* Despite various attempts to downplay the significance of the governor’s proposed budget cuts, the reality is that’s it’s February 20th - meaning the only budget plan we have right now is the governor’s. And since that’s the case, the media will naturally gauge the impact of what the governor wants to do.
Seth Richardson at the SJ-R has an interesting story about the governor’s 50 percent cut in municipal revenue sharing…
In his budget speech, Rauner said the reduction would only account for three percent of local municipalities’ budgets. But Illinois Municipal League legislative director Joe McCoy said every community would feel the pain, but smaller communities might fare worse.
“If a community doesn’t have a very vibrant array of other taxes that they can generate revenue from, then (the Local Government Distributive Fund) becomes that much more important,” McCoy said. “So I think it is a community-by-community issue, and there are a lot of communities that rely much more heavily on LGDF, and those would feel the most impact.”
He said some communities with smaller tax bases and no businesses rely on the fund for 15 percent to 20 percent of their budgets.
The likely outcome, according to several mayors, is the reduction of public safety personnel. [Springfield Mayor Mike Houston] said if Rauner’s decrease passes, the city would have to look at laying off personnel, likely in public safety, which takes up 70 percent of the $118 million total budget.
Cutting budgets is like that old saying about bank robbery: You go where the money is. The local money is in public safety. And the same goes for the state. If you’re not cutting P-12, some very big money is in local government.
* Phil Kadner takes a look at the governor’s claim Wednesday that local governments are sitting on a $15 billion cash pile of reserves…
The governor’s office said the $15 billion estimate of local government reserve funds came from the state comptroller’s office, but that office’s figures total about $18 billion.
Municipalities have roughly $6.5 billion in fund balances, counties have $3.4 billion, townships $894 million, park districts $862 million, fire protection districts $540 million, public library districts around $400 million and special purpose districts $944 million, according to the comptroller’s office.
It said Cook County, the city of Chicago, the Chicago Police Department, the Regional Transportation Authority and the Metropolitan Water Reclamation District have a combined $4.4 billion in reserve fund balances. […]
[Orland Park Mayor Dan McLaughlin] said Orland Park has about $20 million in reserve on a $50 million annual operating budget “because we’ve been doing what the state should have been doing all these years” — living within a budget. He said the village has a policy of keeping 20 percent of its operating budget in reserve.
* And in Lake County…
“Instead of fixing the state, he’s coming after local governments,” Gurnee Mayor Kristina Kovarik said Wednesday afternoon. “I’m not happy at all. Gurnee has its house in order — we have a AAA bond rating, no local property tax and exceptional services. I don’t know why he’s decided to pick on us.” […]
“I was very hopeful about the new governor. I’m so disappointed,” she said. “He’s ignoring everything at the state level and coming after the local guys.”
* Riopell…
“Municipalities throughout the state have been pickpocketed for years by Springfield, and now Governor Rauner’s proposal to eliminate 50 percent is akin to armed robbery,” Geneva Mayor Kevin Burns said.
Armed robbery? Pretty strong words for Geneva’s mayor.
* In other budget-cutting news, the Tribune looks at the governor’s proposed $400 million cut to higher education…
The new Republican governor’s move follows a pattern of higher education funding reductions embraced by fellow GOP governors such as Wisconsin’s Scott Walker and Louisiana’s Bobby Jindal, a pair of Republicans who like to burnish their bonafides with their political bases. […]
When a variety of restricted funds are added in for categories like research and student housing, [UIUC] operates on an overall $5.6 billion budget.
That’s the figure Rauner’s team prefers to focus upon when looking at public universities as it tries to defuse a bit of the political blowback to the governor’s proposed funding cuts. Through that lens, the cuts are closer to 6 percent of total revenues going to universities.
The Rauner administration also counts general state funds that go into the university pension funds — a number that budget officials estimate is more than $1 billion — along with hundreds of millions more for health care. […]
“They’ve taken hits for a long time,” said Sen. David Luechtefeld, the Republican spokesman on the Senate Higher Education Committee. “I think they’re pretty close to rock bottom.”
* And at NIU…
Northern Illinois University officials are considering reducing staff, restructuring academic programs and pursuing more grants after Gov. Bruce Rauner’s budget proposal included a 31 percent cut in NIU’s state funding.
