2012 Budget Summary - Chicago Park District

Financial PoliciesCapital Asset Inventory PolicyPurchased or constructed capital assets are recorded at cost or estimated historical cost.Donated capital assets are recorded as their fair value at the date of donation. The costs ofnormal maintenance and repairs that do not add to the value of the asset or materially extendthe assets’ lives are not capitalized.Budget ProcessThe budget process is a culmination of input from District staff, management, the Board ofCommissioners and community members. All stakeholders have a role in shaping the District’sstrategic direction. Each year, the District prepares the budget document as a guide tocommunicate the District’s financial plan, policies, goals and objectives for the ensuing year.In the summer, community hearings are held in the Regions to give park patrons theopportunity to provide input before the budget is released and presented to the Board ofCommissioners.The District has identified four core values to help guide our efforts for the future. The focus ofthese values is accessibility, active lifestyles, environmental stewardship and partnerships.District managers developed specific program plans for their activities, as well as the frameworkof staff and support costs needed to carry out these goals. This framework is the foundationfor the 2012 budget.State code requires that the budget recommendations be submitted to the Board ofCommissioners before November 1. After providing at least seven days notice, the Board willhold a public hearing. The Board is to consider the budget and make any amendments deemednecessary. The District Board of Commissioners must pass a balanced budget no later thanDecember 31.Once the budget is passed, the Office of Budget and Management works with each Region andDepartment to manage the adopted 2012 appropriations. Any transfers necessary to adjust thebudget can be made by the Office of Budget and Management, as long as the changes do notrequire transfers between account classes (common groupings of expenditures), and do notexceed the approved appropriation. In either of those circumstances, requests for budgetamendments must be brought before the Board for approval.The 2012 budget is presented in the following two documents:2012 Budget Summary – Provides summary of proposed budget, narrative of the fundingsources and an overview of the budget process.2012 Budget Appropriations – Line item detail for departments, regions and parks for alloperating funds.36