Appendix H
3-Year Financial Plan
NAPERVILLE PARK DISTRICT IMRF FUND FORECAST 2019 ACTUAL 2020 ACTUAL 2021 ACTUAL
2022 BUDGET 2023 FORECAST 2024 FORECAST
Beginning Fund Balance
$478,167
$396,343
$448,343
$ 371,133
$351,333
$324,333
Taxes
491,004
758,485
657,691
660,000
600,000
670,000
Investment Income
13,130 4,652
5,588 1,527
(209) 2,613
1,100
1,000
1,000
Miscellaneous Revenue Total Revenues Wages and Benefits Total Expenditures Surplus (Deficit) Ending Fund Balance Fund Balance Target
$508,786 590,610 590,610
$765,600
$660,095
$661,100 680,900 680,900
$601,000 628,000 628,000
$671,000 656,000 656,000
713,600 713,600
737,305 737,305
(81,824)
52,000
(77,210)
(19,800)
(27,000)
15,000
$396,343 $364,352
$448,343
$371,133
$351,333
$324,333
$339,333
$356,800
$368,653
$340,450
$314,000
$328,000
IMRF This fund is established to account for revenues that are from a specific property tax levy and expenditures for employer pension contributions. These contributions are subsequently paid to the state-sponsored Illinois Municipal Retirement Fund, a multiple-employer, public employee retirement system that acts as a common investment and administrative agent for over 2,800 local governments and school districts in Illinois. Based on changes in actuarial assumption, Tier 2 participation increases and very favorable investment returns, overall IMRF and the District’s plan has an excellent funded status and a downward trend in the District’s contribution rate. The District’s projected employer rates for 2023 and 2024 are estimated at 6.14% and should remain under the estimated statewide average of 6.55%%. The fund balance target is 6 months of average operating expenses.
242 Naperville Park District | 2023 MASTER PLAN
3-YEAR FINANCIAL PLAN 2022-2024 14
NAPERVILLEPARKS.ORG
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