2012 Budget Summary - Chicago Park District

Capital ImprovementsCapital Improvement Funding SourcesGeneral Obligation Bond: Historically, the District issues approximately $30 - $40 millionannually in G.O. Bonds for capital improvement. In 2010, the Board of Commissioners approveda bond issuance which provided $40 million to fund a portion of the District’s 5-year CapitalImprovement Program.For 2012, it is expected that $35 million in general obligation bonds will be used to fund capitalimprovement projects.Harbor Bond: In 2008, the District issued a bond to fund the harbor expansion program whichincludes the construction of the new harbor at 31 st Street.Special Recreation Assessment Bond: In 2008, the Board of Commissioners approved a bondissuance of $25 million to leverage the Special Recreation Assessment levied as part of theDistrict’s annual property tax. This assessment has typically been $6 million annually and isdivided between programming and capital improvements to make District facilities more openand accessible. Proceeds from the levy will support the debt service for this bond.Outside Funding: The District has been successful in leveraging capital funding by creatingpartnerships with elected officials, community members and other organizations. This includesauthorization of approximately $5.2 million in menu money donations, $1.9 million in privatedonations and $13.6 million of state and federal funding over the past few years.58