Issues: Tax Increment Financing
Tax Increment Financing, often referred to as TIF, is a popular economic development tool for local governments across the United States. Read The Civic Federation’s analyses and recommendations to improve the transparency of TIF in Illinois here.
The Civic Federation offers conditional support for the Metropolitan Water Reclamation District’s (MWRD) FY2012 Tentative Budget of $1.0 billion. The Federation is concerned that the budget proposes the maximum increase to the property tax levy and does not comply with the District’s own fund balance policy. The proposed reforms to pension funding that have the support of the Retirement Fund Board and the Board of Commissioners are a strong step toward improving the financial health of the pension fund, which is only 56.5% funded. However, the passage of these reforms in Springfield will require strong advocacy by the Commissioners.
The Civic Federation supports the Chicago Park District FY2012 Budget of $407.5 million because it holds the property tax levy flat for the seventh year in a row and emphasizes cost containment and revenue diversification. The Federation supports the District’s development of a fund balance policy and its efforts to eliminate the structural deficit through a multi-year plan. While we support the budget, the Civic Federation has concerns about the declining health of the District’s pension fund.
The purpose of this report is to provide the City of Chicago’s Mayor and City Council with detailed recommendations on ways to address the City’s serious financial challenges and create a government that is more efficient, less costly and more accountable. On February 14, 2011, the Civic Federation released Financial Challenges for the New Mayor which identifies the most significant fiscal issues facing the City of Chicago. Recommendations for a Financially Sustainable City of Chicago expands on the previous report with specific recommendations for various functions of City government.
As noted in last week’s blog post, two City of Chicago tax increment financing (TIF) districts will be extended...
In the latest session of the General Assembly, the Illinois legislature approved extensions of two Chicago-area tax...
On June 30, 2011 the Civic Federation released Recommendations for a Financially Sustainable City of Chicago. The...
Today the Civic Federation published an update to its primer The Cook County Property Tax Extension Process: A Primer...
177 N. State St., Suite 400, Chicago, Illinois 60601 | Phone: 312-201-9066 | Fax: 312-201-9041
Email: firstname.lastname@example.org | © Copyright 2011 The Civic Federation