Ski Wee at Villa Olivia A Facility of the Bartlett Park District

Transcription

Ski Wee
at Villa Olivia
A Facility of the Bartlett Park District
BARTLETT PARK DISTRICT
Bartlett, IL
COMPREHENSIVE ANNUAL FINANCIAL REPORT
APRIL 30, 2011 BARTLETT PARK DISTRICT
BARTLETT, ILLINOIS
COMPREHENSIVE ANNUAL
FINANCIAL REPORT
For the Year Ended
April 30, 2011
Rita K. Fletcher
Executive Director
Susan Leninger
Superintendent of Business Services
Prepared by Business Services Department
BARTLETT, ILLINOIS
TABLE OF CONTENTS
Page(s)
INTRODUCTORY SECTION
Principal Officials ........................................................................................................
i
Organizational Chart ....................................................................................................
ii
Certificate of Achievement ..........................................................................................
iii
Letter of Transmittal ....................................................................................................
iv-viii
FINANCIAL SECTION
INDEPENDENT AUDITOR’S REPORT ...................................................................
1-2
GENERAL PURPOSE EXTERNAL FINANCIAL STATEMENTS
Management’s Discussion and Analysis ................................................................. MD&A 1-10
Basic Financial Statements
Government-Wide Financial Statements
Statement of Net Assets.................................................................................
3
Statement of Activities ..................................................................................
4
Fund Financial Statements
Governmental Funds
Balance Sheet............................................................................................
5-6
Reconciliation of Fund Balances of Governmental Funds to
the Governmental Activities in the Statement of Net Assets .................
7
Statement of Revenues, Expenditures and Changes in Fund Balances ....
8-9
Reconciliation of the Governmental Funds Statement of Revenues,
Expenditures and Changes in Fund Balances to the Governmental
Activities in the Statement of Activities .................................................
10
BARTLETT, ILLINOIS
TABLE OF CONTENTS (Continued)
Page(s)
FINANCIAL SECTION (Continued)
GENERAL PURPOSE EXTERNAL FINANCIAL STATEMENTS (Continued)
Basic Financial Statements (Continued)
Fund Financial Statements (Continued)
Notes to Financial Statements .......................................................................
11-31
Required Supplementary Information
Schedule of Revenues, Expenditures, and Changes in
Fund Balances - Budget and Actual
General Fund .................................................................................................
Recreation Fund.............................................................................................
Villa Olivia Fund ...........................................................................................
Illinois Municipal Retirement Fund
Schedule of Funding Progress .......................................................................
Schedule of Employer Contributions ............................................................
Notes to Required Supplementary Information .................................................
32
33-34
35-36
37
38
39-40
SUPPLEMENTARY INFORMATION
Major Governmental Funds
Schedule of Revenues, Expenditures, and Changes
in Fund Balance - Budget and Actual
Debt Service Fund .........................................................................................
41
Nonmajor Governmental Funds
Combining Balance Sheet ..................................................................................
Combining Statement of Revenues, Expenditures, and
Changes in Fund Balances ...............................................................................
Schedule of Revenues, Expenditures, and
Changes in Fund Balance - Budget and Actual
Special Recreation Fund ................................................................................
Illinois Municipal Retirement Fund ..............................................................
Social Security Fund......................................................................................
42-43
44-45
46
47
48
BARTLETT, ILLINOIS
TABLE OF CONTENTS (Continued)
Page(s)
FINANCIAL SECTION (Continued)
SUPPLEMENTARY INFORMATION (Continued)
Nonmajor Governmental Funds (Continued)
Schedule of Revenues, Expenditures, and
Changes in Fund Balance - Budget and Actual
Audit Fund .....................................................................................................
Liability Insurance Fund................................................................................
Paving and Lighting Fund .............................................................................
Developer Donation Fund .............................................................................
49
50
51
52
STATISTICAL SECTION
Financial Trends
Net Assets by Component .......................................................................................
Changes in Net Assets .............................................................................................
Fund Balances of Governmental Funds ..................................................................
Changes in Fund Balances of Governmental Funds ...............................................
Revenue Capacity
Assessed Value and Actual Value of Taxable Property..........................................
Property Tax Rates - Direct and Overlapping Governments - Cook County .........
Property Tax Rates - Direct and Overlapping Governments - DuPage County .....
Property Tax Rates - Direct and Overlapping Governments - Kane County..........
Principal Property Taxpayers ..................................................................................
Property Tax Levies and Collections ......................................................................
Debt Capacity
Ratios of General Bonded Debt Outstanding ..........................................................
Legal Debt Margin Information ..............................................................................
Direct and Overlapping Debt Outstanding ..............................................................
Demographic and Economic Information
Demographic and Economic Statistics....................................................................
Principal Employers ................................................................................................
Operating Information
Employees by Function/Program ............................................................................
Operating Indicators by Function/Program .............................................................
Capital Asset Statistics by Function/Program .........................................................
53
54-55
56
57-58
59
60
61
62
63
64
65
66
67
68
69
70
71
72
INTRODUCTORY SECTION
BARTLETT, ILLINOIS
PRINCIPAL OFFICIALS
April 30, 2011
BOARD OF COMMISSIONERS
Kenneth N. Woods, President
Marianne Cordell
Stephen M. Eckelberry
Theodore J. Lewis
Susan Stocks
James A. Mansfield
Lori A. Palmer
ADMINISTRATION
Rita K. Fletcher
Executive Director/Board Secretary
DEPARTMENT HEADS
Susan Leninger
Steven C. Karoliussen
Superintendent of Revenue Facilities
Jon F. Carlson
Superintendent of Parks and Planning
Kimberly Dasbach
Superintendent of Recreation
-i-
- ii -
Certificate of
Achievement
for Excellence
in Financial
Reporting
Presented to
Bartlett Park District
Illinois
For its Comprehensive Annual
Financial Report
for the Fiscal Year Ended
April30, 2010
A Certificate of Achievement for Excellence in Financial
Reporting is presented by the Government Finance Officers
Association of the United States and Canada to
government units and public employee retirement
systems whose comprehensive annual financial
reports (CAFRs) achieve the highest
standards in government accounting
and financial reporting.
President
Executive Director
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The Bartlett Park District operates under the Board-Manager form of government.
Policy-making authority is vested in the Board of Commissioners, consisting of seven
elected members. The Board appoints the District’s Executive Director, who in turn
hires the heads of the various departments. Commissioners serve six-year terms, with
two or three members elected every two years.
November 2, 2010 the voters in the Bartlett Park District passed an $18,000,000
referendum for three initiatives. The first initiative allowed the Bartlett Park District
to purchase Villa Olivia Country Club located within our boundaries and has been a
goal within our master plan if the property ever became available. The Villa Olivia
Country Club has an 18-hole golf course, ski, snowboard, and tubing hills, as well as
a banquet facility. The other components of the referendum include expansion of the
Bartlett Aquatic Facility and the necessary renovation of Villa Olivia.
The Bartlett Park District provides recreational services and opportunities to the
residents of the Park District. Services provided include recreation programs, park
and facility management, capital development, and general administration.
Recreational facilities operated by the Park District include 44 parks totaling 626
acres, an indoor and outdoor aquatic facility, a skate park, community center, ninehole and eighteen-hole golf courses, nature center, dog park, ski, snowboard, and
tubing hills, banquet facilities, and an assortment of athletic fields, playgrounds and
picnic areas. The Park District participates in the Illinois Municipal Retirement Fund
(IMRF), the Northwest Special Recreation Association (NWSRA), and the Park
District Risk Management Agency (PDRMA). These organizations are separate
entities from the Bartlett Park District. The Park District does not exercise financial
accountability over these agencies. Their financial statements are not included in this
report. Audited financial statements for these agencies are available upon request
from their business offices.
The Board of Commissioners is required to adopt a budget ordinance within or before
the first quarter of each fiscal year. This annual budget serves as the foundation for
the Bartlett Park District’s financial planning and control. The budget is prepared by
fund, function, and department. The Board of Commissioners may amend the
original Budget and Appropriation Ordinance after six months of the start of the fiscal
year by two-thirds vote. Department heads may transfer resources within a
department as they see fit. Such transfers, in the aggregate, may not exceed ten
percent of the total amount appropriated in such fund. All appropriations lapse at
year-end.
-v-
Local Economy
The Village of Bartlett has a reputation as an affluent community located in the
northwestern corridor of the Chicago metropolitan area. The area has grown
substantially over the last few years and there is still quite a bit of undeveloped land
in Bartlett. The Village’s economic base is becoming more diversified and its strong
income and housing indices are well above state levels. The median household
income for Bartlett is $89,538 with an estimated population of 41,200 and the median
age of the Bartlett population is 33.5 years.
The Village maintains a very aggressive economic development program. This year
the Village completed the process of redeveloping the downtown area with upscale
housing, restaurants, retailers, specialty stores, and business services. A Tax
Increment Financing District has been instrumental in creating this commercial area.
A 670-acre mixed-use business park is also being developed through the use of TIF
funds for office, commercial, warehousing and industrial development. Another TIF
area will be developed along Route 59 and Irving Park Roads. Major taxpayers in
Bartlett include a gravel mining company, a flexible metal hose manufacturer, and a
national home repair retailer.
The District’s equalized assessed valuation dropped this year for the first time in 27
years. This is due to the poor economy in the United States. The EAV for the
Bartlett Park District is $1,352,955,996 for 2010. This is a decrease of 4.82%.
Bartlett Park District has the unique distinction of residing within three counties,
DuPage, Cook, and Kane. The largest portion of the Bartlett Park District resides in
DuPage County and the EAV county-wide for DuPage dropped 5.9%. District’s
2010-11 budget is a total of $23,863,124; capital projects total over $12,000,000.
Approximately 56% of the annual operating revenues are from property tax receipts.
Long-term financial planning
The District works closely with a financial advisor to monitor current and future debt
payments within the framework of estimated funding constraints.
For the next several years, developer donations along with grants will be able to fund
the majority of our capital projects. While this amount will diminish over time, the
District is able to keep up with the list of capital projects in the three-year plan.
Due to the tax cap legislation, tax receipts are expected to level off in the coming
year, but hopefully with a change in the economy it will begin to increase annually
soon. The District relies on program revenues to fund about 31% of the budget. In
the near future, an increase in other sources of revenue will be important to keep pace
with rises in operating costs.
- vi -
Relevant Financial Policies
The budget philosophy of the District is to provide a balanced budget that meets the
overall recreational and leisure needs of the community. This is accomplished by a
combination of user fees, tax dollars, developer donations, and other miscellaneous
income. Our goal is to maximize revenues from sources other than tax dollars.
Major Initiatives
Key staff are in the process of researching and documenting results based on the
strategic goals developed by the Board of Commissioners in 2008 and are on target
for the completion of these goals in April 2012.
The Bartlett Park District continues to receive funding from the Illinois Department
of Natural Resources for park development. These funds are being used to develop
Beaver Pond Park and Blue Heron Park this year.
Alternate sources of revenue are being investigated through partnerships. Not only
will this cost sharing and additional revenue potential aid the financial condition of
the District, new recreational and leisure opportunities can be provided.
Awards and Acknowledgements
The Government Finance Officers Association (GFOA) awarded a Certificate of
Achievement for Excellence in Financial Reporting to the Bartlett Park District for its
comprehensive annual financial report (CAFR) for the fiscal year ended April 30,
2010. This was the 9th consecutive year that the Park District has received this
prestigious award. In order to be awarded a Certificate of Achievement, a
governmental unit must publish an easily readable and efficiently organized CAFR
that satisfied both generally accepted accounting principles and applicable legal
requirements.
A Certificate of Achievement is valid for a period of one year only. We believe that
our current CAFR continues to meet the Certificate of Achievement Program’s
requirements and we are submitting it to the GFOA to determine its eligibility for
another certificate.
The Bartlett Park District was selected as a national finalist for the 2009 and 2010
National Gold Medal Award in Parks and Recreation from the National Recreation
and Park Association.
The preparation of the comprehensive annual financial report on a timely basis was
made possible by the dedicated service of the entire Business Services Department.
We would like to express our appreciation to all of those employees who assisted and
- vii -
contributed to its preparation.
We would also like to thank the Board of
Commissior1ers for their interest and support in planning and conducting the financial
operations of the district in a responsible and progressive manner.
Respectfully submitted,
,t;;;_W cf~&I:JZAJ
Susan E. Leninger
Rita K. Fletcher
Executive Director
- viii -
FINANCIAL SECTION
GENERAL PURPOSE EXTERNAL
FINANCIAL STATEMENTS
Management’s Discussion and Analysis
April 30, 2011
As management of the Bartlett Park District (the “District”), we offer readers of the Park District's
financial statements this narrative overview and analysis of the activities of the Bartlett Park District
for the fiscal year ended April 30, 2011. This letter will summarize the financial highlights of the
District, present an overview of the District’s financial position, evaluate the District’s recent
activities resulting in net asset changes, examine significant differences between the original budget
and the final amended budget, and final results, review material changes in capital assets and longterm debt, and recognize current facts or conditions that will impact the District. We encourage
readers to consider the information presented here in conjunction with additional information that
we have furnished in our letter of transmittal in the introductory section of this report.
The financial statements are prepared in accordance with generally accepted accounting principles
(GAAP), and follow the guidelines of the Governmental Accounting Standards Board (GASB). In
1999, GASB adopted Statement Number 34, “Basic Financial Statements - Management Discussion
and Analysis - For State and Local Governments.” This standard requires financial reporting for the
District in conformity with full accrual accounting, including the reporting of all capital assets net of
depreciation.
This has been an extraordinary year for the Bartlett Park District. It has always been in the Master
Plan that if Villa Olivia Country Club would be available for purchase the park district would pursue
the purchase of the facility. We signed an agreement contingent on the passage of a referendum by
the taxpayers of Bartlett Park District to purchase Villa Olivia. On November 2, 2010 an EighteenMillion Dollar referendum was passed by the taxpayers. The referendum was divided into 3 parts of
$6,000,000 each for the purchase of Villa Olivia, the renovation of Villa Olivia, and the renovation
of the Bartlett Aquatic Facility.
On December 27, 2010 the Bartlett Park District purchased Villa Olivia. Villa Olivia is comprised
of an 18-hole golf course, a ski facility that includes ski hills, snowboard hills, and a tubing hill, as
well as a banquet facility. Bartlett Park District is the first park district in Illinois to have a ski
facility. An amended budget was prepared by the Bartlett Park District to anticipate the revenues
and expenses for this new fund for the four-months of activity. Two capital project funds were also
created to account for the Villa Olivia renovation and the Bartlett Aquatic Facility renovation.
FINANCIAL HIGHLIGHTS

The total assets of the Bartlett Park District exceeded its liabilities at the close of the
fiscal year by $25,691,249 ($24,397,490 at April 30, 2010). Of this amount,
$4,828,092 is unassigned and available to meet ongoing and future obligations
($2,693,168 at April 30, 2010).

The District’s net assets increased by $1,293,759 (or 5%) during the fiscal year
ending April 30, 2011.
MD&A 1

The District's combined Governmental Funds has changed dramatically since last
fiscal year. The Developer Donation Fund is no longer in the major fund category.
Three new funds have been added to this section and they are Villa Olivia, BAC
Improvement and Villa Olivia Renovation. The total fund balances for the
Governmental Funds is $17,681,863.

Governmental debt outstanding is $34,190,000 compared to $17,435,000 last year,
reflecting a 53% increase which attributable to the Series 2010 $18,000,000 bond
issue.
OVERVIEW OF THE FINANCIAL STATEMENTS
This discussion and analysis is intended to serve as an introduction to the District's basic financial
statements. The District's basic financial statements comprise three components: (1) governmentwide financial statements, (2) fund financial statements, and (3) notes to the financial statements.
This report also contains other supplementary information in addition to the basic financial
statements.
Government-wide Financial Statements: The government-wide financial statements are highly
condensed and present information about the District's finances and operations as a whole, with a
longer-term view. These statements are designed to provide readers with a broad overview of the
District's finances, in a manner similar to a private sector business. Within this view, all District
operations are categorized and reported as governmental activities in a manner similar to a private
sector business using the economic resources measurement focus and the accrual basis of
accounting.
The Statement of Net Assets (page 3) presents information on all of the District's assets and liabilities,
with the difference between the two reported as net assets. Over time, increases or decreases in net
assets may serve as a useful indicator of whether the financial position of the District is improving
or deteriorating.
The Statement of Activities (page 4) presents information showing how the District’s net assets
changed during the most recent fiscal year. All changes in net assets are reported as soon as the
underlying event giving rise to the change occurs, regardless of the timing of the related cash flows.
Thus, revenues and expenses are reported in this statement for some items that will only result in
cash flows in future fiscal periods (e.g., uncollected taxes and earned but unused vacation leave).
Both of the government-wide financial statements display functions of the District that are
principally supported by taxes and intergovernmental revenues and user fees (governmental
activities. The governmental activities of the District include general government, culture and
recreation, ski, golf, and banquet and interest on long-term debt.
