This article discusses the Chicago City Council authorizing up to $200 million of bonds to help pay termination fees to exit swaps linked to its water debt. Civic Federation President Laurence Msall noted that, while this helps the city refinance its variable-rate debt, it is important to have a thorough understanding of the full cost and how it will impact taxpayers.
This article reports on payments made to Chicago's police and fire pension funds using $220 million in short-term borrowing. Laurence Msall, President of the Civic Federation, called the borrowing an unfortunate, expensive, yet forseeable development, due to the lack of contingency planning in the City’s FY2016 budget.
With the budget for the current fiscal year still incomplete, Governor Bruce Rauner proposed a financial plan for the next budget year with an operating deficit of $3.5 billion. The proposed budget for fiscal year 2017, which begins on July 1, 2016 and ends on June 30, 2017, was issued on February 17, 2016. The recommended FY2017 budget includes general operating revenues of $32.8 billion and…
This editorial discusses the eight-month Illinois budget impasse, calling on Illinois General Assembly leaders to aid in passing a budget. The Civic Federation’s State of Illinois FY2017 Budget Roadmap is cited as a reasonable blueprint for what the State’s budget might look like, including a mix of increased revenues and spending cuts.
This editorial features recommendations found in the Civic Federation’s FY2017 Budget Roadmap and discusses Illinois’ potentially bleak future if steps aren’t taken to address the State’s financial crisis. The Editorial Board calls the Federation’s recommendations “warnings” and notes that problems that are ignored do not disappear—they only grow worse.
This article highlights the Civic Federation’s FY2017 State of Illinois Budget Roadmap and its recommendations to help stabilize Illinois’ finances. Civic Federation President Laurence Msall speaks about the Federation’s comprehensive plan to address the State’s fiscal issues.
This article discusses Governor Rauner’s Budget Address speech and the need to resolve the State’s current budget impasse. Laurence Msall, President of the Civic Federation notes that there is nothing easy about what the State faces.
This segment discusses Governor Rauner’s upcoming Budget Address and the budget impasse’s impact on Illinois service organizations. In addition to comments from Civic Federation President Laurence Msall, the piece also highlights recommendations from the Federation’s FY2017 State of Illinois Roadmap.
This article reports on the Civic Federation’s three-year plan to help stabilize Illinois’ budget. Laurence Msall, President of the Civic Federation, comments on the need for action and sacrifice to fix the State’s issues.
This article discusses the initiatives highlighted in the Civic Federation’s FY2017 State of Illinois Budget Roadmap necessary to stabilize Illinois’ finances. President of Civic Federation Laurence Msall remarks that the State has already spent most of its FY2016 revenue and that there is not enough time to close Illinois’ deficit this fiscal year.
