July 24, 2015

Bloomberg

Bloomberg
July 24, 2015

This article covers the July 24 Cook County court ruling that struck down reforms to Chicago’s police and fire pension funds. The Civic Federation said the ruling puts the City back on an inadequate funding formula that has resulted in such severe underfunding that actuaries expect both funds to be insolvent within the next decade.

August 1, 2015

Associated Press

Associated Press
August 1, 2015

This article covers the $426 million budget deficit projected in the City of Chicago’s Annual Financial Analysis released July 31. The $426 million budget gap does not include nearly $550 million in additional contributions required by State law for the City’s Police and Fire Funds because the City is petitioning the General Assembly and Governor to lower the required contribution.

July 23, 2015 - 4:36pm


July 23, 2015

More than three weeks into fiscal year 2016, the State of Illinois continues to operate without an annual budget. Despite the lack of a budget, members of the General Assembly are reportedly in line to get pay raises of about 2%, or at least $1,300 each, for the year that began on July 1, 2015.


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July 23, 2015

Bloomberg

Bloomberg
July 23, 2015

This article discusses the effect that the City of Chicago’s unfunded pension liabilities have had on borrowing costs, and an upcoming court ruling that will determine whether pension reforms enacted in 2014 for the City’s Municipal and Laborers’ Funds are constitutional. The Civic Federation said that a ruling against the reforms will make it more difficult for Chicago to resolve its financial challenges.

July 17, 2015 - 3:06pm


July 17, 2015

On July 15, 2015, the Cook County Board of Commissioners voted 9-7 to once again increase the county sales tax by one percentage point, taking effect on January 1, 2016. Once in place for one full year, Board President Toni Preckwinkle’s office projects that the tax hike will generate nearly $474 million in revenues and proposed that revenues be dedicated to start to pay down the County’s $6.5 billion in pension obligations and to fund infrastructure projects. The County’s portion of the sales tax was previously increased by one percentage point in 2008 and was subsequently lowered over the following years, returning to the previous level as of January 1, 2013.


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July 16, 2015

WTTW's Chicago Tonight

WTTW's Chicago Tonight
July 16, 2015

This segment features Civic Federation President Laurence Msall and DePaul Assistant Professor Nick Kachiroubas discussing the July 15 Cook County sales tax increase. The uncertainty regarding whether the sales tax can legally be used to fund the County’s pension system was reviewed.

July 13, 2015

Chicago Sun-Times

Chicago Sun-Times
July 13, 2015

This article discusses Mayor Emanuel’s decision to freeze spending in certain downtown TIF districts and shut down the districts over time. The Civic Federation said the move shows the Mayor’s commitment to free up available resources to address the City’s financial crisis, but it should come as part of a comprehensive, long-term financial plan.

July 15, 2015

Associated Press

Associated Press
July 15, 2015

This article covers the July 15 vote by the Cook County Board of Commissioners to increase the sales tax by one percentage point beginning in 2016. The Civic Federation opposed the increase and said this type of proposal should be part of the annual budgeting process in the fall.

July 16, 2015

Chicago Tribune

Chicago Tribune
July 16, 2015

This editorial discusses the Cook County sales tax increase narrowly passed by the Cook County Board July 15 that would go into effect in 2016. The Civic Federation opposed the sales tax increase and said that the legality of using sales tax toward contributions to the County’s pension fund is unclear.

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