The City of Chicago recently released its Budget Forecast for FY2020, which provides financial estimates for the City’s fiscal year ending on December 31, 2019 and a forecast for the next fiscal year and following two years. This is the first forecast produced by Mayor Lori Lightfoot’s administration since she took office in May 2019. The Forecast was released shortly after the Mayor’s State of…
The Chicago Public Schools FY2020 Budget is an example of fund-based budgeting. Collected revenues are assigned to different funds intended to support various governmental functions. The interactive chart below is a Sankey diagram showing the flow of revenues through funds and to the District’s expenditures. A full analysis of the CPS FY2020 proposed budget can be found here. The data is…
This article covered the City of Chicago's significant financial challenges ahead of Mayor Lori Lightfoot's State of the City address. Civic Federation President Laurence Msall said that the Mayor does not have any easy solutions left to address a roughly $1 billion budget deficit, growing pension liabilities and a high debt burden. A Civic Federation report released earlier in the year…
This article covered the passage of the Chicago Public Schools FY2020 budget. The Civic Federation supported the budget because it demonstrated continued financial stability in the third year of Evidence-Based Funding from the State of Illinois. However, the Civic Federation continues to be concerned about the District’s long-term financial sustainability. Related Coverage:…
Concerns persist on enrollment declines, teachers’ pension fund and other pressures (CHICAGO) — In a report released today, the Civic Federation announced its support for Chicago Public Schools’ proposed $7.7 billion FY2020 budget, but expressed ongoing concerns about the District’s long-term financial sustainability. The full report is available here. As detailed in the analysis, CPS’ proposed…
Click here to read the full report. Click here to read the press release for this analysis. Click here to see a diagram of CPS revenues and expenses. SUMMARY The Civic Federation supports the Chicago Public Schools (CPS) proposed budget for FY2020 because it demonstrates continued financial stability in the third year of Evidence-Based Funding from the State of Illinois. However, the…
This year is the third year that Chicago Public Schools (CPS) will receive funding from the State of Illinois through the statewide Evidence-Based Funding formula that was signed into State law in August 2017. The CPS 2020 fiscal year runs from July 1, 2019 through June 30, 2020. The Evidence-Based Funding (EBF) formula is more equitable than the prior General State Aid formula. It calculates…
This article covered the Civic Federation’s analysis of the City Colleges of Chicago FY2020 Tentative Budget. The Federation supported the $447.5 million proposal, but had severe concerns about the future fiscal stability of the District. The article highlighted the Federation’s most severe concerns—declining enrollment and the use of one-time revenues to fill a structural deficit. …
(CHICAGO) In an analysis released today, the Civic Federation announced its support of the City Colleges of Chicago’s proposed FY2020 operating budget as a one-year plan for the District—while expressing concerns about the District’s long-term fiscal stability. The full report is available here. The Civic Federation supports many aspects of the District’s efforts to stabilize its finances for…
Click here to read the full report. Click here to read the press release for this analysis. SUMMARY The Civic Federation supports the City Colleges of Chicago FY2020 Tentative Annual Operating Budget totaling $447.5 million, but has concerns about the future fiscal stability of the District. The District is still recovering from the two-year State budget impasse that severely underfunded…
