REVENUE ANALYSIS AND DETAIL
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- Dwain Johnson
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1 REVENUE ANALYSIS AND DETAIL Revenue by Source Summary Grand Total vs. % Change Actual Budget Budget vs. 08 Taxes 1 6,615,043 6,940,333 6,895,943 (44,390) -0.6% Donations 737, ,400 11,900 (204,500) -94.5% Grants 12,337 11,100 1,100 (10,000) -90.1% Advertising 1,400 1,650 3,150 1, % Scholarships 10,992 8,000 7,000 (1,000) -12.5% Program Fees 3,479,068 3,383,120 3,629, , % Rentals 600, ,361 1,140, , % Passes, Memberships, Daily Uses 3,650,800 4,139,561 4,266, , % Merchandise Sales 596, , ,150 (11,512) -2.3% Transfers 2,336,770 3,122, ,949 (2,224,275) -71.2% Bond/Insurance Proceeds 922, , , % Interest 791, , ,000 (102,000) -36.4% Total Revenue 19,755,295 19,781,411 18,014,588 (1,766,823) -8.9% Percent of 2009 Revenues by Source Transfers 4.98% Merchandise Sales 2.68% Passes, Memberships, Daily Uses 23.68% Rentals/Lease 6.33% Bond/Insurance Proceeds 2.78% Program Fees 20.15% Interest 0.99% Taxes 38.28% Donations 0.07% Scholarships 0.04% Advertising 0.02% Grants 0.01% Three Year Compairson of Revenues by Source 20,000,000 19,500,000 19,000,000 18,500,000 18,000,000 17,500,000 17,000, Year Total proposed revenues for all funds are $18,014,588. This represents an 8.9% decrease from the 2008 budget and an 8.8% decrease over 2007 actual revenues due mainly to the completion of the Wilder Mansion project. See page 62 for an overview of the District s revenue policies. Revenue sources are analyzed utilizing the following factors: past historical trends, economic influences, fluctuations due to changes in rate structures, anticipated growth or decline based on current year s collections and/or actual experience. 1 Includes Property and Corporate Replacement Tax 2009 Elmhurst Park District Budget 85
2 Taxes vs. % Change Actual Budget Budget vs. 08 Taxes (Property and Corporate Replacement) 6,615,043 6,940,333 6,895,943 (44,390) -0.6% Revenue by Source-Taxes 7,000,000 6,900,000 6,800,000 6,700,000 6,600,000 6,500,000 6,400, Year The property tax levy is decreasing $76,084 due to an increase in the aggregate extension netted with a decrease in the SRA extension tied to the completion of accessibility improvements for the Wilder Mansion (funds levied from 2005 to 2007) offset by an increase in the Corporate Replacement Tax ($31,694) (see page 92). Overall, tax revenues are expected to decrease by $44,390 (0.6%) as compared to the 2008 budget. Property Tax Revenue The District is now in its 18 th budget year under the property tax cap approved by the Illinois General Assembly (Property Tax Limitation Act). This tax cap limits tax levy increases for non-home rule units of local government to either 5% or the preceding year s Consumer Price Index (CPI), whichever is lower. It has resulted in steadily declining property tax increases since its inception in This legislation challenges staff to seek alternatives for funding services as costs have continued to rise at a faster rate than the CPI. The 2008 tax levy will be at.2079, which is a decrease of 4.6% for the aggregate extension (excludes Special Recreation Association (SRA) and Bond and Interest levies). Since the tax levy does not exceed the prior year extension by more than 5%, the District is not required to provide notice of and hold a Truth in Taxation hearing. The aggregate extension of.2079 is lower than the 2007 aggregate extension of.2179 based upon an increase in the CPI from 2.5% in 2007 to 4.1% for the 2008 calculation. The total extended tax rate (including SRA and Bond and Interest) is.2716, a decrease from the previous year tax rate of The increase in the tax levy translates into approximately $310,000 in new tax revenue in all the funds/departments except SRA and Debt Service so it continues to be critical for the District to generate a significant amount of revenue from non-tax sources (60% in proposed 2008 budget 2 ). 2 Excludes Transfers 2009 Elmhurst Park District Budget 86
