(CHICAGO) A Civic Federation report released today examines the continued funding decline of Chicago-area public employee pension funds. Unfunded liabilities for the ten funds analyzed in the report increased to $32.0 billion in fiscal year 2011 from $27.4 billion in fiscal year 2010, an increase of 16.7% according to the most recent audited data available. For all pension funds supported by the taxes of Chicago residents, including statewide funds, the total unfunded liabilities reached $16,…
This segment discusses an internet gambling proposal sponsored by Senate President John Cullerton. The Civic Federation maintains its position on gaming expansion from last November and said the modest potential revenue attached to gaming expansion pales in comparison to the State’s $97 billion pension liability and nearly $7 billion backlog of unpaid bills. Chicago News and Weather | FOX 32 News
This article discusses the State of Illinois FY2014 Recommended Budget Analysis released May 13 by the Institute for Illinois’ Fiscal Sustainability at the Civic Federation. The analysis supports the Governor’s proposed budget as a stopgap but says the overwhelming constraints on this budget further demonstrate the urgent need for comprehensive pension reform.
(The full content of this article is only available to the publication’s subscribers.) This article discusses the State of Illinois FY2014 Recommended Budget Analysis released May 13 by the Institute for Illinois’ Fiscal Sustainability at the Civic Federation. The analysis shows there is little chance for the State to address its nearly $7 billion backlog of unpaid bills until its unsustainable pension costs are reduced.
The Civic Federation supports Governor Pat Quinn’s $62.4 billion FY2014 recommended operating budget for balancing revenues and expenditures without borrowing and making progress toward reducing the State’s backlog of unpaid bills. However, this budget proposal is only a stopgap that further demonstrates the urgent need for comprehensive pension reform. The State’s pension costs, including debt payments on past borrowing for pensions, will consume nearly 25% of State-source General Funds…
State's pension costs to consume nearly 25% of State-source revenues in FY2014 (CHICAGO) – In a new report released today, the Civic Federation’s Institute for Illinois’ Fiscal Sustainability supports Governor Quinn’s proposed budget for FY2014, but warns the proposal is only a stopgap that further demonstrates the urgent need for comprehensive pension reform. The $62.4 billion proposal balances revenues and expenditures without borrowing and makes progress toward reducing the State’s backlog…
A union-backed pension reform proposal sponsored by Senate President John Cullerton was passed by the Senate on May 9, 2013 by a vote of 40 to 16. Senate President Cullerton believes that Senate Bill 2404 is a less risky option for the State than legislation discussed here, which was approved by the House on May 2. The Senate President is convinced that the House bill, sponsored by House Speaker Michael Madigan, will be found to violate the Illinois Constitution, while SB2404 will withstand…
This article discusses two pension reform proposals in the Illinois Legislature: legislation sponsored by House Speaker Michael Madigan that was approved by the House and legislation sponsored by Senate President John Cullerton that is under discussion in the Senate. The Civic Federation said Speaker Madigan’s proposal would more effectively pay down Illinois’ unfunded pension liabilities and start to stabilize the State’s finances.
This panel discusses the pension proposal Illinois House Speaker Michael Madigan introduced on April 30. The Civic Federation supports the proposal that is expected to have similar savings as the previously rejected Senate Bill 35, but said a full actuarial analysis should be made publicly available before legislators vote on the bill.
UPDATE: On May 2, 2013, the House passed Speaker Michael Madigan’s pension reform proposal by a vote of 62 to 51. During the debate on the House floor, Speaker Madigan said that the changes are expected to reduce the State’s required contribution in FY2015 by $1.5 billion from FY2014. Total State contributions, including both General Funds and Other State Funds, are scheduled to be $6.8 billion in FY2014 and projected at $7.0 billion in FY2015. The Speaker’s statement suggests that FY2015…