Fund Financial Statements: A fund is a grouping of related accounts that is used to maintain
control over resources that have been segregated for specific activities or objectives. The District,
like other local governments, uses fund accounting to ensure and demonstrate compliance with
finance-related legal requirements. All of the funds of the District are considered governmental
funds.
MD&A 2
Governmental Funds: Governmental funds are used to account for essentially the same functions
reported as governmental activities in the government-wide financial statements. However, unlike
the government-wide financial statements, governmental fund financial statements focus on shortterm inflows and outflows of spendable resources, as well as on balances of spendable resources
available at the end of the fiscal year. Such information may be useful in evaluating a government's
near-term financing requirements.
The short-term focus of governmental funds is narrower than that of the government-wide financial
statements, making it useful to compare the information presented for governmental funds with
similar information presented for governmental activities in the government-wide financial
statements. By doing so, readers may better understand the long-term impact of the government's
near-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
facilitate this comparison between governmental funds and governmental activities. These latter
statements provide a ready comparison to similar financial statements produced prior to the
District's implementation of GASB Statement Number 34.
The District maintains sixteen individual government funds. Information is presented separately in
the governmental fund balance sheet and in the governmental fund statement of revenues,
expenditures and changes in fund balances for the four funds that are considered to be major funds.
Major funds are those whose revenues, expenditures/expenses, assets or liabilities are at least ten
percent of the total for their fund category or type (governmental or enterprise) and at least five
percent of the aggregate amount for all governmental and enterprise funds. Any fund may be
reported as a major fund if management considers the fund particularly important to financial
statement users. Data from the other governmental funds are combined into a single aggregated
presentation. Individual fund data for each of the non-major governmental funds is provided in the
form of combining statements see pages 42 to 52.
Non-Major Funds
General
Special Recreation
Recreation
Debt Service
Social Security
Villa Olivia
Audit
BAC Improvement (Capital Project)
Liability Insurance
Villa Olivia Renovation (Capital Project)
Paving and Lighting
Working Cash
Developer Donations (Capital Projects)
Quadra-centennial Fund
William R. Leiseberg Memorial Fund
The District adopts annual appropriated budgets for all of its governmental funds, except the BAC
Improvement Fund, Villa Olivia Renovation Fund, Quadra-centennial Fund, William R. Leiseberg
Memorial Fund, and Working Cash Fund. Budgetary comparison statements have been provided to
demonstrate compliance with these budgets, and are shown on pages 32-34 for the General and
Recreation Funds, pages 35 and 36, for the Villa Olivia Fund, and page 41 for the Debt Service
Fund, and pages 42-52 for the remaining budgeted funds.
MD&A 3
Notes to the Financial Statements: The notes provide additional information that is essential to a
full understanding of the data provided in the government-wide and fund financial statements. The
notes to the financial statements can be found on pages 11-31 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. Required supplementary
information can be found starting on page 32 of this report. The combining statements referred to
earlier in connection with non-major governmental funds are presented immediately following the
required supplementary information on pensions. Combining and individual fund statements and
schedules can be found starting on page 32 of this report.
The major components of the financial statements are the overall Statement of Net Assets and the
overall Statement of Activities. The Statement of Net Assets shows the amount that total District
assets exceed total liabilities that may be considered the current value of net worth for the District.
The Statement of Activities reflects the overall operations of the District for the past year, excluding
revenues from taxes, interest and miscellaneous items. This demonstrates how effectively the
District operates on a business level model. It shows how the District might fare as a business,
without the support of auxiliary revenues.
Government-wide Financial Analysis
Statement of Net Assets: As noted earlier, net assets may serve over time as a useful indicator of a
government's financial position. In the case of the District, assets exceed liabilities by $24,397,490 at
the close of the most recent fiscal year including. Net assets have increased by $1,204,043 from the
prior year, which indicates that the District's overall financial position has improved.
Table 1
Statement of Net Assets
Governmental Activities
2011
2010
$25,394,842
$11,602,254
$42,565,679
$36,375,608
$67,960,521
$47,977,862
Current and other assets
Capital Assets
Total Assets
Liabilities
Current and other liabilities
Long-term liabilities
Due within one year
Due in more than one year
Total Liabilities
$7,821,298
$5,982,958
$1,395,817
$33,052,157
$42,269,272
$1,261,241
$16,336,173
$23,580,372
Net Assets
Invested in capital assets, net of debt
Restricted
Unrestricted
Total of Net Assets
$20,305,024
$558,133
$4,828,092
$25,691,249
$18,940,608
$2,763,643
$2,693,239
$24,397,490
MD&A 4
By far the largest portion of the District's net assets (79%) reflects its investment in capital assets
(e.g., land, building, and machinery); less any related debt used to acquire those assets that is still
outstanding. The District uses these capital assets to provide services to the citizens; consequently,
these assets are not available for future spending. 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 the capital assets themselves cannot be used to liquidate
these liabilities. An additional portion of the District's net assets (5 .6%) represents resources that
are subject to external restrictions on how they may be used. The remaining balance of unrestricted
net assets may be used to meet the District's ongoing obligations to the citizens and creditors.
There are restrictions on the $558,133 of the District’s net assets. These restrictions represent legal
or contractual obligations on how the assets may be expended, specifically for the repayment of debt
or voter restricted expenditures for renovations. The remaining $4,828,092 represents unrestricted
assets and may be used to meet the District’s ongoing obligations to citizens and creditors.
For more detailed information, see Statement of Net Assets on page 3.
A summary of the Changes in Net Assets is shown in Table 2 with a comparison to the prior year.
Table 2
Changes in Net Assets
2011
2010
Revenues
Program Revenue
Charges for services
Operating grants
Capital grants
General revenue
Property taxes
Replacement taxes
Investment income
$4,291,958
$15,541
$172,529
$3,097,656
$10,225
$151,487
$6,035,067
$19,468
$23,739
$5,938,834
$17,514
$31,213
$36,569
$10,594,871
$52,502
$9,299,431
Expenses
Program Expenses
General government
Culture and recreation
Ski, golf, and banquet
Interest and fiscal charges
Total Expenses
$2,842,596
$4,479,855
$930,533
$1,048,128
$9,301,112
$2,733,657
$4,741,976
Change in Net Assets
$1,293,759
$1,204,043
Net Assets, May 1
$24,397,490
$23,193,447
Net Assets April 30
$25,691,249
$24,397,490
Miscellaneous
Total Revenues
MD&A 5
$619,755
$8,095,388
The District’s net assets increased $1,293,759. The primary reason was the acquisition of Villa
Olivia.
The cost of all governmental activities this year was $9,301,112. General government expenses,
which primarily reflect the support services needed to provide the recreational program and services,
accounted for 30.6% of total expense or $2,842,596. Culture and recreation expenses captured
48.2% of the total expenses or $4,479,855. Culture and recreation expenses reflect expenses
associated with providing recreation programming and services. Ski, golf, and banquet expenses,
which are the expenses associated with the operation of Villa Olivia accounted for 10% of the total
expenses. Interest and fiscal charges were $1,048,128 a 69% increase over the previous fiscal year
was due to the additional expenses associated with issuing the $18,000,000 bond issue.
The cost of each of the District’s largest functions, as well as program’s net cost (total cost less
revenues generated by the activities) are shown in Table 3. The net cost shows the financial burden
placed on the District’s taxpayers by each function in comparison to the benefits they believe are
provided by that function.
General Government
Culture and Recreation
Ski, golf, and banquet
Interest
Total Expenses
Table 3
Total Cost of Services
2011
2010
$2,842,596 $2,733,657
$4,479,855 $4,741,976
930,533
$1,048,128
$619,755
$9,301,112 $8,095,388
Net Cost of Services
2011
2010
$2,821,315 $2,720,376
$1,050,528 $1,495,889
($98,887)
$1,048,128
$619,755
$4,821,084 $4,836,020
FINANCIAL ANALYSIS OF THE DISTRICT'S FUNDS
As noted earlier, the District uses fund accounting to ensure and demonstrate compliance with
finance-related legal requirements.
Governmental Funds: The focus of the District's governmental funds is to provide information
on short-term inflows, outflows, and balances of spendable resources. This information is useful in
assessing the District's financing requirements. In particular, unreserved fund balance may serve as a
useful measure of a government's net resources available for spending at the end of the fiscal year.
The District’s major governmental funds are the General, Recreation, Debt Service, Villa Olivia,
BAC Improvement, and Villa Olivia Renovation..
MD&A 6
Revenues
The following charge shows the major sources of governmental funds revenue for the year ended
April 30, 2011.
Taxes
Program Revenue
Charges for Services
Sales and Rental Revenue
Intergovernmental
Developer Donations
Investment Income
Miscellaneous
Total Revenue
Total Revenues increased $1,295,440 to $9,299,431 for the fiscal year ending April 30, 2011. The
increase in revenue reflect a $254,993 increase in property tax revenue, a $1,186,166 increase in
charges for services, and a $7,474 decrease in investment income summarize the major changes in
revenue. The CPI increase for the fiscal year was responsible for the increase in taxes. Charges for
services increase because of the Villa Olivia programs. Unfortunately interest rates continue to drop
and therefore interest income has decreased.
Property tax revenue represented the largest portion of the revenue base, generating 59% of the
total. Property taxes fund governmental activities, including but not limited to, the District’s
contribution to the Illinois Municipal Retirement Fund, Social Security, Audit, Special Recreation,
and Liability funds.
Charges for services accounted for 40% of total revenues. Because the District does not receive
100% of its funding through property tax revenue, it must charge a fee for programs and services
that it provides to its residents in order to cover all costs associated with those program offerings.
Pricing of programs is evaluated each year before the preparation of the following fiscal year budget
and are based on the Board approved revenue policy.
Expenses
The total cost of providing all programs and services for the governmental funds of the District was
$9,301,112 compared to $8,095,388 for the previous fiscal year.
The following chart shows the major expenses of the governmental funds for the year ended April
30, 2011.
General government
Capital outlay
Debt service
MD&A 7
Expenditures: The largest component of expenditures was capital outlay of $6,642,488 for the
purchase of Villa Olivia. Culture and Recreation function and included all expenditures (i.e. payroll,
materials and supplies, contractual services, etc.) related to the maintaining of activities and events
offered to our residents. This also includes the facility operation and maintenance expenditures
related to our community center, aquatic facility, and golf course. These expenditures totaled
$5,901,133.
The third largest component was the General Government function that includes all expenses
related to the maintenance of our 44 parks, as well as administrative expenditures. This expenditure
totaled $2,704,627.
Fund Balances
Governmental funds reported a combined total of $10,594,871 of revenues and $16,666,969 in
expenditures. Other financing sources were $18,128,322, the majority of which is the 2010 Bond
Issue resulted in $12,053,224 fund balance for the current fiscal year. The combined fund balance
of all governmental funds at April 30, 2011 was $17,681,863.
CAPITAL ASSETS AND DEBT ADMINISTRATION
Capital Assets
As of April 30, 2011, the District had $36,375,608 in capital assets (net of accumulated depreciation),
as reflected in the following table. This is a $173,746 decrease from April 30, 2009. The primary
reason was an increase in depreciation from the major park developments partially funded through
OSLAD grants the past few years.
Table 4
Capital Assets (net of depreciation at April 30, 2011)
2011
Capital assets not being depreciated
Land
$20,331,018
Construction in Progress
$594,113
Land improvements
$3,188,033
Buildings and improvements
$23,768,301
$14,931,018
$152,209
$2,809,541
$23,234,559
Machinery and equipment
Vehicles
Total accumulated depreciation
Total capital assets being depreciated
$3,030,493
$349,938
$8,132,,150
$36,375,608
$3,338,848
$349,938
$9,004,572
$42,565,679
MD&A 8
2010
Major capital highlights for fiscal year 2010-11 included the following:
Acquisition of Villa Olivia Country Club including buildings, golf carts, and mowers
New Sprinkler System for Villa Olivia
Greensmaster Mower for Apple Orchard Golf Course
Construction on Bartlett Aquatic Facility
Construction on Villa Olivia Renovation
Construction on Blue Heron Park
New Playground at Windy Oaks Park
New Playground at Regency Oaks Park
Completion of the Administration Building ADA Walkway
Bartlett Community Center Parking Lot Paving
Apple Orchard West Basketball Court Renovation
New Carpeting at the Bartlett Community Center LIFECenter
For more information on the District’s capital assets, see Note 5 in the notes to the financial
statement.
Debt Administration
As of April 30, 2011 total debt outstanding was $34,447,974 compared to $17,597,414 last year,
reflecting a 96% increase. This is due to the 2010 Bond Issue of $18,000,000.
The total outstanding debt includes $3,945,000 in Series 2006A bonds; $7,095,000 in Series 2008A,
$2,735,000 in Series 2008B, and $2,415,000 in Series 2008C General Obligation Refunding Park
Bonds and $18,000,000 in Series 2010 General Obligation Build America Bonds.
The District computation of legal debt margin is subject to a statutory debt limitation of 2.875% of
equalized assessed valuation with referendum and 0.575% of equalized assessed valuation without
referendum. The schedule is shown on page 66.
BUDGETS AND RATES FOR 2011-12
The 2011-12 fiscal year total budget is $23,332,623. This includes capital project expenses for the
Bartlett Aquatic Center and the renovation of Villa Olivia for a total of $10,930,008. The Consumer
Price Index for relating to the property taxes to be received in this fiscal year is 1.5%. Property taxes
have been the largest source of revenue for the District but the poor economy has reduced the
Equalized Assessed Valuation of the property in the district combined with a low CPI has kept
growth in taxes limited. In the upcoming fiscal year, particularly during this time of economic
weakness and uncertainty it is important that we remain vigilant in our attempts to control our costs
at all levels.
Another concern with the current year fiscal budget is the capital project funds. The timing for
various permits to move forward with construction has been slow. In the case of the Villa Olivia
Renovation Fund we have had to push back the start date by six-months. The delays with the
Bartlett Aquatic Facility Renovation Fund have not been as dramatic but we have determined that
the opening of the new section may also be delayed.
MD&A 9
The District is committed to providing all its services and operations in a responsive, efficient, and
cost-effective manner while retaining the high level of service to our residents. Capital projects are
reviewed several times during the budget process. This year capital expenditures including the new
capital project funds are expected to be $12,287,001 the capital budget includes the following
projects:
Cargo Van
Z-Mower
Beaver Pond Park completion
Blue Heron Park completion
Centennial Park playground replacement
Kjar Park playground replacement
Thor Guard replacement
Carpet replacement in the Oak Room, Preschool, and Registration office
LIFECenter equipment replacement
Golf utility cart
Snow maker retrofit
Ski Hill snow machine
Mower Lease for Villa Olivia
ADA improvements at various parks and buildings
Technology equipment
DECISIONS EXPECTED TO HAVE AN EFFECT ON FUTURE OPERATIONS
Many trends and economic factors can affect the future operations of the District and are
considered during the budgeting and capital project planning.
The District is facing several challenges now and in upcoming budget years regarding ongoing
management and maintenance. Although the District is well-positioned financially to meet these
challenges, care must be taken to ensure that the District remains in a strong financial position to
address these areas.
The key to continued future financial health for the District is sound planning. This includes
conservative revenue projections for future years, growth in programs that are in demand, the
pursuit of non-tax revenue resources, managing expenses, and maintaining fund balances.
The District will continue to have a strong on-going preventative maintenance, capital replacement,
and infrastructure improvement program. District staff plays a key role providing input into the
repairs and replacement of high-ticket items in the Capital Project budget.
Contacting the District’s Financial Management
This financial report is designed to provide residents, taxpayers, and customers with a general
overview of the Bartlett Park District’s finances, and to demonstrate the District’s fiscal
accountability for its operations. Questions concerning this report or requests for additional
information should be addressed to Ms. Susan Leninger, Superintendent of Business Services, 696
West Stearns Road, Bartlett, Illinois 60103.
MD&A 10
BARTLETT, ILLINOIS
STATEMENT OF NET ASSETS
April 30, 2011
Governmental
Activities
ASSETS
Cash and investments
Property taxes receivable (net, where
applicable, of allowances for uncollectibles)
Other receivables
Prepaid expenses
Inventory
Deferred charges
Capital assets being depreciated (net of
accumulated depreciation)
Total assets
$ 18,630,260
5,897,957
241,694
43,958
117,028
463,945
20,925,131
21,640,548
67,960,521
LIABILITIES
Accounts payable
Accrued interest payable
Accrued payroll
Unearned revenue
Noncurrent liabilities
Due within one year
Due in more than one year
Total liabilities
579,229
572,264
94,640
6,575,165
1,395,817
33,052,157
42,269,272
NET ASSETS
Invested in capital assets, net of related debt
Restricted for
Debt service
Special recreation
Special purposes
Liability insurance
Working cash
Unrestricted
TOTAL NET ASSETS
See accompanying notes to financial statements.
