BYRON PARK DISTRICT, ILLINOIS...CARY PARK DISTRICT, ILLINOIS TABLE OF CONTENTS REQUIRED SUPPLEMENTARY INFORMATION. Schedule of Employer Contributions Illinois Municipal Retirement

CARY PARK DISTRICT, ILLINOIS COMPREHENSIVE ANNUAL FINANCIAL

REPORT

FOR THE FISCAL YEAR ENDED APRIL 30, 2020

CARY PARK DISTRICT, ILLINOIS

COMPREHENSIVE ANNUAL FINANCIAL REPORT

FOR THE FISCAL YEAR ENDED APRIL 30, 2020

Daniel C. Jones Executive Director

Vicki A. Krueger

Director of Finance and Administration

Prepared by: Finance and Administration Department


TABLE OF CONTENTS

1

2

Transmittal Letter 3 - 8

9

INDEPENDENT AUDITORS' REPORT 10 - 11

MANAGEMENT’S DISCUSSION AND ANALYSIS 12 - 20

BASIC FINANCIAL STATEMENTS

Government-Wide Financial Statements

Statement of Net Position 21 - 22

Statement of Activities 23 - 24

Fund Financial Statements

Balance Sheet – Governmental Funds 25

Reconciliation of Total Governmental Fund Balance to the

Statement of Net Position – Governmental Activities 26

Statement of Revenues, Expenditures and Changes in

Fund Balances – Governmental Funds 27

Reconciliation of the Statement of Revenues, Expenditures and Changes in

Fund Balances to the Statement of Activities – Governmental Activities 28

Statement of Revenues, Expenditures and Changes in Fund Balance – Budget and Actual

General Fund 29

Statement of Net Position – Proprietary Fund 30

Statement of Revenues, Expenses, and Changes in Net Position – Proprietary Fund 31

Statement of Cash Flows – Proprietary Fund 32

Notes to Financial Statements 33 - 71

PAGE

INTRODUCTORY SECTION

Principal Officials

Organizational Chart

Certificate of Achievement for Excellence in Financial Reporting

FINANCIAL SECTION


TABLE OF CONTENTS

REQUIRED SUPPLEMENTARY INFORMATION

Schedule of Employer Contributions

Illinois Municipal Retirement Fund 72

Schedule of Changes in the Employer’s Net Pension Liability

Illinois Municipal Retirement Fund 73 - 74

Schedule of Changes in the Employer's Total OPEB Liability

Retiree Benefit Plan 75

OTHER SUPPLEMENTARY INFORMATION

Schedule of Revenues, Expenditures and Changes in Fund Balance – Budget and Actual

Debt Service Fund 76

Combining Balance Sheet – Nonmajor Governmental Funds 77 - 78

Combining Statement of Revenues, Expenditures and Changes in Fund Balances

Nonmajor Governmental Funds 79 - 80

Schedule of Revenues, Expenditures and Changes in Fund Balance – Budget and Actual

Illinois Municipal Retirement(IMRF)/Social Security – Special Revenue Fund 81

Liability Insurance – Special Revenue Fund 82

Audit – Special Revenue Fund 83

Special Recreation – Special Revenue Fund 84

Paving and Lighting – Special Revenue Fund 85

Schedule of Revenues, Expenses and Changes in Net Position – Budget and Actual

Foxford Hills Golf Course – Enterprise Fund 86

SUPPLEMENTAL SCHEDULES

Long-Term Debt Requirements

General Obligation Alternate Revenue Source Bonds Series 2013A 87

General Obligation Alternate Revenue Source Bonds Series 2018A 88

Debt Certificates Series 2017 89

Debt Certificates Series 2019A 90

Short-Term Debt Requirements

General Obligation Alternate Revenue Source Bonds Series 2019B 91

PAGE

FINANCIAL SECTION – Continued


TABLE OF CONTENTS

Net Position by Component – Last Ten Fiscal Years 92 - 93

Changes in Net Position – Last Ten Fiscal Years 94 - 95

Fund Balances of Governmental Funds – Last Ten Fiscal Years 96 - 97

Changes in Fund Balances of Governmental Funds – Last Ten Fiscal Years 98 - 99

Assessed Value and Actual Value of Taxable Property – Last Ten Tax Levy Years 100 - 101

Direct and Overlapping Property Tax Rates – Last Ten Tax Levy Years 102 - 103

Principal Property Tax Payers – Current Levy Year and Nine Levy Years Ago 104

Property Tax Extensions and Collections – Last Ten Fiscal Years 105

Ratios of Outstanding Debt by Type – Last Ten Fiscal Years 106 - 107

Ratios of General Bonded Debt Outstanding – Last Ten Fiscal Years 108

Schedule of Direct and Overlapping Governmental Actvities Debt 109

Legal Debt Margin – Last Ten Fiscal Years 110 - 111

Demographic and Economic Statistics – Last Ten Fiscal Years 112

Principal Employers – Prior Fiscal Year and Nine Fiscal Years Ago 113

Full-Time Equivalent District Employees by Function – Last Ten Fiscal Years 114 - 115

Operating Indicators by Function/Program – Last Ten Fiscal Years 116 - 117

Capital Asset Statistics by Function/Program – Last Ten Fiscal Years 118 - 119

PAGE

STATISTICAL SECTION (Unaudited)

INTRODUCTORY SECTION

This section includes:

• Principal Officials

• Organizational Chart

• Transmittal Letter

• Certificate of Achievement for Excellence in Financial Reporting

CARY PARK DISTRICT, ILLINOIS Principal Officials April 30, 2020

BOARD OF COMMISSIONERS

Keith Frangiamore, President Michael Renner, Vice President Mike Murphy, Commissioner Philip Stanko, Commissioner Melissa Victor, Commissioner

PARK DISTRICT STAFF

Daniel Jones, Secretary/Executive Director

Vicki Krueger, Treasurer/Director of Finance and Administration

1

Ex

ecuti

ve

Dir

ecto

r

Ad

min

istr

ativ

e

Ass

ista

nt

Go

lf D

ivis

ion

(Co

ntr

act

Ser

vic

e)

Dir

ecto

r o

f F

inance

&

Ad

min

istr

atio

n

Ass

ista

nt

Dir

ecto

r

of

Fin

ance

&

Ad

min

istr

atio

n

Saf

ety &

Ris

k

Man

ager

Acc

ounta

nt

I

Hu

man

Res

ourc

es &

Bil

lin

g S

pec

iali

st

Sup

erin

tend

ent

of

Rec

reat

ion

Fac

ilit

ies

& P

rogra

m

Man

ager

Pro

gra

m M

anag

er (

2)

Sen

ior

Co

ord

inat

or

(PT

-1)

Rec

reat

ion S

taff

(PT

-1)

Rec

reat

ion S

taff

(PT

-2/S

easo

nal

)

Sup

erin

tend

ent

of

Par

k a

nd

Fac

ilit

ies

Par

ks

Sta

ff

(PT

-2/S

easo

nal

)

Par

k M

ainte

nance

Man

ager

Fac

ilit

y M

ain

tenance

Man

ager

Par

k S

pec

iali

st (

6)

Fac

. M

aint.

Sta

ff

(PT

-2)

Fac

ilit

ies

Mai

nte

nan

ce S

pec

iali

st

Cary

Pa

rk D

istr

ict

Org

an

iza

tion

al

Ch

art

Fu

ll &

Pa

rt T

ime

Em

plo

yee

s

Poli

cy 2

-002, A

tta

chm

en

t A

Dir

ecto

r o

f P

lannin

g

& D

evel

op

men

t

Dir

ecto

r o

f

Co

mm

un

icat

ion

s

& M

arket

ing

Dep

uty

Dir

ecto

r

Dan

Jo

nes

Exec

uti

ve

Dir

ecto

r A

uth

ori

zati

on

An

nual

Sta

ff R

evie

w:

7/1

/20

19

Reg

istr

atio

n M

anager

(PT

-1)

Mec

han

ic (

1)

Co

mm

unic

ati

ons

&

Mar

ket

ing S

up

po

rt (

Pt-

2)

Boar

d o

f C

om

mis

sioner

s

Res

iden

ts o

f th

e

Car

y P

ark D

istr

ict

2

August 28, 2020

To the Board of Commissioners and Residents of the Cary Park District:

State law requires that Park Districts publish a complete set of audited financial statements within six months of the close of each fiscal year. In addition, the Cary Park District, as a result of its debt issuance, has continuing disclosure requirements under Section (b)(5) of Rule 15c2-12 as adopted by the Securities and Exchange Commission. The continuing disclosure requirements include issuance of annual audited financial statements. This report is published to fulfill these legal requirements for the fiscal year ended April 30, 2020.

Management assumes full responsibility for the completeness and reliability of the information contained in this report, based upon a comprehensive framework of internal control that it has established for this purpose. Because the cost of internal control should not exceed anticipated benefits, the objective is to provide reasonable, rather than absolute, assurance that the financial statements are free of any material misstatements.

Lauterbach & Amen, LLP Certified Public Accountants, has issued an unmodified (“clean”) opinion on the Cary Park District’s financial statements for the fiscal year ended April 30, 2020. The independent auditor’s report is located at the front of the financial section of this report.

Management’s Discussion and Analysis (MD&A) immediately follows the independent auditor’s report and provides a narrative introduction, overview, and analysis of the basic financial statements. MD&A complements this letter of transmittal and should be read in conjunction with it.

Profile of the Government

The Cary Park District, incorporated in 1971, encompasses an area of approximately twelve square miles and is located in the southeast corner of McHenry County, approximately 50 miles northwest of Chicago, Illinois. The Park District estimates its current population at 21,630. The Park District encompasses the Villages of Cary and Trout Valley and parts of the Villages of Oakwood Hills and Lake in the Hills and certain unincorporated areas within McHenry County.

The Cary Park District is empowered to levy a property tax on real property located within its boundaries. It also is empowered by state statute to extend its corporate limits by annexation, which it has done from time to time. The tax base is largely residential. A five-member Board of Park Commissioners, elected at large for overlapping six-year terms, governs the Cary Park District.

3

The Cary Park District provides for recreation, parks and open space opportunities. The Park District has 47 parks and open space sites totaling 864 acres. The Park District operates a Community Center with outdoor swimming, diving and children’s pools, fitness equipment and programming/meeting rooms including kitchen facilities. Outdoor facilities include playgrounds, a splash pad, athletic fields, tennis courts, an 18-hole disc golf course and a 6-hole “short course”, picnic facilities, a dog park, a skate park, a prairie nature preserve, trails, and an outdoor amphitheater for concerts and movies. The Park District owns and, through contracted management, operates an 18-hole golf course and lighted driving range. The Park District also operates a senior center, preschool and before and after school programs. The Board of Commissioners is required to pass a Combined Annual Budget and Appropriation of Funds Ordinance before or within the first quarter of that budget’s fiscal year. This annual budget serves as the foundation for the Cary Park District’s financial planning and control. The budget is prepared by fund, department/program area, and object. Expenditures may not legally exceed appropriations, including Board approved appropriation transfers, at the object category level. All appropriations lapse at fiscal year- end. Local Economy The Cary Park District is located in a substantially residential area with limited commercial and industrial development. Residential real estate taxes continue to account for approximately 87% of the total property tax collected. The local economy is showing signs of recovery. For the fifth year in a row, since 2008, the total taxable assessed value for the District increased. The increase in the total taxable assessed value for the District in tax year 2019 is $27,419,402 or 4.46% more than tax year 2018. As a result, the District’s tax rate decreased by .0165 to .7632 per $100 of Assessed Value in tax year 2019. The District’s tax collections continue to remain high at 99.85% of taxes extended. As demographic information is not available specifically to the Cary Park District, the following demographic information is for the Village of Cary which comprises approximately 81% of the Park District’s land area and equalized assessed valuation. According to the US Census Bureau, the Village of Cary had a median household income of $99,652. This compares to $84,803 for McHenry County and $63,575 for the State of Illinois. Long-term Financial Planning The Board of Commissioners adopted the 2016 Comprehensive Master Plan Update (CMP) at a special meeting held on September 8th, 2016. The previous CMP was approved in 2006. On March 28, 2019, the Board accepted the 2019 Indoor Recreation & Outdoor Aquatic Feasibility Study. As such, it was appropriate to revisit the action plan again this year. On February 27, 2020, the Board approved the 2020 Plan Action Update of the

4

Comprehensive Plan 2020 Plan Action Update. This document updated the five year strategic plan within the ten year vision and is intended to be a tool to guide the Park District in its decision making thru FY 25/26. The District updated the 10 Year Capital Financial Projection and presented the updated projection to the Board of Commissioners during the budget process. Relevant Financial Policies The Park District places a high priority on maintaining what it currently owns. The capital equipment replacement fund (CERF) provides the financial plan to provide for timely replacement of equipment, including mechanical equipment and building components. A ten year estimated replacement schedule is used with monies budgeted annually from available revenues for placement into this fund. In order to aid in the accumulation of funding for capital projects, the Park District policy provides for investment interest received in certain operating funds to be set aside for future capital needs. The District has also established policies for minimum fund balance requirements for both the Corporate Fund and the Recreation Fund. Both Funds are part of the General Fund. These amounts are determined annually during the budget process and are based on three months of next year’s budgeted operating expenditures. COVID-19 At the time of this writing, the Park District, along with the entire country, is going through the COVID-19 pandemic. The Park District, however, cannot predict the effect the spread of COVID-19 will have on its finance or operations. The Park District will continue to monitor the situation and take steps to control expenses as well as adjust fiscal strategies as needed to insure the Park District’s fiscal health. Major Initiatives The District’s CMP is the working master plan document for the District going forward and can be found on the District’s website; www.carypark.com. Chapter four is the Action Plan which outlines the highest priority strategies into a five-year action plan. The CMP 2020 Action Plan has been updated, as stated above, to allow for additional projects and an updated timeline. The Action Plan designates when strategies will occur, how to accomplish them, and the leadership in charge of implementing each initiative. For the Year Multi Use Trail/ITEP – Phase 2 Engineering On May 11, 2018, the Cary Park District received a $1,104,000 Illinois Transportation Enhancement Project (ITEP) Grant from the Illinois Department of Transportation to construct a 1.4 mi. trail at Hoffman Park. In the summer of 2018, the Park District received

5

http://www.carypark.com/

a donation of $300,000 to be used towards a multi-use trail, Phase II & III Engineering at Hoffman Park. Together, these funds will be used to fund the trail extension to connect the existing 2.1 miles of trail at Hoffman Park and provide for a continuous loop throughout the park, as well as, connections to Rotary Park and the Route 31 trail. During the Current year, the Park District’s professional engineering consultant started on Phase II engineering which involved topographical and geotechnical studies along with preliminary alignment. Sands Main Street Prairie Advancement Plan In June 2018, the Board of commissioners approved a comprehensive six year action plan for the Sands Main Street Prairie Site. In the first year of the action plan for the Sands Main Street Prairie Site, the following items were addressed:

• Continuation of best practice maintenance tasks such as controlled burns, brush mowing, dormant seeding, and invasive species control.

• Phase I archeological survey of the remnant prairie located on the western portion of the site.

• Drain tile survey of the entire site. • Identification, documentation and prioritized enhancement plan of plant species

native to the site. • Board of Commissioners approval and implementation of the 10 year vegetation

management and enhancement plan. New Preschool On August 16th, 2019 the Park District purchased the property at 100 Cary Algonquin Road as the future site of the Cary Park District Preschool. The purpose-built facility offers a perfect solution for the Park District’s ever growing preschool program because it was specifically constructed for preschool and early childhood programing. The increase of classrooms and space will allow for more enrollment opportunities within the Preschool program, the expansion of programs for children ages 3 – 5 years, and an alternative location to host other District programs. Some of the improvements made, to offer a quality facility and programs, were as follows: installation of new tile and carpet flooring, new millwork, updated paint scheme throughout the interior; improved ADA routes, new play structure with shade sail; new ornamental, split rail and vinyl fence; improved drainage with new landscaping, replaced membrane roof, flashing, gutters and downspouts; and new LP Smart Side lap siding. The Cary Park District is pleased to announce the opening of its new preschool facility, located at 100 Cary-Algonquin Road, in the summer of 2020. Outdoor Aquatic Facility at Cary-Grove Park At the September 12, 2019 Committee of the Whole Meeting, the direction provided by the Board was to pursue an outdoor Aquatic Facility at Cary-Grove Park; which is owned by the Park District. The FY 2020-21 budget includes new debt of $3 Million to finance the first phase of the project. The first phase includes design and development, construction documents, bid and permit fees and the start of construction. For the Future Multi Use Trails – Begin phase 3 Engineering and Construction

6

The multi-use trail project is expected to be bid by the State of Illinois during the winter/spring of 2021. Construction is anticipated to take place May through November and the trail to open to the public by the end of November 2021. Once constructed, the Park District will manage over 8 miles of trail throughout the community which link many local residents to parks, neighborhoods, natural areas and several Cary community resources. Sands Main Street Prairie Advancement Plan In year two of the action plan for the Sands Main Street Prairie Site, the following items are to be addressed:

• Continuation of best practice maintenance tasks such as controlled burns, brush mowing, dormant seeding, and invasive species control.

• Grant research • Re-establishment of volunteer stewardship program. • Compile a site history. • Continued implementation of the 10 year management and enhancement plan.

Outdoor Aquatic Facility at Cary-Grove Park Pending Board approval to move the new outdoor Aquatic Facility project forward; design, bidding and construction of the facility will commence. The new outdoor Aquatic Facility will feature two bodies of water; a leisure pool with zero-depth entry and an 8 lane/competitive pool. The facility will feature new bathhouse/admissions building, concession/party room building, cabanas, shade structures, ample deck space and a filter building. In addition, the project will include infrastructure improvements such as extension of entrance drive, added water/sanitary sewer connections, landscaping and a 164 car parking lot expansion. The new outdoor Aquatic Facility is scheduled to open in May 2022. Knotty Pines Playground Knotty Pines Playground replacement and ADA improvements to include new playground equipment, installation of picnic tables and benches, minor landscape improvements and an extension of the sidewalk per the plans and specifications as budgeted for in FY 2020-21.

Awards & Acknowledgements The Cary Park District earned the Distinguished Accredited Agency Award presented by the Illinois Association of Park Districts and the Illinois Park and Recreation Association in 2018. The Cary Park District has held this designation since 2000 and is a four time recipient of this honor. This award is the highest accreditation possible in the state of Illinois for a park and recreation agency. The goal of this accreditation program is to improve the delivery of recreation services through an extensive and detailed review in six categories including General Management, Finance and Business Operations, Facilities and Parks, Personnel, Recreation Services, and Legal. Prior to this award, the Park District had been recognized as an Illinois Distinguished Park and Recreation Agency.

7

The Government Finance Officers Association of the United States and Canada (GFOA) awarded a Certificate of Achievement for Excellence in Financial Reporting to the Cary Park District for its comprehensive annual financial report (CAFR) for the fiscal year ended April 30, 2019. This was the fourteenth consecutive year that the Park District has applied for and received this prestigious award. In order to be awarded a Certificate of Achievement, a government must publish an easily readable and efficiently organized comprehensive annual financial report. This report must satisfy both generally accepted accounting principles and applicable legal requirements. A Certificate of Achievement is valid for a period of one year only. We believe that our current comprehensive annual financial report 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 preparation of this report would not have been possible without the efficient and dedicated service of the entire staff of the Finance and Administration Department. We wish to express our appreciation to all members of the Department who assisted and contributed to the preparation of this report. Credit also must be given to the Board of Commissioners for their unfailing support for maintaining the highest standards of professionalism in the management of the Cary Park District’s finances.

8

Certificate of

Presented to

Cary Park District

For its Comprehensive Annual

April 30, 2019

Executive Director/CEO

Financial Reportfor the Fiscal Year Ended

Reportingin Financial

for ExcellenceAchievement

Text38: Illinois

Government Finance Officers Association

9

FINANCIAL SECTION

This section includes:

• Independent Auditors’ Report

• Management’s Discussion and Analysis

• Basic Financial Statements

• Required Supplementary Information

• Other Supplementary Information

• Supplemental Schedules

INDEPENDENT AUDITORS’ REPORT

This section includes the opinion of the District’s independent auditing firm.

INDEPENDENT AUDITORS' REPORT

August 28, 2020

The Honorable District President

Members of the Board of Commissioners

Cary Park District, Illinois

We have audited the accompanying financial statements of the governmental activities, the business-type activities, each major fund, and the aggregate remaining fund information of the Cary Park District, Illinois, as of and for the year ended April 30, 2020, and the statement of revenues, expenditures and changes in fund balance – budget and actual for the General Fund, and the related notes to the financial statements, which collectively comprise the District’s basic financial statements as listed in the table of contents.

Management’s Responsibility for the Financial Statements

Management is responsible for the preparation and fair presentation of these financial statements in accordance with accounting principles generally accepted in the United States of America; this includes the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error.

Auditor’s Responsibility

Our responsibility is to express opinions on these financial statements based on our audit. We conducted our audit in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the District’s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the District’s internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinions.

Opinions

In our opinion, the financial statements referred to above present fairly, in all material respects, the respective financial position of the governmental activities, the business-type activities, each major fund, and the aggregate remaining fund information of the Cary Park District, Illinois, as of April 30, 2020, and the respective changes in financial position and, where applicable, cash flows thereof and the respective budgetary comparison for the General Fund for the year then ended in accordance with accounting principles generally accepted in the United States of America.

10

Cary Park District, Illinois August 28, 2020 Page 2 Other Matters Required Supplementary Information Accounting principles generally accepted in the United States of America require that the management’s discussion and analysis as listed in the table of contents and budgetary information reported in the required supplementary information as listed in the table of contents, be presented to supplement the basic financial statements. Such information, although not a part of the basic financial statements, is required by the Governmental Accounting Standards Board, who considers it to be an essential part of financial reporting for placing the basic financial statements in an appropriate operational, economic, or historical context. We have applied certain limited procedures to the required supplementary information in accordance with auditing standards generally accepted in the United States of America, which consisted of inquiries of management about the methods of preparing the information and comparing the information for consistency with management’s responses to our inquiries, the basic financial statements, and other knowledge we obtained during our audit of the basic financial statements. We do not express an opinion or provide any assurance on the information because the limited procedures do not provide us with sufficient evidence to express an opinion or provide any assurance. Other Information Our audit was conducted for the purpose of forming opinions on the financial statements that collectively

comprise the Cary Park District, Illinois’ basic financial statements. The introductory section, other

supplementary information, supplemental schedules, and statistical section are presented for purposes of

additional analysis and are not a required part of the basic financial statements.

