This article discusses the State of Illinois’ FY2017 stopgap plan and how it will not be enough to make whole many of the programs that rely on State funding. Civic Federation President Laurence Msall remarks that the stopgap plan is neither balanced nor comprehensive and explains that it does not give Illinois social services and universities the ability to manage their operations in an effective way.
Despite a stopgap spending measure enacted on June 30, 2016, State of Illinois appropriations for higher education remain below expenditures in fiscal year 2015—the last year the State had a complete annual budget. For FY2016 and FY2017, appropriations from general operating funds and related accounts total $1.6 billion, or 82.4% of the $1.9 billion spent in FY2015. In other words, higher education has been authorized to receive less than a full year’s worth of funding, compared with FY2015…
This article discusses the State of Illinois’ FY2017 stopgap plan and the financial impact of the State not enacting a comprehensive balanced budget. Laurence Msall, President of the Civic Federation, describes the stopgap plan as a political gimmick and notes that it does not end Illinois’ fiscal crisis.
On June 30, 2016, Cook County Board President Toni Preckwinkle issued a preliminary budget for fiscal year 2017, which begins December 1, 2016 and ends November 30, 2017. The report also provided end of year estimates for fiscal year 2016. A public hearing on the preliminary FY2017 budget is scheduled for July 19, 2016 at 6:00 p.m. in the Cook County Board Room. Board President Preckwinkle plans to present her final budget proposal for FY2017 in October 2016. Preliminary FY2017 Budget…
Proposal keeps property tax levy, tuition rates relatively flat despite inadequate funding from State of Illinois In an analysis released today, the Civic Federation announced its support of the City Colleges of Chicago’s proposed FY2017 operating budget. The $523.7-million budget is a reasonable plan given the unprecedented uncertainty surrounding funding from the State of Illinois as it enters a second year without enacting a comprehensive balanced state budget. The full 48-page report is…
This article discusses the tough financial decisions Cook County will have to make in order to address its expected budget deficit. Civic Federation President Laurence Msall explains that Cook County has been grappling with financial issues after recent tax increases and suggests the County look for ways to decrease the cost of wages and benefits that account for most of the day-to-day spending.
The Civic Federation supports the City Colleges of Chicago’s proposed FY2017 operating budget. The $523.7-million budget is a reasonable plan given the unprecedented uncertainty surrounding funding from the State of Illinois as it enters a second year without enacting a comprehensive balanced state budget. In FY2017 the District is not planning to increase its property tax levy or tuition rates to make up for a decline in State and local revenues. Instead, City Colleges will again rely on…
After a yearlong stalemate, the State of Illinois finally saw a crack in its ongoing budget impasse on the last day of the fiscal year. The General Assembly rushed approval of bills authorizing a full year of preschool through high school education funding, including additional assistance for the Chicago Public Schools, along with a partial spending plan for other government services to cover some FY2016 and FY2017 costs. The stopgap budget bills were passed and signed into law…
This article discusses Chicago Public School’s ongoing financial and pension issues. Laurence Msall, President of the Civic Federation, attributes the school district’s financial difficulties in part to the absence of a balanced State budget and the inequitable funding of Chicago Public School’s pensions.
This article discusses a proposal to change the City of Chicago’s investment restrictions. Civic Federation President Laurence Msall notes that the purpose of the treasurer’s office is to protect the cash reserves of the City, not to speculate or generate high returns.
