Appendix H
3-Year Financial Plan
GOLF FUND FORECAST The Naperville Park District operates two 18-hole municipal golf facilities with driving ranges: Springbrook and Naperbrook. Each facility offers a different golfing experience, accommodating players of all ages and abilities. One of the goals of the Golf Department is to provide challenging, yet accessible and enjoyable golfing experiences to the residents of Naperville as well as to our nonresident guests at an affordable price. Expenses such as FICA, IMRF, liability and workers comp insurance are not accounted for in the Golf Fund, but rather in the individual funds. This is consistent with other programs throughout the District. With the golf debt retired in 2019, it is anticipated that the golf operations will consistently produce a surplus on an annual basis. Golf Fund surpluses are budgeted as a transfer out to the capital department to fund District- wide improvements. In 2022 through 2024, renovations are planned at both courses that will impact operating results In 2022/2023, renovations are planned at Springbrook that will require the course to be closed from August 2022 through early summer 2023. Improvements include a complete rebuilding of all bunkers and tees, replacing bridges and paths, new drainage throughout the course, and changes to water features and green surrounds. Taking into consideration the closure of Springbrook, golf operations are still forecasted to produce a $775k surplus in 2023 and $627k in 2024. Surplus amounts are transferred to fund capital improvements throughout the District. Renovations will begin at Naperbrook that will require the course to be closed in fall 2024. Course improvements for Naperbrook include replacement of the irrigation system, complete rebuilding of all tees and bunkers, replacement of cart paths, and updates to several other features. The work planned at both courses was outlined in the Golf Master Improvement Plan, which was finalized in 2018. As noted on the graph of golf rounds, 2020 and 2021 saw a significant increase in the number of rounds. The projected decrease in rounds from 2022-2024 is based on the course renovations noted above. Golf Fund reserves are forecasted to remain stable. The fund balance target approved by the board in March 2019 is equal to a range of 2-3 months of average operating expenditures, which is consistent with the Recreation Fund’s fund balance policy.
SPRINGBROOK AND NAPERBROOK Number of Golf Rounds
0 20,000 40,000 60,000 80,000 100,000
2018
2019 2020 2021
2022 2023 2024
*Projected Rounds 2022-2024
Golf - Fund Balance
1,000,000
800,000
600,000
400,000
200,000
0
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
$842,081 $842,081 $842,081 $842,081 $842,081 $842,081 $872,823 $669,196 $765,840 $752,948 $812,803 $862,865
Naperville Park District | 2023 MASTER PLAN 3-YEAR FINANCIAL PLAN 2022-2024 9
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NAPERVILLEPARKS.ORG
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