The other supplementary information and supplemental schedules are the responsibility of management and were derived from and relate directly to the underlying accounting and other records used to prepare the basic financial statements. Such information has been subjected to the auditing procedures applied in the audit of the basic financial statements and certain additional procedures, including comparing and reconciling such information directly to the underlying accounting and other records used to prepare the basic financial statements or to the basic financial statements themselves, and other additional procedures in accordance with auditing standards generally accepted in the United States of America. In our opinion, the other supplementary information and supplemental schedules are fairly stated, in all material respects, in relation to the basic financial statements as a whole. The introductory and statistical sections have not been subjected to the auditing procedures applied in the audit of the basic financial statements and, accordingly, we do not express an opinion or provide any assurance on them.

Lauterbach & Amen, LLP LAUTERBACH & AMEN, LLP

11

MANAGEMENT’S DISCUSSION AND ANALYSIS

Cary Park District

Management’s Discussion and Analysis

April 30, 2020

As management of the Cary Park District (District), we offer readers of the District’s financial statements

this narrative overview and analysis of its financial activities for the fiscal year ended April 30, 2020. We

encourage readers to consider the information presented here in conjunction with additional information

that we have furnished in our letter of transmittal, which can be found on pages 3 – 8 of this report.

Financial Highlights

• The District’s net position continued to increase in the current year. At $32,555,696, net position

is $1,311,488 or 4.2% more than the prior year.

• Governmental fund balances decreased during the year to $3,864,335, a $214,810 or 5.3%

decrease.

• Collection of current property taxes at 99.85% remains at a level consistent with prior years. With

an allowed CPI increase of 2.1% for tax capped funds, the District collected $4,788,402 for the

current year, an increase of $119,116.

• Beginning fund balance was restated in the Debt Service Fund due to a change in recognition of

short-term debt previously reported as long-term in the governmental activities.

Overview of the Financial Statements

Management’s Discussion and Analysis introduces the District’s basic financial statements. The basic

financial statements include: (1) government-wide financial statements; (2) fund financial statements, and

(3) notes to the financial statements. The District also includes in this report additional information to

supplement the basic financial statements.

Government-wide Financial Statements

The District’s annual report includes two government-wide financial statements. These statements

provide both long-term and short-term information about the District’s overall status. Financial reporting

at this level uses a perspective similar to that found in the private sector with its basis in full accrual

accounting and elimination of internal transactions.

The first of these government-wide statements is the Statement of Net Position. This statement presents

information that includes all of the District’s assets and deferred outflows of resources as compared to the

District’s liabilities and deferred inflows of resources. The difference is reported as net position. Over

time, increases or decreases in net position may serve as a useful indicator of whether the financial

condition of the District as a whole is improving or deteriorating.

The second government-wide statement is the Statement of Activities which reports how the District’s net

position changed during the current fiscal year. All current year revenues and expenses are included

regardless of when cash is received or paid. An important purpose of the design of the Statement of

Activities is to show the financial reliance of the District’s activities on revenues provided by the District’s

taxpayers.

12

Government-wide Financial Statements (cont’d)

Both government-wide financial statements distinguish governmental activities of the District that are

principally supported by taxes and some user charges, from the District’s business-type activities that are

intended to recover all of their costs through user charges.

The government-wide financial statements are presented on pages 21-24 of this report.

Fund Financial Statements

A fund is an accountability unit used to maintain control over resources segregated for specific activities

or objectives. The District uses funds to ensure and demonstrate compliance with finance-related laws

and regulations. Within the basic financial statements, fund financial statements focus on the District’s

most significant funds rather than the District as a whole and therefore provide additional information that

won’t be found in the Statement of Net Position or the Statement of Activities. Major funds are separately

reported while all others are combined into a single, aggregated presentation. Individual fund data for

non-major funds is provided in the form of combining statements in a later section of this report. The

District has two kinds of funds:

Governmental funds are reported in the fund financial statements and encompass essentially the same

functions reported as governmental activities in the government-wide financial statements. However, the

focus is very different with fund statements providing a distinctive view of the District’s governmental

funds. These statements report short-term fiscal accountability focusing on the use of spendable resources

and balances of spendable resources available at the end of the year. They are useful in evaluating annual

financing requirements of governmental programs and the commitment of spendable resources for the

near-term.

Since the government-wide focus includes the long-term view, comparisons between these two

perspectives may provide insight into the long-term impact of short-term financing decisions. Both the

Balance Sheet - Governmental Funds and the Statement of Revenues, Expenditures and Changes in Fund

Balances - Governmental Funds provide reconciliations to assist in understanding the differences between

these two perspectives. In addition, a budgetary comparison statement for the District’s general fund is

presented.

The District maintains seven individual governmental funds for external financial reporting purposes.

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 General and Debt Service Funds,

each of which is considered to be a major fund. Data from the other five governmental funds are combined

into a single, aggregated presentation. Individual fund data for each of these non-major governmental

funds is provided in the form of combining statements elsewhere in this report.

The governmental fund financial statements are presented on pages 25-28 of this report.

Proprietary funds are reported in the fund financial statements and report services for which the District

charges customers a fee intended to recover the District’s cost for these services. Proprietary fund

statements provide both long-term and short-term financial information consistent with the focus provided

by the government-wide financial statements. There are two kinds of proprietary funds, enterprise and

internal service funds. Enterprise funds essentially encompass the same functions reported as business-

type activities in the government-wide statements. The District reports the financial results of the Foxford

Hills Golf Club as an enterprise fund. The District does not have internal service funds. The Enterprise

Fund financial statements are presented on pages 30-32.

13

Notes to the Financial Statements

The accompanying notes to the financial statements provide information essential to a full understanding

of the government-wide and fund financial statements. The notes to the financial statements begin on

page 33 of this report.

Required Supplementary Information

This section presents information concerning the District’s progress in funding its obligation to provide

pension benefits to its employees and other post-employment benefits. Required supplementary

information can be found on pages 72-75 of this report.

Other Supplementary Information:

The combining statements referred to earlier in connection with non-major governmental funds are

presented in the supplementary information section of the report. In addition, a budgetary comparison

schedule for the debt service fund, a major fund, is included within this section. Combining and individual fund statements and schedules can be found on pages 76-86 of this report.

Government-wide Financial Analysis

In compliance with Governmental Accounting Standards Board Statement 34, year-to-year changes in the

District’s net position are being reported and compared for use in analyzing the changing financial

condition of the District as a whole.

2020 2019 2020 2019 2020 2019Current and Other Assets 10,015,788$ 10,662,471$ (694,257)$ (514,430)$ 9,321,531$ 10,148,041$ Capital Assets 31,329,519 30,633,332 4,635,768 4,658,691 35,965,287 35,292,023 Total Assets 41,345,307 41,295,803 3,941,511 4,144,261 45,286,818 45,440,064

Deferred Outflows of Resources 357,003 679,340 - - 357,003 679,340

Total Assets and Deferred Outflows of Resources 41,702,310$ 41,975,143$ 3,941,511$ 4,144,261$ 45,643,821$ 46,119,404$

Long Term Liabilities Outstanding 4,866,888$ 4,672,289$ 106,000$ 1,178,811$ 4,972,888$ 5,851,100$ Other Liabilities 1,684,047 2,350,035 1,213,308 1,703,590 2,897,355 4,053,625 Total Liabilities 6,550,935 7,022,324 1,319,308 2,882,401 7,870,243 9,904,725

Deferred Inflows of Resources 5,217,882 4,970,471 - - 5,217,882 4,970,471

Total Liabilities and Deferred Inflows of Resources 11,768,817$ 11,992,795$ 1,319,308$ 2,882,401$ 13,088,125$ 14,875,196$

Net Position:Net Investment in Capital Assets 26,898,569$ 27,311,644$ 3,456,957$ 2,043,343$ 30,355,526$ 29,354,987$ Restricted 698,284 962,516 - - 698,284 962,516 Unrestricted 2,336,640 1,708,188 (834,754) (781,483) 1,501,886 926,705

Total Net Position 29,933,493$ 29,982,348$ 2,622,203$ 1,261,860$ 32,555,696$ 31,244,208$

Business-type Activities TotalGovernmental Activities

14

Government-wide Financial Analysis (cont.) During the current fiscal year, the District’s total net position for governmental activities decreased by $48,855 to $29,933,493; a percentage decrease of .16%. While the total net position for business-type activities is $2,622,203 at April 30, 2020; this is an increase of $1,360,343. The increase in the business-type activities net position is due to a transfer-in/loan from the General Fund to the Golf Course Fund to pay the acquisition debt associated with the golf course. The acquisition debt will essentially be paid off on December 15, 2020. At this time, discussions on the long term payback of the intercompany loan related to the acquisition debt should be had by the Board seated at that time. Overall, the total net position of the District has increased by $1,311,488 or approximately 4.19%. The largest portion of the District’s net position, net investment in capital assets, continues to grow with a net change this year of $1,000,539 from $29,354,987 to $30,355,526. This increase is due to the net decrease in capital related debt of $249,274 and net capital additions of $1,466,855 offset by depreciation and amortization recorded during the year of $715,590. The District uses these capital assets to provide services to the community; consequently, these assets are not available for future spending. Another category of the District’s net position represents resources that are subject to external restrictions on how they may be used such as: developer donations, IMRF/social security, audit fees, insurance costs, special recreation and paving and lighting. The current year saw a decrease of $264,232 or 27.45% in total restricted funds, from $962,516 to $698,284. The amount restricted for capital projects and purchases decreased by $272,193. This decrease was due to the transfer out of $300,000 from the Developer Donations Fund for the new preschool facility and was slightly offset in other areas. The final group of net position, categorized as unrestricted, increased in total from $926,705 to $1,501,886 or by $575,181. The governmental activities saw an increase of $628,452 in unrestricted net position which was offset by a decrease in the District’s business-type activities of $53,271.

15

Governmental activities

Governmental activities decreased the District’s net position by $48,855 to $29,933,493.

2020 2019 2020 2019 2020 2019Revenues:Program Revenues: Charges for Services 1,060,303$ 1,128,640$ 1,300,709$ 1,393,354$ 2,361,012$ 2,521,994$ Operating Grants/Contributions 6,365 8,446 - - 6,365 8,446 Capital Grants/Contributions 55,969 543,960 - - 55,969 543,960 General Revenues: Property Taxes 4,788,402 4,669,286 - - 4,788,402 4,669,286 Other Taxes 51,379 46,936 - - 51,379 46,936 Interest Income 117,933 163,551 - - 117,933 163,551 Miscellaneous 12,927 3,754 7,520 2,963 20,447 6,717

Total Revenues 6,093,278 6,564,573 1,308,229 1,396,317 7,401,507 7,960,890

Expenses: Recreation and Open Space 4,677,570 4,261,313 1,225,807 1,298,680 5,903,377 5,559,993 Interest 173,428 153,774 13,214 66,093 186,642 219,867

Total Expenses 4,850,998 4,415,087 1,239,021 1,364,773 6,090,019 5,779,860

Change in Net Postion Before Transfers 1,242,280 2,149,486 69,208 31,544 1,311,488 2,181,030

Transfers (1,291,135) (1,326,449) 1,291,135 1,326,449 - -

Change in Net Position (48,855) 823,037 1,360,343 1,357,993 1,311,488 2,181,030

Net Postion, beginning of the year as previously reported 29,982,348 29,258,282 1,261,860 (96,133) 31,244,208 29,162,149 Restatement of beginning net position - (98,971) - - - (98,971) Net position, beginning of the year as restated 29,982,348 29,159,311 1,261,860 (96,133) 31,244,208 29,063,178

Net position, end of the year 29,933,493$ 29,982,348$ 2,622,203$ 1,261,860$ 32,555,696$ 31,244,208$

Governmental Activities Business-type Activities Total

Property tax revenue, including prior year taxes collected in the current year, at $4,788,402 are $119,116 more than the prior year. The District experienced an increase in EAV of 4.46% for tax levy year 2019; this is the fifth consecutive year the EAV increased since tax levy year 2008. The District has sufficient tax rate limits to capture allowed tax revenue under current tax cap legislation.

During the current fiscal year, the District saw charges for services, specifically program revenue for services, decrease by $68,337 to $1,060,303 when compared to the prior year. The decrease in this category is primarily in the before and after school programs; extended time (ET) as this program was closed for six (6) weeks due to the COVID-19 pandemic.

16

Governmental activities (cont.) Recreation and open space expenses showed an increase of 9.8% or $416,257 to $4,677,570 as compared to last year. This increase was attributable to various categories. Depreciation expense, when compared to the prior year, increased by $137,569. Capital expenditures, when compared to the prior year, increased by $131,052. Recreation and open space expenses in the General fund, including personnel and payroll related costs, professional services, services, commodities and repairs and maintenance, when compared to the prior year, increased by $105,469. Business-type activities. The business-type activities net position increased by $1,360,343 to $2,622,203 and is at a level consistent with the prior year; $1,357,993. The increase in the business-type activities net position is due primarily to a transfer-in/loan of $1,200,000 from the General Fund to the Golf Club Fund to pay the acquisition debt associated with the golf course. Additionally, funds of $91,135 were transferred in from the Governmental funds for the replacement of capital equipment during the current fiscal year. Charges for services for the year at the golf course decreased by $92,645 to $1,300,709 or by 6.6% when compared to the prior year. The golf course was closed beginning in mid-March through the end of the current fiscal year due to the COVID-19 pandemic. Total rounds for the year decreased by 2,132 or 7.39% when compared to the prior year impacting charges for services which includes golf course fees, merchandise, food & beverage sales. Operating expenses for the year at the golf course decreased by $72,873 or 5.6% when compared to the prior year. The majority of the decrease is attributable to professional services, where personnel and payroll related costs are accounted for, when the golf course was closed beginning in mid-March through the end of the current fiscal year due to the COVID-19 pandemic. Foxford Hills Golf Club saw operating net income decrease in the current year by $19,772 or 20.9% to $74,902 due to the shortened season when the facility closed for the last six weeks of the year due to the COVID-19 pandemic. 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 near-term inflows, outflows, and balances of spendable resources. This information is useful in assessing the District’s financing requirements. In particular, unassigned fund balance may serve as a useful measure of a government’s net resources available for spending at the end of the year. Due to the current and expected near future level of capital expenditures, the District’s capital projects do not qualify as a major fund. As such, it is being reported in the General Fund with its fund balance being reported as assigned in the General Fund.

17

Financial Analysis of the District’s Funds (cont.) As of the end of the current fiscal year, the District’s governmental funds reported combined ending fund balances of $3,864,335 a decrease of $214,810 as compared to the prior year restated fund balance. Due to a change in accounting for the District’s annual rollover bond, the Debt Service Fund balance had a deficit fund balance of $731,960 at April 30, 2020. The District’s annual rollover bond is due less than 365 days from the date of issuance. As such, the issuance of short-term debt will no longer be reported on the statement of revenues, expenditures and changes in fund balance. Instead, upon issuance, such liabilities will be reported in the governmental funds. As a result, the fund balance for the Debt Service Fund is ($731,960) for the current year as compared to $0 in the prior year; prior to re-statement. While the fund balance for the General Fund decreased by $204,176 or 4.7%, the District was budgeted to use fund balance of $572,276 in the current year. General fund balance in the current year was used to fund the interest payment on Series 2018A General Obligation Bonds (alternate revenue source), cover the revenue shortfall in the Recreation fund and for a transfer from the Developer Donations Fund to the Capital Fund to offset the cost of the new preschool building. During the current year, the District paid $176,002 in interest and fiscal charges and $421,576 in principal through the debt service funds. The debt service payments were funded through (1) $728,665 of taxes received for the repayment of the general obligation limited tax park refunding bond, (2) net transfer from the General Fund of $133,680, and offset by a transfer out of the Debt Service fund of $279,700 to Foxford Hills Golf Club. The final category within the governmental funds includes the non-major special revenue funds of the District. These include the Illinois Municipal Retirement (IMRF)/Social Security Fund, the Liability Insurance Fund, the Audit Fund, the Special Recreation Fund and the Paving and Lighting Fund. At fiscal year-end, this category had fund balances totaling $439,690; an increase of $7,961 as compared to the prior year. Budgetary Variances The District’s revenues in the General Fund at $4,689,009 were $267,910 or 5.4% under budget. Program revenue was under budget by $106,324. The majority of the budget shortfall in this category was in the Districts extended time program for $79,061 along with a shortage of $22,801 for the community center and fitness center programs. The Districts extended time program and community center and fitness program revenues were impacted by facility closures beginning in mid-March through the end of the current fiscal year due to the COVID-19 pandemic. Donation/Developer contributions were under budget by $25,828 as the West Lake Development fell behind schedule. Grant revenue was under budget by $132,038. This is a timing issue. The budgeted grant revenue reflects anticipated proceeds from the State for the ITEP Grant to complete PE-2, PE-3 and construction for the multi-use trail. Expenditures in the General Fund were $4,804,975 or $428,063 over budget. The opportunity to purchase a building to house the new preschool came late in the budget process. As the discussions/negotiations were held during closed session; the advice of counsel was not to budget for these expenditures but to ensure room in the budget via the appropriation. As a result, the capital expenditures budget was over by $628,483. This overage was offset by budgets going under in various areas such as personnel and payroll related costs by $94,272, commodities by $44,207 and repairs and maintenance by $35,525.

18

Capital Asset and Debt Administration Capital Assets. Capital assets include vacant and improved land (natural areas, athletic fields, golf course, open space), developed parks, constructed trails, various facilities, (community center, golf clubhouse, maintenance facilities, other) and equipment. The District’s investment in capital assets for its governmental and business-type activities as of April 30, 2020, amounts to $35,965,287 (net of accumulated depreciation), an increase of $673,264 from the prior year. Net additions during the current year of $1,466,855 were offset by current year depreciation of $793,591.

2020 2019 2020 2019 2020 2019Land 22,046,641$ 21,636,103$ 3,435,755$ 3,435,755$ 25,482,396$ 25,071,858$

Land Improvements 2,862,612 1,818,268 224,845 241,872 3,087,457 2,060,140

Buildings 2,952,625 1,993,292 296,338 307,174 3,248,963 2,300,466

Playground and Other equipment 2,688,722 2,111,259 678,830 673,890 3,367,552 2,785,149

Construction in Progress 778,919 3,074,410 - - 778,919 3,074,410

Total 31,329,519$ 30,633,332$ 4,635,768$ 4,658,691$ 35,965,287$ 35,292,023$

TotalGovernmental Activities Business-type Activities

Additional information on the District’s capital assets can be found in Note 3 of this report. Debt Administration. At the end of the current year, the District had total bond debt of $4,805,422 with $1,168,062 being current and $3,637,360 being long-term. This debt includes alternate revenue bonds totaling $4,073,462. Alternate revenue bonds are general obligation bonds payable from a revenue source, other than a direct tax levy, with the general obligation of the District acting as backup security for the bonds. The specific intent of these bonds is that revenue sources be sufficient to pay the debt service so that direct taxes need not be levied and extended. In addition, the District carries debt in the form of debt certificates. As of fiscal year end, the District owes $1,077,000. The District debt also includes Series 2013A, General Obligation Bonds (alternate revenue source) and Series 2018A, General Obligation Park Bonds (alternate revenue source) which are rated by Standard & Poor’s as AA with a stable outlook. The District also issues, on an annual basis, general obligation bond limited tax park bonds. These bonds are not classified as long-term debt as bonds are due and payable in less than one year from date of issue. As of April 30, 2020, $731,960 of bonds were outstanding as compared to $713,365 for the prior year. State statutes limit the amount of general obligation debt the District may issue to 2.875% of assessed valuation. The current debt limitation for the District is $18,478,844 of which $1,808,960 is applied to the Series 2017 debt certificates, Series 2019A debt certificates and the general obligation limited tax park bond Series 2019B. Balances outstanding on the general obligation bonds – alternate revenue source do not apply against the limitation. Therefore, as of April 30, 2020 the District has a legal debt margin of $16,669,884.

19

Debt Administration (cont.)

2020 2019 2020 2019 2020 2019General obligation bonds: Alternate revenue source 3,723,260$ 4,144,836$ 981,740$ 2,305,164$ 4,705,000$ 6,450,000$ Limited tax 731,960 713,365 - - 731,960 713,365 Debt certificates 920,000 - 157,000 206,000 1,077,000 206,000

Total 5,375,220$ 4,858,201$ 1,138,740$ 2,511,164$ 6,513,960$ 7,369,365$

TotalActivities ActivitiesGovernmental Business-type

Additional information on the District’s debt can be found in Note 3 of this report. Factors Bearing on the District’s Future COVID-19. The District is facing the same economic challenges as are all parts of the country from the COVID-19 pandemic. Through the first quarter of FY 2020-21, the District saw a reduction in program revenues of $338,604. Cost cutting measures such as a reduction in planned seasonal part-time positions have been implemented along with other cost reductions for a savings of $260,993. The net impact is a loss of $77,611 in this area for the first quarter of FY 2020-21. Revenue producing measures were also taken by creating new programs that practiced social distancing and the guidelines set aside by the Center for Disease Control (CDC) and Illinois Department of Public Health (IDPH). Real estate values had begun to stabilize from the 2008 recession. The 2019 Equalized Assessed Value (EAV) increased by 4.46% following an increase in 2018 of 6.01% and 6.49% in 2017. The 2019 increase was the fifth straight increase since 2008. While the EAV is projected to grow by as much as 4%; this growth could be reduced depending upon the outcome of the COVID-19 pandemic. Business-type activities. Through the first quarter of FY 2020-21, the golf course saw operating revenues increase by $84,173 when compared to the same time frame as last year. Operating expenditures increased slightly, by $10,105 in the first quarter of FY 2020-21. The net impact is an increase in operating income for the first quarter of FY 2020-21 of $73,960 when compared to the same time period in FY 2019-2020. New Debt. The District intends to sell, not to exceed $13,000,000 of General Obligation Park Bonds (Alternate Revenue Source) for the payment of land condemned or purchased for parks, for the building, maintaining, improving and protecting of the same and the existing land and facilities of the District, including an outdoor aquatic center located at Cary-Grove Park, and for the payment of the expenses incident thereto in FY 2020-21. The issuance of debt will be split into two issues, the first issue for $3 million is anticipated to be completed in October 2020. Contacting the District’s Financial Management This financial report is designed to provide a general overview of the District’s finances, comply with finance related laws and regulations and demonstrate the District’s commitment to public accountability. If you have any questions about this report or would like to request additional information, please contact; Vicki Krueger, Director of Finance & Administration, Cary Park District, 255 Briargate Road, Cary, IL 60013.

