreases Balances

Nondepreciable Capital AssetsLand $ 21,636,103 - - 21,636,103Construction in Progress 327,110 2,895,875 148,575 3,074,410

21,963,213 2,895,875 148,575 24,710,513

Depreciable Capital AssetsLand Improvements 4,004,369 144,898 200,288 3,948,979Building 4,037,495 - - 4,037,495Playground and Other Equipment 3,579,158 591,831 220,016 3,950,973

11,621,022 736,729 420,304 11,937,447

Less Accumulated DepreciationLand Improvements 2,167,216 170,624 115,287 2,222,553Building 1,928,033 116,170 - 2,044,203Playground and Other Equipment 1,802,535 240,500 295,163 1,747,872

5,897,784 527,294 410,450 6,014,628

Total Net Depreciable Capital Assets 5,723,238 209,435 9,854 5,922,819

Total Net Capital Assets 27,686,451 3,105,310 158,429 30,633,332

BeginningBalances

Depreciation expense of $527,294 was charged to the recreation and open space function.

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CARY PARK DISTRICT, ILLINOIS Notes to the Financial Statements April 30, 2019 NOTE 3 – DETAIL NOTES ON ALL FUNDS – Continued CAPITAL ASSETS – Continued Business-Type Activities Business-type capital asset activity for the year was as follows:

Ending Increases Decreases Balances

Nondepreciable Capital AssetsLand $ 3,435,755 - - 3,435,755

Depreciable Capital AssetsLand Improvements 490,564 - - 490,564Building 407,578 29,462 - 437,040Machinery and Equipment 1,286,723 147,338 20,280 1,413,781

2,184,865 176,800 20,280 2,341,385

Less Accumulated DepreciationLand Improvements 231,665 17,027 - 248,692Building 119,560 10,306 - 129,866Machinery and Equipment 667,995 90,148 18,252 739,891

1,019,220 117,481 18,252 1,118,449

Total Net Depreciable Capital Assets 1,165,645 59,319 2,028 1,222,936

Total Net Capital Assets 4,601,400 59,319 2,028 4,658,691

BeginningBalances

Depreciation expense of $117,481 was charged to the Foxford Hills Golf Course Fund.

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CARY PARK DISTRICT, ILLINOIS Notes to the Financial Statements April 30, 2019 NOTE 3 – DETAIL NOTES ON ALL FUNDS – Continued LONG-TERM DEBT General Obligation/Alternate Revenue Source Bonds The District issues general obligation and alternate revenue source bonds to provide funds for the acquisition, construction and maintenance of major capital facilities. General obligation bonds are direct obligations and pledge the full faith and credit of the District. General obligation park bonds currently outstanding are as follows:

Fund Debt EndingIssue Retired by Issuances Retirements Balances

DebtService $ 1,149,349 - 404,513 744,836

Foxford HillsGolf Course 3,575,651 - 1,270,487 2,305,164

DebtService 704,005 - 704,005 -

DebtService - 3,400,000 - 3,400,000

DebtService - 713,365 - 713,365

5,429,005 4,113,365 2,379,005 7,163,365

$713,365 General Obligation Limited TaxPark Bonds Series 2018B, due in oneinstallment of $713,365 interest at 2.55%on November 1, 2019.

BeginningBalances

$6,280,000 General Obligation AlternateRevenue Source Bonds Series 2013A, duein annual installments of $100,000 to$1,745,000 plus interest at 3.00% to4.00% through December 15, 2022.

$704,005 General Obligation Limited TaxPark Bonds Series 2017, due in oneinstallment of $704,005 interest at 1.71%on November 1, 2018.

$3,400,000 General Obligation AlternateRevenue Source Bonds Series 2018A, duein annual installments of $240,000 to$340,000 plus interest at 3.00% to 4.00%through December 15, 2032.

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CARY PARK DISTRICT, ILLINOIS Notes to the Financial Statements April 30, 2019 NOTE 3 – DETAIL NOTES ON ALL FUNDS – Continued LONG-TERM DEBT – Continued

Debt Certificates The District issues debt certificates to provide funds for the acquisition of equipment. Debt certificates currently outstanding are as follows:

Fund Debt Ending

Issue Retired by Issuances Retirements Balances

Foxford HillsGolf Course $ 253,000 - 47,000 206,000

$300,000 Debt Certificate Series 2017,due in annual installments of $47,000 to$54,000 plus interest at 2.65% throughDecember 15, 2022.

BeginningBalances

Long-Term Liability Activity Changes in long-term liabilities during the fiscal year were as follows:

AmountsEnding Due within

Additions Deductions Balances One Year

Governmental ActivitiesCompensated Absences $ 88,901 147,913 142,309 94,505 75,604Net Pension Liability - IMRF 67,098 700,665 - 767,763 - Total OPEB Liability - RBP 98,971 3,043 - 102,014 - General Obligation Bonds 1,853,354 4,113,365 1,108,518 4,858,201 1,134,941Plus: Unamortized Premium 106,333 - 22,991 83,342 22,991

2,214,657 4,964,986 1,273,818 5,905,825 1,233,536

Business-Type ActivitiesGeneral Obligation Bonds 3,575,651 - 1,270,487 2,305,164 1,323,424Plus: Unamortized Premium 168,297 - 64,113 104,184 64,113Debt Certificates 253,000 - 47,000 206,000 49,000

3,996,948 - 1,381,600 2,615,348 1,436,537

BalancesRestated

Beginning

49

CARY PARK DISTRICT, ILLINOIS Notes to the Financial Statements April 30, 2019 NOTE 3 – DETAIL NOTES ON ALL FUNDS – Continued LONG-TERM DEBT – Continued Long-Term Liability Activity – Continued For governmental activities, the compensated absences and the total OPEB liability are liquidated by the General Fund. The net pension liability is liquidated by the Illinois Municipal Retirement Fund. The Debt Service Fund makes payments on the general obligation bonds. For business-type activities, the Foxford Hills Golf Course Fund makes payments on the general obligation bonds and on the debt certificates. Debt Service Requirements to Maturity The annual debt service requirements to maturity, including principal and interest, are as follows:

FiscalYear Interest Principal Interest Principal Interest

2020 $ 1,134,941 159,388 1,323,424 92,206 49,000 5,4592021 123,260 125,798 981,740 39,270 51,000 4,1602022 340,000 120,868 - - 52,000 2,8092023 345,000 109,669 - - 54,000 1,4312024 255,000 98,319 - - - -

2025-2029 1,385,000 372,795 - - - - 2030-2033 1,275,000 127,950 - - - -

4,858,201 1,114,787 2,305,164 131,476 206,000 13,859

General ObligationBonds

Principal

Governmental ActivitiesDebt

CertificatesGeneral Obligation

Bonds

Business-Type Activities

50

CARY PARK DISTRICT, ILLINOIS Notes to the Financial Statements April 30, 2019 NOTE 3 – DETAIL NOTES ON ALL FUNDS – Continued LONG-TERM DEBT – Continued Legal Debt Margin Chapter 70, Section 1205/6-2 of the Illinois Compiled Statutes provides “…for the payment of land condemned or purchased for parks or boulevards, for the building, maintaining, improving and protection of the same and for the payment of the expenses incident thereto, or for the acquisition of real estate and lands to be used as a site for an armory, any park district is authorized to issue the bonds or notes of such park district and pledge its property and credit therefore to an amount including existing indebtedness of such district so that the aggregate indebtedness of such district does not exceed 2.875% of the value of the taxable property therein, to be ascertained by the last assessment for state and county taxes previous to the issue from time to time of such bonds or notes or, until January 1, 1983, if greater, the sum that is produced by multiplying the district’s 1978 equalized assessed valuation by the debt limitation percentage in effect on January 1, 1979, if a petition, signed by voters in number equal to not less than 2% of the voters of the district, who voted at the last general election in the district, asking that the authorized aggregate indebtedness of the district be increased to not more than .575% of the value of the taxable property therein, is presented to the Board and such increase is approved by the voters of the district at a referendum held on the question.”

Assessed Valuation - 2018 Tax Levy $ 615,322,991

Legal Debt Limit - 2.875% of Assessed Value 17,690,536

Amount of Debt Applicable to LimitGeneral Obligation Bond of 2018 (713,365)Debt Certificates of 2017 (206,000)

Legal Debt Margin 16,771,171Non-Referendum Legal Debt Limit

.575% of Equalized Assessed Valuation 3,538,107

Amount of Debt Applicable to Debt LimitGeneral Obligation Bond of 2018 (713,365)

Non-Referendum Legal Debt Margin2,824,742

51

CARY PARK DISTRICT, ILLINOIS Notes to the Financial Statements April 30, 2019 NOTE 3 – DETAIL NOTES ON ALL FUNDS – Continued NET POSITION/FUND BALANCES Net Position Classifications Net investment in capital assets was comprised of the following as of April 30, 2019:

Governmental ActivitiesCapital Assets - Net of Accumulated Depreciation $ 30,633,332

Unspent Bond Proceeds: 873,490

Less Capital Related Debt:General Obligation Bonds of 2018A (3,400,000)General Obligation Bonds of 2013A (744,836)Unamortized Loss of Refunding 33,000Unamortized Premium (83,342)

Net Investment in Capital Assets 27,311,644

Business-Type ActivitiesCapital Assets - Net of Accumulated Depreciation 4,658,691

Less Capital Related Debt:General Obligation Bonds of 2013A (2,305,164)Debt Certificates of 2017 (206,000)Unamortized Premium (104,184)

Net Investment in Capital Assets 2,043,343

NET POSITION Net Position Restatement Beginning net position was restated due to the implementation of GASB Statement No. 75. The following is a summary of the net position as originally reported and as restated:

Net Position As Restated (Decrease)

Governmental Activities $ 29,258,282 29,159,311 (98,971)

As Reported

52

CARY PARK DISTRICT, ILLINOIS Notes to the Financial Statements April 30, 2019 NOTE 3 – DETAIL NOTES ON ALL FUNDS – Continued NET POSITION/FUND BALANCES – Continued Fund Balance Classifications The following is a schedule of fund balance classifications for the governmental funds as of the date of this report:

DebtService Nonmajor Totals

Fund BalancesNonspendable - Long-Term Advances $ 268,000 - - 268,000

RestrictedCapital Projects and Purchases 530,787 - - 530,787Special Levies

Retirement - - 140,222 140,222Liability Insurance - - 38,314 38,314Audit - - 2,259 2,259Special Recreation - - 194,388 194,388Paving and Lighting - - 56,546 56,546

530,787 - 431,729 962,516

AssignedCapital Outlay 1,389,552 - - 1,389,552Preservation and Maintenance of

Prairies and Natural Resources 40,710 - - 40,710Recreational Programs 791,639 - - 791,639

2,221,901 - - 2,221,901

Unassigned 1,340,093 - - 1,340,093

Total Fund Balances 4,360,781 - 431,729 4,792,510

General

In the governmental fund financial statements, governmental funds report fund balance as either nonspendable or spendable. Spendable fund balance is further classified as restricted, committed, assigned or unassigned, based on the relative strength of the constraints that control how specific amounts can be spent.

