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HOMEWOOD-FLOSSMOOR PARK DISTRICT, ILLINOIS COMPREHENSIVE ANNUAL FINANCIAL REPORT FOR THE YEAR ENDED APRIL 30, 2015 Prepared by the Business Department Renae Ross Superintendent of Finance and Administration

HOMEWOOD-FLOSSMOOR PARK DISTRICT, ILLINOIS Table of Contents PAGE INTRODUCTORY SECTION Principal Officials i Organization Chart ii Letter of Transmittal iii-vi Certificate of Achievement for Excellence in Financial Reporting vii Facility Locations viii Park District Map ix FINANCIAL SECTION EXHIBIT INDEPENDENT AUDITOR’S REPORT 1-3 MANAGEMENT’S DISCUSSION AND ANALYSIS 4-10 BASIC FINANCIAL STATEMENTS District-Wide Financial Statements Statement of Net Position A-1 11-12 Statement of Activities A-2 13-14 Fund Financial Statements Balance Sheet – Governmental Funds A-3 15-16 Reconciliation of the Balance Sheet of Governmental Funds to the Statement of Net Position A-4 17 Statement of Revenues, Expenditures, and Changes in Fund Balances – Governmental Funds A-5 18-19 Reconciliation of the Statement of Revenues, Expenditures, and Changes in Fund Balances of Governmental Funds to the Statement of Activities A-6 20 Statement of Revenues, Expenditures, and Changes in Fund Balance – Budget and Actual – General Fund A-7 21 Statement of Revenues, Expenditures, and Changes in Fund Balance – Budget and Actual – Recreation Fund A-8 22

HOMEWOOD-FLOSSMOOR PARK DISTRICT, ILLINOIS Table of Contents PAGE FINANCIAL SECTION (CONT.) EXHIBIT BASIC FINANCIAL STATEMENTS (CONT.) Statement of Revenues, Expenditures, and Changes in Fund Balance – Budget and Actual – Museum Fund A-9 23 Statement of Net Position – Enterprise Funds A-10 24 Statement of Revenues, Expenses, and Changes in Net Position – Enterprise Funds A-12 25 Statement of Cash Flows – Enterprise Funds A-13 26 Notes to the Financial Statements 27-49 REQUIRED SUPPLEMENTARY INFORMATION (UNAUDITED) Analysis of Funding Progress – Illinois Municipal Retirement Fund B-1 50 COMBINING AND INDIVIDUAL FUND STATEMENTS AND SCHEDULES GOVERNMENTAL FUND TYPES NONMAJOR GOVERNMENTAL FUNDS Combining Balance Sheet C-1 51-52 Combining Statement of Revenues, Expenditures, and Changes in Fund Balances C-2 53-54 GENERAL FUND Schedule of Revenues – Budget and Actual D-1 55 Schedule of Expenditures – Budget and Actual D-2 56-57 SPECIAL REVENUE FUNDS Recreation Fund Schedule of Revenues – Swimming Pool – Budget and Actual E-1 58 Schedule of Expenditures – Budget and Actual E-2 59-60

HOMEWOOD-FLOSSMOOR PARK DISTRICT, ILLINOIS Table of Contents PAGE FINANCIAL SECTION (CONT.) EXHIBIT COMBINING AND INDIVIDUAL FUND STATEMENTS AND SCHEDULES (CONT.) GOVERNMENTAL FUND TYPES (CONT.) SPECIAL REVENUE FUNDS (CONT.) Museum Fund Schedule of Expenditures – Budget and Actual E-3 61-62 Audit Fund Schedule of Revenues, Expenditures, and Changes in Fund Balance – Budget and Actual E-4 63 Illinois Municipal Retirement Fund Schedule of Revenues, Expenditures, and Changes in Fund Balance – Budget and Actual E-5 64 Social Security / Medicare Fund Schedule of Revenues, Expenditures, and Changes in Fund Balance – Budget and Actual E-6 65 Special Recreation Fund Schedule of Revenues, Expenditures, and Changes in Fund Balance – Budget and Actual E-7 66 Schedule of Expenditures – Budget and Actual E-8 67 DEBT SERVICE FUND Debt Service Fund Schedule of Revenues, Expenditures, and Changes in Fund Balance–- Budget and Actual F-1 68 CAPITAL PROJECTS FUNDS Improvement Fund Schedule of Revenues, Expenditures, and Changes in Fund Balance – Budget and Actual G-1 69 Schedule of Expenditures – Budget and Actual G-2 70

HOMEWOOD-FLOSSMOOR PARK DISTRICT, ILLINOIS Table of Contents PAGE FINANCIAL SECTION (CONT.) EXHIBIT COMBINING AND INDIVIDUAL FUND STATEMENTS AND SCHEDULES (CONT.) GOVERNMENTAL FUND TYPES (CONT.) CAPITAL PROJECTS FUNDS (CONT.) Iron Oaks Development Fund Schedule of Revenues, Expenditures, and Changes in Fund Balance – Budget and Actual G-3 71 PROPRIETARY FUND TYPES ENTERPRISE FUNDS Racquet Club Fund Supplemental Schedule Schedule of Operating Expenses - Budget and Actual H-1 72-73 Artificial Ice Skating Rink Fund Supplemental Schedule Schedule of Operating Expenses - Budget and Actual H-2 74-75 Golf Course Fund Supplemental Schedule Schedule of Operating Expenses - Budget and Actual H-3 76-77 LONG-TERM DEBT REQUIREMENTS General Obligation Refunding Bond Series 2009 (Refunded Bond Series 1998) 1 78 Golf Course, Racquet Club and Ice Arena General Obligation Refunding Park Bonds (Alternate Revenue Source), Series 2011B – Refunded Bond Series 2003A and 2005A 2 79 General Obligation Park Bonds (Limited Tax Park Bonds), Series 2013A 3 80 General Obligation Refunding Bonds (Alternate Revenue Source), Series 2013B 4 81 General Obligation Park Bonds (Limited Tax Park Bonds), Series 2014A 5 82 General Obligation Refunding Bonds (Alternate Revenue Source), Series 2014B 6 83

HOMEWOOD-FLOSSMOOR PARK DISTRICT, ILLINOIS Table of Contents PAGE STATISTICAL SECTION TABLE Financial Trends Net Position by Component I 84-85 Changes in Net Position II 86-89 Fund Balances of Governmental Funds III 90-91 Changes in Fund Balances of Governmental Funds IV 92-93 Revenue Capacity Property Value, Construction, and Bank Deposits V 94 Assessed and Estimated Actual Value of Taxable Property VI 95-96 Property Tax Rates - Direct and Overlapping Governments VII 97-98 Principal Taxpayers VIII 99-100 Property Tax Levies and Collections IX 101 Debt Capacity Outstanding Debt by Type X 102-103 Schedule of Direct and Overlapping Bonded Debt XI 104 Ratio of Net General Obligation Bonded Debt to Assessed Value and Net General Obligation Bonded Debt Per Capita XII 105-106 Demographic and Economic Information Demographic and Economic Statistics XIII 107 District Employers XIV 108-109 Operating Information Full-Time Equivalent Employers XV 1109-111 Operating Indicators XVI 112-113 Capital Asset Statistics and Function/Program XVII 114-115 Surety Bond of Principal Officials XVIII 116

INTRODUCTORY SECTION

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HOMEWOOD-FLOSSMOOR PARK DISTRICT, ILLINOIS Principal Officials April 30, 2015 PRESIDENT Robert Haderlein VICE PRESIDENT Steve Johnson COMMISSIONERS Dallas Collins Susan Bertram Patrick Nevins EXECUTIVE DIRECTOR TREASURER SECRETARY Deborah Kopas Howard Blumstein Deborah Kopas ATTORNEY FOR THE DISTRICT Matthew N. Lulich

Homewood-Flossmoor Park DistrictChain of Command

Created: June 2008Revised: August 2009, March 2010, November 2011, February 2012, June 2012

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Maintenance

Ice Arena Manager

Hockey

Figure Skating

Pro Shop

Office

Maintenance

Office

Pro Shop

Pool

Adventure

Rentals

Fitness

Special Projects

Irons Oaks Environmental

Learning Center Manager

Office

Vehicles & Equipment

Superintendent of Parks & Planning

Golf Course Superintendent

andGolf Course Pro/Manager

Superintendent of Finance &

Administration and Safety Coordinator

H-F Racquet & Fitness Club

Manager

Aquatics

Environmental

Grounds

Buildings Accounting

Splash Pad

Administrative Assistant

Training

Restaurant Mgmt

Goldberg Center Office Mgmt

Executive Director

Tennis

Executive Secretary

Operations

Course Mgmt

Superintendent of Recreation

Recreation Programming

Irwin Center IT

Attorney

Leisure Services

ADA

Marketing

Facilities & Rentals

HR

Risk Management

Secretary

Treasurer

Electorate

Board of Park Commissioners

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HOMEWOOD

Apollo Park (31.75 acres)Morgan Street & Bowling GreenRoadWalking/Bike Path, Sand Volleyball Courts,Playground, Ball Fields, Football Field, Picnic Areawith BBQ, Tennis Courts, Playfield & Soccer Fields

Butterfield Park (26 acres)Center Avenue & Center CourtBike and Walking Paths

Cedar Park (.3 acres) Highland Avenue & Cedar RoadPlayground

Dolphin Lake Park (8.5 acres)183rd Street & Gov’s Hwy • 798-0085Clubhouse, Fishing and Meeting Rooms

eXtreme Scene Skate Park (1 acre)18350 Harwood Ave.Skateboard and In-Line Skating Area

H-F Park District Auditorium2010 ChestnutBasketball and Volleyball Courts, Theatre Stage

H-F Racquet & Fitness Club2920 W. 183rd Street • 799-1323Fitness Center, Tennis Courts, Racquetballand Basketball Courts, Track, Lap Pool, Pro Shopand Child Care

H-F Sports Complex18211 Aberdeen StreetBasketball and Volleyball Courtsand Table Tennis Center

Heritage Park (2.5 acres)Riegel Road & Idlewild LanePlayground and Playfield

Hillcrest Park (10 acres)Locust Road & Rockwell AvenuePlayground, Ball Field, Picnic Area with BBQ,Seasonal Sledding Hill, Playfield and Soccer

Hollydale Park (4 acres)Turtlecreek DrivePlayground and Playfield

Homewood Estates Park (15.1 acres)2920 W. 183rd StreetPlayground, Ball Fields and Playfield

Independence Park (.3 acre)Hickory Road & Dixie HighwayOutdoor Seating Area \

Indian Trails Park (4.6 acres)Riegel Road & Willow RoadWalking and Bike Path (1/2 mile) and Tennis Courts

Lions Club Park & Pool (8.5 acres)1041 Ridge Road • 799-2223Pool and Waterslide, Ballfield, Concessions, Tennisand Playfield

Millennium Park (6.5 acres)18600 Harwood AvenueWalking Path (4/10 mile), Moss Memorial Garden,Splash Pad, Soccer Field, Roller Hockey, Playgroundwith Picnic Shelter and BBQ, NardoniMemorial Garden

Orchard Park (3 acres)1701 Olive RoadPlayground, Tennis Courts, Ballfield and Playfield

Patriots Park (11 acres)187th Street & Center AvenuePlayground, Walking Path (4/10 mile), Ballfield andPicnic Shelter with BBQ, Soccer Field, Disc Golf

Pinewood Park (5.5 acres)Hedgerow Lane & Fresno AvenueSand Volleyball Court, Soccer, Playground,Ballfield and Playfield

Richard D. Irwin Park & Marie IrwinCommunity Center (6 acres)18120 S. Highland Avenue • 957-7275Playground, Gazebo, Plaza Area, Fountain,Ballfield, Playfield and Picnic Area

Rover’s Run Dog Park (3 acres)191st St., 2 blocks east of Center Ave.Open Play Area and Doggie/Owner Water Fountain

Scandia Park (1 acre)Hickory & RockwellPlayground

Tower Park (.6 acre)Pierce Avenue & Evergreen RoadTot Lot

Willowview Park (5 acres)Highland Avenue & Willow RoadSchool Playground, Ballfield, Seasonal Ice Skatingand Sledding, Playfield and Soccer

Woodborough Park (8.75 acres)18402 Aberdeen StreetWalking and Bike Path (3/10 mile), Soccer, Playground and Playfield

OLYMPIA FIELDS

Irons Oaks (38 acres)20000 Western Avenue • 481-2330Walking Trails (1-1/2 miles), Picnic Area, Nature Trails,Adventure Course, Meeting Rooms and Cross-Country Skiing

FLOSSMOOR

Ballantrae Park (6 acres)Antholl & Kinross StreetsWalking Path (3/10 mile), Playground, Playfieldand Picnic Shelter with BBQ

Coyote Run Golf Course (140 acres)800 Kedzie Avenue • 957-870018-Hole Golf Course, 3-Hole Learning Course, Driving Range and Pro Shop

Wiley’s Grill at Coyote Run Golf Course800 Kedzie Avenue • 957-8774Restaurant, Bar, Scenic Patio, Parties and Banquets

Flossmoor Hills Park (.5 acres)Hamlin Avenue & 188th StreetWalking Path (4/10 mile), Tennis Courts,School Playground

Flossmoor Park & Fieldhouse (6.5 acres)2523 Flossmoor RoadFlossmoor Fieldhouse, School Playground, Ballfield,Seasonal Ice Skating, Tennis Courts, Meeting Roomsand Playfield

Goldberg Center & Park (3.3 acres)3301 Flossmoor Road • 957-0300Administration Center, Walking Path (1/10 mile), Playground and Picnic Area with BBQ

H-F Ice Arena777 Kedzie Avenue • 957-0100Ice Rinks, Party Room, Pro Shop and Concessions

Heather Hill Park (1 acre)Lawrence CrescentTennis Courts, School Playground

Highlands Park (5 acres)Crescent Drive & Kathleen LaneWalking and Bike Path (2/10 mile), Playground,Ball Field and Playfield

Leavitt Park (3.75 acres)1010 Leavitt AvenuePerennial Garden, Gazebo, Playground, SculpturePark, Ballfield and Playfield

Parks Department18900 S. Kedzie Avenue • 957-0280

Pheasant Trails Park (6 acres)Hanover Lane & Dixie HighwayPlayground and Tennis Courts

Pinehurst Park (.5 acres)1501 Tina Lane

Passive Recreation

FA C I L I T Y L O C AT I O N S

Homewood-Flossmoor park disTricT • 708-957-7275viii

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PA R K D I S T R I C T M A P

Homewood1. Apollo Park2. Butterfield Park3. Cedar Park4. Dolphin Lake Park & Clubhouse5. eXtreme Scene Skate Park6. Patriots Park7. Heritage Park8. Hillcrest Park9. Hollydale Park10. Homewood Estates Park11. Park District Auditorium12. Independence Park13. Indian Trails Park14. Lions Club Park & Pool15. Millennium Park16. Orchard Park17. Pinewood Park18. H-F Racquet & Fitness Club19. Richard D. Irwin Park &

Marie Irwin Community Center20. Rover’s Run Dog Park21. Scandia Park22. Tower Park23. Willowview Park24. Woodborough Park25. H-F Sports Complex

Flossmoor26. Pinehurst Park27. H-F Ice Arena28. Highlands Park29. Ballantrae Park30. Flossmoor Hills Park31. Flossmoor Park32. Gretchen Goldberg, M.D.,

Memorial Park & GoldbergAdministration Center

33. Heather Hill Park34. Leavitt Avenue Park35. Parks Department36. Pheasant Trails Park37. Coyote Run Golf Course

& Wiley’s Grill

olympia Fields38. Irons Oaks Environmental

Learning Centera cooperative facility withOlympia Fields Park District

Programs are also hosted at the followingcommunity facilities:

Homewood

39. Churchill School, 190th St. & Center Ave.40. James Hart JHS, 18211 Aberdeen St.41. Willow School, 1804 Willow Rd.

Flossmoor

42. Flossmoor Hills School, 3721 Beech43. Heather Hills School,

1439 Lawrence Crescent44. H-F High School-North,

Governors Highway45. H-F High School-South, 999 Kedzie Ave.46. Parker JHS, 2810 School47. Western Ave. School, 940 Western Ave.

olympia Fields

The Barn at Sgt. Means Park,20712 S. Western Ave.

Tinley park

SSSRA, 19910 80th Ave.

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FINANCIAL SECTION

INDEPENDENT AUDITOR’S REPORT

Independent Auditor’s Report Members of the Board of Park Commissioners Homewood-Flossmoor Park District Flossmoor, Illinois We have audited the accompanying financial statements of the governmental activities, business-type activities, each major fund and the aggregate remaining fund information for the Homewood-Flossmoor Park District, Illinois, and budgetary comparisons for the General, Recreation and Museum Funds as of and for the year ended April 30, 2015, and the related notes to the basic financial statements, which collectively comprise the Homewood-Flossmoor Park District, Illinois’ basic financial statements as listed in the table of contents.

Management’s Responsibility for the Financial Statements Management is responsible for the preparation and fair presentation of these financial statements in accordance with accounting principles generally accepted in the United States of America; this includes the design, implementation and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error.

Auditor’s Responsibility Our responsibility is to express opinions on these financial statements based on our audit. We conducted our audit in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity’s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinions.

Members of the Board of Park Commissioners Homewood-Flossmoor Park District Page 2

Opinions In our opinion, the financial statements referred to above present fairly, in all material respects, the respective financial position of the governmental activities, each major fund and the aggregate remaining fund information of the Homewood-Flossmoor Park District, Illinois, as of April 30, 2015, and the respective changes in financial position and cash flows, where applicable, and the respective budgetary comparisons for the General, Recreation and Museum Funds for the year then ended in accordance with accounting principles generally accepted in the United States of America.

Other Matters Prior-Year Comparative Information The basic financial statements include partial prior-year comparative information. Such information does not include all of the information required to constitute a presentation in conformity with accounting principles generally accepted in the United States of America. Accordingly, such information should be read in conjunction with the basic financial statements for the year ended April 30, 2014, from which such partial information was derived. Those statements were audited by other auditors, whose report dated October 23, 2014, expressed an unmodified opinion on such information.

Required Supplementary Information Accounting principles generally accepted in the United States of America require that the management’s discussion and analysis on pages 4 through 10, and pension funding and budgetary comparison information on page 50, be presented to supplement the basic financial statements. Such information, although not a part of the basic financial statements, is required by the Governmental Accounting Standards Board, who considers it to be an essential part of financial reporting for placing the basic financial statements in an appropriate operational, economic, or historical context. We have applied certain limited procedures to the required supplementary information in accordance with auditing standards generally accepted in the United States of America, which consisted of inquiries of management about the methods of preparing the information and comparing the information for consistency with management’s responses to our inquiries, the basic financial statements and other knowledge we obtained during our audit of the basic financial statements. We do not express an opinion or provide any assurance on the information because the limited procedures do not provide us with sufficient evidence to express an opinion or provide any assurance.

Other Information Our audit was conducted for the purpose of forming opinions on the financial statements that collectively comprise the Homewood-Flossmoor Park District, Illinois’ basic financial statements. The introductory section, combining and individual fund financial statements and schedules, supplemental data and statistical section are presented for purposes of additional analysis and are not a required part of the basic financial statements.

The 2015 combining and individual fund statements and schedules are the responsibility of management and were derived from and relate directly to the underlying accounting and other records used to prepare the basic financial statements. Such information has been subjected to the auditing procedures applied in

Members of the Board of Park Commissioners Homewood-Flossmoor Park District Page 3

the audit of the basic financial statements and certain additional procedures, including comparing and reconciling such information directly to the underlying accounting and other records used to prepare the basic financial statements or to the basic financial statements themselves, and other additional procedures in accordance with auditing standards generally accepted in the United States of America. In our opinion, based on our audit, the combining and individual fund statements and schedules for the year ended April 30, 2015, are fairly stated, in all material respects, in relation to the basic financial statements as a whole. The other information consisting of the combining and individual fund statements and schedules for the year ended April 30, 2014, was audited by other auditors whose report dated October 23, 2014, expressed an unmodified opinion on such information in relation to the basic financial statements for the year ended April 30, 2014, taken as a whole.

The introductory and statistical sections have not been subjected to the auditing procedures applied in the audit of the basic financial statements and, accordingly, we do not express an opinion or provide any assurance on them.

Oakbrook Terrace, Illinois October 27, 2015

MANAGEMENT’S DISCUSSION AND ANALYSIS

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Homewood-Flossmoor Park District Management’s Discussion and Analysis

April 30, 2015 The Homewood-Flossmoor Park District (the “District”) discussion and analysis is designed to: (1) assist the reader in focusing on significant financial issues, (2) provide an overview of the District’s financial activity, (3) identify changes in the District’s financial position (its ability to address the next and subsequent year challenges), (4) identify any material deviations from the financial plan (the approved budget), and (5) identify individual fund issues or concerns. The Management’s Discussion and Analysis (“MD&A”) is an element of the reporting model adopted by the Governmental Accounting Standards Board (GASB) in their Statement No. 34, Basic Financial Statements – and Management’s Discussion and Analysis – for State and Local Governments, issued June 1999. Certain comparative information between the current year and the prior year is required to be presented in the MD&A. In the fiscal year ended April 30, 2013, the District implemented new government standards (GASB Statements Nos. 63 and 65) which changed the name of the government-wide balance sheet from the Statement of Net Assets to the Statement of Net Position as well as terminology used to refer to certain line items within that statement. This was done to recognize that certain balance sheet elements do not fit the definition of either assets or liabilities. These elements are now disclosed as deferred outflows and deferred inflows of resources, respectively. Consequently, statements, schedules and tables which use data from previous fiscal years for comparison have been restated to agree with these changes. Since the MD&A is designed to focus on the current year’s activities, resulting changes and currently known facts, please read it in conjunction with the Transmittal Letter (beginning on page iii) and the District’s financial statements (beginning on page 11). Financial Highlights

• The assets and deferred outflows of resources of the District exceeded its liabilities and deferred inflows at the close of the fiscal year ended April 30, 2015 by $25,040,330. Of this new position, $602,163 is unrestricted and may be used to meet ongoing and future obligations to citizens and creditors.

• The District’s overall expenses of $12,028,296 exceeded revenues of $11,995,030 resulting in a

slight decrease in the District-wide net position of $33,266.

• Property-related taxes received during the year were $4,971,970 compared to $5,177,890 last year, a decrease of $205,920, or 4%. Tax increment financing receipts (TIF) for the year were $3,396 compared to $31,150 last year.

• Recreational activities for the year resulted in charges for services of $1,808,190, or 58%, of

program costs. Revenues increased slightly by $1,634, or less than 1%, from last year’s total of $1,806,556, while related expenses of $3,127,582 increased by $219,369, or 7.5%, from last year’s total of $2,908,213.