-3-
20,305,024
57,154
383,828
21,598
41,195
54,358
4,828,092
$ 25,691,249
BARTLETT, ILLINOIS
STATEMENT OF ACTIVITIES
For the Year Ended April 30, 2011
FUNCTIONS/PROGRAMS
PRIMARY GOVERNMENT
Governmental activities
General government
Ski, golf, banquet
Charges
for Services
Expenses
$ 2,842,596
4,479,855
930,533
1,048,128
Total governmental activities
TOTAL PRIMARY GOVERNMENT
$
9,301,112
$ 9,301,112
318
3,262,220
1,029,420
-
Program Revenues
Operating
Grants
$
4,291,958
$
4,291,958
7,193
8,348
-
Capital
Grants
$
15,541
$
15,541
$
13,770
158,759
-
Net (Expense)
Revenue and
Change in
Net Assets
Governmental
Activities
$
172,529
(4,821,084)
172,529
(4,821,084)
General revenues
Taxes
Property
Replacement
Investment income
Miscellaneous
6,035,067
19,468
23,739
36,569
Total
6,114,843
CHANGE IN NET ASSETS
1,293,759
NET ASSETS, MAY 1
NET ASSETS, APRIL 30
-4-
(2,821,315)
(1,050,528)
98,887
(1,048,128)
24,397,490
$
25,691,249
BARTLETT, ILLINOIS
BALANCE SHEET
GOVERNMENTAL FUNDS
April 30, 2011
Debt
Service
General
Recreation
$ 2,626,753
$ 2,193,115
2,125,910
4,603
457,557
-
471,466
14,496
2,257
2,274,214
-
$ 5,214,823
$ 2,681,334
$ 2,331,461
$
$
$
ASSETS
Receivables
Property taxes
Accounts
Other
Due from other funds
Prepaid items
Inventories
TOTAL ASSETS
$
57,247
LIABILITIES AND FUND BALANCES
LIABILITIES
Accounts payable
Accrued payroll
Unearned revenues
Property taxes
Other
Due to other funds
Total liabilities
FUND BALANCES
Nonspendable for working cash
Nonspendable for prepaid items
Nonspendable for inventory
Restricted for debt service
Restricted for special recreation
Restricted for special purpose
Restricted for insurance
Restricted for capital projects
Assigned for fund purposes
Unassigned
General
Special revenue
42,682
11,201
471,466
587,958
-
2,274,214
-
2,179,793
1,193,603
2,274,214
2,257
1,485,474
57,154
93
3,035,030
-
TOTAL LIABILITIES AND
FUND BALANCES
-5-
-
2,125,910
-
-
Total fund balances
89,863
44,316
-
-
3,035,030
1,487,731
57,247
$ 5,214,823
$ 2,681,334
$ 2,331,461
Villa
Olivia
$
825,056
BAC
Improvement
Villa Olivia
Renovation
$ 5,678,726
$ 5,958,907
17,374
4,450
114,771
-
Nonmajor
Totals
Governmental Governmental
Funds
Funds
$ 1,290,456
$ 18,630,260
1,026,367
205,221
39,508
-
5,897,957
36,473
205,221
457,557
43,958
117,028
-
$
961,651
$ 5,678,726
$ 5,958,907
$ 2,561,552
$ 25,388,454
$
395,648
39,038
$
$
$
$
9,594
-
27,536
85
579,229
94,640
429,522
-
89,250
-
1,026,367
28,035
5,897,957
677,208
457,557
864,208
13,906
98,844
1,082,023
7,706,591
4,450
114,771
-
5,663,070
1,750
5,858,314
1,749
54,358
39,508
383,828
21,598
41,195
3,478
963,599
54,358
43,958
117,028
57,154
383,828
21,598
41,195
11,524,862
2,452,665
(21,778)
$
13,906
-
-
-
(28,035)
3,035,030
(49,813)
97,443
5,664,820
5,860,063
1,479,529
17,681,863
961,651
$ 5,678,726
$ 5,958,907
$ 2,561,552
$ 25,388,454
-6-
BARTLETT, ILLINOIS
RECONCILIATION OF FUND BALANCES OF GOVERNMENTAL FUNDS TO THE
GOVERNMENTAL ACTIVITIES IN THE STATEMENT OF NET ASSETS
April 30, 2011
FUND BALANCES OF GOVERNMENTAL FUNDS
$
17,681,863
Amounts reported for governmental activities in the
statement of net assets are different because:
Capital assets used in governmental activities are
not financial resources and, therefore, are not
reported in the governmental funds
42,565,679
Unamortized bond issuance costs are shown as an asset
on the statement of net assets
463,945
Accrued interest on long-term liabilities is shown as a liability
on the statement of net assets
(572,264)
Long-term liabilities are not due and payable in the
current period and, therefore, are not reported in
governmental funds:
General obligation bonds
Premium on bonds
Capital leases
Compensated absences
NET ASSETS OF GOVERNMENTAL ACTIVITIES
-7-
(34,190,000)
(31,893)
(57,110)
(168,971)
$
25,691,249
BARTLETT, ILLINOIS
STATEMENT OF REVENUES, EXPENDITURES,
AND CHANGES IN FUND BALANCES
GOVERNMENTAL FUNDS
General
REVENUES
Taxes
Property taxes
Replacement taxes
Program revenue
Golf
Ski
Banquet and restaurant
Sales and rental revenue
Intergovernmental
Developer donations
Investment income
Miscellaneous
$ 2,838,222
19,468
-
Debt
Service
Recreation
658,523
2,947,004
$ 1,357,817
-
4,603
12,722
11,963
202,931
104,652
2,708
39,208
93
-
2,886,978
3,955,026
1,357,910
2,003,297
-
3,620,172
92,772
324,621
99,945
12,948
-
945,000
491,842
2,427,863
3,725,892
1,436,842
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES
459,115
229,134
(78,932)
OTHER FINANCING SOURCES (USES)
Transfers in
Transfers (out)
Proceeds from capital leases
Bond proceeds
Premium of bonds
Proceeds from sale of capital assets
400
(250,000)
69,654
1,750
150,000
25,025
-
-
(178,196)
175,025
-
280,919
404,159
(78,932)
2,754,111
1,083,572
$ 3,035,030
$ 1,487,731
Total revenues
EXPENDITURES
Current
General government
Ski, golf, banquet
Capital outlay
Debt service
Principal
Total expenditures
Total other financing sources (uses)
NET CHANGES IN FUND BALANCES
FUND BALANCES, MAY 1
FUND BALANCES, APRIL 30
-8-
$
-
136,179
$
57,247
Villa
Olivia
$
BAC
Improvement
-
$
-
$
-
Nonmajor
Governmental
Funds
Totals
Governmental
Funds
$
$
1,180,506
-
6,035,068
19,468
2,947,004
13,129
647,703
365,229
3,174
1,517
1,750
-
1,749
-
158,759
13,599
4,717
3,125
216,060
647,703
365,229
107,826
163,362
13,599
23,739
55,813
1,030,752
1,750
1,749
1,360,706
10,594,871
228,429
5,924,715
701,330
540,428
393,796
2,704,627
4,160,600
930,533
6,642,488
119,132
238,233
933,309
347,561
6,162,948
97,443
(345,811)
(6,161,199)
(274,848)
(6,075,098)
930,533
2,776
-
$
Villa Olivia
Renovation
-
1,282,569
949,152
1,635,554
16,669,969
-
6,000,000
10,631
-
12,000,000
21,262
-
100,000
(400)
-
250,400
(250,400)
94,679
18,000,000
31,893
1,750
-
6,010,631
12,021,262
99,600
18,128,322
97,443
5,664,820
5,860,063
(175,248)
12,053,224
-
-
-
97,443
$
5,664,820
$
5,860,063
1,654,777
$
1,479,529
5,628,639
$
17,681,863
-9-
BARTLETT, ILLINOIS
RECONCILIATION OF THE GOVERNMENTAL FUNDS STATEMENT OF REVENUES,
EXPENDITURES AND CHANGES IN FUND BALANCES TO THE
GOVERNMENTAL ACTIVITIES IN THE STATEMENT OF ACTIVITIES
NET CHANGES IN FUND BALANCES TOTAL GOVERNMENTAL FUNDS
$
12,053,224
Amounts reported for governmental activities in the statement of
activities are different because:
Governmental funds report capital outlay as expenditures; however, they are
capitalized and depreciated in the statement of activities
7,073,991
Depreciation on capital assets is reported as an expense in the statement of activities
(880,806)
The issuance of bonds and capital leases is reported as liabilities on the
statement of net assets
Bond premium
Bonds issued
Capital leases issued
(31,893)
(18,000,000)
(94,679)
The change in the compensated absences liability is reported as an
expense on the statement of activities
(6,557)
The repayment of long-term debt is reported as an expenditure when due
in governmental funds but as a reduction of principal outstanding in the
statement of activities
1,282,569
The issuance costs on bonds issued are reported as assets on the statement
of net assets
257,350
The amortization of bond issuance costs is not reported in governmental funds,
but is reported in the statement of activities
(11,221)
Some expenses in the statement of activities do not require the use of current
financial resources and, therefore, are not reported as expenditures in
governmental funds:
Loss on disposal of capital assets
(3,114)
The change in accrued interest is shown as interest expense on the
statement of activities
CHANGES IN NET ASSETS OF GOVERNMENTAL ACTIVITIES
- 10 -
(345,105)
$
1,293,759
BARTLETT, ILLINOIS
NOTES TO FINANCIAL STATEMENTS
April 30, 2011
1.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The financial statements of the Bartlett Park District (the District) have been prepared in
conformity with accounting principles generally accepted in the United States of America,
as applied to government 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.
a.
Reporting Entity
The District operates under a Board-Manager form of government and provides
services, which include: preservation of open space and programming of recreation
activities and operating recreational facilities, including outdoor swimming, golf,
tennis, and playgrounds.
The accompanying financial statements present the District only since the District
does not have component units. The District has a separately elected board, the
power to levy taxes, the authorization to expend funds, the responsibility to designate
management, and the ability to prepare and modify the annual budget and issue debt.
Therefore, the District is not included as a component unit of any other entity.
b.
Fund Accounting
The District uses funds to report on its financial position and the changes in its
financial position. Fund accounting is designed to demonstrate legal compliance and
to aid financial management by segregating transactions related to certain
governmental functions or activities. A fund is a separate accounting entity with a
self-balancing set of accounts.
Funds are classified as governmental. Each category, in turn, is divided into separate
fund types.
Governmental funds are used to account for all or most of a government’s general
activities, including the collection and disbursement of restricted monies (special
revenue funds), the acquisition or construction of capital assets (capital projects
funds), the servicing of governmental long-term debt (debt service funds), and the
resources legally restricted to the extent that only earnings, and not principal, may be
spent (permanent funds). The general (corporate) fund is used to account for all
activities of the government not accounted for in some other fund.
11 --- 11
BARTLETT, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
1.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
c.
Government-Wide and Fund Financial Statements
The government-wide financial statements (i.e., the statement of net assets 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 user fees and charges for support.
The statement of activities demonstrates the degree to which the direct expenses of a
given function, segment, or program are offset by program revenues. Direct
expenses are those that are clearly identifiable with a specific function or segment.
Program revenues include (1) charges to customers or applicants who purchase, use,
or directly benefit from goods, services, or privileges provided by a given function or
segment and (2) 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. Contributions of land by developers under land/cash ordinances
are reported as general revenues - contributions on the statement of activities.
Separate financial statements are provided for governmental funds. Major individual
governmental funds are reported as separate columns in the fund financial
statements.
The District reports the following major governmental funds:
The General Fund is the general operating fund of the District. It is used to
account for all financial resources except those required, legally or by sound
financial management, to be accounted for in another fund.
The Recreation Fund is used to account for revenue and expenditures related to
recreation programs funded by a restricted tax levy and user fees.
The Debt Service Fund is used to account for the payment of principal and
interest on the District’s governmental activities debt. The principal source of
revenue is property taxes restricted to debt service.
The Villa Olivia Fund is used to account for the operations of the 18-hole golf
course, ski and tubing hill, and the banquet facility. Financing is provided
from fees charged for the programs committed to this facility and activities.
12 --- 12
BARTLETT, ILLINOIS
1.
c.
Government-Wide and Fund Financial Statements (Continued)
The BAC Improvement Fund is used to account for the renovation of the
Bartlett Aquatic Facility. Financing is provided from the restricted general
obligation Build America Park Bonds issued in December 2010. It is used
principally to account for capital expenditures.
The Villa Olivia Renovation Fund is used to account for the renovation of the
former Villa Olivia Country Club which was purchased by the Bartlett Park
District on December 27, 2010. Financing is provided from the restricted
general obligation Build America Park Bonds issued in December 2010. It is
used principally to account for capital expenditures.
d.
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, as are the proprietary fund
financial statements. With this measurement focus, all assets and all liabilities
associated with the operation of these activities/funds are included on the statement
of net assets. Revenues are recorded when earned and expenses are recorded when a
liability is incurred. Property taxes are recognized as revenues in the year for which
they are levied (i.e., intended to finance). Grants and similar items are recognized as
revenue as soon as all eligibility requirements imposed by the provider have been met.
Operating revenues and expenses are directly attributable to the operation of the
proprietary funds. Nonoperating revenue/expenses are incidental to the operations of
these funds.
Governmental fund financial statements are reported using the current financial
resources measurement focus and the modified accrual basis of accounting. With this
measurement focus, only current assets and current liabilities generally are included
on the balance sheet. Operating statements of these funds present increases (i.e.,
revenues and other financing sources) and decreases (i.e., expenditures and other
financing uses) in net current assets. Under the modified accrual basis of accounting,
revenues are recognized when susceptible to accrual (i.e., when they become both
measurable and available). “Measurable” means the amount of the transaction can be
determined and “available” means collectible within the current period or soon enough
thereafter to be used to pay liabilities of the current period (60 days). The District
recognizes property taxes when they become both measurable and available in the year
intended to finance. Expenditures are recorded when the related liability is incurred.
Principal and interest on general long-term debt are recorded as expenditures become
due.
Those revenues susceptible to accrual are property taxes, interest revenue, charges
for services, and builder donations.
13 --- 13
BARTLETT, ILLINOIS
1.
d.
Measurement Focus, Basis of Accounting and Financial Statement Presentation
(Continued)
The District reports unearned/deferred revenue on its financial statements.
Unearned/deferred revenues arise when potential revenue does not meet both the
measurable and available criteria for recognition in the current period for
governmental funds or earned at the entity-wide level. Unearned/deferred revenues
also arise when resources are received by the government before it has legal claim to
them as when grant monies are received prior to the incurrence of qualifying
expenditures. In subsequent periods, when revenue recognition criteria are met, or
when the government has a legal claim to the resources by meeting all eligibility
requirements, the liability for unearned/deferred revenue is removed from the
financial statements and revenue is recognized.
e.
Cash and Investments
Cash and Cash Equivalents
For purposes of the statement of cash flows, the District’s proprietary funds consider
all highly liquid investments with an original maturity of three months or less when
purchased to be cash equivalents.
Investments
In accordance with GASB Statement No. 31, Accounting and Financial Reporting
for Certain Investments and for External Investment Pools, nonnegotiable
certificates of deposit and investments with maturity of less than one year at date of
purchase are stated at amortized cost. All other investments are recorded at fair
value.
f.
Inventories
Inventories are valued at cost, which approximates market, using the first-in/first-out
(FIFO) method. The costs of governmental fund inventories are recorded as
expenditures when consumed, using the consumption method.
g.
Prepaid Items/Expenses
Payments made to vendors for services that will benefit periods beyond the date of
this report are recorded as prepaid items/expenses.
14 --- 14
BARTLETT, ILLINOIS
1.
h.
Capital Assets
Capital assets, which include property, plant, equipment, infrastructure assets (e.g.,
bike trails, paths, and similar items) and intangibles (software and easements), are
reported in the applicable governmental activities column in the government-wide
financial statements. Capital assets are defined by the District as assets with an initial,
individual cost of more than $5,000 and an estimated useful life in excess of one year.
Such assets are reported 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 asset or
materially extend asset lives are not capitalized.
Major outlays for capital assets and improvements are capitalized as projects are
constructed. Interest incurred during the construction phase of capital assets is
capitalized on capital assets acquired with tax-exempt debt. The amount of interest
to be capitalized is calculated by offsetting interest expense incurred from the date of
the borrowing until completion of the project with interest earned on invested
proceeds over the same period. Property, plant, and equipment is depreciated using
the straight-line method over the following estimated useful lives:
Assets
Years
Infrastructure
Land improvements
Buildings
Intangibles
i.
5-10
50-65
20
20-50
5-10
Compensated Absences
Vested or accumulated vacation and sick leave related to governmental activities is
accrued by the District in the governmental activities on the statement of net assets.
No expenditure is reported for these amounts on the fund financial statements.
15 --- 15
BARTLETT, ILLINOIS
1.
j.
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. Bond
premiums and discounts, as well as issuance costs, are deferred and amortized over
the life of the bonds. 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 costs, during the current period. The face
amount of 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.
k.
