This week, Chicago Public Schools released its FY2013 Comprehensive Annual Financial Report for July 1, 2012 to June 30, 2013. In it, the District reports a year-end FY2013 deficit of $119 million that was closed using fund balance. This…
This article discusses a Standard & Poor’s Rating Services report released February 27 that disputed comparisons between Chicago and Detroit, concluding Chicago has the ability to make the changes necessary to avoid bankruptcy. The…
It is widely known that the State of Illinois faces a dramatic reduction in general operating revenue starting on January 1, 2015, when…
This article examines Chicago’s growing debt load due to unfunded pension liabilities and ongoing borrowing. The Civic Federation said Chicago’s level of debt is unsustainable and the City is short on time to find a solution. The article…
At a recent committee hearing, Illinois lawmakers were provided with a mixed message regarding the economy and State budget for the coming fiscal year. Officials from the Illinois Department of Revenue explained that although the State…
This week the Chicago City Council granted the City authority to issue $900.0 million in general obligation bonds and $1.0 billion in Midway Airport revenue bonds. At the Finance Committee meeting on February 3, 2014, the City’s Chief…
This article discusses a proposed ordinance for the City of Chicago to issue up to $900 million in general obligation bonds, with over $100 million used to push upcoming debt payments into the future. The Civic Federation said this…
As a follow-up to the Capital Planning Overview, this blog post summarizes information contained in the Civic Federation’s FY2014…
Despite savings from recently enacted pension reforms,…
The following posts were among the most highly read on the Civic Federation blog in 2013 and represent some of the most closely followed local government issues this year:…
