Last week, Chicago Public Schools (CPS) issued an amended FY2013 budget plan based on the new contract agreement between the District and the Chicago Teachers Union (CTU). The revised budget includes an additional $103 million in spending…
The fact that the State of Illinois is no longer behind on paying business income tax refunds is good news for taxpayers and the State budget. But due to an obscure provision of State law, the elimination of the refund backlog also means…
Although discussion about the State of Illinois’ annual budget primarily focuses on the operating expenditures the State also appropriates significant funding each year for capital investments. The State approved a $22.7 billion capital…
This analysis of the State of Illinois’ Fiscal Year 2013 budget estimates that projected savings could reduce the State’s existing backlog of $8.9 billion in unpaid bills by roughly $1.3 billion, but warned that the reduction may be…
An analysis released today by the Institute for Illinois’ Fiscal Sustainability at the Civic Federation estimated the State’s FY2013 budget could reduce the existing backlog of unpaid bills by roughly $1.3 billion, but warned that the…
This editorial discusses Moody’s Investor Service’s most recent downgrade CPS in the wake of a new labor contract for teachers and rising pension costs. The Civic Federation says CPS cannot afford to wait for leadership from the Illinois…
A $1-per-pack cigarette tax increase enacted by the State of Illinois in June to help fund the State’s Medicaid program is bringing in far less revenue than originally expected and could fall short of projections by as much as $125.7…
On June 30, 2011 the Civic Federation released Recommendations for a Financially Sustainable City of Chicago. The report offered a comprehensive set of forty recommendations to…
Yesterday, DuPage County Board Chairman Dan Cronin presented the DuPage County Proposed FY2013 Financial Plan to the County Board. DuPage County’s current fiscal year ends on November 30…
This article discusses strong investor interest in the City of Chicago’s recent $271 million sewer bond sale, despite the City’s severe financial challenges including a $369 million projected deficit for FY2013. The article cites the…
