This segment covers Mayor Rahm Emanuel’s FY2016 proposed budget released September 22, which includes a $543 million property tax increase phased in over four years, along with several other new targeted fees and taxes. The Civic Federation said the City has no choice but to increase revenue in order to address the enormous pension debt that has accumulated through years of poor financial practices.
This segment reviews the property tax increase aimed at addressing Chicago’s underfunded pension systems that was proposed as part of the FY2016 City of Chicago budget released September 22. The Civic Federation said this tax increase could be one of many, as other local governments and the State of Illinois also face significant unfunded pension liabilities.
This segment covers the proposed FY2016 City of Chicago budget released September 22, which includes a $543 million property tax increase that would be phased in over four years. The Civic Federation said the increase won’t solve all of the City’s financial challenges, but it is a big step in the right direction.
This Chicago Tonight segment features Chicago Aldermen discussing a reported $500 million City of Chicago property tax increase and other potential taxes and fees. It cites a September 8 City Club panel that featured Civic Federation President Laurence Msall, who said a property tax increase of that magnitude would still only be part of what will be needed to address Chicago’s financial crisis.
This article discusses the City’s aldermanic menu program, which allots each alderman $1.32 million annually for infrastructure projects in the alderman’s own ward. The Civic Federation said the City would be better served by a transparent, comprehensive capital improvement plan that would prioritize projects by a set of objective standards taxpayers can understand.
This article covers a September 8 City Club panel on Chicago finances that featured Civic Federation President Laurence Msall alongside Municipal Market Analytics Partner Matt Fabian, Crain’s Chicago Business columnist Greg Hinz and City of Chicago CFO Carole Brown. Msall said a reported $500 million property tax increase would only be one part of what will be necessary to address the financial crises facing the City of Chicago and Chicago Public Schools.
This article features several aldermen’s reactions to reports that a $500 million property tax increase will be included in Mayor Emanuel’s FY2016 proposed City of Chicago budget to fund increased pension payments and school construction. The Civic Federation said the magnitude of the proposed increase is not a surprise, given the City’s pension challenges, heavy reliance on borrowing and repeated credit rating downgrades.
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 State of Illinois is often cited for its unique financial challenges. However, at least in one respect, Illinois does not stand alone in its financial difficulties. Illinois is one of four states that began the fiscal year without an enacted budget and is one of three still struggling to produce a spending plan in the third month of the fiscal year. As discussed here, although Governor Bruce Rauner signed the education portion of the budget, he vetoed the remaining appropriations bills and…
This article reviews discussions surrounding the idea of allowing Illinois municipalities to file for chapter 9 bankruptcy. Earlier this year, the Civic Federation proposed the Local Government Protection Authority that would create a quasi-judicial entity to provide financially distressed local governments support for finding alternative solutions to financial challenges before resorting to bankruptcy.
