CARY PARK DISTRICT, ILLINOIS COMPREHENSIVE ANNUAL FINANCIAL
REPORT
FOR THE FISCAL YEAR ENDED APRIL 30, 2019
CARY PARK DISTRICT, ILLINOIS
COMPREHENSIVE ANNUAL FINANCIAL REPORT
FOR THE FISCAL YEAR ENDED APRIL 30, 2019
Daniel C. Jones Executive Director
Vicki A. Krueger
Director of Finance and Administration
Prepared by: Finance and Administration Department
CARY PARK DISTRICT, ILLINOIS
TABLE OF CONTENTS
1
2
Transmittal Letter 3 - 8
9
INDEPENDENT AUDITORS' REPORT 10 - 11
MANAGEMENT’S DISCUSSION AND ANALYSIS 12 - 21
BASIC FINANCIAL STATEMENTS
Government-Wide Financial Statements
Statement of Net Position 22 - 23
Statement of Activities 24 - 25
Fund Financial Statements
Balance Sheet – Governmental Funds 26
Reconciliation of Total Governmental Fund Balance to the
Statement of Net Position – Governmental Activities 27
Statement of Revenues, Expenditures and Changes in
Fund Balances – Governmental Funds 28
Reconciliation of the Statement of Revenues, Expenditures and Changes in
Fund Balances to the Statement of Activities – Governmental Activities 29
Statement of Revenues, Expenditures and Changes in Fund Balance – Budget and Actual
General Fund 30
Statement of Net Position – Proprietary Fund 31
Statement of Revenues, Expenses, and Changes in Net Position – Proprietary Fund 32
Statement of Cash Flows – Proprietary Fund 33
Notes to Financial Statements 34 - 69
PAGE
INTRODUCTORY SECTION
Principal Officials
Organizational Chart
Certificate of Achievement for Excellence in Financial Reporting
FINANCIAL SECTION
CARY PARK DISTRICT, ILLINOIS
TABLE OF CONTENTS
REQUIRED SUPPLEMENTARY INFORMATION
Schedule of Employer Contributions
Illinois Municipal Retirement Fund 70
Schedule of Changes in the Employer’s Net Pension Liability
Illinois Municipal Retirement Fund 71 - 72
Schedule of Changes in the Employer's Total OPEB Liability
Retiree Benefit Plan 73
OTHER SUPPLEMENTARY INFORMATION
Schedule of Revenues, Expenditures and Changes in Fund Balance – Budget and Actual
Debt Service Fund 74
Combining Balance Sheet – Nonmajor Governmental Funds 75 - 76
Combining Statement of Revenues, Expenditures and Changes in Fund Balances
Nonmajor Governmental Funds 77 - 78
Schedule of Revenues, Expenditures and Changes in Fund Balance – Budget and Actual
Illinois Municipal Retirement(IMRF)/Social Security – Special Revenue Fund 79
Liability Insurance – Special Revenue Fund 80
Audit – Special Revenue Fund 81
Special Recreation – Special Revenue Fund 82
Paving and Lighting – Special Revenue Fund 83
Schedule of Revenues, Expenses and Changes in Net Position – Budget and Actual
Foxford Hills Golf Course – Enterprise Fund 84
Consolidated Year-End Financial Report 85
SUPPLEMENTAL SCHEDULES
Long-Term Debt Requirements
General Obligation Alternate Revenue Source Bonds Series 2013A 86
General Obligation Alternate Revenue Source Bonds Series 2018A 87
General Obligation Limited Tax Park Bonds Series 2018B 88
Debt Certificates Series 2017 89
PAGE
FINANCIAL SECTION – Continued
CARY PARK DISTRICT, ILLINOIS
TABLE OF CONTENTS
Net Position by Component – Last Ten Fiscal Years 90 - 91
Changes in Net Position – Last Ten Fiscal Years 92 - 93
Fund Balances of Governmental Funds – Last Ten Fiscal Years 94 - 95
Changes in Fund Balances of Governmental Funds – Last Ten Fiscal Years 96 - 97
Assessed Value and Actual Value of Taxable Property – Last Ten Tax Levy Years 98 - 99
Direct and Overlapping Property Tax Rates – Last Ten Tax Levy Years 100 - 101
Principal Property Tax Payers – Current Levy Year and Nine Levy Years Ago 102
Property Tax Extensions and Collections – Last Ten Fiscal Years 103
Ratios of Outstanding Debt by Type – Last Ten Fiscal Years 104 - 105
Ratios of General Bonded Debt Outstanding – Last Ten Fiscal Years 106
Schedule of Direct and Overlapping Governmental Actvities Debt 107
Legal Debt Margin – Last Ten Fiscal Years 108 - 109
Demographic and Economic Statistics – Last Ten Fiscal Years 110
Principal Employers – Current Fiscal Year and Nine Fiscal Years Ago 111
Full-Time Equivalent District Employees by Function – Last Ten Fiscal Years 112 - 113
Operating Indicators by Function/Program – Last Ten Fiscal Years 114 - 115
Capital Asset Statistics by Function/Program – Last Ten Fiscal Years 116 - 117
PAGE
STATISTICAL SECTION (Unaudited)
INTRODUCTORY SECTION
This section includes:
• Principal Officials
• Organizational Chart
• Transmittal Letter
• Certificate of Achievement for Excellence in Financial Reporting
CARY PARK DISTRICT, ILLINOIS Principal Officials April 30, 2019
BOARD OF COMMISSIONERS
Michael Renner, President Keith Frangiamore, Vice President Erin Hauck, Commissioner Josh Howell, Commissioner Philip Stanko, Commissioner
PARK DISTRICT STAFF
Daniel Jones, Secretary/Executive Director
Vicki Krueger, Treasurer/Director of Finance and Administration
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The Cary Park District provides for recreation, parks and open space opportunities. The Park District has 47 parks and open space sites totaling 863 acres. The Park District operates a Community Center with outdoor swimming, diving and children’s pools, fitness equipment and programming/meeting rooms including kitchen facilities. Outdoor facilities include playgrounds, athletic fields, tennis courts, an 18-hole disc golf course and a 6-hole “short course”, picnic facilities, a dog park, a skate park, a prairie nature preserve, trails, and an outdoor amphitheater for concerts and movies. The Park District owns and, through contracted management, operates an 18-hole golf course and lighted driving range. The Park District also operates a senior center, preschool and before and after school programs. The Board of Commissioners is required to pass a Combined Annual Budget and Appropriation of Funds Ordinance before or within the first quarter of that budget’s fiscal year. This annual budget serves as the foundation for the Cary Park District’s financial planning and control. The budget is prepared by fund, department/program area, and object. Expenditures may not legally exceed appropriations, including Board approved appropriation transfers, at the object category level. All appropriations lapse at fiscal year- end. Local Economy The Cary Park District is located in a substantially residential area with limited commercial and industrial development. Residential real estate taxes continue to account for approximately 87% of the total property tax collected. The local economy is showing signs of recovery. For the fourth year in a row, since 2008, the total taxable assessed value for the District increased. The increase in the total taxable assessed value for the District in tax year 2018 is $34,895,639 or 6.01% more than tax year 2017. As a result, the District’s tax rate decreased by .0252 to .7797 per $100 of Assessed Value in tax year 2018. The District’s tax collections continue to remain high at 99.96% of taxes extended. As demographic information is not available specifically to the Cary Park District, the following demographic information is for the Village of Cary which comprises approximately 80% of the Park District’s land area and equalized assessed valuation. According to the US Census Bureau, American Factfinder, the Village of Cary had a median household income of $98,529. This compares to $82,230 for McHenry County and $61,229 for the State of Illinois. Long-term Financial Planning The Board of Commissioners adopted the 2016 Comprehensive Master Plan Update (CMP) at a special meeting held on September 8th, 2016. The previous CMP was approved in 2006. On April 12, 2018, the Board of Commissioners approved a 2018 CMP Action Plan update. This document updated the five year strategic plan within the ten year vision and is intended to be a tool to guide the Park District in its decision making thru FY 25/26.
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Additionally, on March 28, 2019, the Board accepted the 2019 Indoor Recreation & Outdoor Aquatic Feasibility Study. The District updated the 10 Year Capital Financial Projection and presented the updated projection to the Board of Commissioners during the budget process. Relevant Financial Policies The Park District places a high priority on maintaining what it currently owns. The capital equipment replacement fund (CERF) provides the financial plan to provide for timely replacement of equipment, including mechanical equipment and building components. A ten year estimated replacement schedule is used with monies budgeted annually from available revenues for placement into this fund. In order to aid in the accumulation of funding for capital projects, the Park District policy provides for investment interest received in certain operating funds to be set aside for future capital needs. The District has also established policies for minimum fund balance requirements for both the Corporate Fund and the Recreation Fund. Both Funds are part of the General Fund. These amounts are determined annually during the budget process and are based on three months of next year’s budgeted operating expenditures. Major Initiatives The District’s CMP is the working master plan document for the District going forward and can be found on the District’s website; www.carypark.com. Chapter four is the Action Plan which outlines the highest priority strategies into a five-year action plan. The CMP 2018 Action Plan has been updated, as stated above, to allow for an analysis in FY 18/19 of an indoor recreation center and/or an outdoor aquatic facility. The Action Plan designates when strategies will occur, how to accomplish them, and the leadership in charge of implementing each initiative. For the Year. Walnut Hollow Disc Golf Course Walnut Hollow Disc Golf Course opened in August 2018. This new course traverses some of the best landscapes at Hoffman Park and is designed to be enjoyed by players of all ages. Walnut Hollow has an 18-hole course and 6-hole family course over 36 acres of land. Multi Use Trail/ITEP Grant On May 11, 2018, the Cary Park District received a $1,104,000 Illinois Transportation Enhancement Project (ITEP) Grant from the Illinois Department of Transportation to construct a 1.4 mi. trail at Hoffman Park. In the summer of 2018, the Park District received a donation of $300,000 to be used towards a multi-use trail, Phase II & III Engineering at Hoffman Park. Together, these funds will be used to fund the trail extension to connect
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the existing 2.1 miles of trail at Hoffman Park and provide for a continuous loop throughout
the park, as well as, connections to the Meyer-Lafarge gravel pit which is in its final stages
of restoration and the Route 31 trail. Once constructed, the Park District will manage over
8 miles of trail throughout the community which link many local residents to parks,
neighborhoods, natural areas and several Cary community resources. The trail is expected
to be constructed in 2020.
Kaper Park & Lions Park Revitalization Projects
In the summer of 2018, construction begun at both Lion’s & Kaper Park. Improvements
to Kaper Park include the replacement of Timbertown with a new playground area,
restrooms and storage building, splash pad, and a new walkway from the parking lot to the
playground. Improvements to Lions Park include ballfield renovations, lacrosse and
football field improvements, a refurbished plaza with picnic shelter, benches, spectator
bleachers, and the renovation and expansion of restrooms and concession building.
Hampton Park
Construction at Hampton Park was completed in November 2018. The park’s upgrades
include a new play structure, benches, accessible picnic table, and a concrete path to
improve the site and play area accessibility. Hampton Park is the fifth playground
replacement since 2014.
Sands Main Street Prairie Advancement Plan
In June 2018, the Board of commissioners approved a comprehensive six year action plan
for the Sands Main Street Prairie Site. The first tasks to be completed are a Phase I
archeological survey of the remnant prairie located on the western portion of the site, and
a prioritized vegetation management and enhancement plan to assist staff with invasive
plant control and also to increase plant diversification through the entire prairie.
Thor Guard Lightning Prediction System
In November 2018, installation was completed on the Thor Guard lightening prediction
system. Audible horns are located throughout the Park District. The system helps alert
park users to hazardous weather conditions throughout the District.
For the Future
Kaper Park & Lions Park Revitalization Project
Kaper and Lion’s Park received renovations beginning in the summer of 2018. Kaper Park
opened to the public on June 21st and Lions Park opened to the public on May 21st. The
revitalization effort at both parks added new and modernized features to improve the
experience of visitors at each location.
Multi Use Trails – Phase 2 Engineering, begin Phase 3 Engineering and Construction
ITEP IDOT engineering agreement approval is expected in the fall of 2019. Topo and geo-
tech data collection and trail design are expected to occur in late fall 2019 and State bidding
of the trail project during spring 2020. Construction would then follow during summer/fall
2020.
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Preschool
While the current preschool facilities have served the community well for almost 30 years,
the facility has reached the end of its useful life. Anticipating this, over the past several
years, the board of Commissioners and staff have been evaluating other options to locate
the program. When a preschool and an early childhood programming facility became
available for purchase, staff and the Board of Commissioners felt that this facility would
be a great opportunity to meet the needs of both the Park District and the community. On
August 16th, 2019 the Park District purchased the property at 100 Cary Algonquin Road as
the future site of the Cary Park District Preschool program. The building is 5,600 square
feet, and includes 5 classrooms, office and workspace, a kitchen, storage, restrooms,
parking lot, and a fenced in play yard. The increase of classrooms and space will allow for
more enrollment opportunities with the Preschool program, the expansion of Sunshine
Camp and an alternative location to host Park District programs.
Sands Main Street Prairie Advancement Plan
In year two of the action plan for the Sands Main Street Prairie Site, the following items
will be addressed:
• Continuation of best practice maintenance tasks such as controlled burns, brush
mowing, dormant seeding, and invasive species control.
• Grant research
• Phase I archeological survey
• Re-establishment of a volunteer stewardship program
• Identification, documentation and prioritized enhancement plan of plant species
native to the site
Playground Replacement
As a matter of good practice the District reviews playground structures for replacement
once they reach 25 years in age. The District plans to complete the planning and design
for Brittany, Knotty Pines, and Fox Trails Parks in the upcoming year. Playground
equipment replacement, accessibility and amenity improvements will be planned for these
parks. Projects will be bid in spring/summer 2020 and completed in fall 2020.
Awards & Acknowledgements
The Cary Park District earned the Distinguished Accredited Agency Award presented by
the Illinois Association of Park Districts and the Illinois Park and Recreation Association
in 2018. The Cary Park District has held this designation since 2000 and is a four time
recipient of this honor. This award is the highest accreditation possible in the state of
Illinois for a park and recreation agency. The goal of this accreditation program is to
improve the delivery of recreation services through an extensive and detailed review in six
categories including General Management, Finance and Business Operations, Facilities
and Parks, Personnel, Recreation Services, and Legal. Prior to this award, the Park District
had been recognized as an Illinois Distinguished Park and Recreation Agency.
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The Government Finance Officers Association of the United States and Canada (GFOA)
awarded a Certificate of Achievement for Excellence in Financial Reporting to the Cary
Park District for its comprehensive annual financial report (CAFR) for the fiscal year ended
April 30, 2018. This was the thirteenth consecutive year that the Park District has applied
for and received this prestigious award. In order to be awarded a Certificate of
Achievement, a government must publish an easily readable and efficiently organized
comprehensive annual financial report. This report must satisfy both generally accepted
accounting principles and applicable legal requirements.
A Certificate of Achievement is valid for a period of one year only. We believe that our
current comprehensive annual financial report continues to meet the Certificate of
Achievement Program’s requirements and we are submitting it to the GFOA to determine
its eligibility for another certificate.
During the year, the Executive Director, Deputy Director and the Superintendent of
Recreation renewed their CPRP certifications.
The preparation of this report would not have been possible without the efficient and
dedicated service of the entire staff of the Finance and Administration Department. We
wish to express our appreciation to all members of the Department who assisted and
contributed to the preparation of this report. Credit also must be given to the Board of
Commissioners for their unfailing support for maintaining the highest standards of
professionalism in the management of the Cary Park District’s finances.
Respectfully submitted,
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GBGovernment Finance Officers Association
Certificate ofAchievementfor Excellence
in FinancialReporting
Presented to
Cary Park DistrictIllinois
For its Comprehensive AnnualFinancial Report
for the Fiscal Year Ended
April 30, 2018
Executive Director/CEO
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FINANCIAL SECTION
This section includes:
Independent Auditors’ Report
Management’s Discussion and Analysis
Basic Financial Statements
Required Supplementary Information
Other Supplementary Information
Supplemental Schedules
INDEPENDENT AUDITORS’ REPORT
This section includes the opinion of the District’s independent auditing firm.
INDEPENDENT AUDITORS' REPORT
August 27, 2019
Members of the Board of Commissioners
Cary Park District, Illinois
We have audited the accompanying financial statements of the governmental activities, the business-type
activities, each major fund, and the aggregate remaining fund information of the Cary Park District,
Illinois, as of and for the year ended April 30, 2019, and the statement of revenues, expenditures and
changes in fund balance – budget and actual for the General Fund, and the related notes to the financial
statements, which collectively comprise the District’s basic financial statements as listed in the table of
contents.
Management’s Responsibility for the Financial Statements
Management is responsible for the preparation and fair presentation of these financial statements in
accordance with accounting principles generally accepted in the United States of America; this includes
the design, implementation, and maintenance of internal control relevant to the preparation and fair
presentation of financial statements that are free from material misstatement, whether due to fraud or error.
Auditor’s Responsibility
Our responsibility is to express opinions on these financial statements based on our audit. We conducted
our audit in accordance with auditing standards generally accepted in the United States of America. Those
standards require that we plan and perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in
the financial statements. The procedures selected depend on the auditor’s judgment, including the
assessment of the risks of material misstatement of the financial statements, whether due to fraud or error.
In making those risk assessments, the auditor considers internal control relevant to the District’s
preparation and fair presentation of the financial statements in order to design audit procedures that are
appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of
the District’s internal control. Accordingly, we express no such opinion. An audit also includes evaluating
the appropriateness of accounting policies used and the reasonableness of significant accounting estimates
made by management, as well as evaluating the overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for
our audit opinions.
Opinions
In our opinion, the financial statements referred to above present fairly, in all material respects, the
respective financial position of the governmental activities, the business-type activities, each major fund,
and the aggregate remaining fund information of the Cary Park District, Illinois, as of April 30, 2019, and
the respective changes in financial position and, where applicable, cash flows thereof and the respective
budgetary comparison for the General Fund for the year then ended in accordance with accounting
principles generally accepted in the United States of America.
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Cary Park District, Illinois
August 27, 2019
Page 2
Other Matters
Required Supplementary Information
Accounting principles generally accepted in the United States of America require that the management’s
discussion and analysis as listed in the table of contents and budgetary information reported in the required
supplementary information as listed in the table of contents, be presented to supplement the basic financial
statements. Such information, although not a part of the basic financial statements, is required by the
Governmental Accounting Standards Board, who considers it to be an essential part of financial reporting
for placing the basic financial statements in an appropriate operational, economic, or historical context. We
have applied certain limited procedures to the required supplementary information in accordance with
auditing standards generally accepted in the United States of America, which consisted of inquiries of
management about the methods of preparing the information and comparing the information for consistency
with management’s responses to our inquiries, the basic financial statements, and other knowledge we
obtained during our audit of the basic financial statements. We do not express an opinion or provide any
assurance on the information because the limited procedures do not provide us with sufficient evidence to
express an opinion or provide any assurance.
Other Information
Our audit was conducted for the purpose of forming opinions on the financial statements that collectively
comprise the Cary Park District, Illinois’ basic financial statements. The introductory section, combining
and individual fund financial statements and budgetary comparison schedules, supplemental schedules, and
statistical section are presented for purposes of additional analysis and are not a required part of the basic
financial statements.
The combining and individual fund financial statements and budgetary comparison schedules and
supplemental schedules are the responsibility of management and were derived from and relate directly to
the underlying accounting and other records used to prepare the basic financial statements. Such information
has been subjected to the auditing procedures applied in the audit of the basic financial statements and
certain additional procedures, including comparing and reconciling such information directly to the
underlying accounting and other records used to prepare the basic financial statements or to the basic
financial statements themselves, and other additional procedures in accordance with auditing standards
generally accepted in the United States of America. In our opinion, the combining and individual fund
financial statements and budgetary comparison schedules and supplemental schedules are fairly stated, in
all material respects, in relation to the basic financial statements as a whole.
The introductory and statistical sections have not been subjected to the auditing procedures applied in the
audit of the basic financial statements and, accordingly, we do not express an opinion or provide any
assurance on them.
Lauterbach & Amen, LLP LAUTERBACH & AMEN, LLP
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MANAGEMENT’S DISCUSSION AND ANALYSIS
Cary Park District Management’s Discussion and Analysis
April 30, 2019
As management of the Cary Park District (District), we offer readers of the District’s financial statements this narrative overview and analysis of its financial activities for the fiscal year ended April 30, 2019. We encourage readers to consider the information presented here in conjunction with additional information that we have furnished in our letter of transmittal, which can be found on pages 3 - 8 of this report. Financial Highlights
• The District’s beginning net position for governmental activities for FY 18/19 was restated due to the implementation of GASB Statement No. 75; Accounting and Financial Reporting for Post-Employment Benefits Other Than Pensions. The District’s beginning net position, governmental activities for FY 18/19 was restated as $29,159,311 for a decrease of $98,971 or .34%. The District’s net position continued to increase in the current year. At $29,982,348, net position is $823,037 or 2.8% higher than the prior year.
• Governmental fund balances also grew during the year to $4,792,510, a $954,000 or 24.9% increase.
• Collection of current property taxes at 99.96% remains at a level consistent with prior years. With an allowed CPI increase of 2.1% for tax capped funds, the District collected $4,669,286 for the current year, an increase of $115,825.
