This report provides a trend analysis of indicators that measure the financial health and performance of ten major local government pension funds from 1998 to 2007, the most recent year for which audited data are available. It finds that unfunded liabilities for the ten funds climbed even during years of good investment returns, increasing from $4.8 to $17.1 billion in ten years, and makes…
This report reviews best practices in the composition of public pension boards of trustees nationwide, and makes recommendations on improvements to pension boards in Illinois.
The Civic Federation supports the FY2009 City of Chicago budget of $5.97 billion because it does not rely on raising property tax and begins the painful yet necessary step of reducing payroll by 2,618 full-time equivalent positions to balance the budget. The Federation warns that steps must be taken to reduce the mounting liabilities of the City's pension funds.
The Civic Federation supports the the Chicago Public Schools recommended 6.2 billion dollar FY2009 budget because it shows restraint by freezing property tax rather than reflexively raising them to the maximum amount allowed under the state property tax cap law. However, the Federation urges CPS to follow through on pledges to produce a comprehensive capital improvement plan (CIP).
This report provides a trend analysis of indicators that measure the financial health and performance of ten major local government pension funds from 1997 to 2006. It finds a combined 18.3 billion dollars in unfunded liabilities for the ten funds, and makes numerous recommendations on legislative actions that should be taken to slow the downward spiral of pension underfunding.
The Civic Federation gives qualified support to the Chicago Public Schools Recommended 5.8 billion dollar FY2008 operating budget. The District has made efforts to contain costs and improve budget transparency. However, the Civic Federation's support is based on the District's pledge to develop publicly-available long-term planning processes and documents next year. The Civic Federation also…
This report compares Illinois school districts' financial management and accountability standards with nationwide best practices, and makes policy recommendations regarding steps Illinois should take to ensure greater financial accountability from school districts.
This report provides a trend analysis of indicators that measure the financial health and performance of ten major local government pension funds from 1997 to 2005. It finds a combined 16.5 billion dollars in unfunded liabilities for the ten funds, and makes numerous recommendations on legislative actions that should be taken to slow the downward spiral of pension underfunding.
The Civic Federation opposes the Chicago Public Schools Recommended $5.3 billion FY2007 operating budget because it lacks long-term planning and transparency.
This report provides a trend analysis of indicators that measure the financial health and performance of ten major local government pension funds from 1997 to 2004. It finds a combined $14.4 billion in unfunded liabilities for the ten funds, and makes recommendations on actions that should be taken to slow the downward spiral of pension underfunding.
