Skokie, Illinois
Comprehensive Annual Financial Report
Year Ended April 30, 2015
Skokie Park District, Illinois
Comprehensive Annual Financial Report
Year Ended April 30, 2015
Prepared By:
Department of Business Services
William G. Schmidt
Superintendent of Business Services
SKOKIE PARK DISTRICT, ILLINOIS
COMPREHENSIVE ANNUAL FINANCIAL REPORT
For the Year Ended April 30, 2015
Table of Contents
INTRODUCTORY SECTION
Page(s)
Letter of Transmittal
Certificate of Achievement for Excellence in Financial Reporting
Organization Chart
List of Principal Officials
iii - viii
ix
x
xi
FINANCIAL SECTION
Independent Auditors' Report
Management's Discussion and Analysis
Basic Financial Statements:
Government-wide Financial Statements
Statement of Net Position
Statement of Activities
Fund Financial Statements:
Balance Sheet - Governmental Funds
Reconciliation of the Balance Sheet of Governmental Funds
to the Statement of Net Position
Statement of Revenues, Expenditures, and Changes in Fund
Balances - Governmental Funds
Reconciliation of the Statement of Revenues, Expenditures, and Changes
in Fund Balances of Governmental Funds to the Statement of Activities
Index for the Notes to the Financial Statements
Notes to the Financial Statements
Required Supplemental Information (Unaudited)
Schedule of Funding Progress - Illinois Municipal Retirement Fund
Schedule of Funding Progress – Other Postemployment Benefit Plan
Schedules of Revenues, Expenditures, and Changes in Fund Balances - Budget and Actual:
General Fund
Recreation Fund
Notes to the Required Supplementary Information
1-3
4 - 14
15
16
17 - 18
19
20 - 21
22
23
24 - 50
51
52
53
54
55
(Continued)
-i-
SKOKIE PARK DISTRICT, ILLINOIS
COMPREHENSIVE ANNUAL FINANCIAL REPORT
For the Year Ended April 30, 2015
Table of Contents
FINANCIAL SECTION - Continued
Page(s)
Supplementary Information
Combining Statements:
Combining Balance Sheet - Nonmajor Governmental Funds
Combining Schedule of Revenues, Expenditures, and Changes in Fund
Balances - Nonmajor Governmental Funds
General Fund:
Combining Balance Sheet
Combining Budgetary Comparison Schedule
Combining Schedule of Revenues, Expenditures, and Changes
in Fund Balances (Deficits) - Budget and Actual, Special Revenue Funds
Combining Schedule of Revenues, Expenditures, and Changes
in Fund Balance (Deficit) - Budget and Actual, Debt Service Fund
Combining Schedule of Revenues, Expenditures, and Changes
in Fund Balances (Deficits) - Budget and Actual, Capital Improvement Fund
56 - 57
58 - 59
60
61 - 62
63 - 65
66
67 - 69
STATISTICAL SECTION - UNAUDITED
Index to statistical section
Statistical section - unaudited
Financial Trend Information
Revenue Capacity
Debt Capacity
Demographic and Economic Information
Operating Information
70
71 - 77
78 - 83
84 - 87
88 - 89
90 - 91
(Concluded)
-ii-
INTRODUCTORY SECTION
October 21, 2015
Board of Commissioners
Skokie Park District
Skokie, Illinois 60077
The Comprehensive Annual Financial Report of the
Skokie Park District (Park District) for the fiscal
year ended April 30, 2015 is submitted herewith.
This report presents a comprehensive and detailed
picture of the Park District's transactions during
the 2014-2015 fiscal year and the financial
condition of the various activities and funds at
the end of that year. The financial statements and
schedules have been prepared in accordance with the
requirements of the Illinois State Statutes and the
Park District Code. The independent auditors'
report on these financial statements has been
provided by Miller Cooper & Co., Ltd., and includes
all activities and funds of the Park District.
The content of the Comprehensive Annual Financial
Report (CAFR) is the responsibility of the
management of the Park District and not the
independent auditors. The system of internal
accounting control is designed by management to
provide that transactions are recorded and reported
according to prescribed policies and procedures.
The independent auditors are approved by the Board
of Commissioners to provide an independent report
as to the fair presentation of the financial
position and results of operation of all of the
Park District’s governmental activities, major
funds,
and
the
aggregate
remaining
fund
information, based upon their audit of the
accounting records and review of the system of
internal control to the extent they consider
necessary as required by generally accepted
auditing standards. We believe that all disclosures
necessary to enable the reader to gain an
understanding of the Park District's financial
activities have been included.
-iii-
Generally Accepted Accounting Principles (GAAP) require that
management provide a narrative introduction, overview and analysis
to accompany the basic financial statements in the form of
Management’s Discussion and Analysis (MD&A). This letter of
transmittal is designed to complement the MD&A and should be read
in conjunction with it. The District’s MD&A can be found
immediately following the report of the independent auditors.
The Skokie Park District (name changed November 5, 1947, from Niles
Center Park District), was organized in 1928 under the Submerged
Lands Statute of 1895 which authorized the creation of a municipal
corporation separate and apart from "City" government. The present
Village of Skokie was created from the Village of Niles Center in
1888. A five member Board of Park Commissioners, each of whom is
elected on an at-large basis and serves a six-year term without
compensation, governs the Park District. The Commissioners elect
officers from among themselves. The appointed Director of Parks and
Recreation is responsible for the day-to-day administration of the
District, and some 800 part-time and seasonal employees supplement
its full-time staff of 75.
The Park District presently has 49 park sites on 248.3 acres. Of
the 248.3 acres, 58.3 acres are leased via intergovernmental
agreements. The Park District's facilities include: a twin rink
indoor ice skating arena; an irrigated, nine-hole, par three golf
course; a fitness center; an indoor rowing center; two outdoor
aquatic facilities; three community recreation centers; a
historical museum; 40 tennis courts; one community gardening area;
a day care center; a nature center; a driving range, miniature golf
and batting cage facility; an indoor children's playground; a dog
park; and a full complement of basketball courts, softball/baseball
diamonds, soccer fields, playgrounds, picnic areas, etc.
The Comprehensive Annual Financial Report exclusively presents the
financial position and results of operations of the Park District.
The Park District has concluded that no entities meet the criteria
established by the Governmental Accounting Standards Board (GASB)
for inclusion in the reporting entity as a component unit. In
addition, the Park District has a separately elected Board, the
power to levy taxes, the authorization to expend funds, the
responsibility to designate management, the ability to prepare and
modify the annual budget, and the authority to issue debt.
Therefore, the Park District is not included as a component unit in
any other entity.
-iv-
Economic Condition and Outlook
The Skokie Park District is located sixteen miles northwest of
downtown Chicago. Over the years, the Skokie community has grown
into a thriving center of commerce and a technology-driven
community committed to growth, innovation and redevelopment. In
partnership with local business leaders, Skokie set a long-term
strategy to prioritize economic development. That effort has
resulted in significant private investment in retail developments,
commercial services, employment centers and mixed-use developments
combining residential units with business uses.
This redevelopment activity has continued throughout the community
reflecting Skokie’s market strengths and commitment to economic
development. In addition to the Westfield Old Orchard and Downtown
Skokie developments, several other projects and redevelopment
efforts made significant progress during the year 2014-2015. The
continuation of the CTA Yellow Line to Old Orchard is being
considered. A new tax incremental finance district has been created
to fund the West Dempster Street Redevelopment Project focusing on
the commercial strip that runs from Gross Point road on the west to
Kilpatrick Avenue on the east. Progress is continuing to be made
with the completion of the new Pita Inn restaurant where the old
Barnum and Bagel restaurant was located. The construction of a new
retail shopping center, Touhy Marketplace, along Skokie’s southern
border is almost completed. Clark Street Development LLC is
developing the 16-acre former industrial site at the northwest
corner of St. Louis and Touhy Avenues. The development will include
four buildings totaling 195,000 square feet, including a 150,000square-foot prototype Super Walmart (which is completed), a
proposed 20,000-square-foot office building, 16,100 square-feet of
divisible retail, and two banks with drive-through facilities.JP
Morgan CHASE and PNC are the two banks. At the former site of Topco
& Associates on the southwestern end of Skokie, a company named
Panattoni bought the property, razed the building and has completed
a 150,000 sq. ft. flexible, multi-tenant industrial building. This
could accommodate anywhere from 2 or 3 up to 10-15 companies as
tenants. The building will have massive loading docks on the east
side to accommodate what Panattoni assumes will be mostly
assembly/warehousing/distribution type tenants. Panattoni is a big
national developer with a portfolio of over 35 million sq. ft. of
industrial/office space.
-v-
The Park District continues its efforts to monitor economic and
population changes and to alter programs and services to meet the
needs of the community. Every year the District analyzes its
current program offerings adding new ideas to a changing
population. A Comprehensive Capital Plan addresses the Park
District's 2015-2018 capital needs. This fiscal year saw completion
of the replacement of the pool gutters in the main pool at Skokie
Water Playground, installation of variable frequency drives at both
Skokie Water Playground and the Devonshire Aquatic Center, the
installation of security cameras at three locations and the
replacement of various pieces of equipment and vehicles.
Future Initiatives
PARK,FACILITY AND PLAYGROUND IMPROVEMENTS – The Park District
continues the improvement to the 43 parks and playgrounds in its
system. These improvements will include upgrading playgrounds and
site amenities such as landscaping and security lighting needs. The
major
projects
for
fiscal
year
2015-2016
includes
the
repair/replacement of the water slides at Skokie Water Playground
with an estimated cost of $350,000, replacement of the playground
equipment at McNally park with an estimated cost of $275,000,
various repairs/color coating to tennis and basketball courts with
an estimated cost of $38,500, the replacement of the theater floor
and seating at the Devonshire Cultural Center estimated at
$120,000, and various equipment and vehicle replacements with a
total cost estimated to be $186,000.
Financial Management and Control
Management of the Park District is responsible for the
establishment and maintenance of an internal control structure
designed to ensure that the assets of the Park District are
protected from loss, theft, or misuse, and to ensure that adequate
accounting data is compiled to allow for the preparation of
financial statements in conformity with generally accepted
accounting principles. The internal control structure is designed
to provide reasonable, but not absolute, assurance that these
objectives are met. The concept of reasonable assurance recognizes
that: (1) the cost of a control should not exceed the benefits
likely to be derived; and (2) the valuation of costs and benefits
requires estimates and judgments by management.
The specific type of fund utilized by the Park District dictates
the basis of accounting for fund transactions. The modified accrual
basis of accounting is followed by all governmental funds (i.e.,
General, Special Revenue, Debt Service and Capital Projects).
-vi-
Internal control practices are integrated into budgetary management
of the General Fund, Special Revenue Funds, Debt Service Fund, and
Capital Projects Funds (Building Improvement and Vehicle Machinery
Replacement Funds). A budget is prepared for each of these funds
utilizing generally accepted accounting principles. Additional
internal controls are documented through written policies and
procedures for all aspects of accounting practices of the Park
District, including the recording of receipts and disbursements of
funds entrusted to the Park District.
To ensure sound financial management of the Park District, proper
accounting practices, internal controls, and budgetary planning are
affirmed by the review of the Board of Commissioners.
Capital Projects Funds
Proceeds of general obligation bond issues are accounted for in the
Capital Projects Fund. Completed projects and incomplete projects
in progress at year-end are capitalized. During the fiscal year
ended April 30, 2015, project expenditures of $664,205 were
recorded in the governmental funds, primarily within the Capital
Improvements Fund. The Capital Improvements Fund’s combined fund
balance at April 30, 2015 is $6,053,948 after transfers in of
$6,082,138 from excess fund balances of other funds, intended to
finance future major projects. Security cameras for three
facilities, Weber Leisure Center, Skatium Ice Arena and Dammrich
Rowing Center, were installed in fiscal year 2014-2015 at a total
cost of $81,000, and were expensed out of the Fund Safety Programs
account within the General Liability Fund.
Financial Policies
GASB Statements No. 45, 54, and 65 significant accounting standards
implemented in the past 10 years. Another significant policy is the
minimum fund balance reserve implemented by the Board of Park
Commissioners. There were no new financial policies implemented in
fiscal year 2014-2015.
Independent Audit
The Illinois Compiled Statutes require that an annual independent
audit of all accounts of the Park District be performed by a
certified public accountant designated by the Board of Park
Commissioners. This requirement has been complied with and the
opinion of Miller Cooper & Co., Ltd. Certified Public Accountants,
has been included in the Financial Section of this report. The
opinion expressed is unmodified.
-vii-
GFOA Certificate of Achievement
The Government Finance Officers Association of the United States
and Canada (GFOA) awarded a Certificate of Achievement for
Excellence in Financial Reporting to the Skokie Park District for
its Comprehensive Annual Financial Report (CAFR) for the fiscal
year ended April 30, 2014. This was the twelfth consecutive year
that the District has achieved this prestigious award. In order to
be awarded a Certificate of Achievement, a governmental unit must
publish an easily readable and efficiently organized comprehensive
annual financial report. This report must satisfy both generally
accepted accounting principles and applicable legal requirements.
A Certificate of Achievement is valid for a period of one year
only. We believe our current report continues to meet the
Certificate of Achievement Program requirements, and we are
submitting it to GFOA to determine its eligibility for a
certificate.
ACKNOWLEDGMENTS
The preparation of this report could not have been accomplished
without the efficient and dedicated services of the entire staff of
the Business Services Division and the cooperation and assistance
rendered by the other Divisions of the Park District. We would like
to thank the other governmental units that overlap with the Skokie
Park District for their cooperation in supplying information to the
Park District. We would also like to thank the Board of Park
Commissioners for their interest and support in planning and
conducting the financial operations of the Park District in a
responsible and progressive manner.
Respectfully submitted,
John V. Ohrlund
Director of Parks and Recreation
-viii-
William G. Schmidt
Superintendent of
Business Services
-ix-
Residents of the Skokie Park District
Board of Park Commissioners
Attorney
Executive Director
Superintendent of Recreation & Facilities
Assistant Supt. Of Recreation
Superintendent of Business
WLC Facility Manager
WLC Customer Svc Suprv
Hockey Director
DCC Manager
Superintendent of Parks
Skatium Manager
Fitness Center Manager
Figure Skating Director
OCC Manager
Treasurer
Organizational Chart - May 2014
Aquatics/Safety/DRC Manager
Golf Manager
Marketing Manager
WLC Custodians (2)
Assistant Suprv
Childcare Services Suprv
Skatium Office Mgr
EONC Manager
Skatium Custodian
Assist Aquatics Suprv
SHM Manager
Athletics Supervisor
Senior/Teen Suprv
Explr/Spec Events Suprv
Head Greenskeeper
Graphic Designers II (2)
School Age Supervisor
TLC Teachers (8)
DCC Customer Svc Suprv
School Age Suprv
TLC Custodial Suprv
Cultural Arts Suprv
OCC Customer Svc & Spec Events Suprv
Executive Admin Asst
Tot & Family Prog Coord
DCC Custodian
OCC Custodial Suprv
Accounting Supervisor
Human Resource Manager
Accounts Payable Clerk
Office Manager
Landscape Supervisor
Director of IT
Payroll & Cust Acct Suprv
Operations Supervisor
Parks Supervisor
Horticulturalist
Park Specialist III (2)
Park Specialist III
Park Specialist II (2)
Park Specialist II (2)
Park Specialist II (2)
Park Specialist I
Park Specialist I (2)
Park Specialist I
Turf Specialist
Mechanic
-x-
Network & Infrastructure Support Spec.
SKOKIE PARK DISTRICT, ILLINOIS
LIST OF PRINCIPAL OFFICIALS
April 30, 2015
Board of Commissioners
Michael Reid
President
Susan Aberman
Vice-President
Michael Alter
Commissioner
Maureen Yanes
Commissioner
Jerry Clarito
Commissioner
*******
John Ohulund
Director of Parks and Recreation
Michelle Tuft
Superintendent of Recreation and Facilities
Mike Rea
Superintendent of Parks
William G. Schmidt
Superintendent of Business Services
-xi-
FINANCIAL SECTION
INDEPENDENT AUDITORS' REPORT
The Members of the Board of Commissioners
Skokie Park District
Skokie, Illinois
Report on the Financial Statements
We have audited the accompanying financial statements of the governmental activities, each major fund, and the
aggregate remaining fund information of Skokie Park District (the District), as of and for the year ended April 30,
2015, and the related notes to the financial statements, which collectively comprise the District’s basic financial
statements, as listed in the table of contents.
Management’s Responsibility for the Financial Statements
The District's Management is responsible for the preparation and fair presentation of these financial statements in
accordance with accounting principles generally accepted in the United States of America; this includes the design,
implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial
statements that are free from material misstatement, whether due to fraud or error.
Auditors' Responsibility
Our responsibility is to express opinions on these financial statements based on our audit. We conducted our audit
in accordance with auditing standards generally accepted in the United States of America. Those standards require
that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free
from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the
financial statements. The procedures selected depend on the auditor’s judgment, including the assessment of the
risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk
assessments, the auditor considers internal control relevant to the entity’s preparation and fair presentation of the
financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the
purpose of expressing an opinion on the effectiveness of the entity’s internal control. Accordingly, we express no
such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the
reasonableness of significant accounting estimates made by management, as well as evaluating the overall
presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit
opinions.
(Continued)
-1-
The Members of the Board of Commissioners
Skokie Park District
Skokie, Illinois
(Continued)
Opinions
In our opinion, the financial statements referred to above present fairly, in all material respects, the respective
financial position of the governmental activities, each major fund, and the aggregate remaining fund information
of the District, as of April 30, 2015, and the respective changes in financial position thereof, for the year then
ended, in accordance with accounting principles generally accepted in the United States of America.
Other Matters
Required Supplementary Information
Accounting principles generally accepted in the United States of America require that the management’s
discussion and analysis on pages 4 through 14, the Illinois Municipal Retirement Fund historical data on page 52,
the other postemployment benefits data on page 53, and the budgetary comparison schedules and notes to the
required supplementary information on pages 54 through 56 be presented to supplement the basic financial
statements. Such information, although not a part of the basic financial statements, is required by the
Governmental Accounting Standards Board who considers it to be an essential part of financial reporting for
placing the basic financial statements in an appropriate operational, economic, or historical context. We have
applied certain limited procedures to the required supplementary information in accordance with auditing
standards generally accepted in the United States of America, which consisted of inquiries of management about
the methods of preparing the information and comparing the information for consistency with management’s
responses to our inquiries, the basic financial statements, and other knowledge we obtained during our audit of the
basic financial statements. We do not express an opinion or provide any assurance on the information because the
limited procedures do not provide us with sufficient evidence to express an opinion or provide any assurance.
Other Information
Our audit for the year ended April 30, 2015 was conducted for the purpose of forming opinions on the financial
statements that collectively comprise the District’s basic financial statements. The other schedules listed in the
table of contents in the introductory section, statistical section, and the supplementary information listed in the
financial section are presented for purposes of additional analysis and are not a required part of the basic financial
statements.
-2-
(Continued)
The Members of the Board of Commissioners
Skokie Park District
Skokie, Illinois
(Continued)
Other Information (Continued)
The supplementary information is the responsibility of management and was derived from and relates directly to
the underlying accounting and other records used to prepare the basic financial statements. Such information for
the year ended April 30, 2015 has been subjected to the auditing procedures applied in the audit of the basic
financial statements and certain additional procedures, including comparing and reconciling such information
directly to the underlying accounting and other records used to prepare the basic financial statements or to the
basic financial statements themselves, and other additional procedures in accordance with auditing standards
generally accepted in the United States of America. In our opinion, the supplementary information for the year
ended April 30, 2015 is fairly stated, in all material respects, in relation to the basic financial statements as a
whole for the year ended April 30, 2015.