- 47th Ward - Friday, Feb 20, 15 @ 10:50 am:
===“They’ve taken hits for a long time,” said Sen. David Luechtefeld, the Republican spokesman on the Senate Higher Education Committee. “I think they’re pretty close to rock bottom.” ===
Loosely translated, that means the Democrats have been cutting back spending on higher education for some time now. Thanks for the hat tip Sen. Luechtefeld!
If anyone’s been paying attention, even with the 5% income tax, Governor Quinn and more importantly, Speaker Madigan and President Cullerton have cut or held spending flat almost across the board while making the full pension payment.
That’s the reality, and that’s why Madigan is saying Rauner can’t cut his way to a balanced budget. It’s not a Jedi mind trick. It’s a simple, obvious fact.
- scott aster - Friday, Feb 20, 15 @ 10:51 am:
Rich I would suggest that the state look at a formula to disperse the local share of the income tax like the school aid formula. Therefore hot shot towns like Gurnee and Oakbrook to name just a few would get zip and the south suburbes would get more. The mayor of Gurnee should keep her mouth shut.
- Marty Funkhouser - Friday, Feb 20, 15 @ 10:55 am:
A lot of these communities have fund balances because governments are supposed to have them. I realize it’s a foreign concept at the Capitol to have a few extra bucks between what you bring in and what you spend, but the governor is really mischaracterizing what those reserves are and what they’re for. The Government Finance Officers Association recommends having two months worth of expenses as an unrestricted fund balance: http://www.gfoa.org/determining-appropriate-level-unrestricted-fund-balance-general-fund
- Do It - Friday, Feb 20, 15 @ 10:56 am:
of course the proposed budget has consequences. Far worse would be burying our heads in the sand and pretending everything will be fine, which has been our leaders policy a long time. the tax hike did nothing to solve the structural problems because the leaders refused to do anything about it. They just kicked the problem down the road. Fix the spending now, or the pain will be severe in the future.
- SonofSuperAbe2014 - Friday, Feb 20, 15 @ 10:57 am:
I find it quite funny that all these munis are whining about state funding, while they raise property taxes on homes that decrease in value. Illinois new motto: Come for the weather & stay for the taxes.
- Ghost - Friday, Feb 20, 15 @ 10:57 am:
The state does not have to cut these various areas of spending. It can remove all the tax credits and reductions for a business and indivduals that generate 250k or more in gross receipts. no need for abtax increase, just get rid
Of the credits so they pay the actual percentage of income called for in the tax code.
For various reasons that its not likely to happen, but i just wanted to point out cutting spending and services is a choice. The govenor keeps spinking that it is tequired by the lack of money, but the lack of money is a choice to give high income people and busnrss lots of tax credits.
So as we discuss budget cuts itnis all a choice, do we favor tax credits for those people and companies who are high earners, or do we choose to create educated children. I would point out that India has been inevstingbheavily in higher education and they ate taking away engineering and programming jobs from us becuase they do.
- anon - Friday, Feb 20, 15 @ 10:57 am:
Has anyone recognized that none of these cuts will make Illinois better? These cuts simply shift the costs of services to the local governments.
Rauner cuts Municipal Revenue Sharing will mean that the state budget will look better, but the local governments will have to raise taxes or cut services.
Rauner cuts to higher ed? Same thing. Those institutions will have to cut services or increase revenue. So people have to pay more to attend the college, or maybe 3,000 students in a class?
What about P-12 education? He is willing to increase funding by $290 million, when his appointed chairman of ISBE said that P-12 education needed an additional $730 million. “Sorry Rev. Meeks. You got me the votes, but now I can’t help you.”
As for the pension issue, even if moving everyone to Tier II or allowing them to take a 401(k) with matching funds from the employer were legal, how will the employer get the matching funds? Again, it is a situation where the state budget looks better by pushing the liability to the local government.
And just a reminder, teachers in P-12 education do not pay into social security and are not eligible to receive it upon retirement. Teachers are public servants who were promised a pension upon retirement. If the government went after Social Security, how many of you would be screaming?
Ok, let the bashing begin.
- Norseman - Friday, Feb 20, 15 @ 10:59 am:
The locals won’t have a problem. Many GOPers want to give them the power to go bankrupt. That’ll will be the new tool in the municipal toolkit to address their finances.
This would help universities too. They can establish classes with a high tuition to teach local government officials on how to file bankruptcy. Of course, one problem is that the students may file bankruptcy before paying the tuition bills.
