HomeMy WebLinkAboutVillage of Beach Park - Public Financial Report
2021 Popular Annual
Financial Report
For Fiscal Year ended April 30, 2021
Village of Beach Park
Beach Park, Illinois
TABLE OF CONTENTS
Mayoral Message .................... 2
Village Demographics… ........... 3
Village Revenue ....................... 4
Village Expenditures ............... 5
Revenue & Expense Trends .... 6
Village Financial Health ........... 7
Net Position ............................ 7
Village Officials ....................... 8
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A Message From the Mayor:
Dear Reader,
On behalf of the Village Board and staff, I would like to thank you for taking the time to
review the 4th edition of our Popular Annual Financial Report (PAFR). Our goal is to
communicate important ffnancial information in a manner that is easily understood. These
days, having a clear picture of how your government is administered continues to be of
utmost importance.
The PAFR is only a snapshot of important financial information contained in the Village’s
Comprehensive Annual Financial Report. We have selected what we believe to be the most relevant and
interesting data to be included here. Please feel free to comment on the report and tell us what you would like
to see in future editions. After all, this report is intended to be a tool for its reader regardless of financial training
or background.
This report is not intended to replace the full disclosure financial statements that can be viewed in our
Comprehensive Annual Financial Report. Rather, by reading this report, our hope is that you will be able to gain
a general understanding and take a summary level look at the Village’s financial activities and position for the
fiscal year ended April 30, 2021. If you are interested in additional detail, the Comprehensive Annual Financial
Report is available on the Village website or you can call the Finance department for a hard copy if you prefer.
Completing the Comprehensive Annual Financial Report fulfills the Village’s requirement under Illinois State
law. It is a very detailed report and is the result of the annual independent audit.
Despite the year of uncertainty due to the pandemic, the Village ended fiscal year 2021 in a good financial
position with sufficient reserves, low debt, and a lean staff. The Village does rely on state shared revenues,
however, because of not levying a municipal property tax, so our Village Board and staff closely monitor the
revenue trends throughout the year, while also keeping a check on spending.
I hope you find our 2021 PAFR to be highly informative. If you ever
have any questions about the Village’s finances, do not hesitate to
contact me or the administration team at Village Hall at 847-746-
1770.
The Government Finance Oificers Association (GFOA) of the Unit-
ed States and Canada has given an Award of Outstanding Achieve-
ment in Popular Annual Financial Reporting to the Village of Beach
Park for its Popular Annual Financial Report for the ffscal year end-
ed April 30, 2020. This prestigious, national award recognizes con-
formance with the highest standards for preparation of state and
local government popular reports. To receive an Award for Out-
standing Achievement in Popular Annual Financial Reporting, a
government unit must publish a Popular Annual Financial Report
that conforms to program standards of creativity, presentation,
understandability and reader appeal. An Award for Outstanding
Achievement in Popular Annual Financial Reporting is valid for a
period of one year only. The Village of Beach Park believes our
current report continues to conform to the Popular Annual Report-
ing requirements and we are submitting it to the GFOA.
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The Village of Beach Park - A Village of Rural Spirit
Background
The Village of Beach Park was incorporated in 1989
and is located along Lake Michigan, approximately
40 miles north of Chicago and 49 miles south of
Milwaukee. It encompasses approximately 7.5
square miles of Lake County in northeastern Illinois
with the City of Zion to the north and the City of
Waukegan to the south.
The village has a President/Board form of
government consisting of a Village President
(Mayor) and six Trustees, all elected on an
at-large basis to four overlapping terms.
The seven-member board is responsible for
the approval of the annual budget and adoption
of ordinances. The village currently has 16
full-time employees and 2 part-time employees.
The village is a non-home rule
unit of government with a population of 14,249.
Community Life
Village residents enjoy a variety of recreational fa-
cilities in the area including Illinois Beach State
Park, North Point Marina, and Thunderhawk Golf
Course. Illinois Beach State Park offers camping,
lodging, a health spa, ffshing ponds, nature trails, wetlands, and dunes. Surrounding area attractions include the
Winthrop Harbor Yacht Club, Gurnee Mills Shopping Mall, Six Flags Amusement Park, the Volo Auto Museum,
Ravinia Outdoor Music Theater and the Great Lakes Naval Museum.
2021 Demographic Snapshot
Data Source: Lake County Clerk, US Census Bureau—Census 2010 and 2020, & U.S Bureau of Labor Statistics
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Where the money comes from...
GENERAL FUND REVENUE BY SOURCE
General Fund Revenues
This chart clearly depicts the Village’s dependence on state distributed
income tax, sales and use taxes to fund governmental activities. In fact, state
shared revenues account for 70% of the total revenue in the General Fund.
The Village does not levy a municipal property tax and hasn't since its
inception in 1989.
Beach Park Funds
A fund is a set of accounts that are segregated to report on speciffc activity
conducted by a government. The Village has three major fund groupings;
governmental, proprietary and ffduciary. Organized under these headings are
nine individual governmental funds and the Village adopts an annual budget
for all funds. The only fund presented in this document is the General Fund,
which falls under governmental fund grouping. For information on all funds,
please see the Comprehensive Annual Financial Report available on the
village’s website at www.villageofbeachpark.com.
Village Infrastructure
Village Roads 72 miles
Street lights 168
Water Mains 46 miles
Fire Hydrants 737
Water
delivered to
customers
162,307,000
gallons
Sewer Lines 51 miles
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...and where the money goes.