• Resources spent on capital improvements by governmental funds were $1,831,579, an increase

of $1,074,499, or 142%, from last year.

• The District’s total outstanding long-term debt was $16,663,950 as of April 30, 2015, a net increase of $2,584,932 from the prior year end as new debt exceeded that retired through repayment.

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OVERVIEW OF THE FINANCIAL STATEMENTS

Management’s Discussion and Analysis introduces the District’s basic financial statements. The basic financial statements include: (1) District-wide financial statements, (2) fund financial statements, and (3) notes to the financial statements. The District also includes in this report additional information to supplement the basic financial statements. District-wide Financial Statements The comprehensive annual financial report includes two District-wide financial statements. These statements provide both long-term and short-term information about the District’s overall status. Financial reporting at this level uses a perspective similar to that found in the private sector with its basis in full accrual accounting and elimination or reclassification of internal activities. The first of these District-wide statements is the Statement of Net Position. This statement of financial condition as of a point in time compares all of the District’s assets and deferred outflows of resources to its liabilities and deferred inflows of resources, with the difference reported as net position. Over time, increases or decreases in net position may serve as a useful indicator of whether the financial condition of the District as a whole is improving or deteriorating. Evaluation of the overall financial health of the District would extend to other non-financial factors such as diversification of the taxpayer base or the condition of the District’s infrastructure in addition to the financial information provided in this report. The second District-wide statement is the Statement of Activities which reports how the District’s net position changed during the current fiscal year. All current year revenues and expenses are included regardless of when cash is received or paid. An important purpose of the design of this statement is to show the financial reliance of the District’s distinct activities or functions on revenues provided by the District’s taxpayers. Both of the District-wide financial statements distinguish governmental activities of the District that are supported by taxes and intergovernmental revenues, such as grants, from business-type activities that are intended to recover all or a significant portion of their costs through user fees and charges. Business-type activities include the Racquet and Fitness Club, the Ice Arena and the Coyote Run Golf Course. Fiduciary activities, such as employee pension plans, are not included in the District-wide statements since resources from these activities are not available to fund District programs. The District-wide financial statements are presented on pages 11-14 of this report. Fund Financial Statements A fund is an accountability unit used to maintain control over resources segregated for specific activities or objectives. The District uses funds to ensure and demonstrate compliance with finance-related laws and regulations. Within the basic financial statements, fund financial statements focus on the District’s most significant funds rather than the District as a whole. Major funds are separately reported while all others are combined into a single aggregated presentation. Individual fund data for nonmajor funds is provided in the form of combining statements in a later section of this report. The District has two kinds of funds: Governmental funds are reported in the fund financial statements and encompass essentially the same functions reported as governmental activities in the District-wide financial statements. However, the focus is very different, with fund statements providing a distinctive view of the District’s governmental funds. These statements report short-term fiscal accountability focusing on the use of spendable

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resources and balances of spendable resources available at the end of the year. They are useful in evaluating annual financing requirements of governmental programs and the commitment of spendable resources for the near term. Since the District-wide focus includes the long-term view, comparisons between these two perspectives may provide insight into the long-term impact of short-term financing decisions. Both the governmental fund balance sheet and the governmental fund statement of revenues, expenditures and changes in fund balances provide a reconciliation to assist in understanding the differences between these two perspectives. Summary budgetary comparison statements are included in the basic financial statements for certain major funds - the General Fund, Recreation Fund and Museum Fund. Detailed budgetary comparison schedules for these and other special revenue funds can be found in a later section of this report. These statements and schedules demonstrate compliance with the District’s adopted annual appropriated budget. The basic governmental fund budgetary financial statements are presented on pages 21-23 of this report. Proprietary funds are also included in the fund financial statements. These funds generally report services for which the District charges customer fees and are intended to be self-sufficient. The District reports three enterprise funds in this category. Enterprise funds essentially encompass the same functions reported as business-type activities in the District-wide statements. Proprietary fund statements provide both long-term and short-term financial information consistent with the focus provided by the District-wide financial statements but with more detail for major enterprise funds. The basic enterprise fund financial statements are presented on pages 24-26 of this report. Notes to the Financial Statements The accompanying notes to the financial statements provide information essential to a full understanding of the District-wide and fund financial statements. The notes to the financial statements follow the basic fund financial statements. Other Information In addition to the basic financial statements and accompanying notes, this report also presents certain required supplementary information concerning the District’s progress in funding its obligation to provide pension benefits to its employees. While major funds are reported in the basic financial statements as discussed, combining and individual statements and schedules for nonmajor funds are presented in a subsequent section of this report following the required supplementary information. District-wide Financial Analysis An analysis of the District’s net position may serve as a useful indicator of the government’s financial condition. The largest portion of the District’s net position is an investment in capital assets such as land, buildings and improvements, and equipment. The District uses these capital assets to provide services to customers; consequently, these assets are not available for future spending. Although the District’s investment in its capital assets is presented net of related debt used to acquire those assets, it should be noted that the resources needed to repay this debt must be provided from other sources, since the capital assets themselves cannot be used to pay off these liabilities. As year-to-year financial information is accumulated on a consistent basis, changes in net position may be observed and used to understand the changing financial condition of the District as a whole.

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The following chart summarizes the net position reported in statements on pages 11-14 of this report.

2015 2014 2015 2014 2015 2014

Current Assets 10,846,870$ 8,178,773 391,261 388,958 11,238,131 8,567,731 Internal Balances 3,518,531 3,424,099 (3,518,531) (3,424,099) Capital Assets 17,100,865 16,101,410 17,584,412 17,981,435 34,685,277 34,082,845 Deferred Outflows of Resources 268,760 289,382 268,760 289,382

Total Assets and Deferred Outflows 31,735,026 27,993,664 14,457,142 14,946,294 46,192,168 42,939,958

Current Liabilities (2,214,699) (1,935,525) (910,377) (1,288,527) (3,125,076) (3,224,052) Noncurrent Liabilities (13,790,704) (10,343,552) (1,855,509) (2,054,323) (15,646,213) (12,397,875) Deferred Inflows of Resources (2,380,549) (2,244,435) (2,380,549) (2,244,435)

Total Liabilities and Deferred Inflows (18,385,952) (14,523,512) (2,765,886) (3,342,850) (21,151,838) (17,866,362)

Net PositionNet Investment in Capital Assets 6,740,728 6,873,691 15,602,949 15,434,566 22,343,677 22,308,257 Restricted 2,094,490 1,870,006 2,094,490 1,870,006 Unrestricted 4,513,856 4,726,455 (3,911,693) (3,831,122) 602,163 895,333

Total Net Position 13,349,074 13,470,152 11,691,256 11,603,444 25,040,330 25,073,596

Governmental Activities Business-type Activities Total

SUMMARY OF DISTRICT-WIDE NET POSITIONApril 30, 2015 and 2014

2015 2014 2015 2014 2015 2014Revenues

Program RevenuesCharges for Services 1,808,190$ 1,806,556 5,028,335 5,004,652 6,836,525 6,811,208 Operating Grants and Contributions 45,411 21,124 45,411 21,124 Capital Grants and Contributions

Total Program Revenues 1,853,601 1,827,680 5,028,335 5,004,652 6,881,936 6,832,332

General RevenuesProperty Tax 4,971,970 5,177,890 4,971,970 5,177,890 Replacement and Other Taxes 89,553 114,044 89,553 114,044 Investment Income 3,530 4,434 2,530 3,435 6,060 7,869 Miscellaneous 45,511 42,755 45,511 42,755

Total General Revenues 5,110,564 5,339,123 2,530 3,435 5,113,094 5,342,558

Total Revenues 6,964,165 7,166,803 5,030,865 5,008,087 11,995,030 12,174,890

ExpensesGeneral Government 3,004,612 3,305,066 3,004,612 3,305,066 Recreational 3,127,582 2,908,213 3,127,582 2,908,213 Interest and Issuance Costs 545,488 487,167 545,488 487,167 Racquet Club 2,554,317 2,491,685 2,554,317 2,491,685 Ice Arena 835,041 834,505 835,041 834,505 Golf Course 1,961,256 1,952,165 1,961,256 1,952,165

Total Expenses 6,677,682 6,700,446 5,350,614 5,278,355 12,028,296 11,978,801 Change in Net Position Before Transfers 286,483 466,357 (319,749) (270,268) (33,266) 196,089 Transfers (407,561) (460,246) 407,561 460,246

Change in Net Position (121,078) 6,111 87,812 189,978 (33,266) 196,089

Governmental Activities Business-type Activities Total

SUMMARY OF CHANGES IN DISTRICT-WIDE NET POSITIONFiscal Years Ended April 30, 2015 and 2014

8

Governmental Activities (referring to the preceding chart) The District-wide net position from governmental activities decreased $121,078 compared to a minimal increase last year. While net spending for recreational activities, to maintain parks and facilities and to make capital asset contributions to business-type activities remained relatively constant, property tax collections declined by $205,920 from last year. Even so, the current level of restricted and unrestricted net position allows the District to meet its debt service needs, provide for future improvements, and support struggling business-type activities. Although the District continued its strategy of keeping cash not immediately needed for operations in low-risk, highly liquid investments, persistently low interest rates resulted in insignificant income from this type of investment. On the other hand, interest expense, including debt issuance costs, increased by $58,321 from last year reflecting the impact of newly issued debt. Business-type Activities (referring to the preceding chart) Excluding transfers and contributions sourced in governmental activities, business-type activities reduced the District-wide net position by $319,749 compared to a reduction of $270,268 last year. An improvement in combined operating revenues was more than offset by increases in combined operating expenses. More discussion follows in the analysis of the District’s individual funds. Financial Analysis of the District’s Funds (referring primarily to pages 15-19 and pages 24-26 of this report) Governmental Funds As discussed, Governmental Funds are reported in the fund statements with a short-term inflow and outflow of spendable resources focus. This information is useful in assessing resources available at the end of the year in comparison with upcoming financing requirements. Governmental Funds reported ending fund balances of $11,214,844, an increase of $2,341,449 from last year. Of the year-end total, $8,267,691 is available for continuing the District’s future operations as assigned fund balances. Major Governmental Funds The General, Recreation, Museum, Debt Service and Improvement Funds are the primary operating funds of the District. As of April 30, 2015, the General Fund balance was $852,663, most of which was dedicated to advances to support ice arena and golf course operations. In the Improvement Fund, $2,666,954 has been advanced to support ice and golf course operations, leaving $4,304,518 available to support the District’s future operations. The General Fund balance decreased by $373,390 during the year compared to a reduction of $551,741 last year. Property tax revenues declined $183,482, or 7.7% from last year echoing the full impact of successive years of lowering property tax valuations on the ability to levy taxes. The Recreation Fund balance decreased by $73,661. Although overall expenses remained stable, revenues from activity fees and charges declined from the prior year, primarily at the swimming pool.

9

While the continued popularity of the programs and services offered by the Irons Oaks Environmental Learning Center remained strong, the Museum Fund balance decreased by $109,580, due to a planned reduction in levied taxes and increased capital expenditures. The remaining fund balance of $823,463 will allow for major repairs and capital improvements in the future. The Improvement Fund balance increased by $2,771,126 reflecting new debt proceeds expected to be spent in future years. All of the Debt Service Fund balance of $556,268 is available for future debt obligations. Business-type Activities, Major Proprietary Funds The Racquet Club Fund is an enterprise fund used to account for the operation and maintenance of the Racquet and Fitness Club. Operations include racquet sports and related programs, fitness programs, lap pool, pro-shop and administration. The cost of operations is recovered through membership fees and user charges. The net position of the Racquet Club Fund was $2,988,601 as of April 30, 2015, a decrease of $77,568 from last year end. A general decline in memberships and participation in both tennis and fitness programs resulted in lowered operating revenue and net operating income which was not sufficient to cover depreciation and financing expenses. The Artificial Ice Skating Rink Fund is used to account for the operation and maintenance of the Ice Arena. Operations include figure skating and hockey related programs, pro-shop and administration. The cost of operations is recovered through user charges. The net position of the Skating Rink Fund increased by $220,969 during the year. Of the increase, operating income of $130,431 continued the reversal of several years of declines in net position from operating losses. Improvements in operating revenue from large arena ice rentals and reductions in part-time labor costs contributed to the strong operating income. Nevertheless, excluding net capital assets, the Skating Rink Fund had a deficit net position of $2,496,034 at year end. Advances from the Racquet Club Fund and Improvement Fund totaling $2,558,546 are being used to support ice arena operations. The Golf Course Fund is used to account for the operation and maintenance of Coyote Run Golf Course. Operations include a golf course, learning center, pro-shop, restaurant and administration. The cost of operations is recovered through user charges. Excluding financing transfers and capital asset contributions from other funds, the net position of the Golf Course Fund declined $329,185. While an operating loss at Wiley’s Grill was cut by 70% during its third full year of operations, it offset profitable course play resulting in a combined operating gain of $38,815 which was not sufficient to cover depreciation and financing expenses. Excluding net capital assets, the Golf Course Fund had a deficit net position of $2,236,099 at year end. Advances from the General and Improvement Funds totaling $2,205,404 are being used to support operations. Budgetary Highlights (referring to page 21, Exhibit A-7 of this report) The General Fund accounts for all of the resources for services traditionally associated with a park district, except those for which a special fund has been created. Each year, approximately 25% of the District’s total governmental revenues and expenditures are budgeted in this fund. During the 2015 budget year, the District did not revise the annual operating budget.

10

Actual revenues were lower than budgeted in the General Fund due to a variance in property tax revenues of $156,260. A significant reduction from the tri-annual reassessment of property values within the District coupled with legal caps on the ability to levy taxes for the General Fund resulted in less tax revenue than anticipated. Offsetting was a variance in general government contractual expenses which were $59,857 less than budgeted primarily due to lower than expected spending for employee health insurance and loss prevention programs. Combined with other minor effects, the net negative variance from budget before debt service was $126,847. CAPITAL ASSETS AND DEBT ADMINISTRATION Capital Assets As of April 30, 2015, the District’s investment in capital assets net of accumulated depreciation for governmental and business-type activities was $17,100,865 and $17,584,412, respectively. Much of the major capital spending during the year centered on facility upgrades including parking lot repaving and tennis court lighting at the Racquet and Fitness Club, replacement of the air conditioning system at the Irwin Community Center, replacement of the ropes course at the Irons Oaks Environmental Learning Center, playground renovations at the Highlands and Pheasant Trails parks, replacement of the roof at the Goldberg administration building and the ongoing complete renovation of the Dolphin Lake Clubhouse and grounds to be completed in the following fiscal year. Other expenditures were for a new ice resurfacing machine, significant computer upgrading, parks and golf course maintenance equipment, ADA and accessibility upgrades and the replacement of various other equipment throughout the District. For more detailed information, see Notes to the Financial Statements, Note 5. Debt Administration As of April 30, 2015, the District had general obligation bond issues outstanding totaling $16,663,950. Of this amount, $1,945,000 is being paid from alternate revenue sources. During the year, the District repaid $1,784,825 and issued $4,385,000 in new general obligation bonds, primarily for future expenditures related to the Dolphin Lake facility. For more detailed information, see Notes to the Financial Statements, Note 6. Factors Bearing on the District’s Future Although it was uncertain whether a significant grant previously awarded by the State of Illinois would eventually be disbursed, the District did not expect that this or any other existing circumstance would adversely affect its financial health in the near future.

CONTACTING THE DISTRICT’S FINANCIAL MANAGEMENT This financial report is designed to provide a general overview of the District’s finances, comply with finance-related laws and regulations, and demonstrate the District’s commitment to public accountability. If you have any questions about this report or would like to request additional information, please contact:

Renae Ross Superintendent of Finance & Administration

Homewood-Flossmoor Park District 3301 Flossmoor Road Flossmoor, IL 60422

BASIC FINANCIAL STATEMENTS

11

Exhibit A-1HOMEWOOD-FLOSSMOOR PARK DISTRICT, ILLINOIS

Statement of Net Position

April 30, 2015

Governmental Business-TypeActivities Activities Total

AssetsCurrent Assets

Cash and Investments 8,370,167$ 8,370,167 Receivables

Property Taxes 2,417,433 2,417,433 Accounts 83,277 83,277 Other 43,346 43,346

Prepaid Items 15,924 56,055 71,979 Inventory 251,929 251,929

Total Current Assets 10,846,870 391,261 11,238,131

Non-Current AssetsInternal Balances 3,518,531 (3,518,531)

Capital Assets Not Being Depreciated 9,101,755 8,547,678 17,649,433 Capital Assets Depreciable, Net 7,999,110 9,036,734 17,035,844

17,100,865 17,584,412 34,685,277 Total Non-Current Assets 20,619,396 14,065,881 34,685,277

Deferred Outflows of ResourcesDeferred Charge on Debt Refunding 268,760 268,760

Total Assets 31,735,026 14,457,142 46,192,168

See Notes to Financial Statements (Cont.)

12


Statement of Net Position (Cont.)

April 30, 2015


LiabilitiesCurrent Liabilities

Accounts Payable 555,185$ 91,129 646,314 Accrued Interest Payable 162,155 21,999 184,154 Accrued Liabilities 144,518 122,999 267,517 Unearned Revenue 70,305 474,489 544,794 Compensated Absences Payable 31,661 14,761 46,422 General Obligation Bonds Payable 1,250,875 185,000 1,435,875

Total Current Liabilities 2,214,699 910,377 3,125,076

Noncurrent LiabilitiesCompensated Absences Payable 94,982 59,046 154,028 General Obligation Bonds Payable 13,695,722 1,796,463 15,492,185

Total Noncurrent Liabilities 13,790,704 1,855,509 15,646,213

Deferred Inflows of ResourcesDeferred Revenue - Property Taxes 2,380,549 2,380,549

Net PositionNet Investment in Capital Assets 6,740,728 15,602,949 22,343,677 Restricted for Debt Service 556,268 556,268 Restricted for Employee Benefits 1,374,209 1,374,209 Restricted for Working Capital 164,013 164,013 Unrestricted 4,513,856 (3,911,693) 602,163

Total Net Position 13,349,074 11,691,256 25,040,330

Total Liabilities, Deferred Inflows of Resourcesand Net Position 31,735,026 14,457,142 46,192,168

13

HOMEWOOD-FLOSSMOOR PARK DISTRICT, ILLINOIS

Statement of Activities

Year Ended April 30, 2015

Operating CapitalCharges for Grants and Grants and

Expenses Services Contributions Contributions

Governmental ActivitiesGeneral Government 3,004,612$ Recreational 3,127,582 1,808,190 45,411 Interest Expense and Issuance Costs 545,488

Total Governmental Activities 6,677,682 1,808,190 45,411 -

Business-Type ActivitiesRacquet Club 2,554,317 2,437,221 Artificial Ice Skating Rink 835,041 959,043 Golf Course 1,961,256 1,632,071

Total Business-Type Activities 5,350,614 5,028,335 - -

12,028,296 6,836,525 45,411 -

General Revenues Taxes Property Replacement Other Investment Income MiscellaneousTransfers Total General Revenues

Change in Net Position

Net Position Beginning - May 1

Ending - April 30

See Notes to Financial Statements

Functions/Programs

Program Revenues

14

Exhibit A-2


(3,004,612) (3,004,612) (1,273,981) (1,273,981)

(545,488) (545,488) (4,824,081) - (4,824,081)

(117,096) (117,096) 124,002 124,002

(329,185) (329,185) - (322,279) (322,279)

(4,824,081) (322,279) (5,146,360)

4,971,970 4,971,970 73,717 73,717 15,836 15,836

3,530 2,530 6,060 45,511 45,511

(407,561) 407,561 4,703,003 410,091 5,113,094

(121,078) 87,812 (33,266)

13,470,152 11,603,444 25,073,596

13,349,074 11,691,256 25,040,330

Net (Expense) Revenue and Changes in Net Position

15


Balance Sheet - Governmental Funds

April 30, 2015

General Recreation MuseumFund Fund Fund

Cash and Investments 39,157$ 192,409 859,941 Receivables, Net

Property Taxes 1,011,664 234,903 24,739 Replacement Taxes 18,099Other 589 12,915 5,275

Advances to Other Funds 851,577 Prepaid Items 15,924

Total Assets 1,937,010 440,227 889,955

LiabilitiesAccounts Payable 43,447$ 116,559 3,345 Accrued Liabilities 43,454 46,609 15,179Unearned Revenue 1,650 45,065 23,590

Total Liabilities 88,551 208,233 42,114

Deferred Inflows of ResourcesUnavailable Revenue - Property Taxes 995,796 231,447 24,378

Fund BalancesNonspendable

Advances 836,739 Prepaid Items 15,924

Restricted forDebt ServiceEmployee BenefitsWorking Capital

Assigned toSpecial Revenue Fund Purposes 547 823,463 Capital Project Fund Purposes

Unassigned

Total Fund Balances 852,663 547 823,463

Total Liabilities, Deferred Inflows of Resources and Fund Balances 1,937,010 440,227 889,955


ASSETS

RESOURCES AND FUND BALANCESLIABILITIES, DEFERRED INFLOWS OF

16

Exhibit A-3

Debt Nonmajor TotalService Improvement Governmental GovernmentalFund Fund Funds Funds

548,954 4,695,897 2,033,809 8,370,167

482,524 663,603 2,417,433 18,099

6,468 25,247 2,666,954 3,518,531

15,924

1,031,478 7,369,319 2,697,412 14,365,401

391,834 555,185 6,013 33,263 144,518

70,305

- 397,847 33,263 770,008

475,210 653,718 2,380,549

836,739 15,924

556,268 556,268

1,374,209 1,374,209 164,013 164,013

471,704 1,295,714

6,971,472 505 6,971,977

556,268 6,971,472 2,010,431 11,214,844

1,031,478 7,369,319 2,697,412 14,365,401

See Notes to Financial Statements17


Reconciliation of the Balance Sheet of Governmental Fundsto the Statement of Net Position

April 30, 2015

Total Fund Balances - Governmental Funds 11,214,844$

Amounts reported for governmental activities in the Statement of Net Positionare different because:

Deferred Charge on Debt Refunding, which is reported in the Statement of NetPosition, does not provide a current financial resource and, therefore, is notreported as an asset in the governmental funds 268,760

Capital assets used in governmental activities are not financial resources and,therefore, are not reported in the governmental funds balance sheet. 17,100,865

Interest expense is not subject to accrual in governmental funds. (162,155)

Some liabilities reported in the Statement of Net Position do not require theuse of current financial resources and, therefore, are not reported asliabilities in governmental funds. These activities consist of:

