Cook County Preliminary Forecast Shows Substantial Operating Surplus for Year-End FY2023 and Moderate Budget Deficit for FY2024 – Civic Federation

Updated projections were provided during a budget hearing this week that incorporate the costs of pay increases to County employees. The projected budget gap for the upcoming fiscal year, FY2024, was initially estimated to be approximately $86 million based on the June preliminary forecast. The updated projections, however, have increased the anticipated FY2024 budget gap to $170 million.

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Mark Glennon on AM560’s Morning Answer: Chicago pension buyout plan mostly shifts debt rather than eliminating it, property tax surge doubles inflation over three decades

Chicago’s political leadership is floating a pension buyout program as evidence it is seriously addressing the city’s thirty-six-billion-dollar unfunded pension liability, but Mark Glennon, founder of the Illinois policy research organization Wirepoints, said that the proposal moves debt from one column to another rather than reducing it, and that the broader fiscal picture facing the city continues to deteriorate across every measurable dimension. Audio here.

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