Overview of the Financial Statements Management’s Discussion and Analysis introduces the District’s basic financial statements. The basic financial statements include: (1) government-wide financial statements; (2) fund financial statements, and (3) notes to the financial statements. The District also includes in this report additional information to supplement the basic financial statements. Government-wide Financial Statements The District’s annual report includes two government-wide financial statements. These statements provide both long-term and short-term information about the District’s overall status. Financial reporting at this level uses a perspective similar to that found in the private sector with its basis in full accrual accounting and elimination of internal transactions. The first of these government-wide statements is the Statement of Net Position. This statement presents information that includes all of the District’s assets and deferred outflows of resources as compared to the District’s liabilities and deferred inflows of resources. The difference is reported as net position. Over time, increases or decreases in net position may serve as a useful indicator of whether the financial condition of the District as a whole is improving or deteriorating. The second government-wide statement is the Statement of Activities which reports how the District’s net position changed during the current fiscal year. All current year revenues and expenses are included regardless of when cash is received or paid. An important purpose of the design of the Statement of
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Government-wide Financial Statements (cont’d) Activities is to show the financial reliance of the District’s activities on revenues provided by the District’s taxpayers. Both government-wide financial statements distinguish governmental activities of the District that are principally supported by taxes and some user charges, from the District’s business-type activities that are intended to recover all of their costs through user charges. The government-wide financial statements are presented on pages 22-25 of this report. Fund Financial Statements A fund is an accountability unit used to maintain control over resources segregated for specific activities or objectives. The District uses funds to ensure and demonstrate compliance with finance-related laws and regulations. Within the basic financial statements, fund financial statements focus on the District’s most significant funds rather than the District as a whole and therefore provide additional information that won’t be found in the Statement of Net Position or the Statement of Activities. Major funds are separately reported while all others are combined into a single, aggregated presentation. Individual fund data for non-major funds is provided in the form of combining statements in a later section of this report. The District has two kinds of funds: Governmental funds are reported in the fund financial statements and encompass essentially the same functions reported as governmental activities in the government-wide financial statements. However, the focus is very different with fund statements providing a distinctive view of the District’s governmental funds. These statements report short-term fiscal accountability focusing on the use of spendable resources and balances of spendable resources available at the end of the year. They are useful in evaluating annual financing requirements of governmental programs and the commitment of spendable resources for the near-term. Since the government-wide focus includes the long-term view, comparisons between these two perspectives may provide insight into the long-term impact of short-term financing decisions. Both the Balance Sheet - Governmental Funds and the Statement of Revenues, Expenditures and Changes in Fund Balances - Governmental Funds provide reconciliations to assist in understanding the differences between these two perspectives. In addition, a budgetary comparison statement for the District’s general fund is presented. The District maintains seven individual governmental funds for external financial reporting purposes. Information is presented separately in the governmental fund balance sheet and in the governmental fund statement of revenues, expenditures, and changes in fund balances for the General and Debt Service Funds, each of which is considered to be a major fund. Data from the other five governmental funds are combined into a single, aggregated presentation. Individual fund data for each of these non-major governmental funds is provided in the form of combining statements elsewhere in this report. The governmental fund financial statements are presented on pages 26-30 of this report. Proprietary funds are reported in the fund financial statements and report services for which the District charges customers a fee intended to recover the District’s cost for these services. Proprietary fund statements provide both long-term and short-term financial information consistent with the focus provided by the government-wide financial statements. There are two kinds of proprietary funds, enterprise and
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Fund Financial Statements (cont.)
internal service funds. Enterprise funds essentially encompass the same functions reported as business-type activities in the government-wide statements. The District reports the financial results of the Foxford Hills Golf Course as an enterprise fund. The District does not have internal service funds. The Enterprise Fund financial statements are presented on pages 31-33.
Notes to the Financial Statements
The accompanying notes to the financial statements provide information essential to a full understanding of the government-wide and fund financial statements. The notes to the financial statements begin on page 34 of this report.
Required Supplementary Information
This section presents information concerning the District’s progress in funding its obligation to provide pension benefits to its employees and other post-employment benefits. Required supplementary information can be found on pages 70-73 of this report.
Other Supplementary Information:
The combining statements referred to earlier in connection with non-major governmental funds are presented in the supplementary information section of the report. In addition, a budgetary comparison schedule for the debt service fund, a major fund, is included within this section. Combining and individual fund statements and schedules can be found on pages 74-85 of this report.
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Government-wide Financial Analysis
In compliance with Governmental Accounting Standards Board Statement 34, year-to-year changes in the
District’s net position are being reported and compared for use in analyzing the changing financial
condition of the District as a whole.
2019 2018 Restated 2019 2018 2019 2018 RestatedCurrent and Other Assets 10,662,471$ 8,922,590$ (514,430)$ (490,266)$ 10,148,041$ 8,432,324$ Capital Assets 30,633,332 27,686,451 4,658,691 4,601,400 35,292,023 32,287,851 Total Assets 41,295,803 36,609,041 4,144,261 4,111,134 45,440,064 40,720,175
Deferred Outflows of Resources 679,340 46,639 - - 679,340 46,639
Total Assets and Deferred Outflows of Resources 41,975,143$ 36,655,680$ 4,144,261$ 4,111,134$ 46,119,404$ 40,766,814$
Long Term Liabilities Outstanding 4,672,289$ 1,012,027$ 1,178,811$ 2,615,348$ 5,851,100$ 3,627,375$ Other Liabilities 2,350,035 1,620,805 1,703,590 1,591,919 4,053,625 3,212,724 Total Liabilities 7,022,324 2,632,832 2,882,401 4,207,267 9,904,725 6,840,099
Deferred Inflows of Resources 4,970,471 4,863,537 - - 4,970,471 4,863,537
Total Liabilities and Deferred Inflows of Resources 11,992,795$ 7,496,369$ 2,882,401$ 4,207,267$ 14,875,196$ 11,703,636$
Net Position:Net Investment in Capital Assets 27,311,644$ 26,472,872$ 2,043,343$ 604,452$ 29,354,987$ 27,077,324$ Restricted 962,516 664,677 - - 962,516 664,677 Unrestricted 1,708,188 2,021,762 (781,483) (700,585) 926,705 1,321,177
Total Net Position 29,982,348$ 29,159,311$ 1,261,860$ (96,133)$ 31,244,208$ 29,063,178$
Business-type Activities TotalGovernmental Activities
2018 amounts have been restated to (1) properly report deferred outflows of resources and deferred
inflows of resources arising from differences between projected and actual pension plan investment
earnings in different measurement periods. The differences are aggregated and reported as a net deferred
outflow of resources related to pensions and (2) present the comparative OPEB Liability and adjustment
to Net Position for GASB 75 Accounting and Financial Reporting for Post-Employment Benefits Other
Than Pensions.
During the current fiscal year, the District’s total net position for governmental activities increased by
$823,077 to $29,982,348; a percentage increase of approximately 2.8%. While the total net position for
business-type activities is $1,261,860 at April 30, 2019; this is an increase of $1,357,993. The increase in
the business-type activities net position is due to a transfer-in/loan from the Corporate Fund to the Golf
Course Fund to pay the acquisition debt associated with the golf course. The acquisition debt will
essentially be paid off on December 15, 2020. At this time, discussions on the long term payback of the
intercompany loan related to the acquisition debt should be had by the board seated at that time. Overall,
the total net position of the District has increased by $2,181,030 or approximately 7.5%.
The largest portion of the District’s net position, net investment in capital assets, continues to grow with
a net change this year of $2,277,663 from $27,077,324 to $29,354,987. This increase is due to the net
increase in capital related debt of $804,510 and net capital additions of $3,648,947 offset by depreciation
and amortization recorded during the year of $566,774. The District issued $3,400,000 in General
Obligation Debt (Alternate Revenue Source) for the Lions & Kaper Park Revitalization Projects in June
2018. The District uses these capital assets to provide services to the community; consequently, these
assets are not available for future spending.
15
Government-wide Financial Analysis (cont’d)
Another category of the District’s net position represents resources that are subject to external restrictions
on how they may be used such as: audit fees, insurance costs, capital projects and purchases. The current
year saw an increase of $297,839 or 44.8% in total restricted funds, from $664,677 to $962,516. The
amount restricted for capital projects and purchases increased by $469,261. The increase was due to the
reimbursement of a transfer out for the Lions & Kaper Park revitalization projects for $227,500 and the
balance of the increase represents developer donations received during the year. Partially offsetting this
was a decrease in restricted funds in the Special Recreation Fund of $141,796. These funds were
transferred into the Capital Projects Fund for the Lions & Kaper Park revitalization projects along with
Hampton Park to be used for the cost of improvements related to the accessibility of the District’s facilities
and implementation of the District’s ADA Transition Plan related to these projects. Additionally, the
restricted funds in the Liability Insurance Fund decreased by $34,589 when the District budgeted for and
purchased a lightening detection system; planned fund level reduction.
The final group of net position, categorized as unrestricted, decreased in total from $1,321,177 to $926,705
or by $394,472. Although the governmental activities saw an increase of $313,574 in unrestricted net
position, the balance of the decrease was in the District’s business-type activities.
16
Governmental activities
Governmental activities increased the District’s net position by $823,037 to $29,982,348.
2019 2018 2019 2018 2019 2018Revenues:Program Revenues: Charges for Services 1,128,640$ 1,178,776$ 1,393,354$ 1,400,940$ 2,521,994$ 2,579,716$ Operating Grants/Contributions 8,446 13,032 - - 8,446 13,032 Capital Grants/Contributions 543,960 54,557 - - 543,960 54,557 General Revenues: Property Taxes 4,669,286 4,553,461 - - 4,669,286 4,553,461 Other Taxes 46,936 49,328 - - 46,936 49,328 Interest Income 163,551 52,714 - - 163,551 52,714 Miscellaneous 3,754 5,173 2,963 3,679 6,717 8,852
Total Revenues 6,564,573 5,907,041 1,396,317 1,404,619 7,960,890 7,311,660
Expenses: Recreation and Open Space 4,261,313 4,039,071 1,298,680 1,262,142 5,559,993 5,301,213 Interest 153,774 101,744 66,093 87,759 219,867 189,503
Total Expenses 4,415,087 4,140,815 1,364,773 1,349,901 5,779,860 5,490,716
Change in Net Postion Before Transfers 2,149,486 1,766,226 31,544 54,718 2,181,030 1,820,944
Transfers (1,326,449) (108,183) 1,326,449 108,183 - -
Change in Net Position 823,037 1,658,043 1,357,993 162,901 2,181,030 1,820,944
Net Postion, beginning of the year as previously reported 29,258,282 27,600,239 (96,133) (259,034) 29,162,149 27,341,205 Restatement of beginning net position (98,971) - - - (98,971) - Net position, beginning of the year as restated 29,159,311 27,600,239 (96,133) (259,034) 29,063,178 27,341,205
Net position, end of the year 29,982,348$ 29,258,282$ 1,261,860$ (96,133)$ 31,244,208$ 29,162,149$
Governmental Activities Business-type Activities Total
Property tax revenue, including prior year taxes collected in the current year, at $4,669,286 are $115,825
more than the prior year. The District experienced an increase in EAV of 6.01% for tax levy year 2018;
this is the fourth consecutive year the EAV increased since tax levy year 2008. The District has sufficient
tax rate limits to capture allowed tax revenue under current tax cap legislation.
During the current fiscal year, the District saw charges for services, specifically program revenue for
services, decrease by $50,136 to $1,128,640 when compared to the prior year. This decrease was a result
of the District’s efforts to increase total enrollment in the extended time (ET) program by offering
opportunities for reduced rates while adding a fourth location.
Recreation and open space expenses showed an increase of 5.5% or $222,242 to $4,261,313 as compared
to last year. This is attributable to personnel and payroll related costs that increased by $122,527 and
services which increased by $34,642. The personnel and payroll related costs increased, in part, due to
re-organization of the recreation department staff and the addition of a program recreation manager.
Building rental, which is underneath services, increased by $20,000 for the lease of additional
administrative office space.
17
Business-type activities.
The business-type activities net position increased by $1,357,993 to $1,261,860. The budgeted change in
net position was $1,419,169. The District continues to closely monitor its expenses, while maintaining
the quality of play.
Charges for services for the year at the golf course decreased by $7,586 to $1,393,354 or .5%. The District
saw rounds decrease slightly in the current fiscal year by .9% or 248 rounds when compared to last year.
As a result, golf course fees and charges were down from last year by $23,940. This was partially offset
by an increase in merchandise, food and beverage sales of $13,824.
Starting with FY 16/17, as a long term planning tool, the District added equipment at Foxford Hills Golf
Course to the capital equipment replacement schedule (CERF). As such, funds of $126,449 were
transferred in from governmental activities for the replacement of capital equipment. During the current
fiscal year, Foxford Hills Golf Course saw operating net income decrease by $44,124 or 31.8% to $94,674.
Financial Analysis of the District’s Funds
As noted earlier, the District uses fund accounting to ensure and demonstrate compliance with finance-
related legal requirements.
Governmental funds. The focus of the District’s governmental funds is to provide information on near-
term inflows, outflows, and balances of spendable resources. This information is useful in assessing the
District’s financing requirements. In particular, unassigned fund balance may serve as a useful measure
of a government’s net resources available for spending at the end of the year.
As of the end of the current fiscal year, the District’s governmental funds reported combined ending fund
balances of $4,792,510 an increase of $954,000, as compared to the prior year. This change is due, in
part, to an increase of $1,125,422 or 35% in the General Fund balance resulting in an ending fund balance
of $4,360,781. Additionally, the fund balance for non-major funds decreased by $171,422 or 28.4% to
$603,151.
Due to the current and expected near future level of capital expenditures, the District’s capital projects do
not qualify as a major fund. As such, it is being reported in the General Fund with its fund balance being
reported as assigned in the General Fund.
During the current year, the District paid $127,626 in interest and fiscal charges and $1,108,518 in
principal through the debt service funds. The debt service payments were funded through (1) $714,658
of taxes received for the repayment of the general obligation limited tax park refunding bond, (2) net
transfer from the General Fund of $83,538, (3) $713,365 in proceeds from the issuance of general
obligation bond limited tax park refunding bonds and (4) interest earned on fund balances.
The final category within the governmental funds includes the non-major special revenue funds of the
District. These include the Illinois Municipal Retirement (IMRF)/Social Security Fund, the Liability
Insurance Fund, the Audit Fund, the Special Recreation Fund and the Paving and Lighting Fund. At fiscal
year-end, this category had fund balances totaling $431,729; a decrease of $171,422 as compared to the
prior year. The majority of the decrease, $141,796, was in the Special Recreation Fund. Funds, in the
amount of $236,907, were transferred out of the Special Recreation Fund to assist with the ADA related
components of Hampton Park and the Lions & Kaper revitalization projects.
18
Financial Analysis of the District’s Funds (cont.)
Budgetary Variances
The District’s revenues in the General Fund at $5,170,213 were $238,088 or 4.8% over budget.
Donation/developer contributions and interest income were over budget by $224,406 and $86,946
respectively as District saw increased development and higher interest rates. There were three projects
during the fiscal year that provided developer donations totaling $241,760: PIHRL/Cary Senior Living –
a 62 unit apartment building, Harper Pointe – a 4 unit duplex development, and West Lake Subdivision –
a five year build-out of a subdivision with 160 units. This was offset in the following areas where the
actual results were less than budgeted: program revenues were $30,308 or 2.9% below budget and grants
were below budget by $40,000 or 100%.
Expenditures in the General Fund were $6,620,981 or $864,166 under budget. Personnel and payroll
related costs, services, repairs and maintenance, interest and fiscal charges and capital outlay were under
budget by $68,865, $86,956, $28,243, $68,793 and $579,467, respectively. For FY 18/19, funds for the
full year were budgeted for the re-organization of the recreation department staff. The re-organization of
the recreation department staff was completed in November when a new program manager was hired. As
a result, personnel and payroll costs were under budget for the year in this area. One of the areas services
were under budget is in building rental; administrative and ET. The budget included a full year’s lease
for additional administrative office space. However, the lease for the new administrative office space did
not start until October 1, 2018. And, the hourly rate for building rentals to house the District’s ET program
were 25% less than the budgeted amount. Repairs and maintenance were under in buildings ($12,000)
and grounds ($8,031). Under buildings, the budget captured common area maintenance for the lease of
additional administrative office space. However, this cost was included in the monthly lease fee at a lower
rate. The capital budget was under for a variety of reasons. The main reason is due to the fact that some
of the Park District’s larger projects, such as the Lions & Kaper Park revitalization projects and Hoffman
Park multi-use trail, were a work in progress on April 30, 2019. In the Capital Equipment Replacement
Fund, the Bannerman 6’ Aerator budgeted for was not purchased during the fiscal year. Additionally
several projects, (the Hampton Park playground replacement project, the Hoffman Park multi-use trail
project, and the feasibility study), were under budget.
Capital Asset and Debt Administration
Capital Assets. Capital assets include vacant and improved land (natural areas, athletic fields, golf course,
open space), developed parks, constructed trails, various facilities, (community center, golf clubhouse,
maintenance facilities, other) and equipment. The District’s investment in capital assets for its
governmental and business-type activities as of April 30, 2019, amounts to $35,292,023 (net of
accumulated depreciation), an increase of $3,004,172 from the prior year. Net additions during the current
year of $3,648,947 were offset by current year depreciation of $644,775.
19
Capital Asset and Debt Administration (cont.)
2019 2018 2019 2018 2019 2018Land 21,636,103$ 21,636,103$ 3,435,755$ 3,435,755$ 25,071,858$ 25,071,858$
Land Improvements 1,726,426 1,837,153 241,872 258,899 1,968,298 2,096,052
Buildings 1,993,292 2,109,462 307,174 288,018 2,300,466 2,397,480
Playground and Other equipment 2,203,101 1,776,623 673,890 618,728 2,876,991 2,395,351
Construction in Progress 3,074,410 327,110 - - 3,074,410 327,110
Total 30,633,332$ 27,686,451$ 4,658,691$ 4,601,400$ 35,292,023$ 32,287,851$
TotalGovernmental Activities Business-type Activities
Additional information on the District’s capital assets can be found in Note 3 of this report.
Debt Administration. At the end of the current year, the District had total bond debt of $7,350,891 with
$2,545,469 being current and $4,805,422 being long-term. This debt includes alternate bonds totaling
$6,637,526. Alternate bonds are general obligation bonds payable from a revenue source, other than a
direct tax levy, with the general obligation of the District acting as backup security for the bonds. The
specific intent of these bonds is that revenue sources be sufficient to pay the debt service so that direct
taxes need not be levied and extended. In addition, the District carries debt in the form of debt certificates.
As of fiscal year end, the District owes $206,000.
The District debt also includes Series 2013A, general obligation bonds (alternate revenue source) and
Series 2018A, general obligation park bonds (alternate revenue source) which are rated by Standard &
Poor’s as AA with a stable outlook.
The District also issues, on an annual basis, general obligation bond limited tax park bonds. These bonds
are not classified as long-term debt as bonds are due and payable in less than one year from date of issue.
As of April 30, 2019, $713,365 of bonds were outstanding as compared to $704,005 for the prior year.
State statutes limit the amount of general obligation debt the District may issue to 2.875% of assessed
valuation. The current debt limitation for the District is $17,690,536 of which $919,365 is applied to the
Series 2017 debt certificates and the general obligation limited tax park refunding bond Series 2018 B.
Balances outstanding on the general obligation bonds – alternate revenue source do not apply against the
limitation. Therefore, as of April 30, 2019 the District has a legal debt margin of $16,771,171.
20
Debt Administration (cont.)
2019 2018 2019 2018 2019 2018General obligation bonds: Alternate revenue source 4,144,836$ 1,149,349$ 2,305,164$ 3,575,651$ 6,450,000$ 4,725,000$ Limited tax 713,365 704,005 - - 713,365 704,005 Debt certificates - - 206,000 253,000 206,000 253,000
Total 4,858,201$ 1,853,354$ 2,511,164$ 3,828,651$ 7,369,365$ 5,682,005$
TotalActivities ActivitiesGovernmental Business-type
Additional information on the District’s debt can be found in Note 3 of this report. Factors Bearing on the District’s Future There are currently no known facts, decisions, or conditions that are expected to have a significant effect on financial position (net position) or results of operations (revenues, expenses, and other changes in net assets). Contacting the District’s Financial Management This financial report is designed to provide a general overview of the District’s finances, comply with finance related laws and regulations and demonstrate the District’s commitment to public accountability. If you have any questions about this report or would like to request additional information, please contact; Vicki Krueger, Director of Finance & Administration, Cary Park District, 255 Briargate Road, Cary, IL 60013.
21
• Government-Wide Financial Statements
• Fund Financial Statements
Governmental Funds
Proprietary Fund
BASIC FINANCIAL STATEMENTS
The basic financial Statements include integrated sets of financial statements as required by the GASB. The setsof statements include:
In addition, the notes to the financial statements are included to provide information that is essential to a user’sunderstanding of the basic financial statements.
CARY PARK DISTRICT, ILLINOIS
Statement of Net PositionApril 30, 2019
See Following Page
CARY PARK DISTRICT, ILLINOIS
Statement of Net Position
April 30, 2019
Business-Type
Activities Totals
Current Assets
Cash and Investments $ 5,207,597 1,500 5,209,097
Receivables - Net of Allowances 4,847,559 10,567 4,858,126
Internal Balances 590,493 (590,493) -
Prepaids/Inventories 16,822 63,996 80,818
Total Current Assets 10,662,471 (514,430) 10,148,041
Noncurrent Assets
Capital Assets
Nondepreciable 24,710,513 3,435,755 28,146,268
Depreciable 11,937,447 2,341,385 14,278,832
Accumulated Depreciation (6,014,628) (1,118,449) (7,133,077)
Total Noncurrent Assets 30,633,332 4,658,691 35,292,023
Total Assets 41,295,803 4,144,261 45,440,064
Unamortized Loss on Refunding 33,000 - 33,000
Deferred Items - IMRF 646,340 - 646,340
Total Deferred Outflows of Resources 679,340 - 679,340
Total Assets and Deferred Outflows of Resources 41,975,143 4,144,261 46,119,404
ASSETS
Governmental
Activities
DEFERRED OUTFLOWS OF RESOURCES
The notes to the financial statements are an integral part of this statement.
