The Civic Federation supported the rejection of any broad-based tax increases but opposed the proposal to reduce pension funding by $310 million and extend payment of that amount over a 41-year period.
Civic Federation President Laurence Msall is a member of the Governor's 2004 Pension Commission. The Civic Federation opposes the pension funding options recommended in the Commision's Interim Report, but supports many of the suggested fiscal policymaking principles.
The Civic Federation supported the Governor's rejection of any broad-based tax increases but opposed the proposal to reduce pension funding by $527 million to balance the budget. It urged the General Assembly to hold public hearings to assess the impact of significant proposed changes to the State's corporate tax structure.
The Civic Federation supported the Governor's rejection of any broad-based tax increases but opposed the proposal to reduce pension funding by $527 million to balance the budget. It urged the General Assembly to hold public hearings to assess the impact of significant proposed changes to the State's corporate tax structure.
The Civic Federation's legislative priorities for 2004 include the Suburban Cook County Tuberculosis Sanitarium District, property tax assessment appeals, Neighborhood Preservation Homeowners' Exemption, public employee pensions, and pension obligation bonds.
This report provides a 6-year trend analysis of indicators that measure the financial health and performance of 9 major local government pension funds from 1997 to 2002.
The Civic Federation commended the MWRD for its FY2004 budget of $848.3 million because the District reduced its property tax levy by $2.7 million from the tentative FY2004 budget proposal, it drew down its Corporate Fund balance from a high of $77.7 million in FY2001 to an estimated $41 million in FY2004 and personnel has been reduced by over 240 positions, or 10.2%, in the last ten years.
The Civic Federation opposed the County’s $2.99 billion FY2004 budget because it does not reduce operational expenditures or implement increased efficiencies and It is balanced by means of two new and unnecessary revenue enhancements: an increase in the County’s home rule sales tax from 0.75% to 1.0% and a new 4% personal property lease transaction tax that will generate $58 million in FY2004.
The Civic Federation was disappointed in the Forest Preserve District’s FY2004 operating budget of $140.8 million for several reasons. There was insufficient time--only 4 working days--permitted this year for public review of the budget. The budget fails to significantly build upon the cost cutting measures enacted last year and implement additional management reforms that will improve the…
The Civic Federation supported the Chicago Park District's $351 million FY2004 budget because of the District's history of implementing management efficiencies and cost cutting measures and the progress it has made in shifting revenues from property tax to fees.
