2012 Budget Summary - Chicago Park District

GlossaryExpensesCharged incurred (whether paid immediately or not) for operations, maintenance, interest orother charges.Fiscal YearA 12-month period designated as the operating year for accounting and budgeting purposes inan organization. The Chicago Park District’s fiscal year runs from January 1 through December31.Fixed AssetsAssets of a long-term character that are intended to be held or used, such as land, buildings,machinery and equipment.Full-Time Equivalent (FTE)A part-time position converted to the decimal equivalent of a full-time position based upon2,080 hours of work per year. For example, a part-time recreation leader working 20 hours perweek would be the equivalent of .5 of a full-time position.FundA fiscal entity with revenues and expenses that are segregated for the purpose of carrying out aspecific purpose or activity. For example, the Pension Fund has revenues and expenses relatedto the payment of the Park District’s pension contributions.Fund BalanceThe excess of the assets of a fund over its liabilities, reserves, and carryover available forappropriation.Generally Accepted Accounting Principles (GAAP)The commonly used and accepted set of rules, conventions, standards, and proceduresregarded as proper accounting practices by the Financial Accounting Standards Board (FASB) forreporting financial information.General Corporate Purposes Fund - This is the District’s primary operating fund. It accounts forall financial resources of the District, except those required to be accounted for in another fund.The services, which are administered by the District and accounted for in the General Fund,include recreational, parking, harbor, Soldier Field, and golf among others.General Obligation BondA bond that is backed by the full faith, credit and taxing power of the government ormunicipality.136