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Pensions

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Illinois General Assembly Passes Pension Reform for the Chicago Park District

UPDATE: On January 7, 2014, Governor Pat Quinn signed Senate Bill 1523 into law. The provisions of Public Act 98-0622 will go into effect starting January 1,…

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Watchdog group: Quit pushing off massive debt payments

This article discusses the City’s practice of “scoop and toss,” which refunds bonds to reduce current year payments by pushing off large principal debt payments to future years and increasing the total cost of borrowing. The Civic…

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Chicago's FY2014 Budget an Urgent Reminder of Need for Pension Reform

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…

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City of Chicago FY2014 Proposed Budget: Analysis and Recommendations

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…

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CTA Makes Seventh Rating Downgrade in Chicago Area in Four Months

On October 25, 2013, Moody’s Investors Service downgraded the CTA’s bond rating to A1 from Aa3 and lowered its…

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City of Chicago Fares Poorly Relative to Other Cities in Trend Analysis of Financial Indicators, FY2007—FY2011

A report released today by the Civic Federation uses nine indicators of financial condition to measure the relative financial…

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Indicators of Financial Condition: A Comparison of the City of Chicago to 12 Other U.S. Cities from FY2007 to FY2011

This report uses nine indicators of financial condition to measure the relative financial performance of Chicago and 12 other major U.S. cities from FY2007 to FY2011. In addition to Chicago, the other cities analyzed were Baltimore, Boston…

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Forest Preserve District Budgetary Achivements Threatened by Declining Health of Pension Fund

In a report released today, the Civic Federation supports the $178.8 million FY2014 budget proposed by the Forest Preserve District of Cook County. The budget holds the property tax levy flat and maintains substantial reserve funds.…

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Forest Preserve District of Cook County FY2014 Executive Budget Recommendation: Analysis and Recommendations

The Civic Federation supports the Forest Preserve District of Cook County’s FY2014 proposed $178.8 million budget that holds the property tax levy flat and maintains substantial reserve funds. However, the Federation warns that these…

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Cook County Pension Fund Levels Continue to Decline

 Recent trend analysis performed by the Civic Federation shows that the funded status of the Cook County Pension Fund declined again in fiscal year 2012, the most recent year for which data are available. The market value funded ratio…