FINANCIAL INFORMATION
Tax Levies, Budgets, and Financial Statements
The Streamwood Park District fiscal year runs from May 1 through April 31. Every year the Streamwood Park District adopts a Tax Levy, typically in November or December as required by state law, which designates amounts to be levied for property taxes to be collected on all properties within the District for operating purposes the following year. Upon payment of taxes to Cook County, the Cook County Treasurer disburses the lawfully approved amounts to the park district typically in two halves based on collection dates in March and September.
Illinois Park Districts, such as the Streamwood Park District, are considered special district units of government and do not possess home rule authority or powers. This means that the Streamwood Park District falls under the Tax Cap legislation in that it cannot raise tax levies by more than 5% or the Consumer Price Index, whichever is lower. Levies that are projected at more than 5% require a Truth-In-Taxation Hearing but are still limited to the 5% increase or CPI unless a voter referendum approves the additional increase.
The park district operates on a governmental fund accounting basis. This translates into different funds for Corporate, Recreation, Social Security, Liability Insurance, Museum, and other such funds needed for the operation of the District.
The Streamwood Park District adopts an Annual Budget and Appropriations Ordinance that establishes estimated revenues and expenses and sets a legal spending limit on all government funds of the District. This is required to occur between May 1 and July 31 of each year and must be filed with the Cook County Clerk’s Office.
The District is also required by state law to have its financial reports audited by a certified public account at the end of every fiscal year with the results submitted to the State of Illinois Comptroller’s Office and the Cook County Clerk’s Office. Once the audit process has been completed, the District is required by statute to print notice of the Annual Treasurer’s Report. This report contains a listing of all revenues and expenditures, including salaries by fund.
In an effort to improve the levels of transparency within local government, the Streamwood Park District will post electronic copies of its Annual Tax Levy, Budget & Appropriations Ordinance, Financial Audit, and Annual Treasurer’s report for review and inspection by the residents and public.
Public Act 101-0504
In 2019, Governor Pritzker signed Public Act 101-0504 into law, which amends part of the Illinois Pension Code. Effective July 1, 2020, the new law certain website posting requirements for the Illinois Municipal Retirement Fund (IMRF) and for municipalities.
Of most interest to municipalities is the new requirement that municipalities with a website post a link to the IMRF “Employer Cost & Participant Information” webpage on their websites. Although the law became effective July 1, 2020, this website posting requirement does not take effect until January 1, 2021. The law also makes it clear that it does not require a municipality to establish or maintain a website.
The law also requires the IMRF to post information on its website that includes: (1) copies of resolutions adopted by municipalities on or after January 1, 1995 to participate in the IMRF; (2) an annual report detailing the date that municipalities participating in the IMRF first became a municipality; and (3) all documents pertaining to each participating municipality’s annual projected future contributions and past required contributions. The lIMRF is not required to post information on its website that would be exempt under the Illinois Freedom of Information Act.