COMPREHENSIVE ANNUAL FINANCIAL REPORT · 2020-05-22 · KEVIN ROZELL Maintenance I TED BURICH Superintendent of Planning PAUL FYLE Landscape Architect JAMES LESS JOSHUA JUNGER Parks

DOWNERS GROVE PARK DISTRICTDOWNERS GROVE, ILLINOIS

COMPREHENSIVE ANNUAL FINANCIAL

REPORT

FOR THE TWELVE MONTHS ENDED DECEMBER 31, 2019

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dtaylor

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DOWNERS GROVE PARK DISTRICT

DOWNERS GROVE, ILLINOIS

COMPREHENSIVE ANNUAL

FINANCIAL REPORT

For the Year Ended

December 31, 2019

Prepared by:

Finance Department



TABLE OF CONTENTS

Page(s)

INTRODUCTORY SECTION

List of Principal Officials.............................................................................................. i

Organizational Structure ............................................................................................... ii-viii

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

Transmittal Letter.......................................................................................................... x-xvii

FINANCIAL SECTION

INDEPENDENT AUDITOR’S REPORT .................................................................... 1-2

GENERAL PURPOSE EXTERNAL FINANCIAL STATEMENTS

Management’s Discussion and Analysis .................................................................. MD&A 1-14

Basic Financial Statements

Government-Wide Financial Statements

Statement of Net Position ............................................................................... 3

Statement of Activities ................................................................................... 4

Fund Financial Statements

Governmental Funds

Balance Sheet ............................................................................................. 5-6

Reconciliation of Fund Balances of Governmental Funds to

the Governmental Activities in the Statement of Net Position ................ 7

Statement of Revenues, Expenditures and Changes in Fund Balances ..... 8-9

Reconciliation of the Governmental Funds Statement of Revenues,

Expenditures and Changes in Fund Balances to the Governmental

Activities in the Statement of Activities .................................................. 10



TABLE OF CONTENTS

Page(s)

FINANCIAL SECTION (Continued)

GENERAL PURPOSE EXTERNAL FINANCIAL STATEMENTS (Continued)

Basic Financial Statements (Continued)

Fund Financial Statements (Continued)

Proprietary Funds

Statement of Net Position .......................................................................... 11

Statement of Revenues, Expenses and Changes in Net Position ............... 12

Statement of Cash Flows ........................................................................... 13

Notes to Financial Statements ............................................................................. 14-40

Required Supplementary Information

Schedule of Revenues, Expenditures and Changes in

Fund Balance - Budget and Actual

General Fund .................................................................................................. 41

Recreation Fund .............................................................................................. 42

Schedule of Employer Contributions

Illinois Municipal Retirement Fund ............................................................... 43

Schedule of Changes in the Employer’s Total OPEB Liability

Other Postemployment Benefit Plan .............................................................. 44

Schedule of Changes in the Employer’s Net Pension Liability

and Related Ratios

Illinois Municipal Retirement Fund ................................................................... 45

Notes to Required Supplementary Information .................................................. 46-47

COMBINING AND INDIVIDUAL FUND FINANCIAL STATEMENTS AND SCHEDULES MAJOR GOVERNMENTAL FUNDS Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual Debt Service Fund .......................................................................................... 48 Capital Projects Fund ..................................................................................... 49



TABLE OF CONTENTS

Page(s)

FINANCIAL SECTION (Continued) COMBINING AND INDIVIDUAL FUND FINANCIAL STATEMENTS AND SCHEDULES (Continued) NONMAJOR GOVERNMENTAL FUNDS Combining Balance Sheet ................................................................................... 50-51 Combining Statement of Revenues, Expenditures and Changes in Fund Balances .......................................................................... 52-53 Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual Museum Fund ................................................................................................. 54 Special Recreation Fund ................................................................................. 55 Illinois Municipal Retirement Fund ............................................................... 56 Audit Fund ...................................................................................................... 57 Social Security Fund ....................................................................................... 58 Liability Insurance Fund ................................................................................. 59 ENTERPRISE FUND

Schedule of Revenues, Expenses and Changes in Net Position - Budget and Actual Golf Course Fund ........................................................................................... 60 LONG-TERM DEBT REQUIREMENTS Taxable General Obligation Limited Tax Park Bonds of 2010........................... 61 General Obligation Refunding Park Bonds of 2015A ........................................ 62 General Obligation Limited Tax Park Bonds of 2015B ...................................... 63

STATISTICAL SECTION Financial Trends Net Position ............................................................................................................... 64-65 Change in Net Position ............................................................................................. 66-69 Fund Balances of Governmental Funds .................................................................... 70-71 Changes in Fund Balances of Governmental Funds ................................................. 72-73 Tax Revenues by Source ........................................................................................... 74



TABLE OF CONTENTS

Page(s)

STATISTICAL SECTION (Continued) Revenue Capacity Assessed Value and Estimated Actual Value of Taxable Property ........................... 75 Direct and Overlapping Property Tax Rates ............................................................. 76-77 Principal Property Taxpayers .................................................................................... 78 Property Tax Levies and Collections ........................................................................ 79 Statistical Comparison of Property Taxes Levied and Collected.............................. 80 Debt Capacity Ratios of Outstanding Debt by Type ......................................................................... 81 Ratios of General Bonded Debt Outstanding ............................................................ 82 Schedule of Direct and Overlapping Government Activities Debt ........................... 83 Pledged Revenue Coverage....................................................................................... 84 Schedule of Legal Debt Margin ................................................................................ 85 Demographic and Economic Information Demographic and Economic Statistics...................................................................... 86 Principal Employers .................................................................................................. 87 Full-Time Equivalent Government Employees by Function .................................... 88 Operating Information Operating Indicators by Function ............................................................................. 89 Capital Asset Statistics by Function .......................................................................... 90

INTRODUCTORY SECTION

- i -



List of Principal Officials

December 31, 2019

BOARD OF COMMISSIONERS

Catherine C. Mahoney, President

Sandra McDonnell, Vice President Jon Dahlstrom, Treasurer

Lizz Hellinga, Secretary Bob Kotula, Commissioner

ADMINISTRATIVE STAFF

Bill McAdam, Executive Director

Geoff Penman, Director of Operations and Development

Dave Haring, Director of Recreation

Marian Olund, Director of Human Resources

Erik Brown, Director of Finance and IT

Dawn Hartman, Director of Marketing and Community Engagement

Executive DirectorBILL McADAM

ORGANIZATIONAL CHARTMANAGEMENT TEAM

RESIDENTS

AuditorSikich LLP

Administrative Assistant

ADINE LENON

BOARD OF COMMISSIONERS

SecretaryLIZZ HELLINGA

PresidentCATHY MAHONEY

TreasurerJON DAHLSTROM

AttorneyAncel Glink P.C.

DERKE PRICE

CommissionerBOB KOTULA

Vice PresidentSANDRA McDONNELL

Director of Marketing & Comm Engagement

DAWN HARTMAN

Director of Parks and Planning

GEOFF PENMAN

Director of Recreation

DAVE HARING

Director of Finance and Technology

ERIK BROWN

Director of Human Resources

MARIAN OLUND

General ManagerGolf Course

KEN MCCORMICK

- ii -

Superintendent of Facilities

KEVIN ROZELL

Maintenance ITED BURICH

Superintendent of PlanningPAUL FYLE

Landscape ArchitectJAMES LESS

Maintenance IJOSHUA JUNGER

Parks and Planning Administrative Asst.

REGINA OZOG

Custodian Afternoon Recreation Center

JIM BARRY

Custodian Morning Recreation Center

TOM PHISTRY

Custodian Admin/Museum/LymanTOM SINAGRA

Custodian Daytime Lincoln Center

TONY RONDINELLA

Custodian Evening Lincoln CenterWALTER PRICE

Recreation Center PT Weekend Custodians

Recreation Center PT Afternoon

Custodians

Recreation Center PT Night Crew

Custodians

Recreation Center PT Night Crew

Lincoln Center PT Help Seasonal Staff

Director of Parks and Planning

GEOFF PENMAN


ORGANIZATIONAL CHARTPARKS & PLANNING

Superintendent of Parks

DAN HOPKINS

Maintenance IBRETT KOHNEN

Maintenance IKEARY SCHMIDT

Maintenance IROBERT CONSTANTINE

Maintenance ITRAVIS KUCIUNAS

Maintenance IKEITH KOLAR

Park Maintenance IIMARK BENDER

Park Maintenance IIALFONSO DOMINQUEZ

Mowing Crew (SEASONAL)

McCollum Crew (SEASONAL)

General Parks Crew (SEASONAL)

Superintendent of Natural Resources

MIKE STELTER

Maintanence IRYAN PFEIFFER

HorticulturistRON SIMON

ForesterJIM WEIMER

Horticulture Crew(SEASONAL)

Forestry Crew(SEASONAL)

- iii -

Superintendent of Athletics and Safety

CODY KAMP

Superintendent of Customer Service

SALLY HAYDUCK

Superintendent of Recreation

MICHELLE PUSATERI

Recreation Supervisor (Cultural Arts)

ANNA FONTANETTA

Community Athletics Supervisor

ANNA KISH

Recreation Supervisor (Gymnastics / Events)

AMY SHEARER

Recreation Supervisor (Early Childhood)

SARA CUNNINGHAM

Recreation Supervisor (Teen/Youth)

SAMANTHA DONOVAN

Director of Recreation

DAVE HARING


ORGANIZATIONAL CHARTRECREATION

Recreation Supervisor (Historical

Programming)FELICIA CAMACHO

Recreation Supervisor (Outdoor Education)

RYAN MAYWIN

Athletic SupervisorJOSH WILLIAMS

Athletic SupervisorLIZ FRAZIER

LC Customer Service Supervisor

LENORE MURPHY

RC Customer Service Representative

MAGGIE MIKOLAJCZAK

RC Customer Service RepresentativeFELICIA MEDINA

LC Customer Service RepresentativeKIM NOVOTNY

RC Customer Service Staff (PT)

LC Customer Service Staff (PT)

Athletics Staff(PT)

Athletics Staff(PT)

LINK/Camp Staff(PT)

Teachers/Staff(PT)

Instructors/Staff(PT)


Staff(PT)



Active Adult Coordinator (PT)FRANCINE MYERS

Recreation Supervisor (Outdoor Education)

KATE JOHNS

Manager on DutyCORY SIGNA

Manager on DutyCARLEY HASKE

Manager on DutyMICHELLE VARYS

General Manager4500 FitnessLUKE WYSS

Group Exercise Instructors (PT)

Personal Trainers (PT)

Fitness Desk (PT)

- iv -

General ManagerGolf Course

KEN MCCORMICK


ORGANIZATIONAL CHARTGOLF

Grounds Staff (Seasonal)

Golf Teaching Pros(CONTRACTED)

Starters & Rangers (Seasonal)

Beverage Cart Staff (Seasonal)

Clubhouse Staff (Seasonal)

Assistant Grounds Superintendent

BRIAN KALAL

Golf Course Grounds

SuperintendentJEFF POZEN

- v -

Superintendent of Finance

TRICIA FARKAS

Superintendent of TechnologyCHRIS KAPUS

Director of Finance and Technology

ERIK BROWN


ORGANIZATIONAL CHARTFINANCE & TECHNOLOGY

Accounts Payable Specialist

LINDA SHEARER

AccountantERROL LAGMAN

IT Technician (PT)OPEN

ConsultingCompanies

- vi -

Human Resources / Payroll Specialist

KATIE NELSON

Director of Human Resources

MARIAN OLUND


ORGANIZATIONAL CHARTHUMAN RESOURCES

- vii -

Marketing & Creative Development

SpecialistDANIELLE STROHMIER

Community Events & Sponsorship Specialist

DARBY BEASLEY

Director of Marketing and Community

EngagementDAWN HARTMAN


ORGANIZATIONAL CHARTMARKETING

- viii -

- ix -

FINANCIAL SECTION

1415 West Diehl Road, Suite 400

Naperville, IL 60563

630.566.8400

INDEPENDENT AUDITOR’S REPORT

Board of Commissioners Downers Grove Park District Downers Grove, 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 Downers Grove Park District (the District) as of and for the year ended December 31, 2019 and the related notes to 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.

- 1 -

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 Downers Grove Park District, as of December 31, 2019, and the respective changes in financial position and, where applicable, cash flows thereof for the year then ended in accordance with accounting principles generally accepted in the United States of America. Other Matters Required Supplementary Information Accounting principles generally accepted in the United States of America require that the management’s discussion and analysis and the required supplementary information 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 District’s basic financial statements. The introductory section, combining and individual fund financial statements and schedules and statistical section are presented for purposes of additional analysis and are not a required part of the basic financial statements. The combining and individual fund financial statements and 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. The 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 information is 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. Naperville, Illinois April 16, 2020

- 2 -

GENERAL PURPOSE EXTERNAL

FINANCIAL STATEMENTS

MANAGEMENT’S DISCUSSION AND ANALYSIS

MD&A 1

Downers Grove Park District Management’s Discussion & Analysis

For the Year Ended December 31, 2019

The Downers Grove Park District Discussion and Analysis for the fiscal year ended December 31,

2019 is offered to readers of the financial statements. The intent of the MD&A is to:

(1) Summarize the financial highlights of the Park District;

(2) Present an overview of the Park District’s financial position;

(3) Evaluate the Park District’s recent activities resulting in net position changes;

(4) Examine significant differences between the budget and year-end results;

(5) Review material changes in capital assets and long-term debt; and

(6) Recognize current facts or conditions that will impact the Park District.

We encourage readers to consider the information presented here in conjunction with additional

information that we have furnished in our letter of transmittal (page x) and our Financial

Statements (beginning on page 3).

Financial Highlights

➢ As outlined in the government-wide financial statements, the total assets and deferred

outflows of resources of the Downers Grove Park District exceeded liabilities and deferred

inflows of resources by $43,470,576 as of December 31, 2019. The net position increased

by $742,674 for the year ended December 31, 2019 compared to the net position of

$42,727,902 on December 31, 2018.

➢ The Park District’s governmental funds reported combined ending fund balances of

$6,909,471 as of December 31, 2019; an increase of $97,611 over the prior year. This

includes $942,060 in assigned capital project funds, which are included within the

District’s Capital Improvement Plan, identified for future investment. This balance is the

result of past capital revenues and prior year efficiencies. These sources have allowed the

District to complete additional capital investments. Approximately, 31% of the total $6.9

million fund balance is restricted to specific park district expenditures, another 20% is fully

unassigned, and the final 49% is assigned to recreational and capital activities.

➢ As reported in the Statement of Activities, property taxes collected for fiscal year 2019

were $8,050,148. This is an increase of $117,018 over the previous year or about 1.5%,

which was primarily utilized for additional maintenance, repairs, replacements and capital

dollars. The District also received $193,540 in replacement taxes during 2019, which is

considerably more than the $155,673 received in 2018. This was due to the State continuing

to reconcile back taxes, along with improved economic activity in Illinois.

➢ The District spent a total of $1,197,061 on governmental capital outlay, a 21% decrease

over the $1,518,608 spent on Capital Outlay in 2018. This amount was lower due to some

projects being carried forward into 2020 including the receipt of vehicles/equipment,

replacement of control panels for the golf course pump house and various other projects.

➢ Governmental Capital outlay for 2019 includes: Hooper’s Hollow Park Playground

Replacement, Recreation and Fitness Center Parking Lot Renovation with safety

improvements including a drop-off loop, District-Wide Master Plan, Fuel Management

Software, John Deer Tractor with Lift. Additional projects included within Construction in

Progress – Blodgett 1846 House Renovation, McCollum Park Spray Ground planning and

MD&A 2

architectural expenses, Patriot’s Park Pedestrian Bridge, Prince Pond Dredging,

Replacement of Server and Storage Array, and Whitlock Park ADA Improvements.

➢ As shown on the Statement of Activities, the Park District received $121,688 of capital

grants and contributions. This was a combination of grants received with the most notable

provided by the Illinois Department of Natural Resources for the 1846 House on the

Museum Campus. The District also received $154,042 of operating grants and

contributions, which includes $83,528 toward the 2010 Build America Bond and $70,500

toward memorials and other recreational purposes.

➢ Within the Notes to the Financial Statements, the Park District provides details on Long-

Term Liability Activity. This information includes: compensated absences and the

retirement of debt from bonds, $234,103 OPEB Liability, and $4,634,743 pension liability

for the Park District during 2019.

o General obligation bond debt (including premiums/discounts) decreased

$1,000,320 due to bond payments for principal and interest throughout the fiscal

year. As of the end of the year, the District continues to have outstanding bonds for

the 2010, 2015A, and 2015B issuances.

o The District monitors the cost of compensated time off held by our employees. This

changes throughout the year, as employees use or earn additional paid time off. As

of December 31, 2019, this balance has decreased by $40,813 to a total of $496,295

for governmental and business-type activities.

o The IMRF pension liability increased $2,884,341 due to changes made to the

actuarial valuations through the Illinois Municipal Retirement Fund.

The Management’s Discussion and Analysis introduces the Park District’s basic financial

statements. The basic financial statements are: 1) government-wide financial statements, (2) fund

financial statements and 3) notes to the financial statements. This report also contains other

supplementary information in addition to the basic financial statements themselves.

Government-Wide Financial Statements

The government-wide financial statements incorporate all the Park District’s governmental and

business-type activities, in a manner similar to a private-sector business using the economic

resources measurement focus and the accrual basis of accounting.

The Statement of Net Position presents information on all of the Park District’s assets and deferred

outflows of resources as well as liabilities and deferred inflows of resources with the difference

between them reported as Net Position. Over time, increases or decreases in net position may

serve as a useful indicator of whether the financial position of the Park District is improving or

deteriorating.

The Statement of Activities presents information showing how the District’s Net Position changed

during the most recent fiscal year. All changes in net position are reported as soon as the

underlying event giving rise to the change occurs, regardless of the timing of related cash flows.

Thus, revenues and expenses are reported in this statement for some items that will only result in

cash flows in future fiscal periods (e.g. earned but unused vacation leave).

MD&A 3

Both of the government-wide financial statements distinguish functions of the Park District that

are principally supported by taxes and intergovernmental revenues (governmental activities); from

other functions that are intended to recover all or a significant portion of their costs through user

fees and charges (business-type activities). The governmental activities of the Park District include

general government, parks, open space, culture and recreation. The business-type activities of the

Downers Grove Park District include only the golf course. The Park District does not manage any

fiduciary activities such as employee pension plans. Fiduciary activities would not be included in

the government-wide statements since those assets would not be available to fund programs.

The government-wide financial statements are presented on pages 3-4 of this report.

Fund Financial Statements

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

segregated for specific activities or objectives. The Downers Grove Park District, like other state

and local governments, uses fund accounting to ensure and demonstrate compliance with finance-

related legal requirements. With the focus on significant balances and operations, we provide

individual reports for major funds, and aggregate reports for all other funds.

The focus of governmental funds is narrower than that of the government-wide financial

statements. Unlike the government-wide financial statements, governmental fund financial

statements focus on short-term inflows and outflows of available resources, as well as on balances

of spendable resources available at the end of the fiscal year. This information is useful in

evaluating a government’s near-term financing requirements.

It is useful to compare the information presented for governmental funds with similar information

presented for governmental activities in the government-wide financial statements. Both the

governmental fund balance sheet and the governmental fund statement of revenues, expenditures,

and changes in fund balance provide a reconciliation to facilitate this comparison between

governmental funds and governmental activities.

The Park District maintains individual governmental funds to track resources for individual

activities or objectives. 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 major funds. Major funds are those whose revenues, expenditures/expenses, assets/deferred

outflows of resources or liabilities/deferred inflows of resources are at least ten percent of the total

for their fund category or type (governmental or enterprise) and at least five percent of the

aggregate amount for all governmental and enterprise funds. Any fund may be reported as a major

fund if management considers the fund particularly important to financial statement users.

Currently, four funds are considered major for the District: (1) General, (2) Recreation, (3) Capital

Projects, and (4) Debt Service. The remaining funds are combined into a single aggregated

presentation including: (1) Museum, (2) Special Recreation, (3) Illinois Municipal Retirement, (4)

Audit, (5) Social Security/FICA, and (6) Insurance Liability.

The Downers Grove Park District adopts an annual Budget & Appropriation Ordinance.

Budgetary comparison statements are presented within the report. The basic governmental fund

financial statements can be found on pages 5 through 10 of this report.

MD&A 4

Proprietary funds report the Park District’s business activities in the enterprise fund and

government functions in internal service funds. The Park District’s enterprise fund is maintained

for the Golf Course Fund. The basic proprietary fund financial statements are presented on pages

11 through 13 of this report.

Notes to the Financial Statements

The notes provide additional information that is essential to understanding the data provided in the

government-wide and fund financial statements. The notes to the financial statements can be found

on pages 14 through 40 of this report.

Other Information

In addition to the basic financial statements and accompanying notes, this report also presents

certain required supplementary information concerning the Park District’s progress in funding its

obligation to provide pension benefits to its employees. The required supplementary information

can be found on pages 41 through 47 of this report.

The combining and individual fund financial statements and schedules prepared for major and

non-major governmental funds, and enterprise funds are presented in the subsequent section for

supplementary information on pages 48 through 60 of this report.

The Park District’s financial reporting system under GASB 34 was implemented for the fiscal year

ending May 31, 2004, under GASB 63 and 65 for the fiscal year ending May 31, 2014 and under

GASB 68 for the fiscal year ending December 31, 2015. In 2014, the Park District changed from

a fiscal year ending May 31, to a calendar year as of December 31.

Government-Wide Financial Analysis

The District’s assets exceed liabilities by $43,470,576 as of December 31, 2019. By far, the largest

portion of the District’s net position, 90.9% or $39,516,648; reflects the net investment in capital

assets (e.g., land, land improvements, buildings, vehicles & equipment). The Park District uses

these capital assets to provide services; consequently, these assets are not available for future

spending. Although the Park District’s investment in its capital assets is reported net of related

debt, the resources needed to repay this debt must be provided from other sources, since the capital

assets themselves cannot be used to liquidate these liabilities.

External debt restrictions associated with the District’s general obligation bonds represent

$934,340 of the Park District’s net position or 2.1%. In addition, another $949,192 (2.2%) of the

Park District’s net position is restricted for specific purposes.

