Crain's Chicago Business: This pre-existing condition makes Illinois finances especially vulnerable to COVID
State employee pension funds entered the coronavirus crisis with $137 billion less than they needed to cover future obligations to retirees, an aggregate shortfall of about 60 percent. With the stock market down 30 percent in a month, and no bottom in sight, that gap is growing rapidly as the decline takes its toll on pension plan investments.
The Center Square: Pritzker announces state tax filing deadline pushed back to July 15
Gov. J.B. Pritzker announced Wednesday that the state’s tax filing deadline would be pushed backed July 15.
“Today I’m proud to announce an important new measure to support our residents and most small businesses and to soften the immediate economic impact of this moment,” the governor said.
Crain's Chicago Business: Post-COVID, here's one thing we can't afford: Pritzker's graduated tax
His response: “This is not a time for politics.”
The Center Square: State commission says ‘COVID-19 Recession’ could be $8 billion hit
A report from the state government’s forecasting group said determining the impact of the COVID-19 pandemic on the state’s tax revenues was “virtually impossible” for now, but the commission said it could result in a loss of more than $8 billion over several fiscal years.
The new report from the Commission on Government Forecasting and Accountability included a projection of state revenues and expenditures for the next three years under different scenarios. One scenario assumes the state pays down its $8 billion worth of unpaid bills, another assumes flat spending and a third assumes spending growth of 2 percent.
Chicago Sun-Times: Lightfoot threatens to shut down parks, lakefront, Riverwalk
Mayor Lori Lightfoot on Wednesday made an extraordinary threat — to shut down Chicago parks, Millennium Park, the downtown Riverwalk and the entire lakefront — if residents and visitors continue to thumb their noses at the statewide stay-at-home order aimed at slowing the spread of the coronavirus.
Lightfoot instructed Chicago Police officers to shut down large gatherings and threatened to use what she called “every lever at my disposal” to compel compliance.
Chicago Tribune: With occupancy rates below 10%, more Chicago hotels close while others join city program to stem coronavirus spread
The artsy 21c Museum Hotel made its River North debut in February. A little over a month later, the 297-room property has gone dark.
One of the largest hotels in the city will soon follow suit. The 1,544-room Hilton Chicago at 720 S. Michigan Ave. is notifying guests that it will suspend operations as of Friday, Hilton spokeswoman Laura Ford said.
State Journal-Register: Council approves emergency powers / Langfelder plans to declare state of emergency Wednesday
Springfield Mayor Jim Langfelder said he plans to formally declare a local state of emergency Wednesday in response to the COVID-19 pandemic.
The move comes after the Springfield City Council voted Tuesday to codify Langfelder’s emergency powers, which now include the ability to set a curfew, make individual purchases of up to $100,000 without city council approval and sign off on previously-appropriated expenditures.
Chicago Sun-Times: Residential street sweeping, tree trimming and tree removal could end until Chicago wins coronavirus war
Tree trimming and removal, along with street sweeping, may be suspended until the city wins the war on the coronavirus — or at least turns the corner, a top mayoral aide said Wednesday.
The Chicago Department of Streets and Sanitation could be forced to halt those key housekeeping services, which aldermen and their constituents hold dear, said Streets and Sanitation Commissioner John Tully.
The Center Square: More Illinois towns considering beer delivery, pick-up from restaurants during pandemic
Cities across the state are allowing restaurants to sell packaged liquor for curbside or delivery orders as a way to offset the hit from the state’s prohibition of dine-in service, enacted earlier this month to slow the spread of COVID-19.
Gov. J.B. Pritzker suspended dine-in service at bars and restaurants on March 15. It was part of a series of orders, including a stay-at-home order closing all businesses considered nonessential, the governor said were designed to curb the spread of COVID-19, the disease caused by the new coronavirus that emerged in late 2019.