Title
SUPPLEMENTAL APPROPRIATION ORDINANCE OF THE CHICAGO PARK DISTRICT FOR ADDITIONAL 2022 REVENUES AND EXPENDITURES
Body
To the Honorable Board of Commissioners of the Chicago Park District
I. Recommendation
Pursuant to Ch. XII, Sect. C. 11, of the code of the Chicago Park District it is recommended that the Board of Commissioners approve the attached supplemental ordinance to allocate additional revenues from Corporate Fund Personal Property Replacement Tax (PPRT) to be divided among the Corporate Fund Supplemental Contribution to the Pension, the Corporate Fund principal retirement, the Corporate Fund Contractual Services Account, and the Aquarium and Museum Operating Fund for 2022. This ordinance will result in a total increase of $61,400,000. The total 2022 operating appropriation, including this supplemental appropriation will increase 12% from $510,949,937 to $572,349,937.
II. Explanation
Personal Property Replacement Taxes (PPRT) are revenues collected by the State of Illinois and paid to local governments to replace money that was lost by local governments when their powers to impose personal property taxes on corporations, partnerships, and other business entities were taken away in the 1970 Constitution. In 1979, a law was enacted to provide for statewide taxes to replace the funds lost by local governments. PPRT was designed to provide a revenue source for local governments to meet pension obligations, pay outstanding debt and otherwise was an unrestricted source of funding for local government operations and services. By state statute, 7.354% of PPRT revenues must be distributed to the Aquarium and Museums that reside on Park District property.
In State Fiscal Year 2022 (7/1/2021-6/30/2022), the Illinois Department of Revenue distributed $4.018 billion in PPRT to 6,486 local governments throughout Illinois. The Chicago Park District receives approximately 3.3% of those distributions, of which $102,029,572 has been received thus far during t...
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