S-794 - 01/24/1995 - SPORTS CORE - Ordinances ORDINANCE 95-SC-S-794
AN ORDINANCE ESTABLISHING CERTAIN POLICIES
OF THE VILLAGE PRESIDENT AND BOARD OF TRUSTEES
OF THE VILLAGE OF OAK BROOK
CONCERNING THE FINANCIAL MANAGEMENT OF THE OAR BROOK SPORTS CORE
WHEREAS, the Village President and Board of Trustees of the Village of
Oak Brook have heretofore adopted Ordinance 95-FI-S-793 establishing certain
finance, taxation and budget policies of the Village; and
WHEREAS, the Village Board desires, consistent with said ordinance, to
establish certain additional policies and procedures concerning the financial
management of the Oak Brook Sports Core;
NOW, THEREFORE, BE IT ORDAINED BY THE VILLAGE PRESIDENT AND BOARD OF
TRUSTEES OF THE VILLAGE OF OAK BROOK, DU PAGE AND COOK COUNTIES, ILLINOIS as
follows:
Section 1: That the Sports Core fund shall operate as an enterprise
fund. Pursuant to Section 10 of Ordinance 95-FI-S-793 , it is the policy of
the Board that enterprise and utility funds shall be financially self-
supporting. Whenever possible, rates or other charges for services shall be
established and maintained at levels which produce revenues sufficient to
defray expenditures within the fund, including reasonable reimbursements to
other funds for services or benefits received therefrom. The fund shall not
receive transfers from other funds except in the form of loans made pursuant
to Section 15 of Ordinance 95-FI-S-793 , or as grants authorized by the
Village Board.
Section 2: That every effort shall be made to operate each of the
component operations of the Sports Core on a financially self-supporting basis
provided, however, that net income from any component operation may be used to
offset net losses from any other component consistent with the general policy
expressed in Section 1 hereof, and except for income from special surcharges
as provided in Section 4 hereof. For purposes of this policy, the component
operations of the Oak Brook Sports Core are the Oak Brook Bath and Tennis Club
(including polo and open fields usage) , the food and beverage operations of
the Bath and Tennis Club Clubhouse, and the Oak Brook Golf Club.
Section 3: That net income from Sports Core Fund operations in excess
of that needed to fund budgeted operations, maintenance and capital
improvements, and that necessary to maintain an appropriate cash balance in
the Fund, may, at the discretion of the Village Board, be transferred to the
General Corporate Fund and utilized for any lawful purpose.
Ordinance 95-SC-S-794
Establishing Policies for
Financial Management of the
Sports Core
Page 2
Section 4: That from time to time the Village Board may establish fees
in addition to the normal fees charged at the Sports Core, such additional
fees to be referred to as " surcharges" and to be reserved for those purposes
expressly determined by the Board at the time of their imposition.
Section 5: That financial planning, budgeting and monthly financial
reporting for the Sports Core shall be accomplished separately for each
component operation as well as for the Fund as a whole.
Section 6: That the validity of any action otherwise taken by the Board
in accordance with applicable State law shall not be invalidated, impaired or
otherwise affected by noncompliance with any part of the procedures or policy
set forth in this ordinance.
Section 7: That all ordinances or resolutions or parts of ordinances
and resolutions in conflict with this ordinance are hereby repealed.
Section 8: That this ordinance shall be in full force and effect from
and after passage and approval pursuant to law.
PASSED THIS 24th day of January, 1995.
Ayes: Trustees Bartecki, Calzaretta, Kenny, McInerney, Payovich and Shumate
Nays: None
Absent: None
Abstain: None
APPROVED THIS 24th day of January, 1995.
Village President
ATTEST:
Vil4ageClerk
Approved as to Form:
GZ L;t
Village Attorney
Published
Date Paper
Not Published XX