For the thirteenth year in a row, the Elmhurst Park District has earned the Government Finance Officers Association of the United States and Canada (GFOA) Distinguished Budget Presentation Award. In order to receive the award, the Park District had to satisfy nationally recognized guidelines for effective budget presentation that assess how well an entity’s budget serves as a policy document, financial plan, operations guide, and communications device.
The Board accepted and approved the Elmhurst Park District Comprehensive Annual Financial Report (CAFR) for the year ending December 31, 2017 at its June 11, 2018 board meeting. The report was presented to the Board by the District's independent auditing firm, Lauterbach & Amen.
The financial statements report that the District continues to maintain a sound financial condition, reporting total net assets of $45.1 million. This is an increase of $1,655,520 from the prior year.
The Elmhurst Park District has been awarded the Certificate of Achievement for Excellence in Financial Reporting by the Government Finance Officers Association of the United States and Canada (GFOA) for its comprehensive annual financial report (CAFR). The Certificate of Achievement is the highest form of recognition in the area of governmental accounting and financial reporting, and this is the tenth consecutive year the Park District has been recognized.
As interest rates fluctuate, it can be beneficial to refund (refinance) bonds to attain a lower rate. Much like refinancing your own home, refinancing General Obligation (G.O.) Bonds may reduce required interest paid over the life of the bond.