20

• Government-Wide Financial Statements

• Fund Financial Statements

Governmental Funds

Proprietary Fund

BASIC FINANCIAL STATEMENTS

The basic financial Statements include integrated sets of financial statements as required by the GASB. The setsof statements include:

In addition, the notes to the financial statements are included to provide information that is essential to a user’sunderstanding of the basic financial statements.


Statement of Net PositionApril 30, 2020

Business-TypeActivities Totals

Current AssetsCash and Investments $ 4,285,054 1,500 4,286,554

Receivables - Net of Allowances 4,947,743 - 4,947,743

Internal Balances 765,205 (765,205) -

Prepaids/Inventories 17,786 69,448 87,234

Total Current Assets 10,015,788 (694,257) 9,321,531

Noncurrent AssetsCapital Assets

Nondepreciable 22,825,560 3,435,755 26,261,315

Depreciable 15,025,443 2,422,774 17,448,217

Accumulated Depreciation (6,521,484) (1,222,761) (7,744,245)

Total Noncurrent Assets 31,329,519 4,635,768 35,965,287

Total Assets 41,345,307 3,941,511 45,286,818

Unamortized Loss on Refunding 23,897 - 23,897Deferred Items - IMRF 311,179 - 311,179Deferred Items - RBP 21,927 - 21,927

Total Deferred Outflows of Resources 357,003 - 357,003

Total Assets and Deferred Outflows of Resources 41,702,310 3,941,511 45,643,821

ASSETS

GovernmentalActivities

DEFERRED OUTFLOWS OF RESOURCES

The notes to the financial statements are an integral part of this statement.21

Business-TypeActivities Totals

Current LiabilitiesAccounts Payable $ 272,674 71,640 344,314Retainage Payable 51,419 - 51,419Accrued Payroll 53,996 - 53,996Deposits Payable 1,700 - 1,700Unearned Program and Other Revenue 92,889 52,571 145,460Accrued Interest Payable 58,915 16,286 75,201Other Payables 23,708 - 23,708Current Portion of Long-Term Debt 1,128,746 1,072,811 2,201,557

Total Current Liabilities 1,684,047 1,213,308 2,897,355Noncurrent Liabilities

Compensated Absences Payable 18,218 - 18,218Net Pension Liability - IMRF 338,960 - 338,960Total OPEB Liaibility - RBP 130,015 - 130,015General Obligation Bonds - Net 3,637,360 - 3,637,360Debt Certificates Payable 742,335 106,000 848,335

Total Noncurrent Liabilities 4,866,888 106,000 4,972,888Total Liabilities 6,550,935 1,319,308 7,870,243

Property Taxes 4,905,321 - 4,905,321Deferred Items - IMRF 303,253 - 303,253Deferred Items - RBP 9,308 - 9,308

Total Deferred Inflows of Resources 5,217,882 - 5,217,882Total Liabilities and Deferred Inflows of Resources 11,768,817 1,319,308 13,088,125

Net Investment in Capital Assets 26,898,569 3,456,957 30,355,526Restricted

Capital Projects and Purchases 258,594 - 258,594Special Levies

Retirement 125,945 - 125,945Liability Insurance 32,416 - 32,416Audit 633 - 633Special Recreation 224,075 - 224,075Paving and Lighting 56,621 - 56,621

Unrestricted (Deficit) 2,336,640 (834,754) 1,501,886Total Net Position 29,933,493 2,622,203 32,555,696

LIABILITIES

NET POSITION

GovernmentalActivities

DEFERRED INFLOWS OF RESOURCES



Statement of ActivitiesFor the Fiscal Year Ended April 30, 2020

Charges Operating Capitalfor Grants/ Grants/

Services Contributions Contributions

Governmental ActivitiesRecreation and Open Space $ 4,677,570 1,060,303 6,365 55,969Interest on Long-Term Debt 173,428 - - -

Total Governmental Activities 4,850,998 1,060,303 6,365 55,969

Business-Type ActivitiesFoxford Hills Golf Course 1,239,021 1,300,709 - -

Total Primary Government 6,090,019 2,361,012 6,365 55,969

General Revenues Taxes Property Taxes Intergovernmental - Unrestricted Replacement Taxes Interest Income Miscellaneous Transfers

Change in Net Position

Net Position - Beginning

Net Position - Ending

Expenses

Program Revenues


Governmental Business-TypeActivities Activities Totals

(3,554,933) - (3,554,933)(173,428) - (173,428)

(3,728,361) - (3,728,361)

- 61,688 61,688

(3,728,361) 61,688 (3,666,673)

4,788,402 - 4,788,402

51,379 - 51,379117,933 - 117,93312,927 7,520 20,447

(1,291,135) 1,291,135 - 3,679,506 1,298,655 4,978,161

(48,855) 1,360,343 1,311,488

29,982,348 1,261,860 31,244,208

29,933,493 2,622,203 32,555,696

Net (Expenses)/RevenuesTotal Primary Government



Balance Sheet - Governmental FundsApril 30, 2020

Debt Service Nonmajor Totals

Cash and Investments $ 3,790,449 - 494,605 4,285,054Receivables - Net of Allowances

Property and Other Taxes 3,442,787 743,955 725,593 4,912,335Accounts 10,909 - - 10,909Grants 19,162 - - 19,162Deposits 5,337 - - 5,337

Due from Other Funds 765,205 - - 765,205

Total Assets 8,033,849 743,955 1,220,198 9,998,002

Accounts Payable 243,984 - 28,690 272,674Retainage Payable 51,419 - - 51,419Accrued Payroll 51,479 - 2,517 53,996Deposits Payable 1,700 - - 1,700Unearned Program and Other Revenue 92,889 - - 92,889Other Payables - - 23,708 23,708Short-Term General Obligation Bonds - 731,960 - 731,960

Total Liabilities 441,471 731,960 54,915 1,228,346

Property Taxes 3,435,773 743,955 725,593 4,905,321Total Liabilities and Deferred Inflows

of Resources 3,877,244 1,475,915 780,508 6,133,667

Nonspendable 288,000 - - 288,000Restricted 258,594 - 439,690 698,284Assigned 2,177,554 - - 2,177,554Unassigned 1,432,457 (731,960) - 700,497

Total Fund Balances 4,156,605 (731,960) 439,690 3,864,335

Total Liabilities, Deferred Inflows of Resources and Fund Balances 8,033,849 743,955 1,220,198 9,998,002

FUND BALANCES

General

ASSETS

LIABILITIES




Reconciliation of Total Governmental Fund Balance to the Statement of Net Position - Governmental Activities

April 30, 2020

Total Governmental Fund Balances $ 3,864,335

Amounts reported for Governmental Activities in the Statement of Net Positionare different because:

Certain expenses are reported under the purchases method in the governmentalfund statements but shown as prepaid expenses in the Statement of Net Position 17,786

Capital assets used in Governmental Activities are not financialresources and therefore, are not reported in the funds. 31,329,519

Deferred outflows (inflows) of resources related to the pensions are not reported in the funds.

Deferred Items - IMRF 7,926 Deferred Items - RBP 12,619

Long-term liabilities are not due and payable in the currentperiod and therefore are not reported in the funds.

Compensated Absences Payable (91,088)Net Pension Liability - IMRF (338,960)Total OPEB Liability - RBP (130,015)General Obligation Bonds Payable - Net (3,783,611)Debt Certificates (920,000)Unamortized Loss on Refunding 23,897Accrued Interest Payable (58,915)

Net Position of Governmental Activities 29,933,493

The notes to the financial statement are an integral part of this statement.26


Statement of Revenues, Expenditures and Changes in Fund Balances - Governmental FundsFor the Fiscal Year Ended April 30, 2020

DebtService Nonmajor Totals

RevenuesTaxes $ 3,400,096 728,665 659,641 4,788,402Intergovernmental 51,379 - - 51,379Charges for Services 1,060,303 - - 1,060,303Grants and Donations 62,334 - - 62,334Interest 101,970 3,645 12,318 117,933Miscellaneous 12,927 - - 12,927

Total Revenues 4,689,009 732,310 671,959 6,093,278

ExpendituresCurrent

Recreation and Open Space 3,217,244 - 588,998 3,806,242Capital Outlay 1,574,231 - - 1,574,231Debt Service

Principal Retirement - 421,576 - 421,576Interest and Fiscal Charges 13,500 176,002 - 189,502

Total Expenditures 4,804,975 597,578 588,998 5,991,551

Excess (Deficiency) of Revenues Over (Under) Expenditures (115,966) 134,732 82,961 101,727

Other Financing Sources (Uses)Proceeds From Sale of Capital Assets 54,598 - - 54,598Debt Issuance 920,000 - - 920,000Transfers In 82,780 133,680 - 216,460Transfers Out (1,145,588) (287,007) (75,000) (1,507,595)

Total Other Financing Sources (Uses) (88,210) (153,327) (75,000) (316,537)

Net Change in Fund Balances (204,176) (18,595) 7,961 (214,810)

Fund Balances - Beginning as Restated 4,360,781 (713,365) 431,729 4,079,145

Fund Balances - Ending 4,156,605 (731,960) 439,690 3,864,335

General



Reconciliation of the Statement of Revenues, Expenditures and Changes in Fund Balancesto the Statement of Activities - Governmental Activities

For the Fiscal Year Ended April 30, 2020

Net Change in Fund Balances - Total Governmental Funds $ (214,810)

Amounts reported for Governmental Activities in the Statement of Activitiesare different because:

Governmental Funds report capital outlays as expenditures. However, in theStatement of Activities the cost of those assets is allocated over their estimateduseful lives and reported as depreciation expense.

Capital Outlays 1,372,500Depreciation Expense (664,863)Disposals - Cost (169,457)Disposals - Accumulated Depreciation 158,007

The net effect of deferred outflows (inflows) of resources relatedto the pensions are not reported in the funds.

Change in Deferred Items - IMRF (471,084)Change in Deferred Items - RBP 18,019

Expenses from the governmental funds that benefit future periods are excludedfrom the statement of activities. 964

The issuance of long-term debt provides current financial resources toGovernmental Funds, while the repayment of the principal on long-termdebt consumes the current financial resources of the governmental funds.

Change in Compensated Absences Payable 3,417Change in Net Pension Liability - IMRF 428,803Change in Total OPEB Liability - RBP (28,001)Amortize Premium on Debt Issuance 22,991Amortize Loss on Refunding (9,103)Issuance of Debt (920,000)Retirement of Bonds 421,576

Changes to accrued interest on long-term debt in the Statement of Activitiesdoes not require the use of current financial resources and, therefore, are notreported as expenditures in the Governmental Funds. 2,186

Changes in Net Position of Governmental Activities (48,855)

The notes to the financial statements are an integral part of this statement.

28


General Fund

Statement of Revenues, Expenditures and Changes in Fund Balance - Budget and ActualFor the Fiscal Year Ended April 30, 2020

Original Varianceand Final With FinalBudget Actual Budget

RevenuesTaxes

Property Taxes $ 3,406,668 3,400,096 (6,572)Intergovernmental

Replacement Taxes 40,353 51,379 11,026Charges for Services

Program Revenue 1,056,220 949,896 (106,324)Rental Income 115,920 108,252 (7,668)Advertising 4,500 2,155 (2,345)

Grants and DonationsDonations/Developer Contributions 69,000 43,172 (25,828)Grants 151,200 19,162 (132,038)

Interest 109,358 101,970 (7,388)Miscellaneous 3,700 12,927 9,227

Total Revenues 4,956,919 4,689,009 (267,910)Expenditures

Recreation and Open SpacePersonnel and Payroll Related Costs 2,364,852 2,270,580 94,272Professional Services 111,682 87,367 24,315Services 498,590 482,989 15,601Commodities 306,301 262,094 44,207Repairs and Maintenance 149,739 114,214 35,525

Debt ServiceInterest and Fiscal Charges - 13,500 (13,500)

Capital Outlay 945,748 1,574,231 (628,483)Total Expenditures 4,376,912 4,804,975 (428,063)

Excess (Deficiency) of Revenues Over (Under) Expenditures 580,007 (115,966) (695,973)

Other Financing Sources (Uses)Proceeds From Sale of Capital Assets 8,224 54,598 46,374Debt Issuance - 920,000 920,000Transfers In 3,253 82,780 79,527Transfers Out (1,163,760) (1,145,588) 18,172

Total Other Financing Sources (Uses) (1,152,283) (88,210) 1,064,073Net Change In Fund Balance (572,276) (204,176) 368,100Fund Balance - Beginning 4,360,781Fund Balance - Ending 4,156,605



Statement of Net Position - Proprietary FundApril 30, 2020

Current AssetsCash and Cash Equivalents $ 1,500Prepaids 9,531Inventories 59,917

Total Current Assets 70,948

Noncurrent AssetsCapital Assets

Nondepreciable 3,435,755Depreciable 2,422,774Accumulated Depreciation (1,222,761)

Total Noncurrent Assets 4,635,768

Total Assets 4,706,716

Current LiabilitiesAccounts Payable 71,640Due to Other Funds 477,205Unearned Program and Other Revenue 52,571Accrued Interest Payable 16,286Current Portion of Long-Term Debt 1,072,811

Total Current Liabilities 1,690,513

Noncurrent LiabilitiesAdvance From Other Funds 288,000Debt Certificates Payable 106,000

Total Noncurrent Liabilities 394,000

Total Liabilities 2,084,513

Net Investment in Capital Assets 3,456,957Unrestricted (Deficit) (834,754)

Total Net Position 2,622,203

LIABILITIES

NET POSITION

Business - Type

Foxford HillsGolf Course

ASSETS

Activities



Statement of Revenues, Expenses and Changes in Net Position - Proprietary FundFor the Fiscal Year Ended April 30, 2020

Operating RevenuesCharges for Services $ 1,300,709

Operating ExpensesOperations 1,097,079Depreciation 128,728

Total Operating Expenses 1,225,807

Operating Income 74,902

Nonoperating Revenues (Expenses)Interest Expense (77,327)Amortization of Bond Premium 64,113Gain on Disposal of Capital Assets 7,520

Total Nonoperating Revenues (Expenses) (5,694)

Income Before Transfers 69,208

Transfers In 1,291,135

Change in Net Position 1,360,343

Net Position - Beginning 1,261,860

Net Position - Ending 2,622,203

Business - TypeActivities

Golf CourseFoxford Hills



Statement of Cash Flows - Proprietary FundFor the Fiscal Year Ended April 30, 2020

Cash Flows from Operating ActivitiesReceipts from Customers and Users $ 1,274,924Payments to Suppliers (1,172,396)

102,528

Cash Flows from Noncapital Financing ActivitiesTransfers in From Other Funds 1,291,135Advances From Other Funds 174,712

1,465,847

Cash Flows from Capital and RelatedFinancing Activities

Additions to Property, Plant and Equipment (105,805)Proceeds From Sale of Property, Plant and Equipment 7,520Payment of Principal Retirement (1,372,424)Interest on Capital Debt (97,666)

(1,568,375)

Net Change in Cash and Cash Equivalents -

Cash and Cash Equivalents - Beginning 1,500

Cash and Cash Equivalents - Ending 1,500

Reconciliation of Operating Income to Net Cash Provided (Used) by Operating Activities:Operating Income 74,902Adjustments to Reconcile Operating Income to

Net Cash Provided by (Used in) Operating Activities:Depreciation 128,728(Increase) Decrease in Current Assets 5,115Increase (Decrease) in Current Liabilities (106,217)

Net Cash Provided by Operating Activities 102,528

Golf Course

ActivitiesFoxford Hills

Business - Type


CARY PARK DISTRICT, ILLINOIS Notes to the Financial Statements April 30, 2020 NOTE 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The Cary Park District (District) of Illinois is duly organized and existing under the provisions of the laws of the State of Illinois. The District is operating under the provisions of the Park District Code of the State of Illinois approved July 8, 1947 and under all laws amendatory thereto. The District operates under the commissioner-director form of government. The District is governed by an elected Board of five District commissioners. The government-wide financial statements are prepared in accordance with generally accepted accounting principles (GAAP). The Governmental Accounting Standards Board (GASB) is responsible for establishing GAAP for state and local governments through its pronouncements (Statements and Interpretations). The more significant of the District’s accounting policies established in GAAP and used by the District are described below. REPORTING ENTITY In determining the financial reporting entity, the District complies with the provisions of GASB Statement No. 61, “The Financial Reporting Omnibus – an Amendment of GASB Statements No. 14 and No. 34.” Based on the criteria set forth in GASB Statement No. 61, there are no component units included in the reporting entity. BASIS OF PRESENTATION Government-Wide Statements The District’s basic financial statements include both government-wide (reporting the District as a whole) and fund financial statements (reporting the District’s major funds). Both the government-wide and fund financial statements categorize primary activities as either governmental or business-type. The District’s preservation of open space, recreational program activities, development and maintenance of the District’s various parks and facilities, and general administration are all classified as governmental activities. The District’s Foxford Hills Golf Course is classified as a business-type activity. In the government-wide Statement of Net Position, both the governmental and business-type activities columns are (a) presented on a consolidated basis by column, and (b) reported on a full accrual, economic resource basis, which recognizes all long-term assets/deferred outflows and receivables as well as long-term debt/deferred inflows and obligations. The District’s net position is reported in three parts: net investment in capital assets; restricted; and unrestricted. The District first utilizes restricted resources to finance qualifying activities.

33

CARY PARK DISTRICT, ILLINOIS Notes to the Financial Statements April 30, 2020 NOTE 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES – Continued BASIS OF PRESENTATION – Continued Government-Wide Statements – Continued The government-wide Statement of Activities reports both the gross and net cost of each of the District’s functions and business-type activities (recreation and open space, etc.). The functions are supported by general government revenues (property and personal property replacement taxes, certain intergovernmental revenues, interest income, etc.). The Statement of Activities reduces gross expenses (including depreciation) by related program revenues, which 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. The net costs (by function) are normally covered by general revenue (property and personal property replacement taxes, certain intergovernmental revenues, interest income, etc.). This government-wide focus is more on the sustainability of the District as an entity and the change in the District’s net position resulting from the current year’s activities. Fund Financial Statements The financial transactions of the District are reported in individual funds in the fund financial statements. Each fund is accounted for by providing a separate set of self-balancing accounts that comprise its assets/deferred outflows, liabilities/deferred inflows, fund equity, revenues and expenditures/expenses. Funds are organized into three major categories: governmental, proprietary, and fiduciary. The emphasis in fund financial statements is on the major funds in either the governmental or business-type activities categories. GASB Statement No. 34 sets forth minimum criteria (percentage of the assets/deferred outflows, liabilities/deferred inflows, revenues or expenditures/expenses of either fund category or the governmental and enterprise combined) for the determination of major funds. The District electively added funds, as major funds, which either have debt outstanding or a specific or community focus. The nonmajor funds are combined in a single column in the fund financial statements. A fund is considered major if it is the primary operating fund of the District or meets the following criteria:

34

CARY PARK DISTRICT, ILLINOIS Notes to the Financial Statements April 30, 2020 NOTE 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES – Continued BASIS OF PRESENTATION – Continued Fund Financial Statements – Continued

Total assets/deferred outflows, liabilities/deferred inflows, revenues, or expenditures/expenses of the individual governmental fund or enterprise fund are at least 10 percent of the corresponding total for all funds of that category or type; and Total assets/deferred outflows, liabilities/deferred inflows, revenues, or expenditures/expenses of the individual governmental fund or enterprise fund are at least 5 percent of the corresponding total for all governmental and enterprise funds combined.

The various funds are reported by generic classification within the financial statements. The following fund types are used by the District: Governmental Funds The focus of the governmental funds’ measurement (in the fund statements) is upon determination of financial position and changes in financial position (sources, uses, and balances of financial resources) rather than upon net income. The following is a description of the governmental funds of the District: General fund is the general operating fund of the District. It accounts for all revenues and expenditures of the District which are not accounted for in other funds. The General Fund is a major fund. Special revenue funds are used to account for the proceeds of specific revenue sources that are legally restricted to expenditures for specified purposes. The District maintains five special revenue funds. Debt service funds are used to account for the accumulation of funds for the periodic payment of principal and interest on general long-term debt. The Debt Service Fund is treated as a major fund and accounts for the payment of general long-term debt principal and interest. Proprietary Funds The focus of proprietary fund measurement is upon determination of operating income, changes in net position, financial position, and cash flows. The generally accepted accounting principles applicable are those similar to businesses in the private sector. The following is a description of the proprietary funds of the District:

35

CARY PARK DISTRICT, ILLINOIS Notes to the Financial Statements April 30, 2020 NOTE 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES – Continued BASIS OF PRESENTATION – Continued Proprietary Funds – Continued Enterprise funds are required to account for operations for which a fee is charged to external users for goods or services and the activity (a) is financed with debt that is solely secured by a pledge of the net revenues, (b) has third party requirements that the cost of providing services, including capital costs, be recovered with fees and charges or (c) establishes fees and charges based on a pricing policy designed to recover similar costs. The Foxford Hills Golf Course is used to account for the operation of an eighteen-hole golf course and driving range. Operations include golfing activities, equipment and related merchandise sales, food and beverage sales. The cost of operations is recovered through user charges. MEASUREMENT FOCUS AND BASIS OF ACCOUNTING Measurement focus is a term used to describe “which” transactions are recorded within the various financial statements. Basis of accounting refers to “when” transactions are recorded regardless of the measurement focus applied. Measurement Focus On the government-wide Statement of Net Position and the Statement of Activities, both governmental and business-type activities are presented using the economic resources measurement focus as defined below. In the fund financial statements, the “current financial resources” measurement focus or the “economic resources” measurement focus is used as appropriate. All governmental funds utilize a “current financial resources” measurement focus. Only current financial assets/deferred outflows and liabilities/deferred inflows are generally included on their balance sheets. Their operating statements present sources and uses of available spendable financial resources during a given period. These funds use fund balance as their measure of available spendable financial resources at the end of the period. All proprietary funds utilize an “economic resources” measurement focus. The accounting objectives of this measurement focus are the determination of operating income, changes in net position (or cost recovery), financial position, and cash flows. All assets/deferred outflows and liabilities/deferred inflows (whether current or noncurrent) associated with their activities are reported. Proprietary fund equity is classified as net position.