3 Overall, the property tax levy is expected to decrease by $59,584 due to the completion of the Wilder Mansion redevelopment (reduction of tax revenue in the SRA Department of $369,000). Tax Levy Formulas: The tax levy is developed by establishing District priorities through the Strategic Plan and the constraints of Illinois statutes (i.e. Property Tax Extension Limitation Act, Article 5 of the Park District Code, which outlines the taxing powers of the District, the authority to fund museums and aquariums in public parks per 70 ILCS, Pars 1290/1 and 1290/2, General Levy Authority as derived from the Illinois Municipal Code in addition to the authority granted under Article 5 of the Park District Code and the Truth in Taxation Act). The formulas and tax computations showing the rates and extensions are illustrated in the chart below. (A) (B) (C) TAX FUND Statutory 2007 Extensions Proposed 2008 Levy 2008 Proposed % Increase/ Decrease (-) 2008 Tax Rate Extended Rate Limit (DuPage & Cook) (A)+(C) Inc./(Decr.) (C)/(A) (B)/EAV (if applicable) 1. General ,796,549 2,861,949 65, % Recreation ,222 1,101, , % Museum , ,442 88, % IMRF None 264, , % FICA None 298, ,261 38, % Liability Insurance None 239, , % Audit ,989 43, % Paving & Lighting ,615 66, % Aggregate Extension 4,817,032 5,127, , % SRA , ,032 (369,000) % Bond & Interest None 1,036,262 1,035,678 (584) -0.06% Aggr. Ext + Bond & Int 6,758,326 6,698,742 (59,584) -0.88% The first priority is to maximize (as allowed) the General and Recreation levies based on their flexibility in funding programs, services and general operations. The District s legal limits are.1500 and.0750 respectively. However, due to the limiting rate maximum of.2079, the District is only able to adjust those funds to.1160 and.0447 respectively. Refer to the following page for an overview of how the limiting rate is calculated. The second priority is to adequately provide for the legal obligation levies, which are those levies that are authorized and can only be used for a designated purpose (i.e. IMRF, FICA, Liability and Audit). Staff levied IMRF, Liability and Audit to the levels necessary to ensure that revenues cover expenses in IMRF and Liability are levied at the same level as the 2007 actual levy. The third priority is to address the Paving & Lighting Department, which funds projects for larger lighting systems and walkways/parking lots. A slight increase is being levied to keep revenues in line with their budgeted expenses for the year. The last tax levies evaluated are Museum and SRA to determine how much, if any, remains to be split between them. The Executive Director determines the actual split and recommendations are brought to the Park Board based upon the operating plans of the two 2009 Elmhurst Park District Budget 87
4 Departments for the year. The Museum Department levy was increased $88,000 to generate an operating profit for the year, meet its target balance for cash and investments and to fund utility costs for the Wilder Mansion ($50,000). The SRA levy was decreased by $369,000 from the 2007 levy due to the completion of accessibility improvements for the Wilder Mansion in 2008 that were funded through an increase in this levy from 2005 to Limiting Rate: The limiting rate for calculating the tax levy was developed as a result of the 1991 Property Tax Extension Limitation Act (35 ILCS 200/18-185) described at the beginning of this section. This limiting rate is the maximum extended tax rate that the aggregate extension may increase (5% or the increase in the CPI, whichever is lower). The aggregate extension is the total of the levies excluding SRA and Bond and Interest. The formula for deriving the limiting rate is as follows: prior year levy multiplied by CPI or 5%, whichever is lower, divided by the prior year levy (with any estimated % increase) less a credit for estimated new construction. The law allows for the credit on new construction in order for districts to capture the increase in assessed value not represented in the prior year levy. It is crucial for this credit to occur to capture the maximum allowable increase that the District is entitled to annually. Based on these factors, the maximum 2008 limiting rate for the aggregate extension is The total extended tax rate (including SRA and Bond and Interest) is LIMITING RATE Prior Year Levy Including Cook County CPI % 4,817,032 X 4.1% = 5,014,531 Prior Year EAV + Prior Year New a 9% increase Construction + 15% (DuPage & Cook) (DuPage & Cook) 2,466,211,991-54,713,585 = 2,411,498, Elmhurst Park District Budget 88
