This issue brief provides a "plain English" description of how GASB 34 has increased transparency in government financial reporting. It is illustrated with examples from the City of Chicago's FY2002 CAFR, as well as State of Illinois and Cook County CAFRs.
The Civic Federation supported the rejection of any broad-based tax increases but opposed the proposal to reduce pension funding by $310 million and extend payment of that amount over a 41-year period.
Civic Federation President Laurence Msall is a member of the Governor's 2004 Pension Commission. The Civic Federation opposes the pension funding options recommended in the Commision's Interim Report, but supports many of the suggested fiscal policymaking principles.
The Civic Federation supported the Governor's rejection of any broad-based tax increases but opposed the proposal to reduce pension funding by $527 million to balance the budget. It urged the General Assembly to hold public hearings to assess the impact of significant proposed changes to the State's corporate tax structure.
The Civic Federation supported the Governor's rejection of any broad-based tax increases but opposed the proposal to reduce pension funding by $527 million to balance the budget. It urged the General Assembly to hold public hearings to assess the impact of significant proposed changes to the State's corporate tax structure.
The Civic Federation supported some of the resolutions before the Northeastern Illinois Regional Transportation Task Force. It urged the Task Force to consider the criteria of sound fiscal policy, improved service, and continued federal funding in its deliberations over the resolutions.
This report provides a concise, objective analysis of the revenue structure of the State of Illinois.
The Civic Federation supported the FY2004 $52.4 billion State budget because it successfully eliminated a $5.4 billion deficit without any broad based tax increases. The Federation reiterated its support for the pension obligation bond issue to reduce the State’s unfunded pension liabilities, but issued a number of cautions as well.
The Civic Federation supported the Governor's proposal to issue long-term debt to meet the State's past pension obligations because of the dire budget condition of the State, past funding inadequacies, nad the currently historically low interest rates. However, the Federation strongly warned against the practice of debt financing to correct ordinary budget shortfalls or to fund normal operations.
The Civic Federation's legislative priorities for the 93rd General Assembly include property tax assessment appeals, public employee pensions, Illinois Toll Highway Authority, Cook County Forest Preserve District, State sales and income tax issues, and charter schools.
