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CHICAGO PARK DISTRICT CHICAGO, ILLINOIS Comprehensive Annual

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CHICAGO PARK DISTRICT CHICAGO, ILLINOIS Comprehensive Annual CHICAGO PARK DISTRICT CHICAGO, ILLINOIS Comprehensive Annual Financial Report For the year ended December 31, 2010 Prepared by the Chief Financial Officer and the Office of the Comptroller Rahm Emanuel, Mayor, City of Chicago Bryan Traubert, President of the Board of Commissioners Michael P. Kelly, Interim General Superintendent and Chief Executive Officer Steve Hughes, Chief Financial Officer Melinda M. Gildart, CPA, MBA, Comptroller Dear Colleagues and Friends In 2010, the Chicago Park District continued to offer quality programming to patrons despite one of the most challenging economic times in recent memory. As managers Administration Office of one of the largest park systems in the nation, we continue to service more than 541 North Fairbanks Chicago, Illinois 60611 7,700 acres of green space, nearly 600 parks, a world-class harbor system, 26 miles t (312) 742-PLAY of beaches, 10 museums and much more. At its peak time during the summer (312) 747-2001 TTY www.chicagoparkdistrict.com months, the District employees over 7,000 people. The Chicago Park District serves as a leader to urban park districts worldwide, and we continue to set the bar. Board of Commissioners Bryan Traubert President This fiscal year, we completed 23 new, accessible playgrounds in parks across the city and four new artificial turf fields. We also constructed the new, LEED-Silver Bob Pickens Vice President certified field house at Valley Forge Park and new beach houses at 41st Street and Kathy Osterman beaches. We upgraded six new fitness centers and implemented Dr. Scott Hanlon, D.O. M. Laird Koldyke new preventative maintenance policies. We implemented an Energy Performance Avis LaVelle Program, consisting of approximately $25 million in improvements over 37 sites plus Juan Salgado Rouhy J. Shalabi centralized building control system which will enables the District to remotely regulate and maintain heating temperatures at these facilities. These steps and more have Interim General Superintendent & CEO brought the Chicago Park District world-wide recognition, including maintaining solid Michael P. Kelly financial ratings. We are pleased that the rating agencies have confidence in the financial and operational measures that we have employed throughout the years. Our financial, operational and programmatic accomplishments are made possible through strong fiscal management, dedication to process improvements, and increasing physical fitness across the city. The 2010 Comprehensive Annual Financial Report (CAFR) presents a healthy financial picture as we continue to City of Chicago Rahm Emanuel impose financial and managerial discipline on all aspects of the District’s operations. Mayor Currently, the District is focusing on 4 core values: Open, Active, Green, & Connected. Since developing these core values, the number of programs offered at our facilities has increased dramatically, along with total registrants, capital projects, and the number of grants received in support of our unique and award-winning programs. We will continue to work to enhance programs to include all participants regardless of age, physical, or cognitive ability. In addition, we will enhance existing opportunities that encourage families to get active and adopt healthy lifestyles. And as environmental stewards of our great city, we strive to integrate eco-friendly practices into all of the District’s operations. Unique and Patron-Driven Programming As a model for park districts across the nation, the Chicago Park District offers thousands of programs each year ranging from numerous sports and arts activities to inexpensive day camps, yoga and the Mom, Pops, and Tots program. In fact, we offer over 50 specialized day camps such as dance, theatre, art, career, and a camp to learn sign language. Park programming is geared toward toddlers, youth, teens, adults, and seniors-with something for everyone. Our special events are attended by literally thousands of people at the parks such as Movies in the Parks, Trails of Terror, Theatre on the Lake, Easter Egg Hunts, Snow Days at Soldier Field, and many, many, more. Choices of programs are also plentiful for citizens with disabilities, as we offer Special Olympics and Junior Olympic programs, daily living skills classes, Punt, Pass, and Run football programs for youth, and Learn to Swim classes. Chicago Park District Page ii Fiscal Management In general, CPD ended the fiscal year better than budgeted, primarily due to the line being held on spending, reduction in non-personnel expenses, hiring freezes and employee furlough days. As in past years, CPD instituted strong fiscal discipline and budgeted conservatively, to ensure that the limited resources available, both financial and human, were used efficiently to advance the core strategies. At the end of fiscal year 2010, CPD again maintained a strong cash position, with the fund balance increasing in the General Fund. In 2010, we also improved the Chicago Park District website and the online registration tool, on our way to a premier electronic registration process that will debut in 2011. In 2010, The Chicago Park District continued its commitment to helping staff obtain the Certified Parks and Recreation Professional (CPRP) distinction. CPRP is a national standard in the Parks and Recreations field and illustrates the Chicago Park District‘s ongoing commitment to quality, education, expertise, and experience. To date, nearly 70 staff have obtained this outstanding national certification. The District also employs several staff in the Office of Green Initiatives and Capital Construction departments who have obtained the Leadership in Energy and Environmental Design (LEED) certification. Current and Future Challenges The District, like countless other public organizations, private businesses, and families, is challenged by the difficult financial times. Due to the financial condition of the State of Illinois, CPD is awaiting reimbursement for multiple capital projects completed in 2009 and in prior years. The District is owed tens of millions of dollars as of the end of FY 2010. In the next few years, health care and pension funding will become substantial expenses for CPD, with expenditures expected to increase significantly each year. And, while federal funding has increased in recent years via various grants, overall, very little funding is appropriated at the federal level for park programs nation-wide. The District relies heavily on property and personal property replacement taxes to maintain the current level of operation. Though both property taxes and PPRT have fluctuated widely over the last six years, the District has held the line on raising property taxes and instead, reduced expenditures and implemented other measures to save money. The result is an increased fund balance in the general fund, while also increasing programming District-wide. Finally, we stay connected with over 100 park advisory councils, federal, state, and locally elected officials, and corporations committed to improving our parks. It is through these partnerships that the District and communities across the city are able to celebrate the many improvements in our parks. Thank you for your interest in the Chicago Park District’s Comprehensive Annual Financial Report. Sincerely, Bryan Traubert Michael P. Kelly President, Board of Commissioners Interim General Superintendent & CEO Chicago Park District Page iii Chicago Park District Page iv CHICAGO PARK DISTRICT 2010 COMPREHENSIVE ANNUAL FINANCIAL REPORT TABLE OF CONTENTS I. INTRODUCTORY SECTION (Unaudited) Principal Officials ................................................................................................................................. 3 Organization Chart .............................................................................................................................. 4 Certificate of Achievement for Excellence in Financial Reporting ....................................................... 5 Board Member Profiles ....................................................................................................................... 6 Letter of Transmittal ............................................................................................................................ 7 II. FINANCIAL SECTION Independent Auditors’ Report ........................................................................................................... 17 Management’s Discussion and Analysis (Unaudited) ....................................................................... 19 Basic Financial Statements Government-wide Financial Statements: Statement of Net Assets ......................................................................................................... 36 Statement of Activities ............................................................................................................. 37 Fund Financial Statements: Balance Sheet – Governmental Funds ................................................................................... 38 Reconciliation of the Governmental Funds Balance Sheet to the Statement of Net Assets ... 41 Statement of Revenues, Expenditures and Changes in Fund Balances- Governmental Funds ............................................................................................................... 42 Reconciliation of the Governmental Funds Statement of Revenues, Expenditures, and Changes in Fund Balances to the Statement of Activities ...................................................... 44 Fiduciary(Pension)
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