As reported in the Civic Federation’s latest report on ten local government pension funds, the most recent audited financial statements of the Chicago firefighters’ pension fund showed a market value funded ratio of only 27.2%. The Chicago police fund was close behind at only 34.7%. What do these numbers mean? Funded ratio is the most basic indicator of pension fund status. It is the ratio…
This report analyzes basic financial data on ten major local government employee pension funds in Cook County. It is intended to provide lawmakers, pension trustees, pension fund members and taxpayers with the information they need to make informed decisions regarding public employee retirement benefits. The report reviews fiscal year 2008 actuarial valuation reports and financial statements of…
The Civic Federation and the Friends of the Forest Preserves believe that the current governance structure of the Forest Preserve District of Cook County needs reform because it is impossible for one commissioner to fulfill the two diametrically opposed duties of economic development and land preservation. Currently the Cook County Board of Commissioners serves double duty as Forest…
One of the Chicago Transit Authority’s ongoing fiscal challenges has been balancing the cost of providing rides on the CTA with the fares the Authority collects from its customers. CTA Board Chairman Terry Peterson announced at the Authority’s February board meeting that it costs the Authority approximately $7 to provide a ride on the system while the estimated average fare per trip in…
The Civic Federation and Friends of the Forest Preserves support the creation of a separate elected Board of Commissioners to govern the Forest Preserve District of Cook County as detailed in this 2008 report. Due to an organizational structure that creates an inherent conflict of interest and inhibits proper oversight, the District suffers from numerous problems that would be improved by…
On February 7 the Chicago Transit Authority (CTA) will implement layoffs and service reductions intended to reduce its FY2010 operating costs by $95.6 million. The Authority, which faced a $300.9 million deficit when crafting its FY2010 operating budget, will lay off 1,100 employees and offer less frequent service on 119 bus routes and seven train lines. The Authority’s other deficit reduction…
On February 2, 2010 Illinois will hold its primary election. The position of Cook County Board President and all Cook County Commissioner seats are on the ballot. Many issues pertaining to Cook County government have been debated during this election cycle, including the repeal of the entire sales tax increase approved by the Board of Commissioners in 2008 and the future of the County’s health…
As the Civic Federation composes its forthcoming Status of Local Pensions Report, we have pensions on our minds. Here’s a quick round up of what’s happening with local pension funds in Chicago and across the State of Illinois, including status updates on commissions, results of pension obligation bonding and cost estimates of legislated benefit increases. City of Chicago In January of 2008 the…
The redesign of the Civic Federation website in July has provided the public, government officials, and the media better access to the Federation’s analyses of government services in Illinois. The regularly-updated Civic Federation blog especially has provided a constant source of information on the issues that the Federation covers, including local budgets and pensions, taxes, privatization and…
The Civic Federation's legislative priorities for 2010 include public pension reform, requiring state government to develop and implement performance measurement and a capital improvement plan, the dissolving of the Illinois International Port District, creating a new governing board for the Cook County Forest Preserve District, reinstating means-tested transit discounts for seniors, requiring…