- Philo - Friday, Feb 20, 15 @ 11:02 am:
Apparently the $15 billion fund balance total is based on more than municipalities and county governments, yet those are the only local governments that get LGDF income tax distributions.
- Precinct Captain - Friday, Feb 20, 15 @ 11:04 am:
This is what I imagine Rauner saying to munis talking about cuts to public safety. “Cops, we don’t need no stinkin’ cops!”
- Parnell - Friday, Feb 20, 15 @ 11:06 am:
With the reduction in municipal tax sharing the layoffs of employees appears to be the reaction of many municipalities. The consolidation of police and fire services should be contemplated among nearby villages and towns. This reduction in funds could be offset by the merger of governmental units into larger ones.
- Mary M. - Friday, Feb 20, 15 @ 11:07 am:
The mayors quoted in this post shouldn’t get too carried away congratulating themselves for having balanced budgets and cash surpluses. They all represent towns (Orland Park, Geneva, and Gurnee) that have seen huge increases in home starts and retail development during the past 20 years which has provided a surge in tax revenue. And I’d like to see how many of them increased their property and sales tax rates when the economy crashed.
The mayors of Rockford, Decatur, and plenty of other towns might have room to complain about an unfair tax system in Illinois, but not these guys.
- Ghost - Friday, Feb 20, 15 @ 11:08 am:
Noreseman the built into th bankruptcy code a hard prohibition on getting out of student loans
If thebstate can avoid pension debt under police powers cant we skip all debt that way? Lets go by everything we want, cars, trucks social services etc. the. When the bill comes we will give tax credits and writeoffs to the wealthy and claim pocerty adj cancel out the money owed with a law progibitng payment of the promissed contrat amounts…. Seems reasonable to me. We can even create 401k style payment plans for companies to try and get their money back.
- Now What? - Friday, Feb 20, 15 @ 11:08 am:
Scott- Gurnee and its taxing munis have done a fantastic job of keeping taxes down and attracting businesses. Hot shot town? Get your facts straight before you throw around unknowns. Gurnee is a farm town done well over the last 25 years and the current governor wants to implode that success as well as the successes of other towns that did what they had to do the last 8 years.
- walker - Friday, Feb 20, 15 @ 11:12 am:
Where’s the list of mayors, superintendents, and county board chairs who have pledged that they will not increase their tax levies this year?
Rauner said they would “period!”
Republican “fiscal-conservatives” should naturally be first in line.
Maybe Sanguinetti is getting pledges and has the list?
- 47th Ward - Friday, Feb 20, 15 @ 11:17 am:
===built into th bankruptcy code a hard prohibition on getting out of student loans
===
For which you can thank a Republican member of Congress. Like Mark Kirk for example, who voted to prevent student loans from being discharged in bankruptcies in 2004.
- Makandadawg - Friday, Feb 20, 15 @ 11:17 am:
On the pension reform, once again a one size fits all approach and built mostly for political posturing. Imagine proposals that takes into account the difference among the various groups covered by these pensions plans. Some have health insurance others don’t. Some have social security benfits, others don’t. Some are built on salaries that are mostly state funded and others mostly local funds.
- 47th Ward - Friday, Feb 20, 15 @ 11:19 am:
===Maybe Sanguinetti is getting pledges and has the list?===
I think we ought to issue an Evelyn Alert. She’s been missing for a long time now.
- Gooner - Friday, Feb 20, 15 @ 11:23 am:
Anon 10:57 nails it.
In reality these are fake cuts. The State can cut the funding, but if the local governments need it, they will raise taxes to pay for it.
The result is that the tax bill will go up and Rauner can claim that he cut while everybody else raised. It is pretty devious and may be the first politically smart move he’s made since he was elected.
- Carhartt Representative - Friday, Feb 20, 15 @ 11:23 am:
=And just a reminder, teachers in P-12 education do not pay into social security and are not eligible to receive it upon retirement. Teachers are public servants who were promised a pension upon retirement. If the government went after Social Security, how many of you would be screaming?=
Exactly
- Anonymous - Friday, Feb 20, 15 @ 11:25 am:
===Rauner cuts to higher ed? Same thing. Those institutions will have to cut services or increase revenue. So people have to pay more to attend the college, or maybe 3,000 students in a class?===
And I’m sure all those laid off university employees will find work as prison guards.
