Lisle Watchdog analyzed the Lisle Park District's River Bend Golf Fund performance from 1996 to 2014.
We find that over the past 19 years, expenses exceeded revenues 17 out of the past 19 years. The years that operated in the black, income was only about 25% of the annual bond payment.
Non - golfer taxpayers have subsidized a whopping $3,779,367 in operating losses at River Bend since 1996.
Lisle Taxpayers could have saved $3.8 Million in cumulative annual losses if the golf course and clubhouse/restaurant were closed, the land allowed to be a prairie/floodplain/natural stormwater management area. The new preliminary flood maps will re-categorize the 9-hole River Bend Golf Course property from a "Floodplain" to a "Floodway."
Not to be overlooked, taxpayers spent about $2.65 Million in capital expenses to build the 9,600 sf clubhouse/restaurant in 2003, tearing down the home of one of the early Lisle settlers.
Originally called "The View," the facility was renovated and renamed Wheatstack when operations failed to provide sufficient annual income to pay the annual bond payment. The District issued alternative revenue bonds in 2002. Unable to make payments from the operations revenue, the District used funds from the debt service fund in some years - a fund that obtains revenue from property taxes.
Lisle Watchdog was unable to find any plan to repay the debt service fund the money used to pay the River Bend bonds.
In 2010, the District refunded the 2002 River Bend bonds issuing $1.88M in Refunding Park Bond, Alternative Revenue Source in Nov 2010. At the end of 2014, the remaining principal debt total was $1.255M. The 2014 annual bond payment was subsidized with a transfer from the Recreation Fund because River Bend income was still not enough to make the annual bond payment.
River Bend Bond Payments Remaining:
2015 $ 206,100
2016 $ 206,300
2017 $ 206,350
2018 $ 210,400
2019 $ 208,200
2020 $ 210,800
2021 $ 208,000
The Lisle Park District continues to operate the restaurant themselves rather than lease it out or contract out the operations. Restaurant part-employees who work 20 hours or more per week can participate in the IMRF pension plan. Where else can a waiter/waitress get a pension?
This past year, the Lisle Park District installed a large concrete pad (impervious surface) for a large outdoor event tent hoping to attract seasonal weddings and similar catered events. The new concrete pad/tent are located on property that is now designated "floodplain" on the new preliminary flood maps. Wedding in the floodplain, anyone? We didn't think so.
Because the District lumps the golf and restaurant operations together in their annual financial reports, it is not readily apparent if the improvements in net income the past 2 years are due to increases in user fees for golf, the restaurant or both.
** Worth noting - Don Cook has been President of the Lisle Park District Board since 2001.
Here's a look at the River Bend Golf Fund performance since 1996:
(click to enlarge)
Annual River Bend Fund Losses since 1996:
(click to enlarge)
| Year | Net Income |
| 1996 | -$349,128 |
| 1997 | -$123,648 |
| 1998 | -$180,163 |
| 1999 | -$169,757 |
| 2000 | -$192,681 |
| 2001 | -$203,118 |
| 2002(B) | -$64,806 |
| 2003 (*) | -$228,789 |
| 2004 | -$277,018 |
| 2005 | -$429,026 |
| 2006 | -$447,047 |
| 2007 | -$257,436 |
| 2008 | -$253,033 |
| 2009 | -$112,138 |
| 2010(BB) | -$295,548 |
| 2011(**) | -$286,517 |
| 2012 | -$10,304 |
| 2013 | $46,878 |
| 2014 | $53,912 |
(B) Alternative Revenue Bonds Issued
(*) The View Restaurant opens.
(BB) Refunding Alt Revenue Bonds
(**) Wheatstack opens.
Would allowing the golf course property to be a natural stormwater management area be a better public benefit to flood-prone Lisle?
Ref:
2005 Lisle Park District CAFR
2014 Lisle Park Distrirt CAFR