22
Business-Type
Activities Totals
Current Liabilities
Accounts Payable $ 553,546 136,395 689,941
Retainage Payable 238,393 - 238,393
Accrued Payroll 62,780 - 62,780
Deposits Payable 1,500 5,110 6,610
Unearned Program and Other Revenue 175,291 88,923 264,214
Accrued Interest Payable 61,101 36,625 97,726
Other Payables 23,888 - 23,888
Current Portion of Long-Term Debt 1,233,536 1,436,537 2,670,073
Total Current Liabilities 2,350,035 1,703,590 4,053,625
Noncurrent Liabilities
Compensated Absences Payable 18,901 - 18,901
Net Pension Liability - IMRF 767,763 - 767,763
Total OPEB Liaibility - RBP 102,014 - 102,014
Debt Certificates Payable - 157,000 157,000
General Obligation Bonds - Net 3,783,611 1,021,811 4,805,422
Total Noncurrent Liabilities 4,672,289 1,178,811 5,851,100
Total Liabilities 7,022,324 2,882,401 9,904,725
Property Taxes 4,797,741 - 4,797,741
Deferred Items - IMRF 167,330 - 167,330
Deferred Items - RBP 5,400 - 5,400
Total Deferred Inflows of Resources 4,970,471 - 4,970,471
Total Liabilities and Deferred Inflows of Resources 11,992,795 2,882,401 14,875,196
Net Investment in Capital Assets 27,311,644 2,043,343 29,354,987
Restricted
Capital Projects and Purchases 530,787 - 530,787
Special Levies
Retirement 140,222 - 140,222
Liability Insurance 38,314 - 38,314
Audit 2,259 - 2,259
Special Recreation 194,388 - 194,388
Paving and Lighting 56,546 - 56,546
Unrestricted (Deficit) 1,708,188 (781,483) 926,705
Total Net Position 29,982,348 1,261,860 31,244,208
LIABILITIES
NET POSITION
Governmental
Activities
DEFERRED INFLOWS OF RESOURCES
The notes to the financial statements are an integral part of this statement.
23
CARY PARK DISTRICT, ILLINOIS
Statement of ActivitiesFor the Fiscal Year Ended April 30, 2019
Charges Operating Capitalfor Grants/ Grants/
Services Contributions Contributions
Governmental ActivitiesRecreation and Open Space $ 4,261,313 1,128,640 8,446 543,960Interest on Long-Term Debt 153,774 - - -
Total Governmental Activities 4,415,087 1,128,640 8,446 543,960
Business-Type ActivitiesFoxford Hills Golf Course 1,364,773 1,393,354 - -
Total Primary Government 5,779,860 2,521,994 8,446 543,960
General Revenues Taxes Property Taxes Intergovernmental - Unrestricted Replacement Taxes Interest Income Miscellaneous Transfers
Change in Net Position
Net Position - Beginning as Restated
Net Position - Ending
Expenses
Program Revenues
The notes to the financial statements are an integral part of this statement.24
Governmental Business-TypeActivities Activities Totals
(2,580,267) - (2,580,267)(153,774) - (153,774)
(2,734,041) - (2,734,041)
- 28,581 28,581
(2,734,041) 28,581 (2,705,460)
4,669,286 - 4,669,286
46,936 - 46,936163,551 - 163,551
3,754 2,963 6,717(1,326,449) 1,326,449 - 3,557,078 1,329,412 4,886,490
823,037 1,357,993 2,181,030
29,159,311 (96,133) 29,063,178
29,982,348 1,261,860 31,244,208
Net (Expenses)/RevenuesTotal Primary Government
The notes to the financial statements are an integral part of this statement.25
CARY PARK DISTRICT, ILLINOIS
Balance Sheet - Governmental FundsApril 30, 2019
Debt Service Nonmajor Totals
Cash and Investments $ 4,721,828 - 485,769 5,207,597Receivables - Net of Allowances
Property and Other Taxes 3,419,531 730,087 660,924 4,810,542Accounts 33,257 - - 33,257Deposits 3,760 - - 3,760
Due from Other Funds 590,493 - - 590,493
Total Assets 8,768,869 730,087 1,146,693 10,645,649
Accounts Payable 527,064 - 26,482 553,546Retainage Payable 238,393 - - 238,393Accrued Payroll 59,110 - 3,670 62,780Deposits Payable 1,500 - - 1,500Unearned Program and Other Revenue 175,291 - - 175,291Other Payables - - 23,888 23,888
Total Liabilities 1,001,358 - 54,040 1,055,398
Property Taxes 3,406,730 730,087 660,924 4,797,741Total Liabilities and Deferred Inflows
of Resources 4,408,088 730,087 714,964 5,853,139
Nonspendable 268,000 - - 268,000Restricted 530,787 - 431,729 962,516Assigned 2,221,901 - - 2,221,901Unassigned 1,340,093 - - 1,340,093
Total Fund Balances 4,360,781 - 431,729 4,792,510
Total Liabilities, Deferred Inflows of Resources and Fund Balances 8,768,869 730,087 1,146,693 10,645,649
FUND BALANCES
General
ASSETS
LIABILITIES
DEFERRED INFLOWS OF RESOURCES
The notes to the financial statements are an integral part of this statement.26
CARY PARK DISTRICT, ILLINOIS
Reconciliation of Total Governmental Fund Balance to the Statement of Net Position - Governmental Activities
April 30, 2019
Total Governmental Fund Balances $ 4,792,510
Amounts reported for Governmental Activities in the Statement of Net Positionare different because:
Certain expenses are reported under the purchases method in the governmentalfund statements but shown as prepaid expenses in the Statement of Net Position 16,822
Capital assets used in Governmental Activities are not financialresources and therefore, are not reported in the funds. 30,633,332
Deferred outflows (inflows) of resources related to the pensions are not reported in the funds.
Deferred Items - IMRF 479,010 Deferred Items - RBP (5,400)
Long-term liabilities are not due and payable in the currentperiod and therefore are not reported in the funds.
Compensated Absences Payable (94,505)Net Pension Liability - IMRF (767,763)Total OPEB Liability - RBP (102,014)General Obligation Bonds Payable - Net (4,941,543)Unamortized Loss on Refunding 33,000Accrued Interest Payable (61,101)
Net Position of Governmental Activities 29,982,348
The notes to the financial statement are an integral part of this statement.27
CARY PARK DISTRICT, ILLINOIS
Statement of Revenues, Expenditures and Changes in Fund Balances - Governmental FundsFor the Fiscal Year Ended April 30, 2019
DebtService Nonmajor Totals
RevenuesTaxes $ 3,292,842 714,658 661,786 4,669,286Intergovernmental 46,936 - - 46,936Charges for Services 1,128,640 - - 1,128,640Grants and Donations 552,406 - - 552,406Interest 145,635 4,283 13,633 163,551Miscellaneous 3,754 - - 3,754
Total Revenues 5,170,213 718,941 675,419 6,564,573
ExpendituresCurrent
Recreation and Open Space 3,111,775 - 570,443 3,682,218Capital Outlay 3,507,999 - 39,491 3,547,490Debt Service
Principal Retirement - 1,108,518 - 1,108,518Interest and Fiscal Charges 1,207 127,626 - 128,833
Total Expenditures 6,620,981 1,236,144 609,934 8,467,059
Excess (Deficiency) of Revenues Over (Under) Expenditures (1,450,768) (517,203) 65,485 (1,902,486)
Other Financing Sources (Uses)Proceeds From Sale of Capital Assets 69,570 - - 69,570Debt Issuance 3,400,000 713,365 - 4,113,365Transfers In 236,907 83,538 - 320,445Transfers Out (1,130,287) (279,700) (236,907) (1,646,894)
Total Other Financing Sources (Uses) 2,576,190 517,203 (236,907) 2,856,486
Net Change in Fund Balances 1,125,422 - (171,422) 954,000
Fund Balances - Beginning 3,235,359 - 603,151 3,838,510
Fund Balances - Ending 4,360,781 - 431,729 4,792,510
General
The notes to the financial statements are an integral part of this statement.28
CARY PARK DISTRICT, ILLINOIS
Reconciliation of the Statement of Revenues, Expenditures and Changes in Fund Balancesto the Statement of Activities - Governmental Activities
For the Fiscal Year Ended April 30, 2019
Net Change in Fund Balances - Total Governmental Funds $ 954,000
Amounts reported for Governmental Activities in the Statement of Activitiesare different because:
Governmental Funds report capital outlays as expenditures. However, in theStatement of Activities the cost of those assets is allocated over their estimateduseful lives and reported as depreciation expense.
Capital Outlays 3,484,029Depreciation Expense (527,294)Disposals - Cost (420,304)Disposals - Accumulated Depreciation 410,450
The net effect of deferred outflows (inflows) of resources relatedto the pensions are not reported in the funds.
Change in Deferred Items - IMRF 665,989Change in Deferred Items - RBP (5,400)
Expenses from the governmental funds that benefit future periods are excludedfrom the statement of activities. 667
The issuance of long-term debt provides current financial resources toGovernmental Funds, while the repayment of the principal on long-termdebt consumes the current financial resources of the governmental funds.
Additons to Compensated Absences Payable (5,604)Additions to Net Pension Liability - IMRF (700,665)Additons to Total OPEB Liability - RBP (3,043)Amortize Premium on Debt Issuance 22,991Amortize Loss on Refunding (9,103)Issuance of Debt (4,113,365)Retirement of Bonds 1,108,518
Changes to accrued interest on long-term debt in the Statement of Activitiesdoes not require the use of current financial resources and, therefore, are notreported as expenditures in the Governmental Funds. (38,829)
Changes in Net Position of Governmental Activities 823,037
The notes to the financial statements are an integral part of this statement.29
CARY PARK DISTRICT, ILLINOIS
General Fund
Statement of Revenues, Expenditures and Changes in Fund Balance - Budget and ActualFor the Fiscal Year Ended April 30, 2019
Original Varianceand Final With FinalBudget Actual Budget
RevenuesTaxes
Property Taxes $ 3,294,779 3,292,842 (1,937)Intergovernmental
Replacement Taxes 40,268 46,936 6,668Charges for Services
Program Revenue 1,047,338 1,017,030 (30,308)Rental Income 114,816 110,510 (4,306)Advertising 4,000 1,100 (2,900)
Grants and DonationsDonations/Developer Contributions 328,000 552,406 224,406Grants 40,000 - (40,000)
Interest 58,689 145,635 86,946Miscellaneous 4,235 3,754 (481)
Total Revenues 4,932,125 5,170,213 238,088Expenditures
Recreation and Open SpacePersonnel and Payroll Related Costs 2,295,858 2,226,993 68,865Professional Services 74,888 64,944 9,944Services 510,485 423,529 86,956Commodities 278,562 256,664 21,898Repairs and Maintenance 167,888 139,645 28,243
Debt ServiceInterest and Fiscal Charges 70,000 1,207 68,793
Capital Outlay 4,087,466 3,507,999 579,467Total Expenditures 7,485,147 6,620,981 864,166
Excess (Deficiency) of Revenues Over (Under) Expenditures (2,553,022) (1,450,768) 1,102,254
Other Financing Sources (Uses)Proceeds From Sale of Capital Assets 77,037 69,570 (7,467)Debt Issuance 3,500,000 3,400,000 (100,000)Transfers In 249,808 236,907 (12,901)Transfers Out (1,164,818) (1,130,287) 34,531
Total Other Financing Sources (Uses) 2,662,027 2,576,190 (85,837)Net Change In Fund Balance 109,005 1,125,422 1,016,417Fund Balance - Beginning 3,235,359Fund Balance - Ending 4,360,781
The notes to the financial statements are an integral part of this statement.30
CARY PARK DISTRICT, ILLINOIS
Statement of Net Position - Proprietary FundApril 30, 2019
Current AssetsCash and Cash Equivalents $ 1,500Receivables 10,567Prepaids 10,287Inventories 53,709
Total Current Assets 76,063
Noncurrent AssetsCapital Assets
Nondepreciable 3,435,755Depreciable 2,341,385Accumulated Depreciation (1,118,449)
Total Noncurrent Assets 4,658,691
Total Assets 4,734,754
Current LiabilitiesAccounts Payable 136,395Deposits Payable 5,110Due to Other Funds 322,493Unearned Program and Other Revenue 88,923Accrued Interest Payable 36,625Current Portion of Long-Term Debt 1,436,537
Total Current Liabilities 2,026,083
Noncurrent LiabilitiesAdvance From Other Funds 268,000Debt Certificates Payable 157,000General Obligation Bonds - Net 1,021,811
Total Noncurrent Liabilities 1,446,811
Total Liabilities 3,472,894
Net Investment in Capital Assets 2,043,343Unrestricted (Deficit) (781,483)
Total Net Position 1,261,860
LIABILITIES
NET POSITION
Business - Type
Foxford HillsGolf Course
ASSETS
Activities
The notes to the financial statements are an integral part of this statement.31
CARY PARK DISTRICT, ILLINOIS
Statement of Revenues, Expenses and Changes in Net Position - Proprietary FundFor the Fiscal Year Ended April 30, 2019
Operating RevenuesCharges for Services $ 1,393,354
Operating ExpensesOperations 1,181,199Depreciation 117,481
Total Operating Expenses 1,298,680
Operating Income 94,674
Nonoperating Revenues (Expenses)Interest Expense (130,206)Amortization of Bond Premium 64,113Gain on Disposal of Capital Assets 2,963
Total Nonoperating Revenues (Expenses) (63,130)
Income Before Transfers 31,544
Transfers In 1,326,449
Change in Net Position 1,357,993
Net Position - Beginning (96,133)
Net Position - Ending 1,261,860
Business - TypeActivities
Golf CourseFoxford Hills
The notes to the financial statements are an integral part of this statement.32
CARY PARK DISTRICT, ILLINOIS
Statement of Cash Flows - Proprietary FundFor the Fiscal Year Ended April 30, 2019
Cash Flows from Operating ActivitiesReceipts from Customers and Users $ 1,402,687Payments to Suppliers (1,118,483)
284,204
Cash Flows from Noncapital Financing ActivitiesTransfers in From Other Funds 1,326,449Advances From Other Funds 28,373
1,354,822
Cash Flows from Capital and RelatedFinancing Activities
Additions to Property, Plant and Equipment (176,800)Proceeds From Sale of Property, Plant and Equipment 4,991Payment of Principal Retirement (1,317,487)Interest on Capital Debt (149,730)
(1,639,026)
Net Change in Cash and Cash Equivalents -
Cash and Cash Equivalents - Beginning 1,500
Cash and Cash Equivalents - Ending 1,500
Reconciliation of Operating Income to Net Cash Provided (Used) by Operating Activities:Operating Income 94,674Adjustments to Reconcile Operating Income to
Net Cash Provided by (Used in) Operating Activities:Depreciation 117,481(Increase) Decrease in Current Assets (4,209)Increase (Decrease) in Current Liabilities 76,258
Net Cash Provided by Operating Activities 284,204
Golf Course
ActivitiesFoxford Hills
Business - Type
The notes to the financial statements are an integral part of this statement.33
CARY PARK DISTRICT, ILLINOIS Notes to the Financial Statements April 30, 2019 NOTE 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The Cary Park District (District) of Illinois is duly organized and existing under the provisions of the laws of the State of Illinois. The District is operating under the provisions of the Park District Code of the State of Illinois approved July 8, 1947 and under all laws amendatory thereto. The District operates under the commissioner-director form of government. The District is governed by an elected Board of five District commissioners. The government-wide financial statements are prepared in accordance with generally accepted accounting principles (GAAP). The Governmental Accounting Standards Board (GASB) is responsible for establishing GAAP for state and local governments through its pronouncements (Statements and Interpretations). The more significant of the District’s accounting policies established in GAAP and used by the District are described below. REPORTING ENTITY In determining the financial reporting entity, the District complies with the provisions of GASB Statement No. 61, “The Financial Reporting Omnibus – an Amendment of GASB Statements No. 14 and No. 34.” Based on the criteria set forth in GASB Statement No. 61, there are no component units included in the reporting entity. BASIS OF PRESENTATION Government-Wide Statements The District’s basic financial statements include both government-wide (reporting the District as a whole) and fund financial statements (reporting the District’s major funds). Both the government-wide and fund financial statements categorize primary activities as either governmental or business-type. The District’s preservation of open space, recreational program activities, development and maintenance of the District’s various parks and facilities, and general administration are all classified as governmental activities. The District’s Foxford Hills Golf Course is classified as a business-type activity. In the government-wide Statement of Net Position, both the governmental and business-type activities columns are (a) presented on a consolidated basis by column, and (b) reported on a full accrual, economic resource basis, which recognizes all long-term assets/deferred outflows and receivables as well as long-term debt/deferred inflows and obligations. The District’s net position is reported in three parts: net investment in capital assets; restricted; and unrestricted. The District first utilizes restricted resources to finance qualifying activities.
34
CARY PARK DISTRICT, ILLINOIS Notes to the Financial Statements April 30, 2019 NOTE 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES – Continued BASIS OF PRESENTATION – Continued Government-Wide Statements – Continued The government-wide Statement of Activities reports both the gross and net cost of each of the District’s functions and business-type activities (recreation and open space, etc.). The functions are supported by general government revenues (property and personal property replacement taxes, certain intergovernmental revenues, interest income, etc.). The Statement of Activities reduces gross expenses (including depreciation) by related program revenues, which include 1) charges to customers or applicants who purchase, use or directly benefit from goods, services or privileges provided by a given function or segment and 2) grants and contributions that are restricted to meeting the operational or capital requirements of a particular function or segment. The net costs (by function) are normally covered by general revenue (property and personal property replacement taxes, certain intergovernmental revenues, interest income, etc.). This government-wide focus is more on the sustainability of the District as an entity and the change in the District’s net position resulting from the current year’s activities. Fund Financial Statements The financial transactions of the District are reported in individual funds in the fund financial statements. Each fund is accounted for by providing a separate set of self-balancing accounts that comprise its assets/deferred outflows, liabilities/deferred inflows, fund equity, revenues and expenditures/expenses. Funds are organized into three major categories: governmental, proprietary, and fiduciary. The emphasis in fund financial statements is on the major funds in either the governmental or business-type activities categories. GASB Statement No. 34 sets forth minimum criteria (percentage of the assets/deferred outflows, liabilities/deferred inflows, revenues or expenditures/expenses of either fund category or the governmental and enterprise combined) for the determination of major funds. The District electively added funds, as major funds, which either have debt outstanding or a specific or community focus. The nonmajor funds are combined in a single column in the fund financial statements. A fund is considered major if it is the primary operating fund of the District or meets the following criteria:
35
CARY PARK DISTRICT, ILLINOIS Notes to the Financial Statements April 30, 2019 NOTE 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES – Continued BASIS OF PRESENTATION – Continued Fund Financial Statements – Continued
Total assets/deferred outflows, liabilities/deferred inflows, revenues, or expenditures/expenses of the individual governmental fund or enterprise fund are at least 10 percent of the corresponding total for all funds of that category or type; and Total assets/deferred outflows, liabilities/deferred inflows, revenues, or expenditures/expenses of the individual governmental fund or enterprise fund are at least 5 percent of the corresponding total for all governmental and enterprise funds combined.
The various funds are reported by generic classification within the financial statements. The following fund types are used by the District: Governmental Funds The focus of the governmental funds’ measurement (in the fund statements) is upon determination of financial position and changes in financial position (sources, uses, and balances of financial resources) rather than upon net income. The following is a description of the governmental funds of the District: General fund is the general operating fund of the District. It accounts for all revenues and expenditures of the District which are not accounted for in other funds. The General Fund is a major fund. Special revenue funds are used to account for the proceeds of specific revenue sources that are legally restricted to expenditures for specified purposes. The District maintains five special revenue funds. Debt service funds are used to account for the accumulation of funds for the periodic payment of principal and interest on general long-term debt. The Debt Service Fund is treated as a major fund and accounts for, and the payment of, general long-term debt principal and interest. Proprietary Funds The focus of proprietary fund measurement is upon determination of operating income, changes in net position, financial position, and cash flows. The generally accepted accounting principles applicable are those similar to businesses in the private sector. The following is a description of the proprietary funds of the District:
36
CARY PARK DISTRICT, ILLINOIS Notes to the Financial Statements April 30, 2019 NOTE 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES – Continued BASIS OF PRESENTATION – Continued Proprietary Funds – Continued Enterprise funds are required to account for operations for which a fee is charged to external users for goods or services and the activity (a) is financed with debt that is solely secured by a pledge of the net revenues, (b) has third party requirements that the cost of providing services, including capital costs, be recovered with fees and charges or (c) establishes fees and charges based on a pricing policy designed to recover similar costs. The Foxford Hills Golf Course is used to account for the operation of an eighteen-hole golf course and driving range. Operations include golfing activities, equipment and related merchandise sales, food and beverage sales. The cost of operations is recovered through user charges. MEASUREMENT FOCUS AND BASIS OF ACCOUNTING Measurement focus is a term used to describe “which” transactions are recorded within the various financial statements. Basis of accounting refers to “when” transactions are recorded regardless of the measurement focus applied. Measurement Focus On the government-wide Statement of Net Position and the Statement of Activities, both governmental and business-type activities are presented using the economic resources measurement focus as defined below. In the fund financial statements, the “current financial resources” measurement focus or the “economic resources” measurement focus is used as appropriate. All governmental funds utilize a “current financial resources” measurement focus. Only current financial assets/deferred outflows and liabilities/deferred inflows are generally included on their balance sheets. Their operating statements present sources and uses of available spendable financial resources during a given period. These funds use fund balance as their measure of available spendable financial resources at the end of the period. All proprietary funds utilize an “economic resources” measurement focus. The accounting objectives of this measurement focus are the determination of operating income, changes in net position (or cost recovery), financial position, and cash flows. All assets/deferred outflows and liabilities/deferred inflows (whether current or noncurrent) associated with their activities are reported. Proprietary fund equity is classified as net position.
