This editorial discusses financial improvements made by the Chicago Transit Authority in the past few years that have led to a more fiscally stable agency. It cites the Civic Federation’s FY2015 CTA Budget Analysis which supports the budget, but retains some concerns about the current pension funding plan and whether the budget relies too heavily on expected payments from the cash-strapped State…
The Civic Federation supports the Forest Preserve District of Cook County’s FY2015 proposed $187.4 million budget for holding the property tax levy relatively flat and minimizing the use of one-time resources. This balanced budget is very reasonable in the near-term, especially when paired with the extra information provided by the master plans recently adopted by the District. The Civic…
Report applauds level of public input in planning, warns of declining pension health In a report released today, the Civic Federation supports the $187.4 million budget proposed by the Forest Preserve District of Cook County. The balanced budget holds the property tax levy relatively flat and minimizes the use of one-time resources. The Federation also commends the District for increasing the…
Proposal reflects past work to secure pensions, modernize labor practices In an analysis released today, the Civic Federation supports the Chicago Transit Authority’s (CTA) proposed FY2015 operating budget of nearly $1.4 billion. The budget represents an improved level of fiscal stability made possible by the CTA’s efforts in past years to secure its pension fund and modernize its labor…
The Civic Federation supports the Chicago Transit Authority’s (CTA) proposed FY2015 budget of nearly $1.4 billion. The budget represents an improved level of fiscal stability made possible by the CTA’s efforts in past years to secure its pension fund and modernize its labor practices. The agency is working under a more sustainable labor agreement, no longer relies heavily on one-time revenue…
Nearly all indicators point to positive economic growth in the State of Illinois for the fifth consecutive year in 2015 but due to a change in income tax rates, State government finances remain in crisis. In a report issued earlier this month on the results for the first quarter of fiscal year 2015, which began on July 1, 2014, the Illinois Department of Revenue (IDOR) reviewed the State’s…
This article reviews the initiatives of Chicago Mayor Rahm Emanuel during his first term in office. On the topic of City finance, the City’s general obligation debt has grown at a slower rate under his administration but some existing debt has been pushed far into the future. The Civic Federation’s FY2015 City of Chicago Budget Analysis discusses this refinancing practice, commonly referred to as…
(The full content of this article is only available to the publication’s subscribers.) This article discusses the Civic Federation’s FY2015 Cook County Budget analysis. The Civic Federation supports the budget for closing a $168.9 million deficit while keeping the property tax levy flat and without relying on new fines or fees. However, the Federation is concerned that uncertainty facing both…
Full Report Discusses Recent Progress, Fiscal Uncertainty Ahead In a report released today, the Civic Federation supports Cook County’s proposed FY2015 operating budget of $3.7 billion and praises the work of Board President Preckwinkle and her administration to reform County operations. The full 95-page report is available here. “Under the leadership of President Preckwinkle and her team, Cook…
The Civic Federation supports Cook County’s proposed FY2015 operating budget of $3.7 billion for holding the property tax levy relatively flat and not including any new fines or fees. Instead, a $168.9 million shortfall is closed through a combination of revenue increases, expenditure reductions and management efficiencies. Under the leadership of President Preckwinkle and her team, Cook…
