Illinois has by far the greatest number of local governments in the nation at 6,963, according to the U.S. Census Bureau’s 2012 Census of Governments. The vast number of local governments in Illinois is often cited as a driving factor for Illinois’ high property tax rate, one of the highest in the nation, as many of the local governments are primarily funded by property taxes. A large share of…
After several iterations and much disagreement, the State of Illinois now has a new statewide school funding formula. The Illinois General Assembly approved the new formula as Senate Bill 1947, House Floor Amendment 5 on August 29, with the Illinois House passing the bill Monday, August 28 and the Senate concurring the next day. The Governor signed the bill into law as Public Act 100-0465 on…
Click here to read the full report. The Civic Federation opposes the Chicago Public Schools’ proposed $5.7 billion operating budget and total budget of $6.5 billion because it does not do enough to divert CPS from its dismal fiscal trajectory. Amid budget, liquidity, debt and pension funding crises, the FY2018 budget relies on nearly $570 million in still uncertain funding and on costly short-…
Chicago Public Schools (CPS) recently adopted its second amended budget of the 2017 fiscal year in an effort to balance its budget and close a $215.2 million hole before its fiscal year ends on June 30, 2017. Chicago Public Schools adopted a $5.46 billion operating budget in August 2016 that relied on $215.2 million in State funding to help the District make its required $721 million pension…
On November 16, 2016, Chicago Public Schools (CPS) released an amended FY2017 budget plan based on the contract agreement reached between the District and the Chicago Teachers Union (CTU) on November 1, 2016. The revised budget includes an additional $55 million in spending which CPS plans to fund through $55 million additional tax increment financing (TIF) surplus from the City of Chicago. The…
This brief, developed by a Civic Federation Task Force, features a number of recommendations on ways the Chicago Public Schools can increase government transparency and accountability, including transparency in meetings, website transparency and budget presentation and format transparency. The Civic Federation believes that transparency is essential to good government. Government transparency…
In 2012 the Governmental Accounting Standards Board (GASB) issued new accounting and financial reporting standards for public pension plans and for governments, Statements 67 and 68. According to GASB, the new standards were intended to “improve the way state and local governments report their pension liabilities and expenses, resulting in a more faithful representation of the full impact of…
The Chicago Board of Education approved a reinstated dedicated pension levy as part of the Chicago Public Schools (CPS) FY2017 budget on August 24, 2016. The levy will allow the District to bring in $250.0 million in new revenue in FY2017. This additional property tax revenue will be used to fund the Chicago Teachers’ Pension Fund. Since CPS is subject to the Property Tax Extension Limitation…
The Civic Federation cannot support the Chicago Public Schools proposed $5.46 billion budget because it effectively remains out-of-balance by relying on uncertain funding and one-time measures in order to close a $1.1 billion operating deficit. The Civic Federation urges CPS to develop a public and transparent contingency plan for members of the Board of Education to approve in the event relied-…
After a yearlong stalemate, the State of Illinois finally saw a crack in its ongoing budget impasse on the last day of the fiscal year. The General Assembly rushed approval of bills authorizing a full year of preschool through high school education funding, including additional assistance for the Chicago Public Schools, along with a partial spending plan for other government services to cover…
