Title
ORDINANCE AUTHORIZING TRANSFERS AMONG OPERATING FUNDS
Body
To the Honorable Board of Commissioners of the Chicago Park District
I. Recommendation
It is recommended that the Board of Commissioners (the "Board") adopt an ordinance authorizing the transfer of funds in an amount not to exceed $2 million from the Corporate Fund Personnel Services account class to the Corporate Fund Contractual Services account class and an amount not to exceed $1 million from the Liability Fund Personnel Services account class to the Liability Fund Other Expense account class. This transfer is authorized under Section 17(h) of the Chicago Park District Act, 70 ILCS 1505/0.01 et seq., and Chapter XII, Section C. 10 of the Code of the Chicago Park District.
II. Explanation
Pursuant to the Budget ordinance adopted on December 14, 2016 appropriating the 2017 budget, the Code of the Chicago Park District requires Board approval for transfers among appropriations. The District's Corporate Fund Personnel Services account class is expected to have a budgetary surplus in excess of $2 million. The Corporate Fund Contractual Services account class is expected to exceed budgeted levels by $2 million. The primary reason for the overage in the Corporate Fund Contractual Services account class is greater than anticipated expenses related to Soldier Field. At the time the fiscal year 2017 budget was crafted, expenditure estimates were formulated based on events anticipated to take place at Soldier Field. The events that ultimately took place during 2017 surpassed original expectations, and therefore the related expenses and revenues exceeded expectations as well. Although expenditures are expected to exceed original estimates by approximately $2 million, the corresponding increase in revenue is expected to exceed original revenue projections by approximately $3 million.
The District's Liability Fund Personnel Services account class is expected to have a budgetary surplus in excess of $1...
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