This blog examines some of the long-term obligations of the City of Chicago and its overlapping local governments using a per capita indicator based on bonded debt and unfunded pension liabilities. Rating agencies and other financial analysts commonly monitor overlapping direct debt trends as an affordability indicator when governments consider debt issuance. The indicator reflects the premise…
On January 23, 2013, the Chicago Public Schools (CPS) released its Comprehensive Annual Financial Report (CAFR) for the 2012 fiscal year. The fiscal year for CPS begins on July 1 and ends on June 30. According to the Board of Education, CPS experienced an unexpected increase in revenue at the end of its 2012 fiscal year, resulting in a net increase of $328 million in general operating fund…
A look back at the Civic Federation’s blog this year provides a preview of upcoming fiscal challenges for local governments in 2013. Pension Funding The most urgent fiscal challenge for Illinois governments continues to be the pension funding crisis. The combined funded ratio for the four City of Chicago pension funds fell to 43.3% in FY2011. The funded status of the Cook County Pension Fund…
Last week the Civic Federation marked the end of the FY2013 budget season with a blog that summarized the proposed budgets for the nine local governments the Federation monitors. These governments include: the City Colleges of Chicago, Chicago Public Schools (CPS), DuPage County, City of Chicago, Cook County, Chicago Transit Authority (CTA), Forest Preserve District of Cook County, Metropolitan…
Last week marked the end of the budget season for the nine local governments monitored by the Civic Federation. These governments include: the City Colleges of Chicago, Chicago Public Schools (CPS), DuPage County, City of Chicago, Cook County, Chicago Transit Authority (CTA), Forest Preserve District of Cook County, Metropolitan Water Reclamation District of Greater Chicago (MWRD) and Chicago…
Last week, Chicago Public Schools (CPS) issued an amended FY2013 budget plan based on the new contract agreement between the District and the Chicago Teachers Union (CTU). The revised budget includes an additional $103 million in spending which CPS plans to fund through cost-reductions in operations and one-time revenue sources. The Civic Federation maintains its opposition to the CPS FY2013…
On July 19, 2012, the Civic Federation released its analysis of the proposed FY2013 budget for Chicago Public Schools (CPS) in anticipation of the Board of Education’s vote on the budget scheduled for the following week. However, two days before the meeting, CPS announced that the Board vote would be postponed until negotiations between the District and the Chicago Teachers’ Union (CTU) were…
As stated in its analysis released today, the Civic Federation opposes the Chicago Public Schools (CPS) proposed $5.2 billion operating budget for FY2013, which drains all General Fund reserves to help close a $665 million budget deficit and leaves the District with no identifiable plan to address a devastating financial reality. The Federation urges the Chicago Board of Education to reject the…
The Civic Federation opposes the Chicago Public Schools (CPS) proposed $5.2 billion FY2013 operating budget which drains all General Fund reserves to help close a $665 million budget deficit and leaves the District with no identifiable plan to address a devastating financial reality. The Federation urges the Board of Education to reject the proposed budget in favor of a financially responsible…
On May 2, 2012, Chicago Public Schools (CPS) released a capital budget via a new interactive website. The proposed capital improvement plan (CIP) includes a FY2013 capital budget and a five-year capital plan for FY2013-FY2017. In addition, the plan describes CPS’ 165 ongoing capital projects and their statuses. These projects total approximately $765 million and have been ongoing since 2006. The…
