Waukegan Park District | Statement of Financial Position
The District's Position is Solid
Taken as a whole, the District’s financial position is solid. This was confirmed in July 1999 when the District retained its A1 Bond Rating from Moody’s Investors Service. This A1 Bond Rating from Moody’s was reviewed and reaffirmed in April 2009. In 2012, Standard & Poor’s assigned a “AA” rating with a “Stable Outlook” for the refinancing of the 2004 Series G.O. Refunding Park Bonds. These ratings reflect the District’s good financial management practices that have resulted in very strong reserves, moderate debt burden and adequate to good income levels. The District’s position grew stronger following the approval of a referendum increasing the Corporate Tax Rate.
Contributing factors to our favorable financial position are:
The commitment of the District Board and Staff to evaluate, plan and implement programs, services and projects that meet the District’s Mission Statement is a prime reason for its financial position.
User fees are an integral part of the District’s revenue stream. Various fees, primarily in the Recreation Fund, provide approximately 21% of the District’s revenue.
The FY 2013-14 Budget includes drawdowns of fund balances in the Insurance, Museum and Paving & Lighting Funds. These drawdowns are either planned or due to transfers or carryover projects.
Annual Budget Reports
The Waukegan Park District was presented the Distinguished Budget Presentation Award for its Annual Budget beginning May 1, 2013. This prestigious award was presented by the Government Finance Officers Association of the United States of America and Canada. It is the second consecutive year the Park District has received the Distinguished Budget Presentation Award.
Fiscal Year 2012-13
Fiscal Year 2011-12
Comprehensive Annual Financial Reports
Fiscal Year 2011-12
The Waukegan Park District received the Certificate of Achievement for Excellence in Financial Reporting from the Government Finance Officers Association. This national award is for the fiscal year ending April 30, 2012.
Fiscal Year 2010-11
The Waukegan Park District Board of Commissioners approved the Fiscal Year 2013-14 budget on April 23, 2013. In accordance with Public Act 97-0609, Section 7.3 compensation reporting requirements, a physical copy of that report is now available at the Rose Administrative Center at 2000 Belvidere St, Waukegan, IL 60085.
A variety of financial charts and graphics from the FY 2013-14 Annual Budget Report are provided below: