2012 Budget Summary - Chicago Park District

GlossaryGlossaryFor e-version readers, many of the terms are linked to an external website/article thatdescribes the in more detail the usage of that term. Additionally, some terms are linked to theDistrict website that shows the use of that term in more detail with Dis trict operations.AccountAn accounting and management construct that records and details fiscal activity for a specificarea/purpose.Account ClassA group of related accounts.Personnel Services.For example, all accounts that are related to Park DistrictAccrual Basis of AccountingA basis of accounting in which revenues are recorded when earned, and expenditures whenthey are incurred, as opposed to when cash is received or spent.Agency FundA fund consisting of resources received and held by a government entity, which acts as an agentfor others. For example, the Park District’s Aquarium and Museum Fund.Aggregate ExtensionThe total of the district’s tax rates for funds that are subject to the Property Tax ExtensionLimitation Lax (‘PTELL). Funds subject to the PTELL include the annual corporate extension forthe taxing district and annual special purpose extensions.Alternate Revenue BondsBonds that are not leveraged against property tax revenue. For example revenue from theharbor fees could support alternate bonds for capital improvements.AppropriationThe legal authorization to incur obligations and make expenditures for designated purposes.Balanced BudgetA balanced budget occurs when planned expenditures equal anticipated revenues for a fiscalyear.Board of CommissionersThe governing body of the Park District, comprised of seven members appointed by the mayor.BondA written promise to repay a specified sum of money, called the principal, at specified date(s)combined with periodic interest.133