Appendix H
3-Year Financial Plan
INTRODUCTION The Naperville Park District’s 2022-2024 Financial Plan is one part of the District’s Master Plan that illustrates the organization’s careful stewardship of community resources while supporting continuing efforts to provide beautiful parks and facilities, affordable and engaging programs for all ages and abilities and host unique seasonal events. The goal of the plan is to support the District’s mission to provide recreation and park experiences that promote healthy lives, healthy minds and a healthy community. The District’s perpetual focus to identify efficiencies coupled with continuous improvement and engaging the community has been the key to its success. Additionally, strong leadership and sound financial practices have kept the District in a financially healthy state. In 2008, the District’s financial rating was upgraded by Moody’s Investors Service to an “Aaa” – the highest rating available. Since then, the District’s exceptional financial status has been renewed at this level (most recently in 2020). These advantages have made it possible for the District to continue to renovate its facilities and further develop its programs and services for the community’s benefit.
T he Naperville Park District is pleased to present its 3-Year Financial Plan. The Financial Plan is intended to serve as a tool, providing the Park Board of Commissioners and staff with the insight required to address issues impacting the District’s financial condition. The plan consists of the following sections: • Introduction • Baseline - 2022 Budget • Forecast Summary • Major Revenue Source – Property Tax • General Fund Operating Forecast
One aspect that has proven challenging for the District is the recruitment and retention of staff. We recognize that we are one of many employers struggling with hiring and managing the stresses of being short staffed. The District will continue to evaluate benefit trends and recommend changes, review salary ranges and assess minimum wage and compression impacts. While 2022 continues to be a rebuilding year, participation numbers for our indoor programs and memberships at our fitness center continue to grow back to pre- pandemic levels. The District’s focus for 2022 (the base year of this plan) is centered on addressing key strategic initiatives to create a solid operational foundation for the next several years and beyond. A Community Interest and Opinion Survey and Market Analysis will set the stage for the District’s 2023-2025 Strategic Plan along with an update to the District’s Master Plan. What remains unchanged is our commitment to delivering excellence in programs, facilities and services for the benefit of our great community.
• Recreation Fund Forecast • Golf Services Fund Forecast • Capital Improvement Plan • Other District Funds
• Summary • Addenda
Financial planning expands our awareness of potential problems and opportunities as well as offers options for addressing them. The long-term revenue, expenditure and service implications of continuing or ending existing programs or adding new programs or facilities can be identified. The financial planning process helps shape decisions and supports necessary actions to take place in a timely and efficient manner. A financial plan does not state what is certain to happen. Rather, it highlights significant issues and/or opportunities that must be addressed if the mission and goals are to be achieved and provides forecasts of expected results if certain actions are taken.
230 Naperville Park District | 2023 MASTER PLAN 3-YEAR FINANCIAL PLAN 2022-2024 2
NAPERVILLEPARKS.ORG
Made with FlippingBook - Share PDF online