Net Assets/Fund Equity
In the fund financial statements, governmental funds can report nonspendable fund
balance for amounts that are either not spendable in form or legally or contractually
required to be maintained intact. Restrictions of fund balance are reported for
amounts constrained by legal restrictions from outside parties for use for a specific
purpose, or externally imposed by outside entities. None of the restricted fund
balance result from enabling legislation adopted by the District. Committed fund
balance is constrained by formal actions of the District’s Board of Commissioners,
which is considered the District’s highest level of decision making authority. Formal
actions include resolutions and ordinances approved by the Board. Assigned fund
balance represents amounts constrained by the District’s intent to use them for a
specific purpose. The authority to assign fund balance has been delegated to the
Executive Director and the Superintendent of Business Services by the District
Board of Commissioners. Any residual General Fund fund balance is reported as
unassigned.
The District’s flow of funds assumption prescribes that the funds with the highest
level of constraint are expended first. If restricted or unrestricted funds are available
for spending, the restricted funds are spent first. Additionally, if different levels of
unrestricted funds are available for spending the District considers committed funds
to be expended first followed by assigned and then unassigned funds.
16 --- 16
BARTLETT, ILLINOIS
1.
k.
Net Assets/Fund Equity (Continued)
In the government-wide financial statements, restricted net assets are legally
restricted by outside parties for a specific purpose. Net assets have not been
restricted by enabling legislation adopted by the District. Invested in capital assets,
net of related debt, represents the book value of capital assets less any long-term debt
principal outstanding issued to construct capital assets.
l.
Interfund Transactions
Interfund services are accounted for as revenues, expenditures, or expenses.
Transactions that constitute reimbursements to a fund for expenditures/expenses
initially made from it that are properly applicable to another fund are recorded as
expenditures/expenses in the reimbursing fund and as reductions of
expenditures/expenses in the fund that is reimbursed.
All other interfund transactions, except interfund services and reimbursements, are
reported as transfers.
m.
Use of Estimates
The preparation of financial statements in conformity with generally accepted
accounting principles requires management to make estimates and assumptions that
affect the reported amounts of assets and liabilities and disclosure of contingent assets
and liabilities at the date of the financial statements and the reported amounts of
revenues and expenditures/expenses during the reporting period. Actual results could
differ from those estimates.
2.
LEGAL COMPLIANCE AND ACCOUNTABILITY
Deficit Fund Equity
The following funds had a deficit in net assets at April 30, 2011:
Fund
Deficit
Social Security Fund
$
17 --- 17
10,833
17,202
BARTLETT, ILLINOIS
3.
CASH AND INVESTMENTS
The District maintains a cash pool that is available for use by all funds. Each fund’s
portion of this pool is displayed on the financial statements as “cash and investments.”
a.
Permitted Deposits and Investments
Statutes and the District’s investment policy permit the District to invest in: its own
General Obligation bonds; its own Tax Anticipation Warrants, bearing interest at a
rate not to exceed 4% per annum; bonds, notes, certificates of indebtedness, treasury
bills, or other securities which are guaranteed by the full faith and credit of the
United States as to principal and interest, bonds, notes debentures, or similar
obligations of the agencies of the United States of America; interest-bearing savings
accounts, certificates of deposit, time deposits, or other investment constituting direct
obligations of a bank as defined by the Illinois Banking Act; short-term obligations
(maturing within 180 days of dates of purchase) of corporations with assets
exceeding five hundred million dollars ($500,000,000) (such obligations must be
rated, at the time of purchase, at one of the three highest classifications established
by at least two standard rating services); money market mutual funds registered
under the Investment Company Act of 1940 which invest only in bonds, notes,
certificates of indebtedness, treasury bills, and other securities which are guaranteed
by the full faith and credit of the United States as to principal and interest and
agreements to repurchase such obligations; shares or other securities of any State or
Federally chartered savings and loan association which are insured by the Federal
Savings and Loan Insurance Corporation. Illinois Funds, Illinois Park District Liquid
Asset Fund, or a fund managed, operated, and administered by a bank; and State of
Illinois Public Treasurer’s Investment Pool Instruments.
It is the policy of the District to invest its funds in a manner which will provide the
highest investment return with the maximum security while meeting the daily cash
flow demands of the District and conforming to all state and local statutes governing
the investment of public funds, using the “prudent person” standard for managing the
overall portfolio. The primary objective of the policy is safety (preservation of
capital and protection of investment principal), liquidity, and yield.
Investments with maturities of one year or more from the date of purchase, other
than nonnegotiable certificates of deposit, are stated at fair value based on quoted
market prices. Investments with maturities of one year or less from the date of
purchase and nonnegotiable certificates of deposit are stated at cost or amortized
cost. All other investments which do not consider market rates are stated at cost.
Investment income has been allocated to each fund based on investments held by the
fund.
18 --- 18
BARTLETT, ILLINOIS
3.
CASH AND INVESTMENTS (Continued)
b.
Deposits with Financial Institutions
Custodial credit risk for deposits with financial institutions is the risk that in the
event of bank failure, the District’s deposits may not be returned to it. The District’s
investment policy requires pledging of collateral for all bank balances in excess of
federal depository insurance with the collateral held by an independent third party in
the District’s name.
c.
Investments
The following table presents the investments and maturities of the District’s debt
securities as of April 30, 2011 (amounts in thousands):
Investment Type
Fair Value
Less than 1
Investment Maturities (in Years)
1-5
6-10
Greater than 10
Illinois Park District
Liquid Asset Fund
$
4,141
$
4,141
$
-
$
-
$
-
TOTAL
$
4,141
$
4,141
$
-
$
-
$
-
In accordance with its investment policy, the District limits its exposure to interest
rate risk by structuring the portfolio to provide liquidity for operating funds and
maximizing yields for funds not needed for operations. The investment policy does
not strictly limit the maximum maturity lengths of investments. The current practice
of the District is to limit maturities to one year.
The District limits its exposure to credit risk, the risk that the issuer of a debt security
will not pay its par value upon maturity, by primarily investing in obligations
guaranteed by the United States Government or securities issued by agencies of the
United States Government that are implicitly guaranteed by the United States
Government and fully insured or collateralized certificates of deposit. The Illinois
Park District Liquid Asset Fund (IPDLAF) are rated AAA by a national rating
agency.
Custodial credit risk for investments is the risk that, in the event of the failure of the
counterparty to the investment, the District will not be able to recover the value of its
investments that are in possession of an outside party. To limit its exposure, the
District investment policy requires all security transactions that are exposed to
custodial credit risk to be processed on a delivery versus payment (DVP) basis with
the underlying investments held by a third-party acting as the District’s agent
separate from where the investment was purchased.
Concentration of credit risk - It is the practice of the District to invest in a diversified
number of institutions and not to hold all long-term reserves in a single institution.
The investment policy does not address the use of derivatives.
19 --- 19
BARTLETT, ILLINOIS
4.
RECEIVABLES - TAXES
Property taxes for 2010 attach as an enforceable lien on January 1, 2010, on property
values assessed as of the same date. Taxes are levied by December of the subsequent
fiscal year (by passage of a Tax Levy Ordinance). The DuPage and Kane County
installments are due June 1 and September 1, while Cook County installments are due
March 1 and August 1. The counties collect such taxes and remit them periodically. The
allowance for uncollectible taxes has been stated at 1 percent of the tax levy, to reflect
actual collection experience.
The 2011 tax levy, which attached as an enforceable lien on property as of January 1,
2010, has not been recorded as a receivable as of April 30, 2011 as the tax has not yet been
levied by the District and will not be levied until December 2011 and, therefore, the levy is
not measurable at April 30, 2011.
5.
CAPITAL ASSETS
Governmental capital asset activity for the year ended April 30, 2011 was as follows:
Beginning
Balances
GOVERNMENTAL ACTIVITIES
Land
Construction in progress
Total capital assets not being depreciated
Capital assets being depreciated
Land improvements
Vehicles
Total capital assets being depreciated
Less accumulated depreciation for
Land improvements
Vehicles
Total accumulated depreciation
Total capital assets being depreciated, net
CAPITAL ASSETS, NET
Increases
Decreases
$ 14,931,018 $ 5,400,000 $
152,209
445,293
15,083,227
5,845,293
Ending
Balances
3,389
3,389
$ 20,331,018
594,113
20,925,131
2,809,541
23,234,559
3,030,493
349,938
29,424,531
378,492
533,742
319,853
1,232,087
11,498
11,498
3,188,033
23,768,301
3,338,848
349,938
30,645,120
856,934
5,686,855
1,364,199
224,162
8,132,150
170,547
516,093
168,213
25,953
880,806
8,384
8,384
1,027,481
6,202,948
1,524,028
250,115
9,004,572
21,292,381
351,281
3,114
21,640,548
6,503
$ 42,565,679
$ 36,375,608 $ 6,196,574 $
20 --- 20
BARTLETT, ILLINOIS
5.
CAPITAL ASSETS (Continued)
Depreciation expense was charged to functions/programs of the District’s governmental
activities as follows:
6.
General government
$ 226,780
654,026
TOTAL DEPRECIATION EXPENSE - GOVERNMENTAL ACTIVITIES
$ 880,806
LONG-TERM DEBT
The following is a summary of changes in long-term debt for the year ended April 30,
2011:
Beginning
Balances
Additions
Ending
Balances
Reductions
Current
Portion
Long-Term
Portion
GOVERNMENTAL
ACTIVITIES
Unamortized premium
Lease payable
Compensated absences
$ 17,435,000 $ 18,000,000 $
31,893
94,679
162,414
22,978
1,245,000 $ 34,190,000 $
31,893
37,569
57,110
16,421
168,971
1,345,000 $ 32,845,000
31,893
33,920
23,190
16,897
152,074
TOTAL
GOVERNMENTAL
ACTIVITIES
$ 17,597,414 $ 18,149,550 $
1,298,990 $ 34,447,974 $
1,395,817 $ 33,052,157
Long-term debt of governmental activities at April 30, 2011 is comprised of the following
individual bond issues and lease contracts.
Issue
Fund Debt
Retired By
Balance
May 1
$4,140,000 Series 2006A
dated December 1, 2006,
due in annual installments
of $50,000 to $500,000
plus interest at 3.875% to
4.0% through December
2018.
General
$ 3,995,000
$8,825,000 Series 2008A
dated April 1, 2008, due
in annual installments of
$580,000 to $1,110,000
plus interest at 3.28%
through December 2018.
General
7,695,000
Issuances
$
21 --- 21
Reductions
-
-
$
Balance
April 30
50,000
$ 3,945,000
600,000
7,095,000
Current
Portion
$
55,000
670,000
BARTLETT, ILLINOIS
6.
LONG-TERM DEBT (Continued)
Issue
Fund Debt
Retired By
Balance
May 1
$3,630,000 Series 2008B
$285,000 to $395,000 plus
interest at 3.19% through
December 2018.
Debt
Service
$ 3,030,000
$3,195,000 Series 2008C
$190,000 to $380,000 plus
interest at 3.10% through
December 2017.
Debt
Service
2,715,000
$18,000,000 Series 2010
dated December 23, 2010,
due in annual installments
of $1,100,000 to
$2,000,000 plus interest at
4.625% to 6.300%
through December 2030.
Debt
Service
TOTAL
Issuances
$
Balance
April 30
Reductions
-
$
Current
Portion
295,000
$ 2,735,000
$
305,000
-
300,000
2,415,000
315,000
-
18,000,000
-
18,000,000
-
$ 17,435,000
$ 18,000,000
$ 1,245,000
$ 34,190,000
$ 1,345,000
On March 25, 2008, the District issued the $8,825,000 General Obligation Refunding Park
Bonds Series 2008A with an interest rate of 3.28%, the proceeds of which were used to
advance refund $8,605,000 of outstanding Series 1999 General Obligation Park Bonds
with an average interest rate of 4.69%. $7,095,000 remains outstanding at April 30, 2011.
On April 19, 2008, the District issued the $3,630,000 General Obligation Refunding Park
Bonds Series 2008B with an interest rate of 3.19%, the proceeds of which were used to
advance refund $3,525,000 of outstanding Series 1998 General Obligation Park Bonds
with an interest rate of 4.375%. $2,735,000 remains outstanding at April 30, 2011.
On April 19, 2008, the District issued the $3,195,000 General Obligation Refunding
(Alternate Revenue Source) Park Bonds Series 2008C with an interest rate of 3.10%, the
proceeds of which were used to advance refund $3,105,000 of outstanding Series 1998A
General Obligation (Alternate Revenue Source) Park Bonds with an interest rate of
4.326%. $2,415,000 remains outstanding at April 30, 2011.
On December 23, 2010, the District issued the $18,000,000 Taxable General Obligation
(Build America Bonds) Park Bonds Series 2010 with an interest rate of 4.625% to 6.300%,
the proceeds of which were used to finance the purchase and future renovation of the Villa
Oliva facility as well as the future renovation of the Bartlett Aquatic Center $18,000,000
remains outstanding at April 30, 2011.
22 --- 22
BARTLETT, ILLINOIS
6.
Capital lease obligations outstanding at April 30, 2011 are as follows:
Issue
Fund Debt
Retired By
$25,025 capital lease
payable due in two
installments of interest
and principal, the last on
June 3, 2011; interest at
7.21% on the installment.
Debt
Service
$69,654 capital lease
payable due in three
installments of interest
and principal, the last on
August 2, 2012; interest at
6.20% on the remaining
two installments.
Debt
Service
Balance
May 1
$
Issuances
-
$
$
-
25,025
$
69,654
$
94,679
Balance
April 30
Reductions
12,948
$
24,621
$
37,569
12,077
Current
Portion
$
12,077
45,033
$
57,110
21,843
$
33,920
The District entered into two capital leases for the purchase of a greens mower and a lawn
mower.
The debt service to maturity for all capital leases as of April 30, 2011 is as follows:
Year
Ending
April 30,
Capital Leases
Principal
Interest
2012
2013
TOTAL
23 --- 23
$33,920
23,190
$3,649
1,430
$57,110
$5,079
BARTLETT, ILLINOIS
6.
Debt Service Requirements to Maturity
The debt service to maturity for all general obligation bonds as of April 30, 2011 is as
follows:
Year
Ending
April 30,
General Obligation Bonds
Principal
Interest
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
2027
2028
2029
2030
2031
TOTAL
7.
1,345,000
1,420,000
1,505,000
1,595,000
1,670,000
1,765,000
1,865,000
1,615,000
1,415,000
1,455,000
1,635,000
1,725,000
1,810,000
1,905,000
2,010,000
2,095,000
1,685,000
1,785,000
1,890,000
2,000,000
1,534,348
1,513,087
1,467,039
1,418,209
1,418,209
1,366,467
1,254,943
1,194,401
1,141,130
1,077,970
1,011,407
936,895
855,045
766,385
670,235
565,675
453,165
352,065
243,180
126,000
$34,190,000
$19,365,855
RISK MANAGEMENT
The District is exposed to various risks related to torts; theft of, damage to, and destruction
of assets; errors and omissions; employee health; injuries to employees; and net income
losses. Employee health is covered by third-party indemnity contracts. Since 1986, the
District has been a member of the Park District Risk Management Agency (PDRMA) a
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’, 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 coverage in effect for the period January 1, 2011 through
January 1, 2012:
24 --- 24
BARTLETT, ILLINOIS
7.
RISK MANAGEMENT (Continued)
Coverage
Property/building/contents
All losses per occurrence
All losses annual aggregate
Flood/except zones A&V
Member
Deductible
$
PDRMA
SelfInsured
Retention
1,000
$1,000,000,000/all members
$
1,000
$ 1,000,000
$ 3,000,000
$ 100,000
Flood, zones A&V
$
1,000
$
250,000
Earthquake shock
$
1,000
$
100,000
$
1,000
$ 1,000,000
$
1,000
Included
$
1,000
Auto physical damage
Comprehensive and
collision
Course of
Construction/builders risk
Business interruption,
Rental income, tax income
combined
Service interruption
Boiler and machinery
property damage
Business income
Fidelity/crime/surety
Seasonal employees
Blanket bond
Workers’ compensation
1,000
$
48 hours
$
$
$
$250,000,000/occurrence/annual
aggregate
aggregate
Insurance
Company
PDRMA
Reinsurers:
Various
Reinsurers
Through the
Public Entity
Property
Reinsurance
Program
(PEPIP)
Policy
Number
PO70110
Included
$25,000,000
$100,000,000/reported values
$500,000/$2,500,000/nonreported values
24 hours
$
Limits
N/A
$10,000,000
OTHER SUB-LIMITS APPLY REFER TO COVERAGE
DOCUMENT
9,000
$100,000,000 equipment
breakdown
Property damage included
Included, other sub-limits apply,
refer to policy
Travelers
Indemnity Co.
of Illinois
N/A
BME1 0525L478
1,000
1,000
1,000
$
$
$
24,000
9,000
$24,000
$2,000,000
$1,000,000
$2,000,000
National Union
Fire Insurance
Co.