37
CARY PARK DISTRICT, ILLINOIS Notes to the Financial Statements April 30, 2019 NOTE 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES – Continued MEASUREMENT FOCUS AND BASIS OF ACCOUNTING – Continued Basis of Accounting In the government-wide Statement of Net Position and Statement of Activities, both governmental and business-type activities are presented using the accrual basis of accounting. Under the accrual basis of accounting, revenues are recognized when earned and expenses are recorded when the liability/deferred inflow is incurred or economic asset used. Revenues, expenses, gains, losses, assets/deferred outflows, and liabilities/deferred inflows resulting from exchange and exchange-like transactions are recognized when the exchange takes place. In the fund financial statements, governmental funds are presented on the modified accrual basis of accounting. Under this modified accrual basis of accounting, revenues are recognized when “measurable and available.” Measurable means knowing or being able to reasonably estimate the amount. Available means collectible within the current period or within thirty days after year end. The District recognizes property taxes when they become both measurable and available in accordance with GASB Codification Section P70. A thirty-day availability period is used for revenue recognition for all other governmental fund revenues. Expenditures (including capital outlay) are generally recorded when the related fund liability is incurred, except for general obligation bond principal and interest which are recognized when due. In applying the susceptible to accrual concept under the modified accrual basis, those revenues susceptible to accrual are property taxes, interest revenue, and charges for services. All other revenues are not susceptible to accrual because generally they are not measurable until received in cash. All proprietary funds utilize the accrual basis of accounting. Under the accrual basis of accounting, revenues are recognized when earned and expenses are recorded when the liability is incurred or economic asset used. Proprietary funds distinguish operating revenues and expenses from nonoperating items. Operating revenues and expenses generally result from providing services and producing and delivering goods in connection with a proprietary fund’s principal ongoing operations. The principal operating revenues of the District’s enterprise fund are charges to customers for sales and services. Operating expenses for enterprise funds include the cost of sales and services, administrative expenses, and depreciation on capital assets. All revenues and expenses not meeting this definition are reported as nonoperating revenues and expenses.
38
CARY PARK DISTRICT, ILLINOIS Notes to the Financial Statements April 30, 2019 NOTE 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES – Continued ASSETS/DEFERRED OUTFLOWS, LIABILITIES/DEFERRED INFLOWS, AND NET POSITION OR EQUITY Cash and Investments For the purpose of the Statement of Net Position, cash and cash equivalents are considered to be cash on hand, demand deposits, and cash with fiscal agent. For the purpose of the proprietary funds’ Statement of Cash Flows, cash and cash equivalents are considered to be cash on hand, demand deposits, cash with fiscal agent, and all highly liquid investments with an original maturity of three months or less. Investments are generally reported at fair value. Short-term investments are reported at cost, which approximates fair value. For investments, the District categorizes its fair value measurements within the fair value hierarchy established by generally accepted accounting principles. The hierarchy is based on the valuation inputs used to measure the fair value of the asset. Level 1 inputs are quoted prices in active markets for identical assets; Level 2 inputs are significant other observable inputs; Level 3 inputs are significant unobservable inputs. All of the District’s investments are in 2a7-like investment pools that are measured at the net asset value per share determined by the pool. Interfund Receivables, Payables and Activity Transactions between funds that are representative of lending/borrowing arrangements outstanding at the end of the fiscal year are referred to as either “interfund receivables/payables” (the current portion of interfund loans) or “advances to/from other funds” (the noncurrent portion of interfund loans). All other outstanding balances between funds are reported as “due to/from other funds.” Any residual balances outstanding between the governmental activities and business-type activities are reported in the government-wide financial statements as “internal balances.” Advances between funds as reported in the fund financial statements, are offset by a fund balance reserve account in applicable governmental funds to indicate that they are not available for appropriation, and are not expendable available resources.
39
CARY PARK DISTRICT, ILLINOIS Notes to the Financial Statements April 30, 2019 NOTE 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES – Continued ASSETS/DEFERRED OUTFLOWS, LIABILITIES/DEFERRED INFLOWS, AND NET POSITION OR EQUITY – Continued Inventories Inventories in the proprietary fund consist of merchandise and food and beverages stated at the lower of cost or market, using the first-in, first-out (FIFO) method. Capital Assets Capital assets purchased or acquired with an original cost of $5,000 or more, are reported at historical cost or estimated historical cost. Contributed assets are reported at acquisition value as of the date received. Additions, improvements and other capital outlays that significantly extend the useful life of an asset are capitalized. Other costs incurred for repairs and maintenance are expensed as incurred. The accounting and financial reporting treatment applied to a fund is determined by its measurement focus. General capital assets are long-lived assets of the District as a whole. When purchased, such assets are recorded as expenditures in the governmental funds and capitalized. The valuation basis for general capital assets are historical cost, or where historical cost is not available, estimated historical cost based on replacement costs. Depreciation on all assets is computed and recorded using the straight-line method of depreciation over the following estimated useful lives:
Land Improvements 10 - 60 Years Building 5 - 50 Years Playground, Machinery and Other Equipment 5 - 30 Years
Compensated Absences Employees are entitled to vacation and personal time off (PTO) in varying amounts in accordance with Park District policy. Employees are eligible for vacation benefits upon full-time employment. The vacation benefit is accounted for beginning in the first month after the anniversary month is completed. Vacation leave can be accumulated up to a total of twenty days at any given point in time. Employees are eligible for payment of accumulated vacation leave up to the maximum accumulated twenty days upon separation from the District. Full-time employees are eligible for illness or other personal need benefits as personal time off (PTO). PTO is accumulated at the rate of 8 days per year. PTO is awarded on January 1 of each calendar year for each existing employee. New full-time employees begin to accrue PTO after the first three months of employment at the rate of ¾ day per month. PTO can be accumulated up to a total of 60 days available for personal need use or IMRF retirement credit.
40
CARY PARK DISTRICT, ILLINOIS Notes to the Financial Statements April 30, 2019 NOTE 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES – Continued ASSETS/DEFERRED OUTFLOWS, LIABILITIES/DEFERRED INFLOWS, AND NET POSITION OR EQUITY – Continued Deferred Outflows/Inflows of Resources Deferred outflow/inflow of resources represents an acquisition/reduction of net position that applies to a future period and therefore will not be recognized as an outflow of resources (expense)/inflow of resources (revenue) until that future time. Long-Term Obligations In the government-wide financial statements, long-term debt and other long-term obligations are reported as liabilities in the governmental activities Statement of Net Position. Bond premiums and discounts are deferred and amortized over the life of the bonds using a straight line method that approximates the effective interest method. Bonds payable are reported net of the applicable bond premium or discount. Bond issuance costs are reported as expenses at the time of issuance. In the fund financial statements, governmental fund types recognize bond premiums and discounts, as well as bond issuance costs, during the current period. The face amount of debt issued is reported as other financing sources. Premiums received on debt issuances are reported as other financing sources while discounts on debt issuances are reported as other financing uses. Issuance costs, whether or not withheld from the actual debt proceeds received, are reported as debt service expenditures. Net Position In the government-wide financial statements, equity is classified as net position and displayed in three components:
Net Investment in Capital Assets – Consists of capital assets, including restricted capital assets, net of accumulated depreciation, and reduced by the outstanding balances (excluding unspent bond proceeds) of any bonds, mortgages, notes or other borrowings that are attributable to the acquisition, construction, or improvement of those assets.
Restricted – Consists of net position with constraints placed on the use either by (1) external groups such as creditors, grantors, contributors, or laws or regulations of other governments; or (2) law through constitutional provisions or enabling legislations.
Unrestricted – All other net position balances that do not meet the definition of “restricted” or “net investment in capital assets.”
41
CARY PARK DISTRICT, ILLINOIS Notes to the Financial Statements April 30, 2019 NOTE 2 – STEWARDSHIP, COMPLIANCE AND ACCOUNTABILITY BUDGETARY INFORMATION The Board of Commissioners follows these procedures in establishing the budgetary data reflected in the financial statements:
The Board directs the Executive Director to prepare a tentative budget. The Executive Director submits a proposed budget for the fiscal year, which includes proposed expenditures and the means of financing them.
Public hearings are conducted to obtain taxpayer comments.
Prior to the end of the first quarter of the following fiscal year, the budget is legally enacted
through the passage of a Budget and Appropriation Ordinance.
The Board of Commissioners may: o Amend the Budget and Appropriation Ordinance in the same manner as its original
enactment. o Transfer between object categories of any fund not exceeding in the aggregate ten percent
of the total amount appropriated in such fund. o After six months of the fiscal year, by two-thirds vote, transfer any appropriation object
category it anticipates to be unexpended to any other appropriation object category.
All appropriations lapse at year end. Expenditures may not legally exceed budgeted appropriations at the object category level.
Budgets for all funds are adopted on a basis consistent with accounting principles generally
accepted in the United States of America. The adopted budget is being presented for comparative purposes in the financial statements. Amounts in excess of the budget in the financial statements did not exceed appropriation.
During the year, there were no supplemental amendments to the budget.
42
CARY PARK DISTRICT, ILLINOIS Notes to the Financial Statements April 30, 2019 NOTE 3 – DETAIL NOTES ON ALL FUNDS DEPOSITS AND INVESTMENTS The District maintains a cash and investment pool that is available for use by all funds. Each fund type's portion of this pool is displayed on the combined balance sheet as "cash and investments." Permitted Deposits and Investments - Statutes authorize the District to make deposits/invest in commercial banks, savings and loan institutions, obligations of the U.S. Treasury and U.S. Agencies, obligations of States and their political subdivisions, credit union shares, repurchase agreements, commercial paper rated within the three highest classifications by at least two standard rating services, and Illinois Funds. The Illinois Funds is an investment pool managed by the Illinois Public Treasurer’s Office, which allows governments within the State to pool their funds for investment purposes. Although not registered with the SEC, the Illinois Funds does operate in a manner consistent with Rule 2a7 of the Investment Company Act of 1940. Investments in the Illinois Funds are valued at the share price, the price for which the investment could be sold. Interest Rate Risk, Credit Risk, Concentration Risk, and Custodial Credit Risk At year-end, the carrying amount of the District’s deposits totaled $1,898,273 and the bank balances totaled $1,810,348. In addition, the District had $3,310,824 invested in the Illinois Funds with an average maturity of less than one year. Interest Rate Risk. Interest rate risk is the risk that changes in interest rates will adversely affect the fair value of an investment. The District limits its exposure to interest rate risk by attempting to coincide its investment maturities with projected cash flow needs. While the District has no formal policy relating to a specific investment-related risk, the District manages its interest rate risk by investing any surplus funds for a specific maturity date that is required whether for cash flow purposes or for conformance to maturity guidelines, in such instruments that would be most advantageous under prevailing market conditions, in accordance with its investment policy. Credit Risk. Credit risk is the risk that an issuer or other counterparty to an investment will not fulfill its obligations. State law limits investments in commercial paper, corporate bonds and mutual funds to the top two ratings issued by nationally recognized statistical rating organizations. The District’s investment policy does not address credit risk. At April 30, 2019 the District’s investment in the Illinois Funds were rated AAAm by Standard and Poors.
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CARY PARK DISTRICT, ILLINOIS Notes to the Financial Statements April 30, 2019 NOTE 3 – DETAIL NOTES ON ALL FUNDS – Continued DEPOSITS AND INVESTMENTS – Continued Interest Rate Risk, Credit Risk, Concentration Risk, and Custodial Credit Risk – Continued Concentration of Credit Risk. Concentration of credit risk is the risk of loss attributed to the magnitude of the District’s investment in a single issuer. The District’s investment policy does not address concentration of credit risk. At year-end, the District does not have any investments over 5 percent of the total cash and investment portfolio (other than investments issued or explicitly guaranteed by the U.S. government and investments in mutual funds, external investment pools, and other pooled investments). Custodial Credit Risk. In the case of deposits, this is the risk that in the event of a bank failure, the District’s deposits may not be returned to it. In accordance with its investment policy, all deposits with financial institutions are fully insured or collateralized by approved securities pledged to the District. At year-end, the entire amount of the bank balance of deposits was covered by collateral, federal depository or equivalent insurance. For an investment, this is the risk that, in the event of the failure of the counterparty, the District will not be able to recover the value of its investments or collateral securities that are in the possession of an outside party. To limit its exposure, the District requires all security transactions that are exposed to custodial credit risk to be processed on a delivery versus payment basis with the underlying investment held by a third party acting as the District’s agent separate from where the investment was purchased, even though not required by investment policy. PROPERTY TAXES The District’s property tax is levied each calendar year on all taxable real property located within the District. The District must file its tax levy ordinance by the last Tuesday in December of each year. Taxes levied in one calendar year become due and payable in two installments in June and September during the following calendar year. The levy becomes an enforceable lien against the property as of January 1 of the levy year. The County collects such taxes and remits them to the District periodically throughout the year.
44
CARY PARK DISTRICT, ILLINOIS Notes to the Financial Statements April 30, 2019 NOTE 3 – DETAIL NOTES ON ALL FUNDS – Continued INTERFUND RECEIVABLES, PAYABLES, AND TRANSFERS Interfund Balances The composition of interfund balances as of the date of this report, is as follows:
Receivable Fund Payable Fund Amount
General Foxford Hills Golf Course $ 590,493
Interfund balances are advances in anticipation of receipts. At April 30, 2019, the Foxford Hills Golf Course Fund owes the General Fund $590,493, of which $322,493 is expected to be repaid in the next fiscal year and the remaining $268,000 is expected in future periods. Interfund Transfers Interfund transfers for the year consisted of the following:
Transfer In Transfer Out
Foxford Hills Golf Course General $ 920,300 (3)Foxford Hills Golf Course General 126,449 (3)Foxford Hills Golf Course Debt Service 279,700 (1)
General Nonmajor Governmental 236,907 (4)Debt Service General 83,538 (2)
1,646,894
Amount
Transfers are used to (1) move revenues from the fund that statute or budget requires to collect them to the fund that statute or budget requires to expend them, (2) move receipts restricted to debt service from the funds collecting the receipts to the Debt Service Fund as debt service payments become due, (3) use unrestricted revenues collected in the General Fund to finance capital purchases of $126,449 and debt service payments of $920,300 in the Foxford Hills Golf Course Fund in accordance with budgetary authorizations and (4) move revenues from the Special Recreation Fund to the General Fund for planned capital expenditures in accordance with budgetary authorization.
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CARY PARK DISTRICT, ILLINOIS Notes to the Financial Statements April 30, 2019 NOTE 3 – DETAIL NOTES ON ALL FUNDS – Continued CAPITAL ASSETS Governmental Activities Governmental capital asset activity for the year was as follows:
Ending Increases Decreases Balances
Nondepreciable Capital AssetsLand $ 21,636,103 - - 21,636,103Construction in Progress 327,110 2,895,875 148,575 3,074,410
21,963,213 2,895,875 148,575 24,710,513
Depreciable Capital AssetsLand Improvements 4,004,369 144,898 200,288 3,948,979Building 4,037,495 - - 4,037,495Playground and Other Equipment 3,579,158 591,831 220,016 3,950,973
11,621,022 736,729 420,304 11,937,447
Less Accumulated DepreciationLand Improvements 2,167,216 170,624 115,287 2,222,553Building 1,928,033 116,170 - 2,044,203Playground and Other Equipment 1,802,535 240,500 295,163 1,747,872
5,897,784 527,294 410,450 6,014,628
Total Net Depreciable Capital Assets 5,723,238 209,435 9,854 5,922,819
Total Net Capital Assets 27,686,451 3,105,310 158,429 30,633,332
BeginningBalances
Depreciation expense of $527,294 was charged to the recreation and open space function.
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CARY PARK DISTRICT, ILLINOIS Notes to the Financial Statements April 30, 2019 NOTE 3 – DETAIL NOTES ON ALL FUNDS – Continued CAPITAL ASSETS – Continued Business-Type Activities Business-type capital asset activity for the year was as follows:
Ending Increases Decreases Balances
Nondepreciable Capital AssetsLand $ 3,435,755 - - 3,435,755
Depreciable Capital AssetsLand Improvements 490,564 - - 490,564Building 407,578 29,462 - 437,040Machinery and Equipment 1,286,723 147,338 20,280 1,413,781
2,184,865 176,800 20,280 2,341,385
Less Accumulated DepreciationLand Improvements 231,665 17,027 - 248,692Building 119,560 10,306 - 129,866Machinery and Equipment 667,995 90,148 18,252 739,891
1,019,220 117,481 18,252 1,118,449
Total Net Depreciable Capital Assets 1,165,645 59,319 2,028 1,222,936
Total Net Capital Assets 4,601,400 59,319 2,028 4,658,691
BeginningBalances
Depreciation expense of $117,481 was charged to the Foxford Hills Golf Course Fund.
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CARY PARK DISTRICT, ILLINOIS Notes to the Financial Statements April 30, 2019 NOTE 3 – DETAIL NOTES ON ALL FUNDS – Continued LONG-TERM DEBT General Obligation/Alternate Revenue Source Bonds The District issues general obligation and alternate revenue source bonds to provide funds for the acquisition, construction and maintenance of major capital facilities. General obligation bonds are direct obligations and pledge the full faith and credit of the District. General obligation park bonds currently outstanding are as follows:
Fund Debt EndingIssue Retired by Issuances Retirements Balances
DebtService $ 1,149,349 - 404,513 744,836
Foxford HillsGolf Course 3,575,651 - 1,270,487 2,305,164
DebtService 704,005 - 704,005 -
DebtService - 3,400,000 - 3,400,000
DebtService - 713,365 - 713,365
5,429,005 4,113,365 2,379,005 7,163,365
$713,365 General Obligation Limited TaxPark Bonds Series 2018B, due in oneinstallment of $713,365 interest at 2.55%on November 1, 2019.
BeginningBalances
$6,280,000 General Obligation AlternateRevenue Source Bonds Series 2013A, duein annual installments of $100,000 to$1,745,000 plus interest at 3.00% to4.00% through December 15, 2022.
$704,005 General Obligation Limited TaxPark Bonds Series 2017, due in oneinstallment of $704,005 interest at 1.71%on November 1, 2018.
$3,400,000 General Obligation AlternateRevenue Source Bonds Series 2018A, duein annual installments of $240,000 to$340,000 plus interest at 3.00% to 4.00%through December 15, 2032.
48
CARY PARK DISTRICT, ILLINOIS Notes to the Financial Statements April 30, 2019 NOTE 3 – DETAIL NOTES ON ALL FUNDS – Continued LONG-TERM DEBT – Continued
Debt Certificates The District issues debt certificates to provide funds for the acquisition of equipment. Debt certificates currently outstanding are as follows:
Fund Debt Ending
Issue Retired by Issuances Retirements Balances
Foxford HillsGolf Course $ 253,000 - 47,000 206,000
$300,000 Debt Certificate Series 2017,due in annual installments of $47,000 to$54,000 plus interest at 2.65% throughDecember 15, 2022.
BeginningBalances
Long-Term Liability Activity Changes in long-term liabilities during the fiscal year were as follows:
AmountsEnding Due within
Additions Deductions Balances One Year
Governmental ActivitiesCompensated Absences $ 88,901 147,913 142,309 94,505 75,604Net Pension Liability - IMRF 67,098 700,665 - 767,763 - Total OPEB Liability - RBP 98,971 3,043 - 102,014 - General Obligation Bonds 1,853,354 4,113,365 1,108,518 4,858,201 1,134,941Plus: Unamortized Premium 106,333 - 22,991 83,342 22,991
2,214,657 4,964,986 1,273,818 5,905,825 1,233,536
Business-Type ActivitiesGeneral Obligation Bonds 3,575,651 - 1,270,487 2,305,164 1,323,424Plus: Unamortized Premium 168,297 - 64,113 104,184 64,113Debt Certificates 253,000 - 47,000 206,000 49,000
3,996,948 - 1,381,600 2,615,348 1,436,537
BalancesRestated
Beginning
49
CARY PARK DISTRICT, ILLINOIS Notes to the Financial Statements April 30, 2019 NOTE 3 – DETAIL NOTES ON ALL FUNDS – Continued LONG-TERM DEBT – Continued Long-Term Liability Activity – Continued For governmental activities, the compensated absences and the total OPEB liability are liquidated by the General Fund. The net pension liability is liquidated by the Illinois Municipal Retirement Fund. The Debt Service Fund makes payments on the general obligation bonds. For business-type activities, the Foxford Hills Golf Course Fund makes payments on the general obligation bonds and on the debt certificates. Debt Service Requirements to Maturity The annual debt service requirements to maturity, including principal and interest, are as follows:
FiscalYear Interest Principal Interest Principal Interest
2020 $ 1,134,941 159,388 1,323,424 92,206 49,000 5,4592021 123,260 125,798 981,740 39,270 51,000 4,1602022 340,000 120,868 - - 52,000 2,8092023 345,000 109,669 - - 54,000 1,4312024 255,000 98,319 - - - -
2025-2029 1,385,000 372,795 - - - - 2030-2033 1,275,000 127,950 - - - -
4,858,201 1,114,787 2,305,164 131,476 206,000 13,859
General ObligationBonds
Principal
Governmental ActivitiesDebt
CertificatesGeneral Obligation
Bonds
Business-Type Activities
50
CARY PARK DISTRICT, ILLINOIS Notes to the Financial Statements April 30, 2019 NOTE 3 – DETAIL NOTES ON ALL FUNDS – Continued LONG-TERM DEBT – Continued Legal Debt Margin Chapter 70, Section 1205/6-2 of the Illinois Compiled Statutes provides “…for the payment of land condemned or purchased for parks or boulevards, for the building, maintaining, improving and protection of the same and for the payment of the expenses incident thereto, or for the acquisition of real estate and lands to be used as a site for an armory, any park district is authorized to issue the bonds or notes of such park district and pledge its property and credit therefore to an amount including existing indebtedness of such district so that the aggregate indebtedness of such district does not exceed 2.875% of the value of the taxable property therein, to be ascertained by the last assessment for state and county taxes previous to the issue from time to time of such bonds or notes or, until January 1, 1983, if greater, the sum that is produced by multiplying the district’s 1978 equalized assessed valuation by the debt limitation percentage in effect on January 1, 1979, if a petition, signed by voters in number equal to not less than 2% of the voters of the district, who voted at the last general election in the district, asking that the authorized aggregate indebtedness of the district be increased to not more than .575% of the value of the taxable property therein, is presented to the Board and such increase is approved by the voters of the district at a referendum held on the question.”