5 Impact on the taxpayer: A homeowner with a home valued at $350,000 will pay approximately $31 less in property taxes for District services in fiscal year Refer to the chart below for an illustration of the comparative property taxes for various size home values based on the home s fair market value, the equalized value and the 2008 fiscal year tax rate. House's Fair Market Value $150,000 $250,000 $350,000 $500,000 $650,000 $800,000 Approximate EPD Taxes: Annual Amount $134 $244 $314 $448 $784 $964 Monthly Amount $11 $19 $26 $37 $65 $80 Daily Amount $0.37 $0.61 $0.86 $1.23 $2.15 $2.64 Formula used to calculate taxes: 2008 Proposed Levy 2007 Actual Levy Fair Market Value $350,000 $350,000 Equalization Factor 33% 33% Equalized Assessed Value(EAV) $115,500 $115,500 $100s of EAV $1,155 $1,155 Park District Tax Rate per Levy Approximate Park District Taxes $314 $ Elmhurst Park District Budget 89
6 Property Tax Rate and Equalized Assessed Valuation Increases in the tax levy are made based on increases in the equalized assed valuation (EAV). Below is a chart that illustrates EAV growth over the last ten years (change in the value of property in Elmhurst). $2,500,000,000 $2,000,000,000 $1,500,000,000 $1,000,000,000 $500,000,000 Equalized Assessed Valuation History $ The EAV for the 2008 levy is projected to increase 8.6% (based on the average rate of growth over the past ten years). The overall value of property continues to grow in Elmhurst due to the proactive planning and redevelopment of the community s assets by government agencies including parks and schools. As the value of property rises, so does the EAV of the property, which results in a larger property tax base that taxing bodies can reinvest into the community. The EAV grew 10.6% from 2006 to 2007 and 10.3% from 2005 to However, as illustrated below, the District s tax rate has steadily decreased since Historical Tax Rates Rate per $100 of EAV The District s total extended tax rate increased dramatically in 2002 and dropped in 2004 due to the retirement of the 2002 Refunding General Obligation Bonds for Courts Plus that saved local tax payers over $275,000 in interest payments. Since 2004, the total extended tax rate has decreased.0463 (from.3179 in 2004 to.2716 in 2008) Elmhurst Park District Budget 90
7 Share of the tax dollar with other taxing bodies The District s share of the tax bill continues to be under 10%. The illustration below shows the amount of money from a single dollar the District receives versus other taxing bodies such as the City, Library, School District #205, College of DuPage, York and Addison Townships, etc. All Other Taxing Bodies Share of Your Tax Dollars 94 EPD's Share of Your Tax Dollar is 6 The chart below also illustrates in a different format the District s portion (6.29%) of the total York Township tax bill based on the distribution of 2007 property taxes among the different taxing bodies. Distribution of 2007 Property Taxes among the Major Taxing Bodies in York Township 3 City of Elmhurst 5.55% DuPage County 6.33% York Tow nship 1.38% Elmhurs t Park District* 6.29% College of DuPage 3.98% Elmhurst Public Library 5.76% School District # % 3 York Township is used to illustrate the distribution of property taxes among the major taxing bodies since the majority of District households are located in this Township Elmhurst Park District Budget 91
8 Collection rate The 2008 projected property tax collections are based on a collection rate of 99.50%. Although this estimate is aggressive, past trend analyses on uncollectible taxes sustains this estimate. The following graph and chart illustrate the District s tax collection history. 8,000,000 6,000,000 4,000,000 2,000,000 0 Tax Collection Experience Equalized Taxes Extended Equalized Taxes Collected Taxes Uncollectibles Taxes Percent Year Extended Estimate * Collected Collected ,736,532 (1,087) 3,737, % ,893,267 1,887 3,891, % ,045,429 5,451 4,039, % ,229,094 25,977 4,203, % ,314,813 10,084 6,304, % ,913,879 57,146 4,856, % ,450,375 3,907 5,446, % ,840,289 5,308 5,834, % ,383,138 4,722 6,378, % ,758,326 N/A N/A N/A Corporate Replacement Tax Corporations doing business in the State of Illinois pay a corporate replacement tax. Replacement taxes are revenues collected by the State of Illinois and paid to local governments to replace money that was lost by local governments when their powers to impose personal property taxes on corporations, partnerships and other business entities were eliminated (in the early 1970 s). The District s portion of the revenue received from this tax is expected to increase $31,694 in 2009 (16%), affecting the General, Recreation and IMRF Funds. The chart below illustrates the amount budgeted in each fund. General Fund IMRF Dept. Recreation Fund Total Corporate Replacement Tax 153,646 61,507 14, ,322 Less Projected Loss (2,549) (235) (1,021) (3,804) Total 151,096 13,934 60, , Elmhurst Park District Budget 92
