On Monday the Civic Federation released its analysis of the Chicago Public Schools FY2011 proposed budget. The Federation supported the $6.5 billion spending plan because it offered a short-term solution to the District’s difficult, deepening financial crisis. This budget will allow schools to open on time and continue to provide students with access to education across Chicago. The Civic Federation, however, was very concerned with the District’s proposed budget as several components expose…
Spending Plan Exposes District to Greater Financial Risk in the Future The Civic Federation supports the FY2011 proposed Chicago Public Schools budget of $6.5 billion as an adequate plan to close a large deficit and ensure continued access to education for students across Chicago this year. However, the Federation is very concerned that the spending plan guarantees future fiscal distress by draining the CPS reserve fund and using multiple one-time revenues. The full 74-page analysis of the…
The Civic Federation supports the Chicago Public Schools proposed $6.5 billion budget for FY2011, which is a reduction of 5.9% or $402.3 million from the proposed FY2010 budget. The proposed budget offers a short-term solution to the District’s difficult, deepening financial crisis. This budget will allow schools to open on time and continue to provide students with access to education across Chicago. While acknowledging that the District was left with few options to close its budget deficit…
It’s no secret that the financially troubled State of Illinois owes billions of dollars in unpaid bills. What is not as widely known is that the State also owes $730 million in corporate income tax refunds, according to the Illinois Department of Revenue. Unlike unpaid bills, unpaid tax refunds are not accounted for in the budget. The budget specifically shows unpaid bills as accounts payable at the end of the year. The State is expected to end both FY2010 and FY2011 with $6.6 billion in unpaid…
On August 5, the Civic Federation released its analysis of the FY2011 City Colleges Tentative Annual Operating budget. The Federation supports the District’s $581.9 million plan because it reduces its property tax levy while pursuing a reorganization plan that will centralize more administrative functions and increase programmatic specialization at its seven college campuses. The District produced a balanced budget by using a combination of tuition increases and cost-saving measures. The Civic…
This article is about the personnel cuts, pay freezes, and furlough days in the Chicago Public Schools’ proposed $6.4 billion budget as well as the District’s plan to use the entirety of its $190 million reserve fund to help balance the budget. The Civic Federation says it does not back the District’s plans to use all of its reserves.
This article discusses the Chicago Public Schools’ plan to close a $370 million budget gap through a combination of personnel cuts, pay freezes, and the use of all of its reserve funds. The Civic Federation says the District’s plan to deplete its reserve fund may violate District policy and could damage its bond rating.
This article is about Chicago Public Schools’ possible receipt of funding from the recent federal jobs bill, which could be used to restore class sizes and school programs. The Civic Federation says CPS should be cautious about making expenditures until it has actually received the promised federal funds.
Illinois Governor Pat Quinn recently announced his plans for $500 million in mass transit infrastructure improvements across the State. $442.7 million of that will go to the Regional Transit Authority for repairs to the Chicago Transit Authority’s rail infrastructure, the rehabilitation of Metra train stations, and new vehicles and a system-wide radio system for Pace. Click here for a list of all RTA projects. Click here for a list of all non-RTA projects. The funding for all these improvements…
This article explores the challenges Mayor Daley faces in filling the City of Chicago’s $655 million budget gap. One of the options being considered involves using proceeds from the City’s recent privatization deals. The Civic Federation says using those funds to fill a budget hole is unwise and that the City should restructure and reprioritize its services instead.