General Fund Expenses
The majority of the expenses in the General Fund relate to services provided to our residents. Streets and
Highways, Public Safety and Parks and Recreation account for 59% of total general fund expenses. All functional
expense areas in the General Fund came in below budget for the ffscal year ended April 30, 2021.
The Village pays for its capital projects from either the Capital Fund or the Water and Sewer Fund. Several
planned capital initiatives were delayed in FY 2021 due to the ongoing uncertainty caused by the COVID-19
pandemic, but the Village did continue its road improvement program, paving 1.74 miles of road. In addition to
the roads, the Village purchased a Peterbilt dump truck and plow.
General Fund Balance: Financial Policy
As of April 30, 2021, the unassigned fund balance of the General Fund was $879,904, or 29% of the total
fund balance of the General Fund. In addition, the unassigned fund balance was 33.6% of total General Fund
expenditures. These strong measures of liquidity demonstrate the Village’s commitment to closely monitoring
expenditures and living within its means.
GENERAL FUND EXPENSES BY FUNCTION
The cost per capita to provide general services to each
Beach Park resident was $192.16 for FY 2021.
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FY21 General Fund revenues of $4,120,656 were higher than 2020
by $523,968, or 14.6%. As you can see in the chart above, state
shared revenues such as income and local use tax have been
increasing over the last several years . The increased income tax
revenue helps the Village fund general fund activities. Sales tax
revenue has increased because of two new businesses— Speedway
and a Dollar General. The COVID-19 pandemic did not have as
signiffcant an impact on Village ffnances as originally expected.
As depicted in the chart below, FY21 General Fund expenses of
$2,620,653 decreased from last year by $1,719,453, due in large part
to last year’s debt retirement of $1,495,000 which was a one time
expense. Debt service expense was $0 in FY 21.
Revenue and Expense Trends
7
The Village was founded in 1989, upon the principal that government should be financially
sound and self-sustaining without a municipal property tax. Our mission is to be business and
resident friendly, while assuring the health, safety and welfare of Beach Park as a whole.
The Statement of Net Position looks at Beach Park as a whole and can be a useful indicator of the Village’s ffnancial
position. Total Net Position was 55,837,129 at the end of 2020 and increased to 57,930,517 in 2021. This table shows that,
net position increased in 2021 from 2020 which is a demonstration of the sustainable ffnancial health of the Village of
Beach Park. The increase is a result of mindful ffnancial decisions. Net position of business-type activities increased
$19,433, or .2 percent, and net position of the governmental activities increased $2,03,955, or 4.7 percent. Overall,
government-wide revenues totaled $7,926,754, while expenses totaled $5,833,366, resulting in an increase to net
position of $2,093,388.
Village Financial Health Measures
The Village keeps a watchful eye on several measures to ascertain the overall health of the Village’s ffnances. See
below for particular items of note in each category.
Sales Tax Revenue: The Village strives to grow its sales tax base and works to attract new business development in
its 4 TIF Districts.
Bond Debt Liability: The Village has paid off both of its outstanding GO bond issues over the last two years. In the
Fall of 2020 the Village reffnanced the TIF backed bond to take advantage of lower interest rates. That bond and an
IEPA loan funded by SSA taxes are still on the books at the end of FY 2021.
Road Improvements: The Village continues its aggressive Road Improvement Program funded by MFT funds from
the state and utility tax revenue earmarked for this purpose.
EAV: For the sixth year in a row, since the downturn in 2010, estimated actual value of property in the Village has
increased. While the Village does not collect any property tax, this is still an important measure of the health of the
Village as we continue to work toward developing available locations by reaching out to potential developers. With a
concentrated effort in code enforcement, the Village has been improving curb appeal within the residential and
business districts in the Village, making it more attractive to new development.
Municipal Property Tax: Finally, the Village is proud of its ability to provide the services its residents expect
without levying a municipal property tax.
Statement of Changes in Net Position
Don’t forget to visit the Village of Beach Park website for
information on current events, forms, online services, meeting
agendas, minutes, Village Codes, contact information and more!
www.villageofbeachpark.com
Find us on
Facebook at
Village of
Beach Park,
Illinois
The ffnancial data in this report is
derived from the Comprehensive Annual
Financial Report for the ffscal year ended
April 30, 2021, and is presented in
conformity with GAAP (Generally Accepted
Accounting Procedures ).
Copies of the full ffnancial statements of
the Village, can be obtained through the
Finance Department as well as the Village
website at www.villageofbeachpark.com.
Additional copies of this report can be
obtained through the Finance Department
and can also be viewed on the Village
website.
Questions? If you have questions
concerning this report or would like to offer
your ideas on how to improve the
information that is provided in future
editions, please feel free to contact Village
Hall at 847-746-1770.
L A K E C O U N T Y
I L L I N O I S
The Village of Beach Park
11270 W. Wadsworth Road
Beach Park, IL 60099
H O U R S
Monday through Friday:
8:00 a.m. – 4:30 p.m.
Village Hall 847-746-1770
Village Hall Fax 847-746-1797
L-R: Trustee Mark Ottersen, Trustee Linda Sittig, Trustee Larry Wells, Mayor John Hucker,
Village Clerk Mary Jo McDonald, Trustee Don Jensen, Trustee Regina Miller, Trustee Richard Gust
The Village Board is
comprised of eight elected
oificials, including a Village
President (Mayor), six
Trustees and a Village Clerk.
The elected oificials serve
staggered four-year terms
and are elected “at-large”,
meaning each oificial
represents the whole Village.
Village Board meetings are
open to the public and are
usually held at 7:00 p.m. on
the second and fourth
Thursday of every month at
Village Hall.
About the Village Board