08.31.18
With governments in Illinois facing steep increases in yearly pension contributions, new plans are being floated to borrow billions of dollars to stabilize ailing pension funds and relieve budgetary pressures.
The...
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02.17.16
In recent years, Illinois’ delayed payment of bills has caused financial stress for vendors, social service agencies and local governments. It has also cost the State $1.0 billion in interest penalties since fiscal year 2006, according to data from the Illinois Comptroller’s Office.
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02.04.16
Based on available market data, the State of Illinois paid approximately $40 million more for the $480 million of new bonds it sold in January than it would have before its bond ratings were downgraded at the end of last year.
As previously...
01.25.13
UPDATE:
In the face of unfavorable market conditions triggered by the downgrade of its bond rating last week, the State of Illinois announced that it would not complete the bond sale originally scheduled for today, January 30, 2013.
A Governor’s spokesperson said that...
03.16.10
The total unfunded liabilities of the ten major Chicago-area public pension funds reached $18.5 billion in fiscal year 2008 . That is an increase of over $15.1 billion dollars in ten years, up from $3.4...
05.07.07
The Civic Federation opposes the massive expansion of health care and long-term borrowing proposed in the FY2008 State budget recommendation, but offers qualified support for sale/lease of the...