This article discusses the City’s practice of “scoop and toss,” which refunds bonds to reduce current year payments by pushing off large principal debt payments to future years and increasing the total cost of borrowing. The Civic…
Pension Contribution Increase in FY2015 Threatens to Derail Fiscal Progress In a report released today, the Civic Federation announced its support for the City of Chicago’s proposed $7.0 billion budget as a reasonable short-term plan that…
The Civic Federation supports the City of Chicago’s proposed $7.0 billion budget as a reasonable short-term plan that closes approximately two-thirds of a $338.7 million budget gap with structural changes that will continue to reduce the…
On October 25, 2013, Moody’s Investors Service downgraded the CTA’s bond rating to A1 from Aa3 and lowered its…
This report uses nine indicators of financial condition to measure the relative financial performance of Chicago and 12 other major U.S. cities from FY2007 to FY2011. In addition to Chicago, the other cities analyzed were Baltimore, Boston…
In a report released today, the Civic Federation supports the $178.8 million FY2014 budget proposed by the Forest Preserve District of Cook County. The budget holds the property tax levy flat and maintains substantial reserve funds.…
The Civic Federation supports the Forest Preserve District of Cook County’s FY2014 proposed $178.8 million budget that holds the property tax levy flat and maintains substantial reserve funds. However, the Federation warns that these…
Recent trend analysis performed by the Civic Federation shows that the funded status of the Cook County Pension Fund declined again in fiscal year 2012, the most recent year for which data are available. The market value funded ratio…
The State of Illinois will need to contribute somewhat more to its five retirement systems in FY2015, but the growth will be less than previously projected due mainly to strong investment returns. Pension contributions required by State…
