Chicago

Illinois has lowest credit rating of all 50 states

By John Klingner
11/19/2013
Chicago’s recent triple-notch downgrade by Fitch Ratings is a stark reminder that Illinois’ inability to solve its pension crisis has consequences. Illinois has the lowest credit rating of all 50 states. In contrast, three of its neighbors have maintained their AAA rating from Standard & Poor’s Ratings Services. Illinois has suffered 13 downgrades from the...

TAGS: Chicago, credit rating, downgrade, pensions

Fitch Ratings: Chicago approaching “inflection point”

11/12/2013
Triple-notch credit downgrades for government entities are supposed to be rare. They normally happen only in response to major financial events, such as a sudden fiscal emergency. But Chicago just received its second triple-notch downgrade in just six months. And that spells trouble for Chicago taxpayers. Citing skyrocketing pension costs and a lack of meaningful...

TAGS: Chicago, Chicago Park District, Detroit, downgrade, pensions

Emanuel pushes $0.75 cigarette tax hike for Chicago

By Benjamin VanMetre
10/21/2013
Chicago Mayor Rahm Emanuel plans to increase the cigarette tax in Chicago by 75 cents per pack. The tax hike would increase the per-pack total to $7.42 — making Chicago the most expensive city in the nation in which to buy a pack of cigarettes. This tax hike is one of the plans Emanuel is considering to...

TAGS: Chicago, cigarette tax, Rahm Emanuel

Chicago only major U.S. city without term limits; Illinois one of 11 states without term limits

By Brian Costin
09/17/2013
Term limits are a foreign concept to most Illinoisans. There are no term limit provisions governing our state legislature or constitutional officers. At least 39 other states have some form of term limits that apply to either state legislators or constitutional officers. Only a few municipalities in Illinois, such as Downers Grove, have any formal term-limits policy. But...

TAGS: Chicago, Committee for Legislative Reform and Term Limits, Mike Madigan, term limits

If ‘food deserts’ are a problem, blame Chicago politicians

09/03/2013
The Chicago Tribune ran a front-page story lamenting Mayor Rahm Emanuel’s failure to eliminate food deserts in Chicago. A food desert is an area in which residents allegedly lack easy access to supermarkets that offer fresh produce. The exact definition varies depending on who you ask and when – the city used to consider areas without a...

TAGS: Chicago, Rahm Emanuel

Chicago’s Divvy bike-sharing program costing taxpayers big

By Brian Costin
08/22/2013
Divvy bike stations are expanding throughout Chicago, offering riders low membership costs and 24-hour rental fees. But this multimillion-dollar project is bringing in only a fraction of the money necessary to fund it. Last year, the city of Chicago announced a controversial $65 million contract with ALTA Bicycle Share to operate a 4,000 bicycle bike-share program in...

TAGS: Chicago, Divvy

Chicago’s latest money grab: 300 speed cameras could generate up to $4.3 billion in fines from local motorists

08/21/2013
Cash-strapped Chicago is about to get an injection of money from motorists. The city is installing its controversial speed cameras at four neighborhood parks on Monday, and has plans for eight additional locations in the next few months. The city announced the results from a test of the new technology that showed surprising results. During a December trial,...

TAGS: Chicago, speed cameras

Moody’s credit downgrades: Illinois, Chicago area, take beating

08/19/2013
The recent string of credit downgrades by Moody’s Investors Service should leave little doubt what the rating agency thinks of Illinois’ worsening fiscal crisis. For the past few years the state’s five state-run pension funds have garnered most of the negative attention in Illinois. Moody’s has already designated Illinois’ debt as the riskiest of any...

TAGS: Chicago, downgrade

Cook County’s debt downgraded: pension liabilities double under Moody’s new methodology

By Ted Dabrowski
08/17/2013
Chicago’s fiscal crisis just got worse. Last month, the city received a rare triple-notch downgrade from Moody’s Investors Service, to A3 from Aa3.  Now, Chicago’s parent government, Cook County, has received a downgrade of its own. Moody’s Investors Service downgraded Cook County’s general obligation bond rating to A1 from Aa3 due to the county’s “growing...

TAGS: Chicago, Cook County, downgrade