The remaining, unrestricted net position balance of $2,070,396, which is inclusive of the unfunded

compensated absences and IMRF pension liabilities, which do not account for the District annually

funding IMRF at 100% of the actuarial determined amount. Adjusted to eliminate these liabilities,

which are considerably long-term and annually funded, the District’s unrestricted net position

would increase to just over $3.2 million available to meet the Park District’s ongoing obligations

to citizens and creditors.

MD&A 5

Additional information on the Downers Grove Park District’s long-term debt can be found in note

4 on pages 26-29.

The table below separates the Business-Type activities of the Downers Grove Park District (Golf).

When looking at only this section of the Government-wide financials, the total net position as of

December 31, 2019 was $2,395,284, a 5.7% increase from 2018. Unrestricted revenue is shown

as a minimal amount compared to the balance being as net investment in capital assets. This

Statement of Net Position is beneficial to the reader. However, when budgeting or looking at

individual fund balances of the District, the fund presentations tend to be more informative. This

is due to Government-wide Statements taking into account long-term liabilities, which the District

is adequately funding.

Over time, Total Net Position may serve as a useful indicator of a government’s financial position.

The following table presents a condensed summary of Net Position as of December 31, 2019 and

2018.

Current and other assets $ 16,391,979 $ 15,950,999 $ 373,377 $ 275,164 $ 16,765,356 $ 16,226,163

Capital assets 48,700,908 49,228,209 2,258,135 2,311,366 50,959,043 51,539,575

Total assets 65,092,887 65,179,208 2,631,512 2,586,530 67,724,399 67,765,738

IMRF 2,303,771 709,234 173,402 53,383 2,477,173 762,617

OPEB 12,210 7,412 - - 12,210 7,412

Total deferred outflows of 2,315,981 716,646 173,402 53,383 2,489,383 770,029

resources

Total assets and deferred

outflows of resources 67,408,868 65,895,854 2,804,914 2,639,913 70,213,782 68,535,767

Long-term liabilities 15,798,822 13,753,502 37,031 191,072 15,835,853 13,944,574

Other liabilities 1,976,311 2,196,164 344,559 67,682 2,320,870 2,263,846

Total liabilities 17,775,133 15,949,666 381,590 258,754 18,156,723 16,208,420

Property taxes 8,181,838 7,966,607 - - 8,181,838 7,966,607

Deferred Items - IMRF 372,532 1,514,735 28,040 114,012 400,572 1,628,747

Deferred Items - OPEB 4,073 4,091 - - 4,073 4,091

Total deferred inflows of 8,558,443 9,485,433 28,040 114,012 8,586,483 9,599,445

resources

Total liabilities and deferred

inflows of resources 26,333,576 25,435,099 409,630 372,766 26,743,206 25,807,865

Net Position

Net Investment in Capital Assets 37,258,513 36,785,494 2,258,135 2,311,366 39,516,648 39,096,860

Restricted

Special revenues 949,192 1,183,388 - - 949,192 1,183,388

Debt service 934,340 919,299 - - 934,340 919,299

Unrestricted 1,933,247 1,572,574 137,149 (44,219) 2,070,396 1,528,355

Total net position $ 41,075,292 $ 40,460,755 $ 2,395,284 $ 2,267,147 $ 43,470,576 $ 42,727,902

Business-type Activities (Golf Course) Total

Dec. 31, 2019Dec. 31, 2018 Dec. 31, 2018Dec. 31, 2018

Governmental Activities

Dec. 31, 2019 Dec. 31, 2019

Table 1 - Downers Grove Park District's Net Position

For the Fiscal Year Ended December 31, 2019

MD&A 6

The following table presents a condensed summary of Changes in Net Position for the years ended

December 31, 2019 and 2018.

Revenues:

Program revenues:

Charges for services $ 3,956,869 $ 3,798,241 $ 1,108,863 $ 999,110 $ 5,065,732 $ 4,797,351

Operating grants and

contributions 154,042 116,899 - - 154,042 116,899

Capital grants and

contributions 121,688 50,000 - - 121,688 50,000

General revenues:

Property taxes 8,050,148 7,933,130 - - 8,050,148 7,933,130

Other taxes 193,540 155,673 - - 193,540 155,673

Other 218,294 222,400 13,802 16,844 232,096 239,244

Total revenues 12,694,581 12,276,343 1,122,665 1,015,954 13,817,246 13,292,297

Expenses:

General 4,345,978 4,461,662 - - 4,345,978 4,461,662

Culture and recreation 7,321,020 7,091,897 911,626 871,047 8,232,646 7,962,944

Interest on long-term debt 495,948 516,995 - - 495,948 516,995

Total expenses 12,162,946 12,070,554 911,626 871,047 13,074,572 12,941,601

Change in net position-before

transfers 531,635 205,789 211,039 144,907 742,674 350,696

Transfers 82,902 44,445 (82,902) (44,445) - -

Change in net position 614,537 250,234 128,137 100,462 742,674 350,696

Net position, beginning of year 40,460,755 40,440,090 2,267,147 2,166,685 42,727,902 42,606,775

Pension Restatement - (229,569) - - - (229,569)

Net position, end of year $ 41,075,292 $ 40,460,755 $ 2,395,284 $ 2,267,147 $ 43,470,576 $ 42,727,902

Table 2 - Downers Grove Park District's Changes in Net Position

Governmental Activities Business-type Activities (Golf Course)

12/31/2018 12/31/2018 12/31/2018


12/31/2019 12/31/2019 12/31/2019

Total

Year Ended Year Ended Year Ended Year Ended Year Ended Year Ended

MD&A 7

Financial Analysis of the Government’s Funds

As noted earlier, the Park District uses fund accounting to ensure and demonstrate compliance

with finance-related legal requirements.

Governmental Funds

The Park District’s governmental funds provide information on short-term inflows, outflows, and

balances of spendable resources. This information is useful in assessing the Park District’s

financing requirements. In particular, unassigned fund balance may serve as a useful measure of

the Park District’s net resources available for discretionary use. This balance represents the portion

of fund balance, which is not yet for a particular purpose by: (1) an external party, (2) the Downers

Grove Park District itself, or (3) a group or individual that has been delegated authority to assign

resources for particular purposes by the Downer Grove Park District’s Board of Park

Commissioners.

The governmental fund balance as of December 31, 2019 is $6,909,471. This is an increase of

$97,611 (1.4%) over the previous year. This was largely due to capital projects being planned, but

ultimately carrying over to the next fiscal year. The largest capital project completed was over

$700,000 for the replacement of the Recreation & Fitness Center Parking Lot after 16-years of use.

This replacement improved upon the existing infrastructure by gaining additional parking spaces

and adding a drop-off loop for added safety and efficiency.

As displayed on the District’s Balance Sheet, $1,410,104 or 20% of the $6.9 million fund balance

constitutes unassigned fund balance, which is available for spending at the government’s

discretion. An additional $2,411,167 (35%) of Unrestricted Funds for Recreation purposes are

available for use with any recreation activities or projects. Finally, the District has assigned

$942,060 (14%) for Capital Projects.

The District has restricted $1,882,521 of funds for specified purposes within this Fund Balance

amount. The final type of fund balance shown on the balance sheet is Non-spendable with $78,619

in prepaid expenses, and a $185,000 loan to the Golf Fund for the construction of a covered range.

The District’s Fund Balance remains strong and in line with the Fund Balance Policy. As the

District continues to monitor fund balance, Staff ensures that changes continue to align with the

District’s expectations, fund balance policy and Mission, Vision, Values.

Major Governmental Funds

The General, Recreation, Capital Projects and Debt Service funds are the primary operating funds

of the Park District.

GENERAL FUND: The December 31, 2019 unassigned fund balance of the General fund is

$1,410,104. This was a $239,054 increase from the prior year. The change was mainly the result

of the General Fund operating expenses relating to Personnel, coming in much lower than

expected. A District-wide organizational restructure, along with staff turnover primarily resulted

in the savings. The fund’s unrestricted fund balance remains at 40% of expenditures (not including

transfers out for debt) in 2019.

MD&A 8

General Fund revenues increased $604,036 or 14.9% over 2018 revenues. This includes a $595,945 increase of Taxes due to: (1) The Board of Commissioners approved a tax levy increase, which also reallocated how the funds would be utilized; and 2) Replacement Taxes received were higher due to the state reconciliations and a stronger than expected economy. Other Financing Sources included an increase in Transfers Out for continued Bond Payments. The total unassigned fund balance is available for future operations. As a measure of the fund’s liquidity, the unassigned fund balance currently represents 30.1% of total annual expenditures (operating expenditures plus transfers for debt minus transfers received). This fund balance provides the District with flexibility during a time of year when property taxes are not received (January until May). RECREATION FUND: The Recreation fund balance of $2,432,840 has increased $284,731 from the prior year. The funds are available for any recreational purposes. Recreation revenues as a whole increased $186,314 or 3.3%

➢ A slight increase in the allocation of property and personal replacement taxes of $10,196 was recognized.

➢ Charges for Services increased $134,457 or 4.3%. This was impacted by a 10% increase in fitness center revenues from increased memberships. In addition, the District continues to see participant growth in youth athletic programming. Revenues from Charges for Services have been increasing over the past few years due to continued focus on expanding offerings and proving programming/services sought by the public. Market analysis has allowed the District to increase select fees for services which maintain a considerable demand.

➢ Donations increased $22,033, which also includes sponsorships. The increase directly related to an organizational staffing change that brought on an employee whose main focus was sponsorships. This was previously outsourced and the strategic change proved to be successful.

➢ Investment Income increased $13,607. Investments maturing throughout 2019 had an average interest rate of 2% to 3% as compared to an average of 1% to 2% for 2018.

In 2019, Recreation expenditures increased by $270,416 or 6.3%. Staff is continually monitoring budget vs actual and making adjustments as the year progresses.

➢ Personnel related expenditures increased $149,644. This was mainly due to the District wide reorganization, which added new full time positions to the Recreation Department, along with subsequent changes for staff enrolled in the District’s insurance & defined contribution plans.

➢ Contractual Services increased $33,260. Additional expenses were incurred as a result of the growing Early Childhood and Children’s programming. In addition, there was a slight increase in credit card fees which correlates directly with the growth in credit card usage.

➢ Commodities increased $87,512. This was a result of increased spending for maintenance and upkeep of the District’s facilities after creating a Superintendent of Facilities position. Additional special events and investment into the operations of the District’s Recreation and Fitness operations also led to this increase. This included new fitness equipment, cleaning supplies and various other improvements.

MD&A 9

The table below compares major revenue and expenditure categories between the years ended

December 31, 2019 and the fiscal year ended December 31, 2018 in the Recreation Fund.

The Debt Service Fund’s ending fund balance for 2019 was $934,340, which is restricted for

payment of debt service. This balance is maintained within the Debt Service Fund for future

principal and interest bond payments. The $15,041 increase in 2019 is mainly due earning almost

twice the amount of interest revenues as 2018, along with lower interest expenses associated with

GO Bond Series 2013A, as that debt was extinguished.

In 2019, the District’s Capital Project Fund decreased based on the use of prior capital revenues

and District-wide efficiencies to complete projects. In addition, the District has been managing

and utilizing General and Recreation Funds that had available funds above and beyond required

by the fund balance policy. This has allowed the District to aggressively increase projects without

relying on other revenue sources. The decrease of $111,973 to a balance of $942,060 still contains

prior year efficiencies that will be used for projects within the District’s 5-year Capital Plan. Over

$1.0 million in projects were completed in 2019 as the District continues to strive at improvement

and offering residents quality parks and recreation throughout Downers Grove.

Year Ended Year Ended

Revenues:

Taxes $ 2,019,743 $ 2,009,547 $ 10,196

Charges for Services 3,280,317 3,145,860 134,457

Merchandise Sales 98,127 94,900 3,227

Rentals 236,416 240,293 (3,877)

Investment Income 58,541 44,934 13,607

Grants/Donations 40,408 18,375 22,033

Miscellaneous 28,324 21,653 6,671

Total Revenues 5,761,876 5,575,562 186,314

Expenditures: 4,577,145 4,306,729 270,416

Total Expenditures 4,577,145 4,306,729 270,416

Excess of Revenues Over Expenditures

Before Other Financing Sources (Uses) 1,184,731 1,268,833 (84,102)

Transfers, Net (900,000) (1,203,777) 303,777

Net Change in Fund Balances 284,731 65,056 219,675

Fund Balances, Beginning 2,148,109 2,083,053 65,056

Fund Balances, End $ 2,432,840 $ 2,148,109 $ 284,731

12/31/2019 12/31/2018 Change

Table 3 - Downers Grove Park District Changes in Recreation Fund Balances


Recreation Fund Recreation Fund

MD&A 10

Proprietary Funds

The Park District’s proprietary fund statements provide the same information found in the

government-wide financial statements, but in more detail.

Major Proprietary Funds

The Golf Fund is the only enterprise fund of the Downers Grove Park District. This fund accounts

for the operation of a 90-acre, 9-hole golf course. Operations include golfing, a driving range,

programming, golf merchandise sales, and food/beverage sales. The intent of a Proprietary fund

is to recover the cost of operation through user charges.

The net position of the Downers Grove Golf Course was $2,395,284 as of December 31, 2019.

This includes a $128,137 increase in Net Position for 2019 and represents the strength of the golf

course as a whole. Revenues were the driving force of this increase to Net Position.

The Operating Revenues of the Golf Course finished another strong year exceeding $1.1 million

in revenues, which were up $103,507 from the prior year. This is due primarily to the first complete

year of usage for the new covered driving range shelter. The range shelter not only offers year

round access to the driving range, but it also allows lessons and other programming to run when

conditions may otherwise be unfavorable. This led to a 35% increase in driving range revenues for

the year and a 27% increase for lessons and other program related revenues. This, along with

overall rounds being up, led to the great year at the Downers Grove Golf Course.

Operating Expenditures, which include capitalization/depreciation, ended the year $40,579 higher

than 2018. This is primarily due to personnel costs and contractual services. As a result, of the

District reorganization new staff were brought in and altered not only the salaries of the District,

but the employee management. As a result, Personnel costs increase$14,828 in 2019. Contractual

Services increased $18,176 which includes increased focus on the course, clubhouse and guest

experience. In 2019, the District debuted the use of Tee Snap software, which has improved the

guest experience and the District’s ability to use information.

Capital Outlay consistently has a variance on this report, as the District budgets for capital dollars

spent, but this report is based on depreciation. Deprecation increased $16,287 for the 2019 fiscal

year, as a result of the large capital outlay of the covered driving range, which was completed in

2018 and therefore fully depreciated in the current year.

General Fund Budgetary Highlights

The General Fund had revenues of $4,666,983, which are $604,036 higher than last year and

$57,143 (1.2%) higher than budgeted. The budget variance was largely due to better than expected

Replacement Tax income and Intergovernmental revenue, which in total exceeded the budget by

$34,370. In addition, miscellaneous revenues were up due to expense reimbursements from the

District’s property insurance provider, PDRMA.

Expenditures of $3,521,482 were $198,085 or 5.3% below budget. Personnel finished the year

$16,885 (0.7%) above budget simply due to changes to staffing levels throughout the year along

with an increase in insurance premiums. Contractual Services were $141,896 (13%) under budget

for the year. This was due to finding efficiencies or delaying certain expenditures as a result of

MD&A 11

weather or improved length of life on assets. Examples include being $19,196 under budget due

to not moving forward with additional payroll services, $20,000 savings from in-house planning

vs contractual, and the ability to hold off on several non-capital projects that carried forward in

2020 and beyond.

The District finished $73,074 below budgeted commodities within the General Fund. Athletic

field supplies finished the year $8,417 below budget largely due to a cold, wet and late spring

resulting in less supplies needed to prepare fields and diamonds. Weather also led to differences

as a result of mowing, landscaping, and other materials/supplies that the Parks crew uses on an

annual basis. The District budgeted for $36,000 of IT improvements, however, due to the time

requirement of other IT projects, only approximately $21,264 of these expenses were utilized.

Budgeted funds were transferred from the General Fund in the amount of $1,050,488 to the Debt

Service Fund for payment of principal and interest for the District’s bonds outstanding.

The District annually passes a balanced budget outside of carryover projects, or projects/debt that

is utilizing past revenues as payment. As part of this, the General Fund was budgeted to reduce

fund balance by $150,215. Due to strong revenues and less money required for expenditures, the

District exceeded this target. As a result, fund balance increased $95,013 to a year-end balance of

$1,651,039. This fund balance is at 47% of general fund annual expenditures (35% when including

the transfer to Debt Service) and in line with the District’s 4 to 6-month fund balance policy.

Capital Asset and Debt Administration

Capital Assets

The District based data for capital assets on historical cost perspective, along with the appraisal

and physical inventory performed during the 2003-04 fiscal year. This complies with the

requirements of GASB 34. We group assets in appropriate classes, with a normal useful life

assigned to allow the calculation of accumulated depreciation and net book values.

The Park District’s investment in capital assets for governmental and business-type activities as of

December 31, 2019 was $48,700,908 and $2,258,135, respectively. This investment includes land,

land improvements, buildings and improvements, equipment, licensed vehicles, and construction

in progress. The total decrease in the Park District’s investment in capital assets for the current

fiscal year was 1.13% (decrease of 1.07% for governmental activities and a 2.30% decrease for

business-type activities). The decrease in governmental and business-type capital assets was due

to annual depreciation, using straight-line basis.

Major capital asset events during the current fiscal year included the following:

➢ Construction in Progress includes $212,610 for the Blodgett 1846 House Renovation, $52,144

related to planning costs for a potential Splash Pad in 2020, $18,100 for the Walnut Park

Project, $13,732 for Patriot’s Park Pedestrian Bridge, $5,000 for Prince Pond Dredging,

$36,217 for Server and Storage Array, $13,937 for Whitlock Park ADA Improvements, $8,095

as a result of Golf Clubhouse and Tee Box Plans and $2,500 for Golf Club House Interior

Renovation planning.

MD&A 12

➢ Land and Improvements for 2019 include: Hooper’s Hollow Play Ground ($122,223),

Recreation and Fitness Center Parking Lot Redesign ($701,667).

➢ Buildings and Improvement for 2019 include: District-wide Master Plan ($85,910) and Golf

Course Club Exterior Renovation ($40,295).

➢ Equipment and Vehicle expenditures for 2019 include: Replacement of the District’s Fuel

Management Software ($19,885), a 2019 John Deer Gator with Lift ($12,122), a 2017 John

Deere Pro Gator ($18,500) and a 2019 John Deere Sprayer ($12,173).

A summary of capital assets is presented below. Additional information on the Downers Grove

Park District’s capital assets can be found in note 3 on pages 24-25 of this report.

Long-term Debt

As of December 31, 2019, the Park District’s long-term liabilities are $16,807,536. This includes

an accrual of $4,634,743 for the IMRF net pension liability and $496,295 for compensated

absences. The IMRF net pension liability was new for all Illinois municipal governments in 2015.

The Governmental Accounting Standards Board changed the standards, as to which municipal

governments record liabilities. The District contributes 100% of its required annual contribution,

and IMRF is one of the strongest governmental pensions in the nation. This new entry is simply

a different representation of what the District will pay in the long-term to provide this benefit.

The outstanding debt of $11,442,395 (shown in Table 5) is for general obligation bonds issued by

the general government and includes current (1 year or less) long-term debt of $620,000.

Additional information on the Downers Grove Park District’s long-term debt can be found in note

4 on pages 26-29 of this report.

Dec. 31, 2019 Dec. 31, 2018 Dec. 31, 2019 Dec. 31, 2018 Dec. 31, 2019 Dec. 31, 2018

Land $ 24,273,630 $ 24,273,630 $ 750,000 $ 750,000 $ 25,023,630 $ 25,023,630

Land improvements 10,279,086 10,281,267 595,799 654,918 10,874,885 10,936,185

Bldgs and improvements 12,320,890 12,737,346 733,860 719,496 13,054,750 13,456,842

Machinery & equipment 1,324,414 1,622,890 167,881 178,857 1,492,295 1,801,747

Licensed vehicles 151,148 181,604 - - 151,148 181,604

Construction in Progress 351,740 131,472 10,595 8,095 362,335 139,567

Total 48,700,908 49,228,209 2,258,135 2,311,366 50,959,043 51,539,575

Governmental Business-type

Table 4 - Downers Grove Park Distirct's Capital Assets (Net of Depreciation)


TotalActivities Activities

MD&A 13

The District’s total debt (G.O. Bonds, Bond Premium, Bond Discount)) decreased $1,000,320

during the year ending December 31, 2019.

In 2004, the District refunded 1991 and 1997 general obligation bonds and refunded installment

purchase contracts with general obligation bonds (alternate revenue source). In 2013, the District

refunded the 2004B general obligation bonds (alternate revenue source) with the issuance of the

2013A refunding general obligation bonds (alternate revenue source). In 2016, the District

refunded the 2006 and 2008 (partial refunding) general obligation bonds with the issuance of the

2015A refunding general obligation bonds (alternate revenue source). In 2016, the District issued

2015B General Obligation Limited Tax Park Bonds to purchase land adjoining Walnut Park.

The bond rating from Standard & Poor’s Rating Service was AA+ in 2016. Bonds were issued in

in 2010 for $6,000,000, in 2013 for $3,175,000 and in 2015 for $3,405,000 and $4,390,000.

Restricted funds have been established for the 2013A and 2015A bonds.

The District can issue non-referendum general obligation bonds based on the District’s 1991 debt

service level before the tax cap ($1.488 million). The legal debt limits for the District include

2.875% of assessed valuation ($2,476,101,910) for total debt issued, including referendum and

non-referendum bonds. In 2019 this is determined as follows: the District Assessed Valuation of

$2.48 billion * .002875 = the Statutory Debt Limitation of $71 million - $8,900,000 of general

obligation bonds 2010 & 2015 = $62,287,930 Legal Debt Margin

Economic Factors and Next Year’s Budgets and Rates

At the time of writing this, the economy is in a state of flux. The United States has just finished

the longest bull (growth) market in its history. The state and local governments, especially park

districts, have seen great prosperity during this time. However, due to the uncertainty of the impact

of COVID-19, there have been rippled effects throughout the economy.

