A recent report shows that nearly all the bond subsidies promised under the Build America Bond (BAB) program are being paid by the federal government to issuers applying for the credit without significant administrative delay. The BAB subsidy, equal to 35% of the interest cost of qualified municipal bonds, was pledged as part of the American Recovery and Reinvestment Act of 2009. The program was…
This article explores findings in the Civic Federation’s analysis of Chicago Public Schools’ $6.5 billion FY2011 proposed budget. It notes the Federation’s opposition to the District’s plans to deplete its reserve funds and take a partial pension holiday to close a budget deficit.
In this news segment, Civic Federation President Laurence Msall explains the Civic Federation’s analysis of Chicago Public Schools’ FY2011 proposed budget.
This article discusses findings in the Civic Federation’s analysis of the Chicago Public Schools FY2011 proposed budget. The article mentions the Federation’s warnings about the future budget gap created by a partial pension holiday over the next three years granted to CPS by the State of Illinois.
This segment on the City Room news program discusses a Chicago Public Schools plan to restructure its debt instead of depleting its reserve fund in order to balance its budget as originally proposed. The segment mentions the Civic Federation’s analysis of the District’s FY2011 proposed budget, which opposed the emptying of the reserve fund.
This article is about a presentation by Civic Federation President Laurence Msall at St. Augustine College on August 19 about the State of Illinois’ budget troubles. Mr. Msall explained that comprehensive budget cuts and pension and tax reforms are necessary to improve the State’s fiscal outlook.
This article details the Chicago Board of Education’s adoption of a revised FY2011 budget that relies on the restructuring of debt to bridge a budget gap. The Civic Federation says it expressed concerns over the District’s original proposal to drain its reserve fund and rely on one-time revenue sources to balance the budget.
On Monday the Civic Federation released its analysis of the Chicago Public Schools FY2011 proposed budget. The Federation supported the $6.5 billion spending plan because it offered a short-term solution to the District’s difficult, deepening financial crisis. This budget will allow schools to open on time and continue to provide students with access to education across Chicago. The Civic…
Spending Plan Exposes District to Greater Financial Risk in the Future The Civic Federation supports the FY2011 proposed Chicago Public Schools budget of $6.5 billion as an adequate plan to close a large deficit and ensure continued access to education for students across Chicago this year. However, the Federation is very concerned that the spending plan guarantees future fiscal distress by…
The Civic Federation supports the Chicago Public Schools proposed $6.5 billion budget for FY2011, which is a reduction of 5.9% or $402.3 million from the proposed FY2010 budget. The proposed budget offers a short-term solution to the District’s difficult, deepening financial crisis. This budget will allow schools to open on time and continue to provide students with access to education across…
