Capital Budget Definitions: What are Capital Improvements? The 2024 Capital Budget consists of fixed assets that meet the following criteria: 1. A monetary value of at least $10,000; 2. A lifecycle of at least 3 years; 3. Repair/Replacement of existing facilities; 4. Land acquisition and/or construction of facilities through the extension of existing services; and land acquisition and/or construction of facilities through the development of new services. How are the funds raised for these improvements? In addition to property tax dollars supporting capital improvement projects, the Naperville Park District utilizes Cash-in-lieu funds. Cash-in-lieu funds are received from the City of Naperville through the Land Cash Dedication Ordinance adopted by the Naperville City Council. This ordinance requires land developers to dedicate 8.6 acres of park land per 1,000 people in any planned residential development or donate the cash equivalent of 8.6 acres, currently $323,600 per acre. Alternative revenue, such as grant programs, also contribute to capital project funding. Furthermore, Non-Referendum Bonding Authority allows the Park District to issue general obligation bonds to assist in funding projects.
PROJECT SELECTION The Park District has implemented the Capital Projects Prioritization Policy for determining projects designated as capital expenditures for a given year. Initially, each department submits project requests for evaluation by the Parks and Recreation Committee and then by the Park Board in accordance with the policy. When projects exceed available funding sources in a given year, adjustments in schedule and/or scope of the projects are recommended and agreed upon. The 2024 Capital Budget consists of projects currently in design and/or under construction as part of the 2023 Capital Budget (e.g., Knoch Knolls Park’s Frank J. Rus Pavilion Installation and Site Improvements, Rothermel Family Skate Facility Development at Centennial Park), as well as new projects related to timely renovations and previous commitments (e.g., Knoch Park Field #5 Improvements and Synthetic Turf Infield Installation with Naperville Little League Baseball (NLLB)). Typically, the commitments are associated with lease, grant, and contractual agreements. The 2024 Capital Budget involves development of projects driven by the Park District’s Core Values and numerous organizational plans. The main improvements within the 2024 Capital Budget are classified as either “A” or “B” projects based on the following:
“A” projects include: • Improvements scheduled for construction in 2024 • Permit requirements are met or near completion • Parks maintenance and renovation of existing capital assets “B” projects include: • Capital improvements initially scheduled for construction in 2024 or 2025 (highest priority) • Work scheduled for completion in 2025 (estimated at 18-24 months to completion from the current state) • Permit requirements and preliminary steps (scope, budget, and schedule) need to be explored and confirmed A total of $14,450,000 has been allocated to fund 2024 capital projects (including Capital improvements related to the Golf Department). This amount is expected to fund A and B Capital projects as well as Districtwide initiatives relating to vehicles and equipment, technology, and allocations for park and facility improvements.
2024 BUDGET 83
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