March 31, 2011
The Chicago Park District’s adoption in January 2009 of a formal reserve fund policy came on the heels of recommendations made by the Civic Federation in its analysis of the FY2009 District budget. By implementing a formal policy that would require a certain percentage of expenditures or revenues to be set aside for contingencies and emergencies, the District could avoid issuing Tax Anticipation Notes and prevent future negative fund balances like those experienced in FY2002 and FY2003.