General Obligation Bonds Payable, Net (14,946,597) Compensated Absences (126,643)

Net Position of Governmental Activities 13,349,074

18


Statement of Revenues, Expenditures, and Changes inFund Balances - Governmental Funds


General Recreation MuseumFund Fund Fund

RevenuesProperty Taxes 2,197,461$ 449,614 44,658 Swimming Pools 180,261 Fees and Charges 975,657 525,927 Building Rental 124,268 Replacement Taxes 73,717 Investment Income 2,530 Grants and Donations 19,074 18,448 Interfund Services 16,000 Miscellaneous 18,042 22,451 27,424

Total Revenues 2,307,750 1,771,325 616,457 Expenditures

CurrentGeneral Government 1,808,387 Recreation 1,844,986 617,600 Retirement Contributions

Capital Outlay 16,293 92,486 Debt Service

Principal 260,000 15,243 Interest 364,252 708 Bond Issuance Costs

Total Expenditures 2,448,932 1,844,986 726,037

Excess (Deficiency) of Revenuesover Expenditures (141,182) (73,661) (109,580)

Other Financing Sources (Uses)Transfers Out (232,208) Issuance of Long-Term Debt Premium(Discount) on Issuance of Long-Term Debt

Total Other Financing Sources (Uses) (232,208) - -

Net Change in Fund Balances (373,390) (73,661) (109,580)

Fund BalancesBeginning - May 1 1,226,053 74,208 933,043

Ending - April 30 852,663 547 823,463


19

Exhibit A-5

Debt Nonmajor TotalService Improvement Governmental GovernmentalFund Fund Funds Funds

975,841 1,307,792 4,975,366 180,261

1,501,584 124,268

73,717 1,000 3,530

37,522 16,000

67,917 975,841 - 1,308,792 6,980,165

5,000 198,160 193,263 2,204,810 2,462,586

835,333 835,333 1,585,025 137,775 1,831,579

969,825 1,245,068 16,483 81,090 462,533

68,193 68,193 991,308 1,932,468 1,166,371 9,110,102

(15,467) (1,932,468) 142,421 (2,129,937)

(232,208) 4,385,000 4,385,000

318,594 318,594 - 4,703,594 - 4,471,386

(15,467) 2,771,126 142,421 2,341,449

571,735 4,200,346 1,868,010 8,873,395

556,268 6,971,472 2,010,431 11,214,844



Reconciliation of the Statement of Revenues, Expenditures, and Changes in Fund Balances of Governmental Funds to the Statement of Activities


Net Change in Fund Balances - Total Governmental Funds 2,341,449$

Amounts reported for governmental activities in the Statement of Activitiesare different because:

Governmental funds report capital outlays as expenditures whilegovernmental activities report depreciation expense to allocatethose expenditures over the life of the assets. This is the amount by which capital outlay ($1,525,198) exceeded depreciation ($512,570) and carrying value of disposals ($13,173) in the current period. 999,455

The issuance of long-term debt, net of discounts and premiums, provides current financial resources to governmental funds; however, this amount is recorded as an increase to debt outstanding in the Statement of

Net Position. (4,703,594)

The premiums and discounts on bond issuances are capitalized andamortized in the District-wide financial statements. This is theamount of amortization expense in the current period. (16,264)

The repayment of principal of long-term debt consumes the current financial resources of governmental funds. This transaction, however,has no effect on net position. This is the amount of bond principal paid. 1,245,068

Some expenses reported in the Statement of Activities do not require theuse of current financial resources and, therefore, are not reported asexpenditures in governmental funds. These activities consist of:

Decrease in compensated absences 448 Decrease in OPEB obligation 10,858 Decrease in accrued interest payable on bonds 1,502

Change in Net Position of Governmental Activities (121,078)



General Fund

Statement of Revenues, Expenditures, andChanges in Fund Balance - Budget and Actual Year Ended April 30, 2015(With Comparative Actual Amounts for the Year Ended April 30, 2014)

Variance WithFinal Budget

Original/Final Positive 2014 Budget Actual (Negative) Actual

RevenuesProperty Taxes

General Corporate 1,945,059$ 1,816,050 (129,009) 1,990,520 Liability Insurance 321,781 300,593 (21,188) 309,638 Worker's Compensation 86,881 80,818 (6,063) 80,785

Replacement Taxes 73,074 73,717 643 70,454 Investment Income 5,000 2,530 (2,470) 3,434 Interfund Services 16,000 16,000 31,000 Miscellaneous 20,150 18,042 (2,108) 23,112

Total Revenues 2,467,945 2,307,750 (160,195) 2,508,943

ExpendituresGeneral Government

Personnel 899,075 892,636 6,439 888,248 Contractual Services 771,809 711,952 59,857 628,531 Supplies and Materials 112,835 122,718 (9,883) 138,387 Repairs and Maintenance 69,309 81,081 (11,772) 96,017

Capital OutlayContribution to Golf Course Fund 16,293 (16,293) Other 5,000 5,000

Debt ServicePrincipal 440,000 260,000 180,000 835,000 Interest 440,627 364,252 76,375 214,526

Total Expenditures 2,738,655 2,448,932 289,723 2,800,709

Excess (Deficiency) of Revenues over Expenditures (270,710) (141,182) 129,528 (291,766)

Other Financing UsesTransfer Out - Golf Course Fund (232,208) (232,208) (259,975)

Net Change in Fund Balance (270,710) (373,390) (102,680) (551,741)

Fund Balance Beginning - May 1 1,226,053 1,777,794

Ending - April 30 852,663 1,226,053

2015



Recreation Fund

Statement of Revenues, Expenditures, andChanges in Fund Balance - Budget and ActualYear Ended April 30, 2015(With Comparative Actual Amounts for the Year Ended April 30, 2014)


Original/Final Positive 2014 Budget Actual (Negative) Actual

RevenuesProperty Taxes 482,671$ 449,614 (33,057) 458,341Swimming Pool 249,051 180,261 (68,790) 210,120Fees and Charges 1,014,134 975,657 (38,477) 979,826Building Rental 122,461 124,268 1,807 141,358Donations 22,410 19,074 (3,336) 13,759Miscellaneous 11,460 22,451 10,991 8,887

Total Revenues 1,902,187 1,771,325 (130,862) 1,812,291

ExpendituresRecreation

Personnel 1,184,707 1,164,802 19,905 1,138,867Contractual Services 560,571 516,845 43,726 520,128Supplies and Materials 142,931 132,227 10,704 124,596Repairs and Maintenance 20,995 31,112 (10,117) 59,021

Total Expenditures 1,909,204 1,844,986 64,218 1,842,612

Net Change in Fund Balance (7,017) (73,661) (66,644) (30,321)

Fund BalanceBeginning - May 1 74,208 104,529

Ending - April 30 547 74,208

2015



Museum Fund



Original/Final Positive 2014Budget Actual (Negative) Actual

RevenuesProperty Taxes 50,891$ 44,658 (6,233) 114,486 Fees and Charges 573,505 525,927 (47,578) 471,266 Grants and Donations 27,950 18,448 (9,502) 7,925 Miscellaneous 27,389 27,424 35 26,622

Total Revenues 679,735 616,457 (63,278) 620,299

ExpendituresRecreation

Personnel 496,515 451,194 45,321 421,138 Contractual Services 148,408 110,223 38,185 153,561 Supplies and Materials 34,759 28,821 5,938 23,491 Repairs and Maintenance 26,206 27,362 (1,156) 39,125

Capital Outlay 205,200 92,486 112,714 22,365 Debt Service

Principal 15,244 15,243 1 14,530 Interest 708 708 692

Total Expenditures 927,040 726,037 201,003 674,902

Net Change in Fund Balance (247,305) (109,580) 137,725 (54,603)

Fund Balance Beginning - May 1 933,043 987,646

Ending - April 30 823,463 933,043

2015



Statement of Net Position - Enterprise Funds

(With Comparative Totals at April 30, 2014)

Racquet Artificial Golf Club Ice Skating Course Total

ASSETS Fund Rink Fund Fund 2015 2014

Current AssetsCash and Investments Accounts Receivable, Net of Allowance 57,983$ 22,783 2,511 83,277 49,182 Prepaid Expenses 55,655 400 56,055 57,330 Inventories 55,179 85,290 111,460 251,929 282,446

Total Current Assets 168,817 108,073 114,371 391,261 388,958

Non-Current AssetsAdvance to Other Funds 1,245,419 1,245,419 1,536,695 Capital Assets

Cost 9,645,243 3,923,942 16,787,305 30,356,490 30,096,389 Accumulated Depreciation (7,256,862) (2,518,557) (2,996,659) (12,772,078) (12,114,954)

Net Capital Assets 2,388,381 1,405,385 13,790,646 17,584,412 17,981,435 Total Non-Current Assets 3,633,800 1,405,385 13,790,646 18,829,831 19,518,130

Total Assets 3,802,617 1,513,458 13,905,017 19,221,092 19,907,088

LIABILITIES AND NET POSITION

Current LiabilitiesAccounts Payable 58,199 9,990 22,940 91,129 90,310 Accrued Interest Payable 3,520 881 17,598 21,999 21,727 Accrued Liabilities 66,946 15,436 40,617 122,999 97,862 Bonds Payable, Current Portion, Net 104,925 23,777 56,298 185,000 555,000 Compensated Absences 6,468 2,161 6,133 14,761 15,614 Unearned Revenue 432,790 8,451 33,248 474,489 508,014

Total Current Liabilities 672,848 60,696 176,834 910,377 1,288,527

Non-Current LiabilitiesAdvances from Other Funds 2,558,546 2,205,404 4,763,950 4,960,794 Compensated Absences 25,873 8,642 24,530 59,046 62,454 Bonds Payable, Long-Term Portion, Net 115,295 26,130 1,655,038 1,796,463 1,991,869

Total Non-Current Liabilities 141,168 2,593,318 3,884,972 6,619,459 7,015,117

Total Liabilities 814,016 2,654,014 4,061,806 7,529,836 8,303,644

Net PositionNet Investment in Capital Assets 2,168,161 1,355,478 12,079,310 15,602,949 15,434,566 Unrestricted 820,440 (2,496,034) (2,236,099) (3,911,693) (3,831,122)

Total Net Position 2,988,601 (1,140,556) 9,843,211 11,691,256 11,603,444

Business-type Activities

April 30, 2015



Statement of Revenues, Expenses,and Changes in Net Position - Enterprise Funds

(With Comparative Totals at April 30, 2014)

Racquet Artificial GolfClub Ice Skating CourseFund Rink Fund Fund 2015 2014

Operating RevenuesCharges for Services 2,198,978$ 912,644 1,014,390 4,126,012 4,122,962 Retail Sales 123,798 27,146 613,834 764,778 739,026 Other 114,445 19,253 3,847 137,545 142,664

Total Operating Revenues 2,437,221 959,043 1,632,071 5,028,335 5,004,652

Operating Expenses excluding DepreciationCost of Goods Sold 89,487 22,751 245,250 357,488 375,355 Personnel 1,424,519 379,901 824,661 2,629,081 2,669,670 Contractual Services 577,932 235,067 336,058 1,149,057 1,060,367 Supplies 125,309 57,378 109,313 292,000 296,143 Repairs and Maintenance 55,027 40,536 77,974 173,537 139,272

Total Operating Expenses 2,272,274 735,633 1,593,256 4,601,163 4,540,807

Operating Income before Depreciation 164,947 223,410 38,815 427,172 463,845

Depreciation 255,074 92,979 319,082 667,135 650,554

Operating Income (Loss) (90,127) 130,431 (280,267) (239,963) (186,709)

Nonoperating Income (Expense)Interest Income 2,530 2,530 3,435 Loss on Disposal of Capital Assets (4,824) (4,824) (1,763) Interest and Amortization Expense (26,969) (6,429) (44,094) (77,492) (85,231)

Total Nonoperating Income (Expense) (24,439) (6,429) (48,918) (79,786) (83,559)

Income (Loss) before Transfers and Contributions (114,566) 124,002 (329,185) (319,749) (270,268)

Contributions Received from Improvement Fund 36,998 96,967 25,095 159,060 194,389 Special Recreation Fund 5,882 General Fund 16,293 16,293

Interfund Transfer from General Fund 232,208 232,208 259,975

Change in Net Position (77,568) 220,969 (55,589) 87,812 189,978

Net PositionBeginning - May 1 3,066,169 (1,361,525) 9,898,800 11,603,444 11,413,466

Ending - April 30 2,988,601 (1,140,556) 9,843,211 11,691,256 11,603,444


April 30, 2015

Total



Statement of Cash Flows - Enterprise FundsYear Ended April 30, 2015

Racquet Artificial GolfClub Ice Skating CourseFund Rink Fund Fund Total

Cash Flows from Operating ActivitiesReceipts from Customers and Users 2,374,904$ 949,824 1,635,987 4,960,715 Payments to Suppliers (828,083) (347,252) (764,135) (1,939,470) Payments to Employees (1,416,318) (377,545) (814,343) (2,608,206)

Net Cash Provided by Operating Activities 130,503 225,027 57,509 413,039

Cash Flows from Noncapital Financing ActivitiesChange in Advances To/From Other Funds 291,276 (139,334) (57,509) 94,433

Cash Flows from Capital and Related FinancingActivities

Capital Assets Purchased (89,927) (9,657) (99,584) Transfer In from General Fund 232,208 232,208 Principal Payments on Bonds (305,700) (69,300) (180,000) (555,000) Interest and Other Charges (28,682) (6,736) (52,208) (87,626)

Net Cash Used by Capital and Related Financing Activities (424,309) (85,693) - (510,002)

Cash Flows from Investing ActivitiesInterest Received 2,530 2,530

Net Increase in Cash and Cash Equivalents - - - -

Cash and Cash EquivalentsBeginning - May 1

Ending - April 30 - - - -

Reconciliation of Operating Income (Loss) to NetCash Provided by Operating Activities:

Operating Income (Loss) (90,127)$ 130,431 (280,267) (239,963) Adjustments to Reconcile Operating Income

(Loss) to Net Cash Provided by OperatingActivities:

Depreciation Expense 255,074 92,979 319,082 667,135 Change in Accounts Receivable (17,872) (16,952) 729 (34,095) Change in Inventories 11,582 13,578 5,357 30,517 Change in Prepaid Expenses 1,675 (400) 1,275 Change in Accounts Payable and

Accrued Liabilities 17,860 (2,399) 10,495 25,956 Change in Unearned Revenue (44,445) 7,733 3,187 (33,525) Change in Compensated Absences (3,244) (343) (674) (4,261)

Total Adjustments 220,630 94,596 337,776 653,002

Net Cash Provided by Operating Activities 130,503 225,027 57,509 413,039

Non-cash Capital and Financing ActivitiesInterfund Contribution of Capital Assets

From Governmental Funds 36,998$ 96,967 41,388 175,353


HOMEWOOD-FLOSSMOOR PARK DISTRICT, ILLINOIS Notes to the Financial Statements April 30, 2015

27

1. Summary of Significant Accounting Policies The financial statements of the Homewood-Flossmoor Park District, Illinois (District) have been prepared in

conformity with generally accepted accounting principles (GAAP) as applied to government units. The Governmental Accounting Standards Board (GASB) is the accepted standard-setting body for establishing governmental accounting and financial reporting principles. The more significant of the District’s accounting policies are described below.

A. Reporting Entity Homewood-Flossmoor Park District, Illinois, was formed by the merger of the Homewood and Flossmoor

Park Districts in 1969 under the provisions of Chapter 105 of the Illinois Compiled Statutes, as amended. The District operates under a Board of Commissioners elected by the voters of the District and provides all types of recreational programs and facilities, maintenance of parks and athletic fields, outdoor swimming pool, indoor ice arena, indoor racquet sports and fitness facility, golf course, restaurant and general administrative services.

As required by generally accepted accounting principles, the financial statements include those of the

Homewood-Flossmoor Park District, Illinois and its component units, where applicable. In evaluating how to define the District for financial reporting purposes, management has considered potential component units as required by Governmental Accounting Standards Board Statement No. 14. This statement requires that any entity which is financially accountable (as defined) to the District should be included in the financial reporting entity. Based upon these criteria, there are no potential component units to be included in these financial statements.

B. District-wide and Fund Financial Statements District-wide Financial Statements The District-wide Statement of Net Position and Statement of Activities report the overall financial activity

of the District. Eliminations have been made to minimize the double-counting of internal activities of the District. The financial activities of the District consist of governmental activities, which are primarily supported by property taxes, fees and charges and business-type activities, which rely to a significant extent on charges for services.

The Statement of Net Position presents the District’s assets and liabilities with the difference reported in

three categories:

Net investment in capital assets consists of capital assets, net of accumulated depreciation and reduced by outstanding balances for bonds and other debt that are attributable to the acquisition, construction or improvement of those assets. Restricted net position results when constraints placed on the use of net position are either externally imposed by creditors, grantors, contributors and the like, or imposed by law through constitutional provision or enabling legislation.

Unrestricted net position represents net position not appropriable for expenditures or legally segregated for a specific future use.


28

1. Summary of Significant Accounting Policies (Cont.) B. District-wide and Fund Financial Statements (Cont.) District-wide Financial Statements (Cont.)

The Statement of Activities demonstrates the degree to which the direct expenses of a given function (i.e. general government, recreation) are offset by program revenues. Direct expenses are those that are clearly identifiable with a specific function. Program revenues include (a) charges paid by the recipients of goods or services offered by the programs (including fines and fees), and (b) grants and contributions that are restricted to meeting the operational requirements of a particular program. Revenues that are not classified as program revenues, including all taxes, are presented as general revenues.

Fund Financial Statements

Separate financial statements are provided for governmental funds and proprietary funds. The fund financial statements provide information about the District’s individual funds. The emphasis of fund financial statements is on major governmental funds, each displayed in a separate column. The District has the following major governmental funds – General Fund, Recreation Fund, Museum Fund, Debt Service Fund and Improvement Fund. All remaining governmental funds are aggregated and reported as nonmajor governmental funds. The District has the following major enterprise funds – Racquet Club Fund, Artificial Ice Skating Rink Fund, and Golf Course Fund.

The District administers the following major governmental funds:

General Fund – This is the District’s primary operating fund. It accounts for all financial resources of the general government, except those required to be accounted for in another fund.

Recreation Fund – This fund accounts for the specific levy and fees collected to fund recreational programs and facilities, maintenance of parks and athletic fields and outdoor swimming pools of the District.

Museum Fund – This fund accounts for the specific levy and fees collected to fund payments for operation of the Irons Oaks Environmental Learning Center of the District.

Debt Service Fund – This fund was established to account for the accumulation of resources for, and the payment of, general long-term debt principal and interest (other than those financed by General and Proprietary Funds).

Improvement Fund – This fund accounts for the financial resources accumulated for other major capital transactions of the District.

The District administers the following major proprietary funds:

Racquet Club Fund – This fund was established for control of operating revenues and expenses of the indoor tennis courts and fitness club. Although a program of the District, the activity is operated as a separate enterprise and the accounting records are maintained on an Enterprise Fund basis. Accordingly, the account classifications used are designed specifically for the indoor tennis court operations.


29

1. Summary of Significant Accounting Policies (Cont.) B. District-wide and Fund Financial Statements (Cont.) Fund Financial Statements (Cont.)

Artificial Ice Skating Rink Fund – This fund was established for control of operating revenues and expenses of the artificial ice skating rink. Although also a program of the District, the activity is operated as a separate enterprise and the accounting records are maintained on an Enterprise Fund basis. Accordingly, the account classifications used are designed specifically for the artificial ice skating rink operations. Golf Course Fund – This fund was established for control of operating revenues and expenses of Coyote Run Golf Course, an eighteen hole facility. In January 2012, the District took over the operation of the onsite full service restaurant, now known as Wiley’s Grill. Although golf is also a program of the District, the activity is operated as a separate enterprise and the accounting records are maintained on an Enterprise Fund basis. Accordingly, the account classifications used are designed specifically for the golf course operations.

C. Measurement Focus and Basis of Accounting and Financial Statement Presentation

The District-wide financial statements are reported using the economic resources measurement focus and the accrual basis of accounting, as are the proprietary fund financial statements. Revenues are recorded when earned and expenses are recorded at the time liabilities are incurred, regardless of when the related cash flow takes place. Nonexchange transactions, in which the District gives (or receives) value without directly receiving (or giving) equal value in exchange, include various taxes, State-shared revenues, and various State, Federal and local grants, if any. On an accrual basis, revenues from taxes are recognized when the District has a legal claim to the resources. Grants, entitlements, State-shared revenues and similar items are recognized in the fiscal year in which all eligibility requirements imposed by the provider have been met.

Governmental funds are reported using the current financial resources measurement focus and the modified accrual basis of accounting. Revenues are recognized as soon as they are both measurable and available. Revenues are considered to be available when they are collectible within the current period or soon enough thereafter to pay liabilities of the current period. For this purpose, the District considers revenues to be available if they are collected within 90 days of the end of the current fiscal year (60 days for property taxes).

Significant revenue sources which are susceptible to accrual include property taxes, other taxes, grants, charges for services and interest. All other revenue sources are considered to be measurable and available only when cash is received.

Expenditures generally are recorded when the liability is incurred, as under accrual accounting. However, compensated absences are recorded in governmental funds only when payment is due (upon employee retirement or termination). General capital asset acquisitions are reported as expenditures in governmental funds.

Proprietary funds distinguish operating revenues and expenses from non-operating items. Operating revenues and expenses generally result from providing services in connection with the proprietary fund’s principal ongoing operations.


30

1. Summary of Significant Accounting Policies (Cont.) D. Deposits and Investments For the purposes of the Statement of Cash Flows, the District’s proprietary funds consider all highly liquid

investments with an original maturity of three months or less when purchased to be cash equivalents. Investments with a maturity of one year or less are stated at cost plus or minus amortized discount or

premium. Investments with a maturity greater than one year are stated at fair value in accordance with GASB Statement No. 31.

E. Inventories and Prepaid Items

Enterprise Fund inventories are valued at the lower of cost or market using the rolling average method of

pricing inventory. The cost of such inventories is recorded as expenses when consumed rather than when purchased.

Certain payments to vendors reflect costs applicable to future accounting periods and are recorded as

prepaid items in both government-wide and fund financial statements. The cost of prepaid items is recorded as expenditures/expenses when consumed rather than when purchased.

F. Capital Assets

Capital assets which include land, land improvements, buildings and equipment are reported in the

applicable governmental or business-type activities columns in the government-wide financial statements. Capital assets are defined as assets with an estimated useful life of greater than one year and an original cost of greater than $2,000. Additions or improvements that significantly extend the useful life of an asset, or that significantly increase the capacity of an asset are capitalized. Expenditures for asset acquisitions and improvements are stated as capital outlay expenditures in the governmental funds.

