The City of Chicago currently faces mounting fiscal challenges, with a projected FY2025 budget gap of $982.4 million. A significant contributor to the City’s rising costs is its rising debt burden over time. More information about the City’s current financial challenges can be found here.
The Civic Federation today released a report framing stark financial realities and opportunities City of Chicago officials must navigate as they work to build and approve the City’s FY2025 budget this fall. Estimates place the government at a nearly billion-dollar shortfall, with some City agencies facing their own worsening fiscal cliffs that will become dire by FY2026. The Civic Federation offers analysis and recommendations it hopes will elevate public understanding and support City…
CHICAGO — The Civic Federation today released a report framing stark financial realities and opportunities City of Chicago officials must navigate as they work to build and approve the City’s FY2025 budget this fall. Estimates place the government at a nearly billion-dollar shortfall, with some City agencies facing their own worsening fiscal cliffs that will become dire by FY2026. The Civic Federation offers analysis and recommendations it hopes will elevate public understanding and support…
This report lays out several major issues facing the Chicago Mayor and City Council as they prepare to enter the FY2025 budget cycle and beyond, including the City’s structural deficit, pensions, long-term debt, public safety and more.
This report estimates the tax year 2022 (taxes payable in 2023) effective rates for selected municipalities in northeastern Illinois. Use our interactive property tax maps to compare residential, commercial and industrial property tax rates across the region.
Eight months after its formation, the Chicago City Council Finance Committee’s Subcommittee on Revenue held its first hearing on June 26. The committee is tasked with identifying revenue streams to fund the City’s large debt burden, along with new and existing City programs and services. As the Subcommittee continues to engage on the subject of revenue options and the City Council as a whole approaches the 2025 budget process, the Civic Federation is elevating for Subcommittee, Council and…
The Civic Federation today released a position paper calling on the Illinois General Assembly to pursue foundational structural reform of Northeastern Illinois’ mass transit systems—the Chicago Transit Authority (CTA), Metra, Pace and the Regional Transit Authority (RTA)—by centralizing the service boards and operations under a single, duly empowered and resourced regional transit agency. Doing so would allow for more efficient, effective, integrated and equitable service delivery as well as…
CHICAGO — The Civic Federation today released a position paper calling on the Illinois General Assembly to pursue foundational structural reform of Northeastern Illinois’ mass transit systems—the Chicago Transit Authority (CTA), Metra, Pace and the Regional Transit Authority (RTA)—by centralizing the service boards and operations under a single, duly empowered and resourced regional transit agency. Doing so would allow for more efficient, effective, integrated and equitable service delivery as…
The Civic Federation today releases a report calling for the consolidation of the Chicago Transit Authority, Metra, Pace and the Regional Transit Authority into a single regional transit agency. The Federation urges linking transit governance reform with funding.
This annual report lists and describes selected consumer taxes within the City of Chicago. For ease of use by non-specialists, the taxes in this report are grouped under the following categories: sales taxes, tobacco and nicotine-related taxes, cannabis-related taxes, beverage-related taxes, utility-related taxes, accommodations-related taxes, transportation-related taxes and other taxes. It is important to note for tax professionals that the groupings are not related to how the taxes are…
