Preview of Illinois’ FY2016 Budget Process
The Illinois House adjourned on Wednesday, December 3,…
The State of Illinois will need to increase contributions to its pension funds by $682.0 million in the next budget year, according to preliminary amounts released by the State’s five retirement systems. Total pension contributions…
This article discuses an upcoming $550 million contribution to the City of Chicago’s police and fire pension funds. The City’s…
This article discusses the City of Chicago’s 2014 Annual Financial Analysis released July 31, which reviews…
This column discusses the Civic Federation’s analysis of the FY2015 Chicago Public Schools budget. The Civic Federation could not support the budget because it…
UPDATE: In addition to the Teachers’ Retirement System (TRS), two other large State of Illinois pension funds have also lowered their assumed rates of return on investment. Both the State Universities Retirement System (SURS) and the…
As part of the FY2015 budget recommendation for the State of Illinois, Governor Pat Quinn provided two separate five-year projections for both “…
This article discusses Chicago Public Schools’ announcement that an additional $70 million for school-based budgets will be available in FY2015 because the District plans to extend its revenue recognition period to August 29—two months…
As the legal battle over Illinois’ new pension law continues, courts continue to issue rulings on similar pension changes in other states. Last month, Governor Lincoln D. Chafee, General Treasurer Gina M. Raimondo, and the Federal…
This editorial discusses findings from the Civic Federation’s FY2014 State of Illinois Enacted Budget Analysis. The analysis said the State is not prepared to handle unsustainable pension…