In this interview on the City of Chicago’s Proposed FY2016 Budget with Mayor Rahm Emanuel, the Mayor discusses the Civic Federation’s analysis of the budget. The Civic Federation supported the budget and necessary property tax increase as a long overdue action to address the City’s public safety pension funding crisis.
This segment asks whether Illinois can run out of money while the State’s budget impasse continues. Civic Federation President Laurence Msall explained that the State is still receiving revenue, but that revenue can only be spent if there are existing budgetary appropriations or other spending authority. It cites a recent Civic Federation blog post on State revenue.
This article discusses the amusement tax changes presented as part of Cook County’s FY2016 Proposed Budget and the lack of support the amusement tax is seeing. It cites the Civic Federation’s analysis of the budget proposal, which could not support the budget due to the one percentage point sales tax increase. A Civic Federation blog post went into detail on the amusement tax.
This article reviews the Civic Federation’s analysis of Cook County’s FY2016 Proposed Budget. The Federation could not support the budget because the introduction and approval of a one percentage point increase in the County’s sales tax in order to increase pension funding happened outside of the budget process, and there are legal uncertainties regarding the increased pension fund contribution.
One Percentage Point Sales Tax Increase Unreasonable Given Alternatives In a report released today, the Civic Federation announced it could not support Cook County’s proposed FY2016 budget of $4.5 billion because it is based on a one percentage point increase in the County’s sales tax that will make the City of Chicago an outlier compared to other major urban centers with a composite rate of 10.…
The Civic Federation cannot support Cook County’s proposed FY2016 budget of $4.5 billion because it is based on a one percentage point increase in the County’s sales tax approved on July 15, 2015 that will make the City of Chicago an outlier compared to other major urban centers with a composite rate of 10.25%. While the Federation supports the County’s efforts to increase pension funding, the…
Two of the three major rating agencies have cut the State of Illinois’ bond ratings due to its ongoing budget crisis and worsening financial condition. These downgrades make Illinois the only state credit currently rated below the ‘A’ category and signal a weakened capacity for the government to meet its financial obligations. Both downgrades come on the heels of the announcement by the State…
The City of Chicago’s FY2016 budget proposes to implement a monthly solid waste removal fee of $9.50 on households, which is projected to generate $62.7 million in new revenue.[1] Currently the City of Chicago spends approximately $244 million per year on solid waste removal services. The Chicago Department of Streets and Sanitation currently provides solid waste removal services free of charge…
This article reviews the Civic Federation’s analysis of the FY2016 City of Chicago Budget released October 14 in advance of a City Council hearing on the budget. The analysis supported the budget for addressing the City’s public safety pension funding crisis, but urged the City to consider greater cost savings and efficiencies to minimize the future burden on taxpayers.
This segment discusses the Civic Federation’s FY2016 City of Chicago Budget Analysis released on October 14. The analysis supported the budget for addressing the City’s public safety pension funding crisis, but warned that there is no public plan for two significant potential FY2016 expenses: inaction on Senate Bill 777 and a court ruling against the City over the phase-out of its retiree…
