Prior to the release of the Governor’s annual budget recommendation, the Institute for Illinois’ Fiscal Sustainability at the Civic Federation releases an analysis of the State of Illinois’ fiscal condition. This report presents the Civic Federation’s three-year plan to stabilize Illinois’ finances and addresses the State’s critical financial situation. More than seven months into the current fiscal year, the State of Illinois continues to operate without a budget. Under current revenue…
(CHICAGO) – In a report released today, the Civic Federation’s Institute for Illinois’ Fiscal Sustainability proposes a comprehensive three-year plan that addresses Illinois’ ongoing financial crisis with painful but necessary spending limits and revenue enhancements. The full 55-page report is available here. More than seven months into the current fiscal year, the State of Illinois continues to operate without a budget. However, virtually all of the State’s projected FY2016 revenues will be…
This article reports on a proposal from local lawmakers that would use surplus TIF funds to close a portion of CPS’ budget deficit. Laurence Msall, President of the Civic Federation, commented on the need for a comprehensive plan to responsibly address CPS’ entire budget gap.
This article discusses the current $480 million CPS budget shortfall, impacts of the budget gap and proposed short-term solutions. President of the Civic Federation, Laurence Msall, remarked on the necessity of a long-term plan to help stabilize CPS’ finances.
A new report by Governor Bruce Rauner’s administration projects that the State of Illinois’ backlog of unpaid bills could grow to $25.0 billion in FY2019 from $4.4 billion in FY2015 based on current tax and spending policies. The three-year forecast, issued on January 6, 2016, covers FY2017 through FY2019. It also includes actual budget results for FY2015, which ended on June 30, 2015, and estimated results for FY2016, which began on July 1, 2015. The projected growth in unpaid bills is not…
The following are the five most read posts presented by the Civic Federation blog in 2015. These posts examine a number of closely followed local government issues, ranging from City and County taxes to Chicago pension debt. Where Do Your Property Taxes Go? April 7, 2015 This blog post outlines how property taxes are distributed by describing how property tax dollars were proposed to be spent in FY2015 by the three largest governments in northeastern Illinois: the City of Chicago,…
This article discusses the state of Illinois ending calendar year 2015—six months into FY2016—without a budget. With the current budget impasse, spending plans have driven up borrowing costs, the state’s credit rating has sunk and underfunded pensions have worsened. According to the Civic Federation, Illinois is set to pay about $7.5 billion to pensions this fiscal year. The Civic Federation also noted that even with the record budget impasse, about one of every $5 dollars from the state’s…
The following were among the most highly read posts provided by the Institute for Illinois’ Fiscal Sustainability in 2015. Understandably, they represent the most closely followed Illinois fiscal issue of the year: the ongoing state budget impasse. The posts have been listed in chronological order, rather than by number of views, for the purpose of best explaining the events related to the matter. Governor Proposes Deep Cuts and New Pension Reforms to Balance FY2016 Budget February 20…
FY2016 Budget Season Summary December 3, 2015 marked the end of the budget season for the eight local governments monitored by the Civic Federation. These governments include: the City Colleges of Chicago, Chicago Public Schools, City of Chicago, Cook County, Chicago Transit Authority, Forest Preserve District of Cook County, Metropolitan Water Reclamation District of Greater Chicago and Chicago Park District. Four of the seven governments that levy property taxes held their levies relatively…
This article discusses the Chicago Teachers Union’s recent vote to authorize a strike. If the strike were to happen, it would be the second strike in three years. Civic Federation President Laurence Msall explained that the District’s current pension obligations are unsustainable. The Civic Federation did not support FY2016 Chicago Public Schools budget because it relied on $480 million in State funding that had not been appropriated.
