(CHICAGO) In an analysis released today, the Civic Federation announced its support for the Metropolitan Water Reclamation District’s FY2017 Tentative budget of $1.13 billion because the District continues to demonstrate a sensible and proactive approach to meeting its financial challenges. The full 57-page analysis is available here. As detailed in the report, the FY2017 Tentative budget…
The Civic Federation supports the Metropolitan Water Reclamation District’s FY2017 Tentative budget of $1.13 billion because the District continues to demonstrate a sensible and proactive approach to meeting its financial challenges. As mentioned in the full report, the FY2017 Tentative budget is 9.0% less than the FY2016 adjusted budget of $1.24 billion, which is due to the variance that often…
This article discusses a proposal to change the City of Chicago’s aldermanic pension plan in order to help save the City’s Municipal Employees Pension Fund. Laurence Msall, President of the Civic Federation, applauds the City’s proposal and notes that there is no good public policy reason that elected officials should receive accelerated pension benefits greater than non-elected officials.
This article discusses the State of Illinois’ worsening pension problems and cites a recent Civic Federation blog post that details how contributions to Illinois’ five pension funds are expected to increase by approximately $1 billion in FY2018, which will increase financial strain to the State as it continues to operate without a complete budget.
Following Mayor Rahm Emanuel’s FY2017 budget address, Civic Federation President Laurence Msall spoke with a pool of reporters about the finances of both the City of Chicago and Chicago Public Schools. He called the Mayor’s proposed budget “good news” for the City but cautioned that Chicago is not out of the woods yet. Msall also called for more details on how the recently signed teachers’…
This segment examines how the State of Illinois has become well-known for its mishandling of public employee pensions. Laurence Msall, President of the Civic Federation, remarks that Illinois has had plenty of chances to fix its pension crisis but has instead continued to choose the easiest and least resistant path.
This article discusses how recent changes to expected rates of return and other factors for several of the State of Illinois’ pension funds are increasing pressure on the State to address reforms. Civic Federation President Laurence Msall notes that Illinois needs to explore all of its options, including a constitutional amendment that would clarify that the State’s pension protection clause…
This article analyzes the connection between pension debt and major tax increases among selected U.S. states and municipalities. Civic Federation President Laurence Msall notes that the percentage of state source revenue going to Illinois pensions and related debt is far in excess of well-run states and says that it will be difficult for Illinois to stabilize its finances without additional…
This article discusses the Civic Federation’s call for a full actuarial analysis of the City of Chicago’s plan to save the City’s Municipal Employees Pension Fund and questions whether it may be enough. Civic Federation President Laurence Msall describes the utility tax plan as a reasonable option to help prop up the fund, but also explains that the Federation will not be convinced until it sees…
This article reports on the State of Illinois’ worsening pension debt due to poor investment returns. Laurence Msall, President of the Civic Federation, comments that there is no easy way to stabilize Illinois’ pension systems and notes that during a time when returns are difficult for its public pensions funds, the State increasingly needs more contributions just to not lose ground from its…
