October 1, 2014

Crain's Chicago Business

Crain's Chicago Business
October 1, 2014

This column reviews the Civic Federation’s annual Effective Property Tax Rates report that looks at property tax trends in Cook County and the collar counties for tax years 2003-2012. The report found, among the 12 Cook County communities analyzed, Harvey had the highest effective tax rate for residential properties at 8.87% in tax year 2012, while Chicago had the lowest residential rate at 1.84%.

October 2, 2014

Bloomberg

Bloomberg
October 2, 2014

This article covers the Civic Federation’s annual Status of Local Pensions report that looks at the funding levels of ten Chicago-area public pension funds. The funds continued to decline, showing an aggregate actuarial funding level of 45.5% in FY2012 down from 74.5% in FY2003. The Civic Federation said this pension funding crisis is the result of decades of oversight, and even with recent reforms it could be many years before the funds are fully stabilized.

October 2, 2014

Chicago Sun-Times

Chicago Sun-Times
October 2, 2014

This article covers the Civic Federation’s Status of Local Pensions report that annually examines the most recent audited data available for ten Chicago-area public pension funds. For all pension funds supported by the taxes of Chicago residents, including statewide funds, the unfunded liability per capita for each Chicago resident in FY2012 was $19,579.

October 2, 2014 - 3:34pm


October 2, 2014

In the past few months, it has become evident that Illinois vastly underestimated the number of newly eligible recipients who would sign up for Medicaid under the Affordable Care Act. However, the fiscal implications of the unexpectedly strong enrollment remain unclear.


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

October 1, 2014 - 1:18pm


October 1, 2014

This week the Civic Federation released its annual Effective Property Tax Rates report. The report highlights the fact that in 2012 property tax burdens for many Northeastern Illinois communities rose. While analysis of the report often focuses on the 12 Cook County municipalities included in the study, especially Chicago, this blog will look at the selected communities in the collar counties.


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

October 2, 2014

Chicago-area public employee pension funding levels continued to decline in FY2012, with total unfunded liabilities for the ten funds analyzed rising to $37.2 billion from $32.0 billion in FY2011. On average, the ten funds analyzed had an actuarial funding level of 45.5% in FY2012, down from 74.5% in FY2003. For all pension funds supported by the taxes of Chicago residents, including statewide finds, the total unfunded liabilities reached $19,579 per Chicago resident in FY2012.

October 2, 2014

October 2, 2014

October 2, 2014

A Civic Federation report released today examines the continued funding decline of Chicago-area public employee pension funds. For all pension funds supported by the taxes of Chicago residents, including statewide funds, total unfunded liabilities reached $131.9 billion in fiscal year 2012, the most recent audited data available for all the funds. This equates to a pension liability of $19,579 per Chicago resident.

September 29, 2014

The Bond Buyer

The Bond Buyer
September 29, 2014

(The full content of this article is only available to the publication’s subscribers.)

This article covers the Civic Federation’s annual Effective Property Tax Rates report that looks at property tax trends in Northeastern Illinois for tax years 2003-2012. All 12 Cook County communities analyzed experienced increases in their residential effective property tax rates in tax year 2012. Chicago had the lowest residential rate among the selected communities at 1.84%.

September 26, 2014 - 3:47pm


September 26, 2014

As recently as 2011, the State of Illinois projected its backlog of unpaid income tax refunds could increase to more than $1.0 billion but by the end of FY2014 nearly all refunds were paid. In FY2015, for the second year in a row, the State transferred revenues originally diverted to pay for refunds back into the operating budget.


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

September 26, 2014 - 10:49am


September 26, 2014

The declining health of public employee pension funds throughout the State of Illinois is primarily due to two causes: inadequate employer contributions over a sustained period and recent investment losses. This blog will discuss the role of investment rate of return in public employee pension funding and provide an update on the investment returns of Chicago-area pension funds in FY2012, the most recent year for which data are available.


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

Syndicate content