This has already started to impact the Downers Grove Park District, as the Governor’s stay in place

order during March and April of 2020, resulted in the District canceling many activities that would

typically take place during our Spring Season. In response to the loss of revenues from program

cancellations, Staff is discussing ways to reduce expenditures, which will include the deferment

of some projects.

Series 2010 Bonds 4,510,000 4,700,000

Series 2013A Bonds - 490,000

Series 2015A Bonds 2,360,000 2,650,000

Series 2015B Bonds 4,390,000 4,390,000

Bond Premiums 208,645 240,715

Bond Discounts (26,250) (28,000)

Total $ 11,442,395 $ 12,442,715

Table 5 - Downers Grove Park District's Outstanding Debt


Dec. 31, 2019 Dec. 31, 2018

Activities

Governmental

MD&A 14

However, the Park District is resilient. With the District’s strong fund balance and resourceful

staff, the District will be able to not only make it through this crisis, but once again thrive. This

agency continues to remain a steadfast member of the Downers Grove community and looks

forward to welcoming everyone back in the future.

Requests for Information

This financial report is designed to provide a general overview of the Downers Grove Park

District’s finances, comply with finance related laws and regulations and demonstrate the District’s

commitment to public accountability. Questions concerning any of the information provided in

this report or requests for additional information should be addressed to Erik Brown, Director of

Finance & Information Technology, Downers Grove Park District, 2455 Warrenville Road,

Downers Grove, IL 60515.

BASIC FINANCIAL STATEMENTS

Governmental Business-Type

Activities Activities Totals

ASSETS Cash and investments 7,624,948$ 514,027$ 8,138,975$ Property taxes receivable (net, where applicable, of allowances for uncollectibles)

Property 8,181,838 - 8,181,838 Accounts 274,939 124 275,063

Prepaid expenses 78,619 32,480 111,099 Inventory - 9,125 9,125 Interest receivable 46,635 2,621 49,256 Internal balances 185,000 (185,000) - Capital assets not being depreciated 24,625,370 760,595 25,385,965 Capital assets being depreciated (net of accumulated depreciation) 24,075,538 1,497,540 25,573,078

Total assets 65,092,887 2,631,512 67,724,399

DEFERRED OUTFLOWS OF RESOURCES

Pension items 2,303,771 173,402 2,477,173 OPEB items 12,210 - 12,210

Total deferred outflows of resources 2,315,981 173,402 2,489,383

Total assets and deferred outflows of resources 67,408,868 2,804,914 70,213,782

LIABILITIES

Accounts payable 541,314 11,834 553,148 Accrued payroll 226,839 12,422 239,261 Accrued interest payable 13,590 - 13,590 Unearned revenue 532,517 10,671 543,188 Noncurrent liabilities

Due within one year 662,051 2,104 664,155 Due in more than one year 15,798,822 344,559 16,143,381

Total liabilities 17,775,133 381,590 18,156,723

DEFERRED INFLOWS OF RESOURCES

Deferred property tax revenue 8,181,838 - 8,181,838 Pension items 372,532 28,040 400,572 OPEB items 4,073 4,073

Total deferred inflows of resources 8,558,443 28,040 8,586,483

Total liabilities and deferred inflows of resources 26,333,576 409,630 26,743,206

NET POSITION

Net investment in capital assets 37,258,513 2,258,135 39,516,648 Restricted for

Debt service 934,340 - 934,340 Museum operations 308,024 - 308,024 Audit 9,942 - 9,942 Employee benefits 404,259 - 404,259 Special recreation 116,817 - 116,817 Liability insurance 110,150 - 110,150

Unrestricted 1,933,247 137,149 2,070,396

TOTAL NET POSITION 41,075,292$ 2,395,284$ 43,470,576$

December 31, 2019

STATEMENT OF NET POSITION



See accompanying notes to financial statements.- 3 -

Operating Capital

Charges Grants and Grants and Governmental Business-Type

FUNCTIONS/PROGRAMS Expenses for Services Contributions Contributions Activities Activities Total

PRIMARY GOVERNMENT

Governmental ActivitiesGeneral government 4,345,978$ 149,781$ 11,500$ -$ (4,184,697)$ -$ (4,184,697)$ Culture and recreation 7,321,020 3,807,088 59,014 121,688 (3,333,230) - (3,333,230) Interest 495,948 - 83,528 - (412,420) - (412,420)

Total governmental activities 12,162,946 3,956,869 154,042 121,688 (7,930,347) - (7,930,347)

Business-Type ActivitiesGolf Course 911,626 1,108,863 - - - 197,237 197,237

TOTAL PRIMARY GOVERNMENT 13,074,572$ 5,065,732$ 154,042$ 121,688$ (7,930,347) 197,237 (7,733,110)

General Revenues Taxes Property 8,050,148 - 8,050,148 Replacement 193,540 - 193,540 Investment income 175,883 8,102 183,985 Miscellaneous 42,411 5,700 48,111 Transfers 82,902 (82,902) -

Total 8,544,884 (69,100) 8,475,784

CHANGE IN NET POSITION 614,537 128,137 742,674

NET POSITION, JANUARY 1 40,460,755 2,267,147 42,727,902

NET POSITION, DECEMBER 31 41,075,292$ 2,395,284$ 43,470,576$

Program Revenues Primary Government

Net (Expense) Revenue and



STATEMENT OF ACTIVITIES


Change in Net Position


General Recreation

ASSETS

Cash and investments 1,654,093$ 3,004,701$ Receivables (net, where applicable, of allowances for uncollectibles)

Property taxes 4,270,224 1,774,953 Accounts 15,848 129,113

Advances to other funds 185,000 - Prepaid items 55,935 21,673 Interest receivable 5,787 21,373

TOTAL ASSETS 6,186,887$ 4,951,813$

LIABILITIES

Accounts payable 183,709$ 135,096$ Accrued payroll 74,885 104,896 Unearned revenue 7,030 504,028

Total liabilities 265,624 744,020


Unavailable revenue - property taxes 4,270,224 1,774,953

Total deferred inflows of resources 4,270,224 1,774,953

FUND BALANCES

Nonspendable - prepaid items 55,935 21,673 Nonspendable - advances 185,000 - Restricted for debt service - - Restricted for museum operations - - Restricted for audit - - Restricted for employee benefits - - Restricted for special recreation - - Restricted for liability insurance - - Unrestricted

Assigned for recreation - 2,411,167 Assigned for capital projects - - Unassigned 1,410,104 -

Total fund balances 1,651,039 2,432,840

TOTAL LIABILITIES, DEFERRED INFLOWS

OF RESOURCES AND FUND BALANCES 6,186,887$ 4,951,813$

LIABILITIES, DEFERRED INFLOWS OF

RESOURCES AND FUND BALANCES

December 31, 2019

GOVERNMENTAL FUNDS



BALANCE SHEET

- 5 -

Nonmajor Total

Debt Capital Governmental Governmental

Service Projects Funds Funds

930,625$ 848,432$ 1,187,097$ 7,624,948$

361,712 - 1,774,949 8,181,838 - 123,463 6,515 274,939 - - - 185,000 - - 1,011 78,619

3,967 10,200 5,308 46,635

1,296,304$ 982,095$ 2,974,880$ 16,391,979$

252$ 40,035$ 182,222$ 541,314$ - - 47,058 226,839 - - 21,459 532,517

252 40,035 250,739 1,300,670

361,712 - 1,774,949 8,181,838

361,712 - 1,774,949 8,181,838

- - 1,011 78,619 - - - 185,000

934,340 - - 934,340 - - 307,013 307,013 - - 9,942 9,942 - - 404,259 404,259 - - 116,817 116,817 - - 110,150 110,150

- - - 2,411,167 - 942,060 - 942,060 - - - 1,410,104

934,340 942,060 949,192 6,909,471

1,296,304$ 982,095$ 2,974,880$ 16,391,979$


FUND BALANCES OF GOVERNMENTAL FUNDS 6,909,471$

Amounts reported for governmental activities in the statement of net position are different because:

Capital assets used in governmental activities are not financial resources and, therefore, are not reported in the governmental funds 48,700,908

Accrued interest on long-term liabilities is shown as a liability on the statement of net position (13,590)

Differences between expected and actual experiences, assumption changes and net differences between projected and actual earnings recognized as deferred outflows and inflows of resources on the statement of net position

Illinois Municipal Retirement Fund 1,931,239 Other postemployment benefits 8,137

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

General obligation bonds (11,260,000) Unamortized premium on general obligation bonds (208,645) Unamortized discount on general obligation bonds 26,250 Compensated absences (474,064) Net pension liability for the Illinois Municipal Retirement Fund (4,310,311) Total OPEB liability (234,103)

NET POSITION OF GOVERNMENTAL ACTIVITIES 41,075,292$

December 31, 2019


RECONCILIATION OF FUND BALANCES OF GOVERNMENTAL FUNDS TO THEGOVERNMENTAL ACTIVITIES IN THE STATEMENT OF NET POSITION



General Recreation

REVENUES

Taxes 4,403,148$ 2,019,743$ Intergovernmental 10,100 - Charges for services - 3,280,317 Merchandise sales - 98,127 Rentals 149,781 236,416 Donations 11,590 40,408 Investment income 78,391 58,541 Miscellaneous 13,973 28,324

Total revenues 4,666,983 5,761,876

EXPENDITURES

CurrentGeneral government 3,521,482 - Culture and recreation - 4,577,145

Capital outlay - - Debt service

Principal retirement - - Interest - - Fiscal charges - -

Total expenditures 3,521,482 4,577,145

EXCESS (DEFICIENCY) OF REVENUES OVER EXPENDITURES 1,145,501 1,184,731

OTHER FINANCING SOURCES (USES)

Transfers in - - Transfers (out) (1,050,488) (900,000)

Total other financing sources (uses) (1,050,488) (900,000)

NET CHANGE IN FUND BALANCES 95,013 284,731

FUND BALANCES, JANUARY 1 1,556,026 2,148,109

FUND BALANCES, DECEMBER 31 1,651,039$ 2,432,840$




STATEMENT OF REVENUES, EXPENDITURESAND CHANGES IN FUND BALANCES

GOVERNMENTAL FUNDS

- 8 -

Nonmajor Total

Debt Capital Governmental Governmental

Service Projects Funds Funds

366,291$ -$ 1,454,506$ 8,243,688$ 83,528 - 6,505 100,133

- - 135,796 3,416,113 - - 2,355 100,482 - 54,077 - 440,274 - 121,688 1,912 175,598

12,108 10,202 16,641 175,883 - - 113 42,410

461,927 185,967 1,617,828 12,694,581

- 879 635,939 4,158,300 - - 1,249,992 5,827,137 - 1,197,061 - 1,197,061

970,000 - - 970,000 524,508 - - 524,508

2,866 - - 2,866

1,497,374 1,197,940 1,885,931 12,679,872

(1,035,447) (1,011,973) (268,103) 14,709

1,050,488 900,000 82,902 2,033,390 - - - (1,950,488)

1,050,488 900,000 82,902 82,902

15,041 (111,973) (185,201) 97,611

919,299 1,054,033 1,134,393 6,811,860

934,340$ 942,060$ 949,192$ 6,909,471$


NET CHANGE IN FUND BALANCES -

TOTAL GOVERNMENTAL FUNDS 97,611$

Amounts reported for governmental activities in the statement of activities are different because:

Governmental funds report capital outlay as expenditures; however, they are capitalized and depreciated in the statement of activities 1,162,075

Depreciation on capital assets is reported as an expense in the statement of activities (1,688,730)

The loss on disposal of capital assets is shown as an expense on the statement of activities (646)

The change in certain liabilities are reported as expenses on the statement of activities

Compensated absences (8,457) Accrued interest 1,106

The change in the Illinois Municipal Retirement Fund net pension liability and deferred outflows/inflows of resources are only reported on the statement of activities 54,303

The change in the total OPEB liability and deferred outflows/inflows of resources are only reported on the statement of activities (3,045)

Certain costs associated with the issuances of bonds are deferred and amortized over the life of the bonds on the statement of activities

Amortization of premium on issuance 32,070 Amortization of discount on issuance (1,750)

The repayment of long-term debt is reported as an expenditure when due in governmental funds but as a reduction of principal outstanding in the statement of activities 970,000

CHANGE IN NET POSITION OF GOVERNMENTAL ACTIVITIES 614,537$



RECONCILIATION OF THE GOVERNMENTAL FUNDS STATEMENT OF REVENUES,

GOVERNMENTAL ACTIVITIES IN THE STATEMENT OF ACTIVITIESEXPENDITURES AND CHANGES IN FUND BALANCES TO THE





STATEMENT OF NET POSITIONPROPRIETARY FUNDS

December 31, 2019

Business-Type

Activities -

Enterprise Fund

Golf Course

CURRENT ASSETS

Cash and investments 514,027$ Receivables (net, where applicable, of allowances for uncollectibles)

Accounts 124 Accrued interest 2,621

Prepaid items 32,480 Inventories 9,125

Total current assets 558,377

NONCURRENT ASSETS

Capital assetsNondepreciable 760,595

Depreciable 4,543,635 Accumulated depreciation (3,046,095)

Total noncurrent assets 2,258,135

Total assets 2,816,512


Pension items 173,402

Total deferred outflows of resources 173,402

Total assets and deferred outflows of resources 2,989,914

CURRENT LIABILITIES

Accounts payable 11,834 Accrued benefits 12,422 Unearned revenue 10,671 Compensated absences payable 2,104

Total current liabilities 37,031

NONCURRENT LIABILITIES

Compensated absences payable, net of current portion 20,127 Advances from other funds 185,000 Net pension liability 324,432

Total noncurrent liabilities 529,559

Total liabilities 566,590


Pension items 28,040

Total deferred inflows of resources 28,040

Total liabilities and deferred inflows of resources 594,630

NET POSITION

Investment in capital assets 2,258,135 Unrestricted 137,149

TOTAL NET POSITION 2,395,284$




STATEMENT OF REVENUES, EXPENSES ANDCHANGES IN NET POSITION

PROPRIETARY FUNDS


Business-Type

Activities -

Enterprise Fund

Golf Course

OPERATING REVENUES

Program fees 868,658$ Merchandise sales 103,200 Rentals 137,005 Miscellaneous 5,700

Total operating revenues 1,114,563

OPERATING EXPENSES

Personnel costs 479,983 Contractual services 131,452 Commodities 162,481 Capital outlay 11,011 Depreciation 126,699

Total operating expenses 911,626

OPERATING INCOME 202,937

NON-OPERATING REVENUE

Interest income 8,102

Total non-operating revenue 8,102

INCOME BEFORE TRANSFERS 211,039

TRANSFERS

Transfers (out) (82,902)

Total transfers (82,902)

CHANGE IN NET POSITION 128,137

NET POSITION, JANUARY 1 2,267,147

NET POSITION, DECEMBER 31 $ 2,395,284




STATEMENT OF CASH FLOWSPROPRIETARY FUNDS


Business-Type

Activities -

Enterprise Fund

Golf Course

CASH FLOWS FROM OPERATING ACTIVITIES

Receipts from customers and users 1,126,175$ Payments to employees (531,774) Payments to suppliers (377,477)

Net cash from operating activities 216,924

CASH FLOWS FROM NONCAPITAL

FINANCING ACTIVITIES

Transfers (to) other funds (82,902)Advance from other funds (20,000)

Net cash from noncapital financing activities (102,902)

CASH FLOWS FROM CAPITAL AND

RELATED FINANCING ACTIVITIES

Purchase of capital assets (73,468)

Net cash from capital and related financing activities (73,468)

CASH FLOWS FROM INVESTING ACTIVITIES

Interest received 6,805

Net cash from investing activities 6,805

NET INCREASE IN CASH AND CASH EQUIVALENTS 47,359

CASH AND CASH EQUIVALENTS, JANUARY 1 466,668

CASH AND CASH EQUIVALENTS, DECEMBER 31 514,027$

RECONCILIATION OF OPERATING INCOME TO NET

CASH FLOWS FROM OPERATING ACTIVITIES

Operating income 202,937$ Adjustments to reconcile operating income to net cash from operating activities

Depreciation 126,699 Changes in assets and liabilities

Accounts receivable 3,087 Prepaid items (30,907) Inventories (1,737) Accounts payable (39,889) Accrued benefits 1,566 Unearned revenue 8,525 Compensated absences (49,270) Net pension liability and related pension items (4,087)

NET CASH FROM OPERATING ACTIVITIES 216,924$




NOTES TO FINANCIAL STATEMENTS

December 31, 2019

1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

The Downers Grove Park District (the District), Downers Grove, Illinois, incorporated in 1946, is duly organized and existing under the provisions of the laws of the State of Illinois. The District is operating under the provisions of the Park District Code of the State of Illinois approved July 8, 1947 and under all laws amendatory thereto. The District operates under the commissioner-director form of government. The District provides a variety of recreational facilities, programs and services.

The financial statements of the District have been prepared in conformity with accounting

principles generally accepted in the United States of America, as applied to government units (hereinafter referred to as generally accepted accounting principles (GAAP)). The Governmental Accounting Standards Board (GASB) is the accepted standard-setting body for establishing governmental accounting and financial reporting principles. The more significant of the District’s accounting policies are described below.

a. Reporting Entity

In determining the financial reporting entity, the District complies with the provisions of GASB Statement No. 61, The Financial Reporting Omnibus – an Amendment of

GASB Statements No. 14 and No. 34 and includes all component units that have a significant operational or financial relationship with the District. Based upon the criteria set forth in the GASB Statement No. 61, there are no component units included in the reporting entity. The District is a member of the South East Association for Special Parks and Recreation (SEASPAR), which was organized by nine contiguous park districts and three municipalities in order to provide special recreation programs to physically and mentally challenged individuals and to share the expenses of such programs on a cooperative basis. SEASPAR’s Board of Directors consists of one representative from each participating park district. The Board of Directors is the governing body of SEASPAR and is responsible for establishing all major policies and changes therein and for approving all budget, capital outlay, programming and master plans. SEASPAR is considered a jointly governed organization of members. During the year ended December 31, 2019, the District contributed $359,511 to SEASPAR. Separate financial statements for SEASPAR can be obtained from SEASPAR’s administrative offices at 4500 Belmont, Downers Grove, Illinois 60515.

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DOWNERS GROVE PARK DISTRICT DOWNERS GROVE, ILLINOIS

NOTES TO FINANCIAL STATEMENTS (Continued)

1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

b. Fund Accounting The District uses funds to report on its financial position and the changes in its

financial position. Fund accounting is designed to demonstrate legal compliance and to aid financial management by segregating transactions related to certain governmental functions or activities. A fund is a separate accounting entity with a self-balancing set of accounts.

Funds are classified into the following categories: governmental, proprietary and

fiduciary. The District does not have any fiduciary funds. Governmental funds are used to account for all or most of a government’s general

activities including the collection and disbursement of restricted, committed or assigned monies (special revenue funds), the funds committed, restricted or assigned for the acquisition or construction of capital assets (capital projects funds) and the funds committed, restricted or assigned for the servicing of long-term debt (debt service funds). The General Fund is used to account for all activities of the general government not accounted for in some other fund.

Proprietary funds are used to account for activities similar to those found in the private

sector, where the determination of net income is necessary or useful to sound financial administration. Goods or services from such activities can be provided either to outside parties (enterprise funds) or to other departments or agencies primarily within the District (internal service funds).

c. Government-Wide and Fund Financial Statements The government-wide financial statements (i.e., the statement of net position and the

statement of activities) report information on all activities of the District. The effect of material interfund activity, other than interfund service transactions, has been eliminated from these statements. Governmental activities, which normally are supported by taxes and intergovernmental revenues, are reported separately from business-type activities, which rely to a significant extent on user fees and charges for support.

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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c. Government-Wide and Fund Financial Statements (Continued) The net costs (by function) are normally covered by general revenue (property and

personal property replacement taxes, certain intergovernmental revenues, interest income, etc.).

The District does not allocate indirect costs. An administrative service fee is charged

by the General Fund to the other operating funds that is eliminated like a reimbursement (reducing the revenue and expense in the General Fund) to recover the direct costs of General Fund services provided (finance, personnel, purchasing, legal, technology management, etc.).

This government-wide focus is more on the sustainability of the District as an entity

and the change in the District’s net position resulting from the current year’s activities. The statement of activities demonstrates the degree to which the direct expenses of a

given function, segment or program are offset by program revenues. Direct expenses are those that are clearly identifiable with a specific function or segment. Program revenues 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. Taxes and other items not properly included among program revenues are reported instead as general revenues. Contributions of land by developers under land/cash ordinances are reported as contributions on the statement of activities.

Separate financial statements are provided for governmental funds and proprietary

funds. Major individual governmental funds are reported as separate columns in the fund financial statements.

The District reports the following major governmental funds: The General Fund is the general operating fund of the District. It is used to

account for all financial resources of the District, except those accounted for in another fund.

The Recreation Fund accounts for expenditures for the various recreation

programs sponsored by the District. Expenditures are funded by a restricted tax levy and user fees.

The Debt Service Fund accounts for the accumulation of restricted or assigned

funds for the periodic payment of principal and interest on general long-term debt.

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c. Government-Wide and Fund Financial Statements (Continued) The Capital Projects Fund accounts for expenditures for the acquisition, major

repair and maintenance, construction or addition to capital facilities or capital equipment. Funding is provided by bond proceeds, installment contracts, grants, developer impact fees, donations, investment earnings and transfers from other funds. The District has elected to present this fund as a major fund.

The District reports the following major enterprise fund: The Golf Course Fund accounts for the operation and maintenance of the

District’s golf facility. d. Measurement Focus, Basis of Accounting and Financial Statement Presentation The government-wide financial statements are reported using the economic resources

measurement focus and the accrual basis of accounting, as are the proprietary fund financial statements. With this measurement focus, all assets, deferred outflows of resources, liabilities and deferred inflows of resources associated with the operation of these activities/funds are included on the statement of net position. Revenues are recorded when earned and expenses are recorded when a liability is incurred. Property taxes are recognized as revenues in the year for which they are levied (i.e., intended to finance). Grants and similar items are recognized as revenue as soon as all eligibility requirements imposed by the provider have been met. Operating revenues and expenses are directly attributable to the operation of the proprietary funds. Non-operating revenue/expenses are incidental to the operations of these funds.

