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Board members press county and city revenue assumptions as staff flags $250M in delayed property-tax distributions
Summary
Board members pressed district staff about delayed Cook County property-tax distributions and the budget's reliance on TIF surplus; staff said county distributions are running near 87% (vs typical ~98%), cited about $250M in delayed receipts, and noted the budget assumes $200M in TIF surplus with a possible $400M TIF scenario to avoid furloughs.
Several board members used their allotted time to press finance staff about the budget’s revenue assumptions and the district’s contingency plans. Staff said property-tax distributions from Cook County are historically around 98 percent but current distributions are closer to 87 percent, leaving roughly $250 million in delayed funds the district expects to pursue through bridge-loan conversations with the county.
District staff also described an explicit assumption in the proposed budget of $200 million in TIF surplus; when asked how much additional TIF would be needed to avoid furloughs and the midyear spending freeze, a staff presenter said the total TIF assumption would need to be closer to $400 million. "So that would mean the total TIF surplus assumption of about $400,000,000," the presenter said. Board members asked for more analysis and ongoing follow-up with city and county partners, and some members urged the board to press the state legislature during veto session to deliver additional revenue.
