Cook County

Moody’s credit downgrades: Illinois, Chicago area, take beating

08/19/2013
The recent string of credit downgrades by Moody’s Investors Service should leave little doubt what the rating agency thinks of Illinois’ worsening fiscal crisis. For the past few years the state’s five state-run pension funds have garnered most of the negative attention in Illinois. Moody’s has already designated Illinois’ debt as the riskiest of any...

TAGS: Chicago, downgrade

Cook County’s debt downgraded: pension liabilities double under Moody’s new methodology

By Ted Dabrowski
08/17/2013
Chicago’s fiscal crisis just got worse. Last month, the city received a rare triple-notch downgrade from Moody’s Investors Service, to A3 from Aa3.  Now, Chicago’s parent government, Cook County, has received a downgrade of its own. Moody’s Investors Service downgraded Cook County’s general obligation bond rating to A1 from Aa3 due to the county’s “growing...

TAGS: Chicago, Cook County, downgrade

CPS four notches above junk bond status

By Ted Dabrowski
07/26/2013
In what’s become a torrent of bad news regarding Illinois’ fiscal health, Moody’s Investors Service has downgraded Chicago Public Schools’ $6.3 billion general obligation debt one notch. The credit rating agency’s outlook remains negative, and CPS debt is now just four levels above junk bond status. The CPS ranking drop to A3 from A2 follows recent downgrades...

Obstructed views: Employee compensation hidden from view by Illinois counties

By Brian Costin
07/22/2013
Our local government transparency partners often report that employee compensation is almost universally the most in-demand transparency suggestion from our 10-Point Transparency Checklist. Not only is public worker compensation regularly the No. 1 budget area for most local governments, but it is also an issue that virtually everyone can understand. For example, Cook County’s budget is...

90 out of 102 county-level governments failed the 10-Point Transparency Checklist

07/12/2013
by Brian Costin Illinois is notorious for government corruption. Since 1976, the state has had the third-highest amount of public corruption convictions in the country — including four out of the last seven governors. Outside of Springfield, things aren’t much better. Chicago has been called “the most corrupt city in America.” A report by the University of Illinois-Chicago and...

Illinois’ 102 county online transparency audit

By Brian Costin
06/27/2013
One of the best protections against corruption is transparency, and in today’s digital age one of the easiest ways for government to be open and accountable is through posting public documents on the Internet. Unfortunately, most Illinois counties need to dramatically improve when it comes to online transparency. The Illinois Policy Institute recently audited all...

Park Ridge mayor’s transparency agenda

06/13/2013
by Brian Costin Park Ridge Mayor Dave Schmidt wants to improve online transparency and is using the Illinois Policy Institute’s 10-Point Transparency Checklist as a best practice benchmark for his city in northern Cook County. As mentioned in the Park Ridge Journal: Schmidt has four items on his list including the city meeting the transparency checklist created...

Census: Chicago slowest growing big city in U.S.

By Hilary Gowins
05/25/2013
The state of Illinois has been experiencing net out-migration for the last decade. That is, the number of people choosing to leave the state is outpacing the number of people moving to Illinois. Illinois had the eighth-lowest population growth in the nation between 2002 and 2012. And compared with its neighbors, Illinois’ population growth is...

TAGS: Chicago, outmigration, population

City of Chicago plan revealed for public funding of private, DePaul University stadium

By Brian Costin
05/17/2013
Maybe you haven’t heard yet, but city of Chicago leaders have unveiled a plan to fund a new stadium for DePaul University – a private school. You may also not have heard of Chicago’s Metropolitan Pier and Exposition Authority, or McPier, but chances are if you have ever been to Chicago you’ve probably paid taxes...

Caution: Transparency needed in Midway privatization deal

05/07/2013
by Brian Costin The city of Chicago is currently considering bids to select a private management company for the operation of Midway Airport for the next 40 years. The proceeds of the deal will be primarily used to pay off Midway’s $1.4 billion in outstanding debt and additional capital needs. As an advocate for limited...