The village of Skokie issued $176 million in new bonds to fund shortfalls in public safety pensions. The village joins a growing list of municipalities forced to borrow to meet “unsustainable” pension obligations.
Federal Reserve throws credit lifeline to near-junk Illinois
The Federal Reserve announced unprecedented plans to directly purchase up to $500 billion in state and local government bonds. States with poorly managed finances, such as Illinois, stand to benefit most, but long-term threats loom without structural reforms.
Illinois moves closer to becoming first ‘junk’ state with negative credit outlook
Illinois’ financial outlook was changed from ‘stable’ to ‘negative’ by two major ratings firms, raising the risk the state’s credit rating will formally fall to non-investment grade status.
Pritzker’s accounting gimmicks can’t fix pension crisis, but real reform can
Illinois Gov. J.B. Pritzker previously floated a pension plan that included pawning-off state assets, taking on more high-interest debt and reducing pension funding before walking back the plan amid criticism. Here’s a real solution.
Chicago’s 2020 budget proposal was never truly balanced
Faced with the impossible task of balancing Chicago’s budget without pension reform, Mayor Lori Lightfoot is forced to partially rely on phantom cuts and revenues.
Illinois banks $400M in savings from pension buyouts it can’t calculate
Illinois borrows money to reduce pension obligations, with more borrowing planned. Claims $400 million in current budget savings, but admits to investors it cannot calculate any savings.
S&P to Pritzker: Pension reform only way to avoid ‘junk’ credit rating
A report from one of the largest credit rating agencies criticized Gov. J.B. Pritzker’s “dubious” budget proposal for avoiding necessary fiscal reforms.
Repeating past mistakes: Pritzker proposes borrowing, stretching out payment ramp as pension solution
Trying to fix a massive pension deficit with more tax increases, deferring payments and gambling with taxpayer money is a recipe for failure.
Moody’s: New taxes could accelerate Illinois exodus
Ahead of Gov. Pritzker’s first budget address, one of the “big three” credit rating services warned the new governor against raising taxes.
Park Ridge voters to decide on $350 property tax hike for median homeowner
Voters in Maine Township High School District 207 will consider Nov. 6 whether to approve a $195 million bond referendum to update its three high schools in northern Cook County.