Appendix H
3-Year Financial Plan
EXPENDITURES • Expenditure line items for operating departments that are expected to vary based on new facilities/parks and/or price fluctuations were adjusted accordingly. • Compensation adjustment for full- time employees: 3% in July 2022, 4.0% compensation pool for 2023 and 5.0% for 2024. Additionally, minimum wage increases and compression funding for short- term staff will continue to be implemented. • Medical insurance premiums are locked in for 2023 with no rate increases. A projected increase of 3.0% was programmed for 2024. • The District’s IMRF pension contribution rate is estimated to decrease from 7.27% to 6.14% (a 16% decrease) in 2023. For 2024 the rate is expected to stay flat at 6.14%. • Capital projects included in the plan were identified as a result of implementing the annual review process in accordance with the Naperville Park District’s Capital Projects Prioritization Policy. Based on supply chain issues and the unavailability of vehicles and equipment the District will need to remain flexible on order and delivery dates even if between different budget years.
MAJOR REVENUE SOURCE – PROPERTY TAX: The District receives about 5% or 5-cents on every dollar of property taxes paid.
Overall, taxes comprise about 50% of the District’s revenues and are one of the most important funding sources for the organization. Property taxes are used to support operations, capital projects and special recreation needs. Taxes in 2023 and 2024 are expected to increase $10-$15 dollars each year for operations and capital improvements. With strong growth and market appreciation, the District is estimating the average homeowner will pay approximately $400 in 2021 and $415 in 2024 to support the many Park District programs and amenities offered.
Special Recreation Tax
0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5
2020 3.18
2021 2.77
2022 3.00
2023 2.53
2024 2.50
The District has the ability to levy up to a maximum of 4-cents per $100 of Equalized Assessed Valuation for special needs inclusion services and ADA capital improvements. The District levies 2-cents every year for membership and inclusion services provided by the Western DuPage Special Recreation Association (WDSRA). Based on the District’s capital plan, the remaining 2-cents can be levied for ADA capital improvements. Based in the 2022 budget and the 3-year capital plan, the Special Recreation tax levy is expected to decrease from 3.0-cents in 2022 to 2.5-cents in 2023 and 2024. As illustrated on the Special Recreation Tax chart above, the District only levies what it needs in a given year.
232 Naperville Park District | 2023 MASTER PLAN
3-YEAR FINANCIAL PLAN 2022-2024 4
NAPERVILLEPARKS.ORG
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