The State of Illinois has made significant progress on stabilizing its finances, ending each of the past four fiscal years with budget surpluses. Those surpluses were driven by several factors: strong revenue performance via a strong economic recovery from COVID-19 and the State’s enactment of budgets in better structural balance than past practice. The State has also prioritized payment of…
On November 15, 2023, the Governor’s Office of Management and Budget (GOMB) released the Illinois Economic and Fiscal Policy Report. The report describes updates to the …
As part of the total City of Chicago budget adopted for the 2024 fiscal year that began on January 1, the City Council approved a nearly $2.0 billion budget for the Chicago Police Department (CPD). The Police Department budget represents 12% of the City’s total $16.6 billion appropriations for FY2024 across all funds, including grants. Excluding grants, the CPD budget makes up approximately 15%…
The Forest Preserve District of Cook County adopted its FY2024 budget on November 14 for the fiscal year beginning January 1. This is the second annual budget that is supported by a $40 million increase in property tax revenue approved by Cook County voters through a referendum question on the November 2022 ballot. As a result of the referendum, the Forest Preserve District’s annual adopted…
This blog post presents an overview of the Chicago Transit Authority (CTA) FY2024 operating budget. The CTA’s fiscal year is January 1 through December 31.Federal funds have been critical in maintaining transit service in the Chicago region since the onset of the COVID-19 pandemic. The FY2024 CTA operating budget is balanced with $472.5 million in federal COVID relief funds, representing…
Federal pandemic assistance provided to states through the Coronavirus Aid, Relief and Economic Security (CARES) Act and American Rescue Plan Act (ARPA) contributed to budget surpluses for many states, which were used for a mix of one-time investments, ongoing commitments and reserves. These surpluses, however, were for the most part a reflection of temporary factors that are dissipating. Since…
The Cook County Board of Commissioners approved the final FY2024 Cook County budget on Thursday, Nov. 16 for the fiscal year beginning on December 1. The most significant change from the proposed version of the budget was the addition of a $100 million Disaster Response and Recovery Fund to support Cook County’s response to the migrant crisis and prepare for other emergencies as they arise. Of…
At the Chicago Public Schools (CPS) Board of Education’s monthly board meeting in October, the CPS Office of Finance updated the Board on the District’s current financial status and the FY2025 budget forecast. The District is expecting to see a $391 million budget shortfall next fiscal year once the remaining $300 million of federal COVID relief dollars are spent. The District has received a…
CHICAGO – In a report released today, the Civic Federation expressed its support for the proposed Cook County FY2024 budget of $9.1 billion because it continues the Preckwinkle Administration’s good practices of long-term financial planning and prudent financial policy implementation, which have allowed the County to build up healthy general operating reserves and minimize budget deficits…
Click here to read the full report.Click here to read the press release for this analysis. EXECUTIVE SUMMARYThe Civic Federation supports the Cook County FY2024 Executive Budget Recommendation…
