Post by dickdriver on Apr 5, 2018 16:04:24 GMT
I put together the analysis below. It shows that the amount to be saved by closing the course is very small - $24 out of a tax bill of $10,000.
We need to work on increasing revenue and decreasing cost. However, these are like leaks on a boat. We can patch them and pump it out. But the boat can keep going. The village can affod these cost.
The major problem facing the Park Distirct seems the $6.5 myn needed in capital improvements over the next 12 years. The golf course represents $2.7 of this total. Does this include the full cost of beach erosion, which may still be under review? The capital cost of $2.7 for golf is like a torpedo headed for the boat. We can stop the leaks but if we do not avoid the torpedo then the rest of the effort is wasted.
Forgive the metaphor. I think our major focus needs to be fund raising while still working to help the operating situation.
Key Operating Data
(000$)
Year Park District Golf Course Operation Percent of
Property Tax Revenue Expense Net PD Prop. Tax
2007 2,179 1,122 1,303 (181) 8.3%
2008 2,000 1,131 1,322 (191) 9.5%
2009 2,346 1,074 1,383 (309) 13.2%
2010 2,352 1,019 1,195 (176) 7.5%
2011 2,427 1,013 1,063 (136) 5.6%
2012 2,097 1,072 1,063 9 0.4%
2013 2,525 983 1,046 (63) 2.5%
2014 2,659 928 1,062 (134) 5.0%
2015 2,937 892 1,014 (122) 4.2%
2016 2,970 888 895 (9) 0.3%
2017 2,870* 829** 945** (116)** 4.0%
* Estimated ** Unaudited
Tax Pct of
KEY POINTS Receipt Revenue Expense Net Receipts
Average 2007 thru 2011 2,219 1,087 1,301 (214) 9.6%
Average 2014 thru 2017 2,859 884 979 (95) 3.3%
Park District and pension 0.481312% of assessed value
Property Tax rate for LB 6.559084% of assessed value
Park District equals 7.34% of Property Taxes for Lake Bluff
GOLF COURSE OPERATING DEFICIT 3.3% of 7.34% equals 0.24% Taxes for Lake Bluff
THIS IS $2.40 PER $1,000 OF PROPERTY TAXES. OR $24 PER $10,000 AND $48 PER $20,000.