This issue brief reviews the five retirement systems of the State of Illinois and discusses their current condition, the history of funding shortfalls and benefit enhancements, various attempts to improve the financial health of the systems, and provides reform recommendations.
The Civic Federation opposes the Chicago Public Schools Recommended $5.3 billion FY2007 operating budget because it lacks long-term planning and transparency.
The Civic Federation supports the $476.1 million City Colleges of Chicago FY2007 tentative budget because it makes impressive strides in implementing business process reforms that will enable the District to better manage its resources and demonstrates fiscal restraint.
The Civic Federation opposes the State of Illinois Recommended FY2007 operating budget because it takes a partial pension holiday of $1.1 billion at the same time as it increases spending for recurring programs by $1 billion.
The Civic Federation opposes the State of Illinois Recommended FY2007 operating budget because it takes a partial pension holiday of $1.1 billion at the same time as it increases spending for recurring programs by $1 billion.
This report provides a trend analysis of indicators that measure the financial health and performance of ten major local government pension funds from 1997 to 2004. It finds a combined $14.4 billion in unfunded liabilities for the ten funds, and makes recommendations on actions that should be taken to slow the downward spiral of pension underfunding.
The Civic Federation's legislative priorities for 2006 include public pension reform, elimination of the Suburban Cook County Tuberculosis Sanitarium District, property tax exemptions and assessment reform, revision of the Regional Transportation Authority Act, state tax restructuring, and property tax assessment appeals reform.
The Civic Federation opposed Cook County's $3.076 billion budget because it failed to include long term management efficiencies and cost reduction measures.
The Civic Federation supported the MWRD's FY2006 Budget because it reduced its property tax levy by $4.4 million and continues to reduce personnel. The Federation recommended that the District pursue joint purchasing of prescription drugs, health insurance and commodities such as electricity and fuel with other local governments.
The Civic Federation supported the City's holding the property tax levy constant for the third year in a row and eliminating vacancies, but was concerned by the lack of transparency regarding the funding for operations at Millennium Park, and by the use of borrowing to finance those operations.