- Wordslinger - Friday, Feb 20, 15 @ 11:45 am:
So how does a state muni money grab square with the “property tax freeze” (whatever that means)?
Maybe Norseman’s on to the strategery. Take their money, block their other revenue sources, force them into bankruptcy.
How conservative!
Just kidding. There’s no plan here. They’re making it up as they go along.
- Juan MacLean - Friday, Feb 20, 15 @ 11:45 am:
Folks here have it right - Rauner isn’t cutting demand (or need) for services, education, etc. He is cutting the state’s participation and support for it. Yet, somebody still has to pay for it, leaving tuition payers, property taxpayers, local governments, etc to cover what he says the state can’t. The reality is - he wants a tax cutting reputation while many services will continue despite him because others will actually make the hard decisions and raise revenue at other levels. At least that’s the objective.
- anonlurker - Friday, Feb 20, 15 @ 11:46 am:
=The result is that the tax bill will go up and Rauner can claim that he cut while everybody else raised. It is pretty devious and may be the first politically smart move he’s made since he was elected.=
Agree on devious, not sure about first. Seems to me that he’s been trying to get the others to own any revenue (tax) increase since the election. Beginning with baiting “don’t extend the tax increase”, while hoping IMO that they would. That was dodged by giving the, then, future governor his wishes. Now his budget has no revenues, leaving it for others to find and own.
- Soccermom - Friday, Feb 20, 15 @ 11:51 am:
Ugh. Soccermom is having one of the worst weeks of her life, and the budget speech sure didn’t help things.
Dear Governor Rauner —
Are you aware that many municipalities are self-insured? That means that if the roof collapses on the park district headquarters, the district has to fix it. Or if the warehouse for municipal vehicles goes up in flames. Can get pricey.
So it makes sense for municipalities to keep some money in the bank for unexpected expenses. Otherwise, when something bad happens, they’re going to have to - say it with me, boys and girls — raise property taxes.
And that doesn’t even begin to address the problems of impoverished south suburban communities that have no reserves and not enough money to supply basic government services.
I may have to stop reading Cap Fax. I just can’t bear it.
- kimocat - Friday, Feb 20, 15 @ 12:03 pm:
Is this really “burnishing your bonafides with the your political base?” Is the GOP base, not well-known for compassion for anyone, really out to gut public universities — the schools that have and hopefully will in the future be the key to middle class survival? Seriously?
- Cable Line Beer Gardener - Friday, Feb 20, 15 @ 12:07 pm:
It’s ok Soccermom, many of us feel the same pain as you.
- Keyser Soze - Friday, Feb 20, 15 @ 12:10 pm:
Woe is us.
- Juvenal - Friday, Feb 20, 15 @ 12:10 pm:
=== the reality is that’s it’s February 20th - meaning the only budget plan we have right now is the governor’s. ===
They ought to allow the governor’s budget plan to be the only one out there until May 20th.
- jerry 101 - Friday, Feb 20, 15 @ 12:13 pm:
You can’t just look at fund balances in total. There are restrictions on some those funds. There may be non spendable amounts, there may be restricted amounts. The only thing that’s open to be used is unassigned. In addition, not all those fund balances are available for general use. They may be in special revenue funds, in capital projects funds, in debt service funds, etc.
It’s no more a pile of free money than any money in Special Funds on the state level, perhaps even less so.
- Rod - Friday, Feb 20, 15 @ 12:15 pm:
I am not endorsing Governor Rauner’s cut in municipal revenue sharing, but those that see such a cut necessarily leading to higher property taxes are correct only if the municipalities do not significantly lower services and the wages of municipal employees. To do this the unions at the municipal level will have to be broken and in my opinion that is Governor Rauner’s presumption.
Here is what the Governor stated in his budget address: “Along with this modest cutback, our turnaround reforms will reduce unfunded mandates, and give local governments and voters the tools to save hundreds of millions of dollars through consolidation, employment flexibility and compensation restructuring.”
As I have read these many posts I honestly don’t think people understand how radical Governor Rauner is in relation to lowering the wages of all public sector employees except for higher managers in the public sector. Please don’t attack my post because I am not personally endorsing this approach, but I really don’t think people understand where the Governor is going with this proposal.
