More details are finally available on the FY2010 operating budget, and it would be difficult to describe it as balanced—even on paper. Depending on how you look at it, there is technically either a $157 million deficit or an $872 million surplus in the budget approved by the General Assembly and signed by Governor Pat Quinn on July 15, 2009. However, those numbers don’t take into account the $3.5 billion that the State plans to borrow to make its required pension payments. Nor do they reflect…
Today the Civic Federation released its annual estimate of the full market value of taxable real estate in Chicago and the Cook County suburbs. Tax year 2007 was the first year since at least 1995 that the estimated value of real estate in Chicago declined, from $666.2 billion in 2006 to $656.5 billion in 2007. Tax year 2007 is the most recent year for which data is available. Within the City of Chicago, the estimated full market value property value declined by 2.8% in 2007. Just one…
CHICAGO – The full market value of real estate in Cook County reached approximately $656.5 billion in tax year 2007 according to an annual estimate released today by the Civic Federation. This total value represents a decrease of $9.7 billion, or 1.5%, over the 2006 estimated full value. Tax year 2007 is the most recent year for which data is available. “Although everyone is aware that the real estate market has declined in recent years, the significance of this report is to put a dollar…
This report provides estimates of the total market value of real property in Cook County from 1998-2007 and shows how property value is spread among the City of Chicago, the northern and the southern suburbs. Tax year 2007 was the first year since at least 1995 that the estimated value of real estate in Chicago declined, from $666.2 billion in 2006 to $656.5 billion in 2007. Read the press release here.
In this article about the City of Chicago's predicted FY2010 budget deficit, the Civic Federation is quoted saying that Chicago must look to reduce personnel expenditures, which make up 80% of the City budget.
This morning news segment features the Civic Federation's commentary on the City of Chicago's anticipated FY2010 budget shortfall of $520 million. The Federation praised Chicago's aggressive steps to combat this year's financial crisis, but cautioned that furlough days will not be enough to bridge the predicted 2010 deficit.
This article discusses the City of Chicago's preliminary budget estimates that show a $520 million shortfall for FY2010. The Civic Federation is quoted saying that there are no obvious sources of revenue to fill the gap that the City has not already tapped, making painful structural cuts and a reinvention of the way Chicago delivers services necessary.
This article profiles the Civic Federation’s support of the City Colleges of Chicago budget. The Federation’s budget analysis praised City Colleges' decision to hold its property tax levy flat for the next two years. This article also mentions the Civic Federation’s work with L.E.K. Consulting to analyze the financial aspects of the Chicago 2016 Olympic bid. Click here to read the Federation's full analysis of the FY2010 City Colleges of Chicago budget.
A new study from the Rockefeller Institute of Government in Albany, New York reports that total state tax collections for the first quarter of 2009 declined by 11.8% from the same quarter last year. This is the largest decline since 1963 and can be attributed in large part to the impact of the current recession. There were sharp reductions in collections for all three of the major state revenue sources: Sales Taxes declined by 8.3%; Personal Income Taxes declined by 17.6%; and…
Today the Civic Federation released its analysis of the FY2010 City Colleges Tentative Annual Operating Budget, supporting the District’s $492.1 million spending plan. The Federation believes the District is proposing a prudent budget, increasing appropriations by 0.9% over adjusted FY2009 budgeted appropriations, freezing the property tax levy for the next two years and proposing an alternate funding plan for core academic programs in light of uncertain funding from the State of Illinois…