36

CARY PARK DISTRICT, ILLINOIS Notes to the Financial Statements April 30, 2020 NOTE 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES – Continued MEASUREMENT FOCUS AND BASIS OF ACCOUNTING – Continued Basis of Accounting In the government-wide Statement of Net Position and Statement of Activities, both governmental and business-type activities are presented using the accrual basis of accounting. Under the accrual basis of accounting, revenues are recognized when earned and expenses are recorded when the liability/deferred inflow is incurred or economic asset used. Revenues, expenses, gains, losses, assets/deferred outflows, and liabilities/deferred inflows resulting from exchange and exchange-like transactions are recognized when the exchange takes place. In the fund financial statements, governmental funds are presented on the modified accrual basis of accounting. Under this modified accrual basis of accounting, revenues are recognized when “measurable and available.” Measurable means knowing or being able to reasonably estimate the amount. Available means collectible within the current period or within thirty days after year end. The District recognizes property taxes when they become both measurable and available in accordance with GASB Codification Section P70. A thirty-day availability period is used for revenue recognition for all other governmental fund revenues. Expenditures (including capital outlay) are generally recorded when the related fund liability is incurred, except for general obligation bond principal and interest which are recognized when due. In applying the susceptible to accrual concept under the modified accrual basis, those revenues susceptible to accrual are property taxes, interest revenue, and charges for services. All other revenues are not susceptible to accrual because generally they are not measurable until received in cash. All proprietary funds utilize the accrual basis of accounting. Under the accrual basis of accounting, revenues are recognized when earned and expenses are recorded when the liability is incurred or economic asset used. Proprietary funds distinguish operating revenues and expenses from nonoperating items. Operating revenues and expenses generally result from providing services and producing and delivering goods in connection with a proprietary fund’s principal ongoing operations. The principal operating revenues of the District’s enterprise fund are charges to customers for sales and services. Operating expenses for enterprise funds include the cost of sales and services, administrative expenses, and depreciation on capital assets. All revenues and expenses not meeting this definition are reported as nonoperating revenues and expenses.

37

CARY PARK DISTRICT, ILLINOIS Notes to the Financial Statements April 30, 2020

NOTE 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES – Continued ASSETS/DEFERRED OUTFLOWS, LIABILITIES/DEFERRED INFLOWS, AND NET POSITION OR EQUITY Cash and Investments For the purpose of the Statement of Net Position, cash and cash equivalents are considered to be cash on hand, demand deposits, and cash with fiscal agent. For the purpose of the proprietary funds’ Statement of Cash Flows, cash and cash equivalents are considered to be cash on hand, demand deposits, cash with fiscal agent, and all highly liquid investments with an original maturity of three months or less. Investments are generally reported at fair value. Short-term investments are reported at cost, which approximates fair value. For investments, the District categorizes its fair value measurements within the fair value hierarchy established by generally accepted accounting principles. The hierarchy is based on the valuation inputs used to measure the fair value of the asset. Level 1 inputs are quoted prices in active markets for identical assets; Level 2 inputs are significant other observable inputs; Level 3 inputs are significant unobservable inputs. All of the District’s investments are in 2a7-like investment pools that are measured at the net asset value per share determined by the pool. Interfund Receivables, Payables and Activity Transactions between funds that are representative of lending/borrowing arrangements outstanding at the end of the fiscal year are referred to as either “interfund receivables/payables” (the current portion of interfund loans) or “advances to/from other funds” (the noncurrent portion of interfund loans). All other outstanding balances between funds are reported as “due to/from other funds.” Any residual balances outstanding between the governmental activities and business-type activities are reported in the government-wide financial statements as “internal balances.” Advances between funds as reported in the fund financial statements, are offset by a fund balance reserve account in applicable governmental funds to indicate that they are not available for appropriation, and are not expendable available resources. Prepaids/Inventories Certain payments to vendors reflect costs applicable to future accounting periods and are recorded as prepaids in both the government-wide and fund financial statements. Prepaids/inventories are valued at cost, which approximates market, using the first-in/first-out (FIFO) method. The costs of governmental fund-type prepaids/inventories are recorded as expenditures when consumed rather than when purchased.

38

CARY PARK DISTRICT, ILLINOIS Notes to the Financial Statements April 30, 2020

NOTE 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES – Continued ASSETS/DEFERRED OUTFLOWS, LIABILITIES/DEFERRED INFLOWS, AND NET POSITION OR EQUITY – Continued Capital Assets Capital assets purchased or acquired with an original cost of $5,000 or more, are reported at historical cost or estimated historical cost. Contributed assets are reported at acquisition value as of the date received. Additions, improvements and other capital outlays that significantly extend the useful life of an asset are capitalized. Other costs incurred for repairs and maintenance are expensed as incurred. The accounting and financial reporting treatment applied to a fund is determined by its measurement focus. General capital assets are long-lived assets of the District as a whole. When purchased, such assets are recorded as expenditures in the governmental funds and capitalized. The valuation basis for general capital assets are historical cost, or where historical cost is not available, estimated historical cost based on replacement costs. Depreciation on all assets is computed and recorded using the straight-line method of depreciation over the following estimated useful lives:

Land Improvements 10 - 60 Years Building 5 - 50 Years Playground, Machinery and Other Equipment 5 - 30 Years

Compensated Absences Employees are entitled to vacation and personal time off (PTO) in varying amounts in accordance with Park District policy. Employees are eligible for vacation benefits upon full-time employment. The vacation benefit is accounted for beginning in the first month after the anniversary month is completed. Vacation leave can be accumulated up to a total of twenty days at any given point in time. Employees are eligible for payment of accumulated vacation leave up to the maximum accumulated twenty days upon separation from the District. Full-time employees are eligible for illness or other personal need benefits as personal time off (PTO). PTO is accumulated at the rate of 8 days per year. PTO is awarded on January 1 of each calendar year for each existing employee. New full-time employees begin to accrue PTO after the first three months of employment at the rate of ¾ day per month. PTO can be accumulated up to a total of 60 days available for personal need use or IMRF retirement credit.

39

CARY PARK DISTRICT, ILLINOIS Notes to the Financial Statements April 30, 2020 NOTE 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES – Continued ASSETS/DEFERRED OUTFLOWS, LIABILITIES/DEFERRED INFLOWS, AND NET POSITION OR EQUITY – Continued Deferred Outflows/Inflows of Resources Deferred outflow/inflow of resources represents an acquisition/reduction of net position that applies to a future period and therefore will not be recognized as an outflow of resources (expense)/inflow of resources (revenue) until that future time. Long-Term Obligations In the government-wide financial statements, long-term debt and other long-term obligations are reported as liabilities in the governmental activities Statement of Net Position. Bond premiums and discounts are deferred and amortized over the life of the bonds using a straight line method that approximates the effective interest method. Bonds payable are reported net of the applicable bond premium or discount. Bond issuance costs are reported as expenses at the time of issuance. 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. Net Position In the government-wide financial statements, equity is classified as net position and displayed in three components:

Net Investment in Capital Assets – Consists of capital assets, including restricted capital assets, net of accumulated depreciation, and reduced by the outstanding balances (excluding unspent bond proceeds) of any bonds, mortgages, notes or other borrowings that are attributable to the acquisition, construction, or improvement of those assets.

Restricted – Consists of net position with constraints placed on the use either by (1) external groups such as creditors, grantors, contributors, or laws or regulations of other governments; or (2) law through constitutional provisions or enabling legislations.

Unrestricted – All other net position balances that do not meet the definition of “restricted” or “net investment in capital assets.”

40

CARY PARK DISTRICT, ILLINOIS Notes to the Financial Statements April 30, 2020 NOTE 2 – STEWARDSHIP, COMPLIANCE AND ACCOUNTABILITY BUDGETARY INFORMATION The Board of Commissioners follows these procedures in establishing the budgetary data reflected in the financial statements:

• The Board directs the Executive Director to prepare a tentative budget. The Executive Director submits a proposed budget for the fiscal year, which includes proposed expenditures and the means of financing them.

• Public hearings are conducted to obtain taxpayer comments.

• 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 Appropriation Ordinance.

• The Board of Commissioners may: o Amend the Budget and Appropriation Ordinance in the same manner as its original

enactment. o Transfer between object categories of any fund not exceeding in the aggregate ten percent

of the total amount appropriated in such fund. o After six months of the fiscal year, by two-thirds vote, transfer any appropriation object

category it anticipates to be unexpended to any other appropriation object category.

• All appropriations lapse at year end. Expenditures may not legally exceed budgeted appropriations at the object category level.

• Budgets for all funds are adopted on a basis consistent with accounting principles generally

accepted in the United States of America. The adopted budget is being presented for comparative purposes in the financial statements. Amounts in excess of the budget in the financial statements did not exceed appropriation.

• During the year, there were no supplemental amendments to the budget.

41

CARY PARK DISTRICT, ILLINOIS Notes to the Financial Statements April 30, 2020 NOTE 2 – STEWARDSHIP, COMPLIANCE AND ACCOUNTABILITY – Continued BUDGETARY INFORMATION – Continued EXCESS OF ACTUAL EXPENDITURES OVER BUDGET IN INDIVIDUAL FUND The following fund had an excess of actual expenditures over budget as of the date of this report:

Fund

General $ 428,063

Excess

The District is over budget but is still within the legal level of spending in appropriations. DEFICIT FUND BALANCE The following fund had a deficit fund balance as of the date of this report:

Fund

Debt Service $ 731,960

Deficit

The deficit fund balance in the Debt Service Fund is due to a restatement of $713,365 of a change in accounting in the recognition of the 2018B general obligation bonds. These bonds were issued with payment due within a year, which is considered short-term debt. Previously, this debt has been reported as long-term debt in the governmental activities (see also Note 3 Fund Balance Restatement). The current year issuance of the 2019B general obligation bonds has been recorded as a current liability (short-term debt), therefore, also decreasing fund balance. Property Taxes for this issuance will be collected in the next fiscal year.

42

CARY PARK DISTRICT, ILLINOIS Notes to the Financial Statements April 30, 2020 NOTE 3 – DETAIL NOTES ON ALL FUNDS DEPOSITS AND INVESTMENTS The District maintains a cash and investment pool that is available for use by all funds. Each fund type's portion of this pool is displayed on the combined balance sheet as "cash and investments." Permitted Deposits and Investments - Statutes authorize the District to make deposits/invest in commercial banks, savings and loan institutions, obligations of the U.S. Treasury and U.S. Agencies, obligations of States and their political subdivisions, credit union shares, repurchase agreements, commercial paper rated within the three highest classifications by at least two standard rating services, and Illinois Funds. The Illinois Funds is an investment pool managed by the Illinois Public Treasurer’s Office, which allows governments within the State to pool their funds for investment purposes. Although not registered with the SEC, the Illinois Funds does operate in a manner consistent with Rule 2a7 of the Investment Company Act of 1940. Investments in the Illinois Funds are valued at the share price, the price for which the investment could be sold. Interest Rate Risk, Credit Risk, Concentration Risk, and Custodial Credit Risk At year-end, the carrying amount of the District’s deposits totaled $1,686,496 and the bank balances totaled $1,702,736. In addition, the District had $2,600,058 invested in the Illinois Funds with an average maturity of less than one year. Interest Rate Risk. Interest rate risk is the risk that changes in interest rates will adversely affect the fair value of an investment. The District limits its exposure to interest rate risk by attempting to coincide its investment maturities with projected cash flow needs. While the District has no formal policy relating to a specific investment-related risk, the District manages its interest rate risk by investing any surplus funds for a specific maturity date that is required whether for cash flow purposes or for conformance to maturity guidelines, in such instruments that would be most advantageous under prevailing market conditions, in accordance with its investment policy. Credit Risk. Credit risk is the risk that an issuer or other counterparty to an investment will not fulfill its obligations. State law limits investments in commercial paper, corporate bonds and mutual funds to the top two ratings issued by nationally recognized statistical rating organizations. The District’s investment policy does not address credit risk. At April 30, 2020 the District’s investment in the Illinois Funds were rated AAAm by Standard and Poors.

43

CARY PARK DISTRICT, ILLINOIS Notes to the Financial Statements April 30, 2020 NOTE 3 – DETAIL NOTES ON ALL FUNDS – Continued DEPOSITS AND INVESTMENTS – Continued Interest Rate Risk, Credit Risk, Concentration Risk, and Custodial Credit Risk – Continued Concentration of Credit Risk. Concentration of credit risk is the risk of loss attributed to the magnitude of the District’s investment in a single issuer. The District’s investment policy does not address concentration of credit risk. At year-end, the District does not have any investments over 5 percent of the total cash and investment portfolio (other than investments issued or explicitly guaranteed by the U.S. government and investments in mutual funds, external investment pools, and other pooled investments). Custodial Credit Risk. In the case of deposits, this is the risk that in the event of a bank failure, the District’s deposits may not be returned to it. In accordance with its investment policy, all deposits with financial institutions are fully insured or collateralized by approved securities pledged to the District. At year-end, the entire amount of the bank balance of deposits was covered by collateral, federal depository or equivalent insurance. For an investment, this is the risk that, in the event of the failure of the counterparty, the District will not be able to recover the value of its investments or collateral securities that are in the possession of an outside party. To limit its exposure, the District requires all security transactions that are exposed to custodial credit risk to be processed on a delivery versus payment basis with the underlying investment held by a third party acting as the District’s agent separate from where the investment was purchased, even though not required by investment policy. PROPERTY TAXES The District’s property tax is levied each calendar year on all taxable real property located within the District. The District must file its tax levy ordinance by the last Tuesday in December of each year. Taxes levied in one calendar year become due and payable in two installments in June and September during the following calendar year. The levy becomes an enforceable lien against the property as of January 1 of the levy year. The County collects such taxes and remits them to the District periodically throughout the year.

44

CARY PARK DISTRICT, ILLINOIS Notes to the Financial Statements April 30, 2020 NOTE 3 – DETAIL NOTES ON ALL FUNDS – Continued INTERFUND RECEIVABLES, PAYABLES, AND TRANSFERS Interfund Balances The composition of interfund balances as of the date of this report, is as follows:

Receivable Fund Payable Fund Amount

General Foxford Hills Golf Course $ 765,205

Interfund balances are advances in anticipation of receipts. At April 30, 2020, the Foxford Hills Golf Course Fund owes the General Fund $765,205, of which $477,205 is expected to be repaid in the next fiscal year and the remaining $288,000 is expected in future periods. Interfund Transfers Interfund transfers for the year consisted of the following:

Transfer In Transfer Out

Foxford Hills Golf Course General $ 920,773 (3)Foxford Hills Golf Course General 91,135 (3)Foxford Hills Golf Course Debt Service 279,227 (1)

General Debt Service 7,780 (1)General Nonmajor Governmental 75,000 (4)

Debt Service General 133,680 (2)

1,507,595

Amount

Transfers are used to (1) move revenues from the fund that statute or budget requires to collect them to the fund that statute or budget requires to expend them, (2) move receipts restricted to debt service from the funds collecting the receipts to the Debt Service Fund as debt service payments become due, (3) use unrestricted revenues collected in the General Fund to finance capital purchases of $91,135 and debt service payments of $920,773 in the Foxford Hills Golf Course Fund in accordance with budgetary authorizations and (4) move revenues from the Special Recreation Fund to the General Fund for capital expenditures as authorized by the Board of Commissioners.

45

CARY PARK DISTRICT, ILLINOIS Notes to the Financial Statements April 30, 2020 NOTE 3 – DETAIL NOTES ON ALL FUNDS – Continued CAPITAL ASSETS Governmental Activities Governmental capital asset activity for the year was as follows:

Ending Increases Decreases Balances

Nondepreciable Capital AssetsLand $ 21,636,103 410,538 - 22,046,641Construction in Progress 3,074,410 997,509 3,293,000 778,919

24,710,513 1,408,047 3,293,000 22,825,560

Depreciable Capital AssetsLand Improvements 4,040,821 1,284,210 21,602 5,303,429Building 4,037,495 1,093,865 - 5,131,360Playground and Other Equipment 3,859,131 879,378 147,855 4,590,654

11,937,447 3,257,453 169,457 15,025,443

Less Accumulated DepreciationLand Improvements 2,222,553 239,865 21,601 2,440,817Building 2,044,203 134,532 - 2,178,735Playground and Other Equipment 1,747,872 290,466 136,406 1,901,932

6,014,628 664,863 158,007 6,521,484

Total Net Depreciable Capital Assets 5,922,819 2,592,590 11,450 8,503,959

Total Net Capital Assets 30,633,332 4,000,637 3,304,450 31,329,519

BeginningBalances

Depreciation expense of $664,863 was charged to the recreation and open space function.

46

CARY PARK DISTRICT, ILLINOIS Notes to the Financial Statements April 30, 2020 NOTE 3 – DETAIL NOTES ON ALL FUNDS – Continued CAPITAL ASSETS – Continued Business-Type Activities Business-type capital asset activity for the year was as follows:

Ending Increases Decreases Balances

Nondepreciable Capital AssetsLand $ 3,435,755 - - 3,435,755

Depreciable Capital AssetsLand Improvements 490,564 - - 490,564Building 437,040 - - 437,040Machinery and Equipment 1,413,781 105,805 24,416 1,495,170

2,341,385 105,805 24,416 2,422,774

Less Accumulated DepreciationLand Improvements 248,692 17,027 - 265,719Building 129,866 10,836 - 140,702Machinery and Equipment 739,891 100,865 24,416 816,340

1,118,449 128,728 24,416 1,222,761

Total Net Depreciable Capital Assets 1,222,936 (22,923) - 1,200,013

Total Net Capital Assets 4,658,691 (22,923) - 4,635,768

BeginningBalances

Depreciation expense of $128,728 was charged to the Foxford Hills Golf Course Fund.

47

CARY PARK DISTRICT, ILLINOIS Notes to the Financial Statements April 30, 2020 NOTE 3 – DETAIL NOTES ON ALL FUNDS – Continued SHORT-TERM DEBT General Obligation Bonds On an annual basis, the District issues general obligation bonds to provide funding for debt service payments. Property Taxes are collected in the next fiscal year for retirement of the annual debt issuances. General obligation bonds are direct obligations and pledge the full faith and credit of the District. The schedule below details the changes in short-term debt for the year-ended April 30, 2020:

Fund Debt EndingIssue Retired by Issuances Retirements Balances

DebtService $ 713,365 - 713,365 -

DebtService - 731,960 - 731,960

713,365 731,960 713,365 731,960

BeginningBalances

$713,365 General Obligation Limited TaxPark Bonds Series 2018B, due in oneinstallment of $713,365 interest at 2.55%on November 1, 2019.

$731,960 General Obligation Limited TaxPark Bonds Series 2019B, due in oneinstallment of $731,960 interest at 1.81%on November 1, 2020.

LONG-TERM DEBT Alternate Revenue Source Bonds The District issues alternate revenue source bonds to provide funds for the acquisition, construction and maintenance of major capital facilities. General obligation bonds are direct obligations and pledge the full faith and credit of the District. General obligation park bonds currently outstanding are as follows:


DebtService $ 744,836 - 421,576 323,260

Foxford HillsGolf Course 2,305,164 - 1,323,424 981,740

BeginningBalances

$6,280,000 General Obligation AlternateRevenue Source Bonds Series 2013A, duein annual installments of $100,000 to$1,745,000 plus interest at 3.00% to4.00% through December 15, 2022.

48

CARY PARK DISTRICT, ILLINOIS Notes to the Financial Statements April 30, 2020 NOTE 3 – DETAIL NOTES ON ALL FUNDS – Continued LONG-TERM DEBT – Continued Alternate Revenue Source Bonds – Continued


DebtService 3,400,000 - - 3,400,000

6,450,000 - 1,745,000 4,705,000

$3,400,000 General Obligation AlternateRevenue Source Bonds Series 2018A, duein annual installments of $240,000 to$340,000 plus interest at 3.00% to 4.00%through December 15, 2032.

BeginningBalances

Debt Certificates The District issues debt certificates to provide funds for the acquisition of equipment. Debt certificates currently outstanding are as follows:

Fund Debt Ending

Issue Retired by Issuances Retirements Balances

Foxford HillsGolf Course $ 206,000 - 49,000 157,000

DebtService - 920,000 - 920,000

206,000 920,000 49,000 1,077,000

$920,000 Debt Certificate Series 2019A,due in annual installments of $177,665 to$190,710 plus interest at 1.68% to 1.95%through December 15, 2024.

$300,000 Debt Certificate Series 2017,due in annual installments of $47,000 to$54,000 plus interest at 2.65% throughDecember 15, 2022.