The costs of normal maintenance and repairs that do not add to the value of the asset or materially extend

asset lives are not capitalized. Improvements are capitalized and depreciated over the remaining useful lives of the related capital assets, as applicable.

Depreciation of capital assets is recorded in the Statement of Activities with accumulated depreciation

reflected in the Statement of Net Position and is provided on the straight-line basis over the following estimated useful lives:

Estimated Useful Life (in Years)

Buildings 30-50 Land Improvements 20 Machinery, Equipment and Vehicles 10


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1. Summary of Significant Accounting Policies (Cont.) G. Long-Term Obligations In the government-wide financial statements and proprietary fund financial statements, long-term debt and

other long-term obligations, including compensated absences, are reported as liabilities in the applicable governmental or business-type activities and proprietary fund Statement of Net Position. Bond premiums and discounts are deferred and amortized over the life of the bonds as further described in Note 1N.

Debt service funds are specifically established to account for and service the long-term obligations for the

governmental funds debt. Enterprise funds individually account for and service the applicable debt that benefits those funds. Long-term debt is recognized as a liability in a governmental fund when due, or when resources have been accumulated for payment early in the following year.

H. Compensated Absences In the event of termination, an employee is reimbursed for accumulated vacation days. Employees are not

reimbursed for unused sick leave. Vacation pay is accrued when incurred in the government-wide and proprietary fund financial statements. A liability for these amounts is reported in the governmental funds only if they have matured; for example, as a result of employee resignations and retirements. For governmental funds, the District accrues the remaining portion of such benefits, which are reported as a liability in the Statement of Net Position. For enterprise funds, the District accrues the entire amount of such benefits as current liabilities within the enterprise funds. The District has determined that as of April 30, 2015, no liability existed for compensation which would be required to be liquidated with expendable available financial resources; therefore, no governmental fund liabilities for vacation are recorded as of that date.

I. Deferred Outflows/Inflows of Resources

In addition to assets, the Statement of Net Position reports a separate section for deferred outflows of resources. This separate financial statement element, deferred outflows of resources, represents a use of net position that applies to future period(s) which will not be recognized as an outflow of resources (expense) until that time.

The Park District has one type of deferred charge that qualifies as a deferred outflow of resources. Deferred charge on debt refunding, which is being amortized over the life of the underlying bond, is included in this category.

In addition to liabilities, the Statement of Net Position and governmental funds Balance Sheet report a separate section for deferred inflows of resources. This separate financial statement element, deferred inflows of resources, represents an acquisition of net position that applies to a future period(s) which will not be recognized as an inflow of resources (revenue) until that time.

The Park District has one type of unavailable revenue that qualifies as a deferred inflow of resources. Property tax revenue, which is levied for and collected in the subsequent year, is included in this category.


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1. Summary of Significant Accounting Policies (Cont.) J. Fund Equity

In the fund financial statements, governmental funds report nonspendable fund balance for amounts that are either not in spendable form or legally or contractually required to be maintained intact. Restrictions of fund balance are reported for amounts constrained by legal restrictions from outside parties for use for a specific purpose, or externally imposed by outside entities. None of the restricted fund balances result from enabling legislation adopted by the Park District. Committed fund balance, if any, is constrained by formal actions of the Park District’s Board, which is considered the Park District’s highest level of decision-making authority. Formal actions include ordinances approved by the Board. Once adopted, the limitation imposed by the ordinance remains in place until a similar action is taken to remove or revise the limitation. Assigned fund balance represents amounts constrained by the Park District’s intent to use them for a specific purpose. The authority to assign fund balance has been delegated to the Park District’s executive director through the approved fund balance policy of the Park District. Any residual fund balance of the General Fund is reported as unassigned. The Park District’s flow of funds assumption prescribes that the funds with the highest level of constraint are expended first. If restricted or unrestricted funds are available for spending, the restricted funds are spent first. Additionally, if different levels of unrestricted funds are available for spending, the District considers committed funds to be expended first followed by assigned and then unassigned funds.

K. Fund Balance/Net Position

Net position is restricted for the following purposes: Temporary Restriction

Debt Service 556,268$ Employee Benefits 1,374,209

Permanent RestrictionWorking Capital 164,013

2,094,490

The Working Capital account is restricted by Illinois Statute and is not available for appropriation.

L. Interfund Transactions

The District has the following types of transactions between funds:

Interfund balances are amounts provided with a requirement for repayment. Interfund balances are reported as due from other funds in lender funds and due to other funds in borrower funds for short-term borrowings, and advances to other funds in lender funds and advances from other funds in borrower funds for long-term borrowings. Amounts are reported as internal balances in the government-wide Statement of Net Position, except for amounts between similar activities, which have been eliminated.

Services provided and used are sales and purchases of goods and services between funds for a price approximating their external exchange value. Interfund services provided and used are reported as revenues in seller funds and expenditures or expenses in purchaser funds. Unpaid amounts are reported as


33

1. Summary of Significant Accounting Policies (Cont.) L. Interfund Transactions (Cont.)

due to/from other funds in the fund Balance Sheets or fund Statements of Net Position. Since the interfund services provided and used are not eliminated in the process of consolidation, generally, the interfund charges and balances are eliminated within the governmental activities reported in the Statements of Net Position and Activities. Interfund transfers are flows of assets (such as cash or goods) without equivalent flows of assets in return and without a requirement for repayment. In governmental funds, transfers are reported as other financing uses in the funds making transfers and as other financing sources in the funds receiving transfers. In proprietary funds, transfers in/out are reported as a separate category after nonoperating revenues and expenses.

M. Accounting Estimates

The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenditures/expenses during the reporting period. Actual results could differ from those estimates.

N. Bond Discounts/Premiums/Deferred Amounts on Refunding Bond discounts, premiums and gains/losses on refunding for proprietary fund types are deferred and

amortized over the term of the bonds using the bonds-outstanding method which approximates the effective interest method. Bond discounts and premiums are presented as a reduction or increase of the face amount of the bonds payable. These items are also deferred and amortized in the Statement of Net Position for the governmental activities.

In the fund financial statements, governmental funds recognize bond premiums and discounts, as well as

bond issuance costs, during the current period. The face amount of debt issued is reported as other financing sources. Premiums received on debt issuances are reported as other financing sources while discounts on debt issuances are reported as other financing uses. Issuance costs, whether or not withheld from the actual debt proceeds received, are reported as debt service expenditures.

2. Legal Compliance and Accountability All budgets are prepared based on the annual fiscal year of the District. The District does not use the

encumbrance method of accounting. Budgetary funds arc controlled by an integrated budgetary accounting system in accordance with various legal requirements which govern the District.

The District follows these procedures in establishing the estimated revenue and budget data reflected in the

financial statements: (1) The District submits to the Board of Park Commissioners a proposed operating budget for the fiscal year

commencing the following May 1. The operating budget includes proposed expenditures and the means of financing them.

(2) Public hearings are conducted by the District to obtain taxpayer comments.


34

2. Legal Compliance and Accountability (Cont.) (3) Subsequently, the budget is legally enacted through passage of an ordinance.

(4) Formal budgetary integration is employed as a management control device during the year for the

General Fund, all Special Revenue Funds, the Debt Service Fund, all Capital Projects Funds and all Enterprise Funds.

(5) Budgets for the General Fund, Special Revenue Funds, Debt Service Fund and Capital Projects Funds are

adopted on a basis consistent with generally accepted accounting principles (GAAP). The Enterprise Fund budgets are prepared on the same basis of accounting as previously discussed, except capital improvements, depreciation and debt principal payments are budgeted as expenses. All annual appropriations lapse at fiscal year end.

(6) The annual appropriated budget is legally enacted and provides for a legal level of control at the fund

level. The Superintendent of Finance is authorized to make budget transfers within any fund. Additions and transfers between funds require Board approval. All annual appropriations lapse at fiscal year end.

3. Deposits and Investments The District maintains a cash and investment pool that is available for use by all funds. Each fund type’s portion

of this pool is displayed on the combined balance sheet as “cash and investments.” In addition, investments are separately held by several of the District’s funds. Cash on hand of $6,050 has been excluded from the amounts shown below.

Permitted Deposits and Investments - Statutes authorize the District to make deposits/invest in commercial

banks, savings and loan institutions, obligations of the U.S. Treasury and U.S. Agencies, insured credit union shares, money market mutual funds with portfolios of securities issued or guaranteed by the United States or agreements to repurchase these same obligations, repurchase agreements, short-term commercial paper rated within the three highest classifications by at least two standard rating services and the Illinois Park District Liquid Asset Fund Plus.

A. Deposits At year end the carrying amount of the District’s deposits totaled $2,834,595 and the bank balances totaled

$2,892,489. All balances are fully insured or collateralized at April 30, 2015. These amounts do not include petty cash on hand as of April 30, 2015 totaling $6,050.

B. Investments The Illinois Park District Liquid Asset Fund Plus, an external investment pool, was established in 1995

under the Investment Company Act of 1940 as amended, to provide an investment vehicle for Illinois park districts and similar organizations. The Board of Trustees consists of representatives from participating members. This fund consists of two classes of shares for the existing IIIT Portfolio; namely, the IIT Class and the IPDLAF+ Class. The pool has an affirmed AAAm Standard & Poor’s credit quality rating. The fair value of the assets in the pool is the same as the value of the pool shares. The average yield on the pool was 0.55% at April 30, 2015, and the balance in the IPDLAF+ Class was $2,554,522, with the remaining balance of $2,975,000 invested in the Illinois Trust CD program.


35

3. Deposits and Investments (Cont.) C. Collateral

At April 30, 2015, deposits and investments are fully collateralized. 4. Receivables - Taxes Property tax revenue is recognized to the extent of taxes due and collected within the current year or expected to

be collected soon enough thereafter (not to exceed 60 days) to be used to pay liabilities of the current period. Net taxes receivable, less the amount expected to be collected within 60 days, is reflected as unavailable revenue.

The County Assessor is responsible for assessment of all taxable real property within the County except for

certain railroad property, which is assessed directly by the State. One-third of the County is reassessed each year on a repeating triennial schedule established by the County Assessor.

The County Clerk computes the annual tax for each parcel of real property and prepares tax books used by the County Collector as the basis for issuing tax bills to all taxpayers in the County. Property taxes are collected by the County Collector and are submitted to the County Treasurer who remits to the units their respective shares of the collections. Property taxes for 2014 attach as an enforceable lien on January 1, 2014, on property values assessed as of the same date. Taxes are levied by December of the subsequent fiscal year (by passage of a Tax Levy Ordinance). Tax bills are prepared by the County and issued on or about February 1 and August 1, and are payable in two installments on or about March 1 and September 1. The County collects such taxes and remits them periodically.

The uncollected 2014 property tax levy is recorded as a receivable, net of estimated uncollectibles. Based upon

collection histories, the District has provided at April 30, 2015, an allowance for uncollectible real property taxes equivalent to 5% of the current year’s levy. All uncollected taxes relating to prior years’ levies have been written off.


36

5. Capital Assets A. Governmental Activities A summary of changes in capital assets for governmental activities of the District is as follows:

Balance Deletions/ Balance

May 1, 2014 Additions Transfers April 30, 2015

GOVERNMENTAL ACTIVITIES

Capital Assets Not Being DepreciatedLand 8,115,152$ 8,115,152 Construction in Progress 202,965 783,638 986,603

8,318,117 783,638 - 9,101,755

Capital Assets Being DepreciatedLand Improvements 3,492,207 252,001 6,173 3,738,035 Buildings 9,052,717 16,795 9,069,512 Machinery and Equipment 2,829,990 472,764 117,494 3,185,260 Vehicles 683,802 683,802

16,058,716 741,560 123,667 16,676,609

Less Accumulated Depreciation ForLand Improvements 2,122,560 118,581 2,241,141 Buildings 3,932,179 190,215 4,122,394 Machinery and Equipment 1,678,528 160,326 110,494 1,728,360 Vehicles 542,156 43,448 585,604

8,275,423 512,570 110,494 8,677,499

Total Capital Assets Being Depreciated, Net 7,783,293 228,990 13,173 7,999,110

Governmental Activities Capital Assets, Net 16,101,410 1,012,628 13,173 17,100,865

Depreciation was charged to the governmental functions of the District as follows:

General Government 348,986$ Culture and Recreation 163,584

512,570


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5. Capital Assets (Cont.) B. Business-Type Activities A summary of changes in capital assets for business-type activities of the District is as follows:

Balance Balance

May 1, 2014 Additions Deletions April 30, 2015

BUSINESS-TYPE ACTIVITIES

Capital Assets Not Being DepreciatedLand 8,479,000$ 8,479,000 Construction in Progress 3,964 64,714 68,678

8,482,964 64,714 - 8,547,678

Capital Assets Being DepreciatedLand Improvements 4,615,560 17,730 4,633,290 Buildings 14,931,870 2,500 14,934,370 Machinery and Equipment 2,047,767 189,993 14,836 2,222,924 Vehicles 18,228 18,228

21,613,425 210,223 14,836 21,808,812

Less Accumulated Depreciation ForLand Improvements 1,399,669 153,952 1,553,621 Buildings 9,576,447 382,185 9,958,632 Machinery and Equipment 1,120,610 130,998 10,011 1,241,597 Vehicles 18,228 18,228

12,114,954 667,135 10,011 12,772,078

Total Capital Assets Being Depreciated, Net 9,498,471 (456,912) 4,825 9,036,734

Business-Type Activities Capital Assets, Net 17,981,435 (392,198) 4,825 17,584,412

Depreciation was charged to the business-type functions of the District as follows: Racquet Club Fund 255,074$ Artificial Ice Skating Rink Fund 92,979 Golf Course Fund 319,082

667,135


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6. Long-term Obligations

A. Governmental Activities The following is a summary of long-term obligation activities of the District associated with governmental

activities for the year ended April 30, 2015:

DueBalance Balance at Within

May 1, 2014 Additions Reductions April 30, 2015 One Year

Compensated Absences 127,091$ 80,890 81,338 126,643 31,661 OPEB Obligation 10,858 10,858 General Obligation Bonds 11,563,775 4,385,000 1,229,825 14,718,950 1,250,875 Debt Certificates 15,243 15,243

11,716,967 4,465,890 1,337,264 14,845,593 1,282,536

Compensated absences and OPEB obligations are being paid from the General Fund, and charged to

General Government and Recreation functions. Specific property tax levies are used to provide debt service on the bond issues.

B. Business-Type Activities The following is a summary of long-term obligation activities of the District associated with business-type

activities for the year ended April 30, 2015:

DueBalance at Balance at Within

May 1, 2014 Additions Reductions April 30, 2015 One Year

Compensated Absences 78,068$ 4,261 73,807 14,761 General Obligation Bonds 2,500,000 555,000 1,945,000 185,000

2,578,068 - 559,261 2,018,807 199,761


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6. Long-term Obligations (Cont.)

C. Changes in Long-term Obligations

Fund Debt Retired By

Balances May 1, 2014

Issuances

Retirements

Balances April 30,

2015

Due Within

One Year General Obligation Bonds Dated September 28, 2009, provides for

retirement of principal from $155,000 in 2009 to $290,000 in 2018, interest payable on June 1 and December 1 at rates from 2.00% to 3.25%, funded by property tax levy. Proceeds used for payment of 1998 Series G.O. Bonds.

General

$ 1,375,000

260,000

1,115,000

265,000

Dated November 1, 2013, Series 2013A,

provides for retirement of principal of $671,050 in 2014 and $228,950 in 2015, interest payable on June 1 and December 1 at 1.25% and 1.50%, funded by property tax levy.

Debt Service

900,000

671,000

228,950

228,950

Dated November 1, 2013 Series 2013B,

provides for retirement of principal from $560,000 in 2024 to $1,235,000 in 2032, interest payable annually on December 15 at rates from 4.0% to 5.0%, funded by property tax levy. Proceeds used for payment of 2006A Series G.O. Bonds and capital improvements.

General and Improvement

8,990,000

8,990,000

Dated November 28, 2012, provides for

retirement of principal of $601,225 in 2013 and $298,775 in 2014, interest payable on June 15 and December 15 at 1.23%, funded by property tax levy.

Debt Service

298,775

298,775

Dated December 11, 2014, Series

2014A, provides for retirement of principal of $756,925 in 2015 and $143,075 in 2016, interest payable on June 1 and December 1 at 1.30% and 1.60%, funded by property tax levy.


900,000

900,000

756,925

Dated December 17, 2014, Series

2014B, provides for retirement of principal from $100,000 in 2017 to $170,000 in 2024, interest payable on June 15 and December 15 at 4.00%, funded by property tax levy.


3,485,000

3,485,000

Governmental Activities 11,563,775 4,385,000 1,229,825 14,718,950 1,250,875


40


C. Changes in Long-term Obligations (Cont.)

Fund Debt Retired By

Balances May 1, 2014

Issuances

Retirements

Balances April 30,

2015

Due Within

One Year General Obligation Bonds (Cont.) Dated November 1, 2011, provides for

retirement of principal from $166,402 in 2012 to $104,925 in 2016, interest payable on June 1 and December 1 at rates from 2.0% to 4.0%, funded by revenues in the Racquet Club Fund.

Racquet Club

515,550

305,700

209,850

104,925


retirement of principal from $37,722 in 2012 to $23,777 in 2016, interest payable on June 1 and December 1 at rates from 2.0% to 4.0%, funded by revenues in the Ice Arena Fund.

Ice Arena

116,855

69,300

47,555

23,777


retirement of principal from $380,876 in 2012 to $255,000 in 2023, interest payable on June 1 and December 1 at rates from 2.0% to 4.0%, funded by revenues in the Golf Course Fund.

Golf Course

1,867,595

180,000

1,687,595

56,298

Business-Type Activities 2,500,000 - 555,000 1,945,000 185,000 Total General Obligation Bonds 14,063,775 4,385,000 1,784,825 16,663,950 1,435,875 Debt Certificates Dated November 1, 2004, provides for

annual principal payments of $12,115 in 2010 to $15,243 in 2015, interest payable on May 1 and November 1 at a rate of 4.659%, funded by revenues in the Iron Oaks Development Fund.

Museum

15,243

15,243

Total Long-Term Obligations Excluding

Compensated Absences and OPEB Obligations

14,079,018

4,385,000

1,800,068

16,663,950

1,435,875


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D. Annual Debt Requirements

The annual requirements to amortize all long-term debt, except compensated absences and OPEB obligations as of April 30, 2015, are as follows:

Governmental Activities:

Principal Interest

2016 1,250,875$ 592,824 2017 418,075 573,374 2018 385,000 563,110 2019 425,000 550,275 2020 565,000 535,450

2021-2025 4,140,000 2,292,650 2026-2030 5,120,000 1,330,500 2031-2033 2,415,000 182,500

14,718,950 6,620,683

General Obligation Bonds

Business-type Activities:

Principal Interest

2016 185,000$ 70,975 2017 195,000 65,425 2018 200,000 59,575 2019 205,000 53,575 2020 215,000 46,400

2021-2025 945,000 96,800

1,945,000 392,750

General Obligation Bonds

E. Advance Refundings

In January 2006, the District defeased the outstanding balance of the 2001B General Obligation Park Bonds (the “old bonds”) by placing the proceeds of the 2006A General Obligation Park Bonds in an irrevocable trust to provide for all future debt service requirements on the old bonds. The balance of the defeased debt outstanding at April 30, 2015 was $5,975,000.

In September 2009, the District defeased the outstanding balance of the 1998 General Obligation Park Bonds (the “old bonds”) by placing the proceeds of the 2009 General Obligation Park Bonds in an irrevocable trust to provide for all future debt service requirements on the old bonds. The balance of the defeased debt outstanding at April 30, 2015 was $1,090,000.


42


E. Advance Refundings (Cont.)

In November 2011, the District defeased the outstanding balance of the 2003A and 2005A General Obligation Park Bonds (the “old bonds”) by placing the proceeds of the 2011B General Obligation Park Bonds in an irrevocable trust to provide for all future debt service requirements on the old bonds. The balance of the defeased debt outstanding at April 30, 2015 was $1,910,000.

In November 2013, the District defeased the outstanding balance of the 2006A General Obligation Park

Bonds (the “old bonds”) by placing the proceeds of the 2013B General Obligation Park Bonds in an irrevocable trust to provide for all future debt service requirements on the old bonds. The balance of the defeased debt outstanding at April 30, 2015 was $6,210,000.

F. Bonds Payable - Net The following is a summary of the gross/net bonds payable as of April 30, 2015:

Racquet Ice GolfGovernmental Club Arena Course Total

Gross Bonds Payable at April 30, 2015 14,718,950$ 209,850$ 47,555 1,687,595 1,945,000 Premium (Discount) Net of

Accumulated Amortization 227,647 10,370 2,352 23,741 36,463

14,946,597 220,220 49,907 1,711,336 1,981,463

Reported asCurrent Portion 1,250,875$ 104,925$ 23,777 56,298 185,000 Long-Term Portion 13,468,075 115,295 26,130 1,655,038 1,796,463

14,718,950 220,220 49,907 1,711,336 1,981,463

Business-Type

7. Other Fund Disclosures A. Excess of Expenditures/Expenses Over Budget

The following funds had an excess of expenses over the operating budget, as follows:

ActualFinal Expenses/

Budget Expenditures Excess

IMRF Fund 457,047$ 469,084 12,037


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7. Other Fund Disclosures (Cont.) B. Deficit Fund Balance/Net Position

The following fund reported a deficit in fund balance/net position at April 30, 2015:

Proprietary Fund

Artificial Ice Skating Rink Fund (1,140,556)$

C. Interfund Balances Interfund advances as of April 30, 2015 were as follows:

Receivable Fund Payable Fund Amount

General Fund Golf Course Fund 851,577$ Improvement Fund Golf Course Fund 1,353,827 Improvement Fund Artificial Ice Skating Rink Fund 1,313,127 Racquet Club Fund Artificial Ice Skating Rink Fund 1,245,419

4,763,950

The advances to the Artificial Ice Skating Rink Fund and the Golf Course Fund were made to fund

cumulative operating deficits. D. Interfund Transfers

The 2003A Alternate Bond, approved by referendum for completion of golf course construction, is the basis for the interfund transfer for $232,208 to the Golf Course Fund from the General Fund. The 2003A Alternate Bond was refinanced with the Series 2011B General Obligations Bonds issued on November 1, 2011. In addition, the Statement of Activities includes a transfer from Governmental Activities to Business-type Activities in the amount of $175,353 related to capital assets acquired by Governmental Funds and contributed to the Enterprise Funds.


