FY25 GFOA Budget - Flipbook - Page 168
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APPENDIX
Restricted net position - These amounts consist of net position with constraints placed on its
use either by (1) external groups such as creditors, grantors, contributors, or laws or
regulations of other governments; or (2) law through constitutional provisions or enabling
legislation. It is the District's policy to consider restricted net position to have been
depleted before unrestricted net position is applied.
Unrestricted net position - These amounts consist of all other net position that does not
meet the definition of "restricted" or "net investment in capital assets".
Use of Estimates
The preparation of financial statements in conformity with generally accepted accounting
principles requires management to make estimates and assumptions that affect the
reported amounts of assets and liabilities and disclosure of contingent assets and liabilities
at the date of the financial statements and the reported amounts of revenues and expenses
during the reporting period. Actual results could differ from those estimates.
Property Taxes
Property taxes become an enforceable lien on property as of January 1. Taxes are levied
each year and are payable in two installments, due in March and August of the following
year. Cook County and DuPage County bill and collect all property taxes and remit them to
the District. The District recognizes property taxes in the year in which they attach as an
enforceable lien and are available.
Policies for Investments
It is the policy of the District to invest public funds in a manner to conform to all state and
local statutes governing the investment of public funds; ensure prudent money
management; provide for daily cash flow requirements; and meet the objectives, in priority
order, of safety, liquidity, return on investment, and public trust.
The District’s general credit risk policy is to apply the prudent person rule: Investments
shall be made with the exercise of judgment and care, under circumstances then prevailing,
which individuals of prudence, discretion, and intelligence exercise in the management of
their own affairs, not for speculation, but for investment, considering the probable safety of
their capital, as well as the probable income to be derived.
Fair Value Measurements
Investments are generally reported at fair value. Short-term investments are reported at
cost, which approximates fair value. For investments, the District and Firefighters’ Pension
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