July 17, 2014 - 10:03am


July 17, 2014

The Illinois Supreme Court’s recent ruling on health insurance for State retirees is expected to increase State costs by approximately $128 million through FY2015, according to the Department of Central Management Services.

Although litigation is ongoing, the high court’s decision apparently means the State will bear the cost of health insurance premium increases previously charged to retirees. Officials at the Department of Central Management Services (CMS) said that those premiums amounted to $42 million in FY2014 and were expected to total $86 million in FY2015.


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July 13, 2014

The Chicago Tribune

The Chicago Tribune
July 13, 2014

This article details a decade of leases, deals and debts related to Millennium Park—a park originally envisioned as a $150 million open green space that would be no cost to taxpayers. The Civic Federation said the lack of financial oversight and responsible budgeting during development cost the City of Chicago much more than projected, and likely more than was necessary to build the park. 

July 10, 2014 - 4:26pm


July 10, 2014

Second installment property tax bills for Cook County residents were mailed out this month, the third year in a row that they have been sent out on time. Between tax year 1977 and tax year 2011, second installment bills were sent out late every year according to the elected officials associated with the Cook County property tax process.


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July 10, 2014

The Civic Federation supports the City Colleges tentative FY2015 budget totaling $723.5 million for reflecting the District’s continued commitment to sound financial practices and prudent planning. The FY2015 tentative budget holds the property tax levy relatively flat for the fifth consecutive year, increases unrestricted operating funds by only 1.0% from FY2014 and continues to maintain a healthy fund balance for contingencies.  

July 10, 2014

July 10, 2014

July 10, 2014

District continues dramatic improvement of its financial practices, planning

In an analysis released today, the Civic Federation supports the City Colleges of Chicago’s proposed FY2015 budget of $723.5 million which reflects the District’s continued commitment to sound financial practices and prudent planning. The full 47-page report is available here.

July 9, 2014 - 11:22am


July 9, 2014

A court ruling on health insurance for retired State of Illinois workers could put additional pressure on the State’s stopgap budget for the year that began on July 1, 2014.


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July 3, 2014

Chicago Tribune

Chicago Tribune
July 3, 2014

This article covers Chicago Public Schools’ July 2 budget announcement, which includes a plan to count 30 days of FY2016 revenue toward the FY2015 budget to help fill a projected FY2015 deficit nearing $1 billion. The Civic Federation said this one-time revenue adjustment will do nothing to improve the District’s long-term finances, but also recognized that the District’s options are limited without pension reform.

July 3, 2014

Chicago Sun-Times

Chicago Sun-Times
July 3, 2014

This article discusses the budget plan announced by Chicago Public Schools July 2 that includes extending the period in which the District will collect property tax revenue by an additional 30 days to August. The Civic Federation said it is a risky one-time fix that relies on Cook County issuing property tax bills on-time, and does nothing to help the District face next year’s projected $1 billion deficit.

July 3, 2014 - 2:16pm


July 3, 2014

On June 26, 2014, Cook County Board President Toni Preckwinkle issued a preliminary budget forecast for fiscal year 2015, which begins on December 1, 2014. The report also provides estimated year-end results for FY2014.

A public hearing on the preliminary FY2015 budget will be held on July 16, 2014.  Board President Preckwinkle plans to present her final budget proposal for FY2015 in October 2014.

 

Preliminary FY2015 Budget Forecast


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July 2, 2014 - 12:08pm


July 2, 2014

Despite criticizing the General Assembly for not passing an adequate budget for the new fiscal year, Governor Pat Quinn signed the legislature's appropriations bills into law on June 30, 2014, the last day before the start of FY2015. The Governor vetoed $250 million from the capital budget, but the change will not affect the State’s operating expenditures.


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