Governmental fund financial statements are reported using the current financial resources

measurement focus and the modified accrual basis of accounting. With this measurement focus, only current assets and current liabilities generally are included on the balance sheet. Operating statements of these funds present increases (i.e., revenues and other financing sources) and decreases (i.e., expenditures and other financing uses) in net current assets. Under the modified accrual basis of accounting, revenues are recognized when susceptible to accrual (i.e., when they become both measurable and available). “Measurable” means the amount of the transaction can be determined and “available” means collectible within the current period or soon enough thereafter to be used to pay liabilities of the current period (60 days). The District recognizes property taxes when they become both measurable and available in the year intended to finance. Expenditures are recorded when the related liability is incurred. Principal and interest on general long-term debt are recorded as expenditures become due.

Those revenues susceptible to accrual are property taxes, interest revenue and charges

for services. Other revenues are not susceptible to accrual because they are not measurable until received in cash.

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1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) d. Measurement Focus, Basis of Accounting and Financial Statement Presentation

(Continued) The District reports unearned/unavailable/deferred revenue on its financial statements.

Unavailable/deferred revenues arise when potential revenue does not meet both the measurable and available criteria for recognition in the current period for governmental funds or year intended to finance criteria at the entity-wide level. Unearned revenues arise when resources are received by the government before it has legal claim to them as when grant monies are received prior to the incurrence of qualifying expenditures. In subsequent periods, when revenue recognition criteria are met, or when the government has a legal claim to the resources by meeting all eligibility requirements, the liability or deferred inflow of resource is removed from the financial statements and revenue is recognized.

e. Cash and Investments 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 with a maturity date of less than one year when purchased and

non-negotiable certificates of deposit are stated at cost or amortized cost. Money market mutual funds are stated at amortized cost, which approximates fair value. Investments with a maturity greater than one year when purchased are stated at fair value. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.

For investments, the District categorizes its fair value measurements within the fair

value hierarchy established by GAAP. 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; and Level 3 inputs are significant unobservable inputs. The District held no investments subject to fair value measurement at December 31, 2019.

f. Prepaid Items/Expenses and Inventories

Payments made to vendors for services that will benefit periods beyond the date of this report are recorded as prepaid items/expenses. Prepaid items are recognized as expenditures on the consumption method in governmental funds. Inventories are valued at cost, which approximates market, using the first-in/first-out (FIFO) method. The costs of governmental fund inventories are recorded as expenditures when consumed rather than when purchased.

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g. Capital Assets Capital assets, which include property, plant, equipment and infrastructure assets (e.g.,

bike trails, paths and similar items), are reported in the applicable governmental activities column in the government-wide financial statements. Capital assets are defined by the District as assets with an initial, individual cost of more than $10,000 and an estimated useful life in excess of one year. Such assets are reported at historical cost or estimated historical cost if purchased or constructed. Donated capital assets are recorded at the acquisition value at the date of donation.

The costs of normal maintenance and repairs that do not add to the value of the asset or

materially extend asset lives are not capitalized. Major outlays for capital assets and improvements are capitalized as projects are

constructed. Interest incurred during the construction phase of capital assets is not included as part of the capitalized value of the assets constructed. Property, plant and equipment is depreciated using the straight-line method over the following estimated useful lives:

Assets Years

Land improvements 8-25 Buildings and building improvements 8-50 Machinery and equipment 5-30 Vehicles 5-12 Information technology 3-10

h. Long-Term Obligations In the government-wide financial statements and the proprietary funds in the fund

financial statements, long-term debt and other long-term obligations are reported as liabilities in the applicable governmental activities or proprietary fund financial statements. Bond premiums and discounts are deferred and amortized over the life of the bonds. Bonds payable are reported net of the applicable bond premium or discount. Bond issuance costs are expensed as incurred.

In the fund financial statements, governmental funds 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 expenditures.

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i. Accrued Compensated Absences

Vested or accumulated vacation and sick leave that is due to employees who have retired or terminated by the end of the year is reported as an expenditure and a fund liability of the governmental fund that will pay it. Vested or accumulated vacation and sick leave of proprietary funds and governmental activities is recorded as an expense and liability of those funds as the benefits accrue to employees. No liability is recorded for nonvesting accumulated rights to receive sick pay benefits. A liability is recognized for that portion of accumulating sick leave benefits that is estimated to be converted to a cash payment upon retirement.

j. Property Taxes Property taxes for 2018 attach as an enforceable lien on January 1, 2018 on property

values assessed as of the same date. Taxes are levied by December 2018 (by passage of a Tax Levy Ordinance). Tax bills are prepared by DuPage County and are payable in two installments, on or about June 1, 2019 and September 1, 2019. The County collects such taxes and remits them periodically.

The 2019 tax levy, which is intended to finance the 2020 fiscal year, has been recorded

as a receivable and unavailable/deferred revenue as of December 31, 2019. k. Net Position/Fund Balances In the government-wide financial statements, equity is classified as net position and

displayed in three components: Net Investment in Capital Assets - Consists of capital assets, including restricted

capital assets, net of accumulated depreciation and reduced by the outstanding balances of any bonds, mortgages, notes or other borrowings that are attributable to the acquisition, construction or improvement of those assets.

Restricted - Consists of net position with constraints placed on the use either by

(1) external groups such as creditors, grantors, contributors or laws or regulations of other governments; or (2) law through constitutional provisions or enabling legislations.

Unrestricted - All other net position balances that do not meet the definition of

restricted or net investment in capital assets. In the fund financial statements, governmental funds report nonspendable fund

balance for amounts that are either not spendable in form or legally or contractually required to be maintained intact. Restrictions of fund balance are reported for amounts

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k. Net Position/Fund Balances (Continued) constrained by legal restrictions from outside parties for use for a specific purpose, or

externally imposed by outside entities or from enabling legislation adopted by the District. None of the restricted fund balances result from enabling legislation adopted by the District. Committed fund balance is constrained by formal actions of the District’s Board of Commissioners, which is considered the District’s highest level of

decision-making authority. Formal actions include ordinances and resolutions (equally binding) approved by the Board of Commissioners. Assigned fund balance represents amounts constrained by the District’s intent to use them for a specific purpose. The authority to assign fund balance has been delegated to the Executive Director through the District’s adopted fund balance policy. Any residual fund balance in the General Fund or any deficit fund balance in any other governmental funds is reported as unassigned. The District’s fund balance policy states that the General and Recreation

Funds should maintain a minimum unassigned fund balance equal to four to six months of budgeted operating expenditures. Fund balances in excess of said levels may be transferred to other funds at the discretion of the Board of Commissioners.

The District’s flow of funds assumption prescribes that the funds with the highest level

of constraint are expended first. If restricted or unrestricted funds are available for spending, the restricted funds are spent first. Additionally, if different levels of unrestricted funds are available for spending the District considers committed funds to be expended first followed by assigned and then unassigned funds.

l. Interfund Transactions Reciprocal interfund service transactions are accounted for as revenues, expenditures

or expenses. Transactions that constitute reimbursements to a fund for expenditures/expenses initially made from it that are properly applicable to another fund, are recorded as expenditures/expenses in the reimbursing fund and as reductions of expenditures/expenses in the fund that is reimbursed. All other interfund transactions are reported as transfers.

Activity between funds that are representative of lending/borrowing arrangements

outstanding at the end of the fiscal year are referred to as either “due to/from other fund”

(i.e., the current portion of interfund loans) or “advances to/from other funds” (i.e., the noncurrent portion of interfund loans).

m. Deferred Outflows/Inflows of Resources In addition to assets, the statement of financial position will sometimes report a

separate section for deferred outflows of resources. This separate financial statement element, deferred outflows of resources, represents a consumption of net assets that

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m. Deferred Outflows/Inflows of Resources (Continued) applies to a future period(s) and so will not be recognized as an outflow of resources

(expense/expenditure) until then. In addition to liabilities, the statement of financial position will sometimes report a separate section for deferred inflows of resources. This separate financial statement element, deferred inflows of resources, represents an acquisition of net assets that applies to a future period(s) and so will not be recognized as an inflow of resources (revenue) until that time.

n. Use of Estimates The preparation of financial statements in conformity with GAAP requires

management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenditures/expenses during the reporting period. Actual results could differ from those estimates.

2. DEPOSITS AND INVESTMENTS

The District maintains a cash and investment pool that is available for use by all funds. Each fund’s portion of this pool is displayed on the balance sheet as cash and investments. In addition, investments are separately held by several of the District’s funds. Permitted Deposits and Investments - Statutes and the District’s investment policy authorize

the District to make deposits/invest in commercial banks, savings and loan institutions, obligations of the U.S. Treasury and U.S. agencies, obligations of states and their political subdivisions, credit union shares, repurchase agreements, commercial paper rated within the three highest classifications by at least two standard rating services and the Illinois Park District Liquid Asset Fund.

The Illinois Park District Liquid Asset Fund (IPDLAF) allows Illinois park districts, forest preserves and joint recreational programs to pool their funds for investment purposes. The IPDLAF is composed of finance officials and treasurers all of whom are employees of the Illinois public agencies, which are investors in the IPDLAF. Investments in the IPDLAF are valued at amortized cost, which approximates fair value. The IPDLAF does not have any limitations or restrictions on participant withdrawals.

It is the policy of the District to invest its funds in a manner which will provide the highest

investment return with the maximum security while meeting the daily cash flow demands of the District and conforming to all state and local statutes governing the investment of public funds, using the prudent person standard for managing the overall portfolio. The primary objective of the policy is safety (preservation of capital and protection of investment principal), liquidity, return on investment and time frame.

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2. DEPOSITS AND INVESTMENTS (Continued)

Deposits with Financial Institutions Custodial credit risk for deposits with financial institutions is the risk that in the event of a

bank’s failure, the District’s deposits may not be returned to it. The District’s investment

policy requires pledging of collateral with a fair value of 102% of all bank balances in excess of federal depository insurance with the collateral held by a third party in the District’s name.

Investments The District held no investments subject to fair value measurement at December 31, 2019.

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’s investment policy states that the

investment portfolio shall remain sufficiently liquid to enable the District to meet all operating requirements which may be reasonably anticipated in any district fund. To the extent possible, the District shall attempt to match its investment maturities with anticipated cash flow requirements. Unless matched to a specific cash flow, the District will not directly invest in securities maturing more than one year from the date of purchase. Reserve funds may be invested in securities exceeding one year, if the maturity of such investments are made to coincide as nearly as possible with the expected use of the funds.

Credit Risk. Credit risk is the risk that an issuer or other counterparty to an investment will

not fulfill its obligations. Besides investing in security instruments authorized under state statute, the District’s investment policy further states that investments shall be undertaken in a manner that seeks to ensure the preservation of capital in the overall portfolio. At year end, the District’s investment in the IPLDAF is rated AAAm by Standard & Poor’s.

Custodial Credit Risk for Investments. Custodial credit risk for investments is the risk that,

in the event of the failure of the counterparty to the investment, the District will not be able to recover the value of its investments that are in possession of an outside party. The District’s investment policy states that third party safekeeping is required for all securities.

Concentration of Credit Risk. This is the risk of loss attributed to the magnitude of the

District’s investment in a single issuer. The District’s investment policy states that it is the

policy of the District to diversify its investment portfolio. Investments shall be diversified to eliminate the risk of loss resulting in over concentration in a specific maturity, issuer or class of securities. Diversification strategies will be determined and revised periodically by the Director of Finance and IT and approved by the Treasurer. At year end, the District does not have any investments over 5% of the District’s investments (other than investments issued or explicitly guaranteed by the U.S. Government and investments in mutual funds, external investment pools and other pooled investments).

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3. CAPITAL ASSETS

Governmental capital asset activity for the year ended December 31, 2019 was as follows:

Beginning Balances, as

Restated

Increases

Decreases Ending

Balances GOVERNMENTAL ACTIVITIES Capital assets not being depreciated Land $ 24,273,630 $ - $ - $ 24,273,630 Construction in progress 131,472 312,635 92,367 351,740 Total capital assets not being depreciated 24,405,102 312,635 92,367 24,625,370 Capital assets being depreciated Land improvements 23,035,480 823,890 31,008 23,828,362 Buildings 21,118,157 85,910 - 21,204,067 Machinery and equipment 3,723,840 32,007 - 3,755,847 Licensed vehicles 812,543 - - 812,543 Total capital assets being depreciated 48,690,020 941,807 31,008 49,600,819 Less accumulated depreciation for Land improvements 12,605,256 974,382 30,362 13,549,276 Buildings and improvements 8,380,811 502,366 - 8,883,177 Machinery and equipment 2,249,907 181,526 - 2,431,433 Licensed vehicles 630,939 30,456 - 661,395 Total accumulated depreciation 23,866,913 1,688,730 30,362 25,525,281 Total capital assets being depreciated, net 24,823,107 (746,923) 646 24,075,538 GOVERNMENTAL ACTIVITIES CAPITAL ASSETS, NET $ 49,228,209 $ (434,288) $ 93,013 $ 48,700,908

Depreciation expense was charged to functions/programs of the District’s governmental

activities as follows:

GOVERNMENTAL ACTIVITIES General government $ 211,982 Culture and recreation 1,476,748 TOTAL DEPRECIATION EXPENSE – GOVERNMENTAL ACTIVITIES

$ 1,688,730

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3. CAPITAL ASSETS (Continued)

Business-type capital asset activity for the year ended December 31, 2019 was as follows:

Beginning Ending Balances Increases Decreases Balances BUSINESS-TYPE ACTIVITIES Capital assets not being depreciated Land $ 750,000 $ - $ - $ 750,000 Construction in progress 8,095 2,500 - 10,595 Total capital assets not being depreciated 758,095 2,500 - 760,595 Capital assets being depreciated Land improvements 2,683,307 - - 2,683,307 Buildings and improvements 1,288,054 40,295 - 1,328,349 Machinery and equipment 506,917 30,673 25,368 512,222 Licensed vehicles 19,757 - - 19,757 Total capital assets being depreciated 4,498,035 70,968 25,368 4,543,635 Less accumulated depreciation for Land improvements 2,028,389 59,119 - 2,087,508 Buildings and improvements 568,558 25,931 - 594,489 Machinery and equipment 328,060 41,649 25,368 344,341 Licensed vehicles 19,757 - - 19,757 Total accumulated depreciation 2,944,764 126,699 25,368 3,046,095 Total capital assets being depreciated, net 1,553,271 (55,731) - 1,497,540 BUSINESS-TYPE ACTIVITIES CAPITAL ASSETS, NET $ 2,311,366 $ (53,231) $ - $ 2,258,135

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4. LONG-TERM DEBT

a. General Obligation Bonds The District issues general obligation bonds to provide funds for the acquisition and

construction of major capital facilities. General obligation bonds are direct obligations and pledge the full faith and credit of the District. General obligation bonds currently outstanding are as follows:

Issue Balances January 1

Issuances

Retirements

Balances December 31

Current Portion

Taxable General Obligation Limited Tax Park Bonds of 2010 - Due in annual installments of $145,000 to $435,000 plus interest at 1.20% to 6.25% through December 15, 2034.

$ 4,700,000

$ -

$ 190,000

$ 4,510,000

$ 200,000

General Obligation Refunding Park Bonds of 2013A - Due in annual installments of $425,000 to $490,000 plus interest at 2% through December 15, 2019.

490,000

-

490,000

-

-

General Obligation Refunding Park Bonds of 2015A - Due in annual installments of $25,000 to $335,000 plus interest at 2% to 4% through December 15, 2028.

$ 2,650,000

$ -

$ 290,000

$ 2,360,000

$ 295,000

General Obligation Limited Tax Park Bonds of 2015B - Due in annual installments of $125,000 to $505,000 plus interest at 3% to 4% through December 30, 2034.

4,390,000

-

-

4,390,000

125,000

TOTAL GENERAL OBLIGATION BONDS

$ 12,230,000

$ -

$ 970,000

$ 11,260,000

$ 620,000

- 26 -



4. LONG-TERM DEBT (Continued) b. Debt Service to Maturity The annual requirements to amortize to maturity serial debt outstanding as of

December 31, 2019 are as follows:

Fiscal Year Ending

General Obligation Bonds

December 31, Principal Interest 2020 $ 620,000 $ 501,592 2021 640,000 483,405 2022 665,000 461,895 2023 690,000 439,020 2024 720,000 410,245 2025 760,000 379,607 2026 685,000 346,608 2027 715,000 315,907 2028 750,000 283,103 2029 740,000 248,222 2030 775,000 213,098 2031 815,000 175,887 2032 850,000 135,075 2033 895,000 92,413 2034 940,000 47,387 TOTAL $ 11,260,000 $ 4,533,464

c. Changes in Long-Term Liabilities During the fiscal year the following changes occurred in long-term liabilities reported

in the governmental activities:

Balances January 1

Issuances

Retirements


Current Portion

Compensated absences* $ 465,607 $ 35,256 $ 26,799 $ 474,064 $ 29,400 General obligation bonds 12,230,000 - 970,000 11,260,000 620,000 Unamortized premiums 240,715 - 32,070 208,645 - Unamortized discounts (28,000) - (1,750) (26,250) - Net pension liability - IMRF** 1,627,874 2,682,437 - 4,310,311 - Total OPEB liability* 226,242 7,861 - 234,103 12,651 TOTAL GOVERNMENTAL ACTIVITIES $ 14,762,438 $ 2,725,554 $ 1,027,119 $ 16,460,873 $ 662,051

*Primarily retired by the General, Recreation and Museum Funds. **Primarily retired by the General Fund.

- 27 -



4. LONG-TERM DEBT (Continued)

c. Changes in Long-Term Liabilities (Continued)

During the fiscal year, the following changes occurred in long-term liabilities reported in the business-type activities:

Balances January 1

Issuances

Retirements


Current Portion

Compensated absences $ 71,501 $ 1,435 $ 50,705 $ 22,231 $ 2,104 Net pension liability - IMRF 122,528 201,904 - 324,432 - TOTAL BUSINESS-TYPE ACTIVITIES $ 194,029 $ 203,339 $ 50,705 $ 346,663 $ 2,104

d. 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 0.575% 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.”

The schedule of the District’s legal debt margin as of December 31, 2019 is as follows:

ASSESSED VALUATION - 2018 (Latest information available)

$ 2,476,101,910

Statutory debt limitation (2.875% of assessed valuation) $ 71,187,930 Less general obligation bonds (8,900,000) LEGAL DEBT MARGIN $ 62,287,930

- 28 -



4. LONG-TERM DEBT (Continued)

e. Pledged Revenues The District issued the General Obligation Alternate Revenue Source Bond Series of

2013A. These bonds are payable from a pledge of the District’s General Fund revenues. The Series 2013A bonds were paid off as of December 31, 2019. During the current fiscal year, the pledged General Fund revenue of $499,800 for paying the Series 2013A bonds was 10.71% of total General Fund revenues.

The District issued the General Obligation Alternate Revenue Source Bond Series of

2015A. These bonds are payable from a pledge of the District’s General Fund and Recreation Fund revenues. The Series 2015A bonds will require $2,757,637 for total interest and principal as of December 31, 2019. During the current fiscal year, the pledged General Fund and Recreation Fund revenue of $378,887 for paying the Series 2015A bonds was 3.63% of total General Fund and Recreation Fund revenues.

5. INDIVIDUAL FUND DISCLOSURES a. Advance To/From Other Funds Advances to/from other funds at December 31, 2019 is as follows:

Receivable Payable General Fund $ 185,000 $ - Golf Course Fund - 185,000 TOTAL $ 185,000 $ 185,000

The purpose of significant advances to/from other funds is the result of: • $185,000 due from the Golf Fund to the General Fund for projects at the driving

range. Repayment is not expected within one year.

- 29 -



5. INDIVIDUAL FUND DISCLOSURES (Continued) b. Interfund Transfers Individual fund interfund transfers are as follows:

Transfers In

Transfers Out

General Fund $ - $ 1,050,488 Recreation Fund - 900,000 Debt Service 1,050,488 - Capital Projects 900,000 - Nonmajor Governmental Funds 82,902 - Golf Course Fund - 82,902 TOTAL $ 2,033,390 $ 2,033,390

The purpose of the significant transfers resulted from:

• $1,050,488 from the General Fund was transferred to the Debt Service Fund to

cover debt service payments. • $82,902 was transferred from the Golf Fund to various funds to cover expenses

related to payroll and insurance. • $900,000 was transferred from the Recreation Fund to the Capital Projects Fund

in accordance with the District’s Fund Balance Policy. 6. RISK MANAGEMENT

The District is exposed to various risks related to torts; theft of, damage to and destruction

of assets; errors and omissions; injuries and illness to employees; and net income losses. The District participates in the Village of Downers Grove’s health insurance program and pays agreed-upon annual premiums on a monthly basis.

Since 1994, the District has been a member of the Park District Risk Management Agency

(PDRMA), 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’ and workers’ compensation coverage is provided in excess of specified limits for the members, acting as a single insurable unit.

- 30 -



6. RISK MANAGEMENT (Continued)

Each member assumes the first $1,000 of property claims each occurrence and has

self-insurance retentions at various amounts. Management consists of a Board of Directors comprised of one appointed representative

from each member. In addition, there are two officers, a Risk Manager and a Treasurer. The District does not exercise any control over the activities of PDRMA beyond its

representation on the Board of Directors.

Initial contributions are determined in advance of each membership year based on the individual member’s expenditures as defined in the by-laws of PDRMA, assessment factors based on past member experience and the funding needs for the membership year. The Board of Directors may require that supplemental contributions be made by members to ensure that adequate funds are available to meet the obligations applicable to the membership year. Members have a contractual obligation to fund any deficit of PDRMA attributable to a membership year during which they were a member.

Losses exceeding the per occurrence self-insured and reinsurance limit would be the

responsibility of the District. The District is not aware of any additional amounts owed to PDRMA at December 31, 2019.

