At a press conference on September 8, 2009, Illinois State Senator Dan Kotowski and Illinois State Representative Julie Hamos announced a renewed effort to lower the number of votes required to overturn a veto by the Cook County Board President. The legislators were joined by Civic Federation President Laurence Msall, who spoke about the Federation’s long opposition to the supermajority requirement. Due to the failure of state legislation to keep up with changes to the structure of the Cook…
In this report, Civic Federation President Laurence Msall is interviewed about the Federation’s fiscal analysis of the Chicago 2016 Olympic bid. Mr. Msall says that the operating budget’s cost projections and revenue estimates are reasonable, but Chicago City Council must exercise its oversight authority to ensure that risks to taxpayers from the Olympic Village are minimized.
Laurence Msall, President of the Civic Federation, is interviewed for this segment of the City Room news program about the Federation’s fiscal analysis of the Chicago 2016 Olympic Bid. He points out that taxpayers face the greatest risk if the City of Chicago and Games organizers stray from the original bid plans and do not provide for transparency and oversight.
This news segment discusses the Civic Federation’s fiscal review of the Chicago 2016 Olympic bid and points out that the Federation found that the proposed operating budget protects taxpayers but notes the Olympic Village plan contains real estate risk that must be managed.
This nightly news segment features an interview with Civic Federation President Laurence Msall about the Federation’s analysis of the Chicago 2016 Olympic Bid. Mr. Msall notes that the operating budget for the Bid is on the whole fair and reasonable, but the Federation has reservations about the financing of the Olympic Village and the Bid Committee’s sometimes optimistic revenue projections.
This piece discusses the Civic Federation’s review of the Chicago 2016 Olympic Bid to determine whether the plan provides adequate protection for taxpayers. The story notes that the Federation’s report calls for considerable oversight of the Games by the Chicago City Council and discusses the inherent real estate risks associated with the Olympic Village plan that must be managed through the purchase of additional insurance.
This article reviews the Civic Federation and L.E.K Consulting’s analysis of the Chicago 2016 Olympic Bid. It discusses the recommendations in the report, which include a call for greater transparency on the part of the bid committee and increasing the insurance coverage to minimize taxpayer risk associated with the proposed Olympic Village. The article also notes the costs the City will incur to provide services during the Games, including police, fire and emergency, much of which would be…
This article discusses the Civic Federation’s fiscal analysis of the Chicago 2016 Olympic Bid. The Federation warns that while the proposed operating budget provides adequate protection to taxpayers, some of the bid’s revenue projections were optimistic and the plans for the construction of the Olympic Village include real estate risk that must be managed. The report also notes that the bid needs additional insurance to help protect taxpayers from risk.
The Civic Federation and our consultant L.E.K. Consulting testified yesterday before the Finance Committee of the Chicago City Council about our review of the financial aspects of the Chicago 2016 Olympic Bid. The Federation delivered its full 90-page report and 22-page narrative summary to all fifty aldermen on August 26, 2009. On June 30, 2009, the Chicago City Council had asked the Civic Federation to perform an independent review of the “revenue and expenditure projections” contained in the…
CHICAGO) The Civic Federation, after a six-week review of the Chicago 2016 Olympic Bid, has determined that the operating budget provides adequate protection for taxpayers, but the development of the Olympic Village exposes the City of Chicago to continuing real estate risks that must be managed. The Civic Federation is a 115 year-old independent, non-partisan government research organization based in Chicago. In order to effectively carry out the Olympic Games plan and manage the risk…
