REPLACEMENT TAXES The State of Illinois estimates that the Park District will receive approximately $550,700 in replacement tax revenue in 2024. The Corporate Replacement Tax has served as a stable source of revenue for the Park District since 1979. Enacted by the State of Illinois as a replacement for the personal property tax, the tax is distributed to local governments as a share of the Corporate Income Tax. The taxes replace money that was lost by local governments when their powers to impose personal property taxes on some corporations, partnerships, and other business entities were taken away. INTEREST INCOME Based on the current interest rate environment, interest income is expected to significantly increase over the 2023 budget and remain consistent with 2023 projections. The 2024 budget is based on an average overall rate of 4.0%. CHARGES FOR SERVICES Charges for Services account for the second largest revenue source for the District’s budget at 29% or $13.8 million. The $2.3 million or 20% increase compared to the 2023 budget is mainly based on increased participation in recreation programs and fitness memberships. As noted above, in order to maintain the high quality of program offerings and to address rising costs, targeted fee increases for specific programs are planned for 2024. For golf operations, another year of favorable rounds are anticipated with both Naperbrook and Springbrook Golf Courses open for play the entire year. In 2023, Springbrook Golf Course was closed until June to complete a major course renovation.
SALES The Sales category accounts for 3% or $1.6 million of the total revenue. Sales revenue primarily consists of revenue generated from concessions, merchandise, brochure advertising, and golf memberships. RENTAL INCOME Rental Income accounts for 2% or $753,500 of total revenue. Rental Income primarily consists of facility and athletic field rentals, and tournament income. ALTERNATIVE REVENUE Alternative revenue is primarily represented by grants, sponsorship income, donations, and Cash- In-Lieu receipts. MISCELLANEOUS Miscellaneous revenue accounts for 5% or $2.6 million of total revenue. Miscellaneous revenue consists of various reimbursement accounts owed to the District (i.e., athletic affiliates, WDSRA, City) cell tower revenue, parking permits, ticket revenue, and employee insurance contributions. OTHER FINANCING SOURCES Other Financing Sources consists of the sale of vehicles and equipment.
2024 BUDGET 21
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