November 8, 2017
The Civic Federation supports the proposed FY2018 City of Chicago budget of $8.6 billion because it continues to work toward stabilizing the City’s finances, puts its four pension funds on a path toward solvency and works to incorporate short-term capital expenses into the operating budget rather than funding them through borrowing.
The budget also proposes reforms and efficiencies aimed at improving city operations and reducing growing expenditures including consolidation of functions across departments, energy savings and efficiencies and better management of healthcare costs. This year’s budget proposal is the product of muchheavy lifting, painful but necessary decisions and important investments made by Mayor Emanuel and the Chicago City Council over the past several years. However, the City will still face many more tough decisions in the coming years to fully stabilize its financial situation.
The City of Chicago’s fiscal year begins January 1, 2018 and ends December 31, 2019.