(CHICAGO) In an analysis released today, the Civic Federation announced its support for the Chicago Park District’s proposed FY2017 operating budget of $449.4 million. The budget continues to reduce the District’s reliance on fund balance to close its budget deficits and keeps the property tax levy relatively flat. The full 61-page analysis is here. As detailed in the analysis, the Federation supports the District’s efforts to maintain a high level of fund balance, reduce its reliance on…
The Civic Federation supports the Chicago Park District’s proposed FY2017 operating budget of $449.4 million because it continues to reduce the District’s reliance on fund balance to close its budget deficits and keeps the property tax levy relatively flat. At a time of increased pressure for local governments across Illinois, the Chicago Park District’s proposed FY2017 budget furthers the District’s long-term goals while showing restraint on the property tax levy. As detailed in the report,…
This article discusses the City of Chicago’s decision to extend its property tax rebate application deadline after only a small percentage of eligible City homeowners applied. Laurence Msall, President of the Civic Federation, remarks that the rebate program is a broad-brush exemption with modest financial benefit compared to the amount of effort it takes to apply.
(CHICAGO) In an analysis released today, the Civic Federation announced its support for the Metropolitan Water Reclamation District’s FY2017 Tentative budget of $1.13 billion because the District continues to demonstrate a sensible and proactive approach to meeting its financial challenges. The full 57-page analysis is available here. As detailed in the report, the FY2017 Tentative budget is 9.0% less than the FY2016 adjusted budget of $1.24 billion, which is due to the variance that…
The Civic Federation supports the Metropolitan Water Reclamation District’s FY2017 Tentative budget of $1.13 billion because the District continues to demonstrate a sensible and proactive approach to meeting its financial challenges. As mentioned in the full report, the FY2017 Tentative budget is 9.0% less than the FY2016 adjusted budget of $1.24 billion, which is due to the variance that often occurs between budget years, reflecting the District’s multi-year capital projects. The FY2017…
This article discusses a proposal to change the City of Chicago’s aldermanic pension plan in order to help save the City’s Municipal Employees Pension Fund. Laurence Msall, President of the Civic Federation, applauds the City’s proposal and notes that there is no good public policy reason that elected officials should receive accelerated pension benefits greater than non-elected officials.
This article discusses the State of Illinois’ worsening pension problems and cites a recent Civic Federation blog post that details how contributions to Illinois’ five pension funds are expected to increase by approximately $1 billion in FY2018, which will increase financial strain to the State as it continues to operate without a complete budget.
Following Mayor Rahm Emanuel’s FY2017 budget address, Civic Federation President Laurence Msall spoke with a pool of reporters about the finances of both the City of Chicago and Chicago Public Schools. He called the Mayor’s proposed budget “good news” for the City but cautioned that Chicago is not out of the woods yet. Msall also called for more details on how the recently signed teachers’ contract would be funded. ----- City of Chicago Finances DNA Info: Rahm Expands…
This segment examines how the State of Illinois has become well-known for its mishandling of public employee pensions. Laurence Msall, President of the Civic Federation, remarks that Illinois has had plenty of chances to fix its pension crisis but has instead continued to choose the easiest and least resistant path.
This article discusses how recent changes to expected rates of return and other factors for several of the State of Illinois’ pension funds are increasing pressure on the State to address reforms. Civic Federation President Laurence Msall notes that Illinois needs to explore all of its options, including a constitutional amendment that would clarify that the State’s pension protection clause applies only to accrued benefits and not future benefits.