We also have previously audited, in accordance with auditing standards generally accepted in the United States of
America, the District's basic financial statements, as of and for the year ended April 30, 2014, which are not
presented with the accompanying financial statements and we expressed unmodified opinions on the respective
financial statements of the governmental activities, each major fund, and the aggregate remaining fund
information. That audit was conducted for the purpose of forming opinions on the financial statements that
collectively comprise the District's basic financial statements as a whole. The supplementary information combining schedules of revenues, expenditures, and changes in fund balances (deficit) - budget and actual for the
year ended April 30, 2014 (SI 2014) on pages 64-70 is presented for purposes of additional analysis and is not a
required part of the basic financial statements. Such information is the responsibility of management and was
derived from and relates directly to the underlying accounting and other records used to prepare the 2014 basic
financial statements. The SI 2014 has been subjected to the auditing procedures applied in the audit of those basic
financial statements and certain additional procedures, including comparing and reconciling such information
directly to the underlying accounting and other records used to prepare the basic financial statements or to the
basic financial statements themselves, and other additional procedures in accordance with auditing standards
generally accepted in the United States of America. In our opinion, the SI 2014 is fairly stated in all material
respects in relation to the basic financial statements as a whole for the year ended April 30, 2014.
The introductory and statistical sections have not been subjected to the auditing procedures applied in the audit of
the basic financial statements, and accordingly, we do not express an opinion or provide any assurance on them.
MILLER, COOPER & CO., LTD.
Certified Public Accountants
Deerfield, Illinois
October 21, 2015
-3-
Skokie Park District
Management’s Discussion and Analysis
April 30, 2015
The Skokie Park District (the “District”) Management’s Discussion and Analysis (MD&A) is
designed to: (1) assist the reader in focusing on significant financial issues, (2) provide an
overview of the District’s financial activity, (3) identify changes in the District’s financial
position (its ability to address the next and subsequent year challenges), (4) identify any material
deviations from the financial plan (the approved budget), and (5) identify individual fund issues
or concerns.
Since the MD&A is designed to focus on the current year’s activities, resulting changes, and
currently known facts, please read it in conjunction with the Transmittal Letter (beginning on
page iii) and the District’s financial statements (beginning on page 15).
Financial Highlights
•
•
•
•
•
•
The District’s financial status continues to be strong as the national, state and local economic
recovery continues. Overall revenues for all funds this past year were $21,364,639 and
expenditures were $22,049,576 for a deficiency in revenues over expenditures of $684,937.
Adding other financing sources and uses of a positive $54,434 to fund balances brought the
total net change in fund balances to a reduction of $630,503. Despite the impact of high
unemployment, higher utility costs and insurance costs, the District concluded the year with
an overall positive fund balance.
Total net position increased $812,934 over the course of the year.
Property and replacement taxes collected were $10,371,764 and $374,727, respectively, a
$1,398,786 decrease in property taxes and a $16,590 increase in replacement taxes from
fiscal year 2014.
Recreation program registrations and fees resulted in revenues of $10,253,596, an increase of
$431,718 from the prior year. Recreation expenditures were $10,995,079 compared to the
prior year of $10,768,660, for an decrease of $226,419. Depreciation expense charged to the
Recreation activity was an additional $2,124,588 on the government wide basis.
The District continues to have the ability to devote resources toward maintaining, improving,
and expanding its parks, playgrounds, and facilities. In 2014-2015, $664,205 (of which
$652,572 was capitalized on the government wide level) was spent on capital outlay for the
District’s infrastructure and equipment.
The District’s outstanding long-term debt as of April 30, 2015 was at $34,456,295, of which
$34,105,446 represents general obligation bonds outstanding, which represents 56.63% of the
District’s legal debt margin.
Overview of the Financial Statements
Management’s Discussion and Analysis introduces the District’s basic financial statements. The
basic financial statements include: (1) government-wide financial statements, (2) fund financial
statements, and (3) notes to the financial statements. The District also includes in this report
additional information to supplement the basic financial statements.
-4-
Skokie Park District
Management’s Discussion and Analysis
April 30, 2015
Government-wide Financial Statements
The District’s annual report includes two government-wide financial statements. These
statements provide both long-term and short-term information about the District’s overall status.
Financial reporting at this level uses a perspective similar to that found in the private sector, with
its basis in full accrual accounting and elimination or reclassification of internal activities.
The first of these government-wide statements is the Statement of Net Position. This is the
District-wide statement of financial position presenting information including all of the District’s
assets and deferred outflows and liabilities and deferred inflows, with the difference reported as
net position. Over time, increases or decreases in net position may serve as a useful indicator of
change in net position whether the financial position of the District as a whole is improving or
deteriorating. Evaluation of the overall health of the District would extend to other nonfinancial
factors, such as diversification of the taxpayer base or the condition of the District’s
infrastructure, in addition to the financial information provided in this report.
The second government-wide statement is the Statement of Activities which reports how the
District’s net position changed during the current fiscal year. All current year revenues and
expenses are included regardless of when cash is received or paid. An important purpose of the
design of the statement of activities is to show the financial reliance of the District’s distinct
activities or functions on revenues provided by the District’s taxpayers.
Both government-wide financial statements present governmental activities of the District that
are principally supported by taxes and intergovernmental revenues, such as grants. Governmental
activities include general government, culture, and recreation. The government-wide financial
statements are presented on pages 15-16 of this report.
Fund Financial Statements
A fund is an accountability unit used to maintain control over resources segregated for specific
activities or objectives. The District uses funds to ensure and demonstrate compliance with
finance-related laws and regulations. Within the basic financial statements, fund financial
statements focus on the District’s most significant funds rather than the District as a whole.
Major funds are separately reported, while all others are combined into a single, aggregated
presentation. Individual fund data for nonmajor funds is provided in the form of combining
statements in a later section of this report.
-5-
Skokie Park District
Management’s Discussion and Analysis
April 30, 2015
The District’s governmental funds are reported in the fund financial statements and encompass
essentially the same functions reported as governmental activities in the government-wide
financial statements. However, the focus is very different, with fund statements providing a
distinctive view of the District’s governmental funds. These statements report short-term fiscal
accountability, focusing on the use of spendable resources and balances of spendable resources
available at the end of the year. They are useful in evaluating annual financing requirements of
governmental programs and the commitment of spendable resources for the near-term.
Since the government-wide focus includes the long-term view, comparisons between these two
perspectives may provide insight into the long-term impact of short-term financing decisions.
Both the governmental fund balance sheet and the governmental fund statement of revenues,
expenditures, and changes in fund balances provide a reconciliation to assist in understanding the
differences between these two perspectives.
Budgetary comparison statements are included in the required supplementary information for the
General Fund and major special revenue funds. Budgetary comparison schedules for other
special revenue funds can be found in a later section of this report. These statements and
schedules demonstrate compliance with the District’s adopted annual appropriated budget.
The basic governmental fund financial statements are presented starting on page 17 of this
report.
Notes to the Financial Statements
The accompanying notes to the financial statements provide information essential to a full
understanding of the government-wide and fund financial statements. The notes to the financial
statements begin on page 24 of this report.
Other Information
In addition to the basic financial statements and accompanying notes, this report also presents
certain required supplementary information concerning the District’s progress in funding its
obligation to provide pension benefits to its employees and important budgetary comparisons.
Information including detail by fund for receivables, payables, transfers, and payments within
the reporting entity can be found in the notes to the financial statements. Required supplementary
information can be found on pages 51 - 54 of this report and the related footnotes can be found
on page 55.
-6-
Skokie Park District
Management’s Discussion and Analysis
April 30, 2015
Major funds are reported in the basic financial statements as discussed. Combining and
individual statements and schedules for nonmajor funds are presented in a subsequent section of
this report beginning on page 57.
Table A-1
Skokie Park District’s Net Position
Governmental Activities
2015
Current assets
Capital assets
$
Total Assets
Current liabilities
Long-term liabilities
Total Liabilities
2014
18,583,515 $
34,862,258
20,144,112
36,618,835
53,445,773
56,762,947
7,152,660
29,660,215
9,576,137
30,593,775
36,812,875
40,169,912
4,852,572
5,625,643
10,901,624
2,931,228
(2,052,526)
9,612,674
3,142,592
4,722,631
(6,510,505)
11,780,326 $
10,967,392
Deferred inflows:
Property taxes levied for a future
period
Net position:
Net investment in capital assets
Restricted for debt service
Restricted for enabling legislation
Unrestricted
Total net position:
$
-7-
Skokie Park District
Management’s Discussion and Analysis
April 30, 2015
Table A-2
Changes in the Skokie Park District’s Net Position (Statement of Activities)
Governmental Activities
2015
Revenues:
Property Taxes
Replacement Taxes
Charges for Recreation Programs
Rentals, Permits, and Fees
Interest
Other
$
2014
10,371,764 $
374,727
9,221,052
1,032,544
48,789
403,419
11,770,550
358,137
8,859,254
962,624
30,694
437,554
Total
Expenses:
21,452,295
22,418,813
General Government
Recreation
Interest Expense
Accrued Interest CAB Bonds
6,016,175
13,119,667
249,725
1,253,794
4,654,833
16,550,998
278,931
1,420,167
Total
20,639,361
22,904,929
812,934
(486,116)
10,967,392
11,453,508
11,780,326 $
10,967,392
Increase (Decrease) in Net Position
Net Position Beginning Year
Net Position End of Year
$
-8-
Skokie Park District
Management’s Discussion and Analysis
April 30, 2015
Skokie Park District
2014-2015 Revenues All Funds
2015
2014
Property taxes
Replacement taxes
Registration fees
Rentals, permits, and fees
Investment income
Other income
$
10,371,764
374,727
9,221,052
1,032,544
48,789
315,763
48.5
1.8
43.2
4.8
0.2
1.5
%
$
11,770,550
358,137
8,859,254
962,624
30,694
302,587
52.8 %
1.6
39.8
4.3
0.1
1.4
Total
$
21,364,639
100
%
$
22,283,846
100 %
2014-2015 Expenditures All Funds
2015
General government
Recreation
Pension
Capital outlay
Debt service:
Principal
Interest
Bond issue costs
$
Total
$
4,825,797
10,995,079
766,838
664,205
2014
21.9 %
49.9
3.5
3.0
4,495,000
249,724
53,933
20.4
1.1
0.2
22,049,576
100
-9-
%
$
$
4,494,460
10,768,660
821,281
1,676,105
16.5
39.6
3.0
6.2
9,035,000
276,531
95,011
33.3
1.0
0.4
27,167,048
100
%
%
Skokie Park District
Management’s Discussion and Analysis
April 30, 2015
Government-wide Financial Analysis
Approximately sixty-five percent of the District’s total assets reflect its investment in capital
assets (e.g. land, buildings, vehicles, and equipment). Although the District’s investment in
capital assets is reported net of related debt, it should be noted that the resources needed to repay
this debt must be provided from other sources, since capital assets themselves cannot be used to
liquidate these liabilities.
The District’s combined net position increased $812,934 as a result of operations in 2014-2015.
The District’s financial position remains strong and stable due to several factors. One reason is
the size of the property tax base. The economic future of Skokie lies in redevelopment. This
redeveloped construction in the downtown and Dempster Street east areas. Forest City
Enterprises, Inc. purchase of the Searle property for the Building of the Illinois Technology
Center, constant additions at the Westfield Old Orchard shopping center and the redevelopment
of the Touhy Marketplace on the southeastern part of town have added to the new redevelopment
of Skokie. Recently added is the old TOPCO which has been developed by Panattoni Company.
Skokie Park District’s Changes in Net Position
Governmental Activities
Revenues:
2015
2014
Program Revenues:
Charges for Services:
$
10,253,596 $
9,821,878
General Revenues:
Property Taxes
Personal Property Replacement
Taxes
Investment Income
Other
Total Revenues
$
10,371,764
11,770,550
374,727
358,137
48,789
30,694
403,419
437,554
21,452,295 $
22,418,813
(Continued)
-10-
Skokie Park District
Management’s Discussion and Analysis
April 30, 2015
Governmental Activities
Expenses:
General Government
2015
$
6,016,175 $
Recreation
Interest Expense
Interest Accrued Capital
Appreciation Bonds
Total Expenses
Increase (Decrease) in Net Position
$
2014
4,654,833
13,119,667
16,550,998
249,725
278,931
1,253,794
1,420,167
20,639,361
22,904,929
812,934 $
(486,116)
Financial Analysis of the District’s Funds
Governmental Funds
As discussed, governmental funds are reported in the fund statements with a short-term inflow
and outflow of spendable resources focus. This information is useful in assessing resources
available at the end of the year in comparison with upcoming financing requirements.
Governmental funds reported ending fund balances of $11,374,363. Of this year-end total,
$1,916,622 is unassigned, indicating availability for continuing the District’s operations.
Designated fund balances include: $85,377 classified as nonspendable for prepaid expenses,
$6,053,948 is restricted for capital projects, $2,815,005 is restricted for specific purposes as
defined by the individual special revenue fund, $41,607 restricted for the liability fund and
$461,804 is committed by the Board of Park Commissioners as the Working Cash Fund transfer.
The total ending fund balances of governmental funds shows a decrease of $630,503 over the
prior year. This decrease is primarily the result of decrease in Capital Improvement Funds by
$656,986 due to the budgeted use of fund balances to finance capital projects before transfers in.
Recreation Fund had an increase in program/registration fees and a small decrease in property
tax revenues. The General Fund had a decrease in property tax and increase replacement tax
revenue plus improvements in salaries & wages, materials and contractual services.
-11-
Skokie Park District
Management’s Discussion and Analysis
April 30, 2015
Major Governmental Funds
The General, Recreation, Debt Service, and Capital Projects Funds are the primary operating
funds of the District.
The General Fund balance as of April 30, 2015 was $2,628,489 a decrease of
$996,264 from the prior year. This was mainly due a budgeted transfer of excess fund balances
of $1,500,000 to the Capital Improvements Fund for future capital projects.
The Recreation Fund balance of $2,603,203 has decreased $1,603,935 over the prior year. The
decrease was due to a budgeted transfer of excess fund balances of $2,500,000 to the capital
Improvement Fund for future capital projects.
The Debt Service Fund decreased its balance by $3,252,636 to a deficit balance of $110,044
mainly due to the budgeted transfer of excess funds to the Capital Improvement Fund for future
capital projects.
The Capital Improvement Fund increased its fund balance by $5,425,152 to $6,053,948 due to
the above mentioned transfers less capital and other expenditures of $686,168.
General Fund Budgetary Highlights
The General Fund is reported as a major fund, and accounts for the routine park operations of the
District.
Revenues in the General Fund were $3,901,680, which was ($169,121) (4.1%) less than budget.
Expenditures were $3,298,144, which was $209,360 (6.0%) under budget. Other financing uses
were favorable by $14,450. The net budget variance was a favorable $54,689.
The unfavorable revenue variance was due to decreased property tax revenue ($203,992) offset
slightly by an increase in replacement tax revenue of $40,827. The favorable expenditure
variance was due primarily due to contractual service, which were reduced in park maintenance
budget. Other financing uses are favorable as not as much sponsorship revenue was transferred
out to the Recreation Fund in the current year.
The General Fund’s deficiency of revenues and other financing sources over expenses was
$996,264 which was $54,689 better than budget. The fund balance decreased to $2,628,489 at
the end of the year from $3,624,753 in the prior year.
-12-
Skokie Park District
Management’s Discussion and Analysis
April 30, 2015
Capital Assets and Debt Administration
Capital Assets
The District’s investment in capital assets, net of accumulated depreciation for governmentaltype activities as of April 30, 2015, was $34,862,258. The total decrease in this net investment
was (4.80%) for governmental-type activities. This was a result of depreciation expense of
$2,334,759, additions / transfers in capital assets of $652,572, and net retirements / transfers
(after removal of cost and accumulated depreciation) of $91,804.
Debt Administration
As of April 30, 2015, the District has general obligation bond issues outstanding of $34,105,446.
The fund balance of the Debt Service Fund amounted to deficit of $110,044 as of April 30, 2015.
This large decrease was due to budgeted transfers out of $2,082,138 of excess fund balance to
the Capital Improvement fund for future capital projects.
The 2014 equalized assessed valuation is $2,094,601,368 stopping the last five years of
decreasing EAV. On July 18, 1991, the (EAV) Illinois General Assembly approved the Property
Tax Extension Limitation Act 87-17 (the Act). The Act limits the increase in property tax
extensions to 5% or the percent increase in the National Consumer Price Index (CPI), whichever
is less. The Act applied to the 1994 levy year for taxes payable in 1995 and all subsequent years.
Increases above 5% of the CPI must be approved by the voters in a referendum. The Act contains
significant limitations on the amount of property taxes that can be extended and on the ability of
such taxing districts to issue nonreferendum general obligation bonds.
Legislation has been introduced in the Illinois General Assembly which would amend the
Property Tax Extension Limitation Law in the Property Tax Code. It provides that “debt service
extension base” means, for park districts (i) that were first subject to this Law in 1991 or 1995
and (ii) whose extension for the 1994 levy year for the payment of principal and interest on
bonds issued by the park district without referendum (but not including excluded nonreferendum bonds) was less than 51% of the amount for the 1991 levy year constituting an
extension for payment of principal and interest on bonds issued by the park district without
referendum (but not including excluded non-referendum bonds), an amount equal to that portion
of the extension for the 1991 levy year constituting an extension for payment of principal and
interest on bonds issued by the park district without referendum (but not including excluded nonreferendum bonds).
-13-
Skokie Park District
Management’s Discussion and Analysis
April 30, 2015
It provides that “excluded non-referendum bonds” means (i) bonds authorized for certain
aquarium and museum projects, (ii) double-barreled bonds, and (iii) refunding obligations issued
to refund or to continue to refund obligations initially issued pursuant to referendum. This
legislation would address the unintended consequences of the property tax cap and authorize the
issuance of non-referendum bonds by park districts annually for critical capital improvements,
maintenance, and repairs.
Please refer to the special Note E (capital assets) and Note G (long-term debt activity starting on
page 34) for more detailed information.
Initiatives
The District has continued the improvement of the 43 parks and playgrounds in its system. These
improvements will include the upgrading of playgrounds and site amenities such as landscaping
and security lighting needs. The District has just finished the replacement of the pool gutters at
Skokie Water Playground, repairs/color coating to tennis and basketball courts throughout the
District and upgrades to the security cameras at Weber Leisure Center / Skatium and the
installation of a new security camera system at the Dammrich Rowing Center. Fiscal year 2016
major projects are the replacement of the playground equipment at McNally park, replacing the
floor, dressing rooms and theater seating at the Devonshire Cultural Center, replacement of two
of the three water slides at Skokie Water playground, replacement of the target greens at Skokie
Sports Park and hopefully begin work on the property soon to be leased from the Metropolitan
Water Reclamation District.
Factors Bearing on the District’s Future
At the time these financial statements were prepared and audited, the District was not aware of
any existing circumstances that would adversely affect its financial health in the near future.
Contacting the District’s Financial Management
This financial report is designed to provide a general overview of the District’s finances, comply
with finance related laws and regulations, and demonstrate the District’s commitment to public
accountability. If you have any questions about this report or would like to request additional
information, please contact William G. Schmidt, Superintendent of Business Services, Skokie
Park District, 9300 Weber Park Place, Skokie, IL 60077 wgschmidt@skokieparks.org.
