North Cook News

Members of the Schaumburg Park District Finance Committee met Thursday, June 9.

Here are the meeting minutes as provided by the Schaumburg Park District Finance Committee:

Schaumburg Park District

FINANCE COMMITTEE MEETING MINUTES

June 9, 2016

Commissioner Daniels called the meeting to order at 7:00 p.m. Present at this evening’s meeting were: Commissioners Johnson, Daniels, DiMaria, Longmeyer and Schmidt and Committee Member Hager.

Also present were: Mr. LaFrenere, Executive Director; Mr. Burgess, Deputy Director/Director of Finance & Administration; and Ms. Schwebel, Executive Assistant.

NOTE: All requests for information/clarification called in by Committee members were answered prior to the meeting and any needed corrections were made to the bill list.

APPROVAL OF MINUTES OF MAY 12, 2016

Commissioner Schmidt moved to approve the minutes of the May 12, 2016 regular meeting as presented. Commissioner Johnson seconded the motion, which passed unanimously.

BILL LIST REVIEW

Commissioner Johnson moved to approve the bill list in the amount of $1,009,531.60 as presented. Commissioner Schmidt seconded the motion, which passed unanimously.

FINANCIAL STATEMENT REVIEW

Mr. Burgess noted statements are for the first month of the fiscal year. The General Fund is about $35,000 behind last year due to collecting a little less in real estate taxes and the timing of events for Olympic Park rentals is a little different this year. Expenses are running lower than last year at $283,000 versus $311,000. Mr. Burgess is projecting a strong year with making 99% of budgeted revenue and expenses at 98% of budget for a net surplus of $238,000.

Recreation Fund revenue is almost the same as last year, $1.628 million versus $1.655 last year. Expenses are a little lower than last year. Mr. Burgess is projecting almost 100% of revenue and expenses at 97% of budget for a net surplus of over $400,000.

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SGC was impacted by the weather. Greens fees are at $93,000 versus $102,000 last year. Rentals will catch up in the next month. Expenses are $185,000 versus $138,000 last year due to products that needed to be purchased. Mr. Burgess is expecting SGC to break even for the year.

The cash position is just over $20 million, including $7 million received from the sale of bonds.

The Museum Fund is about the same as last year with a net surplus of $24,000. This Fund will probably break even by the end of the year.

Walnut Greens is breaking even. The STP grill made $884. All facilities are doing well. STP net income is $104,000 versus the budget of $181,000. Commissioner Schmidt asked if the high School starting in mid-August will impact revenue at Atcher, and Mr. LaFrenere stated we are keeping our dates the same, so that should not impact financials.

ADJOURNMENT

There being no further discussion, Commissioner Schmidt moved to adjourn the Finance Committee meeting at 7:08 p.m. Commissioner Johnson seconded the motion, which passed unanimously.

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S c. ha su m burg

PARK DISTRICT

Thursday, June 9, 2016 Finance Committee Meeting

7:00 p.m. Jerry Handlon Administration Building

A. Call to Order

B. Approval of Minutes of May 12, 2016 Regular Meeting

C. Bill List Review

D. Financial Statement Review

E. Other

F. Adjournment

Mission: The Schaumburg Park District is dedicated to serving the community by providing versatile leisure opportunities through enriching programs, quality facilities and environmental stewardship.