Issues: Local Government Pensions
The Civic Federation believes that public pension systems must be sustainably funded and well-managed. The Federation’s national reputation for expertise in pension funding and reform has been earned through years of in-depth research and analysis of employee retirement systems statewide. Read our analyses, recommendations for reform, and opinions about local public pension systems here.
Prior to the release of the Governor’s annual budget recommendation, the Institute for Illinois’ Fiscal Sustainability at the Civic Federation releases an analysis of the State of Illinois’ fiscal condition. This report presents the Civic Federation’s three-year plan to stabilize Illinois’ finances and addresses the State’s critical financial situation.
The Civic Federation Supports the Metropolitan Water Reclamation District’s tentative budget of $1.21 billion for being reasonable and balanced while maintaining ample reserves and for its fiscal responsibility in properly funding pensions and prefunding retiree health benefits.
The FY2016 budget includes the maximum property tax increase allowed under state law for the third year in a row, with the total levy increasing by 3.3%, or $18.5 million, to $577.8 million. The Civic Federation is concerned that after a maximum levy in FY2014 and FY2015 and proposed maximum levy in FY2016, the District’s financial projections show maximum levies through FY2020 as necessary to balance its budget.
Forest Preserve District of Cook County FY2016 Executive Budget Recommendation: Analysis and Recommendations
The Civic Federation supports the Forest Preserve District of Cook County’s proposed $190.3 million budget. The proposed plan is reasonable and balanced, does not use fund balance reserves for operations and holds the property tax levy relatively flat at a time when many other local governments have sought large revenue increases.
On September 14, 2016, the Chicago City Council approved a tax on water and sewer usage in the City of Chicago in order...
Decisions by two of the largest State of Illinois pension funds to reduce their expected rates of return on investment...
Chicago Public Schools Pension Liabilities as Reported Under Governmental Accounting Standards Board Statements Number 67 and 68
In 2012 the Governmental Accounting Standards Board (GASB) issued new accounting and financial reporting standards for...
The Chicago Board of Education approved a reinstated dedicated pension levy as part of the Chicago Public Schools (CPS...
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