State of Illinois

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Illinois’ Rating Reversed to Negative Due to Unbalanced Budget

Less than a month into the new fiscal year, which began on July 1, Standard and Poor’s announced that the financial outlook for the State has…

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Retiree Health Insurance Ruling to Increase State Costs by $128 Million

The Illinois Supreme Court’s recent ruling on health insurance for State retirees is expected to increase State costs by approximately $128 million through FY2015, according to the Department of Central Management Services. Although…

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Court Ruling on Health Insurance Could Add to State of Illinois Budget Woes

A court ruling on health insurance for retired State of Illinois workers could put additional pressure on the State’s stopgap budget for the year that began on July 1, 2014…

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Governor Signs Illinois' Operating Budget but Vetoes Capitol Complex Upgrades

Despite criticizing the General Assembly for not passing an adequate budget for the new fiscal year, Governor Pat Quinn…

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Teachers’ Retirement System Changes Will Affect Pension Savings

UPDATE: In addition to the Teachers’ Retirement System (TRS), two other large State of Illinois pension funds have also lowered their assumed rates of return on investment. Both the State Universities Retirement System (SURS) and the…

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The Illinois Income Tax: A Significant Source of Revenue for Local Governments

Under Illinois law, the State is required to share a certain portion of state income tax receipts with municipal and county governments…

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Illinois General Assembly Approves Expanded Capital Budget with Additional Borrowing

Although Governor Pat Quinn originally proposed a capital budget for FY2015…

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Op-ed: Gov. Quinn, sign Chicago's pension bill

The following opinion piece by Civic Federation President Laurence Msall was published by the

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Chicago Area Governments Prohibited from Improving Pension Funding Without State Intervention

State statute governs all benefits and funding of public pensions for the City of Chicago. The City cannot contribute more to its pensions than the multiple of employee contributions allowed under state statute. There has unfortunately…

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New Details Emerge on FY2015 Illinois Budget

A week after the Illinois General Assembly ended its spring session, legislative leaders circulated new information about the FY2015 spending plan approved by lawmakers. General…