BeginningBalances

49

CARY PARK DISTRICT, ILLINOIS Notes to the Financial Statements April 30, 2020 NOTE 3 – DETAIL NOTES ON ALL FUNDS – Continued LONG-TERM DEBT – Continued Long-Term Liability Activity Changes in long-term liabilities during the fiscal year were as follows:

AmountsEnding Due within

Additions Deductions Balances One Year

Governmental ActivitiesCompensated Absences $ 94,505 82,922 86,339 91,088 72,870Net Pension Liability - IMRF 767,763 - 428,803 338,960 - Total OPEB Liability - RBP 102,014 28,001 - 130,015 - General Obligation Bonds 4,144,836 - 421,576 3,723,260 123,260Plus: Unamortized Premium 83,342 - 22,991 60,351 22,991Debt Certificates - 920,000 - 920,000 177,665

5,192,460 1,030,923 959,709 5,263,674 396,786

Business-Type ActivitiesGeneral Obligation Bonds 2,305,164 - 1,323,424 981,740 981,740Plus: Unamortized Premium 104,184 - 64,113 40,071 40,071Debt Certificates 206,000 - 49,000 157,000 51,000

2,615,348 - 1,436,537 1,178,811 1,072,811

BalancesRestated

Beginning

For governmental activities, the compensated absences and the total OPEB liability are liquidated by the General Fund. The net pension liability is liquidated by the Illinois Municipal Retirement Fund. The Debt Service Fund makes payments on the general obligation bonds. For business-type activities, the Foxford Hills Golf Course Fund makes payments on the general obligation bonds and on the debt certificates.

50

CARY PARK DISTRICT, ILLINOIS Notes to the Financial Statements April 30, 2020 NOTE 3 – DETAIL NOTES ON ALL FUNDS – Continued LONG-TERM DEBT – Continued Long-Term Liability Activity – Continued Debt Service Requirements to Maturity The annual debt service requirements to maturity, including principal and interest, are as follows:

FiscalYear Interest Principal Interest Principal Interest Principal Interest

2021 123,260 125,798 177,665 16,766 981,740 39,270 51,000 4,160

2022 340,000 120,868 180,645 13,782 - - 52,000 2,809

2023 345,000 109,669 183,810 10,620 - - 54,000 1,431

2024 255,000 98,319 187,170 7,256 - - - -

2025 260,000 90,669 190,710 3,719 - - - -

2026-2030 1,425,000 330,876 - - - - - -

2031-2033 975,000 79,200 - - - - - -

3,723,260 955,399 920,000 52,143 981,740 39,270 157,000 8,400

Business-Type ActivitiesDebt

Certificates

Governmental ActivitiesGeneral Obligation

BondsPrincipal

DebtCertificates

General ObligationBonds

51

CARY PARK DISTRICT, ILLINOIS Notes to the Financial Statements April 30, 2020 NOTE 3 – DETAIL NOTES ON ALL FUNDS – Continued LONG-TERM DEBT – Continued Legal Debt Margin Chapter 70, Section 1205/6-2 of the Illinois Compiled Statutes provides “…for the payment of land condemned or purchased for parks or boulevards, for the building, maintaining, improving and protection of the same and for the payment of the expenses incident thereto, or for the acquisition of real estate and lands to be used as a site for an armory, any park district is authorized to issue the bonds or notes of such park district and pledge its property and credit therefore to an amount including existing indebtedness of such district so that the aggregate indebtedness of such district does not exceed 2.875% of the value of the taxable property therein, to be ascertained by the last assessment for state and county taxes previous to the issue from time to time of such bonds or notes or, until January 1, 1983, if greater, the sum that is produced by multiplying the district’s 1978 equalized assessed valuation by the debt limitation percentage in effect on January 1, 1979, if a petition, signed by voters in number equal to not less than 2% of the voters of the district, who voted at the last general election in the district, asking that the authorized aggregate indebtedness of the district be increased to not more than .575% of the value of the taxable property therein, is presented to the Board and such increase is approved by the voters of the district at a referendum held on the question.”

Assessed Valuation - 2019 Tax Levy $ 642,742,393

Legal Debt Limit - 2.875% of Assessed Value 18,478,844

Amount of Debt Applicable to LimitGeneral Obligation Bonds of 2019B (731,960)Debt Certificates of 2017 (157,000)Debt Certificates of 2019A (920,000)

Legal Debt Margin 16,669,884Non-Referendum Legal Debt Limit

.575% of Equalized Assessed Valuation 3,695,769

Amount of Debt Applicable to Debt LimitGeneral Obligation Bonds of 2019B (731,960)

Non-Referendum Legal Debt Margin2,963,809

52

CARY PARK DISTRICT, ILLINOIS Notes to the Financial Statements April 30, 2020 NOTE 3 – DETAIL NOTES ON ALL FUNDS – Continued NET POSITION/FUND BALANCES Net Position Classifications Net investment in capital assets was comprised of the following as of April 30, 2020:

Governmental ActivitiesCapital Assets - Net of Accumulated Depreciation $ 31,329,519

Unspent Bond Proceeds: 248,764

Less Capital Related Debt:General Obligation Bonds of 2013A (323,260)General Obligation Bonds of 2018A (3,400,000)Debt Certificates of 2019 (920,000)Unamortized Loss on Refunding 23,897Unamortized Premium (60,351)

Net Investment in Capital Assets 26,898,569

Business-Type ActivitiesCapital Assets - Net of Accumulated Depreciation 4,635,768

Less Capital Related Debt:General Obligation Bonds of 2013A (981,740)Debt Certificates of 2017 (157,000)Unamortized Premium (40,071)

Net Investment in Capital Assets 3,456,957

Fund Balance Restatement Beginning fund balance was restated in the Debt Service Fund due to a change in recognition of short-term debt previously reported as long-term in the governmental activities. The following is a summary of the fund balance as originally reported and as restated:

Fund Balance As Restated (Decrease)

Debt Service $ - (713,365) (713,365)

As Reported

53

CARY PARK DISTRICT, ILLINOIS Notes to the Financial Statements April 30, 2020 NOTE 3 – DETAIL NOTES ON ALL FUNDS – Continued NET POSITION/FUND BALANCES – Continued Fund Balance Classifications The following is a schedule of fund balance classifications for the governmental funds as of the date of this report:

DebtService Nonmajor Totals

Fund BalancesNonspendable - Long-Term Advances $ 288,000 - - 288,000

RestrictedCapital Projects and Purchases 258,594 - - 258,594Special Levies

Retirement - - 125,945 125,945Liability Insurance - - 32,416 32,416Audit - - 633 633Special Recreation - - 224,075 224,075Paving and Lighting - - 56,621 56,621

258,594 - 439,690 698,284

AssignedCapital Outlay 1,424,107 - - 1,424,107Preservation and Maintenance of

Prairies and Natural Resources 34,947 - - 34,947Recreational Programs 718,500 - - 718,500

2,177,554 - - 2,177,554

Unassigned 1,432,457 (731,960) - 700,497

Total Fund Balances 4,156,605 (731,960) 439,690 3,864,335

General

In the governmental fund financial statements, governmental funds report fund balance as either nonspendable or spendable. Spendable fund balance is further classified as restricted, committed, assigned or unassigned, based on the relative strength of the constraints that control how specific amounts can be spent.

54

CARY PARK DISTRICT, ILLINOIS Notes to the Financial Statements April 30, 2020 NOTE 3 – DETAIL NOTES ON ALL FUNDS – Continued NET POSITION/FUND BALANCES – Continued Fund Balance Classifications – Continued In the governmental funds financial statements, the District considers restricted amounts to have been spent when an expenditure is incurred for purposes for which both restricted and unrestricted fund balance is available. The District first utilizes committed, then assigned and then unassigned fund balance when an expenditure is incurred for purposes for which all three unrestricted fund balances are available. Nonspendable Fund Balance. Consists of resources that cannot be spent because they are either: a) not in a spendable form; or b) legally or contractually required to be maintained intact. A portion of the General Funds’ fund balance intended to offset the long term advance to the Foxford Hills Golf Course fund is considered nonspendable. Restricted Fund Balance. Consists of resources that are restricted to specific purposes, that is, when constraints placed on the use of resources are either: a) externally imposed by creditors (such as through debt covenants), grantors, contributors, or laws or regulations of other governments; or b) imposed by law through constitutional provisions or enabling legislation. The Special Revenue Funds’ (nonmajor funds) primary source of revenue is property taxes levied for the specific purpose of the fund. Consequently, the fund balances of these funds are considered restricted. A portion of the General Funds’ fund balance is derived from developer donations that must be expended for costs associated with new residential growth. This portion of the fund balance is considered restricted. Committed Fund Balance. Consists of resources constrained (issuance of an ordinance) to specific purposes by the government itself, using its highest level of decision-making authority, the Board of Commissioners; to be reported as committed, amounts cannot be used for any other purpose unless the government takes the same highest-level action to remove or change the constraint. The District has no committed fund balance. Assigned Fund Balance. Consists of amounts that are constrained by the Board of Commissioners’ intent to be used for specific purposes but are neither restricted nor committed. The authority to assign fund balance is at the Board level as delegated by the approved “Budget Development-Committed/Assigned Fund Balance” policy of the District. Assignment of fund balance does not require passage of an ordinance. Portions of the General Funds’ fund balance is intended by management to be used for recreational programs, for capital outlay, and for the preservation and maintenance of prairies and natural areas, and is considered assigned for those purposes. Unassigned Fund Balance. Consists of residual net resources of a fund that has not been restricted committed, or assigned within the General Fund and deficit fund balances of other governmental funds. Minimum Fund Balance Policy. The District’s policy manual states that the General Fund and Recreation Fund should maintain a minimum fund balance equal to 25% of budgeted operating expenditures.

55

CARY PARK DISTRICT, ILLINOIS Notes to the Financial Statements April 30, 2020 NOTE 4 – OTHER INFORMATION RISK MANAGEMENT Park District Risk Management Agency (PDRMA) The District is exposed to various risks related to torts; theft of, damage to and destruction of assets; errors and omissions; injuries to employees; and net income losses. Since 1995, the District has been a member of the Park District Risk Management Agency (PDRMA) Property/Casualty Program, a joint risk management pool of park and forest preserve districts, and special recreation associations through which property, general liability, automobile liability, crime, boiler and machinery, public officials’, employment practices liability and workers compensation coverage is provided in excess of specified limits for the members, acting as a single insurable unit. The following table is a summary of the coverage in effect for the period January 1, 2020 through January 1, 2021:

PDRMA Self-Member Insured

Deductible Retention

Property/Bldg/Contents All Losses Per Occurrence $1,000 $1,000,000 $1,000,000,000/All Members Flood/except Zones A & V $1,000 $1,000,000 $250,000,000/Occurrence/Annual Aggregate Flood, Zones A & V $1,000 $1,000,000 $200,000,000/Occurrence/Annual Aggregate Earthquake Shock $1,000 $100,000 $100,000,000/Occurrence/Annual AggregateAuto Physical Damage Comprehensive and Collision $1,000 $1,000,000 IncludedCourse of Construction $1,000 Included $25,000,000Tax Revenue Interruption $1,000 $1,000,000 $3,000,000/Reported Values

$1,000,000/Non-Reported ValuesBusiness Interruption, Rental Income $1,000 $100,000,000/Reported Values

$500,000/$2,500,000/Non-Reported ValuesService Interruption 24 Hours N/A $25,000,000Boiler and Machinery $100,000,000 Equipment BreakdownProperty Damage $1,000 $9,000 Property Damage - IncludedBusiness Income 48 Hours N/A IncludedFidelity and Crime $1,000 $24,000 $2,000,000/OccurrenceSeasonal Employees $1,000 $9,000 $1,000,000/OccurrenceBlanket Bond $1,000 $24,000 $2,000,0000/OccurrenceWORKERS COMPENSATION N/A $500,000 StatutoryEmployers Liability N/A $500,000 $3,500,000 Employers Liability

Coverage Limits

PROPERTY

56

CARY PARK DISTRICT, ILLINOIS Notes to the Financial Statements April 30, 2020 NOTE 4 – OTHER INFORMATION – Continued RISK MANAGEMENT – Continued Park District Risk Management Agency (PDRMA) – Continued


Deductible RetentionLIABILITYGeneral None $500,000 $21,500,000/OccurrenceAuto Liability None $500,000 $21,500,000/OccurrenceEmployment Practices None $500,000 $21,500,000/OccurrencePublic Officials' Liability None $500,000 $21,500,000/OccurrenceLaw Enforcement Liability None $500,000 $21,500,000/OccurrenceUninsured/Underinsured Motorists None $500,000 $1,000,000/Occurrence

Liability - Third Party None $25,000 $5,000,000/OccurrenceProperty - First Party $1,000 $24,000 $30,000,000 3 Year Aggregate

Outbreak Expense 24 Hours N/A $15,000 per Day$1,000,000 Aggregate Policy Limit

INFORMATION SECURITY AND PRIVACY INSURANCE WITH ELECTRONIC MEDIA LIABILITY COVERAGEBreach Response $1,000 $100,000 $2,000,000/Occurrence/Annual AggregateBusiness Interruption 8 Hours $100,000 $2,000,000/Occurrence/Annual AggregateBusiness Interruption due to System Failure 8 Hours $100,000 $250,000/Occurrence/Annual AggregateDependent Business Loss 8 Hours $100,000 $2,000,000/Occurrence/Annual AggregateLiability $1,000 $100,000 $2,000,000/Occurrence/Annual AggregateeCrime $1,000 $100,000 $50,000/Occurrence/Annual AggregateCriminal Reward $1,000 $100,000 $50,000 Hourly Sublimit/$50,000 Forensic

Exp./$150,000 Dependent Bus. Interruption

OUTBREAK EXPENSE

Coverage Limits

POLLUTION LIABILITY

57

CARY PARK DISTRICT, ILLINOIS Notes to the Financial Statements April 30, 2020 NOTE 4 – OTHER INFORMATION – Continued RISK MANAGEMENT – Continued Park District Risk Management Agency (PDRMA) – Continued


Deductible Retention

Liability $1,000 $9,000 $500,000 per Occurrence/$2,500,000Annual Aggregate for all members

First Party Property $1,000 $9,000 $250,000 per Occurrence as part of overall limit

Crisis Mgmt. Services $1,000 $9,000 $250,000 per Occurrence as part of overall limit

Counseling/Funeral Expenses $1,000 $9,000 $250,000 per Occurrence as part of overall limit

Medical Expenses $1,000 $9,000 $25,000 per person/$500,000 AnnualAggregate as part of overall limit

AD&D $1,000 $9,000 $50,000 per person/$500,000 AnnualAggregate as part of overall limit

Volunteer Medical Accident None $5,000 $5,000 Medical Expense excess of any otherCollectible Insurance

Underground Storage Tank Liability None N/A $10,000, Follows Illinois Leaking Underground Tank Fund

Unemployment Compensation N/A N/A Statutory

VOLUNTEER MEDICAL ACCIDENT

UNDERGROUND STORAGE TANK LIABILITY

UNEMPLOYMENT COMPENSATION

Deadly Weapon Response

Coverage Limits

Losses exceeding the per occurrence self-insured and reinsurance limit would be the responsibility of the District. As a member of PDRMA’s Property/Casualty Program, the District is represented on the Property/Casualty Program Council and the Membership Assembly and is entitled to one vote on each. The relationship between the District and PDRMA is governed by a contract and by-laws that have been adopted by resolution of the District’s governing body. The District is contractually obligated to make all annual and supplementary contributions to PDRMA, to report claims on a timely basis, cooperate with PDRMA, its claims administrator and attorneys in claims investigations 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.

58

CARY PARK DISTRICT, ILLINOIS Notes to the Financial Statements April 30, 2020 NOTE 4 – OTHER INFORMATION – Continued RISK MANAGEMENT – Continued Park District Risk Management Agency (PDRMA) – Continued PDRMA is responsible for administering the self-insurance program and purchasing excess insurance according to the direction of the Program Council. PDRMA also provides its members with risk management services, including the defense of and settlement of claims, and establishes reasonable and necessary loss reduction and prevention procedures to be followed by the members. The following represents a summary of PDRMA’s Property/Casualty Program balance sheet at December 31, 2019 and the statement of revenues and expenses for the period ending December 31, 2019. The District’s portion of the overall equity of the pool is 0.214% or $105,776.

Assets $70,609,234 Deferred Outflows of Resources – Pension 2,207,181 Liabilities 23,059,101 Deferred Inflows of Resources – Pension 404,213 Total Net Position 49,353,101 Operating Revenues 19,983,615 Nonoperating Revenues 6,014,647 Expenditures 20,463,511

Since 89.34% 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.

59

CARY PARK DISTRICT, ILLINOIS Notes to the Financial Statements April 30, 2020 NOTE 4 – OTHER INFORMATION – Continued RISK MANAGEMENT – Continued Park District Risk Management Agency (PDRMA) Health Program On February 1, 1990, the District became a member of the Park District Risk Management Agency (PDRMA) Health Program, a health benefits pool of park districts, special recreation associations, and public service organizations through which medical, vision, dental, life and prescription drug coverages are provided in excess of specified limits for the members, acting as a single insurable unit. The pool purchases excess insurance covering single claims over $250,000. Until January 1, 2001 the PDRMA Health Program was a separate legal entity formerly known as the Illinois Park Employees Health Network (IPEHN). Members can choose to provide any combination of coverages available to their employees, and pay premiums accordingly. As a member of the PDRMA Health Program, the District is represented on the Health Program Council as well as the Membership Assembly and is entitled to one vote on each. The relationship between the member agency and PDRMA Health Program is governed by a contract and by-laws that have been adopted by a resolution of each member’s governing body. Members are contractually obligated to make all monthly payments to the PDRMA Health Program and to fund any deficit of the PDRMA Health Program upon dissolution of the pool. They will share in any surplus of the pool based on a decision by the Health Program Council. The following represents a summary of PDRMA’s Health Program balance sheet at December 31, 2019 and the statement of revenues and expenses for the period ending December 31, 2019.

Assets $26,084,474 Deferred Outflows of Resources – Pension 933,533 Liabilities 6,616,310 Deferred Inflows of Resources – Pension 173,234 Total Net Position 20,228,463

Operating Revenues 36,581,515 Nonoperating Revenues 2,343,640 Expenditures 36,884,494

A large percentage of PDRMA’s liabilities are reserves for losses and loss adjustment expenses, which are based on an actuarial estimate of the ultimate losses incurred.

60

CARY PARK DISTRICT, ILLINOIS Notes to the Financial Statements April 30, 2020 NOTE 4 – OTHER INFORMATION – Continued CONTINGENT LIABILITIES Litigation The District is involved with a contract dispute but has reserves to cover any counter claim. Grants Amounts received or receivable from grantor agencies are subject to audit and adjustment by grantor agencies, principally the federal government. Any disallowed claims, including amounts already collected, may constitute a liability of the applicable funds. The amount, if any, of expenditures which may be disallowed by the grantor cannot be determined at this time although the District expects such amounts, if any, to be immaterial. Financial Impact from COVID-19 In March 2020, the World Health Organization declared the COVID-19 virus a public health emergency. As of the date of this report, the extent of the impact of COVID-19 on the District’s operations and financial position cannot be determined. JOINT VENTURES, JOINTLY GOVERNED ORGANIZATIONS AND RELATED ORGANIZATIONS The District, along with twelve other area park districts and municipalities, has entered into a joint agreement to provide cooperative recreational programs and other activities for handicapped and impaired individuals. Each member agency shares equally in the Northern Illinois Special Recreation Association (NISRA), and generally provides funding based on up to 4.0 cents per $100 of its equalized assessed valuation. The District contributed $111,993 to NISRA during the current fiscal year. The District does not have a direct financial interest in NISRA and, therefore, its investment therein is not reported within the financial statements. Upon dissolution of NISRA, the assets, if any, shall be divided among the members in accordance with an equitable formula, as determined by a unanimous vote of the Board of Directors of NISRA. A complete separate financial statement for NISRA can be obtained from NISRA’s administrative offices at 285 Memorial Drive, Crystal Lake, Il 60014.

61

CARY PARK DISTRICT, ILLINOIS Notes to the Financial Statements April 30, 2020 NOTE 4 – OTHER INFORMATION – Continued EMPLOYEE RETIREMENT SYSTEM – DEFINED BENEFIT PENSION PLAN Illinois Municipal Retirement Fund (IMRF) The District contributes to the Illinois Municipal Retirement Fund (IMRF), a defined benefit agent multiple-employer public employee retirement system that acts as a common investment and administrative agent for local governments and school districts in Illinois. 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 on-line at www.imrf.org. The benefits, benefit levels, employee contributions, and employer contributions are governed by Illinois Compiled Statutes (ILCS) and can only be amended by the Illinois General Assembly. Plan Descriptions Plan Administration. All employees hired in positions that meet or exceed the prescribed annual hourly standard must be enrolled in IMRF as participating members. The plan is accounted for on the economic resources measurement focus and the accrual basis of accounting. Employer and employee contributions are recognized when earned in the year that the contributions are required, benefits and refunds are recognized as an expense and liability when due and payable. Benefits Provided. IMRF has three benefit plans. The vast majority of IMRF members participate in the Regular Plan (RP). IMRF provides two tiers of pension benefits. Employees hired before January 1, 2011, are eligible for Tier 1 benefits. Tier 1 employees are vested for pension benefits when they have at least eight years of qualifying service credit. Tier 1 employees who retire at age 55 (at reduced benefits) or after age 60 (at full benefits) with eight years of service are entitled to an annual retirement benefit, payable monthly for life, in an amount equal to 1-2/3% of the final rate of earnings for the first 15 years of service credit, plus 2% for each year of service credit after 15 years to a maximum of 75% of their final rate of earnings. Final rate of earnings is the highest total earnings during any consecutive 48 months within the last 10 years of service, divided by 48. Under Tier 1, the pension is increased by 3% of the original amount on January 1 every year after retirement Employees hired on or after January 1, 2011, are eligible for Tier 2 benefits. For Tier 2 employees, pension benefits vest after ten years of service. Participating employees who retire at age 62 (at reduced benefits) or after age 67 (at full benefits) with ten years of service are entitled to an annual retirement benefit, payable monthly for life, in an amount equal to 1-2/3% of the final rate of earnings for the first 15 years of service credit, plus 2% for each year of service credit after 15 years to a maximum of 75% of their final rate of earnings.

