Chicago Public Schools

January 31, 2013

Chicago Public Schools' $328 Million Fund Balance Increase Reflects Early Receipt of Revenues, Not New Or Additional Funds

On January 23, 2013, the Chicago Public Schools (CPS) released its Comprehensive Annual Financial Report (CAFR) for the 2012 fiscal year. The fiscal…

December 26, 2012

What’s Next for Local Governments in 2013?

A look back at the Civic Federation’s blog this year provides a preview of upcoming fiscal challenges for local governments in 2013. Pension Funding The most urgent fiscal challenge for Illinois governments continues to be the pension…

December 20, 2012

Civic Federation Recommendations for the Chicago-area Local Governments

Last week the Civic Federation marked the end of the FY2013 budget season with a blog that summarized the proposed budgets for the nine local governments the Federation…

December 13, 2012

FY2013 Budget Season Summary

Last week marked the end of the budget season for the nine local governments monitored by the Civic Federation. These governments include: the City Colleges of Chicago, Chicago Public Schools (CPS), DuPage County, City of Chicago, Cook…

October 18, 2012

CPS Releases Amended FY2013 Budget

Last week, Chicago Public Schools (CPS) issued an amended FY2013 budget plan based on the new contract agreement between the District and the Chicago Teachers Union (CTU). The revised budget includes an additional $103 million in spending…

August 23, 2012

Chicago Public Schools Approves FY2013 Budget

On July 19, 2012, the Civic Federation released its analysis of the proposed FY2013 budget for Chicago Public Schools (CPS) in anticipation of the Board of Education’s vote on the budget…

July 19, 2012

Civic Federation Opposes Chicago Public Schools FY2013 Proposed Budget

As stated in its analysis released today, the Civic Federation opposes the Chicago Public Schools (CPS) proposed $5.2 billion operating budget for FY2013, which drains all General Fund…

July 18, 2012

Chicago Public Schools FY2013 Proposed Budget: Analysis and Recommendations

The Civic Federation opposes the Chicago Public Schools (CPS) proposed $5.2 billion FY2013 operating budget which drains all General Fund reserves to help close a $665 million budget deficit and leaves the District with no identifiable…

May 17, 2012

Chicago Public Schools Releases Capital Improvement Plan

On May 2, 2012, Chicago Public Schools (CPS) released a capital budget via a new interactive website. The proposed capital improvement plan (CIP) includes a FY2013 capital budget and a five-year…

January 26, 2012

GASB 54: New Standards for Fund Balance Reporting

In order to address sometimes inconsistent application of reporting standards for fund balance by governments, the Governmental Accounting Standards Board (GASB) issued GASB Statement…