04.03.14
Chicago Mayor Rahm Emanuel unveiled a proposal to stabilize the City’s underfunded Municipal and Laborers pension funds on March 31. The 40-year plan includes successive property tax increases to provide additional pension funding coupled with employee benefit reductions. His proposal does...
03.18.14
The Federal Reserve Bank of Chicago and the Board of Directors of the Civic Federation are pleased to announce a conference on how municipalities in Illinois can avoid or resolve fiscal stress. The half-day conference will take place on Wednesday, April 23 rd in the Conference Center at the...
12.30.13
12.24.13
Last week the Civic Federation marked the end of the FY2014 budget season with a blog that summarized the proposed budgets for the eight local governments the Federation monitors. These governments include the...
12.11.13
The Civic Federation supports the Metropolitan Water Reclamation District’s tentative budget of $1.2 billion for its responsible pension practices and transparent long-term planning. The...
12.04.13
In 2011, as part of its FY2012 budgeting process, the Metropolitan Water Reclamation District (MWRD) Retirement Board proposed legislative initiatives for pension funding reform, with the support of the MWRD Board of Commissioners. [1] In its...
12.04.13
The Civic Federation supports the $425.6 million Chicago Park District budget for continuing the District’s multi-year effort to reduce its structural deficit. The proposal includes a broad-...
11.20.13
UPDATE:
On January 7, 2014, Governor Pat Quinn signed Senate Bill 1523 into law. The provisions of Public Act 98-0622 will go into effect starting January 1, 2015.
Original blog post published on...
11.13.13
The Civic Federation supports the City of Chicago’s proposed $7.0 billion budget as a reasonable short-term plan that closes approximately two-thirds of a $338.7 million budget gap with...
11.08.13
On October 25, 2013, Moody’s Investors Service downgraded the CTA’s bond rating to A1 from Aa3 and lowered its outlook to negative from stable. This makes it the...
