Appendix H
3-Year Financial Plan
SUMMARY • The District maintained a strong financial position through the COVID pandemic and is positioned to remain in a strong financial position and flexible to address unforeseen events and opportunities. • The District places an emphasis on maintaining a qualified, loyal and motivated workforce through compensation packages, educational opportunities and recognition initiatives. • Minimum wage increases, staff recruitment and retention and staffing shortages are areas of focus and will continue to be evaluated and addressed. • The District’s goal is to provide recreational opportunities at affordable rates. Program and field rental fees will continue to be evaluated in light of on going staffing challenges. • Major programs/initiatives continue to be supported by stable revenue sources. • Alternative revenue will continue to be a focus within the framework that includes seeking sponsorships to support the District’s mission. • Funding for the District’s Capital Plan continues to remain strong with a diversity of funding sources. There are long-term challenges to capital funding as noted under the Future Challenges/Risks heading. • The District’s Aaa Bond Rating was last reconfirmed in 2020 for the District’s entire outstanding debt. The District is prepared to maintain its Aaa Bond Rating for the foreseeable future. In addition to rebuilding back from COVID impacts, 2022 will focus on planning for the future, in both the short and long term. The Community Interest and Opinion Survey and Market Analysis will serve as the foundation to set the future course of the District.
Future Challenges/Risks include: • Several of our major facilities including Centennial Beach and Springbrook/ Naperbrook Golf Courses can be significantly impacted by weather, which affects projected revenues • District’s ability to identify, hire and retain qualified and engaged employees, both full and part-time staff • Economic challenges and uncertainties for the purchase of goods and services based on inflation, labor shortages and supply chain issues • As participation numbers normalize to pre- pandemic levels, the District will be tasked with meeting community demands with waitlists for programs and facilities like Fort Hill that are at or near capacity • Recruiting and retaining of staff in a competitive market. The ability to provide the high level of services expected by the community with fewer staff resources
• Economic condition of State of Illinois and the legislators’ ability to impact the District’s financial condition • Capital Funding – Cash-In-Lieu (Land Cash Donation Ordinance) funding will be depleted in the near future as the City approaches build-out. Currently, there is no substitute for this revenue source • Funding for capital projects through the general tax levy may need to be reduced as operating costs increase • Increased utility costs for electric and water • Continued investment in cyber security will be needed to protect customer information and District assets
248 Naperville Park District | 2023 MASTER PLAN
3-YEAR FINANCIAL PLAN 2022-2024 20
NAPERVILLEPARKS.ORG
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