Former City Colleges of Chicago leader charged in $350K kickback scheme

By Ben Szalinski

11/25/2019

Contracts went to relatives, associates of former vice chancellor in exchange for kickbacks, charges state. Some contracts required no work.

TAGS: charges, Chicago City College, contracts, corruption, debt, graduation rate, Juan Salgado, kickback, no-bid contracts, Rahm Emanuel, scheme, Sharod Gordon, students, vice chancellor

Watchdog: Illinois fiscal health 2nd worst in nation

By Joe Barnas

09/25/2019

Illinois received an F grade in fiscal health from a government accounting watchdog, with each taxpayer on the hook for $52,600 in debt.

TAGS: budget, debt, taxes, Truth in Accounting

Moody’s report: Illinois one of two states unprepared for next recession

By Adam Schuster

05/21/2019

Financial stress testing shows Illinois and New Jersey are the most unprepared for the next recession. Both states lack sufficient rainy day funds and struggle with large pension debt.

TAGS: debt, Moody's Investor Service, municipal pensions, pension guarantee, pensions, recession, revenue

Chicago’s new mayor inherits taxpayers facing biggest public debts of nation’s top 10 cities

By Joe Barnas

05/18/2019

Each Chicago taxpayer is on the hook for $119,110 worth of unfunded state, city, county and other local government debt. Many of the pensions driving those debts become Lori Lightfoot’s problem on Monday.

TAGS: Chicago, debt, Lori Lightfoot, municipal pensions, pension guarantee, pensions, property taxes, Rahm Emanuel, taxes

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, 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

Power in payments: Illinois can help unbanked residents, save money by adopting best practices in payment methods

Each year, tens of billions of dollars flow through Illinois state government.1 These flows all depend on methods of payment. In deciding on those payment methods, policymakers must consider a number of important factors, including security controls, cost effectiveness, accessibility, speed and allowance for choice. This report shows that by adopting best practices across all...

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Power in payments: Illinois can help unbanked residents, save money by adopting best practices in payment methods

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Ifeoma Nkemdi

Policy lessons from Illinois’ exodus of people and money

CBS Chicago: Illinois’ highest-paid superintendent receives $400K per year to oversee 1,200 students