The Illinois General Assembly ended its regular spring session on May 31, 2016 without passing a budget for the upcoming fiscal year. The legislature now has less than one month to complete a budget for the year that begins on July 1, and…
This article reports on a City of Chicago plan to create a property tax rebate to lower the tax burden to City homeowners. Laurence Msall, President of the Civic Federation, says it’s difficult to see how Chicago can afford a property tax…
One year after passing the Illinois General Assembly, a bill that puts the City of Chicago’s Police and Fire pension funds on a 40-year plan to reach 90% funding…
This segment reports on the Illinois General Assembly overriding Governor Rauner’s veto of pension reforms for the City of Chicago’s police and fire pension funds and on the short and long-term effects of the legislation. Laurence Msall,…
This segment discusses the long-term damage being done to the State of Illinois as the State approaches one full year without a budget in place. Civic Federation President Laurence Msall discusses the consequences of the budget impasse and…
This article reports on the City of Chicago’s recent agreement with the Laborers Pension Fund to save the fund from insolvency through a combination of union concessions and revenue from telephone tax increases. Laurence Msall, President…
With the current year’s budget still incomplete, the State of Illinois is now facing the prospect of starting another year without a financial plan. Due to a political dispute between Illinois’ Republican Governor and Democratic…
This segment discusses the State of Illinois’ almost year-long budget impasse and how the expiration of the 2011 temporary income tax hike in 2015 has affected the State’s finances. Civic Federation President Laurence Msall remarks that…
The Chicago Public Schools faces a potentially devastating financial crisis. The elements of this crisis include: An FY2016 budget that was not balanced as it depended on the vague hope that the State of Illinois will provide $…
This segment reports on the State of Illinois paying more than $900 million in penalties for late bill payments in the past six years, which is highlighted in the Civic Federation’s…
