The City of Chicago recently released its Annual Financial Analysis for 2015. According to an executive order issued by Mayor Rahm Emanuel on May 20, 2011, the Office of Budget and Management is mandated to produce a financial analysis of the City budget by July 31st of each year. The report includes: A financial condition analysis that covers the previous ten years, including a discussion of…
This article reviews findings in the City of Chicago’s Annual Financial Analysis, released July 31. The Civic Federation said the only thing that can improve Chicago’s financial position is a comprehensive plan that relies on sustainable revenue sources rather than borrowing.
This article examines the projected deficit of $426 million reported in the City of Chicago’s Annual Financial Analysis, which does not include additional contributions required under existing State law to the City’s police and fire pension funds. The Civic Federation said it is very difficult to see how the City could close the budget deficit without a significant increase in property taxes.
This article discusses the impact taxpayers could feel following a July 24 court ruling that struck down reforms for the City of Chicago’s police and fire pension funds. The Civic Federation said that without the reforms, it is highly likely the City will have to resort to increased taxes and reduced services.
This article covers the July 24 Cook County court ruling that struck down reforms to Chicago’s police and fire pension funds. The Civic Federation said the ruling puts the City back on an inadequate funding formula that has resulted in such severe underfunding that actuaries expect both funds to be insolvent within the next decade.
This article covers the $426 million budget deficit projected in the City of Chicago’s Annual Financial Analysis released July 31. The $426 million budget gap does not include nearly $550 million in additional contributions required by State law for the City’s Police and Fire Funds because the City is petitioning the General Assembly and Governor to lower the required contribution.
This article discusses the effect that the City of Chicago’s unfunded pension liabilities have had on borrowing costs, and an upcoming court ruling that will determine whether pension reforms enacted in 2014 for the City’s Municipal and Laborers’ Funds are constitutional. The Civic Federation said that a ruling against the reforms will make it more difficult for Chicago to resolve its financial…
This article discusses the potential for Chicago residents to see a significant property tax increase, due to the intensifying financial challenges facing the City of Chicago and Chicago Public Schools. The Civic Federation said new revenue will have to be part the solution for both governments.
This segment covers the severe budget challenges facing Chicago Public Schools that were further exacerbated following a $634 million pension payment made June 30. The Civic Federation said CPS has been facing a structural deficit for years and has relied on accounting gimmicks to balance its budget.
This article recaps the history that has led to Illinois’ $100 billion in unfunded pension liabilities and examines concerns about the adequacy of pension benefits provided to State employees hired after 2011. The Civic Federation said implementing a different benefit structure for new employees was a first step toward tackling the State’s pension debt and lawmakers should rely on actuarial data…
