This segment and adjoining article examine the proposed City of Chicago FY2016 budget released September 22, which includes a property tax increase to address the City’s unfunded pension liabilities. The Civic Federation said Chicago Public Schools and the State of Illinois are in similar financial positions, which could add to the taxpayer burden.
This segment covers Mayor Rahm Emanuel’s FY2016 proposed budget released September 22, which includes a $543 million property tax increase phased in over four years, along with several other new targeted fees and taxes. The Civic Federation said the City has no choice but to increase revenue in order to address the enormous pension debt that has accumulated through years of poor financial…
This segment reviews the property tax increase aimed at addressing Chicago’s underfunded pension systems that was proposed as part of the FY2016 City of Chicago budget released September 22. The Civic Federation said this tax increase could be one of many, as other local governments and the State of Illinois also face significant unfunded pension liabilities.
This segment covers the proposed FY2016 City of Chicago budget released September 22, which includes a $543 million property tax increase that would be phased in over four years. The Civic Federation said the increase won’t solve all of the City’s financial challenges, but it is a big step in the right direction.
The following opinion piece by Civic Federation President Laurence Msall was published by the Chicago Tribune on September 17, 2015. On Tuesday, Mayor Rahm Emanuel will present the most important budget this generation of Chicago taxpayers will ever see. This budget will either drive away residents and businesses or give them the confidence that Chicago is capable of long-term, sustainable…
This article reviews a report released by the University of Illinois Institute of Government and Public Affairs on the funding gap facing Illinois’ infrastructure. It cites an August blog post by the Civic Federation’s Institute for Illinois’ Fiscal Sustainability which discusses lower-than-projected revenues from the Illinois Jobs Now! program that funds the State’s capital budget. The Civic…
The State of Illinois is often cited for its unique financial challenges. However, at least in one respect, Illinois does not stand alone in its financial difficulties. Illinois is one of four states that began the fiscal year without an enacted budget and is one of three still struggling to produce a spending plan in the third month of the fiscal year. As discussed here, although Governor Bruce…
This article reviews discussions surrounding the idea of allowing Illinois municipalities to file for chapter 9 bankruptcy. Earlier this year, the Civic Federation proposed the Local Government Protection Authority that would create a quasi-judicial entity to provide financially distressed local governments support for finding alternative solutions to financial challenges before resorting to…
This op-ed by State Representative Barbara Flynn Currie urges the Illinois General Assembly to adopt a budgeting approach that balances spending reductions with new revenues. It discusses several recommendations from the Civic Federation’s FY2016 State of Illinois Budget Roadmap released in February, including expanding the sales tax to certain services and implementing stronger spending controls.
This column covers Illinois’ current budget stalemate and the programs and bills that can continue to be paid for without a formal operating budget, meaning the State is spending at FY2015 levels although its revenue has dropped. The Civic Federation said the longer this spending goes on, the more painful the legislature’s remaining budget options become.
