ALTERNATIVE REVENUE Alternative Revenue includes grant income and donations for two projects: the Frank J Rus Pavilion at Knoch Knolls Park and a donation from Little League towards the infield conversion of Ballfield #5 at Knoch Park from natural turf to synthetic turf. MISCELLANEOUS Miscellaneous Revenue accounts for 11% of the total capital budget at $1.1 million, which represents a reimbursement from the Western DuPage Special Recreation Association (WDSRA) for ADA-related capital improvements and a $193,500 reimbursement from School District 203 for the development of a shared parking lot at Knoch Park. OTHER FINANCING SOURCES Other financing income accounts for less than 1% of the total capital budget and represents proceeds for the sale of assets that the District no longer has a need for. TRANSFERS Transfers occur both in and out of the capital fund. Surplus funds from the General and Golf Funds are transferred to the Capital Fund annually at the end of the year. Cash-in-Lieu receipts are also transferred to the Capital Fund in years where qualifying projects are completed. Lastly, in a special circumstance, capital funds can be used to pay debt service for those amounts over the District’s Debt Service Extension Base.
PROPERTY TAXES Property Tax Revenue accounts for 79% of the 2024 capital budget. In 1993, the District dedicated seven cents to the General Fund tax rate to help support the District’s future capital projects. One of the drivers of the initiative at that time was the impending state legislation that eventually limited the District’s annual non-referendum bonding authority to $608,000 in levy year 1994. The District gained additional relief in the 2003 tax year with the passing of P.A. 93-601, amending 30 ILCS 350/1 et seq. This legislation increased the District’s non- referendum bonding authority by $1.5 million to just over $2.2 million on an annual basis. In 2007, the District modified the capital project funding allocation from a straight seven-cent allocation to a percentage split of the General Fund tax rate based on the District’s ability to fully fund its operations. This includes funding the necessary transfer to the Recreation fund that partially funds park maintenance expenses. The District will continue to monitor the funding allocation method based on the ever-changing environment. INTEREST INCOME Interest Income accounts for 6% of total capital revenues and is expected to increase based on cash balances on hand and the current rate environment. The 2024 budget is based on an average rate of 4.0%.
2024 CAPITAL BUDGET The 2024 Capital Budget is a work plan identifying projects to be implemented in 2024 based on the following: • Naperville Park District Mission, Vision, and Core Values • Public Input (2022 Community Interest and Opinion Survey, Public Participation Process, etc.) • Naperville Park District Master Plan, Financial Plan, Recreation Programming Plan, and Strategic Plan • Capital Projects Prioritization Policy • Other related resources and commitments This plan may be modified throughout the year due to unforeseen conditions including the reallocation of resources as needed. The Capital Budget provides the basis for controlling expenditures for the acquisition of significant Park District assets and construction/ renovation of facilities relating to parks and recreation. While Capital appropriations lapse at the end of the fiscal year, they are re-budgeted until projects are complete. As capital projects are implemented, the operations of facilities are funded in the Operating Budget. The Operating Budget authorizes and provides the basis for controlling expenditures for all services, including the costs associated with operating and maintaining facilities. Operating Budget appropriations lapse at the end of the fiscal year. The Naperville Park District Board of Commissioners approves the budget on an annual basis at a public meeting. All community members are welcome to attend.
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