April 29, 2014

Crain's Chicago Business

Crain's Chicago Business
April 29, 2014

This article discusses Governor Quinn’s recent indication that he would consider increasing the share of State income taxes distributed to local governments if the 2011 income tax rates were made permanent. The Civic Federation recommended restoring the full 10% share of income tax revenues to local governments in its FY2015 State of Illinois Budget Roadmap. Municipalities did not receive additional revenue from the 2011 tax increase. 

April 24, 2014 - 3:41pm


April 24, 2014

Governor Pat Quinn’s recommended budget for FY2015 proposes that the State of Illinois build a financial cushion to deal with future economic downturns. The Governor suggests the creation of an adequate “rainy day” fund in a five-year blueprint for the State, but specifics of the plan have not been provided.


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April 22, 2014

Bloomberg

Bloomberg
April 22, 2014

This article discusses the uncertain status of pension reforms for two City of Chicago funds. The reforms were passed by the Illinois General Assembly April 8, but Governor Quinn has not yet announced whether he will sign the legislation. The Civic Federation said it is hard to understand how the City could move beyond constant fiscal uncertainty without developing a comprehensive financial plan.  

April 23, 2014

The Bond Buyer

The Bond Buyer
April 23, 2014

This article discusses the reforms for two city pension funds passed by the Illinois General Assembly earlier in April, which are still waiting for Governor Quinn’s approval. It cites Chicago CFO Lois Scott’s presentation on Chicago’s financial future at the Civic Federation and Federal Reserve Bank’s April 23 Forum, “After Detroit: How will Illinois and its Communities Respond?”

April 22, 2014 - 4:42pm


April 22, 2014

The Civic Federation’s Annual Civic Awards Luncheon on Wednesday, June 25, 2014 will celebrate Ann Lurie and Northern Trust, two honorees who exemplify the high standard of civic commitment that has come to define the City of Chicago. The awards are named in honor of the prominent civic leaders who founded the Civic Federation in 1894: Jane Addams, Bertha Honoré Palmer and Lyman J. Gage.


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April 18, 2014 - 9:54am


April 18, 2014

Although the budget recommended by Governor Pat Quinn for FY2015 proposes extending current income tax rates to avoid a massive revenue cliff, it also relies on borrowing $650 million to close a budget gap and pay down a portion of the State’s backlog of unpaid bills.


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April 16, 2014 - 4:07pm


April 16, 2014

On April 8, 2014, the Illinois House of Representatives and Senate approved Senate Bill 1922, which contains reforms and funding increases intended to stabilize the financial condition of two of the City of Chicago’s four pension funds. The bill awaits Governor Quinn’s review.

This blog post is an update to a post from two weeks ago that provided the details of an earlier version of the reform bill. The approved version contains some changes, described below.

 


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April 10, 2014

Chicago Tribune

Chicago Tribune
April 10, 2014

This article discusses Chicago Public Schools’ announcement that an additional $70 million for school-based budgets will be available in FY2015 because the District plans to extend its revenue recognition period to August 29—two months into FY2016. The Civic Federation said this financial maneuver of counting the future year’s revenue toward this year’s budget is risky. The Federation has continually recommended CPS develop a long-term financial plan to stabilize its budget.

April 11, 2014 - 2:50pm


April 11, 2014

UPDATE: On June 4, 2014, the State of Illinois filed its application for a $5 billion Medicaid plan with the federal government. Advocates for Medicaid recipients said they were told by State officials that there were no substantial changes from the version of the plan posted for public comment in February.


Original post published on April 11, 2014


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April 10, 2014 - 3:50pm


April 10, 2014

A recent report by the Illinois Supreme Court raises significant concerns about Cook County’s pretrial services.


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