President Toni Preckwinkle will outline Cook County’s preliminary FY 2017 budget forecast at a press availability this morning at the County Building. The county released its Comprehensive Annual Financial Report Monday, and has already started briefing commissioners on the county’s fiscal picture. Preckwinkle has warned this budget season will be another difficult one. The CAFR was presented by County CFO Ivan Samstein and Comptroller Lawrence Wilson.
This time last year, the County’s Pension Fund shortfall stood at $6.5 billion, and was growing by $1 million a day. The county also had a projected operating shortfall of $198.75 million, “driven by increasing labor costs, rising legacy debt service, increased costs of the Presidential election cycle, and reductions in court filing revenues.”