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…
The Cook County Board of Commissioners approved the FY2013 Annual Appropriation bill (FY2013 budget) on November 9. The budget was approved with a 16-1 vote. The Cook County FY2013 Executive Budget Recommendation was released on October 18 and the Civic Federation released its analysis of the budget on October 26, 2012. Since then, some of the proposed revenue enhancements underwent changes…
The Civic Federation supports the Cook County FY2013 operating budget of $2.9 billion for its disciplined approach to significant budget challenges. The proposed budget holds the property tax levy nearly flat and marks the fulfillment of Board President Preckwinkle’s pledge to fully roll back the 2008 sales tax increase. Actions taken to close the County’s $267.5 million shortfall in FY2013…
In 2010 the Civic Federation embarked on the Cook County Modernization Project to provide a roadmap for creating a county government that is more efficient, less costly and more accountable. The report addressed all Cook County functions, but particular emphasis was paid to improving operational efficiency in the the Offices under the President, reforming the overall governance structure and…
Trend analysis performed by the Civic Federation shows that the funded status of the Cook County Pension Fund fell again in fiscal year 2011, the most recent year for which data are available. The actuarial funded ratio for the County pension fund fell to 57.5% in FY2011 from 77.3% in FY2007. The fund was over 90% funded as recently as FY2000. Funded ratio is one of the three main indicators of…
Second installment property tax bills for Cook County residents are due this week, the earliest due date since at least 1977, according to the elected officials associated with the Cook County property tax process. Cook County Clerk David Orr’s office released the 2011 Cook County Tax Rates Report on June 26, 2012. The report lists property tax rates for all taxing districts in Cook County and…
On June 27, 2012, the Office of Cook County Board President Toni Preckwinkle released its annual Preliminary Budget Estimates report for fiscal year 2013. The report summarizes mid-year FY2012 revenues and expenditures, expected current year-end estimates for FY2012 and projected revenues and expenditures for the upcoming FY2013.[1] The preliminary budget estimate is required by Executive Order…
UPDATE: On Thursday, August 2, 2012, Governor Quinn signed legislation to require all counties to release their financial statements within six months of the end of their fiscal year as Public Act 097-0890. The legislation takes effect upon becoming law. On May 11, 2012 the Illinois House of Representatives joined the Illinois Senate in voting to eliminate an exemption for Illinois’ largest and…
