===== PDF PAGE 39 ===== To: Board of Commissioners From: Gergana Minchev, Superintendent of Finance Date: October 06, 2026 Re: Finance, Human Resources, and Safety Monthly Report August 2026 Financials: Enclosed with the Board Report is the All-Funds Financial Report for the month of August 2026, for your review. In recap of the major operating funds for the first three months of the fiscal year, both the Corporate and Recreation Funds maintained their position as in the month of July showing a surplus of $448,925 and $233,598 respectively. The presented surplus is not cumulative for the overall funds net position where reserves must also be considered. Instead, it represents the park district’s operations results for the four months of the fiscal year alone. Compared to last year, the Corporate Fund shows net surplus increase of 33%. Received property taxes are in big part a reason for the higher result. While with surplus for the four months of this fiscal year, compared to last year, the Recreation Fund the decrease in net surplus compared to the same period last year is over 50%. Property Taxes Levy for the Recreation fund is less for this year. Repairs and Maintenance of Facilities, Supplies and Materials, and overall pool operations are the also factors for the compared results. Finance Department Highlights: As mentioned in the previous board report, as part of its routine surveillance process, the credit rating agency S & P Global Ratings completed the Park District’s review process. I am happy to inform the commissioners of the board that S&P Global Ratings raised the park district’s Unlimited-Tax and Limited-Tax GO Bond Ratings to 'AA-' with stable outlook on Improved Finances. The upgrade reflects the district’s positive financial performance and maintenance of robust reserve balances in line with those of higher-rated peers. This is great accomplishment and true testament on the effective financial trajectory that the park districts followed in the last couple of years. The raised rating will benefit the park district in its future bond issuances, giving the opportunity to negotiate lower rates. The S&P report is included with the board report for commissioner’s review. Finalized at this point is the Park District Annual Financial Audit Report. Brief recap shows the district improvements in better monitoring expenses to budget, no negative fund balances, and overall healthy reserve fund balances in line with adopted fund balance policy. Client Communications Letter is included with the board packet, and the Audit Report will be made available prior to the board meeting. Brad Poter from Lauterbach & Amen LLP will be presenting the audit results in more detail at the board meeting. 39 ===== PDF PAGE 40 ===== PDRMA (Park District Risk Management Association) held its Health Program Council on September 23, 2026, where the 2027 Health Insurance rates were approved showing 15.9% increase for the PPO and 7.9% increase for the HMO Health Plans. Increasing also are the Dental, Vision and Life coverage rates. Director Radun, Superintendent Minchev, and HR Manager Frias are meeting to determine next year’s strategy in offering benefits that best fit in with the park district’s budget. Included with the board report is Board Members Information – 2027 provided by the PDRMA Health Program. Superintendent Minchev attended the annual IGFOA (Illinois Government Finance Officers Association) this year held from September 28 through September 30, 2026, in Normal, IL. The conference provided great sessions. Human Resources News and Statistics: Earlier in the summer the park district extended its contract with Paylocity for its Payroll and Human Resources needs. The extended contact came with rate per employee freeze for the next two years, which will provide cost saving for the district. With the extended contract, the park district will also be adding an additional module – Recruiting to its account. The new module will provide greater efficiency, and it will be more in line with current recruitment practices where job applicants will have the ability to submit applications electronically. The new module will also ease the supervisors in the applicants’ screening and interview scheduling process. The initial implementation call is scheduled for October 15, 2026. June Service Anniversaries: The district recognizes the following employees for their service milestones: Garcia, Anahi – 1 Year Hernandez, Emily – 1 Year Lopez, Jaqueline – 1 Year Matonis, James – 1 Year Nelson, Bailey – 1 Year Sanchez, Kimberly – 1 Year The park district’s Accounting Specialist, Sarah Schwerdner also celebrated her 1-year anniversary with the park district on September 2nd. Per the park district Service Award policy Sarah will be receiving service award in recognition of her dedication and service. Congratulations and thank you to all for the continued dedication and service to the district! Current Open Positions: The district currently has 10 part-time