53

CARY PARK DISTRICT, ILLINOIS Notes to the Financial Statements April 30, 2019 NOTE 3 – DETAIL NOTES ON ALL FUNDS – Continued NET POSITION/FUND BALANCES – Continued Fund Balance Classifications – Continued In the governmental funds financial statements, the District considers restricted amounts to have been spent when an expenditure is incurred for purposes for which both restricted and unrestricted fund balance is available. The District first utilizes committed, then assigned and then unassigned fund balance when an expenditure is incurred for purposes for which all three unrestricted fund balances are available. Nonspendable Fund Balance. Consists of resources that cannot be spent because they are either: a) not in a spendable form; or b) legally or contractually required to be maintained intact. A portion of the General Funds’ fund balance intended to offset the long term advance to the Foxford Hills Golf Course fund is considered nonspendable. Restricted Fund Balance. Consists of resources that are restricted to specific purposes, that is, when constraints placed on the use of resources are either: a) externally imposed by creditors (such as through debt covenants), grantors, contributors, or laws or regulations of other governments; or b) imposed by law through constitutional provisions or enabling legislation. The Special Revenue Funds’ (nonmajor funds) primary source of revenue is property taxes levied for the specific purpose of the fund. Consequently, the fund balances of these funds are considered restricted. A portion of the General Funds’ fund balance is derived from developer donations that must be expended for costs associated with new residential growth. This portion of the fund balance is considered restricted. Committed Fund Balance. Consists of resources constrained (issuance of an ordinance) to specific purposes by the government itself, using its highest level of decision-making authority, the Board of Commissioners; to be reported as committed, amounts cannot be used for any other purpose unless the government takes the same highest-level action to remove or change the constraint. The District has no committed fund balance. Assigned Fund Balance. Consists of amounts that are constrained by the Board of Commissioners’ intent to be used for specific purposes but are neither restricted nor committed. The authority to assign fund balance is at the Board level as delegated by the approved “Budget Development-Committed/Assigned Fund Balance” policy of the District. Assignment of fund balance does not require passage of an ordinance. Portions of the General Funds’ fund balance is intended by management to be used for recreational programs, for capital outlay, and for the preservation and maintenance of prairies and natural areas, and is considered assigned for those purposes. Unassigned Fund Balance. Consists of residual net resources of a fund that has not been restricted committed, or assigned within the General Fund and deficit fund balances of other governmental funds. Minimum Fund Balance Policy. The District’s policy manual states that the General Fund and Recreation Fund should maintain a minimum fund balance equal to 25% of budgeted operating expenditures.

54

CARY PARK DISTRICT, ILLINOIS Notes to the Financial Statements April 30, 2019 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 1995, the District has been a member of the Park District Risk Management Agency (PDRMA) Property/Casualty Program, a joint risk management pool of park and forest preserve districts, and special recreation associations through which property, general liability, automobile liability, crime, boiler and machinery, public officials’, employment practices liability and workers compensation coverage is provided in excess of specified limits for the members, acting as a single insurable unit. The following table is a summary of the coverage in effect for the period January 1, 2019 through January 1, 2020:

PDRMA Self-Member Insured

Deductible Retention

Property/Bldg/Contents All Losses Per Occurrence $1,000 $1,000,000 $1,000,000,000/All Members Flood/except Zones A & V $1,000 $1,000,000 $250,000,000/Occurrence/Annual Aggregate Flood, Zones A & V $1,000 $1,000,000 $200,000,000/Occurrence/Annual Aggregate Earthquake Shock $1,000 $100,000 $100,000,000/Occurrence/Annual AggregateAuto Physical Damage Comprehensive and Collision $1,000 $1,000,000 IncludedCourse of Construction $1,000 Included $25,000,000Business Interruption, Rental Income, Tax Income Combined $1,000 $100,000,000/Reported Values

$500,000/$2,500,000/Non-Reported ValuesService Interruption 24 Hours N/A $25,000,000Boiler and Machinery $100,000,000 Equipment BreakdownProperty Damage $1,000 $9,000 Property Damage - IncludedBusiness Income 48 Hours N/A IncludedFidelity and Crime $1,000 $24,000 $2,000,000/OccurrenceSeasonal Employees $1,000 $9,000 $1,000,000/OccurrenceBlanket Bond $1,000 $24,000 $2,000,0000/OccurrenceWORKERS COMPENSATION N/A $500,000 StatutoryEmployers Liability N/A $500,000 $3,500,000 Employers Liability

Coverage Limits

PROPERTY

55

CARY PARK DISTRICT, ILLINOIS Notes to the Financial Statements April 30, 2019 NOTE 4 – OTHER INFORMATION – Continued RISK MANAGEMENT – Continued Park District Risk Management Agency (PDRMA) – Continued

PDRMA Self-Member Insured

Deductible RetentionLIABILITYGeneral None $500,000 $21,500,000/OccurrenceAuto Liability None $500,000 $21,500,000/OccurrenceEmployment Practices None $500,000 $21,500,000/OccurrencePublic Officials' Liability None $500,000 $21,500,000/OccurrenceLaw Enforcement Liability None $500,000 $21,500,000/OccurrenceUninsured/Underinsured Motorists None $500,000 $1,000,000/Occurrence

Liability - Third Party None $25,000 $5,000,000/OccurrenceProperty - First Party $1,000 $24,000 $30,000,000 3 Year Aggregate

Outbreak Expense 24 Hours N/A $15,000 per Day$1,000,000 Aggregate Policy Limit

INFORMATION SECURITY AND PRIVACY INSURANCE WITH ELECTRONIC MEDIA LIABILITY COVERAGEInformation Security & Privacy Liability None $100,000 $2,000,000/Occurrence/Annual AggregatePrivacy Notification, Costs None $100,000 $500,000/Occurrence/Annual AggregateRegulatory Defense & Penalties None $100,000 $2,000,000/Occurrence/Annual AggregateWebsite Media Content Liability None $100,000 $2,000,000/Occurrence/Annual AggregateCyber Extortion None $100,000 $2,000,000/Occurrence/Annual AggregateData Protection & Business Interruption $1,000 $100,000 $2,000,000/Occurrence/Annual AggregateFirst Party Business Interruption 8 Hours $100,000 $50,000 Hourly Sublimit/$50,000 Forensic

Exp./$150,000 Dependent Bus. Interruption

Volunteer Medical Accident None $5,000 $5,000 Medical Expense of any otherCollectible Insurance

Underground Storage Tank Liability None N/A $10,000, Follows Illinois Leaking Underground Tank Fund

Unemployment Compensation N/A N/A Statutory

OUTBREAK EXPENSE

VOLUNTEER MEDICAL ACCIDENT

UNDERGROUND STORAGE TANK LIABILITY

UNEMPLOYMENT COMPENSATION

Coverage Limits

POLLUTION LIABILITY

56

CARY PARK DISTRICT, ILLINOIS Notes to the Financial Statements April 30, 2019 NOTE 4 – OTHER INFORMATION – Continued RISK MANAGEMENT – Continued Park District Risk Management Agency (PDRMA) – Continued Losses exceeding the per occurrence self-insured and reinsurance limit would be the responsibility of the District. As a member of PDRMA’s Property/Casualty Program, the District is represented on the Property/Casualty Program Council and the Membership Assembly and is entitled to one vote on each. The relationship between the District and PDRMA is governed by a contract and by-laws that have been adopted by resolution of the District’s governing body. The District is contractually obligated to make all annual and supplementary contributions to PDRMA, to report claims on a timely basis, cooperate with PDRMA, its claims administrator and attorneys in claims investigations and settlement, and to follow risk management procedures as outlined by PDRMA. Members have a contractual obligation to fund any deficit of PDRMA attributable to a membership year during which they were a member. PDRMA is responsible for administering the self-insurance program and purchasing excess insurance according to the direction of the Program Council. PDRMA also provides its members with risk management services, including the defense of and settlement of claims, and establishes reasonable and necessary loss reduction and prevention procedures to be followed by the members. The following represents a summary of PDRMA’s Property/Casualty Program balance sheet at December 31, 2018 and the statement of revenues and expenses for the period ending December 31, 2018. The District’s portion of the overall equity of the pool is 0.220% or $106,420.

Assets $64,598,180 Deferred Outflows of Resources – Pension 735,579 Liabilities 20,358,043 Deferred Inflows of Resources – Pension 1,157,368 Total Net Position 43,818,350 Revenues 18,891,688 Expenditures 18,647,660

Since 98.39% 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. Settled claims relating to commercial insurance have not exceeded the amount of insurance coverage in any of the past three fiscal years.