-14-
BASIC FINANCIAL STATEMENTS
SKOKIE PARK DISTRICT, ILLINOIS
STATEMENT OF NET POSITION
April 30, 2015
Governmental
Activities
ASSETS
Current Assets
Cash and investments
Taxes receivable
Other receivables
Prepaid items
$
Total Current Assets
14,456,720
3,993,946
47,472
85,377
18,583,515
Noncurrent Assets
Capital assets not being depreciated:
Land and improvements
Construction in progress
Capital assets net of accumulated depreciation:
Buildings and improvements
Vehicles and equipment
5,815,638
17,414
27,870,564
1,158,642
Total Noncurrent Assets
34,862,258
TOTAL ASSETS
53,445,773
LIABILITIES
Current Liabilities
Accounts payable
Unearned revenue
Noncurrent liabilities expected to be paid within one year
903,743
1,452,837
4,796,080
Total Current Liabilities
7,152,660
Noncurrent Liabilities
Expected to be paid after one year
29,660,215
Total Noncurrent Liabilities
29,660,215
TOTAL LIABILITIES
36,812,875
DEFERRED INFLOWS
Property taxes levied for a future period
TOTAL DEFERRED INFLOWS
4,852,572
4,852,572
NET POSITION
Net investments in capital assets
Restricted for enabling legislation
Unrestricted
10,901,624
2,931,228
(2,052,526)
TOTAL NET POSITION
$
See Accompanying Notes to the Financial Statements.
-15-
11,780,326
SKOKIE PARK DISTRICT, ILLINOIS
STATEMENT OF ACTIVITIES
For the Year Ended April 30, 2015
Expenses:
Program
Revenues
Net (Expense) Revenue &
Changes in Net Position
Charges for
Services
Governmental
Activities
FUNCTIONS/PROGRAMS
General government
Recreation
Interest expense
TOTAL GOVERNMENTAL
ACTIVITIES
$
6,016,175 $
13,119,667
1,503,519
$
10,253,596
-
$
20,639,361 $
10,253,596
(6,016,175)
(2,866,071)
(1,503,519)
(10,385,765)
GENERAL REVENUES
Property tax
Replacement tax
Investment income
Other
10,371,764
374,727
48,789
403,419
TOTAL GENERAL REVENUES
11,198,699
CHANGE IN NET POSITION
812,934
NET POSITION
May 1, 2014
April 30, 2015
See Accompanying Notes to the Financial Statements.
-16-
10,967,392
$
11,780,326
SKOKIE PARK DISTRICT, ILLINOIS
BALANCE SHEET
GOVERNMENTAL FUNDS
April 30, 2015
MAJOR FUNDS
General
ASSETS
Cash and investments
Receivables, net of allowances
Property taxes
Personal property replacement taxes
Accrued interest
Other
Due from other funds
Prepaid items
TOTAL ASSETS
LIABILITIES
Accounts payable and accrued liabilities
Due to other funds
Unearned revenue
$
2,989,974
Debt
Service
Recreation
$
1,405,511
75,347
15,554
20,620
12,111
4,567,417
$
553,156
3
11,281
8,245
71,534
183,199
973,316
5
-
$
4,519,117
$
5,211,636
$
1,156,520
$
115,828
34,282
$
613,592
1,309,877
$
61,256
-
TOTAL LIABILITIES
150,110
1,923,469
61,256
1,740,518
684,964
1,205,308
TOTAL DEFERRED INFLOWS
1,740,518
684,964
1,205,308
FUND BALANCES (DEFICITS)
Nonspendable for prepaid items
Restricted - liability fund
Restricted - special revenue funds
Committed
Restricted for capital projects
Unassigned
12,111
41,607
461,804
2,112,967
71,534
2,531,669
-
(110,044)
TOTAL FUND BALANCES (DEFICITS)
2,628,489
2,603,203
(110,044)
DEFERRED INFLOWS
Property taxes levied for a future period
TOTAL LIABILITIES, DEFERRED INFLOWS
AND FUND BALANCES (DEFICITS)
$
See Accompanying Notes to the Financial Statements.
-17-
4,519,117
$
5,211,636
$
1,156,520
MAJOR FUND
Capital
Improvements
$
Total
Governmental
Funds
Nonmajor
Funds
6,127,316 $
588,814
-
986,616
6
3
1,732
$
14,456,720
3,918,599
75,347
15,568
31,904
8,245
85,377
$
6,127,316 $
1,577,171
$
18,591,760
$
73,368 $
-
39,699
8,245
108,678
$
903,743
8,245
1,452,837
73,368
156,622
2,364,825
-
1,221,782
4,852,572
-
1,221,782
4,852,572
$
6,053,948
-
1,732
283,336
(86,301)
85,377
41,607
2,815,005
461,804
6,053,948
1,916,622
6,053,948
198,767
11,374,363
6,127,316 $
1,577,171
$
18,591,760
-18-
SKOKIE PARK DISTRICT, ILLINOIS
RECONCILIATION OF THE BALANCE SHEET OF GOVERNMENTAL
FUNDS TO THE STATEMENT OF NET POSITION
Fiscal Year Ended April 30, 2015
Total fund balances - governmental funds
$
11,374,363
Amounts reported for governmental activities in the statement of net
position are different because:
Net capital assets used in governmental activities and included in the
statement of net position do not require the expenditure of financial
resources and, therefore, are not reported in the governmental funds
balance sheet.
34,862,258
Long-term liabilities included in the statement of net position are not due
and payable in the current period and, accordingly, are not included in the
governmental funds balance sheet. These amounts are comprised of the
following:
IMRF net pension obligation
$
Compensated absences
(60,042)
(71,080)
Other postemployment benefits payable
(219,727)
Bonds payable
(34,105,446)
Net Position of Government Activities
(34,456,295)
$
See Accompanying Notes to the Financial Statements.
-19-
11,780,326
SKOKIE PARK DISTRICT, ILLINOIS
STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES
GOVERNMENTAL FUNDS
Fiscal Year Ended April 30, 2015
MAJOR FUNDS
General
REVENUES
Property taxes
Personal property replacement taxes
Registration fees
Rentals, permits, and fees
Investment income
Other income
$
TOTAL REVENUES
EXPENDITURES
General government
Recreation
Pension fund contributions
Capital outlay
Debt service
Principal
Interest
Bond issuance costs
3,341,097
374,727
17,183
17,774
150,899
$
1,328,399
8,996,806
997,802
11,916
146,752
$
3,314,571
4,893
-
3,901,680
11,481,675
3,319,464
3,298,144
-
361,689
10,052,450
11,460
5,750
-
170,000
89,011
-
4,325,000
160,713
52,933
3,298,144
10,684,610
4,544,396
603,536
797,065
-
TOTAL EXPENDITURES
Debt
Service
Recreation
EXCESS (DEFICENCY) OF
REVENUES OVER EXPENDITURES BEFORE
OTHER FINANCING SOURCES (USES)
(1,224,932)
OTHER FINANCING SOURCES (USES)
Transfers in
Transfers out
Issuance of debt
Bond issue premium
Transfer to refunded bond escrow
(1,599,800)
-
99,000
(2,500,000)
-
(2,082,138)
2,265,000
87,656
(2,298,222)
TOTAL OTHER FINANCING SOURCES (USES)
(1,599,800)
(2,401,000)
(2,027,704)
(996,264)
(1,603,935)
(3,252,636)
4,207,138
3,142,592
NET CHANGE IN FUND BALANCES (DEFICITS)
FUND BALANCE May 1, 2014
FUND BALANCE (DEFICIT) April 30, 2015
3,624,753
$
2,628,489
See Accompanying Notes to the Financial Statements.
-20-
$
2,603,203
$
(110,044)
MAJOR FUND
Capital
Improvements
$
13,098
16,084
Nonmajor
Funds
$
2,387,697
224,246
17,559
1,108
2,028
$
10,371,764
374,727
9,221,052
1,032,544
48,789
315,763
29,182
2,632,638
21,364,639
48,440
637,728
1,111,774
942,629
766,838
15,017
4,825,797
10,995,079
766,838
664,205
-
-
686,168
22,049,576
(203,620)
6,082,138
-
800
-
6,082,138
800
5,425,152
(684,937)
6,181,938
(6,181,938)
2,265,000
87,656
(2,298,222)
54,434
(202,820)
628,796
6,053,948
4,495,000
249,724
52,933
2,836,258
(656,986)
$
Total
Governmental
Funds
(630,503)
401,587
$
198,767
12,004,866
$
11,374,363
-21-
SKOKIE PARK DISTRICT, ILLINOIS
RECONCILIATION OF THE STATEMENT OF REVENUES, EXPENDITURES,
AND CHANGES IN FUND BALANCES OF GOVERNMENTAL FUNDS
TO THE STATEMENT OF ACTIVITIES
Fiscal Year Ended April 30, 2015
Net Change in Fund Balances - Total Government Funds
$
(630,503)
Amounts reported for governmental activities in the statement of activities are
different because:
Governmental funds report capital outlays as expenditures. However, in the
statement of activities, the cost of those assets is allocated over their estimated
useful lives and reported as depreciation expense. This is the amount by which
depreciation and gain on disposal of capital assets exceed capital outlays.
(1,756,577)
Net increase in compensated absences
(10,309)
Net increase in other postemployment benefits payable
(44,754)
Net increase in IMRF pension obligation
(1,128)
Debt service - issuance of refunding bonds not included in the government-wide
financial statements
(2,265,000)
Debt service - principal payments not included in the government-wide financial
statements.
6,775,000
Increase in capital appreciation accrued interest debt
(1,253,795)
Change in Net Position of Government Activities (statement of activities)
See Accompanying Notes to the Financial Statements.
-22-
$
812,934
NOTES TO THE FINANCIAL STATEMENTS
SKOKIE PARK DISTRICT, ILLINOIS
INDEX FOR THE NOTES TO THE FINANCIAL STATEMENTS
April 30, 2015
Page(s)
A. Summary of Significant Accounting Policies
1. Reporting Entity
2. Government-wide and Fund Financial Statements
3. Fund Accounting
4. Measurement Focus, Basis of Accounting, and Financial Statement Presentation
5. Deferred Outflows / Deferred Inflows
6. Investments
7. Receivables
8. Capital Assets
9. Vacation and Sick Leave
10. Long-Term Obligations
11. Prepaid Items
12. Fund Balance
13. Use of Estimates
B. Reconciliation of Government-wide and Fund Financial Statements
1. Explanation of certain differences between the governmental funds statement of revenues,
expenditures, and changes in fund balances and the government-wide statement of activities
C. Deposits and Investments
24
25
25
26 - 27
27
28
28
28 - 29
29
29
29
30
31
31
31 - 32
D. Property Taxes
33
E. Capital Assets
1. Governmental Activities
2. Depreciation Expense
34
35
F. Interfund Transactions
35
G. Long-term Debt
36 - 40
H. Joint Organization
41
I. Park District Risk Management Agency
42 - 45
J. Other Postemployment Benefits
45 - 47
K. Illinois Municipal Retirement Fund
48 - 49
L. Restrictions for Enabling Legislation
50
M. Commitments
50
N. Subsequent Event
50
-23-
SKOKIE PARK DISTRICT, ILLINOIS
NOTES TO THE FINANCIAL STATEMENTS
April 30, 2015
NOTE A - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The Skokie Park District (District) was incorporated on February 3, 1928, under the provisions of the Illinois state
statutes. The District operates under a Board-Manager form of government and provides services which include:
preservation of open space; programming, recreation activities; and operating recreational facilities, which include
outdoor swimming, tennis, playgrounds, a golf course, a rowing center, indoor ice skating, and a sports park that
includes mini golf, batting cages, and a driving range.
The financial statements of the District have been prepared in conformity with accounting principles generally
accepted in the United States of America as applied to governmental units (hereinafter referred to as generally
accepted accounting principles (GAAP). The Governmental Accounting Standards Board (GASB) is the accepted
standard-setting body for establishing governmental accounting and financial reporting principles.
The more significant of the District's accounting policies are described below.
1.
Reporting Entity
The District is governed by an elected Board consisting of five commissioners.
In evaluating how to define the District for financial reporting purposes, management has considered all potential
component units. The financial reporting entity is defined as the primary government and those component units
for which the primary government is financially accountable. Financial accountability is defined as appointment
of a voting majority of the component unit's board and either a) the ability to impose will by the primary
government or b) the possibility that the component unit will provide a financial benefit to or impose a financial
burden on the primary government.
The District has determined that no outside agency meets the above criteria; therefore, no other agency has been
included as a component unit in the District's financial statements.
The District participates in a joint venture, the Maine-Niles Association of Special Recreation (MNASR) (Note
H) and a risk pool, the Park District Risk Management Agency (PDRMA) (Note I). Although the District has
board representation on both of these legally separate organizations, the District is not financially accountable, as
defined, for MNASR or PDRMA. Therefore, the District does not include the financial activities of MNASR or
PDRMA as a part of its reporting entity. The District supports MNASR through an annual contribution by the
Special Recreation Fund, a special revenue fund. The contribution for the fiscal year ended April 30, 2015 was
$365,690. The District supports PDRMA through monthly contributions by the General Fund. The total
contribution for the fiscal year ended April 30, 2015 was $302,624.
-24-
SKOKIE PARK DISTRICT, ILLINOIS
NOTES TO THE FINANCIAL STATEMENTS
April 30, 2015
NOTE A - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
2.
Government-wide and Fund Financial Statements
The government-wide financial statements (i.e., the statement of net position and the statement of activities)
report information on all of the nonfiduciary activities of the District. The effect of material interfund activity
has been eliminated from these statements. Governmental activities, which normally are supported by taxes and
intergovernmental revenues, are reported separately from business-type activities, which rely to a significant
extent on fees and charges for support. The District currently only maintains governmental activities within its
funds.
The statement of activities demonstrates the degree to which the direct expenses of a given function or segment
are offset by program revenues. Direct expenses are those that are clearly identifiable with a specific function or
segment. Program revenues include a) charges to customers or applicants who purchase, use, or directly benefit
from goods, services, or privileges provided by a given function or segment and b) grants and contributions that
are restricted to meeting the operational or capital requirements of a particular function or segment. Taxes and
other items not properly included among program revenues are reported instead as general revenues.
Separate financial statements are provided for governmental fund. Major individual government funds are
reported as separate columns in the fund financial statements.
3.
Fund Accounting
The District uses funds to report on its financial position and the results of its operations. A fund is a separate
accounting entity with a self-balancing set of accounts. Fund accounting is designed to demonstrate legal
compliance and to aid financial management by segregating transactions related to certain government functions
or activities.
All of the District's funds are categorized as governmental funds.
Governmental funds are used to account for all or most of the District's general activities, including the collection
and disbursement of earmarked monies (special revenue funds), the acquisition or construction of capital assets
(capital projects funds), and the servicing of general long-term debt (debt service funds). The general fund is
used to account for all activities of the District not accounted for in some other fund.
-25-
SKOKIE PARK DISTRICT, ILLINOIS
NOTES TO THE FINANCIAL STATEMENTS
April 30, 2015
NOTE A - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
4.
Measurement Focus, Basis of Accounting, and Financial Statement Presentation
The government-wide financial statements are reported using the economic resources measurement focus and the
accrual basis of accounting. Revenues are recorded when earned and expenses are recorded when a liability is
incurred, regardless of the timing of the related cash flows.
Property taxes are recognized as revenues in the year for which they are levied, that is, intended to finance.
Grants and similar items are recognized as revenue as soon as all eligibility requirements imposed by the provider
have been met.
Governmental fund financial statements are reported using the current financial resources measurement focus and
the modified accrual basis of accounting. Revenues are recognized as soon as they are both measurable and
available. Revenues are considered to be available when they are collected within the current period or soon
enough thereafter to pay liabilities of the current period. For this purpose, the District considers all revenues
except property taxes to be available if they are collected within 180 days of the end of the current fiscal period.
Property taxes are considered available if they are collected within 60 days of the end of the current fiscal period.
Expenditures generally are recorded when a liability is incurred, as under accrual accounting. However, debt
service expenditures, as well as expenditures related to compensated absences and claims and judgments, are
recorded only when payment is due.
Property taxes, replacement tax, permits, charges for services, and interest associated with the current fiscal
period are all considered to be susceptible to accrual and are recognized as revenues of the current fiscal period.
The District reports the following major governmental funds:
The General Fund includes the Corporate Fund Account and the Liability Insurance Fund Account. The
Corporate Fund is used to account for all financial resources except those required to be accounted for in
another fund. The Liability Insurance Fund Account is used to account for revenues derived from a specific
annual property tax levy and expenditures of these monies for risk management activities, workers'
compensation, and liability insurance for the District.
The Recreation Fund is used to account for the receipt and disbursement of a specific annual property tax
levy and user fees from various programs and activities offered by the District.
The Debt Service Fund is used to account for the payment of principal and interest on the District's general
obligation bonds. The principal source of revenue is property taxes.
-26-
SKOKIE PARK DISTRICT, ILLINOIS
NOTES TO THE FINANCIAL STATEMENTS
April 30, 2015
NOTE A - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
4.
Measurement Focus, Basis of Accounting, and Financial Statement Presentation (Continued)
The Capital Projects Fund includes the Building Improvements Account and the Vehicle/Machinery
Replacement Account. The Capital Projects Fund is used to account for the receipt of bond sales, fund
balance transfers, sale of surplus equipment, and grant money to fund the disbursements of vehicles,
equipment, and building and land improvements throughout the District.
As a general rule, the effect of interfund activity has been eliminated from the government-wide financial
statements.
Amounts reported as program revenues include 1) charges to customers for goods, services, or privileges
provided, 2) operating grants and contributions, and 3) capital grants and contributions. All taxes are reported
as general revenues.
The District reports unearned and unavailable revenue on its financial statements. Unearned and unavailable
revenue arises when a potential revenue does not meet both the "measurable" and "available" criteria for
recognition in the current period. In subsequent periods, when both revenue recognition criteria are met, or when
the District has a legal claim to the resources, the liability or deferred inflow of resources for unearned or
unavailable revenue is removed from the balance sheet and revenue is recognized. Governmental Funds also
defer revenue recognition in connection with resources received , but not yet earned.
5.
Deferred Outflows / Deferred Inflows
In addition to assets, the statement of net position and the governmental funds balance sheet may report deferred
outflows of resources. Deferred outflows of resources represent a consumption of net position / fund balance
that applies to a future period(s). At April 30, 2015, the District has no deferred outflows of resources. In
addition to liabilities, the District may report deferred inflows of resources. Deferred inflows of resources
represent the acquisition of resources that is applicable to a future reporting period(s). At April 30, 2015, the
District's property taxes levied for a future period are reported as deferred inflows of resources.
-27-
SKOKIE PARK DISTRICT, ILLINOIS
NOTES TO THE FINANCIAL STATEMENTS
April 30, 2015
NOTE A - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
6.
Investments
Investments with a maturity at the time of purchase of more than one year are reported at fair value. Investments
with a maturity at the time of purchase of less than one year are reported at cost or amortized cost, which
approximates fair value, determined based on quoted market prices.
Interest income earned on the pooled cash and investments is allocated to each participating fund based on each
fund's cash and investment balance in relation to the total pooled amount.
7.
Receivables
The recognition of receivables associated with nonexchange transactions is as follows:
- Government mandates or voluntary nonexchange transaction receivables (such as: mandates or grants) are
recognized when all legal requirements have been met.
- Derived tax revenues (such as: sales tax or income tax) are based on an underlying exchange transaction and
are recognized at the time the underlying transaction occurs.
- Imposed nonexchange revenues (such as: fines or property taxes) are recognized as soon as the District has
obtained an enforceable legal claim, provided that the claim is not established prior to the period the revenues
are intended to finance.
