2012 Budget Summary - Chicago Park District

Fund StructureCapital Project Funds: Capital Project Funds are used to account for the acquisition,construction and improvement of major capital facilities and other miscellaneous capitalproject revenues from various sources as designated by the Board of Commissioners.The 2012 Operating Budget 11 funds: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 recreation, parking, harbor, Soldier Field, and golf, among others.Liability Insurance, Workers’ Compensation and Unemployment Claims - This fund is used forthe purpose of paying expenses for liability insurance, workers’ compensation andunemployment claims.Long-Term Income Reserve Fund - This fund accounts for a long-term reserve for the purposeof future appropriations. These revenues were created as a result of the sale of several publicparking structures (garages) to the City of Chicago in 2006.Northerly Island Special Purpose Fund - This fund is for the purpose of operating, building,improving and protecting the Northerly Island property.Bond Redemption and Interest Funds - This fund accounts for the resources accumulated andpayments made for principal and interest on general long-term debt principal and interest.**Public Building Commission – Lease – This fund is for the purpose of paying the annual rentaldue per terms of leases between the District and the Public Building Commission of Chicago(PBC) to pay for the facilities that will be operated by the District. This fund was established tomake payments to the PBC for the reconstruction of Soldier Field.Additionally, this fund is no longer required because the district has levied for the last payment.The 2012 budget will be the last year for this fund.Operating Grants - This fund is for the purpose of accounting for the programs with revenuesprovided by the federal government, state government, and City of Chicago as well as certainlocal donors.Retirement Board of the Park Employees’ and Retirement Board Employees’ Annuity andBenefit Fund - This fund accounts for the activities of Park Employees’ and Retirement BoardEmployee’s Annuity and Benefit Fund of Chicago (Retirement Fund), which accumulatesresources for pension benefit payments to qualified District employees.31