FY2016

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Emanuel scrambles to craft property tax break before bills hit

This article reports on a City of Chicago plan to create a property tax rebate to lower the tax burden to City homeowners. Laurence Msall, President of the Civic Federation, says it’s difficult to see how Chicago can afford a property tax…

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Mihalopoulos: COLA — It’s the real thing driving pension mess

This article explains how the three-percent compounded annual increase on the State of Illinois’ public employee pensions has contributed significantly to the State’s pension problems. Civic Federation President Laurence Msall remarks that…

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Chicago Police and Fire Pension Funding Changes Become Law

One year after passing the Illinois General Assembly, a bill that puts the City of Chicago’s Police and Fire pension funds on a 40-year plan to reach 90% funding…

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Mayor Emanuel’s Pension Plan Survives Rauner’s Veto

This segment reports on the Illinois General Assembly overriding Governor Rauner’s veto of pension reforms for the City of Chicago’s police and fire pension funds and on the short and long-term effects of the legislation. Laurence Msall,…

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Illinois’ reputation, nonprofits could suffer from budget impasse

This segment discusses the long-term damage being done to the State of Illinois as the State approaches one full year without a budget in place. Civic Federation President Laurence Msall discusses the consequences of the budget impasse and…

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Emanuel cuts new deal to save Laborers Pension Fund

This article reports on the City of Chicago’s recent agreement with the Laborers Pension Fund to save the fund from insolvency through a combination of union concessions and revenue from telephone tax increases. Laurence Msall, President…

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State Budget Impasse Continues as New Fiscal Year Approaches

With the current year’s budget still incomplete, the State of Illinois is now facing the prospect of starting another year without a financial plan. Due to a political dispute between Illinois’ Republican Governor and Democratic…

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Budget Stalemate nearing 1 year in Springfield: How did we get here?

This segment discusses the State of Illinois’ almost year-long budget impasse and how the expiration of the 2011 temporary income tax hike in 2015 has affected the State’s finances. Civic Federation President Laurence Msall remarks that…

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Alternatives to Bankruptcy for School Districts in Fiscal Crisis

The Chicago Public Schools faces a potentially devastating financial crisis. The elements of this crisis include:   An FY2016 budget that was not balanced as it depended on the vague hope that the State of Illinois will provide $…

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Failure to pay bills on time has cost Illinois nearly a billion dollars

This segment reports on the State of Illinois paying more than $900 million in penalties for late bill payments in the past six years, which is highlighted in the Civic Federation’s…