8.
Capital Assets
Capital assets, which include property, buildings and improvements, and vehicles and equipment, are reported in
the applicable governmental activities columns in the government-wide financial statements. Capital assets are
defined as having a useful life greater than one year with an initial, individual cost of more than $5,000. Such
assets are recorded at historical cost or estimated historical cost if purchased or constructed. Donated capital
assets are recorded at estimated fair market value at the date of donation.
The costs of normal maintenance and repairs that do not add to the value of the assets or materially extend asset
lives are not capitalized. Improvements are capitalized and depreciated over the remaining useful lives of the
related capital assets, as applicable.
-28-
SKOKIE PARK DISTRICT, ILLINOIS
NOTES TO THE FINANCIAL STATEMENTS
April 30, 2015
NOTE A - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
8.
Capital Assets (Continued)
Capital assets are depreciated using the straight-line method over the following useful lives:
2 - 40 years
2 - 20 years
Buildings and improvements
Vehicles and equipment
9.
Vacation and Sick Leave
In the event of termination, an employee is reimbursed for vacation days; however, vacation days earned in one
fiscal year must be taken by the end of that fiscal year unless approved by the Director. Employees are not
reimbursed for unused sick days. Vacation is recorded in governmental funds when due (upon employee
retirement or termination).
10. Long-Term Obligations
In the government-wide financial statements, long-term debt and other long-term obligations are reported as
liabilities in the applicable governmental activities statement of net position. Bond premiums and discounts are
deferred (if material) and amortized over the life of the bonds using the effective interest method. Bonds payable
are reported net of the applicable bond premium or discount.
In the fund financial statements, governmental fund-types recognize bond premiums and discounts, as well as
bond issuance cost, during the current period. The face amount of the debt issued is reported as other financing
sources. Premiums received on debt issuances are reported as other financing sources, while discounts on debt
issuances are reported as other financing uses. Issuance costs, whether or not withheld from the actual debt
proceeds received, are reported as debt service expenditures.
11. Prepaid Items
In the fund financial statements, governmental fund-types recognize prepaid items (expenses). These are expenses
paid in the current year that match up to revenues of the following fiscal year. These are accounted for using the
consumption method.
-29-
SKOKIE PARK DISTRICT, ILLINOIS
NOTES TO THE FINANCIAL STATEMENTS
April 30, 2015
NOTE A - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
12. Fund Balance
In the fund financial statements, governmental funds report five components of fund balance: nonspendable,
restricted, committed, assigned, and unassigned.
a. Nonspendable - includes amounts that cannot be spent because they are either not in spendable form or
legally or contractually required to be maintained intact. The nonspendable in form criteria includes items
that are not expected to be converted to cash such as prepaid items.
b. Restricted - refers to amounts that are subject to outside restrictions such as creditors, grantors, contributors,
laws and regulations of other governments, or imposed by law through enabling legislation. Special revenue
funds are by definition restricted for those specified purposes.
c. Committed - refers to amounts that can only be used for specific purposes pursuant to constraints imposed by
formal action of the District's highest level of decision making authority (the Board of Commissioners). The
Board of Commissioners commits fund balances by passing a resolution. Amounts committed cannot be used
for any purpose unless the District removes or changes the specific use by taking the same type of formal
action it employed to previously commit those funds.
d. Assigned - refers to amounts that are constrained by the District's intent to be used for a specific purpose, but
are neither restricted or committed. Intent may be expressed by the Superintendent of Business Services. The
District has no assigned fund balances at April 30, 2015.
e. Unassigned - refers to all spendable amounts not contained in the other four classifications described above.
In funds other than the general fund, the unassigned classification is used only to report a deficit balance
resulting from overspending for specific purposes for which amounts had been restricted, committed, or
assigned.
Unless specifically identified, expenditures act to reduce restricted balances first, then committed balances, next
assigned balances, and finally they act to reduce unassigned balances. Expenditures for a specifically identified
purpose will act to reduce the specific classification of fund balance that is identified.
The committed fund balance is a limitation imposed by the Board of Commissioners via a resolution issued in a
prior year. The District has a committed fund balance of $461,804 at April 30, 2015 representing the remaining
fund balance in the former working cash fund that was transferred into the corporate fund. The committed fund
balance can only become uncommitted by a vote of the Board of Commissioners. There are currently no plans for
the use of the committed fund balance.
-30-
SKOKIE PARK DISTRICT, ILLINOIS
NOTES TO THE FINANCIAL STATEMENTS
April 30, 2015
NOTE A - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
13. Use of Estimates
In preparing financial statements, management is required to make estimates and assumptions that affect the
reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the
financial statements, and the reported amounts of revenues and expenses / expenditures during the reporting
period. Actual results could differ from those estimates.
NOTE B - RECONCILIATION OF GOVERNMENT-WIDE AND FUND FINANCIAL STATEMENTS
Explanation of certain differences between the governmental funds statement of revenues, expenditures,
and changes in fund balances and the government-wide statement of activities
One element of that reconciliation explains that "Governmental funds report capital outlays as expenditures.
However, in the statement of activities, the cost of those assets is allocated over their estimated useful lives and
reported as depreciation expense." The details of this difference are as follows:
Capital outlay
Depreciation expense
Proceeds received for sale of capital assets
Gain on disposal
$
578,182
(2,334,759)
(23,100)
23,100
Net adjustment
$
(1,756,577)
NOTE C - DEPOSITS AND INVESTMENTS
For disclosure purposes, deposits and investments are segregated into three components: 1) deposits with financial
institutions, which include checking, savings, and certificates of deposits, 2) investments and 3) cash on hand as
follows:
Total
Deposits with financial institutions
Investments
Cash on hand
-31-
$
13,174,098
1,276,942
5,680
$
14,456,720
SKOKIE PARK DISTRICT, ILLINOIS
NOTES TO THE FINANCIAL STATEMENTS
April 30, 2015
NOTE C - DEPOSITS AND INVESTMENTS (Continued)
As of April 30, 2015, the District had the following investments and maturities:
Investment Type
Municipal Bonds
Fair Value
$
1,276,942 $
Maturity
(In Years)
Less than 1
1,276,942
Interest Rate Risk. The District's investment policy does not limit investment maturities as a means of managing its
exposure to fair value losses arising from increasing interest rates. The objective is to maintain a core portfolio with
maturities in the one to three-year range.
Credit Risk. The District's investment policy is in line with State Statutes. The investments that the District may
purchase are limited by Illinois law to the following: (1) securities that are fully guaranteed by the U.S. government as
to principal and interest; (2) certain U.S. government agency securities; (3) interest-bearing savings accounts, interestbearing certificates of deposit or time deposits or any other investments constituting direct obligations of any bank as
defined by the Illinois Banking Act; (4) short-term discount obligations of corporations organized in the United States
with assets exceeding $500,000,000; (5) interest-bearing bonds of any county, township, city, village, incorporated
town, municipal corporation or school district; (6) fully collateralized repurchase agreements; (7) the State
Treasurer's Illinois and Prime Funds; and (8) money market mutual funds and certain other instruments.
The District's municipal bond investments are rated AA, AA+, and AA-, all considered high grade by Standards and
Poor's.
Custodial Credit Risk. For an investment, custodial credit risk is the risk that, in the event of the failure of the
counterparty, the District will not be able to recover the value of its investments or collateral securities that are in the
possession of an outside party. It is the District's policy to have all deposits fully insured or collateralized.
Concentration of Credit Risk. It is the policy of the District to diversify its investment portfolio. Investments shall
be diversified to mitigate the risk of loss resulting in over concentration in a security, maturity, issuer, or class of
securities.
-32-
SKOKIE PARK DISTRICT, ILLINOIS
NOTES TO THE FINANCIAL STATEMENTS
April 30, 2015
NOTE D - PROPERTY TAXES
Property tax revenues are recognized in the accounting period when the revenue is available to finance current
operations.
The County Assessor is responsible for assessment of all taxable real property within Cook County (County), except
for certain railroad property which is assessed directly by the state of Illinois. One-third of the County is reassessed
each year on a repeating triennial schedule.
The County Clerk computes the annual tax for each parcel of real property and prepares tax books used by the
County Treasurer, who remits to the units their respective shares of the collections. Taxes levied in one year become
due and payable in two installments on March 1 and approximately September 1 during the following year. The first
installment is an estimated bill and is fifty-five percent of the prior year's tax bill. The second installment is based on
the current levy, assessment, and equalization, and any changes from the prior year will be reflected in the second
installment. Taxes must be levied by the last Tuesday in December for the levy year. The levy becomes an
enforceable lien against the property as of January 1 of the levy year.
Based upon collection histories, the District has provided no allowance for uncollectible property taxes at April 30,
2015.
-33-
SKOKIE PARK DISTRICT, ILLINOIS
NOTES TO THE FINANCIAL STATEMENTS
April 30, 2015
NOTE E - CAPITAL ASSETS
Capital asset activity for the year ended April 30, 2015 was as follows:
1. Governmental Activities
Beginning
Balance
Capital assets not being depreciated:
Land and improvements
$
Construction in progress
Total capital assets not being
depreciated
5,815,638
91,804
Increases /
Transfers
$
17,414
Decreases /
Transfers
$
91,804
Ending
Balance
$
5,815,638
17,414
5,907,442
17,414
91,804
5,833,052
60,077,225
7,551,482
262,901
389,671
79,397
60,340,126
7,861,756
67,628,707
652,572
79,397
68,201,882
Less accumulated depreciation for:
Buildings and improvements
Vehicles and equipment
30,641,530
6,275,784
1,828,032
506,727
79,397
32,469,562
6,703,114
Total accumulated depreciation
36,917,314
2,334,759
79,397
39,172,676
Total capital assets being
depreciated, net
30,711,393
(1,682,187)
-
29,029,206
Capital assets being depreciated:
Buildings and improvements
Vehicles and equipment
Total capital assets being
depreciated
Governmental activities
capital assets, net
$
36,618,835
$
(1,664,773)
-34-
$
91,804
$
34,862,258
SKOKIE PARK DISTRICT, ILLINOIS
NOTES TO THE FINANCIAL STATEMENTS
April 30, 2015
NOTE E - CAPITAL ASSETS (Continued)
2. Depreciation Expense
Depreciation expense was charged to functions/programs of the District as follows:
Government activities
General government
Recreation
$
210,171
2,124,588
Total depreciation expense - government activities
$
2,334,759
NOTE F - INTERFUND TRANSACTIONS
The outstanding balances between funds result mainly from the time lag between the dates that (1) interfund goods
and services are provided or reimbursable expenditures occur, (2) transactions are recorded in the accounting system,
and (3) payments between funds are made. At April 30, 2015, the District has $8,245 due to the Recreation Fund
from the IMRF Fund as a result of a cash overdraft in the IMRF Fund. Amounts are expected to be paid within one
year and are classified as short-term.
The following transfers were made during fiscal year 2015:
- The District transferred $99,800 from the General Fund to the Recreation and Museum Fund. The amount
transferred represents amounts collected by the General Fund for recreational purposes.
- The District transferred $1,500,000 from the General Fund and $2,500,000 from the Recreation Fund to the
Capital Projects Fund for future capital projects.
- The District transferred $2,082,138 from the Debt Service Fund to the Capital Projects Fund for future capital
projects.
-35-
SKOKIE PARK DISTRICT, ILLINOIS
NOTES TO THE FINANCIAL STATEMENTS
April 30, 2015
NOTE G - LONG-TERM DEBT
Changes in Long-Term Liabilities
Long-term liability activity for the year ended April 30, 2015 was as follows:
Beginning
Balance
Governmental activities
General obligation
bonds payable
$ 37,361,651
Compensated
absences
60,771
IMRF pension
obligation
58,914
Other postemployment
benefit
174,973
$ 37,656,309
Increases
$
$
Due
Within
One Year
Ending
Balance
Decreases
3,518,795
$ 6,775,000
$ 34,105,446
71,080
60,771
71,080
71,080
1,128
-
60,042
-
44,754
-
219,727
-
3,635,757
$ 6,835,771
$ 34,456,295
$
$
4,725,000
4,796,080
The General Fund is used to liquidate other long-term liabilities including the compensated absences, IMRF
pension obligations, and other postemployment benefits.
The following is a summary of long-term debt transactions for the year ended April 30, 2015:
Liability at May 1, 2014
$ 37,656,309
Capital appreciation bonds - accretion
1,253,795
Issuance of general obligation bonds
2,265,000
Net increase in compensated absences
10,309
Increase in IMRF net pension obligation
1,128
Increase in net other postemployment benefit obligation
44,754
Principal payments on general obligation bonds
(6,775,000)
Liability at April 30, 2015
$ 34,456,295
Due within one year
$
-36-
4,796,080
SKOKIE PARK DISTRICT, ILLINOIS
NOTES TO THE FINANCIAL STATEMENTS
April 30, 2015
NOTE G - LONG-TERM DEBT (Continued)
The District's outstanding bonds are comprised of the following components at April 30, 2015:
Face
Amount
Carrying
Amount
$3,513,983 - March 1, 1999 General Obligation (Capital
Appreciation) Park Bonds, Series 1999 due in installments of
$1,047,673, $991,000, $936,491, and $538,819 on December 1, 2015
through December 1, 2018, respectively; interest at 4.75% to 4.88% is
accreted for each issue and paid with its respective principal payment.
The accreted interest outstanding as of April 30, 2015 was
$3,915,070; funded by debt service property tax levies.
$
3,513,983
$1,986,972 - May 15, 2001 General Obligation (Capital
Appreciation) Park Bonds, Series 2001-B due in installments of
$353,167, $842,927, and $790,878 on December 1, 2018 through
December 1, 2020, respectively; interest at 5.45% to 5.55% is
accreted for each issue and paid with its respective principal payment.
The accreted interest outstanding as of April 30, 2015 was $2,152,472
funded by debt service property tax levies.
1,986,972
4,139,444
1,892,141
3,241,344
1,889,450
2,952,353
$1,892,141 - May 1, 2003 General Obligation (Capital Appreciation)
Park Bonds, Series 2003B due in installments of $972,555 and
$919,586 on December 1, 2021 and December 1, 2022, respectively;
interest at 4.70% to 4.75% is accreted for each issue and paid with its
respective principal payment. The accreted interest outstanding as of
April 30, 2015 was $1,349,203; funded by debt service property tax
levies.
$1,889,450 - April 19, 2005 General Obligation (Capital
Appreciation) Park Bonds, Series 2005B due in installments of
$971,175 and $918,275 on December 1, 2023 and December 1, 2024,
respectively; interest at 4.70% to 4.75% is accreted for each issue and
paid with its respective principal payment. The accreted interest
outstanding as of April 30, 2015 was $1,062,903 funded by debt
service property tax levies.
-37-
$
7,429,053
SKOKIE PARK DISTRICT, ILLINOIS
NOTES TO THE FINANCIAL STATEMENTS
April 30, 2015
NOTE G - LONG-TERM DEBT (Continued)
Face
Amount
Carrying
Amount
$2,064,273 - April 27, 2007 General Obligation (Capital
Appreciation) Park Bonds, Series 2007B due in installments of
$1,053,837 and $1,010,436 on December 1, 2025 and December 1,
2026, respectively; interest at 4.25% is accreted for each issue and
paid with its respective principal payment. The accreted interest
outstanding as of April 30, 2015 was $772,432; funded by debt
service property tax levies.
$
2,064,273 $
2,836,705
$1,846,348 - June 16, 2009 General Obligation (Capital Appreciation)
Park Bonds, Series 2009D due in installments of $949,670 and
$896,678 on December 1, 2027 and December 1, 2028, respectively;
interest at 4.85% and 4.90% is accreted for each issue and paid with
its respective principal payment. The accreted interest outstanding as
of April 30, 2015 was $555,110; funded by debt service property tax
levies.
1,846,348
2,401,458
$2,490,000 - May 12, 2011 General Obligation Alternate Revenue
Source Bonds, Series 2011A, due in installments of $170,000 on
December 1, 2015 through $250,000 on December 1, 2026 at interest
rates that start at 2.00% up to 4.30% that are due on June 1 and
December 1 of each year; funded by debt service property tax levies.
2,490,000
2,490,000
$1,762,467 - June 14, 2011 General Obligation (Capital Appreciation)
Park Bonds, Series 2011D due in installments of $907,603 and
$854,864 on December 1, 2029 and December 1, 2030, respectively;
interest at 5.10% and 5.15% is accreted for each issue and paid with
its respective principal payment. The accreted interest outstanding as
of April 30, 2015 was $337,622; funded by debt service property tax
levies.
1,762,467
2,100,089
$2,000,000 - May 16, 2013 General Obligation (Alternate Revenue
Source Bonds), Series 2013B due in one installment of $2,000,000 on
December 1, 2031 at 3.50%. Interest is due on June 1 and December 1
of each year; funded by debt service property tax levies.
2,000,000
2,000,000
-38-
SKOKIE PARK DISTRICT, ILLINOIS
NOTES TO THE FINANCIAL STATEMENTS
April 30, 2015
NOTE G - LONG-TERM DEBT (Continued)
Face
Amount
$2,250,000 - April 17, 2014 General Obligation (Limited Tax
Refunding Bonds), Series 2014A due in one installment of $2,250,000
on December 1, 2015 at 3.00%. Interest is due on June 1 and
December 1 of each year; funded by debt service property tax levies. $
2,250,000
$2,265,000 - April 9, 2015 General Obligation (Limited Tax
Refunding Bonds), Series 2015A due in one installment of $2,265,000
on December 1, 2016 at 3.00%. Interest is due on June 1 and
December 1 of each year; funded by debt service property tax levies.
2,265,000
$
23,960,634
Carrying
Amount
$
2,250,000
2,265,000
$
34,105,446
The annual requirements to amortize all general obligation bonds outstanding as of April 30, 2015, including interest
payments of $23,866,523, are presented below:
Year ending
April 30,
2016
2017
2018
2019
2020
2021-2025
2026-2030
2031-2032
Principal
Interest
$
3,472,673
3,436,000
1,121,491
1,081,986
1,037,927
5,647,469
5,308,224
2,854,864
$
1,520,629
1,530,024
1,512,084
1,551,502
1,594,861
7,509,301
7,062,986
1,585,136
$
23,960,634
$
23,866,523
-39-
SKOKIE PARK DISTRICT, ILLINOIS
NOTES TO THE FINANCIAL STATEMENTS
April 30, 2015
NOTE G - LONG-TERM DEBT (Continued)
Advanced Refunding of Debts
On April 17, 2014, the District issued $2,250,000 of general obligation limited tax refunding bonds. The proceeds of
the bonds were used to repay the following debt service requirements: Series 1994-B - principal of $1,630,000, due
on December 1, 2014, and 2004-A principal of $650,000 and interest of $11,050 due on December 1, 2014.
Proceeds of the bonds were used to establish an irrevocable escrow account. Funds in the escrow account were
invested in special direct obligations of the United States Treasury or other obligations of the United States
government or its agencies. The escrow securities and their earnings are structured to pay the principal and interest
on the refunded bonds, at which time the escrow payment will pay the principal of the refunded bonds at a price of
par plus accrued interest. Since the Series 1994-B bonds have been placed in an irrevocable trust, the bonds are
considered defeased (and therefore not included on the entity wide statements) for these financial statements.
