(CHICAGO) The Civic Federation’s Illinois research institute warns that a large tax increase alone has not fixed the state’s broken budget. The Federation’s new FY2012 Budget Roadmap, released ahead of Governor Quinn’s budget address, analyzes the state’s current fiscal position, critiques Governor Quinn’s three-year budget plan and provides recommendations to improve the state’s finances. The full 44-page report is available at www.civicfed.org/iifs. “The Civic Federation opposes Governor…
Prior to the release of the Governor’s annual budget recommendation the Institute for Illinois’ Fiscal Sustainability at the Civic Federation releases an analysis of the State of Illinois’ fiscal condition and actionable recommendations for the Governor and General Assembly for the coming fiscal year. This year the State of Illinois Budget Roadmap also includes an analysis and recommendations based on Governor Pat Quinn’s preliminary budget plans for FY2011 and three-year budget plan published…
This report identifies the most significant financial challenges facing the City of Chicago and provides recommendations to the new Mayor of Chicago for ways to improve and stabilize the City’s finances in the short- and long-term. Those challenges include addressing the City’s significant budget deficit expected to be at least $500 million for FY2012, a growing bonded debt load, and crisis-ridden employee pensions. Click here to read the press release for this report. For more information…
The new Mayor of the City of Chicago faces three major fiscal challenges that will require the immediate attention of the new administration, according to a new report released today by the Civic Federation. The daunting difficulties include addressing the City’s significant structural budget deficit, a growing bonded debt load and crisis-ridden employee pensions. The Federation’s report includes both short- and long-term recommendations the new Mayor should implement to close a FY2012 budget…
This article discusses findings in the Civic Federation’s “Status of Local Pension Funding Fiscal Year 2009” report. In the article the Civic Federation says that while some pension reforms have been made, there is much more that needs to be done to restore pension fund solvency.
This article is about City of Chicago mayoral candidate Rahm Emanuel’s plans to fix the City’s budget gap and pension funding issues. The Civic Federation says the City’s financial condition is precarious and the next mayor will need to make some tough choices.
This article examines the City of Chicago Inspector General’s revelation that unpaid furlough days taken by City employees to help bridge a City budget gap may have also contributed to a shortchanging of the City’s pension systems. The Civic Federation says the City has a very short-term fiscal outlook, which creates challenges for the next Mayor and City Council.
This article is about Illinois House Speaker Michael Madigan’s receptiveness to a discussion about reforming Illinois’ pension systems. The Civic Federation says Madigan’s statements are significant and are a positive step toward finding ways to secure future pension funding.
This brief about the Civic Federation’s “Status of Local Pension Funding Fiscal Year 2009” report highlights the report’s finding that the amount owed to Chicagoland pension systems is about $23 billion.
This article summarizes findings in the Civic Federation’s “Status of Local Pension Funding Fiscal Year 2009” report, focusing on the decline in the ratio of active-to-retired public workers since 2000.