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8. Joint Venture South Suburban Special Recreation Association The District is a member of the South Suburban Special Recreation Association (SSSRA), which was organized

by area park and recreation districts and departments in order to provide special recreation programs to the physically and mentally handicapped within their districts and to share the expenses of such programs on a cooperative basis. Each member park and recreation department’s contribution is determined based upon the proportion of each member’s assessed valuation to the total assessed valuation of all members. The following are the contributions for the year ended May 31, 2015:

` Country Club Hills 49,726$ Frankfort Square 125,027 Hazel Crest 35,542 Homewood-Flossmoor 138,933 Lan - Oak 95,073 Matteson 98,810 Oak Forest 100,967 Olympia Fields 33,501 Park Forest 33,145 Richton Park 37,168 Tinley Park 315,333

1,063,225

The SSSRA Board of Directors consists of one representative from each participating park and recreation

department. The Board of Directors is the governing body of the SSSRA and is responsible for establishing all major policies and changes therein and for approving all budgets, capital outlay, programming, and master plans. This cooperative association, however, is considered a separate reporting entity by the District’s administration. Separate financial statements for the SSSRA are available upon written request to the Homewood-Flossmoor Park District, 3301 Flossmoor Road, Flossmoor, Illinois 60422.

9. Risk Management The District is exposed to various risks related to torts, theft of, damage to, and destruction of assets, errors and

omissions, injuries to employees, and net income losses. Since 1984, the District has been a member of the Park District Risk Management Agency (PDRMA)

Property/Casualty Program. PDRMA is a public entity risk pool consisting of park districts, forest preserve districts, special recreation associations, and certain non-profit organizations serving the needs of public entities formed in accordance with the terms of an intergovernmental cooperative agreement among its members. Property, general liability, automobile liability, crime, boiler and machinery, public officials’ liability, employment practices liability, workers compensation and pollution liability coverage is provided in excess of specified limits for the members, acting as a single insurable unit.

For the January 1, 2015 through January 1, 2016 period, liability losses exceeding $21,500,000 per occurrence,

self-insured and reinsurance limit would be the responsibility of the District.


45

9. Risk Management (Cont.) As a member of PDRMA’s Property/Casualty Program, the District is represented on the Property/Casualty Program Council and the Membership Assembly and is entitled to one vote on each. The relationship between the Park District and PDRMA is governed by a contract and the by-laws that have been adopted by resolution of the Park District’s governing body. The District is contractually obligated to make all annual and supplementary contributions to PDRMA, to report claims on a timely basis, cooperate with PDRMA, its claims administrator and attorneys in claims investigation and settlement, and to follow risk management procedures as outlined by PDRMA.

Members have a contractual obligation to fund any deficit of PDRMA attributable to a membership year during

which they were a member. PDRMA is responsible for administering the self-insurance program and purchasing excess insurance according

to the direction of the Program Council. PDRMA also provides its members with risk management services, including the defense of and settlement of claims, and establishes reasonable and necessary loss reduction and prevention procedures to be followed by the members.

The following represents a summary of PDRMA’s balance sheet at December 31, 2014, and the statement of

revenues and expenses for the period ending December 31, 2014. The District’s portion of the overall equity of the pool is 2.094% or $865,355.

Assets 62,397,015$ Liabilities 21,080,991 Member Balances 41,316,024 Revenues 20,548,979 Expenditures 19,517,301

Since 96% of PDRMA’s liabilities are reserves for losses and loss adjustment expenses which are based on an

actuarial estimate of the ultimate losses incurred, the member balances are adjusted annually as more recent loss information becomes available.

The District has purchased insurance from private insurance companies. Risks covered include medical, dental

and others. Premiums have been displayed as expenditures/expenses in appropriate funds. There have been no significant reductions in insurance coverage. For all programs, settlement amounts have not exceeded insurance coverage for the current or the three prior years.

10. Use Agreements Beginning July 1, 2006, the District entered into a use agreement with Sertoma Speech and Hearing (Sertoma)

for space within the Homewood-Flossmoor Racquet and Fitness Club. Under the terms of the agreement, Sertoma will have exclusive use of 2,000 square feet of office space billed monthly. Total usage fees for the year ending April 30, 2015 was $45,575. This original agreement, which expired on June 30, 2012, was extended through July 31, 2015, and subsequently terminated.

Beginning March 1, 2014, the District entered into a use agreement with Conroy Orthopaedic & Sports Physical

Therapy (Conroy) for space within the Homewood-Flossmoor Racquet Club (Racquet Club). Under the terms of the agreement, Conroy will have exclusive use of 1,300 square feet of office space billed monthly. Total usage fees for the year ending April 30, 2015 was $42,000. This agreement shall run from March 1, 2014 to February 29, 2016.


46

11. Operating Leases The District leases an auditorium from the Village of Homewood for the purpose of conducting various

recreational and other District programs. The agreement requires nominal rent payments of $1 per year. In addition, the District is responsible for certain utility, maintenance and repair costs of the premises. The lease expires July 31, 2026. The District’s share of operating expense was $41,842 for fiscal 2015.

The District leases golf carts for use at Coyote Run Golf Course. The agreement requires 24 monthly payments

of $7,133 to be paid May through October of each fiscal year. In addition, the District is responsible for certain daily inspections and maintenance in addition to any damage repairs from accident, abuse or negligence. The lease expires December 1, 2018. Future minimum lease payments under this agreement are as follows:

2015 42,799$ 2016 42,799 2017 42,799 2018 42,798

171,196$

12. Commitments and Contingencies There are no material pending lawsuits in which the District is involved. Management estimates that the

potential claims against the District not covered by insurance resulting from such litigation would not materially affect the financial statements of the District.

13. Deferred Compensation Plan The District offers its employees a deferred compensation plan (Plan) created in accordance with Internal

Revenue Code Section 457. The Plan, available to all District employees, permits them to defer a portion of their salary until future years. Participation in the Plan is optional. The deferred compensation is not available to employees until termination, retirement, death or unforeseeable emergency. All amounts of compensation deferred under the Plan, all property and rights purchased with those amounts, and all income attributable to those amounts, property or rights (until paid or made available to the employee or other beneficiary) are held in Trust for the exclusive benefit of participants and beneficiaries.

It is the opinion of the District’s management that the District has no liability for losses under the Plan but does have the duty of due care that would be required of an ordinary prudent investor.

The Plan is administered by Mass Mutual Financial Group - Retirement Services. Since amounts held in Trust are for the exclusive benefit of all participants, the District does not maintain the assets on the balance sheet.


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14. Pension and Retirement Fund Commitments

A. Plan Description

The District’s defined benefit pension plan for Regular employees provides retirement and disability benefits, post-retirement increases and death benefits to plan members and beneficiaries. The employer plan is affiliated with the Illinois Municipal Retirement Fund (IMRF), an agent multiple-employer plan. Benefit provisions are established by statute and may only be changed by the General Assembly of the State of Illinois. IMRF issues a publicly available financial report that includes financial statements and required supplementary information. That report may be obtained on-line at www.imrf.org.

IMRF provides two tiers of pension benefits. Employees hired prior to January 1, 2011 are eligible for

Tier 1 benefits. For Tier 1 employees, pension benefits vest after 8 years of service. Participating members who retire at age 55 (reduced benefits) or after age 60 (full benefits) with 8 years of credited service are entitled to an annual retirement benefit, payable monthly for life, in an amount equal to 1 2/3% of their final rate of earnings, for each year of credited service up to 15 years, and 2% for each year thereafter. Employees hired on or after January 1, 2011 are eligible for Tier 2 benefits. For Tier 2 employees, pension benefits vest after 10 years of service. Participating members who retire at age 62 (reduced benefits) or after age 67 (full benefits) with 10 years of credited service are entitled to an annual retirement benefit, payable monthly for life, in an amount equal to 1 2/3% of their final rate of earnings, for each year of credited service up to 15 years and 2% for each year thereafter.

B. Funding Policy

As set by statute, employer Regular plan members are required to contribute 4.50% of their annual covered

salary. The statute requires employers to contribute the amount necessary, in addition to member contributions, to finance the retirement coverage of its own employees. The employer annual required contribution rate for calendar year 2014 was 13.52%. The employer also contributes for disability benefits, death benefits and supplemental retirement benefits, all of which are pooled at the IMRF level. Contribution rates for disability and death benefits are set by the IMRF Board of Trustees, while the supplemental retirement benefits rate is set by statute.

C. Annual Pension Cost

The required contribution for calendar 2014 was determined as part of the December 31, 2012 actuarial

valuation using the entry age normal actuarial cost method. The actuarial assumptions at December 31, 2012 included a) 7.5% investment rate of return (net of administrative and direct investment expenses); b) projected salary increases of 4.0% a year, attributable to inflation; c) additional projected salary increases ranging from .4% to 10% per year, depending on age and service attributable to seniority/merit; and d) post-retirement benefit increases of 3% annually. The actuarial value of plan assets was determined using techniques that spread the effects of short-term volatility in the market value of investments over a five-year period with a 20% corridor between the actuarial and market value of assets. The District’s Regular plan’s unfunded actuarial accrued liability at December 31, 2012 is being amortized as a level percentage of projected payroll on an open 29 year basis.

http://www.imrf.org/


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14. Pension and Retirement Fund Commitments (Cont.)

C. Annual Pension Cost (Cont.) For the year ended April 30, 2015, the District contributions were as follows:

Annual Required Contributions 482,878$ Interest in Net Pension ObligationsAdjustments to Annual Required Contribution

Annual Pension Costs 482,878

Contribution Made During Fiscal Year 2014-15 482,878

Decrease in Net Pension Obligation -

Net Pension Obligation, Beginning of Year

Net Pension Obligation, End of Year -

D. Trend Information

Three Year Trend Information

Annual AnnualFiscal Required Pension Percentage NetYear Contribution Cost of APC Pension

Ending (ARC) (APC) Contributed Obligation

April 30, 2015 482,878$ 482,878 100%April 30, 2014 642,367 642,367 106%April 30, 2013 683,305 685,121 100% 38,213

Funded Status and Funding Progress - As of December 31, 2014, the most recent actuarial valuation date, the plan was 74.95% funded. The actuarial accrued liability for benefits was $11,053,200 and the actuarial value of the assets was $8,284,616, resulting in an underfunded actuarial accrued liability (UAAL) of $2,768,584. The covered payroll for calendar year 2014 (annual payroll of active employees covered by the plan) was $3,521,470 and the ratio of the UAAL to the covered payroll was 79%.

The Schedule of Funding Progress, presented as Required Supplementary Information following the Notes

to the Financial Statements, presents multi-year trend information about whether the actuarial value of the plan assets is increasing or decreasing over time relative to the actuarial accrued liability for benefits.


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16. Future Pronouncements In June 2012, the GASB issued Statement No. 68, Accounting and Financial Reporting for Pensions. This

Statement replaces the requirements of Statement No. 27, Accounting for Pensions by State and Local Governmental Employers, and Statement No. 50, Pension Disclosures, as they relate to governments that provide pensions through pension plans administered as trusts or similar arrangements that meet certain criteria. Statement No. 68 requires governments providing defined benefit pensions to recognize their long-term obligation for pension benefits as a liability for the first time, and to more comprehensively and comparably measure the annual costs of pension benefits. The Statement also enhances accountability and transparency through revised and new note disclosures and required supplementary information. The provisions of this Statement are effective for the District’s financial year ending April 30, 2016. Management has not determined what impact, if any, this GASB statement might have on its financial statements.

17. Reclassifications Certain items recorded in the financial statements for the previous fiscal year have been reclassified to conform

to current year presentation.

REQUIRED SUPPLEMENTARY INFORMATION (Unaudited)

50

Exhibit B-1 HOMEWOOD-FLOSSMOOR PARK DISTRICT, ILLINOIS Required Supplementary Information - Illinois Municipal Retirement Fund Analysis of Funding Progress April 30, 2015 Schedule of Funding Progress

(2) Unfunded(1) (Overfunded)

Actuarial Actuarial AAL (3)Valuation Value of (UAAL) Covered

Date Assets (2) - (1) Payroll

12/31/2014 8,284,616$ 11,053,200 2,768,584 74.95 % 3,521,470 78.62 %12/31/2013 8,405,946 11,053,552 2,647,606 76.05 3,357,711 78.85 12/31/2012 6,803,355 10,298,238 3,494,883 66.06 3,281,693 106.50 12/31/2011 5,552,731 9,491,528 3,938,797 58.50 3,201,584 123.03 12/31/2010 4,921,036 8,860,478 3,939,442 55.54 3,220,914 122.31 12/31/2009 5,033,462 8,856,088 3,822,626 56.84 3,427,388 111.53

Accrued

- Entry Age

UAAL as aPercentageof Covered

Payroll(2-1) ÷ (3)

ActuarialFundRatio

(1) ÷ (2)Liabilities (AAL)

On a market value basis, the actuarial value of assets as of December 31, 2014 is $10,050,968. On a market basis, the funded ratio would be 90.93%. Schedule of Employer Contributions

AnnualActuarial Required NetValuation Contribution Pension

Date (ARC) Obligation

12/31/2014 498,567$ 100.00 %12/31/2013 707,656 106.00 12/31/2012 677,998 100.00 38,213 12/31/2011 599,657 100.00 37,413 12/31/2010 580,731 94.00 36,397 12/31/2009 541,527 100.00

Percentageof ARC

Contributed

Digest of Changes - Assumptions The required contribution for 2014 was determined as part of the December 31, 2012 actuarial valuation using the entry age normal actuarial cost method. The actuarial assumptions at December 31, 2012 included (a) 7.5% investment rate of return (net of administrative and direct investment expenses); (b) projected salary increases of 4.00% a year, attributable to inflation; (c) additional projected salary increases ranging from 0.4% to 10% per year depending on age and service, attributable to seniority/merit; and (d) post-retirement benefit increases of 3% annually. The actuarial value of the employer Regular plan assets was determined using techniques that spread the effects of short-term volatility in the market value of investments over a five-year period with a 20% corridor between the actuarial and market value of assets. The employer Regular plan’s unfunded actuarial accrued liability at December 31, 2012 is being amortized as a level percentage of projected payroll on an open 29 year basis. Data Source Illinois Municipal Retirement Fund

COMBINING AND INDIVIDUAL FUND FINANCIAL STATEMENTS AND SCHEDULES

GOVERNMENTAL FUND TYPES

NONMAJOR GOVERNMENTAL FUNDS

51

Exhibit C-1HOMEWOOD-FLOSSMOOR PARK DISTRICT, ILLINOIS

Nonmajor Governmental Funds

Combining Balance Sheet

Illinois SocialMunicipal Security / Special Total

Audit Retirement Medicare Recreation SpecialFund Fund Fund Fund Revenue

ASSETS

Cash and Investments 24,139$ 868,343 530,907 445,902 1,869,291 Receivables

Property Taxes, Net 11,563 335,271 223,763 93,006 663,603

Total Assets 35,702 1,203,614 754,670 538,908 2,532,894

LIABILITIES, DEFERRED INFLOWSOF RESOURCES, AND FUND BALANCES

LiabilitiesAccrued Liabilities $ 16,525 16,738 33,263

Deferred Inflows of ResourcesUnavailable Revenue - Property Taxes 11,379 330,339 220,473 91,527 653,718

Fund BalancesNonspendable

Permanent FundRestricted for

Employee Benefits 856,750 517,459 1,374,209 Assigned for Special Revenue Purposes 24,323 447,381 471,704 Assigned for Capital Projects

Total Fund Balances 24,323 856,750 517,459 447,381 1,845,913

Total Liabilities, Deferred Inflows of Resources and Fund Balances 35,702 1,203,614 754,670 538,908 2,532,894

Special Revenue

April 30, 2015

52

Capital Projects Total

Iron Oaks Working NonmajorDevelopment Cash Governmental

Fund Fund Funds

505 164,013 2,033,809

663,603

505 164,013 2,697,412

33,263

653,718

164,013 164,013

1,374,209 471,704

505 505 505 164,013 2,010,431

505 164,013 2,697,412

53

Exhibit C-2HOMEWOOD-FLOSSMOOR PARK DISTRICT, ILLINOIS

Nonmajor Governmental Funds

Combining Statement of Revenues, Expenditures, andChanges in Fund BalancesYear Ended April 30, 2015

Illinois SocialMunicipal Security / Special Total

Audit Retirement Medicare Recreation SpecialFund Fund Fund Fund Revenue

RevenuesProperty Taxes 25,912$ 645,279 430,005 206,596 1,307,792 Investment Income

Total Revenues 25,912 645,279 430,005 206,596 1,307,792

ExpendituresGeneral Government 27,504 164,759 192,263 Park District Contributions

Illinois Municipal Retirement Fund 469,084 469,084 Social Security 366,249 366,249

Capital Outlay 137,775 137,775 Total Expenditures 27,504 469,084 366,249 302,534 1,165,371

Net Change in Fund Balance (1,592) 176,195 63,756 (95,938) 142,421

Fund BalancesBeginning - May 1 25,915 680,555 453,703 543,319 1,703,492

Ending - April 30 24,323 856,750 517,459 447,381 1,845,913

Special Revenue

54

CapitalProjects

Iron Oaks Working TotalDevelopment Cash Governmental

Fund Fund Funds

1,307,792 1,000 1,000

- 1,000 1,308,792

1,000 193,263

469,084 366,249

137,775 - 1,000 1,166,371

- - 142,421

505 164,013 1,868,010

505 164,013 2,010,431

GENERAL FUND The General Fund is established to account for resources devoted to finance the services traditionally

associated with local government. Included in these services are general administrative services of the District. Any other activity for which a special fund has not been created is accounted for in the General Fund.

55

Exhibit D-1HOMEWOOD-FLOSSMOOR PARK DISTRICT, ILLINOIS

General Fund

Schedule of Revenues - Budget and ActualYear Ended April 30, 2015(With Comparative Actual Amounts for the Year Ended April 30, 2014)

Original/Final 2014 Budget Actual Actual

Property TaxesGeneral Corporate 1,945,059$ 1,816,050 1,990,520Liability Insurance 321,781 300,593 309,638Worker's Compensation 86,881 80,818 80,785

2,353,721 2,197,461 2,380,943

Replacement Taxes 73,074 73,717 70,454

Investment Income 5,000 2,530 3,434

Interfund Services 16,000 16,000 31,000

Miscellaneous 20,150 18,042 23,112

Total Revenues 2,467,945 2,307,750 2,508,943

2015

56


General Fund

Schedule of Expenditures - Budget and ActualYear Ended April 30, 2015(With Comparative Actual Amounts for the Year Ended April 30, 2014)


General GovernmentPersonnel

Full-Time Salaries 773,300$ 797,655 790,112 Part-Time Salaries 125,775 94,981 98,136

Total Personnel 899,075 892,636 888,248

Contractual ServicesTelephone 6,790 10,688 16,437 Fuel and Heat 5,500 6,866 8,511 Electricity 27,000 24,551 22,359 Water and Sewer 5,730 3,856 4,032 Computer Service 2,360 2,609 2,162 Scavenger Service 22,800 28,488 26,610 Legal 10,150 7,125 7,157 Planning and Professional Services 2,000 860 2,141 Contractual Services 8,040 13,772 8,400 Park Patrol 3,600 2,375 2,600 Eagle Eye Program 75 25 25 Equipment Rental 1,000 180 172 Portable Facilities Rental 5,740 4,119 3,274 Promotion 5,995 4,901 3,030 Printing 300 179 66 Postage 5,240 4,160 4,040 Travel 1,650 604 1,949 Car Allowance 1,200 1,200 1,200 Dues and Subscriptions 10,267 10,553 9,858 Professional Development 29,965 21,580 22,353 Internet and Data Services 3,750 3,571 3,533 Employee Insurance 259,241 237,422 197,487 Employee Assistance 1,908 2,032 1,848 Employee Service Awards 1,950 2,057 592 Job Replacement Ads 200 Pre-Employment Physicals 2,680 1,416 1,310 Alarm 4,283 4,773 4,145 Liability Insurance 124,253 124,254 119,675 Unemployment Insurance 75,000 87,375 64,493 Safety Incentive Program 2,000 1,876 1,871 Loss Prevention Program 54,000 13,498 5,099 Worker’s Compensation Insurance 79,978 77,574 74,698 Employee Background Checks 2,630 2,140 2,237 Interfund Services 500 500 500 Miscellaneous 4,034 4,773 4,667

Total Contractual Services 771,809 711,952 628,531

(Cont.)

2015

57


General Fund



General Government (Cont.)Supplies and Materials

Office Supplies 6,500 6,744 6,956 Computer Supplies 1,225 1,002 1,267 Training Supplies 200 63 77 Maintenance 43,000 44,822 62,589 Uniforms 3,975 4,306 4,079 Light Bulb Supplies 1,900 5,120 1,870 Safety Supplies 350 96 1,131 Ice Melt 1,525 Chemicals 1,200 Gas and Oil 45,000 53,153 52,697 Signs 3,000 27 3,078 Park Pride Supplies 3,300 2,738 3,191 Splashpad Supplies 3,185 3,122 1,452

Total Supplies and Materials 112,835 122,718 138,387

Repairs and MaintenancePlumbing 2,000 598 2,284 Electrical 3,500 7,334 2,317 Grounds 11,000 16,418 21,898 Building 3,500 1,581 2,227 Vehicle Repair 20,000 18,888 23,999 Equipment Repair 1,500 787 1,492 Computer Equipment 600 40 128 Office Equipment 1,409 1,990 3,098 Playground Equipment and Shelters 9,500 9,852 10,206 Pumps and Valves 1,000 894 HVAC Repairs 1,600 1,463 2,089 Tractor Repair 6,000 10,667 16,570 Small Tools and Minor Equipment 1,500 1,708 464 Radio 400 1,415 Irrigation Repair 2,000 819 2,736 Fountains 5,226 116 Waterline Repairs 1,000 3,591 Traffic Signal Repairs 2,800 1,401 2,802

Total Repairs and Maintenance 69,309 81,081 96,017

Total General Government 1,853,028 1,808,387 1,751,183

Capital OutlayPark Improvements 5,000 16,293

Debt ServicePrincipal 440,000 260,000 835,000 Interest 440,627 364,252 214,526

Total Debt Service 880,627 624,252 1,049,526

Total Expenditures 2,738,655 2,448,932 2,800,709

2015

SPECIAL REVENUE FUNDS Special Revenue Funds are established to account for the proceeds of specific revenue sources (other

than those for debt service or major capital projects) that are legally restricted to expenditures for specified purposes.

