CHICAGO – In a report released today, the Civic Federation shared the findings of its analysis of Cook County’s proposed FY2025 budget of $9.89 billion, noting the continuation of prudent financial practices that has resulted in the Preckwinkle administration proposing a responsibly structured FY2025 budget without burdening residents with tax and fee increases. The County is benefitting from…
This analysis of Cook County’s proposed FY2025 budget finds the Preckwinkle Administration has produced a responsible budget with no tax or fee increases, and that the County remains in a strong position to navigate future projected shortfalls.
The General Assembly has approved, and Governor Pritzker has signed an approximately $50.9 billion FY2025 capital budget. Unlike the State’s annual General Funds budget, which is intended to cover only the cost of operations for the current fiscal year, capital appropriations are reauthorized over multiple years as planning, engineering and construction of capital investments commence. Since…
This report lays out several major issues facing the Chicago Mayor and City Council as they prepare to enter the FY2025 budget cycle and beyond, including the City’s structural deficit, pensions, long-term debt, public safety and more.
The Chicago Public Schools (CPS) FY2025 proposed budget total of $9.9 billion presents a temporary solution to a long-term structural financial problem. The plan as presented manages to close a $505 million budget deficit through a series of strategies, including operational reductions and efficiencies, without resorting to irresponsible fiscal practices like issuing debt to fund operations or…
CPS’ FY2025 proposed budget is incomplete at a time when the District faces enormous fiscal challenges both in the short-term, due to unsettled teacher contracts, and in the long-term given next year’s even-larger fiscal deficit. CPS must urgently work with stakeholders to develop a comprehensive, long-term plan to stabilize its finances.
In an analysis released today, the Civic Federation expressed significant concern about the escalating fiscal challenges facing Chicago Public Schools as it votes to approve its FY2025 proposed budget and works to finalize its teacher contract. CPS is spending the last of its federal COVID relief funding at a time when costs associated with personnel and collective bargaining agreements are…
The Chicago Community Trust and the Civic Federation in partnership welcomed a dynamic moderated panel of regional transit experts at the Federation’s July 12 Board of Directors meeting, hosted by The Chicago Community Trust. Panelists included state Sen. Ram Villivalam, state Rep. Eva-Dina Delgado, Regional Transportation Authority Chair Kirk Dillard and Chicago Metropolitan Agency for Planning…
Eight months after its formation, the Chicago City Council Finance Committee’s Subcommittee on Revenue held its first hearing on June 26. The committee is tasked with identifying revenue streams to fund the City’s large debt burden, along with new and existing City programs and services. As the Subcommittee continues to engage on the subject of revenue options and the City Council as a whole…
In its analysis of the State of Illinois FY2025 Proposed Budget, the Civic Federation finds the State has reached a more stable financial condition due to higher-than-expected revenue growth and prudent fiscal management. With revenue growth slowing, however, the Federation recommends the State develop a plan to optimize its spending and modernize its tax structure.CHICAGO — The Civic Federation…
