School districts in 14 Illinois counties are pushing for countywide increases in sales tax rates. These counties are utilizing the 2007 Illinois County School Facility Tax Act, or ICSFTA, which allows school boards representing 51 percent of a county’s population to put a referendum on the ballot for a countywide sales tax increase to fund...
On Sept. 12, the village of North Riverside took a big step forward in addressing its budget crisis. The village filed a suit with the Cook County Circuit Court asking for the right to terminate its currently expired firefighters contract. This effort is part of the village’s larger plan to deal with its budget crisis...
On Sept. 3, Chicago Mayor Rahm Emanuel signed an executive order requiring city contractors to immediately hike wages for the city workers they employ to $13 per hour from the current rate of $11.93 per hour. The current rate is already nearly 45 percent higher than the statewide minimum wage of $8.25 per hour. Illinoisans...
Stock markets have reached all-time highs just a few years after the market meltdown of the Great Recession. The Standard & Poor’s 500 index has more than doubled since the end of 2008 and many individuals have replenished their retirement accounts, and then some. But if you’re an Illinois government worker stuck in a state-run...
According to ratings agency Standard & Poor’s 500 Illinois’ credit rating is the worst among the 50 states. We are the only state in the country with an A- credit rating – on par with nations such as Botswana, Latvia and Slovenia And Illinoisans should be aware of the possibility that we could be headed...
Illinois began August with a $4.4 billion dollar backlog of unpaid bills. If lawmakers would have kept the promises they made in 2011, the backlog would be zero today – or close to it. In January 2011, Illinois lawmakers pushed through a record tax hike that raised the income tax rate on individuals to 5...
Illinois has the lowest credit rating in the nation. And just like people with poor credit scores, the state must pay higher interest rates. Higher rates mean higher interest payments that drain the budget and leave less money for education, health care and public safety. For every $1 billion of new borrowing, Illinois taxpayers are...
Illinois has the lowest credit rating in the nation. The sad truth is Illinois hasn’t been a AAA-rated state since February 1979 – when a gallon of gas cost less than a dollar and the Dow Jones Industrial Average hovered in the low 800s. The state’s credit rating has been in a downward spiral ever...
Back on June 6, Illinois Gov. Pat Quinn signed legislation authorizing Chicago city officials to enact a 56 percent per-line 911 fee hike. This measure gave the city of Chicago the authority to raise the city’s per-line 911 fee to $3.90 from the old fee of $2.50. It didn’t take long for Chicago City Council...
Illinois is often seen as the poster child when it comes to bloated government, wasteful spending and public corruption. As a recent WICS news story highlighted, Illinois’ capital bill is a perfect example of why the state holds such a reputation: the state budget is chock full of wasteful spending and pet projects. Take Decatur...
Standard & Poor’s Rating Services revised Illinois’ credit outlook to “negative” from “developing” on July 23. Illinois’ current S&P rating is A-, the lowest of any state in the country. With this revision, S&P and the other major rating agency in the country, Moody’s Investors Service, are once again on the same page. Both companies...
Illinois GOP gubernatorial candidate Bruce Rauner released yesterday another portion of his “Bring Back Blueprint,” acknowledging Illinois’ jobs crisis and identifying many of the pain points that make Illinois the lowest performing state in the Midwest, economically. The Illinois Policy Institute has reviewed Rauner’s proposal, and while the plan is not perfect, it addresses many...
Cook County residents got more bad news last week when Fitch Ratings, the global rating agency, downgraded Cook County’s debt to A+ from AA-. The rating agency cited skyrocketing pension costs as one of the key reasons for the credit downgrade. The most direct impact of the downgrade is higher borrowing costs for Cook County. Infrastructure and...
An important debate about the future of the Export-Import Bank of the United States is raging in Congress and in the media. The House Financial Services Committee held a hearing last month to ask if the bank was “corporate necessity or corporate welfare?” The Ex-Im Bank originated as a New Deal-era program, financing loans to...