2012 Budget Summary - Chicago Park District

GlossaryCorporate FundThe fund out of which most day-to-day operations of the Park District are managed.Cultural ProgramsPark District activities that focus on creating a variety of arts experiences in visual, literary, andperforming arts.Day CampA summer camp offered by the Park District for children ages 7-12 yearsDebt FinancingThe use of short or long-term debt instruments such as bonds to fund capital expenditures orimprovement programs.Debt ServiceThe cost of paying principal and interest on borrowed money according to a predetermined feeschedule.DepartmentA classification of an area within the Park District organization based on management function.DepreciationAn expense which reflects the decrease in the value of an asset over its useful life.DistrictwideRefers to operations which cover all geographic regions of the park district.DivisionA sub-classification of Department according to function.EncumbranceThe commitment of appropriated funds to purchase goods or services. To encumber fundsmeans to set aside or commit funds for a specified future.Equalized Assessed Value (EAV)The valuation set upon real estate and certain personal property by the county assessor as abasic for levying property taxes in the state of Illinois.ExpenditureThe payment of cash on the transfer of property or services for the purposes of acquiring anasset or service or settling a loss.135