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 4 - DEBT COMMITMENTSA. Debt TransactionsThe following is a summary of debt transactions for the year ended April 30, 2011.Balance Balance Amount DueApril 30, Principal April 30, Within2010 New Issues Paid 2011 One YearSeries 2006A $ 3,210,000 $ 0 $ 105,000 $ 3,105,000 $ 110,000Series 2006B 560,000 0 275,000 285,000 285,000Series 2002 250,000 0 40,000 210,000 40,000$ 4,020,000 $ 0 $ 420,000 $ 3,600,000 $ 435,000B. General Obligation BondsA limited park bond, Series 2006A, provides for principal payments between $80,000 and$275,000, with the balance payable on November 1, 2026; interest is payable on May 1 andNovember 1st at a rate of 4.0%.A refunding park bond, Series 2006B, provides for principal payments between $250,000 and$285,000, with the balance payable November 1, 2011; interest is payable on May 1 andNovember 1 at rates ranging from 4.0% to 4.2%.A limited park bond dated December 1, 2002 provides for principal payments between $35,000and $230,000, with the balance payable in October, 2015; interest is payable on April 1 andOctober 1 at rates ranging from 2.5% to 4.25%Debt service maturity on outstanding debt is as follows:Fiscal Year Principal Interest Total2012 435,000 143,813 578,8132013 155,000 127,025 282,0252014 165,000 120,075 285,0752015 170,000 113,758 283,7582016 175,000 103,500 278,5002017 - 2021 1,000,000 403,200 1,403,2002022 - 2026 1,225,000 181,500 1,406,5002027 275,000 6,000 281,000$ 3,600,000 $ 1,198,871 $ 4,798,871- 25 -
Burr Ridge Park DistrictNotes To The Financial Statements (Continued)For the Year Ended April 30, 2011NOTE 4 - DEBT COMMITMENTS (CONTINUED)C Defeasance of DebtIn prior years, the Park District has defeased various bond issues by creating separateirrevocable trust funds. New debt has been issued and the proceeds have been used topurchase U.S. government securities that were placed in the trust funds. The investments andfixed earnings from the investments are sufficient to fully service the defeased debt until thedebt is called or matures. For financial reporting purposes, the debt has been considereddefeased and therefore removed as a liability from the District’s government -wide financialstatements. As of April 30, 2011, the amount of defeased debt outstanding amounted to$825,000NOTE 5 – DEFINED CONTRIBUTION RETIREMENT PLANIn lieu of participating in the Social Security System, the Burr Ridge Park District provides aretirement plan for all employees by alternative means, based on the Omnibus BudgetReconciliat ion Act of 1990. The District mandates that all employees participate in a definedcontribution retirement plan. For part-time employees, the District contributes an amount equal to1.3% of the employees’ compensation and the employees are required to contribute 6.2%, for atotal contribution of 7.5%. For full-time employees, the District pays the employees, in addition totheir base compensation, an amount equal to 15% of the employees’ compensation. Theemployees then contribute a minimum of 10% to the plan. Employees may additionally contributeup to a maximum contribution as dictated by Nationwide Retirement Solutions . All contributions arefully vested immediately.The District’s total payroll for the period April 1, 2010 through March 31, 2011 was $812,561. Ofthis amount, $301,422 related to full-time employees and $511,139 related to part-time employees,all of which was covered under the plan. The combined contribution was $80,885 or 9.9543% of thecurrent year covered payroll to the plan for the period April 1, 2010 through March 31, 2011. As ofMarch 31, 2011, the amount available for retirement benefits for participating employees was$784,465.NOTE 6 - EXCESS OF ACTUAL EXPENDITURES OVER BUDGET IN INDIVIDUAL FUNDThe following fund had actual expenditures over the budgeted amount at April 30, 2011:NOTE 7 – DEFICIT FUND BALANCEBudget ActualRecreation $ 1,006,898 $ 1,032,134As April 30, 2011, the following funds had a deficit fund balance:FundDeficitWoods Pool fund 65,558- 26 -
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2011 Audit Report - the Burr Ridge Park District

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