Paris Schutz of WTTW interviewed Civic Federation President Laurence Msall about the Civic Federation’s Analysis of Chicago Public Schools (CPS) FY2013 proposed budget. The report opposes the proposed budget because it fails to include a long-term plan to address CPS’ structural deficit. The District’s long-term debt has increased by 28.3% or $1.1 billion in the last five years, and CPS is…
This article covers the release of the Civic Federation’s Analysis of Chicago Public Schools (CPS) FY2013 proposed budget. The Civic Federation opposes the CPS budget for the first time since 2007, because it drains General Fund reserves and leaves the District with no identifiable plan for addressing its devastating financial reality, which in FY2014 will include a projected $1.0 billion deficit…
Total revenues collected by the State of Illinois in FY2012 beat expectations by $576 million, according to an update from the General Assembly’s financial oversight commission. However, the same report suggested that stalled economic growth may prevent continued gains in the current fiscal year. In its monthly briefing for June 2012, the last month of FY2012, the Commission on Government…
As stated in its analysis released today, the Civic Federation opposes the Chicago Public Schools (CPS) proposed $5.2 billion operating budget for FY2013, which drains all General Fund reserves to help close a $665 million budget deficit and leaves the District with no identifiable plan to address a devastating financial reality. The Federation urges the Chicago Board of Education to reject the…
(CHICAGO) In an analysis released today, the Civic Federation opposes the Chicago Public Schools (CPS) proposed $5.2 billion operating budget for FY2013 which drains all General Fund reserves to help close a $665 million budget deficit and leaves the District with no identifiable plan to address a devastating financial reality. The Federation urges the Chicago Board of Education to reject the…
The Civic Federation opposes the Chicago Public Schools (CPS) proposed $5.2 billion FY2013 operating budget which drains all General Fund reserves to help close a $665 million budget deficit and leaves the District with no identifiable plan to address a devastating financial reality. The Federation urges the Board of Education to reject the proposed budget in favor of a financially responsible…
The Civic Federation announced its support for the City Colleges of Chicago FY2013 tentative budget on July 12, testifying at a public hearing and releasing its analysis of the proposed $659.5 million budget. The budget demonstrates continued fiscal discipline and attention to financial best practices as City Colleges enters the third phase of its multi-year Reinvention effort. The FY2013…
The State of Illinois budget for fiscal year 2013 underfunds the expected cost of State group health insurance by at least $550 million, paving the way for a significant increase in unpaid bills unless more spending is authorized later this year. Governor Pat Quinn signed the $33.7 billion budget on June 30, 2012, one day before the start of the current fiscal year. The Governor had recommended a…
On July 6, Chicago Public Schools announced its proposed 2012-2013 budget, which covers a $665 million deficit through a combination of cutting operations, raising property taxes and using $432 million in reserves to avoid significant program cuts. The Civic Federation is concerned the District would have no way to absorb unforeseen costs if the reserves are emptied, and said the plan leaves no…
This blog discusses plans announced by Chicago Public Schools (CPS) to drain its unrestricted reserve fund to help balance a proposed $5.16 billion spending plan for 2012-2013. The Government Finance Officers Association recommends governments keep a minimum of two months operating expenses (approximately $850 million for CPS) in reserve. The Civic Federation said the proposed budget would leave…
