The Civic Federation supports the City Colleges FY2012 tentative budget totaling $651.5 million, an increase of $69.6 million, or 12.0%, over the adopted FY2011 budget. Unrestricted operating funds, the portion of the budget over which the District exercises maximum control, will increase by 1.7%, or $5.3 million dollars over the previous year. The property tax levy will be frozen at the same level as the previous tax year. City Colleges has begun a multi-year reorganization effort…
The Civic Federation announced today its support for the City Colleges of Chicago proposed FY2012 operating budget of $651.5 million. The Federation supports the budget because it exercises fiscal restraint and follows many of the Federation’s previous recommendations. Visit civicfed.org to read the full report. “The Civic Federation applauds City Colleges and Chancellor Hyman’s commitment to improving student outcomes while minimizing the District’s impact on overburdened taxpayers in Chicago…
Governor Pat Quinn signed the State of Illinois’ FY2012 budget on June 30, 2011, a day before the start of the new fiscal year. The FY2012 budget is expected to generate a mountain of unpaid Medicaid bills and a possible court battle over union pay raises. In signing the budget, which includes $32.987 billion in general operating funds, the Governor reduced the budget passed by the General Assembly on May 31, 2011 by $376.4 million. The main cut involved a $276.0 million reduction in the…
Findings in a report from Cook County Treasurer Maria Pappas that show that the County owes $108 billion in accrued debt is the focus of this article. The Civic Federation says the report is a good contribution to the debate over local government debt and pension obligations.
The Federal Reserve Bank of Chicago recently co-hosted a conference featuring analysis and discussion among local and national budget experts to better understand the fiscal condition of states and prospects for economic recovery after several years of ongoing financial stress. The meeting was co-hosted by the by the Federal Reserve Banks of Philadelphia and New York in partnership with the John D. and Catherine T. MacArthur Foundation and the National Association of State Budget Officers (…
The Civic Federation released today a comprehensive set of forty recommendations to improve the City of Chicago’s long-term fiscal condition. The new Federation report includes reforms that can be implemented now and over the next few fiscal years and cover a wide array of functions, from public works to procurement to pensions. The Civic Federation has in recent years become increasingly troubled by the condition of the City of Chicago’s finances. The Federation’s Chicago Finance initiative…
The purpose of this report is to provide the City of Chicago’s Mayor and City Council with detailed recommendations on ways to address the City’s serious financial challenges and create a government that is more efficient, less costly and more accountable. On February 14, 2011, the Civic Federation released Financial Challenges for the New Mayor which identifies the most significant fiscal issues facing the City of Chicago. Recommendations for a Financially Sustainable City of Chicago expands…
Since Cook County passed its FY2011 budget in February 2011, it has been evident that the County’s public health system would face major hurdles in achieving the budget goals. The size of those hurdles became clearer on June 24, 2011 at a meeting of the Board of Directors of the Cook County Health and Hospitals System. The Health System is expected to be slightly under budget on expenses for FY2011, which ends on November 30, 2011. However, net revenues are currently projected at $80 million to…
The Illinois General Assembly reconvened on June 22, 2011 for an extra day of the spring session to sort out several issues that were not addressed three weeks ago when the legislature adjourned after approving a $33.2 billion budget. Both the House and the Senate took action to reauthorize the State’s ongoing $31-billion capital program, which was first enacted in FY2010. As previously discussed here, the original capital reauthorization bill did not pass the House after the Senate added an…
The decision by the Chicago Public Schools Board to rescind an annual wage increase to employees in the CPS union is the focus of this article. The Civic Federation says that the action is necessary in light of CPS' enormous budget deficit.
