Peoria mayor on pensions: ‘We’ll never catch up, not in our lifetimes’

By Patrick Andriesen

11/29/2021

Peoria leaders said they are in ‘survival mode’ and need to take $4 million from this year’s budget to help make pension payments for the next two years. The mayor calls for state action to fix the pension debt crisis.

TAGS: pensions, Peoria

Nearly two-thirds of Peoria property taxes consumed by pensions

By Adam Schuster

09/15/2021

The average Peoria household owns nearly $38,000 in state and local pension debt.

TAGS: pensions, Peoria, property taxes

Peoria pensions causing police, fire layoffs as property tax hike sought

12/15/2020

Emergency services have been cut in Peoria because public pension costs are growing. Voters will be asked whether a property tax hike should fix the problem.

TAGS: firefighter pensions, Peoria, police pensions, property tax

COVID-19 economic hit forces Peoria to cut 45 city jobs, offer buyouts

06/24/2020

Peoria’s financial problems grew critical from the coronavirus, but the long-term threat of pension debt will remain even after more severe cuts are made.

TAGS: coronavirus, COVID-19, Peoria, recession

Pritzker claims statewide economic growth, but these Illinois metro areas are shedding jobs

By Bryce Hill

02/10/2020

Despite Gov. J.B. Pritzker touting growth in “every major region,” Illinois shed jobs in three metropolitan areas and lagged the national average in seven more.

TAGS: Bloomington, BLS: Bureau of Labor Statistics, budget, Carbondale, Champaign, Chicago, constitutional amendment, economic competitiveness, economic growth, economics, economy, employment, fair tax, flat tax, government spending, graduated income tax, Great Recession, ILGA: Illinois General Assembly, Illinois, Illinois Constitution, income growth, JB Pritzker, job creation, jobs, labor, Madison County, metro areas, Metro East, Moline, pensions, Peoria, population, progressive income tax, recession, Rockford, spending, spending cap, Springfield, St. Clair County, tax burden, tax hikes, tax increase, unemployment, Urbana, working-age

Peoria residents face new property tax fee devoted entirely to pensions

09/24/2019

The city of Peoria is adding a new fee to residents’ property tax bills to help shore up the city’s public safety pensions.

TAGS: fees, municipal pensions, pension guarantee, pensions, Peoria, taxes

Peoria cuts police and fire, moves toward new property fee to pay for pensions

By Adam Schuster

11/19/2018

The city of Peoria’s decision to eliminate 22 firefighter and 16 police positions came after 27 layoffs earlier this year. Both decisions and a proposed $50-$300 fee are because pension spending is crowding out services.

TAGS: municipal pensions, pension guarantee, pensions, Peoria, property taxes

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

Illinois’ Gordian knot: Pensions, insolvency and the ‘b word’

By Austin Berg

08/30/2018

If lawmakers continue to balk at building the tools necessary to reform pensions, bankruptcy will be the only way out for communities across the state.

TAGS: bankruptcy, harvey, municipal pensions, pension guarantee, pensions, Peoria

Crowding out: Pension pressure leads to layoffs in Peoria

By Adam Schuster

08/29/2018

The city of Peoria, Illinois sent layoff notices to 27 employees in an effort to fill a budget hole caused by growing pension costs.

TAGS: municipal pensions, pensions, Peoria, property taxes, taxes