Total revenues collected by the State of Illinois in FY2012 beat expectations by $576 million, according to an update from the General Assembly’s financial oversight commission. However, the same report suggested that stalled economic…
The State of Illinois budget for fiscal year 2013 underfunds the expected cost of State group health insurance by at least $550 million, paving the way for a significant increase in unpaid bills unless more spending is authorized later…
As public pension liabilities around the nation continue to grow, public officials and pension fund boards are looking into alternatives to traditional defined benefit (DB) pension plans. Two kinds of “hybrid” retirement plans have…
Despite increased revenues from higher income tax rates and a…
In light of the State of Illinois’ pension funding crisis, it has become more widely understood that the annual Cost of Living Adjustment, or COLA, plays a large role…
As part of the spring legislative session, the Illinois General Assembly approved a sweeping reform measure intended to add transparency, accountability and competition to the State’s…
State of Illinois officials expect unpaid Medicaid bills to decline to $600 million by the end of the 2013 budget year, but that prediction depends on…
The following opinion piece by Civic Federation President Laurence Msall was published by Crain's Chicago…
This blog post was updated on June 4, 2012 to reflect corrected information. With just hours to go before a midnight adjournment deadline, the Illinois General Assembly has passed most components of a legislative package designed to…
UPDATE: On Thursday, August 2, 2012, Governor Quinn signed legislation to require all counties to release their financial statements within six months of the end of their fiscal year as…