01-428-88-11
N/A
$
$
500,000
500,000
Statutory
$3,500,000 employers’ liability
PDRMA
Government
Entities Mutual,
Safety National
Casualty Corp
WC01011
General liability
Auto liability
Employment practices
None
None
None
Public officials’ liability
Employment practices
Law enforcement liability
None
None
None
$
500,000
Included
Included
$21,500,000 per occurrence
Included
PDRMA
Reinsurers:
Government
Entities Mutual,
Markel
Included
Included
Included
All aggregate per member
Included
$1,000,000/occurrence
Everest
Reinsurance
Co.
25 --- 25
GEM-0003A10001
SP-4043456
L010111
GEM-0003
A11001
71RE200001111
BARTLETT, ILLINOIS
7.
Coverage
Pollution liability
Liability - third party
Property - first party
Outbreak expense
Member
Deductible
$
None
1,000
PDRMA
SelfInsured
Retention
$
$
24 hours
25,000
24,000
N/A
5,000
Insurance
Company
$10,000,000 general aggregate
XL
Environmental
Insurance
$15,000 per day
$450,000 per location
$1 million aggregate policy limit
Markel
$5,000 medical expense and
AD&D excess of any other
collectible insurance
Self-insured
Volunteer medical accident
None
Underground storage
tank liability
None
N/A
$10,000, follows Illinois
Leaking Underground Tank
Fund
Self-insured
N/A
N/A
Statutory
Self-funded
Unemployment compensation
$
Limits
Policy
Number
PEC 2535803
The aggregate self-insured limit is $21,500,000 for the period January 1, 2011 through
January 1, 2012. In the event losses exceed this amount, the members would be liable for
the excess amount. PDRMA’s Board of Directors evaluates the aggregate self-insured
limit annually.
As a member of PDRMA, the District is represented on the membership assembly and is
entitled to one vote. 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 Board of Directors. 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.
26 --- 26
BARTLETT, ILLINOIS
7.
The following represents a summary of PDRMA’s balance sheet at December 31, 2010
and the statement of revenues and expenses for the period ended December 31, 2010. The
District’s portion of the overall equity of the pool is 0.495% or $150,357.
Assets
Liabilities
Member balances
Revenues
Expenditures
$ 52,487,014
22,092,590
30,394,424
20,242,941
19,455,018
Since 97% 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.
Complete financial statements for the PDRMA can be obtained from PDRMA’s
administration offices at P.O. Box 4320, Wheaton, Illinois 60189.
8.
JOINT VENTURE
Northwest Special Recreation Association
The District is a member of the Northwest Special Recreation Association (NWSRA), an
association of 17 other area park districts that provides recreational programs and other
activities for handicapped and impaired individuals. Each member agency shares equally
in NWSRA and generally provides funding based on up to 0.0400 cents per $100 of its
equalized assessed valuation. The District contributed $312,757 to NWSRA during the
current fiscal year.
The District does not have a direct financial interest in NWSRA and, therefore, its
investment therein is not reported within the financial statements. Upon dissolution of
NWSRA, the assets, if any, shall be divided between the members, in accordance with an
equitable formula, as determined by a unanimous vote of NWSRA’s Board of Directors.
A complete separate financial statement for NWSRA can be obtained from NWSRA’s
administrative offices at Park Central, Suite 205, 300 West Central Road, Rolling
Meadows, Illinois 60008.
27 --- 27
BARTLETT, ILLINOIS
9.
EMPLOYEE RETIREMENT SYSTEMS
The District’s defined benefit pension plan, Illinois Municipal Retirement Fund (IMRF),
provides retirement, disability, annual cost of living adjustments, and death benefits to plan
members and beneficiaries. IMRF is an agent multiple-employer pension plan that acts as
a common investment and administrative agent for local governments and school districts
in Illinois. The Illinois Pension Code establishes the benefit provisions of the plan that can
only be amended by the Illinois General Assembly. IMRF issues a publicly available
financial report that includes financial statements and required supplementary information
for the plan as a whole but not by individual employer. That report may be obtained by
writing to the Illinois Municipal Retirement Fund, 2211 York Road, Suite 500, Oak Brook,
Illinois 60523.
IMRF provides two tiers of pension benefits. Employees hired prior to January 1, 2011,
are eligible for Tier 1 benefits. For Tier 1 employees, pension benefits vest after eight
years of service. Participating members who retire at age 55 (reduced benefits) or after age
60 (full benefits) with eight years of credited service are entitled to an annual retirement
benefit, payable monthly for life, in an amount equal to 1 2/3% of their final rate of
earnings, for each year of credited service up to 15 years, and 2% for each year thereafter.
Employees hired on or after January 1, 2011, are eligible for Tier 2 benefits. For Tier 2
employees, pension benefits vest after 10 years of service. Participating members who
retire at age 62 (reduced benefits) or after age 67 (full benefits) with 10 years of credited
service are entitled to an annual retirement benefit, payable monthly for life, in an amount
equal to 1 2/3% of their final rate of earnings, for each year of credited service up to 15
years, and 2% for each year thereafter.
Employees participating in the IMRF are required to contribute 4.50% of their annual
covered salary. The member rate is established by state statute. The District is required to
contribute at an actuarially determined rate. The employer rate for calendar year 2010 was
11.66% of payroll. The employer contribution requirements are established and may be
amended by the IMRF Board of Trustees.
For April 30, 2011, the District’s annual pension cost of $286,402 was equal to the
District’s required and actual contributions. The required contribution was determined as
part of the December 31, 2007 actuarial valuation using the entry-age actuarial cost
method. The actuarial assumptions included (a) 7.50% investment rate of return (net of
administrative expenses), (b) projected salary increases ranging from 0.4% to 10.0% per
year, and (c) 3% per year cost-of-living adjustments. Both (a) and (b) included an inflation
component of 4.00%. The actuarial value of IMRF assets was determined using
techniques that smooth the effects of short-term volatility in the market value of
investments over a five-year period. IMRF’s unfunded actuarial accrued liability is being
amortized as a level percentage of projected payroll on a closed basis (overfunded liability
amortized on open basis). The remaining amortization period at December 31, 2008 was
30 years on an open basis.
28 --- 28
BARTLETT, ILLINOIS
9.
EMPLOYEE RETIREMENT SYSTEMS (Continued)
Illinois Municipal Retirement Fund (Continued)
Employer annual required contribution (ARC), actual contributions and the net pension
obligation (NPO) are as follows. The NPO is the cumulative difference between the ARC
and the contributions actually made.
For
Fiscal
Year
2009
2010
2011
Annual
Pension
Cost
(APC)
Percentage
of APC
Contributed
236,027
248,746
286,402
Net
Pension
Obligation
100.00%
100.00%
100.00%
-
The funded status of the plans as of December 31, 2010 is based on actuarial valuations
performed as of December 31, 2010 for the IMRF and is as follows. The actuarial
assumptions used to determine the funded status of the plans are the same actuarial
assumptions used to determine the employer APC of the plans as disclosed above.
Illinois
Municipal
Retirement
Actuarial accrued liability (AAL)
Actuarial value of plan 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
$ 5,674,855
3,993,355
1,681,500
70.37%
$ 2,221,636
75.69%
See the schedules of funding progress in the required supplementary information
immediately following the notes to the financial statements for additional information
related to the funded status of the plans.
29 --- 29
BARTLETT, ILLINOIS
10.
INDIVIDUAL FUND DISCLOSURES
Due From/To Other Funds
Due From
General Fund
Villa Olivia Fund
Social Security Fund
TOTAL
Due To
$
457,557
-
$
429,522
17,202
10,833
$
457,557
$
457,557
The purposes of each of the due from/due to are to temporarily fund operational
expenditures. The amount will be repaid within one year.
Transfers
Transfers In
General Fund
Recreation Fund
Total Major Governmental Funds
$
Nonmajor Governmental Funds
Developer Donations Fund
Working Cash Fund
Total Nonmajor Governmental Funds
TOTAL
400
150,000
150,400
Transfers (Out)
$
250,000
250,000
100,000
100,000
$
250,400
400
400
$
250,400
The purposes of significant transfers are as follows:

The transfer of $150,000 from the General Fund to the Recreation Fund is for
operating expenditures. The amount will not be repaid.

The transfer of $100,000 from the General Fund to the Developer Donation Fund is
for capital project expenditures. The amount will not be repaid.
30 --- 30
BARTLETT, ILLINOIS
11.
OTHER POSTEMPLOYMENT BENEFITS
The District allows employees, who retire through one of the District’s pension plan
disclosed in Note 9, the option to continue in the District’s health insurance plan as
required by Illinois Compiled Statues (ILCS), but the retiree pays the full premium for the
health insurance. This has not created an implicit subsidy as defined by GASB Statement
No. 45 (GASB S-45), Accounting and Financial Reporting by Employers for
Postemployment Benefits Other Than Pensions, as the District’s health insurance plan is
considered a community rated plan. In addition, the District has no explicit subsidy as
defined in GASB S-45.
31 --- 31
REQUIRED SUPPLEMENTARY INFORMATION
BARTLETT, ILLINOIS
SCHEDULE OF REVENUES, EXPENDITURES, AND
CHANGES IN FUND BALANCE - BUDGET AND ACTUAL
GENERAL FUND
Original and
Final
Budget
Actual
REVENUES
Taxes
Property taxes
Replacement taxes
Intergovernmental
Investment income
Miscellaneous
$ 2,602,495
15,000
60,750
6,065
$ 2,838,222
19,468
4,603
12,722
11,963
Total revenues
2,684,310
2,886,978
202,668
1,192,161
52,974
158,897
63,948
52,225
303,396
100,013
1,195,596
164,711
127,675
39,270
53,610
326,480
95,955
3,435
111,737
(31,222)
(24,678)
1,385
23,084
(4,058)
1,923,614
2,003,297
79,683
300,000
99,945
324,621
99,945
24,621
-
2,323,559
2,427,863
104,304
360,751
459,115
98,364
-
69,654
69,654
400
400
EXPENDITURES
General government
Salaries and wages
Services
Insurance
Utilities
Materials and supplies
Maintenance repair
Other
Total general government
Debt service
Principal
Total expenditures
OVER EXPENDITURES
Transfers in
Working Cash Fund
Transfers (out)
Recreation Fund
Proceeds from sale of capital assets
NET CHANGE IN FUND BALANCE
Variance
Over
(Under)
$
235,727
4,468
4,603
(48,028)
5,898
-
(150,000)
2,500
(250,000)
1,750
(100,000)
(750)
(147,100)
(178,196)
(100,750)
213,651
280,919
$
FUND BALANCE, MAY 1
2,754,111
FUND BALANCE, APRIL 30
$ 3,035,030
(See independent auditor's report.)
- 32 -
$
(2,386)
BARTLETT, ILLINOIS
RECREATION FUND
Original and
Final
Budget
REVENUES
Property taxes
Program revenue
Golf course
Sales and rental
Investment income
Miscellaneous
$
678,528
2,823,283
260,293
108,995
58,200
39,712
Variance
Over
(Under)
Actual
$
658,523
2,947,004
202,931
104,652
2,708
39,208
$
(20,005)
123,721
(57,362)
(4,343)
(55,492)
(504)
Total revenues
3,969,011
3,955,026
(13,985)
EXPENDITURES
Administration
Salaries and wages
Insurance
Utilities
Repairs and maintenance
Contracted services
Other/miscellaneous
1,324,783
190,880
93,921
497,570
241,156
40,088
97,151
1,316,121
157,132
91,811
356,027
217,241
42,256
89,535
(8,662)
(33,748)
(2,110)
(141,543)
(23,915)
2,168
(7,616)
Total administration
2,485,549
2,270,123
(215,426)
Programs
Salaries and wages
Services
Miscellaneous
666,680
310,856
149,401
5,225
651,654
321,015
136,266
9,569
(15,026)
10,159
(13,135)
4,344
1,132,162
1,118,504
(13,658)
Golf course
Salaries and wages
Services
Insurance
Utilities
Maintenance and repair
Miscellaneous
124,147
7,653
8,603
12,572
20,848
67,485
7,818
123,061
3,657
5,371
8,453
21,385
64,017
5,601
(1,086)
(3,996)
(3,232)
(4,119)
537
(3,468)
(2,217)
Total golf course
249,126
231,545
(17,581)
3,866,837
3,620,172
(246,665)
Total programs
Total culture and recreation
(This schedule is continued on the following page.)
- 33 -
BARTLETT, ILLINOIS
CHANGES IN FUND BALANCE - BUDGET AND ACTUAL (Continued)
RECREATION FUND
Original and
Final
Budget
EXPENDITURES (Continued)
Debt service
Principal
Capital outlay
$
Total expenditures
3,980,837
OVER EXPENDITURES
(11,826)
Capital lease proceeds
Transfers in
General Fund
114,000
$
Variance
Over
(Under)
Actual
$
12,948
92,772
$
3,725,892
(12,948)
(21,228)
(267,893)
229,134
253,908
-
25,025
(25,025)
150,000
150,000
-
150,000
175,025
(25,025)
138,174
404,159
FUND BALANCE, MAY 1
1,083,572
$ 1,487,731
- 34 -
$
228,883
BARTLETT, ILLINOIS
VILLA OLIVIA FUND
Original and
Final
Budget
REVENUES
Golf course
Ski
Sales and rental
Miscellaneous
$
Total revenues
EXPENDITURES
General administration
Services
Insurance
Utilities
Bank fees
Miscellaneous
Total general administration
Golf
Salaries and wages
Insurance
Sales and equipment rental
Miscellaneous
Total golf
Ski
Salaries and wages
Services
Insurance
Miscellaneous
Total ski
14,815
521,371
217,229
3,174
982
Variance
Over
(Under)
Actual
$
13,129
647,703
365,229
3,174
1,517
$
(1,686)
126,332
148,000
535
757,571
1,030,752
65,405
5,374
27,937
220
27,793
39,972
3,091
58,941
17,597
41,317
(25,433)
(2,283)
31,004
17,377
13,524
126,729
160,918
34,189
27,624
7,864
287
11,760
18,530
6,002
48,931
4,264
1,000
17,321
16,530
8,373
21,307
(3,600)
713
5,561
(2,000)
2,371
72,067
96,419
24,352
154,865
5,552
12,045
5,954
2,515
5,355
268,061
5,552
6,445
15,629
2,355
3,465
113,196
(5,600)
9,675
(160)
(1,890)
186,286
301,507
115,221
(This schedule is continued on the following page.)
- 35 -
273,181
BARTLETT, ILLINOIS
CHANGES IN FUND BALANCE - BUDGET AND ACTUAL (Continued)
VILLA OLIVIA FUND
Original and
Final
Budget
EXPENDITURES (Continued)
Salaries and wages
Services
Insurance
Sales and equipment rental
Miscellaneous
$
Variance
Over
(Under)
Actual
117,429 $
2,331
12,926
1,610
97,763
10,649
(5,689)
215,160 $
2,331
11,279
7,610
132,349
8,649
(5,689)
Total banquet and restaurant
237,019
371,689
134,670
Total
622,101
930,533
308,432
168,050
2,776
790,151
933,309
(32,580)
97,443
Capital outlay
Total expenditures
$
FUND BALANCE, MAY 1
-
$
- 36 -
97,443
97,731
(1,647)
6,000
34,586
(2,000)
-
(165,274)
143,158
$
130,023
BARTLETT, ILLINOIS
SCHEDULE OF FUNDING PROGRESS
ILLINOIS MUNICIPAL RETIREMENT FUND
April 30, 2011
Actuarial
Valuation
Date
December 31,
(1)
Actuarial
Value of
Assets
(2)
Actuarial
Accrued
Liability
(AAL)
Entry-Age
2005
$ 2,563,035
$ 3,463,793
2006
2,623,711
2007
(3)
Funded
Ratio
(1) / (2)
(4)
Unfunded
(Overfunded)
AAL
(OAAL)
(2) - (1)
(5)
Covered
Payroll
UAAL
(OAAL)
as a
Percentage
of Covered
Payroll
(4) / (5)
74.00% $
900,758
$ 1,972,390
45.67%
3,534,252
74.24%
910,541
1,943,742
46.84%
3,116,633
4,125,391
75.55%
1,008,758
2,026,097
49.79%
2008
3,169,853
4,483,393
70.70%
1,313,540
2,120,639
61.94%
2009
3,503,113
5,100,757
68.68%
1,597,644
2,151,994
74.24%
2010
3,993,355
5,674,855
70.37%
1,681,500
2,221,636
75.69%
- 37 -
BARTLETT, ILLINOIS
SCHEDULE OF EMPLOYER CONTRIBUTIONS
April 30, 2011
Fiscal
Year
Employer
Contributions
2006
$
191,716
Annual
Required
Contribution
(ARC)
$
Percentage
Contributed
191,716
100.00%
2007
214,200
214,200
100.00%
2008
224,897
224,897
100.00%
2009
236,027
236,027
100.00%
2010
248,746
248,746
100.00%
2011
286,402
286,402
100.00%
- 38 -
BARTLETT, ILLINOIS
NOTES TO REQUIRED SUPPLEMENTARY INFORMATION
April 30, 2011
1.
BUDGETS
The budget is prepared by fund, function, and activity and includes information on the past
year, current year estimates, and requested appropriations for the next fiscal year.
The Board of Commissioners followed these procedures in establishing the budgetary data
reflected in the basic financial statements:
a.
