The Civic Federation supports the Metropolitan Water Reclamation District’s FY2010 Tentative Budget of nearly $1.7 billion as a prudent response to revenue shortfalls. The MWRD plans to prioritize spending, control personnel costs, and implement a modest increase to its property tax levy to balance its budget. The Federation cautions the District, however, that substantial changes may be…
CHICAGO – The Civic Federation supports the $1.7 billion FY2010 Metropolitan Water Reclamation District of Greater Chicago (MWRD) tentative budget as a prudent response to revenue shortfalls. The MWRD plans to prioritize spending, control personnel costs, and implement a modest increase to its property tax levy to balance its budget. The full Federation analysis will be available today at www.…
Facing a multi-billion dollar mountain of unpaid bills and declining revenues, Governor Pat Quinn has proposed a new short-term borrowing plan for the State of Illinois that has encountered opposition from the Comptroller’s Office. As previously reported in this blog, the Governor in late October announced his intention to borrow $900 million to help catch up on payments to state vendors and…
In September Fitch Ratings announced an upgrade of the Forest Preserve District of Cook County’s outstanding unlimited tax general obligation bonds totaling $115 million to ‘AA-’ from ‘A+.’ However, Fitch noted that the District is vulnerable to decisions made by its Board of Commissioners, who also serve as the governing board of Cook County. Fitch expressed support for Senate Bill 176, which…
The Chicago Park District recently proposed its FY2010 operating budget, totaling $391.9 million. The District is decreasing its operating expenditures by 0.3% from the FY2009 budget, which is one of the reasons the Federation offered its qualified support of the District’s FY2010 budget. Limiting expenditure growth is a common practice at the Chicago Park District. Over the last ten years…
The Civic Federation offers qualified support for the FY2010 Chicago Park District’s proposed operating budget of $391.9 million. The District is proposing a responsible budget that reduces expenditures and holds the property tax levy flat by using operating efficiencies, personnel cuts and a modest increase in certain fees to balance the budget. This support is qualified because the District’s…
The Civic Federation’s analysis of the Chicago Park District’s $391.9 million FY2010 proposed budget concluded that the plan is a responsible one that reduces expenditures, but uses too much in reserve funds to close a $23.9 million budget deficit. There are many aspects of this budget that the Civic Federation supports. The proposed budget will cut spending by 0.3%, marking the second year in a…
The Civic Federation commends the Cook County Board for voting 12-5 to roll back half of last year’s one percentage point sales tax hike and for overriding President Todd Stroger’s veto. The Federation considers this a victory for overburdened County taxpayers and for the County businesses that have suffered as a result of the tax. The Civic Federation has long opposed the unnecessary…
For anyone who missed a last ride on the tilt-a-whirl when Kiddieland closed last month, a quick review of our state’s fiscal situation can provide a similar type of stomach-churning, gravity-defying—though rather less pleasurable—experience. As Illinoisans endure the second year of a historic recession, Illinois government has no budget, no plan, a half-year’s worth of unpaid bills and sky-high…
This news segment discusses the effect that Illinois’ troubled economy may have on the gubernatorial election in 2010. Civic Federation President Laurence Msall points out that Illinois’ lack of a budget tied to available revenue will make the future budget cuts and revenue hikes necessary to balance the State budget much larger.
