A look back at the Civic Federation’s blog this year provides a preview of upcoming fiscal challenges for local governments in 2013. Pension Funding The most urgent fiscal challenge for Illinois governments continues to be the pension funding crisis. The combined funded ratio for the four City of Chicago pension funds fell to 43.3% in FY2011. The funded status of the Cook County Pension Fund also fell in FY2011 to 57.5%. The County’s fund was over 90% funded as recently as FY2000. The…
This segment covers a proposal released by a coalition of public employee unions in response to the State’s pension funding crisis. The Civic Federation said the proposal could represent part of the necessary reforms, but much more is needed for a sustainable solution to the State’s $97 billion unfunded pension liability.
Last week the Civic Federation marked the end of the FY2013 budget season with a blog that summarized the proposed budgets for the nine local governments the Federation monitors. These governments include: the City Colleges of Chicago, Chicago Public Schools (CPS), DuPage County, City of Chicago, Cook County, Chicago Transit Authority (CTA), Forest Preserve District of Cook County, Metropolitan Water Reclamation District of Greater Chicago (MWRD) and Chicago Park District. This blog focuses on…
On December 13 Moody’s Investors Service downgraded the outlook for the State of Illinois’s credit rating to negative from stable, citing pension funding pressures that are likely to persist or worsen in the near term. The Civic Federation said the downgrade should serve as a warning that the State cannot afford to wait any longer for comprehensive pension reform.
This article discusses the Civic Federation’s State of Illinois Infrastructure report, which found that State and local governments could need to invest more than $300 billion over the next 30 years to maintain public infrastructure throughout the State. The report also explores the need for a comprehensive approach to prioritizing and funding the State’s critical capital investments.
District’s initiative in developing and promoting a framework for pension reform is a model for local governments In an analysis released today, the Civic Federation supports the Metropolitan Water Reclamation District’s (MWRD) FY2013 Tentative Budget of $1.1 billion which continues a comprehensive effort to control rising personnel costs. The budget also holds the tax-capped portion of the District’s property tax levy flat. The full 47-page report is available at civicfed.org. Efforts to…
This article discusses a new pension reform proposal introduced by Representative Elaine Nekritz and a bipartisan group of 23 co-sponsors on the final day of the Illinois General Assembly’s fall veto session. The Civic Federation said the bill is a reasonable proposal and urged actuarial analysis to assess its potential savings. Read a summary of the bill on the IIFS blog.
On the final day of the General Assembly’s fall veto session, a bipartisan group of State legislators unveiled a new pension reform proposal designed to help resolve the State’s pension crisis. Governor Pat Quinn has called on the General Assembly to make pension reform its top priority and to take action by January 9, 2012, when the newly elected members of the legislature will be sworn in. The total unfunded liability of the State’s five retirement systems stood at $96.8 billion, as of June…
Civic Federation cautions use of one-time revenues could undermine deficit reduction efforts In a report released today, the Civic Federation announced its support for the Chicago Park District’s proposed FY2013 budget of $410.9 million which limits spending increases and continues the District’s plan to eliminate its structural deficit by FY2015. The full 51-page analysis is available at civicfed.org. “We are pleased to see the District moving forward with its commendable efforts to cut…
The Civic Federation supports the $410.9 million FY2013 Chicago Park District budget for limiting spending increases and continuing the District’s effort to eliminate its structural deficit by FY2015. By utilizing prudent alternatives to raising taxes, the District is able to hold its property tax levy relatively flat for the eighth consecutive year. The Civic Federation remains concerned, however, that efforts to eliminate the structural deficit may be offset by the District’s continued…
