2012 Budget Summary - Chicago Park District

GlossaryGrantA contribution by a government or other organization to support a particular function. Grantsmay be classified as either operational or capital, depending upon the grantee and the purposeof the grant.Harbor FundA Park District fund devoted to the repair and maintenance of harbors owned by the ChicagoPark District.Hourly (H)A part-time employment position under 35 hours a week without benefits.Interest IncomeIncome that originates from investments of monetary assets that are in the possession of agoverning body.Interfund TransferThe movement of monies between funds of the same governmental entity. These transfersrequire approval by the Board of Commissioners.Intergovernmental AgreementAn agreement between two distinct governmental entities. For example, the agreement thePark District has with the City of Chicago to repair the revetments supporting Chicago’sshoreline.Limited Tax BondsBonds leveraged against property taxes that have a debt service levy that is capped in someway by statute.Long-Term Income ReservesSpecial reserve fund for future appropriations created to offset parking garage revenues fromthe long-term lease of Grant Park North and South Garages and the East Monroe Garage.Modified Accrual Basis of AccountingAn accounting system which records revenues when earned and expenditures when goods andservices are received.Monthly (M)A full-time employment position receiving benefits.Non-tax RevenuesRevenues that originate from sources other than taxes, such as fees and permits.ObligationA binding agreement resulting in present or future outlays.137