The Cook County Board recently passed the County’s FY2011 budget. The budget included large reductions to most County agencies and reflects difficult choices made by the County leadership. The budget also began implementation of some of the recommendations from the Cook County Modernization Report. However, the FY2011 budget is just the start of the heavy lifting that will be necessary to address the fiscal and operational challenges confronting the County. The FY2011 budget will be a…
On Saturday February 26th, the Cook County Board of Commissioners unanimously approved the FY2011 Annual Appropriations Ordinance. In the Civic Federation’s analysis of the Executive Budget Recommendation, the Federation supported Board President Preckwinkle’s budget plan and commended the administration for its efforts to reform governmental operations. The amended budget as approved by the Board made some changes from the President’s Recommendation, including the following: Sales Tax Rollback…
This article discusses the Cook County Board of Commissioners vote to rollback the remaining portion of the 2008 penny sales tax increase by 2013. The Civic Federation says that the tax increase was established without a solid plan for how to use the revenue.
This segment discusses Rahm Emanuel’s mayoral campaign. It cites the warning in the Civic Federation’s “Financial Challenges for the New Mayor of Chicago” report that the City of Chicago’s finances are in precarious shape. Civic Federation President Laurence Msall adds that the City will likely need a combination of pension reforms, tax increases and cuts to fix its budgetary troubles.
In order to pay income tax refunds owed to taxpayers, the State of Illinois sets aside a percentage of income tax receipts received throughout the year and deposits them into a special fund. Different percentages apply to individuals and businesses, but all refunds are paid from the same fund—the Income Tax Refund Fund. These percentages are known as Refund Fund rates. The higher the Refund Fund rates, the more money deposited into the fund and the less revenue available for the State’s…
(CHICAGO) The Civic Federation will announce its support for the proposed $3.0 billion FY2011 Cook County budget at a public hearing today. The plan cuts expenditures and employee headcount while committing to a full repeal of the sales tax increase. The full 61-page report is available on the Civic Federation website, www.civicfed.org. “The Civic Federation commends Board President Preckwinkle and her team for starting the long-overdue process of reforming Cook County operations,” said…
The Civic Federation supports Cook County’s $3.0 billion FY2011 Executive Budget Recommendation as it reflects a significant effort to reduce expenditures. The new County administration also appears to be on a path toward significant reform of governmental operations, as recommended by the Civic Federation in the Cook County Modernization report, which can be read here. The Civic Federation believes that the County still faces significant challenges. Although the recommended budget includes…
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 news segment explores the effect that the proposed increase in State of Illinois income taxes may have on individuals and businesses. Civic Federation President Laurence Msall says the State’s plans will not make a dent in its deficit and that if the State does not fix its structural deficit, its credit ratings could be lowered.
This article discusses efforts by legislators in Springfield to garner support for an increase in the State of Illinois’ income taxes. The Civic Federation says that if the State does not make major budget cuts between now and FY2015 when the tax increase expires, the State could find itself in a similar fiscally precarious position to where it is now.
