Finances – General Information

The District’s Financial Position is Solid

The District’s Financial Position is Solid

Taken as a whole, the District’s financial position is solid even after experiencing a severe decline in the Equalized Assessed Valuation (EAV) from 2009-2014. This year the District saw an increase of 8.25% in EAV and according to the Township Assessors, the EAV should continue to increase over the next several years. The District maintains solid financial reserves and prudent financial management and planning.

In 2015, Moody’s affirmed the District’s rating of Aa3 for the refinanced $8,500,000 2015A Series G.O. Refunding Park Bonds. In 2015, Standard & Poor’s assigned a “AA” rating with a “Stable Outlook” for the refinanced 2015A Series G.O. Refunding Park Bonds. S & P also reaffirmed “AA” rating for the District’s G.O. Limited Park Bonds and G.O. Refunding Alternative Revenue Source Bonds (ARS).

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 support the District’s Mission and Vision Statements is a prime reason for its financial position.
User fees support the District’s revenue stream. Various fees, primarily in the Recreation Fund, provide approximately 10.2% of the District’s revenue.
The FY2017-18 Budget includes drawdowns of fund balances in the Corporate, Recreation, Special Recreation, Museum, Insurance, FICA, Debt Service and Capital Funds. These drawdowns are either planned or due to carryover projects.