57

CARY PARK DISTRICT, ILLINOIS Notes to the Financial Statements April 30, 2019 NOTE 4 – OTHER INFORMATION – Continued RISK MANAGEMENT – Continued Park District Risk Management Agency (PDRMA) Health Program On February 1, 1990, the District became a member of the Park District Risk Management Agency (PDRMA) Health Program, a health benefits pool of park districts, special recreation associations, and public service organizations through which medical, vision, dental, life and prescription drug coverages are provided in excess of specified limits for the members, acting as a single insurable unit. The pool purchases excess insurance covering single claims over $250,000. Until January 1, 2001 the PDRMA Health Program was a separate legal entity formerly known as the Illinois Park Employees Health Network (IPEHN). Members can choose to provide any combination of coverages available to their employees, and pay premiums accordingly As a member of the PDRMA Health Program, the District is represented on the Health Program Council as well as the Membership Assembly and is entitled to one vote on each. The relationship between the member agency and PDRMA Health Program is governed by a contract and by-laws that have been adopted by a resolution of each member’s governing body. Members are contractually obligated to make all monthly payments to the PDRMA Health Program and to fund any deficit of the PDRMA Health Program upon dissolution of the pool. They will share in any surplus of the pool based on a decision by the Health Program Council. The following represents a summary of PDRMA’s Health Program balance sheet at December 31, 2018 and the statement of revenues and expenses for the period ending December 31, 2018.

Assets $22,903,252

Deferred Outflows of Resources – Pension 427,851

Liabilities 5,148,899

Deferred Inflows of Resources – Pension (5,600)

Total Net Position 18,187,802

Revenues 37,577,537

Expenditures 35,295,144

A large percentage of PDRMA’s liabilities are reserves for losses and loss adjustment expenses, which are based on an actuarial estimate of the ultimate losses incurred.

58

CARY PARK DISTRICT, ILLINOIS Notes to the Financial Statements April 30, 2019 NOTE 4 – OTHER INFORMATION – Continued CONTINGENT LIABILITIES Litigation The District is not a defendant in any lawsuits. 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. JOINT VENTURES, JOINTLY GOVERNED ORGANIZATIONS AND RELATED ORGANIZATIONS The District, along with twelve other area park districts and municipalities, has entered into a joint agreement to provide cooperative recreational programs and other activities for handicapped and impaired individuals. Each member agency shares equally in the Northern Illinois Special Recreation Association (NISRA), and generally provides funding based on up to 4.0 cents per $100 of its equalized assessed valuation. The District contributed $111,993 to NISRA during the current fiscal year. The District does not have a direct financial interest in NISRA and, therefore, its investment therein is not reported within the financial statements. Upon dissolution of NISRA, the assets, if any, shall be divided among the members in accordance with an equitable formula, as determined by a unanimous vote of the Board of Directors of NISRA. A complete separate financial statement for NISRA can be obtained from NISRA’s administrative offices at 285 Memorial Drive, Crystal Lake, Il 60014. SUBSEQUENT EVENTS On August 8, 2019, the District issued $920,000 in Debt Certificates, Series 2019A, due in annual installments of $177,665 to $190,710 commencing December 15, 2020, plus interest commencing on December 15, 2019 at 1.68% to 1.95% through December 15, 2024. In addition, on August 16, 2019 the District purchased a building with a purchase price of $565,711.

59

CARY PARK DISTRICT, ILLINOIS Notes to the Financial Statements April 30, 2019 NOTE 4 – OTHER INFORMATION – Continued EMPLOYEE RETIREMENT SYSTEM – DEFINED BENEFIT PENSION PLAN Illinois Municipal Retirement Fund (IMRF) The District contributes to the Illinois Municipal Retirement Fund (IMRF), a defined benefit agent multiple-employer public employee retirement system that acts as a common investment and administrative agent for local governments and school districts in Illinois. 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 on-line at www.imrf.org. The benefits, benefit levels, employee contributions, and employer contributions are governed by Illinois Compiled Statutes (ILCS) and can only be amended by the Illinois General Assembly. Plan Descriptions Plan Administration. All employees hired in positions that meet or exceed the prescribed annual hourly standard must be enrolled in IMRF as participating members. The plan is accounted for on the economic resources measurement focus and the accrual basis of accounting. Employer and employee contributions are recognized when earned in the year that the contributions are required, benefits and refunds are recognized as an expense and liability when due and payable. Benefits Provided. IMRF has three benefit plans. The vast majority of IMRF members participate in the Regular Plan (RP). IMRF provides two tiers of pension benefits. Employees hired before January 1, 2011, are eligible for Tier 1 benefits. Tier 1 employees are vested for pension benefits when they have at least eight years of qualifying service credit. Tier 1 employees who retire at age 55 (at reduced benefits) or after age 60 (at full benefits) with eight years of service are entitled to an annual retirement benefit, payable monthly for life, in an amount equal to 1-2/3% of the final rate of earnings for the first 15 years of service credit, plus 2% for each year of service credit after 15 years to a maximum of 75% of their final rate of earnings. Final rate of earnings is the highest total earnings during any consecutive 48 months within the last 10 years of service, divided by 48. Under Tier 1, the pension is increased by 3% of the original amount on January 1 every year after retirement Employees hired on or after January 1, 2011, are eligible for Tier 2 benefits. For Tier 2 employees, pension benefits vest after ten years of service. Participating employees who retire at age 62 (at reduced benefits) or after age 67 (at full benefits) with ten years of service are entitled to an annual retirement benefit, payable monthly for life, in an amount equal to 1-2/3% of the final rate of earnings for the first 15 years of service credit, plus 2% for each year of service credit after 15 years to a maximum of 75% of their final rate of earnings.

60

http://www.imrf.org/

CARY PARK DISTRICT, ILLINOIS Notes to the Financial Statements April 30, 2019 NOTE 4 – OTHER INFORMATION – Continued EMPLOYEE RETIREMENT SYSTEM – DEFINED BENEFIT PENSION PLAN – Continued Illinois Municipal Retirement Fund (IMRF) – Continued Plan Descriptions – Continued Benefits Provided – Continued. Final rate of earnings is the highest total earnings during any 96 consecutive months within the last 10 years of service, divided by 96. Under Tier 2, the pension is increased on January 1 every year after retirement, upon reaching age 67, by the lesser of:

3% of the original pension amount, or

1/2 of the increase in the Consumer Price Index of the original pension amount. Plan Membership. As of December 31, 2018, the measurement date, the following employees were covered by the benefit terms:

Inactive Plan Members Currently Receiving Benefits 16 Inactive Plan Members Entitled to but not yet Receiving Benefits 32 Active Plan Members 28

Total 76

Contributions. As set by statute, the District’s Regular Plan Members are required to contribute 4.5% of their annual covered salary. The statute requires employers to contribute the amount necessary, in addition to member contributions, to finance the retirement coverage of its own employees. For the year-ended April 30, 2019, the District’s average contribution was 8.20% of covered payroll. Net Pension Liability. The District’s net pension liability was measured as of December 31, 2018. The total pension liability used to calculate the net pension liability was determined by an actuarial valuation as of that date.

61

CARY PARK DISTRICT, ILLINOIS Notes to the Financial Statements April 30, 2019 NOTE 4 – OTHER INFORMATION – Continued EMPLOYEE RETIREMENT SYSTEM – DEFINED BENEFIT PENSION PLAN – Continued Illinois Municipal Retirement Fund (IMRF) – Continued Plan Descriptions – Continued Actuarial Assumptions. The total pension liability was determined by an actuarial valuation performed, as of December 31, 2018, using the following actuarial methods and assumptions:

Actuarial Cost Method Entry AgeNormal

Asset Valuation Method Market

Actuarial AssumptionsInterest Rate 7.25%

Salary Increases 3.39% - 14.25%

Cost of Living Adjustments 2.50%

Inflation 2.50%

For non-disabled retirees, an IMRF specific mortality table was used with fully generational projection scale MP-2017 (base year 2015). The IMRF specific rates were developed from the RP-2014 Blue Collar Health Annuitant Mortality Table with adjustments to match current IMRF experience. For disabled retirees, an IMRF specific mortality table was used with fully generational projection scale MP-2017 (base year 2015). The IMRF specific rates were developed from the RP-2014 Disabled Retirees Mortality Table applying the same adjustment that were applied for non-disabled lives. For active members, an IMRF specific mortality table was used with fully generational projection scale MP-2017 (base year 2015). The IMRF specific rates were developed from the RP-2014 Employee Mortality Table with adjustments to match current IMRF experience. The long-term expected rate of return on pension plan investments was determined using a building-block method in which best-estimate ranges of expected future real rates of return (expected returns, net of pension plan investment expense, and inflation) are developed for each major asset class. These ranges are combined to produce the long-term expected rate of return by weighting the expected future real rates of return to the target asset allocation percentage and adding expected inflation. The target allocation and best estimates of geometric real rates of return for each major asset class are summarized in the following table:

62

CARY PARK DISTRICT, ILLINOIS Notes to the Financial Statements April 30, 2019 NOTE 4 – OTHER INFORMATION – Continued EMPLOYEE RETIREMENT SYSTEM – DEFINED BENEFIT PENSION PLAN – Continued Illinois Municipal Retirement Fund (IMRF) – Continued Plan Descriptions – Continued Actuarial Assumptions – Continued.

Long-TermExpected Real

Asset Class Target Rate of Return

Fixed Income 28.00% 3.75%Domestic Equities 37.00% 7.15%International Equities 18.00% 7.25%Real Estate 9.00% 6.25%Blended 7.00% 3.20% - 8.50%Cash and Cash Equivalents 1.00% 2.50%

Discount Rate The discount rate used to measure the total pension liability was 7.25%, the prior valuation used 7.50%. The projection of cash flows used to determine the discount rate assumed that member contributions will be made at the current contribution rate and that District contributions will be made at rates equal to the difference between the actuarially determined contribution rates and the member rate. Based on those assumptions, the Fund’s fiduciary net position was projected to be available to make all projected future benefit payments of current plan members. Therefore, the long-term expected rate of return on pension plan investments was applied to all periods of projected benefit payments to determine the total pension liability. Discount Rate Sensitivity The following is a sensitivity analysis of the net pension liability to changes in the discount rate. The table below presents the pension liability of the District calculated using the discount rate as well as what the District’s net pension liability would be if it were calculated using a discount rate that is one percentage point lower or one percentage point higher than the current rate:

Current Discount Rate

(7.25%)

Net Pension Liability/(Asset) $ 1,819,069 767,763 (36,741)

1% Decrease 1% Increase(6.25%) (8.25%)

63

CARY PARK DISTRICT, ILLINOIS Notes to the Financial Statements April 30, 2019 NOTE 4 – OTHER INFORMATION – Continued EMPLOYEE RETIREMENT SYSTEM – DEFINED BENEFIT PENSION PLAN – Continued Illinois Municipal Retirement Fund (IMRF) – Continued Changes in the Net Pension Liability

Plan Fiduciary Net PensionNet Position Liability

(B) (A) - (B)

Balances at December 31, 2017 $ 5,641,296 5,574,198 67,098

Changes for the Year:Service Cost 128,876 - 128,876Interest on the Total Pension Liability 422,400 - 422,400Difference Between Expected and Actual Experience of the Total Pension Liability (46,590) - (46,590)Changes of Assumptions 219,996 - 219,996Contributions - Employer - 119,642 (119,642)Contributions - Employees - 63,725 (63,725)Net Investment Income - (208,252) 208,252Benefit Payments, including Refunds of Employee Contributions (147,480) (147,480) - Other (Net Transfer) - 48,902 (48,902)

Net Changes 577,202 (123,463) 700,665

Balances at December 31, 2018 6,218,498 5,450,735 767,763

(A)

TotalPensionLiability

Pension Expense, Deferred Outflows of Resources, and Deferred Inflows of Resources Related to Pensions For the year ended April 30, 2019, the District recognized pension expense of $154,610. At April 30, 2019, the District reported deferred outflows of resources and deferred inflows of resources related to pensions from the following sources:

64

CARY PARK DISTRICT, ILLINOIS Notes to the Financial Statements April 30, 2019 NOTE 4 – OTHER INFORMATION – Continued EMPLOYEE RETIREMENT SYSTEM – DEFINED BENEFIT PENSION PLAN – Continued Illinois Municipal Retirement Fund (IMRF) – Continued Pension Expense, Deferred Outflows of Resources, and Deferred Inflows of Resources Related to Pensions – Continued

Deferred DeferredOutflows of Inflows ofResources Resources Totals

Difference Between Expected and Actual Experience $ 103,743 (58,389) 45,354

Change in Assumptions 170,548 (108,941) 61,607

Net Difference Between Projected and Actual Earnings on Pension Plan Investments 331,638 - 331,638

Total Pension Expense to be Recognized in Future Periods 605,929 (167,330) 438,599

Pension Contributions Made Subsequent to the Measurement Date 40,411 - 40,411

Total Deferred Amounts Related to IMRF 646,340 (167,330) 479,010

$40,411 reported as deferred outflows of resources related to pensions resulting from employer contributions subsequent to the measurement date and will be recognized as a reduction of the net pension liability in the reporting year ended April 30, 2020. Amounts reported as deferred outflows of resources and deferred inflows of resources related to pensions will be recognized in pension expense in future periods as follows:

Net Deferred

Fiscal OutflowsYear of Resources

2020 $ 137,1462021 78,3992022 83,6962023 139,3582024 -

Thereafter -

Total 438,599

65

CARY PARK DISTRICT, ILLINOIS Notes to the Financial Statements April 30, 2019 NOTE 4 – OTHER INFORMATION – Continued OTHER POST-EMPLOYMENT BENEFITS General Information about the OPEB Plan Plan Description. The District’s defined benefit OPEB plan, Retiree Benefits Plan (RBP), provides OPEB for all permanent full-time employees of the District. RBP is a single-employer defined benefit OPEB plan administered by the District. Article 11 of the State Compiled Statutes grants the authority to establish and amend the benefit terms and financing requirements to the District Board. No assets are accumulated in a trust that meets the criteria in paragraph 4 of Statement 75. Benefits Provided. RBP provides healthcare insurance benefits for retirees and their dependents. The benefit terms provide for retirees to pay the full premium. The plan also provides all retirees with dental and vision coverage. Plan Membership. As of September 30, 2018, the measurement date, the following employees were covered by the benefit terms:

Inactive Plan Members Currently Receiving Benefits - Inactive Plan Members Entitled to but not yet Receiving Benefits - Active Plan Members 23

Total 23

Total OPEB Liability The District’s total OPEB liability was measured as of September 30, 2018, and was determined by an actuarial valuation as of that date.

66

CARY PARK DISTRICT, ILLINOIS Notes to the Financial Statements April 30, 2019 NOTE 4 – OTHER INFORMATION – Continued OTHER POST-EMPLOYMENT BENEFITS – Continued Total OPEB Liability – Continued Actuarial Assumptions and Other Inputs. The total OPEB liability was measured by an actuarial valuation as of September 30, 2018, applied to all periods included in the measurement, unless otherwise specified:

Inflation 2.50%

Salary Increases Varies from 3.39% to 10.35% by age and years of service

Discount Rate 4.18%

Healthcare Cost Trend RatesMedical 7.00% graded to 4.50% over 17 yearsPrescription drug 9.00% graded to 4.50% over 18 years

Retirees' Share of Benefit-Related Costs 100% of projected health insurance premiums for retirees The discount rate was based on a yield or index rate of 20-year, tax-exempt general obligation municipal bonds. Mortality rates were based on the RP-2014 Mortality Tables projected generationally from 2015 using Scale MP-2017. Change in the Total OPEB Liability

Balance at April 30, 2018 $ 98,971

Changes for the Year:Service Cost 6,620 Interest on the Total Pension Liability 3,816 Changes of Benefit Terms - Difference Between Expected and Actual Experience - Changes of Assumptions or Other Inputs (5,855) Benefit Payments (1,538)

Net Changes 3,043

Balance at April 30, 2019 102,014

TotalOPEB

Liability

67

CARY PARK DISTRICT, ILLINOIS Notes to the Financial Statements April 30, 2019 NOTE 4 – OTHER INFORMATION – Continued OTHER POST-EMPLOYMENT BENEFITS – Continued Sensitivity of the Total OPEB Liability to Changes in the Discount Rate The following presents the total OPEB liability, calculated using a Single Discount Rate of 4.18%, as well as what the total OPEB liability would be if it were calculated using a Single Discount Rate that is one percentage point lower or one percentage point higher:

Current Discount Rate 1% Increase

(4.18%) (5.18%)

Total OPEB Liability $ 113,054 102,014 91,875

1% Decrease(3.18%)

Sensitivity of the Total OPEB Liability to Changes in the Healthcare Cost Trend Rates The following presents the total OPEB liability, calculated using a variable Healthcare Trend Rate, as well as what the total OPEB liability would be if it were calculated using a Healthcare Trend Rate that is one percentage point lower or one percentage point higher:

HealthcareCost Trend

Rates 1% Increase(Varies) (Varies)

Total OPEB Liability $ 87,133 102,014 120,264

1% Decrease(Varies)

OPEB Expense and Deferred Outflows of Resources and Deferred Inflows of Resources Related to OPEB For the year ended April 30, 2019, the District recognized OPEB expense of $9,981. At April 30, 2019, the District reported deferred outflows of resources and deferred inflows of resources related to OPEB from the following sources:

68

CARY PARK DISTRICT, ILLINOIS Notes to the Financial Statements April 30, 2019 NOTE 4 – OTHER INFORMATION – Continued OTHER POST-EMPLOYMENT BENEFITS – Continued OPEB Expense and Deferred Outflows of Resources and Deferred Inflows of Resources Related to OPEB – Continued

Deferred DeferredOutflows of Inflows ofResources Resources Totals

Difference Between Expected and Actual Experience $ 103,743 (58,389) 45,354

Change in Assumptions 170,548 (108,941) 61,607

Net Difference Between Projected and Actual Earnings on Pension Plan Investments 331,638 - 331,638

Total Pension Expense to be Recognized in Future Periods 605,929 (167,330) 438,599

Pension Contributions Made Subsequent to the Measurement Date 40,411 - 40,411

Total Deferred Amounts Related to IMRF 646,340 (167,330) 479,010

Amounts reported as deferred outflows of resources and deferred inflows of resources related to OPEB will be recognized in OPEB expense as follows:

Net DeferredFiscal OutflowsYear of Resources

2020 $ 137,1462021 78,3992022 83,6962023 139,3582024 -

Thereafter -

Total 438,599

69

• Schedule of Employer ContributionsIllinois Municipal Retirement Fund

• Schedule of Changes in the Employer’s Net Pension LiabilityIllinois Municipal Retirement Fund

• Schedule of Changes in the Employer’s Total OPEB LiabilityRetiree Benefit Plan

REQUIRED SUPPLEMENTARY INFORMATION

Required supplementary information includes financial information and disclosures that are required by theGASB but are not considered a part of the basic financial statements. Such information includes:


Illinois Municipal Retirement Fund

Required Supplementary InformationSchedule of Employer ContributionsApril 30, 2019

Contributions asFiscal a Percentage ofYear Covered Payroll

2016 $ 122,438 $ 122,724 $ 286 $ 1,343,386 9.14%2017 110,828 113,587 2,759 1,315,862 8.63%2018 119,248 119,248 - 1,381,259 8.63%2019 119,934 119,934 - 1,462,106 8.20%

Notes to the Required Supplementary Information:

Actuarial Cost Method Entry Age NormalAmortization Method Level % Pay (Closed)Remaining Amortization Period 25 YearsAsset Valuation Method 5-Year Smoothed MarketInflation 2.75%Salary Increases 3.75% - 14.50%Investment Rate of Return 7.50%Retirement Age See the Notes to the Financial StatementsMortality MP-2014 (base year 2012)

Note: This schedule is intended to show information for ten years. Information for additional years will be displayedas it becomes available.