positions open. 40 ===== PDF PAGE 41 ===== Full Time: None Part Time: After School Program Counselor (2) Personal Trainer (1) Before School Program Counselor (2) Before & After School Program Counselor Sub (2) Before & After School & Youth Program Counselor (1) Childcare Attendant (1) ARC – CSR III (1) New Employee: The district welcomed 13 new employees in September. BS-Before School (1) AS-After School (4) GY-General Youth (3) PS-Preschool (2) PSA-Preschool Assistant (2) Parks Specialist (1) Joining the full-time staff, Kelvin Marin Sanchez accepted the position as the park district’s new Park Specialist in the Parks Department. His start date was August 17th. Offboarding: ARC Customer Service Rep (2) Athletic Youth (1) Summer Camp (2) ARC-Rental Per Hour (3) AS-After School (2) Summer Camp Director (1) Safety: Superintendent Minchev and HR Manager Frias both attended the quarterly Legal Updates and Discussion webinar hosted by PDRMA. Topic of discussion was the passed-on August 26, 2026, Illinois Public Act regulating the use of E-bakes on multi-use paths and trails. The new law takes effect Jan. 1, 2027. FOIA: In the month of September, the district received a FOIA request concerning: Soccer Field Planning, Site Plans and Facility Records 41 ===== PDF PAGE 42 ===== spglobal.com/ratings October 2, 2026 1 S&P Global Ratings. All rights reserved. No reprint or dissemination without S&P Global Ratings permission. See terms of use/disclaimer on last page. Research Update: West Chicago Park District, IL Unlimited-Tax And Limited-Tax GO Bond Ratings Raised To 'AA-' On Improved Finances October 2, 2026 Overview • S&P Global Ratings raised its underlying rating (SPUR) on West Chicago Park District, Illinois' unlimited-tax and limited-tax general obligation (GO) bonds to ‘AA-‘ from ‘A+’. • The outlook is stable. • The upgrade reflects our view of the district’s positive financial performance and maintenance of robust reserve balances in line with those of higher-rated peers. Rationale Security The district’s existing alternate revenue source (ARS) bonds are secured by a pledge to issue annual short-term GO bonds paid from the debt service extension base (DSEB) and, to the extent that pledged revenues are insufficient, by unlimited ad valorem taxes. The property taxes are levied automatically each year, unless the district abates all or part of the levy based on pledged revenues projected to be available to pay debt service. We rate the ARS bonds on par with the district's GO debt, although this is an uncovered abatement, because liquidity has been sufficient and could cover debt service in the event the short-term bond sale is delayed. The GO limited-tax bonds are secured by the district's DSEB with an ad valorem tax levy unlimited as to rate but limited as to amount. We rate these bonds on par with the district’s general creditworthiness, as we believe the district’s resources are sufficiently fungible to support debt service without significant limitation. Credit highlights The upgrade reflects the district’s stable local economy, sound financial performance, and improved reserve position. Although management projects a modest 1.9% deficit for fiscal 2026 based on unaudited actual results, we expect the district will maintain overall positive financial performance in the future. Further upward pressure is limited given the district’s elevated debt profile, with high carrying charges relative to peers. Primary Contact Alex C Swanson Englewood 303-721-4323 alex.swanson @spglobal.com Secondary Contact David H Smith Chicago + 1 (312) 233 7029 david.smith @spglobal.com 42 ===== PDF PAGE 43 ===== West Chicago Park District, IL Unlimited-Tax And Limited-Tax GO Bond Ratings Raised To 'AA-' On Improved Finances spglobal.com/ratings October 2, 2026 2 S&P Global Ratings. All rights reserved. No reprint or dissemination without S&P Global Ratings permission. See terms of use/disclaimer on last page. The rating further reflects our view of the district’s: • Strong economic base, with good access to the Chicago metropolitan area. We note weak per capita incomes relative to the county and national average as a credit weakness in our assessment of the local economy. Long-term local population trends show a material decline, which we have incorporated in our assessment of the local economy. • Stable operating profile and historical trend of positive performance. Although the district budgeted for a deficit of $544,000 (10.4% of general fund revenues) in fiscal 2026, unaudited actual results show a reduced deficit of $100,000 (1.9%). The district adopted a $273,000 (5.2%) deficit budget in fiscal 2027 (year-end April 30). We expect that management’s conservative assumptions will continue to support positive performance relative to the budget and believe that the district will maintain overall positive operations despite this spenddown linked to the adoption of its new reserve policy of a minimum of 25% of expenditures in its general, recreation, and