7. INTERGOVERNMENTAL AGREEMENTS

The District entered into a real estate purchase agreement in 1987 with the Village of

Downers Grove (the Village) and the Forest Preserve District of DuPage County, whereby the District agreed to reimburse an amount to the Village for its contribution to the initial purchase, thereby acquiring an equal interest in the property as a tenant in common. As additional consideration for an interest in the property, the District agreed to assume primary operations and maintenance responsibilities for the property. Under an open space land

agreement between the same parties, as last amended in 1995, the District also accepted management and development responsibilities of the property and various adjacent parcels for a minimum period of five years. In 1995, the District and the Forest Preserve District of DuPage County entered into an intergovernmental agreement to provide for the acquisition, operation, maintenance and development of the Town and Country parcel adjacent to Lyman Woods. In 2002, the District and the Forest Preserve District of DuPage County entered into an intergovernmental agreement to provide for the construction and operation of an interpretive center on the Village and County parcel.

- 31 -



8. DEFINED BENEFIT PENSION PLAN Illinois Municipal Retirement Fund

The District contributes to one defined benefit pension plan, the Illinois Municipal Retirement Fund (IMRF), a defined benefit agent multiple-employer public employee retirement system. IMRF issues a publicly available financial report that includes financial statements and required supplementary information for the plan as a whole, but not by individual employer. That report may be obtained online at www.imrf.org. The benefits, benefit levels, employee contributions and employer contributions are governed by Illinois Compiled Statutes (ILCS) and can only be amended by the Illinois General Assembly.

Plan 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.

Plan Membership At December 31, 2018 (latest information available), IMRF membership consisted of:

Inactive employees or their beneficiaries currently receiving benefits 72 Inactive employees entitled to but not yet receiving benefits 67 Active employees 67 TOTAL 206

Benefits Provided IMRF provides two tiers of pension benefits. Employees hired prior to January 1, 2011, are

eligible for Tier 1 benefits. For Tier 1 employees, pension benefits vest after eight years of service. Participating members who retire at age 55 (reduced benefits) or after age 60 (full benefits) with eight years of credited service are entitled to an annual retirement benefit, payable monthly for life, in an amount equal to 1 2/3% of their final rate of earnings, for each year of credited service up to 15 years, and 2% for each year thereafter. 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 members who retire at age 62 (reduced benefits) or after age 67 (full benefits) with ten years of credited service are entitled to an annual retirement benefit, payable monthly for life, in an amount equal to 1 2/3% of their final rate of earnings, for each year of credited service up to 15 years, and 2% for each year thereafter. These benefit provisions and all other requirements are established by state statute.

- 32 -



8. DEFINED BENEFIT PENSION PLAN (Continued)

Illinois Municipal Retirement Fund (Continued) Contributions Participating members are required to contribute 4.50% of their annual salary to IMRF. The

District is required to contribute the remaining amounts necessary to fund IMRF as specified by statute. The employer contribution rate for the calendar year December 31, 2019 was 11.61% of covered payroll.

Actuarial Assumptions The District’s net pension liability was measured as of December 31, 2018 and the total

pension liability used to calculate the net pension liability was determined by an actuarial valuation performed as of the same date using the following actuarial methods and assumptions.

Actuarial valuation date December 31, 2018 Actuarial cost method Entry-age normal Assumptions Inflation 2.50% Salary increases 3.39% to 14.25% Interest rate 7.25% Cost of living adjustment 2.75% Asset valuation method Market value

Additional information on the actuarial assumptions, including a description of how the

long-term expected rate of return on pension plan investments was determined and the assumed asset allocation are available in the separately issued report referenced in the first paragraph of this footnote.

For nondisabled retirees, an IMRF specific mortality table was used with fully generational projection scale MP-2017 (base year 2015). 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). IMRF specific rates were developed from the RP-2014 Disabled Retirees Mortality Table applying the same adjustment that were applied for nondisabled lives. For active members, an IMRF specific mortality table was used with fully generational projection scale MP-2017 (base year 2015). IMRF specific rates were developed from the RP-2014 Employee Mortality Table with adjustments to match current IMRF experience.

- 33 -




Illinois Municipal Retirement Fund (Continued) Discount Rate

The discount rate used to measure the total pension liability was 7.25% for December 31,

2018 (7.50% for December 31, 2017). 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 the District contributions will be made at rates equal to the difference between actuarially determined contribution rates and the member rate. Based on those assumptions, the IMRF’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 period of projected benefit payments to determine the total pension liability.

Changes in the Net Pension Liability

(a)

Total Pension

(b) Plan

Fiduciary

(a) - (b) Net

Pension Liability Net Position Liability BALANCES AT JANUARY 1, 2018

$ 23,493,810

$ 21,743,408

$ 1,750,402

Changes for the period Service cost 353,728 - 353,728 Interest 1,728,762 - 1,728,762 Difference between expected and actual experience 153,174 - 153,174 Changes in assumptions 704,543 - 704,543 Employer contributions - 722,595 (722,595) Employee contributions - 168,763 (168,763) Net investment income - (1,196,919) 1,196,919 Benefit payments and refunds (1,241,027) (1,241,027) - Other (net transfer) - 361,427 (361,427) Net changes 1,699,180 (1,185,161) 2,884,341 BALANCES AT DECEMBER 31, 2018

$ 25,192,990

$ 20,558,247

$ 4,634,743

Changes in assumptions related to the discount rate were made since the prior measurement

date.

- 34 -




Illinois Municipal Retirement Fund (Continued)

Pension Expense and Deferred Outflows of Resources and Deferred Inflows of

Resources

For the fiscal year ended December 31, 2019, the District recognized pension expense of $402,337.

At December 31, 2019, the District reported deferred outflows of resources and deferred inflows of resources related to IMRF from the following sources:

Deferred

Outflows of Deferred

Inflows of Resources Resources Difference between expected and actual experience $ 136,708 $ - Changes in assumption 522,910 (400,572) Net difference between projected and actual earnings on pension plan investments 1,360,915 - Contributions made subsequent to the measurement date 456,640 - TOTAL $ 2,477,173 $ (400,572) $456,640 reported as deferred outflows of resources related to pensions resulting from the District contributions subsequent to the measurement date will be recognized as a reduction of net pension liability in the reporting year ending December 31, 2020. Other amounts reported as deferred outflows of resources and deferred inflows of resources related to IMRF will be recognized in pension expense as follows:

Year Ending December 31,

2020 $ 482,791 2021 238,186 2022 333,360 2023 565,624 2024 - Thereafter - TOTAL $ 1,619,961

- 35 -




Illinois Municipal Retirement Fund (Continued)

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 net pension liability of the District calculated using the discount rate of 7.25% as well as what the District’s net pension liability would be if it were calculated using a discount rate that is 1 percentage point lower (6.25%) or 1 percentage point higher (8.25%) than the current rate:

1% Decrease

Current Discount Rate

1% Increase

(6.25%) (7.25%) (8.25%) Net pension liability $ 7,826,758 $ 4,634,743 $ 2,007,142

9. OTHER POSTEMPLOYMENT BENEFITS

a. Plan Description In addition to providing the pension benefits described, the District provides other

postemployment health care and life insurance benefits (OPEB) for retired employees through a single-employer defined benefit plan. The benefits, benefit levels, employee contributions and employer contributions are governed by the District and can be amended by the District through its personnel manual. No assets are accumulated in a trust that meets the criteria in paragraph 4 of GASB Statement No. 75. The plan does not issue a separate report. The activity of the plan is reported in the District’s

governmental activities. b. Benefits Provided The District provides continued health insurance coverage at the active employer rate

to all eligible employees in accordance with ILCS, which creates an implicit subsidy of retiree health insurance. To be eligible for benefits, an employee must qualify for retirement under the District’s retirement plan. Upon a retiree reaching age 65 years of age, Medicare becomes the primary insurer and the retiree is no longer eligible to participate in the plan but can purchase a Medicare supplement plan from the District’s

insurance provider.

- 36 -



9. OTHER POSTEMPLOYMENT BENEFITS (Continued)

c. Membership At December 31, 2018, membership consisted of:

Inactive employees or beneficiaries currently receiving benefits payments 3 Inactive employees entitled to but not yet receiving benefit payments - Active employees 53 TOTAL 56

d. Actuarial Assumptions and Other Inputs The total OPEB liability at December 31, 2019, as determined by an actuarial

valuation as of January 1, 2018, was determined using the following actuarial assumptions and other inputs, applied to all periods included in the measurement, unless otherwise specified. The total OPEB liability was rolled forward by the actuary using updating procedures to December 31, 2019, including updating the discount rate at December 31, 2019, as noted below.

Actuarial cost method Entry-age normal Inflation 3.00% Discount rate 3.26% Healthcare cost trend rates

6.81% in fiscal 2019, to an ultimate trend rate of 4.50%

in 2028 for PPO (High Plan) and

3.20% for Medicare Supplement Plan,

constant for all years Asset valuation method N/A Mortality rates RP - 2014

Combined Annuitant Mortality

Table

- 37 -



9. OTHER POSTEMPLOYMENT BENEFITS (Continued) e. Discount Rate The discount rate was based on the S&P Municipal Bond 20 Year High-Grade index

rate at December 31, 2019. f. Changes in the Total OPEB Liability

Total OPEB

Liability BALANCES AT JANUARY 1, 2019

$ 226,242

Changes for the period Service cost 6,842 Interest 8,005 Difference between expected and actual experience - Changes in assumptions 6,089 Benefit payments (12,651) Other changes (424) Net changes 7,861 BALANCES AT DECEMBER 31, 2019

$ 234,103

Changes in assumptions related to the discount rate were made since the prior measurement date.

g. Rate Sensitivity The following is a sensitivity analysis of total OPEB liability to changes in the discount

rate and the healthcare cost trend rate. The table below presents the total OPEB liability of the District calculated using the discount rate of 3.26% as well as what the District’s total OPEB liability would be if it were calculated using a discount rate that is 1 percentage point lower (2.26%) or 1 percentage point higher (4.26%) than the current rate:

1% Decrease Current

Discount Rate

1% Increase (2.26%) (3.26%) (4.26%) Total OPEB liability $ 251,069 $ 234,103 $ 218,492

- 38 -



9. OTHER POSTEMPLOYMENT BENEFITS (Continued)

g. Rate Sensitivity (Continued)

The table below presents the total OPEB liability of the District calculated using the healthcare rate of 4.50% to 6.81% as well as what the District’s total OPEB liability would be if it were calculated using a healthcare rate that is 1 percentage point lower (3.50% to 5.81%) or 1 percentage point higher (5.50% to 7.81%) than the current rate:

1% Decrease Current

Healthcare Rate

1% Increase (3.50% to 5.81%) (4.50% to 6.81%) (5.50% to 7.81%) Total OPEB liability $ 214,481 $ 234,103 $ 256,567

h. OPEB Expense and Deferred Outflows of Resources and Deferred Inflows of Resources Related to OPEB

For the year ended December 31, 2019, the District recognized OPEB expense of

$15,696. At December 31, 2019, the District reported deferred outflows of resources and deferred inflows of resources related to OPEB from the following sources:

Deferred

Outflows of Deferred

Inflows of Resources Resources Difference between expected and actual experience $ - $ - Changes in assumptions 12,210 4,073 TOTAL $ 12,210 $ 4,073

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

Year Ending December 31,

2020 $ 848 2021 848 2022 848 2023 848 2024 848 Thereafter 3,897 TOTAL $ 8,137

- 39 -



10. CONTINGENT LIABILITIES

a. Litigation The District is not currently involved in any lawsuits or significant litigation matters. b. 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.

11. DEFINED CONTRIBUTION PLAN

The District provides a voluntary retirement benefit for all of its full-time employees through a defined contribution plan, which is administered by either Nationwide or VOYA. Benefits depend solely on amounts contributed to the Plan plus investment earnings. Employees are eligible to participate from the date of employment. Employees are fully vested after year five of employment. If an employee terminates from the District prior to his or her five year anniversary any funds contributed by the District will be forfeited. Employees can contribute any dollar amount up to the IRS respective annual limit and the District will contribute 15% of said amount. Provisions may be amended only by the Board of Commissioners. The Board of Commissioners amended the by-laws of the Plan effective January 1, 2016. The District contributed $24,543 to the Plan for during the year ended December 31, 2019. There were no forfeitures reflected for during the year ended December 31, 2019.

- 40 -

REQUIRED SUPPLEMENTARY INFORMATION



SCHEDULE OF REVENUES, EXPENDITURES ANDCHANGES IN FUND BALANCE - BUDGET AND ACTUAL

GENERAL FUND


Variance

Final Final Over (Under)

Appropriation Budget Actual Budget

REVENUES

TaxesProperty taxes 4,301,510$ 4,306,378$ 4,868$ Personal property replacement tax 72,500 96,770 24,270

Intergovernmental - 10,100 10,100 Rentals 146,930 149,781 2,851 Donations 8,000 11,590 3,590 Interest income 77,900 78,391 491 Miscellaneous 3,000 13,973 10,973

Total revenues 4,609,840 4,666,983 57,143

EXPENDITURES

General governmentPersonnel 2,174,120$ 2,215,379 2,232,264 16,885 Contractual services 1,356,118 1,083,498 941,602 (141,896) Commodities 933,242 420,690 347,616 (73,074)

Total expenditures 4,463,480$ 3,719,567 3,521,482 (198,085)

EXCESS (DEFICIENCY) OF REVENUES OVER EXPENDITURES 890,273 1,145,501 255,228


Transfers in -$ 10,000 - (10,000) Transfers (out) (1,260,586) (1,050,488) (1,050,488) -

Total other financing sources (uses) (1,260,586)$ (1,040,488) (1,050,488) (10,000)

NET CHANGE IN FUND BALANCE (150,215)$ 95,013 245,228$

FUND BALANCE, JANUARY 1 1,556,026

FUND BALANCE, DECEMBER 31 1,651,039$

(See independent auditor's report.)- 41 -




RECREATION FUND


Variance



REVENUES

TaxesProperty taxes 1,920,900$ 1,922,973$ 2,073$ Personal property replacement tax 72,500 96,770 24,270

Charges for services 3,288,222 3,280,317 (7,905) Merchandise sales 117,350 98,127 (19,223) Rentals 265,348 236,416 (28,932) Donations 85,000 40,408 (44,592) Interest income 41,400 58,541 17,141 Miscellaneous 48,793 28,324 (20,469)

Total revenues 5,839,513 5,761,876 (77,637)

EXPENDITURES

Culture and recreationPersonnel 3,177,764$ 2,897,154 2,918,243 21,089 Contractual services 1,509,635 1,228,034 1,154,597 (73,437) Commodities 889,495 522,224 504,305 (17,919)


EXCESS (DEFICIENCY) OF REVENUES OVER EXPENDITURES 1,192,101 1,184,731 (7,370)


Transfers (out) (1,080,000)$ (900,000) (900,000) -

Total other financing sources (uses) (1,080,000)$ (900,000) (900,000) -

NET CHANGE IN FUND BALANCE 292,101$ 284,731 (7,370)$


FUND BALANCE, DECEMBER 31 2,432,840$


FISCAL YEAR ENDED DECEMBER 31, 2015 2016 2017 2018 2019

Actuarially determined contribution 674,024$ 660,489$ 675,648$ 722,595$ 456,640$

Contributions in relation to the actuarially determined contribution 674,024 660,489 675,648 722,595 456,640

CONTRIBUTION DEFICIENCY (Excess) -$ -$ -$ -$ -$

Covered payroll 3,506,888$ 3,537,703$ 3,633,255$ 3,730,304$ 3,933,193$

Contributions as a percentage of covered payroll 19.22% 18.67% 18.60% 19.37% 11.61%

Notes to Required Supplementary Information

Ultimately, this schedule should present information for the last ten years. However, until ten years of information can becompiled, information will be presented for as many years as is available.

Last Five Fiscal Years


SCHEDULE OF EMPLOYER CONTRIBUTIONSILLINOIS MUNICIPAL RETIREMENT FUND


The information presented was determined as part of the actuarial valuations as of January 1 of the prior fiscal year.Additional information as of the latest actuarial valuation presented is as follows: the actuarial cost method was entry-agenormal; the amortization method was level percent of pay, closed and the amortization period was 25 years; the assetvaluation method was five-year smoothed market; and the significant actuarial assumptions were an investment rate ofreturn at 7.50% annually, projected salary increases assumption of 3.75% to 14.50% compounded annually andpostretirement benefit increases of 3.00% compounded annually.


MEASUREMENT DATE DECEMBER 31, 2018 2019

TOTAL OPEB LIABILITY

Service cost 7,146$ 6,842$ Interest 7,331 8,005 Changes of benefit terms - - Differences between expected and actual experience - - Changes of assumptions (4,495) 6,089 Benefit payments, including refunds of member contributions (21,453) (12,651) Other changes 8,144 (424)

Net change in total OPEB liability (3,327) 7,861

Total OPEB liability - beginning 229,569 226,242

TOTAL OPEB LIABILITY - ENDING 226,242$ 234,103$

Covered payroll 3,258,761$ 3,258,761$

Employer's total OPEB liability as a percentage of covered payroll 6.94% 7.18%


There were changes in assumptions related to the discount rate made in 2019.

There were changes in assumptions related to expected remaining service lives in 2018.



Ultimately, this schedule should present information for the last ten years. However, until ten yearsof information can be compiled, information will be presented for as many years as is available.

SCHEDULE OF CHANGES IN THE EMPLOYER'STOTAL OPEB LIABILITY AND RELATED RATIOS

OTHER POSTEMPLOYMENT BENEFIT PLAN

Last Two Fiscal Years

No assets are accumulated in a trust that meets the criteria in paragraph 4 of GASB Statement No.75.


MEASUREMENT DATE DECEMBER 31, 2014 2015 2016 2017 2018

TOTAL PENSION LIABILITY

Service cost 376,830$ 392,069$ 384,121$ 381,033$ 353,728$ Interest 1,433,497 1,569,674 1,642,716 1,714,407 1,728,762 Differences between expected and actual experience 260,422 37,362 18,278 26,297 153,174 Changes of assumptions 736,345 27,860 (86,062) (727,966) 704,543 Benefit payments, including refunds of member contributions (945,740) (991,394) (1,042,801) (1,136,399) (1,241,027)

Net change in total pension liability 1,861,354 1,035,571 916,252 257,372 1,699,180

Total pension liability - beginning 19,423,261 21,284,615 22,320,186 23,236,438 23,493,810

TOTAL PENSION LIABILITY - ENDING 21,284,615$ 22,320,186$ 23,236,438$ 23,493,810$ 25,192,990$

PLAN FIDUCIARY NET POSITION

Contributions - employer 680,929$ 674,024$ 660,489$ 675,648$ 722,595$ Contributions - member 155,148 157,811 159,664 163,496 168,763 Net investment income 1,000,074 86,704 1,238,699 3,378,883 (1,196,919) Benefit payments, including refunds of member contributions (945,740) (991,394) (1,042,801) (1,136,399) (1,241,027) Other (net transfers) 80,727 502,513 128,784 (333,332) 361,427

Net change in plan fiduciary net position 971,138 429,658 1,144,835 2,748,296 (1,185,161)

Plan fiduciary net position - beginning 16,449,481 17,420,619 17,850,277 18,995,112 21,743,408

PLAN FIDUCIARY NET POSITION - ENDING 17,420,619$ 17,850,277$ 18,995,112$ 21,743,408$ 20,558,247$

EMPLOYER'S NET PENSION LIABILITY 3,863,996$ 4,469,909$ 4,241,326$ 1,750,402$ 4,634,743$

Plan fiduciary net position as a percentage of the total pension liability 81.85% 79.97% 81.75% 92.55% 81.60%

Covered payroll 3,515,319$ 3,506,888$ 3,537,703$ 3,633,255$ 3,730,304$

Employer's net pension liability as a percentage of the covered payroll 109.92% 127.46% 119.89% 48.18% 124.25%


There was a change in assumptions related to price inflation, salary increases, retirement age, and mortality rates in 2017.

There was a change in assumptions related to the discount rate in 2015, 2016 and 2018.

There was a change in assumptions for the retirement age and mortality rates in 2014.

Ultimately, this schedule should present information for the last ten years. However, until ten years of information can be compiled, information will bepresented for as many years as is available.



SCHEDULE OF CHANGES IN THE EMPLOYER'S

ILLINOIS MUNICIPAL RETIREMENT FUND

Last Five Fiscal Years

NET PENSION LIABILITY AND RELATED RATIOS




NOTES TO REQUIRED SUPPLEMENTARY INFORMATION

December 31, 2019

1. BUDGETS AND BUDGETARY ACCOUNTING The District follows these procedures in establishing the budgets reflected in the financial

statements: a. The Combined Budget and Appropriation Ordinance is prepared in tentative form by

the Executive Director, and is made available by the Park Secretary for public inspection 30 days prior to final board action. A public hearing is held on the tentative Combined Budget and Appropriation Ordinance to obtain taxpayer comments.

b. The Combined Budget and Appropriation Ordinance must be enacted into law prior to

the end of the first quarter of the fiscal year (March 31). c. The Executive Director is authorized to approve overspending of budgeted line items

within any fund, and prepares recommendations to the Board of Park Commissioners for budget item changes.

d. The Board of Park Commissioners may:

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

enactment.

• Transfer among items of any fund not exceeding in the aggregate ten percent (10%) of the total amount appropriated in such fund.

• After six months of the fiscal year, by two-thirds vote, transfer any appropriation item it anticipates to be unexpended to any other appropriation item.

e. All appropriations lapse at year end. Expenditures may not exceed appropriations at

the fund level. f. Budgets for the General, Special Revenue, Debt Service and Capital Projects Funds

are adopted on a basis of anticipated revenues to be received in cash, and expenditures to be incurred, which basis does not differ materially from GAAP. The budget for the Golf Course, enterprise fund, is adopted on a basis consistent with GAAP, except for the inclusion of capital outlays as expenses, and the exclusion of depreciation and pension costs as expenses, where applicable. All budgets are prepared based on the annual fiscal year of the District. The District does not use the encumbrance method of accounting. Budgetary funds are controlled by an integrated budgetary accounting system, in accordance with various legal requirements which govern the District.

g. Budget amounts are as originally adopted by the Board of Park Commissioners.

- 46 -


NOTES TO REQUIRED SUPPLEMENTARY INFORMATION (Continued)

2. EXCESS OF EXPENDITURES OVER APPROPRIATION Expenditures did not exceed appropriations in any fund for the year ended December 31,

2019.

- 47 -

COMBINING AND INDIVIDUAL FUND

FINANCIAL STATEMENTS AND SCHEDULES

MAJOR GOVERNMENTAL FUNDS

GENERAL FUND

The General Fund accounts for all financial resources of the District, except those accounted for

in another fund.

