Illinois has lost less tax revenue than expected this year due to the COVID-19 pandemic, but the State still faces a significant budget gap, according to the latest official projection. The Governor’s annual economic and fiscal policy report, issued on November 13, raised the projection for the current year’s general operating revenues by $2.2 billion from the July forecast. However, even with…
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 FY2021 Executive Budget Recommendation of $6.92 billion because it reflects the foresighted work Cook County has done over the past several years to establish a structurally balanced budget, which has positioned the County well to endure the…
The City of Chicago expects year-end general operating revenues to be 20.6% below budget by the end of the current 2020 fiscal year, according to the City’s FY2021 budget proposal. As described in a previous blog post, the City released a mid-year budget forecast at the end of August for the City’s Corporate Fund, which is the general operating fund. The budget forecast anticipated actual revenue…
With the City of Chicago facing a $1.2 billion budget deficit heading into the next fiscal year and calls from community advocates for more funding for violence prevention and social services, the current situation begs the question of whether cuts can be made in the Police Department budget, and if so, where? The Chicago Police Department budget adopted for the current 2020 fiscal year totals $1…
The State of Illinois’ FY2020 fourth quarter revenue report contained a surprising result for two of the State of Illinois’ three main revenue sources, which came in higher than had been projected during the spring. Specifically, net sales tax revenue collections were $252 million higher than revised projections and net personal income tax projections were $372 million higher.[1] Given the…
UPDATE: On September 21, the Cook County Health (CCH) Board approved by a vote of eight to three an amended FY2021 proposed budget with $40 million of additional County funding, instead of the $53 million in the September 11 version. That amounts to $10 million more than the $30 million increase originally approved by County Board President Toni Preckwinkle’s office, but it is less than the $23…
The General Assembly enacted an approximately $49.2 billion capital budget on May 24, 2020.[1] Spending proposed in the capital budget includes funding from the State, grants from the federal government and local matching funds. The multi-year capital budget was initially approved in 2019 as the Build Illinois capital plan; this action provides annual appropriation authority for capital project…
The City of Chicago recently released its Budget Forecast for FY2021, which provides financial estimates for the City’s current fiscal year that ends on December 31, 2020 and a forecast for the next fiscal year and following two years. This is the second forecast produced by Mayor Lori Lightfoot’s administration since she took office in May 2019. Under the previous mayoral administration, the…
In a recent analysis of the Chicago Public Schools FY2021 budget, the Civic Federation supported the District’s proposed $8.4 billion budget. However, the Federation expressed serious concerns about the budget’s reliance on $343 million in uncertain federal funding not yet approved by Congress and that several of the District’s revenue sources that have been impacted by the coronavirus pandemic…
Click here to read the full report. Click here to read the press release for this analysis. SUMMARY Prior to the COVID-19 pandemic, Chicago Public Schools had reached more stable financial footing than in previous years due to an influx in State-approved funding. Public Act 100-0456, passed in August 2017, instituted the new Evidence-Based Funding formula for statewide P-12 education funding,…
