May 21, 2024 at 1:30pm
Article by Joan Scovic
Director of Marketing & Communications
Northbrook Park District
In the latest episode of Northbrook in 90, we took the minute and a half to highlight how the Northbrook Park District exemplifies sound fiscal strategies. Let’s unpack everything from the episode and dive deeper into the budgeting process.
The Northbrook Park District’s Finance Division develops and monitors the financial performance of the Northbrook Park District. Responsibilities include financial reporting, budget, audit, debt management, purchasing and all other accounting functions of the District.
The Board approved 2024 budget uses a balanced approach and projects 50% of revenue from tax dollars and 50% of revenue from operating fees and charges.
Northbrook Park District staff use a variety of data and industry knowledge to produce a chain of documents that help inform the annual budget.
In March 2022, the elected Board of Commissioners approved a Comprehensive Master Plan Update which set forth a five-year roadmap for the District. Following the outlined goals and strategies, a Capital Improvement Plan, or CIP, is developed annually to determine large projects for the year. The CIP is then adopted by the board with the annual budget.
“As a governmental body, the Park District follows all legal postings, notices, meetings and input sessions leading up to approval of the annual budget by the Park District Board,” said Director of Finance and Technology Mike Tokar.
The District continually searches for alternative sources of revenue in order to make our programs, services and facilities financially accessible for the community. We have received $5.65M in grants in the past two years alone from sources such as the Illinois Department of Natural Resources, the State of Illinois Department of Commerce and Economic Opportunity, and ComEd.
Sponsorships with area businesses like our five year, $150,000 agreement with Northbrook Bank & Trust Company, NA help support scholarships that provide access to those with financial need. We are also proud of our ability to connect financial sustainability to environmental sustainability. The District received a $1.78M grant from the Illinois Clean Energy Community Foundation to support the construction of Techny Prairie Activity Center, a Net Zero building that opened in 2021 that produces more energy annually than it uses.
“As elected officials, the Northbrook Park District Board of Commissioners takes financial stewardship of taxpayer dollars very seriously,” said Board Commissioner Mary Ann Chambers.
The Park District was established in 1927 with a budget of just $1,800 to serve the Northbrook community. Since that time, the District has been continually recognized for financial excellence.
Northbrook Park District was the first park district in Illinois to earn a Moody’s Aaa rating, which reflects the District’s financial obligations are judged to be of the highest quality, with minimal risk.
The District has also received many annual awards from the Government Finance Officers Association including the Certificate of Achievement for Excellence in Financial Reporting for our annual audit report, received annually since 1993, and the Distinguished Budget Presentation Award received annually since 2000.
Chambers concluded the episode by affirming that the Northbrook Park District is well-positioned to grow into the future.
…and that’s Northbrook in 90, unpacked!
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