Two Social Protection Programs in Pakistan Ijaz Nabi*

March 14, 2013The Citizens of the City of Prospect Heights, its Mayor and City CouncilThe Citizens of the Village of Wheeling, its President and Village BoardThe Chairman and Members of the Chicago Executive Airport BoardThe Intergovernmental Agreement, dated July 1, 2005, between the City of Prospect Heights andthe Village of Wheeling (hereinafter referred to as “the Municipalities”) acknowledges theirresponsibility “to operate, manage, maintain and provide for the local portion of any futuredevelopment of the Airport out of Airport revenues.” The Chicago Executive Airport Board ofDirectors (hereinafter referred to as “the Board”) is charged with the fiduciary responsibility ofreviewing and recommending an annual budget to the Municipalities for subsequent approval.Budget DocumentThe Airport has one enterprise fund, the Joint Airport Fund. The budget basis for this fund is theaccrual basis of accounting whereby revenues are recorded in the period in which they are earnedand expenditures are recorded in the period in which they are incurred. This basis is the same asour financial statement reporting except for: depreciation and amortization are not included in thebudget, and capital outlays and the receipt of long-term debt proceeds are not included inoperations within the financial statements. While the Sewer Reserve and Capital EquipmentReserve sub-funds are presented in the budget as separate funds, they are combined into the JointAirport Fund for financial reporting purposes, and the reserve balance information is notated inthe footnotes.The budget is prepared considering historic costs as well as anticipated costs for the comingfiscal year. The budget is developed using a line-item form for each category that details anddescribes each income and expense item. During the course of the fiscal year, any expensecategory overages are covered by either contingency amounts or budget surplus amounts in othercategories. The Airport Board of Directors and the two municipalities would need to approveany budget adjustment necessary to cover a department or capital budget section that exceeds theapproved budget.The budget document is divided into six components, Budget Overview, Revenue Budget,Operating Budget, Non-Operating Budget, Capital Budget, and Supplemental Information.The Operating Budget is divided into six sub parts: Finance and Administration Expenses,Operations and Maintenance Expenses, Interest Income, Other Expense, and Debt Service. Thisdivision was done so that the Airport can more accurately determine the cost of services in thefuture.1