This blog reviews the 2012 4th Quarter STAR (Set Targets Achieve Results) report for Cook County’s performance management program. The blog compares FY2012 targeted expenditures and FY2012 actual costs as reported by participating County departments. In its 2010 Cook County Modernization Report, the Civic Federation recommended that performance measures be incorporated into the budgeting and…
An important first step in preparing a government budget is the preparation and publication of revenue estimates for the upcoming fiscal year. The estimates provide the basis for the spending decisions that are subsequently incorporated into the budget. Under Illinois law, the Governor begins the budget process by proposing a budget based on a revenue estimate for the coming fiscal year and the…
This article discusses the $500 million Wrigley Field renovation proposal which will be financed by the Cubs franchise without the use of municipal bonds. The Civic Federation said Mayor Emanuel’s decision to withhold public money shows he’s focusing on the strains of the City’s pension costs and recognizes the City can’t afford to commit funds to sports teams.
This article discusses a Morgan Stanley Wealth Management poll result that 93 percent of high net worth investors in the Chicago area are worried about the state’s financial well-being despite general optimism about the national and global economies. The Civic Federation said these concerns are confirmed by Illinois’ severely underfunded pensions, backlog of unpaid bills and credit rating that is…
UPDATE: At its April 24, 2013 meeting, the Chicago Board of Education approved the District’s amended FY2013 capital budget. Original blog published on April 17, 2013 On April 6th Chicago Public Schools (CPS) released its plan for an amended FY2013 capital budget. The original FY2013 Capital Plan, released in May 2012, totaled $109.7 million. The proposed supplemental capital budget for FY2013…
The Civic Federation joined with the Federal Reserve Bank of Chicago on April 4, 2013 to co-host a conference on economic development strategies during difficult fiscal times. Experts and practitioners from California, Michigan and the Chicago area led discussions of the opportunities and challenges states and local governments face in making decisions on how best to grow their economies while…
Faced with rising pension costs and modest revenue growth, Governor Pat Quinn has recommended a reduction in State of Illinois funding for local governments and statewide public transportation. In his FY2014 budget, the Governor proposed capping those distributions at FY2012 levels. Savings to the State are estimated at $143 million, according to State bond documents. The savings estimate is…
On February 20, 2012 Mayor Emanuel released the City of Chicago’s first quarterly budget report in order “to ensure more transparency and honesty in the City’s budgeting process.” The reports track the City’s revenues and expenditures as they align with the budget. They also include updates on major initiatives implemented through the budget process. Recently the City released the budget report…
The State of Illinois has asked the federal government to extend Cook County’s Medicaid expansion plan to ensure that recipients remain covered after the end of 2013. In a letter on March 21, 2013, the Illinois Department of Healthcare and Family Services (HFS) told federal authorities that it still expects the State to pass legislation allowing Illinois to expand its entire Medicaid program…
This article reports on Vendor Assistance Program LLC, a Chicago startup aiming to profit by advancing money to vendors that are owed payments from the State of Illinois. The Civic Federation’s FY2014 State Budget Roadmap is cited, which estimates Illinois’ backlog of unpaid bills could reach $22 billion in five years if the State continues on its current path of fiscal mismanagement.
