Chicago pension debt drove city property taxes up 164% before COVID-19

By Adam Schuster

02/28/2022

City property taxes rose 30% faster than in suburban Cook County from 2000 to 2019. Record inflation in 2022 will bring increases statewide in 2023.

TAGS: Chicago, Illinois, pensions, property taxes

Illinois Forward 2023: Only pension, budget reform can save taxpayers when federal aid ends

01/30/2022

Published Jan. 30, 2022

Illinois pension debt is little less worse, but still worst in U.S.

By Patrick Andriesen

12/17/2021

Illinois’ worst-in-the-nation pension debt shrank slightly after investments more than tripled predictions, thanks partly to COVID-19 stimulus. Experts caution 1 year cannot undo decades of overpromising and underfunding.

TAGS: debt, Illinois, pensions

Illinois’ financial condition worsens despite receiving billions in federal aid

By Justin Carlson

10/01/2021

A new report from watchdog Truth in Accounting shows each taxpayer’s share of state debt has nearly doubled since 2009 to $57,000 as total debt increased by $10 billion—mostly due to pension obligations.

TAGS: budget, debt, Illinois, Truth in Accounting

5 things wrong with Illinois holding 30% of U.S. pension bond debt

By Adam Schuster, Aneesh Bafna

09/10/2021

Pension obligation bonds, like payday loans, are a sign of mismanaged finances. Illinois not only leads the nation for using that risky debt, it owes the bulk of it.

TAGS: credit rating, debt, Illinois, pension obligation bonds

Higher revenue leads to tax cuts in 11 states, but not Illinois

By Perry Zhao

08/25/2021

State revenue losses around the country have ranged from far less than expected to non-existent. Fiscally healthy states are giving back to taxpayers. That doesn’t include Illinois.

TAGS: COVID-19, Illinois, taxes

S&P: Growing debt, refusing reforms, population loss doom Illinois public pensions

By Noah Shaar

08/11/2021

S&P Global Ratings said Illinois’ public pension systems are in trouble, and will get worse thanks to the Illinois Exodus and because state leaders refuse to fix the problems.

TAGS: debt, Illinois, outmigration, pensions, population

Fact check: Pritzker claims balanced budgets; state reports show he’s wrong

By Adam Schuster, Luke Schafer

07/30/2021

Gov. J.B. Pritzker said he achieved a balanced budget each year he has been in office. Not true, according to official state comptroller financial reports. Illinois budgets have been in the red for 21 years in a row.

TAGS: budget, JB Pritzker, pensions

Illinois’ state budget practices earn poor marks from fiscal watchdog

By Justin Carlson

07/15/2021

A Volcker Alliance report on truth and integrity in state budgeting finds Illinois lacking. Debt, budget gimmicks and thin reserve funds gave the state poor marks.

TAGS: budget, ILGA: Illinois General Assembly, JB Pritzker

Madigan begins collecting $7,093-a-month public pension

By Brad Weisenstein

04/06/2021

Former Illinois House Speaker Michael Madigan will collect $85,000 a year, but in a little more than a year his pension will shoot up to nearly $150,000 a year.

TAGS: GARS: General Assembly Retirement System, Mike Madigan, pensions

Moody's Ratings

Chicago pension debt drove city property taxes up 164% before COVID-19

Illinois Forward 2023: Only pension, budget reform can save taxpayers when federal aid ends

Illinois pension debt is little less worse, but still worst in U.S.

Illinois’ financial condition worsens despite receiving billions in federal aid

5 things wrong with Illinois holding 30% of U.S. pension bond debt

Higher revenue leads to tax cuts in 11 states, but not Illinois

S&P: Growing debt, refusing reforms, population loss doom Illinois public pensions

Fact check: Pritzker claims balanced budgets; state reports show he’s wrong

Illinois’ state budget practices earn poor marks from fiscal watchdog

Madigan begins collecting $7,093-a-month public pension

Taxed out: 10 reforms to stop Illinois from losing people and jobs

Report Archive

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Process for unionizing non-state workers raises red flags

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