The Civic Federation will announce its support for the proposed $581.9 million FY2011 City Colleges of Chicago budget at a public hearing today. The Federation’s 41-page analysis found that the proposed budget plans a $3.0 million reduction in the City Colleges’ property tax levy while pursuing a reorganization plan that will centralize more administrative functions and increase programmatic…
The Civic Federation supports the City Colleges FY2011 proposed budget totaling $581.9 million, which includes $454.4 million for the operating budget and $127.5 million for capital improvements. The City Colleges is proposing to reduce its property tax levy while pursuing a reorganization plan that will centralize more administrative functions and increase programmatic specialization at its…
This article is about how the City of Chicago’s unreserved 2009 cash balance of $2.7 million is indicative of major budget troubles. The Civic Federation says that a city as large as Chicago should have a budget reserve of at least $200 million and that Chicago is in a precarious financial position that will require a restructuring of its services.
On June 17, 2010 the Metropolitan Water Reclamation District held a study session to discuss office space options for the District’s administrative staff. Steve Weiss, owner of Weiss Architects LLC, presented a report on main office strategies that was commissioned by the District. Mr. Weiss explained that the District is projecting a 15% increase in office staff by 2013. As a…
Despite a $2 billion drop in the State’s annual revenues in FY2010 , the General Assembly passed Governor Pat Quinn's proposal to provide a back-to-school sales tax holiday for Illinois consumers as part of the FY2011 budget. The State charges a composite rate of 6.25% on consumer purchases of most general merchandise from retailers in Illinois, but only 5% of that rate is the State’s share. The…
Last week the Metropolitan Water Reclamation District Board of Commissioners held a public study session meeting to discuss its upcoming FY2011 budget and projections for what the financial year may hold. The picture staff painted was grim, with increasing expenses for the District while revenue projections remain flat. The District is projecting that health care expenses will rise by 12% or $6…
Illinois’ increasing cost of borrowing is the focus of this article. The Civic Federation says businesses are reconsidering plans to invest in Illinois because of uncertainty over the State’s long-term tax policies and fiscal health.
On July 14, 2010, Cook County Commissioners approved by a vote of 9 to 3 a strategic plan to reorient the County’s health system more toward outpatient care and away from inpatient hospital services. The five-year plan calls for closing the emergency room and inpatient facilities at Oak Forest Hospital. At Provident Hospital, the emergency room would remain open, but most inpatient beds would be…
Almost immediately after the Illinois General Assembly approved an unbalanced budget for FY2011, two of the three major rating agencies downgraded the state’s debt ratings. It was the fifth time in the last 18 months that Illinois has seen its ratings reduced by Fitch and the third reduction from Moody’s. Standard and Poor’s (S&P) has also reduced the State’s rating three times in the past…
This editorial is about the State of Illinois’ FY2011 enacted budget. It mentions the Civic Federation’s alternative budget recommendations as one of several possible solutions overlooked by legislators.