special recreation funds. • Healthy fund balances and liquidity. Reserves are above amounts that we consider nominally low and comparable with those of peers nominally and as a percentage of revenues. Management has no plans to draw down reserves beyond the 2027 budget. • Sound financial management policies and practices, highlighted by realistic and conservative budgetary assumptions, monthly reporting of budget-to-actual performance to the board, an annually updated long-term capital improvement plan, and formal policies governing reserves and investment management. The district lacks a formal debt management policy and long- term financial forecasting. We view cyber risk-mitigation measures as consistent with credit fundamentals. • Elevated debt and liabilities burden, with debt service carrying charges that are higher than those of similarly rated peers. Management has no plans to issue additional debt beyond its annual rollover bonds. We do not consider pensions to be a source of credit pressure as the district participates in the well-funded Illinois Municipal Retirement Fund. Management has no plans to issue further debt in the near term. • There is enhanced transparency given the district’s use of generally accepted accounting principles The district is subject to the Illinois Property Tax Extension Limitation Law and is subject to rate caps for certain of its operating levies, but is not subject to rate caps for any of its debt service levies, although its limited bonds are subject to its DSEB limitation. For more information on our institutional framework assessment for Illinois park districts, see "Institutional Framework Assessment: Illinois Local Governments," Sept. 10, 2024. • Although physical risks are relevant for the local government sector, we consider West Chicago Park District's exposure to natural hazards, including drought and extreme heat, average compared with that of national peers, and therefore not a material factor in our credit analysis. Outlook The stable outlook reflects our expectation that the district will maintain stable operations and reserves in line with its formal policy and near current levels. Downside scenario We could lower the rating if the district cannot maintain structural balance, leading to a material deterioration in reserves to levels below those of peers. 43 ===== PDF PAGE 44 ===== West Chicago Park District, IL Unlimited-Tax And Limited-Tax GO Bond Ratings Raised To 'AA-' On Improved Finances spglobal.com/ratings October 2, 2026 3 S&P Global Ratings. All rights reserved. No reprint or dissemination without S&P Global Ratings permission. See terms of use/disclaimer on last page. Upside scenario We could raise the rating if the district’s economic profile, particularly as reflected in local incomes, improves and its debt burden moderates. West Chicago Park District, Illinois--credit summary Institutional framework (IF) 2 Individual credit profile (ICP) 2.42 Economy 3.0 Financial performance 2 Reserves and liquidity 1 Management 2.35 Debt and liabilities 3.75 West Chicago Park District, Illinois--key credit metrics Most recent 2025 2024 2023 Economy Real GCP per capita as % of U.S. -- -- 160 163 County PCPI as % of U.S. -- -- 135 136 Market value ($000s) 3,692,325 3,692,325 3,375,085 3,166,644 Market value per capita ($) -- 111,889 102,275 95,959 Top 10 taxpayers as % of taxable value -- -- -- 8.2 County unemployment rate (%) -- 3.9 4.3 3.5 Local median household EBI as % of U.S. -- 108 119 114 Local per capita EBI as % of U.S. -- 86 90 87 Local population -- 33,000 33,000 33,000 Financial performance Operating fund revenue ($000s) -- 5,057 4,887 4,594 Operating fund expenditures ($000s) -- 4,721 4,557 4,172 Net transfers and other adjustments ($000s) -- 0 (67) 12 Operating result ($000s) -- 336 263 434 Operating result as % of revenue -- 6.6 5.4 9.4 Operating result three-year average % -- 7.2 11.4 12.9 Reserves and liquidity Available reserves as % of operating revenue -- 52.8 46.1 41.6 Available reserves ($000s) -- 2,670 2,253 1,912 Debt and liabilities Debt service cost as % of revenue -- 38.0 36.1 36.9 Net direct debt per capita ($) 727 760 799 732 Net direct debt ($000s) 23,981 25,093 26,361 24,157 Direct debt 10-year amortization (%) 67 57 52 53 Pension and OPEB cost as % of revenue -- 0.7 0.5 0.6 NPLs per capita ($) -- 0 0 11 Combined NPLs ($000s) -- 0 0 357 44 ===== PDF PAGE 45 ===== West Chicago Park District, IL Unlimited-Tax And Limited-Tax GO Bond Ratings Raised To 'AA-' On Improved Finances spglobal.com/ratings October 2, 2026 4 S&P Global Ratings. All rights reserved. No reprint or dissemination without S&P Global Ratings permission. See terms of use/disclaimer on last page. West Chicago Park District, Illinois--key credit metrics Financial data may reflect analytical adjustments and are sourced from issuer audit reports or other annual disclosures. Economic data is generally sourced from S&P Global Market Intelligence, the Bureau of Labor Statistics, Claritas, and