2012 Budget Summary - Chicago Park District

MillionLong Term Financial PlanningLong Term Financial PlanningAnnually, the District prepares a 3 year budget projection. Analyses reflect a recurring themethat increases in expenditures are outpacing revenues. As a result, the District has taken stepsto address this structural imbalance. In 2012, the deficit was approximately $24 million. The2012 budget made permanent changes to the budget to reduce the deficit by half including thefollowing:• Debt refinancing• Reallocate expiring debt payment to support park operations• Eliminate 33 vacant, full time equivalent positions not being filled• $1.5M in central administration reductions• Other personnel and non-personnel cutsThe following steps are being considered to ensure long term fiscal sustainability:• The Board of Commissioners established a $25 million fund balance policy◦ $20M economic stabilization reserve and◦ $5M PPRT stabilization reserve• Negotiate longer term collective bargaining agreements and• Healthcare benefit reformsThe District is committed to successively reducing the structural deficit by 2015.Successive Structural Deficit Reduction$25$20$15$10$5$02011201220132014201554