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Rising Pension, Healthcare Liabilities Help Drive $7.3 Billion …
WebNovember 10, 2023. This blog post examines the City of Chicago’s long-term liabilities. It includes a review of trends in the City’s long-term governmental and business-type activities, liabilities, debt service trends and a discussion of its tax-supported long-term debt and recent credit rating changes.
Actived: 4 days ago
Illinois’ Spending Plan for Opioid Settlement Funds
WebThe State of Illinois will receive $760 million in opioid settlement funds. The State plans to distribute these funds to overdose abatement programs. The programs include intervention services, medication-assisted addiction treatments, rehab centers, prevention programs, and buying and supplying Narcan, a medication that reverses …
Public Health System Seeks Increased Tax Support from Cook …
WebOver the objections of its Board Chair, Cook County’s public health system has approved a $3.4 billion budget proposal for the upcoming fiscal year that relies on an additional $53 million in tax revenues from the County. County Board President Toni Preckwinkle’s office had previously authorized an increase of $30 million, bringing Cook
Medicaid Dilemma: How to Transform Safety Net Hospitals
WebJanuary 06, 2021. UPDATE: In the final hours of the lame duck session on January 13, the Illinois General Assembly passed legislation providing for spending up to $150 million annually through fiscal year 2027 to modernize safety net hospitals. Senate Bill 1510, as amended, is similar to the transformation funding proposal described below by
The State of Illinois FY2024 Enacted Budget Civic Federation
WebThe Medicaid health care coverage program known as the Illinois Health Benefits for Immigrant Adults has been expanded twice since 2021. After the Governor introduced his FY2024 budget, projections for the cost of the program increased significantly to $1.1 billion and had to be accounted for in the enacted budget.
Cook County Health Warns of “Unsustainable” Growth in Unpaid …
WebThe health system is also facing increasing scrutiny over its financial practices in the wake of a critical report by the County’s Inspector General. Cook County Health has disputed the findings of the report, which concerned unpaid healthcare claims at its CountyCare managed care plan. At the Finance Committee meeting, officials said an
What is the State of Illinois’ Cannabis Social Equity Program and …
WebIn 2019, the program was made permanent and expanded to include 11 new health conditions such as chronic pain, migraines and arthritis. Cannabis Regulation and Tax Act of 2019. Cannabis became legal in Illinois for adult recreational use under the Cannabis Regulation and Tax Act (CRTA) on January 1, 2020 after years of work by …
Cook County Forecasts Operating Surplus for Year-End FY2022 …
WebThe Health Fund budget surplus of $29.28 million is due to revenues exceeding budget by $439.4 million, which is mostly offset by expenditures also exceeding budget by $410.1 million. The much higher than anticipated revenues and expenditures within the Health Fund are due in part to an increase in membership in Cook County’s …
Cook County Preliminary Forecast Shows Substantial Operating …
WebIn the Health Fund, the County anticipates a $3 million projected deficit, driven by a $45.9 million increase in expenditures over the FY2023 adopted budget, partially offset by a $43.0 million increase in revenues. The projected increase in revenues is due to the rise in the capitation rate per member per month and net patient service revenue
Cook County Board of Commissioners Approve FY2024 Budget
WebThe Cook County Board of Commissioners approved the final FY2024 Cook County budget on Thursday, Nov. 16 for the fiscal year beginning on December 1. The most significant change from the proposed version of the budget was the addition of a $100 million Disaster Response and Recovery Fund to support Cook County’s response to the …
Summary of Amendments to Public Act 101-0652, the SAFE-T Act
WebThe Illinois General Assembly passed a series of amendments during veto session in early December to the SAFE-T (Safety, Accountability, Fairness and Equity – Today) Act, the criminal justice omnibus law enacted in early 2021. The SAFE-T Act ( Public Act 101-0652) was originally passed by the Illinois General Assembly in January 2021 …
A Review of Medicaid Expansion in Illinois under the Affordable …
WebJanuary 12, 2017. Surveys show that Americans are divided in their views of the Affordable Care Act. With the incoming administration in Washington vowing to dismantle the federal healthcare law, this blog post examines Illinois’ expansion of the Medicaid program under the act.. Medicaid expansion was a key feature of the Affordable Care Act (ACA), …
Retiree Health Insurance Ruling to Increase State Costs by $128 …
WebThe Illinois Supreme Court’s recent ruling on health insurance for State retirees is expected to increase State costs by approximately $128 million through FY2015, according to the Department of Central Management Services. Although litigation is ongoing, the high court’s decision apparently means the State will bear the cost of health
Trends in Illinois Department of Corrections Spending and Prison
WebThe prison population was 38,141 as of December 31, 2019, according to the IDOC’s most recent prison population data sets. This is a 22% decrease from the 2013 peak. However, the population is still high by historical standards. In 1980, the prison population was 11,768. Research shows the decline in the prison population since 2013 …
Interest Penalties on Illinois’ Overdue Health Insurance Bills Keep
WebApril 06, 2016. Due to its growing backlog of overdue group health insurance bills, the State of Illinois is expected to pay a total of at least $454 million in interest penalties in the current and upcoming budget years, according to a new report.. The report by the General Assembly’s Commission on Government Forecasting and Accountability (COGFA) …
How the Cook County Pension Fund Fared in 2022 Civic Federation
WebThe unfunded liabilities of the pension fund increased to $6.7 billion in FY2022 from $6.3 billion in FY2021 due to investment losses experienced in 2022, which resulted in a loss of $408.3 million in assets and an increase in the unfunded liability of $276.3 million. Over the past ten years, the unfunded liabilities of the pension fund have
City of Chicago FY2023 Proposed Budget: Analysis and …
WebThe projected net appropriations for FY2023 total $11.8 billion. This is an increase of $1.2 billion, or 10.8%, over the adopted FY2022 net appropriations of $10.6 billion; The proposed Corporate Fund (general operating) budget of $5.4 billion represents a $547.1 million, or 11.2%, increase from $4.9 billion in FY2022; Pension contributions to
Pensions Civic Federation
WebCivic Federation Written Testimony in Opposition to SB1629 and SB1630. The Civic Federation submitted the following written testimony in opposition to SB 1639 and SB1630 to Chairperson Kifowit and Members of the Personnel & Pensions Committee on May 10, 2023. The same written testimony was also submitted…. .
Funding Status of the Chicago Teachers’ Pension Fund
WebJuly 29, 2022. This blog post examines the Chicago Public Schools’ contributions to the Chicago Teachers’ Pension Fund in the FY2023 budget and the funding status of the Pension Fund based on financial health indicators. Additional descriptive information about teachers’ pension benefits and history can be found in past budget analyses.
Indicators of Financial Condition
WebIn assessing the financial health of local governments, much academic research has focused on developing measures of financial condition. Although there is no strict consensus on these measures, there is agreement that the financial condition of local governments is important to the effective, efficient and economical delivery of public services.2
Performance Measurements in the American Rescue Plan Act
WebThe $1.9 trillion American Rescue Plan Act (ARPA) was signed into law on March 11, 2021 and provides for $350 billion in funding for eligible state, local, territorial, and Tribal governments. The Coronavirus State and Local Fiscal Recovery Funds (SLFRF), a section of ARPA, provide significant revenue support to state and local governments, and
Category: Coronavirus Go Health
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