August 14, 2014

August 14, 2014

(CHICAGO) The full market value of real estate in Cook County was approximately $414.4 billion in tax assessment year 2012 according to an annual estimate released today by the Civic Federation. The 2012 total value estimate represents a decline of $28.4 billion or 6.4% from the 2011 estimated full value. Tax year 2012 is the most recent year for which data are available. The 2012 estimates represent the sixth consecutive year of decline for real estate values in Cook County, from a high of $666.2 billion in 2006. The full report including ten-year trend data is available at www.civicfed.org.

August 14, 2014

This report provides estimates of the total market value of real property in Cook County from 2003-2012 and shows how property value is spread among the City of Chicago, the northern and the southern suburbs.

August 14, 2014

August 8, 2014 - 12:02pm


August 8, 2014

Despite Illinois’ tight budget for the current fiscal year, the State enacted major Medicaid legislation featuring increased payments to nursing homes and hospitals.


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August 7, 2014 - 11:22am


August 7, 2014

The Civic Federation is a member of the Governmental Research Association (GRA), which is celebrating its 100th anniversary this year. The GRA is the national organization of individuals professionally engaged in governmental research. Organizations like the Civic Federation from around the country gathered in Washington D.C. this week for a conference to discuss timely government issues and celebrate the excellent research and policy achievements of member organizations. In the spirit of promoting member groups’ extraordinary contributions to improving government, we encourage our blog readers to follow the links below to explore the depth and breadth of topics GRA members address.


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

August 1, 2014 - 1:34pm


August 1, 2014

This week the City of Chicago released its Annual Financial Analysis for 2014. According to an executive order issued by Mayor Rahm Emanuel on May 20, 2011, the Office of Budget and Management is mandated to produce a financial analysis of the City budget by July 31st of each year.  The report includes:


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August 1, 2014

Crain's Chicago Business

Crain's Chicago Business
August 1, 2014

This article discuses an upcoming $550 million contribution to the City of Chicago’s police and fire pension funds. The City’s 2014 Annual Financial Analysis, released July 31, interprets language in the 2011 pension law such that the increased contribution is not payable until 2016. The Civic Federation said this gives the City 16 months to negotiate and pass a pension deal before difficult tax hikes or spending cuts are needed.

August 1, 2014

Chicago Tribune

Chicago Tribune
August 1, 2014

This article discusses the City of Chicago’s 2014 Annual Financial Analysis released July 31, which reviews 2014 and includes projections for fiscal years 2015 through 2017. The Civic Federation said the City is making significant progress on managing its finances and reducing the structural deficit, but continued progress is threatened by the failure to address the City’s police and fire pension funding crises.

July 31, 2014 - 1:40pm


July 31, 2014

According to recent reports, the State of Illinois’ operating revenues, which are expected to decline this year due to the partial rollback of State income tax rates, exceeded expectations in FY2014, the last full year of the increased income tax rates.


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

July 25, 2014 - 11:57am


July 25, 2014

CPS is balancing its budget in FY2015 in large part by shifting the time period used to report revenues from 30 to 60 days. This will allow the District to access $648.0 million in revenues that it would not otherwise have been able to use. However, this is a one-time maneuver that cannot be repeated in FY2016.


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

July 25, 2014 - 10:52am


July 25, 2014

Less than a month into the new fiscal year, which began on July 1, Standard and Poor’s announced that the financial outlook for the State has deteriorated from “developing” to “negative.” The rating agency directly blamed the FY2015 budget approved by the Governor and General Assembly for the change in perspective.


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