62

http://www.imrf.org/

CARY PARK DISTRICT, ILLINOIS Notes to the Financial Statements April 30, 2020 NOTE 4 – OTHER INFORMATION – Continued EMPLOYEE RETIREMENT SYSTEM – DEFINED BENEFIT PENSION PLAN – Continued Illinois Municipal Retirement Fund (IMRF) – Continued Plan Descriptions – Continued Benefits Provided – Continued. Final rate of earnings is the highest total earnings during any 96 consecutive months within the last 10 years of service, divided by 96. Under Tier 2, the pension is increased on January 1 every year after retirement, upon reaching age 67, by the lesser of:

• 3% of the original pension amount, or

• 1/2 of the increase in the Consumer Price Index of the original pension amount. Plan Membership. As of December 31, 2019, the measurement date, the following employees were covered by the benefit terms:

Inactive Plan Members Currently Receiving Benefits 18 Inactive Plan Members Entitled to but not yet Receiving Benefits 33 Active Plan Members 29

Total 80

Contributions. As set by statute, the District’s Regular Plan Members are required to contribute 4.5% of their annual covered salary. The statute requires employers to contribute the amount necessary, in addition to member contributions, to finance the retirement coverage of its own employees. For the year-ended April 30, 2020, the District’s average contribution was 8.13% of covered payroll. Net Pension Liability. The District’s net pension liability was measured as of December 31, 2019. The total pension liability used to calculate the net pension liability was determined by an actuarial valuation as of that date.

63

CARY PARK DISTRICT, ILLINOIS Notes to the Financial Statements April 30, 2020 NOTE 4 – OTHER INFORMATION – Continued EMPLOYEE RETIREMENT SYSTEM – DEFINED BENEFIT PENSION PLAN – Continued Illinois Municipal Retirement Fund (IMRF) – Continued Plan Descriptions – Continued Actuarial Assumptions. The total pension liability was determined by an actuarial valuation performed, as of December 31, 2019, using the following actuarial methods and assumptions:

Actuarial Cost Method Entry AgeNormal

Asset Valuation Method Market

Actuarial AssumptionsInterest Rate 7.25%

Salary Increases 3.35% - 14.25%

Cost of Living Adjustments 2.50%

Inflation 2.50%

For non-disabled retirees, an IMRF specific mortality table was used with fully generational projection scale MP-2017 (base year 2015). The IMRF specific rates were developed from the RP-2014 Blue Collar Health Annuitant Mortality Table with adjustments to match current IMRF experience. For disabled retirees, an IMRF specific mortality table was used with fully generational projection scale MP-2017 (base year 2015). The IMRF specific rates were developed from the RP-2014 Disabled Retirees Mortality Table applying the same adjustment that were applied for non-disabled lives. For active members, an IMRF specific mortality table was used with fully generational projection scale MP-2017 (base year 2015). The IMRF specific rates were developed from the RP-2014 Employee Mortality Table with adjustments to match current IMRF experience. The long-term expected rate of return on pension plan investments was determined using a building-block method in which best-estimate ranges of expected future real rates of return (expected returns, net of pension plan investment expense, and inflation) are developed for each major asset class. These ranges are combined to produce the long-term expected rate of return by weighting the expected future real rates of return to the target asset allocation percentage and adding expected inflation. The target allocation and best estimates of geometric real rates of return for each major asset class are summarized in the following table:

64

CARY PARK DISTRICT, ILLINOIS Notes to the Financial Statements April 30, 2020 NOTE 4 – OTHER INFORMATION – Continued EMPLOYEE RETIREMENT SYSTEM – DEFINED BENEFIT PENSION PLAN – Continued Illinois Municipal Retirement Fund (IMRF) – Continued Plan Descriptions – Continued Actuarial Assumptions – Continued.

Long-TermExpected Real

Asset Class Target Rate of Return

Fixed Income 28.00% 3.25%Domestic Equities 37.00% 5.75%International Equities 18.00% 6.50%Real Estate 9.00% 5.20%Blended 7.00% 3.60% - 7.60%Cash and Cash Equivalents 1.00% 1.85%

Discount Rate The discount rate used to measure the total pension liability was 7.25%, the same as prior valuation. The projection of cash flows used to determine the discount rate assumed that member contributions will be made at the current contribution rate and that District contributions will be made at rates equal to the difference between the actuarially determined contribution rates and the member rate. Based on those assumptions, the Fund’s fiduciary net position was projected to be available to make all projected future benefit payments of current plan members. Therefore, the long-term expected rate of return on pension plan investments was applied to all periods of projected benefit payments to determine the total pension liability. Discount Rate Sensitivity The following is a sensitivity analysis of the net pension liability to changes in the discount rate. The table below presents the pension liability of the District calculated using the discount rate as well as what the District’s net pension liability would be if it were calculated using a discount rate that is one percentage point lower or one percentage point higher than the current rate:

Current 1% Decrease Discount Rate 1% Increase

(6.25%) (7.25%) (8.25%)

Net Pension Liability/(Asset) $ 1,463,923 338,960 (525,384) 65

CARY PARK DISTRICT, ILLINOIS Notes to the Financial Statements April 30, 2020 NOTE 4 – OTHER INFORMATION – Continued EMPLOYEE RETIREMENT SYSTEM – DEFINED BENEFIT PENSION PLAN – Continued Illinois Municipal Retirement Fund (IMRF) – Continued Changes in the Net Pension Liability

Plan Fiduciary Net PensionNet Position Liability

(B) (A) - (B)

Balances at December 31, 2018 $ 6,218,498 5,450,735 767,763

Changes for the Year:Service Cost 145,777 - 145,777Interest on the Total Pension Liability 450,875 - 450,875Difference Between Expected and Actual Experience of the Total Pension Liability 109,995 - 109,995Changes of Assumptions - - - Contributions - Employer - 117,386 (117,386)Contributions - Employees - 68,248 (68,248)Net Investment Income - 929,752 (929,752)Benefit Payments, including Refunds of Employee Contributions (144,842) (144,842) - Other (Net Transfer) - 20,064 (20,064)

Net Changes 561,805 990,608 (428,803)

Balances at December 31, 2019 6,780,303 6,441,343 338,960

(A)

TotalPensionLiability

Pension Expense, Deferred Outflows of Resources, and Deferred Inflows of Resources Related to Pensions For the year ended April 30, 2020, the District recognized pension expense of $166,325. At April 30, 2020, the District reported deferred outflows of resources and deferred inflows of resources related to pensions from the following sources:

66

CARY PARK DISTRICT, ILLINOIS Notes to the Financial Statements April 30, 2020 NOTE 4 – OTHER INFORMATION – Continued EMPLOYEE RETIREMENT SYSTEM – DEFINED BENEFIT PENSION PLAN – Continued Illinois Municipal Retirement Fund (IMRF) – Continued Pension Expense, Deferred Outflows of Resources, and Deferred Inflows of Resources Related to Pensions – Continued

Deferred DeferredOutflows of Inflows ofResources Resources Totals

Difference Between Expected and Actual Experience $ 146,485 (34,062) 112,423

Change in Assumptions 118,536 (62,878) 55,658

Net Difference Between Projected and Actual Earnings on Pension Plan Investments - (206,313) (206,313)

Total Pension Expense to be Recognized in Future Periods 265,021 (303,253) (38,232)

Pension Contributions Made Subsequent to the Measurement Date 46,158 - 46,158

Total Deferred Amounts Related to IMRF 311,179 (303,253) 7,926

$46,158 reported as deferred outflows of resources related to pensions resulting from employer contributions subsequent to the measurement date and will be recognized as a reduction of the net pension liability in the reporting year ended April 30, 2021. Amounts reported as deferred outflows of resources and deferred inflows of resources related to pensions will be recognized in pension expense in future periods as follows:

Net Deferred

Outflows/Fiscal (Inflows)Year of Resources

2021 $ (4,289)2022 1,0082023 56,6702024 (91,621)2025 -

Thereafter -

Total (38,232)

67

CARY PARK DISTRICT, ILLINOIS Notes to the Financial Statements April 30, 2020 NOTE 4 – OTHER INFORMATION – Continued OTHER POST-EMPLOYMENT BENEFITS General Information about the OPEB Plan Plan Description. The District’s defined benefit OPEB plan, Retiree Benefits Plan (RBP), provides OPEB for all permanent full-time employees of the District. RBP is a single-employer defined benefit OPEB plan administered by the District. Article 11 of the State Compiled Statutes grants the authority to establish and amend the benefit terms and financing requirements to the District Board. No assets are accumulated in a trust that meets the criteria in paragraph 4 of Statement 75. Benefits Provided. RBP provides healthcare insurance benefits for retirees and their dependents. The benefit terms provide for retirees to pay the full premium. The plan also provides all retirees with dental and vision coverage. Plan Membership. As of September 30, 2019, the measurement date, the following employees were covered by the benefit terms:

Inactive Plan Members Currently Receiving Benefits - Inactive Plan Members Entitled to but not yet Receiving Benefits - Active Plan Members 24

Total 24

Total OPEB Liability The District’s total OPEB liability was measured as of September 30, 2019, and was determined by an actuarial valuation as of that date.

68

CARY PARK DISTRICT, ILLINOIS Notes to the Financial Statements April 30, 2020 NOTE 4 – OTHER INFORMATION – Continued OTHER POST-EMPLOYMENT BENEFITS – Continued Total OPEB Liability – Continued Actuarial Assumptions and Other Inputs. The total OPEB liability was measured by an actuarial valuation as of September 30, 2019, applied to all periods included in the measurement, unless otherwise specified:

Inflation 2.50%

Salary Increases Varies from 3.39% to 10.35% by age and years of service

Discount Rate 2.66%

Healthcare Cost Trend RatesMedical 7.00% graded to 4.50% over 17 yearsPrescription drug 9.00% graded to 4.50% over 18 years

Retirees' Share of Benefit-Related Costs 100% of projected health insurance premiums for retirees The discount rate was based on a yield or index rate of 20-year, tax-exempt general obligation municipal bonds. Mortality rates were based on the RP-2014 Mortality Tables projected generationally from 2015 using Scale MP-2017. Change in the Total OPEB Liability

Balance at April 30, 2019 $ 102,014

Changes for the Year:Service Cost 6,099 Interest on the Total Pension Liability 4,485 Changes of Benefit Terms - Difference Between Expected and Actual Experience (4,735) Changes of Assumptions or Other Inputs 23,798 Benefit Payments (1,646)

Net Changes 28,001

Balance at April 30, 2020 130,015

TotalOPEB

Liability

69

CARY PARK DISTRICT, ILLINOIS Notes to the Financial Statements April 30, 2020 NOTE 4 – OTHER INFORMATION – Continued OTHER POST-EMPLOYMENT BENEFITS – Continued Sensitivity of the Total OPEB Liability to Changes in the Discount Rate The following presents the total OPEB liability, calculated using a Single Discount Rate of 2.66%, as well as what the total OPEB liability would be if it were calculated using a Single Discount Rate that is one percentage point lower or one percentage point higher:

Current Discount Rate 1% Increase

(2.66%) (3.66%)

Total OPEB Liability $ 143,330 130,015 117,455

1% Decrease(1.66%)

Sensitivity of the Total OPEB Liability to Changes in the Healthcare Cost Trend Rates The following presents the total OPEB liability, calculated using a variable Healthcare Trend Rate, as well as what the total OPEB liability would be if it were calculated using a Healthcare Trend Rate that is one percentage point lower or one percentage point higher:

HealthcareCost Trend

Rates 1% Increase(Varies) (Varies)

Total OPEB Liability $ 109,940 130,015 154,694

1% Decrease(Varies)

OPEB Expense and Deferred Outflows of Resources and Deferred Inflows of Resources Related to OPEB For the year ended April 30, 2020, the District recognized OPEB expense of $11,628. At April 30, 2020, the District reported deferred outflows of resources and deferred inflows of resources related to OPEB from the following sources:

70

CARY PARK DISTRICT, ILLINOIS Notes to the Financial Statements April 30, 2020 NOTE 4 – OTHER INFORMATION – Continued OTHER POST-EMPLOYMENT BENEFITS – Continued OPEB Expense and Deferred Outflows of Resources and Deferred Inflows of Resources Related to OPEB – Continued

DeferredInflows ofResources Totals

Difference Between Expected and Actual Experience $ - - -

Change in Assumptions 21,927 (4,945) 16,982

Net Difference Between Projected and Actual Experience in Total OPEB Liability - (4,363) (4,363)

Total Deferred Amounts Related to OPEB 21,927 (9,308) 12,619

DeferredOutflows ofResources

Amounts reported as deferred outflows of resources and deferred inflows of resources related to OPEB will be recognized in OPEB expense as follows:

Net DeferredFiscal OutflowsYear of Resources

2021 $ 1,0442022 1,0442023 1,0442024 1,0442025 1,044

Thereafter 7,399

Total 12,619

71

• Schedule of Employer ContributionsIllinois Municipal Retirement Fund

• Schedule of Changes in the Employer’s Net Pension LiabilityIllinois Municipal Retirement Fund

• Schedule of Changes in the Employer’s Total OPEB LiabilityRetiree Benefit Plan

REQUIRED SUPPLEMENTARY INFORMATION

Required supplementary information includes financial information and disclosures that are required by theGASB but are not considered a part of the basic financial statements. Such information includes:


Illinois Municipal Retirement Fund

Required Supplementary InformationSchedule of Employer ContributionsApril 30, 2020

Contributions asFiscal a Percentage ofYear Covered Payroll

2016 $ 122,438 $ 122,724 $ 286 $ 1,343,386 9.14%2017 110,828 113,587 2,759 1,315,862 8.63%2018 119,248 119,248 - 1,381,259 8.63%2019 119,934 119,934 - 1,462,106 8.20%2020 124,044 124,044 - 1,526,292 8.13%

Notes to the Required Supplementary Information:

Actuarial Cost Method Entry Age Normal

Amortization Method Level % Pay (Closed)Remaining Amortization Period 24 YearsAsset Valuation Method 5-Year Smoothed MarketInflation 2.50%Salary Increases 3.35% - 14.25%Investment Rate of Return 7.50%Retirement Age See the Notes to the Financial StatementsMortality MP-2017 (base year 2015)

Note:

in Relation toContributions

PayrollCovered

(Deficiency)Excess/

Contribution

This schedule is intended to show information for ten years. Information for additional years will be displayedas it becomes available.

ContributionDeterminedActuarially

ContributionDetermined

the Actuarially

72


Illinois Municipal Retirement Fund

Required Supplementary InformationSchedule of Changes in the Employer's Net Pension Liability April 30, 2020

12/31/2016

Total Pension LiabilityService Cost $ 140,175 133,855 Interest 341,057 369,097 Differences Between Expected and Actual Experience (11,795) (55,090) Change of Assumptions 7,358 (7,822) Benefit Payments, Including Refunds

of Member Contributions (87,954) (98,446)

Net Change in Total Pension Liability 388,841 341,594 Total Pension Liability - Beginning 4,521,317 4,910,158

Total Pension Liability - Ending 4,910,158 5,251,752

Plan Fiduciary Net PositionContributions - Employer $ 122,438 110,828 Contributions - Members 76,362 58,126 Net Investment Income 22,983 307,711 Benefit Payments, Including Refunds

of Member Contributions (87,954) (98,446) Other (Net Transfers) (253,465) 28,710

Net Change in Plan Fiduciary Net Position (119,636) 406,929 Plan Net Position - Beginning 4,541,223 4,421,587

Plan Net Position - Ending 4,421,587 4,828,516

Employer's Net Pension Liability $ 488,571 423,236

Plan Fiduciary Net Position as a Percentageof the Total Pension Liability 90.05% 91.94%

Covered Payroll $ 1,302,517 1,291,699

Employer's Net Pension Liability as a Percentageof Covered Payroll 37.51% 32.77%

Note:

12/31/2015


73

12/31/2017 12/31/2018 12/31/2019

125,506 128,876 145,777 393,877 422,400 450,875 190,677 (46,590) 109,995

(194,882) 219,996 -

(125,634) (147,480) (144,842)

389,544 577,202 561,805 5,251,752 5,641,296 6,218,498

5,641,296 6,218,498 6,780,303

118,871 119,642 117,386 61,274 63,725 68,248

770,320 (208,252) 929,752

(125,634) (147,480) (144,842) (79,149) 48,902 20,064

745,682 (123,463) 990,608 4,828,516 5,574,198 5,450,735

5,574,198 5,450,735 6,441,343

67,098 767,763 338,960

98.81% 87.65% 95.00%

1,361,645 1,417,252 1,516,625

4.93% 54.17% 22.35%

74


Retiree Benefits Plan

Required Supplementary InformationSchedule of Changes in the Employer's Total OPEB Liability April 30, 2020

Total OPEB LiabilityService Cost $ 6,620 6,099 Interest 3,816 4,485 Changes in Benefit Terms - - Differences Between Expected and Actual Experience - (4,735) Change of Assumptions or Other Inputs (5,855) 23,798 Benefit Payments (1,538) (1,646) Net Change in Total OPEB Liability 3,043 28,001 Total OPEB Liability - Beginning 98,971 102,014

Total OPEB Liability - Ending 102,014 130,015

Covered Payroll $ 1,339,948 1,346,246

Total OPEB Liability as a Percentage of Covered Payroll 7.61% 9.66%

Notes:

2020


2019

Changes of Assumptions. Changes in assumptions related to the discount rate were made in 2019 and 2020.

75

Such statements and schedules include:

• Budgetary Comparison Schedule – Major Governmental Fund

• Combining Statements – Nonmajor Governmental Funds

• Budgetary Comparison Schedules – Nonmajor Governmental Funds

• Budgetary Comparison Schedule – Major Enterprise Fund

OTHER SUPPLEMENTARY INFORMATION

Other supplementary information includes financial statements and schedules not required by the GASB, nor apart of the basic financial statements, but are presented for purposes of additional analysis.

Illinois Municipal Retirement (IMRF)/Social Security Fund

The IMRF/Social Security Fund is used to account for revenues and expenditures of taxes levied for employerpayments to be made to IMRF and the Social Security Administration. The District pays the IMRF a percentageof its compensation for all full-time employees and part-time employees who meet IMRF eligibility criteria. TheDistrict has no ownership of the IMRF assets, nor any liability for actual payment of retirement benefits.

Liability Insurance Fund

INDIVIDUAL FUND DESCRIPTIONS

DEBT SERVICE FUND

The Debt Service Fund accounts for the accumulation of resources for, and the payment of, general long-termdebt principal and interest.

SPECIAL REVENUE FUNDS

The Special Revenue Funds are used to account for the proceeds of specific revenue sources (other thanfiduciary funds or capital projects funds) that are legally restricted to expenditure for specified purposes.

GENERAL FUND

The General Fund accounts for all financial resources except those required to be accounted for in another fund.

The Audit Fund is used to account for revenues and expenditures of taxes levied for payment of the cost of theannual audit of the District's financial statements.

The Liability Insurance Fund is used to account for the revenue and expenditures of an annual property tax levyfor the premiums of property, liability, and workers' compensation insurance carried by the District, possiblefuture self-insured unemployment claims, and risk management expenditures.

Paving and Lighting Fund

The Paving and Lighting Fund is used to account for the revenues of taxes levied and expenditures made forroadways and lighting of the District's facilities.

Special Recreation Fund

The Special Recreation Fund is used to account for the tax revenue and expenditures related to specialrecreation programs for those with special needs. These expenditures include the District's membership in theNorthern Illinois Special Recreation Association (NISRA), and other operating and capital expenditures relatedto accessibility for individuals with special needs.

Audit Fund

The Foxford Hills Golf Course Fund is used to account for the operation of an eighteen-hole golf course anddriving range. Operations include golfing activities, equipment and related merchandise sales, and food andbeverage sales. The cost of operations is recovered through user charges.

Foxford Hills Golf Course

ENTERPRISE FUND

Enterprise Funds account for operations that are financed and operated in a manner similar to private businessenterprises where the intent is that costs of providing goods or services to the general public on a continuingbasis be financed or recovered primarily through user charges; or where it has been decided that periodicdetermination of revenues earned, expenses incurred and/or net income is appropriate for capital maintenance,public policy, management control, accountability or other purpose.

