The Civic Federation supports the Forest Preserve District of Cook County’s FY2013 proposed $190.3 million budget for its discipline in identifying non-tax revenue sources to hold the property tax levy flat for the fourth year in a row while maintaining substantial reserves. While the District’s overall budget demonstrates continued fiscal discipline, the Civic Federation is concerned about several negative trends threatening the District’s long-term fiscal health. The funded ratio of the…
In June 2012 the Forest Preserve District of Cook County Board of Commissioners approved the issuance of $110 million in bonds to finance capital improvement projects and to refinance existing debt. This major financing decision was made without the release of an updated capital plan and before offering the District’s operating budget for FY2013. The 2012-2016 Capital Improvement Plan was released in January 2012 and makes no reference an upcoming issuance. However, the 2013-2017 Capital…
In return for watching over District land and serving as a deterrent to crime or misuse, the Forest Preserve District of Cook County rents housing on its property to employees at drastically discounted rates through its Resident Watchmen Program. On October 28, 2011, the District announced plans to strengthen the program by implementing basic requirements for renters and increasing the fee structure of rental properties. The new fee structure makes rental properties available between 40% and 60…
Data from the most recent audited financial statements of Illinois’ state and local government pension funds shows that the total unfunded liabilities for public employee pensions supported by the taxes of Chicago residents reached $14,896 per capita for fiscal year 2010. That is up from $10,037 per capita in FY2008. Property taxes paid by Chicago residents (both owners and renters) support the four pension funds for City of Chicago employees as well as the pension funds for employees of the…
In 2011 the Civic Federation blog provided weekly context, information and perspective on government budgets and fiscal issues across Illinois. Posts in 2011 focused on FY2012 local government budget analysis and the severe challenges facing local government pension funds, as well as a series of recommendations for improving the fiscal sustainability of the City of Chicago and Cook County. The following is a selection of the year’s posts. FY2012 Local Government Budget…
In 2011 the IIFS blog provided weekly context, information and perspective on key fiscal issues in the State of Illinois. Posts in 2011 focused on analysis of FY2012 Illinois budget negotiations, analysis of the ongoing Illinois pension crisis and timely research on other fiscal issues impacting the State of Illinois. The following is a selection of the year’s posts. Analysis of FY2012 Illinois Budget Negotiations The IIFS blog opened the year by examining the implications of a…
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, DuPage County, City of Chicago, Cook County, Chicago Transit Authority, Forest Preserve District of Cook County, Metropolitan Water Reclamation District of Greater Chicago and Chicago Park District. While each local government’s budget and fiscal health status was evaluated individually, there are…
This week marks the end of the Civic Federation's fiscal year 2012 local government budget analysis season. The nine local governments monitored by the Civic Federation include: City Colleges of Chicago, Chicago Public Schools, DuPage County, City of Chicago, Cook County, Chicago Transit Authority, Forest Preserve District of Cook County, Metropolitan Water Reclamation District of Greater Chicago and Chicago Park District. The most notable finding of the budget season was that six of the eight…
The Civic Federation supports the Forest Preserve District of Cook County FY2012 Executive Budget Recommendation totaling $195.0 million, which includes both operating and capital expenditures. We commend the District for holding its property tax levy flat during a period of continued financial hardship for many Cook County residents and for taking steps toward more effective personnel management starting with a comprehensive desk audit. The District has also shown prudence by maintaining…
The Forest Preserve District of Cook County is the only forest preserve district in Illinois to have its own pension fund. All other forest preserve districts participate in the Illinois Municipal Retirement Fund. The Forest Preserve District pension fund is governed by the nine-member Board of Trustees of the Cook County pension fund and it is administered by the staff of the Cook County fund. In FY2010 there were 448 active employee participants in the plan and 514 annuitant members of…
