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.
This article discusses the Civic Federation’s recent analysis of Governor Rauner’s FY2017 proposed budget for the State of Illinois that includes a $3.5 billion deficit. Civic Federation President Laurence Msall remarks that the proposed spending for FY2017 is only worsening the State’s finances.
Urges General Assembly and Governor not to pass or sign any appropriations for FY2017 unless part of a comprehensive plan (CHICAGO) – In a report released today, the Civic Federation’s Institute for Illinois’ Fiscal Sustainability announced its opposition to Governor Rauner’s recommended budget for FY2017 because it has an operating deficit of at least $3.5 billion and presents an insufficiently detailed plan for closing the gap. The Institute’s full 92-page report is available here.…
The Civic Federation is unable to support Governor Rauner’s recommended budget for FY2017 because it has an operating deficit of at least $3.5 billion and presents an insufficiently detailed plan for closing the gap. According to the report, the $3.5 billion deficit appears to be significantly understated, because it does not fully account for the actual cost of essential State services. Illinois’ backlog of bills could grow as high as $12.8 billion by the end of FY2017 under the plan. This…
This article discusses a recent state budget forum featuring a panel of eight Illinois lawmakers providing their respective insights on Illinois’ current financial crisis. Civic Federation President Laurence Msall co-moderated the event. He called on lawmakers to provide specific solutions to end the budget impasse and reinforced the reality that in the absence of an FY2016 budget, Illinois is spending more than it is taking in.
On March 24, 2016 the Illinois Supreme Court filed its opinion affirming the Cook County Circuit Court’s ruling that the reforms made to the City of Chicago’s Municipal and Laborers’ Pension Funds in Public Act 98-0641 were unconstitutional because they reduced pension benefits in violation of the pension protection clause of the Illinois Constitution. Background Public Act 98-0641, signed into law on June 9, 2014, made changes to pension benefit levels for current…
This article discusses the recent Illinois Supreme Court decision to uphold a Circuit Court ruling that reforms for two of Chicago’s pension funds are unconstitutional. The Civic Federation says the ruling limits financial options for strained local governments in Illinois and notes the need for clarity in the State’s pension protection clause.
This article reports on the Illinois Supreme Court ruling overturning reforms for two of the City’s pension funds and the potential consequences for Chicago taxpayers. Laurence Msall, President of the Civic Federation, notes that the short-term savings from overturning the reforms would be outweighed by the eventual insolvency of the funds.
This segment examines the City of Chicago’s short-term borrowing to fund police and fire pensions. Civic Federation President Laurence Msall indicates that borrowing for pension payments is not an ideal situation.
This article discusses the Chicago City Council authorizing up to $200 million of bonds to help pay termination fees to exit swaps linked to its water debt. Civic Federation President Laurence Msall noted that, while this helps the city refinance its variable-rate debt, it is important to have a thorough understanding of the full cost and how it will impact taxpayers.
