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 9.37% 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 an “AA” rating with a “Stable Outlook” for the refinanced 2015A Series G.O. Refunding Park Bonds. S & P also affirmed an “AA” rating for the District’s G.O. Limited Park Bonds and G.O. Refunding Alternative Revenue Source Bonds (ARS).
In August of 2017, S & P reaffirmed a rating of “AA” rating before our most recent G.O. Refunding Alternative Revenue Source Bond issue for $3,630,000. Bond Series 2017A was issued for the redevelopment of Corinne J. Rose Park and its outdoor aquatics facility. In December of 2017, the District made its final payment on 2012B Series Bond which was originally issued for $4,000,000.
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 are an integral part of the District’s revenue stream. Various fees, primarily in the Recreation Fund, provide approximately 12.7% of the District’s revenue.
- The FY2018-19 Budget includes draw-downs of fund balances in the Corporate, Recreation, Special Recreation, Museum, Insurance, and Capital Funds. These drawdowns are either planned or due to carryover projects.
A variety of financial charts and graphics from the FY 2018-19 Annual Budget Report are provided below:
The following reports are run and added to the website monthly.
2019 Accounting Reports
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Archived Accounting Reports
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