On April 9, 2015, the District issued $2,265,000 of general obligation limited tax refunding bonds. The proceeds of
the bonds will be used to repay the following debt service requirements: Series 1999 CABS - principal of
$2,300,000, due on December 1, 2015. Proceeds of the bonds are to be used to establish an irrevocable escrow
account. Funds in the escrow account are to be invested in special direct obligations of the United States Treasury or
other obligations of the United States government or its agencies. The escrow securities and their earnings are to be
structured to pay the principal and interest on the refunded bonds, at which time the escrow payment will pay the
principal of the refunded bonds at a price of par plus accrued interest. Since the portion of the Series 1999 CABS
bonds have been placed in an irrevocable trust, the bonds are considered defeased (and therefore not included on the
entity wide statements) for these financial statements.
The refunding for those issues did not result in a difference between the reacquisition price and the net carrying
amount of the old debt. The economic loss (excess of the present value of the debt service requirements of the new
debt over that of the refunded debt) was $76,740.
-40-
SKOKIE PARK DISTRICT, ILLINOIS
NOTES TO THE FINANCIAL STATEMENTS
April 30, 2015
NOTE H - JOINT ORGANIZATION
The District is a member of the Maine-Niles Association of Special Recreation (Association) which was organized by
seven park districts in order to provide special recreation programs to the physically and mentally handicapped within
their districts and to share the expenses of such programs on a cooperative basis. Each member park district's
contribution was determined based upon the ratio of the members' assessed valuation and the amounts were as
follows at December 31, 2014 (Association's year end):
Member
Contributions
for Calendar
Year 2014
Park Districts
Skokie
Des Plaines
Park Ridge
Niles
Morton Grove
Lincolnwood
Golf-Maine
$
361,345
272,511
247,312
165,529
123,729
99,644
39,523
$
1,309,593
The Association's Board of Directors consists of one representative from each participating park district. The Board
of Directors is the governing body of the Association and is responsible for establishing all major policies and
changes therein and for approving all budgets, capital outlay, programming, and master plans. The Association,
however, is considered a separate reporting entity by the District's administration. The District is not financially
accountable for the Association and, accordingly, the Association is not a component unit of the District and has not
been included in the accompanying general-purpose financial statements. Separate financial statements for the
Association may be obtained by writing to the Maine-Niles Association of Special Recreation, 6820 W. Dempster
Street, Morton Grove, Illinois 60053.
-41-
SKOKIE PARK DISTRICT, ILLINOIS
NOTES TO THE FINANCIAL STATEMENTS
April 30, 2015
NOTE I - PARK DISTRICT RISK MANAGEMENT AGENCY
The District is exposed to various risks related to torts; theft of, damage to, and destruction of assets; errors and
omissions; injuries to employees; and net income / losses. Since 1984, the District has been a member of the Park
District Risk Management Agency (PDRMA) Property/Casualty Program, a joint risk management pool of park and
forest preserve districts, and special recreation associations through which property, general liability, automobile
liability, crime, boiler and machinery, public officials, employment practices liability, and workers' compensation
coverage is provided in excess of specified limits for the members, acting as a single insurable unit. The following
table is a summary of the property/casualty coverage in effect for the period January 1, 2014 to January 1, 2015.
Coverage
1. Property
Property/Bldg/Contents
All losses/occurrence
Flood/except Zones A&V
Member
Deductible
PDRMA
Self-insured
Retention
$1,000
$1,000
$1,000,000
$1,000,000
Flood, Zones A&V
$1,000
$1,000,000
Earthquake Shock
$1,000
$100,000
Auto physical damage
Comprehensive and
Collision
$1,000
$1,000,000
Course of Construction
$1,000
Included
Business interruption, Rental
Income, Tax Income
Combined
Service interruption
Boiler and machinery
Property damage
Business Income
$1,000
N/A
24 hours
N/A
$1,000
48 Hours
$9,000
N/A
-42-
Limits
$1,000,000,000
per occurrence
$250,000,000
per occurrence
$200,000,000
per occurrence
$100,000,000
per occurrence
Insurance
Company
PDRMA
Reinsurers:
Multiple
Included
$25,000,000
100,000,000/
reported values
$500,000/$2,500,000
non-reported values
PDRMA
Reinsurers:
Multiple
$25,000,000
$100,000,000
equipment breakdown
included
included
Travelers
Indemnity Co.
(Continued)
SKOKIE PARK DISTRICT, ILLINOIS
NOTES TO THE FINANCIAL STATEMENTS
April 30, 2015
NOTE I - PARK DISTRICT RISK MANAGEMENT AGENCY (Continued)
Coverage
1. Property (Continued)
Fidelity/Crime/Surety
Seasonal employees
Blanket bond
2. Workers' Compensation
Employers' Liability
3. Liability:
General, Auto, Public
Officials, Employment
Practices, Law
Enforcement
Uninsured/underinsured
motorists
4. Pollution Liability:
Liability - third party
Property - first party
Scheduled locations only
5. Outbreak Expense:
Member
Deductible
PDRMA
Self-insured
Retention
Limits
Insurance
Company
$1,000
$1,000
$1,000
$24,000
$9,000
$24,000
$2,000,000
$1,000,000
$2,000,000
n/a
$500,000
$500,000
Statutory
$3,500,000
employers liability
None
$500,000
$21,500,000
per occurrence
PDRMA
Reinsurers:
Multiple
$1,000,000
per occurrence
Government
Entities Mutual
Safety National
Casualty Corp.
(Continued)
None
$25,000
$1,000
$24,000
24 hours
N/A
National Union
Fire Insurance, Co.
PDRMA
Governmental
Entities Mutual
$5,000,000
per occurrence
$30,000,000 - three
year aggregate
XL
Environmental
Insurance
$15,000 per day
$1,000,000 aggregate
policy limit
Great American
(Continued)
-43-
SKOKIE PARK DISTRICT, ILLINOIS
NOTES TO THE FINANCIAL STATEMENTS
April 30, 2015
NOTE I - PARK DISTRICT RISK MANAGEMENT AGENCY (Continued)
Coverage
Member
Deductible
PDRMA
Self-insured
Retention
Limits
6. Information Security and Privacy Insurance with Electronic Media Liability Coverage
Information Security &
Privacy Liability
None
$100,000
$2,000,000/ occurrence/
annual aggregate
Privacy Notification Costs
None
$100,000
$500,000/ occurrence/
annual aggregate
Insurance
Company
Beazley Lloyds
Syndicate
AFB 2623/623
through the
PEPIP program
Regulatory Defense &
Penalties
None
$100,000
$2,000,000/ occurrence/
annual aggregate
Website Media Content
Liability
None
$100,000
$2,000,000/ occurrence/
annual aggregate
Cyber Extortion
None
$100,000
$2,000,000/ occurrence/
annual aggregate
$1,000
$100,000
8 hours
$100,000
$2,000,000/ occurrence/
annual aggregate
$25,000 hourly sublimit/
$25,000 forensic expenses/
$100,000 dependent business
interruption
7. Volunteer Medical Accident:
None
$5,000
8. Underground Storage
Tank Liability:
None
9. Unemployment
Compensation:
N/A
Data Protection &
Business Interruption
First Party Business
Interruption
-44-
$5,000 medical
expense and AD&D
excess of and other
collectible insurance
Self-funded
N/A
$10,000, follows
Illinois Leaking
Underground Tank Fund
Self-funded
N/A
Statutory
Member- funded
SKOKIE PARK DISTRICT, ILLINOIS
NOTES TO THE FINANCIAL STATEMENTS
April 30, 2015
NOTE I - PARK DISTRICT RISK MANAGEMENT AGENCY (Continued)
Total premiums paid to PDRMA for the year ended April 30, 2015 were $302,624. For the January 1, 2014 to
January 1, 2015 period, liability losses exceeding the per occurrence self-insured and reinsurance limit would be the
responsibility of the District. Losses have not exceeded coverage for the past five years.
As a member of PDRMA's Property/Casualty Program, the District is represented on the Property/Casualty Program
Council and the Membership Assembly and is entitled to one vote on each. The relationship between the District and
PDRMA is governed by a contract and by-laws that have been adopted by resolution of the District's governing body.
The District is contractually obligated to make all annual and supplementary contributions to PDRMA; to report
claims on a timely basis; cooperate with PDRMA, its claims administrator, and attorneys in claims investigation and
settlement; and to follow risk management procedures as outlined by PDRMA. Members have a contractual
obligation to fund any deficit of PDRMA attributable to a membership year during which they were a member.
PDRMA is responsible for administering the self-insurance program and purchasing excess insurance according to
the direction of the Program Council. PDRMA also provides its members with risk management services, including
the defense of and settlement of claims, and establishes reasonable and necessary loss reduction and prevention
procedures to be followed by the members.
The following represents a summary of PDRMA's balance sheet at December 31, 2014 and the statement of revenues
and expenses for the year ended December 31, 2014. The District's portion of the overall equity of the pool is
2.539% or $1,049,037
Assets
Liabilities
Member Balances
Revenues
Expenditures
$
62,397,015
21,080,991
41,316,024
20,548,979
19,517,301
Since 96% of PDRMA's liabilities are reserves for losses and loss adjustment expenses, which are based on an
actuarial estimate of the ultimate losses incurred, the Member Balances are adjusted annually as more recent loss
information becomes available.
NOTE J - OTHER POSTEMPLOYMENT BENEFITS
The District provides postretirement health insurance benefits to its full-time employees under local ordinance.
Individuals become eligible for these benefits upon retirement and a minimum of 8 to 25 years of service to the
District, depending on retirement age. Retirees pay the entire premium amount. These premiums cover the annual
fee charged by the health insurance administrator, as well as the payment of claims as estimated by the insurance
company at the beginning of the fiscal year. Seven retirees received these benefits in the year ended April 30, 2015.
Although the District makes no direct payments for its retirees’ health insurance premiums or claims, the annual
premium amount for all employees is affected by the claim experience of both employees and retirees.
-45-
SKOKIE PARK DISTRICT, ILLINOIS
NOTES TO THE FINANCIAL STATEMENTS
April 30, 2015
NOTE J - OTHER POSTEMPLOYMENT BENEFITS (Continued)
The District provides the continuation of health care benefits and life insurance to employees who retire from the
District. Employees who terminate after reaching retirement eligibility are eligible to elect to continue their health care
coverage by paying the monthly premium rate charged for the District's health plans. The plan operates on a pay-asyou-go funding basis. No assets are accumulated or dedicated to funding the retiree health plan benefits.
As of the April 30, 2015 valuation, membership in the Plan consists of:
Membership
73
7
Active employees
Retirees and beneficiaries currently receiving benefits
Total membership
80
The contribution requirements of plan members and the District are established and may be amended. The required
contributions are based on projected financing requirements. For fiscal year 2015, the District contributed $27,951
to the plan.
The District's annual other postemployment benefit (OPEB) cost (expense) is calculated based on the annual required
contribution of the employer. The contribution represents a level of funding that, if paid on an ongoing basis, is
projected to cover the normal cost each year and to amortize any unfunded actuarial liabilities or funding excess over
a period not to exceed thirty years. The following table shows the components of the annual OPEB cost for the year,
the amount actually contributed to the plan, and changes in the net OPEB obligation to the District's Retiree Health
Employee Benefits plan.
April 30, 2015
Other postemployment benefit (OPEB) obligation
Annual required contribution
Interest on net OPEB obligation
Adjustment to annual required contribution
Annual OPEB cost
$
75,110
7,874
(10,279)
72,705
Contributions made
Increase in net OPEB obligation
(27,951)
44,754
Net OPEB obligation - beginning of year
174,973
Net OPEB obligation - end of year
$
-46-
219,727
SKOKIE PARK DISTRICT, ILLINOIS
NOTES TO THE FINANCIAL STATEMENTS
April 30, 2015
NOTE J - OTHER POSTEMPLOYMENT BENEFITS (Continued)
Annual
OPEB Cost
Fiscal Year Ended
04/30/2015
04/30/2014
04/30/2013
$
Percentage of Annual OPEB
Cost Contributed
72,705
72,735
73,148
38.4%
57.8%
52.8%
Net OPEB
Obligation
$
219,727
174,973
144,312
Funded status and Funding Progress. The funded status of the plan as of April 30, 2015 was as follows:
Actuarial accrued liability (AAL)
Actuarial value of plan net assets
Unfunded actuarial accrued liability (UAAL)
Funded ratio (actuarial value of plan assets/AAL)
Covered payroll (active plan members)
UAAL as a percentage of covered payroll
$
556,192
556,192
0.0%
4,184,778
13.29%
Actuarial valuations of an ongoing plan involve estimates of the value of reported amounts and assumptions about the
probability of occurrence of events far into the future. Examples include assumptions about future employment,
mortality, and the healthcare cost trend. Amounts determined regarding the funded status of the plan and the annual
required contributions of the employer are subject to continual revision, as actual results are compared with past
expectations and new estimates are made about the future.
Projections of benefits for financial reporting purposes are based on the substantive plan (the plan as understood by
the employer and the plan members) and include the types of benefits provided at the time of each valuation and the
historical pattern of sharing of benefit costs between the employer and the plan members to that point. The actuarial
methods and assumptions used include techniques that are designed to reduce the effects of short-term volatility in
actuarial accrued liabilities and the actuarial value of assets, consistent with the long-term perspective of the
calculations.
The actuarial valuation uses the entry age actuarial cost method. The actuarial assumptions include a 5% expected
long-term investment return on assets expected to be used to pay benefits based on the funded level of the plan at the
valuation date, and an annual healthcare cost trend rate of 9% initially, reduced by decrements to an ultimate rate of
5% after four years. The actuarial valuation also uses a 3.5% per year salary progression assumption. The plan has
not accumulated assets and does not hold assets in a segregated trust. However, the funds expected to be used to pay
benefits are assumed to be invested for the duration, which will yield an annual return of 5%. The unfunded accrued
actuarial liability is being amortized as a level dollar amount on an open basis over thirty years.
The schedule of funding progress, presented as Required Supplementary Information (RSI) following the notes to the
financial statements, presents multiyear trend information about whether the actuarial value of plan assets is
increasing or decreasing over time relative to the actuarial accrued liabilities for benefits. There is no separate
postemployment benefit report.
-47-
SKOKIE PARK DISTRICT, ILLINOIS
NOTES TO THE FINANCIAL STATEMENTS
April 30, 2015
NOTE K - ILLINOIS MUNICIPAL RETIREMENT FUND
Plan Description
The District's defined benefit pension plan for regular employees provides retirement and disability benefits,
postretirement increases, and death benefits to plan members and beneficiaries. The District's plan is affiliated with
the Illinois Municipal Retirement Fund (IMRF), an agent, multiple-employer plan. Benefit provisions are established
by statute and may only be changed by the General Assembly of the State of Illinois. IMRF issues a publicly
available financial report that includes financial statements and required supplementary information. That report may
be obtained on-line at www.imrf.org.
Funding Policy
As set by state statute, the District's regular plan members are required to contribute 4.5 percent of their annual
covered salary. The statute requires the District to contribute the amount necessary, in addition to member
contributions, to finance the retirement coverage of its own employees. The employer contribution rate for calendar
year 2014 was 14.55 percent of annual covered payroll. The District also contributes for disability benefits, death
benefits, and supplemental retirement benefits, all of which are pooled at the IMRF level. Contribution rates for
disability and death benefits are set by the IMRF Board of Trustees, while the supplemental retirement benefits rate is
set by statute.
Fiscal IMRF Pension Cost and Net IMRF Pension Obligation
The District's annual IMRF pension cost is calculated based on the annual required contribution (ARC) of the
employer. The following table shows the components of the District's annual IMRF pension cost for the fiscal year,
the amount actually contributed to the plan for the fiscal year, and changes in the District's net IMRF pension
obligation as of April 30, 2015.
April 30,
2015
Annual Required Contribution (ARC)
Interest on net OPEB obligation
Adjustment to annual required contribution
$
766,838
4,419
(3,291)
Annual IMRF cost
767,966
Contributions made
(766,838)
Increase in IMRF pension obligation
1,128
Net IMRF pension obligation at April 1, 2014
58,914
Net IMRF pension obligation at April 30, 2015
$
60,042
Annual Pension Cost
Information related to the employer's contributions are on a fiscal year basis. The actuarial and trend information are
on a calendar basis as that is the year used by the IMRF. The required contribution for fiscal year 2015 was
$766,838.
-48-
SKOKIE PARK DISTRICT, ILLINOIS
NOTES TO THE FINANCIAL STATEMENTS
April 30, 2015
NOTE K - ILLINOIS MUNICIPAL RETIREMENT FUND (Continued)
Trend Information
Fiscal
Year
End
04/30/2015
04/30/2014
04/30/2013
Annual
Pension Cost
(APC)
$
767,966
822,454
784,728
Percentage
of APC
Contributed
99.9%
99.9%
99.8%
Net
Pension
Obligation
$
60,042
58,914
57,741
The required contribution for 2014 was determined as part of the December 31, 2012 actuarial valuation using the
entry age normal actuarial cost method. The actuarial assumptions at December 31, 2012 included (a) 7.5 percent
investment rate of return (net of administrative and direct investment expenses), (b) projected salary increases of 4.00
percent a year, attributable to inflation, (c) additional projected salary increases ranging from 0.4 percent to 10
percent per year depending on age and service, attributable to seniority/merit, and (d) postretirement benefit increases
of 3 percent annually. The actuarial value of the District's regular plan assets was determined using techniques that
spread the effects of short-term volatility in the market value of investments over a five-year period with a 20 percent
corridor between the actuarial value and market value of assets. The District's regular plan's unfunded actuarial
accrued liability is being amortized as a level percentage of projected payroll on an open 29 year basis.
Funded Status and Funding Progress
As of December 31, 2014, the most recent actuarial valuation date, the regular plan was 83.98 percent funded. The
actuarial accrued liability for benefits was $15,283,239 and the actuarial value of assets was $12,834,197, resulting
in an underfunded actuarial accrued liability (UAAL) of $2,449,042. The covered payroll (annual payroll of active
employees covered by the plan) was $5,767,175 and the ratio of the UAAL to the covered payroll was 42 percent.
The schedule of funding progress, presented as Required Supplementary Information (RSI) following the notes to the
financial statements, presents multiyear trend information about whether the actuarial value of plan assets is
increasing or decreasing over time relative to the actuarial accrued liabilities for benefits.
GASB Statement No. 68, Accounting and Financial Reporting for Pension Plans – An amendment of GASB
Statement No. 27, issued in June 2012 , will be effective for the District beginning with its year ending April 30,
2016. The primary objective of this Statement is to improve accounting and financial reporting by state and local
governments for pensions. It also improves information provided by state and local governmental employers about
financial support for pensions that is provided by other entities. This Statement replaces the requirements of
Statement No. 27, Accounting for Pensions by State and Local Governmental Employers, as well as the requirements
of Statement No. 50, Pension Disclosures, as they relate to pensions that are provided through pension plans
administered as trusts or equivalent arrangements that meet certain criteria.
-49-
SKOKIE PARK DISTRICT, ILLINOIS
NOTES TO THE FINANCIAL STATEMENTS
April 30, 2015
NOTE L - RESTRICTIONS FOR ENABLING LEGISLATION
The government-wide statement of net position reports net positions restricted by enabling legislation which consist of
the following:
Recreation
Museum
Social security
General Fund: liability fund balance
Audit
$
2,603,203
270,454
12,243
42,957
2,371
$
2,931,228
NOTE M - COMMITMENTS AND CONTINGENCIES
1.
Construction Commitments
The District has certain contracts for construction projects at April 30, 2015. Commitments under these
contracts were $80,354 at April 30, 2015.
2.
Litigation
The District is a defendant in various tax objection lawsuits. the outcome of which is presently not determinable.
Although the District will continue to vigorously defend these lawsuits, an unfavorable outcome could have a
significant effect on future revenues. With regard to other pending matters, the eventual outcome and related
liability, if any, are not determinable at this time.