ContributionDeterminedActuarially

ContributionDetermined

the Actuariallyin Relation toContributions

PayrollCovered

(Deficiency)Excess/

Contribution

70


Illinois Municipal Retirement Fund

Required Supplementary InformationSchedule of Changes in the Employer's Net Pension Liability April 30, 2019

12/31/2016

Total Pension LiabilityService Cost $ 140,175 133,855 Interest 341,057 369,097 Differences Between Expected and Actual Experience (11,795) (55,090) Change of Assumptions 7,358 (7,822) Benefit Payments, Including Refunds

of Member Contributions (87,954) (98,446)

Net Change in Total Pension Liability 388,841 341,594 Total Pension Liability - Beginning 4,521,317 4,910,158

Total Pension Liability - Ending 4,910,158 5,251,752

Plan Fiduciary Net PositionContributions - Employer $ 122,438 110,828 Contributions - Members 76,362 58,126 Net Investment Income 22,983 307,711 Benefit Payments, Including Refunds

of Member Contributions (87,954) (98,446) Other (Net Transfers) (253,465) 28,710

Net Change in Plan Fiduciary Net Position (119,636) 406,929 Plan Net Position - Beginning 4,541,223 4,421,587

Plan Net Position - Ending 4,421,587 4,828,516

Employer's Net Pension Liability $ 488,571 423,236

Plan Fiduciary Net Position as a Percentageof the Total Pension Liability 90.05% 91.94%

Covered Payroll $ 1,302,517 1,291,699

Employer's Net Pension Liability as a Percentageof Covered Payroll 37.51% 32.77%

Note:

12/31/2015

This schedule is intended to show information for ten years. Information for additional years will be displayedas it becomes available.

71

12/31/2017 12/31/2018

125,506 128,876 393,877 422,400 190,677 (46,590)

(194,882) 219,996

(125,634) (147,480)

389,544 577,202 5,251,752 5,641,296

5,641,296 6,218,498

118,871 119,642 61,274 63,725

770,320 (208,252)

(125,634) (147,480) (79,149) 48,902

745,682 (123,463) 4,828,516 5,574,198

5,574,198 5,450,735

67,098 767,763

98.81% 87.65%

1,361,645 1,417,252

4.93% 54.17%

72


Retiree Benefits Plan

Required Supplementary InformationSchedule of Changes in the Employer's Total OPEB Liability April 30, 2019

Total OPEB LiabilityService Cost $ 6,620 Interest 3,816 Changes in Benefit Terms - Differences Between Expected and Actual Experience - Change of Assumptions or Other Inputs (5,855) Benefit Payments (1,538) Net Change in Total OPEB Liability 3,043 Total OPEB Liability - Beginning 98,971

Total OPEB Liability - Ending 102,014

Covered Payroll $ 1,339,948

Total OPEB Liability as a Percentage of Covered Payroll 7.61%

Notes:

Fiscal Year Medical Prescription Drug

2020 6.85% 8.75%2021 6.70% 8.50%2022 6.55% 8.25%2023 6.40% 8.00%2024 6.25% 7.75%2025 6.10% 7.50%2026 5.95% 7.25%2027 5.80% 7.00%2028 5.65% 6.75%2029 5.50% 6.50%2030 5.35% 6.25%2031 5.20% 6.00%2032 5.05% 5.75%2033 4.90% 5.50%2034 4.75% 5.25%2035 4.60% 5.00%2036 4.50% 4.75%

Ultimate 4.50% 4.50%

2019

This schedule is intended to show information for ten years. Information for additional years will be displayed as itbecomes available.

Changes of Benefit Terms . There was no change in the retirees' share of health insurance premiums.

Changes of Assumptions. Changes of assumptions and other inputs reflect the effects of changes in the trend rate eachperiod. The following are the trend rates used in each period:

In 2019, there was no change in the healthcare trend rates from the prior year.

73

Such statements and schedules include:

• Budgetary Comparison Schedule – Major Governmental Fund

• Combining Statements – Nonmajor Governmental Funds

• Budgetary Comparison Schedules – Nonmajor Governmental Funds

• Budgetary Comparison Schedules – Major Enterprise Fund

• Consolidated Year-End Financial Report

OTHER SUPPLEMENTARY INFORMATION

Other supplementary information includes financial statements and schedules not required by the GASB, nor apart of the basic financial statements, but are presented for purposes of additional analysis.

The Audit Fund is used to account for revenues and expenditures of taxes levied for payment of the cost of theannual audit of the District's financial statements.

The Liability Insurance Fund is used to account for the revenue and expenditures of an annual property tax levyfor the premiums of property, liability, and workers' compensation insurance carried by the District, possiblefuture self-insured unemployment claims, and risk management expenditures.

Paving and Lighting Fund

The Paving and Lighting Fund is used to account for the revenues of taxes levied and expenditures made forroadways and lighting of the District's facilities.

Special Recreation Fund

The Special Recreation Fund is used to account for the tax revenue and expenditures related to specialrecreation programs for those with special needs. These expenditures include the District's membership in theNorthern Illinois Special Recreation Association (NISRA), and other operating and capital expenditures relatedto accessibility for individuals with special needs.

COMBINING AND INDIVIDUAL FUNDFINANCIAL STATEMENTS AND SCHEDULES

DEBT SERVICE FUND

The Debt Service Fund accounts for the accumulation of resources for, and the payment of, general long-termdebt principal and interest.

SPECIAL REVENUE FUNDS

The Special Revenue Funds are used to account for the proceeds of specific revenue sources (other thanfiduciary funds or capital projects funds) that are legally restricted to expenditure for specified purposes.

Illinois Municipal Retirement (IMRF)/Social Security Fund

The IMRF/Social Security Fund is used to account for revenues and expenditures of taxes levied for employerpayments to be made to IMRF and the Social Security Administration. The District pays the IMRF a percentageof its compensation for all full-time employees and part-time employees who meet IMRF eligibility criteria. TheDistrict has no ownership of the IMRF assets, nor any liability for actual payment of retirement benefits.

Audit Fund

Liability Insurance Fund

The Foxford Hills Golf Course Fund is used to account for the operation of an eighteen-hole golf course anddriving range. Operations include golfing activities, equipment and related merchandise sales, and food andbeverage sales. The cost of operations is recovered through user charges.

Foxford Hills Golf Course

ENTERPRISE FUND

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

COMBINING AND INDIVIDUAL FUNDFINANCIAL STATEMENTS AND SCHEDULES


Debt Service Fund

Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual For the Fiscal Year Ended April 30, 2019


RevenuesTaxes

Property Taxes $ 715,072 714,658 (414)Interest 2,776 4,283 1,507

Total Revenues 717,848 718,941 1,093

ExpendituresDebt Service

Principal Retirement 1,108,518 1,108,518 - Interest and Fiscal Charges 144,765 127,626 17,139

Total Expenditures 1,253,283 1,236,144 17,139

Excess (Deficiency) of Revenues Over (Under) Expenditures (535,435) (517,203) 18,232

Other Financing Sources (Uses)Debt Issuance 718,700 713,365 (5,335)Transfers In 99,209 83,538 (15,671)Transfers Out (282,474) (279,700) 2,774

Total Other Financing Sources (Uses) 535,435 517,203 (18,232)

Net Change in Fund Balance - - -

Fund Balance - Beginning -

Fund Balance - Ending -

74


Nonmajor Governmental - Special Revenue Funds

Combining Balance SheetApril 30, 2019

Cash and Investments $ 164,110Receivables

Property Taxes 256,540

Total Assets 420,650

Accounts Payable 23,888Accrued Payroll - Other Payable -

Total Liabilities 23,888

Property Taxes 256,540Total Liabilities and Deferred Inflows of Resources 280,428

Restricted 140,222

Total Liabilities, Deferred Inflows of Resources and Fund Balances 420,650

FUND BALANCES

ASSETS

LIABILITIES


IMRF/Social

Security

75

Liability Special Paving andInsurance Audit Recreation Lighting Totals

66,676 2,259 195,269 57,455 485,769

145,001 8,251 246,129 5,003 660,924

211,677 10,510 441,398 62,458 1,146,693

1,685 - - 909 26,4822,789 - 881 - 3,670

23,888 - - - 23,88828,362 - 881 909 54,040

145,001 8,251 246,129 5,003 660,924173,363 8,251 247,010 5,912 714,964

38,314 2,259 194,388 56,546 431,729

211,677 10,510 441,398 62,458 1,146,693

76


Nonmajor Governmental - Special Revenue Funds

Combining Statement of Revenues, Expenditures and Changes in Fund Balances For the Fiscal Year Ended April 30, 2019

RevenuesTaxes $ 259,850Interest 5,144

Total Revenues 264,994

ExpendituresCurrent

Recreation and Open Space 268,305Capital Outlay -

Total Expenditures 268,305

Excess (Deficiency) of Revenues Over (Under) Expenditures (3,311)

Other Financing (Uses)Transfers Out -

Net Change in Fund Balances (3,311)

Fund Balances - Beginning 143,533

Fund Balances - Ending 140,222

IMRF/Social

Security

77

Liability Special Paving andInsurance Audit Recreation Lighting Totals

149,907 9,997 232,035 9,997 661,7862,665 82 4,531 1,211 13,633

152,572 10,079 236,566 11,208 675,419

147,670 9,700 141,455 3,313 570,44339,491 - - - 39,491

187,161 9,700 141,455 3,313 609,934

(34,589) 379 95,111 7,895 65,485

- - (236,907) - (236,907)

(34,589) 379 (141,796) 7,895 (171,422)

72,903 1,880 336,184 48,651 603,151

38,314 2,259 194,388 56,546 431,729

78


Illinois Municipal Retirement (IMRF)/Social Security - Special Revenue Fund



RevenuesTaxes

Property TaxesIMRF $ 127,500 127,429 (71)Social Security 132,500 132,421 (79)

Interest 3,401 5,144 1,743Total Revenues 263,401 264,994 1,593

ExpendituresRecreation and Open Space

Payroll Related Costs 278,200 268,305 9,895

Net Change in Fund Balance (14,799) (3,311) 11,488

Fund Balance - Beginning 143,533

Fund Balance - Ending 140,222

79


Liability Insurance - Special Revenue Fund



RevenuesTaxes


Total Revenues 151,513 152,572 1,059


Personnel and Payroll Related Costs 102,413 103,186 (773)Services 49,056 44,484 4,572