Prior to the last board meeting of the fiscal year, the Director submits to the Board of
Commissioners a proposed operating budget for the fiscal year commencing the
following May 1. The operating budget includes proposed expenditures and the
means of financing them.
b.
Public meetings are conducted to obtain taxpayer comments.
c.
Prior to the end of the first quarter of the following fiscal year, the budget is legally
enacted through the passage of a Budget and Appropriations Ordinance.
d.
The Board of Commissioners may:
Amend the Budget and Appropriations Ordinance in the same manner as its original
enactment and after six months of the fiscal year, by two-thirds vote. Management
may transfer any appropriation item it anticipates as unexpended to any other
appropriation item. Such transfers, in the aggregate, may not exceed 10% of the total
amount appropriated in such fund.
e.
All appropriations lapse at year end. Expenditures legally may not exceed the total
of appropriations at the fund level.
f.
Budgets for the General, Special Revenue, Debt Service and Capital Projects Funds
(except the BAC Improvement and Villa Olivia Renovation Funds) are adopted on a
basis consistent with GAAP. All budgets are prepared based on the annual fiscal
year of the District. The District does not use the encumbrance method of
accounting. Budgetary funds are controlled by an integrated budgetary accounting
system in accordance with various legal requirements which govern the District.
Expenditures may not legally exceed budgeted appropriations at the fund level. During the
year, no supplementary appropriations were necessary.
- 33 - 39 -
BARTLETT, ILLINOIS
NOTES TO REQUIRED SUPPLEMENTARY INFORMATION (Continued)
2.
EXCESS OF ACTUAL EXPENDITURES OVER BUDGET IN INDIVIDUAL FUNDS
The following funds had an excess of actual expenditures over budget for the fiscal year:
Fund
Amount
General Fund
Villa Olivia Fund
Special Recreation Fund
$
- 34 - 40 -
104,304
143,158
139,418
MAJOR GOVERNMENTAL FUNDS
General Fund - To account for resources traditionally associated with governments except those
required to be accounted for in another fund. It is used principally to account for administrative,
maintenance, and general capital expenditures.
Recreation Fund - To account for the operations of recreation programs and certain recreation
facilities. Financing is provided from an annual property tax levy restricted to this purpose and
fees charged for programs and activities.
Debt Service Fund - To accumulate money for payment of general obligation bond issues.
Financing is provided by an annual property tax levy. Also, to accumulate money for payment
of various alternate revenue source general obligation bond issues. Financing is provided by
proceeds from other restricted general obligation bond issues or other District general revenue.
Villa Olivia Fund - To account for the operations of the 18-hole golf course, ski and tubing hill,
and the banquet facility. Financing is provided from committed fees charged for the programs
and activities.
BAC Improvement Fund - To account for the renovation of the Bartlett Aquatic Center Facility.
Financing is provided from the restricted general obligation build America park bonds issued on
December 27, 2010. It is used principally to account for capital expenditures.
Villa Olivia Renovation Fund - To account for the renovation of the former Villa Olivia Country
Club which was purchased by the Bartlett Park District on December 27, 2010. Financing is
provided from the restricted general obligation build America park bonds issued in 2010. It is
used principally to account for capital expenditures.
BARTLETT, ILLINOIS
DEBT SERVICE FUND
Variance
Over
(Under)
Final
Budget
Actual
REVENUES
Taxes
Property taxes
Investment income
$ 1,487,900
400
$ 1,357,817
93
Total revenues
1,488,300
1,357,910
(130,390)
945,000
495,427
945,000
491,842
(3,585)
1,440,427
1,436,842
(3,585)
EXPENDITURES
Debt service
Principal
Total expenditures
$
47,873
(78,932) $
FUND BALANCE, MAY 1
136,179
$
- 41 -
$
57,247
(130,083)
(307)
126,805
NONMAJOR GOVERNMENTAL FUNDS
Special Recreation Fund - To account for the expenditure in connection with the District’s
participation in the Northwest Special Recreation Association, which provides recreation
programs to the handicapped and impaired. Financing is provided from a restricted annual
property tax levy, the proceeds of which can only be used for this purpose.
Illinois Municipal Retirement Fund - To account for the activities resulting from the District’s
participation in the IMRF. Financing is provided by a restricted annual property tax levy that
produces a sufficient amount to pay the District’s contributions to the IMRF on behalf of the
District’s employees and can only be used for this purpose.
Social Security Fund - To account for the District’s obligation for Social Security and Medicare
taxes. Financing is provided by a restricted annual property tax levy, which produces the
majority of the District’s contribution and can only be used for this purpose.
Audit Fund - To account for the expenditures in connection with the District’s annual financial
and compliance audit that is mandated by state statute. Financing is provided from a restricted
annual property tax levy, the proceeds of which can only be used for this purpose.
Liability Insurance Fund - To account for the costs associated with providing coverage for
various liability coverage’s (worker’s compensation, property and general) through the PDRMA.
Financing is provided from a restricted annual property tax levy, the proceeds of which can only
be used for this purpose.
Paving and Lighting Fund - To account for the operation of certain paving and lighting
maintenance programs. Financing is provided from a restricted annual property tax levy, the
proceeds of which can only be used for this purpose.
Developer Donations Fund - To account for developer donations and related costs incurred with
these funds. Funds are assigned to specific purposes.
Quadricentennial Fund - To account for a $2,000 donation received during the year ended
April 30, 1977, the terms of which stipulate that the District must invest these funds in an
interest-bearing account and that neither the interest nor the principal may be used by the District
until the country celebrates its quadricentennial in 2176. Funds are restricted to specific
purposes.
William R. Leiseberg Memorial Fund - To account for donations received, the terms of which
stipulate that the principal amount remains intact and that the income be used for athletic facility
improvements at Leiseberg Park.
Working Cash Fund - To account for amounts provided by tax levies restricted to providing
working capital to other funds.
BARTLETT, ILLINOIS
COMBINING BALANCE SHEET
April 30, 2011
Special Revenue
Special
Recreation
Illinois
Municipal
Retirement
Social
Security
Paving
and
Lighting
Liability
Insurance
Audit
ASSETS
Receivables
Property taxes
Other
Prepaid items
TOTAL ASSETS
$
384,030
$
455,564
39,508
-
$
186,304
-
$
879,102
$
$
165
-
$
186,304
-
$
189,583
$
189,583
6,307
$
18,165
-
41,691
$
157,781
-
$
24,472
$
$
-
$
199,472
3,879
18,970
-
$
22,849
$
-
LIABILITIES AND FUND BALANCES
LIABILITIES
Accounts payable
Accrued payroll
Deferred revenue
Property taxes
Due to other funds
Total liabilities
FUND BALANCES
Nonspendable for working cash
Nonspendable for prepaid items
Restricted for special recreation
Restricted for special purpose
Restricted for insurance
Restricted for capital projects
Unassigned
Special revenue (deficit)
TOTAL LIABILITIES AND
FUND BALANCES
-
85
186,304
17,202
189,583
10,833
18,165
-
157,781
-
18,970
-
455,729
203,506
200,416
18,165
157,866
18,970
423,373
$
$
455,564
-
39,508
383,828
37
Total fund balances (deficit)
-
879,102
$
-
-
5,906
401
41,195
411
3,478
401
(17,202)
(10,833)
-
-
-
(17,202)
(10,833)
6,307
41,606
3,879
186,304
- 42 -
$
189,583
$
24,472
$
199,472
$
22,849
Permanent
Developer
Donations
William R.
Leiseberg
Memorial
$
Capital
Projects
784,499
Quadricentennial
$
205,221
-
15,692
$
-
-
Working
Cash
$
-
54,358
$ 1,290,456
-
$
989,720
$
15,692
$
-
$
54,358
$
27,371
-
$
-
$
-
$
-
1,026,367
205,221
39,508
$ 2,561,552
$
27,536
85
-
-
-
-
1,026,367
28,035
27,371
-
-
-
1,082,023
962,349
15,692
-
-
54,358
-
54,358
39,508
383,828
21,598
41,195
3,478
963,599
-
-
-
(28,035)
15,692
-
54,358
1,479,529
54,358
$ 2,561,552
962,349
$
Total
Nonmajor
Governmental
Funds
989,720
$
15,692
$
-
$
- 43 -
BARTLETT, ILLINOIS
COMBINING STATEMENT OF REVENUES, EXPENDITURES,
AND CHANGES IN FUND BALANCES
Special Revenue
Special
Recreation
REVENUES
Taxes
Intergovernmental
Developer donations
Investment income
Miscellaneous
$
533,541
37
-
Illinois
Municipal
Retirement
$
237,593
417
-
Social
Security
$
222,856
416
-
Audit
$
Paving
and
Lighting
Liability
Insurance
23,224
401
-
$
137,773
411
1,500
$
25,519
401
-
Total revenues
533,578
238,010
223,272
23,625
139,684
25,920
EXPENDITURES
Current
General government
Capital outlay
540,428
-
259,400
-
228,941
-
15,390
-
155,019
-
42,580
-
540,428
259,400
228,941
15,390
155,019
42,580
Total expenditures
OVER EXPENDITURES
(6,850)
(21,390)
(5,669)
8,235
(15,335)
(16,660)
Transfers in
Transfers (out)
-
-
-
-
-
-
-
-
-
-
-
-
(6,850)
(21,390)
(5,669)
8,235
(15,335)
(16,660)
4,188
(5,164)
(1,928)
56,941
20,539
FUND BALANCES (DEFICIT), MAY 1
FUND BALANCES (DEFICIT), APRIL 30
430,223
$
423,373
$
(17,202) $
- 44 -
(10,833) $
6,307
$
41,606
$
3,879
$
Capital
Projects
Permanent
Developer
Donations
William R.
Leiseberg
Memorial
158,759
13,599
2,434
1,625
Quadricentennial
$
$
100
-
$
-
$
1,180,506
158,759
13,599
4,717
3,125
176,417
100
100
-
1,360,706
393,767
-
29
-
701,330
540,428
393,796
393,767
-
29
-
1,635,554
100
71
-
(217,350)
(274,848)
100,000
-
-
-
(400)
100,000
(400)
100,000
-
-
(400)
99,600
(400)
(175,248)
(117,350)
100
1,079,699
$
100
-
Working
Cash
Total
Nonmajor
Governmental
Funds
962,349
71
15,592
$
15,692
(71)
$
-
54,758
$
54,358
1,654,777
$
1,479,529
- 45 -
BARTLETT, ILLINOIS
SPECIAL RECREATION FUND
Final
Budget
REVENUES
Property taxes
Investment income
$
Total revenues
EXPENDITURES
Maintenance and repairs
NWSRA
Total expenditures
552,881
450
Variance
Over
(Under)
Actual
$
533,541
37
$
(19,340)
(413)
553,331
533,578
(19,753)
174,500
226,510
222,351
312,757
47,851
86,247
401,010
540,428
139,418
$ 152,321.00
(6,850) $
FUND BALANCE, MAY 1
430,223
$
- 46 -
423,373
(159,171)
BARTLETT, ILLINOIS
Final
Budget
REVENUES
Property taxes
Investment income
$
271,075
420
Variance
Over
(Under)
Actual
$
237,593
417
$
(33,482)
(3)
Total revenues
271,495
238,010
(33,485)
EXPENDITURES
General government
Pension contributions
271,095
259,400
(11,695)
271,095
259,400
(11,695)
(21,390) $
(21,790)
Total expenditures
$
400
FUND BALANCE, MAY 1
4,188
FUND BALANCE (DEFICIT), APRIL 30
- 47 -
$
(17,202)
BARTLETT, ILLINOIS
SOCIAL SECURITY FUND
Final
Budget
REVENUES
Property taxes
Investment income
$
Total revenues
249,214
420
Variance
Over
(Under)
Actual
$
222,856
416
$
(26,358)
(4)
249,634
223,272
(26,362)
EXPENDITURES
General government
Pension fund contributions
249,234
228,941
(20,293)
Total expenditures
249,234
228,941
(20,293)
$
400
(5,669) $
FUND BALANCE (DEFICIT), MAY 1
FUND BALANCE (DEFICIT), APRIL 30
- 48 -
(5,164)
$
(10,833)
(6,069)
BARTLETT, ILLINOIS
AUDIT FUND
Final
Budget
REVENUES
Property taxes
Investment income
$
Total revenues
EXPENDITURES
General government
Contractual services
$
26,435
405
Variance
Over
(Under)
Actual
$
23,224
401
$
(3,211)
(4)
26,840
23,625
(3,215)
19,440
15,390
(4,050)
7,400
8,235
FUND BALANCE (DEFICIT), MAY 1
(1,928)
$
- 49 -
6,307
$
835
BARTLETT, ILLINOIS
LIABILITY INSURANCE FUND
Final
Budget
REVENUES
Property taxes
Investment income
Miscellaneous
$
123,399
420
1,500
Variance
Over
(Under)
Actual
$
137,773
411
1,500
$
14,374
(9)
-
Total revenues
125,319
139,684
14,365
EXPENDITURES
General government
Salaries and wages
Insurance
Services
Unemployment claims
17,500
127,650
1,610
16,000
15,024
123,116
154
16,725
(2,476)
(4,534)
(1,456)
725
162,760
155,019
(7,741)
(37,441)
(15,335) $
22,106
Total expenditures
$
FUND BALANCE, MAY 1
56,941
$
- 50 -
41,606
BARTLETT, ILLINOIS
PAVING AND LIGHTING FUND
Final
Budget
REVENUES
Property taxes
Investment income
$
Total revenues
EXPENDITURES
General government
Maintenance and repairs
$
25,170
410
Actual
$
25,519
401
25,580
25,920
55,000
42,580
(29,420)
20,539
$
- 51 -
$
(16,660) $
FUND BALANCE, MAY 1
Variance
Over
(Under)
3,879
349
(9)
340
(12,420)
12,760
BARTLETT, ILLINOIS
DEVELOPER DONATIONS FUND
Final
Budget
REVENUES
Intergovernmental
Developer donations
Investment income
Miscellaneous
$
Total revenues
EXPENDITURES
Capital outlay
Park improvements
Total expenditures
OVER EXPENDITURES
NET CHANGES IN FUND BALANCES
Actual
400,000
5,000
11,667
308,273
$
$
(241,241)
8,599
(9,233)
(306,648)
176,417
(548,523)
1,217,583
393,767
(823,816)
1,217,583
393,767
(823,816)
(217,350)
(275,293)
100,000
100,000
$
158,759
13,599
2,434
1,625
724,940
(492,643)
Transfers in
Variance
Over
(Under)
(492,643)
(117,350) $
FUND BALANCES, MAY 1
1,079,699
FUND BALANCES, APRIL 30
- 52 -
$
962,349
(175,293)
STATISTICAL SECTION
This part of the District’s comprehensive annual financial report presents detailed information as
a context for understanding what the information in the financial statements, note disclosures and
required supplementary information displays about the District’s overall financial health.
Contents
Page(s)
Financial Trends
These schedules contain trend information to help the reader understand
how the District’s financial performance and well-being have been
changed over time.
53-58
Revenue Capacity
These schedules contain information to help the reader assess the District’s
most significant local revenue source, the property tax.
59-64
Debt Capacity
The 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.
65-67
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.
68-69
Operating Information
These schedules contain service and infrastructure data to help the reader
understand how the information in the District’s financial report relates to
the services the District provides and the activities it performs.
70-72
Sources: Unless otherwise noted, the information in these schedules is derived from the
comprehensive annual financial reports for the relevant year. The District implemented GASB
Statement No. 34 in 2005; schedules presenting government-wide information include
information beginning in that year.
BARTLETT, ILLINOIS
NET ASSETS BY COMPONENT
Last Seven Fiscal Years
Fiscal Year
2011
2010
2009
2008
2007
2006
2005
Invested in capital assets, net of
related debt
Restricted
Unrestricted
$ 20,305,024
558,133
4,828,092
$ 18,940,608
2,763,714
2,693,168
$ 17,939,354
1,976,402
3,277,691
$ 15,770,292
693,689
4,784,086
$ 14,088,495
971,116
3,346,239
$ 12,717,793
1,088,335
2,956,361
$ 12,108,270
969,622
2,561,576
TOTAL GOVERNMENT ACTIVITIES
$ 25,691,249
$ 24,397,490
$ 23,193,447
$ 21,248,067
$ 18,405,850
$ 16,762,489
$ 15,639,468
NOTE: The District implemented GASB Statement No. 34 for the fiscal year ended April 30, 2005.