9 Revenue by Source-Taxes For Budget Year Proposed Account Number Account Title Actual Budget Budget DuPage County Real Estate Property Tax 2,613,570 2,803,887 2,844, Cook County Real Estate Property Tax 2,840 2,926 3, Corporate Replacement Taxes 158, , , DuPage County Real Estate Property Tax 1,012, ,282 1,094, Cook County Real Estate Property Tax 1,100 1,027 1, Corporate Replacement Taxes 63,466 51,986 60, DuPage County Real Estate Property Tax 242, , , Cook County Real Estate Property Tax Corporate Replacement Taxes 14,621 11,976 13, DuPage County Real Estate Property Tax 265, , , Cook County Real Estate Property Tax DuPage County Real Estate Property Tax 220, , , Cook County Real Estate Property Tax DuPage County Real Estate Property Tax 40,837 41,064 43, Cook County Real Estate Property Tax DuPage County Real Estate Property Tax 745, , , Cook County Real Estate Property Tax DuPage County Real Estate Property Tax 124, , , Cook County Real Estate Property Tax DuPage County Real Estate Property Tax 1,037,260 1,033,803 1,035, DuPage County Real Estate Property Tax 69,423 65,991 65, Cook County Real Estate Property Tax Total Revenues - Taxes 6,615,043 6,940,333 6,895, Elmhurst Park District Budget 93
10 Donations vs. % Change Actual Budget Budget vs. 08 Donations 737, ,400 11,900 (204,500) -94.5% Revenue by Source-Donations 800, , , , Year Donation revenue includes funds from the subdivision ordinance, conservatory donations, capital project donations, Abbey senior parties/events, Enterprise Services parties/events, and summer concert sponsorship. In the 2009 budget, donations are projected to decrease from the prior year due to the $200,000 City of Elmhurst donation received in 2008 for the Wilder Mansion renovation along with the Elmhurst Rotary s final payment of $5,000 (for five years) for The Hub playground. The decrease of donations from 2007 to 2008 reflects the one-time donation from Elmhurst College in 2007 to install and jointly use the second synthetic turf field at Berens Park Elmhurst Park District Budget 94
11 Revenue by Source-Donations For Budget Year Proposed Account Number Account Title Actual Budget Budget Donations-Unrestricted 7,630 4,000 4, Donations-Restricted 22, Donations-Unrestricted 1, Donations-Restricted 8,165 2,800 4, Donations-Restricted 1,000 4,000 2, Donations-Unrestricted Donations-Unrestricted Donations-Unrestricted Donations-Unrestricted Donations-Unrestricted 1, Donations-Unrestricted Donations-Restricted Donations-Unrestricted 28, Donations-Restricted 662, , Donations-Unrestricted Total Revenues - Donations 737, ,400 11, Elmhurst Park District Budget 95
12 Grants vs. % Change Actual Budget Budget vs. 08 Grants 12,337 11,100 1,100 (10,000) -90.1% Revenue by Source-Grants 15,000 10,000 5, Year This revenue source includes grants budgeted to be received in 2009 including senior programs and the reimbursement from Elmhurst College of a portion for marketing intern wages. In the 2009 budget, staff eliminated the City of Elmhurst s grant for printing and distributing the E-town teen newsletter (decrease of $10,000). The City s Youth Commission plans on developing more effective forums for communicating with teens such as electronic media and plans on offering more teen related programs. Revenue by Source-Grants For Budget Year Proposed Account Number Account Title Actual Budget Budget Grants-Capital Grants-Operating 11,168 10, Grants-Operating 1,169 1,100 1,100 Total Revenues - Grants 12,337 11,100 1, Elmhurst Park District Budget 96
13 Advertising vs. % Change Actual Budget Budget vs. 08 Advertising 1,400 1,650 3,150 1, % Revenue by Source-Advertising 4,000 3,000 2,000 1, Year Advertising revenue comes from the sale of advertisements in the quarterly program brochure and Courts Plus newsletter. In 2009, advertising revenue is projected to increase $1,500 from Wilder Mansion wedding advertisements sales for related businesses (i.e. photographers, caters). Revenue by Source-Advertising For Budget Year Proposed Account Number Account Title Actual Budget Budget Advertising 1,400 1,400 1, Advertising ,750 Total Revenues - Advertising 1,400 1,650 3,, Elmhurst Park District Budget 97
