2012 Budget Summary - Chicago Park District

MillionsMillions2012 Chicago Park District Budget SummaryMajor Operating Fund ExpendituresSalaries and BenefitsSalaries, wages and benefit costs make up 42% of the expenditures in the 2012 budget. InAugust of 2010, the District negotiated the current terms of the collective bargainingagreement which provides for an annualized increase of 3% for employees in 2012.Additionally, in 2010, Blue Cross Blue Shield of Illinois became the District’s health careprovider. Terms of the previous contract were assumed in 2010. In 2012, the District wasfortunate to see a minimal increase of less than 1% in health benefits premiums, even thoughthe national average health care cost have continued to increase.$1396 Year Salary and Benefits Expense$138$141$144$147$156$160$155$150$145$140$135$130$125200720082009201020112012Debt ServicesAt 22%, debt services makes up the second most significant expense for the District. Debtservice relates to the payments made for principal and interest on general obligation long -termdebt of the District. Debt service expenses are budgeted to increase $2.8 million in 2012 (a 3.2%increase) over the 2011 budget due to the inclusion of payments for the new harbor at 31 stStreet Harbor. This increase was minimized as a savings of $1.4 million was realized through a2011 debt refunding.6 Year Debt Service Expense$88$88$84$85$87$85$86$84$82$83$802007 2008 2009 2010 2011 201214