A provision of the General Obligation Bond Act in Illinois requires the State to structure its bonds so that equal amounts of the funds borrowed are repaid in each year of the loan. This structure, called level principal, benefits the…
This editorial discusses an ordinance that would create an Office of Financial Analysis for the City Council to evaluate budget proposals separately from the Mayor’s advisory team. The Civic Federation…
The Civic Federation strongly supports the proposal to create an Office of Financial Analysis for the Chicago City Council. Mayor Rahm Emanuel’s proposed FY2014 budget includes funding for an Office of Financial Analysis to help vet…
Only four months into the State of Illinois’ 2014 fiscal year, which began on July 1, 2013, annual revenue projections have increased by more than $300 million from the initial estimates. Positive first quarter results from the State’s…
This article covers the Chicago Transit Authority’s November 12 budget hearing in advance of the Chicago Transit Board’s November 13 budget vote. The Civic Federation recently released its…
Pension Contribution Increase in FY2015 Threatens to Derail Fiscal Progress In a report released today, the Civic Federation announced its support for the City of Chicago’s proposed $7.0 billion budget as a reasonable short-term plan that…
The Civic Federation supports the City of Chicago’s proposed $7.0 billion budget as a reasonable short-term plan that closes approximately two-thirds of a $338.7 million budget gap with structural changes that will continue to reduce the…
The Civic Federation supports the Chicago Transit Authority’s (CTA) proposed FY2014 operating budget of nearly $1.4 billion. After two years of difficult but necessary steps to stabilize its operations, the CTA has produced a balanced…
