The State of Illinois’ plan to relieve some cash flow pressures in FY2011 by borrowing nearly $1 billion from its Special Funds to pay for operations netted less than half of that amount at the close of FY2011. The interfund borrowing program, previously discussed here, was approved by the General Assembly as part of the FY2011 Emergency Budget Act. It allowed the State to transfer cash balances from funds outside the General Funds to pay for operations and required repayment within 18 months…
This article discusses proposals to fill the projected $315 million budget gap in Cook County’s FY2012 preliminary budget, which could possibly include layoffs or other major cuts. The Civic Federation says it supports Cook County Board President Toni Preckwinkle’s decision to release a first-of-its-kind preliminary budget.
This article discusses City of Chicago Mayor Rahm Emanuel’s warnings about the City’s FY2012 budget deficit, projected at $635.7 million. The article notes that the deficit figure does not include pension system shortfalls, which could add another $500 million to the sum owed. The Civic Federation is cited saying that without changes in the City’s pension systems or new sources of revenue, the City’s property tax could double as a result of the pensions.
This news segment examines the work that lies ahead for City of Chicago Mayor Rahm Emanuel as he finds ways of plugging the City’s projected $600 million budget gap for next year. Civic Federation President Laurence Msall says that the City entered into the recent economic recession with an operating deficit, inadequate reserve funds and no long-term plan to cope with financial challenges.
This article discusses Cook County Board President Toni Preckwinkle’s warnings about the County’s $315 million budget gap, which includes the possibility of layoffs and cuts. The Civic Federation says it supports Board President Preckwinkle’s decision to release the County’s first preliminary budget because it gives County Commissioners and citizens a better understanding of the fiscal pressures the County faces.
This news segment discusses the likelihood of layoffs and deep cuts in Cook County Board President Toni Preckwinkle’s FY2012 preliminary budget for the County. Civic Federation President Laurence Msall says that closing the County’s $317 million budget deficit would be difficult without major cuts.
The June 2011 edition of Government Finance Review features “The Chicago Experience: a P3 Checklist,” co-authored by Civic Federation President Laurence Msall and Program Manager Roland Calia. The article reviews the City of Chicago’s experiences with its three major public-private partnership (P3) asset lease transactions: the Skyway, the downtown parking garages and the parking meters and articulates lessons learned from those transactions for financial managers. Government Finance…
Governor Pat Quinn’s plan to cancel pay raises for State of Illinois unionized workers due to insufficient funds in the FY2012 budget has hit a major hurdle. The plan, which would have affected 30,000 members of Council 31 of the American Federation of State, County and Municipal Employees (AFSCME) across 14 state agencies, would have violated a union contract, according to a ruling on July 19, 2011 by independent arbitrator Edwin Benn. Governor Quinn said that the cost of the raises, estimated…
In many of its past reports, the Civic Federation has recommended that local governments integrate performance management into their budgeting process and make that information public. In the Cook County Modernization Report released last fall, the Civic Federation recommended that the County make full implementation of performance-based budgeting a priority. The data should be a mix of qualitative and quantitative input, output, efficiency and outcome data. Performance measures should relate…
After two consecutive years of losses, the State of Illinois is reporting moderate growth in sales tax revenue for FY2011, which ended on June 30, 2011. Not only did sales tax revenue collected by the State grow but it also beat the projections on which the budget was based. Total General Funds revenues from sales taxes declined from FY2008 through FY2010 by nearly $1 billion, from $7.2 billion to $6.3 billion. However, the Commission on Government Forecasting and Accountability (COGFA)…
