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3 years ago

1cNYB93

1cNYB93

Pension debt: $630

Pension debt: $630 millionChicago Park DistrictThe Park Employees’ Annuity and Benefit Fund of Chicago isthe pension fund CPD controls for its employees. The officialCPD pension shortfall totals $426 million. But under Moody’smethodology, the district’s total 2011 shortfall jumps to $630million. 25CPD has nearly 3,000 active members in its pension plan. 26With an unfunded pension liability of $630 million, this meansCDP has approximately $210,000 in unfunded pension liabilitiesfor every active employee in the system.Although Moody’s has not yet calculated the park district’sadjusted pension debt for 2012, the lower discount rates willresult in a substantial increase in the unfunded pension liability.Chicago Park District’s 2012 official unfundedpension liability totals $426 million(in millions)Year 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012Unfunded pension liability $18 $28 $22 $41 $77 $128 $147 $173 $185 $209 $270 $314 $355 $426Source: Chicago Park District; Park Employees’ Annuity and Benefit Fund of ChicagoChicago Park District 2011 unfundedpension liabilities total $630 million(in millions)$630Chicago Park District’s pensionsonly 44% funded97%76%$35558%44%Official unfunded pension liabilityMoody’s adjustedunfunded pension liability1998 official 2007 official 2011 official 2011Moody’s adjustedSource: Chicago Park District; Park Employees’ Annuity and Benefit Fundof Chicago; Moody’s Investors Service.Source: Chicago Park District; Park Employees’ Annuity and Benefit Fund ofChicago, Moody’s Investors Service.Note: Funded ratio derived by dividing assets by adjusted net pensionliability plus assetsillinoispolicy.org | 18

Long-term debt: $900 millionChicago Park DistrictIn total, CPD has more than $900 million in outstanding longterm debt.Chicago Park District long-term debt totals $944 million(in millions)Year 2008 2009 2010 2011Long term debt $811 $805 $949 $944Debt service $84 $83 $85 $87Source: Civic Federation, Chicago Park District.Health insurance debt: $40 millionCPD pays for its health insurance obligations from its generalfund rather than from its pension funds. The unfunded healthinsurance liability currently totals $40 million, a 15 percentdecrease since 2007.Chicago Park District health insurancedebt decreased by $7 million dollars*(in millions)Year 2007 2008 2009 2010 2011 2012Unfunded health insurance liabilities $47.2 $47.2 $45.8 $45.8 $40.0 $40.0Source: Chicago Park District* Note: Diagonal lines indicate that CAFR has not been released yet. However, because valuations are conducted on a two-year basis and the last one wasconducted in 2011, the 2012 figure will likely be $40.0 once the CAFR is released.illinoispolicy.org | 19

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