As explained previously in this blog a key indicator the Civic Federation uses to assess the financial health of local governments is the level of unreserved general fund balance maintained. Such reserves are essential in order for the governments to be able to withstand the inevitable “rainy days” that result from revenue fluctuations and unexpected expenditures. Without a fund balance in place, a government may have to abruptly cut services or raise taxes in response to unfavorable conditions…
In this article about the first budget cuts City of Chicago Mayor Rahm Emanuel has made to help restore solvency to the City’s finances, the Civic Federation says that the cuts are a good first step, but deeper reductions must be made to fill the City’s budget deficit.
This editorial about the fiscal condition of the State of Illinois cites the Civic Federation’s analysis of the State’s FY2012 proposed budget.
This article discusses how City of Chicago Mayor Rahm Emanuel may confront the City’s major budget issues. The Civic Federation explains that the problems were exacerbated by a long-standing unwillingness to reduce spending. The Federation also suggests that the City will need to reduce personnel levels to help fill its budget deficit.
This article discusses the issues City of Chicago Mayor Rahm Emanuel must confront as he works to restore fiscal health to the City’s finances. The Civic Federation says that the City must reduce personnel costs and adequately fund its pension systems to improve its finances.
A new report estimates that the State of Illinois could save between $260 million and $300 million in FY2012 by increasing the share of health insurance premiums paid by retirees and their dependents from the current average of roughly 9% to approximately 50%. As previously discussed on this blog, the General Assembly’s Commission on Government Forecasting and Accountability (COGFA) hired a consulting firm to study the cost of retiree health coverage in Illinois and other states and to present…
This article compares fire department staffing levels in Chicago to other large American cities and finds that the City of Chicago’s staffing level ranks third, behind New York City and Philadelphia. The Civic Federation says that the City should consider reducing its ranks of public safety personnel to bring staffing levels in line with the actual needs of the community.
An actuarial projection of the future solvency of the Chicago Park District’s pension fund has estimated that the fund will exhaust its assets in the year 2025.[1] The projection takes into account the reduced pensions for employees hired on or after January 1, 2011 pursuant to Public Act 96-0889. The Park District’s pension fund was relatively healthy just ten years ago. In FY2001 it had a funded ratio of 96.7% based on the actuarial value of assets and 89.3% based on the market value of…
Earlier this week the Institute for Illinois’ Fiscal Sustainability at the Civic Federation released its analysis of Governor Pat Quinn’s proposed FY2012 operating budget. The report found that the proposed FY2012 budget had a General Funds operating shortfall of $2.4 billion due to increased spending and overestimated revenues. The Civic Federation opposed the Governor’s proposed budget due to these findings and other issues it opposed in the budget including the reliance on a very expensive…
This editorial discusses findings in the Civic Federation’s analysis of the Governor Quinn’s FY2012 budget proposal for the State of Illinois.