issuer audits and other disclosures. Local population is sourced from Claritas. Claritas estimates are point in time and not meant to show year-over-year trends. GCP--Gross county product. PCPI--Per capita personal income. EBI--Effective buying income. OPEB--Other postemployment benefits. NPLs--Net pension liabilities. Ratings List Upgraded;Outlook Action To From Local Government West Chicago Pk Dist, IL Unlimited Rate Tax General Obligation AA-/Stable A+/Positive West Chicago Pk Dist, IL Unlimited Tax General Obligation AA-/Stable A+/Positive West Chicago Pk Dist, IL Unlimited Tax General Obligation ARS AA-/Stable A+/Positive The ratings appearing below the new issues represent an aggregation of debt issues (ASID) associated with related maturities. The maturities similarly reflect our opinion about the creditworthiness of the U.S. Public Finance obligor's legal pledge for payment of the financial obligation. Nevertheless, these maturities may have different credit ratings than the rating presented next to the ASID depending on whether or not additional legal pledge(s) support the specific maturity's payment obligation, such as credit enhancement, as a result of defeasance, or other factors. Certain terms used in this report, particularly certain adjectives used to express our view on rating relevant factors, have specific meanings ascribed to them in our criteria, and should therefore be read in conjunction with such criteria. Please see Ratings Criteria at https://disclosure.spglobal.com/ratings/en/regulatory/ratings-criteria for further information. A description of each of S&P Global Ratings' rating categories is contained in "S&P Global Ratings Definitions" at https://disclosure.spglobal.com/ratings/en/regulatory/article/-/view/sourceId/504352. Complete ratings information is available to RatingsDirect subscribers at www.capitaliq.com. All ratings referenced herein can be found on S&P Global Ratings' public website at www.spglobal.com/ratings. 45 ===== PDF PAGE 46 ===== West Chicago Park District, IL Unlimited-Tax And Limited-Tax GO Bond Ratings Raised To 'AA-' On Improved Finances spglobal.com/ratings October 2, 2026 5 S&P Global Ratings. All rights reserved. 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Additional information about our ratings fees is available at www.spglobal.com/usratingsfees. 46 ===== PDF PAGE 47 ===== PDRMA Health Program: Board Member Information - 2027 2027 Health Program Rate Increases • PPO – 15.4-percent increase. • HMO – 7.9-percent increase HMO Illinois, 8.7-percent Blue Advantage HMO; 8.6 percent overall. A large percentage of each dollar of a Health Program member’s contribution goes toward claim-related costs – nearly 95 percent – and the remainder covers administrative expenses. Below is a visual representation of how the Health Program uses each dollar. Medical Trend Expectations Actuaries use medical trend to predict increases in the cost of medical care and prescription drugs. Projected medical trend continues to increase significantly every year due to many factors, primarily claims-related costs. Pricewaterhouse Coopers’ annual survey of actuaries nationwide indicates an estimated 9.0-percent increase in medical trend for 2027. 47 ===== PDF PAGE 48 ===== PDRMA Health Program: Board Member Information - 2027 Page | 2 Cost Control PDRMA’s goal is to keep annual rate increases as low as possible, and we continually review plan design options and cost control strategies to meet our goal. This year, we talked with members in three Zoom meetings in June to get their feedback on potential plan and program changes that would help offset rate increases. Subsequently, the Health Benefits Committee and PDRMA Board of Directors made recommendations to the Health Program Council for changes that helped lower our rate increases. Enrollment Stability Over the last 20 years, the Health Program has experienced a steady increase in medical plan enrollment numbers as well as member growth, now with 86 member agencies and maintaining approximately 2,000 enrolled employees since 2011. An individual agency leaving or joining does not dramatically impact the number of lives covered by the risk pool, as demonstrated between 2011 and 2026. 48 ===== PDF PAGE 49 ===== PDRMA Health Program: Board Member Information - 2027 Page | 3 Benefits of PDRMA Risk Pooling • PDRMA Health members benefit from being part of the pool, with more than 4,300 employee- and dependent-covered lives, and multiple-year rate increases lower than medical plan trend. • We keep our administrative costs as low as possible, ensuring any rate increases, like in 2027, are due to rising claim costs, which currently account for 94.8 percent of our plan costs. Your agency’s PDRMA Health Program membership term is a three-year commitment to the other members in the program. Your agency can terminate its membership either by giving a 120-day notice prior to the end of its three-year term or a 12-month notice at any time. 49