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. The FY2013 Roadmap includes a review of Governor Quinn’s three-year budget plan, a rough five-year budget projection for FY2013 to FY2017 and recommendations for the Governor and General Assembly to improve the state’s financial condition. The Civic Federation’s Illinois research institute…
Six months after the end of the last fiscal year, the Illinois State Comptroller is reporting that $5.2 billion of FY2012 revenues were needed to pay off the State’s bills from FY2011. Paying off the previous year’s bills with current revenues is one of the ways the State deals with its accumulated deficits, which have reached historic highs over the last five budget years. At the end of each fiscal year, which for Illinois ends on June 30, the State typically has 60 days to pay off the last of…
In 2011 the Civic Federation blog provided weekly context, information and perspective on government budgets and fiscal issues across Illinois. Posts in 2011 focused on FY2012 local government budget analysis and the severe challenges facing local government pension funds, as well as a series of recommendations for improving the fiscal sustainability of the City of Chicago and Cook County. The following is a selection of the year’s posts. FY2012 Local Government Budget…
In 2011 the IIFS blog provided weekly context, information and perspective on key fiscal issues in the State of Illinois. Posts in 2011 focused on analysis of FY2012 Illinois budget negotiations, analysis of the ongoing Illinois pension crisis and timely research on other fiscal issues impacting the State of Illinois. The following is a selection of the year’s posts. Analysis of FY2012 Illinois Budget Negotiations The IIFS blog opened the year by examining the implications of a…
The Civic Federation offers conditional support for the Metropolitan Water Reclamation District’s (MWRD) FY2012 Tentative Budget of $1.0 billion. The Federation is concerned that the budget proposes the maximum increase to the property tax levy and does not comply with the District’s own fund balance policy. The proposed reforms to pension funding that have the support of the Retirement Fund Board and the Board of Commissioners are a strong step toward improving the financial health of the…
The Forest Preserve District of Cook County is the only forest preserve district in Illinois to have its own pension fund. All other forest preserve districts participate in the Illinois Municipal Retirement Fund. The Forest Preserve District pension fund is governed by the nine-member Board of Trustees of the Cook County pension fund and it is administered by the staff of the Cook County fund. In FY2010 there were 448 active employee participants in the plan and 514 annuitant members of…
The Civic Federation's legislative priorities for 2012 include public pension reform, requiring the State of Illinois to develop and implement a capital improvement plan, dissolving the Illinois International Port District, creating a new governing board for the Cook County Forest Preserve District, requiring all counties to hold budget hearings and large counties to produce timely annual audits, enacting tax increment financing reporting reform, requiring school financial management…
Civic Federation Encourages County to Fully Implement Planning Policies (CHICAGO) The Civic Federation supports the proposed $434.7 million DuPage County budget for FY2012 because it cuts spending for the third year in a row while holding the property tax levy flat. Despite reducing expenditures, the County pledges to maintain core services for residents. The proposed budget does many things right, especially the initiatives that allow the county to work within its existing revenues. In…
The Civic Federation supports the DuPage County Proposed FY2012 Financial Plan of $434.7 million. The County is reducing expenditures for the third year in a row while pledging to maintain the existing level of service and keep the property tax levy at the same level as last year. In order to properly plan for the most efficient and effective use of taxpayer resources in this uncertain economic climate, the Civic Federation recommends that DuPage County fully adopt the planning policies…
This report examines the State of Illinois’ operating and capital budgets as enacted for Fiscal Year 2012, which began on July 1, 2011 and ends on June 30, 2012. Despite a major income tax increase implemented in January 2011, the total General Funds deficit is projected to grow in FY2012 and the State continues to deal with its financial problems by delaying payments to vendors and local governments. Read the press release here.
