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...
10.11.13
As part of its ongoing analysis of State and local government budgets, the Civic Federation also reviews proposed capital budgets along with any planning documents provided in support of infrastructure investments.
Although many governments approve new and reappropriated capital spending...
10.09.13
Four large local government pension funds in the Chicago area reduced their expected investment rates of return for fiscal year 2012. While intended to make the funds’ actuarial assumptions more realistic, these decisions will also have the effect of increasing the funds’ liabilities...
10.03.13
Over the next few weeks, many Chicago-area local governments will be releasing their proposed budgets for fiscal year 2014. In preparation for the upcoming budget releases, this blog will recap the Civic Federation’s significant observations from our analyses of local governments’...
09.26.13
Since July 2013 each of the six local governments monitored by the Civic Federation with General Obligation bond debt has experienced downgrades to their bond ratings. These governments are the City of Chicago, Cook County, the Metropolitan Water Reclamation District (MWRD), the Forest Preserve...
05.22.13
This week the Civic Federation released its annual Status of Local Pension Funding report . The purpose of this report is to compile and analyze basic financial data of the retirement funds for the...
05.21.13
Chicago-area public employee pension funding levels dropped significantly in FY2011, with unfunded liabilities for the ten funds analyzed rising to $32.0 billion from $27.4 billion in FY2010, an...
02.27.13
This blog examines some of the long-term obligations of the City of Chicago and its overlapping local governments using a per capita indicator based on bonded debt and unfunded pension liabilities. Rating agencies and other financial analysts commonly monitor overlapping direct debt trends as an...
01.09.13
The Metropolitan Water Reclamation District (MWRD) is a special-purpose government providing wastewater treatment for residents and industrial businesses primarily in Cook County. The budget process for the MWRD differs from the budget processes of other northeastern Illinois governments. The...
12.26.12
A look back at the Civic Federation’s blog this year provides a preview of upcoming fiscal challenges for local governments in 2013.
Pension Funding The most urgent fiscal challenge for Illinois governments continues to be the pension funding crisis. The combined funded ratio for...