- jerry 101 - Friday, Feb 20, 15 @ 12:31 pm:
Just as a quick note, in FY 2014, the University of Colorado system (3 campuses, I think, strangely abbreviated CU) received general state appropriations totalling $13.7 million, state capital contributions totalling $0 and state and local grants and contract revenue totalling $40 million. The state does NOT cover CU’s pension or health care costs.
Overall, U of Colorado is about 3/4ths the size of U of Illinois - CU has total assets of $5.6 billion. UI has $7.4 billion in total assets.
2014 state support for U of I (and this doesn’t even include MAP awards): General state appropriations: $668 million. On behalf payments for pension and health care: $1.1 billion; Capital appropriations: 11 million; State grants and contracts: $86 million.
According to College Navigator, UIUC’s total tuition and fees for 2013-2014 academic year was about $29k (living on campus). CU-Boulder’s total in state tuition and fees for the same period? $29k
- Formerly Known As... - Friday, Feb 20, 15 @ 12:38 pm:
==has about $20 million in reserve on a $50 million annual operating budget “because we’ve been doing what the state should have been doing all these years” — living within a budget==
Who could have guessed this is a better way to operate than what the state was doing?
- Pot calling kettle - Friday, Feb 20, 15 @ 12:39 pm:
==I find it quite funny that all these munis are whining about state funding, while they raise property taxes on homes that decrease in value.==
It is called being fiscally responsible. They tax enough to cover the services they provide. It’s what the state has not done for decades. It is what the new governor is not willing to do.
- Kodachrome - Friday, Feb 20, 15 @ 12:46 pm:
Is jerry 101 accurate? I would love to hear from the peeps on this blog on that issue. And if he is, can someone please explain the massive difference in a way that doesn’t make me believe that it is based on waste, politics, graft, excessive compensation, etc? Because if its accurate, I know how we can put a solid dent in our debt . . . . .
- Illannoyed - Friday, Feb 20, 15 @ 12:55 pm:
Just a point of clarification regarding property taxes. When you examine your property tax bill, it’s not the municipal portion that is driving the largest increases. It’s perfectly understandable that people consider their property tax bill as a whole, but there needs to be a distinction between units of local government when assessing blame (pun intended).
- Old Shepherd - Friday, Feb 20, 15 @ 12:57 pm:
===The State can cut the funding, but if the local governments need it, they will raise taxes to pay for it.===
Unless you are in a PTELL county, then raising real estate taxes to make up this shortfall is not possible. In PTELL counties, cuts this drastic will likely cause massive layoffs of local government employees and force important, basic services to grind to a halt.
- Formerly Known As... - Friday, Feb 20, 15 @ 1:00 pm:
==Is jerry 101 accurate==
The numbers in his U Colorado to U Illinois comparison are astounding.
- Juvenal - Friday, Feb 20, 15 @ 1:32 pm:
=== I am not endorsing Governor Rauner’s cut in municipal revenue sharing, but those that see such a cut necessarily leading to higher property taxes are correct only if the municipalities do not significantly lower services and the wages of municipal employees. To do this the unions at the municipal level will have to be broken and in my opinion that is Governor Rauner’s presumption. ===
If that were the governor’s objective, he would not be exempting first responders from his pension legislation.
- Juvenal - Friday, Feb 20, 15 @ 1:37 pm:
@ Jerry, FKA:
UIUC is ranked 42nd nationally by US News. U-C Boulder is ranked 88th.
You are correct, if we wanted to be ranked 88th, we could spend a lot less money.
- Union Leader - Friday, Feb 20, 15 @ 1:42 pm:
Hope all those elected Republican officials who loved having Rauner as their nominee and now Governor are happy now.
- Rod - Friday, Feb 20, 15 @ 1:54 pm:
Juvenal: Scott Walker did the same thing, here is exactly what Rauner said about police and fire fighters in his budget speech: “Those who put their lives on the line in service to our state deserve to be treated differently, and I believe the public will stand with me in this single case of special treatment.”
- Kodachrome - Friday, Feb 20, 15 @ 1:55 pm:
Juvenal, if it’s accurate, yes, I want to be ranked 88th, not because we could spend a lot less money, but because we need to. And, again, WHY the difference? Isn’t that the key? Do you really think its going to matter, if we’re not in the top 10 or 20 anyway, if we are 42 or 88? Is that a current priority given this state’s finances? If the U of I has problems getting students to attend, pay tuition and still get a very solid education by going down to 88, then I’m with you. Otherwise, as FKA notes, the numbers are simply jarring. I want to know why there is such a difference.
