As part of his efforts to rein in the State of Illinois budget, Governor Pat Quinn is requiring all state retirees to contribute to the costs of their dental insurance as of October 1, 2009. Previously, the State’s contribution for retiree dental premiums ranged from 45% 40%* for retirees with eight years of service up to 100% for those with 20 years or more. Now, all retirees are charged…
This article, part of an investigatory series about Illinois’ public employee pension crisis, quotes the Civic Federation. The Federation says that part of the problem can be attributed to the changing nature of retirement benefits, which were originally meant to provide economic security for those no longer able to work.
Today the Civic Federation released its analysis of Chicago Public Schools’ proposed FY2010 budget. On page 61 of the analysis we discuss the District’s dramatically escalating annual pension contribution costs. The District’s statutorily-required pension contribution was $177.8 million in FY2009. In FY2010 it will jump to $307.5 million, a one-year increase of $129.7 million or 72.9%. But…
Hoping that Illinois lawmakers will agree to an income tax increase later this year, Governor Pat Quinn chose not to make the necessary cuts to work within the budget approved on July 15, 2009 by the General Assembly. At a press conference on July 31, the Governor said he had already trimmed more than $1 billion from the FY2010 budget that he initially proposed in March. However, Governor Quinn…
Today the Civic Federation released its analysis of the FY2010 City Colleges Tentative Annual Operating Budget, supporting the District’s $492.1 million spending plan. The Federation believes the District is proposing a prudent budget, increasing appropriations by 0.9% over adjusted FY2009 budgeted appropriations, freezing the property tax levy for the next two years and proposing an…
The Civic Federation supports the $492.1 million City Colleges of Chicago FY2010 budget because it is a prudent spending plan that both holds the District’s property tax levy flat over the next two years and compensates for uncertainties in State funding by proposing alternative plans to support core academic programs. The Federation is concerned that City Colleges is predicting revenue…
In this column, Steve Huntley explores the deadlock in Springfield over the State of Illinois budget. He cites the Civic Federation’s analysis of Governor Quinn’s proposed budget, which advocated state employee pension and health care benefit reforms and budget cuts before any kind of tax increase.
The Civic Federation's Institute for Illinois' Fiscal Sustainability produced this analysis of the proposed FY2010 Illinois operating and capital budgets. The Civic Federation does not support the proposed operating budget because it raises taxes without fixing the state's structural deficit. If significant pension and employee healthcare reforms are implemented, the Federation could support a…
This report provides a trend analysis of indicators that measure the financial health and performance of ten major local government pension funds from 1998 to 2007, the most recent year for which audited data are available. It finds that unfunded liabilities for the ten funds climbed even during years of good investment returns, increasing from $4.8 to $17.1 billion in ten years, and makes…
The Civic Federation's Institute for Illinois' Fiscal Sustainability produced this guide for addressing the state's FY2010 budget. The roadmap provides an in-depth outline of best practices for a budget that would confront the state's growing fiscal crisis, including the areas of state spending, revenue, pensions, employee and retiree health insurance, Medicaid, capital, and asset sales.