14 Scholarships vs. % Change Actual Budget Budget vs. 08 Scholarships 10,992 8,000 7,000 (1,000) -12.5% Revenue by Source-Scholarships 12,000 10,000 8,000 6,000 4,000 2, Year Scholarships include funds raised for the recreation financial assistance program. For 2009, staff expects $1,000 less in scholarship revenue as compared to Revenue by Source-Scholarships For Budget Year Proposed Account Number Account Title Actual Budget Budget Scholarships 10,992 8,000 7,000 Total Revenues - Scholarships 10,992 8,000 7, Elmhurst Park District Budget 98
15 Program Fees vs. % Change Actual Budget Budget vs. 08 Program Fees 3,479,068 3,383,120 3,629, , % Revenue by Source-Program Fees 3,700,000 3,600,000 3,500,000 3,400,000 3,300,000 3,200, Year Program fees are the revenue associated with collecting funds for participation in District programs such as camps, personal training, lessons, leagues, tournaments, massages, and racquet sports. Fees are determined by studying trends, weather impact, customer desires, facility availability, market comparison, value, and the cost of providing the service. The District s programs continue to grow as evidenced by the growth in registrations for programs, resulting in additional program revenue. Overall, in the 2009 proposed budget, program fee revenue is projected to increase 7.3% ($246,873). Recreation: Program revenues are increasing by $143,000 due to both increases in program fees and participation numbers. Specifically, program revenues are increasing in the areas of sports and fitness ($32,000) due primarily to increased participation, summer camps ($6,700) due to the addition of new summer preschool camps, early childhood ($74,746) due to increased registrations and fees for the Recreation Station program, and trips ($10,901) due to the rising cost of travel programs. Revenue from swim lessons increased $11,000 to reflect a pattern of increased registration over the past two years. Courts Plus: For Courts Plus programs, program fee revenue is increasing for Indoor Tennis programs ($19,760) due to the expansion of Mighty Mites program and introduction of Quick Start. Personal Training revenue is increasing ($41,565) to expand the Industrial Athlete Program. The program incorporates the use of Courts Plus and personal trainers to help businesses prepare employees for the physical aspects of their jobs. Sugar Creek Golf Course: The Golf Course budgeted an increase of $15,000 for instructional programs due to continued growth in youth programs and adult classes and clinics Elmhurst Park District Budget 99
16 Revenue by Source-Program Fees For Budget Year Proposed Account Number Account Title Actual Budget Budget Miscellaneous Revenues Miscellaneous Revenues 3, Sports & Fitness 503, , , Visual & Performing Arts 158, , , General Interest, Trips & Special Events 59,572 78,014 75, Summer Camps 173, , , Early Childhood 1,176,405 1,205,731 1,280, Swimming Pools 79,129 71,615 82, Trips 79,739 79,924 90, Seniors 22,644 20,925 24, Miscellaneous Revenues 3,801 2,925 3, Visual & Performing Arts 45,040 37,236 40, General Interest, Trips & Special Events 733 1,808 1, Summer Camps 24,911 26,598 30, Early Childhood 21,489 22,067 22, Administrative Services 62,873 74,298 79, Racquet Sports 455, , , Fitness Services 380, , , Miscellaneous Revenues Golf Course Services 19,954 26,000 41, Miscellaneous Revenues 1, Miscellaneous Revenues 206, Total Revenues - Program Fees 3,479,068 3,383,120 3,629, Elmhurst Park District Budget 100