Recreation Fund (a Major Fund) – accounts for the specific levy and fees collected to fund

recreational programs and facilities and outdoor swimming pool of the District. Museum Fund (a Major Fund) - accounts for the specific levy and fees collected to fund payments for

operation of the Irons Oaks Environmental Learning Center of the District. Audit Fund - accounts for the specific levy of taxes to fund payments of audit fees of the District. Illinois Municipal Retirement Fund - accounts for the specific levy of taxes to fund payments to the

state-controlled Pension Fund, and Social Security/Medicare Taxes. Social Security / Medicare Fund - accounts for the specific levy of taxes to fund payments for Social

Security and Medicare taxes. Special Recreation Fund - accounts for the specific levy of taxes to fund payments for special

recreation of the District.

58

Exhibit E-1HOMEWOOD-FLOSSMOOR PARK DISTRICT, ILLINOIS

Recreation Fund

Schedule of Revenues - Swimming Pool - Budget and ActualYear Ended April 30, 2015(With Comparative Actual Amounts for the Year Ended April 30, 2014)

Original/Final 2014Budget Actual Actual

Swimming PoolProgram Fees 7,058$ 6,582 6,265Swimming/Diving Lessons 44,292 33,675 36,334Pool Passes 133,360 95,936 121,202Pool Rental 1,800 2,750 Resident Identification Cards 1,400 955 1,192Daily Fees 38,410 27,159 28,919Concessions/Vending 22,731 13,204 16,208

Total Swimming Pool 249,051 180,261 210,120

2015

59


Recreation Fund


Final 2014Budget Actual Actual

PersonnelFull-Time Salaries 565,965$ 565,225 553,155 Part-Time Salaries 618,742 599,577 585,712

Total Personnel 1,184,707 1,164,802 1,138,867

Contractual ServicesTelephone 8,670 12,933 18,769 Fuel and Heat 21,938 24,368 26,978 Electricity 60,675 62,363 55,254 Water 14,250 9,512 19,238 Computer Service 9,473 9,387 8,932 Contractual Services 154,585 135,655 134,737 Bus Rental 15,390 11,199 14,447 Building Rental 693 342 425 Advertising 4,500 1,486 1,065 Job Placement Ads 450 176 78 Promotion 5,295 3,648 2,894 Printing 37,380 26,439 34,873 Postage 12,595 12,420 12,231 Travel 760 1,140 798 Car Allowance 4,850 4,800 4,838 Internet and Data Services 5,610 4,801 5,007 Dues and Subscriptions 4,604 3,575 4,361 Professional Development 8,840 9,139 8,056 Continuing Education 3,198 3,351 3,187 Employee Insurance 161,606 155,844 142,393 Bad Debts 1,000 467 589 Credit Card Processing Fees 16,005 15,768 15,256 Alarm Expense 150 242 Scavenger Service 3,190 3,965 2,007 Program 2,575 2,267 1,978 Miscellaneous Program 2,289 1,558 1,737


Supplies and MaterialsOffice Supplies 13,000 10,717 11,903 Concession and Food Supplies 11,000 9,636 9,849 Contractual Supplies 13,932 7,477 6,850 Computer Supplies 3,288 2,582 1,781 Maintenance 14,190 19,165 16,806 Uniforms 4,450 3,681 3,764 Public Information 3,880 3,037 1,964 Light Bulb Supplies 600 391 1,395 Chemicals 12,000 11,153 11,717 Pool Supplies 1,500 2,374 1,801 Program Supplies 65,091 62,014 56,766


(Cont.)

2015

60


Recreation Fund

Schedule of Expenditures - Budget and Actual (Cont.)Year Ended April 30, 2015(With Comparative Actual Amounts for the Year Ended April 30, 2014)


Repairs and MaintenancePlumbing 3,500 2,003 17,083 Electrical 1,180 3,979 7,999 Building 6,000 9,147 10,659 Computer Equipment 300 189 Equipment 2,605 2,972 1,487 Pool Repair 3,000 26 2,335 Pump and Valve Repairs 1,200 1,765 10,196 Office Equipment Repair 1,050 439 1,055 HVAC Repairs 2,160 10,592 8,207



2015

61


Museum Fund



PersonnelFull-Time Salaries 175,805$ 177,566 184,330 Part-Time Salaries 228,777 195,580 148,836 Extended Part-time Salaries 24,207 24,271 23,290 IMRF and FICA 67,726 53,777 64,682

Total Personnel 496,515 451,194 421,138

Contractual ServicesTelephone 2,640 4,358 4,325 Fuel and Heat 2,200 1,853 2,663 Electricity 4,800 5,982 4,883 Water 1,980 2,718 1,727 Legal and Professional Fees 2,000 1,408 32,795 Computer Services 4,305 4,210 4,038 Contractual Services 34,950 14,934 18,484 Advertising and Promotion 2,910 563 482 Printing 3,899 2,254 3,252 Postage 841 129 136 Travel 1,400 258 387 Internet and Data Services 1,686 1,767 1,422 Car Allowance 1,260 1,260 1,260 Dues and Subscriptions 1,375 783 578 Uniforms 2,013 1,425 1,696 Professional Development 4,970 1,538 4,370 Employee Insurance 64,024 55,383 61,500 Unemployment Insurance 1,000 Workmen’s Compensation Insurance 3,000 3,000 3,000 Bad Debt 500 Miscellaneous 6,655 6,400 6,563


Supplies and MaterialsOffice Supplies 3,093 2,264 1,963 Program Supplies 25,641 22,120 17,511 Computer Supplies 575 429 1,053 Maintenance Supplies 3,250 3,833 2,621 Signs 1,900 343 Training Materials/Supplies 300 175


Repairs and MaintenancePark District Maintenance Charge 12,000 9,000 24,000 Plumbing Repair 500 425 Electrical Repair 875 1,384 211 Grounds Repair 4,400 8,595 5,098 Building Repair 7,300 7,262 9,246

(Cont.)

2015

62


Museum Fund

Schedule of Expenditures - Budget and Actual (Cont.)Year Ended April 30, 2015(With Comparative Actual Amounts for the Year Ended April 30, 2014)


Repairs and Maintenance (Cont.)Equipment Repair 200 54 Office Equipment Repair 931 642 570


Capital OutlayBuilding Improvements 195,200 92,486 7,365 Furniture and Equipment 10,000 15,000

Total Capital Outlay 205,200 92,486 22,365

Debt ServicePrincipal 15,244 15,243 14,530 Interest 708 708 692

Total Debt Service 15,952 15,951 15,222

Total Expenditures 927,040 726,037 674,902

2015

63


Audit Fund

Schedule of Revenues, Expenditures, andChanges in Fund Balance - Budget and ActualYear Ended April 30, 2015(With Comparative Actual Amounts for the Year Ended April 30, 2014)


RevenuesProperty Taxes 27,787$ 25,912 28,008


Contractual ServicesAnnual Audit 28,500 27,004 26,100Interfund Services 500 500 500


Net Change in Fund Balance (1,213) (1,592) 1,408


Ending - April 30 24,323 25,915

2015

64


Illinois Municipal Retirement Fund




ExpendituresRetirement Contributions

Illinois Municipal Retirement Fund 457,047 469,084 650,636

Net Change in Fund Balance 232,207 176,195 (26,995)


Ending - April 30 856,750 680,555

2015

65


Social Security / Medicare Fund




ExpendituresRetirement Contributions

Social Security/Medicare Taxes 386,598 366,249 367,473

Net Change in Fund Balance 72,906 63,756 48,287


Ending - April 30 517,459 453,703

2015

66


Special Recreation Fund





Contractual Services 198,766 164,759 163,633 Capital Outlay

Playground Renovation 33,100 33,355ADA Improvements 501,400 104,420Contribution to Artificial Ice Arena Fund 42,234



Net Change in Fund Balance (510,974) (95,938) 11,101


Ending - April 30 447,381 543,319

2015

67


Special Recreation Fund



PersonnelPart-Time Salaries $

Contractual ServicesSSSRA Assessments 148,766 148,766 163,633 Planning and Professional Services 50,000 15,993


Capital OutlayADA Improvements 501,400 104,420 8,528 Playground Equipment 33,100 33,355 27,824 Contribution to Other Fund 5,882



2015

DEBT SERVICE FUND The Debt Service Fund (a Major Fund) is established to account for the accumulation of resources

for, and the payment of, general long-term debt principal and interest (other than those financed by Proprietary Funds).

The District's Debt Service Fund is legal in nature. It is established in accordance with statutes

and/or bond indentures. Inclusion of Debt Service Fund provisions in the indenture indicates to the buyer that the timing of the acquisition of assets with which to satisfy maturing debt has been formalized and that an adequate administrative approach to servicing the debt will be followed.

68

Exhibit F-1HOMEWOOD-FLOSSMOOR PARK DISTRICT, ILLINOIS

Debt Service Fund



RevenuesProperty Taxes 1,035,620$ 975,841 970,893

ExpendituresGeneral Government 5,000 5,000 5,514 Debt Service

Principal 969,825 969,825 951,225 Interest 16,483 16,483 18,593


Net Change in Fund Balance 44,312 (15,467) (4,439)


Ending - April 30 556,268 571,735

2015

CAPITAL PROJECTS FUNDS The Capital Projects Funds are established to account for financial resources to be used for the

acquisition or construction of major capital facilities (other than those financed by Proprietary Funds.)

Improvement Fund (a Major Fund) - accounts for the other major capital transactions of the District. Iron Oaks Development Fund - accounts for the contributions to fund capital projects for Iron Oaks.

There was no activity in this Fund during fiscal 2015 or 2014.

69

Exhibit G-1HOMEWOOD-FLOSSMOOR PARK DISTRICT, ILLINOIS

Improvement Fund



Revenues $


Contractual Services 19,050 17,500 69,309 Repairs and Maintenance 192,239 180,660 196,152

Capital Outlay 4,186,833 1,585,025 692,481 Debt Service

Principal 110,000 Interest 150,530 81,090 38,431 Issuance Costs 58,000 68,193 90,412


Excess (Deficiency) of Revenuesover Expenditures (4,606,652) (1,932,468) (1,196,785)

Other Financing Sources (Uses)Issuance of Long-Term Debt 4,700,000 4,385,000 9,890,000Premium(Discount) on Issuance of Long-Term Debt 318,594 (75,239)Payment to Refunding Bond Escrow Agent (7,057,294)

Total Other Financing Sources (Uses) 4,700,000 4,703,594 2,757,467

Net Change in Fund Balance 93,348 2,771,126 1,560,682

Fund BalanceBeginning - May 1 4,200,346 2,639,664

Ending - April 30 6,971,472 4,200,346

2015

70


Improvement Fund



Contractual ServicesArchitectural and Engineering $ 51,279 Legal 19,050 17,500 18,030


Repairs and MaintenancePark District Maintenance Charge 192,239 180,660 196,152

Capital OutlayAnnuals 3,500 4,083 4,612 Asphalt/Parking Lots 95,400 49,150 Baseball Fields and Equipment 6,000 Benches and Bleachers 10,500 10,481 Building Improvements 158,133 108,422 36,066 Computer Equipment 37,910 36,002 14,892 Compensation Study 25,000 Contingency 10,000 Dolphin Center Improvements 2,358,625 703,675 156,502 Fencing 9,500 Fountains 10,010 Irwin Building Improvement 181,365 127,830 5,800 Joint Facility Assessment 10,000 3,000 Landscaping 11,000 18,325 6,244 Lions Pool Improvements 32,000 30,028 108,505 Maintenance Equipment 24,850 Mowing Equipment 35,000 34,850 23,178 Office Equipment 9,734 Park Improvements 1,011,400 204,257 6,720 Picnic Tables and Grills 7,000 5,935 8,397 Playground Renovation 92,000 73,252 40,852 Seed/Fertilizer 27,000 16,675 22,402 Tennis Court Renovation 9,828 Vehicles 75,000 Contribution to Other Funds 159,060 194,389

Total Capital Outlay 4,186,833 1,585,025 692,481

Debt ServicePrincipal 110,000 Interest 150,530 81,090 38,431 Issuance Costs 58,000 68,193 90,412



2015

71


Irons Oaks Development Fund



Revenues $

Expenditures

Net Change in Fund Balance - - -

Fund BalanceBeginning - May 1 505 505

Ending - April 30 505 505

2015

PROPRIETARY FUND TYPES

ENTERPRISE FUNDS

Enterprise Funds are established to account for operations (a) that are financed and operated in a manner similar to private business enterprises where the intent of the governing body is that the costs (expenses, including depreciation) of providing goods or services to the general public on a continuing basis be financed or recovered primarily through user charges; or (b) where the governing body has decided that periodic determination of revenue earned, expenses incurred, and/or net income is appropriate for capital maintenance, public policy, management control, accountability, or other purposes.

Racquet Club Fund - established for control of operating revenues and expenses of the indoor tennis

court. Although a program of the District, the activity is operated as a separate enterprise and the accounting records are maintained on an Enterprise Fund basis. Accordingly, the account classifications used are designed specifically for the indoor tennis court operations.

Artificial Ice Skating Rink Fund - established for control of operating revenues and expenses of the

artificial ice skating rink. Although a program of the District, the activity is operated as a separate enterprise and the accounting records are maintained on an Enterprise Fund basis. Accordingly, the account classifications used are designed specifically for the artificial ice skating rink operations.

Golf Course Fund – established for control of operating revenues and expenses of Coyote Run Golf

Course, an eighteen hole facility. In January, 2012, the District took over the operation of the onsite full service restaurant, now known as Wiley’s Grill. Although golf is also a program of the District, the activity, along with the restaurant, is operated as a separate enterprise and the accounting records are maintained on an Enterprise Fund basis. Accordingly, the account classifications used are designed specifically for the golf course operations.

72

Exhibit H-1HOMEWOOD-FLOSSMOOR PARK DISTRICT, ILLINOIS

Racquet Club Fund

Schedule of Operating Expenses - Budget and ActualYear Ended April 30, 2015(With Comparative Actual Amounts for the Year Ended April 30, 2014)


Cost of Goods Sold 101,450$ 89,487 90,809

Operating ExpensesPersonnel

Full-Time Salaries 546,037 553,803 539,088 Part-Time Salaries 773,637 738,361 740,423 Extended Part-Time Salaries 156,153 135,599 159,917 Other (3,244) (2,751)

Total Personnel 1,475,827 1,424,519 1,436,677

Contractual ServicesTelephone 4,282 8,781 12,833 Fuel and Heat 21,500 28,964 39,269 Electricity 135,000 117,436 104,296 Water 39,000 34,316 39,837 Computer Service 9,625 9,387 8,933 Legal 1,500 5,046 2,819 Scavenger Service 2,610 2,619 2,528 Contractual Services 75,180 73,356 46,650 Cleaning Service 31,700 30,789 28,285 Service Awards 1,410 1,280 1,756 Advertising 22,090 20,527 19,668 Job Placement Ads 300 Internet and Data Services 2,415 2,236 2,228 Planning and Professional Services 11,642 Promotion 7,050 5,484 6,177 Printing 14,045 10,222 14,580 Postage 6,200 4,191 7,903 Travel Expenses 750 442 811 Car Allowance 525 525 525 Dues and Subscriptions 3,520 2,741 2,275 Professional Development 7,950 5,123 3,268 Employee Insurance 177,915 160,998 143,421 Bad Debt Expense 1,000 2,030 (81) Credit Card Processing Fees 37,000 39,343 37,198 Paying Agent Fee 145 Alarm Expense 4,850 454 250


SuppliesProgram 40,165 31,758 32,868 Office 5,750 6,414 6,394 Computer Supplies 7,425 7,984 8,015 Maintenance 19,200 19,290 17,834 Uniforms 2,550 2,551 970 Light Bulb Supplies 3,000 2,624 1,023 Chemicals 4,285 3,081 3,259 Pool 700 409 1,566 Pro Shop 600 68 454

(Cont.)

2015

73


Racquet Club Fund

Schedule of Operating Expenses - Budget and Actual (Cont.)Year Ended April 30, 2015(With Comparative Actual Amounts for the Year Ended April 30, 2014)


Operating Expenses (Cont.)

Supplies (Cont.)Signs 1,500 686 1,460 Safety Supplies 760 1,109 867 Cosmetics 11,369 9,282 10,786 Replacement Towels 10,880 10,319 9,202 Tennis Lesson 1,050 1,085 680 Laundry Supplies 2,920 3,010 4,070 Tennis Ball Supplies 3,250 3,229 5,369 Tennis Courts and Nets 1,900 2,024 2,387Fitness Center Supplies 7,345 7,949 6,940 Racquet Stringing 12,018 12,437 11,971

Total Supplies 136,667 125,309 126,115

Repairs and MaintenancePlumbing 3,400 3,456 3,795 Electrical 4,450 1,860 4,732 Computer 300 Building 8,900 7,755 11,095 HVAC Repairs 7,300 6,895 5,441 Equipment 7,200 3,219 4,214 Exercise Room Equipment 19,530 25,346 13,192Pool Repair 4,050 4,081 6,036 Equipment - Office 1,000 934 3,972 Pump and Valve Repair 1,500 1,481 403


Provision for Depreciation 249,715 255,074 251,134

Total Operating Expenses 2,628,706 2,527,348 2,483,189

Capital OutlaysBuilding Improvements 5,000 3,280 HVAC 63,850 83,463 200 Furniture and Equipment 10,500 6,464 20,390

Total Capital Outlays 79,350 89,927 23,870

Debt PaymentsPrincipal 305,700 305,700 379,068Interest and Amortization 9,171 26,969 8,496

Total Debt Payments 314,871 332,669 387,564

Total Expenses and Other Outlays 3,022,927 2,949,944 2,894,623

LessCapital Outlays (79,350) (89,927) (23,870) Debt Payments (314,871) (332,669) (387,564)


2015

74


Artificial Ice Skating Rink Fund





Full-Time Salaries 400,406 379,901 402,726

Contractual ServicesTelephone 2,940 4,330 4,779 Fuel and Heat 15,600 7,258 19,606 Electricity 100,000 83,075 73,926 Water 15,500 14,785 19,317 Computer Service 3,275 3,035 2,859 Legal 500 187 417 Scavenger Service 3,531 2,114 3,924 Program Contractual Services 12,028 17,608 10,696 Advertising 2,000 1,683 Internet and Data Services 1,680 1,772 1,542 Job Placement Ads 200 346 25 Promotion 700 418 Printing 3,850 3,196 4,374 Postage 150 27 80 Travel Expense 500 340 423 Dues and Subscriptions 955 1,034 1,014 Professional Development 3,325 1,678 1,701 Refrigeration Contract 12,700 9,771 12,648 Staff Training 300 Employee Insurance 75,171 66,818 60,384 Credit Card Processing Fees 7,000 8,886 7,798 Miscellaneous 6,625 6,706 6,300


SuppliesProgram 16,595 25,158 21,876 Office 2,500 3,250 2,076 Computer Supplies 1,613 764 274 Concession Food/Supplies 4,000 4,343 6,049 Maintenance 8,000 10,913 7,225 Uniforms 450 80 395 Light Bulb Supplies 800 1,741 574 Gas and Oil 5,550 5,881 5,772 Pro Shop 200 168 Zamboni Supplies 3,500 3,183 2,563 Safety Supplies 150 100 Skate Sharpening 300 41 Skate Rental Supplies 4,800 1,965 506 Advertising Board Supplies 500

Total Supplies 48,958 57,378 47,519

(Cont.)

2015

75


Artificial Ice Skating Rink Fund



Operating Expenses (Cont.)Repairs and Maintenance

Plumbing 1,500 1,127 1,008 Electrical 1,200 342 990 Building 8,000 3,082 7,083 Equipment 6,200 5,661 5,399 Office Equipment 1,000 988 850 HVAC Repairs 11,000 27,732 12,256 Small Signs and Repairs 1,500 1,384 Zamboni Repair 2,000 220 3,510


Provision for Depreciation and Amortization 84,363 92,979 86,683

Total Operating Expenses 864,807 828,612 831,093

Capital OutlaysFurniture and Equipment 9,500 9,657 12,243

Debt PaymentsPrincipal 69,300 69,300 85,932 Interest and Amortization 2,080 6,429 1,926


Total Expenses and Other Outlays 945,687 913,998 931,194

LessCapital Outlays (9,500) (9,657) (12,243) Debt Payments (71,380) (75,729) (87,858)

Total Operating Expenses 864,807 828,612 831,093

2015

76


Golf Course Fund





Full-Time Salaries 469,327 439,956 428,058 Part-Time Salaries 417,593 385,379 397,708 Other (674) 4,501

Total Personnel 886,920 824,661 830,267

Contractual ServicesTelephone 7,980 6,546 10,987 Internet and Data Service 4,140 4,031 2,430 Fuel and Heat 8,020 7,964 10,632 Electricity 56,200 45,203 42,514 Water 5,665 4,947 5,464 Computer Service 7,222 3,454 4,361 Legal 500 204 502 Scavenger Service 4,920 4,063 2,683 Cleaning Service 74 Contractual Services 19,079 26,681 23,956 Advertising 15,250 13,233 10,735 Planning and Professional Services 4,200 Promotion 3,500 2,419 2,277 Printing 5,400 5,489 3,797 Postage 600 169 151 Travel Expenses 200 70 193 Car Allowance 300 300 300 Dues and Subscriptions 3,385 2,706 3,115 Professional Development 3,235 3,179 1,253 Employee Insurance 123,937 116,153 93,059 Employee Service Awards 200 222 24 Bank Service Charges 180 328 220 Credit Card Processing Fees 23,500 23,839 23,066 Licenses and Permits 4,245 3,315 3,276 Alarm Expense 500 585 221 Portable Facilities Rental 1,360 724 1,039 Equipment Rental 500 924 420 Arboriculture 1,000 1,500 Golf Carts 53,962 51,963 45,536 Handicapping 1,700 642 2,158 Goose Dog Rental 900 1,026 1,190 Restaurant Equipment Lease 3,000 4,179 3,147


SuppliesOffice 2,950 3,706 3,513 Computer 1,975 1,009 210

(Cont.)

2015

77


Golf Course Fund



Operating Expenses (Cont.)Supplies (Cont.)

