Chicago-area public employee pension funding levels dropped significantly in FY2011, with unfunded liabilities for the ten funds analyzed rising to $32.0 billion from $27.4 billion in FY2010, an increase of 16.7% according to the most…
This blog examines some of the long-term obligations of the City of Chicago and its overlapping local governments using a per capita indicator based on bonded debt and unfunded pension liabilities. Rating agencies and other financial…
A look back at the Civic Federation’s blog this year provides a preview of upcoming fiscal challenges for local governments in 2013. Pension Funding The most urgent fiscal challenge for Illinois governments continues to be the pension…
Last week marked the end of the budget season for the nine local governments monitored by the Civic Federation. These governments include: the City Colleges of Chicago, Chicago Public Schools (CPS), DuPage County, City of Chicago, Cook…
The Civic Federation strongly supports the Chicago Transit Authority’s proposed FY2013 budget of $1.4 billion as a structurally balanced plan based on shared sacrifice by union members, riders and CTA management. The budget implements…
The Institute for Illinois’ Fiscal Sustainability released a new report today that provides an overview of the condition and funding of Illinois infrastructure. As discussed in…
This report provides an overview of the condition and funding of Illinois infrastructure based on a compilation of various needs assessments from public agencies that manage infrastructure in the State including the Illinois State Toll…
Data from the most recent audited financial statements of Illinois’ state and local government pension funds shows that the total unfunded liabilities for public employee pensions supported by the taxes of Chicago residents reached $14,…
Chicago residents will experience changes in a number of consumer taxes going into effect throughout 2012 as a result of policy changes at the City and County levels. The new consumer tax rates are presented in the exhibit below. Following…
