12.06.13
After decades of dire warnings and several years of legislative negotiations, the Illinois General Assembly on December 3, 2013 passed...
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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-...
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 following opinion piece by Civic Federation President Laurence Msall was published by Crain's Chicago Business on December 4, 2013....
11.27.13
Over the last several years, several local governments in the Chicago area have taken advantage of a provision of the Property Tax Extension Limitation Law (PTELL or “tax caps”) that allows governments to increase their revenue beyond what normally would be allowed under the law by...
11.26.13
Legislative action on reducing the State of Illinois’ massive pension obligations could come as soon as next week, but the details of the latest pension reform proposal and its potential impact on the State’s financial condition have not yet been made public.
On November 25, Illinois...
11.22.13
A provision of the General Obligation Bond Act in Illinois requires the State to structure its bonds so that equal amounts of the funds borrowed are repaid in each year of the loan. This structure, called level principal, benefits the State’s long-term debt profile by reducing the overall cost...
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...
11.20.13
The Civic Federation strongly supports the proposal to create an Office of Financial Analysis for the Chicago City Council.
Mayor Rahm Emanuel’s proposed FY2014 budget includes...
11.18.13
Only four months into the State of Illinois’ 2014 fiscal year, which began on July 1, 2013, annual revenue projections have increased by more than $300 million from the initial estimates. Positive first quarter results from the State’s sales tax receipts are being added to other one-...