Under the old state statute that limited the property tax rates of the Chicago Public Schools, Tax Increment Financing directly restricted property tax revenues available to CPS because it froze part of the equalized assessed value (EAV)—the tax base—available for taxation.1 This rate limit statute still exists, but it no longer impacts the school district’s tax levy due to the introduction of…
Chicago Public Schools has received almost $400 million in Tax Increment Financing revenue from the creation of the first City of Chicago TIF in 1984 through July 2009 and is scheduled to receive over $491.3 million more according to intergovernmental agreements with the City of Chicago. CPS has used TIF funding to renovate or build elementary and high schools and is planning to use $14 million…
The financial condition of U.S. municipalities continues to deteriorate, according to the recently-released 24th annual City Fiscal Condition Survey published by the National League of Cities (NLC). By the close of 2009, city revenues are projected to decline by 0.4% while expenditures rise by 2.5% compared to the previous year. Three top city revenue sources are expected to be flat or decline:…
While the Civic Federation traditionally analyzes features common to all local government budgets, our analyses of the Chicago Transit Authority’s (CTA) budgets include additional productivity measurement data. The Civic Federation uses expenditure, personnel and ridership data provided by CTA to gain insight into changes in productivity. The Civic Federation uses three measures to assess CTA’s…
This article discusses the Civic Federation’s analysis of DuPage County’s proposed FY2010 budget plan. It mentions the Federation’s support for the budget and quotes County Board Chairman Robert Schillerstrom, who says that the County may investigate implementing a capital improvement plan per the Federation’s recommendation.
This article about Cook County’s FY2010 proposed budget and the efforts to rollback the County’s one cent sales tax increase from 2008 quotes the Civic Federation. The Federation says the high Cook County sales tax rate hinders business development and noted that the budget makes no moves toward reducing the tax, despite opposition to it from State lawmakers and County residents.
The Civic Federation supports the Chicago Transit Authority’s (CTA) proposed FY2010 budget of $1.29 billion. Facing significant public funding short falls, CTA plans to close its $300.9 million deficit with fare increases ranging from 25 to 75 cents per ride, the elimination of 1,021 full-time equivalent positions, reductions in bus and rail service and the transfer of capital funds into general…
The Civic Federation supports the Chicago Transit Authority’s proposed $1.29 billion FY2010 budget as an evenhanded response to significant declines in available revenues. The CTA will employ administrative cuts, fare increases, and service reductions to balance its budget and reduce spending by 3.0% or $39.4 million below proposed FY2009 appropriations. While painful to both riders and CTA…
Last week Cook County released its FY2010 budget and will conclude its public hearing schedule nine business days after the budget’s release. At a minimum, the public should be afforded a review period of ten working days before public testimony is heard, not as a conclusion to the hearing schedule. The County’s accelerated public hearings schedule does not allow members of the public a…
(CHICAGO) The Civic Federation opposes the proposed $3.0 billion FY2010 Cook County operating budget because it relies on an unnecessary one percentage point sales tax increase and makes little attempt to implement cost savings or structural reforms during a time of severe economic uncertainty. The Federation’s full analysis of the budget and recommendations is available on our website, www.…