RECREATION FUND

The Recreation Fund accounts for expenditures for the various recreation programs sponsored by

the District. Expenditures are funded by a restricted tax levy and user fees.

DEBT SERVICE FUND

The Debt Service Fund accounts for the accumulation of restricted or assigned funds for the

periodic payment of principal and interest on general long-term debt.

CAPITAL PROJECTS FUND

The Capital Projects Fund is used to account for all resources used for the acquisition of capital

assets by the District, except those financed by Proprietary Funds, including general and

infrastructure capital assets.




DEBT SERVICE FUND


Variance



REVENUES

Property taxes 361,603$ 366,291$ 4,688$ Intergovernmental 82,417 83,528 1,111 Investment income 6,280 12,108 5,828

Total revenues 450,300 461,927 11,627

EXPENDITURES

Debt servicePrincipal retirement 970,000 970,000 - Interest 524,508 524,508 - Fiscal charges 1,710 2,866 1,156

Total expenditures 1,795,462$ 1,496,218 1,497,374 1,156

EXCESS (DEFICIENCY) OF REVENUES OVER EXPENDITURES (1,045,918) (1,035,447) 10,471


Transfers in 1,050,488 1,050,488 -

Total other financing sources (uses) 1,050,488 1,050,488 -

NET CHANGE IN FUND BALANCE 4,570$ 15,041 10,471$

FUND BALANCE, JANUARY 1 919,299

FUND BALANCE, DECEMBER 31 934,340$





CAPITAL PROJECTS FUND


Variance



REVENUES

Donations 185,000$ 121,688$ (63,312)$ Rental income - 54,077 54,077 Investment income 4,500 10,202 5,702 Miscellaneous 50,000 - (50,000)

Total revenues 239,500 185,967 (53,533)

EXPENDITURES

General governmentOther - 879 879

Capital outlay 1,885,000 1,197,061 (687,939)


EXCESS (DEFICIENCY) OF REVENUES OVER EXPENDITURES (1,645,500) (1,011,973) 633,527


Transfers in 900,000 900,000 -

Total other financing sources (uses) 900,000 900,000 -

NET CHANGE IN FUND BALANCE (745,500)$ (111,973) 633,527$




NONMAJOR GOVERNMENTAL FUNDS

SPECIAL REVENUE FUNDS

Special Revenue Funds - to account for the collection and disbursement of restricted, committed

or assigned monies for a specific purpose.

The Museum Fund is used to account for the operation of the District’s museum and natural

areas. Financing is provided from an annual property tax levy. Transactions include program

supervisors’ salaries and maintenance of the museum and natural areas.

The Special Recreation Fund is used to account for the expenditures in connection with the

District’s participation in the South East Association for Special Parks and Recreation, which

provides recreational programs for individuals with disabilities. Financing is provided from the

annual property tax levy. Transactions include member contributions and inclusion costs to

South East Association for Special Parks and Recreation.

The Illinois Municipal Retirement Fund is used to account for the activities resulting from the

District’s participation in IMRF. Financing is provided by a specific annual property tax levy,

which produces a sufficient amount to pay the District’s contributions to the fund on behalf of

the District’s employees. Transactions recorded are payments to IMRF, property taxes received

and interest earned.

The Audit Fund is used to account for the expenditures in connection with the District’s annual

financial and compliance audit, which is mandated by state statute. Financing is provided from

an annual property tax levy, the proceeds of which can only be used for this purpose.

Transactions consist of property taxes received and audit expenses.

The Social Security Fund is used to account for the activities resulting from the District’s Social

Security contributions. Financing is provided by a specific annual property tax levy, which

produces a sufficient amount to pay the District’s contributions to Social Security on behalf of

the District’s employees. Transactions recorded are payments to Social Security and property

taxes received.

The Insurance Liability Fund is used to account for the activities resulting from the District’s

insurance and risk management activities. Financing is provided from an annual property tax

levy. This fund records the insurance (fire, unemployment, vehicle, etc.) liabilities.

Illinois

Special Municipal

Museum Recreation Retirement

Cash and investments 383,737$ 132,452$ 233,607$ Receivables (net, where applicable, of allowances for uncollectibles)

Property taxes 172,280 513,415 512,203 Accounts 6,515 - -

Prepaid items 1,011 - - Interest receivable 2,427 - 1,440

TOTAL ASSETS 565,970 645,867 747,250


None - - -

Total deferred outflows of resources - - -

TOTAL ASSETS AND DEFERRED

OUTFLOWS OF RESOURCES 565,970$ 645,867$ 747,250$

LIABILITIES

Accounts payable 55,967$ 15,635$ -$ Accrued payroll 8,240 - 23,600 Unearned revenue 21,459 - -

Total liabilities 85,666 15,635 23,600


Unavailable revenue - property taxes 172,280 513,415 512,203

Total deferred inflows of resources 172,280 513,415 512,203

FUND BALANCES

Nonspendable - prepaid items 1,011 - - Restricted for museum operations 307,013 - - Restricted for audit - - - Restricted for employee benefits - - 211,447 Restricted for special recreation - 116,817 - Restricted for liability insurance - - -

Total fund balances 308,024 116,817 211,447

TOTAL LIABILITIES, DEFERRED INFLOWS

OF RESOURCES AND FUND BALANCES 565,970$ 645,867$ 747,250$

RESOURCES AND FUND BALANCES

LIABILITIES, DEFERRED INFLOWS

ASSETS AND DEFERRED

OUTFLOWS OF RESOURCES



COMBINING BALANCE SHEETNONMAJOR GOVERNMENTAL FUNDS

December 31, 2019

- 50 -

Social Insurance

Audit Security Liability Total

9,942$ 206,589$ 220,770$ 1,187,097$

17,183 350,779 209,089 1,774,949 - - - 6,515 - - - 1,011 - 1,441 - 5,308

27,125 558,809 429,859 2,974,880

- - - -

- - - -

27,125$ 558,809$ 429,859$ 2,974,880$

-$ -$ 110,620$ 182,222$ - 15,218 - 47,058 - - - 21,459

- 15,218 110,620 250,739

17,183 350,779 209,089 1,774,949

17,183 350,779 209,089 1,774,949

- - - 1,011 - - - 307,013

9,942 - - 9,942 - 192,812 - 404,259 - - - 116,817 - - 110,150 110,150

9,942 192,812 110,150 949,192

27,125$ 558,809$ 429,859$ 2,974,880$


Illinois

Special Municipal

Museum Recreation Retirement

REVENUES

Property taxes 101,692$ 507,119$ 272,488$ Interest income 6,086 231 8,313 Intergovernmental 6,505 - - Program fees 135,796 - - Donations 1,912 - - Merchandise sales 2,355 - - Miscellaneous 113 - -

Total revenues 254,459 507,350 280,801

EXPENDITURES

CurrentGeneral government - - 214,777 Culture and recreation 384,056 421,276 242,195

Total expenditures 384,056 421,276 456,972

EXCESS (DEFICIENCY) OF REVENUES OVER EXPENDITURES (129,597) 86,074 (176,171) OTHER FINANCING SOURCES (USES)

Transfers in - - 36,622

Total other financing sources (uses) - - 36,622

NET CHANGE IN FUND BALANCES (129,597) 86,074 (139,549)

FUND BALANCES, JANUARY 1 437,621 30,743 350,996

FUND BALANCES, DECEMBER 31 308,024$ 116,817$ 211,447$




COMBINING STATEMENT OF REVENUES, EXPENDITURESAND CHANGES IN FUND BALANCES

NONMAJOR GOVERNMENTAL FUNDS

- 52 -

Social Insurance

Audit Security Liability Total

14,497$ 328,495$ 230,215$ 1,454,506$ 6 1,797 208 16,641

- - - 6,505 - - - 135,796 - - - 1,912 - - - 2,355 - - - 113

14,503 330,292 230,423 1,617,828

20,370 179,545 221,247 635,939 - 202,465 - 1,249,992

20,370 382,010 221,247 1,885,931

(5,867) (51,718) 9,176 (268,103)

- 36,280 10,000 82,902

- 36,280 10,000 82,902

(5,867) (15,438) 19,176 (185,201)

15,809 208,250 90,974 1,134,393

9,942$ 192,812$ 110,150$ 949,192$





MUSEUM FUND


Variance



REVENUES

Property taxes 100,000$ 101,692$ 1,692$ Program fees 143,672 135,796 (7,876) Intergovernmental - 6,505 6,505 Donations 4,500 1,912 (2,588) Interest income 3,190 6,086 2,896 Merchandise sales 3,400 2,355 (1,045) Miscellaneous 50 113 63

Total revenues 254,812 254,459 (353)

EXPENDITURES

Culture and recreationPersonnel 266,155$ 272,729 236,920 (35,809) Contractual services 111,194 60,261 59,383 (878) Commodities 118,423 80,154 87,753 7,599

Total expenditures 495,772$ 413,144 384,056 (29,088)

NET CHANGE IN FUND BALANCE (158,332)$ (129,597) 28,735$ FUND BALANCE, JANUARY 1 437,621






SPECIAL RECREATION FUND


Variance



REVENUES

Property taxes 505,550$ 507,119$ 1,569$ Interest income 380 231 (149)

Total revenues 505,930 507,350 1,420

EXPENDITURES

Culture and recreationInclusion services 42,000$ 35,000 28,342 (6,658) Maintenance, repair and renovation supplies 120,000 100,000 33,423 (66,577) Payment to SEASPAR 454,500 378,750 359,511 (19,239)


NET CHANGE IN FUND BALANCE (7,820)$ 86,074 93,894$ FUND BALANCE, JANUARY 1 30,743






ILLINOIS MUNICIPAL RETIREMENT FUND


Variance



REVENUES

Property taxes 268,790$ 272,488$ 3,698$ Interest income 4,460 8,313 3,853

Total revenues 273,250 280,801 7,551

EXPENDITURES

General governmentPersonnel - IMRF payments 214,320 214,621 301 Commodities 118 156 38

Culture and recreationPersonnel - IMRF payments 241,680 242,019 339 Commodities 133 176 43

Total expenditures 547,500$ 456,251 456,972 721

EXCESS (DEFICIENCY) OF REVENUES OVER EXPENDITURES (183,001) (176,171) 6,830


Transfers in 62,300 36,622 (25,678)

Total other financing sources (uses) 62,300 36,622 (25,678)

NET CHANGE IN FUND BALANCE (120,701)$ (139,549) (18,848)$







AUDIT FUND


Variance



REVENUES

Property taxes 13,900$ 14,497$ 597$ Interest income - 6 6

Total revenues 13,900 14,503 603

EXPENDITURES

General governmentAudit fees 18,900 20,370 1,470

Total expenditures 22,680$ 18,900 20,370 1,470

NET CHANGE IN FUND BALANCE (5,000)$ (5,867) (867)$







SOCIAL SECURITY FUND


Variance



REVENUES

Property taxes 328,100$ 328,495$ 395$ Interest income 750 1,797 1,047

Total revenues 328,850 330,292 1,442

EXPENDITURES

General governmentPersonnel - FICA payments 185,415 179,545 (5,870)

Culture and recreationPersonnel - FICA payments 209,085 202,465 (6,620)


EXCESS (DEFICIENCY) OF REVENUES OVER EXPENDITURES (65,650) (51,718) 13,932


Transfers in 39,200 36,280 (2,920)

Total other financing sources (uses) 39,200 36,280 (2,920)

NET CHANGE IN FUND BALANCE (26,450)$ (15,438) 11,012$







LIABILITY INSURANCE FUND


Variance



REVENUES

Property taxes 228,000$ 230,215$ 2,215$ Interest income 650 208 (442)

Total revenues 228,650 230,423 1,773

EXPENDITURES

General government 230,500 221,247 (9,253)


EXCESS (DEFICIENCY) OF REVENUES OVER EXPENDITURES (1,850) 9,176 11,026


Transfers in 10,000 10,000 -

Total other financing sources (uses) 10,000 10,000 -

NET CHANGE IN FUND BALANCE 8,150$ 19,176 11,026$




ENTERPRISE FUND

Enterprise Funds are used to account for operations that are financed and operated in a manner

similar to private business enterprises where the intent is that costs of providing goods or services

to the general public on a continuing basis be financed or recovered primarily through user charges;

or where it has been decided that periodic determination of revenues earned, expenses incurred

and/or net income is appropriate for capital maintenance, public policy, management control,

accountability or other purpose.

The Golf Course Fund is used to account for the operations of a 90-acre golf course. Operations

include golfing activities, golf equipment and related merchandise sales and food and beverage

sales. The cost of operations is recovered through user charges.



SCHEDULE OF REVENUES, EXPENSES ANDCHANGES IN NET POSITION - BUDGET AND ACTUAL

GOLF COURSE FUND


Variance



OPERATING REVENUES

Program fees 874,468$ 868,658$ (5,810)$ Merchandise sales 108,400 103,200 (5,200) Rentals 140,800 137,005 (3,795) Miscellaneous 13,000 5,700 (7,300)

Total operating revenues 1,136,668 1,114,563 (22,105)

OPERATING EXPENSES

Personnel costs 563,024$ 539,968 484,070 (55,898) Contractual services 187,259 120,774 131,452 10,678 Commodities 253,484 175,731 162,481 (13,250) Capital outlay 177,000 147,500 84,479 (63,021)

Total operating expenses 1,180,767$ 983,973 862,482 (121,491)

OPERATING INCOME 152,695 252,081 99,386

NON-OPERATING REVENUES (EXPENSES)

Interest income 3,000 8,102 5,102

Total non-operating revenues (expenses) 3,000 8,102 5,102

INCOME BEFORE TRANSFERS 155,695 260,183 104,488

TRANSFERS

Transfers (out) (145,800)$ (121,500) (82,902) 38,598

Total transfers (145,800)$ (121,500) (82,902) 38,598

CHANGE IN NET POSITION - BUDGETARY BASIS 34,195$ 177,281 143,086$

ADJUSTMENTS TO GAAP BASIS

Depreciation (126,699) Assets capitalized 73,468 Pension expense adjustment 4,087

Total adjustments to GAAP basis (49,144)

CHANGE IN NET POSITION - GAAP BASIS 128,137

NET POSITION, JANUARY 1 2,267,147

NET POSITION, DECEMBER 31 2,395,284$


LONG-TERM DEBT REQUIREMENTS

Date of Issue November 23, 2010Date of Maturity December 15, 2034Authorized Issue 6,000,000$ Denomination of Bonds 5,000$ Interest Rates 1.20% to 6.25%Interest Dates June 15 and December 15Principal Maturity Due December 15Payable at U.S. Bank National Association

Fiscal Year Principal Interest Total Bond Rebate

2020 200,000$ 246,705$ 446,705$ 86,347$ 2021 210,000 238,905 448,905 83,617 2022 225,000 230,295 455,295 80,603 2023 235,000 220,620 455,620 77,217 2024 245,000 210,045 455,045 73,516 2025 260,000 198,407 458,407 69,442 2026 275,000 185,408 460,408 64,893 2027 290,000 171,107 461,107 59,887 2028 305,000 155,303 460,303 54,356 2029 325,000 138,222 463,222 48,378 2030 345,000 119,698 464,698 41,894 2031 365,000 99,687 464,687 34,891 2032 385,000 76,875 461,875 26,906 2033 410,000 52,813 462,813 18,484 2034 435,000 27,187 462,187 9,516

TOTAL 4,510,000$ 2,371,277$ 6,881,277$ 829,947$

CURRENT AND LONG-TERM PRINCIPAL AND INTEREST REQUIREMENTS




TAXABLE GENERAL OBLIGATION LIMITED TAX PARK BONDS OF 2010

December 31, 2019


Date of Issue July 23, 2015Date of Maturity December 15, 2028Authorized Issue 3,405,000$ Denomination of Bonds 5,000$ Interest Rates 2.00% to 4.00%Interest Dates June 15 and December 15Principal Maturity Due December 15Payable at UMB Bank

Fiscal Year Principal Interest Total

2020 295,000$ 83,087$ 378,087$ 2021 305,000 76,450 381,450 2022 310,000 67,300 377,300 2023 320,000 58,000 378,000 2024 335,000 45,200 380,200 2025 355,000 31,800 386,800 2026 140,000 17,600 157,600 2027 145,000 12,000 157,000 2028 155,000 6,200 161,200

TOTAL 2,360,000$ 397,637$ 2,757,637$





GENERAL OBLIGATION REFUNDING PARK BONDS OF 2015A

December 31, 2019


Date of Issue July 23, 2015Date of Maturity December 30, 2034Authorized Issue 4,390,000$ Denomination of Bonds 5,000$ Interest Rates 3.00% to 4.00%Interest Dates June 30 and December 30Principal Maturity Due December 30Payable at UMB Bank

Fiscal Year Principal Interest Total

2020 125,000$ 171,800$ 296,800$ 2021 125,000 168,050 293,050 2022 130,000 164,300 294,300 2023 135,000 160,400 295,400 2024 140,000 155,000 295,000 2025 145,000 149,400 294,400 2026 270,000 143,600 413,600 2027 280,000 132,800 412,800 2028 290,000 121,600 411,600 2029 415,000 110,000 525,000 2030 430,000 93,400 523,400 2031 450,000 76,200 526,200 2032 465,000 58,200 523,200 2033 485,000 39,600 524,600 2034 505,000 20,200 525,200

TOTAL 4,390,000$ 1,764,550$ 6,154,550$





GENERAL OBLIGATION LIMITED TAX PARK BONDS OF 2015B

December 31, 2019


STATISTICAL SECTION

This part of the Downers Grove Park District’s comprehensive annual financial report presents

detailed information as a context for understanding what the information in the financial

statements, note disclosures and required supplementary information says about the District’s

overall financial health.

Contents Page(s)

Financial Trends

These schedules contain trend information to help the reader understand how

the District’s financial performance and well-being have been changed over

time.

64-74

Revenue Capacity

These schedules contain information to help the reader assess the District’s

most significant local revenue source, the property tax.

75-80

Debt Capacity

These schedules present information to help the reader assess the

affordability of the District’s current levels of outstanding debt and the

District’s ability to issue additional debt in the future.

81-85

Demographic and Economic Information

These schedules offer demographic and economic indicators to help the

reader understand the environment within which the District’s financial

activities take place.

86-88

Operating Information

These schedules contain service and infrastructure data to help the reader

understand how the information in the District’s financial report relates to the

services the District provides and the activities it performs.

89-90

Sources: Unless otherwise noted, the information in these schedules is derived from the

comprehensive annual financial reports for the relevant year.

Fiscal Year 2011 2012 2013 2014

GOVERNMENTAL ACTIVITIES

Net investment in capital assets 31,458,086$ 34,689,616$ 34,808,024$ 35,059,798$ Restricted 1,894,536 2,046,139 1,487,499 1,591,647 Unrestricted 1,096,073 589,655 1,502,083 1,380,354

TOTAL GOVERNMENTAL ACTIVITIES 34,448,695$ 37,325,410$ 37,797,606$ 38,031,799$

BUSINESS-TYPE ACTIVITIES

Net investment in capital assets 2,661,862$ 2,520,575$ 2,367,755$ 2,256,242$ Unrestricted 249,123 244,640 250,926 272,369

TOTAL BUSINESS-TYPE ACTIVITIES 2,910,985$ 2,765,215$ 2,618,681$ 2,528,611$

PRIMARY GOVERNMENT

Net investment in capital assets 34,119,948$ 37,210,191$ 37,175,779$ 37,316,040$ Restricted 1,894,536 2,046,139 1,487,499 1,591,647Unrestricted 1,345,196 834,295 1,753,009 1,652,723

TOTAL PRIMARY GOVERNMENT 37,359,680$ 40,090,625$ 40,416,287$ 40,560,410$

*For the seven months ended December 31, 2014.

Data Source

Audited Financial Statements



NET POSITION

Last Ten Fiscal Years

**GASB 68, Accounting and Financial Reporting for Pensions - an amendment of GASB Statement No. 27, wasimplemented for the year ended December 31, 2015.

