READERS’ GUIDE AND BUDGET OVERVIEW This budget document is intended to provide readers with concise and useful information about the Naperville Park District’s annual operating and capital budgets. As readers of budget documents reflect a wide spectrum of backgrounds and interests, the formatting of the budget information contained herein is not presented in the same manner that is required in an annual financial report. This difference recognizes the broader and frequently less technical audience served by a document such as this. This document is divided into the following sections: • Readers’ Guide and Budget Overview • Financial Overview and Analysis - Consolidated Budget - Consolidated Operating Budget - General Fund Budget - Recreation Fund Budget - Recreation Program Analysis - Golf Fund Budget - Capital Fund Budget - Other Funds • Budget Summaries – Fund Level • Budget Summaries – Department Level The next section provides useful information relative to the District’s fund structure and operations, and the District’s budget process.
DEFINITION OF FUNDS In government, accounting core activities or functions are accounted for in different types of funds. The following section defines the different types of funds and the District functions that are included in each. Governmental Fund Types All of the District’s functions are accounted for in the Governmental Fund types. These types of funds measure changes in financial position rather than net income or net revenue. The following are the District’s Governmental Fund Types: 1. General Fund The General Fund is used to account for all financial transactions and resources except those required to be accounted for in another fund. Revenues are derived primarily from property taxes. A portion of the fund’s revenues is transferred to the Recreation Fund to help finance the park maintenance operations. 2. Special Revenue Funds Special Revenue Funds are used to account for the tax proceeds that are legally restricted to expenditures for specific purposes. Special Revenue Funds are used to account for Recreation (recreation programs and park maintenance), Golf Operations, Social Security, Illinois Municipal Retirement Fund (IMRF), Audit, Liability, and Special Recreation. 3. Debt Service Fund The Debt Service Fund is used to account for payments of principal and interest for the District’s general long-term debt. The District does service additional debt from the General Fund tax rate, which is not included in the debt service tax extension.
4. Capital Projects Fund Capital Project Funds are used to account for financial resources to be used for the acquisition or construction of major capital facilities. The District’s Capital Fund includes a variety of funding sources and accounts for all capital improvements throughout the system. The District’s Cash-in-Lieu of Land Fund is used to account for revenues from developers contributing cash-in-lieu of a land donation and the related expenditures for park land acquisition and development.
2024 BUDGET 10
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