2012 Budget Summary - Chicago Park District

Detailed Revenue2012 Operating Budget - Revenue (All Funds)$407,519,803Donations and GrantIncome1%PPRT10%Other Income6%Other Privatized Fees3%Harbor Fees7%Net Property Tax61%Privatized Fees,22%Park Fees6%Soldier field6%Operating Fund – RevenueProperty TaxThe property tax levy refers to the revenue that the District collects through property taxes onproperty in Chicago. The net tax levy, which is set by the Board of Commissioners, makes uptwo-thirds of the District’s total revenue. In the 2012 budget the District has once again, for theseventh straight year, kept the District’s levy flat with NO PROPERTY TAX INCREASE. It isanticipated that for 2012 the Park District will receive $259,910,657 in total property taxes.The property tax rate is determined by dividing the levy by the equalized assessed value (EAV)of the taxable net property in the City of Chicago. There are a variety of restrictions on the taxlevy. By Illinois statute, the portion of the levy going to the Corporate Fund is limited to 66cents per $100 of EAV. The portion going to the Aquarium and Museum Fund is limited to amaximum of 15 cents per $100 of EAV; and 4 cents per $100 of EAV going to the SpecialRecreation Programs Fund. On a typical $4,200 City of Chicago resident property tax bill, only$271.41 goes towards Park District operations.In March of 1995, property tax cap limitations were passed by the state legislature, whichreflect the District’s tax levy. The portion of the levy which supports the operations of parks andrecreation facilities (the aggregate extension) can only increase from year to year by the rate ofinflation. In prior years the portion of the levy supporting debt service is limited to the level ofthe 1994 debt service levy. Thus, the District can only issue general obligation bonds where the43