This article discusses the current $480 million CPS budget shortfall, impacts of the budget gap and proposed short-term solutions. President of the Civic Federation, Laurence Msall, remarked on the necessity of a long-term plan to help stabilize CPS’ finances.
A new report by Governor Bruce Rauner’s administration projects that the State of Illinois’ backlog of unpaid bills could grow to $25.0 billion in FY2019 from $4.4 billion in FY2015 based on current tax and spending policies. The three-year forecast, issued on January 6, 2016, covers FY2017 through FY2019. It also includes actual budget results for FY2015, which ended on June 30, 2015, and…
The following are the five most read posts presented by the Civic Federation blog in 2015. These posts examine a number of closely followed local government issues, ranging from City and County taxes to Chicago pension debt. Where Do Your Property Taxes Go? April 7, 2015 This blog post outlines how property taxes are distributed by describing how property tax dollars were proposed to be…
This article discusses the state of Illinois ending calendar year 2015—six months into FY2016—without a budget. With the current budget impasse, spending plans have driven up borrowing costs, the state’s credit rating has sunk and underfunded pensions have worsened. According to the Civic Federation, Illinois is set to pay about $7.5 billion to pensions this fiscal year. The Civic Federation also…
The following were among the most highly read posts provided by the Institute for Illinois’ Fiscal Sustainability in 2015. Understandably, they represent the most closely followed Illinois fiscal issue of the year: the ongoing state budget impasse. The posts have been listed in chronological order, rather than by number of views, for the purpose of best explaining the events related to the matter…
FY2016 Budget Season Summary December 3, 2015 marked the end of the budget season for the eight local governments monitored by the Civic Federation. These governments include: the City Colleges of Chicago, Chicago Public Schools, City of Chicago, Cook County, Chicago Transit Authority, Forest Preserve District of Cook County, Metropolitan Water Reclamation District of Greater Chicago and Chicago…
This article discusses the Chicago Teachers Union’s recent vote to authorize a strike. If the strike were to happen, it would be the second strike in three years. Civic Federation President Laurence Msall explained that the District’s current pension obligations are unsustainable. The Civic Federation did not support FY2016 Chicago Public Schools budget because it relied on $480 million in State…
This article covers the Civic Federation’s December 3 analysis of the FY2016 Metropolitan Water Reclamation District Tentative Budget. The Federation supported the budget for its fiscal responsibility in property funding pensions and prefunding retiree health benefits. The analysis also praised the District for using long-term financial planning.
In an analysis released today, the Civic Federation announced it supports the Metropolitan Water Reclamation District’s Tentative FY2016 budget of $1.21 billion. The District proposes a reasonable, balanced budget while maintaining ample reserves and continuing to be fiscally responsible by properly funding its pensions and prefunding its retiree health benefits. The full 55-page analysis is…
The Civic Federation Supports the Metropolitan Water Reclamation District’s tentative budget of $1.21 billion for being reasonable and balanced while maintaining ample reserves and for its fiscal responsibility in properly funding pensions and prefunding retiree health benefits. The FY2016 budget includes the maximum property tax increase allowed under state law for the third year in a row, with…
