Sustainable revenue strategies and funding options
- Goal 1: Develop strategies to improve financial sustainability.
- Goal 2: Seek alternate sources of revenue.
Tactic 1: Finalize sale of The Abbey (Completed-Winter 2021)
Progress Update
- Park Board and School District #205 Board approved a resolution authorizing the sale/purchase of The Abbey (Winter 2021)
- Cleaned building spaces and packed and moved items from The Abbey to prepare for the sale (Winter 2021)
- Sold The Abbey for $1.6 million to Elmhurst School District #205 to house their transition program (closing occurred on March 9, 2021)
- Sale proceeds funding the majority of the new Adult Center renovation (155 E. St. Charles Road) and development of the adjacent Centennial Park (Spring 2021 to Summer 2022)
Tactic 2: Review financial indicators and assumptions and adjust as needed to maintain long-term sustainability (Completed-Fall 2021)
Progress Update
- Reviewed financial indicators and assumptions to determine if changes are required to improve the monitoring of the District’s fiscal health (e.g., based on operational changes, financial performance trends, improved methodology for compiling an indicator, etc.) (Summer and Fall 2021)
- Based on the review of indicators, updated the Park Board Reserve (cash and investments) and Fund Balance policies to reflect the consolidation of the Recreation and Enterprise Services Funds and long-term cash flow trends (Fall 2021)
- Developed the proposed 2022 Budget projections based on the revised financial policies and presented the policy updates and related future financial impacts to the Park Board (Fall 2021)
- Park Board approved the revised policies at its November 22, 2021 meeting and the 2022 Budget at its December 13, 2021 meeting (Fall 2021)
Tactic 3: Update the financial and operating goals and determine the optimum structure of Enterprise Services to position it for long-term sustainability (Completed-Fall 2021)
Progress Update
- Formed an ad hoc Team with five Sub-Teams (facility operations, programming, membership, general ledger coding, and reserve policy) that reviewed Enterprise Services financial and operating goals and trends and determined next steps for ensuring the future sustainability of Courts Plus and Wilder Mansion operations (Summer 2021)
- To optimize Enterprise Services financial performance and facility maintenance resources across the District, shifted Courts Plus, Wilder Mansion, and Sugar Creek Golf Course facility operations, budget, and staffing to the Facilities Department (from the Enterprise Services Department) (Fall 2021 and Winter 2022)
- Transferred the Enterprise Services Fund revenues and expenses into the Recreation Fund (eliminating the Enterprise Services Fund) in the proposed 2022 Budget document to provide future tax-support to Courts Plus operations so that it remains financially sustainable (Fall 2021)
- Park Board approved the 2022 Budget with the new Fund structure at its December 13, 2021 meeting (Fall 2021)
