November 1, 2016
The Civic Federation supports the proposed FY2017 City of Chicago budget of $8.2 billion because it continues to work toward addressing the City’s unfunded pension liabilities and makes significant improvements over past financial practices.
Despite setbacks due to recent court rulings, all four City funds now have proposed dedicated funding sources. As mentioned in the full report, Mayor Emanuel has committed to ending the use of “scoop and toss” debt refinancing by 2019. The FY2017 budget also continues to incorporate large expenses such as judgments and settlements into its operating budget rather than borrowing for those expenses.
The City of Chicago’s fiscal year begins January 1, 2017 and ends December 31, 2017.