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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. The rating reflected the District’s moderate tax base growth, sound financial operations and strong reserves. 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 16% of the District’s revenue.
The FY 2010-11 Budget includes drawdowns of fund balances in the Recreation, Capital, Insurance, Museum, Special Recreation, Audit and Police Funds. These drawdowns are either planned or due to carryover projects.
A variety of financial charts and graphics are provided below: