This article covers new fines and fees proposed during Mayor Rahm Emanuel’s October 23 City Budget Address, which emphasized the need to confront the City’s severely underfunded pension funds. The Civic Federation said the City’s Fire Fund could be insolvent within 10 years, so the City cannot afford to further delay much-needed pension reforms.
This article covers Mayor Rahm Emanuel’s October 23 City Budget Address, which was punctuated by the urgent need for the State to act on pension reform. The Civic Federation said the City of Chicago’s current pension crisis is the result of decades of politically attractive decisions that ignored long-term consequences.
According to the latest legislative report on gaming in Illinois, total casino revenues have recovered since the opening of the State’s tenth riverboat casino in 2012 after several years of decline. However, State tax revenues from casino gaming remain stagnant despite the improvement. The annual report from the Commission on Government Forecasting and Accountability (COGFA) on wagering revenues and the corresponding taxes generated in Illinois was published earlier this month and includes…
As part of its ongoing analysis of State and local government budgets, the Civic Federation also reviews proposed capital budgets along with any planning documents provided in support of infrastructure investments. Although many governments approve new and reappropriated capital spending on an annual basis, few public entities in Illinois have based these expenditures on comprehensive capital improvement plans (CIPs). Unlike the operating budgets, which mostly require that all appropriated…
(The full content of this article is only available to the publication’s subscribers.) This article covers the release of the Civic Federation’s FY2014 State of Illinois Enacted Budget Analysis on October 2. The report found the State made some progress in paying down its unpaid bills, but missed the opportunity to prepare for rising pension payments or the dramatic revenue loss projected for FY2015 after the temporary income tax rate increase sunsets.
This editorial discusses the Civic Federation’s FY2014 State of Illinois Enacted Budget Analysis and the State’s lack of progress on passing pension reforms. The analysis says this year’s budget may be a “high-water mark” with future years bringing sharp reductions in revenues and further consequences of the unresolved pension crisis.
This article discusses recent developments from the seven-member legislative conference committee appointed by Governor Quinn to find a solution to the State’s pension crisis. It cites the Civic Federation’s FY2014 State of Illinois Enacted Budget Analysis, which found the cost of pension payments accounts for one quarter of Illinois general fund revenue.
This editorial discusses findings from the Civic Federation’s FY2014 State of Illinois Enacted Budget Analysis. The analysis said the State is not prepared to handle unsustainable pension payments or the loss of revenue from the scheduled partial rollback of the income tax rate increases in January 2015.
This segment covers the release of the FY2014 Enacted Budget Analysis by the Civic Federation’s Institute for Illinois’ Fiscal Sustainability on October 2. The report warns this year’s budget could be a high-water mark for the State, with future years bringing sharp reductions in revenues and further consequences of the unresolved pension crisis.
Aided by an unexpected surge in income tax collections in April 2013, the State of Illinois’ backlog of unpaid bills is projected to decline to roughly $5.8 billion at the end of FY2014. As shown in the table below and discussed in a new report by the Civic Federation’s Institute for Illinois’ Fiscal Sustainability, that would represent a decrease of nearly $3.0 billion from an estimated $8.8 billion at the end of FY2012. Despite the improvement, General Funds payables and other liabilities are…
