This article explores City of Chicago Mayor Richard Daley’s plans to close a $654.7 million budget gap with a mix of tax increment financing and reserve funds, cuts, and debt restructuring. The Civic Federation says drawing down reserves…
This article discusses a delay in the mailing of Cook County property tax bills to around November 22, a month later than 2009’s mailing. The Civic Federation says that because of the delay, local governments may have to borrow money for…
Citing reliance on one-time revenue sources, such as borrowing, to try and close its FY2011 operating shortfall, Moody’s Investors Service…
The State of Illinois will receive less federal Medicaid funding than it budgeted for in FY2011—but more than had been feared several months ago. After months of debate, Congress in August of 2010 passed and President Obama signed a…
The Civic Federation often voices concerns when governments use one-time or nonrecurring revenue sources for ongoing expenses. There are a number of reasons this can be problematic. By definition such revenue sources will not be…
Only two months into the new fiscal year, the State of Illinois has already begun pushing FY2011 operating costs into the next fiscal year. By borrowing cash on hand in the State’s special funds, rather than sweeping it, the State…
This news segment is about how some states are coping with severe budgetary troubles in the current recessed economy. In a discussion of the State of Illinois, Civic Federation President Laurence Msall says Illinois’ fiscal troubles are…
This opinion piece explores the effect that the State of Illinois’ fiscal crisis is having on the community of Oak Park. The Civic Federation says the State’s problems are likely to become worse and that deeper pension program reforms are…
In this editorial about how the State of Illinois should address its pension funding issues, the Civic Federation says that if the State borrows more money, it risks further downgrades to its bond ratings and higher interest rates.
