Title
2018 ANNUAL APPROPRIATION ORDINANCE AND
BUDGET RECOMMENDATIONS
Body
To the Honorable Board of Commissioners of the Chicago Park District
I. Recommendation
It is recommended that the 2018 Annual Appropriation Ordinance be adopted for the fiscal year ending December 31, 2018. This recommendation also establishes the recommended allocations of General Fund balance for fiscal year 2018.
II. Explanation
Prior to the beginning of the ensuing fiscal year, which commences on January 1, 2018, the Board of Commissioners must adopt an appropriation ordinance that appropriates such sums of money as may be required to meet all necessary expenditures during the following fiscal year.
The 2018 Budget Appropriation submitted for adoption includes the proposed fiscal program of estimated revenues, estimated expenditures, and proposed allotments. The proposed fiscal year 2018 budget is balanced at $462.3 million which represents a 2.9% increase compared to the fiscal year 2017 budget. Excluding internal reimbursements between funds of $4.2 million, the net appropriation is a 1.9% increase compared to the 2017 budget.
The Proposed Annual Appropriation Ordinance is being submitted in accordance with Section 17 of the Chicago Park District Act, 70 ILCS 1505/17, and Section C of Chapter XII of the Code of the Chicago Park District. Adoption of the Appropriation Ordinance does not constitute automatic approval of specific expenditures and funds. Expenditures will be approved in accordance with personnel, contracting, and purchasing rules set forth in the Code of the Chicago Park District.
The table below shows the allocations of General Fund balance as recommended for fiscal year 2018.
January 1, 2018 General Fund - Fund Balances
(In millions)
$95.98
Committed for Working Capital1
25.80
Committed for Economic Stabilization2
5.00
Committed for PPRT Stabilization Fund
0.09
Assigned to Northerly Island
12.00
Assigned to Park Operations ...
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