Chicago Retains Comparatively Low Effective Property Tax Rates (CHICAGO) The Civic Federation’s annual estimate of effective property tax rates in the six-county region of northeastern Illinois found that effective tax rates rose in 2008 for every one of the 32 municipalities studied. However, effective tax rates have declined—in many cases substantially—for nearly all municipalities when measured over the ten years between 1999 and 2008. Effective tax rates are a measure of property tax burden…
Spending Plan Exposes District to Greater Financial Risk in the Future The Civic Federation supports the FY2011 proposed Chicago Public Schools budget of $6.5 billion as an adequate plan to close a large deficit and ensure continued access to education for students across Chicago this year. However, the Federation is very concerned that the spending plan guarantees future fiscal distress by draining the CPS reserve fund and using multiple one-time revenues. The full 74-page analysis of the…
The Civic Federation supports the Chicago Public Schools proposed $6.5 billion budget for FY2011, which is a reduction of 5.9% or $402.3 million from the proposed FY2010 budget. The proposed budget offers a short-term solution to the District’s difficult, deepening financial crisis. This budget will allow schools to open on time and continue to provide students with access to education across Chicago. While acknowledging that the District was left with few options to close its budget deficit…
This report compares effective property tax rates in selected communities around metropolitan Chicago and finds that while all communities’ effective tax rates increased in 2008, rates have mostly declined since 1999. The report also finds that Chicago’s effective tax rates are still regionally competitive and the lowest of any of the selected Cook County municipalities. Read the press release for this report here.
It’s no secret that the financially troubled State of Illinois owes billions of dollars in unpaid bills. What is not as widely known is that the State also owes $730 million in corporate income tax refunds, according to the Illinois Department of Revenue. Unlike unpaid bills, unpaid tax refunds are not accounted for in the budget. The budget specifically shows unpaid bills as accounts payable at the end of the year. The State is expected to end both FY2010 and FY2011 with $6.6 billion in unpaid…
On August 5, the Civic Federation released its analysis of the FY2011 City Colleges Tentative Annual Operating budget. The Federation supports the District’s $581.9 million plan because it reduces its property tax levy while pursuing a reorganization plan that will centralize more administrative functions and increase programmatic specialization at its seven college campuses. The District produced a balanced budget by using a combination of tuition increases and cost-saving measures. The Civic…
This news segment details how the City of Chicago had only $2.7 million in reserves at the end of FY2009. The Civic Federation says the City should have cash reserves of at least $200 million given the size of its operating budget.
The Civic Federation will announce its support for the proposed $581.9 million FY2011 City Colleges of Chicago budget at a public hearing today. The Federation’s 41-page analysis found that the proposed budget plans a $3.0 million reduction in the City Colleges’ property tax levy while pursuing a reorganization plan that will centralize more administrative functions and increase programmatic specialization at its seven college campuses. Visit www.civicfed.org to download the report. “The Civic…
The Civic Federation supports the City Colleges FY2011 proposed budget totaling $581.9 million, which includes $454.4 million for the operating budget and $127.5 million for capital improvements. The City Colleges is proposing to reduce its property tax levy while pursuing a reorganization plan that will centralize more administrative functions and increase programmatic specialization at its seven college campuses. However, the Civic Federation is concerned with a predicted funding gap through…
A tax increment financing (TIF) transparency bill (Public Act 096-1335) passed by the Illinois legislature in May and signed into law by Governor Pat Quinn on July 27 includes a number of long-standing Civic Federation recommendations detailed in the Federation’s 2007 TIF report: Each TIF will require a 10-year status report. The county or municipality that created the TIF would be required to publish a status report that includes detailed financial data. Public hearings on 10-year…