- 64 -

2014* 2015** 2016 2017 2018 2019

37,043,781$ 36,367,550$ 35,614,465$ 35,986,725$ 36,785,494$ 37,258,513$ 2,837,941 3,443,983 4,037,753 2,241,591 2,102,687 1,883,532 2,334,036 (1,355,913) (582,618) 2,211,774 1,572,574 1,933,247

42,215,758$ 38,455,620$ 39,069,600$ 40,440,090$ 40,460,755$ 41,075,292$

2,225,490$ 2,136,530$ 2,054,350$ 2,013,781$ 2,311,366$ 2,258,135$ 333,643 363,306 395,974 152,904 (44,219) 137,149

2,559,133$ 2,499,836$ 2,450,324$ 2,166,685$ 2,267,147$ 2,395,284$

39,269,271$ 38,504,080$ 37,668,815$ 38,000,506$ 39,096,860$ 39,516,648$ 2,837,941 3,443,983 4,037,753 2,241,591 2,102,687 1,883,5322,667,679 (992,607) (186,644) 2,364,678 1,528,355 2,070,396

44,774,891$ 40,955,456$ 41,519,924$ 42,606,775$ 42,727,902$ 43,470,576$

- 65 -

Fiscal Year 2011 2012 2013 2014

EXPENSES

Governmental activitiesGeneral government 2,698,303$ 2,471,484$ 3,006,797$ 3,162,526$ Culture and recreation 6,519,986 6,861,924 6,614,135 6,780,296 Interest and fiscal charges 475,867 596,221 573,523 490,105

Total governmental activities expenses 9,694,156 9,929,629 10,194,455 10,432,927

Business-type activitiesGolf course 1,028,925 988,748 977,430 945,868 Swimming pool - - - -

Total business-type activities expenses 1,028,925 988,748 977,430 945,868

TOTAL PRIMARY GOVERNMENT

EXPENSES 10,723,081$ 10,918,377$ 11,171,885$ 11,378,795$

PROGRAM REVENUES

Governmental activitiesCharges for services

General government 112,209$ 117,016$ 120,524$ 124,025$ Culture and recreation 2,724,010 2,726,944 2,832,294 2,880,947

Operating grants and contributions 30,858 44,366 41,752 41,400 Capital grants and contributions 4,567 2,588,771 433,648 33,522

Total governmental activities program revenues 2,871,644 5,477,097 3,428,218 3,079,894

Business-type activitiesCharges for services

Golf course 951,669 967,814 910,351 930,752

Total business-type activities program revenues 951,669 967,814 910,351 930,752


PROGRAM REVENUES 3,823,313$ 6,444,911$ 4,338,569$ 4,010,646$

NET REVENUE (EXPENSE)

Governmental activities (6,822,512)$ (4,452,532)$ (6,766,237)$ (7,353,033)$ Business-type activities (77,256) (20,934) (67,079) (15,116)


NET REVENUE (EXPENSE) (6,899,768)$ (4,473,466)$ (6,833,316)$ (7,368,149)$



CHANGE IN NET POSITION


- 66 -

2014* 2015 2016 2017 2018 2019

2,115,553$ 4,077,480$ 3,250,366$ 4,298,855$ 4,461,662$ 4,345,978$ 4,429,283 7,290,679 7,942,506 7,354,217 7,091,897 7,321,020

274,468 695,947 561,368 537,276 516,995 495,948

6,819,304 12,064,106 11,754,240 12,190,348 12,070,554 12,162,946

621,984 952,197 977,642 994,031 871,047 911,626 - - - - - -

621,984 952,197 977,642 994,031 871,047 911,626

7,441,288$ 13,016,303$ 12,731,882$ 13,184,379$ 12,941,601$ 13,074,572$

82,175$ 133,737$ 137,167$ 141,020$ 145,058$ 149,781$ 1,833,837 3,157,018 3,426,431 3,515,708 3,653,183 3,807,088

29,509 33,863 39,619 179,825 116,899 154,042 1,407,522 197,305 613,447 623,318 50,000 121,688

3,353,043 3,521,923 4,216,664 4,459,871 3,965,140 4,232,599

709,438 1,021,410 1,070,374 1,045,440 999,110 1,108,863

709,438 1,021,410 1,070,374 1,045,440 999,110 1,108,863

4,062,481$ 4,543,333$ 5,287,038$ 5,505,311$ 4,964,250$ 5,341,462$

(3,466,261)$ (8,542,183)$ (7,537,576)$ (7,730,477)$ (8,105,414)$ (7,930,347)$ 87,454 69,213 92,732 51,409 128,063 197,237

(3,378,807)$ (8,472,970)$ (7,444,844)$ (7,679,068)$ (7,977,351)$ (7,733,110)$

- 67 -

Fiscal Year 2011 2012 2013 2014

GENERAL REVENUES AND OTHER

CHANGES IN NET POSITION

Governmental activitiesTaxes

Property 6,723,873$ 6,779,721$ 6,785,884$ 7,107,724$ Replacement taxes 175,409 154,706 163,740 171,604

Investment earnings 14,152 33,420 17,027 21,457 Miscellaneous 110,484 227,350 184,179 202,520 Transfers 52,962 134,050 87,603 83,921

Total governmental activities general revenues 7,076,880 7,329,247 7,238,433 7,587,226

Business-type activitiesInvestment earnings 1,194 2,081 1,289 1,079 Miscellaneous 7,533 7,133 6,859 7,888 Transfers (52,962) (134,050) (87,603) (83,921)

Total business-type activities general revenues (44,235) (124,836) (79,455) (74,954)

TOTAL PRIMARY GOVERNMENT 7,032,645$ 7,204,411$ 7,158,978$ 7,512,272$

CHANGE IN NET POSITION

Governmental activities 254,368$ 2,876,715$ 472,196$ 234,193$ Business-type activities (121,491) (145,770) (146,534) (90,070)


CHANGE IN NET POSITION 132,877$ 2,730,945$ 325,662$ 144,123$


Data Source





CHANGE IN NET POSITION (Continued)

- 68 -

2014* 2015 2016 2017 2018 2019

7,294,754$ 7,444,486$ 7,588,197$ 7,666,623$ 7,933,130$ 8,050,148$ 67,406 161,946 162,148 192,284 155,673 193,540 13,973 16,439 38,668 86,340 152,374 175,883

213,661 202,813 223,524 131,391 70,026 42,411 60,426 146,333 139,019 134,172 44,445 82,902

7,650,220 7,972,017 8,151,556 8,210,810 8,355,648 8,544,884

588 765 1,549 4,566 4,898 8,102 2,906 17,058 (4,774) 15,662 11,946 5,700

(60,426) (146,333) (139,019) (134,172) (44,445) (82,902)

(56,932) (128,510) (142,244) (113,944) (27,601) (69,100)

7,593,288$ 7,843,507$ 8,009,312$ 8,096,866$ 8,328,047$ 8,475,784$

4,183,959$ (570,166)$ 613,980$ 480,333$ 250,234$ 614,537$ 30,522 (59,297) (49,512) (62,535) 100,462 128,137

4,214,481$ (629,463)$ 564,468$ 417,798$ 350,696$ 742,674$

- 69 -

Fiscal Year 2011 2012 2013 2014

GENERAL FUND

Nonspendable -$ -$ -$ 2,743$ Committed - - 654,579 294,207 Assigned - - - - Unassigned 510,580 658,651 627,017 699,619

TOTAL GENERAL FUND 510,580$ 658,651$ 1,281,596$ 996,569$

ALL OTHER GOVERNMENTAL FUNDS

Nonspendable -$ -$ 4,516$ 30,716$ Restricted

Recreation 967,282 1,192,150 1,211,775 1,281,105 Debt service 983,431 933,550 283,927 257,982 Museum 148,672 114,877 125,728 151,434 Audit 6,871 5,104 4,410 6,387 Employee benefit 77,765 64,508 82,208 111,217 Special recreation - - 862 6,874 Liability insurance - - - - Capital projects - - - -

Committed - - 325,000 - Assigned

Recreation - - - - Capital projects 4,400,429 287,047 184,029 669,490

TOTAL ALL OTHER

GOVERNMENTAL FUNDS 6,584,450$ 2,597,236$ 2,222,455$ 2,515,205$

TOTAL GOVERNMENTAL FUNDS 7,095,030$ 3,255,887$ 3,504,051$ 3,511,774$


Data Source




FUND BALANCES OF GOVERNMENTAL FUNDS


- 70 -

2014* 2015 2016 2017 2018 2019

47,462$ 23,596$ 21,679$ 49,242$ 234,761$ 240,935$ 294,917 - - - - -

- - - - 150,215 - 1,830,126 2,038,617 2,203,004 1,913,823 1,171,050 1,410,104

2,172,505$ 2,062,213$ 2,224,683$ 1,963,065$ 1,556,026$ 1,651,039$

3,330$ 15,595$ 9,543$ 6,883$ 8,527$ 22,684$

1,764,872 1,857,555 1,872,473 - - - 295,797 813,648 1,182,721 1,031,012 919,299 934,340 323,851 364,142 401,263 452,038 436,616 307,013

11,526 13,880 15,592 15,691 15,809 9,942 446,481 463,732 553,256 610,134 559,246 404,259

16,564 24,912 28,878 35,236 30,743 116,817 - - - 97,480 90,974 110,150 - - - - 50,000 - - - - - - -

- - - 2,077,853 2,140,587 2,411,167 391,383 437,805 1,029,486 1,233,552 1,004,033 942,060

3,253,804$ 3,991,269$ 5,093,212$ 5,559,879$ 5,255,834$ 5,258,432$

5,426,309$ 6,053,482$ 7,317,895$ 7,522,944$ 6,811,860$ 6,909,471$

- 71 -

Fiscal Year 2011 2012 2013 2014

REVENUES

Taxes 6,732,570$ 6,902,237$ 6,872,007$ 7,189,748$ Intergovernmental - - - - Charges for services 2,549,641 2,549,959 2,612,190 2,664,713 Merchandise sales 28,727 28,346 22,418 24,881 Rentals 257,851 265,655 318,210 315,378 Investment income 13,880 32,622 16,303 20,815 Grants/donations 35,425 145,410 475,400 74,922 Miscellaneous 110,484 121,909 85,378 112,275

Total revenues 9,728,578 10,046,138 10,401,906 10,402,732

EXPENDITURES

CurrentGeneral government 2,891,446 2,922,700 2,507,264 2,642,161 Culture and recreation 4,785,467 4,680,289 5,242,336 5,292,312

Debt servicePrincipal retirement 555,000 725,000 745,000 790,000 Interest and fiscal charges 335,356 619,093 579,729 499,531 Bond issuance costs - - 55,535 -

Capital outlay 2,894,297 5,078,549 1,129,767 1,240,926

Total expenditures 11,461,566 14,025,631 10,259,631 10,464,930

EXCESS (DEFICIENCY) OF REVENUES OVER EXPENDITURES (1,732,988) (3,979,493) 142,275 (62,198)


Transfers in 2,526,506 2,685,416 2,670,885 2,290,493 Transfer (out) (2,469,364) (2,572,866) (2,624,817) (2,227,572) Proceeds from sale of capital assets 20,350 27,800 1,940 7,000 Installment contracts issued - - - - Bond issued 6,000,000 - 3,175,000 - Premium on bond issued - - 98,347 - Discount on bonds issued (42,000) - - - Payment to refunding escrow agent - - (3,215,466) -

Total other financing sources (uses) 6,035,492 140,350 105,889 69,921

NET CHANGE IN FUND BALANCES 4,302,504$ (3,839,143)$ 248,164$ 7,723$

DEBT SERVICE AS A PERCENTAGE OF

NONCAPITAL EXPENDITURES 10.23% 14.70% 14.34% 13.86%


Data Source




CHANGES IN FUND BALANCES OF GOVERNMENTAL FUNDS


- 72 -

2014* 2015 2016 2017 2018 2019

7,272,031$ 7,547,523$ 7,660,232$ 7,858,907$ 8,088,801$ 8,243,688$ - - - 111,378 85,308 100,133

1,653,563 2,857,718 3,094,576 3,163,825 3,292,285 3,416,113 21,758 71,213 94,360 102,641 100,291 100,482

240,691 361,824 374,662 386,195 406,166 440,274 13,599 15,312 38,134 86,340 152,374 175,883

1,429,371 231,168 653,066 691,765 81,091 175,598 123,610 113,576 135,333 135,458 70,027 42,410

10,754,623 11,198,334 12,050,363 12,536,509 12,276,343 12,694,581

1,778,593 3,369,569 3,383,669 4,039,220 4,249,228 4,158,300 3,484,480 5,777,121 6,005,456 5,867,206 5,810,366 5,827,137

895,433 793,930 972,120 910,000 935,000 970,000 488,037 519,946 669,144 568,439 548,206 527,374

- - - - - - 2,486,454 4,986,369 408,880 1,195,256 1,518,608 1,197,061

9,132,997 15,446,935 11,439,269 12,580,121 13,061,408 12,679,872

1,621,626 (4,248,601) 611,094 (43,612) (785,065) 14,709

1,424,579 2,046,259 2,150,413 1,962,023 2,226,910 2,033,390 (1,378,153) (1,754,589) (2,029,394) (1,723,121) (2,182,465) (1,950,488)

- 8,114 532,300 9,759 29,536 - 246,483 - - - - -

- 7,795,000 - - - - - 285,865 - - - - - - - - - - - (3,504,875) - - - -

292,909 4,875,774 653,319 248,661 73,981 82,902

1,914,535$ 627,173$ 1,264,413$ 205,049$ (711,084)$ 97,611$

20.34% 12.49% 14.36% 12.91% 12.83% 12.98%

- 73 -

Personal

Fiscal Property Total

Year Property** Replacement Taxes

2011 6,723,873$ 175,409$ 6,899,282$ 2012 6,779,721 154,706 6,934,427 2013 6,785,884 163,740 6,949,624 2014 7,107,724 171,604 7,279,328

2014*** 7,294,754 67,406 7,362,160 2015 7,444,487 161,946 7,606,433 2016 7,588,197 162,148 7,750,345 2017 7,666,623 192,284 7,858,907 2018 7,933,130 155,673 8,088,802 2019 8,050,147 193,540 8,243,687

***For the seven months ended December 31, 2014.

Taxes



TAX REVENUES BY SOURCE

Last Ten Fiscal Years*

- 74 -

Total Estimated Assessed

Tax Taxable Total Actual Value as a

Fiscal Levy Residential Commercial Assessed Direct Tax Taxable Percentage of

Year (1) Year Property Property Value Rate Value (2) Actual Value

5/31/2012 2010 1,831,148$ 517,009$ 2,348,157$ 0.2699$ 7,044,471$ 33.33%

5/31/2013 2011 1,700,876 509,172 2,210,048 0.2900 6,630,144 33.33%

5/31/2014 2012 1,596,448 478,628 2,075,076 0.3077 6,225,228 33.33%

12/31/2014 2013 1,534,864 445,822 1,980,686 0.3434 5,942,055 33.33%

12/31/2015 2014 1,540,716 444,523 1,985,239 0.3691 5,955,717 33.33%

12/31/2016 2015 1,629,353 465,907 2,095,260 0.3765 6,285,780 33.33%

12/31/2017 2016 1,750,760 492,030 2,242,790 0.3425 6,728,380 33.33%

12/31/2018 2017 1,858,167 507,034 2,365,201 0.3360 7,095,606 33.33%

12/31/2019 2018 1,948,675 527,427 2,476,102 0.3256 7,428,306 33.33%

12/31/2020 2019 N/A N/A N/A N/A N/A 33.33%

N/A - Not available at the time the report was printed.

Data Source

DuPage County Clerk's Office



ASSESSED VALUE AND ESTIMATED ACTUAL VALUE OF TAXABLE PROPERTY


Note: The tax on personal property was abolished in 1981 and replaced with tax on business income, which the Districtreceives as a personal property replacement tax.

Real Property

(in thousands)

(1) Effective June 1, 2014, the District's fiscal year changed to a year ending December 31st. FY 2014 will be from June 1,2014 through December 31, 2014 and, thereafter, fiscal year will be January 1 through December 31.

(2) Assessed value is set by the County Assessor on an annual basis. The assessment level is then adjusted by the state witha county multiplier, based on the factor needed to bring the average prior three years' level up to 33-1/3% of the marketvalue. Every four years, there is a quadrennial assessment, when all property is reassessed.

- 75 -

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

2011-12 2012-13 2013-14 2014 (2) 2015 2016 2017 2018 2019 2020

Downers Grove Park District

General Fund 0.1353 0.1422 0.1623 0.1880 0.1835 0.1778 0.1639 0.1580 0.1742 N/ASpecial Revenue Funds 0.1341 0.1422 0.1559 0.1545 0.1676 0.1591 0.1536 0.1539 0.1273 N/AInternal Service Fund 0.0059 0.0080 0.0087 0.0091 0.0075 0.0085 0.0090 0.0086 0.0093 N/ADebt Service Fund 0.0147 0.0153 0.0165 0.0175 0.0179 0.0170 0.0160 0.0155 0.0148 N/A

Total 0.2699 0.2900 0.3077 0.3434 0.3691 0.3765 0.3425 0.3360 0.3256 -

Village (1)

Village of Downers Grove 0.5625 0.5787 0.5202 0.5743 0.5645 0.5753 0.5596 0.6721 0.6599 N/AVillage of Downers Grove Library 0.1966 0.2136 0.2324 0.2502 0.2612 0.2407 0.2202 0.2145 0.2111 N/ADowners Grove Sanitary District 0.0336 0.0363 0.0405 0.0436 0.0448 0.0434 0.0413 0.0404 0.0398 N/ADowners Grove Special Service Area I None None None None None None None None None NoneDowners Grove Special Service Area II 1.5000 1.5000 1.5000 1.5000 1.5000 1.5000 1.5000 1.5000 1.5000 N/ADowners Grove Special Service Area III 0.3366 0.3345 None None None None None None None NoneDowners Grove Special Service Area IV None None None None None None None None None NoneDowners Grove Special Service Area V None None None None None None None None None NoneDowners Grove Special Service Area VI None None None 0.2950 0.2680 0.2430 0.2477 0.2461 0.2434 N/ADowners Grove Special Service Area VII None None None None None None None None None None

School Districts (1)

Grade School 44 3.1767 3.5118 3.9416 4.2995 4.4326 4.3039 4.1201 3.9701 3.8832 N/AGrade School 58 1.6991 1.8851 2.0981 2.2613 2.3051 2.2175 2.0984 2.0489 2.0182 N/AGrade School 61 2.4880 2.7152 3.0860 3.3089 3.4342 3.3948 3.2342 3.1612 3.0961 N/AGrade School 66 2.0257 2.1232 2.3466 2.5542 2.3714 2.3811 2.2699 2.3874 2.3829 N/AGrade School 68 3.6712 3.9744 4.4453 4.8704 5.0138 4.8242 4.5926 4.5364 4.4848 N/AGrade School 89 2.6035 2.8555 3.1426 3.3612 3.5149 3.5010 3.3789 3.3184 3.7142 N/AHigh School District 87 1.8378 2.0199 2.2868 2.4877 2.5824 2.5173 2.4030 2.3402 2.2834 N/AHigh School District 99 1.6105 1.7271 1.9209 2.0729 2.1079 2.0666 1.9648 1.9184 1.9500 N/AHigh School District 201 3.7139 3.9381 4.5510 4.8983 5.2246 5.0566 4.8256 4.6915 4.6418 N/AHigh School District 202 4.0830 4.3929 4.8122 5.1761 5.2969 5.2792 5.0025 5.0104 4.8712 N/ACollege of DuPage Community College 502 0.2349 0.2495 0.2681 0.2956 0.2975 0.2786 0.2626 0.2431 0.2317 N/A

DuPage County including Forest Preserve (1)

County of DuPage 0.1659 0.1773 0.1929 0.2040 0.2057 0.1971 0.1848 0.1749 0.1673 N/ADuPage County Forest Preserve 0.1321 0.1414 0.1542 0.1657 0.1691 0.1622 0.1514 0.1306 0.1278 N/ADuPage Airport Authority 0.0158 0.0169 0.0168 0.0178 0.0196 0.0188 0.0176 0.0166 0.0146 N/A

Jurisdiction


DIRECT AND OVERLAPPING PROPERTY TAX RATES (1)

Last Ten Tax Levy Years


- 76 -

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

2011-12 2012-13 2013-14 2014 (2) 2015 2016 2017 2018 2019 2020

All Others (1)

Milton Township 0.0972 0.1057 0.1159 0.1235 0.1277 0.1253 0.1205 0.1183 0.1164 N/AYork Township 0.0737 0.0810 0.0928 0.1017 0.1049 0.1002 0.0952 0.0924 0.0909 N/ADowners Grove Township 0.0701 0.0766 0.0855 0.0917 0.0942 0.0918 0.0874 0.0843 0.0828 N/ALisle Township 0.1019 0.1096 0.0914 0.1250 0.1279 0.1260 0.1202 0.1181 0.1148 N/ACity of Darien 0.2441 0.2599 0.2208 0.2999 0.3068 0.3048 0.2917 0.2822 0.2725 N/AVillage of Woodridge 0.2568 0.2769 0.2959 0.3172 0.3172 0.3066 0.2887 0.2760 0.2661 N/ADarien-Woodridge Fire Protection District 0.4972 0.5407 0.5878 0.6323 0.6420 0.6398 0.6144 0.6086 0.5988 N/ALisle-Woodridge Fire Protection District 0.6682 0.7187 0.7920 0.8540 0.8727 0.8652 0.8411 0.8272 0.8211 N/AWestmont Surface Water Protection District #1 None None None None None None None None None NoneVillage of Westmont 0.6290 0.6654 0.7550 0.8145 0.8515 0.8453 0.8069 0.7849 0.7774 N/AVillage of Westmont Library 0.1900 0.1957 0.2149 0.2321 0.2429 0.2414 0.2307 0.2246 0.2227 N/ALisle Library District 0.3413 0.3675 0.4035 0.4339 0.4433 0.4390 0.4140 0.3611 0.3333 N/AIndian Prairie Library 0.1606 0.1760 0.1995 0.1843 0.1924 0.1892 0.1824 0.1777 0.1716 N/AYork Township Special Police District 0.0179 0.0221 0.0253 0.0286 0.0407 0.0392 0.0407 0.0380 0.0373 N/AFairview Fire District 0.0681 0.0744 0.0839 None None None None None None NoneVillage of Woodridge Library 0.3161 0.3391 0.3705 0.3962 0.3541 0.3449 0.3272 0.3193 0.3109 N/ANorth Westmont Fire Protection District 0.0997 0.1052 0.1127 0.1186 0.1358 0.1359 0.1275 0.1219 None N/A

Total Tax Rates 2,044.1892 2,047.7959 2,052.3113 2,056.7336 4,073.8374 4,074.9724 4,075.0063 4,076.3918 4,078.0636 4,039.0000


Note: Rates are per $1,000 of Assessed Value

Data Source


(2) Effective June 1, 2014, the District's fiscal year changed to a year ending December 31. FY 2014 will be from June 1, 2014 through December 31, 2014 and, thereafter, the fiscal year will be January 1 throughDecember 31.

(1) Overlapping rates are those of local and county governments that apply to property owners within the District. Not all overlapping rates apply to all of the District property owners (e.g., the rates for special districtsapply only to the proportion of all the District's property owners whose property is located within the geographic boundaries of the special district).

Jurisdiction



DIRECT AND OVERLAPPING PROPERTY TAX RATES (1) (Continued)


- 77 -

Percentage of Percentage of

Total District Total District

Taxable Taxable Taxable Taxable

Assessed Assessed Assessed Assessed

Taxpayer Value Rank Value* Value Rank Value

Executive Towers IL Realty 22,084,890$ 1 0.89% -$ PTA-K 225 21,502,530 2 0.87% 23,701,461 3 0.93%LSREF4 Turtle LLC 21,455,200 3 0.87% 47,313,820 1 1.86%Hamilton Partners 16,847,770 4 0.68% - Bristol Club LP 14,744,770 5 0.60% 14,568,350 5 0.57%Highland Owner LLC 13,182,650 6 0.53% - PBH Prentiss Creek LLC 13,154,960 7 0.53% - Adventus US Realty 9 LP 10,965,600 8 0.44% - MJH Downers Grove LLC 10,921,310 9 0.44% 12,600,000 9 0.49%Lillibridge Healthcare 5,566,460 10 0.22% - Real Estate Advisors - 0.00% 24,127,940 2 0.95%GLL BVK Properties - 0.00% 13,216,790 6 0.52%Bristol Club LP - 0.00% 13,055,960 7 0.51%Wells Reit II/Lincoln - 0.00% 12,923,180 8 0.51%Corridors I & II - 0.00% 14,814,250 4 0.58%Arun Enterprises - 0.00% 12,541,660 10 0.49%

150,426,140$ 3.45% 188,863,411$ 7.41%

Information for 2019 not available at the time the report was printed.

