This article reports on payments made to Chicago's police and fire pension funds using $220 million in short-term borrowing. Laurence Msall, President of the Civic Federation, called the borrowing an unfortunate, expensive, yet forseeable development, due to the lack of contingency planning in the City’s FY2016 budget.
This article examines the costs of high pensions paid to former school district administrators in Illinois. Laurence Msall, President of the Civic Federation, notes that these are a prime example of why the State continues to need pension reform.
With the budget for the current fiscal year still incomplete, Governor Bruce Rauner proposed a financial plan for the next budget year with an operating deficit of $3.5 billion. The proposed budget for fiscal year 2017, which begins on July 1, 2016 and ends on June 30, 2017, was issued on February 17, 2016. The recommended FY2017 budget includes general operating revenues of $32.8 billion and expenditures of $36.3 billion. Rather than providing a specific plan to close the $3.5 billion gap…
This article reports on a real estate investment made on behalf of five of Chicago’s public pension plans, which resulted in significant losses for those plans. Civic Federation President Laurence Msall comments on the lost investment and explains what could be done to prevent future risky investments.
This editorial discusses the eight-month Illinois budget impasse, calling on Illinois General Assembly leaders to aid in passing a budget. The Civic Federation’s State of Illinois FY2017 Budget Roadmap is cited as a reasonable blueprint for what the State’s budget might look like, including a mix of increased revenues and spending cuts.
This editorial features recommendations found in the Civic Federation’s FY2017 Budget Roadmap and discusses Illinois’ potentially bleak future if steps aren’t taken to address the State’s financial crisis. The Editorial Board calls the Federation’s recommendations “warnings” and notes that problems that are ignored do not disappear—they only grow worse.
This article highlights the Civic Federation’s FY2017 State of Illinois Budget Roadmap and its recommendations to help stabilize Illinois’ finances. Civic Federation President Laurence Msall speaks about the Federation’s comprehensive plan to address the State’s fiscal issues.
This article reports on the Chicago Transit Authority’s costly pensions and associated fees for investment, actuarial and legal services. Laurence Msall, President of the Civic Federation, discusses the disadvantages of the CTA’s current pension system.
This article reports on the Civic Federation’s three-year plan to help stabilize Illinois’ budget. Laurence Msall, President of the Civic Federation, comments on the need for action and sacrifice to fix the State’s issues.
This article covers the release of the Civic Federation’ s FY2017 State of Illinois Budget Roadmap, released in advance of Governor Bruce Rauner’s forthcoming budget address. Laurence Msall, President of the Civic Federation, is quoted in the article on the increasing lack of politically popular options the State has left in order to address its financial crisis.
