This segment of the “Marketplace” program discusses the effect the State of Illinois budget gap has had on its fiscal outlook. Civic Federation President Laurence Msall says the State has not properly funded its pension system, which could be expected to run out of money in 10 to 15 years.
Over the course of 2010 the IIFS blog explored a number of State of Illinois budget topics ranging from Medicaid/HMO funding issues to the State public pension system. Posts on the IIFS blog not only supplement IIFS publications, but also provide additional context and commentary to events in the news and State budget events. Posts about the State Medicaid system featured prominently on the IIFS blog. “Opposition Surfaces to Medicaid HMO Plan” from January 21, 2010 discussed resistance…
In 2010 the Civic Federation blog provided comprehensive information about government and fiscal issues across Illinois for the public, government officials and media. In a range of posts on topics from the effect Public Act 96-0889 would have on local government pension systems to explaining nuances of the Cook County property tax system, the Federation blog offered rapid-response commentary on current events and original research that accompanied the Federation’s publications. Issues…
This news segment discusses a recent report that describes the condition of Illinois’ finances as dire. Civic Federation President Laurence Msall assents with that assessment and adds that the State’s has few options to fix its fiscal troubles including major program cuts or reductions in pension contributions.
UPDATE: The Civic Federation commends Governor Pat Quinn for signing Senate Bill 3538, a bill reforming police and fire pensions in Illinois, on Thursday, December 30 as Public Act 096-1495. To read Governor Quinn’s press release, please click here. Click here to read an article from the Chicago Tribune about Governor Quinn’s signing of the bill. This editorial in the Sun-Times echoes the Civic Federation’s position that while the reforms in SB 3538 are a good first step, more must be…
Today the Civic Federation released its analysis of the Metropolitan Water Reclamation District’s FY2011 tentative budget. The Civic Federation supports the nearly $1.0 billion budget proposal, which represents a $681.1 million, or 41.1% decrease over final FY2010 appropriations. The large reduction in appropriations reflects the variance that often occurs between budget years for MWRD, due in part to changes in number and scale of capital projects and the timing of funds required to complete…
The Civic Federation supports the Metropolitan Water Reclamation District’s FY2011 Tentative Budget of nearly $1.0 billion. The tentative budget is a $681.1 million, or 41.1% decrease over final adjusted FY2010 appropriations. This decline is largely due to decreases in appropriations for the Construction Fund and Capital Improvements Bond Fund. The District plans to reduce Corporate Fund spending by $14.2 million or 4.0% from FY2010 appropriations and raise the property tax levy for tax capped…
CHICAGO — The Civic Federation supports the nearly $1 billion tentative budget proposed by the Metropolitan Water Reclamation District of Greater Chicago (MWRD). The District will reduce staffing levels and Corporate Fund spending as a response to difficult economic conditions. However in a 39-page report released today, the Federation voices concern about the continued decline of the fiscal health of the MWRD pension fund. The total MWRD budget fluctuates from year to year due to changes in…
This article explores the effect a bill that reforms police and fire pension benefits and funding will have on the City of Chicago. The Civic Federation says that the City’s pensions need reform.
In this article about the Chicago City Council’s approval of Mayor Daley’s FY2011 City of Chicago budget of $6.15 billion, the Civic Federation warns that the next mayor will need to make major cuts to cope with the City’s pension liabilities.
