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…
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…
This editorial features recommendations found in the Civic Federation’s FY2017 Budget Roadmap and discusses Illinois’ potentially bleak future if steps aren’t…