Appendix H
3-Year Financial Plan
CAPITAL IMPROVEMENTS PLAN The District has a long-term capital spending plan that spans a 10- year period. Projects slated for implementation are driven by the Naperville Park District Capital Projects Prioritization Policy. “The purpose of the Capital Projects Prioritization Policy is to establish an evaluation process for capital projects linked to the Park District’s core values. Capital projects include: 1) repair/replacement of existing facilities; and 2) acquisition/ construction of new facilities, either to extend existing services or develop new services.” The following is an excerpt of the policy that directly relates to the creation of the 3-Year Financial Plan: During the annual Budget Development Process, a 3-Year Budget will be formulated to serve as a financial analysis highlighting the relationship between planned capital improvements and related operations/maintenance costs and recreation programming revenue/expenses.
Capital - Fund Balance
20,000,000
15,000,000
10,000,000
5,000,000
0
2019 Actual
2020 Actual
2021 Actual
2022 Budget
2023 Forecast
2024 Forecast
New facilities/amenities that have associated operational and maintenance costs, are incorporated into the plan. For 2022-2024, there are no new major facilities/amenities planned that require additional funding for maintenance/supply costs. The plan consists of contigencies to offset costs associated with supply chain issues and inflation.
With a 10-year capital overview, the District has time to plan for funding while also maintaining flexibility to take advantage of unique opportunities as they may arise. Funding sources designated for capital spending include: Property Taxes, Bond Proceeds, Transfers from the General Operating Fund and Golf Fund, Grants, Special Recreation Funding, Cash-In-Lieu donations and Investment Income. Based on the economic environment at the time this plan is being created, flexibility is more important than ever. Based on supply chain issues, the availability of vehicles and equipment is very limited. It is likely that orders will need to be placed now for items that are scheduled to be purchased in 2023. The District has a plan and the funding to ensure that the high level of service and maintenance standards will continue to be provided to the community. Fund balances for the capital department will fluctuate significantly based on the projects programmed in any given year. The capital funds in reserve noted below for 2022 through 2024 will provide amounts for future improvements. See Addendum B for a detailed list of capital projects slated for years 2022-2024.
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Naperville Park District | 2023 MASTER PLAN
3-YEAR FINANCIAL PLAN 2022-2024 11
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