The Homewood-Flossmoor Park District commissioners got their first look on Tuesday, March 4, at the proposed 2025-26 budget that shows $15.8 million in revenues and $15.75 million in expenses.
The new fiscal year starts May 1. The board expects to pass the final budget at its April 15 meeting.
The equalized assessed value (EAV) of property in the park district went up $236 million or nearly 40% due to the Cook County reassessment of South Suburbs property. The new EAV is $843 million, surpassing the previous all-time high of $812 million in 2010.
Karen Garrity, superintendent of finance and administration, said that increase doesn’t mean the park district will see an increase that high in “actual tax dollars” because tax increases are capped by Illinois’ Property Tax Extension Law Limit that restricts taxing bodies from raising taxes beyond 5% or the Consumer Price Index, whichever is less.
The EAV increase affects the district’s Standard & Poors rating and its ability to borrow funds. Looking at past cycles, Garrity said she expects on the next reassessment the EAV will drop.
Department heads presented the budgets that they have been working on since October. Staff met in a goals meeting in February. Goals that require spending are included in the budget.
In January, employers had the final round of the minimum wage increase. Starting salaries for part-time employees are at the ceiling of $15 mandated by the state. Wages have been increasing steadily $1 each year since 2018 to meet the goal of $15. Over the last six years, Garrity said the salary increases cost the park district an estimated $500,000 in additional wages.
Principal payments of $1.8 million and interest of $527,763 are funded by various sources, she said.
The capital budget is set at $940,000. The requests include a new refrigerator for Wiley’s Grill, a new piece of equipment for Coyote Run’s grounds crew, dog park benches, kitchen updates at the Irwin Center, new fitness equipment, resurfacing courts at Orchard and Lions parks, and the district’s share of the new gym floor at the Sports Complex at James Hart School. The cost is shared with Homewood District 153 which uses the space during school hours.
The park district was awarded a $600,000 grant from the Illinois Department of Natural Resources. Garrity budgeted $305,000, the first half of the district’s matching funds required for the grant. The funding will be used to make improvements to the Irwin Park playground area.
Park commissioners discussed spending some of the $7 million in a reserve fund, but the discussion on how much to spend and on what projects will continue into the budget year.
