The 2024 consolidated budget captures all budgeted expenditures for all funds of the District including capital projects and debt service at $51.5 million. The $3.4 million consolidated deficit noted above is based on a planned draw-down of funds for capital improvements throughout the District. It is common for the District to draw down funds for capital improvements in a given year. The other smaller funds (FICA, Debt Service, IMRF, and Audit) are projected to have small surpluses. The three main operating funds (General, Golf, and Recreation), all are balanced to break even while maintaining reserves in compliance with the District’s Fund Balance Policy. As noted above, for capital improvements, the use of existing resources (funds on hand) in combination with new revenue sources, provides a diverse funding base and allows for improvements and unforeseen events. The District’s policy of allocating surplus operating funds for capital improvements has contributed to the diverse funding base and shoring up of the amount available for capital investment in the community. The 2024 Capital Fund Overview found later in this document will provide details on the projects the District will undertake in the upcoming year. In summary, the District anticipates entering 2024 in a positive financial condition with a balanced operating budget and a long-term outlook of continued fiscal strength and sustainability.
2024 BUDGET 17
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