This article discusses Chicago Public Schools proposal to increase its property tax levy to the maximum amount allowed – as well as make major staffing and program cuts – to help fill its $712 million budget gap. Civic Federation Vice President Lise Valentine said CPS has chosen to raise taxes in order to retain teachers and maintain class sizes.
This news segment discusses Chicago Public Schools proposal to close its $712 million budget gap by raising its property taxes to the maximum amount allowed and making significant cuts to staffing and programs. The Civic Federation says it is supportive of CPS’ budget-fixing measures, but that the System’s long-term fiscal situation is unsustainable.
CHICAGO – The full market value of real estate in Cook County was approximately $550.1 billion in tax assessment year 2009 according to an annual estimate released today by the Civic Federation. This total value represents a decline of $66.0 billion, or 10.7%, from the 2008 estimated full value. Tax year 2009 is the most recent year for which data is available. This estimated decline follows on the heels of a $40.3 billion decrease the previous year. “The estimated full value of real estate in…
This report provides estimates of the total market value of real property in Cook County from 2000-2009 and shows how property value is spread among the City of Chicago, the northern and the southern suburbs. The full market value of real estate in Cook County was approximately $550.1 billion in tax year 2009. This total value represents a decline of $66 billion, or 10.7%, from the 2008 estimated full value. Tax year 2009 is the most recent year for which data is available. Read the press…
The Illinois Department of Revenue announced today that the final equalization factor for the Cook County 2010 property assessment year (taxes payable in 2011) is 3.3000. The final equalization factor was calculated after the Cook County Board of Review finished hearing appeals and certified the final assessments for 2010. The tentative equalization factor of 3.1773, which reflected the Cook County Assessor’s final assessments before Board of Review appeals, was announced on June 16, 2011…
After two consecutive years of losses, the State of Illinois is reporting moderate growth in sales tax revenue for FY2011, which ended on June 30, 2011. Not only did sales tax revenue collected by the State grow but it also beat the projections on which the budget was based. Total General Funds revenues from sales taxes declined from FY2008 through FY2010 by nearly $1 billion, from $7.2 billion to $6.3 billion. However, the Commission on Government Forecasting and Accountability (COGFA)…
The Civic Federation supports the City Colleges FY2012 tentative budget totaling $651.5 million, an increase of $69.6 million, or 12.0%, over the adopted FY2011 budget. Unrestricted operating funds, the portion of the budget over which the District exercises maximum control, will increase by 1.7%, or $5.3 million dollars over the previous year. The property tax levy will be frozen at the same level as the previous tax year. City Colleges has begun a multi-year reorganization effort…
The Civic Federation announced today its support for the City Colleges of Chicago proposed FY2012 operating budget of $651.5 million. The Federation supports the budget because it exercises fiscal restraint and follows many of the Federation’s previous recommendations. Visit civicfed.org to read the full report. “The Civic Federation applauds City Colleges and Chancellor Hyman’s commitment to improving student outcomes while minimizing the District’s impact on overburdened taxpayers in Chicago…
The Civic Federation released today a comprehensive set of forty recommendations to improve the City of Chicago’s long-term fiscal condition. The new Federation report includes reforms that can be implemented now and over the next few fiscal years and cover a wide array of functions, from public works to procurement to pensions. The Civic Federation has in recent years become increasingly troubled by the condition of the City of Chicago’s finances. The Federation’s Chicago Finance initiative…
The purpose of this report is to provide the City of Chicago’s Mayor and City Council with detailed recommendations on ways to address the City’s serious financial challenges and create a government that is more efficient, less costly and more accountable. On February 14, 2011, the Civic Federation released Financial Challenges for the New Mayor which identifies the most significant fiscal issues facing the City of Chicago. Recommendations for a Financially Sustainable City of Chicago expands…