INDIVIDUAL FUND DESCRIPTIONS


Debt Service Fund

Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual For the Fiscal Year Ended April 30, 2020


RevenuesTaxes

Property Taxes $ 729,655 728,665 (990)Interest 3,688 3,645 (43)

Total Revenues 733,343 732,310 (1,033)

ExpendituresDebt Service

Principal Retirement 1,134,941 421,576 713,365Interest and Fiscal Charges 170,588 176,002 (5,414)

Total Expenditures 1,305,529 597,578 707,951

Excess (Deficiency) of Revenues Over (Under) Expenditures (572,186) 134,732 706,918

Other Financing Sources (Uses)Debt Issuance 726,900 - (726,900)Transfers In 127,766 133,680 5,914Transfers Out (282,480) (287,007) (4,527)

Total Other Financing Sources (Uses) 572,186 (153,327) (725,513)

Net Change in Fund Balance - (18,595) (18,595)

Fund Balance - Beginning as Restated (713,365)

Fund Balance - Ending (731,960)

76


Nonmajor Governmental - Special Revenue Funds

Combining Balance SheetApril 30, 2020

Cash and Investments $ 152,413Receivables

Property Taxes 289,999

Total Assets 442,412

Accounts Payable 26,468Accrued Payroll - Other Payable -

Total Liabilities 26,468

Property Taxes 289,999Total Liabilities and Deferred Inflows of Resources 316,467

Restricted 125,945

Total Liabilities, Deferred Inflows of Resources and Fund Balances 442,412

FUND BALANCES

ASSETS

LIABILITIES


IMRF/Social

Security

77

Liability Special Paving andInsurance Audit Recreation Lighting Totals

60,586 633 224,352 56,621 494,605

159,998 13,498 257,097 5,001 725,593

220,584 14,131 481,449 61,622 1,220,198

2,222 - - - 28,6902,240 - 277 - 2,517

23,708 - - - 23,70828,170 - 277 - 54,915

159,998 13,498 257,097 5,001 725,593188,168 13,498 257,374 5,001 780,508

32,416 633 224,075 56,621 439,690

220,584 14,131 481,449 61,622 1,220,198

78


Nonmajor Governmental - Special Revenue Funds

Combining Statement of Revenues, Expenditures and Changes in Fund Balances For the Fiscal Year Ended April 30, 2020

RevenuesTaxes $ 256,041Interest 4,234

Total Revenues 260,275

ExpendituresCurrent

Recreation and Open Space 274,552

Excess (Deficiency) of Revenues Over (Under) Expenditures (14,277)

Other Financing (Uses)Transfers Out -

Net Change in Fund Balances (14,277)

Fund Balances - Beginning 140,222

Fund Balances - Ending 125,945

IMRF/Social

Security

79

Liability Special Paving andInsurance Audit Recreation Lighting Totals

144,720 8,236 245,650 4,994 659,6411,872 38 5,097 1,077 12,318

146,592 8,274 250,747 6,071 671,959

152,490 9,900 146,060 5,996 588,998

(5,898) (1,626) 104,687 75 82,961

- - (75,000) - (75,000)

(5,898) (1,626) 29,687 75 7,961

38,314 2,259 194,388 56,546 431,729

32,416 633 224,075 56,621 439,690

80


Illinois Municipal Retirement (IMRF)/Social Security - Special Revenue Fund



RevenuesTaxes

Property TaxesIMRF $ 120,000 119,768 (232)Social Security 136,539 136,273 (266)

Interest 3,688 4,234 546Total Revenues 260,227 260,275 48

ExpendituresRecreation and Open Space

Payroll Related Costs 283,400 274,552 8,848

Net Change in Fund Balance (23,173) (14,277) 8,896

Fund Balance - Beginning 140,222

Fund Balance - Ending 125,945

81


Liability Insurance - Special Revenue Fund



RevenuesTaxes

Property Taxes $ 145,000 144,720 (280)Interest 2,090 1,872 (218)

Total Revenues 147,090 146,592 (498)


Personnel and Payroll Related Costs 107,007 105,581 1,426Services 48,375 46,909 1,466

Total Expenditures 155,382 152,490 2,892

Net Change in Fund Balance (8,292) (5,898) 2,394



82


Audit - Special Revenue Fund



RevenuesTaxes

Property Taxes $ 8,250 8,236 (14)Interest 49 38 (11)

Total Revenues 8,299 8,274 (25)


Professional Services 9,900 9,900 -

Net Change in Fund Balance (1,601) (1,626) (25)


Fund Balance - Ending 633

83


Special Recreation - Special Revenue Fund



RevenuesTaxes

Property Taxes $ 246,129 245,650 (479)Interest 3,381 5,097 1,716

Total Revenues 249,510 250,747 1,237


Personnel and Payroll Related Costs 27,551 27,582 (31)Professional Services 113,993 111,993 2,000Services 4,450 1,925 2,525Commodities 5,630 4,560 1,070Repairs and Maintenance 10,500 - 10,500


Excess (Deficiency) of Revenues Over (Under) Expenditures 87,386 104,687 17,301

Other Financing (Uses)Transfers Out - (75,000) (75,000)

Net Change in Fund Balance 87,386 29,687 (57,699)



84


Paving and Lighting - Special Revenue Fund



RevenuesTaxes

Property Taxes $ 5,000 4,994 (6)Interest 861 1,077 216

Total Revenues 5,861 6,071 210


Professional Services 2,000 216 1,784Repairs and Maintenance 18,020 5,780 12,240


Net Change in Fund Balance (14,159) 75 14,234



85


Foxford Hills Golf Course - Enterprise Fund

Schedule of Revenues, Expenses and Changes in Net Position - Budget and ActualFor the Fiscal Year Ended April 30, 2020


Operating RevenuesCharges for Services

Golf Course Fees and Charges $ 1,190,159 1,018,949 (171,210)Golf Instruction 9,500 21,125 11,625Merchandise, Food and Beverage Sales 303,200 260,635 (42,565)

Total Operating Revenues 1,502,859 1,300,709 (202,150)

Operating ExpensesOperations

Professional Services 756,285 643,983 112,302Services 139,950 125,329 14,621Commodities 249,573 250,198 (625)Repairs and Maintenance 86,495 77,569 8,926

Depreciation 128,593 128,728 (135)Total Operating Expenses 1,360,896 1,225,807 135,089

Operating Income (Loss) 141,963 74,902 (67,061)

Nonoperating Revenues (Expenses)Interest Expense (77,327) (77,327) - Amortization of Bond Premium 64,113 64,113 - Gain on Disposal of Capital Assets - 7,520 7,520

Total Nonoperating Revenues (Expenses) (13,214) (5,694) 7,520

Income (Loss) Before Transfers 128,749 69,208 (59,541)

Transfers In 1,315,221 1,291,135 (24,086)

Change in Net Position 1,443,970 1,360,343 (83,627)

Net Position - Beginning 1,261,860

Net Position - Ending 2,622,203

86

SUPPLEMENTAL SCHEDULES



General Obligation Alternate Revenue Source Bonds Series 2013AApril 30, 2020

Date of Issue October 29, 2013Date of Maturity December 15, 2022Authorized Issue $6,280,000Interest Rate 3.00% - 4.00%Interest Dates June 15 and December 15Principal Maturity Date December 15Payable at Amalgamated Bank

Fiscal RequirementsYear Interest Totals

2021 $ 1,105,000 52,200 1,157,200 2022 100,000 8,000 108,000 2023 100,000 4,000 104,000

1,305,000 64,200 1,369,200

Debt Service 323,260 24,930 348,190 Foxford Hills Golf Course 981,740 39,270 1,021,010

1,305,000 64,200 1,369,200

CURRENT AND LONG-TERM PRINCIPAL AND INTEREST REQUIREMENTS

Principal

87



General Obligation Alternate Revenue Source Bonds Series 2018AApril 30, 2020

Date of Issue June 4, 2018Date of Maturity December 15, 2032Authorized Issue $3,400,000Interest Rate 3.00% - 4.00%Interest Dates June 15 and December 15Principal Maturity Date December 15Payable at Amalgamated Bank


2021 $ - 112,868 112,868 2022 240,000 112,868 352,868 2023 245,000 105,669 350,669 2024 255,000 98,319 353,319 2025 260,000 90,669 350,669 2026 270,000 82,869 352,869 2027 275,000 74,769 349,769 2028 285,000 66,519 351,519 2029 295,000 57,969 352,969 2030 300,000 48,750 348,750 2031 310,000 39,000 349,000 2032 325,000 26,600 351,600 2033 340,000 13,600 353,600

3,400,000 930,469 4,330,469


Principal

88



Debt Certificates Series 2017April 30, 2020

Date of Issue February 9, 2017Date of Maturity December 15, 2022Authorized Issue $300,000Denomination of Bonds $1,000Interest Rate 2.65%Interest Dates June 15 and December 15Principal Maturity Date December 15Payable at Huntington National Bank


2021 $ 51,000 4,160 55,160 2022 52,000 2,809 54,809 2023 54,000 1,431 55,431

157,000 8,400 165,400


Principal

89



Debt Certificates, Series 2019AApril 30, 2020

Date of Issue August 8, 2019Date of Maturity December 15, 2024Authorized Issue $920,000Interest Rate 1.68% - 1.95%Interest Dates June 15 and December 15Principal Maturity Date December 15Payable at Park Ridge Community Bank


2021 $ 177,665 16,766 194,431 2022 180,645 13,782 194,427 2023 183,810 10,620 194,430 2024 187,170 7,256 194,426 2025 190,710 3,719 194,429

920,000 52,143 972,143


Principal

90


Short-Term Debt Requirements

General Obligation Limited Tax Park Bonds, Series 2019B April 30, 2020

Date of Issue December 5, 2019Date of Maturity November 1, 2020Authorized Issue $731,960Interest Rate 1.81%Interest Dates November 1 Principal Maturity Date November 1 Payable at Park Ridge Community Bank


2021 $ 731,960 11,997 743,957


Principal

91

These schedules contain service and infrastructure data to help the reader understand how the information in theDistrict’s financial report relates to the services the District provides and the activities it performs.

Operating Information

Revenue Capacity

These schedules contain information to help the reader assess the District’s most significant local revenuesources.

Debt Capacity

These schedules present information to help the reader assess the affordability of the District’s current levels ofoutstanding debt and the District’s ability to issue additional debt in the future.

Demographic and Economic Information

These schedules offer demographic and economic indicators to help the reader understand the environmentwithin which the District’s financial activities take place.

These schedules contain trend information to help the reader understand how the District’s financialperformance and well-being have changed over time.

STATISTICAL SECTION(Unaudited)

This part of the comprehensive annual financial report presents detailed information as a context forunderstanding what the information in the financial statements, note disclosures, and required supplementaryinformation says about the District’s overall financial health.

Financial Trends


Net Position by Component - Last Ten Fiscal Years*

2011 2012 2013

Governmental ActivitiesNet Investment in Capital Assets $ 17,839,698 19,411,110 20,156,089 Restricted 393,486 477,141 570,244 Unrestricted 1,552,967 858,294 1,515,215

Total Governmental Activities Net Position 19,786,151 20,746,545 22,241,548

Business-Type ActivitiesNet Investment in Capital Assets (49,325) 2,338 120,680 Unrestricted 290,728 144,398 (12,805)

Total Business-Type Activities Net Position 241,403 146,736 107,875

Primary GovernmentNet Investment in Capital Assets 17,790,373 19,413,448 20,276,769 Restricted 393,486 477,141 570,244 Unrestricted 1,843,695 1,002,692 1,502,410

Total Primary Government Net Position 20,027,554 20,893,281 22,349,423

* Accrual Basis of Accounting

Source: Audited financial statements.

April 30, 2020 (Unaudited)

92

2014 2015 2016 2017 2018 2019 2020

21,279,355 22,338,503 23,660,500 25,032,959 26,472,872 27,311,644 26,898,569 584,408 607,112 743,457 786,662 664,677 962,516 698,284

1,659,535 1,959,225 1,670,014 1,780,618 2,120,733 1,708,188 2,336,640

23,523,298 24,904,840 26,073,971 27,600,239 29,258,282 29,982,348 29,933,493

190,794 226,274 289,499 435,544 604,452 2,043,343 3,456,957 (341,182) (427,391) (542,552) (694,578) (700,585) (781,483) (834,754)

(150,388) (201,117) (253,053) (259,034) (96,133) 1,261,860 2,622,203

21,470,149 22,564,777 23,949,999 25,468,503 27,077,324 29,354,987 30,355,526 584,408 607,112 743,457 786,662 664,677 962,516 698,284

1,318,353 1,531,834 1,127,462 1,086,040 1,420,148 926,705 1,501,886

23,372,910 24,703,723 25,820,918 27,341,205 29,162,149 31,244,208 32,555,696

93

CA

RY

PA

RK

DIS

TR

ICT

, IL

LIN

OIS

Cha

nges

in N

et P

ositi

on -

Las

t Ten

Fis

cal Y

ears

*

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

Expe

nses

Gov

ernm

enta

l Act

iviti

esR

ecre

atio

n an

d O

pen

Spac

e$

3,77

4,25

6

4,

013,

127

3,88

9,01

1

3,

865,

369

3,96

5,37

0

4,

540,

475

3,98

7,59

6

4,

039,

071

4,26

1,31

3

4,

677,

570

Inte

rest

on

Long

-Ter

m D

ebt

426,

170

39

3,44

4

350,

259

30

9,18

0

243,

224

21

3,44

0

162,

405

10

1,74

4

153,

774

17

3,42

8

Tota

l Gov

ernm

enta

l Act

iviti

es E

xpen

ses

4,20

0,42

6

4,

406,

571

4,23

9,27

0

4,

174,

549

4,20

8,59

4

4,

753,

915

4,15

0,00

1

4,

140,

815

4,41

5,08

7

4,

850,

998

Bus

ines

s-Ty

pe A

ctiv

ities

Gol

f Cou

rse

1,44

8,26

0

1,

503,

670

1,44

7,26

3

1,

494,

611

1,40

6,71

9

1,

402,

063

1,39

6,27

6

1,

349,

901

1,36

4,77

3

1,

239,

021

Tota

l Bus

ines

s-Ty

pe A

ctiv

ities

Exp

ense

s1,

448,

260

1,50

3,67

0

1,

447,

263

1,49

4,61

1

1,

406,

719

1,40

2,06

3

1,

396,

276

1,34

9,90

1

1,

364,

773

1,23

9,02

1

Tota

l Prim

ary

Gov

ernm

ent E

xpen

ses

5,64

8,68

6

5,

910,

241

5,68

6,53

3

5,

669,

160

5,61

5,31

3

6,

155,

978

5,54

6,27

7

5,

490,

716

5,77

9,86

0

6,

090,

019

Prog

ram

Rev

enue

sG

over

nmen

tal A

ctiv

ities

Cha

rges

for S

ervi

ces

Prog

ram

Rev

enue

970,

893

92

2,56

8

919,

798

92

2,91

6

965,

277

91

1,58

4

977,

134

1,

059,

759

1,01

7,03

0

94

9,89

6

Oth

er A

ctiv

ities

74,1

08

81,6

07

113,

994

10

8,73

4

131,

111

11

3,81

6

117,

047

11

9,01

7

111,

610

11

0,40

7

Ope

ratin

g G

rant

s/C

ontri

butio

ns21

,541

8,

713

6,41

8

22

,456

19

,148

12

,172

19

,026

13

,032

8,

446

6,36

5

C

apita

l Gra

nts a

nd C

ontri

butio

ns50

3,30

9

118,

023

41

8,00

0

91,7

43

36,9

02

205,

869

19

,078

54

,557

54

3,96

0

55,9

69

Tota

l Gov

ernm

enta

l Act

iviti

es

Pro

gram

Rev

enue

s1,

569,

851

1,13

0,91

1

1,

458,

210

1,14

5,84

9

1,

152,

438

1,24

3,44

1

1,

132,

285

1,24

6,36

5

1,

681,

046

1,12

2,63

7

Bus

ines

s-Ty

pe A

ctiv

ities

Cha

rges

for S

ervi

ces

Gol

f Cou

rse

Fees

, Cha

rges

and

Inst

ruct

ion

1,20

8,22

6

1,

164,

156

1,09

8,33

3

1,

048,

121

1,08

7,77

3

1,

052,

263

1,05

6,34

7

1,

118,

362

1,09

6,95

2

1,

040,

074

Mer

chan

dise

, Foo

d an

d B

ever

age

Sale

s24

1,61

1

256,

581

23

4,81

1

235,

767

25

9,02

6

297,

864

28

4,05

6

282,

578

29

6,40

2

260,

635

To

tal B

usin

ess-

Type

Act

iviti

es

Pro

gram

Rev

enue

s1,

449,

837

1,42

0,73

7

1,

333,

144

1,28

3,88

8

1,

346,

799

1,35

0,12

7

1,

340,

403

1,40

0,94

0

1,

393,

354

1,30

0,70

9

Tota

l Prim

ary

Gov

ernm

ent

P

rogr

am R

even

ues

3,01

9,68

8

2,

551,

648

2,79

1,35

4

2,

429,

737

2,49

9,23

7

2,

593,

568

2,47

2,68

8

2,

647,

305

3,07

4,40

0

2,

423,

346

(con

t'd)

Apr

il 30

, 202

0 (U

naud

ited)

94

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

Net

(Exp

ense

s) R

even

ues

Gov

ernm

enta

l Act

iviti

es$

(2,6

30,5

75)

(3

,275

,660

)

(2,7

81,0

60)

(3

,028

,700

)

(3,0

56,1

56)

(3

,510

,474

)

(3,0

17,7

16)

(2

,894

,450

)

(2,7

34,0

41)

(3

,728

,361

)

Bus

ines

s-Ty

pe A

ctiv

ities

1,57

7

(8

2,93

3)

(114

,119

)

(2

10,7

23)

(59,

920)

(5

1,93

6)

(55,

873)

51

,039

28

,581

61

,688

Tota

l Prim

ary

Gov

ernm

ent N

et (E

xpen

ses)

Rev

enue

s(2

,628

,998

)

(3,3

58,5

93)

(2

,895

,179

)

(3,2

39,4

23)

(3

,116

,076

)

(3,5

62,4

10)

(3

,073

,589

)

(2,8

43,4

11)

(2

,705

,460

)

(3,6

66,6

73)

Gen

eral

Rev

enue

s and

Oth

er C

hang

es in

Net

Pos

ition

Gov

ernm

enta

l Act

iviti

esTa

xes Prop

erty

4,07

8,70

7

4,

171,

561

4,20

4,44

7

4,

315,

063

4,30

8,66

7

4,

441,

028

4,50

3,91

1

4,

553,

461

4,66

9,28

6

4,

788,

402

Rep

lace

men

t49

,515

43

,671

46

,221

48

,441

50

,702

40

,736

51

,851

49

,328

46

,936

51

,379

In

tere

st10

,263

6,

121

6,50

5

4,

377

4,74

4

7,

180

19,6

29

52,7

14

163,

551

11

7,93

3

Mis

cella

neou

s6,

844

2,36

7

6,

359

3,62

3

73

,585

48

,317

3,

660

5,17

3

3,

754

12,9

27

Tran

sfer

s11

,928

12

,334

12

,531

-

-

-

(35,

067)

(1

08,1

83)

(1,3

26,4

49)

(1

,291

,135

)

Tota

l Gov

ernm

enta

l Act

iviti

es4,

157,

257

4,23

6,05

4

4,

276,

063

4,37

1,50

4

4,

437,

698

4,53

7,26

1

4,

543,

984

4,55

2,49

3

3,

557,

078

3,67

9,50

6

Bus

ines

s-Ty

pe A

ctiv

ities

Inte

rest

1,22

1

60

0

357

98

-

- -

-

-

- M

isce

llane

ous

-

- 87

,432

-

9,19

1-

14,8

253,

679

2,96

3

7,

520

Tran

sfer

s(1

1,92

8)

(12,

334)

(1

2,53

1)

--

-

35,0

67

108,

183

1,

326,

449

1,29

1,13

5

To

tal B

usin

ess-

Type

Act

iviti

es(1

0,70

7)

(11,

734)

75

,258

98

9,19

1

-

49,8

9211

1,86

2

1,32

9,41

2

1,

298,

655

Tota

l Prim

ary

Gov

ernm

ent

4,14

6,55

0

4,

224,

320

4,35

1,32

1

4,

371,

602

4,44

6,88

9

4,

537,

261

4,59

3,87

6

4,

664,

355

4,88

6,49

0

4,

978,

161

Cha

nges

in N

et P

ositi

onG

over

nmen

tal A

ctiv

ities

1,52

6,68

2

96

0,39

4

1,49

5,00

3

1,

342,

804

1,38

1,54

2

1,

026,

787

1,52

6,26

8

1,

658,

043

823,

037

(4

8,85

5)

Bus

ines

s-Ty

pe A

ctiv

ities

(9,1

30)

(94,

667)

(3

8,86

1)

(210

,625

)

(5

0,72

9)

(51,

936)

(5

,981

)

16

2,90

1

1,35

7,99

3

1,

360,

343

Tota

l Prim

ary

Gov

ernm

ent

1,51

7,55

2

86

5,72

7

1,45

6,14

2

1,

132,

179

1,33

0,81

3

97

4,85

1

1,52

0,28

7

1,

820,

944

2,18

1,03

0

1,

311,

488

*A

ccru

al B

asis

of A

ccou

ntin

g

Sour

ce: A

udite

d fin

anci

al st

atem

ents

.

95


Fund Balances of Governmental Funds - Last Ten Fiscal Years*

2011 2012 2013

General FundUnreserved $ 2,022,549 - - Nonspendable - - - Restricted - - 16,403 Assigned - 250,678 1,196,218 Unassigned - 1,150,138 1,112,809

Total General Fund 2,022,549 1,400,816 2,325,430

All Other Governmental FundsUnreserved, Reported in,

Special Revenue Funds 635,773 - - Unreserved, designated 43,571 - - Restricted, reported:

Special Revenue Funds - 467,683 553,841 Debt Service Funds - - -

Committed for Capital Outlay - 230,445 - Unassigned - - (303)

Total All Other Governmental Funds 679,344 698,128 553,538

Total All Governmental Funds 2,701,893 2,098,944 2,878,968

* Modified Accrual Basis of Accounting

Note - The District implemented GASB Statement No. 54 effective April 30, 2012.

Source: Audited financial statements.


96

2014 2015 2016 2017 2018 2019 2020

- - - - - - - - 13,100 132,500 144,000 240,000 268,000 288,000

62,129 99,031 284,469 284,469 61,526 530,787 258,594 1,193,251 1,343,381 1,115,368 1,170,194 1,471,557 2,221,901 2,177,554 1,317,915 1,440,894 1,440,570 1,497,298 1,462,276 1,340,093 1,432,457

2,573,295 2,896,406 2,972,907 3,095,961 3,235,359 4,360,781 4,156,605

- - - - - - - - - - - - - -

453,479 508,081 458,988 502,193 603,151 431,729 439,690 68,800 - - - - - -

- - - - - - - - - - - - - (731,960)

522,279 508,081 458,988 502,193 603,151 431,729 (292,270)

3,095,574 3,404,487 3,431,895 3,598,154 3,838,510 4,792,510 3,864,335

97


Changes in Fund Balances of Governmental Funds - Last Ten Fiscal Years*

2011 2012 2013

RevenuesTaxes $ 4,078,707 4,171,561 4,204,447 Personal Property Replacement Tax 49,515 43,671 46,221 Program Revenue 970,893 922,568 919,798 Rental 72,917 79,627 112,394 Investment Income 10,263 6,121 6,505 Donations/Developer Contributions 27,851 13,062 13,176 Grant Revenue 44,936 83,300 391,186 Miscellaneous 8,034 4,346 7,959

Total Revenues 5,263,116 5,324,256 5,701,686

ExpendituresRecreation and Open Space 3,287,854 3,236,960 3,265,034 Capital Outlay 844,479 1,206,058 116,381 Debt Service

Principal Retirement 1,706,871 1,772,569 1,843,854 Interest 442,739 408,268 369,019 Fiscal Charges 4,800 5,000 5,500

Total Expenditures 6,286,743 6,628,855 5,599,788

Excess (Deficiency) of RevenuesOver (Under) Expenditures (1,023,627) (1,304,599) 101,898

Other Financing Sources (Uses)Debt Issuance 629,939 638,790 665,595 Refunding Bonds - - - Payments to Escrow - - - Net Tranfers 11,928 12,334 12,531 Proceeds From Sale of Capital Assets 28,141 50,526 -

670,008 701,650 678,126

Net Change in Fund Balances (353,619) (602,949) 780,024

Debt Service as a Percentageof Noncapital Expenditures 43.05% 38.66% 40.16%

* Modified Accrual Basis of AccountingSource: Audited financial statements.


