October 31, 2014 - 8:52am


October 31, 2014

When the Illinois Jobs Now! capital spending program was approved in 2010 the State also approved a series of dedicated revenue sources intended to fund new borrowing costs outside the State operating budget. As previously sold capital bonds were retired, it was anticipated that the cost for new bond funded capital projects would fall outside the operating budget.

However, five years into the capital spending program the FY2015 General Funds debt service costs for capital bonds continue to increase.


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

November 3, 2014

The Civic Federation supports the City of Chicago's proposed $7.3 billion budget because it reflects both reasonable structural changes and significant actions toward long-term stability, including the 2014 pension reform law for the City's Municipal and Laborers' pension funds and the continued phase out of the City's retiree health care subsidy.

November 3, 2014

November 3, 2014

November 3, 2014

Recent Progress Threatened by Pension Funding Crisis, Borrowing for Operations

In a report released today, the Civic Federation announced its support for the City of Chicago’s proposed FY2015 operating budget of $7.3 billion but expressed deep concern for how the City will manage rising pension costs and debt service payments in future years. The full 101-page analysis is available here.

October 28, 2014 - 8:26am


October 30, 2014

The Civic Federation and Motorola Solutions Foundation are pleased to announce the 2014 Excellence in Public Service honoree, Rocco Claps, Director of the Illinois Department of Human Rights. The award recognizes a non-elected government official who has had an extraordinary impact on the quality of state and local government services in Illinois.


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

December 11, 2014 - 8:00am - 9:30am

Palmer House Hilton
17 East Monroe Street
Chicago, IL, 60603

Thursday, December 11, 2014
Reception begins at 8:00 a.m.

December 11, 2014 - 8:00am - 9:30am

Palmer House Hilton
17 East Monroe Street
Chicago, IL, 60603

Thursday, December 11, 2014
Reception begins at 8:00 a.m.

October 23, 2014 - 3:18pm


October 23, 2014

As previously discussed here, the enacted FY2015 budget for the State of Illinois includes several budgetary gimmicks intended to make up for the loss of revenues associated with the expiration of the temporary income tax increases halfway through the fiscal year. 


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

October 22, 2014 - 10:17am


October 22, 2014

The total unfunded liabilities for the State and local public employee pensions that Chicago residents fund reached $19,579 per capita for fiscal year 2012. That is up from $6,175 per capita in FY2003.


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

October 15, 2014

Chicago Tribune

Chicago Tribune
October 15, 2014

This article reviews the FY2015 Budget Announcement from Chicago Mayor Rahm Emanuel. The spending plan is built on the assumption that the Illinois General Assembly will enact pension reform for the City’s police and fire pension funds before the City’s required annual pension contribution increases by $550 million in 2016. The Civic Federation said the City needs an alternate plan for addressing the underfunded pension systems.

October 15, 2014

Reuters

Reuters
October 15, 2014

This article discusses Mayor Rahm Emanuel’s FY2015 Budget announcement for the City of Chicago on October 15. The Civic Federation said the budget is fairly conservative in addressing the city’s $297 million deficit, but lacks a detailed, long-term plan for addressing the City’s underfunded police and fire pension systems.   

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