2012 Budget - South Suburban Parks and Recreation

South Suburban Park and Recreation District
Summary of Significant Financial Policies
Fund Balance (continued)
General Fund Assignments (continued)
Subsequent Year’s Expenditures $207,069
The General Fund assigns the amount of fund balance used in the following year’s
annual budget.
The General Fund has Unassigned Fund Balance (internal designation):
7% Reserve $145,016 ($679,631 - $534,615 Emergency Reserve)
The District has a practice of holding 7% of the budgeted operational expenditures for
cash flow purposes and emergencies. This amount includes the 3% Emergency
Restriction. This amount is not included in the annual budget.
CHV Reserve $2,755,058
The District is currently designating the funds received as of December 31, 2012 from
the Cherry Hill Village Exclusion Settlement.
Any remaining fund balance in the General Fund is unassigned.
Any fund balance in the Conservation Trust Fund is restricted for future Parks and
Recreation expenditures (Reserve for Capital Projects - $17,737).
Any fund balance in the 2010 1 Mill Fund is restricted for Open Space Acquisition, Trail
Development, and maintenance on Parks, Trails, and Open Space ($250,319). On May
4, 2010, a majority of the District’s electors authorized the District to extend the Open Space
Tax Levy for an additional 10 years, for collection through fiscal year 2020. The electors
approved that the revenue generated from this tax is to be used for acquisition of parks, open
space, and natural areas; acquisition and development of trails; and development and
maintenance of open space, parks, and trails.
The Debt Service Fund balance is restricted for future general obligation debt payments
(Debt Service Reserve - $43,149).
The Enterprise Fund has the following Restrictions:
Emergencies $189,091
TABOR requires local governments to establish Emergency Reserves. These
reserves must be at least 3% of Fiscal Year Spending (excluding bonded debt
service). Local governments are not allowed to use the emergency reserve to
compensate for economic conditions, revenue shortfalls, or salary and benefit
increases.
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