Decorations 2,780 2,279 4,277Kitchen Supplies 2,000 2,932 2,985Maintenance 15,320 16,084 16,774 Uniforms 5,550 5,644 2,994 Light Bulb Supplies 800 64 44 Seed and Fertilizer 13,484 11,477 9,052 Small Tools 1,750 1,162 717 Gas and Oil 17,700 10,324 16,347 Pesticides 30,000 28,710 28,376 Sand and Soil 8,090 8,056 8,634 Paper and Disposables 10,000 9,683 11,558 Pro Shop 1,500 1,051 397 Tees and Greens 3,750 4,482 5,271 Restaurant Furniture 186 25 Restaurant Supplies 2,000 2,464 11,335

Total Supplies 119,649 109,313 122,509

Repairs and MaintenanceComputer 300 40 Plumbing 800 2,945 617 Electrical 1,000 6,834 1,145 Building 900 23,380 8,266 Equipment 20,180 27,550 25,848 HVAC Repairs 2,300 5,727 2,756 Small Signs and Repairs 500 397 Grounds Repair 5,650 5,980 7,773 Shelter Repairs 518 2,192 Radio Repairs 750 77 142 Irrigation Repairs 4,705 3,944 6,557 Regripping Repairs 750 582


Provision for Depreciation 310,200 319,082 312,737


Debt PaymentsPrincipal 180,000 180,000 Interest and Amortization 44,094 74,809

Total Debt Payments - 224,094 254,809

Total Expenses and Other Outlays 1,955,780 2,136,432 2,131,888

LessDebt Payments (224,094) (254,809)


2015

LONG-TERM DEBT REQUIREMENTS

Schedule 1

78

HOMEWOOD-FLOSSMOOR PARK DISTRICT, ILLINOIS `

Long-Term Debt Requirements

General Obligation Refunding Bond Series 2009 (Refunded Bond Series 1998)April 30, 2015

Date of Issue September 28, 2009Date of Maturity December 1, 2018Authorized Issue $2,510,000Denomination of Bonds $5,000Interest Rates 2.0% - 3.25%Interest Dates June 1 and December 1Principal Maturity Date December 1

CURRENT AND FUTURE PRINCIPAL AND INTEREST REQUIREMENTS

FiscalYear

Ending Principal Interest Total

2016 265,000$ 33,522 298,522 2017 275,000 26,236 301,236 2018 285,000 18,260 303,260 2019 290,000 9,426 299,426

1,115,000 87,444 1,202,444

Schedule 2

79



Golf Course, Racquet Club and Ice Arena General Obligation Refunding Park Bonds (Alternate Revenue Source), Series 2011B - Refunded Bond Series 2003A and 2005AApril 30, 2015

Date of Issue October 18, 2011Date of Maturity December 1, 2023Authorized Issue 3,740,000$ Denomination of Bonds $5,000Interest Rates 2.00% - 4.00%Interest Dates June 1 and December 1Principal Maturity Date December 1

FiscalYear


2016 185,000$ 70,975 255,975 2017 195,000 65,425 260,425 2018 200,000 59,575 259,575 2019 205,000 53,575 258,575 2020 215,000 46,400 261,400 2021 220,000 37,800 257,800 2022 230,000 29,000 259,000 2023 240,000 19,800 259,800 2024 255,000 10,200 265,200

1,945,000 392,750 2,337,750

Note: Bonds are to be paid 86.64% from Golf Course, 10.89% from Racquet Club Fund and 2.45% from theArtificial Ice Arena Fund.


Schedule 3

80



General Obligation Park Bonds (Limited Tax Park Bonds), Series 2013AApril 30, 2015

Date of Issue November 1, 2013Date of Maturity December 1, 2015Authorized Issue $900,000Denomination of Bonds $5,000Interest Rates 1.25% and 1.50%Interest Dates June 15, December 15Principal Maturity Date December 1

FiscalYear


2016 228,950$ 3,434 232,384


Schedule 4

81



General Obligation Refunding Bonds (Alternate Revenue Source), Series 2013B

Date of Issue November 1, 2013Date of Maturity December 15, 2032Authorized Issue $8,990,000Denomination of Bonds $5,000Interest Rates 4.0% - 5.0%Interest Dates December 15Principal Maturity Date December 15

FiscalYear


2016 $ 405,450 405,450 2017 405,450 405,450 2018 405,450 405,450 2019 405,450 405,450 2020 405,450 405,450 2021 405,450 405,450 2022 405,450 405,450 2023 405,450 405,450 2024 405,450 405,450 2025 560,000 405,450 965,450 2026 895,000 383,050 1,278,050 2027 930,000 347,250 1,277,250 2028 975,000 310,050 1,285,050 2029 1,020,000 271,050 1,291,050 2030 1,070,000 225,150 1,295,150 2031 1,125,000 177,000 1,302,000 2032 1,180,000 120,750 1,300,750 2033 1,235,000 61,750 1,296,750

8,990,000 5,950,550 14,940,550

April 30, 2015


Schedule 5

82



General Obligation Park Bonds (Limited Tax Park Bonds), Series 2014AApril 30, 2015

Date of Issue December 11, 2014Date of Maturity December 1, 2016Authorized Issue $900,000Denomination of Bonds $5,000Interest Rates 1.30% and 1.60%Interest Dates June 1, December 1Principal Maturity Date December 1

FiscalYear


2016 756,925$ 11,792 768,717 2017 143,075 2,289 145,364

900,000 14,081 914,081


Schedule 6

83



General Obligation Refunding Bonds (Alternate Revenue Source), Series 2014B

Date of Issue December 17, 2014Date of Maturity December 15, 2024Authorized Issue $3,485,000Denomination of Bonds $5,000Interest Rate 4.0% Interest Dates June 15, December 15Principal Maturity Date December 15

FiscalYear


2016 $ 138,625 138,625 2017 139,400 139,400 2018 100,000 139,400 239,400 2019 135,000 135,400 270,400 2020 565,000 130,000 695,000 2021 610,000 107,400 717,400 2022 620,000 83,000 703,000 2023 645,000 58,200 703,200 2024 640,000 32,400 672,400 2025 170,000 6,800 176,800

3,485,000 970,625 4,455,625

April 30, 2015


STATISTICAL SECTION (Unaudited)

HOMEWOOD-FLOSSMOOR PARK DISTRICT, ILLINOIS Statistical Section This portion of the Homewood-Flossmoor Park District’s Comprehensive Annual Financial Report presents detailed information as a context for understanding what the information in the financial statements, note disclosures, and required supplementary information says about the District’s overall economic condition. Contents Page Financial Trends 84-93 These schedules contain trend information to help the reader understand how the District’s

financial performance and well-being have changed over time.

Revenue Capacity 94-101 These schedules contain information to help the reader assess the District’s most significant

local revenue sources, the sales tax and the property tax.

Debt Capacity 102-106 These schedules present information to help the reader assess the affordability of the

District’s current levels of outstanding debt and the District’s ability to issue additional debt.

Demographic and Economic Information 107-109 These schedules offer demographic and economic indicators to help the reader understand

the environment within which the District’s financial activities take place.

Operating Information 110-116 These schedules contain service and infrastructure data to help the reader understand how

the information in the District’s financial report relates to the services the District provides and the activities it performs.

Sources: Unless otherwise noted, the information in these schedules is derived from the Comprehensive Annual Financial Reports for the relevant year.

FINANCIAL TRENDS

84

Table IHOMEWOOD-FLOSSMOOR PARK DISTRICT, ILLINOIS

Net Position by Component Last Ten Fiscal Years

April 30, 2015

2015 2014 2013 2012

Governmental ActivitiesNet Investment in Capital Assets 6,740,728$ 6,873,691 6,217,607 5,046,432 Restricted 2,094,490 1,870,006 1,853,153 1,798,114 Unrestricted 4,513,856 4,726,455 5,393,281 5,574,935

Total Governmental Activities Net Assets 13,349,074 13,470,152 13,464,041 12,419,481

Business-type ActivitiesNet Investment in Capital Assets 15,602,949$ 15,434,566 15,250,637 15,107,354 Unrestricted (3,911,693) (3,831,122) (3,837,171) (3,594,884)

Total Business-type Activities Net Assets 11,691,256 11,603,444 11,413,466 11,512,470

Total GovernmentNet Investment in Capital Assets 22,343,677$ 22,308,257 21,468,244 20,153,786 Restricted 2,094,490 1,870,006 1,853,153 1,798,114 Unrestricted 602,163 895,333 1,556,110 1,980,051

Total Government Net Assets 25,040,330 25,073,596 24,877,507 23,931,951

Data Source:

Audited Financial Reports

Fiscal Year

85

2011 2010 2009 2008 2007 2006

4,424,081 3,870,550 3,867,418 2,664,646 2,018,740 1,421,989 1,918,914 1,893,491 1,863,874 1,724,959 1,433,508 1,316,686 5,194,797 4,660,718 3,539,984 4,193,751 3,675,376 2,993,094

11,537,792 10,424,759 9,271,276 8,583,356 7,127,624 5,731,769

15,062,241 14,991,159 15,027,767 14,849,600 14,671,610 14,627,191 (3,290,507) (2,981,698) (2,827,101) (2,300,729) (1,421,536) (980,645)

11,771,734 12,009,461 12,200,666 12,548,871 13,250,074 13,646,546

19,486,322 18,861,709 18,895,185 17,514,246 16,690,350 16,049,180 1,918,914 1,893,491 1,863,874 1,724,959 1,433,508 1,316,686 1,904,290 1,679,020 712,883 1,893,022 2,253,840 2,012,449

23,309,526 22,434,220 21,471,942 21,132,227 20,377,698 19,378,315

86

Table IIHOMEWOOD-FLOSSMOOR PARK DISTRICT, ILLINOIS

Changes in Net Assets Last Ten Fiscal Years

April 30, 2015

Fiscal Year 2015 2014 2013

ExpensesGovernmental Activities

General Government 3,004,612$ 3,305,066 3,178,150 Recreational 3,127,582 2,908,213 2,967,233 Retirement ContributionsInterest Expense 545,488 487,167 420,552

Total Governmental Activities Expenses 6,677,682 6,700,446 6,565,935

Business-type Activities Racquet Club Fund 2,554,317 2,491,685 2,463,939 Artificial Ice Skating Rink Fund 835,041 834,505 850,797 Golf Course Fund 1,961,256 1,952,165 1,829,827

Total Business-type Activities Expenses 5,350,614 5,278,355 5,144,563

Total Primary Government Expenses 12,028,296 11,978,801 11,710,498

Program RevenuesGovernmental Activities

Charges for ServicesRecreational 1,808,190$ 1,806,556 1,829,999

Operating Grants and Contributions 45,411 21,124 44,551 Capital Grants and Contributions

Total Governmental Activities Program Revenues 1,853,601 1,827,680 1,874,550

Business-type ActivitiesCharges for Services

Racquet Club Fund 2,437,221 2,517,787 2,628,424 Artificial Ice Skating Rink Fund 959,043 929,770 851,761 Golf Course Fund 1,632,071 1,557,095 1,418,140

Total Business-type Activities Program Revenues 5,028,335 5,004,652 4,898,325

Total Primary Government Program Revenues 6,881,936 6,832,332 6,772,875

Net (Expense) RevenueGovernmental Activities (4,824,081)$ (4,872,766) (4,691,385) Business-type Activities (322,279) (273,703) (246,238)

Total Primary Government Net Expense (5,146,360) (5,146,469) (4,937,623)

Data Source:


87

2012 2011 2010 2009 2008 2007 2006

3,179,758 2,963,163 2,146,342 2,262,982 1,978,131 1,765,070 1,786,570 3,076,077 3,008,205 3,059,610 3,109,741 2,855,289 2,788,602 3,053,506

859,421 848,494 713,898 696,872 659,800 481,595 504,002 569,402 608,949 628,988 574,458 623,772

6,737,430 6,475,370 6,634,775 6,830,166 6,176,306 5,825,002 6,123,648

2,701,186 2,799,404 2,717,593 2,889,697 3,017,510 2,921,572 3,165,190 977,110 1,036,303 1,122,533 1,043,157 1,020,730 1,119,777 1,218,010

1,484,052 1,323,916 1,337,503 1,403,446 1,440,615 1,364,120 1,266,663 5,162,348 5,159,623 5,177,629 5,336,300 5,478,855 5,405,469 5,649,863

11,899,778 11,634,993 11,812,404 12,166,466 11,655,161 11,230,471 11,773,511

1,808,108 1,931,962 1,991,591 2,024,597 1,945,564 1,902,702 1,859,322 25,376 23,989 43,322 54,783 39,004 43,000

30,000 22,500 7,500 122,525 1,833,484 1,985,951 2,057,413 2,079,380 1,992,068 1,902,702 2,024,847

2,754,045 2,768,022 2,739,028 2,790,755 2,830,763 2,943,437 3,010,324 905,794 936,721 901,489 778,389 773,491 911,455 938,612

1,036,740 956,399 1,091,079 1,148,423 1,161,898 1,142,605 893,501 4,696,579 4,661,142 4,731,596 4,717,567 4,766,152 4,997,497 4,842,437

6,530,063 6,647,093 6,789,009 6,796,947 6,758,220 6,900,199 6,867,284

(4,903,946) (4,489,419) (4,577,362) (4,750,786) (4,184,238) (3,922,300) (4,098,801) (465,769) (498,481) (446,033) (618,733) (712,703) (407,972) (807,426)

(5,369,715) (4,987,900) (5,023,395) (5,369,519) (4,896,941) (4,330,272) (4,906,227)

(Cont.)

88

Table IIHOMEWOOD-FLOSSMOOR PARK DISTRICT, ILLINOIS

Changes in Net Assets (Cont.)Last Ten Fiscal Years

April 30, 2015

Fiscal Year 2015 2014 2013

General Revenues and Other Changes in Net AssetsGovernmental Activities

Taxes Property 4,971,970$ 5,177,890 5,776,829 Replacement 73,717 70,454 67,226 Other 15,836 43,590 55,000

Earnings on Investment 3,530 4,434 8,178 Other Income 45,511 42,755 41,287 Transfers (407,561) (460,246) (212,575)

Total Governmental Activities 4,703,003 4,878,877 5,735,945

Business-type ActivitiesUnrestricted Investment Earnings 2,530 3,435 Transfers 407,561 460,246 212,575

Total Business-type Activities 410,091 463,681 212,575

Total Primary Government 5,113,094 5,342,558 5,948,520

Change in Net AssetsGovernmental Activities (121,078)$ 6,111 1,044,560 Business-type Activities 87,812 189,978 (33,663)

Total Primary Government Change in Net Assets (33,266) 196,089 1,010,897

Data Source:


89

2012 2011 2010 2009 2008 2007 2006

5,829,174 5,688,815 5,824,865 5,483,072 5,392,865 5,012,900 5,196,159 63,516 72,016 58,379 70,309 80,201 72,760 65,461 55,000 53,000 53,000 59,540 59,116 48,239 37,054

1,435 4,000 12,824 64,207 102,413 135,160 94,495 42,015 40,249 36,605 20,607 5,375 49,096 83,714

(205,505) (255,628) (254,828) (259,028) (11,359,917) 5,785,635 5,602,452 5,730,845 5,438,707 5,639,970 5,318,155 (5,883,034)

1,000 5,126 11,500 11,500 11,500 13,231 205,505 255,628 254,828 259,028 11,359,917 206,505 260,754 254,828 270,528 11,500 11,500 11,373,148

5,992,140 5,863,206 5,985,673 5,709,235 5,651,470 5,329,655 5,490,114

881,689 1,113,033 1,153,483 687,921 1,455,732 1,395,855 (9,981,835) (259,264) (237,727) (191,205) (348,205) (701,203) (396,472) 10,565,722

622,425 875,306 962,278 339,716 754,529 999,383 583,887

90

Table IIIHOMEWOOD-FLOSSMOOR PARK DISTRICT, ILLINOIS

Fund Balances of Governmental FundsLast Ten Fiscal Years

April 30, 2015

Fiscal Year 2015 2014 2013 2012*

General FundReserved

Reserved for Advances $ Reserved for InsuranceReserved for Prepaid Items

UnreservedDesignatedUndesignated

NonspendableAdvances 836,739 1,186,256 1,742,242 1,968,488 Prepaid Expenses 15,924 556 191 3,107 Permanent Fund

Unassigned 39,241 35,361 29,694

Total General Fund 852,663 1,226,053 1,777,794 2,001,289

All Other Governmental FundsReserved

Reserved for AdvancesReserved for Prepaid ExpendituresReserved for Capital Projects FundsReserved for Debt Service

UnreservedDesignated - Special Revenue FundsUndesignated, Special Revenue Funds Capital Projects Funds Permanent Fund

NonspendablePrepaid Expenses 1,384 2,158 4,520

Restricted forDebt Services 556,268 571,735 576,174 512,578 IMRF 856,750 680,555 667,780 672,914 Social Security and Medicare 517,459 453,703 445,186 448,609 Working Capital 164,013 164,013 164,013 164,013

Assigned forSpecial Revenue Fund Purposes 1,295,714 1,575,101 1,646,742 1,405,887 Capital Project Fund Purposes 6,971,977 4,200,851 2,640,169 2,503,523

Total All Other Governmental Funds 10,362,181 7,647,342 6,142,222 5,712,044

Total Governmental Funds 11,214,844 8,873,395 7,920,016 7,713,333

Governmental Fund Balances Over (Under) Prior Year 2,341,449$ 953,379 206,683 263,894

* Fund balance categories changed as required by GASB 54

Data Source:


91

2011* 2010 2009 2008 2007 2006

2,020,619 2,389,394 1,733,930 1,672,103$ 1,481,826

148 239 8,244

17,817 (742,348) 107,911 103,041 220,118

1,995,042 1,980

36,446

2,033,468 2,038,584 1,647,285 1,850,085 1,775,144 1,701,944

497,477 757,104 9,886 47,537 18,959 38,086 12,907

543,415 473,877 429,978 401,052 452,061

822,299 688,687 785,048 741,524 553,042

1,322,676 1,377,024 1,175,469 724,792 582,934 1,455,056 587,234 1,378,776 1,102,165 737,964

164,013 164,013 164,013 164,013 164,013

11,519

498,476 753,855 502,570 164,013

1,263,759 2,221,779

5,415,971 4,814,822 4,095,476 3,952,243 3,171,632 2,502,921

7,449,439 6,853,406 5,742,761 5,802,328 4,946,776 4,204,865

596,033 1,110,645 (59,567) 855,552 741,911 1,413,459

92

Table IVHOMEWOOD-FLOSSMOOR PARK DISTRICT, ILLINOIS

Changes in Fund Balances of Governmental FundsLast Ten Fiscal Years

April 30, 2015

Fiscal Year 2015 2014 2013 2012

RevenuesProperty Taxes 4,975,366$ 5,209,040 5,776,829 5,829,174 Swimming Pools 180,261 210,120 224,206 220,143 Fees and Charges 1,501,584 1,451,092 1,511,680 1,505,996 Building Rental 124,268 141,358 133,130 114,446 Replacement Taxes 73,717 70,454 67,226 63,516 Investment Income 3,530 4,434 8,178 1,435 Grants and Donations 37,522 21,684 45,001 25,732 Interfund Services 16,000 31,000 30,999 19,000 Miscellaneous 67,917 58,621 68,820 64,182

Total Revenues 6,980,165 7,197,803 7,866,069 7,843,624

ExpendituresCurrent

General Government 2,204,810 2,213,391 2,149,741 2,110,324 Recreation 2,462,586 2,479,927 2,470,034 2,580,521 Retirement Contributions 835,333 1,018,109 1,006,632 949,314

Capital Outlay 1,831,579 757,080 499,066 447,094 Debt Service

Principal 1,245,068 1,910,755 1,819,610 1,759,920 Interest 530,726 362,654 401,728 435,573

Total Expenditures 9,110,102 8,741,916 8,346,811 8,282,746

Excess (Deficiency) of Revenuesover Expenditures (2,129,937) (1,544,113) (480,742) (439,122)

Other Financing Sources (Uses)Transfers In 52,287 Transfers Out (232,208) (259,975) (212,575) (257,792) Transfer to Escrow Agent (7,057,294) Premium (Discount) on Bond Issuance - Net 318,594 (75,239) 8,521 Proceeds from General Obligation Bonds 4,385,000 9,890,000 900,000 900,000

Total Other Financing Sources (Uses) 4,471,386 2,497,492 687,425 703,016

Net Change in Fund Balance 2,341,449 953,379 206,683 263,894

Debt Service as a Percent of Noncapital Expenditures

Total Expenditures 9,110,102$ 8,741,916 8,346,811 8,282,746 Less Capital Outlays (1,525,198) (488,511) (445,894) (378,609)

Net Noncapital Expenditures 7,584,904 8,253,405 7,900,917 7,904,137

Total Debt Service 1,775,794$ 2,273,409 2,221,338 2,195,493

Debt Service as a Percentage of Noncapital Expenditures 23.4% 27.5% 28.1% 27.8%

Data Source:


93

2011 2010 2009 2008 2007 2006

5,688,815 5,824,865 5,483,072 5,392,865 5,012,900 5,196,059 219,264 245,428 273,523 287,125 268,359 275,816

1,596,055 1,672,187 1,653,454 1,559,432 1,533,141 1,480,620 146,344 109,101 132,589 136,799 130,688 117,400

72,016 58,379 70,309 80,201 72,760 65,461 4,000 12,824 64,207 102,413 135,160 94,495

55,658 65,938 56,333 46,504 26,595 196,550 14,000 3,000 22,319 156,456 196,300 226,100 61,879 60,890 43,628 36,349 57,099 75,229

7,858,031 8,052,612 7,799,434 7,798,144 7,433,002 7,727,730

1,991,587 1,864,356 1,929,735 1,837,939 1,702,006 1,738,584 2,499,660 2,820,800 2,850,839 2,709,317 2,570,021 2,657,885

871,291 859,421 848,494 713,898 696,872 659,800 362,671 367,055 702,277 417,127 495,397 1,105,358

1,691,090 1,549,865 1,567,360 1,536,327 1,477,960 1,469,750 465,074 500,638 568,219 597,984 617,150 691,034

7,881,373 7,962,135 8,466,924 7,812,592 7,559,406 8,322,411

(23,342) 90,477 (667,490) (14,448) (126,404) (594,681)

1,117,609 (255,628) (254,828) (259,028) (8,500)

(2,450,434) (8,432,358) (85,584)

875,000 3,725,434 866,950 870,000 868,315 9,416,873 619,372 1,020,172 607,922 870,000 868,315 2,008,040

596,030 1,110,649 (59,568) 855,552 741,911 1,413,359

7,881,373 7,962,135 8,466,924 7,812,592 7,559,406 8,322,411 (305,247) (322,192) (702,277) (470,529) (454,473) (907,604)

7,576,126 7,639,943 7,764,647 7,342,063 7,104,933 7,414,807

2,156,164 2,050,503 2,135,579 2,134,311 2,095,110 2,160,784

28.5% 26.8% 27.5% 29.1% 29.5% 29.1%

REVENUE CAPACITY

94

Table VHOMEWOOD-FLOSSMOOR PARK DISTRICT, ILLINOIS

Property Value, Construction, and Bank DepositsLast Ten Fiscal Years

April 30, 2015

TotalConstruction (1) Bank Property

Fiscal Number Deposits (2) Value (3)Year of Units Value (000s) (000s)

2015 1,442 22,413,967$ (4 ) 1,596,144

2014 1,357 31,834,793 596,593 1,668,862

2013 1,072 12,189,615 613,445 1,786,979

2012 1,115 14,341,026 413,939 1,978,345

2011 1,035 16,515,371 517,600 2,440,680

2010 1,074 11,929,399 525,354 2,253,271

2009 1,071 52,304,860 535,142 2,188,258

2008 1,181 24,079,338 488,417 2,004,954

2007 1,267 33,288,913 509,699 1,873,364

2006 1,432 49,435,818 507,506 1,799,770

Data Source

(1) Based on Villages of Homewood and Flossmoor building permits issued; values are estimated construction costs.(2) Per reports at www.FDIC.gov website.(3) Total estimate of property values from Cook County Clerk's Office - 2014 data.(4) Data is not available at this time.

