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Special Recreation Services of Northern Lake CountyFinancial Position
Taken as a whole, the District is in excellent financial position. This was confirmed in July 1999 when the District retained its A1 Bond Rating from Moody's Investors Service. This A1 Bond Rating from Moody's was sustained in May 2004. The rating reflects the District's moderate tax base growth, sound financial operations and strong reserves. The District's position grew stronger following the approval of a referendum increasing the Corporate Tax Rate.
Contributing factors to our favorable financial position are:
- The District Board and Staff commitment to evaluate, plan and implement programs, services and projects that meet the District's Mission Statement.
- The Corporate Replacement Tax continues to rebound after a severe decline in 2002. The Corporate Replacement Tax is considered “soft” revenue and will be distributed between the Corporate Fund, the Recreation Fund and the IMRF/FICA Fund.
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As of April 16, 2008, it appears that the State of Illinois will not be releasing the State Horseracing Tax for the 2007-08 budget year. It is also quite doubtful that the park district will receive this tax revenue in 2008-09. Thus, the park district will not budget for these funds.
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User fees are an integral part of the District’s revenue stream. Various fees, primarily in the Recreation Fund, provide approximately 18% of the District’s revenue.
- The FY 2008-09 Budget includes drawdowns of fund balances in the Insurance, Special Recreation, Audit and Police Funds. These drawdowns are either planned or due to carryover projects.
A variety of financial charts and graphics are provided below: