This segment reviews the property tax increase aimed at addressing Chicago’s underfunded pension systems that was proposed as part of the FY2016 City of Chicago budget released September 22. The Civic Federation said this tax increase could be one of many, as other local governments and the State of Illinois also face significant unfunded pension liabilities.
This segment covers the proposed FY2016 City of Chicago budget released September 22, which includes a $543 million property tax increase that would be phased in over four years. The Civic Federation said the increase won’t solve all of the City’s financial challenges, but it is a big step in the right direction.
The following opinion piece by Civic Federation President Laurence Msall was published by the Chicago Tribune on September 17, 2015. On Tuesday, Mayor Rahm Emanuel will present the most important budget this generation of Chicago taxpayers will ever see. This budget will either drive away residents and businesses or give them the confidence that Chicago is capable of long-term, sustainable…
This Chicago Tonight segment features Chicago Aldermen discussing a reported $500 million City of Chicago property tax increase and other potential taxes and fees. It cites a September 8 City Club panel that featured Civic Federation President Laurence Msall, who said a property tax increase of that magnitude would still only be part of what will be needed to address Chicago’s financial crisis.…
This article discusses the City’s aldermanic menu program, which allots each alderman $1.32 million annually for infrastructure projects in the alderman’s own ward. The Civic Federation said the City would be better served by a transparent, comprehensive capital improvement plan that would prioritize projects by a set of objective standards taxpayers can understand.
This article covers a September 8 City Club panel on Chicago finances that featured Civic Federation President Laurence Msall alongside Municipal Market Analytics Partner Matt Fabian, Crain’s Chicago Business columnist Greg Hinz and City of Chicago CFO Carole Brown. Msall said a reported $500 million property tax increase would only be one part of what will be necessary to address the financial…
The Illinois Department of Revenue announced earlier this summer that the final equalization factor for the Cook County 2014 property assessment year (taxes payable in 2015) is 2.7253. The 2014 final equalization factor of 2.7253 is greater than the final 2013 equalization factor of 2.6922. This does not mean that property taxes will go up or down. It means that, overall, the weighted average…
This article features several aldermen’s reactions to reports that a $500 million property tax increase will be included in Mayor Emanuel’s FY2016 proposed City of Chicago budget to fund increased pension payments and school construction. The Civic Federation said the magnitude of the proposed increase is not a surprise, given the City’s pension challenges, heavy reliance on borrowing and…
This article discusses reports that Mayor Emanuel’s proposed FY2016 budget will include a $500 million property tax increase for the City of Chicago. It cites information from the Civic Federation’s most recent Effective Property Tax Rates report, which found Chicago to have the lowest residential tax rate among the 12 Cook County communities studied.
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…
