February 28, 2020 at 11:02am
For the 26th consecutive year, the Northbrook Park District has received the Certificate of Achievement for Excellence in Financial Reporting for its comprehensive financial report.
Awarded by the Government Finance Officers Association (GFOA), the Certificate of Achievement is the highest form of recognition in governmental accounting and financial reporting. Its attainment represents a significant accomplishment by a government and its management. The comprehensive financial report been judged by an impartial panel to ensure the District meets the high standards of the program, which includes demonstrating a constructive “spirit of full disclosure” to clearly communicate its financial story and motivate potential user groups to read the report.
“Financial stewardship is central to our mission of providing outstanding services, parks and facilities,” said Northbrook Park District Executive Director Molly Hamer. “As an agency that serves the public, we take financial transparency seriously and are honored to receive this recognition.”
Moody’s Investors Service recently assigned a Aaa rating to Northbrook Park District’s $5.9 million General Obligation Limited Tax Park Bonds, Series 2020. The bonds are being used for the new 44,200 square-foot Activity Center under construction at Techny Prairie Park and Fields.
The rating reflects the District’s large tax base, strong operating reserves and liquidity and low debt and pension burdens. With a stable financial outlook, Moody’s expects the District will maintain its healthy reserve position and low debt burden.