Assessed Valuation - 2018 Tax Levy $ 615,322,991
Legal Debt Limit - 2.875% of Assessed Value 17,690,536
Amount of Debt Applicable to LimitGeneral Obligation Bond of 2018 (713,365)Debt Certificates of 2017 (206,000)
Legal Debt Margin 16,771,171Non-Referendum Legal Debt Limit
.575% of Equalized Assessed Valuation 3,538,107
Amount of Debt Applicable to Debt LimitGeneral Obligation Bond of 2018 (713,365)
Non-Referendum Legal Debt Margin2,824,742
51
CARY PARK DISTRICT, ILLINOIS Notes to the Financial Statements April 30, 2019 NOTE 3 – DETAIL NOTES ON ALL FUNDS – Continued NET POSITION/FUND BALANCES Net Position Classifications Net investment in capital assets was comprised of the following as of April 30, 2019:
Governmental ActivitiesCapital Assets - Net of Accumulated Depreciation $ 30,633,332
Unspent Bond Proceeds: 873,490
Less Capital Related Debt:General Obligation Bonds of 2018A (3,400,000)General Obligation Bonds of 2013A (744,836)Unamortized Loss of Refunding 33,000Unamortized Premium (83,342)
Net Investment in Capital Assets 27,311,644
Business-Type ActivitiesCapital Assets - Net of Accumulated Depreciation 4,658,691
Less Capital Related Debt:General Obligation Bonds of 2013A (2,305,164)Debt Certificates of 2017 (206,000)Unamortized Premium (104,184)
Net Investment in Capital Assets 2,043,343
NET POSITION Net Position Restatement Beginning net position was restated due to the implementation of GASB Statement No. 75. The following is a summary of the net position as originally reported and as restated:
Net Position As Restated (Decrease)
Governmental Activities $ 29,258,282 29,159,311 (98,971)
As Reported
52
CARY PARK DISTRICT, ILLINOIS Notes to the Financial Statements April 30, 2019 NOTE 3 – DETAIL NOTES ON ALL FUNDS – Continued NET POSITION/FUND BALANCES – Continued Fund Balance Classifications The following is a schedule of fund balance classifications for the governmental funds as of the date of this report:
DebtService Nonmajor Totals
Fund BalancesNonspendable - Long-Term Advances $ 268,000 - - 268,000
RestrictedCapital Projects and Purchases 530,787 - - 530,787Special Levies
Retirement - - 140,222 140,222Liability Insurance - - 38,314 38,314Audit - - 2,259 2,259Special Recreation - - 194,388 194,388Paving and Lighting - - 56,546 56,546
530,787 - 431,729 962,516
AssignedCapital Outlay 1,389,552 - - 1,389,552Preservation and Maintenance of
Prairies and Natural Resources 40,710 - - 40,710Recreational Programs 791,639 - - 791,639
2,221,901 - - 2,221,901
Unassigned 1,340,093 - - 1,340,093
Total Fund Balances 4,360,781 - 431,729 4,792,510
General
In the governmental fund financial statements, governmental funds report fund balance as either nonspendable or spendable. Spendable fund balance is further classified as restricted, committed, assigned or unassigned, based on the relative strength of the constraints that control how specific amounts can be spent.
53
CARY PARK DISTRICT, ILLINOIS Notes to the Financial Statements April 30, 2019 NOTE 3 – DETAIL NOTES ON ALL FUNDS – Continued NET POSITION/FUND BALANCES – Continued Fund Balance Classifications – Continued In the governmental funds financial statements, the District considers restricted amounts to have been spent when an expenditure is incurred for purposes for which both restricted and unrestricted fund balance is available. The District first utilizes committed, then assigned and then unassigned fund balance when an expenditure is incurred for purposes for which all three unrestricted fund balances are available. Nonspendable Fund Balance. Consists of resources that cannot be spent because they are either: a) not in a spendable form; or b) legally or contractually required to be maintained intact. A portion of the General Funds’ fund balance intended to offset the long term advance to the Foxford Hills Golf Course fund is considered nonspendable. Restricted Fund Balance. Consists of resources that are restricted to specific purposes, that is, when constraints placed on the use of resources are either: a) externally imposed by creditors (such as through debt covenants), grantors, contributors, or laws or regulations of other governments; or b) imposed by law through constitutional provisions or enabling legislation. The Special Revenue Funds’ (nonmajor funds) primary source of revenue is property taxes levied for the specific purpose of the fund. Consequently, the fund balances of these funds are considered restricted. A portion of the General Funds’ fund balance is derived from developer donations that must be expended for costs associated with new residential growth. This portion of the fund balance is considered restricted. Committed Fund Balance. Consists of resources constrained (issuance of an ordinance) to specific purposes by the government itself, using its highest level of decision-making authority, the Board of Commissioners; to be reported as committed, amounts cannot be used for any other purpose unless the government takes the same highest-level action to remove or change the constraint. The District has no committed fund balance. Assigned Fund Balance. Consists of amounts that are constrained by the Board of Commissioners’ intent to be used for specific purposes but are neither restricted nor committed. The authority to assign fund balance is at the Board level as delegated by the approved “Budget Development-Committed/Assigned Fund Balance” policy of the District. Assignment of fund balance does not require passage of an ordinance. Portions of the General Funds’ fund balance is intended by management to be used for recreational programs, for capital outlay, and for the preservation and maintenance of prairies and natural areas, and is considered assigned for those purposes. Unassigned Fund Balance. Consists of residual net resources of a fund that has not been restricted committed, or assigned within the General Fund and deficit fund balances of other governmental funds. Minimum Fund Balance Policy. The District’s policy manual states that the General Fund and Recreation Fund should maintain a minimum fund balance equal to 25% of budgeted operating expenditures.
54
CARY PARK DISTRICT, ILLINOIS Notes to the Financial Statements April 30, 2019 NOTE 4 – OTHER INFORMATION RISK MANAGEMENT Park District Risk Management Agency (PDRMA) The District is exposed to various risks related to torts; theft of, damage to and destruction of assets; errors and omissions; injuries to employees; and net income losses. Since 1995, the District has been a member of the Park District Risk Management Agency (PDRMA) Property/Casualty Program, a joint risk management pool of park and forest preserve districts, and special recreation associations through which property, general liability, automobile liability, crime, boiler and machinery, public officials’, employment practices liability and workers compensation coverage is provided in excess of specified limits for the members, acting as a single insurable unit. The following table is a summary of the coverage in effect for the period January 1, 2019 through January 1, 2020:
PDRMA Self-Member Insured
Deductible Retention
Property/Bldg/Contents All Losses Per Occurrence $1,000 $1,000,000 $1,000,000,000/All Members Flood/except Zones A & V $1,000 $1,000,000 $250,000,000/Occurrence/Annual Aggregate Flood, Zones A & V $1,000 $1,000,000 $200,000,000/Occurrence/Annual Aggregate Earthquake Shock $1,000 $100,000 $100,000,000/Occurrence/Annual AggregateAuto Physical Damage Comprehensive and Collision $1,000 $1,000,000 IncludedCourse of Construction $1,000 Included $25,000,000Business Interruption, Rental Income, Tax Income Combined $1,000 $100,000,000/Reported Values
$500,000/$2,500,000/Non-Reported ValuesService Interruption 24 Hours N/A $25,000,000Boiler and Machinery $100,000,000 Equipment BreakdownProperty Damage $1,000 $9,000 Property Damage - IncludedBusiness Income 48 Hours N/A IncludedFidelity and Crime $1,000 $24,000 $2,000,000/OccurrenceSeasonal Employees $1,000 $9,000 $1,000,000/OccurrenceBlanket Bond $1,000 $24,000 $2,000,0000/OccurrenceWORKERS COMPENSATION N/A $500,000 StatutoryEmployers Liability N/A $500,000 $3,500,000 Employers Liability
Coverage Limits
PROPERTY
55
CARY PARK DISTRICT, ILLINOIS Notes to the Financial Statements April 30, 2019 NOTE 4 – OTHER INFORMATION – Continued RISK MANAGEMENT – Continued Park District Risk Management Agency (PDRMA) – Continued
PDRMA Self-Member Insured
Deductible RetentionLIABILITYGeneral None $500,000 $21,500,000/OccurrenceAuto Liability None $500,000 $21,500,000/OccurrenceEmployment Practices None $500,000 $21,500,000/OccurrencePublic Officials' Liability None $500,000 $21,500,000/OccurrenceLaw Enforcement Liability None $500,000 $21,500,000/OccurrenceUninsured/Underinsured Motorists None $500,000 $1,000,000/Occurrence
Liability - Third Party None $25,000 $5,000,000/OccurrenceProperty - First Party $1,000 $24,000 $30,000,000 3 Year Aggregate
Outbreak Expense 24 Hours N/A $15,000 per Day$1,000,000 Aggregate Policy Limit
INFORMATION SECURITY AND PRIVACY INSURANCE WITH ELECTRONIC MEDIA LIABILITY COVERAGEInformation Security & Privacy Liability None $100,000 $2,000,000/Occurrence/Annual AggregatePrivacy Notification, Costs None $100,000 $500,000/Occurrence/Annual AggregateRegulatory Defense & Penalties None $100,000 $2,000,000/Occurrence/Annual AggregateWebsite Media Content Liability None $100,000 $2,000,000/Occurrence/Annual AggregateCyber Extortion None $100,000 $2,000,000/Occurrence/Annual AggregateData Protection & Business Interruption $1,000 $100,000 $2,000,000/Occurrence/Annual AggregateFirst Party Business Interruption 8 Hours $100,000 $50,000 Hourly Sublimit/$50,000 Forensic
Exp./$150,000 Dependent Bus. Interruption
Volunteer Medical Accident None $5,000 $5,000 Medical Expense of any otherCollectible Insurance
Underground Storage Tank Liability None N/A $10,000, Follows Illinois Leaking Underground Tank Fund
Unemployment Compensation N/A N/A Statutory
OUTBREAK EXPENSE
VOLUNTEER MEDICAL ACCIDENT
UNDERGROUND STORAGE TANK LIABILITY
UNEMPLOYMENT COMPENSATION
Coverage Limits
POLLUTION LIABILITY
56
CARY PARK DISTRICT, ILLINOIS Notes to the Financial Statements April 30, 2019 NOTE 4 – OTHER INFORMATION – Continued RISK MANAGEMENT – Continued Park District Risk Management Agency (PDRMA) – Continued Losses exceeding the per occurrence self-insured and reinsurance limit would be the responsibility of the District. As a member of PDRMA’s Property/Casualty Program, the District is represented on the Property/Casualty Program Council and the Membership Assembly and is entitled to one vote on each. The relationship between the District and PDRMA is governed by a contract and by-laws that have been adopted by resolution of the District’s governing body. The District is contractually obligated to make all annual and supplementary contributions to PDRMA, to report claims on a timely basis, cooperate with PDRMA, its claims administrator and attorneys in claims investigations and settlement, and to follow risk management procedures as outlined by PDRMA. Members have a contractual obligation to fund any deficit of PDRMA attributable to a membership year during which they were a member. PDRMA is responsible for administering the self-insurance program and purchasing excess insurance according to the direction of the Program Council. PDRMA also provides its members with risk management services, including the defense of and settlement of claims, and establishes reasonable and necessary loss reduction and prevention procedures to be followed by the members. The following represents a summary of PDRMA’s Property/Casualty Program balance sheet at December 31, 2018 and the statement of revenues and expenses for the period ending December 31, 2018. The District’s portion of the overall equity of the pool is 0.220% or $106,420.
Assets $64,598,180 Deferred Outflows of Resources – Pension 735,579 Liabilities 20,358,043 Deferred Inflows of Resources – Pension 1,157,368 Total Net Position 43,818,350 Revenues 18,891,688 Expenditures 18,647,660
Since 98.39% of PDRMA’s liabilities are reserves for losses and loss adjustment expenses which are based on an actuarial estimate of the ultimate losses incurred, the Member Balances are adjusted annually as more recent loss information becomes available. Settled claims relating to commercial insurance have not exceeded the amount of insurance coverage in any of the past three fiscal years.
57
CARY PARK DISTRICT, ILLINOIS Notes to the Financial Statements April 30, 2019 NOTE 4 – OTHER INFORMATION – Continued RISK MANAGEMENT – Continued Park District Risk Management Agency (PDRMA) Health Program On February 1, 1990, the District became a member of the Park District Risk Management Agency (PDRMA) Health Program, a health benefits pool of park districts, special recreation associations, and public service organizations through which medical, vision, dental, life and prescription drug coverages are provided in excess of specified limits for the members, acting as a single insurable unit. The pool purchases excess insurance covering single claims over $250,000. Until January 1, 2001 the PDRMA Health Program was a separate legal entity formerly known as the Illinois Park Employees Health Network (IPEHN). Members can choose to provide any combination of coverages available to their employees, and pay premiums accordingly As a member of the PDRMA Health Program, the District is represented on the Health Program Council as well as the Membership Assembly and is entitled to one vote on each. The relationship between the member agency and PDRMA Health Program is governed by a contract and by-laws that have been adopted by a resolution of each member’s governing body. Members are contractually obligated to make all monthly payments to the PDRMA Health Program and to fund any deficit of the PDRMA Health Program upon dissolution of the pool. They will share in any surplus of the pool based on a decision by the Health Program Council. The following represents a summary of PDRMA’s Health Program balance sheet at December 31, 2018 and the statement of revenues and expenses for the period ending December 31, 2018.
Assets $22,903,252
Deferred Outflows of Resources – Pension 427,851
Liabilities 5,148,899
Deferred Inflows of Resources – Pension (5,600)
Total Net Position 18,187,802
Revenues 37,577,537
Expenditures 35,295,144
A large percentage of PDRMA’s liabilities are reserves for losses and loss adjustment expenses, which are based on an actuarial estimate of the ultimate losses incurred.
58
CARY PARK DISTRICT, ILLINOIS Notes to the Financial Statements April 30, 2019 NOTE 4 – OTHER INFORMATION – Continued CONTINGENT LIABILITIES Litigation The District is not a defendant in any lawsuits. Grants Amounts received or receivable from grantor agencies are subject to audit and adjustment by grantor agencies, principally the federal government. Any disallowed claims, including amounts already collected, may constitute a liability of the applicable funds. The amount, if any, of expenditures which may be disallowed by the grantor cannot be determined at this time although the District expects such amounts, if any, to be immaterial. JOINT VENTURES, JOINTLY GOVERNED ORGANIZATIONS AND RELATED ORGANIZATIONS The District, along with twelve other area park districts and municipalities, has entered into a joint agreement to provide cooperative recreational programs and other activities for handicapped and impaired individuals. Each member agency shares equally in the Northern Illinois Special Recreation Association (NISRA), and generally provides funding based on up to 4.0 cents per $100 of its equalized assessed valuation. The District contributed $111,993 to NISRA during the current fiscal year. The District does not have a direct financial interest in NISRA and, therefore, its investment therein is not reported within the financial statements. Upon dissolution of NISRA, the assets, if any, shall be divided among the members in accordance with an equitable formula, as determined by a unanimous vote of the Board of Directors of NISRA. A complete separate financial statement for NISRA can be obtained from NISRA’s administrative offices at 285 Memorial Drive, Crystal Lake, Il 60014. SUBSEQUENT EVENTS On August 8, 2019, the District issued $920,000 in Debt Certificates, Series 2019A, due in annual installments of $177,665 to $190,710 commencing December 15, 2020, plus interest commencing on December 15, 2019 at 1.68% to 1.95% through December 15, 2024. In addition, on August 16, 2019 the District purchased a building with a purchase price of $565,711.
59
CARY PARK DISTRICT, ILLINOIS Notes to the Financial Statements April 30, 2019 NOTE 4 – OTHER INFORMATION – Continued EMPLOYEE RETIREMENT SYSTEM – DEFINED BENEFIT PENSION PLAN Illinois Municipal Retirement Fund (IMRF) The District contributes to the Illinois Municipal Retirement Fund (IMRF), a defined benefit agent multiple-employer public employee retirement system that acts as a common investment and administrative agent for local governments and school districts in Illinois. IMRF issues a publicly available financial report that includes financial statements and required supplementary information for the plan as a whole, but not by individual employer. That report may be obtained on-line at www.imrf.org. The benefits, benefit levels, employee contributions, and employer contributions are governed by Illinois Compiled Statutes (ILCS) and can only be amended by the Illinois General Assembly. Plan Descriptions Plan Administration. All employees hired in positions that meet or exceed the prescribed annual hourly standard must be enrolled in IMRF as participating members. The plan is accounted for on the economic resources measurement focus and the accrual basis of accounting. Employer and employee contributions are recognized when earned in the year that the contributions are required, benefits and refunds are recognized as an expense and liability when due and payable. Benefits Provided. IMRF has three benefit plans. The vast majority of IMRF members participate in the Regular Plan (RP). IMRF provides two tiers of pension benefits. Employees hired before January 1, 2011, are eligible for Tier 1 benefits. Tier 1 employees are vested for pension benefits when they have at least eight years of qualifying service credit. Tier 1 employees who retire at age 55 (at reduced benefits) or after age 60 (at full benefits) with eight years of service are entitled to an annual retirement benefit, payable monthly for life, in an amount equal to 1-2/3% of the final rate of earnings for the first 15 years of service credit, plus 2% for each year of service credit after 15 years to a maximum of 75% of their final rate of earnings. Final rate of earnings is the highest total earnings during any consecutive 48 months within the last 10 years of service, divided by 48. Under Tier 1, the pension is increased by 3% of the original amount on January 1 every year after retirement Employees hired on or after January 1, 2011, are eligible for Tier 2 benefits. For Tier 2 employees, pension benefits vest after ten years of service. Participating employees who retire at age 62 (at reduced benefits) or after age 67 (at full benefits) with ten years of service are entitled to an annual retirement benefit, payable monthly for life, in an amount equal to 1-2/3% of the final rate of earnings for the first 15 years of service credit, plus 2% for each year of service credit after 15 years to a maximum of 75% of their final rate of earnings.
60
CARY PARK DISTRICT, ILLINOIS Notes to the Financial Statements April 30, 2019 NOTE 4 – OTHER INFORMATION – Continued EMPLOYEE RETIREMENT SYSTEM – DEFINED BENEFIT PENSION PLAN – Continued Illinois Municipal Retirement Fund (IMRF) – Continued Plan Descriptions – Continued Benefits Provided – Continued. Final rate of earnings is the highest total earnings during any 96 consecutive months within the last 10 years of service, divided by 96. Under Tier 2, the pension is increased on January 1 every year after retirement, upon reaching age 67, by the lesser of:
3% of the original pension amount, or
1/2 of the increase in the Consumer Price Index of the original pension amount. Plan Membership. As of December 31, 2018, the measurement date, the following employees were covered by the benefit terms:
Inactive Plan Members Currently Receiving Benefits 16 Inactive Plan Members Entitled to but not yet Receiving Benefits 32 Active Plan Members 28
Total 76
Contributions. As set by statute, the District’s Regular Plan Members are required to contribute 4.5% of their annual covered salary. The statute requires employers to contribute the amount necessary, in addition to member contributions, to finance the retirement coverage of its own employees. For the year-ended April 30, 2019, the District’s average contribution was 8.20% of covered payroll. Net Pension Liability. The District’s net pension liability was measured as of December 31, 2018. The total pension liability used to calculate the net pension liability was determined by an actuarial valuation as of that date.
