This article discusses the significant challenges City of Chicago pension funds still face after Illinois legislators passed pension reform legislation on December 3 that applies only to the State of Illinois pension funds. The Civic…
In an analysis released today, the Civic Federation announced its support for the Chicago Park District’s proposed FY2014 budget of $425.6 million which continues the District’s multi-year effort to reduce its structural deficit. The…
The Civic Federation supports the $425.6 million Chicago Park District budget for continuing the District’s multi-year effort to reduce its structural deficit. The proposal includes a broad-based property tax increase after eight years of…
(The full text of this article is only available to the publication’s subscribers.) This article covers the City Council’s November 26 vote to approve the FY2014 City of Chicago Budget. The…
A provision of the General Obligation Bond Act in Illinois requires the State to structure its bonds so that equal amounts of the funds borrowed are repaid in each year of the loan. This structure, called level principal, benefits the…
This editorial discusses an ordinance that would create an Office of Financial Analysis for the City Council to evaluate budget proposals separately from the Mayor’s advisory team. The Civic Federation…
The Civic Federation strongly supports the proposal to create an Office of Financial Analysis for the Chicago City Council. Mayor Rahm Emanuel’s proposed FY2014 budget includes funding for an Office of Financial Analysis to help vet…
Only four months into the State of Illinois’ 2014 fiscal year, which began on July 1, 2013, annual revenue projections have increased by more than $300 million from the initial estimates. Positive first quarter results from the State’s…
This article covers the Chicago Transit Authority’s November 12 budget hearing in advance of the Chicago Transit Board’s November 13 budget vote. The Civic Federation recently released its…
