This article covers the Civic Federation’s December 3 analysis of the FY2016 Metropolitan Water Reclamation District Tentative Budget. The Federation supported the budget for its fiscal responsibility in property funding pensions and prefunding retiree health benefits. The analysis also praised the District for using long-term financial planning.
In an analysis released today, the Civic Federation announced it supports the Metropolitan Water Reclamation District’s Tentative FY2016 budget of $1.21 billion. The District proposes a reasonable, balanced budget while maintaining ample reserves and continuing to be fiscally responsible by properly funding its pensions and prefunding its retiree health benefits. The full 55-page analysis is available here. The FY2016 budget includes the maximum property tax increase allowed under state law…
The Civic Federation Supports the Metropolitan Water Reclamation District’s tentative budget of $1.21 billion for being reasonable and balanced while maintaining ample reserves and for its fiscal responsibility in properly funding pensions and prefunding retiree health benefits. The FY2016 budget includes the maximum property tax increase allowed under state law for the third year in a row, with the total levy increasing by 3.3%, or $18.5 million, to $577.8 million. The Civic Federation is…
Accommodates Increased Pension Contributions and Holds Property Tax Levy Relatively Flat In an analysis released today, the Civic Federation supports the Chicago Park District’s proposed FY2016 operating budget of $458.1 million. The budget proposal reduces the District’s reliance on one-time revenue sources and accommodates increased employer pension contributions for the second year in a row while holding the property tax levy relatively flat. The full 60-page analysis is available here. “…
This article discusses a blog post by the Illinois Institute for Illinois’ Fiscal Sustainability that reviews preliminary estimates for contributions to the State of Illinois’ five pension funds in the next budget year. Contributions will increase by $288.8 million in FY2017, which is considerably less than the $682 million increase required in FY2016, but is still expected to put pressure on the State’s finances given ongoing fiscal uncertainty without an FY2016 budget.
Reasonable Plan for Next Year, but Underfunded Pensions Remain a Concern In an analysis released today, the Civic Federation announced it supports the Forest Preserve District of Cook County’s proposed FY2016 budget of $190.3 million. The District proposes a reasonable, balanced budget without using fund balance reserves for operations while holding the District property tax levy relatively flat. The full 57-page analysis is available here. “The Civic Federation is pleased to see the Forest…
The Civic Federation supports the Forest Preserve District of Cook County’s proposed $190.3 million budget. The proposed plan is reasonable and balanced, does not use fund balance reserves for operations and holds the property tax levy relatively flat at a time when many other local governments have sought large revenue increases. However, the District’s underfunded pensions remain a concern and the pension fund will soon require an infusion of revenue, even if the proposed reform package…
Holds Fares Flat, but Could be Complicated by State Budget Impasse In an analysis released today, the Civic Federation announced it supports the Chicago Transit Authority’s (CTA) proposed FY2016 operating budget of $1.47 billion. The budget represents an effective effort to actively manage costs and improve service levels. The full 52-page analysis is available here. “The CTA is continuing to benefit from reforms made in its past four budget cycles,” said Laurence Msall, president of the…
The Civic Federation supports the Chicago Transit Authority's (CTA) FY2016 operating budget of nearly $1.47 billion. The budget represents a continued effort to actively manage costs and improve service levels. The CTA is continuing to benefit from reforms made in its past four budget cycles. This budget restores some express bus service that was cut in 2010 due to budget constraints, enhances bus service in the central business district and invests in technologies that improve the transit…
The State of Illinois’ contributions to its five pension funds will rise by $288.8 million to $7.8 billion in the next budget year, according to preliminary estimates by the retirement systems. The proposed 3.8% increase will add to the State’s budgetary pressures in the year that begins on July 1, 2016. However, the increase is considerably below the prior year’s increase of $682.0 million, or 9.9%, which was mainly due to reductions in the assumed investment rates of return by the three…
