This editorial discusses an ordinance that would create an Office of Financial Analysis for the City Council to evaluate budget proposals separately from the Mayor’s advisory team. The Civic Federation strongly supports the proposal that would give aldermen access to the independent information and analysis they need to be effective stewards of taxpayer dollars.
The Civic Federation strongly supports the proposal to create an Office of Financial Analysis for the Chicago City Council. Mayor Rahm Emanuel’s proposed FY2014 budget includes funding for an Office of Financial Analysis to help vet financial legislation before it is considered by the Chicago City Council. The ordinance that would provide for the creation of such an office has passed the…
Only four months into the State of Illinois’ 2014 fiscal year, which began on July 1, 2013, annual revenue projections have increased by more than $300 million from the initial estimates. Positive first quarter results from the State’s sales tax receipts are being added to other one-time revenues already received this year to provide additional resources for the FY2014 operating budget.…
The State of Illinois plans to apply for a sweeping federal waiver to overhaul its Medicaid program, according to a draft concept paper issued on November 7, 2013. The waiver proposal, called Path to Transformation, covers all of the State’s Medicaid spending and all of the populations that are currently eligible or may be eligible under the federal Affordable Care Act. It would allow Illinois…
This article covers the Chicago Transit Authority’s November 12 budget hearing in advance of the Chicago Transit Board’s November 13 budget vote. The Civic Federation recently released its FY2014 CTA Budget Analysis and testified in support of the budget for achieving balance without relying on fare increases or the use of one-time revenue sources.
Pension Contribution Increase in FY2015 Threatens to Derail Fiscal Progress In a report released today, the Civic Federation announced its support for the City of Chicago’s proposed $7.0 billion budget as a reasonable short-term plan that continues to reduce the City’s structural deficit. However, Chicago’s fiscal and economic stability continue to be jeopardized by the failure to fix the City’s…
The Civic Federation supports the City of Chicago’s proposed $7.0 billion budget as a reasonable short-term plan that closes approximately two-thirds of a $338.7 million budget gap with structural changes that will continue to reduce the City’s ongoing deficit. To help balance the FY2014 budget, the City proposed an increase in the City’s cigarette tax rate, a reduction in the partial exemption…
The Civic Federation supports the Chicago Transit Authority’s (CTA) proposed FY2014 operating budget of nearly $1.4 billion. After two years of difficult but necessary steps to stabilize its operations, the CTA has produced a balanced budget with no fare increases. The FY2014 budget reflects significant steps taken by the CTA in recent years to match ongoing expenses with recurring revenues and…
A report released today by the Civic Federation uses nine indicators of financial condition to measure the relative financial performance of Chicago and 12 other major U.S. cities from FY2007 to FY2011. Of the cities analyzed, only Boston and Detroit consistently performed worse than Chicago by these metrics during the five-year period that encompasses the Great Recession and slow recovery. The…
This report uses nine indicators of financial condition to measure the relative financial performance of Chicago and 12 other major U.S. cities from FY2007 to FY2011. In addition to Chicago, the other cities analyzed were Baltimore, Boston, Columbus, Detroit, Houston, Kansas City (MO), Los Angeles, New York, Philadelphia, Phoenix, Pittsburgh and Seattle. Of the cities analyzed, only Boston and…