95

Table VIHOMEWOOD-FLOSSMOOR PARK DISTRICT, ILLINOIS

Assessed and Estimated Actual Value of Taxable PropertyLast Ten Levy Years

April 30, 2015

Tax Levy Farm Residential Commercial Industrial RailroadYear Property Property Property Property Property

2014 $

2013 419,918,438 103,799,384 27,696,996 4,316,377

2012 448,721,018 112,049,727 30,097,393 4,196,008

2011 498,253,527 124,175,634 32,216,174 4,143,389

2010 628,462,740 144,918,771 35,574,058 3,790,912

2009 613,557,898 96,335,905 36,914,327 3,530,956

2008 578,248,754 104,979,206 42,201,759 3,260,301

2007 537,181,007 90,304,969 37,137,728 3,025,919

2006 501,536,506 82,170,850 37,100,002 3,022,850

2005 477,835,855 81,181,869 37,254,055 3,050,537

Data Source

Cook County Clerk's Office - 2014 data

Details not available

96

Total Assessed Total Estimated Total DirectValue Actual Value Tax Rate

531,515,849 1,596,143,691 0.998

555,731,195 1,668,862,447 0.958

595,064,146 1,786,979,417 0.946

658,788,724 1,978,344,517 0.898

812,746,481 2,440,680,123 0.723

750,339,086 2,253,270,529 0.715

728,690,020 2,188,258,318 0.730

667,649,623 2,004,953,823 0.775

623,830,208 1,873,363,988 0.800

599,322,316 1,799,766,715 0.797

97

Table VIIHOMEWOOD-FLOSSMOOR PARK DISTRICT, ILLINOIS

Property Tax Rates - Direct and Overlapping GovernmentsLast Ten Levy Years

April 30, 2015

Tax Levy Bond & All TotalYear General Recreation Museum Interest Pensions SocSec Other HFPD

2014 0.350 0.094 0.010 0.198 0.133 0.089 0.124 0.998 2013 0.350 0.087 0.009 0.186 0.124 0.083 0.119 0.958 2012 0.350 0.090 0.036 0.171 0.111 0.074 0.114 0.946 2011 0.350 0.097 0.050 0.150 0.082 0.056 0.113 0.898 2010 0.230 0.069 0.042 0.120 0.080 0.065 0.117 0.723 2009 0.340 0.076 0.032 0.126 0.060 0.038 0.044 0.715 2008 0.285 0.076 0.027 0.130 0.074 0.049 0.087 0.730 2007 0.331 0.077 0.031 0.142 0.091 0.061 0.043 0.775 2006 0.336 0.075 0.031 0.152 0.093 0.062 0.052 0.800 2005 0.314 0.082 0.033 0.158 0.060 0.089 0.061 0.797

*Property tax rates are per $100 of assessed valuation.

Data Source

Cook County Clerk's Office - Tax Extensionwww.cookcountyclerk.com

Park District Direct Rates

http://www.cookcountyclerk.com/

98

Schools Villages Others

18.880 4.836 4.315 17.591 4.445 4.191 16.133 4.192 3.902 14.198 3.623 3.428 11.042 2.849 2.807 10.938 2.769 2.718 11.230 2.710 2.717 11.737 2.814 2.844 12.117 2.908 2.958 12.043 2.676 2.926

Overlapping Rates

99

Table VIIIHOMEWOOD-FLOSSMOOR PARK DISTRICT, ILLINOIS

Principal Taxpayers

Current Levy Year and Nine Years Ago

Percentageof Total

Equalized EqualizedAssessed Assessed

Taxpayer Type of Business Valuation Rank Valuation

Inland Amer Homewood Real Property 10,757,705$ 1 2.02%Kohl's Department Store Department Store 4,493,543 2 0.85%Albertson's Grocery Store 4,059,146 3 0.76%Target Retail Stores 3,977,147 4 0.75%Home Depot Home Improvement Center 3,439,481 5 0.65%Homewood Assoc. Real Property 3,430,136 6 0.65%Health Care & Retirement Healthcare 3,350,345 7 0.63%Menard, Inc. Retail Stores 3,299,393 8 0.62%Sunrise Assisted Living Senior Living 3,270,360 9 0.62%Homewood Mercy Prop. Real Property 2,895,424 10 0.54%K-Mart Retail StoresMontesand Cap Mgt Real PropertyHomewood Office Center Real Property

42,972,680 8.08%

Total District Taxable Assessed Value 531,515,849$

Data Source

Cook County Clerk's Office - 2014 data most recent availableVillage of Homewood, Village of Flossmoor

2014

100

Percentageof Total

Equalized EqualizedAssessed AssessedValuation Rank Valuation

5,774,918 5 1.09%6,728,708 3 1.26%6,581,426 4 1.24%5,743,093 6 1.08%3,797,469 10 0.71%

4,780,989 7 0.90%

3,871,908 8 0.73%8,652,676 1 1.63%7,104,667 2 1.33%3,822,997 9 0.72%

56,858,851 10.68%

532,225,106

2005

101

Table IXHOMEWOOD-FLOSSMOOR PARK DISTRICT, ILLINOIS

Property Tax Levies and CollectionsLast Ten Levy Years

April 30, 2015

Collection inFiscal Taxes SubsequentYear Levied Amount % of Levy Years Amount % of Levy

2014 5,304,528$ 2,621,869 49.43% N/A 2,621,869 49.43%2013 5,323,919 2,776,270 52.15% 2,392,190 5,168,460 97.08%2012 5,629,318 3,006,129 53.40% 2,541,261 5,547,390 98.54%2011 5,915,923 2,995,587 50.64% 2,834,481 5,830,068 98.55%2010 5,876,158 2,868,356 48.81% 2,874,175 5,742,531 97.73%2009 5,364,924 2,647,451 49.35% 2,516,128 5,163,579 96.25%2008 5,319,437 2,322,259 43.66% 2,936,924 5,259,183 98.87%2007 5,174,282 2,308,573 44.62% 2,720,319 5,028,892 97.19%2006 4,990,642 2,219,770 44.48% 2,729,007 4,948,777 99.16%2005 4,776,608 2,069,481 43.33% 2,564,097 4,633,578 97.01%

Note:

Tax collections from the County in theory could exceed 100%. Cook County adds 3% to the District's levy foruncollectible taxes (5% for debt service funds) and incorporates this allowance into the total extension.

Data Source

Cook County Clerk's Office - 2014 data

Collected Within Fiscal Year Total Collections to Date

DEBT CAPACITY

102

Table XHOMEWOOD-FLOSSMOOR PARK DISTRICT, ILLINOIS

Outstanding Debt by TypeLast Ten Fiscal Years

April 30, 2015

General GeneralFiscal Obligation Installment Debt Obligation DebtYear Bonds Contract Certificates Bonds Certificates

2015 14,718,950$ 1,945,000 2014 11,563,775 15,243 2,500,000 2013 10,495,000 29,773 3,145,000 2012 11,400,730 43,653 3,730,000 2011 12,247,380 56,923 4,235,000 2010 13,020,000 30,800 69,593 4,780,000 2009 13,151,950 61,600 81,708 5,305,000 63,870 2008 13,810,000 92,400 93,268 5,820,000 187,991 2007 14,438,315 119,350 104,330 6,320,000 307,496 2006 15,010,440 146,300 114,900 6,735,000 422,538

Notes:

Details of the District's outstanding debt may be found in the Notes to the Financial Statements.

*Refer to the Schedule of Demographic and Economic Statistics for personal income and population data..

Data Source

District's RecordsU.S. Department of Commerce, Bureau of Census. 2010 Census

Governmental Activities Business Type Activities

103

TotalOutstanding Total

Debt of OutstandingTotal Percentage Debt

Government Personal Income per Capita*

16,663,950 3.14% 558 14,079,018 2.53% 471 13,669,773 2.30% 458 15,174,383 2.30% 511 16,539,303 2.03% 557 17,900,393 2.39% 603 18,664,128 2.56% 627 20,003,659 2.75% 673 21,289,491 3.19% 716 22,429,178 3.60% 754

104

Table XIHOMEWOOD-FLOSSMOOR PARK DISTRICT, ILLINOIS

Schedule of Direct and Overlapping Bonded DebtGeneral Obligation Bonds

April 30, 2015

(1) (2)Percentage Amount

Applicable to Applicable toHomewood Homewood

Net Debt Flossmoor FlossmoorOutstanding Park District Park District

DIRECT:Homewood-Flossmoor Park District 16,663,950$ 100.00% 16,663,950

OVERLAPPING:School District #152 1/2 7,736,827 5.17% 399,994 School District #153 14,554,279 96.94% 14,108,918 School District #154 1,630,000 0.33% 5,379 School District #161 8,655,000 68.71% 5,946,851 High School District #205 42,694,946 0.43% 183,588 High School District #233 33,355,000 81.95% 27,334,423 South Suburban College # 510 11,289,496 0.17% 19,192 Prairie State Community College #515 14,905,000 17.71% 2,639,676 Cook County 3,466,835,000 0.44% 15,254,074 Cook County Forest Preserve 172,535,000 0.44% 759,154 Metropolitan Water Reclamation District 2,642,374,005 0.19% 5,020,511 Village of Flossmoor 10,890,000 97.71% 10,640,619 Village of Glenwood 14,720,000 10.85% 1,597,120 Village of Thornton 2,915,000 0.40% 11,660 Glenwood-Lynwood Public Library District 5,350,000 4.59% 245,565 Homewood Library District 645,000 98.86% 637,647

Total Overlapping Debt 84,804,370

101,468,320

(1) Overlapping percentages based on 2013 equalized assessed valuation, the most current available.

(2) Amount in column (2) multiplied by amount in column (1).

Data Source

Cook County Clerk's Office

105

Table XIIHOMEWOOD-FLOSSMOOR PARK DISTRICT, ILLINOIS

Ratio of Net General Obligation Bonded Debt to Assessed Valueand Net General Obligation Bonded Debt Per Capita

Last Ten Levy Years

April 30, 2015

Tax Levy Year 2014 2013 2012 2011

Population (1) 29,874 29,874 29,874 29,683

Assessed Value (2) 531,515,849$ 555,731,195 595,064,146 658,788,724

Debt from Governmental Activities 16,663,950 11,579,018 10,524,773 11,444,383 Debt from Business Activities 1,945,000 2,500,000 3,145,000 3,730,000

Total Debt 18,608,950 14,079,018 13,669,773 15,174,383

Less General Obligation (Alternate Revenue Source) (15,535,000) (12,880,243) (12,419,773) (13,908,653) Less Restricted for Debt Service (556,268) (571,735) (576,174) (512,578)

Net General Obligation Bonded Debt (3) 3,073,950 627,040 673,826 753,152

Ratio of Net General Obligation BondedDebt to Assessed Value 0.58% 0.11% 0.11% 0.11%

Net General Obligation Bonded Debt Per Capita 102.90 20.99 22.56 25.37

Data Source

See Table X(1) U.S. Department of Commerce, Bureau of Census(2) Cook County Clerk's Office - 2014 data(3) District Records

106

2010 2009 2008 2007 2006 2005

29,683 29,683 29,744 29,744 29,744 29,744

812,746,481 750,339,086 775,000,000 728,690,020 667,649,323 623,830,298

12,304,303 13,120,393 13,295,258 14,661,995 14,661,995 15,271,640 4,235,000 4,780,000 5,368,870 6,007,991 6,627,496 7,157,538

16,539,303 17,900,393 18,664,128 20,669,986 21,289,491 22,429,178

(15,266,923) (16,594,593) (17,590,000) (18,760,000) (19,890,000) (20,875,000) (498,476) (543,415) (473,877) (429,978) (401,052) (452,061)

773,904 762,385 600,251 1,480,008 998,439 1,102,117

0.10% 0.10% 0.08% 0.20% 0.15% 0.18%

26.07 25.68 20.18 49.76 33.57 37.05

DEMOGRAPHIC AND ECONOMIC INFORMATION

107

Table XIIIHOMEWOOD-FLOSSMOOR PARK DISTRICT, ILLINOIS

Demographic and Economic StatisticsLast Ten Fiscal Years

April 30, 2015

EstimatedTotal

Personal Per CapitaFiscal Income of Personal Village of Village of State ofYear Population Income (1) Homewood Flossmoor Illinois

2015 29,874 * 1,198,096,770$ 40,105 N/A N/A N/A2014 29,874 * 1,101,245,262 36,863 7.4% 6.4% * 7.1%2013 29,874 * 1,101,245,262 36,863 7.4% 9.0% 9.1%2012 29,873 * 1,101,208,399 36,863 8.7% 8.8% 9.0%2011 29,683 1,094,204,429 36,863 8.7% 9.6% 9.7%2010 29,683 937,982,800 31,600 11.5% 9.4% 10.4%2009 29,744 * 939,910,400 31,600 11.5% 7.8% 10.2%2008 29,744 * 939,910,400 31,600 2.6% 4.8% 6.3%2007 29,744 * 939,910,400 31,600 2.6% 3.7% 4.6%2006 29,744 * 939,910,400 31,600 2.6% 3.3% 5.8%

*Estimated

Note:

Data Source

(1) U.S. Department of Commerce, Bureau of Census(2) Illinois Department of Labor, Illinois Department of Commerce and Economic Opportunity and Northeastern Illinois Planning Commission Historical data Village of Homewood, Village of Flossmoor, and Homewood-Flossmoor Park District

The following table shows the ten year trend in population, personal income and per capita income for the Villages, as well as average annual unemployment rates for the Villages and the State of Illinois.

The U.S. Department of Commerce, Bureau of Census defines personal income as a measure of income received from all sources by residents of the Village of Homewood and Village of Flossmoor during a calendar year.

Population (1)

Unemployment Rate (2)

108

Table XIVHOMEWOOD-FLOOSMOOR PARK DISTRICT, ILLINOIS

District EmployersCurrent Fiscal Year and Ten Years Ago

April 30, 2015

Percentof Total

Approximate DistrictEmployer Product/Service Rank Employment Population

Canadian Northern Railroad Corporate Headquarters 1 700 2.34%Comcast Telecommunications 2 450 1.51%Jewel/Osco Grocery Stores 3 450 1.51%School District 161 Elementary School District 4 332 1.11%School District 153 Elementary School District 5 331 1.11%Homewood-Flossmoor High School High School 6 320 1.07%Village of Homewood Municipality 7 210 0.70%Village of Flossmoor Municipality 8 152 0.51%Benefit Administrative Systems Medical Claims Processing 9 150 0.50%Target Retail Store 9 150 0.50%Manor Health Care Rehabilitation and Healthcare 9 150 0.50%Home Depot, Inc. Home Improvement & Building 10 125 0.42%Super Kmart Retail StorePrudential Partners Real Estate Brokers

3,520 11.78%

Data Source

2005 data used for comparison as 2006 data was not available.2015 Illinois Manufacturers Directory, 2015 Illinois Services Directory and a selective telephone surveyPark District bond recordsVillage of Homewood and Village of Flossmoor records

2015

109

Percentof Total

Approximate DistrictRank Employment Population

8 225 0.77%

3 330 1.12%4 314 1.07%5 302 1.03%2 450 1.53%7 230 0.78%

10 152 0.52%

9 200 0.68%10 152 0.52%

1 600 2.04%6 265 0.90%

3,220 10.96%

2005

OPERATING INFORMATION

110

Table XVHOMEWOOD-FLOSSMOOR PARK DISTRICT, ILLINOIS

Full-Time Equivalent EmployeesLast Ten Fiscal Years

April 30, 2015

Function/Program 2015 2014 2013 2012 2011

General GovernmentAdministration 12.4 12.5 12.7 12.6 13.0 Recreation 32.9 31.8 34.1 35.5 35.0 Museum 10.2 9.3 9.6 10.2 11.4 Maintenance 20.1 19.8 20.7 21.2 20.3

Total General Government 75.5 73.4 77.0 79.6 79.8

Business-Type Entities:Racquet Club

Administration 26.9 28.1 26.6 28.3 27.5 Maintenance 7.6 8.1 8.5 8.6 8.3

Artificial Ice Skating RinkAdministration 6.9 7.1 6.8 7.5 8.3 Maintenance 2.4 2.7 2.7 2.7 2.2

Golf CourseAdministration 7.8 8.2 9.4 10.6 11.2 Maintenance 4.8 5.1 5.3 5.5 5.4 Restaurant 12.1 13.0 12.1 1.3

Total Business-Type Entities 68.4 72.3 71.3 64.6 63.0

Total District 144.0 145.7 148.3 144.1 142.8

Data Source

Park District Records - classified by primary functionTotal hours/2080 hours = estimated full-time employees

111

2010 2009 2008 2007 2006

14.9 14.9 15.2 14.0 15.8 37.8 39.0 37.6 36.9 37.3 11.0 12.3 11.8 11.5 12.4 21.4 21.7 20.3 19.5 20.0 85.1 87.9 84.9 81.9 85.6

27.8 29.3 28.4 29.7 30.9 8.4 8.4 8.5 8.2 7.6

10.0 9.0 8.1 9.5 11.7 2.3 2.8 3.4 4.1 3.7

11.3 11.4 12.1 11.2 9.8 5.2 5.9 5.8 6.4 6.9

65.1 66.7 66.3 69.1 70.6

150.1 154.6 151.2 151.0 156.1

112

Table XVIHOMEWOOD-FLOSSMOOR PARK DISTRICT, ILLINOIS

Operating IndicatorsLast Ten Fiscal Years

April 30, 2015

Function/Program 2015 2014 2013 2012

RecreationProgram Participants 24,787 24,914 29,216 * 33,693 Pool Attendance 16,983 22,579 28,482 30,000 Pool Parties 16 10 17 18 Splashpad Attendance 5,071 5,632 8,585 10,302

Racquet & Fitness ClubMemberships - Annual 1,891 2,237 2,554 2,868 Personal Training Hours 4,002 4,534 4,419 4,246 Tennis Court Time Hours 23,296 24,660 24,485 25,813

Golf CourseRounds of Golf Played 26,240 25,681 25,267 23,795 Cart Rentals 21,442 20,662 19,521 19,205 Buckets of Balls Sold 8,961 9,279 9,045 10,118

EmploymentFull-Time Employees Hired 5 5 8 6 Part-Time/Seasonal Employees Hired 188 103 135 171

LegalOrdinances Written 19 12 15 14 Resolutions Written 7 5 6 8

VehiclesVehicles Replaced 2

Data Source

Park District Records*Changed calculation method**Board decision - Recurring resolutions eliminated

113

2011 2010 2009 2008 2007 2006

32,619 34,560 33,435 32,498 28,538 29,066 28,162 26,530 37,599 29,704 27,057 34,859

18 33 46 41 36 47 11,811 8,060 9,334 9,399 7,276 10,531

3,151 3,848 3,340 3,299 3,442 * 4,277 3,622 3,349 3,294 3,385 3,539 4,305

26,318 26,429 25,780 25,837 25,737 25,846

26,442 27,444 28,184 28,480 27,217 19,402 18,662 19,654 20,144 20,411 19,416 13,619 10,469 12,775 13,416 14,956 13,062 8,915

5 2 2 7 10 1 95 139 173 177 169 219

14 19 13 14 18 14 9 4 ** 11 14 12 16

1 5 5 2 2

114

Table XVIIHOMEWOOD-FLOSSMOOR PARK DISTRICT, ILLINOIS

Capital Asset Statistics and Function/ProgramLast Ten Fiscal Years

April 30, 2015

Function/Program 2015 2014 2013 2012 2011

RECREATIONPlaygrounds 21 21 21 21 21Parks 30 30 30 30 30Volleyball 4 4 4 4 4Health Club 1 1 1 1 1Outdoor Tennis Courts 24 24 24 24 24Indoor Tennis Courts 10 10 10 10 10Racquetball/Handball Courts 2 2 2 2 2Indoor Ice Arena 1 1 1 1 1Soccer Fields 11 11 11 11 11Basketball Courts - Indoor 3 3 3 3 3Baseball Fields 13 13 13 13 13Softball Fields 8 8 8 8 8Jogging & Bike Trails 10 10 10 10 10Golf Courses 1 1 1 1 1Driving Range 1 1 1 1 1Indoor Golf Simulator 1 1 1 1 1Recreation Centers 1 1 1 1 1Swimming Pools - Outdoor 1 1 1 1 1Swimming Pools - Indoor 1 1 1 1 1Water Slide 1 1 1 1 1Water Playground 1 1 1 1 1Fishing 1 1 1 1 1Dog Park 1 1 1 1 1Skate Park 1 1 1 1 1Rollerblade - Outdoor 1 1 1 1 1Nature Museum 1 1 1 1 1Cross Country Skiing 1 1 1 1 1Sledding Hill 2 2 2 2 2Gymnasium 2 2 2 2 2

Data Source

Park District Records

115

2010 2009 2008 2007 2006

21 21 21 21 2130 30 30 30 30

4 4 4 4 41 1 1 1 1

24 24 24 24 2410 10 10 10 10

2 2 2 3 31 1 1 1 1

11 11 11 11 113 3 3 3 3

13 13 13 13 138 8 8 8 8

10 10 10 10 101 1 1 1 11 1 1 1 11 11 1 1 1 11 2 2 2 21 1 1 1 11 1 1 1 11 1 1 1 11 1 1 1 11 1 1 1 11 1 1 1 11 1 1 1 11 1 1 1 11 1 1 1 12 2 2 2 22 2 2 2 2

116

Table XVIIIHOMEWOOD-FLOSSMOOR PARK DISTRICT, ILLINOIS

Surety Bonds of Principal Officials

April 30, 2015

Amount ofPrincipal Official Surety Bond

Executive Director 2,000,000$

Superintendent of Finance & Administration 2,000,000

Data Source:

Schedule of Insurance in Force

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