61
CARY PARK DISTRICT, ILLINOIS Notes to the Financial Statements April 30, 2019 NOTE 4 – OTHER INFORMATION – Continued EMPLOYEE RETIREMENT SYSTEM – DEFINED BENEFIT PENSION PLAN – Continued Illinois Municipal Retirement Fund (IMRF) – Continued Plan Descriptions – Continued Actuarial Assumptions. The total pension liability was determined by an actuarial valuation performed, as of December 31, 2018, using the following actuarial methods and assumptions:
Actuarial Cost Method Entry AgeNormal
Asset Valuation Method Market
Actuarial AssumptionsInterest Rate 7.25%
Salary Increases 3.39% - 14.25%
Cost of Living Adjustments 2.50%
Inflation 2.50%
For non-disabled retirees, an IMRF specific mortality table was used with fully generational projection scale MP-2017 (base year 2015). The IMRF specific rates were developed from the RP-2014 Blue Collar Health Annuitant Mortality Table with adjustments to match current IMRF experience. For disabled retirees, an IMRF specific mortality table was used with fully generational projection scale MP-2017 (base year 2015). The IMRF specific rates were developed from the RP-2014 Disabled Retirees Mortality Table applying the same adjustment that were applied for non-disabled lives. For active members, an IMRF specific mortality table was used with fully generational projection scale MP-2017 (base year 2015). The IMRF specific rates were developed from the RP-2014 Employee Mortality Table with adjustments to match current IMRF experience. The long-term expected rate of return on pension plan investments was determined using a building-block method in which best-estimate ranges of expected future real rates of return (expected returns, net of pension plan investment expense, and inflation) are developed for each major asset class. These ranges are combined to produce the long-term expected rate of return by weighting the expected future real rates of return to the target asset allocation percentage and adding expected inflation. The target allocation and best estimates of geometric real rates of return for each major asset class are summarized in the following table:
62
CARY PARK DISTRICT, ILLINOIS Notes to the Financial Statements April 30, 2019 NOTE 4 – OTHER INFORMATION – Continued EMPLOYEE RETIREMENT SYSTEM – DEFINED BENEFIT PENSION PLAN – Continued Illinois Municipal Retirement Fund (IMRF) – Continued Plan Descriptions – Continued Actuarial Assumptions – Continued.
Long-TermExpected Real
Asset Class Target Rate of Return
Fixed Income 28.00% 3.75%Domestic Equities 37.00% 7.15%International Equities 18.00% 7.25%Real Estate 9.00% 6.25%Blended 7.00% 3.20% - 8.50%Cash and Cash Equivalents 1.00% 2.50%
Discount Rate The discount rate used to measure the total pension liability was 7.25%, the prior valuation used 7.50%. The projection of cash flows used to determine the discount rate assumed that member contributions will be made at the current contribution rate and that District contributions will be made at rates equal to the difference between the actuarially determined contribution rates and the member rate. Based on those assumptions, the Fund’s fiduciary net position was projected to be available to make all projected future benefit payments of current plan members. Therefore, the long-term expected rate of return on pension plan investments was applied to all periods of projected benefit payments to determine the total pension liability. Discount Rate Sensitivity The following is a sensitivity analysis of the net pension liability to changes in the discount rate. The table below presents the pension liability of the District calculated using the discount rate as well as what the District’s net pension liability would be if it were calculated using a discount rate that is one percentage point lower or one percentage point higher than the current rate:
Current Discount Rate
(7.25%)
Net Pension Liability/(Asset) $ 1,819,069 767,763 (36,741)
1% Decrease 1% Increase(6.25%) (8.25%)
63
CARY PARK DISTRICT, ILLINOIS Notes to the Financial Statements April 30, 2019 NOTE 4 – OTHER INFORMATION – Continued EMPLOYEE RETIREMENT SYSTEM – DEFINED BENEFIT PENSION PLAN – Continued Illinois Municipal Retirement Fund (IMRF) – Continued Changes in the Net Pension Liability
Plan Fiduciary Net PensionNet Position Liability
(B) (A) - (B)
Balances at December 31, 2017 $ 5,641,296 5,574,198 67,098
Changes for the Year:Service Cost 128,876 - 128,876Interest on the Total Pension Liability 422,400 - 422,400Difference Between Expected and Actual Experience of the Total Pension Liability (46,590) - (46,590)Changes of Assumptions 219,996 - 219,996Contributions - Employer - 119,642 (119,642)Contributions - Employees - 63,725 (63,725)Net Investment Income - (208,252) 208,252Benefit Payments, including Refunds of Employee Contributions (147,480) (147,480) - Other (Net Transfer) - 48,902 (48,902)
Net Changes 577,202 (123,463) 700,665
Balances at December 31, 2018 6,218,498 5,450,735 767,763
(A)
TotalPensionLiability
Pension Expense, Deferred Outflows of Resources, and Deferred Inflows of Resources Related to Pensions For the year ended April 30, 2019, the District recognized pension expense of $154,610. At April 30, 2019, the District reported deferred outflows of resources and deferred inflows of resources related to pensions from the following sources:
64
CARY PARK DISTRICT, ILLINOIS Notes to the Financial Statements April 30, 2019 NOTE 4 – OTHER INFORMATION – Continued EMPLOYEE RETIREMENT SYSTEM – DEFINED BENEFIT PENSION PLAN – Continued Illinois Municipal Retirement Fund (IMRF) – Continued Pension Expense, Deferred Outflows of Resources, and Deferred Inflows of Resources Related to Pensions – Continued
Deferred DeferredOutflows of Inflows ofResources Resources Totals
Difference Between Expected and Actual Experience $ 103,743 (58,389) 45,354
Change in Assumptions 170,548 (108,941) 61,607
Net Difference Between Projected and Actual Earnings on Pension Plan Investments 331,638 - 331,638
Total Pension Expense to be Recognized in Future Periods 605,929 (167,330) 438,599
Pension Contributions Made Subsequent to the Measurement Date 40,411 - 40,411
Total Deferred Amounts Related to IMRF 646,340 (167,330) 479,010
$40,411 reported as deferred outflows of resources related to pensions resulting from employer contributions subsequent to the measurement date and will be recognized as a reduction of the net pension liability in the reporting year ended April 30, 2020. Amounts reported as deferred outflows of resources and deferred inflows of resources related to pensions will be recognized in pension expense in future periods as follows:
Net Deferred
Fiscal OutflowsYear of Resources
2020 $ 137,1462021 78,3992022 83,6962023 139,3582024 -
Thereafter -
Total 438,599
65
CARY PARK DISTRICT, ILLINOIS Notes to the Financial Statements April 30, 2019 NOTE 4 – OTHER INFORMATION – Continued OTHER POST-EMPLOYMENT BENEFITS General Information about the OPEB Plan Plan Description. The District’s defined benefit OPEB plan, Retiree Benefits Plan (RBP), provides OPEB for all permanent full-time employees of the District. RBP is a single-employer defined benefit OPEB plan administered by the District. Article 11 of the State Compiled Statutes grants the authority to establish and amend the benefit terms and financing requirements to the District Board. No assets are accumulated in a trust that meets the criteria in paragraph 4 of Statement 75. Benefits Provided. RBP provides healthcare insurance benefits for retirees and their dependents. The benefit terms provide for retirees to pay the full premium. The plan also provides all retirees with dental and vision coverage. Plan Membership. As of September 30, 2018, the measurement date, the following employees were covered by the benefit terms:
Inactive Plan Members Currently Receiving Benefits - Inactive Plan Members Entitled to but not yet Receiving Benefits - Active Plan Members 23
Total 23
Total OPEB Liability The District’s total OPEB liability was measured as of September 30, 2018, and was determined by an actuarial valuation as of that date.
66
CARY PARK DISTRICT, ILLINOIS Notes to the Financial Statements April 30, 2019 NOTE 4 – OTHER INFORMATION – Continued OTHER POST-EMPLOYMENT BENEFITS – Continued Total OPEB Liability – Continued Actuarial Assumptions and Other Inputs. The total OPEB liability was measured by an actuarial valuation as of September 30, 2018, applied to all periods included in the measurement, unless otherwise specified:
Inflation 2.50%
Salary Increases Varies from 3.39% to 10.35% by age and years of service
Discount Rate 4.18%
Healthcare Cost Trend RatesMedical 7.00% graded to 4.50% over 17 yearsPrescription drug 9.00% graded to 4.50% over 18 years
Retirees' Share of Benefit-Related Costs 100% of projected health insurance premiums for retirees The discount rate was based on a yield or index rate of 20-year, tax-exempt general obligation municipal bonds. Mortality rates were based on the RP-2014 Mortality Tables projected generationally from 2015 using Scale MP-2017. Change in the Total OPEB Liability
Balance at April 30, 2018 $ 98,971
Changes for the Year:Service Cost 6,620 Interest on the Total Pension Liability 3,816 Changes of Benefit Terms - Difference Between Expected and Actual Experience - Changes of Assumptions or Other Inputs (5,855) Benefit Payments (1,538)
Net Changes 3,043
Balance at April 30, 2019 102,014
TotalOPEB
Liability
67
CARY PARK DISTRICT, ILLINOIS Notes to the Financial Statements April 30, 2019 NOTE 4 – OTHER INFORMATION – Continued OTHER POST-EMPLOYMENT BENEFITS – Continued Sensitivity of the Total OPEB Liability to Changes in the Discount Rate The following presents the total OPEB liability, calculated using a Single Discount Rate of 4.18%, as well as what the total OPEB liability would be if it were calculated using a Single Discount Rate that is one percentage point lower or one percentage point higher:
Current Discount Rate 1% Increase
(4.18%) (5.18%)
Total OPEB Liability $ 113,054 102,014 91,875
1% Decrease(3.18%)
Sensitivity of the Total OPEB Liability to Changes in the Healthcare Cost Trend Rates The following presents the total OPEB liability, calculated using a variable Healthcare Trend Rate, as well as what the total OPEB liability would be if it were calculated using a Healthcare Trend Rate that is one percentage point lower or one percentage point higher:
HealthcareCost Trend
Rates 1% Increase(Varies) (Varies)
Total OPEB Liability $ 87,133 102,014 120,264
1% Decrease(Varies)
OPEB Expense and Deferred Outflows of Resources and Deferred Inflows of Resources Related to OPEB For the year ended April 30, 2019, the District recognized OPEB expense of $9,981. At April 30, 2019, the District reported deferred outflows of resources and deferred inflows of resources related to OPEB from the following sources:
68
CARY PARK DISTRICT, ILLINOIS Notes to the Financial Statements April 30, 2019 NOTE 4 – OTHER INFORMATION – Continued OTHER POST-EMPLOYMENT BENEFITS – Continued OPEB Expense and Deferred Outflows of Resources and Deferred Inflows of Resources Related to OPEB – Continued
Deferred DeferredOutflows of Inflows ofResources Resources Totals
Difference Between Expected and Actual Experience $ 103,743 (58,389) 45,354
Change in Assumptions 170,548 (108,941) 61,607
Net Difference Between Projected and Actual Earnings on Pension Plan Investments 331,638 - 331,638
Total Pension Expense to be Recognized in Future Periods 605,929 (167,330) 438,599
Pension Contributions Made Subsequent to the Measurement Date 40,411 - 40,411
Total Deferred Amounts Related to IMRF 646,340 (167,330) 479,010
Amounts reported as deferred outflows of resources and deferred inflows of resources related to OPEB will be recognized in OPEB expense as follows:
Net DeferredFiscal OutflowsYear of Resources
2020 $ 137,1462021 78,3992022 83,6962023 139,3582024 -
Thereafter -
Total 438,599
69
• Schedule of Employer ContributionsIllinois Municipal Retirement Fund
• Schedule of Changes in the Employer’s Net Pension LiabilityIllinois Municipal Retirement Fund
• Schedule of Changes in the Employer’s Total OPEB LiabilityRetiree Benefit Plan
REQUIRED SUPPLEMENTARY INFORMATION
Required supplementary information includes financial information and disclosures that are required by theGASB but are not considered a part of the basic financial statements. Such information includes:
CARY PARK DISTRICT, ILLINOIS
Illinois Municipal Retirement Fund
Required Supplementary InformationSchedule of Employer ContributionsApril 30, 2019
Contributions asFiscal a Percentage ofYear Covered Payroll
2016 $ 122,438 $ 122,724 $ 286 $ 1,343,386 9.14%2017 110,828 113,587 2,759 1,315,862 8.63%2018 119,248 119,248 - 1,381,259 8.63%2019 119,934 119,934 - 1,462,106 8.20%
Notes to the Required Supplementary Information:
Actuarial Cost Method Entry Age NormalAmortization Method Level % Pay (Closed)Remaining Amortization Period 25 YearsAsset Valuation Method 5-Year Smoothed MarketInflation 2.75%Salary Increases 3.75% - 14.50%Investment Rate of Return 7.50%Retirement Age See the Notes to the Financial StatementsMortality MP-2014 (base year 2012)
Note: This schedule is intended to show information for ten years. Information for additional years will be displayedas it becomes available.
ContributionDeterminedActuarially
ContributionDetermined
the Actuariallyin Relation toContributions
PayrollCovered
(Deficiency)Excess/
Contribution
70
CARY PARK DISTRICT, ILLINOIS
Illinois Municipal Retirement Fund
Required Supplementary InformationSchedule of Changes in the Employer's Net Pension Liability April 30, 2019
12/31/2016
Total Pension LiabilityService Cost $ 140,175 133,855 Interest 341,057 369,097 Differences Between Expected and Actual Experience (11,795) (55,090) Change of Assumptions 7,358 (7,822) Benefit Payments, Including Refunds
of Member Contributions (87,954) (98,446)
Net Change in Total Pension Liability 388,841 341,594 Total Pension Liability - Beginning 4,521,317 4,910,158
Total Pension Liability - Ending 4,910,158 5,251,752
Plan Fiduciary Net PositionContributions - Employer $ 122,438 110,828 Contributions - Members 76,362 58,126 Net Investment Income 22,983 307,711 Benefit Payments, Including Refunds
of Member Contributions (87,954) (98,446) Other (Net Transfers) (253,465) 28,710
Net Change in Plan Fiduciary Net Position (119,636) 406,929 Plan Net Position - Beginning 4,541,223 4,421,587
Plan Net Position - Ending 4,421,587 4,828,516
Employer's Net Pension Liability $ 488,571 423,236
Plan Fiduciary Net Position as a Percentageof the Total Pension Liability 90.05% 91.94%
Covered Payroll $ 1,302,517 1,291,699
Employer's Net Pension Liability as a Percentageof Covered Payroll 37.51% 32.77%
Note:
12/31/2015
This schedule is intended to show information for ten years. Information for additional years will be displayedas it becomes available.
71
12/31/2017 12/31/2018
125,506 128,876 393,877 422,400 190,677 (46,590)
(194,882) 219,996
(125,634) (147,480)
389,544 577,202 5,251,752 5,641,296
5,641,296 6,218,498
118,871 119,642 61,274 63,725
770,320 (208,252)
(125,634) (147,480) (79,149) 48,902
745,682 (123,463) 4,828,516 5,574,198
5,574,198 5,450,735
67,098 767,763
98.81% 87.65%
1,361,645 1,417,252
4.93% 54.17%
72
CARY PARK DISTRICT, ILLINOIS
Retiree Benefits Plan
Required Supplementary InformationSchedule of Changes in the Employer's Total OPEB Liability April 30, 2019
Total OPEB LiabilityService Cost $ 6,620 Interest 3,816 Changes in Benefit Terms - Differences Between Expected and Actual Experience - Change of Assumptions or Other Inputs (5,855) Benefit Payments (1,538) Net Change in Total OPEB Liability 3,043 Total OPEB Liability - Beginning 98,971
Total OPEB Liability - Ending 102,014
Covered Payroll $ 1,339,948
Total OPEB Liability as a Percentage of Covered Payroll 7.61%
Notes:
Fiscal Year Medical Prescription Drug
2020 6.85% 8.75%2021 6.70% 8.50%2022 6.55% 8.25%2023 6.40% 8.00%2024 6.25% 7.75%2025 6.10% 7.50%2026 5.95% 7.25%2027 5.80% 7.00%2028 5.65% 6.75%2029 5.50% 6.50%2030 5.35% 6.25%2031 5.20% 6.00%2032 5.05% 5.75%2033 4.90% 5.50%2034 4.75% 5.25%2035 4.60% 5.00%2036 4.50% 4.75%
Ultimate 4.50% 4.50%
2019
This schedule is intended to show information for ten years. Information for additional years will be displayed as itbecomes available.
Changes of Benefit Terms . There was no change in the retirees' share of health insurance premiums.
Changes of Assumptions. Changes of assumptions and other inputs reflect the effects of changes in the trend rate eachperiod. The following are the trend rates used in each period:
In 2019, there was no change in the healthcare trend rates from the prior year.
73
Such statements and schedules include:
• Budgetary Comparison Schedule – Major Governmental Fund
• Combining Statements – Nonmajor Governmental Funds
• Budgetary Comparison Schedules – Nonmajor Governmental Funds
• Budgetary Comparison Schedules – Major Enterprise Fund
• Consolidated Year-End Financial Report
OTHER SUPPLEMENTARY INFORMATION
Other supplementary information includes financial statements and schedules not required by the GASB, nor apart of the basic financial statements, but are presented for purposes of additional analysis.
The Audit Fund is used to account for revenues and expenditures of taxes levied for payment of the cost of theannual audit of the District's financial statements.
The Liability Insurance Fund is used to account for the revenue and expenditures of an annual property tax levyfor the premiums of property, liability, and workers' compensation insurance carried by the District, possiblefuture self-insured unemployment claims, and risk management expenditures.
Paving and Lighting Fund
The Paving and Lighting Fund is used to account for the revenues of taxes levied and expenditures made forroadways and lighting of the District's facilities.
Special Recreation Fund
The Special Recreation Fund is used to account for the tax revenue and expenditures related to specialrecreation programs for those with special needs. These expenditures include the District's membership in theNorthern Illinois Special Recreation Association (NISRA), and other operating and capital expenditures relatedto accessibility for individuals with special needs.
COMBINING AND INDIVIDUAL FUNDFINANCIAL STATEMENTS AND SCHEDULES
DEBT SERVICE FUND
The Debt Service Fund accounts for the accumulation of resources for, and the payment of, general long-termdebt principal and interest.
SPECIAL REVENUE FUNDS
The Special Revenue Funds are used to account for the proceeds of specific revenue sources (other thanfiduciary funds or capital projects funds) that are legally restricted to expenditure for specified purposes.
Illinois Municipal Retirement (IMRF)/Social Security Fund
The IMRF/Social Security Fund is used to account for revenues and expenditures of taxes levied for employerpayments to be made to IMRF and the Social Security Administration. The District pays the IMRF a percentageof its compensation for all full-time employees and part-time employees who meet IMRF eligibility criteria. TheDistrict has no ownership of the IMRF assets, nor any liability for actual payment of retirement benefits.
Audit Fund
Liability Insurance Fund
The Foxford Hills Golf Course Fund is used to account for the operation of an eighteen-hole golf course anddriving range. Operations include golfing activities, equipment and related merchandise sales, and food andbeverage sales. The cost of operations is recovered through user charges.
Foxford Hills Golf Course
ENTERPRISE FUND
Enterprise Funds account for operations that are financed and operated in a manner similar to private businessenterprises where the intent is that costs of providing goods or services to the general public on a continuingbasis be financed or recovered primarily through user charges; or where it has been decided that periodicdetermination of revenues earned, expenses incurred and/or net income is appropriate for capital maintenance,public policy, management control, accountability or other purpose.
