2011 Audit Report - the Burr Ridge Park District

Risk ManagementThe District is a member of the Park District Risk Management Agency (PDRMA), an intergovernmental riskmanagement pool comprised of park districts, special recreation associations and forest preserve districts.PDRMA was established in 1984 to jointly provide liability, property, and worker's compensation insurance to eachof its members.Over the years, the coverage structure has varied. Currently, PDRMA is totally self-insured for its general,automobile, and public official’s liability and has a self-insured retention of $100,000 for property and $300,000 forworkers' compensation. Claims, which exceed the self-insured retention for property and workers’ compensation,become covered by the excess insurance carrier. Under the current coverage structure, the district's only potentialexposure would be a $1,000 deductible for any property damage incurred or a liability judgment in excess of$16,500,000 .As a member of PDRMA, the district is required to establish a loss prevention program in accordance with theguidelines set forth by PDRMA. Annually, PDRMA reviews each member's loss prevention program and themembers receive a rating. In 2010, the district received a rating of "Excellent - Level A" -- the highest possiblerating. Staff will continue to strive to make the district as safe as possible for both the users and the employees .Capital AssetsThe capital assets of the District are those assets used in the performance of general governmental andrecreational functions. The capital assets of the District amounted to $11,392,977 as of April 30, 2011. This amountrepresents the original cost or estimated historical cost value of the assets adjusted by depreciation of the assetssince their acquisition. The district maintains a reserve for a Capital Asset Replacement Program for futurereplacement or improvement. The total reserve as of April 30, 2011 was $666,078.Contacting the Park District ManagementThis financial report is designed to provide a general overview of the District’s finances. If you have any questionsabout this report or require additional information, please contact Jim Pacanowski, Director, or Jamie Janusz,Superintendent of Finance at Burr Ridge Park District, 630-920-1969.- 8 -