Capital Outlay 42,033 39,491 2,542Total Expenditures 193,502 187,161 6,341




80


Audit - Special Revenue Fund



RevenuesTaxes

Property Taxes $ 10,000 9,997 (3)Interest 32 82 50

Total Revenues 10,032 10,079 47


Professional Services 9,700 9,700 -

Net Change in Fund Balance 332 379 47



81


Special Recreation - Special Revenue Fund



RevenuesTaxes


Total Revenues 234,600 236,566 1,966


Personnel and Payroll Related Costs 28,129 26,222 1,907Professional Services 113,993 111,993 2,000Services 6,250 - 6,250Commodities 5,480 3,240 2,240Repairs and Maintenance 2,500 - 2,500

Total Expenditures 156,352 141,455 14,897

Excess (Deficiency) of Revenues Over (Under) Expenditures 78,248 95,111 16,863

Other Financing (Uses)Transfers Out (247,034) (236,907) 10,127




82


Paving and Lighting - Special Revenue Fund



RevenuesTaxes

Property Taxes $ 10,000 9,997 (3)Interest 625 1,211 586

Total Revenues 10,625 11,208 583


Professional Services 3,500 2,482 1,018Repairs and Maintenance 500 831 (331)

Total Expenditures 4,000 3,313 687

Net Change in Fund Balance 6,625 7,895 1,270



83


Foxford Hills Golf Course - Enterprise Fund

Schedule of Revenues, Expenses and Changes in Net Position - Budget and ActualFor the Fiscal Year Ended April 30, 2019


Operating RevenuesCharges for Services

Golf Course Fees and Charges $ 1,184,540 1,087,352 (97,188)Golf Instruction 9,500 9,600 100Merchandise, Food and Beverage Sales 303,200 296,402 (6,798)

Total Operating Revenues 1,497,240 1,393,354 (103,886)

Operating ExpensesOperations

Professional Services 735,685 690,418 45,267Services 142,863 134,427 8,436Commodities 271,509 281,559 (10,050)Repairs and Maintenance 80,850 74,795 6,055

Depreciation 126,380 117,481 8,899Total Operating Expenses 1,357,287 1,298,680 58,607

Operating Income (Loss) 139,953 94,674 (45,279)

Nonoperating Revenues (Expenses)Interest Expense (130,206) (130,206) - Amortization of Bond Premium 64,113 64,113 - Gain on Disposal of Capital Assets - 2,963 2,963

Total Nonoperating Revenues (Expenses) (66,093) (63,130) 2,963

Income (Loss) Before Transfers 73,860 31,544 (42,316)

Transfers In 1,345,309 1,326,449 (18,860)

Change in Net Position 1,419,169 1,357,993 (61,176)

Net Position - Beginning (96,133)

Net Position - Ending 1,261,860

84


Consolidated Year-End Financial ReportApril 30, 2019

CSFA # Program Name Federal Other Totals

494-00-1000 Illinois Transportation Enhancement Program $ - - 5,126 5,126 Other Grant Programs and Activities - - - - All Other Costs Not Allocated - - 5,774,734 5,774,734

Totals - - 5,779,860 5,779,860

State

85

SUPPLEMENTAL SCHEDULES



General Obligation Alternate Revenue Source Bonds Series 2013AApril 30, 2019

Date of Issue October 29, 2013Date of Maturity December 15, 2022Authorized Issue $6,280,000Interest Rate 3.00% - 4.00%Interest Dates June 15 and December 15Principal Maturity Date December 15Payable at Amalgamated Bank

Fiscal RequirementsYear Interest Totals

2020 $ 1,745,000 122,000 1,867,000 2021 1,105,000 52,200 1,157,200 2022 100,000 8,000 108,000 2023 100,000 4,000 104,000

3,050,000 186,200 3,236,200

Debt Service 744,836 54,724 799,560 Foxford Hills Golf Course 2,305,164 131,476 2,436,640

3,050,000 186,200 3,236,200

CURRENT AND LONG-TERM PRINCIPAL AND INTEREST REQUIREMENTS

Principal

86



General Obligation Alternate Revenue Source Bonds Series 2018AApril 30, 2019

Date of Issue June 4, 2018Date of Maturity December 15, 2032Authorized Issue $3,400,000Interest Rate 3.00% - 4.00%Interest Dates June 15 and December 15Principal Maturity Date December 15Payable at Amalgamated Bank


2020 $ - 112,869 112,869 2021 - 112,868 112,868 2022 240,000 112,868 352,868 2023 245,000 105,669 350,669 2024 255,000 98,319 353,319 2025 260,000 90,669 350,669 2026 270,000 82,869 352,869 2027 275,000 74,769 349,769 2028 285,000 66,519 351,519 2029 295,000 57,969 352,969 2030 300,000 48,750 348,750 2031 310,000 39,000 349,000 2032 325,000 26,600 351,600 2033 340,000 13,600 353,600

3,400,000 1,043,338 4,443,338


Principal

87



General Obligation Limited Tax Park Bonds Series 2018BApril 30, 2019

Date of Issue November 30, 2018Date of Maturity November 1, 2019Authorized Issue $713,365Interest Rate 2.55%Interest Date November 1Principal Maturity Date November 1Payable at McHenry Savings Bank

FiscalYear Interest Totals

2020 $ 713,365 16,725 730,090


PrincipalRequirements

88



Debt Certificates Series 2017April 30, 2019

Date of Issue February 9, 2017Date of Maturity December 15, 2022Authorized Issue $300,000Denomination of Bonds $1,000Interest Rate 2.65%Interest Dates June 15 and December 15Principal Maturity Date December 15Payable at Huntington National Bank


2020 $ 49,000 5,459 54,459 2021 51,000 4,160 55,160 2022 52,000 2,809 54,809 2023 54,000 1,431 55,431

206,000 13,859 219,859


Principal

89

These schedules contain trend information to help the reader understand how the District’s financialperformance and well-being have changed over time.

STATISTICAL SECTION(Unaudited)

This part of the comprehensive annual financial report presents detailed information as a context forunderstanding what the information in the financial statements, note disclosures, and required supplementaryinformation says about the District’s overall financial health.

Financial Trends

These schedules contain service and infrastructure data to help the reader understand how the information in theDistrict’s financial report relates to the services the District provides and the activities it performs.

Operating Information

Revenue Capacity

These schedules contain information to help the reader assess the District’s most significant local revenuesources.

Debt Capacity

These schedules present information to help the reader assess the affordability of the District’s current levels ofoutstanding 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 environmentwithin which the District’s financial activities take place.


Net Position by Component - Last Ten Fiscal Years*

2010 2011 2012

Governmental ActivitiesNet Investment in Capital Assets $ 15,981,817 17,839,698 19,411,110 Restricted 567,466 393,486 477,141 Unrestricted 1,710,186 1,552,967 858,294

Total Governmental Activities Net Position 18,259,469 19,786,151 20,746,545

Business-Type ActivitiesNet Investment in Capital Assets (83,387) (49,325) 2,338 Unrestricted 333,920 290,728 144,398

Total Business-Type Activities Net Position 250,533 241,403 146,736

Primary GovernmentNet Investment in Capital Assets 15,898,430 17,790,373 19,413,448 Restricted 567,466 393,486 477,141 Unrestricted 2,044,106 1,843,695 1,002,692

Total Primary Government Net Position 18,510,002 20,027,554 20,893,281

* Accrual Basis of Accounting

Source: Audited financial statements.

April 30, 2019 (Unaudited)

90

2013 2014 2015 2016 2017 2018 2019

20,156,089 21,279,355 22,338,503 23,660,500 25,032,959 26,472,872 27,311,644 570,244 584,408 607,112 743,457 786,662 664,677 962,516

1,515,215 1,659,535 1,959,225 1,670,014 1,780,618 2,120,733 1,708,188

22,241,548 23,523,298 24,904,840 26,073,971 27,600,239 29,258,282 29,982,348

120,680 190,794 226,274 289,499 435,544 604,452 2,043,343 (12,805) (341,182) (427,391) (542,552) (694,578) (700,585) (781,483)

107,875 (150,388) (201,117) (253,053) (259,034) (96,133) 1,261,860

20,276,769 21,470,149 22,564,777 23,949,999 25,468,503 27,077,324 29,354,987 570,244 584,408 607,112 743,457 786,662 664,677 962,516

1,502,410 1,318,353 1,531,834 1,127,462 1,086,040 1,420,148 926,705

22,349,423 23,372,910 24,703,723 25,820,918 27,341,205 29,162,149 31,244,208

91

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93


Fund Balances of Governmental Funds - Last Ten Fiscal Years*

2010 2011 2012

General FundUnreserved $ 2,504,757 2,022,549 - Nonspendable - - - Restricted - - - Assigned - - 250,678 Unassigned - - 1,150,138

Total General Fund 2,504,757 2,022,549 1,400,816

All Other Governmental FundsUnreserved, Reported in,

Special Revenue Funds 466,684 635,773 - Unreserved, designated 84,071 43,571 - Restricted, reported:

Special Revenue Funds - - 467,683 Debt Service Funds - - -

Committed for Capital Outlay - - 230,445 Unassigned - - -

Total All Other Governmental Funds 550,755 679,344 698,128

Total All Governmental Funds 3,055,512 2,701,893 2,098,944

* Modified Accrual Basis of Accounting

Note - The District implemented GASB Statement No. 54 effective April 30, 2012.

Source: Audited financial statements.


