In this interview on the City of Chicago’s Proposed FY2016 Budget with Mayor Rahm Emanuel, the Mayor discusses the Civic Federation’s analysis of the budget. The Civic Federation supported the budget and necessary property tax increase as a long overdue action to address the City’s public safety pension funding crisis.
This article reviews the Civic Federation’s analysis of Cook County’s FY2016 Proposed Budget. The Federation could not support the budget because the introduction and approval of a one percentage point increase in the County’s sales tax in order to increase pension funding happened outside of the budget process, and there are legal uncertainties regarding the increased pension fund contribution.
This article discusses a potential lawsuit challenging Chicago Park District pension reforms that went into effect January 1, 2015. The Civic Federation said the reforms were designed to save the fund from insolvency and have already reduced the District’s unfunded pension liabilities by $109.4 million in FY2013.
The City of Chicago recently released its Annual Financial Analysis for 2015. According to an executive order issued by Mayor Rahm Emanuel on May 20, 2011, the Office of Budget and Management is mandated to produce a financial analysis of the City budget by July 31st of each year. The report includes: A financial condition analysis that covers the previous ten years, including a discussion of key factors impacting the performance of the City’s revenue streams; A three-year baseline forecast…
This article reviews findings in the City of Chicago’s Annual Financial Analysis, released July 31. The Civic Federation said the only thing that can improve Chicago’s financial position is a comprehensive plan that relies on sustainable revenue sources rather than borrowing.
This article examines the projected deficit of $426 million reported in the City of Chicago’s Annual Financial Analysis, which does not include additional contributions required under existing State law to the City’s police and fire pension funds. The Civic Federation said it is very difficult to see how the City could close the budget deficit without a significant increase in property taxes.
This article discusses the impact taxpayers could feel following a July 24 court ruling that struck down reforms for the City of Chicago’s police and fire pension funds. The Civic Federation said that without the reforms, it is highly likely the City will have to resort to increased taxes and reduced services.
This article covers the July 24 Cook County court ruling that struck down reforms to Chicago’s police and fire pension funds. The Civic Federation said the ruling puts the City back on an inadequate funding formula that has resulted in such severe underfunding that actuaries expect both funds to be insolvent within the next decade.
This article covers the $426 million budget deficit projected in the City of Chicago’s Annual Financial Analysis released July 31. The $426 million budget gap does not include nearly $550 million in additional contributions required by State law for the City’s Police and Fire Funds because the City is petitioning the General Assembly and Governor to lower the required contribution.
This article discusses the effect that the City of Chicago’s unfunded pension liabilities have had on borrowing costs, and an upcoming court ruling that will determine whether pension reforms enacted in 2014 for the City’s Municipal and Laborers’ Funds are constitutional. The Civic Federation said that a ruling against the reforms will make it more difficult for Chicago to resolve its financial challenges.
