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ORDINANCE AUTHORIZING TRANSFERS AMONG OPERATING FUNDS AND APPROPRIATION AMENDMENT
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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 appropriable revenues in an amount not to exceed $11.4 million from the Corporate Fund Personal Property Replacement Tax account class to the Corporate Fund Property Tax account class and an amount not to exceed $11.4 million from the Pension Fund Property Tax account class to the Pension Fund Personal Property Replacement Tax 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.
It is recommended that the Board amend the appropriation ordinance to reflect this transfer as well as to incorporate an adjustment in Appropriation N. Harbor Capital Fund to reflect the amount of $8 million which corresponds to the Ordinance authorizing the issuance of bonds for harbor and marina improvements.
II. Explanation
Pursuant to the Chapter XII, Section C.10 of the Chicago Park District Code, the Board may authorize by ordinance transfers among appropriations or transfers of sums of money appropriated for one purpose to another purpose. The 2018 Budget Appropriation authorized on December 13, 2017 included estimates of appropriable revenues and appropriated expenses for fiscal year 2018 including the amount of tax to be levied or other revenue as required for the purpose of providing the amount necessary to be contributed by the Chicago Park District as employer to the Retirement Board of Park Employees' Annuity and Benefit Fund (employer pension contribution).
The 2018 Budget Appropriation reflected an employer pension contribution requirement of $27,587,693 as directed by the Park Employees' Annuity and Benefit Fund per the formula prescribe...
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