17 Rentals vs. % Change Actual Budget Budget vs. 08 Rentals 600, ,361 1,140, , % Revenue by Source-Rentals/Lease 1,500,000 1,000, , Year Rentals include equipment (i.e. lockers, racquets), indoor facility rentals/leases (i.e. rooms, climbing wall, Elmhurst Memorial Healthcare at Courts Plus, The Hub, and golf course) and outdoor facility rentals (i.e. athletic fields, picnics, outdoor pools, and weddings). Revenue for this source is projected based on trends, weather impact, customer desires, facility availability, and cost to provide the service. Rental revenue is projected to increase 66.6% ($455,641) as compared to the 2008 budget. In the General Fund, indoor facility rentals are decreasing by $12,000 as a result of the elimination of the lease for 601 S. York due to its demolition as per the Intergovernmental Agreement with the City of Elmhurst offset by the one-time lease payment of $400,000 as per the same agreement in exchange for the use of park property for a new fire station in York Commons. In the Enterprise Fund, forty special events are budgeted for 2009 at the Wilder Mansion with projected revenue of $54,500. The projection is based on twenty weekend and twenty weekday events Elmhurst Park District Budget 101
18 Revenue by Source-Rentals For Budget Year Proposed Account Number Account Title Actual Budget Budget Athletic Field Lights 100,096 94, , Indoor Facility Rental 12,740 12, Outdoor Facility Revenues 11,865 14,200 16, Equipment Rentals Indoor Facility Rental Outdoor Facility Revenues 6,930 7,520 5, Administrative Services 10,071 10,500 9, Racquet Sports 1,886 1,932 1, Administrative Services 126, , , Racquet Sports 131, , , Fitness Services 5,970 11,182 11, Indoor Facility Rental-Business Ventures 59,760 70, , Outdoor Facility Revenues 21,452 26,250 28, Golf Course Services 83, , , Indoor Facility Rental 23,587 25,500 25, Golf Course Services 5,200 4,800 4, Lease Agreements ,000 Total Revenues - Rentals 600, ,361 1,140, Elmhurst Park District Budget 102
19 Passes, Memberships, and Daily Uses vs. % Change Actual Budget Budget vs. 08 Passes, Memberships, Daily Uses 3,650,800 4,139,561 4,266, , % Revenue by Source-Passes, Memberships, Daily Uses 4,400,000 4,200,000 4,000,000 3,800,000 3,600,000 3,400,000 3,200, Year Passes, memberships, and daily uses include daily use fees (i.e. pools, Courts Plus, golf course), punch card fees (i.e. pools), initiation fees, monthly dues, season passes (i.e. pools, golf course resident cards), and permanent tee times. This revenue source is studied for trends, weather impact, customer desires, facility availability, market conditions, value, and the cost of providing the service. In the proposed 2009 budget, this source is increasing 3.1% ($126,840) over the 2008 budget. Pool pass revenues in the Recreation Fund are budgeted to reflect an increase of $5,200 and daily use fees of $6,450 based on actual experience from the past two years. Sugar Creek Golf Course daily use fees or greens fees are projected to increase approximately $12,600 with a $1 increase in the non-resident rate. Also, driving range revenue derived from token and pass sales will increase $10,000 with a.50-cent rate increase in token price for range balls. Membership revenues in the Enterprise Services Fund are increasing $76,067 due to bi-annual increase in dues rates plus implementing new strategies for the recruitment and retention of members. Monthly membership rates will increase between $1.25 for resident senior individuals to $4.00 for non-resident couples. The average membership increase is $2.55 per membership Elmhurst Park District Budget 103
20 Revenue by Source-Passes, Memberships, Daily Uses For Budget Year Proposed Account Number Account Title Actual Budget Budget Daily Use Fees 72,706 54,350 60, Punch Card Fees 14,854 15,120 15, Season Passes 270, , , Group Admissions 3,408 3,200 3, Punch Card Fees 1,565 1,500 1, Daily Use Fees 30,857 33,600 34, Project Development Business Ventures 61,198 61,500 59, Initiation Fees 130, , , Monthly Dues 2,426,298 2,820,708 2,896, Daily Use Fees 526, , , Golf Course Services 67,404 80,250 90, Punch Card Fees 17,150 24,000 30, Season Passes 11,504 13,500 15, Permanent Tee Times 15,276 15,000 15,000 Total Revenues - Passes, Memberships, Daily Uses 3,650,800 4,139,561 4,266, Elmhurst Park District Budget 104
21 Merchandise Sales vs. % Change Actual Budget Budget vs. 08 Merchandise Sales 596, , ,150 (11,512) -2.3% Revenue by Source-Merchandise Sales 800, , , , Year Merchandise sales revenue includes the sale of engraved bricks, tree memorials, concessions, vending, pro shop sales, and racquet stringing. This revenue source is evaluated based on trends, customer desires, market conditions, and value. Net merchandise sales are projected to decrease by 2.3% ($11,512) in 2009 due to a $6,000 reduction in pro-shop inventory based on 2008 actual sales at the Golf Course and a $12,000 reduction in enterprise services facility sales (i.e. concessions, batting cage tokens, etc.) to adjust for 2008 actual sales. Revenue by Source-Merchandise Sales For Budget Year Proposed Account Number Account Title Actual Budget Budget Tree Memorials 5,874 7,000 7, Program Revenue-Projects 3,785 3,900 3, Racquet Sports 23,148 22,650 22, Project Development Business Ventures 179, , , Commissions 33,834 32,000 38, Golf Course Services 350, , ,000 Total Revenues - Merchandise Sales 596, , , Elmhurst Park District Budget 105
