Gurnee Park District 2016-2017 Annual GFOA Budget

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Debt Position Park District residents call for quality facilities and parks, so we budget capital and infrastructure expenditures for recreation activities and open space. Therefore, the costs associated with acquiring and improving many long-term capital assets are met with the issuance of debt and surplus operations. The Park District reviews existing obligation structure, current and projected surplus from operations and future liability levels before making decisions to issue new debt. The Park District currently has four outstanding debt issuances. SERIES 2001 ALTERNATE REVENUE Service (Aquatic Center) fund. SOURCE BONDS ($6,000,000) – The outstanding principal balance as of April 30, 2016 is On April 17, 2001 the Park District $2,240,000. issued $6,000,000 in alternate revenue source bonds to finance SERIES 2013 A & 2014 A GENERAL the construction of the Hunt Club OBLIGATION BONDS - Park Aquatic Center. The ALTERNATIVE REVENUE SOURCE Aquatic Center has a 1,500 ($8,510,000 & $1,990,000) – On bather load pool, three large December 17, 2013 and January water slides, two smaller drop 21, 2014 the Park District issued a slides, as well as a splash area for total of $10,500,000 in general smaller children. The Park District obligation alternative revenue entered into an agreement with source bonds to finance the the Village of Gurnee wherein acquisition and rehabilitation of the Village annually reimburses FitNation. FitNation is a 75,000 the Park District for 75% of the square foot fitness center debt service. The Park District located just off Interstate 94. The uses property tax revenues to FitNation space encompasses pay the remaining 25% debt an expansive fitness floor with service on this bond issue. This cardio and weight lifting issuance is paid out of the Debt machines and equipment, a large gymnasium, five lane lap pool with hot tubs, several specialized group exercise studios, childcare room, and well appointed locker rooms with sauna and steam rooms. The Park District will use revenues from the fitness operations accumulated in the Recreation fund to pay debt service on these bonds. The combined outstanding principal balance as of April 30, 2015 is $10,500,000. SERIES 2014 B GENERAL OBLIGATION LIMITED TAX PARK BONDS ($942,895) – On November 4, 2015 the Park District issued a total of $951,325 in G.O. bonds. This is a bond issue that the district does every year to pay off larger bonds that are outstanding such as the Aquatic Center debt as well as the Hunt Club Community Center debt. Additionally a small portion of the proceeds will go towards ongoing capital projects. In 2015 the Park District purchased its own G.O. Limited Tax Park Bonds. The purchase was made out of the Capital 54 FISCAL YEAR 2016/2017 ANNUAL BUDGET I Gurnee Park District
DEBT POSITION Replacement/Development Fund. The Park District was able to do this because of the healthy fund balance in the Capital Replacement/Development Fund and keeps the interest from these bonds in the Park District. These are one year bonds and will be paid off in 2016 out of the Bond and Interest fund. SERIES 2015 B GENERAL OBLIGATION REFUNDING PARK BONDS - ALTERNATIVE REVENUE SOURCE ($3,910,000) – On June 21, 2005 the Park District issued a total of $6,310,000 in debt certificates to finance the construction of the Hunt Club Park Community Center. On November 4, 2015 the Park District took the opportunity to refinance the Hunt Club Park Community Center debt and issued $3,910,000 in general obligation refunding alternative revenue source bonds. The refunding will a dance studio. The Park District uses revenue from fitness center operations ($65,000) accumulated in the Recreation Fund and property tax revenues to pay the debt service on this bond issue. The outstanding principal balance as of April 30, 2016 is $3,910,000. BOND RATING On October 1, 2015 the Park District received a AA+ rating from Standard and Poor’s for the Series 2015 B bond issue, the Park District’s most recent issue. Standard and Poor’s stated in their Rating Rationale Report that “The district's recent financial performance has been strong and its overall financial position very strong”. Additionally, the District’s General Obligation Debt is rated Debt limit “A2” by Moody’s. Moody’s cites “the District’s financial operations will remain