08.31.16
One year after passing the Illinois General Assembly, a bill that puts the City of Chicago’s Police and Fire pension funds on a 40-year plan to reach 90% funding has become law . Illinois Governor...
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05.13.16
The Chicago Public Schools faces a potentially devastating financial crisis. The elements of this crisis include:
An FY2016 budget that was not balanced as it depended on the vague hope that the State of Illinois will provide $480 million for pension relief, A forthcoming FY2017 budget that...03.31.16
On March 24, 2016 the Illinois Supreme Court filed its opinion affirming the Cook County Circuit Court’s...
12.18.15
FY2016 Budget Season Summary
December 3, 2015 marked the end of the budget season for the eight local governments monitored by the Civic Federation. These governments include: the City Colleges of...
12.03.15
The Civic Federation Supports the Metropolitan Water Reclamation District’s tentative budget of $1.21 billion for being reasonable and balanced while maintaining ample reserves and for its...
11.17.15
The Civic Federation supports the Forest Preserve District of Cook County’s proposed $190.3 million budget. The proposed plan is reasonable and balanced, does not use fund balance reserves...
11.13.15
The Civic Federation supports the Chicago Transit Authority's (CTA) FY2016 operating budget of nearly $1.47 billion. The budget represents a continued effort to actively manage costs and...
06.05.15
In December 2010 the Illinois General Assembly passed and then Governor Quinn signed legislation (Public Act 96-1495) that created a new tier of pension benefits for public safety employees in Illinois hired on...
09.17.14
The most basic question about a pension fund is whether its assets are sufficient to cover total liabilities incurred. In this blog post, we examine the aggregate pension liabilities and Other Post Employment Benefit (OPEB) liabilities of ten large local...