The City of Chicago recently released its Annual Financial Analysis for 2015. According to an executive order issued by Mayor Rahm Emanuel on May 20, 2011, the Office of Budget and Management is mandated to produce a financial analysis of the City budget by July 31st of each year. The report includes: A financial condition analysis that covers the previous ten years, including a discussion of…
This article reviews findings in the City of Chicago’s Annual Financial Analysis, released July 31. The Civic Federation said the only thing that can improve Chicago’s financial position is a comprehensive plan that relies on sustainable revenue sources rather than borrowing.
This article examines the projected deficit of $426 million reported in the City of Chicago’s Annual Financial Analysis, which does not include additional contributions required under existing State law to the City’s police and fire pension funds. The Civic Federation said it is very difficult to see how the City could close the budget deficit without a significant increase in property taxes.
This article discusses the impact taxpayers could feel following a July 24 court ruling that struck down reforms for the City of Chicago’s police and fire pension funds. The Civic Federation said that without the reforms, it is highly likely the City will have to resort to increased taxes and reduced services.
This article covers the $426 million budget deficit projected in the City of Chicago’s Annual Financial Analysis released July 31. The $426 million budget gap does not include nearly $550 million in additional contributions required by State law for the City’s Police and Fire Funds because the City is petitioning the General Assembly and Governor to lower the required contribution.
More than three weeks into fiscal year 2016, the State of Illinois continues to operate without an annual budget. Despite the lack of a budget, members of the General Assembly are reportedly in line to get pay raises of about 2%, or at least $1,300 each, for the year that began on July 1, 2015. The reasons are complicated and relate to prior legal disputes between Illinois governors and the…
The State of Illinois’ new fiscal year began on July 1, 2015 without an annual budget and with no clear end in sight to the impasse between Governor Bruce Rauner and the General Assembly. On July 9, the legislature was widely expected to send the Governor a stopgap budget designed to fund essential State operations for one month. However, that effort stalled amid a partisan dispute about paying…
This article discusses a shift by City Colleges of Chicago to a flat-rate tuition structure that would take effect as of the fall 2015 semester. It cites the Civic Federation’s FY2016 Analysis of the City Colleges of Chicago’s proposed budget, which commended the District for avoiding a property tax increase but expressed concern that students weren’t notified of the tuition changes until after…
This radio segment reviews the new flat-rate tuition structure being introduced by City Colleges of Chicago ahead of the fall 2015 school year. The Civic Federation said in its City Colleges FY2016 Budget Analysis that the District was right to show restraint in asking for more property tax revenue, but the size of the tuition increase could precipitate a larger than projected decline in future…
Proposal Holds Property Tax Levy Flat and Introduces Flat-Rate Tuition Structure In an analysis released today, the Civic Federation supports the City Colleges of Chicago’s proposed FY2016 operating budget of $695.6 million because it continues to minimize the financial burden placed on taxpayers by avoiding a property tax increase at a time when other local governments in Chicago are facing…
