2012 Budget Summary - Chicago Park District

GlossaryBudgetA financial plan for future appropriations, revenues, expenditures, and resource allocation,which guides organizational policy and operations.Capital AssetAn asset of significant value and having a useful life of at least five years. Also called a fixedasset.Capital BudgetThe appropriation of operating revenue or bonds for improvements in buildings, land, andequipment (infrastructure), where such improvements and purchases have a life expectancy ofat least five years.Capital ExpendituresDirect outlays for the acquisition of capital assets or long-term improvements to extend anasset’s useful life through a contract or direct construction, including purchases of equipment,land, and physical structures.Capital Improvement Plan (CIP)A plan for capital outlay to be incurred each year over a fixed period of years to maintainand/or improve facilities.Capital ImprovementsExpenditures related to the acquisition, expansion, or renovation of some segment of agovernment’s infrastructure.Cash Basis of BudgetingAn accounting basis which recognizes revenues when received and expenditures when paid.ConcessionsThe sale of goods and services on Park District property, with the right to profit from theseactivities. For example, the sale of ice cream bars in a park.Consumer Price Index (CPI)A method of determining price inflation that is calculated monthly by the federal government.An index or “basket” of commonly purchased household goods is priced each month andcompared to the same basket’s price in earlier periods. The change in price over time is used todetermine if and to what extent price inflation is present.Contractual ServicesSpecified services rendered to the Park District by private firms or individuals for a definedperiod of time.134