State statute governs all benefits and funding of public pensions for the City of Chicago. The City cannot contribute more to its pensions than the multiple of employee contributions allowed under state statute. There has unfortunately…
Chicago and Cook County residents who followed the pension debate at the State of Illinois might be surprised by the fact that proposals for pension reform for the…
The Civic Federation joined with the Federal Reserve Bank of Chicago on April 23, 2014 to co-host a conference on ways that municipalities in Illinois can avoid or resolve fiscal…
On April 8, 2014, the Illinois House of Representatives and Senate approved Senate Bill 1922,…
Chicago Mayor Rahm Emanuel unveiled a proposal to stabilize the City’s underfunded Municipal and Laborers pension funds on March 31. The 40-year plan includes successive property tax increases to provide additional pension funding coupled…
As noted in many media reports and in the Civic Federation’s analysis of the City of Chicago’s FY2014 budget, the City balanced its budget in part with a number of targeted revenue enhancements. One of these revenue enhancements was a…
This week the Chicago City Council granted the City authority to issue $900.0 million in general obligation bonds and $1.0 billion in Midway Airport revenue bonds. At the Finance Committee meeting on February 3, 2014, the City’s Chief…
This brief provides a compilation of selected consumer taxes, including rates and descriptions, in place in the City of Chicago as of January 10, 2014. It includes such taxes as the sales tax, gas tax, amusement tax, lease tax, hotel tax,…