22 Transfers vs. % Change Actual Budget Budget vs. 08 Transfers 2,336,770 3,122, ,949 (2,224,275) -71.2% Revenue by Source-Transfers 4,000,000 3,000,000 2,000,000 1,000, Year This revenue source includes the transfer of funds from one fund to another fund. The 2009 budget reflects a significant decrease in the transfer of funds ($2,224,275) due to the completion of the Wilder Mansion redevelopment in 2008, which was funded mainly through the transfer of cash and investments from operating funds to the Capital Improvement Fund ($2.197 million). An overview of 2009 transfers is on page 82. Transfer revenue includes: $50,340 to the Recreation Fund for the payment of Debt (which legally must be transferred from the Enterprise Services Fund to the Recreation Fund and then transferred to the Debt Service Fund for the 1998 Alternative General Obligation Bonds); $12,800 of pool pass revenue to the Enterprise Services Fund from the Recreation Fund for pass holders use of the sprayground for no fee $241,038 to the Debt Service Fund for the payment of debt (including fees); and $593,771 to Capital Improvement Fund from debt proceeds transferred from the Debt Service Fund and cash and investments and income from the General, Recreation and Enterprise Services Funds Elmhurst Park District Budget 106
23 Revenue by Source-Transfers For Budget Year Proposed Account Number Account Title Actual Budget Budget Operating Interfund Transfers 48,630 46,985 50, Operating Interfund Transfers 12,842 11,500 12, Operating Interfund Transfers 160, , , Operating Interfund Transfers 2,114,344 2,825, ,771 Total Revenues - Transfers 2,336,770 3,122, , Elmhurst Park District Budget 107
24 Bond/Insurance Proceeds vs. % Change Actual Budget Budget vs. 08 Bond/Insurance Proceeds 922, , , % Revenue by Source-Bond/Insurance Proceeds 1,000, , , , , Year Bond proceed revenue includes the amount received from the sale of bonds in that budget year. Staff budgeted $500,000 for the annual rollover G.O. bond for the payment of debt and various capital projects. The 2007 Actual figures reflect the receipt of insurance claim proceeds ($376,296) for fire damage at Courts Plus and storm damage at various parks and Courts Plus. Revenue by Source - Bond/Insurance Proceeds For Budget Year Proposed Account Number Account Title Actual Budget Budget Insurance Proceeds 16, Insurance Proceeds 360, Bond Proceeds 500, , , Bond Proceeds 45, Total Revenues - Bond/Insurance Proceeds 922, , , Elmhurst Park District Budget 108
25 Interest vs. % Change Actual Budget Budget vs. 08 Interest 791, , ,000 (102,000) -36.4% Revenue by Source-Interest 1,000, , , , , Year Interest is revenue earned from the interest on investments. Staff budgeted a decrease of $102,000 (36.4%) in the 2009 proposed budget due to a combination of anticipated lower interest rates due to current market conditions (budgeted at 1.5%) and less cash and investments dollars being available for investing as the District has utilized funds for capital projects. The decline in interest rate revenue impacts all Funds and Departments where interest revenue is earned except the Capital Improvement Fund (interest revenue is increasing by $2,000 due to the amount of reserves available for investing in 2009) Elmhurst Park District Budget 109
26 Revenue by Source - Interest For Budget Year Proposed Account Number Account Title Actual Budget Budget Interest Income 80,598 40,000 32, Interest Income 2, Interest Income 8,019 6,000 2, Interest Income 2, Interest Income Interest Income 84,901 48,000 32, Interest Income 9, , Interest Income 11,139 6,000 3, Interest Income 269, ,000 85, Interest Income 5,382 2, Interest Income 33,091 3,000 3, Interest Income 83,710 21,000 5, Interest Income 198,293 4,000 6, Interest Income 3,135 2,000 2,000 Total Revenues - Interest 791, , , Elmhurst Park District Budget 110
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