On February 15, 2023, Governor Pritzker released the State of Illinois FY2024 Operating and Capital Budgets. The proposed budget noted revenue collections post-pandemic have continued to exceed expectations. This strong performance has prompted the both the Governor’s Office of Management and Budget (GOMB) and the Commission on Government Forecasting and Accountability (COGFA), the fiscal analysis unit of the Illinois State Legislature, to make several upward revisions to both FY2023 and FY2024…
The State of Illinois FY2024 budget proposed by Illinois Governor JB Pritzker, reflects the State’s strong financial position following its economic recovery from the COVID-19 pandemic. The State has taken positive steps over the past several years to eliminate $4.5 billion in debt from the Unemployment Insurance Trust Fund, pay back $3.2 billion in federal Municipal Liquidity borrowing, pay down its bill backlog and make supplemental contributions to the State’s pension funds. The State has…
On February 3, 2022, Attorney General Raoul announced that the State of Illinois and local governments that signed on to the agreement will receive a total of $760 million of the $26 billion national opioid settlement with Johnson & Johnson and three opioid distributors over the next 18 years. The Attorney General has since announced a number of other settlements reached, in coalition with other attorneys general around the country, with pharmacies and other opioid manufacturers. Illinois’…
The CTA’s FY2023 budget of $1.8 billion was approved by the Regional Transit Authority Board of Directors on December 15, 2022. This blog presents an overview of that budget as well as data for CTA fiscal plans from FY2019 through 2025. Some of the key highlights of the current FY2023 budget and future fiscal plans include: The CTA has not cut bus or rail service, although there have been some service disruptions. Operating expenses have been projected to increase by 30.2% or $457.6 million…
On November 14, 2022, the Governor’s Office of Management and Budget (GOMB) released the Illinois Economic and Fiscal Policy Report. The report includes changes to the FY2023 enacted budget revenue forecast and a five-year budgetary forecast. The FY2023 Enacted Budget On April 19, 2022, Governor JB Pritzker signed the State’s FY2023 budget, which consists of three bills, into law. The budget was passed nearly two months earlier than in previous years because the State’s primary election had…
On November 7, 2022, the Chicago City Council voted to pass the Mayor’s proposed FY2023 budget of $16.4 billion. The FY2023 Proposed Budget was released in October 2022 and included a significant increase in projected revenue for both FY2023 and FY2022 from the annual Budget Forecast released two months prior in August 2022. This blog post will explore the differences in the projections between the Forecast and the FY2023 budget proposal. The Civic Federation’s full analysis of the proposed…
Click here to read the full report. Click here to read a press release for this analysis. EXECUTIVE SUMMARY The Civic Federation supports the Cook County FY2023 Executive Budget Recommendation of $8.75 billion because it reflects strong financial management and puts the County in a good position moving forward post-pandemic. The County’s FY2023 proposed budget includes a strong level of reserves and positive revenue projections, without any increases in taxes or fees. The FY2023 budget…
Click here to read the full report. Click here to view the landing page for this analysis. CHICAGO – In a report released today, the Civic Federation expressed its support for Cook County Board President Toni Preckwinkle’s proposed FY2023 budget of $8.75 billion because it reflects prudent financial management and puts the County in a strong position moving forward post-pandemic. The full analysis is available at civicfed.org/CookCountyFY2023. As detailed in the report, the budget includes…
Click here to read the full report. Click here to read the press release for this analysis. EXECUTIVE SUMMARY The Civic Federation supports Mayor Lightfoot’s proposed FY2023 budget of $11.8 billion across all local funds, excluding grants and capital. The City of Chicago’s economic recovery has generated significant revenue growth in the current fiscal year and the projected continuation of those trends next year will allow it to balance the budget without a general property tax increase and…
The City of Chicago introduced the Mayor’s proposed FY2023 budget in early October, and the City Council will vote on a final budget in November. This blog post takes a look at what’s in the FY2023 budget proposal in the area of public safety spending. The Civic Federation is analyzing the budget as a whole and will release our complete analysis later this month. The City of Chicago’s Public Safety departments include the following seven departments: Police Department; Fire Department; Office…
