Chicago Public Schools

January 15, 2015

Change in Public Pension Plan Investment Return Assumptions 2001-2013

The Civic Federation and IIFS blogs have written extensively about reductions to assumed rates of return on investment by State and some local public pension plans over the last several years. These changes are part of a nationwide trend,…

November 20, 2014

How Property Taxes are Distributed in the City of Chicago

The Cook County Clerk’s Office annually releases a tax rate report that provides the tax rates for various taxing agencies within Cook County. It is important for property taxpayers to have an accurate picture of which governments receive…

October 1, 2014

Status of Local Pension Funding Fiscal Year 2012

Chicago-area public employee pension funding levels continued to decline in FY2012, with total unfunded liabilities for the ten funds analyzed rising to $37.2 billion from $32.0 billion in FY2011. On average, the ten funds analyzed had an…

September 17, 2014

Pension Funding Basics: Assets and Liabilities

The most basic question about a pension fund is whether its assets are sufficient to cover total liabilities incurred. In this blog post, we examine the aggregate pension liabilities and Other Post…

July 25, 2014

CPS Balances its FY2015 Budget with Accounting Maneuver that Changes the Time Period Used to Recognize Revenues

CPS is balancing its budget in FY2015 in large part by shifting the time period used to report revenues from 30 to 60 days. This will allow the District to access $648.0 million in revenues that it would not otherwise have been able to use…

July 22, 2014

Chicago Public Schools FY2015 Proposed Budget: Analysis and Recommendations

The Civic Federation does not support Chicago Public Schools proposed $6.8 billion budget for FY2015. The short-sighted budget does nothing to address the District’s grave fiscal crisis and is balanced only by an accounting maneuver that…

February 28, 2014

Chicago Public Schools’ Finances Remain Precarious

This week, Chicago Public Schools released its FY2013 Comprehensive Annual Financial Report for July 1, 2012 to June 30, 2013. In it, the District reports a year-end FY2013 deficit of $119 million that was closed using fund balance. This…

December 30, 2013

2013 Year in Review on Civic Federation Blog

The following posts were among the most highly read on the Civic Federation blog in 2013 and represent some of the most closely followed local government issues this year:…

December 24, 2013

Civic Federation Budget Recommendations for Chicago-Area Local Governments

Last week the Civic Federation marked the end of the FY2014 budget season with a blog that summarized the proposed budgets for the eight local governments the Federation…

December 19, 2013

FY2014 Budget Season Summary

Last week marked the end of the FY2014 budget season for the eight local governments monitored…