The Chicago Board of Education approved a reinstated dedicated pension levy as part of the Chicago Public Schools (CPS) FY2017 budget on August 24, 2016. The levy will allow the District to bring in $250.0 million in new revenue in FY2017. This additional property tax revenue will be used to fund the Chicago Teachers’ Pension Fund. Since CPS is subject to the Property Tax Extension Limitation Law (PTELL, also known as “tax caps”), additional property tax revenue for pensions had to be approved…
The following news pieces cover the Civic Federation’s recent analysis of Chicago Public School’s proposed FY2017 budget. As mentioned in the analysis, the Federation cannot support the District’s FY2017 budget because it effectively remains out-of-balance by relying on uncertain funding and one-time measures in order to close a $1.1 billion operating deficit. ----- Crain's Chicago Business: Civic Federation slams CPS budget, but board approval likely anyhow Chicago Sun-Times: CPS…
District Should Detail Transparent Backup Plan In a report released today, the Civic Federation announced it cannot support the Chicago Public Schools proposed FY2017 operating budget of $5.46 billion. The budget effectively remains out-of-balance by relying on uncertain funding and one-time measures in order to close a $1.1 billion operating deficit. The Civic Federation urges CPS to develop a public and transparent contingency plan for members of the Board of Education to approve in the…
The Civic Federation cannot support the Chicago Public Schools proposed $5.46 billion budget because it effectively remains out-of-balance by relying on uncertain funding and one-time measures in order to close a $1.1 billion operating deficit. The Civic Federation urges CPS to develop a public and transparent contingency plan for members of the Board of Education to approve in the event relied-upon revenues fail to materialize. Despite the major concerns, the Civic Federation is encouraged by…
This segment explores the history of Illinois’ Budget Stabilization Fund, more commonly known as a “rainy day fund.” Host Tony Sarabia and President of the Civic Federation Laurence Msall discuss the consequences for the state and for taxpayers of regularly draining the fund for cash flow problems, leaving the fund inadequate to address potential unforeseen crises or future economic downturns.
This article discusses the repeated depletion of the State of Illinois’ rainy day fund, due in FY2017 to the absence of a comprehensive, balanced budget. Civic Federation President Laurence Msall remarks that, in effect, Illinois continues to act as if the State will never experience another economic downturn.
The City of Chicago recently released its mid-year Annual Financial Analysis for 2016, which provides financial estimates for the City’s fiscal year ending on December 31, 2016 and a forecast for the next fiscal year. The analysis shows improvements toward reducing the budget deficit and eliminating “scoop and toss” borrowing practices. This is the first year that the City has released the Annual Financial Analysis in an interactive online format. The analysis includes a general economic…
The Civic Federation recently released its analysis of the City Colleges of Chicago FY2017 Tentative Annual Operating Budget. This blog examines City Colleges of Chicago tuition rate changes for in-district, out-of-district and out-of-state tuition rates per semester hour over a ten year period. This blog also compares City Colleges of Chicago in-district tuition rates with the in-district rates of 10 selected regional community colleges in northeastern Illinois. City Colleges Tuition Rates…
This article discusses a plan to provide $20 million in property tax rebates to City of Chicago homeowners. Laurence Msall, President of the Civic Federation, notes that the program is likely to have a very modest impact to Chicago taxpayers.
On June 29, 2016 the Cook County Board of Commissioners voted to approve a resolution to present a public question via a binding countywide referendum asking if the Office of the Cook County Recorder of Deeds should be eliminated and all duties and responsibilities be transferred to the Office of the Cook County Clerk. Cook County Commissioner John A. Fritchey introduced the resolution to the Board of Commissioners at the October 28, 2015 Board meeting where it was then referred to the…
