12.07.16
Illinois’ pension law requires that State pension assets cover 90% of estimated pension obligations by June 30, 2045 and stay at that funding level thereafter. The law also requires that the...
12.07.16
Illinois’ pension law requires that State pension assets cover 90% of estimated pension obligations by June 30, 2045 and stay at that funding level thereafter. The law also requires that the...
11.17.16
As Illinois moves toward its 18th month without a complete budget, a new forecast shows that the State’s backlog of unpaid bills could reach $13.5 billion at the end of the current fiscal year.
The backlog estimate is part of a...
11.03.16
Illinois’ contributions to its five pension funds are expected to increase by approximately $994 million in the upcoming fiscal year, putting more financial strain on a state that has been without a complete budget for the past 16 months.
In late October, trustees of the retirement...
10.20.16
The following letter to the editor was published the week of October 17, 2016.
On November 8, the Illinois electorate will be asked to vote on a proposed amendment to our state’s constitution. Commonly called the Lockbox Amendment, the law would put any revenues generated by...
10.07.16
How much of the State of Illinois’ transportation funding has been diverted for other uses?
The issue has attracted new attention because of a proposed amendment to the Illinois Constitution ...
09.09.16
Recent decisions by two of the largest State of Illinois retirement systems are expected to result in significant increases to statutorily required pension contributions in the upcoming budget year. This blog post discusses the decisions and their potential impact on the State budget.
...
08.19.16
August 24, 2016
UPDATE 3: The State now plans to post the draft waiver application on August 26 and hold public hearings in Springfield on September 8 and Chicago on September 9. For more...
07.14.16
Despite a stopgap spending measure enacted on June 30, 2016, State of Illinois appropriations for higher education remain below expenditures in fiscal year 2015—the last year the State had a complete...
07.01.16
After a yearlong stalemate, the State of Illinois finally saw a crack in its ongoing budget impasse on the last day of the fiscal year. The General Assembly rushed approval of bills authorizing a full year of preschool through high school education funding, including additional assistance for...
06.17.16
In advance of a $550 million bond sale this week, the State of Illinois announced it had negotiated new terms with the largest holder of Illinois swaps. The new lower level for termination of the swaps based on Illinois’ credit ratings dropped to Ba1 with Moody’s Investors Service and BB+ with...