COMBINING AND INDIVIDUAL FUNDFINANCIAL STATEMENTS AND SCHEDULES
CARY PARK DISTRICT, ILLINOIS
Debt Service Fund
Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual For the Fiscal Year Ended April 30, 2019
Original Varianceand Final With FinalBudget Actual Budget
RevenuesTaxes
Property Taxes $ 715,072 714,658 (414)Interest 2,776 4,283 1,507
Total Revenues 717,848 718,941 1,093
ExpendituresDebt Service
Principal Retirement 1,108,518 1,108,518 - Interest and Fiscal Charges 144,765 127,626 17,139
Total Expenditures 1,253,283 1,236,144 17,139
Excess (Deficiency) of Revenues Over (Under) Expenditures (535,435) (517,203) 18,232
Other Financing Sources (Uses)Debt Issuance 718,700 713,365 (5,335)Transfers In 99,209 83,538 (15,671)Transfers Out (282,474) (279,700) 2,774
Total Other Financing Sources (Uses) 535,435 517,203 (18,232)
Net Change in Fund Balance - - -
Fund Balance - Beginning -
Fund Balance - Ending -
74
CARY PARK DISTRICT, ILLINOIS
Nonmajor Governmental - Special Revenue Funds
Combining Balance SheetApril 30, 2019
Cash and Investments $ 164,110Receivables
Property Taxes 256,540
Total Assets 420,650
Accounts Payable 23,888Accrued Payroll - Other Payable -
Total Liabilities 23,888
Property Taxes 256,540Total Liabilities and Deferred Inflows of Resources 280,428
Restricted 140,222
Total Liabilities, Deferred Inflows of Resources and Fund Balances 420,650
FUND BALANCES
ASSETS
LIABILITIES
DEFERRED INFLOWS OF RESOURCES
IMRF/Social
Security
75
Liability Special Paving andInsurance Audit Recreation Lighting Totals
66,676 2,259 195,269 57,455 485,769
145,001 8,251 246,129 5,003 660,924
211,677 10,510 441,398 62,458 1,146,693
1,685 - - 909 26,4822,789 - 881 - 3,670
23,888 - - - 23,88828,362 - 881 909 54,040
145,001 8,251 246,129 5,003 660,924173,363 8,251 247,010 5,912 714,964
38,314 2,259 194,388 56,546 431,729
211,677 10,510 441,398 62,458 1,146,693
76
CARY PARK DISTRICT, ILLINOIS
Nonmajor Governmental - Special Revenue Funds
Combining Statement of Revenues, Expenditures and Changes in Fund Balances For the Fiscal Year Ended April 30, 2019
RevenuesTaxes $ 259,850Interest 5,144
Total Revenues 264,994
ExpendituresCurrent
Recreation and Open Space 268,305Capital Outlay -
Total Expenditures 268,305
Excess (Deficiency) of Revenues Over (Under) Expenditures (3,311)
Other Financing (Uses)Transfers Out -
Net Change in Fund Balances (3,311)
Fund Balances - Beginning 143,533
Fund Balances - Ending 140,222
IMRF/Social
Security
77
Liability Special Paving andInsurance Audit Recreation Lighting Totals
149,907 9,997 232,035 9,997 661,7862,665 82 4,531 1,211 13,633
152,572 10,079 236,566 11,208 675,419
147,670 9,700 141,455 3,313 570,44339,491 - - - 39,491
187,161 9,700 141,455 3,313 609,934
(34,589) 379 95,111 7,895 65,485
- - (236,907) - (236,907)
(34,589) 379 (141,796) 7,895 (171,422)
72,903 1,880 336,184 48,651 603,151
38,314 2,259 194,388 56,546 431,729
78
CARY PARK DISTRICT, ILLINOIS
Illinois Municipal Retirement (IMRF)/Social Security - Special Revenue Fund
Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual For the Fiscal Year Ended April 30, 2019
Original Varianceand Final With FinalBudget Actual Budget
RevenuesTaxes
Property TaxesIMRF $ 127,500 127,429 (71)Social Security 132,500 132,421 (79)
Interest 3,401 5,144 1,743Total Revenues 263,401 264,994 1,593
ExpendituresRecreation and Open Space
Payroll Related Costs 278,200 268,305 9,895
Net Change in Fund Balance (14,799) (3,311) 11,488
Fund Balance - Beginning 143,533
Fund Balance - Ending 140,222
79
CARY PARK DISTRICT, ILLINOIS
Liability Insurance - Special Revenue Fund
Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual For the Fiscal Year Ended April 30, 2019
Original Varianceand Final With FinalBudget Actual Budget
RevenuesTaxes
Property Taxes $ 150,000 149,907 (93)Interest 1,513 2,665 1,152
Total Revenues 151,513 152,572 1,059
ExpendituresRecreation and Open Space
Personnel and Payroll Related Costs 102,413 103,186 (773)Services 49,056 44,484 4,572
Capital Outlay 42,033 39,491 2,542Total Expenditures 193,502 187,161 6,341
Net Change in Fund Balance (41,989) (34,589) 7,400
Fund Balance - Beginning 72,903
Fund Balance - Ending 38,314
80
CARY PARK DISTRICT, ILLINOIS
Audit - Special Revenue Fund
Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual For the Fiscal Year Ended April 30, 2019
Original Varianceand Final With FinalBudget Actual Budget
RevenuesTaxes
Property Taxes $ 10,000 9,997 (3)Interest 32 82 50
Total Revenues 10,032 10,079 47
ExpendituresRecreation and Open Space
Professional Services 9,700 9,700 -
Net Change in Fund Balance 332 379 47
Fund Balance - Beginning 1,880
Fund Balance - Ending 2,259
81
CARY PARK DISTRICT, ILLINOIS
Special Recreation - Special Revenue Fund
Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual For the Fiscal Year Ended April 30, 2019
Original Varianceand Final With FinalBudget Actual Budget
RevenuesTaxes
Property Taxes $ 232,171 232,035 (136)Interest 2,429 4,531 2,102
Total Revenues 234,600 236,566 1,966
ExpendituresRecreation and Open Space
Personnel and Payroll Related Costs 28,129 26,222 1,907Professional Services 113,993 111,993 2,000Services 6,250 - 6,250Commodities 5,480 3,240 2,240Repairs and Maintenance 2,500 - 2,500
Total Expenditures 156,352 141,455 14,897
Excess (Deficiency) of Revenues Over (Under) Expenditures 78,248 95,111 16,863
Other Financing (Uses)Transfers Out (247,034) (236,907) 10,127
Net Change in Fund Balance (168,786) (141,796) 26,990
Fund Balance - Beginning 336,184
Fund Balance - Ending 194,388
82
CARY PARK DISTRICT, ILLINOIS
Paving and Lighting - Special Revenue Fund
Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual For the Fiscal Year Ended April 30, 2019
Original Varianceand Final With FinalBudget Actual Budget
RevenuesTaxes
Property Taxes $ 10,000 9,997 (3)Interest 625 1,211 586
Total Revenues 10,625 11,208 583
ExpendituresRecreation and Open Space
Professional Services 3,500 2,482 1,018Repairs and Maintenance 500 831 (331)
Total Expenditures 4,000 3,313 687
Net Change in Fund Balance 6,625 7,895 1,270
Fund Balance - Beginning 48,651
Fund Balance - Ending 56,546
83
CARY PARK DISTRICT, ILLINOIS
Foxford Hills Golf Course - Enterprise Fund
Schedule of Revenues, Expenses and Changes in Net Position - Budget and ActualFor the Fiscal Year Ended April 30, 2019
Original Varianceand Final With FinalBudget Actual Budget
Operating RevenuesCharges for Services
Golf Course Fees and Charges $ 1,184,540 1,087,352 (97,188)Golf Instruction 9,500 9,600 100Merchandise, Food and Beverage Sales 303,200 296,402 (6,798)
Total Operating Revenues 1,497,240 1,393,354 (103,886)
Operating ExpensesOperations
Professional Services 735,685 690,418 45,267Services 142,863 134,427 8,436Commodities 271,509 281,559 (10,050)Repairs and Maintenance 80,850 74,795 6,055
Depreciation 126,380 117,481 8,899Total Operating Expenses 1,357,287 1,298,680 58,607
Operating Income (Loss) 139,953 94,674 (45,279)
Nonoperating Revenues (Expenses)Interest Expense (130,206) (130,206) - Amortization of Bond Premium 64,113 64,113 - Gain on Disposal of Capital Assets - 2,963 2,963
Total Nonoperating Revenues (Expenses) (66,093) (63,130) 2,963
Income (Loss) Before Transfers 73,860 31,544 (42,316)
Transfers In 1,345,309 1,326,449 (18,860)
Change in Net Position 1,419,169 1,357,993 (61,176)
Net Position - Beginning (96,133)
Net Position - Ending 1,261,860
84
CARY PARK DISTRICT, ILLINOIS
Consolidated Year-End Financial ReportApril 30, 2019
CSFA # Program Name Federal Other Totals
494-00-1000 Illinois Transportation Enhancement Program $ - - 5,126 5,126 Other Grant Programs and Activities - - - - All Other Costs Not Allocated - - 5,774,734 5,774,734
Totals - - 5,779,860 5,779,860
State
85
SUPPLEMENTAL SCHEDULES
CARY PARK DISTRICT, ILLINOIS
Long-Term Debt Requirements
General Obligation Alternate Revenue Source Bonds Series 2013AApril 30, 2019
Date of Issue October 29, 2013Date of Maturity December 15, 2022Authorized Issue $6,280,000Interest Rate 3.00% - 4.00%Interest Dates June 15 and December 15Principal Maturity Date December 15Payable at Amalgamated Bank
Fiscal RequirementsYear Interest Totals
2020 $ 1,745,000 122,000 1,867,000 2021 1,105,000 52,200 1,157,200 2022 100,000 8,000 108,000 2023 100,000 4,000 104,000
3,050,000 186,200 3,236,200
Debt Service 744,836 54,724 799,560 Foxford Hills Golf Course 2,305,164 131,476 2,436,640
3,050,000 186,200 3,236,200
CURRENT AND LONG-TERM PRINCIPAL AND INTEREST REQUIREMENTS
Principal
86
CARY PARK DISTRICT, ILLINOIS
Long-Term Debt Requirements
General Obligation Alternate Revenue Source Bonds Series 2018AApril 30, 2019
Date of Issue June 4, 2018Date of Maturity December 15, 2032Authorized Issue $3,400,000Interest Rate 3.00% - 4.00%Interest Dates June 15 and December 15Principal Maturity Date December 15Payable at Amalgamated Bank
Fiscal RequirementsYear Interest Totals
2020 $ - 112,869 112,869 2021 - 112,868 112,868 2022 240,000 112,868 352,868 2023 245,000 105,669 350,669 2024 255,000 98,319 353,319 2025 260,000 90,669 350,669 2026 270,000 82,869 352,869 2027 275,000 74,769 349,769 2028 285,000 66,519 351,519 2029 295,000 57,969 352,969 2030 300,000 48,750 348,750 2031 310,000 39,000 349,000 2032 325,000 26,600 351,600 2033 340,000 13,600 353,600
3,400,000 1,043,338 4,443,338
CURRENT AND LONG-TERM PRINCIPAL AND INTEREST REQUIREMENTS
Principal
87
CARY PARK DISTRICT, ILLINOIS
Long-Term Debt Requirements
General Obligation Limited Tax Park Bonds Series 2018BApril 30, 2019
Date of Issue November 30, 2018Date of Maturity November 1, 2019Authorized Issue $713,365Interest Rate 2.55%Interest Date November 1Principal Maturity Date November 1Payable at McHenry Savings Bank
FiscalYear Interest Totals
2020 $ 713,365 16,725 730,090
CURRENT AND LONG-TERM PRINCIPAL AND INTEREST REQUIREMENTS
PrincipalRequirements
88
CARY PARK DISTRICT, ILLINOIS
Long-Term Debt Requirements
Debt Certificates Series 2017April 30, 2019
Date of Issue February 9, 2017Date of Maturity December 15, 2022Authorized Issue $300,000Denomination of Bonds $1,000Interest Rate 2.65%Interest Dates June 15 and December 15Principal Maturity Date December 15Payable at Huntington National Bank
Fiscal RequirementsYear Interest Totals
2020 $ 49,000 5,459 54,459 2021 51,000 4,160 55,160 2022 52,000 2,809 54,809 2023 54,000 1,431 55,431
206,000 13,859 219,859
CURRENT AND LONG-TERM PRINCIPAL AND INTEREST REQUIREMENTS
Principal
89
These schedules contain trend information to help the reader understand how the District’s financialperformance and well-being have changed over time.
STATISTICAL SECTION(Unaudited)
This part of the comprehensive annual financial report presents detailed information as a context forunderstanding what the information in the financial statements, note disclosures, and required supplementaryinformation says about the District’s overall financial health.
Financial Trends
These schedules contain service and infrastructure data to help the reader understand how the information in theDistrict’s financial report relates to the services the District provides and the activities it performs.
Operating Information
Revenue Capacity
These schedules contain information to help the reader assess the District’s most significant local revenuesources.
Debt Capacity
These schedules present information to help the reader assess the affordability of the District’s current levels ofoutstanding debt and the District’s ability to issue additional debt in the future.
Demographic and Economic Information
These schedules offer demographic and economic indicators to help the reader understand the environmentwithin which the District’s financial activities take place.
CARY PARK DISTRICT, ILLINOIS
Net Position by Component - Last Ten Fiscal Years*
2010 2011 2012
Governmental ActivitiesNet Investment in Capital Assets $ 15,981,817 17,839,698 19,411,110 Restricted 567,466 393,486 477,141 Unrestricted 1,710,186 1,552,967 858,294
Total Governmental Activities Net Position 18,259,469 19,786,151 20,746,545
Business-Type ActivitiesNet Investment in Capital Assets (83,387) (49,325) 2,338 Unrestricted 333,920 290,728 144,398
Total Business-Type Activities Net Position 250,533 241,403 146,736
Primary GovernmentNet Investment in Capital Assets 15,898,430 17,790,373 19,413,448 Restricted 567,466 393,486 477,141 Unrestricted 2,044,106 1,843,695 1,002,692
Total Primary Government Net Position 18,510,002 20,027,554 20,893,281
* Accrual Basis of Accounting
Source: Audited financial statements.
April 30, 2019 (Unaudited)
90
2013 2014 2015 2016 2017 2018 2019
20,156,089 21,279,355 22,338,503 23,660,500 25,032,959 26,472,872 27,311,644 570,244 584,408 607,112 743,457 786,662 664,677 962,516
1,515,215 1,659,535 1,959,225 1,670,014 1,780,618 2,120,733 1,708,188
22,241,548 23,523,298 24,904,840 26,073,971 27,600,239 29,258,282 29,982,348
120,680 190,794 226,274 289,499 435,544 604,452 2,043,343 (12,805) (341,182) (427,391) (542,552) (694,578) (700,585) (781,483)
107,875 (150,388) (201,117) (253,053) (259,034) (96,133) 1,261,860
20,276,769 21,470,149 22,564,777 23,949,999 25,468,503 27,077,324 29,354,987 570,244 584,408 607,112 743,457 786,662 664,677 962,516
1,502,410 1,318,353 1,531,834 1,127,462 1,086,040 1,420,148 926,705
22,349,423 23,372,910 24,703,723 25,820,918 27,341,205 29,162,149 31,244,208
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Las
t Ten
Fis
cal Y
ears
*
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
Expe
nses
Gov
ernm
enta
l Act
iviti
esR
ecre
atio
n an
d O
pen
Spac
e$
3,86
1,58
4
3,
774,
256
4,01
3,12
7
3,
889,
011
3,86
5,36
9
3,
965,
370
4,54
0,47
5
3,
987,
596
4,03
9,07
1
4,
261,
313
Inte
rest
on
Long
-Ter
m D
ebt
467,
064
42
6,17
0
393,
444
35
0,25
9
309,
180
24
3,22
4
213,
440
16
2,40
5
101,
744
15
3,77
4
Tota
l Gov
ernm
enta
l Act
iviti
es E
xpen
ses
4,32
8,64
8
4,
200,
426
4,40
6,57
1
4,
239,
270
4,17
4,54
9
4,
208,
594
4,75
3,91
5
4,
150,
001
4,14
0,81
5
4,
415,
087
Bus
ines
s-Ty
pe A
ctiv
ities
Gol
f Cou
rse
1,44
7,60
0
1,
448,
260
1,50
3,67
0
1,
447,
263
1,49
4,61
1
1,
406,
719
1,40
2,06
3
1,
396,
276
1,34
9,90
1
1,
364,
773
Tota
l Bus
ines
s-Ty
pe A
ctiv
ities
Exp
ense
s1,
447,
600
1,44
8,26
0
1,
503,
670
1,44
7,26
3
1,
494,
611
1,40
6,71
9
1,
402,
063
1,39
6,27
6
1,
349,
901
1,36
4,77
3
Tota
l Prim
ary
Gov
ernm
ent E
xpen
ses
5,77
6,24
8
5,
648,
686
5,91
0,24
1
5,
686,
533
5,66
9,16
0
5,
615,
313
6,15
5,97
8
5,
546,
277
5,49
0,71
6
5,
779,
860
Prog
ram
Rev
enue
sG
over
nmen
tal A
ctiv
ities
Cha
rges
for S
ervi
ces
Prog
ram
Rev
enue
933,
871
97
0,89
3
922,
568
91
9,79
8
922,
916
96
5,27
7
911,
584
97
7,13
4
1,05
9,75
9
1,
017,
030
Oth
er A
ctiv
ities
83,1
64
74
,108
81,6
07
11
3,99
4
108,
734
13
1,11
1
113,
816
11
7,04
7
119,
017
11
1,61
0
Ope
ratin
g G
rant
s/C
ontri
butio
ns9,
142
21,5
41
8,
713
6,41
8
22
,456
19,1
48
12
,172
19,0
26
13
,032
8,44
6
C
apita
l Gra
nts a
nd C
ontri
butio
ns69
,904
503,
309
11
8,02
3
418,
000
91
,743
36,9
02
20
5,86
9
19,0
78
54
,557
543,
960
To
tal G
over
nmen
tal A
ctiv
ities
P
rogr
am R
even
ues
1,09
6,08
1
1,
569,
851
1,13
0,91
1
1,
458,
210
1,14
5,84
9
1,
152,
438
1,24
3,44
1
1,
132,
285
1,24
6,36
5
1,
681,
046
Bus
ines
s-Ty
pe A
ctiv
ities
Cha
rges
for S
ervi
ces
Gol
f Cou
rse
Fees
, Cha
rges
and
Inst
ruct
ion
1,29
5,49
1
1,
208,
226
1,16
4,15
6
1,
098,
333
1,04
8,12
1
1,
087,
773
1,05
2,26
3
1,
056,
347
1,11
8,36
2
1,
096,
952
Mer
chan
dise
, Foo
d an
d B
ever
age
Sale
s25
8,65
5
241,
611
25
6,58
1
234,
811
23
5,76
7
259,
026
29
7,86
4
284,
056
28
2,57
8
296,
402
To
tal B
usin
ess-
Type
Act
iviti
es
Pro
gram
Rev
enue
s1,
554,
146
1,44
9,83
7
1,
420,
737
1,33
3,14
4
1,
283,
888
1,34
6,79
9
1,
350,
127
1,34
0,40
3
1,
400,
940
1,39
3,35
4
Tota
l Prim
ary
Gov
ernm
ent
P
rogr
am R
even
ues
2,65
0,22
7
3,
019,
688
2,55
1,64
8
2,
791,
354
2,42
9,73
7
2,
499,
237
2,59
3,56
8
2,
472,
688
2,64
7,30
5
3,
074,
400
(con
t'd)
Apr
il 30
, 201
9 (U
naud
ited)
92
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
Net
(Exp
ense
s) R
even
ues
Gov
ernm
enta
l Act
iviti
es$
(3,2
32,5
67)
(2
,630
,575
)
(3,2
75,6
60)
(2
,781
,060
)
(3,0
28,7
00)
(3
,056
,156
)
(3,5
10,4
74)
(3
,017
,716
)
(2,8
94,4
50)
(2
,734
,041
)
Bus
ines
s-Ty
pe A
ctiv
ities
106,
546
1,
577
(82,
933)
(1
14,1
19)
(210
,723
)
(5
9,92
0)
(51,
936)
(5
5,87
3)
51,0
39
28
,581
Tota
l Prim
ary
Gov
ernm
ent N
et (E
xpen
ses)
Rev
enue
s(3
,126
,021
)
(2,6
28,9
98)
(3
,358
,593
)
(2,8
95,1
79)
(3
,239
,423
)
(3,1
16,0
76)
(3
,562
,410
)
(3,0
73,5
89)
(2
,843
,411
)
(2,7
05,4
60)
Gen
eral
Rev
enue
s and
Oth
er C
hang
es in
Net
Pos
ition
Gov
ernm
enta
l Act
iviti
esTa
xes Prop
erty
4,06
2,36
8
4,
078,
707
4,17
1,56
1
4,
204,
447
4,31
5,06
3
4,
308,
667
4,44
1,02
8
4,
503,
911
4,55
3,46
1
4,
669,
286
Rep
lace
men
t40
,139
49,5
15
43
,671
46,2
21
48
,441
50,7
02
40
,736
51,8
51
49
,328
46,9
36
In
tere
st34
,750
10,2
63
6,
121
6,50
5
4,
377
4,74
4
7,
180
19,6
29
52
,714
163,
551
M
isce
llane
ous
20,8
29
6,
844
2,36
7
6,
359
3,62
3
73
,585
48,3
17
3,
660
5,17
3
3,
754
Tran
sfer
s11
,696
11,9
28
12
,334
12,5
31
-
-
-
(3
5,06
7)
(108
,183
)
(1
,326
,449
)
Tota
l Gov
ernm
enta
l Act
iviti
es4,
169,
782
4,15
7,25
7
4,
236,
054
4,27
6,06
3
4,
371,
504
4,43
7,69
8
4,
537,
261
4,54
3,98
4
4,
552,
493
3,55
7,07
8
Bus
ines
s-Ty
pe A
ctiv
ities
Inte
rest
3,94
2
1,
221
600
35
7
98
-
-
-
-
-
M
isce
llane
ous
6,65
5
-
-
87
,432
-
9,19
1
-
14
,825
3,67
9
2,
963
Tran
sfer
s(1
1,69
6)
(11,
928)
(1
2,33
4)
(12,
531)
-
-
-
35
,067
108,
183
1,
326,
449
Tota
l Bus
ines
s-Ty
pe A
ctiv
ities
(1,0
99)
(10,
707)
(1
1,73
4)
75,2
58
98
9,19
1
-
49
,892
111,
862
1,
329,
412
Tota
l Prim
ary
Gov
ernm
ent
4,16
8,68
3
4,
146,
550
4,22
4,32
0
4,
351,
321
4,37
1,60
2
4,
446,
889
4,53
7,26
1
4,
593,
876
4,66
4,35
5
4,
886,
490
Cha
nges
in N
et P
ositi
onG
over
nmen
tal A
ctiv
ities
937,
215
1,
526,
682
960,
394
1,
495,
003
1,34
2,80
4
1,
381,
542
1,02
6,78
7
1,
526,
268
1,65
8,04
3
82
3,03
7
Bus
ines
s-Ty
pe A
ctiv
ities
105,
447
(9
,130
)
(9
4,66
7)
(38,
861)
(2
10,6
25)
(50,
729)
(5
1,93
6)
(5,9
81)
162,
901
1,
357,
993
Tota
l Prim
ary
Gov
ernm
ent
1,04
2,66
2
1,
517,
552
865,
727
1,
456,
142
1,13
2,17
9
1,
330,
813
974,
851
1,
520,
287
1,82
0,94
4
2,
181,
030
*A
ccru
al B
asis
of A
ccou
ntin
g
Sour
ce: A
udite
d fin
anci
al st
atem
ents
.
93
CARY PARK DISTRICT, ILLINOIS
Fund Balances of Governmental Funds - Last Ten Fiscal Years*
2010 2011 2012
General FundUnreserved $ 2,504,757 2,022,549 - Nonspendable - - - Restricted - - - Assigned - - 250,678 Unassigned - - 1,150,138
Total General Fund 2,504,757 2,022,549 1,400,816
All Other Governmental FundsUnreserved, Reported in,
Special Revenue Funds 466,684 635,773 - Unreserved, designated 84,071 43,571 - Restricted, reported:
Special Revenue Funds - - 467,683 Debt Service Funds - - -
Committed for Capital Outlay - - 230,445 Unassigned - - -
Total All Other Governmental Funds 550,755 679,344 698,128
Total All Governmental Funds 3,055,512 2,701,893 2,098,944
* Modified Accrual Basis of Accounting
Note - The District implemented GASB Statement No. 54 effective April 30, 2012.
Source: Audited financial statements.
