This segment reports on recent proposals for a casino in the City of Chicago intended to generate revenue for the City, primarily to pay down unfunded pension liabilities. The Civic Federation said it is unclear how much revenue a new casino could generate, but it is unlikely it would be enough to solve the City’s financial problems.
This article looks at the growth of CountyCare, Cook County’s initiative to provide Medicaid coverage for low-income adult patients who are currently uninsured. The Civic Federation said the expansion of CountyCare and the resulting increase in insured patients and revenue has transformed the Cook County Health and Hospital System’s financial position.
An Illinois Supreme Court decision overturning legislation to reduce the State’s massive pension costs will add to the difficulty of creating a balanced operating budget for the year that begins on July 1, 2015. The high court struck down the law on May 8, ruling that it violated the Illinois Constitution by cutting benefits for retirees and employees. The 2013 legislation reduced annual benefit…
Urges General Assembly to Identify Alternate Plan for Closing $6.2 Billion Budget Gap In a new report released today, the Civic Federation’s Institute for Illinois’ Fiscal Sustainability opposes Governor Rauner’s recommended budget for FY2016 because it relies heavily on projected savings that do not appear to be achievable or prudent in light of the State of Illinois’ obligations and long-term…
The Civic Federation opposes Governor Bruce Rauner’s recommended budget for FY2016 because it relies heavily on projected savings that do not appear to be achievable or prudent in light of the State of Illinois’ obligations and long-term policy objectives. Savings of $2.2 billion related to a new pension reform proposal are assumed to be realized in the budget, even though this proposal has not…
On May 1, 2015, Chicago Public Schools (CPS) released their proposed FY2016 capital budget and an updated Five-Year capital improvement plan for FY2016-FY2020. The exhibit below shows the amounts proposed by CPS for FY2016-FY2020 for capital spending. In those five years, a total of approximately $536.8 million has been forecast for projects. This is nearly a 57% decrease from the FY2015-FY2019…
This segment discusses a fiscal roadmap for reform announced by Mayor Emanuel to the Board of Directors of the Civic Federation on April 29. Civic Federation President Laurence Msall said the City will require more revenue to achieve the goals the Mayor outlined in his four-year plan.
This article covers an announcement by Mayor Emanuel on April 29 that outlined steps the city will take in the next four years to address Chicago’s biggest financial challenges. These steps include ending the use of "scoop and toss" refunding bonds, eliminating derivative instruments known as swaps and rebuilding the City’s rainy day fund. The Civic Federation said these…
This panel discussion focuses on the State of Illinois’ nearly 800 funds, many of which do not receive the same level of scrutiny as the general funds portion of the budget. The special funds gained attention when Governor Rauner and the Illinois General Assembly recently agreed to sweep $1.3 billion from the funds to close a budget gap. Civic Federation President Laurence Msall…
To help cope with a massive budget deficit as State resources continue to fall in the coming fiscal year, Governor Bruce Rauner has proposed reducing or ending some statutorily required transfers that provide funding for programs and government services outside the General Funds budget. Total transfers out of the General Funds, excluding amounts set aside to pay for debt service, are reduced by…