Data Source
District Records
- 53 -
BARTLETT, ILLINOIS
Last Seven Fiscal Years
Fiscal Year
EXPENSES
General government
Ski, golf and banquet
2011
2010
2009
2008
2007
2006
2005
$
2,842,596
4,479,855
930,533
1,048,128
$
2,733,657
4,741,976
619,755
$
2,703,656
4,655,109
672,973
$
1,849,305
4,346,714
923,473
$
2,350,368
3,952,978
1,142,044
$
2,421,973
3,794,321
1,008,212
$
2,360,445
3,682,028
1,028,292
$
9,301,112
$
8,095,388
$
8,031,738
$
7,119,492
$
7,445,390
$
7,224,506
$
7,070,765
$
318
3,262,220
1,029,420
15,541
172,529
$
2,100
3,095,556
10,225
151,487
$
1,900
3,243,907
1,043
639,180
$
3,229
3,093,980
8,286
104,460
$
2,647,208
5,235
1,099,458
$
7,412
2,483,536
3,709
931,680
$
2,406,362
1,461,303
PROGRAM REVENUES
$
4,480,028
$
3,259,368
$
3,886,030
$
3,209,955
$
3,751,901
$
3,426,337
$
3,867,665
NET REVENUE (EXPENSE)
$ (4,821,084) $ (4,836,020) $ (4,145,708) $ (3,909,537) $ (3,693,489) $ (3,798,169) $ (3,203,100)
NET REVENUE (EXPENSE)
$ (4,821,084) $ (4,836,020) $ (4,145,708) $ (3,909,537) $ (3,693,489) $ (3,798,169) $ (3,203,100)
EXPENSES
PROGRAM REVENUES
General government
Ski, golf and banquet
Operating grants and contributions
Capital grants and contributions
- 54 -
Fiscal Year
GENERAL REVENUES AND OTHER
CHANGES IN NET ASSETS
Taxes
Property
Replacement
Investment income
Contributions
Miscellaneous
Transfers
2011
2010
2009
2008
2007
2006
2005
$
6,035,067
19,468
23,739
36,569
-
$
5,938,834
17,514
31,213
52,502
-
$
5,731,265
19,787
174,996
100,000
79,441
-
$
5,676,420
21,610
265,864
95,639
692,221
$
4,908,776
18,947
300,078
109,049
-
$
4,650,218
17,437
191,308
62,227
-
$
4,494,877
13,514
72,848
70,577
-
$
6,114,843
$
6,040,063
$
6,105,489
$
6,751,754
$
5,336,850
$
4,921,190
$
4,651,816
$
1,293,759
$
1,204,043
$
1,959,781
$
2,842,217
$
1,643,361
$
1,123,021
$
1,448,716
$
1,293,759
$
1,204,043
$
1,959,781
$
2,842,217
$
1,643,361
$
1,123,021
$
1,448,716
NOTE: The District implemented GASB Statement No. 34 for the fiscal year ended April 30, 2005.
Data Source
District Records
- 55 -
BARTLETT, ILLINOIS
FUND BALANCES OF GOVERNMENTAL FUNDS
Last Ten Fiscal Years
Fiscal Year
2011
GENERAL FUND
Nonspendable
Unreserved/Unassigned
$
TOTAL GENERAL FUND
$ 3,035,030
ALL OTHER GOVERNMENTAL FUNDS
Nonspendable/Reserved
Working cash
Inventory
Prepaid expenses
Reserved/Restricted
Debt service
Recreation
Special recreation
Employee retirement
Special purpose
Insurance
Capital projects
Unassigned/unreserved
TOTAL ALL OTHER
GOVERNMENTAL FUNDS
$
3,035,030
2010
$
2,754,111
$ 2,754,111
2009
$
2,164,322
$ 2,164,322
54,358 $
54,758 $
54,893
117,028
4,722
5,201
43,958
113,255
1,050
57,154
136,179
361,842
1,078,850
1,059,249
383,828
316,968
333,579
4,188
46,773
21,598
15,592
15,372
41,195
56,941
77,390
11,524,862
1,100,238
27,304
2,452,665
(49,813)
(7,163)
1,374,514
$ 14,646,833
$ 2,874,528
$ 3,357,167
2008
$
800
1,620,126
2007
$
1,078,674
2006
$
3,153,695
2005
$
2,760,883
2004
$
1,667,768
2003
$
1,353,444
2002
$
1,255,712
$ 1,620,926
$ 1,078,674
$ 3,153,695
$ 2,760,883
$ 1,667,768
$ 1,353,444
$ 1,255,712
$
$
$
$
$
$
$
54,803
5,201
113,553
811,643
263,047
826,710
226,897
64,526
14,682
66,932
68,790
3,000,589
$ 5,517,373
Data Source
Audited Financial Statements
Note: The District implemented GASB Statement No. 54 for the April 30, 2011 fiscal year.
- 56 -
54,803
2,999
96,320
1,070,435
141,243
420,908
98,755
91,370
15,039
82,513
126,641
2,488,083
$ 4,689,109
54,705
2,999
54,705
1,091,334
277,924
361,245
63,773
74,771
16,085
66,895
213,293
213,293
$ 2,491,022
54,692
4,298
971,599
276,125
291,449
36,246
164,523
23,862
38,230
84,495
200,944
$ 2,146,463
54,692
5,158
1,006,452
250,623
400,512
22,789
38,739
15,369
66,848
186,096
185,521
$ 2,232,799
54,692
3,291
1,149,099
205,216
628,164
28,148
33,932
15,148
79,639
-
$ 2,197,329
54,692
6,908
13,312
1,358,469
185,924
839,598
44,444
33,755
14,871
87,840
109,413
(379,264)
$ 2,369,962
BARTLETT, ILLINOIS
CHANGES IN FUND BALANCES OF GOVERNMENTAL FUNDS
Fiscal Year
REVENUES
Taxes
Property
Replacement
Program revenue
Sales and rental revenue
Intergovernmental
Developer donations
Investment income
Miscellaneous
Total revenues
EXPENDITURES
Current
General government
Capital outlay
Debt service
Principal
Total expenditures
OVER EXPENDITURES
2011
2010
2009
2008
2007
2006
2005
2004
2003
2002
$ 6,035,068
19,468
2,947,004
1,228,992
107,826
163,362
13,599
23,739
55,813
$ 5,938,834
17,514
2,709,784
261,788
101,733
143,741
7,663
31,213
87,161
$ 5,731,266
19,787
2,881,435
234,463
108,079
614,446
24,664
174,996
102,383
$ 5,676,420
21,610
3,003,264
89,448
103,661
265,864
109,221
$ 4,908,776
18,947
2,572,575
68,462
434,814
300,114
112,872
$ 4,650,218
17,437
2,407,094
71,427
931,680
191,309
78,363
$ 4,494,877
13,514
2,279,677
121,063
1,460,928
72,848
76,574
$ 3,921,315
11,857
2,290,603
131,813
228,831
42,786
180,867
$ 3,707,984
10,675
2,280,499
152,217
389,615
42,147
145,428
$ 3,561,218
13,064
2,186,565
149,284
132,323
125,148
179,790
10,594,871
9,299,431
9,891,519
9,269,488
8,416,560
8,347,528
8,519,481
6,808,072
6,728,565
6,347,392
2,704,627
4,160,600
6,642,488
2,568,804
4,336,351
377,393
2,448,431
4,205,058
1,366,556
2,345,215
3,913,921
330,182
2,262,603
3,515,978
299,709
2,074,893
3,357,593
444,118
2,189,800
3,203,557
227,983
1,957,802
3,240,348
169,130
1,715,460
3,287,307
355,557
1,900,992
3,031,327
567,514
1,282,569
949,152
1,293,080
625,175
1,247,545
521,197
1,053,855
1,014,179
2,252,055
851,648
1,261,380
880,941
1,169,640
864,911
864,000
900,868
655,000
874,586
612,000
899,301
15,739,436
9,200,803
9,788,787
8,657,352
9,181,993
8,018,925
7,655,891
7,132,148
6,887,910
7,011,134
98,628
102,732
612,136
328,603
863,590
(5,144,565)
- 57 -
(765,433)
(324,076)
(159,345)
(663,742)
Fiscal Year
Transfers in
Transfers (out)
Bonds issued
Discount on bonds issued
Refunding bonds issued
Premium on bonds issued
Payment to refunded bond escrow agent
Proceeds from the sale of capital assets
NET CHANGE IN FUND BALANCES
DEBT SERVICE AS A PERCENTAGE OF
NONCAPITAL EXPENDITURES
2011
$
250,400 $
(250,400)
94,679
18,000,000
31,893
1,750
18,128,322
$ 12,983,757
25.98%
2010
2009
273,203 $
(273,203)
-
141,899 $
312,612 $
368,162 $
(141,899)
(274,008)
(368,162)
860,000
(5,986)
15,650,000
3,280,000
6,978
(15,511,531)
(3,199,388)
6,757
2,699
$
98,628
22.33%
2008
$
102,732
21.13%
2007
183,830
$
795,966
27.45%
Data Source
Audited Financial Statements
- 58 -
944,303
$
178,870
39.76%
$
2006
2005
2004
2003
2002
968,356 $
(968,356)
187,245
9,048
774,378 $
(774,378)
188,725
21,370
448,665 $
(429,893)
750,709
-
919,689 $
(903,995)
411,000
-
839,162
(822,525)
-
196,293
210,095
524,896
$ 1,073,685
28.28%
27.39%
769,481
$
445,405
25.35%
426,694
$
267,349
23.42%
16,637
$
(647,105)
22.50%
BARTLETT, ILLINOIS
ASSESSED VALUE AND ACTUAL VALUE OF TAXABLE PROPERTY
Last Ten Levy Years
Tax
Levy
Year
Farm
Property
Residential
Property
Commercial
Property
Industrial
Property
Railroad
Property
Total
Assessed
Valuation
Estimated
Actual Taxable
Value
Total
Direct
Tax Rate
2001
571,200
706,837,690
38,412,394
22,916,460
25,190
768,762,934
2,306,288,802
0.5401
2002
568,577
776,813,661
42,392,554
24,916,376
26,225
844,717,393
2,534,152,179
0.5210
2003
569,506
846,515,265
40,441,266
25,422,539
11,010
912,959,586
2,738,878,758
0.5290
2004
445,350
944,487,116
43,955,850
29,064,183
10,733
1,017,963,232
3,053,889,696
0.4953
2005
1,322,333
1,055,551,278
50,363,867
23,207,208
10,498
1,130,455,184
3,391,365,552
0.4370
2006
1,322,928
1,104,321,758
56,241,027
23,561,795
15,653
1,185,463,161
3,556,389,483
0.4513
2007
241,558
1,180,193,115
54,493,623
30,442,549
22,256
1,265,393,101
3,796,179,303
0.4101
2008
241,084
1,272,194,048
64,771,224
41,550,706
29,105
1,378,786,167
4,136,358,501
0.3891
2009
671,038
1,285,753,512
64,785,976
44,643,994
35,775
1,395,890,295
4,187,670,885
0.4249
2010
663,723
1,250,298,369
62,221,036
39,745,562
37,306
1,352,965,996
4,058,897,988
0.5232
Note: Property is assessed at 33.33% of actual value, therefore, estimated actual taxable values are equal to assessed values times three. The tax rate shown
here is a blended rate from the three counties.
Data Source
Office of the County Clerk
- 59 -
BARTLETT, ILLINOIS
PROPERTY TAX RATES - DIRECT AND OVERLAPPING GOVERNMENTS
COOK COUNTY
Last Ten Levy Years
Levy Year
2010
2009
Cook County
Cook County Forest Preserve District
Metropolitan Water Reclamation District
Northwest Mosquito Abatement District
Mental Health District
Suburban TB Sanitarium
Consolidated Elections
Hanover Township
General Assistance Hanover
Road & Bridge Hanover
Village of Bartlett
Special Service Area #1 - Bluff City
City of Elgin
Village of Streamwood
Poplar Creek Library District
Bartlett Public Library District
Gail Borden Public Library District
Hanover Park Fire District
Bartlett Fire District
School District Number 46
Elgin Community College District 509
0.3940
0.0490
0.2610
0.0080
0.0330
0.0330
0.0210
0.1540
0.0110
0.0530
0.6860
13.1560
1.8260
0.8480
0.3500
0.2090
0.3300
0.4190
4.3390
0.3540
0.4150
0.0510
0.2520
0.0080
0.0330
0.0330
0.1580
0.0110
0.7030
11.3290
1.9310
0.8450
0.3570
0.2410
0.3300
0.4280
4.4350
0.3310
0.4460
0.0530
0.2630
0.0080
0.0330
0.0050
0.0120
0.1590
0.0110
0.7200
2.0180
0.8620
0.3670
0.2420
0.3360
0.6043
0.4340
4.5650
0.3480
0.5000
0.0570
0.2840
0.0090
0.0050
0.1780
0.0120
0.7010
2.0160
0.9760
0.3100
0.2560
0.0360
0.6043
0.5100
4.8740
0.3470
0.4210
0.0600
0.3150
0.0090
0.0350
0.0050
0.0140
0.2370
0.6583
1.8720
1.0090
0.3040
0.2513
0.3462
0.5490
0.2830
4.6781
0.3396
0.4210
0.0600
0.3150
0.0090
0.0350
0.0050
0.0140
0.2370
0.6820
1.8720
1.0090
0.3040
0.2600
0.3290
0.5490
0.2830
4.7460
0.4210
0.4710
0.0600
0.3470
0.0090
0.0360
0.0040
0.2420
0.7660
1.9400
1.0230
0.3180
0.2680
0.3350
0.5420
0.3040
4.9450
0.4340
0.4890
0.0590
0.3610
0.0100
0.0400
0.0040
0.0290
0.2730
0.0120
0.8490
2.1600
1.0050
0.3550
0.2850
0.4060
0.5680
0.3440
5.6060
0.4260
0.6900
0.0610
0.3710
0.0090
0.0380
0.0060
0.1840
0.0110
0.0783
1.8990
0.9720
0.3400
0.2980
0.3400
0.5650
0.3320
5.0800
0.3670
0.7460
0.0670
0.4010
0.0100
0.0400
0.0070
0.0320
0.1470
0.0110
0.8270
1.9340
1.0190
0.3510
0.3160
0.3680
0.9140
0.3360
5.3500
0.3870
23.5340
21.8910
11.4863
11.6753
11.3865
11.5510
12.0440
13.2810
11.6413
13.2630
0.4240
0.4330
0.4540
0.4531
0.4776
0.4370
0.4960
0.5730
0.5030
0.5411
23.9580
22.3240
11.9403
12.1284
11.8641
11.9880
12.5400
13.8540
12.1443
13.8041
Total overlapping rate
TOTAL RATE
2008
2007
Note: Tax rates are expressed in dollars per $100 of assessed valuation.
Data Source
Office of the Cook County Clerk
- 60 -
2006
2005
2004
2003
2002
2001
BARTLETT, ILLINOIS
DUPAGE COUNTY
Last Ten Levy Years
Levy Year
DuPage County
DuPage County Forest Preserve District
DuPage County Airport Authority
Wayne Township
Wayne Township Road District
Village of Hanover Park
Village of Bartlett
Hanover Park Fire District
Bartlett Fire District
South Elgin Fire District
2010
0.1659
0.1321
0.0158
0.0733
0.0645
0.8353
0.7184
0.4158
0.2239
0.7477
0.4540
0.6043
4.8392
0.3921
2009
2008
2007
2006
2005
2004
2003
2002
2001
0.1554
0.1217
0.0750
0.0658
0.0610
0.6678
0.6830
0.4003
0.2088
0.7077
0.4000
0.5400
4.6019
0.3760
0.1557
0.1206
0.0160
0.0649
0.0604
0.5935
0.6112
0.3522
0.2278
0.6264
0.4290
0.5253
4.2591
0.3282
0.1651
0.1187
0.0170
0.0647
0.0642
0.6081
0.6154
0.3696
0.2538
0.6043
0.3973
0.5143
4.2737
0.3282
0.1713
0.1303
0.0183
0.0666
0.0704
0.6594
0.6583
0.3131
0.2513
0.5682
0.4378
0.5306
4.6781
0.3396
0.1800
0.1270
0.0200
0.0710
0.0720
0.6830
0.6560
3.0040
0.2510
0.5690
0.2530
0.5360
4.6020
0.4140
0.1850
0.1358
0.0213
0.0696
0.0754
0.7278
0.6532
0.2969
0.2788
0.5684
0.2681
0.5035
4.6020
0.4150
0.1990
0.1419
0.0230
0.0727
0.0822
0.7146
0.6634
0.3040
0.2756
0.5683
0.2744
0.6553
4.6866
0.3602
0.2154
0.1534
0.0248
0.0763
0.0929
0.6652
0.6831
0.3573
0.2919
0.5684
0.2914
0.5795
4.8292
0.3488
0.2353
0.1654
0.0271
0.0812
0.0988
0.7098
0.6975
0.3357
0.3291
0.5686
0.3222
0.6623
5.1097
0.0369
9.6823
9.0644
8.3703
8.3944
8.8933
11.4380
8.8008
9.0212
9.1776
9.3796
Bartlett Park District (DuPage)
0.5335
0.4257
0.4276
0.4531
0.4513
0.4330
0.4380
0.4490
0.4500
0.4658
10.2158
9.4901
8.7979
8.8475
9.3446
11.8710
9.2388
9.4702
9.6276
9.8454
TOTAL RATE
Data Source
Office of the DuPage County Clerk
- 61 -
BARTLETT, ILLINOIS
KANE COUNTY
Last Ten Levy Years
Levy Year
Kane County
Kane County Forest Preserve District
Elgin Township
Elgin Township Road District
Village of Bartlett
South Elgin Fire District
Village of South Elgin
2010
0.3730
0.2201
0.0783
0.0581
0.7494
0.5999
0.5107
0.3650
5.2661
0.4407
2009
2008
2007
2006
2005
2004
2003
2002
2001
0.3426
0.1993
0.0734
0.0545
0.6464
0.5593
0.5285
0.4234
5.2600
0.4418
0.3336
0.1932
0.0692
0.0514
0.8201
0.5240
0.4453
0.3175
4.2066
0.3275
0.3452
0.1747
0.0715
0.0531
0.4538
0.5304
0.4403
0.3378
4.6954
0.3398
0.3452
0.1747
0.0715
0.0531
0.6584
0.5304
0.4403
0.3462
4.8102
0.3469
0.3367
0.1905
0.0759
0.0564
0.8665
0.5512
0.4850
0.3172
4.7346
0.4011
0.3467
0.1432
0.0776
0.0576
0.4684
0.5310
0.5337
0.3700
4.7024
0.4154
0.3578
0.1270
0.0807
0.0599
0.2096
0.5780
0.5128
0.3445
4.9424
0.3854
0.4292
0.1395
0.0864
0.0641
0.6919
0.6225
0.5872
0.3369
5.1403
0.3636
0.4529
0.1520
0.0918
0.0680
0.7893
0.6413
0.5963
0.3255
5.0947
0.3721
8.6613
8.5290
7.2884
7.4420
7.7769
8.0151
7.6460
7.5981
8.4616
8.5839
Bartlett Park District (DuPage)
0.5552
0.4039
0.5663
0.4522
0.4513
0.6237
0.4649
0.5624
1.2714
1.0478
TOTAL RATE
9.2165
8.9329
7.8547
7.8942
8.2282
8.6388
8.1109
8.1605
9.7330
9.6317
Data Source
Office of the Kane County Clerk
- 62 -
BARTLETT, ILLINOIS
PRINCIPAL PROPERTY TAXPAYERS
Current Year and Nine Years Ago
2011
Taxable
Assessed
Value
Taxpayer
Senior Flexonics, Inc.
