A new Chicago financial report shows the city’s total unfunded liabilities have jumped by over $17 billion, growing to nearly $24 billion in 2015 from $6.5 billion in 2014.
An online transparency bill inspired by the shocking Rita Crundwell corruption scandal that cost Dixon, Ill. taxpayers more than $53 million will take effect starting Jan. 1, 2015. House Bill 5503, introduced by state Rep. Tom Demmer, R-Dixon, will require Illinois counties and municipalities to be more transparent about how they spend taxpayer dollars. The...
A key portion of the Institute’s 10-Point Transparency Checklist, the posting of audits online, has made its way through the Illinois General Assembly. House Bill 5503 passed both Illinois House and Senate unanimously, and now awaits the governor’s signature. If signed into law by the governor, HB 5503, introduced by state Rep. Tom Demmer, R-Dixon,...
If taxpayers don’t file their tax returns by April 15 each year they could face stiff penalties from state and federal government. But what about when government fails to file its financial report to the taxpayers on a timely basis? According to the Government Accounting Standards Board, or GASB, government agencies should release their financial...
Chicago’s $1.15 billion projected budget gap is the latest in a decades-long string of structural deficits. Making Chicago’s high taxes worse is not the solution.