(1) The District changed the recording of bonds issued with payment due within a year, which is considered short-term debt. Previously, this debt had been reported as long-term debt in the governmental activities.

98

2014 2015 2016 2017 2018 2019 2020 (1)

4,315,063 4,308,667 4,441,028 4,503,911 4,553,461 4,669,286 4,788,402 48,441 50,702 40,736 51,851 49,328 46,936 51,379

922,916 965,277 911,584 977,134 1,059,759 1,017,030 949,896 106,497 129,610 112,541 114,672 117,867 110,510 108,252

4,377 4,744 7,180 19,629 52,714 163,551 117,933 93,669 46,366 215,541 27,169 67,589 552,406 43,172 13,500 9,684 2,500 10,935 - - 19,162

5,860 7,534 5,158 6,035 6,323 4,854 15,082 5,510,323 5,522,584 5,736,268 5,711,336 5,907,041 6,564,573 6,093,278

3,295,880 3,411,274 3,454,766 3,375,850 3,480,727 3,682,218 3,806,242 433,706 293,485 715,304 554,472 467,248 3,547,490 1,574,231

1,921,222 1,969,608 2,055,553 2,130,993 2,195,616 1,108,518 421,576 320,548 271,158 215,361 163,814 109,974 116,926 164,802

40,989 5,500 7,500 8,500 10,500 11,907 24,700 6,012,345 5,951,025 6,448,484 6,233,629 6,264,065 8,467,059 5,991,551

(502,022) (428,441) (712,216) (522,293) (357,024) (1,902,486) 101,727

672,920 683,115 688,555 692,990 704,005 4,113,365 920,000 2,682,679 - - - - - -

(2,644,299) - - - - - - - - - (35,067) (108,183) (1,326,449) (1,291,135)

7,328 54,239 51,069 30,629 1,558 69,570 54,598 718,628 737,354 739,624 688,552 597,380 2,856,486 (316,537)

216,606 308,913 27,408 166,259 240,356 954,000 (214,810)

40.15% 39.54% 38.04% 40.02% 39.65% 24.59% 12.69%

99


Assessed Value and Actual Value of Taxable Property - Last Ten Tax Levy YearsApril 30, 2020 (Unaudited)

Tax LevyYear

2010 627,547,677 1,271,015 44,038,650 52,138,205

2011 552,051,193 1,188,370 38,733,721 45,986,932

2012 491,271,234 861,502 35,210,958 41,660,219

2013 443,721,158 796,403 32,532,937 37,636,432

2014 424,892,619 863,638 30,677,076 35,004,845

2015 440,961,852 1,177,993 31,158,668 36,400,824

2016 471,307,819 1,242,470 32,965,383 38,339,444

2017 502,622,572 1,331,846 35,715,343 39,531,106

2018 533,244,115 1,343,303 36,436,218 42,999,740

2019 557,059,118 1,414,083 37,204,446 45,668,419

Source: McHenry County Clerk.

Note: Property in the District is assessed using a multiplier of 33.33% therefore the estimated actual taxablevalues are equal to assessed values times three. Tax rates are per $100 of assessed value.

Property Farm Property PropertyResidential Commercial Industrial

100

TotalDirect Tax

Rate

- 509,697 725,505,244 0.5752 2,176,515,732

- 541,528 638,501,744 0.6591 1,915,505,232

245,291 612,442 569,861,646 0.7580 1,709,584,938

239,471 756,293 515,682,694 0.8360 1,547,048,082

239,471 788,564 492,466,213 0.9027 1,477,398,639

239,471 946,589 510,885,397 0.8818 1,532,656,191

243,880 963,128 545,062,124 0.8359 1,635,186,372

243,880 982,605 580,427,352 0.8049 1,741,282,056

243,880 1,055,735 615,322,991 0.7797 1,845,968,973

243,880 1,152,447 642,742,393 0.7632 1,928,227,179

RailroadPropertyStateMineral

EstimatedActual

TaxableValueValue

Total TaxableAssessed

101


Direct and Overlapping Property Tax Rates - Last Ten Tax Levy YearsApril 30, 2020 (Unaudited)

2010 2011 2012

District Direct RateBond Limited 0.0881 0.1016 0.1173 Recreation 0.0620 0.1143 0.1889 Insurance 0.0083 0.0110 0.0132 Audit 0.0012 0.0014 0.0016 Paving/Lighting 0.0003 0.0016 0.0018 Special Recreation 0.0400 0.0400 0.0400 IMRF 0.0166 0.0188 0.0228 Social Security 0.0179 0.0204 0.0237 General 0.3408 0.3500 0.3487

Total Direct Rate 0.5752 0.6591 0.7580

Overlapping RatesMcHenry County 0.7927 0.8878 0.9958 McHenry County Conservation District 0.1956 0.2191 0.2481 Algonquin Township (1) 0.1847 0.2109 0.2368 Village of Cary 0.4088 0.4672 0.5398 Cary Fire Protection District 0.4101 0.4712 0.5446 Cary Library District 0.1849 0.2118 0.2440 School District Number 26 2.9158 3.3759 3.9288 High School District Number 155 2.0347 2.2979 2.6450 Community College District Number 528 0.3039 0.3395 0.3921

Total Overlapping Rate 7.4312 8.4813 9.7750

Total Direct and Overlapping Rates 8.0064 9.1404 10.5330

Source: McHenry County Clerk.

Note: (1) Includes Road and Bridge

102

2013 2014 2015 2016 2017 2018 2019

0.1183 0.1401 0.1361 0.1285 0.1232 0.1187 0.1157 0.2453 0.2842 0.2706 0.2377 0.2177 0.2036 0.1846 0.0281 0.0305 0.0294 0.0275 0.0258 0.0236 0.0249 0.0017 0.0021 0.0019 0.0017 0.0017 0.0013 0.0021 0.0012 0.0020 0.0020 0.0018 0.0017 0.0008 0.0008 0.0400 0.0400 0.0400 0.0400 0.0400 0.0400 0.0400 0.0252 0.0264 0.0254 0.0239 0.0220 0.0195 0.0202 0.0262 0.0274 0.0264 0.0248 0.0228 0.0222 0.0249 0.3500 0.3500 0.3500 0.3500 0.3500 0.3500 0.3500 0.8360 0.9027 0.8818 0.8359 0.8049 0.7797 0.7632

1.0961 1.1412 1.0781 1.0539 0.9019 0.8317 0.7868 0.2748 0.2840 0.2766 0.2588 0.2449 0.2380 0.2286 0.2648 0.2763 0.2690 0.2417 0.2164 0.2020 0.1897 0.6092 0.6340 0.6194 0.5806 0.5441 0.5148 0.4890 0.6153 0.6547 0.6220 0.6065 0.5841 0.5665 0.5530 0.2761 0.2936 0.2876 0.2731 0.2637 0.2557 0.2508 4.4433 4.7480 4.6246 4.2998 4.0553 3.8647 3.7802 2.9613 3.0950 3.0255 2.8287 2.7019 2.6130 2.5702 0.4306 0.4452 0.4348 0.4066 0.3847 0.3655 0.3564

10.9715 11.5720 11.2376 10.5497 9.8970 9.4519 9.2047

11.8075 12.4747 12.1194 11.3856 10.7019 10.2316 9.9679

103

CA

RY

PA

RK

DIS

TR

ICT

, IL

LIN

OIS

Prin

cipa

l Pro

pert

y T

ax P

ayer

s - C

urre

nt L

evy

Yea

r an

d N

ine

Lev

y Y

ears

Ago

Apr

il 30

, 202

0 (U

naud

ited)

Perc

enta

gePe

rcen

tage

of T

otal

of

Tot

al

Dis

trict

Dis

trict

Taxa

ble

Taxa

ble

Ass

esse

dA

sses

sed

Taxp

ayer

Type

of B

usin

ess

Ran

kV

alue

Ran

kV

alue

Sage

Pro

duct

s LLC

Con

sum

er H

ealth

care

$9,

252,

867

11.

44%

$Tr

user

v C

orp.

Har

dwar

e3,

810,

966

20.

59%

5,03

5,22

72

0.69

%Se

aqui

st P

erfe

ct D

ispe

nsin

g LL

CA

eros

ol V

alve

s and

Non

-Aer

osol

and

Liq

uid

Pum

ps2,

707,

700

30.

42%

2,58

2,82

15

0.36

%Th

ree

Oak

s Wes

tlake

Rea

l Pro

perty

2,70

5,09

14

0.42

%G

reen

spire

Oak

Kno

ll LL

CR

eal P

rope

rty2,

041,

690

50.

32%

Har

ris T

rust

Sav

ings

Ban

k Tr

ust

Rea

l Pro

perty

1,40

1,44

56

0.22

%1,

959,

666

60.

27%

Lope

z LL

CR

eal P

rope

rty1,

228,

742

70.

19%

Indi

vidu

al -

Trus

tR

eal P

rope

rty1,

158,

180

80.

18%

MIF

380

Ind

Car

y LL

CR

eal P

rope

rty1,

106,

822

90.

17%

IL B

low

er In

cM

anuf

actu

ring

1,06

4,05

210

0.17

%C

ary

Cor

ners

LLC

Rea

l Pro

perty

5,75

1,08

61

0.79

%In

divi

dual

R

eal P

rope

rty3,

903,

949

30.

54%

HB

Pro

perti

esR

eal P

rope

rty3,

062,

274

40.

42%

339

Car

y Po

int L

LCR

eal P

rope

rty1,

471,

907

70.

20%

Oak

Kno

lls A

pts L

PR

eal P

rope

rty1,

450,

000

80.

20%

IL S

panc

rete

, Inc

.R

eal P

rope

rty1,

246,

841

90.

17%

Wol

f Inv

estm

ents

Fran

chis

e/lic

ensi

ng1,

173,

984

100.

16%

26,4

77,5

55

4.12

%27

,637

,755

3.

80%

Sour

ce: M

cHen

ry C

ount

y A

sses

smen

ts O

ffice

.

Not

e:Ev

ery

effo

rtha

sbee

nm

ade

tose

ekou

tand

repo

rtth

ela

rges

ttax

paye

rs.H

owev

er,m

any

ofth

eta

xpay

ersl

iste

dco

ntai

nm

ultip

lepa

rcel

s,an

dit

ispo

ssib

leth

atso

me

parc

els a

nd th

eir v

alua

tions

hav

e be

en o

verlo

oked

.

Val

ueV

alue

Cur

rent

Lev

y Y

ear -

201

9N

ine

Levy

Yea

rs A

go -

2010

Taxa

ble

Taxa

ble

Ass

esse

dA

sses

sed

104


Property Tax Extensions and Collections - Last Ten Fiscal YearsApril 30, 2020 (Unaudited)

Fiscal Percentage PercentageYear of Extension of Extension

2011 4,078,887 4,075,372 99.91% 257 4,075,629 99.92%

2012 4,172,787 4,171,304 99.96% (618) 4,170,686 99.95%

2013 4,208,212 4,205,065 99.93% 601 4,205,666 99.94%

2014 4,319,295 4,314,461 99.89% (119) 4,314,342 99.89%

2015 4,311,123 4,308,786 99.95% (895) 4,307,891 99.93%

2016 4,445,325 4,441,921 99.92% 820 4,442,741 99.94%

2017 4,505,166 4,503,092 99.95% (410) 4,502,682 99.94%

2018 4,556,289 4,553,871 99.95% (855) 4,553,016 99.93%

2019 4,672,022 4,670,143 99.96% (2,347) 4,667,796 99.91%

2020 4,797,741 4,790,749 99.85% - 4,790,749 99.85%

Data Source: McHenry County Treasurer

Collected within the NetTaxes Extended Fiscal Year of the Extension Collections in Total Collections to Date

for the SubsequentFiscal Year Amount Years Amount

105


Ratios of Outstanding Debt by Type - Last Ten Fiscal YearsApril 30, 2020 (Unaudited)

FiscalYear

2011 627,880 10,056,459 179,678

2012 638,790 8,974,264 174,989

2013 665,595 7,825,102 169,925

2014 672,920 6,970,224 -

2015 683,115 5,648,231 -

2016 688,555 4,250,488 -

2017 692,990 2,782,745 -

2018 704,005 1,255,682 -

2019 713,365 4,228,178 -

2020 731,960 3,783,611 920,000

(1) Personal income and population data can be found on page 112 - Demographic and Economic Statistics.

Governmental ActivitiesGeneral

Obligation DebtAlternateRevenue

Park Bonds CertificatesBonds

106

Percentageof

PersonalIncome (1)

4,861,322 - 15,725,339 2.25% 604.82

4,702,011 - 14,490,054 1.58% 557.31

4,532,075 - 13,192,697 1.35% 507.41

131,000 4,236,211 12,010,355 1.30% 461.94

89,000 4,128,786 10,549,132 1.41% 490.66

45,000 4,002,111 8,986,154 1.20% 417.96

300,000 3,875,435 7,651,170 1.02% 355.87

253,000 3,743,948 5,956,635 0.78% 277.05

206,000 2,409,348 7,556,891 0.91% 349.37

157,000 1,021,811 6,614,382 0.74% 305.80

TotalPrimary

Businss-Type Activities

DebtAlternateRevenue Per

Government Capita (1)Certificates Bonds

107


Percentage ofEstimated

General Alternate Actual TaxableFiscal Obligation Revenue Value of Per Year Bonds Bonds Total Property (1) Capita (2)

2011 627,880 10,056,459 10,684,339 0.49% 410.94

2012 638,790 8,974,264 9,613,054 0.50% 369.73

2013 665,595 7,825,102 8,490,697 0.50% 326.57

2014 672,920 11,206,435 11,879,355 0.77% 456.90

2015 683,115 9,777,017 10,460,132 0.71% 486.52

2016 688,555 8,252,599 8,941,154 0.58% 415.87

2017 692,990 6,658,180 7,351,170 0.45% 341.91

2018 704,005 4,999,630 5,703,635 0.33% 265.29

2019 713,365 6,637,526 7,350,891 0.40% 339.85

2020 731,960 4,805,422 5,537,382 0.29% 256.00

(1) Property value data can be found on pages 100-101 - Assessed Value and Actual Value of Taxable Property

(2) Population data can be found on page 112 - Demographic and Economic Statistics.


Ratios of General Bonded Debt Outstanding - Last Ten Fiscal Years

108


Schedule of Direct and Overlapping Governmental Activities Debt

Percentage ofDebt District's

Applicable to Share ofGovernmental Unit District (1) Debt

District $ 5,435,571 100.000% $ 5,435,571

Overlapping DebtSchools

School District Number 26 19,028,693 84.350% 16,050,703School District Number 46 2,330,000 0.050% 1,165School District Number 300 275,217,030 0.480% 1,321,042High School District Number 155 15,630,000 21.110% 3,299,493Community College District Number 509 170,648,452 0.140% 238,908Community College District Number 528 10,120,000 7.760% 785,312

492,974,175 21,696,622 Others

McHenry County 9,095,527 7.280% 662,154McHenry County Conservation District 100,273,491 7.280% 7,299,910Village of Cary 2,355,000 100.000% 2,355,000City of Crystal Lake 10,473,392 0.020% 2,095Village of Lake in the Hills 273,000 0.005% 14Algonquin Library 1,720,000 3.340% 57,448

Total Overlapping Debt 617,164,585 36,753,553

Total Direct and Overlapping Debt 622,600,156 42,189,124

Data Source: McHenry County Clerk, local government entity or comprehensive annual report.


Gross Debt

(1) Determined by ratio of assessed valuation of property subject to taxation in the District to valuation ofproperty subject to taxation in overlapping unit.

109


Schedule of Legal Debt Margin - Last Ten Fiscal Years

2011 2012 2013 2014

Legal Debt Limit $ 20,858,276 18,356,925 16,383,522 14,825,877

Total Net Debt Applicable to Limit 5,668,880 5,515,790 5,367,595 803,920

Legal Debt Margin 15,189,396 12,841,135 11,015,927 14,021,957

Total Net Debt Applicable to the Limitas a Percentage of Debt Limit 27.18% 30.05% 32.76% 5.42%

Source: District records


Note: Alternative revenue bonds under Illinois Statutes do not count against either the overall2.875% of EAV debt limit or the nonreferendum 0.575% of EAV limit for general obligationdebt, so long as the debt service levy for such bonds is abated annually and not extended.

110

2015 2016 2017 2018 2019 2020

14,158,404 14,687,955 15,670,536 16,687,286 17,690,536 18,478,844

772,115 733,555 992,990 957,005 919,365 1,808,960

13,386,289 13,954,400 14,677,546 15,730,281 16,771,171 16,669,884

5.45% 4.99% 6.34% 5.73% 5.20% 9.79%

Assessed Value $ 642,742,393

Bonded Debt Limit - 2.875% of Assessed Value 18,478,844

Amount of Debt Applicable to Limit 1,808,960

Legal Debt Margin 16,669,884

Non-Referendum Legal Debt Limit

.575% of Equalized Assessed Valuation 3,695,769

Amount of Debt Applicable to Debt Limit 731,960

Non-Referendum Legal Debt Margin 2,963,809

Legal Debt Margin Calculation for Fiscal Year 2020

111


McHenryCounty

Fiscal Estimated UnemploymentYear Population (1) Rate (4)

2011 26,000 699,478,000 26,903 (2) 9.4%

2012 26,000 918,814,000 35,339 (2) 8.4%

2013 26,000 978,172,000 37,622 (3) 8.3%

2014 26,000 921,700,000 35,450 (3) 6.4%

2015 21,500 747,856,000 34,784 (3) 5.3%

2016 21,500 747,856,000 34,784 (3) 5.3%

2017 21,500 747,856,000 34,784 (3) 4.5%

2018 21,500 767,808,000 35,712 (3) 3.5%

2019 21,630 831,413,940 38,438 (3) 3.3%

2020 21,630 892,821,510 41,277 (2) N/A

Sources:

(1) Estimated population per the annual financial report filed with the State Comptroller.(2) U.S. Census Bureau(3) American Community Survey Estimates(4) Illinois Department of Employment Security - Annual Averages for Calendar Year.

Income Income

N/A - Not Available


Demographic and Economic Statistics - Last Ten Fiscal Years

PerCapita

Personal Personal

112


Principal Employers - Prior Fiscal Year and Nine Fiscal Years AgoApril 30, 2020 (Unaudited)

Percentage Percentageof Total of TotalVillage Village

Employer Rank Population Rank Population

Sage Products 583 1 3.25% 627 1 3.43%Aptar BH 475 2 2.65% 300 3 1.64%Duraflex Industries 242 3 1.35%Durex Industries 170 4 0.95% 210 5 1.15%Cary-Grove High School 165 5 0.92%True Value Manufacturing Co. 150 6 0.84% 335 2 1.83%Sherman Mechanical 145 7 0.81% 100 9 0.55%Jewel-Osco 132 8 0.74% 155 6 0.85%Caption Access 120 9 0.67%CoilCraft 80 10 0.45% 230 4 1.26%Tru-Cut Manufacturing Inc. 155 6 0.85%Martinez Manufacturing Inc. 150 7 0.82%Home Instead Senior Care 100 8 0.55%The Barn Nursery 100 10 0.55%

2,262 12.63% 2,462 13.48%

Data Source: Prior year Comprehensive Annual Financial Report

Note: Current information not readily available to the District

Employees Employees

Fiscal Year - 2019 Nine Fiscal Years Prior - 2010

113


Full-Time Equivalent District Employees by Function - Last Ten Fiscal Years

2011 2012 2013

Recreation and Open Space:

Administration 9.2 9.2 9.1

Recreation 27.2 25.3 24.2

Park Maintenance 10.1 11.3 10.4

Facilities Maintenance 3.2 3.3 3.7

Totals 49.7 49.1 47.4

Source: District records.

Note: Full-time equivalent employment is calculated by dividing total hours by 2,080.

Note: Golf operations are contracted.


114

2014 2015 2016 2017 2018 2019 2020

9.1 9.1 9.1 9.1 9.2 9.3 9.9

24.3 24.1 24.1 24.6 25.8 26.8 25.6

10.3 10.5 11.0 10.1 9.7 10.1 10.1

2.7 3.0 3.2 2.4 3.0 3.2 2.9

46.4 46.7 47.4 46.2 47.7 49.4 48.5

115


Operating Indicators by Function/Program - Last Ten Fiscal Years

2011 2012 2013

Recreation

Number of Participations N/A 131,479 132,318

Golf

Number of Rounds (1) 28,043 28,942 26,340

Source: District records.

N/A - Not Available

Note: (1) Number of rounds include comp rounds.


In Fiscal Year 2020, the Number of Participations and Golf Rounds were impacted by the COVID-19 virus which was declareda public health emergency by the World Health Organization in March 2020.

116

2014 2015 2016 2017 2018 2019 2020

124,114 130,220 121,741 123,057 123,629 121,729 115,603

26,107 29,127 28,909 28,259 29,101 28,853 26,721

117


Capital Asset Statistics by Function/Program - Last Ten Fiscal Years

2011 2012 2013

Acres 863 863 863 Parks 40 40 40 Playgrounds 25 25 25 Dog Park - 1 1 Swimming Facilities 1 1 1 18 Hole Golf Courses 1 1 1 Driving Range 1 1 1 Soccer Fields 11 11 11 Ball Fields 3 3 3 Miles of Trails 5.75 6.45 6.45

Source: District records


118

2014 2015 2016 2017 2018 2019 2020

863 863 863 863 863 863 864 40 40 40 40 40 40 40 25 25 25 25 25 25 25 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1

11 11 11 11 11 11 11 3 3 3 3 3 3 3

6.45 6.68 6.68 6.68 6.68 6.68 6.68

119

Documents

BYRON PARK DISTRICT, ILLINOIS...CARY PARK DISTRICT, ILLINOIS TABLE OF CONTENTS REQUIRED SUPPLEMENTARY INFORMATION. Schedule of Employer Contributions Illinois Municipal Retirement