2012 Budget Summary - Chicago Park District

GlossaryPrior Year EncumbranceObligations from previous fiscal years on the form of purchase orders, contracts or salarycommitments which are chargeable to an appropriation, and for which a part of theappropriation is reserved. They cease to be encumbrances when the obligations are paid orotherwise terminated.PrivatizationThe management of a function by a private firm, base on a contract agreement with agovernment entity. The contracted service(s) is supplied by staff employed by the privatecontractor, not the Park District. For example, trash collection on Park District property.ProgramA set of activities directed towards meeting a social need.Property TaxA tax levied on real or personal property based on its assessed market value by a governmententity.Public Buildings Commission (PBC)The PBC is a governmental entity used to finance, construct and operate facilities forgovernmental bodies in Chicago.Recreation ProgramsPark District activities that focus on sports, games and other physical activities.RegionOne of five geographical/functional entities by which the Park District is organized. Four of thefive regions are geographically based on the City of Chicago – Central, Lakefront, North, andSouth. The fifth region is the administration which covers districtwide operations.Rehabilitation Cost MethodologyA method of estimating capital projects costs for all facilities within a category type over time.The CPD’s engineering department estimates the rehabilitation costs per facility based uponactual cost experience. This cost is multiplied by the number of facilities that need to berehabilitated. A time period for the program is then selected. The total cost for rehabilitationof the category is then divided by the number of years selected, resulting in the annual capitalbudget requirement.RentalsIncome generated in exchange for exclusive use of a specified park district facility or propertyfor a given amount of time.139