Due to its growing backlog of overdue group health insurance bills, the State of Illinois is expected to pay a total of at least $454 million in interest penalties in the current and upcoming budget years, according to a…
This article examines the nearly billion dollars of interest the State of Illinois has paid in penalties over the last several years because of its continually late bill payments. Civic Federation President Laurence Msall notes that these…
As the State of Illinois’ budget impasse continues to drag on, it is commonly overlooked that the underlying economy and tax base in the State continue to grow. In FY2017 the State of Illinois is projected to have an additional $631…
This article discusses the recent Illinois Supreme Court decision to uphold a Circuit Court ruling that reforms for two of Chicago’s pension funds are unconstitutional. The Civic Federation says the ruling limits financial…
This article reports on the Illinois Supreme Court ruling overturning reforms for two of the City’s pension funds and the potential consequences for Chicago taxpayers. Laurence Msall, President of the Civic Federation, notes that the short…
This segment examines the City of Chicago’s short-term borrowing to fund police and fire pensions. Civic Federation President Laurence Msall indicates that borrowing for pension payments is not an ideal situation.
This article discusses the Chicago City Council authorizing up to $200 million of bonds to help pay termination fees to exit swaps linked to its water debt. Civic Federation President Laurence Msall noted that, while this helps the city…
This article reports on payments made to Chicago's police and fire pension funds using $220 million in short-term borrowing. Laurence Msall, President of the Civic Federation, called the borrowing an unfortunate, expensive, yet…
With the budget for the current fiscal year still incomplete, Governor Bruce Rauner proposed a financial plan for the next budget year with an operating deficit of $3.5 billion.The…
