2012 Budget Summary - Chicago Park District

GlossaryReplacement Cost MethodologyA method of estimating capital projects costs. The methodology works as follows: the full costof replacing a facility is determined; then the life expectancy of that facility is estimated; andfinally, a percentage factor is applied to the replacement cost to determine the annual budgetneeded to maintain the facility.Reserved Fund BalanceThe portion of a governmental fund’s net assets that is not available for appropriation.ReservesAn account that records a portion of the fund balance that may be segregated for future useand is available for appropriation.ResourcesFunds that are available for Park District use, including revenues, bond proceeds and fundbalance.RevenueIncome which finances the operations of government other than interfund transfers and debtissuance proceeds, such as taxes, fees, and investment income.Revenue BondA type of bond that is backed only by the revenues from a specific enterprise or project.RevetmentA wall or barrier used to support an embankment. For example, Chicago’s shoreline issupported by a system of revetments that the Chicago Park District is in the process of repairingand replacing.Seasonal (S)Refers to a short-term employment position under six months in length.Special DistrictA special purpose government entity which provides a designated public service to a certaingeographical location, such as the park district.Special Recreation FundAn earmarked fund for creating accessibility and inclusion in accordance with the Americanswith Disabilities Act (ADA) standards, for persons with special needs through capitalinvestments and programming.Special Recreation TaxA portion of collected property tax designated for the purpose of paying the associatedexpenses as related to increasing the accessibility of facilities in accordance with the Americans140