2011 Audit Report - the Burr Ridge Park District

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Burr Ridge Park DistrictNotes To The Financial Statements (Continued)For the Year Ended April 30, 2011NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)M. Equity ClassificationsGOVERNMENT -WIDE FINANCIAL STATEMENTSEquity is classified as net assets and displayed in three components:Invested in capital assets – consists of capital assets, net of accumulated depreciationand net of related debt.Restricted net assets – consists of net assets with constraints placed on the use eitherby external groups such as creditors, grantors, contributors, or laws or regulations ofother governments, or law through constitutional provisions or enabling legislation.Unrestricted net assets – consists of all other net assets that do not meet the definitionof restricted or invested in capital assets.FUND FINANCIAL STATEMENTSGovernmental fund equity is classified as fund balance. The components of fund balance are:Non-spendable – consists of resources that cannot be spent because of their form.Restricted – consists of resources which have limitations imposed by enabling legislationand limitations imposed by creditors, grantors, or contributors.Committed – consists of resources which have limitations imposed by the governingboard through formal action.Assigned – consists of resources which have limitations resulting from intended use.Unassigned – consists of the residual net resource s of a fund.The Park District’s flow of funds assumption prescribes that the funds with the highest level ofconstraint are expended first. If restricted or unrestricted funds are available for spending, therestricted funds are spent first. If different levels of unrestricted funds are available forspending, the Park District considers committed funds to be expended first followed by assignedand, lastly, unassigned funds.Debt CapitalFund General Recreation Service Projects Other TotalNon-spendable $ 0 $ 0 $ 0 $ 0 $ 0 $ 0RestrictedRecreation 0 618,236 0 0 0 618,236Debt Service 0 0 44,829 0 0 44,829Audit 0 0 0 0 8,236 8,236Paving & Lighting 0 0 0 0 46,749 46,749Special Recreation 0 0 0 0 34,373 34,373Committed 0 0 0 0 0 0AssignedCapital Projects 0 0 0 1,411,270 0 1,411,270UnassignedGeneral 589,512 0 0 0 0 589,512Woods Pool 0 0 0 0 (65,558) (65,558)$ 589,512 $ 618,236 $ 44,829 $ 1,411,270 $ 23,800 $ 2,687,647- 21 -
Burr Ridge Park DistrictNotes To The Financial Statements (Continued)For the Year Ended April 30, 2011NOTE 2 - DEPOSITSCash, cash equivalents, and investments are held separately and in pools by several of the ParkDistrict's funds. The carrying amount is $2,687,647 and the bank balance is $2,761,958 at April 30,2011. These amounts are inclusive of the Investment in Illinois Park District Liquid Asset Fund.At April 30, 2011, investments consist of an investment in the Illinois Park District Liquid AssetFund. This pooled investment with other park districts is similar in nature to a money market fundand consists primarily of certificates of deposit, U.S. Government securities, commercial paper, andcorporate bonds. Because individual securities are not owned by the Park District, amountsinvested in the Illinois Park District Liquid Asset Plus Money Market Account are not categorized.The fund is audited annually and the fund manager is registered with the NASD. The value of theDistrict’s position in the pool is equal to the value of its pool shares.CarryingFairAmountValueInvestment in Illinois Park DistrictLiquid Asset Fund $ 806,424 $ 806,424Total Investments $ 806,424 $ 806,424Policies for InvestmentsIt is the policy of the District to invest its funds in a manner which will provide the highestinvestment return with the maximum security while meeting the daily cash flow demands of theDistrict and conforming to all state and local statutes governing the investment of public funds,using the “prudent person” standard for managing the overall portfolio. The primary objective ofthe policy is safety (preservation of capital and protection of investment principal), liquidity andyield.Custodial credit risk for deposits with financial institut ions is the risk that in the event of a bank’sfailure, the District’s deposits may not be returned to it. The District’s investment policy requirespledging of collateral of all bank balances in excess of federal depository insurance with thecollateral held by a third party in the District’s name.The District limits its exposure to credit risk, the risk that the issuer of a debt security will not payits par value upon maturity, by primarily investing in obligations guaranteed by the United StatesGovernment or securities issued by agencies of the United States Government that are explicitlyor implicitly guaranteed by the United States Government.- 22 -
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2011 Audit Report - the Burr Ridge Park District

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