February 12, 2015

February 12, 2015

In a report released today, the Civic Federation’s Institute for Illinois’ Fiscal Sustainability proposes a comprehensive five-year plan that responds to the dire reality of Illinois’ financial condition with painful, but necessary recommendations. The plan immediately stabilizes the State’s operating budget and establishes a sustainable long-term financial plan that would pay off Illinois’ unpaid bill backlog of approximately $6.4 billion. The full 56-page report is available here.

February 12, 2015

Prior to the release of the Governor’s annual budget recommendation, the Institute for Illinois’ Fiscal Sustainability at the Civic Federation releases an analysis of the State of Illinois’ fiscal condition and proposes a comprehensive five-year plan for achieving long-term fiscal sustainability for the State of Illinois. This plan responds to the dire reality of Illinois’ financial condition with painful, but necessary recommendations.

February 12, 2015

February 9, 2015

The Boston Globe

The Boston Globe
February 9, 2015

This article looks at the costs included in Boston’s bid for the 2024 Olympics and discusses the bid’s expected revenues and private verses public funding components. It references the Civic Federation’s 2009 analysis of Chicago’s unsuccessful 2016 Olympic bid, which concluded the bid had adequate protection for taxpayers but significant real estate risks. 

February 6, 2015

Chicago Tribune

Chicago Tribune
February 6, 2015

This article discusses Governor Bruce Rauner’s call for a two-year freeze on the property taxes that fund local governments in Illinois. The Civic Federation warned that many local governments in Illinois are facing severe financial crises, many of which are exacerbated by the State’s own financial problems.

February 5, 2015

Chicago Tribune

Chicago Tribune
February 5, 2015

This article discusses a proposal by Governor Bruce Rauner to allow cities, towns and counties in Illinois to file for bankruptcy protection. The Civic Federation’s 2015 Legislative Priorities encourage the Illinois General Assembly to create an Illinois Municipal Protection Authority as an alternative to bankruptcy to assist local governments in finding creative, voluntary solutions to their financial problems.

February 3, 2015 - 3:39pm


February 3, 2015

The Civic Federation regularly analyzes and comments on the budgets and audited financial statements of eight major local governments in northeastern Illinois:


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January 29, 2015 - 3:57pm


January 29, 2015

A 2009 GFOA white paper identified long-term financial planning as the central tool for local governments to become financially resilient. Financial resiliency is characterized by going beyond just financial sustainability to a system that is adaptive and able to sustain external shocks such as an economic downturn.[1] Credit rating agencies have also recognized the importance of long-term financial planning. As such, the Civic Federation frequently recommends in its budget analyses that local governments undertake long-term financial forecasting and planning.


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January 29, 2015 - 3:43pm


January 29, 2015

At the end of December, the Illinois Auditor General released the State Actuary’s annual report on the actuarial assumptions and valuations of the State’s five pension funds. In its report, according to State law, the State Actuary must evaluate whether the pension funds’ actuarial assumptions are reasonable.


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January 23, 2015 - 9:26am


January 23, 2015

The State of Illinois projected a major loss of income tax revenues in FY2015 due to the reduced rates for individuals and corporations that took effect on January 1, 2015. However, corporate income taxes have taken a steeper decline than originally projected and began to fall even before the rate declined to 5.25% from 7.0% halfway through the fiscal year.

The December 2014 monthly revenue report from the Commission on Government Forecasting and Accountability (COGFA) showed corporate income tax revenues declining by $89 million from December 2013. Receipts were also $217 million less for the first half of FY2015 compared to the first half of FY2014 (the State’s fiscal year runs from July 1 to June 30).


We welcome any questions and feedback about the content of this blog. Please e-mail blog@civicfed.org with your query.

January 21, 2015 - 4:45pm


January 21, 2015

The Civic Federation’s recent report profiling six townships in Cook County with the largest unincorporated population examined issues related to annexing unincorporated areas. The report described the unincorporated areas and identified many of the barriers that municipalities might face if they were to annex the unincorporated areas adjacent to their borders.


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