94

2013 2014 2015 2016 2017 2018 2019

- - - - - - - - - 13,100 132,500 144,000 240,000 268,000

16,403 62,129 99,031 284,469 284,469 61,526 530,787 1,196,218 1,193,251 1,343,381 1,115,368 1,170,194 1,471,557 2,221,901 1,112,809 1,317,915 1,440,894 1,440,570 1,497,298 1,462,276 1,340,093

2,325,430 2,573,295 2,896,406 2,972,907 3,095,961 3,235,359 4,360,781

- - - - - - - - - - - - - -

553,841 453,479 508,081 458,988 502,193 603,151 431,729 - 68,800 - - - - - - - - - - - -

(303) - - - - - -

553,538 522,279 508,081 458,988 502,193 603,151 431,729

2,878,968 3,095,574 3,404,487 3,431,895 3,598,154 3,838,510 4,792,510

95


Changes in Fund Balances of Governmental Funds - Last Ten Fiscal Years*

2010 2011 2012

RevenuesTaxes $ 4,062,368 4,078,707 4,171,561 Personal Property Replacement Tax 40,139 49,515 43,671 Program Revenue 933,871 970,893 922,568 Rental 82,704 72,917 79,627 Investment Income 34,750 10,263 6,121 Donations/Developer Contributions 27,066 27,851 13,062 Grant Revenue 51,980 44,936 83,300 Miscellaneous 21,289 8,034 4,346

Total Revenues 5,254,167 5,263,116 5,324,256

ExpendituresRecreation and Open Space 3,158,600 3,287,854 3,236,960 Capital Outlay 2,257,064 844,479 1,206,058 Debt Service

Principal Retirement 1,654,811 1,706,871 1,772,569 Interest 477,733 442,739 408,268 Fiscal Charges 4,500 4,800 5,000

Total Expenditures 7,552,708 6,286,743 6,628,855

Excess (Deficiency) of RevenuesOver (Under) Expenditures (2,298,541) (1,023,627) (1,304,599)

Other Financing Sources (Uses)Debt Issuance 612,745 629,939 638,790 Refunding Bonds - - - Payments to Escrow - - - Net Tranfers 11,696 11,928 12,334 Proceeds From Sale of Capital Assets 4,627 28,141 50,526

629,068 670,008 701,650

Net Change in Fund Balances (1,669,473) (353,619) (602,949)

Debt Service as a Percentageof Noncapital Expenditures 38.64% 43.05% 38.66%

* Modified Accrual Basis of AccountingSource: Audited financial statements.


96

2013 2014 2015 2016 2017 2018 2019

4,204,447 4,315,063 4,308,667 4,441,028 4,503,911 4,553,461 4,669,286 46,221 48,441 50,702 40,736 51,851 49,328 46,936

919,798 922,916 965,277 911,584 977,134 1,059,759 1,017,030 112,394 106,497 129,610 112,541 114,672 117,867 110,510

6,505 4,377 4,744 7,180 19,629 52,714 163,551 13,176 93,669 46,366 215,541 27,169 67,589 552,406

391,186 13,500 9,684 2,500 10,935 - - 7,959 5,860 7,534 5,158 6,035 6,323 4,854

5,701,686 5,510,323 5,522,584 5,736,268 5,711,336 5,907,041 6,564,573

3,265,034 3,295,880 3,411,274 3,454,766 3,375,850 3,480,727 3,682,218 116,381 433,706 293,485 715,304 554,472 467,248 3,547,490

1,843,854 1,921,222 1,969,608 2,055,553 2,130,993 2,195,616 1,108,518 369,019 320,548 271,158 215,361 163,814 109,974 116,926

5,500 40,989 5,500 7,500 8,500 10,500 11,907 5,599,788 6,012,345 5,951,025 6,448,484 6,233,629 6,264,065 8,467,059

101,898 (502,022) (428,441) (712,216) (522,293) (357,024) (1,902,486)

665,595 672,920 683,115 688,555 692,990 704,005 4,113,365 - 2,682,679 - - - - - - (2,644,299) - - - - -

12,531 - - - (35,067) (108,183) (1,326,449) - 7,328 54,239 51,069 30,629 1,558 69,570

678,126 718,628 737,354 739,624 688,552 597,380 2,856,486

780,024 216,606 308,913 27,408 166,259 240,356 954,000

40.16% 40.15% 39.54% 38.04% 40.02% 39.65% 24.59%

97


Assessed Value and Actual Value of Taxable Property - Last Ten Tax Levy YearsApril 30, 2019 (Unaudited)

Tax LevyYear

2009 $ 663,511,091 $ 1,212,160 $ 44,584,088 $ 52,431,475

2010 627,547,677 1,271,015 44,038,650 52,138,205

2011 552,051,193 1,188,370 38,733,721 45,986,932

2012 491,271,234 861,502 35,210,958 41,660,219

2013 443,721,158 796,403 32,532,937 37,636,432

2014 424,892,619 863,638 30,677,076 35,004,845

2015 440,961,852 1,177,993 31,158,668 36,400,824

2016 471,307,819 1,242,470 32,965,383 38,339,444

2017 502,622,572 1,331,846 35,715,343 39,531,106

2018 533,244,115 1,343,303 36,436,218 42,999,740

Source: McHenry County Clerk.

Note: Property in the District is assessed using a multiplier of 33.33% therefore the estimated actual taxablevalues are equal to assessed values times three. Tax rates are per $100 of assessed value.

Property Farm Property PropertyResidential Commercial Industrial

98

TotalDirect Tax

Rate

$ - $ 407,909 $ 762,146,723 0.5352 $ 2,286,440,169

- 509,697 725,505,244 0.5752 2,176,515,732

- 541,528 638,501,744 0.6591 1,915,505,232

245,291 612,442 569,861,646 0.7580 1,709,584,938

239,471 756,293 515,682,694 0.8360 1,547,048,082

239,471 788,564 492,466,213 0.9027 1,477,398,639

239,471 946,589 510,885,397 0.8818 1,532,656,191

243,880 963,128 545,062,124 0.8359 1,635,186,372

243,880 982,605 580,427,352 0.8049 1,741,282,056

243,880 1,055,735 615,322,991 0.7797 1,845,968,973

RailroadPropertyStateMineral

EstimatedActual

TaxableValueValue

Total TaxableAssessed

99


Direct and Overlapping Property Tax Rates - Last Ten Tax Levy YearsApril 30, 2019 (Unaudited)

2009 2010 2011

District Direct RateBond Limited 0.0817 0.0881 0.1016 Recreation 0.0507 0.0620 0.1143 Insurance 0.0079 0.0083 0.0110 Audit 0.0011 0.0012 0.0014 Paving/Lighting 0.0013 0.0003 0.0016 Special Recreation 0.0400 0.0400 0.0400 IMRF 0.0157 0.0166 0.0188 Social Security 0.0184 0.0179 0.0204 General 0.3184 0.3408 0.3500

Total Direct Rate 0.5352 0.5752 0.6591

Overlapping RatesMcHenry County 0.7157 0.7927 0.8878 McHenry County Conservation District 0.1775 0.1956 0.2191 Algonquin Township (1) 0.1703 0.1847 0.2109 Village of Cary 0.3797 0.4088 0.4672 Cary Fire Protection District 0.3789 0.4101 0.4712 Cary Library District 0.1708 0.1849 0.2118 School District Number 26 2.6982 2.9158 3.3759 High School District Number 155 1.9054 2.0347 2.2979 Community College District Number 528 0.2740 0.3039 0.3395

Total Overlapping Rate 6.8705 7.4312 8.4813

Total Direct and Overlapping Rates 7.4057 8.0064 9.1404

Source: McHenry County Clerk.

Note: (1) Includes Road and Bridge

100

2012 2013 2014 2015 2016 2017 2018

0.1173 0.1183 0.1401 0.1361 0.1285 0.1232 0.1187 0.1889 0.2453 0.2842 0.2706 0.2377 0.2177 0.2036 0.0132 0.0281 0.0305 0.0294 0.0275 0.0258 0.0236 0.0016 0.0017 0.0021 0.0019 0.0017 0.0017 0.0013 0.0018 0.0012 0.0020 0.0020 0.0018 0.0017 0.0008 0.0400 0.0400 0.0400 0.0400 0.0400 0.0400 0.0400 0.0228 0.0252 0.0264 0.0254 0.0239 0.0220 0.0195 0.0237 0.0262 0.0274 0.0264 0.0248 0.0228 0.0222 0.3487 0.3500 0.3500 0.3500 0.3500 0.3500 0.3500 0.7580 0.8360 0.9027 0.8818 0.8359 0.8049 0.7797

0.9958 1.0961 1.1412 1.0781 1.0539 0.9019 0.8317 0.2481 0.2748 0.2840 0.2766 0.2588 0.2449 0.2380 0.2368 0.2648 0.2763 0.2690 0.2417 0.2164 0.2020 0.5398 0.6092 0.6340 0.6194 0.5806 0.5441 0.5148 0.5446 0.6153 0.6547 0.6220 0.6065 0.5841 0.5665 0.2440 0.2761 0.2936 0.2876 0.2731 0.2637 0.2557 3.9288 4.4433 4.7480 4.6246 4.2998 4.0553 3.8647 2.6450 2.9613 3.0950 3.0255 2.8287 2.7019 2.6130 0.3921 0.4306 0.4452 0.4348 0.4066 0.3847 0.3655 9.7750 10.9715 11.5720 11.2376 10.5497 9.8970 9.4519

10.5330 11.8075 12.4747 12.1194 11.3856 10.7019 10.2316

101

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102


Property Tax Extensions and Collections - Last Ten Fiscal YearsApril 30, 2019 (Unaudited)

Fiscal Percentage PercentageYear of Extension of Extension

2010 $ 4,066,804 $ 4,061,783 99.88% $ 3,335 $ 4,065,118 99.96%

2011 4,078,887 4,075,372 99.91% 257 4,075,629 99.92%

2012 4,172,787 4,171,304 99.96% (618) 4,170,686 99.95%

2013 4,208,212 4,205,065 99.93% 601 4,205,666 99.94%

2014 4,319,295 4,314,461 99.89% (119) 4,314,342 99.89%

2015 4,311,123 4,308,786 99.95% (895) 4,307,891 99.93%

2016 4,445,325 4,441,921 99.92% 820 4,442,741 99.94%

2017 4,505,166 4,503,092 99.95% (410) 4,502,682 99.94%

2018 4,556,289 4,553,871 99.95% (855) 4,553,016 99.93%

2019 4,672,022 4,670,143 99.96% - 4,670,143 99.96%

Data Source: McHenry County Clerk

Collected within the NetTaxes Extended Fiscal Year of the Extension Collections in Total Collections to Date

for the SubsequentFiscal Year Amount Years Amount

103


Ratios of Outstanding Debt by Type - Last Ten Fiscal Years


Fiscal

Year

2010 $ 612,745 $ 11,086,407 $ 183,804

2011 627,880 10,056,459 179,678

2012 638,790 8,974,264 174,989

2013 665,595 7,825,102 169,925

2014 672,920 6,970,224 -

2015 683,115 5,648,231 -

2016 688,555 4,250,488 -

2017 692,990 2,782,745 -

2018 704,005 1,255,682 -

2019 713,365 4,228,178 -

(1) Personal income and population data can be found on page 110 - Demographic and Economic Statistics.

