Budget Deficit

Illinois State Capitol

Comptroller: Illinois On Pace To Rack Up $5B Deficit

Munger’s office said Tuesday it doesn’t have enough money to write timely checks to service providers even on court-ordered payments.

08/25/2015

Chicago Public Schools Headquarters

Analyst: CPS Has ‘No Choice’ But To Borrow $1B Amid Cash Crunch

A top financial analyst said bond rating agencies probably won’t be troubled by the Chicago Board of Education’s vote to borrow more than $1 billion to help the Chicago Public Schools address a massive budget crunch in the coming year.

06/25/2015

Chicago skyline. (Saul Loeb/AFP/Getty Images)

Budget Watchdog: City’s Junk Bond Status Could Cost Up To $300 Million

Ralph Martire, director of the Center for Tax and Budget Accountability, said the latest downgrade to junk bond status will cost the city an additional $200 million to $300 million, on top of its existing budget deficit and employee pension fund shortfalls.

05/13/2015

Illinois State Capitol

Topinka: Looming $2B Drop In Revenue A ‘Heart Attack’ For State Finances

Illinois Comptroller Judy Baar Topinka is warning of “a $2 billion collapse” next year when the state’s temporary income tax increase begins to roll back.

07/09/2014

Illinois State Capitol

Child Advocacy Group Warns Of Impact Of Expiring Tax Hike

With a 2011 state income tax increase set to expire at the end of the calendar year, the governor and Illinois lawmakers are facing a huge drop in state revenue, which would affect many social service groups that rely on the state for funding.

01/20/2014

(Credit: Thinkstock)

CPS To Cut Classroom Spending By $68M, Hike Property Taxes

Homeowners, prepare to dig deeper. Schoolchildren — especially high schoolers — prepare to get less.

07/25/2013

Chicago Public Schools

CPS Announces $21 Million In Non-Classroom Cuts

Chicago Public Schools officials have announced nearly $21 million in new cutbacks as it continues work to close a $1 billion budget deficit. The latest cuts come on top of more than $31 million in central office cuts earlier this year.

06/14/2013

CPS Classroom

Teachers Union Fears Massive Layoffs Due To School Closings, Pension Costs

With 49 elementary schools set to close this summer, and the district facing an additional $412 million in pension costs, the Chicago Teachers Union estimated hundreds – if not thousands – of teachers could be laid off to reduce district spending.

WBBM Newsradio–06/05/2013

CPS Protest

CPS To Issue Preliminary List Of School Closures Next Week

Next week, Chicago Public Schools officials will release a list of schools it is targeting for possible closure, after an independent commission issued a preliminary report recommending which schools should stay open, and which should be considered for closure.

CBS 2–01/11/2013

At Chicago City Hall Outside The Mayor's Office. (AP Photo)

City Budget Deficit Falls To $300 Million

The City of Chicago’s 2013 budget gap now stands at $298 million–after belt-tightening knocked $71 million off the total.

09/24/2012

U.S.currency. (credit: BAY ISMOYO/AFP/Getty Images)

Illinois Budget Crisis Worst In Nation, Auditor Finds

Illinois budget deficit skyrocketed to almost $44 billion, the worst in the nation, the state’s auditor said in report released this week.

06/22/2012

Members of the Chicago Board of Education listen to public testimony before a unanimous vote to extend the school year for Chicago Public Schools by 10 days starting in 2012-13. (Credit: CBS)

School Board Unanimously Approves Longer School Year

Despite complaints from teachers that it would lead to student burnout and decreased teacher morale, the Chicago Board of Education has unanimously approved Mayor Rahm Emanuel’s plan to extend the school year by 10 days starting in the fall.

CBS Chicago–03/28/2012

City Hall

Emanuel Budget Plan Relies On Higher Fees, Police Station Closures

Mayor Rahm Emanuel is planning to raise several fines and fees imposed by the city of Chicago, while avoiding any tax hikes to balance a $600 million budget shortfall for next year. The mayor also reportedly plans to call for closing three police district stations and merge five police detective areas into three areas.

CBS Chicago–10/11/2011

U.S. Sen. Mark Kirk (CBS File Photo)

Kirk Releases Report On Illinois’ Debt Crisis

Senator Mark Kirk says Illinois can forget about federal assistance if it goes to Congress saying it’s broke and needs a bailout. Kirk has released a report showing that Illinois state government is teetering on the edge of insolvency.

CBS Chicago–10/11/2011

CTA train (CBS file)

CTA ‘Looking At Everything’ To Solve Budget Crisis

The CTA says it faces a $277 million budget shortfall in the coming year. It won’t say yet that it plans fare hikes or service cuts, but CTA President Forrest Claypool made it clear he’s targeting union work rules.

CBS Chicago–10/04/2011

Gov. Pat Quinn

Arbitrator Rules Against Quinn’s Plan For Layoffs, Closures

An arbitrator has ruled that Gov. Pat Quinn may not lay off more than 1,900 state employees and close seven state facilities, because the move would violate a deal with a state labor union.

10/03/2011

Chicago Mayor Rahm Emanuel. (Credit: City of Chicago)

Emanuel Revives Plan To Expand Sales Tax To Services, Cut Tax Rate

Mayor Rahm Emanuel revealed Wednesday that he plans to move forward with a controversial tax plan from his campaign for mayor – cutting the city’s sales tax, but applying it to several services that now go untaxed.

CBS Chicago–09/28/2011

Hundreds of postal workers and local residents gathered at the Thompson Center on Sept. 27, 2011, for a rally against plans to close 3,700 post offices nationwide. (Credit: CBS)

Postal Workers Rally Against Plans To Close Thousands Of Offices

A raucous crowd of postal workers braved the chilly drizzle at the Thompson Center on Tuesday protest the proposed closing of 3,700 branches across the country.

CBS Chicago–09/27/2011

City Hall

Emanuel Might Eliminate Department Of Environment

Mayor Rahm Emanuel is expected to eliminate the city’s Department of Environment as he continues to prepare his plan to close a projected $637 million budget shortfall.

CBS Chicago–09/19/2011

Gov. Pat Quinn

Quinn Confirms Need For Major Cuts, Possible Layoffs

Thousands of state employees could be facing the prospect of layoffs as Gov. Pat Quinn seeks to make “reductions” to deal with a massive budget deficit.

CBS Chicago–09/06/2011

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