03.06.13
The Civic Federation and the Federal Reserve Bank of Chicago are pleased to announce a half-day conference on how taxes and fiscal uncertainty impact state and local government economic development strategies. Scheduled for April 4, 2013, the conference will feature two discussions: 1) an expert...
02.28.13
This brief provides a compilation of selected consumer taxes, including rates and descriptions, in place in the City of Chicago as of January 1, 2013. It includes such taxes as the sales tax, gas...
02.27.13
A bipartisan group of Illinois lawmakers has signed onto a new pension reform proposal designed to reduce the State’s massive pension costs.
...
02.14.13
Even though the Illinois General Assembly recently appropriated an additional six months of funding for State group health insurance, unpaid bills relating to the program are expected to increase by more than $200 million to $1.6 billion by the end of the current budget year.
The...
02.01.13
State bond funding for infrastructure projects in Illinois is running out after a $500 million issuance was pulled from the market earlier this week. The bond sale was cancelled due to concerns about higher than expected interest rates from bidders on the competitive issuance in the wake of the...
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...
01.23.13
On July 1, 2008, a one percent sales tax increase went into effect in Cook County raising the home-rule tax from 0.75% to 1.75%. The increase brought the City of Chicago’s composite sales tax rate on general merchandise to 10.25%, the highest rate among major U.S. cities ....
01.17.13
Since 1988 the City of Chicago and its four pension funds have been party to the settlement of City of Chicago v. Korshak regarding how much the City, the funds and annuitants pay for healthcare. The City pays for a portion of the retiree healthcare premiums and the pension funds subsidize part...
01.10.13
The 97 th Illinois General Assembly’s closing session ended on January 9, 2013, leaving many questions unresolved about the State’s current budget year and fiscal sustainability in the face of its $97 billion unfunded pension...
01.09.13
The Metropolitan Water Reclamation District (MWRD) is a special-purpose government providing wastewater treatment for residents and industrial businesses primarily in Cook County. The budget process for the MWRD differs from the budget processes of other northeastern Illinois governments. The...