Governmental Activities

General

Obligation Debt

Alternate

Revenue

Park Bonds CertificatesBonds

104

Percentage

of

Personal

Income (1)

$ 5,005,196 $ - $ 16,888,152 2.41% $ 649.54

4,861,322 - 15,725,339 2.25% 604.82

4,702,011 - 14,490,054 1.58% 557.31

4,532,075 - 13,192,697 1.35% 507.41

131,000 4,236,211 12,010,355 1.30% 461.94

89,000 4,128,786 10,549,132 1.41% 490.66

45,000 4,002,111 8,986,154 1.20% 417.96

300,000 3,875,435 7,651,170 1.02% 355.87

253,000 3,743,948 5,956,635 0.78% 277.05

206,000 2,409,348 7,556,891 0.91% 349.37

Total

Primary

Businss-Type Activities

Debt

Alternate

Revenue Per

Government Capita (1)Certificates Bonds

105


Percentage of

Estimated

General Alternate Actual Taxable

Fiscal Obligation Revenue Value of Per

Year Bonds Bonds Total Property (1) Capita (2)

2010 $ 612,745 $ 11,086,407 $ 11,699,152 0.51% $ 449.97

2011 627,880 10,056,459 10,684,339 0.49% 410.94

2012 638,790 8,974,264 9,613,054 0.50% 369.73

2013 665,595 7,825,102 8,490,697 0.50% 326.57

2014 672,920 11,206,435 11,879,355 0.77% 456.90

2015 683,115 9,777,017 10,460,132 0.71% 486.52

2016 688,555 8,252,599 8,941,154 0.58% 415.87

2017 692,990 6,658,180 7,351,170 0.45% 341.91

2018 704,005 4,999,630 5,703,635 0.33% 265.29

2019 713,365 6,637,526 7,350,891 0.40% 339.85

(1) Property value data can be found on pages 98-99 - Assessed Value and Actual Value of Taxable Property

(2) Population data can be found on page 110 - Demographic and Economic Statistics.


Ratios of General Bonded Debt Outstanding - Last Ten Fiscal Years

106


Schedule of Direct and Overlapping Governmental Activities Debt

Percentage of

Debt District's

Applicable to Share of

Governmental Unit District (1) Debt

District $ 4,941,543 100.000% $ 4,941,543

Overlapping Debt

Schools

School District Number 26 22,083,380 84.400% 18,638,373

School District Number 46 2,880,000 0.050% 1,440

School District Number 47 4,580,000 2.850% 130,530

School District Number 300 330,066,908 0.540% 1,782,361

High School District Number 155 16,410,000 20.940% 3,436,254

Community College District Number 509 175,826,341 0.150% 263,740

Community College District Number 528 10,925,000 7.780% 849,965

562,771,629 25,102,663

Others

McHenry County 12,263,000 7.310% 896,425

McHenry County Conservation District 109,082,019 7.310% 7,973,896

Village of Cary 2,690,000 100.000% 2,690,000

City of Crystal Lake 11,976,051 0.020% 2,395

Village of Lake in the Hills 273,000 0.005% 14

Algonquin Library 2,755,000 3.200% 88,160

Total Overlapping Debt 701,810,699 36,753,553

Total Direct and Overlapping Debt 706,752,242 41,695,096

Data Source: McHenry County Clerk, local government entity or comprehensive annual report.


Gross Debt

(1) Determined by ratio of assessed valuation of property subject to taxation in the District to valuation of

property subject to taxation in overlapping unit.

107


Schedule of Legal Debt Margin - Last Ten Fiscal Years

2010 2011 2012 2013

Legal Debt Limit $ 21,911,718 20,858,276 18,356,925 16,383,522

Total Net Debt Applicable to Limit 5,801,745 5,668,880 5,515,790 5,367,595

Legal Debt Margin 16,109,973 15,189,396 12,841,135 11,015,927

Total Net Debt Applicable to the Limitas a Percentage of Debt Limit 26.48% 27.18% 30.05% 32.76%

Source: District records


Note: Alternative revenue bonds under Illinois Statutes do not count against either the overall 2.875% of EAVdebt limit or the nonreferendum 0.575% of EAV limit for general obligation debt, so long as the debt servicelevy for such bonds is abated annually and not extended.

108

2014 2015 2016 2017 2018 2019

14,825,877 14,158,404 14,687,955 15,670,536 16,687,286 17,690,536

803,920 772,115 733,555 992,990 957,005 919,365

14,021,957 13,386,289 13,954,400 14,677,546 15,730,281 16,771,171

5.42% 5.45% 4.99% 6.34% 5.73% 5.20%

Assessed Value $ 615,322,991

Bonded Debt Limit - 2.875% of Assessed Value 17,690,536

Amount of Debt Applicable to Limit 919,365

Legal Debt Margin 16,771,171

Non-Referendum Legal Debt Limit

.575% of Equalized Assessed Valuation 3,538,107

Amount of Debt Applicable to Debt Limit 713,365

Non-Referendum Legal Debt Margin 2,824,742

Legal Debt Margin Calculation for Fiscal Year 2019

109


McHenryCounty

Fiscal Estimated UnemploymentYear Population (1) Rate (4)

2010 26,000 699,478,000 $ 26,903 (2) 9.6%

2011 26,000 699,478,000 26,903 (2) 9.4%

2012 26,000 918,814,000 35,339 (2) 8.4%

2013 26,000 978,172,000 37,622 (3) 8.3%

2014 26,000 921,700,000 35,450 (3) 6.4%

2015 21,500 747,856,000 34,784 (3) 5.3%

2016 21,500 747,856,000 34,784 (3) 5.3%

2017 21,500 747,856,000 34,784 (3) 4.5%

2018 21,500 767,808,000 35,712 (3) 3.5%

2019 21,630 831,413,940 38,438 (3) N/A

Sources:

(1) Estimated population per the annual financial report filed with the State Comptroller.(2) U.S. Census Bureau(3) American Community Survey Estimates(4) Illinois Department of Employment Security - Annual Averages for Calendar Year.

Income Income

N/A - Not Available


Demographic and Economic Statistics - Last Ten Fiscal Years

PerCapita

Personal Personal

110


Principal Employers - Current Fiscal Year and Nine Fiscal Years AgoApril 30, 2019 (Unaudited)

Percentage Percentageof Total of TotalVillage Village

Employer Rank Population Rank Population

Sage Products 583 1 3.25% 627 1 3.43%Aptar BH 475 2 2.65% 300 3 1.64%Duraflex Industries 242 3 1.35%Durex Industries 170 4 0.95% 210 5 1.15%Cary-Grove High School 165 5 0.92%True Value Manufacturing Co. 150 6 0.84% 335 2 1.83%Sherman Mechanical 145 7 0.81% 100 9 0.55%Jewel-Osco 132 8 0.74% 155 6 0.85%Caption Access 120 9 0.67%CoilCraft 80 10 0.45% 230 4 1.26%Tru-Cut Manufacturing Inc. 155 6 0.85%Martinez Manufacturing Inc. 150 7 0.82%Home Instead Senior Care 100 8 0.55%The Barn Nursery 100 10 0.55%

2,262 12.63% 2,462 13.48%

Data Source: Village records and direct contact with employers.

Note: Principal Employers are from the Village of Cary.

Employees Employees

Current Fiscal Year - 2019 Nine Fiscal Years Ago - 2010

111


Full-Time Equivalent District Employees by Function - Last Ten Fiscal Years

2010 2011 2012

Recreation and Open Space:

Administration 10.2 9.2 9.2

Recreation 27.1 27.2 25.3

Park Maintenance 10.0 10.1 11.3

Facilities Maintenance 2.7 3.2 3.3

Totals 50.0 49.7 49.1

Source: District records.

Note: Full-time equivalent employment is calculated by dividing total hours by 2,080.

Note: Golf operations are contracted.


112

2013 2014 2015 2016 2017 2018 2019

9.1 9.1 9.1 9.1 9.1 9.2 9.3

24.2 24.3 24.1 24.1 24.6 25.8 26.8

10.4 10.3 10.5 11.0 10.1 9.7 10.1

3.7 2.7 3.0 3.2 2.4 3.0 3.2

47.4 46.4 46.7 47.4 46.2 47.7 49.4

113


Operating Indicators by Function/Program - Last Ten Fiscal Years

2010 2011 2012

Recreation

Number of Participations N/A N/A 131,479

Golf

Number of Rounds (1) 29,116 28,043 28,942

Source: District records.

N/A - Not Available

Note: (1) Number of rounds include comp rounds.


114

2013 2014 2015 2016 2017 2018 2019

132,318 124,114 130,220 121,741 123,057 123,629 121,729

26,340 26,107 29,127 28,909 28,259 29,101 28,853

115


Capital Asset Statistics by Function/Program - Last Ten Fiscal Years

2010 2011 2012

Acres 863 863 863 Parks 40 40 40 Playgrounds 25 25 25 Dog Park - - 1 Swimming Facilities 1 1 1 18 Hole Golf Courses 1 1 1 Driving Range 1 1 1 Soccer Fields 11 11 11 Ball Fields 3 3 3 Miles of Trails 4.00 5.75 6.45

Source: District records


116

2013 2014 2015 2016 2017 2018 2019

863 863 863 863 863 863 863 40 40 40 40 40 40 40 25 25 25 25 25 25 25 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1

11 11 11 11 11 11 11 3 3 3 3 3 3 3

6.45 6.45 6.68 6.68 6.68 6.68 6.68

117

Documents

CARY PARK DISTRICT, ILLINOIS...CARY PARK DISTRICT, ILLINOIS TABLE OF CONTENTS 1 2 Transmittal Letter 3 - 8 9 INDEPENDENT AUDITORS' REPORT 10 - 11 MANAGEMENT’S DISCUSSION AND ANALYSIS