Last week the Civic Federation described the City of Chicago’s structural deficit in our budget analysis and a blog post. One of the primary sources of funding that has allowed the City to finance this deficit has been revenues from the long-term leases of the Skyway and the metered parking system to private operators. The Civic Federation generally opposes using the one-time funding received from these public-private partnerships for operating expenses. The City of Chicago now finds…
In this news segment, Civic Federation President Laurence Msall explains why the Civic Federation opposes the City of Chicago’s FY2011 budget. Mr. Msall explains that the City needs major pension fund reforms and must not rely on one-time revenues from asset lease deals to balance its budgets.
The Civic Federation’s analysis of the City of Chicago’s FY2011 proposed budget is the subject of this article. It focuses on the Federation’s opposition to Mayor Daley’s reliance on funds from asset leases to balance the City’s budget.
This article discusses Chicago Parking Meters LLC’s announcement that it will sell $600 million in bonds amid news that the City of Chicago’s finances are in a precarious condition. The article mentions that the Civic Federation opposed the City’s FY2011 proposed budget because it relies too heavily on reserve funds and the restructuring of debt and does not adequately address the City’s structural deficit.
The Civic Federation opposes the proposed FY2011 City of Chicago budget of nearly $6.2 billion because it does not effectively address the structural deficit and relies too heavily on asset lease reserve funds and debt restructuring to close the $654.8 million budget deficit. The proposed budget would defer costs and postpone changes needed to align current year expenditures with recurring revenues. Click here to read the press release for this analysis.
The Civic Federation announced today that it opposes the $6.2 billion FY2011 City of Chicago budget because it does not do enough to address the City’s structural deficit. Instead it relies upon long-term asset lease funds and other non-recurring revenues to close a $654.8 million shortfall. The Federation urges the City Council to reduce spending to avoid further deterioration of the City’s financial condition. The full 80-plus page analysis of the budget is available at www.civicfed.org. The…
The purpose of the Cook County Modernization Report is to provide leaders of the County with ideas for reshaping and refining County government that will improve service delivery to residents while reducing wasteful spending and decreasing reliance on taxpayer funds. The Modernization Project provides a roadmap for creating a government that is more efficient, less costly and more accountable. The report contains actionable recommendations that can be implemented in the first 100 days after the…
This article discusses Mayor Richard Daley’s legacy of privatization in the City of Chicago. The Civic Federation says some of the proceeds from the Skyway asset lease were used responsibly to pay debts and create a long-term reserve.
In a discussion on the Fox Chicago Sunday news program about the City of Chicago’s budget shortfall, Civic Federation President Laurence Msall discusses the effect that privatization of some City services may have on closing the gap.
This article explores Mayor Daley’s possible bid to close a City of Chicago budget gap by privatizing city services and special events such as the Taste of Chicago. The Civic Federation says Chicagoans may not experience many problems with the privatization of services they do not use very often.