sound due to conservative financial management and healthy reserve levels. The District has historically maintained balanced or surplus operations which, in recent years has led to growing reserve levels.” DEBT LIMIT The Park District’s statutory debt limit is 2.875% of the Equalized Assessed Valuation of all taxable property located within the boundaries of the district. Bonds are not included in the computation of statutory indebtedness unless taxes levied to pay for such obligations are in fact extended. See below for the Park District’s debt limit for fiscal year 2016-17. save the Park District around $300,000 over the remaining life of Amount Percent the bonds. The Hunt Club Park Community Center is a 44,000 square foot facility that has a 4,000 square foot fitness center, basketball court, preschool rooms, administrative offices and Assessed Valuation - 2015 Levy $ 1,041,820,185 Legal Debt Limit - 2.875% of EAV 29,952,330 100.00% Amount of Debt Applicable to Limit 951,325 3.18% Legal Debt Margin $ 29,001,005 96.82% Gurnee Park District I FISCAL YEAR 2016/2017 ANNUAL BUDGET 55
Page 1 and 2:
Fiscal Year 2016 - 2017 Annual Budg
Page 3 and 4: The Government Finance Officers Ass
Page 5 and 6: Mission and Vision Statement Missio
Page 7 and 8: Gurnee Park District Leadership Tea
Page 9 and 10: GURNEE PARK DISTRICT PROFILE includ
Page 11 and 12: Board of Commissioners Letter Gurne
Page 13 and 14: BOARD OF COMMISSIONERS LETTER Gurne
Page 15 and 16: BOARD OF COMMISSIONERS LETTER Gurne
Page 17 and 18: 2016-17 Annual Operating Budget Ove
Page 19 and 20: 2016-17 ANNUAL OPERATING BUDGET OVE
Page 27 and 28: SUPPLEMENTAL INFORMATION Table 4: T
Page 29 and 30: PARK INFORMATION recreation space t
Page 31 and 32: GENERAL BUDGET REVIEW Chart 2: Tota
Page 33 and 34: BUDGET SUMMARY REPORT Budget summar
Page 35 and 36: BUDGET SUMMARY REPORT lower than la
Page 37 and 38: BUDGET SUMMARY REPORT Chart 3: Tota
Page 39 and 40: BUDGET SUMMARY REPORT Chart 4: Tota
Page 41 and 42: COMBINED STATEMENT OF REVENUES, EXP
Page 53: EQUALIZED ASSESSED VALUATION, TAX L
Page 57 and 58: DEBT POSITION Debt service requirem
Page 59 and 60: TOTAL DISTRICT Gurnee Park District
Page 61 and 62: TOTAL DISTRICT 75% of its Recreatio
Page 63 and 64: TOTAL DISTRICT 11. Revise and updat
Page 65 and 66: GENERAL OPERATIONS Chart 6: General
Page 67 and 68: GENERAL OPERATIONS computer hardwar
Page 69 and 70: GENERAL OPERATIONS to General Opera
Page 71 and 72: GENERAL OPERATIONS General Governme
Page 73 and 74: PARKS MANAGEMENT 2015-16 2015-16 20
Page 75 and 76: PARKS MANAGEMENT Gurnee Park Distri
Page 77 and 78: Recreation General Responsibilities
Page 79 and 80: RECREATION services and leisure opp
Page 81 and 82: RECREATION MAJOR BUDGET CHANGES REV
Page 83 and 84: RECREATION Gurnee Park District I F
Page 85 and 86: Aquatic Center Operations GENERAL R
Page 87 and 88: AQUATIC CENTER OPERATIONS Chart 9:
Page 89 and 90: It is the financial goal of the Aqu
Page 91 and 92: Impact on Operating Budget The Corp
Page 93 and 94: South Park - $25,000 is budgeted fo
Page 95 and 96: GURNEE PARK DISTRICT THREE YEAR CAP
Page 97 and 98: GURNEE PARK DISTRICT Miscellaneous
Page 99 and 100: Appendix C Budget and Appropriation
Page 101 and 102: Utilities $49,740 $59,688 Materials
Page 103 and 104: Total for Park Management $1,196,09
Page 105 and 106:
Property Insurance $74,091 $88,909
Page 107 and 108:
SUMMARY OF FUNDS BUDGET APPROPRIATI
Page 109 and 110:
STATE OF ILLINOIS) ) COUNTY OF LAKE
Page 111 and 112:
GURNEE PARK DISTRICT CAPITAL ASSET
Page 113 and 114:
Gurnee Park District Policy Manual
Page 115 and 116:
Aquatic Center. Balances above the
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Appendix F Fiscal Year 2015-2016 An
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Appendix F Strategic Initiative #3
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Appendix F Strategic Initiative #5
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Appendix G GURNEE PARK DISTRICT Thr
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GURNEE PARK DISTRICT Three Year Fin
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Page 129 and 130:
Page 131 and 132:
Carry Over Capital Projects - Capit
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Tax Rate - The rate derived from di
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Gurnee Park District 2016-2017 Annual GFOA Budget

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