As a follow-up to the Capital Planning Overview, this blog post summarizes information contained in the Civic Federation’s FY2014 budget analyses to compare how well the capital improvement plans (CIPs) of six major Chicago area governments conform to best practice guidelines. The governments are the City of Chicago, the Chicago Transit Authority (CTA), Cook County, the Cook County Forest Preserve District, the Chicago Park District and the Metropolitan Water Reclamation District (MWRD).…
Despite savings from recently enacted pension reforms, the State of Illinois’ finances could still worsen considerably after income tax increases are partially phased out as scheduled beginning in 2015, according to a report by Governor Pat Quinn’s office. The three-year general operating budget projection by the Governor’s Office of Management and Budget (GOMB) and an accompanying economic and fiscal policy report show the State’s operating deficit increasing from $1.9 billion in FY2015 to $4…
The following posts were among the most highly read on the Civic Federation blog in 2013 and represent some of the most closely followed local government issues this year: City Council’s Proposed Independent Budget Office, A Civic Federation Recommendation January 2, 2013 This blog details a proposal introduced in the Chicago City Council on December 12, 2012 to create an Office of Independent Budget Analysis responsible for vetting all financial legislation before the Council. The Civic…
The following posts were among the most highly read on the Institute for Illinois’ Fiscal Sustainability’s blog in 2013 and represent some of the most closely followed Illinois fiscal issues this year: Analysis of Pension Reform Proposal Shows Significant State Savings January 3, 2013 This blog examines a pension reform proposal introduced in the Illinois General Assembly late in 2012 by a bipartisan group of legislators. Actuarial reports showed that the proposal could immediately reduce…
Last week the Civic Federation marked the end of the FY2014 budget season with a blog that summarized the proposed budgets for the eight local governments the Federation monitors. These governments include the City Colleges of Chicago, Chicago Public Schools (CPS), the City of Chicago, Cook County, the Chicago Transit Authority (CTA), the Forest Preserve District of Cook County, the Metropolitan Water Reclamation District of Greater Chicago (MWRD) and the Chicago Park District. This blog…
Last week marked the end of the FY2014 budget season for the eight local governments monitored by the Civic Federation. These governments are the City Colleges of Chicago, Chicago Public Schools (CPS), the City of Chicago, Cook County, the Chicago Transit Authority (CTA), the Forest Preserve District of Cook County, the Metropolitan Water Reclamation District of Greater Chicago (MWRD) and the Chicago Park District. Property Taxes Two of the seven governments that levy property taxes…
The Civic Federation supports the Metropolitan Water Reclamation District’s tentative budget of $1.2 billion for its responsible pension practices and transparent long-term planning. The District is prudently basing its pension contribution this year on the actuarial needs of the fund, rather than blindly following statutory requirements. The District’s responsible pension fund stewardship is guided by its continued reliance on publicly-available long-term financial plans. The District also…
In an analysis released today, the Civic Federation supports the Metropolitan Water Reclamation District’s (MWRD) FY2014 Tentative Budget of $1.2 billion for its responsible pension practices and transparent long-term planning. The full 50-page report is available at www.civicfed.org. “The District is prudently basing its pension contribution this year on the actuarial needs of the fund, rather than blindly following statutory requirements,” said Laurence Msall, president of the Civic…
This article discusses the significant challenges City of Chicago pension funds still face after Illinois legislators passed pension reform legislation on December 3 that applies only to the State of Illinois pension funds. The Civic Federation said State policies have led to the severe underfunding of Chicago-area pension funds, and the City must continue to petition State legislators for reforms tailored to the needs of the City funds.
In an analysis released today, the Civic Federation announced its support for the Chicago Park District’s proposed FY2014 budget of $425.6 million which continues the District’s multi-year effort to reduce its structural deficit. The proposal leaves the District well-positioned to implement the comprehensive pension reforms passed by the Illinois General Assembly in November 2013 and now awaiting the Governor’s review. “We applaud the Chicago Park District for thoughtfully combining…