NOTE N - SUBSEQUENT EVENTS
Management has evaluated subsequent events through October 21, 2015, the date these financial statements were
available to be issued. Management has determined that no events or transactions, other than as follows, have
occurred subsequent to the balance sheet date that require disclosure in the financial statements.
In May 2015, the District issued $2,000,000 of General Obligation Alternate Revenue Source Bonds, Series 2015B.
The proceeds from the bond issue will be used to fund various capital improvements and fund various pieces of
equipment and vehicles throughout the District.
-50-
REQUIRED SUPPLEMENTARY INFORMATION
(Unaudited)
SKOKIE PARK DISTRICT, ILLINOIS
SCHEDULE OF FUNDING PROGRESS - ILLINOIS MUNICIPAL RETIREMENT FUND
(UNAUDITED)
April 30, 2015
Actuarial
Value of
Assets
(a)
Actuarial
Valuation
Date
12/31/14
12/31/13
12/31/12
$
12,834,197
11,626,623
9,944,739
Actuarial
Accrued
Liability
(AAL)
- Entry Age
(b)
$ 15,283,239
14,086,851
13,058,451
Unfunded
AAL
(UAAL)
(b-a)
$
2,449,042
2,460,228
3,113,712
Funded
Ratio
(a/b)
Covered
Payroll
(c)
83.98% $ 5,767,175
82.54%
5,624,550
76.16%
5,365,506
Unfunded
(Excess)
AAL as a
Percentage
of Covered
Payroll
((b-a)/c)
42.47 %
43.74
58.03
On a market value basis, the actuarial value of assets as of December 31, 2014 is $15,019,219. On a market basis,
the funded ratio would be 98.27%.
The actuarial value of assets and accrued liabilities cover active and inactive members who have service credit with
Skokie Park District. They do not include amounts for retirees. The Actuarial accrued liability for retirees is 100%
funded.
-51-
SKOKIE PARK DISTRICT, ILLINOIS
SCHEDULE OF FUNDING PROGRESS - OTHER POSTEMPLOYMENT BENEFIT PLAN
(UNAUDITED)
April 30, 2015
Actuarial
Value of
Assets
(a)
Actuarial
Valuation
Date
04/30/2015
04/30/2014
04/30/2013
Actuarial
Accrued
Liability (AAL)
-Entry Age
(b)
$
-
$
556,192
573,977
546,087
Unfunded
AAL
(UAAL)
(b-a)
$
556,192
573,977
546,087
-52-
Funded
Ratio
(a/b)
0.00%
0.00%
0.00%
Covered
Payroll
(c)
$
4,184,778
4,197,334
4,055,395
UAAL as a
Percentage
of Covered
Payroll
((b-a)/c)
13.29%
13.67%
13.47%
SKOKIE PARK DISTRICT, ILLINOIS
GENERAL FUND
SCHEDULE OF REVENUES, EXPENDITURES, AND
CHANGES IN FUND BALANCES - BUDGET AND ACTUAL
Fiscal Year Ended April 30, 2015
With Comparative Actual Amounts for the Year Ended April 30, 2014
Original
and Final
Budgeted
Amounts
REVENUES
Property taxes
Personal property replacement taxes
Registration fees, rentals, permits, and fees
Investment income
Other income
Variance
with
Final Budget
2014
Actual
3,545,089 $
333,900
23,590
5,972
162,250
3,341,097 $
374,727
17,183
17,774
150,899
(203,992) $
40,827
(6,407)
11,802
(11,351)
3,230,285
358,137
18,075
11,375
138,840
TOTAL REVENUES
4,070,801
3,901,680
(169,121)
3,756,712
EXPENDITURES
General Government
Salaries
Services-net of allocations to other funds
Utilities
Materials and supplies
General administrative
2,359,816
(164,043)
97,946
195,359
1,018,426
2,323,283
(291,925)
116,432
158,132
992,222
36,533
127,882
(18,486)
37,227
26,204
2,199,863
(283,461)
92,122
156,784
944,272
TOTAL GENERAL GOVERNMENT
3,507,504
3,298,144
209,360
3,109,580
3,507,504
3,298,144
209,360
3,109,580
EXCESS OF REVENUES OVER EXPENDITURES
BEFORE OTHER FINANCING SOURCES
(USES)
563,297
603,536
40,239
647,132
TOTAL EXPENDITURES
OTHER FINANCING USES
Transfers out
TOTAL OTHER FINANCING USES
NET CHANGE IN FUND BALANCE
$
2015
Actual
(1,614,250)
(1,599,800)
14,450
(92,850)
(1,614,250)
(1,599,800)
14,450
(92,850)
54,689
554,282
$ (1,050,953)
(996,264) $
FUND BALANCE
Beginning of year
3,624,753
End of year
$
-53-
2,628,489
3,070,471
$
3,624,753
SKOKIE PARK DISTRICT, ILLINOIS
RECREATION FUND
SCHEDULE OF REVENUES, EXPENDITURES, AND
CHANGES IN FUND BALANCES - BUDGET AND ACTUAL
Fiscal Year Ended April 30, 2015
With Comparative Actual Amounts for the Year Ended April 30, 2014
Original
and Final
Budgeted
Amounts
REVENUES
Property taxes
Registration fees
Rentals, permits, and fees
Investment income
Other income
$
TOTAL REVENUES
2015
Actual
1,428,259 $
9,027,511
780,020
7,782
168,099
1,328,399 $
8,996,806
997,802
11,916
146,752
Variance
with
Final Budget
2014
Actual
(99,860) $
(30,705)
217,782
4,134
(21,347)
1,338,166
8,647,616
927,294
8,970
121,183
11,411,671
11,481,675
70,004
11,043,229
45,862
314,961
EXPENDITURES
General Government
Recreation
Salaries
Services
Utilities
Materials and supplies
Capital outlay
Debt service
Principal
Interest
407,551
361,689
6,172,592
2,414,600
709,464
763,949
12,000
6,288,469
2,321,089
730,133
712,759
11,460
(115,877)
93,511
(20,669)
51,190
540
6,116,010
2,288,437
721,579
702,169
-
170,000
88,866
170,000
89,011
(145)
170,000
92,396
TOTAL EXPENDITURES
10,739,022
10,684,610
54,412
10,405,552
672,649
797,065
124,416
637,677
EXCESS OF REVENUES
OVER EXPENDITURES BEFORE
OTHER FINANCING SOURCES (USES)
OTHER FINANCING SOURCES (USES)
Transfers in
Transfers out
101,550
(2,500,000)
99,000
(2,500,000)
(2,550)
-
356,658
-
TOTAL OTHER FINANCING SOURCES
(USES)
(2,398,450)
(2,401,000)
(2,550)
356,658
(1,725,801)
(1,603,935) $
NET CHANGE IN FUND BALANCE
$
FUND BALANCE
Beginning of year
121,866
994,335
4,207,138
End of year
$
-54-
2,603,203
3,212,803
$
4,207,138
SKOKIE PARK DISTRICT, ILLINOIS
NOTES TO THE REQUIRED SUPPLEMENTARY INFORMATION
April 30, 2015
1. BUDGETS
Budgets are adopted on a basis consistent with accounting principles generally accepted in the United States
of America. Annual appropriated budgets are adopted for the general, special revenue, debt service, and
capital project funds.
All departments of the District submit requests for appropriations to the District's Director of Parks and
Recreation so that a budget may be prepared. The budget is prepared by fund and department, and includes
information on the past year, current year estimates, and requested appropriations for the next fiscal year.
The proposed budget is presented to the Board of Commissioners for review. The Board of Commissioners
holds public hearings and may add to, subtract from, or change appropriations, but may not change the form
of the budget. The budget and appropriations must be adopted by July 31.
The legal level of control is considered to be at the fund level. Transfers between funds must be approved by
the Board of Commissioners.
The final budget and appropriations include any changes approved during the year. There were no
supplemental appropriations or changes made during the year.
2. EXPENDITURES IN EXCESS OF BUDGETS
For the year ended April 30, 2015, expenditures exceeded budget in the following fund:
Fund
Capital Projects
Amount
23,568
-55-
SUPPLEMENTARY INFORMATION
NONMAJOR FUNDS - GOVERNMENTAL
Special Revenue Funds
Special Recreation (Handicapped) Fund - to account for revenues derived from a specific annual
property tax levy and expenditures of these monies to the Maine Niles Association of Special Recreation
(MNASR) to provide special recreation programs for the physically and mentally handicapped.
Museum Fund - to account for revenues derived from a specific annual property tax levy and
expenditures of these monies for the operations and maintenance of the museums.
Illinois Municipal Retirement Fund (IMRF) - to account for revenues derived from a specific annual
property tax levy and employee contributions which are fixed by law and subsequently paid to the statesponsored Illinois Municipal Retirement Fund.
Social Security Fund - to account for revenues derived from a specific annual property tax levy and
employee contributions which are fixed by law and subsequently paid to the social security
administration.
Audit Fund - to account for revenues derived from a specific annual property tax levy and expenditures
of these monies for the annual audit of the Park District.
SKOKIE PARK DISTRICT, ILLINOIS
NONMAJOR GOVERNMENTAL FUNDS
COMBINING BALANCE SHEET
April 30, 2015
Special Revenue Funds
Special
Recreation
Museum
IMRF
ASSETS
Cash and investments
Receivables, net of allowances
Property taxes
Accrued interest
Other
Prepaid items
TOTAL ASSETS
$
66,529
$
295,324
2
-
444,910
$
148,134
1
1,732
279,809
2
-
$
361,855
$
594,777
$
279,811
$
7,494
-
$
32,205
108,678
$
8,245
-
LIABILITIES
Accounts payable and
accrued liabilities
Due to other funds
Unearned revenue
TOTAL LIABILITIES
7,494
140,883
8,245
365,731
183,440
346,497
365,731
183,440
346,497
(11,370)
1,732
268,722
-
(74,931)
(11,370)
270,454
(74,931)
DEFERRED INFLOWS
Property taxes levied for a future period
TOTAL DEFERRED INFLOWS
FUND BALANCES
Nonspendable for prepaid items
Restricted
Unassigned
TOTAL FUND BALANCES
TOTAL LIABILITIES, DEFERRED INFLOWS
AND FUND BALANCES
$
-56-
361,855
$
594,777
$
279,811
Special Revenue Funds (Continued)
Social
Security
$
71,278
Audit
$
247,774
1
3
$
$
319,056
-
6,097
$
15,575
-
588,814
986,616
6
3
1,732
$
21,672
$
1,577,171
$
-
$
39,699
8,245
108,678
-
$
Total
Nonmajor
Funds
-
156,622
306,813
19,301
1,221,782
306,813
19,301
1,221,782
12,243
-
2,371
-
1,732
283,336
(86,301)
12,243
2,371
198,767
319,056
$
21,672
$
1,577,171
-57-
SKOKIE PARK DISTRICT, ILLINOIS
NONMAJOR GOVERNMENTAL FUNDS
COMBINING SCHEDULE OF REVENUES, EXPENDITURES,
AND CHANGES IN FUND BALANCES
Fiscal Year Ended April 30, 2015
Special Revenue Funds
Special
Recreation
REVENUES
Property taxes
Registration fees
Rentals, permits, and fees
Investment income
Other income
$
TOTAL REVENUES
EXPENDITURES
General government
Recreation
Pension fund contributions
Capital outlay
Debt service:
Principal
Interest
687,553
31
-
Museum
$
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES BEFORE
OTHER FINANCING SOURCES
$
689,793
27
-
687,584
611,181
689,820
385,257
277,390
-
26,510
665,239
15,017
766,838
-
-
TOTAL EXPENDITURES
366,349
224,246
17,559
1,001
2,026
IMRF
-
-
662,647
706,766
766,838
24,937
(95,585)
(77,018)
OTHER FINANCING SOURCES
Transfers In
-
800
-
TOTAL OTHER FINANCING SOURCES
-
800
-
NET CHANGE IN FUND BALANCES
FUND BALANCE (DEFICIT)
May 1, 2014
April 30, 2015
$
-58-
24,937
(94,785)
(77,018)
(36,307)
365,239
2,087
(11,370)
$
270,454
$
(74,931)
Special Revenue Funds (Continued)
Social
Security
$
Audit
608,786
46
2
$
35,216
3
-
$
2,387,697
224,246
17,559
1,108
2,028
608,834
35,219
2,632,638
663,507
-
36,500
-
1,111,774
942,629
766,838
15,017
-
$
Total
Nonmajor
Funds
-
-
663,507
36,500
(54,673)
(1,281)
2,836,258
(203,620)
-
-
800
-
-
800
(54,673)
(1,281)
(202,820)
66,916
3,652
401,587
12,243
$
2,371
$
198,767
-59-
GENERAL FUND
Corporate Fund Account - to account for all financial resources except those required to be accounted for in
another fund.
Liability Insurance Fund Account - to account for revenues derived from a specific annual property tax levy and
expenditures of these monies for risk management activities, workers' compensation, and liability insurance for the
District.
SKOKIE PARK DISTRICT, ILLINOIS
GENERAL FUND
COMBINING BALANCE SHEET
April 30, 2015
Corporate
Liability
Insurance
Total
General Fund
ASSETS
Cash and investments
Receivables, net of allowances
Property taxes
Personal property replacement taxes
Accrued interest
Other
Prepaid items
$
2,897,020 $
92,954
$
2,989,974
1,209,765
75,347
15,554
20,620
10,761
195,746
1,350
$
4,229,067 $
290,050
$
4,519,117
$
111,161 $
34,282
4,667
-
$
115,828
34,282
145,443
4,667
150,110
DEFERRED INFLOWS
Property taxes levied for a future period
1,498,092
242,426
1,740,518
TOTAL DEFERRED INFLOWS
1,498,092
242,426
1,740,518
10,761
461,804
2,112,967
1,350
41,607
-
12,111
41,607
461,804
2,112,967
2,585,532
42,957
2,628,489
TOTAL ASSETS
1,405,511
75,347
15,554
20,620
12,111
LIABILITIES
Accounts payable and accrued liabilities
Unearned revenue
TOTAL LIABILITIES
FUND BALANCES
Nonspendable for prepaid items
Restricted
Committed
Unassigned
TOTAL FUND BALANCES
TOTAL LIABILITIES, DEFERRED INFLOWS
AND FUND BALANCES
$
-60-
4,229,067 $
290,050
$
4,519,117
SKOKIE PARK DISTRICT, ILLINOIS
GENERAL FUND
COMBINING BUDGETARY COMPARISON SCHEDULE
Fiscal Year Ended April 30, 2015
Corporate
Original and Final
Budgeted
Amounts
REVENUES
Property taxes
Personal property replacement taxes
Investment income
Rentals, permits and fees
Other income
$
3,147,181
333,900
5,876
23,590
160,750
$
Actual
2,915,839
374,727
17,697
17,183
149,401
TOTAL REVENUES
3,671,297
3,474,847
EXPENDITURES
General Government
Salaries
Services
Utilities
Materials and supplies
General administrative
2,337,504
(164,043)
97,946
195,359
561,686
2,301,190
(291,925)
116,432
158,132
552,840
TOTAL EXPENDITURES
3,028,452
2,836,669
642,845
638,178
EXCESS (DEFICIENCY) OF REVENUES OVER EXPENDITURES
BEFORE OTHER FINANCING SOURCES (USES)
OTHER FINANCING USES
Transfers out
(1,614,250)
(1,599,800)
Total other financing uses
(1,614,250)
(1,599,800)
(971,405)
(961,622)
NET CHANGE IN FUND BALANCE
$
FUND BALANCE
May 1, 2014
3,547,154
April 30, 2015
$
-61-
2,585,532
Liability
Original and Final
Budgeted
Amounts
$
$
397,908
96
1,500
Total General Fund
Actual
$
425,258
77
1,498
Original and Final
Budgeted
Amounts
$
3,545,089
333,900
5,972
23,590
162,250
Variance
with
Final Budget
Actual
$
3,341,097
374,727
17,774
17,183
150,899
$
(203,992)
40,827
11,802
(6,407)
(11,351)
399,504
426,833
4,070,801
3,901,680
(169,121)
22,312
456,740
22,093
439,382
2,359,816
(164,043)
97,946
195,359
1,018,426
2,323,283
(291,925)
116,432
158,132
992,222
36,533
127,882
(18,486)
37,227
26,204
479,052
461,475
3,507,504
3,298,144
209,360
(79,548)
(34,642)
563,297
603,536
40,239
-
-
(1,614,250)
(1,599,800)
14,450
-
-
(1,614,250)
(1,599,800)
14,450
(79,548)
(34,642)
(1,050,953)
(996,264)
$
77,599
$
3,624,753
42,957
$
-62-
2,628,489
$
54,689
SKOKIE PARK DISTRICT, ILLINOIS
SPECIAL REVENUE FUNDS
COMBINING SCHEDULE OF REVENUES, EXPENDITURES,
AND CHANGES IN FUND BALANCES (DEFICITS) - BUDGET AND ACTUAL
Fiscal Year Ended April 30, 2015
With Comparative Actual Amounts for the Fiscal Year Ended April 30, 2014
Special Recreation
Original & Final
Budget
2015
Actual
Museum
2014
Actual
Original & Final
Budget
2015
Actual
2014
Actual
REVENUES
Property taxes
Charges for recreation programs
Rentals, permits, and fees
Investment income
Other income
$
TOTAL REVENUES
661,509 $
410
-
687,553 $
31
-
782,595 $
207
-
407,931 $
220,338
16,117
1,638
2,914
366,349 $
224,246
17,559
1,001
2,026
392,239
211,638
17,255
934
5,181
661,919
687,584
782,802
648,938
611,181
627,247
396,250
279,100
-
385,257
277,390
-
364,333
284,964
-
30,183
689,688
25,000
26,510
665,239
15,017
24,703
655,501
43,003
EXPENDITURES
Current
General government
Recreation
Pension fund contributions
Capital Items
Debt service:
Principal
Interest
-
TOTAL EXPENDITURES
-
675,350
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES BEFORE
OTHER FINANCING SOURCES
(13,431)
300,000
3,677
-
-
-
662,647
952,974
744,871
706,766
723,207
24,937
(170,172)
(95,933)
(95,585)
(95,960)
OTHER FINANCING SOURCES
Transfers in
-
-
-
-
800
-
TOTAL OTHER FINANCING
SOURCES
-
-
-
-
800
-
(13,431)
24,937
(170,172) $
(95,933)
NET CHANGE IN FUND
BALANCE
$
FUND BALANCES (DEFICITS)
Beginning of year
End of year
$
(36,307)
133,865
(11,370) $
(36,307)
-63-
$
(94,785)
(95,960)
365,239
461,199
270,454 $
365,239
Illinois Municipal Retirement
Original & Final
Budget
$
2014
Actual
Original & Final
Budget
2015
Actual
2014
Actual
786,543 $
41
-
689,793 $
27
-
762,427 $
75
-
670,530 $
96
-
608,786 $
46
2
644,801
72
-
786,584
689,820
762,502
670,626
608,834
644,873
861,923
-
766,838
-
821,281
-
673,510
-
663,507
-
643,433
-
-
$
2015
Actual
Social Security
-
-
-
-
861,923
766,838
821,281
(75,339)
(77,018)
(58,779)
(2,884)
(54,673)
1,440
-
-
-
-
-
-
-
-
-
-
-
-
(75,339)
