This article discusses reports that Mayor Emanuel’s proposed FY2016 budget will include a $500 million property tax increase for the City of Chicago. It cites information from the Civic Federation’s most recent Effective Property Tax Rates report, which found Chicago to have the lowest residential tax rate among the 12 Cook County communities studied.
The City of Chicago recently released its Annual Financial Analysis for 2015. According to an executive order issued by Mayor Rahm Emanuel on May 20, 2011, the Office of Budget and Management is mandated to produce a financial analysis of the City budget by July 31st of each year. The report includes: A financial condition analysis that covers the previous ten years, including a discussion of key factors impacting the performance of the City’s revenue streams; A three-year baseline forecast…
This article reviews findings in the City of Chicago’s Annual Financial Analysis, released July 31. The Civic Federation said the only thing that can improve Chicago’s financial position is a comprehensive plan that relies on sustainable revenue sources rather than borrowing.
This article examines the projected deficit of $426 million reported in the City of Chicago’s Annual Financial Analysis, which does not include additional contributions required under existing State law to the City’s police and fire pension funds. The Civic Federation said it is very difficult to see how the City could close the budget deficit without a significant increase in property taxes.
This article covers the $426 million budget deficit projected in the City of Chicago’s Annual Financial Analysis released July 31. The $426 million budget gap does not include nearly $550 million in additional contributions required by State law for the City’s Police and Fire Funds because the City is petitioning the General Assembly and Governor to lower the required contribution.
UPDATE: On September 9, 2015, a lawsuit challenging the streaming services was filed on behalf of seven plaintiffs against the City of Chicago. The plaintiffs argue that because they subscribe to various streaming services, such as Netflix, Hulu and Spotify, they “are harmed because they must pay the tax,” on such services. The lawsuit also claims that the comptroller exceeded his authority to extend the tax, which they claim is a new tax, without a vote from the City Council. They also…
On July 15, 2015, the Cook County Board of Commissioners voted 9-7 to once again increase the county sales tax by one percentage point, taking effect on January 1, 2016. Once in place for one full year, Board President Toni Preckwinkle’s office projects that the tax hike will generate nearly $474 million in revenues and proposed that revenues be dedicated to start to pay down the County’s $6.5 billion in pension obligations and to fund infrastructure projects. The County’s portion of the sales…
This segment features Civic Federation President Laurence Msall and DePaul Assistant Professor Nick Kachiroubas discussing the July 15 Cook County sales tax increase. The uncertainty regarding whether the sales tax can legally be used to fund the County’s pension system was reviewed.
This article covers the July 15 vote by the Cook County Board of Commissioners to increase the sales tax by one percentage point beginning in 2016. The Civic Federation opposed the increase and said this type of proposal should be part of the annual budgeting process in the fall.
This editorial discusses the Cook County sales tax increase narrowly passed by the Cook County Board July 15 that would go into effect in 2016. The Civic Federation opposed the sales tax increase and said that the legality of using sales tax toward contributions to the County’s pension fund is unclear.
