UPDATE: New information from City Colleges of Chicago has been provided to the Civic Federation that makes adjustments to past years’ Statements of Net Position to comply with the Governmental Accounting Standards Board (GASB) Statements 54 and 63. It will be included in the FY2015 Comprehensive Annual Financial Report. The District’s Unrestricted Fund Balance in FY2010, FY2011, and FY2012 increases significantly as a result of the changes. In this blog, the Civic Federation examines…
A report released today by the Civic Federation uses nine indicators of financial condition to measure the relative financial performance of Chicago and 12 other major U.S. cities from FY2007 to FY2011. Of the cities analyzed, only Boston and Detroit consistently performed worse than Chicago by these metrics during the five-year period that encompasses the Great Recession and slow recovery. The full 56-page report is available at www.civicfed.org. “Chicago’s relative financial performance…
This report uses nine indicators of financial condition to measure the relative financial performance of Chicago and 12 other major U.S. cities from FY2007 to FY2011. In addition to Chicago, the other cities analyzed were Baltimore, Boston, Columbus, Detroit, Houston, Kansas City (MO), Los Angeles, New York, Philadelphia, Phoenix, Pittsburgh and Seattle. Of the cities analyzed, only Boston and Detroit consistently performed worse than Chicago by these metrics during the five-year period that…
The Civic Federation supports the City Colleges tentative FY2014 budget totaling $657.0 million for continuing the District’s exemplary work to improve its financial and operational health. The FY2014 proposed budget holds the property tax levy flat for the fourth consecutive year and reduces the unrestricted operating portion of the budget, the portion over which the District has the most control, by 6.9% or $21.1 million. Now in the middle stages of its multi-year Reinvention reorganization…
Proposed budget holds property tax levy flat and prepares for State’s uncertain fiscal outlook (CHICAGO) In an analysis released today, the Civic Federation supports the City Colleges of Chicago’s proposed FY2014 budget of $657.0 million which continues the District’s exemplary work to improve its financial and operational health. The full 44-page report is available at www.civicfed.org. “Under the leadership of Chancellor Cheryl Hyman and her team, City Colleges has consistently shown…
In this blog, the Civic Federation will explore the City Colleges of Chicago’s fund balance levels as reported in its recently released Comprehensive Annual Financial Report (CAFR) for the fiscal year ending June 30, 2012. Fund balance is a term commonly used to describe the net assets of a governmental fund and serves as a measure of financial resources. Last year the Civic Federation blogged about changes made to reporting fund balance per the implementation of the Governmental Accounting…
On January 23, 2013, the Chicago Public Schools (CPS) released its Comprehensive Annual Financial Report (CAFR) for the 2012 fiscal year. The fiscal year for CPS begins on July 1 and ends on June 30. According to the Board of Education, CPS experienced an unexpected increase in revenue at the end of its 2012 fiscal year, resulting in a net increase of $328 million in general operating fund balance over FY2011.[1] The approximately $344 million in additional revenue was budgeted to be received…
