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 the Chicago Public Schools, along with a partial spending plan for other government services to cover…
This article discusses Chicago Public School’s ongoing financial and pension issues. Laurence Msall, President of the Civic Federation, attributes the school district’s financial difficulties in part to the absence of a balanced State budget and the inequitable funding of Chicago Public School’s pensions.
This article discusses a proposal to change the City of Chicago’s investment restrictions. Civic Federation President Laurence Msall notes that the purpose of the treasurer’s office is to protect the cash reserves of the City, not to speculate or generate high returns.
This article discusses a recent Chicago conference that featured expert panelists who discussed solutions to the City’s biggest challenges. As a panelist, Civic Federation President Laurence Msall gave his insight on the City of Chicago’s fiscal issues, urged Illinois officials to put an end to the States’ budget impasse and discussed the corrosive effects the impasse has had on Chicago.
This article discusses the high interest rate that the City of Chicago recently paid for $220 million in short-term funding. Civic Federation President Laurence Msall calls the interest costs an unfortunate and avoidable expense, noting that the money could have been used for City services or other important investments.
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 Standard and Poor’s. As discussed here previously, under its swap agreements the State is required to…
This article reports on the City of Chicago’s record property tax increase and how it will affect City homeowners this year. Laurence Msall, President of the Civic federation, notes that with Chicago’s historic underfunding of pensions, Cook County taxpayers are likely to face increased property taxes for the indefinite future.
This article discusses the downgrades to the State of Illinois’ already low credit rating. Civic Federation President Laurence Msall remarks that these downgrades will result in tens of millions of dollars in unnecessary borrowing costs for taxpayers and explains the consequences of further downgrades.
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 passage has become more difficult. After the end of May, a three-fifths vote of both the House and Senate—instead of a simple majority—is needed for a bill to…
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 rebate plan with its current financial issues and notes that there are more effective alternatives.
