This article examines the amount of borrowing and tax increases necessary for the City to construct the George Lucas Museum of Narrative Art. Laurence Msall, President of the Civic Federation, notes that it would be difficult to prioritize such a project in the midst of the budget impasse.
This article discusses an announcement by Illinois Comptroller Leslie Munger that lawmakers’ paychecks will be delayed as a result of the ongoing budget impasse. Civic Federation President Laurence Msall notes that not having an FY2016 budget has been devastating for groups that rely on the State funding.
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.
This segment examines how the State of Illinois has been spending billions of dollars in revenue even in the absence of an FY2016 budget. Laurence Msall, President of the Civic Federation, notes that the impasse creates tremendous burdens for current and future citizens and taxpayers.
Due to its growing backlog of overdue group health insurance bills, the State of Illinois is expected to pay a total of at least $454 million in interest penalties in the current and upcoming budget years, according to a new report. The report by the General Assembly’s Commission on Government Forecasting and Accountability (COGFA) shows that the backlog of unpaid claims held by the State Employees’ Group Insurance Program stood at approximately $2.9 billion at the end of February 2016. That…
This article examines the nearly billion dollars of interest the State of Illinois has paid in penalties over the last several years because of its continually late bill payments. Civic Federation President Laurence Msall notes that these penalty payments are a fiscally irresponsible use of the State’s money.
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…
As the State of Illinois’ budget impasse continues to drag on, it is commonly overlooked that the underlying economy and tax base in the State continue to grow. In FY2017 the State of Illinois is projected to have an additional $631 million in General Funds revenues available compared to FY2016, the current fiscal year. The Governor’s FY2017 recommended budget shows a maintenance level of revenues totaling $32.3 billion, which represents resources available based on current law, compared to $…
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.
