2012 Budget Summary - Chicago Park District

MillionsMillions2012 Chicago Park District Budget SummaryPersonal Property Replacement Tax (PPRT)Personal Property Replacement Tax payments are received from the State to replace lostrevenues resulting from the abolishment of the corporate personal property tax. Since 2009,PPRT revenues have declined at an average rate of nearly 8%. In 2011, the District budgeted a5% decrease in PPRT revenues. However, to date 2011 receipts are rebounding at an average of7% over 2011 budget. For 2012, the district projects PPRT revenue at $39,392,273, up 1% from2011. Additionally, the District is establishing a $5M PPRT stabilization reserve to minimize theimpact of economic downturns on the budget.$43.00$49.706 Year PPRT Revenue$48.30$41.06$39.00$39.00$50$40$30$20$10$0200720082009201020112012Private ContractsOther major revenue sources are the District’s privatized contracts, revenue generated by theprivate management of the golf courses, harbors, ice rinks, park concessions, Soldier Field andthe MLK Family Entertainment Center. Most of these contracts were renewed over the pasttwo years and remain a strong revenue source for the District. These managers are continuingto find ways to increase revenues despite a weakened economy. With requests to reduce theirmanagement fees and operating expenses, collective net revenue is projected to increasenearly $750,000. This is due in part to the introduction of the dry boat storage, a new harborconfiguration and the opening of the 31 st Street Harbor.Privatization Net Totals$40.00$30.00$28.66$25.75$29.92$29.75$30.94$31.15$20.00$10.00$-20072008200920102011201212