This report provides a trend analysis of indicators that measure the financial health and performance of ten major local government pension funds from 1997 to 2004. It finds a combined $14.4 billion in unfunded liabilities for the ten funds, and makes recommendations on actions that should be taken to slow the downward spiral of pension underfunding.
This issue brief provides a "plain English" description of how GASB 43 and 45 will require government financial reporting on non-pension post-employment benefits (OPEB). It is illustrated with preliminary estimates of unfunded OPEB liabilities for several jurisdictions in the U.S., as well as initial reactions of rating agencies.
The Civic Federation opposed Cook County's $3.076 billion budget because it failed to include long term management efficiencies and cost reduction measures.
Calls for New Independent Auditor to Monitor County Spending, Programs CHICAGO – Citing missed opportunities for cost-cutting and unfulfilled promises of improved management, the Civic Federation today announced its opposition to Cook County Government’s proposed FY2006 budget of $3.076 billion. “We are frankly disappointed by this budget,” commented Civic Federation President Laurence Msall. “…
The Civic Federation supported the MWRD's FY2006 Budget because it reduced its property tax levy by $4.4 million and continues to reduce personnel. The Federation recommended that the District pursue joint purchasing of prescription drugs, health insurance and commodities such as electricity and fuel with other local governments.
The Civic Federation supported the City's holding the property tax levy constant for the third year in a row and eliminating vacancies, but was concerned by the lack of transparency regarding the funding for operations at Millennium Park, and by the use of borrowing to finance those operations.
The Civic Federation supported the Chicago Park District's FY2006 Budget because the District did not raise its property tax levy this year, and continues to control personnel costs by cutting positions and restructuring its healthcare program. However, the Federation was concerned by the District's 2004 and 2005 reductions in its pension contribution and the transfer of pension property tax…
The Civic Federation opposed the Forest Preserve District’s FY2006 Budget because the District's Capital Improvements Plan and budget document fail to meet minimum standards for disclosure and accountability.
In its first annual analysis of DuPage County’s budget and fiscal policies, the Civic Federation of Chicago Monday announced support of the County’s proposed $482.8 million budget for FY2006. Although this proposed budget includes a $2.5 million property tax increase, the maximum allowed under the tax cap law, the Civic Federation considers this property tax increase to be justified by the County…
The Civic Federation supports DuPage County's FY2006 budget and property tax increase because the County has reduced spending by 20% since 2002, and has held the line on property tax for 10 years. The Civic Federation cautions against any future policy of relying on property tax increases as the first line of attack for balancing the budget, and urges the County to improve its budget…
