Illinois banks $400M in savings from pension buyouts it can’t calculate

By Bill Reveille

04/11/2019

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.

TAGS: Accelerated Pension Benefit Payment, bonds, borrowing, debt, JB Pritzker, pension guarantee, pensions, Program

Illinois House members address urgent need to balance state budget

By Brad Weisenstein

03/02/2019

Democrats in the Illinois House are leading the push for a constitutional amendment that would require the state to balance its budget – a feat state lawmakers haven’t achieved since 2001.

TAGS: balanced budget requirement, budget, debt, Jaime Andrade Jr., Jerry Costello, Mary Edly-Allen, Monica Bristow, Terra Costa Howard

S&P to Pritzker: Pension reform only way to avoid ‘junk’ credit rating

By Vincent Caruso

02/24/2019

A report from one of the largest credit rating agencies criticized Gov. J.B. Pritzker’s “dubious” budget proposal for avoiding necessary fiscal reforms.

TAGS: bonds, credit rating, debt, municipal pensions, pension guarantee, pensions, pritzker, Standard & Poor's

Pritzker budget doubles down on failure

By Austin Berg

02/21/2019

Getting behind bipartisan budget reform is the kind of bravery Illinoisans deserve from the executive branch. Instead, they’re getting more of the same.

TAGS: balanced budget requirement, borrowing, budget, debt, JB Pritzker, pensions

Illinois state spending has grown nearly 50% faster than taxpayer incomes

By Orphe Divounguy, Bryce Hill

02/18/2019

A spending cap proposal filed by state Sen. Tom Cullerton, D-Villa Park, would ensure growth in government spending doesn’t exceed taxpayers’ ability to pay for it.

TAGS: budget, debt, deficit, income tax, personal income, Spending, spending cap, taxes, Tom Cullerton

CTBA pension plan: Unsound, unfair and unaffordable

By Adam Schuster

11/26/2018

A pension plan pushed by one Illinois think tank fails to reform the state’s broken pension system and risks repeating costly mistakes. Gov.-elect J.B. Pritzker shouldn’t be fooled and should instead endorse meaningful, lasting reform.

TAGS: CTBA: Center for Budget and Tax Accountability, debt, Edgar Ramp, JB Pritzker, Jim Edgar, municipal pensions, pension guarantee, pensions

Moody’s: Illinois pension debt-to-revenue ratio hits all-time high for any state

By Adam Schuster

08/31/2018

According to a new report by Moody’s Investors Service, Illinois’ unfunded pension liabilities equaled 601 percent of state revenues in 2017, a U.S. record.

TAGS: bonds, credit rating, debt, employment, harvey, Moody's Investor Service, municipal pensions, pension guarantee, pensions, peoria, taxes

30 years later, taxpayers still on the hook for White Sox stadium

By Eddie Damstra

06/29/2018

While the name of the home stadium for the Chicago White Sox has changed over the years, its status as a tax burden has not.

TAGS: bonds, debt, Illinois Sports Facilities Authority, taxes

Will Illinois pass a budget this year?

By Adam Schuster

04/20/2018

History shows lawmakers prefer to avoid tough but necessary choices.

TAGS: balanced budget requirement, budget, credit rating, debt, income tax, Mike Madigan, progressive income tax, Spending, spending cap, taxes

Why Illinois needs a spending cap

By Orphe Divounguy, Bryce Hill, Joe Tabor

01/27/2018

Spending has consistently outpaced state tax revenues in Illinois for more than a decade. To avoid future tax hikes, Illinois must impose real fiscal discipline on state lawmakers.

TAGS: debt, deficit, Illinois General Assembly, income tax, Spending, taxes