This article looks at the City of Chicago’s underfunded pension system following the Illinois General Assembly’s December 3 action on pension reform for the State funds. The Civic Federation said without pension reform, City of Chicago…
This article discusses the significant challenges City of Chicago pension funds still face after Illinois legislators passed pension reform legislation on December 3 that applies only to the State of Illinois pension funds. The Civic…
In 2011, as part of its FY2012 budgeting process, the Metropolitan Water Reclamation District (MWRD) Retirement Board proposed legislative initiatives for pension funding reform, with the support of the MWRD Board of Commissioners.…
In an analysis released today, the Civic Federation announced its support for the Chicago Park District’s proposed FY2014 budget of $425.6 million which continues the District’s multi-year effort to reduce its structural deficit. The…
The Civic Federation supports the $425.6 million Chicago Park District budget for continuing the District’s multi-year effort to reduce its structural deficit. The proposal includes a broad-based property tax increase after eight years of…
Legislative action on reducing the State of Illinois’ massive pension obligations could come as soon as next week, but the details of the latest pension reform proposal and its potential impact on the State’s financial condition have not…
UPDATE: On January 7, 2014, Governor Pat Quinn signed Senate Bill 1523 into law. The provisions of Public Act 98-0622 will go into effect starting January 1,…
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…
