Click here to read the full report. The Civic Federation supports the Metropolitan Water Reclamation District’s Tentative FY2018 budget of $1.13 billion because it continues to control operating expenses and maintains financial safeguards, including substantial reserves, to cover shortfalls or financial emergencies. As detailed in the report, the District’s FY2018 budget proposal continues to make increased contributions to the pension fund and to the retiree healthcare trust fund. The…
Click here to read the full report. The Civic Federation supports the Park District's FY2018 proposed budget because it reduces the District’s reliance on prior year fund balance, implements savings and efficiencies and reduces the size of the District’s workforce. At the same time, the District plans to increase the level of funding to its pension plan. As detailed in the report, the Federation supports the District’s efforts to maintain a high level of budgetary reserves and a…
Following Mayor Rahm Emanuel’s FY2018 budget address, Civic Federation President Laurence Msall spoke with a pool of reporters on the City of Chicago’s finances. He said the Mayor’s budget is a reasonable plan that can move the City forward but warned that Chicago still has long-term financial challenges that must be addressed. ----- Chicago Sun-Times: Emanuel unveils 2018 budget; Chicago ‘on firmer financial footing’ DNA Info: Progressives Take Aim At Budget Plan While Others Say…
Illinois has by far the greatest number of local governments in the nation at 6,963, according to the U.S. Census Bureau’s 2012 Census of Governments. The vast number of local governments in Illinois is often cited as a driving factor for Illinois’ high property tax rate, one of the highest in the nation, as many of the local governments are primarily funded by property taxes. A large share of these local governments consist of local school districts, which in turn typically make up the largest…
Illinois Public Act 100-0401, signed into law on August 25, 2017, will increase the value of the Senior Citizens and General Homestead Exemptions in Cook County starting in Tax Year 2017 (payment year 2018). It also increases the income limitation for the Senior Citizens Assessment Freeze Homestead Exemption (“Senior Freeze”) for all counties in Illinois and provides for a minimum exemption in Cook County. This blog post will examine these latest changes to homestead exemptions enacted by the…
UPDATE: This blog was updated in March 2018 per revised data in the Illinois Department of Revenue 2015 Assessment-Sales Ratio Study. The Civic Federation released its annual estimate of the full value of real estate in Chicago and the Cook County suburbs yesterday. The full value report provides a snapshot of general trends in the property tax base in Cook County. After seven straight years of declines in estimated property values between 2007 and 2012, values have increased in Cook County…
(CHICAGO) The full market value of real estate in Cook County was approximately $528.8 billion in tax assessment year 2015[1] according to an annual estimate released today by the Civic Federation. The 2015 total value estimate represents an increase of $29.7 billion, or 6.0%, from the 2014 estimated full value. Tax year 2015 is the most recent year for which data are available. The 2015 estimates represent the third time since 2006 that real estate values in Cook County increased. “Following…
After several iterations and much disagreement, the State of Illinois now has a new statewide school funding formula. The Illinois General Assembly approved the new formula as Senate Bill 1947, House Floor Amendment 5 on August 29, with the Illinois House passing the bill Monday, August 28 and the Senate concurring the next day. The Governor signed the bill into law as Public Act 100-0465 on August 31, 2017. This historic new funding formula will help alleviate the ailing finances of the…
Proposal aims to reverse damage done by two-year state budget impasse (CHICAGO) In an analysis released today, the Civic Federation announced its support of the City Colleges of Chicago’s proposed FY2018 operating budget. The $442.6-million budget is a prudent plan to begin to stabilize the District’s finances following an unprecedented two-year State of Illinois budget impasse that severely impacted institutions of higher learning. The District does not plan to increase tuition rates…
Click here to read the full report. The Civic Federation supports the City Colleges of Chicago’s proposed FY2018 operating budget. The $442.6 million budget is a prudent plan to begin to stabilize the District’s finances following an unprecedented two-year State of Illinois budget impasse that severely impacted institutions of higher learning. As mentioned in the full report, the District is not planning to increase tuition rates or its property tax levy in FY2018 to address the costs of…
