This segment reports on the Illinois General Assembly overriding Governor Rauner’s veto of pension reforms for the City of Chicago’s police and fire pension funds and on the short and long-term effects of the legislation. Laurence Msall, President of the Civic Federation, says the reforms will ease financial pressure for City taxpayers in the short-term and give the Mayor more flexibility going…
This segment discusses the long-term damage being done to the State of Illinois as the State approaches one full year without a budget in place. Civic Federation President Laurence Msall discusses the consequences of the budget impasse and says Illinois is sending the wrong message to citizens and businesses by not having a budget.
This article reports on the City of Chicago’s recent agreement with the Laborers Pension Fund to save the fund from insolvency through a combination of union concessions and revenue from telephone tax increases. Laurence Msall, President of the Civic Federation, says that the new reforms could be the start of improvements for the City’s pension funds.
With the current year’s budget still incomplete, the State of Illinois is now facing the prospect of starting another year without a financial plan. Due to a political dispute between Illinois’ Republican Governor and Democratic legislators who control the General Assembly, the State does not have a comprehensive budget for fiscal year 2016, which ends on June 30. Despite recent efforts by…
This segment discusses the State of Illinois’ almost year-long budget impasse and how the expiration of the 2011 temporary income tax hike in 2015 has affected the State’s finances. Civic Federation President Laurence Msall remarks that Illinois never had a plan for the expiration of the temporary income tax or how the State would handle the huge decrease in revenues.
The Chicago Public Schools faces a potentially devastating financial crisis. The elements of this crisis include: An FY2016 budget that was not balanced as it depended on the vague hope that the State of Illinois will provide $480 million for pension relief, A forthcoming FY2017 budget that may have a gap of $1 billion or more, An ongoing structural deficit due to the District’s pension…
This segment reports on the State of Illinois paying more than $900 million in penalties for late bill payments in the past six years, which is highlighted in the Civic Federation’s recent analysis of Governor Rauner’s FY2017 proposed budget. Laurence Msall, President of the Civic Federation, remarks that spending almost a billion dollars on penalties is basically fiscal mismanagement and notes…
This editorial reports on findings included in the Civic Federation’s recent analysis of Governor Rauner’s FY2017 proposed budget and discusses the budget’s issues. The Editorial Board says the Federation’s analysis is correct in its conclusion that parts of the Governor’s proposed spending plan are imprudent and unrealistic.
The State of Illinois can add another complication to its already stressed financial condition, an $800.7 million shortfall in its capital spending plan caused by failure in several of the dedicated revenue sources enacted to fund debt service. The State relies heavily on the sale of bonds to fund the capital budget. The original Illinois Jobs Now! capital program passed in 2010 included…
This segment reports on two General Assembly working groups currently meeting in Springfield to negotiate an end to Illinois’ FY2016 budget impasse. Laurence Msall, President of the Civic Federation, notes that the State cannot go another year without a budget. This piece also highlights key findings from the Civic Federation’s recent analysis of Governor Rauner’s FY2017 proposed budget.…