(77,018)
(2,884)
(54,673)
1,440
66,916
65,476
12,243 $
66,916
$
(58,779) $
2,087
60,866
(74,931) $
2,087
673,510
663,507
-
$
-64-
643,433
(Continued)
SKOKIE PARK DISTRICT, ILLINOIS
SPECIAL REVENUE FUNDS
COMBINING SCHEDULE OF REVENUES, EXPENDITURES,
AND CHANGES IN FUND BALANCES (DEFICIT) - BUDGET AND ACTUAL (Continued)
Fiscal Year Ended April 30, 2015
With Comparative Actual Amounts for the Fiscal Year Ended April 30, 2014
Audit
Original & Final
Budget
Total Special Revenue Funds
2015
Actual
2014 Original & Final
Actual
Budget
2015
Actual
2014
Actual
REVENUES
Property taxes
Charges for recreation programs
Rentals, permits, and fees
Interest on investments
Other
$
33,075 $
8
-
35,216 $
3
-
36,817 $ 2,559,588 $ 2,387,697 $ 2,618,879
220,338
224,246
211,638
16,117
17,559
17,255
5
2,193
1,108
1,293
2,914
2,028
5,181
33,083
35,219
36,822
2,801,150
2,632,638
2,854,246
37,450
-
36,500
-
37,450
-
1,137,393
968,788
861,923
25,000
1,111,774
942,629
766,838
15,017
1,069,919
940,465
821,281
43,003
-
-
-
TOTAL EXPENDITURES
37,450
36,500
37,450
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES BEFORE
OTHER FINANCING SOURCES
(4,367)
(1,281)
OTHER FINANCING SOURCES
Transfers in
-
-
-
-
800
-
TOTAL OTHER FINANCING
SOURCES
-
-
-
-
800
-
(4,367)
(1,281)
TOTAL REVENUES
EXPENDITURES
Current
General government
Recreation
Pension fund contributions
Capital Items
Debt service:
Principal
Interest
NET CHANGE IN FUND
BALANCE
$
FUND BALANCES (DEFICITS)
Beginning of year
End of year
$
(628)
(628) $
3,652
4,280
2,371 $
3,652
-65-
-
-
2,993,104
2,836,258
(191,954)
(203,620)
(191,954)
$
300,000
3,677
3,178,345
(324,099)
(202,820)
(324,099)
401,587
725,686
198,767 $
401,587
(Concluded)
SKOKIE PARK DISTRICT, ILLINOIS
DEBT SERVICE FUND
COMBINING SCHEDULE OF REVENUES, EXPENDITURES,
AND CHANGES IN FUND BALANCE (DEFICIT) - BUDGET AND ACTUAL
Fiscal Year Ended April 30, 2015
With Comparative Actual Amounts for the Fiscal Year Ended April 30, 2014
Original
and Final
Budgeted
Amounts
2015
Actual
Variance
with
Final Budget
2014
Actual
3,314,571
4,893
$ (1,125,680) $
793
4,583,220
6,784
4,444,351
3,319,464
(1,124,887)
4,590,004
6,800
5,750
1,050
-
6,800
5,750
1,050
-
Debt Service
Principal
Interest
Bond issuance costs
6,605,000
130,015
45,750
4,325,000
160,713
52,933
2,280,000
(30,698)
(7,183)
8,565,000
180,458
57,241
TOTAL EXPENDITURES
6,787,565
4,544,396
2,243,169
8,802,699
DEFICIENCY OF
REVENUES OVER EXPENDITURES
BEFORE OTHER FINANCING
SOURCES (USES)
(2,343,214)
(1,224,932)
1,118,282
(4,212,695)
OTHER FINANCING SOURCES (USES)
Issuance of debt
Bond issue premium
Transfers
Transfer out
out
Transfer to refunded bond escrow
2,350,000
(2,085,000)
-
2,265,000
87,656
(2,082,138)
(2,298,222)
(85,000)
87,656
2,862
(2,298,222)
2,357,917
96,345
(263,808)
(2,291,050)
(2,027,704)
(2,292,704)
(100,596)
(3,252,636) $ (1,174,422)
(4,313,291)
REVENUES
Property taxes
Investment income
$
TOTAL REVENUES
EXPENDITURES
General Government
General administrative
Total General Government
TOTAL OTHER FINANCING
SOURCES (USES)
NET CHANGE IN FUND BALANCE
(DEFICIT)
4,440,251
4,100
$
265,000
$
(2,078,214)
FUND BALANCE (DEFICIT)
May 1, 2014
3,142,592
April 30, 2015
$
-66-
(110,044)
7,455,883
$
3,142,592
SKOKIE PARK DISTRICT, ILLINOIS
CAPITAL PROJECTS FUND - CAPITAL IMPROVEMENT
COMBINING SCHEDULE OF REVENUES, EXPENDITURES,
AND CHANGES IN FUND BALANCES (DEFICITS) - BUDGET AND ACTUAL
Fiscal Year Ended April 30, 2015
With Comparative Actual Amounts for the Fiscal Year Ended April 30, 2014
Building Improvements
Original and Final
Budget
REVENUES
Investment income
Other income
$
Total revenue
3,276
250
2015
Actual
$
968
-
2014
Actual
$
2,230
7,847
3,526
968
10,077
EXPENDITURES
Current
General government
Capital outlay
Bond issuance costs
15,000
442,600
-
12,535
456,415
-
1,447,270
37,770
TOTAL EXPENDITURES
457,600
468,950
1,485,040
DEFICIENCY OF REVENUES OVER
EXPENDITURES BEFORE OTHER FINANCING
SOURCES (USES)
(454,074)
(467,982)
(1,474,963)
OTHER FINANCING SOURCES (USES)
Issuance of debt
Bond issue premium
Transfers in
Transfers out
(195,000)
(163,000)
1,892,083
63,940
(118,000)
TOTAL OTHER FINANCING SOURCES (USES)
(195,000)
(163,000)
1,838,023
(649,074)
(630,982)
363,060
620,796
257,736
NET CHANGE IN FUND BALANCE (DEFICIT)
$
FUND BALANCES (DEFICITS)
May 1, 2014
April 30, 2015
$
-67-
(10,186)
$
620,796
Vehicle/Machinery Replacement
Original & Final
Budget
$
$
82
10,000
2015
Actual
$
6
16,084
Capital Improvement
2014
Actual
$
42
29,536
Original & Final
Budget
$
10,000
-
2015
Actual
$
12,124
-
2014
Actual
$
-
10,082
16,090
29,578
10,000
12,124
-
205,000
-
181,313
-
185,832
-
-
35,905
-
-
205,000
181,313
185,832
-
35,905
-
(194,918)
(165,223)
(156,254)
10,000
(23,781)
-
195,000
-
163,000
-
118,000
-
6,085,000
-
6,082,138
-
-
195,000
163,000
118,000
6,085,000
6,082,138
-
(38,254) $
6,095,000
6,058,357
-
82
(2,223)
8,000
$
5,777
46,254
$
-
8,000
$
6,058,357
$
(Continued)
-68-
SKOKIE PARK DISTRICT, ILLINOIS
CAPITAL PROJECTS FUND - CAPITAL IMPROVEMENT
COMBINING SCHEDULE OF REVENUES, EXPENDITURES,
AND CHANGES IN FUND BALANCES (DEFICITS) - BUDGET AND ACTUAL
Fiscal Year Ended April 30, 2015
With Comparative Actual Amounts for the Fiscal Year Ended April 30, 2014
Capital Improvement Fund Total
Original & Final
Budget
REVENUES
Investment income
Other income
$
2015
Actual
2014
Actual
13,358 $
10,250
13,098 $
16,084
2,272
37,383
23,608
29,182
39,655
EXPENDITURES
Current
General government
Capital outlay
Bond issuance costs
15,000
647,600
-
48,440
637,728
-
1,633,102
37,770
TOTAL EXPENDITURES
662,600
686,168
1,670,872
(638,992)
(656,986)
(1,631,217)
OTHER FINANCING SOURCES (USES)
Issuance of debt
Bond issue premium
Transfers in
Transfers out
6,280,000
(195,000)
6,245,138
(163,000)
1,892,083
63,940
118,000
(118,000)
TOTAL OTHER FINANCING SOURCES (USES)
6,085,000
6,082,138
1,956,023
5,446,008
5,425,152
324,806
628,796
303,990
6,053,948 $
628,796
Total revenue
DEFICIENCY OF REVENUES OVER
EXPENDITURES BEFORE OTHER FINANCING
SOURCES (USES)
NET CHANGE IN FUND BALANCE (DEFICIT)
$
FUND BALANCES (DEFICITS)
May 1, 2014
April 30, 2015
$
(Concluded)
-69-
STATISTICAL SECTION
(Unaudited)
SKOKIE PARK DISTRICT, ILLINOIS
STATISTICAL SECTION - UNAUDITED
For the Year Ended April 30, 2015
Index
Financial Trend Information: These schedules contain trend information to help the reader understand how the
District's financial performance and well-being have changed over time.
1
2
3
4
Net Position Last Ten Fiscal Years
Changes in Net Position Last Ten Fiscal Years
Changes in Fund Balances of Governmental Funds Last Ten Fiscal Years
Fund Balances of Governmental Funds Last Ten Fiscal Years
71
72 - 73
74 - 75
76 - 77
Revenue Capacity: These schedules contain information to help the reader assess the District's most significant
local revenue source, the property tax.
5
6
7
8
9
Assessed and Estimated Actual Value of Taxable Property Last Ten Tax Levy Years
General Governmental Revenues by Source Last Ten Fiscal Years
Principal Taxpayers in 2015 and Nine Years Ago
Property Tax Levies and Collections Last Ten Tax Levy Years
Property Tax Rates of Direct and Overlapping Governments Last Ten Fiscal Years
78
79
80 - 81
82
83
Debt Capacity: These schedules present information to help the reader assess the affordability of the District's
current levels of outstanding debt and the District's ability to issue additional debt in the future.
10
11
12
13
Ratios of Outstanding Debt Last Ten Fiscal Years
Ratios of General Bonded Debt Outstanding Last Ten Fiscal Years
Computation of Direct and Overlapping Debt
Legal Debt Margin Information - Last Ten Fiscal Years
84
85
86
87
Demographic and Economic Information: These schedules offer demographic and economic indicators to help
the reader understand the environment within which the District's financial activities take place.
14
15
Population, School Enrollment, Unemployment Rate, and Personal Income,
Last Ten Fiscal Years
Principal Employers 2015 and Nine Years Ago
88
89
Operating Information: These schedules contain information about the District's service and resources to help
the reader understand how the District's financial information relates to the services the District provides and the
activities it performs.
16
17
General Information-Current Year
Employee Information, April 30, 2015 versus April 30, 2006
-70-
90
91
Table 1
SKOKIE PARK DISTRICT, ILLINOIS
Financial Trend Information
Net Position
Last Ten Fiscal Years
(Accrual Basis of Accounting)
Government Activities
Fiscal
Year
2006
Net investment in
Capital Assets
$
(8,703,551)
Restricted
$
962,894
Total
Net Position
Unrestricted
$
4,882,940
(2,857,717)
2007
(8,082,941)
408,499
2008
(2,148,347)
3,590,461
(1,171,753)
270,361
2009
6,490,000
4,148,895
(9,197,657)
1,441,238
2010
7,900,469
5,218,138
(9,140,518)
3,978,089
2011
10,126,726
5,561,561
(9,596,221)
6,092,066
2012
7,876,799
10,082,527
(8,269,912)
9,689,414
2013
7,816,730
11,500,889
(7,864,111)
11,453,508
2014
9,612,674
7,865,223
(6,510,505)
10,967,392
2015
10,901,624
2,931,228
(2,052,526)
11,780,326
-71-
5,800,798
$
(1,873,644)
SKOKIE PARK DISTRICT, ILLINOIS
Financial Trend Information
Changes in Net Position
Last Ten Fiscal Years
(Accrual Basis of Accounting)
Fiscal Year:
2006
2007
2008
2009
Expenses
Governmental activities:
General government
Recreation
Interest expense
$
3,840,981
10,895,742
2,540,024
$
4,011,785
11,334,420
2,351,771
$
4,301,115
11,338,177
2,334,861
$
4,765,170
11,815,926
2,222,614
Total governmental activities
17,276,747
17,697,976
17,974,153
18,803,710
Program Revenues
Governmental activities
Charges for services
Capital grants
Total governmental activities
program activities
7,844,144
-
7,999,169
-
8,266,868
-
8,441,790
-
7,844,144
7,999,169
8,266,868
8,441,790
Total primary government
net expenses
(9,432,603)
(9,698,807)
(9,707,285)
(10,361,920)
General Revenues and Other
Changes in Net Position
Governmental activities
Property taxes
Replacement tax
Investment income
Other
Contribution from the Village/Private
Gain/(Loss) on sale of capital assets
10,171,096
332,757
17,385
430,507
-
9,734,259
369,858
303,030
275,736
-
10,548,944
407,688
331,248
322,024
455,000
-
10,828,687
357,401
86,207
260,502
-
Total governmental activities
10,951,745
10,682,883
12,064,904
11,532,797
1,519,142
984,076
2,357,619
1,170,877
Change in Net Position
Governmental activities
Total primary government
$
1,519,142
-72-
$
984,076
$
2,357,619
$
1,170,877
Table 2
2010
$
$
4,952,533
12,686,819
2,069,253
2011
$
4,700,117
12,432,027
1,974,291
2012
$
2013
4,942,293
13,355,408
2,001,712
$
5,120,103
13,272,688
1,791,375
2014
$
4,654,833
16,550,998
1,699,098
2015
$
6,016,175
13,119,667
1,503,519
19,708,605
19,106,435
20,299,413
20,184,166
22,904,929
20,639,361
8,514,412
-
8,661,794
-
8,823,815
2,600,000
9,447,821
-
9,821,878
-
10,253,596
-
8,514,412
8,661,794
11,423,815
9,447,821
9,821,878
10,253,596
(11,194,193)
(10,444,641)
(8,875,598)
(10,736,345)
(13,083,051)
(10,385,765)
13,142,530
296,757
33,412
287,727
(29,382.00)
11,372,159
366,083
28,487
783,170
8,719
11,734,837
322,873
18,232
397,004
-
11,782,900
341,732
31,484
344,323
-
11,770,550
358,137
30,694
437,554
-
10,371,764
374,727
48,789
403,419
-
13,731,044
12,558,618
12,472,946
12,500,439
12,596,935
11,198,699
2,536,851
2,113,977
3,597,348
1,764,094
2,536,851
$
2,113,977
$
3,597,348
$
-73-
1,764,094
(486,116)
$
(486,116)
812,934
$
812,934
SKOKIE PARK DISTRICT, ILLINOIS
Financial Trend Information
Changes in Fund Balances of Governmental Funds
Last Ten Fiscal Years
(Modified Accrual Basis of Accounting)
Fiscal Year:
Revenues:
Property taxes
Replacement tax
Charges for recreation programs
Rentals, permits and fees
Interest on investments
Grants
Other income
2006
$
Total revenues
Expenditures:
General government
Recreation
Pension fund contributions
Capital outlay
Debt service:
Principal
Interest
Bond issuance costs
Total expenditures
Excess of revenues over/(under)
expenditures:
Other financing sources (uses):
Operating transfers in
Operating transfers out
Bond proceeds
Bond issue premium
Transfer to bond escrow agent
Debt service as a percentage of
noncapital expenditures
2009
10,548,944 $
407,688
7,477,169
789,699
331,248
322,024
10,828,687
357,401
7,609,711
832,079
86,207
260,502
18,682,052
19,876,772
19,974,587
3,567,003
8,777,974
421,517
1,824,976
3,805,196
8,852,156
511,431
749,834
4,027,671
9,111,048
574,416
1,458,762
4,427,160
9,336,779
586,357
2,029,006
3,627,700
408,993
-
4,067,700
371,257
-
4,202,700
401,031
-
4,557,700
368,901
-
18,628,163
18,357,574
19,775,628
21,305,903
166,293
324,478
101,144
1,598,891
$
9,734,259 $
369,858
6,688,225
1,310,944
303,030
275,736
2008
18,794,456
257,982
(257,982)
5,348,891
(3,750,000)
Total other financing sources (uses)
Net change in fund balances
10,171,096 $
332,757
6,486,647
1,227,847
147,035
429,074
2007
55,725
(55,725)
3,551,902
(3,512,915)
38,987
1,112,600
(1,112,600)
5,804,273
(3,693,498)
1,195,150
(1,195,150)
5,281,228
6,285.00
(3,825,000)
2,110,775
1,462,513
1,765,184 $
363,465 $
2,211,919 $
24.02%
25.21%
25.13%
-74-
(1,331,316)
131,197
25.56%
Table 3
2010
$
2012
2013
2014
2015
13,142,530 $
296,757
7,703,208
811,204
33,412
287,727
11,372,159 $
366,083
7,890,664
771,130
28,487
683,259
11,734,837 $
322,873
8,041,636
782,179
18,232
2,600,000
273,935
11,782,900 $
341,732
8,515,492
932,329
31,484
300,045
11,770,550 $
358,137
8,859,254
962,624
30,694
302,587
10,371,764
374,727
9,221,052
1,032,544
48,789
315,763
22,274,838
21,111,782
23,773,692
21,903,982
22,283,846
21,364,639
4,493,319
9,628,818
639,628
2,511,582
4,416,340
9,968,406
687,979
1,870,676
4,526,393
9,960,743
744,376
6,387,796
4,409,401
10,416,732
781,935
855,585
4,494,460
10,768,660
821,281
1,676,105
4,825,797
10,995,079
766,838
664,205
5,187,700
265,282
70,332.00
4,990,000
210,779
49,995
4,860,000
332,435
214,448
4,975,000
216,857
72,623
9,035,000
276,531
95,011
4,495,000
249,724
52,933
22,796,661
22,194,175
27,026,191
21,728,133
27,167,048
22,049,576
(521,823)
(1,082,393)
(3,252,499)
855,500
(855,500)
5,871,348
(3,981,040)
806,825
(806,825)
4,130,000
99,911.00
(4,178,557)
2,673,575
(2,673,575)
12,487,467
150,748
(4,248,226)
1,890,308
$
2011
1,368,485 $
26.88%
51,354
(1,031,039) $
25.59%
175,849
459,491
(459,491)
4,945,000
44,278
(4,210,029)
8,389,989
779,249
5,137,490 $
955,098 $
25.16%
24.36%
-75-
(4,883,202)
(684,937)
474,658
(474,658)
4,250,000
160,285
(2,291,050)
6,181,938
(6,181,938)
2,265,000
87,656
(2,298,222)
2,119,235
(2,763,967) $
36.37%
54,434
(630,503)
22.10%
SKOKIE PARK DISTRICT, ILLINOIS
Financial Trend Information
Fund Balances of Governmental Funds
Last Ten Fiscal Years
(Modified Accrual Basis of Accounting)
Fiscal Year:
2006
2007
2008
2009
General Fund:
Reserved
$
Unreserved
465,649
$
1,871,944
465,439
2,671,469
$
15,055
2,950,546
$
162,353
2,203,319
Nonspendable
-
-
-
-
Restricted
-
-
-
-
Committed
-
-
-
-
Assigned
-
-
-
-
Unassigned
-
-
-
-
Total general fund
2,337,593
3,136,908
2,965,601
2,365,672
59,717
47,497
73,900
55,090
Special revenue funds
2,485,631
2,544,532
3,054,971
3,753,795
Capital projects funds
362,263
71,861
1,668,767
1,867,748
Debt service fund
600,627
408,499
444,363
296,494
Other Governmental Funds
Reserved
Unreserved reported in:
Nonspendable
-
-
-
-
Restricted
-
-
-
-
Committed
-
-
-
-
Assigned
-
-
-
-
Unassigned
-
-
-
-
Total Other
Governmental Funds
Total, All Governmental Funds
(1)
3,508,238
$
5,845,831
$
3,072,389
5,242,001
5,973,127
6,209,297
$ 8,207,602
$ 8,338,799
District implemented GASB 54 in fiscal year 2010. Prior to fiscal year 2010, data is not available.
