Each Chicago taxpayer on hook for nearly $42,000 of city debt

By Justin Carlson

02/10/2023

Fiscal watchdog Truth in Accounting found Chicagoans are each responsible for the second-most debt in the nation. It again gave the city an ‘F’ grade despite improvements from one-time federal COVID-19 aid and unusually high pension investment returns.

TAGS: Chicago, debt

Report: More Illinois debt likely following misuse of federal aid money

By Patrick Andriesen

08/23/2022

A Truth in Accounting report argued state authorities should have used billions in federal aid to pay down interest on existing pension debt rather than save it for a rainy day. Experts warn this could lead to more state borrowing.

TAGS: borrowing, credit rating, debt, Truth in Accounting

Report: Illinois likely to see high public pension debt go higher

By Dylan Sharkey

07/20/2022

Forecasts predict Illinois public pension debt will grow despite the funds having one of their best investment years ever in 2021.

TAGS: debt, Illinois, pensions

Taxpayer pension costs exceeded Illinois projections by $13.7 billion since 2013

By Justin Carlson

06/17/2022

Unrealistic assumptions and missed investment returns have meant Illinois taxpayers paid $13.7 billion more for public pensions than state leaders projected five years earlier. Unless the estimates improve, taxpayers will pay an extra $21.3 billion during the next decade.

TAGS: debt, JB Pritzker, pension reform, pensions

Illinois may borrow $1B for pension buyouts

By Adam Schuster, Patrick Andriesen

02/09/2022

Illinois lawmakers might borrow $1 billion to extend pension buyout programs until 2026. Experts warn the efforts have been a disappointment and will do little to ease Illinois’ worst-in-the-nation pension crisis.

TAGS: debt, Illinois, pension obligation bonds

Chicago’s $43,100 debt per taxpayer driven by pension debt

By Justin Carlson

02/08/2022

Fiscal watchdog Truth in Accounting again gave an ‘F’ grade to Chicago, thanks to high debt driven by unsustainable pension costs. Fixing the problem will take amending the Illinois Constitution.

TAGS: Chicago, debt, pensions

Chicagoans owe $43,100 each to settle city debt

By Patrick Andriesen

02/02/2022

A financial watchdog report estimated each taxpayer in Chicago would need to pay $43,100 to settle the city’s debt. It stands at No. 2 for big U.S. cities. Blame city leaders for repeatedly making pension debt worse.

TAGS: Chicago, debt

Skokie is latest Illinois community paying pensions by borrowing

By Patrick Andriesen

01/20/2022

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.

TAGS: bonds, debt, pensions, Skokie

Amendment 1 would guarantee Illinois’ sky-high debt, taxes would rise faster

By Adam Schuster, Justin Carlson

01/13/2022

Unfair advantages for public sector unions are already driving Illinois’ massive debt and high taxes. Enshrining their power in the Illinois Constitution would make it worse and give voters less say about government costs.

TAGS: Amendment 1, debt, government unions, Illinois Constitution, taxes

Illinois spent 6% more than it took in for 15 years, so COVID-19 hit it harder

By Justin Carlson

01/12/2022

From 2005-2019, Illinois revenues totaled just 94% of expenses. The state ran deficits in each of the 15 years prior to the COVID-19 pandemic. Only New Jersey overspent more.

TAGS: COVID-19, debt, deficit, government spending