(CHICAGO) In an analysis released today, the Civic Federation withholds support for the Chicago Public Schools (CPS) proposed $6.6 billion budget for FY2014, which closes a $977 million budget deficit with a complete drawdown of…
Last week the City of Chicago released its Annual Financial Analysis for 2013. According to an…
This article covers the July 31 release of the City of Chicago’s annual financial analysis, which projects a $1 billion deficit in 2015 if the City’s pension funds aren’t stabilized by major reforms. The Civic Federation said it would be…
Charged with finding a solution to the State of Illinois’ pension crisis, a legislative conference committee is considering a reform framework proposed by public university presidents. The central feature of the…
Amidst a flurry of reports on the State of Illinois’ inability to solve its ongoing pension crisis and…
On this segment, Civic Federation President Laurence Msall joined a panel discussion on the Illinois General Assembly’s failure to enact comprehensive pension reform before adjourning its spring session May 31. The Civic Federation…
Less than a week after the Illinois General Assembly adjourned its regular spring session without approving reform of the State’s underfunded retirement systems, two of the three major rating agencies have downgraded the State’s bond…
This article discusses the impending expiration of the ‘pension holiday’ granted to Chicago Public Schools by the Illinois General Assembly and the resulting $400 million increase in the District’s required pension contribution for FY2014…
Following the General Assembly’s failure to enact comprehensive pension reform before adjourning its spring session on May 31, Illinois’ credit rating was downgraded again by Fitch Rating to A- with a negative outlook from A. The Civic…
As the Illinois General Assembly approached its scheduled adjournment date of May 31, 2013, the State’s pension systems produced new reports estimating the financial impact of proposed pension legislation. The reports by the retirement…
