As part of the total City of Chicago budget adopted for the 2024 fiscal year that began on January 1, the City Council approved a nearly $2.0 billion budget for the Chicago Police Department (CPD). The Police Department budget represents 12% of the City’s total $16.6 billion appropriations for FY2024 across all funds, including grants. Excluding grants, the CPD budget makes up approximately 15% of the City’s full $12.3 billion spending plan across all local funds.
The Forest Preserve District of Cook County adopted its FY2024 budget on November 14 for the fiscal year beginning January 1. This is the second annual budget that is supported by a $40 million increase in property tax revenue approved by Cook County voters through a referendum question on the November 2022 ballot. As a result of the referendum, the Forest Preserve District’s annual adopted budget increased from $137 million in FY2022 to $182.2 million in FY2023, reflecting the first year of…
This blog post presents an overview of the Chicago Transit Authority (CTA) FY2024 operating budget. The CTA’s fiscal year is January 1 through December 31.Federal funds have been critical in maintaining transit service in the Chicago region since the onset of the COVID-19 pandemic. The FY2024 CTA operating budget is balanced with $472.5 million in federal COVID relief funds, representing approximately 23.7% of the entire operating budget. The FY2025 projected budget gap of $481.2 million…
Federal pandemic assistance provided to states through the Coronavirus Aid, Relief and Economic Security (CARES) Act and American Rescue Plan Act (ARPA) contributed to budget surpluses for many states, which were used for a mix of one-time investments, ongoing commitments and reserves. These surpluses, however, were for the most part a reflection of temporary factors that are dissipating. Since the federal financial assistance will run out soon, states will have to decide how to balance their…
The Cook County Board of Commissioners approved the final FY2024 Cook County budget on Thursday, Nov. 16 for the fiscal year beginning on December 1. The most significant change from the proposed version of the budget was the addition of a $100 million Disaster Response and Recovery Fund to support Cook County’s response to the migrant crisis and prepare for other emergencies as they arise. Of that amount, $70 million will go to the Cook County Health and Hospitals System to cover the cost of…
At the Chicago Public Schools (CPS) Board of Education’s monthly board meeting in October, the CPS Office of Finance updated the Board on the District’s current financial status and the FY2025 budget forecast. The District is expecting to see a $391 million budget shortfall next fiscal year once the remaining $300 million of federal COVID relief dollars are spent. The District has received a total of $2.8 billion in COVID relief dollars since FY2021 and used $1.82 billion, or 65% of the funds…
CHICAGO – In a report released today, the Civic Federation expressed its support for the proposed Cook County FY2024 budget of $9.1 billion because it continues the Preckwinkle Administration’s good practices of long-term financial planning and prudent financial policy implementation, which have allowed the County to build up healthy general operating reserves and minimize budget deficits projected in future years. The full analysis is available at civicfed.org/CookCountyFY2024.
Click here to read the full report.Click here to read the press release for this analysis. EXECUTIVE SUMMARYThe Civic Federation supports the Cook County FY2024 Executive Budget Recommendation…
The Civic Federation on Wednesday released its latest report, City of Chicago FY2024 Proposed Budget: Analysis and Recommendations. The report was prepared for consideration by Mayor Johnson and his administration as well as the City Council in advance of the Council’s upcoming vote on the proposed FY2024 budget in mid-November. The report is also intended to be a resource for the public. Following the report’s release, Civic Federation Acting President Sarah Wetmore testified at…
EXECUTIVE SUMMARYThe Civic Federation supports Mayor Johnson’s proposed FY2024 budget of $16.6 billion. The City of Chicago budget continues to benefit from the region’s strong economic recovery from the pandemic and recently improved revenue performance in areas that had thus far been slower to recover, such as tourism and large events. Further, it reflects several policies that the Civic Federation supports, including $306.6 million in supplemental payments to the City’s four pension funds…
