In a report released today, the Civic Federation supports the $190.3 million proposed FY2013 Forest Preserve District of Cook County budget for its discipline in identifying non-tax revenue sources as an alternative to increasing the property tax levy. The proposed budget also maintains the District’s substantial reserves. The full 60-page report is available at civicfed.org. “President…
The Civic Federation supports the Forest Preserve District of Cook County’s FY2013 proposed $190.3 million budget for its discipline in identifying non-tax revenue sources to hold the property tax levy flat for the fourth year in a row while maintaining substantial reserves. While the District’s overall budget demonstrates continued fiscal discipline, the Civic Federation is concerned about…
In its second annual report issued earlier this month, the Illinois’ Budgeting for Results Commission called for the elimination or replacement of mandated expenditures including statutorily required boards and commissions, program initiatives, fund transfers and other expenditures currently required under Illinois law but judged to be outdated or obsolete. Mandated expenditures direct agencies…
As highlighted in the Civic Federation’s analysis of the proposed FY2013 City of Chicago budget and discussed in last week’s blog post, Chicago faces difficult choices due to the continued decline of its four pension funds. The Police and Fire pension funds have the lowest actuarial funded ratios at 35.6% and 28.3%. The funded ratio shows the percentage of pension liabilities covered by assets.…
This article covers the Civic Federation’s analysis and support of the City of Chicago FY2013 Proposed Budget. Actions to close a $298 million budget gap reflect better management of personnel expenditures, but the Civic Federation urges the City to reduce its reliance on one-time revenues and reform its unsustainable pension system.
On October 31, 2012, the Civic Federation released its analysis of the City of Chicago’s FY2013 proposed budget and President Laurence Msall presented the Federation’s position to City Council at its public hearing. The Civic Federation supports Mayor Emanuel’s proposed FY2013 budget of nearly $6.5 billion because it is a reasonable continuation of the City’s efforts to reduce its structural…
In a report released today, the Civic Federation announced its support for the City of Chicago’s proposed $6.5 billion FY2013 budget which reduces the City’s reliance on one-time revenue sources while restructuring City government through better managing personnel expenditures. The full 108-page analysis is available at www.civicfed.org. The proposal holds the City’s property tax levy nearly flat…
The Civic Federation supports the City of Chicago’s FY2013 proposed $6.5 billion budget which reduces the City’s reliance on one-time revenue sources while restructuring City government through better managing personnel expenditures. The proposal also holds the property tax level nearly flat and does not include any new tax or fee increases. Actions taken to close a $298 million budget gap…
A national report on state budget issues released this week details the ongoing operating budget problems in Illinois and highlights the State’s dire need to invest in its neglected infrastructure. According to the State Budget Crisis Task Force report on Illinois, State and local governments could need to invest more than $300 billion over the next 30 years to maintain depleted roads, bridges,…
Last week, the Civic Federation’s Institute for Illinois’ Fiscal Sustainability published a blog on the State of Illinois’ Personal Property Replacement Tax (PPRT) and why the State will be distributing $182 million less to local governments in FY2013. This blog builds on that one to show the impact of the drop in PPRT revenues on the City of Chicago’s FY2013 budget. The PPRT is a revenue source…
