Finance

One of the Park District’s Strategic Initiatives is Financial Strength. The District takes a multi-facetted approach to ensure its financial strength which includes aligning resources efficiently, optimizing return on investment, maximizing funding opportunities, and creation and management of sustainable operations plans. The District’s financial strength is evidenced by our Aa2 bond rating given by Moody’s Investors Service and maintained by the District since 2011.

While the District constantly looks to expand our non-tax revenue sources, we still operate with taxpayer support. Property taxes comprise about 51% of District revenues. The District takes our responsibility to taxpayers seriously and manages tax dollars efficiently. The District’s tax levy currently accounts for 4.62% of Oak Park taxpayer’s assessment.

P.A. 97-0609 IMRF Disclosure

The Park District is required by PA-97-0609 to disclose a list of employees expected to receive compensation greater than $150,000 six days prior to approval of its annual budget. Within 6 business days after approving the annual budget, the Park District is required to provide a list of all employees that are expected to receive compensation of greater than $75,000. Compensation includes salary, the cost of all employer provided health insurance programs, employer pension contributions, car allowances, bonuses and any other form of compensation. The 2019 disclosure can be found in the documents menu on the right side of the screen.

Public Act 101-0504/HB 3263

The Park District is required by Public Act 101-0504/HB3263 to post on our website a hyperlink to information on the Illinois Municipal Retirement Fund’s website featuring the following information:

(1) copies of all resolutions adopted by a municipality on or after January 1, 1995 to participate in the IMRF if such a resolution was required; (2) an annual report listing each municipality and the date each municipality first became a municipality that participates in the IMRF; (3) all documents pertaining to each municipality’s annual projected future contributions to the IMRF; and (4) information about the amount of each municipality’s past required contributions to the IMRF for each year of participation on or after January 1, 1995 and before, if available.

IMRF WEBSITE

Prevailing Wage Notice

The Park District adopts annually a prevailing wage ordinance in accordance with the Prevailing Wage Act. Prevailing Wage Act requires contractors and subcontractors to pay laborers, workers and mechanics employed on public works construction projects no less than the general prevailing rate of wages (consisting of hourly cash wages plus fringe benefits) for work of a similar character in the county where the work is performed. The Park District of Oak Park complies with Prevailing Wage.

The Park District’s ordinance and prevailing wage rates for Cook County from the Department of Labor are below: