This report compares effective property tax rates in selected communities around metropolitan Chicago and finds that while all communities’ effective tax rates increased in 2008, rates have mostly declined since 1999. The report also finds that Chicago’s effective tax rates are still regionally competitive and the lowest of any of the selected Cook County municipalities. Read the press release…
On August 5, the Civic Federation released its analysis of the FY2011 City Colleges Tentative Annual Operating budget. The Federation supports the District’s $581.9 million plan because it reduces its property tax levy while pursuing a reorganization plan that will centralize more administrative functions and increase programmatic specialization at its seven college campuses. The District…
Illinois Governor Pat Quinn recently announced his plans for $500 million in mass transit infrastructure improvements across the State. $442.7 million of that will go to the Regional Transit Authority for repairs to the Chicago Transit Authority’s rail infrastructure, the rehabilitation of Metra train stations, and new vehicles and a system-wide radio system for Pace. Click here for a list of all…
The Civic Federation supports the City Colleges FY2011 proposed budget totaling $581.9 million, which includes $454.4 million for the operating budget and $127.5 million for capital improvements. The City Colleges is proposing to reduce its property tax levy while pursuing a reorganization plan that will centralize more administrative functions and increase programmatic specialization at its…
On June 17, 2010 the Metropolitan Water Reclamation District held a study session to discuss office space options for the District’s administrative staff. Steve Weiss, owner of Weiss Architects LLC, presented a report on main office strategies that was commissioned by the District. Mr. Weiss explained that the District is projecting a 15% increase in office staff by 2013. As a…
Last week the Metropolitan Water Reclamation District Board of Commissioners held a public study session meeting to discuss its upcoming FY2011 budget and projections for what the financial year may hold. The picture staff painted was grim, with increasing expenses for the District while revenue projections remain flat. The District is projecting that health care expenses will rise by 12% or $6…
Last month the State of Illinois Commission on Government Forecasting and Accountability (COGFA) released a report entitled “Sales Tax in Illinois.". According to the report, in FY2009 general revenue fund sales tax collections totaled $6.77 billion, down 6.1% from $7.21 billion in the prior fiscal year. It is estimated that general revenue fund sales tax collections will continue to…
Last week the Illinois General Assembly adjourned for the summer. The House and the Senate sent numerous bills to Illinois Governor Pat Quinn to either sign or veto. One such bill is Senate Bill 580, which would restructure the existing DuPage Water Commission. The DuPage Water Commission operates and finances the systems required to bring Lake Michigan water service to communities located in…
All ten Chicago-area local government pension funds analyzed annually by the Civic Federation had negative investment returns in fiscal year 2008 for a total investment loss of $7.1 billion.[1] The average FY2008 rate of return for the eight funds with a January 1 to December 31 fiscal year was -25.3%, down from +8.1% the previous year. Rates of return ranged from -14.8% to -33.3% in FY2008, with…
The total unfunded liabilities of the ten major Chicago-area public pension funds reached $18.5 billion in fiscal year 2008. That is an increase of over $15.1 billion dollars in ten years, up from $3.4 billion in fiscal year 1999. To put $18.5 billion in perspective, it is $5,821 of unfunded pension liabilities per Chicago resident. The debt grows to $10,037 per person when you add…
