Title
ORDINANCE AUTHORIZING TRANSFERS AMONG OPERATING FUNDS FOR FISCAL YEAR 2025
Body
To the Honorable Board of Commissioners of the Chicago Park District
I. Recommendation
It is recommended that the Board of Commissioners (the “Board”) of the Chicago Park District (“District”) adopt an ordinance that authorizes the transfers among operating funds as set forth below:
Transfer Among Operating Funds Ordinance
From
Corporate Fund
Materials & Supplies (class 620000) $(400,000.00)
Other Expense (class 625000) $(1,100,000.00)
To
Corporate Fund
Contractual Services (class 623000) $1,500,000.00
From
Liability Fund
Personnel Services (class 610000) $(1,000,000.00)
To
Liability Fund
Contractual Services (class 623000) $700,000.00
Other Expense (class 625000) $300,000.00
This transfer among operating funds is authorized pursuant to Section 17(h)of the Act and Chapter XII, Section C. 10 of the Code of the Chicago Park District (the “Code”).
II. Explanation
The Transfer Among Operating Funds Ordinance will authorize transfers within two funds.
The first transfer from the Corporate Fund Material & Supplies and Program Expense, account classes, which have an identified combined budgetary surplus of $1,500,000, to the Corporate Fund Contractual Services account class. The main reasoning for the overrun in the contractual services class is for the better than anticipated activity at Soldier Field.
The second transfer will authorize a transfer from the District’s Liability Fund Personnel Services account class, which is expected to have a budgetary surplus in excess of $1,000,000, to the District’s Liability Fund Contractual Services account class and the District’s Liability Fund Other Expense account class. The District Liability Fund Contractual Services account class is expected to exceed the 2025 budgeted levels by $700,000 due to greater than anticipated expenses related to insurance. The District Liability Fund Other Expense account class is expected to exceed budgeted levels by $300,000 due to the Department of Law’s settlement of high liability lawsuits.
The Transfer Among Operating Funds Ordinance will allow for addressing District year-end obligations.
Adoption of the ordinance does not constitute automatic approval of specific expenditures of the funds. Expenditures will be approved in accordance with the provisions of the Code governing personnel, contracting, and purchasing.
III. Budget and Financial Information
Budget Classification:
Corporate Fund Materials & Supplies
Corporate Fund Contractual Services
Corporate Fund Other Expense
Liability Fund Personnel Services
Liability Fund Contractual Services
Liability Fund Other Expense
Fiscal Year: 2025