The Glenview Park District is primarily funded through property taxes and user fees. Only about half of the District’s operating revenue comes from residential property taxes.
The Glenview Park District retains a sound financial position. Key financial highlights include:
The Park District aggressively seeks alternative sources of revenue and has received more than $15 million in grants, donations, sponsorships and advertising revenue over the past 10 years.
The Park District’s AAA bond rating issued by Moody’s Investors Service was re-confirmed in 2019.
The Park District has a special reserve fund designated as the Capital Replacement Fund to systematically provide for current and future replacements of many of our assets. This long range plan enables us to continue to maintain our parks and facilities at a level of quality that is expected by residents.
The Park District has received the Government Finance Officers Association’s Certificate of Excellence in Financial Reporting each year since 2007 when the first application was submitted, and will continue to seek this certification in future years.
The Park District is sensitive to its taxpayers and has been able to keep its overall tax levy flat for existing taxpayers for 8 of the last 10 years. Since 2011, the Park Board of Commissioners has reduced the Bond & Interest tax levy by more than $4 million.
In 2020, the Park District issued Alternate Revenue Source bonds as part of the funding for the renovation of the Glenview Community Ice Center. The timing of this debt issuance resulted in a savings of $250,000 in interest expense.
In 2019, the Park District joined the Intergovernmental Personnel Benefit Cooperative resulting in an estimated savings of $1 million from 2020 to 2025.
In 2018, the Park District issued $17m in General Obligation Bonds related to the referendum. The District chose to retire the debt in 13 years instead of 20 years saving taxpayers approximately $3 million over the life of the debt.
In 2012, the Park District refinanced a portion of its outstanding debt which will result in a savings of nearly two million dollars over the next 12 years, and in 2014 the district refunded another bond which will produce $100,000 savings over a three year period.
Comprehensive Annual Financial Reports
As required by law, the Glenview Park District must submit to an annual audit of its financial operations. Below are links to Glenview Park District Audits for recent fiscal years.
preliminary budget and appropriations ordinance
The budget and appropriations ordinance is generally considered and approved at the July Park Board of Commissioners meeting each year.Preliminary BOA
The Glenview Park District’s fiscal year is May 1-April 30. A budget is prepared each year and approved at the April Park Board meeting.Annual Budget
IMRF Employer Cost & Participant Information
In 2019, the Illinois General Assembly passed Public Act 101-0504. The law requires IMRF to post certain employer cost and participation information on its website. IMRF will update these reports annually.IMRF Information