01.29.14
The State of Illinois’ new pension law is expected to reduce statutorily required State contributions by $144.9 million over 30...
01.29.14
The State of Illinois’ new pension law is expected to reduce statutorily required State contributions by $144.9 million over 30...
01.22.14
Since the Civic Federation’s last blog on changes to taxes imposed on tobacco purchases, Chicago area local governments have increased tobacco tax rates, which will have an impact on Chicago...
10.18.13
According to the latest legislative report on gaming in Illinois, total casino revenues have recovered since the opening of the State’s tenth riverboat casino in 2012 after several years of decline. However,...
09.26.13
Since July 2013 each of the six local governments monitored by the Civic Federation with General Obligation bond debt has experienced downgrades to their bond ratings. These governments are the City of Chicago, Cook County, the Metropolitan Water Reclamation District (MWRD), the Forest Preserve...
09.19.13
The long-term lease of assets by the City of Chicago is one of the most significant financial undertakings by the City in recent years. These groundbreaking transactions have received national attention and been examined by other governments interested in new models of public-private...
09.13.13
In recent years, the State of Illinois’ financial woes had been complicated by a massive backlog of unpaid income tax refunds . When the backlog was paid off by the end of FY2013, the State reaped a...
09.04.13
Several recently enacted laws are designed to increase public access to information about the State of Illinois’ budget and improve other aspects of the State’s budget process.
The following table lists budget-related legislation signed by Governor Pat Quinn since the end of...
08.30.13
To support construction projects during the busy summer months, the State of Illinois issued $2.0 billion of capital purpose debt, which for the most part will be repaid from the State’s Capital Projects Fund.
The Fund was created to receive the revenues from a package of new...
08.16.13
Moody’s Investors Service downgraded the bond ratings for seven of the nine public universities in Illinois on August 9, 2013. The ratings include a negative outlook for all of the institutions.
The action from Moody’s comes after a review of the finances of the State’s...
08.01.13
As the State of Illinois enters the fifth year of its $31-billion Illinois Jobs Now! capital spending program, revenue sources approved to fund the projects are still lagging far behind original projections.
Revenues deposited in the Capital Projects Fund in FY2013 from dedicated taxes...