This news segment about Mayor Daley’s plans to close a $500 million City of Chicago budget gap with funds from the City’s privatization deals quotes the Civic Federation, which cautions that forecasted revenues for next year may not be enough to make up for the City’s withdrawal of those funds.
This Clout Street blog post discusses the Cook County Forest Preserve District’s decision to pass its operating budget without increasing fees or property taxes. The post mentions the Civic Federation’s initial support of the budget plan.
In this news story, the Civic Federation cautions the City of Chicago against using its cash reserves, funded from the City’s recent asset privatization deals, to fill a budget deficit. The Federation notes that such a move will compromise the City’s ability to respond to future financial stresses and potentially harm the City’s credit rating and ability to borrow in the future.
The State of Illinois’ personal income tax revenue for FY2010 is now expected to be $850 million lower than projected when the budget was approved in July 2009, according to David Vaught, the newly appointed Director of the Government’s Office of Management and Budget. The latest estimate of approximately $9.4 billion is down roughly 8% from the $10.2 billion projection used to develop the budget…
This news story is about the CTA’s proposed fare increase to bridge a $180 million budget gap and its possible effect on the program that allows senior citizens to ride the CTA, Metra, and Pace for free. The Civic Federation points out that former governor Rod Blagojevich instituted the free rides for seniors program despite funding concerns. The Federation says that to help the CTA balance its…
The surprise expansion of gambling to all corners of Illinois in the form of legalized video poker that was enacted by the General Assembly has not been well received by many residents or local governments. A recent poll conducted by the Chicago Tribune showed that nearly 60% of Illinois residents opposed legalizing video poker and many counties and cities are taking advantage of a provision in…
A new report from the U.S. Government Accountability Office (GAO) says that more information is needed to determine whether local school districts that receive federal stimulus money from the State of Illinois are using the funds promptly, as required by federal regulations. The report stems from the GAO’s effort to track uses of funds under the American Recovery and Reinvestment Act of 2009 (…
The Governor’s office recently published its first official document that included details of the revenues and expenditures approved by the General Assembly for FY2010 fiscal year. The Official Statement accompanying the sale of $1.25 billion in short term debt on August 20, 2009 includes new information on the State’s fiscal condition. It should eventually be available along with the other bond…
Governor Pat Quinn has decided that the State of Illinois will shut down its troubled Howe Developmental Center in Tinley Park and move residents to other quarters by April 2010. The decision, announced on August 28, 2009, came four months after the General Assembly’s Commission on Government Forecasting and Accountability on April 28 backed a recommendation by the Illinois Department of Human…
In this segment on the City Room news program, Civic Federation Vice-President Lise Valentine is interviewed about the Federation’s support of the Chicago Public Schools FY2010 operating budget. Ms. Valentine also points out that CPS must gain control of its ballooning pension system.
