Click here to read the full report. The Civic Federation supports the Chicago Transit Authority’s proposed FY2019 operating budget of $1.6 billion. Despite continued shortfalls in state funding, the proposed budget does not include any fare increases or service cuts. While supporting the budget as a reasonable one-year plan, the Federation has significant concerns about the CTA’s ongoing decline in overall ridership and a lack of state funding. Among other recommendations, the…
Click here to read the full report. The Civic Federation supports the City of Chicago’s proposed $8.9 billion FY2019 budget because it is a reasonable one-year financial plan that does not include any new taxes or fees, makes important public safety investments and funds the increased 2019 pension contribution of $32 million to the police and fire pension funds without a property tax increase. As outlined in the report, the FY2019 budget recommendation continues to propose reforms and…
(CHICAGO) In a report released today, the Civic Federation announced support for Cook County’s proposed FY2019 budget. The $5.9 billion budget proposal is structurally balanced without raising new taxes and continues the practice of making supplemental pension payments. The full report is available here. “Overall, this budget is a prudent plan for the coming year—but it fails to set its sights much further,” said Civic Federation President Laurence Msall. “While there are many positive aspects…
Click here to read the full report. The Civic Federation supports Cook County’s proposed FY2019 budget of $5.9 billion because it is structurally balanced without raising new taxes and continues the practice of making supplemental pension payments. The Federation is encouraged by the County’s strong level of fund balance reserves and its commitment to performance-based budgeting and mid-year preliminary forecast hearings. The Federation further applauds the County’s continued…
This article covers Chicago Mayor Rahm Emanuel's October 17 budget address—his last in office—and notes some of the highlights of the City of Chicago's proposed fiscal year 2019 budget. Civic Federation President Laurence Msall offered his initial thoughts on the budget plan. He said that the Mayor can be credited with stabilizing the City's finances during his tenure, but severe financial challenges still loom on the horizon for Chicago, including a steep increase in statutorily required…
UPDATE: The State Universities Retirement System (SURS) does not expect to be ready to fully implement pension buyout plans for its members during FY2019, according to documents provided to the Civic Federation. SURS attributed the delay to complex benefit provisions, limited staffing and poor quality payroll information. As discussed below, the other two large State pension funds, the Teachers’ and State Employees’ Retirement Systems, expect to be ready to start offering the plans as early as…
Illinois’ backlog of unpaid bills stood at nearly $7.4 billion as of September 13, down from its peak of nearly $16.8 billion in November 2017. The State’s FY2018 budget stopped the backlog’s growth by ending the two-year budget impasse and authorizing the issuance of $6 billion in bonds to pay off unpaid obligations. The State’s FY2019 budget, however, has a projected (and unlikely) surplus of only $11 million that could be used to reduce unpaid bills. Although there is no plan to pay down…
The following news items cover the release of the Civic Federation's analysis of the Chicago Public Schools FY2019 budget. ----- Chicago Sun-Times: Advocates say CPS budget better than in recent past, but not transparent enough WBEZ: 5 Things To Know About Chicago’s $7.5B Public School Budget Chicago Tribune: CPS expected to approve $6 billion operating budget amid concerns from civic, disability groups Chicago Sun-Times: Board of Ed approves 2018-19 schools budget…
Click here to read the full report. The Civic Federation supports Chicago Public Schools’ proposed FY2019 budget of $7.6 billion with reservations. Due to considerable recurring revenue sources, including increased State funding and a property tax levy dedicated to pension funding, the District’s financial position has significantly stabilized compared to recent years. However, as detailed in the report, the Federation has concerns about the reliability of future State funding, the proposed…
Concerns remain about State funding reliability, capital plan and enrollment declines (CHICAGO) In a report released today, the Civic Federation announced its support, with reservations, for Chicago Public Schools’ proposed $7.6 billion FY2019 budget. Due to considerable recurring revenue sources, including increased State funding and a property tax levy dedicated to pension funding, the District’s financial position has significantly stabilized compared to recent years. However, the…