- Anonymous - Friday, Feb 20, 15 @ 2:35 pm:
“Just as a quick note, in FY 2014, the University of Colorado system (3 campuses, I think, strangely abbreviated CU) received general state appropriations totalling $13.7 million, state capital contributions totalling $0 and state and local grants and contract revenue totalling $40 million. The state does NOT cover CU’s pension or health care costs.”
University employees in Colorado are state of Colorado public employees and are paid directly by the state and not out of an appropriation given to the Universities. Their pensions are also matched directly at the state level. Different than UI which pays salaries for state employees from the appropriation provided by the State.
- Norseman - Friday, Feb 20, 15 @ 2:51 pm:
Say this mentioned in Twitter: “Illinois governor briefs credit rating agencies on budget plan,”
Reuters.
Let’s see if they buy the stuff the Gov’s peddling. Especially, the magical pension fix that will bring immediate savings.
- Ghost - Friday, Feb 20, 15 @ 2:53 pm:
Cu received state money of 181.5 million and another 580 million in state and federal grants. So the prior numbers are just made up
http://www.cu.edu/sites/default/files/FY15_Operating_Budget.pdf
The cu operating budget for fy2014 all sources was 3.2billion and they are mo u of i which also has national computing facilities and massive farms
- Overextended - Friday, Feb 20, 15 @ 2:54 pm:
Colorado State Univ. is the Land Grant institution for Colorado and might be a better comparison to UIUC
- Ghost - Friday, Feb 20, 15 @ 2:59 pm:
I found Jerry’s 13.7 million number. That is the amount of financial aid covered by the state that was paid to CU for higher education. It is not the states funding for CU which was hundreds of millions in grants and direct support.
- 47th Ward - Friday, Feb 20, 15 @ 3:09 pm:
There is also this fact, from the UIUC thread above:
===Now, explain to me how Colorado can do it without these massive state payments, and we can’t.===
Here’s one way: 37% of the University of Colorado Boulder students come from out of state, and are charged $31,000 for tuition (compared to $9,000 for in-state students). Only 7% of the student at UIUC come from out of state.
http://www.collegexpress.com/lists/list/percentage-of-out-of-state-students-at-public-universities/360/
- Anonymous - Friday, Feb 20, 15 @ 4:34 pm:
- Anonymous - Friday, Feb 20, 15 @ 2:35 pm:
“University employees in Colorado are state of Colorado public employees and are paid directly by the state and not out of an appropriation given to the Universities. Their pensions are also matched directly at the state level. Different than UI which pays salaries for state employees from the appropriation provided by the State.”
I didn’t know that. I’d think that CU would be recording an “On Behalf Payment” revenue and expense for those payments then (U of I does this for Pension and Healthcare funding), but maybe there’s else something I’m missing.
For what its worth, all the numbers I cited came directly from each institution’s 2014 CAFR.
U of I: http://www.auditor.illinois.gov/Audit-Reports/Compliance-Agency-List/U-of-I/FY14-U-of-I-Fin-Full.PDF
CU: http://www.leg.state.co.us/OSA/coauditor1.nsf/All/B7E5A933AEF4B9F387257D90006011CB/$FILE/1436F%20–%20University%20of%20Colorado,%20Financial%20and%20Compliance%20Audit,%20June%2030,%202014%20and%202013.pdf
Perhaps I should have spent more time reading CU’s report. I’ve spent plenty of time on U of I’s and made a possibly erroneous assumption that I was comparing apples to apples. I apologize if I misled anyone.
- Formerly Known As... - Friday, Feb 20, 15 @ 4:40 pm:
Ghost - Those numbers seemed too good to be real. Good work.
- jerry 101 - Friday, Feb 20, 15 @ 4:43 pm:
oops…anonymous at 4:34 was me.
- Formerly Known As... - Friday, Feb 20, 15 @ 4:44 pm:
You too, @Anonymous 4:34. If only the state could work as well as the comments here.
- jerry 101 - Friday, Feb 20, 15 @ 5:02 pm:
oops…U of Michigan CAFR link: http://www.finance.umich.edu/reports/2014/pdf/UM_Financial_Report_2014-lowres.pdf