In this blog post, the Civic Federation analyzes indicators of the fiscal health of the Cook County pension fund based on the most recent FY2022 actuarial report as of December 31, 2022. Compared to many other pension funds in Illinois, Cook County’s pension fund is in more sustainable financial shape. This is due in large part to employer contributions made by the County above and beyond the…
Cook County Preliminary Forecast Shows Substantial Operating Surplus for Year-End FY2023 and Moderate Budget Deficit for FY2024 On June 22, 2023, Cook County Board President Toni Preckwinkle issued a preliminary budget forecast for fiscal year 2024. The fiscal year begins December 1, 2023, and ends November 30, 2024. The report provides end-of-year estimates for the current 2023 fiscal…
A report released by the Cook County Clerk last month found that revenue from TIF districts increased to a record $1.6 billion for FY2021, including approximately $1.2 billion from the City of Chicago and approximately $361 million from suburban Cook County. The $1.6 billion total accounts for a 7.4% increase from FY2020 and represents 9.4% of billed property taxes in the County. In total, nine…
The Civic Federation annually releases a report on consumer taxes in the City of Chicago, which will be released next month. Consumer taxes are tied to the use or consumption of certain goods and services that can be charged directly to consumers through retail transactions or passed on to consumers by businesses or governments. Consumer taxes in Chicago are imposed at various levels of…
A report recently released by the Civic Federation highlights the current processes in Cook County bond court, including how often judges require payment of money as a condition of bail. The study, conducted in partnership with the League of Women Voters of Cook County, found that despite narratives to the contrary, cash bail is still widely used in Cook County. Another report recently released…
Click here to read the full report. Click here to read a press release for this analysis. EXECUTIVE SUMMARY The Civic Federation supports the Cook County FY2023 Executive Budget Recommendation of $8.75 billion because it reflects strong financial management and puts the County in a good position moving forward post-pandemic. The County’s FY2023 proposed budget includes a strong level of…
Click here to read the full report. Click here to read the press release for this report. Executive Summary Throughout the course of eight weeks during summer 2022, the Civic Federation, in partnership with the League of Women Voters of Cook County, observed felony bond court hearings in Cook County. The purpose of the project was to assess current proceedings and pretrial release…
Fund balance is a term used to describe the net assets of a governmental fund and serves as a measure of budgetary reserves.[1] In FY2021, the last year for which audited financial information is available, Cook County’s total unrestricted general fund balance was $869.1 million. This was a $276.0 million, or 46.5%, increase from the prior fiscal year. It represented 53.6% of general fund…
The Cook County Board of Commissioners voted unanimously on September 22, 2022 to repeal the Wheel Tax as of June 30, 2023. The Wheel Tax is an annual license fee authorizing the use of any motor vehicle within the unincorporated areas of Cook County. Areas of Cook County that are unincorporated are not part of a municipality and therefore municipal services to those areas, such as policing and…
Cook County has received $1 billion in federal funds from the American Rescue Plan Act State and Local Fiscal Recovery Fund (SLFRF) and released its latest 2022 performance report mandated by the United States Department of Treasury this past summer. This blog post is the second in a series looking at local governments’ plans to use these funds and what they’ve spent so far. To read more about…