DGJ Activities LLC
Bartlett Properties
Scott Retzloff & Associates
Northridge Holdings (3)
Cole MT Bartlett IL
Brewster Creek of IL LLC
ORIX CR & D Bartlett LLC
HD Development of MD Inc
Cabot II IL1FO1 LLC
Elmhurst-Chicago Stone
Bartlett Lake
Spring Lake Estates
M Beck Bartlett LLC
Individual
Individual
Bartlett Commons
Individual
$
6,429,370
6,017,250
5,126,391
4,167,150
4,017,532
3,708,440
3,486,510
3,877,670
2,716,100
2,566,000
2002
Rank
1
2
3
4
5
6
7
8
9
10
Percentage
of Total
District
Taxable
Assessed
Valuation
0.15% $
0.14%
0.12%
0.10%
0.10%
0.09%
0.08%
0.09%
0.06%
0.06%
$ 42,112,413
Taxable
Assessed
Value
Rank
Percentage
of Total
District
Taxable
Assessed
Valuation
4,224,654
3
0.58%
4,284,969
2
0.58%
5,384,474
3,821,767
2,875,174
2,801,880
1,831,263
1,673,250
1,533,990
1,354,143
1
4
5
6
7
8
9
10
0.73%
0.52%
0.39%
0.38%
0.25%
0.23%
0.21%
0.18%
0.99% $ 29,785,564
4.05%
Note:
Every effort has been made to seek out and report the largest taxpayers. However, many of the taxpayers contain multiple parcels
and it is possible that some parcels and their valuations have been overlooked.
Data Source
Office of the DuPage and Cook County Clerk
- 63 -
BARTLETT, ILLINOIS
PROPERTY TAX LEVIES AND COLLECTIONS
Collected Within the
Fiscal Year of the Levy
Percentage
Amount
of Levy
Levy
Year
Taxes Levied
for the
Fiscal Year
Collections
in Subsequent
Years
2001
$ 3,438,910
$ 3,441,504
2002
3,559,143
3,548,378
99.70%
(11,557)
3,536,821
99.37%
2003
3,748,662
3,732,979
99.58%
(12,787)
3,720,192
99.24%
2004
3,933,330
3,916,733
99.58%
(5,066)
3,911,667
99.45%
2005
4,412,090
4,410,758
99.97%
348
4,411,106
99.98%
2006
4,633,359
4,589,693
99.06%
17,673
4,607,366
99.44%
2007
5,582,057
4,885,990
87.53%
18,347
4,904,337
87.86%
2008
6,520,443
5,639,599
86.49%
14,122
5,653,721
86.71%
2009
6,888,193
5,879,699
85.36%
-
5,879,699
85.36%
2010
8,091,591
6,183,967
76.42%
-
6,183,967
76.42%
100.08% $
Data Source
Cook, DuPage, and Kane County Clerks
District records
- 64 -
Total Collections to Date
Percentage
Amount
of Levy
(6,716) $ 3,434,788
99.88%
BARTLETT, ILLINOIS
RATIOS OF GENERAL BONDED DEBT OUTSTANDING
General
Obligation
Bonds
Fiscal
Year
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
Percentage of
Actual Taxable
Value of
Property
$
22,417,567
22,796,324
23,410,271
22,602,960
21,651,702
20,614,480
19,975,625
18,610,000
17,435,000
34,190,000
0.97%
0.90%
0.85%
0.74%
0.64%
0.58%
0.53%
0.45%
0.42%
0.83%
*Per
Capita
$
* See Assessed Value and Estimated Actual Value of Taxable Property on page 59 for
property value data.
- 65 -
574.81
556.01
617.96
594.42
549.86
523.52
482.48
449.50
421.11
825.81
BARTLETT, ILLINOIS
LEGAL DEBT MARGIN INFORMATION
Fiscal Year
Debt limit
2011
$
Total net debt
applicable to limit
Legal debt margin
39,640,102
2010
$
34,190,000
$
Total net debt applicable
to the limit as a
percentage of debt limit
5,450,102
86.25%
40,136,009
2009
$
17,435,000
$
22,701,009
43.44%
$
2008
2007
2006
2005
2004
2003
2002
39,640,102
$ 36,380,052
$ 34,082,066
$ 38,617,163
$ 36,368,500
$ 33,490,731
$ 31,335,123
$ 28,441,326
18,610,000
19,745,000
16,925,000
18,630,685
19,682,269
18,195,921
19,161,509
20,162,797
21,030,102
$ 16,635,052
$ 17,157,066
$ 19,986,478
$ 16,686,231
$ 15,294,810
$ 12,173,614
46.95%
45.49%
Legal debt margin calculation for fiscal 2009
Equalized assessed value
$ 1,378,786,167
Legal debt margin
2.875%
Debt limit
39,640,102
Debt applicable to limit
34,190,000
LEGAL DEBT MARGIN
$
5,450,102
- 66 -
49.66%
48.24%
54.12%
54.33%
61.15%
$
8,278,529
70.89%
BARTLETT, ILLINOIS
DIRECT AND OVERLAPPING DEBT OUTSTANDING
April 30, 2011
Outstanding
Debt
Governmental Unit
$
Schools
Community College District 509
Total Schools
Others
DuPage County
DuPage County Forest Preserve District
DuPage Water Commission
Cook County
Cook County Forest Preserve District
Metropolitan Water Reclamation District
Kane County
Kane County Forest Preserve District
Village of Bartlett
Village of Hanover Park
Village of Streamwood
City of Elgin
Village of South Elgin
Bartlett Special Service Area No. 1
Bartlett Tax Incrament Financing Disrict
Total Others
TOTAL SCHOOLS AND OTHER
OVERLAPPING BONDED DEBT
$
Applicable to District
Percent
Amount
34,190,000
100.00%
326,383,888
141,432,414
467,816,302
22.84%
9.92%
74,546,080
14,030,095
88,576,175
210,050,000
221,062,101
12,465,000
2,826,300,000
108,665,000
1,959,099,576
79,735,000
235,480,866
17,420,000
19,140,000
11,790,000
21,815,000
112,716,002
4,585,000
24,250,000
16,660,000
43,360,000
5,924,593,545
2.07%
2.07%
1.00%
0.29%
0.29%
0.30%
0.03%
0.03%
98.65%
5.94%
0.04%
5.58%
0.11%
0.12%
98.43%
3.89%
100.00%
100.00%
4,348,035
4,575,985
124,650
8,196,270
315,129
5,877,299
23,921
70,644
17,184,830
1,136,916
4,716
1,217,277
123,988
5,502
943,325
16,660,000
43,360,000
104,168,487
6,392,409,847
$
$
34,190,000
192,744,662
Note:
Overlapping governments are those that coincide, at least in part, with the geographic boundaries of the District.
The percentage of overlapping debt applicable is estimated using taxable assessed property values. Applicable
percentages were estimated by determining the portion of the District's taxable assessed value that is within the
boundaries of the government and dividing it by the government's total taxable assessed value.
Data Sources
Cook, DuPage, and Kane County Clerks' Offices
- 67 -
BARTLETT, ILLINOIS
DEMOGRAPHIC AND ECONOMIC STATISTICS
Fiscal
Year
Population
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
36,706
36,706
36,706
36,706
39,377
39,377
41,402
41,402
41,402
41,402
Per Capita
Personal
Income
$
29,652
33,645
33,645
33,910
34,575
34,575
40,139
34,622
35,702
35,789
(1)
Personal
Income
$
Unemployment
Rate
1,088,406
1,234,973
1,234,973
1,244,700
1,361,460
1,361,460
1,661,835
1,433,420
1,478,134
1,481,736
(1) Estimated, in thousands
Data Sources
District records
U.S. Census Bureau
DuPage County Clerk
- 68 -
5.39%
5.40%
4.50%
4.80%
4.20%
3.40%
3.90%
7.80%
9.00%
9.02%
Owned and Leased Parks
Acres
Number
429.00
429.00
429.00
466.00
466.00
476.00
487.00
488.00
488.00
626.00
34
38
39
36
39
41
42
43
44
44
Acreas Per
1,000
People
11.69
11.69
11.69
12.70
11.83
12.09
11.76
11.79
11.79
15.12
BARTLETT, ILLINOIS
PRINCIPAL EMPLOYERS
Current and Nine Years Ago
2011
Taxpayers
Employees
Senior Flextronics, Inc.
Cadillac Ranch/Sam Houston's/Moretti's
Jewel-Osco
Greco & Sons Food Distributors
Auto Truck, Inc.
Midwest Molding, Inc.
S&D Products
Home Depot
Wittenstein Aerospace & Simulation
Dominicks
Main Steel Polishing Co. Inc.
Bluff City Materials, Inc.
Logan Electric Specialty Mfg. Co.
Photogenic Professional Lighting
EMI Division Promark International
Villa Olivia Country Club
Setko Fasteners
Test American NET Inc.
TOTAL
450
200
190
140
110
100
100
75
75
67
64
60
55
50
50
2002
Rank
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
1,786
Percentage of
Total District
Employment
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
0
* Includes seasonal and part-time employees
N/A - Not available
Data Sources
Village of Bartlett, Illinois official bond statements
Illinois Manufacturers Directory
- 69 -
Employees
Rank
Percentage of
Total District
Employment
889
1
N/A
270
100
2
5
N/A
N/A
130
4
N/A
174
45
43
50
3
7
8
6
N/A
N/A
N/A
N/A
1,701
0
BARTLETT, ILLINOIS
EMPLOYEES BY FUNCTION/PROGRAM
2011
Administration/finance
Full-time employees
Part-time employees
Seasonal employees
Parks/facilities
Full-time employees
Part-time employees
Seasonal employees
Recreation
Full-time employees
Part-time employees
Seasonal employees
Villa Olivia
Full-time employees
Part-time employees
Seasonal employees
Total full-time employees
Total part-time employees
Total seasonal employees
TOTAL EMPLOYEES
2010
2009
2008
2007
2006
2005
2004
2003
2002
14
1
12
1
12
6
1
12
6
1
12
6
1
11
9
1
11
10
1
11
11
1
12
9
1
10
10
1
17
5
14
17
5
16
17
8
20
17
8
20
15
7
20
17
3
15
17
3
19
17
3
15
16
2
19
14
1
13
12
211
169
12
193
177
12
115
217
12
110
200
11
6
308
13
123
173
12
111
155
12
146
156
12
157
158
9
150
174
12
85
115
-
-
-
-
-
-
-
-
-
55
301
299
41
198
194
41
129
238
41
124
221
38
19
329
41
135
189
40
124
175
40
160
172
40
168
178
33
161
188
655
433
408
386
386
365
339
372
386
382
Data Source
District payroll records
- 70 -
BARTLETT, ILLINOIS
OPERATING INDICATORS BY FUNCTION/PROGRAM
Last Five Fiscal Years
2011
2010
2009
2008
2007
CULTURE AND RECREATION
Number of participants (summer not included)
Number of programs offered (summer not included)
19,063
2,575
18,028
2,009
16,277
1,958
15,427
2,018
16,098
1,233
FACILITY RENTALS
Number of rentals
Number of attendants
4,561
68,407
4,674
71,600
3,201
56,464
3,791
53,277
4,167
56,059
139
193
136
175
159
BARTLETT AQUATIC FACILITY
Number of passes
Annual attendance (pass holders and paid)
2,825
30,810
2,890
30,078
2,910
28,120
3,375
35,470
3,527
37,492
SPLASH CENTRAL
Number of passes
Platinum passes
133
398
16,186
193
468
15,320
174
114
90
12,927
8,403
7,811
LIFECENTER
Number of passes
2,396
155,500
2,907
163,903
2,886
107,960
3,631
106,743
3,438
104,525
APPLE ORCHARD GOLF COURSE
Number of passes
130
17,374
142
22,503
138
14,804
126
18,366
171
18,344
PARKS AND NATURAL RESOURCES
Number of residents using the Nature Center
25,800
25,678
21,790
19,981
-
INDOOR/OUTDOOR AQUATICS
Number of combination passes (attendance below)
VILLA OLIVIA SKIIING (1/1/11 - 4/30/11)
Number of passes
Annual attendance
Ski rentals
Snow board rentals
17
8,479
3,843
1,021
VILLA OLIVIA TUBING (1/1/11 - 4/30/11)
Annual attendance
11,079
VILLA OLIVIA GOLF COURSE (1/1/11 - 4/30/11)
Number of golfers
325
VILLA OLIVIA BANQUETS (1/1/11 - 4/30/11)
194
Data Source
District records, computer generated reports, estimated head counts of special events
- 71 -
BARTLETT, ILLINOIS
CAPITAL ASSETS STATISTICS BY FUNCTION/PROGRAM
PARKS AND NATURAL RESOURCES
18 hole golf course
9 hole golf course
Disc golf course
Fishing areas
Picnic areas
Racquetball courts
Walking, biking, and jogging trails
Acreage
Baseball/softball fields
Football fields
Gymnasiums
Nature center
Outdoor ice rinks
Outdoor tennis courts
Parks
Playgrounds
Preschools
Recreation centers
Sand volleyball courts
Shelters
Skate park
Soccer fields
Swimming facilities
Basketball courts - indoors
Basketball courts - outdoors
Administration building
Concession stands
Dog Park
Spray Park
Banquet facilities
Snow ski and snow board area
Snow tubing hill
2011
2010
2009
2008
2007
2006
2005
2004
2003
2002
1
1
1
4
35
2
16 miles
626
17
1
2
1
2
5
44
33
1
1
2
9
1
18
2
4
14
1
2
1
1
4
1
1
1
1
4
45
2
16 miles
488
17
1
2
1
2
5
44
31
1
1
2
8
1
17
2
4
14
1
1
1
1
-
1
1
4
35
2
15 miles
488
18
2
2
1
2
5
43
32
1
1
2
10
1
20
2
4
12
1
1
1
1
-
1
1
5
26
2
16 miles
487
18
2
2
1
2
4
42
32
1
1
2
5
1
18
2
4
9
1
1
-
1
1
5
26
2
16 miles
476
19
2
2
1
2
4
41
30
1
1
2
5
1
18
2
4
9
1
1
-
1
1
5
26
2
16 miles
466
19
2
2
1
7
4
39
31
1
1
2
5
1
18
2
4
9
1
1
-
1
1
4
26
2
16 miles
429
19
2
2
1
7
4
36
31
1
1
2
4
1
18
2
4
9
1
1
-
1
1
4
26
2
16 miles
466
19
2
2
1
7
4
39
31
1
1
2
4
1
18
2
4
9
1
1
-
1
4
26
2
16 miles
429
18
2
2
1
7
4
38
30
1
1
2
4
1
18
2
4
9
1
1
-
1
5
26
2
16 miles
429
15
2
2
1
7
4
34
27
1
1
2
4
1
14
2
4
8
1
1
-
Data Source
District records
- 72 -

Ski Wee at Villa Olivia A Facility of the Bartlett Park District

Transcription

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