2023 Master Plan

Appendix H

3-Year Financial Plan

GENERAL FUND OPERATING FORECAST

General Fund - Fund Balance

The General Fund houses the support functions in the District, which includes the Park Board as well as the Administration, Finance, Human Resources, Information Technology, Planning, Fleet, Trades and Police Departments. The District can expect to maintain healthy fund balance reserves in the General Fund, which is vital to maintaining our Aaa Bond Rating. Typically, General Fund revenues remain stable and fairly predictable except for legislative changes that may come from Springfield. The majority of expenditures in the general fund (73%) are comprised of wages and benefits. The majority of increases for 2023 and 2024 fall within this category. The decrease in contractual services in 2023 is based on one-time projects planned for in 2022. In 2023 once the entire operating budget is balanced, a total of $131k is expected to be reallocated from capital to balance the operating budget and $52k in 2024. The General Fund operating budget is balanced, and by design, has been forecasted to break even in 2023 and 2024. This approach to balancing the budget provides flexibility for the District to face uncertainties in the upcoming years of this plan. The General Fund’s Operating Reserve Target is equivalent to 6 months of average operating expenses. Based on the adequacy of current reserve amounts, any operating surplus in general operations can be transferred to the District’s capital program. The general operating fund is the least restrictive fund and amounts can be transferred to other funds if necessary. Amounts above the reserve target provide additional flexibility for known “unknowns” and support the District’s Aaa bond rating.

0 1,000,000 2,000,000 3,000,000 4,000,000 5,000,000

2019 Actual

2020 Actual

2021 Actual

2022 Budget

2023 Forecast

2024 Forecast

 Fund Balance

 Reserve Target

2019 Actual

2020 Actual

2021 Actual

2022 Budget

2023 Forecast

2024 Forecast

Fund Balance Reserve Target

$4,303,945 $4,257,808 $4,257,808 $4,257,808 $4,257,808 $4,257,808 $3,876,366 $3,752,325 $3,858,031 $3,906,484 $4,230,859 $4,224,904

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Naperville Park District | 2023 MASTER PLAN

3-YEAR FINANCIAL PLAN 2022-2024 5

NAPERVILLEPARKS.ORG

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