In the following news pieces, Civic Federation President Laurence Msall discusses details of the State of Illinois’ FY2018 budget plan and the impact the budget will have on the State’s finances. He says that the enactment of the State’s FY2018 budget is a great step in the right direction but will not fully end Illinois’ long-term financial crisis. ----- The Wall Street Journal: Illinois…
The following news items cover the release of the Institute for Illinois’ Fiscal Sustainability at the Civic Federation's analysis of Governor Rauner’s FY2018 recommended budget. As mentioned in the analysis, the Civic Federation cannot support the FY2018 recommended budget. Further, the Federation calls on the Governor and General Assembly to end the unacceptable stalemate and to reject any…
Click here to read the full report. The Civic Federation’s Institute for Illinois’ Fiscal Sustainability not able to support Governor Rauner’s recommended FY2018 budget because it has an operating deficit of at least $4.6 billion, presents an insufficiently detailed plan for closing the gap and does not address Illinois’ massive backlog of bills. In addition to analyzing the recommended…
The Illinois Department of Revenue announced in April 2017 that the final equalization factor for the Cook County 2016 property assessment year (taxes payable in 2017) is 2.8032. The 2016 final equalization factor of 2.8032 is greater than the final 2015 equalization factor of 2.6685. This does not mean that individual property tax bills will go up or down. It means that, overall, the…
This article discusses a proposal by Governor Bruce Rauner that would freeze property taxes in Illinois and the financial repercussions it could have on the State’s local governments. Civic Federation President Laurence Msall says that if Illinois is going to enact a property tax freeze, it should present a plan for how its many distressed local governments will still be able to fund…
This article discusses a recent Illinois Senate Appropriations Committee hearing where legislators heard testimony regarding the State’s continued spending far in excess of its known revenues due to the absence of a budget. During his testimony, Civic Federation President Laurence Msall highlighted recommendations from the Federation's State of Illinois FY2018 Budget Roadmap, which presents a…
The Cook County Circuit Court recently ruled that the City of Chicago cannot tax other tobacco products according to Illinois state law. The City’s home rule tax on these products was expected to bring in $6.0 million in revenue. Other tobacco products (OTP) include the following non-cigarette tobacco products: Cigars; Pipe Tobacco; Smokeless Tobacco; and Smoking Tobacco. The Chicago…
The following news items cover the release of the Institute for Illinois’ Fiscal Sustainability at the Civic Federation's State of Illinois FY2018 Budget Roadmap, which proposes a comprehensive multi-year plan to address the State’s ongoing financial crisis and budget impasse with painful but necessary spending limits and revenue enhancements. ----- Chicago Tribune: Morning Spin:…
(CHICAGO) – In a report released today, the Civic Federation’s Institute for Illinois’ Fiscal Sustainability proposes a comprehensive five-year plan that addresses the State’s ongoing financial crisis and budget impasse with painful but necessary spending limits and revenue enhancements. The full 57-page report is available here. While Illinois has gone more than 19 months without a…
Click here to read the full report. Prior to the release of the Governor’s annual budget recommendation, the Institute for Illinois’ Fiscal Sustainability at the Civic Federation releases an analysis of the State of Illinois’ fiscal condition. This report presents the Civic Federation’s multi-year plan to stabilize Illinois’ finances and addresses the State’s critical financial situation.…
