Chicago Park District total debt: $1.4 billion
The Chicago Park District is responsible for overseeing museums, beaches, parks, pools and other attractions. Chicago Park District has an annual operating budget of $410.9 million and employs approximately 3,000 workers. Chicago Park District’s debt burden totals more than $1.6 billion, including debt, health insurance and pension liabilities.

Pension debt: $630 million
The Park Employees’ Annuity and Benefit Fund of Chicago is the pension fund Chicago Park District controls for its employees. The official Chicago Park District pension shortfall totals $426 million. But under Moody’s methodology, the district’s total 2011 shortfall jumps to $630 million.

Chicago Park District has nearly 3,000 active members in its pension plan. With an unfunded pension liability of $630 million, this means Chicago Park District has approximately $210,000 in unfunded pension liabilities for every active employee in the system.

Although Moody’s has not yet calculated the park district’s adjusted pension debt for 2012, the lower discount rates will result in a substantial increase in the unfunded pension liability.

Long-term debt: $900 million
In total, Chicago Park District has more than $900 million in outstanding long term debt.

Health insurance debt: $40 million
Chicago Park District pays for its health insurance obligations from its general fund rather than from its pension funds. The unfunded health insurance liability currently totals $40 million, a 15 percent decrease since 2007.

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