Total revenues collected by the State of Illinois in FY2012 beat expectations by $576 million, according to an update from the General Assembly’s financial oversight commission. However, the same report suggested that stalled economic growth may prevent continued gains in the current fiscal year. In its monthly briefing for June 2012, the last month of FY2012, the Commission on Government Forecasting and Accountability (COGFA) reported that General Funds revenue totaled $33.8 billion, which is…
As stated in its analysis released today, the Civic Federation opposes the Chicago Public Schools (CPS) proposed $5.2 billion operating budget for FY2013, which drains all General Fund reserves to help close a $665 million budget deficit and leaves the District with no identifiable plan to address a devastating financial reality. The Federation urges the Chicago Board of Education to reject the proposed budget in favor of a financially responsible plan that accounts for current and growing…
(CHICAGO) In an analysis released today, the Civic Federation opposes the Chicago Public Schools (CPS) proposed $5.2 billion operating budget for FY2013 which drains all General Fund reserves to help close a $665 million budget deficit and leaves the District with no identifiable plan to address a devastating financial reality. The Federation urges the Chicago Board of Education to reject the proposed budget in favor of a financially responsible plan that accounts for current and growing future…
The Civic Federation opposes the Chicago Public Schools (CPS) proposed $5.2 billion FY2013 operating budget which drains all General Fund reserves to help close a $665 million budget deficit and leaves the District with no identifiable plan to address a devastating financial reality. The Federation urges the Board of Education to reject the proposed budget in favor of a financially responsible plan that takes into account current and future liabilities. Draining all the General Fund reserves…
The Civic Federation announced its support for the City Colleges of Chicago FY2013 tentative budget on July 12, testifying at a public hearing and releasing its analysis of the proposed $659.5 million budget. The budget demonstrates continued fiscal discipline and attention to financial best practices as City Colleges enters the third phase of its multi-year Reinvention effort. The FY2013 proposed unrestricted operating budget, over which City Colleges has the most discretion and control, will…
The State of Illinois budget for fiscal year 2013 underfunds the expected cost of State group health insurance by at least $550 million, paving the way for a significant increase in unpaid bills unless more spending is authorized later this year. Governor Pat Quinn signed the $33.7 billion budget on June 30, 2012, one day before the start of the current fiscal year. The Governor had recommended a General Funds budget for FY2013 of $33.8 billion based on a somewhat higher revenue projection.…
On July 6, Chicago Public Schools announced its proposed 2012-2013 budget, which covers a $665 million deficit through a combination of cutting operations, raising property taxes and using $432 million in reserves to avoid significant program cuts. The Civic Federation is concerned the District would have no way to absorb unforeseen costs if the reserves are emptied, and said the plan leaves no savings to cover increased pension contributions when the District’s pension holiday ends in 2014.
This blog discusses plans announced by Chicago Public Schools (CPS) to drain its unrestricted reserve fund to help balance a proposed $5.16 billion spending plan for 2012-2013. The Government Finance Officers Association recommends governments keep a minimum of two months operating expenses (approximately $850 million for CPS) in reserve. The Civic Federation said the proposed budget would leave CPS in a precarious fiscal position, especially when faced with hundreds of millions in additional…
On June 27, 2012, the Office of Cook County Board President Toni Preckwinkle released its annual Preliminary Budget Estimates report for fiscal year 2013. The report summarizes mid-year FY2012 revenues and expenditures, expected current year-end estimates for FY2012 and projected revenues and expenditures for the upcoming FY2013.[1] The preliminary budget estimate is required by Executive Order 2012-1 issued by President Preckwinkle last year. The Executive Order requires that the County issue…
Cook County’s public health system faces significant financial challenges in fiscal year 2013, although the outlook could improve if the federal government signs off on a plan to expand Medicaid coverage in advance of national healthcare reform. New financial projections for the Cook County Health and Hospitals System were included in the Preliminary Budget Estimates report for FY2013, issued on June 27, 2012 by the Office of Cook County Board President Toni Preckwinkle. As discussed here, the…
