In this blog post, Greg Hinz recommends that the City of Chicago consider consolidating its four pension funds as New York City recently did. The Civic Federation is quoted saying that the idea is worth pursuing.
(CHICAGO) The Civic Federation supports the proposed FY2012 Cook County budget of $3.3 billion because it reduces spending from FY2011, implements efficiencies and avoids raising broad-based taxes. The full 77-page report is available at civicfed.org. Breaking with many past County practices, the operating budget is set to reduce spending by 3.7%, or $112.3 million, and is on target to be approved before the start of the County’s fiscal year on December 1, 2011. The cuts in the plan make up…
The Civic Federation supports the Cook County FY2012 Executive Budget Recommendation totaling $2.9 billion. Cook County Board President Toni Preckwinkle’s proposed $2.2 billion General Fund budget is a 4.6%, or $107.4 million, decrease from the FY2011 adopted budget. The budget closes a $315.2 million shortfall with $219 million in spending cuts, $53 million in revenue enhancements and over 1,000 layoffs. The County administration also appears to be on a path towards significant reform of…
Civic Federation Urges Mayor, City Council to Get Moving on Pension Reform The Civic Federation announced its support for the proposed $6.3 billion FY2012 City of Chicago Budget today. The Federation’s full 106-page report not only reviews the spending plan for the next fiscal year, but also measures the City’s progress in implementing reforms to improve financial sustainability. “Chicago is not yet out of the woods, but this budget moves the City’s finances in a positive direction,” said…
The Civic Federation supports the proposed FY2012 City of Chicago budget of nearly $6.3 billion because it takes effective action to reduce the City’s structural deficit through significant expenditure reductions and targeted revenue increases. The proposed budget greatly reduces the City’s reliance on one-time revenue sources to close the $635.7 million budget gap. It prudently does not contain general tax increases, but rather focuses primarily on reducing the cost of the City’s operations…
The Cook County pension fund actuarial value funded ratio has fallen from 88.9% to 60.7% over ten years. The unfunded accrued actuarial liabilities have reached $5.2 billion or $993 per Cook County resident. While the County’s pension fund is not yet in quite as dire straits as some other state and local pension funds, it soon will be if no action is taken. Major reforms to contributions and benefits will keep the pension fund solvent and distribute tax burden more fairly among current and…
The Illinois General Assembly is expected to take up a host of budget-related bills during its veto session, which opened on October 25, 2011. During the veto session, the General Assembly considers bills vetoed by the Governor. The legislature also considers bills that it had not acted on when the spring session adjourned, but only if they progressed far enough in the legislative process to meet specified deadlines or had been granted waivers from the deadlines. This year’s veto session runs…
City of Chicago Mayor Rahm Emanuel’s budgetary plans for the City are the focus of this article. The Civic Federation says that the City’s debt obligations do not allow much budgetary wiggle room in the latest City budget. The Federation also notes that Mayor Emanuel has not yet moved to address the City’s looming pension problems.
Civic Federation Encourages County to Fully Implement Planning Policies (CHICAGO) The Civic Federation supports the proposed $434.7 million DuPage County budget for FY2012 because it cuts spending for the third year in a row while holding the property tax levy flat. Despite reducing expenditures, the County pledges to maintain core services for residents. The proposed budget does many things right, especially the initiatives that allow the county to work within its existing revenues. In…
The Civic Federation supports the DuPage County Proposed FY2012 Financial Plan of $434.7 million. The County is reducing expenditures for the third year in a row while pledging to maintain the existing level of service and keep the property tax levy at the same level as last year. In order to properly plan for the most efficient and effective use of taxpayer resources in this uncertain economic climate, the Civic Federation recommends that DuPage County fully adopt the planning policies…
