March 21, 2014

Chicago Tribune

Chicago Tribune
March 21, 2014

This op-ed by State Senator Heather Steans opposes the scheduled January 1, 2015 partial rollback of the State’s income tax rate because it would create a steep revenue cliff and threaten human services. Sen. Steans cites the Civic Federation’s State of Illinois FY2015 Budget Roadmap, which recommends extending the current income tax rates for one year before gradually rolling back the individual and corporate rates by 20%.

March 17, 2014

Chicago Sun-Times

Chicago Sun-Times
March 17, 2014

This editorial reviews positions of the four Illinois Primary GOP candidates for Governor on three subjects: leadership, revenue and business. Regarding the pending expiration of the temporary income tax increase, the editorial cited the Civic Federation’s State of Illinois FY2015 Budget Roadmap which recommends extending the income tax for one year before gradually rolling it back by 20%, to avoid a steep revenue cliff.

March 20, 2014 - 12:01pm


March 20, 2014

Next week Governor Pat Quinn will give his sixth budget address since taking office in 2009. The budget is expected to be one of the most difficult of his tenure considering that the State is currently expected to have approximately $5.4 billion in unpaid bills at the end of FY2014 and will see a loss of $1.6 billion in General Funds revenues in FY2015, due to the reduced income tax rates that take effect on January 1, 2015 under current law.

After requesting a delay in the release of his FY2015 budget recommendation, to March 26 from February 19, Governor Quinn will finally reveal his spending plan next week for the coming fiscal year, which begins on July 1, 2014.


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

March 18, 2014 - 9:32am


March 18, 2014

The Federal Reserve Bank of Chicago and the Board of Directors of the Civic Federation are pleased to announce a conference on how municipalities in Illinois can avoid or resolve fiscal stress. The half-day conference will take place on Wednesday, April 23rd in the Conference Center at the Federal Reserve Bank of Chicago, 230 S. LaSalle Street. The event will start at 8:00 a.m. and conclude with a luncheon ending at 1:30 p.m.


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

March 17, 2014 - 2:07pm


March 17, 2014

Unlike the federal government, the State of Illinois exempts all retirement income from the individual income tax. Of the 41 states that impose an income tax, Illinois is one of only three that exempt all pension income and one of 27 that exclude all federally taxed Social Security income, according to a report from the Chicago Metropolitan Agency for Planning.


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

March 13, 2014

Crain's Chicago Business

Crain's Chicago Business
March 13, 2014

This article reviews the findings of Illinois’ Comprehensive Annual Financial Report for fiscal year 2013, which shows Illinois is still in the worst financial shape of the 50 states, but it’s rate of deterioration has slowed. The Civic Federation the State’s continued deficit is driven by increased costs for pensions and retiree health care.

March 14, 2014

Chicago Tribune

Chicago Tribune
March 14, 2014

This article discusses an $883 million bond sale by the City of Chicago that will largely be used for debt refinancing and short-term expenses. The Civic Federation said a well-managed government would not be issuing debt to pay for its operating expenses and added that the refinancing practice known as “scoop and toss” increases the total cost of borrowing and the burden to taxpayers.

April 23, 2014 - 8:00am - 1:30pm

Federal Reserve Bank of Chicago
230 South LaSalle Street, 3rd Floor
Chicago, Illinois

April 23, 2014 - 8:00am - 1:30pm

Federal Reserve Bank of Chicago
230 South LaSalle Street, 3rd Floor
Chicago, Illinois

The Civic Federation is pleased to partner with the Federal Reserve Bank of Chicago to co-host a half-day forum, “After Detroit: How will Illinois and its Communities Respond?” on Wednesday, April 23 from 8 a.m. to 1:30 p.m.

Click here to register.

Agenda

Subject to change

7:30 a.m. to 8:00 a.m. — Registration and Continental Breakfast
Badge Pickup and Security Inspection in the Lobby

8:10 a.m. —  Welcome and Opening Remarks
William Testa, Vice President, Federal Reserve Bank of Chicago

March 3, 2014

The Bond Buyer

The Bond Buyer
March 3, 2014

This article discusses Illinois’ March 11 sale of taxable revenue-backed bonds in the context of the State’s temporary income tax increase scheduled to rollback in January 2015. It cites the Civic Federation’s recommendation to gradually reduce income tax rates by 20% after extending the rates for one year in 2015 to avoid a sharp revenue cliff.

March 6, 2014

Peoria Journal Star

Peoria Journal Star
March 6, 2014

This editorial highlights the recommendations in the Civic Federation’s State of Illinois FY2015 Budget Roadmap and calls the Federation’s plan a thoughtful, comprehensive approach to the State Budget that offers a solid starting point for discussion. Recommendations include building a rainy day fund that totals at least 5% of General Funds revenues.

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