-76-
Table 4
(1)
2010
$
-
(1)
2011
$
(1)
2012
-
$
(1)
2013
-
$
(1)
2014
-
$
(1)
2015
-
$
-
-
-
-
-
-
-
7,841
31,541
11,220
12,795
7,328
12,111
98,792.00
93,023
105,467
77,599
41,607
461,804
461,804
461,804
461,804
461,804
461,804
-
-
-
-
-
-
2,237,308
2,423,594
2,069,887
2,490,405
3,078,022
2,112,967
2,706,953
3,015,731
2,635,934
3,070,471
3,624,753
2,628,489
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
63,987
80,232
62,502
100,141
58,154
73,266
6,936,344
5,580,282
11,115,299
11,598,221
8,358,266
8,868,953
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
(36,307)
7,000,331
$ 9,707,284
5,660,514
$
8,676,245
11,177,801
$
13,813,735
-77-
11,698,362
$
14,768,833 $
(196,345)
8,380,113
12,004,866
8,745,874
$
11,374,363
Table 5
SKOKIE PARK DISTRICT, ILLINOIS
Revenue Capacity
Assessed and Estimated Actual Value of Taxable Property
Last Ten Tax Levy Years
Tax
Levy
Year
Real
Equalized
Assessed
Value
Property
Estimated
Actual
Value (1)
Total
Direct Tax
Rate
2005
2,456,332,999
7,368,998,997
0.407
2006
2,430,882,300
7,292,646,900
0.436
2007
2,964,969,560
8,894,908,680
0.375
2008
3,174,058,478
9,522,175,434
0.386
2009
3,087,669,164
9,263,007,492
0.383
2010
2,837,727,581
8,513,182,743
0.423
2011
2,537,198,396
7,611,595,188
0.476
2012
2,332,039,820
6,996,119,460
0.518
2013
2,043,505,869
6,130,517,607
0.581
2014 (2)
2,094,601,368
6,283,804,104
0.477
(1) Assessed value is set by the County Assessor on an annual basis.
The assessment level is then adjusted by the state with a County Multiplier based on the factor
needed to bring the average prior year's level up to 33-1/3% of market value.
(2) 2014 levy information is the most recent available.
-78-
Table 6
SKOKIE PARK DISTRICT, ILLINOIS
Revenue Capacity
General Governmental Revenues by Source
Last Ten Fiscal Years
Fiscal
Year
Property
Taxes
Personal
Property
Replacement
Taxes
Charges for
Recreation
Programs (1)
Rentals,
Permits,
and
Fees
Investment
Income
Grants
Other
Total
2006 $ 10,171,096
332,757
6,486,647
1,227,847
147,035
-
429,074
18,794,456
2007
9,734,259
369,858
6,688,225
1,310,944
303,030
-
275,736
18,682,052
2008
10,548,944
407,688
7,477,169
789,699
331,248
-
322,024
19,876,772
2009
10,828,687
357,401
7,609,711
832,079
86,207
-
260,502
19,974,587
2010
13,142,530
296,757
7,703,208
811,204
33,412
-
287,727
22,274,838
2011
11,372,159
366,083
7,890,664
771,130
28,487
-
683,259
21,111,782
2012
11,734,837
322,873
8,041,636
782,179
18,232
273,935
23,773,692
2013
11,782,900
341,732
8,515,492
932,329
31,484
-
300,045
21,903,982
2014
11,770,550
358,137
8,859,254
962,624
30,694
-
302,587
22,283,846
2015
10,371,764
374,727
9,221,052
1,032,544
48,789
-
315,763
21,364,639
2,600,000
(1) In fiscal year 2015, 3,892 activities were offered to the public; of that amount, 86.1% (3,351) were held.
-79-
SKOKIE PARK DISTRICT, ILLINOIS
Revenue Capacity
Principal Taxpayers
2015 and Nine Years Ago
Fiscal Year 2015
Taxpayer
Westfield Corporation
Equalized
Assessed
Valuation(1)
Type of business
Old Orchard Shopping Center
$
Rank
Percent of
Total
Assessed
Valuation(2)
151,253,366
1
7.3%
Village Crossing LLC
Village Crossing Shopping Center
38,744,680
2
1.9%
Forest City
Science/Technology Park
34,741,065
3
1.7%
Zeller Realty Group
Commercial
25,076,471
4
1.2%
Inland Real Estate
Commercial/Retail
19,965,745
5
1.0%
CF02 Skokie LLC
Commercial
18,593,818
6
0.9%
Thomson Reuters
Shopping Center
13,310,495
7
0.6%
Millbrook Skokie LLC
Commercial
12,256,782
8
0.6%
Federal Mogul
Gasket Manufacturer
11,872,947
9
0.6%
Doubletree Hotel
Hotel
11,364,468
10
0.5%
$
337,179,837
(1) Valuations as of January 1, 2012 for 2013 taxing purposes (the most recent information available).
(2) Total valuation of $2,074,099,079 (includes incremental valuation in the Village of Niles
and the Village of Skokie's TIF districts).
Source: Cook County Office
-80-
16.30%
Table 7
Fiscal Year 2006
Taxpayer
LaSalle
Equalized
Assessed
Valuation(3)
Type of business
Old Orchard Shopping Center
$
Rank
Percent of
Total
Assessed
Valuation(4)
138,911,704
1
6.0%
Hamilton Partners
Village Crossing Shopping Center
46,188,439
2
2.0%
Marshall Fields
Retail Store at Old Orchard
27,212,095
3
1.2%
National Tax Service
Office Building
19,594,285
4
0.8%
Orix TMK Old Orchard
Shopping Center
19,315,293
5
0.8%
Forest City
Science/Technology Park
18,619,595
6
0.8%
Mad Getz Long Drive
Office Building
17,807,166
7
0.8%
Federal Mogul
Gasket Manufacturer
16,749,138
8
0.7%
Nordstrom's
Retailer
15,603,874
9
0.7%
Bloomingdales AM Natl
Retailer
14,123,326
10
0.6%
$
334,124,915
(3) Valuations as of January 1, 2004 for 2005 taxing purposes.
(4) Total valuation of $2,307,951,362 (includes incremental valuation in the
the Village of Skokie's TIF districts).
Source: Cook County Office
-81-
14.4%
Table 8
SKOKIE PARK DISTRICT, ILLINOIS
Revenue Capacity
Property Tax Levies and Collections
Last Ten Levy Years
Taxes Levied
for the
Levy Year
Levy
Year
2005
$
Collected Within the Fiscal Year
of the Levy
Percentage
Amount
of Levy
Collections in
Subsequent
Years
Total Collections to Date
Percentage
Amount
of Levy
9,995,790
9,823,779
98.3%
91,152
9,732,627
97.4%
2006
10,589,399
10,498,509
99.1%
123,128
10,375,381
98.0%
2007
11,109,873
10,947,916
98.5%
130,181
10,817,735
97.4%
2008
12,244,923
11,914,310
97.3%
(76,767)
11,991,077
97.9%
2009
11,819,110
11,580,996
98.0%
82,977
11,498,019
97.3%
2010
11,993,240
11,797,714
98.4%
23,971
11,773,743
98.2%
2011
12,058,129
11,687,658
96.9%
(276,252)
11,963,910
99.2%
2012
12,072,257
11,945,142
98.9%
27,638
11,972,780
99.2%
2013
11,862,818
11,713,261
98.7%
-
11,713,261
98.7%
2014
9,991,248
5,102,647
51.1%
-
5,102,647
51.1%
(2)
(1) Includes General, Special Revenue, and Debt Service Funds.
(2) Represents collection of the first installment of 2014 tax collections.
The first installment is an estimated bill and is now 55% of the prior year's tax bill.
installment is normally due September 1; this year the date is August 3, 2015.
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Table 9
SKOKIE PARK DISTRICT, ILLINOIS
Revenue Capacity
Property Tax Rates of Direct and Overlapping Governments (per $100 of assessed value)
Last Ten Fiscal Years
Jurisdiction
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
Park District
0.407
0.436
0.375
0.386
0.383
0.423
0.476
0.518
0.581
0.477
Cook County including
Forest Preserve
0.593
0.557
0.511
0.466
0.464
0.474
0.545
0.594
0.660
0.637
Metropolitan Water
Reclamation
District
0.315
0.284
0.263
0.252
0.261
0.274
0.320
0.370
0.417
0.430
Schools (Districts
69,219, 535)
5.500
6.067
5.379
5.507
6.175
7.055
7.966
8.956
10.177
9.834
Village
1.035
1.070
0.892
0.852
0.887
0.971
1.093
1.190
1.390
1.362
All Others (1)
0.058
0.048
0.038
0.038
0.040
0.045
0.052
0.058
0.063
0.068
Total tax rate
7.908
8.462
7.458
7.501
8.210
9.242
10.452
11.686
13.288
12.808
(1) Includes North Shore Mosquito Abatement, Niles Township, Consolidated Elections, and TB Sanitarium.
(2) 2014 tax rates are the most recent available information
Source: Cook County Clerk
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Table 10
SKOKIE PARK DISTRICT, ILLINOIS
RATIO OF OUTSTANDING DEBT BY TYPE
LAST TEN FISCAL YEARS
General
Obligation
Bonds
Year
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
$
46,323,559
44,275,362
44,109,453
42,921,038
41,499,597
38,270,222
43,361,966
40,726,484
37,361,651
34,105,446
Per Capita
Personal
Income*
$
27,136
27,136
27,136
27,136
27,136
27,136
27,136
32,555
32,868
32,271
Percentage
of Personal
Income
Population*
0.06%
0.06%
0.06%
0.06%
0.07%
0.07%
0.06%
0.08%
0.09%
0.09%
63,585
63,585
63,585
63,585
64,784
64,784
64,784
64,784
64,784
64,784
* See Demographic and Economic Statistics table for personal income and population data.
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Outstanding
Debt per
Capita
729
696
694
675
641
591
669
629
577
526
Table 11
SKOKIE PARK DISTRICT, ILLINOIS
Debt Capacity
Ratios of General Bonded Debt Outstanding
Last Ten Fiscal Years
Fiscal
Year
General
Obligation
Bonds
Less: Amounts
Available in Debt
Service Fund
Total
Debt
Outstanding
Equalized
Assessed
Valuation
Percentage of
Estimated
Actual Taxable
Value of
Property
Population
Gross
Debt
Per
Capita
2006
46,323,559
600,628
45,722,931
7,368,998,997
0.62%
63,585
728.53
2007
44,275,362
409,500
43,865,862
7,292,646,900
0.60%
63,585
696.32
2008
44,109,453
444,363
43,665,090
8,894,908,680
0.49%
63,585
693.71
2009
42,921,038
296,494
42,624,544
9,522,175,434
0.45%
63,585
675.02
2010
41,499,597
713,128
40,786,469
9,263,007,492
0.44%
64,784
640.58
2011
38,270,222
681,550
37,588,672
8,513,182,743
0.44%
64,784
590.74
2012
43,361,966
6,955,026
36,406,940
7,611,595,188
0.48%
64,784
669.33
2013
40,276,484
7,455,883
33,270,601
6,996,119,460
0.48%
64,784
621.70
2014
37,361,651
3,142,592
34,219,059
6,130,517,607
0.55%
64,784
576.71
2015
34,105,446
34,105,446
6,283,804,104
0.54%
64,784
526.45
-
Source: Cook County Assessor
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Table 12
SKOKIE PARK DISTRICT, ILLINOIS
Debt Capacity
Computation of Direct and Overlapping Debt
April 30, 2015
2014 Equalized
Assessed
Valuation (2)
Jurisdiction
Direct Debt:
Skokie Park District
Overlapping Debt:
School District 73
School District 73 1/2
Village of Skokie
School District 68
School District 69
School District 72
High School District 219
Community College
District 535
School District 65
High School District 202
Village of Niles
Niles Public Library
Cook County (Forest
Preserve included)
Metropolitan Water
Reclamation District
Village of Morton Grove
City of Evanston
$
Outstanding
Bonds
2,094,601,368
$
6,515,000 (1)
Percent
Applicable
to District (3)
100.00%
Amount
$
6,515,000
160,239,776
258,208,577
2,121,838,407
862,221,936
373,499,197
393,465,053
3,534,988,980
781,133
4,715,000
54,205,000
2,085,000
9,665,000
2,800,000
152,889,468
100.00%
100.00%
95.93%
90.91%
85.21%
78.14%
58.60%
781,133
4,715,000
51,998,857
1,895,474
8,235,547
2,187,920
89,593,228
19,191,923,740
2,488,951,100
2,488,951,100
1,105,565,111
1,402,491,702
35,370,000
73,939,212
22,650,444
12,420,000
620,000
10.81%
10.37%
10.37%
3.22%
2.54%
3,823,497
7,667,496
2,348,851
399,924
15,748
128,210,547,191
3,639,370,000
1.62%
58,957,794
125,736,187,743
701,928,078
2,244,569,975
2,642,374,005
17,650,000
148,695,000
1.66%
1.57%
0.60%
43,863,408
277,105
892,170
Total Overlapping Debt
$ 277,653,152
Total Direct and Overlapping General Obligation Bonded Debt
$ 284,168,152
(1) Under current Illinois Compiled Statutes (Park Code) General Obligation (Alternate Revenue Source), Park
Bonds do not count under the overall 2.875% of EAV debt limit so long as the debt service levies for such bonds
are abated annually and not extended. Gross general bonded debt shown on this table does not include Alternate
Revenue Source.
(2) 2014 EAV is the most recent available information.
(3 ) Overlapping percentage applicable to the District is determined by the amount of the jurisdiction located
within the District boundary.
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Table 13
SKOKIE PARK DISTRICT, ILLINOIS
Debt Capacity
Legal Debt Margin Information
Last Ten Fiscal Years
Fiscal
Year
Debt
Limit
Applicable
To Limit
Legal Debt
Margin
2006
70,619,574
46,323,559
24,296,015
65.60%
2007
70,619,574
44,275,362
26,344,212
62.70%
2008
69,887,866
44,109,453
25,778,413
63.11%
2009
85,242,875
42,921,038
42,321,837
50.35%
2010
91,254,181
41,499,597
49,754,584
45.48%
2011
88,770,488
38,270,222
50,500,266
43.11%
2012
2013
2014
2015
72,944,454
67,046,145
58,750,794
60,219,789
43,361,966
40,726,484
37,361,651
34,105,446
29,582,488
26,319,661
21,389,143
26,114,343
59.45%
60.74%
63.59%
56.63%
Legal Debt Margin Calculation for Fiscal Year 2015
Assessed value (as of 2014)
$
2,094,601,368 (2)
Debt Limit 2.875% of assessed value
$
60,219,789
Debt applicable to limit
$
34,105,446
Legal debt margin
$
26,114,343
(1) Total net debt applicable to the limit as a percent of debt limit.
(2) 2014 EAV is the most recent available information.
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Percent (1)
Table 14
SKOKIE PARK DISTRICT, ILLINOIS
Demographic and Economic Information
Population, School Enrollment, Unemployment Rate, and Personnel Income
Last Ten Fiscal Years
Fiscal
Year
Population
School
Enrollment
Unemployment
Rate
Total Personal
Income
Per Capita
Personal Income
2006
63,585
11,694
3.50%
57,375
1
27,136
2007
63,348
11,713
3.80%
57,375
1
27,136
2008
63,348
11,812
4.90%
57,375
1
27,136
2009
63,348
12,651
8.10%
57,375
1
27,136
2010
64,784
12,663
8.30%
64,391
2
27,136
2011
64,784
12,675
8.90%
64,391
2
27,136
2012
64,784
12,525
8.40%
64,391
2
27,136
2013
64,784
11,835
7.70%
66,642
3
32,555
2014
64,784
14,184
6.20%
67,030
3
32,868
2015
64,784
14,798
4.92%
65,060
3
32,271
.
1. Based on 2000 Census of Population and Housing.
2. Based on 2010 Census of Population and Housing.
3. Based on 2008-2012 American Community Survey.
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Table 15
SKOKIE PARK DISTRICT, ILLINOIS
Demographic and Economic Information
Principal Employers
2015 and Nine Years Ago
Principal Employers in 2015
Employer
Business/Service
Federal Mogul Corp
Skokie Hospital
Niles Township SD 219
Cook County Circuit Court
Village of Skokie
Continental Electrical Construction Co.
Forsythe Technology
Generation Brands
North Shore University Health System
Gerber Collision & Glass
Rank
Gasket Manufacturer
Hospital
High School District
Second District Courthouse
Municipality
HQ Commercial electrical contr.
Technology/business consulting
HQ & Manufacturing Lighting systems
Medical services
Automotive machine job shop
1
2
3
4
5
6
7
8
9
10
Approximate
Number of
Employees
1,500
1,200
648
513
504
500
500
450
400
350
Percentage
of Total
Employment
4.7%
3.8%
2.0%
1.6%
1.6%
1.6%
1.6%
1.4%
1.3%
1.1%
Principal Employers in 2006
Employer
Rush North Shore Medical Center
Federal Mogul Corp
Niles Township SD 219
Cook County Circuit Court
Village of Skokie
Klein tools
MPC Production Corporation
Forsythe Technology
Rauland Borg
Citation Corporation
Business/Service
Rank
Hospital
Gasket Manufacturer
High School District
Second District Courthouse
Municipality
Manufacturer of hand tools
Manufacturer of Aerospace Equipment
Technology/business consulting
Manufacturing of Communication Equipment
Iron Casting
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1
2
3
4
5
6
7
8
9
10
Approximate
Number of
Employees
1,488
1,450
646
540
499
440
434
360
300
300
Percentage
of Total
Employment
4.6%
4.5%
2.0%
1.7%
1.6%
1.4%
1.4%
1.1%
0.9%
0.9%
Table 16
SKOKIE PARK DISTRICT, ILLINOIS
Operating Information
General Information
April 30, 2015
Date of incorporation
February 3, 1928
Form of government
Board-Director
Area
10.47 square miles
Population
64,784
Parks and facilities
Parks:
Number
49
Acres
248
Facilities:
Playgrounds
35
Swimming Facilities
2
Recreation Centers
3
Indoor skating
2
Nature Center
1
Historical Museum
1
Day Care Center
1
Golf Courses
1
Ball Diamonds
24
Soccer Fields
13
Outdoor tennis courts
40
Picnic areas
19
Indoor running track
1
Miniature golf
1
Driving Range
1
Batting Cages
1
Gymnasium
1
Indoor Rowing Center
1
Dog Park
1
-90-
Table 17
SKOKIE PARK DISTRICT, ILLINOIS
Operating Information
Employee Information
April 30, 2015 Versus April 30, 2006
April 30,
2015
FULL-TIME EMPLOYEES
Corporate
Administration
Maintenance
April 30,
2006
12
18
12
19
Total Corporate
30
31
Recreation
Supervisors
Teachers
Maintenance
27
8
7
27
8
7
Total Recreation
42
42
TOTAL FULL-TIME
72
73
PART-TIME/SEASONAL EMPLOYEES
Corporate
Administration
Maintenance
4
12
5
14
Total Corporate
16
19
Recreation
Supervisors
Teachers
Leaders
Office
Maintenance
42
155
50
127
32
37
133
36
102
25
Total Recreation
406
333
TOTAL PART-TIME/SEASONAL
422
352
GRAND TOTAL
494
425
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