The Civic Federation supports the City Colleges tentative FY2016 budget totaling $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 financial crises that will likely result in significant demands for increasing the City’s overall property tax burden. The budget…
This article discusses the potential for Chicago residents to see a significant property tax increase, due to the intensifying financial challenges facing the City of Chicago and Chicago Public Schools. The Civic Federation said new revenue will have to be part the solution for both governments.
This segment covers the severe budget challenges facing Chicago Public Schools that were further exacerbated following a $634 million pension payment made June 30. The Civic Federation said CPS has been facing a structural deficit for years and has relied on accounting gimmicks to balance its budget.
This segment covers the $634 million pension payment made in full by Chicago Public Schools on June 30, which put added pressure on District’s already precarious financial status. Civic Federation Vice President Sarah Wetmore said the District has difficult choices ahead and solutions will require shared sacrifice.
This segment covers a community forum in which certain Illinois legislators said the State has more options for increasing revenue. Senator Pat McGuire cited the Civic Federation’s FY2016 State of Illinois Recommended Budget Analysis, which suggests expanding the sales tax on services and taxing non-social security retirement income above $50,000, among other recommendations.
This article discusses the difficult financial choices Chicago Public Schools is facing as it approaches a $634 million pension payment due June 30 and a $1.1 billion deficit for the fiscal year beginning July 1. The Civic Federation said if the District fails to make the full payment it could be subject to more credit downgrades.
On June 17, 2015 the Chicago City Council approved the largest borrowing of Mayor Rahm Emanuel’s tenure, totaling $1.1 billion. The issuance pays for the current costs of refinancing the City of Chicago’s variable rate debt, ending its outstanding swaps, extending the life of other long-term bonds and paying for a variety of judgements and settlements. Newly appointed Chief Financial Officer…
The Illinois General Assembly has approved a $36.3 billion general operating budget for the upcoming fiscal year with an acknowledged shortfall of at least $3.0 billion in revenues. The package of approximately 20 appropriation bills and other budget-related legislation was passed during the last week in May, at the end of the legislature’s regular spring session. But amid an impasse with…
This editorial discusses the $1.1 billion deficit Chicago Public Schools is facing and the decisions the District will need to make before the fall school year begins. It cites the Civic Federation’s FY2012 analysis of the CPS budget, which warned that the District would face enormous budget shortfalls in future years if it did not move quickly to implement a long-term financial plan.
This article covers the tough financial choices Chicago Public Schools is facing coming into the fall 2015 school year, including a $634 million pension payment. The Civic Federation discussed the District’s difficult options: severe budget cuts in order to make the payment, skipping the pension payment and violating the law, or seeking an emergency fix from the Illinois General Assembly.