April 30, 2019 (Unaudited)
94
2013 2014 2015 2016 2017 2018 2019
- - - - - - - - - 13,100 132,500 144,000 240,000 268,000
16,403 62,129 99,031 284,469 284,469 61,526 530,787 1,196,218 1,193,251 1,343,381 1,115,368 1,170,194 1,471,557 2,221,901 1,112,809 1,317,915 1,440,894 1,440,570 1,497,298 1,462,276 1,340,093
2,325,430 2,573,295 2,896,406 2,972,907 3,095,961 3,235,359 4,360,781
- - - - - - - - - - - - - -
553,841 453,479 508,081 458,988 502,193 603,151 431,729 - 68,800 - - - - - - - - - - - -
(303) - - - - - -
553,538 522,279 508,081 458,988 502,193 603,151 431,729
2,878,968 3,095,574 3,404,487 3,431,895 3,598,154 3,838,510 4,792,510
95
CARY PARK DISTRICT, ILLINOIS
Changes in Fund Balances of Governmental Funds - Last Ten Fiscal Years*
2010 2011 2012
RevenuesTaxes $ 4,062,368 4,078,707 4,171,561 Personal Property Replacement Tax 40,139 49,515 43,671 Program Revenue 933,871 970,893 922,568 Rental 82,704 72,917 79,627 Investment Income 34,750 10,263 6,121 Donations/Developer Contributions 27,066 27,851 13,062 Grant Revenue 51,980 44,936 83,300 Miscellaneous 21,289 8,034 4,346
Total Revenues 5,254,167 5,263,116 5,324,256
ExpendituresRecreation and Open Space 3,158,600 3,287,854 3,236,960 Capital Outlay 2,257,064 844,479 1,206,058 Debt Service
Principal Retirement 1,654,811 1,706,871 1,772,569 Interest 477,733 442,739 408,268 Fiscal Charges 4,500 4,800 5,000
Total Expenditures 7,552,708 6,286,743 6,628,855
Excess (Deficiency) of RevenuesOver (Under) Expenditures (2,298,541) (1,023,627) (1,304,599)
Other Financing Sources (Uses)Debt Issuance 612,745 629,939 638,790 Refunding Bonds - - - Payments to Escrow - - - Net Tranfers 11,696 11,928 12,334 Proceeds From Sale of Capital Assets 4,627 28,141 50,526
629,068 670,008 701,650
Net Change in Fund Balances (1,669,473) (353,619) (602,949)
Debt Service as a Percentageof Noncapital Expenditures 38.64% 43.05% 38.66%
* Modified Accrual Basis of AccountingSource: Audited financial statements.
April 30, 2019 (Unaudited)
96
2013 2014 2015 2016 2017 2018 2019
4,204,447 4,315,063 4,308,667 4,441,028 4,503,911 4,553,461 4,669,286 46,221 48,441 50,702 40,736 51,851 49,328 46,936
919,798 922,916 965,277 911,584 977,134 1,059,759 1,017,030 112,394 106,497 129,610 112,541 114,672 117,867 110,510
6,505 4,377 4,744 7,180 19,629 52,714 163,551 13,176 93,669 46,366 215,541 27,169 67,589 552,406
391,186 13,500 9,684 2,500 10,935 - - 7,959 5,860 7,534 5,158 6,035 6,323 4,854
5,701,686 5,510,323 5,522,584 5,736,268 5,711,336 5,907,041 6,564,573
3,265,034 3,295,880 3,411,274 3,454,766 3,375,850 3,480,727 3,682,218 116,381 433,706 293,485 715,304 554,472 467,248 3,547,490
1,843,854 1,921,222 1,969,608 2,055,553 2,130,993 2,195,616 1,108,518 369,019 320,548 271,158 215,361 163,814 109,974 116,926
5,500 40,989 5,500 7,500 8,500 10,500 11,907 5,599,788 6,012,345 5,951,025 6,448,484 6,233,629 6,264,065 8,467,059
101,898 (502,022) (428,441) (712,216) (522,293) (357,024) (1,902,486)
665,595 672,920 683,115 688,555 692,990 704,005 4,113,365 - 2,682,679 - - - - - - (2,644,299) - - - - -
12,531 - - - (35,067) (108,183) (1,326,449) - 7,328 54,239 51,069 30,629 1,558 69,570
678,126 718,628 737,354 739,624 688,552 597,380 2,856,486
780,024 216,606 308,913 27,408 166,259 240,356 954,000
40.16% 40.15% 39.54% 38.04% 40.02% 39.65% 24.59%
97
CARY PARK DISTRICT, ILLINOIS
Assessed Value and Actual Value of Taxable Property - Last Ten Tax Levy YearsApril 30, 2019 (Unaudited)
Tax LevyYear
2009 $ 663,511,091 $ 1,212,160 $ 44,584,088 $ 52,431,475
2010 627,547,677 1,271,015 44,038,650 52,138,205
2011 552,051,193 1,188,370 38,733,721 45,986,932
2012 491,271,234 861,502 35,210,958 41,660,219
2013 443,721,158 796,403 32,532,937 37,636,432
2014 424,892,619 863,638 30,677,076 35,004,845
2015 440,961,852 1,177,993 31,158,668 36,400,824
2016 471,307,819 1,242,470 32,965,383 38,339,444
2017 502,622,572 1,331,846 35,715,343 39,531,106
2018 533,244,115 1,343,303 36,436,218 42,999,740
Source: McHenry County Clerk.
Note: Property in the District is assessed using a multiplier of 33.33% therefore the estimated actual taxablevalues are equal to assessed values times three. Tax rates are per $100 of assessed value.
Property Farm Property PropertyResidential Commercial Industrial
98
TotalDirect Tax
Rate
$ - $ 407,909 $ 762,146,723 0.5352 $ 2,286,440,169
- 509,697 725,505,244 0.5752 2,176,515,732
- 541,528 638,501,744 0.6591 1,915,505,232
245,291 612,442 569,861,646 0.7580 1,709,584,938
239,471 756,293 515,682,694 0.8360 1,547,048,082
239,471 788,564 492,466,213 0.9027 1,477,398,639
239,471 946,589 510,885,397 0.8818 1,532,656,191
243,880 963,128 545,062,124 0.8359 1,635,186,372
243,880 982,605 580,427,352 0.8049 1,741,282,056
243,880 1,055,735 615,322,991 0.7797 1,845,968,973
RailroadPropertyStateMineral
EstimatedActual
TaxableValueValue
Total TaxableAssessed
99
CARY PARK DISTRICT, ILLINOIS
Direct and Overlapping Property Tax Rates - Last Ten Tax Levy YearsApril 30, 2019 (Unaudited)
2009 2010 2011
District Direct RateBond Limited 0.0817 0.0881 0.1016 Recreation 0.0507 0.0620 0.1143 Insurance 0.0079 0.0083 0.0110 Audit 0.0011 0.0012 0.0014 Paving/Lighting 0.0013 0.0003 0.0016 Special Recreation 0.0400 0.0400 0.0400 IMRF 0.0157 0.0166 0.0188 Social Security 0.0184 0.0179 0.0204 General 0.3184 0.3408 0.3500
Total Direct Rate 0.5352 0.5752 0.6591
Overlapping RatesMcHenry County 0.7157 0.7927 0.8878 McHenry County Conservation District 0.1775 0.1956 0.2191 Algonquin Township (1) 0.1703 0.1847 0.2109 Village of Cary 0.3797 0.4088 0.4672 Cary Fire Protection District 0.3789 0.4101 0.4712 Cary Library District 0.1708 0.1849 0.2118 School District Number 26 2.6982 2.9158 3.3759 High School District Number 155 1.9054 2.0347 2.2979 Community College District Number 528 0.2740 0.3039 0.3395
Total Overlapping Rate 6.8705 7.4312 8.4813
Total Direct and Overlapping Rates 7.4057 8.0064 9.1404
Source: McHenry County Clerk.
Note: (1) Includes Road and Bridge
100
2012 2013 2014 2015 2016 2017 2018
0.1173 0.1183 0.1401 0.1361 0.1285 0.1232 0.1187 0.1889 0.2453 0.2842 0.2706 0.2377 0.2177 0.2036 0.0132 0.0281 0.0305 0.0294 0.0275 0.0258 0.0236 0.0016 0.0017 0.0021 0.0019 0.0017 0.0017 0.0013 0.0018 0.0012 0.0020 0.0020 0.0018 0.0017 0.0008 0.0400 0.0400 0.0400 0.0400 0.0400 0.0400 0.0400 0.0228 0.0252 0.0264 0.0254 0.0239 0.0220 0.0195 0.0237 0.0262 0.0274 0.0264 0.0248 0.0228 0.0222 0.3487 0.3500 0.3500 0.3500 0.3500 0.3500 0.3500 0.7580 0.8360 0.9027 0.8818 0.8359 0.8049 0.7797
0.9958 1.0961 1.1412 1.0781 1.0539 0.9019 0.8317 0.2481 0.2748 0.2840 0.2766 0.2588 0.2449 0.2380 0.2368 0.2648 0.2763 0.2690 0.2417 0.2164 0.2020 0.5398 0.6092 0.6340 0.6194 0.5806 0.5441 0.5148 0.5446 0.6153 0.6547 0.6220 0.6065 0.5841 0.5665 0.2440 0.2761 0.2936 0.2876 0.2731 0.2637 0.2557 3.9288 4.4433 4.7480 4.6246 4.2998 4.0553 3.8647 2.6450 2.9613 3.0950 3.0255 2.8287 2.7019 2.6130 0.3921 0.4306 0.4452 0.4348 0.4066 0.3847 0.3655 9.7750 10.9715 11.5720 11.2376 10.5497 9.8970 9.4519
10.5330 11.8075 12.4747 12.1194 11.3856 10.7019 10.2316
101
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Per
centa
ge
Per
centa
ge
of
To
tal
o
f T
ota
l
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ict
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102
CARY PARK DISTRICT, ILLINOIS
Property Tax Extensions and Collections - Last Ten Fiscal YearsApril 30, 2019 (Unaudited)
Fiscal Percentage PercentageYear of Extension of Extension
2010 $ 4,066,804 $ 4,061,783 99.88% $ 3,335 $ 4,065,118 99.96%
2011 4,078,887 4,075,372 99.91% 257 4,075,629 99.92%
2012 4,172,787 4,171,304 99.96% (618) 4,170,686 99.95%
2013 4,208,212 4,205,065 99.93% 601 4,205,666 99.94%
2014 4,319,295 4,314,461 99.89% (119) 4,314,342 99.89%
2015 4,311,123 4,308,786 99.95% (895) 4,307,891 99.93%
2016 4,445,325 4,441,921 99.92% 820 4,442,741 99.94%
2017 4,505,166 4,503,092 99.95% (410) 4,502,682 99.94%
2018 4,556,289 4,553,871 99.95% (855) 4,553,016 99.93%
2019 4,672,022 4,670,143 99.96% - 4,670,143 99.96%
Data Source: McHenry County Clerk
Collected within the NetTaxes Extended Fiscal Year of the Extension Collections in Total Collections to Date
for the SubsequentFiscal Year Amount Years Amount
103
CARY PARK DISTRICT, ILLINOIS
Ratios of Outstanding Debt by Type - Last Ten Fiscal Years
April 30, 2019 (Unaudited)
Fiscal
Year
2010 $ 612,745 $ 11,086,407 $ 183,804
2011 627,880 10,056,459 179,678
2012 638,790 8,974,264 174,989
2013 665,595 7,825,102 169,925
2014 672,920 6,970,224 -
2015 683,115 5,648,231 -
2016 688,555 4,250,488 -
2017 692,990 2,782,745 -
2018 704,005 1,255,682 -
2019 713,365 4,228,178 -
(1) Personal income and population data can be found on page 110 - Demographic and Economic Statistics.
Governmental Activities
General
Obligation Debt
Alternate
Revenue
Park Bonds CertificatesBonds
104
Percentage
of
Personal
Income (1)
$ 5,005,196 $ - $ 16,888,152 2.41% $ 649.54
4,861,322 - 15,725,339 2.25% 604.82
4,702,011 - 14,490,054 1.58% 557.31
4,532,075 - 13,192,697 1.35% 507.41
131,000 4,236,211 12,010,355 1.30% 461.94
89,000 4,128,786 10,549,132 1.41% 490.66
45,000 4,002,111 8,986,154 1.20% 417.96
300,000 3,875,435 7,651,170 1.02% 355.87
253,000 3,743,948 5,956,635 0.78% 277.05
206,000 2,409,348 7,556,891 0.91% 349.37
Total
Primary
Businss-Type Activities
Debt
Alternate
Revenue Per
Government Capita (1)Certificates Bonds
105
April 30, 2019 (Unaudited)
Percentage of
Estimated
General Alternate Actual Taxable
Fiscal Obligation Revenue Value of Per
Year Bonds Bonds Total Property (1) Capita (2)
2010 $ 612,745 $ 11,086,407 $ 11,699,152 0.51% $ 449.97
2011 627,880 10,056,459 10,684,339 0.49% 410.94
2012 638,790 8,974,264 9,613,054 0.50% 369.73
2013 665,595 7,825,102 8,490,697 0.50% 326.57
2014 672,920 11,206,435 11,879,355 0.77% 456.90
2015 683,115 9,777,017 10,460,132 0.71% 486.52
2016 688,555 8,252,599 8,941,154 0.58% 415.87
2017 692,990 6,658,180 7,351,170 0.45% 341.91
2018 704,005 4,999,630 5,703,635 0.33% 265.29
2019 713,365 6,637,526 7,350,891 0.40% 339.85
(1) Property value data can be found on pages 98-99 - Assessed Value and Actual Value of Taxable Property
(2) Population data can be found on page 110 - Demographic and Economic Statistics.
CARY PARK DISTRICT, ILLINOIS
Ratios of General Bonded Debt Outstanding - Last Ten Fiscal Years
106
CARY PARK DISTRICT, ILLINOIS
Schedule of Direct and Overlapping Governmental Activities Debt
Percentage of
Debt District's
Applicable to Share of
Governmental Unit District (1) Debt
District $ 4,941,543 100.000% $ 4,941,543
Overlapping Debt
Schools
School District Number 26 22,083,380 84.400% 18,638,373
School District Number 46 2,880,000 0.050% 1,440
School District Number 47 4,580,000 2.850% 130,530
School District Number 300 330,066,908 0.540% 1,782,361
High School District Number 155 16,410,000 20.940% 3,436,254
Community College District Number 509 175,826,341 0.150% 263,740
Community College District Number 528 10,925,000 7.780% 849,965
562,771,629 25,102,663
Others
McHenry County 12,263,000 7.310% 896,425
McHenry County Conservation District 109,082,019 7.310% 7,973,896
Village of Cary 2,690,000 100.000% 2,690,000
City of Crystal Lake 11,976,051 0.020% 2,395
Village of Lake in the Hills 273,000 0.005% 14
Algonquin Library 2,755,000 3.200% 88,160
Total Overlapping Debt 701,810,699 36,753,553
Total Direct and Overlapping Debt 706,752,242 41,695,096
Data Source: McHenry County Clerk, local government entity or comprehensive annual report.
April 30, 2019 (Unaudited)
Gross Debt
(1) Determined by ratio of assessed valuation of property subject to taxation in the District to valuation of
property subject to taxation in overlapping unit.
107
CARY PARK DISTRICT, ILLINOIS
Schedule of Legal Debt Margin - Last Ten Fiscal Years
2010 2011 2012 2013
Legal Debt Limit $ 21,911,718 20,858,276 18,356,925 16,383,522
Total Net Debt Applicable to Limit 5,801,745 5,668,880 5,515,790 5,367,595
Legal Debt Margin 16,109,973 15,189,396 12,841,135 11,015,927
Total Net Debt Applicable to the Limitas a Percentage of Debt Limit 26.48% 27.18% 30.05% 32.76%
Source: District records
April 30, 2019 (Unaudited)
Note: Alternative revenue bonds under Illinois Statutes do not count against either the overall 2.875% of EAVdebt limit or the nonreferendum 0.575% of EAV limit for general obligation debt, so long as the debt servicelevy for such bonds is abated annually and not extended.
108
2014 2015 2016 2017 2018 2019
14,825,877 14,158,404 14,687,955 15,670,536 16,687,286 17,690,536
803,920 772,115 733,555 992,990 957,005 919,365
14,021,957 13,386,289 13,954,400 14,677,546 15,730,281 16,771,171
5.42% 5.45% 4.99% 6.34% 5.73% 5.20%
Assessed Value $ 615,322,991
Bonded Debt Limit - 2.875% of Assessed Value 17,690,536
Amount of Debt Applicable to Limit 919,365
Legal Debt Margin 16,771,171
Non-Referendum Legal Debt Limit
.575% of Equalized Assessed Valuation 3,538,107
Amount of Debt Applicable to Debt Limit 713,365
Non-Referendum Legal Debt Margin 2,824,742
Legal Debt Margin Calculation for Fiscal Year 2019
109
April 30, 2019 (Unaudited)
McHenryCounty
Fiscal Estimated UnemploymentYear Population (1) Rate (4)
2010 26,000 699,478,000 $ 26,903 (2) 9.6%
2011 26,000 699,478,000 26,903 (2) 9.4%
2012 26,000 918,814,000 35,339 (2) 8.4%
2013 26,000 978,172,000 37,622 (3) 8.3%
2014 26,000 921,700,000 35,450 (3) 6.4%
2015 21,500 747,856,000 34,784 (3) 5.3%
2016 21,500 747,856,000 34,784 (3) 5.3%
2017 21,500 747,856,000 34,784 (3) 4.5%
2018 21,500 767,808,000 35,712 (3) 3.5%
2019 21,630 831,413,940 38,438 (3) N/A
Sources:
(1) Estimated population per the annual financial report filed with the State Comptroller.(2) U.S. Census Bureau(3) American Community Survey Estimates(4) Illinois Department of Employment Security - Annual Averages for Calendar Year.
Income Income
N/A - Not Available
CARY PARK DISTRICT, ILLINOIS
Demographic and Economic Statistics - Last Ten Fiscal Years
PerCapita
Personal Personal
110
CARY PARK DISTRICT, ILLINOIS
Principal Employers - Current Fiscal Year and Nine Fiscal Years AgoApril 30, 2019 (Unaudited)
Percentage Percentageof Total of TotalVillage Village
Employer Rank Population Rank Population
Sage Products 583 1 3.25% 627 1 3.43%Aptar BH 475 2 2.65% 300 3 1.64%Duraflex Industries 242 3 1.35%Durex Industries 170 4 0.95% 210 5 1.15%Cary-Grove High School 165 5 0.92%True Value Manufacturing Co. 150 6 0.84% 335 2 1.83%Sherman Mechanical 145 7 0.81% 100 9 0.55%Jewel-Osco 132 8 0.74% 155 6 0.85%Caption Access 120 9 0.67%CoilCraft 80 10 0.45% 230 4 1.26%Tru-Cut Manufacturing Inc. 155 6 0.85%Martinez Manufacturing Inc. 150 7 0.82%Home Instead Senior Care 100 8 0.55%The Barn Nursery 100 10 0.55%
2,262 12.63% 2,462 13.48%
Data Source: Village records and direct contact with employers.
Note: Principal Employers are from the Village of Cary.
Employees Employees
Current Fiscal Year - 2019 Nine Fiscal Years Ago - 2010
111
CARY PARK DISTRICT, ILLINOIS
Full-Time Equivalent District Employees by Function - Last Ten Fiscal Years
2010 2011 2012
Recreation and Open Space:
Administration 10.2 9.2 9.2
Recreation 27.1 27.2 25.3
Park Maintenance 10.0 10.1 11.3
Facilities Maintenance 2.7 3.2 3.3
Totals 50.0 49.7 49.1
Source: District records.
Note: Full-time equivalent employment is calculated by dividing total hours by 2,080.
Note: Golf operations are contracted.
April 30, 2019 (Unaudited)
112
2013 2014 2015 2016 2017 2018 2019
9.1 9.1 9.1 9.1 9.1 9.2 9.3
24.2 24.3 24.1 24.1 24.6 25.8 26.8
10.4 10.3 10.5 11.0 10.1 9.7 10.1
3.7 2.7 3.0 3.2 2.4 3.0 3.2
47.4 46.4 46.7 47.4 46.2 47.7 49.4
113
CARY PARK DISTRICT, ILLINOIS
Operating Indicators by Function/Program - Last Ten Fiscal Years
2010 2011 2012
Recreation
Number of Participations N/A N/A 131,479
Golf
Number of Rounds (1) 29,116 28,043 28,942
Source: District records.
N/A - Not Available
Note: (1) Number of rounds include comp rounds.
April 30, 2019 (Unaudited)
114
2013 2014 2015 2016 2017 2018 2019
132,318 124,114 130,220 121,741 123,057 123,629 121,729
26,340 26,107 29,127 28,909 28,259 29,101 28,853
115
CARY PARK DISTRICT, ILLINOIS
Capital Asset Statistics by Function/Program - Last Ten Fiscal Years
2010 2011 2012
Acres 863 863 863 Parks 40 40 40 Playgrounds 25 25 25 Dog Park - - 1 Swimming Facilities 1 1 1 18 Hole Golf Courses 1 1 1 Driving Range 1 1 1 Soccer Fields 11 11 11 Ball Fields 3 3 3 Miles of Trails 4.00 5.75 6.45
Source: District records
April 30, 2019 (Unaudited)
116
2013 2014 2015 2016 2017 2018 2019
863 863 863 863 863 863 863 40 40 40 40 40 40 40 25 25 25 25 25 25 25 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1
11 11 11 11 11 11 11 3 3 3 3 3 3 3
6.45 6.45 6.68 6.68 6.68 6.68 6.68
117