(Click here to read part one of this two-part look at the City's Annual Financial Analysis.) Last week, the City of Chicago released its Annual Financial Analysis for 2012. According to an executive order issued by Mayor Emanuel on May 20, 2011, the Office of Budget and Management is mandated to produce a financial analysis of the City budget by July 31 of each year. The analysis includes: • A financial condition analysis that covers the previous ten years including a discussion of…
Earlier today, Illinois Governor Pat Quinn signed legislation intended to add transparency, accountability and competition to the State’s Enterprise Zone Act. The Civic Federation’s issue brief on Illinois enterprise zones, previewed in a blog post last month, is now available on our website. The purpose of this issue brief is to describe: · How enterprise zones currently operate in Illinois and recent efforts to reform their administration and implementation; · The types of tax incentives…
This issue brief examines how enterprise zones currently operate in Illinois. Enterprise zones are geographic areas designed by state and/or local governments to stimulate economic growth and create or retain jobs in economically depressed areas. The purpose of this issue brief is to describe: • Recent efforts to reform the administration and implementation of enterprise zones in Illinois; • The types of tax incentives offered in Illinois; • The number and county location of Illinois enterprise…
This segment gives an overview of the City of Chicago’s fiscal health following the July 31 release of the City’s Annual Financial Analysis, which projects a deficit of $369.0 million in FY2013. Civic Federation President Laurence Msall said the City will have to find significant savings to close future deficits, especially when faced with a $730 million increase in pension contributions in FY2015.
The City of Chicago released its Annual Financial Analysis on July 31, showing that debt payments are expected to rise next year by $278 million to a record level of $1.55 billion. The Civic Federation said the level of debt is cause for concern for the rating agencies and could lead to further downgrades in the city’s bond ratings.
This week the City of Chicago released its Annual Financial Analysis for 2012. According to an executive order issued by Mayor Emanuel on May 20, 2011, the Office of Budget and Management is mandated to produce a financial analysis of the City budget by July 31st of each year. The analysis includes: • A financial condition analysis that covers the previous ten years including a discussion of key factors impacting the performance of the City’s revenue streams; • A three-year baseline…
As discussed here previously the Illinois General Assembly recently passed a sweeping overhaul of its Enterprise Zone Act. If signed by the Governor, the new law will change how the State grants and renews economic development areas and will require additional reporting to help determine the effectiveness of the tax benefits provided under the law. Enterprise zones are areas designated by governments as economically depressed and in need of tax benefits to promote growth and create or retain…
In its recent analyses of the $5.7 billion FY2013 budget proposed by Chicago Public Schools and the $659.5 million FY2013 budget proposed by the City Colleges of Chicago, the Civic Federation expressed concern about the limited time allowed for public review. In each case, the Federation found that the time allowed for public input was inadequate for budgets of such magnitude. All governments have a duty to allow for public input related to their proposed budget. The Civic Federation recommends…
Paris Schutz of WTTW interviewed Civic Federation President Laurence Msall about the Civic Federation’s Analysis of Chicago Public Schools (CPS) FY2013 proposed budget. The report opposes the proposed budget because it fails to include a long-term plan to address CPS’ structural deficit. The District’s long-term debt has increased by 28.3% or $1.1 billion in the last five years, and CPS is already projecting a $1.0 billion deficit for FY2014. Watch July 19, 2012 - Chicago Public…
This article covers the release of the Civic Federation’s Analysis of Chicago Public Schools (CPS) FY2013 proposed budget. The Civic Federation opposes the CPS budget for the first time since 2007, because it drains General Fund reserves and leaves the District with no identifiable plan for addressing its devastating financial reality, which in FY2014 will include a projected $1.0 billion deficit and a $338.2 increase in pension contribution payments.
