The State of Illinois does not currently have a comprehensive policy on economic development incentives. Instead, the State offers a wide variety of financial incentives that reduce specific State or local tax burdens for businesses. This creates an uncertain tax environment for Illinois companies and leaves the State vulnerable to pressure from businesses located here and to competition…
An effort to clear Illinois’ Medicaid program of ineligible enrollees has led to the removal of 128,700 participants, but State savings are expected to be far lower than hoped by lawmakers, according to testimony at a legislative hearing on September 17, 2013. The State has moved to cancel 75,707 Medicaid cases as of September 9, officials of the State’s main Medicaid agency said at the joint…
Last week the Civic Federation blog featured an analysis of long-term obligations for six selected municipalities in Illinois and their overlapping governments using a per capita indicator based on unfunded pension liabilities. This week’s blog uses the same per capita indicator to examine bonded debt for the same six municipalities and their overlapping governments. The overlapping pensions per…
Several recently enacted laws are designed to increase public access to information about the State of Illinois’ budget and improve other aspects of the State’s budget process. The following table lists budget-related legislation signed by Governor Pat Quinn since the end of the General Assembly’s spring session on May 31, 2013. Public Act 98-0461, signed on August 16, requires the Governor’s…
The blogs for this week and next week will examine the long-term obligations of six selected municipalities in Illinois and their overlapping local governments using per capita indicators based on unfunded pension liabilities and bonded debt. The overlapping pensions per capita and the debt per capita figures are indicators that the Civic Federation has long calculated for Chicago residents.…
In this segment, Civic Federation President Laurence Msall discusses the findings of the Federation’s FY2014 Chicago Public Schools Budget Analysis. The Civic Federation said relying on reserve funds to balance the budget is an unsustainable practice the District won’t be able to repeat next year, when it will face a $1 billion budget deficit absent pension reform.
This editorial discusses the need for pension reform for Chicago Public Schools and District officials’ failure to detail a pension plan. The editorial cites the Civic Federation’s FY2014 Chicago Public Schools Budget Analysis, which found the District will face a deficit of nearly $1 billion in each of the next two years.
This article covers the release of the Civic Federation’s FY2014 Chicago Public Schools Budget Analysis. The Civic Federation did not support the budget, which completely draws down unrestricted reserve funds and uses some restricted reserves to close a $977 million budget deficit. The Federation said the District’s long-term fiscal health remains in jeopardy absent pension reform.
This article discusses key findings from the Civic Federation’s FY2014 Chicago Public Schools Budget Analysis. The District’s financial situation continues to deteriorate while legislators delay action on pension reform, with this year’s budget relying on reserve funding to close a $997 million deficit. The Civic Federation urges the District to develop its own pension reform plan tied to a long-…
UPDATE: On August 23, 2013, the preliminary FY2014 budget of the Cook County Health and Hospitals System was unanimously approved by the Health System's Board of Directors. The Cook County Board is expected to vote on the plan in October. The Health System's preliminary budget will then be included in the County Board President's overall budget proposal for FY2014. Original blog published on…
