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Pensions

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Civic Federation rips Rauner budget, declares Illinois finances at 'new low'

This article discusses the Civic Federation’s recent analysis of Governor Rauner’s FY2017 proposed budget for the State of Illinois that…

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Civic Federation Opposes Governor's Recommended Budget

Urges General Assembly and Governor not to pass or sign any appropriations for FY2017 unless part of a comprehensive plan (CHICAGO) – In a report released today, the Civic Federation’s Institute for Illinois’ Fiscal Sustainability…

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State of Illinois FY2017 Recommended Operating Budget: Analysis and Recommendations

The Civic Federation is unable to support Governor Rauner’s recommended budget for FY2017 because it has an operating deficit of at least $3.5 billion and presents an insufficiently detailed plan for closing the gap. According to the…

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Illinois Budget Impasse Would Be Solved In No Time If These Folks Were In Charge

This article discusses a recent state budget forum featuring a panel of eight Illinois lawmakers providing their respective insights on Illinois’ current financial crisis. Civic Federation President Laurence Msall co-moderated the…

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Chicago Pension Reforms Struck Down by Illinois Supreme Court

On March 24, 2016 the Illinois Supreme Court filed its opinion affirming the Cook County Circuit Court’s…

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Court Ruling Leaves Chicago Empty-Handed on Pensions

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…

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Ill. Supreme Court overturns city pension reforms

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…

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City Hall Borrows $220 Million For Pensions

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.

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Chicago Settling $390 Million Tab When City Can Least Afford It

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…

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Emanuel’s risky pension assumption forces city to borrow $220M

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…