A way out: Bankruptcy authorization would give struggling Illinois municipalities options

By Joe Tabor

02/10/2025

Published Feb. 10, 2025 Even though federal COVID relief funds provided an unexpected windfall, that one-time jolt of cash could leave many Illinois localities even worse off than they were before. That boost in revenue allowed local governments to put off difficult budgeting decisions, and as that revenue dries up, municipalities will have to contend...

2024 State of the State: Federal rescue is over, so Illinois needs caution

By Bryce Hill

02/20/2024

The pandemic had an upside for Illinois state finances – infusing federal dollars as state revenues exceeded projections. Now federal aid is gone. Illinoisans’ ongoing struggles warrant caution, reform in the state’s fiscal year 2025 budget.

Illinois public pension debt grows to $140B

By Bryce Hill

12/14/2022

Illinois’ five statewide pensions system saw their debt increase by nearly $10 billion to a grand total of $140 billion in fiscal year 2022. Pensions will cost the state nearly $11 billion next year, but that’s still $4.4 billion too little.

TAGS: Illinois, pensions

Weak accounting standards enable Illinois budget deficits

By Justin Carlson

02/19/2021

While the private sector is held to a higher standard, rules from the Governmental Accounting Standards Board have enabled Illinois to engage in reckless financial practices that harm taxpayers and the state’s economy.

TAGS: accounting, budget, deficit, Illinois Constitution

Bad accounting hides true size of Illinois’ budget deficits

By Adam Schuster

04/19/2018

Poor accounting practices prevent true financial transparency in Illinois state government.

TAGS: balanced budget requirement, budget, Comprehensive Annual Financial Report, GAAP: Generally Accepted Accounting Principles, Governmental Accounting Standards Board

Each Chicago household on the hook for $82K in local government debt

By Ted Dabrowski, John Klingner

09/11/2017

After a tax hike spree from Chicago-area politicians, residents are stuck paying more only to carry an ever-larger load of debt.

TAGS: Chicago, debt, municipal pensions, pensions, property taxes, Rahm Emanuel

Chicago’s total debt more than triples to over $24B in 2015

By Ted Dabrowski, John Klingner

07/11/2016

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.

TAGS: Chicago, municipal pensions, pensions, property taxes, Rahm Emanuel

Pension debt for Chicago city-worker pensions doubles to more than $21 billion

By Ted Dabrowski, John Klingner

05/23/2016

Thanks to new government reporting standards, Chicago’s municipal-workers and laborers pension funds’ debt doubled in 2015 to more than $21 billion. That’s $20,500 of pension debt per Chicago household.

TAGS: Chicago, municipal pensions, pensions

Tweaking payments won’t solve Illinois’ pension crisis

By Jonathan Ingram

06/05/2015

Changing the repayment plan to one based on flawed assumptions and bad accounting does nothing to shield taxpayers from the risks of an imperfect system.

Take note, Illinois: Transition costs not an issue in Pennsylvania’s pension reform

By Benjamin VanMetre

03/30/2015

Pennsylvania’s reform efforts mirror the national trend of modernizing public and private retirement systems with 401(k)-style defined-contribution plans.

TAGS: 401(k), GASB: Governmental Accounting Standards Board, self-managed plans

Governmental Accounting Standards Board

A way out: Bankruptcy authorization would give struggling Illinois municipalities options

2024 State of the State: Federal rescue is over, so Illinois needs caution

Illinois public pension debt grows to $140B

Weak accounting standards enable Illinois budget deficits

Bad accounting hides true size of Illinois’ budget deficits

Each Chicago household on the hook for $82K in local government debt

Chicago’s total debt more than triples to over $24B in 2015

Pension debt for Chicago city-worker pensions doubles to more than $21 billion

Tweaking payments won’t solve Illinois’ pension crisis

Take note, Illinois: Transition costs not an issue in Pennsylvania’s pension reform

Chicago Forward 2026: A pro-growth plan to end city budget deficits

Report Archive

Diana Graham

Process for unionizing non-state workers raises red flags

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