The long-term lease of assets by the City of Chicago is one of the most significant financial undertakings by the City in recent years. These groundbreaking transactions have received national attention and been examined by other governments interested in new models of public private partnerships. Recognizing the importance of these actions, the Civic Federation continues to examine these complex…
This report identifies the most significant financial challenges facing the City of Chicago and provides recommendations to the new Mayor of Chicago for ways to improve and stabilize the City’s finances in the short- and long-term. Those challenges include addressing the City’s significant budget deficit expected to be at least $500 million for FY2012, a growing bonded debt load, and crisis-…
This report analyzes basic financial data on ten major local government employee pension funds in Cook County. It is intended to provide lawmakers, pension trustees, pension fund members and taxpayers with the information they need to make informed decisions regarding public employee retirement benefits. The report reviews fiscal year 2009 actuarial valuation reports and financial statements of…
The Civic Federation often recommends that local governments undertake long-term financial forecasting and planning, which the Federation believes is one of the single most important financial practices for local governments to undertake. Other groups such as the Government Finance Officers Association (GFOA) and the National Association Advisory Council on State and Local Budgeting also consider…
In 2010 the Civic Federation blog provided comprehensive information about government and fiscal issues across Illinois for the public, government officials and media. In a range of posts on topics from the effect Public Act 96-0889 would have on local government pension systems to explaining nuances of the Cook County property tax system, the Federation blog offered rapid-response commentary on…
This brief provides an updated compilation of selected consumer taxes, including rates and descriptions, in effect in the City of Chicago on December 1, 2010. It includes such taxes as the sales tax, gas tax, amusement tax, lease tax, hotel tax, liquor tax, restaurant tax, soft drink tax, wheel tax and parking tax.
UPDATE: The Civic Federation commends Governor Pat Quinn for signing Senate Bill 3538, a bill reforming police and fire pensions in Illinois, on Thursday, December 30 as Public Act 096-1495. To read Governor Quinn’s press release, please click here. Click here to read an article from the Chicago Tribune about Governor Quinn’s signing of the bill. This editorial in the Sun-Times echoes the…
UPDATE: The Civic Federation commends Governor Pat Quinn for signing Senate Bill 3538, a bill reforming police and fire pensions in Illinois, on Thursday, December 30 as Public Act 096-1495. To read Governor Quinn’s press release, please click here. Click here to read an article from the Chicago Tribune about Governor Quinn’s signing of the bill. This editorial in the Sun-Times echoes the Civic…
The City of Chicago contributed $423.9 million to its Municipal, Laborers, Police, and Fire pension funds in fiscal year 2009, an amount equivalent to 13.4% of payroll. If it were following a fiscally reasonable pension funding policy it would have contributed at least 31.2% of payroll—an additional $566.5 million. Over the last ten years the cumulative difference between what was actually…
The Civic Federation's legislative priorities for 2011 include public pension reform, requiring state government to develop and implement a capital improvement plan, the dissolving of the Illinois International Port District, creating a new governing board for the Cook County Forest Preserve District, reinstating means-tested transit discounts for seniors, requiring large counties to hold budget…
