Appendix H
3-Year Financial Plan
2. Charges for Services: $9.5M a. Recreation: 2022 Budget $7.0M
3. Miscellaneous Revenue: 2022 Budget $2.0M Contains a variety of revenue sources that mainly include: employee insurance contributions, bid package revenue, reimbursement income (athletic organization light rentals, Riverwalk, Carillon) sales tax revenue, commission revenue, cell tower revenue, parking permit revenue, and ticket revenue. 4. Sales: 2022 Budget $1.2M a. Recreation: 2022 Budget $407k Includes merchandise sales, concessions, brochure advertising and event ticket sales. An average 5.0% increase in sales is programmed for 2023 and 2024. b. Golf: 2022 Budget $772k Includes merchandise sales, concessions and golf memberships. In 2023, concession sales and merchandise are projected to increase $70k or 9.0% based on the opening of Springbrook in summer 2023. 5. Rental Income: 2022 Budget $695k A fairly stable revenue source with a core base of tournaments and field rentals that occur each year. 6. Investment Income: 2022 Budget $110k The primary objective of the District’s investment activities (in priority order) are safety, liquidity and yield. Based on the District’s Investment Policy and allowable investments outlined in the Illinois Public Funds Investment Act, interest earnings are expected to remain low for several years. The District primarily invests in CDs, money market accounts and fixed income securities. Interest income is projected to remain consistent throughout the plan.
7. Other Revenue Sources: WDSRA Reimbursement, Alternative Revenue, Transfers and Other Financing Sources will be based on dollar projections WDSRA Reimbursement: 2022 Budget $761k The special recreation reimbursement will be calculated on a dollar basis driven by the qualified capital projects that are planned for development in years 2023-2024. It is expected that the reimbursement will be $438k in 2023 and $425k in 2024. Transfers In Capital: 2022 Budget $477k For 2023 the transfer is anticipated to be $775K and $627K for 2024. Transfer in Recreation: 2022 Budget $2.3M The General Fund transfers funds to the Recreation Fund to cover a portion of park maintenance costs. In 2023, the estimated transfer is $2.5M and $2.3M in 2024. In 2024, the direct allocation of property taxes to the Recreations Fund is planned to increase, which will keep the transfer from the General Fund fairly consistent. Alternative Revenues: 2022 Budget $159k This revenue source is comprised of grants, donations, Cash-in-Lieu funds and sponsorships.
Includes revenues from all of the District’s recreation programs, Fort Hill Activity Center (FHAC) memberships and Centennial Beach daily passes and season memberships. A 5.0%-6.0% increase is built into the plan for years 2023 and 2024 for recreation programs and Centennial Beach. A 25% increase in memberships at the FHAC is anticipated in 2023, bringing numbers back to pre-pandemic levels. b. Golf: 2022 Budget $2.5M Includes program revenue, golf services income (green fees), golf cart income and driving range income. In summer 2023, renovations will be completed at Springbrook and in fall 2024, renovations will begin at Naperbrook. Springbrook: Course to close August 2022 - Reopen in summer 2023 • An increase in rounds is anticipated in 2023 compared to 2022 with the course’s closure for the summer and fall. • Increased green fees, range, cart, and merchandise, concessions, tournaments revenues are also expected. • A fee increase for green fees is planned for in 2023 and range fees in 2024. Naperbrook: Course to close fall 2024 for renovations. In 2023 increased play is expected with the closure of Springbrook. • A fee increase for green fees is planned for in 2023 and range fees in 2024.
250 Naperville Park District | 2023 MASTER PLAN 3-YEAR FINANCIAL PLAN 2022-2024 22
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