This issue brief describes dedicated revenue sources for state pension funds and recent proposals for dedicated revenue sources in Illinois. It then discusses important features of an effective dedicated pension revenue source.
This issue brief reviews the five retirement systems of the State of Illinois and discusses their current condition, the history of funding shortfalls and benefit enhancements, various attempts to improve the financial health of the systems, and provides reform recommendations.
This report is a summary of Governor Blagojevich's proposed $9.95 billion FY2007 State of Illinois Capital Budget.
The Civic Federation supports the extension of the "7%" property tax cap for an additional three years, but does not support raising the EAV exemption maximum from $20,000 to $60,000.
The Civic Federation opposes the State of Illinois Recommended FY2007 operating budget because it takes a partial pension holiday of $1.1 billion at the same time as it increases spending for recurring programs by $1 billion.
The Civic Federation opposes the State of Illinois Recommended FY2007 operating budget because it takes a partial pension holiday of $1.1 billion at the same time as it increases spending for recurring programs by $1 billion.
This issue brief provides a "plain English" description of how GASB 43 and 45 will require government financial reporting on non-pension post-employment benefits (OPEB). It is illustrated with preliminary estimates of unfunded OPEB liabilities for several jurisdictions in the U.S., as well as initial reactions of rating agencies.
The Civic Federation's legislative priorities for 2006 include public pension reform, elimination of the Suburban Cook County Tuberculosis Sanitarium District, property tax exemptions and assessment reform, revision of the Regional Transportation Authority Act, state tax restructuring, and property tax assessment appeals reform.
The Illinois General Assembly approved a final State budget of $43.57 billion, 0.03% more than proposed by the Governor. The Governor and legislative leaders approved a 2-year pension funding “holiday” of $2.3 billion to help balance this budget.
The Civic Federation supports HB 1663 as an important first step toward resolving the CTA's financial crisis, but continues to call for a CTA fare increase and supplemental state funding to bridge the agency's immediate deficit and avert service cuts. It urges the General Assembly to take action on long-term review of the RTA funding formula.
