This article explores Chicago Public Schools’ decision to raise its property tax to the maximum amount allowed while also making program and staffing cuts to balance a $712 million budget gap using some of its reserves. The Civic Federation says that drawing down reserve funds is not a good long-term fiscal strategy, but may be a reasonable decision if it helps maintain class sizes and limits the pressure on taxpayers.
The fiscal fallout to states and local municipalities resulting from Standard & Poor’s downgrade of the United State’s debt rating is the focus of this article. The article cites the Civic Federation’s “Cost of the Crisis” report, which found that the State of Illinois will pay increased amounts of debt service because its bond rating was downgraded.
This article explores the possibility that Mayor Rahm Emanuel might consider privatizating of Midway Airport. The article cites the Civic Federation’s recommendation that the next mayor of Chicago consider leasing the airport to help pay down the City’s pension obligations and fund major projects.
This article discusses allegations of fraud by Chicago Fire Department employees. The article cites the Civic Federation’s recommendation that the mayor consider making cuts to the Department to help balance the City’s budget.
In this news segment about Chicago Public Schools proposal to increase its property tax levy to help fill its $712 million budget gap, Civic Federation Vice President Lise Valentine says that CPS is making difficult but reasonable choices given the fiscal condition of the System.
This article discusses Chicago Public Schools proposal to increase its property tax levy to the maximum amount allowed – as well as make major staffing and program cuts – to help fill its $712 million budget gap. Civic Federation Vice President Lise Valentine said CPS has chosen to raise taxes in order to retain teachers and maintain class sizes.
This news segment discusses Chicago Public Schools proposal to close its $712 million budget gap by raising its property taxes to the maximum amount allowed and making significant cuts to staffing and programs. The Civic Federation says it is supportive of CPS’ budget-fixing measures, but that the System’s long-term fiscal situation is unsustainable.
City of Chicago Mayor Rahm Emanuel’s decision to avoid raising taxes to fill the City’s budget deficit of $636 million is the focus of this article. The Civic Federation says that City operations may need to be restructured to close the gap.
This article discusses the City of Chicago’s budget deficit and the ways that City of Chicago Mayor Rahm Emanuel may choose to fill that gap. The Civic Federation says that the budget cannot be balanced without cuts to the City’s payroll.
A recent mid-year report issued by Cook County provides more details on the budget difficulties facing the County’s public health system in the 2011 fiscal year that ends on November 30, 2011. The required FY2011 county subsidy to the Cook County Health and Hospitals System is estimated at $371.2 million, according to data in the report. That compares with a budgeted subsidy for the year of $280.1 million. As a result, the Health System’s deficit—the gap between budgeted and actual financial…
