Short-term or current liabilities are financial obligations that must be satisfied within one year. These include short-term notes, accounts payable, amounts due to other funds, accrued payroll and other current liabilities. Rating agencies, financial analysts and the Civic Federation regularly track trends in short-term liabilities to help evaluate the overall fiscal health of governments. This…
The Civic Federation recently released its annual Effective Property Tax Rates report, which examines two- and ten-year trends in estimated effective tax rates for residential, commercial and industrial property in selected northeastern Illinois communities. The report highlights that in the ten-year period between tax years 2007 and 2016, effective tax rates increased in all of the selected…
This article covered the annual Effective Property Tax Rates report, which compared estimated effective property tax rates in the six-county region of northeastern Illinois between 2007 and 2016, the last year for which data are available. Both the report and the article examine the two- and ten-year trends in effective property tax rates for the selected communities. In the ten-year period…
Effective tax rates increased for all selected communities in ten-year period analyzed (CHICAGO) The Civic Federation released its annual estimate of effective property tax rates in the six-county region of northeastern Illinois today. The full report is available here. Among the 12 selected Cook County communities, Harvey had the highest effective tax rate for residential properties at 6.90%…
Click here to read the full report. Click here to read the press release for this analysis. AT A GLANCE This annual report compares estimated effective property tax rates in the six-county region of northeastern Illinois between 2007 and 2016, the last year for which data are available. Effective tax rates increased for all selected communities in the ten-year period…
As part of the FY2016 budget approval process during fall of 2015, the City of Chicago for the first time imposed a waste removal fee of $9.50 per month on approximately 600,000 residents already receiving waste removal services provided by City of Chicago employees. Chicago residences receiving City-provided garbage collection include single family homes and multi-unit buildings with four or…
As part of an ongoing series about local governments in Illinois, this blog post will examine the revenues and expenditures of counties located in Illinois and a comparison of county population data within Illinois and across states. The revenue and expenditure data is self-reported to the Illinois Comptroller’s Office and incorporated into the Comptroller’s statutorily required Fiscal…
This article discusses the findings of the Civic Federation’s Estimated Full Value of Real Property in Cook County: 2007-2016. In 2016, the last year for which data is available, the estimated full value of property in Cook County continued to increase, hitting $528.8 billion. However, that number is still below the pre-recession peak. Civic Federation President Laurence Msall said that though…
On April 5, 2018 the City Colleges of Chicago Board of Trustees unanimously approved Board Resolution 33420, which changes the tuition rate from a tier-based rate structure to a hybrid tuition rate structure. Beginning with the summer 2018 semester, part-time students enrolled in fewer than 12 credit hours will be charged on a per-credit hour based rate structure and full-time students enrolled…
The Civic Federation recently released its analysis of the CTA’s FY2017 Budget. The Civic Federation supports the Chicago Transit Authority’s FY2017 operating budget of $1.52 billion because it holds base fares flat and continues to make strategic capital investments despite ongoing state funding uncertainty. As part the Civic Federation’s annual analysis of the CTA budget, the Federation uses…
