In this latest entry in a blog post series on local government pension funds, the Civic Federation analyzes the Metropolitan Water Reclamation District of Greater Chicago’s pension fund. The MWRD is the only sanitary district in Illinois to have its own pension fund. All other sanitary districts that provide pension benefits participate in the Illinois Municipal Retirement Fund. The MWRD pension fund is governed by a seven-member Board of Trustees. As prescribed in state statute, four…
This Tribune Watchdog report examines the Illinois pension crisis. The unfunded liabilities of the State’s pension plans have steadily increased for decades and currently total over $85 million. The Civic Federation comments on the lack of objective fiscal analysis provided to lawmakers who vote on the numerous revisions to pension law detailed in the report and how troubled Illinois’ program is compared to every other state.
This WGN special report highlights several examples of pension abuse in Illinois. Civic Federation President Laurence Msall is interviewed for the segment, saying the pension system has been manipulated to benefit a few people at the cost of taxpayers and other pension beneficiaries. He noted that the debt has grown so large it jeopardizes funding for other critical services.
Last week marked the end of the budget season for the nine local governments monitored by the Civic Federation. These governments include: the City Colleges of Chicago, Chicago Public Schools, DuPage County, 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. While each local government’s budget and fiscal health status was evaluated individually, there are…
This week marks the end of the Civic Federation's fiscal year 2012 local government budget analysis season. The nine local governments monitored by the Civic Federation include: City Colleges of Chicago, Chicago Public Schools, DuPage County, 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. The most notable finding of the budget season was that six of the eight…
One of the greatest challenges facing the State of Illinois as it struggles to balance its annual operating budget is the continued growth in pension-related costs. As previously discussed here, the State’s FY2013 pension contributions are now expected to be much higher than previously projected. An increase of $535 million to the statutorily required payment brings the total owed by the State to $5.8 billion in the next fiscal year. Approximately $5.3 billion of the total will be paid out of…
Spending Plan Holds the Line on Property Taxes, Begins to Reduce Structural Deficit The Civic Federation supports the proposed FY2012 Chicago Park District budget of $407.5 million because it freezes the property tax levy for the seventh year in a row and emphasizes cost containment and revenue diversification. The Federation remains concerned about the declining health of the Park District pension fund. The full 47-page analysis is available on the Civic Federation website at civicfed.org. The…
The Civic Federation supports the Chicago Park District FY2012 Budget of $407.5 million because it holds the property tax levy flat for the seventh year in a row and emphasizes cost containment and revenue diversification. The Federation supports the District’s development of a fund balance policy and its efforts to eliminate the structural deficit through a multi-year plan. While we support the budget, the Civic Federation has concerns about the declining health of the District’s pension fund…
(CHICAGO) The Civic Federation announced today that it offers conditional support for the proposed tentative FY2012 Metropolitan Water Reclamation District of Greater Chicago (MWRD) budget of $1.0 billion. The full 41-page analysis is available at civicfed.org. “While the Federation supports many aspects of the budget, including reductions in operational and personnel expenditures and proposed pension reforms, the District plans to increase its property tax levy to the maximum for the second…
The Civic Federation offers conditional support for the Metropolitan Water Reclamation District’s (MWRD) FY2012 Tentative Budget of $1.0 billion. The Federation is concerned that the budget proposes the maximum increase to the property tax levy and does not comply with the District’s own fund balance policy. The proposed reforms to pension funding that have the support of the Retirement Fund Board and the Board of Commissioners are a strong step toward improving the financial health of the…
