2012 Budget Summary - Chicago Park District

Millions2012 Chicago Park District Budget Summary2012 Total Operating Budget SummaryChicago Park District Operating Budget Trend$450$400$350$300$250$200$150$100$50$0For the seventh consecutive year, the District has balanced its budget without a tax increase.The 2012 budget is balanced at $407.5 million, a moderate increase of 2.5% above the 2011budget. A balanced budget means that our expenditures do not exceed our revenue. Despite aslight increase in revenues, the Chicago Park District was still faced with a budget deficit of $25million. This was a result of, among other things, negotiated salary increases, rising healthcarecosts and an increase in expenditures due to the new harbor at 31 st Street.The District’s primary sources of revenue are Property Taxes and Personal PropertyReplacement Taxes (PPRT) which combined; make up 73% of total revenue. While the Districthas been fortunate with consistent Property Tax collections, this budget reflects a conservativeestimate in the expected loss in collections of 3.9% of the property tax budget for 2012.The District has identified various measures for closing the $25 million gap. One of the largestcost saving measures was a $1.5 million dollar savings through district administrativerestructuring and department consolidations. Also, a mandatory 10% department budgetreduction was instituted. The District has taken the following steps to address the structuralbudget deficit:District-wide participation in 3 “shut down” daysElimination of 33 vacant positions and major departmental restructuringReduction in workers compensation expensesRefinancing general obligation bonds in order to take advantage of lower interestratesModest fee increases in golf course fees, parking rates and permit fees9