Cook County Independent Revenue Forecasting Commission

Finance

Thursday, June 30, 2022
5:30 p.m. CDT

Remote

This is a remote assignment. The meeting will be held via Microsoft Teams at this link. You should be able to select the option of “join from browser” if you do not have Microsoft Teams downloaded.

Never post a videoconference link directly on Twitter or other social media website, as this can attract Zoombombing/hacking. Instead, you can direct people interested in viewing the meeting to the Legistar page: https://cook-county.legistar.com/MeetingDetail.aspx?ID=986496&GUID=86DB4154-6803-49F2-A9B0-F9BACF46D17F&Options=&Search=

Check the source website for additional information

Reporting

Edited and summarized by the Chicago - IL Documenters Team

Note-taking by James Klososky

Inflation, 2023 Preliminary Funding and County Care projected revenues

View notes

Live reporting by Ebony Ellis

Inflation, 2023 Preliminary Funding and County Care projected revenues

Ebony Ellis @Eb_Writes26

Hello, I will be covering this evening’s Cook County Independent Revenue Forecasting Commission meeting for the Cook County Board Commissioners. @CHIdocumenters
#Chidocumenters

05:31 PM Jun 30, 2022 CDT

Ebony Ellis @Eb_Writes26 2/19

The Independent Revenue Forecasting Commission develops and analyzes the 5-year consensus revenue forecast that is annually developed by the CFO.

The revenue forecast includes Sales and Use taxes, Property Taxes, Cigarette Taxes, Fuel Taxes and other sources of County revenue.

Ebony Ellis @Eb_Writes26 3/19

The meeting has started at 5:30pm. With Lawrence Wilson, who is the acting CFO of Cook County.

Ebony Ellis @Eb_Writes26 4/19

A presentation has started with Lindsey Hollander, the Cook County regional and policy economist talking about the overall economic encounters. https://t.co/tjTQNSDueu

Ebony Ellis @Eb_Writes26 5/19

Paula W. mentions the risks of interest rates.

Ebony Ellis @Eb_Writes26 6/19

Dean C. will now go over the preliminary forecast. A $2 billion budget. “For FYI22, a projection of a $233.4 million budget barrier due to revenue increases.” https://t.co/yuQRmWXNEC

Ebony Ellis @Eb_Writes26 7/19

“This is the tightest labor market [in my tenure] that we’ve ever had to experience,” says Dean C.

Ebony Ellis @Eb_Writes26 8/19

“When the labor market is tight everyone is employed,” Dean C. says.

Ebony Ellis @Eb_Writes26 9/19

Commissioner Paula W. asks what labor costs are going to be like. Dean C. responds 85%. He says that this is based off of budgeted positions for labor expenses.

Ebony Ellis @Eb_Writes26 10/19

After Dean C. finished presenting on the Health Enterprise Fund, Hollander will talk more about the general fund.

Ebony Ellis @Eb_Writes26 11/19

Hollander is now talking about the unassigned ending fund balance, which she says is decreasing. https://t.co/3itOGRDT0n

Ebony Ellis @Eb_Writes26 12/19

Hollander: “when talking through our forecast, it is based on the baseline scenarios.” https://t.co/z4ZMmUrJm6

Ebony Ellis @Eb_Writes26 13/19

Commissioner Paula W. says that she appreciates Hollander going into detail. "I look at his picture and I find it hard to digest. But with this picture it's hard to make that comparison."

Ebony Ellis @Eb_Writes26 14/19

Hollander briefly goes over the unassigned ending fund balance scenarios. https://t.co/uAIMNrUkic

Ebony Ellis @Eb_Writes26 15/19

“The potential impact is if we don’t do something,” Dean C. says when talk g about the unassigned ending fund balance scenarios.

Ebony Ellis @Eb_Writes26 16/19

"We get as many people qualified for medicaid [as] we get as many people qualified for charity as we can. And then [the] remainder remains self pay," says Hollander as she is explaining Net Patient Service Revenue (NPSR).

Ebony Ellis @Eb_Writes26 17/19

The presentation has concluded.

Ebony Ellis @Eb_Writes26 18/19

No public speakers have registered to speak or come forward.

Ebony Ellis @Eb_Writes26 19/19

The meeting has adjourned at 6:44pm. The date for the next meeting is not yet listed yet.

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Attachments

Public Meeting Notice

By James Klososky 6/30/2022

Details of the establishment of this Commission

By James Klososky 6/30/2022

Agency Information

Cook County Board of Commissioners

www.cookcountyil.gov

(312) 443-5500

webmaster@cookcountyil.gov

@CookCountyBoard

See Documenters reporting

County Commissioners are elected officials who oversee county activities and work to ensure that citizen concerns are met, federal and state requirements are fulfilled, and county operations run smoothly. The Cook County Board of Commissioners is the governing board and legislative body of the county. It is comprised of 17 Commissioners, each serving a four-year term and is elected from single member districts. Each district represents approximately 300,000 residents. The Board also operates approximately 40 committees and subcommittees chaired by members of Board of Commissioners.

Remote meetings of the Cook County Board of Commissioners are live-streamed at https://www.cookcountyil.gov/service/watch-live-board-proceedings

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