Data Source




Current Year and Ten Years Ago

PRINCIPAL PROPERTY TAX PAYERS

2018* 2009

- 78 -

Collections

Tax Taxes in

Fiscal Levy Extended Percentage Subsequent Percentage

Year Year Tax Levy (1) Amount of Levy Years Amount of Levy

2011 2009 6,728,519$ 6,719,359$ 99.86% 1,198$ 6,720,557$ 99.88%

2012 2010 6,809,655 6,778,523 99.54% 2,682 6,781,205 99.58%

2013 2011 6,800,317 6,783,202 99.75% 1,297 6,784,499 99.77%

2014 2012 7,125,812 7,106,427 99.73% 2 7,106,429 99.73%

2014* 2013 7,310,709 7,294,752 99.78% 85 7,294,837 99.78%

2015 2014 7,474,205 7,444,402 99.60% 5,333 7,449,735 99.67%

2016 2015 7,593,224 7,582,864 99.86% 807 7,583,671 99.87%

2017 2016 7,681,555 7,665,816 99.80% 157 7,665,973 99.80%

2018 2017 7,947,078 7,932,973 99.82% 7,968 7,940,941 99.92%

2019 2018 8,062,188 8,042,179 99.75% N/A 8,042,179 99.75%

(1) Does not include adjustments for errors and abatements of tax extensions.

For the seven months ended December 31, 2014.

N/A - not applicable

Data Source

Office of the County Clerk

Fiscal Year of the Levy Total Collections to Date




PROPERTY TAX LEVIES AND COLLECTIONS

Collected within the

- 79 -

2019 2018 2017 2016 2015 2014 2013 2012 2011 2010

ASSESSED VALUATION N/A 2,476,101,910$ 2,365,201,677$ 2,242,789,906$ 2,095,260,496$ 1,985,238,872$ 1,980,685,324$ 2,075,076,440$ 2,210,047,699$ 2,348,156,863$

TAX RATES

(Cents/$100 Assessed Valuation)

General N/A 0.1742$ 0.1580$ 0.1639$ 0.1778$ 0.1835$ 0.1880$ 0.1623$ 0.1422$ 0.1353$ Recreation N/A 0.0778 0.0818 0.0725 0.0719 0.0800 0.0750 0.0735 0.0676 0.0636Museum N/A 0.0041 0.0106 0.0157 0.0182 0.0167 0.0193 0.0280 0.0263 0.0248Special recreation N/A 0.0205 0.0211 0.0198 0.0199 0.0205 0.0202 0.0183 0.0167 0.0160Liability insurance N/A 0.0093 0.0086 0.0090 0.0085 0.0075 0.0091 0.0087 0.0080 0.0059Illinois Municipal Retirement N/A 0.0110 0.0257 0.0285 0.0316 0.0360 0.0221 0.0200 0.0173 0.0163Audit N/A 0.0006 0.0008 0.0009 0.0010 0.0011 0.0012 0.0010 0.0008 0.0007Debt service N/A 0.0148 0.0155 0.0160 0.0170 0.0179 0.0175 0.0165 0.0153 0.0147FICA N/A 0.0133 0.0139 0.0162 0.0165 0.0133 0.0167 0.0151 0.0135 0.0127

0.0000 0.3256 0.3360 0.3425 0.3624 0.3765 0.3691 0.3434 0.3077 0.2900

TAX EXTENSIONS

General N/A 4,313,370$ 3,737,019$ 3,675,933$ 3,725,373$ 3,642,913$ 3,723,688$ 3,367,849$ 3,142,688$ 3,177,056$ Recreation N/A 1,926,407 1,934,735 1,626,023 1,506,492 1,588,191 1,485,514 1,525,181 1,493,992 1,493,428 Museum N/A 101,520 250,711 352,118 381,338 331,535 382,272 581,021 581,243 582,343 Special recreation N/A 507,601 499,058 444,072 416,957 406,974 400,098 379,739 369,078 375,705 Liability insurance N/A 230,277 203,407 201,851 178,097 148,693 180,242 180,532 176,804 138,541 Illinois Municipal Retirement N/A 272,371 607,857 639,195 662,102 714,666 437,732 415,015 382,338 382,750 Audit N/A 14,857 18,922 20,185 20,953 21,838 23,768 20,751 17,680 16,437 Debt service N/A 366,463 366,606 358,846 356,194 355,358 346,620 342,388 338,137 345,179 FICA N/A 329,322 328,763 363,332 345,718 264,037 330,775 313,336 298,357 298,216

-$ 8,062,188$ 7,947,078$ 7,681,555$ 7,593,224$ 7,474,205$ 7,310,709$ 7,125,812$ 6,800,317$ 6,809,655$

COLLECTIONS 8,042,179$ 7,940,941$ 7,665,973$ 7,583,671$ 7,449,735$ 7,294,837$ 7,106,429$ 6,784,499$ 6,781,205$

PERCENTAGE OF EXTENSIONS COLLECTED 99.75% 99.92% 99.80% 99.87% 99.67% 99.78% 99.73% 99.77% 99.58%



STATISTICAL COMPARISON OF PROPERTY TAXES LEVIED AND COLLECTED



- 80 -

Percentage

Tax General of

Fiscal Levy Obligation Installment Personal Per

Year Year Bonds Contracts Total Income (1) Capita (1)

2011 2009 14,367,852$ -$ 14,367,852$ 0.71% 300.38

2012 2010 13,639,116 - 13,639,116 0.67% 283.19

2013 2011 12,927,154 - 12,927,154 0.62% 261.69

2014 2012 12,125,787 - 12,125,787 0.58% 244.13

2014* 2013 11,304,420 161,050 11,465,470 0.55% 230.83

2015 2014 15,268,675 82,120 15,350,795 0.73% 308.78

2016 2015 14,348,355 - 14,348,355 0.69% 289.84

2017 2016 13,408,036 - 13,408,036 0.61% 270.57

2018 2017 12,442,716 - 12,442,716 0.55% 250.61

2019 2018 11,442,395 - 11,442,395 0.51% 231.69


Note: Details regarding the District's outstanding debt can be found in the notes to financial statements.


(1) See the Schedule of Demographic and Economic Statistics for personal income and population data.



RATIOS OF OUTSTANDING DEBT BY TYPE

Governmental Activities

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Percentage of

Less: Amounts Total Taxable

Tax General Available in Assessed

Fiscal Levy Obligation Debt Service Value of Per

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

2011 2009 14,367,852$ 693,946$ 13,673,906$ 0.18% 285.87$

2012 2010 13,639,116 669,500 12,969,616 0.18% 269.29

2013 2011 12,927,154 62,516 12,864,638 0.19% 260.42

2014 2012 12,125,787 34,630 12,091,157 0.19% 243.43

2014* 2013 11,304,420 274,647 11,029,773 0.19% 222.06

2015 2014 15,268,675 719,762 14,548,913 0.24% 292.65

2016 2015 14,348,355 1,166,291 13,182,064 0.21% 266.28

2017 2016 13,408,036 1,031,012 12,377,024 0.18% 249.76

2018 2017 12,442,716 919,299 11,523,417 0.16% 232.10

2019 2018 11,442,395 934,340 10,508,055 0.14% 212.77

(2) See the Schedule of Demographic and Economic Statistics for population data.


Note: Details regarding the District's outstanding debt can be found in the notes to the financial statements.

RATIOS OF GENERAL BONDED DEBT OUTSTANDING

(1) See the Schedule of Assessed Value and Estimated Actual Value of Taxable Property for property valuedata.




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Percentage of

Debt District's

Applicable Share of

Governmental Unit Gross Debt to District (1) Debt

Direct Debt - Downers Grove Park District 11,442$ 100.00% 11,442$

Village of Downers GroveVillage of Downers Grove 37,476 96.54% 36,179Village of Downers Grove TIF 13,450 100.00% 13,450Village of Downers Grove Library - 96.54% -

CountyCounty of DuPage 186,445 6.19% 11,541Forest Preserve District of DuPage County 127,639 6.19% 7,901College of DuPage 502 246,540 6.40% 15,779

School DistrictsGrade School District 44 9,700 3.07% 298Grade School District 58 12,150 79.61% 9,673Grade School District 61 4,230 12.20% 516Grade School District 66 14,405 4.39% 632Grade School District 89 11,105 0.01% 1High School District 87 62,970 0.65% 409High School District 99 24,273 51.99% 12,620Unit School District 201 11,665 0.56% 65Unit School District 202 1,285 5.37% 69

OtherCity of Darien 6,195 0.71% 44Village of Woodridge 14,710 0.08% 12Darien-Woodridge Fire Protection District 4,880 1.91% 93

Total Overlapping Debt 789,118 109,282

TOTAL DIRECT AND OVERLAPPING DEBT 800,560$ 120,724$

*Information as of December 31, 2019 was not available at the time the report was printed.

Data Sources

DuPage County Clerk's Office and local taxing units

Note: Overlapping governments are those that coincide, at least in part with the geographic boundaries of the District. This scheduleestimates the portion of the outstanding debt of those overlapping governments that is borne by the residents and businesses of theDistrict. This process recognizes that, when considering the District's ability to issue and repay long-term debt, the entire debt burdenborne by the residents and businesses should be taken into account. However, this does not imply that every taxpayer is a residentand, therefore, responsible for repaying the debt of each overlapping government.

(1) The percentage of overlapping debt applicable is estimated using taxable assessed property values. Applicable percentages areestimated by determining the portion of the District's taxable assessed value that is within the government's boundaries and dividingit by the District's total taxable assessed value.


SCHEDULE OF DIRECT AND OVERLAPPING GOVERNMENTAL ACTIVITIES DEBT (in thousands)

December 31, 2018 (Unaudited)*


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Beginning Ending

Fiscal Fund Total Total Fund

Year Balance Revenues Expenditures Balance Principal Interest Coverage

2013 653,083$ 613$ (653,696)$ -$ * * -$ 2014 - - - - * * - 2014* - - - - * * - 2015 - - - - * * - 2016 - - - - * * - 2017 - - - - * * - 2018 - - - - * * - 2019 - - - - * * -

Beginning Ending



2013 266,275$ 791$ -$ 267,066$ 125,000$ 88,483$ 1$ 2014 267,066 591 - 267,657 130,000 83,918 1.25

2014** 267,657 443 - 268,100 135,000 79,174 1.25 2015*** 268,100 484 (268,584) - 1,955,000 34,030 1.25

2016 - - - - *** *** - 2017 - - - - *** *** - 2018 - - - - *** *** - 2019 - - - - *** *** -

Beginning Ending



2015 -$ 292,710$ -$ 292,710$ 25,000$ 45,329$ 1.25$ 2016 292,710 1,739 - 294,449 180,000 103,488 1.25 2017 294,449 2,479 - 296,928 275,000 99,888 1.25 2018 296,928 - - 296,928 275,000 94,388 1.25 2019 296,928 - - 296,928 290,000 88,888 1.25

The 2013A bonds were issued in 2013 to refinance the 2004B bonds.


The 2015A bonds were issued in 2015 to refinance the 2006 bonds.


PLEDGED-REVENUE COVERAGE

Last Eight Fiscal Years

Restricted Bond and Interest Fund

Restricted Bond & Interest Fund

Series 2004B

Debt Service

Series 2004B


Series 2006

Note: Details regarding the District's outstanding debt can be found in the notes to financial statements. Revenues include investmentearnings and transfers from other funds. Expenditures include transfers to other funds. No outstanding debt prior to the fiscal year endedMay 31, 2004 required a restricted bond and interest fund and the bonds issued in 2008, 2010 and 2013 do not require a restricted bondand interest fund.

Series 2015A

Debt Service

Series 2006

Restricted Bond and Interest Fund

Series 2015A

Debt Service

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2011 2012 2013 2014 2014* 2015 2016 2017 2018 2019

Debt limit with referendum debt 67,509,510$ 63,538,871$ 59,658,448$ 56,944,703$ 57,075,618$ 60,238,739$ 64,480,204$ 67,999,548$ 71,187,930$ 71,187,930$

Total debt applicable to limit 6,000,000 5,855,000 5,705,000 5,550,000 5,395,000 9,620,000 9,015,000 9,090,000 8,900,000 -

Legal debt margin 61,509,510$ 57,683,871$ 53,953,448$ 51,394,703$ 51,680,618$ 50,618,739$ 55,465,204$ 58,909,548$ 62,287,930$ N/A

Total net debt applicable to the limit as a percentage of debt limit 8.89% 9.21% 9.56% 9.75% 9.45% 15.97% 13.98% 13.37% 12.50% N/A

Debt limit with nonreferendum debt 13,501,902$ 12,707,774$ 11,931,690$ 11,388,941$ 11,415,124$ 12,047,748$ 12,896,041$ 13,599,910$ 14,237,586$ 14,237,586$

Total debt applicable to limit 6,000,000 5,855,000 5,705,000 5,550,000 5,395,000 9,620,000 9,015,000 9,090,000 8,900,000 -

LEGAL DEBT MARGIN 7,501,902$ 6,852,774$ 6,226,690$ 5,838,941$ 6,020,124$ 2,427,748$ 3,881,041$ 4,509,910$ 5,337,586$ N/A

Total net debt applicable to thelimit as a percentage of debt limit 44.44% 46.07% 47.81% 48.73% 47.26% 79.85% 69.91% 66.84% 62.51% N/A

N/A - not available

For the seven months ended December 31, 2014. Legal Debt

Margin for

Data Source Nonreferendum Legal Debt

Debt Margin

Audited Financial StatementsEqualized assessed valuation 2018 tax year 2,476,101,910$ 2,476,101,910$

Statutory debt percentage of assessed value 0.575% 2.875%

Statutory debt limitation 14,237,586 71,187,930

Total debt applicable to limitation General Obligation Bonds 8,900,000 8,900,000

LEGAL DEBT MARGIN 5,337,586$ 62,287,930$

Legal Debt Margin Calculation for Fiscal Year 2018


SCHEDULE OF LEGAL DEBT MARGIN



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Estimated

Personal (1)

Income Per

(Amounts Capita (1) (2) (3) (3)

Fiscal (1) Expressed Personal Median School Labor Unemployment

Year Population in Thousands) Income Age Enrollment Force Rate

2011 47,833 2,010,038$ 42,022$ 42.6 13,250 26,833 7.4%

2012 48,163 2,023,906 42,022 42.6 13,250 26,789 6.8%

2013 49,399 2,075,845 42,022 42.6 12,610 27,165 7.0%

2014 49,670 2,087,233 42,022 42.6 12,377 27,425 5.5%

2014* 49,670 2,087,233 42,022 42.6 12,377 27,250 3.7%

2015 49,715 2,089,124 42,022 42.6 12,670 27,287 4.0%

2016 49,504 2,080,257 42,022 42.6 12,187 27,221 3.9%

2017 49,555 2,195,386 44,302 42.6 12,799 27,363 3.6%

2018 49,649 2,275,463 45,831 42.6 12,873 27,062 2.6%

2019 49,387 2,263,456 45,831 43.1 12,746 26,749 1.8%


Data Sources

(1) The U.S. Census Bureau

(3) Illinois Department of Employment Security

(2) Annual school census by the Illinois Board of Education or the National Center for Education Statistics for public and nonpublicschools prior to Fiscal Year 2011. Using 2010 census data in FY 2011.



DEMOGRAPHIC AND ECONOMIC STATISTICS


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Percentage Percentage

of Total of Total

Village Village

Employer Employees Rank Employment Employees Rank Employment

Advocate Good Samaritan Hospital 2,500 1 5.06% 2,700 1 5.44%GCA Services 1,500 2 3.04% 1,500 2 3.02%University Subscription Services 1,050 3 2.13% 1,050 3 2.11%Midwestern University 1,000 4 2.02% 1,000 4 2.01%First Health Group Corp. 800 5 1.62% 600 7 1.21%Ambitech Engineering Group 700 6 1.42% 500 8 1.01%Invesco 600 7 1.21%FTD Inc. 500 8 1.01% 500 8 1.01%Advocate Healthcare 450 9 0.91% 420 9 0.85%SAP America Inc. 425 10 0.86%DeVry Inc. 850 5 1.71%Acxiom/May & Speh Inc. 700 6 1.41%State Farm 600 7 1.21%HMOS of Blue Cross Blue Shiled of IL 420 9 0.85%Dover Corporation 400 10 0.81%

9,525 19.29% 11,240 22.65%

Data Sources

Village Community Development Department Records and U.S. Census Bureau.


2019 2014

PRINCIPAL EMPLOYERS

Current Year and Five Years Ago


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2011 2012 2013 2014 2014* 2015 2016 2017 2018 2019

GENERAL GOVERNMENT

Administration 11.6 11.4 11.2 11.0 13.5 11.5 10.0 10.0 9.0 12.5 Parks 24.6 26.8 22.6 22.9 25.6 24.5 23.8 24.4 27.0 31.9

CULTURE AND RECREATION

Recreation 50.6 53.3 55.1 54.0 55.1 57.6 58.5 62.0 54.6 46.7 Museum operations 6.0 6.0 6.0 6.1 6.0 6.0 6.1 6.0 6.1 5.9 Golf course 10.9 10.9 10.6 10.0 14.0 10.9 11.0 10.6 10.5 9.0

TOTAL 103.7 108.4 105.5 104.0 114.2 110.5 109.4 113.0 107.2 106.0


Data Source

District records


FULL-TIME EQUIVALENT GOVERNMENT EMPLOYEES BY FUNCTION



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2011 2012 2013 2014 2014* 2015 2016 2017 2018 2019

ADMINISTRATION

Online registration 5,587 5,750 6,316 6,385 3,946 6,955 7,736 7,623 8,190 8,877 Criminal background checks 227 270 277 270 187 377 199 224 245 274 Office volunteer hours 49 151 25 - - - - - - - Adopt-A-Park volunteer hours 411 54 - - - - - - - - Park volunteer hours 103 440 52 361 240 480 375 350 230 230

RECREATION

Recreation participants 47,902 47,200 49,635 55,685 30,784 54,079 56,318 56,608 56,912 57,313 Fitness and exercise participants 182,873 177,544 175,926 177,500 95,184 191,702 166,256 160,272 173,398 222,945 Miniature golf rounds 8,500 8,731 6,688 9,170 9,439 9,186 8,422 9,248 9,422 9,077 Recreation volunteer hours 5,752 8,130 7,277 5,598 1,168 1,161 1,100 1,419 553 1,345

MUSEUM OPERATION

MuseumMuseum visitors 2,005 2,778 1,071 394 1,243 1,372 1,453 1,649 1,813 1,874 Participants in special programs 2,385 1,445 1,055 742 866 1,457 1,086 583 1,167 1,060 Volunteer hours at the museum 2,570 2,230 1,956 1,686 1,483 1,884 1,889 1,783 1,219 936

Natural areasTotal program attendance 3,570 3,890 3,950 4,618 3,760 3,360 6,729 7,348 8,446 3,492 Total volunteer hours 1,377 1,270 1,276 1,696 734 1,746 2,320 2,458 2,147 1,859

GOLF COURSE

Golf rounds 44,274 37,781 38,521 35,898 27,605 36,541 35,206 34,705 29,371 32,155 Driving range (buckets) 17,586 15,328 15,092 15,713 15,602 21,667 18,194 18,262 18,079 24,608 Golf course volunteer hours 308 140 275 314 256 203 236 230 224 -

SWIMMING POOL

Swimming lessons 372 324 315 244 235 238 268 201 - -


Note: A complete monitoring of all volunteer activities was begun in FY2008-09. Volunteer data for the Active Adult Center, Coaching Events and KidZone Babysitting is collected.

Data Source

District departments


OPERATING INDICATORS BY FUNCTION



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2011 2012 2013 2014 2014* 2015 2016 2017 2018 2019

GENERAL GOVERNMENT

Administration/maintenance building 1 1 1 1 1 1 1 1 1 1 Maintenance buildings 2 2 2 2 2 2 2 2 2 2

RECREATION

Parks acreage 511.86 511.86 511.86 512.86 512.91 527.71 525.20 525.70 526.20 526.20 Parks 49 49 49 49 49 49 48 48 48 48 Park shelters 8 8 8 8 8 8 9 9 9 9 Play equipment 24 24 24 24 24 24 24 24 24 24 Outdoor fitness equipment - 1.00 1.00 1 1 1 1 1 1 1 Tennis courts 17 17 17 17 17 16 16 16 16 16 Pickleball courts - - - - - 2.00 2 2 2 2 Community centers 2 2 2 2 2 2 2 2 2 2 Miniature golf course 1 1 1 1 1 1 1 1 1 1 Concession facilities 2 2 2 2 2 3 3 3 3 3 Restroom facilities 7 8 8 8 8 8 8 8 8 8

MUSEUM OPERATIONS

MuseumMuseums 1 1 1 1 1 1 1 1 1 1 Museum buildings 2 3 3 3 3 3 3 3 3 3

Natural areasInterpretive center 1 1 1 1 1 1 1 1 1 1 Nature trails 2 2 2 2 2 2 2 2 2 2

GOLF COURSE

Golf course holes 9 9 9 9 9 9 9 9 9 9 Golf course acreage 90 90 90 90 90 90 90 90 90 90 Clubhouse 1 1 1 1 1 1 1 1 1 1 Maintenance building 1 1 1 1 1 1 1 1 1 1

SWIMMING POOL

Indoor swimming facilities - - - - - - - - - -


Data Source

Various district departments


CAPITAL ASSET STATISTICS BY FUNCTION



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Documents

COMPREHENSIVE ANNUAL FINANCIAL REPORT · 2020-05-22 · KEVIN ROZELL Maintenance I TED BURICH Superintendent of Planning PAUL FYLE Landscape Architect JAMES LESS JOSHUA JUNGER Parks