This article discusses a proposal by the family that owns the Chicago Cubs to have the State of Illinois borrow $300 million in a bond deal to make improvements to Wrigley Field. The Civic Federation says that such a deal should be approached with caution as the State is already under enormous fiscal pressure.
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…
When the General Assembly reconvenes next week for its annual veto session, it is expected to continue deliberating whether to borrow in FY2011 to make its required pension payment. If approved, the borrowing plan would lighten the load on the already stressed General Funds of the State but would lead to dramatically higher debt service payments for almost a decade. This would be the second year…
Last week the Civic Federation described the City of Chicago’s structural deficit in our budget analysis and a blog post. One of the primary sources of funding that has allowed the City to finance this deficit has been revenues from the long-term leases of the Skyway and the metered parking system to private operators. The Civic Federation generally opposes using the one-time funding…
This article discusses findings in the Civic Federation’s analysis of DuPage County’s FY2011 proposed budget.
In this news segment, Civic Federation President Laurence Msall explains why the Civic Federation opposes the City of Chicago’s FY2011 budget. Mr. Msall explains that the City needs major pension fund reforms and must not rely on one-time revenues from asset lease deals to balance its budgets.
This article discusses recommendations in the Civic Federation’s “Cook County Modernization Report.”
The Civic Federation’s analysis of the City of Chicago’s FY2011 proposed budget is the subject of this article. It focuses on the Federation’s opposition to Mayor Daley’s reliance on funds from asset leases to balance the City’s budget.
This article discusses the City of Chicago’s announcement that it will delay the sale of $800 million in general obligation bonds. The Civic Federation says the City faces major fiscal challenges and that its FY2011 proposed budget does not adequately address its structural deficit.
This article discusses Chicago Parking Meters LLC’s announcement that it will sell $600 million in bonds amid news that the City of Chicago’s finances are in a precarious condition. The article mentions that the Civic Federation opposed the City’s FY2011 proposed budget because it relies too heavily on reserve funds and the restructuring of debt and does not adequately address the City’s…
